REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 25 June 2014

▌What’s on the Table…

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ECM Libra Financial Group - Starting afresh

Asset management (AM) is ECM Libra’s core business following the disposal of its investment banking business in 2012. The earnings driver will be its push for aggressive expansion of assets under management (AUM). We see value in the stock as it is trading at only 0.7x P/BV despite its bright earnings prospects. Applying a P/BV range of 0.8-1x to its end-Apr 14 BV, we estimate that the stock could fetch a value of RM1.24-1.55, translating into potential upside of 23-54%.

Economic Update - Riding the global upswing

The leading index increased 0.8% yoy in Apr, led by broad-based gains across its constituent components. The improvement reflects continued strength in the domestic economy and increasingly, the upturn in the global recovery. We maintain our 2014 GDP growth forecast of 5.5%. The positive economic outlook for Malaysia, coupled with budding inflation risks that could potentially see inflation overshoot our 2014 projection of 3%, support our view that the policy rate will be raised by 25bp this year.

▌News of the Day…

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• Datuk Seri Najib Razak yesterday hinted that there will be a Cabinet reshuffle soon

• Government will conduct an audit on cost of building KLIA2 ballooned to over RM4bn

• Track 4A power project offer in Pasir Gudang still stands, says the Energy Commission

• Seacera proposed to build 506km electrified fence along Malaysia-Thailand border

• KWAP bought a controlling stake in its third UK property for £174.8m (RM961.4m)

• US new home sales in May jumped 18.6% mom to an annual pace of 504,000 units

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14

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FBMKLCI

1892.33 8.37pts 0.44%June Futures July Futures

1893 - (0.53% ) 1895.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged453 395 308

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Turnover2007.7m shares / RM2172.849m

3m avg volume traded 1816.37m shares

3m avg value traded RM2051.32m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,892 3,262 4,862 1,461 22,881 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,892.33 0.4 1.4

FBM100 12,727.19 0.4 1.1

FBMSC 17,984.41 0.4 14.6

FBMMES 6,731.29 (0.6) 18.6

Dow Jones 16,818.13 (0.7) 1.5

NASDAQ 4,350.36 (0.4) 4.2

FSSTI 3,262.03 0.1 3.0

FTSE-100 6,787.07 (0.2) 0.6

Hang Seng 22,880.64 0.3 (1.8)

JCI 4,862.24 0.4 13.8

KOSPI 1,994.35 1.0 (0.8)

Nikkei 225 15,376.24 0.0 (5.6)

PCOMP 6,793.07 0.5 15.3

SET 1,460.92 (0.5) 12.5

Shanghai 2,033.93 0.5 (3.9)

Taiwan 9,246.20 0.2 7.4————————————————————————————————

Close % chg Vol. (m)

SUMATEC 0.310 12.7 186.0MAS 0.205 (8.9) 148.3

AMEDIA 0.085 (10.5) 92.8

TALAM 0.105 0.0 30.8

ETI TECH 0.070 7.7 29.1

EA HOLDINGS 0.125 (7.4) 23.3

HIAP HUAT 0.190 2.7 23.0

BERJAYA CORP 0.525 1.0 20.9————————————————————————————————

Close % chg

US$/Euro 1.3605 (0.01)RM/US$ (Spot) 3.2135 (0.03)

RM/US$ (12-mth NDF) 3.2816 (0.08)

OPR (% ) 3.00 0.00

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,318 (0.02)

WTI crude oil US spot (US$/barrel) 106.63 (0.18)

CPO spot price (RM/tonne) 2,493.00 0.04

Market Indices

Top Actives

Economic Statistics

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

Daybreak│Malaysia

June 25, 2014

2

Global Economic News…

US new home sales in May jumped 18.6% mom and picked up to an annual pace of 504,000 units (+6.4% mom to an annualized pace of425,000-unit pace in Apr). (WSJ)

The US Richmond Fed's manufacturing index eased to +3 in Jun from +7 in May. (WSJ)

US consumer confidence index rose to 85.2 in Jun, the highest reading since Jan 2008, from 82.2 in May. (Reuters)

The US S&P/Case-Shiller index of property values increased 10.8% yoy in Apr (+12.4% yoy in Mar). (Bloomberg)

The US unemployment rate can fall even further before the Federal Reserve raises interest rates, William Dudley, president of the New York Federal Reserve Bank said, adding that the Fed can reasonably wait to raise interest rates until mid-2015 without risking an undesirable rise in inflation. (Reuters)

US Philadelphia Federal Reserve Bank President Charles Plosser said the economy continues to improve, making steady rather than exuberant progress leading to a continuing drift down in the unemployment rate. (Reuters)

Japanese Prime Minister Shinzo Abe urged the nation's business leaders to do more to boost the role of working women, a key plank of his new growth strategy. (Reuters)

China would add about 2% pt to annual economic growth by joining the Trans-Pacific Partnership (TPP), and should join negotiations as soon as possible to reap the benefits, Ma Jun of the People’s Bank of China (PBoC) said. (Bloomberg)

The Conference Board Leading Economic Index (LEI) for China increased 0.7% mom in May (+1.0% mom in Apr). Coincident Economic Index (CEI) increased 0.7% mom in May (+0.7% mom in Apr). (Conference Board)

About 80% of India has received deficient to scanty rainfall between Jun 1 and Jun 23, according to India Meteorology Department (IMD) data, deepening concerns about a below-normal monsoon that could hurt revival prospects and fuel inflation.

The extended range forecast of the Indian Institute of Tropical Meteorology (IITM) says that monsoon activity over the country will be weaker in the next 25 days, that is until mid-Jul. India's southwest monsoon runs from Jun to Sep. (India Times)

South Korea's science ministry has called on local technology firms to expand facility investment, adding a reduction in their capital spending may crimp the country's economy down the road. (Yonhap)

Daybreak│Malaysia

June 25, 2014

3

Consumption sentiment in South Korea has not fully recovered from a slump prompted by Apr’s deadly ferry accident, as South Koreans refrained from spending on outdoor activities as they continue to mourned over the accident, the finance minister said. (Yonhap)

Taiwan’s commercial sales rose 3.9% yoy in May (+4.97% yoy in Apr) while wholesale trade rose at a slower rate of 3.76% yoy in May (+5.31% yoy in Apr). (RTT)

Bank Indonesia (BI) will keep tightening its monetary stance to the end of the year to cap the current-account deficit, Governor Agus Martowardojo said, adding that “current-account deficit in the second quarter will likely be worse than in the first quarter due to seasonal factors.” (WSJ)

Vietnam's industrial production grew 5.8% yoy in 1H14 (+5.3% yoy in 1H13). (VietNam News)

Vietnam’s consumer price index (CPI) for Jun rose 4.98% yoy (+4.72% yoy in May). (Vietnam Breaking News, Bloomberg)

Malaysian Economic News…

The cabinet is expected to announce measures to tackle the dry season and El Nino phenomenon in the country next week, said Deputy Minister of Energy, Green Technology and Water, Datuk Seri Mahdzir Khalid. He said preparation was made so that water supply continues to reach consumers, including industries, using underground water, pools and lakes. It will monitor the impact of the dry weather including on agriculture, health and climate changes. (Bernama)

Housing developers need to register with the Urban Wellbeing, Housing and Local Government Ministry, the names of buyers purchasing more than four units of houses each. Its deputy minister Datuk Halimah Mohd Sadique said this was one of the conditions set in the Housing Development Advertisement and Sales Permit since May for bulk or en-bloc buying of housing units in new projects.

"The government will continue to monitor the rising price of houses and if needed, it will from to time, take additional fiscal measures to find a balance in the market. It will also ensure that real estate price would not spiral to an unhealthy level and causing a burden to buyers," she added. (Bernama)

Consumers are advised against panic buying as there is enough supply of essential goods such as sugar, flour and cooking oil during Ramadan and Aidilfitri. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek said this assurance was given by manufacturers in a meeting with him last week. The Ministry of Plantation Industries and Commodities had approved the quota for cooking oil by 10% using quotas for Sep, Oct and Nov. Representatives of manufacturers of sugar and flour also assured that production will be increased by 15%. (Bernama)

Daybreak│Malaysia

June 25, 2014

4

Prime Minister Datuk Seri Najib Tun Razak said klia2 Terminal (klia2) is another flagship international gateway to the nation, with the capacity to support projected air travel growth for at least the next 10 to 15 years. He said the mega terminal was able to handle up to 45m passengers per year, three times more than the previous Low Cost Carrier Terminal (LCCT)'s capacity. (Bernama)

Just six months after the nation saw a tariff hike in electricity rates, consumers may see another rise. But the agency given the mandate to restructure and reform the country’s power sector has proposed that the government utilise some RM500m in savings derived from renegotiations of the power purchase agreements (PPAs) with independent power producers (IPPs) to mitigate the potential impact on the people.

MyPower Corp Bhd stated it would recommend to the Cabinet to stay on course with the implementation of the fuel cost pass-through mechanism, whereby the tariff would be adjusted based on the international gas price every six months. The first adjustment is scheduled for next month, which could result in a tariff hike, as domestic gas prices are lower than international prices.

The true cost of power without subsidies is around 42 sen per kWh as opposed to the current tariff of 38.53 sen per kWh. To maintain the current tariff total subsidies cold reach RM12-14bn this year. (StarBiz)

Despite seeing the strongest growth in foreign direct investment (FDI) inflows among Asean countries last year, Malaysia continued to lag behind neighbouring countries in terms of total receipts. Malaysia’s net FDI inflows grew by an impressive 22.2% to US$12.3bn (RM39.6bn) in 2013, compared with US$10.1bn in the preceding year, according to the World Investment Report (WIR) 2014. The increase of FDI in Malaysia compared favourably to the increase in global FDI of 9% and 6.7% into developing countries. (StarBiz)

The Economic Transformation Programme identified 12 Entry Point Projects (EPPs) within the oil and gas industry which are expected to contribute RM47.1bn to Gross National Income (GNI) to meet the 2020 target. (NST)

Three of 11 austerity measures to reduce government spending announced by Prime Minister Datuk Seri Najib Abdul Razak last December will end on July 1. Chief Secretary to the Government Tan Sri Dr Ali Hamsa said the three measures involve entertainment allowance, highway toll payment and airline tickets. (Bernama)

Political News…

Datuk Seri Najib Razak yesterday hinted that there will be a Cabinet reshuffle soon. Towards the tail end of his speech while launching the new low-cost carrier terminal, klia2, the prime minister thanked acting Transport Minister Datuk Seri Hishammuddin Hussein for his hard work especially in the last few months dealing with the missing Malaysia Airlines flight MH370, which vanished with 239 people on board en route to Beijing on March 8. "This might be your last function as acting transport minister," he said.

Speculation have been rife that Najib will carry out a cabinet reshuffle to accommodate the presidents of his Barisan Nasional partners, MCA and Gerakan. Talk has it that the new line-up could be announced between now and after Hari Raya which is expected to be on July 28. The Malaysian Insider reported recently that four MCA and two Gerakan members of

Daybreak│Malaysia

June 25, 2014

5

parliament will be made ministers and deputy ministers, part of a mini reshuffle with no ministers being dropped in the process. MCA president Datuk Seri Liow Tiong Lai and Gerakan president Datuk Mah Siew Keong have been confirmed as ministers, and the inclusion of Mah into the Cabinet was seen as part of Najib’s promise made at the recent Teluk Intan by-election.

There are currently 32 ministers in the Cabinet. The Transport portfolio, traditionally given to MCA, was left vacant after the 13th general election last year, after MCA had previously decided it would not accept Cabinet posts if the party performed worse than it did in GE12. The Chinese party overturned its decision early this year. Three more vacancies to be filled are for the posts of deputy ministers for Finance, Tourism and in the Prime Minister’s Department. (Malaysian Insider)

Umno president Datuk Seri Najib Razak's call to party members to emulate a terrorist organisation showed his desperation amid waning support for Barisan Nasional, say political analysts. They said that the statement, made to Umno members on Monday night, might further damage his moderate image which he is taking pains to present to the international stage, as well as Malaysia's reputation as a moderate Muslim country.

While they noted that the prime minister is not supporting militancy, they were surprised that Najib had named the Islamic State in Iraq and the Levant (Isil), the militant al-Qaeda splinter group which recently took over the Iraqi city of Mosul, and whose alleged supporters were recently arrested by Malaysian authorities. ‎"It does show a certain sense of desperation on Najib's part that whatever reforms he wants to push through, it is not carried out because the expected followers are not behind him," ‎said Dr Ooi Kee Beng, the deputy director of Singapore's Institute of Southeast Asian Studies‎.

"While ‎the moderates in Umno are waiting for him to come out with clear reform agenda for the next four years, it seems he's waiting for his followers to lead. "There seems to be a waiting game between the prime minister and moderates in his party." (Malaysian Insider)

The Selangor Islamic Religious Department (Jais) has pushed the contentious issue of the seized Bibles back to the Selangor Menteri Besar, saying any decision on the holy books lies with Tan Sri Abdul Khalid Ibrahim. An officer from the office of Jais deputy enforcement director Mohd Shazihan Ahmad said that any questions or comments about the Bibles will now have to go through the menteri besar. "We are not going to make any statements about the Bibles. It is all up to the menteri besar now," said Shahizan's officer to The Malaysian Insider in Shah Alam today. googletag.cmd.push(function()

Jais, the officer said, refuses to comment on the Bibles issue following criticisms hurled at them by other parties. "We also get slammed when we don't give statements. So that is why we refuse to do so anymore," the officer said. (Malaysian Insider)

Daybreak│Malaysia

June 25, 2014

6

Corporate News…

The government will conduct an audit to address claims that the cost of building KLIA2 has ballooned to over RM4bn, said Acting Transport Minister Datuk Seri Hishammuddin Hussein. He said getting the new low-cost carrier terminal up and running was the priority earlier, but now that it is operational the government will look into what has led to the cost increase. "We have solved the teething [operational] issues. After this, we can look at [claims of] higher cost and so forth," Hishammuddin said.

However, he declined to give a timeline for the government to finalise the construction cost of KLIA2. "Now with Badlisham there, I told him to be more transparent," Hishammuddin said, referring to Datuk Badlisham Ghazali who took over from Tan Sri Bashir Ahmad as managing director of Malaysia Airports Holdings Bhd. (Financial Daily)

Sime Darby Bhd’s indirect unit Sime Darby Elmina Development Sdn Bhd and Eastern & Oriental Bhd (E&O) have extended the expiry date of the exclusivity period of the memorandum of agreement (MOA) between them from June 24 to July 8. The MOA will allow both parties to negotiate the terms of a sale and purchase agreement (SPA) in relation to the proposed disposal of a parcel of freehold land measuring 135 acres by Sime Darby to E&O. The SPA was first signed in September last year. (StarBiz)

The Track 4A power project in Pasir Gudang, Johor, which was offered to a consortium comprising YTL Power International Bhd, Tenaga Nasional Bhd and SIPP Sdn Bhd, still stands despite YTL pullout. Energy Commission (EC) chairman Datuk Abdul Razak Abdul Majid said as far as the commission is concerned, the project remains status quo and open, and it is up to the two remaining companies to discuss their next action. “The offer still stands until they reply by July 27. We have not heard anything from them and they will have to come back to us eventually,” he said at a media briefing, here, yesterday.

The Track 4A project was awarded to the consortium in May via direct negotiations. The letter of award is for the building of a 1,000MW-1,400MW power plant, reported to be worth between RM11bn and RM13bn, on a fast-track basis. Due to the controversies surrounding the job award, YTL Power withdrew from the deal on June 17, thereby raising concerns on the viability of the offer. (BT)

Boustead Plantations Bhd (BPB), which has plans to increase total planted area by 20,000 ha over the next five years, has drawn up a two pronged strategy to improve its operating efficiency and profitability moving forward through greater use of new planting materials and technics.

To-date, the group has planted about 14,000 ha with the new planting materials, including clonal and semi clonal DXP seeds as well as high density planting materials. "The use of high density planting materials is crucial for us to obtain higher FFB yields and CPO production per ha of planted area," CEO Fahmy Ismail said. (sun)

Alam Maritim Resources Bhd has signed a joint venture with Wah Seong Corp Bhd that will see a unit of the latter emerging with a 49% stake in one of Alam’s subsidiaries. The offshore support vessel (OSV) firm told the stock exchange yesterday that CIMB Private Equity Sdn Bhd’s subsidiary Armada Investment Ltd, which owns 51% of Alam-PE Holdings (L) Inc, had hived off its entire stake to Wah Seong and Alam. Wah Seong’s wholly-owned unit Wasco Energy Ltd will now hold 49% of Alam-PE, while Alam is to increase its interest to 51% from 49%. (StarBiz)

Daybreak│Malaysia

June 25, 2014

7

Seacera Group Bhd has proposed to the Government to build a 506km electrified fence along the Malaysia-Thailand border. Seacera inked a memorandum of understanding (MoU) with little-known Intelligent Fence (M) Sdn Bhd to participate in what it described in a Bursa Malaysia filing as a “tender under public-private partnership with the home ministry to build, operate and transfer an electric security fence along the national border of Malaysia and Thailand”.

Intelligent Fence chairman Datuk Mohd Suffian Abdul Aziz told a press conference yesterday that there were plenty of opportunities in this area as the Government lost RM5.5bn in revenue from illegal activities such as pilferage and smuggling. “On top of the 506km at the Thai-Malaysia border, there are much more opportunities at the Sabah and Sarawak borders that can go up to 2,056km,” he said.The fence will have sensors that can show the exact spot of intrusion.

Seacera managing director Zulkarnin Ariffin said that the business offered a recurring income stream and that it needed Intelligent Fence’s expertise for the proposal. He said the company could not reveal the value of the proposal, its costs and the stakes of both parties because the proposal was still at a preliminary stage and more studies were pending. He claimed that building the fence was much more cost effective than building walls.

A search with the Registrar of Companies showed that the main shareholder of Intelligent Fence was 35-year-old Chandrasegaran Uthamasselan. (StarBiz)

Kumpulan Wang Persaraan (KWAP) has bought a controlling stake in its third UK property for £174.8m (RM961.4m), bringing the number of properties in its portfolio to seven. The retirement fund said in a statement yesterday that it had sealed a joint venture with Intu Properties plc for the purchase of an 80% interest in the intu Uxbridge shopping centre. The three-floor, 440,000sf retail complex in West London was officially opened in February 2001. Intu, a British retail-based real estate investment trust, retains a 20% stake and will continue to manage the freehold property on behalf of the joint venture.

This is KWAP’s third property investment in the United Kingdom after acquiring 10 Gresham Street in October 2012 and 88 Wood Street in April last year for £200m and £215m, respectively. It now owns and co-owns seven properties, including four in Australia. CEO Wan Kamaruzaman Wan Ahmad said the retirement fund had to date invested RM5bn into international properties. (Star Biz)

Sumatec Resources Bhd says fresh review of its oil and gas field in Rakushechnoye, Kazakhstan has yielded a 14.5% increase in proven oil reserves to 129m barrels. “The increase in reserves is the first significant achievement for Sumatec with this asset,’’ Sumatec CEO Christopher Layton Dalton said. “An additional 10m barrels of oil is now available under 2P reserves to Sumatec (worth US$175m in net profit from oil sale) without paying any more than the initial US$95m,’’ he said in a statement yesterday. The estimated net profit of US$175m was based on Brent price of US100 (RM321) per barrel and US$35 per barrel net profit of which Sumatec is entitled to 50% of, after 2m barrels of oil has been produced.

In the same statement, Sumatec has proven 2,059bn cu ft (bcf) of gas (1 bcf equals to 1 trillion British thermal units) in Rakushechnoye field, Last year, Sumatec invested US$95m in the Rakushechnoye oil and gas field and signed a gas development agreement with Markmore Energy (Labuan) Sdn Bhd for the rights to develop and commercialise the project.

Daybreak│Malaysia

June 25, 2014

8

Since taking over operations of the field, Sumatec has started its workover programme to ramp up the production to 2000 barrels per day by the end of 2014. (Star Biz)

Rubber stocks in bonded warehouses in China's Qingdao port have fallen about a tenth from a peak in May, partly on reduced demand for the commodity as a loan collateral after a fraud investigation at the port, industry sources said. The drying up of rubber financing deals shows how a probe at Qingdao port, the world's seventh busiest, into suspected fraud related to metal financing has had an impact on other commodities used in a similar fashion.

Metals such as copper and zinc have been widely used for financing, a practice in which a commodity is pledged as collateral for a bank loan. But other commodities such as iron ore, soybeans and rubber have also been pulled into the trade, driving up stockpiles. "After the investigation into metals, banks are more careful in granting financial support, so it's not like before," said a senior person involved in the rubber industry in Singapore.

The source, who declined to be named, said banks were being more selective and possibly more conservative. The market closely monitors rubber stocks in Qingdao, which account for the bulk of inventory in China, the world's biggest consumer, but are not disclosed publicly. (Reuters)

Daybreak│Malaysia

June 25, 2014

9

BMSB: Changes in shareholdings

Type of No of Ave Price

24-Jun-14 Date transaction securities Company (RM)

EPF 19/6 Disposed 4,900,000 DIGI.COM

EPF 19/6 Disposed 2,950,000 SAPURAKENCANA PETROLEUM

EPF 17/6-18/6 Disposed 1,894,500 UMW HOLDINGS

EPF 19/6 Disposed 1,520,000 IJM CORPORATION

EPF 19/6 Disposed 813,000 IOI CORPORATION

EPF 19/6 Disposed 681,000 TIME DOTCOM

EPF 19/6 Disposed 597,800 PERDANA PETROLEUM

EPF 19/6 Disposed 500,000 DIALOG GROUP

EPF 19/6 Disposed 465,500 MALAYSIA AIRPORTS HOLDINGS

EPF 19/6 Disposed 360,900 MALAYAN BANKING

EPF 19/6 Disposed 350,000 GENTING PLANTATIONS

EPF 19/6 Disposed 176,300 FELDA GLOBAL VENTURES

EPF 19/6 Disposed 50,000 HOCK SENG LEE

EPF 19/6 Disposed 24,500 ORIENTAL HOLDINGS

EPF 19/6 Disposed 12,100 SUNWAY REIT

EPF 19/6 Disposed 4,200 BRITISH AMERICAN TOBACCO

Skim Amanah Saham Bumiputera 19/6-20/6 Disposed 2,250,000 DIGI.COM

Kumpulan Wang Persaraan 18/6-19/6 Disposed 428,000 POS MALAYSIA

BIMB HOLDINGS BERHAD 17/6-18/6 Disposed 35,200 SYARIKAT TAKAFUL MALAYSIA

Mitsubishi UFJ Financial Group, Inc 18/6 Disposed 21,300 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 18/6 Disposed 11,000 AEON CREDIT SERVICE

Mitsubishi UFJ Financial Group, Inc 18/6 Disposed 3,600 BRITISH AMERICAN TOBACCO 

EPF 19/6 Acquired 2,000,000 IHH HEALTHCARE

EPF 18/6-19/6 Acquired 1,736,200 SIME DARBY

EPF 19/6 Acquired 819,200 TELEKOM MALAYSIA

EPF 19/6 Acquired 516,700 GAMUDA

EPF 19/6 Acquired 500,000 YTL POWER INTERNATIONAL

EPF 19/6 Acquired 352,200 TOP GLOVE CORPORATION

EPF 19/6 Acquired 300,000 BUMI ARMADA

EPF 19/6 Acquired 300,000 KUALA LUMPUR KEPONG

EPF 19/6 Acquired 300,000 MAXIS

EPF 19/6 Acquired 206,300 AEON CO. (M)

EPF 19/6 Acquired 155,000 HONG LEONG BANK

EPF 19/6 Acquired 142,100 PUBLIC BANK

EPF 19/6 Acquired 116,000 PRESTARIANG

EPF 19/6 Acquired 80,100 PETRONAS DAGANGAN

EPF 18/6 Acquired 78,900 CIMB GROUP

EPF 19/6 Acquired 75,000 BERJAYA AUTO

EPF 19/6 Acquired 28,100 CAHYA MATA SARAWAK

EPF 19/6 Acquired 14,200 IJM PLANTATIONS

EPF 19/6 Acquired 5,600 POS MALAYSIA

Skim Amanah Saham Bumiputera 19/6-20/6 Acquired 235,900 MALAYSIA AIRPORTS

Kumpulan Wang Persaraan 19/6 Acquired 174,605,043 SP SETIA

Kumpulan Wang Persaraan 18/6-19/6 Acquired 1,057,400 KULIM (MALAYSIA)

Kumpulan Wang Persaraan 16/6-17/6 Acquired 1,017,900 BOUSTEAD HOLDINGS

Kumpulan Wang Persaraan 18/6 Acquired 105,900 DAYANG ENTERPRISE

Amal Pintas Sdn. Bhd. 23/6 Acquired 4,762,806 TAMBUN INDAH LAND 

DATO' SEE TEOW CHUAN 9/6 Acquired 1,217,900 KIAN JOO CAN FACTORY

ONLINE E-CLUB MANAGEMENT S/B 19/6 Acquired 2,000,000 IDIMENSION CONSOLIDATED 0.13

Absolute Investments Australia Pty Ltd 24/6 Acquired 27,000 CATCHA MEDIA

Mitsubishi UFJ Financial Group, Inc 18/6 Acquired 1,084,700 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 17/6-18/6 Acquired 594,600 POS MALAYSIA

KPJ HEALTHCARE 24/6 Shares Buy Back 50,000 KPJ HEALTHCARE 3.35

SOURCES: BMSB

Daybreak│Malaysia

June 25, 2014

10

BMSB: Off-market transactions

24-Jun-14 Vol

DUTALND 8,000,000

BONIA 4,500,000

XINGHE 4,000,000

MEDAINC 1,500,000

EAH-WC 1,487,050

TALIWRK 1,333,500

GPACKET 700,000

INCKEN 606,900

EAH-WB 555,378

Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

BMSB: Dividends

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

MSM MALAYSIA Final dividend - single tier 14.00 19-May-14 25-Jun-14 27-Jun-14 11-Jul-14

UCHI TECHNOLOGIES Final dividend - single tier 6.00 29-Apr-14 26-Jun-14 30-Jun-14 24-Jul-14

GENTING MALAYSIA Final dividend - single tier 3.90 6-May-14 26-Jun-14 30-Jun-14 22-Jul-14FELDA GLOBAL

VENTURESFinal dividend - single tier 10.00 3-Jun-14 26-Jun-14 30-Jun-14 11-Jul-14

MRCB 1st & final dividend - single tier 1.00 4-Jun-14 26-Jun-14 30-Jun-14 23-Jul-14

KOSSAN RUBBER IND. Final dividend - single tier 3.50 23-Apr-14 1-Jul-14 3-Jul-14 18-Jul-14

TOP GLOVE 1st Interim - single tier 7.00 17-Jun-14 1-Jul-14 3-Jul-14 17-Jul-14

MCIL Interim dividend - single tier 2.19 29-May-14 9-Jul-14 11-Jul-14 8-Aug-14

ORIENTAL HOLDINGS Final dividend - single tier 3.50 14-May-14 11-Jul-14 16-Jul-14 1-Aug-14

FRASER & NEAVE Interim dividend - single tier 22.00 7-May-14 16-Jul-14 18-Jul-14 8-Aug-14

BINTULU PORT Second interim - single-tier 6.00 28-May-14 16-Jul-14 18-Jul-14 8-Aug-14

JOBSTREET CORPORATION Final dividend - single tier 0.50 2-Jun-14 16-Jul-14 18-Jul-14 7-Aug-14

BERJAYA SPORTS 4th Interim - single tier 7.00 17-Jun-14 16-Jul-14 18-Jul-14 8-Aug-14

MUDAJAYA GROUP 2nd interim dividend - single tier 3.00 10-Jun-14 6-Aug-14 8-Aug-14 5-Sep-14

MUHIBBAH ENGINEERING 1st & final dividend - single tier 4.50 3-Jun-14 13-Aug-14 15-Aug-14 25-Aug-14

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

25-Jun-14 Ann Date Proposed

BONIA CORPORATION 25-Apr-14 Bonus issue 1:1, share split 1:2

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

DIALOG GROUP 6-May-14 Bonus issue 1:1, special share dividend 1:125

SBC CORP 27-May-14 Bonus issue 1:2

BUMI ARMADA 12-Jun-14 Bonus issue 1:2, 1 Rights @ 2

SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

ICON OFFSHORE 1.85 221,745,000 289,022,000 - Main Market 25-Jun-14

BOUSTEAD PLANTATIONS 1.60 580,000,000 76,000,000 163,570,500 Main Market 26-Jun-14

ECONPILE HOLDINGS 0.54 90,000,000 55,000,000 114,500,000 Main Market 30-Jun-14

No of shares

SOURCES: BMSB

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11

Corporate Actions

June 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 3

External Trade, External Reserves

8 9 10 11 12 13 10

Invest Malaysia 2014 Invest Malaysia 2014 SP Setia 2Q, IPI, Manufacturing Sales

15 16 17 18 19 20 17

B-Toto 4Q, Top Glove 3Q & conf. call

Astro 1Q, CPI SapuraKencana 1Q External Reserves (mid-month data)

22 23 24 25 26 27 24

29 30 31

Awal Ramadhan Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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12

Corporate Actions

July 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5

MPI's Analyst Day,

External Trade

6 7 8 9 10 11 12

External Reserves IPI, BNM rate

13 14 15 16 17 18 19

CPI

20 21 22 23 24 25 26

External Reserves

(mid-month data)

27 28 29 30 31

Hari Raya Puasa Hari Raya Puasa Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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13

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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.

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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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CIMB Stock Recommendation Framework #2 * 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. Neutral The stock's total return is expected to be within +/-5% of a relevant benchmark's total return. 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. Trading Buy The stock's total return is expected to exceed a relevant benchmark's total return by 3% or more over the next 3 months. Trading Sell The stock's total return is expected to be below a relevant benchmark's total return by 3% or more 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)

CIMB Stock Recommendation Framework #3 ** 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. ** 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.

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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013. AAV – Good, ADVANC - Excellent, AMATA - Very Good, ANAN – Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – Good, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET – Very Good, CENTEL – Very Good, CK - Excellent, CPALL - Very Good, CPF – Excellent, CPN - Excellent, DELTA - Very Good, DTAC - Excellent, EGCO – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Excellent, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Excellent, ITD – Very Good, IVL - Excellent, JAS – Very Good, KAMART – not available, KBANK - Excellent, KKP – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR – Very Good, MAKRO – Very Good, MCOT - Excellent, MINT - Excellent, 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 – Very Good, SPALI - Excellent, STA - Good, STEC - Very Good, TCAP - Excellent, THAI - Excellent, THCOM – Excellent, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Excellent, TTW – Excellent, TUF - Very Good, VGI – Excellent, WORK – Good.