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REGIONAL DAILY
December 26, 2012
MALAYSIA
Malaysia Daybreak
——————————————————————————————————————————————————————————————————————
KLCC Property Holdings - Touring around Menara ExxonMobil and Menara 3
FBMKLCI Index
1,900
1,850
1,800
1,750
1,700
1,650
Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14
———————————————————————————
FBMKLCI
-35.68pts
Jan 15 Futures
1704.5 - (-1.19% )
1705 - (1.00% )
———————————————————————————
Losers
During our recent tour of some of KLCCP's assets, we were pleasantly surprised
that Menara ExxonMobil still looks relatively new despite being almost 18 years
old. This gives us confidence that it will not face issues extending its tenancy
when it expires in 2017. We were also impressed by Menara 3, which was more
recently built (in 2011) and houses Petronas's offices and other O&G companies.
While the offices were impressive, we understand that KLCCP's acquisition
pipeline remain scarce in the next 1-2 years. We maintain our Hold call and
DDM-based target price of RM6.90. For exposure to M-REITs, we prefer Axis
REIT.
-2.06%
Dec Futures
Gainers
16 December 2014
▌What’s on the Table…
Key Metrics
1697.31
|
▌News of the Day…
——————————————————————————————————————————————————————————————————————
Unchanged
66
1010
116
———————————————————————————
Turnover
2064.81m shares / RM2318.479m
3m avg volume traded 2024.40m shares
3m avg value traded RM1977.85m
———————————————————————————
Regional Indices
FBMKLCI
FSSTI
JCI
SET
HSI
1,697
3,294
5,108
1,478
23,028
• Supermax CEO was charged with insider trading related to APL Industries
• Malakoff (seeking a re-listing) has submitted IPO application to the regulators
• Zecon taken RM595m syndicated term loan facility to construct hospital
• Dayang Enterprise won RM280m contract from Petronas Carigali
• AirAsia X placed a firm order for 55 A330neo aircraft from Airbus
• Companies registered for GST stood at 211,356 as of 14 Dec
• US industrial production jumped 1.3% mom in Nov (+0.1% mom in Oct)
————————————————————————————————
Market Indices
Close
% chg
YTD % chg
FBMKLCI
1,697.31
(2.1)
(9.1)
FBM100
11,356.62
(2.2)
(9.8)
FBMSC
14,060.78
(4.8)
(10.4)
FBMMES
5,143.58
(7.4)
(9.4)
Dow Jones
17,180.84
(0.6)
3.6
NASDAQ
4,605.16
(1.0)
10.3
FSSTI
3,294.14
(0.9)
4.0
FTSE-100
6,182.72
(1.9)
(8.4)
SENSEX
27,319.56
(0.1)
29.0
Hang Seng
23,027.85
(1.0)
(1.2)
JCI
5,108.43
(1.0)
19.5
KOSPI
1,920.36
(0.1)
(4.5)
Nikkei 225
17,099.40
(1.6)
5.0
PCOMP
7,275.62
0.7
23.5
SET
1,478.49
(2.4)
13.8
Shanghai
2,953.42
0.5
39.6
Taiwan
8,985.63
(0.5)
4.3
————————————————————————————————
Top Actives
Close
% chg
Vol. (m)
SUMATEC
0.170
(8.1)
63.0
SAPURAKENCANA
2.100
(4.5)
42.0
BERJAYA CORP
0.395
(7.1)
39.1
TIGER SYNERGY
0.135
0.0
37.6
PERISAI
0.400
(2.4)
33.6
KNM GROUP
0.420
2.4
30.6
IFCA MSC
0.615
(12.8)
27.9
KRONOLOGI ASIA
0.295
1.7
25.1
————————————————————————————————
Economic Statistics
US$/Euro
RM/US$ (Spot)
RM/US$ (12-mth NDF)
OPR (% )
BLR (% , CIMB Bank)
GOLD ( US$/oz)
WTI crude oil US spot (US$/barrel)
CPO spot price (RM/tonne)
Close
1.2446
3.4970
3.6010
3.17
6.85
1,196.40
55.91
2,145.00
% chg
0.06
(0.03)
(0.13)
(1.86)
0.00
0.27
(3.29)
(1.88)
————————————————————————————————————————
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
December 16, 2014
Global Economic News
US industrial production jumped 1.3% mom in Nov (+0.1% mom in Oct).
Capacity utilization rose to 80.1% in Nov (79.3% in Oct), the highest since
Mar 2008. (Bloomberg)
The US National Association of Home Builders (NAHB) confidence
index in Dec fell to a seasonally adjusted level of 57 (58 in Nov). (WSJ)
The US Empire State's business conditions index tumbled to -3.58 in Dec
from 10.16 in Nov. (WSJ)
The European Central Bank (ECB)'s negative interest rates for overnight
deposits are the absolute lowest rates the central bank can set, Governing
Council Member Ewald Nowotny said, and added that the ECB could purchase
sovereign bonds, under the condition that it was economically necessary, as
part of its unconventional measures to help the economy recover. (WSJ)
Japan’s Liberal Democratic Party (LDP) and its junior ruling coalition
partner Komeito won a landslide victory in the House of Representatives
election, grabbing more than two-thirds of the total seats in the lower house.

The LDP won 291 seats while Komeito grabbed 35. The absolute majority
allows the ruling bloc to chair all lower house standing committees and hold
a majority in all the committees. (Japan News)
The Japan Tankan’s big manufacturer index slipped to 12 in 4Q14 (13 in
3Q14), the Bank of Japan (BOJ) said. Sentiment among large
non-manufacturers rose to 16 in 4Q14 (13 in 3Q14). Across all industries, big
companies plan to boost capital expenditure by 8.9% this fiscal year through
Mar, compared with plans for an 8.6% increase in the 3Q14. (Bloomberg)
China's central bank and financial institutions bought a net Rmb2.17bn
(US$350.9m) worth of foreign exchange in Nov, down sharply from a
six-month high of Rmb66.1bn in Oct, pointing to continued inflows of foreign
exchange but at a much slower pace. (WSJ)
India’s exports rose 7.27% yoy in Nov (-5.0% yoy in Oct) while imports were
up 26.8% yoy in Nov, leading to a trade deficit of US$16.9bn (US$9.6bn in
Nov 2013). (India Times)
The Australian government Mid-Year Economic and Fiscal Outlook
forecast a A$40.4bn (US$33.3bn) deficit this fiscal year ending Jun 30 and
shortfalls of A$103.9bn over the next four years, as slumping global commodity
prices and political opposition to proposed austerity measures have taken a
heavy toll on its economy. (WSJ)
Singapore retail sales, seasonally adjusted, fell 1.3% mom in Oct (-0.4%
mom in Sep) on lower sales of cars and other vehicles. Retail sales increased
8.1% yoy in Oct (+5.5% yoy in Sep). The total retail sales value in Oct 2014 is
estimated at US$3.2bn (US$3.0bn in Oct 2013). (The Straits Times)
2
Daybreak│Malaysia
December 16, 2014
Singapore’s overall jobless rate remained at 2% in the 3Q14.

The citizen unemployment rate and the resident unemployment rate
remained unchanged from the previous quarter at 2.9% and 2.8%,
respectively.

The number of employed people increased by 33,400 in 3Q14 (+27,700 in
2Q14). (RTT)
India's wholesale price index (WPI) was flat in Nov (+1.77% yoy in Oct) as
food and global oil prices slip to multi-year lows. (Financial Times)
Philippines’ overseas remittances rose 7.0% yoy in Oct (+7.9% yoy in Sep)
to US$2.224bn (US$2.107bn in Sep) - the highest level in any single month on
record. (Inquirer)
Malaysian Economic News
There are no projects listed as abandoned projects under the 10th
Malaysia Plan (10MP), but only as projects behind schedule, the Dewan
Negara was told. Minister in the Prime Minister's Department Datuk Seri
Shahidan Kassim said the delay in the completion of those development projects
was mainly due to the poor management by the contractor, resulting in the
shortage of construction material and manpower and problems in utility
installation.

"The government has taken proactive steps to tackle the issue, including by
setting up the Sick Projects Committee mainly to identify and, eventually,
take a comprehensive rehabilitation action. The committee will also verify
the methods for termination of service and appointment of new contractor
to replace the existing ones found to be incapable of completing the
projects," he said.

The construction work on a total of 205 federal government projects,
costing RM7bn, are behind schedule. Until this month, 82 projects were
identified as "projek sakit" (ailing project) with a total costs of RM2.2bn. A
project is defined as in an ailing state if it is two months late or the progress
is 20% behind the initial schedule date of completion and the contractor is
unable to improve his performance, he said. (Bernama/The Sun)
The Association of Private Hospitals of Malaysia (APHM) has warned that the
cost of private healthcare will experience at least 5% increase starting
from 1 Apr next year due to the Goods and Services Tax (GST) coming into force.
The APHM president said private hospital doctors are independent practitioners
who work in the hospitals on a contract basis and are not employees unlike
medical officers in public hospitals. He said imposing the consumption tax on
their services will only lead to patients having to dig deeper into their pockets.
(The Sun Daily)
The small and medium enterprises (SMEs) must adopt international
standards and embrace good quality culture as a prerequisite to excel in an
integrated global market to boost exports and help contribute 41% to gross
domestic product (GDP) by 2020, said the government.

SMEs in the suburb area, however, were a concern as some still lacked
standards as a result of inadequate information and challenges such as
limited Internet connectivity, unskilled workers and lack of communication
with industry association. (Bernama)
3
Daybreak│Malaysia
December 16, 2014
Member countries within the Asean Economic Community (AEC) may
see a flow of investments and skilled labour to countries with favourable tax
regimes as the region moves towards full economic integration by the end of
next year. Within an integrated economy, differences in tax rates and systems
may lead to member countries competing to attract investments and skilled
labour, said Deputy Finance Minister Datuk Chua Tee Yong.

Speaking at the Regional Integration of Different National Tax Systems
Conference here yesterday, Chua said there is a need to ensure tax
competition within the AEC is kept to a minimum to prevent a race to
the bottom. (The Star)
The Performance Management and Delivery Unit (Pemandu) has
appointed Tan Sri Zarinah Anwar, Datuk Yvonne Chia and Vimala Menon as
members of its Board of Trustees, in line with the government’s commitment to
meeting the 30% target for representation of women in decision-making
positions. (Bernama)
The number of companies registered for the Goods and Services Tax
(GST) stood at 211,356 as of 14 Dec, an increase of 2,816 over the weekend.
(Bernama)
Additional incentives are being drafted to help around 368,000 rubber
tappers and smallholders who face a slump in the commodity's price and
enable to continue producing rubber. The government said the proposed aid
should be provided in the long term and was in addition to the Rubber
Production Incentive (IPG) with an allocation of RM100m, which was
announced in the 2015 Budget to ease the smallholders' economic burden by
increasing their income in view of fluctuating rubber prices. (Bernama)
Pahang’s state government tabled a RM872.42m budget for 2015, which is
expected to generate a surplus of RM6.85m. Menteri Besar Datuk Seri
Adnan Yaakob said the budget comprised RM687.33m for management
expenditure and RM185.09m for development expenditure (RM90.09m from
the state’s financial reserve, the other RM95m from the federal government's
loan).

He said the state government was expected to collect revenue of RM879m,
namely from land and mineral (RM371m), forestry (RM98m), grants from
federal government (RM165m) and other revenue (RM245m).
Political News
Business radio station BFM has been fined RM10,000 by regulators for
airing an interview on Malaysia's "Allah" controversy with
Iranian-American Muslim scholar Reza Azlan on October 21 last year,
reflecting the stringent media laws in the country. The Malaysian Insider learnt
that the Malaysian Communications and Multimedia Commission (MCMC)
fined BFM under the Communications and Multimedia Act 1998 for violating
the special licence conditions of Individual Content

Applications Service Provider (CASP-I) which stipulates the regulator's
approval must be obtained before any live or delayed telecast. MCMC
strategic communication adviser Sheikh Raffie Abd Rahman confirmed the
action on BFM. (Malaysian Insider)
4
Daybreak│Malaysia
December 16, 2014
Corporate News
Tan Sri Shahril Shamsuddin, SapuraKencana Petroleum Bhd president
and group chief executive officer, buys more shares in the oil & gas
conglomerate. According to filing with Bursa Malaysia, Jurudata Sdn Bhd, the
investment vehicle of Shahril and his brother Datuk Shahriman Shamsuddin,
had acquired 5.25m shares last Friday.

The latest purchase has raised Jurudata’s stake to 16.79%. Shahril's direct
shareholding remained at 0.13% or 7.9m shares, while Shahriman's direct
interest stayed at 0.01% or 506,385 shares. In a separate filing today shows
that the Employees Provident Fund had disposed of 2.46m shares on Dec 10,
to bring its interest to 809.5m shares or 13.51%. (Financial Daily)
Supermax Corporation CEO Datuk Seri Stanley Thai was charged at the
Sessions Court here Monday with insider trading related to APL Industries
Berhad. Thai Kim Sim, 54, also known as Stanley Thai, claimed trial to
communicating insider information to remisier Tiong Kiong Choon, 54, that was
expected to have a material effect on the price and value of APL Industies
Berhad. Thai is alleged to have committed the offence between Oct 26 and 29,
2007.

The alleged offence under Section 188(3)(a) of the Capital Markets and
Services Act 2007 is punishable by a maximum 10 years' prison and a fine of
not less than RM1m. Judge Abdul Rashid Daud allowed bail at RM250,000
with one surety, and ordered Thai to surrender his passport on Feb 3, 2015.
(StarBiz)
MMC Gamuda KVMRT (T) Sdn Bhd will undertake a long-term road
realignment along Jalan Bukit Bintang from 18 Dec 2014 to 15 Apr 2015. The
company said the realignment involves the stretch located just after the Grand
Millennium Kuala Lumpur hotel towards the intersection of Jalan Sultan Ismail
and Jalan Bukit Bintang. (Bernama)
Aviation consultancy firm Jentayu Danaraksa Sdn Bhd, among the many
companies that want to participate in reviving ailing Malaysia Airline System
Bhd (MAS), wants to set up a new premium economy airline. Speaking to the
media, Jentayu director Shukor Yusof said the company had tweaked its
US$2.5bn (RM8.75bn) revamp plan and decided to set up a new airline, called
Fly JD, and to buyout loss making Penerbangan Malaysia Bhd (PMB), which
currently leases aircraft to MAS.

Shukor pointed out that Jentayu has dropped its plan to takeover MAS
Engineering Sdn Bhd and Firefly Sdn Bhd. “Our understanding is that the
MRO (MAS Engineering) and Firefly (FlyFirefly Sdn Bhd) is not for sale,
while PMB is loss making, we think that the deal would be attractive to
Khazanah,” Shukor said. (Financial Daily)
AirAsia X Bhd, the long-haul low-cost arm of AirAsia Group, has placed a firm
order for 55 A330neo aircraft from Airbus. The airline said it was the largest
single order for the A330 family and reaffirmed AirAsia X’s position as the
biggest A330 airline customer worldwide, having ordered a total of 91 aircraft.
Deliveries of the newly-ordered aircraft would begin in 2018, it said in a
statement yesterday. AirAsia X co-founder and director Tan Sri Tony Fernandes
said the deal with Airbus would enable AirAsia X to consolidate its 2015-2017
growth rate before ramping up deliveries. (BT)
5
Daybreak│Malaysia
December 16, 2014
IOI Properties Group Bhd, which is buying a 37% stake in Taipei Financial
Centre Corp, expects its new hotel at Bandar Puteri, here, to boost its recurring
income stream. Four Points by Sheraton is part of the company’s Puchong
Financial Corporate Centre, which it expects to be one of the most preferred
corporate and financial hubs in the Klang Valley. Four Points by Sheraton will
be managed by Starwood Hotels and Resorts Worldwide Inc. Starwood
Southeast Asia regional vice-president Chuck Abbott said the hotel underscored
Starwood Hotels & Resorts’ confidence in Malaysia’s tourism industry and
solidified the Four Points brand’s footprint in the country. (BT)
Putrajaya must reveal whether the Goods and Services Tax (GST) will be
imposed on private healthcare, say hospital administrators, adding the
government should not attempt to water down an impending increase in the
sector. Association of Private Hospitals Malaysia (APHM) president Datuk Dr
Jacob Thomas said while they were seeking an exemption to private healthcare,
the government should tell the truth to the public if the tax will be imposed.

"We are trying to tell the government to exempt this but if they are serious,
don't go around saying there will not be an increase in private healthcare
costs," he told a press conference. "That is not true. Tell them (the public)
the truth."

Instead, Dr Thomas warned that there will be at least a 5% increase when
the GST is implemented come April 1 next year. (Malaysian Insider).
Malakoff Bhd, which is seeking a re-listing on the Main Market of Bursa
Malaysia Securities, has submitted its application to the regulators. Its
investment bank, Maybank Investment Bank Bhd said on Monday Malakoff had
submitted the proposals to the Securities Commission (SC) and the Ministry of
International Trade and Industry (MITI). Malakoff has also submitted the
application to the SC’s equity compliance units pursuant to the equity
requirement for public companies for the proposed initial public offer (IPO) and
proposed listing.

It also submitted the application to the Shariah advisory council of the SC in
relation to the classification of Malakoff Shares as Shariah-compliant
securities in conjunction with the proposed listing. MMC Corp Bhd owns
51% of Malakoff. The proposed initial public offering (IPO) exercise will
involve the sale of up to 1.52bn shares, or 30.4% of the enlarged paid-up
share capital of the company at a price to be determined later.The
institutional offering for the IPO would involve up to 1.279bn shares.
(StarBiz)
Sarawak-based Zecon Bhd has taken a RM595m syndicated term loan
facility for the RM606m Hospital Kanak-kanak Permata it is building and
operating in Cheras, Kuala Lumpur. Under the 30-year Build, Lease, Maintain
and Transfer concession (BLMT) it won from the Ministry of Education (MoE)
and Universiti Kebangsaan Malaysia (UKM), Zecon – through its wholly-owned
subsidiary, Zecon Medicare Sdn Bhd – has 54 months to build and complete the
243-bed children’s hospital.

Actual construction of the hospital will be undertaken by South Korea’s
Hyundai Engineering Co Ltd, which was awarded the contract by Zecon,
with the signing ceremony taking place in Kuala Lumpur on Thursday, Dec
15. “The project is expected to generate total gross revenue of about
RM3.7bn over the concession’s operation period,” said Zecon chairman,
Professor Datuk Dr Haron Ahmad. (StarBiz)
6
Daybreak│Malaysia
December 16, 2014
Dayang Enterprise Holdings Bhd says its unit, Dayang Enterprise Sdn Bhd,
has won a RM280m contract from Petronas Carigali Sdn Bhd for the provision
of major modification works for the Baram Delta Gas Gathering Project 2 and
Baronia enhanced oil recovery development project offshore Sarawak. In a filing
to Bursa Malaysia yesterday, Dayang said the contract is for 36 months, starting
from December 2 this year to December 1 2017 or until the works are completed.
(BT)
Shanghai-based property giant Greenland Holdings Group is expected
to replicate the concept of its flagship integrated development project called
Greenland 21 at Iskandar Malaysia. The company is finalising the
acquisition of a 52ha plot in Permas Jaya, Johor Baru, for the project. This
waterfront project marks Greenland’s second venture in Iskandar Malaysia,
after its low-density Jade Palace condominium development located at Danga
Bay on the western side of the causeway. Speaking here recently, group
executive vice-chairman Xu Jing said Greenland was confident with its
investment in Iskandar Malaysia, which is its first in Malaysia as well as
Southeast Asia.

He said Greenland 21 started from a vacant plot in 2005 and today, it has
turned into a suburban landmark 25km from Shanghai. “In fact, more than
95% of the property units in Greenland 21 are owned by residents in
Shanghai,” he said. (BT)
Perwaja Holdings Bhd has came out to clarify that its its wholly-owned
subsidiary, Perwaja Steel Sdn Bhd (PSSB) has in fact ceased all material
operations since August 2013 when its dry gas and electricity supplies were
curtailed. "Given the cessation of operations, PSSB intends to undertake a
company-wide retrenchment programme for its employees," it told. To date, it
said that PSSB has about 1,000 employees under its employment. "All the
employees have been informed on the Proposed Retrenchment Programme, and
PSSB is currently undertaking a consultation process with the employees via
their appointed representatives." (The Sun)
George Kent (Malaysia) Bhd's net profit for the third quarter ended Oct 31,
2014 (3QFY15) went up 2.26% to RM7.23m from RM7.07m in the previous
corresponding quarter, largely due to the steady progress of the Ampang LRT
line extension project. The company also issued a second interim single-tier
dividend of 1.2 sen per share, to be payable on Jan 26. Its cumulative
nine-month (9MFY15) net profit rose 11.66% to RM19.8m from RM17.7m in the
previous corresponding period. Revenue for the period, however, slipped 1.49%
to RM235.9m compared to RM239.5m in 9MFY14. In a press release, the
company said its manufacturing and trading division recorded higher revenue of
meters in 9MFY15, contributed by new contracts secured in Vietnam and
Singapore. (Financial Daily)
The Federal Land Development Authority (Felda) has bought a second
hotel in the British capital for £60m (RM329m) in a bid to diversify its
investment assets. The four-star Grand Plaza Kensington Hotel, bought through
subsidiary Felda Investment Corp (FIC), is located at Lexham Gardens in the
exclusive district of Kensington, a hot spot for tourists. (BT)
7
Daybreak│Malaysia
December 16, 2014
The RM6bn KL118 Tower (Warisan Merdeka) project, which will take
shape from end-2015, will keep cement, steel and brick makers busy for the next
seven years. This is on top of the contracts some have won for ongoing jobs,
such as the Tun Razak Exchange (TRX), mass rapid transit (MRT) and light rail
transit projects, analysts said.Six groups have been shortlisted by Permodalan
Nasional Bhd (PNB) to submit their bids for KL118 Tower, latest by January 28
next year.

They are UEM Group Bhd-Samsung, IJM Corp Bhd-Norwest Holdings Sdn
Bhd- Shimizu Corp, Malaysian Resources Corp Bhd-China State
Construction Engineering Corp, WCT Bhd-Arabtec Construction LLC, TSR
Capital Bhd-Daewoo Group, and Seacera Group Bhd-Spaz Sdn
Bhd-Sinohydro Corp-Shanghai Construction Group. Project owner PNB will
fund the KL118 Tower development, which will feature a 118-storey building
and more than 400,000 square metres of residential, hotel and commercial
space that will be linked to an MRT station. (BT)
The Finance Ministry hopes that at least 50% of the business start-ups produced
by the Malaysian global Innovation & Creativity Centre (MaGIC) will
be developed by Bumiputera technopreneurs. Deputy Finance Minister Datuk
Ahmad Maslan said the target was reasonable as the Bumiputera community
made up more than 60% of the country’s population. The ministry hoped
MaGIC would extend programmes such as Gathering of Rising Entrepreneurs
Act Together 2014 (Great 2014) to other states to engage more Bumiputera
entrepreneurs, he said. (BT)
Multimedia Development Corp (MDeC) has encouraged Malaysia to
embrace “Big Data Analytics” (BDA) by initiating the open government data
set in its framework. Its CEO Datuk Yasmin Mahmood said the initiative was
part of MDeC’s mandate as custodian of the country’s information and
communications technology (ICT) agenda, which includes boosting investments
into the Multimedia Super Corridor (MSC) as well as ensuring that the country
fully leveraged ICT to increase the business competitiveness and social
economic development of the people. She said open data, especially open
government data, was a largely untapped resource that, when combined with
BDA, could benefit the society, economy and the government. (StarBiz)
The Performance Management and Delivery Unit (Pemandu) has
appointed Tan Sri Zarinah Anwar, Datuk Yvonne Chia and Vimala Menon as
members of its Board of Trustees. Minister in the Prime Minister's Department
and Pemandu Chief Executive Officer Datuk Seri Idris Jala said the government
via the Economic Transformation Programme is committed to meeting the 30%
target for representation of women in decision-making positions. "Beyond just
meeting a policy goal, I am confident that these corporate stalwarts will inject
more firepower as we enter the mid-point of our 10-year national
transformation journey," he added. (Bernama)
The Malaysia External Trade Development Corp (MATRADE) is leading
a delegation of 10 Malaysian companies on a specialised marketing mission in
maritime industry to Yangon and Bangkok. Matrade said the six-day mission
is aimed at exploring opportunities in Myanmar and Thailand for Malaysian
companies involved in shipbuilding and ship repair services. (Bernama)
8
Daybreak│Malaysia
December 16, 2014
BMSB: Changes in shareholdings
15-Dec-14
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Lembaga Tabung Haji
Franklin Resources, Inc.
T. Rowe Price Associates, Inc
MM Asset Management Holding LLC
Aberdeen Asset Management PLC
Mitsubishi UFJ Financial Group, Inc
Mitsubishi UFJ Financial Group, Inc
EPF
EPF
EPF
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
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Haji
Date
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
9/12
10/12
10/12
10/12
8/12-10/12
10/12
8/12
8/12-9/12
8/12-9/12
8/12
9/12
8/12
8/12
11/12
8/12
10/12
9/12-10/12
3/12-8/12
9/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
10/12
5/12-10/12
10/12
9/12
10/12
10/12
10/12
9/12
10/12
10/12
8/12-10/12
8/12-10/12
8/12-10/12
8/12
8/12
5/12-11/12
5/12-11/12
5/12
10/12-11/12
5/12-10/12
Type of
transaction
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
No of
securities
4,085,300
3,507,900
2,457,300
2,054,900
900,000
857,900
652,000
521,500
477,800
310,600
278,200
216,600
216,000
110,900
99,400
79,600
32,800
8,000
1,607,200
1,489,800
400,000
221,900
100,000
180,000
222,500
132,900
154,700
7,400
109,700
4,100
3,000,000
2,487,900
2,346,200
2,006,900
1,487,700
1,246,700
549,000
478,000
420,300
400,000
358,200
300,000
194,600
174,900
140,000
80,000
50,000
47,800
29,600
25,500
23,300
3,700
696,100
696,100
392,000
400,000
52,600
3,022,500
2,937,700
2,000,000
1,462,200
973,100
Ave Price
Company
(RM)
MALAYAN BANKING
AIRASIA
SAPURAKENCANA PETROLEUM
UMW HOLDINGS
WCT HOLDINGS
UEM SUNRISE
AEON CO. (M)
MBM RESOURCES
DRB-HICOM
PERISAI PETROLEUM
MALAYSIA AIRPORTS
FELDA GLOBAL VENTURES
BUMI ARMADA
TIME DOTCOM
TA ANN HOLDINGS
SYARIKAT TAKAFUL MALAYSIA
BIMB HOLDINGS
EVERSENDAI CORPORATION
PRESTARIANG
GAMUDA
FELDA GLOBAL VENTURES
DAYANG ENTERPRISE
PETRONAS GAS
MMHE
OLDTOWN
ASTRO MALAYSIA
GENTING
TASEK CORPORATION
GUINNESS ANCHOR
TASEK CORPORATION
DIALOG GROUP
TELEKOM MALAYSIA
AMMB HOLDINGS
DIGI.COM
SUNWAY REIT
KPJ HEALTHCARE
IJM CORPORATION
GAMUDA
IHH HEALTHCARE
EASTERN & ORIENTAL
AFG
CAHYA MATA SARAWAK
TOP GLOVE
PETRONAS GAS
SP SETIA
CIMB GROUP
MISC
TAN CHONG MOTOR
SIME DARBY
AXIS REIT
HONG LEONG BANK
PUBLIC BANK
KLCC REIT
KLCC PROPERTY
LAFARGE MALAYSIA
WCT HOLDINGS
TIME DOTCOM
BIMB HOLDINGS
PETRA ENERGY
UEM SUNRISE
DAYANG ENTERPRISE
GAS MALAYSIA
SOURCES: BMSB
9
Daybreak│Malaysia
December 16, 2014
BMSB: Changes in shareholdings
15-Dec-14
Lembaga Tabung Haji
Lembaga Tabung Haji
Albizia ASEAN Opportunities Fund
QL Resources
BIZURAI BIJAK (M) SDN BHD
Mitsubishi UFJ Financial Group, Inc
EKSONS CORPORATION
WAH SEONG CORPORATION
Date
5/12-11/12
5/12-11/12
8/12
10/12-12/12
10/12-11/12
9/12
15/12
15/12
Type of
transaction
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Shares Buy Back
Shares Buy Back
No of
securities
396,000
267,200
500,000
116,000
919,600
4,500
191,000
70,000
Company
HAP SENG PLANTATIONS
BHIC
BONIA CORPORATION
LAY HONG
BERJAYA SPORTS TOTO
BAT
EKSONS CORPORATION
WAH SEONG CORPORATION
Ave Price
(RM)
3.44
1.34
1.33
SOURCES: BMSB
BMSB: Off-market transactions
15-Dec-14
ARMADA
XINGHE
EDUSPEC
SILKHLD
MULPHAL
BOILERM
AXIATA
PBBANK
MEDAINC
SGSB
SUMATEC
MINETEC
ASIABIO
AXREIT
Vol
35,059,000
15,433,600
9,200,000
5,914,400
5,073,500
4,000,000
2,000,000
2,000,000
2,000,000
2,000,000
1,600,000
1,483,000
800,000
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
TENAGA NASIONAL
LAFARGE MALAYSIA
MALAYSIA AIRPORTS
ASTRO MALAYSIA
SUPERMAX
UMW OIL & GAS
KPJ HEALTHCARE
UCHI TECHNOLOGIES
BERJAYA AUTO
BERJAYA FOOD
MY E.G. SERVICES
TOP GLOVE
BENALEC HOLDINGS
KUALA LUMPUR KEPONG
Particulars
Final dividend - single tier
3rd interim dividend - single tier
Interim dividend - single tier
3rd interim dividend - single tier
Interim dividend - single tier
Interim dividend - single tier
Interim dividend - single tier
Interim dividend - single tier
2nd interim dividend - single tier
1st interim dividend - single tier
Final dividend - single tier
Final dividend - single tier
Final dividend - single tier
Final dividend - single tier
Gross DPS (Sen)
19.00
8.00
2.00
2.25
4.00
1.00
2.00
5.00
3.25
2.50
2.00
9.00
0.30
40.00
Ann Date
20-Nov-14
18-Nov-14
8-Dec-14
11-Dec-14
7-Nov-14
24-Nov-14
25-Nov-14
12-Dec-14
8-Dec-14
9-Dec-14
24-Nov-14
11-Nov-14
27-Nov-14
19-Nov-14
Ex-Date Lodgement
17-Dec-14
19-Dec-14
17-Dec-14
19-Dec-14
22-Dec-14
24-Dec-14
24-Dec-14
26-Dec-14
26-Dec-14
30-Dec-14
26-Dec-14
30-Dec-14
29-Dec-14
31-Dec-14
29-Dec-14
31-Dec-14
2-Jan-15
6-Jan-15
6-Jan-15
8-Jan-15
6-Jan-15
8-Jan-15
12-Jan-15
14-Jan-15
26-Jan-15
28-Jan-15
19-Feb-15
23-Feb-15
Payment
31-Dec-14
14-Jan-15
22-Jan-15
12-Jan-15
28-Jan-15
15-Jan-15
22-Jan-15
27-Jan-15
20-Jan-15
22-Jan-15
30-Dec-14
29-Jan-15
23-Feb-15
17-Mar-15
SOURCES: BMSB
10
Daybreak│Malaysia
December 16, 2014
BMSB: Proposed cash calls & trading of rights…
16-Dec-14
ECO WORLD
ASIA FILE CORP
EASTERN & ORIENTAL
BUMI ARMADA
BENALEC HOLDINGS
TH HEAVY ENGINEERING
TH HEAVY ENGINEERING
MY E.G. SERVICES
MAH SING GROUP
MALAYSIA AIRPORTS
Ann Date
25-Apr-14
6-Aug-14
5-Sep-14
12-Sep-14
12-Sep-14
24-Sep-14
3-Oct-14
30-Oct-14
20-Nov-14
28-Nov-14
Proposed
1 Rights @ 2, 4 Free Warrants @ 5, Private Placement
Bonus issue 3:5
Bonus issue 1:10, Free Warrants 1:5
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 1:1
Rights issue with Warrants; Bonus issue 1:4
Right issue 1:5
SOURCES: BMSB
BMSB: New Listing
Company
Issue price
Public Issue
ONLY WORLD GROUP
0.88
No of shares
Offer for sale
56,408,900
-
11
Listing sought
Private placement
43,158,900
Main Market
Tentative
listing date
18-Dec-14
SOURCES: BMSB
Daybreak│Malaysia
December 16, 2014
Corporate Actions
December 2014
SUN
MON
TUE
WED
THU
FRI
SAT
1
2
3
4
5
External Trade,
External Reserves
(month-end data)
6
7
8
Berjaya Auto 2Q
9
SapuraKencana 3Q,
Berjaya Food 2Q
10
Eco World 13-mths
results & briefing
11
12
Astro 3Q & conf. call,
Industrial Production
13
14
15
16
SP Setia 4Q
17
CPI
18
19
20
21
22
Foreign Reserves
(mid-month data)
23
24
25
Christmas Day
26
27
28
29
30
31
Money Supply
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
12
Daybreak│Malaysia
December 16, 2014
Corporate Actions
January 2015
SUN
MON
TUE
WED
THU
FRI
SAT
1
New Year
2
3
Prophet
Muhammad’s
Birthday
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
BNM OPR
30
31
29
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
13
Daybreak│Malaysia
December 16, 2014
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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:
Description:
90 - 100
Excellent
80 - 89
Very Good
70 - 79
Good
Below 70 or
N/A
No Survey Result
United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing
authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by,
deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report
is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than
the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to
lead to the 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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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
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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.
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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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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