Market Insight. Tuesday, 22 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, 22 November, /03/2013(031743) Major Highlights Malakoff s Q3 earnings down 67% to RM51.5m QL Resources 2Q net profit down 8.4% on lower margins WCT 3Q net profit plunges 72.1% on absence of forex gain AMMB s Q2 net profit at RM352.6m Bintulu Port pre-tax profit rises to RM48.93m Pharmaniaga s earnings hit by lower demand from govt hospitals Fajarbaru s associate firm eyes land in Melbourne CBD MKH, PR1MA in RM464mil mixed development job 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 6, 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 UK Brexit minister starts tour to lay ground for 'constructive' EU talks Euro zone nations turn to hedge funds to meet borrowing needs China's spending on R&D rises to 2.07% of GDP Japan Oct exports fall more than expected as strong yen drags Thai Q3 GDP momentum cools, but exports show signs of recovery Oil prices climb on expectation of OPEC-led output cut 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 Nov-16 Dec-16 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 BIMB Securities 1

2 Major Rates KLIBOR 3-mth 3.40% KLIBOR 6-mth 3.52% KLIBOR 12-mth 3.62% 5-yr MGS 3.59% 10-yr MGS 3.97% Active Stock Close Change+/- (+/- %) APFT Perisai Petroleum Sanichi Technology Airasia X Hibiscus Petroleum Daily Participation Participation (%) Bought (RMm) Sold (RMm) Net (RMm) Local Inst Local Retail Foreign Total , , Top Gainers Close Change+/- (+/- %) Hong Leong Financial Far East Petronas Gas Thong Guan Industries Carlsberg Brewery Top Losers Close Change+/- (+/- %) Nestle United Plantations British American Tobacco Heineken Amway

3 LOCAL CORPORATE NEWS Malakoff s Q3 earnings down 67% to RM51.5m Malakoff s net profit for the 3Q16 fell by 67% to RM51.5m, compared to the similar quarter in the preceding financial year. The company s financial results for the latest completed quarter indicated that the significant slide in net profit was contributed by Malakoff Corp s finance costs which ballooned by 247% to RM274.5m and income tax expense which surged by a whopping 384% to RM85m. Apart from that, additional depreciation due to the change in estimate of residual values of gas-fired power plants, lower contribution from Port Dickson Power, forex translation loss and higher maintenance costs also led to the fall in net profit of Malakoff Corp. (Source: StarBiz) QL Resources 2Q net profit down 8.4% on lower margins QL Resources net profit fell 8.4% to RM50.52m or 4.05 sen a share in the 2Q17 from RM55.16m or 4.42 sen a share a year ago, due to lower overall margins of fisheries products and lower contribution from palm oil activities. Revenue, however, rose 5.7% to RM729.7m in 2Q17 from RM690.41m in 2Q16, due to higher export contribution of fishmeal, surimi and surimi-based products. For the cumulative 1H17, its net profit slipped 3.6% to RM92.65m from RM96.09m a year ago, also due to the same reasons. Revenue grew 4% to RM1.4bn from RM1.35bn. (Source: The Edge) WCT 3Q net profit plunges 72.1% on absence of forex gain WCT's net profit plunged 72.1% to RM23.97m or 1.92 sen a share for the 3Q16 from RM85.91mn or 7.43 sen a share a year ago mainly due to high unrealised foreign exchange gain in 3QFY15. Revenue, however, rose 11.5% to RM414.41m in 3QFY16 from RM371.8m in 3QFY15 mainly due to higher contribution from the local construction segment. For the cumulative 9MFY16, net profit dropped 56.8% to RM64.87m from RM150.18m on a year ago despite revenue increasing 29.2% to RM1.48bn in 9MFY16 from RM1.15bn in 9MFY15 for the same reasons. (Source: StarBiz) AMMB s Q2 net profit at RM352.6m AMMB posted a net profit of RM352.62m in the 2Q16 compared with RM382.5m in the same period a year ago, mainly due to lower net interest income. Its pre-tax profit for the quarter fell to RM472.15m against RM500.97m a year ago. The reduction in profit before taxation for current quarter ended 30 September 2016 was mainly due to lower net interest income and net income from insurance business by RM19m and RM58m respectively. (Source: StarBiz) Bintulu Port pre-tax profit rises to RM48.93m Bintulu Port pre-tax profit rose to RM48.93m in the 3Q16 from RM41.19m a year earlier. Revenue was slightly higher at RM138.43m in the period from RM130.79m previously. For the 9m, pre-tax profit increased to RM140.26m from RM118.16m, while revenue was up to RM417.5m from RM396.32m a year eralier. The better 9-month results showed an encouraging growth with positive contributions from palm oil, alumina, container and ferro-alloy cargo. (Source: Bernama) Pharmaniaga s earnings hit by lower demand from govt hospitals Lower demand from government hospitals reduced the 3Q earnings of the country s largest listed pharmaceutical firm, Pharmaniaga, by 35% yoy. The company, whose concession business with the Health Ministry accounted for over half of its revenue last year, said revenue in Q3 ended Sept 30 fell to RM515.22m from RM524.41m a year earlier due to the drop in the concession business, which in turn pulled down its earnings to RM13.06m. Pharmaniaga holds the exclusive concession to distribute medical products to government-owned hospitals and clinics for 10 years expiring on Nov 30, (Source: StarBiz) Fajarbaru s associate firm eyes land in Melbourne CBD Fajarbaru associate company in Australia, 320 Queen Street Project (320-Q), has proposed to acquire a parcel of 676 sq m freehold land in the central business district (CBD) of Melbourne for A$25.6m (RM84.13m) in cash. The land, whose vendor is The Celtic Club Inc, came with a planning permit for the construction of a 48-level residential tower from Oct 29, 2017, to Oct 29, This includes two basement carpark levels, two recreational levels and service levels. (Source: StarBiz) MKH, PR1MA in RM464mil mixed development job MKH and PR1MA will jointly undertake a mixed-development project with a gross development value of RM464m on 8.22 acres in Kajang, Selangor. MKH s unit, Metro KL, which will have a 70% share of profit and cost, is expected to make an initial capital and investment outlay of RM38m, to be incurred for start-up costs and preliminary works. (Source: StarBiz) 3

4 LOCAL AND GLOBAL ECONOMIC NEWS UK Brexit minister starts tour to lay ground for 'constructive' EU talks The first meeting of several that Britain hopes will lay the ground for a constructive dialogue. David Davis would hold meetings in Brussels and Strasbourg this week with leading figures not to "seek to open negotiations" but to prepare the way for a smooth and orderly exit from the bloc. (Source: Reuters) Euro zone nations turn to hedge funds to meet borrowing needs Euro zone governments are increasingly relying on hedge funds to help them meet their borrowing needs, which risks leaving them vulnerable to a debt market sell-off driven by a class of investors dubbed fast money for their speculative approach. With banks playing a less active part in the sovereign debt market because of pressures on their balance sheets, several countries have turned to hedge funds to sell their targeted amount of bonds. Hedge funds tend to look for quick returns on investments, which could increase the volatility of government bond markets as they face several tests of sentiment in coming months. (Source: Reuters) China's spending on R&D rises to 2.07% of GDP China's spending on R&D increased to 2.07% of GDP last year, up by 0.05% points, as policy to promote more innovation led companies to up their investment in research. China spent a total of 1.42trn on R&D in 2015, up 8.9% over the previous year. Of that, companies spent 1.09trn yuan, showed the report, up by 8.2% year on year. China this year revised up the size of its economy by adding R&D spending into its calculations for gross domestic product. (Source: Reuters) Japan Oct exports fall more than expected as strong yen drags Japan's exports fell in October for a 13th consecutive month and by more than expected as the strength of the yen and sluggish foreign demand weighed on trade, although current yen weakness could change the outlook. The exports fell 10.3% in the year to October, pulled down by a strong rise in the value of the yen and lower export volumes, much weaker than the expected 8.6% drop and September's 6.9% decline. The trade results came on the heels of recent data showing Japan's economy expanded for a third quarter in July-September as exports recovered and imports fell. (Source: Reuters) Thai Q3 GDP momentum cools, but exports show signs of recovery Thailand s economy grew less than expected in the third quarter on slower consumption and government spending but early signs of an export recovery may help put growth on a firmer footing next year. The central bank is expected to keep monetary policy accommodative through 2017 as South-East Asia s second-largest economy confronts outflow pressures from higher US interest rates, global trade policies and China s slowdown. (Source: Reuters) Oil prices climb on expectation of OPEC-led output cut Oil rose by more than 1% on Monday as producer cartel OPEC moved closer to an output cut to rein in oversupply that has put pressure on prices for over 2 years. International Brent crude oil futures were trading at per barrel at 0633 GMT, up 62 cents, or 1.3%, from their last settlement. US WTI crude was up 1.2%, or 56 cents, at US$46.25 a barrel. Markets were being supported by advancing plans by the OPEC to cut production following over 2 years of low prices as a result of output exceeding demand. Crude oil will continue to be driven by headlines as the 30 November meeting regarding production cuts draws closer. (Source: Reuters) 4

5 ECONOMIC CALENDAR Date Time Country Event Survey Actual Prior Revised 11/22/ :00 BZ Trade Balance Weekly 20-Nov -- $433m $1121m -- 11/22/ :39 CR Trade Balance Oct -- -$461.2m -$446.0m -$457.1m 11/22/ :30 AU ANZ Roy Morgan Weekly CCI 20-Nov /22/ :30 TA Unemployment Rate Oct 3.92% % -- 11/22/ :30 NO Consumer Confidence 4Q /22/ :30 JN Nationwide Dept Sales YoY Oct % -- 11/22/ :30 JN Tokyo Dept Store Sales YoY Oct % -- 11/22/ :00 SZ Trade Balance Oct 3.88b b -- 11/22/ :00 SZ Exports Real MoM Oct % -- 11/22/ :00 SZ Imports Real MoM Oct % -- 11/22/ :00 FI Unemployment Rate Oct % -- 11/22/ :00 SA Leading Indicator Sep /22/ :00 TU Consumer Confidence Index Nov /22/ :00 MA Foreign Reserves 15-Nov $97.8b -- 11/22/ :00 DE Consumer Confidence Indicator Nov /22/ :00 DE Retail Sales MoM Oct 0.40% % -- 11/22/ :00 DE Retail Sales YoY Oct % -- 11/22/ :00 HU Average Gross Wages YoY Sep 6.30% % -- 11/22/ :30 HK CPI Composite YoY Oct 2.00% % -- 11/22/ :00 IC Wage Index MoM Oct % -- 11/22/ :00 IC Wage Index YoY Oct % -- 11/22/ :30 UK Public Finances (PSNCR) Oct b -- 11/22/ :30 UK Central Government NCR Oct b -- 11/22/ :30 UK Public Sector Net Borrowing Oct 6.0b b -- 11/22/ :30 UK PSNB ex Banking Groups Oct 6.0b b -- 11/22/ :30 SA South Africa Unemployment 3Q 26.60% % -- 11/22/ :00 IR PPI MoM Oct % -- 11/22/ :00 IR PPI YoY Oct % -- 11/22/ :00 LV PPI MoM Oct % -- 11/22/ :00 LV PPI YoY Oct % -- 11/22/ :00 UK CBI Trends Total Orders Nov /22/ :00 UK CBI Trends Selling Prices Nov /22/ :30 BZ Current Account Balance Oct -$3100m -- -$465m -- 11/22/ :30 BZ Foreign Direct Investment Oct $6500m -- $5233m -- 11/22/ :00 HU Central Bank Rate Decision 22-Nov 0.90% % -- 11/22/ :30 SO Current Account Balance Sep m -- 11/22/ :30 CA Retail Sales MoM Sep 0.60% % -- 11/22/ :30 CA Retail Sales Ex Auto MoM Sep 0.50% % -- 11/22/ :00 US Richmond Fed Manufact. Index Nov /22/ :00 EC Consumer Confidence Nov A /22/ :00 US Existing Home Sales Oct 5.44m m -- 11/22/ :00 US Existing Home Sales MoM Oct -0.60% % -- 11/22/2016 UA Industrial Production MoM Oct 3.50% % -- 11/22/2016 UA Industrial Production YoY Oct 1.90% % -- 11/22/2016 MO CPI MoM Oct % -- 11/22/2016 MO CPI YoY Oct % -- 11/22/2016 NG Central Bank Interest Rate 22-Nov 14.00% % -- 11/22/2016 NZ Net Migration SA Oct /22/ /26 BZ Tax Collections Oct m m -- 11/22/ /26 BZ Formal Job Creation Total Oct /18/ /25 NG M2 Money Supply YoY Oct % 18.20% 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Zelan % Consumer/Retail Aeon Co (M) % Ajinomoto n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % MWE Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a % Muda Hold % NTPM Hold n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 % 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 % 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 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % 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 n.a. n.a. n.a. n.a. n.a. n.a. n.a % Eden Inc % Fima Corp n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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 % Lion Forest n.a. n.a. n.a. n.a. n.a. n.a. n.a % 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