REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 19 April 2013

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

Tenaga Nasional - It keeps getting better At 57% of our estimates and 53% of consensus’, 1H13 core EPS beat expectations, rising by 28.7% yoy due to strong demand and lower cost. 1H13 EBITDA rose by 19.7% yoy due to a 3.9% pts rise in margins as a result of a 4.4% rise in electricity sales and a 6.4% rise in gas supply. Tenaga remains a Trading Buy and is not an Outperform due to the elections (5 May). Demand, lower total cost and tariff reform are catalysts. We upgrade FY13-15 core EPS by 3.7-16.5% due to higher demand and a lower coal price. Our valuation basis remains 1.37x P/BV, 15% below the 10-year average, but our target price rises by 0.4% due to the earnings upgrade. A first interim net DPS of 10sen met expectations.

Bursa Malaysia - Positive trend priced in

The inflow of foreign funds did little to spur Bursa’s 1Q13 net profit, which declined by 5.9% yoy. This accounted for 24% of our FY13 forecast and 22.6% of consensus. This is regarded as in line with our expectations given anticipation of better trading value post elections. Our target price is pegged to a target FY14 P/E of 21x, which represents a 20% discount to the 3-year average of 26x. We stay Neutral on the stock as we think that expectations of a pick-up in trading value has largely been priced in given the stock’s 11% rise over the past three months. We prefer Maybank for its exposure to the Malaysian financial sector.

Felda Global Ventures - Venturing into biodiesel

We are overall neutral on FGV's acquisition of a 100,000-tonne biodiesel plant in Malaysia. This will allow the group to expand its product offerings to include biodiesel. However, this is offset by our concern over the historical losses reported by the business. We expect FGV to turn around this business given the potential synergy to be derived from this asset with its existing businesses. In view of this, we expect this acquisition to have minimal impact on the group's future earnings. We maintain our Neutral call with an unchanged SOP-based target price of RM4.32.

Bumi Armada - Mad for Madura

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

• TNB in discussions with the regulators on the setting up of a stabilisation fund

• Gas Malaysia's customers have agreed to new gas sales agreement

• PNSB clears the air over the Canal City land deal with Dijaya Corporation

• Five consortiums shortlisted for tender of 2,000MW coal-fired power plant

• AirAsia India JV is expected to commence operations in Sep

• China’s property rebound in Mar with Guangzhou home prices rising 11.1% yoy

• Germany's parliament voted in favor of aid for troubled Cyprus by a large majority

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,500

1,550

1,600

1,650

1,700

Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13

———————————————————————————

FBMKLCI

1706.26 -4.71pts -0.28%APR Futures MAY Futures

1702.5 - (0.12% ) 1698.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged271 413 309

———————————————————————————

Turnover779.79m shares / RM1667.83m

3m avg volume traded 1227.88m shares

3m avg value traded RM1609.54m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,706 3,296 5,013 1,530 21,513 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,706.26 (0.3) 1.0

FBM100 11,507.10 (0.3) 1.8

FBMSC 12,484.04 (0.5) 8.7

FBMMES 3,985.89 (1.1) (5.4)

Dow Jones 14,537.14 (0.6) 10.9

NASDAQ 3,166.36 (1.2) 4.9

FSSTI 3,296.37 0.1 4.1

FTSE-100 6,243.67 (0.0) 5.9

Hang Seng 21,512.52 (0.3) (5.1)

JCI 5,012.64 0.3 16.1

KOSPI 1,900.06 (1.2) (4.9)

Nikkei 225 13,220.07 (1.2) 27.2

PCOMP 6,857.48 0.1 18.0

SET 1,529.76 0.5 9.9

Shanghai 2,197.60 0.2 (3.2)

Taiwan 7,791.35 (0.2) 1.2

Close % chg Vol. (m)

NEXTNATION 0.100 (4.8) 32.9MALAYAN BANKING 9.650 0.2 19.3

TENAGA NASIONAL 7.950 (0.5) 15.9

KPS 1.280 6.7 15.6

MULPHA INTL 0.395 0.0 12.9

MALAYSIAN AIRLINS 0.750 (1.3) 12.2

AIRASIA 2.930 1.0 11.3

CIMB GROUP 7.700 (0.8) 11.3

Close % chg

US$/Euro 1.3057 0.05RM/US$ (Spot) 3.0340 (0.02)

RM/US$ (12-mth NDF) 3.0977 (0.10)

OPR (% ) 2.94 (2.00)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,394 0.26

WTI crude oil US spot (US$/barrel) 87.73 1.21

CPO spot price (RM/tonne) 2,267 (0.22)

Economic Statistics

Market Indices

Top Actives

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Terence WONG CFA T (60) 3 20849689

E terence.wong@cimb.com

https://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=25E0C706-68C8-4F7A-ACC6-56500DC04F0C&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=200CBCD1-0D0E-4F5F-B7EE-E6DB46E5E3D8&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=3890C9B3-9437-4C81-8AC4-8864DECC8739&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=4705E269-3560-4D91-8CC3-A575941062D7&A=CIMB

Daybreak Malaysia

April 19, 2013

2

Global Economic News…

US index of leading indicators printed a -0.1% in Mar (+0.5% in Feb), below consensus reading of +0.2%. Five of the gauge’s 10 components contributed to the Mar decrease, including declines in construction applications and factory orders and a drop in consumer expectations. (Bloomberg)

The US Philadelphia Fed manufacturing survey came in above zero, at +1.3 to show minimal monthly growth in Apr (+2.0 in Mar). This came below consensus estimates for a +3.0 reading. Outside of the shipments component, which is strongly positive at +9.1, there's little strength in the report. New orders have been flat, at -1.0 (+0.5 in Mar), and employment is turning down, at -6.8 (+2.7 in Mar). (Bloomberg)

US weekly initial jobless claims increased by 4,000 to 352,000 in the week ended April 13, in line with the median estimates. The four-week moving average, a less volatile measure than the weekly figures, rose to 361,250 last week from 358,500. Continuing claims dropped by 35,000 to 3.07m in the week ended Apr 6. (Bloomberg)

Germany's parliament voted in favor of aid for troubled Cyprus by a large majority. The vote smoothes the way for Cyprus to access a €10bn (US$13.05bn) bailout from its international creditors and avoid financial collapse. (WSJ)

Moody’s credit rating agency maintained its top "Aaa" rating for Germany, albeit with a negative outlook. (CNA) Japan’s exports rose 1.1% yoy in Mar (-2.9% in Feb), came in better than market estimate for a 0.2% increase. The trade deficit narrowed to ¥362.4bn from ¥777.5bn in Feb. (Bloomberg)

The BOJ said it will buy JGBs from the market an average of eight times a month, with its monthly purchases totaling more than ¥7tr (US$71.41bn), in hopes of quelling criticism that its enormous buying is disrupting normal trading.. It previously said it would buy about ¥7.5tr in bonds monthly through six operations. (WSJ)

Japan Cabinet Office's consumer sentiment survey for Mar said that 71.8% of households expect prices to rise over the next 12 months, up from 69.5% in Feb. (WSJ)

Chinese authorities have admitted for the first time that limited human-to-human transmission of the deadly H7N9 flu virus is theoretically possible, adding to fears over the virus that has now claimed 17 lives in eastern China. (FT)

G-20 nations will affirm a commitment to avoid weakening their currencies to gain a trade advantage, according to a draft statement prepared for a meeting this week in Washington. The initial language suggests G-20 members will withhold direct criticism of Japan’s efforts to rally its economy. Yi Gang, a PBOC deputy governor, said yesterday that the yuan’s trading band will be widened “in the near future. (Bloomberg)

Daybreak Malaysia

April 19, 2013

3

China’s property rebound gathered pace in Mar with Guangzhou home prices rising 11.1% yoy while those in Beijing climbed 8.6% and Shanghai posted a 6.4% increase, the National Bureau of Statistics said. These mark the biggest gains since Jan 2011. (Bloomberg)

China's foreign direct investment inflows rose 5.7% yoy in Mar (6.3% in Feb), ahead of forecasts of 1.9%. (Bloomberg, Reuters)

India’s imports fell 2.9% yoy in Mar (+2.7% in Feb) while exports rose 7% (4.2% in Feb). (Bloomberg)

The Bangko Sentral ng Pilipinas has again eased the rules on foreign exchange to give the public wider access to the enormous dollar resources kept in the country’s banking system. This is the sixth time since 2007 that the BSP eased foreign exchange rules. The last such action was done in 2011. The six new rules are:

First is the increase in the amount of foreign currencies that may be bought by residents from banks and other foreign exchange institutions without documentary requirements from $60,000 to $120,000.

Second is the increase in the amount of foreign exchange that may be purchased using unspent pesos by foreign tourists or “balikbayans” without documentary requirements from $5,000 to $10,000.

Third is the expansion of the list of allowed sources of funding of a peso account that a foreigner may open. This will include income earned in the Philippines.

Fourth is the expansion of list of foreign assets that Filipinos may buy and for which foreign currencies may be used. This will include global and mutual funds, unit investment trust funds, real properties, debt securities issued offshore by residents and are part of asset inventory of local banks, and equity securities issued by residents that are publicly listed abroad.

Fifth, the regulator will allow banks to sell foreign exchange to investors who want to convert their investment fund plus the corresponding interest earned back in the original currency.

Sixth is the two-year extension, or up to Dec. 28, 2016, of the temporary rule allowing locals to borrow foreign currencies from banks without prior BSP approval for the purpose of funding projects under the public-private partnership (PPP) program of the government. (Philippine Daily Enquirer)

Malaysian Economic News…

The Malaysian Investment Development Authority (Mida) aims to attract Rm48bn in investments in the manufacturing sector for this year. Deputy chief executive offcer II Datuk Phang Ah Tong said the agency was eyeing more investors from countries to achieve the target. (Bernama)

Some 831,860 single mothers nationwide will enjoy discounts on daily necessities through the 1Malaysia Consumer card. Barisan Nasional chairman Datuk Seri Najib Tun Razak said the discounts of between 5% and 50% would be available at 2,170 participating shops nationwide. “This will help to defray their expenses and alleviate their burden,” he said. He also said a slew of requests from single mothers, ranging from housing to insurance schemes,

Daybreak Malaysia

April 19, 2013

4

were under consideration. On the proposed insurance scheme for single mothers, he said it would only cost RM12 annually and, in return, single mothers would get RM5,000 in death benefits and RM10,000 for accident and loss of limbs. “This will only cost the government RM12m a year,” he said. (StarBiz)

Prime Minister Datuk Seri Najib Abdul Razak launched the 1Malaysia Civil Servants Housing Programme (PPA1M). The housing scheme, which will be built on government land in Putrajaya, is to help civil servants working and residing here to overcome the burden of owning affordable, quality homes. A total of 10,336 units of houses, with a built up area between 1,000 and 1,500 square feet will be built in phases in Precint 17 and Precint 11.

The houses, priced between RM150,000 to RM300,000 with other basic facilities, will be completed in 18 months instead of 36 months. Those with a household income of not more than RM8,000 a month are eligible to apply for the scheme. (The Sun)

Malaysia could be the logistics gateway to the Asean markets, bringing immense opportunities to Malaysian businesses, said Land Public Transport Commission Chairman Tan Sri Syed Hamid Albar. He said the government also plans to develop a global logistics hub -- with four integrated logistics centres, logistics parks, and a logistics park over 1,093ha -- in Iskandar Malaysia, located along one of the world's busiest sea-lanes, the Straits of Malacca.

The transport and storage sector contributes RM30bn to the country's economy, and it is 3.2% of the country's GDP.

The Asean Economic Community (AEC) will remove substantially all trade restrictions for logistics services by 2013 and allow other Asean countries to take up to 70% equity participation for logistics services, he said. (Bernama)

The property market activity in 2012 recorded 427,520 transactions valued at RM142.84bn, compared with 430,403 transactions worth RM137.83bn in 2011, according to Malaysia Real Estate Market 2012. The number of transactions decreased by 0.7%, while the value of transactions increased by 3.6%. The report said in 2012, a total of 272,669 residential property transactions worth RM67.76bn were recorded. (Bernama)

Political News…

The DAP continued its drive to dig up more dirt on the academic qualifications of its political rivals from Barisan Nasional (BN), claiming the degrees of both deputy ministers in the Foreign Ministry had being bought from suspect universities. A day after accusing A. Kohilan Pillay of buying his Master of Science in Commerce and Industrial Economy from Pacific Western University in the United States, DAP election strategist Ong Kian Ming alleged that the Puchong candidate had obtained a fake bachelor’s degree.

Ong also alleged that Kohilan’s colleague in the same ministry, Datuk Richard Riot Jaem, had gained his academic credentials from a well-known “bogus university”. “In other words, both our deputy foreign ministers have not one but two degrees from dubious universities!” the opposition politician said in a statement.

“Such behaviour is totally unethical and unacceptable for any leader, not to mention two national leaders that are supposed to represent our nation on the international stage!” he added. Ong chided the two deputy ministers for being so bold as to list their paper qualifications on the ministry’s website, noting that a simple background check revealed the

Daybreak Malaysia

April 19, 2013

5

universities that had awarded the duo their degrees to be suspect. (Malaysian Insider)

The Registrar of Societies’ (RoS) decision not to recognise the DAP’s office bearers means one thing, no one can authorise its candidates to use the party’s recognisable Rocket logo and force them to run under allies PAS’s full moon or PKR’s eye logos. This ruling is likely to affect DAP candidates’ chances in the 49 federal seats and slightly more than 100 state seats in the May 5 general elections as most of the contests are in Chinese-majority areas where the Rocket is popular but not the other logos.

“The RoS decisions means that no party officials is recognised as officials by the authorities. So, they can’t authorise the candidates to use party symbols,” a DAP official told The Malaysian Insider. He said the party’s top officials are still discussing their options now although the Election Commission (EC) has said the Rocket logo can be used. “We have to see the implications of this decision,” he added. (Malaysian Insider)

Voters will have to decide in the May 5 polls if they support Barisan Nasional’s (BN) “underhanded tactics” after the Registrar of Societies (RoS) decided not to recognise the DAP’s office-bearers, DAP’s Lim Guan Eng said.

The DAP secretary-general said that the RoS decision, which was made less than three days before the nomination day on Saturday, showed that this was the “worst BN we’ve seen in history”.

“This is despicable, this is dishonourable,” a visibly upset Lim told reporters at the DAP headquarters. “This is character assassination. This is political assassination. I’m very upset by these underhand tactics,” he added.

Lim said that DAP candidates would run under PAS’ full moon logo in the peninsula and PKR’s eye logo in East Malaysia in the 13th general election, if the Election Commission (EC) did not issue a letter approving DAP candidates in using their rocket logo. “The most important letter to issue is to withdraw this letter,” he said, referring to the RoS letter dated April 17, 2013, that refused to recognise DAP’s office-bearers that were elected on December 15, 2012.

Lim said that he did not trust the EC’s verbal assurance on the DAP being able to use its rocket logo in Election 2013, pointing out that DAP candidates needed to show EC officials on nomination day a letter of authority signed by the party’s secretary-general, authorising them to use the party’s logo. (Malaysian Insider)

The DAP has not been registered and can still use its symbol for the 13th general elections said Registrar of Societies (ROS) director-general Datuk Abdul Rahman Othman. He said that the ROS office informed DAP on Wednesday that it was studying the party's registration and pending the resolution of the dispute, the ROS did not accord recognition to the office bearers of the committee formed at DAP's party elections on 15 Dec 2012.

However the DAP has not been de-registered and its can still use its symbol in GE13. Election Commission chairman Datuk Wan Ahmad Wan Omar said DAP would be allowed to contest using its own symbol if the ROS' decision only involved not recognising the central executive committee. (Star)

Daybreak Malaysia

April 19, 2013

6

Datuk Seri Najib Razak pledged to help single mothers cope with higher cost of living through policies that will be implemented if his Barisan Nasional (BN) coalition is re-elected at the May 5 polls. The offers include a life insurance scheme, discount cards applicable at 1Malaysia grocery stores and free legal service for divorcee, key issues for the demographic which forms close to one-tenth of Malaysia’s electorate.

The BN chairman said the pledges reflected the coalition’s appreciation for their support. “Single mothers are BN’s vote bank. That is why we have decided to hold this special meeting with single mothers. “They are a segment of society that we help to protect,” he added. (Malaysian Insider)

Corporate News…

Felda Global Ventures Holdings Bhd (FGVH) is acquiring a biodiesel refinery at Kuantan Port from Mission Biotechnologies Sdn Bhd for US$11.5m (RM35m). FGVH, via its unit Felda Global Ventures Downstream Sdn Bhd, yesterday signed an asset purchase agreement with Mission Biotechnologies Sdn Bhd to acquire all its assets including the refinery at the port for the purpose.

Apart from the 100,000 tonnes per year biodiesel refinery sited on 6 acres of land, the assets include a 16,000-tonne tank storage connected with import and export pipelines to a deep water jetty. The plant is expected to be fully operational by July 1, 2013. (sun)

Please see our note for details.

Tenaga Nasional Bhd (TNB) is currently in discussions with the regulators on the setting up of a stabilisation fund. Chairman Tan Sri Leo Moggie said the fund would help buffer the impact of any tariff hike on customers by absorbing the volatility of fuel prices. TNB's CFO Fazlur Rahman Zainuddin added, "Nothing has been confirmed yet as we are still in discussions with the regulators. We don't know if the fund would be neutral for TNB." President and CEO Datuk Seri Azman Mohd said the stabilisation fund would be akin to a form of fuel cost-pass through mechanism. (Star Biz)

The Energy Commission (EC) has shortlisted five consortia to tender for the 2,000MW coal-fired power plant to be developed at the respective consortia's proposed site. The leads of the five consortia are 1Malaysia Development Bhd, Formis Resources Bhd, Tenaga Nasional Bhd, Malakoff Corporation Bhd, and YTL Power International Bhd. (Energy Commission, Star Biz)

Gas Malaysia Bhd's customers have agreed to a new gas sales agreement (GSA). The GSA takes effect immediately and ends in Dec 2022. The maximum supply limit under the new agreement is 5 mmscfd. The Malaysian Iron and Steel Industry Federation (Misif), Federation of Malaysian Manufacturers (FMM) and the Malaysian Rubber Gloves Manufacturers Association (Margma) had asked their members to sign the new GSA following several discussions with Gas Malaysia. (Star Biz)

There is no plan at the moment to privatise RHB Capital Bhd (RHBCap), its top official said. “At the present time, there is no plan. We have not proposed any privatisation. “However, to be fair, this would need to come from the major shareholder,” RHBCap group MD Kellee Kam said. The major shareholder of the banking group is Employees Provident Fund (EPF), which holds a 41% stake. Kam's comments were prompted by a business weekly report which said that a

Daybreak Malaysia

April 19, 2013

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potential privatisation of RHBCap could be on the cards as part of a restructuring exercise. (Starbiz)

Newly-merged RHB Investment Bank has targeted its regional operations to contribute 30% of its business in four years. Currently, it has 98 offices in seven other countries with total contribution of about 11%. Group managing director Kellee Kam said the bank, in its journey to become the country's largest investment bank, is positioning itself as a leading multinational financial services group in the region. He also said the bank is looking to recruit a managing director. On whether RHB Capital will be listed as part of the privatisation plans for the bank, Kam said the decision will come from the shareholders. (BT)

SapuraKencana's wholly-owned unit, Labuan-based SapuraKencana Drilling Pte Ltd, has entered into a facility agreement with Standard Chartered Bank, Maybank Investment Bank, Maybank, ABN AMRO Bank, AmInvestment Bank, BNP Paribas, CIMB Bank, HSBC, RHB Bank and United Overseas Bank as the lenders for the US$1.85bn short-term facility in relation to the proposed Seadrill transaction. (BMSB)

Lime Petroleum Norway has agreed to acquire equity positions in six production licences from North Energy ASA for US$4.9m. Lime is wholly-owned by Lime Petroleum plc, an entity jointly controlled by Hibiscus Petroleum, Schroder & Co Banque SA and Rex Oil & Gas. In a statement, Hibiscus said the agreement was achieved after conducting in-depth technical evaluations primarily using Rex Virtual Drilling technology. (Bernama)

The partnership agreement between Manipal Education Malaysia Sdn Bhd and Scomi Group is expected to further enhance the capabilities and competencies of Manipal International University's graduates. The agreement aims to develop human capital specific for the oil & gas and transport service industries. (Bernama)

Malaysia's property market activities moderated in 2012, recording 427,520 transactions valued at RM142.84bn, compared with 430,403 transactions worth RM137.83bn in 2011, according to Malaysia Real Estate Market 2012. The report showed that the number of transactions decreased by 0.7% while the value of transactions increased by 3.6%.

"As in previous years, the residential sub-sector continues to lead the market activity, contributing 63.8% of the total market," said Finance Ministry secretary-general Datuk Seri Mohamad Irwan Serigar Abdullah after the launch of the report. The report said in 2012, a total of 272,669 residential property transactions worth RM67.76bn were recorded.

"In 4Q12, the All House Price Index increased to 175.3 points from 161.9 points registered in the same period in 2011," the report added. It said the market segments by price indicated a changing scenario, whereby transactions of the lower price range properties had softened. (Sun)

Sarawak Oil Palm Plantation Owners' Association (SOPPOA) has objected to the proposed inclusion of issues related to greenhouse gas emission and peat planting in the Roundtable on Sustainable Palm Oil (RSPO) Principles and Criteria. "To include greenhouse house gas in the sustainable certification scheme for palm oil is akin to putting additional and unnecessary burden on growers in particular when such schemes are not necessary for other food-based crops like rice and maize," SOPPOA said. (StarBiz)

Daybreak Malaysia

April 19, 2013

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AirAsia's Indian airline JV, AirAsia India, is expected to commence operations in September subject to obtaining the relevant regulatory approvals. It is, however, subjected to the relevant government authorities in India for the air operator permit. (Bernama)

Maxis launched its three-in-one Hotlink Social Edition prepaid plan that gives free unlimited access to Facebook, Twitter and WhatsApp. Existing Hotlink customers can enjoy the services by buying the Social Edition Hot Ticket, said Maxis joint chief operating officer Suren J. Amarasekera. The free access to Facebook and Twitter is available across all mobile browsers via m.facebook.com, m.twitter.com and pic.twitter.com.

"Hotlink Social Edition will enable users to stay connected and communicate with their friends, look up the latest news and developments, stay ahead in business or even enjoy the rich content on the popular social network platforms," he added. He said the Hotlink Social Edition, which lasts up to five days, is suitable for tourists or short-term users. (BT)

Following Toyota Motor Corp's recent announcement of a special service campaign, UMW Toyota Motor Sdn Bhd is addressing the issue of a possible improperly manufactured passenger side front airbag inflator on certain models. This setback may cause rupture and deploy the airbag abnormally during a crash. UMW Toyota is making a safety recall to replace the front side passenger airbag inflator module.

It said there are about 18,700 units of Camry and Corolla Altis manufactured from year 2000 to 2003 that are affected by the recall. "However, there have not been any reported cases in Malaysia," it added. (BT)

Hektar Asset Management Sdn Bhd, manager of Hektar Real Estate Investment Trust (REIT), will not issue new units just to pare down borrowings. Currently, Hektar REIT is one of the more highly-geared trusts compared to its listed peers and analysts have recommended a "safer" gearing ratio of below 40% in their notes to investors. In response, executive director and chief financial officer Zalila Mohd Toon said the company will maintain the number of units in issue. (BT)

Permodalan Negeri Selangor Bhd (PNSB) has cleared the air over the land deal with Dijaya Corporation Bhd over the latter's acquisition of about 1,172 acres of prime development land in Canal City, Selangor. Its CEO Datuk Ahmad Omar said on Thursday that the multi-billion ringgit deal was legal despite that the agreement was signed after dissolution of Selangor state assembly. He also said the Selangor Menteri Besar, Tan Sri Abdul Khalid Ibrahim, was misquoted as saying the agreement was not set in stone. On Apr 15, Dijaya entered into an agreement to acquire the land from PNSB for about RM1.3bn via a deferred payment method which spans over a period of up to 20 years. (Starbiz)

Property developer Matrix Concepts Holdings Bhd, which is seeking a listing on the Main Market of Bursa Malaysia, has unveiled plans to launch projects with a gross development value (GDV) of RM680m, It said on Thursday 82% of RM680m of the new launches would be in Negeri Sembilan, which would include the RM400m integrated flagship township, Bandar Sri Sendayan. The remaining projects would be in Johor.The Negeri Sembilan-based property developer said the projects would be built on 315.2 acres of land in Negeri Sembilan and Johor in 2013. (Starbiz)

Daybreak Malaysia

April 19, 2013

9

There has been a lot of talk in the market about special purpose acquisition companies (SPACs) lately. Four more SPAC listings are expected to follow in the footsteps of Hibiscus Petroleum Bhd, which was the first SPAC to list on Bursa Malaysia in July 2011.

One of them is Sona Petroleum Bhd. Based on its draft prospectus released on the Securities Commission website recently, Sona's initial public offering (IPO) could potentially be the largest by a SPAC in Malaysia with a fund-raising size of up to RM550m. The company's focus is on the exploration and production (E&P) segment of the lucrative oil and gas sector with target markets and regions of interest in Southeast Asia, the Middle East and Africa. (BT)

Daybreak Malaysia

April 19, 2013

10

BMSB: Changes in shareholdings

Type of No of Ave Price

18-Apr-13 Date transaction securities Company (RM)

EPF 15/4 Disposed 4,500,000 AMMB HOLDINGS

EPF 12/4-15/4 Disposed 2,252,000 ALLIANCE FINANCIAL GROUP

EPF 10/4-11/4 Disposed 2,086,600 AXIATA GROUP

EPF 15/4 Disposed 1,014,000 IHH HEALTHCARE

EPF 15/4 Disposed 1,000,000 BURSA MALAYSIA

EPF 15/4 Disposed 987,600 DIALOG GROUP

EPF 12/4-15/4 Disposed 922,100 TENAGA NASIONAL

EPF 15/4 Disposed 893,300 SAPURAKENCANA PETROLEUM

EPF 15/4 Disposed 819,700 SUPERMAX CORPORATION

EPF 15/4 Disposed 671,900 MALAYSIA AIRPORTS

EPF 12/4-15/4 Disposed 363,000 PPB GROUP

EPF 15/4 Disposed 328,100 PETRONAS CHEMICALS

EPF 15/4 Disposed 229,600 SP SETIA

EPF 15/4 Disposed 169,200 TAN CHONG MOTOR

EPF 15/4 Disposed 131,800 STAR PUBLICATIONS

EPF 12/4 Disposed 129,300 HONG LEONG BANK

EPF 15/4 Disposed 124,900 MMC CORPORATION

EPF 12/4 Disposed 45,400 LITRAK

EPF 15/4 Disposed 10,000 IJM CORPORATION

Skim Amanah Saham Bumiputera 11/4-12/4 Disposed 1,929,200 TENAGA NASIONAL

Skim Amanah Saham Bumiputera 12/4-15/4 Disposed 155,000 AJINOMOTO (MALAYSIA)

Lembaga Tabung Haji 10/4-12/4 Disposed 476,200 AL-HADHARAH BOUSTEAD REIT

Kumpulan Wang Persaraan 10/4-11/4 Disposed 2,248,500 TOP GLOVE

Kumpulan Wang Persaraan 11/4-12/4 Disposed 418,200 MAH SING GROUP

Kumpulan Wang Persaraan 12/4 Disposed 286,000 WCT

Kumpulan Wang Persaraan 10/4-12/4 Disposed 99,600 PETRONAS GAS

Kumpulan Wang Persaraan 10/4-11/4 Disposed 96,500 LITRAK

Kumpulan Wang Persaraan 11/4 Disposed 50,000 AMWAY (MALAYSIA)

Kumpulan Wang Persaraan 11/4 Disposed 37,400 KOSSAN RUBBER INDUSTRIES

Mitsubishi UFJ Financial Group, Inc 11/4 Disposed 6,100 ALLIANCE FINANCIAL GROUP

Mitsubishi UFJ Financial Group, Inc 11/4 Disposed 11,000 SP SETIA

EPF 15/4 Acquired 3,770,400 TELEKOM MALAYSIA

EPF 15/4 Acquired 3,018,300 SIME DARBY

EPF 15/4 Acquired 2,000,000 AIRASIA

EPF 15/4 Acquired 2,000,000 YTL CORPORATION

EPF 15/4 Acquired 1,539,800 DIGI.COM

EPF 10/4 Acquired 1,488,300 WCT

EPF 15/4 Acquired 1,165,400 MAXIS

EPF 15/4 Acquired 500,000 KUALA LUMPUR KEPONG

EPF 15/4 Acquired 500,000 WCT

EPF 10/4-15/4 Acquired 297,300 AXIATA GROUP

EPF 15/4 Acquired 243,500 PAVILION REIT

EPF 15/4 Acquired 212,200 AFFIN HOLDINGS

EPF 15/4 Acquired 194,000 KIAN JOO CAN

EPF 11/4-15/4 Acquired 199,400 LAFARGE MALAYAN CEMENT

EPF 15/4 Acquired 124,300 UEM LAND

EPF 15/4 Acquired 110,000 SUNWAY REIT

EPF 15/4 Acquired 66,600 KLCC PROPERTY

EPF 15/4 Acquired 12,000 IOI CORPORATION

EPF 15/4 Acquired 11,400 MBM RESOURCES

EPF 15/4 Acquired 3,900 AEON CO. (M)

Lembaga Tabung Haji 9/4 Acquired 700,100 ALAM MARITIM

Kumpulan Wang Persaraan 10/4 Acquired 1,488,300 WCT

Kumpulan Wang Persaraan 10/4-12/4 Acquired 84,900 NCB HOLDINGS

Kumpulan Wang Persaraan 10/4-12/4 Acquired 62,300 IJM CORPORATION

Kumpulan Wang Persaraan 11/4 Acquired 41,500 PANASONIC MANUFACTURING

Great Eastern Holdings Limited 12/4 Acquired 162,000 STAR PUBLICATIONS

Oversea-Chinese Banking Corporation 12/4 Acquired 162,000 STAR PUBLICATIONS

Aberdeen Asset Management PLC 15/4-16/4 Acquired 424,100 AEON CO. (M) SOURCES: BMSB

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BMSB: Changes in shareholdings

Type of No. of Ave Price

18-Apr-13 Date transaction securities Company (RM)

Mitsubishi UFJ Financial Group, Inc 12/4 Acquired 83,500 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 12/4 Acquired 32,100 UNITED MALACCA

YTL POWER 18/4 Shares Buy Back 1,391,100 YTL POWER 1.48

CAHYA MATA SARAWAK 18/4 Shares Buy Back 20,000 CAHYA MATA SARAWAK 3.22

WAH SEONG 18/4 Shares Buy Back 18,500 WAH SEONG 1.63 SOURCES: BMSB

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BMSB: Off-market transactions

18-Apr-13 Vol

GLOTEC 109,000,000

GOCEAN 12,200,000

LEESK 3,000,000

DIJACOR 2,000,000

TSRCAP 1,000,000

ASUPREM 1,000,000 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

19-Apr-13 Ann Date Entitlement Ex-Date Lodgement

MAS 11-Apr-13 4 Rights Issue @ RM0.23 : 1 2-May-13 6-May-13 SOURCES: BMSB, TE: Tax Exempt

BMSB: Dividends

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

Sime Darby Interim - single tier 7.00 27-Feb-13 23-Apr-13 25-Apr-13 10-May-13

Oriental Holdings Interim dividend - single tier 4.00 5-Apr-13 23-Apr-13 25-Apr-13 10-May-13

My E.G. Services First interim - single tier 0.50 25-Feb-13 23-Apr-13 25-Apr-13 21-May-13

SP Setia Final dividend 9.00 11-Apr-13 25-Apr-13 29-Apr-13 15-May-13

- less income tax of 25%

Petronas Dagangan Special dividend 35.00 1-Apr-13 26-Apr-13 30-Apr-13 27-May-13

Asia File Corporation Interim dividend - single tier 8.00 11-Apr-13 29-Apr-13 2-May-13 28-May-13

Carlsberg Final & Special - single tier 58.00 26-Feb-13 2-May-13 6-May-13 20-May-13

Telekom Malaysia Final dividend - single tier 12.20 11-Apr-13 8-May-13 10-May-13 27-May-13

HELP International 1st & final dividend 4% 2.00 29-Mar-13 8-May-13 10-May-13 22-May-13

Cypark Resources Final dividend - single tier 4.00 25-Mar-13 10-May-13 14-May-13 13-Jun-13

Tasek Corporation Special - less income tax of 25% 60.00 18-Feb-13 13-May-13 15-May-13 31-May-13

Tasek Corporation Final - less income tax of 25% 30.00 18-Feb-13 13-May-13 15-May-13 31-May-13

Bintulu Port Final dividend - single tier 7.50 27-Feb-13 15-May-13 17-May-13 31-May-13

Nestle Final dividend - single tier 155.00 21-Feb-13 21-May-13 23-May-13 13-Jun-13

Malaysia Marine & Heavy Eng. Final dividend - single tier 10.00 21-Feb-13 14-Jun-13 18-Jun-13 2-Jul-13

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

19-Apr-13 Ann Date Proposed

SUNWAY BHD 5-Apr-13 1 Rights Issue @ RM1.70 : 3 SOURCES: BMSB

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Corporate Actions

April 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Reserves, External Trade

7 8 9 10 11 12 13

IPI, Manufacturing Sales

14 15 16 17 18 19 20

CMMT 1Q CPI Tenaga 2Q, Bursa 1Q

GE13 nomination day

21 22 23 24 25 26 27

External Reserves DiGi 1Q Daibochi 1Q, Unisem 1Q

28 29 30

MPI 3Q Money Supply, PPI, Sunway REIT 3Q & conference call

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

May 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4

Labour Day

5 6 7 8 9 10 11

GE 13 polling day Hartalega 4Q External Reserves, External Trade, Media Prima 1Q

IPI, Manufacturing Sales, MPC

12 13 14 15 16 17 18

GDP, BOP

19 20 21 22 23 24 25

CPI, External Reserves, Star 1Q

Tomypak 2Q, Kossan 1Q

Wesak Day

26 27 28 29 30 31

E&O 4Q Mah Sing 1Q, UEM Land 1Q, Media Chinese 1Q

Media Chinese briefing

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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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, Jakarta Stock Exchange, Australian Securities Exchange, Korea 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 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.

AAV – not available, ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH - Good, 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, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD - Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – 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, RS – Excellent, SC – 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, THCOM – Very Good, TICON – Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good, WORK – Good.

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