Vastalux Energy Berhad - BIMB · PDF fileProton gets overwhelming bookings for Saga, Persona, Perdana APM Automotive to set up RM1.5bn Islamic debt programme

Market Insight

Tuesday, 11 October, 2016

16795/03/2013(031743) www.bisonline.com.my

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Major Highlights Local & Global Economic News

Bina Puri, China firm to develop RM15bn Kuantan

Waterfront Resort City

MAHB's Malaysian airports achieve best passenger traffic

growth

KNM secures loans for Thai unit, Johor RAPID

HeiTech wins RM7.67m job

Proton gets overwhelming bookings for Saga, Persona,

Perdana

APM Automotive to set up RM1.5bn Islamic debt

programme

M’sia’s September palm oil stocks up 5.67%

Malaysian developers seek budget boost as property

market slows

Bank Negara governor calls for a new global operating

landscape

Mustapa urges SMEs to register

Miti expects mid-tier firms to sustain double-digit export

growth

China's yuan sinks to six-year low after central bank drops

midpoint

Bursa Malaysia

Bursa Malaysia Close Change +/- Change % FBMKLCI 1,665.32 -0.06 0.00 FBMEMAS 11,749.39 -12.76 -0.11 FBM100 11,451.81 -13.78 -0.12 FBMEMAS Shariah 12,415.52 -4.21 -0.03 FBM Hijrah Shariah 13,846.35 -5.95 -0.04 Volume (mn) 1,291.53 -61.19 -4.52 Value (RMmn) 1,365.73 -200.71 -12.81 FBMKLCI YTD Chg -1.61 Scoreboard

Close Change +/- Change % Gainers 324 0 0.00 Losers 460 55 13.58 Unchanged 365 -59 -13.92 Regional Indices

Close

Change +/- Change %

YTD Change

(%) DJIA 18,329.04 88.55 0.49 5.19 NASDAQ 5,328.67 36.27 0.69 6.42 S&P 500 2,163.66 9.92 0.46 5.86 FTSE 100 7,097.50 53.11 0.75 13.70 Nikkei 225 Closed - - - HSI Closed - - - SHCOMP 3,048.14 43.44 1.45 -13.87 KOSPI 2,056.82 3.02 0.15 4.87 TWSE Closed - - - STI 2,870.24 -5.00 -0.17 -0.43 JCI 5,360.83 -16.32 -0.30 16.72 SET 1,457.02 -47.32 -3.15 13.12 PSEi 7,534.71 -43.58 -0.58 8.38 Market Valuation (PER) FY16 FY17 5Y Average FBMKLCI 17.05 15.89 16.60 SHCOMP 14.32 12.65 11.08 HSI 13.08 11.94 11.05 JCI 17.64 14.95 15.23 SET 15.25 13.62 13.71 STI 13.73 13.13 13.91 PSEi 19.12 17.43 17.40 The Research Team [email protected] 03-2613 1738

Sector Indices

Close Change +/- Change % Industrial 3,126.02 -9.73 -0.31 Consumer 601.91 0.99 0.16 Industrial Products 144.68 0.45 0.31 Construction 287.99 -0.13 -0.05 Finance 14,252.80 -18.36 -0.13 Property 1,210.41 -2.58 -0.21 Plantation 7,884.23 -6.27 -0.08 Technology 22.65 -0.01 -0.04 KLCI Futures

Contracts Sep-16 Oct-16 High 1,673.50 1,673.00 Low 1,664.50 1,665.00 Last 1,666.00 1,666.00 Volume 4,427.00 138.00 Commodities (Most Recent Close)

Close Change +/- (+/- %) % Brent Crude (USD/bbl) 53.14 1.21 2.33 WTI Crude (USD/bbl) 51.35 -0.10 -0.19 Gold (USD/ounce) 1,259.63 0.35 0.03 CPO (RM/MT) 2,542.00 -19.00 -0.74 SMR 20 (sen/kg) 600.00 0.50 0.08 Latex (sen/kg) 474.00 3.00 0.64 Soybean Oil 33.82 0.51 1.53 Forex

(per USD1) Close Change +/- Change % MYR 4.1467 -0.0010 -0.02 JPY 103.6100 0.6300 0.61 EUR 0.8977 0.0048 0.54 SGD 1.3748 0.0016 0.12

KLCI Performance

KLCI Year-End Target: 1,729 points

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Market Insight

Major Rates

KLIBOR 3-mth 3.40% KLIBOR 6-mth 3.53% KLIBOR 12-mth 3.63% 5-yr MGS 3.26% 10-yr MGS 3.57%

Active Stock

Close Change+/- (+/- %)

At Systematization 0.09 0.02 21.43

Perak Transit 0.18 -0.02 -7.69 Perisai Petroleum Teknologi

0.08 -0.01 -6.25

Evergreen Fibreboard 1.06 0.12 12.17 Asia Media 0.23 0.00 0.00

Top Gainers

Close Change+/- (+/- %)

British American Tobacco 48.80 0.38 0.78

F&N 24.18 0.26 1.09

Paragon Union 0.51 0.18 53.03

Axiata Group 5.36 0.16 3.08

Time Dotcom 8.10 0.14 1.76

Top Losers

Close Change+/- (+/- %)

Panasonic 35.44 -0.96 -2.64

Nestle 78.20 -0.30 -0.38 Carlsberg Brewery Malaysia B

14.50 -0.24 -1.63

United Plantations 28.10 -0.18 -0.64

Amway 8.43 -0.16 -1.86

Daily Participation

Participation

(%) Bought (RMm)

Sold (RMm)

Net (RMm)

Local Inst 65.9 922.8 878.1 44.7

Local Retail 15.5 201.9 221.4 -19.5

Foreign 18.6 241.0 266.2 -25.2

Total 100.0 1,365.7 1,365.7 0.0

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Market Insight

LOCAL CORPORATE NEWS Bina Puri, China firm to develop RM15bn Kuantan Waterfront Resort City Bina Puri and CCCC Dredging (Group) Co Ltd will form a consortium to build the Kuantan Waterfront Resort City with a GDV of RM15bn over the next 10 years. The consortium would see both companies holding a 50% stake each. Bina Puri will undertake the development of the waterfront while the reclamation work will be carried out by CCCC Dredging. The project will be developed in 4 phases starting with the construction of 2 serviced apartment blocks and a waterfront food and beverages complex. (Source: Bernama) MAHB's Malaysian airports achieve best passenger traffic growth MAHB recorded in September its first double-digit growth in monthly passenger traffic for 2016, with a 12.3% growth compared with September 2015. Sabiha Gokcen International Airport (SGIA), however, pulled down the passenger traffic growth for its overall system of airports to 8.6%. On the domestic front, MAHB registered 7.48m passengers in September 2016. Istanbul SGIA, meanwhile, attracted 2.73m passengers. Almost all MAHB’s airports recorded positive growth with 10 airports registering double-digit growth in the range of 11% to 25%. All the 5 international airports (in Malaysia) registered high growth rates ranging from 10% to 46%. (Source: StarBiz) KNM secures loans for Thai unit, Johor RAPID KNM Group has secured US$80m loan for its Thai unit and RM360m to finance contracts relating to the Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor. It has secured ฿2.78bn (US$80m) from Credit Guarantee and Investment Facility. The Thai bonds would be used for its business unit in Thailand, Impress Ethanol Co Ltd for the refinancing of the latter's debt financing, expansion and working capital for its bio-ethanol plants. UOB (Malaysia) is the principal adviser and UOB (Thai) Public Company Ltd is the lead manager and bookrunner for the Thai bond. (Source: StarBiz) HeiTech wins RM7.67m job Technology company HeiTech Padu has secured a RM7.67m contract from Construction Industry Development Board for the maintenance and services of data and disaster recovery centres for 3 years. The proposed transaction will not have any material effect on the company’s net asset for the FY16, its dividend policy, gearing or share capital. (Source: StarBiz) Proton gets overwhelming bookings for Saga, Persona, Perdana Proton has received overwhelming bookings for its new Saga, Persona and Perdana models, all launched in the 2H16. Since its launch on June 15, the Proton Saga SV has attracted 4,000 bookings, indicating the model’s strengthening position as consumers’ preferred choice for an entry-level sedan. To date, the company have delivered 500 units of the Proton Saga SV. Since its launch on June 14, 720 units of the D-segment Perdana model have been delivered to customers out of more than 1,100 bookings received. (Source: Bernama) APM Automotive to set up RM1.5bn Islamic debt programme Automotive parts manufacturer APM Automotive plans to establish Islamic commercial papers (ICPs) and Islamic medium-term notes (IMTNs) programmes to raise up to RM1.5bn under a sukuk arrangement. The ICPs and IMTNs would be subject to a combined aggregate limit of RM1.5bn in nominal value under the syariah principle of murabahah. The ICP and IMTN programmes would have tenures of 7 years and 20 years, respectively, from the date of the first issue. (Source: StarBiz)

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Market Insight

LOCAL AND GLOBAL ECONOMIC NEWS M’sia’s September palm oil stocks up 5.67% Malaysia's total palm oil stocks rose 5.67% to 1.54m tonnes in September against 1.46m tonnes recorded in August. CPO stocks increased 18.02% to 893,187 tonnes in September from 757,789 tonnes recorded at end-August. Stocks of processed palm oil dropped 7.54% to 653,986 tonnes in September versus 707,317 tonnes in August. CPO output in September increased 0.78% to 1.71m tonnes from 1.70m tonnes registered in August. Palm kernel output rose 6.16% to 428,103 tonnes in September compared with 403,245 tonnes in August. (Source: Bernama) Malaysian developers seek budget boost as property market slows As the Malaysian economy is slowing, so is its housing market. Sales of property developers dropped significantly in the 1H16 compared with the 2H15. Almost 70% of respondents said end-financing for buyers was the biggest problem. Prime Minister is expected to announce measures to help middle-income earners buy a house when the 2017 budget is unveiled on Oct 21. Here’s a snapshot of Malaysia’s property market and what steps could be introduced to improve home ownership. (Source: Bloomberg) Bank Negara governor calls for a new global operating landscape A new real economy calls for a new operating landscape. In the new real economy, value creation will no longer just be generated by traditional growth drivers, such as manufacturing and banking services. Instead, the new economy is likely to be characterised by digital technological gains of unprecedented scale, scope and speed, possibly akin to the industrial revolution the world experienced 200 years ago. (Source: StarBiz) Mustapa urges SMEs to register The international trade and industry ministry has urged all 3.2m (SMEs) in the country, which have yet to register their respective businesses, to do so to qualify for various assistances including capital loan to expand their business. By not registering their businesses with the Companies Commission of Malaysia, it had made it difficult for SME Corp to help them. It is included in SME Corp's master plan to encourage traders to register their businesses, but they are not sure why many traders still do not do so considering there are many facilities that they can enjoy. (Source: Bernama) Miti expects mid-tier firms to sustain double-digit export growth Miti expects mid-tier companies to sustain the double-digit growth in exports this year amid a challenging economic environment. These companies’ exports rose to RM5.67bn in 2015 from RM4.15bn previously. This translates to a 36.7% growth between 2014 and 2015. It was a successful first year of the programme. (Source: Bernama) China's yuan sinks to six-year low after central bank drops midpoint China's yuan dipped to a 6 year low against the dollar on Monday, breaching a key psychological threshold after a week-long national holiday that saw offshore-traded yuan slump to 9 month lows. The fall in the value of the Chinese currency comes after the central bank announced late last week that its forex reserves dropped for a 3

rd month in September, by

more than expected, suggesting fresh capital outflows from the world's 2nd

largest economy. Pressure has also risen on the yuan as the USD has strengthened in global markets, most recently on the back of strong labour market data that supports a possible US interest rate hike later this year. (Source: Reuters) China unveils plans to cut corporate debt, to push debt-to-equity swaps China unveiled guidelines on Monday to reduce rising corporate debt levels which some analysts fear could destabilise the world's 2

nd largest economy. The government will take a multi-pronged approach to cutting company debt, including

encouraging mergers and acquisitions, bankruptcies, debt-to-equity swaps and debt securitisation, according to guidelines issued by State Council, or the cabinet. Corporate China sits on US$18trn in debt, equivalent to about 169% of GDP. (Source: Reuters)

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Market Insight

ECONOMIC CALENDAR

Date Time Country Event Survey Actual Prior Revised

10/11/2016 00:03 SR GDP Constant Prices QoQ 2Q -- -1.31% 0.70% --

10/11/2016 02:00 BZ Trade Balance Weekly 9-Oct -- $499m $748m --

10/11/2016 03:15 DR CPI MoM Sep -- 0.04% -0.06% --

10/11/2016 03:16 DR CPI YoY Sep -- 1.35% 1.47% --

10/11/2016 03:58 VZ Vehicle Sales Total Sep -- 271 194 -- 10/11/2016 05:45 NZ Card Spending Retail MoM Sep 0.80% 1.90% -0.40% -1.20%

10/11/2016 05:45 NZ Card Spending Total MoM Sep -- 2.00% -0.80% -1.10%

10/11/2016 07:01 UK BRC Sales Like-For-Like YoY Sep -0.30% 0.40% -0.90% --

10/11/2016 07:50 JN BoP Current Account Balance Aug ¥1502.7b -- ¥1938.2b --

10/11/2016 07:50 JN BoP Current Account Adjusted Aug ¥1570.3b -- ¥1447.8b -- 10/11/2016 07:50 JN Trade Balance BoP Basis Aug ¥116.5b -- ¥613.9b --

10/11/2016 08:30 AU NAB Business Conditions Sep -- -- 7 --

10/11/2016 08:30 AU NAB Business Confidence Sep -- -- 6 --

10/11/2016 08:30 AU Home Loans MoM Aug -1.50% -- -4.20% --

10/11/2016 08:30 AU Investment Lending Aug -- -- 0.50% --

10/11/2016 08:30 AU Owner-Occupier Loan Value MoM Aug -- -- -3.10% --

10/11/2016 09:00 PH Exports YoY Aug -8.30% -- -13.00% --

10/11/2016 09:00 PH Exports Aug -- -- $4673.2m --

10/11/2016 09:00 PH Imports YoY Aug 10.00% -- -1.70% --

10/11/2016 09:00 PH Imports Aug -- -- $6726.0m --

10/11/2016 09:00 PH Trade Balance Aug -$2088m -- -$2053m --

10/11/2016 12:15 UE Dubai Economy Tracker SA Sep -- -- 55.7 --

10/11/2016 12:30 JN Bankruptcies YoY Sep -- -- 14.87% --

10/11/2016 13:00 JN Eco Watchers Survey Current Sep 45.8 -- 45.6 --

10/11/2016 13:00 JN Eco Watchers Survey Outlook Sep 48 -- 47.4 --

10/11/2016 14:00 RO CPI MoM Sep 0.30% -- 0.10% --

10/11/2016 14:00 RO CPI YoY Sep -0.20% -- -0.20% --

10/11/2016 14:00 SW PES Unemployment Rate Sep -- -- 4.10% --

10/11/2016 15:00 SO Industrial Production YoY Aug -- -- -14.30% --

10/11/2016 15:00 SO Construction Constant YoY Aug -- -- -23.30% --

10/11/2016 15:00 HU CPI MoM Sep 0.20% -- -0.40% --

10/11/2016 15:00 HU CPI YoY Sep 0.70% -- -0.10% --

10/11/2016 15:30 SW CPI MoM Sep 0.50% -- -0.10% --

10/11/2016 15:30 SW CPI YoY Sep 1.20% -- 1.10% --

10/11/2016 15:30 SW CPI CPIF MoM Sep 0.50% -- -0.10% --

10/11/2016 15:30 SW CPI CPIF YoY Sep 1.50% -- 1.40% --

10/11/2016 15:30 SW CPI Level Sep -- -- 316.38 --

10/11/2016 16:00 LN PPI MoM Sep -- -- -0.20% --

10/11/2016 16:00 LN PPI YoY Sep -- -- -3.10% -- 10/11/2016 16:00 BZ FIPE CPI - Weekly 7-Oct -0.09% -- -0.03% --

10/11/2016 17:00 GE ZEW Survey Current Situation Oct 55.5 -- 55.1 --

10/11/2016 17:00 GE ZEW Survey Expectations Oct 4 -- 0.5 --

10/11/2016 17:00 EC ZEW Survey Expectations Oct -- -- 5.4 --

10/11/2016 17:00 HR PPI MoM Sep -- -- -1.00% --

10/11/2016 17:00 HR PPI YoY Sep -- -- -5.10% --

10/11/2016 17:00 CC CPI Harmonized MoM Sep -- -- 0.40% --

10/11/2016 17:00 CC CPI Harmonized YoY Sep -- -- -0.60% --

10/11/2016 18:00 LV Trade Balance Aug -- -- -182.8m --

10/11/2016 18:00 US NFIB Small Business Optimism Sep 95 -- 94.4 --

10/11/2016 19:00 SA Manufacturing Prod SA MoM Aug -- -- -1.50% --

10/11/2016 19:00 SA Manufacturing Prod NSA YoY Aug 1.30% -- 0.40% --

Source: Bloomberg, BIMB Securities

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Market Insight

PIVOT POINT ANALYSIS

Stocks Closing

Price S3 S2 S1

Pivot Point

R1 R2 R3 Est.

Weighting.

FBMKLCI Index 1665.32 1656.01 1659.63 1662.22 1665.84 1668.43 1672.05 1674.64 n.a.

FBM Hijrah Shariah 13846.35 13763.73 13800.11 13818.81 13855.19 13873.89 13910.27 13928.97 n.a.

Autos

APM Automotive 3.340 3.340 3.340 3.340 3.340 3.340 3.340 3.340 0.220%

Delloyd Ventures n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

MBM Resources 2.640 n.a n.a n.a n.a n.a n.a n.a 0.35%

Tan Chong 1.930 1.870 1.900 1.910 1.940 1.950 1.980 1.990 0.424%

UMW 5.930 5.810 5.840 5.890 5.920 5.970 6.000 6.050 2.333%

Building Materials Ann Joo Resource 2.080 1.990 2.015 2.050 2.075 2.110 2.135 2.170 0.351%

Alum Co of Malay 0.960 0.870 0.895 0.930 0.955 0.990 1.015 1.050 0.043%

Choo Bee Metal 1.800 1.770 1.785 1.790 1.805 1.810 1.825 1.830 0.066%

CSC Steel 1.990 1.900 1.920 1.960 1.980 2.020 2.040 2.080 0.247%

Eksons Corp 1.020 0.960 0.970 1.000 1.010 1.040 1.050 1.080 0.055%

Engtex Group 1.290 1.275 1.278 1.285 1.288 1.295 1.298 1.305 0.133%

Goh Ban Huat 1.390 1.375 1.383 1.385 1.393 1.395 1.403 1.405 0.087%

Hiap Teck 0.295 0.265 0.280 0.285 0.300 0.305 0.320 0.325 0.127%

Jaks Resources 1.000 0.985 0.988 0.995 0.998 1.005 1.008 1.015 0.148%

Java 0.080 n.a n.a n.a n.a n.a n.a n.a 0.005%

Kim Hin Ind 1.650 n.a n.a n.a n.a n.a n.a n.a 0.078%

Kinsteel 0.055 0.055 0.055 0.055 0.055 0.055 0.055 0.055 0.019%

Lafarge M Cement 7.950 7.650 7.800 7.850 8.000 8.050 8.200 8.250 2.275%

Lion Corp 0.005 n.a n.a n.a n.a n.a n.a n.a 0.002%

Lion Industries 0.420 0.405 0.413 0.415 0.423 0.425 0.433 0.435 0.098%

Malaysia Smelting 3.480 3.450 3.455 3.470 3.475 3.490 3.495 3.510 0.117%

Masteel 0.870 0.840 0.855 0.860 0.875 0.880 0.895 0.900 0.071%

Melewar Ind 0.530 0.508 0.516 0.523 0.531 0.538 0.546 0.553 0.040%

MTD ACPI 0.410 0.373 0.391 0.398 0.416 0.423 0.441 0.448 0.032% Pantech 0.560 0.530 0.538 0.550 0.558 0.570 0.578 0.590 0.116%

Perwaja 0.095 0.088 0.089 0.093 0.094 0.098 0.099 0.103 0.018%

Press Metal 4.310 4.280 4.295 4.300 4.315 4.320 4.335 4.340 1.907%

Southern Steel 1.240 1.210 1.225 1.230 1.245 1.250 1.265 1.270 0.175%

Tasek 14.760 14.760 14.760 14.760 14.760 14.760 14.760 14.760 0.602%

Tong Herr 2.000 1.970 1.985 1.990 2.005 2.010 2.025 2.030 0.084%

Conglomerates

Cahya Mata Sarawak 3.850 3.775 3.788 3.825 3.838 3.875 3.888 3.925 1.393% Lion Diversified 0.040 0.033 0.034 0.038 0.039 0.043 0.044 0.048 0.019%

Hap Seng Cons 7.670 7.565 7.593 7.635 7.663 7.705 7.733 7.775 6.430%

MMC 2.300 2.285 2.293 2.295 2.303 2.305 2.313 2.315 2.36%

Sime Darby 7.770 7.575 7.673 7.705 7.803 7.835 7.933 7.965 16.554%

YTL Corp 1.760 1.730 1.745 1.750 1.765 1.770 1.785 1.790 6.235%

Construction

AZRB 0.625 0.625 0.625 0.625 0.625 0.625 0.625 0.625 0.101%

Ekovest 2.070 1.995 2.028 2.045 2.078 2.095 2.128 2.145 0.596%

Fajar Baru 0.515 0.500 0.503 0.510 0.513 0.520 0.523 0.530 0.063%

Favelle Favco 2.350 2.335 2.338 2.345 2.348 2.355 2.358 2.365 0.175%

Gamuda 4.830 4.770 4.795 4.810 4.835 4.850 4.875 4.890 3.938%

Hock Seng Lee 1.760 1.670 1.705 1.730 1.765 1.790 1.825 1.850 0.326%

IJM Corp 3.290 3.245 3.268 3.275 3.298 3.305 3.328 3.335 3.990%

Kimlun 2.140 2.080 2.110 2.120 2.150 2.160 2.190 2.200 0.224%

KKB Engineer 1.400 n.a n.a n.a n.a n.a n.a n.a 0.122%

MRCB 1.300 1.255 1.268 1.285 1.298 1.315 1.328 1.345 0.911%

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Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Mudajaya 1.000 0.993 0.994 0.998 0.999 1.003 1.004 1.008 0.18%

Muhibbah 2.320 2.260 2.285 2.300 2.325 2.340 2.365 2.380 0.38%

Naim Hold 1.590 1.545 1.568 1.575 1.598 1.605 1.628 1.635 0.13%

Sunway Hldgs 3.090 3.000 3.025 3.060 3.085 3.120 3.145 3.180 2.116%

TRC Synergy 0.415 0.408 0.411 0.413 0.416 0.418 0.421 0.423 0.067% TSR Capital 0.465 0.443 0.446 0.458 0.461 0.473 0.476 0.488 0.027%

Zelan 0.175 0.153 0.156 0.168 0.171 0.183 0.186 0.198 0.050%

Consumer/Retail

Aeon Co (M) 2.870 2.855 2.858 2.865 2.868 2.875 2.878 2.885 1.357%

Ajinomoto 13.340 13.250 13.275 13.310 13.335 13.370 13.395 13.430 0.273%

Apollo Food 5.980 5.905 5.933 5.955 5.983 6.005 6.033 6.055 0.161%

Bonia 0.650 0.575 0.608 0.625 0.658 0.675 0.708 0.725 0.176%

CI Holdings 2.550 2.550 2.550 2.550 2.550 2.550 2.550 2.550 0.139%

Cocoaland 1.940 1.925 1.933 1.935 1.943 1.945 1.953 1.955 0.149%

Dutch Lady 60.000 59.250 59.575 59.750 60.075 60.250 60.575 60.750 1.293%

Guan Chong 1.170 1.005 1.043 1.115 1.153 1.225 1.263 1.335 0.188%

Hai-O Ent 3.600 3.510 3.525 3.570 3.585 3.630 3.645 3.690 0.234%

Hovid 0.375 0.368 0.369 0.373 0.374 0.378 0.379 0.383 0.103%

Hup seng Inds 1.240 1.225 1.233 1.235 1.243 1.245 1.253 1.255 0.334%

K-Star Sports 0.080 0.073 0.074 0.078 0.079 0.083 0.084 0.088 0.007%

Multi Sports n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Padini 2.740 2.650 2.690 2.710 2.750 2.770 2.810 2.830 0.607%

Parkson Holdings 0.775 0.738 0.749 0.763 0.774 0.788 0.799 0.813 0.282%

Pelikan International 1.050 0.968 0.981 1.023 1.036 1.078 1.091 1.133 0.194%

Poh Kong 0.490 0.490 0.490 0.490 0.490 0.490 0.490 0.490 0.068%

QL Resources 4.460 4.430 4.445 4.450 4.465 4.470 4.485 4.490 1.874%

Silver Bird n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Three-A Resource 1.310 1.280 1.290 1.300 1.310 1.320 1.330 1.340 0.174%

Xingquan Int’l 0.095 0.095 0.095 0.095 0.095 0.095 0.095 0.095 0.019%

Yee Lee Corp 2.250 2.235 2.243 2.245 2.253 2.255 2.263 2.265 0.143%

Zhulian 1.360 1.360 1.360 1.360 1.360 1.360 1.360 1.360 0.211%

Education

HELP Int’l n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Masterskill n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

SEG Int’l 1.130 1.055 1.078 1.105 1.128 1.155 1.178 1.205 0.275%

Finance

BIMB Hold. 4.200 4.065 4.113 4.155 4.203 4.245 4.293 4.335 2.247%

Syarikat Takaful 4.300 4.255 4.268 4.285 4.298 4.315 4.328 4.345 1.189%

Healthcare

Apex Healthcare 4.300 n.a n.a n.a n.a n.a n.a n.a 0.170%

CCM Duopharma 2.110 2.065 2.088 2.095 2.118 2.125 2.148 2.155 0.198%

KPJ Healthcare 4.260 4.245 4.253 4.255 4.263 4.265 4.273 4.275 1.502%

Faber Group n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Manufacturing

CBIP 2.010 1.995 2.003 2.005 2.013 2.015 2.023 2.025 0.355%

Chin Well 1.760 1.700 1.715 1.740 1.755 1.780 1.795 1.820 0.178%

Daibochi Plastic 2.220 2.220 2.220 2.220 2.220 2.220 2.220 2.220 0.204%

Evergreen Fibre 1.060 0.895 0.923 1.005 1.033 1.115 1.143 1.225 0.302%

George Kent 2.760 2.685 2.698 2.735 2.748 2.785 2.798 2.835 0.349%

Guh Holdings 0.830 0.823 0.824 0.828 0.829 0.833 0.834 0.838 0.074%

Hil Industries 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.079%

Hong Leong Ind 9.090 8.970 9.005 9.050 9.085 9.130 9.165 9.210 0.978%

www.bimbsec.com.my | 8

Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

KYM Hldgs 0.310 n.a n.a n.a n.a n.a n.a n.a 0.016%

MWE Hold 1.220 1.220 1.220 1.220 1.220 1.220 1.220 1.220 0.095%

Muda Hold 1.630 1.585 1.608 1.615 1.638 1.645 1.668 1.675 0.167%

NTPM Hold. 0.820 0.775 0.795 0.805 0.825 0.835 0.855 0.865 0.310%

Nylex Malaysia 0.655 0.633 0.641 0.648 0.656 0.663 0.671 0.678 0.042%

Perstima 6.180 6.135 6.143 6.165 6.173 6.195 6.203 6.225 0.207%

Scientex 6.770 6.710 6.735 6.750 6.775 6.790 6.815 6.830 1.051%

Sino Hua-an 0.030 0.023 0.024 0.028 0.029 0.033 0.034 0.038 0.011%

SLP Resources 2.400 2.175 2.213 2.325 2.363 2.475 2.513 2.625 0.200%

Wellcall 1.950 1.920 1.935 1.940 1.955 1.960 1.975 1.980 0.218%

Media

Media Chinese 0.680 0.658 0.669 0.673 0.684 0.688 0.699 0.703 0.386%

Star Publication 2.490 2.475 2.483 2.485 2.493 2.495 2.503 2.505 0.619%

Utusan Melayu 0.420 0.413 0.414 0.418 0.419 0.423 0.424 0.428 0.016%

Oil & Gas

Alam Maritim 0.270 0.263 0.264 0.268 0.269 0.273 0.274 0.278 0.084%

Daya Materials 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.065 0.041%

Dayang Ent. 0.980 0.958 0.966 0.973 0.981 0.988 0.996 1.003 0.289%

Deleum 1.130 1.085 1.103 1.115 1.133 1.145 1.163 1.175 0.152%

Dialog group 1.510 1.465 1.483 1.495 1.513 1.525 1.543 1.555 2.695%

ESSO Malaysia 4.230 4.125 4.173 4.195 4.243 4.265 4.313 4.335 0.385%

KNM Group 0.410 0.403 0.406 0.408 0.411 0.413 0.416 0.418 0.294%

MMHE 1.010 0.980 0.990 1.000 1.010 1.020 1.030 1.040 0.544%

Perisai Petroleum 0.075 0.068 0.071 0.073 0.076 0.078 0.081 0.083 0.032%

Petra Energy 1.010 n.a n.a n.a n.a n.a n.a n.a 0.109%

Pet Chem 6.770 6.440 6.525 6.660 6.745 6.880 6.965 7.100 18.237%

Pet Dag 23.500 23.020 23.150 23.340 23.470 23.660 23.790 23.980 7.861%

Pet Gas 21.780 21.690 21.725 21.750 21.785 21.810 21.845 21.870 14.512%

Ramunia Hold 0.175 0.168 0.171 0.173 0.176 0.178 0.181 0.183 0.066%

SAAG Cons. n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Sapurakencana 1.630 1.585 1.598 1.615 1.628 1.645 1.658 1.675 3.289%

Scomi Eng 0.145 n.a n.a n.a n.a n.a n.a n.a 0.017%

Scomi Group 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.080%

Shell Refining 3.060 3.045 3.053 3.055 3.063 3.065 3.073 3.075 0.309%

Tanjung Offshore 0.295 0.295 0.295 0.295 0.295 0.295 0.295 0.295 0.038%

Wah Seong 0.860 0.853 0.854 0.858 0.859 0.863 0.864 0.868 0.224%

Petra Perdana n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Plantation

Batu Kawan 18.020 17.960 17.970 18.000 18.010 18.040 18.050 18.080 2.458%

BLD Plantation 8.500 n.a n.a n.a n.a n.a n.a n.a 0.268%

Cepat Wawasan 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.071%

Genting Plant 10.580 10.460 10.520 10.540 10.600 10.620 10.680 10.700 2.822%

Golden Land 0.600 0.570 0.585 0.590 0.605 0.610 0.625 0.630 0.044%

Gopeng 1.380 1.380 1.380 1.380 1.380 1.380 1.380 1.380 0.083%

Hap Seng Plant 2.400 2.385 2.388 2.395 2.398 2.405 2.408 2.415 0.646%

IJM Plant. 3.480 n.a n.a n.a n.a n.a n.a n.a 1.032%

Inch Ken Kajang 0.695 0.688 0.691 0.693 0.696 0.698 0.701 0.703 0.094%

IOI 4.450 4.360 4.390 4.420 4.450 4.480 4.510 4.540 9.423%

Keck Seng Malay 4.790 4.685 4.738 4.755 4.808 4.825 4.878 4.895 0.580%

Kim Loong 3.330 3.285 3.293 3.315 3.323 3.345 3.353 3.375 0.349%

Kretam Holdings 0.520 0.505 0.508 0.515 0.518 0.525 0.528 0.535 0.345%

KLK 24.000 23.700 23.810 23.900 24.010 24.100 24.210 24.300 8.607%

Kulim Malaysia n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Rimbunan Sawit 0.485 0.478 0.481 0.483 0.486 0.488 0.491 0.493 0.232%

www.bimbsec.com.my | 9

Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Riverview Rubber 3.530 3.530 3.530 3.530 3.530 3.530 3.530 3.530 0.077%

Sarawak Plant 1.780 1.780 1.780 1.780 1.780 1.780 1.780 1.780 0.168%

TDM 0.655 0.648 0.651 0.653 0.656 0.658 0.661 0.663 0.332%

TH Plant 1.090 1.090 1.090 1.090 1.090 1.090 1.090 1.090 0.324%

Tradewinds Plant n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

United Plant 28.100 27.680 27.890 27.960 28.170 28.240 28.450 28.520 1.966%

Power

TNB 14.360 14.270 14.305 14.330 14.365 14.390 14.425 14.450 27.289%

YTL Power 1.600 1.570 1.580 1.590 1.600 1.610 1.620 1.630 4.165%

Property

A & M Realty 1.070 1.040 1.045 1.060 1.065 1.080 1.085 1.100 0.132%

Am Corp Prop. 0.800 0.793 0.796 0.798 0.801 0.803 0.806 0.808 0.160%

Symphony Life Bh 0.680 0.665 0.668 0.675 0.678 0.685 0.688 0.695 0.071%

Crescendo Corp 1.550 1.550 1.550 1.550 1.550 1.550 1.550 1.550 0.119%

Daiman Develop 2.260 2.260 2.260 2.260 2.260 2.260 2.260 2.260 0.160%

Damansara Realty 0.680 0.665 0.673 0.675 0.683 0.685 0.693 0.695 0.071%

Dijaya n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Dutaland 0.430 0.423 0.424 0.428 0.429 0.433 0.434 0.438 0.123%

E&O 1.670 1.640 1.645 1.660 1.665 1.680 1.685 1.700 0.707%

Global Oriental 0.335 0.328 0.329 0.333 0.334 0.338 0.339 0.343 0.051%

Glomac 0.770 0.763 0.764 0.768 0.769 0.773 0.774 0.778 0.188%

Hunza Properties n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

IJM Land n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Ivory Properties 0.440 0.410 0.418 0.430 0.438 0.450 0.458 0.470 0.073%

KLCC Property n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

KSL Hold. 1.110 1.095 1.103 1.105 1.113 1.115 1.123 1.125 0.385%

Kump Hartanah n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Kump Perangsang 1.290 1.245 1.258 1.275 1.288 1.305 1.318 1.335 0.217%

LBS Bina Group 1.780 1.765 1.768 1.775 1.778 1.785 1.788 1.795 0.381%

Magna Prima 1.040 0.950 0.970 1.010 1.030 1.070 1.090 1.130 0.116%

Mah Sing 1.640 1.595 1.613 1.625 1.643 1.655 1.673 1.685 1.331%

Malton 0.645 0.615 0.623 0.635 0.643 0.655 0.663 0.675 0.097%

MK Land 0.305 0.298 0.301 0.303 0.306 0.308 0.311 0.313 0.124%

Nadayu n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Plenitude 1.750 1.735 1.738 1.745 1.748 1.755 1.758 1.765 0.225%

Selangor Prop 4.550 4.415 4.458 4.505 4.548 4.595 4.638 4.685 0.526%

Selangor Dredging 0.870 0.840 0.845 0.860 0.865 0.880 0.885 0.900 0.125%

SP Setia 3.490 3.430 3.445 3.470 3.485 3.510 3.525 3.550 3.312%

Sunway 3.090 3.000 3.025 3.060 3.085 3.120 3.145 3.180 2.116%

Suria Capital 2.090 2.000 2.015 2.060 2.075 2.120 2.135 2.180 0.203%

Talam Corp n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Tebrau Teguh n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

UEM Land n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

WCT n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Wing Tai 1.040 n.a n.a n.a n.a n.a n.a n.a 0.166%

YNH Property 1.600 1.555 1.568 1.585 1.598 1.615 1.628 1.645 0.283%

YTL Land & Dev 0.575 0.575 0.575 0.575 0.575 0.575 0.575 0.575 0.161%

Rubber Glove

Adventa 0.710 n.a n.a n.a n.a n.a n.a n.a 0.037%

Hartalega 4.680 4.515 4.558 4.625 4.668 4.735 4.778 4.845 2.586%

Kossan 6.800 6.650 6.725 6.750 6.825 6.850 6.925 6.950 1.464%

Latexx Partners n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Rubberex 0.800 0.793 0.796 0.798 0.801 0.803 0.806 0.808 0.062% Supermax Corp 2.180 2.120 2.140 2.160 2.180 2.200 2.220 2.240 0.493%

www.bimbsec.com.my | 10

Market Insight

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Top Glove 4.830 4.755 4.783 4.805 4.833 4.855 4.883 4.905 2.037%

Technology

Compugates 0.040 0.033 0.034 0.038 0.039 0.043 0.044 0.048 0.029%

D&O Green Tech 0.320 0.305 0.308 0.315 0.318 0.325 0.328 0.335 0.107%

ETI Tech n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Formis Resources n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Formosa Prosonic 0.825 0.803 0.806 0.818 0.821 0.833 0.836 0.848 0.069%

Frontken 0.145 0.130 0.135 0.140 0.145 0.150 0.155 0.160 0.051%

Globetronics 3.760 3.685 3.713 3.735 3.763 3.785 3.813 3.835 0.357%

JCY Int’l 0.545 0.530 0.533 0.540 0.543 0.550 0.553 0.560 0.378%

Key Asic 0.110 0.103 0.106 0.108 0.111 0.113 0.116 0.118 0.031%

MPI 7.790 7.595 7.693 7.725 7.823 7.855 7.953 7.985 0.522%

Notion V-Tec 0.360 0.353 0.356 0.358 0.361 0.363 0.366 0.368 0.033%

Panasonic Man 35.440 35.020 35.220 35.300 35.500 35.580 35.780 35.860 0.725%

Supportive n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Symphony House n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Uchi Tech 1.680 1.650 1.655 1.670 1.675 1.690 1.695 1.710 0.247%

Unisem 2.530 2.470 2.490 2.510 2.530 2.550 2.570 2.590 0.625%

VS Industry 1.400 1.340 1.360 1.380 1.400 1.420 1.440 1.460 0.552%

Telcos

Axiata Group 5.360 5.150 5.185 5.290 5.325 5.430 5.465 5.570 16.111%

DiGi.Com 5.000 4.940 4.955 4.980 4.995 5.020 5.035 5.060 13.090%

Green Packet 0.230 0.223 0.224 0.228 0.229 0.233 0.234 0.238 0.053%

Maxis 6.140 5.975 6.053 6.085 6.163 6.195 6.273 6.305 15.528%

Telekom Malaysia 6.730 6.640 6.675 6.700 6.735 6.760 6.795 6.820 8.516%

Time Dotcom 8.100 7.875 7.913 8.025 8.063 8.175 8.213 8.325 1.577%

Timber

Jaya Tiasa 1.290 1.260 1.265 1.280 1.285 1.300 1.305 1.320 0.420%

Subur Tiasa 1.420 1.375 1.398 1.405 1.428 1.435 1.458 1.465 0.090%

WTK 1.060 1.045 1.048 1.055 1.058 1.065 1.068 1.075 0.170%

Transport/Logistics

Bintulu Port 6.660 n.a n.a n.a n.a n.a n.a n.a 1.032%

Airasia 2.800 2.755 2.768 2.785 2.798 2.815 2.828 2.845 2.624%

Century Logistic 0.915 0.893 0.899 0.908 0.914 0.923 0.929 0.938 0.118%

Cycle & Carriage 3.190 3.160 3.175 3.180 3.195 3.200 3.215 3.220 0.108%

Hubline 0.005 -0.003 0.001 0.003 0.006 0.008 0.011 0.013 0.021%

Integrated Log. 0.840 0.795 0.808 0.825 0.838 0.855 0.868 0.885 0.049%

Integrax n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Konsortium n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Maybulk 0.765 0.750 0.755 0.760 0.765 0.770 0.775 0.780 0.258%

MISC 7.700 7.580 7.625 7.660 7.705 7.740 7.785 7.820 11.574%

NCB Hold n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Scomi Energy Ser 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.142%

Water & Infrastructure

PBA Hold 1.130 1.115 1.123 1.125 1.133 1.135 1.143 1.145 0.126%

Puncak Niaga 1.130 1.100 1.115 1.120 1.135 1.140 1.155 1.160 0.170%

Salcon 0.590 0.583 0.584 0.588 0.589 0.593 0.594 0.598 0.128%

Taliworks Corp n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Lingkaran Trans 5.840 5.750 5.795 5.810 5.855 5.870 5.915 5.930 1.033%

Protasco 1.560 1.530 1.540 1.550 1.560 1.570 1.580 1.590 0.178%

www.bimbsec.com.my | 11

Market Insight

Note: R = Resistance S = Support Est. Weight = Based on FBMah Mkt. Cap

Stocks Closing Price

S3 S2 S1 Pivot Point

R1 R2 R3 Est.

Weighting

Ancom 0.370 0.363 0.364 0.368 0.369 0.373 0.374 0.378 0.027% Asia File 3.700 3.670 3.685 3.690 3.705 3.710 3.725 3.730 0.240%

Boustead Heavy 1.800 1.755 1.768 1.785 1.798 1.815 1.828 1.845 0.151%

Eden Inc 0.215 0.208 0.209 0.213 0.214 0.218 0.219 0.223 0.023%

Fima Corp 2.140 2.110 2.125 2.130 2.145 2.150 2.165 2.170 0.174%

Kumpulan FIMA 1.820 1.775 1.788 1.805 1.818 1.835 1.848 1.865 0.173%

KUB Malaysia 0.410 0.403 0.404 0.408 0.409 0.413 0.414 0.418 0.077%

Pie Industrial 1.800 1.740 1.765 1.780 1.805 1.820 1.845 1.860 0.233%

Southern Acids 4.080 3.825 3.888 3.995 4.058 4.165 4.228 4.335 0.188%

Mega First 1.970 1.970 1.970 1.970 1.970 1.970 1.970 1.970 0.253%

Coastal Contract 1.510 1.495 1.498 1.505 1.508 1.515 1.518 1.525 0.270%

Time Engineering n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Sealink Int'l 0.195 n.a n.a n.a n.a n.a n.a n.a 0.033%

Shin Yang 0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.105%

Jobstreet Corp n.a n.a n.a n.a n.a n.a n.a n.a 0.000%

Myeg Services 2.270 2.210 2.235 2.250 2.275 2.290 2.315 2.330 1.835%

Pos Malaysia 3.850 3.760 3.780 3.820 3.840 3.880 3.900 3.940 1.015%

Picorp 0.140 0.140 0.140 0.140 0.140 0.140 0.140 0.140 0.031%

Lion Forest 0.475 0.460 0.468 0.470 0.478 0.480 0.488 0.490 0.036%

www.bimbsec.com.my | 12

Market Insight

DEFINITION OF RATINGS BIMB Securities uses the following rating system: STOCK RECOMMENDATION BUY Total return (price appreciation plus dividend yield) is expected to exceed 10% in the next 12 months. TRADING BUY Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain. HOLD Share price may fall within the range of +/- 10% over the next 12 months TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels. TRADING SELL Share price may fall by more than 15% in the next 3 months. SELL Share price may fall by more than 10% over the next 12 months. NOT RATED Stock is not within regular research coverage. SECTOR RECOMMENDATION OVERWEIGHT The Industry as defined by the analyst’s coverage universe, is expected to outperform the relevant primary market

index over the next 12 months NEUTRAL The Industry as defined by the analyst’s coverage universe, is expected to perform in line with the relevant primary

market index over the next 12 months UNDERWEIGHT The Industry as defined by the analyst’s coverage universe, is expected to underperform the relevant primary

market index over the next 12 months Applicability of ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Disclaimer The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn may from time to time have a position in or either the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgements as of this date and are subject to change without notice. BIMB Securities Sdn accepts no liability for any direct, indirect or consequential loss arising from use of this report.

Published by

BIMB SECURITIES SB (290163-X) A Participating Organisation of Bursa Malaysia Securities Berhad Level 32, Menara Multi Purpose, Capital Square, No. 8 Jalan Munshi Abdullah, 50100 Kuala Lumpur Tel: 03-2613 1600 Fax: 03-2613 1799 Azharuddin Nordin http://www.bimbsec.com.my Head of Research

The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opin-ions and estimates included in this report constitute our judgement as of this date and are subject to change without notice..

The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opin-ions and estimates included in this report constitute our judgement as of this date and are subject to change without notice..

The investments discussed or recommended in this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB Securities Sdn Bhd may from time to time have a position in or with the securities mentioned herein. Members of the BIMB Group and their affiliates may provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for any loss that may arise from the use of this report. All opin-ions and estimates included in this report constitute our judgement as of this date and are subject to change without notice..