REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 27 February 2015

▌What’s on the Table…

——————————————————————————————————————————————————————————————————————

Affin Holdings - Banking on net write-back in LLP again

AirAsia Bhd - Outlook to improve from 2Q15

Ann Joo Resources - Profit grew faster than revenue

Bumi Armada - FPSO holds water

DRB-Hicom - Boosted by new acquisitions

Eksons Corporation - Property boost in 3QFY15

Genting Bhd - Non-gaming divisions shine

Genting Malaysia - No luck in 2014

Karex Berhad - More excitement ahead

Lafarge Malaysia Bhd - Cracking under pressure

Malayan Banking Bhd - A final sprint

Media Chinese Int'l - Printing less money

Media Prima Bhd - Structural shift is underway

Prestariang - Making the grade

Puncak Niaga Holdings - Wait for the cash and go

QL Resources - Another Goat (good) year

Sime Darby Bhd - Macro headwinds hit 2QFY15

Telekom Malaysia - Stronger revenue performance

Tenaga Nasional - Revised offer for Integrax

Tomypak Holdings - Recovery year?

Uchi Technologies - Stronger brew

UEM Sunrise Bhd - A casualty of property slowdown

UMW Holdings - Needs more gas

Uzma - Growing amid uncertainty

Wah Seong Corp - Pumping up a double record

WCT Holdings - Light at the end of the tunnel?

Wellcall Holdings - Forex gains from weaker Ringgit

Economic Update - ETP 2014 Economic Wrap-Up: Taking a steady approach

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • IJM Corp bagged RM1.19bn contract from Kuantan Port Consortium

• Brahim Holdings still upbeat on growing its food and beverage business

• Ingress and Japan’s Katayama in JV to set up RM46m R&D facility

• BIMB Holdings submitted application to extend time to submit 4Q14 results

• China’s Premier Li Keqiang called for more active fiscal policy

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

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

———————————————————————————

FBMKLCI

1820.87 5.01pts 0.28%Feb Futures Mar Futures

1818.5 - (0.44% ) 1815.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged505 344 331

———————————————————————————

Turnover1887.54m shares / RM2034.493m

3m avg volume traded 1777.65m shares

3m avg value traded RM1954.61m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,821 3,426 5,451 1,594 24,902 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,820.87 0.3 3.4

FBM100 12,225.72 0.3 3.5

FBMSC 16,702.70 0.7 11.1

FBMMES 6,669.21 0.6 18.0

Dow Jones 18,214.42 (0.1) 2.2

NASDAQ 4,987.89 0.4 5.3

FSSTI 3,426.18 (0.4) 1.8

FTSE-100 6,949.73 0.2 5.8

SENSEX 28,746.65 (0.9) 4.5

Hang Seng 24,902.06 0.5 5.5

JCI 5,451.42 0.1 4.3

KOSPI 1,993.08 0.1 4.0

Nikkei 225 18,785.79 1.1 7.7

PCOMP 7,764.39 (1.0) 7.4

SET 1,593.55 0.3 6.4

Shanghai 3,298.36 2.2 2.0

Taiwan 9,622.10 (0.8) 3.4————————————————————————————————

Close % chg Vol. (m)

WINTONI 0.195 5.4 191.4

DIVERSIFIED GATE 0.140 3.7 116.8

PERISAI 0.660 5.6 83.8

ETI TECH 0.075 0.0 35.7

KNM GROUP 0.715 2.9 32.2

EA HOLDINGS 0.140 7.7 25.6

FLONIC HI-TEC 0.050 11.1 25.1

COMPUGATES 0.050 11.1 20.1————————————————————————————————

Close % chg

US$/Euro 1.1200 0.02

RM/US$ (Spot) 3.5840 (0.04)

RM/US$ (12-mth NDF) 3.7073 (0.20)

OPR (% ) 3.22 (0.92)

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,209.35 (0.01)

WTI crude oil US spot (US$/barrel) 48.17 (4.41)

CPO spot price (RM/tonne) 2,266.00 0.62

Market Indices

Top Actives

Economic Statistics

————————————————————————————————————————

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

Show Style "View Doc Map"

Daybreak│Malaysia

February 27, 2015

2

Global Economic News

US initial jobless claims increased to 313,000 in the week ended 21 Feb (282,000 in the week ended 14 Feb). Continuing claims dropped to 2.401m in the week ended 14 Feb (2.422m in week ended 7 Feb). In that same period, the unemployment rate among people eligible for benefits held at 1.8%. (Bloomberg)

US consumer prices (CPI) dropped 0.7% mom in Jan (-0.3% mom in Dec). On a yearly basis, consumer prices dropped 1% yoy in Jan (+0.8% yoy in Dec). Core inflation increased 0.2% mom in Jan (+0.1% mom in Dec) and rose 1.6% yoy in Jan (+1.6% yoy in Dec). (Bloomberg)

US orders for durable goods increased 2.8% in Jan (-3.7% in Dec). Non-defense capital goods orders excluding aircraft increased 0.6% in Jan (-0.7% in Dec). (Reuters)

Japan’s consumer price index (CPI) rose 2.2% yoy in Jan (+2.5% yoy in Dec). Core consumer prices rose 2.1% yoy in Jan (+2.1% yoy in Dec). (CNBC, Bloomberg)

The US Federal Reserve Bank of San Francisco President John Williams said the door is open to central bank interest rate increases any time from mid-Jun onward.

He expressed a good deal of confidence in the US outlook, especially on hiring, saying the jobless rate could fall to 5% by the end of the year. (WSJ)

The Conference Board Leading Economic Index (LEI) for the Euro Area increased 0.3% mom to 103.6 in Jan (+0.3% mom in Dec). The Coincident Economic Index increased 0.1% mom in Jan to 100.1 (+0.1% mom in Dec). (Conference Board)

Eurozone’s lending to the private fell 0.1% in Jan (-0.5% in Dec). (WSJ)

The number of jobless in the Eurozone fell by 20,000 in Feb (-10,000 in Jan). The adjusted jobless rate remained at 6.5% in Feb. (WSJ)

China’s Premier Li Keqiang called for more active fiscal policy and a central bank publication said additional monetary easing is needed, signalling more support is on the way for the world’s second-biggest economy.

He call to aid growth accompanied an announcement of tax breaks for small business. Meanwhile, the central bank should cut bank’s required reserve ratios further to deal with deflation risks. (Bloomberg)

China and South Korea have initialled their free trade agreement (FTA), the end of FTA negotiations. The agreement will cover 17 areas, including trade in goods and services, investment and trade rules, and topics such as e-commerce and government procurement. (Xinhua)

Daybreak│Malaysia

February 27, 2015

3

Hong Kong’s exports rose 2.8% yoy in Jan (+0.6% yoy in Dec) while imports rose 7.9% yoy in Jan (+1.9% yoy in Dec). The trade deficit for Jan is reported at HK$37bn (deficit of HK$59.3bn in Dec). (Bloomberg)

Taiwan’s unemployment rate fell to a seasonally adjusted 3.78% in Jan (3.82% in Dec). On an unadjusted basis, the unemployment rate dropped by 3.71% in Jan (3.79% in Jan). The number of unemployed persons is reported as 430,000 in Jan (439,000 in Dec). The labor force participation rate fell marginally to a seasonally adjusted 58.60% in Jan (58.64% in Dec). (Focus Taiwan, RTT)

Taiwan’s current-account surplus was US$19.18bn in 4Q14 (surplus of US$15.1bn in 3Q14). (Bloomberg)

Singapore’s industrial production grew just 0.9% yoy in Jan (-1.9% yoy in Dec). On a monthly basis, industrial production fell a seasonally adjusted 4.7% mom in Jan (+2.4% mom in Dec). (Straits Times, Bloomberg)

Bank Indonesia (BI) does not have a target level for the rupiah but will always be in the foreign exchange market for measured intervention, said a BI spokesman Peter Jacobs.

The rupiah fell to a 10-week low on 24 Feb and is down nearly 4% so far this year, a trend which he attributed to the strengthening US dollar and not due to BI’s surprise decision to cut its benchmark interest rate. "We cannot possibly go against the market," he said, adding that BI has been intervening only to manage the rupiah's volatility. (Reuters)

Thailand's economic growth target of 3.5-4.5% this year may not be achieved if the export performance is weak, said Pridiyathorn Devakul, Deputy Prime Minister in charge of economic affairs.

He said exports in Jan slumped 3.46% yoy mainly due to the slowdown of the global economy, especially in the mature markets of Europe, the US, Japan and China, which accounted for 40% of total exports from Thailand. (Bernama)

Malaysian Economic News

Strengthening fundamentals over the past five years have placed Malaysia on a firm footing to achieve continued growth in 2015, despite unstable external economic conditions, the Performance Management and Delivery Unit (Pemandu) said.

Chief Executive Officer Datuk Seri Idris Jala said the economic growth in 2014 was led by major industries, including services, manufacturing, construction and mining.

He said Malaysia's exports grew 5.1% to RM741bn (at 2005 constant price) in 2014, largely attributed to the higher demand for manufactured electrical and electronics products and steady demand for commodities.

In his address, he said the Economic Transformation Programme (ETP) approach in driving the top 12 economic sectors and institutionalising various policy reforms has led to a more robust and diversified economy.

"This has mitigated the risks of being overly dependent on oil and gas revenue,” he said. “We are experiencing a significant shift from dependence

Daybreak│Malaysia

February 27, 2015

4

on oil revenue with the reduction from 35.4% of total government revenue in 2010 to 29.7%, as estimated by EPU in 2014," he added. (Bernama)

Kindly refer to our Economic Update for further details.

Domestic and foreign direct investments in Malaysia hit RM235.9bn in 2014, up 7.52%, from RM219.4bn received in 2013.

Domestic Direct Investments (DDIs) accounted for RM171.3bn or 72.6% of total investments, a bulk of which was in the manufacturing, services and primary sector, while the remaining RM64.6bn or 27.4% came from foreign direct investments (FDIs). In 2013, DDIs stood at RM159.94bn while FDIs amounted to RM59.45bn.

Malaysia’s investment performance in 2014 exceeded the average annual investments target of RM148bn set under the 10th Malaysia Plan, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said. The ratio of FDIs and DDIs was in line with the government's drive to actively promote domestic investments, as outlined in the Economic Transformation Programme and the 10th Malaysia Plan, he added.

Total investments approved were in 5,942 projects which is estimated to generate about 178,360 job opportunities, many of which will be in high technology and high value-added industries.

"The services sector accounted for the largest share of total potential employment in the economy with 98,540 job opportunities or 55.3%, followed by the manufacturing sector with 78,340 job opportunities (43.9%) and primary sector with 1,480 employment opportunities (0.8%)," he said. (Bernama)

The ASEAN-Japan Centre (AJC), formerly known as the ASEAN Promotion Centre on Trade, Investment and Tourism will continue to invite top-ranking Asean officials and experts to Tokyo and other cities to update them on their respective countries' investment policies and incentives.

AJC Director for the Trade and Investment Division Songkane Luangmuninthone. said Malaysia, which assumed the ASEAN chair this year, should also play an important role in promoting investment inflow between ASEAN and Japan, as well as, dispatch more missions to Japan.

The experts would also touch about the ASEAN Economic Community (AEC), which is to be established by year-end, besides providing other relevant information to the Japanese business community and promote ASEAN as one. (Bernama)

The government is working hard to create an ecosystem that is conducive to producing more successful entrepreneurs in the future. This is in addition to its ambition of making Malaysia a hub, particularly within ASEAN, for the birth of innovations by new entrepreneurs to be introduced to the world, according to Treasury Secretary General, Tan Sri Dr Mohd Irwan Siregar Abdullah. (Bernama)

Malaysia aims to attract investments worth RM56bn in the manufacturing sector in 2015, a modest target compared with the RM71.9bn it received last year.

Minister of International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the manufacturing sector has remained attractive to investors, with approved investments in the sector surging by 38% to RM71.9bn in 2014 (RM52.1bn in 2013).

Daybreak│Malaysia

February 27, 2015

5

For the services sector, excluding real estate, the government expects to attract RM64.5bn in investments this year, he said.

Despite a challenging external environment this year, he said he still expects a moderate outlook for the investment climate in Malaysia.

He added that currently there are RM65.1bn worth of on-going projects, with RM51.4bn in the manufacturing sector and RM13.7bn in the services sector. (Bernama)

Malaysian Investment Development Authority (MIDA) Chief Executive Officer Datuk Azman Mahmud said the agency will continue to focus on an ecosystem approach to lure investments in the targeted industries.

This includes strengthening the coordination of investment promotion activities, enhancing facilitation of approved investments, and improving the compilation and dissemination of investment statistics.

He said the government, on its part, will continue to introduce various measures and incentives to enhance Malaysia's competitiveness. (Bernama)

The number of companies that have registered for the Goods and Services Tax (GST) stood at 322,286 as of 25 Feb, an increase of 2,851 from the previous day, said the Royal Malaysian Customs Department. (Bernama)

The government would continue to broaden the country's revenue base in order to minimise the country's dependency on revenue from the oil and gas sector, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit (EPU), Datuk Seri Abdul Wahid Omar, said, adding that a broadened and diversified economy would enable the country to better withstand global crises. (Bernama)

The government aims to increase the public sector electronic payment (e-payment) take-up rate to at least 90% by end of this year, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah. He said the current e-payment take-up rate stood at 34%.

"Creating a good e-payment ecosystem in the public sector is very important because the main advantage of a cashless society is that all economic transactions can be recorded electronically,” he said. (Bernama)

When the government realises its objective of having an Urban Transformation Centre (UTC) in each state capital, phase two of the initiative will possibly see more UTCs in Sarawak considering the vastness of the state, said Prime Minister Datuk Seri Najib Tun Razak.

He said, however, this would depend on increased revenue for the government and the nation being on a very strong fiscal footing. (Bernama)

The government will proceed in implementing the nationwide price-reduction campaign from 1 Mar despite the uncertain global oil price scenario, Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Hasan Malek said.

He said traders should not hesitate to reduce the price of their goods because the oil price was not the determining factor for price hikes as it would also occur based on other factors. (Bernama)

Daybreak│Malaysia

February 27, 2015

6

Political News

Pas leaders have praised the decision by Umno not to contest the coming Chempaka by-election. Pas leaders described the decision as "noble" and "wise". They also expressed gratitude for Umno's willingness to sit out the by-election as a mark of respect for the late Pas spiritual leader Datuk Nik Abdul Aziz Nik Mat, whose death left the state seat vacant. Pas leaders were also thankful for the Barisan Nasional government's commitment to concentrate on post-flood relief efforts in Kelantan rather than getting distracted by the by-election. (NST)

Former Finance Minister Tun Daim Zainuddin said Malaysia's lack of clarity over issues is pushing down the ringgit even as the government is talking about strong fundamentals. Daim said people are confused because they have been told that the national fundamentals are strong and yet the ringgit has tumbled in recent months. "People have no faith in the country. If everything was okay, then the ringgit should not have gone down," he said. Asked if the country is in an economic crisis, Daim said Malaysia is in a crisis and the government needs to acknowledge this fact and find ways to improve. (Malaysian Reserve)

Corporate News

CIMB Group Holdings Bhd plans to cut about 50 jobs in Asia to trim costs, people familiar with the matter said. The reductions involve mostly equities-related positions in places including Hong Kong, Taiwan, India and South Korea, the people said, asking not to be named as the plan wasn’t public. (Bloomberg)

CIMB Group Holdings Bhd had received approval from Bank Negara Malaysia (BNM) to confirm Tengku Datuk Zafrul Tengku Abdul Aziz as its group CEO and executive director with immediate effect. Zafrul joined CIMB Group on 2 Jan 2014 and was made acting group CEO nine months later after former chief Nazir Razak relinquished his post and took over as chairman. (Reuters)

IJM Corp Bhd announced that its wholly-owned subsidiary IJM Construction Sdn Bhd has bagged a RM1.19bn contract from Kuantan Port Consortium Sdn Bhd (KPC) to construct New Deep Water Terminal (NDWT) at Kuantan Port, Pahang. In an announcement to Bursa Malaysia, IJM said it will take 36 months to complete the project.

IJM’s wholly-owned subsidiary Road Builder (M) Holdings Bhd has a 62% stake in KPC, with the Government of Malaysia holding a special rights share. With the development of the NDWT, IJM said it will sign a new privatisation agreement for 30 years, with an option to extend another thirty 30 years. (Star Biz)

Sime Darby Bhd President and Group CEO Tan Sri Mohd Bakke Salleh denied a news report that said Tan Sri Liew Kee Sin has resigned as chairman of Battersea Project Holding Company Ltd (BPHC). Responding to questions by reporters on Liew and speculation that Sime Darby was looking to acquire SP Setia Bhd, Mohd Bakke said there was "nothing official" on this matter.

"He (Liew) will continue right up until September as that is what the partners agreed to earlier. We never received any resignation letter from him. It is just market talk. So let's close the case once and for all," he said. (Bernama)

Daybreak│Malaysia

February 27, 2015

7

Sime Darby Bhd will defer the listing of its automotive arm to 2H15. "Our intention is to achieve the best valuation. as such, when the external landscape is not conducive, it would not be advisable to put the company on a listing mode," said president and group CEO Tan Sri Mohd Bakke Salleh said. (StarBiz)

Karex Berhad has proposed a private placement of up to 40.5m new ordinary shares, representing up to 10% of the issued and paid-up share capital of Karex. The company also proposed a bonus issue of new shares on the basis of 1 bonus share for every 2 shares held after the proposed private placement. (BMSB)

BIMB Holdings Bhd has submitted an application to extend the time it has to submit its fourth quarter results. In a filing with Bursa Malaysia yesterday, BIMB said it had made the application on Wednesday. No reason was given for the need of the extension. (The Sun)

The Cabinet has rejected a proposed RM3bn cash injection for the debt-laden 1Malaysia Development Bhd (1MDB), narrowing the financing options for the strategic investor to repay its debts on time. The Malaysian Insider understands a majority of ministers at this week's Cabinet meeting on Wednesday did not approve the minutes of the previous week's meeting for the amount.

Other sources confirmed the Cabinet rejection, which is seen as a blow to the wholly-owned government company that was set up in 2009 to invest in key economic sectors under Prime Minister Datuk Seri Najib Razak's rule. "Options are narrowing for MoF as 1MDB cannot raise its own funds right now. It basically needs money from its only shareholder, the government," said another source. (MalaysianInsider)

Khazanah Nasional plans to issue a sukuk worth up to RM1bn to help fund schools, its managing director said on Thursday. Speaking to Reuters on the sidelines of an Islamic finance event in London, the fund's head Azman Mokhtar said the planned "social impact sukuk" is awaiting regulatory approval from Malaysian financial regulators. The move is aimed at opening funding for education to a broad pool of investors rather than financing it out of its own reserves, he added.

"The objective for us is not really fund raising. We could fund this ourselves. This is to open it up to others," he said, adding approval could come within two months.Mokhtar said "a lot of charitable organisations, family offices and trusts" wanted to participate in the fundraising and this had helped prompt Khazanah into setting up the sukuk rather than using its own money.

Ingress Corporation Bhd (ICB), has signed a joint-venture (JV) agreement with Katayama Kogyo Co Ltd. Japan, to establish a RM46m research and development (R and D) and manufacturing facility. The state-of-the-art facility is to be located in ICB's Bandar Baru Bangi (Selangor) plant. It will design, develop and manufacture automotive parts toolings for use in ICBs operating companies as well as reexport to Katayamas operation in Japan and globally. The transfer of technology from Katayama to Ingress-Katayama Technical Centre Sdn Bhd (IKT), the JV company, will be over three years, said ICB in a statement. (StarBiz)

Daybreak│Malaysia

February 27, 2015

8

United Malayan Land Bhd (UMLand) expects to launch projects in Johor and the Klang Valley this year with a combined gross development value of RM1.5bn. Among the projects are Bandar Seri Alam, Bandar Seri Albion and UM City in Medini Iskandar, located in Johor Baharu. Group CEO Datuk Chia Lui Meng said the group sees potential in projects in Johor Baharu due to its location near Singapore.

"This year, our emphasis is on affordable landed homes rather than apartments due to the encouraging demand we have received from buyers," he told reporters at the company's Chinese New Year celebrations. (StarBiz)

Brahim Holdings Bhd is still upbeat on growing its food and beverage (F&B) business despite a failed attempt to buy the Burger King franchise here and Singapore from Ekuiti Nasional Bhd (Ekuinas). BT understands that Brahim's is talking to a local food operator which has more than 70 outlets in its portfolio, and a yearly turnover of RM120m. Brahim's founder and executive chairman Datuk Seri Ibrahim Ahmad Badawi said the company is in discussions with several parties for new F&B acquisition to balance out its dependency on its in-flight catering business. (BT)

Moulded timber manufacturer NWP Holdings Bhd expects a double digit growth in revenue for FY15 driven by the increase in its range of timber products. ED Chang Chee Ching told that the projection is based on the encouraging growth in its revenue in 1QFY15 that saw revenue surge by 8 times to RM5.1m from RM64k a year earlier. Chang said the company will continue to focus on China for export of its moulded timber products for this year and hinted there might be a possibility of entering new markets. (Malaysian Reserve)

Daybreak│Malaysia

February 27, 2015

9

BMSB: Changes in shareholdings

Type of No of Ave Price

26-Feb-15 Date transaction securities Company (RM)

EPF 23/2 Disposed 2,254,300 TELEKOM MALAYSIA

EPF 23/2 Disposed 2,133,100 IJM CORPORATION

EPF 23/2 Disposed 1,965,500 GAMUDA

EPF 23/2 Disposed 1,890,400 MAH SING GROUP

EPF 23/2 Disposed 1,879,100 AMMB HOLDINGS

EPF 23/2 Disposed 1,741,500 PUBLIC BANK

EPF 23/2 Disposed 1,221,900 PAVILION REIT

EPF 23/2 Disposed 1,212,100 SUNWAY REIT

EPF 23/2 Disposed 1,138,800 DIGI.COM

EPF 23/2 Disposed 1,000,000 HONG LEONG BANK

EPF 23/2 Disposed 1,000,000 MAXIS

EPF 23/2 Disposed 507,000 IHH HEALTHCARE

EPF 23/2 Disposed 459,600 MALAYSIA AIRPORTS

EPF 23/2 Disposed 410,300 CAHYA MATA SARAWAK

EPF 23/2 Disposed 359,800 SUNWAY BERHAD

EPF 23/2 Disposed 316,000 PETRONAS GAS

EPF 23/2 Disposed 150,000 IOI PROPERTIES GROUP

EPF 18/2 Disposed 127,800 MISC

EPF 23/2 Disposed 100,000 GENTING PLANTATIONS

EPF 23/2 Disposed 81,200 MALAYAN BANKING

EPF 23/2 Disposed 74,300 TOP GLOVE

EPF 23/2 Disposed 73,900 ORIENTAL HOLDINGS

EPF 23/2 Disposed 5,200 SHELL REFINING

EPF 23/2 Disposed 2,400 KUALA LUMPUR KEPONG

Skim Amanah Saham Bumiputera 17/2 Disposed 222,700 MISC

Kumpulan Wang Persaraan 17/2 Disposed 719,000 FELDA GLOBAL VENTURES

Aberdeen Asset Management PLC 23/2 Disposed 1,010,000 POS MALAYSIA

Aberdeen Asset Management PLC 24/2 Disposed 85,200 BAT

EPF 23/2 Acquired 6,338,200 SAPURAKENCANA PETROLEUM

EPF 18/2 Acquired 2,946,600 CIMB GROUP

EPF 23/2 Acquired 2,728,200 BIMB HOLDINGS

EPF 23/2 Acquired 2,000,000 SIME DARBY

EPF 23/2 Acquired 1,720,500 AFG

EPF 23/2 Acquired 644,000 IOI CORPORATION

EPF 23/2 Acquired 634,000 YTL CORPORATION

EPF 23/2 Acquired 500,000 KPJ HEALTHCARE

EPF 23/2 Acquired 397,300 MBM RESOURCES

Mondrian Investment Partners Limited 24/2 Acquired 751,300 AMMB HOLDINGS

Aberdeen Asset Management PLC 23/2 Acquired 130,000 ORIENTAL HOLDINGS

WCT HOLDINGS 26/2 Shares Buy Back 145,100 WCT HOLDINGS 1.63 SOURCES: BMSB

BMSB: Off-market transactions

26-Feb-15 Vol

CAP 24,000,000

BJFOOD 20,000,000

NICE 12,100,000

CIHLDG 8,951,200

ASIAPAC 5,200,000

SUNWAY 1,500,000

BERTAM 1,029,500

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

SOURCES: BMSB

Daybreak│Malaysia

February 27, 2015

10

BMSB: Entitlements & trading rights

27-Feb-15 Ann Date Entitlement Ex-date Entitlement

ECO WORLD 25-Apr-14 Rights issue 1:2 @ RM1.20, 4 Free Warrants : 5 rights shares 3-Mar-15 5-Mar-15

SOURCES: BMSB, TE: Tax Exempt

BMSB: Dividends

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

BAT Fourth interim dividend - single tier 78.00 16-Feb-15 2-Mar-15 4-Mar-15 26-Mar-15

HARTALEGA Second interim dividend - single tier 3.00 11-Feb-15 3-Mar-15 5-Mar-15 26-Mar-15

GAS MALAYSIA Second interim dividend - single tier 4.00 12-Feb-15 3-Mar-15 5-Mar-15 25-Mar-15

PETRONAS DAGANGAN Special dividend - single tier 22.00 12-Feb-15 3-Mar-15 5-Mar-15 27-Mar-15

IOI CORPORATION Interim dividend - single tier 4.50 13-Feb-15 3-Mar-15 5-Mar-15 13-Mar-15

PETRONAS GAS 3rd interim dividend - single tier 15.00 17-Feb-15 5-Mar-15 9-Mar-15 25-Mar-15

PETRONAS CHEMICALS Second interim dividend 8.00 18-Feb-15 5-Mar-15 9-Mar-15 24-Mar-15

HAP SENG PLANTATIONS Second interim dividend - single tier 5.00 23-Feb-15 6-Mar-15 10-Mar-15 25-Mar-15

PHARMANIAGA Fourth interim dividend - single tier 12.00 23-Feb-15 9-Mar-15 11-Mar-15 26-Mar-15

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

TOMYPAK Interim dividend - single tier 1.00 26-Feb-15 11-Mar-15 13-Mar-15 1-Apr-15

WELLCALL HOLDINGS First interim dividend - single tier 2.30 26-Feb-15 12-Mar-15 16-Mar-15 26-Mar-15

WAH SEONG Second interim dividend - single tier 2.50 26-Feb-15 12-Mar-15 16-Mar-15 3-Apr-15

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

DRB-HICOM  Interim dividend - single tier 1.50 26-Feb-15 27-Mar-15 31-Mar-15 28-Apr-15

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

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

TASEK CORPORATION Final dividend + 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…

27-Feb-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 of RM0.25 each, Bonus issue 1:2 SOURCES: BMSB

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Corporate Actions

February 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Federal Territory Day Replacement Holiday Thaipusam Guinness 2Q & briefing, Public Bank 4Q & briefing, MMHE 4Q, Trade Balance, Imports, Exports

Maxis 4Q & conf. call, MISC 4Q & conf. call, Foreign Reserves

8 9 10 11 12 13 14

DiGi 4Q & conf. call, Dialog 2Q

Hartalega 3Q, F&N 1Q, IPI, Manufacturing Sales

Westports 4Q & briefing, Daibochi 4Q, MSM 4Q, Benalec 2Q

PetDag 4Q, Unisem 4Q & briefing, AMMB 3Q, SBC 3Q, YTL Corp 2Q, YTL Power 2Q, Gas Malaysia 2Q, Daibochi 4Q briefing, GDP, BoP Current Account Balance

MAHB 4Q & briefing, Magnum 4Q, Signature 2Q, IOI Corp 2Q

15 16 17 18 19 20 21

BAT 4Q, Mah Sing 4Q, KLK 1Q, Bintulu Port 4Q, AFG 3Q

IFCA 4Q, Petronas Gas 4Q, Tasek Corp 4Q, Oriental Holdings 4Q

PetChem 4Q, CPI

Chinese New Year Chinese New Year 2nd Day

22 23 24 25 26 27 28

UMW-OG 4Q, Nestle 4Q, Perdana 4Q, MRCB 4Q, Hap Seng Plant 4Q, Pharmaniaga 4Q

FGV 4Q, AirAsiaX 4Q, Jobstreet 4Q, Foreign Reserves (mid-month data)

Axiata 4Q & conf call, Perisai 4Q, Tan Chong 4Q, UOA Dev 4Q, Kossan 4Q, Prestariang 4Q, Media Prima 4Q, Genting Plant 4Q, HL Bank 2Q & briefing, Tune Ins 4Q, Bonia Corp 2Q, Sunway 4Q, WCT 4Q, Ta Ann 4Q, HeveaBoard 4Q, GHL Systems 4Q, Hovid 2Q

TM 4Q & conf. call, UEM Sunrise 4Q & conf. call, UMW 4Q, Maybank 4Q, Tomypak 4Q, Karex 2Q, QL 3Q, Sime Darby 2Q & briefing, MCIL 3Q, Uchi 4Q, Uzma 4Q, Media Prima 4Q, briefing, Tune Ins 4Q conf. call, AirAsia 4Q, DRB-Hicom 3Q, Bumi Armada 4Q, Ann Joo 4Q, Eksons 3Q, Genting Plant 4Q, Genting Malaysia 4Q, Genting Bhd 4Q, Lafarge 4Q, Affin 4Q, Puncak Niaga 4Q, Wah Seong 4Q, Wellcall 1Q

CIMB 4Q & briefing, RHB Cap 4Q, E&O 3Q & briefing, Star 4Q, Carlsberg 4Q, TH Heavy 4Q, Thong Guan 4Q, 7-Eleven 4Q, Supermax 4Q, MyEG 2Q, Cuscapi 4Q, Asia File 3Q, KPJ 4Q, Jaya Tiasa 2Q, IJM Corp 3Q, Mudajaya 4Q, Muhibbah 4Q, Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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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

UEM Sunrise analyst briefing

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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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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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.