REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 11 March 2015

▌What’s on the Table…

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Water Treatment & Services - Water runs dry

We are negatively surprised by the new developments in the water industry, which suggest further delays in Puncak Niaga's RM1.6bn water deal and in the sale of Gamuda's 40%-owned Splash. The near-term outlook has become less attractive until the Selangor state and federal governments sort out the water asset transfer issues. We were too optimistic about an amicable solution and are disappointed about the lack of details. Although we do not believe the water restructuring plan will fail completely, we are now more cautious about timing. Due to delay risks, we downgrade the water sector to Neutral and Puncak Niaga from Add to Hold. We maintain Add on Gamuda as its construction outlook overshadows the overhang on the water asset sale.

Puncak Niaga Holdings - Risk to 37% special dividend

A statement by the Selangor MB that Puncak's RM1.6bn water asset sale is void due to the asset transfer issues between the state and federal governments caught us by surprise. We are disappointed about this turn of events as Puncak's deal is the most advanced among all the concessionaires. We believe the RM1/share special dividend (37% yield) from the cash proceeds that was expected to be realised this year is now at risk due to likely delays. Puncak remains keen to exit its water business but its fate now rests on an amicable resolution between both sides of the government. We retain our EPS forecasts but cut our target price as we raise our SOP discount from 20% to 40%. Due to near-term uncertainties, we downgrade from Add to Hold.

Berjaya Food Berhad - No thanks to weak spending

BFood’s 9MFY15 earnings were below expectations at 61.4% of our and 58.5% of consensus full-year forecasts, mainly due to the slower-than-expected SSSG from (KRR) and Starbucks Malaysia. 9MFY15 revenue expanded, driven by the full consolidation of Starbucks Malaysia while profit growth was slower due to poor sales and higher finance cost. We cut our FY15-17 earnings forecasts to factor in the slower performance from all businesses. This reduces our target price (still based on 23.7x CY16 P/E). We downgrade the stock from Hold to Add. Despite the weak results, BFood declared a second interim DPS of 1.25 sen (it did not declare any second interim dividend last year), bringing YTD DPS to 3.75 sen, above our expectation. We prefer QL due to its more resilient earnings and good earnings delivery track record.

Plantations - The temporary tussle for CPO

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • AG’s Department starts audit on 1MDB

• 1MDB pays US$66m of interest on 2023 dollar bonds

• EPF buys more Tenaga shares

• Telekom may choose euro for its debut global Islamic bond sale

• RAM maintains a stable outlook for Malaysian banking industry

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

1789.73 -2.01pts -0.11%Mar Futures Apr Futures

1781 - (-0.17% ) 1778 - (0.99% )———————————————————————————

Gainers Losers Unchanged459 350 336

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Turnover2538.81m shares / RM2319.515m

3m avg volume traded 1858.77m shares

3m avg value traded RM1997.34m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,790 3,398 5,463 1,531 23,897 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,789.73 (0.1) 1.6

FBM100 12,029.59 (0.0) 1.8

FBMSC 16,354.06 0.2 8.8

FBMMES 6,863.65 0.9 21.4

Dow Jones 17,662.94 (1.8) (0.9)

NASDAQ 4,859.80 (1.7) 2.6

FSSTI 3,398.26 (0.2) 1.0

FTSE-100 6,702.84 (2.5) 2.1

SENSEX 28,709.87 (0.5) 4.4

Hang Seng 23,896.98 (0.9) 1.2

JCI 5,462.93 0.3 4.5

KOSPI 1,984.77 (0.4) 3.6

Nikkei 225 18,665.11 (0.7) 7.0

PCOMP 7,828.48 0.1 8.3

SET 1,531.04 (1.8) 2.2

Shanghai 3,286.07 (0.5) 1.6

Taiwan 9,536.53 (0.3) 2.5————————————————————————————————

Close % chg Vol. (m)

XINGHE HOLDINGS 0.130 0.0 250.5

MEDIA SHOPPE 0.060 0.0 116.4

WINTONI GROUP 0.315 6.8 109.6

PRIVASIA 0.285 9.6 84.4

FLONIC HI-TEC 0.070 7.7 73.7

ETI TECH 0.110 4.8 58.1

KNM GROUP 0.775 2.0 52.5

NEXGRAM 0.110 0.0 50.9————————————————————————————————

Close % chg

US$/Euro 1.0691 (0.07)

RM/US$ (Spot) 3.7040 (0.04)

RM/US$ (12-mth NDF) 3.8349 0.87

OPR (% ) 3.24 0.00

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,162.30 0.04

WTI crude oil US spot (US$/barrel) 48.29 (3.42)

CPO spot price (RM/tonne) 2,250.00 (1.79)

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 11, 2015

2

Global Economic News

US wholesale inventories increased 0.3% mom in Jan (+0.1% mom in Dec). Wholesale trade sales fell by 3.1% mom in Jan (-0.9% mom in Dec). (Reuters)

US National Federation of Independent Business’ (NFIB) Small Business Optimism Index increased to 98.0 in Feb (97.9 in Jan). (Reuters)

Japan’s M2 money stock was up 3.5% yoy in Feb (+3.4% yoy in Jan). The M3 money stock added an annual 2.9% yoy in Feb (+2.8% yoy in Jan). (RTT)

Japan’s machine tool orders rose +28.9% yoy in Feb (+20.4% yoy in Jan).

Japanese Prime Minister Shinzo Abe vowed to draw up a new-five year plan to speed rebuilding from a massive 2011 tsunami and the world's worst nuclear disaster since Chernobyl that have left thousands still homeless.

Much remains to be done, with many towns struggling to provide jobs and permanent housing for thousands of residents, he said, adding that the government would prepare a new five-year reconstruction plan by this summer. (CNA)

China's consumer price index (CPI) rose 1.4% yoy in Feb (+0.8% yoy in Jan). Producer price index (PPI) fell 4.8% yoy in Feb (-4.3% yoy in Jan). (Financial Times)

Australia’s business confidence has fallen to 0 in Feb (+3 in Jan), while current business conditions remain stuck at +2 in Feb. (ABC)

India's current account deficit widened to US$8.2bn in 4Q14 (deficit of US$10.1bn in 3Q14). (WSJ)

India's government rallied its allies behind a land reform bill, setting the stage for a vote in the upper house of parliament that will test Prime Minister Narendra Modi's ability to pursue his business-friendly agenda.

Amendments introduced by Modi's party to soften the impact of the reforms ensured the backing of most of his coalition partners and victory in a lower house vote. But they failed to placate opposition parties, who stormed out of the chamber. (CNA)

Philippines exports fell 0.5% yoy to US$4356.8m in Jan (-3.2% yoy to US$4801.0m in Dec). (Bloomberg)

Malaysian Economic News

Prime Minister Datuk Seri Najib Tun Razak said the 1Malaysia People's Aid (BR1M) which will be financed through the implementation of the Goods and Services Tax (GST), will be able to ease the burden of cost of living of the beneficiaries.

He said 7.2 million applications for BR1M had been approved thus far.

Daybreak│Malaysia

March 11, 2015

3

He said the BR1M this time would be paid in stages, up to three times, for the benefit of the rakyat (people) who need it.

He said as for those whose applications for the BRIM were rejected, they could submit appeals up to 31 Mar. (Bernama)

The soon-to-be-implemented Goods and Services Tax (GST) will not affect the Inland Revenue Board's forecast tax collection of RM142.6bn for this year as it has already been factored in.

The reduction in income tax, as well as, corporate tax, as announced in the 2015 Budget, would also not impact IRB's total tax collection, says Chief Executive Officer Tan Sri Dr Mohd Shukor Mahfar.

Last year, tax collection by the IRB rose 3.59% to RM133.7bn.

Dr Mohd Shukor also said tax collection for 2015 would be challenging against the backdrop of uncertain crude oil prices. (Bernama)

The Auditor-General's Department has started its audit on 1Malaysia Development Berhad (1MDB) following orders from the Cabinet to scrutinise the state-owned investment arm's accounts last week.

Auditor-General Tan Sri Ambrin Buang said the department will gather as much information as possible in an independent and professional manner, including calling up Prime Minister Datuk Seri Najib Abdul Razak (who is 1MDB advisory board chairman) if necessary.

"The audit will be done transparently and professionally," he said. However, he was unable to say how long it would take to conduct the audit and submit the full report to the Public Accounts Committee (PAC). (The Sun)

Iskandar Malaysia secured RM26.77bn in new investments last year, bringing the total cumulative committed amount to RM158.3bn since 2006. In 2013, the new investments were RM25.05bn.

Iskandar Regional Development Authority chief executive, Datuk Ismail Ibrahim, said of the total, RM77.07bn, or 49%, represented investments that had been realised.

He said the figure showed that Iskandar Malaysia continued to do well despite the challenges facing the global economy. "It also shows the confidence in Iskandar Malaysia, especially among local investors, with domestic investments making up RM101.14bn, or 64%, of the total cumulative committed investments to date," he said. Of the total cumulative committed investments, 36%, or RM56.99bn, came from foreign investors, he said.

With such huge investments, he said, they would bring ample business opportunities for entrepreneurs and small and medium enterprises as well as creating more jobs. In 2014 alone, a total of 651,536 jobs have been created in Johor from various sectors in Iskandar Malaysia including manufacturing, hospitality, food and beverage, and education, he said. (Bernama)

The Ministry of International Trade and Industry (MITI) will host a trade fair and six halal industry conferences under one roof this year, offering the largest ever and well-integrated expositions to unite the global halal marketplace.

Known as the World Halal Summit (WHS), the event will be held at the Kuala Lumpur Convention Centre on 30 Mar to 4 Apr.

Daybreak│Malaysia

March 11, 2015

4

The six-day summit is a joint effort between Malaysia External Trade Development Corporation (Matrade), Halal Industry Development Corporation (HDC) and Department of Islamic Development Malaysia (Jakim).

MITI Minister Datuk Seri Mustapa Mohamed when announcing the summit said the confluence of the exposition and forums was done with a single aim, that is to harness the full potential of 'halal' within a globalised environment. (Bernama)

The Malaysian government has made Good Regulatory Practice (GRP) a key priority for the ASEAN Economic Community to reflect the importance of having regional regulatory convergence.

In a statement, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said improving efficiency of policy and regulatory processes would enhance productivity among ASEAN member states.

"This will substantially reduce the regulatory burden on businesses by improving the quality of existing regulations and ensuring the quality of new regulations,” he said. (Bernama)

Deputy Finance Minister Datuk Ahmad Maslan has urged local businesses to take creative steps to absorb the cost of the Goods and Services Tax (GST), which takes into effect in Apr, including by giving rebates and discounts. He said such measures, if properly implemented, could generate long-term profits for the companies. (Bernama)

The Goods and Services Tax (GST) will have a minimal impact on the local hotel industry but teething problems are, nevertheless, expected when the new tax regime is implemented on 1 Apr, Malaysian Association of Hotels President Samuel Cheah Swee Hee said.

He also said the association was still awaiting clarification from the government to waive payment of the GST for customers doing advanced hotel bookings. He said it was unfair for customers to pay the GST upfront as a refund, in the case of a cancellation, would be cumbersome. (Bernama)

The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) announced that the price of liquefied petroleum gas (LPG) remains at RM26.60 per 14 kg cylinder.

Its secretary-general Datuk Seri Alias Ahmad said the decision to maintain the price was taken by the National Economic Council.

“So at the moment, the price of LPG remains at RM26.60 (for 14 kg cylinder)and it does not include transportation costs from the retailer to the customer’s house,” he said. (NST)

Political News

PKR VP Rafizi Ramli intended to lodge a police report against 1MDB but was instead arrested over the #Kitalawan rally. He is the fourth person detained over Saturday's rally after Kelana Jaya PKR youth chief Saifullah Zulkifli, PKR Youth chief Nik Nazmi Nik Ahmad and Jingga 13 head coordinator Fariz Musa. (Star)

Daybreak│Malaysia

March 11, 2015

5

Corporate News

Malaysia Airports Holdings Bhd (MAHB) saw a total of 8.2m passenger movements in its system, up 1.9% in February 2015 from 8.05m passengers in the same month last year. Domestic movements were up 5% to 4.5m passengers while international movements dropped to 3.7m passengers, decreasing 1.6% over the same reporting period.

Meanwhile, the KL International Airport recorded 4m passenger movements, a decline of 2.7% in February 2015. International and domestic sectors declined by 2.8% and 2.5% respectively.

On a last-twelve-month basis, the total MAHB system (with Istanbul Sabiha Gokcen International Airport) registered 5.2% growth with 107m passengers. Overall, aircraft movements for MAHB airports grew 8.7% over the same reporting period in Feb 2014.

It said Malaysia’s traffic performance continued to improve from a negative yoy in the first week of Feb to the last week, which recorded 11.8% growth largely due to the Chinese New Year holidays. Average load factor for the month was 68.2%, which was lower than 74.6% in February 2014. (Star)

Jaya Tiasa is subscribing 10% stake in Borneo Edible Oils Sdn Bhd (BEO) for RM5m. BEO is currently a dormant company owned by Rimbunan Hijau Group through several subsidiaries. The primary business activity of BEO is establishment of CPO refinery and kernel crushing plant. These downstream facilities are expected to commence operation by Oct 2016. (BMSB)

Telekom Malaysia (TM) may choose the euro for its debut global Islamic bond sale, which would be only the fourth sukuk issuer to select the European currency. TM is seeking to raise US$750m (RM2.77bn) as part of a debt programme to fund capital requirements, and will pick either the dollar or the euro depending on which gives “better pricing,” CFO Bazlan Osman said. Offerings of ringgit-denominated Islamic bonds are having the worst start to a year since 2010 amid a plunging currency and oil prices, prompting investors to favour overseas notes. (Malay Mail)

AirAsia announced three new routes, namely, to Visakhapatnam in India, as well as, Pontianak and Medan in Indonesia. The low-cost airline said the thrice weekly Kuala Lumpur–Visakhapatnam direct flights would commence on 7 May. The Kuala Lumpur–Pontianak and Johor Bahru–Medan flights would commence on 27 Mar with twice weekly flights. Head of Commercial, Spencer Lee said as Visakhapatnam was an up and rising destination for trade and tourism, AirAsia is confident that the move is timely. (BT, Bernama)

The EPF has stepped up its purchase of Tenaga Nasional shares with the recent purchase of nearly 4m shares on March 6. EPF’s fund manager Citigroup bought a total of 3.9m shares on that day at prices ranging from RM14.66 to RM14.64 for a total of RM58.5m. (Star)

Sunsuria executive chairman and largest shareholder Datuk Ter Leong Yap will inject over 440 acres into the property development company, raising its total project GDV from RM300m to RM11bn.

Sunsuria had entered into several agreements with Ter for stakes in three property companies for a combined RM350m. The companies have ongoing and upcoming developments in Salak Tinggi and Setia Alam in Selangor, and Medini in Johor.

Daybreak│Malaysia

March 11, 2015

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"The collective proposals, which are expected to be completed by 2Q15, will expand Sunsuria's existing land bank from 4.71 acres to 445 acres. Taking into account the effective interest of Sunsuria in the projects arising from the proposals, this will translate into an effective GDV of RM4.5bn for its future income stream," said Sunsuria. (Edge Daily)

KUB is on track to carry out the proposed RM1.2bn inter-city rail transit system project in Iskandar Malaysia in partnership with Masteel. It said the Ministry of Transport has received, and is reviewing the updates on the proposed project. "The group anticipates to soon put into action the partnership agreement made in January 2011," it said. The combination of KUBs property, engineering and construction core competency and Masteel's expertise in heavy engineering and building materials would definitely benefit the people of Johor once the rail project was completed. The project will be led by JV co. Metropolitan Commuter Network Sdn Bhd (MCN), in which both Masteel and KUB would hold a 60% and 40% stake, respectively. (StarBiz)

Chemical Company of Malaysia (CCM), which yesterday received shareholders' approval for the sale of six pharmaceutical units to its 73.78%-owned CCM Duopharma Biotech Bhd, expects revenue for pharmaceuticals business to grow 25% in three years' time. "The combined (pharmaceutical) revenue for the two companies is approximately RM300m, so come 2018, with insulin and erythropoietin (EPO) hitting our books (after getting registered), we're looking at almost 25% increase in revenue compared with the last (few) years," CCM group managing director Leonard Ariff Abdul Shatar told. He said CCM will focus on the biotherapy business, whereby insulin and EPO are expected to bring in revenue of between RM110m and RM120m. Apart from that, Leonard Ariff said the group is looking to grow oncology products as well as increase the utilisation rate of its Bangi asset. (The Sun)

The government is prepared to prolong power concessions to independent power producers (IPPs) if prices remain competitive.

Ministry of Energy, Green Technology and Water Secretary-General Datuk Loo Took Gee said there was a need to look at marginal costs and if energy users are getting better rates.

Meanwhile, Energy Commission Chief Executive Officer Datuk Ir Ahmad Fauzi Hasan announced an extension of power purchase agreements (PPA) to five IPPs to ensure the continuous supply of electricity.

He said the IPPs are Genting Sanyen, Segari and Tenaga Nasional Bhd (TNB). "The extension were given under competitive bids by the three IPPs and prices will be based on the least cost to the system," he said. (Bernama)

The Energy Commission has extended close to 3000MW in generation capacity from expired and expiring independent power producers (IPPs). According CEO Datuk Ahmad Fauzi Hassan, these IPPs were given an extension between one year and 10 years. EC chairman Datuk Abdul Razak Abdul Majid disclosed that another round of tender would be conducted for expiring IPPs to maximize the user of their assets. He said the extension would depend on the competitive rates and economical cost of benefits of the assets. (StarBiz)

The Auditor-General's Department has started its audit on 1Malaysia Development Berhad (1MDB) following orders from the Cabinet to scrutinise the state-owned investment arm's accounts last week.

Daybreak│Malaysia

March 11, 2015

7

Auditor-General Tan Sri Ambrin Buang said the department will gather as much information as possible in an independent and professional manner, including calling up Prime Minister Datuk Seri Najib Abdul Razak (who is 1MDB advisory board chairman) if necessary.

"The audit will be done transparently and professionally," he said. However, he was unable to say how long it would take to conduct the audit and submit the full report to the Public Accounts Committee (PAC). (The Sun)

1Malaysia Development Bhd (1MDB) said it paid US$66m of interest on its 2023 dollar bonds yesterday. "I can confirm that this payment was made," its president and group executive director Arul Kanda Kandasamy said. 1MDB's ability to service its debt was put in question after it delayed the settlement of a RM2bn loan by about three months. The company's US$3bn of 4.4% notes due in 2023 fell 1.5 cents to 83.8 cents on the dollar, a record low, to yield 7.1%. The notes were sold to investors at par, or 100 cents on the dollar, in March 2013. (Financial Daily)

The National Audit Department began an audit of 1Malaysia Development Bhd (1MDB) soon after being instructed to do so by Prime Minister Datuk Seri Najib Tun Razak last week, Auditor-General Tan Sri Ambrin Buang said. He said the department would give priority to undertaking the audit of the government-owned strategic development company in an independent and professional manner. “Surely, the department will give priority in this matter, and we hope we can do the work in a calm and peaceful atmosphere,” he said. (BT)

Auditor-General Tan Sri Ambrin Buang has pledged to do "whatever is necessary" to carry out the audit of 1Malaysia Development Bhd (1MDB) "freely and professionally". "As soon as the request from the prime minister [to verify 1MDB's accounts was given] we have started the auditing process by collecting as much information as possible about issues which were raised, especially by the media," Ambrin said. "I have also met with the CEO (Arul Kanda Kandasamy) of this company and he has repeated his readiness to give full cooperation to us," he added. (Financial Daily)

Iskandar Malaysia secured RM26.77bn in new investments last year, bringing the total cumulative committed amount to RM158.3bn since 2006. In 2013, the new investments were RM25.05bn. Iskandar Regional Development Authority chief executive, Datuk Ismail Ibrahim, said of the total, RM77.07bn, or 49%, represented investments that had been realised. Of the total cumulative committed investments, 36%or RM56.99bn, came from foreign investors. From Jan until Sep last year, top foreign investors were Singapore, US, Spain, Japan and China. (Bernama)

RAM Ratings has maintained a stable outlook for the Malaysian banking industry this year, despite lingering macro uncertainties. It said it expected the Malaysian economy, which has been projected to remain resilient at 5.3% this year, to continue to support the health of the local banking system. It said macro-prudential measures have resulted in declining overall loan growth to 9.3% in 2014 from 10.6% in 2013 and would continue to ease further to 7.0% this year. "Our stress test shows that the Gross Impaired-Lan (GIL) ratio will remain healthy at below 2.5% in 2015. (StarBiz)

Malaysia's palm oil stocks, exports and production continued to decline in Feb 2015 from a month ago, according to the Malaysian Palm Oil Board (MPOB).

Daybreak│Malaysia

March 11, 2015

8

In a statement, MPOB said total palm oil stocks decreased 1.53% to 1.74m tonnes, from 1.77m tonnes in Jan 2015. Of that, crude palm oil (CPO) accounted for 950,283 tonnes and processed palm oil 792,819 tonnes, it said.

MPOB said the CPO output in Feb contracted 3.37% to 1.12m tonnes from 1.16m tonnes the previous month. It said palm kernel production was 4.34% lower at 279,309 tonnes, crude palm kernel oil output fell 21.08% to 115,040 tonnes and palm kernel cake production trimmed 20.17% to 129,288 tonnes.

Meanwhile, palm oil exports declined 18.44% to 971,640 tonnes and oleochemicals slipped 2.68% to 218,571 tonnes, it said. The board said exports of palm kernel oil, however, rose 6.68% to 83,051 tonnes, palm kernel cake increased 2.75% to 196,718 tonnes and biodiesel surged 102.39% to 25,636 tonnes.

For the month, the average price of fresh fruit bunches fell 0.2% to RM24.69 per tonne compared with the previous month, it said. (Bernama)

Ford announced its best-ever performance in Malaysia in Feb, with overall retail sales jumping 66% year-on-year to 1,249 units, led by continued strength in demand for the class-defining Ranger pickup truck. “Our award-winning Ranger continues to lead the charge across our whole line up,” said Ford Motor Company’s MD, Malaysia and Asia Pacific Emerging Markets, David Westerman. He said the Ranger truck continued to expand as retail sales surged 104% y-o-y to 966 units. Meanwhile, among other models, the Fiesta delivered sales of 129 units in Feb and EcoSport contributed sales of 66 units. (BT, Bernama)

Daybreak│Malaysia

March 11, 2015

9

BMSB: Changes in shareholdings

Type of No of Ave Price

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

EPF 24/01-26/01 Disposed 3,340,000 UMW OIL

EPF 04/03 Disposed 2,304,400 TNB

EPF 05/03 Disposed 1,378,600 GAMUDA BERHAD

EPF 04/03-05/03 Disposed 4,639,600 MALAYAN BANKING

EPF 03/03 Disposed 506,300 MISC BERHAD

EPF 27/02 Disposed 603,400 MISC BERHAD

EPF 05/03 Disposed 2,241,700 DIALOG GROUP

EPF* 05/03 Disposed 1,000,000 MITRAJAYA

EPF 05/03 Disposed 680,700 AMMB HOLDINGS

EPF 05/03 Disposed 124,100 TELEKOM MALAYSIA

EPF 05/03 Disposed 236,500 FELDA GLOBAL

EPF 05/03 Disposed 196,000 TOP GLOVE

EPF 05/03 Disposed 709,000 AEON CO

EPF 05/03 Disposed 36,000 GENTING PLANTATIONS

EPF 05/03 Disposed 11,300 POS MALAYSIA

EPF 04/03-05/03 Disposed 82,400 F&N BHD

Skim Amanah Saham Bumiputera 03/03-04/03 Disposed 1,591,900 TNB

Skim Amanah Saham Bumiputera 04/03-05/03 Disposed 1,242,700 KLCC

Aberdeen Asset Management PLC 04/03 Disposed 3,800 BAT BHD

Aberdeen Asset Management PLC 04/03 Disposed 1,200 UNITED PLANTATIONS

Aberdeen Asset Management PLC 03/03-04/03 Disposed 941,167 CIMB GROUP

Credit Suisse Group AG 06/03 Disposed 975,700 CLIQ ENERGY

Dr David Charles Ian Harding 05/03-09/03 Disposed 649,700 MAGNUM BERHAD 2.80

EPF 04/03 Acquired 2,542,000 CIMB GROUP

EPF 05/03 Acquired 1,808,900 MAXIS BERHAD

EPF 05/03 Acquired 6,904,800 DIGI.COM

EPF 04/03-05/03 Acquired 2,787,600 BERJAYA AUTO

EPF 05/03 Acquired 1,387,000 IOI PROPERTIES

EPF 05/03 Acquired 2,000,000 IOI CORPORATION

EPF 05/03 Acquired 3,110,400 SAPURAKENCANA

EPF 23/01-30/01 Acquired 11,026,200 UMW OIL

EPF 19/01 Acquired 300,000 UMW OIL

EPF 13/01-14/01 Acquired 4,256,500 UMW OIL

EPF 04/03 Acquired 982,500 UMW HOLDINGS

EPF 05/03 Acquired 116,200 PETRONAS GAS

EPF 05/03 Acquired 101,100 PUBLIC BANK

EPF 05/03 Acquired 344,400 HONG LEONG BANK

EPF 05/03 Acquired 497,800 ALLIANCE FINANCIAL

EPF 05/03 Acquired 570,000 INARI AMERTRON

EPF 04/03 Acquired 182,000 UEM SUNRISE

EPF 05/03 Acquired 145,700 CMSB

EPF 05/03 Acquired 549,000 MAHB

EPF 05/03 Acquired 169,900 IJM CORPORATION

EPF 05/03 Acquired 12,400 MAH SING

EPF 05/03 Acquired 8,300 UNITED MALACCA

EPF 05/03 Acquired 19,500 LAFARGE MALAYSIA

Skim Amanah Saham Bumiputera 05/03 Acquired 654,500 CAPITAMALLS

Skim Amanah Saham Bumiputera 05/03 Acquired 354,100 KLK BHD

Kumpulan Wang Persaraan 02/03-03/03 Acquired 1,141,000 TDM BERHAD

Kumpulan Wang Persaraan 03/03 Acquired 8,800 PANASONIC

Aberdeen Asset Management PLC 04/03-05/03 Acquired 15,800 PANASONIC

Aberdeen Asset Management PLC 04/03 Acquired 37,000 POS MALAYSIA

SOURCES: BMSB

Daybreak│Malaysia

March 11, 2015

10

BMSB: ESOS & others

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

MUHIBBAH 111,000 11-Mar-15 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

10-Mar-15 Vol

SUMATEC 46,000,000

KANGER 43,300,000

SUMATEC-WB 14,594,700

HEVEA-WB 4,000,000

MEXTER 1,604,160

BORNOIL 1,500,000

AMTEL 1,400,000

PERSONA 1,225,000

SEG 1,000,000

GLOTEC 1,000,000

PMBTECH 1,000,000

PERDANA 915,400

BJLAND 620,000

KOTRA 500,000

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

SOURCES: BMSB

BMSB: Dividends

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

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

11-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

Berjaya Food 3Q 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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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.

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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.