REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 8 April 2015

▌What’s on the Table…

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RHB Capital Bhd - Assessing the impact of potential rights issue

Based on our analysis, we think that RHBCap will raise a total of RM1bn to RM3bn from a potential rights issue aimed at reducing its gearing at the holding company level. We estimate that the exercise could dilute its FY16 EPS by 4-12%. For now, we retain our DDM-based target price (cost of equity of 11.8%, long-term growth of 4%). Despite the possibility of a rights issue, RHB Capital remains an Add and our top pick for the sector as we are positive on its earnings prospects given the re-rating catalysts of (1) above-industry loan growth, (2) benefits from its IGNITE 17 transformation programme, and (3) swift expansion in Singapore.

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • FBM KLCI closed at a seven-month high on Tuesday

• MRCB buying German Embassy land here for RM259m cash

• LTKM proposed 1-for-2 bonus and 1-for-2 share split

• Ewein in JV to undertake RM800m mixed development project in Penang

• MISC seek approval of its shareholders for proposed share buyback

• Euro zone industrial producer prices rose 0.5% mom in Feb

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

1856.51 13.57pts 0.74%Apr Futures May Futures

1857.5 - (0.46% ) 1856 - (0.54% )———————————————————————————

Gainers Losers Unchanged509 347 327

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Turnover1948.81m shares / RM2100.876m

3m avg volume traded 2093.65m shares

3m avg value traded RM2086.16m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,857 3,466 5,523 1,550 25,276 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,856.51 0.7 5.4

FBM100 12,403.76 0.7 5.0

FBMSC 16,391.37 0.3 9.0

FBMMES 7,192.70 (0.4) 27.2

Dow Jones 17,875.42 (0.0) 0.3

NASDAQ 4,910.23 (0.1) 3.7

FSSTI 3,465.62 0.4 3.0

FTSE-100 6,961.77 1.9 6.0

SENSEX 28,516.59 0.0 3.7

Hang Seng 25,275.64 0.8 7.1

JCI 5,523.29 0.8 5.7

KOSPI 2,047.03 0.0 6.9

Nikkei 225 19,640.54 1.3 12.5

PCOMP 8,098.68 0.6 12.0

SET 1,549.53 0.9 3.5

Shanghai 3,961.38 2.5 22.5

Taiwan 9,641.90 0.4 3.6————————————————————————————————

Close % chg Vol. (m)

TAKASO 0.550 6.8 61.6

INGENUITY 0.090 (5.3) 60.8

TIGER SYNERGY 0.120 (7.7) 51.1

SUMATEC 0.220 2.3 34.7

EFFICIENT E-SOLU 0.320 6.7 34.3

NOVA MSC BHD 0.185 (5.1) 33.1

CONNECTCOUNTY 0.185 (7.5) 30.6

APFT 0.200 2.6 29.8————————————————————————————————

Close % chg

US$/Euro 1.0814 (0.01)

RM/US$ (Spot) 3.6382 (0.05)

RM/US$ (12-mth NDF) 3.7486 0.29

OPR (% ) 3.18 (0.93)

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,208.94 (0.02)

WTI crude oil US spot (US$/barrel) 53.98 3.53

CPO spot price (RM/tonne) 2,189.00 (0.18)

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 8, 2015

2

Global Economic News

Euro zone industrial producer prices rose 0.5% mom in Feb (-1.1% mom in Jan), the first monthly increase since Sep. On year, producer price fell 2.8% yoy (-3.5% yoy in Jan). (Reuters)

Euro zone composite purchasing managers index (PMI) rose to 54.0 in Mar (53.3 in Feb). (WSJ)

Euro zone Sentix investor sentiment improved for the sixth straight month in Apr to 20.0 (18.6 in Mar), its highest level since Aug 2007. (Reuters)

Japan’s foreign reserves decline to US$1.245bn in Mar (US$1.251bn in Feb). (Bloomberg)

Reserve Bank of India (RBI) left the benchmark repurchase rate unchanged at 7.50%.

“Going forward, the accommodative stance of monetary policy will be maintained, but monetary policy actions will be conditioned by incoming data,” RBI Governor Raghuram Rajan said. The bank will watch for transmission of previous rate cuts, price rises, government moves to ease supply and normalization of US policy even as India is “better buffered” against volatility, he added. (Bloomberg)

The Reserve Bank of Australia (RBA) held its overnight cash target at 2.25% but said for a second month it could ease policy at future meetings.

“Further easing of policy may be appropriate over the period ahead, in order to foster sustainable growth in demand and inflation consistent with the target,” RBA Governor Glenn Stevens said in a statement. “The board will continue to assess the case for such action at forthcoming meetings.” (Bloomberg)

Australian retail sales rose 0.7% mom in Feb (+0.5% mom in Jan). (WSJ)

Taiwan’s foreign reserves amounted to US$414.7bn in Mar (US$417.8bn in Feb). (Bloomberg)

Singapore's foreign-exchange reserves stood at US$249.45bn in Mar (US$250.70bn in Feb). In Singapore dollar terms, the Mar forex reserves were at S$342.19bn (S$340.93bn in Feb). (WSJ)

Philippines headline inflation eased to 2.4% yoy in Mar (+2.5% yoy in Feb). Core inflation rose 2.7% yoy in Mar (+2.5% yoy in Feb). (Philippines Star)

Philippines foreign reserves narrowed to US$80.4bn as of end-Mar (US$80.8bn in Feb). (GMA)

Daybreak│Malaysia

April 8, 2015

3

Malaysian Economic News

Bank Negara Malaysia (BNM)'s international reserves amounted to RM389.7bn (equivalent to US$105.1bn) as at 31 Mar 2015. In a statement BNM said the reserves position was sufficient to finance 7.1 months of retained imports and was 1.1 times the short-term external debt. The central bank said the reserve level has taken into account the quarterly adjustment for foreign exchange revaluation changes. (Bernama)

A total of 39 companies comprising retailers, manufacturers and chain restaurant operators have joined the 2015 Price Reduction Campaign to date. Domestic Trade, Cooperatives and Consumerism (KPDNKK) Minister Datuk Seri Hasan Malek said it also involved the participation of 1,329 branches across the country, offering discounts of up to 87% on 487,879 products. (Bernama)

The Government will come up with a win-win situation following overwhelming complaints lodged by consumers on the service charge fixed by eateries. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said complaints on the matter had been pouring in since the start of the Goods and Services Tax (GST) on 1 Apr. The grouses are rooted in the fact that the 6% GST is applied to both the service charge and the total price of food and beverage items. In short, consumers end up forking out more money than before. (Star)

The National Union of Hotel, Bar and Restaurant Workers has threatened to take employers to court if they fail to honour agreements that warrant the collection and distribution of service charges.. The union say they will oppose any reduction to the charges. (Malaysian Reserve)

A total of 4,771 1Malaysia People's Aid (BR1M) recipients, who cashed their vouchers more than once, run the risk of being blacklisted for if they to do not refund the money to the Finance Ministry. Finance Ministry Budget Director Datuk Siti Zauyah Md Desa said the repeated claims made by 72.5% of the 6,577 recipients from 2012 until last year resulted in the government incurring losses amounting to RM3.34m. (Bernama)

The government plans to spend more than RM2bn to repair and refurbish roads, bridges, slopes and buildings that were damaged and destroyed by the recent flood said Works Minister Datuk Seri Fadillah Yusof. (Malaysian Reserve)

The government will intensify its effort in pushing all ministries and related agencies to practise the open tender exercise in awarding projects to private companies. Chief Secretary to the Government Tan Sri Dr Ali Hamsa said the Finance Ministry is currently working on guidelines for all ministries to promote the exercise. (Malaysian Reserve)

A total of nine Goods and Services Tax (GST) related offences were detected in 227 premises in Sarawak between 1 Apr and 6 Apr. Sarawak Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) deputy director, Abd Hafidz A Rahim, said 17 written warnings and six notices were issued to traders. “The nine offences involving groceries were detected with seizures valued at RM1,739.28,” he said. (Bernama)

Daybreak│Malaysia

April 8, 2015

4

The Sabah Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) has served three notices (notice of 21) to restaurant owners around the city for raising prices after the implementations of the Goods and Services Tax (GST) on 1 Apr. Its Director, Severinus Tukah said the notices were issued during the sixth Anti-Profiteering of GST operation (Ops Catut-CBP). (Bernama)

The Road Transport Department (RTD) is asking driving institutes to absorb the 6% Goods and Services Tax (GST) to help ease the burden of people taking driving tests. RTD director-general Datuk Seri Ismail Ahmad said driving institutes were called to undertake the tax as a corporate social responsibility to help their customers.

"Driving licence and road tax are not imposed with GST, only the services provided by the driving institutes are taxed...so I am urging them to emulate the move by several hypermarkets such as Mydin to help their customers. I hope the 205 driving institutes in the country would heed the call to absorb the tax for the benefit of their customers," he said. (Bernama)

Political News

Former PM Tun Dr Mahathir Mohamad has rubbished suggestions that he is aligned with the opposition, saying that he is still very much and Umno member. He said that if saying something similar to the opposition made him aligned with the opposition, then PM Datuk Seri Najib Rzak "must be more" with the opposition because he agreed to abolish the Internal Security Act, the prevention of crime law and ignore the NEP. Dr Mahathir said he was still an Umno member and that his disagreement was with Najib and not the party.

On suggestion that it was unfair of him to ask Najib to step down because he was elected democratically, Dr Mahathir claimed that Najib was instrumental in asking former PM Tun Abdullah Ahmad Badawi to step down. (Star)

Corporate News

Maybank will provide multi-currency facility for fund-raising activities outside the country following a growing client base. Group president/CEO Datuk Abdul Farid Alias said there are specific situations for the lending to be in US dollars.

"Historically, we have relied on our limited deposits like interbank and the money-market, and these are not a good way to manage the exposure. As we are not a natural US dollar deposit-taking institution and we do not have natural US dollar depositors in the country or around the region, the most appropriate way to manage this is to have a proper medium-term funding strategy," he added.

He said this when asked to comment on the bank's intention to undertake a fund-raising exercise for working capital, general banking and other corporate purposes in a foreign country. (Bernama)

Moody's has assigned an A3 long-term foreign currency senior unsecured debt rating to Maybank's upcoming Samurai bonds. The rating outlook is positive. The A3 rating assigned to Maybank's senior unsecured Samurai bonds is in line with the bank's A3 foreign currency deposit rating. (Bernama)

Daybreak│Malaysia

April 8, 2015

5

Maybank will open a branch in Kunming, China, this week to leverage on the growing trade and investment links existing between Southwest China and ASEAN. Chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said the Kunming branch will be Maybank's fourth branch in Greater China, after Hong Kong, Shanghai and Beijing.

He said the opening of the new branch is a strategic move for Maybank not only because of the potential that exists in China but also because the Yunnan province alone is well positioned as a gateway to South Asia and ASEAN. Maybank Greater China recorded a pre-tax profit of RM300m in FY14. (Bernama)

MISC intends to seek the approval of its shareholders for the proposed authority for the company to purchase its own shares of up to 10% of MISC’s prevailing ordinary issued and paid-up share capital at any time at the forthcoming annual general meeting.

The Proposed Share Buy-Back Authority would provide MISC with an option to purchase its own shares at a future date when MISC’s board deems it appropriate after taking into account the availability of funds, business considerations, relevant cost factors, and market conditions and sentiment. (BMSB)

UMW Oil and Gas Corp Bhd has extended the joint-venture (JV) agreement with Japan Drilling Co Ltd for a further period of five years. In an exchange filing yesterday, the rig provider said it signed an addendum to the existing agreement to extend the period which was initially signed for 10 years in 2005. It also signed an addendum to the rig owning agreement with Japan Drilling Co, JDC Panama Inc and UMW Drilling Co Ltd for the renewal of the term of the contract in this regard. All other terms of the JV agreement remain unchanged, it added. (Malaysian Reserve)

Sunway's ability to sustain its financial metrics amid a more challenging property market has prompted RAM Rating Services to revised upwards the outlook for its debt issues. It said it had revised the outlook on the A2 long-term ratings of Sunway’s debt issues from stable to positive. “This was mainly premised on the group’s ability to sustain its financial metrics amid a more challenging property market, anchored by its resilient property business and growing contributions from its construction arm,” it said.

“The gap between its gearing ratios and debt-protection metrics and that of its higher-rated peers had also narrowed. High unbilled sales and a strong construction order book should help tide Sunway over a slower property market,” it said.

“Unbilled sales have hovered at a robust RM2.5bn, offering earnings visibility of 1.5x the group’s sales for 2014. “Despite the softer market, the take-up rates of the Group’s recent project launches – including its maiden venture in Sunway Iskandar in 2014 – have stayed healthy.

“For this year, Sunway expects flat sales growth, targeting the sale of RM1.7bn worth of properties, as achieved in 2014,” it said. (StarBiz)

Sustained fund buying of index-linked stocks MISC and Tenaga Nasional enabled the FBM KLCI to close at a seven-month high on Tuesday while the broader market also showed a marked improved in investor sentiment. At 5pm, the FBM KLCI was up 13.57 points or 0.74% to 1,856.51. Turnover was 1.95bn shares valued at RM2.1bn. Advancers led decliners 502 to 354 while 327 counters were unchanged. (StarBiz)

Daybreak│Malaysia

April 8, 2015

6

Malaysia Airlines has denied a London-bound flights was involved in a near miss with another plane. The airline issued a statement following reports by Asian media outlets that one of its planes destined for London narrowly avoided a collision in skies over Pakistan. It had been claimed the flight nearly crashed with a Kuwait Airlines plane heading to Islamabad. But Malaysia Airlines 'strongly denies' the reports and said it does not even fly over Pakistan because of safety fears.

A spokesman said: "Malaysia Airlines strongly denies that one of its flights to London experienced a near-miss with a Kuwait Airways aircraft over Pakistan airspace on Sunday, 5 April 2015. "Following a Safety Information Bulletin (SIB) issued by EASA early this year, Malaysia Airlines has avoided the Pakistani airspace due to increased risk to flight operation safety." (Mirror)

Malaysian Resources Corporation Berhad (MRCB) is buying the German Embassy land here for cash consideration of RM259.1m. MRCB said on Tuesday it had entered into a sale and purchase agreement with the government of the Federal Republic of Germany to acquire the 1.86 acres of land with the buildings. To recap, on 26 January 2015, MRCB participated in a tender called by the vendor for the land. “The tender price of RM259.1m or RM3,188 psf is about 6% higher than the market value of the land based on the appraisal conducted by CH Williams Talhar & Wong and Raine & Horne International Zaki & Partners,” it said. (StarBiz)

Malaysia's oil & gas sector's M&As this year are expected to fall slightly to US$5bn from US$5.7bn last year. Deloitte Malaysia Energy and Resources leader Nizar Najib said some firms may have cashed out to launch acquisitions but the others may not have the means to undertake M&As due to depletion in their order books. "The acquisitions will likely be more domestic-focused as Malaysian firms are interested to consolidate locally," he said.

Nizar said companies might resort to M&As to revamp their operations and cope with rising costs. "Oil field service companies facing pressure to reduce cost may see M&As as a way to enhance their capabilities and acquire new technologies," he added. (Bernama)

Deloitte expects Petronas to continue to exhibit resilience and strong performance this year as it focuses on streamlining its LNG and downstream business. Deloitte Malaysia's energy and resources leader Nizar Najib said the national oil company, which previously has been focusing on margin-based and upstream business, now has leveraged on volume rather than margin.

"Which is why Petronas had switch gear to focus on LNG such as Floating LNG1, Floating LNG2 and downstream projects like Pengerang and Refinery and Petrochemical Integrated Development (RAPID). The company is repositioning downstream and divesting its portfolio," he said. (Bernama)

Kidex Sdn Bhd, the developer of the RM2.4bn Kinrara Damansara Expressway (Kidex), will have to bear the losses due to the aborted highway project, said Works Minister Datuk Seri Fadillah Yusof. "They will bear the losses because they are the one that came up with the proposal. When it comes to the business proposal, they already knew that there is a risk of the proposal being approved or rejected," he said, noting the cancellation of the 14.9km fully elevated expressway also creates confusion to the developer. (The Sun)

Daybreak│Malaysia

April 8, 2015

7

Guocoland (M) Bhd’s net profit for its third quarter ended March 31 slipped 26% to RM11.63m from RM15.71m a year earlier, mainly due to a lower contribution from the group’s commercial development sub-segment and joint ventures. The company, however, said the reduction in the contribution from commercial projects was mitigated by the increased contribution in the residential development sub-segment.

Revenue in the third quarter dropped to RM52.75m from RM58.44m a year ago. For the nine-month period, net profit dropped to RM17.43m from RM40.91m, while revenue fell to RM136.55m from RM178.59m previously. (StarBiz)

Kanger International Bhd, China's bamboo flooring manufacturer, is eyeing up to 30% sales growth this year from RM66.7m last year. MD Leng Xingmin said in an effort to achieve the target, the company planned to widen its distribution network in China to 80 from 30 at present. "The group is also looking at expanding its product line into bamboo-based furniture in the near term as there is demand from both local and export markets," he told reporters after Kanger International's extraordinary general meeting (EGM) here yesterday. (StarBiz)

APFT Bhd sees brighter prospects for 2015 as its new business model intends to raise recurring income from its aviation training business while the new oil and gas (O&G) venture will drive growth. Executive chairman Datuk Faruk Othman said APFT will bid for at least RM1bn worth of projects in Pengerang, Johor. "We are looking at the engineering, procurement, construction and commissioning (EPCC) jobs. We are looking to secure about RM1bn worth of contracts from the available tenders.

"There are many jobs there and we are confident we can get at least some of it as we are registered with Petronas (Petroliam Nasional Bhd) and we have the necessary experience," Faruk told the Malaysian Reserve. (Malaysian Reserve)

Encorp Bhd is still in preliminary discussion with its major shareholder, Felda, in exploring potential collaboration. The company said that no formal terms or agreement had been reached. (StarBiz)

Poultry farming company LTKM Bhd announced a series of corporate proposals: a 1-for-2 bonus issue, a 1-for-2 share split, and the setting up of an employees' share option scheme (ESOS). LTKM expects to complete the series of corporate proposals by 2H15. LTKM is controlled by its managin director Datuk Tan Kok, who owns a 67.52% stake. (Financial Daily)

Taliworks announced that the Securities Commission has authorised the proposed issuance of the RM210m Sukuk Murabahah. The sukuk will be undertaken by Grand Sepadu (NK) Sdn Bhd, formerly known as Jejak Melewar Sdn Bhd. Taliworks said Grand Sepadu operates and maintains the concession of the New North Klang Straits Bypass Expressway. Grand Sepadu is a JV which Taliworks has a 75% indirect equity interest.

The proceeds from the issuance will be used to facilitate the roll-over of the short-term syndicated bridging loan facility of up to RM200m undertaken by Grand Sepadu into the Sukuk Murabahah and for working capital purposes. (Bernama)

Daybreak│Malaysia

April 8, 2015

8

Shell Malaysia has started construction of the largest upstream oil & gas laboratory in Sarawak for deepwater exploration and production activities. It will be operational by end-2016. Sarawak Shell general manager Chok Chee Tsong said the new building showcases the company's commitment in continuing to invest in the oil & gas industry in Sarawak and in Malaysia. (Bernama)

Prokhas Sdn Bhd, the in-house restructuring outfit of the Finance Ministry (MoF), has been tasked to help sister company 1Malaysia Development Bhd (1MDB) deal with cash-flow problems tied to its debt obligations.

It is learnt that Prokhas was roped in to assist 1MDB, which needs about RM5bil this year to meet its debt obligations. “Prokhas has come into the picture, which is why CIMB Investment Bank Bhd that was appointed two weeks ago to look into the sale of 1MDB’s energy assets has been out of the job,” said a source.

The amount due this year is largely to cover the payment of a US$975m term loan taken by 1MDB Energy Holdings Ltd that falls due on Aug 31 this year. At the current exchange rate of 3.64 to the US dollar, the maturing term loan is valued at RM3.55bn. (StarBiz)

The first property project on land alienated in relation to Penang’s massive highway and traffic mitigation venture will have a gross development value of RM800m. Ewein Bhd and Consortium Zenith BUCG Sdn Bhd will undertake the mixed development project on 3.67 acres in Bandar Tanjong Pinang, expected to start in the second half of this year.

Yesterday, the Penang Island City Council approved the building plans for the development on the parcel of land alienated to Ewein Zenith, a 60:40 joint venture between Ewein and Consortium Zenith.

The parcel forms part of the 110 acres of freehold land to be alienated by the Penang government to Consortium Zenith or its nominees as partial payment for construction works on the RM6.3bn mega project which includes a 6.5km undersea tunnel. Consortium Zenith is also allowed to collect toll for the undersea tunnel for 30 years. (StarBiz)

Mazda Malaysia has announced that the yet-to-launch locally assembled (CKD) Mazda 3 will be on display at Mid Valley Megamall from tomorrow until the end of the week (April 8-12). It will also be on display at Queensbay Mall, Penang (April 9-12), KSL City, Johor (April 10-12) and Setia City Mall, Selangor (April 15-19). Three CKD Mazda 3 variants will be available - GL Sedan (RM106,105), high-spec Sedan (RM121,105), and mid-spec Hactchback (RM121,105), all with 2.0 litre engines. These prices were revealed by Mazda 3S & Tribos Application Centre on Facebook, and are OTR with GST, before insurance. In comparison, the CBU 2.0 Sedan cost RM139k at launch, now reduced to RM135k post-GST. (Paul Tan)

Jaguar Malaysia has released new prices with GST, in a striking turn, all models are pricier by between RM1,000 and RM25,000, representing jumps of between 0.09% and 4.17%. (Paul Tan)

Singapore-listed healthcare services provider Health Management International Ltd (HMI) plans to sell the Mahkota Medical Centre in Malacca for about US$250m, Bloomberg reported Tuesday. HMI owns 48.95% of the 288-bed tertiary hospital, which is expected to be sold for US$250m, said Bloomberg quoting unnamed sources with knowledge of the matter. (StarBiz)

Daybreak│Malaysia

April 8, 2015

9

Japan-based Inpex Corp has discovered oil at the Bestari-1 exploration well in Deepwater Block R off Sabah. The block covers 672 sq km with a water depth ranging from 100 metres to 1,400 metres. Inpex has a 27.5% interest in the block. It undertakes exploration activities alongside JX Nippon Oil & Gas (27.5%), Petronas Carigali (25%) and Santos Sabah (20%). (Star)

Indonesia is likely to approve this week a proposal to impose palm oil export levies, while it is also considering extending a similar fee to shipments of rubber and coffee from the country, a government official and a media report said. Indonesia plans to levy US$50 on every tonne of crude palm oil (CPO) shipped at a zero export tax rate to fund the country's recently announced biodiesel subsidies.

According to the Jakarta Post, a US$30 levy will be added on processed palm oil product exports. When CPO prices drop below $750 a tonne on an average, Indonesia - the world's top producer of the tropical oil - cuts the monthly tax on its CPO exports to zero.

"Once the finance minister arrives on Wednesday this week," Chief Economic Minister Sofyan Djalil said late on Monday to a question on when the palm levy would become law."It's still waiting some ministers because the finance minister is out of town," he said. "Once the president signs it, it can be implemented directly." (Reuters)

Daybreak│Malaysia

April 8, 2015

10

BMSB: Changes in shareholdings

Type of No of Ave Price

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

EPF 2/4 Disposed 2,000,000 YTL CORPORATION

EPF 2/4 Disposed 1,803,800 KPJ HEALTHCARE

EPF 2/4 Disposed 1,797,000 YTL POWER INTERNATIONAL

EPF 2/4 Disposed 1,410,000 SUNWAY REIT

EPF 2/4 Disposed 1,257,600 IHH HEALTHCARE

EPF 2/4 Disposed 1,138,800 SIME DARBY

EPF 2/4 Disposed 1,040,400 MBM RESOURCES

EPF 2/4 Disposed 1,000,000 CAPITAMALLS MALAYSIA TRUST

EPF 2/4 Disposed 800,000 GAMUDA

EPF 1/4-2/4 Disposed 631,900 TELEKOM MALAYSIA

EPF 1/4-2/4 Disposed 570,700 PETRONAS CHEMICALS

EPF 2/4 Disposed 504,800 PUBLIC BANK

EPF 2/4 Disposed 500,000 POS MALAYSIA

EPF 2/4 Disposed 300,000 FELDA GLOBAL VENTURES

EPF 2/4 Disposed 267,300 MAH SING GROUP

EPF 2/4 Disposed 250,000 BERJAYA AUTO

EPF 2/4 Disposed 229,900 HARTALEGA HOLDINGS

EPF 2/4 Disposed 220,400 MALAYSIA AIRPORTS

EPF 2/4 Disposed 207,600 IJM CORPORATION

EPF 2/4 Disposed 193,100 DIALOG GROUP

EPF 2/4 Disposed 191,600 DIGI.COM

EPF 31/3-2/4 Disposed 176,100 KOSSAN RUBBER INDUSTRIES

EPF 2/4 Disposed 142,400 ORIENTAL HOLDINGS

EPF 2/4 Disposed 99,900 GENTING PLANTATIONS

EPF 2/4 Disposed 51,600 TIME DOTCOM

EPF 2/4 Disposed 35,000 SYARIKAT TAKAFUL MALAYSIA

EPF 2/4 Disposed 29,000 AMMB HOLDINGS

EPF 2/4 Disposed 18,000 SHELL REFINING

EPF 2/4 Disposed 7,100 KUALA LUMPUR KEPONG

Skim Amanah Saham Bumiputera 2/4 Disposed 2,942,200 MAXIS

Skim Amanah Saham Bumiputera 26/3 Disposed 1,000,000 SIME DARBY

Skim Amanah Saham Bumiputera 2/4 Disposed 400,800 KLCC PROPERTY

Skim Amanah Saham Bumiputera 2/4 Disposed 400,800 KLCC REIT

Skim Amanah Saham Bumiputera 3/4 Disposed 14,000 AMWAY (MALAYSIA) 

Permodalan Nasional Berhad 26/3 Disposed 1,000,000 SIME DARBY

HSC Healthcare Sdn Bhd 6/4 Disposed 620,000 SIGNATURE INTERNATIONAL

T. Rowe Price Associates, Inc 31/3 Disposed 176,200 ASTRO MALAYSIA HOLDINGS

EPF 2/4 Acquired 2,831,900 SAPURAKENCANA PETROLEUM

EPF 2/4 Acquired 2,732,400 IOI CORPORATION

EPF 1/4-2/4 Acquired 816,300 CIMB GROUP

EPF 2/4 Acquired 757,400 CAHYA MATA SARAWAK

EPF 2/4 Acquired 509,900 AFG

EPF 2/4 Acquired 387,700 PETRONAS GAS

EPF 2/4 Acquired 195,800 TAN CHONG MOTOR

EPF 2/4 Acquired 182,500 HONG LEONG BANK

EPF 2/4 Acquired 179,400 MAXIS

EPF 2/4 Acquired 27,200 BURSA MALAYSIA

EPF 2/4 Acquired 25,100 IOI PROPERTIES GROUP

EPF 2/4 Acquired 16,800 UMW HOLDINGS

EPF 2/4 Acquired 3,800 IGB REIT

Kumpulan Wang Persaraan 30/3-31/3 Acquired 4,000,000 TDM BERHAD

Kumpulan Wang Persaraan 31/3 Acquired 700,000 TUNE INS HOLDINGS

Kumpulan Wang Persaraan 30/3-31/3 Acquired 45,300 TIME DOTCOM

Lembaga Tabung Haji 31/3-3/4 Acquired 2,980,000 DAYANG ENTERPRISE

Lembaga Tabung Haji 2/4 Acquired 500,000 FELDA GLOBAL VENTURES

Vertical Capacity Sdn Bhd 2/4-6/4 Acquired 3,100,000 IOI PROPERTIES GROUP

Mitsubishi UFJ Financial Group, Inc 1/4 Acquired 7,600 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 1/4 Acquired 6,400 BAT SOURCES: BMSB

Daybreak│Malaysia

April 8, 2015

11

BMSB: ESOS & others

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

SUNWAY BERHAD 667,866  08-Apr-15 Exercise of Warrants-16 SOURCES: BMSB

BMSB: Off-market transactions

7-Apr-15 Vol

EDUSPEC-WA 50,000,000

SKPRES 20,700,000

XINGHE 20,427,000

BARAKAH 6,700,000

NICE 4,565,000

SUNWAY 2,500,000

EDEN 2,000,000

NIHSIN 1,790,000

NEXGRAM-WA 1,600,000

KAMDAR 1,000,000

YINSON 1,000,000

RAPID 632,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Entitlements & trading rights

8-Apr-15 Ann Date Entitlement Ex-date Entitlement

KAREX 26-Feb-15 Bonus issue 1:2 16-Apr-15 20-Apr-15 SOURCES: BMSB, TE: Tax Exempt

BMSB: Dividends

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

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

BMSB: Proposed cash calls & trading of rights…

8-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

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

Nestle 1Q Nestle 1Q briefing, 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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13

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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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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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.