REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 11 June 2013

▌What’s on the Table…

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Star Publications - This is only the Start The Star introduced its new director of operations at the 1Q13 analyst briefing, showing that it is serious about turning the newspaper into an integrated media company. This was a positive surprise and we believe the company will be successful in rolling out its vision. The stock remains an Outperform but with a higher target price. We retain our earnings forecasts. Our valuation basis is now 12.5x FY14 P/E (11.7x before) or a 20% (25% before) discount to our target market multiple as we view its vision to be an integrated media play positively. The 20% discount is in line with historical patterns. Business transformation and product rollouts are catalysts for the stock.

Plantations - Falling stocks support prices

Malaysia’s palm oil stocks continued to fall (-5% mom) to reach an 11-month low of 1.82m tonnes at end-May. This is below our forecast of 1.92m, but above consensus estimate of 1.78m tonnes. While lower stocks are positive, we feel this has already been partially priced in. Stocks should fall further in June on slower output growth, matched with robust festive demand for Ramadan. These, coupled with positive export data for the first 10 days of June and a poor start to the US soybean planting season, are price supportive factors. Our average CPO price forecasts of RM2,530 for 2013 and RM2,700 for 2014 and Neutral sector call stay unchanged. First Resources, Wilmar and IOI Corp are key picks.

Economic Update - Apr’s OECD CLI: patchy recovery

▌News of the Day…

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• AirAsia X initial IPO price set at RM1.45/share

• Maxis has streamlined its business operations into four areas

• Yinson makes takeover offer for Norway-based Fred Olsen Production ASA

• Tanjung Offshore buying controlling stake in foreign oil and gas company for RM1bn?

• Sunway plans to build world-class amusement parks at its two project sites in Johor

• S&P affirm credit rating for US at AA+ but raised the outlook from negative to stable

• Japan’s GDP rose a revised 4.1% yoy in 1Q13

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,500

1,550

1,600

1,650

1,700

1,750

1,800

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

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FBMKLCI

1787.8 12.21pts 0.69%JUN Futures JUL Futures

1786 - (0.85% ) 1789 - (1.00% )———————————————————————————

Gainers Losers Unchanged666 225 233

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Turnover2417.58m shares / RM2532.383m

3m avg volume traded 1294.33m shares

3m avg value traded RM1695.52m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,788 3,201 4,777 1,529 21,615 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,787.80 0.7 5.9

FBM100 12,234.84 0.8 8.3

FBMSC 15,215.54 2.0 32.5

FBMMES 4,781.67 2.0 13.5

Dow Jones 15,238.59 (0.1) 16.3

NASDAQ 3,473.77 0.1 15.0

FSSTI 3,200.51 0.5 1.1

FTSE-100 6,400.45 (0.2) 8.5

Hang Seng 21,615.09 0.2 (4.6)

JCI 4,777.37 (1.8) 10.7

KOSPI 1,932.70 0.5 (3.2)

Nikkei 225 13,514.20 4.9 30.0

PCOMP 6,875.60 2.6 18.3

SET 1,528.55 0.8 9.8

Shanghai 2,210.90 (1.3) (2.6)

Taiwan 8,160.55 0.8 6.0

Close % chg Vol. (m)

LUSTER INDUSTRIES 0.225 2.3 251.7MAS 0.325 (1.5) 74.7

MALTON 0.835 18.4 65.5

SCOMI GROUP 0.450 3.4 58.3

GLOBAL ORIENTAL 0.875 2.3 36.8

CHINA STATIONERY 0.310 (7.5) 32.2

TH HEAVY ENGINEER 0.790 2.6 26.2

NAIM INDAH 0.200 11.1 26.0

Close % chg

US$/Euro 1.3256 (0.02)RM/US$ (Spot) 3.1285 (0.06)

RM/US$ (12-mth NDF) 3.1982 0.91

OPR (% ) 3.00 0.00

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,386 (0.06)

WTI crude oil US spot (US$/barrel) 95.77 (0.27)

CPO spot price (RM/tonne) 2,395 0.50

Economic Statistics

Market Indices

Top Actives

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

Daybreak Malaysia

June 11, 2013

2

Global Economic News…

The eurozone Sentix investor confidence index came in at -11.6 in Jun from -15.6 in the previous month. The index was forecast to improve to -10.3 in Jun. (RTT News)

Japan’s GDP rose a revised 4.1% yoy in 1Q13, better than the originally reported rise of 3.5%. On a quarterly basis, GDP rose a revised 1% in the first three months of the year, better than the preliminary result of 0.9%. (WSJ)

Japan’s current account surplus stood at ¥750bn in Apr (¥342.4bn in Mar), up 100.8% yoy and much bigger than a median market forecast of a ¥320bn surplus. (Reuters)

Japan’s consumer sentiment index rose to 45.7 in May from 44.5 in Apr. (WSJ)

Indonesia’s motorcycle sales in May grew 5.5% yoy to 644,668 units, slower than 6.7% in Apr. (Reuters)

Standard & Poor's affirmed its credit rating for the US at AA+ but raised the outlook from negative to stable. (AFP)

The Bank of Thailand is set to lower its 2013 gross domestic product (GDP) growth forecast from the current 5.1% following China's disappointing economic data. (Bangkok Post)

India’s rupee sank to a fresh all-time low of INR58.15 against the dollar, hurt by broad strength in the US currency and concerns over India's current-account deficit. (WSJ)

Malaysian Economic News…

Civil servants employed on a temporary or contract basis and earning RM3,000 or less per month are eligible to contribute to Social Security Organisation (Socso) from 1 June. Socso chief executive Datuk K. Selvarajah said those earning a monthly salary of more than RM3,000 could still contribute to the fund on condition that they and their employers agreed to be covered under the Socso scheme by submitting their option notice.

Workers who had previously contributed and now earning a salary of more than RM3,000 must continue to contribute in line with the principle that "once you are eligible, you continue to qualify for contribution", he said. (The Star)

With a target to cut the national subsidy bill by more than RM4bn before the end of the year, the government gave signals that the first to get the cut is the oil and gas (O&G) subsidy. Petronas CEO Tan Sri Shamsul Azhar Abbas called subsidies as a "poisoned chacile" that distorts the true picture of energy pricing.

PM Datuk Seri Najib Tun Razak also went on similar lines, voicing an urgency to rework the pricing of goods that has enjoyed substantial subsidies in the past.

Daybreak Malaysia

June 11, 2013

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Najib told the country that "we must do more" to rationalise subsidies among other things.

It is estimated that a total eradication of O&G subsidies will save RM10bn for the exchequer. (Malaysian Reserve)

The Rural and Regional Development Ministry has set up a special committee to coordinate rural development programmes with other ministries. Minister Datuk Seri Mohd Shafie Apdal said that besides physical development, the committee would also coordinate programmes related to making available employment and business opportunities. (Bernama)

JEFI Aquatech Resources Sdn Bhd is collaborating with local and foreign experts on aquaculture research and development (R&D) projects to enhance Malaysia's aquaculture industry by improving its production through biotechnology. The collaborations will be for JEFI's RM375m integrated shrimp farming project in Penang, which is expected to be fully operational in the next three years.

The project consists of a large scale R&D centre, high-productivity hatchery centres, 800-hectare shrimp farm, frozen and dried seafood processing facilities and a high-capacity cold storage warehouse.

"We will implement the R&D centre in 3Q13," said JEFI Group CEO, BJ Tan. (Bernama)

Minister in the Prime Minister's Department, Datuk Seri Abdul Wahid Omar, is expected to come out with a new direction plan for the Economic Planning Unit (EPU) in less than 100 days. "Allow me to take some time to know better the scope and focus of the EPU and the agencies under my jurisdiction," he said. (Bernama)

The percentage of young Malaysians facing debt defaults has been reduced to 10% as at Apr this year from 15.8% in 2009, according to the Credit Counselling and Debt Management Agency (AKPK). It said the younger generation under its Debt Management Programme (DMP) was more savvy in financial management and most of them preferred to use debit card instead of credit card.

"AKPK is concerned about those in the 20-30 age group as they are always in debt. The reduction now shows a healthy indication," AKPK's CEO, Koid Swee Lian, said.

She said AKPK hoped that its credit and financial management education would reach out to 1m people this year from 650,000 people in 2009 via active road shows and smart collaborations.

The reason for the highest default in servicing debt under its DMP was poor financial planning (23% as at Apr this year) and high medical cost (20%). Other reasons are business failures (15%), loss of control in credit card use (11%), loss of work (10%), loss of sole breadwinner (2%), investment failure (1%) and others (18%).

She added that as at Apr this year, 3,412 cases were successfully exited from AKPK's DMP with a total outstanding debt of RM130.86m. (Bernama, BT)

Two export promotion activities organised by the Malaysia External Trade Development Corporation (Matrade) in Algeria in May and Jun generated sales and projects valued at RM197.5m. Matrade said Malaysian exhibitors generated sales mainly for the supply and installation of solar

Daybreak Malaysia

June 11, 2013

4

systems, repair and maintenance of power transformers, telecommunication network equipment and related services, and LED solar aviation lightings. (Bernama)

Asian countries need to find a comprehensive energy settlement in order to tackle pressing global energy issues, taking into account major shifts underway in the oil and gas industry. In making the call, PM Datuk Seri Najib Tun Razak said this settlement could unlock development and profits while deliver sustainable long-term growth.

In extricating Malaysia from the "middle-income trap" syndrome, he said Petronas had been leading a key initiative to establish the country as an energy hub in Asia.

He also said that Petronas was expected to generate RM131.4bn in GNI with over 50,000 new high-skilled jobs to galvanise the country's upstream sector, expand domestic downstream production and venture into clean energy. (Bernama, NST)

Political News…

Anwar Ibrahim’s opposition alliance said it began filing court petitions against the results of 25 parliamentary seats lost in Malaysia’s May 5 general election, enough to swing the overall vote. The official results of 10 state assembly seats will also be contested by the June 12 deadline, opposition strategist Rafizi Ramli said in an e-mailed statement. Separate legal action is later planned against the Election Commission’s chairman, his deputy and board members for allegedly failing to properly implement the use of indelible ink to mark voters’ fingers to prevent multiple voting, he said.

The opposition has evidence showing Home Minister Ahmad Zahid Hamidi exceeded the election campaign spending limit of RM200,000 (US$64,000) when he won the Bagan Datok parliamentary seat in Perak state, Rafizi said. The opposition didn’t specify grounds for disputing the other results challenged. (Bloomberg)

CIMB Group Holdings group MD and CEO Datuk Seri Nazir Razak has described the frank views of AirAsia X head honcho Azran Osman-Rani against Utusan Malaysia and Perkasa as the hallmark of a great leader. "It is this trait, speaking his mind, that makes him a great leader from my perspective. And he has done a great job running this company," said Nazir. (Financial Daily)

Corporate News…

Palm oil stocks fell 5.12% to 1.82m tonnes in May from 1.91m tonnes in April, the Malaysian Palm Oil Board (MPOB) said. It said crude palm oil (CPO) stocks declined 13.52% to 964,644 tonnes last month while processed palm oil increased 6.62% to 851,736 tonnes. It added CPO production in May increased 1.3% to 1.38m tonnes from 1.37m tonnes in the preceding month. (BT)

Please refer to our note for more details.

Maxis has streamlined its business operations into four areas which is designed to make Maxis more agile and cohesive in delivering its integrated propositions across its wide range of products and services, as well as support the company's growth strategies.

The new structure will consist of a team led by joint chief operating officers Nasution Mohamed and Suren J. Amarasekera.

Daybreak Malaysia

June 11, 2013

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Enterprise solutions will be headed by Shanti Jusnita Johari who will manage the company's enterprise, government and small and medium scale enterprise business.

Consumer business will be headed by Dushyanthan Vaithiyanathan responsible for the end-to-end management of all mobile and fixed business for the consumer segment.

Sales and services will be headed by Tan Lay Han. He will lead a team focusing on customer service, channel and supply chain management.

Digital services will be headed by Kugan Thirunavakarasu overseeing the development of Maxis' innovative digital media and cloud-based services including mobile applications. (BT, Maxis)

This news confirms what we had reported on 6 May.We also note that these divisions are now led by local executives, a departure from its previous practise of employing foreign expatriates to head business divisions.

Yinson Holdings Bhd has made a takeover offer for Norway-based Fred Olsen Production ASA for about RM5.20 per share, a deal that would make it the world's sixth-largest floating production, storage and offloading (FPSO) vessel owner and operator.

Oslo-listed Fred Olsen has three FPSOs, one of which is 50%-owned with BW Offshore. All three vessels are on long-term charters.Fred Olsen also operates a mobile offshore production unit that services an oilfield in Antan, Nigeria, alongside one of its FPSOs.

If Yinson secures 100% of Fred Olsen by way of the general offer, it would have to fork out some RM551.34m for the transaction, the company said. Yinson already has the support of Fred Olsen's parent, First Olsen Ltd, which owns 61.54% of Fred Olsen, through an irrevocable and unconditional pre-acceptance of the offer, it added. (Starbiz)

Tanjung Offshore Bhd is in the final stages of acquiring a controlling stake in a foreign oil and gas (O&G) company that owns and manages several offshore oil rigs for a price tag of close to RM1bn. According to a source, if successful, the new asset would become would become Tanjong Offshore's main business. Tanjung Offshore was formerly an offshore supply vessel (OSV) operator and owner, before selling that business to Ekuiti Nasional Bhd (Ekuinas). Sources said Tanjung Offshore would acquire the stake via the issuance of new shares and bonds as well as cash. (Starbiz)

AirAsia X Bhd, the low-cost, long-haul affiliate of the AirAsia group, could raise up to RM1.3bn from its initial public offering (IPO) based on the initial retail price of RM1.45 a share. The IPO is slated for July 10 and is the largest thus far. AirAsia X co-founder and director Tan Sri Tony Fernandes said the carrier would embark on a global roadshow beginning today to promote the company to investors.

“AirAsia X is on the path to growth, this is the best time to list,” he said at a press conference after the launch of the company's prospectus. Depending on whether a greenshoe option was exercised, AirAsia X could raise between RM1.1bn-RM1.3bn, said CIMB group chief executive Datuk Seri Nazir Razak.

CIMB Investment Bank is the principal adviser for the exercise and joint global coordinator together with Credit Suisse (S) Ltd and Maybank Investment Bank Bhd. The IPO consists of up to 790.1m shares, comprising an offer for sale of up to 197.5m existing shares and a public issue of 592.6m new shares. Some 538m shares will be offered to

Daybreak Malaysia

June 11, 2013

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institutional investors while 252.1m will be offered to retail investors, (Starbiz)

CIMB Group Holdings Bhd has received Bursa Malaysia Securities Bhd's approval for dual listing on the Stock Exchange of Thailand (SET). CIMB said the approval by Bursa Securities is subject to, among others, approvals from SET and the Securities and Exchange Commission of Thailand. "CIMB and its adviser must fully comply with the relevant provisions under the Main Market listing requirements of Bursa Securities pertaining to the implementation of the proposed SET listing. (BT)

ANA Holdings, which owns a majority stake in a Japanese discount carrier set up in partnership with AirAsia, said it is considering dissolving the tie-up. Ending the partnership in the venture, AirAsia Japan Co, was one option and no final decision had been made. ANA may buy out AirAsia's 33% stake in the venture. (Bloomberg)

Tan Sri Tony Fernandes said he had anticipated the delay in the completion of KLIA2. This is the reason AirAsia has yet to start building its headquarters near the new terminal. Fernandes said the delay will not impact its operations, adding that the airline has back-up plans. (Financial Daily)

The Energy, Green Technology and Water ministry is mulling carrying out an open bidding process for solar photovoltaic (PV) panel systems. Minister Datuk Seri Maximus Ongkili said this is due to popular demand of the systems from the public saying "We need to be efficient in terms of selecting the applicants." A spokesman from the Sustainable Energy Development Authority (Seda) said an open bidding process will also promote competitiveness in the market, but added that discussions are still in the early stages. (Sun Biz)

Petronas has received the green light from the Vietnamese government to proceed with the development of shallow-water fields in blocks 102 and 106 using the early production system (EPS), according to oil and gas publication Upstream. The publication said bid documents were issued recently for the two principal facilities, a mobile offshore production unit (MOPU) and a floating storage and offloading vessel (FSO), for the long-awaited Ham Rong field development, which has been going for some years. Quoting unnamed sources, it said the contracts being offered were short term, with a fixed period of three years plus two optional years. (Starbiz)

The Malaysian Communications and Multimedia Commission (MCMC) has been urged by Malaysian Consumers Protection and Welfare Board deputy president Dr Lee Nan Sang to monitor telcos which allegedly made hidden charges to postpaid and prepaid users. He said MCMC should also view seriously the matter of personal data protection, breached by third parties who used the phone numbers to send SMSes promising great prizes. (Bernama)

Proton Holdings Bhd launched the Satria Neo R3 in Brunei last week, marking the car's first international debut. Proton believes there is a demand in Brunei for affordable sports hatchbacks that is not being fulfilled, said its deputy chief executive officer Datuk Lukman Ibrahim. "Some of our customers there are waiting for the revival of the iconic Proton Satria Neo so that they can purchase a sports hatchback that is not only competitively priced but proven in quality," he said. (BT)

Daybreak Malaysia

June 11, 2013

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Sunway Bhd, controlled by Tan Sri Jeffrey Cheah, plans to build world-class amusement parks at its two project sites in Johor. Sunway owns 752ha in Medini and Pendas in Iskandar Malaysia, which can easily generate more than RM30bn in gross development value (GDV). The company is planning to develop an education hub, amusement parks, malls, hotels, residences, offices and hospitals there. (Btimes)

Protasco Bhd’s unit, HCM Engineering Sdn Bhd, has been awarded a RM50.4m contract to construct the proposed infrastructure package in Desaru Coast Course, Johor. The contract for the proposed infrastructure package includes road and drainage works for a pe-riod of 12 months commencing June 17. (BT)

Inari Bhd has received a government grant of RM9.1m from the Malaysian Investment Development Authority (Mida) for capital expenditure and purchase of machinery. Inari said its wholly-owned subdiary Inari Technology Sdn Bhd has been given grants under the Local Investment Strategic Fund pertaining to Inari Technology’s activity in “Fine Pitch Flip Chip Assembly”. (BT)

IGB Corp Bhd’s wholly-owned subsidiary Verokey Sdn Bhd has partnered Tower Ray Limited to explore opportunities for property investment in the United Kingdom and such other businesses. IGB said it has established an agreement to form a JV through an equity participation of 50:50 in Black Pearl Limited. (BT)

Daybreak Malaysia

June 11, 2013

8

BMSB: Changes in shareholdings

Type of No of Ave Price

10-Jun-13 Date transaction securities Company (RM)

EPF 5/6 Disposed 2,900,700 IJM CORPORATION

EPF 5/6 Disposed 2,170,100 DIGI.COM

EPF 5/6 Disposed 1,903,500 YTL POWER INTERNATIONAL

EPF 5/6 Disposed 1,781,300 TELEKOM MALAYSIA

EPF 5/6 Disposed 1,726,600 AXIATA GROUP

EPF 5/6 Disposed 1,000,000 HOCK SENG LEE

EPF 4/6 Disposed 545,300 PUNCAK NIAGA

EPF 5/6 Disposed 424,900 MEDIA PRIMA

EPF 5/6 Disposed 219,100 UOA DEVELOPMENT

EPF 5/6 Disposed 200,000 DIALOG GROUP

EPF 5/6 Disposed 198,600 MBM RESOURCES

EPF 5/6 Disposed 174,800 POS MALAYSIA

EPF 5/6 Disposed 36,800 SUNWAY REIT

Skim Amanah Saham Bumiputera 5/6 Disposed 700 DUTCH LADY MILK

Kumpulan Wang Persaraan 3/6-4/6 Disposed 920,000 FELDA GLOBAL VENTURES

Lembaga Tabung Angkatan Tentera 3/6-4/6 Disposed 495,000 TIEN WAH PRESS 

Inter Merger Sdn Bhd 7/6 Disposed 20,000,000 KNM GROUP 0.49

Aberdeen Asset Management PLC 4/6 Disposed 55,000 POS MALAYSIA

Aberdeen Asset Management Asia 4/6 Disposed 55,000 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 31/5-3/6 Disposed 460,700 ALLIANCE FINANCIAL GROUP

EPF 5/6 Acquired 8,975,300 CIMB GROUP

EPF 5/6 Acquired 2,031,700 AMMB HOLDINGS

EPF 4/6 Acquired 1,443,200 MISC

EPF 5/6 Acquired 1,741,400 MALAYAN BANKING

EPF 5/6 Acquired 1,790,000 PERISAI PETROLEUM

EPF 5/6 Acquired 1,648,900 PUBLIC BANK

EPF 5/6 Acquired 1,612,600 AIRASIA

EPF 5/6 Acquired 962,700 WCT

EPF 5/6 Acquired 900,000 YTL CORPORATION

EPF 5/6 Acquired 830,500 MAXIS

EPF 5/6 Acquired 867,500 PRESTARIANG 

EPF 5/6 Acquired 749,600 DRB-HICOM

EPF 5/6 Acquired 730,400 SIME DARBY

EPF 5/6 Acquired 685,200 MALAYSIA AIRPORTS

EPF 5/6 Acquired 644,300 SAPURAKENCANA PETROLEUM

EPF 4/6-5/6 Acquired 541,600 ALLIANCE FINANCIAL GROUP

EPF 5/6 Acquired 438,600 KIAN JOO CAN FACTORY

EPF 5/6 Acquired 286,200 KPJ HEALTHCARE 

EPF 5/6 Acquired 255,100 IJM LAND

EPF 5/6 Acquired 205,900 PETRONAS GAS 

EPF 4/6-5/6 Acquired 204,800 PETRONAS DAGANGAN

EPF 5/6 Acquired 186,100 SP SETIA

EPF 5/6 Acquired 172,000 HARTALEGA HOLDINGS

EPF 5/6 Acquired 103,600 WAH SEONG CORPORATION

EPF 5/6 Acquired 100,000 LAFARGE MALAYSIA

EPF 5/6 Acquired 60,000 BUMI ARMADA

EPF 5/6 Acquired 56,000 IGB CORPORATION

EPF 5/6 Acquired 50,000 FELDA GLOBAL VENTURES

EPF 5/6 Acquired 21,400 LITRAK

EPF 5/6 Acquired 20,800 BRITISH AMERICAN TOBACCO

Lem. Kemajuan Perusahaan Pertanian 23/4 Acquired 2,000,000 SENTORIA GROUP

Aberdeen Asset Management PLC 4/6-6/6 Acquired 119,000 ORIENTAL HOLDINGS

Aberdeen Asset Management PLC 4/6-6/6 Acquired 21,000 UNITED MALACCA

Aberdeen Asset Management PLC 4/6-6/6 Acquired 12,900 TASEK CORPORATION

Aberdeen Asset Management Asia 4/6-6/6 Acquired 119,000 ORIENTAL HOLDINGS

Aberdeen Asset Management Asia 4/6-6/6 Acquired 17,900 UNITED MALACCA

Aberdeen Asset Management Asia 6/6 Acquired 3,300 TASEK CORPORATION

Aberdeen International Fund Managers  4/6-6/6 Acquired 90,000 ORIENTAL HOLDINGS

Aberdeen International Fund Managers  4/6-6/6 Acquired 39,700 UNITED MALACCA SOURCES: BMSB

Daybreak Malaysia

June 11, 2013

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BMSB: Changes in shareholdings

Type of No. of Ave Price

10-Jun-13 Date transaction securities Company (RM)

Aberdeen Asset Management Sdn Bhd 4/6-6/6 Acquired 29,600 UNITED MALACCA

Mitsubishi UFJ Financial Group, Inc 3/6 Acquired 240,300 STAR PUBLICATIONS  SOURCES: BMSB

Daybreak Malaysia

June 11, 2013

10

BMSB: ESOS & others

11-Jun-13 No Of New Shares Date of Listing Nature of transaction

IJM LAND 2,170,881 12-Jun-13 Exercise of Warrants-13

MEDIA PRIMA 320,193  12-Jun-13 Exercise of ESOS

LITRAK 39,000 11-Jun-13 Exercise of ESOS

TRC SYNERGY 20,000 12-Jun-13 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

10-Jun-13 Vol

WINSUN 23,554,700

AMBANK 13,500,000

MQTECH 8,000,000

HUBLINE-WA 8,000,000

IFCAMSC 4,051,600

CHINWEL 4,000,000

CAMRES 3,960,947

MAS 3,725,000

INIX 1,300,000

FRB 1,200,000

MENANG 1,100,000

SCIENTX 1,013,000

GTRONIC 1,000,000

BJLAND 421,008 Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

Daybreak Malaysia

June 11, 2013

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BMSB: Dividends

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

IJM Plantations First interim dividend - single tier 10.00 29-May-13 11-Jun-13 13-Jun-13 27-Jun-13

MRCB First and final dividend - single tier 1.60 28-May-13 11-Jun-13 13-Jun-13 3-Jul-13

& 0.4 less 25% income tax 0.40

IJM Plantations Interim dividend - single tier 7.00 28-May-13 12-Jun-13 14-Jun-13 3-Jul-13

Malaysia Marine Final dividend - single tier 10.00 21-Feb-13 14-Jun-13 18-Jun-13 2-Jul-13

Bumi Armada Final dividend - single tier 3.00 21-May-13 25-Jun-13 27-Jun-13 16-Jul-13

& 0.14 sen less 25% income tax 0.14

Genting Bhd Final dividend - less 25% tax 4.50 6-May-13 26-Jun-13 28-Jun-13 25-Jul-13

KPJ Healthcare Interim dividend - single tier 2.00 22-May-13 26-Jun-13 28-Jun-13 19-Jul-13

Felda Global Ventures  Final dividend - single-tier  8.50 7-Jun-13 27-Jun-13 1-Jul-13 12-Jul-13

Kossan Rubber Industries Final dividend - tax exempt 7.00 18-Apr-13 28-Jun-13 2-Jul-13 16-Jul-13

Puncak Niaga Final dividend - single tier 5.00 3-Jun-13 11-Jul-13 15-Jul-13 6-Aug-13

Mudajaya First interim dividend 3.00 21-May-13 17-Jul-13 19-Jul-13 6-Aug-13

Kuala Lumpur Kepong Interim dividend - single tier 15.00 22-May-13 19-Jul-13 23-Jul-13 14-Aug-13

Kimlun Corporation Final dividend - single tier 4.80 23-May-13 25-Jul-13 29-Jul-13 28-Aug-13

Muhibbah Engineering First and final dividend 5.00 5-Jun-13 16-Aug-13 20-Aug-13 29-Aug-13

- less 25% income tax 

Mah Sing Group First and final dividend - single tier 7.20 31-May-13 5-Sep-13 9-Sep-13 20-Sep-13

& 0.4 sen less income tax of 25%  0.40

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

11-Jun-13 Ann Date Proposed

SUNWAY BHD 5-Apr-13 1 Rights Issue @ RM1.70 : 3 SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

MPHB Capital Berhad 1.00 - 715,000,000 - Main Market 25-Jun-13

AirAsia X 1.45 592,592,600 197,530,900 538,011,800 Main Market 10-Jul-13

No of shares

SOURCES: BMSB

Daybreak Malaysia

June 11, 2013

12

Corporate Actions

June 2013

SUN MON TUE WED THU FRI SAT

1

The Yang di-Pertuan Agong's Birthday

2 3 4 5 6 7 8

External Reserves, External Trade

9 10 11 12 13 14 15

Star briefing IPI, Manufacturing Sales

Top Glove 3Q & conference call

Astro 1Q

16 17 18 19 20 21 22

CIMB Annual Asia Pacific Conference, CPI

CIMB Annual Asia Pacific Conference

External Reserves

23 24 25 26 27 28 29

SP Setia 2Q & briefing

Money Supply, PPI

30

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

June 11, 2013

13

Corporate Actions

July 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Trade External Reserves

7 8 9 10 11 12 13

MPC, IPI, Manufacturing Sales

14 15 16 17 18 19 20

CPI

21 22 23 24 25 26 27

External Reserves

28 29 30 31

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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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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sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates.

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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, 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 Korea Exchange, 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 2012.

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

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