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REGIONAL DAILY
December 26, 2012
MALAYSIA
Malaysia Daybreak
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FBMKLCI Index
Strategy Flash Note - The Chinese are coming back
1,900
1,850
1,800
1,750
1,700
1,650
1,600
Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14
———————————————————————————
FBMKLCI
18.05pts
1.07%
Dec Futures
Jan 15 Futures
1707.5 - (1.73% )
1709 - (1.01% )
———————————————————————————
Gainers
Losers
19 December 2014
▌What’s on the Table…
Key Metrics
1699.95
|
Unchanged
763
178
193
———————————————————————————
Turnover
1908.52m shares / RM1928.35m
3m avg volume traded 2011.11m shares
3m avg value traded RM1977.43m
———————————————————————————
After many months of avoiding Malaysia, Singapore and Thailand following the
disappearance of MH370, kidnappings of Chinese citizens in Malaysia, and the
coup in Thailand, Chinese tourists are finally returning to the region. Thailand’s
tourist arrivals from China have rebounded to a record high in November, more
than double June’s trough level, despite the expiry of a visa fee waiver on 8 Nov.
We also think the strengthening CNY against ASEAN currencies could spur
even more arrivals. We believe companies that benefit most from this recovery
are AOT, AAV, AAX, ERW, MINT, CENTEL and BEAUTY.
Wah Seong Corp - Rocking a new coat
Wah Seong has been appointed as an exclusive manufacturer and marketer for
Petronas’s new coating technology, Remcoat. It is premature to gauge
Remcoat’s impact on Wah Seong’s bottomline for now, but we think Remcoat
could be the company’s third source of long-term income. We continue to value
the stock at a CY16 P/E of 14.8x, still at a 30% discount to the P/E of the oil &
gas big caps. The shift from project-based income to annuity-like earnings is a
long-term positive and a potential re-rating catalyst that supports our Add
rating.
Regional Indices
FBMKLCI
FSSTI
JCI
SET
HSI
1,700
3,244
5,113
1,517
22,832
————————————————————————————————
Market Indices
Close
% chg
YTD % chg
FBMKLCI
1,699.95
1.1
(8.9)
FBM100
11,416.79
1.1
(9.3)
FBMSC
14,690.56
2.8
(6.4)
FBMMES
5,518.76
4.9
(2.8)
Dow Jones
17,778.15
2.4
7.2
NASDAQ
4,748.40
2.2
13.7
FSSTI
3,243.65
0.5
2.4
FTSE-100
6,466.00
2.0
(4.2)
SENSEX
27,126.57
1.6
28.1
Hang Seng
22,832.21
1.1
(2.0)
JCI
5,113.35
1.5
19.6
KOSPI
1,897.50
(0.1)
(5.7)
Nikkei 225
17,210.05
2.3
5.6
PCOMP
7,029.28
0.9
19.3
SET
1,516.79
2.5
16.8
Shanghai
3,057.52
(0.1)
44.5
Taiwan
8,878.63
0.6
3.1
————————————————————————————————
Top Actives
▌News of the Day…
——————————————————————————————————————————————————————————————————————
• Tenaga unable to determine impact of lower energy prices yet
• MPHB Cap plans to sell 49% stake of MPIB
• PNB remains mum over plan for SP Setia
• Khazanah upset with Jentayu, postpones meeting
• IOI Properties upbeat on Taipei 101 bid
• ASB unitholders to receive 7.5sen dividend
Close
% chg
Vol. (m)
SUMATEC
0.230
0.0
109.0
SYSTECH
0.235
23.7
51.4
SAPURAKENCANA
2.240
1.8
38.4
BUMI ARMADA
1.160
7.4
38.0
PERISAI
0.460
5.7
36.9
KNM GROUP
0.480
7.9
34.4
PDZ HOLDINGS
0.150
3.4
32.7
ONLY WORLD GROUP
0.915
4.0
31.3
————————————————————————————————
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
1.2285
3.4635
3.5695
3.12
6.85
1,198.07
54.11
2,134.00
% chg
(0.02)
(0.04)
0.14
0.00
0.00
(0.05)
(4.18)
0.66
————————————————————————————————————————
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 19, 2014
Global Economic News
US initial jobless claims decreased to 289,000 in the week ended 13 Dec
(295,000 in week ended 6 Dec). Continuing claims dropped to 2.37m in the
week ended 6 Dec (2.52m in week ended 29 Nov). In the same period, the
unemployment rate among people eligible for benefits decreased to
1.8% from 1.9%. (Bloomberg)
The US Federal Reserve Bank of Philadelphia’s index of general business activity
fell to 24.5 in Dec (40.8 in Nov). (WSJ)
The US Markit "flash" services Purchasing Managers Index (PMI) hit
53.6 in Dec (56.2 in Nov). "Flash" composite PMI hit 53.8 in Dec (56.1 in Nov).
(Reuters)
The Conference Board Leading Economic Index (LEI) for US increased
0.6% mom in Nov to 105.5 (+0.6% mom in Oct). Coincident Economic
Index (CEI) increased 0.4% mom in Nov to 110.7 (+0.2% mom in Oct).
Lagging Economic Index (LAG) increased 0.3% mom in Nov to 125.4 (no
change in Oct). (Conference Board)
The European Central Bank (ECB) said it will publish minutes of its
policy deliberations beginning four weeks after its next meeting on 22 Jan
2015, joining other major central banks that use meeting summaries as a key
part of their communications strategies. But unlike other central banks, the ECB
minutes won't include vote counts or details on how individual board members
voted. (WSJ)
The EU imposed additional sanctions on Crimea, banning all investment
and restricting trade to force home the message the bloc will not recognise
Russia's "illegal annexation" of Ukraine territory. (CNA)
Japan’s corporate holdings of cash and deposits rose 4.2% yoy to ¥233tr
(US$2tr) at the end of Sep, increasing every quarter for the past six years,
undermining efforts to boost wages by Prime Minister Shinzo Abe despite
repeated calls to put the money to more productive use and. (Bloomberg)
China’s average price of new homes in 70 cities slipped 0.6% mom in Nov
(-0.8% mom in Oct), with prices fell in 67 cities of the 70 tracked by the
government (prices in 69 cities fell in Oct). On a year-over-year basis, prices fell
3.6% yoy in Nov (-2.5% yoy in Oct). (Bloomberg, WSJ)
Hong Kong's unemployment rate was 3.3% in the Sep-Nov period,
unchanged from the Aug-Oct period. (Reuters)
Taiwan’s central bank kept discount rate unchanged at 1.875%, with the
rate of accommodations with collateral at 2.25%, and the rate of
accommodations without collateral at 4.125%. (Focus Taiwan)
The Indonesain government is planning to introduce a fixed fuel subsidy
by Jan 2015 to prevent world price fluctuations affecting the posture of fuel
subsidy in the budget, finance minister Bambang Brodjonegoro said. The
2
Daybreak│Malaysia
December 19, 2014
scheme will be included in the revised 2015 budget that will be submitted in the
House of Representatives in Jan. (Antara News)
Bank Indonesia (BI) forecasts inflation to exceed 8% in Dec, as rising
demand ahead of Christmas and the New Year holidays compounds price
increases that stem from higher subsidized fuel prices. (Jakarta Globe)
Malaysian Economic News
The prices of RON 97 and RON 95 petrol and diesel would likely be cut
next year, Deputy Finance Minister Datuk Ahmad Maslan said today. "Further
announcement will be made on 31 Dec at 8pm," Ahmad said. He did not disclose
the reduction quantum for fuel prices. (Malaysian Insider)
Malaysia’s economy will still be healthy and resilient next year even
though it is facing the problem of lower crude oil prices and a weaker currency,
said Deputy Finance Minister I Datuk Ahmad Maslan. He said the country could
still rely on other robust sectors such as exports and tourism. Furthermore,
additional revenue is expected from the implementation of the goods and
services tax (GST) and lower oil subsidy,” he said. (Star)
The fall in global oil prices will have positive effects on traders because
their input costs will be reduced, said Minister in the Prime Minister's
Department, Datuk Seri Abdul Wahid Omar.

The lower costs would enable the products to be marketed at more
competitive prices and hence consumers would enjoy better services, he said,
adding that the implementation of the GST next year should not be a
problem for small traders because the tax was more efficient. "Previously, if
sales tax is imposed on a certain part of the input, they cannot claim. With
GST, the amount paid for the input can be claimed," he said. (Bernama)
The number of companies registered for the Goods and Services Tax
(GST) stood at 224,813 as of 17 Dec (surpassing the government’s year-end
target of 140,000), an increase of 4,777 from the previous day, said the Royal
Malaysian Customs Department. (Bernama)
Motorists using tolled highways on public roads, including bridges, need
not pay the GST. The Customs Department has reiterated that the GST would
not be applicable for highways and public bridges throughout the country.

“There have been reports on an online portal detailing how Penang wanted
its public bridges to be exempted from the GST,” Customs director-general
Datuk Seri Khazali Ahmad said, citing a tax ruling which made it clear that
tolled highways on public roads including bridges and services were
exempted from the GST. “We have never released any official statement to
retract this ruling.”(Star)
The tourism industry is not expected to be affected following the
implementation of the GST in Apr next year. Tourism and Culture Minister
Datuk Seri Mohamed Nazri Abdul Aziz said the government had already put in
place the proper steps to implement the new tax.

"I don't think the arrival of foreign tourists would be affected with the
implementation of the GST as other countries also implement a similar tax,"
he said. (Bernama)
3
Daybreak│Malaysia
December 19, 2014
Prime Minister Datuk Seri Najib Tun Razak has asked the Administrative
and Diplomatic Service to groom mid-level officers early to allow them
to hold senior positions for a longer period. The Prime Minister said the
current trend where senior positions such as the post of secretary-general were
held by those who were about to retire was not so healthy for a developing
country. (Star)
The government has rehabilitated 74% of abandoned housing
projects, Prime Minister Datuk Seri Najib Abdul Razak said today. He said
10.7% more or 23 projects were in the process of rehabilitation while 15.3% or
33 projects were in the planning stage. "Government intervention in
rehabilitating housing projects is in line with its objective to champion and give
preference to the people's interests," he said when handing over house keys of
the Bandar Salak Perdana redevelopment project here. (Bernama)
Bangladesh is planning to resume the export of manpower to Malaysia
through private firms with the existing government to government (G-to-G)
treaty in place. Expatriates’ Welfare and Overseas Employment Minister
Khandaker Mosharraf Hossain disclosed the plan to resume private recruitment
since the government could employ a limited number of workers under its treaty
with the Malaysian government. However, he did not specify when the private
recruitment would begin. (Star)
A total 327,991 illegal immigrants have been found working in
non-permitted sectors, according to a report by Comprehensive Settlement
Programme for Illegal Immigrants (6P Programme). Home Minister Datuk Seri
Hishamuddin Tun Hussein said Malaysian Immigration Department
intelligence and monitoring revealed that there were also illegals who were
self-employed while some had become employers themselves. He said the
ministry would forward the appeal of some employers' associations and
individual employers to allow illegal workers, working in sectors banned to
them, to be legalised. (Bernama)
Political News
As Umno faces criticism from within, its Youth chief Khairy Jamaluddin
defended his party boss Datuk Seri Najib Razak by slamming the branch
leader who told Najib to quit. Khairy described Syed Rosli Jamalullail, a Umno
branch leader who told Najib to quit for the good of the party, as the “lowest of
the low” in the party hierarchy. (Malaysian Insider)
Sabah PKR's Inanam state assemblyman Dr Roland Chia is still assemblyman
but has informed the party of his desire to relinquish the post due to his medical
condition.

PKR vice-president Rafizi Ramli said the first term assemblyman emailed
the party leaders informing them that it would not be fair for him to
continue serving the people due to his health.

"We have told him we will discuss this further after his return from aboard.
As for now, he is still the assemblyman," the PKR secretary-general said.
(Malaysian Insider)
4
Daybreak│Malaysia
December 19, 2014
A group of Malay and Islamic rights activists demanded the authorities use the
Sedition Act 1948 to investigate radio station BFM 89.9 and five of its deejays
for allegedly stirring racial discord by openly discussing the use of the word
“Allah” in the country. The Malaysian Islamic Consumers Association (PPIM)
and eight other non-government organisations claimed that the independent
station had on two separate occasions last Friday raised matters that could be
considered insulting and seditious towards Islam.

"If possible, we want them charged under the Sedition Act. We feel many
Malaysians want harmony and peace in this country, and we want those
involved, be it the producers or the deejays, to be fully investigated," said
PPIM working officer Mohd Mustaffa Hamzah. (MalayMail Online)
Corporate News
Tenaga Nasional Bhd (TNB) is assessing the impact of the falling ringgit and
global oil prices on its operations and finances as it finalises its first-quarter
results. TNB chief financial officer Fazlur Rahman Zainuddin said the
weakening ringgit would cause a translation loss for the group but maintained
that it was too early to make any estimates. “We are looking at how to mitigate
the effects, which includes the overall impact of the weak ringgit on coal prices,
which have also gone down,” he said after its annual shareholders meeting, here,
yesterday. TNB, Southeast Asia’s largest utility company, has total debts of
RM25.4bn, of which 12% are US dollar-denominated loans, 13% in yen and the
rest in ringgit and other currencies. A weaker ringgit means it has to fork out
more to pay its foreign-denominated loans, which could hurt earnings. (BT)
MPHB Capital Bhd (MPHB Cap) is selling its 49% equity stake in its
wholly-owned unit Multi-Purpose Insurans Bhd (MPIB) for RM355.8m, valuing
the group’s insurance business at book value of 2.45 times. In a statement,
MPHB Cap’s wholly-owned subsidiary, Multi-Purpose Capital Holdings Bhd
(MP Cap), has entered into a conditional share purchase agreement with
Generali Asia N.V. for the divestment of the 49% equity stake. (Financial Daily)
Berjaya Sports Toto Bhd’s pre-tax profit for the second quarter ended Oct 31,
2014 rose 12.1% to RM143.24m from RM127.83m in the same quarter last year.
In a filing to Bursa Malaysia, the company said revenue also increased 44.7% to
RM1.25bn from RM866.88m previously. It said the increase in revenue was
mainly attributed to the consolidation of HR Owen Plc in the current quarter.
Berjaya Sports Toto said it would perform satisfactorily for the remaining
quarters of the current financial year, as rising costs weigh down on domestic
consumer spending, and the uncertain effects of the Goods and Services Tax
from April 1 next year. (Bernama)
Khazanah Nasional is dismayed with Jentayu Danaraksa's
"unprofessionalism" in presenting its proposed complementary plan to rescue
ailing Malaysia Airlines, describing it as "a very unusual way of conducting
business in corporate Malaysia", said sources.

The sources, familiar with Khazanah's way of doing business, said that it
was for this and other reasons that it decided to postpone to a later date a
meeting scheduled on Tuesday between the two parties to discuss the plan.

"Khazanah is dealing with many other proposals in private and in a proper
way. So, anyone who wants to deal with Khazanah should work in a private
and confidential manner. If not meetings will get postponed until they learn
basic professionalism. We can imagine that Khazanah is flabbergasted that a
proposal to buy multi-billion assets are posted for discussion in open
forums like social media outlets, as it rightly feels any business discussion
must maintain a degree of confidentiality", the sources added. (Star)
5
Daybreak│Malaysia
December 19, 2014
Jentayu Danaraksa today expressed its profound regret over events that have
transpired since the company's media briefing on 15 Dec. "We sincerely hope we
have the opportunity to share, elaborate and explain in greater detail our
proposal to Khazanah Nasional and apologise if we have caused any
inconvenience," it said in a statement. It said that its intention had never been
to undermine Khazanah's restructuring process but rather to augment the
12-point plan. (Bernama)
Shares of Genting Malaysia fell nearly 3% yesterday after its unit, RW Orange
Country LCC, failed to win a casino licence in New York. The stock closed 12 sen
lower at RM3.95 with 9.9m shares traded. The winning bidders are Empire
Resorts, Capital Region Gaming and Wilmorite. (BT)
Permodalan Nasional Bhd (PNB) is still reluctant to share details of its
future plans for property developer SP Setia Bhd, a group it took great pains to
gain control of almost three years ago, despite the slew of resignations and
shrinking sales target for the group.

"That (SP Setia's financial performance) we leave it to the board. We hope
their board is in good position to ensure in the long run they are able to get
the results that they want. We believe they are doing their level best to
ensure that the returns are good for us," PNB president and CEO Tan Sri
Hamad Kama Piah Che Othman told reporters. He declined to comment
further on SP Setia or the various resignations at the group. (Sun)
Permodalan Nasional Bhd has announced a dividend of 7.5 sen per unit and
a bonus of 1 sen per unit for financial year ending 31 Dec 2014 for Amanah
Saham Bumiputera unitholders. (Star)
IOI Properties Group Bhd is confident its plan to buy a 37.17% stake in
Taipei Financial Centre Corp (TFCC) for RM2.74bn will get the nod from the
Taiwanese government as it does not have China-related participation. IOI
Properties is looking to buy the stake in TFCC, which owns the iconic Taipei 101
tower, from Ting Hsin International Group, Taipei 101 consists of a mall and
office tower and its tenants include the Taiwan Stock Exchange, multinational
financial institutions, major accounting firms and enterprises from China. The
deal came under government scrutiny after Taiwan’s finance minister objected
to foreigners buying a big stake in the landmark tower. (BT)
Axis Reit Managers Bhd (ARMB) says its study has shown that the 6%
Goods and Services Tax (GST) will not have any material impact on Malaysian
real estate investment trusts (REITs). “I have always maintained that Malaysian
REITs have performed well in the past and will continue to do so moving
forward. Most REITs have their income in ringgit and are not subject to the
volatility of the currency at the moment. “The study we did indicated that
Malaysian REITs will not be materially affected by GST. In some cases, it could
be positive as they can now claim input taxes. I believe that as the property
market softens, more deals could be on the table and this mean there may be
more acquisitions next year,” said ARMB CEO and executive director
Datuk Stewart LaBrooy. (BT)
Leisure and hospitality-based Only World Group Holdings Bhd (OWG)
closed at a slight premium of 3.5 sen over its 88 sen offer price following its
debut on Bursa Malaysia yesterday. The stock opened flat at 88 sen with its first
traded volume standing at 1.94m shares, before closing at 91.5 sen. OWG’s
initial public offering (IPO) entailed a public issue of 56.41m new shares. (BT)
6
Daybreak│Malaysia
December 19, 2014
Bumiputera Agenda Steering Unit (Teraju) has forged a partnership with
Maybank Islamic Bhd to provide RM600m funding to high-performing
Bumiputera small and medium enterprises (SMEs). The fund will assist SMEs
obtain working capital to grow their businesses and buy assets. The Teras Fund
will allocate RM300m towards asset acquisition. Maybank Islamic is the fourth
bank to ink a deal with Teraju for the trust, which was launched in 2011. The
other three financiers are SME Bank, Malaysian Industrial Development
Finance Bhd and RHB Islamic Bank. With the four banks, the fund has
ballooned to RM2.2bn. Teraju chief executive officer Husni Salleh said the
funding facilities would enable the SMEs to enhance their businesses. He said
the objective of Teras is to identify high-potential Bumiputera companies and
provide them the opportunities to expand their businesses. (BT)
Pan Malaysia Holdings Bhd has been issued an Unusual Market Activity
(UMA) query from Bursa Malaysia Securities on Thursday for the group's recent
rise in price and volume. Bursa Securities advised investors to take note of the
company’s reply to the unusual market activity which would be posted on its
website. Pan Malaysia's share price surged from 15 sen on Tuesday to 29.5 sen
on Thursday's midday break, with 12.14m shares traded between 22.5 sen and
31 sen. (StarBiz)
Malaysia Debt Ventures Bhd (MDV), a technology financier, has expanded
its core funding business to include growth sectors such as oil and gas, aviation
and aerospace and nanotechnology. Deputy Finance Minister Datuk Ahmad
Maslan said the new corporate strategy would enable MDV to become the
leading technology financier in the country. He hoped that MDV would expand
its financing solutions to include finance packages for technology mergers and
acquisition.The funding portfolio has been expanded to include eight sectors.
They are nanotechnology, advanced materials, robotics and artificial intelligence,
electrical and electronics, aviation and aerospace, maintenance repair and
overhaul, oil and gas and transportation. SMEs would stand to benefit from the
RM200m allocation from MDV. (BT)
Putrajaya urged the top management of embattled 1Malaysia Development
Bhd (1MDB) to face the public and clear the air over the company's finances,
theedgemarkets.com reported. Deputy Finance Minister Datuk Ahmad Maslan
said 1MDB has to clearly explain the dynamics of its operations and financials to
the public, as it involves taxpayers' money.

Ahmad said this when asked about the police report against 1MDB by Batu
Kawan Umno division deputy chief, Datuk Paduka Khairuddin Abu Hassan,
last Friday.

"The company should engage and communicate more clearly. 1MDB has
good assets and I am confident there is no problem with that," Ahmad was
quoted as saying. (Malaysian Insider)
Destini Bhd announced that the group has been appointed as a key industrial
partner (KIP) by Thales Asia Holding Pte Ltd (Thales Asia). Destini Prima
Sdn Bhd CEO Tunku Johan Tunku Mansor said the KIP status is valid for
a period of three years during which Destini will operate as Thales Asias KIP in
both the defence and commercial sectors of business. "Both Thales Asia and
Destini will be looking at multiple future collaboration opportunities which will
be formalised through agreements on a project by project basis", he told.
(StarBiz)
7
Daybreak│Malaysia
December 19, 2014
Franklin Templeton Investments remained positive on the outlook for
Malaysia's corporate credit and sukuk assets for next year. Executive
Director/Head of Malaysia Fixed Income and Sukuk, Hanifah Hashim said the
country's fundamentals remained strong and the government had shown its
willingness to build a strong fiscal position by introducing unpopular measures
to address the situation. "Looking ahead, 2015 will be a challenging year for the
fixed income market in Malaysia as improving economic growth in the US, while
it is good news, will eventually lead to a rise in the (US) interest rate, which
could introduce some volatility in our local bond market," she said in a
statement. However, Hanifah said while the macroeconomic condition in the US
appeared to be strong, there were concerns on slowing growth in China, as well
as flattish economic growth in Japan and the Eurozone. (Bernama)
Texchem Resources Bhd says the implementation of the Goods and Services
Tax (GST) next year will benefit its restaurant business as it can claim input tax
from the Customs Department.

“Currently, we collect a 6% sales tax for the government. After April 2015,
we will continue to collect the 6% for the government but this time, we can
claim input tax credit. This will go straight to our bottom line.

Since we have an extensive chain of food and beverage outlets, the amount
of input tax claims will be substantial,” said its executive chairman Tan Sri
Fumihiko Konishi.

The 6% GST that will be charged from April 1 is termed as “output tax”
while the ingredients purchased and overheads incurred by a restaurant
owner is known as “input tax”. Next year, Texchem expects its restaurant
division to achieve RM300m in sales as it adds Yoshinoya Beef Bowl,
Doutor Coffee and Hanamaru Udon to its stable. (BT)
KL Electric Mobility Sdn Bhd, a unit of US-based Masers Energy Inc, will
invest RM1.5bn to set up 3,000 charging stations for zero-emission
vehicles within Kuala Lumpur over the next two years. The project, known as
'KL Electric A-gogo', was inked with Kuala Lumpur City Hall and will be rolled
out in January 2015. KL Electric Mobility Chairman and CEO Datuk Seri
Suhaimi Abdul Rahman said use of clean vehicles will reduce greenhouse
gas emissions, "Users get to save a lot of time as they require no extra time to
look for parking, while these electric vehicles can use the bus and taxi lanes in
Kuala Lumpur," he said. (Bernama)
8
Daybreak│Malaysia
December 19, 2014
BMSB: Changes in shareholdings
18-Dec-14
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Kumpulan Wang Persaraan
T. Rowe Price Associates, Inc
Mitsubishi UFJ Financial Group, Inc
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
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
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Date
15/12
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Type of
transaction
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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
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
No of
securities
3,035,800
1,534,800
620,000
427,300
388,000
210,400
195,900
185,000
42,600
34,400
28,600
16,200
2,800
123,900
285,700
2,163,400
122,900
3,700
7,078,700
5,641,300
4,260,000
2,000,000
1,899,300
1,827,400
1,501,200
1,363,400
1,264,200
888,100
793,900
785,000
775,900
760,800
644,300
568,100
428,600
410,300
400,000
393,600
392,600
343,300
336,000
332,200
324,500
297,100
213,800
200,000
130,700
112,500
93,800
82,200
27,900
14,900
7,400
1,200
14,379,000
165,200
153,000
10,666,900
923,000
300,000
230,500
186,400
150,000
Ave Price
Company
(RM)
SAPURAKENCANA PETROLEUM
AIRASIA
PETRONAS CHEMICALS
FELDA GLOBAL VENTURES
MBM RESOURCES
TOP GLOVE
MALAYSIA AIRPORTS
MEDIA PRIMA
AEON CO. (M)
TAN CHONG MOTOR
TA ANN HOLDINGS
CAHYA MATA SARAWAK
EASTERN & ORIENTAL
FELDA GLOBAL VENTURES
ASTRO MALAYSIA HOLDINGS
CIMB GROUP
GUINNESS ANCHOR
TASEK CORPORATION
DIGI.COM
DIALOG GROUP
AXIATA GROUP
BUMI ARMADA
PUBLIC BANK
IHH HEALTHCARE
TELEKOM MALAYSIA
AMMB HOLDINGS
UEM SUNRISE
SUNWAY BERHAD
TIME DOTCOM
IOI PROPERTIES GROUP
YTL POWER INTERNATIONAL
GAMUDA
UMW HOLDINGS
HONG LEONG BANK
SUNWAY REIT
IOI CORPORATION
PETRONAS GAS
SP SETIA
AFG
KUALA LUMPUR KEPONG
BIMB HOLDINGS
IJM CORPORATION
MAH SING GROUP
CAPITAMALLS MALAYSIA TRUST
LAFARGE MALAYSIA
HARTALEGA HOLDINGS
MAXIS
POS MALAYSIA
AXIS REIT
SYARIKAT TAKAFUL MALAYSIA
BURSA MALAYSIA
KPJ HEALTHCARE
NESTLE (MALAYSIA)
SIME DARBY
BUMI ARMADA
LAFARGE MALAYSIA
TELEKOM MALAYSIA
AXIS REIT
GAMUDA
PETRONAS GAS
POS MALAYSIA
BIMB HOLDINGS
WCT HOLDINGS
SOURCES: BMSB
9
Daybreak│Malaysia
December 19, 2014
BMSB: Changes in shareholdings
18-Dec-14
Lembaga Tabung Angkatan Tentera
Cycas
QL Resources
Chiang Sang Sem
Aberdeen Asset Management PLC
Aberdeen Asset Management PLC
Mitsubishi UFJ Financial Group, Inc
TOP GLOVE
MAGNUM
WAH SEONG CORPORATION
DAIBOCHI PLASTIC
Date
10/12-15/12
12/12-15/12
15/12-17/12
16/12
16/12
16/12
12/12
18/12
18/12
18/12
18/12
Type of
transaction
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Shares Buy Back
Shares Buy Back
Shares Buy Back
Shares Buy Back
No of
securities
856,000
1,391,600
57,400
4,800
521,000
68,300
1,100
343,000
100,000
70,000
2,000
Company
BOUSTEAD HOLDINGS
GHL SYSTEMS
LAY HONG
BONIA CORPORATION
AEON CO. (M)
ORIENTAL HOLDINGS
BAT
TOP GLOVE
MAGNUM
WAH SEONG CORPORATION
DAIBOCHI PLASTIC
Ave Price
(RM)
3.42
0.81
4.40
2.64
1.25
4.26
SOURCES: BMSB
BMSB: Off-market transactions
18-Dec-14
YTL
TROP
REACH
BORNOIL
REACH-WA
YTLPOWER-WB
YINSON
YTLPOWER
BJAUTO
OCB
KANGER
Vol
93,105,949
23,000,000
15,000,000
14,213,100
12,000,000
2,626,386
2,500,000
2,100,000
1,000,000
700,000
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
MALAYSIA AIRPORTS
ASTRO MALAYSIA
SUPERMAX
UMW OIL & GAS
KPJ HEALTHCARE
UCHI TECHNOLOGIES
BERJAYA AUTO
UMW HOLDINGS
BERJAYA FOOD
MY E.G. SERVICES
GAMUDA
TOP GLOVE
BENALEC HOLDINGS
BERJAYA SPORTS TOTO
KUALA LUMPUR KEPONG
Particulars
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
2nd interim dividend - single tier
1st interim dividend - single tier
Final dividend - single tier
1st interim dividend - single tier
Final dividend - single tier
Final dividend - single tier
2nd interim dividend - single tier
Final dividend - single tier
Gross DPS (Sen)
2.00
2.25
4.00
1.00
2.00
5.00
3.25
15.00
2.50
2.00
6.00
9.00
0.30
6.00
40.00
Ann Date
8-Dec-14
11-Dec-14
7-Nov-14
24-Nov-14
25-Nov-14
12-Dec-14
8-Dec-14
17-Dec-14
9-Dec-14
24-Nov-14
16-Dec-14
11-Nov-14
27-Nov-14
18-Dec-14
19-Nov-14
Ex-Date Lodgement
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
5-Jan-15
7-Jan-15
6-Jan-15
8-Jan-15
6-Jan-15
8-Jan-15
12-Jan-15
14-Jan-15
12-Jan-15
14-Jan-15
26-Jan-15
28-Jan-15
28-Jan-15
30-Jan-15
19-Feb-15
23-Feb-15
Payment
22-Jan-15
12-Jan-15
28-Jan-15
15-Jan-15
22-Jan-15
27-Jan-15
20-Jan-15
20-Jan-15
22-Jan-15
30-Dec-14
28-Jan-15
29-Jan-15
23-Feb-15
13-Feb-15
17-Mar-15
SOURCES: BMSB
10
Daybreak│Malaysia
December 19, 2014
BMSB: Proposed cash calls & trading of rights…
19-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
11
Daybreak│Malaysia
December 19, 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,
Gamuda 1Q,
Top Glove 1Q
17
CPI
18
B-Toto 2Q
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
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December 19, 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 19, 2014
#05
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The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the
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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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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)
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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
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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