Daybreak 1 Nov

8/12/2019 Daybreak 1 Nov

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REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 1 November 2013

Whats on the Table

Tenaga Nasional- All the pieces falling into placeFY8/13 core net profit of RM4.1bn was broadly in line with our expectation,accounting for 103% of our and 100% of consensus estimates. Core net profitsurged 21.8% yoy, underpinned by lower fuel costs on the back of a 3.6% yoygrowth in its topline. Tenaga remains an Outperform, with a stronger likelihoodof the IBR implementation by the beginning of 2014 being the catalyst. Ourtarget price remains unchanged at RM13.24, based on 14.2x FY15 P/E, which isa 10% discount to our target market P/E. Tenaga is our top pick for the powersector.

Petronas Dagangan- A bump on the road

After revving up a record 1H, PetDag's performance decelerated in 3Q due to adrop in MOPS. 9M net profit missed expectations at 63% of our full-yearforecast and 65% of consensus. However, PetDag did not disappoint with itsDPS of 17.5 sen, bringing YTD DPS to 52.5 sen. Although MOPS typically risescloser to year-end, we lower our FY13 EPS to account for the slowdown in 3Q.However, we raise our FY14-15 EPS on lower tax rate assumptions of 26-27%from 29-30% before. Our higher target price is still based on 22.3x CY15 P/E, a40% premium over our target market P/E of 15.9x, but still within the historicalP/E range of O&G big caps. Maintain Outperform with swift expansion as acatalyst.

Plantations- What is driving CPO price?The spot CPO price crossed the RM2,500 per tonne mark and soared to a newYTD high of RM2,525 per tonne yesterday. The spike has sparked interest inthe sector. Our checks revealed that the optimism was caused by theexpectation of weaker palm production in Oct. This has eased concerns aboutrising palm oil stocks and boosted the buying appetite of major consumers forpalm oil. We think the price improvement could be sustained, although theupside may be capped by rising competition from other edible oils and thenarrowing CPO price discount to soya oil of US$145 per tonne. MaintainNeutral. Our top picks are Astra Agro, First Resources, IOI and Wilmar.

Banks- Sep 13 tracker better 4Q13 loan growth in sight

Loan growth had shown signs of recovery by accelerating to 9.5% yoy in Sep 13

from around 9.2% yoy in May-Aug 13. We expect the uptrend to continue into4Q13, given the healthy growth in the leading loan indicators. Our projectedloan growth of 10.5-11.5% for 2013 will top last years rate of 10.4%. Also, wealso see minimal risk of an increase in impaired loan ratios. On the flip side,margin compression and an upturn in credit costs remain the key concerns thatunderpin our unchanged Neutral stance on Malaysian banks. Our top pick isRHB Capital.

Petronas Gas- The money flows in

Economic Update- Still-firm credit demand

News of the Day

Government has yet to decide on fuel cost pass through mechanism (FCPT) Petronas finds new gas deposits in Sarawak, Sumatra, Australia

Proton launches Suprima S in Indonesia

FGV collaborates with Cambridge University scientists

MGO triggered for Oriental Interest

Key Metrics

FBMKLCI Index

1,550

1,600

1,650

1,700

1,750

1,800

1,850

Oct-12 D ec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13

FBMKLCI

1806.85 -10.53pts -0.58%O CT Futures NO V Futures

1806.5 - (-0.85% ) 1808 - (1.00% )

Gainers Losers Unchanged327 458 325

Turnover1881m shares / RM2196.852m

3m avg v olume traded 1765.09m shares

3m avg value traded RM1878.81m

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,807 3,211 4,511 1,443 23,206

Close % chg YTD % chg

FBMKLCI 1,806.85 (0.6) 7.0FBM100 12,292.74 (0.5) 8.8

FBMSC 15,788.92 (0.3) 37.5FBMMES 5,695.79 (0.4) 35.2

Dow Jones 15,545.75 (0.5) 18.6NASDAQ 3,919.71 (0.3) 29.8FSSTI 3,210.67 (0.6) 1.4

FTSE-100 6,731.43 (0.7) 14.1Hang Seng 23,206.37 (0.4) 2.4JCI 4,510.63 (1.4) 4.5

KOSPI 2,030.09 (1.4) 1.7Nikkei 225 14,327.94 (1.2) 37.8

PCOMP 6,585.38 (0.2) 13.3SET 1,442.88 0.8 3.7Shanghai 2,141.61 (0.9) (5.6)

Taiwan 8,450.06 (0.2) 9.7

Close % chg Vol. (m)

HUBLINE 0.055 (15.4) 265.1DAYA MATERIALS 0.400 3.9 84.1MEDIA SHOPPE 0.085 6.3 73.3

XIDELANG HOLDINGS 0.410 2.5 54.8AT SYSTEMATIZATION 0.240 (4.0) 49.5

MALAYSIAN AIRLIN E 0.340 (1.4) 33.1SERSOL 0.460 5.7 32.7TIGER SYNERGY 0.240 2.1 26.2

Close % chg

US$/Euro 1.3587 0.02RM/U S$ (Spot) 3.1554 0.26RM/US$ (12-mth NDF) 3.2408 0.81

OPR (% ) 2.98 (0.67)BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,324 0.05WTI crude oil US spot (US$/barrel) 96.38 (0.40)CPO spot price (RM/tonne) 2,504 (0.63)

Economic Statistics

Market Indices

Top Actives

Terence WONG CFAT(60) 3 [email protected]
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Daybreak MalaysiaNovember 1, 2013

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Global Economic News

US initial jobless claimsfell 10,000 to 340,000 in the Oct 26 week, higherthan market consensus of 335,000. The 4-week average has risen sharply for 4straight weeks, to 356,250 in the latest week which is the highest reading since

Apr. (Bloomberg)

US business activity, according to the Chicago PMI, jumped to 65.9 in Octfrom 55.7 in Sep. The median projection was 55. (Bloomberg)

Central banks in advanced economiesfrom the US to Europe and Japansaid emergency currency-swap linesestablished during the global financialcrisis will be made permanent, providing safeguards against futureturbulence. Temporary bilateral arrangements between the ECB, the FederalReserve, Bank of Canada, Bank of England, the Swiss National Bank and BOJwill be converted into standing facilities, allowing lenders access to globalcurrencies when needed. (Bloomberg)

Euro-area unemploymentheld at a record high of 12.2% in Sep, worse thanestimates of 12%. (Bloomberg)

Euro-area inflation fell 0.7% in Oct (+1.1% in Sep), the lowest since Nov2009. The median forecast was for 1.1%. (Bloomberg)

The Bank of Japanmaintained its unprecedented easing and forecast inflationwill reach its target. Governor Haruhiko Kurodas board stuck with a pledge toexpand the monetary base by JPY60tr to 70tr a year. Japan will see averageinflation of 1.9% in the 2015 fiscal year, according to the boards median forecast.(Bloomberg)

Chinas top four banks posted their biggest increase in soured loanssinceat least 2010 as a five-year credit spree left companies with excessmanufacturing capacity and slower profit growth amid a cooling economy.(Bloomberg)

Taiwanseconomy grew by 1.58% yoy in 3Q13 (2.49% in 2Q), the slowest pacein a year. The median estimate was 2.57%. (Bloomberg)

Global air-passenger traffic rose by 5.5% yoy in Sep (6.8% in Aug), theInternational Air Transport Association (IATA) said. (CNA)

A survey in Singapore suggested that most industries in the servicessector are optimistic about the business prospects for the period Oct 2013 to

Mar 2014. All industries within the services sector are upbeat about businessprospects, with the exception of real estate and community & personal servicesindustries. (CNA)

Singapores total bank lendingby domestic banking units was up by 1.1% inSep. Compared to a year ago, total bank lending rose by about 16%. (CNA)

Singapores unemployment ratefell to 1.8% in 3Q from 2.1% the previousperiod. (Bloomberg)

The Philippines bank lending rose 14.6% yoy in Sep (13% in Aug).(Bloomberg)

Thailands current accountreversed into deficit of US$534m, in contrast tomarket estimates for a surplus of US$0.9bn. (Bloomberg)


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Malaysian Economic News

The annual growth in broad money or M3 moderated to 7.4% yoy in Sep(8.3% in Aug). Although the growth of outstanding business loans moderatedduring the month, the level of loans disbursed to businesses continued to

remain strong relative to previous months, Bank Negara said. It said the growthof household loans outstanding was stable. Overall loan demand increasedslightly due to higher loan applications from the household sector, it added.(Bernama)

The negotiations on the free trade agreement (FTA) between theEuropean Union (EU) and Malaysia were postponed to give way to theTrans-Pacific Partnership Agreement (TPPA) talks, said the Ministry ofInternational Trade and Industry. (Bernama)

Domestic Producer Price Index (PPI) contracted 1.4% in Sep. On a mom

basis, the PPI rose 0.1% due to an increase in the PPI for local production by0.1% and in the import price index by 0.3%. Year-on-year comparison showedthat the PPI for local production decreased by 1.6% and the import price indexdeclined by 0.7%. (Bernama)

The Malaysian Investment Development Authority (MIDA) hasapproved RM323m grants under the Domestic Investment Strategic Fund(DISF) for 50 projects with investments of over RM2.1bn. This was to helpcompanies obtain certification in strategic industries and enhance themselves tobecome high value-added as well as innovation-based. The grants were given toelectrical and electronics sector (14 projects), services (five), transport (four),life sciences (five), machinery and advanced engineering (14), research and

development (five), information and communication technology (two) andwood-based (one). (Bernama)

Accounting firm KPMG Tax Services Sdn Bhd (KPMG) expects thegovernment to retain theGoodsand Services Tax (GST)at 6% for the firstfive years of its implementation on Apr 1, 2015. Executive Director - Head of TaxKhoo Chin Guan said this measure will allow the people and businesses to adaptto the new tax reforms. (Bernama)

Bank Negara Malaysia will make an announcement soon on revisedminimum entry requirements for financial advisory business,

Assistant Governor Jessica Chew Cheng Lian said. She said the central bank hasidentified a number of strategic priorities to further develop the full potential ofthe financial advisory industry to deliver better outcomes to consumers and toincrease the level of insurance penetration in Malaysia. "The bank is alsocurrently working on measures to create a more level-playing field with respectto product offerings among insurance intermediaries," she said. (Bernama)

Bank Negara Malaysiaannounced that its official international reservestotalled US$136.51bn as at Sep 30. For the next 12 months, the predeterminedshort-term outflows of foreign currency loans would amount to US$335.9marising from scheduled repayments of external borrowings by the government.(Bernama)

Petronasannounced new gas discoveriesin three of its upstream venturesin Malaysia, Indonesia and Australia. It said the first discovery was via thePegaga-1 well in Block SK320, offshore Sarawak. In Indonesia, PetroChina, theoperator of and Petronas' partner in the onshore Jabung Block in Sumatra, has


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made a gas discovery through the NEB Base-1 well. In Australia, the EvansShoal North-1 appraisal well in the Evans Shoal gas field in the Timor Sea hasbeen successfully drilled to the target depth of 3,955 metres. (Bernama)

The implementation of the goods and services tax(GST) should not increaseproperty developers overall costs, according to tax consultants. The 6%GST due to be introduced in Apr 2015 will see an exemption on the sale,purchase and rental of residential properties. Commercial property is standardrated so whatever input tax that has been incurred by the developer can actuallybe claimed back against the output tax, Fennie Lim, tax executive director ofCrowe Howarth told. (Financial Daily)

Malaysia's new consumption tax isa boon to IT companiesthat stand towin infrastructure contracts and fees- provided they can convince peopleto switch to electronic payments in a country where 91% of transactions are incash. Cash payments are harder for tax collectors to track, so the government isencouraging e-payments as a way to reduce costs and improve efficiency.(Reuters)

The introduction of the goods and services tax(GST) has been described as anecessary move to increase foreign direct investmentsinto the country saidKPMG Tax Services Sdn Bhd Executive Director and Head of Tax Khoo ChinGuan. Increasingly governments around the world are trying to attract FDI.There is every pressure on our government to ensure our corporate and personaltax rates are competitive. (StarBiz)

The federal governmenthas approved RM322.8m of matching grantsfor50 companies that have pledged to invest over RM2bn until Oct this year. Thegrants are from RM1bn Domestic Investment Strategic Fund (DISF) which canbe used for purchasing specialized machines, train human resources andacquisition of technology. (StarBiz)

Political News

Former minister Datuk Zaid Ibrahim's recent attack against Perkasa washis way of seeking popularity again, said the Malay rights groupsecretary-general Syed Hassan Syed Ali. Describing Zaid as a "homeless drifter"without any party to lead, Syed Hassan said the former minister is feeling leftout as no party or non-governmental organisation wanted him.

The Perkasa leader's criticism followed Zaid's comment piece, "The NewBudget and Perkasa", where he had urged Putrajaya not to recognisePerkasa and to steer clear from their "lunatic ideas".

Zaid had also commented that Perkasa "should not be allowed to goamok" and that "its very existence is an embarrassment to the country,especially to the Malays".

Zaid even suggested that if Perkasa was not curbed, the NGO could startanother world war. He was referring to the Malay rights group'sconstant attacks against the Christians and the Chinese. (MalaysianInsider)

Ahead of the Sungai Limau by-electionon November 4, PAS has questionedthe government's decision to allocate RM1m to a Chinese school in theconstituency which only has 15 students. SRJK (C) Aik Min, with only 15 pupilswill be getting RM1m. The same amount is given to SRJK (C) Yuk Meng inSungai Limau Dalamm while and SRJK (C) Pek Hwa which will receiveRM50,000. PAS by-election operational director Datuk Amiruddin Hamzah,


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saying the party did not have any issue with financial aid to Chinese schools,said Barisan Nasional must also be fair to other schools. He said the Kedahgovernment under PAS contributed RM50,000 to all the Chinese schools andthe amount was later increased to RM70,000. "But the fund was cut when BNwon the state with the new Menteri Besar Mukhriz Mahathir wanting to focus

on those who helped him in the recent general election," said Amiruddin.(Malaysian Insider)

Opposition LeaderDatuk Seri Anwar Ibrahim says the goods and servicestax (GST) should only be implemented when the government's excesses areaddressed and the income level of the people increases. He said yesterday somenews reports are spinning his words to say that he supports the tax but have notrelated all his reasons. But even if Pakatan Rakyat takes over the government,the GST will not be a top priority if the economic situation has not improved, hesaid. (Financial Daily)

Corporate News

Tenaga Nasional Berhad (TNB) CEO Datuk Azman Mohd said thegovernment has yet to decide whether to allow TNB to implement the fuel costpass-through formula (FCPT), which would see consumers paying more forelectricity if there is an increase in fuel costs."We are waiting for the governmentto make the decision. It (tariff review) is coming," he added.

Its CFO Fazlur Rahman said TNB could seek for additionalcompensation from the government even though the fuel costmechanism has "technically" ended in May this year with thecommencement of the regassification terminal in Malacca. However, heindicated there have been instances where the supply of gas have not at

a level that TNB envisaged for various technical reasons. "In fact, thereare some oil and distillates that we are actually incurring today. So, wehave to look at that as we move forward," he said.

Asked if TNB is asking for a continuation of the fuel cost compensationfrom the government, he said, "Of course, from time to time. Our tariffis based on regulated prices for gas and coal but there is nothingincluded in regards to oil and distillates."So, where the amount arequite significant then we have to have discussion (with the government)and see how that can be addressed. We are doing constant dialogueswith with various government agencies." (Sun)

Petroliam Nasional Bhd (Petronas) has made major gas discoveries in

three of its upstream hydrocarbon ventures, including one onshore. Petronasand its partners made the discoveries offshore Sarawak, Sumatra in Indonesiaand at North Bonaparte Basin, Australia.

The first discovery is via the Pegaga-1 well in Block SK320, offshoreSarawak, which is operated by Mubadala Petroleum. Petronas,through its subsidiary Petronas Carigali Sdn Bhd, has a 25% interest inthe block. The Pegaga-1 well, located about 250km northwest of Bintulu,was drilled to a total depth of 2,029m and encountered a 247m columnof gas.

In Sumatra, PetroChina, which is the operator and Petronas' partnerin the onshore Jabung Block, made its gas discovery through the NEBBase-1 well. PetroChina drilled the NEB Base-1 well to a depth of

2,521m. Petronas holds a 42.85% equity in the Jabung Block.

InAustralia, Petronas said the Evans Shoal North-1 appraisal well inthe Timor Sea has been successfully drilled to the target depth of3,955m. The partners in the joint venture are Shell (32.5%), Eni (32.5%),


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Petronas (25%) and Osaka Gas (10%). The well is operated by Eni onbehalf of the joint venture. (BT)

The Real Estate and Housing Developers' Association of Malaysia (Rehda)

hopes the government will review several policies announced in Budget 2014which may affect the property sector. They include the 6% goods and servicestax (GST), the reap property gains tax (RPGT) hike and the ban on thedevelopers' interest bearing scheme (DIBS). "We urge the government toconsider exempting the housing industry from GST or be zero rated andmaterial and other related costs be exempted from the GST," said Rehda deputypresident Datuk FD Iskandar Mansor. On the hike in the RPGT effect Jan 1 nextyear, FD Iskandar hopes the government will not "burn the candle at both ends".The ban on DIBS, according to FD Iskandar, will undoubtedly affect propertydevelopers. (Financial Daily)

Malaysia's new goods and services tax (GST) is a boon to information

technology (IT) companies that stand to win infrastructure contracts andfees - provided they can convince people to switch to electronic payments in acountry where 91% of transactions are in cash. Cash payments are harder for taxcollectors to track, so the government is encouraging e-payments as a way toreduce costs and improve efficiency. Censof Holdings Bhd and GHLSystems Bhd, along with privately-held Brilliance Information Sdn Bhdand Revenue Harvest Sdn Bhd, are seen as front-runners for governmentcontracts to build the necessary infrastructure because Malaysia has aprocurement policy that favours local companies. (BT)

Felda Global Ventures Holdings Bhd (FGV) has collaborated with UKsCambridge University scientists to to produce the worlds first high-grade

carbon nanotubes and graphene. FGV chairman Tan Sri Mohd Isa Abdul Samadsaid the worlds largest crude palm oil producer will be the pioneer in producingthe nanotubes and graphene, which are by-products of crude palm oil and otherhydrocarbons.

High-grade carbon nanotubes and graphene has the potential to launcha new generation of electronic devices that run faster while using lessenergy a new era of nanotube electronics that has long beenconsidered a potential successor to the silicon transistor. It also haswthe potential usage for next-generation communication cables,including underwater cables.

Under the MoU, both parties will develop an innovative downstreamproduction line of high-grade nanotubes and graphene using

state-of-the-art and newly developed nano-systems technology. (BT)

IJM Corp Bhd won a RM238.4m contract to construct two commercialbuildings in Kuala Lumpur. The award is given by JKG Tower Sdn Bhd and theconstruction period for the project is 26 months. The project involves thebuilding works of one block of 32-storey office tower and one block of 13-storeyelevated car park. (Malaysian Reserve)

The Kuala Lumpur High Court yesterday struck out tycoon Tan Sri HalimSaad's RM18bn lawsuit against Khazanah Nasional, its deputy chairman TanSri Nor Mohamed Yakcop and the government. In an oral judgment, Judge

Datuk Hanipah Farikullah struck out the case on the grounds that Halim hadfailed to raise reasonable cause of action against the defendants and provided nobasis to take the case to full trial. (Financial Daily)


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Cosway (M) Sdn Bhd, the direct marketing arm of Berjaya Corp Bhd(BCorp), is targeting to open 200 to 300 new Cosway Pharmacy stores in thecountry next year, depending on the availability of qualified pharmacists, saidits directorYeap Dein Wah. It has opened over 50 Cosway Pharmacy stores sofar this year and in 2012, it opened 80 stores, bringing the total number of

Cosway Pharmacy stores in Malaysia to 135. "We encourage independentpharmacists who are operating a shop on their own to join us," Yeap said. (sun)

Oriental Interest has received an unconditional takeover offer valued atRM109.5m or RM2.50 per share from Jupiter Sunrise Sdn Bhd, whoseshareholders are involved in property development and plantations. The offerprice is at a premium of 2% over Oriental's closing price. (Malaysian Reserve)

German company Implico GmbH is eyeing a listing onBursa Malaysiabymiddle of 2014 in order to raise its profile and to source for capital to fundfuture acquisitions in the downstream oil and gas (O&G) sector. The

Hamburg-based privately held O&G solutions provider is also consideringSingapore or Hong Kong for the listing but likes Kuala Lumpur as the city is thehub for O&G in the region. Implico has started discussion with investmentbanks on the listing process and one of the main criteria for listing is theappetite of the investors in the countries considered. (Malaysian Reserve)

The negotiations on the free trade agreement (FTA) between theEuropean Union (EU) and Malaysia were postponed to give way to the Trans-Pacific Partnership Agreement (TPPA) talks, said the ministry ofinternational trade and industry. Deputy Minister Datuk Hamim Samuri saidthe ministry would focus on the completion of the TPPA talks and then resumethe EU-Malaysia FTA negotiations. "Whether we sign the TPPA or not, the FTA

talks with the EU will be resumed later," he told reporters after officiating at theFederation of Malaysian Manufacturer's Export Conference 2012. He said underthe FTA, Malaysia would get special treatment of zero tax from the EU. (TheEdge)

Proton Holdings Bhd has launched the Proton Suprima S in Indonesia,marking the hatchback's first entry in an export market since its launch inMalaysia in August. The launch comes just four months after the Proton Prevewas introduced in Indonesia. Proton chief operating officer (commercial)Hisham Othman said in a statement: "We hope the Suprima S will capture thehearts and minds of car lovers in Indonesia. (The Edge)

Volkswagen Group Malaysia, which is part of Germany's Volkswagen AG, isconsidering assembling its popular Polo hatchback locally, a move that willlower its price, increase local content and bolster sales.

"The Polo hatchback has been successful here. The interest is growingbut at the moment, there is nothing yet on the CKD (completelyknocked down) version," said Volkswagen Group Malaysia managingdirector Dr Zeno Kerschbaumer at the launch of the CKD version of thePolo sedan, here, yesterday. "There might be some news on this in thenext few weeks."

The CKD Polo sedan is Volkswagen's second locally-assembled modelafter the Passat. Both are assembled at DRB-Hicom Bhd's factory in

Pekan, Pahang. The CKD version, boasting 40% local content, is pricedat RM85,888 without insurance, compared to its completely built-upprice of RM99,888. (BT)


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Community airline, Firefly Sdn Bhd,aims to increase its passengers by 15 to20% this year from 1.7m last year, said its Chief Executive Officer, Ignatius Ong.He said to-date, the airline load passenger load has increased due to thebranding initiative and the competitive and reasonable flight tickets. (Bernama)


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BMSB: Changes in shareholdings

Type of No of Ave Price

31-Oct-13 Date transaction securities Company (RM)

EPF 28/10 Disposed 3,000,000 YTL POWER INTERNATIONAL

EPF 28/10 Disposed 1,549,000 SAPURAKENCANA PETROLEUM

EPF 28/10 Disposed 1,311,000 FELDA GLOBAL VENTURESEPF 28/10 Disposed 1,236,600 IJM CORPORATION

EPF 28/10 Disposed 1,003,700 DIGI.COM

EPF 28/10 Disposed 937,600 UEM SUNRISE

EPF 28/10 Disposed 867,200 MAXIS

EPF 28/10 Disposed 500,000 CAPITAMALLS MALAYSIA TRUST

EPF 28/10 Disposed 439,900 WAH SEONG CORPORATION

EPF 28/10 Disposed 363,400 IGB CORPORATION

EPF 28/10 Disposed 243,700 HOCK SENG LEE

EPF 28/10 Disposed 181,700 BURSA MALAYSIA

EPF 28/10 Disposed 76,400 PETRONAS GAS

EPF 28/10 Disposed 45,100 HONG LEONG BANK

EPF 28/10 Disposed 19,400 AIRASIA

EPF 28/10 Disposed 2,400 LAFARGE MALAYSIA

Skim Amanah Saham Bumiputera 23/10 Disposed 2,300 DUTCH LADY MILK INDUSTRIESLembaga Tabung Haji 24/10-25/10 Disposed 280,000 ALAM MARITIM RESOURCES

Lembaga Tabung Haji 24/10 Disposed 123,000 BRAHIM'S HOLDINGS

Prudential Plc 24/10-29/10 Disposed 3,315,100 AMMB HOLDINGS

GIC Private Limited 25/10-29/10 Disposed 1,613,300 CAPITAMALLS MALAYSIA TRUST

GIC Private Limited 25/10-29/10 Disposed 360,200 PARKSON HOLDINGS

Commonwealth Insurance Holdings Ltd 28/10 Disposed 115,100 AXIATA GROUP

Aberdeen Asset Management PLC 25/10 Disposed 8,000 SHANGRI-LA HOTELS

Aberdeen Asset Management Asia 25/10 Disposed 3,400 SHANGRI-LA HOTELS

Mitsubishi UFJ Financial Group, Inc. 25/10 Disposed 8,000 SHANGRI-LA HOTELS

EPF 25/10 Acquired 3,400,700 CIMB GROUP

EPF 28/10 Acquired 1,733,300 YTL CORPORATION

EPF 28/10 Acquired 1,665,400 TELEKOM MALAYSIA

EPF 28/10 Acquired 1,499,100 DIALOG GROUP

EPF 28/10 Acquired 1,450,100 PUBLIC BANKEPF 28/10 Acquired 1,175,600 MALAYAN BANKING

EPF 28/10 Acquired 758,600 KPJ HEALTHCARE

EPF 28/10 Acquired 719,800 SIME DARBY

EPF 28/10 Acquired 700,000 IOI CORPORATION

EPF 28/10 Acquired 637,700 IHH HEALTHCARE

EPF 28/10 Acquired 500,000 TOP GLOVE CORPORATION

EPF 25/10-28/10 Acquired 477,000 AXIATA GROUP

EPF 28/10 Acquired 433,100 AMMB HOLDINGS

EPF 28/10 Acquired 181,300 IJM LAND

EPF 28/10 Acquired 140,900 MALAYSIA AIRPORTS

EPF 28/10 Acquired 131,200 TIME DOTCOM

EPF 28/10 Acquired 30,000 POS MALAYSIA

EPF 28/10 Acquired 28,300 PPB GROUP

EPF 28/10 Acquired 4,700 MBM RESOURCESEPF 28/10 Acquired 2,400 KUALA LUMPUR KEPONG

Skim Amanah Saham Bumiputera 25/10-28/10 Acquired 2,033,400 GAMUDA

Kumpulan Wang Persaraan 25/10 Acquired 44,500 IJM CORPORATION

Kumpulan Wang Persaraan 25/10 Acquired 7,400 GENTING PLANTATIONS

Kumpulan Wang Persaraan 25/10 Acquired 3,600 PETRONAS GAS

Aberdeen Asset Management PLC 29/10 Acquired 622,200 ORIENTAL HOLDINGS

T. Rowe Price Associates, Inc 25/10 Acquired 682,000 ASTRO MALAYSIA

Mitsubishi UFJ Financial Group, Inc. 24/10 Acquired 158,900 AEON CREDIT SERVICE (M)

Mitsubishi UFJ Financial Group, Inc. 25/10 Acquired 1,200 CIMB GROUP

YTL POWER INTERNATIONAL 31/10 Shares Buy Back 5,263,000 YTL POWER INTERNATIONA 1.88

HAP SENG CONSOLIDATED 31/10 Shares Buy Back 191,000 HAP SENG CONSOLIDATED 2.43

IGB CORPORATION 31/10 Shares Buy Back 75,000 IGB CORPORATION 2.65 SOURCES: BMSB


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Corporate Actions

November 2013

SUN MON TUE WED THU FRI SAT

1 2

3 4 5 6 7 8 9

Sungai Limau by-election

Awal Muharram Daibochi 3Q MPC, MISC 3Q,Nestle 3Q, Daibochibriefing

External Trade,Guinness 1Q, F&Nbriefing

10 11 12 13 14 15 16

IPI, ManufacturingSales, ExternalReserves, Mah Sing3Q, Nestle briefing

Hartalega 2Q, Maxis3Q

GDP, BOP

17 18 19 20 21 22 23

Media Prima 3Q,Dialog 1Q, Perdana3Q

CPI, KLK 4Q, Star3Q, Prestariang 3Q,Bumi Armada 3Q

JTI 3Q, Tomypak 3Q External Reserves,QL 2Q, Kossan 3Q

24 25 26 27 28 29 30

UEM Sunrise 3Q,Wah Seong 3Q

E&O 2Q & briefing,Media Chinese 2Q,Bintulu Port 3Q

Media Chinesebriefing, MyEG 1Q

Money Supply, PPI,Cuscapi 3Q, Asia File2Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates


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Corporate Actions

December 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7Umno generalassembly

Umno generalassembly


Umno generalassembly, Astro 3Q

Umno generalassembly, ExternalTrade, ExternalReserves


8 9 10 11 12 13 14

IPI, ManufacturingSales

15 16 17 18 19 20 21

CPI External Reserves

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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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 andExchange 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 disclosedto 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 oninside 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 doesnot confirm nor certify the accuracy of such survey result.

Score Range 90100 8089 7079 Below 70 or No Survey Result

Description Excellent Very Good Good N/A

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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.

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Recommendation Framework #1 *

Stock SectorOUTPERFORM: The stock's total return is expected to exceed a relevantbenchmark's total return by 5% or more over the next 12 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, isexpected to outperform the relevant primary market index over the next 12 months.

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

NEUTRAL: The industry, as defined by the analyst's coverage universe, is expectedto perform in line with the relevant primary market index over the next 12 months.

UNDERPERFORM: The stock's total return is expected to be below a relevantbenchmark's total return by 5% or more over the next 12 months.

UNDERWEIGHT:The industry, as defined by the analyst's coverage universe, isexpected to underperform the relevant primary market index over the next 12 months.

TRADING BUY: The stock's total return is expected to exceed a relevantbenchmark's total return by 5% or more over the next 3 months.

TRADING BUY: The industry, as defined by the analyst's coverage universe, isexpected to outperform the relevant primary market index over the next 3 months.

TRADING SELL: The stock's total return is expected to be below a relevantbenchmark's total return by 5% or more over the next 3 months.

TRADING SELL:The industry, as defined by the analyst's coverage universe, isexpected to underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, J akarta 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 b e temporarily outside the prescribed ranges due to extreme market volatility or other

justifiable company or industry-specific reasons.

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

Recommendation Framework #2 **

Stock Sector

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

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

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

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

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

both over the next 12 months.

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

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

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

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

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

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

** This framework only applies to stocks listed on the 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.

AAVnot available, ADVANC- Excellent, AEONTSGood, AMATA- Very Good, ANANnot available, AOT- Excellent, AP- Very Good, BANPU- Excellent , BAY- Excellent , BBL- Excellent, BCHnot available, BCP- Excellent, BEC- Very Good, BGH- not available, BJCVery Good, BH- Very Good, BIGC- Very Good, BTS- Excellent, CCET- Good,CENTELVery Good, CK- Very Good, CPALL- Very Good, CPF- Very Good, CPN- Excellent, DELTA- Very Good, DTAC- Very Good, EGCOExcellent, ERWExcellent,GLOBAL- Good, GLOW- Very Good, GRAMMYExcellent, HANA- Very Good, HEMRAJ- Excellent, HMPRO- Very Good, INTUCHVery Good, ITDVery Good, IVL- Very Good,

JASVery Good, KAMARTnot available, KBANK- Excellent, KKExcellent, KTB- Excellent, LH- Very Good, LPN- Excellent, MAJOR- Good, MAKROVery Good, MCOT-Excellent, MINT- Very Good, PS- Excellent, PSL- Excellent, PTT- Excellent, PTTGC- Excellent, PTTEP- Excellent, QH- Excellent, RATCH- Excellent, ROBINS- Excellent, RSExcellent, SAMARTExcellent, SCExcellent, SCB- Excellent, SCC- Excellent, SCCC- Very Good, SIRI- Good, SPALI- Very Good, SRICHAnot available, SSInot available,STA- Good, STEC- Very Good, TCAP- Very Good, THAI- Excellent, THCOMVery Good, TICONVery Good, TISCO- Excellent, TMB- Excellent, TOP- Excellent, TRUE- VeryGood, TTWVery Good, TUF- Very Good, VGInot available, WORKGood.


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