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 2013

▌What’s on the Table…

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

Construction - Big jobs will come later

The underperformance in 4QCY12’s reporting period was merely a blip, as contractors’ fundamentals are still supported by major jobs in the pipeline. We remain encouraged by the slew of jobs awarded YTD but reserve our optimism on other major projects pending approvals. The wild card remains the elections. Given the timing of the general election and the fact that most major projects are still in the early stages, we continue to believe that the revival of sector catalysts would only come in 2H13. In view of this, we maintain Neutral on the construction sector. We will review our sector call after the polls. Our top picks remain WCT and Mudajaya.

Sime Darby Bhd - Joining hands with Ramsay

We are generally positive on Sime’s JV with Ramsay. The deal will allow Sime to unlock value via the recognition of a RM340m (+9.6% to FY13 net profit) gain, and leverage on Ramsay’s expertise to raise the efficiency as well as grow the merged healthcare business regionally. We also view the valuation for Sime’s healthcare assets as fair. The deal is not expected to impact Sime’s future earnings as this division makes up less than 1% of group earnings. We make no changes to forecasts and our SOP-based target price pending completion of the deal. We maintain our Neutral rating for its unexciting near-term earnings prospects.

Alpha Edge - China cuts loose?

Shanghai Composite Index’s pullback may have ended last week after it pushed past its channel support trendline. South Korea’s Kospi is still holding just above its long-term support trendline at 1,950-1,970pts. These support trendlines must not break. The weekly chart for Thailand’s SET shows two support trendlines at 1,490 and 1,405pts. The index tested the first support a few days ago before rebounding.

▌News of the Day…

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

• Sime’s Port Dickson Power started arbitration proceedings against Tenaga Nasional

• DRB-Hicom signs a MoU with Sweden's Saab AB on industrial co-operation

• George Kent’s associate concession agreement for a water project in PNG terminated

• Two shareholders of Kamdar Group calling EGM to remove three directors

• Bolton Bhd changed its name to Symphony Life Bhd with effect from 22 Mar

• US new-home sales fell 4.6% mom to an annualised pace of 411,000 in Feb

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Charts | Statistics

FBMKLCI Index

1,500

1,550

1,600

1,650

1,700

Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13

———————————————————————————

FBMKLCI

1652.83 8.94pts 0.54%MAR Futures APR Futures

1656 - (0.06% ) 1654 - (1.00% )———————————————————————————

Gainers Losers Unchanged382 285 321

———————————————————————————

Turnover822.26m shares / RM1948.386m

3m avg volume traded 1242.86m shares

3m avg value traded RM1596.91m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,653 3,289 4,843 1,544 22,311 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,652.83 0.5 (2.1)

FBM100 11,139.05 0.5 (1.4)

FBMSC 12,061.23 0.7 5.1

FBMMES 3,979.04 0.3 (5.6)

Dow Jones 14,559.65 0.8 11.1

NASDAQ 3,252.48 0.5 7.7

FSSTI 3,288.53 0.6 3.8

FTSE-100 6,399.37 0.3 8.5

Hang Seng 22,311.08 0.3 (1.5)

JCI 4,842.52 0.9 12.2

KOSPI 1,983.70 0.3 (0.7)

Nikkei 225 12,471.62 (0.6) 20.0

PCOMP 6,665.12 1.0 14.7

SET 1,544.03 1.3 10.9

Shanghai 2,297.67 (1.2) 1.3

Taiwan 7,856.36 0.0 2.0————————————————————————————————

Close % chg Vol. (m)

AXIATA GROUP 6.490 0.6 24.9MALAYAN BANKING 9.290 0.7 23.5

CIMB GROUP 7.360 1.0 21.5

TEBRAU TEGUH 1.470 8.9 19.8

SCOMI GROUP 0.360 7.5 15.7

UEM LAND 2.680 2.7 15.4

YTL CORP 1.650 (0.6) 14.5

GABUNGAN AQRS 0.945 (4.1) 11.7————————————————————————————————

Close % chg

US$/Euro 1.2860 (0.01)RM/US$ (Spot) 3.0936 (0.02)

RM/US$ (12-mth NDF) 3.1475 (0.10)

OPR (% ) 2.99 (0.33)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,600 0.02

WTI crude oil US spot (US$/barrel) 96.34 1.88

CPO spot price (RM/tonne) 2,400 0.67

Economic Statistics

Market Indices

Top Actives

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

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

Daybreak Malaysia

March 27, 2013

2

Global Economic News…

US new durable goods orders gained 5.7% mom in Feb (a revised -3.8% in Jan), exceeding consensus of 3.5% on a sharp increase in the transportation component of 21.7% (-17.8% in Jan). Excluding transportation, the measure fell 0.5% mom (a revised +2.9% in Jan), worse than consensus of +0.7%. (Bloomberg)

The US S&P Case-Shiller 20-city home price index gained 1.0% mom in Jan (0.9% in Dec), matching consensus. (Bloomberg)

US new-home sales fell 4.6% mom to an annualised pace of 411,000 in Feb (a revised 431,000 in Jan), worse than consensus of 425,000. (Bloomberg)

The US Conference Board consumer confidence index dipped to 59.7 in Mar from a revised 68.0 in Feb, worse than consensus of 67.5. (Bloomberg)

China moved to loosen its grip on domestic prices for gasoline and diesel fuel, a move that increases the exposure of its consumers and businesses to the ups and downs of global energy markets and comes as China grapples with increasing dependence on foreign oil and severe air pollution. China will cut the retail prices of gasoline by Rmb 310 (US$49.43) per tonne and diesel by Rmb300 per tonne, lowering the retail prices. (Bloomberg, Xinhua)

Fitch Ratings said it had put Cyprus' credit rating on watch for a possible downgrade as the restructuring of its banking system would hurt the economy and public finances despite an EU-IMF bailout.

Fitch had also downgraded the two biggest Cypriot banks to default category and placed the third biggest on negative watch following the announcement of a financial rescue plan for the eurozone country. (AFP)

Cyprus's Finance Minister Michael Sarris said that capital controls to prevent big outflows of cash from the island would probably last for "a matter of weeks," adding that big depositors in Cypriot banks could lose about 40% of their deposits as part of a €10bn international rescue plan. (Reuters)

South Africa signed a raft of agreements with China, including on the construction of a world-class oil refinery and upgrading the country's rail and port networks.

China Petroleum and Chemical Corporation (Sinopec) and South Africa's national oil company PetroSA will build a state-of-the-art crude refinery in a coastal industrial zone near Port Elizabeth.

China Development Bank will fund the revamp of South Africa's freight rail company Transnet, but details were not revealed. (AFP)

The BRICS grouping of emerging powers on Tuesday reached a deal to establish a development bank that would rival Western-backed institutions. The bank is likely to focus on infrastructure financing, a direct challenge to seven decades of dominance by the World Bank. (AFP)

Daybreak Malaysia

March 27, 2013

3

South Korea’s consumer confidence increased to 104 pts in Mar from 102 pts the previous month. (Bloomberg)

Indonesian lawmakers approved Finance Minister Agus Martowardojo to become the next central bank governor after he said his priorities would be a stable exchange rate and keeping inflation low. (Bloomberg)

Singapore’s industrial output declined 16.6% yoy in Feb (-0.1% in Jan), below expectations of a 7.9% drop. (Bloomberg)

Philippine imports declined 8% yoy in Jan (+14.4% in Dec) while the trade deficit shrank to US$714m from US$1.33bn in Dec. (Bloomberg)

Results of the latest Consumer Expectation Survey by the Bangko Sentral ng Pilipinas showed that consumer confidence index (CCI) for the first quarter of the year stood at –11.2%, better than the -14.7% for the first quarter of last year. (Philippine Daily Inquirer)

Vietnam’s exports rose 19.7% yoy in Jan-Mar while imports climbed 17% yoy over the same period. The trade balance stood at a deficit of US$300m from US$94m the previous month. (Bloomberg)

Malaysian Economic News…

Malaysia is optimistic its bilateral trade with India will hit US$15bn this year (US$13.3bn in 2012), given the strong economic growth posted by the two countries. International Trade and Industry Ministry secretary-general Datuk Dr Rebecca Fatima Sta Maria said Malaysia and India were working intensively to bolster bilateral trade and services. With the signing of the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA), trade and investment growth between the two countries are on track, she said. (Bernama)

The Northern Corridor Economic Region (NCER) expects to attract RM10bn in investments this year with the creation of 8,000 jobs. Last year, the region attracted RM12.3bn in investments with 16,355 job opportunities. Northern Corridor Implementation Authority (NCIA) CEO Datuk Redza Rafiq said 25% of the target would be derived from the local private sector. (Bernama)

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year even as national elections loom. Issuance in the Southeast Asian currency may account for more than 74% of worldwide offerings, compared with 49% in 2008, Rajiv Vishwanathan, associate director for corporate and infrastructure ratings at S&P in Singapore, said.

Global sales of Shariah-compliant notes, including government securities, may exceed US$100bn in 2013 after rising 64% to US$138bn last year, he said.

There's a strong investor base in banks, Islamic insurers and funds in Malaysia and it is something that issuers will obviously like to tap into, he noted.

In the immediate future, the Malaysian ringgit will remain as the currency of choice for sukuk issuers, he added. (BT)

Daybreak Malaysia

March 27, 2013

4

Commercial crime losses rose to RM1.6bn last year, as compared to RM1.1bn in 2011. Commercial Crime (CID) director Datuk Syed Ismail Syed Azizan said however, the number of such cases fell to 18,386, while in 2011, it was recorded at 22,033 cases. He said the cases involved fraud, property abuse, forgery and counterfeit currency, among others. (Bernama)

Malaysia still receives interest from investors in upstream solar manufacturing projects as well as production of components for photovoltaic system despite global challenges faced by the solar industry. Malaysia Investment Development Authority (Mida) said this is despite a big industry player Germany's Bosch announcing that it was pulling the plug on its solar panel operations including its planned RM2.2bn solar panel manufacturing plant in Penang.

Robert Bosch still has investment presence in Malaysia through its associated manufacturing companies such as Robert Bosch (M) Sdn Bhd (consumer electronics, telecommunication products and automotive components) and Robert Bosch Power Tools Sdn Bhd (electric power tools), Mida added. (BT)

Political News…

Voters are getting more enthusiastic over Election 2013 compared to the last general election as Bersih 2.0 aims for an 85% voter turnout to mitigate electoral fraud. Datuk Ambiga Sreenevasan, co-chairman of the electoral reform group, told The Malaysian Insider that Bersih’s “Jom 100” campaign has seen greater awareness about the upcoming national polls among people of all races and ages in both urban and rural areas.

“There’s a lot of enthusiasm on the ground... people are getting more aware about their voting rights. I also ask the question, did you vote in 2008? They say no. Are you gonna vote this time? And they say yes,” added the former Bar Council president.

Election 2013, which will be held in weeks, is expected to be the most keenly contested election in recent times, with analysts saying that the outcome is in doubt for the first time in Malaysian history after the historic 2008 general election that saw Barisan Nasional (BN) lose its two-thirds parliamentary majority.There are 13.3m registered voters, or 83% out of 16m eligible voters, according to the Election Commission (EC).

In Election 2008, 76% out of 10.7m registered voters turned up to vote, amounting to about 8.16m voters. (Malaysianinsider)

Local-based Sabah opposition parties have threatened to withhold their support for Pakatan Rakyat following its plan to go it alone in the state. State ReformParty Sabah chapter chairman Datuk Dr Jeffrey Kitingan said the announcement by Opposition leader Datuk Seri Anwar Ibrahim that Pakatan would not work with Sabah-based opposition parties was insulting. (Star)

Pakatan Rakyat state government should dissolve their state assemblies at the same time as Parliament, said DAP adviser Lim Kit Siang. He pointed out that among the four states run by the Opposition, the Selangor state assembly would automatically dissolve on Apr 20 and Kelantan six days later. Lim added that it was better to dissolve the state assemblies at the same time as Parliament so that state elections could run concurrently with the general election. "This is out of respect to the Barisan Nasional Government and PM Datuk Seri Najib Tun Razak". Selangor Menteri Besar Tan Sri Khalid Ibrahim said its state

Daybreak Malaysia

March 27, 2013

5

assembly would be dissolved on Apr 22, if Parliament is not dissolved before or by then. (Star)

Should Parliament not be dissolved by midnight today, Negri Sembilan will make history as the first state legislative assembly to enter automatic dissolution. It will also be the first to be administered by a caretaker government headed by Menteri Besar Datuk Seri Mohamad Hassan. The caretaker government, however, would be limited in its authority. Negri Sembilan Election Commission director Afizam Abullah Sani said "The government will no longer have the legislative power to approve budgets, implement new policies or make fresh appointments of staff as it is not a government mandated by the people." The caretaker government will only run for a maximum period of 60 days after an automatic dissolution. (NST)

Corporate News…

Sime Darby Bhd has proposed to establish a joint venture (JV) between its healthcare division and Australia's Ramsay Health Care Ltd. Sime will end up with 50% of the jointly owned entity and RM390m in cash. The deal, subject to regulatory approvals, will combine Sime Darby's entire portfolio of healthcare and education assets in Malaysia with Ramsay's three hospitals in Indonesia. (Financial Daily)

Please see our note for details.

Sime Darby's 75%-owned subsidiary, Port Dickson Power Bhd (PDP) has started arbitration proceedings against Tenaga Nasional. It said on Tuesday that PDP, which owns a power plant comprising of two 110-megawatt gas-fired generating units, was seeking to recover outstanding capacity and energy payments. Sime Darby said this recovery was due to the adjustment of the fixed operating rate and variable operating rate from February 1999 to November 2011. Under the power purchase agreement dated Dec 10, 1993, TNB was to purchase from PDP the generating capacity and power generated by PDP's plant. (StarBiz)

Malaysia is ahead of China in terms of the size of its direct foreign investment (FDI) into Africa and the gap is widening, according to United Nations data published recently. A survey of foreign investment into and out of the five BRICS countries, published on the eve of their summit in South Africa and while new Chinese President Xi Jinping visits the continent, revealed that China's march into Africa has lagged behind the flow of cash from Kuala Lumpur. FDI, which includes crossborder M&As and investments in start-up projects abroad, can give clues about economic confidence and future trade flows. For Malaysia, the big spenders in Africa include firms such as Petronas and Sime Darby. (Reuters)

Malaysian palm oil futures edged lower on Tuesday in rangebound trading amid concerns over lower export demand, while worries about the potential impact of a Cyprus bailout scheme also dented investor appetite for riskier assets. While Cyprus’s deal with international lenders to shut down the country’s second largest bank in return for 10 bn euros in rescue funds removed the immediate risk of a financial meltdown, it also stoked fears of similar tough conditions for future bank rescues in the euro zone. Palm oil came under more pressure as Malaysian exports fell by 7.5% for 1 to 25 Mar compared to a month ago due to a slowdown in crude palm oil shipments. (BT)

Daybreak Malaysia

March 27, 2013

6

A substantial shareholder in Scomi Group, Datuk Philip Siew, has given the present management a reasonable time to show results before deciding on his next move, following the recent shuffle in the shareholding of the company. Siew had thought that the oil & gas and engineering company should stay focused on oil & gas to stay profitable. Siew did not mention the time period he is giving Scomi but a source said both Siew and another substantial shareholder Tan Sri Abu Sahid are giving it a year to improve the bottomline of the company after which "they will decide on the next course of action". Abu Sahid and Siew collectively own about 14.36% of Scomi. (Malaysian Reserve)

IJM Corp executive deputy chairman Tan Sri Krishnan Tan described the company's interest in Scomi as based on strategic positioning, and not a stock market play. "We believe in the company... I don't buy companies to play the stock market. "We buy because the company can bring in growth and returns and this will be an industry which will flourish in a while, so we are buying a company with the technology in monorail and drilling fluids and petroleum waste management business. It is a strategic positioning," he said. Both IJM and Scomi have done well in the Indian sub-continent and going in together for new jobs would further enhance their capabilities in the international infrastructure scene. (BT)

With Malaysia developing into an energy efficient vehicle (EEV) hub by 2020, the automotive industry will become a pull factor for foreign players to invest in Malaysia, said Malaysia Automotive Institute (MAI) CEO Madani Sahari. He said by 2015, Asean would already be on the verge of establishing its EEV market, while by 2020 Malaysia would become a regional hub for EEV with high technology uptake among industry players which would serve the domestic, regional and international markets. According to Madani, Perodua's new manufacturing plant in Rawang, which is expected to be operational by the middle of 2014, would help spur the development of Malaysia as a technology hub for the automotive industry. Perodua's RM790m state-of-the-art manufacturing plant will have an estimated production capacity of 100,000 vehicles per annum. "Perodua is already investing in EEV, Honda Motor is expanding into building an EEV factory and Mazda Motor Corp is coming to Malaysia for EEV," he said. (Financial Daily)

The National Energy Efficiency Master Plan that will strategise the country's efforts in addressing energy security, global warming and climate change issues is expected to be rolled out by June 2013 said Energy, Green Technology and Water Ministry secretary general Datuk Loo Took Gee. She said, "We have to rationalise our energy subsidies so that we can use energy efficiently and we need to price our energy more correctly. If we don't price it well, it would be very difficult for us to embark on energy efficient campaigns. We have to educate the public about energy saving in the country." (Sun Biz)

AirAsia CEO Tony Fernandes, on his official Twitter page, stated that he conducted a monthly night time walk around the LCCT, stating, "Amazing how we survived here. Look forward to new airport KLIA2 in 3 months. The Car park is very poorly lit I don't see any car park shuttles". He also tweeted, "I'm at lcct. The taxi q is a disgrace" and "The Taxi Q has nothing to do with AirAsia but its a bad show". (CAPA)

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year even as national elections loom. Issuance in the Southeast Asian currency may account for more than 74% of worldwide offerings, compared with 49% in 2008, Rajiv Vishwanathan, associate director for corporate and infrastructure ratings at S&P in Singapore, said in a March 20 interview.

Daybreak Malaysia

March 27, 2013

7

Global sales of Shariah-compliant notes, including government securities, may exceed US$100bn in 2013 after rising 64% to US$138bn last year, according to a 11 Mar report from the company. (Bloomberg, BT)

The Employees Provident Fund (EPF) sold 1.494m MISC Bhd shares, just weeks after its outgoing CEO, Tan Sri Azlan Zainol, said Petronas should raise its buyout price for the national shipping company. Based on the Malaysian Code on Takeovers and Mergers 2010, the offer price of RM5.30 was "not fair", as the indicative SOPV of the MISC Group was above the offer price.

The buyout, if successful, will remove the close to RM20bn company in market capitalisation from Bursa Malaysia, making it one of the largest privatisation deals in recent times. (BT)

Robert Kuok, Malaysia's richest man according to Forbes, has increased his equity stake in locally listed Shangri-La Hotels, according to stock exchange filings late on Monday. The luxury hotels chain said Kuok Brothers Sdn Bhd, a family investment vehicle of Kuok, bought a 22.2% stake or 98m shares in Shangri-La from Standard Chartered Private Equity Ltd on March 20. The purchase raised Kuok's interest, via Kuok Brothers and Hong Kong-listed Shangri-La Asia Ltd, in Shangri-La to 74.98% from 52.78%, raising the possibility of an offer for the outstanding shares. (StarBiz)

DRB-Hicom has signed a memorandum of understanding (MoU) with Sweden's Saab AB that will outline an industrial cooperation to look into areas of technology and expertise transfer to Malaysia. DRB-Hicom said the MoU broadens and deepens the existing relationship between the two companies which already signed an Industrial Cooperation Teaming Agreement at Lima 2011 to collaborate on an Airborne Early Warning and Control System.

DRB-Hicom said through the MoU both parties have agreed to explore the various areas of cooperation that include the design and manufacture of advanced composite systems and components for military and commercial aerospace applications, composite repair technology, and system integration of electronic warfare, avionics and other airborne systems. (Bernama)

Sunway Velocity Mall (SVM), a 59% owned subsidiary of Sunway City which in turn is a wholly-owned subsidiary of Sunway, had received authorisation from the Securities Commission to establish a Medium Term Note Programme for the issuance of unrated medium term notes (MTN) of up to RM1.0bn in nominal value. (BMSB)

SapuraKencana Petroleum has set up a unit in Brunei known as SapuraKencana (B) Sdn Bhd. The unit is expected to be utilised to assist SapuraKencana's future strategic plans in Brunei. (BMSB)

Malaysia-China Chamber of Commerce (MCCC) is looking to collaborate with Media Prima for publicity and advertising its event. MCCC President Datuk Bong Hon Liong said as a media powerhouse in Malaysia, Media Prima could offer various platform and potential for business group.

"Annually, we organise more than 100 trade events in Malaysia and China and we are looking forward to work together with Media Prima as the company can offer various platforms to publicise our events," he told reporters after the corporate luncheon with Media Prima group

Daybreak Malaysia

March 27, 2013

8

here today. He said the cooperation with Media Prima would allow MCCC to attract more participants in its events. (Bernama)

Malaysia's aerospace industry last year grew 9.4% to RM30.3bn compared to 2011 and contributed 3.23% to the country's gross domestic product (GDP). According to Malaysia Industry-Government Group for High Technology's (Might) Aerospace Industry Report, the turnover was backed by the vibrant airline activities particularly the low-cost carriers, the expansion of aerospace manufacturing businesses and the positive development in the airport sub-sector. "The industry's positive development is also a result of the execution of investment projects including the Eurocopter, BHIC Aeroservices and Sepang Aircraft Engineering," Might said. (BT, Bernama)

UPECA Aerotech Sdn Bhd, a Malaysian-based aerospace manufacturer, has secured a contract worth RM763m from US-based company UTC Aerospace Systems to produce precision machined components for fan cowl assemblies over the next 17 years. UTC Aerospace's aerostructures business unit developed the fan cowl for the General Electric and Rolls-Royce engines on the Boeing 787 Dreamliner and the fan cowl for the Airbus A350 XWB. UPECA Technologies Sdn Bhd COO Eugene Ang said the contract, the company's biggest to date, makes it the single-source manufacturer of these parts worldwide. (BT, Bernama)

ECS ICT (ECS), has inked a deal with CA Technologies to distribute the latter's data management solutions in Malaysia. CA Technologies provides information technology (IT) management solutions that help customers manage and secure complex IT environments to support agile business services. In a joint statement, CA Technology and ECS said this deal will see ECS' wholly-owned subsidiary ECS Astar Sdn Bhd become an authorised distributor of CA ARCserve data protection and CA ERwin data modelling software. It said CA ARCserve data protection solutions simplify backup and disaster recovery for physical and virtual server environments, helping to ensure business continuity. (Bernama)

The Board of Directors of Bolton announced that the Company has on 26 March 2013 received the Certificate of Incorporation on Change of Name of the Company (Form 13) dated 22 Mar 13 issued by the Companies Commission of Malaysia Pursuant to the above and in accordance with Section 23(2) of the Companies Act, 1965, the Company has changed its name from Bolton Berhad to Symphony Life Berhad with effect from 22 Mar 13. (BMSB)

OSK Investment Bank, in its independent advice to minority shareholders, has said that the proposed exemption sought by Ekovest Bhd executive chairman Tan Sri Lim Kang Hoo and parties acting in concert from undertaking a mandatory general offer (MGO) for the remaining shares in the company was "fair and reasonable". The investment bank said the proposed exemption would allow Lim and the others to increase their stake from 42.12% to 66.13% without having to extend the MGO.

Ekovest had announced that it would issue 126.72m shares in return for 100% shares in Wira Kristal Sdn Bhd, which Lim and Datuk Haris Onn Hussein are the owners.

OSK noted that the proposed exemption would facilitate the acquisition of Wira Kristal Sdn Bhd. Wira Kristal owns 70% of Nuzen Corp Sdn Bhd, which in turn owns a 34-year concession for the Duta-Ulu Kelang Expressway (Duke). (StarBiz)

Daybreak Malaysia

March 27, 2013

9

Bursa Malaysia has dismissed The Ayer Molek Rubber Company Bhd’s appeal from being delisted from the stock exchange until the Federal Court decides on Ayer Molek’s claim for the return of the 287.7ha in Segamat, which the company says is central to its regularisation plan. (BT)

Toyo Ink Group Bhd’s shares will be suspended from trading today, pending a material announcement to the stock exchange, the company (BT)

George Kent (Malaysia) Bhd said its 19% associate company, PNG Water Ltd, has been notified by Eda Ranu that its concession agreement for a water project in Papua New Guinea has been terminated. In 1997, PNG Water had entered into a 22-year concession agreement with NCD Water & Sewerage Pty Ltd for a water concession business in Port Moresby. The concession was supposed to expire in 2019.

As part of the deal, George Kent (PNG) Ltd, a wholly-owned unit of George Kent, was awarded a sub-contract with Celtex No. 15 Pty Ltd to operate and maintain the Port Moresby water treatment plant, also for 22 years. George Kent said Eda Ranu did not indicate in the notice of termination any compensation proposal for early termination of the concession agreement and the sub-contract. (BT)

Perodua has expanded its parts distribution operations centre to a larger facility in Kota Kinabalu to better serve its customers in Sabah and Sarawak via faster delivery time for parts as well as a larger inventory. The new centre will allow Perodua to increase the number of line items by 300% to 6,600 units to effectively increase the total stock value by 329% to RM1.2m. "With this centre fully operational we are targeting an annual growth of 26% (for Sabah)," managing director Datuk Aminar Rashid Salleh said. (StarBiz)

Two shareholders of Kamdar Group (M) Bhd, who collectively hold not less than one-tenth of the issued share capital of the company, are calling for an EGM to remove three directors and appoint two new ones. The textile retailer said in a filing with the stock exchange yesterday that it had received a letter from Bipinchandra Balvantrai and Gautam Kamdar Bipinchandra, proposing to remove Kamal Kumar Kishorchandra Kamdar, Rajesh Kumar Gejinder Nath and Liang Ah Wah @ Frank Liang from the board with immediate effect.

The two shareholders are proposing to appoint Jugal Kishor Shivlal and Megat Abdul Munir Megat Abdul Rafaei to the board with immediate effect. The EGM is slated to be held on May 2.

With a presence in almost all the states in Malaysia as well as Brunei, Kamdar is well-known for its extensive range and quality of garment and textile products. (Starbiz)

Spice Global Group, the Indian conglomerate with interests in telecom, technology, entertainment and finance globally, has plans to expand its footprint in Malaysia. The company is in talks with banking and healthcare sector players in Malaysia for a strategic alliance, a move aimed at gaining access to the large South-East Asian market. Spice Global is in talks with Maybank and Bank Islam for potential strategic partnerships for its proposed banking business. It is also in talks with IHH Healthcare. (Malaysian Reserve)

A former Axis Incorporation Bhd adviser has claimed trial in the Sessions Court here to supplying false company income information to Bursa Malaysia Securities Bhd. Lee Koon Huat, 58, was charged with four counts of furnishing

Daybreak Malaysia

March 27, 2013

10

Bursa Malaysia with false statements in the form of condensed consolidated income statements for Axis.The alleged offences occurred at the offices of Bursa Malaysia Securities at Bukit Kewangan here between Aug-2006 and May-2008. (Starbiz)

Daybreak Malaysia

March 27, 2013

11

BMSB: Changes in shareholdings

Type of No of Ave Price

26-Mar-13 Date transaction securities Company (RM)

EPF 20/3-21/3 Disposed 7,427,900 UEM LAND

EPF 20/3-21/3 Disposed 6,316,800 TENAGA NASIONAL

EPF 21/3 Disposed 5,144,700 DIGI.COM

EPF 21/3 Disposed 3,768,100 CIMB GROUP

EPF 21/3 Disposed 3,400,000 YTL CORPORATION

EPF 21/3 Disposed 2,797,300 SIME DARBY

EPF 21/3 Disposed 2,186,100 AIRASIA

EPF 15/3 Disposed 1,494,300 MISC

EPF 21/3 Disposed 1,202,500 SUNWAY REIT

EPF 21/3 Disposed 1,176,900 IOI CORPORATION

EPF 21/3 Disposed 1,078,100 IJM LAND

EPF 21/3 Disposed 991,100 SAPURAKENCANA PETROLEUM

EPF 20/3-21/3 Disposed 795,614 PPB GROUP

EPF 21/3 Disposed 657,800 AMMB HOLDINGS

EPF 21/3 Disposed 512,200 KPJ HEALTHCARE

EPF 21/3 Disposed 500,000 IJM CORPORATION

EPF 21/3 Disposed 363,300 SP SETIA

EPF 21/3 Disposed 181,500 MALAYSIA AIRPORTS

EPF 20/3 Disposed 156,900 PETRONAS DAGANGAN

EPF 21/3 Disposed 130,000 MALAYSIAN AIRLINE SYSTEM

EPF 21/3 Disposed 133,500 KULIM

EPF 21/3 Disposed 114,900 CAPITAMALLS MALAYSIA TRUST

EPF 21/3 Disposed 82,100 PUBLIC BANK

EPF 21/3 Disposed 20,300 BURSA MALAYSIA

Kumpulan Wang Persaraan 20/3 Disposed 100,000 IJM CORPORATION

Aberdeen International Fund Managers 20/3 Acquired 106,000 ORIENTAL HOLDINGS

Aberdeen Asset Management Asia 20/3 Acquired 106,000 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 20/3 Disposed 57,000 CIMB GROUP

EPF 21/3 Acquired 2,050,000 MAXIS

EPF 15/3-18/3 Acquired 1,397,800 UMW HOLDINGS

EPF 21/3 Acquired 784,800 DIALOG GROUP

EPF 15/3-19/3 Acquired 694,000 MMC CORPORATION

EPF 21/3 Acquired 663,300 FELDA GLOBAL VENTURES

EPF 21/3 Acquired 412,200 KUALA LUMPUR KEPONG

EPF 21/3 Acquired 369,600 IHH HEALTHCARE

EPF 21/3 Acquired 213,400 IJM PLANTATIONS

EPF 21/3 Acquired 191,700 PETRONAS CHEMICALS

EPF 20/3-21/3 Acquired 76,600 KIAN JOO

EPF 21/3 Acquired 51,200 KLCC PROPERTY

EPF 21/3 Acquired 37,700 LAFARGE MALAYAN CEMENT

Skim Amanah Saham Bumiputera 11/3-13/3 Acquired 14,600 FRASER & NEAVE

Kumpulan Wang Persaraan 20/3-21/3 Acquired 1,212,700 TOP GLOVE

Kumpulan Wang Persaraan 21/3 Acquired 1,000,000 LITRAK

Kumpulan Wang Persaraan 21/3 Acquired 450,100 WCT

Kumpulan Wang Persaraan 18/3 Acquired 128,200 AL-HADHARAH BOUSTEAD REIT

Kumpulan Wang Persaraan 21/3 Acquired 99,800 GAS MALAYSIA

Lembaga Tabung Haji 21/3-22/3 Acquired 249,500 EVERSENDAI CORPORATION

Lembaga Tabung Haji 21/3 Acquired 20,000 BRAHIM'S HOLDINGS

Lembaga Tabung Haji 21/3 Acquired 11,900 LATEXX PARTNERS 

Aberdeen Asset Management PLC 20/3-22/3 Acquired 1,400,000 POS MALAYSIA

Aberdeen Asset Management PLC 20/3-22/3 Acquired 140,200 ORIENTAL HOLDINGS

Aberdeen Asset Management PLC 20/3-21/3 Acquired 24,200 UNITED MALACCA

Aberdeen Asset Management PLC 22/3 Acquired 2,500 BRITISH AMERICAN TOBACCO

Aberdeen Asset Management Asia 20/3-22/3 Acquired 1,400,000 POS MALAYSIA

Aberdeen Asset Management Asia 20/3-21/3 Acquired 12,800 UNITED MALACCA

Aberdeen International Fund Managers 20/3-22/3 Acquired 1,400,000 POS MALAYSIA

Aberdeen International Fund Managers 20/3-21/3 Acquired 12,800 UNITED MALACCA

Aberdeen Asset Management Sdn Bhd 20/3 Acquired 11,400 UNITED MALACCA

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 340,600 POS MALAYSIA SOURCES: BMSB

Daybreak Malaysia

March 27, 2013

12

BMSB: Changes in shareholdings

Type of No. of Ave Price

26-Mar-13 Date transaction securities Company (RM)

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 67,300 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 19,200 UNITED MALACCA

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 13,200 UNITED PLANTATIONS

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 14,400 BRITISH AMERICAN TOBACCO

Mitsubishi UFJ Financial Group, Inc 20/3 Acquired 19,200 UNITED MALACCA

CAHYA MATA SARAWAK 26/3 Shares Buy Back 98,200 CAHYA MATA SARAWAK 3.08 SOURCES: BMSB

Daybreak Malaysia

March 27, 2013

13

BMSB: ESOS & others

26-Mar-13 No Of New Shares Date of Listing Nature of transaction

WCT 19,273,486 27-Mar-13 Exercise of Warrants-13

WCT 2,560,500 28-Mar-13 Exercise of Warrants-13

IJM LAND 535,900 27-Mar-13 Exercise of Warrants-13

TENAGA NASIONAL 10,488,669 28-Mar-13 Exercise of ESOS

MEDIA PRIMA 24,010 28-Mar-13 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

26-Mar-13 Vol

SUNREIT 6,643,480

MQTECH 2,425,000

INTEGRA 1,000,000

ASIAPAC 620,000

ILB 500,000

AMPROP 377,300 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

DRB-Hicom Interim gross - 1.50 27-Feb-13 29-Mar-13 2-Apr-13 29-Apr-13

less taxation of 25%

Astro Malaysia Interim - single tier 1.50 14-Mar-13 29-Mar-13 2-Apr-13 18-Apr-13

Bursa Malaysia Final dividend - single tier 13.50 28-Feb-13 1-Apr-13 3-Apr-13 16-Apr-13

WCT Interim - single tier 3.25 25-Feb-13 4-Apr-13 8-Apr-13 22-Apr-13

CIMB Group 2nd interim - single tier 18.38 26-Mar-13 5-Apr-13 9-Apr-13 8-May-13

Sunway Interim - single tier 6.00 26-Mar-13 8-Apr-13 10-Apr-13 30-Apr-13

Sime Darby Interim - single tier 7.00 27-Feb-13 23-Apr-13 25-Apr-13 10-May-13

Tasek Corporation Special - less income tax of 25% 60.00 18-Feb-13 13-May-13 15-May-13 31-May-13

Tasek Corporation Final - less income tax of 25% 30.00 18-Feb-13 13-May-13 15-May-13 31-May-13

Bintulu Port Final dividend - single tier 7.50 27-Feb-13 15-May-13 17-May-13 31-May-13

Nestle Final dividend - single tier 155.00 21-Feb-13 21-May-13 23-May-13 13-Jun-13

Malaysia Marine & Heavy Eng. Final dividend - single tier 10.00 21-Feb-13 14-Jun-13 18-Jun-13 2-Jul-13

SOURCES: BMSB

Daybreak Malaysia

March 27, 2013

14

Corporate Actions

March 2013

SUN MON TUE WED THU FRI SAT

1 2

3 4 5 6 7 8 9

Star briefing, Supermax briefing

MPC, External Reserves

10 11 12 13 14 15 16

IPI, Manufacturing Sales, External Trade

Astro 4Q & conference call, Top Glove 2Q & conference call, SP Setia 1Q

17 18 19 20 21 22 23

CPI External Reserves Malaysia Formula 1 Grand Prix

Malaysia Formula 1 Grand Prix

24 25 26 27 28 29 30

Malaysia Formula 1 Grand Prix

HELP 1Q Money Supply, PPI, Cypark 1Q

31

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

March 27, 2013

15

Corporate Actions

April 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Reserves, External Trade

7 8 9 10 11 12 13

IPI, Manufacturing Sales

14 15 16 17 18 19 20

CPI

21 22 23 24 25 26 27

External Reserves DiGi 1Q

28 29 30

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

March 27, 2013

16

DISCLAIMER

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 Badan Pengawas Pasar Modal & Lembaga Keuangan (Bapepam)

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

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 affiliates does not make any 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 Services 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.

Daybreak Malaysia

March 27, 2013

17

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 Services 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 Services 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.

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 Services 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, 2013, 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 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 Services 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.

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.

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 Services 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

Daybreak Malaysia

March 27, 2013

18

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 Services 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, 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.

Recommendation Framework #1 *

Stock Sector

OUTPERFORM: The stock's total return is expected to exceed a relevant benchmark's total return

by 5% or more over the next 12 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to

outperform the relevant primary market index over the next 12 months.

NEUTRAL: The stock's total return is expected to be within +/-5% of a relevant benchmark's total

return.

NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in

line with the relevant primary market index over the next 12 months.

UNDERPERFORM: The stock's total return is expected to be below a relevant benchmark's total

return by 5% or more over the next 12 months.

UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to

underperform the relevant primary market index over the next 12 months.

TRADING BUY: The stock's total return is expected to exceed a relevant benchmark's total return

by 5% or more over the next 3 months.

TRADING BUY: The industry, as defined by the analyst's coverage universe, is expected to

outperform the relevant primary market index over the next 3 months.

TRADING SELL: The stock's total return is expected to be below a relevant benchmark's total

return by 5% or more over the next 3 months.

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

underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Korea Exchange, Taiwan

Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market

volatility or other justifiable company or industry-specific reasons.

CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

Recommendation Framework #2 **

Stock Sector

OUTPERFORM: Expected positive total returns of 10% or more over the next 12 months. OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of +10% or better over the next 12 months.

NEUTRAL: Expected total returns of between -10% and +10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal

number of stocks that are expected to have total returns of +10% (or better) or -10% (or worse), or

(ii) stocks that are predominantly expected to have total returns that will range from +10% to -10%;

both over the next 12 months.

UNDERPERFORM: Expected negative total returns of 10% or more over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of -10% or worse over the next 12 months.

TRADING BUY: Expected positive total returns of 10% or more over the next 3 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of +10% or better over the next 3 months.

TRADING SELL: Expected negative total returns of 10% or more over the next 3 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of -10% or worse over the next 3 months.

** This framework only applies to stocks listed on the Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily

outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2011.

AAV – not available, ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH - Good, BEC - Very Good, BECL - Very Good, BGH - not available, BH - Very Good, BIGC - Very Good, BTS - Very Good, CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not available, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD - Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good, SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very Good, THAI - Very Good, THCOM – Very Good, TICON – Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good, WORK – Good.