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REGIONAL DAILY
December 26, 2012
MALAYSIA
Malaysia Daybreak
——————————————————————————————————————————————————————————————————————
FBMKLCI Index
Economic Update - Budget 2015 in review – boosting economic resilience
1,900
1,850
1,800
1,750
1,700
Sep-14 Nov-14 Jan-15
———————————————————————————
1750.11
FBMKLCI
-3.20pts
-0.18%
Jan Futures
Feb Futures
1746 - (0.00% )
1745 - (1.00% )
———————————————————————————
Gainers
Losers
Unchanged
420
388
290
———————————————————————————
Turnover
2053.23m shares / RM2022.313m
3m avg volume traded 1768.61m shares
3m avg value traded RM1844.40m
———————————————————————————
Regional Indices
FBMKLCI
FSSTI
JCI
SET
HSI
1,750
3,334
5,166
1,535
23,951
————————————————————————————————
Market Indices
Close
% chg
YTD % chg
FBMKLCI
1,750.11
(0.2)
(0.6)
FBM100
11,772.83
(0.1)
(0.3)
FBMSC
15,612.69
0.6
3.8
FBMMES
6,194.86
0.7
9.6
Dow Jones
17,515.23
0.0
(1.7)
NASDAQ
4,654.85
0.4
(1.7)
FSSTI
3,334.02
0.8
(0.9)
FTSE-100
6,620.10
0.5
0.8
SENSEX
28,784.67
1.8
4.6
Hang Seng
23,951.16
0.9
1.5
JCI
5,166.09
0.3
(1.2)
KOSPI
1,918.31
0.8
0.1
Nikkei 225
17,366.30
2.1
(0.5)
PCOMP
7,452.81
(0.4)
3.1
SET
1,535.09
(0.0)
2.5
Shanghai
3,173.05
1.8
(1.9)
Taiwan
9,251.69
0.8
(0.6)
————————————————————————————————
Top Actives
Close
% chg
Vol. (m)
KNM GROUP
0.505
6.3
127.7
SANICHI
0.100
0.0
74.4
SUMATEC
0.215
0.0
64.8
SYSTECH BHD
0.315
8.6
45.0
ASIA BIOENERGY
0.190
5.6
41.5
ETI TECH CORP
0.075
15.4
37.1
PDZ HOLDINGS
0.155
3.3
32.8
PERISAI
0.470
1.1
29.1
————————————————————————————————
Economic Statistics
US$/Euro
RM/US$ (Spot)
RM/US$ (12-mth NDF)
OPR (% )
BR (% , CIMB Bank)
GOLD ( US$/oz)
WTI crude oil US spot (US$/barrel)
CPO spot price (RM/tonne)
21 January 2015
▌What’s on the Table…
Key Metrics
1,650
Jan-14 Mar-14 May-14 Jul-14
|
Close
1.1554
3.6075
3.7216
3.25
4.00
1,294.64
46.39
2,320.00
% chg
0.03
(0.04)
1.19
0.93
0.00
(0.06)
(4.72)
0.43
The government announced new growth and fiscal deficit targets for this year,
budget cuts to operating expenditure as well as various stimulus measures to
bolster the resilience of the economy amid the steep fall in oil prices, volatile
capital flows and fragile global outlook. Real GDP growth outlook was revised
down to 4.5-5.5% (vs. 5.0-6.0% previously). The fiscal deficit target was
lowered to -3.2% of GDP (vs. -3.0% under Budget 2015), while reaffirming that
fiscal consolidation efforts remain on track. The revised deficit targets were no
surprise as we expected the government to manage the deficit within a tight
range through various means of revenue enhancements and expenditure cuts.
The government’s proactive measures will help to allay some fears, though we
expect the overall market sentiment to remain cautious.
Strategy Flash Note - Marketing in Asia
We spent the past two weeks marketing to 195 investors and 60 investment
firms in Asia our 2015 macroeconomic and strategy outlook. Investors were
mostly underweighted in Malaysia and cited the country's fiscal position,
currency and large foreign fixed income holdings as their key concerns. We, too,
share these concerns, which explains our end-2015 KLCI target of 1,800pts.
There could be downside to the target if corporate earnings fall short of our 8%
EPS growth estimate. Our preferred sectors include construction, transport and
utilities. We also still like selected smaller caps with strong balance sheets,
robust earnings prospects and solid business models.
Construction - Risks from Budget cuts removed
The Prime Minister's speech on the revised Budget 2015 today contained good
news for the overall sector- the RM49bn development expenditure (DE) is
intact despite the fall in oil prices. This confirms our stance that the
government would keep public transport and other major infra contracts as
priorities. This news should remove the overhang on construction share prices,
most of which have declined since late-2014 due to fears of a major cutback in
infra spending. We recommend investors to be selective. Gamuda remains our
top big-cap pick due to its exposure to the MRT and Penang transport infra
projects. Muhibbah continues to be our preferred small/mid-cap stock in view
of the pending awards from Rapid and Pengerang. Maintain Overweight.
Axis REIT - More acquisitions in 2015
CapitaMalls Malaysia Trust - Challenging 2015 expected
Eastern & Oriental - Shares go ex for bonus and free warrants
Eco World Development Group Bhd - Ex for 1-into-2 share split
▌News of the Day…
——————————————————————————————————————————————————————————————————————
• GST implementation is on track and will not be deferred
• Fitters Diversified expects pipe-manufacturing to contribute RM90m in FY15
• MCIL denied rumours consolidation plan involving its four daily newspaper?
• M’sia palm oil shipments Jan. 1-20 dropped 21.8% from 906,594 tons in Dec
• China's economic growth weakest in 24 years, 7.4% in 2014 (+7.7% in 2013)
————————————————————————————————————————
Terence WONG, CFA
T (60) 3 2261 9088
E [email protected]
Show Style "View Doc Map"
IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.
Daybreak│Malaysia
January 21, 2015
Global Economic News
The International Monetary Fund (IMF) sharply cut its 2015-2016 world
growth forecast, saying lower oil prices did not offset pervasive weaknesses
around the globe.

The IMF said poorer prospects in China, Russia, the euro area and Japan
will hold world growth to just 3.5% in 2015 and 3.7% in 2016, 0.3%
pts lower than its previous forecast.

US will expand by 3.6% this year, up 0.5% pts from the previous outlook.

China will expand at 6.8% in 2015 - 0.3% slower than previously expected and 6.3% in 2016.

Euro zone is expected to expand 1.2% in 2015, and 1.4% next year, while
Japan is forecast to expand just 0.6% in 2015, and pick up to a still-sluggish
0.8% in 2016. (AFP)
OPEC has no immediate plan to cut its output target for crude, and Iran
is strong enough to withstand a deeper slump in prices even if the country
must sell at US$25 a barrel, Oil Minister Bijan Namdar Zanganeh said.

“If the oil prices drop to US$25 a barrel, there will yet again be no threat
posed to Iran’s oil industry,” he said. (Bloomberg)
US National Association of Home Builders (NAHB)/Wells Fargo
builder sentiment gauge fell to 57 in Jan from 58 in Dec. Readings greater
than 50 mean more respondents report good market conditions. (Bloomberg)
Governments in the euro area have cut their overall budget deficit to the
smallest in six years, with the deficit shrank to 2.3% of GDP in 3Q14, coming to
its narrowest since 3Q08 when it was at 1.9% of GDP. (Bloomberg)
Bank lending standards in the eurozone eased during 4Q14 across all loan
categories, making it easier for both households and companies to obtain credit,
the European Central Bank (ECB) said, suggesting credit conditions in the
region are slowly recovering.

"Banks indicated a further considerable narrowing of margins on average
loans, while reporting in net terms only a slight narrowing of margins on
riskier loans," the ECB said. (WSJ)
China's economic growth slowed to its weakest in 24 years, expanding 7.4%
in 2014 (+7.7% in 2013), missing its official annual growth target of 7.5% for the
first time in 15 years but came in line with Premier Li Keqiang’s target.

In 4Q14, the economy grew 1.5% qoq (+1.9% qoq in 3Q14) and rose 7.3% yoy
(+7.3% yoy in 3Q14). (BBC, Bloomberg)
China’s industrial output climbed 7.9% yoy in Dec (+7.2% yoy in Nov).
(Bloomberg)
China’s retail sales increased 11.9% yoy in Dec (+11.7% yoy in Nov).
(Bloomberg)
2
Daybreak│Malaysia
January 21, 2015
China’s fixed-asset investment (FAI) excluding rural areas expanded 15.7%
yoy in 2014 (+19.6% yoy in 2013).
China's income gap continued to narrow in 2014, with the Gini coefficient
hitting 0.469, down from 0.473 in 2013. (WSJ)
China's housing sales for the full year 2014 slid 7.8% yoy, totalling
Rmb6.24tr (US$100.4bn) (-9.7% yoy in 11M14 to Rmb5.30tr). In Dec alone,
housing sales was up 4.2% yoy (-12.0% yoy in Nov). (WSJ)
China’s unemployment rate came in at 5.1% in Dec, a tick higher than the
5% rate the last time the number slipped out in Aug last year. (WSJ)
China’s working-age population - those aged 16 to 59 - fell 3.71m in 2014
(-2.44m in 2013), the National Bureau of Statistics said. The first drop was in
2012 when the group - then also including 15-year-olds - decreased by 3.45m.
(Bloomberg)
Taiwan’s exports order climbed 4.5% yoy in Dec (+1.6% yoy in Nov).
(Reuters)
Bank Indonesia (BI) estimated that bad loans would decline to less than 2%
of outstanding loans in 2015 due to Indonesia’s improving economy and greater
loan expansion.

Loan growth is also estimated to reach 15% to 17% this year, up from the
estimated growth in 2014 of about 13% to 14%.

BI also predicted that current account deficit would be relatively high at
3.3-3.5% of GDP in 2015 as imports, especially imports of capital goods,
would remain high to follow the growing investment. (Jakarta Globe, Antara
News)
Philippines’ balance of payments (BoP) stood at a surplus of US$843m in
Dec (US$314m deficit in Nov). (Bloomberg)
Malaysian Economic News
Prime Minister Najib Razak said the 2015 budget gap will be 3.2% of GDP,
bigger than an Oct target of 3%, and growth will be 4.5%-5.5% from an
earlier projection of as much as 6%. To maintain economic growth, the
government announced a RM5.5bn cut in government spending
(operating expenditure).

Najib said without any fiscal measures, the deficit would rise to 3.9% of GDP,
adding that the revised budget would assume a global oil price of around
US$55 (RM198) a barrel.

Malaysia’s economy isn’t in crisis, he said. He said the government is
confident that over time, the ringgit's exchange rate will adjust to reflect
Malaysia's strong economic fundamentals. (Bloomberg, Bernama, Financial
Daily)
For further details, kindly refer to our Economic Update
3
Daybreak│Malaysia
January 21, 2015
Under the revision of budget 2015, the government would incur savings of
RM1.6bn from the review of government overseas travel, events and functions,
and use of professional service; RM3.2bn from review of transfers and grants to
statutory bodies, GLCs and government trust funds; and RM300m from
rescheduling procurement of non-critical assets.

Besides that, people-economy projects (MRT Line 2, LRT 3 and the
Pan-Borneo Highway) would not be affected.

The government is to postpone electricity tariff hikes for industrial users.
The National Service Programme for 2015 has also been deferred.

The government has also retained public housing projects and allocated
RM893m and RM5bn for flood mitigation projects and Services Sectir
Guarantee Scheme for SMEs respectively. (NST)
The government will implement strategies to ensure economic growth
of between 4.5%-5.5% this year, says Prime Minister Datuk Seri Najib Tun
Razak.

The first strategy would be to ensure a balanced, inclusive and sustainable
economic growth to boost exports of goods and services.

Other measures included a review of the levy on foreign workers and a
waiver of visa fee for tourists from, among others, China, in a move to
intensify the tourism industry. Besides, he said government-linked
companies (GLCs) and government-linked investment companies (GLICs)
were encouraged to invest domestically.

The Prime Minister said the third strategy would be to assist the people and
business community as well as rebuilding infrastructure damaged by the
recent floods. (Bernama)
The ringgit fell the most in emerging markets as Prime Minister Najib
Razak revised the fiscal deficit target higher and lowered the 2015 economic
growth forecast due to a plunge in oil prices.

The ringgit was the worst performing Asian currency so far this month with
a 2.9% loss against the dollar. Nine of Asia’s 11 most-traded currencies
declined.

The currency dropped the most against the greenback since Dec, a move
that was compounded by the IMF cutting its global expansion estimate
while upgrading its projection for the U.S. The Bloomberg Dollar Spot Index
rose for a third day ahead of the Bank of Japan’s policy meeting and on
speculation the European Central Bank will add to its bond purchases this
week. (Bloomberg, Reuters)
Efforts by the government to intensify promotions for "Made in Malaysia"
goods will improve the purchasing power of Malaysians while
increasing national revenue.

Najib said the government would increase efforts to promote the campaign
for "Made in Malaysia" products while increasing the frequency and
extending the duration of the mega sales throughout the country.
(Bernama)
4
Daybreak│Malaysia
January 21, 2015
Prime Minister Datuk Seri Najib Tun Razak said the flood disaster that hit the
country recently caused infrastructure damage estimated at almost
RM2.9bn.

In view of the severity of the situation, Najib said the Government had
provided an initial allocation of RM500m for rehabilitation works and
welfare programmes for flood victims, bringing the total to RM787m.
(Bernama)
The revised fiscal budget for expenditure that was announced by Prime Minister
Datuk Seri Najib Tun Razak will not affect the allocation for the welfare
of the people.

Minister in the Prime Minister's Department Nancy Shukri said the
allocations for infrastructure and development was not affected, but instead
the government has increased assistance to build houses for victims made
homeless by the recent floods. (Bernama)
The proactive strategies and adjustment measures taken by the
government in view of changes in global economic scenario are not affecting
the 2015 Budget principles approved by the Parliament, Deputy Prime
Minister Tan Sri Muhyiddin Yassin said.

He said the 2015 Budget tabled last Oct still stand and Najib, as the Finance
Minister, could make the adjustment as it did not involve any extra
expenditure. (Bernama)
The operations and responsibilities of security forces to ensure the
security of the country will not be affected following the government's
decision to reschedule the purchase of non-critical assets.

Najib said the government would reschedule all purchases of assets which
were not critical especially office equipment, software and vehicles which
could save the nation RM300m. (Bernama)
The implementation of the Goods and Services Tax (GST) is on track and
will not be deferred, the government said. The treasury secretary-general said by
enforcing GST, the government wouold gain a projected revenue of RM1bn,
which Prime Minister Datuk Seri Najib Razak said would buffer the shortfall in
the fiscal deficit target. (NST)
Government agencies should optimise the use of existing government
assets in view of the move to reschedule the purchase of non-critical assets as
announced by Prime Minister Datuk Seri Najib Tun Razak.

An education minister said the existing assets only needed to be maintained
well to ensure they could continue to be used. "This strategy is only
temporary and many assets such as ministry buses which were eight years
and older and should be replaced could instead be delayed for a while...the
alternative is for us to maintain them well," he said. (Bernama)
5
Daybreak│Malaysia
January 21, 2015
Political News
Former Kelantan Mentri Besar Datuk Nik Abdul Aziz Nik Mat has been
admitted to the Intensive Care Unit (ICU) of Universiti Sains Malaysia Hospital
(HUSM). His son, Nik Abduh, said in a Facebook post that his father was taken
to HUSM on Monday night and was admitted to ICU on Tuesday afternoon. Nik
Abduh said his father's health deteriorated since the recent floods. A source at
HUSM in Kubang Kerian said Nik Aziz's condition was critical. It is learnt that
the 83-year-old PAS spiritual leader suffered a stroke. His lungs and heart were
also affected by pancreatic cancer. (Star)
Corporate News
The Associated Chinese Chambers of Commerce and Industry of Malaysia
(ACCCIM) is urging Tenaga Nasional Bhd (TNB) to adjust the electricity
bills to lessen the burden of businessmen, while improving the competitiveness
of Malaysia industries.

In a statement released yesterday, it said this is in line with the current
substantial decline of international crude oil prices as well as with the
continued fall of the international natural gas and coal prices."Many of our
businessmen are having dual pressure in facing the rising cost of doing
business and the decline of profit," it noted.

On the announcement on waiver of visa fee for tourists from China,
ACCCIM hopes the government would consider giving Chinese tourist a
direct visa-free to Malaysia, to give a greater convenience for them. (Sun)
Media Chinese International Ltd (MCIL), the country’s largest
Chinese-language media group, has denied rumours it will undergo a drastic
consolidation plan involving its four daily newspaper titles in Malaysia namely
Sin Chew Daily, China Press, Nanyang Siang Pau and Guang Ming Daily. “The
management would like to reiterate that in an attempt to improve and innovate
further, the basic structure and operational set-up of the MCIL’s Malaysian
businesses remain unchanged,” MCIL said.

It said that Sin Chew Daily will continue to be the largest circulating Chinese
daily newspaper in Malaysia. Meanwhile, its Nanyang Siang Pau will
continue to be published as a premier daily, with a focus on business and
economic news targeting the Chinese business community; while China
Press will continue to be the second most popular Chinese daily newspaper,
with large evening followers. The group further said Guang Ming Daily will
continue to serve its readers in the whole of Peninsular Malaysia, besides
maintaining its pole position in the northern region.

The management’s clarification came after recent media news, which
highlighted there will be a major shakeup of four Chinese-language
newspapers under its stable in West Malaysia. MCIL management has
stressed the publishing of the four newspapers titles will remain status quo,
but employee re-allocation is still in the works.

“Constant staff training and re-training, rationalisation and re-allocation of
human resources for improved productivity and efficiency, are consistent
initiatives undertaken by the management on a regular basis,” it said.
(Financial Daily)
6
Daybreak│Malaysia
January 21, 2015
Fraser & Neave Holdings Bhd (F&N) is confident of maintaining high
double digits growth for its financial year ending Sept 30, 2015 amid the
downtrend in the ringgit and the upcoming Goods & Services Tax (GST).

F&N CEO Lim Yew Hoe said the strengthening of dollar against ringgit
favours the group's export business as its products was traded in US dollar.
"We have export businesses and they are in US dollar, so that kind of
helping us to mitigate the (impact on) depreciation of ringgit," he told
reporters after the group's 53rd AGM yesterday.

"Most of the exports (business) that we have are mainly from the dairy
Malaysia, they consist about 20% of the dairy Malaysia sales," said Lim, who
noted the group is currently enjoying the savings from its dairy products
which is off from the historical price hikes.

Commenting on the impact of GST to its business, he expects the impact
would be only in short term as he sees its business a necessary commodity
in which the demand will be constant going forward. (Sun)
Tanjung Offshore Bhd said that it is extending its full cooperation to the
Malaysian Anti-Corruption Commission (MACC) in relation to an ongoing
inquiry. It was reported that Tanjung Offshore is being questioned over the
acquisition of a UK property for RM58.07m.

Early this month, it was reported that a group of minority shareholders said
that Tanjung Offshore's acquisition of an office building in Birmingham
should have been put to shareholders for approval as it exceeds the
maximum 25% threshold. The company, however, claimed that
shareholders' approval was not required. (sun)
Malaysian palm oil shipments for Jan. 1-20 dropped 21.8% from 906,594 tons
in Dec. 1-20, Societe Generale de Surveillance says. (Bloomberg)
The risk of an El Nino in coming months dropped after indicators eased for the
event that brings drought to Asia and heavier-than-usual rains to South America.
“Since late 2014, most ENSO indicators have eased back from borderline El
Nino levels,” the Bureau of Meteorology said on its website, referring to the El
Nino Southern Oscillation by its initials. The bureau lowered its outlook for the
event to neutral from alert. (Bloomberg)
Fitters Diversified Bhd is expecting its newly added pipe-manufacturing
business to contribute a maximum of RM90m to its revenue for the financial
year ending Dec 31, 2015. “At full capacity with the three lines by June, the
maximum we will be able to achieve is RM90m in revenue. We will be happy if
we can do about RM70m to RM75m for the first year,” said managing
director Datuk Richard Wong.

He added that Fitters was looking at an average of 20% in profit margin.
The company’s RM90m oriented-PVC (PVC-O) pipe manufacturing plant in
Gebeng, Kuantan, which was commissioned in the fourth quarter of 2014, is
currently running on two lines. (StarBiz)
The Malaysia-China Kuantan Industrial Park (MCKIP) in on track to
meets its targeted investment amount of RM10bn this year, having attracted
RM7.2bn worth of investments to date. "Right now, RM4.2bn worth of
investments have been secured from a steel mill. Including the expansion of
Kuantan Port involving another RM3bn, we have reached RM7.2bn." ECER
CEO Jebasingam Issace John said. The MCKIP will be linked to Kuantan Port,
which will become a mega-sized port handling 52m tonnes/year. (Financial
Daily)
7
Daybreak│Malaysia
January 21, 2015
The AirAsia Indonesia Flight QZ8501 plane that crashed last month was
climbing at an abnormally rapid rate, before it plunged and disappeared
from radar, Indonesia’s transport minister has said. Ignasius Jonan told
parliament that radar data showed the Airbus A320 was climbing at about
6,000ft a minute before it disappeared on 28 December. “It is not normal to
climb like that, it’s very rare for commercial planes, which normally climb just
1,000 to 2,000ft per minute,” he said. “It can only be done by a fighter jet.” He
did not say what was believed to have caused the plane to climb so rapidly. In
their last contact with air traffic controllers, the pilots of AirAsia flight 8501
asked to climb from 32,000ft to 38,000ft to avoid threatening clouds, but were
denied permission because of heavy air traffic. Four minutes later the plane
disappeared. No distress signal was received.

An excessively rapid ascent is likely to cause a plane to go into an
aerodynamic stall. In 2009, an Air France Airbus A330 disappeared over
the Atlantic Ocean while flying from Rio de Janeiro to Paris. Investigators
were able to determine from the jet’s black boxes that the plane began a
steep climb and then went into a stall from which the pilots were unable to
recover. (Guardian)
Investigators examining the cockpit voice recorder of the crashed AirAsia
QZ8501 jet said Tuesday they were considering whether human error or
problems with the plane caused the accident, after ruling out terrorism.
Indonesia's National Transportation Safety Committee (NTSC), which is
probing the crash, said that it will release a preliminary report on 28 January.
In initial analysis of the cockpit voice recorder, NTSC investigators said they did
found no indication that terrorism had caused the crash and are now looking at
other causes.

"We didn't hear any other person, no explosion," investigator Nurcahyo
Utomo told reporters, explaining why terrorism had been ruled out. He
added that investigators were now looking at the “possibility of plane
damage and human factors”, without giving further details. (AFP)
8
Daybreak│Malaysia
January 21, 2015
BMSB: Changes in shareholdings
20-Jan-15
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Skim Amanah Saham Bumiputera
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Lembaga Tabung Haji
Great Eastern Holdings Limited
Mitsubishi UFJ Financial Group, Inc
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Permodalan Nasional Berhad
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Angkatan Tentera
AIA BHD
UMW HOLDINGS BERHAD
Mitsubishi UFJ Financial Group, Inc
Mitsubishi UFJ Financial Group, Inc
WCT HOLDINGS
Date
24/12-9/1
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Type of
transaction
Disposed
Disposed
Disposed
Disposed
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Acquired
Acquired
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Shares Buy Back
No of
securities
4,513,600
3,338,500
3,000,000
2,512,200
2,000,000
1,627,800
1,486,700
1,431,000
830,700
646,500
586,300
578,500
252,800
114,900
71,000
32,600
11,700
1,500,000
436,600
275,000
106,900
1,209,100
500,000
149,500
2,000,000
1,000,000
1,000,000
716,800
550,200
496,800
484,000
394,400
256,600
171,800
131,200
116,200
98,500
95,900
93,300
61,200
60,400
18,000
6,500
6,104,700
3,544,600
3,305,600
3,000,000
670,000
200,000
3,028,200
1,300,000
142,200
125,000
860,400
289,500
86,000
1,400
32,600
1,130,000
1,000,000
9,000
2,600
37,300
Ave Price
Company
(RM)
UMW OIL & GAS
MALAYAN BANKING
IOI CORPORATION
AXIATA GROUP
DIALOG GROUP
MISC
MAXIS
SUNWAY BERHAD
DIGI.COM
SUNWAY REIT
SIME DARBY
IHH HEALTHCARE
MBM RESOURCES
TELEKOM MALAYSIA
GAMUDA
TAN CHONG MOTOR
SHELL REFINING COMPANY
SUNWAY REIT
MMHE
GAMUDA
PRESTARIANG
UNISEM (M)
SALCON
CIMB GROUP
IOI PROPERTIES GROUP
AIRASIA
FELDA GLOBAL VENTURES
IJM CORPORATION
PUBLIC BANK
CAHYA MATA SARAWAK
AFFIN HOLDINGS
AFG
KPJ HEALTHCARE
HOCK SENG LEE
YTL POWER INTERNATIONAL
PETRONAS GAS
KOSSAN RUBBER INDUSTRIES
HONG LEONG BANK
TIME DOTCOM
BIMB HOLDINGS
HARTALEGA HOLDINGS
TOP GLOVE
IJM PLANTATIONS
BIMB HOLDINGS
TELEKOM MALAYSIA
MAXIS
SAPURAKENCANA PETROLEUM
GAMUDA
UMW HOLDINGS
BIMB HOLDINGS
SP SETIA
POS MALAYSIA
PETRONAS GAS
MMC CORPORATION
BORNEO AQUA HARVEST
HAP SENG PLANTATIONS
GAS MALAYSIA
BOUSTEAD PLANTATIONS
PRESTARIANG
UMW OIL & GAS
ORIENTAL HOLDINGS
BAT
WCT HOLDINGS
1.52
SOURCES: BMSB
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January 21, 2015
BMSB: ESOS & others
21-Jan-15
SUNWAY BERHAD
No Of New Shares
276,400
Date of Listing
21-Jan-15
Nature of transaction
Exercise of Warrants-16
SOURCES: BMSB
BMSB: Off-market transactions
20-Jan-15
ASIABIO
MAYBANK
NATWIDE
TDEX
PBBANK
MILUX
TALIWRK
REDTOE
KAREX
DIGISTA
BORNOIL
Vol
8,000,000
7,857,000
3,157,256
3,000,000
2,000,000
1,950,058
1,500,000
1,050,000
1,000,000
1,000,000
700,000
Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots
SOURCES: BMSB
BMSB: Entitlements & trading rights
21-Jan-15
MAH SING GROUP
Ann Date
20-Nov-14
Ex-date
22-Jan-15
Entitlement
Rights issue with Warrants
Entitlement
26-Jan-15
SOURCES: BMSB, TE: Tax Exempt
BMSB: Dividends
Company
Particulars
BENALEC HOLDINGS
Final dividend - single tier
PAVILION REIT
Final Income Distribution
2nd interim dividend - single tier
BERJAYA SPORTS TOTO
Final dividend - single tier
FRASER & NEAVE
Final Income Distribution
AXIS REIT
CAPITAMALLS MALAYSIA TRUST
Final Income Distribution
KUALA LUMPUR KEPONG
Final dividend - single tier
Gross DPS (Sen)
0.30
4.12
6.00
33.00
1.45
4.38
40.00
Ann Date
27-Nov-14
15-Jan-15
18-Dec-14
26-Dec-14
19-Jan-15
20-Jan-15
19-Nov-14
Ex-Date Lodgement
26-Jan-15
28-Jan-15
27-Jan-15
29-Jan-15
28-Jan-15
30-Jan-15
28-Jan-15
30-Jan-15
29-Jan-15
4-Feb-15
30-Jan-15
5-Feb-15
19-Feb-15
23-Feb-15
Payment
23-Feb-15
27-Feb-15
13-Feb-15
26-Feb-15
27-Feb-15
27-Feb-15
17-Mar-15
SOURCES: BMSB
BMSB: Proposed cash calls & trading of rights…
21-Jan-15
ECO WORLD
ASIA FILE CORP
BUMI ARMADA
BENALEC HOLDINGS
TH HEAVY ENGINEERING
TH HEAVY ENGINEERING
MAH SING GROUP
MALAYSIA AIRPORTS
Ann Date
25-Apr-14
6-Aug-14
12-Sep-14
12-Sep-14
24-Sep-14
3-Oct-14
20-Nov-14
28-Nov-14
Proposed
1 Rights @ 2, 4 Free Warrants @ 5, Private Placement
Bonus issue 3:5
1 Rights : 2 shares @ RM1.35
> RM200m of 7-year Redeemable Convertible Secured Bonds
Private placement of up to 10% of the issued shares of THHE
Rights issue with bonus issue, 1 bonus issue : 5 Rights shares
Bonus issue 1:4
Right issue 1:5
SOURCES: BMSB
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January 21, 2015
Corporate Actions
January 2015
SUN
MON
TUE
WED
THU
FRI
SAT
1
New Year
2
3
Prophet
Muhammad’s
Birthday
4
5
6
7
Trade Balance,
Imports, Exports,
Foreign Reserves
8
Top Glove 1Q
briefing & 16th AGM
9
IPI,
Manufacturing Sales
10
11
12
13
14
15
Pavilion REIT 4Q
16
17
18
19
Axis REIT 4Q
20
CMMT 4Q
21
CPI
22
MPI 2Q, Tenaga 1Q,
Foreign Reserves
(mid-month data)
23
24
25
26
KLCC Property 4Q
27
28
KLCC Property 4Q
briefing,
BNM OPR
29
Bursa 4Q,
Unisem 4Q
30
31
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
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January 21, 2015
Corporate Actions
February 2015
SUN
MON
TUE
WED
THU
FRI
SAT
1
2
3
Federal Territory Day Replacement Holiday Thaipusam
4
5
6
Trade Balance,
Imports, Exports,
Foreign Reserves
7
8
9
10
IPI,
Manufacturing Sales
11
12
GDP, BoP Current
Account Balance
13
14
15
16
17
18
CPI
19
Chinese New Year
20
Chinese New Year
2nd Day
21
22
23
24
Foreign Reserves
(mid-month data)
25
Tan Chong 4Q
26
27
28
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
12
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January 21, 2015
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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.
Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to
professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.
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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Daybreak│Malaysia
January 21, 2015
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
Overweight
Neutral
Underweight
Definition:
An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.
Country Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
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.
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