Daybreak Malaysia

February 29, 2012

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

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KLCI 1,556.73 Gainers/Losers… Turnover Regional Indices (-2.31pts /-0.15% ) Gainers 309 1,796 units / RM1,693m KLCI 1,557

Losers 511 3m avg. - RM1,672m FSSTI 2,970

- Feb futures 1556.0 (+0.10% ) Unchanged 309 JCI 3,904

- Mar futures 1557.5 (+0.10% ) SET 1,146

HSI 21,569

What’s on the Table… Genting Bhd - Thrown off course by MI and tax

Thrown off-track by higher minority interests and taxes, Genting Bhd undershot expectations, with FY11 core net profit being only 88% of our forecast and 93% of consensus. Save for the O&G division, earnings growth was commendable across the board. We like Genting Bhd for its diversity and exposure to the lucrative Singapore and resilient Malaysia gaming market. We revise our FY12-13 EPS. Our SOP-based target price is cut for lower targets for Genting Singapore and Genting Malaysia. Maintain Outperform.

UEM Land Holdings - Pushing the envelope in 2012

UEM Land’s final results were way ahead of expectations. The RM2.2bn new sales notched up in FY11 were also impressive. The group has set the bar high for 2012 with headline KPIs of 50% revenue growth, 40% profit growth and 10% ROE. In view of the strong finals and high KPIs, we upgrade UEM Land from neutral to Trading Buy. We also raise RNAV and EPS for the more ambitious KPIs and balance sheet adjustments. Our target price rises because of the higher RNAV and a halving of our RNAV discount to 5%.

Ann Joo Resources - Prospects are heating up

Genting Malaysia - No major surprises in the cards

JT International - Coughing up more for capex

Mah Sing Group - Ending FY11 on a high note

Masterskill Education Group - Flunking the test

Malaysian Bulk Carriers - A rocky boat ride

Media Chinese Int'l - Record quarter in HK but it’s not sustainable

Petronas Chemical Group - Return of the growth machine

Puncak Niaga Holdings - Watered-down expectations

RHB Capital Bhd - Dragged down by a margin squeeze

Supermax Corp - Fits like a glove

Tomypak Holdings - An unstable package

Uchi Technologies - It’s all about the money

Wellcall Holdings - Only if you love dividends

News of the Day… – Malaysia's declining oil production has hit economic growth. – Genting has joined CIMB as part investors in a Sri Lanka IB. – First-generation IPPs must reduce capacity payment. – MAHB may raise its stake in Sabiha Gokcen airport. – Perodua production to be impacted if new lending rules remain. – AirAsia X to axe Christchurch from route network.

Charts & Statistics

Index Chart

FBMKLCI Index

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Mar-11 Jun-11 Sep-11 Dec-11 Mar-12

Source: Bloomberg

Terence Wong CFA

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

Market Indices…Close % change YTD (% chg)

FBMKLCI 1,557 (0.1) 1.7

FBM100 10,567 (0.1) 2.5

FBM SC 12,687 (0.0) 8.7

FBMMES 4,689 (0.2) 15.3

Shanghai 2,452 0.2 11.5

Dow 13,005 0.2 6.4

Nasdaq 2,987 0.7 14.6

FTSE-100 5,928 0.2 6.4

Nikkei 225 9,723 0.9 15.0

Hang Seng 21,569 1.7 17.0

FSSTI 2,970 0.8 12.2

JCI 3,904 1.1 2.1

SET 1,146 1.0 11.8

PCOMP 4,820 0.4 10.3

Top Actives…RM % change Turnover (m)

IFCAMSC 0.135 12.5 170.000

CSL 1.390 13.0 84.984

IFCAMSC-WA 0.055 10.0 67.603

NICORP 0.525 0.0 49.150

TMS 0.090 0.0 40.296

SNTORIA 0.805 (1.2) 36.401

COMPUGT 0.100 5.3 30.335

WINSUN 0.185 8.8 29.955

Economic Statistics…

Close % change

US$/Euro 1.3458 0.45

RM/US$ (Spot) 3.011 (0.22)

RM/US$ (12-mth NDF) 3.0552 (0.24)

OPR (% ) 2.99 (0.33)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1784.23 0.94

WTI crude oil US spot (US$/barrel) 106.55 (1.85)

CPO spot price (RM/tonne) 3,175 (1.27)

Sources: CIMB. COMPANY REPORTS

February 29, 2012

Global Economic News…

The Philippines’ trade deficit narrowed to US$1.2bn in Dec (from US$1.6bn in Nov). (Bloomberg)

Total imports into the Philippines shrank 6.5% yoy in Dec, following a 0.7% increase in Nov. (Bloomberg)

The resale price index showed that overall resale prices in Singapore dipped 0.4% mom, largely led by the 1.9% mom drop in resale prices of homes in the central area. (ST)

Indonesia has cut the number of state-owned enterprises it will restructure this year from 17 to seven. The State-owned Assets Management Company (PPA) will only restructure companies that still have the potential to produce profits. The government expects established major state-owned firms to take over several financially-troubled enterprises and will seek other solutions for other smaller firms previously included in PPA’s restructuring portfolio. (Jakarta Globe)

Indonesia’ government will set a budget deficit expectation of 2.2% of GDP in the revised 2012 budget, Coordinating Minister for the Economy Hatta Rajasa said. The government will submit the revised 2012 state budget bill to the House of Representatives (DPR) by early Mar.

The government would maintain capital spending and increase the budget for infrastructure development using the excess budget from the previous year.

The expansion of the deficit from the earlier target of 1.5% would be made due to the increasing price of subsidized gasoline.

Ministry expenditures which are not a priority would be cut in a bid to save up to Rp22tr.

The deficit target of around 2.2%, excludes the deficit in regional budgets, which are between 0.4 and 0.5%.

The assumption of the Indonesian Crude Price (ICP) would be changed from US$90/bbl.

Inflation could increase to 6-7% if the plan to raise the fuel price is implemented.

The poverty rate would be maintained at 10.5 to 11.5%. (Antara News, Bloomberg)

Head of the Investment Coordinating Board (BKPM) Gita Wirjawan believed Indonesia could achieve the growth target of 6.5% for 2012 particularly after international rating agencies have upgraded the country’s sovereign debt rating to investment grade. (Antara News)

Indonesia's government will propose two options for adjusting the country's fuel-price policy to the house of parliament, with expectations the subsequent adjustment will take effect in Apr, Minister of Energy and Mineral Resources Jero Wacik said.

The first option would be to raise the price of gasoline and diesel by Rp1,500/litre.

February 29, 2012

The second option would be to remove the cap on gasoline and diesel prices while offering a subsidy of Rp2,000/litre. (Kompas)

The Bureau of Internal Revenue of the Philippines collected PP924.1bn in 2011, falling short of its target by 1.7%, or PP15.9bn. Last year’s collection was 12.3% higher than the PP822.6bn in revenues recorded in 2010. (Philippine Daily Inquirer)

The Asean Comprehensive Investment Agreement (ACIA), aimed at increasing both intra- and non-Asean investments, will take effect on 1 Mar. The agreement is part of the process on moving towards the Asean Economic Community (AEC) in 2015, which will attempt to allow a freer flow of investment. (Bangkok Post)

Vietnam’s industrial production growth rate decreased to only 3.9% in the first two months of the year against 12.3% in 2011 due to economic slowdown, according to the General Statistics Office. (Vietnam News)

Thailand’s National Economic and Social Development Board is keeping a close eye on the employment situation in the business sector, especially SMEs, as the layoff prevention and mitigation project will expire in Mar. (Thai Financial Post)

Thailand’s Department of Foreign Trade Deputy Director-General Pongpun Gearaviriyapun exhorted local investors to focus on Malaysia, deemed an attractive investment destination in ASEAN due to its resilience and ability to register a projected growth rate of as much as 5% this year. (Thai Financial Post)

Thailand’s National Economic and Social Development Board Secretary-General Arkom Termpitayapaisit disclosed that 44% of the factories situated within industrial estates have begun manufacturing, whereas 78% of those outside industrial estates have fully recovered. Most factories which still remain inactive belong to the electronics and automotive parts group as new machinery has yet to be installed. (Thai Financial Post)

China’s financial hub of Shanghai joined Beijing and Shenzhen in boosting the minimum wage by 13% to Rmb1,450 (US$230) a month, as policy makers seek to spur consumer spending. (Bloomberg)

The People's Bank of China met with banks to say it would inject money into the market if necessary to aid a liquidity shortage via possible open market operations. (Reuters)

China will step up its plan to turn Shanghai into a yuan-trading centre, including launching new financial products and allowing offshore companies to issue yuan-denominated debt, Shanghai Financial Service Office director general Fang Xinghai announced. (WSJ)

South Korea’s current account recorded a US$772m shortfall in Jan, the first since Feb 2010’s deficit of US$549m, compared with a revised US$2.81bn

February 29, 2012

surplus in Dec. The Bank of Korea expects the current account surplus to fall to around US$13bn this year from US$27.65bn in 2011. (AFP)

Following the downgrade by Standard & Poor’s of Greece’s bonds to “selective default,” the European Central Bank would temporarily refuse to accept Greek debt instruments as collateral, but said national central banks would provide funds to any banks in need. However, the ECB said the Greek bonds would likely become eligible as collateral again in mid-Mar, when a bond swap deal between Greece and its private creditors had been completed. (AFP)

The European Union cancelled talks among Eurozone leaders scheduled to be held this Friday to address the thorny question of increasing the currency area's financial firewall against debt contagion, amid uncertainty over Germany's willingness to raise its contribution and after G20 countries delayed a decision on a related IMF funding increase until Apr. (AFP)

The IMF extended a fresh €3.2bn to Ireland as part of its EU-partnered rescue, after hailing the country's series of reforms and the government’s success in reducing the deficit despite weaker domestic demand. (AFP)

The Eurozone business climate indicator improved marginally to -0.18 in Feb from -0.21 in Jan.

Consumer confidence in the euro area eased to -20.3 in Feb from -20.2 in Jan. The region’s economic confidence rose to 94.4 in Feb from 93.4 in Jan. Industrial confidence increased to -5.8 in Feb from -7 in Jan while sentiment in the services sector declined to -0.9 in Feb from -0.7 in Jan. (Bloomberg)

Ireland will hold a referendum on the eurozone fiscal pact, plunging Europe into months of uncertainty and potentially placing a question mark over Ireland’s membership of the Euro. (FT)

Greece's parliament late on Tuesday approved fresh budget cuts worth €3.2bn by 202 votes to 80 among the 283 lawmakers present. (AFP)

The European Commission’s index of executive and consumer sentiment grew to 94.4 in Feb, the second month of increase, from 93.4 in Jan. Economists had expected a gain to 94. (Bloomberg)

The European Investment Bank, owned by the 27-member bloc, is getting exemptions from Greek debt writedowns in the same way as the euro area’s central bank, according to two regional officials familiar with the matter. (Bloomberg)

US President Barack Obama ordered the creation of the Interagency Trade Enforcement Centre charged with "robust monitoring and enforcement of US rights under international trade agreements" in response to Washington’s perceptions of unfair practices by its major trade partners, particularly China. (AFP)

February 29, 2012

New US durable goods orders fell 4.0% mom in Jan to US$206.1bn (a revised 3.2% in Dec), the steepest decline since Jan 2009’s -13.2%, the Commerce Department reported. Analysts predicted a 0.7% drop. (AFP, Bloomberg)

A survey by Consumer Edge shows discretionary spending by US consumers rose 0.4% mom in Feb, following an increase of 1.3% in Jan. (CNBC)

The US Conference Board gauge of economic confidence rose to 70.8 in Feb, the highest level in a year, from a revised 61.5 in Jan, exceeding the consensus of 63.0 on the back of improvements in the labour and stock markets. (Bloomberg)

The US bank industry has recovered to the point that it can boost the economic recovery by extending more loans, top bank regulator Federal Deposit Insurance Corp said, with bank loan balances rising US$130.1bn, or 1.8% qoq, in 4Q11. (Reuters)

The US S&P/Case-Shiller quarterly national home price index showed home prices fell 3.8% in 4Q11 to the lowest level since 2Q02, in apparent defiance of record-low mortgage rates. The index of real home prices in 20 major urban areas lost 1.1% mom in Dec (a revised -1.3% in Nov) for a full-year loss of 4.0% (a revised -3.8% in 2010). Analysts had expected-0.7% mom and -3.7% yoy. (AFP)

The US ICSC-Goldman Store Sales gauge contracted 1.0% wow for the week ending 25 Feb (3.0% in the prior week), whilst on a yoy basis, the measure grew 2.7% (3.2% in the previous week). (Bloomberg)

Malaysian Economic News…

The East Coast Economic Region (ECER) successfully attracted investments worth RM9bn in 1Q12. ECER Development Council CEO Datuk Jebasingam Issace John said the nine new projects comprise two projects worth RM5.5bn in Mersing, Johor, five projects worth RM2bn in Pahang, one project worth RM1bn in Terengganu and another one project worth RM500m in Kelantan.

In Johor, Radiant Starfish Development Bhd will invest RM4.2bn to develop a fully integrated eco-tourism resort known as Mersing Laguna. Damansara Assets Sdn Bhd will invest RM1bn to develop a resort town known as the Tanjung Leman Integrated Resort and Coastal Township in Mersing.

In Pahang, Encorp Bhd. will develop an integrated tourism resort and international golf course in Cherating with GDV of RM1.3bn. Andaman Sea Foods Sdn Bhd will invest RM225m in an integrated shrimp farm in Kampung Kasing, Rompin, and Gelnas Sdn Bhd will invest RM130m in building a halal gelatine plant in the Gambang Halal Park. Nilai Mahir (M) Sdn Bhd and Johnson Controls Automotive Holdings (M) Sdn Bhd will see a total investment of RM90m in an automotive project in the Pekan Automotive Park and HICOM University College Sdn Bhd will invest RM592.5m to set up an automotive university college within the DRB-HICOM Automotive Hub in Pekan.

In Terengganu, Ocean Aquatic Marine (M) Sdn Bhd together with its joint venture partner, Zhanjiang Guolian Aquatic Products Co Ltd, will

February 29, 2012

invest RM1bn over a five-year period in an integrated shrimp farm in Kampung Pasir Putih, Marang.

In Kelantan, Hongkew Holdings (M) Sdn Bhd will invest RM500m to set up an integrated cement plant in Gua Musang.

"All nine investments will commence this year. The investors are ready to invest in the ECER in their respectively areas," he said.

“The bulk of these investments are from Malaysian companies. This proves that there is still capacity for more local companies to invest domestically,” he said.

In total there will be 12 large-scale investments set to create 20,000 jobs in Pahang, Terengganu, Kelantan and Johor. The three investments already approved previously in the ECER are Tioxide (M) Sdn Bhd (RM275m), East Coast Universe Smelting & Mining (M) Sdn Bhd (RM80.3m) and Q-Porcelain Manufacturing Sdn Bhd (RM7.8m).

Jebasingam said the ECERDC was set to revise upward its investment target to RM15bn this year as the investment for the 1Q12 had almost hit the RM10bn investment target.

To date, the government has invested some RM2bn for infrastructure development in the ECER to support private sector investments. (The Star, Malaysian Insider)

Malaysian building and construction sector companies are eyeing a slice of the US$160bn worth of projects in Qatar through their participation in the upcoming Malaysia Services Exhibition (MSE 2012) in Qatar. The multi-billion dollar construction and infrastructure projects will be required as Qatar is hosting the 2022 FIFA World Cup, said the Malaysia External Trade Development Corporation (Matrade). (Bernama)

The Franchise Malaysia Mission to Guangzhou, China, has yielded an investment potential of RM124.95m. This follows preliminary business discussions with 37 potential franchisees, according to a statement by the Ministry of Domestic Trade, Cooperatives and Consumerism Tuesday. (Bernama)

Malaysia's declining oil production has hit economic growth by as much as a full percentage point or more, said Minister in the Prime Minister's Department, Datuk Seri Idris Jala. However, the economy managed to grow by 5.1% last year showed that other sectors were still growing, he said.

The output from the oil and gas (O&G) sector had declined by 5.7% last year. The decline in oil production was largely attributed to problems in the Kikeh oil field off Sabah and maturing oil fields off Peninsular Malaysia.

Jala said that Murphy Oil had encountered "a serious problem" with sand in Kikeh which had impaired production levels and would take two years or more to fix.

Under the Economic Transformation Programme, some RM132bn worth of commitments to O&G projects had been announced so far which would make it possible to arrest the decline of production over the next 10 years, he said. (Malaysian Insider)

A Malaysian Indian Economic Conference (MIEC) will be held next month to help transform the community’s economic landscape. The three-month long programme, which starts on 18 Mar, comprises free forums

February 29, 2012

and outreach service programmes which would be held nationwide to gather feedback from the grassroots level and address community issues. A Malaysian Indian Economic Blueprint would later be formulated based on findings. It is expected to be submitted to the PM during a national-level conference to be held in Jun. (The Star)

The government has allocated more than RM85m for rural development districts nationwide this year. Rural and Regional Development Minister Datuk Seri Shafie Apdal said the allocation would be for projects undertaken by the South-East Johor Development Authority (Kejora) in Johor, Central Terengganu Development Authority (Ketengah) in Terengganu, South Kelantan Development Authority (Kesedar) in Kelantan and Kedah Regional Development Authority (Keda). The allocations for the development districts this year included RM20.7m for Kejora, RM21.5m for Ketengah, RM23.6m for Kesedar and RM20.9m for Keda. (The Star)

On the liberalisation of the service sub-sectors, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said of the 17 identified, eight have been allowed to hold 100% foreign equity. The remaining nine will be liberalized in phases by the end of the year. They include primary and secondary education services, courier services, telecommunications services (network facilities provider), specialized medical and dental services, legal services, architectural services and engineering services. The biggest difficulty has been legal services, Mustapa said, adding that some amendments have to be made to the Legal Profession Act to enable the move. (BT)

Political News…

PAS research chief Dzulkefly Ahmad said the Islamic party is ready to accept non-Muslims in positions as high as deputy president. The Kuala Selangor MP said the party was ready to emulate Egypt’s Freedom and Justice Party (FJP), which appointed Coptic Christian intellectual Rafiq Habib as its vice president last year. “The fundamental principle is that there are some things in Islam which are mandatory and some that are not. This is not,” Dzulkefly said. (Malaysian Insider)

Corporate News…

Genting Bhd has joined CIMB Group Holdings Bhd and two individuals as shareholders of an investment banking outfit in Sri Lanka. Through wholly-owned Vista Knowledge Pte Ltd, Genting will have a 20% stake in CIMB Pte Ltd, which is 45% owned by CIMB Group. (StarBiz)

The first generation independent power producers (IPP) "must agree to reduce capacity payment for the current concession" in order to extend the existing power purchase agreements by 10 years, said Energy Commission (EC) chairman Tan Sri Dr Ahmad Tajuddin Ali. However, he declined to reveal the quantum for the capacity payment reduction. The capacity payment of IPP are not known as they are not revealed to the public. (Financial Daily)

As bids come in for his power assets, it is already evident that Ananda Krishnan could net a gain of up to RM4bn from his surprise privatization of Tanjong just 19 months ago at a cost of RM8.8bn. Saudi Arabia & Electricity Co is said to have bid as high as RM10.85bn for Ananda’s power assets, reportedly the highest among 12 bids received. (Financial Daily)

February 29, 2012

1Malaysia Development Bhd, a state investment company, is among bidders for billionaire Tan Sri T Ananda Krishnan's power assets in an auction that may raise about US$3bn (RM9.04bn), two people with knowledge of the matter said. As many as four groups have been put on a shortlist to bid for the assets, said one of the people, who declined to be named as the process is private. (Malaysian Reserve)

18 entities comprising individual IPPs or a consortium of IPPs have submitted bids to the Energy Commission (EC) for the supply of up to 1,400MW of power to the country by 2016 and 2017. Energy Commission chairman Tan Sri Dr Ahmad Tajuddin Ali said prequalification will be carried out and the results will be known by March 19. "Those successful will be required to build gas-fired plants in Peninsular Malaysia," he said. The initial tender will be for a 750MW gas-fired plant in Prai, Penang. Some 4,500MW of newly-installed capacity will come on board Malaysia's power sector by 2016 and 2017. Out of the 3,500MW of power being offered for tenders, 1,400MW are for gas-fired plants while the remaining 2,100MW can be for new combined-cycle or coal-fired power plants. (BT)

Tenaga Nasional is expected to perform better in the current second quarter ending today, thanks to higher average gas supply from Petronas as well as the RM2bn compensation as part of fuel cost-sharing mechanism. “Gas supply is now better thanks to Petronas. It has been giving us an average 1,100 mmscfd and our requirement is 1,250 mmscfd,” said CEO Datuk Seri Che Khalib. (Star Biz)

Malaysia Airports Holding Bhd (MAHB) may raise its stake in Istanbul's second largest airport, according to three people with knowledge of the situation. The companies that operate Sabiha Gokcen International Airport are working with Rothschild to manage a potential sale, said the people, who declined to be identified. (Malaysian Reserve)

Perushaan Otomobil Nasional Bhd (Perodua) says its inventory has risen and could impact production if the new lending rules are not reviewed. Managing director Datuk Aminar Rashid Salleh said the automotive ecosystem has been hit by the new rules as approval time for loans has lengthened and thereby affecting sales of automotive dealers. He proposed that the new guidelines, which came into effect on January 1 this year, be implemented in stages to soften the impact on both the players and consumers. Aminar said financial institutions should take into consideration the government's desire to see growth in the industry by increasing competitiveness as well as a better business environment for all in line with the soon-to-be announced revised National Automotive Policy.(BT)

CWorks Systems Bhd, controlled by Mohamed Ridzuan Nor Md, is in advanced talks to take over privately-held Kpisoft International Pte Ltd (KIPL). At least two people familiar with the matter confirmed that Kpisoft’s management had made a presentation to the Cworks’ board yesterday.” They are expected to sign a deal soon so that the due diligence process can take place. An announcement to the stock exchange should come in sometime this week,” said one of the sources.

Kpisoft made headlines late last year when a rival listed company said that it had bought a stake in it. In Nov, Fitters Diversified Bhd told Bursa Malaysia that it had purchased a 30% stake in Kpisoft for RM6.5m. Kpisoft’s revenue for the current year is expected to be in the RM20m range and Kpisoft is projecting RM10m pretax profit this year. “Furthermore both CWorks and KIPL are both IT (information

February 29, 2012

technology) platform companies, hence there is room for synergies,” said the source.

BT understands that a deal will be done via a share swap and some cash, as Cworks has zero gearing. Mohamed Ridzuan owns just under 9% of Cworks but parties aligned to him control some 27%, and by gaining control of Kpisoft, Cworks will be able to pitch for bigger government jobs. Kpisoft, which does scorecard management for the likes of Telekom Malaysia, Tenaga Nasional, Petroliam Nasional, Malayan Banking, Sime Darby and the Securities Commission. (BT)

The oil and gas (O&G) output is likely to see an upswing within the next five years and continue to contribute significantly, together with the services sector, to GDP. Datuk Seri Idris Jala said last year, the sector declined by 5.7% and the lower oil output had affected economic growth. Idris said O&G is still Malaysia’s single largest sector and if we had no decline, the GDP growth last year could have been more than 6% or maybe 6.5%. The decline was mainly due to the maintenance works in Peninsular Malaysia and the drop in production of the Murphy Oil’s Kikeh field. (Bernama)

Bread and confectionery maker Silver Bird Group Bhd's board is understood to have suspended three key executives, including the managing director, one executive director and the general manager with immediate effect, pending the outcome of an internal investigation into what is alleged to be financial irregularities, sources said.

At present, the details of the alleged financial irregularities are not known.

Silver Bird is expected to make an announcement pertaining to the delayed audited financial results and the suspension of its senior officials today. (Financial Daily)

AirAsia X is set to axe its KL-Christchurch-KL route, after withdrawal from popular European and Indian cities earlier this year. Some claimed that the airline was making losses on the route although it did stimulate demand for the twice weekly flights to New Zealand. AAX seemed to be focusing on routes that were in the eight to nine-hour flying radius. (Star Biz)

PJI Holdings Bhd has won two contracts worth more than RM31m in total, which are expected to be completed by Nov-2013. The company received a letter of award from Ocean Electrical Co Sdn Bhd worth RM22.1m for works in Penang. and from Bina Puri Sdn Bhd to undertake a RM9m subcontract for the execution of electrical services for a project in Kota Kinabalu. (BT)

TSM Global Bhd has received a takeover offer worth RM159.24m or RM1.25 per share from West River Capital Sdn Bhd, a company controlled by TSM's substantial shareholders and directors Datuk Lim Kheng Yew and partner Lim Tze Thean. To date, West River Capital and people acting in concert collectively hold 28.07% stake in TSM. (Malaysian Reserve)

Oriental Holdings Bhd has denied news report speculating the company was embarking on a possible privatisation exercise. “We wish to deny the statements in connection with proposed privatisation and change in leadership of the company,” the company said in a filing to Bursa Malaysia yesterday. Oriental added that it had no intention to go for privatisation or undergo a leadership change at the moment. (BT)

February 29, 2012

BMSB: Changes in shareholdings

Type of No of Ave Price

28-Feb-12 Date transaction securities Company (RM)

EPF 20/02-23/02 Disposed 18,296,800 MALAYAN BANKING

EPF 23/02 Disposed 1,827,500 TELEKOM MALAYSIA

EPF 22/02-23/02 Disposed 188,000 PPB GROUP

EPF 23/02 Disposed 462,400 ORIENTAL HOLDINGS

EPF 22/02 Disposed 500,000 AEON CO

EPF 22/02 Disposed 100,000 AFFIN HOLDINGS

EPF 23/02 Disposed 414,000 PETRONAS GAS

EPF 23/02 Disposed 264,200 DIGI.COM

EPF 23/02 Disposed 144,800 SUPERMAX

EPF 23/02 Disposed 356,500 MALAYSIAN BULK

Kumpulan Wang Persaraan 23/02 Disposed 414,000 IJM CORPORATION

Smart Tower Sdn. Bhd. 23/02-27/02 Disposed 3,000,000 NEXTNATION 0.11

EPF 23/02 Acquired 1,635,000 GAMUDA BERHAD

EPF 23/02 Acquired 2,960,300 AXIATA GROUP

EPF 23/02 Acquired 1,000,000 TH PLANTATIONS

EPF 23/02 Acquired 1,906,300 MAXIS BHD

EPF 23/02 Acquired 4,159,900 DIALOG GROUP

EPF 23/02 Acquired 2,500,000 KENCANA PETROLEUM

EPF 23/02 Acquired 1,000,000 BIMB HOLDINGS

EPF 23/02 Acquired 2,800,000 AIRASIA BERHAD

EPF 23/02 Acquired 469,600 IGB CORPORATION

EPF 23/02 Acquired 500,000 GENTING PLANTATIONS

EPF 22/02-23/02 Acquired 354,700 ALLIANCE FINANCIAL

EPF 23/02 Acquired 85,700 MAH SING

EPF 23/02 Acquired 10,000 NESTLE

Kumpulan Wang Persaraan 23/02 Acquired 91,500 WAH SEONG

Kumpulan Wang Persaraan 23/02 Acquired 798,000 WCT BERHAD

Kumpulan Wang Persaraan 23/02 Acquired 20,000 PETRONAS GAS

Aberdeen Asset Management PLC 27/02 Acquired 9,000 SHANGRI-LA

Aberdeen Asset Management PLC 22/02-23/02 Acquired 430,000 AEON CO

Aberdeen Asset Management PLC 22/02 Acquired 178,000 ORIENTAL HOLDINGS

Pacific Mutual Fund Bhd 23/02 Acquired 250,000 WTK HOLDINGS

Dato' Tan Wei Lian 27/02 Acquired 315,000 TIGER SYNERGY 0.14

Berjaya 28/02 Share buy-back 600,000 BERJAYA CORPORATION 0.96

YTL 28/02 Share buy-back 3,701,000 YTL CORPORATION 1.58

***Notice of Person Ceasing to be a Substantial Shareholder SOURCES: BMSB

February 29, 2012

BMSB: ESOS & others

29-Feb-12 No Of New Shares Date of Listing Nature of transaction

TH PLANTATIONS 411,000 29-Feb-12 Exercise of ESOS

TSH RESOURCES 748,000 29-Feb-12 Exercise of ESOS

YNH PROPERTY 387,000 29-Feb-12 Exercise of ESOS

S P SETIA 5,877,802 29-Feb-12 Exercise of ESOS

MEDIA PRIMA 147,058 29-Feb-12 Exercise of ESOS

LITRAK 372,000 29-Feb-12 Exercise of ESOS

GAMUDA BERHAD 2,574,000 29-Feb-12 Exercise of ESOS

S P SETIA 6,384,200 01-Mar-12 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

28-Feb-12 Vol

AXREIT 685,000

CSL 10,000,000

EKOVEST 700,000

HARVEST 4,500,000

INTEGRA 1,200,000

JCY 10,309,700

KPJ-WA 1,000,000

KRETAM 1,065,000

MPI 505,000

PBBANK 100,000

PROTON-CG 608,969

SNTORIA 10,000,000

TSH 802,600

TWS 500,000

WARISAN 1,100,000

YTLPOWR 26,000,000 Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

February 29, 2012

BMSB: Dividends

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

BAT BHD 4th Interim - single-tier 66.00 16-Feb-12 6-Mar-12 8-Mar-12 23-Mar-12

WAH SEONG 2nd Interim -TE 3.00 22-Feb-12 7-Mar-12 9-Mar-12 2-Apr-12

HARTALEGA 2nd Interim 6.00 22-Feb-12 8-Mar-12 12-Mar-12 28-Mar-12

KLCC PROPERTY 2nd Interim - single-tier 5.00 24-Feb-12 8-Mar-12 12-Mar-12 23-Mar-12

PETRONAS DAGANGAN Interim 15.00 24-Feb-12 8-Mar-12 12-Mar-12 27-Mar-12

GENTING PLANTATIONS Special 6.25 27-Feb-12 9-Mar-12 13-Mar-12 27-Mar-12

JCY INTERNATIONAL Interim - single-tier 2.00 9-Feb-12 9-Mar-12 13-Mar-12 10-Apr-12

CIMB GROUP 2nd Interim - single-tier 10.00 27-Feb-12 9-Mar-12 13-Mar-12 30-Mar-12

JOBSTREET 4th Interim - single-tier 1.75 22-Feb-12 12-Mar-12 14-Mar-12 30-Mar-12

DRB-HICOM Interim 2.00 24-Feb-12 12-Mar-12 14-Mar-12 30-Mar-12

HONG LEONG BANK Interim 11.00 27-Feb-12 13-Mar-12 15-Mar-12 28-Mar-12

YTL POWER 2nd Interim -TE 9.38 23-Feb-12 13-Mar-12 15-Mar-12 30-Mar-12

MAXIS BERHAD Interim - single-tier 8.00 24-Feb-12 13-Mar-12 15-Mar-12 30-Mar-12

LAFARGE MALAYAN 4th Interim - single-tier 10.00 22-Feb-12 13-Mar-12 15-Mar-12 12-Apr-12

WELLCALL 1st Interim - single-tier 4.00 28-Feb-12 13-Mar-12 15-Mar-12 29-Mar-12

COCOALAND 2nd Interim -TE 6.00 27-Feb-12 15-Mar-12 19-Mar-12 16-Apr-12

IOI CORPORATION 1st Interim - single-tier 7.00 23-Feb-12 14-Mar-12 16-Mar-12 29-Mar-12

MASTERSKILL 2nd Interim - single-tier 1.40 28-Feb-12 14-Mar-12 16-Mar-12 9-Apr-12

STAR PUBLICATIONS 2nd Interim - 9.00 27-Feb-12 28-Mar-12 30-Mar-12 18-Apr-12

single-tier + Special (3 Sen TE)

GUINNESS Interim - single-tier 10.00 23-Feb-12 28-Mar-12 30-Mar-12 26-Apr-12

DUTCH LADY Interim - 130.00 24-Feb-12 26-Apr-12 30-Apr-12 21-May-12

single-tier + Speical ( 80 Sen)

CARLSBERG Final + Special ( 2 Sen -TE) 67.50 24-Feb-12 2-May-12 4-May-12 18-May-12

TASEK CORPORATION Final + Special ( 50 Sen) 80.00 16-Feb-12 16-May-12 18-May-12 15-Jun-12

NESTLE Final - single-tier 125.00 23-Feb-12 14-May-12 16-May-12 30-May-12

SUPERMAX Final - TE 1.75 28-Feb-12 6-Jun-12 8-Jun-12 28-Jun-12

MALAYSIA MARINE Final - single-tier 10.00 21-Feb-12 11-Jun-12 13-Jun-12 4-Jul-12

SOURCES: BMSB

February 29, 2012

Corporate Actions

February 2012

SUN MON TUE WED THU FRI SAT

1 2 3 4

Federal Territory Day F&N 1Q

5 6 7 8 9 10 11

Prophet Muhammad's Birthday

Replacement of Prophet Muhammad's Birthday

Thaipusam MRCB 4Q, JCY 1Q, Pavilion REIT 4Q

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

Malaysian Genomics 2Q

12 13 14 15 16 17 18

Hektar REIT 4Q Dialog 2Q, AMMB 3Q, Hap Seng Plants 4Q

GDP, BOP Tasek 4Q, BAT 2Q

19 20 21 22 23 24 25

MSM 4Q, Daibochi 4Q, Affin 4Q

JobStreet 4Q, MAHB 4Q, MMHE 4Q, Unisem 4Q, AFG 4Q

External Reserves, Hartalega 3Q, AirAsia 4Q, KLK 1Q, IJM 3Q, Perisai 4Q, Wah Seong 4Q, MISC 3Q, Xingquan 2Q, Petronas Gas 3Q, Lafarge 4Q

YTL Power 3Q, Axiata 4Q, Nestle 4Q, WCT 4Q, Media Prima 4Q, IOI Corp 2Q, Mudajaya 4Q, UOA Dev 4Q, Guinness 2Q, Maybank 2Q, Imaspro 4Q

Maxis 4Q, PetDag 3Q, Tan Chong 4Q, UMW 4Q, TM 4Q, Latexx 4Q, Kossan 4Q, Pelikan 4Q, DRB 3Q, KLCC Prop 4Q, Carlsberg 4Q

26 27 28 29

Genting Plants 4Q, Cocoaland 4Q, Star 4Q, Bumi Armada 4Q, E&O 3Q, JTI 4Q, PCHEM 4Q, Hong Leong Bank 2Q

Genting Msia 4Q, Genting 4Q, UEML 4Q, Mah Sing 4Q, Uchi 4Q, Wellcall 1Q, Ann Joo 4Q, RHB Capital 4Q, Puncak 4Q, Supermax 4Q, Tomypak 4Q, CMS 4Q, Maybulk 4Q, Masterskill 4Q, MCIL 3Q, Alam 4Q

Money Supply, PPI, UML 4Q, Sime Darby 2Q, Eksons 3Q, Sunway 4Q, Muhibbah 4Q, Perdana 4Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

February 29, 2012

Corporate Actions

March 2012

SUN MON TUE WED THU FRI SAT

1 2 3

Supermax briefing, MMC briefing

4 5 6 7 8 9 10

External Trade, External Reserves

MPC

11 12 13 14 15 16 17

IPI, Manufacturing Sales

18 19 20 21 22 23 24

CPI SP Setia 1Q, External Reserves

25 26 27 28 29 30 31

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

February 29, 2012

15

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16

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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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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 and Jakarta 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)

February 29, 2012

17

Recommendation Framework #2 **

Stock Sector

OUTPERFORM: Expected positive total returns of 15% 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 +15% or better over the next 12 months.

NEUTRAL: Expected total returns of between -15% and +15% 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 +15% (or better) or -15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next 12 months.

UNDERPERFORM: Expected negative total returns of 15% 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 -15% or worse over the next 12 months.

TRADING BUY: Expected positive total returns of 15% 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 +15% or better over the next 3 months.

TRADING SELL: Expected negative total returns of 15% 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 -15% or worse over the next 3 months.

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

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

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

ADVANC - Excellent, AMATA - Very Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCP - Excellent, BEC - Very Good, BECL - Very Good, BGH - not available, BH - Very Good, BIGC - Very Good, BTS - Very Good, CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not available, GLOW - Very Good, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, ITD - Good, IVL - Very Good, KBANK - Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good, SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very Good, THAI - Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF - Very Good: