BIMB SECURITIES RESEARCH MARKET INSIGHT

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1 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Thursday, 28 January 2016 KLCI Performance Major Highlights Boustead Holdings extends naval subcontract to BHIC for 2 years Sunway REIT Q2 earnings higher at RM51.5m Shareholders approve DNeX s RM170m OGPC group acquisition LPI Capital FY15 earnings higher at RM321m Seacera gets BCPLC status from Miti Takaful Malaysia's net profit grows 11% Local & Global Economic News KLCI Year-End Target: 1,820 points 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+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 15, NASDAQ 4, S&P 500 1, FTSE 100 5, Nikkei , HSI 19, SHCOMP 2, KOSPI 1, TWSE 7, STI 2, JCI 4, 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 ext 1735 Ringgit Closes Higher Against Dollar MIER sees Malaysia economy growing at 4.7% in 2016 Fed keeps interest rates steady, closely watching global markets China January official PMI likely to show 6th month of contraction Germany trims 2016 growth forecast as foreign trade drags Brazil's president aims to pump up to $15bn into economy Regionally Key regional markets ended mostly positive yesterday. PSEi emerged as the top gainer, gained 3.10% to close at 6, followed by N225 (+2.72%). JCI (+1.62%), KOSPI (+1.40%), HSI (+1.02%), SET (+0.81%), TWSE (+0.27%) and STI (+0.02%). Meanwhile SHCOMP (- 0.52%) was the only loser. Locally The FBMKLCI gained 4.88 points to close at 1, yesterday. Bursa s market breath was positive with 467 gainers against 371 losers while 355 counters were traded unchanged. PETGAS (+66sen), DLADY (+30sen) and AASIA (+25sen) led the gainers. While BAT (- 72sen), UTDPLT (-68en) and GTRONIC (-32sen) led the losers. Market Preview Despite of higher oil prices, Wall Street closed lower on Wednesday while Europe market closed mixed as both regions were weighed down by disappointing quarterly reports and the FED statement renewed concerns about global economic growth. The DJIA closed about 222 points lower after falling nearly 290 points in afternoon trade with NASDAQ composite and S&P closed about 2% and 1.1% lower respectively as information technology weighed. The DJIA and S&P500 end the day session at 15, and 1, respectively. In Asia, markets closed mostly higher after Wall Street surged overnight on a bounce in oil prices, shrugging off the recent global rout, at least temporarily. However China shares remained volatile due to concerns over the country's economic growth and the depreciation of the yuan, after data showed industrial profits fell 4.7% year on-year in December, declining for a seventh month. Locally, the FBMKLCI ended slightly higher, gained 4.88 points or 0.30% to 1, on buying from selected blue-chips counter. Trading participation shows net buying by foreign institutions while local institutions and retail were net sellers. We expect the local market trade sideways with index to hover around 1,628-1,635. 1

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 13, Property 1, Plantation 7, Technology KLCI Futures Contracts Jan-16 Feb-16 High 1, , Low 1, , Last 1, , Volume 21, ,445.0 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+/- (+/- %) Sanichi Technology Tiger Synergy XoX Airasia X Media Shoppe Top Gainers Close Change+/- (+/- %) Petronas Gas Dutch Lady Milk Inds Astral Asia Petron Malaysia Refining Ajinomoto Malaysia Top Losers Close Change+/- (+/- %) British American Tobacco United Plantations Globetronics Technology Top Glove Shangri-La Hotels Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.79% KLIBOR 6-mth 3.88% KLIBOR 12-mth 3.95% 5-yr MGS 3.35% 10-yr MGS 3.86% 2

3 LOCAL CORPORATE NEWS Boustead Holdings extends naval subcontract to BHIC for 2 years Boustead Holdings s subsidiary Boustead Naval Shipyard SB (BNS) has extended by another 2 years the 3-year subcontract given to sister company BHIC Navaltech SB (BNT) to supply and deliver spare parts, maintenance services and training for the Royal Malaysian Navy s 23rd frigate squadron. Contract price of RM66.5m had been revised to RM71.01m. (Source: Star Biz) Sunway REIT Q2 earnings higher at RM51.5m Sunway Real Estate Investment Trust s (Sunway REIT) net profit rose 13% to RM51.52m in Q2 ended Dec 31, 2015 from RM63.26m previously. Gross revenue grew 15.7% to RM131.9m largely contributed by better performance from the retail and hotel segments, however offset by lower income contribution from the office segment. Net property income (NPI) increased by 11.9% on-year to RM97.1m. In Q2, the retail segment recorded a revenue and NPI growth of 19.8% and 15.4% on-year respectively. (Source: Star Biz) Shareholders approve DNeX s RM170m OGPC group acquisition Shareholders of predominantly ICT company Dagang Nexchange (DNeX) have approved it's RM170m acquisition of the OGPC group. DNeX is acquiring the entire equity interest in OGPC SB and a 52% equity interest in OGPC O&G SB. The acquisition will be satisfied via RM83m in cash from a mix of internal funds and a rights issue while the remaining RM87m will be through the issuance of 362.5m DNeX shares at 24sen each with m free warrants. (Source: Star Biz) LPI Capital FY15 earnings higher at RM321m Insurer LPI Capital reported a higher set of earnings in the financial year ended Dec 31, 2015, underpinned by healthy growth in gross premium income but it foresees challenges ahead. FY15 earnings were up 13.4% to RM320.99m from RM283.01m in FY14. Revenue rose 9.8% to RM1.284bn from RM1.169bn. Group s PBT came in at RM393.06m, up 15% from the RM341.95m. LPI rewarded shareholders with a dividend of 50sen a share, bringing the total dividend for FY15 to 70sen. (Source: Star Biz) Seacera gets BCPLC status from Miti The International Trade and Industry Ministry (MITI) has approved Main Market-listed Seacera as a bumiputra-controlled public listed company (BCPLC). With this approval, the company and/or its units were as qualified to participate in the tender exercise of Malaysian Government projects allocated for bumiputras. The approval is valid for one year. (Source: Star Biz) Takaful Malaysia's net profit grows 11% Syarikat Takaful s net profit for the financial year ended Dec 31, 2015, rose 11% to RM155.98m due to higher sales from both family and general takaful businesses as well as higher net investment income. The improved bottom line was achieved on 8.2% higher revenue of RM1.79bn. For Q4 ended Dec 31, 2015, Takaful Malaysia s net profit jumped to RM36.38m, up 22.3% from a year earlier although revenue grew just 0.5% to RM403.34m. (Source: Star Biz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Higher Against Dollar The ringgit extended its uptrend momentum to close near 7-week high against the US dollar on continued demand. At 5 pm, the local unit was traded at /2600 from /2945 against the greenback on Tuesday. At the same time, investors are keeping a close watch on the US Federal Reserve meeting on the interest rates policy following a slow-moving global economy.the ringgit also gained further support from demand against the Singapore dollar and traded higher against other major currencies. It rose against the Singapore dollar to /9849 from /9015 on Tuesday. It was better against the yen at /5035 from /6376 yesterday. The local note, however, fell marginally against the British pound to /0965 from /0939 but strengthened against the euro to /6302 from /6582. (Source: Bernama) MIER sees Malaysia economy growing at 4.7% in 2016 Malaysian Institute of Economic Research (MIER) estimates Malaysia's GDP growth for 2016 at 4.7%, compared to the estimated 4.9% growth for Malaysia's economy will continue to be domestically driven and remain fundamentally strong but stabilisation issues will need to be addressed. Economic condition is very much affected by short-term stabilisation issues regarding confidence and sentiment in the economy, but the long-term structure remains sustainable (Source: Star Biz) Fed keeps interest rates steady, closely watching global markets Federal Reserve kept interest rates unchanged on Wednesday and "closely monitoring" global economic and financial developments, but maintained an otherwise upbeat view of the US economy. The central bank's decision was widely expected after a month-long plunge in US and world equities raised concerns that an abrupt global slowdown could act as a drag on US economic growth. (Source: Reuters) China January official PMI likely to show 6 th month of contraction Activity in China's vast factory sector likely contracted for the 6 th consecutive month in January, underlining a weak start for the year and heightening concerns of a deeper economic slowdown. The official manufacturing PMI likely edged down to 49.6 in January from December's A reading below 50 index points suggests a contraction in activity, while a reading above indicates an expansion on a monthly basis. (Source: Reuters) Germany trims 2016 growth forecast as foreign trade drags Germany has lowered its growth forecast for 2016 in the face of an emerging market slowdown that is dampening exports, leaving domestic demand as the sole pillar of support for Europe's biggest economy this year. Germany economy appear in good shape but the government and companies alike needed to beef up investment to keep Germany competitive. (Source: Reuters) Brazil's president aims to pump up to $15bn into economy Brazil's President Dilma Rousseff could release up to 60bn reais (US$15bn) in fresh credit from state-run banks and a workers' pension fund to help lift the country out of a deep recession. Her government will announce the fresh credit at a high-profile meeting with business leaders and union bosses on Thursday, at which it will unveil a blueprint to pull the economy out of what could be its worst recession in a century. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 01/28/ :00 FR Total Jobseekers Dec k k k -- 01/28/ :00 FR Jobseekers Net Change Dec /28/ :50 BI CPI YoY Dec % -1.20% -- 01/28/ :00 US FOMC Rate Decision (Lower Bound) 27-Jan 0.25% 0.25% 0.25% -- 01/28/ :00 US FOMC Rate Decision (Upper Bound) 27-Jan 0.50% 0.50% 0.50% -- 01/28/ :00 NZ RBNZ Official Cash Rate 28-Jan 2.50% 2.50% 2.50% -- 01/28/ :45 NZ Trade Balance Dec -131m -53m -779m -799m 01/28/ :45 NZ Exports Dec 4.38b 4.43b 4.08b 4.07b 01/28/ :45 NZ Imports Dec 4.48b 4.48b 4.86b 4.87b 01/28/ :45 NZ Trade Balance 12 Mth YTD Dec -3584m -3549m -3678m -3697m 01/28/ :50 JN Japan Buying Foreign Bonds 22-Jan b -- 01/28/ :50 JN Japan Buying Foreign Stocks 22-Jan b -- 01/28/ :50 JN Foreign Buying Japan Bonds 22-Jan b -- 01/28/ :50 JN Foreign Buying Japan Stocks 22-Jan b -- 01/28/ :50 JN Retail Trade YoY Dec 0.20% % -1.10% 01/28/ :50 JN Retail Sales MoM Dec 1.00% % -- 01/28/ :50 JN Dept. Store, Supermarket Sales Dec 0.20% % -1.60% 01/28/ :30 AU Import price index QoQ 4Q -0.80% % -- 01/28/ :30 AU Export price index QoQ 4Q -3.90% % -- 01/28/ :00 CH Swift Global Payments CNY Dec % -- 01/28/ :00 PH GDP YoY 4Q 5.90% % 6.10% 01/28/ :00 PH GDP SA QoQ 4Q 2.20% % -- 01/28/ :00 PH GDP Annual YoY % % -- 01/28/ :30 SI Unemployment rate SA 4Q 2.00% % -- 01/28/ :00 GE Import Price Index MoM Dec -1.10% % -- 01/28/ :00 GE Import Price Index YoY Dec -3.10% % -- 01/28/ :00 FI House Price Index MoM Dec % -- 01/28/ :00 FI House Price Index YoY Dec % -- 01/28/ :00 DE Unemployment Rate SA Dec 3.70% % -- 01/28/ :00 DE Unemployment Rate Gross Rate Dec 4.50% % -- 01/28/ :00 SO PPI MoM Dec % -- 01/28/ :00 SO PPI YoY Dec % -- 01/28/ :00 HU Unemployment Rate Dec 6.30% % -- 01/28/ :00 GE CPI Saxony MoM Jan % -- 01/28/ :00 GE CPI Saxony YoY Jan % -- 01/28/ :00 SP Retail Sales YoY Dec % -- 01/28/ :00 SP Retail Sales SA YoY Dec 3.00% % -- 01/28/ :00 SP Unemployment Rate 4Q 21.20% % -- 01/28/ :30 SW Unemployment Rate Dec 6.40% % -- 01/28/ :30 SW Unemployment Rate Trend Dec % -- 01/28/ :30 SW Unemployment Rate SA Dec 6.90% % -- 01/28/ :30 SW Trade Balance Dec 0.0b b -- 01/28/ :30 SW Retail Sales MoM Dec 0.00% % -- 01/28/ :30 SW Retail Sales NSA YoY Dec 4.60% % -- 01/28/ :00 NO Industrial Confidence 4Q /28/ :00 GE CPI Brandenburg MoM Jan % -- 01/28/ :00 GE CPI Brandenburg YoY Jan % -- 01/28/ :00 GE CPI Hesse MoM Jan % -- 01/28/ :00 GE CPI Hesse YoY Jan % -- 01/28/ :00 GE CPI Bavaria MoM Jan % -- 01/28/ :00 GE CPI Bavaria YoY Jan % -- 01/28/ :00 AS Bank Austria Manufacturing PMI Jan /28/ :00 TU Foreign Tourist Arrivals YoY Dec % -- 01/28/ :00 IC CPI MoM Jan % -- 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 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % Lion Industries % Malaysia Smelting % Masteel N.A. N.A. N.A. N.A. N.A. N.A. N.A % Melewar Ind N.A. N.A. N.A. N.A. N.A. N.A. N.A % MTD ACPI % Pantech % Perwaja N.A. N.A. N.A. N.A. N.A. N.A. N.A % Press Metal % Southern Steel N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % TSR Capital Bhd % 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 % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % Hil Industries % Hong Leong Ind % 7

8 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting KYM Hldgs Bhd 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % 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 % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % 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 % 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 % 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 % 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 % 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 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: Kenny Yee Head of Research 12