BIMB SECURITIES RESEARCH MARKET INSIGHT

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 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Friday, 8 April 2016 KLCI Performance KLCI Year-End Target: 1,780 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) 2, FBMKLCI YTD Chg 1.88 Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 17, NASDAQ 4, S&P 500 2, FTSE 100 6, Nikkei , HSI 20, SHCOMP 3, KOSPI 1, TWSE 8, STI 2, JCI 4, SET 1, PSEi 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi Major Highlights Mah Sing: 70% of home buyers to benefit from MyDeposit Eco World International gets SC nod for listing EPF outsources RM98bn to external portfolio managers PHB Aims To Add Prime Commercial & High Value Properties Malaysia Airlines Offers Buy-One-Get-One-Free Deal TAS Offshore loses another QMS1 shipbuilding contract Local & Global Economic News Ringgit Ends Higher In Line With Regional Currencies Election stirs debate about Fed's handling of political pressure Oil down 2% on Cushing inventory build, higher Iraqi exports US job market firming despite anemic economic growth Weak US earnings expectations set stage for stock gains Swiss banks must be more thorough in money laundering fight Regionally Key regional markets ended mixed yesterday. PSEi emerged as the top gainer, gained 0.73% to close at 7,232.97, followed by HSI (+0.29%), N225 (+0.22%), KOSPI (+0.13%), and STI (+0.08%). Meanwhile, SHCOMP (-1.38%), SET (-1.23%), TWSE (-0.27%) and JCI (-0.02%) were the losers. Locally The FBMKLCI gained 7.28 points to close at 1, yesterday. Bursa s market breath was positive with 424 gainers against 380 losers while 388 counters were traded unchanged. UtdPlt (+60sen), Panamy (+60sen) and Pharma (+49sen) led the gainers. While PetGas (-72sen), KLK (-54sen) and BAT (-34sen) led the losers. Market Preview Wall Street and Europe markets closed mostly lower yesterday as decline in oil prices and news from ECB weighed investors sentiment. The DJIA closed points lower, or 0.98%, to 17,541.96, while the S&P 500 closed down points, or 1.20%, at 2,041.91, with financials leading all sector lower. In Asian markets closed mixed, with the Shanghai composite fell more than 1% to 3, while the Nikkei 225 paused a seven-day losing streak with gains of 0.22% to close at 15, Back home, the FBMKLCI ended higher, increased 7.28 points or 0.42% to 1, Trading participation shows net selling by local institutions and local retail while foreign institutions were net buyers. We expect the local market to trade sideways today to hover around 1,620-1,730. The Research Team bimbresearch@bimbsec.com.my

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Apr-16 May-16 High 1, , Low 1, , Last 1, , Volume 6, 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+/- (+/- %) Malaysian Bulk Carriers D'nonce Technology Vivocom International Airasia Sapurakencana Petroleum Top Gainers Close Change+/- (+/- %) United Plantations Panasonic Manufacturing Pharmaniaga Public Bank Latitude Tree Top Losers Close Change+/- (+/- %) Petronas Gas Kuala Lumpur Kepong British American Tobacco Fraser & Neave Petron Malaysia R&M Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.70% KLIBOR 6-mth 3.81% KLIBOR 12-mth 3.90% 5-yr MGS 3.39% 10-yr MGS 3.81% 2

3 LOCAL CORPORATE NEWS Mah Sing: 70% of home buyers to benefit from MyDeposit Mah Sing expects to directly benefit from Putrajaya s newly-launched The First Home Deposit Funding Scheme (MyDeposit), as some 70% of its house buyers are 1 st time home buyers aged below 40. The company also noted that half of its residential launches this year are priced below RM500,000, which means its potential buyers for these projects will be eligible for the scheme. The scheme is a very viable solution for 1 st time homebuyers to start building their asset base and own the roof over their heads, as the eligible ceiling price is RM500,000, with household income capped at RM10,000. (Source: The Edge) Eco World International gets SC nod for listing Eco World International (EWI) has received the SC approval for its IPO to list on the Main Market of Bursa Malaysia Securities. The proposed IPO will involve the issuance of up to 2.153bn new RM1 shares in EWI representing up to 89.7% of its enlarged issued and paid-up share capital. There would also be a bonus issue of up to 960.0m free warrants in EWI on the basis of two warrants for every 5 Shares held after the IPO. The approval of the SC is a significant milestone in EWI s journey to become a listed entity. (Source: Star Biz) EPF outsources RM98bn to external portfolio managers A total of RM98bn has been outsourced to external portfolio managers as at Dec 31, 2015, an increase of 14% compared to RM86bn a year before. This allocation, invested in both equities and fixed income instruments, represented about 14% of the EPF s total investment assets. EPF was committed to declare no less than 2.5% nominal dividends on a yearly basis and at least 2% real dividend on 3-year rolling basis. (Source: Star Biz) PHB Aims To Add Prime Commercial & High Value Properties PHB plans to acquire more prime commercial properties and develop high-value commercial projects nationwide. The aim was in line with its effort to increase the fund size of AHB from time to time, and provide opportunities to the Bumiputera community to participate in property investment. AHB was established to provide opportunities to Bumiputeras to enable them to join as well as invest and participate as beneficial owners of prime commercial properties in Malaysia via unit holdings in AHB. (Source: Bernama) Malaysia Airlines Offers Buy-One-Get-One-Free Deal Malaysia Airlines is offering a Buy-One-Get-One-Free deal when customers purchase a first or business-class ticket from yesterday until April 18, The travel period starts immediately to November 30, Passengers can now treat a companion to a complimentary journey and look forward to experience the ultimate in comfort and style on Malaysia Airlines' flight across its entire comprehensive network around the globe. (Source: Star Biz) TAS Offshore loses another QMS1 shipbuilding contract TAS Offshore has received another notice to terminate a shipbuilding contract from QMS1 Offshore Services PLC, bringing the value of axed deals this year to RM151.6m. The latest contract, valued at US$11.7m (RM45.8m), was for the construction of an offshore construction vessel with the delivery date being Dec 11, Last month TAS announced QMS1 had sent a notice of termination for contracts relating to the construction of 2 anchor handling tug oil recovery supply vessels for US$13.5m (RM52.9m) each. (Source: Star Biz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Ends Higher In Line With Regional Currencies The MYR closed higher against the USD today, in line with other emerging Asian currencies, with the US Fed sending signals that an interest rate hike in April is unlikely. The local note ended higher at /9200 against the greenback from /9220 yesterday. Most emerging Asian currencies rose today following the release of the Fed latest meeting minutes, which revealed that policymakers were uncertain over their next move, thus diminishing investors' interest. Furthermore, the higher oil price also fuelled the MYR gains today. The international benchmark Brent increased 5cents to US$ Against a basket of major currencies, the MYR traded mostly lower. It rose against the to /5229 from /5343 recorded on Wednesday but weakened against the to /4641 from /4515. The MYR depreciated against the SGD to /9063 from /8921 and decreased against the to /6172 from /5532. (Source: Bernama) Election stirs debate about Fed's handling of political pressure Donald Trump says the Fed has stoked asset bubbles and backs a congressional review of its decisions. Bernie Sanders also wants to audit the Fed to make it less beholden to Wall Street. Ted Cruz calls for a return to a gold standard abandoned in Such voices from the 2016 presidential campaign have emboldened lawmakers who seek to limit the Fed's powers and are prompting some current and former Fed officials to call for steps to placate the US central bank's harshest critics. (Source: Reuters) Oil down 2% on Cushing inventory build, higher Iraqi exports Oil prices fell around 2% on Thursday after industry data suggested a key pipeline shutdown had not reduced crude flows to the US storage base by as much as expected. Higher Iraqi oil exports also underlined the global oversupply situation despite a positive US government report on Wednesday on US crude supply-demand that drove prices up by 5%. A build of 255,804 barrels at the Cushing, Oklahoma delivery hub for US crude futures during the week to Tuesday. (Source: Reuters) US job market firming despite anemic economic growth The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market continued to strengthen despite tepid economic growth. Initial claims for state unemployment benefits declined 9,000 to a seasonally adjusted 267,000 for the week ended April 2. The persistently low level of claims should provide some reassurance that the economy is growing, even if that growth appears more sluggish that most would have hoped a few months ago. (Source: Reuters) Weak US earnings expectations set stage for stock gains When Wall Street's quarterly earnings season kicks in to high gear next week, hundreds of companies will vie for the bragging rights that come from beating the Street - showing revenues and profits that are higher than analysts expected. That hurdle may be unusually easy to clear this quarter, as analysts, who saw oil prices and stocks collapse at the start of the year, went really negative on the first quarter of (Source: Reuters) Swiss banks must be more thorough in money laundering fight Swiss banks need to be more meticulous so that Switzerland can crack down on money laundering. Bank need to investigate the origin of money coming into an account. Banks been urged to step up their fight against money laundering in the wake of the so-called Panama Papers showing how offshore companies were used to conceal cash. Switzerland is the world's largest center for offshore wealth, with Boston Consulting Group estimating that around $2.5trn in foreign assets was kept with the country's banks in (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 04/08/ :19 CR CPI YoY Mar % -0.03% -- 04/08/ :20 CR CPI MoM Mar % -0.02% -- 04/08/ :45 EL International Reserves Mar m m -- 04/08/ :45 GU CPI MoM Mar % 0.21% -- 04/08/ :45 GU CPI YoY Mar % 4.27% -- 04/08/ :00 US Consumer Credit Feb $14.900b $17.217b $10.538b $14.897b 04/08/ :17 JM International Reserves Mar -- $ m $2269.8m -- 04/08/ :11 EL CPI MoM Mar % -0.30% -- 04/08/ :11 EL CPI YoY Mar % 1.70% -- 04/08/ :14 JM Money Supply - M0 (YoY) Mar % 14.20% -- 04/08/ :50 JN BoP Current Account Balance Feb b b -- 04/08/ :50 JN BoP Current Account Adjusted Feb b b -- 04/08/ :50 JN Trade Balance BoP Basis Feb 429.7b b -- 04/08/ :30 NE Manufacturing Production MoM Feb % -- 04/08/ :30 NE Manufacturing Production YoY Feb % -- 04/08/ :30 NE Industrial Sales YoY Feb % -- 04/08/ :30 JN Bankruptcies YoY Mar % -- 04/08/ :00 JN Consumer Confidence Index Mar /08/ :45 SZ Unemployment Rate Mar 3.60% % -- 04/08/ :45 SZ Unemployment Rate SA Mar 3.50% % -- 04/08/ :00 RO GDP YoY 4Q F % -- 04/08/ :00 RO GDP QoQ 4Q F % -- 04/08/ :00 GE Trade Balance Feb 18.0b b 13.4b 04/08/ :00 GE Current Account Balance Feb 16.5b b -- 04/08/ :00 GE Exports SA MoM Feb 0.50% % -0.60% 04/08/ :00 GE Imports SA MoM Feb -0.30% % 1.30% 04/08/ :00 FI Industrial Production MoM Feb % -- 04/08/ :00 FI Industrial Production NSA YoY Feb % -- 04/08/ :00 IN Local Car Sales Mar /08/ :00 JN Eco Watchers Survey Current Mar /08/ :00 JN Eco Watchers Survey Outlook Mar /08/ :30 FR Bank of France Bus. Sentiment Mar /08/ :45 FR Budget Balance YTD Feb b -- 04/08/ :45 FR Industrial Production MoM Feb -0.40% % -- 04/08/ :45 FR Industrial Production YoY Feb 1.70% % -- 04/08/ :45 FR Manufacturing Production MoM Feb -0.30% % -- 04/08/ :45 FR Manufacturing Production YoY Feb 2.60% % -- 04/08/ :00 DE Current Account Balance Feb b -- 04/08/ :00 DE Current Account (Seasonally Adjusted) Feb b -- 04/08/ :00 DE Trade Balance ex Ships Feb b -- 04/08/ :00 SO Trade Balance Feb m -- 04/08/ :00 CZ Share of Unemployed Mar 6.10% % -- 04/08/ :00 HU CPI MoM Mar 0.30% % -- 04/08/ :00 HU CPI YoY Mar 0.10% % -- 04/08/ :00 HU Trade Balance Feb P 945m m -- 04/08/ :00 TU Industrial Production MoM Feb 0.90% % -- 04/08/ :00 TU Industrial Production YoY Feb 4.50% % -- 04/08/ :00 SP House transactions YoY Feb % -- 04/08/ :15 SZ CPI MoM Mar 0.30% % -- 04/08/ :15 SZ CPI YoY Mar -0.90% % -- 04/08/ :15 SZ CPI EU Harmonized MoM Mar 0.30% % -- 04/08/ :15 SZ CPI EU Harmonized YoY Mar -1.10% % -- 04/08/ :30 SW Household Consumption (MoM) Feb 0.00% % -- 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 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 % Melewar Ind % MTD ACPI % Pantech % Perwaja % 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 % 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 % 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 % 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 % 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 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Protasco % 10

11 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting Others Ancom % Asia File bhd n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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