BIMB SECURITIES RESEARCH MARKET INSIGHT

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1 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Tuesday, 1 December 2015 KLCI Performance Major Highlights FGV reviews Eagle High deal EG Industries secures new orders worth RM150m Taliworks proposes JV via stake-disposal with EPF Damansara Realty gets Putrajaya job Govt to decide on Hot Rolled Coil safeguard petition on Dec 8 killing the steel industry Ahmad Zaki 3Q profit up on unrealised forex gain Eversendai 3Q earnings up on higher margins Local & Global Economic News KLCI Year-End Target: 1,750 points Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 14, Volume (mn) 2, Value (RMmn) 3, , 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 Ringgit Closes Slightly Lower Against US Dollar Bank Negara: October inflation up on-month Producer price index falls in October IMF's yuan inclusion signals less risk taking in China Australia's central bank seen on hold amid growth pick up, low inflation Regionally Key regional markets ended mostly negative yesterday. JCI emerged as the top loser, lost 2.50% to close at 4,446.46, followed by PSEi (- 1.93%), KOSPI (-1.82%), TWSE (-0.93%), N225 (-0.69%), HSI (-0.33%), SET (-0.25%), STI (-0.11%). SHCOMP (+0.26%) was the only gainer. Locally The FBMKLCI lost points to close at 1, yesterday. Bursa s market breath was negative with 677 losers against 272 gainers while 281 counters were traded unchanged. PANAMY (+154sen), AEONCR (+60sen) and HLFG (+40sen) led the gainers. While BAT (-64sen), BKAWAN (-30sen) and OIB (-28sen) led the losers. Market Preview European equities finished higher on the back of weakening Euro as investors are anticipating the ECB to ramp up its stimulus soon. Meanwhile, U.S. stocks closed lower on the last day of trade for November, as investors are eyeing at key data later in the week. The DJIA was down by points or 0.44% to end at 17, The key regional indexes finished mixed yesterday following the selldown in Chinese stocks recently. Locally, the FBMKLCI lost points to close off the day s low at 1, attributable to some last minute buying from foreign funds as we saw a net foreign inflow of RM55.7m yesterday. We foresee the local bourse to remain sideways today as the noise of the Feds to increase rate is getting louder in December. As such, we expect the indeto trend between the 1,675/80 range today. 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 Nov-15 Dec-15 High 1, , Low 1, , Last 1, , Volume 7, ,513.0 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+/- (+/- %) Borneo Oil Bhd Instacom Group Bhd Xox Bhd Wintoni Group Bhd Hartalega Holdings Bhd Top Gainers Close Change+/- (+/- %) Panasonic Manufacturing Aeon Credit Service M Bhd Hong Leong Financial Pharmaniaga Berhad Amway Malaysia Holdings Top Losers Close Change+/- (+/- %) British American Tobacco Batu Kawan Bhd Oriental Interest Bhd Tenaga Nasional Bhd Can-One Bhd Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.77% KLIBOR 6-mth 3.87% KLIBOR 12-mth 3.93% 5-yr MGS 3.70% 10-yr MGS 4.20% 2

3 LOCAL CORPORATE NEWS FGV reviews Eagle High deal FGV is looking into a possible different mode of investment into Indonesia-based PT Eagle High Plantations Tbk. Recall that on June 12, FGV had proposed to acquire a 37% stake in Eagle High from Indonesia s Rajawali Group for US$680m. This was to be settled in US$632m cash and the issuance of 95m new FGV shares. In addition, FGV also planned to inject a further US$67m to purchase a 95% stake in Rajawali s sugar project. The proposed deal was not well-received by investors because of its valuation and the impact on FGV s balance sheet. Since then, FGV had said that the company was paying a lower enterprise value (EV) for Eagle High at US$17,400 per planted ha, contrary to market talk that its purchase of Indonesia s third-largest listed oil palm planter was overpriced. (Source: Star Biz) EG Industries secures new orders worth RM150m EG Industries, an electronic manufacturing services (EMS) company, has secured new orders for box-build products worth some RM150m to be recognised in the FYE June 30, Box-build entailed undertaking end-to-manufacturing services, from designing to shipping of completed products to customers end users. Of the RM150m of orders, RM25m for the boxbuild of ICT and consumer electronic products has been recognised in 1Q ended Sept 30, with the balance to be recognised for the rest of FY16. (Source: Bernama) Taliworks proposes JV via stake-disposal with EPF Taliworks Corp has proposed a JV via the disposal of a 50% stake in PMSB to PVSB for RM66.75m cash. PMSB is a whollyowned subsidiary of Taliworks while PVSB is a wholly-owned subsidiary of EPF. The stake disposal comprised 5,000 ordinary shares of RM1 each in PMSB and 36.42m redeemable preference shares at par value of RM0.01 each and premium of RM0.99 each. (Source: Star Biz) Damansara Realty gets Putrajaya job Property firm Damansara Realty has been awarded a contract by Putrajaya Corp for the proposed development of Perumahan Penjawat Awam 1Malaysia (PPA1M) and a commercial mixed project located in Presint 5, Putrajaya. The gross development cost of both projects is RM467m. The project will comprise 1,350 PPA1M units, of which 675 units will be sized 1,000 sq ft and the remainder, 1,200 sq ft. The commercial mixed project will comprise 45 units of six-storey shop offices. (Source: Star Biz) Govt to decide on Hot Rolled Coil safeguard petition on Dec 8 killing the steel industry The Government is expected to decide on the "safeguard" petition on Dec 8, 2015, which will see an additional 40% import tax on the existing 15% for the imported hot rolled coil (HRC) products. Mycron Steel hopes the government would not approve the petition as it would "kill" the industry. If implemented, importers have to pay 55% import duty, which is ridiculously high. (Source: Star Biz) Ahmad Zaki 3Q profit up on unrealised forex gain Ahmad Zaki Resources Bhd (AZRB) recorded a 137.8% gain in net profit to RM4.43m for the 3Q ended Sept 30, 2015 from RM1.86m a year ago, mainly due to net unrealised foreign exchange gain of RM2.6m. The gain arose from the revaluation of long term receivable for the arbitration award in Saudi Arabia. This was offset by foreign currency exchange loss from the revaluation of US dollar term loan balance under the plantation division. (Source: Star Biz) Eversendai 3Q earnings up on higher margins Eversendai Corp recorded a jump in earnings to RM14.58m from RM2.91m a year ago, on the back of higher value of contract executions and higher margins. Revenue meanwhile improved 95.6% to RM471.48m against RM241.03m in the same quarter last year. EPS was higher at 1.88 sen from 0.38 sen a year ago, while NAV as at the 3Q was RM1.49. The company s 9M earnings grew 126.8% to RM48.08m from RM21.2m last year. Revenue for the period was 87% higher at RM1.299bn from RM694.3m in Its revenue is predominantly driven by its Middle East operations, which contributed 70% to group revenue. The remaining revenue was from steel fabrication contracts and power plant projects in Malaysia, as well as from the construction industry in India. (Source: Star Biz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Slightly Lower Against US Dollar The ringgit closed slightly lower against the US dollar today. At 5 pm, the ringgit was quoted at /2665 against the greenback from /2650 on Friday. The decline in the local note was not that significant now compared to a few months ago. The ringgit had been trading rangebound, mired by 1MDB issues, low crude oil prices and on heightened concerns that the Federal Reserve would raise interest rates in December. The worries seem to have taken a backseat for now. The local unit was also mostly higher against other major currencies. It rose against the Singapore dollar to /0222 from /0261 on Friday and appreciated against the yen to /4704 from /4842. The local currency rose against the British pound to /3079 from /4325 and increased against the euro to /5118 from /5294. (Source: Bernama) Bank Negara: October inflation up on-month Headline inflation increased 0.4% in October on a MoM basis while year-on-year, inflation saw a slight moderation to 2.5%, with inflation in the transport category of the CPI declining by 5.7% due to the higher base in the corresponding month last year. Its monthly monetary and financial developments report for October that interbank rates remained stable in terms of lending rates, while retail deposit rates were also steady. The annual growth of loans to households continued to moderate to 8%. (Source: Star Biz) Producer price index falls in October The producer price index (PPI), which comprises indices for local production, imports and the domestic economy, fell by 2.6% YoY in October 2015, as local production index fell 4.8% while the import price index increased by 1.8%. On a MoM basis, the PPI for domestic economy in October 2015 grew by 1.7%, due to increases in the local production index (+1.0%) and import price index (+0.7%). In seasonally adjusted terms, the PPI for domestic economy in October 2015 increased by 2.3% compared to September (Source: Star Biz) IMF's yuan inclusion signals less risk taking in China The IMF agrees on Monday to add the Chinese yuan to its reserves basket in the biggest shake-up in more than three decades, the IMF can afford itself a congratulatory nod. By acknowledging the yuan as a major global currency alongside the dollar, euro, yen, and pound sterling, as is widely expected, IMF members will endorse the efforts of China's economic reformers and by doing so hope that will spur fresh change in China. But Chinese policy insiders and international policymakers say reforms may not continue at the breakneck pace of recent months. In addition, Chinese sources suggest adding the yuan to the IMF basket leaves economic conservatives better positioned to resist further significant reform in a reminder of the period following China's entry to the WTO. (Source: Bernama) Australia's central bank seen on hold amid growth pick up, low inflation Australian inflation stayed subdued in November, a private-sector survey of prices showed on Monday in a reminder there is plenty of room for further rate cuts even if a move is considered highly unlikely this week. The Reserve Bank of Australia (RBA) holds its December policy meeting on Tuesday but the head of the central bank has already told markets to "chill out" over the Christmas break and watch how the economy performs. The latest reading on credit suggested the current cost of money was not an impediment, with business lending expanding at the fastest pace since 2008 in October. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 12/01/ :50 JN Capital Spending YoY 3Q 2.20% % -- 12/01/ :50 JN Capital Spending Ex Software 3Q 1.70% % -- 12/01/ :50 JN Company Profits 3Q % -- 12/01/ :50 JN Company Sales 3Q % -- 12/01/ :35 JN Nikkei Japan PMI Mfg Nov F /01/ :00 JN Vehicle Sales YoY Nov % -- 12/01/ :00 RU Markit Russia PMI Mfg Nov /01/ :45 IT Markit/ADACI Italy Manufacturing PMI Nov /01/ :50 FR Markit France Manufacturing PMI Nov F /01/ :55 GE Unemployment Change (000's) Nov -5k -- -5k -- 12/01/ :55 GE Unemployment Claims Rate SA Nov 6.40% % -- 12/01/ :00 EC Markit Eurozone Manufacturing PMI Nov F /01/ :00 GE CPI Brandenburg MoM Nov % -- 12/01/ :00 GE CPI Brandenburg YoY Nov % -- 12/01/ :00 IT Unemployment Rate Oct P 11.70% % -- 12/01/ :00 IT Unemployment Rate Quarterly 3Q 11.90% % -- 12/01/ :30 UK Markit UK PMI Manufacturing SA Nov /01/ :00 EC Unemployment Rate Oct 10.80% % -- 12/01/ :00 IT GDP WDA QoQ 3Q F 0.20% % -- 12/01/ :00 IT GDP WDA YoY 3Q F 0.90% % -- 12/01/ :30 CA GDP MoM Sep 0.00% % -- 12/01/ :30 CA GDP YoY Sep 0.40% % -- 12/01/ :30 CA Quarterly GDP Annualized 3Q 2.30% % -- 12/01/ :30 CA RBC Canadian Manufacturing PMI Nov /01/ :45 US Markit US Manufacturing PMI Nov F /01/ :00 US Construction Spending MoM Oct 0.60% % -- 12/01/ :00 US ISM Manufacturing Nov /01/ :00 US ISM Prices Paid Nov /01/2015 RU Reserve Fund Nov $65.7b -- 12/01/2015 RU Wellbeing Fund Nov $73.5b -- 12/01/2015 IT Budget Balance Nov b -- 12/01/ /02 US Wards Domestic Vehicle Sales Nov 14.25m m -- 12/01/ /02 US Wards Total Vehicle Sales Nov 18.10m m -- 12/02/ :00 IT New Car Registrations YoY Nov % -- 12/02/ :50 JN Monetary Base YoY Nov % -- 12/02/ :50 JN Monetary Base End of period Nov t -- 12/02/ :30 UK Markit/CIPS UK Construction PMI Nov /02/ :00 EC PPI MoM Oct -0.40% % -- 12/02/ :00 EC PPI YoY Oct -3.20% % -- 12/02/ :00 EC CPI Estimate YoY Nov 0.20% % -- 12/02/ :00 EC CPI Core YoY Nov A 1.10% % -- 12/02/ :00 US MBA Mortgage Applications 27-Nov % -- 12/02/ :00 RU CPI WoW 30-Nov % -- 12/02/ :00 RU CPI Weekly YTD 30-Nov % -- 12/02/ :15 US ADP Employment Change Nov 190k k -- 12/02/ :30 US Nonfarm Productivity 3Q F 2.20% % -- 12/02/ :30 US Unit Labor Costs 3Q F 1.00% % -- 12/02/ :45 US ISM New York Nov /02/ :00 CA Bank of Canada Rate Decision 2-Dec 0.50% % -- 12/03/ :50 JN Loans & Discounts Corp YoY Oct % -- 12/03/ :50 JN Japan Buying Foreign Bonds 27-Nov b -- 12/03/ :50 JN Japan Buying Foreign Stocks 27-Nov b -- 12/03/ :50 JN Foreign Buying Japan Bonds 27-Nov b -- 12/03/ :50 JN Foreign Buying Japan Stocks 27-Nov b -- 12/03/ :35 JN Nikkei Japan PMI Services Nov 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 0.000% MBM Resources % Tan Chong % UMW % Building Materials Ann Joo Resource % Alum Co of Malay % Choo Bee Metal % CSC Steel n.a n.a n.a n.a n.a n.a n.a 0.123% 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 0.016% Kim Hin Ind % Kinsteel % Lafarge M Cement % Lion Corp % Lion Industries % Malaysia Smelting % Masteel % Melewar Ind % MTD ACPI % 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 % 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 0.006% 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 0.000% 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 0.000% Masterskill n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% 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 n.a n.a n.a n.a n.a n.a n.a 0.024% MWE Hold % Muda Hold % NTPM Hold % Nylex Malaysia n.a n.a n.a n.a n.a n.a n.a 0.036% 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 0.020% 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 0.000% 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 0.000% Plantation Batu Kawan % BLD Plantation % Cepat Wawasan % Genting Plant % Golden Land % Gopeng n.a n.a n.a n.a n.a n.a n.a 0.071% 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 0.000% United Plant n.a n.a n.a n.a n.a n.a n.a 1.744% 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 0.000% 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 0.000% Ivory Properties % KLCC Property n.a n.a n.a n.a n.a n.a n.a n.a 0.000% KSL Hold % Kump Hartanah n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% Plenitude % Selangor Prop n.a n.a n.a n.a n.a n.a n.a 0.610% 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 0.000% Tebrau Teguh n.a n.a n.a n.a n.a n.a n.a n.a 0.000% UEM Land n.a n.a n.a n.a n.a n.a n.a n.a 0.000% WCT n.a n.a n.a n.a n.a n.a n.a n.a 0.000% Wing Tai n.a n.a n.a n.a n.a n.a n.a 0.197% 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 0.000% 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 0.000% Formis Resources n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% Symphony House % 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 1.010% 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 0.000% Konsortium n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% 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 % Mega First % Coastal Contract % Time Engineering n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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