Today s Highlights. Outside Malaysia. Company Update Parkson (HOLD, maintain) - A disappointing close

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1 Jan-14 May-14 Sep-14 Jan-15 May August 2015 Today s Highlights Company Update Parkson (HOLD, maintain) - A disappointing close Results Note Axiata (HOLD, maintain) - Early signs of a turnaround Results Note YTL Corporation (HOLD, maintain) - A tepid quarter Results Note YTL Power (HOLD, maintain) - Delivers on dividends Results Note Dialog (HOLD, maintain) - A solid set of results Results Note Kossan (BUY, maintain) - 2Q15 results a sign of more to come Results Note Air Asia (BUY, maintain) - Benefiting from cheaper fuel cost Results Note UOA Development (BUY, upgrade) - Property sales more than doubled qoq Other Results Notes INARI, WCT, UCHI & GABUNGAN AQRS Economy ASEAN Outlook Weekly Wrap - BI to focus on rupiah stabilisation after CNY devaluation Outside Malaysia S&P 500 drops below trading range as global selloff intensifies Index of US leading economic indicators unexpectedly declines Existing US home sales rise to highest since February 2007 Firings remain subdued even as US jobless claims increase Greece gives order to pay US$3.6bn in ECB-held bonds due Thursday Xi said to put population over growth in China s economic plan Brazil in no rush to cut highest rate in nine years, Volpon says Oil heads for longest weekly losing streak since 1986 amid glut Other Markets Key Indicators COMMODITIES CURRENCIES Latest chg (%) Latest Ytd chg (%) CPO (RM/Tonne) RM/US$ 4.13 (15.3) Spot (Sep) 1,936.0 (1.8) RM per 100 Yen 3.34 (12.6) 3-mth futures (Dec) 2,038.0 (1.6) RM/S$ 2.94 (9.8) Yen/US$ (3.0) Crude oil (US$/brl) Eur/US$ Spot RM/AUD 3.01 (4.7) 1-mth futures MALAYSIA INTEREST RATES Latest Ytd chg (bps) Gold (US$/oz) OPR (%) Spot mth Klibor (%) 3.69 (17.0) 1-mth futures Maybank BR (%) *as at 31 Dec 2014 B ursa M alaysia KLCI 52-wk range M kt Cap (RM bn) 1, Vol (m shrs) 1, Value (RM m) 1, KLCI futures (spot) 1, KLCI futures (1-mth) 1, KLC I Ind ex ( 12 - mt h) T o p 5 Gainers Price ( R M ) chg ( R M ) % chg PHARM A LAYHONG YSPSAH SUIWAH BKAWAN T o p 5 Lo sers Price ( R M ) chg ( R M ) % chg PETDAG (0.22) (1.10) PANAM Y (0.26) (1.18) HUATLAI 2.99 (0.26) (8.00) CARLSBG (0.26) (2.13) CHINTEK 8.50 (0.25) (2.86) T o p 5 V alue T rad ed Price ( R M ) chg ( R M ) V al ( R M m) PBBANK (0.06) M AYBANK TM 6.23 (0.06) AIRPORT 4.66 (0.04) CIM B 5.00 unch Key Equit y Indices C lo se % chg Y t d chg ( %) KLCI (0.3) (10.4) Dow Jones (2.1) (4.7) Nasdaq (2.8) 3.0 FTSE (0.6) (3.0) East. Europe (1.9) 6.9 M exico (1.0) (0.3) Shenzen B (3.0) 52.3 Shanghai B (3.4) 13.3 Hong Kong (1.8) (3.6) Korea (1.3) (0.1) Singapore (1.0) (10.6) Indonesia (0.9) (15.0) Philippines (0.9) 0.7 Thailand (0.5) (8.4) Vietnam (1.9) 3.9 India (1.2) 0.4 Taiwan (13.7) Page 1 of 7

2 Outside Malaysia S&P 500 drops below trading range as global selloff intensifies The S&P 500 Index tumbled the most since February 2014, sending it below a trading range that has supported it for most of the year amid intensifying concern that global growth is slowing. The S&P Index fell 2.1% to 2, The Dow lost points (2.1%) to 16, Index of US leading economic indicators unexpectedly declines The index of US leading economic indicators unexpectedly declined in July, depressed by a slump in building permits that mainly reflected a proposed change in a New York tax credit. The Conference Board s gauge, a measure of the outlook for the next three to six months, decreased 0.2% mom after rising 0.6% in June, the group said. The median forecast surveyed by Bloomberg called for a 0.2% advance. Existing US home sales rise to highest since February 2007 Purchases of previously owned US homes unexpectedly rose in July to the highest level since February 2007, consistent with further strength in the housing market. Contract closings increased 2% to a 5.59m annualized rate from the prior month s revised 5.48m pace, figures from the National Association of Realtors showed. The median forecast in a Bloomberg survey called for a drop to 5.43m. Firings remain subdued even as US jobless claims increase The number of Americans filing for unemployment benefits last week remained historically low. Jobless claims increased by 4,000 to 277,000 in the week ended Aug. 15, a Labor Department report showed. The median forecast of 48 economists surveyed by Bloomberg projected 271,000. Greece gives order to pay US$3.6bn in ECB-held bonds due Thursday Greece gave the order for the repayment of about 3.2bn (US$3.6bn) of bonds held by the European Central Bank. Greece will have about 1bn of the first transfer ( 13bn) available to shore up public finances after the rest is set aside for debt servicing and repayment of a bridge loan granted in July, the Finance Ministry said in a statement. Xi said to put population over growth in China s economic plan Facing a demographic time bomb that threatens China s economic rise, President Xi Jinping is considering shifting his priority to population growth. Xi s economic planners may for the first time emphasize population policies over GDP in the country s next development blueprint. The focus sets the stage for a host of rule changes regarding health, pensions, social welfare and possibly lifting the caps on children some families can have. Brazil in no rush to cut highest rate in nine years, Volpon says Brazil s central bank signaled current inflation levels will prevent policy makers from reducing borrowing costs even as the economy heads to its longest recession since Policy makers will have to keep the benchmark Selic at its current level for a sufficiently long period of time to fulfill their pledge of bringing inflation back to the 4.5% target by the end of next year, central bank director Volpon said. Oil heads for longest weekly losing streak since 1986 amid glut Oil headed for the longest run of weekly declines since 1986 amid signs the global glut that drove prices to a six-year low will be prolonged. Brent for October settlement lost US$0.54 (1.2%) to US$46.62 a barrel. Source: Bloomberg (Nur Shazeya; ; shazeya.razzaad@affinhwang.com) Page 2 of 7

3 Market Summary Table 1: Off Market transactions Shares Price (RM) Vol (m) Val (RMm) Type* RSAWIT D SKPRES D APPASIA D BJCORP D PESONA D APPASIA- WA D MFLOUR D PESONA- WC D SGB D PLENITU D ACOSTEC D * D-Direct M-Married OM-Odd Married OD-Odd Direct Source: Bloomberg Table 2: Shares Buyback/ Resale Company* Date Units Treasury Transaction KULIM 20-Aug 1,743,400 - Shares Buy Back HAPSENG 20-Aug 780,000 92,695,400 Shares Buy Back SUNWAY 20-Aug 598,100 12,072,300 Shares Buy Back SEM 20-Aug 592,700 3,392,700 Shares Buy Back IOICORP 20-Aug 180, ,385,300 Shares Buy Back * Only FBM100 Component Stocks Source : Bursa Malaysia Table 3: ESOS Company* Date Units Transaction * Only FBM100 Component Stocks Source : Bursa Malaysia Table 4: Entitlements Company Entitlement Ex-Date Lodgement Payment Source : Bursa Malaysia Page 3 of 7

4 Fig 5: Shareholding changes Substantial Shareholder Date Transaction Units Company EPF 17-Aug-15 Acquired 107,500 AFG EPF 17-Aug-15 Acquired 500,000 AIRPORT EPF 17-Aug-15 Disposed 500,000 AIRPORT EPF 17-Aug-15 Acquired 1,000,000 AMBANK EPF 17-Aug-15 Acquired 5,000,000 ARMADA ABEERDEEN ASSET MANAGEMENT PLC 14 to 17-Aug-15 Acquired 76,900 BAT EPF 17-Aug-15 Disposed 450,000 BJAUTO EPF 17-Aug-15 Acquired 800,000 BURSA EPF 14 to 17-Aug-15 Acquired 3,000,000 CIMB EPF 17-Aug-15 Disposed 238,000 CIMB EPF 17-Aug-15 Acquired 2,000,000 CMMT EPF 17-Aug-15 Acquired 846,900 CMSB EPF 17-Aug-15 Acquired 3,000,000 DIALOG EPF 17-Aug-15 Disposed 162,000 DIALOG EPF 17-Aug-15 Acquired 5,285,500 DIGI EPF 17-Aug-15 Acquired 2,000,000 ECOWLD EPF 17-Aug-15 Disposed 632,000 ECOWLD EPF 17-Aug-15 Disposed 257,200 GAMUDA EPF 14 to 17-Aug-15 Acquired 2,426,300 HLBANK EPF 17-Aug-15 Acquired 7,300 HSPLANT EPF 17-Aug-15 Acquired 1,794,800 IHH EPF 17-Aug-15 Acquired 149,500 IJM EPF 17-Aug-15 Acquired 4,800,000 IOICORP EPF 17-Aug-15 Disposed 3,387,000 IOICORP EPF 17-Aug-15 Acquired 950,900 IOIPG Amanah Raya Trustees 17-Aug-15 Acquired 600,000 KLCC EPF 17-Aug-15 Acquired 41,200 KLK Amanah Raya Trustees 17-Aug-15 Acquired 150,600 LAFMSIA EPF 17-Aug-15 Acquired 689,200 MAXIS Amanah Raya Trustees 17-Aug-15 Acquired 385,300 MAXIS Kumpulan Wang Persaraan 11-Aug-15 Acquired 1,000,000 MYEG EPF 17-Aug-15 Acquired 66,200 PBB EPF 17-Aug-15 Acquired 5,000,000 PBBANK EPF 17-Aug-15 Disposed 300,000 PBBANK EPF 17-Aug-15 Acquired 108,600 PETDAG EPF 17-Aug-15 Disposed 184,600 PETGAS EPF 17-Aug-15 Acquired 2,572,400 SIME EPF 17-Aug-15 Acquired 6,000,000 SKPETRO EPF 17-Aug-15 Disposed 12,626,100 SKPETRO EPF 17-Aug-15 Acquired 290,300 SPSETIA EPF 17-Aug-15 Acquired 1,000,000 SUNREIT SUNWAY REIT HOLDING 17 to 18-Aug-15 Acquired 2,000,000 SUNREIT Amanah Raya Trustees 17-Aug-15 Acquired 600,000 SUNREIT EPF 17-Aug-15 Disposed 860,900 SUNREIT Amanah Raya Trustees 17-Aug-15 Acquired 1,269,300 TENAGA EPF 14 to 17-Aug-15 Acquired 8,984,000 TENAGA Amanah Raya Trustees 17-Aug-15 Acquired 2,399,000 TM EPF 17-Aug-15 Acquired 1,933,200 TM EPF 17-Aug-15 Acquired 300,000 YTL Source: Bursa Malaysia Page 4 of 7

5 Fig 6: Dividend Entitlement Stocks Particulars DPS (sen) Announce Ex-Date Lodge Payment BOILERM Final div of 1.75 sen Jul Aug Aug Sep-15 SUNREIT Income Distribution of 2.05sen Aug Aug Aug Sep-15 PANTECH Final Div of 0.5 sen Jul Aug Aug Sep-15 PANTECH 1.0 Treasury share for every 100 existing ordinary Share Div 8-Jul Aug Aug Sep-15 PMETAL 2nd Interim Div of 1.5 sen Aug Aug Aug Sep-15 AMBANK Final Div of 0.15 sen Jul Aug Aug Sep-15 LCTH Interim Div of 0.5 sen Aug Aug Aug Sep-15 MAXIS Tax exempt single tier int dividend of 5.0 sen Jul Aug Aug Sep-15 NESTLE Interim Div of RM0.65 sen Aug Aug Aug Sep-15 OPCOM Single Interim Div of 1.50 sen Aug Aug Aug Sep-15 SCGM Single div of 4 sen Jul Aug Aug Sep-15 GASMSIA 1st Interim Div of 3.50sen Aug Aug-15 1-Sep Sep-15 HOMERIZ Tax exempt single tier dividend of 1.5 sen Jul Aug-15 1-Sep Sep-15 DOMINAN Final Div of 1 sen Jul Aug-15 2-Sep Sep-15 IGB Interim Div of 5 sen Aug Aug-15 2-Sep Sep-15 OFI Single div of RM Jul Aug-15 2-Sep Sep-15 QL Final Div of 4.25 sen Jul Aug-15 2-Sep Sep-15 SDRED 1st and Final Div of 3 sen Jul Aug-15 2-Sep Sep-15 CENTURY Single Interim Cash Div of 2.0 sen Aug-15 1-Sep-15 3-Sep Sep-15 FAVCO 1st and Final Div of 12.0 sen May-15 1-Sep-15 3-Sep Sep-15 GUH Interim Div of 5.00 sen Aug-15 1-Sep-15 3-Sep Sep-15 HEKTAR 2nd Interim Div of 2.6 sen Aug-15 1-Sep-15 3-Sep Sep-15 MUHIBAH 1st and Final Div of 4.0 sen May-15 1-Sep-15 3-Sep Sep-15 P&O 6th Interim Div of RM Aug-15 1-Sep-15 3-Sep Sep-15 PHARMA 2nd Interim Div Single Tier 7 sen Aug-15 1-Sep-15 3-Sep Sep-15 PMBTECH 2nd Interim Div of 1.0 sen Aug-15 1-Sep-15 3-Sep Sep-15 TAMBUN Final Div of 6.7 sen Jun-15 1-Sep-15 3-Sep Sep-15 AMWAY 2nd Interim Div of 10.0 sen Aug-15 2-Sep-15 4-Sep Sep-15 JOBST 2nd Interim Div of sen Aug-15 2-Sep-15 4-Sep Sep-15 MAHSING 1st and Final Div of 6.5 sen May-15 2-Sep-15 4-Sep Sep-15 PADINI 1st Interim Div of 2.5 sen Aug-15 2-Sep-15 4-Sep Sep-15 SYSTECH Single and Final Div of 0.6sen Jul-15 2-Sep-15 4-Sep Sep-15 TOMYPAK Tax exempt interim dividend of 2.5 sen Aug-15 2-Sep-15 4-Sep Sep-15 DAIBOCI Single Div of 4.00 sen Aug-15 3-Sep-15 7-Sep Sep-15 IBHD Final Div of 1.51 sen Aug-15 3-Sep-15 7-Sep Sep-15 MERCURY 1st Interim Div of 6 sen Aug-15 3-Sep-15 7-Sep Sep-15 PANAMY Special Div of 92 sen Jun-15 3-Sep-15 7-Sep Sep-15 PANAMY Final Div of 35 sen Jun-15 3-Sep-15 7-Sep Sep-15 PRESBHD Interim Div of 1.0 sen Aug-15 3-Sep-15 7-Sep-15 1-Oct-15 BPLANT 2nd Interim Div of 5.00 sen Aug-15 4-Sep-15 8-Sep Sep-15 YNHPROP 1.0 Treasury share for every 100 existing ordinary Share Div 30-Jun-15 4-Sep-15 8-Sep Sep-15 AMPROP Final Div of 3 sen Aug-15 7-Sep-15 9-Sep Sep-15 ELKDESA Final Dividend of 7.5 sen Jun-15 7-Sep-15 9-Sep Sep-15 MAGNUM 2nd Interim Div of 5 sen Aug-15 7-Sep-15 9-Sep Sep-15 PANSAR 1st and Final Div of 2.25 sen Jun-15 7-Sep-15 9-Sep-15 8-Oct-15 DELEUM 1st Interim Div of 2.0 sen Aug-15 8-Sep Sep Sep-15 SEACERA Final div of 3.0 sen May-15 8-Sep Sep Sep-15 INARI 4th Interim Div of 2.3 sen Aug-15 9-Sep Sep-15 8-Oct-15 MEDIA 1st Interim Div of 3.0sen Aug-15 9-Sep Sep Sep-15 SAB Single Div of 5 sen Aug-15 9-Sep Sep-15 3-Oct-15 UNISEM Int Div of 3 sen Jul-15 9-Sep Sep Sep-15 BPPLAS Single Div of 3 sen Aug Sep Sep Sep-15 DRBHCOM Single Final Div of 4.5 sen Aug Sep Sep-15 9-Oct-15 LTKM Single Div of 2.5 sen Aug Sep Sep-15 6-Oct-15 LUXCHEM Single Int Div of 2 sen Jul Sep Sep Sep-15 Source: Bursa Malaysia Page 5 of 7

6 Fig 6: Dividend Entitlement (Cont d) Stocks Particulars DPS (sen) Announce Ex-Date Lodge Payment SHL Final Div of 8.0sen Jul Sep Sep Sep-15 WCT Single Interim Cash Div of 1.0 sen Aug Sep Sep-15 9-Oct-15 WCT 1.0 Treasury share for every 100 existing ordinary Share Div 20-Aug Sep Sep-15 9-Oct-15 AHEALTH Interim Div of 5.00 sen Aug Sep Sep Sep-15 JASKITA 1st and Final Div of 0.3 sen Aug Sep Sep-15 8-Oct-15 POS 1st and Final Div of 13.1 sen Aug Sep Sep-15 7-Oct-15 ASIABRN Tax exempt single tier int dividend of 0.5 sen Jul Sep Sep Oct-15 MATRIX 2nd Interim Div of 3.50 sen Aug Sep Sep-15 9-Oct-15 RCECAP Special Div of 10.5 sen Aug Sep Sep-15 8-Oct-15 RCECAP Final Div of 1.5 sen Aug Sep Sep-15 8-Oct-15 SLP 1st Int Div of 1.5sen Aug Sep Sep-15 8-Oct-15 STAR 1st Interim Div of 9.0sen Aug Sep Sep Oct-15 L&G Single Final Div of 2.0 sen Aug Sep Sep Oct-15 SYMLIFE 1st and Final Div of 5.0sen Aug Sep Sep-15 9-Oct-15 TIENWAH Interim Div of 4.00 sen Aug Sep-15 1-Oct Oct-15 ASIAPLY Final Div of 0.5 sen Aug Sep-15 2-Oct Oct-15 HUAYANG Single tier div of 8 sen Jul Sep-15 2-Oct Oct-15 DOLMITE-PA Preference Share Div of 3.5sen Aug-15 2-Oct-15 6-Oct-15 4-Nov-15 PANTECH 1st & Single Div of 0.5sen Jul-15 5-Oct-15 7-Oct Oct-15 YTL Interim Div of 9.5 sen Aug-15 5-Oct-15 7-Oct Oct-15 YTLE Interim Div of 4 sen Aug-15 5-Oct-15 7-Oct Oct-15 YTLPOWR Interim Div of 10 sen Aug-15 5-Oct-15 7-Oct Oct-15 CSCENIC 1st Interim Div of 4 sen Aug Oct-15 2-Nov Nov-15 OKA 1st and Final Div of 3.0 sen Jul-15 4-Nov-15 6-Nov Nov-15 WEIDA 1st and Final Div of 3.0 sen Jul-15 5-Nov-15 9-Nov Nov-15 Source: Bursa Malaysia 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 as a recommendation 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) (formerly known as HwangDBS Investment Bank Berhad) ( the Company ) based on sources believed to be reliable. However, such sources have not been independently verified 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 the information and/or opinion provided or rendered in this report. 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 business units within the Company, including investment banking 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 of investment research reports. Under no circumstances shall the 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 losses, loss of profit and damages) arising from the use of or 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 without prior notice. Under no circumstances shall this report be 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 mentioned therein. The Company may also make investment decisions or 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 status, risk and return preferences and hence an independent evaluation is essential. Investors are advised to independently evaluate particular investments and strategies and to seek independent financial, legal and other advice on the information and/or opinion contained in this report before investing or 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 for any damages of any kind relating to such data. 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) (formerly known as HwangDBS Investment Bank Berhad) A Participating Organisation of Bursa Malaysia Securities Bhd Chulan Tower Branch, 3rd Floor, Chulan Tower, No 3, Jalan Conlay, Kuala Lumpur. research@affinhwang.com Tel : Fax : Page 7 of 7