BIMB SECURITIES RESEARCH MARKET INSIGHT

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1 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Friday, 15 April 2016 KLCI Performance KLCI Year-End Target: 1,780 points Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 14, Volume (mn) 1, Value (RMmn) 1, FBMKLCI YTD Chg 1.85 Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 17, NASDAQ 4, S&P 500 2, FTSE 100 6, Nikkei , HSI 21, SHCOMP 3, KOSPI 2, TWSE 8, STI 2, JCI 4, SET Closed PSEi 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my Major Highlights Sime to represent Malaysia at world conference on quality & improvement SP Setia acquires 4 th piece of land in melbourne for as$10m Triple blow for GPlus, including de-listing Petronas urges LNG industry stakeholders to curb price volatility Petronas Chemicals scraps US$1.3bn elastomers project in Rapid Celcom's wonderoam removes worries of high roaming fees Axia powers Perodua sales with 36.3% of Q1 volume IHH unit Parkway sells stake in Shenton Insurance for RM81m Local & Global Economic News Ringgit closes easier on subdued appetite IEA sees oil oversupply almost gone in H2 With plenty of punch, central bankers wait in vain for the world to drink US inflation pressures benign, but labor market firming US jobless claims fall, revisit 1973 level India growth to hold strong US says China to end export subsidies in seven sectors Japan likely averted recession in Q1 Regionally Key regional markets ended positively yesterday. N225 emerged as the top gainer, gained 3.23% to close at 16, followed by KOSPI (+1.75%), HSI (+0.85%), STI (+0.81%), SHCOMP (+0.51%), PSEi (+0.22%) and TWSE (+0.18%). While, JCI (-0.79%) was the only loser. SET was closed for Songkran Festival. Locally The FBMKLCI gained 0.67 points to close at 1, yesterday. Bursa s market breath was positive with 366 gainers against 437 losers while 405 counters were traded unchanged. Panamy (+40sen), LayHong (+18sen) and GAB (+18sen) led the gainers. While BAT (- 46sen), Sam (-31sen) and CMCB (-22sen) led the losers. Market Preview Shares in Europe extended their gains as investors remained cautious on the price of oil, amid another set of mixed earnings from leading businesses. Wall Street closed slightly higher as financials sector rising for a fifth straight day after some major bank rose on strong first-quarter reports. The DJIA added 0.1% and 0.02% respectively to end at 17, and 2, In Asia, markets closed mostly higher with the Japanese Nikkei 225 leading the way, closing over 3% on the back of the yen's recent relative weakness against the dollar. Locally, the FBMKLCI gained 0.67 points or 0.04% to 1,723.78, lifted mainly by KLCC Stapled, SIME and some finance stocks. Trading participation saw net buying by foreign institutions and local retail while local institutions were net sellers. We expect the local market to remain sideway today following to flatish results in U.S. and Europe with immediate resistance at 1,730/40. 1

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Apr-16 May-16 High 1, , Low 1, , Last 1, , Volume 4, Commodities (Most Recent Close) Close Change +/- (+/- %) Brent Crude (USD/bbl) WTI Crude (USD/bbl) Gold (USD/ounce) 1, CPO (RM/MT) 2, SMR 20 (sen/kg) Latex (sen/kg) Soybean Oil Forex (per USD1) Close Change +/- Change MYR JPY EUR SGD Active Stock Close Change+/- (+/- %) Sumatec Resources Eka Noodles KNM Group Airasia X Vivocom International Top Gainers Close Change+/- (+/- %) Panasonic Manufacturing Lay Hong Guinness Anchor Allianz Power Root Top Losers Close Change+/- (+/- %) British American Tobacco Sam E&E Cahya Mata Sarawak Bld Plantation UMW Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.70% KLIBOR 6-mth 3.81% KLIBOR 12-mth 3.90% 5-yr MGS 3.39% 10-yr MGS 3.77% 2

3 LOCAL CORPORATE NEWS Sime to represent Malaysia at world conference on quality & improvement Sime and 4 other Malaysian organisations will represent Malaysia at the World Conference on Quality and Improvement (WCQI) in Wisconsin, US. The WCQI will be held from May 16 to 18, Sime Darby is one of 36 organisations shortlisted for the prestigious event although there were approximately 140 entries from 30 countries globally. ASQ's WCQI is the world's premier event on quality that features world-class keynote speakers and successes by leading organisations from around the world. (Source: Bernama) SP Setia acquires 4 th piece of land in Melbourne for as$10m SP Setia, has acquired its 4 th piece of land in Melbourne, Australia for A$10m with an estimated gross development value of A$38m. The 850-square metres land sits on a prized location between Chapel Street and Greville Street and only 4.5km southeast of the Melbourne Central Business District. It has a permit approved for an 8-storey building with 47 apartment units plus an office and retail outlets on the ground floor. (Source: Bernama) Triple blow for GPlus, including de-listing GPlus and its board have been dealt a triple whammy: Bursa Malaysia Securities public reprimand, total fine of RM3.25mil for 10 directors, and de-listing on April 19. The firm has failed to issue or announce its annual audited accounts and annual report for the FY10 (AAA 2010) and all quarterly reports, annual audited accounts and annual reports due thereafter. For the financial statements that are overdue by more than 6 months from the stipulated time frame for announcement/issuance, GPlus did not receive any further time extension. (Source: Star Biz) Petronas urges LNG industry stakeholders to curb price volatility Petronas has urged all stakeholders in the LNG industry to take the bold steps to help curb the vicious cycle of LNG price volatility. The company also emphasized on enhancing mutually-beneficial partnership among producers, buyers, industry contractors and governments to spur investments. The current state of the LNG industry, with lower prices and declining investments, was rooted in the collective actions of the various stakeholders. (Source: Star Biz) Petronas Chemicals scraps US$1.3bn elastomers project in Rapid Petronas Chemicals has scrapped the US$1.3bn (RM5.1bn) elastomers project, which is part of the Refinery and Petrochemicals Integrated Development (RAPID) project in Johor. The decision was based on a review of various key aspects of the elastomers project, including the product s market outlook and project return on investment. The project cancellation is expected to improve the overall returns of Petronas Chemicals' investments. (Source: Star Biz) Celcom's Wonderoam removes worries of high roaming fees Celcom has launched its international roaming service called 'Wonderoam' to broaden its revenue base. The subscriptionbased service is applicable to its prepaid and postpaid users, where users would pay between RM10 to RM138 depending on the amount of internet data and time. Customers would not need to worry about paying additional roaming charges. (Source: Star Biz) Axia powers Perodua sales with 36.3% of Q1 volume Perodua Axia model powered the group's sales of nearly 47,200 vehicles in the Q1 ended March 31, It captured 36.3% of the estimated total industry volume of 130,000 in Q1, Despite the estimated increase in market share, Perodua sales fell by 17.4% from 57,200 units a year ago. On a M-o-M basis, Perodua sold 17,300 vehicles in March 2016 against 22,400 units in the same month last year, a drop of 22.8%. (Source: Star Biz) IHH unit Parkway sells stake in Shenton Insurance for RM81m IHH Healthcare indirect wholly-owned unit, Parkway PLC, has disposed of 90% stake in Shenton Insurance PLC to FWD Group Financial Services PLC for about S$8.4m (RM81.35m). The disposal was undertaken as Shenton Insurance, a private limited company incorporated in Singapore, was identified as a non-core asset. Prior to the disposal, Shenton Insurance was a wholly-owned unit of Parkway PLC and following the disposal, the Shenton Insurance ceased to be a subsidiary of Parkway. (Source: Bernama) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit closes easier on subdued appetite The MYR closed easier against the USD this morning on subdued appetite for the note amid a strengthening greenback. At close, the local note ended lower at /8930 against the greenback from /8780 yesterday. The local unit was mostly traded lower versus other major currencies, except for the euro and the SGD. The market also reacted to the Monetary Authority of Singapore's policy of zero appreciation on the republic's currency. The MYR rose against the SGD to /8554 from /8762 but declined against the to /5549 from /5523. It fell against the to /5074 from /5095 on Wednesday but strengthened against the to /3866 from /3980. (Source: Bernama) IEA sees oil oversupply almost gone in H2 Global oil markets will move close to balance in the 2H of the year as lower prices take their toll on production outside OPEC. The world surplus will diminish to 200,000 barrels/day in the last 6 months of the year from 1.5m in the 1H. Production outside the OPEC will decline by the most since 1992 as the US shale oil boom falters. The glut is also being tempered as Iran restores exports only gradually with financial barriers to sales persisting even after the lifting of international sanctions. (Source: Bloomberg) With plenty of punch, central bankers wait in vain for the world to drink Central bankers usually worry about when to remove the punch bowl of cheap finance but when they gather in Washington, DC. This week they will face a different problem how to force the world to drink. Amid a flood of cheap money and a historic experiment with negative interest rates, households, corporations and banks in the developed world have turned their backs on borrowing. (Source: Reuters) US inflation pressures benign, but labor market firming US consumer prices rose less than expected in March and underlying inflation slowed, suggesting the Fed will remain cautious about raising interest rates this year. The number of Americans filing for unemployment benefits fell last week, revisiting a level last seen in 1973, showing sustained strength in the labor market. Its CPI gained 0.1% last month as a rebound in gasoline prices was partly offset by a drop in the cost of food. There were also slow-downs in medical care and housing costs. (Source: Reuters) US jobless claims fall, revisit 1973 level The number of Americans filing for unemployment benefits unexpectedly fell last week, revisiting a level last seen in 1973 as the labor market continues to strengthen despite a sluggish economy. Initial claims for state unemployment benefits decreased 13,000 to a seasonally adjusted 253,000 for the week ended April 9. That matched the level for early March, which was the lowest since November (Source: Reuters) India growth to hold strong India's growth rate is set to remain one of the fastest in the world this year with inflation running just slightly above 5%, leaving the Reserve Bank of India (RBI) on the sidelines for at least another 6 months. The RBI is forecast to cut the repo rate to 6.25% in the last 3 months of the year but much will depend on the inflation outlook. The same forecasts inflation, which has risen to 4.83% from a recent low of 3.69% last July and a series low of 3.27% in late 2014, to average 5.3% this fiscal year. (Source: Reuters) US says China to end export subsidies in seven sectors China has agreed to scrap controversial export subsidies on a range of products from metals to agriculture and textiles. China had agreed to end a program known as its demonstration bases-common service platform in which it provides export subsidies to Chinese companies in 7 economic sectors. The agreement is a step by Beijing to reduce trade frictions with the US that range from steel and agricultural products to technology and banking. (Source: Reuters) Japan likely averted recession in Q1 Japan's economy is expected to have narrowly avoided another recession at the start of 2016 that growth and inflation will remain tepid this year, held back in part by the recent sharp rise in the yen. The Bank of Japan (BoJ) surprised in a split January decision to implement a tiny negative interest rate, minus 0.10%. But the yen has rallied by more than 10% against the dollar since then, spurring debate over whether it was a good move. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 04/15/ :00 IC International Reserves Mar b 721b -- 04/15/ :30 BZ CNI Industrial Confidence Apr /15/ :00 CO Retail Sales YoY Feb 2.70% 4.60% 2.20% 2.10% 04/15/ :00 CO Industrial Production YoY Feb 7.90% 8.20% 8.20% -- 04/15/ :00 PE Reference Rate 14-Apr 4.25% 4.25% 4.25% -- 04/15/ :00 SK Unemployment rate SA Mar 3.90% 3.80% 4.10% -- 04/15/ :12 NC Economic Activity Index NSA YoY Jan % 4.80% 6.00% 04/15/ :00 CH Industrial Production YoY Mar 5.90% % -- 04/15/ :00 CH Industrial Production YTD YoY Mar 5.50% % -- 04/15/ :00 CH Retail Sales YoY Mar 10.40% /15/ :00 CH Retail Sales YTD YoY Mar 10.20% % -- 04/15/ :00 CH Fixed Assets Ex Rural YTD YoY Mar 10.40% % -- 04/15/ :00 CH GDP YTD YoY 1Q 6.70% % -- 04/15/ :00 CH GDP SA QoQ 1Q 1.50% % -- 04/15/ :00 CH GDP YoY 1Q 6.70% % -- 04/15/ :30 NE Retail Sales YoY Feb % -- 04/15/ :30 JN Industrial Production MoM Feb F % -- 04/15/ :30 JN Industrial Production YoY Feb F % -- 04/15/ :30 JN Capacity Utilization MoM Feb % -- 04/15/ :00 SI Retail Sales SA MoM Feb 0.20% % -- 04/15/ :00 SI Retail Sales YoY Feb 3.40% % -- 04/15/ :00 SI Retail Sales Ex Auto YoY Feb -1.50% % -- 04/15/ :00 FI Retail Sales Volume YoY Feb F % -- 04/15/ :00 FI GDP Indicator WDA (YoY) Feb % -- 04/15/ :00 EC EU27 New Car Registrations Mar % -- 04/15/ :00 FI Current Account Balance Feb b -- 04/15/ :00 SO Industrial Orders MoM Feb % -- 04/15/ :00 SO Industrial Orders YoY Feb % -- 04/15/ :00 DE PPI MoM Mar % -- 04/15/ :00 DE PPI YoY Mar % -- 04/15/ :00 TU Unemployment Rate Jan 11.20% % -- 04/15/ :00 NO Trade Balance NOK Mar b -- 04/15/ :00 TU Central Gov't Budget Balance Mar b -- 04/15/ :00 RU Money Supply Narrow Def 8-Apr t -- 04/15/ :00 IT Trade Balance Total Feb m -- 04/15/ :00 IT Trade Balance EU Feb m -- 04/15/ :30 UK Construction Output SA MoM Feb 0.00% % -- 04/15/ :30 UK Construction Output SA YoY Feb 0.70% % -- 04/15/ :30 SV Average Real Monthly Wage YoY Feb % -- 04/15/ :30 IT General Government Debt Feb b -- 04/15/ :00 EC Trade Balance SA Feb 21.5b b -- 04/15/ :00 EC Trade Balance NSA Feb b -- 04/15/ :00 IR Trade Balance Feb m -- 04/15/ :00 IS CPI MoM Mar -0.10% % -- 04/15/ :00 IS CPI YoY Mar -0.60% % -- 04/15/ :00 IC Unemployment Rate Mar % -- 04/15/ :30 CA Teranet/National Bank HPI MoM Mar % -- 04/15/ :30 CA Teranet/National Bank HP Index Mar /15/ :30 CA Teranet/National Bank HPI YoY Mar % -- 04/15/ :30 CA Manufacturing Sales MoM Feb -1.50% % -- 04/15/ :30 US Empire Manufacturing Apr /15/ :00 PD Budget Bal.: Performance YTD Mar % -- 04/15/ :00 PD Budget Balance: Level YTD Mar m -3098m 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 % 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 % Choo Bee Metal % CSC Steel % Eksons Corp % Engtex Group % Goh Ban Huat n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hiap Teck % Jaks Resources % Java % Kim Hin Ind % Kinsteel % Lafarge M Cement % Lion Corp % Lion Industries % Malaysia Smelting % Masteel % Melewar Ind % MTD ACPI n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 Bhd % Zelan % Consumer/Retail Aeon Co (M) % Ajinomoto % Apollo Food % Bonia % CI Holdings n.a. n.a. n.a. n.a. n.a. n.a. n.a % Cocoaland % Dutch Lady % Guan Chong % Hai-O Ent % Hovid % Hup seng Inds % K-Star Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a % Multi Sports % Padini % Parkson Holdings % Pelikan International % 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 % 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 % 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 % Evergreen Fibre % George Kent % Guh Holdings % Hil Industries n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hong Leong Ind % 7

8 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting KYM Hldgs Bhd % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Cepat Wawasan % Genting Plant % Golden Land % Gopeng % Hap Seng Plant % IJM Plant % Inch Ken Kajang % IOI % Keck Seng Malay % Kim Loong % Kretam Holdings % KLK % Kulim Malaysia % Rimbunan Sawit % 8

9 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Riverview Rubber n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 Bhd % 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 Bhd % Unisem % VS Industry % Telcos Axiata Group % DiGi.Com % Green Packet % Maxis % Telekom Malaysia % Time Dotcom % Timber Jaya Tiasa % Subur Tiasa n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 Others Ancom % Asia File bhd % 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 % 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 % 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 Bhd 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 Bhd accepts no liability for any direct, indirect or consequential loss arising from use of this report. Published by BIMB SECURITIES SDN BHD ( X) A Participating Organisation of Bursa Malaysia Securities Berhad Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, Kuala Lumpur Tel: , Fax: Thong Pak Leng 12