BIMB SECURITIES RESEARCH MARKET INSIGHT

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1 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Friday, 12 February 2016 KLCI Performance KLCI Year-End Target: 1,790 points Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 13, Volume (mn) 1, Value (RMmn) 1, FBMKLCI YTD Chg Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 15, NASDAQ 4, S&P 500 1, FTSE 100 5, Nikkei 225 Closed HSI 18, SHCOMP Closed KOSPI 1, TWSE Closed STI 2, JCI 4, SET 1, PSEi 6, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi Major Highlights MyEG appointed to manage foreign worker rehiring programme Oriental Holdings acquires another oil palm firm in Indonesia TM increases stake in P1 to 73% by early conversion of MTN Kulim's unit to acquire Indonesian planters for RM509.35m Maxwell announces extended audit on advert spend Local & Global Economic News Ringgit Closes Lower Versus Greenback Fed's Yellen sticks to her guns as global market rout worsens Low US jobless claims underscore labor market strength Europeans stack up $1.1trn in cash as economic worries grow Regionally Key regional markets ended mostly negative yesterday. JCI emerged as the top gainer, gained 0.92% to close at 4,775.86, followed by, PSEi (+0.39%). Meanwhile, HSI (-3.85%), KOSPI (-2.93%), SET (-1.84%) and STI (-1.70%) were the losers. N225, SHCOMP and TWSE were closed for public holiday. Locally The FBMKLCI lost 0.46 points to close at 1, yesterday. Bursa s market breath was negative with 275 gainers against 435 losers while 301 counters were traded unchanged. DLADY (+66sen), SCIENTX (+26sen) and AIRPORT(+24sen) led the gainers. While KESM (-32sen), LATITUD (-22en) and NESTLE (-20sen) led the losers. Market Preview After moving sharply lower in the 1st session yesterday, US stocks regained some ground late in the day but still closed in negative. The volatility arises as traders kept a close eye on the price of crude oil, which once again saw wild swings on the day. The Dow ended the session at a 2-year closing low, tumbled points or 1.6% to 15, while the S&P 500 slumped points or 1.2% to 1, The European markets ended the session with another massive decline, again concerns over the global economy persist and potential European banking crisis hence leaving investors with feelings of uncertainty. Asian stock markets took another pounding yesterday as markets in Hong Kong and South Korea resumed trading following a long weekend. Back home, the FBMKLCI closed flat, fell 0.46 points to close at the 1, We expect the market to remain lackluster today affected by not-so-sanguine global markets but the downside appears quite limited at 1,635. The Research Team bimbresearch@bimbsec.com.my

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 13, Property 1, Plantation 7, Technology KLCI Futures Contracts Feb-16 Mar-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+/- (+/- %) Tiger Synergy Xidelang Holdings XOX Berjaya Corp Metronic Global Top Gainers Close Change+/- (+/- %) Dutch Lady Milk Scientex Malaysia Airports Fraser & Neave Huat Lai Resources Top Losers Close Change+/- (+/- %) Kesm Industries Latitude Tree Holdings Nestle Warisan Tc Holdings Ajinomoto Malaysia Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.77% KLIBOR 6-mth 3.86% KLIBOR 12-mth 3.94% 5-yr MGS 3.37% 10-yr MGS 3.90% 2

3 LOCAL CORPORATE NEWS MyEG appointed to manage foreign worker rehiring programme MyEG Services (MyEG) has been appointed to manage the rehiring programme involving illegal foreign workers. It had received a letter of appointment from the Home Affairs Ministry in relation to the management of illegal foreign workers for the rehiring programme. Letter of appointment will supersede its earlier appointment to register illegal workers announced on Sept 4 last year, with new conditions to replace previous terms. The registration of foreign workers project would end in March 4 this year. MyEG did not reveal what are the new terms and conditions of its appointment. (Source: The Edge) Oriental Holdings acquires another oil palm firm in Indonesia Oriental Holdings (OHB), controlled by the family of the late tycoon Tan Sri Loh Boon Siew, has expanded its foothold in Indonesia palm oil industry by acquiring a 90% stake in a company that owns 8,000ha (hectares) of oil palm land. Its indirect subsidiary OBS Pte Ltd had received approval from Indonesia s Law and Human Rights Ministry for the acquisition of the 90% stake in PT Sumatera Sawit Lestari (SSL) for 9bn rupiahs (RM2.84m). (Source: The Edge) TM increases stake in P1 to 73% by early conversion of MTN Telekom Malaysia (TM) 's unit Mobikom SB has increased its controlling stake in Packet One Networks (Malaysia) SB (P1) to 72.9% by converting the medium-term bonds into shares in the company. Consequently, another Bursa Malaysia-listed shareholder, Green Packet, sees its holding in P1 diluted to 18.9%, from 31.1%, due to the larger share base. Its whollyowned subsidiary Mobikom had received 10.67m new P1 shares, after the early conversion of the subscribed convertible MTN issued by P1. (Source: The Edge) Kulim's unit to acquire Indonesian planters for RM509.35m Kulim 74%-owned subsidiary PT Wisea Inspirasi Nusantara (WIN) has proposed to acquire 95% equity interest each in 4 Indonesia-based plantation companies, for total consideration of RM509.35m. Kulim had entered into agreements with PT Agro Maju Raya, PT Mitra Plantation and PT Agri Capital Resources for the respective 95% stakes in PT Nusa Persada Indonesia, PT Surya Panen Subur, PT Tempirai Palm Resources and PT Rambang Agro Jaya. The proposed acquisitions represents a unique opportunity for Kulim, via PT WIN, its 74%-owned subsidiary, to acquire mid-sized oil palm plantation companies. (Source: The Edge) Maxwell announces extended audit on advert spend An extended audit will be conducted on Maxwell advertisement expenses in its retail business, which resulted in the company slipping into the red. The company, which is engaged in textile and sports shoe manufacturing in China, said it has engaged accounting firm Ferrier Hodgson MH SB to undertake the extended audit on the recommendation of its audit committee. The announcement comes a day after the company said the management had yet to provide a satisfactory justification for the advertisement expenditure and that its independent and non-executive director Lee Chong Hoe has resigned from the board. (Source: The Edge) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Lower Versus Greenback The ringgit ended lower versus the US dollar on weak demand amid declining oil prices. At 5 pm, the local unit was traded at /1490 from /1220 against the greenback on Wednesday. The poor global performance was due to plunging oil prices Meanwhile, the greenback was under pressured following the announcement by the US Federal Reserve that the central bank would not introduce a new rate hike anytime soon. Against other major currencies, the ringgit was traded lower. It fell against the Singapore dollar to /9851 from /9627 on Wednesday and versus the yen it declined to /7197 from /5875 previously. The ringgit was down versus the British pound at /9895 from /9761 yesterday and depreciated against the euro to /6954 from /6422 on Wednesday. (Source: Bernama) Fed's Yellen sticks to her guns as global market rout worsens Federal Reserve Chair Janet Yellen returned to Congress on Thursday and again stressed that the US central bank was not on a "pre-set" path to return policy to "normal" given a worsening meltdown in global stock markets. But, testifying for a second day before US lawmakers, Yellen still expects the Fed will gradually raise interest rates this year, given a strong US labor market and steady economic growth. (Source: Reuters) Low US jobless claims underscore labor market strength The number of Americans filing for unemployment benefits fell more than expected last week, suggesting the labor market remains on solid footing despite slowing economic growth and a stock market rout. Initial claims for state unemployment benefits declined 16,000 to a seasonally adjusted 269,000 for the week ended Feb 6. (Source: Reuters) Europeans stack up $1.1trn in cash as economic worries grow The amount of cash across the euro zone rose to more than 1trn ($1.1trn) last year, with almost 30% of it hoarded in 500 notes, as nervous individuals keep more of their money at home or in a vault. Cash in circulation is almost double the amount of 10 years earlier and has risen steadily throughout the debt crisis, a trend that reflects fears about the euro zone and its banks as well as exasperation with low returns on savings. Cash across the 19-country bloc climbed to 1.08trn at the end of last year, roughly 8% higher than at the start of (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 02/12/ :00 LV Unemployment Rate Jan % 8.70% -- 02/12/ :58 CR Unemployment Rate 4Q % 9.20% -- 02/12/ :00 BZ Trade Balance Weekly 7-Feb -- $1162m $608m -- 02/12/ :45 DR Tourism Arrivals YoY Jan % 9.20% -- 02/12/ :00 CL Overnight Rate Target 11-Feb 3.50% 3.50% 3.50% -- 02/12/ :44 ED Trade Balance Dec m m -- 02/12/ :45 NZ Food Prices MoM Jan % -0.80% -- 02/12/ :52 CR Economic Activity YoY Dec % 3.60% -- 02/12/ :00 PE Reference Rate 11-Feb 4.25% 4.25% 4.00% -- 02/12/ :50 JN Japan Buying Foreign Bonds 5-Feb b -- 02/12/ :50 JN Japan Buying Foreign Stocks 5-Feb b -- 02/12/ :50 JN Foreign Buying Japan Bonds 5-Feb b -- 02/12/ :50 JN Foreign Buying Japan Stocks 5-Feb b -- 02/12/ :30 AU Home Loans MoM Dec 3.00% % -- 02/12/ :30 AU Investment Lending Dec % -- 02/12/ :30 AU Owner-Occupier Loan Value MoM Dec % -- 02/12/ :30 AU Credit Card Balances Dec $A51.3b -- 02/12/ :30 AU Credit Card Purchases Dec $A25.6b -- 02/12/ :00 IN Local Car Sales Jan /12/ :00 ES Unemployment Rate Quarterly 4Q % -- 02/12/ :00 GE Wholesale Price Index MoM Jan % -- 02/12/ :00 GE Wholesale Price Index YoY Jan % -- 02/12/ :00 RO Industrial Output MoM Dec % -- 02/12/ :00 RO Industrial Output YoY Dec % -- 02/12/ :00 RO GDP YoY 4Q A 3.80% % -- 02/12/ :00 RO GDP QoQ 4Q A 1.00% % -- 02/12/ :00 GE CPI MoM Jan F -0.80% % -- 02/12/ :00 GE CPI YoY Jan F 0.50% % -- 02/12/ :00 GE GDP SA QoQ 4Q P 0.30% % -- 02/12/ :00 GE GDP WDA YoY 4Q P 1.40% % -- 02/12/ :00 GE GDP NSA YoY 4Q P 1.70% % -- 02/12/ :00 FI GDP Indicator WDA (YoY) Dec % -- 02/12/ :00 BZ FIPE CPI - Weekly 7-Feb 1.37% % -- 02/12/ :30 TH Foreign Reserves 5-Feb $160.1b -- 02/12/ :30 TH Forward Contracts 5-Feb $9.2b -- 02/12/ :45 FR Wages QoQ 4Q P % -- 02/12/ :45 FR Non-Farm Payrolls QoQ 4Q P 0.00% % -- 02/12/ :00 SO Average Real Monthly Wage YoY Dec % -- 02/12/ :00 SO Industrial Sales YoY Dec % -- 02/12/ :00 SO GDP YoY 4Q P 3.50% % -- 02/12/ :00 HU GDP SA QoQ 4Q P 0.70% % -- 02/12/ :00 HU GDP NSA YoY 4Q P 2.50% % -- 02/12/ :00 RU Money Supply Narrow Def 5-Feb t -- 02/12/ :00 SP CPI Core MoM Jan % -- 02/12/ :00 SP CPI Core YoY Jan 0.70% % -- 02/12/ :00 LN Current Account Balance Dec m -- 02/12/ :00 SP CPI EU Harmonised MoM Jan F -2.50% % -- 02/12/ :00 CZ CPI MoM Jan 0.50% % -- 02/12/ :00 SP CPI EU Harmonised YoY Jan F -0.40% % -- 02/12/ :00 CZ CPI YoY Jan 0.50% % -- 02/12/ :00 SP CPI MoM Jan F -1.90% % -- 02/12/ :00 SP CPI YoY Jan F -0.30% % -- 02/12/ :00 PD GDP YoY 4Q P 3.80% % -- 02/12/ :00 PD GDP SA QoQ 4Q P 1.10% % -- 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.31% Tan Chong % UMW % Building Materials Ann Joo Resource % Alum Co of Malay N.A. N.A. N.A. N.A. N.A. N.A. N.A % Choo Bee Metal N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % Masteel % Melewar Ind N.A. N.A. N.A. N.A. N.A. N.A. N.A % MTD ACPI % Pantech % Perwaja % Press Metal % Southern Steel N.A. N.A. N.A. N.A. N.A. N.A. N.A % Tasek % Tong Herr % Conglomerates Cahya Mata Sarawak % Lion Diversified N.A. N.A. N.A. N.A. N.A. N.A. N.A % Hap Seng Cons % MMC % Sime Darby % YTL Corp % Construction AZRB N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % Gopeng N.A. N.A. N.A. N.A. N.A. N.A. N.A % Hap Seng Plant % IJM Plant N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % TDM % TH Plant N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % YNH Property % YTL Land & Dev N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 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 Others Ancom % Asia File bhd % Boustead Heavy N.A. N.A. N.A. N.A. N.A. N.A. N.A % Eden Inc N.A. N.A. N.A. N.A. N.A. N.A. N.A % Fima Corp % Kumpulan FIMA N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % Jobstreet Corp N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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