Malaysia Daybreak | 23 December 2014
Transcription
Malaysia Daybreak | 23 December 2014
REGIONAL DAILY December 26, 2012 MALAYSIA Malaysia Daybreak —————————————————————————————————————————————————————————————————————— FBMKLCI Index Plantations - CPO exports to remain duty-free till Feb 2015 1,900 1,850 1,800 1,750 1,700 1,650 1,600 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 ——————————————————————————— FBMKLCI 28.06pts 1.64% Dec Futures Jan 15 Futures 1749 - (2.13% ) 1752 - (1.00% ) Losers Malaysia has extended the export tax exemption on CPO to end-Feb 2015 to boost CPO exports and reduce inventories. We are neutral on this move as the CPO export tax will likely stay at zero anyway given the current CPO price of RM2,119/tonne, which is below the reference rate of RM2,250 that will trigger the export tax. This also means that CPO will be tax-exempt for the sixth straight month, from Sep 14 to Feb 15. We maintain our view that CPO prices will remain rangebound at RM2,000-2,500 per tonne for the rest of the year as well as our Neutral rating on the sector. Our preferred picks are First Resources, Astra Agro and SIMP. Autos - Driven by Axia in November ——————————————————————————— Gainers 23 December 2014 ▌What’s on the Table… Key Metrics 1744.05 | Unchanged 700 198 221 ——————————————————————————— Turnover 1584.06m shares / RM1636.771m 3m avg volume traded 1983.45m shares 3m avg value traded RM1973.31m ——————————————————————————— Regional Indices FBMKLCI FSSTI JCI SET HSI 1,744 3,331 5,126 1,537 23,409 ———————————————————————————————— Market Indices Close % chg YTD % chg FBMKLCI 1,744.05 1.6 (6.6) FBM100 11,727.72 1.6 (6.8) FBMSC 15,169.53 2.2 (3.3) FBMMES 5,734.05 2.3 1.0 Dow Jones 17,959.44 0.9 8.3 NASDAQ 4,781.42 0.3 14.5 FSSTI 3,330.96 1.6 5.2 FTSE-100 6,576.74 0.5 (2.6) SENSEX 27,701.79 1.2 30.8 Hang Seng 23,408.57 1.3 0.4 JCI 5,125.77 (0.4) 19.9 KOSPI 1,943.12 0.7 (3.4) Nikkei 225 17,635.14 0.1 8.2 PCOMP 7,139.27 0.2 21.2 SET 1,536.83 1.5 18.3 Shanghai 3,127.45 0.6 47.8 Taiwan 9,095.00 1.1 5.6 ———————————————————————————————— Top Actives The TIV for November 2014 received a boost from the overwhelming success of Perodua Axia. As a result, November’s TIV grew 2.1% yoy and 5.9% mom to 55,313 units, resulting in a YTD November 2014 TIV growth of 1.1% yoy to 601,805 units. The success of Axia is consistent with the current consumer trend of preferring affordable cars with good fuel efficiency, driven by fuel subsidy rationalisation and the increasing cost of living, and we believe this trend will persist into 2015. Berjaya Auto remains our only Add call and is our top pick for the sector, which we rate as Neutral. ▌News of the Day… —————————————————————————————————————————————————————————————————————— • US existing home sales fell 6.1% mom to a 4.93m annual rate in Nov • The export tax exemption for Malaysia’s palm oil will last until 28 Feb • Motor vehicles sales in Malaysia increased to 55,313 units in Nov 14 • Banalec is positive of closing the sale of reclamation works contract in Johor • Salcon has been awarded a RM470m sub-contract from MMC Corp • Mulpha International is buying land in Australia for A$120m Close % chg Vol. (m) ICON OFFSHORE 0.785 (19.5) 68.8 MUI 0.280 14.3 59.1 SUMATEC 0.240 9.1 54.9 KNM GROUP 0.520 7.2 49.0 PERISAI 0.520 11.8 41.1 PAN MALAYSIA 0.435 45.0 36.4 MINETECH 0.095 (5.0) 30.4 BUMI ARMADA 1.210 4.3 29.2 ———————————————————————————————— Economic Statistics US$/Euro RM/US$ (Spot) RM/US$ (12-mth NDF) OPR (% ) BLR (% , CIMB Bank) GOLD ( US$/oz) WTI crude oil US spot (US$/barrel) CPO spot price (RM/tonne) Close 1.2231 3.4880 3.5979 3.05 6.85 1,176.17 54.96 2,141.00 % chg 0.01 (0.04) 0.77 0.33 0.00 (0.02) (2.76) 1.09 ———————————————————————————————————————— Terence WONG, CFA T (60) 3 2261 9088 E [email protected] Show Style "View Doc Map" IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Daybreak│Malaysia December 23, 2014 Global Economic News US existing home sales fell 6.1% mom to a 4.93m annual rate in Nov (+1.4% mom to a 5.25m pace in Oct), the weakest reading since May. (Bloomberg). The US Chicago Fed's National Activity Index climbed to +0.73 in Nov (+0.31 in Oct). (WSJ) Eurozone’s preliminary measure of consumer confidence rose to -10.9 in Dec (-11.5 in Nov). (WSJ) Gathered in Abu Dhabi for a key conference, senior energy officials from Arab Gulf nations insisted that the Organization of the Petroleum Exporting Countries (OPEC) members will not cut production despite the freefall in oil prices. Iraq's oil minister said that OPEC remains united in its decision not to rein in production, but let the market decide the oil price, despite the uneven impact the stark slide in oil prices is having on the economies of member countries. (CNA, WSJ) China eased restrictions on branch openings and yuan transactions by foreign banks as it opens its domestic financial industry. China will drop from 1 Jan the requirement that a foreign bank’s parent transfer a specific level of operating funds to any new Chinese branch, according to a statement by the State Council. Foreign banks will be eligible to apply to conduct yuan transactions after operating in China for one year, from a previous three years, and the requirement for two consecutive years of profit will be dropped, the statement showed. (Bloomberg) China unveiled rules for a nationwide property-registration system, which will take effect on 1 Mar 2015, to help discourage speculative home purchases in China and pave the way for the eventual implementation of an annual tax on property values. (WSJ) China's yuan should be able to remain basically stable despite recent weakness, People’s Bank of China (PBoC) said, as economic fundamentals are supporting the yuan. (WSJ) China says it is willing to provide assistance to Russia following recent sharp drops in the value of its currency, as President Vladimir Putin's regime faces continuing strains with the US and Europe. No details or specifics were offered on the proposal. (WSJ) South Korean government trimmed its 2015 GDP growth forecast to 3.8% (4.0% projected in Jul), the finance ministry said, citing weaker-than-expected domestic demand. The estimate for GDP growth this year was also revised down to 3.4% from 3.7%. The economy grew 3% in 2013. (WSJ) 2 Daybreak│Malaysia December 23, 2014 Taiwan's unemployment rate was 3.89% in Nov (3.95% in Oct). On a seasonally-adjusted basis, the rate was 3.87% in Nov, unchanged from Oct. (WSJ) Taiwan's export orders rose 6% yoy in Nov (+13.4% yoy from Oct) with orders totalling US$43.51bn (US$44.9bn in Oct). (Reuters) Malaysian Economic News Malaysia's international reserves amounted to RM394.1bn as at 15 Dec. The central bank said the reserves position was sufficient to finance 7.9 months of retained imports and was 1.1 times the short-term external debt. The bank said the main components of the international reserves were foreign currency reserves (US$110.3bn), International Monetary Fund position (US$1bn), Special Drawing Rights (SDRs) (US$1.9bn), gold (US$1.4bn) and other reserve assets (US$6.1bn). Bank Negara's total assets stood at RM419.43bn. (Malaysian Insider) The Malaysian Highway Authority has announced discounts between 5%-37.5% for motorists using selected highways during Christmas Day. The highways involved are North-South Highway (except Plaza Tol Bukit Kayu Hitam and Bangunan Sultan Iskandar), Seremban-Port Dickson Highway, Elite Highway, Kulim-Butterworth Highway, Linkedua (except Plaza Tol Tanjung Kupang), Koridor Guthrie, Kemuning Shah Alam Highway, Ampang Elevated Highway, SMART 2, Kesas, KL-Karak Highway, East Coast Highway phase 1, Duta Ulu Kelang Expressway, New Pantai Expressway, Lebuhraya Pintas Selat Kelang Utara Baru, KL-Putrajaya Expressway, Sungai Besi Highway, Senai Desaru Expressway, South Klang Valley Expressway, Damansara Puchong Highway and Lebuhraya Sistem Penyuraian Trafik KL-Barat toll users on Christmas day. (NST) The government should consider reinstating some form of currency or capital control measures to stem the outflow of funds and stabilise the weakening ringgit, said former Prime Minister Tun Dr Mahathis Mohamad. He said the present government can stop the depreciation of the ringgit if currency control measures are enforced, with the advice of Bank Negara Malaysia. (Malaysian Reserve) Malaysia’s palm oil exports, the world’s largest producer after Indonesia, will remain duty-free for a sixth month as the government seeks to boost shipments and reduce inventories to support prices. The export tax exemption will last until 28 Feb as a temporary measure to help cushion the impact of declining crude palm oil prices on the plantation industry, including smallholders. (Financial Daily) Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz said Malaysia is expected to attract 1.4m Chinese tourist arrivals next year. He said among the steps taken to woe Chinese tourists to Malaysia, was looking at the need to waive the visa charges of RMB 80 (RM44.83) per person. Currently six ASEAN countries - Cambodia, Indonesia, Laos, Vietnam, Thailand and the Philippines have waived the visa fee for the Chinese tourists. (Bernama) 3 Daybreak│Malaysia December 23, 2014 Property investors and developers want clarifications from the government on the implementation of the Anti-Profiteering Act 2011 alongside the Goods and Services Tax (GST). They said that although the government has outlined the guidelines and formulae for the property market, it was still unclear how the property investors and developers would face the GST, with certain issues still needing answers. (Malay Mail) Trade associations are projecting a challenging year ahead, with many expecting growth to be “conservative” at best. Business owners believe the new goods and services tax (GST) will burden consumers and add to the already high cost of doing business, despite repeated assurances from the government that its impact will be minimal. (Financial Daily) The government launched a new website dedicated to Malaysia's chairmanship of the Asean 2015 summit. The website, http://asean2015.gov.my, is intended to provide information, updates and news on important occurrences throughout the summit, the Foreign Ministry said in a statement. “This dedicated website is also designed to provide quick and easy access to essential information to assist relevant agencies to register online for accreditation and issuance of security passes,” the statement said. (Star) Under fire over its billion ringgit funds parked at the Cayman Islands, 1Malaysia Development Berhad (1MDB) said repatriating it back to Malaysia would have exposed the money to fluctuations on the foreign exchange market. Board of directors chairman Tan Sri Lodin Wok Kamaruddin said to maintain a strong liquidity position with a truly diversified global portfolio, the funds were invested in a 1MDB subsidiary that was registered in the Cayman Islands. "However, the company has already redeemed a significant portion, US$1.4bn (RM4.87bn), of the fund and expects to redeem the remaining amount in the coming months," he said. (Malaysian Insider) Political News PKR has confirmed that a political bureau meeting had been convened to discuss the issue of hudud implementation yesterday. (Malaysiakini) While DAP is crying foul over ally PAS's plan to go ahead with implementing hudud in Kelantan, PKR is taking a more cautious stand by requesting to see the draft of the proposed amendment to the state Islamic laws. With talks gaining ground that the Islamist party's insistence to go ahead with the proposal would lead to the opposition Pakatan Rakyat (PR) coalition break-up, PKR is treating this matter carefully. The youngest party in the coalition wants to avoid "falling into a trap" set by its detractors who will be quick to accuse its leadership, of which the majority are Muslims, of being "un-Islamic". (The Malaysian Insider) Putrajaya must show the world it is committed to moderation and is against intolerance, extremism and bigotry by officially endorsing the open letter by 25 retired high-ranking Malay civil servants, DAP adviser Lim Kit Siang said. The Gelang Patah MP called on Prime Minister Datuk Seri Najib Razak to present the open letter to the Cabinet and get all the ministers to endorse the letter, 4 Daybreak│Malaysia December 23, 2014 which had called for an end to extremism and for rational dialogue on Islam. (The Malaysian Insider) Datuk Seri Najib Razak has met Tun Dr Mahathir Mohamad to discuss the former PM's criticisms of national strategic investor 1Malaysia Development Berhad (1MDB), say sources. The prime minister met Dr Mahathir on Saturday but details of the meeting have not been revealed. "It was cordial. The PM is satisfied with the meeting," a source told The Malaysian Insider. The meeting comes after the country’s longest serving prime minister had repeatedly raised questions about the heavy debt and usage of funds at 1MDB in his blog and had complained about its operations via his blog as well as at various media conferences. It also comes amid the ringgit's slide against the US dollar, which has caused a ballooning of part of 1MDB's debts which are in the greenback. (The Malaysian Insiders) MIC deputy president Datuk Seri Dr S. Subramaniam said there was an absolute need for the party to sit down together, in addressing the problem faced by the MIC. He said the party has to bring the members who complained about irregularities in last year's MIC election together and recognise the issue before a solution is taken. "The solution to this is to be holistic. First we recognise the issues. The earlier we recognise the issues, the faster we can solve them,” he said, “bring all the members together and discuss in the spirit of one team and to move forward, so that we can solve whatever problems there are, in a manner which is acceptable to everybody." (Bernama) Corporate News Sales of passenger and commercial vehicles in Nov 2014 increased to 55,313 units from 52,252 units in the same period last year, said the Malaysian Automative Association (MAA). The association said the passenger vehicle segment recorded higher sales of 48,622 units during the month under review, compared with 45,749 units in the corresponding month last year. On outlook, MAA said that the sales volume for Dec 2014 is expected to be higher than Nov 2014 as the continuation of the aggressive promotional campaigns by car companies. (Bernama) Please refer to our note for comments. Maybank is targeting 5,000 users in the first year of its newly-launched payment option using Micro Tag through Visa payWave. Micro Tag is a small electronic sticker that can be placed separately on a cardholder's personal belongings such as mobile phones, wallets, car keys and handheld items and linked to the Maybank Visa payWave credit card. It will enable contactless payments to be effected in just few seconds by waving the item containing the Micro Tag in front of a VisapayWave terminal. Maybank also targets to grow another 3,000 payWave acceptance terminals across Malaysia in 2015 from the current 3,000. (Bernama) 5 Daybreak│Malaysia December 23, 2014 CIMB Thai Bank will provide a 484m baht credit facility for the construction of ThaiNamthip Group's Lao Coca-Cola Bottling Co Ltd plant in Laos. The new factory in Vientiane, the first factory outside Thailand for the ThaiNamthip Group, will cover beverage manufacturing and distribution in Laos and Thailand's northeast. The whole project will cost around 676.5m baht and the construction work is expected to be completed by 2015. (Bernama) Benalec Holdings, a marine construction solutions provider, is positive of closing the sale of reclamation works contract of approximately 1,000 acres off-coast Tanjung Piai, Johor, for crude oil and petroleum storage facility together with a private jetty by 1QCY15. COO Bernard Boey said the project, which is scheduled for tenure of 15 years, is currently under Environmental Impact Assessment (EIA). "We are very hopeful on this project as this will give us another milestone in our business journey. We are expecting the EIA report to come out soon," he said after the company's AGM yesterday. (Malaysian Reserve) The remuneration package paid to Benalec Holdings' group MD Datuk Leaw Seng Hai, which has been labelled "excessive", has roused the ire of some minority shareholders. They claimed that Leaw's remuneration ranges between RM7.5m-RM8m in the group's financial year ended 30 June 2014, which is comparable to Benalec's full-year net profit that year of RM7.1m. "A minority shareholder has questioned the board of directors over the payment package during the AGM," a minority shareholder told reporters. In response to the questions, the management said Leaw had worked tirelessly for the company, including resolving the company's boardroom tussle within two years and putting the company back on track. (Financial Daily) Port and logistics operator NCB Holdings Bhd (NCB) targets to increase its asset utilisation rate from 75% to 90% by the end of next year, thus increasing profitability. The group, a subsidiary of Permodalan Nasional Bhd (PNB), reported RM2.3m net loss against a net profit of RM27.3m a year ago, on the back of RM199.5m revenue for its third quarter ended September 30. Its net profit as of the first nine months of this year was down at RM5.3m compared with RM56.5m in the previous corresponding period. “We will work on gaining better revenue and strengthening profitability to ensure shareholders get returns for their investments,” group managing director Abi Sofian Abdul Hamid said, after its corporate integrity pledge signing ceremony, here, yesterday. “We are targeting better asset utilisation from our wholly-owned subsidiary Northport (Malaysia) Bhd and haulage segment Kontena Nasional Bhd. Most of NCB’s losses were attributed to Kontena Nasional. Its third quarter accumulated losses were close to RM28m. (BT) NCB Holdings has yet to make plans for future collaboration with MMC Corp Bhd, which recently emerged as the port and logistics operator's new substantial shareholder after acquiring a 15.7% stake from MISC Bhd. "We have not received any concrete proposals [for collaboration] yet [from MMC Corp], but we are looking forward to meeting with their management team soon," NCB group managing director Abi Sofian Abdul Hamid Abi Sofian said. The group's board of directors is scheduled to meet in the middle of next month. MMC Corp is due to appoint a representative to the board. (Financial Daily) 6 Daybreak│Malaysia December 23, 2014 Deleum Bhd's unit, Deleum Primera Sdn Bhd, has bagged the provision of painting and alternative blasting contracts from Petronas Carigali. The 2+1 contracts awarded were for Package B (sponge jet blasting) and Package C (bristle, wet abrasive and vacuum blasting) for Petronas Carigali's Peninsular Malaysia and Sabah and Sarawak operations. The contract value depended on the agreed rates and the work order issued by Petronas Carigali for the duration of the contracts. (Bernama) Water facilities and sewerage player Salcon Bhd and its 50% partner Loh & Loh Constructions Sdn Bhd have been awarded a RM470m sub-contract from MMC Corp Bhd for a centralised sewage treatment plant project. In an announcement, Salcon said the project would last for 70 months or close to six years. “The project is expected to contribute positively towards the earnings and net assets of the Salcon group for the financial years ending Dec 31, 2015 (FY15) to FY20,” it said, adding that it had no option for renewal. (StarBiz) JAKS has received a RM55.3m contract for the supply and installation of pipes for Package Five of the proposed development of the Langat 2 Water Treatment Plant and Water Reticulation System in Selangor and Kuala Lumpur. The contract was awarded by Pengurusan Aset Air Bhd. JAKS Sdn Bhd is a subsidiary of JAKS Resources Bhd. The contract is for 24 months and expected to be completed by Jan 2017. (Bernama) Chin Well Holdings Bhd, Malaysia' largest carbon steel fastener manufacturer, is expecting positive growth in 2015, supported by the high demand for the group's products. Executive Director Tsai Chia Ling said the group can achieve better results next year after posting a 61.8% increase in net profits of RM35.8m for the 2014 financial year. "Demand has slowed down in Europe due to early winter which has resulted in many outdoor work being stopped. But, we foresee demand for fasteners to pick up soon," she told. Tsai said growth next year would be supported by new orders from Germany and France for Do-It-Yourself (DIY) products. (Bernama) Mulpha International Bhd is buying a total of 4.401ha of land in Australia for A$120m (RM340.8m). The land is located in Norwest Marketown and Norwest Boulevard, Baulkham Hills in New South Wales. Mulpha said in a filing to Bursa Malaysia yesteday that its wholly-owned Norwest City Pty Ltd had entered into a contract with Norwest Marketown Pty Ltd for the acquisition. “The property is located directly opposite the proposed Norwest Rail Station, which is currently under construction in the Norwest Business Park. “It comprises Norwest Marketown Shopping Centre, which houses a Coles Supermarket and 45 associated specialty stores, four buildings comprising a Shell/Coles Express Service Station, a Liquorland store, a car wash, a vacant building and a parcel of undeveloped land that is currently being used as a car park,” said the group. (BT) Bina Puri Holdings Bhd’s wholly-owned subsidiary Bina Puri has bagged a RM65m contract from Sabah’s Works Ministry. The contract, with a 16-month completion period, involves additional works for the proposed new Sabah State Administrative Complex, Teluk Likas, Sabah (Phase 1-Building Works). The company said with the latest award, the group’s unbuilt book order stands at RM2bn. (BT) 7 Daybreak│Malaysia December 23, 2014 Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) through its unit MyAngkasa Bina Sdn Bhd has entered into an off take cum sale and purchase agreement with Nexgram Holdings Bhd's subsidiaries, to take up two property development projects being developed by the group in Cyberjaya and Putrajaya respectively, for RM1.44bn. The core business of MyAngkasa is in property development and construction targeting co - operatives markets since it is a subsidiary of Angkasa which falls under the purview of the Malaysia Co - Operative Societies Commission. Nexgram told Bursa Malaysia that MyAngkasa Bina will pay RM1.15bn for the Cyberjaya development, which consists of a mixed commercial development known as "Angkasa Icon City" to be undertaken by Nexgram Land Sdn Bhd on a freehold land measuring 5.9 acres owned by Nextnation Datacity Sdn Bhd; and RM297m for the Putrajaya project, which is a mixed property development. (The Sun) Permodalan Nasional Bhd (PNB), Malaysia’s largest fund manager, has named Datuk Idris Kechot as its deputy president and group chief operating officer effective this month. Idris oversees the asset management department, which covers both PNB’s domestic and international investments. He was previously the executive director of Amanah Saham Nasional Bhd (ASNB), a wholly-owned subsidiary of PNB. The vacant position of ASNB executive director will be filled by Mohammad Hussin. Previously, Mohammad was ASNB senior vice-president of the marketing and branch operations department. PNB also announced several other key personnel appointments, including Datuk Wan Roshdi Wan Musa, who has been appointed as group chief risk officer. (BT) Azmi Abdul Aziz, the former head of Rapid KL rail operations, returns to Prasarana Malaysia Bhd to take the helm of the country’s leading public transport services as the group managing director effective January 1 next year. Currently serving as chief development officer of the Land Public Transport Commission (Spad), Azmi succeeds Datuk Seri Shahril Mokhtar who has been appointed as the new chief executive officer of Mass Rapid Transit Corp Sdn Bhd. Prasarana chairman Tan Sri Ismail Adam said one of Azmi’s immediate tasks would be to roll out the implementation of the new LRT3 project that would further enhance the connectivity and mobility between residents in Klang, Shah Alam and Bandar Utama. (BT) Emas Kiara Industries Bhd has announced that its JV bid for geosynthetic engineering works in Assam, India worth RM47.16m has been accepted by the Assam Water Resources Department. The company said that a letter of acceptance from the department was received on 18 Dec for the project, which is for flood management of the Ranganadi river on both bank embankments in Lakhimpur District. (Bernama) Malindo Air will raise its three times a day Kuala Lumpur-Singapore flight to four times a day effective Feb 6, 2015, the hybrid carrier said in a release yesterday. The company launched the Kuala Lumpur-Singapore service on Nov 3, 2013. The new flight frequency also coincides with the carrier's recently announced daily flights to Kathmandu, Nepal, which will begin on the same date. (Malaysian Reserve) 8 Daybreak│Malaysia December 23, 2014 Tunamaya Air, a newly-formed charter airline based in Pulau Tioman, launched a thrice-weekly service from Subang SkyPark Terminal to the island yesterday, using two eight-seater Cessna Grand Caravan C208B turboprops. It also launched a thrice-weekly service between Senai International Airport in Johor and Tioman. The airline is a joint venture between Tunamaya Beach & Spa Resort and air charter service provider AF Jets Sdn Bhd. "We are testing the temperature of the market, so we might expand [our network] if the market response is good," Tunamaya Beach & Spa Resort director Gan Hong Lee said. Gan said the idea came after Berjaya Air ceased its commercial flights to Tioman in September 2014 due to the monsoon season, which has affected tourist arrivals to the island. "More than 30% of our customers travel to Tioman by air. As Berjaya Air did not indicate whether it will resume flights to Tioman, I hope that with this service in place, the tourist numbers will return," he added. (Financial Daily) China’s palm oil inventory rises to 530,000 tonnes according to state researcher. Port inventory seen rising as monthly imports likely to avg 500,000 mt during Nov.-Jan. (Bloomberg) 9 Daybreak│Malaysia December 23, 2014 BMSB: Changes in shareholdings 22-Dec-14 EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF Kumpulan Wang Persaraan Franklin Resources, Inc. HSC Healthcare Sdn Bhd Aberdeen Asset Management PLC Mitsubishi UFJ Financial Group, Inc EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF EPF Skim Amanah Saham Bumiputera Skim Amanah Saham Bumiputera Skim Amanah Saham Bumiputera Skim Amanah Saham Bumiputera Skim Amanah Saham Bumiputera Skim Amanah Saham Bumiputera Permodalan Nasional Berhad Kumpulan Wang Persaraan Kumpulan Wang Persaraan Kumpulan Wang Persaraan Kumpulan Wang Persaraan Kumpulan Wang Persaraan Kumpulan Wang Persaraan Kumpulan Wang Persaraan Date 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 15/12 17/12 15/12-16/12 18/12 22/12 17/12-18/12 16/12 17/12 16/12-17/12 17/12 17/12 17/12 17/12 16/12 16/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 16/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 17/12 16/12-17/12 17/12 17/12 17/12-18/12 16/12 18/12 18/12 17/12 17/12 16/12 12/12 15/12 15/12 15/12-16/12 15/12 15/12 12/12 Type of transaction Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Disposed Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired No of securities 2,004,400 1,481,700 1,186,100 1,133,500 1,050,000 857,600 167,200 135,200 133,200 94,400 46,600 30,000 14,500 155,600 60,600 2,000,000 206,000 282,858 3,280,300 2,929,300 2,630,800 1,500,000 1,443,300 1,179,500 1,155,700 1,000,000 972,800 923,000 849,700 805,900 800,000 784,100 782,600 743,300 588,700 508,200 447,900 381,800 359,300 300,000 235,600 170,000 135,500 103,700 94,700 91,900 90,400 15,000 7,300 1,753,200 790,000 300,000 68,500 45,300 45,300 790,000 430,200 391,800 200,000 153,400 60,500 11,700 3,800 Ave Price Company (RM) MEDIA PRIMA FELDA GLOBAL VENTURES BUMI ARMADA AEON CO. (M) DIALOG GROUP TOP GLOVE MBM RESOURCES TAN CHONG MOTOR TIME DOTCOM WCT HOLDINGS DRB-HICOM TH PLANTATIONS MALAYSIA AIRPORTS BIMB HOLDINGS OLDTOWN SIGNATURE INTERNATIONAL ORIENTAL HOLDINGS CIMB GROUP PUBLIC BANK PETRONAS CHEMICALS DIGI.COM IHH HEALTHCARE AIRASIA GAMUDA IOI PROPERTIES GROUP IOI CORPORATION CAHYA MATA SARAWAK SUNWAY REIT SIME DARBY AFFIN HOLDINGS BIMB HOLDINGS SAPURAKENCANA PETROLEUM MALAYAN BANKING UMW HOLDINGS CAPITAMALLS MALAYSIA TRUST HONG LEONG BANK AFG UOA REIT PETRONAS GAS IJM CORPORATION SUNWAY BERHAD BERJAYA AUTO EASTERN & ORIENTAL MAH SING GROUP AMMB HOLDINGS KPJ HEALTHCARE SP SETIA NESTLE (MALAYSIA) SYARIKAT TAKAFUL MALAYSIA TELEKOM MALAYSIA SIME DARBY UMW HOLDINGS LAFARGE MALAYSIA KLCC REIT KLCC PROPERTY SIME DARBY PRESTARIANG TIME DOTCOM DAYANG ENTERPRISE PETRONAS GAS WCT HOLDINGS POS MALAYSIA AXIS REIT SOURCES: BMSB 10 Daybreak│Malaysia December 23, 2014 BMSB: Changes in shareholdings 22-Dec-14 Lembaga Tabung Haji Lembaga Tabung Haji Lembaga Tabung Haji Lembaga Tabung Angkatan Tentera Lembaga Tabung Angkatan Tentera Midvest Asia Sdn Bhd Mitsubishi UFJ Financial Group, Inc Mitsubishi UFJ Financial Group, Inc SIGNATURE INTERNATIONAL Date 16/12-18/12 16/12-18/12 17/12 18/12 16/12-18/12 17/12-18/12 16/12 16/12 22/12 Type of transaction Acquired Acquired Acquired Acquired Acquired Acquired Acquired Acquired Shares Buy Back No. of securities 2,216,200 657,900 112,000 500,000 405,000 40,000 260,500 68,300 3,000 Company DAYANG ENTERPRISE HAP SENG PLANTATIONS UNISEM OCK GROUP BOUSTEAD HOLDINGS WAH SEONG CORPORATION AEON CO. (M) ORIENTAL HOLDINGS SIGNATURE INTERNATIONAL Ave Price (RM) 1.28 1.72 SOURCES: BMSB BMSB: Off-market transactions 22-Dec-14 HUBLINE BIMB-WA PERWAJA YTLPOWER IRIS XINGHE SEM SIGN YINSON SCNWOLF SSTEEL-LR PENTA PELIKAN TITIJYA Vol 72,000,000 21,563,040 20,200,000 13,000,000 10,000,000 8,000,000 2,000,000 2,000,000 2,000,000 1,500,000 1,391,500 1,332,430 1,200,000 500,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots SOURCES: BMSB BMSB: Proposed cash calls & trading of rights… 23-Dec-14 ECO WORLD ASIA FILE CORP EASTERN & ORIENTAL BUMI ARMADA BENALEC HOLDINGS TH HEAVY ENGINEERING TH HEAVY ENGINEERING MY E.G. SERVICES MAH SING GROUP MALAYSIA AIRPORTS Ann Date 25-Apr-14 6-Aug-14 5-Sep-14 12-Sep-14 12-Sep-14 24-Sep-14 3-Oct-14 30-Oct-14 20-Nov-14 28-Nov-14 Proposed 1 Rights @ 2, 4 Free Warrants @ 5, Private Placement Bonus issue 3:5 Bonus issue 1:10, Free Warrants 1:5 1 Rights : 2 shares @ RM1.35 > RM200m of 7-year Redeemable Convertible Secured Bonds Private placement of up to 10% of the issued shares of THHE Rights issue with bonus issue, 1 bonus issue : 5 Rights shares Bonus issue 1:1 Rights issue with Warrants; Bonus issue 1:4 Right issue 1:5 SOURCES: BMSB 11 Daybreak│Malaysia December 23, 2014 BMSB: Dividends Company ASTRO MALAYSIA SUPERMAX UMW OIL & GAS KPJ HEALTHCARE UCHI TECHNOLOGIES BERJAYA AUTO UMW HOLDINGS BERJAYA FOOD MY E.G. SERVICES GAMUDA TOP GLOVE BENALEC HOLDINGS BERJAYA SPORTS TOTO KUALA LUMPUR KEPONG Particulars 3rd interim dividend - single tier Interim dividend - single tier Interim dividend - single tier Interim dividend - single tier Interim dividend - single tier 2nd interim dividend - single tier 2nd interim dividend - single tier 1st interim dividend - single tier Final dividend - single tier 1st interim dividend - single tier Final dividend - single tier Final dividend - single tier 2nd interim dividend - single tier Final dividend - single tier Gross DPS (Sen) 2.25 4.00 1.00 2.00 5.00 3.25 15.00 2.50 2.00 6.00 9.00 0.30 6.00 40.00 Ann Date 11-Dec-14 7-Nov-14 24-Nov-14 25-Nov-14 12-Dec-14 8-Dec-14 17-Dec-14 9-Dec-14 24-Nov-14 16-Dec-14 11-Nov-14 27-Nov-14 18-Dec-14 19-Nov-14 Ex-Date Lodgement 24-Dec-14 26-Dec-14 26-Dec-14 30-Dec-14 26-Dec-14 30-Dec-14 29-Dec-14 31-Dec-14 29-Dec-14 31-Dec-14 2-Jan-15 6-Jan-15 5-Jan-15 7-Jan-15 6-Jan-15 8-Jan-15 6-Jan-15 8-Jan-15 12-Jan-15 14-Jan-15 12-Jan-15 14-Jan-15 26-Jan-15 28-Jan-15 28-Jan-15 30-Jan-15 19-Feb-15 23-Feb-15 Payment 12-Jan-15 28-Jan-15 15-Jan-15 22-Jan-15 27-Jan-15 20-Jan-15 20-Jan-15 22-Jan-15 30-Dec-14 28-Jan-15 29-Jan-15 23-Feb-15 13-Feb-15 17-Mar-15 SOURCES: BMSB 12 Daybreak│Malaysia December 23, 2014 Corporate Actions December 2014 SUN MON TUE WED THU FRI SAT 1 2 3 4 5 External Trade, External Reserves (month-end data) 6 7 8 Berjaya Auto 2Q 9 SapuraKencana 3Q, Berjaya Food 2Q 10 Eco World 13-mths results & briefing 11 12 Astro 3Q & conf. call, Industrial Production 13 14 15 16 SP Setia 4Q, Gamuda 1Q, Top Glove 1Q 17 CPI 18 B-Toto 2Q 19 20 21 22 Foreign Reserves (mid-month data) 23 24 25 Christmas Day 26 27 28 29 30 31 Money Supply Source: Company, BNM, DOS, CIMB estimates SOURCES: Company, BNM, DOS, CIMB estimates 13 Daybreak│Malaysia December 23, 2014 Corporate Actions January 2015 SUN MON TUE WED THU FRI SAT 1 New Year 2 3 Prophet Muhammad’s Birthday 4 5 6 7 Trade Balance, Imports, Exports, Foreign Reserves 8 9 IPI, Manufacturing Sales 10 11 12 13 14 15 16 17 18 19 20 21 CPI 22 Foreign Reserves (mid-month data) 23 24 25 26 27 28 BNM OPR 30 31 29 Source: Company, BNM, DOS, CIMB estimates SOURCES: Company, BNM, DOS, CIMB estimates 14 Daybreak│Malaysia December 23, 2014 #05 DISCLAIMER This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. 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The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014. AAV – Very Good, ADVANC – Very Good, AEONTS – not available, AMATA - Good, ANAN – Very Good, AOT – Very Good, AP - Good, ASK – Very Good, ASP – Very Good, BANPU – Very Good , BAY – Very Good , BBL – Very Good, BCH – not available, BCP - Excellent, BEAUTY – Good, BEC - Good, BECL – Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC – Good, BLA – Very Good, BMCL - Very Good, BTS - Excellent, CCET – Good, CENTEL – Very Good, CHG – not available, CK – Very Good, CPALL – not available, CPF – Very Good, CPN - Excellent, DELTA - Very Good, DEMCO – Good, DTAC – Very Good, EA - Good, ECL – not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA Excellent, HEMRAJ – Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD – Good, IVL - Excellent, JAS – not available, JUBILE – not available, KAMART – not available, KBANK - Excellent, KCE - Very Good, KGI – Good, KKP – Excellent, KTB - Excellent, KTC – Good, LH - Very Good, LPN – Very Good, M - not available, MAJOR - Good, MAKRO – Good, MBKET – Good, MC – Very Good, MCOT – Very Good, MEGA – Good, MINT Excellent, OFM – Very Good, OISHI – Good, PS – Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH – Very Good, RATCH – Very Good, ROBINS – Very Good, RS – Very Good, SAMART - Excellent, SAPPE - not available, SAT – Excellent, SAWAD – not available, SC – Excellent, SCB - Excellent, SCBLIF – Good, SCC – Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA – Very Good, STEC - Good, SVI – Very Good, TASCO – Good, TCAP – Very Good, THAI – Very Good, THANI – Very Good, THCOM – Very Good, THRE – not available, THREL – Good, TICON – Good, TISCO - Excellent, TK – Very Good, TMB - Excellent, TOP - Excellent, TRUE – Very Good, TTW – Very Good, TUF - Good, VGI – Very Good, WORK – not available. 18 Daybreak│Malaysia December 23, 2014 CIMB Recommendation Framework Stock Ratings Definition: Add The stock’s total return is expected to exceed 10% over the next 12 months. Hold The stock’s total return is expected to be between 0% and positive 10% over the next 12 months. Reduce The stock’s total return is expected to fall below 0% or more over the next 12 months. The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months. Sector Ratings Overweight Neutral Underweight Definition: An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. Country Ratings Overweight Neutral Underweight Definition: An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark. A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark. An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark. *Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were based on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months. Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy: expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected negative total returns of 10% or more over the next 3 months. 19