REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 20 September 2013

▌What’s on the Table…

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MY E.G. Services - More goodies in the pipeline There were a few positive surprises at MyEG’s recent meeting with some local funds. Its outlook remains promising with VVTS and FWPR services driving its EPS growth in the next 1-2 years. Its CSTM project is on schedule to start early next year. We maintain our EPS and target price at 19.1x CY15 P/E, a 20% premium over our 15.9x index target. MyEG remains an Outperform, potentially catalysed by the successful implementation of its CSTM project and the launch of new services.

▌News of the Day…

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• Malaysia will not impose capital controls, says PM

• Westports to raise RM2.03bn from IPO

• B Toto to distribute 21 units in Sports Toto trust as dividend

• SP Setia scouting for more land in Johor

• Ambank group to spend RM600m to reposition brand

• DRB-Hicom seeks automotive partners

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,550

1,600

1,650

1,700

1,750

1,800

1,850

Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13

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FBMKLCI

1792.91 21.51pts 1.21%SEP Futures OCT Futures

1795.5 - (1.58% ) 1798 - (1.00% )———————————————————————————

Gainers Losers Unchanged705 158 247

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Turnover1945.72m shares / RM2736.188m

3m avg volume traded 1600.28m shares

3m avg value traded RM2068.59m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,793 3,252 4,671 1,489 23,503 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,792.91 1.2 6.2

FBM100 12,181.89 1.2 7.8

FBMSC 15,278.27 2.3 33.1

FBMMES 5,230.66 1.5 24.1

Dow Jones 15,636.55 (0.3) 19.3

NASDAQ 3,789.38 0.2 25.5

FSSTI 3,251.78 1.8 2.7

FTSE-100 6,625.39 1.0 12.3

Hang Seng 23,502.51 1.7 3.7

JCI 4,670.73 4.6 8.2

KOSPI 2,005.58 (0.4) 0.4

Nikkei 225 14,766.18 1.8 42.0

PCOMP 6,511.70 2.8 12.0

SET 1,489.06 3.5 7.0

Shanghai 2,191.85 0.3 (3.4)

Taiwan 8,209.18 (0.5) 6.6

Close % chg Vol. (m)

FLONIC HI-TEC 0.120 14.3 76.8ASTRAL SUPREME 0.215 7.5 46.1

INTEGRATED RUBBER 0.520 3.0 45.5

MALAYSIAN AIRLINE 0.325 1.6 40.3

GREEN OCEAN 0.210 35.5 39.3

TH HEAVY ENGINEER 0.860 5.5 35.2

SONA PETROLEUM 0.420 3.7 34.9

FOCAL AIMS 2.100 28.8 34.4

Close % chg

US$/Euro 1.3529 (0.01)RM/US$ (Spot) 3.1493 (0.05)

RM/US$ (12-mth NDF) 3.2210 (0.15)

OPR (% ) 2.98 (0.67)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,368 0.13

WTI crude oil US spot (US$/barrel) 106.39 (1.55)

CPO spot price (RM/tonne) 2,313 (1.03)

Economic Statistics

Market Indices

Top Actives

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

Daybreak Malaysia

September 20, 2013

2

Global Economic News…

US jobless claims came in at 309,000 in the 14 Sep week from a revised 294,000 in the prior week, below consensus of 341,000. (Bloomberg)

The US current account deficit registered at US$98.9bn in 2Q13 from a revised US$104.9bn in 1Q13, more than consensus of US$96.7bn. (Bloomberg)

The US Conference Board index of leading indicators rose 0.7% mom in Aug from a revised 0.5% in Jul, beating consensus of 0.6%. (Bloomberg)

Japan’s leading index rose to 107.9 in Jul from 107.3 in Jun. The preliminary estimates were for a reading of 107.8. (RTT News)

Japan’s all industry activity index rose 0.5% mom in Jul, reversing a 0.7% fall. Activity was forecast to grow moderately by 0.3%. (RTT News)

Japan’s trade deficit of ¥960.3bn in Aug (¥1,024.0bn in Jul) was far higher than the ¥768.4bn deficit posted a year earlier, marking the worst-ever Aug. This extended Japan's run of deficits to 14 months - tying the previous record set more than three decades ago amid an oil price shock. (Telegraph)

The average price of land in Tokyo, Osaka and Nagoya gained 0.1% as of 1 Jul, compared with a 1% drop a year earlier. The gain was the first since 2008 when it climbed 1.7%. The decline in land prices, which have been falling for 22 years, narrowed to 1.9%, the slowest pace in five years. (Bloomberg)

Bank Indonesia (BI) will work with the Finance Ministry and the State-Owned Enterprises Ministry to regulate the use of US dollar by state-owned companies to keep the rupiah exchange rate from depreciating further and to put a stop on the increasing currents account deficit. SOEs with ample supplies of the US dollars will be mandated to work with those who do not. The government will monitor and evaluate inter-company transactions to minimize the use of the dollar. (Tempo)

The Philippines’ balance of payments recorded a deficit of US$318m in Aug, a reversal of the US$1.099bn surplus in Jul. (Bloomberg)

Malaysian Economic News…

Malaysia will not impose capital controls for now but use other existing financial instruments to correct any economic volatility, PM Datuk Seri Najib Tun Razak said Thursday. However, he did not rule out the possibility of implementing capital controls as a last resort.

The outflow of foreign funds will not affect Malaysia due to its strong economic fundamentals, he said.

The economy was resilient compared to other countries in the region due to its strong reserves position, coupled with high savings in the Employees Provident Fund (EPF), Pilgrims' Fund Board (Tabung Haji) and Pension Trust Fund, he said during a recording at the CNBC Summit Conference, which will be aired over the business network at 5pm today.

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September 20, 2013

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"Chances of a default is minimum. Despite our money leaving, our reserves are more than enough compared to what we had during the financial crisis in 1997," he said.

"Most of our debts currently are domestic, especially the ones that are long-term. We are on solid ground and the chances of a default is very minimum," he noted.

On the Trans Pacific Partnership Agreement (TPPA), he reiterated its stance that Malaysia will not forgo its national interest in the agreement. (Bernama, BT)

The Pan Malaysia Bus Operators' Association has proposed to the government to enact a national public land transport policy soon to provide a clear direction to the 130-member strong industry. Its president Datuk Mohamad Ashfar Ali said the industry needed big capital to provide quality service to the people but the operators dared not invest heavily in the industry in the absence of a clear policy. (Bernama)

The real estate sector must continue to create new demand for its products, said Deputy Minister of Finance, Datuk Ahmad Maslan. The Real Estate Investment Trust (REIT) is an important and efficient vehicle to bring in more investors into the sector, he said.

Since end 2004, REITs have shown strong growth with a market capitalisation of RM230m from three listed REITs.

As at 30 Jun this year, Malaysia's REITs have a market capitalisation of RM37.89bn from 17 listed REITs, four of which are Shariah-compliant REITs -- Axis REIT, Al-Aqar KPJ REIT, Al-Hadharah Boustead REIT and KLCC REIT, he said. (Bernama)

Malaysia went up three spots to rank 68 out of 151 nations and territories included in the Economic Freedom of the World: 2013 Annual Report. The report was released by the Institute for Democracy and Economic Affairs (IDEAS), in partnership with Canada's Fraser Institute and 86 other think tanks globally.

In a statement Thursday, IDEAS said the achievement showed that the New Economic Model (NEM) has been successful in its first year.

The Economic Freedom of the World Index is the world's premier measurement of economic freedom based on policies that encourage a more liberalised economic environment.

In terms of the global ranking, Hong Kong again topped the rankings of 151 countries and territories, followed by New Zealand, and Switzerland. (Bernama)

Malaysia's two biggest state-owned pension funds, which together manage US$200bn (RM632bn), plan to boost holdings of US dollar sukuk as the debt beats ringgit notes. The Employees Provident Fund (EPF), which has 27% of its US$170bn in assets invested in Malaysian sovereign bonds, will add to its US$2.2bn of global sukuk by year-end, deputy CEO Mohamad Nasir Ab Latif said.

Kumpulan Wang Persaraan (KWAP), meanwhile, plans to double its holdings to US$200m, as the ringgit's 6.6% drop against the dollar in four months dims the allure of local-currency paper.

Malaysia's US currency Islamic bonds due 2016 rallied this quarter, pushing the yield down 21bps to 1.57%, while the rate on

Daybreak Malaysia

September 20, 2013

4

similar-maturity ringgit syariah notes rose 4bps to 3.35%, data compiled by Bloomberg show. (BT)

Second-time home buyers can purchase houses under the 1Malaysia People's Housing Programme (PR1MA), said Deputy Finance Minister Datuk Ahmad Maslan. "While the establishment of PR1MA was to enable first-time buyers to own homes, there will be certain phases of the projects made available to second home buyers as well," he said.

"We have been informed that PR1MA will use government-owned lands in strategic locations including Kuala Lumpur, Malacca, Johor Baru, Kota Baru, Kuantan and Sabah to build affordable houses, but that doesn't necessarily mean it is confined to that," he added.

Under PR1MA, the federal government has committed to roll out 500,000 units of affordable homes by 2018.

"By the end of this year, we are targeting to build 80,000 units of houses under the PR1MA programme. We aim to build 105,000 units of house every year, hoping to hit the mark of 500,000 units of house within five years," he said. (The Sun)

The Kulim Hi-Tech Park, which is continuing to attract a steady flow of foreign investments, is experiencing an influx of re-investments by existing investors. Kedah Science, Innovation, Information Technology, Communications and High-Technology committee chairman Datin Norsabrina Mohd Noor said First Solar Malaysia Sdn Bhd, Infineon Technologies (Kulim) Sdn Bhd and Fuji Electric (M) Sdn Bhd were investing an additional RM7.7bn to expand their operations. (The Sun)

Retailers may be forced to pass on to consumers the cost of a possible hike in electricity tariff of about 1% should it materialise, said the Malaysian Retailer-Chains Association (MRCA). This hike will have a chain effect on the upstream and downstream supply chains, which will ultimately affect consumers, said MRCA vice-president Valerie Choo.

Other than the potential rise in operating cost, the association also voiced concerns about manpower issues, which is constraining the sector's growth.

An MRCA survey showed that there are as many as 8,000 staff shortages in the retail sector. (Financial Daily)

The Health Ministry is expected to pay more than RM3bn in the form of contracts for the supply of medical products and equipment. This will take effect after six months, which is the timeframe required to examine all products submitted by the vendors in the tender process. (The Star)

Malaysia is seeking more Chinese investments in higher value-added sectors of the economy even though China is now Malaysia's biggest investor. PM Datuk Seri Najib Tun Razak said that while the country was enjoying a stream of foreign direct investment (FDI) from China, there was a need for more investments higher up the supply chain. The country is seeing an inflow of Chinese investments in sectors like logistic and steel. (Starbiz)

The measures introduced to strengthen Bumiputera involvement in the economy will also benefit non-Bumiputeras, as they control almost the entire supply chain. PM Datuk Seri Najib Tun Razak said he was a firm believer in the role of the private sector and Chinese companies were strong in that sector.

Daybreak Malaysia

September 20, 2013

5

Some bumiputera companies that have contracts are weak in the supply chain, while the Chinese are in better control of the entire supply chain, and they can also benefit, he said.

He added that everybody, regardless of race, must get a fair share of the country's wealth.

"Bumiputeras are not doing well among the Chinese, and we have to do more for the Bumiputeras, but not at the expense of the non-Bumis," he said. (NST)

Air Kelantan Sdn Bhd (AKSB) has revised its water tariffs, with industries having to pay up to 34% more in the latest billing this month. According to sources from AKSB, domestic consumers, especially those with a monthly bill of RM20, can expect a 10% increase with the new rates. It is learnt that the latest revision was not targeted at normal households as those with a bill of RM4 would no longer have to pay the meter rentals. (NST)

Political News…

An overwhelming majority of Malaysian voters are tired of political bickering and want BN and Pakatan Rakyat to have some form of national reconciliation, says the Universiti Malaya Centre for Democracy and Elections (Umcedel).

Its director Mohd Redzuan Othman said its survey of 1,546 voters found that 69% of voters want reconciliation, while a further 19% disagreed and 12% are unsure. He said the proportion of those who are in agreement over wanting a reconciliation are similar regardless of race.

Voters were also asked whether Prime Minister Najib Abdul Razak should resign for failing to lead BN to a two-third majority in parliament, but Redzuan declined to reveal the findings despite repeated questions from the press on the matter.

He said the findings were "unflattering" and past experience had shown that he gets into trouble after every press conference from people who are "unwilling to accept reality". (Malaysiakini)

Deputy Prime Minister Tan Sri Muhyiddin Yassin has announced that he will defend his post as Umno deputy president. In a press conference, Muhyiddin said since he was elected as the party and country's number two, he has been tasked to handle many responsibilities that comes with the posts.

Muhyiddin said he still feels capable of handling the responsibilities, thus he is willing to offer his services again for the post of Umno deputy president.

He also stated his support for Prime Minister Datuk Seri Najib Abdul Razak to defend his post as the party president.

"I would like to state my support for Najib to defend his post. In fact I will be the one to propose him for the post in his nomination form," said Muhyiddin. (Sun)

Corporate News…

Westports Holdings Bhd will raise RM2.03bn from the sale of 813.1m shares under its listing exercise at an indicative retail price of RM2.50 each. The listing date is Oct 18. In its prospectus issued on Thursday, it would offer 102.3m shares to the public and directors at RM2.50 per share. The institutional offering would be 710.8m shares to Malaysian and foreign institutions and

Daybreak Malaysia

September 20, 2013

6

selected Bumiputera investors via a bookbuilding. The total listing exercise involves 3.41bn shares and this would see its market capitalisation of RM8.52bn.

Westports said the final retail offering would be subject to a refund if it is below the retail price following the bookbuilding. The port operator did not issue new shares under the listing exercise. According to prospectus, Westports targets dividend payout ratio of not less than 75% of consolidated profit attributable to equity holders. (Starbiz)

Federal Land Development Authority (Felda) has acquired the 198-unit Grand Plaza Serviced Apartments for RM499.8m. The purchase of Grand Plaza in Bayswater comes barely a month after Felda surprised the market with a RM110m deal to gain control of Bursa Malaysia-listed Iris Corp Bhd.

August was a busy month for Felda as it also took over ownership of Grand Borneo Hotel in Kota Kinabalu, bringing the number of properties under its banner to eight. As for the London asset, it comes with an impressive credential of having an almost 100 per cent occupancy rate. (BT)

Berjaya Sports Toto Bhd (BToto) has proposed to distribute up to 2.81bn units of the Sports Toto Malaysia Trust (STM-Trust) to BToto shareholders under the secondary listing on Main Market of Bursa Malaysia Securities. It said on Thursday the distribution would be on the basis of 21 STM-Trust units for every 10 BToto shares held. The distribution would represent up to 58.18% of the total number of units in issue. BToto said the proposed dividend-in-specie will be paid out of BToto’s retained earnings.

To recap, BToto had proposed to transfer its 100% equity interest in STM to STM-Trust and proposed listing of STM-Trust Units on the Main Board of the Singapore Exchange Trading Limited (SGX-ST). BToto also proposed the secondary listing of all the issued STM-Trust Units on Bursa Malaysia. (Starbiz)

Malaysian Resources Corporation Bhd’s (MRCB) new free detachable warrants totaling 537.8m units will be listed on Friday. MRCB said on Thursday the exercise period for the warrants was five years with the maturity date on Sept 16, 2018. The strike price is RM2.30. (Starbiz)

SP Setia is on the lookout for more land in Iskandar Malaysia as part of its strategy to strengthen its position in the southern region. COO Datuk Voon Tin Yow said that while South Johor still had large parcels of development land available, the prices were now getting higher. He said the average development land price in Iskandar now stood between RM15 and RM20 psf, up from between RM5 and RM8 psf six to seven years ago. (Starbiz)

Landmarks Bhd has proposed a renounceable rights issue of up to 240.8m warrants at an issue price to be determined later, which could see it raising up to RM79.5m. It said on Thursday the issuance would be on the basis of one warrant for every two existing shares held. Landmarks said the indicative issue price was 33 sen per warrant and the gross proceeds would be between RM79.3-RM79.5m. The proceeds would the funding requirements of Landmarks and its subsidiaries. (Starbiz)

AmBank Group will spend about RM600m to reposition its brand including rebranding its branches and services. The bank, which began the rebranding exercise on April 1 this year, will also spend some RM10mil from the budget to

Daybreak Malaysia

September 20, 2013

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promote the repositioning to the public. Its chairman Tan Sri Azman Hashim said as one of the largest banking groups in Malaysia, AmBank realised that the country's financial services market was rapidly evolving, and customers had become far more sophisticated. "Everything we now do leads us one step closer to achieving our group vision of being Malaysia's preferred, diversified, internationally connected financial solutions group. "We take pride in growing along with us, the future of Malaysians," he told a press conference after launching AmBank's Brand Repositioning yesterday. (Starbiz)

Alam Maritim Resources Bhd has bagged a RM45m contract to provide an anchor handling tug supply vessel for an oil and gas company. It said on Thursday the contract was for a firm period of three years with an extension option for another one year. The contract started in Sep. Alam Maritim said the risks associated with the contract were mainly operational risks such as accidents and unexpected breakdown of vessels.(Starbiz)

DRB-Hicom Bhd is looking to partner with other car manufacturers, while setting its sights on unlocking the value of its real estate assets via property development. Chairman Datuk Syed Mohamad Syed Murtaza said that DRB still had the appetite to add more car brands to its line of partners like Audi, Honda, Volkswagen and Mercedes-Benz. "We are now in the automotive industry's entire value chain. Our other automotive business have continued to perform creditably, thanks to our partnership with top Japanese and European car manufacturers," he said.

Syed Mohamad also said that there was a lot of value to be unlocked in the company's land bank, which included a parcel of land at Jalan Tun Razak in Kuala Lumpur, its Glenmarie projects in Johor, Shah Alam and Puchong, Proton City Tanjung Malim, Hicom Pegoh Park in Melaka and Rebak Island in Kedah. (StarBiz)

Pestech International Bhd, has secured a US$29.2m contract to build a 115kV double circuit transmission line in Laos for Electricite du Laos (EDL). It said on Thursday its unit, Pestech Sdn Bhd (PSB) would undertake the contract on a turnkey basis. The contract was signed with EDL on Wednesday, following a Sept 10 MoU between EDL and an unincorporated JV between VLV Soumpholphakdy Sole Co and PSB.

Under the contract, PSB would undertake the engineering, procurement and construction of the project solely rather than on an unincorporated joint venture basis. The project for the transmission line from Pakse, Laos, to the Lao-Thai border, is expected to begin in December 2013 and completed within 18 months.(Starbiz)

TSH Resources Bhd's proposed private placement of 20.86m shares of 50 sen each will be fixed at RM2.27 per share. The company said that the issue price represented a discount of about 2.6% to the five-day volume weighted average market price of TSH shares up to and including Sept 18, 2013 of RM2.33. (StarBiz)

Iris Corp Bhd has entered into a memorandum of understanding (MoU) with the Federal Land Development Authority (Felda) to develop at least seven pre-identified sites into modern agricultural villages. Felda had in early August acquired a 25% stake in Iris via a special private placement of its shares. Iris told Bursa Malaysia yesterday that the MoU is for the "implementation of the Sentuhan Kasih project in several states in Peninsular Malaysia". "The estimated cost of implementation of the collaboration is subject to the terms and conditions upon signing of formal contracts between Iris and Felda for each individual Sentuhan Kasih project awarded by Felda to Iris,'' it said. (sun)

Daybreak Malaysia

September 20, 2013

8

BMSB: Changes in shareholdings

Type of No of Ave Price

19-Sep-13 Date transaction securities Company (RM)

Skim Amanah Saham Bumiputera 11/9 Disposed 4,149,000 MISC

EPF 13/9 Disposed 4,000,000 YTL POWER INTERNATIONAL

EPF 13/9 Disposed 1,402,500 TELEKOM MALAYSIA

EPF 13/9 Disposed 1,303,400 SAPURAKENCANA PETROLEUM

EPF 13/9 Disposed 1,154,500 DIGI.COM

EPF 13/9 Disposed 950,000 GAMUDA

EPF 13/9 Disposed 773,400 CIMB GROUP

EPF 13/9 Disposed 540,900 KPJ HEALTHCARE

EPF 13/9 Disposed 500,000 UOA DEVELOPMENT

EPF 13/9 Disposed 500,000 WCT HOLDINGS

EPF 13/9 Disposed 483,100 AIRASIA

EPF 13/9 Disposed 400,000 MISC

EPF 13/9 Disposed 334,000 HONG LEONG BANK

EPF 12/9-13/9 Disposed 323,500 ALLIANCE FINANCIAL GROUP

EPF 13/9 Disposed 278,200 IGB CORPORATION

EPF 13/9 Disposed 270,000 IJM LAND

EPF 13/9 Disposed 115,000 POS MALAYSIA

EPF 13/9 Disposed 74,500 MBM RESOURCES

EPF 13/9 Disposed 35,300 MALAYSIA AIRPORTS

EPF 13/9 Disposed 18,600 WAH SEONG CORPORATION

EPF 13/9 Disposed 3,400 BURSA MALAYSIA

Kumpulan Wang Persaraan 11/9-12/9 Disposed 700,800 BENALEC HOLDINGS

Kumpulan Wang Persaraan 11/9 Disposed 479,900 GAS MALAYSIA

Kumpulan Wang Persaraan 11/9 Disposed 61,200 IJM CORPORATION 

Kumpulan Wang Persaraan 11/9-12/9 Disposed 55,000 TIME DOTCOM

Kumpulan Wang Persaraan 11/9-12/9 Disposed 6,500 PETRONAS GAS

Great Eastern Holdings Limited 11/9-12/9 Disposed 95,100 CYPARK RESOURCES

EPF 13/9 Acquired 3,697,900 SIME DARBY

EPF 13/9 Acquired 2,651,200 IHH HEALTHCARE

EPF 13/9 Acquired 2,376,800 IOI CORPORATION

EPF 13/9 Acquired 1,750,000 DIALOG GROUP

EPF 13/9 Acquired 1,496,800 PUBLIC BANK

EPF 13/9 Acquired 1,474,200 YTL CORPORATION

EPF 13/9 Acquired 1,460,400 AMMB HOLDINGS

EPF 13/9 Acquired 659,000 MAXIS

EPF 13/9 Acquired 410,000 PAVILION REIT

EPF 13/9 Acquired 220,000 STAR PUBLICATIONS

EPF 13/9 Acquired 189,800 TIME DOTCOM

EPF 11/9-13/9 Acquired 162,100 SYARIKAT TAKAFUL MALAYSIA

EPF 13/9 Acquired 96,000 KUALA LUMPUR KEPONG

EPF 13/9 Acquired 80,000 BIMB HOLDINGS

EPF 13/9 Acquired 32,000 ORIENTAL HOLDINGS

EPF 13/9 Acquired 26,300 TAN CHONG MOTOR

EPF 13/9 Acquired 5,600 BRITISH AMERICAN TOBACCO

Skim Amanah Saham Bumiputera 17/9 Acquired 1,191,400 SIME DARBY

Skim Amanah Saham Bumiputera 13/9 Acquired 392,200 GAMUDA

Skim Amanah Saham Bumiputera 13/9 Acquired 364,000 CAPITAMALLS MALAYSIA TRUST

Skim Amanah Saham Bumiputera 11/9-13/9 Acquired 22,000 FRASER & NEAVE

Kumpulan Wang Persaraan 11/9 Acquired 500,000 S P SETIA

Kumpulan Wang Persaraan 13/9 Acquired 500,000 AMWAY (MALAYSIA)

Kumpulan Wang Persaraan 12/9 Acquired 111,900 PARKSON HOLDINGS

Permodalan Nasional Berhad 17/9 Acquired 1,191,400 SIME DARBY

T. Rowe Price Associates, Inc 13/9 Acquired 12,800 ASTRO MALAYSIA

YTL POWER INTERNATIONAL 19/9 Shares Buy Back 8,941,400 YTL POWER INTERNATIONAL 1.76

IGB CORPORATION 19/9 Shares Buy Back 670,700 IGB CORPORATION 2.60

MUDAJAYA GROUP 19/9 Shares Buy Back 176,500 MUDAJAYA GROUP 2.69

PARKSON HOLDINGS  19/9 Shares Buy Back 20,300 PARKSON HOLDINGS  3.87 SOURCES: BMSB

Daybreak Malaysia

September 20, 2013

9

BMSB: ESOS & others

20-Sep-13 No Of New Shares Date of Listing Nature of transaction

IJM LAND 78,980,166 23-Sep-13 Exercise of Warrants-13

YTL POWER INTERNATIONAL 40,000 23-Sep-13 Exercise of Warrants-18

LBS BINA GROUP 10,000 20-Sep-13 Exercise of Warrants-18

MUHIBBAH ENGINEERING 50,000 20-Sep-13 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

19-Sep-13 Vol

TMS 30,000,000

SCOPE 5,600,000

ASAS 3,368,832

IRETEX 1,600,000

ENCORP 1,466,500

STONE 1,000,000

CIMB 800,000 Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

BMSB: Entitlements & trading rights

20-Sep-13 Ann Date Entitlement Listing Date Maturity Date

MRCB 19-Sep-13 1 Free Warrant : 3 20-Sep-13 6-Sep-18 SOURCES: BMSB, TE: Tax Exempt

Daybreak Malaysia

September 20, 2013

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BMSB: Dividends

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

LAFARGE MALAYSIA 2nd Interim -single tier 8.00 27-Aug-13 23-Sep-13 25-Sep-13 31-Oct-13

DRB-HICOM Final ( 4.0 sen tax exempt ) 4.50 27-Aug-13 23-Sep-13 25-Sep-13 18-Oct-13

BIMB HOLDINGS Interim - single tier 3.50 28-Aug-13 23-Sep-13 25-Sep-13 31-Oct-13

UMW HOLDINGS Interim - single tier 10.00 4-Sep-13 24-Sep-13 26-Sep-13 8-Oct-13

STAR PUBLICATIONS Interim - single tier 6.00 14-Aug-13 25-Sep-13 27-Sep-13 18-Oct-13

CARLSBERG Interim - single tier 5.00 27-Sep-13 25-Sep-13 27-Sep-13 11-Oct-13

DIGI.COM Interim - single tier 2.00 30-Aug-13 25-Sep-13 27-Sep-13 18-Oct-13

JT INTERNATIONAL Interim - single tier 11.00 23-Aug-13 26-Sep-13 30-Sep-13 25-Oct-13

GENTING PLANTATIONS Interim 3.75 28-Aug-13 26-Sep-13 30-Sep-13 17-Oct-13

GENTING MALAYSIA Interim 4.30 29-Aug-13 26-Sep-13 30-Sep-13 22-Oct-13

ASTRO MALAYSIA 2nd Interim - single tier 2.00 11-Sep-13 26-Sep-13 30-Sep-13 18-Oct-13

CIMB GROUP First interim dividend - single tier 12.82 18-Sep-13 30-Sep-13 2-Oct-13 30-Oct-13

E&O BHD 1st & Final 4.50 29-Oct-13 8-Oct-13 10-Oct-13 7-Nov-13

MUDAJAYA 2nd Interim - single tier 3.00 28-Aug-13 23-Oct-13 25-Oct-13 22-Nov-13 SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

20-Sep-13 Ann Date Proposed

Kossan Rubber Iindustries 2-Sep-13 Bonus issue 1:1

BIMB Holdings 18-Sep-13 2 Rights Issue @ RM3.60 & 2 Free Warrants : 5 SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

WESTPORTS HOLDINGS 2.50 Up to 813,190,000 Up to 710,890,000 102,300,000 Main Market 18-Oct-13

No of shares

SOURCES: BMSB

Daybreak Malaysia

September 20, 2013

11

Corporate Actions

September 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

MPC External Reserves, External Trade

8 9 10 11 12 13 14

Lafarge briefing IPI, Manufacturing Sales, Astro 2Q

15 16 17 18 19 20 21

Malaysia Day CPI

22 23 24 25 26 27 28

External Reserves SP Setia 3Q

29 30

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

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Corporate Actions

October 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5

External Trade

6 7 8 9 10 11 12

External Reserves IPI, Manufacturing Sales

Top Glove 4Q Umno Youth and Puteri elections

13 14 15 16 17 18 19

Hari Raya Qurban Umno supreme council elections

20 21 22 23 24 25 26

External Reserves CPI Budget 2014

27 28 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 and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.

The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. CIMBS does not confirm nor certify the accuracy of such survey result.

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

Description Excellent Very Good Good N/A

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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 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, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange

and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other

justifiable company or industry-specific reasons.

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

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.

AAV – not available, ADVANC - Excellent, AEONTS – Good, AMATA - Very Good, ANAN – not available, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – not available, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET - Good, CENTEL – Very Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, EGCO – Excellent, ERW – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD – Very Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Good, MAKRO – Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SAMART – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Good, SPALI - Very Good, SRICHA – not available, SSI – not available, STA - Good, STEC - Very Good, TCAP - Very Good, THAI - Excellent, THCOM – Very Good, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TTW – Very Good, TUF - Very Good, VGI – not available, WORK – Good.

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