Daybreak Malaysia

May 21, 2012

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

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KLCI 1,532.46 Gainers/Losers… Turnover Regional Indices (-11.75pts /-0.76% ) Gainers 130 1,113m units / RM1,531 KLCI 1,532

Losers 702 3m avg. - RM1,651m FSSTI 2,779

- May futures 1526.5 (-0.49% ) Unchanged 256 JCI 3,980

- June futures 1525.5 (-0.52% ) SET 1,154

HSI 18,952

What’s on the Table… Alpha Edge - Bear hug

The markets’ downturn, though steep in the past few weeks, has yet to run its course. We think that any rebound will be short-lived and signs of a bottom will only emerge later next month.

Telco - overall - Checking out the 1Q signals

Telco results for 1Q12 should be mixed. Maxis’s margin may have come under pressure after it dropped its IDD rates while Axiata’s results should be flattish qoq due to weaker regional currencies. We expect a strong showing from TM but maintenance costs are rising. The industry’s effective tax rate should be low given the tax incentives for broadband rollout. We downgrade the sector weighting from Overweight to Neutral following our recent downgrade of Axiata. Telekom Malaysia remains our top pick as it is not affected by currencies or competition.

Mudajaya Group - Enjoying an Indian summer with a power plant tour

Our tour of Mudajaya’s power plant site left us encouraged by the physical progress of the 26%-owned power plant which should not see any major delays after last year’s road bump. All four 360MW units should begin selling power by 2H13. We continue to value Mudajaya at a 40% discount to its RNAV. Clarity on the progress of the Indian IPP and potential power cashflows should renew interest in the stock. Mudajaya remains a Trading Buy and not an Outperform because of the political risks for the construction sector. The key catalyst is project awards.

Tomypak Holdings - High tax packs a punch

News of the Day… • Motor vehicle sales last month dwindled to 47,736 units, down 6% yoy • Sarawak Energy dished out three power transmission line projects for open bidding • YTD April 2012 adex in the country slipped 0.8% yoy to RM3.15bn • Final stretch of the Kuala Lumpur Outer Ring Road (KLORR) has yet to take off • Gas Malaysia to spend RM130-140m to expand its 1,800km pipeline by 70-90km • EU officials working on contingency plans in case Greece exits the euro zone

Charts & Statistics

Index Chart

FBMKLCI Index

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May-11 Aug-11 Nov-11 Feb-12 May-12

Source: Bloomberg

Terence Wong CFA

T (60) 3 20849689 E terence.wong@cimb.com

Market Indices…Close % change YTD (% chg)

FBMKLCI 1,532 (0.8) 0.1

FBM100 10,274 (0.9) (0.4)

FBM SC 11,521 (2.1) (1.3)

FBMMES 4,228 (1.4) 3.9

Dow 12,369 (0.6) 1.2

Nasdaq 2,779 (1.2) 6.7

FSSTI 2,779 (1.5) 5.0

FTSE-100 5,268 (1.3) (5.5)

Hang Seng 18,952 (1.3) 2.8

JCI 3,980 0.0 4.1

KOSPI 1,782 (3.4) (2.4)

Nikkei 225 8,611 (3.0) 1.8

PCOMP 4,879 (2.7) 11.6

SET 1,154 (1.6) 12.6

Shanghai 2,345 (1.4) 6.6

TWSE 7,151 (2.8) 1.1

Top Actives…RM % change Turnover (m)

AGLOBAL 0.170 (8.1) 70.673

SKPETRO 1.960 (6.7) 62.645

NICORP 0.395 (6.0) 46.717

FOCUS 0.140 3.7 27.186

MTRONIC 0.155 (6.1) 26.533

JCY 1.470 (6.4) 23.398

ASIAEP 0.045 28.6 18.377

ASUPREM 0.190 (7.3) 12.386

Economic Statistics…

Close % change

US$/Euro 1.278 0.65

RM/US$ (Spot) 3.134 0.85

RM/US$ (12-mth NDF) 3.1965 0.69

OPR (% ) 2.90 0.00

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1592.99 1.19

WTI crude oil US spot (US$/barrel) 91.48 (1.17)

CPO spot price (RM/tonne) 3,070 (1.70)

Sources: CIMB. COMPANY REPORTS

May 21, 2012

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Global Economic News…

Group of Eight leaders pushed for Greece to stay in the euro area and supported boosting growth whilst affirming “the importance of a strong and cohesive euro zone for global stability and recovery.” They also sent a strong message to Iran that tough energy sanctions would be firmly applied, vowing to ensure oil markets are well supplied to prevent crude prices soaring. (Bloomberg)

Financial markets are becoming unhooked from economic fundamentals, Asia's officials warned, as policy makers monitor the dangers posed by any Greek exit from the euro region.

Malaysian central bank Governor Zeti Akhtar Aziz said such an event could cause contagion comparable to the Asian financial crisis.

South Korea’s Finance Minister Bahk Jae Wan said the range of won fluctuation is excessive while noting that economic fundamentals “are strong.” There are no plans for new measures to encourage stability in the markets at the moment.

“Market participants have used the heightened uncertainty to raise volatility in financial markets,” Philippine central bank Governor Amando Tetangco said. “Risk appetite is weak and flight-to-quality trades will likely be prevalent in the market.” “We have room in our enhanced policy tool kit to respond should there be excesses in market movements, and should such movements begin to put our inflation target at risk,” Tetangco said. The developments in Greece this have deepened the risk of contagion, he said.

Thailand’s banking system has THB2.5tr (US$80bn) of liquidity, five times more than required, central bank Governor Prasarn Trairatvorakul said. The Bank of Thailand doesn’t see a need to add additional liquidity, which could fuel inflationary pressures, he said. (Bloomberg)

The US government loosened a ban on American investments in Myanmar in the strongest acknowledgment yet of the political and economic transformation put in motion by a new government of former army generals. President Barack Obama also appointed Derek Mitchell the first US ambassador to Myanmar in 22 years. (Bloomberg)

US President Barack Obama welcomed Europe's focus on rekindling growth and expressed confidence that Europe has the capacity to meet its economic challenges. (Reuters)

Guarantees provided by US lenders to holders of Greek, Portuguese, Irish, Spanish and Italian government, bank and corporate debt rose 10% qoq to US$567bn in 4Q11, according to the most recent data from the Bank for International Settlements. (Bloomberg)

European officials are working on contingency plans in case Greece exits of the euro zone, the EU's trade commissioner said, while Berlin said it was prepared for all eventualities. (Reuters)

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China’s State Information Center expects annual growth to slow to 7.5% in 2Q12, the slowest since 1Q09, largely due to curbs on the property sector and external headwinds. (Reuters)

Chinese Premier Wen Jiabao said the government will focus more on bolstering economic growth, indicating policies may be loosened further as inflation moderates. (Bloomberg)

China’s State Administration of Foreign Exchange has approved US$26bn in quotas for 138 qualified foreign institutional investors (QFII) as of 16 May, and is working to speed up further approvals, after doubling quotas for QFIIs last month to US$80bn from US$30bn. (Bloomberg)

China's state-owned companies reported an 8.6% yoy profit decline in the first four months as the world's second-biggest economy continued to slow. (Global Times)

China new-home prices fell on a mom basis in Apr in 43 of 70 major cities tracked by the government (46 in Mar) as moves to curb the property market took effect. (AFP)

China’s MNI flash business sentiment index reading eased to 52.99 in May from 56.04 in Apr. (MNI)

Japan’s nationwide department-store sales rose 1.3% yoy in Apr to ¥480bn (14.1% in Mar), the second straight rise on the back of improved consumer confidence and warm weather. Tokyo’s department-store sales rose 6.7% yoy in Apr (26.7% in Mar), also the second consecutive monthly gain. (MNI)

Japan’s Cabinet Office raised its assessment of the economy on the back of “emerging demand for reconstruction,” whilst lowering its evaluation of its largest trading partner China for the first time in three months. Economy Minister Motohisa Furukawa said the economy shows upward movement and gradual growth may continue. (Bloomberg)

Japanese Finance Minister Jun Azumi said he was monitoring currency moves with extra care and was prepared to respond as appropriate. (Reuters)

India's CPI inflation for Apr stood at 10.36% yoy, up from the preceding month's 9.38%. (RTT News)

Spain's central government has approved plans for €18bn worth of savings this year for all but one of the country's 17 regions, the government said. (AFP)

Vietnam’s April car sales hit nearly 7,000 units, declining 24% mom and 46% yoy, according to the Viet Nam Automobile Manufacturers’ Association. (Vietnam News)

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Business confidence and outlook among European businesses in Vietnam has remained consistently near "neutral" for the third straight quarter, according to the EuroCham Business Climate Index for April/May which efll by three points to 53. (Vietnam News)

The Philippines balance of payments stood at a deficit of US$79m in Apr, compared with the US$209, shortfall in Mar and a US$1.08bn surplus a year earlier. (Bloomberg)

Malaysian Economic News…

Data from the United Nations World Tourism Organisation (UNWTO) revealed that Malaysia maintained its 14th place among 25 top destinations by international tourism receipts. Thailand has moved up a notch to 11th placing, raking in a total of US$26.3bn (RM82.5bn) in revenue last year while Singapore leapt to the 15th position from 18th place in 2010, raking in US$18bn (RM56.4bn). Malaysia's tourism receipts last year was marginally above that of Singapore's at US$18.3bn (RM57.4bn). (BT)

All vocational schools in the country will be upgraded to college status in stages by 2015 in line with the government's effort to strengthen the national education system. Deputy Education Minister Dr Mohd Puad Zarkashi said 15 vocational schools in each state had been upgraded to college status under a pilot programme to transform the education system. (Bernama)

The 196-hectare Bandar Malaysia project will see the rejuvenation and regeneration of the old Sungai Besi airport into a new and vibrant landmark reflecting the Greater Kuala Lumpur aspiration, 1MDB said in a statement. It is set to have the most innovative urban solutions for livability in a new ecosystem of harmony between people, buildings, traffic and nature.

Six top local and global talents are vying for the spot as Master Planner for the sustainable city. They are AECOM (Hong Kong) and Focus Architects and Urban Planners Sdn Bhd; BroadwayMalyn (Singapore); DPZ Asia and PAG Consult Sdn Bhd; Gensler (UK) and AJM Planning and Urban Design Group; IZM Consult; and T.R. Hamzah & Yeang Sdn Bhd and Llewelyn Davies & Yeang (UK). (Bernama)

Some RM987.1m will be distributed in stages from next month to more than 4,300 schools nationwide under the special stimulus package for education, said DPM Tan Sri Muhyiddin Yassin. The package included RM87.1m to build and upgrade suraus in schools. The rest of the package would go towards building, improving and maintaining schools, with RM500m budgeted for national schools and RM400m for vernacular, mission and government-aided religious schools. (The Star)

The Insolvency Department will have special rooms at its offices from next month to encourage more bankrupts to come forward to discuss their problems, said Department director-general Datuk Abdul Karim Jalil. “Up to Mar this year, 240,978 Malaysians were declared bankrupts. But only 30% have stepped forward and cooperated with us to help resolve their problem,” he said.

For 1Q12, a total of 4,568 new bankruptcy cases were recorded while 1,863 were either cancelled or resolved, he added.

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The department aims to resolves 12,000 bankruptcy cases by year-end. (The Star)

The Rural and Regional Development Ministry has spent almost RM8bn this year in developing rural areas nationwide, Datuk Seri Mohd Shafie Apdal said. The minister added that the money went towards building and improving basic infrastructure and amenities as well as generating sources of income for the rural folk. (The Star)

Performance of the construction sector rose slightly by 0.4% qoq to RM17.7bn in 1Q12 (10.1% in 4Q11), according to the latest figures released by the Department of Statistics (DOS). It recorded a 14.2% yoy (12.9% in 4Q11). The report said 8,585 projects amounting to RM17.72bn were completed in 1Q12 (8,781 projects amounting to RM17.66bn in 4Q11). (DOS, Malaysian Reserve)

Sales value of Distributive Trade sector increased 9.2% yoy in 1Q12 with the retail trade sub-sector recorded the highest percentage growth in sales value (10.7%), followed by wholesale trade (10.2%) and motor vehicles (2.6%). The number of persons engaged in this sector increased marginally 0.5% yoy or 7,830 persons in 1Q12. On q-o-q basis, sales value dropped by 1.3% to RM204.1bn while number of persons engaged increased 0.4% to 1.5m persons. (Department of Statistics)

Political News…

Former DAP vice-chairman Tunku Abdul Aziz Tunku Ibrahim has made an impassioned call to the people to support the leadership of Prime Minister Datuk Seri Najib Razak. Give Najib the chance and time to see his transformation programmes currently being implemented, come into fruition, he said.

Tunku Abdul Aziz repeated his view that the transformation programmes were good for the country. “What the prime minister has done now is the right thing and we need to support him,” he said, adding that Najib’s transformation process for change would certainly take time. “In the past, we have been screaming that the government did not do this and that, but now, the government is listening, that is why I say, there was no need to protest... (now) they want Bersih 4.0... what else do they want?,” he asked.

Asked for his opinion on Opposition Leader Datuk Seri Anwar Ibrahim, Tunku Abdul Aziz said, since he became a columnist for The New Sunday Times, he did not agree with his style of politics and that he had written an article, “Stop the theatrics, Anwar, let Malaysians get on with their life”. (Malaysian Insider)

Perkasa said it will support Barisan Nasional candidates in the next general election to ensure the coalition secured a two-thirds majority, which will, in turn, ensure political stability in the country. Its president, Datuk Ibrahim Ali, maintained that Perkasa was not a political party. He said Perkasa wanted the Malay community to reject the opposition for its role in diminishing Malay political influence. (NST)

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Former PM Tun Dr Mahathir Mohamad has told Penang Malays they hold the ace card that can determine the outcome of the next general election in the state. He however conceded that the prospect of BN wresting the state from Pakatan Rakayat in the next general election did not seem bright, unlike in Kedah.

Mahathir also said he was sad whenever he visited Penang as he saw skyscrapers which were occupied mostly by non-Malays while Malays faced problems especially in housing and lived in "old houses". "Penang is an example of what may happen to Malays in the country," he said, pointing to Singapore and Thailand as examples of countries where Malays are marginalised. (Sun)

Corporate News…

Motor vehicle sales last month dwindled to 47,736 units from 50,936 units in the same month last year, the Malaysian Automotive Association (MAA) said. Sales volume in April 2012 was 5,847 units or 10.9% lower compared to 53,583 units in the previous month. "Rush for deliveries and invoicing by companies having financial year ended March 31 resulted in higher March sales," it said.

MAA said although consumer sentiments remained stable, tightening of the hire purchase loan approvals had resulted in longer leadtime for completion of sales process and had caused some slowdown in new vehicle registrations. MAA expects car sales to improve this month due to introduction of new models. (Bernama, Malaysian Reserve)

Annualised Jan-Apr sales volume, which stands at 558,840 units, accounted for only 89% of our full-year projection of 628,022. But we expect vehicle sales to improve in the months ahead as the supply gridlock from the Thai flood eases to meet pent-up demand, the number of working days normalizes, and new model launches.

The strategic venture partnership between Felda Global Ventures Holdings and commodities giant Louis Dreyfus was a closely calculated decision that considered all political and economic factors, said FGVH president and CEO Datuk Sabri Ahmad. The decision was reached after FGVH concluded that the French private holding company could synergise best with Felda's operations, Sabri said.

"Felda is strong in its up- and mid-stream activities. We are confident that the strategic venture partnership with Louis Dreyfus will enhance our downstream capabilities," Sabri said. (Bernama)

Sarawak Energy Bhd (SEB) has dished out three more power transmission line projects for open bidding, including a 275kV line form Mambong near here to neighbouring West Kalimantan to facilitate the export of electricity to the Indonesian province. The other two 275kV transmission lines will supply electricity from SEB Samalaju sub-station to OM Materials (Sarawak) proposed manganese and ferro alloy smelting plant and Japan’s Tokuyama polycrystalline silicon plant (phase 2), both in Samalaju Industrial Park, Bintulu. (Star Biz)

The Sustainable Energy Development Authority (SEDA) is looking at adjusting the feed-in-tariff (FiT) for renewable energy (RE) before it calls for the next round of quotes in July-Aug 2012 as there is an imbalance in the RE resource mix. At a recent talk on RE updates, SEDA said that almost half of the installed capacity for RE being generated since the beginning of the FiT on 1 Dec 2011 was using solar energy, which could be a wrong signal for the market. (Malaysian Reserve)

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Selangor State Development Corp (PKNS) aims to build 9,831 units of affordable housing in phases in the Klang Valley with a total GDV of RM1.5bn in the span of 10 years beginning 2012. PKNS wants to offer more options to buyers from low and middle income groups. PKNS general manager Othman Omar said it has shifted into high-end development to induce higher yield to finance its affordable housing development as it does not receive any funding from the Selangor state government to finance its affordable housing development. (Malaysian Reserve)

YTD April 2012 adex in the country slipped 0.8% yoy to RM3.15bn, according to Nielsen. However, industry experts are not pushing any alarm bells yet, as they feel that the numbers are within expectations.

MEC Malaysia managing director Law Chan Keong said adex in the first quarter was slow due to shorter working days in January as a result of Chinese New Year holidays. The other reason could also be due to uncertainty in the global economy, especially with the eurozone crisis which has had a chain effect.

It is not about consumer sentiments. Some clients are maintaining a cautious mindset in terms of spending. They are still investing and spending but they are adopting a more cautious approach, he said.

The YTD adex dip was led by free-to-air television, which shrank 9.1%. Newspapers still continued to command the lions share of total ad spend, accounting for 42% of total YTD April adex this year.

The product/service categories with the highest ad spend in the first four months of 2012 were local Government institutions, mobile line services, womens facial care, fast-food outlets and photography.

According to Nielsen, adex in April, however, increased to RM878.24m from RM873.89m a year earlier.

Vogiatzakis expects adex to improve in Q2. I am confident it will bounce back in Q2, especially with the Euro (European Football Championship in June) and Olympics (in July), he said. Law concurred, pointing out that the two sporting events would be critical in determining ad spend for the rest of 2012.

Also, the timing of the General Elections will be critical, as it will be a factor that will trigger adex growth, he said, adding that Q2 would be the defining quarter for the rest of the year in terms of ad spend. How Q2 performs will set the tone for the rest of the year.

Vogiatzakis said this year's adex could mirror that of 2008, which also featured the General Elections, Olympics and Euro tournament that year. Ad spend that year began slow and peaked in Q3 during the major sports seasons. Hari Raya was also in Q3, so we expect a huge amount of spend in that quarter (for 2012). (Starbiz)

Shareholders of QSR Brands Bhd (QSR) and KFC Holdings (M) Bhd (KFCH) stand to get nearly RM5.4bn from the sale of the companies’ shares to Massive Equity Sdn Bhd. QSR and KFCH signed deals with Massive Equity to sell all the shares and warrants in the companies for up to RM5.4bn and said they would give back all the money to their shareholders via capital repayment schemes.

Johor Corp (JCorp), being the largest direct shareholder of QSR and indirectly of KFCH, is poised to get the bulk of the money from the proposed capital repayment. JCorp, which is Johor’s investment arm, owns 56.6% of Kulim (Malaysia) Bhd. Kulim will get RM1.16bn from the

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sales of QSR and KFCH. This means that JCorp will get more than half of the money, given its controlling stake in Kulim.

Kulim said in a filing to Bursa Malaysia it would distribute the RM1.16bn to its shareholders by way of a special dividend. This would work out to a special dividend of 93 sen per Kulim share, based on its issued and paid-up capital of about 1.23bn shares as of December 31 last year.

In separate statements to Bursa Malaysia yesterday, QSR and KFCH announced that they had signed definitive agreements of a share sale with Massive Equity.

Massive Equity, through wholly-owned Triple Platform Sdn Bhd, will buy the entire business and undertaking, including all of the assets and liabilities of KFCH, for up to RM3.29bn or RM4 per share and RM1 per warrant. It will also fork out up to RM2.12 bn, or RM6.80 per share and RM3.79 per warrant, to buy all QSR securities, assets and liabilities.

The QSR and KFCH acquisitions were expected to be completed in the second half of the year, the companies said, adding that their boards of directors had no intention to maintain their listing status upon completion of the deals. (BT)

Masterskill announced that it decided to defer the construction of buildings for their proposed main campus for the time being and to reallocate the unutilised amount allocated for the purchase of land and construction of buildings amounting to RM76.9m for use as working capital in view that such sum has not been utilised within the expected timeframe of 24 months as disclosed in the prospectus. It will continue to aggressively pursue growth in the domestic and international markets via franchising and under the business diversification strategy. The group will realign offerings from medical and allied health science programmes into business, hospitality and tourism programmes. (BMSB)

Time dotCom will continue to focus on gaining market share by managing its costs, strengthening its network, having coverage in key areas, and improving its product offerings. Its initiatives could require higher costs for initial set-up and deployment but would be beneficial for the company in the long term.

Moving forward, with its proposed acquisitions of several communications companies, the company hopes to tap into its acquirees’ regional customer base as well as give Time access to international bandwidth. (Malaysian Reserve)

The final stretch of the Kuala Lumpur Outer Ring Road (KLORR) has yet to take off because of project feasibility constraints that may require financial support form the government. Ahmad Zaki Resourced Bhd (AZRB) has been given the mandate to construct the 40km toll highway linking the SILK Highway in Kajang to the Gombak toll of the Kuala Lumpur-Karak Highway.

While AZRB received the letter of intent for the project in 2008, the company has yet to commence construction because certain stretches of the highway are not commercially viable. (Financial Daily)

Wearnes Automotive Group's local unit Swedish Marque Sdn Bhd will cease as a Volvo dealer in Malaysia by June 30, leaving MBM Resources subsidiary Federal Auto Cars as the sole dealer in Peninsular Malaysia. Wearnes Automotive said it has the ambition to grow further in Malaysia like what it is doing in other markets where it represents Volvo. "Unfortunately, [the principal]

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of Volvo Car Malaysia is not supportive of our strategy for expansion and growth to become a multi-brand dealer for premium cars in Malaysia," it added.

"Volvo is fully committed to the Malaysian market. We are working on informing Swedish Marque's customers and will refer them to Federal Auto outlets," said Volvo Asia vice-president of sales, marketing and PR Peter Johnson. (Financial Daily)

Gas Malaysia Bhd will spend RM130-140m to expand its 1,800km pipeline by 70km to 90km to supply new customers and strengthen its supply network. Gas Malaysia said that the funding for the expansion will be financed via internal funds and no additional capital would need to be raised. (Malaysian Reserve)

Come Wednesday, shareholders of Ramunia Holdings will have to vote on significant issues facing the once-troubled company. “Once we get the nod from our shareholders for the proposals, we expect to implement and complete our PN17 regularisation plan by end July and thereafter apply to Bursa Malaysia for the upliftment of our PN17 designation,” new CEO Nor Badli Munawir Mohamad Alias Lafti said.

He said with the company’s new fabrication yard, coupled with a fresh rebranding, Ramunia was ready to relaunch itself and tap into the numerous opportunities which is expected to face capacity constraints. (Star Biz)

Dataprep Holdings Bhd is likely to announce its partnership with several strategic partners soon to grow its business as part of its plan to turnaround the company. We are looking to partner three to four companies. It is almost final. We will make the announcement in the next few weeks, chief executive officer Ahmad Rizan Ibrahim said.

Other strategies included moving away from its low-margin businesses, building greater recurring income, going into new industries, being less dependent on government projects and venturing overseas.

It also intends to change the companys revenue mix between the government and the private sector to 50:50 from the current 60:40.

Separately, it is also looking at securing contracts in Indochina to tap on the vast ICT potential in Cambodia, Vietnam and Laos. It is also looking at Indonesia. Overseas contribution to the groups revenue at the moment is minuscule, only about 1%.

Currently, Dataprep has a backlog order worth RM35m out of which RM23m are recurring income. Its orderbook will last the company for more than a year.

Its most notable contract is being appointed as the main ICT and Project Delivery Partner for the Secret Garden Resorts Project in the city of Chong Li, Province of Hebei, China. With an estimated gross development value of US$6bn (RM3.1bn), Secret Garden Resorts, which is located 250km west of Beijing, aims to be a world-class integrated ski resort development covering an area of 100 sq km. It will be built over several years. (StarBiz)

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BMSB: Changes in shareholdings

Type of No of Ave Price

18-May-12 Date transaction securities Company (RM)

EPF 15/05 Disposed 1,782,200 YTL CORPORATION

EPF 15/05 Disposed 1,596,000 AMMB HOLDINGS

EPF 15/05 Disposed 1,500,000 BIMB HOLDINGS

EPF 15/05 Disposed 1,457,000 DRB-HICOM

EPF 15/05 Disposed 1,000,000 HONG LEONG BANK

EPF 15/05 Disposed 221,800 MAHB

EPF 15/05 Disposed 204,000 POS MALAYSIA

EPF 15/05 Disposed 500,000 HAP SENG PLANTATIONS

EPF 15/05 Disposed 184,800 KPJ HEALTHCARE

EPF 15/05 Disposed 593,600 CIMB GROUP

EPF 15/05 Disposed 300,000 CAPITAMALLS MALAYSIA

EPF 15/05 Disposed 812,600 MAXIS BERHAD

EPF 15/05 Disposed 67,200 GENTING PLANTATIONS

EPF 14/05 Disposed 43,000 TA ANN

Kumpulan Wang Persaraan

(Diperbadankan)

14/05 Disposed 794,700 MAH SING

Kumpulan Wang Persaraan

(Diperbadankan)

14/05 Disposed 400,000 GAMUDA BERHAD

Skim Amanah Saham Bumiputera 15/05 Disposed 468,300 TNB

Skim Amanah Saham Bumiputera 15/05 Disposed 2,000,000 TELEKOM MALAYSIA

Aberdeen Asset Management PLC 11/05 Disposed 400 BAT BHD

Aberdeen Asset Management PLC 11/05 Disposed 12,000 CIMB GROUP

Aberdeen Asset Management PLC 08/05-11/05 Disposed 13,200 GUINNESS ANCHOR

Dato' Dennis Chuah 16/05 Disposed 400,000 ETI TECH 0.16

Lei Shing Hong Investment (HK) Ltd 17/05 Off Market 50,000,000 HAP SENG

EPF 15/05 Acquired 1,000,000 IOI CORPORATION

EPF 15/05 Acquired 1,768,500 YTL POWER

EPF 15/05 Acquired 2,585,200 PETRONAS CHEMICALS

EPF 15/05 Acquired 2,000,000 AIRASIA BERHAD

EPF 15/05 Acquired 2,253,100 TELEKOM MALAYSIA

EPF 15/05 Acquired 5,222,900 SIME DARBY

EPF 15/05 Acquired 1,126,500 DIALOG GROUP

EPF 15/05 Acquired 4,000,000 DIGI.COM

EPF 15/05 Acquired 1,000,000 IJM CORPORATION

EPF 15/05 Acquired 286,800 UEM LAND

EPF 15/05 Acquired 500,000 KLK BHD

EPF 15/05 Acquired 162,100 PPB GROUP

EPF 15/05 Acquired 547,400 GAMUDA BERHAD

EPF 15/05 Acquired 402,300 PUBLIC BANK

EPF 15/05 Acquired 112,000 S P SETIA

EPF 15/05 Acquired 263,100 MALAYAN BANKING

EPF 15/05 Acquired 300,000 TH PLANTATIONS

EPF 15/05 Acquired 179,400 ORIENTAL HOLDINGS

EPF 15/05 Acquired 181,900 MMC CORPORATION

EPF 15/05 Acquired 200,000 IGB CORPORATION

EPF 15/05 Acquired 500,000 IJM PLANTATIONS

EPF 15/05 Acquired 300,000 PETRONAS GAS

EPF 15/05 Acquired 12,000 WCT BERHAD

EPF 09/05-11/05 Acquired 57,800 LAFARGE MALAYAN

EPF 15/05 Acquired 93,500 MBM RESOURCES

EPF 15/05 Acquired 88,500 KULIM

EPF 11/05 Acquired 20,000 PETRONAS DAGANGAN

Kumpulan Wang Persaraan

(Diperbadankan)

09/05-11/05 Acquired 814,600 TNB

Skim Amanah Saham Bumiputera 15/05 Acquired 3,000,000 MALAYAN BANKING

Skim Amanah Saham Bumiputera 15/05 Acquired 952,300 MAHB

Skim Amanah Saham Bumiputera 15/05 Acquired 2,000,000 SIME DARBY

Skim Amanah Saham Bumiputera 15/05 Acquired 1,800,000 MAXIS BERHAD

Skim Amanah Saham Bumiputera 14/05-15/05 Acquired 1,025,000 BUMI ARMADA

Lembaga Tabung Angkatan Tentera 08/05-14/05 Acquired 373,500 DKSH HOLDINGS

National Land Finance Co-operative

Society Limited

17/05 Acquired 727,000 PREMIER NALFIN 0.37

Wellington Management Company, LLP 11/05-16/05 Acquired 280,410 AIRASIA BERHAD SOURCES: BMSB

May 21, 2012

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BMSB: Changes in shareholdings

BMSB: Share buyback Type of No. of Ave Price

18-May-12 Date transaction securities Company (RM)

Aberdeen Asset Management PLC 16/05-17/05 Acquired 132,400 SHANGRI-LA

Glencare Sdn. Bhd. 15/05-17/05 Acquired 160,000 GLOBETRONICS

Hotel Resort Enterprise Sdn Bhd 15/05-16/05 Acquired 1,000,000 BERJAYA CORPORATION

Datuk Ali Bin Abdul Kadir 16/05 Acquired 170,000 MICROLINK SOLUTIONS 0.18

Tan Li Li 16/05 Acquired 750,000 TIGER SYNERGY 0.13

Ng Ah Chai 15/05-17/05 Acquired 1,956,000 SYF RESOURCES

Rayvin Tan Yeong Sheik 15/05 Acquired 160,100 BJCORP -ICULS22

Song Hock Koon 14/05-17/05 Acquired 2,463,800 CBSA BERHAD

Hap Seng Insurance Services Sdn Bhd 17/05 Off Market 50,000,000 HAP SENG

Daibochi 18/05 Share buy-back 13,900 DAIBOCHI 2.79

Mudajaya 18/05 Share buy-back 222,100 MUDAJAYA 2.55

***Notice of Person Ceasing to be a Substantial Shareholder SOURCES: BMSB

May 21, 2012

12

BMSB: ESOS & others

21-May-12 No Of New Shares Date of Listing Nature of transaction

KPJ HEALTHCARE 474,650 21-May-12 Exercise of Warrants-15

GLOBETRONICS 189,100 21-May-12 Exercise of ESOS

IJM LAND 1,616,000 21-May-12 Exercise of Warrants-13 SOURCES: BMSB

BMSB: Off-market transactions

18-May-12 Vol

DBE 100,000

GPACKET 570,000

KASSERS 1,095,000

KFC 1,500,000

SCGM 1,070,100

YTLPOWR-WB 50,000,000 Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

May 21, 2012

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BMSB: Dividends

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

WCT BERHAD Final ( 1.5 Sen -TE) 4.50 20-Apr-12 21-May-12 23-May-12 8-Jun-12

TELEKOM MALAYSIA Final - single-tier 9.80 12-Apr-12 22-May-12 24-May-12 8-Jun-12

PETRONAS GAS Final - single-tier 25.00 20-Apr-12 23-May-12 25-May-12 13-Jun-12

HARTALEGA 3rd Interim - single-tier 5.00 8-May-12 23-May-12 25-May-12 13-Jun-12

AXIATA GROUP Final - single-tier 15.00 27-Apr-12 28-May-12 30-May-12 14-Jun-12

UNISEM Final - TE 2.00 26-Apr-12 30-May-12 1-Jun-12 15-Jun-12

TAN CHONG Final 6.00 27-Apr-12 30-May-12 1-Jun-12 22-Jun-12

MALAYSIAN BULK Final - single-tier 3.00 8-May-12 1-Jun-12 5-Jun-12 20-Jun-12

ANN JOO Final - single-tier 3.50 7-May-12 4-Jun-12 6-Jun-12 21-Jun-12

SUPERMAX Final - TE 1.75 28-Feb-12 6-Jun-12 8-Jun-12 28-Jun-12

MAXIS BERHAD Final - single-tier 8.00 30-Apr-12 6-Jun-12 8-Jun-12 22-Jun-12

PETRONAS CHEMICALS Final - single-tier 8.00 8-May-12 6-Jun-12 8-Jun-12 26-Jun-12

MALAYSIA MARINE Final - single-tier 10.00 21-Feb-12 11-Jun-12 13-Jun-12 4-Jul-12

JOBSTREET Final - single-tier 0.50 23-Apr-12 11-Jun-12 13-Jun-12 29-Jun-12

MEDIA PRIMA Final - single-tier 5.00 27-Mar-12 13-Jun-12 15-Jun-12 13-Jul-12

DIALOG GROUP Interim -single-tier 1.10 10-May-12 13-Jun-12 15-Jun-12 29-Jun-12

AIRASIA BERHAD 1st & Final -single-tier 5.00 15-May-12 19-Jun-12 21-Jun-12 20-Jul-12

MUDAJAYA Final - single-tier 2.50 27-Apr-12 22-Jun-12 26-Jun-12 16-Jul-12

UCHI TECHNOLOGIES Final - TE 7.00 30-Apr-12 27-Jun-12 29-Jun-12 26-Jul-12

GENTING PLANTATIONS Final 5.75 10-May-12 27-Jun-12 29-Jun-12 17-Jul-12

GENTING MALAYSIA Final 4.80 10-May-12 27-Jun-12 29-Jun-12 23-Jul-12

F&N BHD Interim -single-tier 20.00 7-May-12 3-Jul-12 5-Jul-12 1-Aug-12

SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

Pestech 1.00 12,880,000 8,588,000 3,644,600* Main Market 30-May-12

* of which 1,513,000 Shares is part of Public Issue and 2,131,600 Shares is part of Offer For Sale

No of shares

SOURCES: BMSB

May 21, 2012

14

Corporate Actions

May 2012

SUN MON TUE WED THU FRI SAT

1 2 3 4 5

Labour Day Unisem 1Q Wesak Day

6 7 8 9 10 11 12

F&N 2Q, MSM 1Q, Pavilion REIT 1Q

External Reserves, Hartalega 4Q

External Trade, Petronas Gas 1Q, MMHE 1Q

IPI, Manufacturing Sales, Dialog 3Q, Pelikan 1Q

MPC, Umno 66th anniversary gathering at the National Stadium

13 14 15 16 17 18 19

Latexx 1Q MISC 1Q, Media Prima 1Q, Hong Leong Bank 3Q

JobStreet 1Q, AMMB 4Q, Xingquan 3Q, JCY 2Q

Tomypak 1Q

20 21 22 23 24 25 26

PetDag 1Q, Malaysian Genomics 3Q, Tan Chong 1Q

External Reserves, WCT 1Q

BOP, CPI, GDP, Uchi 1Q, AirAsia 1Q, Perisai 1Q, Star 1Q, Axiata 1Q, Guinness 3Q

YTL Power 3Q, Kossan 2Q, JTI 1Q, KLK 3Q

UEM Land 1Q, Supermax 1Q, Hektar REIT 1Q

27 28 29 30 31

Mah Sing 1Q, E&O 4Q, UOA Dev 1Q, Perdana 1Q, Cocoaland 1Q

Sime Darby 3Q, Lafarge 1Q, IJM 4Q, Sunway 1Q, UMW 1Q

UM Land 1Q, Eksons 4Q, IOI Corp 3Q, TM 1Q, Media Chinese 4Q, Eksons 4Q, Genting 1Q, Genting Msia 1Q

Money Supply, PPI, Ann Joo 1Q, Maxis 1Q, DRB 4Q, Wah Seong 1Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

May 21, 2012

15

Corporate Actions

June 2012

SUN MON TUE WED THU FRI SAT

1 2

The Yang di-Pertuan Agong's Birthday

3 4 5 6 7 8 9

External Trade External Reserves

10 11 12 13 14 15 16

IPI, Manufacturing Sales

17 18 19 20 21 22 23

CPI SP Setia 2Q, External Reserves

24 25 26 27 28 29 30

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

May 21, 2012

16

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17

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Score Range 90 – 100 80 – 89 70 – 79 Below 70 or No Survey Result

Description Excellent Very Good Good N/A

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Recommendation Framework #1 *

Stock Sector

OUTPERFORM: The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected 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 relevant benchmark's total return.

NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to 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 relevant benchmark's total return by 5% or more over the next 12 months.

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

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

TRADING BUY: The industry, as defined by the analyst's coverage universe, is expected 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 relevant benchmark's total return by 5% or more over the next 3 months.

TRADING SELL: The industry, as defined by the analyst's coverage universe, is expected 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 and Jakarta Stock Exchange. Occasionally, it is permitted for the total expected

returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

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

May 21, 2012

18

Recommendation Framework #2 **

Stock Sector

OUTPERFORM: Expected positive total returns of 15% 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 +15% or better over the next 12 months.

NEUTRAL: Expected total returns of between -15% and +15% 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 +15% (or better) or -15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next 12 months.

UNDERPERFORM: Expected negative total returns of 15% 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 -15% or worse over the next 12 months.

TRADING BUY: Expected positive total returns of 15% 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 +15% or better over the next 3 months.

TRADING SELL: Expected negative total returns of 15% 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 -15% or worse over the next 3 months.

** This framework only applies to stocks listed on the 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 2011.

ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCP - Excellent, BEC - Very Good, BECL - Very Good, BGH - not available, BH - Very Good, BIGC - Very Good, BTS - Very Good, CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not available, GLOW - Very Good, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, ITD - Good, IVL - Very Good, KBANK - Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good, SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very Good, THAI - Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good: