REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 27 March 2015

▌What’s on the Table…

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

Gamuda - Transition to bigger things

Gamuda's annualised 1HFY7/15 core net profit was 2% above our full-year forecast and 11% above consensus. We deem the results broadly in line, as 2H15 will be dragged by weaker property sales but offset by MRT profits. We are not too negative on the 3-to 6-month delay in MRT 2, given the alignment changes. And we are encouraged by the earlier mid-2015 timing of the decision on the PDP for the RM27bn Penang PTMT. We maintain our FY15 EPS forecast, as we expect FY15 to be another record year but cut FY16-17 EPS for slower property sales. We raise our target price, still pegged to a 10% RNAV discount, as we update for balance sheet items. Maintain Add, with the MRT 2, Penang PTMP and Splash sale resolution as catalysts.

Perdana Petroleum - Let it GO?

Armed with a fresh war chest, cash-rich Dayang raised its stake in Perdana to 29.9% last week, raising the possibility of a general offer (GO). Interestingly, we note that another major shareholder, Lembaga Tabung Haji (LTH), is likely to exit Perdana, which is no longer shariah-compliant. We continue to value the stock at 10.5x CY16 P/E, still at a 30% discount to the oil & gas big caps. Perdana remains an Add and our top oil & gas small-cap pick, with the potential GO and an expanding fleet as the potential re-rating catalysts.

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • Malakoff says no delay in Tanjung bin power plant project

• Naza proposes to finance up to 90% of LRT3

• Malaysian Airlines to renegotiate 4,000 contracts

• CIMB confirms appointment as adviser for Edra sale

• Eco World Investments to launch UK projects

• 1MDB owes RM5bn to local financial institutions, says government

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

———————————————————————————

FBMKLCI

1818.42 -0.68pts -0.04%Mar Futures Apr Futures

1816 - (-0.11% ) 1813.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged430 393 343

———————————————————————————

Turnover2443.39m shares / RM1955.352m

3m avg volume traded 2018.96m shares

3m avg value traded RM2055.77m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,818 3,432 5,369 1,496 24,497 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,818.42 (0.0) 3.2

FBM100 12,171.44 0.1 3.0

FBMSC 16,341.07 0.7 8.7

FBMMES 6,973.75 0.0 23.4

Dow Jones 17,678.23 (0.2) (0.8)

NASDAQ 4,863.36 (0.3) 2.7

FSSTI 3,431.59 0.4 2.0

FTSE-100 6,895.33 (1.4) 5.0

SENSEX 27,457.58 (2.3) (0.2)

Hang Seng 24,497.08 (0.1) 3.8

JCI 5,368.80 (0.7) 2.7

KOSPI 2,022.56 (1.0) 5.6

Nikkei 225 19,471.12 (1.4) 11.6

PCOMP 7,871.10 0.4 8.9

SET 1,496.41 (1.1) (0.1)

Shanghai 3,682.10 0.6 13.8

Taiwan 9,619.12 (0.5) 3.4————————————————————————————————

Close % chg Vol. (m)

ASIA BIOENERGY 0.105 (4.5) 115.9

SUMATEC 0.230 4.5 105.8

PRIVASIA 0.365 (2.7) 104.6

GENETEC TECH 0.215 (4.4) 84.6

PERISAI 0.585 8.3 62.7

DAYA MATERIALS 0.145 7.4 61.5

ES CERAMICS 0.305 8.9 48.4

KNM GROUP 0.700 8.5 43.0————————————————————————————————

Close % chg

US$/Euro 1.0876 (0.08)

RM/US$ (Spot) 3.6620 (0.03)

RM/US$ (12-mth NDF) 3.7854 (0.22)

OPR (% ) 3.24 0.31

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,204.14 (0.06)

WTI crude oil US spot (US$/barrel) 51.43 5.69

CPO spot price (RM/tonne) 2,184.00 0.74

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

March 27, 2015

2

Global Economic News

US initial jobless claims decreased to a seasonally adjusted 282,000 in the week ended 21 Mar (291,000 in week ended 14 Mar). Continuing claims decreased to 2.416m for the week ended 14 Mar (2.422m in week ended 7 Mar). (WSJ, Bloomberg)

The US "flash" Services Purchasing Managers Index (PMI) by Markit rose to 58.6 in Mar (57.1 in Feb), the highest reading since Sep. Composite PMI increase to 58.5 in Mar (57.2 in Feb). (Reuters, Bloomberg)

Current low levels of US inflation are likely temporary and the risks of keeping policy rates at zero for too long "may be substantial," US Federal Reserve Bank of St. Louis President James Bullard said, but added that “even with some normalization, policy will remain exceptionally accommodative." (WSJ)

US Atlanta Federal Reserve Bank president Dennis Lockhart said he is confident that recent weak economic data will prove temporary and do no not indicate the economy is downshifting to slower growth.

Winter weather is partly to blame, he said. Weak oil prices are also proving a drag because the impact on capital investment among energy firms has proven immediate, while consumers so far are pocketing the savings from lower gas prices rather than spending them. (Reuters)

Private-sector loan growth in the Eurozone declined 0.1% yoy in Feb (-0.2% yoy in Jan). Annual broad M3 money supply was up 4.0% yoy in Feb (+3.7% yoy in Jan). (WSJ)

The European Central Bank (ECB) President Mario Draghi said that the bank expects its bond buying program to reach €60bn (US$65.83bn) by the end of Mar, despite having started only on 9 Mar.

He said fears that there could be a scarcity of bonds to buy were unfounded, adding that such concern "isn't realistic." He expressed "optimism" that the central bank monetary policy is strengthening the economic cycle, but warned that this economic recovery "isn't structural." (WSJ)

Japan is stepping up pressure on companies to use their near-record cash stockpiles to help drive growth, with Finance Minister Taro Aso saying the government should consider a tax to prod businesses into action.

Companies are piling up savings by ¥2tr (US$16.8bn) a month, a pace that “isn’t normal,” he said, adding that companies that don’t use their profits for wages or investment are “scrooges.”

Even so, he said that the money companies build up has already been taxed, so the government would need to keep in mind that any extra levy would be double taxation. (Bloomberg)

The China State Administration of Foreign Exchange (SAFE) played down concerns over a weaker yuan and capital flight, saying the local currency remained strong and capital was flowing into China, not out.

Daybreak│Malaysia

March 27, 2015

3

SAFE’s head of comprehensive management department Wang Yungui said they “did see some net capital outflows between Aug and Dec last year. But we have net capital inflows now."

Companies and individuals increased their foreign-exchange deposits at the nation's banks by US$63.9bn in the first two months of the year compared with the same period in 2014, he added. (WSJ)

South Korea said it would join China's planned Asian Infrastructure Investment Bank (AIIB), the latest US ally to sign up to an institution viewed with scepticism by Washington. (WSJ)

South Korea consumer confidence slipped in Mar to score 101.0 (103.0 in Feb). (RTT)

The Bank of Korea (BOK) said it will raise the ceiling on loans extended to smaller firms through commercial lenders to KRW20tr (US$18.11bn) from the current KRW15tr and cut the rates on some loan schemes as well, the latest move by the central bank to support its economy.

The loans, which BOK extends through commercial banks, carry an annual interest rate ranging from 0.5% to 1.0%. The loan cap is determined on a quarterly basis. (Korean Herald)

Hong Kong's export growth to 7.2% yoy in Feb (+2.8% yoy in Jan). Imports fell 0.9% yoy in Feb (+7.9% yoy in Jan), resulting in a narrower trade deficit of HK$35.9bn in Feb (HK$37bn in Jan). (RTT, Bloomberg)

Taiwan’s central bank in its quarterly board meeting decided to keep the rediscount rate unchanged at 1.875%, the collateralized loan rate at 2.25% and the unsecured loan rate at 4.125%.

The central bank governor dismissed deflation concerns, saying that oil price distortions are temporary and may start to fade away in the second half of the year.

The governor also shrugged off the need for rate cuts, noting that “Taiwan’s interest rate is lower than that in South Korea and there is already sufficient liquidity to support business activity.” (Taipei Times)

Singapore’s manufacturing output declined 3.6% yoy in Feb (+1.3% yoy in Jan). On a seasonally adjusted month-on-month basis, manufacturing output increased 4.1% mom in feb (-4.7% mom in Jan). (CNA, Bloomberg)

Thailand's exports fell 6.14% yoy in Feb (-3.46% yoy in Jan) while imports rose 1.47% yoy (-13.33% yoy in Jan), resulting in a trade surplus of US$390m in Feb (US$457m deficit in Jan). (WSJ, Bloomberg)

The Bangko Sentral ng Pilipinas (BSP) decided to keep its key policy rates unchanged for the fourth consecutive meeting as inflation expectations continued to fall within the target banks for this year until the next.

The overnight borrowing and overnight lending rates were kept at 4% and 6%, respectively. The interest rates on the reverse repurchase, repurchase, and the special deposit account facility and the reserve requirement ratios were also maintained.

Daybreak│Malaysia

March 27, 2015

4

The central bank also downgraded its forecast for average inflation this year to 2.2% from 2.3%, while keeping its 2.5% estimate for average inflation in 2016. (Philippines Star)

Vietnam’s gross domestic product (GDP) rose 6.03% yoy in 1Q15 (+6.96% yoy in 4Q14). (Bloomberg)

Malaysian Economic News

Malaysia needs to overcome dip in economic growth to prepare itself for becoming a high-income nation by 2020, according to the International Monetary Fund (IMF) first deputy managing director David Lipton. “The biggest challenge for Malaysia to overcome its dip in economic growth, and to restore it to [past levels] and sustain it. Through its 2020 economic convergence ambition, Malaysia plans to grow from a middle-income country to a high-income country with a per capita gross domestic product (GDP) rising to about US$15,000 (RM55,088) and that is [also] a challenge that the Malaysian government needs to take on,” he said. (Financial Daily)

The cost of inpatient care in private hospitals (admitted to the ward) will be lower when the goods and services tax (GST) is implemented. Customs Senior Assistant Director II Norazura Hashim said the current service tax of six percent which is imposed on lodging and meals provided to patients in the ward will not be subject to GST when implemented. "When GST is implemented, both these services will be exempted, patients will not be taxed the six per cent," she said. (Bernama)

A research on the Consumer Price Index (CPI) shows that eight categories of goods and services will result in price reductions. Clothing and footwear will decline 2.71%; communication (1.86%); furnishing, household equipment and maintenance (1.57%); restaurants and hotels (1.2%); transportation (0.94%); alcoholic beverages and tobacco (0.73%); housing, water, electricity, gas and fuels (0.12%); and miscellaneous goods and services (0.08%).

The prices of other categories of goods and services in the CPI basket, such as health, recreation and culture, food and non-alcoholic beverages and food away from home, are expected to increase slightly by between 0.67% and 2.21%. This is because currently these goods and services are not subjected to sales or service tax. (Bernama)

The government will study the impact of the Goods and Services Tax (GST) on civil servants, including on the salary and allowances, beginning July, said Chief Secretary to the Government Tan Sri Dr Ali Hamsa. He said the government would have to wait after the implementation of the GST beginning 1 Apr, and see its impact, before making any decision. "The government has never neglected the welfare of civil servants, if there is additional revenue, the civil servants will also enjoy it. This includes salary or allowance increments, but now is not a suitable time to discuss," he said. (Bernama)

Daybreak│Malaysia

March 27, 2015

5

About 55,000 small and medium enterprises (SMEs) which have downloaded the Goods and Services Tax (GST) e-voucher need to redeem the government's aid before the end of this month, says Minister of International Trade and Industry Datuk Seri Mustapa Mohamed. A total of 150,000 companies have downloaded the e-voucher and only 95,000 have utilised them. "They only have five days to redeem the e-voucher...so hurry up before the implementation of the GST on 1 Apr," he said. (Bernama)

Malaysia's debt level is still in the safe zone with a deficit of less than 4%, the Dewan Rakyat was told. Minister in the Prime Minister's Department (JPM), Datuk Seri Abdul Wahid Omar said Malaysia managed to reduce the deficit from 6.9% in 2009 to 3.5% in 2014. "This means that Malaysia has entered the safe zone. In terms of financial management, we are getting better," he said. A country's financial position is deemed to be in the safe zone if it has debt of 70%, including contingent liabilities and a deficit of less than 4%.(Malaysian Insider)

Deputy Finance Minister Datuk Ahmad Maslan said Malaysian households' financial assets to household debt ratio of 214% last year should be good news, as most of the debt was incurred for purchases of properties or assets. He said although the household debt to Gross Domestic Product (GDP) ratio of 87.1% in 2014 can be seen as high in the Asian region, it is not worrying as Malaysian households have a high level of asset ownership relative to their debt level. "The main reason for the growth in household debt is rising house prices, with purchases of residential properties accounting for nearly 50%,” he said. (Bernama)

The Public Sector Home Financing Board Bill 2015 was tabled for the first reading in the Dewan Rakyat. Deputy Finance Minister Datuk Ahmad Maslan, when tabling it, stated, among others, the function of the board was to manage its fund and administer facilities for public sector home financing.

The bill also included provisions on the appointment of board members, comprising the Treasury Secretary-General as chairman, the Attorney-General or his representative, the Accountant-General or his representative, as well as the Chief Executive officer as an ex-officio member.

The financing facility will be given to those eligible for purchase of houses which are completed or under construction, purchase of land for building of a house as well as to make full settlement or part of existing loan obtained from banks or financial institutions for purchase of a house, land and building of road to residence. (Malaysian Insider)

Political News

Datuk Seri Abdul Hadi Awang has lashed out at "ignorant Muslims" who spoke against hudud. In an "open letter to Muslims", the PAS president said these people should not jump to conclusions or criticise hudud without proper knowledge about the Islamic law. He clarified that "PAS' attempt to table the Private Member's Bill in Parliament was not to enforce the entire hudud but only to suggest amendments to the Syariah Criminal Code to allow "one or two" aspects of the law to be enforced on Muslims. Several groups, including Sisters in Islam and the G25 Group of Concerned Muslim Citizens, recently spoke against the implementation of hudud in Malaysia. (Star)

Daybreak│Malaysia

March 27, 2015

6

Corporate News

The Naza Group, which is jointly bidding for the role of project delivery partner (PDP) for the development of the RM9bn light rail transit line three (LRT 3) with China-based CSR Zhuzhou Electric Locomotive Co Ltd, has proposed to finance up to 90% of the project.

“The bid by Naza-CSR for the LRT3 project will not just be confined to the role of PDP but will also provide funding of up to 90% of the project cost,” said a source. The tender by Naza was submitted via unit Naza Engineering & Construction Sdn Bhd (Naza EC), after the inking of a long-term partnership with CSR, China’s largest electric locomotive manufacturer.

The source also said Naza had proposed to jointly implement and carry out the development and construction of other potential rail projects in Malaysia, such as the High-Speed Rail project linking Kuala Lumpur and Singapore.

The company is competing for the coveted role of PDP with five other parties – a joint venture between Gamuda Bhd and MMC Corp Bhd, a tie-up between Malaysian Resources Corp and George Kent (M) Bhd, UEM Group Bhd, Sunway Bhd and a collaborative effort involving WCT Bhd and AlloyMtd Group (which is the merged entity of MTD Capital Bhd and Alloy Consolidated Sdn Bhd). The six parties were shortlisted for the PDP role by Prasarana Malaysia Bhd. (Starbiz)

Cahya Mata Sarawak Bhd (CMSB) is upping its stake in the ferrosilicon and manganese alloys smelting project in Samalaju Industrial Park (SIP) by another 5% for US$18.45m (RM67.53m). Its wholly-owned subsidiary, Samalaju Industries Sdn Bhd (SISB), yesterday entered into a share sale agreement with OM Materials (S) Pte Ltd (OMS), a unit of OM Holdings Ltd (OMH), to purchase the 5% stake. Upon its successful completion, SISB's effective interest in the Sarawak project will be 25%. (sun)

Newly-formed Malaysia Airlines Bhd (MAB) has identified 4,000 contracts for renegotiations under its recovery plan. Prime Minister Datuk Seri Najib Tun Razak said this was among the measures taken to turn around the national carrier following the takeover by Khazanah Nasional Bhd. “Some 4,000 contracts have been identified under a comprehensive review of MAS contracts,” he said in a written reply to a question raised by Zuraida Kamaruddin (PKR-Ampang) in Parliament yesterday. The review, he added, included novation of the contracts to create a new obligation from the previous one, termination and renegotiations.

“MAS is currently negotiating with Brahim’s Airline Catering Sdn Bhd to enter into a new catering agreement,” he said. He added that MAS and Brahim’s had also entered into a settlement agreement for a temporary period between Oct 1, 2014 and March 31 this year. “The (settlement) agreement will see a reduction of monthly expenses in the period agreed apart from resolving outstanding costs on the whole,” he said. (Starbiz)

SP Setia acting president and CEO Datuk Khor Chap Jen said the leadership change that took place within the company over the past year should not worry investors. "There shouldn't be any doubts on SP Setia because we have not delayed any project. So far, we have completed our projects on schedule." On the appointment of a new president and CEO, Khor said there will be an announcement at the board meeting next month. "I am confident that this matter will be discussed and they will probably make a decision then." (BT)

Daybreak│Malaysia

March 27, 2015

7

Eco World Investment (EWI), a private vehicle owned by Tan Sri Liew Kee Sin and Datuk Voon Tin Yow, will launch up to £1.2bn worth of properties in London this year. EWI has a 75% stake in Eco World Ballymore Holding Co Ltd (EcoWorld-Ballymore), which is acquiring three sites in London from the Ballymore Group for £428.7m. The three large-scale residential projects will comprise as many as 2,900 units with a total gross development value (GDV) of £2.3bn. UK-based Ballymore Group owns the remaining 25% in EcoWorld-Ballymore. (BT)

Prestariang has signed a teaming agreement with Unisys Malaysia to provide technology support services and related services in Malaysia. Under the agreement, the company will oversee programme management and provide end-user training and draw on Unisys' proven technology solutions. (Press release)

Shareholders of AirAsia X Bhd (AAX) will vote on Friday on its cash call to raise up to RM395m under its recovery plan. The cash call involves a proposed renounceable rights issue with free detachable warrants. ( StarBiz)

Two Perak state assemblymen have declared their support for Tenaga Nasional Bhd's (TNB) plan to take over Integrax Bhd which controls ports in the Lumut district in the interest of the state economy. They are Sungai Manik assemblyman Datuk Zainol Fadzi Paharudin and his colleague Datuk Rashidi Ibrahim (Pasir Panjang). Zainol Fadzi is also the Exco for Public Utilities, Infrastructure, Water and Electricity and he said the take over is not merely a form of investment for TNB but also to benefit the people.

"The issue of Perak selling state assets as alleged by some quarters does not arise. When TNB takes over, it will provide returns for the state government. "I hope this matter will not be politicised, " he added. (Bernama)

Telekom Malaysia Bhd (TM) has signed an agreement with Nusajaya Tech Park Sdn Bhd (NTPSB) for the purchase a 7.94-acre piece of freehold land within Nusajaya Tech Park in Iskandar Malaysia, Johor and the construction of a data centre and office infrastructure for RM137.9m. TM said a service agreement was also entered between the two companies, which will see TM providing connectivity services into Nusajaya Tech Park. "The provision of UniFi services will be based on a smart partnership model, at a total value of RM1.96m," it said. (Financial Daily)

Clearing forests for palm oil plantations is a "technical" matter that should not get tied up with trade discussions, an Indonesian minister told a land and poverty conference. Growing global demand for palm oil is fuelling rapid deforestation in Indonesia, at a faster pace than in Brazil's Amazon region, making Indonesia a major contributor to global warming. But Prabianto Mukti Wibowo, assistant deputy minister for forestry in the Economic Affairs Ministry, told a World Bank conference on land and poverty held in Washington this week that deforestation was a rich-country concern.

"We know that our primary customers are not concerned about deforestation," he said. Asian nations, led by India, China and Pakistan, buy 55% of Indonesia's palm oil exports, while Europe buys only 8%, yet Europe puts much of the pressure on Indonesia not to cut down and burn forests to make way for plantations, he added. (Reuters)

Daybreak│Malaysia

March 27, 2015

8

Construction work on Malakoff Corporation Bhd’s new 1,000MW coal-fired power plant in Tanjung Bin, Johor, is on track, said Tanjung Bin Energy Sdn Bhd assistant project director Mohd Syahrul Izwan Ismail. Denying reports that the Tanjung Bin Energy Power Plant (T4) project has been delayed for about six months, he expressed confidence that the plant would commence commercial operations on March 1, 2016 as scheduled. “I’m not sure where the references (reports) came from, but as far as we are concerned, March 1 next year is still the target date for us to complete the project,” he told reporters on a one-day media familiarisation trip to Malakoff’s Tanjung Bin Power Plant (TBPP) and T4 in Pontian. (NST)

The Employees Provident Fund (EPF) Board has ceased to be a substantial shareholder of Top Glove Corporation Bhd after the disposal of five million shares. A filing by the world’s biggest glove manufacturer on Thursday showed the EPF had disposed of the shares on Monday and reduced its shareholding to 26.93 million shares or below the 5% level. (StarBiz)

Putrajaya revealed that controversial 1Malaysia Development Berhad (1MDB) has accrued over RM5bn in debts with local financial institutions. In a two-line written reply to Rafizi Ramli (PKR-Pandan), Finance Minister Datuk Seri Najib Razak said: "As of January 2015, 1MDB's total debts with local banks are RM5.037bn." In his question, Rafizi had asked the minister to list every debt 1MDB had with local banks as of January this year, and to reveal the latest annual audit results conducted by Bank Negara Malaysia (BNM) for each debt. (Malaysian Insider)

CIMB Group announced that it has been appointed to act as adviser to the Ministry of Finance (MoF) for the sale of 1Malaysia Development Bhd's (1MDB) power arm, Edra Global Energy Bhd to strategic investors. CIMB said it received the letter of appointment yesterday, whereby its role will include "identifying potential buyers and running a competitive process for Edra to derive an optimal outcome for MoF."

CIMB's appointment came a day after Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said in Parliament that the government had asked the country's second largest banking group to be a third party to assist the evaluation of 1MDB's proposed initial public offering. (sun)

Bina Puri Sdn Bhd, a wholly-owned subsidiary of Bina Puri Holdings Bhd has won a massive sewage treatment plant project to provide for the expected increase of urban dwellers in Setapak for the next 20 years. This award to expand and upgrade the existing Bunus Regional Sewage Treatment Plant at Jalan Chan Chin Mooi, Titiwangsa, will increase its treatment loading capacity of sewage discharges by three times of 1.1m residents expected by 2035.

This project, costing RM291.16m will be completed within 18 months.

It entails the construction, equipping, testing and commissioning of the Bunus Regional Sewage Treatment Plant including maintenance of the project for 12 months. (NST)

Taliworks Corporation’s indirect subsidiary, TEI, has acquired a 35% equity interest in Cerah Sama for RM80m, the company announced in a filling to Bursa Malaysia. (Bernama, BT)

Daybreak│Malaysia

March 27, 2015

9

Property developer MCT Consortium Bhd, en route to a listing on Bursa Malaysia on April 6, intends to use proceeds from its initial public offering (IPO) to help pay for new land acquisitions. The company is targeting to raise RM300m from the public by pricing its IPO at between RM1.26 and RM1.30, according to director of development K K Lim. Lim said MCT Consortium had attracted “good strategic investors” as shareholders with the reverse takeover of GW Plastics Holdings Bhd. The company, he said, would be in a net cash position post-listing.

“There will be plenty of room for the group to do strategic land banking, and we will definitely go into land banking when the opportunity comes,” Lim told StarBiz. (Starbiz)

Bioalpha Holdings Bhd, an integrated health supplements company, will offer 100m new shares at 20 sen each to raise RM20m from its initial public offering. A major portion of the proceeds will be used for research and development (R&D) expenditures, capital expenditures (capex), repayment of bank borrowings as well as working capital to finance its business expansion. The company is expected to have a market capitalisation of about RM92.7m upon listing. (sun)

Daybreak│Malaysia

March 27, 2015

10

BMSB: Changes in shareholdings

Type of No of Ave Price

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

EPF 20/3 Disposed 7,000,000 CIMB GROUP

EPF 18/3-20/3 Disposed 4,060,600 AXIATA GROUP

EPF 23/3 Disposed 1,574,000 IHH HEALTHCARE

EPF 23/3 Disposed 1,270,000 TELEKOM MALAYSIA

EPF 20/3-23/3 Disposed 1,065,300 IOI CORPORATION

EPF 23/3 Disposed 1,036,100 CAPITAMALLS MALAYSIA TRUST

EPF 20/3-23/3 Disposed 83,100 TIME DOTCOM

EPF 23/3 Disposed 61,500 SHELL REFINING

EPF 20/3 Disposed 1,600 MISC

Kumpulan Wang Persaraan 19/3 Disposed 302,000 AXIS REIT

Aberdeen Asset Management PLC 23/3-24/3 Disposed 190,900 AEON CO. (M)

Aberdeen Asset Management PLC 20/3-24/3 Disposed 33,700 GUINNESS ANCHOR

Aberdeen Asset Management PLC 20/3-24/3 Disposed 24,000 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 18/3-20/3 Disposed 112,456 GUINNESS ANCHOR

Mitsubishi UFJ Financial Group, Inc 20/3 Disposed 13,500 TASEK CORPORATION

EPF 20/3-23/3 Acquired 2,952,000 MALAYAN BANKING

EPF 23/3 Acquired 2,477,900 DIGI.COM

EPF 23/3 Acquired 1,139,400 SUNWAY REIT

EPF 23/3 Acquired 1,125,200 SAPURAKENCANA PETROLEUM

EPF 23/3 Acquired 809,400 MAH SING GROUP

EPF 23/3 Acquired 699,600 DIALOG GROUP

EPF 23/3 Acquired 603,300 AMMB HOLDINGS

EPF 23/3 Acquired 508,200 AEON CO. (M)

EPF 23/3 Acquired 460,000 AFG

EPF 23/3 Acquired 459,000 PETRONAS GAS

EPF 25/3 Acquired 287,200 ORIENTAL HOLDINGS

EPF 23/3 Acquired 216,100 GAMUDA

EPF 23/3 Acquired 204,700 HARTALEGA HOLDINGS

EPF 23/3 Acquired 161,400 HONG LEONG BANK

EPF 23/3 Acquired 104,300 MAXIS

EPF 23/3 Acquired 62,600 IOI PROPERTIES GROUP

EPF 23/3 Acquired 60,500 PUBLIC BANK

EPF 20/3 Acquired 8,000 FRASER & NEAVE

EPF 23/3 Acquired 3,800 POS MALAYSIA

Skim Amanah Saham Bumiputera 19/3-20/3 Acquired 3,000,000 AXIATA GROUP

Kumpulan Wang Persaraan 19/3 Acquired 1,200,000 PRESTARIANG

Kumpulan Wang Persaraan 18/3 Acquired 2,200 AMWAY (MALAYSIA)

Lembaga Tabung Haji 19/3'-20/3 Acquired 170,300 TH PLANTATIONS

Asia Internet Holdings Sdn Bhd 25/3 Acquired 3,500,000 MY E.G. SERVICES  2.85

Podium Success Sdn Bhd 24/3 Acquired 2,300,000 BERJAYA AUTO

FFHL Group Ltd  19/3-25/3 Acquired 536,200 MUDAJAYA GROUP

UMW HOLDINGS BERHAD 25/3 Acquired 1,000,000 UMW OIL & GAS

Tenaga Nasional Berhad 24/3-25/3 Acquired 9,845,600 INTEGRAX

Aberdeen Asset Management PLC 23/3-24/3 Acquired 230,000 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 1,514,000 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 11,500 BAT SOURCES: BMSB

Daybreak│Malaysia

March 27, 2015

11

BMSB: ESOS & others

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

SUNWAY BERHAD 1,503,800 27-Mar-15 Exercise of ESOS

SUNWAY BERHAD 229,954 27-Mar-15 Exercise of Warrants-16 SOURCES: BMSB

BMSB: Off-market transactions

26-Mar-15 Vol

REACH 47,859,500

SCOMIES 38,586,461

BERTAM 5,400,000

TEOSENG 4,160,000

SMRT 3,000,000

PERDANA 2,500,000

APEX 2,000,000

BJAUTO 2,000,000

KHEESAN 1,900,000

OFI 1,900,000

HIBISCS 1,579,000

SPRITZER 697,332 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Dividends

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

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 SPORTS TOTO Third interim dividend - single tier 5.00 18-Mar-15 6-Apr-15 8-Apr-15 28-Apr-15

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

UMW HOLDINGS Third interim dividend - single tier 16.00 24-Mar-15 9-Apr-15 13-Apr-15 24-Apr-15

MY E.G. SERVICES First interim dividend - single tier 0.50 27-Feb-15 22-Apr-15 24-Apr-15 21-May-15

CARLSBERG Final + Special - single tier 66.00 27-Feb-15 30-Apr-15 5-May-15 20-May-15

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

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

TASEK CORPORATION Final + Special - single tier 30.0 + 50.0 17-Feb-15 13-May-15 15-May-15 29-May-15

GAS MALAYSIA Final + Special - single tier 4.06 12-Mar-15 20-May-15 22-May-15 12-Jun-15 SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

27-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 Bonus issue 1:2

WCT HOLDINGS 16-Mar-15 Rights issue 1:10; Bonus issue of Warrants 1:5 existing shares held SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

BIOALPHA HOLDINGS 0.20 20,000,000 - 80,000,000 ACE Market 14-Apr-15

No of shares

SOURCES: BMSB

Daybreak│Malaysia

March 27, 2015

12

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 Auto 3Q Berjaya Food 3Q SP Setia 1Q IPI, Manufacturing Sales

BIMB 4Q

15 16 17 18 19 20 21

Top Glove 2Q, B-Toto 3Q

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

22 23 24 25 26 27 28

Chempaka state seat by-election

SapuraKencana 4Q Gamuda 2Q

29 30 31

Astro 4Q & conf. call Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak│Malaysia

March 27, 2015

13

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

Daybreak│Malaysia

March 27, 2015

14

DISCLAIMER #05

This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

By accepting this report, the recipient hereof represents and warrants that he is entitled to receive such report in accordance with the restrictions set forth below and agrees to be bound by the limitations contained herein (including the “Restrictions on Distributions” set out below). Any failure to comply with these limitations may constitute a violation of law. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this report may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB.

Unless otherwise specified, this report is based upon sources which CIMB considers to be reasonable. Such sources will, unless otherwise specified, for market data, be market data and prices available from the main stock exchange or market where the relevant security is listed, or, where appropriate, any other market. Information on the accounts and business of company(ies) will generally be based on published statements of the company(ies), information disseminated by regulatory information services, other publicly available information and information resulting from our research.

Whilst every effort is made to ensure that statements of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur. Past performance is not a reliable indicator of future performance. The value of investments may go down as well as up and those investing may, depending on the investments in question, lose more than the initial investment. No report shall constitute an offer or an invitation by or on behalf of CIMB or its affiliates to any person to buy or sell any investments.

CIMB, its affiliates and related companies, their directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto and may from time to time add to or dispose of, or may be materially interested in, any such securities. Further, CIMB, its affiliates and its related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory, underwriting or placement services for or relating to such company(ies) as well as solicit such investment, advisory or other services from any entity mentioned in this report.

CIMB or its affiliates may enter into an agreement with the company(ies) covered in this report relating to the production of research reports. CIMB may disclose the contents of this report to the company(ies) covered by it and may have amended the contents of this report following such disclosure.

The analyst responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and autonomously. No part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations(s) or view(s) in this report. CIMB prohibits the analyst(s) who prepared this research report from receiving any compensation, incentive or bonus based on specific investment banking transactions or for providing a specific recommendation for, or view of, a particular company. Information barriers and other arrangements may be established where necessary to prevent conflicts of interests arising. However, the analyst(s) may receive compensation that is based on his/their coverage of company(ies) in the performance of his/their duties or the performance of his/their recommendations and the research personnel involved in the preparation of this report may also participate in the solicitation of the businesses as described above. In reviewing this research report, an investor should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additional information is, subject to the duties of confidentiality, available on request.

Reports relating to a specific geographical area are produced by the corresponding CIMB entity as listed in the table below. The term “CIMB” shall denote, where appropriate, the relevant entity distributing or disseminating the report in the particular jurisdiction referenced below, or, in every other case, CIMB Group Holdings Berhad ("CIMBGH") and its affiliates, subsidiaries and related companies.

Country CIMB Entity Regulated by

Australia CIMB Securities (Australia) Limited Australian Securities & Investments Commission

Hong Kong CIMB Securities Limited Securities and Futures Commission Hong Kong

Indonesia PT CIMB Securities Indonesia Financial Services Authority of Indonesia

India CIMB Securities (India) Private Limited Securities and Exchange Board of India (SEBI)

Malaysia CIMB Investment Bank Berhad Securities Commission Malaysia

Singapore CIMB Research Pte. Ltd. Monetary Authority of Singapore

South Korea CIMB Securities Limited, Korea Branch Financial Services Commission and Financial Supervisory Service

Taiwan CIMB Securities Limited, Taiwan Branch Financial Supervisory Commission

Thailand CIMB Securities (Thailand) Co. Ltd. Securities and Exchange Commission Thailand

Information in this report is a summary derived from CIMB individual research reports. As such, readers are directed to the CIMB individual research report or note to review the individual Research Analyst's full analysis of the subject company. Important disclosures relating to the companies that are the subject of research reports published by CIMB and the proprietary positions by CIMB and shareholdings of its Research Analysts’ who prepared the report in the securities of the company(s) are available in the individual research report.

The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue of this report. CIMB may or may not issue regular reports on the subject matter of this report at any frequency and may cease to do so or change the periodicity of reports at any time. CIMB is under no obligation to update this report in the event of a material change to the information contained in this report. This report does not purport to contain all the information that a prospective investor may require. CIMB or any of its affil iates does not make any

Daybreak│Malaysia

March 27, 2015

15

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.

This report is general in nature and has been prepared for information purposes only. It is intended for circulation amongst CIMB and its affiliates’ clients generally and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information and opinions in this report are not and should not be construed or considered as an offer, recommendation or solicitation to buy or sell the subject securities, related investments or other financial instruments thereof.

Investors are advised to make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs and consult their own professional and financial advisers as to the legal, business, financial, tax and other aspects before participating in any transaction in respect of the securities of company(ies) covered in this research report. The securities of such company(ies) may not be eligible for sale in all jurisdictions or to all categories of investors.

Australia: Despite anything in this report to the contrary, this research is provided in Australia by CIMB Securities (Australia) Limited (“CSAL”) (ABN 84 002 768 701, AFS Licence number 240 530). CSAL is a Market Participant of ASX Ltd, a Clearing Participant of ASX Clear Pty Ltd, a Settlement Participant of ASX Settlement Pty Ltd, and, a participant of Chi X Australia Pty Ltd. This research is only available in Australia to persons who are “wholesale clients” (within the meaning of the Corporations Act 2001 (Cth)) and is supplied solely for the use of such wholesale clients and shall not be distributed or passed on to any other person. This research has been prepared without taking into account the objectives, financial situation or needs of the individual recipient.

France: Only qualified investors within the meaning of French law shall have access to this report. This report shall not be considered as an offer to subscribe to, or used in connection with, any offer for subscription or sale or marketing or direct or indirect distribution of financial instruments and it is not intended as a solicitation for the purchase of any financial instrument.

Hong Kong: This report is issued and distributed in Hong Kong by CIMB Securities Limited (“CHK”) which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 6 (advising on corporate finance) activities. Any investors wishing to purchase or otherwise deal in the securities covered in this report should contact the Head of Sales at CIMB Securities Limited. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CHK has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only to clients of CHK. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CHK. Unless permitted to do so by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the securities covered in this report, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong).

India: This report is issued and distributed in India by CIMB Securities (India) Private Limited (“CIMB India”) which is registered with SEBI as a stock-broker under the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 and in accordance with the provisions of Regulation 4 (g) of the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, CIMB India is not required to seek registration with SEBI as an Investment Adviser.

The research analysts, strategists or economists principally responsible for the preparation of this research report are segregated from the other activities of CIMB India and they have received compensation based upon various factors, including quality, accuracy and value of research, firm profitability or revenues, client feedback and competitive factors. Research analysts', strategists' or economists' compensation is not linked to investment banking or capital markets transactions performed or proposed to be performed by CIMB India or its affiliates.

Indonesia: This report is issued and distributed by PT CIMB Securities Indonesia (“CIMBI”). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBI has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only to clients of CIMBI. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBI. Neither this report nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens wherever they are domiciled or to Indonesia residents except in compliance with applicable Indonesian capital market laws and regulations.

Malaysia: This report is issued and distributed by CIMB Investment Bank Berhad (“CIMB”). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMB has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only to clients of CIMB. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB.

New Zealand: In New Zealand, this report is for distribution only to persons whose principal business is the investment of money or who, in the course of, and for the purposes of their business, habitually invest money pursuant to Section 3(2)(a)(ii) of the Securities Act 1978.

Daybreak│Malaysia

March 27, 2015

16

Singapore: This report is issued and distributed by CIMB Research Pte Ltd (“CIMBR”). Recipients of this report are to contact CIMBR in Singapore in respect of any matters arising from, or in connection with, this report. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBR has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only. If the recipient of this research report is not an accredited investor, expert investor or institutional investor, CIMBR accepts legal responsibility for the contents of the report without any disclaimer limiting or otherwise curtailing such legal responsibility. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBR..

As of March 26, 2015, CIMBR does not have a proprietary position in the recommended securities in this report.

South Korea: This report is issued and distributed in South Korea by CIMB Securities Limited, Korea Branch ("CIMB Korea") which is licensed as a cash equity broker, and regulated by the Financial Services Commission and Financial Supervisory Service of Korea.

The views and opinions in this research report are our own as of the date hereof and are subject to change, and this report shall not be considered as an offer to subscribe to, or used in connection with, any offer for subscription or sale or marketing or direct or indirect distribution of financial investment instruments and it is not intended as a solicitation for the purchase of any financial investment instrument.

This publication is strictly confidential and is for private circulation only, and no part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB Korea.

Sweden: This report contains only marketing information and has not been approved by the Swedish Financial Supervisory Authority. The distribution of this report is not an offer to sell to any person in Sweden or a solicitation to any person in Sweden to buy any instruments described herein and may not be forwarded to the public in Sweden.

Taiwan: This research report is not an offer or marketing of foreign securities in Taiwan. The securities as referred to in this research report have not been and will not be registered with the Financial Supervisory Commission of the Republic of China pursuant to relevant securities laws and regulations and may not be offered or sold within the Republic of China through a public offering or in circumstances which constitutes an offer or a placement within the meaning of the Securities and Exchange Law of the Republic of China that requires a registration or approval of the Financial Supervisory Commission of the Republic of China.

Thailand: This report is issued and distributed by CIMB Securities (Thailand) Company Limited (CIMBS). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBS has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only to clients of CIMBS. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBS.

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

United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by, deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to lead to the sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates.

Daybreak│Malaysia

March 27, 2015

17

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.

Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

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.

Daybreak│Malaysia

March 27, 2015

18

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.