REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 30 December 2013

▌News of the Day…

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• China’s industry company profit growth slowed to 9.7% yoy in Nov.

• Felda will seek more M&As next year to enhance its operations.

• CIMB Group has appointed Tengku Dato’ Zafrul as CEO of CIMB Investment Bank.

• Ekovest looks to expand its landbank near infrastructure projects, like MRT.

• UEM Group has submitted a plan to the government to build a new highway.

• Malaysia’s construction industry is expected to be busy next year.

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,550

1,600

1,650

1,700

1,750

1,800

1,850

1,900

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

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FBMKLCI

1861.06 16.96pts 0.92%DEC Futures JAN Futures

1863.5 - (0.81% ) 1868.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged496 262 333

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Turnover1189.11m shares / RM1286.582m

3m avg volume traded 1557.73m shares

3m avg value traded RM1704.32m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,861 3,150 4,213 1,299 23,243

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Close % chg YTD % chg

FBMKLCI 1,861.06 0.9 10.2

FBM100 12,552.32 0.9 11.1

FBMSC 15,648.52 0.7 36.3

FBMMES 5,622.86 0.6 33.4

Dow Jones 16,478.41 (0.0) 25.7

NASDAQ 4,156.59 (0.3) 37.7

FSSTI 3,149.76 0.5 (0.5)

FTSE-100 6,750.87 0.8 14.5

Hang Seng 23,243.24 0.3 2.6

JCI 4,212.98 0.2 (2.4)

KOSPI 2,002.28 0.1 0.3

Nikkei 225 16,178.94 0.0 55.6

PCOMP 5,889.83 0.2 1.3

SET 1,298.71 (0.7) (6.7)

Shanghai 2,101.25 1.4 (7.4)

Taiwan 8,535.04 0.6 10.9

Close % chg Vol. (m)

HUBLINE BHD 0.055 22.2 78.4XIDELANG 0.435 14.5 59.4

TIGER SYNERGY 0.140 (3.4) 29.2

OSK VENTURES 0.545 4.8 28.5

BERJAYA CORP BHD 0.600 10.1 27.5

BENALEC 0.850 (2.3) 20.7

SUMATEC RESOURCE 0.275 0.0 18.1

NEXTNATION COMM 0.085 13.3 16.0

Close % chg

US$/Euro 1.3757 0.06RM/US$ (Spot) 3.2877 (0.04)

RM/US$ (12-mth NDF) 3.3564 (0.17)

OPR (% ) 2.94 0.00

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,213 0.23

WTI crude oil US spot (US$/barrel) 100.32 0.77

CPO spot price (RM/tonne) 2,570 0.08

Economic Statistics

Market Indices

Top Actives

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Terence WONG CFA T (60) 3 2261 9099 E terence.wong@cimb.com

Daybreak Malaysia

December 30, 2013

2

Global Economic News…

China’s ruling Communist Party vowed to curb corruption and enforce party discipline following an official media report that hundreds of regional lawmakers accepted bribes and dozens committed electoral fraud. A total of 512 delegates in the People’s Congress in Hengyang city in Hunan province resigned after they were found to have taken bribes. (Bloomberg)

China's industrial company profit growth slowed to 9.7% yoy to Rmb707.48bn in Nov (15.1% in Oct). During the first 11 months of 2013, industrial profit climbed 13.2% to Rmb5.33tr, compared with a growth of 13.7% in the same period last year. (Bloomberg)

Japan Finance Minister Taro Aso refused to rule out the possibility an extra budget will be needed again next year to support the economy. “We can’t say whether we can avoid it until we see figures from the Jul-Sep period.” (Bloomberg)

Japan’s most influential lobby has agreed to raise workers’ base pay for the first time in six years as the economy gains momentum and corporate earnings improve. (Reuters)

Japan's consumer price index rose to a five-year high of 1.2% yoy in Nov (0.9% in Oct). This exceeded market estimates of 1.1%. Core CPI rose 0.6% in Nov, the highest level in fifteen years. (Reuters)

The ECB may find itself come under intense pressure from member states, as it conducts rigorous reviews of banks that is widely seen as necessary for a sustainable recovery of the eurozone. It would risk financial instability if it exposed a bank as undercapitalised that has no access to outside capital. (Bloomberg)

South Korea's industrial output declined 1.3% you in Nov (+3.3% in Oct). (Bloomberg)

Thailand's manufacturing production index fell 10.6% yoy in Nov (-4% in Oct), though better than median estimate of 11.4%. (Bloomberg)

Thailand’s current account surplus widened to US$2.3bn Nov (+US$0.4bn in Oct), higher than market estimate of US$0.9bn. (Bloomberg)

Bank Indonesia (BI) is optimistic that the rupiah exchange rate will strengthen in 2014, following improved economic fundamentals. “With fundamental economic conditions continuing to improve, such as the declining current account deficit and controllable inflation rate, it is hoped the rupiah will strengthen in 2014,” said BI executive director for economic and monetary policies, Doddy Budi Waluyo.

Doddy predicted Indonesia’s current account deficit in 2014 would reach between US$25bn and US$26bn or 2.9% of GDP (vs. estimated -3.6% in 2013).

The central bank also predicted Indonesia’s inflation would be controlled and return to its normal pattern. Inflation will be within a range of 4.5%, plus or minus 1%. (Jakarta Post)

Daybreak Malaysia

December 30, 2013

3

Malaysian Economic News…

Many Malaysian businesses are adopting a "wait-and-see" mindset in preparing themselves for the implementation of the Goods and Services Tax (GST) on Apr 1, 2015. Crowe Horwath Malaysia Executive Director for Tax Fennie Lim said it was vital for businesses to find out where they stand because GST is not just a tax and financial issue. "It affects all parts of business operations starting from the IT system, procurement, sales and marketing, pricing setting department, supplier relationship, customer relationship to cash flow.” (Bernama)

The RM2.2bn gross development value Capital City project in bustling Tampoi will be an iconic venue for locals and foreigners in Iskandar Malaysia, say the developers. The development, undertaken by Hatten Group Sdn Bhd, Sunbuild Development Sdn Bhd and Gadang Holdings Bhd, is set for completion in early 2018. (Bernama)

The setting up of an Agrobazaar by Malaysia's Federal Agricultural and Marketing Authority (Fama) in Singapore will be mutually beneficial for both Malaysia and Singapore, said a Singapore minister. Fama plans to set up its first Agrobazaar in Singapore by Jun 2014 in a move to agressively promote Malaysian fruits and agro-based products. (Bernama)

Malaysia, which continued to spread its wings and presence especially in the international arena this year, is expected to flourish further come 2014. During the World Economic Forum (WEF) in Davos, Switzerland, PM Najib presented and marketed Malaysia's success stories, which were mostly driven by the country's transformation programmes. Turning back to the regional front, Malaysia has been very committed in Asean's regional integration in 2015 with 88% of the measures already implemented. (Bernama)

Malaysia's energy consumption is expected to record moderate growth next year on the back of marginal population growth and moderate economic expansion, said the International Energy Agency (IEA).

IEA said Malaysia is the third largest energy consumer in Asean, with population increasing at an average annual rate of 1.2% and GDP growth at an average of 4% p.a. IEA said growth in Malaysia's energy demand would slow over time as growth in population and GDP moderates.

It said Malaysia's per capita energy consumption is currently relatively high for the region, at 61% of the Organisation for Economic Co-operation and Development average.

The energy agency said Malaysia's gas production is expected to rise in the medium term to about 70bn cubic metres by 2020 with almost half of it to feed the export market.

"The prospects for continued exports remain strong in the medium term, with recent discoveries and new developments set to keep the liquefied natural gas (LNG) terminal operating at full capacity through at least until 2018," it said.

The agency said Malaysia's oil supply is projected to rise to 740,000 barrels per day (bpd) in the short term compared with 670,000 bpd recorded last year.

It said the enhanced oil recovery (EOR) projects and the ramp up in oil output from deepwater projects in offshore Sabah are expected to reverse Malaysia's falling output but will not be enough to stem declining oil output in the longer term.

Daybreak Malaysia

December 30, 2013

4

It said with a proven oil reserves of four billion barrels as of last year, Malaysia is the second largest oil producer in Asean and a net exporter of oil, though rising demand has narrowed the gap, with exports falling to 70,000 bpd in 2012. (Bernama)

According to data from the US Department of Commerce for Jan-Oct 2013, total bilateral trade between the US and Malaysia increased by 3.9% to US$33.68bn, compared to US$32.41bn in the corresponding period of 2012. Total US imports from Malaysia continued to grow at 4.6%, reaching US$22.74bn (2012: US$21.73bn), while total US exports to Malaysia increased by 2.6% to US$9.8bn (2012: US$9.6bn) during the first 10 months of 2013.

Muhd Shahrulmiza Zakaria, the Malaysian trade commissioner in New York, said "According to the data compiled by us, I believe that two-way trade between the US and Malaysia in 2013 will rebound from the US$38.8bn level in 2012 to reach at least a similar level of 2011 (US$40bn). However, we expect US imports from Malaysia will continue to strengthen from US$26bn in 2012 to roughly US$27bn for the entire year 2013." (Bernama

Malaysia External Development Corp (Matrade) is looking for 100 to 150 of export ready small and medium sized enterprises (SMEs) per year for the Going ERcport (GoEx) programme. This was part of the eight year programme that was aimed at inernationalising Malaysian SMEs and raising their export contribution from 19% in 2010 to 25% by 2020 as part of the SME Masterplan. (Starbiz)

The first quarter of the year, traditionally a weaker quarter for the electronics industry, will be a mixed quarter as far as earnings are concerned, dependent on which segment of the industry a manufacturer is in. Analysts said certain segments of the electronics industry, such as the radio frequency (RF) chip and test-equipment manufacturers supporting tablets and smart phones, tend to do better, while others such as the LED test- equipment manufacturers, can expect a softer quarter after experiencing strong sales in the first half of 2013. Those involved in the tablet and smart phone value chain can expect to do better as there would be demand for new medium-priced devices lined up for release. (Starbiz)

Political News…

Some 70 members of the Selangor Pertubuhan Pribumi Perkasa Malaysia (Perkasa), led by their president, Abu Bakar Yahya, staged a peaceful protest in front of the Shah Alam district police headquarters. The demonstration was held after the organisation lodged a police report against Catholic weekly Herald editor Rev Father Lawrence Andrew over the latter's statement in an article posted by the news portal, theamalaysianinsider.com, last Friday.

In the statement, Andrew said that the Catholic churches in Selangor would continue to use the word Allah in their weekend services in Bahasa Malaysia despite the State Islamic Religious Department's intention to send them reminders on an enactment prohibiting the use of the word by non-Muslims. (The Malaysian Insider)

The investigation into PKR lawmaker Rafizi Ramli is politically motivated and made to imply that the opposition is involved in the so-called "plot" to topple the government, said party vice-president N Surendran. He said the probe was done without verifying the basis of the email and whether there was some kind of plot. "Why do I say it was politically motivated? Because in the first place, the

Daybreak Malaysia

December 30, 2013

5

police are not bothered to investigate to see if the email was fabricated," he said. (Financial Daily)

Lim Kit Siang claims that Perkasa is the 14th member of Barisan Nasional (BN) coalition following a startling revelation that the Malay rights group had received funding from Putrajaya during the 13th general election. The DAP supremo said the group possessed greater heft and influence than the other 13th component parties combined. This includes the MCA. “We must thank the Perkasa President (Datuk) Ibrahim Ali for his hubris at its annual general meeting a week ago getting much too big for his shoes for this expose of this top Umno/BN secret for the past four years,” said Kit Siang in a statement today. (The Malaysian Insider)

The Domestic Trade, Cooperatives and Consumerism Ministry moved to head off more criticisms about price hikes by ticking off The Star newspaper, saying "such sensationalisation of news and eye-catching headlines should not be at the expense of misinformation that may create the wrong perspective". The Star reported Minister Datuk Seri Hasan Malek as saying on Friday that the ministry had not received any complaints and this meant there was support for the price hikes. But the online version of the news report has been now been edited and carries a new headline.

"In the report published on 27th of December 2013 titled 'No complaints proof that Malaysians support price hike', we the ministry and on behalf of the Minister find that this is very misleading," the ministry said in a Facebook posting. (The Malaysian Insider)

The Malaysian Oil and Gas Services Council (MOGSC) has described as baseless, accusations that Bumiputera companies are being neglected by Petronas. MOGSC president Sofiyan Yahya said such a perception, was also insulting, as it downplayed Bumiputera participation in one of the largest contributors to Malaysia's revenue. He said for those interested in venturing into the O&G industry, Petronas has also provided a platform called the "vendor development programme", which is specifically to help Bumiputera companies gain expertise in desired areas. (Bernama)

Corporate News…

Felda Global Ventures Holdings Bhd (FGV), which has obtained shareholders' approval for the buyout of Felda Holdings Bhd (FHB), will seek more merger and acquisitions next year to enhance its downstream and upstream operations. Its group president and CEO Mohd Emir Mavani Abdullah said, the group is currently reviewing several merger and acquisition proposals. He declined to share the details of its plans.

"We are looking at both upstream and downstream acquisition. There are so many proposals coming to us (on the table). We are still reviewing it (proposal) and we are in discussion with them (potential parties). We haven't got the board of directors approval yet," Mohd Emir said. (Sun)

Astro Malaysia Holdings is open to negotiations for sharing the upcoming FIFA World Cup broadcasting rights with any local pay television provider, according to the media giant's chief executive officer Datuk Rohana Rozhan. "We see ourselves as a content creator, aggregator and distributor. While we have the Astro platform with subscribers, we are also a creator and owner of intellectual properties and channels. So for the right terms and conditions, we'd be happy to talk and negotiate," she said. (Financial Daily)

Daybreak Malaysia

December 30, 2013

6

After the resignation of two former executive directors, Benalec expects to recruit professionals to fill in the gap that Datuk Leaw Tua Choon and Datuk Leaw Ah Chye left in the next six months. Group MD Datuk Vincent Leaw Seng Hai said: “We are still in the process of looking for the right candidates and prefer (the company) to be professionally run.”

To recap, the integrated marine construction solutions provider had filed civil suits against Ah Chye, Tua Choon and Tua Choon’s son Leaw Yongene for secretly profiting and breaching their duties as well as obligations regarding certain land sale contracts with third parties in Nov. Earlier this month, the company decided to drop the charges and had instead signed a head of agreement with them to settle all legal suits, disputes and claims by 4 Jan.

“We are in the process of the settlement and look to resolve everything in early next month,” Seng Hai said, declining to disclose further information citing the confidential nature of the process. (Star)

CIMB Group has appointed Tengku Dato’ Zafrul Tengku Abdul Aziz as CEO of CIMB Investment Bank with effect from 2 Jan 14. He will also assume the roles of Head of CIMB Group's Investment Banking Division and Co-Head of its Corporate Clients Solutions (CCS) Division reporting to the Group CEO, Dato’ Sri Nazir Razak. (BMSB)

Ekovest looks to expand its landbank near infrastructure projects such as the Mass Rapid Transit in the Klang Valley and Iskandar Malaysia in Johor, its MD Lim Keng Cheng said, as it awaits the government's final say on a toll hike. "As a company, our (concession) agreement is due to increase… but there is no formal approval yet. I think it should be very soon because the deadline is Jan 1, 2014," he said.

On expanding its landbank, Lim told reporters that its focus on land around planned infrastructure is to benefit from the potential price upside it will see once the government puts up the facilities. (Sun)

The board of apparel manufacturer Hytex Integrated Bhd is laying all options on the table for the restructuring of the financially troubled company, which was placed under Practice Note 17 status in June after auditors cast doubts over its ability to continue as a going concern. It was also placed under Practice Note 1 in August 2011 after defaulting in payments of interest in respect of loan stocks.

The company’s executive director Tan Joon Wei told reporters following a shareholders meeting where armed guards were seen that among the options being considered were joint ventures and reviving its original equipment manufacturer (OEM) business. Another option would be to dispose off inventory, which stood at RM69.7m as of the second quarter ended Sept 30, to raise cash. (StarBiz)

Plantation group Harn Len Corp Bhd has earmarked new non-core assets for sale worth between RM30m to RM50m, including properties in Johor that could fetch a higher price in the current market condition. It had recently disposed of its plantation estates in Lahad Datu, Sabah, and shared a portion of the bounty with its shareholders. “Currently, we have about RM100m worth of non-core assets based on book value,” chief financial officer Low Yew Yern said. (StarBiz)

Daybreak Malaysia

December 30, 2013

7

UEM Group, which owns a 51% stake in toll concessionaire PLUS Malaysia Bhd, has submitted a plan to the government to build a new 45km highway connecting Senawang and the KL International Airport (KLIA) in Sepang, offering road users coming from the south a direct link to the airport that bypassed the often congested stretch between Seremban and Nilai on the North-South Expressway (NSE).

The proposal also includes the construction of a 6km direct link from the Paroi exit on the Kajang-Seremban Expressway (LEKAS) to the Senawang interchange. This section of the proposed new highway would be toll-free, sources said.

Construction cost for the Paroi-Senawang-KLIA-Salak Tinggi (SKLIA) highway was estimated at RM2.2bn, excluding land acquisitions that could add another RM500m to the bill. (StarBiz)

Gadang Holdings Bhd is looking at buying land along the Danga Bay waterfront area after missing the opportunity to do so a couple of years back when land prices in the area were much cheaper. Managing director and chief executive officer Tan Sri Kok Onn believes that property prices in Johor, especially in Iskandar Malaysia, will continue to appreciate on strong demand from foreign investors. “You can miss the boat once, but you should not miss it for the second time," Kok said.

Kok said that Gadang had missed the opportunity to acquire land in the sea-fronting area of Danga Bay years ago when prices were about RM150 per sq ft. He said now the average selling price for land in Danga Bay was RM1,000 per sq ft. (StarBiz)

N2N Connect Bhd has developed a technology which it foresees will be a game changer for online stock trading, not just in Malaysia but in Asia as well, said its co-founder and chief executive officer Andrew Tiang. The company, which provides e-commerce securities trading solutions, has developed a programme known as Strategy Optimisation Accelerator, which is able to significantly increase the processing speed of stock trading data and reduce processing time.

"We have made a technology which was otherwise accessible at a price of RM20m, into a box that you can get for around RM20,000. That makes a massive difference in this whole process," Tiang said. (Financial Daily)

Malaysia's oil and gas (O&G) industry will remain competitive with the country being a major regional player with a bullish outlook, says the Malaysian Oil and Gas Services Council. Its President, Sofiyan Yahya said Malaysia's positive track record, led by Petroliam Nasional Bhd (Petronas), had boosted confidence among regional market players in doing business with the country's own participants.

"The current favourable environment, with better oil prices and continuous government support, will also boost prospects for the industry. The prospects are bullish for at least the next five years. Now is also the time for foreign companies, who intend to develop and grow their businesses over the long term, to come in and participate in Malaysia's O&G industry," he said. (Bernama)

Bursa Malaysia Bhd will be shortening the timeframe for issuance of annual reports under the listing requirements to within four months of the company's financial year-end. The change, however. will be introduced in phases to give public listed companies (PLCs) time to prepare for and meet the new requirement.

Daybreak Malaysia

December 30, 2013

8

Under the phased approach, PLCs are required to issue their annual reports for financial year ending on or after Dec 31 2014, within five months from the close of the financial year. Following that, annual reports for financial year ending on or after Dec 31, 2015 must be issued within four months from the close of the financial year. (Sun)

Malaysia's construction industry is expected to be busy next year, driven by both private and government projects, particularly the Economic Transformation Programme (ETP). Construction Industry Development Board Malaysia (CIDB Malaysia) Chief Executive, Datuk Seri Judin Abdul Karim, said the construction industry was expected to secure a total of RM115bn worth projects in 2014.

Last year, the total projects secured were worth RM120bn, which surpassed the expected RM95bn, Judin said. "The construction industry did very well this year to grow by 18% compared with last year despite the gloomy global economy," he said. "We expect the bulk of next year's projects to come from non-residential construction projects.

For the first nine months of this year, the construction industry recorded a total of 4,253 projects worth RM66.8bn, of which 76% were private sector projects, he said.

He said as at Sep 30, 2013, the non-residential category, commercial building, industrial and office space topped the list with 1,563 projects worth RM28.8bn. (Bernama)

Bank Simpanan Nasional (BSN) has set a target of at least RM3bn deposits for its Sijil Simpanan Premium (SSP) product next year. This was compared to RM2.45bn achieved last year. According to BSN, 50% of SSP holders were Malays, followed by Chinese (20%) and Indians (8%), with other races accounting for the remainder. (Starbiz)

Daybreak Malaysia

December 30, 2013

9

BMSB: Changes in shareholdings

Type of No of Ave Price

27-Dec-13 Date transaction securities Company (RM)

EPF 23/12 Disposed 3,657,100 AIRASIA

EPF 19-Dec Disposed 2,641,500 CIMB GROUP

EPF 23/12 Disposed 600,000 SAPURAKENCANA PETROLEUM

EPF 23/12 Disposed 585,900 FELDA GLOBAL VENTURES

EPF 23/12 Disposed 354,100 UMW HOLDINGS

EPF 23/12 Disposed 350,000 DRB-HICOM

EPF 23/12 Disposed 336,800 IGB CORPORATION

EPF 23/12 Disposed 257,100 TOP GLOVE CORPORATION

EPF 23/12 Disposed 248,600 WCT HOLDINGS

EPF 23/12 Disposed 215,000 PETRONAS GAS

EPF 18/12 Disposed 41,000 KULIM (MALAYSIA)

EPF 23/12 Disposed 40,000 MBM RESOURCES

EPF 20/12 Disposed 29,300 STAR PUBLICATIONS

EPF 23/12 Disposed 29,100 EVERSENDAI CORPORATION

Kumpulan Wang Persaraan 20/12 Disposed 2,000,000 BENALEC HOLDINGS 

Kumpulan Wang Persaraan 20/12 Disposed 1,000,000 PARKSON HOLDINGS

Kumpulan Wang Persaraan 18/12-19/12 Disposed 300,000 SP SETIA

Kumpulan Wang Persaraan 23/12 Disposed 187,100 IJM CORPORATION

Kumpulan Wang Persaraan 18/12-20/12 Disposed 170,900 TOP GLOVE CORPORATION

Kumpulan Wang Persaraan 23/12 Disposed 129,400 TIME DOTCOM

Kumpulan Wang Persaraan 18/12 Disposed 76,400 IGB REIT

Kumpulan Wang Persaraan 17/12-19/12 Disposed 16,200 PANASONIC MANUFACTURING

Kumpulan Wang Persaraan 18/12 Disposed 10,400 PETRONAS GAS

Lembaga Tabung Angkatan Tentera 23/12-26/12 Disposed 3,575,000 OCK GROUP

Lembaga Tabung Angkatan Tentera 24/12-26/12 Disposed 1,519,700 TIEN WAH PRESS HOLDINGS 

Lembaga Tabung Angkatan Tentera 23/12-26/12 Disposed 726,000 DKSH HOLDINGS (MALAYSIA)

Aberdeen Asset Management PLC 20/12-24/12 Disposed 312,800 AEON CO. (M)

Aberdeen Asset Management PLC 20/12-24/12 Disposed 11,000 UNITED PLANTATIONS

Aberdeen Asset Management Asia 20/12-24/12 Disposed 287,400 AEON CO. (M)

Aberdeen International Fund Managers  20/12-24/12 Disposed 287,400 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 23/12 Disposed 175,900 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 23/12-24/12 Disposed 30,200 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 23/12-24/12 Disposed 8,900 UNITED PLANTATIONS

EPF 23/12 Acquired 1,810,000 TELEKOM MALAYSIA

EPF 23/12 Acquired 1,000,000 SIME DARBY

EPF 23/12 Acquired 959,000 IHH HEALTHCARE

EPF 20/12-23/12 Acquired 633,200 AXIATA GROUP

EPF 23/12 Acquired 500,000 DIGI.COM

EPF 20/12 Acquired 200,000 TIME DOTCOM

EPF 23/12 Acquired 151,000 AMMB HOLDINGS

EPF 23/12 Acquired 95,000 BUMI ARMADA

EPF 23/12 Acquired 79,200 PUBLIC BANK

EPF 23/12 Acquired 78,400 HONG LEONG BANK

EPF 23/12 Acquired 4,400 KUALA LUMPUR KEPONG

Kumpulan Wang Persaraan 19/12-20/12 Acquired 4,184,500 FELDA GLOBAL VENTURES

Lembaga Tabung Haji 19/12-20/12 Acquired 2,000,000 KPJ HEALTHCARE

Lembaga Tabung Haji 23/12-24/12 Acquired 1,949,200 WCT HOLDINGS

Lembaga Tabung Haji 23/12-24/12 Acquired 1,365,300 GLOMAC

Lembaga Tabung Haji 20/12-24/12 Acquired 550,900 PERDANA PETROLEUM

Aberdeen Asset Management PLC 20/12 Acquired 201,600 ORIENTAL HOLDINGS

Aberdeen Asset Management PLC 23/12 Acquired 60,000 POS MALAYSIA

Aberdeen Asset Management Asia 20/12 Acquired 201,600 ORIENTAL HOLDINGS

Aberdeen Asset Management Asia 23/12 Acquired 60,000 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 23/12-24/12 Acquired 11,200 POS MALAYSIA

YTL POWER INTERNATIONAL 27/12 Shares Buy Back 2,970,000 YTL POWER INTERNATIONAL 1.89

PARKSON HOLDINGS 27/12 Shares Buy Back 1,586,300 PARKSON HOLDINGS 2.76

IGB CORPORATION  27/12 Shares Buy Back 120,100 IGB CORPORATION  2.70

WAH SEONG CORPORATION 27/12 Shares Buy Back 30,000 WAH SEONG CORPORATION 1.62

SOURCES: BMSB

Daybreak Malaysia

December 30, 2013

10

BMSB: Off-market transactions

27-Dec-13 Vol

XDL-WA 30,000,000

SANICHI 1,400,000

L&G-LA 914,000 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…

30-Dec-13 Ann Date Proposed

QL Resources 3-Oct-13 Bonus issue 3:10. 2 Rights issue @ RM1.80 : 10 shares

IOI Corporation 4-Oct-13 Distribution, 1 IOIPG : 3

Karex 14-Nov-13 Bonus issue 1:2

KPJ Healthcare 26-Dec-13 1 Right @ RM2.80 : 15 shares; 2 Free warrants : 1 Rights

SOURCES: BMSB

BMSB: Dividends

Company Particulars Gross DPS

(Sen)

Ann Date Ex-Date Lodgement Date Payment

TOP GLOVE Final dividend - single tier 9.00 19-Nov-13 8-Jan-14 10-Jan-14 24-Jan-14

GAMUDA First interim dividend - single tier 6.00 17-Dec-13 9-Jan-14 13-Jan-14 28-Jan-14

MUDAJAYA GROUP 3rd interim dividend - single-tier 3.00 27-Nov-13 21-Jan-14 23-Jan-14 20-Feb-14

KUALA LUMPUR KEPONG Final dividend - single tier 35.00 20-Nov-13 20-Feb-14 24-Feb-14 18-Mar-14 SOURCES: BMSB

Daybreak Malaysia

December 30, 2013

11

Corporate Actions

December 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Umno general assembly

Umno general assembly

Umno general assembly

Umno general assembly, Astro 3Q

Umno general assembly, External

Trade, External Reserves, SapuraKencana 3Q

Umno general assembly

8 9 10 11 12 13 14

IPI, Manufacturing Sales

SP Setia 4Q & briefing

15 16 17 18 19 20 21

Top Glove 1Q CPI Gamuda 1Q

External Reserves MCA party elections

22 23 24 25 26 27 28

Christmas Day

29 30 31

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

December 30, 2013

12

Corporate Actions

January 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4

New Year

5 6 7 8 9 10 11

External Trade IPI, Manufacturing Sales

12 13 14 15 16 17 18

Prophet Muhammad’s Birthday

19 20 21 22 23 24 25

CPI

26 27 28 29 30 31

MPC PPI Chinese New Year

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak Malaysia

December 30, 2013

13

DISCLAIMER

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change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Services Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CHK has no obligation to update its opinion or the information in this research report.

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The views and opinions in this research report are our own as of the date hereof and are subject to change, and this report shall not be considered as an offer to subscribe to, or used in connection with, any offer for subscription or sale or marketing or direct or indirect distribution of financial investment instruments and it is not intended as a solicitation for the purchase of any financial investment instrument.

This publication is strictly confidential and is for private circulation only, and no part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB Korea.

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Taiwan: This research report is not an offer or marketing of foreign securities in Taiwan. The securities as referred to in this research report have not been and will not be registered with the Financial Supervisory Commission of the Republic of China pursuant to relevant securities laws and regulations and may not be offered or sold within the Republic of China through a public offering or in circumstances which constitutes an offer or a placement within the meaning of the Securities and Exchange Law of the Republic of China that requires a registration or approval of the Financial Supervisory Commission of the Republic of China.

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This publication is strictly confidential and is for private circulation only to clients of CIMBS. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBS.

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

United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by, deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to lead to the

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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.

United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (“CIMB UK”). CIMB UK is authorised and regulated by the Financial Services Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (c) are persons falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons.

Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Services Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research.

United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securit ies Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transact ions 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.

As at the time of publishing this report CIMB is phasing in an absolute recommendation structure for stocks (Framework #1). Please refer to all frameworks for a definition of any recommendations stated in this report.

CIMB Recommendation Framework #1 Stock Ratings Definition Add The stock’s total returns expected to exceed 10% over the next 12 months. Hold The stock’s total returns expected to be between 0% and positive 10% over the next 12 months.

Reduce The stock’s total returns expected to fall below 0% or more over the next 12 months. The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock.

Stock price targets have an investment horizon of 12 months. Sector Ratings Definition Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.

Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. Country Ratings Definition

Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark. Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark. Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

CIMB Stock Recommendation Framework #2 * 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. Neutral The stock's total return is expected to be within +/-5% of a relevant benchmark's total return. 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. Trading Buy The stock's total return is expected to exceed a relevant benchmark's total return by 3% or more over the next 3 months.

Trading Sell The stock's total return is expected to be below a relevant benchmark's total return by 3% or more 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)

CIMB Stock Recommendation Framework #3 ** 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. ** 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 –

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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.