BIMB SECURITIES RESEARCH MARKET INSIGHT

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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 Thursday, 21 April 2016 KLCI Performance Major Highlights UEM Sunrise plans RM2bn debt notes PetDag sees rising demand for bitumen PNB Unit Trusts Give Rakyat Opportunity To Share Nation's Wealth Eco Majestic, Univas Yes To Extend Completion Period Of Semenyih Land Buy AirAsia X to take delivery of 2 Airbus planes in 2016 Local & Global Economic News 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 13, Volume (mn) 1, Value (RMmn) 2, FBMKLCI YTD Chg 0.97 Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 18, NASDAQ 4, S&P 500 2, FTSE 100 6, Nikkei , HSI 21, SHCOMP 2, KOSPI 2, TWSE 8, STI 2, JCI 4, SET 1, PSEi 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi Ringgit Likely To Move Between Versus Greenback In 2Q16 Oil price jumps 4% after stockpile data US$ gains EU regulators set to warn Halliburton on Baker Hughes deal: sources US home sales rebound signals strong spring selling season Japan's exports fall as yen rises Regionally Key regional markets ended mostly negative yesterday. N225 emerged as the only gainer, gained 0.19% to close at 16, Meanwhile, SHCOMP (-2.31%), TWSE (-1.38%), HSI (-0.93%), KOSPI (- 0.27%), PSEi (-0.19%), JCI (-0.11%), SET (-0.07%) and STI (-0.06%) were the losers. Locally The FBMKLCI lost 2.24 points to close at 1, yesterday. Bursa s market breath was positive with 417 gainers against 381 losers while 386 counters were traded unchanged. DLady (+50sen), HLInd (+35sen) and CanOne (+34sen) led the gainers. While BAT (-166sen), Panamy (-40sen) and LafMsia (-16sen) led the losers. Market Preview European equities extended their gains, for a third straight session, following a rally in O&G stocks after a reversal in oil prices. Wall Street also ended higher, mainly due to higher crude oil price and upbeat housing data. The DJIA and S&P500 gained 0.24% and 0.08% respectively to end at 18, and 2, respectively. Regionally, stocks ended mostly lower as strong selling in Hong Kong and China affected neighbouring countries. Back home, the FBMKLCI ended lower, losing 2.24 points or 0.13% to 1,708.91, dragged down mainly by plantation and O&G stocks. Trading participation saw net selling by foreign institutions and local retail while local institutions were net buyers. We expect the local market to trend positive today following overnight gains in U.S. equities and recovery in crude oil prices with immediate resistance at 1,715/20. 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 5, 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+/- (+/- %) Airasia X Bumi Armada Spring Gallery Airasia JAG Top Gainers Close Change+/- (+/- %) Dutch Lady Hong Leong Industries Can-One Atlan Holdings Kesm Industries Top Losers Close Change+/- (+/- %) British American Tobacco Panasonic Manufacturing Lafarge Top Glove Scientex 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 3.40% 10-yr MGS 3.55% 2

3 LOCAL CORPORATE NEWS UEM Sunrise plans RM2bn debt notes UEM Sunrise has proposed to issue Islamic Medium-Term Notes (IMTN) of up to RM2bn in nominal value and a sub-limit of RM500m in nominal value. The corporate exercise would be under the Islamic Medium-Term Notes Programme and Islamic Commercial Papers (ICP). The issuance was made under the Shariah principle of Murabahah via a Tawarruq arrangement or sukuk programme. "The sukuk programmes will give UEM Sunrise the flexibility to raise funds via the issuance of ICPs and/or IMTNs from time to time. The proceeds from the issuance shall be utilised for Shariah-compliant general corporate purposes of the company. (Source: StarBiz) PetDag sees rising demand for bitumen PetDag expects its bitumen segment, which contributed significantly to its profits in 2015, to see continued increase in demand in FY16. The company estimated a 3% growth in demand for bitumen this year. This follows PetDag s 33% increase in sales volume for the bitumen segment in 2014, compared to the previous year. The bitumen segment had contributed to 15% of the profits in the overall commercial business. The commercial business contributed 40% of PetDag s net profit in FY15. (Source: StarBiz) PNB Unit Trusts Give Rakyat Opportunity To Share Nation's Wealth Various unit trusts offered by PNB have given the opportunity for the people to share the country's wealth via investments with minimum risks. With the specified method and approach laid down by the government in managing the unit trusts, PNB had succeeded in providing protection to the people's investments. The poeple's funds in PNB unit trusts as at March 31, reached over 200bn units compared with only 36bn units in During the same period, the number of people who have benefited from PNB unit trust funds had increased from 7.7m account holders to 12.65m currently. (Source: Bernama) Eco Majestic, Univas Yes To Extend Completion Period Of Semenyih Land Buy Eco World wholly-owned subsidiary, Eco Majestic Development SB, and Univas (Far East) SB, have agreed to extend the completion period of the proposed land acquisition in Semenyih to 3 months from a month, previously. The extension was agreed upon the expiry of the completion period. In July 2014, Eco Majestic Development, previously known as Majestic Blossom SD, had entered into a share sale agreement to acquire hectares in Beranang, Semenyih for RM225.33m. (Source: Bernama) AirAsia X to take delivery of 2 Airbus planes in 2016 Medium-haul low-cost carrier Airasia X will take delivery of 2 Airbus planes this year after a deferment in These are not new orders but rather those that we held back following our rationalization last year. AirAsia X is expecting to launch several new routes this year and expects old factors to sustain at some 87%. The company can add to capacity as demand is still there. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Likely To Move Between Versus Greenback In 2Q16 The ringgit is likely to move between 3.80 and 4.0 against the US dollar in the second quarter of 2016 on easing worries about US interest rate increase, recovery in commodity prices and the reduction in risk from China to the emerging economies' currencies. The domestic unit stood /8720 against greenback as at 5pm on Wednesday. The weakness in the US dollar has helped contribute to the attractiveness of the emerging markets' currencies, with the ringgit as one of them to benefit. "The Malaysian currency has found a platform to rebound. It has slowly moved on to the next phase of its psychological recovery against the US dollar. The possibility of two US interest rate increases in 2016 could be pushed back even further. (Source: Bernama) Oil price jumps 4% after stockpile data US$ gains Oil prices jumped on Wednesday as government data showed US crude stocks rose slightly less than expected last week, while the USD advanced against the euro ahead of Thursday's European Central Bank meeting. US stocks climbed as a rebound in oil prices added to optimism sparked by a raft of earnings reports. Speculation that major oil producers would meet in Russia in May for another attempt at curtailing output also boosted oil prices. Moscow, however, denied media reports that Russia planned to host such a meeting. Last weekend, Russia and OPEC nations failed to reach an agreement on freezing production at a meeting in Doha, Qatar. Brent crude oil settled up $1.77, or 4%, at $45.80/barrel, while US front-month crude, which expired at Wednesday's settlement, finished up $1.55, or 3.8%, at $ (Source: Star Biz) EU regulators set to warn Halliburton on Baker Hughes deal: sources European Union antitrust regulators are set to warn US oil industry services group Halliburton Co (HAL.N) that its plan to buy Baker Hughes (BHI.N) will hurt competition, 2 people familiar with the. The move will add to Halliburton's woes after the US Justice Department filed a lawsuit this month to stop the deal because the combined company would only compete with Schlumberger NV (SLB.N) in 20 business lines in the global well drilling and oil industry construction services industry. (Source: Reuters) US home sales rebound signals strong spring selling season US home resales rebounded more than expected in March as supply improved, suggesting the housing market recovery remained intact despite signs that economic growth probably stalled in the Q1. The sales surge at the start of the spring selling season was a sign of confidence in the economy, and the momentum is expected to be sustained given low mortgage rates, recent stock market gains and a firming labor market. There cannot be too much wrong with the economy if consumers keep buying new homes. It shows confidence. (Source: Reuters) Japan's exports fall as yen rises Japan's exports fell for a 6 straight month in March as slowing growth in China, soft demand for electronic components for products such as the iphone and a strengthening yen threatened to hold back the country's economic recovery. Japanese electronics makers are unlikely to get much solace when Apple Inc reports its March quarter earnings next week. Apple to post its biggest-ever quarterly decline in iphone shipments and present a weak sales forecast for the current quarter. A delayed recovery in the US economy, slowdown in China, and sluggish demand for electronics parts on a cut in iphone production were factors behind weak exports. (Source: Star Biz) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 04/21/ :02 PY Monetary Policy Rate 20-Apr % 6.00% -- 04/21/ :00 NZ ANZ Job Advertisements MoM Mar % 0.90% 1.20% 04/21/ :45 NZ Net Migration SA Mar /21/ :50 JN Japan Buying Foreign Bonds 15-Apr b -- 04/21/ :50 JN Japan Buying Foreign Stocks 15-Apr b -- 04/21/ :50 JN Foreign Buying Japan Bonds 15-Apr b -- 04/21/ :50 JN Foreign Buying Japan Stocks 15-Apr b -- 04/21/ :00 NZ ANZ Consumer Confidence Index Apr /21/ :00 NZ ANZ Consumer Confidence MoM Apr % -- 04/21/ :30 AU NAB Business Confidence 1Q /21/ :30 AU RBA FX Transactions Government Mar m -- 04/21/ :30 AU RBA FX Transactions Market Mar m -- 04/21/ :30 AU RBA FX Transactions Other Mar m -- 04/21/ :00 NZ Credit Card Spending MoM Mar % -- 04/21/ :00 NZ Credit Card Spending YoY Mar % -- 04/21/ :00 JN Supermarket Sales YoY Mar % -- 04/21/ :30 NE Unemployment Rate Mar % -- 04/21/ :00 SZ Trade Balance Mar b -- 04/21/ :00 SZ Exports Real MoM Mar % -- 04/21/ :00 SZ Imports Real MoM Mar % -- 04/21/ :00 NE House Price Index MoM Mar % -- 04/21/ :00 NE House Price Index YoY Mar % -- 04/21/ :45 FR Business Confidence Apr /21/ :45 FR Manufacturing Confidence Apr /21/ :45 FR Production Outlook Indicator Apr /21/ :45 FR Own-Company Production Outlook Apr /21/ :00 DE Consumer Confidence Indicator Apr /21/ :00 DE Retail Sales MoM Mar 0.50% % -- 04/21/ :00 DE Retail Sales YoY Mar % -- 04/21/ :00 TU Consumer Confidence Index Apr /21/ :00 SZ Money Supply M3 YoY Mar % -- 04/21/ :30 SW Riksbank Interest Rate 21-Apr -0.50% % -- 04/21/ :00 LN Industrial Production YoY Mar % -- 04/21/ :00 SP Trade Balance Feb m -- 04/21/ :30 UK Retail Sales Ex Auto Fuel MoM Mar -0.30% % -- 04/21/ :30 UK Retail Sales Ex Auto Fuel YoY Mar 3.80% % -- 04/21/ :30 UK Retail Sales Inc Auto Fuel MoM Mar -0.10% % -- 04/21/ :30 UK Retail Sales Inc Auto Fuel YoY Mar 4.40% % -- 04/21/ :30 UK Public Finances (PSNCR) Mar b -- 04/21/ :30 UK Central Government NCR Mar b -- 04/21/ :30 UK Public Sector Net Borrowing Mar 5.4b b -- 04/21/ :30 UK PSNB ex Banking Groups Mar 6.0b b -- 04/21/ :30 HK CPI Composite YoY Mar 2.90% % -- 04/21/ :00 EC Govt Debt/GDP Ratio % -- 04/21/ :00 IS Unemployment Rate Mar % -- 04/21/ :00 LV PPI MoM Mar % -- 04/21/ :00 LV PPI YoY Mar % -- 04/21/ :00 UA Key Rate 21-Apr 21.00% % -- 04/21/ :45 EC ECB Main Refinancing Rate 21-Apr 0.00% % -- 04/21/ :45 EC ECB Deposit Facility Rate 21-Apr -0.40% % -- 04/21/ :45 EC ECB Marginal Lending Facility 21-Apr 0.25% % -- 04/21/ :30 US Chicago Fed Nat Activity Index Mar /21/ :30 US Initial Jobless Claims 16-Apr 265k k -- 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 % 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 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 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Inch Ken Kajang n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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. 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 % 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 % 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: Thong Pak Leng 12