REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 7 June 2013

▌What‟s on the Table…

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Maxis Berhad - On the mend Our recent meeting with Maxis‟s CFO reinforces our view that the telco‟s performance should improve. This is driven by device subsidy and revamped product pricing which is helping it regain market share. It seems that Maxis is now revamping its management team. We gather from industry sources that some senior executives are departing. Our concern is that this may result in management gaps and affect decision-making in the short term. Maxis remains a Neutral with an unchanged DCF-based (WACC 8.2%) target price. Our preferred picks in are M1 and Telkom Indonesia.

Alpha Edge - To test major support soon?

S&P500‟s daily chart shows the index in a downtrend channel formation with immediate support at 1,595. Weekly and monthly charts show major support at 1,590-1,600. Daily chart shows Index in channel formation and as long as this formation holds, there is still a possibility of a new-year-high for the S&P500 over the next few weeks. Among the Asian equity indices we monitor, only China‟s Shanghai Composite and Malaysia‟s KLCI remain in immediate-term uptrends. The KLCI should experience another upleg soon above 1,800pts once its consolidation phase is completed. Shanghai key support is at 2,161pts.

▌News of the Day…

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• Petronas is taking over the RM1bn water supply project in Pengerang, Johor

• Uncompleted ramp leading to the second Penang bridge has collapsed

• EPF substantial shareholder in Prestariang, owns 5.2% equity stake

• Batu Kawan complete issuance of its RM500m Sukuk Musharaka medium term notes

• Celcom has allocated close to RM1bn as capex this year

• MAHB‟s Tan Sri Bashir Ahmad current contract as MD extended for another year

• Tan Sr Halim Saad suing the government and Khazanah

• US jobless claims fell 11,000 in 1 Jun week to 346,000 from 357,000 the earlier week

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

Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13

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FBMKLCI

1769.6 -4.82pts -0.27%JUN Futures JUL Futures

1766.5 - (-0.48% ) 1770 - (1.00% )———————————————————————————

Gainers Losers Unchanged269 593 264

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Turnover1892.52m shares / RM2323.99m

3m avg volume traded 1290.30m shares

3m avg value traded RM1692.00m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,770 3,194 5,001 1,490 21,838 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,769.60 (0.3) 4.8

FBM100 12,095.50 (0.5) 7.0

FBMSC 14,665.52 (0.9) 27.7

FBMMES 4,618.59 (0.6) 9.6

Dow Jones 15,040.62 0.5 14.8

NASDAQ 3,424.05 0.7 13.4

FSSTI 3,193.51 (1.5) 0.8

FTSE-100 6,336.11 (1.3) 7.4

Hang Seng 21,838.43 (1.0) (3.6)

JCI 5,001.22 (0.4) 15.9

KOSPI 1,959.19 (1.5) (1.9)

Nikkei 225 12,904.02 (0.9) 24.1

PCOMP 6,609.01 0.8 13.7

SET 1,490.21 (2.1) 7.1

Shanghai 2,242.11 (1.1) (1.2)

Taiwan 8,096.14 (1.0) 5.2

Close % chg Vol. (m)

MAS 0.325 0.0 204.4LUSTER INDUSTRIES 0.225 2.3 132.5

DVM TECHNOLOGY 0.105 (4.5) 74.5

INGENUITY 0.100 (4.8) 64.7

SCOMI GROUP 0.425 (1.2) 55.7

TH HEAVY ENGINEER 0.750 (4.5) 27.2

ASTRAL SUPREME 0.190 0.0 27.0

KNM GROUP 0.485 (4.0) 23.0

Close % chg

US$/Euro 1.3244 (0.02)RM/US$ (Spot) 3.0824 (0.03)

RM/US$ (12-mth NDF) 3.1432 (0.34)

OPR (% ) 2.95 (1.67)

BLR (% , CIMB Bank) 6.60 0.00

GOLD ( US$/oz) 1,412 (0.11)

WTI crude oil US spot (US$/barrel) 94.76 1.09

CPO spot price (RM/tonne) 2,365 1.28

Economic Statistics

Market Indices

Top Actives

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

Daybreak Malaysia

June 7, 2013

2

Global Economic News…

The US Challenger job-cut report revealed that layoff announcements fell in May to 36,398 from 38,121 for the lowest total of the year. (Bloomberg)

US jobless claims fell 11,000 in the 1 Jun week to 346,000 from a revised 357,000 in the earlier week. Economists expected a reading of 345,000. (Bloomberg)

The European Central Bank left its main interest rate unchanged at a record low of 0.5%, as it predicted that the eurozone‟s economy would recover at a subdued pace over the course of the year. (Telegraph)

China will lower the per-tonne retail prices of gasoline and diesel by Rmb95 (US$15.32) and Rmb90, respectively, starting from Friday. (Xinhua)

With its aggressive monetary easing program firmly in place, the Bank of Japan is now looking at measures to stop an unwanted and surprising rise in bond market yields that has undercut its goal of lowering interest rates. People familiar with the central bank's thinking say it is weighing the benefits and risks on both sides of whether to offer more low-price loans to banks and other financial firms as a way to calm the market. (WSJ)

Australia’s trade surplus shrank to A$28m in Apr from A$555m in Mar, below market expectations of A$180m. (Bloomberg)

Thailand’s consumer confidence index slid to 82.5 in May from 83.7 in Apr. (Bloomberg)

Governments linked to former Thai Prime Minister Thaksin Shinawatra have inflicted cumulative losses of almost THB400bn through the pledging schemes for rice and other farm crops, and the current government is responsible for a loss of up to THB260bn as at the end of May. (The Nation)

Malaysian Economic News…

The participation of Bumiputera companies in Bursa Malaysia Securities Bhd should be stepped up in order to ensure their competitive edge internationally. "We hope Bumiputera companies will take part actively in the stock market not only to increase their capitalisation but also grab opportunities to expand abroad," Deputy Finance Minister Datuk Ahmad Maslan said.

Out of the 914 companies listed on the stock exchange, a majority of them were non-Bumiputera companies, he added.

Bumiputera equity participation is still around 20% and has yet to reach the government's target of 30%," he said. (Bernama)

The majority of businesses in Malaysia want guidance from tax authorities on what is acceptable and unacceptable tax planning even if this provides less opportunity to reduce tax liabilities across borders, according to the latest research from the Grant Thornton International Business Report (IBR). The research, a quarterly survey of more than 3,000 businesses

Daybreak Malaysia

June 7, 2013

3

in 44 countries, reveals that 68% of businesses globally would like more tax guidance.

Business owners in Malaysia (92%) rank high in the survey of this category.

Neighbouring countries like Singapore (88%) and Thailand (74%) expressed their need to welcome more global cooperation and tax guidance from the tax authorities.

When asked what should be the main tax revenue source for the government, it said, most business owners in Malaysia said that currently it should be company tax (64%), followed by goods and services tax (GST) (14%), sales tax (10%), personal income tax (8%) and other excise duty or non-tax (4%).

On global basis, the most answered source would be company tax (25.2%) and GST (27.4%). (BT)

Retirement Fund Inc (KWAP) expects its fund size to hit RM100bn by year-end from RM93bn currently. Deputy Finance Minister Datuk Ahmad Maslan said in view of the favourable current economic condition.

KWAP is exploring strategic property investment options that give good returns other than the two properties it already owns in London and Australia.

"Owing strategic properties is important as they will enable KWAP to accumulate enough funds to pay the 600,000 government pensioners in Malaysia," he said.

He added that KWAP invests some 90% of its funds domestically, while the rest is invested abroad. (Financial Daily)

A coordinating committee comprising Syarikat Perumahan Negara Bhd (SPNB), 1Malaysia People's Housing (PR1MA) and National Housing Department (JPN) will be formed to help facilitate the government's goal of delivering a million affordable and low-cost homes to the public. The joint committee will be chaired by newly appointed Urban Well-being, Housing and Local Government Minister Datuk Abdul Rahman Dahlan.

The government plans to deliver an average of 200,000 homes annually over the next five years.

PR1MA itself is looking at 80,000 a year for the first year to slightly over 100,000 in the next year.

JPN has to build around 30,000 units a year and the rest will be built by SPNB, other state agencies and the private sector, he said.

The ministry also plans to go ahead with the implementation of the build-then-sell (BTS) scheme for all residential developments come 2015. (Financial Daily)

Tourism and Culture Minister Datuk Seri Mohamed Nazri Aziz will be requesting for an additional RM300m for the ministry as the current allocation of RM358m for 2013 is insufficient. He said the additional fund was necessary as the ministry had taken over the National Culture and Arts Department (JKKN) from the Information, Communications and Culture Ministry since May. He said he wanted the allocation to reach a RM700m target this year although its budget for 2013 saw a 42% increase. (The Star)

Daybreak Malaysia

June 7, 2013

4

The government is mulling a new mechanism which will enable government hospital patients to also seek treatment at private hospitals. Under the planned scheme, patients who seek outpatient treatment at government hospitals would also be able to get treatment at private medical facilities with the cost difference borne by the government. Health Minister Datuk Seri Dr S, Subramaniam said the plan could be mutually beneficial for both the government as well as private hospitals. (NST)

The Malaysian Anti-Corruption Commission (MACC) has been urged to establish a task force for future mega projects in Malaysia. In suggesting the move, Minister in the Prime Minister's Department Datuk Paul Low commended the commission's initiative in overseeing the integrity pact used for the Mass Rapid Transit (MRT) project.

He said the task force should include projects under government procurement and privatisation projects.

On a whether a permanent monitoring body should be set up for mega projects, he said that such body were normally on a project-to-project basis because of the different expertise needed.

He added that setting up a monitoring body would ensure the contractors of projects were discourage from being involved in corruption. (NST)

Bursa Malaysia CEO Datuk Tajuddin Atan is confident that the momentum of foreign capital inflow on the local bourse will be sustained, despite a slight retreat in buying interest recently. The recently rally on Bursa Malaysia was helped by the active involvement of foreign investors, who have been net buyers in the last 13 months. Their involvement is confirmation that government programmes like the ETP and the GTP are bearing fruit, he said. (BT)

Political News…

Umno information chief Datuk Ahmad Maslan gave his backing yesterday to the idea that the party retains its top two leaders at internal polls later this year, arguing that stability within the Barisan Nasional (BN) lynchpin would be welcomed by financial markets. The remarks by Ahmad, who is also deputy minister of finance, come after several party figures pointed out the lack of suitable challengers against Umno president Datuk Seri Najib Razak and his deputy Tan Sri Muhyiddin Yassin.

“When there is a huge clash, we will see a Team A and Team B. This is not good as the people will finally get fed up when it happens,” Ahmad said after a visit to Bursa Malaysia here. “When there is stability in Umno, there is stability in the government. It will then lead to the stability of the stock market.” (Malaysianinsider)

Tun Dr Mahathir Mohamad said that the results of Election 2013 demonstrate “Chinese racism”, which he alleged was fanned by the DAP to ensure the community‟s domination of Malaysian politics. The influential former prime minister‟s accusation against the DAP reflects the strident tone of the right-wing elements in Umno, as several politicians from the ruling party and the party‟s mouthpiece Utusan malaysia continue to frame the May 5 polls as a Chinese-vs-Malay vote.

“The DAP playing on racial sentiments drew the Chinese away from BN (Barisan Nasional) by depicting the MCA as lackeys of Umno,” Dr Mahathir wrote on his blog chedet.cc yesterday.

Daybreak Malaysia

June 7, 2013

5

“If today the schism between the races is deeper, it is because the DAP reject the Malay/Chinese/Indian „kongsi... Racial polarisation has become more pronounced as a result. It will become more so in the future‟,” he added, referring to BN‟s power-sharing concept among its race-based component parties. (Malaysianinsider)

Tourism and Culture Minister Datuk Seri Mohamed Nazri Aziz will be asking for an additional allocation of RM300m for the ministry as the RM358m allocated by the government for 2013 is insufficient. He said the RM358m was insufficient because the ministry has taken over the National Culture and Arts Department (JKKN) from the Information, Communications and Culture Ministry since May.

“The tourism industry is a vital source of income for the country; every ringgit given is not money spent but an investment for the country,” he said after his working visit to the JKKN office at the Bukit Perdana government complex in Jalan Datuk Onn, here, yesterday. Nazri said he wanted the allocation for the ministry to reach the target of RM700m this year although its budget for 2013 saw a 42% increase.

“Many people criticised me after Prime Minister Datuk Seri Najib Tun Razak appointed me as the new tourism minister as I have been known as a fiery minister, so they questioned how a fierce person like me could attract tourists. Actually, I have to be fierce when facing my political enemies,” he revealed. (Bernama)

The police have told Pakatan Rakyat to change its date on the planned Black 505 rally at Padang Merbok, saying there is another event scheduled on June 15 there. “The Solid Waste and Public Cleansing Management Corporation (PPSPPA) is holding a charity run at Padang Merbok on June 15. “The organiser for the charity run has already obtained an approval from the Kuala Lumpur City Hall (DBKL) to hold the event earlier,” said Dang Wangi district police chief Zainuddin Ahmad.

Yesterday, PKR strategy director Rafizi Ramli announced that the next Black 505 rally would be held at Padang Merbok on Saturday. They had sent a formal notice to the Dang Wangi district police headquarters, as per the requirement under the Peaceful Assembly Act. In an immediate response, Rafizi criticised the police for creating a “Catch-22” situation for the rally organisers. (freemalaysiatoday)

Despite calls from various groups for the establishment of the Independent Police Complaints and Misconduct Commission (IPCMC), the government is exploring other solutions such as improving the existing Enforcement Agency Integrity Commission (EAIC). Health Minister Datuk Seri Dr S Subramaniam said that after lengthy discussions on the matter at the cabinet meeting yesterday, the IPCMC proposal was shelved. "For the time being we will look into other possible alternatives." (Fz.com)

Corporate News…

Yesterday evening, the Employees Provident Fund (EPF) announced they acquired 0.477m shares in Prestariang. More important, EPF also announced it is now a substantial shareholder in the company owning 11.4m shares or 5.2% equity stake.

This news should provide a positive investor sentiment boost in the stock. Prestariang's shares were accumulated by EPF's external fund managers over the past few months. EPF generally does not invest in small cap stocks.

Daybreak Malaysia

June 7, 2013

6

An uncompleted ramp leading to the second Penang bridge, which is still under construction, at Batu Maung collapsed at about 7pm yesterday, burying two cars and a motorcycle under the rubble. The authorities have confirmed that one victim in a white Perodua Kelisa was killed while rescue workers have confirmed that the motorcyclist has been rescued, but suffered head injuries.

Bayan Baru MP Sim Tze Tzin, who was at the scene shortly after it happened, said that the ramp collapsed while reinforcement works were in progress. “This is the worse construction-related accident to happen in Penang,” said Sim, who happens to be a trained civil engineer, when contacted. (Star)

Tan Sr Halim Saad, the former majority owner and executive chairman of Renong, has filed a legal suit against those he claims had forced him to sell his shares in the company. He alleges that he was told not to exercise the "put option" but sell his shares to Khazanah instead, and claims that he has not been paid the agreed RM1.3bn and given tracts of land that were agreed in a deal entered in 2001. The statement of claim names him as the plaintiff and Tan Sri Nor Mohamed Yackop, the government of Malaysia and Khazanah as the defendants. (Starbiz)

Petroliam Nasional Bhd (Petronas) is taking over the RM1bn water supply project in Pengerang, Johor, to help speed up its development. The project includes developing commercial infrastructure and underground piping for the supply of raw water to the 8,800ha Pengerang Integrated Petroleum Complex (PIPC). Located within the RM170bn PIPC is Petronas' RM60bn Refinery and Petrochemical Integrated Development (Rapid) project. Petronas president Tan Sri Shamsul Azhar Abbas said development at Rapid may slow as there is no water supply now. (BT)

Celcom has allocated close to RM1bn as capex this year, the bulk of which will go towards 4G and implementing its new business sales and services (BSS) system.

CEO Datuk Seri Shazalli Ramly said 1,200 4G-ready sites should be ready by Feb. Celcom's LTE network will cover 10% of the population by 3Q13 and 30% 2Q14.

Celcom will also focus on rejuvenating its SMS segment. "In the second half of th eyear, we will launch a couple of programmes that will accompany fundamentally SMS technology. Only 35% of users on our network have smartphones, which leaves 65% of our customers who use feature phones to benefit from this [exercise]." (Financial Daily)

Malindo Air is optimistic that it can stir the much-monopolised Malaysian aviation market, with its sustainable, market-driven cost structure and ticket pricing strategy. CEO Chandran Ramamurthy said the airline believed that the current low air fares that it offered was sustainable under the controlled cost structures. Chandran said in the airline business, there were four main cost components - aircraft, maintenance, fuel and organisational expenditure.

"Through both parents, Malindo Air has saved tremendous cost as Lion Group has the largest order of Airbus jet aircraft while NADI, is an aircraft maintenance expert," he said. He said Malindo Air was also planning to leverage on Lion Group, which operated Indonesia's Lion Air, to purchase aircraft spare parts at a more economical price.

Asked on whether Malindo Air's pricing strategy would be consistently low, Chandran said it depended more on the supply versus demand ecosystem. "If the demand is big, automatically the price will be competitive. Lets wait and see. I would like to prove through my actions,

Daybreak Malaysia

June 7, 2013

7

rather than words," he stressed. Malindo Air expects to have a fleet of 10 jets and four ATR turboprop aircraft by year-end. (Bernama)

AirAsia plans to carry as much as 30% of tourists visiting Myanmar as the Southeast Asian economy opens up for foreign investment and leisure travel. The carrier is targeting to move 500,000 passengers this year to the country, Tan Sri Tony Fernandes, AirAsia Group's chief executive officer, said in an interview here. The Southeast Asian nation may have about three million tourists this year, he said. (Btimes)

AirAsia has won the Air Cargo Industry Customer Care Award for the third consecutive time at the Air Cargo Week (ACW) award ceremony in Munich, Germany. It said in a statement yesterday that it beat other award hopefuls such as Emirates, Etihad and Virgin Atlantic for the accolade. AirAsia is the first airline to have won the award for three years in a row. It is also the first low-cost carrier to receive this global recognition. (Starbiz)

Tan Sri Bashir Ahmad Abdul Majid, whose current contract as managing director of Malaysia Airports Holdings Bhd ends this month, will continue to lead the company for another year. MAHB MAHB said the Finance Ministry has extended Bashir's services as the company's MD effective today. The extension comes at a time when MAHB has been under fire due to the delay in the opening of the Kuala Lumpur International Airport 2 (klia2). The klia2 was due to open on June 28 2013, but may now only start operations a year later due to delays caused by the contractors. (BT)

HeiTech Padu Bhd has won a RM19m government job for the maintenance and service of computer systems for the data centre at the Immigration Department. The company said the two-year contract will commence on July 1. (BT)

Iris Corp Bhd has entered into a transaction with smart card technology provider MCS Microsystems Sdn Bhd to buy the SMOS software operating system for RM12.3m. The company told Bursa Malaysia that this is a related party transaction. (BT)

Brahim's Holdings Bhd expects higher revenue contribution from its food & beverage (F&B) business at the low-cost carrier terminal (LCCT) in Sepang, Selangor, this year. Executive chairman Datuk Ibrahim Ahmad Badawi said this is because of AirAsia Bhd's plan to expand its flight operations at the LCCT due to delays in the opening of the Kuala Lumpur International Airport 2 (klia2). Business Times recently reported that klia2 may only open a year from now due to delays caused by the main contractors in completing the job. (BT)

Batu Kawan Bhd had on Thursday completed the issuance of its RM500m Sukuk Musharakah under its Islamic medium term notes programme. It said the maturity data was June 6, 2023 while the periodic distribution rate was 4.05% per annum and to be fully redeemed in cash. "This marks Batu Kawan's maiden issuance into the debt capital markets. (Starbiz)

Daybreak Malaysia

June 7, 2013

8

BMSB: Changes in shareholdings

Type of No of Ave Price

6-Jun-13 Date transaction securities Company (RM)

EPF 3/6 Disposed 5,500,000 AIRASIA

EPF 3/6 Disposed 2,412,000 DIGI.COM

EPF 3/6 Disposed 1,036,400 TELEKOM MALAYSIA

EPF 31/5-3/6 Disposed 495,500 ALLIANCE FINANCIAL GROUP

EPF 3/6 Disposed 404,100 PERISAI PETROLEUM

EPF 3/6 Disposed 150,000 LITRAK

EPF 3/6 Disposed 110,900 KUALA LUMPUR KEPONG

EPF 3/6 Disposed 50,000 BRITISH AMERICAN TOBACCO

EPF 3/6 Disposed 32,200 SYARIKAT TAKAFUL

Skim Amanah Saham Bumiputera 31/5 Disposed 1,000,000 GAMUDA

Skim Amanah Saham Bumiputera 30/5-31/5 Disposed 693,900 CHEMICAL COMPANY OF MALAYSIA

Skim Amanah Saham Bumiputera 29/5 Disposed 500,000 HOCK SENG LEE 

Kumpulan Wang Persaraan 31/5 Disposed 500,000 FELDA GLOBAL VENTURES

Kumpulan Wang Persaraan 31/5 Disposed 320,000 TIME DOTCOM

Kumpulan Wang Persaraan 31/5 Disposed 200,000 BENALEC HOLDINGS

Kumpulan Wang Persaraan 31/5 Disposed 100,000 IJM CORPORATION

Kumpulan Wang Persaraan 31/5 Disposed 52,400 TOP GLOVE CORPORATION 

Kumpulan Wang Persaraan 31/5 Disposed 2,400 PANASONIC MANUFACTURING

Permodalan Nasional Berhad 30/5-31/5 Disposed 693,900 CHEMICAL COMPANY OF MALAYSIA

Koperasi Permodalan FELDA Malaysia 3/6 Disposed 154,000 POWER ROOT 1.95

Great Eastern Holdings Limited  29/5-3/6 Disposed 261,200 STAR PUBLICATIONS

Prudential Plc 31/5-3/6 Disposed 121,300 AMMB HOLDINGS

Lembaga Tabung Angkatan Tentera 23/5-31/5 Disposed 9,900 TIEN WAH PRESS

Mitsubishi UFJ Financial Group, Inc 31/5 Disposed 436,907 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 31/5 Disposed 86,959 BRITISH AMERICAN TOBACCO

Mitsubishi UFJ Financial Group, Inc 31/5 Disposed 15,400 POS MALAYSIA

EPF 3/6 Acquired 6,609,000 CIMB GROUP

EPF 3/6 Acquired 6,147,300 SAPURAKENCANA PETROLEUM

EPF 3/6 Acquired 4,413,000 BUMI ARMADA

EPF 3/6 Acquired 2,600,000 SIME DARBY

EPF 3/6 Acquired 2,092,500 DRB-HICOM

EPF 3/6 Acquired 2,000,000 IJM CORPORATION

EPF 3/6 Acquired 1,700,000 WCT

EPF 3/6 Acquired 1,643,600 PUBLIC BANK

EPF 3/6 Acquired 1,492,300 AMMB HOLDINGS

EPF 29/5-31/5 Acquired 1,306,200 TENAGA NASIONAL

EPF 3/6 Acquired 1,098,700 DIALOG GROUP

EPF 31/5-3/6 Acquired 1,000,000 LAFARGE MALAYSIA

EPF 3/6 Acquired 850,000 IHH HEALTHCARE

EPF 3/6 Acquired 722,400 MALAYAN BANKING

EPF 3/6 Acquired 700,000 FELDA GLOBAL VENTURES

EPF 3/6 Acquired 700,000 HONG LEONG BANK

EPF 3/6 Acquired 632,700 MALAYSIA AIRPORTS

EPF 3/6 Acquired 555,000 MAXIS

EPF 3/6 Acquired 542,500 IGB CORPORATION

EPF 3/6 Acquired 500,000 PETRONAS GAS

EPF 29/5 Acquired 425,000 HOCK SENG LEE 

EPF 3/6 Acquired 335,400 IJM LAND

EPF 3/6 Acquired 115,500 KPJ HEALTHCARE 

EPF 3/6 Acquired 99,300 MBM RESOURCES

EPF 3/6 Acquired 97,800 POS MALAYSIA

EPF 3/6 Acquired 97,900 YTL CORPORATION

EPF 31/5 Acquired 79,500 PPB GROUP

EPF 3/6 Acquired 75,800 KIAN JOO CAN FACTORY

EPF 3/6 Acquired 46,300 HARTALEGA HOLDINGS

EPF 3/6 Acquired 42,900 WAH SEONG CORPORATION

EPF 3/6 Acquired 41,200 ORIENTAL HOLDINGS

EPF 28/5-3/6 Acquired 25,600 PETRONAS DAGANGAN

Skim Amanah Saham Bumiputera 3/6 Acquired 1,700,000 MAXIS SOURCES: BMSB

Daybreak Malaysia

June 7, 2013

9

BMSB: Changes in shareholdings

Type of No. of Ave Price

6-Jun-13 Date transaction securities Company (RM)

Skim Amanah Saham Bumiputera 31/5 Acquired 497,000 SIME DARBY

Skim Amanah Saham Bumiputera 3/6 Acquired 292,000 TELEKOM MALAYSIA

Lembaga Tabung Angkatan Tentera 23/5-31/5 Acquired 662,600 DKSH HOLDINGS

Oversea-Chinese Banking Corporation 29/5-3/6 Acquired 745,700 CYPARK RESOURCES

WELLINGTON MANAGEMENT CO, LLP 30/5-4/6 Acquired 10,799,375 AIRASIA

Great Eastern Holdings Limited  29/5-3/6 Acquired 877,900 CYPARK RESOURCES

Aberdeen Asset Management PLC 31/5-3/6 Acquired 930,800 STAR PUBLICATIONS

Aberdeen Asset Management PLC 29/5-30/5 Acquired 56,000 UNITED PLANTATIONS

Aberdeen Asset Management PLC 31/5 Acquired 8,700 UNITED MALACCA

Aberdeen Asset Management PLC 3/6 Acquired 5,500 ORIENTAL HOLDINGS

Aberdeen Asset Management PLC 31/5 Acquired 3,000 TASEK CORPORATION

Mitsubishi UFJ Financial Group, Inc 29/5-30/5 Acquired 371,100 ALLIANCE FINANCIAL GROUP

Mitsubishi UFJ Financial Group, Inc 31/5 Acquired 257,700 STAR PUBLICATIONS

Mitsubishi UFJ Financial Group, Inc 31/5 Acquired 46,600 YNH PROPERTY 

Mitsubishi UFJ Financial Group, Inc 31/5 Acquired 33,800 SP SETIA

Mitsubishi UFJ Financial Group, Inc 31/5 Acquired 18,000 UNITED PLANTATIONS

Mitsubishi UFJ Financial Group, Inc 31/5 Acquired 8,700 UNITED MALACCA

HAP SENG CONSOLIDATED 6/6 Shares Buy Back 2,581,900 HAP SENG CONSOLIDATED 1.86

YTL POWER INTERNATIONAL 6/6 Shares Buy Back 1,593,800 YTL POWER INTERNATIONAL 1.51

MY E.G. SERVICES  6/6 Shares Buy Back 224,700 MY E.G. SERVICES  1.31 SOURCES: BMSB

Daybreak Malaysia

June 7, 2013

10

BMSB: ESOS & others

7-Jun-13 No Of New Shares Date of Listing Nature of transaction

CREST BUILDER 6,492,175 10-Jun-13 Exercise of Warrants-13

IJM LAND 1,275,600 10-Jun-13 Exercise of Warrants-13

JOBSTREET CORPORATION 1,370,180 10-Jun-13 Exercise of ESOS

MEDIA PRIMA  837,464 10-Jun-13 Exercise of ESOS

MUHIBBAH ENGINEERING 109,000 10-Jun-13 Exercise of ESOS SOURCES: BMSB

BMSB: Off-market transactions

6-Jun-13 Vol

OCK 15,059,500

MTRONIC 5,500,000

TGOFFS 5,000,000

CMMT 4,893,500

ENGKAH 2,800,000

SYF 2,000,000

GCB 1,909,800

MAS 1,000,000

HEVEA 980,000

FRB 670,000

IRIS 600,000

MUIIND 600,000

BJLAND 480,000 Notes:CN-Crossing deal on board lots

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

SOURCES: BMSB

Daybreak Malaysia

June 7, 2013

11

BMSB: Dividends

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

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

& 0.4 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

Puncak Niaga Final dividend - single tier 5.00 3-Jun-13 11-Jul-13 15-Jul-13 6-Aug-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

Muhibbah Engineering First and final dividend 5.00 5-Jun-13 16-Aug-13 20-Aug-13 29-Aug-13

- less 25% income tax 

Mah Sing Group First and final dividend - single tier 7.20 31-May-13 5-Sep-13 9-Sep-13 20-Sep-13

& 0.4 sen less income tax of 25%  0.40

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

7-Jun-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

MPHB Capital Berhad 1.00 - 715,000,000 - Main Market 25-Jun-13

No of shares

SOURCES: BMSB

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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

Star briefing IPI, Manufacturing Sales

Top Glove 3Q & conference call

Astro 1Q

16 17 18 19 20 21 22

CIMB Annual Asia Pacific Conference, CPI

CIMB Annual Asia Pacific Conference

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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13

Corporate Actions

July 2013

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6

External Trade External Reserves

7 8 9 10 11 12 13

MPC, IPI, Manufacturing Sales

14 15 16 17 18 19 20

CPI

21 22 23 24 25 26 27

External Reserves

28 29 30 31

Money Supply, PPI

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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14

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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.

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