REGIONAL DAILY

December 26, 2012

MALAYSIA

Malaysia Daybreak

FBMKLCI Index

Plantations - New rules to help jumpstart Indonesias biodiesel industry

1,900
1,850

1,800
1,750
1,700
1,650
Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15

FBMKLCI
0.19pts

0.01%

Feb Futures

Mar Futures

1799 - (-0.30% )

1798 - (1.00% )

Gainers

Losers

Unchanged

345
433
325

Turnover
1647.8m shares / RM2089.219m
3m avg volume traded 1799.04m shares
3m avg value traded RM1918.76m

Regional Indices
FBMKLCI

FSSTI

JCI

SET

HSI

1,803

3,407

5,280

1,608

24,765

Market Indices
Close
% chg
YTD % chg
FBMKLCI
1,803.21
0.0
2.4
FBM100
12,100.33
0.0
2.4
FBMSC
16,017.58
0.0
6.5
FBMMES
6,514.60
0.0
15.2
Dow Jones
17,884.88
1.2
0.3
NASDAQ
4,765.10
1.0
0.6
FSSTI
3,406.58
(0.3)
1.2
FTSE-100
6,865.93
0.1
4.6
SENSEX
28,850.97
(0.1)
4.9
Hang Seng
24,765.49
0.3
4.9
JCI
5,279.90
(0.7)
1.0
KOSPI
1,952.84
(0.5)
1.9
Nikkei 225
17,504.62
(1.0)
0.3
PCOMP
7,674.24
(0.5)
6.1
SET
1,607.92
0.5
7.4
Shanghai
3,136.53
(1.2)
(3.0)
Taiwan
9,512.05
(0.0)
2.2

Top Actives
Close
% chg
Vol. (m)
ASIA BIOENERGY
0.165
(10.8)
63.0
GLOBALTEC
0.075
7.1
49.7
KNM GROUP
0.640
2.4
46.6
SYSTECH BHD
0.380
2.7
37.4
JAG BHD
0.185
0.0
35.6
MEDIA SHOPPE
0.065
8.3
34.6
EFFICIENT
0.340
0.0
24.3
KRONOLOGI ASIA
0.235
11.9
22.9

Economic Statistics
US$/Euro
RM/US$ (Spot)
RM/US$ (12-mth NDF)
OPR (% )
BR (% , CIMB Bank)
GOLD ( US$/oz)
WTI crude oil US spot (US$/barrel)
CPO spot price (RM/tonne)

Close
1.1478
3.5742
3.6388
3.24
4.00
1,264.89
50.48
2,210.00

% chg
0.00
(0.05)
(1.87)
2.21
0.00
0.01
4.19
1.38

Terence WONG, CFA

T (60) 3 2261 9088
E terence.wong@cimb.com
Show Style "View Doc Map"

6 February 2015

Whats on the Table

Key Metrics

1803.21

We are positive on reports that (1) the House of Representatives has agreed to
raise the biodiesel subsidy by 266% to Rp4,000 per litre; and (2) the MEMR
has proposed a new formula to calculate the price of biodiesel in Indonesia. The
new pricing index, which will be dependent on crude palm oil instead of MOPs,
is favourable for biodiesel producers and will encourage them to participate in
future biodiesel tenders. We estimate that the biodiesel subsidy will be
sufficient for Pertamina to carry out the governments biodiesel mandate of
10%, at the current crude oil price of US$55 per barrel as long as CPO stays at
or below RM2,366 per tonne. Overall, we stick to our view that the proposals
are positive for Indonesias biodiesel and CPO producers. Our top picks are
First Resources, AALI and SIMP. Neutral maintained.
Public Bank Bhd - Tougher times in 2015
At 102% of our forecast, Public Banks (PBB) FY14 net profit was largely in line
with our expectations but above consensus (105%). Net DPS of 54 sen for FY14
was above our projected 51 sen. We trim our FY15-16 EPS forecasts and
DDM-based target price (cost of equity of 10.3%; long-term growth of 4%) as
we lower our projected loan growth by 1% pt. We still rate PBB as a Reduce,
given its (1) above-sector valuation, (2) margin compression, (3) weaker loan
momentum, (4) an upturn in credit costs, and (5) a drop in ROE post the rights
issue. We are projecting single-digit EPS growth for PBB in FY15-16. Prefer
RHB Capital.
Guinness Anchor - Strong 2Q bottomline
GABs 1HFY6/15 net profit came in above our (65%) and consensus full-year
estimates (66%) due to the lower operating expenses and increase in selling
prices. The stronger 1H results were driven by effective marketing activities,
new product launches as well as the low base effect in 1QFY14. Given the
better-than-expected results, we raise our FY15-17 net profit forecasts which
increases our DDM-based target price. We upgrade the stock from Reduce to
Hold given the more attractive dividend yield which we believe is sufficient to
compensate investors for the industry risks. GAB declared a single interim DPS
of 20 sen, in line with our forecast.
Malaysia Marine & Heavy Eng - Order book at its lightest
Delays and provisions at its yard made FY14 the weakest year for MMHE since
its listing. Net profit tumbled 45% to RM130m, missing expectations as it
formed only 85% of our forecast and 81% of consensus. Adding to the worry is
the company's dry spell, which resulted in the order book shrinking to a record
low of RM1.6bn as at Dec 2014. We continue to value the stock at 15x CY16 P/E,
on par with our target market P/E. We maintain our Reduce call, with the
potential de-rating catalyst of longer project delays. Switch to SapuraKencana,
our top pick among the oil & gas big caps.
Economic Update - Dec exports accelerate further

News of the Day

Malakoff gets SC approval to be relisted on the Main Market

LPI Capitals 1:2 bonus issue approved by Bursa Malaysia
YNH has roped in Hilton Worldwide to manage a hotel at Menara YNH
Muhibbah gets US$32m job to build construction facilities in Pengerang
Masterskill sells property assets in PJ and Johor for RM79.7m
ECB will no longer allow Greek banks to use government debt

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

DaybreakMalaysia
February 6, 2015

Global Economic News

US initial jobless claims increased to 278,000 in the week ended 31 Jan
(267,000 in the week ended 24 Jan). Continuing claims climbed to 2.40
million in the week ended 24 Jan (2.39 million in week ended 17 Jan). The
unemployment rate among people eligible for benefits held at 1.8%.
(Bloomberg)
The US productivity of nonfarm workers decreased 1.8% yoy in 4Q14
(+3.7% yoy in 3Q14). Expenses per worker climbed 2.7% yoy in 4Q14 (-2.3%
yoy in 3Q14). (Bloomberg)
US trade deficit jumped to US$46.6bn in Dec (US$39.8bn deficit in Nov), the
widest since Nov 2012. (Bloomberg)
The US Federal Reserve is right to hold off on raising interest rates for now
so as not to risk a further and potentially economically costly drop in already
low inflation, Boston Fed President Eric Rosengren said.

"This is particularly true given the inherent asymmetry that we face at the
zero lower boundmeaning, while we have all kinds of room to respond to
an unexpectedly favourable shock, we remain quite limited in our ability to
respond to negative shocks," he said.

He also said that the dollar's recent rise is a "complicating factor" in the
Fed's efforts to get annual consumer-price growth back to its 2% target, but
do not expect the higher value of the US currency to derail the US economy,
adding that he is "reasonably confident" that inflation will return to the
Fed's target. (CNBC)

The European Union (EU)'s official economists said the sharp drop in global
oil prices and a weaker euro should boost growth in the eurozone this year.

Eurozones growth forecast was raised to 1.3% this year and 1.9% in
2016 (vs. Novs forecast of +1.1% in 2015 and +1.7% in 2016). The
commission raised its growth estimates for most of Europe's largest
economies, including Germany, France and Spain.

However, the commission warned that falling oil prices are going to push
already very low inflation in the euro area into outright deflation, with
prices expected to fall 0.1% for the year.

The unemployment rate is also forecast to remain over 11% this year and
at 10.6% next year, while investment by companies and the public sector
expected to remain weak. (WSJ)

The European Central Bank (ECB) on 4 Feb said it would no longer allow
Greek banks to use government debt, which has a junk rating, as collateral for
loans, cutting off Greek banks' access to a key source of much-needed cash, and
piling fresh pressure on the country's new government to reach a deal with
international creditors. (AFP)
Reserve Bank of India (RBI) Governor Raghuram Rajan said India
should not settle for anything less than double-digit economic growth in
the medium term after making substantial progress in securing its
macroeconomic fundamentals since late 2013. He said the FY15 growth estimate
of 5.5% is below potential but next year's growth of 6.5% is closer to potential.
(India Times)
2

DaybreakMalaysia
February 6, 2015

Australia retail sales rose 0.2% mom in Dec (+0.1% mom in Nov). (WSJ)
Taiwan's consumer price index (CPI) fell 0.94% yoy in Jan (+0.61% yoy in
Dec). Wholesale price index (WPI) fell 7.57% yoy in Jan (-4.62% yoy in Dec).
(Focus Taiwan)
Taiwans foreign reserves shrank to US$415.90bn in Jan (US$418.98bn in
Dec). (Bloomberg)
Thailand's consumer confidence index dipped to 80.4 in Jan (81.1 in Dec).
(WSJ)
The Thailand government expects GDP to grow by 4% this year, likely
driven by state and private investment

In 2015, private investment will begin to take off, while the government has
been accelerating implementation of its infrastructure projects, including
roads and double-track railways, to generate employment, officials said.
(The Nation)

Indonesias gross domestic product (GDP) expanded 5.02% yoy for the
full year 2014 (+5.58% yoy in 2013), its weakest in five years. In 4Q14, the
economy grew 5.01% yoy (+5.01% yoy in 3Q14), but contracted 2.06% qoq
(+2.96% qoq in 3Q14). (Reuters, Bloomberg)
Philippines consumer price (CPI) slid to 2.4% yoy in Jan (+2.7% yoy in
Dec). On month, CPI rose 0.4% mom in Jan (-0.2% mom in Dec). Core
inflation inched down to 2.2% yoy in Jan (+2.3% yoy in Dec). (Philippines
Star)

Malaysian Economic News

Dec 2014 exports grew 2.7% to RM67.7bn from RM65.9bn a year earlier on
higher sales of chemical and manufactured products besides machinery, and
transport equipment. "The fall was due to mineral fuels (-13.6%), followed by
inedible crude materials (-10.1%) and animal & vegetable oils & fats (-4.8%),"
the Statistics Department said.

Meanwhile, imports rose 4.2% to RM58.5bn from a year earlier. The rise
came on higher purchases of items like manufactured goods (+23.5%) and
mineral fuels (+9.9%).

Dec export and import numbers translated into a trade surplus of RM9.2bn.

In a separate statement, the department said full-year exports and imports

came to RM766.1bn and RM683bn respectively. (Financial Daily)

For further details, kindly refer to our Economic Update

Malaysia's trade is expected to expand at a moderate pace of 2% to 3% this
year, said Malaysia External Trade Development Corp (Matrade) chief executive
officer Datuk Dr Wong Lai Sum.

"The lower target is reflective of the moderation in world growth,

uncertainties created by fluctuation in oil prices and mixed impact on
sectors due to the volatile exchange rates affecting the ringgit," Wong said.
(Financial Daily)
3

DaybreakMalaysia
February 6, 2015

Malaysia's trade and exports are expected to grow between 2-3% next year,
says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
Mustapa said the modest growth projection was due to the drop in world growth
anticipated from 3.8% to 3.5%.

"We also face uncertainties created by fluctuations in oil prices and other
commodities as well as mixed impact on sectors by the fluctuating exchange
rate of the ringgit. However, we believe there will be recovery in the oil
prices and there are pluses and minuses of the current ringgit performance
to our exports," he said. (Bernama)

Lower oil prices led to fuel subsidy reforms in Malaysia (A3 positive),
Indonesia (Baa3 stable) and India (Baa3 stable), supporting their sovereign
credit profiles, says Moodys Investors Service.

But in Indonesia and Malaysia, lower hydrocarbon-related government

revenue will erode the impact of these gains on the budget balance, the
rating agency said in a statement. (Star)

There would be no increase in electricity tariff nationwide this year, said

Energy, Green Technology and Water Minister, Datuk Seri Dr Maximus Ongkili.

Although the system practised has been for every six months, the rate
should be revised to reduce subsidy, the government has decided that there
will be no tariff hike this year, he said. Ongkili said the rate should have
been increased last year but the government had decided to absorb a total of
RM800 million in subsidy with savings gained from the independent
producers in order not to raise the rate. (Malay Mail)

On the Trans-Pacific Partnership Agreement (TPPA), Mustapa said the

negotiations are ongoing. "We have reviewed TPPA progress recently and
some technical issues are not too difficult to be sorted out but some
numbers of political issues need to be cleared," he said. (Bernama)

Malaysias projected gross domestic product (GDP) growth rate of

4.5-5.5% for 2015 remains one of the worlds best growth forecasts,
thanks to its strong fundamentals, robust trade and strong monetary policy, said
the World Bank, adding that the forecast is higher than world average (3.5%)
and certainly higher than any of the industrialised countries. (Financial Daily)

Political News
Tun Dr Mahathir Mohamad continues to question the need for the
government, through 1MDB, to 'indulge in buying and selling shares' for the
purpose of making money.

Bloggers demonising critics of 1Malaysia Development Bhd (1MDB) shows

that "all is not well" with the Malaysian strategic investor, says Tun Dr
Mahathir Mohamad, adding the attacks were political in nature.

"I am a supporter of Umno. I am still a member of Umno. But I believe in

criticising any wrong thing done by anyone, Umno included. However, I
have openly stated I do not support Dato Seri Najib," Dr Mahathir wrote in
his popular blog.

"Borrowed money cannot be regarded as wealth. And there are many things
done with 1MDB money that are just plain wrong. Government should not
be indulging in buying and selling shares to make money for itself.
(Malaysian Insider)

DaybreakMalaysia
February 6, 2015

DAP's Tony Pua says the failure by Prime Minister Datuk Seri Najib Razak
to reprimand or even censure Cabinet members is "appalling" in the light of
Malaysia's promotion of the 1Malaysia concept and the Global Movement of
Moderates.

The Petaling Jaya Utara MP said that Najib's non-action was an "attempt at
pretending that Datuk Seri Ismail Sabri had not made the statement despite
his blatant call to boycott Chinese businesses."

"It is obvious that the honourable prime minister would rather look stupid
and ridiculous than make any effort to denounce blatant racism and the
malicious lies spouted by his own Cabinet members." (The Rakyat Times)

Some 49 activist groups demanded the resignation of Datuk Seri Ismail

Sabri Yaakob who had gone on a racist rant against Chinese businesses,
saying it was an irresponsible move on the part of the minister to play on racial
sentiments. Among the 49 are All Womens Action Society, Islamic Renaissance
Front, Sisters in Islam and Suara Rakyat Malaysia.

They said the agriculture and agro-based industries minister targeted

Chinese traders, who only play a minor role in the final price of goods and
services, instead of explaining the ballooning of prices.

"The minister was clearly irresponsible and playing to the racial and
religious gallery on a subject of concern to all Malaysians," they said in a
joint statement.

"Condemning traders, or any other business group in the country, on the

basis of racial origin and without providing any evidence whatsoever, is
playing with fire and will only lead to racial misunderstanding and conflict."
(Malaysian Insider)

Corporate News
AirAsia X has come under fire again over the cancellation of its Indonesia
long-haul affiliates inaugural flight from Melbourne to Bali last December.
The Australian daily reported that the countrys local regulators are considering
Indonesia AirAsia X for possible misleading and deceptive conduct for
selling tickets before gaining approval from Australian regulators to fly into
Australia. Indonesia AirAsia started taking bookings for its Bali to Melbourne
route in October last year, after getting the permit to operate in Indonesia.
Following the cancellation, passengers who had paid for a six-hour flight
were forced to travel to Bali via Kuala Lumpur, which had delayed their travel
plans for more than 14 hours.

Australian Competition and Consumer Commission (ACCC) chairman Rod

Sims reportedly said the regulator had received a letter from consumer
rights group, CHOICE, after complaints began flooding in from consumers
who alleged losses amounting to thousands of Australian dollars. We will
consider this matter, not just in terms of the Choice letter but also any
complaints we may have received directly, Sims said. (Malay Mail)

Muhibbah Engineering (M) Bhd has been awarded a US$32m (RM116m)

job to design and build temporary construction facilities and accommodation
camp in Pengerang, Johor. The contract was received from Spanish oil
engineering company Tecnicas Reunidas S.A Group. In a filing with Bursa
Malaysia, Muhibbah said the contract was for Package III in the Refinery and
Petrochemicals Integrated Development (Rapid) project of Petroliam Nasional
Bhd (Petronas). The construction is scheduled to commence in first quarter of
2015 and is expected to be completed by first quarter 2016, Muhibbah said.
(StarBiz)

DaybreakMalaysia
February 6, 2015

The government has asked a prominent Malaysian businessman to take over

1MDB as part of its strategy to be free of the investment company's massive
liabilities. Sources said the deal would allow the multi-billionaire to restructure
and reconfigure 1MDB and make it viable, as well as resolve its debt obligations
which has been reported at RM42bn. A 1MDB source would not confirm or deny
the news but pointed out that the company is already reviewing its operations.
Sources also said that Petronas had previously been approached to buy over
1MDB's power generation portfolio but declined the offer despite it wanting to
build its power generation portfolio. (Malaysian Reserve)
MMC Corp Bhd said its 51%-owned unit Malakoff Corp Bhd has received
the Securities Commissions approval to be relisted on the Main Market of Bursa
Malaysia. Following the proposed listing, MMCs stake in Malakoff would be
reduced to 49%, assuming the over-allotted shares are fully subscribed to by
non-bumiputra Malaysian, foreign institutional and selected investors. It said
the planned initial public offering (IPO) would involve an offer for sale of
521.7m shares, or 10.4% of the enlarged share capital.

The IPO also entails a public issue of 1bn new shares, of which at least 12.5%
is to be allocated to bumiputra investors, which includes the shares offered
under the balloted public offer portion. About 4.8% of Malakoffs paid-up
capital (242m shares) has been set aside for the retail offering.The rest of
the IPO shares will be sold via an institutional offering. The prices are to be
set later. (StarBiz)

U Mobile Sdn Bhd is determined to capture a wider market share, with its
new range of prepaid and postpaid products and services, by offering equal
benefits to its subscribers. Maintaining its commitment to deliver the best
value-for-money offerings in town, the overhauled mobile operator led by CEO
Wong Heang Tuck says, the new U Mobile packages offer the best rates with
the highest allowance for both mobile Internet and voice calls for both
segments.

The telco plans to invest RM1.5bn to expand its network via the roll-out of
2,000 new 3G and 4G LTE sites. The expansion is expected to enhance U
Mobile's quality of service through wider network coverage while delivering
more innovative products and services. Upon completion of these sites, the
company aims to grow its customer base to 7m nationwide from 5m
currently. (Bernama)

High-ranking government officials are said to have met and interviewed

Datuk Wan Zulkiflee Wan Ariffin, Datuk Mohd Anuar Taib and Md Arif
Mahmood, who are three out of four candidates in the running to take over as
CEO And president of Petronas when Tan Sri Shamsul Azhar Abbas'
contract expires. It is learnt that another candidate Datuk Ahmad Nizam Sallah,
who is currently CEO of South Africa-based Engen Petroleum Ltd, an
80%-owned subsidiary of Petronas, will be meeting the government officials
today. (Financial Daily)
Tanjung Offshore Bhd has handed over to the Securities Commission
the findings of its independent committee which resulted in suspensions
last month for three senior company officials. The company said its independent
non-executive director Shahrizal Hisham Abdul Halim had on Thursday
presented to the SC various complaints arising from the committees findings.
The findings included possible conflicts of interest and breaches of fiduciary
duty by Muhammad Sabri Ab Ghani and Tan Sri Tan Kean Soon. (StarBiz)

DaybreakMalaysia
February 6, 2015

Masterskill Education Group Bhds (MEGB) wholly-owned subsidiary

Masterskill (M) Sdn Bhd (MMSB), which is seeing the entry of new
shareholders, is disposing of its property assets in Petaling Jaya and in
Masai, Johor to a private company controlled by outgoing major shareholder
Siva Kumar M. Jeyapalan for RM79.7m. Simultaneously, MMSB had also
entered into an agreement with the private company Brilland Property Sdn
Bhd for the lease of one of the properties in Johor for 10 years.

MEGB is expected to incur a one-off gain on disposal estimated to be about

RM4.54m, based on the unaudited net book value (NBV) of the properties of
RM75.16m as at 31 Dec 2014 and the disposal price of RM79.7m. MEGBs
gearing ratio will also drop to 0.06x from 0.18x currently. From the disposal
consideration of RM79.7m, some RM26.7m from the proceeds will be used
for MEGBs debt repayment while RM53m is for working capital. (StarBiz)

Construction company Fututech Bhd is acquiring a private construction

company belonging to its executive chairman Tee Eng Ho for close to
RM400m, which will result in Fututech garnering a RM2bn order book from
that private company, said a source. The acquisition comes with a profit
guarantee of close to RM150m for three years. The source added that the deal
would be financed by a mixture of shares and cash. The majority shareholder of
Fututech is Egovision Sdn Bhd, which has a 69.62% stake in the company.
Egovision is owned by brothers Tee Eng Ho and Tee Eng Seng, who are both
contractors. (StarBiz)
YNH Property Bhd has roped in Hilton Worldwide to manage a hotel at
Menara YNH a mixed development project in Kuala Lumpur that the property
developer is planning to launch. It had entered into a memorandum of
understanding (MoU) with Hilton Worldwide Manage Ltd for the proposed
hotel to be branded as Hilton Kuala Lumpur City Centre and Residences. It
did not, however, say when the project will start. It was reported that the mixed
development project would comprise a hotel, offices and retail outlets with a
gross development value of RM3.4bn. (StarBiz)
LPI Capital Bhds proposed bonus issue of 110.6m shares has been approved
by Bursa Malaysia, subject to conditions. The bonus shares are on the 1:2 basis,
one bonus share for every two existing LPI shares held on an entitlement date to
be determined later. LPI Capital is an investment holding company. Besides its
wholly owned subsidiary Lonpac Insurance Bhd, it also owns a 45% stake in
Campu Lonpac Insurance Plc. (StarBiz)
Honda Malaysia is targeting to sell 700 units each month of the newly
launched Honda HR-V compact SUV (sports-utility vehicle), which has a
starting price of RM99,800. The company has already received 1,500 bookings
for the vehicle. The HR-V, which stands for Hip and Smart Runaround Vehicle,
is positioned to bridge the gap between entry-level sedans and upper-range
SUVs.

In just five years in Malaysia, the SUV segment has grown by 74%, with
over 31,000 units and a 4.7% market share. Despite this rapid growth, the
SUV segment is still dominated by upper SUVs," said Honda Malaysia COO
Roslan Abdullah. The HR-V features a 1.8-litre engine and comes in three
variants S, E and V and is priced at RM99,800, RM108,800 and
RM118,800, respectively. (Star)

DaybreakMalaysia
February 6, 2015

BMSB: Changes in shareholdings

5-Feb-15
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Lembaga Tabung Haji
T. Rowe Price Associates, Inc
Aberdeen Asset Management PLC
Aberdeen Asset Management PLC
Mitsubishi UFJ Financial Group, Inc
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Skim Amanah Saham Bumiputera
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Lembaga Tabung Haji
Lembaga Tabung Haji
BIZURAI BIJAK (M) SDN BHD

Date
29/1
29/1
29/1
28/1-29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
30/1
28/1
29/1
26/1-29/1
28/1-29/1
29/1
29/1
28/1-29/1
29/1
27/1-4/2
29/1
28/1
30/1
30/1
28/1-29/1
29/1
27/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
29/1
28/1
29/1
28/1-29/1
28/1-29/1
28/1-29/1
28/1
28/1
28/1
27/1-4/2
27/1-28/1
29/1-30/1

Type of
transaction
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired

No of
securities
4,315,000
3,919,100
3,000,000
2,345,000
1,309,700
1,291,300
1,000,000
975,000
800,000
800,000
747,100
692,000
462,300
400,000
368,400
215,700
102,200
16,000
5,900
276,600
158,600
106,400
992,400
880,333
170,000
132,200
45,300
30,000
224,300
249,800
434,000
18,100
18,100
6,071,200
4,498,000
3,309,700
1,491,200
1,127,100
802,300
414,300
397,300
313,700
219,400
194,800
115,000
92,300
30,000
11,100
500,000
2,000,000
1,374,800
748,500
510,000
500,000
40,500
5,906,600
151,500
685,000

Company
IJM CORPORATION
YTL CORPORATION
SP SETIA
SIME DARBY
IOI CORPORATION
PUBLIC BANK
EASTERN & ORIENTAL
MAXIS
IOI PROPERTIES GROUP
PETRONAS GAS
YTL POWER INTERNATIONAL
DIALOG GROUP
UEM SUNRISE
SUNWAY BERHAD
AEON CO. (M)
IHH HEALTHCARE
TAN CHONG MOTOR
ORIENTAL HOLDINGS
NESTLE (MALAYSIA)
SUNWAY REIT
AXIATA GROUP
MISC
GAMUDA
SP SETIA
TOP GLOVE
GENTING PLANTATIONS
TIME DOTCOM
PRESTARIANG
UNISEM (M)
ASTRO MALAYSIA
POS MALAYSIA
TASEK CORPORATION
TASEK CORPORATION
CIMB GROUP
AMMB HOLDINGS
AXIATA GROUP
TELEKOM MALAYSIA
GAMUDA
SAPURAKENCANA PETROLEUM
AFG
DIGI.COM
TOP GLOVE
CAHYA MATA SARAWAK
MALAYSIA AIRPORTS
AXIS REIT
TIME DOTCOM
HONG LEONG BANK
MISC
SIME DARBY
TUNE INS HOLDINGS
PETRONAS GAS
KULIM (MALAYSIA)
POS MALAYSIA
UZMA
BIMB HOLDINGS
MMC CORPORATION
HAP SENG PLANTATIONS
BERJAYA SPORTS TOTO

Ave Price
(RM)

SOURCES: BMSB

DaybreakMalaysia
February 6, 2015

BMSB: ESOS & others

6-Feb-15
UCHI TECHNOLOGIES
ASIA FILE CORP

No Of New Shares
450,400
48,000

Date of Listing
09-Feb-15
09-Feb-15

Nature of transaction
Exercise of ESOS
Exercise of ESOS
SOURCES: BMSB

BMSB: Off-market transactions

5-Feb-15
TROP
INSAS-PR
NIHSIN
DGSB
DIGISTA
KANGER

Vol
9,800,000
9,280,318
3,300,000
1,000,100
750,000
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

6-Feb-15
ASIA FILE CORP
MAHB

Ann Date
6-Aug-14
28-Nov-14

Ex-date
18-Feb-15
24-Feb-15

Entitlement
Bonus issue 3:5
Right issue 1:5 @ RM4.78

Entitlement
24-Feb-15
26-Feb-15

SOURCES: BMSB, TE: Tax Exempt

BMSB: Dividends
Company
KLCC PROPERTY
IGB REIT
SUNWAY REIT
PUBLIC BANK
KUALA LUMPUR KEPONG
GUINNESS ANCHOR

Particulars
Final Income Distribution
Final Income Distribution
Second Income Distribution
Second interim dividend
Final dividend - single tier
Interim dividend

Gross DPS (Sen)

4.86
3.82
2.27
31.00
40.00
20.00

Ann Date
26-Jan-15
27-Jan-15
28-Jan-15
5-Feb-15
19-Nov-14
5-Feb-15

Ex-Date
9-Feb-15
10-Feb-15
12-Feb-15
18-Feb-15
19-Feb-15
27-Mar-15

Lodgement
Date
11-Feb-15
12-Feb-15
16-Feb-15
24-Feb-15
23-Feb-15
31-Mar-15

Payment
Date
27-Feb-15
27-Feb-15
3-Mar-15
5-Mar-15
17-Mar-15
22-Apr-15
SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights

6-Feb-15
ECO WORLD
BUMI ARMADA
MAH SING GROUP
AIRASIA X

Ann Date
25-Apr-14
12-Sep-14
20-Nov-14
30-Nov-14

Proposed
1 Rights @ 2, 4 Free Warrants @ 5, Private Placement
1 Rights : 2 shares @ RM1.35
Bonus issue 1:4
Rights issue of RM0.15 with free detachable warrants
SOURCES: BMSB

DaybreakMalaysia
February 6, 2015

Corporate Actions

February 2015
SUN

MON

TUE

WED

THU

FRI

SAT

1
2
3
Federal Territory Day Replacement Holiday Thaipusam

5
Guinness 2Q &
briefing,
Public Bank 4Q &
briefing, MMHE 4Q,
Trade Balance,
Imports, Exports

6
7
Maxis 4Q & conf. call,
MISC 4Q & conf. call,
Foreign Reserves

9
DiGi 4Q & conf. call,
Dialog 2Q

10
Hartalega 3Q,
F&N 1Q, IPI,
Manufacturing Sales

11
Westports 4Q &
briefing,
Daibochi 4Q

12
PetDag 4Q,
MAHB 4Q & briefing,
Wah Seong 4Q,
Unisem 4Q &
briefing,
Daibochi 4Q briefing,
GDP, BoP Current
Account Balance

13
Magnum 4Q

14

15

16
BAT 4Q,
Mah Sing 4Q,
KLK 1Q

17
IFCA 4Q

18
CPI

19
Chinese New Year

20
Chinese New Year
2nd Day

21

22

23
UMW-OG 4Q,
Nestle 4Q

24
Foreign Reserves
(mid-month data)

25
Perdana 4Q,
Perisai 4Q,
Tan Chong 4Q,
QL Res 3Q,
Carlsberg 4Q,
Kossan 4Q,
Prestariang 4Q,
Media Prima 4Q &
briefing

26
Axiata 4Q & conf.
call, TM 4Q & conf.
call, UEM Sunrise 4Q
& conf. call, UMW
4Q, UOA Dev 4Q,
Tomypak 4Q,
Thong Guan 4Q,
Karex 2Q, Sime
Darby 2Q & briefing,
MCIL 3Q, Uchi 4Q

27
28
E&O 3Q, Eksons 3Q,
Star 4Q,
Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

10

DaybreakMalaysia
February 6, 2015

Corporate Actions

March 2015
SUN

MON

TUE

WED

THU

FRI

SAT

3
Star analyst briefing

5
BNM OPR

6
Exports, Imports
Trade Balance,
Foreign Reserves

10

11

12
IPI, BNM OPR,
Manufacturing Sales

13

14

15

16

17

18
CPI

19

20
Foreign Reserves
(mid-month data)

21

22

23

24

25

26

27

28

29

30

31
Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

11

DaybreakMalaysia
February 6, 2015

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Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order
in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc.
Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to
professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.
Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.
AAV Very Good, ADVANC Very Good, AEONTS not available, AMATA - Good, ANAN Very Good, AOT Very Good, AP - Good, ASK Very Good,
ASP Very Good, BANPU Very Good , BAY Very Good , BBL Very Good, BCH not available, BCP - Excellent, BEAUTY Good, BEC - Good, BECL
Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC Good, BLA Very Good, BMCL - Very Good, BTS - Excellent, CCET Good,
CENTEL Very Good, CHG not available, CK Very Good, CPALL not available, CPF Very Good, CPN - Excellent, DELTA - Very Good, DEMCO Good,
DTAC Very Good, EA - Good, ECL not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA Excellent, HEMRAJ Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD Good, IVL - Excellent, JAS not available, JUBILE
not available, KAMART not available, KBANK - Excellent, KCE - Very Good, KGI Good, KKP Excellent, KTB - Excellent, KTC Good, LH - Very Good,
LPN Very Good, M - not available, MAJOR - Good, MAKRO Good, MBKET Good, MC Very Good, MCOT Very Good, MEGA Good, MINT Excellent, OFM Very Good, OISHI Good, PS Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH Very Good,
RATCH Very Good, ROBINS Very Good, RS Very Good, SAMART - Excellent, SAPPE - not available, SAT Excellent, SAWAD not available, SC
Excellent, SCB - Excellent, SCBLIF Good, SCC Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA Very Good, STEC - Good,
SVI Very Good, TASCO Good, TCAP Very Good, THAI Very Good, THANI Very Good, THCOM Very Good, THRE not available, THREL Good,
TICON Good, TISCO - Excellent, TK Very Good, TMB - Excellent, TOP - Excellent, TRUE Very Good, TTW Very Good, TUF - Good, VGI Very Good,
WORK not available.

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DaybreakMalaysia
February 6, 2015

CIMB Recommendation Framework

Stock Ratings
Definition:
Add
The stocks total return is expected to exceed 10% over the next 12 months.
Hold
The stocks total return is expected to be between 0% and positive 10% over the next 12 months.
Reduce
The stocks total return is expected to fall below 0% or more over the next 12 months.
The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward
net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.
Sector Ratings
Overweight
Neutral
Underweight

Definition:
An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings
Overweight
Neutral
Underweight

Definition:
An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand,
Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were
based on a stocks 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.

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