BIMB SECURITIES RESEARCH MARKET INSIGHT

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1 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 BIMB SECURITIES RESEARCH MARKET INSIGHT PP16795/03/2013(031743) Go to Wednesday, 13 January 2016 KLCI Performance Major Highlights Omesti sells 8.54% stake in Microlink for RM16.9m MAHB targets 2.5% passenger traffic growth this year Port of Tg Pelepas renews contract with Xin Hwa for a year Tropicana sells Bukit Bintang land for RM55m United Malacca gets Bank Negara s nod to use foreign currency borrowing Benalec's Pengerang reclamation project gets DoE nod\ Local & Global Economic News KLCI Year-End Target: 1,820 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 Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 16, NASDAQ 4, S&P 500 1, FTSE 100 5, Nikkei , HSI 19, SHCOMP 3, KOSPI 1, TWSE 7, STI 2, JCI 4, SET 1, PSEi 6, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi Ringgit Closes Lower Against US Dollar Fed hikes need to be gradual, risk hurting emerging world: IMF chief Tumbling oil trades below $30 a barrel for first time in 12 years China 4Q GDP growth seen slowing to weakest pace since 2009 China takes first step to centralize control over financial regulators Regionally Key regional markets ended mixed yesterday. SET emerged as the top gainer, gained 1.68% to close at 1, followed by JCI (+1.05%), PSEi (+0.67%) and SHCOMP (+0.20%). While N225 (-2.71%), HSI (- 0.89%), STI (-0.63%), TWSE (-0.26%) and KOSPI (-0.21%) were the losers. Locally The FBMKLCI gained 3.78 points to close at 1, yesterday. Bursa s market breath was negative with 386 gainers against 468 losers while 390 counters were traded unchanged. BAT (+100sen), SHELL (+93sen) and LAYHONG (+51sen) led the gainers. While UTDPLT (-40sen), PIE (-36sen) and BIPORT (-35sen) led the losers. Market Preview Wall Street and Europe markets closed higher yesterday recovering slightly from a sharply lower start to the year and shaking off pressure from an intraday dip in oil below USD30 a barrel as Chinese yuan overnight stabilised. The DJIA closed about 117 points higher, after falling more than 70 points and rising points in the open while the S&P 500 closed up nearly 0.8 percent after earlier falling into negative territory. The DJIA and S&P500 surged 0.72% and 0.78% to end at 16, and 1, respectively. Meanwhile in Asia, markets closed mixed yesterday amid lingering headwinds such as lower commodity prices and concerns over China's economic prospects. Locally, the FBM KLCI advanced 3.78 points or 0.23% to close at 1, points. Trading participation shows net selling by foreign institutions while local institutions and retail were net buyers. We expect the local market to remain volatile and expected to hover around 1, The Research Team bimbresearch@bimbsec.com.my ext

2 Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 13, Property 1, Plantation 7, Technology KLCI Futures Contracts Jan-16 Feb-16 High 1, , Low 1, , Last 1, , Volume 8, 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+/- (+/- %) Instacom Tiger Synergy Kim Teck Cheong XOX Puc Founder Msc Top Gainers Close Change+/- (+/- %) British American Tobacco Shell Refining Lay Hong Scientex Petronas Gas Top Losers Close Change+/- (+/- %) United Plantations Pie Industrial Bintulu Port Bld Plantation Karex Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Major Rates KLIBOR 3-mth 3.84% KLIBOR 6-mth 3.93% KLIBOR 12-mth 3.98% 5-yr MGS 3.47% 10-yr MGS 4.22% 2

3 LOCAL CORPORATE NEWS Omesti sells 8.54% stake in Microlink for RM16.9m Omesti s subsidiary, Omesti Holdings (OHB), has disposed a 8.54% stake in Microlink Solutions for RM16.9m. Following the disposal, OHB s stake in Microlink would be reduced to 62.74%. The proceeds from the disposal would be utilised to pare down the Omesti group s borrowings and used to settle payment to trade and other creditors, salaries and other operating expenses. (Source: Bernama) MAHB targets 2.5% passenger traffic growth this year MAHB expects the 2016 passenger traffic for Malaysian airports to grow by 2.5% to 86 million movements from There had been significant improvement in the average load factor by 6.5% in the last 2 months of 2015 and this trend was expected to continue to a certain extent into Aircraft movements are expected to grow in tandem with passenger growth at 2.4% in The International Air Transport Association (IATA) had predicted travel business to remain strong in 2016, especially for North America and Europe. (Source: Bernama) Port of Tg Pelepas renews contract with Xin Hwa for a year Pelabuhan Tanjung Pelepas SB (PTP) has renewed the contract given to Xin Hwa Holdings to supply prime mover and drivers for housekeeping and other ancillary yard movement services at the Port of Tanjung Pelepas, Johor. Its unit Xin Hwa Trading & Transport SB (XHTT) had on Monday received PTP s letter of award. The contract s value depended on the volume of services required by PTP based on the agreed flat rate of RM9.20 per move. XHTT has been providing services to PTP since year 2010 and based on the business transactions with PTP for the financial year 2015, it contributed approximately RM5.538m to the revenue of the group. (Source: Star Biz) Tropicana sells Bukit Bintang land for RM55m Advent Nexus SB, a unit of Tropicana Corp, is disposing of its freehold land located in Bukit Bintang, Kuala Lumpur, to real estate company Pinnacle Supreme SB for RM55m cash. The local stock exchange, Tropicana said the 11,904 sq ft land along Jalan Pudu, comprised a 4½-year-old 10-storey hotel known as Sky Express Hotel. The property developer intended to realise gain via the property sale and raise funds for working capital and/or reduce its bank borrowings. The property had a net book value of RM45.09m as at Dec 31, (Source: Bernama) United Malacca gets Bank Negara s nod to use foreign currency borrowing United Malacca has obtained BNM approval to use its foreign currency borrowing from a licensed onshore bank to buy a stake in an Indonesian planter. The conditional sale and purchase agreement is now pending fulfilment of other conditions. On Dec 15, 2015, United Malacca announced that it was venturing into Indonesia by acquiring a 83% stake in PT Lifere Agro Kapuas for US$66.4m (RM291.3m). They have secured a term loan of up to US$50m from OCBC Bank to part finance the deal and the remaining balance is expected to be funded from internal funds. (Source: Bernama) Benalec's Pengerang reclamation project gets DoE nod Benalec has received the Department of Environment s (DoE) conditional approval for the reclamation works on 677.2ha in Teluk Ramunia for the development of Pengerang Maritime Industrial Park. The Detailed Environment Impact Assessment (DEIA) study (DEIA) submitted by its 70% owned subsidiary, Spektrum Budi SB, and Johor State Secretary Inc had been approved by DoE on Jan 7. The Pengerang project is Benalec s second reclamation project in Johor. In January last year Benalec had received the DoE s go-ahead to start work on its other reclamation project for the 1,410ha Tanjung Piai Integrated Petroleum and Maritime Industrial Park in Pontian. (Source: Star Biz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Closes Lower Against US Dollar The ringgit ended lower against the US dollar today tracking the weaker emerging Asian currencies amid lower oil prices. It fell to /4100 against the US dollar from /3800 on Monday. China's ongoing efforts to improve its market activities was unable to boost investors' confidence, pushing the other regional currencies, especially commodity currencies, to close lower. The People's Bank of China set another firm renmimbi official rate today, which should help boost positive market sentiment, but given that China's equity market has been halted twice and other factors such as slower global economic growth, it has affected investor confidence. Meanwhile, oil prices declined by three per cent to US$30.43 per barrel, dragged down by the oversupply issue, China's weakening economy and stock market turmoil. The ringgit ended lower against the Singapore dollar at /0644 from /0508 on Monday, and went down against the British pound to /4117 from yesterday's /3817. It eased against the yen to /7545 from Monday's /7166, and against the euro it slipped to /7003 from /7681 previously. (Source: Bernama) Fed hikes need to be gradual, risk hurting emerging world: IMF chief Further interest rate hikes by the US Federal Reserve should be gradual or they risk hurting already fragile emerging economies, where many companies borrow in dollars. A tightening in US monetary policy, which started last month with the first rate hike in a decade, should be supported by "clear evidence" of inflation in the United States. Highlight that the negative implications for emerging economies. The key issue going forward will be the pace of normalisation. They agree that it should be gradual as announced, as stressed actually by the Fed, and based on clear evidence of firmer wage or price pressures. (Source: StarBiz) Tumbling oil trades below $30 a barrel for first time in 12 years Oil fell briefly below the widely watched $30-per-barrel level on Tuesday, extending a selloff that has sliced almost 20% off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint. Prices settled down 3%, a seventh straight daily decline for oil. Traders have all but given up attempting to predict where the new-year rout will end, with momentum-driven dealing and overwhelmingly bearish sentiment engulfing the market. Some analysts warned of $20 a barrel; Standard Chartered said fund selling may not relent until it reaches $10. (Source: Reuters) China 4Q GDP growth seen slowing to weakest pace since 2009 China is expected to post its weakest economic growth since the global financial crisis in the fourth quarter, adding pressure on policymakers to take more steps to ward off a sharper slowdown that could jolt global markets. A renewed plunge in China's stock markets and the yuan have stoked concerns among global investors about the health of the world's secondbiggest economy, although analysts see few signs of an abrupt drop-off in activity. Growth in 4Q gross domestic product likely slowed to 6.8% from the same period last year, down from 6.9% in the 3Q. (Source: Reuters) China takes first step to centralize control over financial regulators China's cabinet is taking a key first step toward tighter control of its financial regulatory apparatus, after repeated regulatory missteps have dented confidence as the world's second-largest economy struggles. A source close to the leadership said the State Council has set up a working group to upgrade the cabinet's financial department to bureau level to serve as an interim manager of the process until a "super regulator" structure can be put into place. The group would be headed by Xiao Jie, a former vice finance minister and tax chief now serving as deputy secretary general of the State Council. The move comes after renewed turmoil in China's stock and currency markets has sparked fresh concerns that the current regulatory structure is not up to the task of maintaining market stability in the context of weak economic performance. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 01/13/ :07 JM Trade Balance Sep -- -$308.7m -$293.9m -$291.2m 01/13/ :32 UA Official Reserve Assets Dec 13300m 13300m 13148m -- 01/13/ :32 DR Tourism Arrivals YoY Dec % 7.90% -- 01/13/ :00 SK Export Price Index MoM Dec % -1.00% -1.10% 01/13/ :00 SK Export Price Index YoY Dec % -8.60% -- 01/13/ :00 SK Import Price Index MoM Dec % -1.70% -- 01/13/ :00 SK Import Price Index YoY Dec % % -- 01/13/ :14 PN CPI MoM Dec % 0.00% -- 01/13/ :00 NZ QV House Prices YoY Dec % 15.00% -- 01/13/ :00 SK Unemployment rate SA Dec 3.50% 3.40% 3.40% -- 01/13/ :50 JN Money Stock M2 YoY Dec 3.30% % -- 01/13/ :50 JN Money Stock M3 YoY Dec 2.70% % -- 01/13/ :30 AU Job vacancies Nov % -- 01/13/ :00 CH Trade Balance CNY Dec b b -- 01/13/ :00 CH Exports YoY CNY Dec -4.10% % -- 01/13/ :00 CH Imports YoY CNY Dec -7.90% % -- 01/13/ :00 CH Trade Balance Dec $51.30b -- $54.10b -- 01/13/ :00 CH Exports YoY Dec -8.00% % -- 01/13/ :00 CH Imports YoY Dec % % -- 01/13/ :00 SK Money Supply L SA MoM Nov % -- 01/13/ :00 SK Money Supply M2 SA MoM Nov % -- 01/13/ :00 SK Bank Lending to Household KRW Dec KR556.1t -- 01/13/ :30 JN Bankruptcies YoY Dec % -- 01/13/ :00 ES Trade Balance Nov m -- 01/13/ :00 ES Imports YoY Nov % -- 01/13/ :00 ES Exports YoY Nov % -- 01/13/ :00 RO Industrial Sales MoM Nov % -- 01/13/ :00 RO Industrial Sales YoY Nov % -- 01/13/ :00 RO Wages Net YoY Nov % -- 01/13/ :00 RO CPI MoM Dec 0.30% % -- 01/13/ :00 RO CPI YoY Dec -0.80% % -- 01/13/ :00 RO Industrial Output MoM Nov % -- 01/13/ :00 RO Industrial Output YoY Nov 3.00% % -- 01/13/ :00 SW PES Unemployment Rate Dec 4.10% % -- 01/13/ :45 FR Current Account Balance Nov b -- 01/13/ :45 FR CPI EU Harmonized MoM Dec 0.10% % -- 01/13/ :45 FR CPI EU Harmonized YoY Dec 0.20% % -- 01/13/ :45 FR CPI MoM Dec 0.10% % -- 01/13/ :45 FR CPI YoY Dec 0.10% % -- 01/13/ :45 FR CPI Ex-Tobacco Index Dec /13/ :00 SO Average Real Monthly Wage YoY Nov % -- 01/13/ :00 SO Industrial Sales YoY Nov % -- 01/13/ :00 LN Current Account Balance Nov m -- 01/13/ :00 CZ Current Account Monthly CZK Nov -0.50b b -- 01/13/ :00 NO House Price Index QoQ 4Q % -- 01/13/ :00 EC Industrial Production SA MoM Nov -0.30% % -- 01/13/ :00 EC Industrial Production WDA YoY Nov 1.30% % -- 01/13/ :00 ES Current Account Balance Nov m -- 01/13/ :00 GR CPI YoY Dec -0.50% % -- 01/13/ :00 GR CPI EU Harmonized YoY Dec 0.20% % -- 01/13/ :00 IS Trade Balance Dec $783m -- 01/13/ :00 PO CPI MoM Dec % -- 01/13/ :00 PO CPI YoY Dec % -- 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % 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 % MWE Hold % Muda Hold % NTPM Hold % Nylex Malaysia % Perstima % Scientex % Sino Hua-an % SLP Resources % 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 N.A. N.A. N.A. N.A. N.A. N.A. N.A % 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 % 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 % 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 % 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 % 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 % 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 % 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: Kenny Yee Head of Research 12