REGIONAL DAILY

December 26, 2012

IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.

MALAYSIA

Malaysia Daybreak | 3 April 2015

▌What’s on the Table…

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Telco - Mobile - GST dispute sets uncertain tone

There should be no contention over the charging of 6% GST on mobile communications services as it is a standard rated item. Therefore, the dispute between the industry and the Customs Department appears to revolve around the latter’s demand for telcos to maintain the prices of top-up cards and factor in GST through a reduction in reload credit. If telcos have to comply, they may not be able to fully benefit from passing through the GST, as prepaid users may pare down their usage. Supposing this occurs, we may have to cut our FY15-17 EBITDA forecast for Malaysian mobile operators by 0.8-2.8% and target prices by 2.1-3.2%. The most impacted would be DiGi and the least affected would be Axiata Group. We stay Underweight on the sector.

Star Publications - A “Marvel-ous” deal by Cityneon

We are positively surprised by Cityneon's (Star’s subsidiary) announcement to acquire Victory Hill Exhibitions (VHE) for a proposed consideration of S$21m (RM57m) that will be funded by cash and shares. Following the deal, Cityneon will own the rights to provide exhibition services to Marvel characters. We view the deal as earnings accretive as it helps to enhance the group’s strength in the event and exhibition segment and mitigate the print segment's persistent decline. We raise our FY15-17 EPS forecasts by 3-6% to account for stronger contribution from Cityneon. We upgrade Star to an Add, with a higher target price of RM2.70, still based on 11.3x CY16 P/E, a 25% discount to the target market P/E of 15x. We see stronger contribution from non-print segment and higher dividend payout as potential re-rating catalysts.

Pharmaniaga Bhd - Slower pace ahead

Pharmaniaga’s share price has had a good run. In the past 12 months, higher dividend and better earnings, driven by lower non-cash charges and stronger revenue, sent its share price to record highs. Most of the earnings’ upside, however, appears priced in. We downgrade the stock from add to Hold due to less attractive risk-reward. We fine-tune our earnings for FY15-17 to reflect the numbers from its latest annual report. Our target price increases to RM6.20 as we change our valuation method from 15.1x CY16 P/E to SOP to better reflect Pharmaniaga’s obligations to Ministry of Health (MOH). We prefer IHH for stronger earnings growth.

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • Star acquiring Victory Hill Exhibitions Pte Ltd for S$21m (RM57m)

• CMS acquiring 50% stake in Sacofa Sdn Bhd for RM186.9m

• Telco companies to impose 6% GST on the prepaid top-up

• Protasco bagged RM77m contract to maintain the federal roads in Sarawak

• Telco companies have agreed to reduce their broadband rates

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15

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FBMKLCI

1831.97 5.66pts 0.31%Apr Futures May Futures

1835 - (0.30% ) 1833 - (1.00% )———————————————————————————

Gainers Losers Unchanged468 324 322

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Turnover2166.53m shares / RM2039.826m

3m avg volume traded 2076.68m shares

3m avg value traded RM2090.10m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,832 3,454 5,456 1,532 25,276 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,831.97 0.3 4.0

FBM100 12,261.51 0.4 3.8

FBMSC 16,290.36 0.6 8.3

FBMMES 7,234.39 2.4 28.0

Dow Jones 17,763.24 0.4 (0.3)

NASDAQ 4,886.94 0.1 3.2

FSSTI 3,453.75 0.2 2.6

FTSE-100 6,833.46 0.4 4.1

SENSEX 28,260.14 1.1 2.7

Hang Seng 25,275.64 0.8 7.1

JCI 5,456.40 (0.2) 4.4

KOSPI 2,029.07 0.0 5.9

Nikkei 225 19,312.79 1.5 10.7

PCOMP 7,993.09 0.7 10.5

SET 1,532.23 0.4 2.3

Shanghai 3,825.78 0.4 18.3

Taiwan 9,600.32 1.0 3.1————————————————————————————————

Close % chg Vol. (m)

INGENUITY 0.085 0.0 116.4

NOVA MSC 0.190 8.6 61.5

IRIS CORP 0.330 8.2 59.7

SYSTECH 0.365 12.3 52.6

DIVERSIFIED GATE 0.115 9.5 48.4

MPAY 0.300 5.3 43.6

NEXGRAM HOLDINGS 0.115 9.5 34.0

DGB ASIA 0.130 8.3 33.8————————————————————————————————

Close % chg

US$/Euro 1.0877 (0.03)

RM/US$ (Spot) 3.6690 (0.04)

RM/US$ (12-mth NDF) 3.7641 (0.61)

OPR (% ) 3.25 0.31

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,202.87 0.02

WTI crude oil US spot (US$/barrel) 49.14 (1.90)

CPO spot price (RM/tonne) 2,170.00 0.70

Market Indices

Top Actives

Economic Statistics

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Terence WONG, CFA T (60) 3 2261 9088 E terence.wong@cimb.com

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Daybreak│Malaysia

April 3, 2015

2

Global Economic News

The Organization for Economic Cooperation and Development (OECD) said the annual rate of inflation in its 34 members rose to 0.6% yoy in Feb (+0.5% in Feb last year). (WSJ)

US initial jobless claims dropped to 268,000 in the seven days ended 28 Mar (288,000 in week ended 21 Mar). Continuing claims fell to 2.33m in the week ended 21 Mar (2.41m in week ended 14 Mar), the lowest reading since December 2000. (Reuters, Bloomberg)

US trade deficit narrowed to US$35.4bn in Feb (US$42.7bn deficit in Jan). (Bloomberg).

US factory orders increased 0.2% mom in Feb (-0.7% mom in Jan), the largest gain since Jul. (Reuters)

Japan Inc.'s inflation expectations remained steady in the three months to Mar, a Bank of Japan (BOJ) survey showed. The survey showed companies expect prices of consumer products to rise at an annual rate of 1.4% in one year, unchanged from the Dec survey. Inflation rate is also expected to rise an unchanged 1.6% in a three- year time frame and 1.6% in five-years, down slightly from 1.7% previously. (WSJ)

Japan’s monetary base was up 35.2% yoy in Mar (+36.7% yoy in Feb). (Japan Times)

The headline HSBC India Manufacturing Purchasing Managers' Index (PMI) improved from 51.2 in Feb to 52.1 in Mar. (India Times)

Australia posted a seasonally adjusted trade deficit of A$1.3bn in Feb (A$1.0bn deficit in Jan). (WSJ)

South Korea's foreign exchange reserves reached US$362.8bn as of the end of Mar (US$362.37bn in end Feb). (Yonhap, Bloomberg)

Hong Kong’s HSBC PMI fell to 49.7 in Mar (50.7 in Feb). (Bloomberg)

Singapore's manufacturing PMI fell to 49.6 in Mar, down 0.1 point from Feb’s 49.7. Meanwhile, the electronics index posted an expansion at 50.1 in Mar, up 0.3 point from Feb’s 49.8.

Thailand’s consumer confidence fell to 77.7 pt in Mar (79.1 pt in Feb). Consumers showed least confidence in economic outlook with the index easing to 67.1 pt (68.4 pt). (The Nation)

Indonesia consumer confidence index was 116.9 in Mar, slightly lower from 120.2 in Feb. (Reuters)

Daybreak│Malaysia

April 3, 2015

3

Malaysian Economic News

A Chanel handbag priced at RM16,000 is the most expensive item being declared at the Goods and Services Tax (GST) refund verification counter at the KL International Airport (KLIA) since it began operations. KLIA Customs director Datuk Chik Omar Chik Lim said the handbag was declared on the first day that the Tourist Refund Scheme (TRS) was introduced in conjunction with the implementation of GST on Wednesday. He said so far 13 transactions were recorded at the verification counter under the TRS. (Star)

The Employees Provident Fund (EPF) has informed its members that the goods and services tax (GST) will not be imposed on EPF withdrawals. In a press release the EPF also advised its members not to appoint any agents or third parties to help in withdrawals. “Members who meet the requirements are advised to deal directly with the EPF to make withdrawals,” it said. (Star)

The Selangor government is staking a claim for a bigger financial allocation should the goods and services tax (GST) implemented result in additional revenue for the federal government. Menteri Besar Mohamed Azmin Ali said the bigger allocation was provided for under the Revenue Growth Grants Act. "The act states that every revenue growth must be channelled to the state government and this right was guaranteed under the Federal Constitution," he said. (Bernama)

The implementation of the Goods and Services Tax (GST) will not affect investors' continued interest in Malaysia as it is considered a positive step towards a more transparent and structured taxation system for them. Malaysian Investment Development Authority (MIDA) chief executive officer, Datuk Azman Mahmud, said MIDA and other related authorities would continue to help the businesses adjust themselves to the new tax.

"There might be issues during the transitional period. I want the industries to come forward and raise them and we will solve them. Investors should be having a situation where there is no disruption in their operations and we hope they will continue to invest," he said. (Bernama)

The government is mulling over a proposal to open complaint counters with regard to the Goods and Services Tax (GST) in public areas to facilitate consumers to file complaints. Finance Deputy Minister Datuk Ahmad Maslan said the proposal would be discussed soon to solve the grievances of consumers who want access to more avenues to make complaints. Describing it as a good proposal, he said he would bring the matter up in a meeting with the customs department and the domestic trade, cooperatives and consumerism ministry to enable such counters to be opened at shopping centres and suitable public areas. (Bernama)

Malaysia will decide whether it will be part of the Trans-Pacific Partnership Agreement (TPPA) in the third quarter of this year after the completion of the talks, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Mustapa said the TPPA has already gone through a five-year negotiating process and leaders of its participating countries had committed to conclude discussions by the first half of 2015. (Bernama)

Daybreak│Malaysia

April 3, 2015

4

The Government is determined to ensure that development is inclusive and fair, especially to those in the lower income bracket, said Prime Minister Datuk Seri Najib Tun Razak. In planning the country’s development agenda, he said the Government had never sidelined any group, providing business opportunities for all. “Our policy is to ensure that development is inclusive and those who need help are given assistance accordingly, irrespective of their ethnic background,” he said.

The setting up of the RM200m Al-Ansar Bumiputra Fund by Lembaga Tabung Haji was in line with the Government’s aim to empower and strengthen the economy of Muslim bumiputra entrepreneurs, he added.

At Jalan Alor – famous for its street food – Najib said the Government had allocated RM30mil for Chinese hawkers and petty traders who needed financial assistance for their businesses. (Star)

Political News

Tun Dr Mahathir Mohamad made his harshest criticism against Datuk Seri Najib Razak, saying that Malaysians do not trust the prime minister and predicting that the ruling Barisan Nasional (BN) will lose the next polls if the Umno president remains in power.

Malaysia's longest serving prime minister had already withdrawn his support for Najib last year over policy differences and had said the prime minister should resign.

"Malaysians, whether Malays, Chinese, India or the people in Sabah and Sarawak no longer trust Datuk Seri Najib. Umno members and their leaders must realise that Umno and with it, BN will lose if Datuk Seri Najib leads Umno to GE14.

"When Umno loses, the Malays will curse the leadership which has made the party so weak until it is rejected by the Malays themselves. Once Umno loses, it cannot be rehabilitated anymore," Dr Mahathir wrote in his popular blog chedet.cc. (Malaysian Insider)

It is high time Datuk Seri Najib Razak answers the various allegations against him, Tengku Razaleigh Hamzah said, after Tun Dr Mahathir Mohamad delivered his harshest criticism yet against the prime minister. The Umno veteran, better known as Ku Li and is Malaysia's longest-serving lawmaker, said that Najib would find it difficult to get support if there were unresolved issues plaguing his leadership. "It is high time that real answers are given, that the truth comes out of these things," he said to reporters. "It is going to be very difficult for anyone to get support if there are still unresolved issues." (Malaysian Insider)

PKR No. 2 Azmin Ali has been tipped as the next opposition leader following the Pas-DAP row and dearth of leaders with political clout in his party. Sources from Azmin's circle believes that he has a better chance of leading the coalition. They claim PKR president Datuk Seri Dr Wan Azizah Wan Ismail, who is Anwar's wife, is unprepared to lead against a backdrop of strained inter-party relations. (NST)

Former Kelantan menteri besar Datuk Nik Abdul Aziz Nik Mat had left a message before his death for Pas leaders to refrain from criticising Umno in the interest of hudud, Deputy Menteri Besar Datuk Mohd Amar Nik Abdullah said. He said there was a need for Pas to be united as hudud was a party's struggle and not for any individual's interest. (NST)

Daybreak│Malaysia

April 3, 2015

5

Corporate News

Star Publications (M) Bhd said it is acquiring the entire stake in a dormant company - which will own US exhibition assets - to diversify its income source. Star said the Singapore-listed unit Cityneon Holdings Ltd, in which it indirectly owns 64.1%, was acquiring Singapore-based Victory Hill Exhibitions Pte Ltd from Philadelphia Investments Pte Ltd for S$21m (RM57m). "It is in the interest of the company (Cityneon) to expand its businesses overseas to provide additional sources of revenue and diversify the company's existing businesses and geographical risk of the group," said Cityneon. (Financial Daily)

Please refer to our note for comments.

Telecommunication companies are allowed to impose the 6% Goods and Services Tax on the prepaid top-up in lieu of additional talk time. “A meeting was held with the chief executives of all the telco companies this morning and a decision was made," Customs GST director Datuk Subromaniam Tholasy said. “The telcos have two choices, either maintain the prepaid reload card prices with the 6% GST absorbed, or to charge the 6% on top of the reload card price but give consumers additional airtime. They have agreed to the latter," he said. (Star)

The additional airtime given is only applicable for the next three months and should not have any significant impact on the financials for the Malaysian mobile operators.

Telecommunciations companies have agreed to reduce their broadband rates and the details of the reduction will be announced this month. Minister of Communications and Multimedia, Datuk Seri Shabery Cheek said on Thursday the drop in broadband prices would be more than 6%. (Star)

Putrajaya today warned telcos of legal action if they continued to charge extra for postpaid and prepaid telecommunications services, as the 6% goods and services tax (GST) was replacing the previous service tax of 10%.

Deputy finance minister Datuk Ahmad Maslan said the broad-based consumption tax replaces the old service tax, which was also charged at 6% on prepaid services.

For prepaid services, the prices for top-ups, for example, remain unchanged. "It should remain the same. If the top up is RM5, it should remain RM5. "If they are stubborn, we will bring them to court. It will be the first case of profiteering. I am sure you will agree to this," he told Datuk Sapawi Ahmad Wasali (BN - Sipitang). (Malaysian Insider)

The Muslim Consumers Association of Malaysia (PPIM) has urged Malaysian banks to absorb the 6% Goods and Services Tax (GST) imposed on the Malaysian Electronic Payment System (MEPS) service. PPIM chief activist Datuk Nadzim Johan said customers using the MEPS for withdrawals at ATMs would be levied a RM1 charge and the GST of six cents.

"Banks should not be imposing the GST for the MEPS service. They should provide an exemption and absorb the six per cent as customers are already being charged RM1 for each withdrawal at the ATM," he added.

Speaking to Bernama, he also cited as an example, Singaporean banks which did not impose the GST for the MEPS in an effort to support the government. (Bernama)

Daybreak│Malaysia

April 3, 2015

6

Malaysia Airports Holdings Bhd (MAHB) has spent RM14m on repair works on the apron of klia2 in Sepang since May last year, said Transport Minister Datuk Seri Liow Tiong Lai. “It has been clarified that the cracks have only occurred in the areas where the apron is located and not on the runway of klia2 that was a result of differential settlement,” he said. Liow also said the affected area covers some 23,900 sq m out of the apron area measuring 700,000 sq m. That works out to about 3% of the apron at klia2. (Financial Daily)

Khazanah Nasional Bhd is unlikely to bow to union pressure and agree to scrap plans to cut a third or 6,000 of Malaysia Airlines’ (MAS) 20,000 work- force as part of a restructuring plan to rescue the ailing national carrier, according to sources close to the matter. The sovereign wealth fund is MAS’ sole shareholder. “Things have been set in motion and things have gone so far now that it (the plan) is irreversible. There is no turning back, and the cuts will involve senior and non-union staffers throughout the system,” one source said. “The job cuts will start at the top,” the source said. (Financial Daily)

TNB Janamanjung is the first power station in Malaysia to receive the Business Continuity Management ISO 22301:2012 certification. The certification is the result of more organised, effective and systematic practices in respect of risk management, business impact analysis, efficiency in preparations for reviving of operations and reduction in interruption impact on operations. TNB Janamanjung is Malaysia's largest power station and spread over 325 hectares, and has a capacity of 2,100 megawatts. (Bernama)

Malaysia will decide whether it will be part of the Trans-Pacific Partnership Agreement (TPPA) in the third quarter of this year after the completion of the talks, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.Mustapa said the TPPA has already gone through a five-year negotiating process and leaders of its participating countries had committed to conclude discussions by the first half of 2015. The TPPA is a free trade agreement initiative involving 12 countries – Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam. (BT)

UMW Toyota Motor Sdn Bhd, a 51%-owned unit of UMW Holdings Bhd, has reduced its sales target to 90,000 units this year from the 100,000 it announced two weeks ago, on weaker sales in 1Q15, lower volume and a challenging operating environment, said its president Datuk Ismet Suki. "We are realistic about our sales performance last year and the first quarter of this year. Given the challenging operating environment, with negative sentiment surrounding the implementation of GST as well as the volume, we have decided to revise our sales target to 90,000 units," Ismet said. (Financial Daily)

Perodua will reduce its vehicle prices by between 0.1% and 1.6% depending on the models with the implementation of the GST. It said it would retain the prices of its spare parts while absorbing the impact of GST of 6%. President & CEO Datuk Aminar Rashid Salleh said Perodua supported the GST as it was for the betterment of Malaysians for as long as the implementation is fair to all parties involved. (StarBiz)

Daybreak│Malaysia

April 3, 2015

7

Cahya Mata Sarawak Bhd (CMSB) is acquiring a 50% stake in Sarawak-based telecommunications infrastructure and services company Sacofa Sdn Bhd for RM186.9m or RM4.40 per share. In a filing with Bursa Malaysia yesterday, CMSB said it has signed a conditional share purchase agreement with the State Financial Secretary Inc (SFS) on behalf of the Sarawak state government for the proposed acquisition.

SFS currently has a 70.51% equity interest in Sacofa, while the remaining shares belong to Celcom Axiata Bhd (15.12%), Sarawak Information Systems Sdn Bhd (7.57%) and Yayasan Sarawak (6.8%). (Financial Daily)

Malaysia's government will begin meeting investors on Monday to discuss a potential US$-denominated sovereign sukuk, as it looks to repay some of the debt raised by struggling 1Malaysia Development Bhd (1MDB). The fund's debt of over US$11bn (RM40bn) is weighing on Malaysia's sovereign credit rating and has also been a factor contributing to ringgit weakness in recent months. The government has appointed CIMB, HSBC and Standard Chartered to arrange meetings in Kuala Lumpur on Monday, Singapore on Tuesday, Hong Kong on Wednesday, Abu Dhabi and Dubai on Thursday, London next Friday, and New York on 13 April, a document from lead arrangers showed.

Sources with knowledge of the deal previously said that the size of the issue would be up to US$2bn with a maturity of more than five years. The Malaysian government would use the proceeds for syariah-compliant purposes including the redemption of 1MDB's US$1.25bn sukuk that matures in June. (Reuters)

The Employees Provident Fund (EPF) has informed its members that the goods and services tax (GST) will not be imposed on EPF withdrawals. In a press release on Thursday, the EPF also advised its members not to appoint any agents or third parties to help in withdrawals. “Members who meet the requirements are advised to deal directly with the EPF to make withdrawals,” it said. (StarBiz)

MRT Corp has proposed a new alignment option for the MRT Sungai Buloh-Serdang-Putrajaya Line (SSP Line) but stressed that it could only be finalised pending a public display exercise and government approval. Strategic communication and PR director Amir Mahmood Razak said the new proposed alignment involved a change in the section between the TRX and Seri Kembangan stations. Amir said the new option integrates with the future KL-Singapore HSR. MRT Corp’s three-month Railway Scheme Public Display is expected to start in mid-May at 24 locations across the city. (StarBiz)

Boustead Heavy Industries Corp will continue its focus on building ships for the Malaysian military, says chairman Tan Sri Lodin Wok Kamaruddin. He said serving the local army has been the company's top priority and it currently contributes 80% to group revenue while the balance comes from constructing commercial vessels. "I think for the next four to five years it would probably remain as 70:30 or the best is maybe 60:40, but undoubtedly we will still depend on the contract of the armed forces, particularly from the Royal Malaysian Navy," he said. (Bernama)

Daybreak│Malaysia

April 3, 2015

8

Faber Group Bhd, which will soon change its name to UEM Edgenta Bhd, revealed that one of the three hospital support services (HSS) concession agreements it recently signed with the government carries a total contract value of RM3.07bn. Faber said one of the concession agreements entered into on 11 March this year between its wholly-owned subsidiary Faber Medi-Serve Sdn Bhd (FMS) and the government, has a contract value of RM307m/year.

The job entails the provision of HSS at contract hospitals in Perak, Penang, Kedah and Perlis. It also includes the development of an asset and services information system, and the implementation of a sustainability programme for a period of 10 years. (Financial Daily)

GW Plastics Holdings Bhd has completed its book-building process and it has fixed the offer price at RM1.28 a share under the reverse takeover by property-based MCT Consortium Bhd. GW Plastics acquired the entire 100% of property-based MCT Consortium Bhd from the vendors Tan Sri Goh Ming Choon and Datuk Seri Tong Seech Wi for RM1.2bil cash consideration. (StarBiz)

RAM Rating Services Bhd has reaffirmed the AAA/stable rating on Prasarana Malaysia Bhd's RM5.5bn bonds (2003/2016), although it expects the public transport operator to post bigger losses this year. RAM said the rating reflects Prasarana's strategic importance as the owner and operator of key public transport infrastructure (rail and bus) in the Klang Valley.

"As the owner and operator of the country's key public transport infrastructure, we are of the view that the group is an entity that is ultimately backed by the government of Malaysia. The government's support is further underlined by its guarantee in respect of all of Prasarana's debt, including the rated bond," it said. RAM expects Prasarana's losses to widen, further attributing to higher finance costs. (Financial Daily)

Protasco Bhd’s unit has bagged a RM77m contract to maintain the federal roads in Sarawak. It said on Thursday its unit HCM Engineering Sdn Bhd was awarded the contract by the Public Works Department. The contracts included the construction of four overtaking lanes in Sibu and Bintulu divisions. Protasco said the project was expected to be completed by April next year. (StarBiz)

GD Express Carrier Bhd executive director and chief operating officer Wong Eng Su has resigned from his position in the company on April 1, 2015. The company said managing director and group chief executive officer Teong Teck Lean will take over into the executive role. Lean, who is also a major shareholder of GD Express Carrier would oversee the group’s operations together with his current senior management team. (StarBiz)

AmInvest has been named the "Best Islamic Investment Strategist of the Year" at the inaugural Islamic Finance News (IFN) Islamic Investor Awards 2014 held in Dubai. CEO Datin Maznah Mahbob said the awards honoured key players who drive forward the fast-growing syariah-compliant funds industry. IFN, which operates from Kuala Lumpur and Dubai, produces the weekly capital markets e-newsletter on the global Islamic financial markets. (Bernama)

Daybreak│Malaysia

April 3, 2015

9

BMSB: Changes in shareholdings

Type of No of Ave Price

2-Apr-15 Date transaction securities Company (RM)

EPF 25/3-26/3 Disposed 6,009,600 AXIATA GROUP

EPF 30/3 Disposed 2,384,000 IOI PROPERTIES GROUP

EPF 30/3 Disposed 2,233,500 TELEKOM MALAYSIA

EPF 30/3 Disposed 2,043,600 DIALOG GROUP

EPF 30/3 Disposed 1,653,300 SUNWAY REIT

EPF 27/3-30/3 Disposed 1,475,000 CAHYA MATA SARAWAK

EPF 30/3 Disposed 1,311,000 KPJ HEALTHCARE

EPF 30/3 Disposed 1,178,100 SIME DARBY

EPF 30/3 Disposed 1,117,900 IOI CORPORATION

EPF 30/3 Disposed 1,117,900 IOI CORPORATION

EPF 30/3 Disposed 1,112,700 AMMB HOLDINGS

EPF 30/3 Disposed 699,700 DIGI.COM

EPF 30/3 Disposed 500,800 IJM PLANTATIONS

EPF 30/3 Disposed 499,100 POS MALAYSIA

EPF 30/3 Disposed 466,500 FELDA GLOBAL VENTURES

EPF 30/3 Disposed 409,900 MALAYAN BANKING

EPF 30/3 Disposed 365,400 AEON CO. (M)

EPF 30/3 Disposed 336,100 BERJAYA AUTO

EPF 30/3 Disposed 304,900 GENTING PLANTATIONS

EPF 30/3 Disposed 252,400 SAPURAKENCANA PETROLEUM

EPF 30/3 Disposed 252,400 SAPURAKENCANA PETROLEUM

EPF 30/3 Disposed 45,100 SHELL REFINING

EPF 30/3 Disposed 41,100 TIME DOTCOM

EPF 30/3 Disposed 4,000 LAFARGE MALAYSIA

Skim Amanah Saham Bumiputera 26/3-27/3 Disposed 200,000 FRASER & NEAVE

Kumpulan Wang Persaraan 25/3-26/3 Disposed 2,698,100 FELDA GLOBAL VENTURES

Kumpulan Wang Persaraan 25/3-27/3 Disposed 417,700 PETRONAS GAS

Kumpulan Wang Persaraan 27/3 Disposed 308,000 KULIM (MALAYSIA)

Kumpulan Wang Persaraan 27/3 Disposed 59,500 POS MALAYSIA

Kumpulan Wang Persaraan 27/3 Disposed 14,500 GAMUDA

Kumpulan Wang Persaraan 27/3 Disposed 4,800 TIME DOTCOM

Asia Internet Holdings Sdn Bhd 1/4 Disposed 7,000,000 JOBSTREET CORPORATION 2.85

Aberdeen Asset Management PLC 27/3-31/3 Disposed 68,900 TASEK CORPORATION

Aberdeen Asset Management PLC 27/3-30/3 Disposed 35,300 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 27/3-30/3 Disposed 37,200 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 27/3-30/3 Disposed 35,300 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 27/3 Disposed 26,000 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 27/3 Disposed 21,300 BAT

EPF 27/3-30/3 Acquired 34,941,882 MALAYSIA AIRPORTS

EPF 30/3 Acquired 2,604,000 IGB REIT

EPF 30/3 Acquired 2,000,000 GAMUDA

EPF 30/3 Acquired 1,600,000 MAXIS

EPF 30/3 Acquired 954,900 INARI AMERTRON

EPF 30/3 Acquired 954,900 INARI AMERTRON

EPF 30/3 Acquired 491,900 YINSON HOLDINGS

EPF 30/3 Acquired 469,700 PUBLIC BANK

EPF 27/3 Acquired 404,600 UMW HOLDINGS

EPF 30/3 Acquired 308,800 BIMB HOLDINGS

EPF 30/3 Acquired 308,800 BIMB HOLDINGS

EPF 30/3 Acquired 178,700 MBM RESOURCES

EPF 30/3 Acquired 127,100 PETRONAS GAS

EPF 30/3 Acquired 108,200 AFFIN HOLDINGS

EPF 30/3 Acquired 107,300 IHH HEALTHCARE

EPF 30/3 Acquired 82,400 HARTALEGA HOLDINGS

EPF 30/3 Acquired 56,900 AFG

EPF 27/3 Acquired 45,900 FRASER & NEAVE

EPF 30/3 Acquired 41,700 IJM CORPORATION

EPF 30/3 Acquired 33,700 HONG LEONG BANK

Skim Amanah Saham Bumiputera 24/3-27/3 Acquired 6,352,000 AXIATA GROUP

Kumpulan Wang Persaraan 27/3 Acquired 2,050,600 UZMA

Kumpulan Wang Persaraan 27/3 Acquired 160,500 IJM CORPORATION

Lembaga Tabung Haji 17/3 Acquired 350,000 ICON OFFSHORE

Fairfax (Barbados) International Corp 26/3-1/4 Acquired 763,800 MUDAJAYA GROUP SOURCES: BMSB

Daybreak│Malaysia

April 3, 2015

10

BMSB: Changes in shareholdings

Type of No of Ave Price

2-Apr-15 Date transaction securities Company (RM)

Aberdeen Asset Management PLC 27/3-31/3 Acquired 2,765,400 AEON CO. (M)

Aberdeen Asset Management PLC 27/3-31/3 Acquired 80,800 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 27/3 Acquired 69,732 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 27/3 Acquired 19,900 POS MALAYSIA

DAIBOCHI PLASTIC 2/4 Shares Buy Back 16,500 DAIBOCHI PLASTIC 4.30 SOURCES: BMSB

BMSB: ESOS & others

2-Apr-15 No Of New Shares Date of Listing Nature of transaction

UCHI TECHNOLOGIES 683,400 06-Apr-15 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

2-Apr-15 Vol

INGENCO 20,000,000

HIAPTEK 8,000,000

HIBISCS 4,700,000

CENTURY 2,600,000

MHC 2,500,000

YINSON 2,500,000

SWSCAP 2,000,000

GESHEN 1,800,000

RAPID 1,220,100

YNHPROP 1,140,500

EDEN 1,000,000

IMASPRO 800,000

GCB 582,000

SCGM 500,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Dividends

Company Particulars Gross DPS (Sen) Ann Date Ex-Date Lodgement Payment

BERJAYA SPORTS TOTO Third interim dividend - single tier 5.00 18-Mar-15 6-Apr-15 8-Apr-15 28-Apr-15

BERJAYA FOOD Second interim dividend - single tier 1.25 10-Mar-15 8-Apr-15 10-Apr-15 23-Apr-15

UMW HOLDINGS Third interim dividend - single tier 16.00 24-Mar-15 9-Apr-15 13-Apr-15 24-Apr-15

ASTRO MALAYSIA Fourth interim dividend - single tier 2.25 30-Mar-15 10-Apr-15 14-Apr-15 29-Apr-15

MY E.G. SERVICES First interim dividend - single tier 0.50 27-Feb-15 22-Apr-15 24-Apr-15 21-May-15

CARLSBERG Final + Special - single tier 66.00 27-Feb-15 30-Apr-15 5-May-15 20-May-15

NESTLE (MALAYSIA) Final dividend - single tier 175.00 23-Feb-15 11-May-15 13-May-15 27-May-15

BINTULU PORT Final + Special - single tier 6.0 + 3.0 17-Feb-15 13-May-15 15-May-15 29-May-15

TASEK CORPORATION Final + Special - single tier 30.0 + 50.0 17-Feb-15 13-May-15 15-May-15 29-May-15

GAS MALAYSIA Final + Special - single tier 4.06 12-Mar-15 20-May-15 22-May-15 12-Jun-15

MAXIS  Final + Special - single tier 8.00 27-Mar-15 27-May-15 29-May-15 26-Jun-15

MEDIA PRIMA  Final dividend - single tier 5.00 31-Mar-15 3-Jun-15 5-Jun-15 26-Jun-15

IHH HEALTHCARE First & final interim dividend - single tier 3.00 30-Mar-15 1-Jul-15 3-Jul-15 22-Jul-15

SOURCES: BMSB

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BMSB: Proposed cash calls & trading of rights…

3-Apr-15 Ann Date Proposed

BUMI ARMADA 12-Sep-14 1 Rights : 2 shares @ RM1.35

MAH SING GROUP 20-Nov-14 Bonus issue 1:4

AIRASIA X 30-Nov-14 Rights issue of RM0.15 with free detachable warrants

KAREX 26-Feb-15 Bonus issue 1:2

WCT HOLDINGS 16-Mar-15 Rights issue 1:10; Bonus issue of Warrants 1:5 existing shares held SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

BIOALPHA HOLDINGS 0.20 20,000,000 - 80,000,000 ACE Market 14-Apr-15

No of shares

SOURCES: BMSB

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Corporate Actions

April 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4

Exports, Imports, Trade Balance

5 6 7 8 9 10 11

Foreign Reserves IPI, Manufacturing Sales

12 13 14 15 16 17 18

19 20 21 22 23 24 25

CPI,

Foreign Reserves (mid-month data)

26 27 28 29 30

DiGi 1Q & conf. call Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

May 2015

SUN MON TUE WED THU FRI SAT

31 1 2

Labour Day

3 4 5 6 7 8 9

Wesak Day Replacement Holiday Exports, Imports, Trade Balance, BNM OPR

10 11 12 13 14 15 16

IPI, Manufacturing Sales, Foreign Reserves

GDP, BoP Current Account Balance

Axiata 1Q & conf. call

17 18 19 20 21 22 23

CPI 11th Malaysia Plan Foreign Reserves

(mid-month data)

24 25 26 27 28 29 30

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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DISCLAIMER #05

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guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information and opinion contained in this report. Neither CIMB nor any of its affiliates nor its related persons shall be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.

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CIMB Securities (Thailand) Co., Ltd. may act or acts as Market Maker and issuer including offering of Derivative Warrants Underlying securities of the following securities. Investors should carefully read and study the details of the derivative warrants in the prospectus before making investment decisions.

AAV, ADVANC, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLA, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DCC, DELTA, DEMCO, DTAC, EARTH, EGCO, ERW, ESSO, GFPT, GLOBAL, GLOW, GUNKUL, HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KBANK, KCE, KKP, KTB, KTC, LH, LOXLEY, LPN, M, MAJOR, MC, MCOT, MEGA, MINT, NOK, NYT, PS, PSL, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, RS, SAMART, SCB, SCC, SCCC, SIRI, SPALI, SPCG, SRICHA, STA, STEC, STPI, SVI, TASCO, TCAP, TFD, THAI, THCOM, THRE, THREL, TICON, TISCO, TMB, TOP, TPIPL, TTA, TTCL, TTW, TUF, UMI, UV, VGI, TRUE, WHA.

Corporate Governance Report:

The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.

The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. CIMBS does not confirm nor certify the accuracy of such survey result.

Score Range: 90 - 100 80 - 89 70 - 79 Below 70 or No Survey Result

Description: Excellent Very Good Good N/A

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United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (“CIMB UK”). CIMB UK is authorised and regulated by the Financial Conduct Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (c) are persons falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons.

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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.

AAV – Very Good, ADVANC – Very Good, AEONTS – not available, AMATA - Good, ANAN – Very Good, AOT – Very Good, AP - Good, ASK – Very Good, ASP – Very Good, BANPU – Very Good , BAY – Very Good , BBL – Very Good, BCH – not available, BCP - Excellent, BEAUTY – Good, BEC - Good, BECL – Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC – Good, BLA – Very Good, BMCL - Very Good, BTS - Excellent, CCET – Good, CENTEL – Very Good, CHG – not available, CK – Very Good, CPALL – not available, CPF – Very Good, CPN - Excellent, DELTA - Very Good, DEMCO – Good, DTAC – Very Good, EA - Good, ECL – not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA - Excellent, HEMRAJ – Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD – Good, IVL - Excellent, JAS – not available, JUBILE – not available, KAMART – not available, KBANK - Excellent, KCE - Very Good, KGI – Good, KKP – Excellent, KTB - Excellent, KTC – Good, LH - Very Good, LPN – Very Good, M - not available, MAJOR - Good, MAKRO – Good, MBKET – Good, MC – Very Good, MCOT – Very Good, MEGA – Good, MINT - Excellent, OFM – Very Good, OISHI – Good, PS – Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH – Very Good, RATCH – Very Good, ROBINS – Very Good, RS – Very Good, SAMART - Excellent, SAPPE - not available, SAT – Excellent, SAWAD – not available, SC – Excellent, SCB - Excellent, SCBLIF – Good, SCC – Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA – Very Good, STEC - Good, SVI – Very Good, TASCO – Good, TCAP – Very Good, THAI – Very Good, THANI – Very Good, THCOM – Very Good, THRE – not available, THREL – Good, TICON – Good, TISCO - Excellent, TK – Very Good, TMB - Excellent, TOP - Excellent, TRUE – Very Good, TTW – Very Good, TUF - Good, VGI – Very Good, WORK – not available.

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CIMB Recommendation Framework

Stock Ratings Definition:

Add The stock’s total return is expected to exceed 10% over the next 12 months.

Hold The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.

Reduce The stock’s total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

Sector Ratings Definition:

Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.

Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.

Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings Definition:

Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.

Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.

Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

*Prior to December 2013 CIMB recommendation framework for 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 were based on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months. Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy: expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected negative total returns of 10% or more over the next 3 months.