Market Insight. Monday, 8 August, 2016

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 Apr-16 May-16 Jun-16 Jul-16 Monday, 8 August, /03/2013(031743) Major Highlights Local & Global Economic News Unisem Q2 net profit rises to RM37.6m SLP Resources' 2Q profit slips 5.4% on lower domestic sales Ranhill posts Q2 net profit of RM37.77m Protasco unit and partner get RM316m SUKE contract MMC Corp takes a 49% stake in Penang Port RSPO suspension on IOI Corp lifted from Aug 8 Ringgit ends higher on liquidity-driven market Palm oil stockpile in Malaysia seen rising in July June exports up 3.4% on-year, surprises survey Strong US employment report brightens economic outlook US trade deficit rises to 10-month high in June BoE tries to cut knot at heart of policy at, and below, zero Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 13, Volume (mn) 2, Value (RMmn) 1, FBMKLCI YTD Chg Scoreboard Close Change +/- Change % Gainers Losers Unchanged Regional Indices Close Change +/- Change % YTD Change DJIA 18, NASDAQ 5, S&P 500 2, FTSE 100 6, Nikkei , HSI 22, SHCOMP 2, KOSPI 2, TWSE 9, STI 2, JCI 5, SET 1, PSEi 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my KLCI Performance KLCI Year-End Target: 1,729 points Sector Indices Close Change +/- Change % Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Jul-16 Aug-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 BIMB Securities 1

2 Major Rates KLIBOR 3-mth 3.40% KLIBOR 6-mth 3.54% KLIBOR 12-mth 3.62% 5-yr MGS 3.25% 10-yr MGS 3.62% Active Stock Close Change+/- (+/- %) Malaysia Building Society Th Heavy Engineering Diversified Gateway M3 Technologies Asia Vivocom International Top Gainers Close Change+/- (+/- %) United Plantations Ppb Group Nestle Batu Kawan Ioi Corp Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst 64 1, , Local Retail Foreign Total , , Weekly Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst , , Local Retail , , Foreign , , Total , , Top Losers Close Change+/- (+/- %) Fraser & Neave Panasonic Manufacturing Ajinomoto Kesm Industries Unisem

3 LOCAL CORPORATE NEWS Unisem Q2 net profit rises to RM37.6m Unisem net profit for the 2Q to June 30 rose 19.9% RM37.62m from RM31.38m in the same quarter a year ago on higher gain on foreign exchange. Its revenue rose RM320.89m compared with RM298.79m a year ago. The increase in revenue for the financial YTD was mainly attributable to improved average selling prices arising from the appreciation of USD to ringgit and USD to renminbi exchange rates, as compared to the rates that prevailed in the corresponding period a year ago. (Source: StarBiz) SLP Resources' 2Q profit slips 5.4% on lower domestic sales SLP Resources net profit for the 2QFY16 slipped by 5.4% to RM6.07m or 2.45 sen per share from RM6.41m or 2.59 sen per share in the same corresponding quarter a year ago, largely due to lower domestic sales. The Group recorded lower domestic sales of RM17m as compared to RM21.7m 2QFY15 due to slower domestic demand as well as stricter credit control imposed by the Group on domestic customers. The lower average unit selling price of sales denominated in USD due to weaker USD particularly in the month of April has also attributed to lower profit before tax in the current year quarter. (Source: The Edge) Ranhill posts Q2 net profit of RM37.77m Ranhill reported a higher net profit of RM37.77m for its 2QFY16 due to one-off recognitions made during the quarter. The group s revenue for the quarter amounted to RM357.04m. For the preceding quarter, it reported a net profit and revenue of RM6.91m and RM344.75m respectively. Ranhill attributed the large increase to a one-off premium paid on the redemption of the Islamic Medium Term Notes (MTNs) amounting to RM13.3m and the recognition of negative goodwill of RM20.1m arising from its investment in Ranhill Water Technology (Cayman) Ltd (RWTC) during the quarter. (Source: StarBiz) Protasco unit and partner get RM316m SUKE contract Protasco and bumiputra construction firm Hatimuda SB have received a RM315.8m contract for the joint construction of part of the proposed Sungai Besi-Ulu Kelang Elevated Expressway (SUKE). The job given by Turnpike Synergy SB -- a unit of highway concessionaire Projek Lintasan Kota Holdings SB (Prolintas) - would be undertakwen by HCM and Hatimuda on a 40:69 basis. (Source: StarBiz) MMC Corp takes a 49% stake in Penang Port MMC Corp is buying a 49% stake in Penang Port, the country s oldest port, from Seaport Terminal (Johore) SB (STJSB) for RM200m in cash. The company signed a conditional agreement on Friday to acquire the shares in Penang Port SB (PPSB) from STJSB, which is MMC s majority shareholder with 51.76% equity interest. STJSB will maintain a 51% stake in PPSB, which is trying to turn its port into a competitive regional one. (Source: StarBiz) RSPO suspension on IOI Corp lifted from Aug 8 The Roundtable of Sustainable Palm Oil (RSPO) will lift the suspension on IOI Corporation this Monday after about four months. Its board of governors had endorsed the complaints panel's recommendation to lift the suspension of RSPO cetrtification for the entire IOI Corp group. The complaints panel is satisfied that IOI has met the conditions set out in its letter to IOI dated March 14, 2016, based on the actions that IOI has taken and implemented since then. To recap, the initial suspension of IOI Group s RSPO certificates took effect from April 1, The suspension followed a decision taken by the Complaints Panel on March 14 and endorsed by the RSPO board of governors on March 25, 2016 in relation to the complaint against PT Sukses Karya Sawit, PT Berkat Nabati Sawit, PT Bumi Sawit Sejahtera, all subsidiaries of the IOI Group. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit ends higher on liquidity-driven market The ringgit finished higher versus most major currencies, including the USD, buoyed by the liquidity driven market. The local unit was quoted at /0250 against the US dollar from /0540 on Thursday. It was reported that BoE has decided to cut its interest rates for the 1 st time after more than 7 years in an effort to prevent the post-brexit recession. (Source: Bernama) Palm oil stockpile in Malaysia seen rising in July Palm oil inventories in Malaysia likely rose for a 2 nd month in July, in the first back-to-back gain since November, as production continued to recover from stresses caused by El Nino weather. Inventories rose 2.2% to 1.82m metric tons in July from June. Production of crude palm oil likely rose 3.9% to 1.59m tons, its 5 th straight monthly rise. Exports likely surged 15% to 1.3m tons, which would be the biggest climb in 4 months. (Source: Bloomberg) June exports up 3.4% on-year, surprises survey Malaysia's exports delivered a strong set of numbers, up RM2.2bn or 3.4% to RM66.45bn surprising economists' expectations of a 3.7% decline underpinned by a strong growth in electrical and electronics. E&E products increased RM1.1bn or 4.9% from RM23.1bn. It added that refined petroleum products rose RM1.1bn or 34.9% from RM3.2bn due to the increase in export volume (+90.1%) as average unit value fell 29.0%. Timber and timber-based products recorded an of RM133.7m or 8.1% from RM1.6bn. (Source: StarBiz) Strong US employment report brightens economic outlook US employment rose more than expected for the 2 nd month in a row in July and wages picked up, bolstering expectations of faster economic growth, and raising the probability of a Fed interest rate increase this year. Nonfarm payrolls rose by 255,000 jobs after an upwardly revised 292,000 surge in June, with hiring broadly based across the sectors of the economy. In addition, 18,000 more jobs were created in May and June than previously reported. (Source: Reuters) US trade deficit rises to 10-month high in June The US trade deficit rose to a 10-month high in June as rising domestic demand and higher oil prices boosted the import bill while the lagging effects of a strong dollar continued to hamper export growth. The trade gap increased 8.7% to US$44.5bn in June, the biggest deficit since August May's trade deficit was revised slightly down to US$41.0bn.June marked the 3 rd straight month of increases in the deficit. (Source: Reuters) BoE tries to cut knot at heart of policy at, and below, zero THE Bank of England (BoE) has tied one hand behind its back in ruling out negative interest rates but has at least managed to grasp an effective bludgeon with the other. The new weapon, at least new to Britain, is the Term Funding Scheme (TFS), a plan to give banks up to 100bn of loans at advantageous terms so long as they lend the money on to businesses and consumers. Not dissimilar from programmes used by the ECB, the TFS may help to cut the knot at the centre of monetary policy near and below zero rates: how to ease further without undermining the financial system. (Source: StarBiz) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised Ulster Bank Ireland Construction 08/08/ :01 IR PMI Jul /08/ :50 JN BoP Current Account Balance Jun b b -- 08/08/ :50 JN BoP Current Account Adjusted Jun b b -- 08/08/ :50 JN Trade Balance BoP Basis Jun 773.3b b -- 08/08/ :50 JN Bank Lending Incl Trusts YoY Jul % -- 08/08/ :50 JN Bank Lending Ex-Trusts YoY Jul 2.00% % -- 08/08/ :30 AU ANZ Job Advertisements MoM Jul % -- 08/08/ :30 NE Manufacturing Production MoM Jun % -- 08/08/ :30 NE Manufacturing Production YoY Jun % -- 08/08/ :30 NE Industrial Sales YoY Jun % -- 08/08/ :30 JN Bankruptcies YoY Jul % -- 08/08/ :00 JN Eco Watchers Survey Current Jul /08/ :00 JN Eco Watchers Survey Outlook Jul /08/ :00 RO Wages Net YoY Jun % -- 08/08/ :00 GE Industrial Production SA MoM Jun 0.70% % -- 08/08/ :00 GE Industrial Production WDA YoY Jun 0.50% % -- 08/08/ :00 FI Trade Balance Jun P m -- 08/08/ :00 SA Gross Reserves Jul $46.40b -- $46.37b -- 08/08/ :00 SA Net Reserves Jul $40.94b -- $40.83b -- 08/08/ :30 FR Bank of France Bus. Sentiment Jul /08/ :30 AU Foreign Reserves Jul A$69.6b -- 08/08/ :00 CZ Trade Balance National Concept Jun 21.5b b -- 08/08/ :00 CZ Construction Output YoY Jun % -- 08/08/ :00 DE Industrial Production MoM Jun 0.20% % -- 08/08/ :00 CZ Industrial Output YoY Jun 2.20% % -- 08/08/ :00 CZ Share of Unemployed Jul 5.30% % -- 08/08/ :00 TU Industrial Production MoM Jun 0.60% % -- 08/08/ :00 TU Industrial Production YoY Jun 3.70% % -- 08/08/ :15 SZ CPI MoM Jul -0.50% % -- 08/08/ :15 SZ CPI YoY Jul -0.30% % -- 08/08/ :15 SZ CPI EU Harmonized MoM Jul -0.30% % -- 08/08/ :15 SZ CPI EU Harmonized YoY Jul -0.60% % -- 08/08/ :00 BP Retail Sales YoY Jun % -- 08/08/ :00 BP Retail Sales MoM Jun % -- 08/08/ :00 BP Industrial Production MoM Jun % -- 08/08/ :00 BP Industrial Production YoY Jun % -- 08/08/ :00 LN CPI MoM Jul % -- 08/08/ :00 LN CPI YoY Jul % -- 08/08/ :00 SZ Total Sight Deposits 5-Aug b -- 08/08/ :00 SZ Domestic Sight Deposits 5-Aug b -- 08/08/ :00 CZ International Reserves Jul $75.2b -- 08/08/ :00 TA Trade Balance Jul $3.81b -- $3.58b -- 08/08/ :00 TA Imports YoY Jul -5.00% % -- 08/08/ :00 TA Exports YoY Jul -2.00% % -- 08/08/ :30 EC Sentix Investor Confidence Aug /08/ :00 GR CPI YoY Jul % -- 08/08/ :00 GR CPI EU Harmonized YoY Jul % -- 08/08/ :00 HR Tourism Arrivals YoY Jun % -- 08/08/ :00 HR Trade Balance May /08/ :00 HU Budget Balance YTD Jul b -- 08/08/ :00 SI Foreign Reserves Jul $248.86b -- 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Engtex Group % Goh Ban Huat n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hiap Teck % Jaks Resources % Java % Kim Hin Ind % Kinsteel % Lafarge M Cement % Lion Corp % Lion Industries % Malaysia Smelting % Masteel % 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 % Guan Chong % Hai-O Ent % Hovid % Hup seng Inds % K-Star Sports % Multi Sports n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Padini % Parkson Holdings % Pelikan International n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Muda Hold % NTPM Hold % Nylex Malaysia % Perstima % Scientex % Sino Hua-an n.a. n.a. n.a. n.a. n.a. n.a. n.a % SLP Resources n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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. n.a % IJM Land n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Ivory Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 % 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 % Protasco % 10

11 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % Myeg Services % Pos Malaysia % Picorp % Lion Forest % Ancom % 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: Azharuddin Nordin Head of Research 12