REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 18 June 2013

▌What’s on the Table…

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IHH Healthcare - Turkish bittersweet treats As the Turkish unrest enters its third week, news reports are now focussing on the political implications of the Prime Minister’s crackdown on protestors. We see potential damage to the country’s image, but expect minimal adverse impact on IHH’s Acibadem unit. Our conversation with IHH’s management and channel checks revealed no immediate cause for concern yet. Its share price pullback since late-May was driven by market fears, rather than a reaction to the Istanbul civil unrest. We retain our EPS estimates, SOP target price and Outperform rating as we see a more robust ramp-up of group’s global operations going forward.

▌News of the Day…

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• Second. third MRT lines may cover Putrajaya, says CEO

• MAHB imposes penalties on UEMC-BP JV for delay on KLIA2 project

• CPO export tax remains unchanged for fifth month

• AirAsia plans hotel IPO to the tune of RM1bn

• EPF to expand its investment portfolio

• AirAsia plans hotel IPO to the tune of RM1bn

• United Malacca to dispose Niro Ceramic stake

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,500

1,550

1,600

1,650

1,700

1,750

1,800

Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13

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FBMKLCI

1772.17 9.98pts 0.57%JUN Futures JUL Futures

1769 - (0.54% ) 1773 - (1.00% )———————————————————————————

Gainers Losers Unchanged404 336 305

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Turnover2113.42m shares / RM1663.976m

3m avg volume traded 1304.43m shares

3m avg value traded RM1703.61m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,772 3,183 4,775 1,471 21,226 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,772.17 0.6 4.9

FBM100 12,071.79 0.5 6.8

FBMSC 14,712.99 0.3 28.2

FBMMES 4,734.56 (0.4) 12.3

Dow Jones 15,179.85 0.7 15.8

NASDAQ 3,452.13 0.8 14.3

FSSTI 3,183.44 0.7 0.5

FTSE-100 6,330.49 0.4 7.3

Hang Seng 21,225.90 1.2 (6.3)

JCI 4,774.50 0.3 10.6

KOSPI 1,883.10 (0.3) (5.7)

Nikkei 225 13,033.12 2.7 25.4

PCOMP 6,339.41 1.6 9.1

SET 1,471.04 0.4 5.7

Shanghai 2,156.22 (0.3) (5.0)

Taiwan 7,992.89 0.7 3.8

Close % chg Vol. (m)

LUSTER INDUSTRIES 0.240 20.0 449.2MALAYSIAN AIRLINE 0.305 1.7 85.9

ASIAN PAC HLDGS 0.165 10.0 71.4

DVM TECHNOLOGY 0.100 (4.8) 42.4

ETI TECH CORP 0.095 0.0 38.8

TANJUNG OFFSHORE 0.505 (16.5) 38.5

MEDIA SHOPPE 0.075 7.1 33.7

SYCAL VENTURES 0.390 (4.9) 26.4

Close % chg

US$/Euro 1.3360 (0.05)RM/US$ (Spot) 3.1325 (0.04)

RM/US$ (12-mth NDF) 3.1997 0.71

OPR (% ) 2.96 (1.33)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,385 (0.03)

WTI crude oil US spot (US$/barrel) 97.77 (0.08)

CPO spot price (RM/tonne) 2,400 (0.17)

Economic Statistics

Market Indices

Top Actives

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Terence WONG CFA T (60) 3 20849689 E terence.wong@cimb.com

Daybreak Malaysia

June 18, 2013

2

Global Economic News…

The US NAHB housing market index rose to 52 in Jun from 44 in May, beating consensus of 45 as home prices rise sharply. This gain is the largest since the 2002 recovery, with the index level above 50 for the first time since the 2006 boom years. (Bloomberg)

The eurozone trade balance declined in Apr to €14.9bn in Apr from €22.5bn in Mar due to a fall in exports for the first time in four months. Economists predicted a trade surplus of €21.2bn in Apr. (IBTimes)

Eurozone hourly labour costs increased 1.6% yoy in 1Q13, compared with 1.3% for 4Q12. (IBTimes)

Japan’s tertiary industry index remained unchanged on a mom basis, with the index standing at a seasonally adjusted 99.7 in Apr, missing forecasts for a gain of 0.2% following the upwardly revised decline of 0.9% in Mar. (RTT News)

India's central bank kept its benchmark interest rates unchanged at 7.25% after three successive cuts this year, due to inflationary concerns, weak global factors and a depreciating local currency. The cash reserve ratio was also held at 4%. (AFP)

India’s exports fell 1.1% yoy in May (+1.7% in Apr), while imports rose 7% (11% in Apr). (Bloomberg)

South Korea’s producer prices declined 2.6% yoy in May (-2.8% in Apr). (Bloomberg)

Indonesia's parliament paved the way for a jump in gasoline and diesel prices after a 12-hour, often noisy session, parliament voted 65% in favour of a revised budget for the year. (Reuters)

Indonesia’s consumer confidence index declined to 111.7 in May from 113.7 in Apr. (Bloomberg)

Investment applications submitted to Thailand’s Board of Investment (BoI) are estimated at THB700bn in the first half of this year, prompting the investment promotion agency to believe the full-year target of at least THB1tr will be achieved. (Bangkok Post)

Though the Thai government's controversial rice-pledging scheme has incurred higher losses than initially projected, it will continue with marginally lower prices - from THB15,000 per tonne to between THB13,500 and THB12,000 for future crops. (The Nation)

New private home sales in Singapore saw a slight rebound in May compared to Apr. The number of units, excluding executive condominiums, climbed 5.4% mom to 1,455 units in May. (CNA)

Daybreak Malaysia

June 18, 2013

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Singapore's non-oil domestic exports were down 4.6 yoy% in May (-1% in Apr). Electronic exports fell 13.2% yoy (-9% in Apr). (Bloomberg, CNA)

The Bangko Sentral ng Pilipinas (BSP) reported that personal remittances rose 7% yoy in Apr. This brought the year-to-date total to US$7.7bn, higher by 6.4% yoy. (Daily Inquirer)

Sri Lanka’s GDP growth slipped to 6% yoy in 1Q13 from 6.3% the previous quarter. (Bloomberg)

Malaysian Economic News…

The minimum rate of the monthly general aid (BA) for poor individuals or families in Sarawak will be raised to RM150 from RM60 effective 1 Aug. State Welfare, Women and Family Development Minister, Datuk Fatimah Abdullah said that the State Cabinet which approved the increase recently, also raised the base monthly income of those qualifying for the aid to RM830 from RM425 previously.

The government would be spending RM23.7m for the aid from the current RM12m with the decision to raise it.

Until May this year, 10,469 people have been registered as recipients of the monthly BA aid, she added. (Bernama)

The performance of the Sabah Development Corridor (SDC), now in its second phase (2011-2015), has been encouraging, with 11 high-impact projects with an approved state government investment of RM1.7bn being implemented, said head of state Tun Juhar Mahiruddin. Total investments for SDC projects at end-2012 stood at RM14.5bn, and SDC will step up efforts to expand value-added activities through collaborations with global firms and local small and medium enterprises, he said.

The state's manufacturing sector targets investments worth RM5.44bn for infrastructure projects, with a focus on industry clusters such as the Palm Oil Industry Cluster (POIC) in Lahad Datu and Sandakan, the Sipitang Oil and Gas Industrial Park (SOGIP) and the Kota Kinabalu Industrial Park (KKIP), he said.

Of the total, RM5.44bn is expected to go to SOGIP, RM1bn to KKIP, RM415m to POIC Lahad Datu, RM328m to POIC Sandakan and RM1.2bn to manufacturing.

Sabah's poverty rate declined to 8.1% in 2012 from 19.7% in 2009, he added. (Bernama)

The second and third lines of the Mass Rapid Transit (MRT) system are expected to serve Putrajaya, MRT Corporation Sdn Bhd CEO Datuk Azhar Abdul Hamid said. The Land Public Transport Commission was preparing a working paper with regard to the new lines which would be presented to the government for approval, he said.

"We are expecting good news (approval from the government) by year-end," he said.

He also said the second line may ply between Sungai Buloh and Putrajaya but however nothing has been finalised.

The first line of the MRT project is expected to be completed in July 2017. (Bernama)

Daybreak Malaysia

June 18, 2013

4

The electrical and electronics (E&E) sector attracted investments of RM3.2bn in 1Q13 and will remain a major contributor to the country's GDP, said Malaysian Investment Development Authority (Mida) Chairman Tan Sri Amirsham A.Aziz. He said the sector rebounded with a high-level of investments with 20 projects approved during the quarter and was expected to provide employment and increased opportunities to local companies. (Bernama)

Malaysia's halal industry has room to grow further with various programmes organised by the government to boost trade for the industry. Malaysia External Trade Development Corp (Matrade) CEO Datuk Dr Wong Lai Sum said the halal industry could take business opportunities from the global Muslim population of about 1.66bn, which is growing. Malaysia contributes 1.25% to the global halal trade of US$2.3tr. (Bernama)

Malaysia has the challenging target of ensuring that one out of every two (or 50%) workers is highly skilled by 2020. Currently, only 28% of the 12m workforce meets that requirement according to Deputy Human Resource Minister Datuk Ismail Abdul Mutalib. To achieve the goal, he said the Human Resource Ministry would cooperate actively with the Education Ministry and the private sector to educate workers and equip them with the necessary skills. (Malaysian Insider)

The Employees Provident Fund (EPF) has warned of the possibility of a lower dividend - the inflation rate plus 2% - this year, as it grapples with lower returns from government bonds which made up 55.2% of total investments in 2012. Its CEO, Datuk Shahril Ridza Ridzuan, is, however, confident that it will be able to meet its inflation plus 2% dividend rate target "as long inflation is under control". The EPF announced a record dividend of 6.15%, or inflation plus 3.5% for 2012, earlier this year. (The Sun)

Political News…

Dr Mahathir Mohamad has backed urgings for the posts of president and deputy president to remain uncontested during the party polls to be held later this year. This would also enable Najib Abdul Razak and Muhyiddin Yassin to continue as prime minister and deputy prime minister respectively. Utusan Malaysia quoted Mahathir as saying that, even though both the posts should be contested in the spirit of democracy, Malaysians "do not understand" the functionality of democracy. "If someone loses, they will withdraw and form another party and later divide Umno. I agree with competition but if there is competition, Umno will be split into two," he reportedly said after launching a book in Putrajaya today. "Malaysia already has three Malay parties. There will be four if Umno is divided and over time there will be more. That is why I don't support a contest. Other posts in the party can be contested, but the top two posts, no need to contest." (Malaysiakini)

Corporate News…

The EPF is considering expanding its investment portfolio and increasing its investment assets in the new sectors this year. CEO Datuk Shahril Ridza Ridzuan, said the new sectors are healthcare and industrial, among others. Currently, EPF's main contributors were fixed income (Bursa Malaysia and government bonds), which accounted for 65% and 35% from equities and others, he said. "We are looking at the sectors that are actually robust this time and not so dependent on economic cycles as we want to maintain our record in bringing stable returns to our depositors. "Our target has always been to provide the real return, which is inflation plus two per cent." (Bernama)

Daybreak Malaysia

June 18, 2013

5

The EPF is looking to invest in some 40 mid-cap companies to continue providing good returns to its six million active contributors. EPF CEO Datuk Shahril Ridza Ridzuan said there are some 200 mid-cap companies on Bursa Malaysia. "We are already investing in a lot of middle-sized companies and we will definitely support companies that fulfil our investment criteria, which are having ample liquidity in the stock market, can generate cash flow and dividends and having good corporate governance. (BT)

The second and third lines of the Mass Rapid Transit (MRT) system is expected to serve Putrajaya, MRT Corporation Sdn Bhd CEO Datuk Azhar Abdul Hamid said. He said the Land Public Transport Commission was preparing a working paper with regard to the new lines which would be presented to the government for approval. "We are expecting good news (approval from the government) by year-end," he told reporters after visiting MRT's centralised labour quarters (CLQ).

Azhar said the working paper by the commission would cover the second and third lines of the MRT but the execution would depend on the government if it wants to implement both lines simultaneously or one after the other. He also said the second line may ply between Sungai Buloh and Putrajaya but however nothing has been finalised. (Bernama)

Malaysia left the tax on crude palm oil exports unchanged for a fifth month in July as the world's second-largest producer seeks to boost shipments and further trim inventories to help stem a drop in prices. Shipments will be taxed at 4.5% next month as the reference price was set at RM2,382 a tonne, within the minimum band for a levy to be applied. (StarBiz)

Tune Hotels is eyeing a listing on Bursa Malaysia in 2015. CEO Mark Lankester said the company aimed to have 100 hotels by 2016, with revenue expected to breach the US$100m mark. "In Melbourne, we plan to have about 3-4 hotels, and the next city in Australia that we are eyeing is Sydney. The other immediate country that we will be focusing on is Japan." In Malaysia, Lankester said Tune Hotels planned to eventually have about 30 hotels from the current 11. (StarBiz)

Felda Global Ventures Holdings Bhd (FGV) plans to tap its RM6.2bn cash pile to expand abroad as Malaysia runs short of available land. FGV would take advantage of lower prices to buy more land in neighbouring Indonesia this year, start rubber processing in Myanmar and form a port storage joint venture in West Africa, chief executive officer Tan Sri Sabri Ahmad said. "Prices of plantations are more reasonable now," he added. (Bloomberg)

Sarawak Oil Palms expects to harvest 1m tonnes of fresh fruit bunches, 15% more than last year's 883,000 tonnes. As of March 2013, about 24% of its planted area is of prime fruit bearing ages. "As more young trees mature, we expect very good harvest prospects. By the end of this year, about 30% of our total planted area will be of matured ages and bearing more fruit bunches," its chief financial controller Eric Kiu said. (BT)

Khazanah will be included in the Auditor-General's Report this year. "The performance audit report on Khazanah will be one of the topics to be included in the A-G's report his year, Auditor-general Tan Sri Ambrin Buang said. (Starbiz)

Malaysia Airports (MAHB) has invoked a legal clause to collect nearly RM200,000 per day from the contractors of the severely overdue KLIA2 for

Daybreak Malaysia

June 18, 2013

6

each day that it remains incomplete. MAHB said it will charge contractors, UEMC-Bina Puri JV, the liquidated ascertained damages (LAD) beginning June 16. The completion for KLIA2 has been extended indefinitely for the fifth time after it became clear that it would not meet the operational date of June 28. (Malaysian Reserve)

The last vestiges of the national car project will disappear as soon as Putrajaya replaces its fleet of ageing Proton Perdana V6 limousines with 2.4-litre Honda Accords, while the Pahang government has opted for the 2-litre Volkwagen Passats. Both models are now assembled by Proton Bhd's main shareholder DRB-Hicom Bhd in Pekan whose member of parliament is prime minister Datuk Seri Najib Razak. The company that produces Proton is owned by Tan Sri Syed Mokhtar Al Bukhary. The new cars are for cabinet ministers, deputy ministers and state executive councilors. The total cost of the purchase has yet to be determined. (Malaysia Insider)

Land Rover (Malaysia) Sdn Bhd, a member of the Sime Darby Group, is positive on the possibility of reviving local assembly operations for several models here, including some top-range models to cater to the Asean market. MD Syed Mudzhar Syed Ali said that the company was confident of the capability of its existing plants as well as expertise for the assembly.

In fact, he said, the company had already assembled three models before, although operations were later aborted. “We did this a long time ago, but the operations have stopped. We had the Defender assembled by Inokom in Kulim, and the Discovery and Freelander in Shah Alam,” he added. Besides the three models, Mudzhar said the company was also looking forward to assembling the Range Rover Evoque. (Starbiz)

TeliaSonera has appointed Vodacom International CEO Johan Dennelind as its new CEO and president. He will start work from 01 September and be available to the company from 01 July. He was named CEO of Malaysian operator Maxis last year, but later said he would not take up the position in order to be closer to his family in Sweden. (Telecompaper)

Only 10% of the blue forms for the retail portion (meant for eligible air passengers) for AirAsia X Bhd's IPO have been taken up, said a banker. The other two retail portions cover the public and bumiputras. This development provides "a second chance" for those who want to own the shares but are unable to due to the overwhelming response for the public and bumiputera portions. The blue forms for some 50m shares are meant for those who have flown with the airline over the past 24 months. (Financial Daily)

Malaysia Airlines (MAS) has appointed Mohd Shahazwan Mohd Harris its non-independent and non-executive director. “Shahazwan is an executive director in the investments division of Khazanah Nasional, overseeing the aviation sector. (Starbiz)

United Malacca Bhd (UMB) is looking to dispose of its 25.05% stake or 11m shares in Niro Ceramic (M) Sdn Bhd for RM36.31m or RM3.30 per share cash. The proposed disposal is expected to bring in a gain on disposal of RM7.91m. The group expects to complete the disposal within two months. (BT)

Hua Yang, via unit Prop Park Sdn Bhd, has acquired about 1.51ha of prime land in Seri Kembangan for a total cash consideration of RM56.91m. The group said in a statement that the land has been earmarked for residential apartments

Daybreak Malaysia

June 18, 2013

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and retail shops, with an estimated total gross development value (GDV) of RM285m. CEO Ho Wen Yan said: “The proposed acquisition is in line with our group’s objective to expand our existing land bank of 292.59ha that is worth RM3.9bn in GDV.” (StarBiz)

ING Group's insurance operation in Malaysia will now be known as AIA Bhd, following its acquisition by life insurer AIA Group Ltd last December. Starting yesterday, ING's local insurance businesses will operate under a single licence and brand, and be known as AIA Bhd. The "ING" insurance brand will exit the market. AIA Bhd chief executive officer Bill Lisle said the large-scale and complex integration was achieved on schedule due to the dedication, efficiency and hard work of the team over the last six months. (Btimes)

Fitters Diversified expects its 20% growth in net profit in the last two years to continue in 2013 as its core businesses are anticipated to rake in good returns. Fitters has three core businesses that include fire services, property development and construction and renewable energy. (Malaysian Reserve)

Southern Acids (M)'s unit, PT Wanasari Nusantara, will construct a palm oil mill on a piece of land at its oil palm estate in the province of Riau, Sumatra, for RM35m. In a filing with Bursa Malaysia, it said the project would have a processing capacity of 45 tonnes per hour and upgradeable to 60 tonnes per hour. (Bernama)

Konsortium Logistik Bhd (KLB), an integrated logistics service provider, is eyeing up to 10% revenue contribution from its energy and infrastructure division over the next two years, says chairman Datuk Abdul Rahman Ahmad. The division, formerly known as the oil and gas division, contributed RM3 or 1% of the group’s revenue in 2012.

“We plan to expand this division as oil and gas is the key market with abundant ongoing activities in the country for the next three to five years. We are also trying to look at building upstream logistics capability in the oil and gas industry. Later, it would be easier for KLB to move downstream as well,” he said after the company’s AGM. (Starbiz)

Sarawak Cable Bhd (SCB) will commence construction of a mini-hydro power plant in north Sumatra in two months. Group MD and CEO Toh Chee Ching (pic) said the project's site survey has been completed and in progress now was the detailed engineering design of the proposed 10MW plant. “It will cost about RM80m and take 18 months to build,” he said.

SCB has a 65% equity interest in PT Inpola Mitra Elektrindo (IME), which has been awarded a power purchase agreement by PT Perusahaan Listrik Negara Persero (PLN) to design, finance and construct a mini-hydro power plant in north Sumatra. (Starbiz)

Daybreak Malaysia

June 18, 2013

8

BMSB: Changes in shareholdings

Type of No of Ave Price

17-Jun-13 Date transaction securities Company (RM)

EPF 12/6 Disposed 1,345,400 BUMI ARMADA

EPF 12/6 Disposed 1,104,200 DIGI.COM

EPF 12/6 Disposed 1,023,100 PAVILION REIT

EPF 12/6 Disposed 784,500 MAH SING GROUP

EPF 12/6 Disposed 756,200 DRB-HICOM

EPF 12/6 Disposed 634,900 IGB CORPORATION

EPF 12/6 Disposed 359,200 MALAYSIA AIRPORTS

EPF 12/6 Disposed 352,100 PERISAI PETROLEUM 

EPF 12/6 Disposed 279,300 SIME DARBY

EPF 12/6 Disposed 262,900 TELEKOM MALAYSIA

EPF 11/6-12/6 Disposed 236,300 MBM RESOURCES

EPF 12/6 Disposed 227,700 MAXIS

EPF 7/6 Disposed 100,000 JT INTERNATIONAL

Permodalan Nasional Berhad 12/6 Disposed 1,266,000 MALAYAN BANKING

Permodalan Nasional Berhad 13/6 Disposed 365,400 CHEMICAL COMPANY OF MALAYSIA

Skim Amanah Saham Bumiputera 12/6 Disposed 13,457,200 DUTCH LADY MILK

Skim Amanah Saham Bumiputera 12/6 Disposed 7,500,000 MALAYAN BANKING

Skim Amanah Saham Bumiputera 11/6 Disposed 348,400 BIMB HOLDINGS

Skim Amanah Saham Bumiputera 13/6 Disposed 365,400 CHEMICAL COMPANY OF MALAYSIA

Prudential Plc 10/6-11/6 Disposed 210,200 AMMB HOLDINGS

Temasek Holdings (Private) Limited 10/6-13/6 Disposed 570,000 EFFICIENT E-SOLUTIONS

Oversea-Chinese Banking Corporation 12/6 Disposed 481,600 CYPARK RESOURCES 

Mitsubishi UFJ Financial Group, Inc 11/6 Disposed 138,500 SP SETIA

Mitsubishi UFJ Financial Group, Inc 11/6 Disposed 24,500 BRITISH AMERICAN TOBACCO

Mitsubishi UFJ Financial Group, Inc 11/6 Disposed 17,100 CIMB GROUP

EPF 11/6-12/6 Acquired 7,274,300 AXIATA GROUP

EPF 12/6 Acquired 4,000,000 AIRASIA

EPF 12/6 Acquired 3,066,500 AMMB HOLDINGS

EPF 12/6 Acquired 2,843,300 YTL CORPORATION

EPF 12/6 Acquired 1,826,900 IHH HEALTHCARE

EPF 12/6 Acquired 1,598,100 DIALOG GROUP

EPF 12/6 Acquired 1,542,000 LAFARGE MALAYSIA

EPF 12/6 Acquired 1,162,400 IJM CORPORATION

EPF 12/6 Acquired 1,016,900 IJM LAND

EPF 12/6 Acquired 1,000,000 WCT

EPF 12/6 Acquired 989,300 PUBLIC BANK

EPF 12/6 Acquired 876,900 IOI CORPORATION

EPF 12/6 Acquired 699,800 FELDA GLOBAL VENTURES

EPF 12/6 Acquired 666,200 UOA DEVELOPMENT

EPF 12/6 Acquired 535,100 SAPURAKENCANA PETROLEUM

EPF 12/6 Acquired 432,900 POS MALAYSIA

EPF 12/6 Acquired 399,400 BIMB HOLDINGS

EPF 12/6 Acquired 333,000 IJM PLANTATIONS

EPF 12/6 Acquired 311,200 HONG LEONG BANK

EPF 11/6-12/6 Acquired 250,600 MALAYAN BANKING

EPF 12/6 Acquired 223,000 TAN CHONG MOTOR 

EPF 12/6 Acquired 200,000 KUALA LUMPUR KEPONG

EPF 12/6 Acquired 160,200 PETRONAS GAS

EPF 12/6 Acquired 36,600 HOCK SENG LEE

EPF 12/6 Acquired 15,200 BRITISH AMERICAN TOBACCO

Skim Amanah Saham Bumiputera 11/6-13/6 Acquired 7,721,200 SIME DARBY

Skim Amanah Saham Bumiputera 11/6-12/6 Acquired 5,000,000 AXIATA GROUP

Skim Amanah Saham Bumiputera 11/6-12/6 Acquired 4,000,000 MAXIS

Skim Amanah Saham Bumiputera 11/6-12/6 Acquired 2,085,400 TELEKOM MALAYSIA

Skim Amanah Saham Bumiputera 27/5 Acquired 45,900 FRASER & NEAVE HOLDINGS

Permodalan Nasional Berhad 11/6-13/6 Acquired 5,171,200 SIME DARBY

Lembaga Tabung Haji 23/5-11/6 Acquired 1,540,200 PETRA ENERGY

Govt of Singapore Investment Corp 13/6 Acquired 5,870 IJM LAND

Aberdeen Asset Management PLC  11/6 Acquired 172,000 SP SETIA SOURCES: BMSB

Daybreak Malaysia

June 18, 2013

9

BMSB: Changes in shareholdings

Type of No. of Ave Price

17-Jun-13 Date transaction securities Company (RM)

Mitsubishi UFJ Financial Group, Inc 11/6 Acquired 49,200 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 11/6 Acquired 45,300 BURSA MALAYSIA

Mitsubishi UFJ Financial Group, Inc 11/6 Acquired 42,300 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 11/6 Acquired 34,000 UNITED PLANTATIONS

Mitsubishi UFJ Financial Group, Inc 11/6 Acquired 8,200 TASEK CORPORATION

YTL POWER INTERNATIONAL 17/6 Shares Buy Back 5,876,900 YTL POWER INTERNATIONAL 1.52

TROPICANA CORPORATION  17/6 Shares Buy Back 803,000 TROPICANA CORPORATION  1.87

HAP SENG CONSOLIDATED 17/6 Shares Buy Back 260,000 HAP SENG CONSOLIDATED 1.94

MY E.G. SERVICES 17/6 Shares Buy Back 100,000 MY E.G. SERVICES 1.50

MUDAJAYA GROUP 17/6 Shares Buy Back 63,300 MUDAJAYA GROUP 2.59

IGB CORPORATION 17/6 Shares Buy Back 56,600 IGB CORPORATION 2.40

WAH SEONG CORPORATION 17/6 Shares Buy Back 50,000 WAH SEONG CORPORATION 1.89

DAIBOCHI PLASTIC AND PACKAGING 17/6 Shares Buy Back 15,100 DAIBOCHI PLASTIC AND PACKAGING3.58 SOURCES: BMSB

Daybreak Malaysia

June 18, 2013

10

BMSB: ESOS & others

18-Jun-13 No Of New Shares Date of Listing Nature of transaction

IJM LAND 665,961 19-Jun-13 Exercise of Warrants-13

SUNWAY 4,072 19-Jun-13 Exercise of Warrants-16 SOURCES: BMSB

BMSB: Off-market transactions

17-Jun-13 Vol

KAMDAR 10,000,000

MAYBANK 8,000,000

SUNWAY 5,794,614

SEG 5,500,000

BAHVEST 1,800,000

BORNOIL 1,000,000

BOILERM 705,000

BJCORP-CM 700,000

PATIMAS 500,000

MAGNI 500,000

GENTING 480,000 Notes:CN-Crossing deal on board lots

MN-Married deal on board lots MO-Married deal on odd lots

SOURCES: BMSB

Daybreak Malaysia

June 18, 2013

11

BMSB: Dividends

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

Mudajaya Final dividend - single tier 2.50 21-May-13 24-Jun-13 26-Jun-13 16-Jul-13

Bumi Armada Final dividend - single tier 3.00 21-May-13 25-Jun-13 27-Jun-13 16-Jul-13

& 0.14 sen less 25% income tax 0.14

Genting Bhd Final dividend - less 25% tax 4.50 6-May-13 26-Jun-13 28-Jun-13 25-Jul-13

Genting Plantations Final dividend 5.50 29-May-13 26-Jun-13 28-Jun-13 17-Jul-13

KPJ Healthcare Interim dividend - single tier 2.00 22-May-13 26-Jun-13 28-Jun-13 19-Jul-13

Felda Global Ventures  Final dividend - single-tier  8.50 7-Jun-13 27-Jun-13 1-Jul-13 12-Jul-13

Top Glove First interim dividend - single-tier  7.00 13-Jun-13 27-Jun-13 1-Jul-13 18-Jul-13

Genting Malaysia Final dividend 5.00 30-May-13 26-Jun-13 28-Jun-13 25-Jul-13

Kossan Rubber Industries Final dividend - tax exempt 7.00 18-Apr-13 28-Jun-13 2-Jul-13 16-Jul-13

UEM Land 1st & final dividend - single tier 3.00 28-May-13 28-Jun-13 2-Jul-13 31-Jul-13

Puncak Niaga Final dividend - single tier 5.00 3-Jun-13 11-Jul-13 15-Jul-13 6-Aug-13

Kuala Lumpur Kepong Interim dividend - single tier 15.00 22-May-13 19-Jul-13 23-Jul-13 14-Aug-13

Kimlun Corporation Final dividend - single tier 4.80 23-May-13 25-Jul-13 29-Jul-13 28-Aug-13

Muhibbah Engineering First and final dividend 5.00 5-Jun-13 16-Aug-13 20-Aug-13 29-Aug-13

- less 25% income tax 

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

SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

MPHB Capital Berhad 1.00 - 715,000,000 - Main Market 28-Jun-13

AirAsia X 1.45 592,592,600 197,530,900 538,011,800 Main Market 10-Jul-13

No of shares

SOURCES: BMSB

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Corporate Actions

June 2013

SUN MON TUE WED THU FRI SAT

1

The Yang di-Pertuan Agong's Birthday

2 3 4 5 6 7 8

External Reserves, External Trade

9 10 11 12 13 14 15

Star briefing IPI, Manufacturing Sales

Astro 1Q Top Glove 3Q & conference call

16 17 18 19 20 21 22

CIMB Annual Asia Pacific Conference, CPI

CIMB Annual Asia Pacific Conference

External Reserves

23 24 25 26 27 28 29

SP Setia 2Q & briefing

Money Supply, PPI

30

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

July 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Trade External Reserves

7 8 9 10 11 12 13

MPC, IPI, Manufacturing Sales

14 15 16 17 18 19 20

CPI

21 22 23 24 25 26 27

External Reserves

28 29 30 31

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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14

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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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sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates.

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Recommendation Framework #1 *

Stock Sector OUTPERFORM: The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is 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 benchmark's total return.

NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected 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 benchmark's total return by 5% or more over the next 12 months.

UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is 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 benchmark's total return by 5% or more over the next 3 months.

TRADING BUY: The industry, as defined by the analyst's coverage universe, is 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 benchmark's total return by 5% or more over the next 3 months.

TRADING SELL: The industry, as defined by the analyst's coverage universe, is 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.

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