REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 5 November 2014

▌What’s on the Table…

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MISC Bhd - Restoring the relationship

As Petronas focuses its full attention on executing its existing O&G projects, we suspect that it may rethink the need to directly own LNG vessels. As such, MISC may be able to own and operate new LNG ships for Petronas, restoring the traditional father-son relationship. We keep our Add call and raise our SOP-based target price after factoring in DCF contribution from four LNG vessels now in Petronas’s orderbook, and other adjustments. Our forecasts have been tweaked for housekeeping items. The family reconciliation could excite investors and move the price.

British American Tobacco - Raising selling prices again!

Effective today, BAT has increased its cigarette selling prices by RM1.50/pack, to RM13.50/pack for premium cigarettes and RM12/pack for VFM sticks, due to the increase of 3 sen per stick in excise duty. While sales volume will most likely drop substantially in the immediate term, we believe that it will have a net positive impact on BAT’s FY15 earnings as long as the sales volume does not fall more than 16-17% which we think is unlikely. We cut our FY14-16 sales volume assumption by 2-4% pts factoring the potential fall in sales volume due to the higher selling prices. Our FY14-16 net profit was however raised by 1-10% as the higher selling price is more than sufficient to offset the decline in the potential drop in sales volume. We maintain Reduce on BAT with a higher DDM-based target price. We prefer Gudang Garam.

Petronas Gas - A steady flow of gas

At 75% of our and consensus full-year forecasts, Petronas Gas's (PetGas) 3Q14 core net profit of RM418.6m was in line with our expectations. Revenues grew by 9.8% yoy, underpinned by the new Gas Processing and Gas Transportation Agreements and higher utilities revenues. We retain our earnings forecasts and SOP-based target price of RM26.44. We remain optimistic on PetGas's earnings outlook, which we expect to be stable moving forward. We maintain our Add call on the stock, with the announcement of more regasification terminals being a potential re-rating catalyst. PetGas remains our top pick in the overall Malaysian utilities sector.

Tune Ins Holdings Bhd - No retuning by new maestro

Our meeting with the new CEO of Tune Ins, Mr. Junior N. Cho, reinforced our view that he is the right candidate to lead the company, given his experience in the insurance, e-commerce and airline sectors. We also draw comfort from the fact that the management team is intact despite the departure of the previous CEO. We do not expect the new CEO to change significantly the strategic direction of the company. Tune is still an Add, premised on the swift expansion of its travel insurance business in the region, with exposure to 30 countries. Our DDM-based target price (COE of 9.2%; LT growth of 5%) increases as we roll it over to end-2015.

Petronas Dagangan - Not pumping enough

Tasek Corporation - 50-year anniversary goodie bag

▌News of the Day…

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• DRB-Hicom has proposed to issue up to RM2bn perpetual Sukuk

• Government will not increase airport taxes/passenger fees for KLIA2

• UEM Sunrise may exceed its RM2bn sales target this year?

• Kinsteel/Perwaja Holdings trading could be suspended from Monday

• US factory orders manufactured goods dropped 0.6% mom in Sep

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,750

1,800

1,850

1,900

Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14

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FBMKLCI

1847.36 -5.98pts -0.32%Nov Futures Dec Futures

1853.5 - (-0.08% ) 1855 - (1.00% )———————————————————————————

Gainers Losers Unchanged382 434 308

———————————————————————————

Turnover1676.45m shares / RM2141.771m

3m avg volume traded 2635.64m shares

3m avg value traded RM2170.61m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,847 3,282 5,071 1,585 23,846 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,847.36 (0.3) (1.0)

FBM100 12,471.55 (0.3) (0.9)

FBMSC 17,621.74 (0.4) 12.3

FBMMES 6,604.67 0.8 16.4

Dow Jones 17,383.84 0.1 4.9

NASDAQ 4,623.64 (0.3) 10.7

FSSTI 3,281.57 (0.3) 3.6

FTSE-100 6,453.97 (0.5) (4.4)

SENSEX 27,860.38 (0.0) 31.6

Hang Seng 23,845.66 (0.3) 2.3

JCI 5,070.94 (0.3) 18.6

KOSPI 1,935.19 (0.9) (3.8)

Nikkei 225 16,862.47 2.7 3.5

PCOMP 7,222.01 (1.2) 22.6

SET 1,585.15 0.4 22.1

Shanghai 2,430.68 0.0 14.9

Taiwan 8,989.18 (0.2) 4.4————————————————————————————————

Close % chg Vol. (m)

EFFICIENT 0.400 14.3 111.7

YGL 0.410 12.3 42.1

SUMATEC 0.340 1.5 40.3

DNEX 0.385 2.7 36.6

KTN 0.430 4.9 35.0

MINETECH 0.160 10.1 33.3

SAPURAKENCANA 3.270 (3.5) 32.5

K-ONE 0.410 13.9 29.7————————————————————————————————

Close % chg

US$/Euro 1.2546 (0.01)

RM/US$ (Spot) 3.3290 (0.05)

RM/US$ (12-mth NDF) 3.4138 (0.19)

OPR (% ) 3.25 0.00

BLR (% , CIMB Bank) 6.85 0.00

GOLD ( US$/oz) 1,168.38 0.00

WTI crude oil US spot (US$/barrel) 77.19 (2.02)

CPO spot price (RM/tonne) 2,300.00 0.66

Market Indices

Top Actives

Economic Statistics

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Terence WONG, CFA T (60) 3 2261 9088 E terence.wong@cimb.com

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Daybreak│Malaysia

November 5, 2014

2

Global Economic News

US trade deficit widened in Sep to US$43bn (US$40bn in Aug), the biggest since May. (Bloomberg)

The US factory orders for manufactured goods dropped 0.6% mom in Sep (-10.0% mom in Aug). (AFP)

US St. Louis Fed's President James Bullard, who a few weeks ago proposed further monetary stimulus, said the central bank in fact made the right decision last week in shelving a bond-buying program, in part because financial markets have rebounded. (Reuters)

The European Commission (EC) cut its GDP forecasts for the euro area to 0.8% in 2014 and 1.1% in 2015, down from projections for 1.2 and 1.7% in May.

Inflation is forecast at 0.8% in 2015, less than half the ECB goal of just under 2% and more pessimistic than the central bank’s own projection of 1.1%.

The commission sees inflation quickening to 1.5% in 2016, compared to the ECB outlook for 1.4%. (Bloomberg)

The euro zone risks a loss of economic momentum and a delayed recovery unless governments match the European Central Bank (EBC)'s monetary stimulus with fiscal and structural policies to support growth, ECB policymaker Benoit Coeure said, urging governments to press ahead quickly with the reforms to shape up their economies. (Reuters)

Euro zone’s producer price index (PPI) inched up by a seasonally adjusted 0.2% mom in Sep (-0.2% mom in Aug). Year-over-year, PPI declined 1.4% in Sep (-1.4% mom in Aug). (Dow Jones)

Japan’s final Markit/JMMA Manufacturing Purchasing Managers Index (PMI) was 52.4 in Oct (51.7 in Sep), less than a preliminary reading of 52.8. (Reuters)

China, the host of this year's Asia-Pacific Economic Cooperation forum on 10-11 Nov, has sought to highlight its expanding international role by pressing for the Free Trade Area of the Asia Pacific (FTAAP), a pact that would help it continue to get preferential access to some of its largest trading partners.

China wants to see progress at the upcoming meeting in pushing forward the FTAAP, which is supported by all 21 APEC members, Assistant Commerce Minister Wang Shouwen said.

"We hope we can adopt some concrete measures to make progress on the path to realizing the (FTAAP) vision presented by leaders in 2006," he added. (WSJ, Reuters)

Australia’s labour market is weaker than previously reported. The total number of Australians employed in Sep was 24,400 fewer than previously reported and the jobless rate was 6.2%, compared with the prior 6.1%, the Australian Bureau of Statistics said. (Bloomberg)

Daybreak│Malaysia

November 5, 2014

3

Reserve Bank of Australia (RBA) Governor Glenn Stevens left the overnight cash rate target at 2.5% for a 15th month and said the currency “remains above most estimates of its fundamental value, particularly given the further declines in key commodity prices.”

He also said it “will probably be some time yet” before unemployment falls consistently. (Bloomberg)

Australia’s retail sales climbed 1.2% mom in Sep (+0.1% mom in Aug). (Bloomberg)

Australia posted a seasonally adjusted trade deficit of A$2.3bn in Sep (A$1.0bn in Aug). (WSJ, Bloomberg)

Singapore’s manufacturing Purchasing Managers' Index (PMI) posted a reading of 51.9 in Oct (50.5 in Sep). A separate PMI reading for the electronics sector rose to 52.5 in Oct (51.9 in Sep). (CNA)

Malaysian Economic News

Prime Minister Datuk Seri Najib Tun Razak reaffirmed that there is no turning back for the implementation of the Goods and Services Tax (GST) scheduled for 1 Apr 2015. He also expected the number of companies that are GST-registered, which now stood at 120,000, to increase to 200,000 by year-end. In a keynote address at Malaysia Institute of Accountants (MIA) International Accountants Conference, he asked the professional accountancy bodies to ensure that GST would be successfully implemented.

Najib said an organised, respectful and solid organisation such as the MIA could play a pivotal role in the implementation part of GST. "I wish to call upon the MIA to provide all your support to the Malaysian businesses out there, in your unique position and opportunities, to reach out in ensuring that Malaysian companies are registered and are GST ready. (Bernama)

Singapore will consider a proposal on revising free entry time for Malaysian cars entering the republic. Speaking in the Parliament today, Minister for Transport Lui Tuck Yew said: “I note the Member’s suggestion on revising the Vehicle Entry Permit (VEP) – free periods.” “We will consider this and also the possibility of Malaysia implementing its proposed charge on non-Malaysia-registered vehicles entering Malaysia,” he said in an oral reply.

Member of Parliament Dr Lee Bee Wah had asked the minister whether the ministry would consider revising the free entry time for Malaysian cars into Singapore on weekdays to be after 7pm instead of the current 5pm. This is to be in alignment with the current scheme for local vehicles which under the Off-Peak Car scheme are allowed on the road only after 7pm and most Electronic Road Pricing gantries stop charging motorists only after 8pm. (Malay Mail)

Daybreak│Malaysia

November 5, 2014

4

The Malaysian Industry-Government Group for High Technology (MIGHT) presented its 39-point draft of the Malaysian Aerospace Industry Blueprint 2015-2030 to the government. MIGHT said it had presented the completed draft to the Minister of International Trade and Industry Datuk Seri Mustapa Mohamed and more than 150 key local aerospace industry stakeholders.

The blueprint has mapped out 39 points to enable local players to compete effectively in the global aerospace industry. Areas covered relate to design, development, manufacturing, construction, maintenance and disposal of aircraft, spacecraft and missiles/ rockets. Other aspects include regulatory, human capital and infrastructure aspects. It excludes “operation” of aircraft and missile/rockets that is commercial aviation, general aviation and military aviation. (Bernama)

Datuk Seri Najib Tun Razak has called on all government-linked investment companies (GLICs) and government-linked companies (GLCs) to step up their efforts to ensure that they graduate from the GLC Transformation Programme with 'distinction' next year.

Addressing the 27th meeting of the Putrajaya Committee on GLC High Performance (PCG27), the Prime Minister stressed that having champions or iconic companies would help grow the country's gross national income and propel Malaysia towards its 2020 objectives. The programme was launched in July 2005 with the objective of transforming GLCs into high-performing entities, with the target of having several GLCs emerging as regional champions by 2015.

To signify the completion of the programme, a GLC Open Day will be held in 2015 to engage the public by showcasing achievements, sharing lessons learned and reporting the final outcomes of the 10-year programme. The meeting also deliberated on post graduation from the programme, asserting that the GLICs and GLCs needed to focus on the runway to 2020, and continued high performance were expected of them. (Bernama)

A total of RM1.18bn has been given out to the families of EPF contributors who died between 1984 and 2013 as a gesture of goodwill, says Datuk Chua Tee Yong. The Deputy Finance Minister said 125,277 members died between 2007 and October this year, with 119,065 of their next-of-kin receiving benefits of RM2,500 each.

“However, 6,212 members did not receive any,” he said. “Among the reasons why the death benefit could not be channelled are that the application for the aid was submitted more than six months from the date of the contributor’s death,” he told Datuk Kamarul Baharin Abbas (PKR-Telok Kemang). Kamarul had asked about the total amount of death benefits disbursed since EPF was formed and the number of recipients. (The Star)

A total of 271 companies from Sarawak have registered with the Malaysia External Trade Development Corporation (Matrade), including 90 owned by Bumiputeras and 14 managed by women. Sarawak is also one of the main contributors to the country's exports especially for timber products and petroleum, and has successfully developed its manufacturing sector following rapid development of the Sarawak Corridor of Renewable Energy (Score), said Matrade Export Development senior director Zulkepli Mohd Perai. (Bernama)

Daybreak│Malaysia

November 5, 2014

5

Penang has warned 1Malaysia Development Bhd (1MDB) that it will be an uphill task to gain planning approvals for its development project on the 234 acres land if it deviates from its promise to build affordable housing there. Penang Chief Minister Lim Guan Eng said the sovereign wealth fund will also face difficulties due to unresolved squatter issues on the land.

“I want to warn 1MDB that we will not allow them to throw out the present land tenants for a project other than affordable homes,” he said. He was referring to a recent statement by 1MDB that it planned to build up to 10,000 units of affordable homes and also “other development purposes” to generate higher value for the land it bought here.

The land was purchased for RM1.38bn, believed to fulfil one of Barisan Nasional's (BN) 2013 general election promises to build 9,999 units of affordable housing on the land through 1MDB. In September, Lim had demanded 1MDB explain the progress on the promised homes. To date, 1MDB has not applied for planning approval for any project on the land. (Malay Mail)

Malaysia, through the Kuala Lumpur Regional Centre for Arbitration (KLRCA) is well-positioned to become a premier centre for arbitration in this region. Prime Minister Datuk Seri Najib Razak said arbitration had today emerged as a strong alternative dispute resolution for commercial and corporate entities in South East Asia, and the government, in recognising its growing importance in this region, was willing to invest in its future. He said the government had also prepared the right environment for arbitration to grow, including amending the Legal Profession Act 1976, a few months ago.

“The amendment will allow foreign arbitrators and lawyers to enter Malaysia to participate in proceedings here, while foreign practitioners are also exempted from applying for work permit to enter Malaysia to conduct arbitration proceedings,” he added when launching the new KLRCA’s premises at the historic Bangunan Sulaiman here today. (Bernama)

The Selangor state government will maintain an allocation of RM5m to 77 new villages under next year's state budget. Local Government, New Village Development and Legalising of Factories committee chairman Ean Yong Hian Wah said the funds will be used to upgrade parks, develop infrastructure, facilities as well as to conduct programmes such as forums and community activities.

"Our focus next year is to make these villages suitable places to live in with better quality of life. "We are looking to set up recreational parks and providing public exercise equipment at these parks," he told reporters after attending a special 2015 Budget and goods and services tax briefing with village chiefs from new villages, fishing villages and planned villages at Shah Alam Convention Centre. (NST)

The global Islamic economy has demonstrated its enormous prospect despite having to fully realise its potential. Prime Minister Datuk Seri Najib Razak said the true potential of the Islamic economy had yet to be achieved if one were to break down its different components that includes finance, banking, industry, waqaf and insurance takaful. “If you take all the various components, you can see we’re still quite a long way from really exploiting the full benefits of the Islamic economy,” he said. (Bernama)

Daybreak│Malaysia

November 5, 2014

6

Political News

The Home Minister has declared Penang's Voluntary Patrol Unit (PPS) as an illegal organisation and has frozen and seized all its accounts and assets. Home Ministry Secretary-General Datuk Seri Mohamad Khalid Shariff said in a statement that the declaration was made Monday, Nov 3, under Section 5(1) of the Societies Act 1966.

He said that the provision under the Act detailed the Minister's power to declare an organisation as an illegal body. "The Penang PPS is an organisation that carries out activities that are hazardous to public peace in the country," he said.

Following the declaration, he said no one would be allowed to use the name, symbol or logo of the PPS under Section 7(3) of the same Act. Mohamad Khalid also said all accounts, assets, and properties of the Penang PPS would also be handed over and wound up by the Malaysian Insolvency Department. (Star)

Malay rights group, Perkasa, has urged The Star Media Group managing director and chief executive officer Datuk Seri Wong Chun Wai to stop provocations against its president Datuk Ibrahim Ali over the latter's statement calling for the burning of bibles. Perkasa supreme council chairman Ruslan Kasim said Wong should not tell Attorney-General Tan Sri Abdul Gani Patail how to do his job, referring to Wong's calls for Ibrahim to be charged under the Sedition Act 1948. (NST)

Corporate News

Axiata Group Bhd and Malaysia Venture Capital Management Bhd (Mavcap) will jointly set up a RM100m venture capital fund to grow the number of innovators in the country. The Axiata Digital Innovation Fund (ADIF), which is poised to be Malaysia’s largest digital corporate venture capital fund, will be launched by next month. Axiata will commit RM50m to the fund while Mavcap will contribute RM20m for the first phase, with the remaining to be raised from other principal investors. Axiata, one of the largest Asian telecommunications companies, is targeting to build five to 10 regional champions, taking advantage of its 13m customers in Malaysia and over 250m across Asia. (BT)

AirAsia Bhd, which has launched its onboard wifi services on four aircrafts, plans to expand this service to 19 planes by year-end. Chief executive officer Aireen Omar said the low-cost carrier will expand the service to its Malaysian-registered fleet first before extending it to foreign affiliates. Declining to reveal the investment cost for the wifi service, AirAsia group head of engineering Anaz Ahmad Tajuddin said the airline intends to incorporate the wifi service to all 80 of its Malaysian aircrafts by the second quarter of next year. "We hope to have all 160 aircraft equipped with the service by next year," he said. (Star)

UEM Sunrise Bhd, one of the country’s biggest property developers, may exceed its RM2bn sales target this year, driven by its maiden residential project in Melbourne, say analysts. They also expect the company to dispose of some of its landbank in Johor by the end of the year. UEM Sunrise is expected to start construction of the Aurora Melbourne Central on La Trobe Street in Melbourne early next year. The massive 92-floor skyscraper with 941 serviced apartments will have a gross development value of A$770m (RM2.23bn). As at last Friday, 403 units worth A$202m had already been snapped up. (BT)

Daybreak│Malaysia

November 5, 2014

7

DRB-Hicom Bhd has proposed to issue up to RM2bn perpetual Sukuk, of which the proceeds are mainly to fund car maker Proton Holding Bhd’s working capital and development expenditure. Malaysian Rating Corporation Bhd (MARC) had on Monday assigned a preliminary rating of AIS to the proposed perpetual Sukuk Musharakah programme. It also affirmed its AA-IS rating on DRB-Hicom’s existing Islamic Medium-Term Notes (IMTN) programme of up to RM1.8bn. Both ratings carry a stable outlook.

The two-notch rating differential between the Perpetual Sukuk and IMTN is in line with MARC’s notching principles on hybrid securities. “Among its key features, the proposed perpetual Sukuk is non-callable within five years of issuance and has profit distributions that are cumulative and deferrable on an unlimited timeline. (Star)

Proton Holdings Bhd (Proton Holdings) and Honda Motor Co. Ltd (Honda Motor) are currently engaged in a series of meetings to explore the possibility of collaborating in the field of technology enhancement, new product lines and sharing of platform and facilities. International Trade and Industry Minister Datuk Seri Mustapa Mohamed said it would signal a long-term strategic collaboration which would involve more Proton engineers and local automotive vendors in a technical collaboration that would meet customer satisfaction.

"In tandem with Proton's aspiration to produce high-quality and high-technology new models, the meetings will, among others, touch on platform sharing, which is the methodology used now in the automotive industry," he said. (BT)

Malaysia’s 20 government-linked companies (GLCs) market capitalisation tripled from RM140bn in May 2004 to RM435bn as at end-Oct 2014, says Khazanah. The sovereign fund said the 20 GLCs (G20) net profit grew at a compounded annual growth rate of 11.1% from FY2004 to FY2013.

“As a result of this strong financial performance, G20 have been able to return RM93bn in dividends and RM57bn in taxes from FY2004 to FY2013, which have directly and indirectly benefitted the Malaysian public,” Khazanah said.

The GLC members comprise of Affin Holdings, Axiata Group, BIMB Holdings, Boustead Holdings, Chemical Company of Malaysia, CIMB Group and Malayan Banking. The others are Malaysia Airports Holdings, Malaysian Airline System, Malaysian Building Society, Malaysian Resources Corporation, Sime Darby, Telekom Malaysia, Tenaga Nasional, TH Plantations, UEM Group and UMW Holdings. (Star)

The high-speed rail link between Malaysia and Singapore remains scheduled for completion in 2020, Land Public Transport Commission (SPAD) chairman Tan Sri Syed Hamid Albar said today following reports of possible delays. But Syed Hamid said that the actual timeline for the rail link’s completion would depend on the actual implementation of the project itself. “I wish to reiterate that our plan to complete it by 2020 is still on track. The question of whether the date is going to be met or not does not arise yet.

“There is no question of delay because the project hasn’t started. It’s only when we go to the market and parties to construct or undertake the project have been identified, then if the timeline is not met, then it’ll be delayed,” he said during his keynote address at a seminar on high-speed rail organised by the Japanese government and trade associations. (Malay Mail)

Daybreak│Malaysia

November 5, 2014

8

The Government will not agree to any increase in airport taxes and passenger fees for KLIA2, said Transport Minister Datuk Seri Liow Tiong Lai. He also denied that the ministry received an appeal from Malaysia Airports Holdings Berhad (MAHB) to approve any increase. “I have had no such request or proposal given to me, and we will never agree to a heavy increase in airport taxes and passenger fees. “This is all based on speculation and there are some people out there who are trying to spin the issue,” he told reporters. (Star)

Kinsteel Bhd and subsidiary Perwaja Holdings Bhd, which failed to submit audited accounts for the year ended June 30 2014, could be suspended from trading from Monday. In filings to Bursa Malaysia, they said their shares would be suspended if they failed to submit the accounts on or before Friday. (StarBiz)

Fajarbaru Builder Group Bhd has received a letter of acceptance from the East Coast Economic Region Development Council (ECERDC) for a RM45.11m construction job for the Malaysia-China Kuantan Industrial Park (MCKIP). The company said it involves works on the proposed KPC Port link road in Kuantan Port City for ECERDC: Package 2 - MCKIP main access road and primary infrastructure and utilities. The construction duration is 66 weeks commencing from Nov 15, 2014 and is expected to contribute positively to the earnings and net assets of the group for the financial years ending June 30, 2015 and June 30, 2016. (The Sun)

Metal Reclamation Bhd’s external auditor, Crowe Horwath, has expressed a disclaimer opinion in its audited financial statements for the year ended June 30 2014. Metal Reclamation, a Practice Note 17 company, said yesterday Crowe Horwath stated that it was unable to obtain sufficient audit evidence to provide an opinion. (StarBiz)

Daybreak│Malaysia

November 5, 2014

9

BMSB: Changes in shareholdings

Type of No of Ave Price

4-Nov-14 Date transaction securities Company (RM)

EPF 30/10 Disposed 6,324,500 FELDA GLOBAL VENTURES

EPF 29/10-30/10 Disposed 4,785,900 MALAYAN BANKING

EPF 30/10 Disposed 3,965,400 SIME DARBY

EPF 30/10 Disposed 3,000,000 DIALOG GROUP

EPF 30/10 Disposed 2,154,300 DIGI.COM

EPF 30/10 Disposed 1,620,900 AFG

EPF 30/10 Disposed 1,478,800 PUBLIC BANK

EPF 30/10 Disposed 809,200 IOI PROPERTIES GROUP

EPF 30/10 Disposed 698,700 YINSON HOLDINGS

EPF 30/10 Disposed 624,500 HONG LEONG BANK

EPF 30/10 Disposed 600,000 PERISAI PETROLEUM

EPF 30/10 Disposed 534,500 WCT HOLDINGS

EPF 30/10 Disposed 500,000 AIRASIA

EPF 30/10 Disposed 300,000 BUMI ARMADA

EPF 30/10 Disposed 273,700 BIMB HOLDINGS

EPF 30/10 Disposed 211,400 SAPURAKENCANA PETROLEUM

EPF 30/10 Disposed 183,000 PETRONAS GAS

EPF 30/10 Disposed 172,800 GAMUDA

EPF 30/10 Disposed 100,300 TIME DOTCOM

EPF 30/10 Disposed 69,100 GENTING PLANTATIONS

EPF 30/10 Disposed 48,500 IOI CORPORATION

EPF 30/10 Disposed 31,600 AEON CO. (M)

EPF 30/10 Disposed 18,500 HARTALEGA HOLDINGS

EPF 30/10 Disposed 11,300 MBM RESOURCES

Skim Amanah Saham Bumiputera 27/10-30/10 Disposed 6,477,000 AXIATA GROUP

Skim Amanah Saham Bumiputera 30/10 Disposed 2,683,800 TELEKOM MALAYSIA

Skim Amanah Saham Bumiputera 27/10-29/10 Disposed 2,100,000 TENAGA NASIONAL

Skim Amanah Saham Bumiputera 30/10 Disposed 1,587,800 SUNWAY REIT

Tew Peng Hwee @ Teoh Peng Hwee 3/11 Disposed 63,800 AXIS REIT 3.69

Great Eastern Holdings Limited 29/10 Disposed 15,500 STAR PUBLICATIONS

EPF 2/9-30/10 Acquired 13,865,100 UMW OIL & GAS

EPF 28/10-30/10 Acquired 7,983,000 AXIATA GROUP

EPF 24/10-29/10 Acquired 1,110,600 MISC

EPF 28/10-29/10 Acquired 730,200 TENAGA NASIONAL

EPF 30/10 Acquired 633,700 TELEKOM MALAYSIA

EPF 30/10 Acquired 560,000 IJM CORPORATION

EPF 30/10 Acquired 500,000 UMW HOLDINGS

EPF 30/10 Acquired 495,700 AMMB HOLDINGS

EPF 30/10 Acquired 450,000 IHH HEALTHCARE

EPF 29/10-30/10 Acquired 228,000 KOSSAN RUBBER INDUSTRIES

EPF 30/10 Acquired 221,200 TOP GLOVE

EPF 30/10 Acquired 119,200 EASTERN & ORIENTAL

EPF 30/10 Acquired 108,700 KPJ HEALTHCARE

EPF 30/10 Acquired 100,000 BERJAYA AUTO

EPF 30/10 Acquired 97,700 POS MALAYSIA

Skim Amanah Saham Bumiputera 2/9-30/10 Acquired 20,806,000 UMW OIL & GAS

Skim Amanah Saham Bumiputera 30/10-31/10 Acquired 1,953,200 SAPURAKENCANA PETROLEUM

Skim Amanah Saham Bumiputera 30/10-31/10 Acquired 1,313,200 LAFARGE MALAYSIA

Lembaga Tabung Angkatan Tentera 27/10-28/10 Acquired 1,057,300 OCK GROUP

SUNWAY BERHAD 4/11 Shares Buy Back 60,000 SUNWAY BERHAD 3.35

SOURCES: BMSB

Daybreak│Malaysia

November 5, 2014

10

BMSB: Off-market transactions

4-Nov-14 Vol

TAKASO 3,111,300

SCOPE 2,500,000

M3TECH 800,000

VITROX 490,000

Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

CARIMIN PETROLEUM 1.10 14,694,000 5,890,000 46,006,000 Main Market 10-Nov-14

No of shares

SOURCES: BMSB

BMSB: Dividends

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

DIGI.COM 3rd interim dividend - single tier 6.20 20-Oct-14 5-Nov-14 7-Nov-14 5-Dec-14

THONG GUAN Interim dividend - single tier 3.00 22-Aug-14 5-Nov-14 7-Nov-14 18-Nov-14

DAIBOCHI PLASTIC  Interim dividend - single tier 2.50 21-Oct-14 13-Nov-14 17-Nov-14 11-Dec-14

UNISEM Interim dividend - single tier 2.00 30-Oct-14 13-Nov-14 17-Nov-14 3-Dec-14

TASEK CORPORATION Special interim dividend - single tier 50.00 4-Nov-14 17-Nov-14 19-Nov-14 8-Dec-14

PETRONAS GAS 2nd interim dividend - single tier 20.00 4-Nov-14 18-Nov-14 20-Nov-14 8-Dec-14

PETRONAS DAGANGAN Interim dividend - single tier 12.00 4-Nov-14 18-Nov-14 20-Nov-14 5-Dec-14

ASIA FILE CORP Final dividend - single tier 13.50 4-Sep-14 26-Nov-14 28-Nov-14 26-Dec-14

DIALOG GROUP Final dividend - single tier 1.10 27-Oct-14 26-Nov-14 28-Nov-14 18-Dec-14

BONIA CORPORATION Final dividend - single tier 2.50 28-Oct-14 27-Nov-14 1-Dec-14 22-Dec-14

JAYA TIASA 1st & Final dividend - single tier 1.50 30-Oct-14 1-Dec-14 3-Dec-14 17-Dec-14

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

5-Nov-14 Ann Date Proposed

ECO WORLD 25-Apr-14 1 Rights @ 2, 4 Free Warrants @ 5, Private Placement

ASIA FILE CORP 6-Aug-14 Bonus issue 3:5

EASTERN & ORIENTAL 5-Sep-14 Bonus issue 1:10, Free Warrants 1:5

BUMI ARMADA 12-Sep-14 1 Rights : 2 shares @ RM1.35

BENALEC HOLDINGS  12-Sep-14 > RM200m of 7-year Redeemable Convertible Secured Bonds

TH HEAVY ENGINEERING 24-Sep-14 Private placement of up to 10% of the issued shares of THHE

TH HEAVY ENGINEERING 3-Oct-14 Rights issue with bonus issue, 1 bonus issue : 5 Rights shares

MY E.G. SERVICES 30-Oct-14 Bonus issue 1:1

SOURCES: BMSB

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Corporate Actions

November 2014

SUN MON TUE WED THU FRI SAT

30 1

2 3 4 5 6 7 8

Malaysia Airports 3Q Tasek 3Q, Pet. Gas 3Q, Pet. Dagangan 3Q

IFCA 3Q Media Prima 3Q, F&N 4Q, Supermax 3Q, IFCA 3Q briefing, BNM Interest Rate

MISC 3Q, F&N 4Q briefing, External Trade, External Reserves

(month-end data)

9 10 11 12 13 14 15

MPOB Oct stats Hartalega 2Q, Astro 3Q & conf. call, Industrial Production

MPI 1Q Maxis 3Q, Tomypak 3Q, MPI 1Q briefing

GDP, BoP Current Account Balance

16 17 18 19 20 21 22

IOI Corp 1Q AirAsia X 3Q, MAS 3Q,

Benalec 1Q

AirAsia 3Q, MSM 3Q, KLK 4Q, Star 3Q,

Kossan 3Q, CPI

Axiata 3Q, Mah Sing 3Q,

Eco World 12-mths results

Genting 3Q, Genting M’sia 3Q,

Thong Guan 3Q, 7-Eleven 3Q, Foreign Reserves (mid-month data)

23 24 25 26 27 28 29

WCT 3Q, Uchi 3Q UOA Dev 3Q, E&O 2Q, IJM Corp 2Q & briefing, Carlsberg 3Q,

WCT 3Q briefing, Umno general assembly

UEM Sunrise 3Q, Prestariang 3Q, FGV 3Q, MCIL 2Q, Star 3Q briefing,

Umno general assembly

Magnum 3Q, Prestariang 3Q briefing, Umno general assembly

Sime Darby 1Q, Karex 1Q, Money Supply, Umno general

assembly,

Umno general assembly

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

December 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Trade, External Reserves (month-end data)

7 8 9 10 11 12 13

Eco World 13-mths results & briefing

Industrial Production

14 15 16 17 18 19 20

SP Setia 4Q

21 22 23 24 25 26 27

Foreign Reserves (mid-month data)

Christmas Day

28 29 30 31

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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CIMB Recommendation Framework

Stock Ratings Definition

ADD The stock’s total return is expected to exceed 10% over the next 12 months.

HOLD The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.

REDUCE The stock’s total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were based on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months. Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy: expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected negative total returns of 10% or more over the next 3 months.