Market Insight. Tuesday, 21 June, 2016

Transcription

1 Tuesday, 21 June, /03/2013(031743) Major Highlights Gamuda plans two multi-billion projects in Kuang, Selangor Sime Darby s JV company bags second PSA S pore deal Samalaju Industrial Park draws RM25bn investments Sanichi targets tank terminal contracts from Petronas HeiTech eyes higher public sector revenue Ikhmas Jaya bidding for jobs worth RM8.9bn Bursa Malaysia Bursa Malaysia Close Change +/- Change % FBMKLCI 1, FBMEMAS 11, FBM100 11, FBMEMAS Shariah 11, FBM Hijrah Shariah 13, Volume (mn) 1, Value (RMmn) 1, FBMKLCI YTD Chg Scoreboard Close Change+/- (+/- %) Gainers Losers Unchanged Regional Indices Close Change (+/-) Change (+/- %) YTD Chg (%) DJIA 17, NASDAQ 4, S&P 500 2, FTSE 100 6, Nikkei , HSI 20, SHCOMP 2, KOSPI 1, TWSE 8, STI 2, JCI 4, SET 1, PSEi 7, Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI SHCOMP HSI JCI SET STI PSEi The Research Team bimbresearch@bimbsec.com.my Local & Global Economic News Ringgit Strengthens Against US Dollar Malaysian palm oil price at 5-month low on delayed start to biodiesel mandate RM100bn for new fund - EPF Japan business mood struggles amid Brexit fears Top U.S. official says more work needed on China investment rules KLCI Performance KLCI Year-End Target: 1,780 points Sector Indices Close Change+/- (+/- %) Industrial 3, Consumer Industrial Products Construction Finance 14, Property 1, Plantation 7, Technology KLCI Futures Contracts Jun-16 Jul-16 High 1, , Low 1, , Last 1, , Volume 6, 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 3.65% KLIBOR 6-mth 3.78% KLIBOR 12-mth 3.87% 5-yr MGS 3.47% 10-yr MGS 3.89% Active Stock Close Change+/- (+/- %) Vivocom International Asia Media Group Bhd Sapurakencana Felda Global Ventures Nexgram Holdings Bhd Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) Petronas Gas F&N Lafarge Malaysia Thong Guan Tiong Nam Logistics Top Losers Close Change+/- (+/- %) Batu Kawan United Plantations Malaysia Airports Quality Concrete Pie Industrial

3 LOCAL CORPORATE NEWS Gamuda plans two multi-billion projects in Kuang, Selangor Construction firm Gamuda s property arm, Gamuda Land, is planning two multi-billion-ringgit projects in Kuang, Selangor. Gamuda Land said in a press statement that the two projects - a mixed-use development called Gamuda Gardens and a boutique residential estate named Kundang Estates on 900 acres - would have an expected GDV of RM11bn. It said that the 810-acre Gamuda Gardens would fuse lifestyle and nature in one township, while the 90-acre Kundang Estates represented a modern take on countryside living and have been designed to be complementary with their locations within a short drive of each other north of Sungai Buloh. Kundang Estates comprises 573 units of double-storey terrace houses surrounded by lush greenery. (Source: StarBiz) Sime Darby s JV company bags second PSA S pore deal Terberg Tractors Malaysia SB, a 50:50 joint venture between Sime Darby s unit Sime Darby Industrial and Netherlandsbased Terberg Group, has clinched contracts worth more than RM90m from PSA Singapore Terminals (PSA), the world s largest container transshipment hub. Sime Darby said in a statement that Terberg Tractors Malaysia would manufacture and supply PSA with a total of 290 terminal tractors, with an option for another 390 units. The delivery will take place between October 2016 and March Terberg Tractors Malaysia general manager Boo Wei Ching said the deal with PSA represented the second such deal of this size, and a testament to the quality and value the company brought to the table. The company previously secured a large contract from PSA in (Source: StarBiz) Samalaju Industrial Park draws RM25bn investments Samalaju Industrial Park (SIP) in Bintulu, Sarawak, the biggest single industrial park in Malaysia, has attracted and approved 16 projects with a total investment of RM25.29bn. The 16 projects approved so far would create 13,302 job opportunities and, in the immediate years ahead, could create a significant industrial base that can generate more employment and business opportunities. The project have been successful in attracting energy-intensive industries to establish their operations in SIP, one of the five growth nodes in the Sarawak Corridor of Renewable Energy (SCORE) development plan to accelerate the industrialisation process in the state. Five companies have started operations in SIP. (Source: StarBiz) Sanichi targets tank terminal contracts from Petronas Sanichi Technology is tying up with Petrowangsa SB to tender for Petronas s oil storage tank terminal contracts in Malaysia and around the region. The automotive mould maker-cum-property developer estimated the value of the oil storage terminal projects to be more than RM1bn. The company said in a filing with Bursa Malaysia that Petrowangsa had the licences from Petronas to commission floating roof, fixed roof and cryrogenic storage tanks, as well as to provide mechanical engineering and maintenance of those oil storage tanks. (Source: StarBiz) HeiTech eyes higher public sector revenue HeiTech Padu, an information technology systems and technology services provider, has set a target of clocking a 20% increase in revenue to RM200m from its public sector segment for the financial year ending December 31. Its executive vice-president/ group CEO of Public Sector Ariff Mokhtar said the group s public sector segment contributed about 60% to the group s revenue last year, while this year s contribution was expected to remain at about the same level. HeiTech Padu was expected to sign contracts worth RM350m this year, while its order book as at the first quarter stood at RM180m and its tender book totalled RM400m so far. The target is achievable as a number of projects are already at the final stage (of completion) this year and could be billed and translated into revenue. (Source: Business Times) Ikhmas Jaya bidding for jobs worth RM8.9bn Engineering and construction firm Ikhmas Jaya Group Bhd has tendered for RM8.9bn worth of jobs under KVMRT2 and highway projects such as Pan Borneo Highway Sarawak, Damansara-Shah Alam Elevated Expressway and Sungai Besi-Ulu Kelang Elevated Expressway. The group is primarily involved in piling and foundation works, bridge construction, building construction and other civil works. Speaking to reporters after its AGM yesterday, group managing director Datuk Ang Cheng Siong said the group is awaiting the results of the tender that it submitted. By the end of this year, we are hoping to get one or two packages from this tender book, and noting that the group is also looking to participate in the RM60bn Bandar Malaysia project. At present, the group s outstanding order book stands at about RM700m, which can keep the group busy for the next two years. (Source: The Sun) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Ringgit Strengthens Against US Dollar The ringgit closed stronger against the US dollar today as sentiment towards emerging market assets improved after the US interest rate stalemate last week. At 5 pm, the ringgit rose to /0660 against the US dollar from Friday's /0030. The risk sentiment was also helped by optimism that Britain would remain in the European Union after the membership referendum on June 23, bringing political and economic stability to the important economic bloc. (Source: Bernama) Malaysian palm oil price at 5-month low on delayed start to biodiesel mandate Malaysian palm oil futures fell on Monday after the government said it was in talks with oil and automotive companies to delay the start of its B10 biodiesel mandate to July. The ministry of plantation industries and commodities said in response to a Reuters' question that the mandate would start a month later than initially planned and would aim to complete full implementation of its new standard by August. Malaysia's so-called B10 programme aims to raise the minimum bio-content of biodiesel to 10% for the transport sector, mopping up more palm oil for blending purposes and increasing domestic demand. The world's second largest palm oil producer after Indonesia has also said it would raise the bio-fuel content for the industrial sector to 7%. (Source: Reuters) RM100bn for new fund - EPF The Employees Provident Fund s (EPF) syariah-compliant investment product, called Simpanan Syariah, will have an initial size of RM100bil and be open for registration from Aug 8. Contributors can start registering with the pension fund to shift their savings to Simpanan Syariah and it is open to all members regardless of race, religion and nationality. The registration will close on Dec 23. EPF CEO Datuk Shahril Ridza Ridzuan said the fund has been investing in syariah-compliant assets for more than five years and about 45% or RM295bn of existing total assets are already syariah-compliant. He expects the EPF s investment in syariah-compliant assets to grow by about RM25bn a year on average. The main difference between the conventional fund and the syariah-compliant fund is that the latter cannot invest in banks and insurance companies. Towards this end, Shahril said that the EPF would not be scaling down on its investments in conventional banks and insurance companies even with the existence of the Simpanan Syariah, and said that it has been preparing for this in the past four years (Source: StarBiz) Japan business mood struggles amid Brexit fears Confidence at Japanese manufacturers inched up in June from the prior month's 3-year low and is seen rising only slightly ahead, a Reuters poll found, reflecting worries about the yen's rise as Britain decides whether or not to quit the EU. The monthly poll of 509 big and mid-sized firms taken June 6-16, of which 258 responded, comes just days before Britain's June 23 EU referendum, pushing up the safe-haven yen as risk appetite wanes. The Reuters Tankan, which tracks the Bank of Japan's quarterly tankan survey, found the service sector's mood fell in June, due to weak private consumption. The survey's results suggest a deterioration in business confidence in the upcoming Bank of Japan tankan, due out on July 1, which is among key indicators the central bank scrutinizes when guiding monetary policy. The BOJ held off from expanding its monetary stimulus last week, sending the yen surging across the board and prompting policymakers to fire verbal warnings against investors pushing the yen higher and undermining the export-reliant economy. (Source: Reuters) Top U.S. official says more work needed on China investment rules China's latest proposed list of industries that would be off-limits to foreign investors shows more work is needed to agree on a new investment treaty with the United States, U.S. Commerce Secretary Penny Pritzker said in an interview on Monday. Reaching an agreement over the so-called 'negative list' of businesses in China that are out of bounds to foreign investors is crucial in sealing a treaty between Beijing and Washington that would lift investment flows between the world s two largest economies. The issue has been made more prominent by a wave of Chinese acquisitions of U.S. companies that have raised questions over the inability of U.S. companies to buy assets as freely in China. In less than six months of 2016, China's appetite for overseas acquisitions has already outgrown last year's record, as deal-hungry mainland buyers chase global assets such as real estate, chemicals and high-end technology. Chinese negotiators sent the latest revised draft of the negative list to their U.S. counterparts last week. U.S. officials have said in the past that the number of sectors on the list that are closed to foreigners needed to be greatly reduced for an investment deal, also known as the Bilateral Investment Treaty, to be reached. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 06/21/ :00 BZ Trade Balance Weekly 19-Jun -- $974m $561m -- 06/21/ :00 CO Trade Balance Apr ($1,000.0) ($1,117.5) ($1,116.9) -- 06/21/ :00 CO Imports CIF Total Apr $3, $3, $3, /21/ :30 AU ANZ Roy Morgan Weekly Consumer Confidence Index 19-Jun /21/ :30 AU House Price Index QoQ 1Q 0.80% % -- 06/21/ :30 AU House Price Index YoY 1Q 7.50% % -- 06/21/ :30 JN All Industry Activity Index MoM Apr 1.20% % -- 06/21/ :00 JN Supermarket Sales YoY May % -- 06/21/ :00 SZ Trade Balance May b -- 06/21/ :00 SZ Exports Real MoM May % -- 06/21/ :00 SZ Imports Real MoM May % -- 06/21/ :00 FI Unemployment Rate May 11.40% % -- 06/21/ :00 NE House Price Index MoM May % -- 06/21/ :00 NE House Price Index YoY May % -- 06/21/ :00 SZ Money Supply M3 YoY May % -- 06/21/ :00 SA Leading Indicator Apr /21/ :00 LN Industrial Production YoY May % -- 06/21/ :30 UK Public Finances (PSNCR) May b -- 06/21/ :30 UK Central Government NCR May b -- 06/21/ :30 UK Public Sector Net Borrowing May 9.4b b -- 06/21/ :30 UK PSNB ex Banking Groups May 9.5b b -- 06/21/ :30 HK CPI Composite YoY May 2.60% % -- 06/21/ :30 SV PPI MoM May % -- 06/21/ :30 SV PPI YoY May % -- 06/21/ :00 GE ZEW Survey Current Situation Jun /21/ :00 GE ZEW Survey Expectations Jun /21/ :00 EC ZEW Survey Expectations Jun /21/ :00 IS Manufacturing Production MoM Apr % -- 06/21/ :00 LV PPI MoM May % -- 06/21/ :00 LV PPI YoY May % -- 06/21/ :00 UK CBI Trends Total Orders Jun /21/ :00 UK CBI Trends Selling Prices Jun /21/ :00 MA Foreign Reserves 15-Jun $97.3b -- 06/21/ :00 TU Benchmark Repurchase Rate 21-Jun 7.50% % -- 06/21/ :00 TU Overnight Lending Rate 21-Jun 9.00% % -- 06/21/ :00 TU Overnight Borrowing Rate 21-Jun 7.25% % -- 06/21/ :00 HU Central Bank Rate Decision 21-Jun 0.90% % -- 06/21/ :00 BZ IBGE Inflation IPCA-15 MoM Jun 0.51% % -- 06/21/ :00 BZ IBGE Inflation IPCA-15 YoY Jun 9.10% % -- 06/21/ :00 MX International Reserves Weekly 17-Jun $177371m -- 06/21/2016 UA Retail Trade YTD YoY May 2.70% % -- 06/21/2016 MO Interest Rate Announcement 21-Jun % -- 06/21/2016 GR Current Account Balance Apr m -- 06/21/2016 MU CPI Composite YoY May % -- 06/21/2016 UA GDP YoY 1Q F % -- 06/21/2016 UA GDP SA QoQ 1Q F % -- 06/20/ /30 MO GDP YoY 1Q % -- 06/20/ /23 VZ Current Account Balance 4Q $5050m -- 06/20/ /24 AO Benchmark Interest Rate 20-Jun % -- 06/20/ /27 HU Economic Sentiment Jun /20/ /27 HU Business Confidence Jun /20/ /27 HU Consumer Confidence Index Jun /21/ /26 BZ Formal Job Creation Total May 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 N.A N.A N.A N.A N.A N.A N.A 0.28% 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 0.037% Choo Bee Metal N.A N.A N.A N.A N.A N.A N.A 0.054% CSC Steel % Eksons Corp % Engtex Group % Goh Ban Huat N.A N.A N.A N.A N.A N.A N.A 0.092% Hiap Teck % Jaks Resources % Java N.A N.A N.A N.A N.A N.A N.A 0.005% Kim Hin Ind N.A N.A N.A N.A N.A N.A N.A 0.085% Kinsteel % Lafarge M Cement % Lion Corp N.A N.A N.A N.A N.A N.A N.A 0.014% Lion Industries % Malaysia Smelting % Masteel % Melewar Ind % MTD ACPI % Pantech % Perwaja % Press Metal % Southern Steel N.A N.A N.A N.A N.A N.A N.A 0.145% 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 N.A N.A N.A N.A N.A N.A N.A 0.032% 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 0.004% Multi Sports N.A N.A N.A N.A N.A N.A N.A 0.007% 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 N.A N.A N.A N.A N.A N.A N.A 0.017% MWE Hold N.A N.A N.A N.A N.A N.A N.A 0.109% 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 0.236% Wellcall % Media Media Chinese % Star Publication % Utusan Melayu N.A N.A N.A N.A N.A N.A N.A 0.019% 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 N.A N.A N.A N.A N.A N.A N.A 0.042% Wah Seong % Petra Perdana N.A N.A N.A N.A N.A N.A N.A N.A 0.000% Plantation Batu Kawan % BLD Plantation N.A N.A N.A N.A N.A N.A N.A 0.280% Cepat Wawasan % Genting Plant % Golden Land % Gopeng % Hap Seng Plant % IJM Plant % Inch Ken Kajang % IOI % Keck Seng Malay N.A N.A N.A N.A N.A N.A N.A 0.615% Kim Loong % Kretam Holdings % KLK % Kulim Malaysia N.A N.A N.A N.A N.A N.A N.A 1.838% 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 0.188% 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 N.A N.A N.A N.A N.A N.A N.A N.A 0.000% 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 N.A N.A N.A N.A N.A N.A N.A 0.040% 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 N.A N.A N.A N.A N.A N.A N.A N.A 0.000% 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 1.075% Airasia % Century Logistic % Cycle & Carriage % Hubline % Integrated Log N.A N.A N.A N.A N.A N.A N.A 0.047% 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 N.A N.A N.A N.A N.A N.A N.A N.A 0.000% 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 N.A N.A N.A N.A N.A N.A N.A 0.026% 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 N.A N.A N.A N.A N.A N.A N.A N.A 0.000% Myeg Services % Pos Malaysia % Picorp N.A N.A N.A N.A N.A N.A N.A 0.035% 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