REGIONAL DAILY

December 26, 2012

IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.

MALAYSIA

Malaysia Daybreak | 20 February 2013

▌What’s on the Table…

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Malayan Banking Bhd - On a fast track in Indonesia

The 81% jump in earnings from Bank Internasional Indonesia (BII), Maybank’s unit in Indonesia, is a shot in the arm for Maybank’s FY12 results, which may be released in the next few days. BII’s spectacular showing in FY12 reaffirms the key investment theme of swift growth in Indonesia for Maybank. Other catalysts include the benefits from the implementation of the ETP and regional expansion of its investment banking business. Maintain Outperform on Maybank, with an unchanged DDM-based target price (11.8% cost of equity; 5% LT growth).

AMMB Holdings - Bottlenecks for topline growth

AMMB’s 9MFY3/13 net profit was below our expectations (71% of our full-year forecast) but in line with consensus (74%). The discrepancy mainly came from the lower-than-expected topline with flattish net and non-interest income. Though we factor in a contribution from MBf Cards, it is more than offset by the cut in lending yield (10bp) and non-interest income (1%), leading to a 4% drop in earnings forecasts and target price (10% discount to DDM value with COE of 12% and 5% LT growth). Despite its below-sector valuations, AMMB remains a Neutral due to concerns over topline growth.

Dialog Group - Building a new record on Pengerang

Dialog's record 1H net profit made up 36% of our full-year forecast and 39% of consensus. As its performance typically improves as the year progresses, we deem it broadly in line. Pengerang was the star performer but there is more to come. Our target price drops as we update our SOP calculation. We continue to value the businesses at 18.6x P/E, a 40% premium over our CY14 target market P/E of 13.3x. Attractive prospects for Pengerang as well as mature and marginal fields are the potential re-rating catalysts that support our Outperform call.

Alliance Financial Group - Banking on write-backs again

DRB-Hicom - Reinforcing its defence unit

Gas Malaysia Berhad - A piping hot year

JobStreet Corp - Beating the street

Kuala Lumpur Kepong - More Aussie farms

▌News of the Day…

——————————————————————————————————————————————————————————————————————

• Both governments agree to build the “KL-Singapore” High Speed Rail link

• Authorities proposed to impose anti-dumping duties on steel wire rods

• Bintulu Port awarded RM427m contract to build the Samalaju Port (Bintulu)

• Tune Ins carry out the greenshoe option of 31.5m shares due to excess demand

• The US NAHB housing market index moved down one point to 46 in Feb (47 in Jan)

• Several cities in China has tightened controls on housing loans?

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Charts | Statistics

FBMKLCI Index

1,500

1,550

1,600

1,650

1,700

Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13

———————————————————————————

FBMKLCI

1615.07 -5.86pts -0.36%FEB Futures MAR Futures

1607.5 - (-0.50%) 1604 - (0.99% )———————————————————————————

Gainers Losers Unchanged214 432 280

———————————————————————————

Turnover884.42m shares / RM1169.99m

3m avg volume traded 1273.01m shares

3m avg value traded RM1590.37m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,615 3,296 4,602 1,532 23,144 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,615.07 (0.4) (4.4)

FBM100 10,822.04 (0.4) (4.2)

FBMSC 11,388.45 (0.9) (0.8)

FBMMES 4,008.04 (0.8) (4.9)

Dow Jones 14,035.67 0.4 7.1

NASDAQ 3,213.60 0.7 6.4

FSSTI 3,295.77 0.2 4.1

FTSE-100 6,379.07 1.0 8.2

Hang Seng 23,143.91 (1.0) 2.1

JCI 4,602.06 (0.2) 6.6

KOSPI 1,985.83 0.2 (0.6)

Nikkei 225 11,372.34 (0.3) 9.4

PCOMP 6,620.72 0.8 13.9

SET 1,532.07 0.6 10.1

Shanghai 2,382.91 (1.6) 5.0

Taiwan 7,960.88 0.2 3.4————————————————————————————————

Close % chg Vol. (m)

COMPUGATES 0.090 (5.3) 103.2PATIMAS 0.085 6.3 97.8

MEDIA SHOPPE 0.090 5.9 69.9

CHINA AUTOMOBILE 0.420 (2.3) 30.5

GLOBALTEC 0.070 7.7 16.5

TEBRAU TEGUH 0.920 (0.5) 15.8

YTL CORP 1.580 1.3 14.8

BENALEC 1.210 6.1 11.5————————————————————————————————

Close % chg

US$/Euro 1.3385 (0.0)RM/US$ (Spot) 3.0995 (0.05)

RM/US$ (12-mth NDF) 3.1616 (0.09)

OPR (% ) 2.97 (0.34)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,605 (0.02)

WTI crude oil US spot (US$/barrel) 96.66 0.83

CPO spot price (RM/tonne) 2,430 0.54

Economic Statistics

Market Indices

Top Actives

————————————————————————————————————————

Terence Wong CFA T (60) 3 20849689 E terence.wong@cimb.com

Daybreak Malaysia

February 20, 2013

2

Global Economic News…

The US NAHB housing market index moved down one point to 46 in Feb from when it remained unchanged at 47 in Jan. This came short of expectations for a reading of 48. (Bloomberg)

Eurozone construction output fell 1.7% mom in Dec, a steeper decline than Nov’s 0.4% drop. (Dow Jones)

Several Chinese cities have tightened controls on housing loans, in a move that could herald broader policy tightening in response to a resurgent property market. Cities in the wealthy provinces of Zhejiang, Jiangsu and Guangdong have in recent days increased minimum borrowing requirements, or capped the size of loans available to home purchasers tapping their local housing provident funds. (FT)

Japan’s leading index rose to 93.4 in Dec from a downwardly revised 92 in Nov, matching the preliminary estimate. (RTTNews)

Indonesia’s Investment Coordinating Board (BKPM) is planning to revise by 3Q13 the list of business sectors that are wholly or partially closed to investment, known as the negative investment list (DNI), in an attempt to lure more investors into the country. Among the sectors that are classified in the DNI as wholly closed to investment are industries such as narcotics, alcohol production and certain chemicals, as well as the establishment of specific transportation facilities and casinos. (Jakarta Post)

Transfers of residential rights in Bangkok and nearby Thai provinces in 2012 were up 3% year-on-year, the Government Housing Bank (GHB) reported. GHB said the total value of the transferred assets was up 12% from 2011 to stand at THB357bn. (Bangkok Post)

The balance of payments surplus for the Philippines widened in Jan to US$2.034bn from US$0.64bn in Dec. (Bloomberg)

Philippine power consumers should brace for higher electricity rates, starting Mar, as the Energy Regulatory Commission has allowed the state-run Power Sector Assets and Liabilities Management Corp. (PSALM) to collect PP53.58bn worth of so-called stranded contract costs. This is equivalent to an increase of 19.38 centavos per kWh. (Philippine Daily Inquirer)

Auto sales in Vietnam rose 74.6% yoy in Jan, reversing a 21.1% drop in Dec. (Bloomberg)

Malaysian Economic News…

The Prime Ministers of Malaysia and Singapore have agreed to build a High Speed Rail link between Kuala Lumpur and Singapore, which is expected to be completed by 2020. With the new transport system, it is expected to take only 90 minutes to travel from Singapore to Kuala Lumpur and vice-versa.

The leaders tasked a Joint Ministerial Committee to look into the details and design of the High Speed Rail Link.

Daybreak Malaysia

February 20, 2013

3

New Customs, Immigration and quarantine facilities at Puteri Harbour in Malaysia’s Iskandar economic zone will likely be set up this year. (Bernama, Malaysian Insider)

The International Trade and Industry Ministry is confident the services sector will contribute 70% to the GDP by 2015, on par with other developed countries such as the US and Japan. Deputy Minister Datuk Mukhriz Mahathir said the 10th Malaysia Plan (2011-2015) anticipates that the average real annual growth rate of the sector should accelerate to 7.2% during 2010-2015, and recognises that higher investments are needed in the services sector. In Jan-Jun 2012, services sector investment accounted for 67.5% (RM59bn) of total investments of RM87.3bn while manufacturing sector accounted for 29.5% (RM25.8bn), he said. (Bernama)

Seventeen projects are already in hand involving multinational companies (MNCs), which will invest in Greater Kuala Lumpur (GKL), which has been described as one of the best investment destinations in Asia. InvestKL CEO Zainal Amanshah said the 17 projects were mainly in the services sector. He said InvestKL's target was to bring in 100 large MNCs to GKL by 2020 and "so far we are still on target". (Bernama)

The Prime Ministers of Malaysia and Singapore yesterday unveiled the design of a landmark project called Marina One, an integrated development in the heart of Singapore's new central business district. Marina One is developed by M+S Pte Ltd, a 60:40 JV between Khazanah Holdings Bhd and Temasek Holdings.

Marina One is the second collaborative project between Khazanah and Temasek after the DUO Ophir-Rochor integrated development launched in Nov 2012.

Both projects, expected to be completed in 2017, have a combined GDV of S$11bn (RM27.5bn). (Financial Daily)

Malaysia's exports of halal products this year are expected to increase by 6% (-5% in 2012) following the economic recovery in China and growing demand from Indonesia, Halal Development Corp Bhd CEO Datuk Seri Jamil Bidin said yesterday. In 2011, Malaysia earned RM35.4bn from halal exports, while between Jan and Sep last year, they totalled RM25.1bn, he said. (Financial Daily)

About 80% of the 1.4m government servants are eligible for full-pay leave to pursue technical and vocational courses for specified periods, said Public Service Department deputy director-general Datuk Farida Ali. They will be allowed paid leave of up to a year for a certificate programme and 18 months for a diploma course without losing their seniority, annual increment and promotion considerations.

However, these must be technical and vocational courses under the SkillsMalaysia INVITE announced under the ETP.

To be eligible for the courses, they must be below 50 years old and have scored at least 85% in their annual appraisal for three consecutive years, she said. (The Star)

Daybreak Malaysia

February 20, 2013

4

Civil servants who have hit their salary ceiling, can look forward to a maximum increment of 5% this year. Chief Secretary to the Government Datuk Seri Dr Ali Hamsa said the cabinet, the Finance Ministry and Treasury would iron out the details of the salary increment plan in a month's time. The move was to motivate the estimated 3o,000 civil servants who had been stagnant ion their career paths, he said. (NST)

A special team from the Women, Family and Community Development Ministry will go down to the ground to identify the needy and young people who are eligible for the 1Malaysia People's Welfare Programme (KAR1SMA). The ministry's secretary-general Datuk Seri Dr Noorul Ainur Mohd Nur said the team would also identify those in the target groups who had yet to be included in the Social Safety Net. (Bernama)

Tourism Malaysia has requested for an allocation of more than RM450m to carry out promotions in line with its goal to attract 28m visitors for Visit Malaysia Year 2014 (TMM 2014), said its director-general, Datuk Mirza Mohammad Taiyab. "So far we have spent RM420m-450m each year on promotions and as a result, income from the tourism sector increased to RM60.6bn in 2012 compared to RM58.3bn in 2011," he said. (Bernama)

Malaysia Debt Ventures Bhd (MDV) is collaborating with Malaysian Biotechnology Corp for the Malaysian 2nd Generation Industrial Biotechnology Feedstock Initiative (MY2GEN). Under the initiative, MDV as a premier technology financier will provide financing assistance by offering loans/Islamic financing to palm oil millers who meet the MY2GEN requirements.

The company has allocated RM200m for the MY2GEN programme, which is expected to provide for the financing needs of 20 palm oil millers to erect and commission 200,000 metric tonnes of second-generation cellulosic sugar conversion facilities on their premises, said MD/CEO Datuk Md Zubir Ansori Yahya.

Since its inception in 2002, MDV has approved loans amounting to RM6.3bn to some 500 companies, with 74% channelled to small and medium enterprises. (Bernama)

Political News…

Parliament has to be dissolved this week if the general election is to be held in Mar. Sources said it was now likely that the 13th GE will be held in Apr instead, even though Datuk Seri Najib Tun Razak was very keen to have everything "done and dusted" by the end of Mar.

Three important things are still ongoing and would need a week or two to complete before Najib can even see the Yang di-Pertuan Agong for his consent to dissolve Parliament, said a party official. He identified the three incomplete matters as the BN manifesto, candidates' list and general preparation of the coalition.

It is learnt that there would be several BN manifestos for this election: the main one for the whole country, one for women and the other for the young. Several crucial states, especially the ones BN is trying to recapture, would also have their own proposal which have yet to get approval from Najib.

As for the candidates' list, Najib's headache seem to be the choice of the proposed mentris besar for Kedah and Selangor - two states that BN is keenest to recapture.

Daybreak Malaysia

February 20, 2013

5

The BN headquarters has only just started issuing banners, bunting, computers and other infrastructure support this week and this is supposed to go on for at least two weeks for the items to get to the grassroots level. (Star)

The Selangor Government agrees that the state elections be held together with parliamentary elections and leaves it to the Election Commission to fix the date. Mentri Besar Tan Sri Abdul Khalid Ibrahim said there was consensus on the matter among all state assembly members from the opposition pact. Prior to this, Khalid had said that the date for the dissolution of the Selangor State Assembly would be announced after Chap Goh Meh following a meeting with opposition state assemblymen. (Star)

As Malaysia and Singapore unveiled an impressive array of major joint venture projects at the back of the 4th Malaysia-Singapore Leaders' Retreat, the significance of the landmark investments from the island republic into the country has not been lost. Yesterday, PM Datuk Seri Najib Razak and his Singapore counterpart, Lee Hsien Loong, announced a "huge game changer" project, which will link Kuala Lumpur to the republic by 2020. This will enable travel time between the two cities reduced to a mere 90 minutes and change the way both capitals conduct their business. (NST)

The majority of Indian voters who shunned BN in the last GE have returned to support the ruling coalition, DPM Tan Sri Muhyiddin Yassin said. This was based on surveys and census conducted by BN throughout the country. (NST)

A large majority of voters have made up their minds on how they will vote in the coming General Election, two dipstick online polls showed. The online poll, conducted on www.fz.com and www.theedgemalaysia.com, also indicated that those who have made up their minds are unlikely to be persuaded to change their position.

On www.fz.com 83% of those who participated said they have made up their minds and will not be persuaded to change. On www.theedgemalaysia.com the figure was 89%. The rest said they know who they want to vote for, but can still be persuaded to change their vote or that they have not decided.

As of 10am Tuesday Feb 19, just over 1,000 responses were received on both websites. Please go to www.fz.com or www.theedgemalaysia.com if you want to participate. (theedgemalaysia)

Corporate News…

DRB-Hicom Bhd is buying the Minister of Finance Inc's entire 96.87% stake in Composites Technology Research Malaysia Sdn Bhd for RM298.3m. It said on Tuesday its unit Deftech had accepted the ministry's offer to but the entire 466.77m shares cash consideration. DRB-Hicom said CTRM is develops and produces aircraft composites parts while its subsidiaries design, develop and manufacture composite parts for aerospace and non-aerospace applications. It added these included applications for the defence and automotive industries. (StarBiz)

Please refer to our note for comments.

Daybreak Malaysia

February 20, 2013

6

The Government has proposed to impose anti-dumping duties on steel wire rods from selected companies in China, Taiwan, South Korea and Indonesia, following the completion of a detailed investigation into the import of the commodity. This measure will be effective for five years from Feb 20, 2013. The import duty ranges between 3.03% to 25.20%. It will be imposed on imports of steel wire rods from China Steel Group, Feng Hsin Iron and Steel Co Ltd and other Taiwanese producers.

China-based companies would be slapped with an anti-dumping duty of 25.20% except Jiangsu Shagang International Trade Co Ltd and Jiangsu Yonggang Group Co Ltd.

Imports of steel wire rods from companies in Indonesia would also be subject to an anti-dumping duty except for those sourced from PT Ispat Indo.

Imports South Korean companies would also be subject to an anti-dumping duty of 25.20% except for those sourced from Posco, which would be imposed with an anti-dumping duty of 3.03%. (Star)

This measure is expected as the provisional anti-dumping duties for steel wire rods which began on in Oct 12 expires on 19 Feb 13 (see our Building Materials sector update dated 17 Feb 13). It remains to be seen if this longer term initiative will be effective to curtail the dumping activities especially from China, which has caused prices of steel wire rods locally to fall 20-23% below steel bars as at end 2012. Industry players foresee the dumping incidence to persist in the medium as China steel millers, in particular, are facing an oversupply situation and are taking advantage of export rebates.

The Thai government will not renew its rubber-buying scheme that is due to expire at the end of March as prices have rebounded to acceptable levels, the Deputy Agriculture Minister said on Tuesday. The benchmark Tokyo rubber contract, which has gained about 50% over the last six months, dropped to an almost three-week low after the news.

"We don’t need it any more as prices have risen to appropriate levels that farmers are satisfied with," the Deputy Minister, Yuthapong Charassathien, told Reuters.

The benchmark Thai smoked rubber sheet (RSS3), which fell to US$2.80 per kg in mid-2012 and prompted the government’s intervention, was trading at US$3.30 per kg yesterday.

"I think the timing of this halt to intervention is quite good as we are entering the dry season, when supply is falling," said Chaiyos Sincharoenkul, president of the Thai Rubber Association, adding prices could have surged if the government continued buying when supply became tight. Another trader also agreed that the halt had been timed well and said: "We can now be certain that the government won’t be draining more rubber into the stocks and we should have ample supply to trade during the dry season." (Reuters)

Lend Lease Group, Australia’s biggest developer, plans to expand in Malaysia to make up for a slowdown in residential sales and mining-related infrastructure projects back home. The company is in discussions to invest in about three development projects in Malaysia and expects to complete the first agreement by 30 Jun, CEO Steve McCann said.

Lend Lease wants to lower its dependency on the home market to about 60% of earnings in five years from 73% as of 31 Dec, McCann said. Malaysia’s growth exceeded 5% in each of the five quarters through September, outpacing Australia’s average 3.4% expansion in the same

Daybreak Malaysia

February 20, 2013

7

period. Lend Lease’s Asian Retail Investment Fund in May opened Setia City Mall in partnership with Malaysian developer SP Setia.

The Sydney-based company’s future developments in Malaysia will be mixed-use projects dominated by retail space, McCann said. Two of its planned projects in the country will be in Kuala Lumpur and one elsewhere, he said. (BT)

Global rapeseed production may be larger than estimated a month ago on improving prospects for India and Australia, Oil World said. Palm oil output may also be bigger than previously projected. The world’s rapeseed harvest will be 61.3m tons in the 2012-13 season, 0.5m tons more than forecast a month ago and 0.9m tons higher than a year earlier, when the global harvest fell to a three-year low.

Palm oil production in the 2012-13 marketing year that began Oct. 1 may be 55.3m tons, 0.3m tons higher than previously forecast and 3.4m tons more than a year earlier, Oil World said. (Bloomberg)

Indonesia may keep the duty on shipments of the crude palm oil variety unchanged at 9% in March, double the rate in Malaysia. The March rate will probably be kept unchanged as the reference price is still about $849 a metric ton, Steaven Halim, an official at the Indonesian Palm Oil Association, said in an e-mailed statement. The base price for calculating the levy exporters must pay may climb to US$777 a ton from US$744, he said. (Bloomberg)

CapitaLand Ltd will lead a joint venture to develop a township in Malaysia's Iskandar region that will be worth around S$3.2bn (US$2.58bn. The development at Danga Bay will comprise high rise and landed homes together with a central waterfront hub with a marina, shopping mall, restaurants, serviced residences, offices and recreational facilities.

CapitaLand Malaysia will hold 51% of the JV, with Iskandar Waterfront Sdn Bhd and Singapore state investor Temasek holding 40% and 9%, respectively. CapitaLand said the project is its "first direct large scale township investment and development in Malaysia". (Reuters)

KNM Group has won a US$100m (RM310m) contract from Russia's TAIF-NK for the supply of sulphur recovery unit (SRU) for its heavy oil residue conversion complex (HRCC project) in the Republic of Tatarstan, Russia. The SRU supply is expected to be completed within 28 months from the execution date.

The HRCC project started in November 2012 with a total cost of US$1.85bn (RM5.74bn). The complex, targeted at modernising all existing oil refineries in Russia, is expected to begin operations by 2016. (BT)

Malaysia Airlines (MAS) has signed a purchase agreement with Avions de Transport Regional GIE (ATR) for up to 36 aircraft worth about US$840m (RM2.61bn). MAS said the 36 aircraft comprised 20 firm ATR 72-600 turbo-prop aircraft plus an option for 16 additional aircraft. The total purchase is valued at over US$840m, including the options.

It said the purchase agreement was a follow up to the MOU announced by the two parties in Dec-2012, with deliveries commencing by mid-2013. With the purchase agreement, MAS brings to 42 the total of firm ATR 72s purchased since 2007. (StarBiz)

Daybreak Malaysia

February 20, 2013

8

Systems engineering and integration group Digistar Corp Bhd has tendered for up to RM200m of information and communications technology jobs. Digistar managing director Datuk Wira Lee Wah Chong said up to 80% of the tender jobs are for the local market and the balance from overseas. It was learnt that Digistar has tendered broadcast systems integration jobs in Indonesia and Brunei.

"We believe this year will be a very busy year for us. We are quite confident of our chances," he told pressmen after the company's extraordinary general meeting held here yesterday. Digistar's order book currently stands between RM30m-RM40m. (BT)

Bintulu Port Holdings Bhd has been awarded a RM427m contract to build the proposed Samalaju Port in Bintulu, Sarawak. It told Bursa Malaysia in a filing yesterday that the contract is awarded by the contractor, Integrated Marine Works Sdn Bhd. It would involve the capital dredging and reclamation package for the project’s Phase 1 works. (BT)

Tune Insurance Holdings Bhd (Tune Ins) will invest RM10m in a new information technology (IT) system for its general insurance arm, Tune Insurance Malaysia Bhd (TIMB). "We plan to replace TIMB's existing core policy administration system and expect to implement a new IT system this year," its chief executive officer Peter Miller told BT. Miller said the integration process of TIMB into the group is largely completed and the focus would now be to put in place the new IT system. (BT)

Tune Ins Holdings Bhd (TIH) and its joint global coordinators have decided to carry out the greenshoe option of 31.533m shares as there was excess demand at the IPO offer price of RM1.35. TIH, to be listed on the Main Market of Bursa Malaysia today, has put in place a greenshoe stabilising mechanism, TIH said in a statement. (Financial Daily)

CIMB Principal Asset Management has targeted its asset under management (AUM) to increase to RM41bn from RM36bn last year. Deputy CEO Munirah Khairuddin said the company's AUM grew by 30% last year and is expected to grow by between 10% and 11% this year. "The still resilient domestic demand was supported by robust private consumption, investment and government spending," she said after the launch of CIMB-Principal Enhanced Opportunity Bond Fund (EOBF). EOBF is a close-ended fund that will invest in both local and foreign bonds, predominantly in Asian bonds that continue to attract foreign interests. (BT)

The listing date of AirAsia X, the long-haul affiliate of Asia's largest low-cost carrier AirAsia, is uncertain now amid rumours that it could be delayed. AirAsia X CEO Azran Osman-Rani is keeping mum on any new timeline for its initial public offering (IPO). (BT)

1Malaysia Development (1MDB) plans to buy the 1,400MW coal-fired Jimah power plant for RM1.7bn, said a source. The Negri Sembilan royal family holds a 70% stake in Jimah Energy Ventures Holdings, which owns the power plant. The purchase would be the third of a power asset by 1MDB in the past year. (Bloomberg)

Daybreak Malaysia

February 20, 2013

9

Chinese automaker Great Wall Motor is close to making a splash in Malaysia with a RM2bn investment to set up a manufacturing facility in Kedah. Great Wall planned to produce energy-efficient vehicles for the Asean market at its Kedah plant, which will have an initial capacity of 80,000 units. It is learnt that Great Wall intends to make Malaysia its manufacturing and supply chain hub for the Asean market. (StarBiz)

Daybreak Malaysia

February 20, 2013

10

BMSB: Changes in shareholdings

SOURCES: BMSB

Daybreak Malaysia

February 20, 2013

11

BMSB: ESOS & others

SOURCES: BMSB

BMSB: Off-market transactions

Notes:CN-Crossing deal on board lots

MN-Married deal on board lots MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Entitlements & trading rights

SOURCES: BMSB, TE: Tax Exempt

Daybreak Malaysia

February 20, 2013

12

BMSB: Dividends

SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

Tune Ins Holdings 1.35 up to 143,374,900 up to 66,850,000 up to 168,878,100 Main Market 20-Feb-13

No of shares

SOURCES: BMSB

Daybreak Malaysia

February 20, 2013

13

Corporate Actions

February 2013

SUN MON TUE WED THU FRI SAT

1 2

Federal Territory Day

3 4 5 6 7 8 9

Hartalega 3Q, F&N 1Q

DiGi 4Q, Public Bank 4Q, Imaspro 2Q

Perisai 4Q IPI, Manufacturing Sales, External Trade, External Reserves

10 11 12 13 14 15 16

Chinese New Year Chinese New Year Replacement Day of Chinese New Year

17 18 19 20 21 22 23

Unisem 4Q, Tasek Corp 4Q, Mudajaya 4Q

Gas Malaysia 4Q, AMMB 3Q, Dialog 2Q, AFG 3Q, JobStreet 4Q

GDP, BOP, CPI, UEM Land 4Q, Supermax 4Q, Media Prima 4Q, MAHB 4Q, KLK 1Q, Lafarge 4Q

IOI 2Q, Daibochi 4Q, Axiata 4Q, Guinness 2Q & briefing, Nestle 4Q, PetGas 4Q, Maybank 4Q

External Reserves, UOA Dev 4Q, Xingquan 2Q, Nestle briefing, MSM 4Q

24 25 26 27 28

E&O 3Q, Tomypak 4Q, WCT 4Q, Kossan 4Q, MISC 4Q

Maxis 4Q, Star 4Q, IJM 3Q, AirAsia 4Q, Maybulk 4Q, RHBCap 4Q, Carlsberg 4Q, UMW 4Q, Felda 4Q, WCT briefing, Puncak 4Q

Mah Sing 4Q, Sime Darby 2Q, Eksons 3Q, TM 4Q, DRB-Hicom 3Q, Tan Chong 4Q, Genting Plant 4Q, CMS 4Q

Money Supply, PPI, Pelikan 4Q, Asia File 3Q, Uchi 4Q, MCIL 3Q, Genting group 4Q, Oriental 4Q, MAS 4Q, Sunway 4Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

February 20, 2013

14

Corporate Actions

March 2013

SUN MON TUE WED THU FRI SAT

1 2

3 4 5 6 7 8 9

Star briefing MPC, External Reserves

10 11 12 13 14 15 16

IPI, Manufacturing Sales, External Trade

17 18 19 20 21 22 23

CPI External Reserves

24 25 26 27 28 29 30

Money Supply, PPI

31

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

February 20, 2013

15

DISCLAIMER

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The views and opinions in this research report are our own as of the date hereof and are subject to change, and this report shall not be considered as an offer to subscribe to, or used in connection with, any offer for subscription or sale or marketing or direct or indirect distribution of financial investment instruments and it is not intended as a solicitation for the purchase of any financial investment instrument.

This publication is strictly confidential and is for private circulation only, and no part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB Korea.

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This publication is strictly confidential and is for private circulation only to clients of CIMBS. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBS.

Corporate Governance Report:

The disclosure of the survey result of the Thai Institute of Directors Association (―IOD‖) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.

The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. CIMBS does not confirm nor certify the accuracy of such survey result.

Score Range 90 – 100 80 – 89 70 – 79 Below 70 or No Survey Result

Description Excellent Very Good Good N/A

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United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (―CIMB UK‖). CIMB UK is authorised and regulated by the Financial Services Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the ―Order‖); (c) are persons falling within Article 49 (2) (a) to (d) (―high net worth companies, unincorporated associations etc‖) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an

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invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as ―relevant persons‖). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons.

Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Services Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research.

United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc.

Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

Recommendation Framework #1 *

Stock Sector

OUTPERFORM: The stock's total return is expected to exceed a relevant benchmark's total return

by 5% or more over the next 12 months.

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 stock's total return is expected to be within +/-5% of a relevant benchmark's total

return.

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.

UNDERPERFORM: The stock's total return is expected to be below a relevant benchmark's total

return by 5% or more 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.

TRADING BUY: The stock's total return is expected to exceed a relevant benchmark's total return

by 5% or more over the next 3 months.

TRADING BUY: The industry, as defined by the analyst's coverage universe, is expected to

outperform the relevant primary market index over the next 3 months.

TRADING SELL: The stock's total return is expected to be below a relevant benchmark's total

return by 5% or more over the next 3 months.

TRADING SELL: The industry, as defined by the analyst's coverage universe, is expected to

underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Korea Exchange, Taiwan

Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market

volatility or other justifiable company or industry-specific reasons.

CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

Recommendation Framework #2 **

Stock Sector

OUTPERFORM: Expected positive total returns of 10% or more over the next 12 months. OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of +10% or better over the next 12 months.

NEUTRAL: Expected total returns of between -10% and +10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal

number of stocks that are expected to have total returns of +10% (or better) or -10% (or worse), or

(ii) stocks that are predominantly expected to have total returns that will range from +10% to -10%;

both over the next 12 months.

UNDERPERFORM: Expected negative total returns of 10% or more over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of -10% or worse over the next 12 months.

TRADING BUY: Expected positive total returns of 10% or more over the next 3 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of +10% or better over the next 3 months.

TRADING SELL: Expected negative total returns of 10% or more over the next 3 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of -10% or worse over the next 3 months.

** This framework only applies to stocks listed on the Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily

outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2011.

AAV – not available, ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH - Good, BEC - Very Good, BECL - Very Good, BGH - not available, BH - Very Good, BIGC - Very Good, BTS - Very Good, CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not available, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD - Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good, SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very Good, THAI - Very Good, THCOM – Very Good, TICON – Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good, WORK – Good.