REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 19 August 2014

▌What’s on the Table…

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Tune Ins Holdings Bhd - Expecting a more robust 2H14

Although Tune Ins’ 1HFY14 net profit accounted for only 42% of our full-year forecast and 41% of the consensus number, we regard the results in line because: (1) the associate companies in Thailand and Middle East will start to contribute from 3Q14, and (2) the seasonally-strongest Oct-Dec quarter (4Q13 accounted for 31% of last year’s earnings) is yet to come. We retain our DDM-based target price (cost of equity of 9.2%; long-term growth of 4%). The stock remains an Add, underpinned by the potential re-rating catalysts of: (1) swift expansion of the travel insurance business, (2) synergistic M&As in Thailand, and (3) entry into Middle Eastern markets.

Star Publications - Boost from Cityneon

Star’s 1H14 core net profit was in line with our expectation, making up 48% of our and 45% of consensus full-year estimates. While we expect its 2H to be seasonally stronger, we are cautious about the overall industry adex outlook given the weak consumer sentiment due to the upcoming GST implementation and subsidy rationalisation announcement. Hence, we maintain our FY14-16 forecasts and Hold rating, with an unchanged RM2.65 target price, based on 13.7x CY15 P/E, which is 15% discount to our implied target market P/E of 16.1x. The company declared a total dividend of 9 sen for the quarter, which is similar to last year. While the stock offers a decent FY14 dividend yield of 5.8%, we prefer Astro for exposure to the domestic media sector.

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • Chemara Palmea, the plantation SPAC to raise RM500m-RM650m from IPO

• Sale of passenger and commercial vehicles in July down 1.2% yoy to 60,267 • Datuk Dr Yu Kuan Chon now owns 27.8% stake in Rapid Synergy Bhd

• Bursa Malaysia making it easier for individuals to open trading accounts • BNM will likely not introduce further cooling measures for the property sector

• China's new home prices fell in Jul for a third straight month

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14

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FBMKLCI

1861.75 -2.56pts -0.14%Aug Futures Sep Futures

1861.5 - (-0.11% ) 1858.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged459 433 299

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Turnover3581.72m shares / RM2473.913m

3m avg volume traded 2028.50m shares

3m avg value traded RM2086.16m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,862 3,313 5,157 1,542 24,955 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,861.75 (0.1) (0.3)

FBM100 12,598.72 (0.1) 0.1

FBMSC 19,331.75 0.5 23.2

FBMMES 7,279.64 (0.0) 28.3

Dow Jones 16,838.74 1.1 1.6

NASDAQ 4,508.31 1.0 7.9

FSSTI 3,312.78 (0.1) 4.6

FTSE-100 6,741.25 0.8 (0.1)

SENSEX 26,390.96 1.1 24.7

Hang Seng 24,955.46 0.0 7.1

JCI 5,156.75 0.2 20.6

KOSPI 2,053.13 (0.5) 2.1

Nikkei 225 15,322.60 0.0 (5.9)

PCOMP 7,027.58 0.3 19.3

SET 1,542.36 (0.3) 18.8

Shanghai 2,239.47 0.6 5.8

Taiwan 9,141.31 (0.7) 6.2————————————————————————————————

Close % chg Vol. (m)

PDZ HOLDINGS 0.315 16.7 317.6

GLOBALTEC 0.105 10.5 303.6

SUMATEC 0.590 7.3 260.5

MARCO 0.205 10.8 143.3

MAS 0.255 0.0 78.2

EA HOLDINGS 0.185 8.8 71.0

TAKASO RES 0.360 2.9 62.6

GPA HOLDINGS 0.180 16.1 60.1————————————————————————————————

Close % chg

US$/Euro 1.3362 (0.01)

RM/US$ (Spot) 3.1565 (0.03)

RM/US$ (12-mth NDF) 3.2190 (0.02)

OPR (% ) 3.24 0.62

BLR (% , CIMB Bank) 6.85 0.00

GOLD ( US$/oz) 1,298.59 0.01

WTI crude oil US spot (US$/barrel) 96.41 (0.97)

CPO spot price (RM/tonne) 2,092.00 (2.56)

Market Indices

Top Actives

Economic Statistics

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

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Daybreak│Malaysia

August 19, 2014

2

Global Economic News

The US National Association of Home Builders (NAHB)/Wells Fargo homebuilders’ sentiment climbed to 55 in Jul (53 in Jun). (Bloomberg)

The euro zone's trade surplus swelled to €16.8bn in Jun (€15.4bn in May). (WSJ)

China’s foreign direct investment (FDI) fell a sharp 16.95% yoy in Jul to US$7.81bn (-0.2% yoy in Jun to US$14.42bn). (WSJ)

China's new home prices fell in Jul for a third straight month with price declines spreading to a record number of cities including Beijing, underlining a worsening property downturn that is increasingly dragging on the broader economy. Average home prices slipped 0.9% mom in Jul. (Reuters)

India will keep a pledge to ratify a trillion-dollar global pact on easing trade restrictions, Commerce Minister Nirmala Sitharaman's said, adding negotiations with fellow World Trade Organisation (WTO) members had not hit a "dead end". (AFP)

Producer prices (PPI) in South Korea gained 0.2% yoy in Jul (+0.1% yoy in Jun). (Yonhap)

Hong Kong's unemployment rate edged higher to 3.3% in the three-month period ended Jul (3.2% in Apr-Jun period). (WSJ)

Non-oil domestic exports (NODX) in Singapore contracted 3.3% yoy in Jul (-4.6% yoy in Jun). On a month-on-month seasonally adjusted basis, NODX rose by 2.5% mom to S$13.9bn in Jul (+1.5% mom in Jun).

Electronic exports fell 7.9% yoy in Jul (-17.4% yoy in Jun). Non-electronic exports contracted by 1.1% yoy in Jul (+1.3% yoy in Jun). (CNA)

Singapore will broaden the options for its citizens to monetize state-subsidized homes and may offer greater flexibility for retirees to draw funds from the mandatory savings program, Prime Minister Lee Hsien Loong said.

A plan that lets elderly citizens sell part of their leases on smaller Housing & Development Board apartments back to the government will be extended to so-called four-room flats, or those that are about 968 square feet in size, he said. The homes developed by the government are usually sold with 99-year leases, and buyers typically fund them with the state-run pension plan called Central Provident Fund or CPF. (Bloomberg)

Thailand’s GDP rose 0.9% qoq in 2Q14 (-1.9% qoq in 1Q14). From a year earlier, the economy expanded 0.4% yoy in 2Q14 (-0.5% yoy in 1Q14). (Bloomberg)

Daybreak│Malaysia

August 19, 2014

3

The National Economic and Social Development Board (NESDB) tweaked its maximum economic-growth forecast down from 2.5% to 2.0% for this year on “external factors” including geopolitical risks in Europe and the “slower-than-expected recovery of the export sector, which only managed to improve in Jun.” (The Nation)

The Thailand National Economic and Social Development Board (NESDB) tweaked its maximum economic-growth forecast down from 2.5% to 2.0% for this year on “external factors” including geopolitical risks in Europe and the “slower-than-expected recovery of the export sector, which only managed to improve in Jun.” (The Nation)

Thailand junta leader General Prayuth Chan-ocha submitted a draft fiscal 2015 budget, with defense and education receiving hefty increases.

The Ministry of Education was allocated THB498.16bn (US$15.66bn), a 3.2% increase from last year's budget and 19.5% of the total budget allocations.

Defense spending, which typically increases in Thailand after a coup, grew 5% from last year's allocation to THB193.07bn (US$6.07bn).

The THB2.58tr (US$81.08bn) draft budget, up around 2% from 2014, was submitted to the military-dominated National Legislative Assembly and will be considered by ad-hoc committees and adopted in the coming weeks. (Reuters)

Malaysian Economic News

The government will launch a data base on Goods and Services Tax (GST) registered companies to avoid customers from being cheated. Deputy Finance Minister Datum Chua Tee Yong said the data base would be launched early April 2015 when the GST is implemented.

He said when the data base is launched, consumers can lodge complaints against companies that impose GST but are not registered. Chua said rewards would also be given to consumers who tip off the government of such scrupulous companies. "

A total of 12,803 companies have been approved to collect GST and we will make weekly announcements to provide an update on the number of new companies being registered," he said.

On GST briefings, he said the government would organise more such sessions for small and medium companies to enhance their understanding of the new tax structure.

He advised companies to check with the Royal Customs Department website to obtain the necessary documents before registering manually. Chua, however, advised companies to register online as it would only take five minutes while doing so manually would take three days. (Bernama)

Prime Minister Datuk Seri Najib Tun Razak said the country's economic management is at the best level considering that the economic growth in the second quarter far exceeded expectations. Najib said the country's economy grew 6.2% in 1Q and 6.4% in 2Q. "Our country's economy has expanded beyond expectations," he said. "This showed that in terms of economic management, we are on the right track," he said. (Bernama)

Daybreak│Malaysia

August 19, 2014

4

Chinese business interest in Malaysia continues to be buoyant as evident from the high number of participants headed this way to attend business meetings, conferences, seminars and conventions. Some 3,500 businessmen from mainland China were in Malaysia last week to seek joint-venture opportunities, tie-ups and insights, among others. Their presence was made possible through the Perfect China Travel and Seminar 2014, an incentive group conference from Aug 2-10. (Bernama)

Malaysia's economic growth must be at a sustainable rate to ensure the country's resources are distributed in an inclusive manner, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. "The economic cake has to also expand and this is an important basis. Only then can we think about distribution and we need to ensure the country's economy continues to expand at a sustainable rate. "We do not want it to be too high either, as this will not be sustainable," he added. Mustapa said Malaysia's gross domestic product (GDP) which expanded 6.4% in the second quarter of the year compared to 6.2% in the first, was the result of growth in all sectors. (Bernama)

Johor is drawing up a complete ecosystem for biotechnology industry players aimed at attracting more investors in the sector to the state. The efforts to create the ecosystem framework for the biotechnology sector will be implemented by the Johor Biotechnology and Biodiversity Corporation (J-Biotech). Its chief executive officer Wan Amir Jeffery Wan Abdul Majid said the ecosystem would cover several initiatives including the entry of technology, human capital development, investment collaboration, and empowering the involvement of entrepreneurs. "We will focus on research and development sector in efforts to drive the biotechnology industry, which started since 2006, to a higher level. (Bernama)

The Association of Chartered Certified Accountants (ACCA) is using its expertise to carry out research on Malaysia's small and medium enterprises (SMEs) especially on their approaches to innovation. It's Head of Asia-Pacific Policy Chiew Chun Wee said the move was made to support the initiative led by the Malaysian government, aimed at boosting innovation among the SMEs. "This project is part of the Malaysian Government's National Corporate Innovation Index (NCII), and delivered under the auspices of the Malaysian Innovation Agency (AIM), chaired by the Prime Minister Datuk Seri Najib Tun Razak," he said.

Chiew said the end goal of the research project was to enable the SMEs to calculate their ROI and benchmark themselves against the competition. "Ultimately, the SMEs will have a much better appreciation of the value of their longer-term investments in innovation. (Bernama)

Malaysia has received a safeguard petition from Ji Kang Dimensi Sdn Bhd, representing the domestic industry producing hot rolled plate, which is used as the base material in various industries, including automotive, construction and electric and electronics. Ji Kang Dimensi has alleged that importation of hot rolled plates into Malaysia increased from 2011 to 2013, seriously impacting the domestic industry in the country. "The petitioner has provided evidence that the import of hot rolled plate had increased both in absolute and relative terms to have a negative impact on the Malaysian domestic industry.

"This is in respect of declining market share, reduced sales, reduced production, reduced capacity utilisation, insufficient cash flow and net losses," the Ministry of International Trade and Industry (Miti) said. It said that based on the petition, the government has established that there is sufficient evidence of the increased imports, having hurt the local industry.

Daybreak│Malaysia

August 19, 2014

5

"As such, the government has decided to initiate a safeguard investigation on the import of the hot rolled plate. (Bernama)

The Congress of Unions of Employees in the Public and Civil Services (Cuepacs) has expressed hope that the improvement on 171 public service schemes, which currently under review, will be announced at the tabling of Budget 2015. Cuepacs president Azih Muda said, right now, the congress was in the final stage of discussion with the Public Service Department (PSD) concerning improvement on the public service schemes for Sijil Pelajaran Malaysia (SPM) to degree holders.

"Cuepacs hopes the government will provide explanation on the improvement of those schemes as soon as possible," he said. Azih also called on the government to consider raising by 30% the minimum salary of civil servants earning RM800 a month to help them cope with the rising cost of living. (Bernama)

The Malaysian Anti-Corruption Commission (MACC) does not investigate based only on the reports received but instead monitors all types of cases with elements of corruption from the various media. MACC Deputy Chief Commissioner (Prevention) Datuk Mustafar Ali said any information, whether from media reports, Dewan Rakyat sittings, State Assembly sittings or public forums would be studied thoroughly to check the validity of the issues raised.

He said they included the report of the Auditor-General or tabling of the financial statements which had any element of leakage and could be linked to corrupt practices. He said that on average, the MACC received 5,000 reports from various sources annually but only about 1,000 of them were categorised as corruption and investigation papers opened. (Bernama)

Datuk Seri Najib Tun Razak said the government is prepared to consider the participation of the FELDA Vision Generation Alliance (GWGF) in the FELDA Investment Cooperative 2 (KPF 2). The prime minister said GWGF had shown interest in the cooperatives sector and was confident that its participation would benefit the settlers investing in the cooperative. KPF 2, a cooperative specially for the new generation of FELDA settlers, was approved in 2011 and is set to be an economic development model for the new generation, complementary to the FELDA Investment Cooperative. (Bernama)

The final report of a feasibility study on the proposed RM6.3bn infrastructure project involving various roads in Penang and an undersea tunnel between the island and Seberang Prai will be submitted to the state authorities soon.“The report will be vetted by an independent consultant appointed by the state government,” said Consortium Zenith BUCG Sdn Bhd chairman Datuk Zarul Ahmad Zulkifli.

Apart from a 6.5km undersea tunnel, the project entails a 4.5km bypass from Gurney Drive to Lebuhraya Tun Dr Lim Chong Eu, a 4.6km bypass between Lebuhraya Tun Dr Lim Chong Eu and Bandar Baru Air Itam, and a 12km paired road from Jalan Tanjung Bungah to Teluk Bahang. (NST)

Malaysian cooperatives have been urged to explore new trade opportunities in other Asean countries which have a wider market. Cooperatives Commission Malaysia (CCM) Executive Chairman Datuk Nik Ali Mat Yunus said in line with the formation of the Asean Community next year, business activities undertaken by anyone, including cooperatives, will be much easier. “The formation of the Asean Community will open up various forms of economic cooperation between the countries and make the regional market truly vast with its population of more than 600 million. (Bernama)

Daybreak│Malaysia

August 19, 2014

6

Political News

Tun Dr Mahathir Mohamad yesterday lashed out at Datuk Seri Najib Razak's administration, saying he was withdrawing his support for Najib as his criticism had fallen on deaf ears. "I have tried to give my views to him directly, which are also the views of many people who have met me," wrote Dr Mahathir today on his popular blog, chedet.cc.

"I have no choice but to withdraw my support. This has not been effective so I have to criticise," he said, adding that Najib was no better than his predecessor, Tun Abdullah Badawi. Dr Mahathir said he had hoped Najib learnt lessons from his poor performance in the last general election but it appeared that he had not.

"Many policies, approaches and actions taken by the government under Najib have destroyed interracial ties, the economy and the country's finances," he added.

Dr Mahathir said Najib's slide began when the latter listened to his "enemies' demands" and abolished the Internal Security Act in 2011 and the Restrictive Residents Act, which allowed the government to detain anyone including suspected criminals without trial. "These actions did not reduce opposition from the other side. Instead, crime increased because many gang leaders were released," said the former prime minister.

He added that Najib's "humble" attitude towards neighbouring countries had left Malaysia's domestic affairs subject to their views. "But the views of the race and the party, which had all this while supported and saved the government, are not given fair treatment," he said obliquely referring to Umno.

Dr Mahathir also took Najib to task for using the government's money to gain support from the people each time there was an election. "The people's spirit to work fades away when they are rewarded without making any effort. This will not help in developing the country," he wrote.

Dr Mahathir also added that Najib was ruining the economy by prioritising imported goods at the expense of the local industry. "Extra holidays are given to the point that there are workers who take holidays for over a week. "The minimum wage is increased without taking into account rising costs, which could reduce local business's competitiveness," he added in the post. (Malaysian Insider)

Corporate News

Bursa Malaysia Bhd is making it easier for individuals to open trading and securities accounts and has issued a public consultation paper to seek public feedback.

In a statement yesterday, the exchange said the move is expected to provide a degree of flexibility to Bursa Malaysia’s participating organisations (POs) and authorised depository agents (ADAs).

Currently, an individual seeking to open both the trading and securities accounts is required to be present in person before the PO/ADA to submit the account opening form or sign it before an acceptable witness, such as a notary public or a commissioner for oaths.

However, with the proposed changes, the individual investor will be able to complete the account opening form and submit it to the PO/ADA with supporting documents, in hard or soft copy, via electronic means and without the need to submit it in person or sign the form before any acceptable witness. (BT)

Daybreak│Malaysia

August 19, 2014

7

Bank Negara Malaysia will likely not introduce further cooling measures for the property sector in the coming months as it sees earlier measures have worked to soften the growth in the nation's household debt. In the second-quarter of this year, household debt growth moderated to 10.3%. The growth has been falling since the last six quarters. "The trend for household debt growth is showing moderation, so currently it does not look like we may need to take further measures. However, it also depends on how other factors play out," BNM deputy governor Dr Sukhdave Singh said. (Malaysian Reserve)

Property tycoon Datuk Dr Yu Kuan Chon, who has been mopping up shares of Rapid Synergy Bhd over the past week, now holds a substantial 27.79% interest in the company. He began to steadily buy shares since Aug 5, with the latest filings showing he holds direct and indirect interest of 19.18% and 8.61% respectively. The total stake in the company was 26.76% last Tuesday. (StarBiz)

Spanish oil engineering company Tecnicas Reunidas said it had won a US$1.5bn turnkey contract as part of the Refinery and Petrochemicals Integrated Development (Rapid) project in Malaysia. The 50-month contract, awarded by Petronas, is to engineer, supply and build part of the massive complex, which will include a refinery and integrated petrochemical plant. The contract is an opportunity for the Spanish company to move in to the new, strategic market of Malaysia and foster relations with Petronas, Tecnicas said. (Reuters)

Sale of passenger and commercial vehicles in July fell to 60,267 units from 68,431 units recorded in the same month last year. The Malaysian Automotive Association (MAA) said out of the 60,267 units sold, 53,578 were passenger vehicles and the remaining 6,689 were commercial vehicles. In a statement, the MAA said the total industry volume for the January to July period was 11,490 units, up 3%, from the corresponding period in 2013, driven by aggressive sales campaign by industry players.

On outlook, it said the sales volume in August 2014 was expected to remain about the same as in July bolstered by the ongoing promotional campaigns by car companies. (Bernama)

UMW Toyota Motor is offering attractive deals for its popular models to potential buyers nationwide in conjunction with the 57th Merdeka Day celebrations. Headlining the campaign is a RM2,000 Merdeka cash rebate on top of any on-going offer for the best-selling Vios (E, G, TRD), the flagship Camry and Altis and the Hilux Double Cab.

“Customers who purchase the Vios J will also enjoy savings in the form of RM1,000 Merdeka cash rebate on top of the current promotion. These Merdeka offers are only valid from August 1-31, so customers who are looking to purchase a car are urged to place their orders now,” UMW Toyota said in a statement.

Those looking for a more spacious vehicle will not be left out as there are also attractive downpayment rebates for the Innova and Avanza. (BT)

The country’s two national car companies are set to intensify their rivalry with the launch of new compact models as they move to arrest sliding sales and boost market share. Proton Holdings Bhd is banking on its Global Small Car (GSC) to make a “hurtful” challenge on the hugely popular Perodua Myvi in the B-segment of the local car market. Perusahaan Otomobil Kedua Sdn Bhd (Perodua), which has been Malaysia’s top-selling car company for the past

Daybreak│Malaysia

August 19, 2014

8

eight years, is turning to the smaller Axia model in the A-segment to boost sales. (BT)

Malaysia has received a safeguard petition from Ji Kang Dimensi Sdn Bhd, representing the domestic industry producing hot-rolled plate, which is used as the base material in various industries, including automotive, construction and electric and electronics. Ji Kang Dimensi has alleged that importation of hot-rolled plates into Malaysia increased from 2011 to 2013, seriously impacting the domestic industry in the country. “The petitioner has provided evidence that the import of hot-rolled plate had increased both in absolute and relative terms to have a negative impact on the Malaysian domestic industry. “This is in respect of declining market share, reduced sales, reduced production, reduced capacity utilisation, insufficient cashflow and net losses,” the International Trade and Industry Ministry said. (StarBiz)

A 300-tonne concrete span collapsed at a MRT construction site in Kota Damansara, within the RRI Land. MRT Corp confirms that three foreign workers are unaccounted for and are believed to be trapped underneath. "All work along Package V1 where the incident occurred has been suspended until further notice. The work package contractor for Package V1 is Syarikat Muhibbah Perniagaan dan Pembinaan Sdn Bhd," it said. "Although investigations are underway, MRT Corp assumes full responsibility for the incident. Once investigations are completed, action on those responsible will be taken," MRT Corp CEO Datuk Wira Azhar Abdul Hamid said. (Star)

Palm oil exports from Indonesia probably advanced in July to the highest level this year after India boosted purchases, helping to reduce stockpiles as output fell. Shipments rose 0.6% to 1.8m tonnes from June, according to the median of estimates from five plantation and industry executives compiled by Bloomberg. Inventories probably contracted 3.8% to 2.02m tonnes as production fell 2.7% to 2.14m tonnes, the survey showed. (Bloomberg)

I-Bhd's subsidiaries made three land purchases yesterday with a combination of irredeemable and redeemable convertible unsecured loan stocks. I-Marcom Sdn Bhd acquired a piece of freehold land located along Jalan Changkat Kia Peng from Sumuracres Sdn Bhd for RM132m, while i-City Properties Sdn Bhd purchased a piece of freehold land in Bandar Shah Alam from The Peak @ KLCC Sdn Bhd for RM241m. The third is an acquisition by City Centrepoint Sdn Bhd of a piece of freehold land which currently forms part of the land held under Seksyen 7, Bandar Shah Alam from The Peak @ KLCC for RM129m. (Malaysian Reserve)

Tadmax Resources Bhd has proposed a debt settlement of around RM36.78m owed to its managing director and group chief executive officer Datuk Faizal Abdullah via the issuance of up to 72m settlement shares, which would raise the latter’s stake in the company by around 20%. Faizal, who had provided a few advances to Tadmax since 2010, currently owns around 4.8% or 17.8m shares in the company.

Tadmax is also proposing a 10% private placement to raise funds to repay bank borrowings, fund its property development ventures and for working capital purposes. The proposed capitalisation exercise to settle its debt to Faizal would be done via the issuance of shares at an indicative price of 50 sen per settlement share. (StarBiz)

Daybreak│Malaysia

August 19, 2014

9

Chemara Palmea Holdings Bhd, the country's first plantation SPAC, is expected to raise between RM500m and RM650m in its initial public offering (IPO). Chemara is a SPAC formed for the acquisition of oil palm plantations or companies which own oil palm plantations in Indonesia and possibly, in Malaysia. "We intend to acquire up to 20,000ha of yielding oil palm plantation in Indonesia consisting predominantly of brownfield land with a minimum planted area of 8,000ha with the remaining land available for greenfield capacity," Chemara said in a draft prospectus. (sun)

China’s bamboo flooring maker, Kanger International Bhd has allocated 50m yuan (RM25.6m) as capital expenditure (capex) for the next two years. Group managing director Leng Xingmin said the capex would be used to expand the offices and manufacturing plants. Kanger already has a manufacturing plant in Ganzhou and a raw materials manufacturing plant in Yanshan. On talks to set up a sales office in Malaysia, Leng said this had not been finalised yet as the company wanted its market in China to stabilise first. (StarBiz)

The government is understood to have held back the award of a contract - for the management of the proposed fuel subsidy rationalisation programme to Fuelsubs House Sdn Bhd. Sources familiar with the matter told The Edge Financial Daily that a Cabinet meeting chaired by Deputy Prime Minister Tan Sri Muhyiddin Yassin last week did not reach a full consensus on the award of the contract to Fuelsubs, which had deemed the front runner for the job, as some ministers were concerned that awarding the contract via direct negotiation would raise the question of objectivity. (Financial Daily)

Ideal Jacobs (M) Corp Bhd expects to complete the reverse takeover of the two oil and gas services firms, Cekap Technical Services Sdn Bhd and MECIP Global Engineers Sdn Bhd, within the next nine months. The reverse takeover will see the oil and has contracts of Cekap and MECIP injected into a special-purpose vehicle - CMOG Group Sdn Bhd - which will later assume the listing status of Ideal Jacobs. Ideal Jacobs will simultaneously go for a management buyout of its existing businesses like plastic fabrication. (Malaysian Reserve)

The termination of a joint venture for the proposed Penang-Butterworth undersea tunnel project will not affect the partnership between Astral Supreme and Zenith PMC Sdn Bhd in the future. In a statement released yesterday, Zenith said the termination of the joint venture doesn't preclude it from engaging Astral Supreme for future project.

"The termination is effected as Astral Supreme Construction Sdn. Bhd. could not fulfil its obligations as stated in the joint venture agreement," Zenith said.

Astral Supreme in a filing with Bursa Malaysia on Friday had said that the termination was to do with its failure to carry out a feasibility study and design of the tunnel sea plan. Astral Supreme its failure was to do with its inability to secure consultants to undertake the project within the budget and the funding requirements. (Sun)

Daybreak│Malaysia

August 19, 2014

10

BMSB: Changes in shareholdings

Type of No of Ave Price

18-Aug-14 Date transaction securities Company (RM)

EPF 13/8 Disposed 4,847,200 MALAYAN BANKING

EPF 14/8 Disposed 4,630,000 AXIATA GROUP

EPF 13/8 Disposed 3,027,100 IJM PLANTATIONS

EPF 13/8 Disposed 2,601,100 IJM LAND

EPF 13/8 Disposed 2,496,500 AMMB HOLDINGS

EPF 13/8 Disposed 2,017,000 IHH HEALTHCARE

EPF 13/8 Disposed 1,608,700 PUBLIC BANK

EPF 13/8 Disposed 1,592,500 SAPURAKENCANA

EPF 25/7-13/8 Disposed 1,421,800 AFFIN HOLDINGS

EPF 13/8 Disposed 1,085,900 IOI CORPORATION

EPF 13/8 Disposed 1,000,000 BUMI ARMADA

EPF 13/8 Disposed 903,500 MAXIS

EPF 14/8 Disposed 845,100 GAMUDA

EPF 13/8 Disposed 809,400 DIALOG GROUP

EPF 13/8 Disposed 516,400 HONG LEONG BANK

EPF 13/8 Disposed 417,800 WCT HOLDINGS

EPF 13/8 Disposed 380,000 KUALA LUMPUR KEPONG

EPF 13/8 Disposed 302,800 IOI PROPERTIES GROUP

EPF 13/8 Disposed 252,700 SUPERMAX

EPF 13/8 Disposed 179,600 UMW HOLDINGS

EPF 11/8-13/8 Disposed 157,900 TENAGA NASIONAL

EPF 13/8 Disposed 150,000 FELDA GLOBAL VENTURES

EPF 13/8 Disposed 150,000 TIME DOTCOM

EPF 13/8 Disposed 149,000 CAHYA MATA SARAWAK

EPF 13/8 Disposed 146,600 PETRONAS GAS

EPF 13/8 Disposed 144,400 AFG

EPF 13/8 Disposed 117,300 LITRAK

EPF 13/8 Disposed 98,700 SYARIKAT TAKAFUL

EPF 13/8 Disposed 85,000 AEON CO. (M)

EPF 13/8 Disposed 80,000 TOP GLOVE

EPF 13/8 Disposed 29,500 BIMB HOLDINGS

Skim Amanah Saham Bumiputera 11/8-12/8 Disposed 3,307,600 TELEKOM MALAYSIA

Permodalan Nasional Berhad 11/8 Disposed 228,000 UMW HOLDINGS

Lembaga Tabung Haji 5/8-14/8 Disposed 2,592,500 BIMB HOLDINGS

Lembaga Tabung Haji 5/8-14/8 Disposed 474,000 FABER GROUP

WELLINGTON MANAGEMENT CO, LLP 11/8-14/8 Disposed 3,649,100 AIRASIA

CIMB COMMERCE TRUSTEE BERHAD 12/8-14/8 Disposed 2,449,400 EASTERN & ORIENTAL 

Aberdeen Asset Management PLC 13/8-14/8 Disposed 1,537,200 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 12/8 Disposed 283,000 POS MALAYSIA

EPF 13/8 Acquired 3,883,000 DIGI.COM

EPF 13/8 Acquired 1,194,900 SIME DARBY

EPF 13/8 Acquired 1,000,000 IJM CORPORATION

EPF 13/8 Acquired 916,800 MBM RESOURCES

EPF 13/8 Acquired 752,000 TELEKOM MALAYSIA

EPF 13/8 Acquired 500,000 YINSON HOLDINGS

EPF 13/8 Acquired 332,600 SUNWAY REIT

EPF 13/8 Acquired 300,000 GENTING PLANTATIONS

EPF 13/8 Acquired 258,100 PERDANA PETROLEUM

EPF 13/8 Acquired 150,000 KNM GROUP

EPF 13/8 Acquired 105,600 POS MALAYSIA

EPF 13/8 Acquired 100,000 WAH SEONG CORPORATION

EPF 14/8 Acquired 35,100 SP SETIA

EPF 13/8 Acquired 30,000 HOCK SENG LEE

Skim Amanah Saham Bumiputera 11/8-12/8 Acquired 2,283,200 TENAGA NASIONAL

Lembaga Tabung Haji 4/8-14/8 Acquired 8,054,700 MRCB

Lembaga Tabung Haji 8/8 Acquired 4,842,535 PARKSON HOLDINGS

Lembaga Tabung Haji 4/8-7/8 Acquired 711,000 WCT HOLDINGS

Lembaga Tabung Haji 6/8-14/8 Acquired 311,600 MMHE

Aberdeen Asset Management PLC 13/8 Acquired 244,200 AEON CO. (M)

Aberdeen Asset Management PLC 13/8 Acquired 4,600 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 12/8 Acquired 76,800 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 12/8 Acquired 28,500 ORIENTAL HOLDINGS SOURCES: BMSB

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BMSB: Changes in shareholdings

Type of No. of Ave Price

18-Aug-14 Date transaction securities Company (RM)

WCT HOLDINGS 18/8 Shares Buy Back 300,000 WCT HOLDINGS 2.28

KPJ HEALTHCARE 18/8 Shares Buy Back 25,300 KPJ HEALTHCARE 3.53 SOURCES: BMSB

BMSB: Off-market transactions

18-Aug-14 Vol

GLOTEC 85,560,068

HLIND-CA 19,000,000

APFT 6,000,000

BJLAND 4,500,000

MASTEEL 2,900,000

ASUPREM 1,500,000

RAPID 1,490,000

HLCAP 695,000

KANGER 500,000

PDZ 500,000 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

PETRONAS DAGANGAN Interim dividend - single tier 14.00 7-Aug-14 21-Aug-14 25-Aug-14 5-Sep-14

PETRONAS GAS Interim dividend - single tier 22.00 8-Aug-14 22-Aug-14 26-Aug-14 11-Sep-14

PETRONAS CHEMICALS Interim dividend - single tier 8.00 11-Aug-14 22-Aug-14 26-Aug-14 12-Sep-14

KLCC REIT 2nd interim income distribution 4.76 11-Aug-14 22-Aug-14 26-Aug-14 18-Sep-14

KLCC PROPERTY 2nd interim dividend - single tier 3.29 11-Aug-14 22-Aug-14 26-Aug-14 18-Sep-14

SUNWAY REIT Final income distribution 2.03 11-Aug-14 22-Aug-14 26-Aug-14 10-Sep-14

1.58 sen: taxable & 0.45 sen: tax exempt

AMMB HOLDINGS Final dividend - single tier 16.90 25-Jul-14 27-Aug-14 29-Aug-14 12-Sep-14

MAXIS Interim dividend - single tier 8.00 22-Jul-14 27-Aug-14 29-Aug-14 26-Sep-14

QL RESOURCES  Final dividend - single tier 3.50 30-Jul-14 28-Aug-14 2-Sep-14 12-Sep-14

NESTLE (MALAYSIA) Interim dividend - single tier 60.00 12-Aug-14 29-Aug-14 3-Sep-14 24-Sep-14

MISC 1st interim dividend - single tier 4.00 6-Aug-14 8-Sep-14 10-Sep-14 24-Sep-14

HARTALEGA Final dividend - single tier 4.00 5-Aug-14 8-Sep-14 10-Sep-14 24-Sep-14

MAH SING GROUP 1st & final dividend - single tier 8.00 2-Jun-14 10-Sep-14 12-Sep-14 25-Sep-14

MEDIA PRIMA 1st interim dividend - single tier 3.00 14-Aug-14 10-Sep-14 12-Sep-14 30-Sep-14

TOMYPAK HOLDINGS Interim dividend - single tier 1.00 14-Aug-14 15-Sep-14 18-Sep-14 8-Oct-14

STAR PUBLICATIONS Interim dividend - single tier 9.00 18-Aug-14 24-Sep-14 26-Sep-14 17-Oct-14

1st interim: 6 sen; special: 3 sen SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

19-Aug-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 @ 2.00

ASIA FILE CORP 6-Aug-14 Bonus issue 3:5 SOURCES: BMSB

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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

Axis REIT 2Q Hartalega 1Q, MMHE 2Q, Tasek Corp 2Q

MISC 2Q & conf. call, F&N 3Q, External Trade

PetDag 2Q, External Reserves (month-end data)

PetGas 2Q

10 11 12 13 14 15 16

Sunway REIT 4Q, KLCC Property 2Q, PetChem 2Q, AFG 1Q, IPI

Nestle 2Q Perisai 2Q, Tomypak 2Q, Nestle 2Q briefing

Media Prima 2Q Affin 2Q, GDP, BoP Current Account Balance

17 18 19 20 21 22 23

Star 2Q, Tune Ins 2Q AirAsia X 2Q & conf. call, Uchi 2Q, Perdana 2Q

AirAsia 2Q & conf. call, Tan Chong 2Q, IOI Corp 4Q, KLK 2Q, MSM 2Q, CPI

Eco World 3Q, Guinness 4Q, QL 1Q, Magnum 2Q, WCT 2Q, Dialog 4Q, Thong Guan 2Q

MRCB 2Q & briefing, Maybulk 2Q, Star 2Q briefing, WCT 2Q briefing, External Reserves (mid-month data)

24 25 26 27 28 29 30

YTL Corp 4Q, UMW-OG 2Q, Wah Seong 2Q, Benalec 4Q

UOA Dev 2Q, E&O 1Q, Uzma 2Q, Carlsberg 2Q, Wellcall 3Q, IJM Corp 1Q & briefing

UEM Sunrise 2Q, MPI 4Q, Telekom 2Q, Axiata 2Q, FGV 2Q, UMW Holdings 2Q, Gent Plant 2Q, FGV 2Q

Genting group 2Q, Prestariang 2Q, MCIL 1Q, Bonia 4Q, Sunway 2Q, MPI 4Q briefing

Mah Sing 2Q, Sime Darby 4Q, Lafarge 2Q, MAS 2Q & conf. Call, Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

September 2014

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

Replacement for National Day

External trade

7 8 9 10 11 12 13

External Reserves (month-end data)

SP Setia 3Q, Industrial Production

14 15 16 17 18 19 20

Malaysia Day CPI MPC Decision B-Toto 1Q

21 22 23 24 25 26 27

External Reserves (mid-month data)

28 29 30

Money supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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course of, and for the purposes of their business, habitually invest money pursuant to Section 3(2)(a)(ii) of the Securities Act 1978.

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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.

*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.