REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 10 July 2014

▌What’s on the Table…

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Eco World Development Group Bhd - Property mover and shaker

Eco World has made the headlines in recent months due to the group's hugely successful launches and aggressive landbanking. This should not be a surprise given that the company has the best people from the property industry, as well as the biggest ambitions. We cut our FY14 EPS forecast by 55% to factor in no launches from existing projects but retain FY15/16 numbers. Our implied target price (still based on parity with RNAV) rises after revising its RNAV for the surplus value from the new Semenyih landbank. Eco World remains an Add and one of our top sector picks, with the asset injection exercise and landbanking being the key catalysts.

Prestariang - Money makes more money?

We scale back our FY14-16 EPS by 5-6% to factor in the dilution from Prestariang’s recently completed private placement of 44m new shares at RM1.74 apiece, which raised around RM76m cash. In the past year, the stock was trading between 12-19x forward P/E. Our target price is revised to the higher end of its trading range at 19x 2015 P/E, a 20% premium over the 16x sector target (previously at 16x sector target) to reflect potential earnings from this fundraising. We maintain an Add rating. Potential catalysts for the stock include news on potential new projects and strong student numbers for the oil & gas school.

UMW Oil & Gas - Take five? Not for this jack-up

The Southeast Asian jack-up market is so hot that UMW-OG's Naga 5 will be mobilised to Myanmar right after the completion of its current contract in the Philippines this month. The company announced today that it has bagged a US$51.3m spot charter for Naga 5 in Myanmar effective next month. We continue to value the stock at 23.4x CY15 P/E, a 40% premium over our implied target market P/E of 16.7x, but still within the historical P/E range of the oil & gas big caps. We maintain our Add call. The aggressive fleet expansion and early deliveries are potential re-rating catalysts.

Plantations - NBPOL appeals to the suitors

Kulim is reportedly close to selling its 49% stake in London-listed New Britain Palm Oil Ltd (NBPOL) as sources have revealed that FGV, Sime Darby and Wilmar are among the four players that have been shortlisted to acquire the stake. Our analysis has revealed that the acquisition will be earnings enhancing for all three players at £6 per NBPOL share. Wilmar could potentially provide the best synergies for NBPOL’s assets while Sime Darby has the best financial resources to scoop up the assets. However, the acquisition will enhance FGV's earnings the most and could reduce the age profile of its combined estates though it will raise FGV's gearing level to 57%. We maintain our Neutral call on the sector, with First Resources and AALI as our top picks.

▌News of the Day…

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• CIMB exploring a three-way merger with RHB Cap and MBSB?

• UMW Oil & Gas secured US$51.3m (RM162.7m) contract from PTTEP for Naga 5

• MAS & American Airlines will be enhancing their current code-share agreement

• Proton Holdings needs at least a year to turn around

• Prestariang completed private placement of 44m new shares at RM1.74/share

• US Federal Reserve plans to end bond purchases to end in Oct

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14

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FBMKLCI

1891.16 -1.49pts -0.08%July Futures Aug Futures

1891 - (-0.05% ) 1889.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged344 495 308

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Turnover1783.97m shares / RM1987.606m

3m avg volume traded 1757.75m shares

3m avg value traded RM2002.28m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,891 3,275 5,025 1,508 23,176 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,891.16 (0.1) 1.3

FBM100 12,763.31 (0.1) 1.4

FBMSC 18,333.55 (0.2) 16.8

FBMMES 6,748.64 (0.5) 18.9

Dow Jones 16,985.61 0.5 2.5

NASDAQ 4,419.03 0.6 5.8

FSSTI 3,275.46 (0.2) 3.4

FTSE-100 6,718.04 (0.3) (0.5)

SENSEX 25,444.81 (0.5) 20.2

Hang Seng 23,176.07 (1.6) (0.6)

JCI 5,024.71 0.7 17.6

KOSPI 2,000.50 (0.3) (0.5)

Nikkei 225 15,302.65 (0.1) (6.1)

PCOMP 6,903.79 (0.6) 17.2

SET 1,507.92 0.0 16.1

Shanghai 2,038.61 (1.2) (3.7)

Taiwan 9,489.98 (0.4) 10.2————————————————————————————————

Close % chg Vol. (m)

CHINA STATIONERY 0.100 17.6 81.4

SUMATEC 0.310 (3.1) 80.3

MAS 0.225 (2.2) 58.9

BERJAYA CORP 0.475 (1.0) 36.8

MULPHA INTL 0.475 0.0 31.7

PDZ HOLDINGS 0.150 0.0 28.2

KNM GROUP 0.995 0.5 27.0

SONA PETROLEUM 0.500 4.2 25.3————————————————————————————————

Close % chg

US$/Euro 1.3642 0.00

RM/US$ (Spot) 3.1725 (0.03)

RM/US$ (12-mth NDF) 3.2385 (0.15)

OPR (% ) 2.98 (0.67)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,327.78 (0.00)

WTI crude oil US spot (US$/barrel) 102.29 (1.07)

CPO spot price (RM/tonne) 2,426.00 (1.46)

Market Indices

Top Actives

Economic Statistics

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

Daybreak│Malaysia

July 10, 2014

2

Global Economic News…

The US Federal Reserve plans to end bond purchases to end in Oct, winding up a five-year stimulus effort to support the US economy, according to its Jun Federal Open Market Committee (FOMC) meeting minutes.

The FOMC expects it would not begin raising its near-zero benchmark interest rate for "a considerable time" after the asset purchase program ends, the minutes said, "especially if projected inflation continued to run below the Committee's 2 per cent longer-run goal."

Fed officials also expressed concern about investors growing too complacent about the economic outlook and the central bank should be on the lookout for excessive risk-taking. (AFP, Bloomberg)

The package of policy measures the European Central Bank (ECB) announced in Jun will take time to have an effect on the euro zone economy, ECB Executive Board member Peter Praet said.

He added that a protracted period of monetary accommodation may have implications for financial stability: "There are two major risks: first, postponement in bank balance sheet repair; and second, bubbles in asset prices." However, he said concerns that the ECB's new targeted lending program could stoke a housing bubble seemed unwarranted. (Reuters)

European Central Bank (ECB) executive board member Benoit Coeure said the strong euro is being integrated in monetary policy, and that he “doesn’t think the strong euro is the most important issue.” (WSJ)

European Central Bank (ECB) President Mario Draghi said the region needs more-centralized powers to push governments to overhaul their economies. “There is a case for some form of common governance over structural reforms,” he said in a speech. “This is because the outcome of structural reforms, a continuously high level of productivity and competitiveness, is not merely in a country’s own interest. It is in the interest of the union as a whole.” (Bloomberg)

Japan’s M3 money stock added an annual 2.4% yoy to ¥1,187.0tr in Jun (+2.6% yoy in May). (RTT)

China’s producer-price index (PPI) declined 1.1% yoy in Jun (-1.4% yoy in May) while consumer-price index (CPI) increased 2.3% yoy (+2.5% yoy in May). (Bloomberg)

China said it can’t stop intervention in the yuan because economic growth is too weak and capital flows aren’t steady enough to warrant changes. Finance Minister Lou Jiwei said “under the current situation, when the economy hasn’t recovered fully and when cross-border capital flows are not completely normal, we’ll continue” existing practices. (Bloomberg)

India's fiscal situation is worse than it appears, Prime Minister Narendra Modi's government said in an economic report that called for tough measures to shore up public finances and reduce inflation, increasing speculation that Finance Minister Arun Jaitley will announce a higher fiscal deficit target in his maiden budget, which he will present to parliament on 10 Jul. (Reuters)

Daybreak│Malaysia

July 10, 2014

3

India's economy is likely to grow in the range of between 5.4% to 5.9% in 2014-15. This will surpass the below five per cent growth in the GDP over the last two years, the Economic Survey 2014 revealed.

The downside risks to the economy are a poor monsoon, the external environment and poor investment climate, the survey said.

It also highlighted that apart from fiscal consolidation, maintaining a stable external balance and further control of inflation, are priorities for growth revival.

The pre-budget Economic Survey, was tabled in Parliament by Finance Minister, Arun Jaitley. (Bernama)

The Australian Melbourne Institute and Westpac Bank index of consumer sentiment rose a seasonally adjusted 1.9% mom in Jul (+0.2% mom in Jun). (Reuters)

Singapore overtook Bangkok to take the top spot for international visitor spending in the Asia Pacific, MasterCard said, highlighting the city-state's growing prominence as one of the world's "destination cities". (CNA)

Jakarta Governor Joko Widodo, also known as Jokowi, led unofficial tallies for president of Indonesia as opponent Prabowo Subianto declared himself the probable winner, raising the prospect of a contested result.

Jokowi, had 53.3% of the vote to Prabowo’s 46.7% with 99.4% of ballots counted, according to Lingkaran Survei Indonesia, an organization conducting quick counts. Another quick count by Saiful Mujani & Research Consulting had Jokowi at 52.9% and Prabowo at 47.1%, on 99% counted.

Prabowo, however, said other survey agencies showed his team in the lead.

Official results will be announce on 20 Jul. (Bloomberg)

The Thailand University of Thai Chamber of Commerce sees the economy galloping ahead at 4% a month on average in the remaining quarters, thanks to improving consumer confidence and the junta's measures to stimulate investment and spending. (The Nation)

Malaysian Economic News…

The Brunei, Indonesia, Malaysia and the Philippines East Asean Growth Area (BIMP-EAGA) and Malaysia Business Council (BEMBC) is working closely with a biotechnology company to revive Sabah's timber industry. Chairman Datuk Roselan Johar Mohamed said the Council has been working on sustainable forest timber farming of light hardwood timber with BioJadi Technology Sdn Bhd. (Bernama)

The implementation of the Goods and Services Tax (GST) on Apr 1 next year is expected to contribute 0.3% to Malaysia's economic growth with exports expanding 0.5% from the second quarter. Deputy Finance Minister Datuk Ahmad Maslan said the country's export products will also be more competitive, as the Sales and Services Tax (SST) at present on average at about 10%, will be abolished. He also said most of Malaysia's products exported at present are 10% more expensive compared to the 160 countries which have implemented the GST. Meanwhile, Ahmad said the government has created the Price Control and Profiteering Act to avoid economic sabotage when the GST is implemented next year to control any rise in prices. (Bernama)

Daybreak│Malaysia

July 10, 2014

4

Asia-Pacific has again bested itself with five out of the top ten destinations for international travellers hailing from the region, up from four in the previous year, according to the MasterCard Global Destination Cities Index released. Kuala Lumpur, despite a marginally lower projected growth rate of 13.1%, made it to Asia-Pacific's top ten for international visitors by sheer arrival numbers. (Bernama)

The European Union (EU) has launched the EU Business Avenues in South-East Asia, a business support programme which aims to assist small- and medium-sized enterprises (SMEs) from the EU, looking to enter or expand their businesses in the region. During this pilot phase, 120 companies will be selected to take part in three one-week business missions, where they will engage with relevant counterparts in Singapore, Malaysia and Vietnam. Dr Michael Pulch, the EU Ambassador here, said the programme would strengthen the presence of SMEs from the EU in key markets in South-East Asia. (Bernama)

Several agencies under the Rural and Regional Development Ministry, especially the village security and development committees, have been mobilised to help explain the implementation of the Goods and Services Tax (GST) to the people. Its minister Datuk Seri Mohd Shafie Apdal said this was to ensure that the people right down to the grassroots, particularly those in the rural areas, would understand the GST. (Bernama)

All civil servants in Negeri Sembilan, Perak, Terengganu and Kelantan will receive Special Financial Aid of RM500 as preparation for Hari Raya Aidilfitri. In Seremban, Negeri Sembilan Menteri Besar Datuk Seri Mohamad Hasan said the special payment was decided during the state exco meeting. "The state government will follow the financial assistance that Prime Minister Datuk Seri Najib Tun Razak had announced for civil servants. (Bernama)

The priority of the Negeri Sembilan government under the 11th Malaysia Plan (11MP) is still on communication infrastructure development.

Menteri Besar Datuk Seri Mohamad Hasan said infrastructure development such as roads will be the catalyst to the development of Negeri Sembilan.

"When there are new roads, the highways and expressways will be upgraded, including Jalan Kuala Pilah and Jalan Sungai Gadut-Rembau. Mohamad Hasan said under 11MP, the state government would apply for the construction of a highway from KLIA to Port Dickson (25 km). The projects will improve the road network in Negeri Sembilan and complement the new KLIA-Seremban highway (37 km).

"The construction of two new highways for new growth areas in the central corridor (Negeri Sembilan) will also benefit Greater Klang Valley (GKV). Since the Klang Valley is overcrowded, the state government would request that Seremban, Port Dickson and Rembau be included in GKV. "We must have a network of good roads and highways to accommodate future development. The inclusion of Seremban, Port Dickson and Rembau in Greater Klang Valley will bring rapid development to Negeri Sembilan," he added. (Bernama)

Come next year, the Johor Government is expected to table the state environment enactment to hasten the process of studying nature and determining development in the state. State health and environment committee chairman Datuk Ayub Rahmat said the enactment, however, was still under discussion and studies were being carried out by the Johor Department of Environment and Johor Economic Planning Unit. (Bernama)

Daybreak│Malaysia

July 10, 2014

5

Political News…

Deputy Prime Minister Muhyiddin Yassin should mount a leadership challenge against his boss, said former minister Zaid Ibrahim. He said it would be better for Muhyiddin to lock horns with Najib Abdul Razak in a contest instead of attempting to shake the latter by questioning policies and decisions supported in the cabinet.

"Even if he loses, the party will be stronger and better for it. Most probably, there will be no actual contest and the PM will gracefully make way for him to take over in 2017. "That's what we call a 'win-win situation' in this blessed country," he added.

Zaid was responding to Muhyiddin's remarks during a recent speech regarding another racial riot taking place, which invited a barrage of criticism. As for Muhyiddin's sleepless nights, Zaid believes that what is keeping him awake is the fact that Najib is growing stronger by the day.

"At least that's how it looks from where I am sitting, and the deputy is feeling frustrated that his chances of becoming PM are being thwarted bit by bit. "His erstwhile allies in Umno seem to be unbelievably quiet and the PM has been able to deal with these groups well. As you know, our PM is adept at taking care of those within the party who have grouses," he said.

However, Zaid said he was disappointed that the DPM resorted to the May 13 incident to make his point about Najib's weaknesses and failures. "There is nothing to be proud of in May 13 and certainly nothing that warrants reminding people about it constantly." (Malaysiakini)

Corporate News…

Prestariang has just completed the private placement of 44m new shares at RM1.74/share, raising around RM76m and increasing its share base from 440m shares to 484m shares. (BMSB)

Please refer to our note for further details.

UMW Oil & Gas has secured a US$51.3m (RM162.7m) contract from PTTEP for Naga 5. The jack-up will support the client's drilling campaign in the Gulf of Mottama, Myanmar for 250 days effective Aug 2014. (BMSB)

Please refer to our note for further details.

CIMB Group Holdings Bhd is exploring a three-way merger with its rivals RHB Capital Bhd (RHB Cap) and Malaysia Building Society (MBSB) in a move to create the country's largest banking group by assets, sources said. The enlarged banking group, with combined assets of RM614bn as at 31 March, would also end up ranking as the fourth largest in Asean, behind DBS Group, Oversea-Chinese Banking Corp and United Overseas Bank.

Sources said all three parties had yesterday submitted an application to Bank Negara Malaysia to begin talks on "how to create value from the enlarged combined assets". Approval is expected as soon as today. The boards of the three groups met yesterday. (Financial Daily)

Telekom Malaysia Bhd does not see Puncak Semangat Sdn Bhd, which is set to implement its proposed digital terrestrial television (DTT) broadcast service next year, as competition to its Internet Protocol television arm, HyppTV. "It is not competition because all our free-to-air channels are also offered free to our subscribers (via UniFi)", said TM Net Sdn Bhd CEO and vice-president of new media, Jeremy Kung. (The Edge)

Daybreak│Malaysia

July 10, 2014

6

Malaysian Airline System Bhd (MAS) and American Airlines will be enhancing their current code-share agreement by adding access to 11 more cities across the US via 260 domestic connecting flights to Los Angeles and New York from 1 August. "[Passengers can now] travel seamlessly on our "MH" code flights on a number of domestic services operated by American Airlines between Los Angeles and New York to major cities like Austin, Dallas, Washington, Orlando, Miami, Chicago, St Louis and more," said MAS group CEO Ahmad Jauhari Yahya. Additionally, MAS will codeshare on American Airlines' services to Dallas from Hong Kong and Seoul from 11 and 24 July respectively. (Financial Daily)

Yinson Holdings Bhd has received an offer from BW Offshore Ltd to either sell down or increase its stake in the Petroleo Nautipa floating production, storage and offloading facility (FPSO), which is currently in Nigerian waters. The company said BW Offshore had proposed to reach a mutual agreement over the eventual 100% ownership of the Petroleo Nautipa FPSO and its owner Tinworth Pte Ltd by either parties.

Tinworth is a 50:50 joint venture between Nautipa AS, a wholly owned subsidiary of Yinson Production, and Prosafe Nautipa AS, a subsidiary of Prosafe Production Public Ltd, which is ultimately held by BW Offshore. It has been proposed that the sale and purchase be in respect of a 100% equity interest in Prosafe Production or 100% equity of Nautipa, as the case may be. Completion will be conditional upon receipt of Yinson’s shareholder approval. (StarBiz)

Proton Holdings Bhd needs at least a year to turn around, with the focus on enhancing the quality of its products, said its chairman Tun Dr Mahathir Mohamad. He said Proton will need to provide more training for its staff and get capital injection so that it can produce cars with uncompromised quality. “It’s going to take some time as it is not easy to turn around a company. There is public perception that Proton manufactures low-quality cars.

To convince people that Proton has improved the quality of its products is not easy. But God willing, we will be able to turn around. “It should take not less than a year. Even one year is not sufficient for Proton to recover completely. There will still be problems but we will improve as we go along,” he said after breaking fast with Proton staff, here, on Tuesday. (BT)

Despite slipping into PN17 category, China Stationery Ltd’s (CSL) share price has reacted positively, as the company escaped from being suspended at the eleventh hour. The stock rose to an intra-day high of 10.5 sen before closing 1.5 sen, or 17.65%, higher than its reference price of 8.5 sen. It is understood that the company is looking to appoint an investment bank to assist with its regularisation plan as soon as next week. (StarBiz)

Daybreak│Malaysia

July 10, 2014

7

BMSB: Changes in shareholdings

Type of No of Ave Price

9-Jul-14 Date transaction securities Company (RM)

EPF 1/7-3/7 Disposed 2,640,600 TENAGA NASIONAL

EPF 4/7 Disposed 2,000,000 KPJ HEALTHCARE

EPF 4/7 Disposed 1,860,700 DIALOG GROUP

EPF 4/7 Disposed 1,696,500 SUPERMAX

EPF 4/7 Disposed 1,515,300 GAMUDA

EPF 3/7 Disposed 1,261,900 MISC

EPF 4/7 Disposed 1,049,900 DIGI.COM

EPF 4/7 Disposed 1,025,400 MALAYAN BANKING

EPF 4/7 Disposed 893,200 PERISAI PETROLEUM

EPF 4/7 Disposed 652,100 PUBLIC BANK

EPF 4/7 Disposed 630,200 IJM LAND

EPF 4/7 Disposed 500,000 BURSA MALAYSIA

EPF 4/7 Disposed 497,400 IOI PROPERTIES GROUP

EPF 4/7 Disposed 340,000 KUALA LUMPUR KEPONG

EPF 4/7 Disposed 338,200 PETRONAS GAS

EPF 4/7 Disposed 324,500 AEON CO. (M)

EPF 4/7 Disposed 231,200 SUNWAY REIT

EPF 4/7 Disposed 125,400 FELDA GLOBAL VENTURES

EPF 4/7 Disposed 17,800 IOI CORPORATION

EPF 4/7 Disposed 17,500 HONG LEONG BANK

EPF 4/7 Disposed 4,400 UNITED PLANTATIONS

Lembaga Tabung Haji 2/7-7/7 Disposed 856,000 BIMB HOLDINGS

Lembaga Tabung Haji 26/6-7/7 Disposed 558,500 Y.S.P.SOUTHEAST ASIA

Lembaga Tabung Haji 2/7-7/7 Disposed 288,400 PETRA ENERGY

ASSAR Industri Sdn. Bhd. 7/7-8/7 Disposed 1,240,656 WEIDA (M)

Lembaga Tabung Angkatan Tentera 2/7-7/7 Disposed 776,100 OCK GROUP

Datuk Amar Abdul Hamed Bin Haji Sepawi 7/7 Disposed 110,000 NAIM HOLDINGS

Mondrian Investment Partners Limited 7/7 Disposed 50,000 KKB ENGINEERING 2.41

BIMB HOLDINGS BERHAD 4/7 Disposed 7,100 SYARIKAT TAKAFUL MALAYSIA

Mitsubishi UFJ Financial Group, Inc 3/7 Disposed 626,600 AEON CO. (M)

EPF 3/7-4/7 Acquired 4,885,300 AXIATA GROUP

EPF 3/7 Acquired 3,671,300 CIMB GROUP

EPF 4/7 Acquired 2,176,200 SIME DARBY

EPF 4/7 Acquired 1,750,000 IGB CORPORATION

EPF 4/7 Acquired 1,683,100 TELEKOM MALAYSIA

EPF 4/7 Acquired 1,662,200 MAXIS

EPF 4/7 Acquired 1,333,600 PRESTARIANG

EPF 3/7-4/7 Acquired 1,101,900 PETRONAS CHEMICALS

EPF 4/7 Acquired 1,000,000 IHH HEALTHCARE

EPF 4/7 Acquired 891,100 AMMB HOLDINGS

EPF 4/7 Acquired 600,000 IJM CORPORATION

EPF 4/7 Acquired 347,000 WCT HOLDINGS

EPF 4/7 Acquired 298,200 SAPURAKENCANA

EPF 4/7 Acquired 150,300 TOP GLOVE

EPF 4/7 Acquired 115,600 SP SETIA

EPF 1/7 Acquired 100,000 FRASER & NEAVE

EPF 4/7 Acquired 91,700 HARTALEGA HOLDINGS

EPF 4/7 Acquired 27,600 TIME DOTCOM

EPF 4/7 Acquired 25,100 HOCK SENG LEE

EPF 4/7 Acquired 22,700 GENTING PLANTATIONS

Skim Amanah Saham Bumiputera 2/7-4/7 Acquired 3,141,700 TENAGA NASIONAL

Lembaga Tabung Haji 2/7-7/7 Acquired 457,300 BHIC

Lembaga Tabung Haji 2/7-7/7 Acquired 149,000 MMHE

Lembaga Tabung Haji 7/7 Acquired 55,000 GLOMAC

Lembaga Tabung Haji 2/7 Acquired 20,000 STAR PUBLICATIONS

Lembaga Tabung Angkatan Tentera 2/6 & 7/7 Acquired 100,000 BOUSTEAD PLANTATIONS

Franklin Resources, Inc. 7/7 Acquired 282,800 OLDTOWN

SOURCES: BMSB

Daybreak│Malaysia

July 10, 2014

8

BMSB: Changes in shareholdings

Type of No. of Ave Price

9-Jul-14 Date transaction securities Company (RM)

Vertical Capacity Sdn Bhd 4/7 Acquired 1,200,000 IOI CORPORATION

Datuk Tiah Thee Kian 4/7 Acquired 3,399,000 TA ENTERPRISE 0.94

Mejar (K) Datuk Wira Lee Wah Chong 4/7 & 8/7 Acquired 403,400 DIGISTAR CORPORATION 0.30

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 600,000 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 80,000 YNH PROPERTY

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 74,000 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 65,000 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 25,000 UNITED MALACCA

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 20,000 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 15,700 UNITED PLANTATIONS

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 9,400 BAT

Mitsubishi UFJ Financial Group, Inc 3/7 Acquired 6,400 PANASONIC MANUFACTURING

BENALEC HOLDINGS 9/7 Shares Buy Back 1,000,000 BENALEC HOLDINGS 1.09

MAGNUM 9/7 Shares Buy Back 80,000 MAGNUM 3.05

KPJ HEALTHCARE 9/7 Shares Buy Back 60,000 KPJ HEALTHCARE 3.50

WAH SEONG CORPORATION 9/7 Shares Buy Back 50,000 WAH SEONG CORPORATION 1.87

DAIBOCHI PLASTIC 9/7 Shares Buy Back 2,700 DAIBOCHI PLASTIC 4.38

SOURCES: BMSB

BMSB: Off-market transactions

9-Jul-14 Vol

SUMATEC 23,000,000

INARI-CA 11,930,000

AMBANK 10,447,530

SUNZEN 10,436,000

MAS 10,000,000

SNTORIA 6,000,000

SUNZEN-WA 2,920,000

SCN 2,000,000

PELIKAN 1,674,200

LBS 1,400,000

KANGER 1,000,000

IHH 500,000

Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

BMSB: Entitlements & trading rights

10-Jul-14 Ann Date Entitlement Ex-date Entitlement

DIALOG GROUP 6-May-14 Bonus issue 1:1, special share dividend 1:125 16-Jul-14 18-Jul-14

BONIA

CORPORATION

25-Apr-14 Bonus issue 1:1, share split 1:2 18-Jul-14 22-Jul-14

SOURCES: BMSB, TE: Tax Exempt

Daybreak│Malaysia

July 10, 2014

9

BMSB: Dividends

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

GAMUDA 2nd interim dividend - single tier 6.00 26-Jun-14 10-Jul-14 14-Jul-14 23-Jul-14

ORIENTAL HOLDINGS Final dividend - single tier 3.50 14-May-14 11-Jul-14 16-Jul-14 1-Aug-14

IOI CORPORATION 2nd interim dividend - single tier 12.00 1-Jul-14 14-Jul-14 17-Jul-14 25-Jul-14

FRASER & NEAVE Interim dividend - single tier 22.00 7-May-14 16-Jul-14 18-Jul-14 8-Aug-14

BINTULU PORT Special interim - single tier 6.00 28-May-14 16-Jul-14 18-Jul-14 8-Aug-14

JOBSTREET CORPORATION Final dividend - single tier 0.50 2-Jun-14 16-Jul-14 18-Jul-14 7-Aug-14

BERJAYA SPORTS TOTO 4th Interim - single tier 7.00 17-Jun-14 16-Jul-14 18-Jul-14 8-Aug-14

KUALA LUMPUR KEPONG Interim dividend - single tier 15.00 21-May-14 17-Jul-14 21-Jul-14 12-Aug-14

MUDAJAYA GROUP 2nd interim dividend - single tier 3.00 10-Jun-14 6-Aug-14 8-Aug-14 5-Sep-14

MUHIBBAH ENGINEERING 1st & final dividend - single tier 4.50 3-Jun-14 13-Aug-14 15-Aug-14 25-Aug-14

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

10-Jul-14 Ann Date Proposed

ECO WORLD 25-Apr-14 1 Rights @ 2 , 4 Free Warrants @ 5, Private Placement

SBC CORP 27-May-14 Bonus issue 1:2

BUMI ARMADA 12-Jun-14 Bonus issue 1:2, 1 Rights @ 2

SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

TANAH MAKMUR 1.25 52,140,000 49,450,000 75,184,000 Main Market 17-Jul-14

SASBADI HOLDINGS 1.19 21,200,000 35,950,000 32,400,000 Main Market 23-Jul-14

HENG HUAT RESOURCES 0.45 46,500,000 14,660,000 26,860,000 ACE Market 25-Jul-14

No of shares

SOURCES: BMSB

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Corporate Actions

July 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5

Cypark 2Q MPI's Analyst Day, External Trade

6 7 8 9 10 11 12

External Reserves IPI, BNM rate

13 14 15 16 17 18 19

Nuzul Al-Quran Tenaga 3Q & briefing, CPI

DiGi 2Q, Bursa 2Q, Pavilion REIT 2Q, CMMT 2Q

20 21 22 23 24 25 26

Maxis 2Q, External Reserves (mid-month data)

27 28 29 30 31

Hari Raya Puasa Hari Raya Puasa Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

August 2014

SUN MON TUE WED THU FRI SAT

31 1 2

National Day

3 4 5 6 7 8 9

External Trade External Reserve (month-end data)

10 11 12 13 14 15 16

IPI GDP, BoP Current Account Balance

17 18 19 20 21 22 23

CPI Eco World 3Q External Reserves (mid-month data)

24 25 26 27 28 29 30

UOA Dev 2Q, E&O 1Q

UEM Sunrise 2Q Mah Sing 2Q, Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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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.

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Score Range 90 – 100 80 – 89 70 – 79 Below 70 or No Survey Result

Description Excellent Very Good Good N/A

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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.

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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013. AAV – Good, ADVANC - Excellent, AMATA - Very Good, ANAN – Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – Good, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET – Very Good, CENTEL – Very Good, CK - Excellent, CPALL - Very Good, CPF – Excellent, CPN - Excellent, DELTA - Very Good, DTAC - Excellent, EGCO – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Excellent, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Excellent, ITD – Very Good, IVL - Excellent, JAS – Very Good, KAMART – not available, KBANK - Excellent, KKP – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR – Very Good, MAKRO – Very Good, MCOT - Excellent, MINT - Excellent, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SAMART – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI – Very Good, SPALI - Excellent, STA - Good, STEC - Very Good, TCAP - Excellent, THAI - Excellent, THCOM – Excellent, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Excellent, TTW – Excellent, TUF - Very Good, VGI – Excellent, WORK – Good.