REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 12 December 2013

▌What’s on the Table…

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Gas Malaysia Berhad - The gas will flow Natural gas prices for Gas Malaysia are likely to be raised soon, on the heels of the recent electricity tariff increase. The revision of the gas price would result in certainty over Gas Malaysia's margins. Our target price stays at RM4.52 as we continue to value the stock at 26.5x FY15 earnings, which represents a 5% discount to Petronas Gas valuations. We maintain our Add call on the stock. Announcement of a gas price revision would provide certainty to Gas Malaysia's margins, thereby reducing the risk to its earnings growth. We expect this to catalyse the stock.

Perisai Petroleum - Kamelia blooms

Perisai's FPSO vessel, Perisai Kamelia, has hit first gas at the Kamelia field in the North Malay Basin. This marks the company's entry into the FPSO segment and its transformation from a bareboat charterer to operator. We continue to value the stock at 15.8x CY15 P/E, a 30% discount to the P/E valuations of oil & gas big caps. We continue to recommend an Add and the stock remains our top pick among the oil & gas small caps. Successful FPSO and drilling ventures are potential re-rating catalysts.

Economic Update - Oct IPI: off to a good start in 4Q

Resilient domestic demand, aided by continued export recovery, delivered higher industrial production (IP) growth of 1.7% yoy in Oct (vs. +1% in Sep), led by the manufacturing and electricity sectors. The IP reading beat market expectations (+0.8%) but a tad lower than our estimate (+2%). The improved IP growth, which is a proxy for the overall economy, presages higher GDP growth in 4Q13, which we estimate at 5.3% yoy vs. +5% in 3Q. For next year, we expect IP growth to come in at 3.0-3.5% (vs. +2.5-3.0% for 2013), with the drivers coming from both domestic- and export-driven industries. Looking ahead, we expect the global and regional manufacturing PMI, which is an indicator of manufacturing activity, to gain momentum.

▌News of the Day…

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• Tenaga Nasional plans to sell as much as RM3.7bn of sukuk

• Bursa Malaysia has gone live with its new trading engine, BTS2 on Dec 2

• Coastal Contracts secures contracts worth RM148m

• Berjaya Assets plans to build a mini Bukit Tinggi in Berjaya Waterfront in Johor Baru

• Proton expected to produce a hybrid car by the end of next year

• Japanese core machinery orders rose 0.6% mom in Oct

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,550

1,600

1,650

1,700

1,750

1,800

1,850

Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13

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FBMKLCI

1842.82 -1.03pts -0.06%DEC Futures JAN Futures

1836.5 - (-0.30% ) 1838 - (1.00% )———————————————————————————

Gainers Losers Unchanged336 419 331

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Turnover1158.24m shares / RM2078.013m

3m avg volume traded 1703.85m shares

3m avg value traded RM1801.62m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,843 3,061 4,272 1,369 23,338 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,842.82 (0.1) 9.1

FBM100 12,462.90 (0.0) 10.3

FBMSC 15,686.43 (0.1) 36.6

FBMMES 5,625.45 0.0 33.5

Dow Jones 15,843.53 (0.8) 20.9

NASDAQ 4,003.81 (1.4) 32.6

FSSTI 3,060.74 (0.7) (3.4)

FTSE-100 6,507.72 (0.2) 10.3

Hang Seng 23,338.24 (1.7) 3.0

JCI 4,271.74 (0.1) (1.0)

KOSPI 1,977.97 (0.8) (1.0)

Nikkei 225 15,515.06 (0.6) 49.3

PCOMP 5,888.74 0.0 1.3

SET 1,369.35 0.1 (1.6)

Shanghai 2,204.17 (1.5) (2.9)

Taiwan 8,433.77 (0.1) 9.5

Close % chg Vol. (m)

SUMATEC RESOURCES 0.295 0.0 40.2TIGER SYNERGY 0.225 2.3 40.1

BARAKAH OFFSHORE 1.520 1.3 34.9

DSC SOLUTIONS 0.120 14.3 24.3

INIX TECHNOLOGIES 0.225 9.8 23.3

SOLUTION ENGINEER 0.330 0.0 19.3

BUMI ARMADA 3.900 0.0 17.2

IOI CORP 5.800 (2.2) 15.7

Close % chg

US$/Euro 1.3788 0.01RM/US$ (Spot) 3.2163 (0.04)

RM/US$ (12-mth NDF) 3.2795 0.44

OPR (% ) 2.99 0.00

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,254 0.11

WTI crude oil US spot (US$/barrel) 97.44 (1.09)

CPO spot price (RM/tonne) 2,618 0.00

Economic Statistics

Market Indices

Top Actives

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Terence WONG CFA T (60) 3 2084 9689 E terence.wong@cimb.com

Daybreak Malaysia

December 12, 2013

2

Global Economic News…

Congressional negotiators reached a deal on US federal spending, budget officials said, which if passed by lawmakers would avoid a disastrous repeat of a government shutdown that paralysed Washington. Sources say the 2014-2015 budget agreement, brokered by Senate Democrat Patty Murray and House Republican Paul Ryan, sets the new annual budget caps at about US$1tr, and at least partially repeals the automatic budget cuts known as "sequestration." (AFP)

Federal Reserve officials hope to use an experimental bond-trading program known as a 'reverse repo' facility to fundamentally change the way the central bank sets short-term interest rates. (WSJ)

Stanley Fischer, who led the Bank of Israel for eight years until he stepped down in June, has been asked to be the Federal Reserve's next vice chair once Janet Yellen takes over as chief of the U.S. central bank. (Reuters)

Standard & Poor's (S&P) credit ratings agency has lowered its U.S. growth forecast warning of "significant downside risks" from federal spending cuts. "We now expect the world's biggest economy to expand 2.6% next year, down from our forecast of 3.1% at last quarter's Credit Conditions Committee meeting," it added. (CNBC)

The Conference Board Leading Economic Index (LEI) for Japan increased 0.2% mom in Oct to 100.6 (2004 = 100), following a 1.3% increase in Sep and no change in Aug. At the same time, the Coincident Economic Index (CEI) increased 0.1% mom in Oct to 96.8 (2004 = 100), following a 0.2% increase in Sep, and a 0.2% decline in Aug. (Dow Jones)

Japanese core machinery orders rose 0.6% mom in Oct, as some demand ahead of a planned sales tax hike leveled off. The rise was squarely in line with the 0.6% rise expected by economists. It also came after a 2.1% decline in Sep. On a yoy basis, orders were up 17.8% (11.4% in Sep). (Dow Jones)

Japan’s domestic corporate goods price index, which tracks wholesale inflation, quickened to 2.7% yoy in Nov from 2.5% in Oct. (Bloomberg)

Chinese financial institutions issued Rmb624.6bn (US$103bn) worth of new yuan loans in Nov, up sharply from Rmb506.1bn in Oct and above the Rmb550bn median forecast. Total social financing rose to Rmb1.23tr in Nov from Rmb856.4bn in Oct. China's broadest measure of money supply, M2, was up 14.2% yoy at the end of Nov, slightly lower than the 14.3% rise at the end of Oct and above the median 14.1% increase expected. (WSJ)

South Korea’s unemployment rate slid to 2.9% in Nov, down from 3% in Oct. (Bloomberg)

India’s imports fell 16.4% yoy in Nov (-14.5% in Oct), while exports increased 5.9% (+13.5% in Oct). The country's Nov trade gap stood at US$9.22bn compared with US$10.56bn in Oct. (Bloomberg, CNBC)

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December 12, 2013

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Thai Prime Minister Yingluck Shinawatra said protests that forced her to call a snap election earlier this week won’t lead to a military coup like the one that ousted her brother, Thaksin Shinawatra, in 2006. (Bloomberg)

Malaysian Economic News…

The industrial production index (IPI) increased by 1.7% yoy in Oct (+1% in Sep), beating market expectations of a 0.8% gain. The increase was due to the improvement in the manufacturing index and electricity index by 3.3% and 4.8% respectively (+2.4% and +4% respectively in Sep). However, the mining index declined by 3.6% (-4.2% in Sep). In Jan-Oct, IPI rose 2.4%. (Department of Statistics, Bloomberg)

Kindly refer to our Economic Update for further details

The manufacturing sales increased by 1.9% yoy to RM54.2bn in Oct (+1.5% to RM53.5bn in Sep). On a mom basis, it rose 1.3% (+0.3% in Sep). 10M13's manufacturing sales declined by 0.7% to RM515.9bn.

Total employees engaged in the manufacturing sector increased by 0.6% yoy to 1.0310m persons (+0.8% to 1.0309m persons in Sep).

Total salaries & wages paid rose by 10% to RM2.76bn in Oct (+11% to RM2.80bn in Sep).

Average salaries & wages per employee increased by 9.3% to RM2,675 (+10% to RM2,714 in Sep).

The productivity up 1.2% (+0.7% in Sep). (Department of Statistics)

The government should consider setting up a national housing board to ensure smooth implementation of projects for medium-cost and affordable houses for the lower-income group. Senator Datuk Seri Mohd Ali Rustam said that among the current problems identified were delays in completion of projects due to the lack of cooperation between the federal and state governments. He said the board should comprise the land officer, district officer, state secretary and any concerned individuals who could use the platform to get views and advice from all quarters. (Bernama)

A total of 889,676 hawkers and petty traders had registered under the 1Malaysia National Hawkers and Petty Traders Insurance Plan (P1MPIN) as of 30 Nov, the Dewan Negara was told yesterday. Deputy Domestic Trade, Cooperatives and Consumerism Minister Datuk Ahmad Bashah Md Hanipah said 27 of them had benefited from the scheme by way of payment of RM157,350 in claims to the nominee or next-of-kin. P1MPIN was announced by PM Datuk Seri Najib Tun Razak in Budget 2013 and was implemented in Jan this year. (Bernama)

The 2014 Budget will focus on enhancing domestic resilience and strengthen the national economy against external shocks, PM Datuk Seri Najib Tun Razak said Wednesday. The move would serve as a 'buffer' to face any external shocks that were 'beyond our control', he said.

The prime minister wants the ministries to take appropriate measures to ensure that the budgetary provisions were implemented effectively and fulfilled the intended objectives.

He said the ministries and agencies should cooperate to implement the projects and programmes under the budget so that there was no confusion among them that could delay their implementation. (Bernama)

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December 12, 2013

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Land Public Transport Commission (SPAD) has not given any approval for a fare hike for passenger rail services, but confirmed that a comprehensive review was under way, said its chairman Tan Sri Syed Hamid Albar. However, he remained mum on when a price change might take effect. He did not say how much the increase might be. (The Star)

Government-linked companies should focus on empowering Bumiputera small-and-medium enterprises and assist them to contribute at least 41% to the GDP by 2020. Deputy Finance Minister Datuk Ahmad Maslan said high-performing Bumiputera companies should secure contracts from GLCs and they should compete among themselves. The Ministry of Finance will continue to monitor the Key Performance Index and score card of GLC CEO, he said. (Bernama)

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the Trans Pacific Partnership (TPP) negotiations are still going on and have yet to be finalised. In a media statement on Wednesday, Mustapa said after attending the TPP Ministerial Meeting to discuss on the Bali Leaders Meeting in Oct, the conclusion on the TPP by year-end “has been proven to be impossible to achieve”. “In the market access negotiations, there has been some improvement in the offers of TPP Members but Malaysia is continuing to seek a better package,” he said. (Starbiz)

Malaysia's rising household debts, while still manageable at this current economic condition, would be "problematic" if the country's growth rate slows, according to Standard & Poor's (S&P). A study by the World Bank identified Malaysia and Thailand as having the largest household debts, as a share of GDP, among Asia's developing economies. (Starbiz)

The global Islamic financial industry is expected to grow to US$2tr next year from US$1.3tr currently, propped up by growing demand from non-conservative countries, said Deputy Finance Minister Datuk Ahmad Maslan. He said the world's acceptance of Islamic finance was growing as evident from the issuance of sukuk in non-conservative countries such as the UK. (Starbiz)

Political News…

The government's moves to pull back subsidies and raise taxes have drawn fire from student activists and youths from the opposition parties. Grouping together in a movement dubbed 'Gerakan Turun Kos Sara Hidup' (Turun, or Movement to Reduce the Cost of Living), the activists yesterday protested against the rising cost of living in the country.

They urged the nation's youth to come forward and pressure the government to reverse a recent slate of policies that included increases in the prices of petrol, electricity and sugar.

They also raised their opposition to the goods and services tax (GST), which is due to be implemented in April 2015, during the protest outside the Sogo shopping complex in the heart of Kuala Lumpur.

"Do our young people want to continue to be silent? Fight or keep quiet?" Ahmad Afif Zulkifli of Gabungan Mahasiswa Islam Malaysia (Gamis) asked a crowd of some 50 protesters. They shouted back, "Fight".

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December 12, 2013

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Also spotted backing the students were PAS Youth chief Suhaizan Kaiat, DAP Socialist Youth (Dapsy) chairperson Teo Kok Seong and several leaders of student activist groups. (Malaysiakini)

Former New Straits Times editor-in-chief Kadir Jasin has mocked Wanita Umno head Datuk Seri Shahrizat Abdul Jalil’s description of Prime Minister Datuk Seri Najib Razak as a "political grandmaster", saying the various mistakes he had made since taking over the helm reflects his poor moves and judgement.

"Under Najib, Barisan Nasional performed worse in the 13th general election than under former Prime Minister Tun Abdullah Ahmad Badawi in the 2008 election. BN failed to recapture the wealthiest state in Malaysia, Selangor, almost lost Terengganu and barely retained Perak," Kadir wrote in his blog. "Worse, Pakatan Rakyat made healthy inroads into Johor, which had been a traditional BN stronghold," he said.

"After the 13th general election, Najib dropped former Agriculture and Agro-based Industry Minister Datuk Seri Noh Omar from the Cabinet and put him in charge of Selangor BN." Kadir said it was obvious the "grandmaster" did not know what to do with Selangor and has given up.

He also cited the irony of the ousting of opposition leader Datuk Seri Anwar Ibrahim from Umno on grounds of morality. "Datuk Seri Dr Chua Soi Lek has been allowed to remain as president of MCA," Kadir said, referring to the sex video featuring the former Health Minister. Furthermore, Shahrizat, despite her husband's involvement in the National Feedlot Corporation scandal, remains as Wanita Umno head.

He also mocked Najib for attempting to appoint a PAS member to the Umno supreme council. Najib had invited Islamic religious teacher Ustaz Mohammad Kazim Elias to be a member of the Umno supreme council on November 29. Mohammad Kazim declined the offer. (Malaysian Insider)

Corporate News…

Prime Minister Datuk Seri Najib Tun Razak on Wednesday launched the new-look Proton Perdana as the official car of the government. This Proton Perdana comes in two variants, the Perdana 2.0 L and 2.4 L, with improved security features and comfort.

Proton executive chairman Tan Sri Mohd Khamil Jamil said Proton Holdings Berhad, a wholly-owned subsidiary of DRB-Hicom, Wednesday delivered the first batch of 200 units of the new-look Proton Perdana to the government.

He said a total of 3,000 units would be delivered on a staggered basis to the government in two years to replace the existing fleet of Proton Perdana used as the government vehicle. "For the moment, the new Proton Perdana will be used only as the official car of the government. It will not be sold to the public.

"Proton has received requests from the state governments and statutory bodies to make the switch as well but this is subject to approval," he said. Mohd Khamil said the new Proton Perdana was part of the development programme undertaken by Proton with its collaborative partner, Honda of Japan. (Bernama)

Daybreak Malaysia

December 12, 2013

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Proton Holdings Bhd, a subsidiary of DRB-Hicom Bhd, is expected to produce a hybrid car by the end of next year. Proton executive chairman Tan Sri Mohd Khamil Jamil said the national carmaker is now looking at innovative ways to produce and market the car. "We are still on track with the project. We will complete the new technology by the end of 2014," he told reporters after the handling over of the first batch of the new-look Proton Perdana cars to Prime Minister Datuk Seri Mohd Najob Razak at the Perdana Putra complex yesterday. In another development, Mohd Khamil said Proton is expected to launch its electric vehicle (EV) by end-2015. (Malaysian Reserve)

Bursa Malaysia has gone live with its new trading engine, Bursa Trade Securities 2 (BTS2), on Dec 2, powered by Nasdaq OMX Group Inc's X-stream INET system. The BTS2 project was delivered ahead of schedule, well in advance of the target set for the 1Q14. Bursa Malaysia chief executive officer Datuk Tajuddin Atan said in a statement on Tuesday that the delivery of the BTS2 project was a significant milestone for the exchange. "The new trading platform will support the future needs of the securities market," he said. The new platform will handle trading of equities, fixed income, exchange traded funds and issuer warrants for the Malaysian bourse through a more powerful engine that is faster. (BT)

Tenaga Nasional Bhd (TNB), Malaysia's biggest power producer, plans to sell as much as RM3.7bn of sukuk to part-finance the building of a new plant, according to two people with knowledge of the deal. The state-owned corporation hired BNP Paribas SA and CIMB Group Holdings Bhd to manage the offering, said the people who asked not to be named as the information is private. TNB is seeking to sell the Islamic notes as soon as this month, said of the people. (Malaysian Reserve)

Telekom Malaysia Bhd (TM) and Bumiputera company Casabello Consortium Sdn Bhd have signed an RM87m deal that paves the way for a new era of heightened security and safety of automatic teller machines (ATM) users. They will introduce an electronic kiosk, billed as "Kiosk Perbankan 1Malaysia", featuring a combination of up to eight ATMs and deposit machines. The kiosk, which costs RM250k, will use TM's Internet Protocol Virtual Private Network (IPVPN) technology and be located within the Royal Malaysian Police's (PDRM) compound initially, the first phase of the project, comprising 150 kiosks nationwide, will commence and is due for completion by May 2015. The second phase, with 170 kiosks, is expected to begin in June 2015. (BT)

Petronas has awarded UK-based Salamander Energy Malaysia Ltd and Petronas Carigali Sdn Bhd a production sharing contract (PSC) for block PM322 in the Strait of Malacca. Following the award of the latest PSC, MAlaysia now has 100 active PSCs. The PSC awarded to Salamander and Petronas Carigali wasthe first exploration acreage located in the Straits of Malacca to have been awarded by Petronas since 1992. Salamander will have an 85% equity stake, while Petronas Carigali will own the remaining 15%. (Financial Daily)

PLUS Expressway Bhd, the operator of the North South Expressway (NSE), has proposed to build a toll road in Senawang, Negri Sembilan, linking the Kajang-Seremban Expressway (Lekas) to the NSE. PLUS was hoping to reduce the increasingly serious traffic congestion on the NSE, and to increase revenue from toll collection on this link, said sources. Presently, there are some 11 traffic lights between Lekas and the NSE, although that stretch is less than 10km.

The proposed direct link, which would be shorter in distance by 3km to 5km, will bypass these lights and at the same time divert some of the

Daybreak Malaysia

December 12, 2013

7

congestion on the NSE between Kuala Lumpur and Seremban. “While there may be some loss of revenue from diverting traffic to another highway, PLUS is hoping to counter this by erecting toll gates on the connecting road and collecting toll,” said a source. IJM Corp Bhd owns 50% of Lekas highway, while Lebuh Raya Sdn Bhd is the other stakeholder. (Starbiz)

After more than a year of collecting donations from the public for the 73km highway from Koat Baru to Kuala Krai, the Kelantan government will open tender next month for the first phase of the project covering 30km. State Infrastructure, Utility and Information Technology committee chairman Datuk Hanifa Ahmad said any construction company could bid for the project, which covers the stretch from Machang to Kuala Krai.

“We are willing to consider local companies with a joint-venture partnership with foreign companies and we expect to close the tender in Feb while works on the first phase are expected to start on the highway by May,” he said after attending the executive councillors meeting chaired by Mentri Besar Datuk Ahmad Yakob.

The ground breaking ceremony of the RM1.8bn highway was officiated by former mentri besar Datuk Nik Abdul Aziz Nik Mat in Machang on May 31, 2012. (Starbiz)

Coastal Contracts Bhd's subsidiaries, Thaumas Marine Ltd and Coastal Marine Pte Ltd, have clinched contracts for the sale of one subsea support maintenance vessel and two low-end vessels totalling RM148m. "Total value of the vessel sales order book stands at about RM1.34bn," executive chairman Ng Chin Heng said in a statement to Bursa Malaysia. (BT)

DA Land Sdn Bhd will develop indoor and outdoor world-class theme parks on a 20.4ha in Rawang, costing a cumulative RM5bn next year. The mega development project, namely Two, is set to transform the development landscape along the northern corridor and is expected to be completed in 2018, chief executive officer Derek Chew said.Two is designed to be a three-in-one theme park resort, a wholesale city and a mall outlet. It will feature outdoor, semi-outdoor and indoor parks as well as gardens. (Bernama)

Berjaya Assets Bhd (BAssets) plans to build a mini Bukit Tinggi in Berjaya Waterfront in Johor Baru, according to sources. It requires approval, though, from the state and federal governments," said a source. BAssets has properties spreading over 18 acres of prime land in Johor. (Financial Daily)

Daybreak Malaysia

December 12, 2013

8

BMSB: Changes in shareholdings

Type of No of Ave Price

11-Dec-13 Date transaction securities Company (RM)

EPF 6/12 Disposed 2,082,900 AMMB HOLDINGS

EPF 6/12 Disposed 1,601,100 PUBLIC BANK

EPF 6/12 Disposed 1,094,400 POS MALAYSIA

EPF 6/12 Disposed 755,200 SAPURAKENCANA PETROLEUM

EPF 6/12 Disposed 500,000 UOA DEVELOPMENT

EPF 6/12 Disposed 200,000 IGB CORPORATION

EPF 6/12 Disposed 100,000 CAPITAMALLS MALAYSIA TRUST

EPF 6/12 Disposed 61,500 MAH SING GROUP

EPF 3/12 Disposed 40,000 PETRONAS GAS

EPF 6/12 Disposed 32,200 TAN CHONG MOTOR

EPF 6/12 Disposed 15,400 HARTALEGA HOLDINGS

Kumpulan Wang Persaraan 3/12 Disposed 400,000 GENTING PLANTATIONS

Kumpulan Wang Persaraan 3/12 Disposed 200,000 SP SETIA

Kumpulan Wang Persaraan 2/12 Disposed 60,000 BENALEC HOLDINGS 

Kumpulan Wang Persaraan 2/12 Disposed 10,500 IGB REIT

T. Rowe Price Associates, Inc 5/12 Disposed 259,600 ASTRO MALAYSIA HOLDINGS

EPF 6/12 Acquired 3,673,000 MALAYAN BANKING

EPF 5/12-6/12 Acquired 3,044,800 AXIATA GROUP

EPF 6/12 Acquired 2,760,600 IHH HEALTHCARE

EPF 6/12 Acquired 1,227,900 MAXIS

EPF 6/12 Acquired 1,000,000 FELDA GLOBAL VENTURES 

EPF 6/12 Acquired 986,500 BIMB HOLDINGS

EPF 5/12 Acquired 363,200 MISC

EPF 6/12 Acquired 62,200 KUALA LUMPUR KEPONG

EPF 6/12 Acquired 45,200 GENTING PLANTATIONS 

EPF 6/12 Acquired 11,900 TELEKOM MALAYSIA

Skim Amanah Saham Bumiputera 4/12-5/12 Acquired 4,900,000 AXIATA GROUP

Kumpulan Wang Persaraan 2/12-3/12 Acquired 892,700 KULIM (MALAYSIA)

Kumpulan Wang Persaraan 2/12 Acquired 125,000 TOP GLOVE CORPORATION

Kumpulan Wang Persaraan 2/12 Acquired 29,600 PETRONAS GAS

BERJAYA SPORTS TOTO 11/12 Shares Buy Back 1,000,000 BERJAYA SPORTS TOTO 3.97

PARKSON HOLDINGS 11/12 Shares Buy Back 467,300 PARKSON HOLDINGS 3.32

WAH SEONG CORPORATION 11/12 Shares Buy Back 30,000 WAH SEONG CORPORATION 1.67 SOURCES: BMSB

Daybreak Malaysia

December 12, 2013

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BMSB: ESOS & others

12-Dec-13 No Of New Shares Date of Listing Nature of transaction

MUHIBBAH ENGINEERING 110,000 12-Dec-13 Exercise of ESOS

GAMUDA 600,000 12-Dec-13 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

11-Dec-13 Vol

EDUSPEC 7,400,000

PALETTE 700,300

HARNLEN 500,000

EKOVEST 500,000 Notes:CN-Crossing deal on board lots

MN-Married deal on board lots MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Entitlements & trading rights

12-Dec-13 Ann Date Entitlement Ex-Date Entitlement date

KPJ Healthcare 11-Oct-13 1 Rights issue : 15 existing shares 23-Dec-13 26-Dec-13

KPJ Healthcare 11-Oct-13 Bonus issue 1:2 23-Dec-13 26-Dec-13 SOURCES: BMSB, TE: Tax Exempt

Daybreak Malaysia

December 12, 2013

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BMSB: Dividends

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

MEDIA CHINESE INT'L Interim dividend 2.42 27-Nov-13 13-Dec-13 17-Dec-13 15-Jan-14

TOMYPAK HOLDINGS Interim dividend - single tier 2.00 21-Nov-13 16-Dec-13 18-Dec-13 8-Jan-14

TENAGA NASIONAL Final dividend - single tier 15.00 20-Nov-13 18-Dec-13 20-Dec-13 31-Dec-13

ASTRO MALAYSIA 3rd interim dividend - single tier 2.00 5-Dec-13 18-Dec-13 20-Dec-13 10-Jan-14

SUPERMAX CORPORATION First interim dividend - single tier 4.00 28-Nov-13 19-Dec-13 23-Dec-13 21-Jan-14

MUDAJAYA GROUP 3rd interim dividend - single-tier 3.00 27-Nov-13 21-Jan-14 23-Jan-14 20-Feb-14

LAFARGE MALAYSIA 3rd interim dividend - single-tier 8.00 19-Nov-13 23-Dec-13 26-Dec-13 22-Jan-14

SIME DARBY Final cash dividend  27.00 11-Dec-13 23-Dec-13 26-Dec-13 24-Jan-14

YTL CORPORATION Interim dividend - single tier 1.50 21-Nov-13 27-Dec-13 31-Dec-13 16-Jan-14

TOP GLOVE Final dividend - single tier 9.00 19-Nov-13 8-Jan-14 10-Jan-14 24-Jan-14

KUALA LUMPUR KEPONG Final dividend - single tier 35.00 20-Nov-13 20-Feb-14 24-Feb-14 18-Mar-14 SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

12-Dec-13 Ann Date Proposed

QL Resources 3-Oct-13 Bonus issue 3:10. 2 Rights issue @ RM1.80 : 10 shares

IOI Corporation 4-Oct-13 Distribution, 1 IOIPG : 3

Karex 14-Nov-13 Bonus issue 1:2 SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

KANGER INTERNATIONAL BERHAD 0.25 11,000,000 - 69,000,000 ACE Market 23-Dec-13

No of shares

SOURCES: BMSB

Daybreak Malaysia

December 12, 2013

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Corporate Actions

December 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Umno general assembly

Umno general assembly

Umno general assembly

Umno general assembly, Astro 3Q

Umno general assembly, External Trade, External Reserves, SapuraKencana 3Q

Umno general assembly

8 9 10 11 12 13 14

IPI, Manufacturing Sales

SP Setia 4Q & briefing

15 16 17 18 19 20 21

CPI External Reserves MCA party elections

22 23 24 25 26 27 28

Christmas Day

29 30 31

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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December 12, 2013

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Corporate Actions

January 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4

New Year

5 6 7 8 9 10 11

External Trade IPI, Manufacturing Sales

12 13 14 15 16 17 18

Prophet Muhammad’s Birthday

19 20 21 22 23 24 25

CPI

26 27 28 29 30 31

MPC PPI Chinese New Year

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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December 12, 2013

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DISCLAIMER

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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.

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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.

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

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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

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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 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, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc.

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

As at the time of publishing this report CIMB is phasing in an absolute recommendation structure for stocks (Framework #1). Please refer to all frameworks for a definition of any recommendations stated in this report.

CIMB Recommendation Framework #1 Stock Ratings Definition Add The stock’s total returns expected to exceed 10% over the next 12 months. Hold The stock’s total returns expected to be between 0% and positive 10% over the next 12 months. Reduce The stock’s total returns expected to fall below 0% or more over the next 12 months. The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months. Sector Ratings Definition Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. Country Ratings Definition Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark. Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark. Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

CIMB Stock Recommendation Framework #2 * 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. Neutral The stock's total return is expected to be within +/-5% of a relevant benchmark's total return. 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. Trading Buy The stock's total return is expected to exceed a relevant benchmark's total return by 3% or more over the next 3 months. Trading Sell The stock's total return is expected to be below a relevant benchmark's total return by 3% or more 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, 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)

CIMB Stock Recommendation Framework #3 ** 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. ** This framework only applies to stocks listed on the Korea Exchange, 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 2012.

AAV – not available, ADVANC - Excellent, AEONTS – Good, AMATA - Very Good, ANAN – not available, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – not available, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET - Good, CENTEL – Very Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, EGCO – Excellent, ERW – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD – Very Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Good, MAKRO – Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS –

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Excellent, SAMART – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Good, SPALI - Very Good, SRICHA – not available, SSI – not available, STA - Good, STEC - Very Good, TCAP - Very Good, THAI - Excellent, THCOM – Very Good, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TTW – Very Good, TUF - Very Good, VGI – not available, WORK – Good.