BIMB SECURITIES RESEARCH MARKET INSIGHT

Transcription

1 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Monday, 9 November 2015 KLCI Performance KLCI Year-End Target: 1,750 points Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 12, FBM Hijrah Shariah 14, Volume (mn) 2, Value (RMmn) 2, FBMKLCI YTD Chg Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 17, NASDAQ 5, S&P 500 2, FTSE 100 6, Nikkei , HSI 22, SHCOMP 3, KOSPI 2, TWSE 8, STI 3, JCI 4, SET 1, PSEi 7, Market Valuation (PER) FY15 FY16 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my ext 1735 Major Highlights MISC-Bumi Armada tie-up in the offing? Shareholder issues brewing at Hibiscus? Pestech consistent performance quarter after quarter EPF now owns 10% of Mah Sing Fitters not listing its unit on ASX PPB Group awards RM26.7m mill construction job Takaful Malaysia s Q3 earnings rise 3.5% 7-Eleven, Photobook Malaysia launch campaign to reward customers Local & Global Economic News Ringgit Closes Lower Against US Dollar September exports up 8.8% to RM70.2bn Robust US jobs report bolsters case for December rate hike China s exports down for 4th month China October iron ore imports dip OPEC ready to make needed investments to respond to future needs Regionally Key regional markets ended mostly negative last Friday. TWSE emerged as the top loser, lost 1.77% to close at 8,693.57, followed by HSI (-0.80%), STI (-0.44%), KOSPI (-0.41%), JCI (-0.23%) and PSEi (- 0.06%). While SHCOMP (+1.91%), N225 (+0.78%) and SET (+0.10%) were the gainers. Locally The FBMKLCI slipped 2.84 points to close the index at 1, last Friday. Bursa s market breath was positive with 501 gainers against 387 losers while 341 counters were traded unchanged. NESTLE (+72sen), PETGAS (+60sen) and UTDPLT (+60sen) led the gainers. While TASEK (-30sen), APOLLO (-25sen) and TIMECOM (-20sen) led the losers. Market Preview U.S. stocks mostly fell after October's jobs report came in far stronger than expected. The strong jobs numbers have significantly raised the odds that interest rates will be raised by the Federal Reserve in December, causing some traders to wrestle between worries about the impact of the end of ultraloose monetary policy which is a big driver for the recent bull-market rally and signs that the U.S. economy is on a healthy path. European markets on the other hand, ended mixed after the latest U.S. jobs report showed far higher-than-expected growth in employment. In Asia, shares slipped as investors braced for US employment data that is expected to bolster the case for a US Federal Reserve interest rate increase as early as next month. Locally, the FBM KLCI slipped 2.84 points or 0.17% to finish at 1, points at the end of trading hours today, in line with the weaker Asian markets dampened by overall weak sentiment. We expect the local market to remain sideways due to lack of fresh catalysts with the index hovering around 1,

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Nov-15 Dec-15 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 Major Rates KLIBOR 3-mth 3.74% KLIBOR 6-mth 3.86% KLIBOR 12-mth 3.92% 5-yr MGS 3.69% 10-yr MGS 4.13% Active Stock Close Change+/- (+/- %) Ho Wah Genting Rgb Puc China Automobile Parts Es Ceramics Top Gainers Close Change+/- (+/- %) Nestle Petronas Dagangan United Plantations British American Tobacco Kulim Top Losers Close Change+/- (+/- %) Tasek Corp Apollo Food Time Dotcom Malaysian Pacific Industries Lingkaran Trans Kota Hldgs Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution , , Local Retail Foreign Total , , Weekly Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution , , Local Retail , , Foreign , , Total , ,

3 LOCAL CORPORATE NEWS MISC-Bumi Armada tie-up in the offing? Shipping giant MISC & oil and gas services provider Bumi Armada are said to be in early stages of exploring a corporate exercise involving the consolidation of the floating production storage offshore (FPSO) businesses of both companies. The exercise could see MISC inject its FPSO businesses into Bumi Armada in return for shares, a move that could see the Petronas-owned shipping giant owning a substantial stake in the latter. (Source: Star Biz) Shareholder issues brewing at Hibiscus? Shareholders of upstream oil exploration and production firm Hibiscus Petroleum have been left reeling after a steep plunge in its shares, which is set to pile more pressure on its current management team. On Nov 3, Hibiscus shares plummeted by as much as 50% in a day to an all-time low of 25.5 sen as some shareholders were hit by margin calls, triggering forced selling of their shares. This was later confirmed by Hibiscus in a reply to an unusual market activity (UMA) query by Bursa. (Source: Star Biz) Pestech consistent performance quarter after quarter The future looks bright for power turnkey contractor Pestech, which has proven to be a consistent performer, quarter after quarter. In its report for the final quarter ended June 30, 2015, the group was fortunate to have booked in a comfortable amount of orders to sustain and maintain its growth in the future, despite the economic uncertainty in the region. Its order book stood at RM723m at the end of the quarter, and is expected to take 2 years to execute. (Source: Star Biz) EPF now owns 10% of Mah Sing EPF has acquired m shares in property developer Mah Sing, bringing its total shareholdings to 10%. EPF had increased its stake on Nov 3, pointing out that it was one most active developers in Malaysia with a portfolio of 46 projects of which 11 had been completed. The remaining 35 projects are at various stages in order to sustain their growth. (Source: Star Biz) Fitters not listing its unit on ASX Fitters Diversified will not be listing its clean energy unit on the Australian Securities Exchange (ASX) via a reverse takeover of IFS Construction Ltd, as the latter has been removed from the official list of the ASX. Fitters will, however, still continue to explore other possibilities of listing its wholly-owned subsidiary, FITTERS-NRG SB, on the ASX. The group would make the relevant announcement in due course. (Source: Star Biz) PPB Group awards RM26.7m mill construction job PPB Group s indirect subsidiary has awarded a RM26.68m contract for constructing a new 500-tonne-per-day flour mill in Pasir Gudang, together with associated works, to Minsec Engineering Services SB. The company, which is 50.8% owned by the Kuok group, a unit of its 80%-owned subsidiary, FFM Bhd, had given the job on an open tender basis. The works are expected to start this month and completed in about 17 months. (Source: Star Biz) Takaful Malaysia s Q3 earnings rise 3.5% Syarikat Takaful Malaysia Bhd posted a 3.5% rise in 3Q earnings to RM34.42m on 1.3% lower revenue of RM389.2m. BIMB Holdings subsidiary said the higher profit was mainly due to higher wakalah (service) fee income. Its earnings for the 9M period to Sept 30, meanwhile, rose 8.0% to RM119.6m while revenue improved 10.7% to RM1.385bn. (Source: Star Biz) 7-Eleven, Photobook Malaysia launch campaign to reward customers 7-Eleven Malaysia has launched its campaign to reward its customers with a free photobook, which is a collaboration with Photobook Malaysia. 7-Eleven, which has 1,800 standalone convenience stores nationwide, said the campaign is from Tuesday, Nov 10 to Dec 7. (Source: Star Biz) Govt to expand use of IBS to lower prices of houses The Government will expand the use of industrialised building system (IBS) in the housing industry. The emphasis on the use of the IBS was to enable the rakyat to buy houses at lower prices. Currently, the use of IBS has not grown. (Source: Star Biz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Lower Against US Dollar The ringgit closed lower against US dollar today as traders remained cautious ahead of the release of US jobs data later Friday. At 5pm, the ringgit was quoted at /3160 against the greenback from Thursday's /2970. Economists expected a positive data and thus strengthened US Federal Reserves officials' hint of a possible interest rate increase in December. The local note was traded mostly lower against other major currencies. It weakened against the Singapore dollar to /0647 from yesterday's /0584 and eased against the yen to /5409 from Thursday's /5311. The ringgit fell against the euro to /6924 from yesterday's /6773. It, however, strengthened against the British pound to /5482 from /6131 previously.. (Source: Bernama) September exports up 8.8% to RM70.2bn Malaysia s September exports rose 8.8% to RM70.2bn from RM64.5bn a year ago, supported by strong demand from key markets such as China and the European Union. Exports for that month registered their highest YoY growth since May On a MoM basis, exports were up by 5.5% from August s RM66.5bn, or 5.2% in seasonally adjusted terms. Total imports in September 2015 also grew 9.6% from RM55.2bn a year ago. Total trade in September was valued at RM130.6bn, expanding RM10.9bn from a year ago. It also posted an increase of RM7.8bm or 6.3% from the previous month. (Source: Star Biz) Robust US jobs report bolsters case for December rate hike U.S. job growth surged in October and the unemployment rate hit a 7-1/2-year low of 5.0 percent in a show of economic strength that makes it much more likely the Federal Reserve will raise interest rates in December. Nonfarm payrolls increased 271,000 last month, the largest rise since December 2014, the Labor Department said on Friday. In addition, average hourly earnings rose a respectable 9 cents. The payrolls jump followed modest gains in August and September. The unemployment rate now stands at its lowest level since April 2008 and is in a range many Fed officials see as consistent with full employment. (Source: Reuters) China s exports down for 4th month China s exports declined for a 4th straight month in October, adding to signs of mounting headwinds facing the world s 2ndlargest economy. Overseas shipments dropped 3.6% in October in yuan terms, compared with a 1.1% decline in September. Imports fell for a 12th straight month, declining 16% in yuan terms, after a 17.7% decrease the prior month. The trade surplus was US$61.9bn. Chinese exports continue to face structural headwinds due to weak demand in key markets such as the EU and Japan. (Source: Reuters) China October iron ore imports dip China imported 75.52m tonnes of iron ore in October, down 12.3% from the previous month, with National Day holiday disruptions compounded by a slowdown in the domestic steel industry. Slowing economic growth in China has had a massive impact on heavy industries like steelmaking and power generation, leading to a slump in demand for bulk commodities like iron ore and coal. (Source: Reuters) OPEC ready to make needed investments to respond to future needs OPEC members were ready to make the necessary investments to respond to the world's future energy needs. A wave of project cancellations and deferrals in the industry was a "clear demonstration that wide price fluctuations have a detrimental effect on investments and can sow the seeds of future instability. Asia oil demand rising to almost 46m bpd by 2040, an increase of nearly 16m bpd from Oil-related investment requirements between now and 2040 are estimated at about $10trn. (Source: Reuters) 4

5 ECONOMIC CALENDAR Market Insight Date Time Country Event Survey Actual Prior Revised 11/09/ :50 JN Official Reserve Assets Oct $1248.9b -- 11/09/ :30 JN Labor Cash Earnings YoY Sep 0.50% % 0.40% 11/09/ :30 JN Real Cash Earnings YoY Sep 0.30% % 0.10% 11/09/ :00 GE Trade Balance Sep 20.0b b 15.4b 11/09/ :00 GE Current Account Balance Sep 21.9b b -- 11/09/ :00 GE Exports SA MoM Sep 2.00% % -- 11/09/ :00 GE Imports SA MoM Sep 1.00% % -3.20% 11/09/ :30 FR Bank of France Bus. Sentiment Oct /09/ :30 EC Sentix Investor Confidence Nov /09/ :00 RU Official Reserve Assets Oct 375.0b b -- 11/09/ :15 CA Housing Starts Oct 200.0k k 231.6k 11/09/ :00 CA Bloomberg Nanos Confidence 6-Nov /09/ :00 US Labor Market Conditions Index Change Oct /09/ /14 US MBA Mortgage Foreclosures 3Q % -- 11/09/ /14 US Mortgage Delinquencies 3Q % -- 11/10/ :50 JN BoP Current Account Balance Sep b b -- 11/10/ :50 JN BoP Current Account Adjusted Sep b b -- 11/10/ :50 JN Trade Balance BoP Basis Sep 85.3b b -- 11/10/ :50 JN Bank Lending Incl Trusts YoY Oct 2.60% % -- 11/10/ :50 JN Bank Lending Ex-Trusts YoY Oct 2.60% % -- 11/10/ :01 UK BRC Sales Like-For-Like YoY Oct 0.80% % -- 11/10/ :30 JN Bankruptcies YoY Oct % -- 11/10/ :00 JN Eco Watchers Survey Current Oct /10/ :00 JN Eco Watchers Survey Outlook Oct /10/ :45 FR Industrial Production MoM Sep 0.00% % -- 11/10/ :45 FR Industrial Production YoY Sep 2.00% % -- 11/10/ :45 FR Manufacturing Production MoM Sep -0.10% % -- 11/10/ :45 FR Manufacturing Production YoY Sep 2.30% % -- 11/10/ :00 IT Industrial Production MoM Sep 0.60% % -- 11/10/ :00 IT Industrial Production WDA YoY Sep 2.30% % -- 11/10/ :00 IT Industrial Production NSA YoY Sep % -- 11/10/ :00 US NFIB Small Business Optimism Oct /10/ :30 US Import Price Index MoM Oct -0.10% % -- 11/10/ :30 US Import Price Index YoY Oct -9.40% % -- 11/10/ :00 US Wholesale Inventories MoM Sep 0.00% % -- 11/10/ :00 US Wholesale Trade Sales MoM Sep -0.10% % -- 11/10/2015 RU Light Vehicle Car Sales YoY Oct -33% % -- 11/11/ :50 JN Money Stock M2 YoY Oct 3.80% % -- 11/11/ :50 JN Money Stock M3 YoY Oct 3.10% % -- 11/11/ :00 JN Machine Tool Orders YoY Oct P % -- 11/11/ :00 GE Wholesale Price Index MoM Oct % -- 11/11/ :00 GE Wholesale Price Index YoY Oct % -- 11/11/ :30 UK Claimant Count Rate Oct 2.30% % -- 11/11/ :30 UK Jobless Claims Change Oct 1.4k k -- 11/11/ :30 UK Average Weekly Earnings 3M/YoY Sep 3.20% % -- 11/11/ :30 UK Weekly Earnings ex Bonus 3M/YoY Sep 2.60% % -- 11/11/ :30 UK ILO Unemployment Rate 3Mths Sep 5.40% % -- 11/11/ :30 UK Employment Change 3M/3M Sep 120k k -- 11/11/ :00 US MBA Mortgage Applications 6-Nov % -- 11/11/ :00 RU CPI WoW 9-Nov % -- 11/11/ :00 RU CPI Weekly YTD 9-Nov % -- 11/11/2015 RU Trade Balance Sep 8.9b b -- 11/11/2015 RU Imports Sep 16.7b b -- 11/11/2015 RU Exports Sep 25.5b b -- 11/12/ :50 JN Loans & Discounts Corp YoY Sep % -- 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 0.000% MBM Resources % 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 0.030% 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 0.086% Hiap Teck % Jaks Resources % Java n.a n.a n.a n.a n.a n.a n.a 0.014% 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 % 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 0.006% 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 0.000% 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 0.000% Masterskill n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% 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 0.021% 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 0.000% 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 0.383% 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 % Sarawak Plant % TDM % TH Plant % Tradewinds Plant n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% 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 0.000% Ivory Properties % KLCC Property n.a n.a n.a n.a n.a n.a n.a n.a 0.000% KSL Hold % Kump Hartanah n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% 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 0.000% Tebrau Teguh n.a n.a n.a n.a n.a n.a n.a n.a 0.000% UEM Land n.a n.a n.a n.a n.a n.a n.a n.a 0.000% WCT n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% 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 0.000% Formis Resources n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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 0.000% Symphony House % 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 1.001% 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 0.000% Konsortium n.a n.a n.a n.a n.a n.a n.a n.a 0.000% Maybulk % MISC % NCB Hold % 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 0.000% 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 % Mega First % Coastal Contract % Time Engineering n.a n.a n.a n.a n.a n.a n.a n.a 0.000% 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