Market Insight. Tuesday, 8 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 Tuesday, 8 November, /03/2013(031743) Major Highlights Axiata boosts stake in Myanmar telecom tower operator for RM147.6m Sunway proposes JV to tap digital media industry PIE Industrial 3Q profit falls 67% on lower revenue and margins Reach Energy's adjourned EGM to be held on Nov 16 NWP, Listari Marina ink RM22m turnkey contract BIMB Investment declares RM8.07m income distributions for 4 funds 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 1, 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 bimbresearch@bimbsec.com.my Local & Global Economic News Bank Negara reserves totalled RM405.5bn as at Oct 31 Central London house prices fall again in October after Brexit OPEC chief says Russia on board with deal to limit output Egypt to face pain before gain after massive currency devaluation Hong Kong home prices set to plunge on policy change Indonesia's Q3 GDP growth slows as govt spending slumps 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 7, 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 3.62% Active Stock Close Change+/- (+/- %) Rgb International Netx Holdings Airasia X Hibiscus Petroleum Asia Media Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst , , Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) LPI Capital TAHPS Group Genting Carlsberg Brewery Malayan Banking Top Losers Close Change+/- (+/- %) BAT Kesm Industries Far East Holdings United Plantations Hong Leong Financial

3 LOCAL CORPORATE NEWS Axiata boosts stake in Myanmar telecom tower operator for RM147.6m Axiata s unit edotco Group SB, which in December last year bought 75% equity interest in edotco Investments Singapore Pte Ltd (edotoco SG) to expand its footprint into Myanmar, is increasing its stake further to 87.5%. Axiata s telecommunications infrastructure services subsidiary bought the additional 12.5% stake in edotco SG, which owns edotco Myanmar Ltd, for US$35m (RM147.6m) cash. Edotco Myanmar, according to its website, owns and operates 1,250 tower sites in the republic, which Axiata sees as a largely untapped telecom infrastructure market and one of South-East Asia s largest. (Source: Bernama) Sunway proposes JV to tap digital media industry Sunway is proposing a JV to tap into the growing digital media industry. Sunway s unit Sunway Holdings SB (SHSB), yesterday had entered into a subscription and shareholders agreement with Alan Ow Wui Kiat and Erman Akinci, as well as the JV company Monumental Productions SB, with the intention of establishing a joint venture via the JVCo to collaborate as partners for the purpose of investing in digital media business content and assets. The intended principal activities of the JV would be the operations of media intellectual property acquisition/investment and management. (Source: StarBiz) PIE Industrial 3Q profit falls 67% on lower revenue and margins PIE Industrial 3Q net profit fell 67.1% to RM4.6m, from RM13.97m a year earlier, mainly due to lower revenue and lower margins of products mix. Revenue for the 3QFY16 declined 14.7% to RM130.2m from RM150.5m previously on reduced demand from existing customers for electronics manufacturing activities and raw wire and cable products, but this was partly mitigated by higher revenue from trading activities. The net profit for the 9MFY16, fell 62% to RM12.83m from RM33.76m recorded in 9MFY15. (Source: TheEdge) Reach Energy's adjourned EGM to be held on Nov 16 Reach Energy adjourned extraordinary general meeting (EGM) to vote on its qualifying asset (QA) will be held on Nov 16. It has agreed with the relevant parties to extend the cut-off date in the sale and purchase agreement to acquire the QA from Nov 10 to Nov 17. On Nov 4, the company's EGM was adjourned after shareholders sought more time to look at the asset to be acquired. The proposed maiden acquisition comprises a 60% stake in Palaeontol BV, which owns an onshore oil and gas field called Emir-Oil LLP in Kazakhstan, for US$154.9m (RM638.2m). (Source: TheEdge) NWP, Listari Marina ink RM22m turnkey contract NWP s subsidiary NWP Builder SB and Listari Marina (MM2H) SB have entered into a turnkey construction agreement for a contract sum of RM22m. The agreement is for the construction of a 9 storey tower block with 160 units of serviced suites in Pekan Klebang, Melaka. (Source: Bernama) BIMB Investment declares RM8.07m income distributions for 4 funds BIMB Investment, a wholly-owned subsidiary of Bank Islam Malaysia, has declared income distributions amounting to more than RM8.07m for 4 funds. The funds are BIMB i Dividend Fund (0.73 sen per unit), BIMB Dana Al-Fakhim (0.40 sen), BIMB Dana Al-Falah (1.38 sen) and BIMB Dana Al-Munsif (1.34 sen). BIMB Investment is a licensed Islamic fund management company with more than 21 years of experience. (Source: Bernama) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS Bank Negara reserves totalled RM405.5bn as at Oct 31 BNM international reserves amounted to RM405.5bn (US$97.8bn) as at Oct 31, compared with RM405.6bn on Oct 14. The reserves position is sufficient to finance 8.4 months of retained imports and is 1.2 times the short-term external debt. Of the reserves, RM372.7bn (US$89.9bn) was in foreign currency reserves, RM4.6bn (US$1.1bn) in special drawing rights, RM6.6bn (US$1.6bn) in gold, and RM3.3bn (US$800m) in IMF reserves position. Total assets as at Oct 31 were RM424.1bn, while currency in circulation amounted to RM92.4bn. (Source: TheEdge) Central London house prices fall again in October after Brexit The price of central London s most expensive homes fell again in October, continuing a decline which began earlier this year due to increased property taxes and the Brexit vote. In the latest sign that the property market is cooling since Britons voted to leave the EU, prices fell by an annual 2.3% last month in London s most desirable postcodes, the biggest drop in seven years. A decline of 1.8% in August and 2.1% in September had been the biggest falls since October 2009, when prices fell 3.2% as Britain began recovering from the effects of the financial crisis. (Source: Reuters) OPEC chief says Russia on board with deal to limit output Russia, the world s biggest energy producer, is on board with an OPEC agreement to limit crude oil production to help rebalance the market. OPEC producers remain committed to an agreement reached last month in Algiers to trim output, and cooperation from non-opec producers will help bring the oil market back into balance. Russia is due to join OPEC for talks later this month in Vienna, where OPEC will convene for its bi-annual meeting. The Organization of Petroleum Exporting Countries, which pumps about 40% of the world s oil, is trying to persuade producers from outside the group, such as Russia, to join the cuts. OPEC wants to put the changes into effect when it meets in Vienna on Nov 30. (Source: Bloomberg) Egypt to face pain before gain after massive currency devaluation The pain of Egypt's currency devaluation may be felt well before the benefits, creating a period of at least several months in which there is little positive news to offset rising inflation and falling living standards. By bringing the Egyptian pound down to levels which the markets consider fair value, the devaluation promises to attract fresh capital into the country and end a hard currency shortage that has plagued the economy for years. (Source: Reuters) Hong Kong home prices set to plunge on policy change Hong Kong leaders surprise move to cool the world s least affordable home market is set to spur an immediate plunge in prices and transactions as buyers and sellers hit the pause button. The transaction volumes could plunging by 60% to 70% in the next 3 months, and now expects a 5% to 8% drop in prices, after previously projecting an increase in that range. The transactions will drop 30% to 40% in the next 2 months and prices will fall 5%. (Source: Bloomberg) Indonesia's Q3 GDP growth slows as govt spending slumps Indonesia's economic growth weakened in the 3Q, hurt by a slowdown in major trading partners and a slump in government spending, suggesting the economy could struggle to mount a solid rebound over the next year. South-East Asia's largest economy grew 5.02% on an annual basis in July-September, compared with 5.19% in the 2Q. A Reuters poll had expected third-quarter growth of 5.04%. A contraction in exports deepened in the September quarter due to slowing growth in China, Singapore and South Korea. The government spent Rp45trn (US$3.44bn) less money during July- September from the same period last year. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 11/08/ :00 BZ Trade Balance Weekly 6-Nov -- $320m -$251m -- 11/08/ :00 GU CPI MoM Oct % -0.21% -- 11/08/ :00 GU CPI YoY Oct % 4.56% -- 11/08/ :00 US Consumer Credit Sep $17.500b $19.292b $25.873b $26.751b 11/08/ :26 EL International Reserves Oct m m -- 11/08/ :00 NZ ANZ Truckometer Heavy MoM Oct % -1.40% -2.40% 11/08/ :29 JM International Reserves Oct -- $2443.2m $2463.0m -- 11/08/ :30 AU ANZ Roy Morgan Weekly CCI 6-Nov /08/ :50 JN Official Reserve Assets Oct $1260.1b -- 11/08/ :01 UK BRC Sales Like-For-Like YoY Oct 0.60% % -- 11/08/ :30 AU NAB Business Conditions Oct /08/ :30 AU NAB Business Confidence Oct /08/ :30 TA CPI YoY Oct 0.48% % -- 11/08/ :30 TA WPI YoY Oct -2.87% % -- 11/08/ :00 JN Leading Index CI Sep P /08/ :00 JN Coincident Index Sep P /08/ :45 SZ Unemployment Rate Oct 3.20% % -- 11/08/ :45 SZ Unemployment Rate SA Oct 3.30% % -- 11/08/ :00 GE Industrial Production SA MoM Sep -0.50% % -- 11/08/ :00 GE Industrial Production WDA YoY Sep 2.00% % -- 11/08/ :00 GE Trade Balance Sep 22.4b b 20.1b 11/08/ :00 GE Current Account Balance Sep 24.5b b -- 11/08/ :00 GE Exports SA MoM Sep -0.80% % 3.40% 11/08/ :00 GE Imports SA MoM Sep -0.20% % 1.90% 11/08/ :00 TU Industrial Production MoM Sep 1.40% % -- 11/08/ :00 TU Industrial Production YoY Sep 2.50% % -- 11/08/ :45 FR Trade Balance Sep -4200m m -- 11/08/ :45 FR Budget Balance YTD Sep b -- 11/08/ :45 FR Current Account Balance Sep b -- 11/08/ :00 CZ Trade Balance National Concept Sep 20.7b b -- 11/08/ :00 CZ Construction Output YoY Sep % -- 11/08/ :00 CZ Industrial Output YoY Sep 4.00% % -- 11/08/ :00 CZ Share of Unemployed Oct 5.00% % -- 11/08/ :00 HU CPI MoM Oct 0.50% % -- 11/08/ :00 HU CPI YoY Oct 0.80% % -- 11/08/ :00 HU Industrial Production SA MoM Sep 1.30% % -- 11/08/ :00 HU Industrial Production WDA YoY Sep 3.20% % -- 11/08/ :00 SP House transactions YoY Sep % -- 11/08/ :30 SW Household Consumption (MoM) Sep % -- 11/08/ :30 SW Household Consumption (YoY) Sep % -- 11/08/ :00 BP Retail Sales YoY Sep % -- 11/08/ :00 BP Retail Sales MoM Sep % -- 11/08/ :00 BP Industrial Production MoM Sep % -- 11/08/ :00 BP Industrial Production YoY Sep % -- 11/08/ :00 CZ International Reserves Oct $81.9b -- 11/08/ :30 UK Industrial Production MoM Sep 0.00% % -- 11/08/ :30 UK Industrial Production YoY Sep 0.80% % -- 11/08/ :30 UK Manufacturing Production MoM Sep 0.40% % -- 11/08/ :30 UK Manufacturing Production YoY Sep -0.10% % -- 11/08/ :00 HR Tourism Arrivals YoY Sep % -- 11/08/ :00 HR Trade Balance Aug 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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. 0.36% 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Hong Leong Ind % 7

8 Stocks Closing Price S3 S2 S1 Pivot Point R1 R2 R3 Est. Weighting KYM Hldgs n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Crescendo Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 % 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