REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 30 May 2013

▌What’s on the Table…

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Oriental Holdings - No more deep value 1Q13 core EPS was up 3% yoy and accounted for 17% of our full-year forecast. The results were below expectations despite the probability of a better second-half given a weaker yen. Lower average CPO prices and lower-than-expected car sales were the main drag on growth. We cut our FY13-15 EPS by 13-18% as we update our CPO price assumptions and lower our Honda car sales market share to 10% from 15%. We also cut our target price, still based on a 20% discount to RNAV following changes to our plantation and auto valuations. De-rating catalysts is marginalisation of Honda sales market share and pricey valuations. We downgrade from Outperform to Underperform. Switch to Tan Chong for a better play on the yen.

Media Chinese Int'l - Time to read something else

FY3/13 core EPS fell by 9.8% yoy as higher operating and finance cost overwhelmed the anaemic revenue growth. A 2.7% revenue rise in Malaysia was offset by a drop in N. America and HK. At 104% of our estimate and 102% of consensus, core EPS broadly met expectations. FY13 DPS was 4% short of our forecast. We raise FY14-15 EPS by 9-10% as our adex estimate was too low. Our target price rises despite a lower FY14 target P/E of 12.5x (13.3x before) based on a 20% discount (0% before) to our KLCI target, in line with the 20-60% historical range. We downgrade MCIL from neutral to Underperform as EPS contraction and expensive valuations are de-rating catalysts. We prefer Star.

Malaysian Bulk Carriers - POSH stealing the limelight

Ann Joo Resources - Steel a dumping issue

Carlsberg Brewery (M) - Festive cheer

Felda Global Ventures - Lower price is the root cause

Genting Plantations - Weaker prices dampen 1Q

Hap Seng Plantations - Supported by attractive EV/ha

Puncak Niaga Holdings - No flow on the takeover side

RHB Capital Bhd - Dented by provisioning

Wah Seong Corp - All (s)hook up over Petra Energy

Alpha Edge - No danger signs yet

▌News of the Day…

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• Mah Sing Group will be developing the RM1.4bn Kota Kinabalu Convention City

• EPF will let RHB Capital and MBSB decide on merger plans

• Petra Energy has secured a contract from Petronas Carigali

• Tropicana Corp set the share price of its private placement at RM1.78 per share

• Hap Seng Consolidated plans to allocate up to RM500m capex this year

• Eurozone M3 money supply rose 3.2% yoy in Apr (2.6% in Mar)

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,500

1,550

1,600

1,650

1,700

1,750

1,800

May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13

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FBMKLCI

1783.47 7.31pts 0.41%MAY Futures JUN Futures

1776.5 - (0.17% ) 1776.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged528 341 300

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Turnover2669.1m shares / RM2779.666m

3m avg volume traded 1276.41m shares

3m avg value traded RM1679.23m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,783 3,367 5,201 1,602 22,555 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,783.47 0.4 5.6

FBM100 12,196.13 0.5 7.9

FBMSC 15,061.14 0.9 31.2

FBMMES 4,764.98 0.5 13.1

Dow Jones 15,302.80 (0.7) 16.8

NASDAQ 3,467.52 (0.6) 14.8

FSSTI 3,367.47 (1.1) 6.3

FTSE-100 6,627.17 (2.0) 12.4

Hang Seng 22,554.93 (1.6) (0.5)

JCI 5,200.69 0.5 20.5

KOSPI 2,001.20 0.8 0.2

Nikkei 225 14,326.46 0.1 37.8

PCOMP 7,228.57 1.6 24.4

SET 1,601.61 (1.1) 15.1

Shanghai 2,324.02 0.1 2.4

Taiwan 8,337.90 0.9 8.3

Close % chg Vol. (m)

PATIMAS COMPUTER 0.065 30.0 174.3WINSUN 0.155 6.9 66.0

ABLEGROUP 0.150 11.1 7.9

VISDYNAMICS 0.315 0.0 7.7

MNC WIRELESS 0.290 1.8 7.5

DVM TECHNOLOGY 0.125 0.0 6.8

IRM GROUP 0.125 13.6 5.5

SOLUTION ENGINEER 0.250 2.0 5.3

Close % chg

US$/Euro 1.2938 (0.02)RM/US$ (Spot) 3.0796 (0.06)

RM/US$ (12-mth NDF) 3.1280 (0.30)

OPR (% ) 3.00 0.33

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,392 (0.10)

WTI crude oil US spot (US$/barrel) 93.13 (1.98)

CPO spot price (RM/tonne) 2,345 0.51

Economic Statistics

Market Indices

Top Actives

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Terence WONG CFA T (60) 3 20849689 E terence.wong@cimb.com

Daybreak Malaysia

May 30, 2013

2

Global Economic News…

The US MBA purchase applications index rose 3.0% wow in the 24 May week (-3.0% in the earlier week), whilst the refinance index dropped 12.0% wow (-12.0% in the prior week). (Bloomberg)

The European Union is urging the US to allow time for international talks before it imposes swaps rules on EU lenders, saying that the current timetable would lead to “huge legal and operational uncertainty.” (Bloomberg)

Eurozone M3 money supply rose 3.2% yoy in Apr (2.6% in Mar), above expectations for a 2.9% increase. (Reuters)

Japan’s retail sales fell 0.1% yoy in Apr (-0.3% in Mar), less than consensus of -0.4%. (RTT News)

The Bank of Thailand cut its main policy rate by a quarter of a percentage point and said it is ready to implement capital controls if necessary to contain the strength of Thailand's currency. (WSJ)

A quarterly survey of residential and commercial land prices in Japan showed higher prices in 80 of the 150 areas covered in 1Q13, compared with 51 in the previous survey. Prices were flat in 51 of the areas, compared with 74, and down in 19. (WSJ)

IMF lowered its growth forecast for the Chinese economy this year to 7.75% from an earlier forecast of 8%, due to sluggishness in the global economy, which hurts demand for China's exports. (WSJ)

Indonesia’s government will introduce next year a package of tax incentives to encourage innovation and reduce dependence on imports. Starting next year, tax-reduction schemes will be given to strategic industries producing intermediate goods. (Jakarta Post)

Malaysian Economic News…

All food premises must register with the Health Ministry before 1 Jan 2014 to avoid legal action. In a statement Wednesday, the ministry said the food premises included food factories, catering outlets, restaurants, and fixed and mobile stalls. The registration requirement is in line with the Food Hygiene Regulations 2009 which was gazetted on 28 Feb 2009. (Bernama)

Malaysia remains in the top 15 most competitive nations in the latest global ranking. It slipped one notch to 15, according to the IMD World Competitiveness Centre under the top-ranked global business school IMD in Lausanne, Switzerland.

In the data released early today, Malaysia remains in the top league that also includes three other Asian economies - Hong Kong (3rd), Singapore (5th) and Taiwan (11th) - from out of 60 economies.

The US regained its top spot this year due to its strengthening financial sector, technological innovation and host of successful companies.

Daybreak Malaysia

May 30, 2013

3

China and Japan are 21st and 24th respectively, with the latter's economy given a shot in the arm through the policies of its Prime Minister Shinzo Abe. (BT)

Malaysia has the potential to become among the top 10 most competitive nations in the world, said the IMD World Competitiveness Centre. Its director Professor Stephane Garelli said it is a question of stepping up on the current efforts.

“I believe Malaysia can achieve that as it enjoys advantages such as location and land availability as well as a skilled workforce and a huge advantage in the capabilities of its manufacturing sector,” he said.

Having a business friendly policy is not as important as attracting investments to Malaysia, he said.

“Malaysia must endeavour to move up the value chain as quickly as it can but high wages must be supported by high productivity, too,” Garelli cautioned. (BT)

Malaysia has suspended the import of 11 starch-based products from Taiwan after Singapore authorities found maleic acid in some tapioca pearls or balls used in the popular "bubble tea" drink. Home Ministry food safety and quality senior director Noraini Datuk Mohd Othman said the suspension was a precautionary measure after they received early media reports on the issue.

The tapioca ball importer in the list of 11 included Sunright Foods and Grand Chainly Enterprises Co Ltd.

Tapioca pearls suspended from being imported are from Possmei International Co. Ltd, Shang Wang, Ting Long, An Li Si and Taiwan Tapioca Foods Company Ltd.

Tapioca starch importer Hong Kai Foods Co and noodles importers Sin Chi Zhi Miang Chang are also on the suspension list. (The Star)

Political News…

Parti Keadiland Rakyat VP Tian Chua and four others were yesterday charged in the sessions court with making seditious remarks at a public forum two weeks ago. Tian Chua together with Malaysian Undergraduates Solidarity chairman Muhammad Safwan Anang Talib, former DPM Tun Ghafar Baba's son Mohd Tamrin Abdul Ghafar, and opposition activist Haris Fathillah Mohamed Ibrahim all claimed trial when the charge was read. An hour later, political activist Hishammuddin Rais, who turned himself in on learning that a warrant of arrest had been issued for him, was charged with a similar offence in the same court. They were accused of uttering seditious words to incite the people to change the government which had been formed in accordance with the law. (Sun)

Corporate News…

Mah Sing Group will be developing Kota Kinabalu Convention City in Sabah with an estimated GDV of RM1.4bn. Mah Sing said its 51% subsidiary had acquired 9.33 acres of land for the project. The total investment for the land at RM184.9m is equivalent to about 13.2% of the estimated GDV and will be paid over a minimum of 42 months. The development was expected to commence in 2014 and completed within five years.

Mah Sing is also entitled to exercise an option for 5.95 acres of adjacent land which may generate additional GDV of RM600m. "We may exercise the option for an entitlement price of RM117m within two years

Daybreak Malaysia

May 30, 2013

4

from the issuance of the separate issue document of title," Tan Sri Leong Hoy Kum said. (Starbiz)

This announcement does not come as a surprise as the group has stated its intentions of acquiring additional landbank in Klang Valley, Iskandar, Penang and Sabah. Nonetheless, we view the acquisition positively as it expands the group's reach in Sabah and the land in Kota Kinabalu is very prime and the project is being positioned as the KLCC of Sabah. This purchase is the third landbank acquisition in two days and brings the total number of acquisitions this year to four with GDV potential of RM7.7bn.

Petra Energy has secured a contract from Petronas Carigali for the provision of hook up, commissioning and topside major maintenance services for five years effective 21 May. (BMSB)

Please refer to our note on Wah Seong for comments. Wah Seong has a 26.9% stake in Petra Energy.

The Employees Provident Fund (EPF) will let RHB Capital Bhd (RHBCap) and Malaysia Building Society Bhd (MBSB) decide on merger plans. The EPF holds a 44.84% stake in RHBCap and 65.5% in MBSB, a non-bank lender to civil servants. “We will wait for the two companies to decide what they want to do, and there will be a few announcements to be made,” EPF CEO Datuk Shahril Ridza Ridzuan told a media briefing.

“The fact that the EPF is a big shareholder in RHBCap and MBSB tends to let people draw an assumption that we are going to do something about the two, but this is not necessarily the case,” he said. (Starbiz).

CEO-in-waiting Johan Dennelind will not be joining Maxis "owing to recent personal family circumstances which have made it necessary for him to reside closer to family in Sweden." "Johan has indicated he is unable to assume the role of CEO."

The Board will continue with its search for a CEO. It is intended that this candidate will be capable of further strengthening the Company’s management team and of mentoring and grooming a suitable successor.

Consequent to this, Maxis announced that CFO Nasution Mohammed has been appointed Joint COO with effect from 1 June 2013 and together with the current Joint COO, Suren J. Amarasekera will provide overall leadership to the company and be responsible for its performance. They will report to the Chairman. Nasution will continue to oversee the Finance function.

Current Joint COO Mark Dioguardi, whose employment contract expires on 30 June 2013 will relinquish his position on 31 May 2013. (Maxis, Financial Daily)

Celcom Axiata will spend over RM85m for network expansion and upgrades in Sabah and Sarawak over the next 12 to 18 months, said CEO Datuk Seri Shazalli Ramly. Celcom aims to have an additional 134 3G and 150 LTE sites by mid-14. (Bernama)

Redtone has entered into an agreement to divest its 21%stake in Redtone Network (RN) to Sultan Ibrahim Ismail of Johor for RM315,000 in cash. Upon completion of the divestment, Sultan Ibrahim will hold 51% and Redtone 49% of RN.

Daybreak Malaysia

May 30, 2013

5

It added that RN is one of the three shortlisted contenders for the digital terrestrial TV broadcast (DTTB) tender, which is expected to submit a detailed business plan on June 3 in round two of the tender process.

The DTTB bid is for the building, operating and managing of the sole digital terrestrial television infrastructure in Malaysia. The first rollout of DTTB services to the public is expected to be in 2014, with full nationwide coverage targeted for end-2015.

The company has named Huawei, a leading global information and communications technology (ICT) solutions provider, as its technology partner and system integrator while Media Broadcast GmbH is responsible for designing the network and complete operational requirements for the DTTB project. (Bernama, Financial Daily)

DiGi will soon implement the Ericsson device connection platform to provide customers with everything they need to deploy, manage and monetise millions of machine-to-machine (M2M) and consumer-electronics devices. The Ericsson device connection platform will allow DiGi to increase revenue and cut both operational costs and time-to-market, said Digi and Ericsson in a joint statement today. DiGi Head of M2M Akash Das said the company provided M2M services to a variety of customers who would now be gradually migrated to the Ericsson device connection platform. (Bernama)

The palm oil industry should not be worried about the Indonesian government’s decision to extend the moratorium on the conversion of primary forest and peatland, as the measure will unlikely affect forests allocated for commercial purposes, an official says. Director General of Forestry Planning at the Forestry Ministry, Bambang Soepijanto, said in Jakarta that the decision would not harm the palm oil industry as about 5.7m hectares of forest areas designated for oil palm, rubber and sugar cane plantations had not been used.

In addition, oil palm plantations could use part of about 17m hectares of forest which had been designated as convertible production forest (HPK), he said. According to data from the Agriculture Ministry, Indonesia currently has a total of 9m hectares of oil palm plantation nationwide, less than the total HPK designated for commercial use. (The Jakarta Post)

Hap Seng Consolidated Bhd plans to allocate up to RM500m capital expenditure (capex) this year. Hap Seng managing director Datuk Edward Lee Ming Foo said it will invest between RM400m and RM500m to expand its four core businesses for the year ending December 31 2013. "The capital will be channelled towards our core businesses namely plantations, property holding and development, automotive as well as quarry and building materials," Lee said.

A big portion of the capex will be used to finance Hap Seng's property development, expand its Mercedes-Benz dealership network in the Klang Valley, buy new quarry business and improve infrastructure and plant facilities at its plantations. Property is the most profitable business for Hap Seng. The group did not rule out the prospect of demerging its property division into a new listed entity. "It's always an option. Now we are concentrating on building our land- bank and gearing up development. (BT)

The revised National Automotive Policy (NAP) will boost the local automotive industry by drawing more investments into the country, industry executives said. Malaysia Automotive Institute (MAI) CEO Madani Sahari said

Daybreak Malaysia

May 30, 2013

6

more foreign players are expected to invest in the local industry as it becomes more liberalised.

The government is positioning Malaysia as the regional energy efficient vehicles (EEV) hub via the revised NAP. “The policy will open up and liberalise our automotive industry. It will allow the industry to expand and bring in new investments,” Madani said. He was speaking at the second series of the Business Times Insight focusing on the NAP, here, yesterday. (BT)

The delays plaguing the completion of KLIA2 is the result of the non-delivery of parts of the project by contractors, leading Malaysia Airports Holdings Bhd (MAHB) to come out to say that it would impose liquidated and ascertained damages (LAD) on the responsible parties. While MAHB did not reveal the amount of the LAD being sought, sources told Starbiz that it amounted to some RM4m-RM6m for every month of delay. KLIA2's first targeted date of completion was Sep-2011, but it isn't clear what period of time the LADs are being claimed for. Sources also told StarBiz that the UEM Group was one of the contractors affected.

Sources said that while the airport was about 92% complete, the terminal building had not been fully completed by the contractor a UEM-Bina Puri joint venture. “Some of the works cannot be finished because the terminal is not completed, and some works would coincide with the completion of the terminal,” said a source. MAHB said its board had met yesterday and had decided to impose the LAD on the respective contractors and pursue any other recourse available to it under the contract. (Starbiz)

Dutch Lady Milk Industries Bhd (Dutch Lady Malaysia) will increase the price of some of its key products by 5% this year due to rising raw material prices. The company expects a 25-30% hike in dairy raw material prices this year. "In the recent past, we have seen significant increase in some key dairy raw material prices, driven largely by drought in New Zealand (and), we estimate an increase of 25-30% in key material prices this year compared with 2012.

"We are trying to minimise the price increase that will be passed on to consumers by buying dairy raw materials at the right price and the right time," said its managing director Rahul Colaco after the group's post-annual general meeting (AGM) press conference. (BT)

Tropicana Corp Bhd or formerly known as Dijaya Corp, has set the share price of its private placement at RM1.78 per share. The price represents a 9.88% discount to the five-day volume weighted average market price of Tropicana shares up to May 28, which stood at RM1.975.

It said the placement was oversubscribed by 2.6x during the book-building process. It has entered into a placing agreement with with CIMB Investment Bank Berhad and Standard Chartered Securities (Singapore) Pte. Limited as the joint global coordinators for the corporate exercise. (Starbiz)

Digistar Corp, which is venturing into the property and construction sector, has secured its first construction job for a RM250m private financing initiative (PFI) for a Government training centre in Malacca, said sources. In the tripartite joint venture, Digistar, which has a 40% stake, is partnering a government-linked entity, which holds a 30% stake, and another private construction company, which holds 40%.

Daybreak Malaysia

May 30, 2013

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Funding for the PFI, which is situated on a 40.47ha site in Malacca, has been secured. Construction work is supposed to commence before year-end and will be completed by early 2016. Thereafter, Digistar will operate and maintain the facility for the next 12 years, thus providing recurring income for the group.

The source said that margins for the construction project were expected to be lucrative, and would be in the double-digit region. He added that earnings contribution would start being recognised by next year and, moving forward, property and construction could be the biggest contributor to Digistar.

Digistar's ICT order book currently stands at around RM35m. It is bidding for RM200m worth of ICT jobs. The group has aspirations to expand into the broadcasting and interactive pay-TV segments. (Starbiz)

PJI Holdings Bhd's wholly owned subsidiary, PJ Indah Sdn Bhd, has accepted a letter of acceptance from Mass Rapid Transit Corp Sdn Bhd for Projek Mass Rapid Transit Lembah Kelang Jajaran Sungai Buloh-Kajang Package FD1, worth RM32m. The company said the Package FD1 involved the supply, procurement, installation, testing and commissioning of the fire detection and protection systems for elevated packages V1 and V2 and the Sungai Buloh depot. “The estimated practical completion date of the contract is by Dec-2014,” it stated. (Starbiz)

Daybreak Malaysia

May 30, 2013

8

BMSB: Changes in shareholdings

Type of No of Ave Price

29-May-13 Date transaction securities Company (RM)

EPF 22/5-23/5 Disposed 5,000,000 MALAYSIAN AIRLINE SYSTEM

EPF 23/5 Disposed 3,177,300 PERISAI PETROLEUM

EPF 23/5 Disposed 2,000,000 STAR PUBLICATIONS

EPF 23/5 Disposed 2,000,000 IHH HEALTHCARE

EPF 23/5 Disposed 1,500,000 YTL POWER

EPF 23/5 Disposed 791,900 CAPITAMALLS MALAYSIA TRUST

EPF 23/5 Disposed 300,000 PUNCAK NIAGA

EPF 23/5 Disposed 229,800 IJM LAND

EPF 23/5 Disposed 222,800 GENTING PLANTATIONS

EPF 23/5 Disposed 529,900 PAVILION REIT

EPF 23/5 Disposed 492,000 UOA DEVELOPMENT

EPF 22/5-23/5 Disposed 185,800 PETRONAS DAGANGAN

EPF 23/5 Disposed 172,200 HONG LEONG BANK

EPF 23/5 Disposed 135,100 TH PLANTATIONS

EPF 23/5 Disposed 67,900 AEON CO. (M)

EPF 21/5-23/5 Disposed 54,800 NESTLE (MALAYSIA)

Skim Amanah Saham Bumiputera 23/5-27/5 Disposed 1,949,600 CHEMICAL COMPANY OF MALAYSIA

Skim Amanah Saham Bumiputera 27/5 Disposed 1,500,000 SIME DARBY

Skim Amanah Saham Bumiputera 23/5 Disposed 973,000 AXIATA GROUP

Skim Amanah Saham Bumiputera 23/5 Disposed 850,000 GAMUDA

Skim Amanah Saham Bumiputera 23/5 Disposed 500,000 HOCK SENG LEE

Kumpulan Wang Persaraan 22/5-23/5 Disposed 746,200 IJM CORPORATION

Lembaga Tabung Angkatan Tentera 20/5-22/5 Disposed 379,100 DKSH HOLDINGS

Permodalan Nasional Berhad 23/5-27/5 Disposed 1,949,600 CHEMICAL COMPANY OF MALAYSIA

Permodalan Nasional Berhad 27/5 Disposed 1,500,000 SIME DARBY

Lembaga Tabung Haji 22/5-27/5 Disposed 8,494,700 SINO HUA-AN INTERNATIONAL

Lembaga Tabung Haji 23/5-27/5 Disposed 4,712,300 WCT

Lembaga Tabung Haji 22/5 Disposed 2,512,300 FRONTKEN CORPORATION

Lembaga Tabung Haji 23/5-27/5 Disposed 2,422,200 GLOBETRONICS TECHNOLOGY

Lembaga Tabung Haji 23/5 Disposed 682,800 PERDANA PETROLEUM

Lembaga Tabung Haji 27/5 Disposed 510,000 GLOMAC

WELLINGTON MANAGEMENT CO, LLP 22/5-23/5 Disposed 99,310 AIRASIA

Mitsubishi UFJ Financial Group, Inc 23/5 Disposed 49,500 CIMB GROUP

EPF 22/5-23/5 Acquired 5,084,000 DRB-HICOM

EPF 23/5 Acquired 4,000,000 YTL CORPORATION

EPF 23/5 Acquired 2,312,800 MAH SING GROUP

EPF 23/5 Acquired 2,271,700 AMMB HOLDINGS

EPF 23/5 Acquired 2,238,100 AIRASIA

EPF 23/5 Acquired 2,000,000 IHH HEALTHCARE

EPF 23/5 Acquired 1,955,500 DIALOG GROUP

EPF 23/5 Acquired 1,900,000 AXIATA GROUP

EPF 23/5 Acquired 1,896,600 SIME DARBY

EPF 23/5 Acquired 1,795,900 SAPURAKENCANA PETROLEUM

EPF 23/5 Acquired 1,500,000 MMC CORPORATION

EPF 21/5-23/5 Acquired 1,371,600 MALAYAN BANKING

EPF 23/5 Acquired 1,113,900 KPJ HEALTHCARE

EPF 22/5-23/5 Acquired 863,100 ALLIANCE FINANCIAL GROUP

EPF 23/5 Acquired 831,800 IJM CORPORATION

EPF 23/5 Acquired 701,900 PETRONAS CHEMICALS

EPF 23/5 Acquired 652,100 WAH SEONG CORPORATION

EPF 22/5-23/5 Acquired 600,000 TA ANN HOLDINGS

EPF 23/5 Acquired 500,000 EVERSENDAI CORPORATION 

EPF 23/5 Acquired 500,000 EVERSENDAI CORPORATION

EPF 23/5 Acquired 470,496 MALAYSIA AIRPORTS

EPF 23/5 Acquired 462,000 KUALA LUMPUR KEPONG

EPF 23/5 Acquired 461,300 DIGI.COM

EPF 23/5 Acquired 304,800 MBM RESOURCES

EPF 23/5 Acquired 300,500 WCT

EPF 23/5 Acquired 298,700 HOCK SENG LEE SOURCES: BMSB

Daybreak Malaysia

May 30, 2013

9

BMSB: Changes in shareholdings

Type of No. of Ave Price

29-May-13 Date transaction securities Company (RM)

EPF 23/5 Acquired 211,300 POS MALAYSIA

EPF 23/5 Acquired 165,900 FELDA GLOBAL VENTURES

EPF 23/5 Acquired 150,900 TELEKOM MALAYSIA

EPF 23/5 Acquired 107,300 MAXIS

EPF 23/5 Acquired 100,000 IJM PLANTATIONS

EPF 23/5 Acquired 21,900 IGB CORPORATION

EPF 23/5 Acquired 15,600 PETRONAS DAGANGAN

Skim Amanah Saham Bumiputera 23/5 Acquired 2,718,700 MAXIS

Skim Amanah Saham Bumiputera 23/5 Acquired 2,361,400 TELEKOM MALAYSIA

Kumpulan Wang Persaraan 22/5-23/5 Acquired 5,000,000 SP SETIA

Kumpulan Wang Persaraan 22/5-23/5 Acquired 1,083,200 WCT

Kumpulan Wang Persaraan 23/5 Acquired 90,000 GENTING PLANTATIONS

Kumpulan Wang Persaraan 23/5 Acquired 45,000 AMWAY (MALAYSIA) 

Lembaga Tabung Haji 23/5 Acquired 2,000,000 TH HEAVY ENGINEERING

Lembaga Tabung Haji 23/5-27/5 Acquired 1,982,600 PETRA ENERGY

Lembaga Tabung Haji 13/5-23/5 Acquired 275,100 KSL HOLDINGS 2.24

Lembaga Tabung Haji 15/5 Acquired 98,500 AL-`AQAR HEALTHCARE REIT

Lembaga Tabung Angkatan Tentera 20/5-22/5 Acquired 645,500 TIEN WAH PRESS 

Mitsubishi UFJ Financial Group, Inc 22/5 Acquired 411,200 UNITED PLANTATIONS

Mitsubishi UFJ Financial Group, Inc 23/5 Acquired 135,400 SP SETIA

Mitsubishi UFJ Financial Group, Inc 23/5 Acquired 86,800 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 22/5-23/5 Acquired 68,800 ALLIANCE FINANCIAL GROUP

Mitsubishi UFJ Financial Group, Inc 23/5 Acquired 72,600 ORIENTAL HOLDINGS

Mitsubishi UFJ Financial Group, Inc 23/5 Acquired 54,600 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 23/5 Acquired 31,600 UNITED MALACCA

Mitsubishi UFJ Financial Group, Inc 23/5 Acquired 5,800 BRITISH AMERICAN TOBACCO

YTL POWER INTERNATIONAL 29/5 Shares Buy Back 1,300,000 YTL POWER INTERNATIONAL 1.52

PARKSON HOLDINGS 29/5 Shares Buy Back 313,300 PARKSON HOLDINGS 3.75 SOURCES: BMSB

Daybreak Malaysia

May 30, 2013

10

BMSB: ESOS & others

30-May-13 No Of New Shares Date of Listing Nature of transaction

TENAGA NASIONAL 13,693,165 31-May-13 Exercise of ESOS

YNH PROPERTY 1,488,000 31-May-13 Exercise of ESOS

MEDIA PRIMA 603,576 30-May-13 Exercise of ESOS

CREST BUILDER 10,585,600 31-May-13 Exercise of Warrants-13

IJM LAND 893,126 30-May-13 Exercise of Warrants-13 SOURCES: BMSB

BMSB: Off-market transactions

29-May-13 Vol

IFCAMSC 11,760,400

ENGTEX 5,000,000

TGOFFS 5,000,000

HUBLINE 3,000,000

FGV 1,500,000

KBES 1,001,000

HAPSENG 1,000,000

DUTALAND 1,000,000

KLCC 1,000,000

BJLAND 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

30-May-13 Ann Date Entitlement Ex-Date Lodgement

TH PLANTATIONS 21-May-13 Bonus issue 1:5 3-Jun-13 5-Jun-13 SOURCES: BMSB, TE: Tax Exempt

Daybreak Malaysia

May 30, 2013

11

BMSB: Dividends

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

Maybulk Final dividend - single tier 3.00 3-May-13 29-May-13 31-May-13 16-Jun-13

AXIATA Group Final + 27.00 30-Apr-13 29-May-13 31-May-13 14-Jun-13

Special -(12 Sen) single tier

Tan Chong Final dividend 12.00 29-Apr-13 30-May-13 3-Jun-13 21-Jun-13

- 12% less income tax

AirAsia Final dividend - single tier 6.00 24-Apr-13 31-May-13 4-Jun-13 3-Jul-13

Wellcall Holdings Second interim-single tier  4.00 16-May-13 3-Jun-13 5-Jun-13 26-Jun-13

Unisem Final dividend - tax exempt 2.00 26-Apr-13 3-Jun-13 5-Jun-13 19-Jun-13

CMSB Final dividend 12.00 29-Apr-13 5-Jun-13 7-Jun-13 21-Jun-13

Prestariang Interim dividend - single tier 2.50 22-May-13 5-Jun-13 7-Jun-13 20-Jun-13

KLCC Property First interim dividend - single tier 4.50 23-May-13 6-Jun-13 10-Jun-13 20-Jun-13

Jobstreet Final dividend - single tier 2.75 29-Apr-13 10-Jun-13 12-Jun-13 28-Jun-13

Dialog Group Interim - single tier cash dividend 11.00 15-May-13 10-Jun-13 12-Jun-13 27-Jun-13

Petronas Dagangan Interim dividend - less tax at 25% 17.50 23-May-13 10-Jun-13 12-Jun-13 9-Jul-13

JobStreet Corporation First interim dividend - single tier 3.50 29-May-13 10-Jun-13 12-Jun-13 28-Jun-13

IJM Plantations First interim dividend - single tier 10.00 29-May-13 11-Jun-13 13-Jun-13 27-Jun-13

MRCB First and final dividend - single tier 1.60 28-May-13 11-Jun-13 13-Jun-13 3-Jul-13

& 0.40 less 25% income tax 0.40

IJM Plantations Interim dividend - single tier 7.00 28-May-13 12-Jun-13 14-Jun-13 3-Jul-13

Malaysia Marine Final dividend - single tier 10.00 21-Feb-13 14-Jun-13 18-Jun-13 2-Jul-13

Bumi Armada Final dividend - single tier 3.00 21-May-13 25-Jun-13 27-Jun-13 16-Jul-13

& 0.14 sen less 25% income tax 0.14

Genting Bhd Final dividend - less 25% tax 4.50 6-May-13 26-Jun-13 28-Jun-13 25-Jul-13

KPJ Healthcare Interim dividend - single tier 2.00 22-May-13 26-Jun-13 28-Jun-13 19-Jul-13

Kossan Rubber Industries Final dividend - tax exempt 7.00 18-Apr-13 28-Jun-13 2-Jul-13 16-Jul-13

Mudajaya First interim dividend 3.00 21-May-13 17-Jul-13 19-Jul-13 6-Aug-13

Kuala Lumpur Kepong Interim dividend - single tier 15.00 22-May-13 19-Jul-13 23-Jul-13 14-Aug-13

Kimlun Corporation Final dividend - single tier 4.80 23-May-13 25-Jul-13 29-Jul-13 28-Aug-13

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

30-May-13 Ann Date Proposed

SUNWAY BHD 5-Apr-13 1 Rights Issue @ RM1.70 : 3 SOURCES: BMSB

BMSB: New Listing

Company Issue price Listing sought Tentative

Public Issue Offer for sale Private placement listing date

Leon Fuat Berhad 0.60 59,310,000 Up to 31,000.000 33,810,000 Main Market 5-Jun-13

No of shares

SOURCES: BMSB

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12

Corporate Actions

May 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4

Labour Day

5 6 7 8 9 10 11

GE 13 polling day Hartalega 4Q, Media Prime 1Q, Hektar REIT 1Q, Fraser & Neave 2Q

External Reserves, External Trade, Perisai Petroleum 1Q

IPI, Manufacturing Sales, MPC, Hong Leong Bank 3Q, Maxis 1Q

MPOB Stats, PGAS 1Q

12 13 14 15 16 17 18

MSM 1Q Guinness 3Q GDP 1Q, BOP, UOA 1Q, Dialog 3Q, Tan Chong 1Q, Gas Malaysia 1Q

Wellcall 2Q, AMMB 4Q

19 20 21 22 23 24 25

Perdana 1Q, Affin 1Q, Xingquan 3Q

IOI Corp 3Q, Bumi Armada 1Q, MMHE 1Q, Mudajaya 1Q, CIMB 1Q, AFG 4Q, Tune Ins 1Q, JTI 1Q

CPI, External Reserves, Star 1Q, Axiata 1Q, KLK 2Q, Prestariang 1Q, WCT 1Q, Lafarge 1Q, MyEG 3Q, Jaya Tiasa 3Q

Tomypak 2Q, UMW 1Q, Maybank 1Q, MISC 1Q, Alam Maritim 1Q, PetDag 1Q, WCT briefing, MRCB 1Q, JobStreet 1Q, Prestariang briefing, YTL Power 3Q

Wesak Day

26 27 28 29 30 31

E&O 4Q, Kossan 1Q, Uchi 1Q, Petronas Chemical 1Q

Mah Sing 1Q, UEM Land 1Q & conference call, IJM 4Q & briefing, BIMB 1Q, Bintulu Port 1Q, Hap Seng Plant 1Q

Media Chinese 4Q & briefing, Wah Seong 1Q, GenPlant 1Q & conference call, Hap Seng Plant briefing, RHB Cap 1Q, Oriental 1Q, FGV 1Q & conference call, Ann Joo 1Q, Puncak Niaga 1Q, Carlsberg 1Q, Maybulk 1Q

Genting Group 1Q, DRB-Hicom 4Q, Sunway 1Q, TM 1Q & conference call

Money Supply, PPI, Sime Darby 3Q & briefing, Muhibbah 1Q

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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13

Corporate Actions

June 2013

SUN MON TUE WED THU FRI SAT

1

The Yang di-Pertuan Agong's Birthday

2 3 4 5 6 7 8

External Reserves, External Trade

9 10 11 12 13 14 15

IPI, Manufacturing Sales

Top Glove 3Q & conference call

Astro 1Q

16 17 18 19 20 21 22

CPI External Reserves

23 24 25 26 27 28 29

SP Setia 2Q & briefing

Money Supply, PPI

30

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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15

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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

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sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates.

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Recommendation Framework #1 *

Stock Sector OUTPERFORM: The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index over the next 12 months.

NEUTRAL: The stock's total return is expected to be within +/-5% of a relevant benchmark's total return.

NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months.

UNDERPERFORM: The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 12 months.

UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index over the next 12 months.

TRADING BUY: The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 3 months.

TRADING BUY: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index over the next 3 months.

TRADING SELL: The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 3 months.

TRADING SELL: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange

and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other

justifiable company or industry-specific reasons.

CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

Recommendation Framework #2 **

Stock Sector

OUTPERFORM: Expected positive total returns of 10% or more over the next 12 months. OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of +10% or better over the next 12 months.

NEUTRAL: Expected total returns of between -10% and +10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal

number of stocks that are expected to have total returns of +10% (or better) or -10% (or worse), or

(ii) stocks that are predominantly expected to have total returns that will range from +10% to -10%;

both over the next 12 months.

UNDERPERFORM: Expected negative total returns of 10% or more over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of -10% or worse over the next 12 months.

TRADING BUY: Expected positive total returns of 10% or more over the next 3 months. TRADING BUY: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of +10% or better over the next 3 months.

TRADING SELL: Expected negative total returns of 10% or more over the next 3 months. TRADING SELL: The industry, as defined by the analyst's coverage universe, has a high number

of stocks that are expected to have total returns of -10% or worse over the next 3 months.

** This framework only applies to stocks listed on the Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns

to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2012.

AAV – not available, ADVANC - Excellent, AEONTS – Good, AMATA - Very Good, ANAN – not available, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH – not available, BCP - Excellent, BEC - Very Good, BGH - not available, BJC – Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET - Good, CENTEL – Very Good, CK - Very Good, CPALL - Very Good, CPF - Very Good, CPN - Excellent, DELTA - Very Good, DTAC - Very Good, EGCO – Excellent, ERW – Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD – Very Good, IVL - Very Good, JAS – Very Good, KAMART – not available, KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR - Good, MAKRO – Very Good, MCOT - Excellent, MINT - Very Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS – Excellent, SAMART – Excellent, SC – Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Good, SPALI - Very Good, SRICHA – not available, SSI – not available, STA - Good, STEC - Very Good, TCAP - Very Good, THAI - Excellent, THCOM – Very Good, TICON – Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TTW – Very Good, TUF - Very Good, VGI – not available, WORK – Good.

Daybreak Malaysia

May 30, 2013

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