vastalux energy berhad · malaysia investments at rm150.8bn for jan-sept 2016 trump's policies...

Market Insight

Thursday, 15 December, 2016

16795/03/2013(031743) www.bisonline.com.my

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Major Highlights Local & Global Economic News

BAuto unit applies for listing in Philippines

Ezra wants Perisai dispute resolved to prevent costly legal

battle

F&N expects 40% rise in bottle production with new RM45m

line

Destini contract extended by Defence Ministry

SYF Resources 1Q net profit up 8%, revenue jumps 57%

Tie-up with Etiqa Takaful to lift Pos Malaysia revenue

Rebates for power consumers from Jan to June next year

Malaysia investments at RM150.8bn for Jan-Sept 2016

Trump's policies to impact export-driven Asean including

Malaysia

Fed raises rates by 25bps, sees faster pace of increases in

2017

US industrial output falls most in 8 months

China CB advisers rally behind beleaguered yuan as Trump

threat looms

China property sales growth at lowest since November 2015

Bursa Malaysia

Bursa Malaysia Close Change +/- Change % FBMKLCI 1,643.29 -1.99 -0.12

FBMEMAS 11,491.45 -18.89 -0.16

FBM100 11,222.73 -21.72 -0.19

FBMEMAS Shariah 12,031.67 -20.40 -0.17

FBM Hijrah Shariah 13,491.89 -15.99 -0.12

Volume (mn) 1,435.01 100.14 7.50

Value (RMmn) 1,642.62 -86.88 -5.02

FBMKLCI YTD Chg -2.91 Scoreboard

Close Change +/- Change % Gainers 316 -103 -24.58

Losers 361 40 12.46

Unchanged 384 43 12.61 Regional Indices

Close Change

+/- Change %

YTD Change

(%) DJIA 19,792.53 -118.68 -0.60 13.59

NASDAQ 5,436.67 -27.16 -0.50 8.57

S&P 500 2,253.28 -18.44 -0.81 10.24

FTSE 100 6,949.19 -19.38 -0.28 11.32

Nikkei 225 19,253.61 3.09 0.02 1.16

HSI 22,456.62 9.92 0.04 2.47

SHCOMP 3,140.53 -14.51 -0.46 -11.26

KOSPI 2,036.87 0.89 0.04 3.85

TWSE 9,368.52 -13.62 -0.15 12.36

STI 2,954.06 -1.17 -0.04 2.47

JCI 5,262.82 -30.80 -0.58 14.58

SET 1,521.25 -8.96 -0.59 18.11

PSEi 6,928.34 47.43 0.69 -0.34 Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI 17.20 16.43 16.60

SHCOMP 15.04 13.23 11.08

HSI 12.34 11.26 11.05

JCI 17.43 14.52 15.23

SET 15.71 14.21 13.71

STI 14.28 13.56 13.91

PSEi 17.64 16.34 17.40 The Research Team

[email protected]

03-2613 1738

Sector Indices

Close Change +/- Change % Industrial 3,115.85 -10.83 -0.35 Consumer 577.90 -0.75 -0.13 Industrial Products 144.13 -0.02 -0.01 Construction 288.92 -0.18 -0.06 Finance 14,400.79 -3.46 -0.02 Property 1,128.41 -8.95 -0.79 Plantation 7,756.59 4.04 0.05 Technology 21.81 0.05 0.23 KLCI Futures

Contracts Dec-16 Jan-17 High 1,643.50 1,645.00 Low 1,632.00 1,636.00 Last 1,633.00 1,636.00 Volume 4,517.00 126.00 Commodities (Most Recent Close)

Close Change +/- (+/- %) % Brent Crude (USD/bbl) 53.90 -1.82 -3.27 WTI Crude (USD/bbl) 51.04 -0.24 -0.47 Gold (USD/ounce) 1,142.90 0.12 0.01 CPO (RM/MT) 3,125.00 27.00 0.87 SMR 20 (sen/kg) 894.00 109.00 13.89 Latex (sen/kg) 621.50 7.00 1.14 Soybean Oil 36.92 0.14 0.38 Forex

(per USD1) Close Change +/- Change % MYR 4.4462 0.0217 0.49 JPY 117.0400 1.8500 1.61 EUR 0.9491 0.0080 0.85 SGD 1.4371 0.0131 0.92

KLCI Performance

KLCI Year-End Target: 1,720 points

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Market Insight

Major Rates

KLIBOR 3-mth 3.41% KLIBOR 6-mth 3.52% KLIBOR 12-mth 3.62% 5-yr MGS 3.63% 10-yr MGS 4.14%

Active Stock

Close Change+/- (+/- %)

Hibiscus Petroleum 0.35 0.03 7.81

Mq Technology 0.09 -0.04 -32.00

Kuantan Flour Mills 0.25 0.17 206.25

KNM Group 0.34 0.00 0.00 Airasia X 0.38 -0.01 -1.30

Top Gainers


United Plantations 27.80 0.54 1.98

British American Tobacco 45.50 0.42 0.93

Heineken Malaysia 16.90 0.20 1.20

Kuantan Flour Mills 0.25 0.17 206.25 Only World Group Holdings Bh

2.46 0.15 6.49

Top Losers


PPB Group 15.68 -0.26 -1.63

Lafarge 7.60 -0.22 -2.81

Dutch Lady 55.22 -0.22 -0.40

Hong Leong Industries 9.59 -0.16 -1.64

UEM Edgenta 3.25 -0.13 -3.85

Daily Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Inst 59.7 1,014.2 948.3 65.9

Local Retail 11.1 182.9 182.1 0.8

Foreign 29.2 445.5 512.2 -66.7

Total 100.0 1,642.6 1,642.6 0.0


Market Insight

LOCAL CORPORATE NEWS BAuto unit applies for listing in Philippines Bermaz Auto (BAuto) said its unit in the Philippines has filed the application for its proposed listing on the Main Board of the Philippine stock exchange. Bermaz Auto, formerly know as Berjaya Auto, said its 60.4%-owned Bermaz Auto Philippines (BAP) had submitted the listing proposal to the Securities and Exchange Commission of the Philippines. The group has earlier said that the IPO would involve 155 million common shares in BAP, representing approximately 15.6% of BAP’s enlarged issued and paid-up share capital upon completion of the corporate exercise, at a price to be determined later. Barring unforeseen circumstances, the proposed IPO and listing were expected to be completed by the first half of 2017. (Source: StarBiz) Ezra wants Perisai dispute resolved to prevent costly legal battle A major shareholder of Perisai Petroleum Teknologi Bhd has signalled to the beleaguered oil and gas firm that it is willing to settle a current dispute over a share sale agreement (SSA) involving the sum of US$43mil (RM190.92m). Singapore-listed Ezra, which holds a 22.5% stake in Perisai, said that its subsidiary Emas Offshore Ltd (EOL) hopes to work towards resolving various issues relating to SJR Marine (L) Ltd, which is a 51:49 JV between Perisai and EOL. (Source: StarBiz) F&N expects 40% rise in bottle production with new RM45m line F&N has inaugurated a new state-of-the-art polyethylene terephthalate (PET) bottling manufacturing line at its plant in Shah Alam worth RM45m. The PET line has been operational since June 2016 and is expected to increase the group’s bottle production by 40% or 8m cases annually. The ‘PET Line 12 Combi’, as it is known, is fully automated whereby bottles are blow formed, filled and capped within an integrated system and has an improved efficiency of 12.5%, which improves space utilisation and reduces energy consumption. (Source: The Edge) Destini contract extended by Defence Ministry Destini Bhd has received a three-year extension contract from the Defence Ministry to provide maintenance, repair and overhaul services (MRO) for the Royal Malaysian Air Force worth RM98.2m. Its unit Destini Prima has received a letter of award from the Defence Ministry on Dec 8 for the extension of the contract. Apart from providing MRO services, Destini would supply safety and survival equipment for the Royal Malaysian Air Force. (Source: StarBiz) SYF Resources 1Q net profit up 8%, revenue jumps 57% SYF Resources net profit for the 1QFY17 rose 8.1% to RM11.7m or 1.91 sen per share, from RM10.8m or 1.77 sen per share in 1QFY16. However, the increase was not as big as the rise in revenue due to the completion of an industrial project with higher margin. The revenue jumped 57% to RM148.7m from RM94.9m in 1QFY16 on increased contribution from property development, and sale of boards and rubberwood furniture. Revenue from property development rose by RM43m from ongoing projects due to consistent construction progress and improved sales particularly from its new residential project Lavender Residence. (Source: The Edge) Tie-up with Etiqa Takaful to lift Pos Malaysia revenue Pos expects revenue of between 10% and 15% next year from premiums worth RM10m to be generated through its strategic partnership with Etiqa Takaful. The partnership deal with Etiqa Takaful to offer the pioneer family takaful plan, Pos Khairat Takaful. The plan is available at 700 Pos Malaysia branches nationwide. After the official launch that the service is a way for the company to expand its revenue stream. Mail operations contribute 30% to revenue, and by providing this service we can leverage on our network throughout the country. (Source: Bernama) Rebates for power consumers from Jan to June next year The government has announced a rebate of 1.52 sen per Kwh for nearly all consumers from Jan 1 to June 30 next year due to the lower fuel and generation costs. The imbalance cost pass-through (ICPT) rebate would benefit all consumers except households with consumption of 300kWh and below. This ICPT rebate amounts to RM766.3m and is made possible due to lower LNG price, higher performance of coal power plants and a reduction in the use of gas for electricity generation. The rebate also considered additional gas cost following the government’s subsidy rationalisation plan and decision to further increase the piped gas price from the current RM19.70/mmBTU to RM21.20/mmBTU. The new gas price will be effective from Jan 1, 2017. (Source: StarBiz)


Market Insight

LOCAL AND GLOBAL ECONOMIC NEWS Malaysia investments at RM150.8bn for Jan-Sept 2016 Malaysia recorded investments totalling RM150.8bn in the manufacturing, services and primary sectors for the 1

st 9 months

of 2016. Although, the number of projects dropped 3.7% from RM156.6bn in the same period last year, it will create 117,550 job opportunities. The overall investment performance for the whole of 2016 could be sustained, despite the challenging global environment. Domestic investments accounted for 74.8% of the total investments at RM112.8bn, while foreign investments made up the rest. (Source: Bernama) Trump's policies to impact export-driven Asean including Malaysia The economies of export-driven Malaysia, Singapore, Thailand and Vietnam would be impacted under US President elect Donald Trump's shift towards lower levels of US imports and FDI. These 4 countries face adverse consequences, given that global exports account for 50%-150% of these countries' GDP. While the nature of policies under the next US administration is uncertain, Trump's campaign proposals indicate a shift towards lower levels of US imports and FDIs. (Source: Reuters) Fed raises rates by 25bps, sees faster pace of increases in 2017 The US Fed raised interest rates by a quarter point and signaled a faster pace of increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation. The rate increase, regarded as a virtual certainty by financial markets in the wake of a string of generally strong economic reports, raised the target fed funds rate 25 bps to between 0.50% and 0.75%. In view of realized and expected labor market conditions and inflation, the committee decided to raise the target range. (Source: Reuters) US industrial output falls most in 8 months US retail sales barely rose in November and industrial production recorded its biggest drop in 8 months, suggesting some loss of momentum in economic growth in the 4Q. The weak retail sales and industrial output readings reported did not deter the Fed from raising interest rates 25bp to between 0.50% and 0.75%. The Fed signaled a faster pace of increases in 2017, against the backdrop of steadily rising inflation and a tightening labor market. (Source: Reuters) China CB advisers rally behind beleaguered yuan as Trump threat looms In what appeared to be an effort to shore up investor confidence in the beleaguered Chinese yuan, a phalanx of cb advisers signalled their readiness to defend the currency and said a stabilising economy will temper future depreciation pressure. In November, the yuan hit an almost 8-1/2 year low against a broadly strengthening dollar, forcing authorities to tighten outbound investment as they scrambled to staunch capital outflows. But recent data showing a stabilising economy have provided some support to the yuan. Deflation had ended, and overcapacity and corporate debt issues were starting to get resolved. (Source: Reuters) China property sales growth at lowest since November 2015 Home sales in China slowed sharply in November in the wake of government cooling measures, and new property investment slowed significantly from recent record levels – suggesting a key economic driver could be losing steam. Property sales growth slid in November to 7.9% from a year ago, its lowest since November 2015, and well short of October’s 26.4% increase. It will continue to cool, and fall to negative growth next year since the base figures were so high. If the government doesn’t ramp up infrastructure spending, the expected decline in property will certainly drag on growth. (Source: Reuters) Japan, EU in talks seeking free trade deal by year-end Japan and the EU are holding last-ditch talks to try reach a broad FTA by the end of the year. The 2-way trade talks have taken on greater significance after US President-elect Donald Trump said Washington would withdraw from the TPP, a 12-nation deal Prime Minister Shinzo Abe has said is key to his reforms and once a pillar of Washington's pivot to the Asia-Pacific. Japan is seeking cuts in EU tariffs on Japanese autos, auto parts and electric devices. Tokyo also wants the EU to cut red tape it says Japanese companies face doing business with the EU. (Source: Reuters) Indonesia CB seen holding key rate in wake of Fed decision Indonesia's CBis widely expected to keep its main policy rates on hold, just hours after the Fed concludes a meeting at which it is expected to raise US interest rates. A Fed rate hike, which would be the 1

st in a year, could lure more capital

away from emerging markets such as Indonesia. Earlier this year, South-East Asia's largest economy enjoyed relatively high inflows into its stock and bond markets, but the country is vulnerable to capital outflows. Some funds left the country after Donald Trump's surprise victory in the US election in November. (Source: Reuters)


Market Insight

ECONOMIC CALENDAR

Date Time Country Event Survey Actual Prior Revised

12/15/2016 00:00 IC International Reserves Nov -- 806b 799b --

12/15/2016 03:00 US FOMC Rate Decision (Upper Bound) 14-Dec 0.75% 0.75% 0.50% --

12/15/2016 03:00 US FOMC Rate Decision (Lower Bound) 14-Dec 0.50% 0.50% 0.25% --

12/15/2016 05:30 NZ BusinessNZ Manufacturing PMI Nov -- 54.4 55.2 55.1

12/15/2016 05:45 NZ Value of All Buildings SA QoQ 3Q 2.10% 1.40% 5.50% 5.30% 12/15/2016 07:50 JN Japan Buying Foreign Bonds 9-Dec -- -- -¥887.6b --

12/15/2016 07:50 JN Japan Buying Foreign Stocks 9-Dec -- -- -¥72.1b --

12/15/2016 07:50 JN Foreign Buying Japan Bonds 9-Dec -- -- ¥658.2b --

12/15/2016 07:50 JN Foreign Buying Japan Stocks 9-Dec -- -- ¥400.1b --

12/15/2016 08:00 AU Consumer Inflation Expectation Dec -- -- 3.20% -- 12/15/2016 08:30 AU Employment Change Nov 17.5k -- 9.8k 10.9k

12/15/2016 08:30 AU Unemployment Rate Nov 5.60% -- 5.60% --

12/15/2016 08:30 AU Full Time Employment Change Nov -- -- 41.5k 42.2k

12/15/2016 08:30 AU Part Time Employment Change Nov -- -- -31.7k -31.3k

12/15/2016 08:30 AU Participation Rate Nov 64.50% -- 64.40% --

12/15/2016 08:30 JN Nikkei Japan PMI Mfg Dec P -- -- 51.3 --

12/15/2016 08:30 AU RBA FX Transactions Government Nov -- -- -A$450m --

12/15/2016 08:30 AU RBA FX Transactions Market Nov -- -- A$439m --

12/15/2016 08:30 AU RBA FX Transactions Other Nov -- -- A$26m --

12/15/2016 13:00 SI Retail Sales SA MoM Oct -- -- -0.70% --

12/15/2016 13:00 SI Retail Sales Ex Auto YoY Oct -- -- -1.90% --

12/15/2016 13:00 SI Retail Sales YoY Oct 0.30% -- 2.00% --

12/15/2016 13:30 NE Retail Sales YoY Oct -- -- 1.10% 1.10%

12/15/2016 14:00 JN Machine Tool Orders YoY Nov F -- -- -5.60% --

12/15/2016 14:30 NE Unemployment Rate Nov -- -- 5.60% --

12/15/2016 15:00 NO Trade Balance NOK Nov -- -- 10.4b --

12/15/2016 15:00 FI Retail Sales Volume YoY Oct F -- -- 0.00% --

12/15/2016 15:00 FI GDP Indicator WDA (YoY) Oct -- -- 1.50% --

12/15/2016 15:00 TU Unemployment Rate Sep 11.40% -- 11.30% --

12/15/2016 15:00 EC EU27 New Car Registrations Nov -- -- 0.00% --

12/15/2016 15:00 FI Current Account Balance Oct -- -- -0.17b --

12/15/2016 16:00 DE PPI MoM Nov -- -- 1.50% --

12/15/2016 16:00 DE PPI YoY Nov -- -- -0.80% --

12/15/2016 16:00 TU Central Gov't Budget Balance Nov -- -- -0.10b --

12/15/2016 16:00 FR Markit France Manufacturing PMI Dec P 51.8 -- 51.7 --

12/15/2016 16:00 FR Markit France Services PMI Dec P 51.9 -- 51.6 --

12/15/2016 16:00 FR Markit France Composite PMI Dec P 51.6 -- 51.4 --

12/15/2016 16:30 SW Unemployment Rate Nov 6.20% -- 6.40% --

12/15/2016 16:30 SW Unemployment Rate Trend Nov -- -- 6.90% -- 12/15/2016 16:30 SW Unemployment Rate SA Nov 6.80% -- 6.90% --

12/15/2016 16:30 GE Markit Germany Services PMI Dec P 54.9 -- 55.1 --

12/15/2016 16:30 GE Markit/BME Germany Composite PMI Dec P 54.9 -- 55 --

12/15/2016 16:30 SZ SNB 3-Month Libor Lower Target Range 15-Dec -1.25% -- -1.25% --

12/15/2016 16:30 SZ SNB 3-Month Libor Upper Target Range 15-Dec -0.25% -- -0.25% --

12/15/2016 16:30 SZ SNB Sight Deposit Interest Rate 15-Dec -0.75% -- -0.75% --

12/15/2016 17:00 NO Deposit Rates 15-Dec 0.50% -- 0.50% --

12/15/2016 17:00 EC Markit Eurozone Manufacturing PMI Dec P 53.7 -- 53.7 --

12/15/2016 17:00 EC Markit Eurozone Services PMI Dec P 53.8 -- 53.8 --

12/15/2016 17:00 EC Markit Eurozone Composite PMI Dec P 53.9 -- 53.9 --

12/15/2016 17:30 UK Retail Sales Ex Auto Fuel MoM Nov 0.00% -- 2.00% --

12/15/2016 17:30 UK Retail Sales Ex Auto Fuel YoY Nov 6.00% -- 7.60% --

Source: Bloomberg, BIMB Securities


Market Insight

PIVOT POINT ANALYSIS

Stocks Closing

Price S3 S2 S1

Pivot Point

R1 R2 R3 Est.

Weighting.

FBMKLCI Index 1643.29 1632.87 1636.40 1639.82 1643.35 1646.77 1650.30 1653.72 n.a.

FBM Hijrah Shariah 13491.89 13395.10 13428.62 13459.63 13493.15 13524.16 13557.68 13588.69 n.a.

Autos

APM Automotive 3.440 3.380 3.390 3.420 3.430 3.460 3.470 3.500 0.240%

Delloyd Ventures n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

MBM Resources 2.210 2.195 2.203 2.205 2.213 2.215 2.223 2.225 0.31%

Tan Chong 1.820 1.775 1.798 1.805 1.828 1.835 1.858 1.865 0.423%

UMW 5.000 4.865 4.918 4.955 5.008 5.045 5.098 5.135 2.081%

Building Materials Ann Joo Resource 2.120 2.060 2.075 2.100 2.115 2.140 2.155 2.180 0.378%

Alum Co of Malay 0.890 0.890 0.890 0.890 0.890 0.890 0.890 0.890 0.043%

Choo Bee Metal 1.690 1.660 1.670 1.680 1.690 1.700 1.710 1.720 0.066%

CSC Steel 2.100 2.040 2.055 2.080 2.095 2.120 2.135 2.160 0.276%

Eksons Corp 0.875 0.868 0.869 0.873 0.874 0.878 0.879 0.883 0.050%

Engtex 1.170 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.129%

Goh Ban Huat 1.410 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.094%

Hiap Teck 0.305 0.275 0.283 0.295 0.303 0.315 0.323 0.335 0.139%

Jaks Resources 1.010 0.995 0.998 1.005 1.008 1.015 1.018 1.025 0.158%

Java 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.005%

Kim Hin Ind 1.810 1.765 1.773 1.795 1.803 1.825 1.833 1.855 0.090%

Kinsteel 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.045 0.017%

Lafarge M Cement 7.600 7.255 7.398 7.485 7.628 7.715 7.858 7.945 2.300%

Lion Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Lion Industries 0.395 0.388 0.391 0.393 0.396 0.398 0.401 0.403 0.096%

Malaysia Smelting 3.930 3.870 3.885 3.910 3.925 3.950 3.965 3.990 0.140%

Masteel 0.730 0.693 0.701 0.718 0.726 0.743 0.751 0.768 0.063%

Melewar Ind 0.370 0.333 0.344 0.358 0.369 0.383 0.394 0.408 0.030%

MTD ACPI 0.315 0.315 0.315 0.315 0.315 0.315 0.315 0.315 0.026% Pantech 0.560 0.545 0.548 0.555 0.558 0.565 0.568 0.575 0.123%

Perwaja 0.120 0.113 0.114 0.118 0.119 0.123 0.124 0.128 0.024%

Press Metal 1.700 1.640 1.665 1.680 1.705 1.720 1.745 1.760 2.238%

Southern Steel 1.220 1.175 1.193 1.205 1.223 1.235 1.253 1.265 0.183%

Tasek 12.820 12.790 12.795 12.810 12.815 12.830 12.835 12.850 0.553%

Tong Herr 2.100 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.116%

Conglomerates

Cahya Mata Sarawak 3.860 3.830 3.840 3.850 3.860 3.870 3.880 3.890 1.477% Lion Diversified 0.030 0.023 0.024 0.028 0.029 0.033 0.034 0.038 0.015%

Hap Seng Cons 8.090 7.910 7.945 8.030 8.065 8.150 8.185 8.270 7.174%

MMC 2.350 2.305 2.318 2.335 2.348 2.365 2.378 2.395 2.55%

Sime Darby 8.150 8.075 8.098 8.125 8.148 8.175 8.198 8.225 19.286%

YTL Corp 1.570 1.525 1.548 1.555 1.578 1.585 1.608 1.615 5.887%

Construction

AZRB 0.620 0.598 0.606 0.613 0.621 0.628 0.636 0.643 0.106%

Ekovest 2.370 2.295 2.323 2.345 2.373 2.395 2.423 2.445 0.722%

Fajar Baru 0.580 0.550 0.555 0.570 0.575 0.590 0.595 0.610 0.075%

Favelle Favco 2.370 2.325 2.343 2.355 2.373 2.385 2.403 2.415 0.187%

Gamuda 4.900 4.825 4.838 4.875 4.888 4.925 4.938 4.975 4.229%

Hock Seng Lee 1.650 1.590 1.600 1.630 1.640 1.670 1.680 1.710 0.323%

IJM Corp 3.340 3.250 3.285 3.310 3.345 3.370 3.405 3.430 4.286%

Kimlun 2.190 2.115 2.128 2.165 2.178 2.215 2.228 2.265 0.242%

KKB Engineer 1.150 1.120 1.125 1.140 1.145 1.160 1.165 1.180 0.106%

MRCB 1.370 1.310 1.330 1.350 1.370 1.390 1.410 1.430 1.046%


Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Mudajaya 0.800 0.785 0.788 0.795 0.798 0.805 0.808 0.815 0.15%

Muhibbah 2.250 2.190 2.205 2.230 2.245 2.270 2.285 2.310 0.38%

Naim Hold 1.420 1.390 1.395 1.410 1.415 1.430 1.435 1.450 0.12%

Sunway Hldgs 3.040 2.995 3.013 3.025 3.043 3.055 3.073 3.085 2.195%

TRC Synergy 0.390 0.383 0.384 0.388 0.389 0.393 0.394 0.398 0.067% TSR Capital 0.470 0.448 0.456 0.463 0.471 0.478 0.486 0.493 0.029%

Zelan 0.110 0.095 0.098 0.105 0.108 0.115 0.118 0.125 0.033%

Consumer/Retail

Aeon Co (M) 2.560 2.455 2.508 2.525 2.578 2.595 2.648 2.665 1.280%

Ajinomoto 13.740 13.560 13.620 13.680 13.740 13.800 13.860 13.920 0.298%

Apollo Food 5.360 5.210 5.285 5.310 5.385 5.410 5.485 5.510 0.153%

Bonia 0.580 0.573 0.576 0.578 0.581 0.583 0.586 0.588 0.166%

CI Holdings 2.540 2.540 2.540 2.540 2.540 2.540 2.540 2.540 0.147%

Cocoaland 1.990 1.990 1.990 1.990 1.990 1.990 1.990 1.990 0.162%

Dutch Lady 55.220 53.240 53.640 54.560 54.960 55.880 56.280 57.200 1.259%

Guan Chong 1.140 1.110 1.115 1.130 1.135 1.150 1.155 1.170 0.194%

Hai-O Ent 3.720 3.615 3.663 3.685 3.733 3.755 3.803 3.825 0.256%

Hovid 0.340 0.333 0.334 0.338 0.339 0.343 0.344 0.348 0.099%

Hup seng Inds 1.160 1.160 1.160 1.160 1.160 1.160 1.160 1.160 0.331%

K-Star Sports 0.055 0.055 0.055 0.055 0.055 0.055 0.055 0.055 0.005%

Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Padini 2.600 2.495 2.543 2.565 2.613 2.635 2.683 2.705 0.609%

Parkson Holdings 0.645 0.615 0.620 0.635 0.640 0.655 0.660 0.675 0.246%

Pelikan International 0.795 0.773 0.776 0.788 0.791 0.803 0.806 0.818 0.155%

Poh Kong 0.470 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.069%

QL Resources 4.350 4.245 4.288 4.315 4.358 4.385 4.428 4.455 1.934%

Silver Bird n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Three-A Resource 1.310 1.310 1.310 1.310 1.310 1.310 1.310 1.310 0.184%

Xingquan Int’l 0.100 0.085 0.090 0.095 0.100 0.105 0.110 0.115 0.021%

Yee Lee Corp 2.300 2.270 2.280 2.290 2.300 2.310 2.320 2.330 0.155%

Zhulian 1.280 1.265 1.273 1.275 1.283 1.285 1.293 1.295 0.210%

Education

HELP Int’l n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Masterskill n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

SEG Int’l 1.110 1.095 1.103 1.105 1.113 1.115 1.123 1.125 0.285%

Finance

BIMB Hold. 4.320 4.155 4.188 4.265 4.298 4.375 4.408 4.485 2.445%

Syarikat Takaful 4.100 3.980 4.015 4.060 4.095 4.140 4.175 4.220 1.199%

Healthcare

Apex Healthcare 4.420 4.420 4.420 4.420 4.420 4.420 4.420 4.420 0.184%

CCM Duopharma 1.990 1.990 1.990 1.990 1.990 1.990 1.990 1.990 0.198%

KPJ Healthcare 4.100 3.980 4.040 4.060 4.120 4.140 4.200 4.220 1.530%

Faber n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Manufacturing

CBIP 1.940 1.910 1.925 1.930 1.945 1.950 1.965 1.970 0.362%

Chin Well 1.570 1.495 1.508 1.545 1.558 1.595 1.608 1.645 0.168%

Daibochi Plastic 2.270 2.270 2.270 2.270 2.270 2.270 2.270 2.270 0.220%

Evergreen Fibre 0.950 0.920 0.935 0.940 0.955 0.960 0.975 0.980 0.286%

George Kent 2.960 2.870 2.900 2.930 2.960 2.990 3.020 3.050 0.396%

Guh Holdings 0.815 0.770 0.793 0.800 0.823 0.830 0.853 0.860 0.077%

Hil Industries 0.975 0.915 0.938 0.955 0.978 0.995 1.018 1.035 0.096%

Hong Leong Ind 9.590 9.335 9.453 9.505 9.623 9.675 9.793 9.845 1.091%


Market Insight



R1 R2 R3 Est.

Weighting

KYM Hldgs 0.330 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.018%

MWE Hold 1.260 1.215 1.223 1.245 1.253 1.275 1.283 1.305 0.103%

Muda Hold 1.460 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.159%

NTPM Hold. 0.825 0.810 0.818 0.820 0.828 0.830 0.838 0.840 0.330%

Nylex Malaysia 0.565 0.520 0.530 0.550 0.560 0.580 0.590 0.610 0.039%

Perstima 6.900 6.900 6.900 6.900 6.900 6.900 6.900 6.900 0.244%

Scientex 6.800 6.395 6.558 6.665 6.828 6.935 7.098 7.205 1.123%

Sino Hua-an 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.008%

SLP Resources 2.250 2.115 2.163 2.205 2.253 2.295 2.343 2.385 0.198%

Wellcall 1.810 1.735 1.773 1.785 1.823 1.835 1.873 1.885 0.214%

Media

Media Chinese 0.620 0.605 0.610 0.615 0.620 0.625 0.630 0.635 0.373%

Star Publication 2.250 2.160 2.200 2.220 2.260 2.280 2.320 2.340 0.591%

Utusan Melayu 0.380 0.380 0.380 0.380 0.380 0.380 0.380 0.380 0.015%

Oil & Gas

Alam Maritim 0.245 0.208 0.214 0.233 0.239 0.258 0.264 0.283 0.081%

Daya Materials 0.055 0.048 0.051 0.053 0.056 0.058 0.061 0.063 0.036%

Dayang Ent. 0.875 0.860 0.865 0.870 0.875 0.880 0.885 0.890 0.273%

Deleum 0.940 0.933 0.934 0.938 0.939 0.943 0.944 0.948 0.134%

Dialog 1.530 1.500 1.510 1.520 1.530 1.540 1.550 1.560 2.918%

ESSO Malaysia 4.210 4.135 4.148 4.185 4.198 4.235 4.248 4.285 0.405%

KNM 0.335 0.320 0.325 0.330 0.335 0.340 0.345 0.350 0.255%

MMHE 0.885 0.878 0.879 0.883 0.884 0.888 0.889 0.893 0.504%

Perisai Petroleum 0.060 0.053 0.054 0.058 0.059 0.063 0.064 0.068 0.027%

Petra Energy 0.940 0.933 0.934 0.938 0.939 0.943 0.944 0.948 0.107%

Pet Chem 6.900 6.765 6.813 6.855 6.903 6.945 6.993 7.035 19.662%

Pet Dag 23.640 23.340 23.440 23.540 23.640 23.740 23.840 23.940 8.365%

Pet Gas 21.460 20.920 21.150 21.280 21.510 21.640 21.870 22.000 15.126%

Ramunia Hold 0.130 0.115 0.120 0.125 0.130 0.135 0.140 0.145 0.052%

SAAG Cons. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Sapurakencana 1.610 1.520 1.555 1.580 1.615 1.640 1.675 1.700 3.436%

Scomi Eng 0.165 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.020%

Scomi 0.115 0.093 0.099 0.108 0.114 0.123 0.129 0.138 0.078%

Shell Refining 2.350 2.320 2.325 2.340 2.345 2.360 2.365 2.380 0.251%

Tanjung Offshore 0.320 0.305 0.313 0.315 0.323 0.325 0.333 0.335 0.043%

Wah Seong 0.780 0.765 0.768 0.775 0.778 0.785 0.788 0.795 0.215%

Petra Perdana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Plantation

Batu Kawan 18.200 18.200 18.200 18.200 18.200 18.200 18.200 18.200 2.626%

BLD Plantation 8.500 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.283%

Cepat Wawasan 0.915 0.885 0.893 0.905 0.913 0.925 0.933 0.945 0.101%

Genting Plant 10.760 10.670 10.695 10.730 10.755 10.790 10.815 10.850 3.041%

Golden Land 0.615 0.608 0.611 0.613 0.616 0.618 0.621 0.623 0.047%

Gopeng 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 0.077%

Hap Seng Plant 2.450 2.420 2.435 2.440 2.455 2.460 2.475 2.480 0.698%

IJM Plant. 3.300 3.150 3.225 3.250 3.325 3.350 3.425 3.450 1.035%

Inch Ken Kajang 0.670 0.670 0.670 0.670 0.670 0.670 0.670 0.670 0.096%

IOI 4.400 4.310 4.350 4.370 4.410 4.430 4.470 4.490 9.855%

Keck Seng Malay 4.750 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.608%

Kim Loong 3.400 3.370 3.385 3.390 3.405 3.410 3.425 3.430 0.377%

Kretam Holdings 0.540 0.533 0.536 0.538 0.541 0.543 0.546 0.548 0.378%

KLK 23.880 23.700 23.780 23.820 23.900 23.940 24.020 24.060 9.059%

Kulim Malaysia n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Rimbunan Sawit 0.500 0.493 0.494 0.498 0.499 0.503 0.504 0.508 0.253%


Market Insight



R1 R2 R3 Est.

Weighting

Riverview Rubber 3.520 3.520 3.520 3.520 3.520 3.520 3.520 3.520 0.081%

Sarawak Plant 1.750 1.750 1.750 1.750 1.750 1.750 1.750 1.750 0.174%

TDM 0.690 0.675 0.680 0.685 0.690 0.695 0.700 0.705 0.370%

TH Plant 1.120 1.105 1.113 1.115 1.123 1.125 1.133 1.135 0.353%

Tradewinds Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

United Plant 27.800 26.600 26.800 27.400 27.600 28.200 28.400 29.000 2.058%

Power

TNB 14.000 13.700 13.830 13.900 14.030 14.100 14.230 14.300 28.187%

YTL Power 1.470 1.410 1.425 1.450 1.465 1.490 1.505 1.530 4.063%

Property

A & M Realty 1.010 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.131%

Am Corp Prop. 0.775 0.768 0.769 0.773 0.774 0.778 0.779 0.783 0.164%

Symphony Life Bh 0.635 0.628 0.631 0.633 0.636 0.638 0.641 0.643 0.070%

Crescendo Corp 1.500 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.122%

Daiman Develop 2.170 2.140 2.145 2.160 2.165 2.180 2.185 2.200 0.163%

Damansara Realty 0.575 0.568 0.571 0.573 0.576 0.578 0.581 0.583 0.063%

Dijaya n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Dutaland 0.400 0.393 0.394 0.398 0.399 0.403 0.404 0.408 0.121%

E&O 1.440 1.410 1.425 1.430 1.445 1.450 1.465 1.470 0.645%

Global Oriental 0.300 0.300 0.300 0.300 0.300 0.300 0.300 0.300 0.049%

Glomac 0.715 0.700 0.708 0.710 0.718 0.720 0.728 0.730 0.184%

Hunza Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

IJM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Ivory Properties 0.445 0.423 0.429 0.438 0.444 0.453 0.459 0.468 0.078%

KLCC Property n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

KSL Hold. 1.040 1.025 1.033 1.035 1.043 1.045 1.053 1.055 0.381%

Kump Hartanah n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Kump Perangsang 1.170 1.140 1.150 1.160 1.170 1.180 1.190 1.200 0.208%

LBS Bina 1.680 1.665 1.673 1.675 1.683 1.685 1.693 1.695 0.384%

Magna Prima 1.100 1.070 1.075 1.090 1.095 1.110 1.115 1.130 0.130%

Mah Sing 1.430 1.340 1.380 1.400 1.440 1.460 1.500 1.520 1.227%

Malton 0.680 0.658 0.664 0.673 0.679 0.688 0.694 0.703 0.109%

MK Land 0.275 0.275 0.275 0.275 0.275 0.275 0.275 0.275 0.118%

Nadayu n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Plenitude 1.580 1.535 1.543 1.565 1.573 1.595 1.603 1.625 0.215%

Selangor Prop 4.490 4.460 4.470 4.480 4.490 4.500 4.510 4.520 0.550%

Selangor Dredging 0.785 0.733 0.759 0.768 0.794 0.803 0.829 0.838 0.119%

SP Setia 3.280 3.220 3.245 3.260 3.285 3.300 3.325 3.340 3.334%

Sunway 3.040 2.995 3.013 3.025 3.043 3.055 3.073 3.085 2.195%

Suria Capital 2.030 1.925 1.943 1.995 2.013 2.065 2.083 2.135 0.208%

Talam Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Tebrau Teguh n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

UEM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

WCT n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Wing Tai 0.965 0.965 0.965 0.965 0.965 0.965 0.965 0.965 0.163%

YNH Property 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 0.281%

YTL Land & Dev 0.560 0.560 0.560 0.560 0.560 0.560 0.560 0.560 0.165%

Rubber Glove

Adventa 0.680 0.650 0.665 0.670 0.685 0.690 0.705 0.710 0.037%

Hartalega 4.800 4.590 4.625 4.730 4.765 4.870 4.905 5.010 2.806%

Kossan 6.420 6.240 6.320 6.360 6.440 6.480 6.560 6.600 1.462%

Latexx Partners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Rubberex 0.755 0.755 0.755 0.755 0.755 0.755 0.755 0.755 0.062% Supermax Corp 2.080 2.035 2.058 2.065 2.088 2.095 2.118 2.125 0.497%


Market Insight



R1 R2 R3 Est.

Weighting

Top Glove 4.980 4.875 4.898 4.945 4.968 5.015 5.038 5.085 2.222%

Technology

Compugates 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.035 0.027%

D&O Green Tech 0.290 0.283 0.286 0.288 0.291 0.293 0.296 0.298 0.102%

ETI Tech n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Formis Resources n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Formosa Prosonic 0.825 0.825 0.825 0.825 0.825 0.825 0.825 0.825 0.073%

Frontken 0.165 0.150 0.153 0.160 0.163 0.170 0.173 0.180 0.062%

Globetronics 3.450 3.375 3.403 3.425 3.453 3.475 3.503 3.525 0.346%

JCY Int’l 0.530 0.515 0.520 0.525 0.530 0.535 0.540 0.545 0.389%

Key Asic 0.085 0.063 0.066 0.078 0.081 0.093 0.096 0.108 0.025%

MPI 7.400 7.145 7.248 7.315 7.418 7.485 7.588 7.655 0.524%

Notion V-Tec 0.405 0.398 0.401 0.403 0.406 0.408 0.411 0.413 0.039%

Panasonic Man 31.700 31.400 31.470 31.600 31.670 31.800 31.870 32.000 0.686%

Supportive n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Symphony House n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Uchi Tech 1.800 1.785 1.793 1.795 1.803 1.805 1.813 1.815 0.280%

Unisem 2.330 2.240 2.270 2.300 2.330 2.360 2.390 2.420 0.609%

VS Industry 1.410 1.365 1.378 1.395 1.408 1.425 1.438 1.455 0.588%

Telcos

Axiata 4.560 4.440 4.470 4.520 4.550 4.600 4.630 4.680 14.572%

DiGi.Com 4.980 4.935 4.948 4.965 4.978 4.995 5.008 5.025 13.792%

Green Packet 0.270 0.263 0.266 0.268 0.271 0.273 0.276 0.278 0.066%

Maxis 6.000 5.880 5.905 5.960 5.985 6.040 6.065 6.120 16.051%

Telekom Malaysia 5.950 5.845 5.888 5.915 5.958 5.985 6.028 6.055 7.965%

Time Dotcom 7.840 7.765 7.798 7.815 7.848 7.865 7.898 7.915 1.615%

Timber

Jaya Tiasa 1.370 1.340 1.355 1.360 1.375 1.380 1.395 1.400 0.472%

Subur Tiasa 1.450 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.097%

WTK 0.995 0.973 0.984 0.988 0.999 1.003 1.014 1.018 0.169%

Transport/Logistics

Bintulu Port 6.280 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1.029%

Airasia 2.520 2.475 2.488 2.505 2.518 2.535 2.548 2.565 2.498%

Century Logistic 0.860 0.845 0.853 0.855 0.863 0.865 0.873 0.875 0.118%

Cycle & Carriage 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 0.108%

Hubline 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.023%

Integrated Log. 0.895 0.880 0.883 0.890 0.893 0.900 0.903 0.910 0.055%

Integrax n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Konsortium n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Maybulk 0.710 0.695 0.703 0.705 0.713 0.715 0.723 0.725 0.253%

MISC 7.400 7.205 7.283 7.335 7.413 7.465 7.543 7.595 11.766%

NCB Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Scomi Energy Ser 0.155 0.140 0.143 0.150 0.153 0.160 0.163 0.170 0.129%

Water & Infrastructure

PBA Hold 1.160 1.115 1.133 1.145 1.163 1.175 1.193 1.205 0.137%

Puncak Niaga 0.910 0.873 0.886 0.898 0.911 0.923 0.936 0.948 0.145%

Salcon 0.570 0.555 0.558 0.565 0.568 0.575 0.578 0.585 0.131%

Taliworks Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Lingkaran Trans 5.750 5.630 5.675 5.710 5.755 5.790 5.835 5.870 1.077%

Protasco 1.190 1.160 1.170 1.180 1.190 1.200 1.210 1.220 0.180%


Market Insight

Note: R = Resistance S = Support Est. Weight = Based on FBMah Mkt. Cap

Stocks

Closing Price


R1 R2 R3 Est.

Weighting

Ancom 0.330 0.308 0.319 0.323 0.334 0.338 0.349 0.353 0.025% Asia File 3.580 3.505 3.518 3.555 3.568 3.605 3.618 3.655 0.246%

Boustead Heavy 1.850 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.164%

Eden Inc 0.190 0.175 0.178 0.185 0.188 0.195 0.198 0.205 0.021%

Fima Corp 2.030 2.030 2.030 2.030 2.030 2.030 2.030 2.030 0.174%

Kumpulan FIMA 1.710 1.695 1.698 1.705 1.708 1.715 1.718 1.725 0.172%

KUB Malaysia 0.400 0.393 0.394 0.398 0.399 0.403 0.404 0.408 0.079%

Pie Industrial 1.670 1.640 1.645 1.660 1.665 1.680 1.685 1.700 0.228%

Southern Acids 4.040 4.040 4.040 4.040 4.040 4.040 4.040 4.040 0.197%

Mega First 2.240 2.225 2.233 2.235 2.243 2.245 2.253 2.255 0.304%

Coastal Contract 1.320 1.305 1.313 1.315 1.323 1.325 1.333 1.335 0.249%

Time Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Sealink Int'l 0.160 0.153 0.154 0.158 0.159 0.163 0.164 0.168 0.028%

Shin Yang 0.270 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.115%

Jobstreet Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.000%

Myeg Services 2.330 2.240 2.260 2.300 2.320 2.360 2.380 2.420 1.992%

Pos Malaysia 3.860 3.770 3.815 3.830 3.875 3.890 3.935 3.950 1.076%

Picorp 0.140 0.133 0.134 0.138 0.139 0.143 0.144 0.148 0.033%

Lion Forest 0.440 0.425 0.428 0.435 0.438 0.445 0.448 0.455 0.036%


Market Insight

DEFINITION OF RATINGS BIMB Securities uses the following rating system: STOCK RECOMMENDATION BUY Total return (price appreciation plus dividend yield) is expected to exceed 10% in the next 12 months. TRADING BUY Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain. HOLD Share price may fall within the range of +/- 10% over the next 12 months TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels. TRADING SELL Share price may fall by more than 15% in the next 3 months. SELL Share price may fall by more than 10% over the next 12 months. NOT RATED Stock is not within regular research coverage. SECTOR RECOMMENDATION 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 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 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 Applicability of ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn may from time to time have a position in or either the securities mentioned herein. Members of the BIMB and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgements as of this date and are subject to change without notice. BIMB Securities Sdn accepts no liability for any direct, indirect or consequential loss arising from use of this report.

Published by

BIMB SECURITIES SB (290163-X) A Participating Organisation of Bursa Malaysia Securities Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur Tel: 03-2613 1600 Fax: 03-2613 1799 Azharuddin Nordin http://www.bimbsec.com.my Head of Research

The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opin-ions and estimates included in this report constitute our judgement as of this date and are subject to change without notice..



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