Market Insight. Wednesday, 19 October, 2016

Transcription

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 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Wednesday, 19 October, /03/2013(031743) Major Highlights UEM Sunrise's unit loses to taxman in RM73.8m suit Damansara Realty unit gets civil servant home project in Putrajaya Top Glove ramps up nitrile glove production Perodua sells 150,900 cars in Jan-Sept this year Titijaya's 3.7% stake crosses off-market Pantech's 2Q net profit down by half amid weak O&G demand Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, 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 18, NASDAQ 5, S&P 500 2, FTSE 100 7, Nikkei , HSI 23, SHCOMP 3, KOSPI 2, TWSE 9, STI 2, JCI 5, SET 1, PSEi 7, 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 Bank Negara expands eligibility criteria for fintech Regulatory Sandbox Framework Insurance to be offered through direct channel without commissions from next year BNM US consumer prices rise on strong gains in gasoline, rents Opec sec-gen optimistic on reaching oil output deal in Nov ECB urges EU to curb virtual money on fear of losing control Indonesia palm output likely rose in Sept KLCI Performance KLCI Year-End Target: 1,729 points Sector Indices Close Change +/- Change % Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Oct-16 Nov-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) 2, 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 3.40% KLIBOR 6-mth 3.53% KLIBOR 12-mth 3.63% 5-yr MGS 3.31% 10-yr MGS 3.60% Active Stock Close Change+/- (+/- %) AT Systematization RGB International Nexgram Holdings Airasia X Hibiscus Petroleum Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst , Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) Kesm Industries Panasonic Manufacturing Aeon Credit Alliance Financial Hong Leong Industries Top Losers Close Change+/- (+/- %) Heineken Malaysia Carlsberg Brewery Ajinomoto Tasek Corp United Plantations

3 LOCAL CORPORATE NEWS UEM Sunrise's unit loses to taxman in RM73.8m suit UEM Sunrise indirect unit Bandar Nusajaya Development SB won against the Inland Revenue Board (IRB) in 2 lower courts, but its luck ran out at the Federal Court. Federal Court had ruled in favour of IRB, which sought additional tax and penalty totalling RM73.84m from BND. The court also instructed BND to follow the alternative appeal route provided under Section 99 of the Income Tax Act 1967 and appeal the matter to the Special Commissioners of Income Tax. (Source: Starbiz) Damansara Realty unit gets civil servant home project in Putrajaya Damansara Realty subsidiary Damansara Realty (Johor) SB will develop the 1Malaysia Civil Servants Housing (PPA1M) project in Putrajaya. The project has a gross development value of RM467.3m. Damansara Realty (Johor) on Tuesday signed an agreement with Putrajaya Corp (PJC) on the venture. The project, spread over 4.82ha, comprises 1,350 residential units and 45 commercial units at Presinct 5 and is expected to be completed by end The revenue from the PPA1M project will be recognised in the current FY16 and is expected to increase significantly in the FY17. (Source: Bernama) Top Glove ramps up nitrile glove production Top Glove is ramping up its capacity expansion for nitrile gloves to be the number one producer for such product. The demand for nitrile gloves is growing faster than natural rubber. The company want to be the market leader in the nitrile glove space. Currently Top Glove had a 16% to 18% share in the nitrile glove market. The world's largest glove maker is currently in the midst of increasing its nitrile glove capacity in 3 new plants by a combined annual capacity of 10.8bn gloves by May (Source: StarBiz) Perodua sells 150,900 cars in Jan-Sept this year Perodua has sold 150,900 vehicles in the 1 st 9 months of this year, capturing an estimated total industry volume (TIV) market share of 36.1% on healthy delivery of its new model, Perodua Bezza. This was lower compared with 157,500 vehicles sold in the 1 st 9 months of They had already registered 20,000 Bezzas since its launch on July 21 this year -- the highest ever delivery within 90 days for a new model in its history. (Source: Bernama) Titijaya's 3.7% stake crosses off-market Some 14.9m shares of property developer Titijaya Land, representing a 3.7% stake, was crossed off-market at a price of RM1.76, with sources indicating that investors are positioning themselves for more major developments taking place over the coming weeks. Titijaya closed 1 sen higher to RM1.81 yesterday on a volume of 1.45m shares. According to sources, the block of 14.9m shares could be a local institutional fund that may be positioning itself ahead of Budget 2017 to be tabled on Friday. Increasingly viewed as a political play, Titijaya s acquisition of a property company that came with development orders for affordable homes some 3 weeks ago strengthened the market s view of this play. (Source: Bernama) Pantech's 2Q net profit down by half amid weak O&G demand Pantech saw its net profit plunge 51% to RM5.14m or 0.84 sen/share for the 2QFY2017, from RM10.43m or 1.72 sen/share a year earlier. Revenue was down 14% to RM103.81m, from RM121.41m. The lower performance was due to weak demand in the O&G sector, while competition has pressured margins. Its trading division saw lower profit of RM3.94m vs RM6.36m in the preceding year, while the manufacturing division s profit fell 14% yoy to RM3.81m. (Source: The Edge) Pasdec proposes rights issue, plans office units purchase at RM40m Pasdec has proposed to undertake a capital reduction to half the par value of its share, making way for acquisition of office units worth RM40m and subsequently, a rights issue to raise up to RM34.32m. It intends to buy the office units, collectively priced at RM40m, via issuance of new shares. The capital reduction involves reducing the par value of its share to 50 sen, from RM1 a piece. The exercise will give rise to a credit of about RM102.99m, which will be credited to other reserves under the group. Such credit will be transferred to the company s other reserves and can be utilised in such manner as may be determined by the board and permitted by applicable laws including but not limited to capitalisation of such reserves for future corporate exercises, such as setting-off against accumulated losses of the company in the future. (Source: The Edge) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Bank Negara expands eligibility criteria for fintech Regulatory Sandbox Framework Bank Negara has expanded the eligibility criteria to clarify the focus of innovations that the Financial Technology (fintech) Regulatory Sandbox Framework aims to support. The innovations should have clear potential to improve the accessibility, efficiency, security and quality of financial services. It should also enhance the efficiency and effectiveness of Malaysian financial institutions' management of risks, or address gaps in or open up new opportunities for financing or investments in the Malaysian economy. The central bank also issued details of the fintech Regulatory Sandbox Framework. (Source: Bernama) Insurance to be offered through direct channel without commissions from next year BNM Beginning next year, insurers will be required to offer pure protection products through a direct channel without commissions. The high internet and mobile phone penetration in Malaysia suggests that internet or mobile insurance makes good sense. Other untapped channels include banking agents, retail chains, employers and cooperatives. They expect the industry to fully adopt these channels to diversify delivery of services. The new products and delivery channels that enhance outreach ultimately contribute towards expansion of a larger industry, and pool of customers for all participants in the insurance sector as a whole. (Source: Reuters) US consumer prices rise on strong gains in gasoline, rents US consumer prices rose in September as the cost of gasoline and rents surged, suggesting a steady build-up of inflation pressures that could keep the Fed on track to raise interest rates in December. Its CPI increased 0.3% last month, after rising 0.2% in August. In the 12 months through September, the CPI accelerated 1.5%, the biggest yoy increase since October The CPI increased 1.1% in the year to August. (Source: Reuters) Opec sec-gen optimistic on reaching oil output deal in Nov Opec should be able to reach a deal next month to limit oil production without too much disagreement about individual countries output levels. Russia, which is not in Opec, was not backtracking on its pledge to contribute to output limits should Opec reach a deal at its next meeting on Nov 30. They expect that all the building blocks will be in place in a timely fashion for the implementation. (Source: Reuters) ECB urges EU to curb virtual money on fear of losing control The ECB wants EU lawmakers to tighten proposed new rules on digital currencies such as bitcoin, fearing they might one day weaken its own control over money supply in the euro zone.the European Commission's draft rules, aimed at fighting terrorism, require currency exchange platforms to increase checks on the identities of people exchanging virtual currencies for real ones and report suspicious transactions. EU institutions should not promote the use of digital currencies and should make clear they lack the legal status of currency or money. (Source: Reuters) Indonesia palm output likely rose in Sept Indonesia's CPO output likely rose in September on the onset of the harvest season, while a rise in exports was also seen. CPO production likely climbed by 2.4% to 2.9m tonnes. There has been an increase in output for the 5 th month as production at the world's top producer of palm oil steadily recovers from an after-effect of drought caused by the El Nino weather pattern. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 10/19/ :34 CO Consumer Confidence Index Sep /19/ :00 CO Retail Sales YoY Aug -1.20% -1.90% -3.30% -- 10/19/ :00 CO Industrial Production YoY Aug 3.80% 9.40% -6.20% -- 10/19/ :00 US Total Net TIC Flows Aug -- $73.8b $140.6b $118.0b 10/19/ :00 US Net Long-term TIC Flows Aug -- $48.3b $103.9b $102.8b 10/19/ :22 JM CPI YoY Sep % 1.80% -- 10/19/ :22 JM CPI MoM Sep % 0.40% -- 10/19/ :00 SK PPI YoY Sep % -1.70% -1.80% 10/19/ :00 CL Overnight Rate Target 18-Oct 3.50% 3.50% 3.50% -- 10/19/ :30 AU Westpac Leading Index MoM Sep % -- 10/19/ :00 AU Skilled Vacancies MoM Sep % -- 10/19/ :00 CH Industrial Production YoY Sep 6.40% % -- 10/19/ :00 CH Industrial Production YTD YoY Sep 6.10% % -- 10/19/ :00 CH Retail Sales YoY Sep 10.70% % -- 10/19/ :00 CH Retail Sales YTD YoY Sep 10.30% % -- 10/19/ :00 CH Fixed Assets Ex Rural YTD YoY Sep 8.20% % -- 10/19/ :00 CH GDP YTD YoY 3Q 6.70% % -- 10/19/ :00 CH GDP SA QoQ 3Q 1.80% % -- 10/19/ :00 CH GDP YoY 3Q 6.70% % -- 10/19/ :00 MA CPI YoY Sep 1.80% % -- 10/19/ :30 JN All Industry Activity Index MoM Aug 0.20% % -- 10/19/ :00 HU Average Gross Wages YoY Aug 5.30% % -- 10/19/ :00 BZ FIPE CPI - Weekly 15-Oct 0.03% % -- 10/19/ :00 SA CPI YoY Sep 6.20% % -- 10/19/ :00 SA CPI Core MoM Sep 0.40% % -- 10/19/ :00 SA CPI Core YoY Sep 5.70% % -- 10/19/ :00 SA CPI MoM Sep 0.20% % -- 10/19/ :00 SI Automobile COE Open Bid Cat A 19-Oct /19/ :00 SI Automobile COE Open Bid Cat B 19-Oct /19/ :00 SI Automobile COE Open Bid Cat E 19-Oct /19/ :30 UK Claimant Count Rate Sep 2.20% % -- 10/19/ :30 UK Jobless Claims Change Sep 3.2k k -- 10/19/ :30 UK Average Weekly Earnings 3M/YoY Aug 2.30% % -- 10/19/ :30 UK Weekly Earnings ex Bonus 3M/YoY Aug 2.10% % -- 10/19/ :30 UK ILO Unemployment Rate 3Mths Aug 4.90% % -- 10/19/ :30 UK Employment Change 3M/3M Aug 76k k -- 10/19/ :00 EC Construction Output MoM Aug % -- 10/19/ :00 EC Construction Output YoY Aug % -- 10/19/ :00 BZ IGP-M Inflation 2nd Preview Oct 0.10% % -- 10/19/ :00 US MBA Mortgage Applications 14-Oct % -- 10/19/ :00 SA Retail Sales Constant YoY Aug 0.60% % -- 10/19/ :00 SA Retail Sales MoM Aug 0.50% % -- 10/19/ :00 BZ IBGE Services Sector Volume YoY Aug -3.00% % -- 10/19/ :00 PD Sold Industrial Output MoM Sep 10.90% % -- 10/19/ :00 PD Sold Industrial Output YoY Sep 3.50% % -- 10/19/ :00 PD Construction Output YoY Sep % % -- 10/19/ :00 PD PPI MoM Sep 0.20% % -- 10/19/ :00 PD PPI YoY Sep 0.20% % -- 10/19/ :00 PD Retail Sales MoM Sep -0.30% % -- 10/19/ :00 PD Retail Sales YoY Sep 5.90% % -- 10/19/ :00 PD Retail Sales Real YoY Sep 7.80% % -- 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.35% Tan Chong n.a. n.a. n.a. n.a. n.a. n.a. n.a % UMW % Building Materials Ann Joo Resource % Alum Co of Malay % 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 % Lion Industries % Malaysia Smelting % Masteel % Melewar Ind % MTD ACPI % Pantech % Perwaja n.a. n.a. n.a. n.a. n.a. n.a. n.a % Press Metal % Southern Steel % Tasek % Tong Herr n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 % Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Hong Leong Ind % 7

8 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting KYM Hldgs % MWE Hold % Muda Hold % NTPM Hold % Nylex Malaysia % Perstima % Scientex % Sino Hua-an % SLP Resources % Wellcall % Media Media Chinese % Star Publication % Utusan Melayu % 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 % Hap Seng Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % IJM Plant % Inch Ken Kajang % 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 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. 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Boustead Heavy % 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. 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 Berhad Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, Kuala Lumpur Tel: Fax: Azharuddin Nordin Head of Research 12