REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 10 March 2015

▌What’s on the Table…

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Berjaya Auto - Explosive acceleration sustained

At 75% of our full-year forecast and 72% of consensus, Berjaya Auto’s 3QFY4/15 core net earnings were in line with our expectation but slightly below consensus. A third interim dividend of 3.35 sen per share was declared, as expected. We make no changes to our EPS forecasts and our target price, still valuing the company at 14.0x CY16 P/E, a 10% premium over its peers’ average P/E in view of its higher growth trajectory. We reiterate our Add call on the stock, which remains as our top pick for the sector. Successful launch of its upcoming new models and continuous growth in its sales volume are potential re-rating catalysts.

Affin Holdings - Morphing

During today’s briefing, management guided for a challenging operating environment in 2015. Strategically, it will be focusing on sustaining profit growth for the commercial banking business but it will be more aggressive in pushing for the expansion of its investment banking (IB) unit, with its larger scale after acquiring Hwang DBS Investment Bank last year. We are lowering our DDM-based target price (COE of 13%; LT growth of 4%) as we cut our assumed growth rate from 5.5% to 5% for the interim phase given the weaker outlook following the slowdown in Jan 15 loan growth. We still rate Affin as a Reduce, premised on the potential de-rating catalysts of (1) margin contraction, and (2) an expected upturn in credit costs. We prefer RHBCap.

WCT Holdings - Breakthrough in the Gulf

WCT's 70:30 JV has won a RM1.2bn contract in Qatar. The RM840m share of works bumps up its order book by 27% to RM3.9bn and is within our RM2bn new job assumption for FY15. We are thrilled that this long-awaited project has finally come through but we remain cautious about the group's property development earnings, which may see more downside. We retain our EPS forecasts, which are already ahead of consensus as we had imputed a recovery in construction. Our target price remains pegged to a 40% RNAV discount. This award should mitigate margin risks arising from the property development side. Maintain Hold as domestic awards for WCT are likely in 2H15. Muhibbah Engineering remains our small/mid-cap pick.

Economic Update - Feb reserves relatively stable

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • WCT JV secured RM1.2bn Qatar construction job

• Benalec Holdings to reap RM44.7m from the sale of reclaimed land in Melaka

• Water deal between Federal and Selangor governments will not be extended

• EITA & Shanghai STEP JV to undertake elevator systems outside China

• Brahim's Holdings in negotiations to acquire a local F&B company • Japan’s GDP expanded 0.4% qoq in 4Q14 (-0.7% qoq saar in 3Q14)

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15

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FBMKLCI

1791.74 -15.22pts -0.84%Mar Futures Apr Futures

1784 - (-0.89% ) 1780 - (0.99% )———————————————————————————

Gainers Losers Unchanged274 543 292

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Turnover2136.88m shares / RM1868.01m

3m avg volume traded 1835.91m shares

3m avg value traded RM1985.04m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,792 3,405 5,445 1,560 24,123 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,791.74 (0.8) 1.7

FBM100 12,033.96 (0.7) 1.9

FBMSC 16,319.35 (0.9) 8.5

FBMMES 6,804.45 1.6 20.4

Dow Jones 17,995.72 0.8 1.0

NASDAQ 4,942.44 0.3 4.4

FSSTI 3,404.57 (0.4) 1.2

FTSE-100 6,876.47 (0.5) 4.7

SENSEX 28,844.78 (2.1) 4.9

Hang Seng 24,123.05 (0.2) 2.2

JCI 5,444.63 (1.3) 4.2

KOSPI 1,992.82 (1.0) 4.0

Nikkei 225 18,790.55 (1.0) 7.7

PCOMP 7,820.29 (0.5) 8.2

SET 1,559.71 (0.5) 4.1

Shanghai 3,302.41 1.9 2.1

Taiwan 9,562.98 (0.9) 2.7————————————————————————————————

Close % chg Vol. (m)

PRIVASIA 0.260 15.6 139.9

ASIA BIOENERGY 0.110 (4.3) 123.3

WINTONI GROUP 0.295 15.7 113.8

NEXGRAM 0.110 4.8 91.3

ETI TECH CORP 0.105 10.5 83.0

FLONIC HI-TEC 0.065 18.2 67.8

PUC FOUNDER 0.170 6.3 46.5

SAPURAKENCANA 2.310 (4.1) 45.4————————————————————————————————

Close % chg

US$/Euro 1.0848 (0.04)

RM/US$ (Spot) 3.6780 (0.04)

RM/US$ (12-mth NDF) 3.7932 (0.23)

OPR (% ) 3.24 (0.31)

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,167.36 0.02

WTI crude oil US spot (US$/barrel) 50.00 0.79

CPO spot price (RM/tonne) 2,291.00 0.04

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

March 10, 2015

2

Global Economic News

Abdalla Salem el-Badri, the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) said that the cartel's decision to keep pumping crude in the face of collapsing prices was hurting the US shale-oil industry and that a global pullback on investment could lead to a shortage that will push the market upward again.

“Projects are being canceled. Investments are being revised. Costs are being squeezed," he said. "If we don't have more supply, there will be a shortage and the price will rise again." (WSJ)

The US Federal Reserve's labor-market conditions index slowed to 4.0 in Feb (4.8 in Jan). (Bloomberg)

US Federal Reserve Bank of Cleveland President Loretta Mester reiterated her belief the Fed is on track for rate hikes in the near future.

"If incoming economic information continues to support my forecast, I would be comfortable with liftoff in the first half of this year," she said.

She noted that when it comes to raising rates off of their current near zero levels, the Fed is not on any sort of pre-ordained path."Both liftoff and the path of policy thereafter will be based on incoming information to the extent that it affects the economic outlook and progress toward our goals of maximum employment and price stability”. (WSJ)

The US Federal Reserve Bank of New York’s consumers' expectation of future inflation edged down to +2.8% yoy in Feb (+2.9% yoy in Jan). (WSJ)

The US federal deficit will rise to US$486bn for the current fiscal year (deficit of US$468bn from Jan projection), said the Congressional Budget Office (CBO).

It attributed the increase to higher projected spending on Medicare, Medicaid and student loans.

However, it sees the deficit falling to US$455bn in the two years that follow. It also forecasts that the deficit over the 10-year period ending in 2025 will be US$431bn less than previously estimated. (WSJ)

Eurozone Sentix investor confidence improved to 18.6 in Mar (12.4 in Feb). (WSJ)

Bank of Japan (BOJ) Deputy Gov. Hiroshi Nakaso said that the central bank won't take fresh action in a direct response to sliding energy prices, adding that cheaper oil will eventually have a stimulative effect on the economy and prices.

"If falling oil prices lower inflation, but inflation expectations remain unaffected and inflation keeps heading toward 2% as a trend, there is no need to respond through monetary policy," he said. (WSJ)

Daybreak│Malaysia

March 10, 2015

3

Japan’s gross domestic product (GDP) expanded 0.4% qoq in 4Q14 (+0.6% qoq from preliminary estimate; -0.7% qoq saar in 3Q14) and rose 1.5% qoq saar in 4Q14 (+2.2% qoq saar from preliminary estimate; -2.6% qoq saar in 3Q14). (WSJ, Bloomberg)

Japan’s current account balance stood at a surplus of ¥61.4bn in Jan (¥187.2bn in Dec). Trade balance recorded a deficit of ¥864.2bn in Jan (deficit of ¥395.6bn in Dec). (Nikkei)

Japan’s current index of the Economy Watchers' survey rose to 50.1 in Feb (45.6 in Jan). The outlook index also strengthened to 53.2 in Feb (50.0 in Jan). (RTT)

Australia’s ANZ job advertisements series recorded a 0.9% mom increase in Feb (+1.2% mom in Jan). (ABC)

Taiwan’s headline inflation fell 0.19% yoy in Feb (-0.94% yoy in Jan). Meanwhile, the wholesale price index (WPI) fell 8.49% yoy in Feb (-7.76% in Jan). (WSJ)

Taiwan’s exports fell 6.7% yoy in Feb (+3.4% yoy in Jan). Imports fell a sharper 22.4% yoy in Feb (-4.8% yoy in Jan). This brings the trade balance to US$4.56bn in Feb (US$4.80bn in Jan). (Reuters, Bloomberg)

Singapore's foreign exchange reserves stood at US$250.70bn in Feb (US$251.46bn in Jan). (WSJ)

Malaysian Economic News

Malaysian companies keen to leverage on the ASEAN Economic Community (AEC) are urged to take part in the ASEAN Business Forum 2015 (ABF 2015) on 12 Mar, 2015 at Menara MATRADE, Kuala Lumpur. ABF 2015 is an initiative by the Malaysia External Trade Development Corporation (MATRADE) and Ministry of International Trade and Industry (MITI).

The Malaysia Competition Commission (MyCC) will continuously organise sessions that can assist and encourage the business community, in particular, to comply with the Competition Act 2010 (CA 2010).

It organised a get-together session, targeted at the business and consumer associations to improve understanding of CA 2010.

MyCC will organise similar programmes from time to time in order to raise awareness of the importance of CA 2010 and its impact on the national economy. (Bernama)

Malaysia has established the world's first Asean-focused travel channel, GOASEAN.

The channel is aimed at showcasing the region's varied natural attractions and cultural exoticism to leisure seekers and tourism investors alike.

GOASEAN said it will broadcast 24 hours a day throughout the year from various platforms, primarily IPTV, Mobile, DTH and digital platforms.

Daybreak│Malaysia

March 10, 2015

4

The content will focus on 10 clear segments of tourism, namely Shopping, Sports and Music tourism, Festival & Food tourism and Health & Nature Tourism Business. (Bernama)

The Yang di-Pertuan Agong Tuanku Abdul Halim Mu'adzam Shah is confident the Goods and Services Tax (GST) to be implemented next month will help to strengthen the national economy.

He said every Malaysian must join in making the initiative successful, like other nations, which did so to ensure a myriad of benefits could be enjoyed in the long term.

Tuanku Abdul Halim also said he was grateful for the national economic development despite the challenging global environment, including the fall in prices of crude oil, commodities and currency fluctuations.

He said the strategies and steps which were taken by the government were clearly to ensure the economic foundation and national finances continued to be firm and sustainable in ensuring the national and people's developments were assured. (Bernama)

Malaysia is hosting the Joint Preparatory Meeting (JPM) and related meetings from 9 to 11 Mar in Kuala Lumpur as preparation for the 26th Asean Summit in Apr.

In a statement, Wisma Putra said "senior officials of other Asean Member States as well as the Deputy Secretary-General of Asean and officials from the Asean Secretariat in Jakarta will also be present at the Meeting.”

The JPM is in preparation for the 26th Asean Summit to be held on 26 and 27 Apr in Kuala Lumpur and Langkawi.

The Wisma Putra statament said that it would provide Asean member states with an opportunity to discuss Asean community-building as well as Asean Community's post-2015 Vision. (Bernama)

The government has no immediate plan to extend the retirement age of civil servants from 60 to 62 years since the current retirement age is sufficient.

Chief Secretary to the Government, Tan Sri Dr Ali Hamsa said the government has not started any discussion to raise the retirement age since they have just revised the retirement age.

He said at this moment, the government will maintain the current retirement age of 60 years. (Bernama)

The Attorney-General has formed a special task-force to investigate police reports lodged over 1Malaysia Development Bhd (1MDB) issues.

Inspector-General of Police Tan Sri Khalid Abu Bakar said the task force had been set up last week.

“The task-force, comprising the police, Malaysian Anti-Corruption Commission and the Attorney-General Chamber will be investigating the police reports made,” he said. (NST)

An expired battery in the underwater locator beacon of the "black box" flight data recorder on missing Flight MH370 would have made no difference in the search for the plane, according to Malaysia Airlines (MAS).

MAS said in a statement that a similar beacon was also installed with the solid state cockpit voice recorder (SSCVR) and its battery life was still good.

Daybreak│Malaysia

March 10, 2015

5

"The SSCVR battery would have been transmitting for 30 days upon activation when immersed in water." (The Star)

The Transport Ministry will study the interim report on the disappearance of Malaysia Airlines (MAS) Flight MH370 on 8 Mar 2014.

Its minister, Datuk Seri Liow Tiong Lai, said action would be taken if there were found to be any weaknesses, including human negligence, on the disappearance of the aircraft. (Bernama)

Corporate News

WCT and its 70:30 JV partner Al-Ali Projects Co have accepted a RM1.2bn contract from Lusail Real Estate Development Company for the Lusail development project in Doha, Qatar. WCT said the work is expected to be completed in 2Q17. (Bernama)

Please refer to our note for comments.

The water deal between the Federal and Selangor governments has lapsed on 9 Mar and will not be extended, said Selangor Menteri Besar Mohamed Azmin Ali.

Azmin said the Federal Government had breached the terms of the agreement and the state government would not grant a third extension. “I will see what new terms they have to discuss with the state,” he said.

The deal finalised last year, saw the state government taking over the four water concessionaires in the state — Syarikat Pengeluar Air Selangor, Syarikat Bekalan Air Selangor, Puncak Niaga and Konsortium Abbas; with the aim of providing the people with cheaper water.

Also included was the Selangor’s approval for the construction of the Langat 2 water treatment plant. (NST)

In a move that experts say may worsen Klang Valley's water woes, Selangor Mentri Besar Azmin Ali has decided to scrap the plan to restructure the water industry after the deadline for the deal expired yesterday. In its immediate consequence, shares of Puncak Niaga and KPS - two water infrastructure-related counters in teh state - came under pressure yesterday.

While adamant that the deadline for the ongoing plan to restructure the water industry in Selangor had expired yesterday,Azmin hinted at further talks with the Federal Government on the issue. "The agreement (water deal) lapsed and we (the Selangor state government) are not going to extend it. "They (Federal Government) breached the agreement and did not honour it," he said. He said he would elaborate on the preconditions not met at a press conference today. (Star)

Puncak Niaga is likely to be in limbo over its water assets which it has agreed to divest to PAAB as part of the water consolidation move. According to Selangor MB Azmin Ali, the sale and purchase agreement (SPA) that Puncak and Air Selangor entered into in Nov-14 is void now after the state government had declined to giver a third extension to the master water agreement, which lapsed yesterday. "I want to move forward, but it is very unfortunate...the federal government had failed to honour the agreement. In fact, they have breached the agreement, so what choice do we have." he said. (Financial Daily)

Daybreak│Malaysia

March 10, 2015

6

Benalec Holdings Bhd is expected to reap RM44.7m from the sale of 70.46 acres of reclaimed leasehold land in Melaka. The company said on Monday it was selling the nine parcels of land to Arena Progresif Sdn Bhd for RM128.9m cash while its land cost was RM84.1m. The parcels of land are in Pekan Klebang Seksyen II, Melaka Tengah, about 9.5km due southwest of Melaka City Centre. (StarBiz)

CIMB Group Holdings expects the IPO market to continue to be flattish this year, amid the current soft market sentiments. "The IPO outlook depends on the market. From what we have seen so far, the capital market is going to be quite flat this year," said its group chief executive Tengku Datuk Zafrul Abdul Aziz. Last year, there were 15 IPOs including 12 listings for the Main Market and three for the ACE Market. (BT)

The EPF has stepped up its purchase of Tenaga Nasional shares with the recent purchase of nearly 4m shares on 6 Mar. A filing with Bursa Malaysia showed the EPF’s fund manager Citigroup bought a total of 3.984m shares on that day at prices ranging from RM14.66 to RM14.64 for a total of RM58.46m. On the same day, it disposed of 220,000 shares at RM14.66 for RM3.219m. Tenaga has been in focus following its conditional take-over offer to acquire all the remaining ordinary shares of RM1 each in Integrax at RM3.25 a share. (Star)

KKB Engineering Bhd is venturing into the oil and gas sector following a tie-up with Australia’s Icon Engineering Pty Ltd. It said on Monday its associate, OceanMight Sdn Bhd had signed a consortium agreement with Icon Oilfield Solutions Sdn Bhd to identify, secure and perform work on O&G field developments in Malaysia. KKB said the agreement would enable both parties to leverage on their combined capabilities and resources involving the engineering and construction of minimal facilities platforms and lightweight structures. (StarBiz)

EITA Resources Bhd has teamed up Shanghai STEP Electric Corporation to undertake elevator and escalator control systems outside China. The company said on Monday its unit EITA-Schneider (Mfg) Sdn Bhd had signed an agreement with Shanghai STEP Electric Corp to set up the 50:50 JV company to manufacture, distribute and service the systems in Malaysia and other countries. EITA-Schneider is involved in the sale, installation and maintenance of the system in Malaysia, the Middle East, Asean and other countries outside China. (StarBiz)

The proposal to acquire The Chicken Rice Shop 'may or may not materialise' as it is still under 'negotiation', said Brahim's Holdings Bhd. In response to article reported by a business weekly on 'Brahim's to buy The Chicken Rice Shop?', Brahim's said its board of directors always strove to create and increase the shareholders' value. "However, at this juncture, the terms and conditions of the proposed acquisition have yet to be agreed upon." (Bernama)

Brahim's Holdings said it is currently in negotiations to acquire a local food and beverage company. "However, at this juncture, terms and conditions of the proposed acquisition have yet to be agreed upon," Brahim's said. Over the weekend, a business weekly had reported that Brahim's was about to venture into another F&B venture in a bid to reduce its dependency on the catering business. According to the report, Brahim's has its sights set on TCRS Restaurants Sdn Bhd, the owner and operator of The Chicken Rice Shop, Sweet Chat and Bubu-Dubu in Malaysia. (Starbiz)

Daybreak│Malaysia

March 10, 2015

7

LPI Capital Bhd is aiming at organic growth for its businesses in Malaysia, Cambodia and Singapore, according to its chief executive officer Tan Kok Guan. He added that the company was assessing the Asean market for future opportunities. Affirming that LPI, whose wholly owned subsidiary is Lonpac Insurance Bhd, was not currently looking at any joint ventures or mergers and acquisitions, he said that it was targeting double-digit growth for its Cambodia and Singapore businesses this year. (StarBiz)

Inari Amertron Bhd’s 5m shares were transacted at discount of 13.8% below the market price in an off-market deal on Monday. Stock market data showed the shares was transacted at RM2.80 each. The transaction was at a discount of 45 sen below the midday price of RM3.25. Inari’s subsidiaries are involved in the electronics manufacturing services (EMS) industry, principally back-end semiconductor packaging, which comprises of back- end wafer processing, package assembly and radio frequency final testing for the electronics and semiconductor industry. (Starbiz)

Aemulus Holdings Bhd is looking to list on the ACE Market of Bursa Malaysia and will use the proceeds from its proposed initial public offering (IPO) for research and development (R&D) expenditure and working capital. The semiconductor tester firm said the fund raised will also used to purchase property, plant and equipment as well for marketing, branding and promotion. Aemulus' IPO involves the public issue of 87.8m new shares, of which 21.9m shares for Malaysian public, 13.2m for eligible directors, employees and business associates and 52.7m for private placement.

Aemulus is involved in the design, engineering and development of automated test equipment (ATE). Most of its customers are large multinational semiconductor manufacturers and semiconductor test and assembly companies. It is focusing on further export penetration into the USA and China, which are among the key markets for consumer electronics. (The Sun)

Petronas' proposal to raise debt through a sukuk issue – one of the biggest this year – is deemed “opportunistic”, says S&P.

Corporate ratings director Xavier Jean said that Petronas had been a financially conservative company and could leverage on its strong stand-alone credit rating and cash pile of RM128bn to get a competitive rate from the latest round of debt funding. “This will give the company more financial flexibility and keep the company in a net cash position,” he said.

He said Petronas did not really need the money as there was no special intention for the debt raised, but noted that this could be a good time since the company had not tapped the debt markets in recent years. It is reported that the company could raise US$15bn (RM55.2bn) to US$17bn (RM62.55bn). (Star)

The Malaysia Deposit Insurance Corporation (PIDM) has revised the guidelines on the Differential Premium Systems (DPS) framework for the Deposit Insurance System. The DPS framework is a risk-based system to provide financial incentives for member banks to achieve sound risk management as well as ensure fairness among member banks, it said.

The revised DPS framework, effective from assessment year 2015, will supersede the last enhancement in 2011. Implemented in 2008, the DPS provides a framework for imposing premiums on member banks at differential rates. PIDM Executive General Manager Rafiz Azuan Abdullah said the better the risk profile of the member bank, the lower the premium rate will be. (Malaysian Insider)

Daybreak│Malaysia

March 10, 2015

8

A Malaysia Airlines towelette that washed up on a Western Australia beach is being examined to determine whether it could have come from missing Malaysia Airlines flight MH370. The towelette — a small pre-moistened paper towel — has been shipped to Canberra for further testing after being discovered in July by a couple walking along a beach in Cervantes, Nine News reports. The couple who discovered the towelette said the item was “unopened, which was very unusual”. Experts say it would be possible for a package that small to travel long distances. (Daily Telegraph)

Malaysian palm oil futures fell to a near two-week low on Monday, after planters' estimates showed steady palm output in the second largest producer, countering expectation of a fall. The impetus for foreign buying from a weaker ringgit was offset by losses in crude and soyoil markets, traders said. The Malaysian Palm Oil Association, a group of growers, forecast that total February crude palm oil output in the key palm exporter at 1.16m tonnes, unchanged from January, as poor yields from Borneo regions were compensated by robust growth in Peninsular Malaysia. The estimates are against market expectations for output to drop 3% to 1.13 m tonnes - the weakest in four years - after monsoon floods hindered harvesting and the Lunar holidays in mid-February cut the number of harvesting days. (Starbiz)

Daybreak│Malaysia

March 10, 2015

9

BMSB: Changes in shareholdings

Type of No of Ave Price

9-Mar-15 Date transaction securities Company (RM)

EPF 04/03 Disposed 1,625,500 PUBLIC BANK

EPF 04/03 Disposed 1,000,000 FELDA GLOBAL

EPF* 04/03 Disposed 1,358,400 SUNWAY BERHAD

EPF 04/03 Disposed 413,200 ORIENTAL HOLDINGS

EPF 04/03 Disposed 679,400 TELEKOM MALAYSIA

EPF 04/03 Disposed 287,900 HONG LEONG BANK

EPF 04/03 Disposed 551,900 AEON CO

EPF 04/03 Disposed 410,000 IJM CORPORATION

EPF 04/03 Disposed 177,000 INARI AMERTRON

EPF 04/03 Disposed 300,000 KLK BHD

EPF 04/03 Disposed 775,100 IOI CORPORATION

EPF 04/03 Disposed 11,000 SHELL REFINING

EPF 04/03 Disposed 52,600 TOP GLOVE

EPF 03/03 Disposed 23,100 AFFIN HOLDINGS

EPF 04/03 Disposed 50,000 GENTING PLANTATIONS

Kumpulan Wang Persaraan 02/03-03/03 Disposed 438,600 UZMA BERHAD

Kumpulan Wang Persaraan 02/03 Disposed 31,200 GENTING PLANTATIONS

Kumpulan Wang Persaraan 02/03 Disposed 1,477,600 FELDA GLOBAL

Kumpulan Wang Persaraan 02/03-03/03 Disposed 348,600 KULIM

Kumpulan Wang Persaraan 02/03-03/03 Disposed 630,000 TOP GLOVE

Kumpulan Wang Persaraan 02/03-03/03 Disposed 47,600 IJM CORPORATION

Kumpulan Wang Persaraan 03/03 Disposed 69,900 POS MALAYSIA

Lembaga Tabung Angkatan Tentera 27/02-02/03 Disposed 3,300,150 OCK GROUP

Ooi Bee Bee 08/03 Disposed 800,000 IFCA MSC 1.24

EPF 02/03-03/03 Acquired 7,662,700 CIMB GROUP

EPF 04/03 Acquired 1,392,800 AMMB HOLDINGS

EPF 04/03 Acquired 1,351,700 TIME DOTCOM

EPF 04/03 Acquired 2,780,200 DIGI.COM

EPF 03/03 Acquired 2,867,500 BERJAYA AUTO

EPF 03/03-04/03 Acquired 2,256,700 SIME DARBY

EPF 04/03 Acquired 2,483,700 SAPURAKENCANA

EPF 04/03 Acquired 1,710,500 IOI PROPERTIES

EPF 03/03-04/03 Acquired 845,800 KPJ HEALTHCARE

EPF 04/03 Acquired 271,300 MAXIS BERHAD

EPF 04/03 Acquired 936,500 ALLIANCE FINANCIAL

EPF 04/03 Acquired 243,200 GAMUDA BERHAD

EPF 04/03 Acquired 155,400 PETRONAS GAS

EPF 04/03 Acquired 572,600 DIALOG GROUP

EPF 04/03 Acquired 46,900 MAH SING

EPF 04/03 Acquired 4,000 MBM RESOURCES

Skim Amanah Saham Bumiputera 03/03-04/03 Acquired 1,685,500 SIME DARBY

Skim Amanah Saham Bumiputera 03/03-04/03 Acquired 690,200 KLK BHD

Kumpulan Wang Persaraan 02/03 Acquired 1,000,000 IGB REAL

Kumpulan Wang Persaraan 02/03-03/03 Acquired 1,585,700 PRESTARIANG

Kumpulan Wang Persaraan 03/03 Acquired 179,100 BOUSTEAD HOLDINGS

Kumpulan Wang Persaraan 02/03 Acquired 282,400 WCT HOLDINGS

Kumpulan Wang Persaraan 27/02 Acquired 87,900 TDM BERHAD

Kumpulan Wang Persaraan 03/03 Acquired 34,700 TIME DOTCOM

Kumpulan Wang Persaraan 03/03 Acquired 378,600 S P SETIA

Kumpulan Wang Persaraan 03/03 Acquired 115,500 TUNE INS

Kumpulan Wang Persaraan 03/03 Acquired 2,276,800 BIMB HOLDINGS

Kumpulan Wang Persaraan 02/03-03/03 Acquired 262,600 PETRONAS GAS

Lembaga Tabung Haji 27/02-03/03 Acquired 57,000 TH PLANTATIONS

Lembaga Tabung Haji 25/02 Acquired 134,400 TH PLANTATIONS

Aberdeen Asset Management PLC 05/03 Acquired 4,000 UNITED PLANTATIONS

Aberdeen Asset Management PLC 05/03 Acquired 14,800 UNITED MALACCA

Aberdeen Asset Management PLC 05/03 Acquired 40,300 BAT BHD

Tenaga Nasional Berhad 05/03 Acquired 10,000 INTEGRAX BERHAD

Hap Seng Consolidated Berhad 02/03-06/03 Acquired 1,011,400 HAP SENG PLANTATIONS

IJM CORPORATION 06/03 Acquired 110,000 KUMPULAN EUROPLUS

IJM CORPORATION 03/03-04/03 Acquired 104,600 KUMPULAN EUROPLUS SOURCES: BMSB

Daybreak│Malaysia

March 10, 2015

10

BMSB: ESOS & others

10-Mar-15 No Of New Shares Date of Listing Nature of transaction

UCHI TECHNOLOGIES 849,500 10-Mar-15 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

9-Mar-15 Vol

MULPHAL 75,000,000

KPOWER 11,275,308

YTLPOWR 10,000,000

TMAKMUR 7,402,000

INARI 5,000,000

HEVEA-WB 2,500,000

YNHPROP 2,194,000

KAMDAR 1,567,500

BJLAND 1,200,000

REV 1,000,000

SCGM 735,000

HLCAP 167,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Dividends

MAGNUM Forth interim dividend - single tier 5.00 13-Feb-15 10-Mar-15 12-Mar-15 27-Mar-15

HONG LEONG BANK Interim dividend - single tier 15.00 25-Feb-15 10-Mar-15 12-Mar-15 26-Mar-15

PRESTARIANG Interim dividend - single tier 0.50 25-Feb-15 10-Mar-15 12-Mar-15 26-Mar-15

JOBSTREET CORP Fourth interim dividend - single tier 1.75 25-Feb-15 10-Mar-15 12-Mar-15 27-Mar-15

HOVID Interim dividend - single tier 0.50 25-Feb-15 10-Mar-15 12-Mar-15 27-Mar-15

GENTING PLANTATIONS Special dividend - single tier 3.00 25-Feb-15 10-Mar-15 12-Mar-15 10-Apr-15

HEVEABOARD Interim dividend - single tier 1.50 25-Feb-15 11-Mar-15 13-Mar-15 10-Apr-15

MBM RESOURCES Second interim dividend - single tier 4.00 2-Mar-15 12-Mar-15 16-Mar-15 23-Mar-15

7-ELEVEN MALAYSIA Final + Special - single tier 2.5 + 2.6 27-Feb-15 13-Mar-15 17-Mar-15 31-Mar-15

KPJ HEALTHCARE  Interim dividend - single tier 2.60 27-Feb-15 25-Mar-15 27-Mar-15 10-Apr-15

GUINNESS ANCHOR Interim dividend - single tier 20.00 5-Feb-15 27-Mar-15 31-Mar-15 22-Apr-15

STAR PUBLICATIONS Second interim + Special - single tier 6.0 + 3.0 27-Feb-15 27-Mar-15 31-Mar-15 17-Apr-15

BURSA MALAYSIA Final dividend - single tier 18.00 3-Mar-15 1-Apr-15 3-Apr-15 16-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

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

10-Mar-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 Private placement of up to 40.5m new shares, Bonus issue 1:2

SOURCES: BMSB

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Corporate Actions

March 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Star analyst briefing BNM OPR Exports, Imports Trade Balance,

Foreign Reserves

8 9 10 11 12 13 14

SP Setia 1Q IPI, Manufacturing Sales

15 16 17 18 19 20 21

CPI Eco World 1Q Foreign Reserves (mid-month data)

22 23 24 25 26 27 28

Chempaka state seat

by-election

29 30 31

Astro 4Q & conf. call Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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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

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.

Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Conduct Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research.

United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc.

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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.