Malaysia Daybreak | 29 August 2013

REGIONAL DAILY December 26, 2012

MALAYSIA Malaysia Daybreak | 29 August 2013

Key Metrics ▌What’s on the Table… —————————————————————————————————————————————————————————————————————— FBMKLCI Index MY E.G. Services - My earnings growth continues 1,850 MyEG’s final results were in line, with FY6/13 core net profit at 101% of our 1,800 forecast. Profit margins continued to improve, mainly due to economies of scale. 1,750 The proposed custom service tax monitoring project is targeted to start in early 1,700 2014. We raise our FY14-15 EPS by 9-12% to reflect stronger growth prospects 1,650 for the FWPR and VVTS services. This increases our target price, which is still 1,600 based on 18.7x 2014 P/E, a 20% premium over our target market P/E in view of 1,550 its 31.6% 3-year EPS CAGR. MyEG remains an Outperform, potentially Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 catalysed by the successful implementation of the CSTM network in early 2014

——————————————————————————— and new services. FBMKLCI Supermax Corp - Great recovery 1686.17 -15.07pts -0.89% AUG Futures SEP Futures 1684 - (-0.33%) 1674 - (0.99%) 1H13 EPS rose by 17.1% yoy on the back of a 35.4% yoy increase in revenue as ——————————————————————————— Supermax benefited from additional capacity, more efficient refurbished lines Gainers Losers Unchanged and a better product mix. At 50% of our and consensus full-year estimates, 275 625 270 ——————————————————————————— 1H13 earnings are within expectations. We maintain our earnings estimates Turnover but raise our target price as we now apply a CY14 P/E of 13x, based on a 30% 2242.84m shares / RM3373.417m discount (prev. 40%) to Hartalega’s target P/E. The higher contribution from 3m avg volume traded 1723.28m shares 3m avg value traded RM#N/A N/Am nitrile and surgical gloves following its expansion will widen its margin and ——————————————————————————— narrow the margin gap with Hartalega. Supermax remains an Outperform as its Regional Indices current FY13 P/E of 10x is not reflective of its fundamentals. FBMKLCI FSSTI JCI SET HSI 1,686 3,004 4,026 1,276 21,525 BIMB Holdings - Unrivalled financing growth ———————————————————————————————— Market Indices At 47% of our full-year forecast (46% of consensus), BIMB’s 1H13 net profit met Close % chg YTD % chg our expectations. Also in line was its interim net DPS of 3.5 sen. We are FBMKLCI 1,686.17 (0.9) (0.2) FBM100 11,432.87 (1.0) 1.2 particularly positive on its healthy topline growth of 13.3% yoy in 1H13. Our FBMSC 14,029.56 (0.6) 22.2 DDM-based target price (cost of equity 13.5%) is intact. We reaffirm our FBMMES 4,858.54 (2.0) 15.3 Dow Jones 14,824.51 0.3 13.1 Outperform rating, with catalysts expected from robust loan growth, healthy NASDAQ 3,593.35 0.4 19.0 topline expansion and potential accretion from its proposed acquisition of an FSSTI 3,004.18 (1.0) (5.1) FTSE-100 6,430.06 (0.2) 9.0 additional stake in Bank Islam (BI), which will be financed by a rights issue. Hang Seng 21,524.65 (1.6) (5.0) Factoring in the BI deal, our target price rises to RM5.07, 24.1% above its ex-all JCI 4,026.48 1.5 (6.7) KOSPI 1,884.52 (0.1) (5.6) market price of RM4.09. Nikkei 225 13,338.46 (1.5) 28.3 PCOMP 5,738.06 (3.0) (1.3) Ann Joo Resources - Negative externalities SET 1,275.76 (1.4) (8.3) Shanghai 2,101.30 (0.1) (7.4) Genting Plantations - Maiden profit from Indonesia Taiwan 7,824.54 0.0 1.6

Top Actives Media Chinese Int'l - Hurt by interest expense Close % chg Vol. (m) Media Prima Bhd - Boosted by election spending MALAYSIAN AIRLIN 0.310 0.0 131.8 DAYA MATERIALS 0.300 5.3 54.1 UEM SUNRISE BHD 2.330 (3.3) 47.5 Mudajaya Group - Delays don’t dim prospects TH HEAVY ENGINEE 0.735 (0.7) 44.8 CIMB GROUP HOLDI 7.110 (3.7) 39.0 Oriental Holdings - Losses from auto division again SONA PETROLEUM B 0.405 3.8 38.8 INSTACOM GROUP B 0.290 (23.7) 34.8 Prestariang - More goodies in the pipeline? SAPURAKENCANA 3.370 4.0 34.5

Economic Statistics ▌News of the Day… Close % chg —————————————————————————————————————————————————————————————————————— US$/Euro 1.3340 0.00 • SC reprimands two auditors RM/US$ (Spot) 3.3346 (0.05) RM/US$ (12-mth NDF) 3.4095 0.50 • Supermax to benefit from weaker Ringgit OPR (% ) 2.94 (2.00) BLR (% , CIMB Bank) 6.60 0.00 • Kulim takes PNG's Securities Commission to court GOLD ( US$/oz) 1,418 0.00 • UDA eyes Pekeliling development WTI crude oil US spot (US$/barrel) 110.10 1.00 CPO spot price (RM/tonne) 2,480 0.69 • Support for increase in real property gains tax (RPGT) ———————————————————————————————————————— • Naim aims for RM1bn in property investments Terence WONG CFA • Maxis offer career transition scheme for selected employees T (60) 3 20849689 E [email protected]

Sources: CIMB. COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Sources: CIMB. COMPANY REPORTS Daybreak Malaysia August 29, 2013

Global Economic News… The US MBA purchase applications index rose 2.0% wow in the 23 Aug week (1.0% in the earlier week), whilst the refinance index lost 5.0% wow (-8.0% in the prior week). (Bloomberg)

The US pending home sales index lost 1.3% mom in Jul (a revised -0.4% in Jun), worse than consensus of -1.0%. (Bloomberg)

Eurozone's M3 money supply growth grew 2.2% yoy in Jul, slowing from 2.4% in Jun. Economists expected an increase of 2.4%. (RTT News)

Thailand’s manufacturing output slid 4.5% yoy in Jul (-3.2% in Jun), worse than the 1.9% expected by economists. Capacity utilization slid to 64.6% from 64.9%. (Bloomberg)

Resale prices of private homes in Singapore climbed 0.2% mom in July from June, reversing two straight months of declines. In June, resale home prices declined 0.1%. (CNA)

The government's latest measures aimed at Singapore’s public housing resale market will boost leasing activity. The new rules bar new permanent residents (PRs) from buying HDB resale flats till three years after they have obtained their permanent residential status in Singapore. With immediate effect, the Housing and Development Board (HDB) has shortened its maximum loan tenure to 25 years (from 30 years) and the mortgage servicing ratio (MSR) limit has also been cut to 30% (from 35%) of the borrower's gross monthly salary. (CNA)

Indonesia’s central bank is expected to hike its benchmark rate at a meeting on Thursday called to try to calm jitters about the weakening economy and stabilize the rupiah. (Jakarta Globe)

Malaysian Economic News… The government will introduce outcome-based budgeting (OBB) in the ministries of Finance, Health and International Trade and Industry in efforts to further enhance prudential management of government expenditure, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said. The three major ministries would form part of the pilot programme for OBB, he said.  There is increasing concern over property market imbalances, rising household indebtedness, rising Government debt and fiscal deficit, he said. However, he said, the government was committed to achieving the three guiding principles of fiscal policy, i.e. ensuring the Federal Government debt does not exceed 55% of GDP, that revenue will always exceed operating expenditure, and the fiscal deficit for 2013 will not exceed 4% of GDP.  For 2013, he said, the government has allocated a substantial sum for subsidies, incentives and social assistance.  The government is exploring measures to rationalise and better target expenditure, including subsidies, to ensure value-for-money spending.

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 Projects that will have a big impact on public finances will also be reviewed and sequenced properly, to avoid excessive strain on the Federal Budget, he said. Public sector projects with low import content and high multiplier effects will be given priority, without compromising economic growth.  The Fiscal Policy Committee (FPC), chaired by PM Datuk Seri Najib Tun Razak, would meet next week to further discuss measures to strengthen the country's current economic position. The meeting will table for approval various initiatives and options to ensure Malaysia's economic and fiscal position is strong and sustainable, both in the immediate and medium term, he added.  The key areas that will be discussed are better expenditure management (subsidies rationalisation), revenue enhancement (GST implementation and RPGT review), as well as improving governance and work processes.  A statement will be issued following the outcome of the meeting.  In the longer term, the government plans to introduce a comprehensive social safety net system. In addition, other possible areas that can be considered include moving from blanket subsidies to a more targeted system. (Bernama)

Despite the weaker global economic growth, Malaysia has recorded RM97.4bn in approved investments for the 1H13 compared with RM75bn in 1H12. The services sector constituted the bulk of investments approved amounting to RM58.1bn or 59.7%, followed by the manufacturing sector 23.1% (RM22.5bn) and primary sector 17.2% (RM16.8bn).  Domestic investments amounted to RM66.7bn or 68.5% of total approved investments while foreign investments totalled RM30.7bn.  Top foreign direct investor was the US with RM5.2bn followed by Singapore with RM2.15bn, Japan RM2.13bn, South Korea RM1.72bn and the EU RM1.53bn.  As for the states attracting the most FDIs in manufacturing, Johor is first, followed by Sarawak, Malacca, Selangor and Penang.  For the rest of the year, Malaysian Investment Development Authority (Mida) is confident that the figure will exceed last year's RM167.8bn. Its CEO Datuk Noharuddin Nordin said Mida is currently negotiating projects with potential investments of RM39.7bn and are expected to be realised in 2H13.  "Excluding other projects being pursued by other government agencies, we are confident that we will exceed last year's approved investment figures," he said. (BT)

The Cabinet has approved a proposal to turn the People's Volunteer Corps (RELA) into a government agency as well as its insignia and new rank titles, said Home Minister Datuk Seri Dr Ahmad Zahid Hamidi. He hoped the upgrading of RELA to the status of a department would inject a new spirit into Rela members. RELA, which had gone through a transformation since 2009, had seen its membership risen from about 540,000 to 2.87m to date. (Bernama)

The signing of a memorandum of understanding (MOU) between China's Huaxicun Group and Central Terengganu Development Authority (Ketengah) yesterday will pave the way for Huaxicun Group to invest in tourism, oil and gas and the engineering sectors in Terengganu. "With the MOU, I hope the Chinese company will set up joint-ventures with the state government in the

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various sectors, especially tourism in the Kenyir Lake area," said Menteri Besar Datuk Seri Ahmad Said. (Bernama)

Bank Negara Malaysia (BNM) and the Hong Kong Monetary Authority (HKMA) have agreed to continue to further strengthen co-operation through collaborative arrangements to deepen trade and investment linkages. The joint efforts will cover, among others, offshore Renminbi business development and the internationalisation of Islamic finance, BNM said in a statement.  Both organisations held a bilateral meeting in Kuala Lumpur yesterday to discuss bilateral economic and financial issues and to consider initiatives that help promote financial market development in Malaysia and Hong Kong.  The private sector-led dialogues to discuss developments in RMB business, which will be held in Kuala Lumpur later this year, will be initiated to facilitate greater trade and investment activities.  Another area of discussion is Islamic finance, with the first meeting of the joint forum to be held in Hong Kong later this year. (Bernama)

Conceptually, the Trans-Pacific Partnership Agreement (TPPA) will be good for investments as it will provide a wider market access. Malaysia Investment Development Authority (Mida) CEO, Datuk Noharuddin Nordin, said one of the major selling points was that companies operating in the country, through the free trade agreement (FTA), could access the larger market. “But at the end of the day it all depends on what we negotiated," he said. (Bernama)

Minimal progress has been achieved on most outstanding areas in the 19th round of the Trans-Pacific Partnership (TPP) negotiations taking place in Brunei since 22 Aug. International Trade and Industry Ministry Senior Director J. Jayasiri, who is also Malaysia's chief negotiator, said this was because negotiators of the 12 member countries in the TPP were now delving into difficult areas.  He said those areas included market access for goods and services, as well as, investments, state-owned enterprises, environment and intellectual property rights.  He also said Malaysia had proposed to exclude tobacco control measures from the TPP for public health purposes. (Bernama)

Malaysian life insurance and financial advisors are ranked at ninth spot out of 82 member countries worldwide with the largest number of Million Dollar Roundtable (MDRT) members this year. Country Chairperson, MDRT Membership Communications Committee (MDRT MCC) Jenny Yeoh said Malaysia had 882 MDRT members, out of which 837 were MDRT level members, 39 were Court of the Table level members while the remaining were Top of the Table level members.  Malaysia ranked eighth spot last year with 935 MDRT members.  The country stands at ninth position in the list led by the US, South Korea, India, Japan, Hong Kong, Taiwan, China and Canada. (Bernama)

In order to stay ahead of the curve and be well positioned to meet new challenges, high priority needs to be given to talent development and management, said Bank Negara Malaysia Governor Tan Sri Dr. Zeti Akhtar Aziz Wednesday. She said talent development and its management

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would need to be accorded an even greater priority than previously, on account of two significant shifts that would fundamentally affect human capital.  The first is the rapid and significant transformation of the economic, financial and business landscape which will continue to have far-reaching changes on the talent requirements.  The second is the changes in the character and nature of the talent that is now coming on stream, she said. (Bernama)

PR1MA Corp has approved the construction of 20,000 houses under 15 affordable housing projects in Greater Klang Valley, Johor, Penang, Sabah and Sarawak with a gross development value (GDV) of RM5bn. CEO Datuk Abdul Mutalib Alias said the projects met the guidelines stipulated under the PR1MA Act 2012 and the first phase had been approved for construction.  The 15 new developments would take off under Phase one of the PR1MA housing programme.  "I am confident by the end of the year, we will have more on board to meet the 80,000 PR1MA houses as announced in the 2013 budget," he said.  While saying that pricing and floor plans would be announced in the next few months, he added that the houses would fetch as low as RM150,000 to a maximum of RM350,000. (Bernama)

Malaysia is still among the top exporting nations to Germany from the ASEAN region in 1H13, according to the latest data on Germany's trade with countries of the Asia Pacific region. Malaysia was in the second position in the ASEAN group after Vietnam, whose exports have been steadily rising in recent years.  Malaysia's exports in 1H13 declined by 1.8% to €2.739bn, from €2,790bn in 1H12.  German exports to Malaysia in 1H13 posted a modest 1% increase to €2.484bn, up from €2.458bn in 1H12.  Vietnam's exports to Germany 2013 rose 23.6% to €2.968bn in 1H13, up from €2.401bn in 1H12. Vietnam's imports from Germany also jumped 40.6% in 1H13 to €897m, compared to €638m in 1H12.  Singapore has been pushed down to number three. (Bernama)

The challenge for recruiting and retaining the right talent has become increasingly more competitive and this is particularly acute in the financial sector, said Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz. Financial institutions are facing increased regulation, greater uncertainty in the operating environment, uneven competitive conditions and a severely damaged reputation in many parts of the world.  "These developments have important implications for the financial services workforce. The bar on professional competence demanded of talent in the industry has also been raised significantly," she said.  The best business schools from around the world have come under great scrutiny regarding their ability to produce the kind of talent that organisations require and a major overhaul is needed.  There has also been a growing focus on the role of talent in regaining confidence in the financial sector, in terms of ethical standards and values and the strength and integrity of its leadership.

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 The financial sector, however, remains highly productive in relative terms. (BT)

Some RM1.07bn was recorded in losses in almost 10,000 various scams, corporate fraud and other commercial crimes reported in Jan-Jul 2013. Though the staggering figure is a slight decline from the RM1.1bn in losses incurred in Jan-Jul 2012, police are concerned about the vulnerability of Malaysians falling victim to such cases.  Statistics showed that about 50% of the thousands of reported cases and 80% of the losses were reported in Kuala Lumpur, Selangor and Johor.  Based on an international report on cyber threats, Malaysia was in sixth place of being at high risk to online fraud and malware attacks. Cyber criminals had amassed a whopping RM333.7bn in ill-gotten gains worldwide in 2012. (The Sun)

Political News… Penang Chief Minister Lim Guan Eng has described a proposal by a BN assembly member in Kedah to block a major river in the state that flows into Penang as "insane" and devoid of legal justification. He said the very idea to obstruct the river, which supplies water for more than a million Penangites, is "cruel, unethical, immoral, and also un-Malaysian". Bakar Bata assembly member Datuk Ahmad Bashah Md Hanipah was quoted as saying that the waterway to Penang should be blocked if the Penang government does not want to negotiate with Kedah to resolve the water controversy. (Financial Daily)

If cinema operators in Penang do not screen the controversial movie Tanda Putera, they risk having their licences revoked, director Datin Paduka Shuhaimi Baba said. She was reacting to a call by the Penang state government to cinemas not to screen the movie on the May 13 riots.  The DAP has railed against the controversial film with the MCA joining in to express concerns with the scenes and dialogue that are said to be racially sensitive. The DAP, especially, has been highly critical of the movie, pointing out that it can stoke racial tension by pinning the 1969 racial riots on the Chinese.  The party has been particularly irked by a purported scene in the movie, which has been linked to a young Lim Kit Siang urinating at a flagpole outside the house of former Selangor Menteri Besar Datuk Harun Idris. Kit Siang, who is DAP adviser, denied that such an incident had taken place.  Shuhaimi had earlier insisted that the film is an interpretation of historical events derived from multiple opinions. She also said it is a fictional account of events surrounding the racial riots on May 13, 1969. (Malaysian Insider)

Corporate News… House buyers want the government to bring back the rates for the real property gains tax (RPGT) that were introduced prior to 2007, which they said were effective in curbing speculation and protecting genuine house buyers. The rates then were 30% for properties sold within two years, 20% for properties sold in the third year, 15% for properties sold in the fourth year and 5% for properties sold in the fifth year with no tax for properties sold in the sixth year onwards. "All along, it has been our proposal to increase the RPGT rate," National House Buyers Association (HBA) secretary-general Chang Kim Loong said. (Sunbiz)

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Property executives are in favour of an increase in the real property gains tax (RPGT), saying the move would help temper excessive speculation in a market that saw average house prices gallop by double-digits last year. Foo Gee Jen, MD of CH Williams Talhar & Wong Sdn Bhd suggested that the government raise the first tax bracket for RPGT to three years from two currently, and the tax rate to 25% from 15%. The government might also consider putting the brakes on the developer interest-bearing scheme and other rebates to house buyers, which have served to artificially inflate prices, he added. (Starbiz)

The Securities Commission’s Audit Oversight Board (AOB) has reprimanded two auditors for failing to discharge their professional duties as set out in the International Standards on Auditing (ISA). One of the auditors was also fined RM10,000 for breaching the ISA and the by-laws of the Malaysian Institute of Accountants (MIA), which relates to auditors’ independence. This is the second enforcement action taken by the AOB in 2013, just last week it has reprimanded four auditors, with one being fined RM5,000 for also breaching the by-laws. (BT)

Maxis Bhd is offering a career transition scheme for selected employees whose roles are impacted by the group's recent organisational refinement exercise. The scheme is designed to help employees during their transition period from one job to another, Maxis said. The career transition begins when an individual's employment ends where the person obtains either re-employment with another organisation, is self-employment or retires. "This will allow us to align employee skill sets with our business priorities and for employees who decide to take up the scheme to pursue other interests," said Maxis joint chief operating officer Nasution Mohamed. (BT)

Kumpulan Darul Ehsan (KDEB) moved closer to its takeover of Kumpulan Hartanah Selangor (KHSB) with the acquisition of 38.7m shares, pushing its total stake to 65.1%. KDEB had bought the shares, or a 8.59% stake, from the open market. This increased its total stake to 65.1%. (StarBiz)

Supermax said it is set to gain from the weakening ringgit as translation gains from its exports sales will be higher. The rubber glovemaker expects the greenback to strengthen further against major currencies, including ringgit, in the foreseeable future. (Financial daily)

Sarawak's leading business-to-business engineered solutions provider, Pansar Bhd, plans to tap the growing opportunities in the state's oil palm sector. Its managing director Jason Tai Hee said many oil palm companies were going downstream with the building of mills. "This augurs well for us, in particular our roofing materials which we are already supplying a lot," he said. Tai said another new area it wanted to move into is facility management like in hotels, industrial complexes, airports or hospitals. (Bernama)

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Hunza Properties Bhd plans to launch three projects with a combined gross development value (GDV) of RM1.4bn over the next four years, said its executive chairman Datuk Khor Teng Tong. He said the three projects – which will be Hunza's focus for the coming years – include an integrated development on 14.9ha in Juru worth RM700m in GDV; Alila II, a high-rise green building project (RM500m GDV) and Bandar Putra Bertam in Kepala Batas (RM200m GDV). He said the integrated development in Juru would feature a four-star hotel, hypermarket and recreational facilities covering about 500,000 sq ft (about 46,451 sq m), which will be owned and managed by Hunza. The group plans to submit the proposal to the relevant authorities by September or October this year, he added. (Bernama)

Perodua said its latest model, which will be unveiled next year, will be the first model to be manufactured at its new plant in Sungai Choh, Rawang. The RM790m new plant is adjacent to the carmaker's existing manufacturing facility. The plant will be operational in the third quarter of next year and is expected to boost production by 100,000 units to 300,000 units per year. The latest model, which is expected to be the cheapest in the market, will be using a new engine which is more fuel-efficient, compared with the three current models - Viva, MyVi and Alza. "Cheap or not, it is related to time. We are targeting for it to reach a certain cost so that we can price it at a certain level, and make it affordable," said Perodua president and chief executive officer Datuk Aminar Rashid Salleh. (BT)

Naim Holdings is looking to grow its investment in properties to more than RM1bn in five to 10 years to ensure a constant stream of recurring income. “In five to ten years, we are aiming to have property investments in excess of RM1bn in shopping malls, hotels and other investment properties,” CEO Datuk Hasmi Hasnan said. He said it would most likely develop the said properties organically, as it was not easy to acquire good completed properties, which were usually targeted by real estate investment trusts. Currently, it has one shopping mall worth RM80m with a leasable area of 150,000 sq ft in Miri. (StarBiz)

Kulim (Malaysia) Bhd said it has commenced proceedings in the National Court of Papua New Guinea (PNG) to have the orders issued by the Securities Commission of PNG (SCPNG) set aside and to enable it to complete its partial offer for 48.97%-owned London-listed associate New Britain Palm Oil Ltd (NBPOL) for RM812.3m. Kulim had on Aug 21, 2013 received orders from the PNG regulator restraining it from acquiring any shares in NBPOL or any interest in or rights in relation to such shares and from taking any steps to complete the acquisition of any such shares until Sept 10, 2013. In a filing with Bursa Malaysia yesterday, Kulim said the partial offer has since closed for acceptances in PNG and the UK. At the close of acceptances, Kulim is still restricted by the orders issued by SCPNG.  Since Aug 20, 2013, Kulim said various correspondences have been exchanged between the group and SCPNG to seek clarification and to have the orders removed.  "On Aug 27, 2013 the PNG Minister for Trade, Commerce and Industry had approved an amendment (which came into effect on the same day) to the PNG Code enabling SCPNG to prevent the takeover of a company under its jurisdiction where SCPNG deems such takeover to be contrary to the national interests of PNG. (BT)

Government-owned UDA Holdings Bhd wants to take over the Pekeliling flats site in Kuala Lumpur, and turn it into "Malaysia's Battersea Power Station project". Newly-appointed chairman Datuk Johari Abd Ghani said UDA is in the

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process of submitting its proposal to redevelop the site. Efforts to rejuvenate the area has stalled for 12 years. "The 15ha development can be turned into our very own Battersea development project comprising mixed development such as condominiums and commercial lots," Johari said. (BT)

Sydney Airport is set to welcome more flights from Malaysia, with Malaysia Airlines commencing a third daily service between Sydney and Kuala Lumpur from 5 February 2014. From 21 November this year, Malaysia Airlines will increase its current double daily operations from Sydney to 18 flights per week with an additional four services a week. From 5 February 2014, the airline will increase from 18 to 21 flights per week with a triple daily service on its new A330-300 aircraft. (Transport Weekly)

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BMSB: Changes in shareholdings Type of No of Ave Price 28-Aug-13 Date transaction securities Company (RM) EPF 23/08 Disposed 1,201,900 YTL CORPORATION EPF 23/08 Disposed 4,000,000 YTL POWER EPF 23/08 Disposed 1,175,000 IOI CORPORATION EPF 23/08 Disposed 4,654,100 TELEKOM MALAYSIA EPF 22/08 Disposed 170,000 LITRAK EPF 23/08 Disposed 125,200 WAH SEONG EPF 23/08 Disposed 20,300 ORIENTAL HOLDINGS EPF 22/08 Disposed 30,300 TAN CHONG EPF 23/08 Disposed 86,400 MBM RESOURCES Kumpulan Wang Persaraan 22/08 Disposed 108,000 WCT HOLDINGS Kumpulan Wang Persaraan 21/08 Disposed 147,000 IJM CORPORATION Skim Amanah Saham Bumiputera 21/08-22/08 Disposed 2,269,700 SIME DARBY Skim Amanah Saham Bumiputera 22/08 Disposed 2,681,600 MAXIS Skim Amanah Saham Bumiputera 21/08 Disposed 2,000,000 TNB Mitsubishi UFJ Financial Group, Inc 22/08 Disposed 414,100 BURSA MALAYSIA Mitsubishi UFJ Financial Group, Inc 22/08 Disposed 47,800 STAR PUBLICATIONS Mitsubishi UFJ Financial Group, Inc 22/08 Disposed 1,300 BAT BHD Mitsubishi UFJ Financial Group, Inc 22/08 Disposed 6,800 AEON CREDIT Mitsubishi UFJ Financial Group, Inc 22/08 Disposed 5,100 POS MALAYSIA Aberdeen Asset Management PLC 27/08 Disposed 14,000 SHANGRI-LA Oversea-Chinese Banking Corporation Limited 23/08-26/08 Disposed 40,100 STAR PUBLICATIONS EPF 20/08-21/08 Acquired 1,885,000 MISC BHD EPF 23/08 Acquired 3,305,700 GAMUDA EPF 23/08 Acquired 2,000,000 WCT HOLDINGS EPF 23/08 Acquired 8,000,000 CIMB GROUP EPF 23/08 Acquired 1,000,000 BURSA MALAYSIA EPF 23/08 Acquired 1,158,100 SAPURAKENCANA EPF 23/08 Acquired 1,268,200 PETRONAS CHEMICALS EPF 22/08-23/08 Acquired 8,663,600 SIME DARBY EPF 23/08 Acquired 2,207,900 MAXIS EPF 23/08 Acquired 4,682,500 DIGI.COM EPF 23/08 Acquired 4,960,100 AIRASIA EPF 23/08 Acquired 2,078,200 AMMB HOLDINGS EPF 23/08 Acquired 7,917,500 AXIATA GROUP EPF 21/08-22/08 Acquired 9,316,100 TNB EPF 23/08 Acquired 1,301,500 IJM CORPORATION EPF 22/08-23/08 Acquired 1,404,600 ALLIANCE FINANCIAL EPF 23/08 Acquired 691,900 PUBLIC BANK EPF 23/08 Acquired 964,200 IHH HEALTHCARE EPF 23/08 Acquired 877,600 DIALOG GROUP EPF 23/08 Acquired 602,200 MAHB EPF 23/08 Acquired 416,400 POS MALAYSIA EPF 23/08 Acquired 500,000 IJM LAND EPF 23/08 Acquired 474,100 FELDA GLOBAL EPF 23/08 Acquired 231,400 KPJ HEALTHCARE EPF 23/08 Acquired 300,000 HONG LEONG BANK EPF 23/08 Acquired 776,500 PETRONAS GAS EPF 23/08 Acquired 13,300 BAT BHD Kumpulan Wang Persaraan 22/08 Acquired 70,900 TIME DOTCOM Kumpulan Wang Persaraan 23/08 Acquired 21,600 PETRONAS GAS Permodalan Nasional Berhad 22/08 Acquired 1,527,000 SIME DARBY Skim Amanah Saham Bumiputera 22/08 Acquired 837,000 GAMUDA Skim Amanah Saham Bumiputera 22/08 Acquired 875,000 CAPITAMALLS Mondrian Investment Partners (UK) Limited 23/08 Acquired 50,000 WELLCALL T. Rowe Price Associates, Inc 22/08 Acquired 637,500 ASTRO Mitsubishi UFJ Financial Group, Inc 22/08 Acquired 142,700 CIMB GROUP Aberdeen Asset Management PLC 22/08 Acquired 6,800 UNITED PLANTATIONS Daibochi 28/08 Shares Buy Back 53,300 DAIBOCHI 3.28 YTL Power 28/08 Shares Buy Back 1,253,000 YTL POWER 1.58 SOURCES: BMSB

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BMSB: Changes in shareholdings Type of No. of Ave Price 28-Aug-13 Date transaction securities Company (RM) Wah Seong 28/08 Shares Buy Back 50,000 WAH SEONG 1.63 Mudajaya 28/08 Shares Buy Back 40,000 MUDAJAYA GROUP 2.45 Berjaya Sports 28/08 Shares Buy Back 871,000 BERJAYA SPORTS 4.02 SOURCES: BMSB

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BMSB: ESOS & others 29-Aug-13 No Of New Shares Date of Listing Nature of transaction MEDIA PRIMA 231,668 29-Aug-13 Exercise of ESOS MUHIBBAH 137,000 30-Aug-13 Exercise of ESOS IJM LAND 968,660 30-Aug-13 Exercise of Warrants-13 SOURCES: BMSB

BMSB: Off-market transactions 28-Aug-13 Vol CSL 2,000,000 DUFU 1,500,000 HYTEXIN 5,072,500 KIANJOO 1,095,000 MAYBANK 4,093,500 MNC 1,500,000 SONIA-WA 500,000 TROP 50,000,000 Notes:CN-Crossing deal on board lots MN-Married deal on board lots MO-Married deal on odd lots SOURCES: BMSB

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BMSB: Dividends Company Particulars Gross DPS (Sen) Ann Date Ex-Date Lodgement Payment QL Resources Final dividend - single tier 4.50 29-Jul-13 29-Aug-13 2-Sep-13 13-Sep-13 Hap Seng Plantations First interim dividend - single tier 3.00 19-Aug-13 30-Aug-13 3-Sep-13 18-Sep-13 KLCC PROPERTY 2nd Interim -single tier 4.26 21-Aug-13 3-Sep-13 5-Sep-13 19-Sep-13 Maxis Interim dividend - single tier 8.00 6-Aug-13 4-Sep-13 6-Sep-13 3-Oct-13 PETRONAS DAGANGAN Interim ( 1.2 Sen -single tier ) 17.50 21-Aug-13 4-Sep-13 6-Sep-13 27-Sep-13 Mah Sing Group First and final dividend - single tier 7.20 31-May-13 5-Sep-13 9-Sep-13 20-Sep-13 & 0.4 sen less income tax of 25% 0.40 IOI CORPORATION 2nd Interim -single tier 8.50 21-Aug-13 5-Sep-13 9-Sep-13 26-Sep-13 WAH SEONG 1st Interim -single tier 2.00 23-Aug-13 5-Sep-13 9-Sep-13 3-Oct-13 JOBSTREET 2nd Interim -single tier 3.50 22-Aug-13 9-Sep-13 11-Sep-13 27-Sep-13 PRESTARIANG Interim dividend - single tier 3.00 27-Aug-13 9-Sep-13 11-Sep-13 26-Sep-13 WELLCALL 3rd Interim -single tier 5.00 26-Aug-13 10-Sep-13 12-Sep-13 26-Sep-13 MEDIA PRIMA 1st Interim -single tier 3.00 28-Aug-13 11-Sep-13 13-Sep-13 30-Sep-13 LAFARGE MALAYSIA 2nd Interim -single tier 8.00 27-Aug-13 23-Sep-13 25-Sep-13 31-Oct-13 DRB-HICOM Final ( 4.0 sen tax exempt ) 4.50 27-Aug-13 23-Sep-13 25-Sep-13 18-Oct-13 BIMB HOLDINGS Interim dividend - single tier 3.50 28-Aug-13 23-Sep-13 25-Sep-13 31-Oct-13 Star Publications Interim dividend - single tier 6.00 14-Aug-13 25-Sep-13 27-Sep-13 18-Oct-13 CARLSBERG Interim dividend - single tier 5.00 27-Sep-13 25-Sep-13 27-Sep-13 11-Oct-13 JT INTERNATIONAL Interim dividend - single tier 11.00 23-Aug-13 26-Sep-13 30-Sep-13 25-Oct-13 GENTING PLANTATIONS Interim dividend 3.75 28-Aug-13 26-Sep-13 30-Sep-13 17-Oct-13 MUDAJAYA 2nd Interim -single tier 3.00 28-Aug-13 23-Oct-13 25-Oct-13 22-Nov-13 SOURCES: BMSB

BMSB: New Listing Company Issue price No of shares Listing sought Tentative Public Issue Offer for sale Private placement listing date Solid Automotive Berhad 0.56 35,384,000 8,361,000 18,036,500 Main Market 12-Sep-13 SOURCES: BMSB

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Corporate Actions August 2013

SUN MON TUE WED THU FRI SAT

1 2 3 Gas Malaysia 2Q, Hektar REIT 2Q & Pavilion 2Q briefing

4 5 6 7 8 9 10 External Trade Hartalega 1Q, External Reserves, Hari Raya Puasa Hari Raya Puasa Sunway 4Q & IPI, Manufacturing briefing, Maxis 2Q, Sales F&N 3Q 11 12 13 14 15 16 17 MMHE 2Q & briefing MISC 2Q, AMMB 1Q

18 19 20 21 22 23 24 Tomypak 2Q, Affin KLK 3Q, Star GDP, BOP, CPI, External Reserves, Daibochi briefing, 2Q, Hap Seng Plant briefing, Perdana JobStreet 2Q, AirAsia Daibochi 2Q, YTL Eksons 1Q, MSM 2Q & briefing Petroleum 2Q, Bumi 2Q, Maybank 2Q, Power 4Q, Pet Gas briefing, WCT Armada 2Q, Dialog Maybulk 2Q, IOI Corp 2Q, MSM 2Q, Perisai briefing, JTI 2Q 4Q, AirAsia X 2Q, 4Q, Pet Dag 2Q, 2Q, Wah Seong 2Q, MAS 2Q KLCC Prop 2Q WCT 2Q, Benalec 4Q, Nestle 2Q, GAB 4Q & briefing, QL 1Q, Pet Chem 2Q, Magnum 2Q 25 26 27 28 29 30 31 E&O 1Q, Wellcall 4Q, Mah Sing 2Q, UOA Media Chinese 1Q, UEM Sunrise 2Q & Money Supply, PPI, National Day CIMB 2Q, JTI Dev 2Q, Prestariang Oriental 2Q, conference call, TM Sime Darby 4Q & briefing, Nestle 2Q, Carlsberg 2Q & Prestariang briefing, 2Q, FGV 2Q, Sunway briefing, Axiata 2Q & briefing, MRCB 2Q, briefing, Ta Ann 2Q, Media Prima 2Q & 2Q, Puncak 2Q, conference call, DRB Xingquan 4Q, Tune Lafarge 2Q, IJM 1Q, briefing, Genting Genting Group 2Q, 2Q, Cuscapi 2Q, Ins 2Q, Kossan 2Q Jaya Tiasa 4Q, Plant 2Q & Tan Chong 2Q & UMW 2Q Imaspro 4Q conference call, Ann briefing Joo 2Q & briefing, BIMB 2Q, MyEG 4Q, Supermax 2Q, Mudajaya 2Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions September 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7 MPC External Reserves, External Trade

8 9 10 11 12 13 14 IPI, Manufacturing Sales, Astro 2Q

15 16 17 18 19 20 21 Malaysia Day CPI

22 23 24 25 26 27 28 External Reserves SP Setia 3Q

29 30 Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Recommendation Framework #1 * Stock Sector OUTPERFORM: The stock's total return is expected to exceed a relevant OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 12 months. expected to outperform the relevant primary market index over the next 12 months. NEUTRAL: The stock's total return is expected to be within +/-5% of a relevant NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected benchmark's total return. to perform in line with the relevant primary market index over the next 12 months. UNDERPERFORM: The stock's total return is expected to be below a relevant UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 12 months. expected to underperform the relevant primary market index over the next 12 months. TRADING BUY: The stock's total return is expected to exceed a relevant TRADING BUY: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 3 months. expected to outperform the relevant primary market index over the next 3 months. TRADING SELL: The stock's total return is expected to be below a relevant TRADING SELL: The industry, as defined by the analyst's coverage universe, is benchmark's total return by 5% or more over the next 3 months. expected to underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

Recommendation Framework #2 ** Stock Sector OUTPERFORM: Expected positive total returns of 10% or more over the next 12 months. OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +10% or better over the next 12 months. NEUTRAL: Expected total returns of between -10% and +10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal number of stocks that are expected to have total returns of +10% (or better) or -10% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +10% to -10%; both over the next 12 months. UNDERPERFORM: Expected negative total returns of 10% or more over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -10% or worse over the next 12 months. TRADING BUY: Expected positive total returns of 10% or more over the next 3 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +10% or better over the next 3 months. TRADING SELL: Expected negative total returns of 10% or more over the next 3 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -10% or worse over the next 3 months.

** This framework only applies to stocks listed on the Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2012. AAV – not available, ADVANC - Excellent, AEONTS – Good, AMATA - Very Good, ANAN – not available, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – not available, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET - Good, CENTEL – Very Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, EGCO – Excellent, ERW – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD – Very Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Good, MAKRO – Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SAMART – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Good, SPALI - Very Good, SRICHA – not available, SSI – not available, STA - Good, STEC - Very Good, TCAP - Very Good, THAI - Excellent, THCOM – Very Good, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TTW – Very Good, TUF - Very Good, VGI – not available, WORK – Good.

Daybreak Malaysia August 29, 2013