INVESTMENT RESEARCH

PP13693/04/2011(029398)

8 September 2010

Newz Bits
TALKING POINT Last D-o-D YTD
chg % chg %
Media Chinese International – Enter the Dragon
FTSE BM KLCI 1,434.3 (0.0) 12.7
We initiate coverage on Media Chinese International (MCIL) with a FTSE BM ACE 3,779.8 0.7 (12.1)
Buy and RM1.20 TP on 12x CY11 PE. It’s Malaysian newspapers Dow Jones 10,340.7 (1.0) (0.8)
command >70% share of daily circulation of Chinese newspapers. S&P 500 1,091.8 (1.1) (2.1)
In Hong Kong, Ming Pao Daily News and Yazhou Zhoukan are held Nasdaq 2,208.9 (1.1) (2.7)
in high regard as credible and independent publications. Malaysia FTSE 5,407.8 (0.6) (0.1)
Nikkei 9,226.0 (0.8) (12.5)
contributes >60% to revenue but >90% to EBITDA. Daily circulation Hang Seng 21,401.8 0.2 (2.2)
of its Malaysian newspapers has been growing although that of the
other major newspapers has been contracting. We believe that
MCIL may capture a larger share of newspaper adex going forward. Currency 7 Sept 6 Sept %
Even by conservatively assuming relatively flat daily circulation chg
growth and 5% adex growth p.a., we expect MCIL to record 11% USD/RM 3.1205 3.1130 0.24
earnings CAGR over the next three years. As a reality check, we Yen100/RM 3.7072 3.6908 0.44
arrived at DCF/share valuation of RM1.50. Thus, our TP is EURO/RM 3.9964 4.0139 (0.44)
reasonable in that it implies a moderate 20% discount to DCF/share. SGD/RM 2.3175 2.3171 0.02
Market Turnover
Vol (m shrs) 641.3 743.7 (13.8)
Value (RMm) 1,087.7 1,327.7 (18.1)
HIGHLIGHTS
Futures
On Malaysia KLCI (1st month) 1,433.5 1,437.5 (0.28)
IJM Corp: Zelan shareholders okay 30m share disposal CPO (3rd month) 2,628.0 2,620.0 0.31
WTI (1st month) 74.09 74.60 (0.68)
UMW: Pushes back Naga 2 contract signing by a month
Bina Puri: JV with Iskandar Investment to develop Medini Square
Plenitude: Proposed bonus shares and dividend
O&G: Petronas to list Petronas Chemicals
Banking: Steps to check household debt

On The Global Front

UK: Retail sales rose in August
Germany: Factory orders unexpectedly declined in July
China: Slowdown in output growth will deepen, Ministry says
Japan: BOJ ready to take action if needed, watching Yen
Global: US outlook prompts warning by Japan, Australia

REPORTS
Media Chinese International (Initiating Coverage): Enter the
dragon (BUY, TP: RM1.20)

FBMKLCI MACD
40
1,400
20
1,300 0

1,200 -20
Sep-09 Nov-09 Jan-10 M ar-10 M ay-10 Jul-10 Sep-10

1,100
RSI
1,000 100
75
900 50
25
800 0
Sep-09 Nov-09 Jan-10 M ar-10 M ay-10 Jul-10 Sep-10 Sep-09 Nov-09 Jan-10 M ar-10 M ay-10 Jul-10 Sep-10

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 INVESTMENT RESEARCH

Malaysia

IJM Corp: Zelan shareholders okay 30m share disposal

Shareholders of Zelan Bhd have given the green light for the disposal of up to 30m shares in IJM Corp Bhd (IJM MK, Hold,
TP: RM4.77) to enable an avenue for the group to raise funds and position itself with a stronger cash flow. Primarily
involved in engineering and construction, Zelan’s non-independent non-executive director Datuk Hasni Harun said the
group had a time frame of 12 months following the shareholders’ approval to dispose the 30m IJM Corp shares in the open
market and / or through direct business transaction. He said the board of directors could carry out the disposal in stages
depending on market conditions of Bursa Malaysia Securities and traded prices of IJM Corp’s shares. (Financial Daily)

UMW: Pushes back Naga 2 contract signing by a month

The contract agreement for UMW Holdings Bhd (UMWH MK, Buy, TP: RM7.45) by HESS (Indonesia-Pangkah) Ltd will be
signed before end-September, and not end-August as earlier announced. The contract is for the provision of UMW’s jack-
up drilling righ NAGA 2 and drilling services for the Pangkah WHP-B Development Drilling Programme at a total contract
value of about US$183.12m. (StarBiz)

Tenaga: Seals three more REPPAs

Tenaga Nasional Bhd (TNB MK, Buy, TP: RM9.90) has signed agreements for the purchase of electricity generated by
three small renewable energy (RE) power projects. Under the agreements, Tenaga agrees to purchase power from Felda
Palm Industries Sdn Bhd, Maju Intan Biomass Energy Sdn Bhd and Garisan Etike (M) Sdn Bhd for a period of 21 years,
with an estimated value of the renewable energy power purchase agreements (REPPAs) at a total of RM37.7m per annum.
Tenaga said it had agreed to purchase the electricity from Maju Intan and Garisan Etika at an estimated value of RM18.4m
each per year, and from Felda Palm for RM919,800 per year. (Financial Daily)

Scomi Eng: Expects 60% revenue from overseas in 2010 - 2011

Scomi Engineering Bhd, a 69.3% subsidiary of Scomi Group Bhd, is expecting 60% of its revenue to come from overseas
for this year and 2011. Its president Syahrunizam Samsudin said the revenue would come mostly from its US$545m
(RM1.84bn) monorail project in Mumbai which is slated to be delivered by end-2011. Mumbai will be the main contributor to
our revenue for this year and 2011. However, we are also not discounting contributions from other projects in India, as well
as the ones we are tendering for the moment,” he said. (Financial Daily)

Bina Puri: JV with Iskandar Investment to develop Medini Square

Medini Land Sdn Bhd, a subsidairy of Iskandar Investment Bhd, signed an agreement Bina Puri Holdings Bhd to develop an
area of 1.05m square feet within Medini Iskandar, a mixed-use urban development. The joint venture (JV) company, Medini
Square Sdn Bhd (MSSB), will develop an area known as Medini Square with a gross development value (GDV) of RM500m,
comprising retail, shop offices, small office / home office (SOHO) units and an office tower. Bina Puri and Iskandar
Investment will hold 80% and 20% interest respectively in MSSB. (Financial Daily)

Plenitude: Proposed bonus shares and dividend

Plenitude Bhd proposed a first and final dividend of 15 sen per share, single-tier exempt, for the year ended 30 Jun 2010
and a one-for-one bonus issue of up to 135m shares. Plenitude said the dates of entitlement and payment of dividend
would be announced later. On the proposed bonus issue, Plenitude said it would be effected by capitalising RM17.6m from
the company’s share premium account while the remaining RM117.4m would be capitalised from its retained earnings.
(Financial Daily)

Aeon: Seal to lease Penang premises to company

Seal Incorporated Bhd’s (SEAL) subsidiary, Seal Lifestyle Development Sdn Bhd, has agreed to lease out the shopping
centre building together with the car parks in Bayan City, Bayan Baru in Penang, to Aeon Co (M) Bhd. Based on SEAL’s
announcement to Bursa Malaysia, Seal Lifestyle would rebuild the property according to the design and specification of
AEON, for a total development cost of RM146m. Upon obtaining the certificate of completion and compliance, Seal Lifestyle
would lease the property to AEON to operate a shopping centre there. The lease would be for an initial term of 10 years
with an option of three renewable years each. “The rental yield to be paid by AEON shall be 10.5% as the commencing
yield for the initial term against actual total development cost and thereafter reviewed every five years at not more than 10%
of the preceding term’s rent,” said SEAL. (Financial Daily)

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Malaysia

Petra Energy: Arbitration claim rises

Petra Energy Bhd announced that United Palm Oil Industry Co Ltd (UPOIC) that has started arbitration proceedings against
its unit Petra Boilers Sdn Bhd (PBSB) has sought to amend its claim amount for damages and penalty to US$21.59m
(RM67.26m) from US$11.26m. In a filing to Bursa, Petra said that it has objected to the charge but the arbitration tribunal
informed that it is allowing UPOIC’s application to amend their request for arbitration subject to condition imposed. The
arbitration hearing is fixed from 6 Dec 2010. (Malaysian Reserve)

O&G: Petronas to list Petronas Chemicals

Petroliam Nasional Bhd (Petronas) is looking to list its petrochemical arm Petronas Chemicals Group Bhd on Bursa
Malaysia’s Main Market, with the national oil corporation remaining as Petronas Chemicals’ controlling shareholder
following the Initial Public Offering (IPO). The prospectus exposure filed on Securities Commission (SC) website did not
state how much Petronas Chemicals intended to raise or specify a time frame for the IPO to be completed. Market
speculation is that the IPO may raise about US$2bn (RM6.24bn). “The final retail price will be determined after the
institutional price is fixed on the price determination date and will equal the lower of the retail price and a percentage of the
institutional price, subject to rounding to the nearest sen,” Petronas Chemicals said in the draft prospectus. (Financial Daily)

Property: RM1.5bn project to be launched at Medini North

Another lifestyle development project, worth RM1.5bn in GDV is expected to be launched at Medini North, Iskandar
Malaysia, by year-end, Iskandar Investment Bhd’s CEO Arlida Ariff said. Medini North covers an expansive area of over
8.5ha. The project will comprise a mall, two hotels – one of which will be a Legoland-themed hotel and the other a business
hotel – two office blocks and one home centre. (Malaysian Reserve)

Banking: Steps to check household debt

There are plans in the pipeline to impose stricter credit-card and personal-loan limits to maintain household debts in
Malaysia at a healthy level. Chatter within the financial circles reveal that such measure may see new and tougher limits on
the number of credit cards a person can hold as well as a lower cap on how much a person can borrow as personal loan.
“The central bank is still in discussion and has not reached any decision yet,” a source said. The steps being considered
are to prevent a build-up of household debt to GDP, which stood at 76% or around RM516.6bn last year against 63.9% in
2008. The figure averaged around 67% from 2005 to 2008. (StarBiz)

Property: 80% loan for mortgages will not dampen property market in the long run

The proposal to impose an 80% loan-to-value ratio (LVR) for mortgages will not dampen the property market in the long
run, said Minister of Housing and Local Government, Datuk Wira Chor Chee Heung. Nevertheless, Chor said, there was a
need for a certain structure to ensure it would not be a burden for the lower-income group to own a house. “To enable the
lower-income group to purchase a house, perhaps there could be some kind structures where buyers who want to buy a
RM500,000 house and below, can still get 90% loans while those who want to buy a house exceeding RM500,000, they can
be given an 80% loan,” he told. (Financial Daily)

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Global

US: Stocks fall on European bank woes

U.S. stocks fell Tuesday as renewed worries about European banks weighed on financial stocks and investors flocked to
such safe-haven assets such as the dollar, Treasury and gold. During last week's stock rally, the Dow turned positive for the
year. But Tuesday's losses quickly turned the index back into the red. The Dow Jones industrial average lost 1.03% (-
107.24 pts, close 10,340.69). The Nasdaq dropped 1.11% (-24.86 pts, close 2,208.89) and the S&P 500 fell 1.15% (-12.67
pts, close 1,091.84). Oil futures for October delivery dropped 51 cents to settle at US$74.09 a barrel. (CNNmoney)

UK: Retail sales rose in August

U.K. retail sales increased in August as shoppers bought school clothing for the new academic year and footwear, the
British Retail Consortium said. Sales at stores open at least 12 months rose 1% from a year earlier, compared with a 0.5%
gain in July, the London-based BRC said. Sales of non-food items via the Internet, mail-order and phone companies
climbed 18%. Consumer confidence improved for the first time in six months in August after the economy expanded in the
second quarter by the most in nine years, a report showed last week. That recovery is threatened by the budget squeeze
looming as Chancellor of the Exchequer George Osborne cuts spending by the most since World War II to tackle the record
deficit. (Bloomberg)

Germany: Factory orders unexpectedly declined in July

German factory orders unexpectedly fell in July as demand in the euro region weakened, indicating the recovery in
Europe’s largest economy is losing momentum. Orders, adjusted for seasonal swings and inflation, declined 2.2% from
June, when they surged a revised 3.6%, the Economy Ministry in Berlin said. That’s the biggest drop since February 2009.
Economists forecast a 0.5% gain, according to the median of 40 estimates in a Bloomberg News survey. From a year
earlier, orders climbed 18%, when adjusted for working days. An index of manufacturing fell in August and investor
confidence dropped to a 16-month low. Still, Daimler AG, the world’s second-biggest manufacturer of luxury cars, said that
sales jumped in August. (Bloomberg)

China: Slowdown in output growth will deepen, Ministry says

China’s slowdown in industrial output growth will deepen after the smallest increase in 11 months in July, a government
forecast showed. Production will gain about 10% in the second half of 2010 from a year earlier, the Ministry of Industry and
Information Technology said at a briefing in Beijing. That compares with July’s 13.4% and the 17.6% average for the first
half of the year. August data is due next week. “Economic growth will slow further,” said Xin Guobin, the head of the
ministry’s operation monitoring and coordination bureau. He cited real-estate and energy curbs, an uncertain outlook for
exports, and a higher base for comparisons as reasons for smaller output gains. China’s economy, the world’s second
biggest after overtaking Japan in the second quarter, is still growing steadily and isn’t at risk of a “second dip,” Xin told
reporters. Industrial output may grow 13% for the full year, Xin said. (Bloomberg)

Japan: BOJ ready to take action if needed, watching Yen

Bank of Japan Governor Masaaki Shirakawa said the central bank is ready to take more action and is watching the effect of
the strong yen on the nation’s economy. “We won’t rule out any policy options,” Shirakawa said at a press conference in
Tokyo after the bank kept borrowing costs and the size of its liquidity injections unchanged. “We will take policy action in a
timely and appropriate manner if determined necessary.” Shirakawa’s remarks suggest the BOJ could implement further
monetary stimulus if the yen, which is approaching a 15-year high against the dollar, threatens to derail the nation’s export-
led expansion. A leadership election in Japan’s ruling party may affect pressure on the BOJ to do more to defeat deflation
and shore up the recovery. (BT)

Global: US outlook prompts warning by Japan, Australia

Japan’s and Australia’s central banks signaled that the outlook for U.S. growth is deteriorating, making it tougher for them to
set monetary policy. The Reserve Bank of Australia extended a pause in raising interest rates “for the time being”, even
after the nation’s gross domestic product rose the most since 2007. The Bank of Japan said it’s prepared to add more
monetary stimulus after last week’s emergency decision to expand a credit program that followed a tumble in the dollar
against the yen. Both banks singled out the U.S., with the RBA saying growth there looked “weaker” in the second half, and
the BOJ citing “uncertainty about the future, especially for the U.S.” The statements highlight the threat of any return to
recession for the world’s biggest economy, even for nations benefiting from surging demand in Asian emerging markets, led
by China. (Bloomberg)

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Global

Indonesia: Seeking to avoid rate rise

Indonesia’s central bank chief said he wants to avoid increasing interest rates, counting on lending and reserve rules for
banks to contain inflation and stoke growth in Southeast Asia’s biggest economy. “As long as we still can manage our
monetary variables by other instruments, we will try to avoid changing the interest rate,” Governor Darmin Nasution said in
an interview in Jakarta. By raising the amount banks must hold in reserve and setting loan-to-deposit ratio guidelines,
officials can bolster economic expansion and keep consumer price gains within target, he said. At stake is reining in a 16-
month high inflation rate that’s eroding purchasing power in the world’s fourth most populous nation. Bank Indonesia left its
benchmark at a record-low 6.5% on Sept. 3. The bank has kept the main rate unchanged for more than a year as President
Susilo Bambang Yudhoyono has focused on bolstering growth, targeting an average 6.6% annual expansion through the
end of his term in 2014. (Bloomberg)

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Dates to note

Sept 2010
Monday Tuesday Wednesday Thursday Friday
1 2 3
US - ADP Employment MY - Monetary Policy US - Employment Situation
Report MY - External Trade* US - ISM Non-Mfg Index
US - ISM Mfg Index US - Jobless Claims
US - Factory Orders
US - Pending Home Sales
Index
6 7 8 9 10
MY - BNM Statement of JAPAN - BOJ Target Rate MY - Index of Industrial MY- Aidil Fitri
Accounts Production
JAPAN - GDP Annualized
US - International Trade
US - Jobless Claims
13 14 15 16 17
US - Treasury Budget US - Retail Sales US - Industrial Production MY - Malaysia Day US - Consumer Price Index
US - Producer Price Index US - Consumer Sentiment
CHINA – PPI JAPAN – Ind Production
US - Jobless Claims
CHINA – CPI US - Philadelphia Fed
CHINA - Ind Production Survey
20 21 22 23 24
US - Housing Starts MY - BNM Statement of US - Jobless Claims US - Durable Goods Orders
US - FOMC Meeting Accounts US - Existing Home Sales US - New Home Sales
Announcement MY - Consumer Price Index US - Leading Indicators
27 28 29 30
US - S&P Case-Shiller HPI MY - International Reserves
US - Consumer Confidence MY - Statistical Bulletin
MY - Producer Price Index
US – GDP
US - Jobless Claims
JAPAN – Ind Production

October 2010
Monday Tuesday Wednesday Thursday Friday
1
US - Consumer Sentiment
US - ISM Mfg Index
JAPAN - Tokyo CPI
JAPAN - Jobless Rate
4 5 6 7 8
US - Factory Orders US - ISM Non-Mfg Index US - ADP Employment MY - Statement of Accounts MY - External Trade*
US - Pending Home Sales JAPAN - BOJ Target Rate Report US - Jobless Claims US - Employment Situation
Index
11 12 13 14 15
MY - Ind Production US - FOMC Minutes US - International Trade US - Consumer Price Index
US - Producer Price Index US - Retail Sales
US - Jobless Claims US - Consumer Sentiment
JAPAN – Ind Production
18 19 20 21 22
US - Industrial Production US - Housing Starts MY - Consumer Price Index US - Jobless Claims MY - Statement of Accounts
US - Leading Indicators
US - Philadelphia Fed
Survey
CHINA – PPI
CHINA – CPI
CHINA – Ind Production
25 26 27 28 29
US - Existing Home Sales US - S&P Case-Shiller HPI US - Durable Goods Orders US - Jobless Claims MY - International Reserves
US - Consumer Confidence US - New Home Sales JAPAN - BOJ Target Rate MY - Statistical Bulletin
MY - Producer Price Index
US – GDP
US - Consumer Sentiment
JAPAN - Tokyo CPI
JAPAN - Ind Production
Source: Bloomberg, BNM, DOS & ECM Libra

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 INVESTMENT RESEARCH

Reports published

Company Title Target Price Call Date

Genting Royal flush for GENS RM8.39 Hold 13 Aug
Petra Perdana Prudent move to cancel vessel RM1.26 Hold 13 Aug
Oil & Gas Sector Weekly Review - Overweight 16 Aug
Property Sector Weekly Review - Overweight 16 Aug
Telecommunication Sector Weekly Review - Neutral 16 Aug
Plantation Sector Weekly Review - Neutral 16 Aug
Construction Sector Weekly Review - Neutral 16 Aug
Boustead Holdings Submarine contract comes through RM4.48 Buy 16 Aug
Malaysia Airlines 2QFY10 Results RM2.08 Hold 17 Aug
Puncak Niaga Holdings Vying for pipeline project in India RM2.61 Hold 17 Aug
AMMB Holdings 1QFY11 Results RM5.77 Hold 18 Aug
Star Publications 2QFY10 Results RM4.06 Buy 18 Aug
UMW Holdings NAGA 2 finally sees the light RM6.95 Buy 18 Aug
AirAsia 2QFY10 Results RM2.32 Buy 19 Aug
Kuala Lumpur Kepong 3QFY10 Results RM16.20 Hold 19 Aug
Hong Leong Bank 4QFY10 Results RM9.12 Hold 20 Aug
PLUS Expressways 2QFY10 Results RM4.36 Hold 20 Aug
YTL Power 4QFY10 Results RM2.36 Buy 20 Aug
YTL Cement 4QFY10 Results RM3.98 Hold 20 Aug
YTL Corporation (Ceasing coverage) 4QFY10 Results - - 20 Aug
Malayan Banking 4QFY10 Results RM9.81 Buy 23 Aug
UMW Holdings 2QFY10 Results RM7.45 Buy 23 Aug
Sunway City 2QFY10 Results RM5.70 Buy 23 Aug
Oil & Gas Sector Weekly Review - Overweight 23 Aug
Telecommunication Sector Weekly Review - Neutral 23 Aug
Plantation Sector Weekly Review - Neutral 23 Aug
Construction Sector Weekly Review - Neutral 23 Aug
Media Prima 2QFY10 Results RM2.68 Buy 24 Aug
Dayang Enterprises 2QFY10 Results RM2.65 Buy 24 Aug
Boustead Holdings 2QFY10 Results RM4.48 Hold 24 Aug
Telekom Malaysia 2QFY10 Results RM3.54 Hold 24 Aug
Axiata Growth story intact RM4.77 Buy 24 Aug
UMW Holdings Toe hold in Chinese O&G company RM7.45 Buy 24 Aug
Sunway Holdings 2QFY10 Results RM2.61 Buy 25 Aug
IOI Corporation 4QFY10 Results RM5.89 Hold 25 Aug
Tenaga Nasional To expand Janamanjung by 1,000MW RM9.90 Buy 25 Aug
Axiata 2QFY10 Results RM4.95 Buy 26 Aug
Pelikan International 2QFY10 Results RM1.12 Hold 26 Aug
Genting Plantations 2QFY10 Results RM7.14 Hold 26 Aug
IJM Corporation 1QFY11 Results RM4.77 Hold 26 Aug
IJM Plantations 1QFY11 Results RM2.09 Sell 26 Aug
Lafarge Malayan Cement 2QFY10 Results RM6.52 Hold 26 Aug
Petra Perdana 2QFY10 Results RM1.26 Hold 26 Aug
Wah Seong Corporation 2QFY10 Results RM2.90 Buy 26 Aug
CIMB Group Holdings 2QFY10 Results RM8.83 Buy 27 Aug
Genting Malaysia 2QFY10 Results RM3.45 Buy 27 Aug
Genting 2QFY10 Results RM8.83 Hold 27 Aug
Litrak 1QFY11 Results RM3.02 Hold 27 Aug
Puncak Niaga 2QFY10 Results RM2.57 Sell 27 Aug
Sime Darby 4QFY10 Results RM7.75 Hold 27 Aug
Sunrise 4QFY10 Results RM3.58 Buy 27 Aug
YNH Property 2QFY10 Results RM1.58 Hold 27 Aug
TSH Resources (Ceasing coverage) 2QFY10 Results RM2.00 - 27 Aug
Tenaga Nasional Proposed 1 for 4 bonus issue RM9.90 Buy 27 Aug
Oil & Gas Sector Monthly Review - Overweight 30 Aug
Property Sector Monthly Review - Overweight 30 Aug
Telecommunication Sector Monthly Review - Neutral 30 Aug
Plantation Sector Monthly Review - Neutral 30 Aug
Construction Sector Monthly Review - Neutral 30 Aug
Petronas Gas 1QFY11 Results RM13.20 Buy 30 Aug

Oil & Gas SOGT starts the ball rolling - Overweigh 1 Sept
KNM Group 2QFY10 Results RM0.49 Hold 1 Sept
Maxis 2QFY10 Results RM5.90 Hold 1 Sept
Glomac Expands Cyberjaya landbank RM1.87 Buy 1 Sept
Parkson Holdings (Initiating Coverage) Retail therapy RM6.70 Buy 2 Sept
SapuraCrest Petroleum Renewed rigs RM2.64 Buy 2 Sept
Public Bank Enters into family Takaful JV with ING RM13.30 Buy 2 Sept
AMMB Holdings Secures Takaful license RM5.77 Hold 2 Sept
Sunway Holdings RM69.9m boost to construction order book : RM2.61 Buy 2 Sept
Market Strategy 2QCY10 results round up - - 3 Sept
Sunway City Consolidating MI stakes RM5.70 Buy 2 Sept
Parkson Holdings Vietnam ‘Emperor’ complex off the cards RM6.70 Buy 6 Sept
Sunway Holdings Strong momentum in Singapore housing market RM2.61 Buy 6 Sept
Oil & Gas Sector Weekly Review - Overweight 6 Sept
Property Sector Weekly Review - Overweight 6 Sept
Plantation Sector Weekly Review - Neutral 6 Sept
Construction Sector Weekly Review - Neutral 6 Sept
Air Asia Flying to greater heights RM2.32 Buy 7 Sept

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 INVESTMENT RESEARCH

Key to stock recommendations: Key to sector recommendations:

Buy = Share price is expected to appreciate by >10% over the next 12 months Overweight = Industry expected to outperform the market over the next 12 months

Hold = Share price is expected to move by less than +/-10% over the next 12 months Neutral = Industry expected to perform in-line with the market over the next 12 months

Sell = Share price is expected to decline by >10% over the next 12 months Underweight = Industry expected to underperform the market over the next 12 months

This report is for information purposes only and general in nature. The information contained in this report is based on data and obtained from sources believed to be reliable. However, the
data and/or sources have not been independently verified and as such, no representation, express or implied, is made with respect to the accuracy, completeness or reliability of the
information or opinions in this report. Accordingly, neither we nor any of our related companies and associates nor persons related to us accept any liability whatsoever for any direct, indirect
or consequential losses (including loss of profits) or damages that may arise from the use of or reliance on the information or opinions in this publication. Any information, opinions or
recommendations contained herein are subject to change at any time without prior notice.

It is not possible to have regard to the specific investment objectives, the financial situation and the particular needs of each person who may receive or read this report. As such, investors
should seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

Under no circumstances should this report be considered as an offer to sell or a solicitation of an offer to buy any securities referred to herein. This company and its related companies, their
associates, directors, connected parties and/or employees may, from time to time, own, have positions or be materially interested in any securities mentioned herein or any securities related
thereto, and may further deal with such securities and provide advisory, investment or other services for any company or entity mentioned in this report. In reviewing this report, investors
should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflict of interests.

Published & printed by:

ECM Libra Capital Sdn Bhd (579116-A)

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Jalan Sultan Ismail
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Tel: (603) 2178 1888
Fax: (603) 2161 8818