REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 18 February 2014

▌What’s on the Table… ——————————————————————————————————————————————————————————————————————

Plantations - 2nd biodiesel harvest for Pertamina We are positive that Pertamina, Indonesia’s state O&G company has secured 1.14m kl of biodiesel through its 2nd tender, bringing the total biodiesel secured to 2.4m kl for 2014/15 and an estimated 1.76m kl for 2014. This is broadly in line with our forecast of 2m kl but 34% short of Pertamina's target for 2014. Pertamina plans to procure more biodiesel through more tenders. We are slightly disappointed that Pertamina appears to have lowered its 2014/15 biodiesel tender target from 6.6m kl to 5.3m kl. Overall, we are Neutral on the news and the sector and keep First Resources, Wilmar, AALI, LSIP and Ta Ann as our top picks.

AMMB Holdings - Banking on insurance income

At 74% of our full-year forecast and 73% of consensus, AMMB’s 9MFY3/14 net profit was within expectations. The 9M net profit grew by 9% yoy, mainly supported by the swift expansion of insurance income but net interest income only rose by 0.9% yoy. Our DDM-based target price (cost of equity of 10%; long-term growth of 4%) is intact. Despite trading at a discount to the sector’s valuation, AMMB remains a Hold given the concerns over (1) weak loan growth, (2) upturn in credit costs, and (3) margin compression. Among Malaysian banks, we prefer RHB Capital.

Cuscapi - Long-overdue KLIA2 job finally in the pocket

Cuscapi has finally secured the KLIA2 contract from MAHB. The project would have started much earlier if not for the construction delays at the new low-cost carrier terminal. We expect the company to post a net loss in 4Q13 (following 3Q13’s disappointing loss), but 2014 should be much better as jobs delayed from 2013 commence, and commercial revenue from REV start to kick in. We cut our 2013 EPS but maintain our 2014/15 numbers as REV should start to contribute from 2014. Our target price is unchanged at 21x CY15 P/E, based on its 2-year average forward P/E. Stronger-than-expected demand for REV and M&As are potential catalysts for the stock. Cuscapi remains an Add.

Economic Update - Reasonable growth ahead

The latest data for Malaysia’s leading index show continued steady growth. The Dec 13 index grew 2.6% yoy, with gains in four of seven indicators. As households and businesses adjust to the rising cost of living and the higher operating costs, we expect the combination of private spending and firmer export recovery to support our estimate of a 5.0% GDP growth for this year (vs. +4.7% in 2013). Robust private investment growth, estimated at 13.2% this year, would remain the prime mover.

▌News of the Day… ——————————————————————————————————————————————————————————————————————

• New measure to control bulk sales of property

• Mah Sing to launch projects worth RM7.2bn in KL

• Wilmar refutes claims on palm oil ban

• Johor Corp is selling its 51% stake in Damansara Realty for RM78.9m

• Kulim acquires 74% stake in PT Win for RM142.48m

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,600

1,650

1,700

1,750

1,800

1,850

1,900

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

———————————————————————————

FBMKLCI

1827.48 8.11pts 0.45%Feb Futures Mar Futures

1827 - (0.58% ) 1829 - (1.00% )———————————————————————————

Gainers Losers Unchanged578 313 283

———————————————————————————

Turnover3632.8m shares / RM2577.869m

3m avg volume traded 1567.79m shares

3m avg value traded RM1822.39m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,827 3,069 4,555 1,332 22,536 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,827.48 0.4 (2.1)

FBM100 12,312.43 0.4 (2.2)

FBMSC 16,749.25 1.3 6.7

FBMMES 6,421.98 1.9 13.1

Dow Jones 16,154.39 0.8 (2.5)

NASDAQ 4,244.03 0.1 1.6

FSSTI 3,069.28 1.0 (3.1)

FTSE-100 6,736.00 1.1 (0.2)

Hang Seng 22,535.94 1.1 (3.3)

JCI 4,555.37 1.0 6.6

KOSPI 1,946.36 0.3 (3.2)

Nikkei 225 14,393.11 0.6 (11.7)

PCOMP 6,167.82 0.9 4.7

SET 1,332.37 1.6 2.6

Shanghai 2,135.42 0.9 0.9

Taiwan 8,519.55 0.1 (1.1)————————————————————————————————

Close % chg Vol. (m)

PDZ HOLDINGS 0.135 (12.9) 286.2SUMATEC 0.325 3.2 138.2

IRIS CORP BHD 0.530 5.0 85.5

SONA PETROLEUM 0.570 5.6 82.9

KNM GROUP BHD 0.825 6.5 70.9

NEXTNATION 0.120 9.1 61.6

SCOMI ENERGY 1.090 9.5 54.2

AWC BHD 0.310 (10.1) 46.2————————————————————————————————

Close % chg

US$/Euro 1.3708 0.01RM/US$ (Spot) 3.2945 (0.05)

RM/US$ (12-mth NDF) 3.3536 (0.12)

OPR (% ) 3.00 1.35

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,329 (0.20)

WTI crude oil US spot (US$/barrel) 100.30 (0.05)

CPO spot price (RM/tonne) 2,658 (0.08)

Market Indices

Top Actives

Economic Statistics

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

https://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=4B7ABED6-DAF9-47EB-9D85-31CC44C57AAD&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=73F1D1EF-5E22-4194-9761-30FF296DA31C&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=F0CC551A-31BD-4EFC-B56D-A18DDC17F86C&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=21FDB9A9-7F52-4022-978B-22310A8CB0B5&A=CIMB

Daybreak│Malaysia

February 18, 2014

2

Global Economic News…

“As long as we don’t have inflation rates above 2% for a longer period of time, we may keep interest rates at the present level or lower,” European Central Bank Governing Council member Ewald Nowotny said, providing more insight into how long EU policy makers need to keep interest rates low. (Bloomberg)

Japan’s GDP grew 0.3% qoq in 4Q, well below the median estimate for a 0.7% qoq increase and followed 0.3% qoq growth in 3Q.

On an annualized basis, Japan's economy grew 1.0% yoy in 4Q (+1.1% yoy in 3Q), below the median estimate for a 2.8% yoy rise.

Nominal GDP added 0.4% qoq, missing forecasts for a gain of 0.8% after rising a downwardly revised 0.2% in the three months prior.

GDP deflator was down 0.4% yoy - unchanged from the third quarter but shy of expectations for a decline of 0.2% yoy.

For all of 2013, the economy expanded 1.6% (+1.4% in 2012). (Reuters, RTT, Bloomberg)

Japan’s industrial production grew 7.1% yoy in Dec (+4.8% yoy in Nov), slightly weaker than the 7.3% yoy gain the government had estimated on Jan 30.

Seasonally adjusted industrial production moved up 0.9% mom, after dropping by 0.1% mom in Nov. The flash estimates were for a bigger growth of 1.1% mom at the end of last year.

Capacity utilization in Japanese companies climbed 2.2% sequentially in Dec, marking a sharp improvement from the 0.5% contraction estimated earlier. (RTT)

The Bank of Japan is considering refraining from issuing a monetary-base forecast for 2015 to avoid signaling a commitment to easing for a specific time period. (Reuters)

Producer prices in South Korea were up 0.2% mom in Jan - unchanged from the Dec’s reading. On a yearly basis, prices dipped 0.3% yoy after shedding 0.4% in Dec. (RTT)

Australia’s new cars sales in Jan fell a seasonally adjusted 3.5% mom to 93,232 (from a downwardly revised 1.4% mom increase in Dec to 97,104 vehicles sales). Total sales are now a seasonally adjusted 3% yoy lower after a downwardly revised 0.1% yoy drop in Dec. (The Asutralian, Bloomberg)

Reserve Bank of Australia said inflation may reach a two-year high of 3.25% as weakened currency and accelerating economic growth may drive costs higher. (Bloomberg)

Singapore new home sales declined to 565 units in Jan, compared with 2,028 in the same period a year ago. (Bloomberg)

Singapore's non-oil domestic exports declined by 3.3% yoy in Jan (+6% yoy expansion in Dec), due to a drop in electronic exports (-17.0% yoy drop

Daybreak│Malaysia

February 18, 2014

3

in Jan following a -3.1% yoy decrease in Dec). On-month, exports contracted 5% mom after 6.3% mom growth in Dec. (CNA, Reuters))

Thailand’s GDP rose 0.6% yoy in 4Q (+2.7% yoy in 3Q). For the whole year, the economy grew 2.9% in 2013 from a revised 6.5% expansion in 2012.

Fourth-quarter GDP grew 0.6% qoq in seasonally adjusted terms, compared with revised 1.4% qoq growth in the third quarter and well above expectations for seasonally-adjusted growth of 0.35% qoq. (Bloomberg, WSJ)

Thai protesters surrounded Government House in an attempt to keep Prime Minister Yingluck Shinawatra out of her main offices. "Yingluck Shinawatra will not have a chance to return to work at Government House, in this life or next," protest leader Suthep Thaugsuban told supporters. (WSJ)

Philippines’ overseas workers cash remittances for the month of Dec recorded its highest level of US$2.2bn, up 9.1% yoy (+7.5% yoy in Nov to US$2.1bn).

For the whole year 2013, remittances from Filipinos working and living abroad hit a new record high of US$22.76bn from US$21.391bn in 2012. (Manilla Bulletin, Philippines Star)

Malaysian Economic News…

The leading index (LI) rose 2.6% yoy in Dec (+4% in Nov). The coincident index and lagging index increased by 3.8% each (+2.9% and +3.3% respectively in Nov). The level of Diffusion Index for LI dropped to 42.9% from 57.1% in Nov. Taken together the current behaviour of the composite indexes, this indicates that the economy will continue to expand in the months ahead. (Department of Statistics)

Kindly refer to our Economic Update for further details

Malaysia received RM38.7bn in investments last year - the highest in the country's history. International Trade and Industry (Miti) Minister Datuk Mustapa Mohamed said the amount is inclusive of both foreign and local investments. Foreign investors were bringing in sophisticated technologies, mostly in the services and high technology sectors, while domestic investors are important in sectors such as real estate, construction and tourism.

He said Malaysia is expected to sustain last year's momentum and with the strengthening domestic economy, investments are expected to improve compared to 2013. (Bernama)

PM Datuk Seri Najib Tun Razak said the government will continue to emphasise on the development of the creative industry which can potentially contribute to a higher gross domestic product (GDP) going forward. He said currently, the Malaysian creative industry only contributed 1.3% to the GDP compared to developed countries, such as the US, South Korea and Japan, which contributed up to 7% to the GDP. The government has approved an allocation of RM200m in the 2012 Budget to boost the local creative industry. (Bernama)

Daybreak│Malaysia

February 18, 2014

4

Nine in ten Malaysians plan to save more than they did six months ago, said the recent MasterCard Consumer Purchasing Priorities survey. MasterCard said the respondents listed investments and retirement as top reasons for saving, followed by renovating or building a home.

According to the survey, in the event of a drop in household income, Malaysians said they would cut back on several items with overseas holiday being top of the list followed by dining out and domestic travel.

Should there be an increase in household income, Malaysians showed a similar trend with the most popular choice being to pay off debt, followed by putting money into their saving bank accounts. (Bernama)

Agriculture and Agro-based Industry Minister Datuk Ismail Sabri Yaakob said the ministry would also assist the farmers to buy 300 mobile suction pumps worth RM400,000 to enable the farmers to draw water from the Kelantan river. The government had also agreed to build weirs to solve the water and irrigation problems. “I expect the weirs to be ready by 2015,” he said. (The Star)

The government will conduct a survey to get public feedback on locations for affordable housing, through its soon-to-be-launched property portal called Rumahku Exchange. Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said the public should tap into the portal and notify the government and developers of their preferred location for the next affordable housing project. (NST)

Political News…

Utusan Malaysia yesterday launched a stinging attack on non-Malays, accusing them of insulting Islam, Muslims and the Malay rulers, and warning them to know their "limits". In an article by the deputy editor of the paper's weekend edition Mingguan Malaysia, the daily said the "laidback, compromising" attitude of the Malays had led to non-Malays overstepping their boundaries and daring to question previously off-limit subjects.

"Non-Malays have apparently forgotten that Malaysia's majority population is Malays. They have no respect at all for the Bumiputera. Why has this happened? It is because we are too compromising, too afraid to take action against those who have insulted Malays and Islam.

"In the end, it appears as if non-Malays are the landlords and Malays are the tenants, immigrants and the minority in our own country," wrote Azman Anuar in his article entitled "Melayu, Islam dihina di Tanah Melayu!".

"Ever since respected and knowledgeable Malay leaders withdrew several years ago, non-Muslims have become emboldened in insulting the Malay community and Islam," he said, without naming the Malay leaders.

He said non-Malays appeared to have forgotten that their ancestors became Malaysian citizens due to the Malays' compromise. "Now that they have prospered and gained a firmer foothold both economically and politically, non-Malays forget that it was given to them by the Malays,"

Saying non-Malays were playing with fire, Azman, who was recently promoted to his current post in the paper, also accused them of refusing to respect Malay culture, language and customs. "It is a just a matter of time before the hornets who are attempting to defend their nest against intruders will retaliate." (Malaysian Insider)

Daybreak│Malaysia

February 18, 2014

5

Former Deputy Minister P. Waythamoorthy, who abruptly resigned last week, has apologised to the Indian poor for Hindraf's inability to fulfil its pledges to them. He said he had resigned for "not being able to fulfil socio-economic reform programmes" based on an MoU signed between Hindraf and the Government prior to the general election last year. "Before the last general election, we called on the Indian community to vote for Barisan. They responded, and Barisan won narrowly. Now 10 months after the elections, Hindraf is not able to fulfil any of the pldges we made to the Indian poor during the elections." Waythamoorthy claimed that over the last eight months, he had tried to work patiently with the PM to roll out the programmes as stated in the agreement. However, he said they had not been able to move on even one item. (Star)

Corporate News…

The Government has implemented a measure to control bulk sales of property to try and curb the proliferation of "property clubs" that have been walking away with handsome profits, especially in the Klang Valley. Minister of Urban Wellbeing, Housing and Local Government Datuk Abdul Rahman Dahlan said developers selling more than four units of their properties to a single buyer or group must now obtain prior approval from the Controller of Housing. Because property clubs buy in bulk, it gets a steep discount and pays a smaller down-payment compared to an individual house buyer. The benefits accrued are then passed on to its members. (Star)

This is another move by the authorities to curb speculation by targeting property clubs. While the impact should be mildly negative for the property sector in the short term, the overall impact will be muted as property clubs make up a very small percentage of general demand. Also, it will help curb excessive speculation and the unfair advantage accorded to property clubs, which will be healthy for the property sector over the longer term.

Mah Sing Group will launch projects worth about RM7.18bn in Kuala Lumpur in the first quarter of 2014. The projects comprise the RM1.15bn Lakeville Residence in Taman Wahyu Kepong, featuring serviced partrments and shop offices; the RM5.13bn Southville City@KL South in Bangi comprising linked landed properties and the RM901m D'Sara Sentral in Sungai buloh, comprising serviced apartments, retails shops and small office versatile office units. (Starbiz)

The unexpected outages of two key coal-fired power plants, Jimah and Tanjung Bin, for some two months may see the national power utility Tenaga Nasional Bhd (TNB) take a hit on its next quarterly results. The plants owned by independent power producers (IPPs) are now up and running since early this month, though maybe not at full throttle. The malfunctions were attributed to boiler tube leakages at the power plants, according to industry executives. The real technical problem is believed yet to be resolved, they added.

"Jimah and Tanjung (Bin) are up and running but performing below par, Investigations are still in progress to check the main cause for the malfunction of these power plants. The issue is not completely resolved," an industry source said. (Malaysian Reserve)

YTL Corp Bhd's hospitality arm, YTL Hotels & Properties Sdn Bhd, aims to expand the Vistana hotel chain nationwide over the next few years. Deputy managing director Datuk Yeoh Seok Kian said YTL Hotels is also eyeing luxury hotel brands to include in its classic collection. YTL Hotels owns and manages a collection of hotels and Spa villages locally and in Thailand, Indonesia, China, Japan and Europe. These include Pangkor Laut Resort, Cameron Highlands

Daybreak│Malaysia

February 18, 2014

6

Resort, Tanjung Jara Resort, The Majestic Hotel Kuala Lumpur, The Majestic Malacca, Ritz Carlton Kuala Lumpur and JW Marriott Kuala Lumpur. (BT)

Sunway REIT Management Sdn Bhd (SREIT) is cautiously optimistic on growth this year. Its chief executive officer Datuk Jeffrey Ng said this year will be challenging for Sunway REIT in terms of dividend per unit (DPU), with the temporary closure of the shopping mall at Sunway Putra Place, which is undergoing renovations. He said Sunway REIT has put in place mitigative strategies to maintain its DPU this year. These include renewal of tenancy agreements at Sunway Pyramid, reducing operation cost and completing the refurbishment of Sunway Hotel Seberang Jaya, Penang. (BT)

Al-Hadharah Boustead REIT, one of four Islamic real estate investment trusts on Bursa Malaysia Bhd, will be delisted tomorrow ahead of a bigger initial public offering of shares planned by its main shareholder. Al-Hadharah, which manages 12 plantation assets worth RM1.2bn, will delist after its units were thinly traded and the company found it difficult to maintain dividend yields. Boustead Holdings offered to pay RM2.10 per unit, oRM627m, for the 46.4% it did not own in Al-Hadharah. Al-Hadharah had previously said mature plantation assets needed for growth were scarce and expensive, while its policy of distributing 90% of earnings as dividends meant that funds for investment were limited. (BT)

FlyFirefly Sdn Bhd, the turbo prop operating arm of Malaysia Airlines (MAS), said it is not affected by its parent company's route rationalisation exercise as it caters to different market segments. "Our operations are quite independent from MAS. We decide on our own network expansion," Firefly CEO Ignatius Ong said. "This year, our primary focus is to strengthen our existing network. After that will we look into new routes. There's a lot more demand that we want to capture," he said. (Financial Daily)

Retail giant and household lifestyle brand Aeon Malaysia Bhd, which has 22 shopping centres and 27 stores in the country, plans to venture into five more states in the next five years. The retailer has yet to venture into Kelantan, Terengganu, Kedah, Sabah and Sarawak. "Aeon Malaysia's latest outlet opened in Kulaijaya, Johor, which marks yet another significant presence in the southern region where we now have five establishments. We intend to open two to three outlets each year, and this year, we are eyeing Sungai Petani, which could mark our entry into Kedah," Aeon's Malaysia managing director Nur Qamarina Chew Abdullah said. The company has a steady yearly allocation of RM500m in capital expenditure and 2014 is no exception. "An outlet costs between RM50m and RM300m, while a shopping centre takes up to three years to build and will cost more," she said. (BT)

Wilmar recently announced sustainable purchasing policy won’t affect suppliers who had previously developed tracts of peatland or smallholders, according to an e-mailed statement yesterday. Wilmar responds to report by the Malaysian Insider that it will stop buying palm oil from Malaysia’s Sarawak state citing land development minister James Masing Co. says not its intention to exclude suppliers to limit the industry’s growth and is. ready to offer technical, financial support to smallholders. (Bloomberg)

Daybreak│Malaysia

February 18, 2014

7

The Sarawak Oil Palm Planters Owners' Association (SOPPOA) has urged the Federal and Sarawak state governments to look into whether the Signapore-based Wilmar had abused its dominant position as a leading agribusiness group. "There is a likelihood that Wilmar's policy may trigger other Roundtable on Sustainable Palm Oil (RSPO) member to adopt similar policies and further restrict market accessibility for Sarawak palm oil. Ultimately, this will drive prices of CPO from Sarawak down, with discount being the norm expected by international players," SOPPOA secretary Philip Ho said. (StarBiz)

Kulim (M) Bhd has gained control of 40,645ha of plantation land in Central Kalimantan, Indonesia, following its acquisition of a controlling stake in PT Wisesa Inspirasi Nusantara (PT WIN) for US$42.86m (RM141.87m). In a filling with Bursa Malaysia, Kulim announced the completion of the transaction which gave the group 11.24m shares or a 74% stake in PT WIN. This amount is slightly less than the US$43.44m. stated in Kulim's proposal last October, which aimed at a 75% stake.

The acquisition involves a transfer of 3.33m shares from PT Graha Sumber Berkah (PT GSB) and 1,000 shares from PT WIN's director and the issuance of 5m new shares. PT GSB holds the remaining 26% of PT WIN.

Kulim injected US$25.3m into PT WIN to secure the cultivation rights permit over the land. With the purchase, Kulim's landbank increases 80% from 49,550ha to 90,200ha. (Financial Daily)

Johor Corp is selling its 51% controlling stake in Damansara Realty Bhd for RM78.9m or 50 sen per share. In an announcement to Bursa Malaysia, Damansara Realty said its major shareholder Johor Corp has received a letter of offer from Seaview Holdings Sdn Bhd to acquire the 51% equity sale. Should it materialise, the share acquisition will trigger a mandatory general offer (MGO) for Seaview to buy out all shares that it does not own in Damansara Realty. The offer by Seaview is conditional upon the outcome of a limited due diligence on Damansara Realty, proof of financing for the MGO, approval of the vendor's financier and approvals from the relevant authorities, including the ministry of finance. The above conditions are required to be satisfied within one month, following which Johor Corp and Seaview will enter into a formal conditional share sale agreement. (Financial Daily)

LBS Bina Group says it is participating in the VTI Vintage Bhd regularisation plan by subscribing to its shares for RM13.4m. The proposed subscription gives it an opportunity to diversify its business by venturing into the manufacturing and trading of roof tiles, and roof- and steel-related products, which will complement its property and construction division. (Starbiz)

Press Metal Bhd is taking Etiqa Takaful Bhd to court over claims related to losses and damages suffered at Press Metal Sarawak Sdn Bhd’s (PMS) smelting plant last year. Press Metal said in a filing with Bursa Malaysia that its subsidiary PMS had “not reached an acceptable agreement” with its insurers on the claims arising from the incident at its plant in Mukah, Sarawak. The claimant, PMS, operates the Mukah smelting plant which is undergoing major reconstruction work after the plant’s production facilities suffered damage from a power outage that hit Sarawak on June 27.

Press Metal’s filing did not reveal the amount of the claim but said that its claim against the Maybank-owned insurance firm Etiqa Takaful, the lead insurer, was in respect of all the losses and damages arising from the power outage incident at the Mukah plant and for “any other or further relief for PMS which the court deems just and fit.” (Starbiz)

Daybreak│Malaysia

February 18, 2014

8

Exports of Malaysian palm oil products for Feb. 1-15 rose 27.2% to 595,125 tonnes from 467,817 tonnes shipped during Jan. 1-15, cargo surveyor Societe Generale de Surveillance said on Monday. (Reuters)

PDZ Holdings Bhd yesterday announced to Bursa Malaysia that its negotiations involving the takeover of Efogen Sdn Bhd have been aborted. "We wish to announce that after due and diligent enquiry with the directors and major shareholder of the company, the company's major shareholder has confirmed that negotiations with the shareholders of Efogen Sdn Bhd have been aborted,' said PDZ in its announcement. The shipping firm said, however, that is major shareholder Tan Sri Robert Tan Hua Choon had reiterated and that he will continue to explore new opportunities to expand PDZ's core businesses. The firm will make timely announcements in accordance with the listing requirements. (Financial Daily)

Daybreak│Malaysia

February 18, 2014

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BMSB: Changes in shareholdings

Type of No of Ave Price

17-Feb-14 Date transaction securities Company (RM)

EPF 12/2 Disposed 7,282,400 DIGI.COM

EPF 12/2 Disposed 6,700,000 IOI CORPORATION

EPF 12/2 Disposed 5,219,700 CIMB GROUP

EPF 12/2 Disposed 5,000,000 AXIATA GROUP

EPF 12/2 Disposed 2,751,900 SIME DARBY

EPF 12/2 Disposed 1,000,000 DIALOG GROUP

EPF 12/2 Disposed 967,100 PUBLIC BANK

EPF 12/2 Disposed 555,000 IJM CORPORATION

EPF 12/2 Disposed 540,000 HARTALEGA HOLDINGS

EPF 12/2 Disposed 535,000 TOP GLOVE CORPORATION

EPF 12/2 Disposed 470,600 SAPURAKENCANA PETROLEUM

EPF 12/2 Disposed 426,400 TELEKOM MALAYSIA

EPF 12/2 Disposed 386,300 SP SETIA

EPF 12/2 Disposed 219,900 SUNWAY REIT

EPF 12/2 Disposed 113,800 MALAYSIA AIRPORTS HOLDINGS

EPF 12/2 Disposed 108,700 GENTING PLANTATIONS

EPF 12/2 Disposed 108,500 BURSA MALAYSIA

EPF 12/2 Disposed 100,000 KUALA LUMPUR KEPONG

EPF 12/2 Disposed 58,800 HONG LEONG BANK

EPF 11/2-12/2 Disposed 44,800 ALLIANCE FINANCIAL GROUP

EPF 12/2 Disposed 31,100 BIMB HOLDINGS

EPF 11/2 Disposed 10,400 SHELL REFINING COMPANY

EPF 12/2 Disposed 10,000 CAHYA MATA SARAWAK

EPF 12/2 Disposed 10,000 CAHYA MATA SARAWAK

Skim Amanah Saham Bumiputera 12/2 Disposed 3,000,000 DIGI.COM

Skim Amanah Saham Bumiputera 12/2 Disposed 270,000 UMW HOLDINGS

Kumpulan Wang Persaraan 12/2 Disposed 92,000 IGB REIT

Great Eastern Holdings Limited 12/2-13/2 Disposed 330,400 PUNCAK NIAGA

WELLINGTON MANAGEMENT CO, LLP 10/2-13/2 Disposed 10,352,267 AIRASIA

T. Rowe Price Associates, Inc 10/2-12/2 Disposed 709,000 ASTRO MALAYSIA

Mitsubishi UFJ Financial Group, Inc 12/2 Disposed 23,800 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 12/2 Disposed 7,900 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 12/2 Disposed 2,800 UNITED PLANTATIONS

EPF 12/2 Acquired 3,800,000 MAXIS

EPF 12/2 Acquired 3,000,000 IHH HEALTHCARE

EPF 12/2 Acquired 2,956,300 MALAYAN BANKING

EPF 12/2 Acquired 1,012,500 FELDA GLOBAL VENTURES

EPF 12/2 Acquired 1,000,000 UMW HOLDINGS

EPF 12/2 Acquired 1,000,000 IOI PROPERTIES GROUP

EPF 12/2 Acquired 675,000 TIME DOTCOM

EPF 12/2 Acquired 500,000 CAPITAMALLS MALAYSIA TRUST

EPF 12/2 Acquired 473,800 KPJ HEALTHCARE

EPF 12/2 Acquired 406,200 IJM LAND

EPF 11/2 Acquired 300,000 FRASER & NEAVE

EPF 12/2 Acquired 250,000 MAH SING GROUP

EPF 12/2 Acquired 162,700 UOA DEVELOPMENT

EPF 12/2 Acquired 155,000 STAR PUBLICATIONS

EPF 10/2-12/2 Acquired 149,300 PETRONAS CHEMICALS

EPF 12/2 Acquired 79,000 LAFARGE MALAYSIA

EPF 12/2 Acquired 63,900 MBM RESOURCES

EPF 11/2 Acquired 55,000 TA ANN HOLDINGS

EPF 12/2 Acquired 31,400 ORIENTAL HOLDINGS

EPF 12/2 Acquired 800 SYARIKAT TAKAFUL MALAYSIA

SOURCES: BMSB

Daybreak│Malaysia

February 18, 2014

10

BMSB: Changes in shareholdings

Type of No. of Ave Price

17-Feb-14 Date transaction securities Company (RM)

Skim Amanah Saham Bumiputera 10/2-12/2 Acquired 7,600,000 AXIATA GROUP

Skim Amanah Saham Bumiputera 12/2 Acquired 1,890,000 SIME DARBY

Skim Amanah Saham Bumiputera 12/2 Acquired 1,875,000 TELEKOM MALAYSIA

Skim Amanah Saham Bumiputera 12/2 Acquired 1,320,000 GAMUDA

Skim Amanah Saham Bumiputera 12/2 Acquired 700,000 CAPITAMALLS MALAYSIA TRUST

Skim Amanah Saham Bumiputera 12/2 Acquired 500,000 SUNWAY REIT

Skim Amanah Saham Bumiputera 6/2 Acquired 161,900 FRASER & NEAVE

Kumpulan Wang Persaraan 10/2 Acquired 119,300 FELDA GLOBAL VENTURES

Mitsubishi UFJ Financial Group, Inc 12/2 Acquired 4,000 BRITISH AMERICAN TOBACCO

YTL POWER INTERNATIONAL 17/2 Shares Buy Back 9,603,100 YTL POWER INTERNATIONAL 1.75

IGB CORPORATION 17/2 Shares Buy Back 204,400 IGB CORPORATION 2.62

PARKSON HOLDINGS 17/2 Shares Buy Back 181,800 PARKSON HOLDINGS 2.76

MUDAJAYA GROUP 17/2 Shares Buy Back 60,200 MUDAJAYA GROUP 2.61

SOURCES: BMSB

BMSB: Off-market transactions

17-Feb-14 Vol

EAH 14,643,945

SUNWAY 5,000,000

ARMADA 4,431,342

HARBOUR 4,300,000

CHINWEL 3,000,000

FFHB-WB 2,407,200

BORNOIL 2,305,800

LBS 2,000,000

WZSATU 2,000,000

WATTA 1,555,120

HOHUP 1,000,000

DAYA 1,000,000

EWEIN 600,000

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

Date

Payment

PUBLIC BANK 2nd Interim - single tier 30.00 5-Feb-14 18-Feb-14 20-Feb-14 28-Feb-14

DIGI.COM 4th Interim - single tier 7.00 6-Feb-14 19-Feb-14 21-Feb-14 7-Mar-14

PETRONAS DAGANGAN Interim dividend - single tier 17.50 6-Feb-14 20-Feb-14 24-Feb-14 11-Mar-14

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

MAXIS Interim dividend - single tier 8.00 11-Feb-14 7-Mar-14 11-Mar-14 8-Apr-14

GAS MALAYSIA 2nd Interim - single tier 3.00 13-Feb-14 3-Mar-14 5-Mar-14 21-Mar-14

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

18-Feb-14 Ann Date Proposed

Karex 14-Nov-13 Bonus issue 1:2

SOURCES: BMSB

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orporate Actions

February 2014

SUN MON TUE WED THU FRI SAT

1

Chinese New Year & Federal Territory Day

2 3 4 5 6 7 8

Replacement for Chinese New Year

Public Bank 4Q PetDag 4Q, DiGi 4Q External Trade, External Reserves

9 10 11 12 13 14 15

F&N 1Q, PGAS 4Q, PCHEM 4Q, IPI, Manufacturing Sales, MPOB stats

Maxis 4Q, Hartalega 4Q, MMHE 4Q

GDP, BOP MISC 4Q, AFG 3Q, Gas Malaysia 4Q, Dialog 2Q

16 17 18 19 20 21 22

AMMB 3Q MAS 4Q Bumi Armada 4Q, KLK 1Q, MSM 4Q,

Gas Malaysia 4Q, BAT 4Q

Axiata 4Q, Karex 4Q, QL 3Q, GAB 2Q,

Prestariang 4Q, Daibochi 4Q

CAB 4Q, Daibochi 4Q briefing,

Prestariang 4Q, External Reserves

23 24 25 26 27 28

UMW-OG 4Q, Tomypak 4Q, Jobstreet 4Q, Ta Ann

4Q, Nestle 4Q

UEM Sunrise 4Q, E&O 3Q, Perdana 4Q, Wah Seong 4Q,

JTI 4Q, Signature 2Q, IOI 2Q, Nestle briefing

UOA Dev 4Q, Kossan 4Q, FGV 4Q, Cuscapi 4Q, Perisai

4Q

MCIL 3Q, Star 4Q, Genting Group 4Q, DRB-Hicom 4Q

Mah Sing 4Q, Xingquan 2Q, Sime Darby 2Q,

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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12

Corporate Actions

March 2014

SUN MON TUE WED THU FRI SAT

30 31 1

Money Supply, PPI

2 3 4 5 6 7 8

MPC External Trade, External Reserves

9 10 11 12 13 14 15

IPI, Manufacturing

Sales

16 17 18 19 20 21 22

CPI External Reserves

23 24 25 26 27 28 29

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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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.

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CIMB Stock Recommendation Framework #2 * Outperform The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months. Neutral The stock's total return is expected to be within +/-5% of a relevant benchmark's total return.

Underperform The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 12 months. Trading Buy The stock's total return is expected to exceed a relevant benchmark's total return by 3% or more over the next 3 months. Trading Sell The stock's total return is expected to be below a relevant benchmark's total return by 3% or more over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

CIMB Stock Recommendation Framework #3 ** Outperform Expected positive total returns of 10% or more over the next 12 months. Neutral Expected total returns of between -10% and +10% over the next 12 months.

Underperform Expected negative total returns of 10% or more over the next 12 months. Trading Buy Expected positive total returns of 10% or more over the next 3 months. Trading Sell Expected negative total returns of 10% or more over the next 3 months. ** This framework only applies to stocks listed on the Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is

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

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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.

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