REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 26 August 2014

▌What’s on the Table…

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AirAsia Bhd - Why the poor 1H will reverse

AirAsia did poorly in 1H14 due to excessive new aircraft deliveries and the delayed fleet sale plan, but it is taking action and the surplus fleet will reduce during 2H14, potentially leading to better results. Likely capacity cuts at MAS may also help restore sanity to industry yields. We think AirAsia’s earnings recovery will pick up speed in 4Q14 and may be a key re-rating catalyst. As such, we maintain Add and our target price of RM2.88, based on a 20% premium over its liquidation value. Our EPS forecasts are largely unchanged.

Utilities - overall - Powering the future

We believe that the power sector reforms that were rolled out three years ago may be on hold, at least temporarily, due to strong public pressure. This is evidenced by the non-revision of electricity tariffs in Jul, which was expected under the fuel-cost pass-through (FCPT) mechanism. However, we keep our Overweight stance on the sector, as we think the other sub-sector, gas, will see more stable earnings. We now prefer PetGas for its clearer earnings visibility, in the wake of its new agreement. Furthermore, the recent sell-down of the stock has resulted in very attractive valuations.

MY E.G. Services - CSTM to lead the way

At 95% of our full-year forecast, MyEG’s FY06/14 net profit was below our expectations, mainly due to the delay in the nationwide launch of vehicle transfer online services (VVTS). We raise our FY16 EPS forecast and introduce FY17 EPS to reflect the higher custom service tax monitoring (CSTM) and VVTS earnings. We have also raised our target price, still based on 21x CY15 P/E, in line with its peer average. The stock remains an Add, with the final government approval for the CSTM project and further developments on the road diagnostic system project as potential re-rating catalysts.

Benalec Holdings - Delayed land sale gains

DiGi.com - Keeping up the momentum

Felda Global Ventures - Lower-than-expected production

UEM Sunrise Bhd - Sales target cut to RM2bn

UMW Oil & Gas - Jacking up a record quarter

Wah Seong Corp - Piping up a record quarter

▌News of the Day…

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• AMMB plans to sell Singapore stockbroking company

• MAS revamp details expected on Friday

• Review on ending car APs to be completed this year

• UEM Sunrise to delay projects

• Masteel still in talks for Iskandar commuter rail project

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

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FBMKLCI

1862.31 -8.68pts -0.46%Aug Futures Sep Futures

1862 - (-0.21% ) 1858 - (1.00% )———————————————————————————

Gainers Losers Unchanged276 637 261

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Turnover3009.1m shares / RM1976.199m

3m avg volume traded 2226.66m shares

3m avg value traded RM2124.26m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,862 3,330 5,185 1,563 25,167 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,862.31 (0.5) (0.2)

FBM100 12,585.10 (0.5) (0.0)

FBMSC 18,910.34 (0.8) 20.5

FBMMES 6,984.62 (1.3) 23.1

Dow Jones 17,076.87 0.4 3.0

NASDAQ 4,557.35 0.4 9.1

FSSTI 3,330.28 0.1 5.1

FTSE-100 6,775.25 (0.0) 0.4

SENSEX 26,437.02 0.1 24.9

Hang Seng 25,166.91 0.2 8.0

JCI 5,184.96 (0.3) 21.3

KOSPI 2,060.89 0.2 2.5

Nikkei 225 15,613.25 0.5 (4.2)

PCOMP 7,133.09 0.5 21.1

SET 1,563.13 0.4 20.4

Shanghai 2,229.27 (0.5) 5.4

Taiwan 9,390.62 0.1 9.0————————————————————————————————

Close % chg Vol. (m)

SUMATEC 0.475 (5.9) 203.2

GLOBALTEC 0.110 (4.3) 186.5

IFCA MSC BHD 0.350 32.1 138.9

PDZ HOLDINGS 0.330 (5.7) 128.9

NEXGRAM 0.135 (3.6) 82.5

LUSTER 0.115 (4.2) 68.6

TALAM 0.125 (3.8) 58.2

MARCO 0.210 (2.3) 54.0————————————————————————————————

Close % chg

US$/Euro 1.3191 (0.02)

RM/US$ (Spot) 3.1630 (0.02)

RM/US$ (12-mth NDF) 3.2315 (0.14)

OPR (% ) 3.19 (1.54)

BLR (% , CIMB Bank) 6.85 0.00

GOLD ( US$/oz) 1,276.56 (0.03)

WTI crude oil US spot (US$/barrel) 95.10 (0.99)

CPO spot price (RM/tonne) 1,967.00 (3.44)

Market Indices

Top Actives

Economic Statistics

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

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Daybreak│Malaysia

August 26, 2014

2

Global Economic News

The volume of world trade increased 0.1% in Jun, following a 0.4% decrease in May (initial estimate: -0.6%). (CPB)

US new-home sales declined 2.4% mom to a 412,000 annualized pace in Jul (-7.0% mom in Jun to a 422,000). (Bloomberg)

The US preliminary services Purchasing Managers Index (PMI) by Markit fell to 58.5 in Aug (60.8 in Jul). Preliminary composite PMI fell to 58.8 in Aug (60.6 in Jul). (Reuters)

The US Chicago Federal Reserve Bank National Activity Index rose to +0.39 in Jul from +0.21 in Jun. (WSJ)

Vietnam and the European Union are expected to complete negotiations on a free-trade agreement in Oct, officials said, paving the way to further boost a trade relationship that reached US$36bn last year. (WSJ)

China is likely to introduce a nationwide property tax as early as next year following trials in Chongqing and Shanghai. The National People's Congress (NPC) is drafting a property tax law that is expected to wrap up later this year and be imposed in 2015.

The planned national property tax will target houses and land. The new tax will combine several existing taxes, including a land tax on property developers, a tax for occupying arable land and a tax for house transactions. (China Daily)

South Korea has executed nearly 64% of its annual fiscal spending budget so far this year, better than its target of 63.2%. (Yonhap)

South Korea's terms of trade came in at 89.19 in Jul, down 1.9% yoy, according to the preliminary data by the Bank of Korea (BOK). (Yonhap)

Hong Kong's total exports increased 6.8% yoy in Jul (+11.4% yoy in Jun) while imports increased 7.5% yoy (+7.6% yoy in Jun), resulting in a narrower trade deficit of HKD42.1bn in Jul (HKD43.1bn deficit in Jun). (Xinhua, Bloomberg)

Taiwan's industrial output rose 6.08% yoy in Jul to 112.26 (+8.61% yoy in Jun). (WSJ)

Singapore’s consumer price index (CPI) rose 1.2% yoy in Jul (+1.8% yoy in Jun) and fell 0.3% mom (-0.7% mom in Jun). Core inflation, which excludes the cost of accommodation and private road transport, inched up to 2.2% yoy in Jul (+2.1% yoy in Jun). (WSJ, Bloomberg)

The Indonesian government has announced that it will proceed with plans to cap the production of coal to around 400 m tons next year, a move aimed

Daybreak│Malaysia

August 26, 2014

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not only at protecting the environment but also at helping stem a decline in global coal prices.

The government projects that total coal production will reach 421 m tons this year, the same amount that was produced in 2013. Around 25% of coal produced services domestic demands, while the remaining 75% is exported abroad. (Jakarta Post)

Thailand's coup leader, Gen. Prayuth Chan-ocha, was officially appointed the country's 29th prime minister on Aug 25, saying that he would appoint members of his new cabinet in Sep. (WSJ)

The Bangko Sentral ng Pilipinas (BSP) said it remains confident the country’s balance of payments (BOP) position will swing to a surplus of US$1.1bn by year-end despite recording more than US$3bn in deficit as of Jul.

“Financial conditions have settled down since the initial forecasts were generated and our thinking to date is that the US$1.1bn BOP surplus remains attainable,” BSP Governor Amando Tetangco Jr. said. (Philippines Star)

Malaysian Economic News

Prime Minister Datuk Seri Najib Tun Razak said today he is happy with the quality and range of ideas offered by the people through the #Bajet2015 micro website up to the last day of participation today. "Your ideas, concerns and needs are always accorded priority in our efforts to draft an inclusive, balanced and responsible national budget," he said in his blog, www.1malaysia.com.

The Budget 2015 campaign which began on Aug 11 was aimed at inviting the people to share their opinions and ideas through online discussion at the micro website.

Najib said the good response to the campaign, now into its sixth year, demonstrated that the government was always open to inviting the people's participation in the efforts to strengthen the economy and raise their living standard in keeping with his administration's emphasis that the era where the government knew best was over.

He reminded, however, that this scenario did not mean that the country would not meet obstacles along the way, but said that by working together Malaysians could achieve their targets and enable every individual to share in the gains derived from that success.

"If we remain united, we can achieve our shared dream," he said. Najib expressed confidence that with the proposals he had received, Budget 2015 would stimulate growth, improve the country's fiscal position and raise the living standard of the people.

The prime minister is expected to table Budget 2015 in parliament on Oct 10. (Bernama)

The National Farmers' Organisation's (Nafas) central collection and distribution centre of farm produce in Kota Damansara here is expected to start operation in Nov. Agriculture and Agro-Based Industry Minister Datuk Seri Ismail Sabri Yaakob said the three-storey building, built at the cost of RM58m, would also house Nafas' marketing office. "This centre will be Nafas' first marketing centre of perishable products produced by some 850,000 farmers, thus enabling us to lower the prices," he said. Ismail said for the time being, the farm produce is meant for domestic market while plans are afoot to build another collection and distribution centre in Muar, Johor. (Bernama)

Daybreak│Malaysia

August 26, 2014

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The Retirement Fund Inc's (KWAP) fund size increased by 12.61% or RM11.19bn to RM99.92bn in 2013 from RM88.73bn in 2012, riding the wave of vigorous domestic economic recovery. The rise in asset size was also contributed by an impressive income performance and consistent contributions by the federal government, statutory bodies, local authorities, and agencies, said Deputy Finance Minister Datuk Ahmad Maslan. He said as at the end of December 2013, KWAP registered gross investment income of RM6.66 bn, 15.83% higher than the preceding year of RM5.75 bn. In percentage terms, he said the overall gross return on investment (ROI) achieved was 7.05%, surpassing 2012's ROI of 6.84% and outperforming Malaysia's gross domestic product growth of 4.7% last year. (Bernama)

The Asean Framework for cross-border offering of collective investment schemes (CIS) is now operational in Malaysia, Singapore and Thailand. The framework allows fund managers operating in a member jurisdiction to offer CIS, such as unit trust funds, constituted and authorised in that jurisdiction to retail investors in other member jurisdictions under a streamlined authorisation process. "Within this framework, qualified fund managers in Malaysia now have an opportunity to offer their products directly to investors in Singapore and Thailand. "Correspondingly, Malaysian investors will benefit from a wider range of investment products that will be made available following the operationalisation of the framework," said Securities Commission Malaysia (SC). The framework was announced by the Asean Capital Markets Forum on Monday. (Bernama)

The National Biotechnology Talent Development Centre will be set up in Johor to address competency gaps in human capital requirement for the biotechnology industry. Established through collaboration between the Malaysian Biotechnology Corporation's (BiotechCorp) Industry Centre of Excellence for Biotechnology, Johor Biotechnology and Biodiversity Corporation (J-Biotech), and Universiti Malaysia Pahang, the centre is set to begin operation early next year. Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin said the centre would help produce competent human capital for the biotechnology industry and woo foreign companies to invest in the sector in the state. (Bernama)

Malaysian Biotechnology Corp Sdn Bhd (BiotechCorp) has announced four key initiatives under the Bioeconomy Community Development Programme at Bio Johor 2014 Conference & Exhibition. The collaboration proposals were signed by BiotechCorp, Johor Biotechnology and Biodiversity Corp (J-Biotech) and Koperasi Pemuafakatan Kota Tinggi involving four bio-based companies on Bioeconomy Community Development projects. The companies are PureCircle Sdn Bhd (to develop stevia plantation); The Holstein Milk Co Sdn Bhd (to develop dairy farm); BioAlpha (Johor Herbal) Sdn Bhd (to develop herbs farm); and, Flora Hive Enterprise Sdn Bhd (to develop honeybee farm). These would provide opportunities for economic activities though adoption of bio-based technologies as well as developing complete bioeconomy production chain from production of raw materials to processing and manufacturing of final products for the market. (Bernama)

Malaysia can achieve an economic growth forecast of between 5.5 and 6.0 per cent for this year, says Malaysian Institute of Economic Research Chairman Tan Sri Dr Sulaiman Mahbob. "The continuation of good performance, as a result of projects spearheaded by the country's transformation programmes, will help the economy move forward. Meanwhile, he said the Goods and Services Tax (GST), to be implemented on April 1, 2015, is a good policy that would involve the people in contributing to government expenditure. (Bernama)

Daybreak│Malaysia

August 26, 2014

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Four more Urban Transformation Centres (UTC) are due to be opened in Miri, Rembau, Seberang Perai Selatan and Sabah by year's end. Rural and Regional Development Minister Datuk Seri Mohd Shafie Apdal said the location for the UTC in Sabah was being identified. He said so far, seven UTCs were already in operations - Gopeng, Kota Baharu, Kuala Linggi (Melaka), Kuala Pahang (Pahang), Kulai Jaya (Johor), Napoh (Kedah) and Bandar Al-Muktafi Billah Shah (Terengganu). He said the UTCs had proven to be successful with six of the seven centres recording transactions worth RM273m between January to July this year. (Bernama)

Northern Sabah must continue to be the target of rural development by the federal and state government, said Energy, Green Technology and Water Minister Datuk Dr Maximus Ongkili. He said the area, which includes Matunggong, Banggi, Pitas, Tandek and Sugut, should be provided with the means and opportunities to be economically sustainable. "The rural communities there comprise mainly natives who are low income households geographically dispersed and lacking in basic infrastructure. "Many of them had been assisted through the government's transformation programmes but the bulk of them are still in dire need of sustainable development. (Bernama)

More upgrading works on the Pan Borneo trunk road will be one of the main priorities of the Works Ministry for Sarawak under the 2015 budget.

Its minister Datuk Fadillah Yusof said the federal government was keen to develop the road to double carriageway or R5 standard. "Based on our Highway Network Development plan, we have estimated that it will cost about RM12 billion to complete it up to 2015. "So what the federal government has agreed in the economic council is how we can fast track the completion," he said. He said expediting the road upgrading was one of the commitments of Prime Minister Datuk Seri Najib Tun Razak under the Barisan Nasional (BN) manifesto in the last general election. (Bernama)

Fund managers in Malaysia will now be able to offer collective investment schemes (CIS) like unit trust funds to retail investors in Singapore and Thailand and vice-versa with the Asean Capital Markets Forum's launch of Asean CIS Framework. Correspondingly, Malaysian investors would benefit from a wider range of investment products that will be made available once the framework becomes operational as fund managers from Singapore and Thailand can offer the investment schemes to Malaysians. (Malaysian Reserve)

Political News

PAS president Datuk Seri Abdul Hadi Awang yesterday saw his own party men rebel against him when 13 of his Selangor assemblymen rejected his choice of Selangor menteri besar – PKR deputy president Azmin Ali – during a central committee meeting, a week after they decided on proposing two names for the job. The meeting saw Hanipa Maidin, the Islamist party’s Sepang MP, and Hadi in a heated exchange over moves to get PAS support Azmin for the top state post over PKR president Datuk Seri Dr Wan Azizah Wan Ismail, said sources. "There was tension as Hanipa questioned the move to support Azmin as 30 other lawmakers have already expressed support for Dr Wan Azizah. Hanipa wanted to know who else would support Azmin," said one source.

PAS holds 15 seats in the 56-seat state assembly while PKR has 13 and DAP also 15. The rest are 12 Barisan Nasional (BN) lawmakers and Tan Sri Abdul Khalid Ibrahim, the incumbent menteri besar who is now an independent state assemblyman after he was sacked from PKR. PAS, PKR and DAP form Pakatan Rakyat (PR), which had said 30 lawmakers, including two from the

Daybreak│Malaysia

August 26, 2014

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Islamist party, were supporting Dr Wan Azizah for the top state job. The sources said the meeting also left PAS deputy president Mohamad Sabu frustrated with Hadi’s unyielding stand that two names be submitted to the Selangor Sultan for the post of Selangor MB. (Malaysian Insider)

Corporate News

AMMB Holdings has decided to sell its entire stake in its wholly-owned Singapore stockbroking company, AmFraser Securities Pte Ltd, to KGI Asia (Holdings) Pte Ltd (KGI) for S$38m (RM96.2m) cash. AMMB said, its wholly-owned Singapore-based subsidiary, AmFraser International Pte Ltd (AmFIPL), has entered into a sale and purchase agreement with a 100%-owned subsidiary of KGI Securities Co Ltd, a Taiwan-based stockbroking company, for the proposed disposal of AmFraser. “The proposed disposal is conditional, inter alia, on the approval of relevant regulatory authorities in Taiwan and Singapore, and is anticipated to be completed in the first quarter of 2015,” it said. (StarBiz)

The above came as a surprise to us as in view of its strong investment banking (IB) capabilities, we thought that AMMB would prefer to have a regional presence in the IB space. In fact, we expected AMMB to expand its IB business regionally but with the above deal, it is moving in the opposite direction. We take a negative view on the above transaction as following the sale, AMMB's IB business would mostly be confined in the domestic market which remains competitive. However, the impact on earnings would be limited due to the minimal earnings contributions from AmFraser.

Details of Malaysia Airlines’s “complete overhaul” is expected to be disclosed on Friday, a day after the national carrier releases its second quarter results. Parent Khazanah Nasional Bhd is expected to outline extensive plans that will be “painful” but necessary to bring the ailing carrier back to profitability, sources said. The revamp plan will most likely include key changes to its senior management as well as cuts in jobs and capacity routes, the sources said. Current CEO Ahmad Jauhari Yahya’s term, which is believed to end on 19 September, is not expected to be extended, and Celcom Axiata Bhd CEO Datuk Seri Shazalli Ramly is seen as the top choice to replace him. Khazanah is also likely to replace several top executives as it adopts tough measures to stem losses and be more competitive. (BT)

UEM Sunrise Bhd has scaled down its sales target for this year to RM2bn from RM3.2bn due to the property cooling measures. Group executive director Datuk Izzaddin Idris said the measures have caused concern over potential oversupply in Iskandar Malaysia, particularly for high-rise units, resulting in a slowdown in buying momentum.

“This year has proven to be a challenging year for UEM Sunrise but it enables us to consolidate and seize the opportunity to strengthen our core competencies and tighten the quality of our delivery so that we are well-positioned for the next property up-cycle,” he said in a statement. (nst)

New car launches are sporting lower price tags this year, with reductions of 7% to 19% on average, said Malaysia Automotive Institutes (MAI) CEO Madani Sahari. "The car price reduction of 7% to 19% this year, is based on new models that have been launched this year. On average, it is less than 5%. Our target on average is about 5% for 2014. For 2013, there was a 4.97% reduction in car prices. This year, we expect 5% reduction on average," he told. Under the National Automotive Policy (NAP) 2014, the target is to reduce car prices by 25% by 2018. "One of the most obvious reasons is market competition because the government has liberalised the automotive industry. When there is market competition, the players have to compete, in terms of pricing (besides quality)," he said. (The Sun)

Daybreak│Malaysia

August 26, 2014

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The Malaysia Automotive Institute (MAI), which is in favour of abolishing the open approved permit (AP) system, said that the review on the impact of their abolishment should be completed this year. "It is still under review. It (completion of the review) must be this year. It cannot be so long," said MAI CEO Madani Sahari. Earlier in April, MAI head of strategic research Asrulnizam Addrus said the open AP does not contribute to the automotive industry's development. The review on the impact of the abolishment of the open AP is being conducted by external consultants, which does not include MAI. (sun)

Malaysia Automotive Industry (MAI) CEO Madani Sahari is confident that vehicle sales in 2014 will surpass the 680,000 units targeted by the Malaysian Automotive Association (MAA), with new model launches by national carmakers Proton and Perodua. "Vehicle sales have increased approximately 6.4% in the first six months of the year compared with 2013, and we see this figure increasing in September onwards. Based on our analysis, we believe that in 2015 vehicle sales of 700,000 units can be achieved," said Madani. (Financial Daily)

Malaysia Steel Works (KL) Bhd is still in discussions with all relevant authorities on the Iskandar commuter rail project, the group said in a filing with Bursa Malaysia yesterday. In refuting a report in a local English daily yesterday, the group said it has not received any notification or information from any government ministries or agencies indicating that the Iskandar commuter rail project, a joint venture between Masteel and KUB Malaysia Bhd undertaken through Metropolitan Commuter Network Sdn Bhd (MCN), will not take-off or will be scrapped or otherwise cancelled. (sun)

The upgrading of Northport (M) Bhd’s Wharf 16 is 56% complete and it is on track to becoming fully operational by November. Wharf 16 covers 16,878 sqm, with a displacement tonnage capacity of 80,000 tonnes and a depth of 12.9m. The upgrading works comprise the installation of a crane rail beam, the upgrading of marine fenders and the construction of tower light for a total of RM25.6m. “The upgraded Wharf 16 will be served by two new Super Post Panamax quay cranes,” said NCB Holdings Bhd chairman Tun Ahmad Sarji Abdul Hamid. (BT)

Eversendai Corp Bhd has secured the Khalifa Olympic Stadium contract worth RM113m through its subsidiary company in Qatar. To date Eversendai has secured up to RM1.1bn new contracts in 2014. Its current order book now stands at RM1.7bn. (sun)

Bursa Malaysia is organising programmes to grow financial literacy among the youth, while creating an investing culture among them, with an eye on their future participation as traders. CEO Datuk Tajuddin Atan said the local bourse is committed to attracting and educating youths to participate in trading and investing activities. While not disclosing further details on its upcoming programmes, he also noted that Malaysia is ranked second highest in respect of the number of youth entering the workforce among Asean countries. Bursa Malaysia has organised two programmes, namely, the Bull Hunt and Fantasy Football, to spread more information on trading activities among the youth. (Bernama)

Malaysian palm oil shipments fell 11% in first 25 days of Aug. from 1,078,253 tons in same period in July, SGS says in e-mailed report. (Bloomberg)

Daybreak│Malaysia

August 26, 2014

8

FGV president and chief executive officer Mohd Emir Mavani Abdullah said the market conditions and pricing of CPO are a challenge for the whole industry but added that FGV is rising to the challenge. “In the palm upstream cluster, all ongoing sustainable initiatives, including best management practices and cost-efficiency initiatives, are continually analysed and reviewed to deliver better results.” (StarBiz)

IFCA MSC Bhd has been slapped with an unusual market activities query on the recent rise in price and volume of its shares. The counter has spiked some 204% since June 26. It closed at 35 sen on Monday, 8.5 sen higher with 138.88m shares traded. For the second quarter ended June 30, IFCA MSC posted a net profit of RM3m from RM578,000 last year. (StarBiz)

Kumpulan Wang Persaraan (KWAP) aims to grow its fund size to RM110bn by the end of this year, on the back of bullish outlook of the equity and debt markets. “Every year our goal is to increase our fund size between 10% to 12%,” said chief executive officer Wan Kamaruzaman Wan Ahmad to reporters after the announcement of KWAP’s financial results for the financial year 2013 (FY13) on Monday. In FY13, KWAP grew its fund size by 12.61% to RM99.92bn from RM88.73bn in 2012, despite uncertainty in the domestic market from the general election and sluggish global economy recovery.

KWAP posted a gross return on investment (ROI) of 7.05% or RM6.66bn, surpassing 2012’s ROI of 6.48%. “For this year we are aiming a ROI of 5.5%, the market has been though this year, but we hope to outgrow the gross domestic product (GDP) growth,” Kamaruzaman said. (StarBiz)

Fuelsubs House Sdn Bhd’s (FHSB) shareholder Datuk Razali Naina Merican is selling his entire 16.5% stake in the company to Meridian Management Sdn Bhd (MPMSB) on a “willing-buyer-willing seller” basis. FHSB director Zaid Kader Shah said the company recently made a capital call in an attempt to gradually increase its share capital. “All shareholders participated except Razali, who opted to dispose of his shares in the company,” he said. MPMSB is a Bumiputera-owned company led by Dr Mohamad Azrin Zubir. (BT)

Daybreak│Malaysia

August 26, 2014

9

BMSB: Changes in shareholdings

Type of No of Ave Price

25-Aug-14 Date transaction securities Company (RM)

EPF 19/8-20/8 Disposed 3,818,800 TELEKOM MALAYSIA

EPF 20/8 Disposed 2,750,000 SAPURAKENCANA

EPF 20/8 Disposed 1,379,100 IOI CORPORATION

EPF 20/8 Disposed 1,175,200 PUBLIC BANK

EPF 20/8 Disposed 1,020,000 YTL POWER INTERNATIONAL

EPF 20/8 Disposed 883,800 PETRONAS GAS

EPF 15/8 & 19/8 Disposed 756,000 AFFIN HOLDINGS

EPF 20/8 Disposed 587,000 TIME DOTCOM

EPF 20/8 Disposed 449,400 IJM CORPORATION

EPF 20/8 Disposed 416,300 MALAYSIA AIRPORTS

EPF 20/8 Disposed 329,600 SIME DARBY

EPF 20/8 Disposed 311,700 PETRONAS DAGANGAN

EPF 20/8 Disposed 300,000 PRESTARIANG

EPF 20/8 Disposed 227,000 DIGI.COM

EPF 20/8 Disposed 206,800 HONG LEONG BANK

EPF 20/8 Disposed 188,000 BIMB HOLDINGS

EPF 20/8 Disposed 160,400 WAH SEONG CORPORATION

EPF 20/8 Disposed 144,500 KUALA LUMPUR KEPONG

EPF 20/8 Disposed 100,000 IOI PROPERTIES GROUP

EPF 20/8 Disposed 82,900 LAFARGE MALAYSIA

EPF 20/8 Disposed 50,000 SP SETIA

EPF 20/8 Disposed 35,700 TA ANN HOLDINGS

EPF 20/8 Disposed 10,400 AMMB HOLDINGS

EPF 20/8 Disposed 2,300 UNITED PLANTATIONS

Skim Amanah Saham Bumiputera 19/8-20/8 Disposed 2,000,000 GAMUDA

Lembaga Tabung Angkatan Tentera 15/8-20/8 Disposed 4,559,100 OCK GROUP 

Aberdeen Asset Management PLC 19/8 Disposed 460,100 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 19/8 Disposed 459,200 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 19/8 Disposed 28,300 BAT

Mitsubishi UFJ Financial Group, Inc 19/8 Disposed 10,600 SHANGRI-LA HOTELS

EPF 20/8 Acquired 4,404,600 DIALOG GROUP

EPF 20/8 Acquired 2,308,800 GAMUDA

EPF 20/8 Acquired 2,232,600 AFG

EPF 20/8 Acquired 1,339,000 IHH HEALTHCARE

EPF 20/8 Acquired 1,177,300 SUNWAY REIT

EPF 19/8-20/8 Acquired 1,084,400 CAHYA MATA SARAWAK

EPF 20/8 Acquired 1,072,600 MAXIS

EPF 20/8 Acquired 744,300 MBM RESOURCES

EPF 20/8 Acquired 264,600 TELEKOM MALAYSIA

EPF 20/8 Acquired 150,000 KNM GROUP

EPF 20/8 Acquired 37,800 KPJ HEALTHCARE

EPF 20/8 Acquired 15,800 TAN CHONG MOTOR

Skim Amanah Saham Bumiputera 20/8 Acquired 2,000,000 SIME DARBY

Skim Amanah Saham Bumiputera 19/8-20/8 Acquired 2,000,000 SAPURAKENCANA

Skim Amanah Saham Bumiputera 19/8-20/8 Acquired 1,072,800 MALAYSIA AIRPORTS

Skim Amanah Saham Bumiputera 19/8-20/8 Acquired 500,000 LAFARGE MALAYSIA

Great Eastern Holdings Limited 20/8 Acquired 803,000 SALCON

Aberdeen Asset Management PLC 19/8-21/8 Acquired 56,000 ORIENTAL HOLDINGS

Aberdeen Asset Management PLC 20/8 Acquired 11,000 AEON CO. (M)

Aberdeen Asset Management PLC 19/8 Acquired 6,000 TASEK CORPORATION

Aberdeen Asset Management PLC 20/8 Acquired 6,000 UNITED MALACCA

Aberdeen Asset Management PLC 20/8 Acquired 2,300 UNITED PLANTATIONS

Mitsubishi UFJ Financial Group, Inc 19/8 Acquired 1,448,264 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 19/8 Acquired 20,000 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 19/8 Acquired 6,000 TASEK CORPORATION

JOBSTREET CORP 25/8 Shares Buy Back 782,000 JOBSTREET CORP 2.59

KPJ HEALTHCARE 25/8 Shares Buy Back 54,000 KPJ HEALTHCARE 3.77

WAH SEONG CORPORATION 25/8 Shares Buy Back 15,000 WAH SEONG CORPORATION 1.87

DAIBOCHI PLASTIC 25/8 Shares Buy Back 4,000 DAIBOCHI PLASTIC 4.36 SOURCES: BMSB

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BMSB: Off-market transactions

25-Aug-14 Vol

TUNEINS 30,000,000

SNTORIA 8,000,000

FPI 5,000,000

SANICHI 3,000,000

RAPID 2,643,200

YINSON 2,000,000

YNHPROP 1,472,000

XINGHE 1,161,000

GENM 1,000,000

HLCAP 843,000

TALAMT 594,500

Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

BMSB: Dividends

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

AMMB HOLDINGS Final dividend - single tier 16.90 25-Jul-14 27-Aug-14 29-Aug-14 12-Sep-14

MAXIS Interim dividend - single tier 8.00 22-Jul-14 27-Aug-14 29-Aug-14 26-Sep-14

QL RESOURCES  Final dividend - single tier 3.50 30-Jul-14 28-Aug-14 2-Sep-14 12-Sep-14

NESTLE (MALAYSIA) Interim dividend - single tier 60.00 12-Aug-14 29-Aug-14 3-Sep-14 24-Sep-14

MSM MALAYSIA  1st interim dividend - single tier 10.00 20-Aug-14 3-Sep-14 5-Sep-14 19-Sep-14

JOBSTREET CORP 2nd interim dividend - single tier 1.75 21-Aug-14 4-Sep-14 8-Sep-14 18-Sep-14

PHARMANIAGA 2nd interim dividend - single tier 4.00 21-Aug-14 5-Sep-14 9-Sep-14 24-Sep-14

MISC 1st interim dividend - single tier 4.00 6-Aug-14 8-Sep-14 10-Sep-14 24-Sep-14

HARTALEGA Final dividend - single tier 4.00 5-Aug-14 8-Sep-14 10-Sep-14 24-Sep-14

GAS MALAYSIA Interim dividend - single tier 5.00 21-Aug-14 8-Sep-14 10-Sep-14 30-Sep-14

TAN CHONG MOTOR Interim dividend - single tier 3.00 22-Aug-14 8-Sep-14 10-Sep-14 29-Sep-14

TANAH MAKMUR Interim dividend - single tier 6.00 25-Aug-14 8-Sep-14 10-Sep-14 8-Oct-14

MAGNUM Interim dividend - single tier 5.00 21-Aug-14 9-Sep-14 11-Sep-14 26-Sep-14

MAH SING GROUP 1st & final dividend - single tier 8.00 2-Jun-14 10-Sep-14 12-Sep-14 25-Sep-14

MEDIA PRIMA 1st interim dividend - single tier 3.00 14-Aug-14 10-Sep-14 12-Sep-14 30-Sep-14

FELDA GLOBAL VENTURES Interim dividend - single tier 6.00 25-Aug-14 10-Sep-14 12-Sep-14 29-Sep-14

WAH SEONG CORP 1st interim cash dividend - single tier 2.50 25-Aug-14 10-Sep-14 12-Sep-14 2-Oct-14

WCT HOLDINGS Interim dividend - single tier 3.53 21-Aug-14 11-Sep-14 15-Sep-14 10-Oct-14

TOMYPAK HOLDINGS Interim dividend - single tier 1.00 14-Aug-14 15-Sep-14 18-Sep-14 8-Oct-14

STAR PUBLICATIONS Interim dividend - single tier 9.00 18-Aug-14 24-Sep-14 26-Sep-14 17-Oct-14

1st interim: 6 sen; special: 3 sen

EASTERN & ORIENTAL 1st & final dividend - single tier 3.00 22-Aug-14 8-Oct-14 10-Oct-14 5-Nov-14

THONG GUAN INDUSTRIES Interim dividend - single tier 3.00 22-Aug-14 5-Nov-14 7-Nov-14 18-Nov-14

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

26-Aug-14 Ann Date Proposed

ECO WORLD 25-Apr-14 1 Rights @ 2, 4 Free Warrants @ 5, Private Placement

SBC CORP 27-May-14 Bonus issue 1:2

BUMI ARMADA 12-Jun-14 Bonus issue 1:2, 1 Rights @ 2.00

ASIA FILE CORP 6-Aug-14 Bonus issue 3:5

SOURCES: BMSB

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Corporate Actions

August 2014

SUN MON TUE WED THU FRI SAT

31 1 2

National Day

3 4 5 6 7 8 9

Axis REIT 2Q Hartalega 1Q, MMHE 2Q, Tasek Corp 2Q

MISC 2Q & conf. call, F&N 3Q, External Trade

PetDag 2Q, External Reserves (month-end data)

PetGas 2Q

10 11 12 13 14 15 16

Sunway REIT 4Q, KLCC Property 2Q, PetChem 2Q, AFG 1Q, IPI

Nestle 2Q Perisai 2Q, Tomypak 2Q, Nestle 2Q briefing

Media Prima 2Q Affin 2Q, GDP, BoP Current Account Balance

17 18 19 20 21 22 23

Star 2Q, Tune Ins 2Q AirAsia X 2Q & conf. call, Uchi 2Q, Perdana 2Q

AirAsia 2Q & conf. call, IOI Corp 4Q, KLK 3Q, MSM 2Q, Gas Malaysia 2Q, Bumi Armada 2Q, Kossan 2Q, JobStreet 2Q, CPI

Eco World 3Q, Guinness 4Q, QL 1Q, Magnum 2Q, WCT 2Q, Dialog 4Q, Pharmaniaga 2Q, Oriental 2Q, Alam Maritim 2Q, Puncak Niaga 2Q

MRCB 2Q & briefing, Maybulk 2Q, Thong Guan 2Q, Tan Chong 2Q, TH Heavy 2Q, Karex 4Q, AMMB 1Q, Star 2Q briefing, WCT 2Q briefing, External Reserves (mid-month data)

24 25 26 27 28 29 30

UEM Sunrise 2Q, UMW-OG 2Q, Wah Seong 2Q, Benalec 4Q, MYEG 4Q, FGV 2Q

UOA Dev 2Q, E&O 1Q, Uzma 2Q, Carlsberg 2Q, Wellcall 3Q, IJM Corp 1Q, Mudajaya 2Q & briefing, Hong Leong Bank 4Q

MPI 4Q, Telekom 2Q, Axiata 2Q, FGV 2Q, UMW Holdings 2Q, Gent Plant 2Q, Cuscapi 2Q

Maybank 2Q & briefing, Genting group 2Q, YTL Corp 4Q, YTL Power 4Q, Prestariang 2Q, MCIL 1Q, Bonia 4Q, Sunway 2Q, MAS 2Q & conf. call, Ann Joo 2Q & briefing, MPI 4Q briefing

CIMB 2Q & briefing, Mah Sing 2Q, Sime Darby 4Q, Lafarge 2Q, Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

September 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

Replacement for National Day

External trade

7 8 9 10 11 12 13

External Reserves (month-end data)

SP Setia 3Q, Industrial Production

14 15 16 17 18 19 20

Malaysia Day CPI MPC Decision B-Toto 1Q

21 22 23 24 25 26 27

External Reserves (mid-month data)

28 29 30

Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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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.

*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.