REGIONAL DAILY

December 26, 2012

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

MALAYSIA

Malaysia Daybreak | 17 March 2015

▌What’s on the Table…

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DiGi.com - Change of guards, same path

We came away from DiGi’s analyst briefing with our views unchanged. Given the vast experience of incoming new CEO, Albern Murty, and unchanged strategy, we believe the transition will be smooth. Nevertheless, the key challenge remains potentially more intense competition this year, which could chip away some of the positive impact from GST. We maintain our Hold rating and DCF-based target price (WACC: 7.0%), as we believe current valuations offer a fair risk-reward profile. Key upside risks are sooner-than- expected establishment of a business trust and favourable outcome from spectrum re-farming. Key downside risk is more intense competition. For ASEAN telcos, we prefer Telkom Indonesia, Singtel and Thaicom.

WCT Holdings - Cash call and bonus warrants

WCT’s surprised us with a 1-for-10 rights issue and 1-for-5 bonus warrants. The rights issue would dilute FY15-16 EPS by up to c.6%. 98% of the rights proceeds of up to RM143m is earmarked for working capital, largely for its construction business. While rights issues are typically short-term negative for share prices, we keep our Hold call as the 2% downside to the theoretical ex-all target price of RM1.51 is offset by the 4% dividend yield. We retain our EPS forecasts and target price (40% discount to RNAV). Medium-term prospects hinge on domestic job flows, which should offset the subdued outlook for property development. Switch to Muhibbah Engineering.

▌News of the Day…

—————————————————————————————————————————————————————————————————————— • WCT Holdings proposed 1:10 basis rights issue

• Malakoff IPO likely to hit the market in May

• IJM Corp deputy CEO Datuk Soam Heng Choon will be new MD from April 6

• Johor’s Sultan emerged as single-largest individual shareholder in REDtone

• Eversendai secured up to RM864m of contracts since Jan-2015

• KSL Holdings set dividend policy paying minimum of 40% annual net profit

• China’s fiscal revenue rose 3.2% yoy Jan-Feb 2015 (average 8.6% rise in 2014)

Sources: CIMB. COMPANY REPORTS

Sources: CIMB. COMPANY REPORTS

Key Metrics

FBMKLCI Index

1,650

1,700

1,750

1,800

1,850

1,900

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15

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FBMKLCI

1780.54 -1.21pts -0.07%Mar Futures Apr Futures

1779.5 - (0.42% ) 1777.5 - (1.00% )———————————————————————————

Gainers Losers Unchanged296 502 303

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Turnover2457.61m shares / RM1896.221m

3m avg volume traded 1936.35m shares

3m avg value traded RM2004.94m———————————————————————————

Regional IndicesFBMKLCI FSSTI JCI SET HSI

1,781 3,376 5,435 1,516 23,950 ————————————————————————————————

Close % chg YTD % chg

FBMKLCI 1,780.54 (0.1) 1.1

FBM100 11,945.56 (0.2) 1.1

FBMSC 16,221.72 (0.5) 7.9

FBMMES 7,033.63 (0.7) 24.4

Dow Jones 17,977.42 1.3 0.9

NASDAQ 4,929.51 1.2 4.1

FSSTI 3,376.04 0.4 0.3

FTSE-100 6,804.08 0.9 3.6

SENSEX 28,437.71 (0.2) 3.4

Hang Seng 23,949.55 0.5 1.5

JCI 5,435.27 0.2 4.0

KOSPI 1,987.33 0.1 3.7

Nikkei 225 19,246.06 (0.0) 10.3

PCOMP 7,730.95 (1.0) 6.9

SET 1,515.57 (1.7) 1.2

Shanghai 3,449.31 2.3 6.6

Taiwan 9,512.91 (0.7) 2.2————————————————————————————————

Close % chg Vol. (m)

SUMATEC 0.245 (2.0) 263.7

ETI TECH 0.125 8.7 148.4

WINTONI 0.405 9.5 101.8

NEXGRAM 0.120 0.0 79.9

PRIVASIA 0.290 7.4 74.4

LUSTER 0.095 5.6 70.7

DIVERSIFIED GATE 0.120 4.3 57.5

PDZ HOLDINGS 0.160 (5.9) 44.0————————————————————————————————

Close % chg

US$/Euro 1.0569 0.01

RM/US$ (Spot) 3.7045 (0.07)

RM/US$ (12-mth NDF) 3.8090 (0.44)

OPR (% ) 3.25 1.25

BR (% , CIMB Bank) 4.00 0.00

GOLD ( US$/oz) 1,155.04 0.02

WTI crude oil US spot (US$/barrel) 43.88 (2.14)

CPO spot price (RM/tonne) 2,196.00 (1.74)

Market Indices

Top Actives

Economic Statistics

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

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Daybreak│Malaysia

March 17, 2015

2

Global Economic News

US industrial production rose a seasonally adjusted 0.1% mom in Feb (-0.3% mom in Jan). Capacity utilization slipped to 78.9% in Feb (79.1% in Jan). (WSJ, Bloomberg)

The US home builder confidence declined by two points to a seasonally adjusted level of 53 in Mar (55 in Feb), but still remains in positive territory as the market is expected to improve in coming months. (WSJ)

The US Empire State's business conditions index fell to 6.90 in Mar (7.78 in Feb). (WSJ)

European Central Bank (ECB) President Mario Draghi said that an economic recovery is taking hold in the eurozone thanks in part to the bank's stimulus moves, and he urged governments to use the brighter outlook to advance reforms that would improve the region's long-term growth prospects. (WSJ)

German Chancellor Angela Merkel called on Europe to maintain sanctions pressure on Russia despite a decline in violence in eastern Ukraine, urging Western unity amid Russian efforts to reinvigorate ties with sanctions skeptics such as Italy and Cyprus.

She said the European Union needs to commit to maintain current sanctions against Russia until Moscow makes good on the steps outlined in peace deals reached in Minsk. (WSJ)

China’s fiscal revenue rose a modest 3.2% yoy in the Jan-Feb period, far less than the average 8.6% yoy gain seen in 2014 and +11.1% yoy in Jan-Feb 2014. (WSJ, Reuters)

China said it will allow local governments to issue bonds with additional maturities and encourage more investors to buy the debt, in a bid to strengthen local finances.

In new rules governing local bond issuance, local governments now can offer bonds with maturities of one or three years, in addition to five, seven and 10 years, the finance ministry said in a statement.

The new rules, which are now in effect, apply to provincial governments as well as cities directly governed by the central government -- Shanghai, Beijing, Tianjin and Chongqing. (WSJ)

India’s wholesale price index (WPI) fell 2.06% yoy in Feb (-0.39% yoy in Jan), keeping inflation in the negative zone for the fourth straight month. (India Times)

Singapore sales of private homes excluding executive condominiums (ECs) rose to 382 new units in Feb (+374 units in Jan). Including ECs, 447 new units were sold in Feb (+558 units). The rise in sales came as developers scaled back on new launches, with 357 units launched Feb (+415 units in Jan). (CNA)

Daybreak│Malaysia

March 17, 2015

3

Indonesia's trade balance posted a surplus of US$738.3m in Feb (US$709.4m surplus in Jan). Exports dropped 16.02% yoy in Feb (-7.71% yoy in Jan) while imports slid by 16.24% yoy (-15.45% yoy in Jan). (Jakarta Post, Bloomberg)

Philippines workers’ remittances went up by a paltry 0.5% yoy to US$1.814bn in Jan (+6.3% yoy to US$2.317bn in Dec), the slowest pace of growth since Jan 2009. (Philippines Star)

The Bangko Sentral ng Pilipinas (BSP) said additional stimulus is not necessary at this time as demand remains strong and inflation remarks within expectations.

“Adjustments in the BSP’s monetary policy settings still hinge largely on the confluence of domestic demand and supply factors. Our most recent assessment of the policy stance suggests that current policy settings remain appropriate,” BSP said. (Philippines Star)

Malaysian Economic News

Datuk Seri Najib Razak launched the Services Sector Blueprint and Logistics and Trade Facilitation Masterplan, which outlined the strategic steps to optimise the sector's contribution to the nation's economy. The Prime Minister said the services sector was the main driver of the economy and key generator of job opportunities in the country and contributed 55% to the gross domestic product (GDP) in 2014 and provided eight million jobs.

"In 2020, the sector's contribution to the GDP is expected to increase to 58%, with growth of 6.7% annually for the 2016 to 2020 period," he said in his speech at the launch of the blueprint. (Malaysian Insider)

Some 5,000 errant business operators have been forced to register for the Goods and Services Tax (GST) so far since the special Ops GST was launched on 1 Mar. Customs director-general Datuk Seri Khazali Ahmad said the crackdown was launched to hunt for business owners who did not register themselves despite having met the criteria.

“We successfully identified and traced close to 5,000 businesses nationwide and forced them to register on the spot. “These businesses should have been registered earlier but they simply failed to do so. So we did it for them instead,” he said. (Star)

A meeting will be held to resolve issues faced by specialist doctors over the implementation of the Goods and Services Tax (GST), said Deputy Finance Minister Datuk Chua Tee Yong. He said that there was dissatisfaction among specialist doctors at present, as the new taxation system would only affect some specialists.

“The issue arises due to the existence of different types of work relationship between hospitals and doctors. “For example, some doctors are hired by the hospitals and as such they do not have to pay GST. But for visiting specialists, GST charges will apply,” he said. (Star)

Daybreak│Malaysia

March 17, 2015

4

The implementation of the Goods and Services Tax (GST) is a must and it is proven to have been successfully implemented in 169 countries including Islamic nations, said Domestic Trade, Cooperative and Consumerism Minister Hasan Malek. He said the decision was made by the 106th Muzakarah (Conference) of the Fatwa Committee National Council of Islamic Religious Affairs Malaysia which convened in October last year.

“I don’t see any reason why GST is haram (forbidden). The National Fatwa Council has decided. So we are going ahead with the implementation of GST,” he said. (Bernama)

The economy is stable despite the national debt-to-gross domestic product (GDP) ratio at over 50%, said Deputy Finance Minister Datuk Chua Tee Yong. He said other factors, besides economic ones, must be taken into account when looking at a country's economic situation and not only focused on its national debt. "The government is looking at other indicators such as the inflation at 3.2% and the unemployment rate still at a low level.

"The international reserves of Bank Negara Malaysia as at February 27, 2015 of RM386bn are still high and positive. Three international rating agencies also indicated a positive Malaysian economy for this year," he said. (Bernama)

Political News

Malaysia's longest-serving lawmaker Tengku Razaleigh Hamzah is set to speak out against Putrajaya when debating the royal address in Parliament today, launching an unprecedented move to attack his ruling Barisan Nasional (BN) coalition. The Gua Musang MP and a BN backbencher will raise 10 issues in outlining his unhappiness with the contents of the Agong's royal address and Prime Minister Datuk Seri Najib Razak’s leadership of the country.

“Among issues he will raise include the 1MDB fiasco and the conflict of interest in Najib holding both the prime minister and finance minister’s portfolios," he added, referring to the government-owned strategic investor 1Malaysia Development Bhd which has RM42bn in debts.

The source said Ku Li's speech, which is around 30 minutes, will also touch on how Umno, the BN lynchpin, has "taken over the sovereignty or the power of Parliament. (MalaysianInsider)

Putrajaya has admitted that the letter of support it issued to 1MDB Global Investment Limited, a subsidiary of debt-laden 1Malaysia Development Berhad (1MDB), will be effective if the company failed to repay a US$3bn (RM11.1bn) loan it took last year. However, Finance Minister Datuk Seri Najib Razak said 1MDB Global Investment Limited needed to utilise its internal funds, including all its assets first before the Federal government stepped in.

"If all these steps have been taken and the company is still facing a shortfall in resolving its loan, then the government's support letter will be effective," he said in a written reply to Tony Pua (DAP-Petaling Jaya Utara) yesterday. (MalaysianInsider)

The Prime Minister's Department defended the purchase of a new private jet for Datuk Seri Najib Razak's use as a cost-saving move after PKR exposed today that Putrajaya had added a seventh jet to its fleet. A statement by the department today said the government decided to buy the jet, an Airbus Corporate Jetliner (ACJ320), through a hire-purchase agreement for 15 years to replace an older jet because of maintenance costs and safety concerns. The older aircraft, a Boeing Business Jet (BBJ) will be disposed to finance the purchase of the new jet, the statement said. (MalaysianInsider)

Daybreak│Malaysia

March 17, 2015

5

Police detained Nurul Izzah Anwar under the Sedition Act yesterday, over a speech made in Parliament, making her the latest opposition lawmaker to be held under the colonial era law. She will spend a night in jail at the Jinjang police station, as her remand hearing has been set at 10am today. She is also under investigation for sedition over a recent speech she made in Parliament, where she criticised the judiciary over the Federal Court verdict that upheld her father, Datuk Seri Anwar Ibrahim's, conviction for sodomy. (Financial Daily)

Corporate News

WCT Holdings Bhd has proposed to undertake a rights issue of shares, on a 1-for-10 basis, to raise RM108m-143m. The proposed renounceable rights issue comprises up to 143.2m new shares. The entitlement date and issue price would be determined later. Save for the RM2m of the proceeds set aside for the corporate exercise expenses, the rest will be mainly used for working capital, including repayment to suppliers and subcontractors. (Financial Daily)

Please refer to our note for details.

Eastern and Oriental Bhd (E&O) unit, Eastern and Oriental Property (UK) Ltd (EOP UK), has completed the £57m (RM308.9m) acquisition of a 0.48ha freehold site in Hammersmith, west London. E&O said the acquisition was the third prime property asset owned by EOP UK in London with a cumulative gross development value of £269m (RM1.4bn). “The site at Hammersmith Bridge Road, London W6, is located along the A4, which is the principal road connecting central London to Heathrow airport via the M4 motorway. Currently, the 11-storey Thames Tower and the 15-storey Landmark House, which were constructed during the 1960s, occupy the site,” it said. (Starbiz)

IJM Corp deputy CEO and deputy MD Datuk Soam Heng Choon will take over the helm from April 6 this year, replacing Datuk Teh Kean Ming, who is retiring on April 5. The group also appointed Lee Chun Fai to take over Soam's position. (StarBiz)

Puncak Niaga Holdings Bhd (PNHB) announced yesterday that the disposal of its water assets to Pengurusan Air Selangor Sdn bhd (Air Selangor) had been extended for a third time by another month to April 9, 2015. In a statement yesterday, PNHB chief operating officer Datuk Syed Danial Syed Ariffin said the company had agreed to an extension to enable the pending issues, related to the water asset transfer between the Selangor government and federal government to be resolved.

He said PNHB's board of directors "expressed concern" that the delay in completing the proposed disposal of its water assets and consolidation of the Selangor water industry, will affect the level of services and management of the water supply system in Selangor, Kuala Lumpur and Putrajaya.

"This will have direct impact on the interests and welfare of the consumers in Selangor, Kuala Lumpur and Putrajaya as many major decisions on the capital expenditure cannot be implemented. They have been put on hold by the government, pending completion of the restructuring of the Selangor water industry," he added.

He said PNHB is confident that Selangor Menteri Besar Mohamed Azmin Ali and Prime Minister Datuk Seri Najib Razak will resolve the issue. (Financial Daily)

Daybreak│Malaysia

March 17, 2015

6

Malakoff Corp Bhd’s initial public offering (IPO), very likely the largest in Malaysia this year, will hit the market in May, with an indicative price of RM1.80 per share, valuing itself at RM9bn. This was revealed in a circular to shareholders by MMC Corp, the 51% parent of Malakoff, which will hold an EGM on Mar 30 to vote on the proposed listing. (StarBiz)

Eversendai Corporation has secured up to RM864m of contracts since Jan-2015 with the most recent being two contracts in Saudi Arabia worth RM246m. The services company said on Monday its subsidiary won the first contract valued at RM203m which was awarded by the BACS Joint Venture comprising of Saudi Arabian Bechtel Company, Almabani General Contractors and Consolidated Contractors Company WLL. The job is to construct the East, North & South Depots of the Riyadh Metro project - Package 1 (Lines 1 and 2) for the Riyadh Development Authority. (StarBiz)

KSL Holdings Bhd has set a dividend policy of paying a minimum of 40% of its annual net profit from operations excluding fair value gains, with effect from the 2015 financial year. Chairman Ku Hwa Seng said the new policy would enable shareholders to reap the returns in tandem with the company's expanding business, buoyed by its strong property development and investment segments. "The dividend policy is not only to reward existing shareholders, but also to attract and establish a larger institutional investor base for the long term," he said. (Bernama)

A slower growth pace in household indebtedness, personal loans and credit card debt is a credit positive for Malaysian banks most exposed to household borrowers says Moody's. The sovereign rating agency, in reference to Bank Negara Malaysia's annual Financial Stability and Payment Systems Report said the 2014 report showed moderating growth in loans to households, and a decrease in the share of riskier consumer loans in newly originated loans.

Total growth in household debt, including mortgages, grew by 10% in 2014, down from annual growth of 12-13% in the previous four years and closer to the rate of nominal GDP growth. As a result, the ratio of total household debt to GDP rose only 120bp in 2014 to 87.9%, a much slower rate of increase than in previous years. (BT)

RAM Rating Services Bhd expects 3% revenue growth for the telecommunications industry this year, even as it noted that telecommunications companies would be facing heightened competition, a crowded landscape and a persistent downtrend in traditional voice and SMS revenues.

"Despite the keener competition, the credit profiles of leading Malaysian telcos remain comparable with those of their leading regional peers," observed RAM Ratings.

"Based on our analysis, we project a 3% revenue growth for telcos in 2015. While we expect telcos to maintain their profitability in the near term amid cost-optimisation efforts, the increasingly more saturated market could compress margins in the medium term," it added. (Financial Daily)

Two of China’s top railway companies are reportedly keen to bid for the construction of the KL-Singapore HSR. According to China.org.cn website, they are China Railway Construction Corporation and China Southern Railway. The KL-Singapore High Speed Railway is expected to go to tender in June. Japan Railways, French firm Alstom and Siemens are said to be among some of the other bidders. (StarBiz)

Daybreak│Malaysia

March 17, 2015

7

Works Minister Datuk Fadillah Yusof will meet Selangor Mentri Besar Mohamed Azmin Ali to find a "solution" for the aborted RM2.42bn Kinrara-Damansara Expressway (Kidex). "I've written a letter to the Mentri Besar of Selangor, he is willing to meet up but this is not a renegotiation," Fadillah said. He said among the issues to be discussed include the future highway development in Selangor after the state government last month announced the cancellation of Kidex.

"The state government initially agreed, but they've changed their mind, we've to find (out) what would be the future," he added. Fadillah stressed that the construction of Kidex is not a waste of money, saying it is for the benefit of the people to address the traffic congestion problem. (The Sun)

Khazanah Nasional Bhd is under pressure to abandon a bid to lay off as much as one-third of beleaguered Malaysian Airline System Bhd’s (MAS) workforce as one of its unions calls for a nationwide picket to protest the move. According to documents seen by The Edge Financial Daily, the National Union of Flight Attendants Malaysia (Nufam) had sent out a notice of intention to the government to stage a picket in protest against plans by Khazanah to cut 6,000 MAS staff. The notice was sent out last Friday by Nufam secretary-general Mohamad Akram Osman to the Human Resources Ministry, the Prime Minister’s Office and MAS’ Human Resource Department.

According to the notice by Nufam, Mohamad Akram was quoted as saying that: “... we have tried over the last few months to seek the cooperation and meetings from all sides within MAS and Khazanah over this huge employee termination and layoff exercise to be made in March. However, there seems to be no effort coming from all parties concerned to meet Nufam to discuss the MAS restructuring plans. Therefore, we are left with no choice, but to put MAS on notice of this picket to be held soon.”

Although the documents did not state when the picket would be held, a source close to the matter said the union was looking at picketing during the week of the Langkawi International Maritime and Aerospace Exhibition (Lima). Lima is scheduled to be held between March 17 and 21 in Langkawi. (Malaysian Insider)

Gabungan AQRS Bhd and Suria Capital Holdings Bhd will be working together to develop a mixed development with an estimated net sale value (NSV) of RM1.8bn within the vicinity of Kota Kinabalu Port. Aimed at capturing a slice of the sizeable property market potential of Sabah, the project, which will be named One Jesselton Waterfront, will be constructed on a 7 acre plot of land.

The parcel of land will feature a shopping mall called One Jesselton Mall with a net floor area (NFA) of 473,795 sq ft, a phase of corporate offices named Suria Corporate Office with a NFA of 74,487, sq ft and a phase of retail lots to be named Suria Retail with a NFA of 74,892 sq ft. Additionally, the development will also include serviced suites and apartments, a condo residence as well as car park facilities, and a ferry ticketing office.

Gabungan AQRS executive director Datuk Azizan Jaafar said the development will further strengthen the property division of the group, which is one of its twin growth engines, adding to its asset base and providing a substantial recurring income stream upon completion. (The Sun)

Daybreak│Malaysia

March 17, 2015

8

Johor’s Sultan Ibrahim Sultan Iskandar has emerged as the single-largest individual shareholder in REDtone International following a spate of open-market purchases, coupled with the conversion of his warrants and convertible loan stocks into ordinary shares, boosting his holdings in the company to 20% from 4.8% previously.

“We are excited to have Tuanku as one of our major shareholders, especially at a time when we are aiming to further solidify our growth and widen our profits,” REDtone chairman Datuk Seri Syed Ali Syed Abbas Al Habshee said. (StarBiz)

PUC Founder (MSC) Bhd's subsidiary MaxGreen Energy Sdn Bhd (MGE) has become a Feed-in-Tariff (FiT) Approval Holder by the Sustainable Energy Development Authority Malaysia (SEDA) to develop and operate a solar photovoltaic (PV) plant with 1 megawatt power (MWp) capacity to produce electricity to be supplied to Tenaga Nasional Bhd (TNB). PUC Founder group managing director Cheong Chia Chieh said once awarded as a FiT Approval Holder, it will proceed to sign the agreement with TNB upon fulfilling the conditions imposed by SEDA and TNB.

"We will be supplying power to TNB, which is a sustainable source of income for the company. We capitalise on the opportunity to venture into solar PV project, which is in line with our beliefs and at the same time bringing in steady stream of revenue to our group," he said.

Cheong added the company intends to expand its solar PV plants capacity up to 50MWp in the near future and will seek appropriate funding options such as bank borrowings, rights issue, private placement, strategic investments. (The Sun)

Daybreak│Malaysia

March 17, 2015

9

BMSB: Changes in shareholdings

Type of No of Ave Price

16-Mar-15 Date transaction securities Company (RM)

EPF 11/3 Disposed 1,339,800 PUBLIC BANK

EPF 11/3 Disposed 1,010,700 AMMB HOLDINGS

EPF 11/3 Disposed 839,900 POS MALAYSIA

EPF 11/3 Disposed 721,900 AXIS REIT

EPF 10/3 Disposed 715,800 KPJ HEALTHCARE

EPF 11/3 Disposed 279,900 TOP GLOVE

EPF 10/3-11/3 Disposed 261,100 TENAGA NASIONAL

EPF 11/3 Disposed 219,800 CAHYA MATA SARAWAK

EPF 11/3 Disposed 185,900 PETRONAS GAS

EPF 11/3 Disposed 119,500 INARI AMERTRON

EPF 11/3 Disposed 85,500 WAH SEONG CORPORATION

EPF 11/3 Disposed 16,900 MBM RESOURCES

EPF 11/3 Disposed 3,800 TIME DOTCOM

Kumpulan Wang Persaraan 9/3-10/3 Disposed 3,396,100 KULIM (MALAYSIA)

Kumpulan Wang Persaraan 9/3-10/3 Disposed 2,337,900 TIME DOTCOM

Kumpulan Wang Persaraan 9/3-10/3 Disposed 1,374,100 POS MALAYSIA

Kumpulan Wang Persaraan 9/3-10/3 Disposed 366,200 GENTING PLANTATIONS

Kumpulan Wang Persaraan 9/3-10/3 Disposed 340,300 UZMA

Kumpulan Wang Persaraan 9/3 Disposed 314,700 TOP GLOVE

Capital Income Builder 10/3-12/3 Disposed 6,091,300 SUNWAY REIT 1.59

Aberdeen Asset Management PLC 11/3-12/3 Disposed 3,081,600 POS MALAYSIA

Aberdeen Asset Management PLC 11/3-12/3 Disposed 36,300 TASEK CORPORATION

Aberdeen Asset Management PLC 11/3-12/3 Disposed 32,100 GUINNESS ANCHOR

Mitsubishi UFJ Financial Group, Inc 10/3 Disposed 1,484,300 POS MALAYSIA

Mitsubishi UFJ Financial Group, Inc 10/3 Disposed 74,600 GUINNESS ANCHOR

Mitsubishi UFJ Financial Group, Inc 10/3 Disposed 8,700 BAT

Mitsubishi UFJ Financial Group, Inc 10/3 Disposed 5,000 TASEK CORPORATION

EPF 24/2-27/2 Acquired 5,932,000 PETRONAS CHEMICALS

EPF 10/3-11/3 Acquired 4,253,800 AXIATA GROUP

EPF 9/3-10/3 Acquired 4,093,500 CIMB GROUP

EPF 11/3 Acquired 4,000,000 TELEKOM MALAYSIA

EPF 11/3 Acquired 3,899,600 SAPURAKENCANA PETROLEUM

EPF 11/3 Acquired 2,560,700 DIGI.COM

EPF 10/3-11/3 Acquired 2,412,500 UMW HOLDINGS

EPF 11/3 Acquired 1,900,000 GAMUDA

EPF 11/3 Acquired 1,879,800 DIALOG GROUP

EPF 11/3 Acquired 954,200 IOI CORPORATION

EPF 11/3 Acquired 700,000 HONG LEONG BANK

EPF 9/3-11/3 Acquired 685,100 HARTALEGA HOLDINGS

EPF 11/3 Acquired 500,000 IHH HEALTHCARE

EPF 11/3 Acquired 481,100 IOI PROPERTIES GROUP

EPF 11/3 Acquired 303,700 IJM CORPORATION

EPF 11/3 Acquired 128,700 AEON CO. (M)

EPF 11/3 Acquired 125,200 GENTING PLANTATIONS

EPF 11/3 Acquired 117,800 MALAYAN BANKING

EPF 11/3 Acquired 115,600 SIME DARBY

EPF 11/3 Acquired 36,800 MAXIS

EPF 11/3 Acquired 26,100 BAT

EPF 11/3 Acquired 19,500 KUALA LUMPUR KEPONG

EPF 11/3 Acquired 18,700 MAH SING GROUP

EPF 11/3 Acquired 17,100 FRASER & NEAVE

Skim Amanah Saham Bumiputera 9/3-11/3 Acquired 6,950,000 AXIATA GROUP

Kumpulan Wang Persaraan 9/3-10/3 Acquired 3,950,900 GAMUDA

Kumpulan Wang Persaraan 9/3-10/3 Acquired 653,300 WCT HOLDINGS

Kumpulan Wang Persaraan 9/3-10/3 Acquired 586,200 PRESTARIANG

Kumpulan Wang Persaraan 10/3 Acquired 354,500 TUNE INS HOLDINGS

Kumpulan Wang Persaraan 9/3 Acquired 197,900 IJM CORPORATION

Aberdeen Asset Management PLC 11/3-12/3 Acquired 461,400 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 10/3 Acquired 103,800 AEON CO. (M)

Mitsubishi UFJ Financial Group, Inc 10/3 Acquired 22,200 CIMB GROUP

Mitsubishi UFJ Financial Group, Inc 10/3 Acquired 14,000 ORIENTAL HOLDINGS SOURCES: BMSB

Daybreak│Malaysia

March 17, 2015

10

BMSB: ESOS & others

17-Mar-15 No Of New Shares Date of Listing Nature of transaction

SUNWAY BERHAD 102,680 17-Mar-15 Exercise of Warrants-16 SOURCES: BMSB

BMSB: Off-market transactions

16-Mar-15 Vol

REDTONE 74,608,000

TMS 10,688,000

FLONIC-WB 2,850,000

JIANKUN 1,700,000

MEXTER 1,604,160

BJAUTO 1,500,000

PERDANA 1,345,000

IMASPRO 1,330,000

TASCO 1,000,000

YTL 1,000,000

GRANDFLO-WA 743,000

AIM 500,000 Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots

SOURCES: BMSB

BMSB: Dividends

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

Date

Payment

DateKPJ HEALTHCARE  Interim dividend - single tier 2.60 27-Feb-15 25-Mar-15 27-Mar-15 10-Apr-15

RHB CAPITAL Interim dividend - single tier 6.00 13-Mar-15 25-Mar-15 27-Mar-15 24-Apr-15

GUINNESS ANCHOR Interim dividend - single tier 20.00 5-Feb-15 27-Mar-15 31-Mar-15 22-Apr-15

STAR PUBLICATIONS Second interim + Special - single tier 6.0 + 3.0 27-Feb-15 27-Mar-15 31-Mar-15 17-Apr-15

SUNWAY BERHAD Second interim dividend - single tier 6.00 16-Mar-15 30-Mar-15 1-Apr-15 30-Apr-15

BURSA MALAYSIA Final dividend - single tier 18.00 3-Mar-15 1-Apr-15 3-Apr-15 16-Apr-15

BERJAYA FOOD Second interim dividend - single tier 1.25 10-Mar-15 8-Apr-15 10-Apr-15 23-Apr-15

MY E.G. SERVICES First interim dividend - single tier 0.50 27-Feb-15 22-Apr-15 24-Apr-15 21-May-15

CARLSBERG Final + Special - single tier 66.00 27-Feb-15 30-Apr-15 5-May-15 20-May-15

NESTLE (MALAYSIA) Final dividend - single tier 175.00 23-Feb-15 11-May-15 13-May-15 27-May-15

BINTULU PORT Final + Special - single tier 6.0 + 3.0 17-Feb-15 13-May-15 15-May-15 29-May-15

TASEK CORPORATION Final + Special - single tier 30.0 + 50.0 17-Feb-15 13-May-15 15-May-15 29-May-15

GAS MALAYSIA Final + Special - single tier 4.06 12-Mar-15 20-May-15 22-May-15 12-Jun-15

SOURCES: BMSB

BMSB: Proposed cash calls & trading of rights…

17-Mar-15 Ann Date Proposed

BUMI ARMADA 12-Sep-14 1 Rights : 2 shares @ RM1.35

MAH SING GROUP 20-Nov-14 Bonus issue 1:4

AIRASIA X 30-Nov-14 Rights issue of RM0.15 with free detachable warrants

KAREX 26-Feb-15 Private placement of up to 40.5m new shares, Bonus issue 1:2

WCT HOLDINGS 16-Mar-15 Rights issue 1:10; Bonus issue of Warrants 1:5 existing shares held SOURCES: BMSB

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Corporate Actions

March 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7

Star analyst briefing BNM OPR Exports, Imports Trade Balance, Foreign Reserves

8 9 10 11 12 13 14

Berjaya Auto 3Q Berjaya Food 3Q SP Setia 1Q IPI, Manufacturing Sales

BIMB 4Q

15 16 17 18 19 20 21

CPI Eco World 1Q Foreign Reserves (mid-month data)

22 23 24 25 26 27 28

Chempaka state seat by-election

29 30 31

Astro 4Q & conf. call Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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Corporate Actions

April 2015

SUN MON TUE WED THU FRI SAT

1 2 3 4

Exports, Imports, Trade Balance

5 6 7 8 9 10 11

Foreign Reserves IPI, Manufacturing Sales

12 13 14 15 16 17 18

19 20 21 22 23 24 25

CPI, Foreign Reserves (mid-month data)

26 27 28 29 30

Money Supply

Source: Company, BNM, DOS, CIMB estimates

SOURCES: Company, BNM, DOS, CIMB estimates

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DISCLAIMER #05

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guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information and opinion contained in this report. Neither CIMB nor any of its affiliates nor its related persons shall be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.

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CIMB Securities (Thailand) Co., Ltd. may act or acts as Market Maker and issuer including offering of Derivative Warrants Underlying securities of the following securities. Investors should carefully read and study the details of the derivative warrants in the prospectus before making investment decisions.

AAV, ADVANC, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLA, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DCC, DELTA, DEMCO, DTAC, EARTH, EGCO, ERW, ESSO, GFPT, GLOBAL, GLOW, GUNKUL, HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KBANK, KCE, KKP, KTB, KTC, LH, LOXLEY, LPN, M, MAJOR, MC, MCOT, MEGA, MINT, NOK, NYT, PS, PSL, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, RS, SAMART, SCB, SCC, SCCC, SIRI, SPALI, SPCG, SRICHA, STA, STEC, STPI, SVI, TASCO, TCAP, TFD, THAI, THCOM, THRE, THREL, TICON, TISCO, TMB, TOP, TPIPL, TTA, TTCL, TTW, TUF, UMI, UV, VGI, TRUE, WHA.

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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United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (“CIMB UK”). CIMB UK is authorised and regulated by the Financial Conduct Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (c) are persons falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons.

Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Conduct Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research.

United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc.

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Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.

AAV – Very Good, ADVANC – Very Good, AEONTS – not available, AMATA - Good, ANAN – Very Good, AOT – Very Good, AP - Good, ASK – Very Good, ASP – Very Good, BANPU – Very Good , BAY – Very Good , BBL – Very Good, BCH – not available, BCP - Excellent, BEAUTY – Good, BEC - Good, BECL – Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC – Good, BLA – Very Good, BMCL - Very Good, BTS - Excellent, CCET – Good, CENTEL – Very Good, CHG – not available, CK – Very Good, CPALL – not available, CPF – Very Good, CPN - Excellent, DELTA - Very Good, DEMCO – Good, DTAC – Very Good, EA - Good, ECL – not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA - Excellent, HEMRAJ – Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD – Good, IVL - Excellent, JAS – not available, JUBILE – not available, KAMART – not available, KBANK - Excellent, KCE - Very Good, KGI – Good, KKP – Excellent, KTB - Excellent, KTC – Good, LH - Very Good, LPN – Very Good, M - not available, MAJOR - Good, MAKRO – Good, MBKET – Good, MC – Very Good, MCOT – Very Good, MEGA – Good, MINT - Excellent, OFM – Very Good, OISHI – Good, PS – Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH – Very Good, RATCH – Very Good, ROBINS – Very Good, RS – Very Good, SAMART - Excellent, SAPPE - not available, SAT – Excellent, SAWAD – not available, SC – Excellent, SCB - Excellent, SCBLIF – Good, SCC – Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA – Very Good, STEC - Good, SVI – Very Good, TASCO – Good, TCAP – Very Good, THAI – Very Good, THANI – Very Good, THCOM – Very Good, THRE – not available, THREL – Good, TICON – Good, TISCO - Excellent, TK – Very Good, TMB - Excellent, TOP - Excellent, TRUE – Very Good, TTW – Very Good, TUF - Good, VGI – Very Good, WORK – not available.

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CIMB Recommendation Framework

Stock Ratings Definition:

Add The stock’s total return is expected to exceed 10% over the next 12 months.

Hold The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.

Reduce The stock’s total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

Sector Ratings Definition:

Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.

Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.

Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings Definition:

Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.

Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.

Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were based on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months. Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy: expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected negative total returns of 10% or more over the next 3 months.