Gamuda (GAM MK) Buy (Maintained) 3QFY13 Results Hurt By Arbitration Losses

Transcription

1 Results Review, 28 June 2013 Gamuda (GAM MK) Buy (Maintained) Industrial - Engineering & Construction Target Price: MYR5.45 Market Cap: USD3,226m Price: MYR4.56 3QFY13 Results Hurt By Arbitration Losses Macro Risks Growth Value Price Close Gamuda (GAM MK) Relative to FTSE Bursa Malaysia KLCI Index (RHS) We maintain our Buy call, forecasts and fair value of MYR5.45 following the release of 9MFY13 results that met expectations. Gamuda is the best proxy to public infrastructure spending in Malaysia, particularly, the Klang Valley MRT project. It is likely to take the lead in terms of reaction to new price catalysts given its large market capitalisation, and high Beta and share liquidity. Vol m Jun-12 Aug-12 Oct-12 Dec-12 Mar-13 May-13 Source: Bloomberg Avg Turnover (MYR/USD) 45.9m/15.0m Cons. Upside (%) -1.3 Upside (%) wk Price low/high (MYR) Free float (%) 78 Shareholders (%) Amanah Saham B putera 8.3 KWAP 7.9 Raja Dato Seri Eleena 6.2 A solid 9MFY13. 9MFY13 core net profit (excluding MYR113m provision for contract dispute arbitration losses) came in within expectations, 8-14% completion for SBK MRT Line. Gamuda made good progress on the Sg Buloh Kajang (SBK) MRT Line project. As at end-3qfy13, completion of the MYR14bn elevated portion stood at 8% (vis-à-vis 6% three months ago), while the RM8.3bn tunnelling portion at 14% (vis-à-vis 8% three months ago). Cabinet approval for Line 2 by 3Q 2013? Gamuda remains optimistic that the Cabinet will give its approval for the MYR25bn Line 2 of the Klang Valley project or the Sg Buloh - Serdang - Putrajaya (SBSP) Line by 3Q Property: Johor the star performer. Gamuda raised its FY13 local property sales target by 20% to MYR1.62bn from MYR1.35bn three months ago thanks largely to the highly buoyant property market in Iskandar, Johor, Maiden launch of new Rawang township project in FY16. Gamuda guided maiden launch from its new township project in Rawang with a total GDV of MYR5.3bn in FY Investment case. We like Gamuda: (1) As it is the best proxy to public infrastructure spending in Malaysia, given its dominant role in the Klang Valley MRT project; (2) It has secured the best parts of the Klang Valley project, i.e. project delivery partner (PDP) (6% fee) and high-margin tunneling; and (3) It is likely to take the lead in terms of reaction to new price catalysts (for instance, Cabinet approval for Line 2 of the Klang Valley project) given its large market capitalisation, and high Beta and share liquidity. Fair value is MYR5.45. Maintain BUY. Shariah compliant Joshua Ng joshuang@rhb.com.my Forecasts and Valuations Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total turnover (MYRm) 2,455 2,673 3,087 3,970 4,947 Reported net profit (MYRm) Recurring net profit (MYRm) Recurring net profit growth (%) na Core EPS (MYR) Core P/E (x) Return on average equity (%) P/B (x) P/CF (x) 21.1 na EV/EBITDA (x) Net debt to equity (%) net cash Our vs consensus EPS (%) See important disclosures at the end of this report Powered by Enhanced Datasystems EFA TM Platform

2 3QFY13 Results Hurt By Arbitration Losses Results Briefing, 29 May 2013 A solid 9MFY13. 9MFY13 core net profit (excluding MYR113m provision for contract dispute arbitration losses) came in at 83-84% of our full-year forecast and the full-year consensus net profit forecast. However, we consider the results within expectations, having taken into consideration the normal quarterly fluctuation in recognition of construction and property profits. 8-14% completion for SBK MRT Line. Gamuda made good progress on the Sg Buloh Kajang (SBK) MRT Line project. As at end-3qfy13, completion of the elevated portion (of which MMC-Gamuda earns a project delivery partner or PDP fee amounting to 6% of the value of the elevated portion contract estimated at RM14bn) stood at 8% (vis-à-vis 6% three months ago), while the RM8.3bn tunnelling portion (of which MMC-Gamuda JV earns a construction margin, we assume at 12%) at 14% (vis-à-vis 8% three months ago). Recall, over the immediate term, progress on the tunneling portion will continue to come predominantly from billings of ten tunnel boring machine (TBM) worth about MYR1bn. At present, six have already been delivered to the sites, out of which one is operational, one will be operational next month, while the balance four are being assembled on the sites. Cabinet approval for Line 2 by 3Q 2013? Gamuda remains optimistic that the Cabinet will give its approval for the MYR25bn Line 2 of the Klang Valley project or the Sg Buloh - Serdang - Putrajaya (SBSP) Line by 3Q To recap, assuming that it takes about two years for the completion of land acquisition, public feeback, design and tendering (as in the case of Line 1), physical works should start around mid This will be the optimum staggering between Line 1 and Line 2 as by mid-2015, civil works on Line 1 will have been very much at the tail-end. This means there will not be discontinuity that results in construction equipment having had to be laid idle and staff redeployed to other projects. Gamuda believes the Government is mindful of the situation. Property: Johor the star performer. Gamuda raised its FY13 local property sales target by 20% to MYR1.62bn from MYR1.35bn three months ago (vis-àvis MYR1.15bn achieved in FY12) thanks largely to the highly buoyant property market in Iskandar, Johor, It felt that the property market in the Klang Valley has bottomed out while the property market in Vietnam is still weak. It now expects no net property sales in Vietnam in FY13 and FY14 (vis-à-vis MYR50m projection for FY13 previously) as the already immaterial sales are likely to be offset by cancellation of previously concluded sales. During 9MFY13, Gamuda recorded total property sales of MYR1bn out of which 60-65% came from Horizon Hills in Johor with the balance from its township projects in the Klang Valley. As at end-3qfy13, Gamuda s overall unbilled property sales stood at MYR1.2bn, unchanged from three months ago. No change to our earnings forecasts that assume property turnover and EBIT of MYR800-1,200m and MYR m per annum in FY Maiden launch of new Rawang township project in FY Gamuda guided maiden launch from its new township project in Rawang in FY It revealed that it is also acquiring for MYR47m a smaller piece of land measuring about 90 acres adjacent to the 724-acre Rawang land it won for MYR620m via a tender about half a month ago. These two land parcels are estimated to have a combined GDV of about MYR5.3bn. Gamuda is confident that this new Rawang township project will do well, taking the cue from the strong take-up or interest registered for on-going as well as up-andcoming property projects with the vicinity including M Residences 1 & 2 (Mah Sing), Emarald Garden (Guocoland) and Saujana Rawang (Glomac), etc. By virtue of its strategic location, the new township also boasts good connectivity via public transport (currently via the Rawang Seremban commuter train service and in the future MRT upon completion of the SBK MRT Line) as well as various highways (i.e. North-South Expressway, Guthrie Corridor Expressway as well as LATAR Expressway). See important disclosures at the end of this report Powered by Enhanced Datasystems EFA TM Platform

3 Results Briefing, 29 May 2013 Sale of Splash soon? Gamuda is hopeful that the sale of its 40% stake in water producer Splash could be concluded soon as it believes that the resolution of the water issue in the Klang Valley is now within striking distance as various stakeholders (we believe, particularly Puncak) begin to come to their senses. To recap, Selangor state investment arm Kumpulan Darul Ehsan Bhd (KDEB) in Feb 2013 offered to take over Splash, valuing it in its entirety at MYR1.8bn, comprising equity contribution plus 12% ROE of MYR251m and asset value of MYR1.6bn. Gamuda believes that the MYR1.8bn price tag for Splash in its entirety is on a net basis (as Gamuda believes the Government will assume the entire MYR1.5bn debt at Splash). If so, Gamuda s 40% stake in Splash will be valued at about MYR720m that Gamuda finds reasonably attractive and is quite willing to part with it. We are more inclined to believe that Gamuda s net price assumption is on the optimistic end. On the other hand, Gamuda said that it has not been in active discussion with any party with regards to the disposal of its toll roads in Malaysia. Forecasts. Maintained. Risks to our view. These include: (1) Risk associated with the SBK MRT Line project including delays, cost overrun and potential changes to the PDP terms; (2) Delays in the rollout of Lines 2 & 3 of the Klang Valley MRT project; and (3) Prolonged slowdown in the property market in Vietnam. Maintain BUY. The fundamentals of the construction sector are strong backed by on-going mega projects such as the MYR23bn Line 1 or SBK Line of the Klang Valley MRT project, MYR60bn Refinery and Petrochemical Integrated Development (RAPID) in Pegerang, Johor, MYR383bn Iskandar Malaysia and MYR334bn Sarawak Corridor of Renewable Energy (SCORE). In addition, there is a long list of shovel-ready mega infrastructure projects including the MYR25bn Line 2 or SBSP Line of the Klang Valley MRT project, MYR8bn Gemas Johor Bahru double tracking project, MYR7bn West Coast Expressway and MYR10bn Pan Borneo Highway, as well as shovel-ready mega property projects including the MYR26bn Tun Razak Exchange (TRX), MYR15bn Bandar Malaysia. MYR10bn Kwasa Damansara and MYR5bn Warisan Merdeka Tower. We like Gamuda: (1) As it is the best proxy to public infrastructure spending in Malaysia, given its dominant role in the SBK MRT Line project, and most likely, in Lines 2 & 3 of the Klang Valley MRT project as well; (2) It has secured the best parts of the SBK MRT Line project, i.e. project delivery partner (PDP) (6% fee) and high-margin tunneling; and (3) It is likely to take the lead in terms of reaction to new price catalysts (for instance, Cabinet approval for Line 2 of the Klang Valley project) given its large market capitalisation, and high Beta and share liquidity. Fair value is MYR5.45 based on sum of parts (see Figure 4), valuing its construction business at 17x 1- year forward earnings, at a premium to our 1-year forward target PER for the construction sector of 10-16x to reflect Gamuda s large market capitalisation and high share liquidity. See important disclosures at the end of this report Powered by Enhanced Datasystems EFA TM Platform

4 Results Briefing, 29 May 2013 Figure 1: Earnings Review (YoY Cumulative) FYE Jul YoY Observations/Comments (MYRm) 9M 9M Chg Turnover 2, , % Construction 1, , % SBK MRT Line project started to contribute more significantly. Property development (6%) Billings sustained by strong sales over the last two years. Concessions % EBIT (15%) Hurt by MYR113m provision for contract dispute arbitration losses. Net inc/(exp) (47.9) (52.1) 9% Associates & JVs % Pretax profit (11%) Taxation (126.2) (110.7) (12%) Minority interest (18.5) (7.1) (61%) Net profit (8%) Hurt by MYR113m provision for contract dispute arbitration losses. EPS (sen) (9%) Overall EBIT margin 20% 14% (6% pts) Construction EBIT margin 14.1% 6.6% (7.5% pts) Hurt by MYR113m provision for contract dispute arbitration losses. Pretax margin 26% 19% (7% pts) Effective tax rate 23% 23% (0% pt) EBIT breakdown* Construction (35%) Hurt by MYR113m provision for contract dispute arbitration losses. Property development (7%) High base in FY12 due to profits from land sales in Vietnam. Concessions % Net inc/(exp) (47.9) (52.1) 9% Total (11%) Figure 2: Earnings Review (QoQ) FYE Jul QoQ Observations/Comments (MYRm) 1Q 2Q 3Q Chg Turnover % Construction % SBK MRT Line project started to contribute more significantly. Property development (8%) Normal quarterly fluctuation in progress billings. Concessions (2%) EBIT (61%) Hurt by MYR113m provision for contract dispute arbitration losses. Net inc/(exp) (16.7) (20.2) (15.3) (24%) Associates & JVs (4%) Pretax profit (47%) Taxation (34.5) (40.9) (35.3) (14%) Minority interest (2.3) (4.5) (0.3) (93%) Net profit (54%) Hurt by MYR113m provision for contract dispute arbitration losses. EPS (sen) (55%) Overall EBIT margin 19% 18% 7% (11% pts) Construction EBIT margin 12.4% 12.5% (3.2%) (15.7% pts) Pretax margin 24% 23% 12% (11% pts) Effective tax rate 27% 29% 73% 44% pts Hurt by MYR113m provision for contract dispute arbitration losses that was not tax deductable. EBIT breakdown* Construction (20.3) nm Hurt by MYR113m provision for contract dispute arbitration losses. Property development (5%) Normal quarterly fluctuation in profit recognition. Concessions (5%) Net inc/(exp) (16.7) (20.2) (15.3) (24%) Total (47%) See important disclosures at the end of this report Powered by Enhanced Datasystems EFA TM Platform

5 Gamuda (GAM MK) 28 June 2013 Financial Exhibits Profit & Loss (MYRm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total turnover 2,455 2,673 3,087 3,970 4,947 Cost of sales (2,136) (2,224) (2,484) (3,349) (4,203) Gross profit Gen & admin expenses (101) (111) (64) (80) (80) Other operating costs Operating profit Operating EBITDA Depreciation of fixed assets (20) (19) (24) (25) (26) Operating EBIT Net income from investments Interest expense (44) (59) (62) (30) (31) Pre-tax profit Taxation (81) (112) (162) (195) (225) Minority interests (9) (8) (19) (8) (8) Profit after tax & minorities Reported net profit Recurring net profit Cash flow (MYRm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Operating profit Depreciation & amortisation Change in working capital 299 (440) (224) (115) (116) Operating cash flow 578 (40) Interest received Interest paid (86) (79) (113) (30) (31) Tax paid (77) (110) (153) (195) (225) Cash flow from operations 438 (200) Capex (16) (117) (83) (150) (150) Other investing cash flow (556) Cash flow from investing activities (572) (150) (150) Dividends paid (151) (325) (249) (189) (189) Proceeds from issue of shares Increase in debt Other financing cash flow 0 (0) Cash flow from financing activities 160 (68) (28) (189) (189) Cash at beginning of period 1,154 1,166 1,049 1,337 1,270 Total cash generated 25 (98) 277 (68) 24 Forex effects (14) (18) Implied cash at end of period 1,166 1,049 1,337 1,270 1,294 See important disclosures at the end of this report 5

6 Gamuda (GAM MK) 28 June 2013 Financial Exhibits Balance Sheet (MYRm) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Total cash and equivalents 1,950 1,386 1,616 1,549 1,573 Inventories Accounts receivable 1,433 1,702 1,638 1,638 1,638 Other current assets 566 1,424 1,909 2,009 2,109 Total current assets 4,028 4,546 5,229 5,261 5,385 Total investments 1,496 1,631 1,708 1,931 2,155 Tangible fixed assets ,081 1,205 Intangible assets Total other assets Total non-current assets 2,705 3,006 3,270 3,618 3,965 Total assets 6,734 7,551 8,499 8,879 9,351 Short-term debt ,327 1,293 1,339 Accounts payable 1,347 1,516 1,727 1,727 1,727 Other current liabilities Total current liabilities 1,871 2,166 3,107 3,073 3,119 Total long-term debt 1,279 1, Other liabilities Total non-current liabilities 1,373 1,498 1,124 1,150 1,096 Total liabilities 3,243 3,664 4,230 4,223 4,215 Share capital 2,026 2,065 2,079 2,079 2,079 Retained earnings reserve 1,414 1,622 1,969 2,357 2,836 Shareholders' equity 3,440 3,687 4,048 4,436 4,915 Minority interests Other equity (0) Total equity 3,490 3,887 4,269 4,657 5,136 Total liabilities & equity 6,734 7,551 8,499 8,879 9,351 Key Ratios (MYR) Dec-10 Dec-11 Dec-12 Dec-13F Dec-14F Revenue growth (%) Operating profit growth (%) Net profit growth (%) EPS growth (%) Bv per share growth (%) Operating margin (%) Net profit margin (%) Return on average assets (%) Return on average equity (%) Net debt to equity (%) (4.6) Recurrent cash flow per share 0.22 (0.10) See important disclosures at the end of this report 6

7 Gamuda (GAM MK) 28 June 2013 Figure 3: Gamuda s Outstanding Construction Orderbook Project Value (MYRbn) Underground package, SBK Line, Klang Valley MRT 3.6 Ipoh Padang Besar double-tracking project 0.3 Total 3.9 Source: Company data, RHB Figure 4: Gamuda s Sum-Of-Parts Valuation Segment MYRm MYR/shr Basis Operations (ex-vietnam) 11, x fully-diluted CY14 net profit, at a premium to our 1-year forward target PER for the construction sector of 10-16x. Vietnam Gamuda City, Hanoi: GDV of MYR10bn and project life of 10 years. Celadon City, HCMC: GDV of MYR6bn and project life of 7 years. Average PBT margin of 25%, tax rate of 25% and benchmark discount rate of 10% for property projects. A 50% discount to NPV of MYR1,759m to reflect country risk and a more pronounced slowdown in the property market in Vietnam. Total 12, Source: RHB See important disclosures at the end of this report 7

8 Gamuda (GAM MK) 28 June 2013 SWOT Analysis First-mover advantage in MRT development in Malaysia Competitiveness against foreign contractors Inherent execution and policy risks of mega projects Prolonged downturn in property market in Vietnam Rail development in Malaysia including MRT, double tracking and KL- Singapore highspeed rail Property development in Iskandar Reliance on mega public projects Increased policy risk of concession assets Figure 3 Figure 4 P/E (x) vs EPS growth P/BV (x) vs ROAE ,200% 900% 600% 300% 0% % 17% 14% 11% 9% 6% 3% 0% Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 P/E (x) (lhs) EPS grow th (rhs) P/B (x) (lhs) Return on average equity (rhs) Company Profile Gamuda is primarily involved in construction, property development, operations of toll roads and production of treated water. It is the leading player in public infrastructure in Malaysia by virtue of its project delivery partner and tunnelling contractor roles in the construction of the Klang Valley MRT project. See important disclosures at the end of this report 8

9 Gamuda (GAM MK) 28 June 2013 Recommendation Chart 5.5 Price Close Recommendations & Target Price Jul-08 Oct-09 Jan-11 Apr-12 NR Buy Neutral Sell Trading Buy Take Profit Not Rated Source: RHB Estimates, Bloomberg Date Recommendation Target Price Price Buy Buy Buy Buy Neutral Neutral Neutral Neutral Neutral Neutral Source : RHB Estimates, Bloomberg See important disclosures at the end of this report 9

10 RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage Disclosure & Disclaimer All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or financial advice to independently evaluate the particular investments and strategies. RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this research report. RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature. The term RHB shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies. All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect. Malaysia This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd ( M), Level 11, Tower One, RHB Centre, Jalan Tun Razak, Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Singapore This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No N), a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as RHBIB, which in turn is a whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG & Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this report is therefore classified as a non-independent report. As of 27 June 2013, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary positions in the securities covered in this report, except for: a) - As of 27 June 2013, none of the analysts who covered the securities in this report has an interest in such securities, except for: a) - Special Distribution by RHB Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG & Partners Securities Pte Ltd. Hong Kong This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited ( RHBSHK ) (formerly known as OSK Securities Hong Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as RHBIB ), which in turn is a wholly-owned subsidiary of RHB Capital Berhad. RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company. RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company. 10

11 Risk Disclosure Statements The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK does not maintain a predetermined schedule for publication of research and will not necessarily update this report Indonesia This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Thailand This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned subsidiary of RHB Capital Berhad. Other Jurisdictions In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and regulations of the jurisdictions. Kuala Lumpur Hong Kong Singapore Malaysia Research Office RHB Research Institute Sdn Bhd Level 11, Tower One, RHB Centre Jalan Tun Razak Kuala Lumpur Malaysia Tel : +(60) Fax : +(60) RHB OSK Securities Hong Kong Ltd. (formerly known as OSK Securities Hong Kong Ltd.) 12th Floor World-Wide House 19 Des Voeux Road Central, Hong Kong Tel : +(852) Fax : +(852) DMG & Partners Securities Pte. Ltd. 10 Collyer Quay #09-08 Ocean Financial Centre Singapore Tel : +(65) Fax : +(65) Jakarta Shanghai Phnom Penh PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia) Plaza CIMB Niaga 14th Floor Jl. Jend. Sudirman Kav.25 Jakarta Selatan 12920, Indonesia Tel : +(6221) Fax : +(6221) RHB OSK (China) Investment Advisory Co. Ltd. (formerly known as OSK (China) Investment Advisory Co. Ltd.) Suite 4005, CITIC Square 1168 Nanjing West Road Shanghai China Tel : +(8621) Fax : +(8621) Bangkok RHB OSK Indochina Securities Limited (formerly known as OSK Indochina Securities Limited) No. 1-3, Street 271 Sangkat Toeuk Thla, Khan Sen Sok Phnom Penh Cambodia Tel: +(855) Fax: +(855) RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL) 10th Floor, Sathorn Square Office Tower 98, North Sathorn Road,Silom Bangrak, Bangkok Thailand Tel: +(66) Fax : +(66)