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ISSUE 22

07/12/09 - 10/01/10

RESILIENT RUBBER: FROM PRODUCER TO MANUFACTURER OTHER FEATURES

Markets headed for consolidation The proposed 4% GST Banking on improved performance ISSN 1793-7280

PP 14523/03/2010(023784) • MICA (P) 025/04/2009

Uncover the secrets to your wealth ™

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CONTENTS

Issue 22

07 Dec - 10 Jan 2010

Malaysia used to be the world’s biggest producer of natural rubber. It lost its dominance as the supplier for one-third of the world’s output in 1985 with the country’s shift towards industrialization.

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PERSPECTIVE FEATURES

MALAYSIA p8

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Resilient Rubber

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Markets Headed For Consolidation

p8 GST At 4%

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Momentum Weakening, Time For A Break?

p12 Introducing New Fuel Subsidy Scheme With Care

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Maximising A Return

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Banking On Improved Performance

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Christmas Comes Early For CapitaMalls Asia

Information in this guide has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. While every precaution is taken to ensure accuracy, the publisher accepts no liability for any error which may arise. The articles are based on the opinions of the various authors and do not represent the opinions of this publication and/or the opinions of the organisation he/she represents. In no event is SHARES INVESTMENT liable for all and/or any direct or indirect loss arising from any use or any reliance of any information provided.

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All materials printed in SHARES INVESTMENT are protected under the copyright act. All rights reserved. No part of this publication may be reproduced in any form or by any means without the written permission of the publisher. Information in the publication should not be taken as offer/ advice to buy or sell securities. We, our associated companies and / or their officers, directors and employees may own or have positions in securities mentioned in the publication, and may from time to time, add on to or dispose of such securities.

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REGULARS

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Supported by

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• editorial desk •

H

ow time flies when you are having fun. It was not a lot of fun some 12 months ago when the world was in the throes of a financial crisis. Economists and analysts tried to reassure everyone that in 1H09 things will bottom out and a recovery will be seen in 2H09. As the year draws to a close, we are seeing a gradual recovery and the downslide did not seem to hurt as much as feared – though to many, it did hurt a lot, as unemployment data will attest. If only our economy is as resilient as rubber: it would bounce back in a jiffy! This issue, we feature an exclusive interview with Minister for Plantation Industries and Commodities, Tan Sri Bernard Giluk Dompok, who shared his views on the rubber industry. It may interest you to know that Malaysia has no intention to regain its crown as the world’s top rubber producer. No, our land resources are too scarce and can be put to better use. Yet, there are big plans for downstream

rubber industries, which is good news for the manufacturing sector, and in turn, investors in such companies. Find out more in our Perspective article. Fiscal reforms are also in the pipeline with the impending introduction of the Goods and Services Tax (GST). It will not be for at least another 18 months, but the government has already let on that it will be a low 4% rate, and the GST will replace the current sales and service taxes, which are at a higher 5% to 10%. Nonetheless, concerns linger regarding its implementation and businesses are particularly concerned since the tax is paid upfront for every transaction, and refunds must be claimed to prevent over-taxation. Will there be an adequate system in place to cope with this massive paperwork? Happy investing and have a prosperous New Year! To our Christian readers, we also bid you a Merry and Blessed Christmas. May there be many great stocks in your stocking! Clarification: In our November 2009 (#21) edition, the author of the article “What Are Shariah-Compliant Securities?” is the Securities Industry Development Corporation (SIDC) and not as published. In addition, the website of the Securities Commission should read as www.sc.com.my and not www.sc.org.my as printed. We deeply regret the error.

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Perspective text : Stephen Chin & Paul Yeo

RESILIENT RUBBER

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alaysia used to be the world’s biggest producer of natural rubber. It lost its dominance as the supplier for one-third of the world’s output in 1985 with the country’s shift towards industrialization. The lucrative prices of crude palm oil also led many plantation estates to change crops, favouring oil palm over rubber. Yet, the rubber industry remains important to Malaysia, stressed Minister of Plantation Industries and Commodities, Tan Sri Bernard Giluk Dompok, in an exclusive interview with Shares Investment (Malaysia). Malaysia does not aim to regain its position as the world’s top producer, he said. “We are constrained by a shortage of labour and competitive land use. Our direction is on value-added industrial and general rubber products,” he explained. Malaysia is the largest producer of latex gloves. Global demand for gloves is expected to grow by 10%-12% annually, Tan Sri Bernard said. The demand for natural (NR) and synthetic (SR) latex is expected to grow in tandem. In 2008, the domestic rubber industry consumed 603,191 tonnes of rubber, of which 77.7% was natural rubber. The government’s strategy is to

diversify rubber products from NR-base latex products to SRbased industrial rubber goods, especially in automotive and engineering components. Consumption of SR is expected to increase to 153,000 tonnes by 2010, 205,000 tonnes in 2015 and 270,000 by 2020. The Third Industrial Master Plan (3IMP) envisaged the production of seismic bearings, rubber fender systems, automotive rubber-metal components and high-pressure hoses, for example. “The strategy is to manufacture high-end specialised products where Malaysia has the comparative advantage in research & development support and expertise,” he said. Since the 1970s, the Malaysian Rubber Board (MRB) has been developing rubber seismic bearing technology to be used in earthquake-prone countries. This would protect buildings, people and contents within buildings during earthquakes. The effectiveness of such technology was evident in Northridge (1994) and Kobe (1995): buildings with such technology withstood the quakes better than those that did not. “The government is also actively implementing steps to further broaden applications into high value-added and high technology areas, such as engineering, marine, automotive, aeronautical and military

Tan Sri Bernard: The rubber industry remains important to Malaysia

applications. “With the rubber products industry entering a mature phase, and increasing competition from countries such as Thailand and China, issues such as creativity, innovation, efficiency, cost reduction and product designs will be a priority. Market access and penetration will depend not only on competitive pricing but customised products of high or improved quality,” Tan Sri Bernard explained. To this end, the Ministry is encouraging R&D and protecting intellectual property (IP). “Intellectual property registration is the first priority. Our Technology Management Office (TMO) is looking for ways to protect our inventions, including the application of laws such as the Patents Act, 1983, Copyright Act 1987, Industrial Designs Act 1996 and the Trade Marks Act 1976.

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“The MRB also has an IP committee to ensure IP protection and facilitate the propagation of technologies to authorised stakeholders. The committee oversees IP registration for the MRB and works closely with IP agents to stay up-to-date and avoid administrative errors in the filing process,” he explained. The MRB is also guided by the Ministry of Science, Technology and Innovation’s IP Policy which encourages scientists to protect their inventions and be rewarded when their R&D findings are successfully commercialised. Investments in rubber manufacturing have been very encouraging, said Tan Sri Bernard. Investment grew at CAGR of 25.5% from RM328m in 2003 to RM812m in 2007, although total investments dipped to RM696m in 2008 due to unfavourable economic conditions, he explained. The government offers various incentives to encourage investment in this sector, such as tax exemptions and allowances, incentives for investors producing certain rubber products, and incentives for companies setting up manufacturing plants in promoted areas such as Kelantan, Terengganu, Pahang, Perlis, Mersing in Johor, Sabah and Sarawak. For instance, imported raw materials and machinery or equipment not produced locally are exempted from import duty.

PLANTATION STILL A PRIORITY

Rubber planting and harvesting are still important to

Tan Sri Bernard’s Ministry as they are a main source of income for about 250,000 smallholders in rural areas. “A rubber tree is a virtual Automated Teller Machine. It generates income on tap. Rubber latex and sheet rubber can be stored and sold when needed, unlike palm oil which must be processed almost immediately,” he explained. “Therefore, the government will continue to improve tree and land productivity for areas planted with rubber. “ The MRB is responsible for the development of the Malaysian rubber industry. Initially, its activities were centred on upstream activities. Since the 1950s, it produced a series of high latex-yielding clones. In recent years, it shifted its focus to produce clones called latextimber clones that have a high latex yield and produce quality rubber wood. “Consumers know that rubber wood comes from farmed trees. This is appealing to countries that are environmentally conscious and want to protect natural rainforests by avoiding hardwood timber,” Tan Sri Bernard explained. The MRB also developed latex harvesting technology that uses gaseous or chemical stimulation to prolong latex flow; improves tapper productivity; and prolongs the economic life of the trees. “So far, the application of the Low Intensity Tapping System has benefited 85,000 smallholders. “Tappers can improve yields up to 1,500kg per hectare per annum with Ethephon,

and up to 2,500kg per hectare per annum with gaseous stimulation,” Tan Sri Bernard explained. The MRB promotes land and management consolidation programs to put uneconomic holding sizes under a central and more efficient management. “It is always our policy to encourage largescale holdings to enjoy economies of scale. Smallholdings are often developed as large blocks and placed under central management. FELDA, FELCRA, RISDA mini-estates and RRIM Panti are examples of such centralised management,” he said. “We also encourage private plantation companies to go back to rubber, by replanting their hilly and marginal land (areas that are unsuitable for oil palm planting) with rubber. Incentives such as Reinvestment Allowance, Accelerated Agricultural Allowance, Pioneer Status and Promoted Areas, and high rubber prices have attracted many plantation-based companies to do so. “The government also promotes sustainable forest plantations with monetary and fiscal incentives. In such programs, rubber is the preferred species. The wood can be harvested when the trees are 16-years-old, but from year nine onwards, latex can be tapped to generate income and provide additional raw material to rubber-based industries. This program is administered by Forest Plantation Development Sdn Bhd,” he said. 5

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Trend spotting text : Benny Lee

Benny Lee is a private trader and chief market strategist for the NextVIEW Group. The NextVIEW Group is a group of companies in the Asian region that provides a leading realtime investment tool for both professional and retail investors. NextVIEW is also a leading Investor Education training provider. For more information, log on to www.nextview.com.

MARKETS HEADED FOR CONSOLIDATION FBM Kuala Lumpur Composite Index (FBMKLCI): Due for bigger consolidation

The Malaysian equity market benchmark index, the FBMKLCI made a new high in the month of Nov at 1,288.42 points before pulling back to 1,259.11 points end-Nov. The market was already feeling some selling pressure just below the technical resistance level at 1,300 points due to a lack of fresh catalysts. Trading volume was rela-

Resistance Support

tively lower than Oct. The FBMKLCI still managed to close higher month-to-month with an increase of 16 points or 1.3%. The monthly increase was relatively lower than the previous months’ increase and this shows that the upward momentum has eased. While many expect the KLCI to cross above the psychological level of 1,300 points soon, I beg to differ: I think the market is due for a bigger consolidation which

is going to take about four to six months before the market can continue the uptrend again. In the uptrend since April this year, the FBMKLCI was supported well by the 30-day moving average whenever it consolidated. However, on 30 Nov, the FBMKLCI was shaken and went below this moving average and therefore the market is expected to correct further and would probably find support only at 1,200 points. The immediate resistance is at

Resistance Support Support

Support

Weekly KLCI (left) and FTSTI (right) charts as at 30 Nov 2009 using NextVIEW Advisor

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Resistance

Resistance

Support

Support

Weekly HSI (left) and DJI (right) charts as at 30 Nov 2009 using NextVIEW Advisor

1,280 points.

FTSE Straits Times Index (FTSTI): Heading towards immediate support level

I n m i d - N o v, t h e F T STI managed to test the 2,700-point immediate resistance level and rallied to the next resistance level at 2,800 points, climbing to as high as 2803.83 points. However, the market fell steeply in the last two trading days of the month by falling about 70 points or 2.5% to close at 2732.12 points. On a month-to-month basis, the benchmark index still closed positively by an increase of 81 points or 3%. Trading volume declined slightly in the past few months. Investor confidence in the market has been weak. The FTSTI is still in an uptrend and since April this year when the uptrend started, it has been supported by the 60-day moving average.

The moving average is currently at 2,685 points and this should be the immediate support level. The pattern from the chart shows that the market has strong support at 2,600 points. The FTSTI is expected to head towards the immediate support level before continuing the trend. There is still a chance for the benchmark index to climb to the uptrend technical target of 3,000 points but this is unlikely to happen in the next four to six months. Immediate resistance level is 2,800 points.

Hong Kong Hang Seng Index (HSI): Stronger bearish pressure

As one of the major financial hubs in Asia, the Hong Kong equity market took a plunge after Dubai announced its problems in paying its debts and sparked fears of another financial crisis. The HSI gapped down and fell slightly more than

1,000 points or 4.8% on 27 Nov to close at 21,134.50 points. However, the market rebounded at the end of the month to close at 21,821.50 points. In the middle of Nov, the HSI peaked at 23,100 points, the highest since August last year. Trading volume, which continued to decline slightly in the past few months, was quite high in the last few days of Nov. The HSI rebounded exactly on the 90-day moving average. Since April this year, the HSI was supported by the 60-day moving average but the 27 Nov plunge broke this support level. However, the benchmark index climbed back above the 60-day moving average. The upward momentum for the past three months has been weak. The momentum indicators started its divergence from the uptrend since (Continues on Pg 9) 7

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Perspective text : Stephen Chin

GST At 4%

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fter deferring the proposed broad-based Goods and Services Tax (GST) during Tun Abdullah Badawi’s tenure as prime minister, the government is finally going ahead with its implementation. It plans to introduce a 4% GST in 2011 and expects to earn RM1b in the first year. The tax legislation is expected to be tabled for first reading in Parliament this month, and may be implemented in mid-2011. Second Finance Minister, Dato’ Seri Ahmad Husni Hanadzlah told Bernama news agency that the GST will not put pressure on prices as it replaces the current sales and services tax, at 5% and 10% respectively. To ease the burden on consumers, staple foods such as rice, sugar, cooking oil and flour will be exempted. Maybank Investment Bank’s chief economist, Suhaimi Ilias said the GST is needed to reduce the country’s growing dependence on petroleumbased revenues, and to address the imbalance in the tax structure caused by narrow-based sales and service taxes; falling revenues from trade-related duties (due to multilateral and bilateral free trade agreements); and a lowering of direct income taxes to boost economic competitive-

ness and make Malaysia a more attractive destination for foreign direct investments and businesses. Whilst businesses generally have the responsibility to account for GST and remit the taxes to the government, the man in the street bears the burden of the tax, Chew Theam Hock, executive director of KPMG, told Shares Investment (Malaysia). “By introducing GST at a low rate, the impact can be softened or managed,” he added. KPMG executive director, Tan Eng Yew, added that in principle, GST should apply across most goods and services. “Ideally, GST should not distort investment, production and consumption decisions. As such, it should generally not affect the stock market. Empirically, the introduction of GST In other countries has not had a significant impact on the stock markets,” he explained. Asked on the likely tax treatment that would be applied to the stock market, Tan said the general treatment used in other countries could be adopted here as well: • The issue of shares or securities – to exempt supply • Brokerage and other feebased services – taxable supply • Late payment interest – exempt supply Usually, Chew said, GST is

Chew: By introducing GST at a low rate, the impact can be softened or managed

introduced as a package that includes a reduction of income taxes, particularly personal income taxes, and the abolition of some other taxes. “The government has announced the replacement of sales tax and service tax, but has not indicated its plan on personal income tax,” he said. An ideal GST structure should be broad-based singlerate regime for simplicity’s sake, Chew said. It should also be fixed at a low rate so as not to be too burdensome on the public, and exemption applied for essential items to further ease the burden on the public. However, he added, exemptions should be kept to a minimum as they have a tendency to create complexity and confusion. Tan suggested that Free Zones or the equivalent be maintained to encourage ex-

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port-based businesses. It is also important for the government to provide clear transitional rules leading up to the GST’s implementation, he added. Maybank IB’s Suhaimi said the public must also be educated to ensure a buy-in. He also stressed the importance of having the right systems in place. “The customs department and corporations must have the right systems in place. So sufficient preparation time is vital, especially for SMEs,” he said. “Test runs must be done to ensure efficiency of processing claims for GST rebates as delays will hurt the cash flow of companies since they pay GST for their inputs and then

claim from the government,” he added. The Federation of Malaysian Manufacturers (FMM) voiced the same concerns when it issued a statement in October. “The greatest concern of businesses, in particular, exporters, was the efficiency of refunds. The International Monetary Fund identified the efficiency of the refund mechanism as the Achilles’ heel of any GST system,” it said. Efficiency depends on the quantum of refunds, the manpower to process the claims and the level of confidence in clearing and issuing refunds without carrying out pre-refund audits. “As Malaysia is a highly export-oriented

economy, GST refunds can be as high as 58.3% based on FMM’s estimates in 2005. The promise of refunds within 14 days could be difficult to fulfill,” it said.

(From Pg 7)

giving Thursday. The panic caused investors to sell on Friday and forced the DJI to fall 154.48 points or 1.48% to close at 10,309.92 points. The DJI went as low as 10,231 points intraday before rebounding to close higher. On the last day of Nov, the DJI slightly rebounded to close at 10,344.84 points. The selling pressure was not as bad as expected despite heavy losses in the Asian and European markets when the US was on holiday: it was buffered by improved consumer spending, jobless claims and home sales. Trading volume was unexpectedly low as investors did not rush to sell, but preferred to hold on and wait for further

developments. The DJI is currently still in an uptrend supported strongly by 60-day moving average. The 60-day moving average is currently at 9,900 points and the DJI is expected to pullback to this immediate support level. Momentum indicators have gone into the neutral zone, but in the long term, the uptrend is still strong because these indicators are in convergence with the uptrend. If the immediate support level is broken, the DJI may fall further into correction and find support at 9,700 points. However, if the immediate resistance level at 10,500 points is broken, the market may rally strongly to the next resistance level at 10,700 points.

Sept, which indicate stronger bearish pressure. This shows strong resistance and there is a little chance for the HSI to move higher above the recent peak of 23,100 points. The HSI may test the 90-day moving average support level again at 21,250 points and if this is broken, the market may continue to move further downwards to the next support level at 20,400 points.

US Dow Jones Industrial Average (DJI): Momentum indicators are neutral

Investors in the US were startled by Dubai’s debt problems on their national holiday celebrating Thanks-

Tan: GST should not distort investment, production and consumption decisions

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Trend spotting

text : Benny Lee

MOMENTUM WEAKENING, TIME FOR A BREAK? Kuala Lumpur Composite Index Futures (FKLI)

The equity market once again extended the bullish rally by making a new high in mid-Nov. The FKLI went as high as 1,286 points, the highest since May last year. The underlying FBMKLCI went as high as 1,288 points. The futures market then pulled back and the FKLI (Nov) closed at 1,267

points at end-Nov and the Dec contract closed at 1,257 points. The FKLI has been in an uptrend since April this year and the trading strategy here is to buy on dips, especially if it pulls back to the 30-day moving average. However, the uptrend is now questionable as the momentum gets weaker. The FKLI is still above all

the short- to long-term 30- to 90-day moving averages. The FKLI is once again at the 30-day moving average and based on the previous price action, it is expected to rebound from the current level. The momentum of the uptrend appeared to be weaker. Momentum indicators such as RSI and MACD are diverging against the FKLI uptrend in the past month. The MACD

Resistance

FKLI rebounds whenever RSI goes to 50

Daily FKLI chart as at 30 Nov 2009 using NextVIEW Advisor

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Resistance

Averages

Daily FCPO chart as at 30 Nov 2009 using NextVIEW Advisor

is currently at its lowest since July. The Stochastic indicator is currently oversold. We may expect a rebound to happen in the very near term but it may not rally as strongly as before because of a strong resistance at 1,300 points. However, the market may face immediate resistance at 1,280 points. This provides a little potential upside if the plan is to go long at current levels between 1,250 and 1,260 points. The immediate support level is at 1,250 points and a stop should be placed below this level. So, the plan to go long at, say 1,260 points, provides a

potential profit between 20 to 30 points, with a risk of 10 points. It is too early to have a short strategy as the uptrend is still intact. The Average True Range (ATR) indicator reading is 11 points, which means a stop loss of 15 points should be sufficient. Therefore, trading risk should be 15 points, or stop loss placed at 1,245 points if going long at 1,260 points. The potential rewardto-risk ratio may not be attractive in the current situation and I would probably take a rest from trading this month. However, if I were still interested, I would think of going long.

Crude Palm Oil Futures (FCPO)

Just a month ago, the FCPO was at RM2,200 per metric ton and the strategy was to go long with a RM2,400 price target. The price of FCPO went as high as RM2,482 with an intraday high of RM2,521 before pulling back to settle at RM2,472 end-Nov. The resistance in Aug was RM2,521 as well and the price fell to RM2,000 in Oct. The price rally was mainly due to better than expected exports and a rebound in the US dollar. Now that the price has moved to the resistance (Continues on Pg 13) 11

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Just say it text : Ameer Ali Mohamed

Ameer Ali Mohamed is Director, Financial Research of NextVIEW. He has a total of 20 years experience as a corporate journalist, investment analyst and fund manager, including as research head of two stockbroking firms and CEO/CIO of a funds management company.

INTRODUCE NEW FUEL SUBSIDY SCHEME WITH CARE

C

onsumers filling up petrol in Malaysia may no longer enjoy fuel subsidy in the present form if a new subsidy system is introduced in the second quarter of next year. Many, especially Malaysians, are waiting to see whether the new system to be introduced is fair to everyone. Finance Minister II Datuk Seri Ahmad Husni Hanadzlah recently was quoted as saying that the new structure of the fuel subsidy system would be ready by April 2010. The system would enable huge savings on the part of the government. Among the possibilities, according to the Minister, are that those in the higher income bracket and tourists would not be eligible for the subsidy. Another criterion being studied currently is a subsidy system that is benchmarked against the engine size of motor vehicles. Granted, there is now a disparity between petrol and diesel prices in Malaysia and those in neighboring countries such as Thailand and Singapore, but not in Brunei. However, this should not be an issue with a

proper and stringent immigration or check point procedure. In addition, any argument on the price disparity should also include income disparity. The new fuel subsidy system should take into account its real objective. On one hand it is to reduce the government’s expenditure where RM10b has been allocated on fuel subsidies in the 2010 Budget, on the other it should not be done in a manner that the rich enjoys the benefits more than the poor. The new system should not mirror the scheme introduced in June 2008 that spanned for one year, it would not serve the purpose in terms of wealth distribution. Under the scheme, those owning cars below 2,000 cc were entitled to a one-time rebate of RM625 when they renewed their road tax. For those owning cars with 2-litre engines, a RM200 deduction on the road tax payable applied. Can we assume that those owning motor vehicles of less than 2,000 cc are poorer than those owning cars above that threshold? Definitely not. Just consider these two facts: * A 2.0-litre BMW 320iSE costs

about 2.4 times the price of a 2.5-litre V6 Naza Ria GS (A); * A 1.8-litre Mercedes Benz E200 costs about both Honda Accord 2.4 and Toyota Camry 2.4 combined! There are many more examples that can be listed. In addition, the rich normally have more than one car and based on the previous scheme, he was entitled to the rebate to as many cars as he owned so long as the engine capacity was less than 2 litres. If a new subsidy scheme must be introduced, engine capacity should therefore not be the consideration, as it does not serve the purpose of benefiting the rakyat. There are other ways that can be considered. One of them is the income bracket of car owners. One may argue it would delay the implementation if this approach is adopted due to the need for data accumulation. But the government has the Inland Revenue Board (IRB) that would be able to provide, not the exact income, but the income range of all who submit their tax returns. Such an approach would also

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entice all salaried, non-salaried as well as small-, mediumand big-time entrepreneurs to submit tax returns to IRB, regardless whether they meet the minimum income to be tax payers. Non-submission would only mean that they will not be considered at all for the fuel subsidy scheme. Exception should however be given to students at the undergraduate and post-graduate levels so long as they do not have income such as those taking full pay leave during their studies. Each entitled Malaysian should however only be given

a certain maximum litre of fuel per month at subsidized price, and any consumption above the threshold to be determined should be at market rate. The entitlement should also be forfeited once every quarter or half year if it is not fully used. Hence the need to use MyKAD. Such a scheme should also be extended to critical sectors if removal of the current subsidy would result in extreme pressure on inflation. Examples include public transport as well as companies involved in transporting essential goods and services. However, company cars should be excluded as

the companies have already benefited from some corporate tax advantages. Non-Malaysians whether or not they live in Malaysia as expatriates or diplomats, as well as tourists should not enjoy such a subsidy scheme – they should pay the current rates. Whatever being introduced April 2010, it should fair to all Malaysians and the economic principles in wealth distribution must be considered. It would be a respectable move if the committee tasked for this study seeks opinions from various parties before submitting its proposal to the Minister.

(From Pg 11) level, we should apply a new strategy. With a strong rally in FCPO prices, all technical indicators will show strong bullish signals. Momentum indicators like RSI, Momentum and MACD continue to make new highs and the price stays above the moving averages. However, the price is way above the averages which shows that it is overbought. The short- to long-term 30- to 90-day moving averages are currently between RM2,240 and RM2,290. It is clear that a correction may soon take place. A pullback is expected when

prices are overbought. A trading plan to go short may be applied. The FCPO is expected to move to the support level at the moving averages, especially the short-term 30-day moving average at RM2,290. A stop can be placed above RM2,520. Therefore, a low-risk trading opportunity can be found when the price is between RM2,470 and RM2,500. To go long, traders should wait until the price finds support at around RM2,300. Market volatility has slightly increased. The 14-period ATR indicator currently reads 53 points. A stop loss should be put

no less than the ATR to prevent being stopped out too early. A better and safer stop loss is 1.5x the ATR and it should be at least 70 points. So, if I plan to short at the current price of RM2,470, I should place stop loss at 2,540 points (which is above the RM2,520 resistance level) and have a potential profit of RM170, based on a RM2,300 price target. This provides an average risk-toreward ratio of more than two times. Therefore, going short above the current price level with the same stop loss of 70 points provides a better rewardto-risk ratio.

Data External Trade International Reserves Index of Industrial Production Salaries / Wages (manufacturing) Consumer Price Index International Reserves Producer Price Index Malaysia Economic Diary

Reference Month Oct 2009 as at 30 Nov 2009 Oct 2009 Oct 2009 Nov 2009 as at 15 Dec 2009 Nov 2009

Scheduled Released Dates 4 Dec 2009 7 Dec 2009 10 Dec 2009 10 Dec 2009 16 Dec 2009 22 Dec 2009 31 Dec 2009

Source: Websites of Department of Statistics of Malaysia and Bank Negara Malaysia

13

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12/3/09 5:20:29 PM


Corporate Digest text : Stephen Chin

MAXIMISING A RETURN

M

axis Bhd’s relisting on 19 Nov raised a great deal of interest in the local equities market. “It was the biggest IPO for Bursa Malaysia this year, boosting stock market velocity and breadth in a single stroke,” remarked OSK Research in a report. Transactions for Maxis shares accounted for almost half of the total transaction value for the entire market on 19 and 20 Nov. On the first trading day, 305.8m Maxis shares worth RM1.6b changed hands. The significance is not lost on Bursa, as it fast-tracked Maxis’ entry into the FBM KLCI, nudging out Malaysia Airlines. On 20 Nov, Maxis was included in the composite index with an investability weighting of 30% and an implied weightage of 2.84%. It was the 11th largest component of the index.

The investability weighting was surprising low, said OSK. “We had assumed a weighting of 70%. However, there may be some changes in the computation of this weighting in December and Maxis may be an early reflection of these changes,” it added. For the relisting, Maxis offered 2.25b shares via an offer for sale by its majority shareholders. Institutional investors received a lion’s share of 2.04b (90.7%) shares. Unlike the previously listed vehicle which included overseas ventures in India and Indonesia, Maxis Communications Bhd (MCB), the new listed entity comprises only Maxis’ domestic mobile businesses. While this deprives investors of long-term revenue potential, it also removes the strain on Maxis’ cash flow which was previously used to fund overseas expansion, OSK said. Maxis will be a stock that “provides sustainable and

strong dividend yields similar to listed mobile telcos in markets where growth has leveled off,” OSK Research said. Maxis chief financial officer, Rossana Annizah Ahmad Rashidi was quoted in the press as aiming to pay out 75% of net profit as dividend. OSK pointed out that Maxis’ dividend policy is among the more aggressive of Malaysian telcos. TM has a two-pronged dividend payout guidance of a minimum RM700m or 90% of earnings, whichever is higher. Digi has a revised 80% payout target, which translates into respective yields of 7%-8%. “We expect Maxis and Digi to be pitted alongside each other in rewarding shareholders via generous dividends and potential capital management,” it said. The Malaysian mobile telecommunications scene is fiercely competitive. Three major 3G operators, namely Celcom, Digi and Maxis, dominate the market with a

14

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collective 95% market share. In recent years, mobile virtual network operators (MVNOs) have joined the fray but they lack coverage and marketing funds. OSK projects mobile penetration to reach 109% by end-2009 and rising thereafter to 118% and 122% in 2010 and 2011 respectively. It also expects subscriber growth to slow from 12% in 2009 to 7% by 2011. “Mobile revenue growth will decelerate to low-to-mid-single digit growth by 2011 from the midto-high single digit growth in 2009,” it added, citing weak subscriber growth and pressure on average revenue per user (ARPU). The key growth catalyst will come from data and nonvoice revenues, it predicted. The data revenue market is projected to grow by a compounded annual growth rate (CAGR) of 20.2% over the next three years, driven by the proliferation of smart phones, higher adoption of wireless broadband and increasing use of mobile Internet. Broadband market penetration is currently below 30%, said OSK. Frost & Sullivan reported mobile data revenue in Malaysia grew from RM1.57b in 2004 to RM4.41b in 2008, at a CAGR of 29.4%. Over the same period, mobile data revenue doubled to represent 25.3% of the overall industry mobile revenue. OSK estimated a CAGR of 25.5% from FY09 to FY12. Maxis’ overall market share for both prepaid and postpaid

services has been shrinking due to strong competition from Digi and Celcom. “Celcom’s prepaid additions have overtaken Maxis since 3Q08 due to Celcom’s aggressive acquisition campaigns targeted at youths outside the Klang Valley,” OSK noted. Celcom increased its market share by 4%-points over the last eight quarters at Maxis’ expense, said OSK, gaining ground in the youth and enterprise segments. Despite voice revenue declining due to competitive tariff and a slowing market, Maxis’ data revenue grew by a CAGR of 29% between FY06 and FY08, due to the adoption of 3G mobile services, mobile Internet and wireless broadband services. Maxis presently derives about 90% of its revenue from mobile services, with the remainder split between fixed line and international gateway revenues. In FY08, voice and data revenues accounted for 71% and 29% of mobile revenues respectively. By 1H09, data revenues grew to represent 31.1% of mobile revenue, compared to Celcom’s 2% and Digi’s 19%. OSK forecasts the proportion of data revenue to widen to 35%-40% over the next two years. “Maxis already has a sizeable proportion of high ARPU for enterprise and data subscribers to support strong growth,” it noted. Despite being the first to launch wireless mobile broadband in Sept 2006, Maxis failed to capitalize on its first-mover advantage

due to network congestion problems. It also lost subscribers to competitors who offered cheaper packages and bundled modems, OSK noted. Maxis added 31,000 mobile broadband subscribers in 1H09 compared to Celcom’s 192,000. Competition is also heating up with the emergence of WiMAX broadband services. Packet One plans to double its subscriber base in the next 12 months with some 700 sites installed nationwide. TM is also due to roll out its highspeed broadband in 1Q10. To mitigate this, Maxis has been continuously upgrading the capacity of its core network and launching more aggressive customer retention initiatives, OSK noted. Maxis’ management is targeting to double its mobile broadband subscriber base (171,200 as at end-2Q09) by the end of 2009. It recently launched a new campaign – “Something for Everyone” with attractive plans ranging from RM8 per day to RM48 per month. The telco may also mitigate eroding ARPUs by crossselling voice and data products through bundling packages. Maxis is also eyeing the youth segment (15-24 years old) particularly for data services. The segment represented 18.4% of Malaysia’s total population in 2008. Mobile operators would do well to target areas where mobile penetration is still low, such as the rural markets in East Malaysia and the east coast. 15

MSHE_14-15_CD.indd 15

12/3/09 5:21:19 PM


Thank you for your support in 2009. With the management and staff of the Pioneers & Leaders Group, the Shares Investment family wishes our readers and their families

a very blessed Christmas and Happy New Year!

™

Gearing You Towards Investment Success!

Full_Ad_2009.indd 3

12/3/09 4:17:06 PM


INVESTORS’ CORNER

compiled : Stephen Chin

Banking on improved performance AMMB Holdings

AMMB Holdings recorded 2Q10 net profit of RM240.2m (+4.4% y-o-y; -7.0% q-o-q), on revenue of RM845.9m (+25.6% y-o-y, -4.8% q-o-q) due to strong loans growth and low rate of non-performing loans (NPL). This brings 1H10 profit to RM498.4m (+15.1% y-o-y). The q-o-q drop in revenue (4.8%) and net profit (7.0%) was attributed to 1Q’s surge in bond underwriting fees. The six-month 15.1% growth in net profit came from investment banking while income from retail and business banking was stable. New loans in 2Q were more than double the previous quarter. Loans grew 6.3% in 1H10 from corporate and business segments, especially in bridging loans for mergers and acquisitions, and construction projects. Gross NPL shrank 3.9% in 2Q10 due to write-offs while the formation of new NPL slowed. AMMB Holdings (FY Mar 2010) Research dated Forecast EPS 10 (sen) PER 10 (x) Forecast DPS 10 (sen) Div. Yield 10 (%) Call Target price (RM)

Net NPL was 2.19% (down from 2.44% in June 2009). The improved outlook has prompted Maybank Investment Bank to upgrade its net profit growth forecasts to 9% p.a. The stock continues to offer good exposure to banking sector recovery, it said. AMMB is proceeding with plans to acquire MAA’s general insurance business for RM180m, but will abort its planned 4.9% acquisition of MAA’s takaful insurance subsidiary. The deal will make AMMB’s 51%-subsidiary, AmG Insurance, one of Malaysia’s largest general insurers.

Malayan Banking

Maybank recorded a 1Q10 net profit of RM881.8m (+54.1% y-o-y; -178.9% q-o-q), on revenue of RM3.2b (+54.1% y-o-y; -4.5% q-o-q). On an annualized basis, the 1Q10 results were 24.9% ahead of market consensus, said OSK. The strong results were due Maybank Investment Bank 18 Nov 2009 32.8 14.8 10.2 2.1 Buy 5.20

Share price as at 30 Nov, 2009: RM4.85

to a 28.7% increase in net interest income; a relatively robust annualized loans growth of 11%; a 130.7% y-o-y jump in non-interest income in tandem with an 807.9% surge in investment and trading income; and a 36% increase in commission fee-based income. Therefore, operating profit grew y-o-y despite a 125.2% y-o-y increase in loan loss provision. The results were also partially driven by trading gain of almost RM80m from the sale of government securities. This may fall to more normalized levels in subsequent quarters. Maybank also enjoyed a one-off RM25m tax credit at its subsidiary, Bank Internasional Indonesia.

RHB Capital

RHB Capital reported a 3Q09 net profit of RM334.8m (+1.5% y-o-y, +11.0% q-o-q) on revenue of RM922.9m (+6.7% y-o-y, -0.5% q-o-q). OSK said RHB’s annualized 9M09 earnings were 16.5% OSK Research 9 Nov 2009 30.8 15.7 9.0 1.9 Buy 5.35 17

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12/2/09 9:12:58 AM


Malayan Banking (FY Jun 2010) Research dated Forecast EPS 10 (sen) PER 10 (x) Forecast DPS 10 (sen) Div. Yield 10 (%) Call Target price (RM)

Maybank Investment Bank 13 Nov 2009 39.9 16.9 21.2 3.1 Not rated -

Share price as at 30 Nov, 2009: RM6.75

and 8.2% above consensus and its own full-year estimates, respectively. This improved performance stemmed from a write-back of RM63m from excess general provisioning and effective cost containment measures. These helped limit RHB’s increase in operating expenses to just 1.9% y-o-y. RHB’s underlying core performance remained robust, OSK noted, despite a challenging macro environment. Pre-provision profits expanded 10.3% y-o-y. On a q-o-q basis, pre-provision profits were 8.6% lower because of 2Q09’s high Islamic income earnings base. The bank also recorded a 10.0% growth in retail loans, largely on mortgage loans while loans in the corporate business segment grew by a slower 0.8%.

Eastern Pacific Industrial Corp (EPIC)

Despite a lackluster quarter

RHB Capital (FY Dec 2009) Research dated Forecast EPS 09 (sen) PER 09 (x) Forecast DPS 09 (sen) Div. Yield 09 (%) Call Target price (RM)

for the oil & gas sector, EPIC recorded better than expected 9M09 results. According to OSK, EPIC’s 9M09 net profit of RM32.6m (+24.7% y-o-y) on revenue of RM133.9m (-25.5% y-o-y) was 85% of consensus forecasts for the year, and 89% of its own forecasts. The improved net profit despite a drop in revenue were mainly due to effective cost cutting measures by some of its divisions and a lower effective tax rate due to the recognition of some tax allowances. Nevertheless the lethargy in O&G activities in the quarter is reflected in a 22.1% q-o-q decline in 3Q09 net profit (RM10.8m). OSK has upgraded EPIC’s FY09-10 earnings forecast by 12% and 13% respectively to reflect its 3Q results. It also anticipated a pick-up in O&G activities with the recent stabilization of crude oil prices to above US$70/barrel. Maybank IB added that it Maybank Investment Bank 19 Nov 2009 53.1 10.0 20.2 3.8 Buy 6.40

Share price as at 30 Nov, 2009: RM5.31

OSK Research 13 Nov 2009 41.7 16.2 26.0 3.1 Neutral 6.95

favored EPIC’s cash cow supply base operations, which was largely unaffected by a slowdown in its 61%-owned Kemaman Port activities and poorer sales at its fabrication and pipe threading operations. Supply base operations accounted for almost 96% of the O&G division’s pre-tax profit. Valuations are also inexpensive on PER and PBV basis, it added. Maybank IB noted that EPIC is still in negotiations to acquire IJM Corp’s West Wharf port operations to complement its East Wharf port activities, and that EPIC intends to build an offshore fabrication yard in the next 2-3 years. A budget of RM188m in capex has been allocation for the fabrication year and Phase 3 expansion program.

AirAsia

AirAsia recorded a 3Q09 net profit of RM130.1m (-127.9% y-o-y, -6.5% q-o-q) on revenue OSK Research 19 Nov 2009 49.1 10.8 21.3 4.0 Buy 6.00

18

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EPIC (FY Dec 2009) Research dated Forecast EPS 09 (sen) PER 09 (x) Forecast DPS 09 (sen) Div. Yield 09 (%) Call Target price (RM)

Maybank Investment Bank 24 Nov 2009 25.7 5.8 8.0 5.4 Buy 1.95

Share price as at 30 Nov, 2009: RM1.48

of RM739.7m (+4.5% y-o-y, +12.5% q-o-q). Despite an improvement in revenue for the quarter, AirAsia’s performance was dragged down by weak economic conditions; concerns over the A(H1N1) pandemic; lower average fares; and higher fuel costs. Seasonally, 3Q is AirAsia’s weakest quarter but “we are surprised by the further contraction in average fares to RM141.60 (-11.5% q-o-q) against the backdrop of escalating fuel costs,” said OSK. The company’s fuel price averaged US$79.30/barrel in 3Q (+30.4% q-o-q). The drop in average fares suggests that the price undercutting had intensified despite signs of a recovery in the global economy. The continuing uptrend in fuel prices is also a concern as the company’s latest fuel hedging contract only covers approximately 20% of the group’s 4Q requirements, AirAsia (FY Dec 2009) Research dated Forecast EPS 09 (sen) PER 09 (x) Forecast DPS 09 (sen) Div. Yield 09 (%) Call Target price (RM)

OSK added. Maybank IB said AirAsia has addressed several key concerns by deferring the delivery of 16 out of 45 new aircraft scheduled for 2010-11; raising RM505m from a 16% private placement; and seeking a dual listing in Thailand to raise equity. The airline is currently in discussions with lead arranger CIMB Group to work out its listing details. The exercise could see a separate listing of Thai AirAsia or a merger by injecting Thai AirAsia into AirAsia. “A merger would eventually rationalize the current RM438m in inter-company dues Thai AirAsia owes AirAsia,” Maybank IB said. OSK said it believed the exercise would be a secondary listing without involving any changes to the existing group structure. In some instances, a dual listing may improve a Maybank Investment Bank 20 Nov 2009 21.0 6.1 0.0 0.0 Hold 1.35

Share price as at 30 Nov, 2009: RM1.27

OSK Research 24 Nov 2009 24.4 6.1 8.9 6.0 Buy 2.03

company’s valuation if it is in a market that offers significantly higher valuation than its primary listed market. However, OSK noted that Thai Airways International is trading at only 16.1x FY09 and 6.9x FY10 EPS, which does not reflect a significant premium to Bursa Malaysia’s valuation. “We think a direct listing of the Thai unit may be a better option,” OSK said. AirAsia owns 49% of Thai AirAsia and has thus been funding the purchase of the latter’s aircraft, which resulted in the group’s high gearing level. A direct listing would enable the Thai unit to independently secure its own financing in the future, it said. The only major hurdle for this type of listing is Thai AirAsia’s lack of a profit record, as it is still in the red although management is confident of turning it around by the end of this fiscal year. OSK Research 23 Nov 2009 13.9 9.1 0.0 0.0 Sell 1.13 19

MSHE_17-19_InvCorner.indd 19

12/2/09 4:28:58 PM


Across the causeway text : Donavan Lim

Christmas

Comes Early For CapitaMalls Asia

D

on’t tell anyb o d y, S a n t a Claus dropped by town last week, descending from his anachronistic transport onto Robinson Point, headquarters of CapitaMalls Asia (CapitaMalls). Priced at $2.12 apiece or 1.55x P/BV, the initial public offering (IPO) of CapitaMalls attracted a great deal of pentup demand from retail and institutional investors alike. According to CapitaLand President and Chief Executive Liew Mun Leong, demand for the IPO was robust with US and European institutional investors clamouring for a slice of the pie.

Assuming the over-allotment option is not exercised, net proceeds from the offering is expected to be $2.4b, making it Singapore’s largest IPO since the listing of SingTel. As at press time, the public tranche of the IPO was subscribed nearly 5 times. The pure-play shopping mall company, one of the largest in Asia, will have a total of 59 completed retail properties in 2009 and 86 retail properties by the end of 2012, estimated to be worth $20.3b. The principal strategy for CapitaMalls is to invest and manage a portfolio of real estate assets used for retail purpose in Asia. Operations

are carried out through 2 segments, the property business whereby the company invests in properties through direct ownership, REITs, joint-ventures and private real estate funds and the management segment consisting of fund and mall management. Upon listing, CapitaLand will retain 65.5% to 70% of CapitaMalls, allowing the latter to access the former’s expertise as well as wide business network.

String Of Pearls

Spanning 48 cities in the countries of Singapore, Malaysia, China, Japan and India, CapitaMalls’ portfolio is diverse geographically and

20

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12/2/09 9:21:16 AM


S$’000 Revenue Gross Profit Net Profit GPM (%) NPM (%)

FY06 130,843 53,029 112,342 40.53 85.86

FY07 169,698 97,575 185,407 57.50 109.26

FY08 273,776 184,468 156,799 67.38 57.27

9M08 196,332 132,108 152,512 67.29 77.68

9M09 206,328 135,621 244,506 65.73 118.50

CapitaMalls Asia’s financial highlights

holds immense potential for development. Insofar, Singapore with relatively low average retail space per capita (compared to developed economies) is expected to be the anchor market of the company. In time to come, however, top line growth will be fueled by the China and India card. Initially, CapitaMalls will focus on the Middle Kingdom, accelerating development of malls and actively seeking out opportunities for expansion.

Aggressive expansion ahead

By December 2009, CapitaMalls will have 32 properties in China as compared to 16 in Singapore. In the year 2012, 58% of the company’s property will be in China. Such aggressive expansion could easily heighten risk for the company. China’s Rmb4 trillion stimulus package has lifted the economic performance of the country and there are valid concerns of a future downturn following the unwinding of the package. In such a scenario, the bursting of the bubble could drag earnings and in turn dividend payouts. FY08 dividend was $0.107 a share. Investors looking for a safe income play could park their money in CapitaMall Trust or other Singaporecentric REITs such as Suntec REIT. For those seeking credible growth, then CapitaMalls is a better option.

Growing From Strength To Strength

During the 3 years, FY06 to FY08, CapitaMalls’ top line grew at a CAGR of 44.6%. Nonetheless, FY08’s bottom line was hit by a 48% increase in finance costs, owing to the impact of additional borrowings from CapitaLand in 4Q07 and 2Q08 for financing investment in CapitaRetail China Trust and the China Incubator Fund among other funds. On an EBIT basis, Singapore accounted for the lion share (53.3%) followed by China (28%). For reasons discussed above, China is expected to be the main revenue driver in the future. 9M09 was another bumper period for CapitaMalls. Turnover rose marginally 5.1% to $206.3m as compared to $196.3m in the corresponding period. But the bottom line surged to $244.5m boosted by a 112% increase in contributions from associates and jointly-controlled entities. Undoubtedly, the floatation of CapitaMalls is a much-needed boost for the local equity market in a year where notable listing is a rarity. Investors are advised to examine their portfolio and risk-return profile to assess the suitability of taking a stake in the company. 21

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12/2/09 9:21:38 AM


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aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

MARKET CAPITALISATION 2 wks

Last

Mkt Cap (‘000)

2 wks

Last

Mkt Cap (‘000)

196 149 66 184 151

Sime Darby....................................565,187 Malayan Banking ..........................488,368 CIMB Group Hldgs ........................352,421 Public Bank....................................175,663 Maxis .............................................415,874

9.06 6.92 13.38 11.40 5.33

RM54,445,164 RM48,977,428 RM47,874,684 RM40,263,956 RM39,975,000

108 261 264 191 109

IGB Corp ........................................155,909 Oriental Hldgs ...................................6,469 United Plantations ...........................1,115 SapuraCrest Petroleum ................270,564 IJM Land .........................................73,115

1.97 5.66 13.98 2.38 2.34

RM2,935,883 RM2,926,039 RM2,909,713 RM2,841,327 RM2,581,647

110 210 260 93 59

IOI Corp..........................................840,552 Tenaga Nasional ...........................513,243 MISC ..................................................9,777 Genting ..........................................407,946 Axiata Group .................................726,396

5.59 8.20 8.50 7.54 3.16

RM37,247,568 RM35,563,400 RM31,618,538 RM27,926,803 RM26,686,687

257 121 263 125 204

Bintulu Port Hldgs ............................1,439 Kencana Petroleum ......................241,183 Star Publications ..............................1,669 Kulim ...............................................20,172 TA Global ......................................478,150

6.25 1.58 3.24 7.59 0.485

RM2,500,000 RM2,425,347 RM2,392,947 RM2,341,151 RM2,335,275

172 179 125 79 93

PPB Group .......................................54,193 Petronas Gas ...................................30,963 Kuala Lumpur Kepong....................80,674 Digi.Com ..........................................22,195 Genting M’sia................................333,628

16.60 9.75 17.04 21.92 2.88

RM19,679,300 RM19,292,637 RM18,190,285 RM17,042,800 RM16,997,184

207 213 184 219 258

Tan Chong Motor Hldgs ...............138,591 Titan Chemicals Corp .....................74,554 Proton Hldgs ...................................31,408 WCT ...............................................190,289 Guinness Anchor ..............................3,077

3.42 1.31 4.00 2.79 6.95

RM2,298,240 RM2,296,037 RM2,196,852 RM2,152,479 RM2,099,581

171 52 222 258 106

PLUS Expressways .......................383,301 AMMB Hldgs .................................414,005 YTL Corp ..........................................23,541 Fraser & Neave Hldgs.......................4,357 Hong Leong Bank............................44,623

3.27 5.10 7.52 11.00 8.35

RM16,350,000 RM14,881,214 RM14,265,380 RM14,224,584 RM13,193,893

264 109 259 260 78

YTL Cement .........................................889 IJM Plantations ..............................66,093 Hap Seng Plantations Hldgs ...........35,458 LPI Capital .........................................2,137 Dialog Group ................................231,420

4.26 2.58 2.50 13.98 1.34

RM2,089,760 RM2,067,462 RM2,000,000 RM1,939,348 RM1,893,701

223 257 186 210 179

YTL Power Int’l..............................375,229 British American Tobacco .................6,096 RHB Capital......................................65,737 Telekom M’sia...............................358,456 Petronas Dagangan ........................27,396

2.20 43.00 5.34 3.11 8.79

RM13,002,616 RM12,277,790 RM11,499,557 RM10,748,160 RM8,732,461

161 256 159 74 101

Multi-Purpose Hldgs ......................85,277 Aeon Co .............................................9,143 Mudajaya Group .............................62,955 DRB-Hicom ......................................52,769 Hartalega Hldgs ..............................36,983

1.89 5.15 4.80 1.04 6.72

RM1,818,987 RM1,807,650 RM1,795,200 RM1,788,385 RM1,628,337

261 259 146 216 108

Nestlé ................................................1,294 Hong Leong Financial Group...........15,844 MMC Corp......................................194,315 UMW Hldgs .....................................80,563 IJM Corp ........................................146,218

34.50 7.52 2.45 6.45 4.76

RM8,090,112 RM7,916,815 RM7,460,397 RM7,044,329 RM6,243,920

154 220 256 259 259

Media Prima ..................................142,664 Wah Seong Corp ............................51,310 Ann Joo Resources ........................13,144 KFC Hldgs ..........................................5,619 Hap Seng Consolidated ....................9,014

1.90 2.41 3.01 7.88 2.47

RM1,622,241 RM1,583,370 RM1,573,348 RM1,562,407 RM1,537,970

174 58 62 92 131

Parkson Hldgs ...............................105,568 Astro All Asia Networks PLC.........121,459 Berjaya Sports Toto......................136,181 Gamuda .........................................886,547 Lafarge Malayan Cement ................14,183

5.96 3.21 4.37 2.84 6.18

RM6,177,004 RM6,163,200 RM5,904,001 RM5,706,290 RM5,251,115

201 202 162 144 260

Sunway City ...................................30,461 Supermax Corp ............................426,378 NCB Hldgs .......................................30,772 M’sian Resources Corp .................829,370 Lingkaran Trans Kota Hldgs ...........10,297

3.25 5.70 3.10 1.57 2.85

RM1,527,338 RM1,512,039 RM1,457,784 RM1,424,833 RM1,416,450

208 143 94 81 256

Tanjong PLC ....................................28,780 M’sian Airline System .....................91,492 Genting Plantations........................98,389 EON Capital .....................................81,002 Batu Kawan .......................................4,481

17.54 2.97 6.43 7.01 10.72

RM5,125,434 RM4,962,876 RM4,865,928 RM4,859,395 RM4,673,395

118 262 60 257 259

KPJ Healthcare ...............................45,872 QL Resources ..................................14,497 BIMB Hldgs .....................................15,084 Carlsberg Brewery M’sia ..................7,771 JT Int’l .............................................10,159

2.61 4.01 1.24 4.63 4.94

RM1,366,732 RM1,323,300 RM1,322,708 RM1,314,883 RM1,291,978

256 141 65 190 62

Berjaya Land......................................1,575 M’sia Airports Hldgs.......................66,346 Bursa M’sia......................................50,307 SP Setia............................................86,603 Berjaya Corp..................................125,296

3.96 3.98 8.14 4.10 1.27

RM4,534,885 RM4,378,000 RM4,280,712 RM4,168,465 RM4,039,315

203 76 259 185 262

TA Enterprise ................................273,207 Damansara Realty ..........................81,009 Hong Leong Industries .....................4,957 Puncak Niaga Hldgs .......................36,697 Sarawak Oil Palms ...........................3,365

0.75 0.81 4.50 3.05 2.92

RM1,283,933 RM1,266,336 RM1,265,157 RM1,253,986 RM1,248,031

216 54 56 55 143

UEM Land Hldgs ...........................358,496 Affin Hldgs.......................................96,184 Alliance Financial Group.............1,458,021 AirAsia............................................486,712 M’sian Bulk Carriers........................34,098

1.57 2.55 2.42 1.43 3.21

RM3,812,236 RM3,810,636 RM3,746,417 RM3,395,120 RM3,210,000

260 64 256 139 264

M’sian Pacific Industries .................11,442 Boustead Heavy Industries Corp ......12,427 Amway Hldgs ......................................676 Lion Industries Corp .....................482,544 UBG ...................................................1,822

5.86 4.92 7.31 1.68 2.39

RM1,229,920 RM1,222,413 RM1,201,662 RM1,197,785 RM1,195,946

213 195 259 65 118

Top Glove Corp ...............................55,662 Shell Refining Co.............................31,575 KLCC Ppty Hldgs .............................13,383 Boustead Hldgs...............................74,232 KNM Group.................................1,897,754

10.52 10.60 3.39 3.47 0.79

RM3,195,534 RM3,180,000 RM3,166,511 RM3,162,711 RM3,127,168

148 167 181 194 200

Mah Sing Group .............................58,780 OSK Hldgs .......................................90,784 Pos M’sia .........................................11,149 Selangor Ppties ................................8,298 Sunrise ............................................35,482

1.90 1.76 2.20 3.37 2.20

RM1,191,007 RM1,184,601 RM1,181,457 RM1,157,989 RM1,089,858

Page Company........................... Vol Close

22

Page Company........................... Vol Close

Close in RM, Vol (volume) in ‘00


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

LOWEST P/E CONSUMER (15.1)* Last

Page Company......................... Close

HOTEL (12.5)*

EPS

Yield

PE

139 221 105 161 221

Lion Forest Industries................. 1.29 XiDeLang Hldgs ........................ 0.49 Hock Lok Siew Corp................. 0.19 Multi Sports Hldgs ................. 0.515 Xingquan Int’l Sports Hldgs........... 1.18

0.795 --0.096 --0.583

-----------

1.6 3.9 4.0 4.0 4.1

211 263 140 260 264

Teo Seng Capital .................... 0.465 Tomei Consolidated ................. 0.51 London Biscuits ........................ 1.02 Khind Hldgs............................... 0.98 Tradewinds ............................... 2.77

0.113 0.120 0.205 0.191 0.530

3.4 4.9 2.9 5.1 7.2

4.1 4.2 5.0 5.1 5.2

180 264 197 103 260

Poh Huat Resources Hldgs ........ 0.475 Yee Lee Corp............................. 1.48 Sinaria Corp .............................. 0.39 Hing Yiap Group ....................... 1.27 Lay Hong ................................... 0.85

0.092 0.277 --0.227 0.145

4.2 3.4 --5.9 1.5

5.2 5.3 5.5 5.6 5.9

260 263 180 75 260

Malayan Flour Mills.................. 3.19 Tafi Industries ......................... 0.375 Poh Kong Hldgs ...................... 0.415 DXN Hldgs................................. 0.56 LTKM ......................................... 1.37

0.539 0.064 0.070 0.089 0.219

3.1 6.0 3.4 2.2 5.8

5.9 5.9 6.0 6.3 6.3

CONSTRUCTION (16.5)* Last

Page Company......................... Close

PE

EPS

Yield

187 257 261 258 261

Ranhill........................................ DKLS Industries ........................ Merge Energy............................ Grand Hoover............................ Melati Ehsan Hldgs...................

0.89 1.06 0.38 0.21 0.68

0.383 0.407 0.102 0.050 0.117

1.1 2.8 -------

2.3 2.6 3.7 4.2 5.8

263 148 257 88 262

TRC Synergy ............................. 1.38 Magna Prima............................. 3.62 Crest Builder Hldgs................. 0.765 Fajarbaru Builder Group.............. 1.07 SBC Corp ................................... 0.52

0.240 0.503 0.099 0.132 0.061

4.3 1.4 3.9 1.4 2.9

5.8 7.2 7.7 8.1 8.6

FINANCE (20.7)* Last

Page Company......................... Close

EPS

132 Landmarks ................................ 1.28 258 Grand Central Enterprises ........... 0.70 263 Shangri-La Hotels .................... 1.85

0.131 0.066 0.112

Yield

MBF Hldgs................................. Syarikat Takaful M’sia................ Insas .......................................... OSK Hldgs ................................. Allianz M’sia..............................

0.54 1.35 0.63 1.76 4.27

0.081 0.240 0.075 0.200 0.460

--5.4 --4.3 0.5

3.3 5.6 8.4 8.8 9.3

256 186 260 60 259

Aeon Credit Svcs ...................... RHB Capital ............................... Manulife Hldgs.......................... BIMB Hldgs................................ Hong Leong Financial Group ........

3.98 5.34 2.62 1.24 7.52

0.406 0.487 0.232 0.107 0.600

5.1 3.7 5.0 1.0 3.1

9.8 11.0 11.3 11.6 12.5

54 203 106 259 184

Affin Hldgs................................. 2.55 TA Enterprise ............................ 0.75 Hong Leong Bank ..................... 8.35 Hwang-DBS............................... 1.72 Public Bank.............................. 11.40

0.196 0.064 0.573 0.118 0.731

2.0 6.0 2.9 2.9 4.8

13.0 14.0 14.6 14.6 15.6

Yield

PE

--- 9.8 4.3 10.7 4.3 16.5

INDUSTRIAL PRODUCTS (11.9)* Last

Page Company......................... Close

PE

EPS

Yield

260 261 74 256 261

M’sia Steel Works .................... Minho ........................................ DRB-Hicom ............................... Asia Poly Hldgs ........................ Metrod ......................................

1.02 0.32 1.04 0.18 3.30

0.407 0.121 0.384 0.060 1.082

2.5 --2.4 --3.6

2.5 2.6 2.7 3.0 3.0

261 257 264 261 260

Mentiga Corp ........................... 0.51 Chuan Huat Resources ............ 0.61 United U-Li Corp .................... 0.595 PMB Tech ................................. 0.43 Kia Lim ...................................... 0.23

0.156 0.182 0.161 0.117 0.059

3.9 9.0 --3.5 ---

3.3 3.3 3.7 3.7 3.9

99 262 258 260 192

HPI Resources .......................... 1.40 Public Packages Hldgs ............. 0.235 Emas Kiara Industries ................ 0.52 Lysaght Galvanized Steel ........... 1.43 Scomi Group ............................ 0.49

0.442 0.057 0.128 0.341 0.114

1.4 --2.9 3.5 1.0

4.0 4.1 4.1 4.2 4.3

264 261 262 182 263

Ya Horng Electronic ................. 0.71 Metech Group .......................... 0.30 Seacera Tiles ............................ 0.36 Prestar Resources .................. 0.605 Sersol Tech ............................... 0.09

0.165 0.069 0.076 0.124 0.018

7.0 --2.8 2.5 ---

4.3 4.3 4.7 4.9 4.9

261 133 262 68 256

Muda Hldgs ............................ 0.815 Leader Universal Hldgs .............. 0.79 Pelangi Publishing Group ......... 0.475 Cahya Mata Sarawak .............. 1.54 Ajiya .......................................... 1.70

0.155 0.149 0.089 0.290 0.318

3.1 3.8 5.8 3.2 ---

5.2 5.3 5.3 5.3 5.3

84 Eksons Corp ............................. 0.85 257 Bright Packaging Industry ........... 0.23 114 Jasa Kita ................................... 0.15

0.158 0.042 0.028

----3.3

5.4 5.4 5.4

PE

EPS

145 263 111 167 256

34

Last

Page Company......................... Close

INFRASTRUCTURE (17)* Last

Page Company......................... Close

256 260 79 223 185

Aliran Ihsan Resources .............. 1.30 Lingkaran Trans Kota Hldgs ......... 2.85 Digi.Com ................................. 21.92 YTL Power Int’l ........................ 2.20 Puncak Niaga Hldgs ................ 3.05

EPS

Yield

0.221 1.028 1.467 0.106 0.239

--8.8 5.0 6.3 3.3

MINING (No shares for this issue)

Close & EPS (earnings per share) in RM, Yield in %

PE

5.9 13.9 14.9 20.8 50.9


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

LOWEST P/E PLANTATION (17.2)* Last

Page Company......................... Close

TRADE/SERVICE (19.3)*

EPS

Yield

PE

Last

Page Company......................... Close

PE

EPS

Yield

263 205 260 80 69

TDM .......................................... 1.65 TH Plantations .......................... 1.53 MHC Plantations....................... 1.22 DutaLand................................. 0.535 Cepatwawasan Group ........... 0.985

0.455 0.345 0.269 0.113 0.191

8.5 8.2 2.5 --2.5

3.6 4.4 4.5 4.7 5.2

219 260 130 214 88

Vastalux Energy ..................... 0.175 Mechmar Corp ......................... 0.19 LCL Corp ................................... 0.20 Tradewinds Corp ..................... 0.65 Fitters Diversified .................... 0.56

0.091 0.103 0.065 0.196 0.167

5.7 ----1.3 ---

1.9 1.9 3.1 3.3 3.4

260 65 256 261 125

Kurnia Setia............................... Boustead Hldgs......................... BLD Plantation.......................... NPC Resources.......................... Kulim .........................................

2.60 3.47 3.80 1.88 7.59

0.482 0.889 0.687 0.327 1.180

5.8 8.6 2.9 4.8 2.0

5.4 5.5 5.5 5.7 6.4

259 264 87 188 226

Ipmuda ...................................... 0.67 Yinson Hldgs ............................ 0.68 Faber Group ............................. 1.60 SAAG Consolidated ............... 0.175 Asia Bioenergy Technologies ........ 0.10

0.193 0.187 0.429 0.047 0.022

4.5 3.7 2.5 -----

3.5 3.6 3.7 3.7 4.5

264 258 100 260 260

Tradewinds Plantation ............... 1.66 Far East Hldgs........................... 6.60 Harn Len Corp......................... 0.795 Malpac Hldgs ............................ 1.20 Kretam Hldgs ............................ 1.22

0.252 0.979 0.113 0.158 0.149

3.6 3.8 2.5 -----

6.6 6.7 7.0 7.6 8.2

263 126 259 256 206

TASCO ...................................... 0.87 Kumpulan Fima ........................ 0.84 Hap Seng Consolidated ............. 2.47 ATIS Corp ............................... 0.945 TSM Global .............................. 2.12

0.184 0.177 0.504 0.192 0.421

--3.6 4.9 --2.4

4.7 4.7 4.9 4.9 5.0

257 259 259 193 260

Complete Logistics Svcs ............. 0.54 Kamdar Group ....................... 0.345 Harbour-Link Group ................ 0.74 Scomi Marine ........................... 0.48 MBM Resources ....................... 2.60

0.106 0.068 0.144 0.089 0.485

11.1 --2.7 2.9 4.6

5.1 5.1 5.1 5.4 5.4

257 178 174 258 259

Cheetah Hldgs ........................ 0.555 Petra Perdana ........................... 1.67 Pantech Group Hldgs ............ 0.945 Fiamma Hldgs .......................... 0.70 Harrisons Hldgs ....................... 2.07

0.099 0.285 0.159 0.116 0.341

5.4 1.2 3.0 5.7 4.3

5.6 5.9 5.9 6.0 6.1

PROPERTY (13.2)* Last

Page Company......................... Close

PE

EPS

Yield

207 258 256 262 259

Talam Corp.............................. 0.105 Fima Corp.................................. 2.98 Bina Darulaman ........................ 0.99 Plenitude ................................... 2.71 KSL Hldgs.................................. 1.21

0.031 0.693 0.226 0.591 0.257

--5.7 5.1 5.2 4.1

3.4 4.3 4.4 4.6 4.7

72 259 258 200 256

Crescendo Corp ........................ KLCC Ppty Hldgs....................... Encorp........................................ Sunrise....................................... Bandar Raya Devts ...................

1.09 3.39 1.00 2.20 1.59

0.204 0.573 0.165 0.315 0.228

6.4 3.1 5.0 1.4 1.9

5.3 5.9 6.1 7.0 7.0

120 222 262 156 259

Keladi Maju ............................. 0.165 YNH Ppty................................... 1.68 Paramount Corp ....................... 3.04 Metro Kajang Hldgs.................. 1.44 Hua Yang................................... 0.77

0.022 0.218 0.389 0.185 0.096

9.1 --5.3 3.5 3.2

7.6 7.7 7.8 7.8 8.1

149 107 63 194 260

Majuperak Hldgs....................... Hunza Ppties ............................. Bertam Alliance ........................ Selangor Ppties......................... Krisassets Hldgs .......................

0.027 0.183 0.027 0.345 0.297

--- 8.7 3.4 9.0 5.8 9.8 3.3 9.8 4.2 10.4

0.23 1.64 0.26 3.37 3.10

REIT (4.6)* Last

Page Company......................... Close

PE

EPS

Yield

AmFirst REIT ............................. 1.06 Starhill REIT .............................. 0.86 AL-Hadharah Boustead REIT......... 1.32 Tower REIT................................ 1.14 Amanahraya REIT................... 0.845

0.417 0.302 0.341 0.237 0.155

8.3 8.0 8.4 8.2 8.3

2.5 2.8 3.9 4.8 5.4

248 Hektar REIT ............................... 1.13 256 Atrium REIT............................. 0.905 248 Axis REIT ................................... 1.94

0.189 0.140 0.248

9.0 9.3 7.5

6.0 6.4 7.8

256 249 247 250 256

TECHNOLOGY (18.8)* Last

Page Company......................... Close

PE

EPS

Yield

239 259 256 258 264

Mangotone Group ................. 0.025 Heitech Padu ............................ 1.07 Asdion ....................................... 0.32 Genetec Tech ........................... 0.35 Tricubes .................................... 0.12

0.007 0.296 0.079 0.070 0.023

--15.0 --5.7 ---

3.4 3.6 4.0 5.0 5.3

238 237 261 245 259

MEMS Tech .............................. 0.07 M3 Tech (Asia) ....................... 0.225 Microlink Solutions ............... 0.135 Tejari Technologies ................. 0.14 K-One Tech ............................. 0.405

0.011 0.033 0.018 0.019 0.054

--8.9 7.4 -----

6.6 6.9 7.4 7.4 7.5

85 245 243 261 264

Eng Teknologi Hldgs ............... Technodex ................................ Opensys .................................... Mikro MSC ............................... Vitrox Corp ...............................

1.76 0.38 0.12 0.17 0.49

0.205 0.043 0.014 0.027 0.054

3.4 ----2.5 0.8

8.6 8.8 8.9 9.0 9.1

259 258 261 94 264

KESM Industries ...................... Excel Force MSC ...................... PUC Founder (MSC) ................ Globetronics Tech ................... Willowglen MSC ......................

2.08 0.40 0.10 0.90 0.35

0.227 0.043 0.010 0.017 0.033

1.4 9.2 6.3 9.3 --- 9.6 5.0 10.8 5.7 10.8

166 258 228 230 227

Notion Vtec .............................. 3.01 Elsoft Research ...................... 0.455 DSC Solutions .......................... 0.32 ETI Tech Corp ......................... 0.415 CBS Tech .................................. 0.54

0.256 0.037 --0.089 0.038

1.0 4.4 -------

PE derived from company’s latest full year earnings, * denotes industry’s weighted average PE.

11.8 12.3 13.3 14.0 14.4 35


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

HIGHEST YIELD CONSUMER Page

HOTEL

Last Company......................... C l o s e

Div

Page Company......................... C l o s e

Div

PE

YIELD

8.6 11.3 11.7 11.2 13.0 10.5 6.5 9.1 8.9 8.5

263 Shangri-La Hotels ......................... 1.85 258 Grand Central Enterprises ............. 0.70

0.08 0.03

16.5 10.7

4.3 4.3

PE

YIELD

259 258 258 263 166

JayCorp......................................... 0.775 0.0875 Eurospan Hldgs .............................. 0.98 0.11 Eng Kah Corp.................................. 2.37 0.30 Teo Guan Lee Corp ........................ 1.10 0.10 Ni Hsin Resources ........................ 0.235 0.02

258 264 256 264 225

Formosa Prosonic Industries ......... 0.685 Yeo Hiap Seng................................ 1.42 Apollo Food Hldgs.......................... 2.78 Tradewinds..................................... 2.77 Zhulian Corp ................................... 1.65

0.055 0.11 0.20 0.20 0.11

12.1 97.8 10.6 5.2 7.6

8.0 7.7 7.2 7.2 6.7

264 258 258 257 257

UPA Corp ........................................ 1.50 0.10 Golden Pharos ................................ 0.28 0.0185 Emivest ......................................... 0.625 0.04 CCM Duopharma Biotech.............. 2.41 0.15 British American Tobacco ........... 43.00 2.65

6.6 6.8 6.7 12.3 15.1

6.7 6.6 6.4 6.2 6.2

257 261 263 256 258

Classic Scenic ............................... 0.485 0.03 Mintye Industries ........................... 1.00 0.06 Tafi Industries............................... 0.375 0.0225 Acoustech ....................................... 0.76 0.045 Guinness Anchor............................ 6.95 0.41

7.5 35.0 5.9 15.8 14.8

6.2 6.0 6.0 5.9 5.9

CONSTRUCTION Last

Page Company......................... C l o s e

Div

PE

YIELD

262 262 260 259 257

Protasco .......................................... 0.93 0.08054 Pintaras Jaya .................................. 1.36 0.10 Ken Hldgs...................................... 0.705 0.04 Ireka Corp...................................... 0.765 0.0435 Bina Puri Hldgs ............................... 0.81 0.04

10.4 9.5 10.8 14.5 19.3

8.7 7.4 5.7 5.7 4.9

263 257 257 258 219

TRC Synergy................................... 1.38 Brem Hldg....................................... 1.21 Crest Builder Hldgs ...................... 0.765 Ekovest............................................ 1.48 WCT ................................................ 2.79

0.06 0.05 0.03 0.05 0.095

5.8 10.9 7.7 28.6 21.2

4.3 4.1 3.9 3.4 3.4

FINANCE Last

Page Company......................... C l o s e

Div

PE

YIELD

260 203 263 256 260

LPI Capital..................................... 13.98 0.28 TA Enterprise.................................. 0.75 0.045 Syarikat Takaful M’sia ................... 1.35 0.0725 Aeon Credit Svcs............................ 3.98 0.201 Manulife Hldgs ............................... 2.62 0.13

18.6 14.0 5.6 9.8 11.3

6.1 6.0 5.4 5.1 5.0

184 167 186 260 81

Public Bank ................................... 11.40 OSK Hldgs....................................... 1.76 RHB Capital..................................... 5.34 MNRB Hldgs ................................... 3.00 ECM Libra Financial Group........... 0.655

0.55 15.6 0.075 8.8 0.196 11.0 0.10 28.2 0.02 106.6

4.8 4.3 3.7 3.3 3.1

259 65 259 142 106

Hong Leong Financial Group.......... 7.52 Bursa M’sia ..................................... 8.14 Hwang-DBS .................................... 1.72 M’sia Building Society ................... 1.02 Hong Leong Bank........................... 8.35

0.23 0.243 0.05 0.03 0.24

3.1 3.0 2.9 2.9 2.9

36

Last

YIELD

PE

12.5 41.0 14.6 21.9 14.6

INDUSTRIAL PRODUCTS Last

Page Company......................... C l o s e

Div

6.5 11.2 3.3 9.0 6.6 8.6 8.9 8.6 8.6 8.5

264 257 263 217 264

Weida ............................................. 0.67 Chuan Huat Resources ................. 0.61 Tien Wah Press Hldgs ................... 1.80 Uchi Tech ....................................... 1.40 Yi-Lai ............................................ 0.705

0.075 0.055 0.154 0.12 0.06

262 257 264 264 257

Scanwolf Corp ............................... 0.37 CYL Corp ........................................ 0.52 Ya Horng Electronic ...................... 0.71 UAC ................................................ 3.30 Century Bond .............................. 0.615

0.03 0.04 0.05 0.22 0.04

22.2 8.9 4.3 19.1 6.0

8.1 7.7 7.0 6.7 6.5

258 257 67 258 198

Greenyield ................................... 0.235 0.015 Chemical Co of M’sia .................... 2.29 0.1465 CSC Steel Hldgs ............................ 1.36 0.085 Furniweb Industrial Pdts ............ 0.475 0.03 Southern Steel .............................. 2.01 0.125

9.7 14.2 8.8 6.7 7.9

6.4 6.4 6.3 6.3 6.2

262 258 261 262 193

Perusahaan Sadur Timah M’sia ..... 3.27 0.20 Golden Frontier ............................. 1.14 0.07 OKA Corp ..................................... 0.665 0.04 Pelangi Publishing Group .......... 0.475 0.0275 Sealink Int’l .................................. 0.685 0.04

10.1 5.5 9.9 5.3 5.9

6.1 6.1 6.0 5.8 5.8

259 260 262 130 256

Hexza Corp .................................... 0.60 0.035 Magni-Tech Industries .................. 0.88 0.05 Sapura Industrial ........................ 0.525 0.03 LCTH Corp ................................... 0.315 0.0175 Advanced Packaging Tech ........... 0.84 0.045

17.2 7.6 6.8 5.6 29.9

5.8 5.7 5.7 5.6 5.4

263 256 179 257

Tekala Corp ................................... 0.74 APB Resources .............................. 1.22 Petronas Gas ................................. 9.75 Box-Pak ........................................ 0.985

0.04 0.065 0.50 0.05

12.2 5.9 20.8 9.1

5.4 5.3 5.1 5.1

Div

PE

YIELD

Lingkaran Trans Kota Hldgs .......... 2.85 0.25 YTL Power Int’l .............................. 2.20 0.13875 Digi.Com ...................................... 21.92 1.88 Puncak Niaga Hldgs ...................... 3.05 0.10

13.9 20.8 14.9 50.9

8.8 6.3 5.0 3.3

INFRASTRUCTURE Last

Page Company......................... C l o s e

260 223 79 185

Dividend yield does not include special dividends

MINING (No Yield)


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

HIGHEST YIELD PLANTATION

TRADE/SERVICE

Page

Last Company......................... C l o s e

Div

PE

YIELD

261 65 263 205 122

Negri Sembilan Oil Palms ............. 4.24 Boustead Hldgs .............................. 3.47 TDM ................................................ 1.65 TH Plantations ................................ 1.53 Kim Loong Resources .................... 2.18

0.40 0.30 0.14 0.175 0.36

18.0 5.5 3.6 4.4 10.1

9.4 8.6 8.5 8.2 6.0

143 257 263 210 77

M’sian Bulk Carriers ..................... 3.21 0.40 Complete Logistics Svcs .............. 0.54 0.06 Seni Jaya Corp .............................. 0.53 0.05 Telekom M’sia ............................... 3.11 0.2625 Dayang Enterprise Hldgs ............. 1.81 0.14

260 264 262 264 261

Kurnia Setia .................................... 2.60 United Malacca............................... 8.00 Sarawak Plantation........................ 2.22 Unico-Desa Plantations ................. 0.81 NPC Resources ............................... 1.88

0.15 0.40 0.11 0.04 0.09

5.4 15.0 12.2 12.6 5.7

5.8 5.0 5.0 4.9 4.8

257 62 257 261 263

CNI Hldgs ..................................... 0.235 Berjaya Sports Toto ...................... 4.37 Deleum ........................................... 1.69 Nationwide Express Courier Svcs ..... 0.73 Suiwah Corp .................................. 1.30

0.018 0.29 0.11 0.045 0.08

9.6 14.4 7.3 20.5 7.4

7.7 6.6 6.5 6.2 6.2

257 262 259 258 256

Chin Teck Plantations .................... 7.65 Riverview Rubber Estates ............. 2.37 Hap Seng Plantations Hldgs........... 2.50 Far East Hldgs................................. 6.60 Batu Kawan .................................. 10.72

0.35 0.20 0.10 0.325 0.40

15.1 12.8 15.3 6.7 13.9

4.6 4.2 4.0 3.8 3.7

262 244 258 219 257

Pharmaniaga ................................. 4.40 Scicom (MSC) ................................ 0.42 Fiamma Hldgs ............................... 0.70 Vastalux Energy .......................... 0.175 Eastern Pacific Industrial Corp .......... 1.57

0.27 0.025 0.04 0.01 0.09

7.8 12.8 6.0 1.9 12.0

6.1 6.0 5.7 5.7 5.7

258 261 162 257 257

Freight Mgt Hldgs ....................... 0.805 0.045 PBA Hldgs .................................... 0.885 0.05 NCB Hldgs ..................................... 3.10 0.25 Bintulu Port Hldgs ........................ 6.25 0.4095 Cheetah Hldgs ............................. 0.555 0.03

7.2 9.4 9.4 16.6 5.6

5.6 5.6 5.5 5.4 5.4

161 208 179 258 99

Multi-Purpose Hldgs ..................... 1.89 Tanjong PLC ................................ 17.54 Petronas Dagangan ...................... 8.79 Esthetics Int’l Group ................... 0.595 Hai-O Enterprise ............................ 8.47

0.10 0.90 0.45 0.03 0.42

13.5 11.1 15.1 7.4 13.7

5.3 5.1 5.1 5.0 5.0

259 171 264 261

Hap Seng Consolidated ................ 2.47 PLUS Expressways ....................... 3.27 Unimech Group ............................. 0.76 NV Multi Corp ............................... 0.61

0.12 0.16 0.037 0.03

4.9 15.1 8.1 11.5

4.9 4.9 4.9 4.9

Div

PE

YIELD

PROPERTY Last

Page Company......................... C l o s e

Div

PE

YIELD

120 261 257 72 63

Keladi Maju................................... 0.165 Oriental Interest ............................. 1.35 Daiman Devt................................... 1.52 Crescendo Corp .............................. 1.09 Bertam Alliance.............................. 0.26

0.015 0.10 0.10 0.07 0.015

7.6 14.1 15.1 5.3 9.8

9.1 7.4 6.6 6.4 5.8

258 262 262 256 258

Fima Corp........................................ 2.98 Paramount Corp ............................. 3.04 Plenitude......................................... 2.71 Bina Darulaman.............................. 0.99 Encorp ............................................. 1.00

0.17 0.21 0.14 0.05 0.05

4.3 7.8 4.6 4.4 6.1

5.7 5.3 5.2 5.1 5.0

262 163 96 260 148

SHL Consolidated........................... 1.25 Naim Hldgs ..................................... 2.98 Gromutual....................................... 0.23 Krisassets Hldgs ............................. 3.10 Mah Sing Group ............................. 1.90

0.06 0.13 0.01 0.13 0.08

13.8 11.9 11.0 10.4 12.8

4.8 4.4 4.3 4.2 4.2

259 95 190 263 170

KSL Hldgs........................................ 1.21 0.05 Glomac............................................ 1.45 0.07 SP Setia........................................... 4.10 0.17 TAHPS Group ................................. 3.16 0.1225 PJ Devt Hldgs ............................... 0.765 0.03

4.7 13.3 19.5 10.8 15.4

4.1 4.1 4.1 3.9 3.9

Div

PE

YIELD

Atrium REIT .................................. 0.905 0.084 Hektar REIT..................................... 1.13 0.102 AL-Hadharah Boustead REIT .......... 1.32 0.1103 AmFirst REIT................................... 1.06 0.08748 Amanahraya REIT......................... 0.845 0.070107

6.4 6.0 3.9 2.5 5.4

9.3 9.0 8.4 8.3 8.3

250 Tower REIT ..................................... 1.14 0.0935 247 AL-’Aqar KPJ REIT........................ 0.985 0.081 249 Starhill REIT.................................... 0.86 0.069121

4.8 10.5 2.8

8.2 8.2 8.0

REIT Last

Page Company......................... C l o s e

256 248 247 256 256

Last

Page Company......................... C l o s e

Div

PE

YIELD

7.0 12.5 5.1 11.1 35.6 9.4 13.6 8.4 9.1 7.7

TECHNOLOGY Last

Page Company......................... C l o s e

259 259 261 237 261

Heitech Padu ................................. 1.07 JHM Consolidation ..................... 0.195 Mesiniaga ...................................... 1.83 M3 Tech (Asia) ............................ 0.225 Microlink Solutions .................... 0.135

0.16 3.6 15.0 0.025 295.9 12.8 0.19 14.8 10.4 0.02 6.9 8.9 0.01 7.4 7.4

258 262 264 258 94

Excel Force MSC ........................... 0.40 Rexit ............................................... 0.60 Willowglen MSC ........................... 0.35 Genetec Tech ................................ 0.35 Globetronics Tech ......................... 0.90

0.025 0.035 0.02 0.02 0.02

9.3 16.4 10.8 5.0 10.8

6.3 5.8 5.7 5.7 5.0

258 85 263 260 261

Elsoft Research ........................... 0.455 Eng Teknologi Hldgs .................... 1.76 Solution Engrg Hldgs ................. 0.175 Kobay Tech .................................... 0.69 Mikro MSC ..................................... 0.17

0.02 0.06 0.005 0.02 0.006

12.3 8.6 22.2 30.3 9.0

4.4 3.4 2.9 2.9 2.5

259 217 166 264 72

KESM Industries ........................... 2.08 0.03 Unisem ........................................... 1.94 0.025 Notion Vtec ................................... 3.01 0.03 Vitrox Corp .................................... 0.49 0.011 D&O Ventures ............................. 0.705 0.0035

9.2 46.1 11.8 9.1 37.1

1.4 1.3 1.0 0.8 0.5

Yield in %, Yield = (Full Year Dividend Per Shr / Shr Price) x 100

37


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

PERFORMANCE OF RECENT LISTINGS MAIN MARKET Date of No of Shares Page Company......................................... Listing Offered (m)

Offer Price

1st Day Closing

Premium/ Last Discount vs Done IPO Price (%)

High

Low

224 204 151 197 221

25.17 Yoong Onn Corp................................ 23-12-09 TA Global ........................................... 23-11-09 460.00 Maxis ................................................. 19-11-09 2250.00 24.00 Sinaria Corp....................................... 12-11-09 XiDeLang Hldgs................................. 11-11-09 100.00

0.88 0.50 4.75 0.56 0.58

0.90 0.475 5.42 0.51 0.63

0.845 -3.98 0.485 -3.00 5.33 12.21 0.39 -30.36 0.49 -15.52

0.93 0.52 5.50 0.645 0.765

0.815 0.41 5.20 0.34 0.485

7.3 Public Invs Bank 25.1 AmInvestment Bank 16.7 CIMB Invs Bank 5.5 OSK Invs Bank 3.9 OSK Invs Bank

159 259 204 161 100

Muar Ban Lee Group......................... 28-10-09 Halex Hldgs........................................ 16-09-09 TAS Offshore ..................................... 28-08-09 Multi Sports Hldgs ............................ 19-08-09 Handal Resources.............................. 30-07-09

21.00 10.00 77.00 100.10 18.50

0.65 0.78 0.90 0.85 0.72

0.72 0.94 0.87 0.765 1.16

0.61 -6.15 0.695 -10.90 0.715 -20.56 0.515 -39.41 0.87 20.83

0.815 1.00 0.99 0.89 1.47

0.535 0.63 0.675 0.475 0.75

14.0 Maybank 9.1 OSK Invs Bank 8.0 OSK Invs Bank 4.0 AmInvestment Bank 8.5 OSK Invs Bank

221 191 258 216 211

Xingquan Int’l Sports Hldgs .............. 10-07-09 Samchem Hldgs ................................ 23-06-09 Fibon .................................................. 18-12-08 UEM Land Hldgs................................ 18-11-08 Teo Seng Capital............................... 29-10-08

99.50 21.36 71.00 ---38.61

2.10 0.71 2.73 ---0.45

1.78 0.90 0.80 0.575 0.36

1.18 -43.81 0.835 17.61 1.00 -63.37 1.57 ---0.465 3.33

1.91 0.965 1.23 2.01 0.555

1.16 0.685 0.455 0.50 0.195

4.1 CIMB Invs Bank 9.3 RHB Invs Bank 11.8 Alliance Invs Bank 51.4 CIMB Invs Bank 4.1 HwangDBS Invs Bank

219 178 193 218 141

Vastalux Energy ................................ 12-09-08 Perwaja Hldgs.................................... 20-08-08 Sealink Int’l........................................ 29-07-08 Uzma ................................................. 29-07-08 Luxchem Corp ................................... 27-06-08

57.23 150.00 113.37 28.00 20.00

0.75 2.90 1.25 1.90 1.10

0.525 2.48 1.09 1.97 0.78

0.175 -76.67 1.40 -51.72 0.685 -45.20 1.78 -6.32 1.14 3.64

0.70 2.80 1.19 2.06 1.23

0.14 0.59 0.31 1.20 0.55

1.9 KAF Invs Bank 8.7 RHB Invs Bank 5.9 AmInvestment Bank 13.2 AmInvestment Bank 8.3 AmInvestment Bank

77 101 258 262 262

Dayang Enterprise Hldgs................. 28-04-08 Hartalega Hldgs................................. 17-04-08 Ewein ................................................. 28-03-08 SLP Resources................................... 12-03-08 SCGM ................................................. 28-02-08

85.87 24.21 25.12 26.00 12.00

1.45 1.80 0.70 0.85 0.78

1.53 1.91 0.995 0.89 0.78

1.81 24.83 6.72 273.33 0.90 28.57 1.20 41.18 0.51 -34.62

1.90 6.90 1.18 1.20 0.795

0.60 1.30 0.72 0.70 0.405

9.1 AmInvestment Bank 19.3 RHB Invs Bank 10.0 Alliance Invs Bank 24.3 AmInvestment Bank 7.2 Public Invs Bank

121 263 264 263 256

Key Asic.............................................. 31-01-08 Signature Int’l.................................... 24-01-08 WZ Steel............................................. 02-01-08 TASCO................................................ 28-12-07 Aeon Credit Svcs............................... 12-12-07

202.00 17.69 15.00 25.20 22.00

0.40 1.25 0.68 1.10 2.50

0.415 1.05 0.66 1.26 3.34

0.47 17.50 1.63 30.40 0.335 -50.74 0.87 -20.91 3.98 59.20

0.825 1.71 0.725 1.40 4.84

0.26 0.95 0.125 0.53 2.40

19.5 CIMB Invs Bank 6.5 Alliance Invs Bank 19.5 Kenanga Invs Bank 4.7 AmInvestment Bank 9.8 CIMB Invs Bank

257 256 259 264 257

Bio Osmo ........................................... 05-12-07 BHS Industries................................... 20-11-07 Hap Seng Plantations Hldgs.............. 16-11-07 Voir Hldgs .......................................... 24-10-07 Complete Logistics Svcs ................. 30-08-07

37.01 20.00 300.00 11.75 30.67

0.33 0.68 2.65 1.91 1.00

0.285 0.75 3.06 1.89 1.19

0.18 -45.45 0.815 19.85 2.50 -5.66 1.32 -30.89 0.54 -46.00

0.35 0.87 3.78 1.60 1.50

0.035 0.295 1.25 1.20 0.17

---9.9 15.3 8.0 5.1

Alliance Invs Bank Public Invs Bank CIMB Invs Bank CIMB Invs Bank MIBM Invs Bank

262 Sarawak Plantation........................... 28-08-07 262 Petra Energy ...................................... 26-07-07

39.75 46.00

3.00 2.62

3.20 4.92

2.22 -26.00 1.71 -34.73

4.20 5.60

1.53 0.88

12.2 7.9

CIMB Invs Bank Alliance Invs Bank

DSC Solutions ................................... 09-12-09 Kelington Group................................ 25-11-09 Asia Bioenergy Technologies............ 12-12-08 Sunzen Biotech ................................. 08-10-08 Innity Corp ......................................... 30-06-08

12.58 9.71 130.00 25.00 17.00

0.50 0.53 0.43 0.32 0.55

0.745 0.635 0.28 0.28 0.265

0.32 0.635 0.10 0.23 0.14

-36.00 19.81 -76.74 -28.13 -74.55

0.915 0.90 0.41 0.39 0.295

0.305 0.58 0.07 0.11 0.11

259 JF Technology ................................... 16-04-08 263 TFP Solns ........................................... 22-02-08 246 Winsun Tech ...................................... 22-01-08

34.79 24.00 30.00

0.40 0.48 0.85

0.325 0.275 0.345

0.26 -35.00 0.155 -67.71 0.075 -91.18

0.405 0.37 0.48

0.145 ---- HwangDBS Invs Bank 0.065 101.0 Kenanga Invs bank 0.04 34.4 Public Invs Bank

PE

IPO Manager

ACE MARKET 228 259 226 263 259

48

Close in $ in their respective currencies

13.3 Kenanga Invs Bank 7.2 Kenanga Invs Bank 4.5 Kenanga Invs Bank 17.4 Public Invs Bank 42.3 RHB Invs Bank


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

DISCOUNT TO NAV* (NAV is updated when company announces results.) Last

Page Company..................................Close

NAV

Discount

(%)

256 261 262 261 101

Baneng Hldgs..................................... 0.165 Nilai Resources Group ........................ 0.58 SHH Resources Hldgs.......................... 0.22 Minho.................................................... 0.32 Harvest Court Industries..................... 0.20

1.26 3.53 1.30 1.83 1.143

86.9 83.6 83.1 82.5 82.5

258 258 149 53 262

Focal Aims Hldgs................................. 0.21 Golsta Synergy .................................. 0.215 Majuperak Hldgs.................................. 0.23 Advance Synergy................................. 0.16 Petaling Tin .......................................... 0.19

1.19 1.223 1.31 0.902 1.07

264 164 263 260 120

Wijaya Baru Global............................ 0.245 Nam Fatt Corp ................................... 0.315 Stone Master Corp ............................ 0.155 Komarkcorp........................................ 0.275 Karambunai Corp............................... 0.075

262 97 261 261 151

Last

Page Company..................................Close

NAV

Discount

(%)

261 261 116 183 264

PNE PCB .............................................. 0.26 Pan M’sia Corp .................................. 0.135 John Master Industries ...................... 1.28 Priceworth Wood Pdts ..................... 0.515 Xian Leng Hldgs ................................. 0.51

0.89 0.46 4.352 1.75 1.72

70.8 70.7 70.6 70.6 70.3

82.4 82.4 82.4 82.3 82.2

57 261 51 155 139

Asia Pacific Land ............................... 0.315 Mitrajaya Hldgs .................................. 0.58 AKN Tech ............................................ 0.13 Melewar Industrial Group ............... 0.645 Lion Forest Industries ........................ 1.29

1.047 1.93 0.43 2.12 4.23

69.9 69.9 69.8 69.6 69.5

1.37 1.71 0.8381 1.44 0.39

82.1 81.6 81.5 80.9 80.8

262 207 259 164 258

Prolexus ............................................... 0.31 Talam Corp ........................................ 0.105 JMR Conglomeration ......................... 0.25 Naim Indah Corp .............................. 0.055 Gefung Hldgs ...................................... 0.34

1.01 0.34 0.80 0.175 1.08

69.3 69.1 68.8 68.6 68.5

SBC Corp .............................................. 0.52 Gula Perak............................................ 0.06 PW Consolidated ................................. 0.43 PCCS Group ......................................... 0.45 Maxbiz Corp......................................... 0.07

2.70 0.31 2.13 2.165 0.33

80.7 80.6 79.8 79.2 78.8

136 258 260 264 152

Limahsoon .......................................... 0.06 FSBM Hldgs ........................................ 0.42 M’sian AE Models Hldgs .................... 0.64 VisDynamics Hldgs .......................... 0.075 Maxtral Industry ................................. 0.31

0.19 1.31 1.98 0.23 0.95

68.4 67.9 67.7 67.4 67.4

264 176 257 119 261

Yong Tai ............................................... 0.26 Perak Corp............................................ 0.85 EG Industries........................................ 0.43 KPS Consortium ................................ 0.225 Metech Group...................................... 0.30

1.22 3.90 1.96 1.01 1.34

78.7 78.2 78.1 77.7 77.6

260 262 261 264 150

Len Cheong Hldg .............................. 0.115 SMIS Corp ........................................... 0.49 OSK Ppty Hldgs ................................ 0.555 Utusan Melayu ................................... 0.85 Malton ................................................. 0.41

0.35 1.49 1.68 2.537 1.22

67.1 67.1 67.0 66.5 66.4

258 259 262 257 260

FACB Industries Incorp ..................... 0.465 Jerasia Capital ..................................... 0.30 Pasdec Hldgs........................................ 0.40 Country Heights Hldgs........................ 0.60 Mechmar Corp ..................................... 0.19

2.06 1.27 1.69 2.46 0.78

77.4 76.4 76.3 75.6 75.6

157 242 68 256 257

Mieco Chipboard .............................. 0.505 OSK Ventures Int’l ............................ 0.685 Caely Hldgs ....................................... 0.305 Bina Darulaman .................................. 0.99 Cymao Hldgs ....................................... 0.64

1.49 2.02 0.90 2.91 1.88

66.1 66.1 66.1 66.0 66.0

262 258 169 258 258

Public Packages Hldgs ...................... 0.235 Furqan Business Organisation................0.14 Olympia Industries .............................. 0.23 Eupe Corp............................................. 0.45 Grand Hoover....................................... 0.21

0.96 0.57 0.93 1.81 0.84

75.5 75.4 75.3 75.1 75.0

257 262 193 264 78

Daiman Devt ....................................... 1.52 Pulai Springs ..................................... 0.525 Scomi Marine ...................................... 0.48 Triumphal Associates ........................ 0.80 Denko Industrial Corp ...................... 0.125

4.47 1.54 1.40 2.33 0.363

66.0 65.9 65.7 65.7 65.6

260 263 261 160 208

Kia Lim.................................................. 0.23 Teck Guan Perdana ............................. 0.30 OCB ...................................................... 0.53 Mulpha Int’l........................................ 0.475 Tanco Hldgs ....................................... 0.135

0.912 1.1815 2.07 1.85 0.52

74.8 74.6 74.4 74.3 74.0

260 263 256 260 257

Kuchai Devt ......................................... 0.76 Tiong Nam Logistics Hldgs ............... 0.83 Autoair Hldgs ...................................... 0.25 Lipo Corp ........................................... 0.465 Comintel Corp ..................................... 0.28

2.21 2.38 0.71 1.32 0.792

65.6 65.1 64.8 64.8 64.6

256 262 198 261 74

BCB ...................................................... 0.41 Seacera Tiles........................................ 0.36 South M’sia Industries........................ 0.24 Ornapaper ............................................ 0.36 DPS Resources................................... 0.185

1.57 1.36 0.90 1.34 0.68

73.9 73.5 73.3 73.1 72.8

238 215 79 130 240

MEMS Tech ......................................... 0.07 UDS Capital ....................................... 0.165 Dijaya Corp ........................................ 0.935 LCL Corp .............................................. 0.20 Mobif ................................................... 0.08

0.197 0.4652 2.62 0.56 0.224

64.5 64.5 64.3 64.3 64.3

259 138 262 261 262

Kamdar Group ................................... 0.345 Lion Diversified Hldgs ....................... 0.465 SMPC Corp........................................... 0.14 Multi-Usage Hldgs............................. 0.145 Rex Industry......................................... 0.66

1.26 1.69 0.51 0.51 2.32

72.6 72.5 72.5 71.6 71.6

262 256 256 261 57

Prinsiptek Corp ................................. 0.365 Asas Dunia .......................................... 0.64 ASIAEP ................................................ 0.09 PMB Tech ............................................ 0.43 Asian Pac Hldgs ................................ 0.105

1.02 1.79 0.25 1.19 0.29

64.2 64.2 64.0 63.9 63.8

260 260 257 261 259

MESB .................................................. 0.305 Major Team Hldgs ............................... 0.15 Dolomite Corp...................................... 0.18 Mulpha Land ........................................ 0.49 JPK Hldgs ............................................. 0.07

1.07 0.52 0.62 1.69 0.24

71.5 71.2 71.0 71.0 70.8

263 132 259 259 257

The Nomad Group .............................. 0.50 Landmarks .......................................... 1.28 Ireka Corp .......................................... 0.765 Hua Yang ............................................. 0.77 Chee Wah Corp ................................... 0.42

1.38 3.52 2.10 2.11 1.15

63.8 63.6 63.6 63.5 63.5

* Refers to the trading of a company’s shares at below its NAV

49


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa KNM Group par RM0.25 Paidup RM989.610 m NAV : RM0.49 PE : 9.3 PB : 1.6 Yield : 1.9 Traded in RM Mkt Cap : RM3,127.168 m Chairman: Y. Bhg. Dato’ Mohd Idris CEO/MD: Lee Swee Eng Period High Low Close Vol’ 00 Daily BUSINESS : Co is principally engaged in design & mfr of process + 2 wk 0.745 0.70 0.715 1,706,395 pre 2 wk 0.755 0.715 0.73 455,486 eqmt for oil & gas industry. [9M09 Geographical] Asia & Oceania 28-12-09 0.75 0.73 0.74 83,458 (30.8%), Europe & US (69.2%). H

INSIGHT : Jul-09, Co acq the entire stake of dormant Co, Compart Compressor Technology GmbH (CCTG) for approx RM124k. Earlier, CCTG inked agmt to acq the core business in the development, production and distribution of valves, compressor parts and monitoring systems for compressors and the provision of maintenance and repair works of compressors together with all assets of Compart Technology GmbH & Co. KG for RM5.6m. Co via subsi, inked agmt with The National Oil Corp of Chad to establish a JV co with a 60: 40 equity spilt, to operate, dvlp and maintain the Sedigi Oilfield Facilities in Chad, with contract value of US$220m and lasting 24 months. H

9M09 earnings fell by 20.5% on the back of lower revenue as a result of the global economic slowdown. Co expects to be profitable for FY09. (02/12/09-YL)

5-Yr CAP ISSUE : ......................................................... bn 1:1 ex 12-07-07 .............................................rt 1:4(RM4.00) ex 27-05-08.....bn 2:1 ex 23-07-08 H

Ann’d date for 2H08 : 24-FEB-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-05 31-12-06 31-12-07

53.107 147.545 215.358

343.936 908.987 1,230.116

15.44 16.23 17.51

41.172 132.506 188.133

31-12-08

453.705

2,528.750

17.94

336.383

219.014

1,423.058

1H08 1H09

9M09

170.951 190.252

930.616 964.710

KPJ Healthcare

18.37 19.72

15.39

31-12-05 31-12-06 31-12-07

42.301 60.060 85.225

659.643 831.455 1,108.313

6.41 7.22

31-12-08

114.051

1,270.181

104.503

1,071.009

1H09

9M09

118

67.474

$0.90 Vol 5127000 2563500

18.01.08 to 11.07.08 09.01.09 High-Low: 2.44 - 1.47 2.01 - 0.39 Av PE(wk vol): 41.1 (215,383) 21.5 (1,854,971)

615.068

11.74 13.05

200.380 610.663 691.380

.05 .05

33.87

350.799 1,015.695 1,247.049

.04

.177 .130 .181

1,813.822

18.55

4,455.354

7.55

2,635.011

.015

.085

1,979.843

---

4,241.256

---

2,252.681

---

1,735.759

169.872

1,935.373

---

709.522

3,796.068

---

Period

4,251.355

15.09 ---

2,057.663

---

2,311.188

28-12-09 29-12-09 30-12-09 31-12-09 01-01-10

2.46 2.57 2.57 2.61 ---

2.41 2.46 2.50 2.53 ---

2.44 7,389 $2.30 2.57 11,787 2.50 12,166 $2.10 2.61 14,530 ----- Vol

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

2.61 2.61 2.61 2.61 2.61

2.61 2.61 2.61 2.61 2.61

2.61 2.61 2.61 2.61 2.61

Weekly

18.01.08 to 11.07.08 High-Low: 1.48 - 1.20 Av PE(wk vol): 12.0 (8,051)

09.01.09 1.44 - 0.90 8.4 (4,551) ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

7.59 8.97

3.28 3.72

.18 .14

6.23

561.349 614.603 651.270

.10

.163 .203 .361

645.310

---

.375

78.448

569.331

13.78

1,262.895

6.21

598.629

---

1,303.525

---

628.892

xd = ex-dividend

08.01.10 2.61 - 1.16 11.7 (16,666)

TOTAL ASSETS (RMm)

8.98

550.966

10.07.09 1.31 - 1.00 7.8 (6,804)

ROE in %

15.02

cd = cum dividend

.051

Vol 30600 15300

7.69

73.522

.043

$2.40 $2.10 $1.80 $1.50 $1.20 $0.90

996.268 1,101.885 1,190.957

9.76

.038

--- 9800 --- 4900 --30.11.09 to 25.12.09 08.01.10 ----- H-Low: 2.40 - 1.98 2.61 - 2.41 PE(wk vol): 14.9 (17,714) 17.2 (22,936)

430.510 456.552 494.142

46.715

---

NAV : RM1.136 PE : 17.4 PB : 2.3 Yield : 1.1 Traded in RM Mkt Cap : RM1,366.732 m High Low Close Vol’ 00 Daily

32.657 40.962 74.209

9.51

---

+ 2 wk 2.37 1.98 2.23 20,282 pre 2 wk 2.40 2.21 2.40 15,147 $2.50

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

41.877

08.01.10 0.915 - 0.69 9.2 (2,017,870)

26.15 33.95

150.415

9.80

10.07.09 1.09 - 0.32 7.9 (3,018,505)

157.419 390.330 555.470

5-Yr CAP ISSUE : ......................................................... bn 1:4 ex 06-01-10

60.290

$1.50

EPS in RM

Ann’d date for 2H08 : 25-FEB-09

1H08

$2.10

DIV in RM

9M09 earnings rose 16.4% on the back of higher revenue as strong demand for its hospitals continued. (10/12/09-YL)

M’GIN in %

198,158 616800 385,054 308400 247,760 30.11.09 to 25.12.09 08.01.10 261,270 310,980 H-Low: 0.755 - 0.70 0.82 - 0.73 PE(wk vol): 8.5 (1,080,941) 9.2 (948,877)

TOTAL LIAB (RMm)

in Intrapreneur Devt for RM5m. Oct-09, Co proposed a) splitting of 1 RM1 shr into 2 RM0.50 shr b) bonus issuance on the basis of 1 shr for every 4 shrs held and d) free wrts on the basis of 1 for every 4 shrs held. Aug-09, Co via subsi, acq’d add’l 16% equity stake in Lablink (M) for RM1m. Co acq 28.3% equity interest in Seremban Specialist Hospital for total cash of RM14.2m. Jul-09, Co inked agmt to acq Bandar Baru Klang Medical Centre Bldg for RM38m cash. Co in 70:30 JV agmt with Pasdec Hldgs to dvlp a hospital bldg on a pc of l/h land of 3.12 acres in Kuantan. Feb-09, Co proposed to distribute Al-’Aqar KPJ REITS units to shrhldrs on the basis of 23 Al-’Aqar units for every 100 shrs held, in a move to return surplus assets to shrhlders. Dec-08, Co completed acquisition of add’l 150k shrs in Lablink for RM1.5m.

TURNOVER (RMm)

0.80 0.81 0.80 0.80 0.79

ROA in %

BUSINESS : Ops of hospitals.

PRE-TAX P&L (RMm)

0.765 0.80 0.80 0.795 0.78

Weekly

par RM0.50 Paidup RM261.826 m

FINANCIAL YR CLOSE

0.80 0.82 0.815 0.81 0.82

TOTAL ASSETS (RMm)

H INSIGHT : Nov, Co inked agmt to subscribe for 50k preference shrs

H

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

ROE in %

Chairman: Tan Sri Dato’ Mohd Ali CEO/MD: Datin Paduka Siti Sa’adiah H

$0.76

29-12-09 0.76 0.745 0.76 198,744 30-12-09 0.77 0.75 0.77 82,267 $0.72 31-12-09 0.775 0.755 0.77 130,063 01-01-10 --------- Vol

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

201.793

$0.80

-----

1,237.023 1,337.328

cb = cum bonus

-----

xb = ex-bonus

637.492 657.013

663.429

.07 .10

.10

.202 .223

.351


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Land & General par RM1.00 Paidup RM598.305 m NAV : RM0.359 PE : 22.5 PB : 1.6 Yield : NA Traded in RM Mkt Cap : RM341.034 m CEO/MD: Low Gay Teck Period High Low Close Vol’ 00 Daily BUSINESS : [1H10 Turnover] Ppties (62.7%), education (32.9%), + 2 wk 0.37 0.32 0.345 72,831 pre 2 wk 0.34 0.31 0.33 43,863 others (4.4%). H

$0.55

28-12-09 H INSIGHT : Jun-09, Co is proposing par value reduction and shr 29-12-09 premium reduction that will see its par value per shr reduced to 30-12-09 RM0.2, which will allow Co to reduce its accumulated loss to a more 31-12-09 01-01-10

0.39 0.375 0.37 0.36 ---

0.33 0.36 0.345 0.345 ---

0.36 0.365 0.35 0.355 ---

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

0.395 0.49 0.595 0.60 0.585

0.35 0.41 0.49 0.535 0.52

0.395 127,243 807400 0.45 706,697 403700 0.575 1,211,041 30.11.09 to 25.12.09 08.01.10 0.535 613,729 0.57 517,518 H-Low: 0.37 - 0.31 0.60 - 0.33 PE(wk vol): 13.2 (58,347)17.3 (1,749,508)

appropriate level. May-08, Co’s subsi Bandar Sungai Buaya was served with a winding-up petition. Co completed disposal of Plaza Putra. Co is committed to ongoing Asset Disposal Programme and Composite Debt Restructuring Scheme to reduce financing cost and consolidate its resources so that Co can focus on its core ppty devt biz. Sales of the D’sara Villas bunglow lots have been reasonably good and mgt continued to focus on sales at Hidden Valley for its Australian ops. Co is now actively pursuing devt and other opportunities especially in Bandar Sri Damansara township. 1H10, profit soared to RM11.3m despite dip in sales. Higher earnings was attributed on a forex gain of RM10.3m from capital distribution from a foreign subsi. Co’s performance should be satisfactory for FY10. (30/11/09-DL)

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-03-06 31-03-07 31-03-08

96.370 8.597 2.308

283.333 94.695 46.734

34.01 9.08

31-03-09

17.573

37.611

1Q10

1H10

4.917 8.743

11.695

Landmarks

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

-------

.116 .012 .004

---

.025

0.58

7.59

351.352

4.32

151.401

81.38

11.387

214.814

---

293.910

---

6.107

143.16

8.549

---

198.632

M’GIN in %

31-12-05 31-12-06 31-12-07

46.896 145.275 582.565

316.335 14.82 196.221 74.04 122.053 477.30

29.231 123.374 571.124

31-12-08

60.966

48.721 125.13

62.865

24.787

NA

Period

22.250

NA

33.550

NA

– 1.050

– 1.786

291.626

-----

182.944

---

79.035

---

79.096

---

.005 .014

.019

NAV : RM3.52 PE : 9.8 PB : 0.4 Yield : NA Traded in RM Mkt Cap : RM615.273 m High Low Close Vol’ 00 Daily

+ 2 wk 1.26 1.21 1.23 19,389 $1.34 pre 2 wk 1.25 1.19 1.22 11,947 $1.30

28-12-09 29-12-09 30-12-09 31-12-09 01-01-10

1.24 1.23 1.24 1.25 ---

1.21 1.22 1.22 1.23 ---

1.22 1.23 1.24 1.24 ---

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

1.28 1.35 1.36 1.34 1.30

1.24 1.28 1.32 1.30 1.26

1.28 8,103 11600 1.34 17,359 5800 1.34 8,449 30.11.09 to 25.12.09 1.31 3,460 1.28 3,590 H-Low: 1.26 - 1.19 PE(wk vol): 9.4 (15,668)

Weekly

2,675 928 $1.26 1,784 7,392 $1.22 --- Vol

08.01.10 1.36 - 1.21 9.7 (26,870)

$3.00 $2.50 $2.00 $1.50 $1.00 $0.50

Vol 287000 143500

18.01.08 to 11.07.08 High-Low: 3.28 - 1.34 Av PE(wk vol): 4.3 (40,302)

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

67.710

381.576

---

212.591

par RM1.00 Paidup RM480.682 m

PRE-TAX P&L (RMm)

132

10.29 1.25

1.28

FINANCIAL YR CLOSE

– 2.101

EPS in RM

199.951

Ann’d date for 2H08 : 25-FEB-09

9M09

DIV in RM

15.174

9M09, Co fell into the red as sales slipped. The decrease in revenue was attributed to lower contribution from Carcosa Seri Negara. Further, corresponding period had booked a gain from the disposal of 20%-stake in Teknologi Tenaga Perlis Consortium. Co’s strong balance sheet will allow it to take advantage of opportunities that arises. (30/11/09-DL)

– 0.760

TOTAL LIAB (RMm)

4.94

INSIGHT : Co’s earnings in FY08 was largely derived from the sale of Teknologi Tenaga Perlis Consortium. Co completed the transformation of its biz with the disposal of non-core asset Teknologi and the complete acquisition of Bintan Treasure Bay. Oct-08, Co made decision to postpone the launch of devt pjt in Bintan in view of the economic crisis. Co will be position to re-launch pjt when conditions improve. Feb-08, Co acq remaining 26% interest in Bintan Treasure Bay for RM360m from Castle Knight Invs and Complete Win Group. Nov-07, Co acq 9.5%-stake in Bintan Treasure Bay for $23.2m. Oct-07, Co’s subsi Bintan Treasure Bay inked MOU with China Metallurgical Group Corp for the devt of integrated resorts on Bintan Island. Co’s vision to become a leading player in the lifestyle sector focusing on resorts, hospitality and wellness in the South East Asia region.

1H09

ROA in %

46.72

H

– 2.328

TOTAL ASSETS (RMm)

491.342 363.454 248.533

2.980

08.01.10 0.60 - 0.245 13.6 (358,988)

ROE in %

671.942 558.802 450.419

BUSINESS : [9M09 Turnover] Hotels & resorts (100%).

1H08

10.07.09 0.36 - 0.145 13.5 (247,507)

38.03 3.57

34.20

TURNOVER (RMm)

09.01.09 0.35 - 0.14 15.5 (62,379)

181.786 195.348 201.886

Chairman: Harun Bin Halim Rasip CEO/MD: Mohd Abdul Halim H

Vol 2117600 1058800

69.137 6.967 2.593

14.377

14.370

$0.60 $0.50 $0.40 $0.30 $0.20 $0.10

18.01.08 to 11.07.08 High-Low: 0.545 - 0.265 Av PE(wk vol): 30.2 (69,444)

Ann’d date for 3Q09 : 25-FEB-09

1H09

Weekly

203,172 $0.45 66,583 35,393 $0.35 17,640 --- Vol

09.01.09 1.56 - 0.765 0.9 (11,750)

10.07.09 1.52 - 0.625 6.0 (87,856)

08.01.10 1.58 - 1.14 10.2 (40,368)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

332.965 471.044 1,073.498

8.78 26.19

2.94 11.95 37.56

627.515 471.018 300.740

.02 .02

53.20

993.530 1,032.453 1,520.427

.063 .264 1.188

1,695.793

3.71

2,386.381

2.63

689.610

---

1,694.030

---

2,371.709

---

1,729.043 1,694.809

-----

2,422.176 2,372.595

1H09 = 1st half of FY09 9M09 =1st 9 months of FY09

-----

692.499 676.803

677.061

.04

-----

---

.141

.131

– .002

– .004


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Rubberex Corp par RM1.00 Paidup RM83.110 m NAV : RM1.80 PE : 25.6 PB : 1.6 Yield : 4.3 Traded in RM Mkt Cap : RM234.370 m Chairman: Dato’ Mohamed Bin Hamzah CEO/MD: Ping Kok Koh Period High Low Close Vol’ 00 Daily BUSINESS : Co is in the biz of mfg and sales of rubber gloves and + 2 wk 2.00 1.87 1.94 4,360 pre 2 wk 2.03 1.91 1.99 4,466 latex condoms, trdg in rubber gloves and other items.[9M09 Geo28-12-09 2.01 1.98 1.99 24,550 graphical] PRC (70.5%), M’sia (21.6%), Europe (7.9%). H

$2.80 $2.60 $2.40

29-12-09 2.01 1.99 1.99 3,845 4,400 $2.20 H INSIGHT : Oct-09, strong performance for 9M09 is largely attribut- 30-12-09 2.01 1.99 1.99 able to PRC ops which mainly produce disposable gloves. Co will 31-12-09 2.48 2.00 2.34 70,714 $2.00 01-01-10 --------- Vol generate strong earnings for the rest of the yr as global demand for disposable gloves is increasing and the PRC expansion is pro- 04-01-10 2.47 2.38 2.41 20,124 47200 2.46 2.37 2.38 22,451 23600 gressing satisfactorily. The latest phase of expansion will boost 05-01-10 06-01-10 2.77 2.28 2.75 55,142 the annual pdtn capacity of gloves from 3.5b to 4.4b by yr end and 07-01-10 2.85 2.63 2.66 66,009 30.11.09 to 25.12.09 08.01.10 is expected to reach 5.6b pieces by 2Q10. Significant growth pros- 08-01-10 2.82 2.65 2.82 30,905 H-Low: 2.03 - 1.87 2.85 - 1.98 PE(wk vol): 17.7 (4,413) 21.5 (149,070) pects for Co will be derived mainly from its PRC ops. Co remains Weekly

positive on its 4Q09 performance. Jun-09, Co has inked agmts to buy the remaining 40% equity interest in Pioneer Vantage (PV) and Lifestyle Invs (HK) (LI), and 20% equity interest in Rubberex (HK) for ttl cash RM12m.

$2.70 $2.40 $2.10 $1.80 $1.50 $1.20

9M09, both revenue and net profit rose yoy due to sales contribution from PRC subsis and better profit margins of Co’s pdts. On qoq basis, pretax profit improved 4% on increased pdtn vol and efficiencies achieved from PRC subsis. (30/10/09-SY)

Vol 129800 64900

18.01.08 to 11.07.08 High-Low: 1.40 - 1.05 Av PE(wk vol): NA (1,124)

Ann’d date for 2H08 : 26-FEB-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-05 31-12-06 31-12-07

14.464 8.208 – 4.787

123.327 121.390 145.177

11.73 6.76

31-12-08

12.532

274.554

1H08 1H09

9M09

4.613

11.090

17.123

.110

---

321.821

---

7.33

5.403

10.952

---

par RM0.10 Paidup RM64.844 m

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-05 31-12-06 31-12-07

9.890 24.038 42.937

212.540 270.840 495.959

4.65 8.88

31-12-08

49.798

542.130

276.474

---

157.946

Period

5-Yr CAP ISSUE : ........................................ rt 1:10(RM0.10) ex 08-07-08

188

.07

158.597

7.47

315.149

---

128.451

---

150.853

$0.20

120,263 99,959 225,887 170,640 ---

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

0.18 0.195 0.19 0.185 0.18

0.17 0.185 0.175 0.175 0.175

0.18 0.185 0.185 0.18 0.175

734,923 490000 731,507 245000 396,518 30.11.09 to 25.12.09 08.01.10 187,993 80,204 H-Low: 0.21 - 0.17 0.195 - 0.165 PE(wk vol): 3.8 (452,181) 3.7 (1,373,947)

Weekly

$0.19 $0.18 $0.17 Vol

$0.60 $0.50 $0.40 $0.30 $0.20 $0.10

Vol 3311800 1655900

18.01.08 to 11.07.08 High-Low: 0.60 - 0.35 Av PE(wk vol): 12.6 (6,205)

09.01.09 0.53 - 0.16 6.8 (250,757) ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

1.11 2.17

--.03

4.05

199.218 512.643 535.081

.05

.071 .275 .486

433.196

---

.047

30.545

173.470

17.61

635.247

4.81

272.779

---

892.428

---

0.229

200.794

08.01.10 0.315 - 0.165 4.8 (828,111)

TOTAL ASSETS (RMm)

9.19

155.764

10.07.09 0.395 - 0.14 5.3 (1,268,166)

ROE in %

20.44

NA

.132

0.17 0.175 0.17 0.175 ---

8.66

5.256

.065

0.17 0.17 0.165 0.165 ---

279.983 617.534 692.799

NA

---

0.175 0.175 0.175 0.175 ---

4.50 15.43

162.526

156.671

.034

28-12-09 29-12-09 30-12-09 31-12-09 01-01-10

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

20.765

---

+ 2 wk 0.21 0.17 0.185 551,854 $0.21 pre 2 wk 0.185 0.17 0.17 352,508

69.298 86.842 137.133

14.27

.05

NAV : RM0.27 PE : 3.7 PB : 0.6 Yield : NA Traded in RM Mkt Cap : RM113.477 m High Low Close Vol’ 00 Daily

3.118 13.400 28.032

221.245

183.111

147.019

3.02

Ann’d date for 2H08 : 27-FEB-09

– 7.307

.06

.158 .090 – .022

303.385

9M09, revenue took a plunge mainly due to lower revenue recognition based on the progressive percentage of completion method for turbo machinery/rigs, the loss of revenue from the workover rig svcs op and the engrg and construction segment. These have resulted in lower gross profit margin and bottom line. (03/12/09-SY)

9M09

.20 .15

– 0.74

46.865 79.238 97.375

6.40

INSIGHT : Dec-09, in its 3Q report looking ahead, Co says it is now negotiating and bidding to secure more new pjts. However, the effect of these would only be seen in ensuing yr(s). Meanwhile Co will continue to stay focused towards the delivery and commencement of the charter hire contracts for modular workover rigs to ensure income generation from these assest which will then contribute significantly to Co’s rig svcs segment. Nov-09, Co has announced the 6th tranche of its exchangeable bonds to comprise US$5m in nominal value at exchange price of RM0.2105.

– 0.078

7.35 3.70

– 1.98

H

1H09

11.08 6.90

143.121

137.075

BUSINESS : [9M09 Turnover] Trdg, maintenance, repair & overhaul (44.8%), discontinued ops (26.0%), marine logistics & support: Ownership, construction & ops (14.8%), construction, infrastruc & pjt mgt (11.1%), rig svcs (1.7%), manpower consultancy, design & engrg svcs (1.5%).

31.582

EPS in RM

9.165

H

1H08

DIV in RM

NA

Chairman: Dato’ Abu Bakar CEO/MD: Loganathan K Ramanujam

H

TOTAL LIAB (RMm)

4.56

148.499

SAAG Consolidated

ROA in %

154.647 186.051 240.453

2.679

08.01.10 2.85 - 1.60 16.8 (20,207)

TOTAL ASSETS (RMm)

102.589 99.666 90.324

4.26

10.07.09 1.75 - 1.19 NA (3,444)

ROE in %

11.363 6.879 – 1.785

108.313

233.728

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

09.01.09 1.40 - 1.01 NA (3,528)

-----

611.454 531.911

1H09 = 1st half of FY09 9M09 =1st 9 months of FY09

-----

430.966 295.622

589.933

-----

---

.031 .008

.000


aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Scomi Engrg par RM1.00 Paidup RM275.694 m NAV : RM1.62 PE : 30.4 PB : 0.8 Yield : 3.6 Traded in RM Mkt Cap : RM377.701 m Chairman: Datuk Zainun Aishah binti Ahmad CEO/MD: Hilmy Zaini Period High Low Close Vol’ 00 Daily BUSINESS : [9M09 Turnover] Logistics engrg (62.9%), energy + 2 wk 1.29 1.19 1.21 pre 2 wk 1.27 1.21 1.27 engrg (37.1%).

2,119 $1.40 1,696

H

INSIGHT : Nov-09, the Energy Engrg biz is expected to continue to contribute positively in the remaining 4Q09 with the expansion of existing facility in Indonesia and relocation of Australia and Thailand machine shops to bigger facilities. The biz is also investing in R&D of new connector in an effort to expand the mkt coverage in the casing and connectors mkt. For Logistics Engrg biz, contribution from the Rail unit will continue to lead the performance throughout 2009. Co reckons that the core biz driver from 2009 onwards will be in the public tptn sector and will leverage on its rail expertise to pursue opportunities in monorail pjts and establish a global presence in this sector. Co has entered into a Joint Bidding Agmt with Geodesic Techniques, an India company, to submit a bid to undertake the finance, design, build, own, operate and transfer of new monorail alignments in Bangalore. H

9M09, revenue jumped 25% yoy and net profit improved, mainly due to strong contributions from the Rail biz. (03/12/09-SY)

H

5-Yr CAP ISSUE : .......................................... rt 3:1(RM1.20) ex 29-11-05

Ann’d date for 2H08 : 27-FEB-09

1.27 1.27 1.25 1.26 ---

1.27 1.27 1.25 1.26 ---

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

1.34 1.37 1.40 1.41 1.37

1.27 1.30 1.36 1.37 1.37

1.34 1.36 1.38 1.37 1.37

18.01.08 to 11.07.08 High-Low: 2.58 - 0.655 Av PE(wk vol): 10.3 (8,922)

16.701 28.267 42.401

265.644 360.692 394.758

31-12-08

18.222

428.759

4.25

12.435

411.583 445.894

---

9M09

49.185

58.039

Scomi Group

277.940

17.70

400.201

14.50

36.923

48.815

$1.20 Vol

1,530 3600 5,310 1800 3,783 30.11.09 to 25.12.09 1,539 100 H-Low: 1.29 - 1.19 PE(wk vol): 27.5 (1,907)

08.01.10 1.41 - 1.25 29.3 (6,187)

09.01.09 1.10 - 0.42 4.6 (3,544)

08.01.10 1.70 - 1.01 30.4 (7,212)

Vol 38400 19200

0.918 1819.28 323.940 12.69 368.788 12.84

1H09

$1.25

$0.90

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

17.032

$1.30

$1.50

16.701 41.096 47.350

8.92

$1.35

$2.10

31-12-05 31-12-06 31-12-07

228.288

10 --10 92 ---

Weekly

PRE-TAX P&L (RMm)

20.370

M’GIN in %

1.27 1.27 1.25 1.29 ---

FINANCIAL YR CLOSE

1H08

TURNOVER (RMm)

28-12-09 29-12-09 30-12-09 31-12-09 01-01-10

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

6.29 7.84

4.13 4.52 7.30

138.260 249.599 185.570

--.03

10.74

403.904 624.695 580.590

.05

.714 .106 .154

3.02

654.406

1.90

242.224

.05

.045

834.662

---

388.072

---

---

412.527

735.544

---

435.259

par RM0.10 Paidup RM102.184 m

Chairman: Tan Sri Datuk Asmat bin Kamaludin CEO/MD: Shah Hakim

10.07.09 1.29 - 0.45 13.4 (10,488)

Period

762.577

-----

322.585

---

326.623

---

.062 .134

.177

NAV : RM0.91 PE : 4.3 PB : 0.5 Yield : 1.0 Traded in RM Mkt Cap : RM500.702 m High Low Close Vol’ 00 Daily

BUSINESS : [9M09 Turnover] Oil svcs (72.9%), energy & logistics + 2 wk 0.505 0.45 0.49 94,752 pre 2 wk 0.505 0.435 0.45 162,510 engrg (20.3%), pdtn enhancement (4.0%), energy logistics (2.4%), 28-12-09 0.45 0.44 0.45 49,295 invs hldgs (0.4%). H

$0.51 $0.49

29-12-09 0.46 0.445 0.455 275,281 $0.47 H INSIGHT : Nov-09, in the Oilfield Svcs div, biz continued to be 30-12-09 0.455 0.44 0.445 72,657 $0.45 challenged by flat global drilling activity. This trend is expected to 31-12-09 0.45 0.44 0.445 38,193 01-01-10 --------- Vol

continue into early 2010 as oil majors kept capex under tight control. The Energy & Logistics Engrg div will continue to contribute positively and lead Co’s performance with the Mumbai monorail pjt. The Machine Shop unit is investing in R&D on new connectors to expand mkt coverage. Co has also expanded its existing facilities, incl relocation to a bigger Australian facility. The Energy Logistics div achieved a 16% improvement in coal tonnage in 3Q09 and such trend is expected to continue in 4Q09. Charter rates in the coming mths are expected to remain stable in SEA and Co is working on expanding its fleet of vessels to capitalise on the current attractive vessel prices. The Pdtn Enhancement div is making good progress in the gas separation biz.

9M09, both revenue and net profit fell yoy. Compared to 3Q08, 3Q09 net profit rose mainly due to contribution from the Energy & Logistics Engrg div. (04/12/09-SY)

Ann’d date for 2H08 : 27-FEB-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-05 31-12-06 31-12-07

187.648 120.722 286.418

1,067.972 1,577.495 1,955.530

17.57 7.65

31-12-08

141.594

2,109.293

1H08 1H09

9M09

192

85.657 69.615

99.837

1,003.909 1,063.774

1,487.902

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

0.485 0.49 0.52 0.515 0.495

0.445 0.47 0.475 0.49 0.475

0.48 0.48 0.505 0.49 0.49

Weekly

311,167 325200 235,534 162600 487,754 30.11.09 to 25.12.09 08.01.10 193,966 78,783 H-Low: 0.505 - 0.435 0.52 - 0.44 PE(wk vol): 4.2 (128,631) 4.1 (871,315)

$1.40 $1.00 $0.60 Vol 3021600 1510800

18.01.08 to 11.07.08 High-Low: 1.69 - 0.53 Av PE(wk vol): 5.3 (232,983)

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

09.01.09 0.74 - 0.255 1.9 (298,857)

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

8.14 3.27

.06 .075

9.50

1,267.745 1,948.606 1,757.341

.02

.156 .085 .390

1,884.791

.005

.114

1,909.862

---

27.87 14.27

14.65

544.197 592.376 801.186

32.09

1,863.874 2,585.604 2,705.430

6.71

116.553

913.971

12.75

2,960.655

3.94

6.71

53.338

954.172

---

3,033.107

---

6.54

56.356 30.363

856.051 951.679

08.01.10 0.73 - 0.435 5.0 (415,029)

ROE in %

151.691 84.545 257.129

8.53

10.07.09 0.825 - 0.285 3.7 (962,656)

-----

2,849.601 3,081.625

1H09 = 1st half of FY09 9M09 =1st 9 months of FY09

-----

1,831.608 1,960.009

-----

.055 .030

.052


H BUSINESS : Co is engaged in mfg & trdg of processed & preserved

foods & other related foodstuffs.

INSIGHT : Aug-09, plans have been undertaken to expand pdtn capacity to meet expected increase in demand on existing and new pdts to be launched. May-09, Co foresees the local food industry to remain resilient with intense competition in domestic and overseas mkts. Feb-09, the increase in local sales has contributed to the increase in ttl turnover. Aug-08, Co faces greater challenges ahead in view of anticipated higher material cost and intense competition in domestic and overseas mkts. Co is planning to expand pdtn capacity to meet expected increase in demand on existing and on new pdts to be launched. Jul-08, Co has injected US$1.5m in ttl into the JV. May-07, Co entered into a JV with La Bi Xiao Xin Int’l to mfr and distribute gummy candy pdts through a JV co in Fujian, PRC. H

9M09 earnings soared 3 times due to increase in revenue from higher margin pdts and improved pdtn efficiency. Higher turnover was driven by an increase in demand for the export segments. (24/11/09-XL)

H

5-Yr CAP ISSUE : ......................................................... bn 1:3 ex 30-06-06

Ann’d date for 2H08 : 26-FEB-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-05 31-12-06 31-12-07

10.232 14.284 11.215

100.262 119.239 121.264

10.21 11.98

31-12-08

10.928

128.717

18.912

97.768

1H08 1H09

9M09

4.364

14.442

64.336 68.056

Compugates Hldgs

+ 2 wk 1.19 1.12 1.15 6,814 $1.40 pre 2 wk 1.29 1.13 1.28 11,081 $1.35 $1.30 $1.25 $1.20 $1.15

28-12-09 29-12-09 30-12-09 31-12-09 01-01-10

1.28 1.28 1.28 1.31 ---

1.26 1.25 1.24 1.26 ---

1.27 1.26 1.28 1.31 ---

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

1.33 1.35 1.35 1.41 1.40

1.30 1.30 1.29 1.33 1.33

1.33 1,828 12000 1.32 2,925 6000 1.35 5,780 30.11.09 to 25.12.09 08.01.10 1.38 17,716 1.36 4,909 H-Low: 1.29 - 1.12 1.41 - 1.24 PE(wk vol): 16.4 (8,947) 18.3 (21,599)

Weekly

685 1,567 4,252 3,536 ---

Vol

$1.40 $1.20 $1.00 $0.80 $0.60 Vol 126000 63000

18.01.08 to 11.07.08 High-Low: 0.78 - 0.55 Av PE(wk vol): 7.9 (1,988)

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

09.01.09 0.65 - 0.50 7.6 (775)

10.07.09 0.82 - 0.50 8.8 (9,030)

08.01.10 1.46 - 0.75 15.6 (40,665)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

9.48 11.93

--.04

69.158 77.720 83.050

12.09 15.70

9.25

8.361 12.199 8.834

10.64

88.202 102.221 106.612

8.29

19.044 24.501 23.562

.04

.020 .102 .074

8.49

8.651

88.203

9.81

113.391

7.63

25.188

.04

.072

98.213

---

123.182

---

24.969

.025

6.78

3.323

21.22

11.147

19.34

14.500

---

86.374

---

99.382

par RM0.10 Paidup RM213.429 m

Chairman: Tan Sri Datuk Asmat Bin Karmaludin CEO/MD: Goh Kheng Peow

108.564

Period

126.036

-----

22.190

---

26.654

.05

.028 .093

.121

NAV : RM0.09 PE : NA PB : 0.8 Yield : NA Traded in RM Mkt Cap : RM149.400 m High Low Close Vol’ 00 Daily

+ 2 wk 0.07 0.06 0.065 125,216 $0.085 pre 2 wk 0.07 0.06 0.065 126,751 $0.08 end-users. [9M09 Geographical] M’sia (43.4%), Bangladesh (53.8%), 28-12-09 0.065 0.06 0.065 9,380 $0.075 Indonesia (2%), others (0.8%). 29-12-09 0.07 0.065 0.065 8,657 $0.07 3,530 $0.065 H INSIGHT : Dec-09, Co proposed to acq’d the remaining 40%-stake 30-12-09 0.065 0.06 0.065 in Selama Muda Jaya from Rata Awana for RM10m. Jul-09, Co 31-12-09 0.065 0.06 0.065 8,269 $0.06 01-01-10 --------- Vol H BUSINESS : Co is engaged in distributing a diverse range of pdts to

terminated an agmt with Celcom regard to the agmt that Co was appointed as distributor for the sales of Celcom’s pdts and svcs and the use of Celcom’s names, trademarks and literature. Based on the audited consolidated FY08 results, Celcom contributed ard 50% of the ttl revenue with a net loss after taxation of RM335k. Jun-09, Co proposed to acq 60%-stake in Selama Muda Jaya for RM6m. Mar-09, Co was appointed as the wholesaler of Canon’s image communication pdts. Co plans to tie up with MARA to develop a chain of 3k bumiputra-owned pharmacies and as the sole distributor with exclusive arrangements for Amavita Apotheke Central’s Pharmaceutical Pdts for M’sia and ASEAN region. 9M09, Co managed to return to the black on the back of higher revenue. 3Q09 revenue fell, but Co still managed to turnaround with a profit ofRM75k as compared to a loss in 3Q08. Co’s prospect remains challenging. (23/12/09-XL)

Ann’d date for 2H08 : 23-FEB-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-05 31-12-06 31-12-07

1.201 1.966 25.799

60.815 440.644 586.577

1.97 0.45

1.624

1H08

31-12-08 1H09

9M09

– 0.076 1.724

2.575

04-01-10 05-01-10 06-01-10 07-01-10 08-01-10

0.07 0.085 0.075 0.07 0.07

Weekly

0.06 0.065 0.065 0.065 0.065

0.07 28,547 832000 0.075 1,247,911 416000 0.07 660,915 30.11.09 to 25.12.09 08.01.10 0.065 44,260 0.07 25,805 H-Low: 0.07 - 0.06 0.085 - 0.06 PE(wk vol): NA (125,984) NA (1,018,637)

$0.16 $0.12 $0.08 $0.04 Vol 4087800 2043900

18.01.08 to 11.07.08 High-Low: 0.13 - 0.10 Av PE(wk vol): 96.2 (62,841)

AFT-TAX & MI SH’HOLDERS P&L (RMm) FUND (RMm)

09.01.09 10.07.09 0.145 - 0.10 0.18 - 0.065 19.2 (48,476) NA (1,470,718)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

– 0.26 0.38

--- PRELIST --- PRELIST

4.87

29.531 17.724 29.204

---

.006

28.168

---

.000

212.790 213.664 225.835

– 0.30 0.41

4.40

– 0.642 0.871 12.941

5.73

242.321 231.465 265.633

688.467

0.24

– 0.241

200.117

– 0.12

239.416

– 0.10

589.686

0.44

201.535

---

248.633

---

315.657 415.716

NA

0.41

cr = cum right

– 1.042 0.341

0.416

xr = ex-right

198.148 200.862

08.01.10 0.085 - 0.06 NA (390,514)

-----

cw = cum warrant

237.148 244.083

xw = ex-warrant

-----

28.226 31.785

34.471

DIV in RM

-----

---

EPS in RM

.000 .000

.000

71

C MAIN MARKET

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Cocoaland Hldgs par RM0.50 Paidup RM60.000 m NAV : RM0.82 PE : 18.9 PB : 1.7 Yield : 2.9 Traded in RM Mkt Cap : RM163.200 m Chairman: Dato’ Azman bin Mahmood Period High Low Close Vol’ 00 Daily


Shares Investment Malaysia Edition Issue 22