BIMB SECURITIES RESEARCH MARKET INSIGHT

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1 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Wednesday, 30 December 2015 KLCI Performance KLCI Year-End Target: 1,700 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 Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 17, NASDAQ 5, S&P 500 2, FTSE 100 6, Nikkei , HSI 21, SHCOMP 3, KOSPI 1, TWSE 8, STI 2, JCI 4, SET 1, PSEi 6, Market Valuation (PER) FY15 FY16 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi Major Highlights M sian consortium to invest RM1.55bn in regasification project in India Kian Joo s subsidiary Box-Pak to set up plant in Myanmar Pavilion REIT buys Intermark Mall for RM160m Boustead sells 30% stake in property firm for RM180m PUC Founder upbeat on renewable energy prospects Local & Global Economic News Ringgit Closes Higher Against Dollar US home prices rise slightly in October Oil ends up 3% on cold; glut worry persists longer term China central bank to launch new macro-prudential regime to curb risks Saudi economic shake-up shows it is planning for cheap oil Brazil primary budget deficit swells, debt seen climbing Regionally Key regional markets ended mostly positive yesterday. SHComp emerged as the top gainer, gained 0.85% to close at 3,563.74, followed by N225 (+0.58%), STI (+0.45%), HSI (+0.36%), JCI (+0.26%), and KOSPI (+0.11%), While TWSE (-0.77%), PSEi (-0.45%) and SET (- 0.16%) were the losers. Locally The FBMKLCI gained points to close at 1, yesterday. Bursa s market breath was positive with 456 gainers against 397 losers while 353 counters were traded unchanged. BAT (+220sen), PetGas (+68sen) and TIMECOM (+34sen) led the gainers. While Allianz (- 16sen), MPI (-14en) and PMBTech (-14sen) led the losers. Market Preview Wall Street ended higher yesterday despite of thin volume bargain hunting on energy, tech and healthcare companies amid some stabilization in oil and commodity prices. The DJIA and S&P 500 gained points or 1.10% and points or 1.06% to end at 17, and 2, respectively. The European markets also finished higher due to the same reasons. Asian equities closed higher on the second day of final week, after the Japanese and South Korean markets erased morning losses and the Chinese market eventually closed higher, following a volatile trading session. On the local front, the FBMKLCI gained points or 0.9% to close at 1, buying interest on some blue chips stocks such as Telcos and Banking counters. The local equities are expected to maintain this momentum in the final trading week of the year, following a positive finish of global markets. We expect the index to hover at around 1,683 1,690. The Research Team bimbresearch@bimbsec.com.my ext

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Dec-15 Jan-16 High 1, , Low 1, , Last 1, , Volume 15, ,314.0 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+/- (+/- %) Hubline Borneo Oil Kim Teck Cheong Luster Industries Emico Holdings Top Gainers Close Change+/- (+/- %) British American Tobacco Petronas Gas Time Dotcom Petron Malaysia Refining Top Glove Corp Top Losers Close Change+/- (+/- %) Allianz Malaysia Malaysian Pacific Industries Pmb Technology Panasonic Manufacturing Sam Engineering Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.84% KLIBOR 6-mth 3.93% KLIBOR 12-mth 3.98% 5-yr MGS 3.50% 10-yr MGS 4.22% 2

3 LOCAL CORPORATE NEWS M sian consortium to invest RM1.55bn in regasification project in India Isomeric Holdings SB will be the controlling shareholder in a RM2.1bn regasification and floating storage terminal project with associated facilities in Krishnapatnam Port, Andhra Pradesh, India. The project would be developed by a SPV, Petrogas PLC, a partnership between the Malaysian consortium (74%) and Andhra Pradesh-based LEPL Renergy PLC (26%). Isomeric Holdings will invest about RM1.55bn in the project, for which reputable international banks such as Germany s Deutsche Bank, India s ICICI Bank and France s BNP Paribas have indicated firm interest to provide financing. (Source: Reuters) Kian Joo s subsidiary Box-Pak to set up plant in Myanmar Box-Pak, plans to set up a manufacturing plant in the republic. The Kian Joo Can Factory subsidiary, which already has overseas operational bases in Ho Chi Minh and Hanoi, it wanted to broaden its revenue base by tapping on the existing and new markets there. Boxpak inked an agreement with Myanmar Japan Thilawa Development to sublease a plot of land measuring 74,830 sq m in Thilawa Special Economic Zone (SEZ), Yangon. (Source: StarBiz) Pavilion REIT buys Intermark Mall for RM160m Pavilion Real Estate Investment Trust (REIT) has acquired the 6-storey Intermark Mall in Kuala Lumpur for RM160m. Pavilion REIT Management SB, the REIT s trustee, entered into a sale and purchase agreement with The Intermark SB for the acquisition of the mall, located on Jalan Tun Razak, which has a floor area of 31,348 sq m together with 367 designated car park bays. On completion, the proposed acquisition will enlarge Pavilion REIT s portfolio of investment properties from RM4.6bn as at Sept 30 to RM4.8bn. (Source: StarBiz) Boustead sells 30% stake in property firm for RM180m Boustead Holdings is selling its entire 30% stake in property company Jendela Hikmat SB which owns acres of land in Selangor and in Kuching valued at RM857.95m -- to Cascara SB for RM180m cash consideration. Currently, Boustead owns a 30% stake in Jendela while Cascara owns 40% and LTAT the remaining 30%. Casara is controlled by Tan Sri Bustari Yusuf and Ahmadi Yusoff, who own 50% each. The sale of 12.60m shares in Jendela was an opportunity for the Boustead Holdings to realise its investment in Jendela to Cascara at a premium over the adjusted effective net assets of Jendela. (Source: StarBiz) PUC Founder upbeat on renewable energy prospects PUC Founder, which is stepping up its involvement in renewable energy, expects its first 1MWp solar photovoltaic (PV) plant in Sungai Petani to contribute more than RM1m to the group's revenue per annum beginning next year. The technology and media services business had received shareholders' nod to proceed with the diversification into renewable energy. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Higher Against Dollar The ringgit remained higher at Tuesday's close against the US dollar, supported by buying in the local note. At 5 pm, the local unit was at /2970 from the /2020 recorded on Monday. The dollar was trading at more than a one-week low against a basket of major currencies as investors took profit ahead of the year-end. Meanwhile, the ringgit was mostly higher against other major currencies. It rose against the Singapore dollar to /0488 from /0582 yesterday and improved to /3957 from /4207. However, against the yen it fell to /5698 from /5675 and weakened to /7211 from /7193 versus the euro. (Source: Bernama) US home prices rise slightly in October Annualized US single-family home prices rose in October at a slightly faster pace than in September and above market expectations. The S&P/Case Shiller composite index of 20 metropolitan areas gained 5.5% above the 5.4% estimate from a Reuters poll of economists. Generally good economic conditions continue to support gains in home prices. (Source: Reuters) Oil ends up 3% on cold; glut worry persists longer term Oil jumped more than US$1 a barrel on Tuesday as colder weather prompted buying a day after prices slid 3%, but slowing global demand and abundant supplies from OPEC members will continue to pressure the market. Global oil benchmark Brent and US crude's WTI futures rose about 3 % or more, after weather forecasts showed the United States may get some cold winter temperatures following an unusually balmy autumn. Expectations of a drawdown last week in US crude inventories also fed the rally. A Reuters poll suggested that stockpiles fell 2.5m barrels last week ahead of inventory reports from the American Petroleum Institute on Tuesday and the government-run Energy Information Administration on Wednesday.(Source: Reuters) China central bank to launch new macro-prudential regime to curb risks China's central bank will introduce a new system to assess macro-prudential risks in the financial system in 2016 as the country's banking assets become more diversified.the Macro-Prudential Assessment (MPA) system will replace the current regime of dynamic adjustments in differentiated reserve requirements and desirable loan management that has been in place since Under the existing assessment system, the People's Bank of China uses window guidance and applies different reserve requirement ratios to different banks to get lenders to issue loans at a pace that is appropriate to their respective sizes. (Source: Reuters) Saudi economic shake-up shows it is planning for cheap oil Saudi Arabia's planned cuts in spending and energy subsidies signal that the world's largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it appears willing to continue tolerating cheap crude to defend market share and wait for the market to balance without cutting supplies, oil sources and analysts say. In one of the strongest signals that the kingdom will stay the course despite the impact on its finances, Saudi Aramco's chairman Khalid al-falih said it could outlast others. (Source: Reuters) Brazil primary budget deficit swells, debt seen climbing Brazil's primary public sector budget deficit widened sharply in November, as falling tax revenues undermined government efforts to shore up public accounts amid a deepening recession. At 19.6bn reais (US$5.07bn), the November primary shortfall was the third worst on record. The deficit -- which represents revenues minus expenditures before debt interest payments -- is a closely watched gauge of creditworthiness. The November shortfall surpassed October's 11.5bn reais. Dilma Rousseff has failed to plug a widening deficit, as her left-leaning government seeks to safeguard welfare payments and a restive Congress blocks passage of bills to raise revenues. Including debt payments, Brazil's overall deficit was running at a hefty 9.3% of GDP in the 12 months through November. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 12/30/ :21 BB CPI YoY Sep % -1.80% -- 12/30/ :36 PN Economic Activity Index NSA YoY Oct % 3.80% 3.90% 12/30/ :41 JM Tourism Arrivals YoY Oct % 7.00% -- 12/30/ :07 PR Economic Activity YoY Nov % 1.00% 0.90% 12/30/ :00 SK Business Survey Manufacturing Jan /30/ :00 SK Business Survey Non-Manufacturing Jan /30/ :40 PN Tourism Arrivals YoY Nov % 6.30% -- 12/30/ :00 SK Industrial Production SA MoM Nov -0.70% -2.10% -1.40% -1.30% 12/30/ :00 SK Industrial Production YoY Nov 1.60% -0.30% 1.50% 1.70% 12/30/ :00 SK Cyclical Leading Index Change Nov /30/ :00 RU Markit Russia PMI Mfg Dec /30/ :00 UK Nationwide House PX MoM Dec 0.40% % -- 12/30/ :00 UK Nationwide House Px NSA YoY Dec 3.80% % -- 12/30/ :00 SZ UBS Consumption Indicator Nov /30/ :30 TH Exports YoY Nov % -- 12/30/ :30 TH Exports Nov $18288m -- 12/30/ :30 TH Imports YoY Nov % -- 12/30/ :30 TH Imports Nov $13957m -- 12/30/ :30 TH Trade Balance Nov $4331m -- 12/30/ :30 TH BoP Current Account Balance Nov $4338m -- $5180m -- 12/30/ :30 TH BoP Overall Balance Nov $2441m -- 12/30/ :30 TH Business Sentiment Index Nov /30/ :00 AS PPI MoM Nov % -- 12/30/ :00 AS PPI YoY Nov % -- 12/30/ :00 SP CPI EU Harmonised MoM Dec P -0.20% % -- 12/30/ :00 SP CPI EU Harmonised YoY Dec P 0.10% % -- 12/30/ :00 SP CPI MoM Dec P -0.10% % -- 12/30/ :00 SP CPI YoY Dec P 0.10% % -- 12/30/ :30 SW Wages Non-Manual Workers YoY Oct % -- 12/30/ :00 BP PPI YoY Nov % -- 12/30/ :00 BP PPI MoM Nov % -- 12/30/ :00 NO Norges Bank Daily FX Purchases Jan m -- 12/30/ :00 EC M3 Money Supply YoY Nov 5.20% % -- 12/30/ :00 SP Current Account Balance Oct b -- 12/30/ :00 NO Retail Sales W/Auto Fuel MoM Nov 0.20% % -- 12/30/ :00 AS Bank Austria Manufacturing PMI Dec /30/ :00 IT PPI MoM Nov % -- 12/30/ :00 IT PPI YoY Nov % -- 12/30/ :30 SV CPI MoM Dec % -- 12/30/ :30 SV CPI YoY Dec % -- 12/30/ :00 HR Real Wages YoY Oct % -- 12/30/ :00 PO Retail Sales MoM Nov % -- 12/30/ :00 PO Retail Sales YoY Nov % -- 12/30/ :00 PO Industrial Production MoM Nov % -- 12/30/ :00 PO Industrial Production YoY Nov % -- 12/30/ :00 RR Industrial Output YoY Nov % -- 12/30/ :00 RR Trade Balance Nov /30/ :00 RR Retail Sales YoY Nov % -- 12/30/ :00 LV Retail Sales MoM Nov % -- 12/30/ :00 LV Retail Trade WDA YoY Nov % -- 12/30/ :00 SA Trade Balance Rand Nov -6.6b b -- 12/30/ :00 CL Unemployment Rate Nov 6.20% % -- 12/30/ :00 CL Manufacturing Production YoY Nov -0.30% % -- 12/30/ :00 CL Retail Sales YoY Nov 1.70% % -- 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 % Hiap Teck % Jaks Resources % Java % 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 % 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 % Cocoaland % Dutch Lady n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % CCM Duopharma % KPJ Healthcare % Faber Group n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Manufacturing CBIP % Chin Well % Daibochi Plastic % 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 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 % Wah Seong % Petra Perdana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Plantation Batu Kawan % BLD Plantation n.a. n.a. n.a. n.a. n.a. n.a. n.a % Cepat Wawasan % Genting Plant % Golden Land % Gopeng n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hap Seng Plant % IJM Plant % Inch Ken Kajang % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 % 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