REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 18 November 2014

▌What’s on the Table…

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IOI Corporation - Boost from higher FFB output

IOI Corp’s 1QFY6/15 core net profit, which excludes net forex translation losses, was broadly in line with our expectation (at 22% of full-year forecast) but fell short of consensus estimates (at only 19%). We expect better earnings in future quarters, driven by higher CPO prices and production. We keep our earnings forecasts and SOP-based target price intact. The stock remains a Reduce as we feel that the market has more than priced in the group's efficient plantation and downstream assets. There are also concerns that it may be removed from the Shariah list during the end-Nov review as it does not meet the conventional debt/total asset ratio of less than 33%.

Tune Ins Holdings Bhd - Flying at lower altitude amidst adverse weather conditions

Tune’s 9MFY14 net profit was below expectations at 64% of our full-year forecast and 65% of consensus. This was because we had under-projected the claims ratio; hence, we raise the ratio from 30% to 34% for FY14. This leads to a drop in our FY14 EPS forecasts and DDM-based target price (COE of 9.2%; LT growth of 5%). However, our FY15-16 numbers are unchanged. Despite the weaker-than-expected 9M results, we are unwavering on our Add recommendation on Tune, as the potential re-rating catalysts are intact, including 1) the swift expansion of its travel insurance business in the region, with the new market in the Middle East, 2) the growth prospects in the non-life insurance market in Thailand and 3) more tie-ups with other airlines.

Muhibbah Engineering - Don't touch the panic button

The award of the regas plant in Pengerang to Samsung should not be viewed as negative for Muhibbah given that it did not bid for it. Also, the risk of delays in oil & gas infra projects in Rapid has been overplayed, in our view. Lower oil prices are negative for upstream players but net positive for downstream contractors like Muhibbah as construction costs are lower. Our EPS forecasts are intact but we cut our target price (still based on a 20% RNAV discount) as we update for Favelle Favco's lower market cap. We view today’s 11% fall in Muhibbah’s share price as a buying opportunity. The stock now trades at an undemanding FY15-16 P/E of 9-10x. Muhibbah remains an Add and our preferred small/mid cap pick, with job wins as a catalyst.

▌News of the Day…

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• 1MDB filing application for US$3bn IPO for its power assets

• Petronas will be reviewing its capex allocation in view of declining oil prices

• Felda Global planning RM1bn investment in Cambodia’s plantation sector

• Yinson clarify three new Petronas licenses were effective Oct 20, 2014

• Japan’s GDP shrank 1.6% qoq saar in 3Q14, a second straight drop

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,750

1,800

1,850

1,900

Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14

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FBMKLCI

1806.48 -7.31pts -0.40%Nov Futures Dec Futures

1803 - (-0.69% ) 1803 - (1.00% )———————————————————————————

Gainers Losers Unchanged246 531 286

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Turnover1411.41m shares / RM1386.288m

3m avg volume traded 2467.98m shares

3m avg value traded RM2102.64m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,806 3,289 5,054 1,569 23,797 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,806.48 (0.4) (3.2)

FBM100 12,146.95 (0.5) (3.5)

FBMSC 16,693.52 (0.7) 6.4

FBMMES 6,338.29 (0.7) 11.7

Dow Jones 17,647.75 0.1 6.5

NASDAQ 4,671.00 (0.4) 11.8

FSSTI 3,288.67 (0.8) 3.8

FTSE-100 6,671.97 0.3 (1.1)

SENSEX 28,177.88 0.5 33.1

Hang Seng 23,797.08 (1.2) 2.1

JCI 5,053.94 0.1 18.2

KOSPI 1,943.63 (0.1) (3.4)

Nikkei 225 16,973.80 (3.0) 4.2

PCOMP 7,229.72 0.2 22.7

SET 1,569.07 (0.4) 20.8

Shanghai 2,474.01 (0.2) 16.9

Taiwan 8,884.39 (1.1) 3.2————————————————————————————————

Close % chg Vol. (m)

MUHIBBAH 2.300 (10.2) 41.5

ASIA BIOENERGY 0.140 0.0 37.8

IFCA MSC 0.805 5.9 33.3

SUMATEC 0.295 (3.3) 30.8

PRIVASIA TECH 0.145 3.6 28.6

MINETECH 0.150 (6.3) 27.4

EFFICIENT 0.335 (1.5) 27.4

XINGHE HOLDINGS 0.075 (11.8) 21.4————————————————————————————————

Close % chg

US$/Euro 1.2447 (0.02)

RM/US$ (Spot) 3.3470 (0.03)

RM/US$ (12-mth NDF) 3.4338 (0.11)

OPR (% ) 3.19 (0.62)

BLR (% , CIMB Bank) 6.85 0.00

GOLD ( US$/oz) 1,187.11 0.05

WTI crude oil US spot (US$/barrel) 75.64 (0.24)

CPO spot price (RM/tonne) 2,190.00 (0.45)

Market Indices

Top Actives

Economic Statistics

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

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Daybreak│Malaysia

November 18, 2014

2

Global Economic News

US manufacturing output rose 0.2% mom in Oct, matching Sep’s advance. Total industrial production dropped 0.1% mom in Oct (+0.8% mom in Sep). Capacity utilization declined to 78.9% in Oct (79.2% in Sep). (Bloomberg)

US monetary policy “appears to be far from causing excessive inflation” and price increases are likely to remain slow through the end of 2016, according to research by the Federal Reserve Bank of San Francisco.

It’s also more probable that inflation will remain below the central bank’s 2% inflation goal than rise above it, according to a report.

“The financial crisis disrupted the credit market, leading to underinvestment and underutilization of resources in the economy.”

“This slowed the economic recovery and pushed inflation down more than 2% pts,” the report showed, noting persistent effects from the financial crisis as the main reason inflation is expected to remain low for so long. (Bloomberg)

Analysts see the economy growing 2.7% yoy in 4Q14 (+3.1% yoy previously forecasted), according to the US Philadelphia Federal Reserve's quarterly survey of 42 forecasters.

1Q15 growth was forecast at 2.8% (+3.1% yoy estimated earlier), though full-year growth for 2014 was forecast at 2.2%, up from the previous estimate of 2.1%. (Reuters)

US Federal Reserve Governor Jerome Powell said he expects the central bank to raise interest rates next year, adding the exact timing would depend on the pace of economic recovery. (Bloomberg)

European Central Bank (ECB) President Mario Draghi explicitly cited government-bond buying as a policy tool officials could use to stimulate the economy if the outlook worsens. “Other unconventional measures might entail the purchase of a variety of assets, one of which is sovereign bonds,” he said. (Bloomberg)

Eurozone recorded a trade surplus of €18.5bn (US$23.17bn) in Sep (€10.8bn in Sep 2013). (WSJ)

Japan’s gross domestic product (GDP) shrank 1.6% qoq saar in 3Q14 (-7.3% qoq saar in 2Q14), a second straight drop. (Bloomberg)

China has unveiled the Renminbi Qualified Domestic Institutional Investor program to promote use of the Chinese currency in offshore securities investments by financial institutions.

The program will be much like the existing Qualified Domestic Institutional Investor program, which also channels investments to offshore securities and other financial products in limited amounts, though that is a foreign currency program.

It didn't say how much yuan it expected to see put in use in support of these offshore investments and no formal start date was mentioned for the program, though it appeared to already be in effect. (Dow Jones)

Daybreak│Malaysia

November 18, 2014

3

China has approved construction of five railway projects worth Rmb152.7bn (US$24.93bn), the National Development and Reform Commission said, the latest sign that the government is lifting investment to tackle slackening economic growth. (Reuters)

India’s merchandise exports fell 5.04% yoy in Oct (+2.7% yoy in Sep). Imports rose 3.62%yoy in Oct (+26.0% yoy in Sep), widening the trade deficit to US$13.35bn (US$14.25bn in Sep). (WSJ, Bloomberg)

Australia completed a free trade deal with China on 17 Nov, cementing ties with its biggest economic partner and reducing the nation’s reliance on resource exports.

The deal will mean 85% of Australian goods exports to China will be tariff free, rising to 95% when fully implemented, Australia Prime Minister Tony Abbott said. Tariffs will be removed from some resources and energy including aluminum oxide and coking coal, and phased out on thermal coal over two years. (Bloomberg)

The Conference Board Leading Economic Index (LEI) for Australia decreased 0.3% mom in Sep to 128.6 (-0.1% mom in Aug). Coincident Economic Index (CEI) increased 0.2% mom in Sep to 125.6 (+0.2% mom in Aug). (Conference Board)

Hong Kong’s seasonally adjusted jobless rate came in at 3.3% in the Aug to Oct period, the same rate as in the Jul to Sep. (RTT)

Hong Kong’s government may clear some of the city-centre obstructions erected by pro-democracy protesters.

Police will help court bailiffs to enforce a civil injunction against protesters blocking entrance into the Citic Tower in the Admiralty district, according to a press release. The court order doesn’t cover the main tent city the protesters have set up. (Bloomberg)

Singapore’s non-oil domestic exports (NODX) contracted 1.5% yoy in Oct (+0.9% yoy in Sep), dragged down by a decrease in both electronic and non-electronic exports. Electronic exports fell 3.6% yoy in Oct (-4.0% yoy in Sep) while non-electronic exports contracted by 0.5% yoy in Oct (+3.0% yoy in Sep). (CNA)

Singapore’s new home sales rose to 855 units in Oct (707 units in Sep). Excluding executive condominiums, developers sold 765 units in Oct (648 units in Sep). (CNA)

Indonesian President Joko Widodo raised fuel prices to reduce state energy subsidies, enacting a key election pledge less than a month after taking office to narrow the budget deficit and free funds for development plans.

The price of subsidized gasoline increased to IDR8,500 (US$0.70) a litre from IDR6,500 effective 17 Nov. Diesel has been raised to IDR7,500 a litre from IDR5,500. (Bloomberg)

Daybreak│Malaysia

November 18, 2014

4

Thailand’s GDP grew 1.1% qoq in 3Q14 (+1.1% qoq in 2Q14), and rose 0.6% yoy in 3Q14 (+0.4% yoy in 2Q14).

The National Economic and Social Development Board (NESDB) remains optimistic the economy will grow more than 3% in the fourth quarter as exports recover and stimulus steps, such as subsidies for farmers, help consumption. It sees 2015 exports up 4%, in line with the Commerce Ministry.

For 2014, the agency cut its GDP growth forecast to 1.0% from 1.5-2.0%. That would be the weakest growth since 2011, when devastating flooding cut growth to 0.1%. (Reuters, Bloomberg)

Philippines overseas remittance rose 7.9% yoy to US$2.107bn in Sep (+6.0% yoy in Aug to US$ 2.053bn). (GMA, Bloomberg)

Malaysian Economic News

The Domestic Trade, Cooperatives and Consumerism Ministry is proposing a special court to handle cases of unscrupulous traders raising prices of goods arbitrarily after the GST is implemented in Apr next year. Deputy Minister Datuk Seri Ahmad Bashah Md Hanipah said that the court will hear the cases as soon as possible to ensure traders do not take advantage of the GST. "An additional 400 enforcement officers, on top of the current 1,800 officers, under the ministry will also be employed to conduct checks after the tax is implemented," he said. (The Star)

The Domestic Trade, Co-operatives and Consumerism Ministry will introduce a Shopper's Guide next Jan to put a full stop to public concerns over unscrupulous traders hiking up prices after the implementation of the Goods and Services Tax (GST). The guide will list the 944 goods and services in the basket of goods under the Consumer Price Index (CPI), as well as their prices before and after the GST is introduced, according to Ministry of Finance Tax Division Deputy Under-Secretary MA. Sivanesan. (Malaysian Insider)

The Ministry of International Trade and Industry (MITI) has targeted to increase the small and medium enterprise (SME) market growth from 6.3 to 9.3% under the SME Master Plan 2012-2020. Its minister, Datuk Seri Mustapa Mohamed said the SME Master Plan 2012-2020 was aimed at contributing at least 41% to the Gross Domestic Product (GDP) by 2020 from 33% at present. He said the government would continue to expand financing options for SMEs by providing special funds and schemes either directly or through Bank Negara Malaysia. (Bernama)

Government policymakers should ditch gross domestic product (GDP) numbers and use the median household income instead because it is a truer reflection of the economic state of the average Malaysian, a report by the Khazanah Research Institute (KRI) said. KRI MD Charon Mokhzani said government economic policies would be more effective if real household incomes are used as the measuring stick of the economy of the people, instead of the average GDP per person. He said 74% of Malaysian households have income of less than RM6,000 per month and this statistic must be the focal point of all polices to improve the nation’s income average. (Malaysian Reserve)

Daybreak│Malaysia

November 18, 2014

5

Malaysia is confident that it can resolve at least half of the 70 outstanding variables in the Asean Economic Community (AEC) in six months, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Malaysia ranks sixth in terms of the country scorecard in the AEC Blueprint with its 83.9% implementation rate. “We have another 70 variables and components out of the total 436 measures which are not complied with, although many (within the 70 variables) are almost there,” said Mustapa. (NST)

Investment commitments worth RM3.57bn are in the offing in the East Coast Economic Region (ECER) in the fourth quarter of this year. They were pledged by 16 companies, including eight beneficiaries of the government's Unit Peneraju Agenda Bumiputera (Teraju) initiatives, the East Coast Economic Region Development Council (ECERDC) announced Monday. "To date, 29 companies in ECER with an overall investment value of RM646.5m have benefitted from Teraju's facilitation fund worth RM84.1m while 65 companies have been identified as high-performing Bumiputera companies (TeraS)," it said. (Bernama)

Malaysia, which will assume the chairmanship of Asean 2015 is expected to recognise the One Asean Cooperative (ACO) as an official body championing cooperative issues in the region. Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Abdul Fatah Abdullah said this was because at the moment, there was no specific platform to discuss cooperative issues among Asean countries. He was elected ACO president, replacing Indonesia for the 2014-2018 period at the new leadership elections held in Bali on Sept 16 this year. (Bernama)

The Kedah government has tabled a RM804.62m budget for 2015 with emphasis on balancing the macro and the micro economy. Menteri Besar Datuk Seri Mukhriz Tun Dr Mahathir said RM527,636,935 was allocated for operating and RM276,980,046 was allocated for development expenditure. The Kedah government expected revenue of RM743,653,021 from quit rent and arrears, land premium and other sources (water, dividend, investments and tax arrears). (Bernama)

The Kedah Government will implement a rent subsidy assistance programme soon to alleviate the hardship of the low-income group in buying a house of their own. Menteri Besar Datuk Seri Mukhriz Tun Dr Mahathir said the government realised the problem faced and was very much concerned with the plight of those who still could not afford to buy a house and were forced to rent. "The government will still continue with the Transit Homes Programme with very low rental. However, our ability to build more transit homes in Kedah is limited. "We believe the rent subsidy assistance will ease the burden of the needy," he said. (Bernama)

Johor has 68,874 small- and medium-scale entrepreneurs (SMEs) currently, making it the third largest state in terms of the number of SMEs out of 645,136 nationwide. Johor Education, Entrepreneur Development and Cooperatives Committee chairman, Md Jais Sarday, said of the total, 25.6%, or 17,632, were Bumiputera SMEs in three sectors -- services, manufacturing and agriculture. (Bernama)

Daybreak│Malaysia

November 18, 2014

6

Political News

More than 18 months after GE13, Pakatan Rakyat (PR) will make another attempt to nullify the general election results at the Federal Court to argue that the general election in 2013 was not free and fair because of the indelible ink fiasco. Lawyer Americk Sidhu said the litigants have given instruction to go to the Federal Court despite the decision of two lower courts to allow the Election Commission (EC) to strike out their suit without a trial being held.

Americk said the plaintiffs, among whom were those who lost in the May 5 general election in 2013, had planned to call witnesses to give evidence during the hearing. "The clients now want us to apply for leave in the Federal Court to appeal against the majority Court of Appeal," he said. (Malaysian Insider)

Corporate News

Felda Global Ventures Downstream Sdn Bhd (FGVD), a unit of Felda Global Ventures Holdings Bhd (FGV), plans to invest up to RM80m to build a Vitamin E processing plant in the East Coast Economic Region (ECER). FGV chairman Tan Sri Mohd Isa Samad said the investment would involve the purchase of three acres of land and construction of a processing plant at the Kuantan Integrated Biopark, Pahang.

"Construction is expected to begin in the first quarter of 2015 or as soon as acquisition of land is complete. The plant itself is scheduled to be completed by 2016 and has a production capacity of 75,000 kilogrammes per year in the first three years of operation," he said in a statement. (Bernama)

Felda Global Ventures Holdings Bhd (FGV) is planning a RM1bn investment in Cambodia’s plantation sector. FGV was eyeing sugar, palm oil and rubber plantation businesses in Cambodia and might venture into an integrated livestock project in the future, sources said.

“The Cambodian government has been talking to several international planters, including FGV, to develop agriculture land and plant oil palm, rubber trees, sugar cane, and cashew nuts. There is a huge potential for growth in Cambodia,” sources said. (BT)

AirAsia X Bhd appears to be encountering greater turbulence. It is said to be facing payment problems relating to staff salaries and their fixed and variable allowances, sources close to the company said. In a circular seen by The Edge Financial Daily, Air Asia X staff were informed that payment of their wages and allowances would be on a staggered basis for the month of October. Describing the unprecedented payment issue as a "temporary setback," the management of AirAsia X blamed the payment delay to the "late arrival of incoming funds." (Financial Daily)

IJM Corp Bhd and SILK Holdings Bhd have agreed to extend the period of their conditional share sale agreement from yesterday to November 24 2014. In an announcement to Bursa Malaysia yesterday, the company said its unit, Road Builder (M) Holdings Bhd (RBH), has agreed with SILK for the extension to consider the results of the due diligence exercise completed by RBH and for other parties “to consider whether to proceed with the acquisition of 100% stake in in Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd”. (BT)

Daybreak│Malaysia

November 18, 2014

7

Yinson Holdings Bhd has clarified that the three new Petroliam Nasional Bhd licenses the group announced last Wednesday were effective Oct 20, 2014. The licenses for Floating & Mobile Offshore Facilities – Floating Offshore Facilities, Floating & Mobile Offshore Facilities – Mobile Offshore Facilities and Eng. Design, Arch. & Draughting Services – Naval Architecture and Marine Engineering are valid for one year and subjected to yearly extensions. (sun)

Scicom (MSC) Bhd, one of two companies appointed to re-skill Malaysian Airline System Bhd (MAS) staff, expects its education business to be one of the main drivers of growth in the current financial year ending June 30, 2015 (FY15) based on its capability to provide large scale training programmes, said its group CEO Leo Ariyanayakam.

"For FY14, the outsourcing business would be the main driver. But next year would be the education business, we would think…our education business is very services focused. It's all vocational, very services focused. We look at anything that is within the services business for example retail, hospitality and tourism," he told. (The Sun)

Bina Puri Sdn Bhd, a wholly own subsidiary of Bina Puri Holdings Bhd has won a tender for a RM49.9m project to construct and complete the infrastructural works on a land adjacent to Station 01 of the proposed extension of the Light Rail Transit Ampang Line to Putra Heights. The award increases the group's total number of new projects secured this year to RM695m. Its un-built book order has now risen to RM2.0bn.

"It is crucial that this project to construct infrastructural works at Awan Besar must be completed in time with the commencement of operations at Station 01 if this were to mean anything to enhance Prasarana's LRT services," group managing director Tan Sri Tee Hock Seng said. (The Sun)

Petroliam Nasional Bhd (Petronas) will be reviewing its capital expenditure allocation in view of the declining global crude oil prices. "It will be changed because we want to be more effective and sharper in our cost management," said Datuk Wee Yiaw Hin, Petronas executive vice president of exploration and production.

"We don't know yet (if the figure will remain as RM300bn), but we will review it in light of the oil prices," he added. The crude oil price has been on the decline since June, falling below US$80 (RM267) per barrel from US$110 five months ago. (Malaysian Insider)

The 1Malaysia Development Bhd (1MDB) took a big step towards a planned US$3bn (RM10bn) IPO for its power plant assets, filing a long-awaited application for a flotation that will reduce its huge debt burden, sources said. 1MDB filed an application on Friday with the securities regulator to list its power assets on the local bourse, according to two sources with direct knowledge of the matter.

"The listing would be in 1Q15, likely March," said one of the sources. The sources said the listing is expected to raise around US$3bn, which will be used mainly to repay debt. (Malaysian Insider)

Daybreak│Malaysia

November 18, 2014

8

The Pan Borneo Highway project linking Sematan in Sarawak and Serudong, Sabah, will be tendered out to enable a more speedy completion, Deputy Works Minister Datuk Rosnah Abdul Rashid Shirlin said. Initial consultations were being conducted with prospective companies, but information on the bidders and the implementation method could not be made public as the negotiations are still at an early stage. (Financial Daily)

Sarawak Chief Minister Tan Sri Adenan Satem has lashed out at corruption in the state, telling an audience that included Sarawak's biggest timber tycoons, state Cabinet ministers and civil servants that he would "put the fear of god into people who are dishonest". Adenan described corruption in the timber industry as "very bad", saying it was a reflection of what enforcement officers had not been doing. (The Star)

The East Coast Economic Region (ECER) has attracted a total investment of RM72.3bn since its inception in 2007, reaching 66% of its target of RM110bn by 2020. The ECER Development Council (ECERDC) said the figure included new investment commitments worth RM3.6bn by 16 companies in 4Q14. “Pahang leads the way in terms of investments with RM35.2bn, followed by Terengganu (RM24.2bn), Kelantan (RM11.2bn) and Mersing, Johor (RM1.6bn),” it said. (BT)

Daybreak│Malaysia

November 18, 2014

9

BMSB: Changes in shareholdings

Type of No of Ave Price

17-Nov-14 Date transaction securities Company (RM)

EPF 28/10-3/11 Disposed 7,833,600 PETRONAS CHEMICALS

EPF 11/11-12/11 Disposed 6,258,500 MALAYAN BANKING

EPF 12/11 Disposed 3,329,000 PERISAI PETROLEUM

EPF 12/11 Disposed 3,300,000 YTL CORPORATION

EPF 11/11-12/11 Disposed 2,000,000 AL-`AQAR HEALTHCARE REIT

EPF 12/11 Disposed 2,000,000 MAH SING GROUP

EPF 12/11 Disposed 2,000,000 MAXIS

EPF 12/11 Disposed 1,980,000 IGB CORPORATION

EPF 11/11-12/11 Disposed 1,890,800 DRB-HICOM

EPF 12/11 Disposed 1,634,900 IHH HEALTHCARE

EPF 12/11 Disposed 1,000,000 AIRASIA

EPF 12/11 Disposed 865,400 YINSON HOLDINGS

EPF 12/11 Disposed 706,100 BERJAYA AUTO

EPF 12/11 Disposed 531,000 SUNWAY REIT

EPF 12/11 Disposed 482,800 AXIS REIT

EPF 12/11 Disposed 326,900 SUNWAY BERHAD

EPF 12/11 Disposed 324,900 PRESTARIANG

EPF 12/11 Disposed 265,200 WCT HOLDINGS

EPF 12/11 Disposed 212,000 TIME DOTCOM

EPF 12/11 Disposed 200,300 TELEKOM MALAYSIA

EPF 12/11 Disposed 121,500 IJM CORPORATION

EPF 12/11 Disposed 51,000 IOI PROPERTIES GROUP

EPF 12/11 Disposed 39,200 BAT

EPF 13/11 Disposed 29,800 SHELL REFINING COMPANY 

EPF 12/11 Disposed 13,000 UOA REIT

Skim Amanah Saham Bumiputera 11/11 Disposed 1,676,000 TELEKOM MALAYSIA

Skim Amanah Saham Bumiputera 11/11 Disposed 1,500,000 SUNWAY REIT

Skim Amanah Saham Bumiputera 10/11 Disposed 1,300,000 TENAGA NASIONAL

Skim Amanah Saham Bumiputera 10/11 Disposed 774,000 KLCC PROPERTY

Skim Amanah Saham Bumiputera 10/11 Disposed 774,000 KLCC REIT

Skim Amanah Saham Bumiputera 11/11 Disposed 763,000 MISC

Lembaga Tabung Haji 13/11 Disposed 2,244,000 UNISEM

Franklin Resources, Inc. 13/11 Disposed 398,400 OLDTOWN

Aberdeen Asset Management PLC 12/11 Disposed 19,900 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 11/11 Disposed 540,600 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 11/11 Disposed 22,300 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 11/11 Disposed 17,400 BAT

EPF 12/11 Acquired 6,061,600 SAPURAKENCANA PETROLEUM

EPF 7/11-11/11 Acquired 5,686,500 TENAGA NASIONAL

EPF 12/11 Acquired 4,475,300 DIGI.COM

EPF 12/11 Acquired 2,311,700 AMMB HOLDINGS

EPF 12/11 Acquired 1,500,000 IOI CORPORATION

EPF 10/11-11/11 Acquired 1,497,200 MISC

EPF 12/11 Acquired 1,325,000 CAPITAMALLS MALAYSIA TRUST

EPF 12/11 Acquired 1,000,000 GAMUDA

EPF 12/11 Acquired 1,000,000 PAVILION REIT

EPF 12/11 Acquired 920,000 CAHYA MATA SARAWAK

EPF 12/11 Acquired 828,400 DIALOG GROUP

EPF 12/11 Acquired 594,100 AFG

EPF 12/11 Acquired 275,700 AEON CO. (M)

EPF 12/11 Acquired 248,300 KPJ HEALTHCARE

EPF 12/11 Acquired 61,500 HONG LEONG BANK

EPF 12/11 Acquired 50,000 EASTERN & ORIENTAL

EPF 12/11 Acquired 10,900 KUALA LUMPUR KEPONG

Skim Amanah Saham Bumiputera 11/11 Acquired 10,000,000 MALAYAN BANKING

Skim Amanah Saham Bumiputera 11/11 Acquired 2,500,000 SAPURAKENCANA PETROLEUM

Skim Amanah Saham Bumiputera 11/11 Acquired 1,000,000 MAXIS

Lembaga Tabung Haji 12/11-13/11 Acquired 4,354,200 UZMA

Lembaga Tabung Haji 7/11-11/11 Acquired 436,200 YLI HOLDINGS

Lembaga Tabung Haji 7/11-13/11 Acquired 123,500 HAP SENG PLANTATIONS

Lembaga Tabung Haji 7/11-12/11 Acquired 123,500 HAP SENG PLANTATIONS

WELLINGTON MANAGEMENT CO, LLP 10/11-13/10 Acquired 712,882 AIRASIA SOURCES: BMSB

Daybreak│Malaysia

November 18, 2014

10

BMSB: Changes in shareholdings

Type of No of Ave Price

17-Nov-14 Date transaction securities Company (RM)

Asia Internet Holdings Sdn Bhd 12/11-14/11 Acquired 500,000 MY E.G. SERVICES 4.00

QL Resources 12/11-14/11 Acquired 57,200 LAY HONG 3.45

T. Rowe Price Associates, Inc 10/11 Acquired 47,500 ASTRO MALAYSIA

Mitsubishi UFJ Financial Group, Inc 11/11 Acquired 2,100 POS MALAYSIA

WCT HOLDINGS 17/11 Shares Buy Back 400,000 WCT HOLDINGS 2.02

EKSONS CORPORATION 17/11 Shares Buy Back 55,000 EKSONS CORPORATION 1.38

WAH SEONG CORPORATION 17/11 Shares Buy Back 30,000 WAH SEONG CORPORATION 1.60

DAIBOCHI PLASTIC 17/11 Shares Buy Back 14,000 DAIBOCHI PLASTIC 4.28

HAP SENG PLANTATIONS  17/11 Shares Buy Back 5,000 HAP SENG PLANTATIONS  2.59 SOURCES: BMSB

BMSB: Off-market transactions

17-Nov-14 Vol

IDMENSN 25,050,000

YINSON 6,000,000

PA 3,312,900

CBIP 2,000,000

WELLCAL 1,500,000

MEDAINC 1,500,000

BARAKAH 1,000,000

APM 600,000

GDEX 600,000

TMS 500,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Dividends

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

PETRONAS GAS 2nd interim dividend - single tier 20.00 4-Nov-14 18-Nov-14 20-Nov-14 8-Dec-14

PETRONAS DAGANGAN Interim dividend - single tier 12.00 4-Nov-14 18-Nov-14 20-Nov-14 5-Dec-14

KLCC REIT 3rd interim dividend - taxable 5.14 7-Nov-14 20-Nov-14 24-Nov-14 17-Dec-14

KLCC PROPERTY  3rd interim dividend - single tier 3.05 7-Nov-14 20-Nov-14 24-Nov-14 17-Dec-14

ASIA FILE CORP Final dividend - single tier 13.50 4-Sep-14 26-Nov-14 28-Nov-14 26-Dec-14

DIALOG GROUP Final dividend - single tier 1.10 27-Oct-14 26-Nov-14 28-Nov-14 18-Dec-14

MPI Interim dividend - single tier 7.00 12-Nov-14 26-Nov-14 28-Nov-14 12-Dec-14

MAXIS Interim dividend - single tier 8.00 13-Nov-14 26-Nov-14 28-Nov-14 26-Dec-14

BONIA CORPORATION Final dividend - single tier 2.50 28-Oct-14 27-Nov-14 1-Dec-14 22-Dec-14

JAYA TIASA 1st & Final dividend - single tier 1.50 30-Oct-14 1-Dec-14 3-Dec-14 17-Dec-14

KAREX Final dividend - single tier 25.00 5-Nov-14 10-Dec-14 12-Dec-14 22-Dec-14

GUINNESS ANCHOR Final dividend - single tier 44.50 5-Nov-14 10-Dec-14 12-Dec-14 31-Dec-14

MEDIA PRIMA 2nd interim dividend - single tier 3.00 6-Nov-14 10-Dec-14 12-Dec-14 30-Dec-14

SUPERMAX  Interim dividend - single tier 4.00 7-Nov-14 26-Dec-14 30-Dec-14 28-Jan-15

TOP GLOVE  Final dividend - single tier 9.00 11-Nov-14 12-Jan-15 14-Jan-15 29-Jan-15 SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

18-Nov-14 Ann Date Proposed

ECO WORLD 25-Apr-14 1 Rights @ 2, 4 Free Warrants @ 5, Private Placement

ASIA FILE CORP 6-Aug-14 Bonus issue 3:5

EASTERN & ORIENTAL 5-Sep-14 Bonus issue 1:10, Free Warrants 1:5

BUMI ARMADA 12-Sep-14 1 Rights : 2 shares @ RM1.35

BENALEC HOLDINGS  12-Sep-14 > RM200m of 7-year Redeemable Convertible Secured Bonds

TH HEAVY ENGINEERING 24-Sep-14 Private placement of up to 10% of the issued shares of THHE

TH HEAVY ENGINEERING 3-Oct-14 Rights issue with bonus issue, 1 bonus issue : 5 Rights shares

MY E.G. SERVICES 30-Oct-14 Bonus issue 1:1 SOURCES: BMSB

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Corporate Actions

November 2014

SUN MON TUE WED THU FRI SAT

30 1

2 3 4 5 6 7 8

Malaysia Airports 3Q Tasek 3Q, Pet. Gas 3Q, Pet. Dagangan 3Q

IFCA 3Q, MMHE 3Q, Perisai 3Q

PetChem 3Q, Media Prima 3Q, F&N 4Q, Sunway REIT 1Q, IFCA 3Q briefing, BNM Interest Rate

MISC 3Q, Supermax 3Q, KLCC Property 3Q, F&N 4Q briefing, External Trade, External Reserves (month-end data)

9 10 11 12 13 14 15

MPOB Oct stats Industrial Production MPI 1Q, Gas Malaysia 3Q, Hap Seng Plant 3Q

Maxis 3Q, MPI 1Q briefing

Guinness 1Q, Tomypak 3Q, GDP, BoP Current Account Balance

16 17 18 19 20 21 22

IOI Corp 1Q, Tune Ins 3Q

AirAsia X 3Q, MAS 3Q, CIMB 3Q & conf. call, Hartalega 2Q, Benalec 1Q, Sunway 3Q, Lafarge 3Q, MRCB 3Q & briefing

AirAsia 3Q, MSM 3Q, KLK 4Q, Star 3Q, Kossan 3Q, CPI

Mah Sing 3Q, Genting Plant 3Q & briefing, Eco World 12-mths results

Genting 3Q, Genting M’sia 3Q, Thong Guan 3Q, 7-Eleven 3Q, Lafarge briefing, Foreign Reserves (mid-month data)

23 24 25 26 27 28 29

Axiata 3Q, WCT 3Q, Uchi 3Q, Signature 1Q

HL Bank 1Q, UOA Dev 3Q, E&O 2Q, IJM Corp 2Q & briefing, Carlsberg 3Q, Ta Ann 3Q, WCT 3Q briefing, Umno general assembly

UEM Sunrise 3Q, UMW Holdings 3Q, Tan Chong 3Q, Prestariang 3Q, FGV 3Q, MCIL 2Q, KPJ 3Q, Star 3Q briefing, Umno general assembly

Maybank 3Q, TM 3Q, Magnum 3Q, Prestariang 3Q briefing, Umno general assembly

Sime Darby 1Q, Karex 1Q, Wellcall 4Q, Money Supply, Umno general assembly,

Umno general assembly

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

December 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Trade, External Reserves (month-end data)

7 8 9 10 11 12 13

Eco World 13-mths results & briefing

Astro 3Q & conf. call, Industrial Production

14 15 16 17 18 19 20

SP Setia 4Q

21 22 23 24 25 26 27

Foreign Reserves (mid-month data)

Christmas Day

28 29 30 31

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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course of, and for the purposes of their business, habitually invest money pursuant to Section 3(2)(a)(ii) of the Securities Act 1978.

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CIMB Recommendation Framework

Stock Ratings Definition

ADD The stock’s total return is expected to exceed 10% over the next 12 months.

HOLD The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.

REDUCE The stock’s total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

*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.