Market Insight. Wednesday, 9 November, 2016

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Market Insight. Wednesday, 9 November, 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 Aug-16 Sep-16 Oct-16 Market Insight Wednesday, 9 November, /03/2013(031743) Major Highlights Petronas Dagangan posts better earnings on improved margins Hartalega Q2 net profit rises to RM71.22m IOI Properties group member offers S$2.6bn for Marina Bay land FGV signs MoU with Sabah Forestry Dept Ekovest bags RM157m contract from DBKL Titijaya partners CREC for RM2.1bn project 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 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team Local & Global Economic News Malaysia's Q3 growth seen picking up despite commodities drag Unsold new London luxury-home glut to reach record on oversupply UK factory output surges on repair and maintenance German industrial output down in September OPEC raises oil-demand forecast on outlook for cheaper crude KLCI Performance KLCI Year-End Target: 1,720 points Sector Indices Close Change +/- Change % Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Oct-16 Nov-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 BIMB Securities 1

2 Major Rates KLIBOR 3-mth 3.40% KLIBOR 6-mth 3.52% KLIBOR 12-mth 3.62% 5-yr MGS 3.33% 10-yr MGS 3.65% Active Stock Close Change+/- (+/- %) Rgb International Airasia X Hibiscus Petroleum Perisai Petroleum K-Star Sports Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst , Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) British American Tobacco Kossan Rubber Industries Perusahaan Sadur Timah Dutch Lady Rhb Bank Top Losers Close Change+/- (+/- %) Panasonic Manufacturing Pie Industrial Tasek Corp Carlsberg Brewery Hong Leong Industries

3 LOCAL CORPORATE NEWS Petronas Dagangan posts better earnings on improved margins PetDag earnings rose 13.7% to RM248.76m for the 3Q due to improved margins in diesel, aviation and fuel oil. This was despite a 14.9% drop in revenue to RM5.54bn. The lower revenue was a result of a decrease in the average selling price of 13%, coupled with a lower sales volume of 2%. The drop in the average selling price was due to the fall in Mean of Platts Singapore (MOPS) prices. Although the average selling prices for the retail and commercial segments slid 15% and 11% respectively, both segments recorded higher operating profits. (Source: StarBiz) Hartalega Q2 net profit rises to RM71.22m Hartalega reported a higher net profit of RM71.22m for the 2Q on the back of continuing expansion via its Next Generation Integrated Glove Manufacturing Complex (NGC). The 2Q net profit was an increase from the RM60.41m that the company recorded during the corresponding period last year. Its revenue for the quarter also rose to RM436.98m compared to RM379.35m a year ago. For the cumulative 6 month period ended Sept 30, the company reported a net profit of RM127.39m and a revenue of RM838.8m. Both figures represent a rise from last year, where it recorded a net profit and revenue of RM123.09m and RM699.86m, respectively. (Source: StarBiz) IOI Properties group member offers S$2.6bn for Marina Bay land Wealthy Link Pte Ltd has made the highest bid of S$2.6bn (RM7.88bn) to buy land in Singapore s downtown Marina Bay in a tender that attracted 7 property developers. The price offered by Wealthy Link, part of IOI Properties, is a reflection of the steady restoration of investor confidence in the Singapore office market. Grade A office market has been down for the past 6Q, but was likely to recover post-2017 when new supply is completed. A decision on the tender award would be taken after all the bids had been evaluated. (Source: StarBiz) FGV signs MoU with Sabah Forestry Dept FGV has signed a MoU with the Sabah Forestry Department to explore the possibility of collaborating with each other. The MoU sets out the understanding and intention of the parties and shall be for a period of two years or any extended period as agreed in writing by the parties. The collaboration involves the rehabilitation of riparian and forest buffer zone that lies between the forest reserve and FGV estate in Sahabat, Sabah. (Source: TheEdge) Ekovest bags RM157m contract from DBKL Ekovest via its unit EkoRiver Construction SB, has secured an improvement and beautification works contract, worth RM157.25m, from the Kuala Lumpur City Hall (DBKL). The contract consisted of 2 packages, one that involved Dataran Merdeka and Jalan Tun Perak to Jalan Tun Tan Cheng Lock and the second one was Masjid India. The contract also included the construction of an interceptor system and related works to improve the river water quality including the water treatment system along Sungai Gombak and Sungai Klang under the River of Life project. (Source: Bernama) Titijaya partners CREC for RM2.1bn project Titijaya Land subsidiary Titijaya Resources SB, has signed an agreement with CREC Development (M) SB for a mixed development project at Embassy Row in Jalan Ampang, Kuala Lumpur. The proposed development on 6.06 acres is expected to have a gross development value of RM2.1bn. To carry out the project, the 2 companies acquired Ampang Avenue Development SB, whose subsidiary is the registered proprietor of the land, for RM80m. The signing marked an important milestone for Titijaya in its efforts to broaden its revenue stream. (Source: StarBiz) Cahya Mata opens Sabah and Sarawak s first integrated cement plant Cahya Mata Sarawak (CMSB), an investment holding company, on Tuesday opened its RM190m integrated cement plant in Jalan Mambong, off Borneo Heights Road, here. The new plant, CMSB s third and largest cement grinding plant, is the first integrated cement plant in Sabah and Sarawak, and adjoins the group s clinker plant. The 1m tonne grinding plant incorporated state of the art European technology comprising a ball mill (with a rated capacity of 150 tonnes/hour), a high efficiency separator, 2 units of 10,000 tonnes concrete silos, four-line bulk loaders and a 3,000 bag per hour packing and palletising machine. (Source: Bernama) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Malaysia's Q3 growth seen picking up despite commodities drag Malaysia's growth is expected to steady in the 3Q, breaking a 5Q sequence of declines, with analysts reckoning on domestic demand offsetting weak global demand for the Southeast Asian country's oil, gas and commodity exports. The median forecast in a Reuters poll of 14 economists was for annual growth to hit 4.1% in July-September, a slight improvement on the 2Q 4.0% growth. Though it was the weakest performance since a 1.2% contraction in the 3Q of 2009, the bright spots for the 2Q were strong growth in domestic demand and private investment. (Source: Reuters) Unsold new London luxury-home glut to reach record on oversupply The number of unsold central London homes under construction will reach a record high this year as developers bets on rising demand for luxury homes risk going sour. Homes currently being built that have yet to find a buyer will reach 10,829 in 2016, a 24% rise from the end of last year. That s the highest figure since the researcher started collating the data in The number of completed unsold homes will jump to 779 units from 285, the data shows. (Source: Bloomberg) UK factory output surges on repair and maintenance UK manufacturing surged the most in 5 months in September, led by repair and maintenance of transport equipment including ships and machinery. Factory output rose 0.6%, exceeding forecasts for a 0.4% increase. Total industrial production dropped 0.4%, as continued maintenance at North Sea oilfields dragged oil and gas extraction down 4.5%. The ONS also revised its estimate for 3Q industrial output to a larger 0.5% decline, compared with 0.4% in last month s GDP data. That report also showed the economy grew a better-than-expected 0.5% in the quarter, led by the services sector. (Source: Bloomberg) German industrial output down in September German industrial production fell at its fastest rate in more than 2 years in September while the trade surplus shrank, data showed, denting expectations of a strong end to the year for Europe s biggest economy. Industrial output dropped a biggerthan-expected 1.8% on the month. That was the biggest drop since August For the 3Q, output edged up 0.3% from the second, driven by a 0.95 increase in construction. High order levels in construction and improved sentiment indicators point to a certain revival in the manufacturing sector in the coming months. (Source: Reuters) OPEC raises oil-demand forecast on outlook for cheaper crude OPEC raised its forecast for global oil demand next year and through the end of the decade, anticipating that cheaper crude will spur consumption even as economic growth slows. Demand will reach 95.3m barrels a day in That s an increase of 300,000 barrels a day from last year s forecast. The OPEC also raised its outlook for oil use in 2018, 2019 and 2020, when it sees demand reaching 98.3m barrels a day, or 900,000 more than the group projected in its previous annual outlook. OPEC cut its estimates for crude prices by US$20 a barrel for each year from 2016 to 2020, compared with its previous outlook. The group assumes crude will average US$40 a barrel in 2016, and it raised its projected price by US$5 a barrel in each of the following years through Brent has averaged about US$44 a barrel so far this year. (Source: Bloomberg) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 11/09/ :27 EG Gross Official Reserves Oct b 19.6b -- 11/09/ :29 CR Money Supply M3 YoY Oct % 12.96% 14.23% 11/09/ :31 EL CPI MoM Oct % -0.30% -- 11/09/ :32 EL CPI YoY Oct % 1.00% -- 11/09/ :45 NZ Card Spending Retail MoM Oct 0.40% 0.60% 1.90% 2.00% 11/09/ :45 NZ Card Spending Total MoM Oct % 2.00% 2.10% 11/09/ :00 SK Unemployment rate SA Oct 4.00% 3.70% 4.00% -- 11/09/ :30 AU Westpac Consumer Conf Index Nov /09/ :30 AU Westpac Consumer Conf SA MoM Nov % 1.10% -- 11/09/ :50 JN BoP Current Account Balance Sep b b -- 11/09/ :50 JN BoP Current Account Adjusted Sep b b -- 11/09/ :50 JN Trade Balance BoP Basis Sep 668.8b b -- 11/09/ :50 JN Bank Lending Incl Trusts YoY Oct 2.20% % -- 11/09/ :50 JN Bank Lending Ex-Trusts YoY Oct % -- 11/09/ :30 CH CPI YoY Oct 2.10% % -- 11/09/ :30 CH PPI YoY Oct 0.90% % -- 11/09/ :15 UE Dubai Economy Tracker SA Oct /09/ :30 JN Bankruptcies YoY Oct % -- 11/09/ :00 JN Eco Watchers Survey Current Oct /09/ :00 JN Eco Watchers Survey Outlook Oct /09/ :30 NE Manufacturing Production MoM Sep % -- 11/09/ :30 NE Manufacturing Production YoY Sep % -- 11/09/ :30 NE Industrial Sales YoY Sep % -- 11/09/ :00 ES Trade Balance Sep m -- 11/09/ :00 ES Imports YoY Sep % -- 11/09/ :00 ES Exports YoY Sep % -- 11/09/ :00 TH BoT Benchmark Interest Rate 9-Nov 1.50% % -- 11/09/ :00 RO Trade Balance Sep /09/ :30 FR Bank of France Bus. Sentiment Oct /09/ :00 DE Current Account (Seasonally Adjusted) Sep 13.0b b -- 11/09/ :00 DE Trade Balance ex Ships Sep 5.8b b -- 11/09/ :00 SO Trade Balance Sep m -- 11/09/ :00 HU Trade Balance Sep P 1000m m -- 11/09/ :00 CZ CPI MoM Oct 0.20% % -- 11/09/ :00 SI Automobile COE Open Bid Cat A 9-Nov /09/ :00 CZ CPI YoY Oct 0.60% % -- 11/09/ :00 SI Automobile COE Open Bid Cat B 9-Nov /09/ :00 SI Automobile COE Open Bid Cat E 9-Nov /09/ :00 BP Trade Balance Sep b -- 11/09/ :00 LN Trade Balance Sep b -- 11/09/ :00 LN CPI MoM Oct 0.70% % -- 11/09/ :00 LN CPI YoY Oct 0.90% % -- 11/09/ :30 UK Visible Trade Balance GBP/Mn Sep /09/ :30 UK Trade Balance Non EU GBP/Mn Sep /09/ :30 UK Trade Balance Sep /09/ :30 SA SACCI Business Confidence Oct /09/ :30 SV Trade Balance Sep b -- 11/09/ :00 GR Industrial Production YoY Sep % -- 11/09/ :00 HU Budget Balance YTD Oct b -- 11/09/ :00 LV Trade Balance Sep m -- 11/09/ :00 PO Trade Balance Sep m -- 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. 0.35% 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 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % MWE Hold % Muda Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a % NTPM Hold % Nylex Malaysia % Perstima % Scientex % Sino Hua-an % SLP Resources % Wellcall % Media Media Chinese % Star Publication % Utusan Melayu % Oil & Gas Alam Maritim % Daya Materials % Dayang Ent % Deleum % Dialog group % ESSO Malaysia % KNM Group % MMHE % Perisai Petroleum % Petra Energy n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hap Seng Plant % IJM Plant % 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 n.a. 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 % 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 Ancom % Asia File % 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 % 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. n.a % Myeg Services % Pos Malaysia % Picorp n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 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 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 Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, Kuala Lumpur Tel: Fax: Azharuddin Nordin Head of Research 12