Market Insight. Wednesday, 27 July, 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 Market Insight Wednesday, 27 July, /03/2013(031743) Major Highlights WCT-KKB JV secures RM1.29bn contract SapuraKencana banks on transformation process, small jobs Perodua maintains 2016 sales target - driven by newly launched Bezza AirAsia is surprised with MyCC s appeal to reinstate fines on carriers Tabung Haji will not sell TRX land Ekuinas takes up 35% in sportswear retailer Al-Ikhsan 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 +/- 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 3, KOSPI 2, TWSE 9, STI 2, JCI 5, SET 1, PSEi 8, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi *5Y average using trailing EPS The Research Team bimbresearch@bimbsec.com.my Local & Global Economic News Ringgit ends higher against USD Short-term rates to remain stable on Bank Negara intervention Mier expects domestic demand to remain Malaysia s growth engine US crude hits 3-month low Asia has most to lose after Mexico under Trump Yen jumps before Bank of Japan meeting, oil mixed 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 15, , 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 3.22% 10-yr MGS 3.61% Active Stock Close Change+/- (+/- %) Th Heavy Engineering Borneo Oil Vivocom Holdin O&C Airasia X Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst , Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) Panasonic Dutch Lady Aeon Credit Service Ajinomoto Heineken Top Losers Close Change+/- (+/- %) PetDag Nestle Cycle & Carriage Bintang Genting KLK

3 LOCAL CORPORATE NEWS WCT-KKB JV secures RM1.29bn contract WCT, in JV with KKB Engineering, has secured a RM1.29bn contract for the phase one of the Pan Borneo Highway project from Lebuhraya Borneo Utara SB. under the contract, the 30:70 JV company would undertake and complete the proposed development and upgrading of the Pan Borneo Highway in Sarawak, from Sungai Arip Bridge to Bintulu Airport Junction. The scope of works for the contract generally included piling works, civil works which included demolition and site clearance, earthworks, geotechnical works, drainage work, roads and pavings and road furniture among others. (Source: StarBiz) SapuraKencana banks on transformation process, small jobs SapuraKencana is banking on its transformation process, which involves integrating expertise across the group and costsaving measures, as well as taking on small jobs, to weather the challenging times in the O&G industry. The company had so far saved about RM500m from the transformation process and was looking to squeeze savings by as much as RM250m by year-end. The company want to transform the company to operate at a lower cost base and integrate all different expertise across the group to be able to create most cost-effective solutions for the clients. (Source: Bernama) Perodua maintains 2016 sales target - driven by newly launched Bezza Perodua is maintaining its sales target of 216,000 units for 2016, as it expects to more than double sales to 118,600 units in the 2 nd half of the year from the 97,400 units it sold in the 1 st half. The company expects sales to be driven by its new energy efficient sedan, the Bezza, which was launched last week. Bookings for the Bezza have already reached 10,115 units as of today, with 500 deliveries made since it was launched on July 21. (Source: StarBiz) AirAsia is surprised with MyCC s appeal to reinstate fines on carriers AirAsia has expressed surprise over the Competition Commission of Malaysia s (MyCC) decision to appeal to the High Court in Kuala Lumpur to reinstate fines against AirAsia and Malaysia Airlines (MAS). This new appeal against the tribunal s decision is not a productive means of spending public resources and funds. The company believe that the decision made by the tribunal on Feb 4, 2016 has indeed set the right direction for the development of competition law jurisprudence in Malaysia. (Source: Bernama) Tabung Haji will not sell TRX land Tabung Haji will not sell its Tun Razak Exchange (TRX) land despite receiving a very high offer for it. The decision was based on Tabung Haji s expectations of its high value-added potential over the long term. From the start, the land was bought based on commercial (consideration) and the company made an evaluation of its value in the long term. The company received a very high offer (for the land), but do not want to sell it as they believe in the long-term value creation of that investment. (Source: Bernama) Ekuinas takes up 35% in sportswear retailer Al-Ikhsan Ekuiti Nasional (Ekuinas) has made its maiden venture into the retail sportswear segment by acquiring a 35% stake in the country s leading bumiputra sportswear retailer, Al-Ikhsan Sports SB, for RM68.6m. The deal -- its 1 st investment for also includes the 100% acquisition and injection of the company s homegrown sportswear apparel brand, AL Sports, under the Al-Ikhsan umbrella. Thus is to leverage on the increasing interest in health and fitness among Malaysians in general. (Source: Bernama) Judge lifts injunction barring Prasarana from ending contract with Scomi The High Court has cleared the path for Prasarana Malaysia to terminate the RM494m Kuala Lumpur Monorail expansion contract awarded to Scomi Transit Projects SB (STP) but prevents the public transport provider from hiring a different contractor prior to the hearing of STP's appeal. The court on Tuesday did not extend the interim injunction that prevented Prasarana from cancelling the contract. However, the court made an order restraining Prasarana from appointing another contractor for the project until the appeal hearing. (Source: Bernama) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit ends higher against USD The ringgit regained some lost ground to end slightly higher against the US dollar after depreciating for six consecutive trading days on renewed interest over emerging currencies. The local unit was quoted at /0660 against the US dollar from /0700 on Monday. There were renewed positive sentiment on the yen on expectations that BOJ would expand its asset purchase and cut rates further during its 2-day meeting beginning Thursday. (Source: Bernama) Short-term rates to remain stable on Bank Negara intervention Short-term rates are expected to remain stable today on Bank Negara s continuous intervention to absorb excess liquidity from the financial system. The central bank estimated today s liquidity at RM26.56bn in the conventional system and RM10.98bn in Islamic funds. Bank Negara will conduct 3 conventional money market tenders, comprising RM2bn for 7 days, and RM1bn for 31 days and 62 days. The central bank will also call for a RM1bn repo tender for 45 days, a RM3.25bn Qard tender Islamic range maturity auction for seven to 24 days and a RM500 commodity Murabahah programme tender for 31 days. Bank Negara will conduct an up to RM21bn in conventional overnight tender and a RM7.3bn overnight Qard. (Source: Bernama) Mier expects domestic demand to remain Malaysia s growth engine The Malaysian Institute of Economic Research (Mier) expects domestic demand to continue to be the engine of Malaysia s growth, which is forecast to expand 4.2% this year, following the bleak global economic environmentthe global economic growth failed to get its momentum as recoveries for some economies were still fragile amid prolonged weakening of global trade and capital flows. Weak commodity prices remain as a stumbling block to the growth of developing economies, which in turn, slowed down the developed economies. (Source: Bernama) US crude hits 3-month low US crude prices fell on Tuesday, hitting 3-month lows, on renewed worries of a glut while Brent settled higher due to its better fundamentals versus US crude. After the market's settlement that US crude stockpiles fell by 827,000 barrels last week, compared with analysts' expectations for a drawdown of 2.3m barrels. There's still an oversupply of crude, that there's no particular indication of any sort of build in demand and that refiners can't go on making gasoline from crude because they're running out of places to put them. (Source: Reuters) Asia has most to lose after Mexico under Trump There s a low chance Donald Trump will build a wall on the US border with Mexico if he becomes president. It s highly likely he ll slap tariffs on Asian imports, triggering a currency war. A long list of worries under a Trump presidency: from a possible rise in trade protectionism to threats to regional security if the US cuts its military commitments in Asia. The conclusion is clear: after Mexico, Asia is most at risk. A Trump presidency would no doubt hurt Asia s gross domestic product growth and could ultimately drive cost-push inflation, impart smaller trade surpluses and looser macroeconomic policies. (Source: Reuters) Yen jumps before Bank of Japan meeting, oil mixed A buoyant yen and US oil prices at 3-month lows kept stock markets on the defensive on Tuesday as investors awaited central bank meetings this week that will unveil new stimulus in Japan and may provide clues on US interest rates. US equity markets closed mixed while stocks in Europe traded slightly higher as gains in major healthcare and consumer goods stocks propped up European equities to offset persistent concerns over the region's banking system. The yen hit 2-week highs against the euro and more than one-week highs against the dollar as traders dialed back expectations of how much new stimulus authorities will inject into Japan's ailing economy at the end of the week. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 07/27/ :00 FR Total Jobseekers Jun k k k -- 07/27/ :00 FR Jobseekers Net Change Jun /27/ :50 AR Consumer Confidence Index Jul /27/ :00 AR Trade Balance Jun $473m $126m $439m -- 07/27/ :00 SK Consumer Confidence Jul /27/ :30 CH Industrial Profits YoY Jun % -- 07/27/ :30 AU CPI QoQ 2Q 0.40% % -- 07/27/ :30 AU CPI YoY 2Q 1.10% % -- 07/27/ :30 AU CPI Trimmed Mean QoQ 2Q 0.40% % -- 07/27/ :30 AU CPI Trimmed Mean YoY 2Q 1.50% % -- 07/27/ :30 AU CPI Weighted Median QoQ 2Q 0.40% % -- 07/27/ :30 AU CPI Weighted Median YoY 2Q 1.30% % -- 07/27/ :45 CH Westpac-MNI Consumer Sentiment Jul /27/ :00 TH Customs Exports YoY Jun -2.60% % -- 07/27/ :00 TH Customs Imports YoY Jun -8.90% % -- 07/27/ :00 TH Customs Trade Balance Jun $1499m -- $1540m -- 07/27/ :00 JN Small Business Confidence Jul /27/ :00 GE Import Price Index MoM Jun 0.60% % -- 07/27/ :00 GE Import Price Index YoY Jun -4.60% % -- 07/27/ :00 GE GfK Consumer Confidence Aug /27/ :00 FI Consumer Confidence Index Jul /27/ :00 FI Business Confidence Jul /27/ :00 SZ UBS Consumption Indicator Jun /27/ :45 FR Consumer Confidence Jul /27/ :45 FR PPI MoM Jun % -- 07/27/ :45 FR PPI YoY Jun % -3.40% 07/27/ :00 SP Retail Sales YoY Jun % -- 07/27/ :00 SP Retail Sales SA YoY Jun 3.60% % -- 07/27/ :00 SW Consumer Confidence Jul /27/ :00 SW Manufacturing Confidence s.a. Jul /27/ :00 SW Economic Tendency Survey Jul /27/ :30 SW Trade Balance Jun b -- 07/27/ :30 SW Household Lending YoY Jun % -- 07/27/ :00 EC M3 Money Supply YoY Jun 5.00% % -- 07/27/ :00 IT Consumer Confidence Index Jul /27/ :00 IT Manufacturing Confidence Jul /27/ :00 IT Economic Sentiment Jul /27/ :00 LN Consumer Confidence Indicator Jul /27/ :00 LN Retail Sales MoM Jun % -- 07/27/ :00 LN Retail Sales YoY Jun % -- 07/27/ :00 TA Monitoring Indicator Jun /27/ :20 TA Bounced Check Ratio Jun % -- 07/27/ :30 UK GDP QoQ 2Q A 0.50% % -- 07/27/ :30 UK GDP YoY 2Q A 2.10% % -- 07/27/ :30 UK Index of Services MoM May 0.10% % -- 07/27/ :30 UK Index of Services 3M/3M May 0.30% % -- 07/27/ :00 UK CBI Retailing Reported Sales Jul /27/ :00 UK CBI Total Dist. Reported Sales Jul /27/ :00 US MBA Mortgage Applications 22-Jul % -- 07/27/ :30 US Durable Goods Orders Jun P -1.40% % -- 07/27/ :30 US Durables Ex Transportation Jun P 0.30% % -- 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Wellcall % Media Media Chinese n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 % Sarawak Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % TDM % TH Plant % Tradewinds Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a % United Plant n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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. 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 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: Thong Pak Leng 12