Today s Highlights. Outside Malaysia. Initiate Coverage LPI Capital (BUY, TP: RM21.40) - Deserving a premium valuation

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1 May-16 Sep-16 Jan-17 May May 2017 Today s Highlights Initiate Coverage LPI Capital (BUY, TP: RM21.40) - Deserving a premium valuation Results Note Carlsberg (HOLD, maintain) - On solid footing Results Note Petra Energy (BUY, maintain) - A permanent relief Bursa Malaysia KLCI 52-wk range Mkt Cap (RMbn) 1, Vol (m shrs) 3, Value (RMm) 2, KLCI futures (spot) 1, KLCI futures (1-mth) 1, KLCI Index (12-mth) Economy CPI - Headline inflation improves to 4.4% yoy in April Outside Malaysia US stocks tumble as FBI memo calls Trump agenda into question Coeure says ECB unfazed by rise in long-term yields in euro area Brexit talks can't be secret, EU says in transparency push Merkel says UK will pay price if EU immigration is curbed RBI targets rupee forwards as cash hinders spot intervention Russian recovery sputters as economy continues slog after crisis Brazil central bank undecided on easing pace, Goldfajn says Oil climbs as US supply decline signals OPEC's making progress Other Markets Key Indicators COMMODITIES CURRENCIES Latest chg (%) Latest Ytd chg (%) CPO (RM/Tonne) RM/US$ Spot 2, RM per 100 Yen 3.89 (1.5) 3-mth futures 2, RM/S$ Yen/US$ Brent Crude Oil (US$/brl) Eur/US$ 0.90 (5.7) Spot RM/AUD mth futures MALAYSIA INTEREST RATES Latest Ytd chg (bps) Gold (US$/oz) OPR (%) 3.00 (25.0) Spot mth Klibor (%) 3.43 (41.0) 1-mth futures Maybank BR (%) *as at 1 July 2016 Top 5 Gainers Price (RM) chg (RM) % chg AEONCR ALLIANZ CHINTEK DRBHCOM HARTA Top 5 Losers Price (RM) chg (RM) % chg PETGAS DLADY MPI LAFMSIA HENGYUAN Top 5 Value Traded Price (RM) chg (RM) Val (RMm) TENAGA unch SIME MAYBANK IWCITY PWORTH Key Equity Indices Close % chg Ytd chg (%) KLCI 1, Dow Jones 20, Nasdaq 6, FTSE100 7, East. Europe 3, Mexico 48, Shenzen B 1, Shanghai B 3, Hong Kong 25, Korea 2, Singapore 3, Indonesia 5, Philippines 7, Thailand 1, Vietnam India 30, Taiwan 10, Page 1 of 7

2 Outside Malaysia US stocks tumble as FBI memo calls Trump agenda into question US stocks fell as investors assessed the fallout from a report alleging President Donald Trump asked then-fbi Director James Comey to drop an investigation into a former top official. The S&P 500 Index fell 1.8% to 2, The Dow declined points (1.8%) to 20, Coeure says ECB unfazed by rise in long-term yields in euro area An increase in long-term bond yields hasn t affected the European Central Bank s policy stance and euro-area financial conditions remain highly supportive for the economic recovery, Executive Board member Benoit Coeure said. The rise in yields appears to reflect market participants pricing out the risk of deflation, which was certainly good news, he said. Brexit talks can't be secret, EU says in transparency push The European Union (EU) is refusing to allow the upcoming Brexit talks to take place in secret, in a rebuff to UK appeals to keep positions confidential. We re prepared to have great transparency on all the negotiating documents that are to be made public, the EU s chief Brexit negotiator, Michel Barnier said. Merkel says UK will pay price if EU immigration is curbed German Chancellor Angela Merkel said the UK will pay a price if it curbs immigration from the European Union after Brexit, highlighting her uncompromising stance on the fundamentals of future relations. This isn t meant maliciously, but you can t have all of the good things and then say there s a limit of 100,000 or 200,000 EU citizens allowed to enter the UK, Merkel said. RBI targets rupee forwards as cash hinders spot intervention India s central bank is increasingly turning to the forwards market for currency intervention, as a banking system already flooded with cash limits its ability to act in the spot market. The Reserve Bank of India bought US$8bn of foreign currency in the forwards market in March, latest official data released this month showed, as the rupee capped its best first-quarter performance in four decades. Russian recovery sputters as economy continues slog after crisis Russia s economy remained near stagnation for a second quarter after exiting its longest recession this century. Gross domestic product rose 0.5% yoy in 1Q17 after an increase of 0.3% in 4Q16, the Federal Statistics Service said, citing preliminary data. The median of 16 estimates in a Bloomberg survey was for a gain of 0.4%. Brazil central bank undecided on easing pace, Goldfajn says Brazil s central bank chief Ilan Goldfajn said the institution s monetary policy committee has not yet decided on changes to the pace of easing interest rates. "We continue to evaluate the appropriate degree of frontloading, considering between keeping the current pace of easing or a moderate intensification of the pace," Goldfajn said. Oil climbs as US supply decline signals OPEC's making progress Crude markets are getting some encouragement from the US as supplies fell for a sixth week, a sign that OPEC-led production curbs are starting to be felt in the world s biggest oil-consuming nation. Brent for July settlement rose US$0.56 (1.1%) to US$52.21 a barrel. Source: Bloomberg (Maisarah Razali; ; maisarah.razali@affinhwang.com) Page 2 of 7

3 Market Summary Table 1: Off Market transactions Shares Price (RM) Vol (m) Val (RMm) Type NETX D HUBLINE D SGB D SAMCHEM D PTRANS D KLCC D ECONBHD D VERSATL D STERPRO D Source: Bloomb erg Table 2: Shares Buyback/ Resale Company* Date Units Treasury Transaction *Only FBM100 Component Stocks Table 3: ESOS Company* Date Units Transaction *Only FBM100 Component Stocks Table 4: Entitlements Company Entitlement Ex-Date Lodgement Payment Table 5: Bursa Malaysia Trade Statistics Participant (%) Bought (RMm) Sold (RMm) Net (RMm) Local Institution Local Retail Foreign Total Page 3 of 7

4 Fig 6: Shareholdings change Substantial shareholder Date Transaction Units Company ABERDEEN ASSET MANAGEMENT 15-May-17 Disposed 1,402,500 AEON EPF 12-May-17 Disposed 930,300 AIRPORT AMANAHRAYA TRUSTEES 15-May-17 Disposed 600,000 AIRPORT EPF 11-May-17 Disposed 206,500 AMBANK EPF 12-May-17 Disposed 310,000 ASTRO EPF 12-May-17 Acquired 9,600 BURSA EPF 2-4 May 2017 Acquired 2,126,445 CIMB AMANAHRAYA TRUSTEES 15-May-17 Acquired 2,500,000 CMMT EPF 12-May-17 Disposed 21,100 CMMT KWAP 15-May-17 Disposed 446,500 DIALOG EPF 12-May-17 Disposed 1,977,300 DIALOG EPF 12-May-17 Acquired 153,100 DIGI AMANAHRAYA TRUSTEES 15-May-17 Disposed 1,600,000 F&N EPF 12-May-17 Disposed 1,000,000 GAMUDA LTH 15-May-17 Acquired 182,400 GASMSIA EPF 12-May-17 Acquired 232,400 GENP EPF 12-May-17 Disposed 68,800 HLBANK KWAP 15-May-17 Acquired 17,700 IGBREIT EPF 12-May-17 Acquired 2,000,000 IGBREIT EPF 12-May-17 Acquired 1,020,900 IHH EPF 12-May-17 Disposed 550,300 INARI KWAP 15-May-17 Acquired 1,363,500 INARI EPF 12-May-17 Acquired 708,000 IOI EPF 12-May-17 Acquired 101,300 KLK KWAP 15-May-17 Disposed 2,000,000 MAHSING EPF 12-May-17 Acquired 919,000 MAXIS EPF 12-May-17 Disposed 464,500 MAYBANK AMANAHRAYA TRUSTEES 15-May-17 Disposed 707,000 MAYBANK AMANAHRAYA TRUSTEES 15-May-17 Disposed 765,000 MMCCOR EPF 12-May-17 Disposed 500,000 PAVREIT EPF 12-May-17 Acquired 706,200 PBBANK EPF Apr 2017 Disposed 2,831,300 PCHEM EPF 12-May-17 Acquired 560,800 PPB EPF 12-May-17 Acquired 6,500,000 SIME EPF 12-May-17 Acquired 676,400 SUNREIT EPF 12-May-17 Disposed 400,000 SUNWAY EPF 12-May-17 Acquired 300,000 TAKAFUL AMANAHRAYA TRUSTEES 15-May-17 Disposed 2,800,000 TENAGA EPF 11-May-17 Acquired 4,128,160 TENAGA AMANAHRAYA TRUSTEES 15-May-17 Disposed 1,500,000 TM EPF 12-May-17 Acquired 2,670,600 TM EPF 12-May-17 Acquired 274,700 TOPGLOV EPF 12-May-17 Acquired 1,500,000 YTL Page 4 of 7

5 Fig 7: Dividend Entitlement Stocks Particulars DPS (sen) Announce Ex-Date Lodge Payment F&N Interim Dividend May May May Jun-17 MISC First Interim Dividend May May May May-17 CYPARK Final Dividend May May May Jun-17 L&G Special Dividend Apr May May May-17 L&G Special Dividend Apr May May-17 7-Jun-17 AIRASIA First and Final Dividend Apr May May Jun-17 INNO First and Final Dividend Apr May May Jun-17 GASMSIA Final Dividend Apr May May Jun-17 HOMERIZ First Interim Dividend Apr May May Jun-17 MBSB Final Dividend May May May Jun-17 CYL Second Interim Dividend Mar May May Jun-17 MSM Final Dividend Apr May May Jun-17 CCMDBIO Final Dividend Feb May May Jun-17 ASIAPLY Final Dividend Apr May May Jun-17 DAIBOCI Interim Dividend May May May Jun-17 PETGAS Interim Dividend May May May Jun-17 KSENG Final Dividend Apr May May Jul-17 SISGAS First and Final Dividend Apr May May Jun-17 CCK First and Final Dividend Apr May May Jun-17 TRC First and Final Dividend Apr May May Jun-17 CVIEW Final Dividend Apr May May Jun-17 FGV Final Dividend Apr May May Jun-17 PARAMON Final Dividend Apr May May Jun-17 APEX Final Dividend Apr May May Jun-17 FAREAST Special Dividend Apr May May Jun-17 FAREAST Final Dividend Apr May May Jun-17 LEESK First and Final Dividend Apr May May Jun-17 PESONA Final Dividend Apr May May Jun-17 PICORP Final Dividend Apr May May Jun-17 SAMCHEM Final Dividend Apr May May Jun-17 DIGI First and Final Dividend Apr May May Jun-17 INCKEN Interim Dividend May May May Jun-17 PHARMA Interim Dividend May May May-17 7-Jun-17 ECS Interim Dividend Feb May-17 1-Jun Jun-17 GENP Final Dividend Mar May-17 1-Jun Jun-17 TECFAST Final Dividend Apr May-17 1-Jun Jun-17 SCOPE First Interim Dividend May May-17 1-Jun Jun-17 AHEALTH Interim Dividend Feb May-17 2-Jun Jun-17 MEDIA Final Dividend Apr May-17 2-Jun Jun-17 RANHILL Final Dividend Apr May-17 2-Jun Jun-17 AMWAY First Interim Dividend May May-17 2-Jun Jun-17 FPGROUP Interim Dividend May May-17 2-Jun Jun-17 GENT Final Dividend Mar-17 1-Jun-17 5-Jun Jun-17 TONGHER Final Dividend Mar-17 1-Jun-17 5-Jun Jun-17 KOSSAN Final Dividend Apr-17 2-Jun-17 6-Jun-17 5-Jul-17 MATRIX Interim Dividend May-17 2-Jun-17 6-Jun Jun-17 PRESTAR Final Dividend Apr-17 5-Jun-17 7-Jun Jun-17 TAHPS First and Final Dividend Apr-17 5-Jun-17 7-Jun Jun-17 EDGENTA Final Dividend Apr-17 6-Jun-17 8-Jun Jun-17 INARI Interim Dividend May-17 6-Jun-17 8-Jun-17 6-Jul-17 TIENWAH Interim Dividend Feb-17 7-Jun-17 9-Jun Jun-17 HSL Final Dividend Apr-17 7-Jun-17 9-Jun Jun-17 SPRITZER First and Final Dividend Apr-17 7-Jun-17 9-Jun Jun-17 LYSAGHT Final Dividend Apr-17 7-Jun-17 9-Jun Jun-17 HARTA Interim Dividend May-17 7-Jun-17 9-Jun Jun-17 DIALOG Interim Dividend May-17 9-Jun Jun Jun-17 RGB Final Dividend Apr Jun Jun Jun-17 MSC Final Dividend Apr Jun Jun Jul-17 KSSC First and Final Dividend Apr Jun Jun Jun-17 JOHOTIN Final Dividend Apr Jun Jun Jun-17 AEON Final Dividend Apr Jun Jun Jul-17 NHFATT Final Dividend Apr Jun Jun-17 7-Jul-17 GMUTUAL Final Dividend Mar Jun Jun Jul-17 Page 5 of 7

6 KIANJOO First and Final Dividend Mar Jun Jun Jun-17 GTRONIC Final Dividend Apr Jun Jun-17 4-Jul-17 GTRONIC Special Dividend Apr Jun Jun-17 4-Jul-17 MMCCORP Final Dividend Apr Jun Jun-17 5-Jul-17 LBS Special Dividend Jul Jun Jun Jun-17 PRTASCO Ordinary Dividend Apr Jun Jun-17 6-Jul-17 BLDPLNT First and Final Dividend Apr Jun Jun Jul-17 MFCB Final Dividend Apr Jun Jun-17 7-Jul-17 CRESBLD First and Final Dividend Apr Jun Jun Jul-17 WTHORSE Final Dividend Apr Jun Jun Jul-17 AEONCR Final Dividend Apr Jun Jun Jul-17 IHH First and Final Dividend Mar Jun Jun Jul-17 DKSH Final Dividend Apr Jun Jun Jul-17 LEONFB Final Dividend Apr Jun Jun Jul-17 UCHITEC Final Dividend Apr Jun Jun Jul-17 TA Final Dividend Apr Jun Jun Jul-17 TAGB Final Dividend Apr Jun Jun Jul-17 PRG Final Dividend Apr Jun Jun Jul-17 UCHITEC Final Dividend Apr Jun Jun Jul-17 ADVPKG Final Dividend Apr Jun Jun Jul-17 HARISON Final Dividend Apr Jun Jun Jul-17 MANULFE First and Final Dividend Apr Jun Jun Jul-17 MASTEEL Final Dividend Apr Jun Jun Jul-17 ORIENT Final Dividend Apr Jun Jun Jul-17 WANGZNG Final Dividend Apr Jun Jun Jul-17 SOP First and Final Dividend Apr Jun Jun Jul-17 ESAFE Interim Dividend May Jun Jun Jul-17 POHUAT First Interim Dividend Mar Jun-17 4-Jul Jul-17 ASTRO Final Dividend May Jun-17 4-Jul Jul-17 KIMHIN Final Dividend Apr-17 3-Jul-17 5-Jul Jul-17 KGB Final Dividend Apr-17 4-Jul-17 6-Jul-17 2-Aug-17 MBG First and Final Dividend May-17 5-Jul-17 7-Jul Jul-17 CANONE First and Final Dividend Apr-17 7-Jul Jul Jul-17 LBS Interim Dividend Apr-17 7-Jul Jul Jul-17 LIIHEN Final Dividend Apr-17 7-Jul Jul Jul-17 KEN First and Final Dividend Apr Jul Jul Jul-17 KEN First and Final Dividend Apr Jul Jul Jul-17 FARLIM First and Final Dividend Apr Jul Jul Jul-17 MITRA First and Final Dividend Apr Jul Jul Aug-17 EWEIN First and Final Dividend May Jul Jul Aug-17 KPS Final Dividend Mar Jul Jul Aug-17 TGUAN Final Dividend Apr Jul Jul Aug-17 HIL First and Final Dividend Apr Jul Jul Aug-17 ENGKAH Final Dividend Apr Jul Jul Aug-17 DKLS First and Final Dividend Apr Jul Jul Aug-17 EVERGRN Final Dividend Apr Jul-17 2-Aug Aug-17 SAPIND Final Dividend May-17 4-Aug-17 8-Aug Aug-17 KMLOONG Final Dividend Mar-17 9-Aug Aug Aug-17 CRESNDO Final Dividend Mar-17 9-Aug Aug Aug-17 LBS Final Dividend Apr Aug Aug Aug-17 IKHMAS Final Dividend Apr Aug Aug Sep-17 MAHSING First and Final Dividend Apr Aug-17 4-Sep Sep-17 FAVCO First and Final Dividend Apr-17 5-Sep-17 7-Sep Sep-17 MUHIBAH First and Final Dividend Apr-17 5-Sep-17 7-Sep Sep-17 Page 6 of 7

7 Equity Rating Structure and Definitions BUY Total return is expected to exceed +10% over a 12-month period HOLD Total return is expected to be between -5% and +10% over a 12-month period SELL Total return is expected to be below -5% over a 12-month period NOT RATED Affin Hwang Investment Bank Berhad does not provide research coverage or rating for this company. Report is intended as information only and not mendation The total expected return is defined as the percentage upside/downside to our target price plus the net dividend yield over the next 12 months. OVERWEIGHT Industry, as defined by the analyst s coverage universe, is expected to outperform the KLCI benchmark over the next 12 months NEUTRAL Industry, as defined by the analyst s coverage universe, is expected to perform inline with the KLCI benchmark over the next 12 months UNDERWEIGHT Industry, as defined by the analyst s coverage universe is expected to under-perform the KLCI benchmark over the next 12 months This report is intended for information purposes only and has been prepared by Affin Hwang Investment Bank Berhad (14389-U) ( the Company ) based on sources believed to be relia by the Company, and as such the Company does not give any guarantee, representation or warranty (express or implied) as to the adequacy, accuracy, reliability or completeness of th Facts, information, views and/or opinion presented in this report have not been reviewed by, may not reflect information known to, and may present a differing view expressed by other personnel. Reports issued by the Company, are prepared in accordance with the Company s policies for managing conflicts of interest arising as a result of publication and distribution o Company, its associates and/or any person related to it be liable in any manner whatsoever for any consequences (including but are not limited to any direct, indirect or consequential lo reliance on the information and/or opinion provided or rendered in this report. Any opinions or estimates in this report are that of the Company, as of this date and subject to change with construed as an offer to sell or a solicitation of an offer to buy any securities. The Company and/or any of its directors and/or employees may have an interest in the securities mentione take proprietary positions that are inconsistent with the recommendations or views in this report. Comments and recommendations stated here rely on the individual opinions of the ones providing these comments and recommendations. These opinions may not fit to your financial s evaluation is essential. Investors are advised to independently evaluate particular investments and strategies and to seek independent financial, legal and other advice on the informatio participating in any of the securities or investment strategies or transactions discussed in this report. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability fo The Company s research, or any portion thereof may not be reprinted, sold or redistributed without the consent of the Company. The Company, is a participant of the Capital Market Development Fund-Bursa Research Scheme, and will receive compensation for the participation. This report is printed and published by: Affin Hwang Investment Bank Berhad (14389-U) A Participating Organisation of Bursa Malaysia Securities Berhad 22nd Floor, Menara Boustead, 69, Jalan Raja Chulan, Kuala Lumpur, Malaysia. T : F : research@affinhwang.com Page 7 of 7