Market Insight. Wednesday, 30 November, 2016

Transcription

1 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Market Insight Wednesday, 30 November, /03/2013(031743) Major Highlights Dutch Lady's 3Q net profit falls 19%; pays RM1.10 dividend MyEG's 1Q net profit up 42% on higher transaction volumes Kimlun bags RM52.8m deal to supply MRT tunnel linings Petronas among pre-qualified bidders for Mexican oil field auctions Sime Darby Property inks deal with Turner International as project consultant Sime Darby Plantation s Indonesian unit replants aggressively Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 11, FBM Hijrah Shariah 13, Volume (mn) 1, Value (RMmn) 1, FBMKLCI YTD Chg Scoreboard Close Change +/- Change % Gainers Losers Unchanged Regional Indices Close Change +/- Change % YTD Change DJIA 19, NASDAQ 5, S&P 500 2, FTSE 100 6, Nikkei , HSI 22, SHCOMP 3, KOSPI 1, TWSE 9, STI 2, JCI 5, SET 1, PSEi 6, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my Local & Global Economic News US 3Q growth revised up to 3.2% S&P: Higher interest costs and volatile foreign exchange rates to be top credit risks for Asia-Pacific in 2017 China forex regulator tightens controls to stem capital outflows Oil tumbles nearly 4% on doubts over OPEC production cut Indonesia c.bank buys 6.5trn rupiah of local bonds after Trump jolt KLCI Performance KLCI Year-End Target: 1,720 points Sector Indices Close Change +/- Change % Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Nov-16 Dec-16 High 1, , Low 1, , Last 1, , Volume 7, , Commodities (Most Recent Close) Close Change +/- (+/- %) % Brent Crude (USD/bbl) WTI Crude (USD/bbl) Gold (USD/ounce) 1, CPO (RM/MT) 3, SMR 20 (sen/kg) Latex (sen/kg) Soybean Oil Forex (per USD1) Close Change +/- Change % MYR JPY EUR SGD BIMB Securities 1

2 Major Rates KLIBOR 3-mth 3.41% KLIBOR 6-mth 3.52% KLIBOR 12-mth 3.62% 5-yr MGS 4.02% 10-yr MGS 4.46% Active Stock Close Change+/- (+/- %) Airasia X Sumatec Resources APFT RGB International Green Packet Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst , Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) Tasek Corp Bintulu Port Success Transformer Maybank Hume Industries Top Losers Close Change+/- (+/- %) Panasonic Mala Perusahaan Sadur Timah PPB Group DKSH Ajinomoto

3 LOCAL CORPORATE NEWS Dutch Lady's 3Q net profit falls 19%; pays RM1.10 dividend Dutch Lady net profit fell 19% yoy in its 3QFY16 as it spent more to support new launches to drive sales, which offset the revenue increase that it saw during the quarter. Net profit came in at RM40.66m or 63.5 sen per share, compared with RM49.95m or 78.1 sen per share a year ago, as it penned in higher cost of sales and advertising and promotion investment to support new launches. Revenue was up 9% at RM279.59m compared with RM255.95m. It also declared a single-tier interim dividend of 50 sen/share and a single-tier special interim dividend of 60 sen per share for the FY16, payable on Dec 29. (Source: The Edge) MyEG's 1Q net profit up 42% on higher transaction volumes MyEG's net profit for the 1QFY17, rose 42.2% to RM40.5m or 1.7 sen per share from RM28.5m or 1.2 sen/share a year earlier. Revenue increased 29.4% to RM78.6m from RM60.7m. The group attributed the increase in earnings and revenue to higher transaction volumes from online renewal of foreign workers' permits and insurance (FWP), and foreign worker rehiring programme services. Net profit also rose because of increase in revenue contribution from Road Transport Department (JPJ)-related services and contribution from its newly-acquired subsidiary Cardbiz Holding SB and group of companies. (Source: The Edge) Kimlun bags RM52.8m deal to supply MRT tunnel linings Kimlun has secured a RM52.8m contract for the supply and delivery of precast concrete tunnel segment linings to the MRT2 project. The contruction firm was awarded the contract by MMC Gamuda KVMRT (UGW) JV for the Sungai Buloh-Serdang- Putrajaya (SSP) alignment. The estimated date of completion was Sept 30, The company does not foresee any exceptional risk other than operational risks associated with the supply contract. (Source: StarBiz) Petronas among pre-qualified bidders for Mexican oil field auctions Petronas is among the individual bidders and among the members of the consortia pre-qualified to bid on Mexico s firstever deep water oil auctions, said Reuters. A final list of 17 oil companies representing a dozen countries that had prequalified for the bidding next month. The pre-qualified individual bidders, according to the article, are Australia s BHP Billiton, Britain s BP, China s CNOOC, the United States ExxonMobil, Malaysia s Petronas, Mexico s Pemex, Norway s Statoil and France s Total. (Source: StarBiz) Sime Darby Property inks deal with Turner International as project consultant Sime Darby Property has signed on international construction services company Turner International as its project and construction management consultant for potentially three high-rise developments collectively worth over RM1.3bn in GDV. At a signing ceremony today, it was revealed that Turner International's involvement with Sime Darby will encompass advisory and consultancy roles for Cantara Residences at Ara Damansara, an integrated development of 888 serviced apartments units with a GDV of RM676.05m. (Source: StarBiz) Sime Darby Plantation s Indonesian unit replants aggressively PT Minamas Gemilang, the Indonesian unit of Sime Darby Plantation, is undertaking an aggressive replanting programme to improve production yield. The company had been aggressively replanting unproductive trees with higher yielding seedlings, taking advantage of the dismal levels of palm oil prices over the past couple of years. The company have been aggressively replanting 14,000ha annually or 7% of our 203,000ha of planted area. As these young trees start to mature and bear fruit, Minamas estates yield should improve further. (Source: Bernama) Ahmad Zaki's Q3 earnings almost double to RM8.5m AZRB saw its net profit almost double to RM8.5m for the Q316 driven by higher revenue and other operating income. The revenue for Q3 16 rose by 53% to RM271m, primarily on the back of commendable contributions by its construction division as certain projects had shown higher progress during the period. Besides that, the additional new projects that were awarded during the 2 nd quarter, also strengthened AZRB s revenue for the quarter under review. (Source: StarBiz) Mida okays RM2bn RE investments The Malaysian Investment Development Authority (Mida) approved investments totalling RM2.07bn in renewable energy (RE) projects in the first 8 months this year, up from RM1.37bn approved for the whole of German companies not only continue to invest in Malaysia, but more importantly in quality projects while incorporating the latest technology and high value added activities. (Source: Bernama) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS US 3Q growth revised up to 3.2% The US economy grew faster than initially thought in the third quarter, notching its best performance in 2 years, buoyed by strong consumer spending and a surge in soybean exports. GDP increased at a 3.2% annual rate instead of the previously reported 2.9% pace. Growth was the strongest since the third quarter of 2014 and followed the second quarter's anemic 1.4% pace. Growth was also lifted by upward revisions to business investment in structures and home building, underscoring the economy's solid fundamentals that further bolster the case for the Federal Reserve to raise interest rates next month. (Source: Reuters) S&P: Higher interest costs and volatile foreign exchange rates to be top credit risks for Asia-Pacific in 2017 Potentially higher interest costs and volatile foreign exchange rates represent the top credit risks for Asia-Pacific going into Uncertainty about the policies of the future President-elect Donald Trump s administration is dominating financial markets. Rising US stock markets, a sell-off in global debt markets, and the significant strengthening of the USD showed that markets are already testing a scenario that incorporates key features of Trump s campaign: fiscal stimulus through increased infrastructure spending and tax cuts; rising inflation; and a tightening monetary policy. (Source: StarBiz) China forex regulator tightens controls to stem capital outflows China is stepping up measures to stem capital outflows after the yuan currency skidded to more than 8-year lows, taking aim at outbound investments that have soared to a record high. The State Administration of Foreign Exchange (SAFE) has begun vetting transfers abroad worth $5m or more and is stepping up scrutiny of major outbound deals, including those with prior approval. Capital outflows through both legal and illegal channels have added pressure on the yuan. The Chinese currency has depreciated nearly 6% against a strong dollar so far this year and many traders are betting on further losses, raising the spectre of more capital flight. (Source: Reuters) Oil tumbles nearly 4% on doubts over OPEC production cut Oil slumped by roughly 4% on Tuesday as OPEC's leading oil exporters struggled to agree on a deal to cut production to reduce global oversupply and boost prices, with Iran and Iraq at loggerheads with Saudi Arabia a day ahead of meeting. Brent futures fell $1.86, or 3.9%, to settle at $46.38 a barrel, while US crude lost $1.85, or 3.9%, to $ That was the biggest daily percentage decline for Brent since September. Those declines put both global benchmarks on track to fall for a 2 nd month in a row, with US crude down around 3% and Brent down almost 4%. (Source: Reuters) Indonesia c.bank buys 6.5trn rupiah of local bonds after Trump jolt Indonesia s central bank bought 6.5trn IDR (RM2.14bn) in Indonesian government bonds in the secondary market to temper market volatility after the US presidential election. Bank Indonesia bought a portion of the Indonesian government bonds that foreign investors sold in the wake of the US presidential election on Nov 8. The c.bank bought about 6.5 trn IDR, adding that foreign investor outflows from Indonesia s government bond market amounted to about 24trn IDR (RM7.9bn) over that span. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 11/30/ :00 UR PPI YoY Nov % -3.40% -- 11/30/ :00 UR PPI MoM Nov % -1.60% -- 11/30/ :00 SK Industrial Production SA MoM Oct -0.50% -1.70% 0.30% 0.60% 11/30/ :00 SK Industrial Production YoY Oct -1.30% -1.60% -2.00% -1.70% 11/30/ :00 SK Cyclical Leading Index Change Oct /30/ :50 JN Industrial Production MoM Oct P 0.00% % -- 11/30/ :50 JN Industrial Production YoY Oct P -1.30% % -- 11/30/ :00 NZ ANZ Activity Outlook Nov /30/ :00 NZ ANZ Business Confidence Nov /30/ :01 UK GfK Consumer Confidence Nov /30/ :01 UK Lloyds Business Barometer Nov /30/ :30 AU Building Approvals MoM Oct 2.00% % -- 11/30/ :30 AU Building Approvals YoY Oct -6.20% % -- 11/30/ :30 AU Private Sector Credit MoM Oct 0.40% % -- 11/30/ :30 AU Private Sector Credit YoY Oct 5.20% % -- 11/30/ :45 CH Westpac-MNI Consumer Sentiment Nov /30/ :00 NZ Money Supply M3 YoY Oct % -- 11/30/ :00 SI Money Supply M1 YoY Oct % -- 11/30/ :00 SI Money Supply M2 YoY Oct % -- 11/30/ :00 SI Bank Loans and Advances YoY Oct % -- 11/30/ :00 SI Credit Card Billings SGD Oct m -- 11/30/ :00 SI Credit Card Bad Debts SGD Oct m -- 11/30/ :00 SK Short-Term External Debt 3Q $106.8b -- 11/30/ :00 TH Mfg Production Index ISIC NSA YoY Oct -0.20% % -- 11/30/ :00 TH Capacity Utilization ISIC Oct /30/ :00 JN Vehicle Production YoY Oct % -- 11/30/ :00 JN Housing Starts YoY Oct 11.00% % -- 11/30/ :00 JN Annualized Housing Starts Oct 0.964m m -- 11/30/ :00 JN Construction Orders YoY Oct % -- 11/30/ :00 JN Small Business Confidence Nov /30/ :00 ES Retail Trade (YoY) Oct % -- 11/30/ :00 GE Retail Sales MoM Oct 1.00% % -- 11/30/ :00 GE Retail Sales YoY Oct 1.00% % -- 11/30/ :00 FI Trade Balance Sep F m -- 11/30/ :00 NO Credit Indicator Growth YoY Oct 5.10% % -- 11/30/ :00 TU Trade Balance Oct -4.10b b -- 11/30/ :00 SZ UBS Consumption Indicator Oct /30/ :30 TH Exports YoY Oct % -- 11/30/ :30 TH Exports Oct $19303m -- 11/30/ :30 TH Imports YoY Oct % -- 11/30/ :30 TH Imports Oct $15582m -- 11/30/ :30 TH Trade Balance Oct $3721m -- 11/30/ :30 TH BoP Current Account Balance Oct $3200m -- $2929m -- 11/30/ :30 TH BoP Overall Balance Oct $1108m -- 11/30/ :45 FR PPI MoM Oct % -- 11/30/ :45 FR PPI YoY Oct % -- 11/30/ :45 FR CPI EU Harmonized MoM Nov P -0.10% % -- 11/30/ :45 FR CPI EU Harmonized YoY Nov P 0.60% % -- 11/30/ :45 FR CPI MoM Nov P -0.10% % -- 11/30/ :45 FR CPI YoY Nov P 0.50% % -- 11/30/ :00 DE Unemployment Rate SA Oct % -- Source: Bloomberg, BIMB Securities 5

6 Stocks Closing Price PIVOT POINT ANALYSIS Pivot S3 S2 S1 Point R1 R2 R3 Est. Weighting. FBMKLCI Index n.a. FBM Hijrah Shariah n.a. Autos APM Automotive n.a. n.a. n.a. n.a. n.a. n.a. n.a % Delloyd Ventures n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % MBM Resources % Tan Chong % UMW % Building Materials Ann Joo Resource % Alum Co of Malay n.a. n.a. n.a. n.a. n.a. n.a. n.a % Choo Bee Metal % CSC Steel % Eksons Corp % Engtex Group % Goh Ban Huat % Hiap Teck % Jaks Resources % Java n.a. n.a. n.a. n.a. n.a. n.a. n.a % Kim Hin Ind % Kinsteel % Lafarge M Cement % Lion Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Lion Industries % Malaysia Smelting % Masteel % Melewar Ind % MTD ACPI % Pantech % Perwaja % Press Metal % Southern Steel % Tasek % Tong Herr % Conglomerates Cahya Mata Sarawak % Lion Diversified % Hap Seng Cons % MMC % Sime Darby % YTL Corp % Construction AZRB % Ekovest % Fajar Baru % Favelle Favco % Gamuda % Hock Seng Lee % IJM Corp % Kimlun % KKB Engineer % MRCB % 6

7 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Mudajaya % Muhibbah % Naim Hold % Sunway Hldgs % TRC Synergy % TSR Capital % Zelan % Consumer/Retail Aeon Co (M) % Ajinomoto % Apollo Food % Bonia % CI Holdings % Cocoaland % Dutch Lady % Guan Chong % Hai-O Ent % Hovid % Hup seng Inds % K-Star Sports % Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Padini % Parkson Holdings % Pelikan International n.a. n.a. n.a. n.a. n.a. n.a. n.a % Poh Kong % QL Resources % Silver Bird n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Three-A Resource % Xingquan Int l % Yee Lee Corp % Zhulian n.a. n.a. n.a. n.a. n.a. n.a. n.a % Education HELP Int l n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Masterskill n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % SEG Int l % Finance BIMB Hold % Syarikat Takaful % Healthcare Apex Healthcare n.a. n.a. n.a. n.a. n.a. n.a. n.a % CCM Duopharma % KPJ Healthcare % Faber Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Manufacturing CBIP % Chin Well % Daibochi Plastic n.a. n.a. n.a. n.a. n.a. n.a. n.a % Evergreen Fibre % George Kent % Guh Holdings % Hil Industries % Hong Leong Ind % 7

8 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting KYM Hldgs n.a. n.a. n.a. n.a. n.a. n.a. n.a % MWE Hold % Muda Hold % NTPM Hold % Nylex Malaysia % Perstima % Scientex % Sino Hua-an % SLP Resources % Wellcall % Media Media Chinese % Star Publication % Utusan Melayu n.a. n.a. n.a. n.a. n.a. n.a. n.a % Oil & Gas Alam Maritim % Daya Materials % Dayang Ent % Deleum % Dialog group % ESSO Malaysia % KNM Group % MMHE % Perisai Petroleum % Petra Energy % Pet Chem % Pet Dag % Pet Gas % Ramunia Hold % SAAG Cons. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Sapurakencana % Scomi Eng % Scomi Group % Shell Refining % Tanjung Offshore % Wah Seong % Petra Perdana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Plantation Batu Kawan % BLD Plantation n.a. n.a. n.a. n.a. n.a. n.a. n.a % Cepat Wawasan % Genting Plant % Golden Land % Gopeng n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hap Seng Plant % IJM Plant % Inch Ken Kajang n.a. n.a. n.a. n.a. n.a. n.a. n.a % IOI % Keck Seng Malay % Kim Loong % Kretam Holdings % KLK % Kulim Malaysia n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Rimbunan Sawit % 8

9 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Riverview Rubber % Sarawak Plant % TDM % TH Plant % Tradewinds Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % United Plant % Power TNB % YTL Power % Property A & M Realty % Am Corp Prop % Symphony Life Bh % Crescendo Corp % Daiman Develop % Damansara Realty % Dijaya n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Dutaland % E&O % Global Oriental % Glomac % Hunza Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % IJM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Ivory Properties % KLCC Property n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % KSL Hold % Kump Hartanah n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Kump Perangsang % LBS Bina Group % Magna Prima % Mah Sing % Malton % MK Land % Nadayu n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Plenitude % Selangor Prop % Selangor Dredging % SP Setia % Sunway % Suria Capital % Talam Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Tebrau Teguh n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % UEM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % WCT n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Wing Tai % YNH Property % YTL Land & Dev % Rubber Glove Adventa % Hartalega % Kossan % Latexx Partners n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Rubberex % Supermax Corp % 9

10 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Top Glove % Technology Compugates % D&O Green Tech % ETI Tech n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Formis Resources n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Formosa Prosonic % Frontken % Globetronics % JCY Int l % Key Asic % MPI % Notion V-Tec % Panasonic Man % Supportive n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Symphony House n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Uchi Tech % Unisem % VS Industry % Telcos Axiata Group % DiGi.Com % Green Packet % Maxis % Telekom Malaysia % Time Dotcom % Timber Jaya Tiasa % Subur Tiasa % WTK % Transport/Logistics Bintulu Port % Airasia % Century Logistic % Cycle & Carriage % Hubline % Integrated Log % Integrax n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Konsortium n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Maybulk % MISC % NCB Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Scomi Energy Ser % Water & Infrastructure PBA Hold % Puncak Niaga % Salcon % Taliworks Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Lingkaran Trans % Protasco % 10

11 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Ancom % Asia File n.a. n.a. n.a. n.a. n.a. n.a. n.a % Boustead Heavy n.a. n.a. n.a. n.a. n.a. n.a. n.a % Eden Inc % Fima Corp % Kumpulan FIMA % KUB Malaysia % Pie Industrial % Southern Acids n.a. n.a. n.a. n.a. n.a. n.a. n.a % Mega First % Coastal Contract % Time Engineering n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Sealink Int'l % Shin Yang % Jobstreet Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Myeg Services % Pos Malaysia % Picorp % Lion Forest % Note: R S Est. Weight = Resistance = Support = Based on FBMah Mkt. Cap 11

12 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 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 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 ( X) A Participating Organisation of Bursa Malaysia Securities Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, Kuala Lumpur Tel: Fax: Azharuddin Nordin Head of Research 12