Daily Bread Daily Bread | 28 August 2013 (Member of Alliance Bank group) FBMKLCI: 1,701.24 PP7766/03/2013 (032116) -21.25 (-1.23 %) 28 August 2013 Market indices and statistics Indices Malaysia FBM KLCI FBM Emas FBM Syariah FBM Small Cap FBM ACE Dow Jones S&P 500 Nasdaq FTSE Nikkei Hang Seng Strait Times PSEi Exchange Bangkok SET JSX Composite Last Daily chg % 1,701.2 11,783.6 11,802.9 14,119.2 4,959.7 14,776.1 1,630.5 3,578.5 6,441.0 13,542.4 21,874.8 3,034.0 5,917.0 1,294.0 3,967.8 -1.2 -1.6 -1.9 -5.1 -5.0 -1.1 -1.6 -2.2 -0.8 -0.7 -0.6 -1.6 -4.0 -2.6 -3.7 Market Turnover Vol (m shrs) Value (RM m) 2,287.3 2,681.5 Top 5 value Tenaga Nasional Maybank CIMB SapuraKencana Axiata Last 8.63 9.86 7.38 3.24 6.48 Currencies RM/USD RM/£ RM/100 Yen RM/€ RM/SGD RM/CNY Last 3.3310 5.1622 3.4305 4.4394 2.5954 0.5438 Commodities and futures KLCI (1st month) CPO (3rd month) WTI (1st month) Gold (spot) FBMKLCI Chart Last 1,689.5 2,452.0 109.0 1,415.1 YTD chg % 0.7 3.0 2.4 23.0 17.7 12.8 14.3 18.5 9.2 30.3 -3.5 -4.2 1.8 -7.0 -8.1 Focus of the day IJM Plantations: 1QFY14: Growing pains (Sell ↓) IJMP turned in a surprisingly disappointing quarter with 1QFY13 core profit making up only 6.5% of house and consensus estimates. The quarter was impacted by higher costs in Malaysia and Indonesia as well as a slower than expected start-up of a new mill. Subsequent quarters could show improvement and earnings will recover over the longer term but in the interim, we are factoring higher costs and lower CPO ASP, thus lowering our estimates by 30-39% over FY14-FY16. We downgrade our call to SELL from buy with a revised TP of RM2.43. (refer to report for details) IHH Healthcare: 1HFY13: Within our expectation (Neutral ↑) IHH’s 1HFY13 core earnings came within our expectations, but below market expectations. We have marginally adjusted our FY13-FY15 earnings estimates, mainly for bookkeeping purposes. Following recent selldown, downside risk from current share price has narrowed. As such, we upgrade from our sell call to NEUTRAL. TP is raised to RM3.60 (from RM3.40) following our earnings revision. (refer to report for details) Other reports Daily Value chg % (RM m) -0.2 187.3 -0.6 164.5 -1.3 163.5 -7.7 97.2 -1.8 91.9 Daily chg 0.0260 0.0090 0.0715 0.0168 0.0126 0.0032 Daily chg % 0.8 0.2 2.1 0.4 0.5 0.6 Daily chg -29.5 18.0 3.1 10.4 Daily chg % -1.7 0.7 2.9 0.7 Carlsberg Brewery Malaysia: 2QFY13: Hit by Singapore operation (Sell) Eversendai Corporation: 2QFY13: Earnings dent (Neutral ↓) IJM Corporation: 1QFY14: Broadly inline (Neutral) Lafarge Malaysia: 2QFY13: Competition remains an issue (Neutral) Malaysian Pacific Industries: 4QFY13: Results spot-on (Neutral) Malaysian news highlights Maxis: Cost cuts said to be in the offing, could include staff reduction IJM Corporation: Looking to sell more stakes in Indian concessions Lingkaran Trans Kota Holdings: No formal offers for LDP, Sprint Mah Sing Group: Expands landbank in Rawang Hartalega Holdings: Targets emerging markets Asas Dunia: Gets takeover offer Iris Corporation: Gets nod to set up high-tech smart village pilot project in South Africa Malakoff Corporation: To go ahead with IPO next year Property: Ministry mulls RPGT increase to stabilise house prices Plantation: Palm oil price to increase by year-end due to low production of substitutes, says MPOC Utilities: Sustainable Energy Development Authority seeks extra 1% levy Oil & Gas: Petronas says no deal with Brazil's OGX until debt restructured Economy: Zeti: Malaysia to intervene if ringgit becomes disorderly Global news highlights US: Confidence rises on employment prospects US: Home prices rise but at slower pace US: Farm income poised for record in 2013 US: 3 Fed regional banks pushed for discount rate hike in July EU: ECB policy makers repeat rate pledge as council meeting looms EU: EU investigation finds China solar-panel makers got aid Germany: Business confidence increases to 16-month high China: Urges caution in Fed policy tapering All required disclosure and analyst certification appear on the last two pages of this report. Additional information is available upon request. Redistribution or reproduction is prohibited without written permission Daily Bread | 28 August 2013 MALAYSIAN NEWS Maxis: Cost cuts said to be in the offing, could include staff reduction As Maxis welcomes new CEO Morten Lundal, moves are being made to trim costs at the country’s largest cellular company. Lundal is slated for a “meet and greet” session with several senior Maxis officials this week although he will take over as the company’s CEO only on Oct 1. But even before he can warm the hot seat at Maxis, there is talk that staff cuts are being planned to reduce overheads. Those in the know claims that Maxis may be looking at laying off between 10% and 15% of its workforce soon, involving a few hundred people, for whom some form of compensation may be worked out. (StarBiz) IJM Corporation: Looking to sell more stakes in Indian concessions IJM Corp is ruminating over offers to buy stakes in highway concessions in India owned by the Malaysian group. IJM MD Datuk Teh Kian Ming told reporters earlier that the concessions have attracted a lot of attention as there is a lack of concessions available in India. While Teh said that there have been offers made for all five of the concessions owned by IJM, he did not name any of the interested parties or which of the concessions are on the verge of being sold. (Financial Daily) Lingkaran Trans Kota Holdings: No formal offers for LDP, Sprint Lingkaran Trans Kota Holdings (Litrak) has not received any formal proposals from any party to buy out the Damansara–Puchong Expressway (LDP) and Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint). “You’re asking the wrong party. Gamuda is our largest shareholder, they are the right people to talk to. It is a matter for the shareholders, not the company,” COO Richard Lim Kim Ong told StarBiz following the firm’s AGM yesterday. (StarBiz) Mah Sing Group: Expands landbank in Rawang Mah Sing Group is taking a big bet on Rawang in Selangor, which will be linked by the mass rapid transit to the city centre. The property developer acquired another parcel of land in the once backwater town to develop its third township in the area, M Residence 3, which would increase its GDV in the area to RM2.13bn. The proposed development has an estimated GDV of RM520m. It consists of two-storey link homes and two-storey semi-dees with amenities and facilities on a 96.71-acre (38.68ha) land. (Financial Daily) Hartalega Holdings: Targets emerging markets Hartalega Holdings is eyeing emerging markets such as China and India to fuel its growth. MD Kuan Mun Leong said the group has set up two subsidiaries in the two countries as it believes that there is a good chance that there will be an increase in the per capita consumption of gloves in these countries. Hartalega also targets to increase its production capacity of gloves to 28.5bn per year from 14bn with its Next Generation Integrated Glove Manufacturing Complex (NGC). (Business Times) Asas Dunia: Gets takeover offer Asas Dunia has received an unconditional mandatory takeover offer from Tony Chan Holdings Sdn Bhd, Tony Chan Capital Sdn Bhd, Sprintex Ltd and Best Conditions Ltd to acquire all remaining ordinary shares in the company. The offer, previously on a voluntary basis, was for the ordinary shares of RM1 each at a consideration of RM1.70 per offer share. (StarBiz) 2 Daily Bread | 28 August 2013 Iris Corporation: Gets nod to set up high-tech smart village pilot project in South Africa South African President Jacob Zuma has given Iris Corp the greenlight to set up a pilot project of its innovative and high-technology "smart village" in South Africa. As part of his three-day official visit to Malaysia, Zuma today visited Iris Corp's headquarters, where he was briefed on the Rimbunan Kaseh smart village project in Tanjung Besar, Pahang, which was the brainchild of Prime Minister Datuk Seri Najib Tun Razak and spearheaded by the company. IRIS Corp MD, Datuk Tan Say Jim, said Zuma was interested in the project's agriculture system as well as its housing development, which used a mixture of styrofoam and cement as its base, thus lowering development cost without compromising quality. (Financial Daily) Malakoff Corporation: To go ahead with IPO next year Malakoff Corporation will go ahead with its initial public offering (IPO) next year, dismissing talk that it will be deferred to 2015. Its CEO Zainal Abidin Jalil said the company is on target to list on the Main Market of Bursa Malaysia by April or May next year. (Business Times) Property: Ministry mulls RPGT increase to stabilise house prices The Ministry of Urban Well-being, Housing and Local Government is studying the possibility of increasing the real property gains tax (RPGT) to stabilise the prices of houses in the country. Minister Datuk Abdul Rahman Dahlan said the current low RPGT has not been effective in stabilising house prices and it may need to be increased to curb unhealthy speculation in the housing market. On whether the move would be announced at the coming Budget, he said: "I wouldn't say that there will be an increase in RPGT in the coming budget. That will be entirely the prime minister's decision. As far as I'm concerned, we're studying the possibility and if it can cool down the market, it would be on the table." (Financial Daily) Plantation: Palm oil price to increase by year-end due to low production of substitutes, says MPOC Palm oil price is expected to increase by year-end due to low production of substitutes such as vegetable and soybean oils, the Malaysian Palm Oil Council (MPOC) said Tuesday. The US Department of Agriculture has been reported to have cut soybean production by about 5% and this could lead to low supply globally. (Bernama) Utilities: Sustainable Energy Development Authority seeks extra 1% levy The Sustainable Energy Development Authority (Seda) is seeking an additional 1% levy to the renewable energy (RE) fund, on top of the current 1% imposed in electricity bills, according to CEO Datin Badriyah Abdul Malek. “We’re looking at a maximun 1% levy that could increase the RE fund size to spur more development in the RE sector. The RE fund is the lifeline of Feed-in-Tariff (FiT),” she said at Seda’s Raya open house. (StarBiz) Oil & Gas: Petronas says no deal with Brazil's OGX until debt restructured Petroliam Nasional, the Malaysian state oil company, said a final agreement to buy a stake in an oil field owned by Brazil's OGX Petróleo e Gas Participações SA is being held up by the completion of OGX's debt restructuring plan. Petronas, as the Malaysian company is known, agreed in May to pay USD850m for a 40% stake in two blocks of OGX's Tubarão Martello field. Regulator ANP has not approved the deal because Petronas has yet to present the necessary financial guarantees to back up the purchase, a government source told Reuters late on Monday. (StarBiz) 3 Daily Bread | 28 August 2013 Economy: Zeti: Malaysia to intervene if ringgit becomes disorderly Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz said the central bank will intervene if the ringgit becomes disorderly. ”What is important for us is just to focus on orderly market conditions. If it’s highly disruptive and disorderly, yes, the central bank will step in. Otherwise, it’s very much determined by the market,” Bloomberg quoted her. The ringgit has fallen 8.2% this year to a three-year low against the dollar, the fourth worst performer among 11 most traded Asian currencies tracked by Bloomberg. (Financial Daily) 4 Daily Bread | 28 August 2013 GLOBAL NEWS US: Confidence rises on employment prospects Consumer confidence unexpectedly improved in August as Americans grew more optimistic about employment opportunities and the outlook for the economy. The Conference Board’s index of sentiment advanced to 81.5 from a revised 81 the prior month that was stronger than initially estimated, the New York-based private research group said on Tuesday. The median forecast in a Bloomberg survey of economists was 79. (Bloomberg) US: Home prices rise but at slower pace US home prices rose in June but the pace of gains cooled, suggesting higher mortgage rates may end up slowing momentum in the housing sector as the year winds down. Home prices rose 0.9 on a seasonally adjusted basis, according to the S&P/Case Shiller composite index of 20 metropolitan areas. Economists had expected them to match May's 1 gain. The data is not likely to alter economists' expectations that the housing recovery will continue, keeping it a sweet spot for an economy that grew just 1.7 in 2Q 2013. But mortgage rates have climbed more than a percentage point since late May, largely on expectations that the Federal Reserve will soon start withdrawing its support for the economy by purchasing fewer bonds. (Reuters) US: Farm income poised for record in 2013 The US agricultural sector will enjoy record high income in 2013 as bin-busting grain harvests in the Midwest more than offset expected lower prices, the Department of Agriculture said on Tuesday. Net farm income in the United States will reach $120.6bn this year, up 6 from 2012 but down from the $128.2bn preliminarily forecast in February, mostly reflecting updated forecasts for cash corn receipts. When adjusted for inflation, net farm income will be the second highest since 1973, USDA said. In unadjusted terms it will exceed the previous high of $118bn in 2011; as recently as 2009 net income was just $60.4bn. (Reuters) US: 3 Fed regional banks pushed for discount rate hike in July Three regional Federal Reserve banks pushed for an increase in the discount rate governing emergency loans from the central bank ahead of a late July policy meeting, minutes from Fed board meetings released on Tuesday showed. The minutes showed that the boards of directors from the Philadelphia Federal Reserve Bank, Kansas City Fed and Dallas Fed all wanted to push the discount rate up by a quarter of a percentage point. That represented a growing chorus; ahead of the Fed's prior policy meeting in June, only Philadelphia and Kansas City were pressing for action. The minutes of July 29 meeting said that some directors wanted to raise the discount rate to 1 "as another step toward restoring a pre-crisis discount rate structure." (Reuters) EU: ECB policy makers repeat rate pledge as council meeting looms Two European Central Bank Executive Board members acknowledged that the euro area’s economy is recovering and repeated a pledge ahead of a policy meeting next week that the central bank will keep interest rates low. “We said that our monetary policy stance will remain expansionary for as long as needed,” Joerg Asmussen said in a speech in DautphetalBuchenau, Germany. “2Q 2013 data confirm our baseline scenario. Our interest rates will remain at the present or lower level for a longer period of time.” Policy makers will convene for their monthly policy-setting meeting on Sep 5, when ECB President Mario Draghi will present new growth and inflation forecasts and provide an update on the bank’s unprecedented pledge to keep rates low. The 17-nation euro economy grew 0.3 in 2Q 2013, ending its longest-ever recession. (Bloomberg) 5 Daily Bread | 28 August 2013 EU: EU investigation finds China solar-panel makers got aid Chinese solar-panel makers received subsidies, a EU investigation showed, increasing the likelihood of EU tariffs on imports of the renewable-energy technology from China to counter trade-distorting state aid. The European Commission has concluded in the probe opened last November that Chinese manufacturers of crystalline silicon photovoltaic modules or panels, and cells and wafers used in them, benefited from preferential lending, tax programs and other aid, an EU official said in Brussels. The inquiry is one of two that the commission is conducting into alleged unfair Chinese trade in solar goods. (Bloomberg) Germany: Business confidence increases to 16-month high German business confidence rose to the highest level in 16 months in August, beating forecasts and indicating that the recovery in Europe’s largest economy is gathering pace. A measure of construction activity fell. The Ifo business climate index, based on a survey of 7,000 executives, climbed to 107.5 from 106.2 in July, the Munich-based institute said today. That’s the highest since April 2012. Economists predicted an increase to 107, according to the median of 42 forecasts in a Bloomberg News survey. (Bloomberg) China: Urges caution in Fed policy tapering The US Federal Reserve must consider when and how fast it unwinds its economic stimulus to avoid harming emerging markets, although the impact on China could be more limited compared with some other countries, senior Chinese officials said on Tuesday. The warning by China's Vice Finance Minister Zhu Guangyao and central bank Vice Governor Yi Gang came as economies from Brazil to Indonesia struggle to cope with capital flight as US interest rates rise ahead of an expected tapering off in the Fed's bond buying program that unleashed liquidity across the world. (Reuters) 6 Daily Bread | 28 August 2013 ECONOMIC CALENDAR Country Details China United States United States Eurozone Eurozone Eurozone United States United States China China Eurozone United States United States China Leading Index US Pending Home Sales m-o-m US Initial Jobless Claims EU Unemployment Rate EU CPI y-o-y EU Economic Confidence US Personal Income US Personal Spending China Official Manufacturing PMI China HSBC/Markit Manufacturing PMI EU Manufacturing PMI US Construction Spending m-o-m US Manufacturing ISM Date Period Median Forecast Prior 28-Aug-13 28-Aug-13 29-Aug-13 30-Aug-13 30-Aug-13 30-Aug-13 30-Aug-13 30-Aug-13 2-Sep-13 2-Sep-13 2-Sep-13 3-Sep-13 3-Sep-13 Jul Jul Aug 23 Jul Aug Aug Jul Jul Aug Aug Aug Jul Aug 0.00 330,000 12.10 1.40 83.80 0.20 0.30 50.5 50.2 0.20 54.0 99.55 -0.40 336,000 12.10 1.60 92.50 0.30 0.50 50.3 47.7 51.3 -0.60 55.4 CORPORATE CALENDAR Financial results Company Financial quarter Announcement date Hunza Properties Media Chinese International TRC Synergy Mudajaya Genting Berhad Genting Malaysia Hong Leong Bank Kimlun Corporation Axiata Sime Darby RHB Capital 4QFY13 2QFY13 2QFY13 2QFY13 2QFY13 2QFY13 4QFY13 2QFY13 2QFY13 4QFY13 2QFY13 28-Aug-2013 28-Aug-2013 28-Aug-2013 28-Aug-2013 29-Aug-2013 29-Aug-2013 29-Aug-2013 29-Aug-2013 30-Aug-2013 30-Aug-2013 30-Aug-2013 Analyst briefing / teleconference date and time Analyst briefing on 30 Aug 2013 Corporate Actions Company Particulars Instacom Group Century Logistics Holdings Kumpulan Hartanah Selangor Asas Dunia Bonus issue of up to 351.1m new warrants (1:2) Date Price announced Ex-date RM0.33/warrant - 12-Jun-13 15-Aug-13 28-Aug-13 2-Sep-13 Unconditional take-over offer by Kumpulan Darul Ehsan RM0.84/share 14-Feb-13 TBA Conditional voluntary take over offer by Tony Chan Holdings Sendirian Berhad, Tony Chan Capital Sdn Bhd, Sprintex Limited and Best Conditions Limited Denko Industrial Par value reduction of RM0.60/share Rights issue of up to 254m new shares (1:1) together with up to 254m free new GPRO Technologies detachable warrants (1:1) Melewar Industrial Rights issue of 150.3m shares (2:3) SAAG Consolidated Restricted issue of 100.0m new ordinary shares Renounceable rights issue of up to 3,035.9m new ordinary shares (7:5) together SAAG Consolidated with up to 607.2m free detachable warrants (1:5) Malaysian AE Models Renounceable two-call rights issue of 53.5m new shares (1:2) together with up Holdings to 53.5 free detachable warrants (1:2) Dijaya Corporation Bonus issue of up to 122.8m new shares (1:4 rights) OSK Property Bonus issue of up to 47.5m new shares (2:1 Rights) Renounceable rights issue of up to 94m new shares (4:1) together with up to Ideal Sun City 47m free detachable warrants RM1.70/share 29-Jul-13 TBA - 28-Jul-11 TBA RM0.10/share 20-Jan-12 TBA RM0.40/share TBA 31-Jan-12 13-Feb-12 TBA TBA RM0.10/share 13-Feb-12 TBA RM1.00/share 2-Mar-12 TBA - 6-Mar-12 16-Mar-12 TBA TBA RM0.10/share 27-Apr-12 TBA Distribution of treasury shares (1:25) 7 Daily Bread | 28 August 2013 Corporate Actions Date Price announced Company Particulars Aliran Ihsan Resources Tadmax Resources Asia Knight Proposed selective capital reduction and repayment resulting in the privatisation of the company by MMC Corporation Par value reduction of RM0.50/share Renounceable rights issue of 66.1m irredeemable convertible preference shares(3:2) together with 22.0m free detachable warrants (1:2) Renounceable rights issue of up to 255.2m new ordinary shares (2:1) together with up to 382.8m new free detachable warrants (2:1.5) Renounceable rights issue of up to 339m new shares (1:4) together with up to 339m free detachable warrants (1:4) Proposed issue of up to 473m free warrants (1:3) Eduspec Holdings Diversified Gateway Solutions Malaysian Resources Corporation GPRO Technologies GPRO Technologies Priceworth International Priceworth International KBB Resources KBB Resources Sarawak Cable Bright Packaging AT Systemization Censof Holdings Naim Indah Corporation Tiger Synergy Starhill REIT Flonic Hi-tec Nextnation Help International Corporation Hua Yang Symphony Life Pintaras Jaya Zelan Zelan BIMB Holdings SBC Corporation SBC Corporation Ex-date RM1.84/share 9-Jul-12 TBA RM1.00/ICPS 18-Jul-12 9-Nov-12 TBA TBA RM0.10/share 26-Dec-12 TBA RM0.10/share 26-Dec-12 TBA TBA 8-Feb-13 TBA - 14-Feb-13 14-Feb-13 1-Apr-13 TBA TBA TBA Proposed issuance of unsecured redeemable convertible notes with an aggregate principal amount of up to RM50.0m Par value reduction of RM0.35/share Renounceable rights issue of up to 120m new shares (1:1) together with up to RM0.18/share 120m free detachable warrants (1:1) Bonus issue of up to 46.5m new shares (1:5) Par value reduction of RM0.50/share Renounceable rights issue of up to 196.8m new ordinary shares (1:1) together TBA with up to 196.8m free detachable warrants (1:1) Issuance of redeemable convertible notes with an aggregate principal amount of TBA up to RM100m Rights issue of up to 702m new shares (1:1) together with up to 842.4m free TBA new detachable warrants (6:5) Renounceable rights issue of up to 424.7m new shares (1:1) together with up to TBA 424.7m free detachable warrants (1:1) Proposed placement of new units to raise gross proceeds of up to RM800m TBA Par value reduction of RM0.05/share Renounceable rights issue of up to 608.8m new ordinary shares (2:4) together RM0.10/share with up to 304.4m free detachable warrants (2:1) Renounceable rights issue of RM71m nominal value of 5 years 4% ICULS 100% of nominal (RM0.50 ICULS:1) value of ICULS Bonus issue of up to 66m new shares (1:3) Bonus issue of up to 77.5m warrants (1:4) Bonus issue of up to 80.1m new shares (1:1) Par value reduction of RM0.40/share Rights issue of up to 281.6m new shares (1:2) together with free new TBA detachable warrants (1:1) Renounceable rights issue of up to 426.7m ordinary shares (2:5) together with RM3.60/share up to 426.7m free warrants (2:2) Renounceable rights issue of up to 49.4m ordinary shares (3:5) TBA Bonus issue of up to 24.7m new shares (1:2) TBA 1-Apr-13 TBA 3-Apr-13 3-Apr-13 TBA TBA 4-Apr-13 19-Apr-13 10-May-13 TBA TBA TBA 14-May-13 TBA 10-Jun-13 TBA 13-Jun-13 TBA 14-Jun-13 21-Jun-13 27-Jun-13 TBA TBA TBA 8-Jul-13 TBA 17-Jul-13 23-Jul-13 30-Jul-13 31-Jul-13 31-Jul-13 TBA TBA TBA TBA TBA 1-Aug-13 TBA 2-Aug-13 2-Aug-13 TBA TBA Par value reduction of RM0.07/share Bonus issue of up to 139.7m warrants to ordinary shareholders (1:2) Par value reduction of RM0.40/share Note: TBA – to be announced Dividends Company Particulars AMMB Holdings Marco Holdings Knusfor Homeritz Corporation Mitrajaya Holdings QL Resources Oriental Food GUH Holdings Final single tier dividend 15% Second interim single-tier dividend 8% First and final single tier dividend 5 sen First interim single tier dividend 5% equivalent to 1 sen T.E. First and final single tier cash dividend 2 sen Final single tier dividend 4.5 sen Single tier final dividend RM0.02 Interim dividend 6 sen Gross DPS (RM) Date announced Ex-date Lodgement date Payment date 0.015 0.080 0.050 0.010 30-Jul-13 16-Aug-13 5-Jun-13 29-Jul-13 28-Aug-13 28-Aug-13 28-Aug-13 28-Aug-13 30-Aug-13 30-Aug-13 30-Aug-13 30-Aug-13 12-Sep-13 20-Sep-13 18-Sep-13 27-Sep-13 0.020 0.045 0.020 0.060 28-May-13 29-Jul-13 1-Aug-13 19-Aug-13 28-Aug-13 29-Aug-13 29-Aug-13 30-Aug-13 30-Aug-13 2-Sep-13 2-Sep-13 3-Sep-13 12-Sep-13 13-Sep-13 1-Oct-13 18-Sep-13 8 Daily Bread | 28 August 2013 Dividends Gross DPS (RM) Date announced Ex-date Lodgement date Payment date Company Particulars Unico-Desa Plantations BP Plastics Holdings Hap Seng Plantations Pharmaniaga Malayan Flour Mills Alam Maritim Pantech Group Century Logistics Holdings KLCC Property Single tier final dividend 2.5 sen 0.025 11-Jul-13 29-Aug-13 3-Sep-13 18-Sep-13 Interim dividend 4% T.E. First interim dividend 3 sen single-tier T.E 0.040 0.030 19-Aug-13 19-Aug-13 30-Aug-13 30-Aug-13 3-Sep-13 3-Sep-13 19-Sep-13 19-Sep-13 Second interim dividend - single tier 3.41 sen Interim dividend 3 sen Final single-tier dividend 1% or 0.25 sen Final single tier dividend 1.20 sen Single tier interim cash dividend 4.0 sen 0.034 0.030 0.003 0.012 0.040 16-Aug-13 21-Aug-13 20-Aug-13 24-Jul-13 15-Aug-13 30-Aug-13 2-Sep-13 2-Sep-13 2-Sep-13 2-Sep-13 3-Sep-13 4-Sep-13 4-Sep-13 4-Sep-13 4-Sep-13 24-Sep-13 20-Sep-13 12-Sep-13 19-Sep-13 3-Oct-13 Second interim dividend 4.26 sen T.E under single tier system First income distribution of 3.19 sen per unit (taxable) Single tier final dividend 5% Final dividend 2.5% single tier Single tier final dividend 8.25% Final dividend 4 sen single tier Interim dividend of 16.3 sen less tax and 1.2 sen single tier Interim single-tier TE dividend 8 sen Second interim single tier dividend 85% Final dividend 35 sen 0.043 21-Aug-13 3-Sep-13 5-Sep-13 19-Sep-13 0.032 21-Aug-13 3-Sep-13 5-Sep-13 3-Oct-13 0.050 0.025 0.083 0.040 0.175 24-Jul-13 28-Jun-13 30-Jul-13 1-Aug-13 21-Aug-13 4-Sep-13 4-Sep-13 4-Sep-13 4-Sep-13 4-Sep-13 6-Sep-13 6-Sep-13 6-Sep-13 6-Sep-13 6-Sep-13 20-Sep-13 27-Sep-13 18-Sep-13 19-Sep-13 27-Sep-13 0.080 0.085 0.350 6-Aug-13 21-Aug-13 30-May-13 4-Sep-13 5-Sep-13 5-Sep-13 6-Sep-13 9-Sep-13 9-Sep-13 3-Oct-13 26-Sep-13 20-Sep-13 Special dividend 138 sen 1.380 30-May-13 5-Sep-13 9-Sep-13 20-Sep-13 Interim dividend 2.5 sen Second interim income distribution 1.83 sen (taxable 1.75 sen & 0.0798 sen T.E) First interim dividend 2 sen single tier 0.025 0.018 23-Aug-13 23-Aug-13 5-Sep-13 5-Sep-13 9-Sep-13 9-Sep-13 25-Sep-13 8-Oct-13 0.020 22-Aug-13 5-Sep-13 9-Sep-13 3-Oct-13 Single tier interim dividend 3 sen 0.030 31-Jul-13 5-Sep-13 9-Sep-13 30-Sep-13 First and final dividend 7.6 sen (0.4 sen less tax and single-tier dividend 7.2 sen) Interim single tier dividend 2.5 sen 0.076 19-Jun-13 5-Sep-13 9-Sep-13 20-Sep-13 0.025 22-Aug-13 6-Sep-13 10-Sep-13 26-Sep-13 Interim dividend 10% (or 2.5 sen) single-tier T.E 0.025 20-Aug-13 6-Sep-13 10-Sep-13 25-Sep-13 Special dividend 15% (or 3.75 sen) single-tier T.E Interim single tier dividend 8 sen First interim single tier dividend 6 sen Interim dividend 15 sen single tier Interim dividend 3 sen T.E. 0.038 20-Aug-13 6-Sep-13 10-Sep-13 25-Sep-13 0.080 0.060 0.150 0.030 21-Aug-13 22-Aug-13 22-Aug-13 22-Aug-13 6-Sep-13 6-Sep-13 6-Sep-13 6-Sep-13 10-Sep-13 10-Sep-13 10-Sep-13 10-Sep-13 27-Sep-13 25-Sep-13 20-Sep-13 27-Sep-13 Second interim single tier dividend 3.50 sen Second interim dividend 5% single tier Final dividend 3 sen Interim dividend RM0.60 single tier T.E Single tier interim dividend 3.5 sen Second interim dividend - single tier 7.5 sen Final dividend 9.5 sen Interim single-tier dividend 4 sen First interim single-tier dividend 1 sen Second semi-annual interest payment 4% ICULS Single-tier final dividend 8% First and final dividend 8.30 sen 0.035 0.050 0.030 0.600 0.035 0.075 0.095 0.040 0.010 0.040 22-Aug-13 23-Aug-13 4-Jun-13 22-Aug-13 22-Aug-13 21-Aug-13 2-Aug-13 21-Aug-13 22-Jul-13 22-Aug-13 9-Sep-13 9-Sep-13 9-Sep-13 10-Sep-13 10-Sep-13 11-Sep-13 11-Sep-13 11-Sep-13 11-Sep-13 11-Sep-13 11-Sep-13 11-Sep-13 11-Sep-13 12-Sep-13 12-Sep-13 13-Sep-13 13-Sep-13 13-Sep-13 13-Sep-13 13-Sep-13 27-Sep-13 27-Sep-13 26-Sep-13 3-Oct-13 26-Sep-13 30-Sep-13 7-Oct-13 30-Sep-13 27-Sep-13 25-Sep-13 0.080 0.083 6-Aug-13 12-Aug-13 12-Sep-13 12-Sep-13 17-Sep-13 17-Sep-13 4-Oct-13 14-Oct-13 KLCC REIT Systech YNH Property Hua Yang Hartalega Holdings Petronas Dagangan Maxis IOI Corporation Panasonic Manufacturing Malaysia Panasonic Manufacturing Malaysia OSK Holdings Amanahraya REIT Wah Seong Corporation Luxchem Corporation Mah Sing Group Paramount Corporation Kian Joo Can Factory Kian Joo Can Factory PPB Group Deleum Petronas Gas Daibochi Plastic & Packaging Jobstreet Magnum 4D Seacera Group Nestle Malaysia WCT Holdings Boustead Holdings Pos Malaysia Apex Healthcare Gunung Capital SAM Engineering & Equipment LTKM SAM Engineering & Equipment 9 Daily Bread | 28 August 2013 Dividends Company Particulars ELK-Desa Resources SHL Consolidated Tomypak Holdings Icapital Biz Li Hen Industries Amcorp Properties Chinwell Holdings Jasa Kita First and final single tier dividend 6.5 sen First and final dividend 12 sen Interim dividend 2.0 sen T.E. Special dividend 9.5 sen Second interim single-tier dividend 1.5% Final dividend 6% Second interim dividend 4% T.E First and final dividend 5% Gross DPS (RM) Date announced 0.065 0.120 0.020 0.095 0.015 0.060 0.040 0.050 8-Jul-13 22-Jul-13 19-Aug-13 22-Aug-13 23-Aug-13 20-Aug-13 22-Aug-13 22-Aug-13 Note: TE – tax exempt 10 Ex-date Lodgement date Payment date 13-Sep-13 13-Sep-13 13-Sep-13 17-Sep-13 17-Sep-13 13-Sep-13 23-Sep-13 23-Sep-13 18-Sep-13 18-Sep-13 18-Sep-13 19-Sep-13 19-Sep-13 23-Sep-13 25-Sep-13 25-Sep-13 3-Oct-13 30-Sep-13 8-Oct-13 7-Oct-13 4-Oct-13 3-Oct-13 22-Oct-13 10-Oct-13 Daily Bread | 28 August 2013 DISCLOSURE Stock rating definitions Strong buy Buy Neutral Sell Trading buy - High conviction buy with expected 12-month total return (including dividends) of 30% or more Expected 12-month total return of 15% or more Expected 12-month total return between -15% and 15% Expected 12-month total return of -15% or less Expected 3-month total return of 15% or more arising from positive newsflow. However, upside may not be sustainable Sector rating definitions Overweight Neutral Underweight - Industry expected to outperform the market over the next 12 months - Industry expected to perform in-line with the market over the next 12 months - Industry expected to underperform the market over the next 12 months Commonly used abbreviations Adex = advertising expenditure bn = billion BV = book value CF = cash flow CAGR = compounded annual growth rate Capex = capital expenditure CY = calendar year Div yld = dividend yield DCF = discounted cash flow DDM = dividend discount model DPS = dividend per share EBIT = earnings before interest & tax EBITDA = EBIT before depreciation and amortisation EPS = earnings per share EV = enterprise value FCF = free cash flow FV = fair value FY = financial year m = million M-o-m = month-on-month NAV = net assets value NM = not meaningful NTA = net tangible assets NR = not rated p.a. = per annum PAT = profit after tax 11 PBT = profit before tax P/B = price / book ratio P/E = price / earnings ratio PEG = P/E ratio to growth ratio q-o-q = quarter-on-quarter RM = Ringgit ROA = return on assets ROE = return on equity TP = target price trn =trillion WACC = weighted average cost of capital y-o-y = year-on-year YTD = year-to-date Daily Bread | 28 August 2013 DISCLAIMER This report has been prepared for information purposes only by Alliance Research Sdn Bhd (Alliance Research), a subsidiary of Alliance Investment Bank Berhad (AIBB). 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