CIMB Daybreak

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Malaysia│Equity research│March 2, 2016

IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.IF THIS REPORT IS DISTRIBUTED IN THE UNITED STATES IT IS DISTRIBUTED BY CIMB SECURITIES (USA), INC. AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH.

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Malaysia Daybreak | 2 March 2016

▌What’s on the Table… ——————————————————————————————————————————————————————————————————————

Strategy Note - Mixed 4Q15 results

4Q15 results were mixed, with 40% of companies under our coverage reportingresults below our expectations. Revision ratio for 4Q15 was at 0.63x, largelysimilar to the previous quarter. Our 2016 market EPS growth forecast falls to5.7% (7.5% previously), but we expect stronger earnings growth in 2017. KLCItarget cut from 1,900 to 1,800pts, based on 3-year average P/E.

7-Eleven Malaysia Holdings Berhad - Moving towards true convenience

Post analyst briefing, we are neutral on 7-Eleven’s growth prospects. Despiteweaker consumer confidence, 7-Eleven is forging ahead - it will add andrefurbish 200 net new stores each in 2016. Nonetheless, we cut FY16-18 EPS

to reflect more realistic earnings growth. While the group’s growth has beenpromising thus far, we believe that this has been price in. For exposure to theconsumer sector, we prefer QL Resources.

Lafarge Malaysia Bhd - Cement offset ready-mix losses

Excluding forex gains of RM23m, FY15 core net profit was largely in line.Cement EBIT grew 6%, in line with healthy demand and plant efficiency.Ready-mix segment reported operating losses due to stiff competition. 2016industry demand supported by execution of 11MP jobs and property jobs.Competition and price volatility could pick up. Hold retained.

▌News of the Day… ——————————————————————————————————————————————————————————————————————

• CIMB Group has appointed Datuk Kong Sooi Lin as CEO of CIMB IB• Moody's downgrades Sime Darby’s rating with negative outlook • MISC justifies purchase price of GKL stake• Heveaboard to spend RM20m capex to increase capacity by 15%• Petronas expects 1,000 redundancies under group-wide revamp• Production continues to decline in February at 47.8

Key Metrics

FBMKLCI Index

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Ivy NG Lee Fang, CFAT (60) 3 2261 9073E [email protected]

Show Style "View Doc Map"

1,500

1,550

1,600

1,650

1,7001,750

1,800

1,850

1,900

Mar -15 May-15 Ju l-15 Sep-15 Nov-15 Jan-16 Mar -16

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FBMKLCI

1,670.82 16.07pts 0.97%MAR Futures APR Futures

1671 - (1.43% ) 1666 - (1.12% )———————————————————————————

Gainers Losers Unchanged482 400 310

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Turnover 1673.9m shares / RM 1648.274m

3m avg volume traded 1802.97m shares

3m avg v alue traded RM1867.61m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,671 2,682 4,780 1,347 19,407————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,670.82 1.0 (1.3)

FBM100 11,302.17 0.8 (1.5)

FBMSC 15,191.08 0.5 (4.7)

FBMMES 5,670.02 (0.6) (11.3)

Dow Jones 16,865.08 2.1 (3.2)

NASDAQ 4,689.60 2.9 (6.3)

FSSTI 2,682.39 0.6 (6.9)

FTSE-100 6,152.88 0.9 (1.4)

SENSEX 23,779.35 3.4 (9.0)

Hang Seng 19,407.46 1.5 (11.4)

JCI 4,779.99 0.2 4.1

KOSPI 1,916.66 (0.2) (2.3)

Nikkei 225 16,085.51 0.4 (15.5)

PCOMP 6,729.53 0.9 (3.2)

SET 1,346.95 1.1 4.6

Shanghai 2,733.17 1.7 (22.8)

Taiwan 8,485.69 0.9 1.8————————————————————————————————

Close % chg Vol. (m)

AIRASIA X 0.27 6.0 100.8

HUBLINE 0.01 0.0 97.6

BORNEO OIL 0.15 0.0 66.4

AIRASIA 1.57 6.8 62.7

VIVOCOM 0.26 2.0 41.2

APFT 0.06 (7.7) 31.3

EKA NOODLES 0.18 5.9 28.4

TIGER SYNERGY 0.05 0.0 25.7————————————————————————————————

Close % chg

US$/Euro 1.0873 0.05

RM/US$ (Spot) 4.1693 (0.03)

RM/US$ (12-mth NDF) 4.2010 (0.26)

OPR (% ) 3.09 (3.13)

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,232.04 (0.00)

WTI crude oil US spot (US$/barrel) 34.40 1.93

CPO spot price (RM/tonne) 2,440.00 (3.33)

Market Indices

Top Actives

Economic Statistics

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Malaysia Daybreak│Equity research│March 2, 2016

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Global Economic News

American manufacturers shrank their businesses in Feb for the fifthstraight month and remained a drag on the US economy. The Institute forSupply Management said its manufacturing index rose to 49.5% last monthfrom 48.2% in Jan. But readings under 50% indicate more companies are

cutting back instead of expanding their businesses.

The index has been below the 50% mark for five straight months, the firsttime that’s happened since the Great Recession. Manufacturers have beendinged by a strong dollar, weak exports and fewer orders from a US energyindustry struggling with cheap oil prices. (MarketWatch)

South Korea's exports extended its losing streak to 14 straight months byplunging 12.2% yoy in Feb (vs. -18.5% in Jan) due to waning global demand.The country's overall outbound shipments reached US$36.4bn last month,compared to US$41.5bn from a year ago, according to the Ministry of Trade,Industry and Energy.

The current account surplus narrowed from a month earlier in Jan as thecountry suffered a slump in exports and its deficit in the service sector. Thecurrent account surplus came to US$7.06bn last month, compared with arevised US$7.38bn surplus in the previous month, according to the datafrom the Bank of Korea (BOK). (Yonhap)

Japanese household spending fell 3.1% yoy in Jan (vs. -4.4% in Dec) inprice-adjusted real terms, government data showed. Meanwhile, Japanesecompanies raised spending on factories and equipment by 8.5% yoy in4Q15 (vs. +11.2% in 3Q15), suggesting business investment may be losing firmmomentum.

The data will be used to calculate revised gross domestic product figuresdue on 8 Mar. A preliminary estimate showed the economy contracted anannualized 1.4% in 4Q15 as consumer spending and exports slumped.

Indonesia’s CPI recorded a decrease of 0.09% mom in Feb (vs. +0.51% InJan) due to lower food and electricity prices. The central bank had predicted aslightly sharper CPI fall of 0.13%. Year-on-year inflation stood at 4.42%, higherthan the central bank’s forecast of 4.38% but well within the 2016 inflation targetof 3 to 5%.

In addition to the maintained food commodities supplies, the rice harvestthat will begin next month could push down CPI, BPS deputy head of

distribution and statistics Sasmito Hadi Wibowo said.

"The combination of declining food and fuel prices, maintained food supply,Bank Indonesia's interest rate cuts and the maintained exchange rate willdrive deflation in Mar," Sasmito said. (Jakarta Post)

Thailand’s Consumer Price Index (CPI) fell 0.50% yoy in Feb (vs. -0.53% yoyin Jan), marking the 14 straight month of declining prices. Lower prices for fuel,public bus fares, electricity and cooking gas mitigated the impact of higherprices of vegetables, fruits, meats and tobacco. The Commerce Ministrybelieves domestic inflation will revert to positive territory from the middle of thisyear. (Nation)

Thailand’s household debt rose by 5.5% yoy in 3Q15, with a similar trendexpected in final figures for the fourth quarter, according to the country’sthink-tank National Economic and Social Development Board (NESDB).Secretary-general Porametee Vimolsiri said household debt in the third quarter


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stood at THB10.8tr, up 5.5% from the same period in 2014, accounting for 80.8%of the country’s gross domestic product (GDP). (Bangkok Post)

Malaysia Economic News

Manufacturing activity in Malaysia was at 47.8, indicating weakeningmanufacturing activity in Feb from the previous month, led by a decrease innew orders. The Nikkei Manufacturing Purchasing Managers Index is a gaugeof nationwide manufacturing activity. A reading above 50 indicates expansion inmanufacturing activity, while a reading below signals contraction.

"Latest survey data pointed to a solid deterioration in manufacturingconditions in Malaysia," Amy Brownbill, economist at Markit, said. "Datasuggests that the primary cause of the decline in total new work intakes wasa fall in domestic demand, as new export orders rose at the sharpest ratesince last October." Inflationary pressures continued to build, as input pricesrose, Ms. Brownbill added. (Nasdaq)

Mid- tier companies are expected to maintain their exports at 30% thisyear, says International Trade and Industry Minister Datuk Seri MustapaMohamed. He said there was a better chance of companies repeating theirsterling performance this year as the Mid-Tier Companies DevelopmentProgramme (MTCDP), undertaken by MATRADE was really benefitting them.

In 2015, 101 mid-tier companies under MTCDP saw their exports increaseby RM1.52bn or 30% to RM5.67bn from RM4.15bn recorded in 2014."Mid-tier companies make up about 1% of all establishments in Malaysia,however, they contribute 30% to our Gross Domestic Product and represent22% of the workforce," added Mustapa. (Bernama)

Malaysia's use of the Renminbi (RMB) for payments with China and HongKong increased by 68% over the last 12 months and improved by 214% overthe last three years. This growth reflects the extensive trading relationshipbetween Southeast Asia and China, which continues to be very important forthe region. Malaysia and China have a strong economic and trade relationshipwith annual bilateral trade volume topping US$100bn.

HSBC Bank Malaysia Bhd Head of Payments and Cash Management (PCM)said according to Swift RMB Tracker (a study that provides a deeper level ofanalysis on the development of the Renminbi as an international currency)results, since Jan 2013, the Chinese currency moved from third spot tosecond, for payments by value in overtaking the Ringgit. (Bernama)

The government failed to achieve its target of RM130bn in tax collectionfor the year 2015 after collecting only RM121.36bn. This was also the firsttime in a few years that the country recorded a decline as compared to theprevious year, having seen its collection increase from 2010 (RM 86bn) to 2014(RM134bn).

Inland Revenue Board (IRB) chief executive officer Tan Sri Dr Mohd ShukorMahfar said the main contributing factor was the drop in global crude oilprices, which has seen a fall of more than half in the past year.

Finance Minister II Datuk Seri Ahmad Husni Hanadzlah said tax collectionhad increased by 2.6% in 2015 if it did not take into account collection fromthe oil and gas industry. He said the number of taxpayers have also

increased last year, with individual taxpayers showing an increase of 3.6%,while there were 3.9% more companies paying taxes. (The Sun)


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Political News

Suspended Deputy President Muhyiddin Yassin said he would give answersregarding his status in Umno in two days’ time. He said this when asked byreporters if he was going to follow in former Premier Dr Mahathir Mohamad’sfootsteps in quitting Umno. Muhyiddin was recently suspended from his positionas Umno deputy president for continuously criticising Prime Minister NajibRazak (Free Malaysia Today)

Corporate News

CIMB Group has appointed Datuk Kong Sooi Lin as CEO of CIMB InvestmentBank. She succeeds Tengku Datuk Seri Zafrul Aziz, who has been appointedchief executive of CIMB Group on Jan 20. Tengku Zafrul said:

“I would like to congratulate Kong on her appointment. CIMB’s investmentbanking division has achieved many major milestones during her term asgroup head of investment bank.

“I am confident that under her leadership, we will continue to build ourinvestment banking franchise and solidify our position as the leadinginvestment bank in Asean.” (StarBiz)

Ta Ann Holdings Bhd has proposed a bonus issue of up to 74.15m ordinaryshares on the basis of one share for every five existing Ta Ann shares on anentitlement date to be determined later to reward shareholders. In a boursefiling, Ta Ann said its enlarged share capital after the proposed bonus issuecould rise between 444.84m shares and 444.88m shares. (Financial Daily)

Moody's Investor Service has downgraded the issuer rating of Sime Darby

Berhad and the senior unsecured debt rating on the sukuk issued by its whollyowned subsidiary Sime Darby Global Berhad to Baa1 from A3 previously.

In a statement, the ratings firm cited the extended period of weaknessevident in Sime Darby's financial profile after it delayed plans to reduce itsdebt as one of the main reasons.

“While cash generation is deteriorating across its key business segments ofplantation, industrial and motors because of a tougher operatingenvironment," it said.

At the same time, Moody's has downgraded the senior unsecuredmedium-term note program rating of Sime Darby Global Berhad to (P)Baa1from (P)A3. The outlook for the ratings remains negative at present, itadded. (Starbiz)

MISC Bhd has justified the purchase price of its proposed acquisition of theremaining 50% stake in Gumusut-Kakap Semi-Floating Production System (L)Ltd (GKL) from Petronas Carigali Sdn Bhd, which will cost US$445m(RM1.85bn) cash.

In reply to a query from Bursa Malaysia, the company explained that thepurchase consideration was arrived at after taking into consideration,among others, the audited net profit of GKL for the financial year ended Dec31, 2015 (FY15). It also explained that GKL was not expected to be affectedby the current low oil price environment. (StarBiz)


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Heveaboard plans to spend RM20m on capex to upgrade facilities in order toincrease capacity by 10% to 15% in FY16. From the RM20m, RM8m will go intoupgrading works for its existing particleboard arm while RM12m will beallocated to its ready-to-assemble (RTA) furniture line. “We are working tofurther improve our product mix this year,” Group MD Yoong Hau Chun said.(StarBiz)

Proton Holdings Bhd re-enters the Chilean market with Preve left-hand drivecars after its last export of Proton Wira in 1998. It said the first batch of 50Proton Preve cars, from the total of 1,000 units it anticipated to ship to Chile thisyear, would be on its way to San Antonio.

"Proton cars will be sold by Andes Motor, a unit of the Kaufmann Group, adistributor for Chile who signed the distributor agreement with Proton onJuly 1, 2015," it said. Proton CEO Datuk Abdul Harith Abdullah said the planto export to Chile started when the Malaysia-Chile Free Trade Agreementwas signed on Feb 25, 2012.

"Proton enjoys a 6% exemption of import duty and we are thankful to the

Malaysian government for this trade initiative which enables us to identify aviable marketplace for left-hand drive cars from us," he said. (Bernama)

Petronas expects its group-wide transformation to result in redundancies ofunder 1,000 positions. The national oil corporation said exhaustive efforts areon-going to re-deploy affected employees.

“Petronas will further embark on a separation exercise for these employeesas needed, which is expected to be completed over the next six months,” itsaid. Petronas also announced its new leadership team, following astrategic review of its business operating model for better businessefficiency, resilience and sustainability amidst a challenging time for the oil

and gas industry. (StarBiz)

A company controlled by the Shaw Foundation, the philanthropic arm of the lateHong Kong movie mogul Run Run Shaw’s empire, agreed to acquire an officebuilding in London’s main financial district from Malaysia’s second largestpension fund, according to three people familiar with the matter. The foundation,which is being advised by Knight Frank, will pay Retirement Fund Inc (KWAP)£270m (RM1.56bn) for 88 Wood Street, according to two of the people, whodeclined to be named because the deal isn ’t completed. (StarBiz)

PPB Group Bhd does not rule out increasing its stakes in associate Singapore

SGX-listed company Wilmar International Ltd. PPB which owns an 18.55%stake in Wilmar, may do so if valuations compresses or prices go down,however, its managing director Lim Soon Huat said it was not a priority for thetime being yet.

“We are already the single largest shareholder at 18.55%, our (effective)stakes have actually increased because Wilmar has been buying back itsshares. It is not our prior ity to continue to invest in Wilmar now,” Lim said.

“We want to take advantage of our cash to use it for any other newopportunities that may arise. Despite not being a priority, we cannot rule itout if the share price becomes very attractive,” he added. (StarBiz)


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PPB Group Bhd expects its grains and agribusiness as well as film exhibitionand distribution segments to drive growth this year despite the challengingbusiness environment. "We are very confident despite these challenging times,which may even go into 2017, with the weakening outlook but our main foodproducts are basically necessities, which should not be affected by the marketsentiment," managing director Lim Soon Huat said. (Sun)

Ready-mixed concrete, cement product and industrial gas manufacturer BIGIndustries Bhd has appointed Tan Sri Dr Lau Ban Tin as its new chairman inplace of Datuk Sawaludin Md Din, who has resigned due to health reasons. In afiling with Bursa Malaysia, BIG Industries said Lau, who previously held theposition of non-executive director, was re-designated to the new positionyesterday. (Financial Daily)

Scomi Engineering Bhd's wholly-owned subsidiary has obtained an ex parteinjunction to restrain Prasarana Malaysia Bhd from wrongfully terminating theRM494m Kuala Lumpur Monorail Fleet Expansion project.

In a filing with Bursa Malaysia yesterday, the company said Scomi TransitProjects Sdn Bhd, which filed the injunction that is valid until Friday, willhave the matter heard inter partes then.

It said the monorail fleet expansion deal is for an upgrade of the stations inthe city as well as the electrical and mechanical system, the construction ofa new depot and delivery of 12 sets of new four-car trains (Financial Daily)

Intergrated building material supplier Chin Hin Group Bhd announced that itsIPO had been oversubscribed by 8.74 times. In a statement, Chin Hin said7,767 applications for 246.3m new shares, valued at RM160.1m were receivedfor the 25.29m new shares it allotted for the Malaysian public.

Recall that Chin Hin's IPO involved a public issue of 63.2m new shares atan issue price of 65 sen, of which 25.29m shares for public subcription,while 6.4m are for eligible directors and employees, with another 31.5m forplacement to identified investors. (Financial Daily)

Kim Teck Cheong Consolidated Bhd (KTC) on Monday signed amemorandum of understanding (MoU) with Yung Kong Co Bhd to fully acquireTrans Paint Sdn Bhd for a total of RM2.75m.

In a statement yesterday, KTC said Trans Paint owns a parcel of landmeasuring 12,140 sq m, with a double-storey office and warehousingfacilities in Kuching, Sarawak. The proposed acquisition will be funded byproceeds from the group's IPO last November. (Financial Daily)

Ewein, which is undertaking two property ventures in Penang, foresees furtherupside in the property market given its land scarcity and various ongoinginfrastructure developments in in the state. It said this is evidenced by thesubstantial demand for its maiden City of Dreams venture which is located nearPenang’s famed Gurney Drive.

“We are honoured to have gained strong buying interest for our firstproperty project in Penang. Thus far, we have received 1,200 applicationsfor the 572 units available from this project which carries a grossdevelopment value of RM800m.” it said. (StarBiz)


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Johor is confident of maintaining its position as the top investment destinationfor the manufacturing sector in the country despite uncertainties in the globaleconomy. MB Datuk Seri Mohamed Khaled Nordin said the state had the rightecosystem to continue attracting strong interest from domestic and foreigninvestors. “We are now looking at the export-led sector to spearhead the growthfor the state and the country,’’ he said. (StarBiz)

Econpile Holdings Bhd has clinched a piling works contract for the East KlangValley Expressway (EKVE) project, Package 1 and 2, from Ahmad Zaki SdnBhd, valued at RM76.9m.

In a filing with Bursa Malaysia yesterday, the piling specialist said its unit,Econpile (M) Sdn Bhd (EMSB) received a letter of award last Friday from Ahmad Zaki for the job.

It said that the contract comprises bored piling works for Package 1 and 2under the EKVE interchange and spur road project and the duration of thecontract is about 24 months and will be completed in February 2018.(Financial Daily)

Fajarbaru Builder Group Bhd has secured a RM11.68m contract fromMalaysia Airports (Sepang) Sdn Bhd for the proposed redevelopment of aircargo handling facility at the low-cost carrier terminal in Sepang. (StarBiz)

Hap Seng Consolidated Bhd is planning to dispose of its 51% stake in HapSeng Commercial Vehicle Sdn Bhd (HSCV) for RM382.5m to Lei Shing HongCommercial Vehicles Ltd (LSHCV) and use the sale proceeds to buy MalaysianMosaics Sdn Bhd (MMSB), a company that makes and sells mosaics andceramic tiles, for RM380m.

LSHCV also granted a put option to Hap Seng to sell the balance 49%stake in HSCV at a total exercise price of RM367.5m. The put option isexercisable only after the completion of the disposal. (Sun)

Naim Holdings is eyeing a slice of the pie in the lucrative Pan BorneoHighway project, in both road construction and supply of building materials’segments. MD Datuk Hasmi Hasnan said Naim, which has teamed up with anestablished Peninsular Malaysia-based construction firm, had beenpre-qualified to bid for the project’s work packages.

“We are guardedly optimistic to secure one of the 11 (remaining) workpackages. Our chance should be good if we can submit good pricing." hesaid. He said the company had also been pre-qualified to tender for MRT 2 station packages. (StarBiz)

Halex Holdings Bhd will be supplying imported rice to Koperasi Majlis BeliaFelda Malaysia Bhd (KMBFMB) under a collaboration agreement. In a fi ling withBursa Malaysia yesterday, Halex said its wholly –owned subsidiary Halex (M)Sdn Bhd had accepted the offer from KMVFMB to procure and package riceunder the food bank project launched by the Government.

According to announcement made on Nov 19, 2015, the contract worthRM184mil to supply and package 160,000 tonnes of rice for two years,could be extended. (StarBiz)


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BMSB: Changes in shareholdings

Type of No of Ave Price

29-Feb-16 Date transaction securities Company (RM)

EPF 22/02-24/02 Disposed 10,636,200 DIGI.COM

EPF 23/02 Disposed 5,000,000 MALAKOFF CORPORATION

EPF 22/02-24/02 Disposed 4,600,000 MAXIS

EPF 24/02 Disposed 2,076,500 IOI CORPORATIONEPF 24/02 Disposed 2,016,000 TELEKOM MALAYSIA

EPF 24/02 Disposed 1,436,500 INARI AMERTRON

EPF 24/02 Disposed 1,222,800 ALLIANCE FINANCIAL GROUP

EPF 24/02 Disposed 1,119,000 MAH SING GROUP

EPF 24/02 Disposed 814,200 SIME DARBY

EPF 24/02 Disposed 475,000 AMMB HOLDINGS

EPF 24/02 Disposed 424,500 KUALA LUMPUR KEPONG

EPF 24/02 Disposed 265,200 SAPURAKENCANA PETROLEUM

EPF 24/02 Disposed 168,400 PETRONAS GAS

EPF 24/02 Disposed 45,800 WAH SEONG CORPORATION

EPF 24/02 Disposed 43,600 BAT

EPF 24/02 Disposed 36,300 GENTING PLANTATIONS

EPF 24/02 Disposed 19,500 TAN CHONG MOTOR

EPF 24/02 Disposed 2,200 MALAYSIA AIRPORTSSkim Amanah Saham Bumiputera 22/02-24/02 Disposed 6,618,400 TENAGA NASIONAL

Kumpulan Wang Persaraan 18/02 Disposed 334,000 AXIS REIT

Kumpulan Wang Persaraan 18/02 Disposed 158,300 PETRONAS GAS

Lembaga Tabung Haji 22/02-25/02 Disposed 206,200 IJM CORPORATION

EPF 24/02 Acquired 2,487,700 IHH HEALTHCARE

EPF 24/02 Acquired 2,000,000 AIRASIA

EPF 24/02 Acquired 1,129,300 PAVILION REIT

EPF 24/02 Acquired 1,021,500 YTL CORPORATION

EPF 24/02 Acquired 1,000,000 SUNWAY REIT

EPF 24/02 Acquired 572,100 PUBLIC BANK

EPF 24/02 Acquired 500,000 HARTALEGA HOLDINGS

EPF 24/02 Acquired 500,000 WESTPORTS HOLDINGS

EPF 24/02 Acquired 489,200 ASTRO MALAYSIA HOLDINGS

EPF 24/02 Acquired 440,000 SP SETIA

EPF 24/02 Acquired 351,400 IGB REIT

EPF 24/02 Acquired 221,600 UOA DEVELOPMENT

EPF 24/02 Acquired 128,000 IJM CORPORATION

EPF 23/02-24/02 Acquired 80,000 TENAGA NASIONAL

EPF 24/02 Acquired 32,700 HONG LEONG BANK

Kumpulan Wang Persaraan 18/02 Acquired 500,000 UZMA

Lembaga Tabung Haji 22/02 Acquired 160,900 WCT HOLDINGS

FRANKLIN RESOURCES, INC. 25/02 Acquired 84,900 PRESTARIANG

MM ASSET MANAGEMENT HOLDING LLC 24/02 Acquired 13,700 GENTING

Mitsubishi UFJ Financial Group, Inc 23/02 Acquired 5,300 BAT

SALCON 29/02 Shares Buy Back 250,000 SALCON 0.56

SUNWAY BERHAD 29/02 Shares Buy Back 136,000 SUNWAY BERHAD 2.97

YTL POWER INTERNATIONAL 29/02 Shares Buy Back 1,000 YTL POWER INTERNATIONA 1.46

YTL CORPORATION 29/02 Shares Buy Back 1,000 YTL CORPORATION 1.57 SOURCES: BMSB

BMSB: ESOS & others

2-Mar-16 No of new shares Issue price Date of Listing Par value Nature of transaction

INARI AMERTRON 1,102,200 1.07 01-Mar-16 0.10 Exercise of ESOS

AXIATA GROUP 43,500 - 01-Mar-16 1.00 Exercise of ESOS

WCT HOLDINGS 1,685,700 1.54 01-Mar-16 0.50 Exercise of Warrants

HOVID 300,000 0.18 01-Mar-16 0.10 Exercise of Warrants

SUNWAY BERHAD 272,700 2.25 01-Mar-16 1.00 Exercise of Warrants

IJM CORPORATION 132,100 2.18 01-Mar-16 1.00 Exercise of Warrants

GENTING PLANTATIONS 131,700 7.75 01-Mar-16 0.50 Exercise of Warrants SOURCES: BMSB


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BMSB: Off-market transactions

1-Mar-16 Vol

FLONIC 160,000,000

TIGER 6,670,000

SALCON 5,627,634

HWGB-OR 5,000,000

LBS 3,000,000BSTEAD 2,100,000

AXREIT 962,012

HCK 711,100

MMAG 660,800

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

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

2-Mar-16 Ann Date ProposedINSTACOM GROUP 3-Dec-15 Bonus issue 1:3

UCHI TECHNOLOGIES 24-Feb-16 Bonus issue 1:10 SOURCES: BMSB

BMSB: Dividends

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

BAT Fourth interim dividend - single tier 78.00 17-Feb-16 3-Mar-16 7-Mar-16 24-Mar-16

IOI CORPORATION Interim - single tier 3.50 19-Feb-16 4-Mar-16 8-Mar-16 18-Mar-16

PETRONAS DAGANGAN Interim dividend 20.00 19-Feb-16 4-Mar-16 8-Mar-16 17-Mar-16

HAP SENG PLANTATIONS Second interim dividend - single tier 5.00 23-Feb-16 7-Mar-16 9-Mar-16 24-Mar-16

PETRONAS CHEMICALS Second interim dividend 10.00 23-Feb-16 7-Mar-16 9-Mar-16 23-Mar-16

HARTALEGA HOLDINGS Second interim dividend - single tier 2.00 16-Feb-16 8-Mar-16 10-Mar-16 30-Mar-16

HONG LEONG BANK Interim - single tier 15.00 23-Feb-16 8-Mar-16 10-Mar-16 24-Mar-16

TELEKOM MALAYSIA Second interim dividend - single tier 12.10 24-Feb-16 8-Mar-16 10-Mar-16 24-Mar-16

HEVEABOARD Third interim dividend - single tier 0.75 24-Feb-16 8-Mar-16 10-Mar-16 8-Apr-16

PETRONAS GAS Fourth interim dividend 17.00 24-Feb-16 9-Mar-16 11-Mar-16 23-Mar-16

WELLCALL HOLDINGS First interim dividend - single tier 2.30 25-Feb-16 9-Mar-16 11-Mar-16 23-Mar-16

PRESTARIANG Interim - single tier 1.00 25-Feb-16 9-Mar-16 11-Mar-16 7-Apr-16

UMW HOLDINGS Second interim dividend - single tier 10.00 25-Feb-16 10-Mar-16 14-Mar-16 23-Mar-16

DAIBOCHI Interim - single tier 1.30 22-Feb-16 11-Mar-16 15-Mar-16 8-Apr-16

INARI AMERTRON Second interim dividend - single tier 2.40 23-Feb-16 11-Mar-16 15-Mar-16 6-Apr-16

MAGNUM Fourth interim dividend - single tier 3.50 25-Feb-16 11-Mar-16 15-Mar-16 25-Mar-16

WAH SEONG Second interim dividend - single tier 1.00 29-Feb-16 11-Mar-16 15-Mar-16 5-Apr-16

7-ELEVEN MALAYSIA Interim - single tier 2.30 25-Feb-16 15-Mar-16 17-Mar-16 31-Mar-16

7-ELEVEN MALAYSIA Special dividend - singe tier 2.40 25-Feb-16 15-Mar-16 17-Mar-16 31-Mar-16

TOMYPAK HOLDINGS Interim dividend 3.00 26-Feb-16 16-Mar-16 18-Mar-16 8-Apr-16

GUINNESS ANCHOR Interim - single tier 20.00 19-Jan-16 18-Mar-16 22-Mar-16 15-Apr-16

GUINNESS ANCHOR Special dividend - singe tier 30.00 19-Jan-16 18-Mar-16 22-Mar-16 15-Apr-16

LAFARGE MALAYSIA Fourth interim - single tier 7.00 29-Feb-16 18-Mar-16 22-Mar-16 20-Apr-16

EVERGREEN FIBREBOARD Interim Dividend 1.00 29-Feb-16 18-Mar-16 22-Mar-16 20-Apr-16

SUPERMAX CORP Second interim dividend - single tier 2.00 26-Feb-16 21-Mar-16 23-Mar-16 8-Apr-16

MY E.G. SERVICES First interim dividend - single tier 0.50 29-Feb-16 22-Mar-16 26-Mar-16 24-May-16

STAR MEDIA GROUP Second interim dividend - single tier 9.00 26-Feb-16 29-Mar-16 31-Mar-16 18-Apr-16

KPJ HEALTHCARE Interim dividend - single tier 1.75 29-Feb-16 29-Mar-16 31-Mar-16 15-Apr-16

SIME DARBY Interim - single tier 6.00 24-Feb-16 19-Apr-16 21-Apr-16 6-May-16

CARLSBERG nal and special dividend - single tier 67.00 26-Feb-16 3-May-16 5-May-16 20-May-16

TASEK CORP Final dividend 50.00 16-Feb-16 12-May-16 16-May-16 30-May-16

NESTLE Final dividend 110.00 23-Feb-16 17-May-16 19-May-16 2-Jun-16

SOURCES: BMSB


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BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

CHIN HIN GROUP 0.65 63,197,900 65,000,000 45,914,700 Main Market 8-Mar-16

RANHILL HOLDINGS 1.70 375,000,000 100,000,000 - Main Market 16-Mar-16

No of shares

SOURCES: BMSB


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Corporate Actions

March 2016

SUN MON TUE WED THU FRI SAT

1 2 3 4 5PPB Group’s Press &

Analyst briefingTrade Balance,Exports, Imports,Foreign Reserves

6 7 8 9 10 11 12

Foreign Reserves BNM OPR IPI,Manufacturing Sales

13 14 15 16 17 18 19

20 21 22 23 24 25 26

CPI

27 28 29 30 31

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates


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Corporate Actions

April 2016

SUN MON TUE WED THU FRI SAT

1 2

3 4 5 6 7 8 9

Trade Balance,Exports, Imports,Foreign Reserves

Foreign Reserves

10 11 12 13 14 15 16

IPI,Manufacturing Sales

17 18 19 20 21 22 23

CPI

24 25 26 27 28 29 30

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates


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Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution toprofessional, 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) in2015, Anti-Corruption Progress Indicator 2015.

AAV – Very Good, 3B, ADVANC – Excellent, 3A, AEONTS – Good, 1, AMATA – Very Good, 2, ANAN – Very Good, 3A, AOT – Very Good, 2, AP -Good, 3A, ASK – Very Good, 3B, ASP – Very Good, 4, BANPU – Very Good, 4, BAY – Very Good, 4, BBL – Very Good, 4, BCH – not available,no progress, BCP - Excellent, 5, BDMS – Very Good, 3B, BEAUTY – Good, 2, BEC - Good, 3B, BECL – Very Good, 3B, BH - Good, 2, BIGC -Excellent, 3A, BJC – Good, 1, BLA – Very Good, 4, BMCL - Very Good, 1, BTS - Excellent, 3A, CBG – Good, 1, CCET – not available, 1,CENTEL – Very Good, 3A, CHG – Good, 3B, CK – Excellent, 3B, COL – Very Good, 3A, CPALL – Good, 3A, CPF – Very Good, 3A, CPN -Excellent, 5, DELTA - Very Good, 3A, DEMCO – Very Good, 3A, DTAC – Excellent, 3A, EA – not available, 3A, ECL – Good, 4, EGCO -Excellent, 4, EPG – not available, 3B, GFPT - Very Good, 3A, GLOBAL – Very Good, 2, GLOW - Good, 3A, GRAMMY - Excellent, 3B, GUNKUL – Very Good, 1, HANA - Excellent, 4, HEMRAJ – Very Good, 2, HMPRO - Excellent, 3A, ICHI – Very Good, 3A, INTUCH - Excellent, 4, ITD – Good, 1, IVL - Excellent, 4, JAS – not available, 3A, JASIF – not available, no progress, JUBILE – Good, 3A, KAMART – not available, noprogress, KBANK - Excellent, 4, KCE - Excellent, 4, KGI – Good, 4, KKP – Excellent, 4, KSL – Very Good, 2, KTB - Excellent, 4, KTC – VeryGood, 3A, LH - Very Good, 3B, LPN – Excellent, 3A, M - Good, 2, MAJOR - Good, 1, MAKRO – Good, 3A, MBKET – Good, 2, MC – Very Good,3A, MCOT – Excellent, 3A, MEGA – Very Good, 2, MINT - Excellent, 3A, MTLS – Good, 2, NYT – Good, no progress, OISHI – Very Good, 3B,PLANB – Good, 3B, PS – Excellent, 3A, PSL - Excellent, 4, PTT - Excellent, 5, PTTEP - Excellent, 4, PTTGC - Excellent, 5, QH – Very Good, 2,RATCH – Excellent, 3A, ROBINS – Excellent, 3A, RS – Very Good, 1, SAMART - Excellent, 3B, SAPPE - Good, 3B, SAT – Excellent, 5, SAWAD – Good, 1, SC – Excellent, 3B, SCB - Excellent, 4, SCBLIF – not available, no progress, SCC – Excellent, 5, SCN – Good, 1, SCCC - Good, 3A,SIM - Excellent, 3B, SIRI - Good, 1, SPALI - Excellent, 3A, SPRC – not available, no progress, STA – Very Good, 1, STEC – Very Good, 3B, SVI – Very Good, 3A, TASCO – Very Good, 3A, TCAP – Very Good, 4, THAI – Very Good, 3A, THANI – Very Good, 5, THCOM – Excellent, 4, THRE – Very Good, 3A, THREL – Very Good, 3A, TICON – Very Good, 3A, TISCO - Excellent, 4, TK – Very Good, 3B, TMB - Excellent, 4, TPCH – Good, 3B, TOP - Excellent, 5, TRUE – Very Good, 2, TTW – Very Good, 2, TU – Very Good, 3A, VGI – Excellent, 3A, WHA – Good, 3A, WORK – not available, no progress.Comprises level 1 to 5 as follows:Level 1: CommittedLevel 2: DeclaredLevel 3: Established (3A: Established by Declaration of Intent, 3B: Established by Internal Commitment and Policy)Level 4: CertifiedLevel 5: Extended.

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 forwardnet dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

Sector Ratings Definition:

Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.

Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.

Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings Definition:

Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.

Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.

Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand,Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange werebased on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected t o 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 onKorea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or


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more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative totalreturns 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: Expectednegative total returns of 10% or more over the next 3 months.

Documents

CIMB Daybreak