Shares Investment Malaysia Edition Issue 27

ISSUE 27

MAY 2010

European

Debt Crisis Worries Global

Economies

OTHER FEATURES ISSN 1793-7280

Room for Asian currencies to strengthen further in 2010

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

Tenaga Nasional rides on strong power demand Spectacular performance by the Malaysian ringgit

Uncover the secrets to your wealth ™

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Perspective text : Michael Tee

A EUROPEAN DEBT CRISIS THAT WORRIES THE GLOBAL ECONOMY

W

hat started the year as a budget deficit has led to a fully blown crisis of endemic proportions, which seems to be affecting other nations within the euro zone as well.

Late last year, the Greek government pledged in its 2010 draft budget to save Greece from bankruptcy by cutting the budget deficit of 12.7 percent of GDP, already more than double the previously announced figure - while keeping electoral promises to help the poor. When the final budget draft was released on November 20, it showed Greece’s commitment to cut the deficit to 8.7 percent of GDP in 2010. This was a means to indicate its seriousness to restore fiscal health to its economy – at least to its EU partners.

The move also saw public debt rising to 121 percent of GDP in 2010 from 113.4 percent in 2009. EU 2010 forecasts on Greece were far worse, with the deficit seen at 12.2 percent of GDP and na-

tional debt rising to 124.9 percent, the highest ratio in the EU. This led to Fitch Ratings, S&P and Moody’s downgrading Greece’s debt ratings.

Greece now has to refinance 54 billion euros in debt in 2010, with a crunch in the second quarter when more than 20 billion euros becomes due. A 5-year bond issue in January is five times oversubscribed, but the government had to pay a hefty premium for it.

Fear Spreads Across The Globe

The Greece scenario started to rear its ugly head when another country was pushed to the brink of a financial abyss, namely Portugal. It became worse when stocks around the world fell after ratings agency Standard & Poor’s downgraded Greek bonds to junk status recently and downgraded Portuguese bonds two notches, showing investors that Greece’s financial contagion is spreading.

Major European exchanges fell more than 2.5 percent by then and on Wall Street,

the Dow Jones Industrial Average finished down 213 points, or 1.9 percent. The euro slid more than 1 percent to nearly an eight-month low. Asian stock markets tumbled in early trading 28 April with Japan’s Nikkei 225 stock average shedding 2.8 percent to 10,897.72, and South Korea’s Kospi losing 1.6 percent to 1,722.03. Australia’s benchmark retreated 1.8 percent to 4,792.90.

Greece is currently struggling with massive debt, and with prospects for economic growth weak if it ends up in default. Its 15-eurozone partners and the International Monetary Fund (IMF) have tried to calm the markets with a euro45 billion-rescue package, but it hasn’t worked.

Europe’s debt crisis has since spread its contagion to another country Wednesday when a major agency downgraded Spain’s credit rating, even as Germany grudgingly moved closer to bailing out Greece from imminent collapse.

Investors who were not paying attention to Greece

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and Portugal’s problems previously were suddenly awakened when the news broke out that Spain might be affected too. Spain’s economy, which is four times the size of Greece, is considered by many, too big to rescue. At stake is the threat of higher borrowing costs that could crimp government spending for years and undermine the once-mighty euro.

Germany as the eurozones largest economy, is trying its best to speed up the US$60 billion (euro45 billion) aid that Chancellor Angela Merkel promised on a joint bailout with the IMF and other euro countries, by May 7. That would still beat a May 19 deadline when

Rainy days ahead?

Greece has debt coming due, which it can’t pay without a bailout.

“It’s absolutely clear that the negotiations between the Greek government and the European Commission and the IMF have to be accelerated now,” Merkel said prior to her meeting with IMF head Dominique StraussKahn. “We hope that they will be completed in the next days.”

In the meantime, Greece losing its investment-grade status for its bonds means that the country will have to pay higher costs to borrow if it taps debt markets again, and increases the chances that existing debt will have to be restructured.

Confidence In Other Parts Of Europe

While all these were happening, positive signs were just beginning to take shape in the rest of Europe. Confidence in the economic outlook has improved to the highest level in more than two years, with German unemployment lower indicating signs the recovery is strengthening even as Greece’s fiscal crisis is spreading across the region.

An index of executive and consumer sentiment in the 16-euro zone nations rose to 100.6 in April from a revised 97.9 in March, exceeding the 99.4 median estimate of 24 economists in a Bloomberg survey.

In Germany, the region’s largest economy, unemployment fell 68,000 to 3.29 million in April, almost seven times more than economists had forecast. According to ING economist, Maryin van Vliet, the improvement in sentiment contrasts sharply with growing concern that the Greek crisis may be spreading.

In the meantime, the EU and the IMF have told Athens to slash the public deficit by 10 percentage points by next year through cutting wages and pensions and increasing taxes. This includes the elimination of 13th and 14th month wages for public sector employees as well as pensioners, as well as an increase in the value-added tax of between one to two percentage points, to force liquidity in the Greek economy, as part of the rescue package initiated by the EU and the IMF. 5

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Corporate Digest text : Amelia Arshad

TENAGA NASIONAL RIDES ON STRONG POWER DEMAND

1

HFY10 power demand posted strong growth at 8.0% y/y led by a strong 2QFY10 demand, up 13.8% y/y compared to 2.7% y/y 1QFY10. Stronger demand was due to (1) lower base comparison in 1HFY09; (2) improving economic condition; and (3) increasing consumer demand in view of the growing hot weather. The current trend suggests an increasing potential upside to both ours and consensus forecast of 3% growth in electricity demand for FY10. Tenaga is now looking at a 6% to 7% growth in electricity demand for FY10.

Industrial segment is the

main driver, complemented by commercial and domestic segment: The industrial segment rose by 38.4% y/y in February following stronger demand for power amidst improving manufacturing activities emanating from both exports and domestic. Further complementing is the commercial and domestic segment, up 13.7% y/y and 8.0% y/y in the month of February (refer to figure 1).

coal for FY-2010 at between US$65 – US$70, while 38% has been secured under an index-linked system (fixed at the beginning of each quarter) and 17% based on spot prices including freight charges of approximately US$15/MT. We expect average coal cost to hover around US$80-US$85/ MT in 2QFY10, slightly below our FY10 forecast of US$86/ MT and Tenaga’s tariff coal reference price of US$85/MT.

Costs Remain Manageable

MYR Has Strengthened

Although coal prices are still on the high side i.e. above US$90 per ton, Tenaga has locked in about 45% of its 17.6 million metric tons (MT)

The strengthening of MYR is expected to benefit Tenaga.

Foreign currency denominated loan stands at RM22.4 billion in FY09. Of which 22.9% is denominated in US$ and

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Figure 1: Monthly Power Demand for Peninsular Malaysia (Sep 07 - Feb 10)

24.9% in Yen. MYR has appreciated by 9.0% since endFY09 against US$ and 8.5% against Yen. Our average MYR/US$ forecast is 3.153.18 for FY10. The strengthening of MYR vis-à-vis US$ and Yen should improve their net translation gain by approximately RM130 million, from a loss in 1QFY10.

Updates

Tenaga’s CEO Dato’ Sri Che Khalib’s term that will expire end-June 2010 has been extended for one year effective 1 July 2010 to 30 June 2011. This can be viewed positively given his good track record. A month ago, the Government deferred its announcement of tariff hike pending a programme to educate the public on the need to raise rates. Thus far, there has been no such educational campaign. Nonetheless, fol-

lowing two tariff review deferment in the past, there are strong possibilities for a tariff hike in mid-2010.

Supporting our arguments for a possible tariff hike in mid-2010, are: (1) Rising fuel prices, and (2) Improving economic conditions.

Uncertainty Over BETG

Tenaga believes the Bakun power may not be able to deliver to Peninsular Malaysia via Bakun Energy Transmission Grid (BETG) by 2015 given the recent development under the Sarawak Corridor of Renewable Energy (SCORE).

Thus, uncertainty as to whether or not the BETG will go ahead so soon has started to flare up.

Plans To Step-Up Janamanjung Capacity

Hence, Tenaga plans to

expand its Janamanjung coal-fired plant to meet the future power demand. They intend to increase the plant’s generation capacity by 2000 MW (1,000MW x 2) from the current generation capacity of 2,100 MW (700MW x 3) with an estimated cost of at least RM6 billion. Tenaga will commission a preliminary study on the expansion plan, which will take six months to complete. At the moment, demand has peaked at 14,983 MW, which is 3.1% above their expected demand peak of 14,500 MW. We are maintaining our FY10-FY11 core earnings projection and reiterate OUTPERFORM. Our target price is maintained at RM9.80 based on DCF valuation with a discount rate of 9.3%.

Amelia Arshad is an analyst at InterPacific Research.

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Headliners compiled : Jade Lee

Bank Negara Malaysia May Raise Policy Rate

Bank Negara Malaysia may hike policy rate by another 25 basis points to 2.50% on 13 May according to a report by CIMB Economics Research (CIMB). CIMB added that the policy rate would most likely stay at this level until year-end. “We believe Bank Negara Malaysia will continue to normalise interest rates at a measured pace so as to ensure that the recovery becomes firmly entrenched.”

CIMB also said that further rate hikes would be data dependent as uncertainty still clouds the global outlook in 2H10. The report comes after Malaysia’s Consumer Price Index (CPI) posted moderate gains of 1.3% onyear in March, a signal of tame inflationary pressures.

“The headline inflation will gradually trend up, albeit moderately, on the back of a firmer domestic demand, the still-firm commodity prices as well as the disappearing of high base effect,” said CIMB. The research firm is keeping its this year’s estimate for Malaysia’s CPI at a 2% increase on average.

UEM Land Sells Stake In TnG For RM33.4m

UEM Land Holdings proposed to dispose of its entire 20% stake in Touch `N Go (TnG) to PLUS Expressways for RM33.4m. UEM Land is expected to record a net gain of RM26.4m. UEM Land said in its filing on Bursa Malaysia

that the move was part of efforts to focus on its core business of property development. TA Research said that PLUS’ acquisition was reasonable and that earnings of TnG are expected to grow, in view of increased TnG application brought about by the bundling of applications by banks. ‘Overall, we are positive on the acquisition as we believe PLUS would be able to reap synergistic benefits,’ TA said.

RM505m Buyout Offer For General Corp

General Corporation (GC) received a takeover bid for about RM505.5m or RM1.70 per share, by two of its major shareholders. The offer came from Consistent Record (CR), a company owned by Tan Sri Low Keng Huat and Datuk Marco Low Peng Kiat, who together own 32% of GC. CR has also proposed to undertake a members’ voluntary winding-up upon the completion of the transaction exercise, which will lead to GC being de-listed.

Weida Delivers First Middle East Treatment Plant

Sarawak-based Weida has successfully delivered its first sewage treatment plant in Zabadani, to the Syrian government. The plant was completed within 18 months and is part of a US$75m contract awarded by the Syrian government to Weida in 2007 as part of a government-to-

LRT extension project garners good response

government initiative. Currently, the group is negotiating for more projects in Syria, which includes a 30,000 cubic meters per day water reclamation plant, a 50,000 cubic meters per day centralised industrial wastewater treatment plant and more sewage treatment plants.

17 Qualify To Bid For Klang Valley LRT Contracts

Syarikat Prasarana Negara said that 17 applicants have qualified to bid for contracts of about RM7b to extend the existing light rail transit (LRT) lines in the Klang Valley. According to the Business Times, the list includes notable firms like Sunway Construction, IJM Construction, Muhibbah Engineering, Gamuda, MRCB Engineering and other joint venture companies. The extension forms part of the RM10b railway scheme to expand KL’s public transport network. Both extended lines are expected to be ready for use by the end of 2012.

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Perspective text : Inter-Pacific Research

ROOM FOR ASIAN CURRENCIES TO STRENGTHEN FURTHER IN 2010

S

ingapore’s decision to revalue its currency to prevent economic overheating can prompt policy makers in China and other Asian nations to start withdrawing monetary stimulus especially with growth in the region outpacing the rest of the world. The Monetary Authority of Singapore (MAS) uses its currency as opposed to interest rates to conduct its monetary policy. With the decision to re-centre its ex-

change rate policy band by shifting to a stronger trading range, the Singapore dollar rose by 1.2% to S$1.3754, the most in a year.

Singapore’s decision came about although China, South Korea and Indonesia have left their rates unchanged. The move by Singapore is a signal that other nations in the region will adopt the same policy in the near future. It opines that Asian central banks are mostly ‘behind the curve’ in tightening monetary policy.

Inflation pressure will step up in 2010.

The general expectation is that other regional currencies would appreciate as well in view of: (1) Asia ex Japan (AxJ) GDP growth will remain vibrant as opposed to a modest recovery from developed nations; (2) Normalising of monetary policy will be much earlier in AxJ with rising interest rates as opposed to developed nations; (3) External surpluses will remain high in AxJ; (4) Equity valuations in

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AxJ could continue to benefit from capital inflows; and (5) CNY gain against US$ would make AxJ currencies more tolerant for appreciation.

View On AxJ Currencies Vis-Ă€-Vis US$

* Chinese Yuan (CNY) to strengthen to 6.60 in 2010: US$/CNY could be revalued before July 2010 as the Chinese authorities could be waiting for a clearer picture with respect to the strength of their economy. It is of view that CNY would strengthen to 6.60 in 2010 from earlier forecast of 6.65; * Korean Won (KRW) to strengthen to 1040 in 2010: We found the Korean Won (KRW) somewhat tracks closely to CNY especially between the period mid2005 to early-2008 due to strong trade ties with China.

We have revised upwards our projection for KRW to 1040 in 2010 from our previous projection of 1100; * Ta i w a n D o l l a r ( T W D ) to strengthen to 30.6 in 2010: Appreciation of TWD would be more gradual.

The underlying reason being inflation is expected to remain weak, thus giving ample breathing space for its monetary authority to keep interest rates low. The revised forecast for TWD is 30.6 in 2010, from 31.0; * Indian Rupee (INR) to strengthen to 43.0 in 2010: There were weak relationship between INR vis-Ă -vis

US$/CNY. Nonetheless, the view is that the Indian rupee will continue to strengthen in 2010. The economy is able to absorb a stronger currency in view of higher productivity growth, concern over inflation and the prospect of strong capital inflows. This suggests room for further tightening of its monetary policy. Therefore a revised upwards of forecast to 43 in 2010 from 44.1 previously;

* Thai Baht to strengthen to 31.3 in 2010: The primary concern in Thailand for now is their political uncertainties. This can put a lid to the upside growth of the economy in 2010. Nonetheless, Inter-Pacific Research continues to hold on to the view that the Thai Baht will continue to appreciate in 2010. The projection has now been raised to 31.3 in 2010 from 31.9 previously; and

* Indonesian Rupiah to strengthen to 8,800 in 2010: Like the Indian Rupee, Inter-Pacific Research found the relationship between Indonesian rupiah and US$/CNY to be low.

Nonetheless, it appears that Bank Indonesia (BI) remains concern over the development of asset bubbles. This could well indicate the desire to have a stronger rupiah. Therefore, 2010 projections have been revised upwards to 8,800, from 9,000 previously;

* A revised upward projection for the Philippine Peso and Singapore dollar in 2010: The expectations are 43.0 for the Philippine Peso in 2010 from 44.1 previously and 1.31 for Singapore dollar in 2010 from 1.38 previously.

* Malaysian Ringgit (MYR) to strengthen to 3.15 in 2010: The MYR is closely correlated to the CNY. MYR have appreciated strongly, which Inter-Pacific Research believes is due to; (1) the anticipation of a stronger US$/CNY; (2) better economic outlook; and (3) fear of potential inflation.

Nonetheless, the upside to MYR is somewhat limited and hence revised the 2010 projection to 3.15-3.18 from 3.20 previously;

Potential Risks For AxJ Currencies

The potential risks for AxJ currencies in 2010 will largely revolve around the following issues: (1) Should the central banks tighten too much, it can put a lid to the upside growth of GDP; (2) If the central banks initial monetary tightening turns out to be weak, fears are it may not be able clamp overheating and asset bubbles; (3) Strong capital inflows from monetary tightening may result to selective capital controls; and (4) The risk of China not revaluing its CNY in 2010 and delaying it into 2011 may not augur well as we expect trade friction with US and hence push down AxJ currencies later in 2010.

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MARKET CAPITALISATION 2 wks

Last

Mkt Cap (‘000)

2 wks

Last

Mkt Cap (‘000)

156 200 82 188 153

Malayan Banking ..........................922,116 Sime Darby....................................758,990 CIMB Group Hldgs ........................588,410 Public Bank....................................231,205 MISC ..............................................198,124

7.55 8.57 14.18 11.88 8.85

RM53,436,356 RM51,500,558 RM50,080,442 RM41,959,281 RM39,504,577

262 151 264 208 120

Oriental Hldgs ...................................8,927 M’sian Bulk Carriers .......................30,395 United Plantations ...........................5,140 Tan Chong Motor Hldgs .................86,079 IGB Corp ........................................133,867

5.93 2.97 14.00 4.14 1.79

RM3,065,810 RM2,970,000 RM2,913,876 RM2,782,080 RM2,667,630

159 212 122 73 107

Maxis .............................................415,522 Tenaga Nasional ...........................750,621 IOI Corp..........................................927,671 Axiata Group .................................904,102 Genting ..........................................659,827

5.26 8.40 5.40 3.93 6.79

RM39,450,000 RM36,430,800 RM35,981,550 RM33,189,455 RM25,155,932

195 256 187 263 121

SapuraCrest Petroleum ................128,611 Bintulu Port Hldgs ............................7,978 Proton Hldgs .................................127,568 Star Publications ..............................8,534 IJM Land .........................................55,242

2.20 6.48 4.60 3.35 2.24

RM2,626,437 RM2,592,000 RM2,526,380 RM2,474,189 RM2,471,320

176 184 257 136 176

PPB Group .......................................53,341 Petronas Gas ...................................62,635 Digi.Com ..........................................33,107 Kuala Lumpur Kepong....................65,746 PLUS Expressways .......................249,453

17.42 9.93 22.90 16.44 3.37

RM20,651,410 RM19,648,809 RM17,804,750 RM17,549,782 RM16,850,000

134 260 215 222 260

Kencana Petroleum ......................441,200 Kulim ...............................................13,605 Titan Chemicals Corp ...................131,396 WCT ...............................................259,361 LPI Capital .........................................3,837

1.57 7.40 1.25 2.80 15.10

RM2,409,997 RM2,282,545 RM2,190,875 RM2,177,571 RM2,094,717

107 63 225 258 117

Genting M’sia.............................1,534,129 AMMB Hldgs .................................567,521 YTL Corp ..........................................49,343 Fraser & Neave Hldgs.......................4,047 Hong Leong Bank............................98,494

2.81 4.96 7.39 10.74 8.69

RM16,592,460 RM14,472,710 RM14,037,689 RM13,888,367 RM13,731,130

258 130 92 265 166

Guinness Anchor ..............................8,132 KNM Group ................................5,880,994 Dialog Group ................................356,973 YTL Cement ......................................2,643 Multi-Purpose Hldgs ....................188,246

6.91 0.515 1.04 4.17 2.12

RM2,087,497 RM2,062,252 RM2,057,630 RM2,045,610 RM2,040,345

190 226 212 257 118

RHB Capital....................................154,999 YTL Power Int’l..............................503,389 Telekom M’sia...............................444,468 British American Tobacco .................8,713 Hong Leong Financial Group...........44,901

6.02 2.19 3.49 43.02 8.65

RM12,963,920 RM12,943,513 RM12,366,815 RM12,283,501 RM9,106,443

152 121 205 259 164

M’sian Resources Corp .................311,700 IJM Plantations ..............................38,424 TA Global ........................................78,369 Hap Seng Plantations Hldgs ...........11,486 Mudajaya Group .............................55,126

1.49 2.53 0.40 2.40 4.90

RM2,028,346 RM2,027,395 RM1,926,000 RM1,920,000 RM1,832,600

183 261 73 154 141

Petronas Dagangan ........................79,137 Nestlé ................................................4,087 Astro All Asia Networks PLC...........77,710 MMC Corp........................................72,043 Lafarge Malayan Cement ..............106,772

9.03 34.86 4.24 2.44 6.80

RM8,970,890 RM8,174,670 RM8,141,478 RM7,429,946 RM7,256,953

161 89 114 263 113

Media Prima ....................................99,948 DRB-Hicom ....................................158,736 Hartalega Hldgs ..............................41,689 Sunway City ...................................15,227 Hap Seng Consolidated ..................28,771

2.14 1.06 7.46 3.78 2.83

RM1,827,156 RM1,822,777 RM1,807,648 RM1,776,419 RM1,762,128

219 143 150 120 77

UMW Hldgs .....................................85,052 Latexx Partners .............................207,933 M’sian Airline System ...................137,182 IJM Corp ........................................200,313 Berjaya Sports Toto......................163,436

6.25 3.51 2.07 4.89 4.46

RM6,996,063 RM6,935,971 RM6,917,948 RM6,414,448 RM6,025,594

67 223 202 220 129

Aeon Co ...........................................34,605 Wah Seong Corp ............................90,224 Supermax Corp ............................227,536 Unisem ..........................................639,246 KFC Hldgs ........................................12,303

5.00 2.50 6.30 3.04 7.80

RM1,755,000 RM1,716,850 RM1,689,975 RM1,576,501 RM1,546,545

106 180 148 209 76

Gamuda .........................................299,700 Parkson Hldgs .................................64,739 M’sia Airports Hldgs.......................56,419 Tanjong PLC ....................................27,157 Berjaya Corp...............................1,291,439

2.90 5.48 4.92 17.50 1.59

RM5,826,845 RM5,679,527 RM5,412,000 RM5,113,745 RM5,057,095

261 146 131 189 71

NCB Hldgs .........................................8,039 Lingkaran Trans Kota Hldgs ...........45,056 KPJ Healthcare ...............................69,924 QL Resources ..................................34,173 Ann Joo Resources ........................45,628

3.28 3.05 2.83 3.62 2.74

RM1,542,430 RM1,515,850 RM1,481,935 RM1,433,520 RM1,432,217

108 95 256 256 70

Genting Plantations........................35,940 EON Capital .....................................17,535 Berjaya Land......................................3,662 Batu Kawan .......................................9,310 Alliance Financial Group................232,038

6.58 6.98 4.10 10.68 2.97

RM4,987,285 RM4,838,599 RM4,695,209 RM4,655,957 RM4,597,875

185 74 84 260 160

Pos M’sia .......................................222,541 BIMB Hldgs .....................................18,232 Carlsberg Brewery M’sia ................17,460 M’sian Pacific Industries .................10,415 Media Chinese Int’l ........................96,661

2.61 1.28 4.79 6.47 0.795

RM1,401,638 RM1,365,376 RM1,360,322 RM1,357,949 RM1,338,701

218 67 194 80 216

UEM Land Hldgs ...........................614,536 Affin Hldgs.....................................218,527 SP Setia............................................79,434 Bursa M’sia......................................37,305 Top Glove Corp .............................119,716

1.26 2.95 4.10 7.42 12.06

RM4,589,253 RM4,408,394 RM4,168,902 RM3,922,628 RM3,663,321

259 133 156 90 256

Hong Leong Industries .....................3,191 Keck Seng .......................................17,310 Mah Sing Group .............................26,948 Damansara Realty ........................274,378 Amway Hldgs ...................................1,399

4.48 5.14 1.63 0.78 7.40

RM1,259,534 RM1,240,760 RM1,226,112 RM1,219,435 RM1,216,456

124 68 263 79 130

JCY Int’l..........................................704,537 AirAsia............................................303,211 Shell Refining Co...............................4,134 Boustead Hldgs...............................48,485 KLCC Ppty Hldgs .............................29,493

1.77 1.29 10.62 3.48 3.29

RM3,619,402 RM3,557,485 RM3,186,000 RM3,171,825 RM3,073,103

263 136 165 204 172

Sarawak Oil Palms ...........................4,134 Kossan Rubber Industries ...............47,672 Mulpha Int’l ...................................764,566 TA Enterprise ................................140,518 OSK Hldgs .....................................103,253

2.77 7.35 0.465 0.675 1.35

RM1,187,017 RM1,175,015 RM1,167,122 RM1,155,539 RM1,135,804

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

34

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

Close in RM, Vol (volume) in ‘00

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LOWEST P/E CONSUMER (15.1)* Last

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

HOTEL (26.8)*

EPS

Yield

PE

260 264 259 259 166

Lion Forest Industries.................

Tradewinds ...............................

Huat Lai Resources...................

JT Int’l........................................

Multi Sports Hldgs ...................

1.35 2.95 0.45 5.34 0.41

0.795 1.602 0.160 1.656 ---

--6.8 --5.6 ---

1.7 1.8 2.8 3.2 3.4

264 215 264 264 258

Teo Seng Capital ......................

Tomei Consolidated .................

Xingquan Int’l Sports Hldgs...........

Wang-Zheng..............................

Emivest......................................

0.42 0.55 1.15 0.50 0.62

0.113 0.145 0.583 0.115 0.135

3.8 5.5 ----6.5

3.7 3.8 4.2 4.4 4.6

263 259 257 261 184

Sinaria Corp ............................ 0.325 Hing Yiap Group ....................... 1.10 DXN Hldgs............................... 0.605 Master-Pack Group................... 0.40 Poh Huat Resources Hldgs .......... 0.48

--0.227 0.118 0.076 0.092

--6.8 5.8 --4.2

4.6 4.9 5.1 5.2 5.2

260 262 262 260 260

London Biscuits ........................

Padiberas Nasional...................

Poh Kong Hldgs ........................

Khind Hldgs...............................

Lay Hong ...................................

0.205 0.360 0.070 0.201 0.145

2.8 6.2 3.7 8.8 1.5

5.3 5.4 5.5 5.7 5.9

1.08 1.95 0.38 1.14 0.86

CONSTRUCTION (15.4)* Last

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

PE

EPS

Yield

191 258 106 261 257

Ranhill...................................... 0.715 Grand Hoover............................ 0.19 General Corp............................. 1.62 Melati Ehsan Hldgs................... 0.68 DKLS Industries ........................ 1.13

0.383 0.050 0.288 0.117 0.177

1.4 --1.9 3.7 2.7

1.9 3.8 5.6 5.8 6.4

187 260 102 263 202

Protasco.....................................

Ken Hldgs ..................................

Fajarbaru Builder Group..............

TRC Synergy .............................

Sunway Hldgs...........................

0.142 0.103 0.132 0.143 0.182

8.7 5.3 1.5 --1.5

7.3 7.4 7.7 7.7 8.0

1.03 0.76 1.02 1.11 1.46

FINANCE (19.2)* Last

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

178 258 199 142

Pan M’sia Hldgs ..................... 0.065 Grand Central Enterprises ........... 0.68 Shangri-La Hotels .................... 2.07 Landmarks ................................ 1.10

EPS

Yield

0.006 0.050 0.080 0.020

--4.4 3.9 9.1

PE

10.2 13.6 25.8 54.0

INDUSTRIAL PRODUCTS (12.5)* Last

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

PE

EPS

Yield

114 65 150 263 259

Harvest Court Industries ............. 0.13 Advance Synergy ................... 0.145 M’sia Steel Works .................. 0.995 Seacera Tiles .......................... 0.385 Heveaboard .............................. 0.60

0.075 0.065 0.407 0.153 0.211

----2.5 2.6 ---

1.7 2.2 2.4 2.5 2.8

89 261 264 261 263

DRB-Hicom ...............................

Minho ........................................

Ta Win Hldgs ............................

Metrod ......................................

Sindora .....................................

1.06 0.36 0.45 3.70 1.64

0.384 0.121 0.151 1.082 0.474

2.4 ----3.2 3.0

2.8 3.0 3.0 3.4 3.5

261 258 264 258 259

Mentiga Corp ........................... 0.60 Gopeng ..................................... 0.90 Tai Kwong Yokohama ............. 1.32 HPI Resources .......................... 1.46 Ingress Corp ........................... 0.595

0.156 0.222 0.333 0.442 0.142

3.3 --3.8 1.4 ---

3.8 4.0 4.0 4.1 4.2

215 262 264 258 257

Titan Chemicals Corp .............. 1.25 SMIS Corp ................................ 0.44 United U-Li Corp .................... 0.725 Emas Kiara Industries ................ 0.52 Can-One .................................... 0.93

0.299 0.103 0.164 0.117 0.202

3.6 --5.5 --3.2

4.2 4.3 4.4 4.4 4.6

260 87 259 258 145

Lysaght Galvanized Steel ........... 1.57 Concrete Engrg Pdts ............... 2.20 Jasa Kita ................................... 0.13 Esso M’sia ................................ 2.66 Linear Corp ............................. 0.285

0.341 0.463 0.028 0.539 0.058

3.2 --3.8 4.5 ---

4.6 4.7 4.7 4.9 4.9

262 263 256 262 257

Rock Chemical Industries ........... 1.63 Scomi Engineering .................. 1.10 Asia Poly Hldgs ........................ 0.30 Ornapaper ................................ 0.33 Chuan Huat Resources .......... 0.585

0.334 0.221 0.060 0.064 0.115

4.3 4.5 --3.0 2.6

4.9 5.0 5.0 5.1 5.1

Yield

PE

PE

EPS

Yield

153 263 190 256 123

MBF Hldgs............................... 0.705 Syarikat Takaful M’sia................ 1.31 RCE Capital................................ 0.63 Allianz M’sia.............................. 5.20 Insas .......................................... 0.54

0.081 0.240 0.094 0.772 0.075

--5.5 1.6 0.4 ---

256 256 261 177 126

Aeon Credit Svcs ...................... 3.92 Apex Equity Hldgs.................. 0.635 Manulife Hldgs.......................... 2.70 Pacific & Orient......................... 1.32 Johan Hldgs ............................ 0.415

0.452 0.072 0.292 0.135 0.041

5.7 8.7 4.7 8.8 --- 9.2 --- 9.8 --- 10.0

172 190 67 74 204

OSK Hldgs ................................. 1.35 RHB Capital ............................... 6.02 Affin Hldgs................................. 2.95 BIMB Hldgs................................ 1.28 TA Enterprise .......................... 0.675

0.166 0.558 0.249 0.107 0.064

5.2 3.7 1.7 0.9 6.7

46

Last

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

4.3 5.5 6.7 6.7 7.2

10.1 10.8 11.9 12.0 12.6

INFRASTRUCTURE (17.9)* Last

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

EPS

Puncak Niaga Hldgs ................ 2.65 Aliran Ihsan Resources .............. 1.15 Lingkaran Trans Kota Hldgs ......... 3.05 Digi.Com ................................. 22.90 YTL Power Int’l ........................ 2.19

0.347 0.135 1.028 1.287 0.106

3.8 7.6 --- 8.5 8.2 14.8 4.5 17.8 6.3 20.7

214 Time Dotcom ......................... 0.415

0.013

--- 31.7

189 69 146 257 226

MINING (No shares for this issue)

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

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

LOWEST P/E PLANTATION (21)* Last

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

TRADE/SERVICE (18.1)*

EPS

Yield

PE

Last

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

PE

EPS

Yield

94 260 261 205 260

DutaLand................................. 0.455 MHC Plantations....................... 1.27 NPC Resources.......................... 1.95 TDM .......................................... 1.88 Kurnia Setia............................... 2.59

0.113 0.269 0.277 0.250 0.343

--2.4 1.5 6.9 ---

4.0 4.7 7.0 7.5 7.5

195 140 258 259 259

Salcon .......................................

LCL Corp ...................................

Furqan Business Organisation ......

Kamdar Group .........................

Ipmuda ......................................

0.67 0.14 0.12 0.33 0.75

0.971 0.065 0.050 0.101 0.207

2.2 ------6.7

0.7 2.1 2.4 3.3 3.6

261 260 79 258 263

Malpac Hldgs ............................ 1.30 Kretam Hldgs ............................ 1.29 Boustead Hldgs......................... 3.48 Golden Land............................ 0.775 TSH Resources.......................... 1.85

0.158 0.141 0.375 0.075 0.179

--- 8.2 --- 9.1 7.9 9.3 --- 10.3 2.7 10.3

258 214 256 259 262

Golsta Synergy ...................... 0.225 Time Engrg ............................. 0.355 ATIS Corp ................................. 1.26 KPS Consortium ...................... 0.21 Pulai Springs ............................ 0.50

0.060 0.096 0.326 0.052 0.122

-----------

3.7 3.7 3.9 4.1 4.1

264 262 85 256 263

United Plantations.................. 14.00 Riverview Rubber Estates ........... 2.56 Cepatwawasan Group ............. 0.94 BLD Plantation.......................... 3.79 Sarawak Oil Palms ................... 2.77

1.352 0.237 0.081 0.324 0.231

2.5 4.7 2.1 2.6 ---

10.4 10.8 11.6 11.7 12.0

76 257 257 137 259

Berjaya Media ........................ 0.745 Complete Logistics Svcs ........... 0.505 Cheetah Hldgs .......................... 0.50 Kumpulan Fima ...................... 0.935 Harbour-Link Group ................ 0.76

0.158 0.106 0.099 0.177 0.144

--11.9 6.0 3.2 2.6

4.7 4.8 5.0 5.3 5.3

131 263 258 256 263

KUB M’sia ................................. 0.47 Stamford College ..................... 0.31 Fiamma Hldgs ........................ 0.655 AHB Hldgs ................................ 0.13 TASCO ...................................... 1.00

0.087 0.056 0.116 0.022 0.166

----6.1 --7.0

5.4 5.5 5.7 5.9 6.0

263 257 259 257 151

TSM Global ..............................

Century Logistics Hldgs ..............

Handal Resources ....................

Eastern Pacific Industrial Corp .........

M’sian Bulk Carriers ................

0.421 0.256 0.112 0.249 0.461

1.9 3.8 2.9 3.8 13.5

6.2 6.2 6.3 6.3 6.4

PROPERTY (11.7)* Last

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

PE

EPS

Yield

263 263 256 262 130

South M’sia Industries ...............

Sunway City..............................

Bina Darulaman ........................

Plenitude ...................................

KLCC Ppty Hldgs.......................

0.20 3.78 0.92 2.94 3.29

0.072 1.198 0.212 0.591 0.573

--3.4 --4.8 3.2

2.8 3.2 4.3 5.0 5.7

257 259 264 258 209

Crescendo Corp ........................ 1.17 KSL Hldgs.................................. 1.40 United Malayan Land............... 1.39 Fima Corp.................................. 4.47 Tanco Hldgs ............................ 0.105

0.204 0.240 0.227 0.693 0.016

6.0 3.6 7.2 3.8 ---

5.7 5.8 6.1 6.4 6.5

EPS

Yield

263 260 179 258 256

Sunrise.......................................

LBI Capital .................................

Paramount Corp .......................

Gromutual.................................

Bandar Raya Devts ...................

2.09 0.70 3.50 0.20 1.67

0.315 0.104 0.521 0.030 0.243

1.4 4.3 4.9 5.0 4.5

6.6 6.7 6.7 6.8 6.9

264 244 260 261 245

Tricubes .................................... 0.08 Silver Ridge Hldgs ................. 0.085 M3 Tech (Asia) ....................... 0.185 Microlink Solutions ............... 0.115 Technodex ................................ 0.23

0.023 0.017 0.033 0.018 0.043

----10.8 8.7 ---

3.6 5.0 5.7 6.3 6.6

260 261 258 155 261

Krisassets Hldgs ....................... 2.88 Metro Kajang Hldgs.................. 1.25 Farlim Group............................. 0.33 Magna Prima........................... 0.925 Majuperak Hldgs....................... 0.20

0.404 0.185 0.046 0.503 0.027

5.2 3.8 --1.4 ---

7.1 7.1 7.2 7.4 7.5

238 261 235 257 99

Intelligent Edge Tech ................. 0.03 Opensys .................................... 0.10 Genetec Tech ......................... 0.245 DVM Tech ................................. 0.06 Eng Teknologi Hldgs ............... 2.63

0.005 0.015 0.070 0.008 0.364

----8.2 --3.4

6.6 6.8 7.0 7.1 7.2

231 264 95 262 263

CBS Tech .................................. 0.35 Willowglen MSC .................... 0.385 ECS ICT ..................................... 1.27 PUC Founder (MSC) .............. 0.105 Solution Engrg Hldgs ............ 0.235

0.070 0.051 --0.012 0.025

--5.2 ----4.3

7.3 7.6 7.7 9.1 9.5

REIT (6.8)* Last

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

PE

2.60 1.58 0.70 1.58 2.97

TECHNOLOGY (18.5)* Last

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

PE

EPS

Yield

249 250 256 247 250

Starhill REIT ..............................

UOA REIT...................................

AL-Hadharah Boustead REIT.........

AmFirst REIT .............................

Tower REIT................................

0.86 1.43 1.34 1.19 1.21

0.302 0.213 0.149 0.126 0.128

8.0 8.0 6.9 8.2 8.3

2.8 6.7 9.0 9.4 9.5

259 258 261 259 171

KESM Industries ...................... 2.19 Excel Force MSC .................... 0.495 Mikro MSC ............................. 0.195 Heitech Padu ............................ 1.08 Notion Vtec .............................. 2.88

0.227 0.049 0.027 0.100 0.256

1.4 3.0 2.2 --1.0

9.7 10.1 10.3 10.8 11.3

248 256 248 256 249

Axis REIT ................................... 2.00 AL-’Aqar KPJ REIT .................... 1.04 Hektar REIT ............................... 1.24 Amanahraya REIT................... 0.865 Quill Capita Trust...................... 1.04

0.202 0.104 0.113 0.072 0.085

7.9 7.8 8.3 8.3 7.4

9.9 10.0 11.0 12.1 12.3

239 96 262 221 256

Iris Corp .................................... 0.13 ETI Tech Corp ........................... 0.38 Rexit .......................................... 0.52 Vitrox Corp ............................. 0.785 AIC Corp ................................. 0.765

0.011 0.089 0.037 0.054 0.049

----6.7 0.5 ---

11.9 12.8 14.2 14.6 15.6

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

47

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HIGHEST YIELD CONSUMER Page

HOTEL

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

Last

Div

PE

YIELD

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

Div

PE

YIELD

258 264 259 85 258

Eurospan Hldgs .............................. 0.93 0.11 Tek Seng Hldgs .............................. 0.37 0.04 JayCorp......................................... 0.815 0.0875 Classic Scenic ................................. 0.68 0.07 Eng Kah Corp.................................. 2.21 0.2125

11.1 8.5 9.1 9.9 19.9

11.8 10.8 10.7 10.3 9.6

142 Landmarks ..................................... 1.10 258 Grand Central Enterprises ............. 0.68 199 Shangri-La Hotels ......................... 2.07

0.10 0.03 0.08

54.0 13.6 25.8

9.1 4.4 3.9

264 171 260 259 170

Teo Guan Lee Corp ........................ 1.11 0.10 Ni Hsin Resources ........................ 0.215 0.0192 Khind Hldgs .................................... 1.14 0.10 Hup Seng Industries ...................... 1.54 0.22 Natural Bio Resources ................. 0.525 0.04

6.6 9.9 5.7 6.9 15.5

9.0 8.9 8.8 7.8 7.6

PE

YIELD

257 256 264 259 264

Cocoaland Hldgs ............................ 1.39 Apollo Food Hldgs.......................... 2.91 Tradewinds..................................... 2.95 Hing Yiap Group............................. 1.10 UPA Corp ........................................ 1.46

0.10 0.20 0.20 0.10 0.10

8.5 11.1 1.8 4.9 7.3

7.2 6.9 6.8 6.8 6.8

258 257 262 258 65

Emivest ........................................... 0.62 CCM Duopharma Biotech.............. 2.40 Padiberas Nasional ........................ 1.95 Guinness Anchor............................ 6.91 Acoustech ..................................... 0.775

0.04 0.15 0.12 0.41 0.045

4.6 12.2 5.4 14.7 16.1

6.5 6.3 6.2 5.9 5.8

Div

PE

YIELD

187 262 259 257 260

Protasco .......................................... 1.03 0.09 Pintaras Jaya .................................. 1.58 0.10 Ireka Corp........................................ 0.73 0.0435 Crest Builder Hldgs ........................ 0.74 0.04 Ken Hldgs........................................ 0.76 0.04

7.3 11.0 13.8 8.6 7.4

8.7 6.3 6.0 5.4 5.3

256 257 261 222 257

Ahmad Zaki Resources .................. 0.84 Brem Hldg....................................... 1.19 Melati Ehsan Hldgs ........................ 0.68 WCT ................................................ 2.80 Ekovest............................................ 1.40

0.035 0.05 0.025 0.10 0.05

11.2 10.7 5.8 14.8 27.0

4.2 4.2 3.7 3.6 3.6

Div

PE

YIELD

204 256 260 263 172

TA Enterprise................................ 0.675 0.045 Aeon Credit Svcs............................ 3.92 0.225 LPI Capital..................................... 15.10 0.85 Syarikat Takaful M’sia ................... 1.31 0.0725 OSK Hldgs....................................... 1.35 0.075

12.6 8.7 20.1 5.5 10.1

6.7 5.7 5.6 5.5 5.2

256 188 190 260 262

Apex Equity Hldgs........................ 0.635 0.03 Public Bank ................................... 11.88 0.55 RHB Capital..................................... 6.02 0.2245 MNRB Hldgs ................................... 2.89 0.10 Pacificmas....................................... 4.40 0.15

8.8 16.7 10.8 27.1 29.4

4.7 4.6 3.7 3.5 3.4

259 149 94 117 126

Hwang-DBS .................................... 1.66 M’sia Building Society ................... 1.03 ECM Libra Financial Group............. 0.69 Hong Leong Bank........................... 8.69 Jerneh Asia..................................... 2.85

0.05 14.1 0.03 22.1 0.02 112.3 0.24 15.2 0.08 17.2

3.0 2.9 2.9 2.8 2.8

CONSTRUCTION Last

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

FINANCE Last

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

48

INDUSTRIAL PRODUCTS Last

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

Div

7.1 10.3 9.5 9.5 21.0 8.6 5.6 8.3 8.8 7.8

223 264 263 263 257

Weida ............................................. 0.73 0.075 Tien Wah Press Hldgs ................... 2.12 0.2005 Scanwolf Corp ............................... 0.35 0.03 Sapura Industrial .......................... 0.60 0.05 CYL Corp ...................................... 0.515 0.04

211 264 83 227 258

Tecnic Group ................................. 2.12 UAC ................................................ 3.54 CSC Steel Hldgs ............................ 1.85 Yi-Lai ............................................ 0.865 Greenyield ..................................... 0.22

0.16 0.26 0.20 0.06 0.015

6.7 13.4 7.7 11.7 9.0

7.5 7.3 7.0 6.9 6.8

261 264 259 197 84

OKA Corp ..................................... 0.585 White Horse ................................... 1.53 Hexza Corp .................................. 0.555 Sealink Int’l .................................. 0.655 Century Bond .............................. 0.665

0.04 0.10 0.035 0.04 0.04

8.7 6.2 15.9 6.5 6.4

6.8 6.5 6.3 6.1 6.0

258 188 141 256 264

Eonmetall Group ........................... 0.42 Public Packages Hldgs ................ 0.425 Lafarge Malayan Cement ............. 6.80 APB Resources .............................. 1.17 Wellcall Hldgs ................................ 1.28

0.025 0.025 0.38 0.065 0.11

8.2 5.2 17.6 5.6 12.7

6.0 5.9 5.6 5.6 5.5

262 264 264 141 264

SKB Shutters Corp ........................ 0.55 0.03 United U-Li Corp ......................... 0.725 0.04 Tekala Corp ................................... 0.73 0.04 LCTH Corp ................................... 0.325 0.0175 Thong Guan Industries ................. 0.76 0.04

8.8 4.4 12.1 5.8 5.6

5.5 5.5 5.5 5.4 5.3

262 184 265 258 256

Perusahaan Sadur Timah M’sia ..... 4.00 Petronas Gas ................................. 9.93 Ya Horng Electronic ...................... 1.00 Golden Frontier ............................. 1.39 BP Plastics Hldg ............................ 0.61

0.20 0.50 0.10 0.07 0.03

12.3 21.2 8.2 6.7 7.0

5.0 5.0 5.0 5.0 4.9

258 Favelle Favco ................................. 0.84 258 Halex Hldgs ................................... 0.63 262 SCGM ........................................... 0.535

0.04 0.03 0.025

5.2 8.3 7.6

4.8 4.8 4.7

Div

PE

YIELD

Lingkaran Trans Kota Hldgs .......... 3.05 0.25 YTL Power Int’l .............................. 2.19 0.13875 Digi.Com ...................................... 22.90 1.78 Puncak Niaga Hldgs ...................... 2.65 0.10

14.8 20.7 17.8 7.6

8.2 6.3 4.5 3.8

INFRASTRUCTURE Last

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

146 226 257 189

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

79 205 261 206 264

Boustead Hldgs .............................. 3.48 TDM ................................................ 1.88 Negri Sembilan Oil Palms ............. 4.41 TH Plantations ................................ 1.51 United Malacca............................... 7.78

0.275 0.13 0.25 0.085 0.40

9.3 7.5 12.9 13.7 14.6

7.9 6.9 5.7 5.6 5.1

151 257 112 263 259

M’sian Bulk Carriers ..................... 2.97 Complete Logistics Svcs ............ 0.505 Hai-O Enterprise ............................ 3.98 TASCO ........................................... 1.00 Ipmuda ........................................... 0.75

0.40 0.06 0.42 0.07 0.05

260 262 257 220 263

Kim Loong Resources .................... 1.95 Riverview Rubber Estates ............. 2.56 Chin Teck Plantations .................... 7.52 Unico-Desa Plantations ............... 0.935 Sarawak Plantation........................ 2.10

0.10 0.20 0.35 0.04 0.085

12.3 10.8 14.8 14.6 14.9

5.1 4.7 4.7 4.3 4.0

212 260 77 261 257

Telekom M’sia ............................... 3.49 Konsortium Logistik ..................... 1.23 Berjaya Sports Toto ...................... 4.46 Nationwide Express Courier Svcs ..... 0.70 Deleum ........................................... 1.91

0.23 0.08 0.29 0.045 0.12

19.2 11.1 14.7 19.7 7.2

6.6 6.5 6.5 6.4 6.3

264 259 256 258 121

Tradewinds Plantation .................. 1.56 Hap Seng Plantations Hldgs........... 2.40 Batu Kawan .................................. 10.68 Far East Hldgs................................. 6.90 IJM Plantations .............................. 2.53

0.06 0.09 0.40 0.225 0.08

16.3 19.2 13.8 14.2 16.5

3.8 3.8 3.7 3.3 3.2

263 258 257 209 258

Suiwah Corp .................................. 1.30 Fiamma Hldgs ............................. 0.655 Cheetah Hldgs ............................... 0.50 Tanjong PLC ................................ 17.50 Freight Mgt Hldgs ....................... 0.785

0.08 0.04 0.03 1.00 0.045

7.4 5.7 5.0 7.6 7.0

6.2 6.1 6.0 5.7 5.7

262 263 261 261 264

Pharmaniaga ................................. 4.95 Star Publications ........................... 3.35 NV Multi Corp ............................... 0.63 NCB Hldgs ..................................... 3.28 Tiong Nam Logistics Hldgs ......... 0.785

0.37 0.21 0.033 0.28 0.04

8.8 17.1 8.0 10.9 30.6

5.5 5.4 5.2 5.2 5.1

PROPERTY Last

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

Last

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

Div

PE

YIELD

6.4 13.5 4.8 11.9 15.5 10.6 6.0 7.0 3.6 6.7

Div

PE

YIELD

262 264 77 257 133

Oriental Interest ............................. 1.31 0.10 United Malayan Land..................... 1.39 0.10 Bertam Alliance.............................. 0.27 0.0175 Daiman Devt................................... 1.63 0.10 Keladi Maju................................... 0.165 0.01

13.7 6.1 13.4 16.2 9.3

7.6 7.2 6.5 6.1 6.1

264 263 183 258 176

Warisan TC Hldgs ......................... 2.20 Scicom (MSC) ................................ 0.50 Petronas Dagangan ...................... 9.03 Esthetics Int’l Group ..................... 0.60 PLUS Expressways ....................... 3.37

0.11 0.025 0.45 0.03 0.165

22.3 15.2 15.5 7.5 14.2

5.0 5.0 5.0 5.0 4.9

257 262 260 258 179

Crescendo Corp .............................. 1.17 SHL Consolidated........................... 1.15 Krisassets Hldgs ............................. 2.88 Gromutual....................................... 0.20 Paramount Corp ............................. 3.50

0.07 0.06 0.15 0.01 0.28

5.7 12.7 7.1 6.8 6.7

6.0 5.2 5.2 5.0 4.9

185 264 166 257 256

Pos M’sia ....................................... 2.61 0.125 Unimech Group ............................. 0.78 0.037 Multi-Purpose Hldgs ..................... 2.12 0.10 Brite-Tech .................................... 0.105 0.0048 Bintulu Port Hldgs ........................ 6.48 0.375

18.6 8.0 15.1 23.0 20.1

4.8 4.7 4.7 4.6 4.6

156 262 261 258 256

Mah Sing Group ............................. 1.63 Plenitude......................................... 2.94 OSK Ppty Hldgs ............................ 0.525 Glomac............................................ 1.31 Bandar Raya Devts......................... 1.67

0.08 0.14 0.025 0.07 0.075

13.2 5.0 19.9 12.1 6.9

4.9 4.8 4.8 4.6 4.5

148 Luxchem Corp ............................... 1.11

8.1

4.5

119 260 89 99 175

Hunza Ppties................................... 1.24 LBI Capital....................................... 0.70 DNP Hldgs....................................... 1.22 Encorp ............................................. 1.21 PJ Devt Hldgs ................................. 0.74

0.056 0.03 0.05 0.05 0.03

8.8 6.7 27.9 13.2 14.9

4.5 4.3 4.1 4.1 4.1

PE

YIELD

REIT Page

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

Div

PE

YIELD

248 256 250 247 249

Hektar REIT..................................... 1.24 0.103 Amanahraya REIT......................... 0.865 0.07155 Tower REIT ..................................... 1.21 0.10 AmFirst REIT................................... 1.19 0.0975 Starhill REIT.................................... 0.86 0.069121

11.0 12.1 9.5 9.4 2.8

8.3 8.3 8.3 8.2 8.0

250 248 256 256 249

UOA REIT ........................................ 1.43 0.115 Axis REIT......................................... 2.00 0.158 AL-’Aqar KPJ REIT.......................... 1.04 0.081 Amanah Harta Tanah PNB .......... 0.945 0.07 Quill Capita Trust ........................... 1.04 0.0768

6.7 9.9 10.0 12.7 12.3

8.0 7.9 7.8 7.4 7.4

0.05

TECHNOLOGY Last

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

Div

5.7 10.8 16.6 9.3 6.3 8.7 7.0 8.2 14.2 6.7

260 261 261 235 262

M3 Tech (Asia) ............................ 0.185 Mesiniaga ...................................... 2.05 Microlink Solutions .................... 0.115 Genetec Tech .............................. 0.245 Rexit ............................................... 0.52

0.02 0.19 0.01 0.02 0.035

264 109 263 99 260

Willowglen MSC ......................... 0.385 Globetronics Tech ......................... 1.48 Solution Engrg Hldgs ................. 0.235 Eng Teknologi Hldgs .................... 2.63 Kobay Tech .................................... 0.65

0.03 0.07 0.01 0.09 0.02

7.6 24.4 9.5 7.2 28.5

5.2 4.4 4.3 3.4 3.1

258 261 258 259 171

Excel Force MSC ......................... 0.495 Mikro MSC ................................... 0.195 Elsoft Research ............................. 0.47 KESM Industries ........................... 2.19 Notion Vtec ................................... 2.88

0.015 0.006 0.01 0.03 0.03

10.1 10.3 51.3 9.7 11.3

3.0 2.2 2.1 1.4 1.0

220 Unisem ........................................... 3.04 0.025 221 Vitrox Corp .................................. 0.785 0.011 87 D&O Green Technologies ............ 0.76 0.0035

25.5 14.6 40.0

0.8 0.5 0.5

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

49

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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

198 217 95 259 124

Seremban Engineering ..................... 10-05-10 Turbo-Mech ....................................... 30-04-10 ECS ICT............................................... 15-04-10 Hock Heng Stone Industries.............. 26-03-10 JCY Int’l.............................................. 25-02-10

28.00 18.07 27.00 29.60 530.21

0.85 0.63 1.46 0.55 2.00

---0.65 1.42 0.575 1.46

------0.615 -2.38 1.27 -13.01 0.44 -20.00 1.77 -11.50

---0.705 1.54 0.65 1.98

---0.59 1.22 0.42 1.44

---RHB Invs Bank 7.4 AmInvestment Bank 7.7 MIMB 6.1 Public Invs Bank 17.5 CIMB Invs Bank

259 265 205 159 263

44.02 Homeritz Corp ................................... 19-02-10 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

0.65 0.88 0.50 4.75 0.56

0.655 0.90 0.475 5.42 0.51

0.55 -15.38 0.86 -2.27 0.40 -20.00 5.26 10.74 0.325 -41.96

0.705 0.93 0.53 5.53 0.645

0.54 0.80 0.395 5.20 0.30

28.5 MIMB Invs Bank 7.4 Public Invs Bank 20.7 AmInvestment Bank 16.4 CIMB Invs Bank 4.6 OSK Invs Bank

224 261 258 263 166

XiDeLang Hldgs................................. 11-11-09 Muar Ban Lee Group......................... 28-10-09 Halex Hldgs........................................ 16-09-09 TAS Offshore ..................................... 28-08-09 Multi Sports Hldgs ............................ 19-08-09

100.00 21.00 10.00 77.00 100.10

0.58 0.65 0.78 0.90 0.85

0.63 0.72 0.94 0.87 0.765

-39.66 -9.23 -19.23 -32.22 -51.76

0.765 0.815 1.00 0.99 0.89

0.335 0.535 0.625 0.59 0.395

15.2 OSK Invs Bank 13.6 Maybank 8.3 OSK Invs Bank 6.8 OSK Invs Bank 3.4 AmInvestment Bank

259 264 263 258 218

Handal Resources.............................. 30-07-09 Xingquan Int’l Sports Hldgs .............. 10-07-09 Samchem Hldgs ................................ 23-06-09 Fibon .................................................. 18-12-08 UEM Land Hldgs................................ 18-11-08

18.50 99.50 21.36 71.00 ----

0.72 2.10 0.71 2.73 ----

1.16 1.78 0.90 0.80 0.575

0.70 -2.78 1.15 -45.24 0.815 14.79 0.795 -70.88 1.26 ----

1.47 1.91 0.965 1.23 1.66

0.695 1.05 0.685 0.455 0.412

6.3 4.2 9.0 9.4 40.0

264 221 182 197 264

Teo Seng Capital............................... 29-10-08 Vastalux Energy ................................ 12-09-08 Perwaja Hldgs.................................... 20-08-08 Sealink Int’l........................................ 29-07-08 Uzma ................................................. 29-07-08

38.61 57.23 150.00 113.37 28.00

0.45 0.75 2.90 1.25 1.90

0.36 0.525 2.48 1.09 1.97

0.42 -6.67 0.145 -80.67 1.30 -55.17 0.655 -47.60 1.73 -8.95

0.555 0.70 2.80 1.19 2.06

0.195 0.10 0.59 0.31 1.20

3.7 HwangDBS Invs Bank ---KAF Invs Bank ---RHB Invs Bank 6.5 AmInvestment Bank ---- AmInvestment Bank

148 91 114 258 194

Luxchem Corp ................................... 27-06-08 Dayang Enterprise Hldgs................. 28-04-08 Hartalega Hldgs................................. 17-04-08 Ewein ................................................. 28-03-08 SLP Resources................................... 12-03-08

20.00 85.87 24.21 25.12 26.00

1.10 1.45 1.80 0.70 0.85

0.78 1.53 1.91 0.995 0.89

1.11 0.91 1.84 26.90 7.46 314.44 0.81 15.71 0.75 -11.76

1.27 2.18 8.53 1.18 0.77

0.55 0.60 1.30 0.72 0.30

8.1 AmInvestment Bank 14.9 AmInvestment Bank 21.4 RHB Invs Bank 10.1 Alliance Invs Bank 28.1 AmInvestment Bank

262 134 263 264 263

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

12.00 202.00 17.69 15.00 25.20

0.78 0.40 1.25 0.68 1.10

0.78 0.415 1.05 0.66 1.26

0.535 -31.41 0.325 -18.75 1.52 21.60 0.355 -47.79 1.00 -9.09

0.795 0.825 1.71 0.725 1.40

0.405 0.26 0.95 0.125 0.53

7.6 Public Invs Bank 23.9 CIMB Invs Bank 6.1 Alliance Invs Bank 20.6 Kenanga Invs Bank 6.0 AmInvestment Bank

256 Aeon Credit Svcs............................... 12-12-07 256 Bio Osmo ........................................... 05-12-07 74 BHS Industries................................... 20-11-07

22.00 37.01 20.00

2.50 0.33 0.68

3.34 0.285 0.75

3.92 56.80 0.135 -59.09 0.885 30.15

4.84 0.35 0.90

2.40 0.035 0.295

8.7 ---10.8

0.35 0.59 0.63 0.61 0.41

PE

IPO Manager

OSK Invs Bank CIMB Invs Bank RHB Invs Bank Alliance Invs Bank CIMB Invs Bank

CIMB Invs Bank Alliance Invs Bank Public Invs Bank

ACE MARKET 243 232 259 230 263

Oversea Enterprise............................ 01-04-10 DSC Solutions ................................... 09-12-09 Kelington Group................................ 25-11-09 Asia Bioenergy Technologies............ 12-12-08 Sunzen Biotech ................................. 08-10-08

56.90 12.58 9.71 130.00 25.00

0.23 0.50 0.53 0.43 0.32

0.25 0.745 0.635 0.28 0.28

0.20 0.16 0.72 0.075 0.27

-13.04 -68.00 35.85 -82.56 -15.63

0.27 0.915 0.90 0.41 0.39

0.195 0.155 0.58 0.07 0.025

9.5 OSK 67.8 Kenanga Invs Bank 6.7 Kenanga Invs Bank 33.1 Kenanga Invs Bank 23.4 Public Invs Bank

259 259 263 246

Innity Corp ......................................... 30-06-08 JF Technology ................................... 16-04-08 TFP Solns ........................................... 22-02-08 Winsun Tech ...................................... 22-01-08

17.00 34.79 24.00 30.00

0.55 0.40 0.48 0.85

0.265 0.325 0.275 0.345

0.105 0.22 0.135 0.045

-80.91 -45.00 -71.88 -94.71

0.295 0.43 0.37 0.48

0.10 0.145 0.065 0.04

---RHB Invs Bank ---- HwangDBS Invs Bank ---- Kenanga Invs bank ---- Public Invs Bank

60

Close in $ in their respective currencies

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

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

Last

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

NAV

Discount

(%)

169 231 111 262 65

Nam Fatt Corp ................................... 0.065 DIS Tech Hldgs..................................... 0.02 Gula Perak............................................ 0.04 Petaling Tin ........................................ 0.145 Advance Synergy............................... 0.145

1.26 0.186 0.31 1.07 0.982

94.8 89.2 87.1 86.4 85.2

261 132 258 261

Majuperak Hldgs.................................. 0.20 Karambunai Corp............................... 0.065 Focal Aims Hldgs................................. 0.20 Nilai Resources Group ...................... 0.605

1.31 0.39 1.18 3.53

84.7 83.3 83.1 82.9

258 262 259 260 262

Golsta Synergy .................................. 0.225 SHH Resources Hldgs.......................... 0.24 Hock Sin Leong Group........................ 0.06 Komarkcorp.......................................... 0.26 Pasdec Hldgs........................................ 0.30

1.263 1.35 0.337 1.45 1.68

82.2 82.2 82.2 82.1 82.1

262 263 258 261 209

PW Consolidated ................................. 0.40 Stone Master Corp .............................. 0.15 Furqan Business Organisation................0.12 Minho.................................................... 0.36 Tanco Hldgs ....................................... 0.105

2.12 0.7901 0.62 1.83 0.53

81.1 81.0 80.6 80.3 80.2

265 257 262 259 258

Yong Tai ............................................. 0.245 EG Industries........................................ 0.40 SBC Corp .............................................. 0.56 KPS Consortium .................................. 0.21 Grand Hoover....................................... 0.19

1.22 1.98 2.74 1.02 0.92

79.9 79.8 79.6 79.4 79.3

262 256 173 257 263

Perak Corp............................................ 0.84 Baneng Hldgs....................................... 0.14 Olympia Industries ............................ 0.205 DPS Resources..................................... 0.15 South M’sia Industries........................ 0.20

3.91 0.64 0.93 0.68 0.90

259 257 264 260 258

Jerasia Capital ..................................... 0.29 Country Heights Hldgs...................... 0.575 Tracoma Hldgs................................... 0.055 Kia Lim.................................................. 0.21 Gefung Hldgs ....................................... 0.22

260 261 257 261 147

Last

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

NAV

Discount

(%)

72 261 264 260 264

Asia Pacific Land ................................. 0.29 Mieco Chipboard ................................ 0.42 Xian Leng Hldgs ................................. 0.48 M’sian AE Models Hldgs .................. 0.565 Versatile Creative ............................... 0.14

1.041 1.49 1.70 1.98 0.49

72.1 71.8 71.8 71.5 71.4

262 145 262 241 157

PNE PCB .............................................. 0.24 Linear Corp ........................................ 0.285 Pan M’sia Corp .................................... 0.13 Mobif ................................................. 0.065 Malton ............................................... 0.355

0.84 0.99 0.45 0.224 1.22

71.4 71.2 71.1 71.0 70.9

262 169 259 262 264

SMIS Corp ........................................... 0.44 Naim Indah Corp ................................ 0.04 Huat Lai Resources ............................. 0.45 SMPC Corp .......................................... 0.15 Wijaya Baru Global ........................... 0.355

1.51 0.137 1.53 0.51 1.19

70.9 70.8 70.6 70.6 70.2

261 258 262 261 235

Maxtral Industry ................................. 0.29 FACB Industries Incorp ...................... 0.63 Paragon Union .................................... 0.26 Metech Group ..................................... 0.41 Fotronics Corp .................................. 0.015

0.963 2.09 0.86 1.34 0.049

69.9 69.9 69.8 69.4 69.4

72 142 256 263 262

Asian Pac Hldgs .................................. 0.09 Landmarks .......................................... 1.10 Bina Darulaman .................................. 0.92 SMR Tech ............................................ 0.06 SKB Shutters Corp ............................. 0.55

0.29 3.55 2.97 0.1922 1.76

69.0 69.0 69.0 68.8 68.8

78.5 78.1 78.0 77.9 77.8

261 256 257 264 257

OSK Ppty Hldgs ................................ 0.525 Autoair Hldgs ...................................... 0.21 Chee Wah Corp ................................... 0.37 Utusan Melayu ................................... 0.81 Cymao Hldgs ....................................... 0.59

1.68 0.67 1.18 2.573 1.87

68.8 68.7 68.6 68.5 68.4

1.28 2.51 0.24 0.914 0.95

77.3 77.1 77.1 77.0 76.8

264 261 236 260 259

Triumphal Associates ........................ 0.74 Octagon Consolidated ..................... 0.215 H-Displays (MSC) ................................ 0.03 Lion Forest Industries ........................ 1.35 Ingress Corp ...................................... 0.595

2.34 0.68 0.095 4.23 1.859

68.4 68.4 68.4 68.1 68.0

MESB .................................................... 0.25 Major Team Hldgs ............................... 0.11 Denko Industrial Corp ......................... 0.09 Multi-Usage Hldgs............................. 0.125 Lion Diversified Hldgs ....................... 0.415

1.07 0.463 0.367 0.51 1.69

76.6 76.2 75.5 75.5 75.4

237 258 264 162 258

I-Power .............................................. 0.095 Farm’s Best ......................................... 0.49 Tiong Nam Logistics Hldgs ............. 0.785 Melewar Industrial Group ............... 0.695 FSBM Hldgs ...................................... 0.385

0.293 1.499 2.40 2.12 1.17

67.6 67.3 67.3 67.2 67.1

149 262 256 259 140

M’sia Pacific Corp ................................ 0.38 Ornapaper ............................................ 0.33 BCB ...................................................... 0.39 JPK Hldgs ............................................. 0.05 LCL Corp............................................... 0.14

1.53 1.33 1.57 0.20 0.56

75.2 75.2 75.2 75.0 75.0

257 263 197 241 78

Caely Hldgs ......................................... 0.30 Scope Industries ................................. 0.04 Scomi Marine ...................................... 0.40 Nextnation Communication .............. 0.05 Borneo Oil ........................................... 0.18

0.91 0.12 1.20 0.15 0.5348

67.0 66.7 66.7 66.7 66.3

165 144 259 257 261

Mulpha Int’l........................................ 0.465 Leweko Resources............................... 0.21 JMR Conglomeration........................ 0.215 Comintel Corp...................................... 0.21 Minply Hldgs........................................ 0.16

1.85 0.83 0.83 0.792 0.60

74.9 74.7 74.1 73.5 73.3

259 98 258 261 260

Heveaboard ......................................... 0.60 Eden Inc ............................................. 0.365 Gromutual ........................................... 0.20 Mulpha Land ....................................... 0.58 Kluang Rubber Co .............................. 2.10

1.78 1.08 0.59 1.69 6.087

66.3 66.2 66.1 65.7 65.5

263 262 262 258 261

Seacera Tiles...................................... 0.385 Rex Industry......................................... 0.64 Priceworth Wood Pdts........................ 0.49 Eupe Corp............................................. 0.51 OCB ...................................................... 0.57

1.42 2.34 1.78 1.84 2.05

72.9 72.6 72.5 72.3 72.2

265 265 256 262 263

Zecon ................................................... 0.52 YLI Hldgs ............................................. 0.69 AKN Tech ............................................ 0.15 PCCS Group ...................................... 0.745 Sapura Resources ............................. 0.375

1.50 1.98 0.43 2.126 1.07

65.3 65.2 65.1 65.0 65.0

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

61

BUSINESS : [FY09 Turnover] Leisure & hospitality (67.7%), planta- + 2 wk 6.79 6.41 6.51 235,826 pre 2 wk 6.72 6.47 6.61 182,101 tion (7.6%), ppty (1.1%), oil & gas (1.6%), power (21%), others (1%).

H

INSIGHT : Sep-09, Co in JV agmt to establish Chelsea Premium Outlet Centres in M’sia. May-09, Co subscribed to US$50m in secured notes issued by MGM Mirage. Dec-08, Co is in the process of winding up its subsi, Genting Power (Swiss). Oct-08, Co’s subsi, Dragasac, to acq 1m shrs, or 2%-stake in US firm, Synthetic Genomics. May-08, Co’s gets pdtn sharing contract for Kasuri Block, an area in W Papua with oil and gas prospects. Jan-08, Co in MOU with Chelsea Ppty Group to study establishing Premium Outlets branded centres in M’sia. Jul-07, Co’s stake in Resorts World (RW) increased to 50.1%. Mar-07, Genting Int’l (GI) to acq Star Cruise’s (SC) 25%stake in RW at Sentosa (RWS) for $255m. RWS won rt to dvlp an integrated resort (IR) on Sentosa Island, S’pore.

H

FY09 revenue was lower on broad-based declines, save for its Power segment which saw turnover and PBT rising 22% and 88% resp. Profit was higher on lower impairment losses. Co expects prospects for its core leisure & hospitality biz to grow amidst a growing tourism mkt.

(05/03/10-XWK)

$6.90

26-04-10 27-04-10 28-04-10 29-04-10 30-04-10

6.70 6.73 6.70 6.74 6.95

6.58 6.63 6.60 6.63 6.75

6.70 6.73 6.60 6.71 6.95

22,560 84,715 $6.70 67,520 48,424 $6.50 120,303 Vol

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

7.13 7.15 6.88 6.86 6.79

6.90 6.89 6.72 6.73 6.60

7.11 6.90 6.85 6.75 6.79

127,407 85000 64,335 42500 37,629 29.03.10 to 23.04.10 07.05.10 30,029 56,905 H-Low: 6.79 - 6.41 7.15 - 6.58 PE(wk vol): 23.4 (208,963) 24.2 (329,914)

Weekly $8.00 $7.00 $6.00 $5.00 $4.00 $3.00

Vol 447000 223500

16.05.08 to 07.11.08 High-Low: 6.35 - 3.58 Av PE(wk vol): 10.0 (295,553)

cd RM0.042 (2H09) wef 05-05-10 (ex 28-06-10)

$7.10

08.05.09 5.20 - 3.08 15.1 (292,490)

06.11.09 7.87 - 4.62 41.2 (329,502)

07.05.10 7.72 - 6.20 37.4 (267,037)

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

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

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

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

2,434.300 2,749.823 3,224.456

5,454.141 6,943.753 8,483.821

44.63 39.60

13.81 13.32

6.59

4,626.376 11,542.543 8,641.591

.29 .32

16.10

18,553.713 28,209.420 30,178.847

6.72 5.33

38.01

1,246.947 9,029.200 1,504.244 11,294.660 1,988.865 12,354.949

.37

1.770 2.129 .538

31-12-08

1,734.794

9,082.508

19.10

569.296 12,442.019

4.58

30,450.684

1.87

9,037.305

.04

.154

1,044.340 13,887.131

7.52

43,501.048

2.40

1H08 1H09

31-12-09

1,623.984

4,323.518

1,137.291

4,171.936

2,528.449

8,893.617

Genting M’sia

37.56 27.26

28.43

730.457

12,838.861

427.612

13,230.160

-----

par RM0.10 Paidup RM590.479 m

Chairman: Dato’ Lim Kok Thay

30,787.854

Period

35,961.981

-----

BUSINESS : [FY09 Turnover] Leisure and hospitality (98.7%), oth- + 2 wk 2.88 2.78 2.79 270,142 pre 2 wk 2.88 2.81 2.85 276,096 ers (0.1%), ppty (1.2%).

INSIGHT : Apr-10, Co’s subsi Resorts World completed US$48m principal amt subscription of MGM Mirage’s convertible senior notes. Feb-10, revenue rose marginally due to higher vol of biz in FY09. Dec-09, Co has acq 100% equity interest in Oakwood for cash RM212m and 100% equity interest in Genting Highlands Tours and Promotion for cash RM15.9m. The earlier acquisition will result in Co gaining full ownership of a 25-storey purpose-built office bldg (Co’s corporate office in KL) which would generate recurring rental income of approx RM17.3m. Nov-09, in its 3Q09 report, Co said it remains cautiously optimistic of its prospects and expects performance for 4Q09 to be satisfactory.

FY09, earnings more than doubled mainly due to a huge reduction in impairment losses. That aside, profit from ops before impairment losses dipped on y-o-y basis. This was due to weaker luck factor in the premium players biz this year and lower interest income.

(26/04/10-HX)

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

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

1,305.800 1,138.700 1,912.059

3,614.000 3,808.500 4,352.333

36.13 29.90

31-12-08

1,127.010

4,886.703

1H08 1H09

31-12-09

906.718 824.541

1,764.593

2,332.692 2,380.309

4,991.765

$2.84

23,378 121,706 $2.80 32,447 198,614 $2.76 359,235 Vol

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

2.90 2.87 2.81 2.81 2.83

2.86 2.82 2.77 2.76 2.74

2.87 2.84 2.80 2.78 2.81

302,280 239600 265,817 119800 49,358 29.03.10 to 23.04.10 07.05.10 52,389 128,905 H-Low: 2.88 - 2.78 2.90 - 2.74 PE(wk vol): 12.7 (273,119) 12.7 (767,065)

Weekly $3.30 $3.00 $2.70 $2.40 $2.10 $1.80

Vol 1519200 759600

08.05.09 2.80 - 1.84 13.1 (783,113) ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

13.85 11.30

.24 .15

16.65

1,404.931 2,114.700 1,144.814

.0648

.887 .866 .264

1,097.856

.04

.107

19.00

23.06

634.389

8,317.741

7.63

9,422.935

6.73

1,323.701 10,137.259

13.06

11,346.032

11.67

cr = cum right

9,087.220

xr = ex-right

07.05.10 2.96 - 2.66 21.0 (296,237)

TOTAL ASSETS (RMm)

43.93

8,159.240

06.11.09 3.02 - 2.30 25.7 (527,140)

ROE in %

6,988.900 8,372.400 9,341.516

35.35

.282

2.86 2.86 2.82 2.87 2.90

17.37 15.14

605.925

.115

2.84 2.84 2.81 2.82 2.86

5,575.400 6,249.600 8,188.961

34.64

.042

$2.88

968.200 945.900 1,555.654 681.642

17,788.643

.198

2.86 2.86 2.83 2.88 2.90

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

38.87

.03

26-04-10 27-04-10 28-04-10 29-04-10 30-04-10

16.05.08 to 07.11.08 High-Low: 3.40 - 2.16 Av PE(wk vol): 3.7 (550,762)

cd RM0.043 (2H09) wef 05-05-10 (ex 28-06-10)

.03

13,122.308

NAV : RM1.78 PE : 12.5 PB : 1.6 Yield : 2.6 Traded in RM Mkt Cap : RM16,592.460 m High Low Close Vol’ 00 Daily

H

H

8,570.213

-----

cw = cum warrant

9,418.826 10,416.943

---

xw = ex-warrant

---

1,252.052 1,322.597

1,201.853

.03 .03

.043

.115 .103

.224

107

G MAIN MARKET

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Genting par RM0.10 Paidup RM370.485 m NAV : RM3.76 PE : 24.1 PB : 1.8 Yield : 1.1 Traded in RM Mkt Cap : RM25,155.932 m Chairman: Tan Sri Lim Kok Thay CEO/MD: Tan Sri Lim Kok Thay Period High Low Close Vol’ 00 Daily

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa KLCC Ppty Hldgs par RM1.00 Paidup RM934.074 m NAV : RM4.45 PE : 5.7 PB : 0.7 Yield : 3.2 Traded in RM Mkt Cap : RM3,073.103 m Chairman: Tan Sri Dato Seri Ahmad CEO/MD: Hashim Bin Wahir Period High Low Close Vol’ 00 Daily BUSINESS : [9M10 Turnover] Ppty invs (66.2%), hotel ops (13.7%), + 2 wk 3.53 3.25 3.34 22,769 pre 2 wk 3.35 3.25 3.26 29,233 provision of mgt svcs (5.9%), invs hldg (14.2%).

H

INSIGHT : Apr-09, wholly owned subsi, Arena Merdu took up a credit and banking facility of RM660m with CIMB Islamic Bank to finance the devt of an office tower, retail podium and carpark in KL. Jan-09, wholly owned subsi, Arena Merdu awarded a RM665m contract for construction and completion of a superstructure contract works in Kuala Lumpur to Daewoo Engrg & Construction.

According to 1H09 report, the global financial crisis will impact Co’s main trdg partners, especially in hotel and retail biz. With the costs containment measures in place and that almost half of Co’s revenue stream is secured in l/t rentals, Co believes it can weather this financial storm.

H

9M10 earnings rose marginally despite flat revenue, attributable to lower expenditures and finance costs.

(30/03/10-XYL)

26-04-10 27-04-10 28-04-10 29-04-10 30-04-10

3.27 3.26 3.26 3.25 3.26

3.26 3.25 3.25 3.23 3.22

3.26 3.26 3.26 3.23 3.22

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

3.33 3.32 3.28 3.36 3.29

3.22 3.28 3.25 3.25 3.23

3.29 3.28 3.28 3.29 3.29

$3.50 $3.45 $3.40 $3.35 $3.30 $3.25

2,134 1,266 726 169 1,176 Vol 13,381 9000 3,441 4500 132 29.03.10 to 23.04.10 5,101 1,967 H-Low: 3.53 - 3.25 PE(wk vol): 5.8 (26,001)

Weekly

07.05.10 3.36 - 3.22 5.7 (14,747)

$3.50 $3.30 $3.10 $2.90 $2.70 Vol 61200 30600

16.05.08 to 07.11.08 High-Low: 3.20 - 2.60 Av PE(wk vol): 5.9 (37,502)

Ann’d date for 2H09 : 12-MAY-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

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

373.978 2,097.092 904.414

748.254 49.98 780.745 268.60 843.039 107.28

177.105 1,189.234 441.575

31-03-09

1,032.204

861.221 119.85

535.650

1H09 1H10

9M10

247.825 261.581

391.535

KNM Group

TURNOVER (RMm)

M’GIN in %

430.876

57.52

432.084

60.54

655.744

59.71

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

114.234 121.122

180.346

08.05.09 3.30 - 2.61 6.2 (33,822)

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

2,378.336 3,942.464 4,329.823

7.45 30.16

6,421.697 9,460.521 9,979.089

2.76 12.57

.10 .12

4.43

2,883.190 3,247.425 3,157.867

.1243

.189 1.273 .473

4,762.725

11.25

10,640.454

5.03

3,130.243

.055

.573

4,844.993

---

10,641.251

---

2,994.647

---

10.20

4,388.012 4,832.473

Chairman: Y. Bhg. Dato’ Mohd Idris CEO/MD: Lee Swee Eng

Period

---

10,105.823

---

10,795.095

-----

BUSINESS : Co is principally engaged in design & mfr of process + 2 wk 0.795 0.715 0.77 1,446,510 pre 2 wk 0.76 0.585 0.60 2,953,897 eqmt for oil & gas industry. [FY09 Geographical] Asia & Oceania 26-04-10 0.605 0.585 0.585 486,596 (27.2%), Europe & US (72.8%).

0.525 0.505 0.515 0.53

0.525 1,518,506 0.51 844,443 $0.55 0.545 932,254 0.535 491,562 Vol

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.54 0.545 0.525 0.52 0.52

0.525 0.53 0.515 0.505 0.495

0.53 0.53 0.52 0.515 0.515

FY09 earnings were nearly halved due to lower revenue reflective of the impact of the global financial crisis and lower utilization of capacity.

(29/03/10-XYL)

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 1Q09 : 28-MAY-09 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

144.475

1,821.668

1H08 1H09

31-12-09

130

170.951 190.252

930.616 964.710

18.37 19.72

7.93

Weekly

.122 .130

.193

209,066 1125600 165,492 562800 536,818 29.03.10 to 23.04.10 07.05.10 472,891 223,366 H-Low: 0.795 - 0.585 0.605 - 0.495 PE(wk vol):16.4 (2,200,203)12.5 (2,940,497)

$1.50 $0.90 Vol 5127000 2563500

16.05.08 to 07.11.08 High-Low: 2.33 - 0.39 Av PE(wk vol):32.4 (1,146,538)

08.05.09 0.765 - 0.32 8.0 (2,255,921)

06.11.09 07.05.10 1.09 - 0.69 0.85 - 0.495 9.6 (3,218,214) 10.8 (1,373,906)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

157.419 390.330 555.470

26.15 33.95

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

1,920.279

8.89

4,050.089

4.22

2,122.840

---

150.415

1,735.759

169.872

1,935.373

cd = cum dividend

.05

$2.10

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

170.747

.05

$0.65

0.585 0.525 0.55 0.56

Sys and its affiliated Co, KNM Projects (Thai) secured a RM143m contract for the engrg, procurement, construction and commissioning of a 200k litres/day bioethanol plant in Thai, expected to complete within 18 mths. 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.

3,196.957

$0.75

27-04-10 28-04-10 tal Grp for RM0.9/shr. Jan-10, wholly owned subsi, KNM Process 29-04-10 30-04-10 H INSIGHT : Feb-10, Co received a takeover offer from BlueFire Capi-

3,193.733

NAV : RM0.48 PE : 12.1 PB : 1.1 Yield : NA Traded in RM Mkt Cap : RM2,062.252 m High Low Close Vol’ 00 Daily

H

PRE-TAX P&L (RMm)

07.05.10 3.53 - 3.21 5.8 (23,790)

ROE in %

par RM0.25 Paidup RM1,001.093 m

FINANCIAL YR CLOSE

06.11.09 3.57 - 3.12 5.7 (37,574)

xd = ex-dividend

-----

3,796.068 4,251.355

cb = cum bonus

15.09 ---

2,057.663

---

2,311.188

xb = ex-bonus

-----

.038 .043

.043

BUSINESS : Co is principally involved in the pdtn of high quality + 2 wk 0.32 0.28 0.30 43,303 pre 2 wk 0.325 0.285 0.30 38,433 table eggs.

$0.325

H INSIGHT : May-07, Co entered into a conditional sale and purchase

$0.305

H

$0.315

26-04-10 27-04-10 agmt with its former director Jee Chin for the proposed disposal 28-04-10 of six units of double-storey terrace shop offices with gross built 29-04-10 30-04-10

0.29 0.29 0.285 0.29 0.29

0.29 0.28 0.285 0.285 0.285

0.29 0.285 0.285 0.285 0.285

2,327 9,953 110 1,500 1,380

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.285 0.29 0.29 0.30 0.29

0.285 0.285 0.285 0.285 0.285

0.285 0.285 0.285 0.29 0.29

3,710 20600 1,460 10300 1,321 29.03.10 to 23.04.10 5,445 550 H-Low: 0.325 - 0.28 PE(wk vol): NA (40,868)

up area measuring approx 1,493 sqm for RM1.66m. The disposal forms part of Co’s asset rationalisation exercise whereby non-core assets are disposed to reduce the gearing of Co and bring in cashflow required by Co. Co is one of the leading producers of lower cholesterol eggs in M’sia with farms in Melaka. Co’s eggs are sold in Peninsular M’sia via retail and wholesale egg dealers and directly to large customers like supermarkets and hotels. According to SBB Securities, Co is moving towards direct supply to avoid unfavourable price fluctuations. With the assistance from the M’sia’s Department of Veterinary and Co’s practice of tight bio-security in the farm, Co is confident to overcome any negative impact.

FY09 losses decreased significantly despite lower revenue due to lower raw material prices. Co will take a cautious stance and will continuously improve on operationalefficiency and quality.

(03/03/10-JL)

Ann’d date for 1Q09 : 15-MAY-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

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

1.634 – 13.806 – 7.922

49.189 38.398 44.976

3.32 NA

31-12-08

– 3.568

57.497

1H08 1H09

31-12-09

– 2.384 – 0.296

– 0.754

Talam Corp

26.774 27.458

53.653

Weekly

Vol 733600 366800

16.05.08 to 07.11.08 High-Low: 0.15 - 0.06 Av PE(wk vol): NA (1,214) ROE in %

3.37 – 29.73

NA NA

– 2.871

31.913

– 9.00

31.071

– 2.43

– 0.296

– 0.754

NA

---

par RM0.20 Paidup RM477.757 m Period

08.05.09 0.39 - 0.08 NA (1,399)

DIV in RM

EPS in RM

1.87 90.760 88.760 – 13.52 82.576 – 8.71

40.473 48.406 48.166

-------

.021 – .150 – .090

81.696

– 3.51

49.782

---

– .036

77.310

– 0.98

---

– .009

78.027

-----

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-01-06 31-01-07 31-01-08

– 780.985 – 6.936 5.270

599.814 216.723 248.349

NA NA

31-01-09

62.136

294.009

1H09 1H10

31-01-10

38.622

2.577

20.121

26-04-10 27-04-10 28-04-10 29-04-10 30-04-10

0.165 0.17 0.16 0.16 0.15

0.155 0.15 0.145 0.14 0.135

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.155 0.155 0.145 0.145 0.145

0.14 0.14 0.135 0.135 0.13

Weekly

2.12

21.13

60.325

107.082

36.07

103.373

2.49

250.979

8.02

cr = cum right

31.782

2.436

7.090

xr = ex-right

46.239

-----

– .030 – .004

$0.17 $0.16 $0.15 $0.14 $0.13 $0.12

$0.14 $0.10 $0.06 Vol 3635000 1817500

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

– 772.387 8.957 3.228

46.624

0.165 998,656 0.16 947,109 0.155 995,420 0.145 1,552,779 0.14 958,491 Vol 0.15 864,583 1035200 0.14 770,580 517600 0.145 697,643 29.03.10 to 23.04.10 07.05.10 0.135 460,617 0.145 732,976 H-Low: 0.16 - 0.115 0.17 - 0.13 PE(wk vol):43.4 (1,542,356)49.9 (4,489,427)

16.05.08 to 07.11.08 High-Low: 0.09 - 0.04 Av PE(wk vol): 36.8 (28,765)

Ann’d date for 1Q10 : 19-JUN-09

50.214

NAV : RM0.24 PE : 48.9 PB : 0.6 Yield : NA Traded in RM Mkt Cap : RM346.374 m High Low Close Vol’ 00 Daily

BUSINESS : [FY10 Turnover] Ppty invs & devt (93.0%), hotel & + 2 wk 0.13 0.115 0.13 838,640 pre 2 wk 0.16 0.125 0.155 2,246,071 recreation (7.0%).

FY10 net earnings dropped significantly in tandem with the 17% drop in revenue, mainly due to lower progress billings generated from devt pjts and reduction of other income.

(01/04/10-JL)

07.05.10 0.405 - 0.175 NA (68,643)

TOTAL LIAB (RMm)

H

INSIGHT : Mar-10, Co’s 100%-subsi, Galian Juta entered into a sales and purchase agmt with M’sian Allied Health Sciences Academy for the disposal of 2 pieces of land located in Kuala Langat for RM35.4m. Co has entered into a settlement agmt with Menteri Besar Selangor to settle the sum of RM241.4m by way of disposal of ppties and cash payment. The settlement will result in losses amounting to RM21.16m and reduce Co’s gearing from 1.92 to 1.77. Co is in default of a credit facility amounting to RM138.4m.

Sep-08, the implementation of the Regularisation Plan will enable Co to restructure its defaulted borrowings and address the accumulated losses of Co thus significantly improve its capital structure and gearing position.

06.11.09 0.40 - 0.085 NA (72,142)

ROA in %

82.580

---

31.403

Chairman: Tsen Keng Yam

TOTAL ASSETS (RMm)

– 20.91

32.367

H

07.05.10 0.30 - 0.28 NA (13,878)

$0.15

50.287 40.354 34.410

NA

Vol

$0.25

1.697 – 11.999 – 7.196 – 2.384

$0.285

$0.35

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

NA

$0.295

ROE in %

TOTAL ASSETS (RMm)

320.240 – 241.19 2.73 328.216 0.92 349.330 368.697

---

392.156

15.38

561.418

1.26

717.294

---

cw = cum warrant

08.05.09 0.11 - 0.035 25.6 (354,172)

06.11.09 07.05.10 0.14 - 0.075 0.17 - 0.09 3.1 (964,989) 14.7 (1,351,047)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

3,230.920 – 23.91 0.28 3,218.854 0.10 3,253.009

2,891.522 2,875.888 2,902.548

-------

– 1.232 .014 .005

3,058.072

1.97

2,662.215

---

.031

3,022.240

0.23

3,133.050 3,057.439

---

xw = ex-warrant

---

2,758.488 2,336.582

2,455.879

-----

---

.049 .001

.003

207

T MAIN MARKET

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa TPC Plus par RM0.50 Paidup RM40.000 m NAV : RM0.39 PE : NA PB : 0.7 Yield : NA Traded in RM Mkt Cap : RM23.200 m Chairman: Yee Tiam Teck CEO/MD: Jimmy E Pian Period High Low Close Vol’ 00 Daily

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa ASIAEP par RM0.10 Paidup RM72.911 m NAV : RM0.0995 PE : NA PB : 0.7 Yield : NA Traded in RM Mkt Cap : RM51.038 m Chairman: Tan Sri Dato’ Ahmad Fuzi CEO/MD: Dr Tan Boon Nunt Period High Low Close Vol’ 00 Daily BUSINESS : Co is engaged in providing e-commerce solutions & + 2 wk 0.08 0.07 0.08 40,539 pre 2 wk 0.075 0.065 0.07 45,464 developing an e-mkt place for local & int’l enterprises.

$0.085

INSIGHT : Apr-09, Co will continue to develop its online biz model and improve the quality of its pdt offerings through pdt devts and updated versions of existing pdts with enhanced features to meet various biz requirements of its customers. Jan-09, economic slowdown has hurt Co particularly hard as advertisers cut back on spending. An increasing challenging economic climate and softening advertising demand contributed to revenues this coming qtr is at the low end of its outlook range. Nov-08, Co agreed to terminate the conditional sale offer from Liang Chee Wah and Liang Chee Hoo to acq 80%-stakes in General Perfect for RM23.2m. Oct-08, Co announced that the economic showdown has hurt it revenue hard as advertisers cut back on spending.

$0.075

H

9M10 despite still remains in the red, Co managed to narrow its losses on the back of higher revenue. With the successful implementation of rt issues, Co is better placed to strengthen its operational capacity.

(25/01/10-XL)

H

5-Yr CAP ISSUE : ......bn 1:1 ex 10-08-09.....rt 1:1(RM0.10) ex 10-08-09

Ann’d date for 1Q10 : 22-JUL-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

28-02-06 28-02-07 29-02-08

3.020 5.085 7.249

10.748 11.069 15.049

28.10 45.94

– 7.616

5.831

NA

1H09

– 1.104

1H10

0.070

28-02-09 28-02-10

– 3.124

5.039 6.343

9.860

48.17

0.08 0.08 0.08 0.075 0.075

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.07 0.075 0.075 0.07 0.07

0.07 0.07 0.07 0.065 0.065

0.07 6,889 100000 0.075 9,390 50000 0.07 17,386 29.03.10 to 23.04.10 07.05.10 0.065 7,630 0.07 4,830 H-Low: 0.08 - 0.065 0.085 - 0.065 PE(wk vol): NA (43,002) NA (142,902)

Weekly

16.05.08 to 07.11.08 High-Low: 0.09 - 0.02 Av PE(wk vol): 3.7 (29,386)

$0.065 Vol

06.11.09 0.13 - 0.05 NA (254,697)

07.05.10 0.11 - 0.065 NA (107,118)

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

6.21 9.05

48.269 56.709 70.923

6.11 8.99

-----

9.95

0.772 0.379 0.723

.015 .025 .033

64.471 – 11.91

2.795

---

– .031

---

– .004

10.06 – 12.45

72.528

– 3.98

61.273

08.05.09 0.08 - 0.022 1.6 (34,205)

ROE in %

61.676

68.796

– 2.887

$0.07

Vol 674400 337200

– 7.679 0.068

149,828 41,280 8,250 10,250 30,071

$0.12 $0.10 $0.08 $0.06 $0.04 $0.02

47.497 56.330 70.200

1.10

Advance Information Mktg

0.07 0.075 0.075 0.075 0.07

2.949 5.099 7.059

– 1.107

NA

0.085 0.085 0.08 0.08 0.08

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

NA

$0.08

26-04-10 27-04-10 28-04-10 29-04-10 30-04-10

---

70.572

---

71.512

72.846

-----

– 3.96

---

1.776

---

10.239

---

0.318

– .005 .000

par RM0.10 Paidup RM18.717 m NAV : RM0.1807 PE : NA PB : 1.7 Yield : NA Traded in RM Mkt Cap : RM58.959 m Period High Low Close Vol’ 00 Daily

Chairman: Dato’ Shamsuddin bin Hayronl CEO/MD: Nyang Koon Seng

BUSINESS : [FY09 Turnover] Licensing & data mgt (0.9%), man- + 2 wk 0.27 0.19 0.27 43,784 pre 2 wk 0.375 0.24 0.36 456,809 aged customer loyalty svcs (98.6%), mail order & channel sales 26-04-10 0.385 0.33 0.38 163,005 (0.5%).

H

$0.40 $0.35 $0.30

27-04-10 H INSIGHT : Apr-09, Co terminated its contract with Electronic 28-04-10 Commerce Technology. The termination is expected to materially 29-04-10 30-04-10

0.385 0.395 0.435 0.42

0.36 0.35 0.39 0.385

0.37 0.385 0.405 0.39

176,837 154,902 $0.25 288,031 $0.20 147,436 Vol

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.38 0.385 0.365 0.365 0.355

0.35 0.365 0.325 0.32 0.30

0.365 0.37 0.335 0.36 0.315

81,757 192200 139,855 96100 201,383 29.03.10 to 23.04.10 07.05.10 145,754 71,242 H-Low: 0.375 - 0.19 0.435 - 0.30 PE(wk vol): NA (250,297) NA (785,101)

affect its financial performance for FY09. Dec-08, Co announced that there was an incident of fire at its warehouse, fulfilments & logistic centre. The warehouse, fulfilments and logistic centre is insured.

Nov-08, higher fuel price during 3Q indirectly caused higher cost in Co’s logistic svcs. Dec-07, Co proposed to dispose a f/h industrial land together with semi-detached light industrial factory to Digital Paper for RM3.1m. Feb-07, Co acq’d a land in Selangor Darul Ehsan for RM4.6m. Co is one of the few in the industry which are able to provide end-to-end solutions to take care of the entire value chain of outsourcing managed loyalty svcs in M’sia.

FY09, Co narrowed its losses due to FY08’s estimated financial losses of RM5.3m suffered from a fire incident. However, gross profit margin decreased from 30% in 2008 to 11% in 2009 due to redemption of low margin pdts and a reduction in fee-based revenue from Licensing & Data Management.

(30/03/10-XL) H 5-Yr CAP ISSUE : ......................................................... bn 1:5 ex 06-08-08

Ann’d date for 1Q09 : 19-MAY-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

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

8.774 10.193 9.247

36.424 43.161 50.780

24.09 23.62

31-12-08

– 2.854

47.376

1H08 1H09

31-12-09

4.058

– 0.981

– 1.084

25.377 22.148

46.155

Weekly $0.35 $0.25 $0.15 Vol 620200 310100

16.05.08 to 07.11.08 High-Low: 0.39 - 0.135 Av PE(wk vol): 5.0 (1,584)

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

08.05.09 0.23 - 0.08 0.4 (3,193)

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

23.20 18.51

--.03

15.27

11.482 8.130 8.650

.03

1.569 .058 .052

13.592

.01

– .019

15.756

---

– .007

35.69 22.26

18.21

21.371 40.388 43.828

18.31

32.868 48.571 52.548

NA

– 3.486

34.886

– 9.99

48.583

– 7.18

NA

– 1.284

33.828

– 3.80

49.707

– 2.58

NA

3.519

– 1.115

wef = with effect from

46.051 34.138

---

ex = expiry date

07.05.10 0.435 - 0.105 NA (105,357)

ROE in %

7.627 8.992 8.026

15.99

06.11.09 0.135 - 0.08 NA (5,311)

---

54.962 48.929

---

cl = book closure date

---

8.833

14.594

-----

.019

– .006

229

ACE MARKET

H

A

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Technodex par RM0.10 Paidup RM22.291 m NAV : RM0.2704 PE : 6.6 PB : 0.9 Yield : NA Traded in RM Mkt Cap : RM51.269 m Chairman: Tiong Chiong Le CEO/MD: Lee Siew Tat Period High Low Close Vol’ 00 Daily BUSINESS : Co operates in the provision of open source based biz + 2 wk 0.245 0.215 0.24 41,785 pre 2 wk 0.24 0.215 0.22 11,989 software. [1H10] Geographical] M’sia (99.6%), France (0.4%).

H

$0.24

26-04-10 H INSIGHT : Co will continue to aggressively pursue high growth 27-04-10 mkts by introducing innovative and complementary solns to these 28-04-10 mkts. In addition, Co is also exploring growth through M&As with 29-04-10 30-04-10

0.225 0.245 0.24 0.24 0.24

0.215 0.215 0.23 0.23 0.23

0.22 1,240 $0.23 0.245 18,967 0.235 4,258 $0.22 0.23 3,910 0.235 6,728 Vol

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.24 0.235 0.23 0.23 0.23

0.235 0.225 0.22 0.215 0.215

0.24 0.235 0.23 0.23 0.23

1H10 net earnings returned to the black mainly due to the proactive mgmt of cost in an effort to be prudent due to the weakening economic condition efforts.

(03/03/10-JL)

5-Yr CAP ISSUE : ......................................................... bn 1:1 ex 06-12-07 ................................................................................................ bn 1:4 ex 15-01-10 H

Ann’d date for 3Q09 : 29-MAY-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

30-06-06 30-06-07 30-06-08

5.081 6.619 8.401

7.782 12.413 17.303

65.29 53.32

7.755

21.740

35.67

0.338

5.370

6.29

1H09

– 1.250

1Q10

0.041

30-06-09 1H10

5.351 1.650

Tejari Technologies

Weekly $0.32 $0.28 $0.24 $0.20 $0.16 Vol 177800 88900

16.05.08 to 07.11.08 High-Low: 0.232 - 0.156 Av PE(wk vol): 6.2 (9,945)

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

48.55

8,385 16400 1,820 8200 1,645 29.03.10 to 23.04.10 07.05.10 1,260 3,225 H-Low: 0.245 - 0.215 0.245 - 0.215 PE(wk vol): 6.5 (26,887) 6.7 (25,719)

08.05.09 0.196 - 0.144 4.7 (8,550)

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

36.78 20.89

1.544 4.623 7.403

-----

.090 .082 .047

15.857

---

.043

---

.001

12.243 26.848 39.852

41.41 24.49 21.12

13.786 31.471 47.255

7.725

47.891

16.13

63.748

12.12

48.504

---

67.742

---

– 1.265

2.48

0.035

0.326

---

38.607

par RM0.10 Paidup RM16.300 m

Chairman: Teoh Geok Cheng CEO/MD: Ooi Chai Huat

49.993

---

47.969

Period

64.719

17.81

BUSINESS : [1Q10 Turnover] Hydraulic div(53%), trdg of raw + 2 wk 0.155 0.14 0.15 16,253 pre 2 wk 0.165 0.145 0.155 34,895 material (47).

INSIGHT : Jan-10, Co will continue ensuring cost efficiencies and explore other bizs to cushion the declining demand in hydraulic segment and strengthen Co’s earning base. Listed on the Mesdaq Mkt at RM0.28 apiece, Co is a hydraulic system specialist that provides designs in hydraulic systems by integrating electronic, electrical and mechanical engrg capabilities into industrial can commercial machinery & eqmt. Co has an Electro Hydraulic Automation System (eHAS) soln provider that offers its own design and devt of Hydraulic Manifold Block (HMB) & valve systems, Electro-Servo Controller (ESC), actuators and power pack systems. Net proceeds of the IPO offering will be used for expansion of factory bldgs, R & D, purchase of machinery & eqmt and repaying bank borrowings.

1Q10, Co returned to the black as higher revenue coupled with a reduction of op’g cost by RM0.405m as a result of cost cutting measure implemented by the mgt.

(29/04/10-JL)

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

30-11-06 30-11-07 30-11-08

3.508 4.346 3.163

20.948 23.615 28.994

16.75 18.40

– 4.519

14.727

NA

0.060

6.155

1H09

30-11-09

1Q10

– 1.918

6.701

10.91

.000

$0.28 $0.24

03-05-10 04-05-10 05-05-10 06-05-10 07-05-10

0.31 0.305 0.27 0.29 0.28

0.25 0.27 0.25 0.265 0.255

0.29 0.275 0.27 0.27 0.275

272,944 252600 60,876 126300 32,535 29.03.10 to 23.04.10 07.05.10 123,710 65,553 H-Low: 0.165 - 0.14 0.31 - 0.17 PE(wk vol): NA (25,574) NA (691,919)

Weekly $0.30 $0.20 $0.10 Vol 666200 333100

ROA in %

TOTAL LIAB (RMm)

20.140 36.909 37.350

16.68 10.95 8.21

4.429 7.273 5.557

32.438 – 13.78

5.115

– 16.36

27.370

---

9.64

ex = expiry date

06.11.09 0.21 - 0.09 6.0 (69,024)

TOTAL ASSETS (RMm)

27.323

29.875

08.05.09 0.355 - 0.03 6.9 (1,009)

ROE in %

– 4.470

0.047

– .007

---

378,836 298,835 $0.20 65,303 31,324 $0.16 53,922 Vol

21.39 13.64

0.97

19.238

---

0.25 0.255 0.24 0.23 0.24

15.711 29.636 31.793

wef = with effect from

16.750

0.17 0.25 0.22 0.225 0.23

3.360 4.042 3.065

– 1.918

---

---

0.26 0.30 0.255 0.245 0.25

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

NA

11.386

26-04-10 27-04-10 28-04-10 29-04-10 30-04-10

16.05.08 to 07.11.08 High-Low: 0.25 - 0.10 Av PE(wk vol): 7.2 (455)

Ann’d date for 1H09 : 27-JUL-09

---

NAV : RM0.17 PE : NA PB : 1.6 Yield : NA Traded in RM Mkt Cap : RM44.825 m High Low Close Vol’ 00 Daily

H

H

07.05.10 0.33 - 0.215 7.1 (45,645)

ROE in %

5.070 6.574 8.415

NA

06.11.09 0.256 - 0.16 5.3 (33,644)

---

35.154

31.646

cl = book closure date

---

---

5.279

4.276

07.05.10 0.31 - 0.12 0.2 (84,456)

DIV in RM

EPS in RM

--- PRELIST .025 .0075 ---

.019

---

– .012

---

– .027

---

.000

245

ACE MARKET

synergistic biz locally and abroad. Jan-10, Co proposed a 1-for-4 bonus issue of 48m new shrs. Dec-09, Co proposed to transfer to the Main Board. Mar-09, Co completed the acquisition of Shenzhen Oyous Digital Interactive Co for Rmb10m. Nov-08, Co entered into an agmt to acq 38.8k existing ordinary shrs in HK Comp Software Standards (HK Comp) for RM3m and to subscribe for 25k new ordinary shrs for RM2m. Upon completion of the proposed acquisition and subscription, Co will have 51%-stake in HK Comp.

T