REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 24 March 2015

▌What’s on the Table…

——————————————————————————————————————————————————————————————————————

Construction - LRT 3 PDP award by mid-year

The unveiling of the six PDP candidates for the RM9bn LRT 3, as highlighted by Edge Weekly, was a positive surprise as it revealed two players that we think could end up as the frontrunners. They are the MRCB (Add)-GKent JV and Sunway (Add), which possess both the experience and excess capacity for rail jobs. According to the article, the PDP role could be awarded by mid-year, suggesting that construction could begin in 2016. This news supports our positive expectations of c.RM150bn worth of incoming jobs over the next 5-10 years. We anticipate more details on funding from the tabling of the 11th MP in May. Maintain Overweight. Gamuda remains our top big-cap pick. Muhibbah Engineering continues to be our preferred small/mid-cap stock.

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • Sports Toto introduce Grand Toto 6/63 to replace Mega Toto 6/52 lotto game

• Scomi Energy Services aborted proposed rights issue convertible bonds

• Perak Corp reject Amin Halim’s offer to buy 5% stake in Integrax

• Kejuruteraan Samudra received voluntary takeover offer 48 sen/share

• CLIQ Energy has suspended its trading on Bursa Malaysia

• Japan upgraded assessment of its economy in Mar, first time in eight months

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15

———————————————————————————

FBMKLCI

1795.85 -7.80pts -0.43%Mar Futures Apr Futures

1789 - (-1.30% ) 1788.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged374 436 311

———————————————————————————

Turnover2131.97m shares / RM1772.294m

3m avg volume traded 1975.60m shares

3m avg value traded RM2021.45m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,796 3,410 5,437 1,520 24,495 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,795.85 (0.4) 2.0

FBM100 12,038.84 (0.3) 1.9

FBMSC 16,108.71 (0.3) 7.1

FBMMES 6,889.23 (0.4) 21.9

Dow Jones 18,116.04 (0.1) 1.6

NASDAQ 5,010.97 (0.3) 5.8

FSSTI 3,410.13 (0.1) 1.3

FTSE-100 7,037.67 0.2 7.2

SENSEX 28,192.02 (0.2) 2.5

Hang Seng 24,494.51 0.5 3.8

JCI 5,437.10 (0.1) 4.0

KOSPI 2,036.59 (0.0) 6.3

Nikkei 225 19,754.36 1.0 13.2

PCOMP 7,840.49 0.3 8.4

SET 1,520.01 (0.7) 1.5

Shanghai 3,687.73 1.9 14.0

Taiwan 9,758.09 0.1 4.8————————————————————————————————

Close % chg Vol. (m)

PRIVASIA 0.325 8.3 139.0

ETI TECH CORP 0.110 4.8 111.4

TALAM 0.085 6.3 72.4

JADI IMAGING 0.100 11.1 60.7

PUC FOUNDER 0.145 (9.4) 47.6

SUMATEC 0.220 (2.2) 45.6

AWC BHD 0.405 9.5 43.5

CHINA AUTO 0.345 11.3 43.1————————————————————————————————

Close % chg

US$/Euro 1.0947 0.01

RM/US$ (Spot) 3.6950 (0.03)

RM/US$ (12-mth NDF) 3.7746 (1.69)

OPR (% ) 3.24 0.93

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,189.80 0.02

WTI crude oil US spot (US$/barrel) 46.85 2.47

CPO spot price (RM/tonne) 2,198.00 0.27

Market Indices

Top Actives

Economic Statistics

————————————————————————————————————————

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

Show Style "View Doc Map"

Daybreak│Malaysia

March 24, 2015

2

Global Economic News

The US existing home sales rose 1.2% mom to an annual rate of 4.88m units in Feb (-4.9% mom to 4.82m units in Jan). (Reuters)

The US Chicago Fed National Activity Index dipped to -0.11 in Feb from -0.10 in Jan. The three-month moving average swooned to -0.08 in Feb from +0.26 in Jan. (WSJ)

US Federal Reserve Bank of Cleveland President Loretta Mester said the central bank would be able to embark on further unconventional measures if the economy faltered, but she does not expect that to be necessary.

"My outlook for the US economy is positive so I'm not anticipating that we'd need to go in that direction," she said. (WSJ)

US Federal Reserve Vice Chairman Stanley Fischer said raising interest rates from near zero “likely will be warranted before the end of the year” and subsequent increases probably won’t be uniform or predictable.

“A smooth path upward in the federal funds rate will almost certainly not be realized” as the economy encounters shocks such as the surprise plunge in oil prices, he said. (Bloomberg)

Euro zone consumer confidence jumped in Mar to -3.7 points from -6.7 points in Feb. (Reuters)

The European Central Bank (ECB) will purchase large amounts of public and private debt for at least 18 months and until it is convinced that inflation will stabilize near annual rates of 2%, the bank's president Mario Draghi said, underscoring the ECB's willingness to flood the eurozone with freshly minted money far into the future. (WSJ)

The European Central Bank (ECB) settled €16.5bn (US$17.8bn) in public-sector securities last week under its bond-purchase plan, according to the ECB's weekly report. It held €26.3bn in government debt at the end of last week, which was the second week of the bank's large-scale asset purchase program launched on 9 Mar. The ECB had settled €9.751bn in public debt purchases during the first week of the program. (WSJ)

Japan upgraded its assessment of the economy in Mar for the first time in eight months, citing improvements in production and corporate earnings as the economy pulled itself out of a sales tax-induced recession.

In its monthly economic report, the government said the economy is moderately recovering. The government also upgraded its views on industrial production, corporate earnings and business conditions.

The report also points to an improvement in domestic demand, though the government stopped short of raising its assessment on consumption. It said expenditure was "firm as a whole," instead of the phrase "weakness can be seen in private consumption" used the previous month. (WSJ)

Daybreak│Malaysia

March 24, 2015

3

Despite recent easing measures, China's central bank needs to maintain a prudent monetary stance as the economy remains highly leveraged, People's Bank of China (PBoC) Gov. Zhou Xiaochuan said.

He said that recent easing measures have been much less aggressive than previous stimulus policies unveiled during the global financial crisis.

"Overall, the speed of expansion in credit and total monetary supply is still fairly prudent," the he said. (WSJ)

The Conference Board Leading Economic Index (LEI) for Australia increased 0.4% mom in Jan to 103.5 (+0.3% mom in Dec). At the same time, the Coincident Economic Index (CEI) for Australia increased 0.1% mom in Jan to 107.5 (+0.3% mom in Dec). (Conference Board)

Taiwan’s unemployment rate fell to 3.74% in Feb (3.78% in Jan). (China Post)

Taiwan’s industrial production increased 3.32% yoy in Feb (+7.58% yoy in Jan). On-month, industrial production grew a seasonally adjusted 1.98% mom in Feb (-2.05% mom in Jan). (RTT)

Singapore’s consumer price index (CPI) stayed in negative territory, but edged up slightly to -0.3% yoy in Feb (-0.4% yoy in Jan). Core inflation came in at 1.3% yoy in Feb (+1% yoy in Jan). (CNA)

Malaysian Economic News

Putrajaya is seeking RM2.22bn in additional expenditure in government expenses, five months after Prime Minister Datuk Seri Najib Razak unveiled the 2015 budget last October. Deputy finance minister Datuk Chua Tee Yong tabled the Supplementary Supply Bill 2014 in Parliament. The bulk of the money, at RM1.25bn, will be contributions to statutory funds, followed by the Education Ministry which sought RM428m and the Public Service Department at RM287m.

Bank Negara Malaysia (BNM) will uphold areas under its purview and legislation that it operates in with regards to the audit and investigation being carried out on 1Malaysia Development Bhd (1MDB). "As the central bank, we will uphold whatever that is under our purview under the legislation that we operate, and this is important. We are accountable for it," BNM governor Tan Sri Dr Zeti Akhtar Aziz said. She said this in an exclusive interview on CNBC when asked on the audit being carried out on the government-owned strategic development company. (Bernama)

Two GST Refund Verification Counters will begin operating from 1 Apr at each of the eight international airports nationwide under the Tourist Refund Scheme. Deputy Finance Minister Datuk Ahmad Maslan said the move is in line with the government's aim of making Malaysia the world's premier shopping destination.

Speaking at the launch of the counters at the Kuala Lumpur International Airport in Sepang, he said the GST refunds are only for foreign tourists who have bought goods in Malaysia and are leaving the country by air, and not by land or sea. Ahmad said certain items such as liquor, tobacco and tobacco products, items prohibited for export, as well as precious metals and gemstones, do not qualify for GST refunds.

Daybreak│Malaysia

March 24, 2015

4

"Foreign tourists may claim their GST refunds for purchases above RM300 made at any approved retailer," he said, adding refunds amounting to less than RM300 will be made in cash. (Malaysian Insider)

The Ministry of Domestic Trade, Co-operatives and Consumerism (MDTCC) has urged business owners to adjust their pricing of goods and services accordingly, and passed on the benefits to consumers. Guna Selan Marian, Senior Principal Assistant Director, Enforcement Division, MDTCC, said they should also be maintaining their net profit margin (NPM) within the 18 months period until 30 Jun 2016. This is to curb the unethical price hikes following the implementation of the Goods and Services Tax (GST) on 1 Apr.

"We are consistently carrying out anti-profiteering checks to ensure that any increase in the businesses' goods or services cost is not due to GST. Should the business incur an additional cost over its NPM, they must justify to MDTCC, and we will conduct further investigations to determine whether they have committed an offence under the Price Control and Anti-Profiteering Act (PCAPA) or otherwise," he said. (Bernama)

The implementation of new fares for express buses and rail services has been postponed, while the new increase in taxi fares will continue as previously implemented, said Minister in the Prime Minister’s Department Nancy Shukri. She said the decision to postpone the implementation of the new fares for express buses and rail services to a date to be announced later was made by the Cabinet during its meeting last Friday. (Bernama)

The Ministry of Rural and Regional Development plans to give an additional RM51m grant to Sarawak this year for rural development projects. Its minister, Datuk Seri Mohd Shafie Apdal said the money was meant for constructing houses under the Hardcore Poor Housing Programme (PPRT) and longhouses across the state.

“We will submit the proposal to the Ministry of Finance for Sarawak to receive an additional grant of RM51m, while Sabah will also be allocated an additional RM50m grant. With the grant, almost 1,000 housing units costing RM50,000 each will be constructed, whereas for longhouses in Sarawak, it is subject to what needs to be upgraded,” he said. (Borneo Post)

Political News

DAP said yesterday that the outcome of its nearly four-hour emergency meeting to discuss the party's future in Pakatan Rakyat (PR) was "positive" and would come as a disappointment for Barisan Nasional (BN). DAP national organising secretary Anthony Loke said the party would release a full statement of the meeting's outcome later this morning.

"For me, it is positive for the rakyat and disappointing for Barisan Nasional. That's all I can say," he said. DAP publicity chief Tony Pua said "all options had been considered" during the meeting.

"I think they were very open. I think everyone knows all the issues involved: 'Do we break, do we stay, do we hang on, what are the issues, how it affects DAP, how it affects PR, what do the people want' – there are people who want us to break immediately, and there are people who want us to stay together at all costs. (Malaysian Insider)

Daybreak│Malaysia

March 24, 2015

5

PAS president Datuk Seri Abdul Hadi Awang should not hold Pakatan's unity to ransom, said DAP secretary-general Lim Guan Eng. Lim said Hadi unilaterally violated the pact's consensus to allow the tabling of the hudud bill last week in Kelantan. "Pakatan's survival should not be held hostage by one man, who can publicly betray DAP and PKR, break his promises, and violates the pact's consensus and common policy framework by working with Umno. Hadi's unilateral decision is a final act of treachery by him in breaching the pact's consensus, which he agreed to during Pakatan's leadership council meeting on Feb 8." (NST)

Corporate News

Sports Toto Malaysia Sdn Bhd has introduced Grand Toto 6/63 to replace Mega Toto 6/52 lotto game from March 19. The Grand Toto 6/63 jackpot starts from RM15m and any snowballed amount brought forward from previous draws for Mega Toto 6/52. The first draw of Grand Toto 6/63 was held on March 21 with a bumper Jackpot of RM20,530,942.96 inclusive of jackpot amounts brought forward from Mega Toto 6/52.

Other than the minimum RM15m jackpot, attractive second, third and fourth prize of Grand Toto 6/63 are RM10,000, RM100 and RM10 respectively. The replacement of Mega Toto 6/52 to Grand Toto 6/63 is aimed at raising the excitement of the lotto games as well as the chances to win higher jackpot prize. (Sun)

The impact of the new game 6/63 should be marginally positive on BST's revenues as the longer odds games typically create more excitement and attract higher bets given the higher jackpot prize.

The stalled water restructuring deal between Selangor and Putrajaya is back on the negotiating table with senior Selangor and Energy, Green Technology and Water Ministry officials meeting. Mentri Besar Mohd Azmin Ali said the meeting began on a positive note as the ministry expressed its willingness to return to the original terms of the agreement. "The meeting is between high-level state and ministry officers. They informed me that the meeting had a good start," Azmin added. (Sun)

This is good news and appears that things could turn around for the water deals. However, we would only draw more conviction until a formal master agreement is signed and followed through. This news does not say for sure that Puncak's RM1.6bn deal will come back to life immediately, nor does it indicate that the state will accelerate other water takeover talks.

Felda Global Ventures Holdings Bhd (FGV) has teamed up with Silverlake Innovation Partners Sdn Bhd (SIP) to explore the possibility of collaborating with each other to pursue business opportunities in banking and financial applications by utilising the latter’s integrated Islamic banking system. In a filing with Bursa Malaysia, FGV said its indirect subsidiary Felda Prodata Systems Sdn Bhd signed a Memorandum of Understanding (MoU) with SIP today, for the purpose. The MoU will remain valid for six months. (Financial Daily)

IHH Healthcare Bhd has acquired a 51% stake in Hyderabad, India-based Continental Hospitals Ltd (CHL) for RM166.7m. The acquisition comes on the heels of the Competition Commission of Singapore’s blocking of a deal by IHH to acquire Radlink-Asia from Fortis Healthcare Singapore Pte Ltd for RM346.5m. CHL owns a 750-bed hospital with involvement in “delivering primary, secondary, tertiary and quaternary healthcare services". (StarBiz)

Daybreak│Malaysia

March 24, 2015

6

Sunway has completed the disposal of Sunway Hotel Georgetown and Wisma Sunway for RM134m The property developer has also announced its intention to lease the Sunway Hotel Georgetown. (Bernama)

Advanced Info Service Plc (AIS) and CIMB Thai Bank has unveiled Beat Banking that they said would change customers financial experiences. It would transform every mobile phone into a new digital bank for daily use that revolutionises mobile commerce and banking, they said. In a first-of-its-kind collaboration between a telco and a bank, Beat Banking offers innovative solutions that update the way customers access, make payments, transfer and withdraw money. At the launch, Beat Banking offers the first innovative mobile money solutions, Beat Savings, for Thais to gain new experiences for easier life by fully-integrated electronic deposit account. (Bernama)

Notion VTec Bhd is diving into the mobile phone business with the launch of its smartphone brand "Trendi" in May this year. Chairman Thoo Chow Fah said the smartphone business, in collaboration with a Chinese manufacturer, will provide a new income stream for the group.

"Some of our segments are maturing, (becoming) more competitive and slimmer margins, so we need to move on to other businesses that can give us more revenue," he noted. Declining to name the Chinese company, he said, the smartphone will be assembled in China while Notion will be responsible for the marketing and supply.

"We're not looking to be a Xiaomi, even if we can garner 0.1% market share, it's substantial for our bottomline and topline," Thoo stressed. The new smartphone, which is priced below RM500, will only be sold online and is targeted at the Malaysian and regional markets. At the initial stage, he said the group is looking to sell 1,000 units, with a sales target of 50,000 to 100,000 annually. (The Sun)

India, the world’s largest importer of cooking oils, will buy more soybean and sunflower oil this year than ever before as a global glut weakens prices and prompts buyers to switch from palm oil.

Purchases of soybean, sunflower and canola oils will probably jump 15% to 4.2m metric tons in the year that began on Nov. 1, said Govindlal G. Patel, managing partner at G.G. Patel & Nikhil Research Co. They will account for 33% of shipments and palm oil will represent 67%, the smallest share in eight years, he said.

Palm is losing ground after record soybean supplies from the U.S. to Brazil sent prices of the alternative oil to a six-year low. Palm’s discount to soybean oil in 2015 is less than half the average of the past five years, data compiled by Bloomberg show. India may also buy less palm if Indonesia follows Malaysia in taxing exports, said B.V. Mehta, executive director of the Solvent Extractors’ Association of India. (Bloomberg)

UMW Toyota Motor Sdn Bhd, assembler and distributor of Toyota vehicles in Malaysia, launched the new locally-assembled Toyota Camry Hybrid, aiming to produce some 7,000 units of the variant this year. UMW Toyota Motor Chairman Tan Sri Asmat Kamaludin said the Toyota Camry Hybrid CKD (completely knocked-down), the first hybrid car to be assembled at Assembly Services Sdn Bhd, shows the company's determination and commitment to produce cars that meet customers' expectations.

"The group expects to roll out some 7,000 units of the all-new Toyota Camry over the next nine months," he said. The newly-set up line at the Shah Alam plant is capable of churning out 9,000 units of the Camry -- 7,000 of which will be the Hybrid variant -- over the next nine months. (Bernama)

Daybreak│Malaysia

March 24, 2015

7

CLIQ Energy has suspended its trading on Bursa Malaysia in preparation for a special corporate announcement. (BT)

Scomi Energy Services Bhd has aborted its proposed rights issue of convertible bonds to raise RM140.5m after taking into account the current market sentiment and price of its shares. The company told Bursa Malaysia of its plans in a filing yesterday afternoon. No other reasons were given for its decision. (Financial Daily)

Kejuruteraan Samudra Timur Bhd (KSTB) has received a voluntary takeover offer from the company’s major shareholder Datuk Chee Peck Kiat and parties acting in concert to acquire all the remaining shares they do not own for a cash consideration of 48 sen per share and 18 sen per warrant. Besides Peck Kiat, his son Cheng Chun, Darmendran Kunaretnam and Trance Rex Sdn Bhd, who collectively hold 43.5m KSTB shares, representing 23.73% of the issued and paid-up capital of the company, also made the offer. (StarBiz)

Ekuiti Nasional (Ekuinas), the government-linked private equity fund management company, has inked two new deals worth RM124m. Ekuinas said the latest investments, together with the ones undertaken under its Outsourced Programme, has enabled it to close its financial year 2014 with RM605.8m in total investments.

“The two investments are a RM54m for a 60% equity stake in Tranglo, a leading homegrown mobile transaction gateway services company and a RM70m investment for a 70% stake in Tenby Educare,” he said. Tenby is the owner of one Malaysia’s leading chains of international and private schools, undertaken through Ekuinas’ education arm, Ilmu Education Group Bhd.

The investment in Tranglo represents Ekuinas’ maiden investment in the technology, media and techcommunications industry. (BT)

Fibre-optic cable manufacturer Opcom Holdings Bhd seems poised to tackle both the domestic and international fronts with the latest key appointments. The company recently announced the appointment of Tan Sri Mokhzani Mahathir to the newly-created position of CEO, while long-time executive director Eric Chhoa Kwang Hua has been made deputy CEO. Mokhzani’s new appointment came hot on the heels of the Government awarding Telekom Malaysia Bhd (TM) the implementation of both the high-speed broadband phase 2 (HSBB2) and sub-urban broadband projects last month. The 10-year contracts are worth RM1.8bn and RM1.6bn respectively. (Starbiz)

Yokohama Industries Bhd announced that the closing time and date for the takeover offer by Fordington Pte Ltd through Mercury Securities Sdn Bhd to acquire the remaining shares in Yokohama has been extended to April 8 at 5pm. The original closing date was on March 25 at 5pm, the company said in a filing with Bursa Malaysia yesterday. (StarBiz)

Perak Corp Bhd (PCB) has rejected Amin Halim Rasip’s offer to buy the former’s 5% stake in port operator Integrax Bhd for RM3.50 a share or RM52.64m cash. The company said in a stock exchange filing that it did not consider Amin’s offer “superior” when compared with Tenaga Nasional Bhd’s (TNB) offer to buy PCB’s entire 15.74% stake in Integrax for RM3.25 per share. PCB said Amin’s offer constituted an offer for only a 5% equity interest in Integrax, compared with the TNB offer where PCB would be able to dispose of its entire 15.74% equity stake in Integrax – subject to the TNB’s offer being successful. (StarBiz)

Daybreak│Malaysia

March 24, 2015

8

Credit card holders will have to pay the 6% Goods and Services Tax (GST) on the card’s annual fee, but the RM50 service tax will be dropped. “Some banks may however waive the annual fee upon request,” said Association of Banks in Malaysia executive director, Chuah Mei Lin, “Then in such cases, there will be no GST payable.”

Banking sources explained that the GST on the annual fee might vary from RM53 to RM500, depending on the type of card.

They said that cardholders could use their loyalty points or rebates to offset the 6% tax.

Chuah also made it clear that GST would not be imposed on late payment charges and finance charges. Chuah also dismissed talk that cardholders would have to pay GST each time their card was swiped. “GST is not chargeable when swiping a credit card to make payment,” she said, “For example, if you eat at a restaurant which is registered for GST, and the bill comes to RM50, you will be charged 6% GST on the total bill. So the amount you have to pay would be RM53 (ie RM50 + 6%). If you choose to pay for the bill using your credit/debit card, you will not be charged a further 6% on top of the RM53.” (The Star)

Domino’s Pizza is confident the implementation of the Goods and Services Tax (GST) on 1 Apr would benefit customers and the company’s overall operations. Domino’s Pizza Malaysia and Singapore GM Shamsul Amree Ab Rahman said the 6% GST would not be passed on to the customers since the company could claim it back from the Royal Malaysian Customs Department (Customs). “We decide to pass back the minimum savings of more than RM2 million per year, which we can make from the input tax claim from Customs, to our customers,” he said. (BT)

Daybreak│Malaysia

March 24, 2015

9

BMSB: Changes in shareholdings

Type of No of Ave Price

23-Mar-15 Date transaction securities Company (RM)

EPF 18/3 Disposed 2,700,000 PUBLIC BANK

EPF 16/3-17/3 Disposed 2,384,400 TENAGA NASIONAL

EPF 17/3-18/3 Disposed 2,235,400 MALAYAN BANKING

EPF 18/3 Disposed 2,000,000 IHH HEALTHCARE

EPF 18/3 Disposed 1,024,300 TOP GLOVE

EPF 18/3 Disposed 1,000,000 CAPITAMALLS MALAYSIA TRUST

EPF 16/3-17/3 Disposed 992,300 MISC

EPF 18/3 Disposed 772,100 MAXIS

EPF 18/3 Disposed 650,000 FELDA GLOBAL VENTURES

EPF 18/3 Disposed 556,900 INARI AMERTRON

EPF 18/3 Disposed 523,600 YTL POWER INTERNATIONAL

EPF 18/3 Disposed 458,100 IOI CORPORATION

EPF 18/3 Disposed 435,620 BIMB HOLDINGS

EPF 18/3 Disposed 400,000 IJM CORPORATION

EPF 18/3 Disposed 376,500 TELEKOM MALAYSIA

EPF 18/3 Disposed 272,600 PUNCAK NIAGA

EPF 18/3 Disposed 188,600 HARTALEGA HOLDINGS

EPF 18/3 Disposed 116,400 PETRONAS GAS

EPF 18/3 Disposed 116,200 CAHYA MATA SARAWAK

EPF 18/3 Disposed 115,000 TIME DOTCOM

EPF 18/3 Disposed 43,600 IJM PLANTATIONS

EPF 18/3 Disposed 32,400 KUALA LUMPUR KEPONG

Skim Amanah Saham Bumiputera 16/3-18/3 Disposed 4,852,600 TENAGA NASIONAL

Kumpulan Wang Persaraan 16/3-17/3 Disposed 1,495,100 IJM CORPORATION

Kumpulan Wang Persaraan 16/3-17/3 Disposed 174,600 FELDA GLOBAL VENTURES

Kumpulan Wang Persaraan 16/3 Disposed 34,200 TIME DOTCOM

Lembaga Tabung Haji 16/3 Disposed 38,500 MUHIBBAH ENGINEERING

Aberdeen Asset Management PLC 18/3 Disposed 31,600 ORIENTAL HOLDINGS

Aberdeen Asset Management PLC 19/3 Disposed 19,200 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 17/3 Disposed 80,700 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 17/3 Disposed 44,800 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 17/3 Disposed 8,100 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 17/3 Disposed 5,800 BAT

EPF 18/3 Acquired 2,765,000 DIALOG GROUP

EPF 18/3 Acquired 1,500,000 YTL CORPORATION

EPF 17/3 Acquired 1,021,300 CIMB GROUP

EPF 18/3 Acquired 1,001,200 GAMUDA

EPF 18/3 Acquired 1,000,000 AMMB HOLDINGS

EPF 18/3 Acquired 438,100 GENTING PLANTATIONS

EPF 18/3 Acquired 400,000 SAPURAKENCANA PETROLEUM

EPF 18/3 Acquired 309,500 MALAYSIA AIRPORTS

EPF 18/3 Acquired 84,100 YINSON HOLDINGS

EPF 18/3 Acquired 59,300 DIGI.COM

EPF 18/3 Acquired 41,900 HONG LEONG BANK

EPF 18/3 Acquired 33,500 WAH SEONG CORPORATION

Kumpulan Wang Persaraan 16/3-17/3 Acquired 1,302,700 GAMUDA

Kumpulan Wang Persaraan 16/3 Acquired 1,000,000 PRESTARIANG

Kumpulan Wang Persaraan 16/3-17/3 Acquired 950,800 TOP GLOVE

Kumpulan Wang Persaraan 16/3-17/3 Acquired 741,000 DAYANG ENTERPRISE

Kumpulan Wang Persaraan 16/3 Acquired 550,000 TDM BERHAD

Kumpulan Wang Persaraan 17/3 Acquired 462,300 IGB REIT

Kumpulan Wang Persaraan 16/3 Acquired 56,700 UZMA

Kumpulan Wang Persaraan 13/3 Acquired 38,600 BOUSTEAD HOLDINGS

Lembaga Tabung Haji 10/3-18/3 Acquired 2,871,400 TH PLANTATIONS

Dayang Enterprise Holding Berhad 16/3-18/3 Acquired 11,523,700 PERDANA PETROLEUM

QL Resources Berhad 18/3 Acquired 6,000 LAY HONG 3.36

Mitsubishi UFJ Financial Group, Inc 17/3 Acquired 576,200 AEON CO. (M)

DAIBOCHI PLASTIC 23/3 Shares Buy Back 3,700 DAIBOCHI PLASTIC 4.30 SOURCES: BMSB

Daybreak│Malaysia

March 24, 2015

10

BMSB: Off-market transactions

23-Mar-15 Vol

YTLPOWER 7,000,000

SMRT 3,000,000

IMASPRO 2,360,000

LBICAP 2,300,000

TUNEINS 1,900,000

ZELAN 1,600,000

SUNWAY 1,500,000

BAHVEST 830,000

QL 802,500

SHH 778,400

HWANG 700,000

PENERGY 640,000

Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Dividends

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

KPJ HEALTHCARE  Interim dividend - single tier 2.60 27-Feb-15 25-Mar-15 27-Mar-15 10-Apr-15

RHB CAPITAL Interim dividend - single tier 6.00 13-Mar-15 25-Mar-15 27-Mar-15 24-Apr-15

GUINNESS ANCHOR Interim dividend - single tier 20.00 5-Feb-15 27-Mar-15 31-Mar-15 22-Apr-15

STAR PUBLICATIONS Second interim + Special - single tier 6.0 + 3.0 27-Feb-15 27-Mar-15 31-Mar-15 17-Apr-15

BURSA MALAYSIA Final dividend - single tier 18.00 3-Mar-15 1-Apr-15 3-Apr-15 16-Apr-15

BERJAYA SPORTS TOTO Third interim dividend - single tier 5.00 18-Mar-15 6-Apr-15 8-Apr-15 28-Apr-15

BERJAYA FOOD Second interim dividend - single tier 1.25 10-Mar-15 8-Apr-15 10-Apr-15 23-Apr-15

MY E.G. SERVICES First interim dividend - single tier 0.50 27-Feb-15 22-Apr-15 24-Apr-15 21-May-15

CARLSBERG Final + Special - single tier 66.00 27-Feb-15 30-Apr-15 5-May-15 20-May-15

NESTLE (MALAYSIA) Final dividend - single tier 175.00 23-Feb-15 11-May-15 13-May-15 27-May-15

BINTULU PORT Final + Special - single tier 6.0 + 3.0 17-Feb-15 13-May-15 15-May-15 29-May-15

TASEK CORPORATION Final + Special - single tier 30.0 + 50.0 17-Feb-15 13-May-15 15-May-15 29-May-15

GAS MALAYSIA Final + Special - single tier 4.06 12-Mar-15 20-May-15 22-May-15 12-Jun-15

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

24-Mar-15 Ann Date Proposed

BUMI ARMADA 12-Sep-14 1 Rights : 2 shares @ RM1.35

MAH SING GROUP 20-Nov-14 Bonus issue 1:4

AIRASIA X 30-Nov-14 Rights issue of RM0.15 with free detachable warrants

KAREX 26-Feb-15 Bonus issue 1:2

WCT HOLDINGS 16-Mar-15 Rights issue 1:10; Bonus issue of Warrants 1:5 existing shares held SOURCES: BMSB

Daybreak│Malaysia

March 24, 2015

11

Corporate Actions

March 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Star analyst briefing BNM OPR Exports, Imports Trade Balance, Foreign Reserves

8 9 10 11 12 13 14

Berjaya Auto 3Q Berjaya Food 3Q SP Setia 1Q IPI, Manufacturing Sales

BIMB 4Q

15 16 17 18 19 20 21

Top Glove 2Q, B-Toto 3Q

Eco World 1Q CPI, Foreign Reserves (mid-month data)

22 23 24 25 26 27 28

Chempaka state seat by-election

29 30 31

Astro 4Q & conf. call Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak│Malaysia

March 24, 2015

12

Corporate Actions

April 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4

Exports, Imports, Trade Balance

5 6 7 8 9 10 11

Foreign Reserves IPI, Manufacturing Sales

12 13 14 15 16 17 18

19 20 21 22 23 24 25

CPI, Foreign Reserves (mid-month data)

26 27 28 29 30

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

Daybreak│Malaysia

March 24, 2015

13

DISCLAIMER #05

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.

By accepting this report, the recipient hereof represents and warrants that he is entitled to receive such report in accordance with the restrictions set forth below and agrees to be bound by the limitations contained herein (including the “Restrictions on Distributions” set out below). Any failure to comply with these limitations may constitute a violation of law. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this report 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.

Unless otherwise specified, this report is based upon sources which CIMB considers to be reasonable. Such sources will, unless otherwise specified, for market data, be market data and prices available from the main stock exchange or market where the relevant security is listed, or, where appropriate, any other market. Information on the accounts and business of company(ies) will generally be based on published statements of the company(ies), information disseminated by regulatory information services, other publicly available information and information resulting from our research.

Whilst every effort is made to ensure that statements of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur. Past performance is not a reliable indicator of future performance. The value of investments may go down as well as up and those investing may, depending on the investments in question, lose more than the initial investment. No report shall constitute an offer or an invitation by or on behalf of CIMB or its affiliates to any person to buy or sell any investments.

CIMB, its affiliates and related companies, their directors, associates, connected parties and/or employees may own or have positions in securities of the company(ies) covered in this research report or any securities related thereto and may from time to time add to or dispose of, or may be materially interested in, any such securities. Further, CIMB, its affiliates and its related companies do and seek to do business with the company(ies) covered in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory, underwriting or placement services for or relating to such company(ies) as well as solicit such investment, advisory or other services from any entity mentioned in this report.

CIMB or its affiliates may enter into an agreement with the company(ies) covered in this report relating to the production of research reports. CIMB may disclose the contents of this report to the company(ies) covered by it and may have amended the contents of this report following such disclosure.

The analyst responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and autonomously. No part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations(s) or view(s) in this report. CIMB prohibits the analyst(s) who prepared this research report from receiving any compensation, incentive or bonus based on specific investment banking transactions or for providing a specific recommendation for, or view of, a particular company. Information barriers and other arrangements may be established where necessary to prevent conflicts of interests arising. However, the analyst(s) may receive compensation that is based on his/their coverage of company(ies) in the performance of his/their duties or the performance of his/their recommendations and the research personnel involved in the preparation of this report may also participate in the solicitation of the businesses as described above. In reviewing this research report, an investor should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additional information is, subject to the duties of confidentiality, available on request.

Reports relating to a specific geographical area are produced by the corresponding CIMB entity as listed in the table below. The term “CIMB” shall denote, where appropriate, the relevant entity distributing or disseminating the report in the particular jurisdiction referenced below, or, in every other case, CIMB Group Holdings Berhad ("CIMBGH") and its affiliates, subsidiaries and related companies.

Country CIMB Entity Regulated by

Australia CIMB Securities (Australia) Limited Australian Securities & Investments Commission

Hong Kong CIMB Securities Limited Securities and Futures Commission Hong Kong

Indonesia PT CIMB Securities Indonesia Financial Services Authority of Indonesia

India CIMB Securities (India) Private Limited Securities and Exchange Board of India (SEBI)

Malaysia CIMB Investment Bank Berhad Securities Commission Malaysia

Singapore CIMB Research Pte. Ltd. Monetary Authority of Singapore

South Korea CIMB Securities Limited, Korea Branch Financial Services Commission and Financial Supervisory Service

Taiwan CIMB Securities Limited, Taiwan Branch Financial Supervisory Commission

Thailand CIMB Securities (Thailand) Co. Ltd. Securities and Exchange Commission Thailand

Information in this report is a summary derived from CIMB individual research reports. As such, readers are directed to the CIMB individual research report or note to review the individual Research Analyst's full analysis of the subject company. Important disclosures relating to the companies that are the subject of research reports published by CIMB and the proprietary positions by CIMB and shareholdings of its Research Analysts’ who prepared the report in the securities of the company(s) are available in the individual research report.

The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue of this report. CIMB may or may not issue regular reports on the subject matter of this report at any frequency and may cease to do so or change the periodicity of reports at any time. CIMB is under no obligation to update this report in the event of a material change to the information contained in this report. This report does not purport to contain all the information that a prospective investor may require. CIMB or any of its affiliates does not make any

Daybreak│Malaysia

March 24, 2015

14

guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information and opinion contained in this report. Neither CIMB nor any of its affiliates nor its related persons shall be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.

This report is general in nature and has been prepared for information purposes only. It is intended for circulation amongst CIMB and its affiliates’ clients generally and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information and opinions in this report are not and should not be construed or considered as an offer, recommendation or solicitation to buy or sell the subject securities, related investments or other financial instruments thereof.

Investors are advised to make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs and consult their own professional and financial advisers as to the legal, business, financial, tax and other aspects before participating in any transaction in respect of the securities of company(ies) covered in this research report. The securities of such company(ies) may not be eligible for sale in all jurisdictions or to all categories of investors.

Australia: Despite anything in this report to the contrary, this research is provided in Australia by CIMB Securities (Australia) Limited (“CSAL”) (ABN 84 002 768 701, AFS Licence number 240 530). CSAL is a Market Participant of ASX Ltd, a Clearing Participant of ASX Clear Pty Ltd, a Settlement Participant of ASX Settlement Pty Ltd, and, a participant of Chi X Australia Pty Ltd. This research is only available in Australia to persons who are “wholesale clients” (within the meaning of the Corporations Act 2001 (Cth)) and is supplied solely for the use of such wholesale clients and shall not be distributed or passed on to any other person. This research has been prepared without taking into account the objectives, financial situation or needs of the individual recipient.

France: Only qualified investors within the meaning of French law shall have access to this report. 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 instruments and it is not intended as a solicitation for the purchase of any financial instrument.

Hong Kong: This report is issued and distributed in Hong Kong by CIMB Securities Limited (“CHK”) which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 6 (advising on corporate finance) activities. Any investors wishing to purchase or otherwise deal in the securities covered in this report should contact the Head of Sales at CIMB Securities Limited. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct 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.

This publication is strictly confidential and is for private circulation only to clients of CHK. 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 CHK. Unless permitted to do so by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the securities covered in this report, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong).

India: This report is issued and distributed in India by CIMB Securities (India) Private Limited (“CIMB India”) which is registered with SEBI as a stock-broker under the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 and in accordance with the provisions of Regulation 4 (g) of the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, CIMB India is not required to seek registration with SEBI as an Investment Adviser.

The research analysts, strategists or economists principally responsible for the preparation of this research report are segregated from the other activities of CIMB India and they have received compensation based upon various factors, including quality, accuracy and value of research, firm profitability or revenues, client feedback and competitive factors. Research analysts', strategists' or economists' compensation is not linked to investment banking or capital markets transactions performed or proposed to be performed by CIMB India or its affiliates.

Indonesia: This report is issued and distributed by PT CIMB Securities Indonesia (“CIMBI”). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBI has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only to clients of CIMBI. 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 CIMBI. Neither this report nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens wherever they are domiciled or to Indonesia residents except in compliance with applicable Indonesian capital market laws and regulations.

Malaysia: This report is issued and distributed by CIMB Investment Bank Berhad (“CIMB”). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMB has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only to clients of CIMB. 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 CIMB.

New Zealand: In New Zealand, this report is for distribution only to persons whose principal business is the investment of money or who, in the course of, and for the purposes of their business, habitually invest money pursuant to Section 3(2)(a)(ii) of the Securities Act 1978.

Daybreak│Malaysia

March 24, 2015

15

Singapore: This report is issued and distributed by CIMB Research Pte Ltd (“CIMBR”). Recipients of this report are to contact CIMBR in Singapore in respect of any matters arising from, or in connection with, this report. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBR has no obligation to update its opinion or the information in this research report.

This publication is strictly confidential and is for private circulation only. If the recipient of this research report is not an accredited investor, expert investor or institutional investor, CIMBR accepts legal responsibility for the contents of the report without any disclaimer limiting or otherwise curtailing such legal responsibility. 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 CIMBR..

As of March 23, 2015, CIMBR does not have a proprietary position in the recommended securities in this report.

South Korea: This report is issued and distributed in South Korea by CIMB Securities Limited, Korea Branch ("CIMB Korea") which is licensed as a cash equity broker, and regulated by the Financial Services Commission and Financial Supervisory Service of Korea.

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.

Sweden: This report contains only marketing information and has not been approved by the Swedish Financial Supervisory Authority. The distribution of this report is not an offer to sell to any person in Sweden or a solicitation to any person in Sweden to buy any instruments described herein and may not be forwarded to the public in Sweden.

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.

Thailand: This report is issued and distributed by CIMB Securities (Thailand) Company Limited (CIMBS). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBS has no obligation to update its opinion or the information in this research report.

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.

CIMB Securities (Thailand) Co., Ltd. may act or acts as Market Maker and issuer including offering of Derivative Warrants Underlying securities of the following securities. Investors should carefully read and study the details of the derivative warrants in the prospectus before making investment decisions.

AAV, ADVANC, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLA, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DCC, DELTA, DEMCO, DTAC, EARTH, EGCO, ERW, ESSO, GFPT, GLOBAL, GLOW, GUNKUL, HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KBANK, KCE, KKP, KTB, KTC, LH, LOXLEY, LPN, M, MAJOR, MC, MCOT, MEGA, MINT, NOK, NYT, PS, PSL, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, RS, SAMART, SCB, SCC, SCCC, SIRI, SPALI, SPCG, SRICHA, STA, STEC, STPI, SVI, TASCO, TCAP, TFD, THAI, THCOM, THRE, THREL, TICON, TISCO, TMB, TOP, TPIPL, TTA, TTCL, TTW, TUF, UMI, UV, VGI, TRUE, WHA.

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 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.

Daybreak│Malaysia

March 24, 2015

16

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 Conduct 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 Conduct 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 Securities 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 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.

Daybreak│Malaysia

March 24, 2015

17

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 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.

*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.