REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 26 February 2015

▌What’s on the Table…

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Axiata Group - Recovery to be delayed slightly

Axiata’s 4Q14 core net profit fell 13.7% qoq (-20.8% yoy) on weaker earnings from Celcom, Dialog and Robi. This was in-line with FY14 at 96% of our forecast (consensus: 91%). A final 14.0 sen DPS was declared, bringing full-year DPS to 22.0 sen. This was 4% lower than our estimate, although payout ratio rose to 84% (FY13: 75%). We cut our FY15/16 net profit forecasts by 11.5%/8.4% to factor in some delays to Celcom’s earnings recovery and higher depreciation, and trim our SOP-based target price by 2.7% to RM7.00. Maintain Hold. We still see stronger earnings for Axiata in FY15-16 with rebounds at Celcom and XL; consensus numbers appear to have factored this in. For ASEAN telcos, we prefer Telkom Indonesia, Singtel and Thaicom.

Hovid Bhd - Stronger dose of earnings in 2H

Hovid’s 1HFY6/15 net profit made up 49% of our full-year forecast and 48% of consensus’. This is deemed as above expectations, as sales in the second half of its financial year are seasonally stronger. Moreover, the company should also benefit from the weaker ringgit given that half of its revenue is derived from the export market. Hovid declared a dividend of 0.5 sen per share, which is in line with our forecast. We raise our FY15-17 EPS forecasts by 4-7% to account for the better performance. This lifts our SOP-based target price to RM0.45. Nonetheless, we downgrade Hovid to Hold from Add as its share price upside is limited. We prefer Pharmaniaga for higher upside.

Bonia Corporation - Still the ladies’ favourite

Genting Plantations - 4Q boosted by land sale

GHL Systems Bhd - Exciting times ahead

HeveaBoard Bhd - Strong finish

Hong Leong Bank - Muted topline growth

Kossan Rubber Industries - Higher expenses in 4Q

Malaysian Bulk Carriers - Ceasing coverage

Media Prima Bhd - Back on track

Perisai Petroleum - The search is on

Prestariang - A better year ahead

Sunway Bhd - Yet another blistering year

Ta Ann - Dividend yield remains decent

Tan Chong Motor Holdings - Lagging final torque

Tune Ins Holdings Bhd - Firing on all cylinders in 2015

UOA Development - Not achieving its full potential

WCT Holdings - Weaker by the numbers

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • Tenaga upped its takeover offer for Integrax by 50 sen to RM3.25/share

• Telekom gets LOAT for implementation of both HSBB 2 and SUBB projects

• Muhibbah consortium gets RM116m job to upgrade LNG terminal in Melaka

• A corporate exercise is inevitable for Malaysia Building Society Bhd

• Brahim’s shareholders reject company’s plan to buy Burger King franchise

• Icon Offshore clinched six out of eight packages offered by Petronas Carigali

• GST implementation to help reduce black economy by 20-30%, says minister

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15

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FBMKLCI

1815.86 -2.82pts -0.16%Feb Futures Mar Futures

1810.5 - (-0.17% ) 1808.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged383 423 323

———————————————————————————

Turnover1697.63m shares / RM1905.596m

3m avg volume traded 1775.08m shares

3m avg value traded RM1945.20m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,816 3,441 5,445 1,589 24,778 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,815.86 (0.2) 3.1

FBM100 12,189.98 (0.2) 3.2

FBMSC 16,580.45 0.4 10.3

FBMMES 6,628.35 0.3 17.2

Dow Jones 18,224.57 0.1 2.3

NASDAQ 4,967.14 (0.0) 4.9

FSSTI 3,440.83 0.1 2.2

FTSE-100 6,935.38 (0.2) 5.6

SENSEX 29,007.99 0.0 5.5

Hang Seng 24,778.28 0.1 5.0

JCI 5,445.11 0.5 4.2

KOSPI 1,990.47 0.7 3.9

Nikkei 225 18,585.20 (0.1) 6.5

PCOMP 7,844.06 0.1 8.5

SET 1,589.33 (0.6) 6.1

Shanghai 3,228.84 (0.6) (0.2)

Taiwan 9,699.54 0.7 4.2————————————————————————————————

Close % chg Vol. (m)

ASIA BIOENERGY 0.120 (4.0) 126.1

WINTONI GROUP 0.185 23.3 99.3

DIVERSIFIED GATE 0.135 17.4 58.1

SUMATEC 0.220 4.8 50.6

MPAY 0.235 9.3 45.0

HUBLINE 0.030 0.0 36.7

PERISAI 0.625 1.6 31.6

JADI IMAGING 0.085 (5.6) 24.9————————————————————————————————

Close % chg

US$/Euro 1.1364 0.03

RM/US$ (Spot) 3.6055 (0.04)

RM/US$ (12-mth NDF) 3.7070 (0.62)

OPR (% ) 3.25 0.93

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,204.12 (0.08)

WTI crude oil US spot (US$/barrel) 50.39 3.73

CPO spot price (RM/tonne) 2,252.00 0.54

Market Indices

Top Actives

Economic Statistics

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Terence WONG, CFA T (60) 3 2261 9088 E terence.wong@cimb.com

Show Style "View Doc Map"

Daybreak│Malaysia

February 26, 2015

2

Global Economic News

US Federal Reserve Chairwoman Janet Yellen kept the Fed’s options open on its interest rates tightening policy, urging investors not to assume that the central bank will follow a predictable pattern if it drops its pledge to be “patient” before raising rates.

She said that if the central bank modified its message in its forward guidance, rate moves could follow at any meeting.

However, she also struck a cautious note about the economy’s performance, emphasising that while the labour market had improved, “too many Americans remain unemployed or underemployed, wage growth is still sluggish, and inflation remains well below our longer-run objective.” (Financial Times)

US Federal Reserve Chairwoman Janet Yellen was warned by House Republicans that reforms to make the Federal Reserve more transparent are coming as she defended the central bank’s independence and policy making.

The Fed chair swatted down calls from Republicans for the Fed to be subject to mechanical rate-setting rules, saying she did not want its discretion to be “chained”, as well as rebutting suggestions from some lawmakers that the central bank had become politicised. (Financial Times)

US new home sales decreased 0.2% mom to a seasonally adjusted annual rate of 481,000 in Dec (+8.1% mom to 482,000 in Nov). (WSJ, Bloomberg)

European Central Bank (ECB) President Mario Draghi defended the ECB against criticism that it acted in a heavy-handed way toward Greece during the country's bailout negotiations with creditors, saying the central bank was simply applying its lending rules.

He said it was up to governments to initiate economic overhauls to boost the region's growth prospects. He hit back at "popular mistakes' he said some lawmakers have made in judging the ECB's policies toward Greece.

He added that the central bank was ready to reinstate a waiver on Greek bonds for use as collateral for cheap ECB loans once it was convinced Greece was on track to successfully complete its bailout program. (WSJ)

Bank of Japan (BOJ) Governor Haruhiko Kuroda expressed hope that the government sticks to its pledge of achieving a primary balance surplus in fiscal year 2020. "It's very important for Japan to maintain trust" in the country's fiscal health, he said. (Reuters)

Japanese Economics Minister Akira Amari said that returning to a primary budget surplus in fiscal 2020 will be included in the government's fiscal discipline plan that it will compile in Jun.

He said that a proposal on fiscal discipline by government advisers that did not mention the primary budget surplus target was not an indication that the government is trying to abandon this target. (Reuters)

China’s flash HSBC/Markit manufacturing Purchasing Managers' Index (PMI) inched up to 50.1 in Feb (497 in Jan). (Reuters)

Daybreak│Malaysia

February 26, 2015

3

Hong Kong's gross domestic product (GDP) grew 2.2% yoy in 4Q14 (+2.7% yoy in 3Q14). On a seasonally adjusted basis, GDP expanded 0.4% qoq in 4Q14 (+1.4% qoq in 3Q14). The city's economy grew 2.3% in 2014 (2.9% in 2013). (WSJ, Bloomberg)

Hong Kong’s 2015/16 fiscal year budget forecast for GDP growth is 1-3%; 3.5% for headline inflation; and 3% for underlying inflation.

"The year 2015 will be a challenging year. Amid improvement in the US economy, the US Federal Reserve Board is preparing to raise interest rates, running counter to the further easing measures pursued by the central banks of Europe and Japan. The stance of the new Greek government has added uncertainties to the market," said Financial Secretary John Tsang.

The budget also includes the injection of HK$1.5bn into the SME Export Marketing and Development Funds, helping 320,000 small and medium enterprises in the city. He also says to reduce profit tax for 2014-15 by 75% subject to HK$20,000 ceiling, benefiting 130,000 taxpayers and reducing government revenue by HK$1.9bn. (WSJ, CNBC)

Australian wages excluding bonuses in 4Q14 rose by 0.6% qoq (+0.6% qoq in 3Q14) and 2.5% yoy (+2.6% yoy in 3Q14). (WSJ)

Taiwan’s money supply increased year-on-year last month, but the broad monetary gauge grew faster than the narrow indicator, the central bank said, dismissing concerns over a liquidity slowdown.

The so-called monetary supply “death cross” — where M2 grows faster than M1B and suggests a bear market — manifested last month, as the M1B reading — which includes cash and cash equivalents — increased 5.03% yoy in Jan (+6.9% yoy in Dec). (Taipei Times)

Thailand’s exports dropped 3.46% yoy in Jan (+1.9% yoy in Dec) to US$17.3bn. Imports fell 13.33% yoy in Jan (-8.74% yoy in Dec) to US$17.7bn. The country posted a trade deficit of US$457m in Jan (surplus of US$1,590m in Dec). (Bangkok Post)

Philippines’ local banks passed the regulator’s stress tests assessing the impact of possible losses from their exposure to the real estate sector, said Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr..

“Based on the results, our banks are seen to be able to withstand plausible stresses,” he said, “But they are still above (the minimum requirements). There’s a continuing regulatory discussion and consultation between the BSP and these banks.” (Philippines Star)

The Philippines can withstand external shocks coming from the threat of deflation in other economies, the Bangko Sentral ng Pilipinas (BSP) said.

“In our case, I think the impact of such deflation occurring in advanced economies is not significant,” BSP Governor Amando M. Tetangco Jr. said.

“It’s because we’re not as open as these economies. Our trade to GDP ratio is about 50% and it’s lower than the ratios in our neighbouring countries,” he added. “We (also) have a strong domestic demand… and we have built buffers in case (anything) happens. There is policy space in both the monetary and fiscal sides.” (Philippines Star)

Daybreak│Malaysia

February 26, 2015

4

Malaysian Economic News

The Goods and Services Tax (GST) implementation on 1 Apr will help reduce the black economy rate to 20% from 30% at present, Deputy Finance Minister Datuk Ahmad Maslan said.

He also said the nationwide GST information programme would continue until May or Jun to enlighten the public on the concept as it had been distorted by detractors.

Until 24 Feb, 319,435 companies have registered for the GST which is expected to increase the country's revenue by RM1bn to RM24bn. (Bernama)

Economic ministers from ASEAN member states will gather in Kota Baharu, Kelantan to advance plans to set up the ASEAN Economic Community (AEC) by year-end. The 21st ASEAN Economic Ministers' Retreat from 28 Feb to 1 Mar will be chaired by International Trade and Industry Minister Datuk Seri Mustapa Mohamad.

"The Retreat will ensure all core economic integration measures as stipulated in the AEC Blueprint are realised," the International Trade and Industry Ministry (MITI) said. MITI said the recommendations and concerns over a perceived increase in non-tariff barriers to trade in the region will also be discussed. (Bernama)

The upcoming Malaysian Association of Tour and Travel Agents (Matta) Fair will highlight domestic tourism in heeding the call by the government, Matta Fair organising chairman, S. Jayakumar, said.

The fair to be held at the Putra World Trade Centre (PWTC), from 13 Mar to 15, would feature 1,124 booths. He said out of the total number, 450 booths would focus on domestic travel packages and products.

He noted that the number of domestic tourists increased by 10% in 2013 to 54.4m from 49.4m in 2012, with the receipts in 2013 amounting to RM35.6bn compared to RM31.3bn in 2012. The figures for 2014 will only be available by this Jun. (Bernama)

Only 380 out of 5,000 eligible cooperatives have registered for the Goods and Services Tax (GST), Cooperative Commission of Malaysia (SKM) executive chairman Datuk Nik Ali Mat Yunus said.

He said SKM would intensify efforts to raise awareness to ensure that it would meet its target of getting all eligible cooperatives to register before the GST implementation on 1 Apr. (Bernama)

The maintenance fees for residential stratified properties, namely people housing projects, apartments and condominiums will be exempted from the Goods and Services Tax (GST), Deputy Finance Minister Datuk Ahmad Maslan said.

On restriction on businesses against raising profit margin for 15 months upon the GST implementation, he said manufacturers should reduce the consumption of imported goods in their products. (Bernama)

Daybreak│Malaysia

February 26, 2015

5

Political News

Ruling coalition Barisan Nasional will not contest the Chempaka by-election, Prime Minister Datuk Seri Najib Razak said yesterday at the Umno supreme council meeting in Kuala Lumpur. Najib, who is Umno president and BN chairman, said the coalition would instead focus on flood relief efforts in Kelantan, the state which houses the Chempaka seat. The seat fell vacant after the death of its incumbent Datuk Nik Abdul Aziz Nik Mat of prostate cancer on February 12. (Malaysian Insider)

A gathering led by the #KitaLawan group in support of fallen Opposition Leader Datuk Seri Anwar Ibrahim on Mar 7 will go on with or without police approval. However, #KitaLawan said the group will meet the police to get their approval to ensure the gathering proceeds smoothly. (Sun)

Corporate News

The Cabinet has decided to allow the Immigration Department counters for foreign workers permit to be opened beyond Feb28. Transport Minister Datuk Seri Liow said the decision to keep the counters open has been agreed at the weekly Cabinet meeting yesterday. The counters will remain open until a more comprehensive plan to resolve the issue is achieved, MyEG's foreign workers online renewal services (FWPR), which started Jan 5, has led to diverse opinions, especially on its RM38 service charge for each worker. (The Star)

We are disappointed by this decision but on a more positive note, we believe the take up for MyEG's FWPR services has risen sharply since Jan. In 2014, the take-up rate for this service was only around 15-20% and in the past two months, take up rate has risen close to 70%. This is because today, runners and agents are now no longer allowed to renew foreign workers permits anymore, Either the company's directors or the Human Resources Head are only allowed to renew the foreign workers permit at the counter. Due to the new rules, in time, we believe the take up rate for MyEG's FWPR should continue to rise. We have assumed in our forecast 90% take up rate for MyEG's FWPR services. Sensitivity analysis show every 10% decline in the take up rate should reduce MyEG's net profit by RM10m. At 70% take up rate for MyEG's FWPR, this is expected to reduce MyEG's FY16/17 EPS by 8-11%.

Telekom Malaysia Bhd (TM) has received a letter of award (LoA) from the government for the implementation of both the high-speed broadband phase 2 (HSBB 2) and the sub-urban broadband (SUBB) projects. TM said the collaboration with the government would see it deploy the access and domestic core networks to deliver an end-to-end HSBB infrastructure for both projects. Both HSBB 2 and SUBB, with investments costs of RM1.8bn and RM 1.6bn respectively, are for a period of 10 years, it said. (Financial Daily)

This announcement has been long anticipated by the market. Investment cost for both HSBB 2 and SUBB are in-line with previously mentioned numbers in the local press. From TM's announcement, there were no details on the amount of investment grants from the government. We will seek to get a better picture during TM's 4Q14 conference call this afternoon. In our earnings model, we have currently factored in 50% (RM900m) government grant for HSBB 2, which are booked-in during 2015-17, and no government grants for SUBB.

Tenaga Nasional Bhd (TNB) upped its offer for the acquisition of port operator Integrax Bhd by 50 sen to RM3.25/share, bowing to pressure from Perak Corp Bhd, which had earlier rejected TNB's original offer unless it is raised to RM3.25. The revised offer price represents a P/BV of 1.58x, based on Integrax's net assets/share as at 31 Dec 2013. The revised offer shall remain open for acceptances up to 5pm on 31 March 2015. (Financial Daily)

Daybreak│Malaysia

February 26, 2015

6

Standard & Poor's Ratings Services has affirmed its “BBB+” long-term corporate credit rating on power giant Tenaga Nasional Bhd while the outlook is stable. The international ratings agency said on Wednesday it also affirmed its “axA+” long-term and “axA-1” short-term Asean regional scale ratings on the company. It also affirmed its “BBB+” issue ratings on Tenaga's senior unsecured notes. S&P credit analyst Abhishek Dangra said: “We affirmed the rating because we expect Tenaga to maintain its strong market position and financial strength over the next 12-18 months despite heavy capital expenditure plans.” The ratings agency expects the tariff mechanism in Malaysia to lower the company's exposure to volatile fuel costs. (StarBiz)

Axiata Group Bhd has revised downward its headline key performance indicators (KPIs) for 2015, as the company expects the telecommunications industry to register slower growth in the low- to mid-single digit percentages this year. The group is expecting (1) a revenue growth of 4% for 2015 compared with 10.1% predicted last year, (2) a return on invested capital growth of 8.7% compared with an earlier forecast of 9.3%, and (3) a return on capital employed growth of 7.7%, down from an earlier estimate of 7.8%. However, EBITDA for 2015 is forecast to grow faster at 4% from an earlier estimate of 1.8%. (Financial Daily)

A consortium comprising JGC Corporation, PT. JGC Indonesia, and Muhibbah Engineering has accepted the letter of award from Regas Terminal (Sg. Udang) Sdn. Bhd., a subsidiary company of Petronas Gas, for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) to upgrade the existing LNG Regasification Terminal in Sungai Udang, Melaka. Contract value is RM116m. Duration is 22 months. (BMSB)

AirAsia X Bhd will cut flights on unprofitable routes, reorganise staff and defer some aircraft deliveries to turn around the loss-making, long-haul budget carrier, acting CEO Benyamin Ismail said. "Capacity reduction and cost-cutting would be two strategies this year," he said. Benyamin said the airline may look at deferring some plane deliveries and selling slots to potential buyers. AirAsia X will also assess capacity requirements based on plane orders and deliveries coming up in the next few years. This would include looking again at orders for Airbus group's A350 and A330neo jets. (Reuters, Financial Daily)

A corporate exercise is inevitable for non-bank lender Malaysia Building Society Bhd (MBSB) as it maps out its next five-year growth phase on the back of an increasing competitive landscape. According to president and CEO Datuk Ahmad Zaini Othman, MBSB has to get out of its “no-man’s land” position where there are some drawbacks such as being unable to tap into low-cost deposits. Dispelling the notion that MBSB is a beneficiary of cheap funds from its major shareholder, the Employees Provident Fund (EPF), Zaini said the current status did not allow it to have products such as current account. (StarBiz)

Cahya Mata Sarawak Bhd posted a higher pre-tax profit of RM341.5m for the financial year ended Dec 31, 2014, from RM294.9m recorded a year ago. Revenue rose to RM1.67bn, during the period under review, versus RM1.42bn registered in 2013 due to the company’s prudent business model, professional management and focus on delivering long-term sustainable growth, it said. (BT)

Daybreak│Malaysia

February 26, 2015

7

Brahim’s shareholders have rejected the company’s plan to buy the loss-making fast-food Burger King franchise for RM95m cash. The proposed acquisition was not passed by the shareholders at the EGM by a show of hands. Earlier, Brahim’s told shareholders that it would take about two years to turn around Burger King and it would be beneficial in the long-term. (Star)

Offshore support vessel (OSV) provider Icon Offshore Bhd has clinched six out of the eight packages being offered by Petronas Carigali Sdn Bhd under the latter's umbrella contract for the provision of the spot charter of marine vessels. Icon Offshore Group Sdn Bhd received a letter of award, which includes the provision of marine vessels in the categories of anchor handling tug/supply vessel, straight supply vessel, platform supply vessel, utility vessel, workboat and work barge.

Icon Offshore CEO Jamal Yusof said the umbrella contract had only been awarded to 21 players in the sector, which make up about 20$ of the contractors operating in Malaysia. "This will ensure that for the next three years, including the one-year option period, all spot contracts from Petronas Carigali will only be awarded to these 21 players," Jamal said. (Financial Daily)

The Tok Bali Supply Base in Pasir Puteh, Kelantan, which will begin operations in Apr to support oil & gas activities off the state’s coast, is expected to attract up to RM1bn worth of investments in the next three years. “At present, over 100 companies have expressed interest to invest in Tok Bali. In the next two to three years, we expect RM500m worth of investments, which can go up to RM1bn depending on how fast they build the facilities,” said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

Licences and certification from Petronas and relevant government agencies were obtained last month. Tok Bali will be the third oil & gas supply base in Malaysia aside from the 30-year-old Kemaman and Labuan supply bases. (Star)

Daybreak│Malaysia

February 26, 2015

8

BMSB: Changes in shareholdings

Type of No of Ave Price

25-Feb-15 Date transaction securities Company (RM)

EPF 18/2 Disposed 1,689,900 DIALOG GROUP

EPF 18/2 Disposed 1,512,800 IJM CORPORATION

EPF 18/2 Disposed 1,474,900 DIGI.COM

EPF 18/2 Disposed 1,215,500 PUBLIC BANK

EPF 18/2 Disposed 882,600 TELEKOM MALAYSIA

EPF 17/2-18/2 Disposed 835,400 SIME DARBY

EPF 18/2 Disposed 825,400 MALAYAN BANKING

EPF 18/2 Disposed 339,000 AEON CO. (M)

EPF 18/2 Disposed 290,000 IOI PROPERTIES GROUP

EPF 18/2 Disposed 272,400 IOI CORPORATION

EPF 18/2 Disposed 230,000 SUNWAY BERHAD

EPF 17/2 Disposed 177,700 MISC

EPF 18/2 Disposed 152,000 YTL CORPORATION

EPF 18/2 Disposed 150,000 FELDA GLOBAL VENTURES

EPF 18/2 Disposed 113,200 MAXIS

EPF 18/2 Disposed 107,600 PETRONAS GAS

EPF 18/2 Disposed 32,100 HONG LEONG BANK

EPF 18/2 Disposed 31,300 AFG

EPF 18/2 Disposed 5,000 LAFARGE MALAYSIA

Lembaga Tabung Haji 16/2-24/2 Disposed 5,000,000 GAS MALAYSIA

Lembaga Tabung Haji 16/2-17/2 Disposed 618,600 UNISEM (M)

Utilico Emerging Markets Limited 23/2 Disposed 2,000,000 MY E.G. SERVICES

EPF 18/2 Acquired 2,143,000 SAPURAKENCANA PETROLEUM

EPF 18/2 Acquired 1,000,000 AIRASIA

EPF 18/2 Acquired 282,400 GAMUDA

EPF 9/2-10/2 Acquired 264,500 KOSSAN RUBBER INDUSTRIES

EPF 18/2 Acquired 128,900 CAPITAMALLS MALAYSIA TRUST

EPF 18/2 Acquired 126,900 AMMB HOLDINGS

EPF 18/2 Acquired 46,700 CAHYA MATA SARAWAK

EPF 17/2 Acquired 300 NESTLE (MALAYSIA) 

Kumpulan Wang Persaraan 18/2 Acquired 1,000,000 GAMUDA

Kumpulan Wang Persaraan 18/2 Acquired 500,000 UZMA

Lembaga Tabung Haji 16/2-23/2 Acquired 457,100 BIMB HOLDINGS

Lembaga Tabung Haji 17/2-23/2 Acquired 29,800 TH PLANTATIONS

Podium Success Sdn Bhd 23/2 Acquired 2,700,000 BERJAYA AUTO

WAH SEONG CORPORATION 25/2 Shares Buy Back 20,000 WAH SEONG CORPORATION 1.38

EKSONS CORPORATION 25/2 Shares Buy Back 5,000 EKSONS CORPORATION 1.42 SOURCES: BMSB

BMSB: Off-market transactions

25-Feb-15 Vol

EAH 20,000,000

ECOFIRS-WC 5,200,000

INARI 3,000,000

IMASPRO 2,430,000

SIGN 2,000,000

PENERGY 1,000,000

K1 1,000,000

YNHPROP 900,000

TAKASO 660,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

Daybreak│Malaysia

February 26, 2015

9

BMSB: Entitlements & trading rights

26-Feb-15 Ann Date Entitlement Ex-date Entitlement

ECO WORLD 25-Apr-14 Rights issue 1:2 @ RM1.20, 4 Free Warrants : 5 rights shares 3-Mar-15 5-Mar-15 SOURCES: BMSB, TE: Tax Exempt

BMSB: Dividends

Company Particulars Gross DPS (Sen) Ann Date Ex-Date Lodgement Payment

WESTPORTS Second interim dividend - single tier 6.15 11-Feb-15 26-Feb-15 2-Mar-15 11-Mar-15

BAT Fourth interim dividend - single tier 78.00 16-Feb-15 2-Mar-15 4-Mar-15 26-Mar-15

HARTALEGA Second interim dividend - single tier 3.00 11-Feb-15 3-Mar-15 5-Mar-15 26-Mar-15

GAS MALAYSIA Second interim dividend - single tier 4.00 12-Feb-15 3-Mar-15 5-Mar-15 25-Mar-15

PETRONAS DAGANGAN Special dividend - single tier 22.00 12-Feb-15 3-Mar-15 5-Mar-15 27-Mar-15

IOI CORPORATION Interim dividend - single tier 4.50 13-Feb-15 3-Mar-15 5-Mar-15 13-Mar-15

PETRONAS GAS 3rd interim dividend - single tier 15.00 17-Feb-15 5-Mar-15 9-Mar-15 25-Mar-15

PETRONAS CHEMICALS Second interim dividend 8.00 18-Feb-15 5-Mar-15 9-Mar-15 24-Mar-15

HAP SENG PLANTATIONS Second interim dividend - single tier 5.00 23-Feb-15 6-Mar-15 10-Mar-15 25-Mar-15

PHARMANIAGA Fourth interim dividend - single tier 12.00 23-Feb-15 9-Mar-15 11-Mar-15 26-Mar-15

MAGNUM Forth interim dividend - single tier 5.00 13-Feb-15 10-Mar-15 12-Mar-15 27-Mar-15

HONG LEONG BANK Interim dividend - single tier 15.00 25-Feb-15 10-Mar-15 12-Mar-15 26-Mar-15

PRESTARIANG Interim dividend - single tier 0.50 25-Feb-15 10-Mar-15 12-Mar-15 26-Mar-15

JOBSTREET CORP Fourth interim dividend - single tier 1.75 25-Feb-15 10-Mar-15 12-Mar-15 27-Mar-15

HOVID Interim dividend - single tier 0.50 25-Feb-15 10-Mar-15 12-Mar-15 27-Mar-15

GENTING PLANTATIONS Special dividend - single tier 3.00 25-Feb-15 10-Mar-15 12-Mar-15 10-Apr-15

HEVEABOARD Interim dividend - single tier 1.50 25-Feb-15 11-Mar-15 13-Mar-15 10-Apr-15

GUINNESS ANCHOR Interim dividend - single tier 20.00 5-Feb-15 27-Mar-15 31-Mar-15 22-Apr-15

NESTLE (MALAYSIA) Final dividend - single tier 175.00 23-Feb-15 11-May-15 13-May-15 27-May-15

BINTULU PORT Final dividend + Special - single tier 6.0 + 3.0 17-Feb-15 13-May-15 15-May-15 29-May-15

TASEK CORPORATION Final dividend + Special - single tier 30.0 + 50.0 17-Feb-15 13-May-15 15-May-15 29-May-15 SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

26-Feb-15 Ann Date Proposed

BUMI ARMADA 12-Sep-14 1 Rights : 2 shares @ RM1.35

MAH SING GROUP 20-Nov-14 Bonus issue 1:4

AIRASIA X 30-Nov-14 Rights issue of RM0.15 with free detachable warrants

SOURCES: BMSB

Daybreak│Malaysia

February 26, 2015

10

Corporate Actions

February 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Federal Territory Day Replacement Holiday Thaipusam Guinness 2Q & briefing, Public Bank 4Q & briefing, MMHE 4Q, Trade Balance, Imports, Exports

Maxis 4Q & conf. call, MISC 4Q & conf. call, Foreign Reserves

8 9 10 11 12 13 14

DiGi 4Q & conf. call, Dialog 2Q

Hartalega 3Q, F&N 1Q, IPI, Manufacturing Sales

Westports 4Q & briefing, Daibochi 4Q, MSM 4Q, Benalec 2Q

PetDag 4Q, Unisem 4Q & briefing, AMMB 3Q, SBC 3Q, YTL Corp 2Q, YTL Power 2Q, Gas Malaysia 2Q, Daibochi 4Q briefing, GDP, BoP Current Account Balance

MAHB 4Q & briefing, Magnum 4Q, Signature 2Q, IOI Corp 2Q

15 16 17 18 19 20 21

BAT 4Q, Mah Sing 4Q, KLK 1Q, Bintulu Port 4Q, AFG 3Q

IFCA 4Q, Petronas Gas 4Q, Tasek Corp 4Q, Oriental Holdings 4Q

PetChem 4Q, CPI

Chinese New Year Chinese New Year 2nd Day

22 23 24 25 26 27 28

UMW-OG 4Q, Nestle 4Q, Perdana 4Q, MRCB 4Q, Hap Seng Plant 4Q, Pharmaniaga 4Q

FGV 4Q, AirAsiaX 4Q, Jobstreet 4Q, Foreign Reserves (mid-month data)

Axiata 4Q & conf call, Perisai 4Q, Tan Chong 4Q, UOA Dev 4Q, Kossan 4Q, Prestariang 4Q, Media Prima 4Q, Genting Plant 4Q, HL Bank 2Q & briefing, Tune Ins 4Q, Bonia Corp 2Q, Sunway 4Q, WCT 4Q, TA Ann 4Q, HeveaBoard 4Q, GHL Systems 4Q, Hovid 2Q

TM 4Q & conf. call, UEM Sunrise 4Q & conf. call, UMW 4Q, Maybank 4Q, Tomypak 4Q, Thong Guan 4Q, Karex 2Q, QL 3Q, Sime Darby 2Q & briefing, MCIL 3Q, Uchi 4Q, Uzma 4Q, Media Prima 4Q briefing, Tune Ins 4Q conf. call, Carlsberg 4Q

CIMB 4Q & briefing, RHB Cap 4Q, E&O 3Q, Eksons 3Q, Star 4Q, Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

March 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Star analyst briefing BNM OPR Exports, Imports Trade Balance, Foreign Reserves

8 9 10 11 12 13 14

SP Setia 1Q IPI, Manufacturing Sales

UEM Sunrise analyst briefing

15 16 17 18 19 20 21

CPI Eco World 1Q Foreign Reserves (mid-month data)

22 23 24 25 26 27 28

Chempaka state seat by-election

29 30 31

Astro 4Q & conf. call Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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AAV, ADVANC, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLA, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DCC, DELTA, DEMCO, DTAC, EARTH, EGCO, ERW, ESSO, GFPT, GLOBAL, GLOW, GUNKUL, HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KBANK, KCE, KKP, KTB, KTC, LH, LOXLEY, LPN, M, MAJOR, MC, MCOT, MEGA, MINT, NOK, NYT, PS, PSL, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, RS, SAMART, SCB, SCC, SCCC, SIRI, SPALI, SPCG, SRICHA, STA, STEC, STPI, SVI, TASCO, TCAP, TFD, THAI, THCOM, THRE, THREL, TICON, TISCO, TMB, TOP, TPIPL, TTA, TTCL, TTW, TUF, UMI, UV, VGI, TRUE, WHA.

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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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.

AAV – Very Good, ADVANC – Very Good, AEONTS – not available, AMATA - Good, ANAN – Very Good, AOT – Very Good, AP - Good, ASK – Very Good, ASP – Very Good, BANPU – Very Good , BAY – Very Good , BBL – Very Good, BCH – not available, BCP - Excellent, BEAUTY – Good, BEC - Good, BECL – Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC – Good, BLA – Very Good, BMCL - Very Good, BTS - Excellent, CCET – Good, CENTEL – Very Good, CHG – not available, CK – Very Good, CPALL – not available, CPF – Very Good, CPN - Excellent, DELTA - Very Good, DEMCO – Good, DTAC – Very Good, EA - Good, ECL – not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA - Excellent, HEMRAJ – Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD – Good, IVL - Excellent, JAS – not available, JUBILE – not available, KAMART – not available, KBANK - Excellent, KCE - Very Good, KGI – Good, KKP – Excellent, KTB - Excellent, KTC – Good, LH - Very Good, LPN – Very Good, M - not available, MAJOR - Good, MAKRO – Good, MBKET – Good, MC – Very Good, MCOT – Very Good, MEGA – Good, MINT - Excellent, OFM – Very Good, OISHI – Good, PS – Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH – Very Good, RATCH – Very Good, ROBINS – Very Good, RS – Very Good, SAMART - Excellent, SAPPE - not available, SAT – Excellent, SAWAD – not available, SC – Excellent, SCB - Excellent, SCBLIF – Good, SCC – Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA – Very Good, STEC - Good, SVI – Very Good, TASCO – Good, TCAP – Very Good, THAI – Very Good, THANI – Very Good, THCOM – Very Good, THRE – not available, THREL – Good, TICON – Good, TISCO - Excellent, TK – Very Good, TMB - Excellent, TOP - Excellent, TRUE – Very Good, TTW – Very Good, TUF - Good, VGI – Very Good, WORK – not available.

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CIMB Recommendation Framework

Stock Ratings Definition:

Add The stock’s total return is expected to exceed 10% over the next 12 months.

Hold The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.

Reduce The stock’s total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

Sector Ratings Definition:

Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.

Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.

Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings Definition:

Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.

Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.

Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were based on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months. Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy: expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected negative total returns of 10% or more over the next 3 months.