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 Thursday, 31 December 2015 KLCI Performance Major Highlights AirAsia X sells Airbus DPE Kits for RM10.22m Ho Hup ventures into quarrying in Melaka via acquisition FGV, P&G and others to develop jointly model for sustainability Megasteel: Misif s call to foreign steel players may be an act of subversion Dalton resigns as Sumatec CEO, Chan returns as MD Sungei Way Corp ups stake in Sunway Local & Global Economic News 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 closed closed closed closed Market Valuation (PER) FY15 FY16 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my ext 1735 Ringgit ends higher versus greenback US pending home sales fall in November US money market assets decreased in latest week Euro zone lending improves further in November Russian manufacturing shrinks in Dec for first time in three months: PMI Regionally Key regional markets ended mostly mixed yesterday. JCI emerged as the top gainer, gained 0.52% to close at 4,593.01, followed by SET (+0.33%), N225 (+0.27%) and SCHOMP (+0.26%),While HIS (-0.53%), KOSPI (-0.25%), TWSE (-0.17%) and STI (-0.17%) were the losers. PSEi was closed for public holiday. Locally The FBMKLCI gained 7.78 points to close at 1, yesterday. Bursa s market breath was negative with 400 gainers against 523 losers while 325 counters were traded unchanged. HIGHTEC (+34sen), BPLAS (+30sen) and PPB (+22sen) led the gainers. While BAT (-36sen), MPI (-35en) and ENRA (-32sen) led the losers. Market Preview Europe markets closed lower yesterday as weakness in the global commodity market dampened investor sentiment. Wall Street ended lower in low volume traded yesterday as continued decline in oil prices weighed investor sentiment. Crude prices were pressure lower after official data showed U.S. crude stockpiles had unexpectedly risen in the last week, by 2.6 million barrels ended both U.S. West Texas Intermediate (WTI) crude and benchmark Brent futures traded well below $37 per barrel on Wednesday. The DJIA and S&P500 fell 0.66% and 0.72% to end at 17, and 2, respectively. Meanwhile in Asia, markets closed mixed yesterday amid lingering worried about dampened commodity prices and economic condition in China. Locally, the FBMKLCI surged 7.78 points or 0.46% to 1,693.14, supported by plantation stocks and year-end window dressing. Trading participation shows net buyer by foreign institutions while local institutions and local retail were net sellers. We expect the local market to open cautiously in the final trading day of the year, following the global markets overnight. We expect the index to hover at around 1,683 1,700. 1

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 10, , 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+/- (+/- %) Kim Teck Cheong Instacom Group Utopia Red Sena Luster Industries Top Gainers Close Change+/- (+/- %) Kumpulan H&L High-Tech Bp Plastics PPB Group Oriental Food Indust Petronas Gas Top Losers Close Change+/- (+/- %) British American Tobacco Malaysian Pacific Industries Enra Group Pie Industrial Time Dotcom 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 3.46% 10-yr MGS 4.20% 2

3 LOCAL CORPORATE NEWS AirAsia X sells Airbus DPE Kits for RM10.22m AirAsia X is selling its Airbus DPE Kits to a related party, Asian Aviation Centre of Excellence SB (AACE), for a price of US$2.38m (about RM10.22m). The Company and AACE have on Dec 30 entered into the sale agreement, to sale, assign and transfer the Airbus DPE Kits. The purchase price was arrived pursuant to the market value comprising of the data package, simulation software package and kit of genuine aircraft parts to be installed in the aircraft simulation training device. AACE is deemed to be a related party to AirAsia X as AirAsia s directors and major shareholders, Datuk Kamarudin Bin Meranun and Tan Sri Dr. Anthony Francis Fernandes, are also the directors and major shareholders in AirAsia X. (Source: The Edge) Ho Hup ventures into quarrying in Melaka via acquisition Ho Hup Construction has gained entry into the granite quarrying business, via the acquisition of a company with quarrying rights for RM2m cash. Its indirect 70%-owned subsidiary, Ho Hup Ventures (Malacca) SB, has signed a share S&P agreement with Ong Chin Cheong, Ong Chin Yet and Noor Azman Nordin for the acquisition of 1 million shares, representing the entire share capital, in Erakuasa Global Sdn Bhd (EGSB). The acquisition gives Ho Hup an effective 52.5% stake in AIQSB. The purchase of EGSB would support its needs as it is principally involved in construction, property development, and infrastructure activities that are major consumers of ready-mixed concrete products. (Source: The Edge) FGV, P&G and others to develop jointly model for sustainability Felda Global Ventures Holdings (FGV) has signed a MoU with US consumer goods giant Procter & Gamble (P&G) and 5 other organisations to develop a model to ensure palm oil sustainability. The MoU sets out the understanding and intention of the parties during this interim exploratory period. It shall remain valid for 3 years or such extended period as agreed in writing by the parties. The consumer goods industry is among the biggest users of palm oil, and multinationals such as Unilever, Nestle and P&G have expressed their commitment to ensure there is no deforestation involved in their sourcing of raw materials such as palm oil, palm kernel oil and their derivatives. (Source: StarBiz) Megasteel: Misif s call to foreign steel players may be an act of subversion Megasteel SB has countered the Malaysian Iron and Steel Industry Federation s (Misif) statement on Tuesday that its petition has no merit, and even launched an attack of its own on Misif s remark that foreign steel players can file their case to the World Trade Organisation (WTO). The petition for safeguard duties had merit, having been gazetted by the International Trade & Industry Ministry (Miti). Megasteel had the right to seek trade remedy measures such as antidumping and safeguard duties against HRC imports which are causing serious injury to the local HRC industry which has 2 producers, Megasteel and Southern Steel Bhd, whose production are adversely affected by such imports. (Source: StarBiz) Dalton resigns as Sumatec CEO, Chan returns as MD Sumatec Resources has reappointed Chan Yok Peng as managing director following the resignation of CEO Christopher Layton Dalton. Dalton resigned effective Dec 31 following the expiry of his contract. However, he has consented to offer his service as a consultant to the company whenever needed. The 41-year-old British national had served 16 years in the oil and gas industry with Halliburton, one of the world s largest oilfield drilling services providers. (Source: StarBiz) Sungei Way Corp ups stake in Sunway Sungei Way Corporation SB raised its stake in its subsidiary Sunway Bhd to 51.79% with the recent purchase of 12 million shares. A filing with Bursa Malaysia showed Sungei Way Corp paid RM36.60m for 12 million shares in Sunway, based on an average price of RM3.05. After the purchase of the shares in the property-infrastructure-education group, its stake increased to 922 million shares. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit ends higher versus greenback Ringgit finished higher against the US dollar for the third consecutive day, boosted by mild buying for the local currency. At 5 pm, the local unit was at /2960 from the /2970 recorded on Tuesday. Asian currencies including the ringgit were lifted following the improvement in global oil prices. Brent crude oil prices rose as cold weather in some parts of the northern hemisphere encouraged buyers. Meanwhile, the ringgit was higher against other major currencies. It rose against the Singapore dollar to /0408 from /0488 yesterday and improved to /3658 from /3957 versus the British pound. However, against the yen it strengthened to /5672 from /5698 and gained to /6985 from /7211 vis-a-vis the euro. (Source: Bernama) US pending home sales fall in November Contracts to buy previously owned US homes fell in November for the third time in 4 months, a signal that growth in the US housing market could be cooling. The pending home sales index slipped 0.9% to The NAR said the index rose slightly more in October than initially estimated. Economists had expected a 0.5% increase in November. Pending home contracts become sales after a month or two, and the declines in recent months could point slower growth in homebuying in 2016, when interest rates are expected to rise. (Source: Reuters) US money market assets decreased in latest week US money market fund assets decreased by $3.58bn to $2.763trn in the week ended Dec 29. Taxable money market fund assets decreased by $4.14bn to $2.508trn, while tax-free assets increased by $560.10m to $254.16bn. The Money Fund Average 7-Day Simple Yield for All Taxable money-market funds was 0.06%, up from 0.05% the prior week. The Money Fund Average 7-Day Simple Yield for All Tax-Free and Municipal money-market funds remained at 0.01% for the 139th straight week. (Source: Reuters) Euro zone lending improves further in November Lending to companies and households across the euro zone picked up again in November, recording YoY growth of 0.9% and 1.4% respectively. The development is positive news for the euro zone's economy, which has long struggled with slack credit, and indicates some success for the ECB's money-printing scheme to buy chiefly government bonds. The annual growth rate of the M3 measure of money circulating in the euro zone, which is often an indicator of future economic activity, had lost pace. Growth in M3, which includes items such as deposits with a longer maturity, holdings in money market funds and some debt securities, was 5.1% in November. (Source: Reuters) Russian manufacturing shrinks in Dec for first time in three months: PMI Russian manufacturing activity shrank in December, a business survey showed on Wednesday, suggesting the country's economic downturn has yet to run its course. The Markit purchasing managers' index for the sector fell to 48.7 from 50.1 the previous month, slipping below the 50 mark that separates expansion from contraction for the first time since September. Recent months appeared to signal a shift in the sector to a higher gear. However, latest figures suggest manufacturers may endure a challenging start to 2016 unless some action can be taken to stimulate demand for goods. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 12/31/ :00 PY CPI YoY Dec % 2.90% -- 12/31/ :00 PY CPI MoM Dec % 0.40% -- 12/31/ :20 UR PPI YoY Dec % 8.33% -- 12/31/ :20 UR PPI MoM Dec % -0.38% -- 12/31/ :21 BP Budget Balance Nov m 63.9m -- 12/31/ :33 NC Current Account Balance (USD) 3Q -- -$262.1m -$256.7m -$283.0m 12/31/ :37 NC Remittances Total Nov /31/ :03 CR GDP YoY 3Q % 2.50% 2.70% 12/31/ :17 CR Current Account Balance 3Q /31/ :28 NC Trade Balance Nov -- -$434.6m -$336.6m -$337.6m 12/31/ :30 MX Budget Balance YTD Nov b b -- 12/31/ :00 SK CPI MoM Dec 0.10% 0.30% -0.10% -- 12/31/ :00 SK CPI YoY Dec 1.10% 1.30% 1.00% -- 12/31/ :00 SK CPI Core YoY Dec % 2.40% -- 12/31/ :30 AU Private Sector Credit MoM Nov 0.60% % -- 12/31/ :30 AU Private Sector Credit YoY Nov 6.80% % -- 12/31/ :00 CH Swift Global Payments CNY Nov % -- 12/31/ :00 SI Money Supply M1 YoY Nov % -- 12/31/ :00 SI Money Supply M2 YoY Nov % -- 12/31/ :00 SI Credit Card Billings Nov m -- 12/31/ :00 SI Bank Loans and Advances YoY Nov % -- 12/31/ :00 SI Credit Card Bad Debts Nov m -- 12/31/ :00 SA Money Supply M3 YoY Nov 9.50% % -- 12/31/ :00 SA Private Sector Credit YoY Nov 8.55% % -- 12/31/ :00 RU Markit Russia PMI Services Dec /31/ :00 RU Markit Russia PMI Composite Dec /31/ :00 FI Trade Balance Oct F m -- 12/31/ :00 TU Trade Balance Nov -4.05b b -- 12/31/ :00 CZ Money Supply M2 YoY Nov % -- 12/31/ :30 SL CPI Moving Average YoY Dec % -- 12/31/ :30 SL CPI YoY Dec % -- 12/31/ :00 GR Retail Sales YoY Oct -5.20% % -- 12/31/ :00 MA Money Supply M3 YoY Nov % -- 12/31/ :00 HR Retail Trade Real YoY Nov P % -- 12/31/ :30 IN Fiscal Deficit INR Crore Nov /31/ :00 IS GDP Annualized 3Q P 2.50% % -- 12/31/ :00 RU Gold and Forex Reserve 25-Dec b -- 12/31/ :00 PD CPI Expectations Dec 0.20% % -- 12/31/ :00 RU Current Account Balance 3Q F m -- 12/31/ :00 RU CPI YTD Dec P 13.00% % -- 12/31/ :00 RU CPI MoM Dec P 0.90% % -- 12/31/ :00 RU CPI YoY Dec P 13.00% % -- 12/31/ :30 US Initial Jobless Claims 26-Dec 270k k -- 12/31/ :30 US Continuing Claims 19-Dec 2190k k -- 12/31/ :00 US ISM Milwaukee Dec /31/ :45 US Chicago Purchasing Manager Dec /31/ :45 US Bloomberg Consumer Comfort 27-Dec /31/ :00 MX Net Outstanding Loans Nov b -- 12/31/2015 UG CPI YoY Dec % -- 12/31/2015 MO GDP YoY 3Q % -- 12/31/2015 HK Money Supply M1 HKD YoY Nov % -- 12/31/2015 HK Money Supply M3 HKD YoY Nov % -- 12/31/2015 HK Money Supply M2 HKD YoY Nov % -- 12/31/2015 HR Current Account Balance 3Q m -- 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 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 % 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 % 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 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 % 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 % 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 % 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 % 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 % 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