Shares Investment Malaysia Edition Issue 33 by PCL Printers (Pte) Ltd

ISSUE 33

November 2010

OTHER FEATURES

PLUS Expressway to be taken private China faces tricky days ahead Jobstreet.com fast becoming a regional tour de force

A Look At Malaysia’s Budget

ISSN 1793-7280

PP 14523/03/2011(029878) • MICA (P) 060/04/2010

Uncover the secrets to your wealth ™

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Corporate Digest text : Andy Rice

Jobstreet.com

Fast Becoming A Regional Tour De Force

obstreet.com has continued to perform well in the market place. The results in Malaysia have been led by stronger advertising momentum in the July to September 2010 quarter, with some 18 to 20,000 jobs per month posted on JobStreet’s Malaysia portal. This was compared with 16 to 17,000 per month in the period April to June 2010 (this represents a 13%18% q-o-q growth). This is a positive indication of the Group’s overall sales. The bottom-line should continue to register double-digit growth despite slight margin erosion due to higher marketing spent in Singapore. As a result, 3Q-2010 earnings are expected to be stronger q-o-q. The Malaysian market’s

performance represent a positive indication of potentially better sales q-o-q for the Group as Malaysia contributes more than 60% towards Group's revenue. The company holds a stake in Taiwan’s 104 Corp which has been performing well. July to September sales grew 21% y-o-y to TWD275.3 million, but was stable q-o-q. This should imply similar amount (RM1.4 million in 2Q-2010) of associate earnings contribution for JobStreet in 3Q-2010 based on its 20% stake in 104 Corp. Mo re impo rtan tl y, i t i s catching up with the more established JobsDB.com in the Singapore market. The Singapore operations is experiencing marked development. Following 6 months of increased market-

ing expenses in Singapore, JobStreet has gained an estimated 3-4 ppt market share from its rival, JobsDB. The number of jobs posted on its portal is catching up rapidly with its rival, with the gap falling below the usual 1 5 % . M o s t i m p o r t a n t l y, branding effort in Singapore gained traction. It is believed to have successfully added some big corporate names in its “hardcore list” as well. Furthermore, JobStreet now looks more appealing to employers as JobsDB raised ad prices in the last 3 months, while JobStreet maintained its pricing. It is expected to increase spending from current level (9% of Singapore revenue) given its target of 60-70% market share. Earnings growth in Singapore has been stronger than Malaysia and Philippines, even

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though the earnings base is smaller.

Adoption Of Timely Technology

JobStreet launched an application for iPhone in April this year to promote convenient access to JobStreet websites. The application enables jobseekers to browse and apply for jobs while on the move. “We want jobseekers to be able to apply for their dream careers anytime, anywhere. Not only is it convenient, but it is also safe and easy to use,” said Chook Yuh Yng, Country Manager, JobStreet.com Malaysia The Job Search iPhone Application was developed by JobStreet.com exclusively for the popular Apple iPhone and makes for a handy complement to the extensive online job listing and job-search features available on the JobStreet. com’s website. Using the Job Search iPhone Application, jobseekers can search by job titles, skills or other keywords, and also apply for positions directly from their iPhone. Other tasks that jobseekers can do using the Job Search iPhone Application includes browsing for jobs by industry, saving jobs and searches for later viewing, and also sharing job with their friends. The application is timely as more people are using iPhones now for communication and entertainment

purposes. This is more apparent especially in Singapore. Meanwhile, JobStreet is looking to develop an application for Blackberry, which is widely used in Indonesia as opposed to Apple’s iPhone. This should help JobStreet grow its acceptance in Indonesia.

Equity Partner A Positive Development

Since SEEK Limited raised its investment in JobStreet early this year, JobStreet has been adopting SEEK’s business philosophy of consistent spending on marketing to build and maintain brand awareness. SEEK Limited is the owner of top Australian jobs website seek.com.au. The company increased its stake in JobStreet.com to 21.35% in March this year. SEEK has generally been positive about its investment in Jobstreet.com. “We have been impressed by the strong results delivered by JobStreet since acquiring our initial stake,” said SEEK joint CEO Andrew Bassat. “This is particularly so given the effects of the global financial crisis on employment markets.” “Together with our investment in China, our increased investment in JobStreet continues to position us strongly in the rapidly growing Asian region,” SEEK corporate strategy director Jason Lenga added. “From an accounting perspective, we expect JobStreet to be treated as an associate

and be equity accounted by SEEK moving forward.” JobStreet plans to spend 10% of revenue for marketing compared to SEEK’s normal range of 20-30%. Analysts are optimistic that JobStreet would be able to leverage on and learn from SEEK’s successful strategies, which include marketing ideas, user interface and analytics, and product offerings.

Maintain Buy Recommended

Analysts recommend a M A I N TA I N B U Y f o r JobStreet.com based on the fact that its share price has risen 27% to RM2.40 since 17 Mar, pushing its 1-year forward PE higher to 17.5x (from 14.5x). However, this is still 31% below regional peers’ average of 25.2x. The BUY rating and RM3.30 TP is based on 1xPEG. This implies a 38% upside potential. Analysts see huge potential in JobStreet given its asset-light business model, and it is operating in the right industry and countries where the online market is still growing. Additional share price catalysts would be market share gains from its online and print media competitors and successful launch of new products. There is also potential for further re-rating after 51Job Inc’s PE multiple jumped to 30x CY11 EPS (from 14.4x in Jul10). 51Job Inc is the biggest e-recruiter in China and is listed in the US. 5

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Corporate Digest compiled : Ann Lee

PLUS TO BE

TAKEN PRIVATE

he news of the month in Malaysia was the announcement by PLUS Expressway Berhad (PLUS) that EPF and UEM has made a joint offer to buy all assets and liabilities of the company (in Malaysia and abroad) via the setting up of a Special Purpose Vehicle (SPV). The deal was worth RM23 billion or valued at RM4.60/ share. With the completion of the deal, UEM and EPF will each own 51% and 49% equity interests in the joint venture, respectively. Essentially, this is not a General Offer (GO) and payment of cash to minority shareholders after PLUS receives the RM23 billion

will be via special dividends and a capital repayment totalling RM1.2475 billion. This will be equivalent to RM4.60/share, and EPF, UEM and Khazanah will not be entitled for both the special dividends and capital repayment. This could be a lengthy process given that capital repayment requires High Court approval. Khazanah owns a direct 16.7% interest in PLUS, but including UEM’s stake, it owns 55.2%. EPF owns 12.3%. Hence, both parties combined own 67.5%. The acquisition will be via cash, and any shares converted from Khazanah’s US$850m exchangeable bond before completion of the proposal will also be entitled to the

special dividends and capital repayment. It is the intention of the SPV to de-list PLUS from Bursa Malaysia after completion of the capital repayment. The offer to PLUS will remain open until 5pm on 29 October 2010. Only the independent directors will be allowed to vote on this and it will seek to appoint special advisors and independent advisors. The SPV would proceed to restructure PLUS’ debt posttakeover to better match its operating cash flows and concession period. PLUS’ current debt profile has more room for this as its last repayment is due in 2024, while its concession period ends in 2038.

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Based on analysts estimate, PLUS will generate only 4.0% dividend yield for FY10-FY12 at RM4.60/ share. This is assuming traffic volume growth of 5%, 2% and 1.5% for FY10FY12, respectively, and a 10% toll rate hike materialises in FY11. The yield is lower than EPF’s current distribution yields of less than 5% to contributors and also lower than the current 10-year MGS yield of 4.4%, but above current FD rates of 2.8%. It is believed the deal arrived due to the intense spotlight on the government’s current predicament on the issue of raising toll rates As this issue has yet to be addressed, many see this development as timely. Analysts see limited upside to the offer price and believe investors may want to take profit given that the process may be lengthy and a capital repayment requires High Court approval.

Change Of Players

Initially it was reported

One of PLUS' busy expressways

that MMC, via a SPV together with EPF and PNB, proposed to buy out UEM Group for RM15.6 billion. The primary motive of the deal appears to be to wrestle for control of PLUS Expressways. MMC has proposed to keep toll rates status quo until the end of the concession in 2035, but there may be a proposed 20% reduction in toll rates via discounts. It is also requesting for corporate tax for PLUS to be capped at 15% or lower for the entire concession period and for the SPV to be able to utilise all unabsorbed tax losses and capital allowances of other entities within the group. The SPV is also seeking approval from the government to provide ‘below market level funding or even to takeover existing debt. It is proposing to acquire Khazanah’s 16.74% stake in PLUS for RM2.8 billion (RM3.35/share) and to buy out EPF and MI of PLUS for RM7.5 billion. However, the deal was submitted by MMC when PLUS’s share price was RM3.80/share.

It is currently ranging at RM4.46/share. Analysts believe the deal would not go through based on the recent statement by Khazanah’s Tan Sri Azman Mokthar’s on this issue – “PLUS is a strategic asset of the country and belongs to all Malaysians as it is a critical infrastructure provider of the country. Khazanah does not simply sell national assets on the basis of value and impact but also the track record and financial status of the bidder”. MMC’s balance sheet with a net gearing of 1.6x as at 30 June 2010 is already stretched, and will rise further after it clinches the RM14 billion tunnelling portion for the MRT.

PLUS’ Expanded Operations

PLUS’s international operations have been an important contributor to revenues, especially its Indian highway collaborations. Its 127 kilometre National Highway 8D from Jetpur to Somnath is important because it is the first joint bid with IDFC Projects Limited. This is the subsidiary of Infrastructure Development Funding Corporation (IDFC), which is India’s largest infrastructure financial intermediary. The project ownership breakdown is as follows: 45% is owned by foreign development institutions, 35% by local financial institutions and corporate bodies, 20% by the government of India, and 8.97% by Khazanah. IDFC is active in the Na9

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tional Highway Authority of India (NHAI) projects. The project cost is estimated at 950 Crores (around RM650 million). Assuming a 70:30 debt-equity capital structure and PLUS’ 26% stake, it will have to fork out RM51million in equity. The balance will be funded by borrowings at the SPV level. The concession period will be 30 years from the signing of the agreement in October 2010, and the construction period is 30 months. Tolling is expected to start in 2014. Land acquisition for PLUS’ 116km Cikampek–Palimanan highway in Indonesia has reached 82%, and it is understood that the government can choose to make it compulsory to acquire the balance. The land acquisition is expected to be fully completed in early 2011. PLUS has invested US$18 million, in which it gets a 55% equity stake in the concession. The concession period is for a period of 35 years, expiring in 2041. Due to delays in land acquisition, PLUS submitted a revised business plan which incorporates an increase in toll rates. The concession is expected to start tolling in 2014 and contribute 11-12% of PLUS’ 15% target for overseas revenue.

The Local Front Beckons

On the local front, it was reported recently that four new tolled highways would be proposed in Budget 2011. Of this, PLUS would be the concession operator of two

If PLUS has to raise funds, it would likely be accompanied by sweeteners such as an extension of the concession period and acquisitions. - from Sungai Dua to Juru in Penang, and Kinrara to Damansara in the Klang Valley. The Sungai Dua-Juru section is an existing road that is currently toll free and will be upgraded, while the KinraraDamansara stretch is new and would divert some traffic from the LDP. There were no further details on PLUS’ construction of the fourth lane along stretches of the Expressway, namely Shah Alam to Rawang, Shah Alam to Jalan Duta as well as a section from Nilai (North) to Seremban. The construction cost is estimated at RM1.143 billion. The proposed funding and other arrangements are currently under review and discussion with the Government. Hence, it is still unclear if PLUS will fund the exercise. It is understood that the stretch earmarked for fourth-laning works is less than 60 km and tar-

geted because of robust traffic volume. This makes up some 7% of the total North South Expressway length of 846 km. The expected potential disruption to traffic volume will be minimal given its experience with the third lane-widening project, when it implemented a wellplanned traffic disbursement system. If PLUS has to raise funds, it would likely be accompanied by sweeteners such as an extension of the concession period and acquisitions. Funding for the third lane-widening project was via the government, but offset against an existing PLUS government support loan. This was also accompanied by an extension of its concession to 2038 to also compensate for the closure of the Senai toll plaza. Note: Information courtesy of HWANGDBS Vickers Research Sdn Bhd and others sources.

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Perspective text : Anthony Dass

China Faces

Tricky Days Ahead

The surprise hike on the benchmark interest rates now conveys that China is giving a strong signal to banks to rein in lending after its surge in recent weeks and has been hiding the rampant inflation in money binge. It should now give a pause to those who have been living on this assumption that the Chinese economy is on sound footing. If one looks at its astonishing growth rates over the past two years, it has been fueled by an astonishing expansionary money supply of over 50.0%. Until now, it looks like the inflationary consequences have been largely camouflaged on the pretext of rising asset prices. Property prices, gold, fine pieces, art & wine auctions have pulled record prices, and now it appears that inflation is creeping into domestic inflation. Concerns are for inflation to breach the 4.0% official target. Food

prices gained 7.5% y-o-y in August, while wages are expected to increase by about 8.0%. M1 and M2 grew well above 56% and 53% respectively over the past two years. And even with the much-touted cooling measures, both the money supply components are still growing at an annual rate of about 20%. With inflation now out in the open, the authorities are forced to rein in liquidity sharply. This could turn the cash-fueled economy boom into a bust. Unlike the US, China never really had a fiscal stimulus, where the government spends its own money directly. The funding for infrastructure and other projects to spice up the economy was primarily from the boom in lending by the state-run banking system. In 2009, the banks lent out almost 10 trillion Yuan, more than double of any previous years. For 2010, they will

probably lend out 8 trillion Yuan, almost twice as much as that in 2008. Huge supplies of liquidity came from their reserves, which opened up a cascade of new lendable funds, which became a massive monetary stimulus or quantitative easing over the past years. Enjoying huge trade surpluses for numerous years, China had to maintain the Yuan peg to the US$. In this respect, the central bank has been busy soaking up the excess US$ earned from exports to be stockpiled as foreign-exchange reserves and in return issue Yuan. The newly issued Yuan will add onto their domestic money supply pile and fuel inflation. To avoid large growth in money supply and surge in inflation, the authorities have been busy sterilizing the monetary expansion. This is done by forcing banks to hold higher levels of reserve deposits and buy special central-bank bonds. In short,

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there was a large amount of liquidity sitting in China’s banks waiting to seep into the economy. When money grows at a faster rate than real economic growth, it results in inflation. But thus far in 2010, their official statistics show consumer inflation at barely over 3.0%. Some perceive China has found a superior solution for prosperity. The answer is no. In reality, rampant inflation has already hit China, which could be reflected by its exorbitant asset prices. New money created entered the economy as loans to fund investment in fixed assets. When it reaches consumers, they purchased tangibles like property as opposed to consumer goods. One has to remember, the assetprice inflation issue is tricky as it may not yield an inflation feeling as opposed to consumer prices. It is only a matter of time before the impact from asset inflation will start to kick into the broader economy which could put China’s policy makers in a serious bind. Meanwhile, the recent act

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EPS EPS 73.345 – – 984.661 984.661.144 73.345 984.661 .144 1:5 114.797 – 1,110.6 1,110.615.187 114.797 .187 1,110.6 1:2 200.591 200.591 .259 15 1,765.835 15 .259 – – 156.831 156.831 – 1,765.8 1,765.8 *.2*.2

by the Chinese authorities to hike interest-rates could signal their willingness to focus on inflation pressures and lesser keenness on attempting to keep the Yuan competitive, while US reaffirmed their commitment to a strong US$. It is perceived that there could be some form of currency accord reached. The US wants foreign currencies to be reflected by market forces and economic fundamentals, as it felt some big emerging-market nations are resisting market forces and keeping their currencies undervalued. Nonetheless, there are still looming risks for trade war to loom in days ahead for China. We continue to hold our view that China is heading for a trade conflict with US and other western countries as tensions remain high on the rebalancing issue of the global economy. Looking at China’s current trade pattern, they are busily subsidising exports and imposing huge import tariffs. Room for Yuan appreciation will remain at a snail liked pace. This could eventually result to significant counter-

vailing duties, which seems to be on the rise. China is under strong pressure to revalue the Yuan, which has been undervalued for some time now. This is more so with the G20 finance ministers and central bankers meeting held in South Korea on Oct 22-23, as a further round of talks on how to smooth trade flows and keep the global recovery on track were top on the agenda. Risk for competitive devaluations to take place cannot be ruled out, especially if the current scenario stays, suggesting more room for trade war. The reason for this is that Yuan only strengthened by about 2.5% against the US$ since they scrapped a two-year currency peg on June 19 after its economy improved, while the US$ Index tumbled more than 10% since June amid mounting speculation that the Federal Reserve may increase asset purchases to stimulate the US economy. The rate of Yuan appreciation remains slow and is disturbing. Anthony Dass, Economist, MIDF Investment Bank

Sub-prime Mortgages

The phrase ‘sub-prime’, sometimes referred to as ‘non- conforming’, generally refers to those mortgages targeted at consumers with impaired or low credit ratings who may find it difficult to obtain finance from FOR YOUR INFO traditional sources. Lending institutions often charge interest on sub-prime mortgages at a rate that is higher than conventional mortgages in order to compensate themselves for carrying more risk. $12.00 $11.00 $10.00 $9.00 $8.00 $7.00

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Headliners compiled : Ann Lee

Fundsupermart.com Believes Several Stock Markets To Reach Record High By 2012

Fundsupermart.com expects Asia, excluding Japan, and global emerging markets, Brazil, Hong Kong, India, Indonesia, Malaysia, Taiwan, Singapore, South Korea and the US to hit record high levels by end 2012; with the FBM KLCI expected to hit 1,800 points by end 2012. The research team at Fundsupermart.com finds that historically, there is a close correlation between stock market performance and corporate earnings trend. While the US economy has been going through a difficult recovery following the worst crisis since the Great Depression, its companies are making money. In fact, earnings per share levels for US companies in the S&P 500 Index are expected to hit their highest ever levels by 2011-2012. “We believe strongly that the economic situation we are facing now is obviously a temporary mid-cycle slowdown which will not prevent earnings from hitting new highs,” says Lim Chung Chun, Chairman and Chief Executive Officer (CEO), iFAST Corporation Pte Ltd. “With this backdrop, the question is when will stock markets hit a record high if they are expected to see record earnings numbers in the next couple of years.

Based on our research of 19 stock markets globally, we believe a number of them will hit a record high level by end 2012,” says Chung Chun. Fundsupermart.com believes that there is a possibility that actual earnings may turn out to be even higher than consensus estimates, given the fact that earnings estimates from various brokerage houses remain fairly cautious following the global financial crisis. “Historically, analysts tend to under-estimate earnings recovery in the first 1-2 years following an economic recovery,” notes Chung Chun.

Australia Beckons For TA Global

TA Global is venturing into a residential development project in Australia. The c o m p a n y, a 7 3 % - o w n e d subsidiary of TA Enterprise (TAE) entered into a 50:50 joint venture agreement with Charter Hall Group (a property fund management and development company listed on the ASX) for a residential property development project at Little Bay, which is located 14 km south-east of Sydney central business district. The gross development value is estimated at A$600 million (around RM1.8 billion) which comprise of houses, townhouses and apartments. Stage 1 of the project, which includes remediation, earthwork, landscaping, building of roads and other infrastructure is expected to take 18

months, while Stage 2 which involves the actual construction of the dwellings will commence upon completion of Stage 1. We understand that the whole project, which will be subdivided into a few parcels, will be completed by end 2014. The project will be financed by the JV partners (A$60m each) and external borrowings.

Drop In Sales For The Malaysian Automotive Sector

Total industry vehicles (TIV) dropped -21.8% monthon-month in September 2010 to 43, 000 units (from 55,000 units in August 2010) due to the post Hari Raya season deliveries and shorter working month. Year-To-Date (YTD) September 2010 TIV grew by 14% Year-On-Year (Y-O-Y) to 453,000. On an annualised basis, Malaysia should be on track to sell around 570,000 vehicles this year, after taking into account seasonally higher sales in August 2010 and seasonally lower sales of 4Q-2010. Analysts are maintaining the 2010 estimate of 576,000, which implies a healthy 7.6% Y-O-Y increase. They believe 2011 could see 3-4% Y-O-Y growth on the back of estimated GDP growth of 5.5% and stable interest rate environment. Proton remains the top pick in the auto sector with a TP of RM6.60. Proton is expected to launch its Mitsubishi Lancer based, Proton Inspira in November.

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BAT Revenue Rises In The Third Quarter

British American Tobacco’s (BAT) 3Q-2010 revenue grew 8.1% Y-O-Y to RM993.6 million driven by higher volume sales; an increase of 7% to 2.25 billion sticks. This was probably aided by the improved economic environment which lifted affordability and the milder excise duty hike last year. However, higher packaging cost (for Dunhill) and margin loss from the less than 20-stick pack offset productivity savings. As a result, net profit only increased

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$12.00 $11.00 $10.00 $9.00 $8.00 $7.00

2.4% Y-O-Y to RM170.7 million. This brings 9M-2010’s net profit to RM548.4 million or 76% of FY-2010F net profit. BAT declared 177 sen net Dividend Per Share YTD, which equates to 78% of our full year estimate of 228 sen. High excise tax fuels further downtrading. According to the latest survey for the period between March-May 2010 period, illegal trade rose 2.2 ppt upward to 39.7% (versus 37.5% in 2009). This means that for every three cigarette packs sold, one is of illegal trade.

Dealings By Insiders

FOR YOUR INFO

Insider dealings refer to transactions in

the securities of a listed company executed by company insiders. These are directors and senior officers of a corporation – in effect those who have access to inside

The recent heavy excise tax increase is expected to draw price sensitive smokers to cheaper cigarettes i.e. from premium to value-formoney (VFM) or from VFM to illicits. Foreseeing this trend, BAT re-launched Peter Stuyvesant (VFM segment) in midJun, which saw good acceptance (2.6% market share in September from 0.3% in June). However, contribution is insignificant given its small volume at around 30 million sticks in 3Q-2010 versus BAT’s total volume of 2.25 billion sticks.

matter that involves material unpublished price-sensitive information.

In addition, dealings should not take

place during the period commencing one

month before the release of full/ half year

financial results, and to one week after the announcement of the said results and/ or any dividends and distributions to be paid or passed.

It is illegal for company insiders

information about a company. An insider

to make trade when, by virtue of their

of the voting shares of a company.

they are in possession of unpublished

is also someone who owns more than 10% Under Bursa Malaysia’s Bye-Laws,

directors should not deal in their companies’ securities prior to the announcement of a

positions as directors or senior staff,

information. Directors are also refrained from dealing in their companies’ securities for short term consideration.

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11/2/10 1:59:00 PM

Perspective text : Xia Guo Wen

Only Two Credit

Cards?

ere’s a quick survey: How many credit cards do you have sitting in your wallet right noaw? 3? 5? 8? Here’s another couple of questions for you: Have you ever applied for a bank personal loan? What was the highest loan amount secured? RM8,000? RM10,000? Don’t get me wrong, for I am not saying that you are addicted to credit cards, nor am I questioning your ability to repay your loans. However, if you are currently holding more than 5 credit cards, you should be concerned, because Bank Negara is exploring to limit the number of credit cards each person can have. If you are used to taking bank loans for personal consumption, such as buying the latest and top-of-the-range mobile phone or taking a luxurious holiday abroad, do take note now because you may not get as much credit limits as before. It is reported that Bank Negara intends to tighten credit line facilities to ensure that household debts do not expand excessively. However, a cursory analysis of the credit cards or personal loans bad

debt data would reveal that these two areas do not show any signs of crisis for now. According to figures released by Bank Negara, credit card bad debts by the end of July this year stands at RM515.4 million, accounting for a mere 1.75% of the overall bad debt within the banking system (RM29.4 billion); over the same period, personal loan bad debts amounted to RM1.1 billion, representing 3.83% of the total bad debts. Since there is no crisis nor signs of one, what then is Bank Negara’s intention? Indeed, no matter what your consumption patterns are, nor how frequent your transaction activities are, as long as you do not use your credit cards as a cash advancing tool, you can get by comfortably with just two credit cards. Also, if your reasons for taking up personal loans are not purely for consumption (which temptation is difficult to resist because all the advertisements are encouraging you to do exactly so), there should not be a problem. I presume Bank Negara’s intention to put a cap on credit cards is specifically targeted at a certain group of people, namely those with seven or eight or more cards,

yet pays only the minimum amount payable each month and transfers the balance outstanding to another card once he has maxed out on one card. For a macro point of view, such persons represent only a minority of the population, who will not impact the banking system as a whole nor will they erode our national reserves; however, from a micro-social point of view, as long as any one is sucked into this “card-feed-card” black hole, he is not only causing harm to himself but will inadvertently drag his friends and family into his financial quagmire, thereby triggering social problems. What about personal loans? This instrument must be the brainchild of the banking industry born during economic slowdowns, designed to release the funds at hand that nobody wants to loan. In its bid to attract takers, loan approval for such facilities is near instantaneous, taking mere hours before the applicant can draw on the amount. More importantly, such loans are different from ordinary business loans or housing loans in that they (Continues on Pg 22)

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Perspective text : Peh Boon Chun

2011 Budget To Sustain Growth Momentum

lthough the Government recently announced in the 2011 Budget that it would continue reducing its fiscal deficits, the extent of the reduction turned out to be less significant than what the market was expecting. If you would recall that a few months ago in June this year, when the Government announced the Tenth Malaysia Plan, it vowed to slash our fiscal deficit in the 2011 Budget from the estimated 5.3% of the 2010 Budget to 4.4% next year. However, when Prime Minister Najib announced his 2011 Budget on 15 October, he estimated that the deficit in 2011 would only be marginally lowered to 5.4% as compared to the estimated 5.6% of the 2010 Budget. This is a sign that the Government plans to mobilise more public funds to push through with the various development plans during the launch phase of the New Economic Model, especially those plans that are introduced under the Model. Coupled with the various measures

and funds allocation that were announced as part of the 2011 Budget to dovetail with the New Economic Model, the Government has repeatedly demonstrated its commitment to realise the transformation of the Malaysian economy, and it has also taken the lead to inject capital in a bid to strengthen public and investors confidence. The Government is aware of the signs of easing in the global economy, which is another main reason why the revised rate by which the Government will reduce the fiscal deficit is much less than the target set out under the Tenth Malaysia Plan. The Government is not willing to trim the deficit too drastically in order to ensure that our economy will continue to grow even as the global economic is slowing down and Malaysiaâ&#x20AC;&#x2122;s exports are also expected to ease.

Reviving Private Sector Investments

Meanwhile, with the Government poised to promote the private sector as the engine head of our countryâ&#x20AC;&#x2122;s economy, I believe the various

measures introduced in the 2011 Budget are calculated to revive private investments to sustain the growth momentum in the private sector, despite expecting such growths to be modest. These measures include funding to encourage high value-added investments in the electrical and electronic sector, extending the tax incentives offered to food-related manufacturers by another five years, reducing import duties to boost tourism, and providing more incentives to develop green technology. Furthermore, I believe the infrastructure construction and property development sectors will be positioned as the other key areas to promote private investment growth in Malaysia next year. The Government has already allocated RM1 billion to promote joint publicprivate sector cooperation projects through the construction of more highways, power plants and health-related programs. The Government also indicated that it will invest RM40 billion next year to (Continues on Pg 22) 19

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(From Pg 19) set up the long-anticipated subway system. Governmentlinked corporations like 1Malaysia Development Berhad, Employees Provident Fund Board and Permodalan Nasional Berhad (PNB) will also engage in some large-scale development projects, such as the RM26 billion International Financial District, RM10 billion Sungai Buloh property development plan, and the RM5 billion hundred-storey skyscraper project. Furthermore, the Government will issue three new stockbroking licenses to increase retail investors participation in the local market.

Little Effect Of The Rise In GST

By 2011, employees may no longer opt to contribute less than the stipulated 11% provident fund contribution rate, when the 11% contribution rate will be enforced by then. This measure is expected to affect consumer spending to a certain extent. On the other hand, I think the

(From Pg 18) do not require any collateral; as long as you earn a fixed income, all it takes is a signature and the money is yours. Therefore, to bankers, personal loans are high-risk products. Any hiccups, and the bank will not be able to recover even a cent. For consumers, all you need

By 2011, employees may no longer opt to contribute less than the stipulated 11% provident fund contribution rate, when the 11% contribution rate will be enforced by then.

Government’s move to raise GST from 5% to 6% as announced in the 2011 Budget will have limited impact on consumer spending. A 1% increase in GST will bring the government an estimated additional RM7 billion in revenue. In addition, the abolition of the 5 to 30% import duty on 300 of the most popular merchandise among tourists and locals, coupled with the RM500 million special financial assistance given to civil servants, is expected to help maintain the growth momen-

tum in consumer spending. Looking at the impending belt tightening measures by the federal government to trim public spending to control the fiscal deficit, the overall impact of the 2011 Budget on the overall economy’s expansion will not be as significant as this year’s Budget. In fact, growth in the public sector is expected to retreat from the 2010 estimate of 3.8% to 2.8% next year.

to easily secure a RM4,000 personal loan is proof that you earn a monthly income of RM1,000, and the money is yours; not for investments nor business, but simply for non-productive consumer activities. It is very unwise to borrow money just for consumption. Without appropriate controls, all it takes is a single spark to

start a prairie fire. Needless to say, Bank Negara’s proposal would be opposed by the banking industry, in particular the measure to limit the number of credit cards an individual can have. After all, this is a cash cow of the banking industry.

Peh Boon Chun is a columnist for Nanyang Siang Pau.

Xia Guo Wen is a columnist for Nanyang Siang Pau.

MSHE_18-22-NY.indd 22

11/3/10 1:41:32 PM

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MARKET CAPITALISATION 2 wks

Last

Mkt Cap (‘000)

2 wks

Last

Mkt Cap (‘000)

154 71 197 182 95

Malayan Banking ..........................526,337 CIMB Group Hldgs .....................1,068,225 Sime Darby....................................600,110 Public Bank....................................178,205 Genting ..........................................502,541

9.00 8.32 8.93 12.78 10.68

RM63,701,847 RM58,768,586 RM53,663,942 RM45,138,014 RM39,567,798

227 168 192 263 126

Xingquan Int’l Sports Hldgs ...........28,203 Oriental Hldgs .................................51,596 SapuraCrest Petroleum ................206,765 Shell Refining Co ..............................3,925 Kencana Petroleum ......................824,753

1.57 5.26 2.53 10.70 1.90

RM3,323,926 RM3,263,304 RM3,230,102 RM3,210,000 RM3,150,143

156 113 150 214 63

Maxis .............................................522,081 IOI Corp..........................................690,895 MISC ................................................93,815 Tenaga Nasional ...........................659,954 Axiata Group ..............................1,275,103

5.27 5.86 8.69 8.82 4.44

RM39,525,000 RM39,118,547 RM38,790,370 RM38,252,340 RM37,496,484

259 121 111 112 200

KLCC Ppty Hldgs ............................25,823 KFC Hldgs ......................................221,898 IGB Corp ..........................................98,858 IJM Land .........................................99,390 Star Publications ............................86,597

3.34 3.92 2.07 2.75 4.10

RM3,119,807 RM3,108,952 RM3,084,913 RM3,034,004 RM3,028,112

170 179 170 130 95

PPB Group .......................................36,592 Petronas Gas ...................................79,040 PLUS Expressways ....................1,268,615 Kuala Lumpur Kepong....................92,006 Genting M’sia................................360,758

19.22 11.24 4.40 19.80 3.50

RM22,785,310 RM22,240,948 RM22,000,000 RM21,136,599 RM20,666,765

148 260 250 257 259

M’sian Resources Corp .................460,459 M’sian Bulk Carriers .......................17,151 Sunway REIT ................................294,672 Bintulu Port Hldgs ............................6,430 Guinness Anchor ..............................9,014

2.19 2.90 0.98 6.80 8.82

RM2,981,260 RM2,900,000 RM2,724,510 RM2,720,000 RM2,664,504

257 57 258 184 229

Digi.Com ..........................................22,171 AMMB Hldgs .................................305,733 Fraser & Neave Hldgs.....................10,768 RHB Capital....................................130,391 YTL Power Int’l..............................477,720

25.40 6.34 14.30 8.09 2.35

RM19,748,500 RM19,109,933 RM18,491,959 RM17,421,613 RM17,029,383

181 80 102 260 224

Proton Hldgs ...................................45,159 Dialog Group ................................472,500 Hap Seng Consolidated ................187,876 LPI Capital .........................................7,880 WCT ...............................................166,335

4.84 1.32 4.08 11.44 3.05

RM2,658,191 RM2,614,286 RM2,540,453 RM2,539,188 RM2,371,997

264 108 69 213 262

YTL Corp ..........................................28,007 Hong Leong Bank............................26,034 British American Tobacco .................8,951 Telekom M’sia...............................234,966 Petronas Dagangan ..........................7,078

7.95 9.29 48.00 3.37 11.58

RM15,106,733 RM14,679,194 RM13,705,440 RM11,941,595 RM11,504,197

163 113 182 228 205

Multi-Purpose Hldgs ......................73,124 IJM Plantations ............................105,019 QL Resources ..................................33,110 YTL Cement ....................................22,892 TA Global ......................................281,498

2.15 2.89 5.78 4.63 0.47

RM2,317,160 RM2,315,878 RM2,284,094 RM2,278,682 RM2,263,221

261 109 151 137 221

Nestlé ................................................3,483 Hong Leong Financial Group...........35,021 MMC Corp......................................251,446 Lafarge Malayan Cement ................69,026 UEM Land Hldgs ...........................345,669

43.80 RM10,271,100 9.15 RM9,632,827 3.08 RM9,378,785 7.99 RM8,526,920 2.26 RM8,231,517

103 77 246 158 116

Hap Seng Plantations Hldgs .........103,295 DRB-Hicom ....................................234,491 YTL E-Solutions ............................512,797 Media Prima ....................................55,031 JCY Int’l .........................................382,468

2.75 1.23 1.55 2.20 1.01

RM2,200,000 RM2,115,109 RM2,092,500 RM2,079,761 RM2,065,309

221 94 112 147 60

UMW Hldgs ...................................195,426 Gamuda .........................................661,567 IJM Corp ........................................474,530 M’sian Airline System ...................130,554 AirAsia............................................540,844

6.89 3.80 5.53 2.15 2.52

RM7,712,459 RM7,698,374 RM7,253,966 RM7,185,309 RM6,949,505

59 104 123 202 122

Aeon Co ...........................................37,479 Hartalega Hldgs ..............................55,639 KPJ Healthcare ...............................63,612 Sunway City ...................................42,165 KNM Group ...................................568,212

5.88 5.50 3.73 4.15 0.465

RM2,063,880 RM1,999,074 RM1,953,222 RM1,950,301 RM1,862,033

144 96 256 174 145

M’sia Airports Hldgs.......................75,644 Genting Plantations........................80,367 Batu Kawan .......................................7,162 Parkson Hldgs ...............................103,573 M’sia Marine & Heavy Engrg Hldgs..1,761,546

6.20 8.92 15.14 5.96 4.52

RM6,820,000 RM6,760,878 RM6,600,298 RM6,177,004 RM6,047,760

215 260 261 262 260

Time Dotcom .............................1,287,401 Lingkaran Trans Kota Hldgs ...........11,360 NCB Hldgs .........................................2,760 Pos M’sia .........................................24,673 MTD Capital ......................................1,249

0.71 3.50 3.68 3.22 6.01

RM1,796,850 RM1,749,738 RM1,730,531 RM1,729,224 RM1,699,628

139 66 67 69 190

Latexx Partners ...............................99,972 Berjaya Land....................................27,262 Berjaya Sports Toto........................84,608 Boustead Hldgs.............................112,897 SP Setia..........................................203,574

2.90 1.12 4.15 5.88 5.09

RM5,730,574 RM5,627,297 RM5,606,775 RM5,359,291 RM5,175,539

62 183 257 161 203

Ann Joo Resources ........................38,870 QSR Brands .....................................49,315 Carlsberg Brewery M’sia ..................8,156 Mudajaya Group .............................58,733 Supermax Corp ............................119,306

3.06 5.48 5.52 4.19 4.55

RM1,599,483 RM1,569,384 RM1,567,636 RM1,567,060 RM1,529,446

61 59 258 70 65

Alliance Financial Group................183,584 Affin Hldgs.......................................45,870 EON Capital .......................................4,549 Bursa M’sia......................................86,911 Berjaya Corp..................................300,569

3.30 3.25 6.94 8.50 1.06

RM5,108,750 RM4,856,706 RM4,810,870 RM4,493,576 RM4,263,199

225 143 263 249 264

Wah Seong Corp ............................68,742 Lion Industries Corp .....................226,640 Sarawak Oil Palms ...........................6,959 CapitaMalls M’sia Trust ................200,389 United Malacca ...............................12,767

2.16 2.07 3.40 1.07 7.17

RM1,483,358 RM1,480,762 RM1,456,988 RM1,444,500 RM1,441,227

216 211 131 264 217

Titan Chemicals Corp ...................115,821 Tan Chong Motor Hldgs ..................25,975 Kulim ...............................................84,451 United Plantations............................6,192 Top Glove Corp .............................110,523

2.32 5.61 11.94 17.50 5.77

RM4,066,264 RM3,769,920 RM3,682,917 RM3,642,345 RM3,566,795

260 153 259 256 166

Keck Seng .......................................19,049 Mah Sing Group ...........................137,126 Hong Leong Industries .....................2,015 Amway Hldgs ...................................1,289 OSK Hldgs .....................................231,155

5.90 1.87 4.99 8.04 1.55

RM1,424,219 RM1,406,644 RM1,402,919 RM1,321,663 RM1,304,071

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

Close in RM, Vol (volume) in ‘00

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LOWEST P/E CONSUMER (16.6)* Last

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

HOTEL (33.8)*

EPS

Yield

Last

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

EPS

Yield

0.006 0.050 0.080 0.020

--4.6 2.9 0.8

218 143 259 260 262

Tradewinds ............................... Lion Forest Industries................. JT Int’l........................................ Latitude Tree Hldgs.................. PCCS Group ..............................

3.93 2.23 5.80 1.68 0.53

1.602 0.652 1.656 0.451 0.138

3.8 0.9 5.2 6.0 ---

2.5 3.4 3.5 3.7 3.8

162 120 260 260 262

Multi Sports Hldgs ................... 0.47 K-Star Sports ............................ 0.72 Lii Hen Industries...................... 1.24 LTKM ......................................... 1.82 SHH Resources Hldgs............. 0.495

0.349 --0.277 0.395 0.100

----4.8 4.4 4.0

4.1 4.2 4.5 4.6 4.9

EPS

Yield

217 261 262 108 264

Tomei Consolidated ............... 0.725 Master-Pack Group................... 0.38 Poh Huat Resources Hldgs .......... 0.46 Homeritz Corp........................... 0.54 Wang-Zheng.............................. 0.63

0.145 0.076 0.092 0.100 0.115

4.1 --4.3 5.6 4.0

5.0 5.0 5.0 5.4 5.5

105 142 261 263 259

Harvest Court Industries ........... 0.145 Lion Diversified Hldgs ................ 0.54 Melewar Industrial Group ......... 0.695 Ta Win Hldgs ............................ 0.40 Heveaboard .............................. 0.62

0.075 0.262 0.309 0.151 0.211

--1.9 2.9 -----

1.9 2.1 2.2 2.7 2.9

261 262 263 179 258

Oceancash Pacific................... 0.085 Padiberas Nasional................... 2.09 Teo Seng Capital ...................... 0.45 Poh Kong Hldgs ...................... 0.455 Emivest.................................... 0.815

0.015 0.360 0.076 0.077 0.135

--5.7 3.6 3.1 4.9

5.8 5.8 5.9 5.9 6.0

261 263 263 261 264

Multi-Code Electronics Industries .. 0.75 Sindora ..................................... 1.82 Super Enterprise Hldgs ............ 0.725 Mycron Steel ............................ 0.56 Yokohama Industries .............. 0.67

0.212 0.474 0.187 0.144 0.333

--5.5 4.1 6.3 3.7

3.5 3.8 3.9 3.9 4.0

166 143 263 256 256

Nylex ......................................... 0.72 Lion Industries Corp ................ 2.07 Seacera Tiles ............................ 0.65 Astino ..................................... 0.665 BSL Corp ................................... 0.37

0.181 0.508 0.153 0.156 0.084

--0.5 1.5 5.1 ---

4.0 4.1 4.2 4.3 4.4

CONSTRUCTION (18.8)* Last

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

172 259 196 138

Pan M’sia Hldgs ....................... 0.07 Grand Central Enterprises ......... 0.655 Shangri-La Hotels .................... 2.80 Landmarks ................................ 1.31

11.0 13.1 34.8 64.3

INDUSTRIAL PRODUCTS (12.7)* Last

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

EPS

Yield

259 261 262 94 257

Grand Hoover............................ Mitrajaya Hldgs......................... SBC Corp ................................... General Corp............................. DKLS Industries ........................

0.33 1.18 0.61 1.60 1.07

0.116 0.336 0.119 0.288 0.177

--8.5 2.5 1.9 2.8

2.8 3.7 5.1 5.6 6.1

77 256 261 193 258

DRB-Hicom ............................... APB Resources ......................... Metal Reclamation .................. Scomi Engineering .................. Dufu Tech Corp ........................

1.23 0.95 1.28 1.03 0.46

0.275 0.208 0.270 0.221 0.096

3.3 6.8 --4.9 2.2

4.5 4.6 4.7 4.7 4.8

88 262 262 257 260

Fajarbaru Builder Group.............. Protasco..................................... Pintaras Jaya............................. Crest Builder Hldgs................... Ken Hldgs ..................................

1.09 1.04 2.03 0.70 0.93

0.149 0.142 0.259 0.086 0.103

5.5 8.7 7.4 5.7 4.3

7.3 7.3 7.8 8.1 9.0

262 261 257 258 257

Public Packages Hldgs ............... 0.40 Mercury Industries .................. 0.72 Coastal Contracts .................... 2.24 FACB Industries Incorp ............ 0.635 Century Bond ......................... 0.705

0.164 0.147 0.451 0.127 0.138

6.3 --1.1 6.3 2.8

4.9 4.9 5.0 5.0 5.1

Yield

FINANCE (16.7)* Last

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

INFRASTRUCTURE (16.6)* EPS

Yield

149 148 263 256 183

MBF Hldgs............................... 0.685 MAA Hldgs ................................ 0.64 Syarikat Takaful M’sia................ 1.30 Allianz M’sia.............................. 4.12 RCE Capital................................ 0.63

1.974 0.164 0.286 0.772 0.104

----5.4 0.5 2.8

0.3 3.9 4.6 5.3 6.1

115 256 119 64 256

Insas ........................................ 0.535 Aeon Credit Svcs ...................... 3.69 Johan Hldgs ............................ 0.365 BIMB Hldgs................................ 1.21 Apex Equity Hldgs.................. 0.715

0.075 0.452 0.041 0.127 0.072

--6.1 --1.2 4.2

7.1 8.2 8.8 9.5 9.9

261 109 166 260 59

Manulife Hldgs.......................... Hong Leong Financial Group ........ OSK Hldgs ................................. MNRB Hldgs.............................. Affin Hldgs.................................

0.292 0.804 0.166 0.213 0.249

5.3 2.5 4.5 --1.5

10.9 11.4 11.6 12.8 13.1

3.18 9.15 1.55 2.73 3.25

Last

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

EPS

Silk Hldgs ............................... 0.375 Puncak Niaga Hldgs ................ 2.77 Aliran Ihsan Resources .............. 1.82 YTL Power Int’l ........................ 2.35 Digi.Com ................................. 25.40

0.050 0.347 0.135 0.167 1.287

--- 7.6 3.6 8.0 --- 13.5 5.6 14.0 4.1 19.7

260 Lingkaran Trans Kota Hldgs ......... 3.50 215 Time Dotcom ........................... 0.71

0.172 0.013

4.9 20.4 --- 54.3

197 262 256 229 257

MINING (No shares for this issue)

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

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LOWEST P/E PLANTATION (20.9)* Last

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

Yield

Last

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

EPS

Yield

149 260 261 187 206

MHC Plantations....................... Kurnia Setia............................... NPC Resources.......................... Rimbunan Sawit....................... TDM ..........................................

1.70 2.67 2.24 1.94 2.50

0.244 0.343 0.277 0.207 0.250

1.8 7.0 3.7 7.8 2.7 8.1 --- 9.4 5.2 10.0

157 261 259 256 91

Media Chinese Int’l .................. 0.87 Ngiu Kee Corp .......................... 0.06 Kamdar Group ....................... 0.325 ATIS Corp ................................. 1.09 Furqan Business Organisation ... 0.17

0.190 0.038 0.101 0.326 0.050

4.3 ---------

1.5 1.6 3.2 3.3 3.4

261 264 262 260 258

Malpac Hldgs ............................ 1.34 United Plantations.................. 17.50 Riverview Rubber Estates ........... 3.08 Kretam Hldgs ............................ 1.92 Far East Hldgs........................... 7.00

0.110 1.352 0.237 0.141 0.485

--2.3 3.9 --3.2

12.2 12.9 13.0 13.6 14.4

58 256 259 262 258

Advance Synergy ..................... 0.22 Berjaya Media .......................... 0.55 Ipmuda ...................................... 0.75 Pulai Springs ............................ 0.47 Golsta Synergy ...................... 0.255

0.065 0.158 0.207 0.122 0.060

----6.7 -----

3.4 3.5 3.6 3.9 4.2

263 263 207 261 209

Sarawak Oil Palms ................... Sungei Bagan Rubber Co ........... TH Plantations .......................... Negri Sembilan Oil Palms............ TSH Resources..........................

0.231 0.209 0.110 0.343 0.179

0.9 0.6 5.1 4.8 1.8

14.7 15.0 15.1 15.3 15.4

257 216 123 262 73

Complete Logistics Svcs ............. Time Engrg ............................... KPS Consortium ...................... SCC Hldgs ................................. Cheetah Hldgs ..........................

0.48 0.44 0.26 0.58 0.57

0.106 0.096 0.052 --0.111

12.5 3.0 ----5.9

4.5 4.6 5.0 5.1 5.1

132 260 257 124 256

Kumpulan Fima ........................ 1.31 M-Mode .................................. 0.105 Deleum ..................................... 1.53 KUB M’sia ................................. 0.52 Analabs Resources .................. 1.59

0.249 0.019 0.265 0.087 0.256

3.8 3.3 7.8 4.6 3.1

5.3 5.5 5.8 6.0 6.2

167 66 257 257 261

Ogawa World ......................... 0.435 Berjaya Retail ........................... 0.42 Century Logistics Hldgs .............. 1.70 DKSH Hldgs .............................. 0.79 Mega First Corp ....................... 1.80

0.069 --0.256 0.120 0.274

6.9 --3.5 4.4 3.9

6.3 6.5 6.6 6.6 6.6

3.40 3.13 1.67 5.26 2.77

EPS

TRADE/SERVICE (24.3)*

PROPERTY (13.3)* Last

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

EPS

Yield

146 256 202 259 199

M’sia Pacific Corp ................... 0.485 Berjaya Assets ........................ 0.695 Sunway City.............................. 4.15 KLCC Ppty Hldgs....................... 3.34 South M’sia Industries ............... 0.40

0.156 0.212 1.198 0.693 0.072

----1.2 3.3 ---

3.1 3.3 3.5 4.8 5.5

256 63 259 169 262

Bina Darulaman ........................ Asian Pac Hldgs ........................ KSL Hldgs.................................. PJ Devt Hldgs............................ Plenitude ...................................

1.17 0.12 1.58 0.87 4.71

0.212 0.021 0.240 0.116 0.624

6.0 --3.2 5.7 3.2

5.5 5.8 6.6 7.5 7.6

264 261 256 140 260

United Malayan Land............... 1.78 Metro Kajang Hldgs.................. 1.41 AmCorp Properties................... 0.47 Lien Hoe Corp ......................... 0.365 Krisassets Hldgs ....................... 3.44

0.227 0.185 0.058 0.044 0.404

5.5 3.5 ----4.4

7.9 8.0 8.1 8.4 8.5

110 201 99 262 258

Hua Yang................................. 0.995 Sunrise....................................... 2.52 Gromutual............................... 0.285 Paramount Corp ....................... 5.07 Dijaya Corp................................ 1.07

0.129 0.270 0.030 0.521 0.109

2.5 2.0 3.5 3.4 2.8

9.3 9.3 9.6 9.7 9.8

EPS

Yield

Starhill REIT ............................ 0.875 Sunway REIT............................. 0.98 UOA REIT................................... 1.53 AmFirst REIT ............................. 1.19 AL-Hadharah Boustead REIT......... 1.42

0.302 --0.213 0.126 0.149

7.9 --7.5 8.2 6.5

264 Tower REIT................................ 1.23 249 CapitaMalls M’sia Trust............... 1.07 256 Axis REIT ................................... 2.25

0.128 --0.202

8.1 9.6 --- 10.8 7.0 11.1

REIT (4.7)* Last

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

250 250 264 247 256

2.9 4.7 7.2 9.4 9.5

TECHNOLOGY (13.7)* Last

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

EPS

Yield

264 263 259 258 242

Theta Edge ............................... 1.29 Silver Ridge Hldgs ................. 0.075 Intelligent Edge Tech ................. 0.02 Eng Teknologi Hldgs ............... 1.82 Nextnation Communication ..... 0.055

1.656 0.017 0.005 0.364 0.011

------4.9 ---

0.8 4.4 4.4 5.0 5.1

261 260 165 232 257

Opensys .................................. 0.085 M’sian Genomics Resource Centre .. 0.815 Notion Vtec .............................. 1.75 CBS Tech ................................ 0.345 DVM Tech ............................... 0.065

0.015 0.121 0.256 0.070 0.008

----1.7 -----

5.8 6.7 6.8 7.2 7.7

264 263 81 261 261

Willowglen MSC ...................... 0.40 Solution Engrg Hldgs .............. 0.20 ECS ICT ..................................... 1.33 Mikro MSC ............................... 0.19 Opcom Hldgs ......................... 0.685

0.051 0.025 --0.021 0.074

5.0 5.0 --15.8 6.8

7.9 8.0 8.1 9.0 9.2

259 259 262 116 260

KESM Industries ...................... INS Bioscience ......................... PUC Founder (MSC) ................ JCY Int’l .................................... M’sian Pacific Industries ..............

2.11 0.19 0.11 1.01 5.75

0.227 0.021 0.012 --0.502

259 262 260 256 90

Heitech Padu ............................ 1.14 Rexit .......................................... 0.41 Key Asic .................................... 0.17 Amtel Hldgs ............................. 0.73 Formis Resources .................. 0.925

0.100 0.034 0.014 0.054 0.068

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

1.4 9.3 2.9 9.3 --- 9.5 --- 10.0 4.3 11.4 10.5 3.7 -------

11.4 12.1 12.5 13.5 13.6 41

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

HIGHEST YIELD CONSUMER

HOTEL

Page

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

Div

YIELD

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

Last

Div

YIELD

70 259 263 258 257

CCK Consolidated Hldgs.............. 0.705 Hup Seng Industries ...................... 1.82 Tek Seng Hldgs .............................. 0.36 Formosa Prosonic Industries ........... 0.92 Classic Scenic ................................. 0.69

0.10 0.24 0.04 0.10 0.07

7.2 8.1 8.2 6.2 10.1

14.2 13.2 11.1 10.9 10.1

259 Grand Central Enterprises ........... 0.655 196 Shangri-La Hotels ......................... 2.80 138 Landmarks ..................................... 1.31

0.03 0.08 0.01

13.1 34.8 64.3

4.6 2.9 0.8

261 263 261 258 257

Ni Hsin Resources .......................... 0.20 0.0192 Teo Guan Lee Corp ........................ 1.70 0.15 Mintye Industries ........................... 1.19 0.10 Eng Kah Corp.................................. 2.65 0.2125 CCM Duopharma Biotech.............. 2.40 0.18

9.2 7.3 10.9 23.9 11.1

9.6 8.8 8.4 8.0 7.5

YIELD

260 260 256 256 265

Khind Hldgs .................................... 1.35 MWE Hldgs ..................................... 1.08 Apollo Food Hldgs.......................... 3.40 Acoustech ..................................... 0.775 Zhulian Corp ................................... 1.85

0.10 0.08 0.25 0.055 0.14

6.7 7.6 11.0 13.3 10.4

7.4 7.4 7.4 7.1 6.5

264 256 256 263 263

Tien Wah Press Hldgs ................... 1.66 0.2005 10.4 12.1 Aluminium Co of M’sia ............... 0.935 0.10 22.1 10.7 Advanced Packaging Tech ........... 1.59 0.07 143.6 8.8 6.3 8.3 Superlon Hldgs ............................. 0.42 0.035 Scanwolf Corp ............................... 0.38 0.03 12.1 7.9

256 260 264 86 262

Asia File Corp.................................. 4.40 Latitude Tree Hldgs........................ 1.68 UPA Corp ........................................ 1.40 Eurospan Hldgs .............................. 1.41 Padiberas Nasional ........................ 2.09

0.28 8.8 0.10 3.7 0.10 8.3 0.08 158.9 0.12 5.8

6.4 6.0 6.0 5.7 5.7

262 257 264 261 264

Perusahaan Sadur Timah M’sia ..... 5.23 CYL Corp ........................................ 0.52 Yi-Lai .............................................. 0.79 Magni-Tech Industries .................. 1.24 UAC ................................................ 3.60

0.405 0.04 0.06 0.09 0.26

6.7 13.9 10.7 7.8 13.6

7.7 7.7 7.6 7.3 7.2

Tecnic Group ................................. 2.26 CSC Steel Hldgs ............................ 1.86 APB Resources .............................. 0.95 United Kotak ................................. 1.34 A-Rank ........................................... 0.46

0.16 0.20 0.065 0.09 0.03

7.1 7.8 4.6 9.4 5.9

7.1 7.0 6.8 6.7 6.5

INDUSTRIAL PRODUCTS Last

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

Div

YIELD

263 72 256 264 256

262 261 262 257 88

Protasco .......................................... 1.04 Mitrajaya Hldgs .............................. 1.18 Pintaras Jaya .................................. 2.03 Crest Builder Hldgs ........................ 0.70 Fajarbaru Builder Group ................ 1.09

0.09 0.10 0.15 0.04 0.06

7.3 3.7 7.8 8.1 7.3

8.7 8.5 7.4 5.7 5.5

258 262 264 261 258

Furniweb Industrial Pdts .............. 0.46 Public Packages Hldgs .................. 0.40 Ya Horng Electronic ...................... 0.80 Mycron Steel ................................. 0.56 FACB Industries Incorp ............... 0.635

0.03 0.025 0.10 0.035 0.04

11.2 4.9 6.6 3.9 5.0

6.5 6.3 6.3 6.3 6.3

260 257 60 224 257

Ken Hldgs........................................ 0.93 Brem Hldg....................................... 1.30 Ahmad Zaki Resources .................. 1.01 WCT ................................................ 3.05 Bina Puri Hldgs ............................... 1.26

0.04 0.05 0.035 0.10 0.04

9.0 15.1 13.5 16.1 20.5

4.3 3.8 3.5 3.3 3.2

195 258 260 257 262

Sealink Int’l .................................... 0.63 Dominant Enterprise .................. 0.645 Lysaght Galvanized Steel ............ 1.69 Box-Pak .......................................... 1.21 SCGM ............................................. 0.52

0.04 0.04 0.10 0.07 0.03

6.3 5.6 7.5 5.8 5.9

6.3 6.2 5.9 5.8 5.8

Div

YIELD

Div

YIELD

YTL Power Int’l .............................. 2.35 0.13125 Lingkaran Trans Kota Hldgs .......... 3.50 0.10 Digi.Com ...................................... 25.40 1.78 Puncak Niaga Hldgs ...................... 2.77 0.10

14.0 20.4 19.7 8.0

5.6 4.9 4.1 3.6

CONSTRUCTION Last

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

FINANCE Last

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

256 154 263 261 166

Aeon Credit Svcs............................ 3.69 Malayan Banking............................ 9.00 Syarikat Takaful M’sia ................... 1.30 Manulife Hldgs ............................... 3.18 OSK Hldgs....................................... 1.55

0.225 0.55 0.07 0.17 0.075

8.2 16.7 4.6 10.9 11.6

6.1 6.1 5.4 5.3 4.5

182 256 260 205 262

Public Bank ................................... 12.78 0.55 Apex Equity Hldgs........................ 0.715 0.03 LPI Capital..................................... 11.44 0.6925 TA Enterprise.................................. 0.72 0.025 Pacificmas....................................... 4.39 0.15

17.9 9.9 20.1 13.3 29.3

4.3 4.2 4.0 3.5 3.4

183 184 145 118 108

RCE Capital ..................................... 0.63 0.0175 RHB Capital..................................... 8.09 0.2245 M’sia Building Society ................... 1.55 0.04 Jerneh Asia..................................... 3.11 0.08 Hong Leong Bank........................... 9.29 0.24

6.1 14.5 19.0 18.7 14.9

2.8 2.8 2.6 2.6 2.6

INFRASTRUCTURE Last

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

229 260 257 262

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

YIELD

206 207 261 69 257

TDM ................................................ 2.50 TH Plantations ................................ 1.67 Negri Sembilan Oil Palms ............. 5.26 Boustead Hldgs .............................. 5.88 Chin Teck Plantations .................... 8.80

0.13 0.085 0.25 0.275 0.40

10.0 15.1 15.3 15.7 17.2

5.2 5.1 4.8 4.7 4.5

257 101 263 257 264

Complete Logistics Svcs .............. 0.48 Hai-O Enterprise ............................ 3.07 Seni Jaya Corp .............................. 0.56 Deleum ........................................... 1.53 Tiong Nam Logistics Hldgs ......... 0.965

0.06 0.285 0.05 0.12 0.07

4.5 12.5 8.8 9.3 57.3 8.9 5.8 7.8 7.0 7.3

127 262 260 222 263

Kim Loong Resources .................... 2.56 Riverview Rubber Estates ............. 3.08 Kurnia Setia .................................... 2.67 Unico-Desa Plantations ................. 1.08 Sarawak Plantation........................ 2.37

0.10 0.20 0.10 0.04 0.085

16.1 13.0 7.8 24.1 16.9

3.9 3.9 3.7 3.7 3.6

167 213 259 67 263

Ogawa World .............................. 0.435 Telekom M’sia ............................... 3.37 Ipmuda ........................................... 0.75 Berjaya Sports Toto ...................... 4.15 See Hup Consolidated .................. 0.91

0.03 0.23 0.05 0.27 0.054

6.3 18.6 3.6 14.7 28.1

6.9 6.8 6.7 6.5 5.9

264 103 258 113 261

United Malacca............................... 7.17 Hap Seng Plantations Hldgs........... 2.75 Far East Hldgs................................. 7.00 IOI Corp ........................................... 5.86 NPC Resources ............................... 2.24

0.35 0.09 0.225 0.17 0.06

22.5 22.0 14.4 19.2 8.1

3.3 3.3 3.2 2.9 2.7

73 261 259 263 260

Cheetah Hldgs ............................... 0.57 0.0335 Nationwide Express Courier Svcs ..... 0.70 0.04 Harrisons Hldgs ............................. 2.80 0.15 Suiwah Corp .................................. 1.50 0.08 M’sian Bulk Carriers ..................... 2.90 0.15

5.1 22.6 6.7 13.4 11.9

5.9 5.7 5.4 5.3 5.2

129 258 263 262 260

Konsortium Logistik ..................... 1.54 Freight Mgt Hldgs ......................... 0.98 TASCO ........................................... 1.41 Pharmaniaga ................................. 5.41 Luxchem Corp ............................... 1.06

0.08 0.05 0.07 0.37 0.07

13.8 7.3 8.5 9.6 7.3

5.2 5.1 5.0 5.0 4.7

210 261 124 264 261

Taliworks Corp .............................. 1.29 0.06 NCB Hldgs ..................................... 3.68 0.28 KUB M’sia ...................................... 0.52 0.024 Warisan TC Hldgs ......................... 2.45 0.11 NV Multi Corp ............................... 0.73 0.0325

12.5 12.3 6.0 24.9 9.3

4.7 4.6 4.6 4.5 4.5

258 257 257 257 200

Fiamma Hldgs ............................... 0.89 0.04 Bintulu Port Hldgs ........................ 6.80 0.375 Brite-Tech ...................................... 0.11 0.0048 DKSH Hldgs ................................... 0.79 0.0345 Star Publications ........................... 4.10 0.21

7.7 21.1 24.0 6.6 20.9

4.5 4.4 4.4 4.4 4.4

YIELD

PROPERTY Last

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

Div

YIELD

261 256 152 169 257

Oriental Interest ............................. 1.33 Bina Darulaman.............................. 1.17 MUI Ppties ...................................... 0.17 PJ Devt Hldgs ................................. 0.87 Daiman Devt................................... 1.80

0.10 0.07 0.01 0.05 0.10

96.6 5.5 19.1 7.5 17.9

7.5 6.0 5.9 5.7 5.6

264 262 125 257 258

United Malayan Land..................... 1.78 0.0976 SHL Consolidated........................... 1.29 0.07 Keladi Maju..................................... 0.19 0.01 Crescendo Corp .............................. 1.35 0.07 Encorp ............................................. 0.99 0.05

7.9 11.5 10.7 12.5 10.8

5.5 5.4 5.3 5.2 5.1

97 260 261 261 99

Glomac............................................ 1.68 Krisassets Hldgs ............................. 3.44 OSK Ppty Hldgs ............................ 0.685 Mutiara Goodyear Devt ................. 0.96 Gromutual..................................... 0.285

0.085 0.15 0.025 0.035 0.01

12.3 8.5 25.9 68.4 9.6

5.1 4.4 3.6 3.6 3.5

153 261 259 262 111

Mah Sing Group ............................. 1.87 Metro Kajang Hldgs ....................... 1.41 I-Bhd ............................................... 0.86 Paramount Corp ............................. 5.07 Hunza Ppties................................... 1.64

0.065 14.9 0.05 8.0 0.03 114.3 0.28 9.7 0.056 11.6

3.5 3.5 3.5 3.4 3.4

REIT Last

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

Div

YIELD

AmFirst REIT................................... 1.19 0.0975 Tower REIT ..................................... 1.23 0.10 Hektar REIT..................................... 1.29 0.103 Starhill REIT.................................. 0.875 0.069121 Amanahraya REIT......................... 0.915 0.07155

9.4 9.6 11.4 2.9 12.8

8.2 8.1 8.0 7.9 7.8

264 UOA REIT ........................................ 1.53 0.115 249 Quill Capita Trust ........................... 1.06 0.0763 256 Amanah Harta Tanah PNB ............ 0.98 0.07

7.2 12.5 13.1

7.5 7.2 7.1

247 264 259 250 248

Last

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

Div

YIELD

TECHNOLOGY Last

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

Div

9.0 15.8 11.4 10.5 16.1 10.3 9.2 6.8 20.0 5.4

261 259 261 261 96

Mikro MSC ..................................... 0.19 0.03 Heitech Padu ................................. 1.14 0.12 Mesiniaga ...................................... 1.85 0.19 Opcom Hldgs ............................... 0.685 0.0466 Globetronics Tech ......................... 1.21 0.07

263 264 258 260 262

Solution Engrg Hldgs ................... 0.20 Willowglen MSC ........................... 0.40 Eng Teknologi Hldgs .................... 1.82 M’sian Pacific Industries ................ 5.75 Rexit ............................................... 0.41

0.01 0.03 0.09 0.25 0.015

8.0 7.9 5.0 11.4 12.1

5.0 5.0 4.9 4.3 3.7

260 260 259 258 258

Kobay Tech .................................... 0.64 0.02 M3 Tech (Asia) ............................ 0.175 0.005 INS Bioscience .............................. 0.19 0.0055 Elsoft Research ............................. 0.44 0.01 Excel Force MSC ......................... 0.465 0.015

28.1 16.6 9.3 48.0 14.2

3.1 2.9 2.9 2.3 2.2

236 165 259 222 246

Genetec Tech .............................. 0.265 Notion Vtec ................................... 1.75 KESM Industries ........................... 2.11 Unisem ........................................... 1.93 YTL E-Solutions ............................ 1.55

0.005 14.5 0.03 6.8 0.03 9.3 0.025 21.0 0.01 236.8

1.9 1.7 1.4 1.3 0.6

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

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

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

Offer Price

1st Day Closing

Premium/ Last Discount vs Done IPO Price (%)

High

Low

0.645 7.50 4.52 25.21 0.915 20.39 1.03 -6.36 0.42 -16.00

0.69 4.69 0.97 1.13 0.535

0.64 4.12 0.765 0.955 0.38

7.4 OSK Invs Bank 21.7 Maybank Invs Bank 7.3 RHB Invs Bank 18.2 AmInvestment Bank 6.5 AmInvestment Bank

IPO Manager

73 145 93 75 66

China Ouhua Winery Hldgs............. 03-11-10 M’sia Marine & Heavy Engrg Hldgs....... 29-10-10 GW Plastics Hldgs ............................. 18-10-10 Cypark Resources.............................. 15-10-10 Berjaya Retail..................................... 16-08-10

132.55 262.00 16.00 30.00 101.88

0.60 3.61 0.76 1.10 0.50

0.655 4.51 0.785 1.02 0.505

188 116 212 249 250

49.20 SIG Gases........................................... 09-08-10 44.90 Ivory Properties Group................... 28-07-10 14.56 Tatt Giap Group ................................ 22-07-10 CapitaMalls M’sia Trust................... 16-07-10 786.52 Sunway REIT ..................................... 08-07-10 1654.97

0.58 1.00 0.58 0.98 ----

0.61 1.30 0.61 0.98 0.885

1.15 1.20 0.57 1.07 0.98

98.28 20.00 -1.72 9.18 ----

1.22 1.41 0.73 1.14 1.00

0.60 1.11 0.50 0.97 0.875

24.3 AmInvestment Bank 13.0 AmInvestment Bank 8.2 Alliance Invs Bank 10.8 CIMB 4.7 RHB Invs Bank

128 263 120 192 155

Kimlun Corp....................................... 29-06-10 Shin Yang Shipping Corp................ 23-06-10 K-Star Sports..................................... 04-06-10 Sarawak Cable................................... 25-05-10 Masterskill Education Group............. 18-05-10

64.00 305.19 15.32 32.00 205.00

0.97 1.28 2.15 0.70 3.50

0.965 1.11 2.23 0.675 3.96

1.61 65.98 1.06 -17.19 0.72 -66.51 1.30 85.71 2.40 -31.43

1.70 1.17 0.87 1.36 4.30

0.865 1.04 0.58 0.66 2.31

11.7 AmInvestment Bank 8.4 AmInvestment Bank 4.2 Public Invs Bank 17.2 CIMB Invs Bank 10.1 CIMB

263 264 81 259 116

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

0.81 0.65 1.42 0.575 1.46

0.68 -20.00 0.62 -1.59 1.33 -8.90 0.415 -24.55 1.01 -49.50

0.88 0.72 1.54 0.65 1.98

0.625 0.54 1.05 0.405 0.875

5.9 RHB Invs Bank 7.5 AmInvestment Bank 8.1 MIMB 5.8 Public Invs Bank 10.0 CIMB Invs Bank

108 265 205 156 198

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

0.54 -16.92 0.85 -3.41 0.47 -6.00 5.27 10.95 0.32 -42.86

0.705 0.93 0.53 5.54 0.645

0.44 0.80 0.345 5.10 0.255

5.4 MIMB Invs Bank 7.3 Public Invs Bank 50.5 AmInvestment Bank 25.0 CIMB Invs Bank 9.5 OSK Invs Bank

226 160 259 206 162

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

-17.24 5.38 -25.64 -40.56 -44.71

0.765 0.815 1.00 0.99 0.881

0.325 0.535 0.55 0.48 0.381

21.1 OSK Invs Bank 7.3 Maybank 7.6 OSK Invs Bank 11.6 OSK Invs Bank 4.1 AmInvestment Bank

102 227 191 258 221

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

1.11 54.17 1.57 -25.24 0.75 5.63 0.79 -71.06 2.26 ----

1.47 1.91 0.965 1.23 2.47

0.62 1.05 0.685 0.455 0.412

10.0 32.6 8.3 9.3 71.8

263 223 177 264

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

38.61 57.23 150.00 28.00

0.45 0.75 2.90 1.90

0.36 0.525 2.48 1.97

0.45 ---0.13 -82.67 1.10 -62.07 1.35 -28.95

0.555 0.70 2.80 2.06

0.195 0.10 0.59 1.20

5.9 HwangDBS Invs Bank ---KAF Invs Bank ---RHB Invs Bank ---- AmInvestment Bank

-24.54 -12.82 -25.64 144.00 -30.43

1.21 0.415 0.925 0.725 0.27

0.77 0.32 0.535 0.45 0.10

6.7 Kenanga Invs Bank 6.7 OSK Invs Bank 5.1 Alliance Invs Bank 26.0 OSK Invs Bank 7.6 OSK Invs Bank

0.14 -72.00 0.71 33.96 0.075 -82.56 0.20 -37.50

0.915 0.99 0.41 0.39

0.115 0.58 0.06 0.025

59.3 Kenanga Invs Bank 6.6 Kenanga Invs Bank 33.1 Kenanga Invs Bank 17.3 Public Invs Bank

0.48 0.685 0.58 0.535 0.47

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

ACE MARKET 260 258 262 258 262

M’sian Genomics Resource Centre ...... 05-10-10 Focus Point Hldgs ............................. 23-08-10 SCC Hldgs .......................................... 03-08-10 EA Hldgs............................................. 20-07-10 Oversea Enterprise............................ 01-04-10

17.10 41.20 11.12 40.00 56.90

1.08 0.39 0.78 0.25 0.23

0.94 0.36 0.78 0.66 0.25

257 260 256 263

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

12.58 9.71 130.00 25.00

0.50 0.53 0.43 0.32

0.745 0.635 0.28 0.28

0.815 0.34 0.58 0.61 0.16

Close in $ in their respective currencies

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

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

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

NAV

Discount

(%)

215 259 259 260 260

Tiger Synergy..................................... 0.135 Hock Sin Leong Group........................ 0.04 I-Power ................................................. 0.05 Kia Lim................................................ 0.165 Komarkcorp.......................................... 0.27

2.57 0.337 0.289 0.912 1.45

94.7 88.1 82.7 81.9 81.4

259 265 258 76 262

Kannaltec.............................................. 0.02 Yong Tai ............................................. 0.225 Gefung Hldgs ..................................... 0.175 DPS Resources................................... 0.135 Paragon Union..................................... 0.17

0.102 1.14 0.89 0.68 0.846

261 258 141 262 262

Metech Group.................................... 0.275 Golsta Synergy .................................. 0.255 Linear Corp........................................... 0.15 PW Consolidated ................................. 0.46 SBC Corp .............................................. 0.61

261 259 58 140 261

Last

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

NAV

Discount

(%)

260 264 263 261 264

MESB ................................................... 0.34 YLI Hldgs ........................................... 0.635 SMPC Corp ........................................ 0.165 Mulpha Land ....................................... 0.55 Utusan Melayu ................................. 0.795

1.08 2.00 0.52 1.73 2.494

68.5 68.3 68.3 68.2 68.1

80.4 80.3 80.3 80.1 79.9

232 211 257 121 256

Carotech .............................................. 0.05 Tanco Hldgs ...................................... 0.165 Cymao Hldgs ..................................... 0.605 KBB Resources .................................... 0.25 BIG Industries ..................................... 0.37

0.156 0.51 1.85 0.76 1.12

67.9 67.6 67.3 67.1 67.0

1.35 1.244 0.71 2.13 2.79

79.6 79.5 78.9 78.4 78.1

262 256 243 258 264

Prolexus ............................................... 0.37 Aikbee Resources ............................... 0.50 Sanichi Tech ........................................ 0.05 Eupe Corp ............................................ 0.62 Woodlandor Hldgs ............................. 0.30

1.12 1.511 0.15 1.85 0.89

67.0 66.9 66.7 66.5 66.3

Multi-Usage Hldgs............................. 0.165 Hytex Integrated.................................. 0.12 Advance Synergy................................. 0.22 Leweko Resources............................. 0.175 Nilai Resources Group ........................ 0.82

0.75 0.53 0.975 0.77 3.50

78.0 77.4 77.4 77.3 76.6

264 262 259 258 79

Xian Leng Hldgs ................................. 0.57 PNE PCB ............................................ 0.275 Grand Hoover ..................................... 0.33 FSBM Hldgs ...................................... 0.385 Denko Industrial Corp ...................... 0.125

1.68 0.81 0.97 1.13 0.364

66.1 66.0 66.0 65.9 65.7

261 261 258 259 123

Maxtral Industry .................................. 0.22 Minho.................................................. 0.435 Focal Aims Hldgs............................... 0.275 Jerasia Capital ................................... 0.305 KPS Consortium .................................. 0.26

0.939 1.86 1.17 1.26 1.06

76.6 76.6 76.5 75.8 75.5

262 242 264 265 259

Rex Industry ........................................ 0.80 Nextnation Communication ............ 0.055 Triumphal Associates ........................ 0.82 Zecon ................................................... 0.51 Heveaboard ......................................... 0.62

2.33 0.16 2.38 1.47 1.78

65.7 65.6 65.5 65.3 65.2

257 167 262 262 142

Country Heights Hldgs........................ 0.63 Olympia Industries ............................ 0.225 Priceworth Wood Pdts........................ 0.49 PCCS Group ......................................... 0.53 Lion Diversified Hldgs ......................... 0.54

2.56 0.90 1.94 2.088 2.09

75.4 75.0 74.7 74.6 74.2

262 256 262 257 259

SHH Resources Hldgs ...................... 0.495 Ancom ................................................. 0.51 Perak Corp ........................................... 1.43 Chee Wah Corp ................................. 0.405 IQ Group Hldgs ................................... 0.47

1.40 1.43 3.99 1.13 1.31

64.6 64.3 64.2 64.2 64.1

262 262 262 258 241

Pasdec Hldgs........................................ 0.51 SKB Shutters Corp ............................ 0.455 Prinsiptek Corp .................................... 0.25 ES Ceramics Tech................................ 0.09 Mobif .................................................. 0.055

1.94 1.73 0.95 0.34 0.2043

73.7 73.7 73.7 73.5 73.1

262 262 257 257 263

Pulai Springs ....................................... 0.47 PMB Tech .......................................... 0.445 Crest Builder Hldgs ............................ 0.70 Caely Hldgs ......................................... 0.31 Stone Master Corp ........................... 0.255

1.31 1.23 1.92 0.85 0.696

64.1 63.8 63.5 63.5 63.4

66 258 259 261 91

Berjaya Land ........................................ 1.12 EG Industries...................................... 0.375 JMR Conglomeration........................ 0.195 Major Team Hldgs ............................. 0.125 Furqan Business Organisation................0.17

4.16 1.37 0.71 0.45 0.61

73.1 72.6 72.5 72.2 72.1

258 262 256 138 210

EP Mfg ............................................... 0.505 Pahanco Corp .................................... 0.265 Bina Darulaman .................................. 1.17 Landmarks .......................................... 1.31 Talam Corp .......................................... 0.10

1.38 0.72 3.16 3.54 0.27

63.4 63.2 63.0 63.0 63.0

264 258 261 262 261

Wijaya Baru Global.............................. 0.33 Ekowood Int’l..................................... 0.235 Octagon Consolidated ........................ 0.18 Ornapaper ............................................ 0.38 OCB .................................................... 0.595

1.18 0.825 0.63 1.33 2.07

72.0 71.5 71.4 71.4 71.3

263 259 68 262 258

Swee Joo .......................................... 0.275 Kamdar Group .................................. 0.325 Borneo Oil ......................................... 0.195 Plastrade Tech .................................... 0.07 Dolomite Corp .................................... 0.22

0.74 0.87 0.5194 0.185 0.58

62.8 62.6 62.5 62.2 62.1

257 204 256 147 172

Comintel Corp.................................... 0.205 Sycal Ventures..................................... 0.13 BCB .................................................... 0.455 M’sian AE Models Hldgs................... 0.565 Pan M’sia Corp................................... 0.135

0.713 0.451 1.58 1.94 0.46

71.2 71.2 71.2 70.9 70.7

256 264 83 187 146

Autoair Hldgs ...................................... 0.25 Watta Hldg ........................................ 0.205 Eden Inc ............................................. 0.415 SAAG Consolidated ........................... 0.08 M’sia Pacific Corp ............................. 0.485

0.66 0.54 1.09 0.21 1.26

62.1 62.0 61.9 61.9 61.5

256 258 261 264 242

Baneng Hldgs....................................... 0.15 FACB Industries Incorp ..................... 0.635 Melewar Industrial Group................. 0.695 Versatile Creative ................................ 0.15 OSK Ventures Int’l............................... 0.39

0.51 2.16 2.32 0.49 1.27

70.6 70.6 70.0 69.4 69.3

261 194 259 259 62

Mycron Steel ....................................... 0.56 Scomi Marine ...................................... 0.48 Ireka Corp ............................................ 0.81 Ipmuda ................................................ 0.75 Asia Pacific Land ............................... 0.405

1.45 1.24 2.09 1.93 1.042

61.4 61.3 61.2 61.1 61.1

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

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Ho Wah Genting par RM0.20 Paidup RM82.733 m NAV : RM0.19 PE : NA PB : 2.0 Yield : NA Traded in RM Mkt Cap : RM155.124 m Chairman: Goh Sin Huat CEO/MD: Teo Tiew Period High Low Close Vol’ 00 Daily

INSIGHT : Oct-10, in view of volatile raw materials prices and the uncertainty of the US economy recovery, Co opines that biz ops will continue to be difficult and challenging for FY10. Co will continue to explore viable, synergistic and profitable biz ventures to improve Co’s performance. Apr-10, Co completed 1 for 2 rt issue at RM0.2 per rt, with par value reduced to RM0.20/shr. Dec-09, Co proposed the disposal of a pc of land of 20k sqm with bldgs erected on it for RM5.2m. Oct-09, Co proposed to reduce its par value to RM0.20 thru the cancellation of RM0.80/shr to offset against the accumulated losses. In addition, Co proposed a rt issue at RM0.20/rt on the basis of 1 rt with 1 free wrt for every 2 existing ordinary shrs. Sep-09, the proposed disposal of 2 pcs of lands to Ivan Khor Pptu Hldgs was rescinded due to lack of financing. Jun-09, Co acq 95% of Super Champion Group (SCG) and SCG had became Co’s subsi. H

1H10 earnings returned to the black compared to the loss in 1H09. The rise was in tandem with its revenue, which registered a 67.3% rise. 1H10 earnings also factored in a gain on deemed disposal of quoted associate, CVM Minerals. (29/10/10-LK) H 5-Yr CAP ISSUE : .......................................... rt 1:2(RM0.20) ex 12-03-10

Ann’d date for 3Q09 : 23-NOV-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-06 31-12-07 31-12-08

– 13.734 1.611 – 7.675

213.305 246.466 220.788

NA 0.65

31-12-09

– 25.125

143.529

1H09

1Q10

1H10

– 11.092 9.907

58.605 40.669

4.467

98.021

Hock Seng Lee

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

0.285 0.285 0.28 0.305 0.315

0.26 0.27 0.26 0.26 0.29

0.275 0.275 0.265 0.295 0.31

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.365 0.395 0.395 0.38 ---

0.32 0.35 0.37 0.365 ---

0.36 0.38 0.37 0.375 ---

Weekly

Vol 1077200 538600

14.11.08 to 08.05.09 High-Low: 0.257 - 0.128 Av PE(wk vol): 17.5 (52,814)

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

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

203.498 229.833 200.780

– 8.96 0.67

-----

– 1.93

124.946 151.513 137.802

---

– .066 .006 – .014

167.905 – 13.96

119.761

---

– .085

---

.011

– 23.445

47.536

– 49.32

80.496

---

4.56

9.960

4.601

– 6.23 ---

par RM0.20 Paidup RM116.535 m

Chairman: Dato’ Haji Idris CEO/MD: Yu Chee Hoe

192.399

---

56.823

Period

-----

191.637

---

203.586

BUSINESS : [1Q10 Turnover] Construction (91.8%), ppty devt + 2 wk 1.84 1.64 1.81 111,750 pre 2 wk 1.83 1.77 1.78 40,511 (8.2%). INSIGHT : Aug-10, Co has won and will be involved in a new road and bridge project in Kuching worth RM72.5m. The projected period for completion is 30 mths which should be due by December 2012. Sep-09, Co incorporated Bright Trenchless Engrg (BTE), an 80% subsi. The principal activity of BTE is pipe jacking and shaft construction. Jul-09, consortium led by Co with Dwimula Bina and Pembinaan Nomisual inked agmt with govt for works pertaining to the Sibu Flood Mitigation Pjt in Sarawak. The contract is worth RM137m and is to be completed by Feb 2012. May-08, Co was awarded contract worth RM126m by Pembinaan Nomisual for the construction and completion of 1000 units of affordable houses in Sarawak, to be completed by Apr-12. Oct-08, Co was awarded a subcontract by Nishimatsu Construction Co, worth RM452m for works on the Kuching City Wasterwater Mgt Sys which will last for 4 years commencing from 15-Oct-08.

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

1.79 1.84 1.87 1.87 1.91

1.77 1.78 1.83 1.84 1.86

1.78 1.82 1.86 1.85 1.89

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

1.90 1.88 1.87 1.85 ---

1.86 1.86 1.82 1.82 ---

1.88 1.88 1.85 1.84 ---

Weekly

31-12-06 31-12-07 31-12-08

48.173 53.173 56.458

260.555 248.168 309.069

18.49 21.43

31-12-09

75.569

375.021

1H09

1Q10

31.079

18.201

159.981

92.406

$1.90 $1.85 $1.80 $1.75 $1.70 $1.65

5,130 18,219 21,446 21,908 20,980 Vol 14,213 28200 5,751 14100 3,057 27.09.10 to 22.10.10 05.11.10 4,746 --- H-Low: 1.84 - 1.64 1.91 - 1.77 PE(wk vol): 18.5 (76,130) 19.1 (57,725)

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

06.11.09 1.24 - 0.695 12.8 (33,481) ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

11.35 12.45

.14 .096

10.42

101.886 95.710 158.967

.022

.296 .067 .072

185.595

.014

.097

198.460

---

17.33 17.94

18.27

17.24

295.053 312.804 401.608

20.15

56.324

291.961

19.29

477.755

11.79

304.399

---

503.058

---

19.70

13.541

wef = with effect from

263.051

ex = expiry date

05.11.10 1.91 - 1.32 16.3 (47,034)

TOTAL ASSETS (RMm)

193.167 217.094 242.641

23.223

07.05.10 1.59 - 1.00 16.2 (40,603)

ROE in %

33.481 38.940 41.839

19.43

.024

$0.40

14.11.08 to 08.05.09 High-Low: 0.80 - 0.45 Av PE(wk vol): 7.3 (11,073) M’GIN in %

122.616

– .040

$0.80

Ann’d date for 1H09 : 19-AUG-09 TURNOVER (RMm)

---

$1.20

Vol 147200 73600

PRE-TAX P&L (RMm)

---

134.259

$1.60

1Q10 revenue rose by 19% as Co capitalises on the wave of infrastructure development in Sarawak. (05/08/10-LK)

FINANCIAL YR CLOSE

131.217

NAV : RM0.55 PE : 19.0 PB : 3.3 Yield : 1.1 Traded in RM Mkt Cap : RM1,072.122 m High Low Close Vol’ 00 Daily

05.11.10 0.395 - 0.13 NA (290,423)

ROA in %

NA 24.36

07.05.10 0.241 - 0.14 NA (68,021)

TOTAL ASSETS (RMm)

– 28.01 2.38

60.477

06.11.09 0.313 - 0.20 NA (98,324)

ROE in %

65.113 64.487 62.175

– 11.013

285,695 60,495 37,884 366,575 378,891 Vol 520,139 431200 646,702 215600 352,353 27.09.10 to 22.10.10 05.11.10 96,524 --- H-Low: 0.295 - 0.16 0.395 - 0.26 PE(wk vol): NA (788,999)NA (1,372,629)

$0.40 $0.35 $0.30 $0.25 $0.20 $0.15

– 18.239 1.536 – 3.872

$0.40 $0.35 $0.30 $0.25 $0.20 $0.15

---

434.198

cl = book closure date

---

171.147

.01

.040

.023

107

MAIN MARKET

BUSINESS : [1Q10 Turnover] Mfg (80.6%), trdg (19.3%), invs + 2 wk 0.225 0.16 0.225 551,764 pre 2 wk 0.295 0.225 0.255 1,026,235 (0.1%). H

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Karambunai Corp par RM0.50 Paidup RM1,015.030 m NAV : RM0.37 PE : NA PB : 0.7 Yield : NA Traded in RM Mkt Cap : RM497.365 m Chairman: Datuk Seri Panglima Abdul CEO/MD: Tan Sri Dr Chen Period High Low Close Vol’ 00 Daily BUSINESS : [FY10 Turnover] Leisure & tourism (48.4%), ppty devt + 2 wk 0.14 0.095 0.125 2,482,609 pre 2 wk 0.265 0.115 0.24 6,277,768 (45.4%), trdg (5.7%), invs hldg & others (0.5%). H

$0.24 $0.20

25-10-10 26-10-10 nancial crisis, Co is cautiously managing its ops to maintain revenue 27-10-10 sustainability and cash flow mgt. Co also intends to leverage on its 28-10-10 29-10-10

0.25 0.245 0.24 0.24 0.24

0.235 0.225 0.225 0.215 0.225

0.24 0.23 0.225 0.235 0.225

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.24 0.26 0.255 0.25 ---

0.225 0.23 0.24 0.24 ---

0.235 555,180 2178000 0.245 1,457,607 1089000 0.245 694,170 27.09.10 to 22.10.10 05.11.10 0.245 218,390 ----- H-Low: 0.265 - 0.095 0.26 - 0.215 PE(wk vol): NA (4,380,189)NA (3,135,402)

world-class assets whilst divesting non-strategic assets to generate cash flows. Jul-09, Co in agmt to dispose of its 8,790 sqm l/h land in Selangor to Majurama for RM1.7m. Nov-08, Co acq 60% equity interest in CTRM-FACB Consortium for RM450k. Oct-08, proposed acquisition of BU completed and BU is now CO’s wholly owned subsi. Aug-08, Co proposed acquisition of 60% equity interest in Beribu Ukiran (BU) from FACB Industries Incorporated (FACBII) for total cash consideration of RM3.2m. Co proposed novation agmt to novate obligations of BU of amt of RM33.4m owed to FACBII to Dapan Hldgs (DH) which will assume the obligation to repay this amt to FACBII. Co shall guarantee and secure the payment by DH to FACBII. Co has completed disposal of 8.2k sqm of land in Petaling Jaya together with a 4-storey office and single-storey warehouse bldgs for RM12m to PTB Horticulture Farm. 1Q11 earnings remained in the red despite slight increment in revenue. The slight increment in revenue was attributable to better contribution from its ppty segment. (29/09/10-LK) FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-03-07 31-03-08 31-03-09

49.201 – 30.492 – 37.527

143.623 168.286 195.389

34.26 NA

9M10

– 27.419

98.659

1H10

1Q11

– 17.406

– 13.817

Keladi Maju

60.446

24.032

Weekly

849,583 633,152 $0.16 408,616 896,748 $0.12 557,357 Vol

$0.25 $0.20 $0.15 $0.10 $0.05 Vol 6847000 3423500

14.11.08 to 08.05.09 High-Low: 0.105 - 0.045 Av PE(wk vol): NA (101,212)

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

06.11.09 0.13 - 0.065 NA (190,875)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

2.94 – 1.93

-----

– 2.05

986.330 994.187 976.701

---

.027 – .017 – .018

---

988.518

---

– .010

---

– .007

873.312 837.764 803.958

6.26 – 4.23

54.649 – 35.439 – 36.482

– 4.54

1,859.542 1,831.951 1,780.659

– 20.226

785.196

---

1,773.714

– 18.168

– 14.386

---

787.270

1,766.708

---

755.046

par RM0.10 Paidup RM75.831 m

Chairman: Tan Sri Dato’ Tan Hua Choon CEO/MD: Chuah Chih Ah

Period

---

1,750.346

BUSINESS : [FY10 Turnover] Ppty devt (90.0%), cultivation of oil + 2 wk 0.165 0.155 0.165 35,131 pre 2 wk 0.19 0.16 0.175 171,313 palm (7.8%), others (2.2%).

$0.20

INSIGHT : Oct-10, although challenges like increased base lending rate and removal of subsidies on certain good by the govt resulting in higher devt costs continue to hog Co, Co is confident that it will achieve positive results based on the good sales trend and with the locked in of unbilled sales for on-going devt in Taman Lagenda. It will also continue to launch more phases in Taman Lagenda to keep up with the increasing demand. Mar-09, in FY09 report, 91.5% of its units ppties launched in Taman Lagenda has been sold. In addition, the govt proposed to provide tax relief on interest paid on housing loan up to RM10k a yr for 3 consecutive years on houses bought between 10-Mar-09 to 31-Dec-10. Co expects to enjoy healthy profits given the sales trend and the proposed tax relief. According to 9M09 report, Co opines that ppty mkt to remain sluggish for rest of the yr.

$0.18

1H11 pretax earnings fell on the back of weakened revenue. The weaker revenue was mainly due to sales of low and medium cost houses, instead of bungalow-land, shop houses and semi detached ppties. (07/10/10-LK)

Ann’d date for 3Q10 : 17-DEC-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-01-07 31-01-08 31-01-09

20.654 31.578 23.625

50.575 56.744 74.448

40.84 55.65

31-01-10

19.248

58.945

1H11

6.611

1H10

7.750

25.935

24.775

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

0.185 0.185 0.185 0.185 0.205

0.175 0.18 0.18 0.18 0.18

0.185 0.18 0.18 0.18 0.19

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.20 0.20 0.195 0.195 ---

0.195 0.19 0.185 0.185 ---

0.195 0.19 0.185 0.19 ---

53,718 59,762 34,981 15,753 212,031

Weekly

$0.17 $0.16 Vol

32,525 180200 16,475 90100 19,385 27.09.10 to 22.10.10 05.11.10 42,985 --- H-Low: 0.19 - 0.155 0.205 - 0.175 PE(wk vol): 9.2 (103,222) 10.5 (243,808)

Vol 933000 466500

14.11.08 to 08.05.09 High-Low: 0.17 - 0.095 Av PE(wk vol): 4.3 (47,122)

06.11.09 0.19 - 0.145 7.1 (166,197) ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

8.46 11.78

.15 .015

8.84

21.098 13.117 11.440

.015

.190 .029 .022

11.999

.01

.018

20.388

---

31.73

9.61

170.365 186.008 187.378

32.65

13.485

177.190

7.61

193.395

6.97

26.68

4.532

181.898

---

206.709

---

xr = ex-right

05.11.10 0.205 - 0.15 9.0 (53,424)

TOTAL ASSETS (RMm)

9.82 12.90

177.742

07.05.10 0.175 - 0.145 7.6 (52,071)

ROE in %

146.737 169.790 172.322

cr = cum right

995.300

– .009

$0.19

14.415 21.903 16.557

5.506

---

$0.20 $0.18 $0.16 $0.14 $0.12 $0.10

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

29.88

979.438

NAV : RM0.24 PE : 10.7 PB : 0.8 Yield : 5.3 Traded in RM Mkt Cap : RM144.079 m High Low Close Vol’ 00 Daily

07.05.10 05.11.10 0.09 - 0.06 0.265 - 0.05 NA (51,954) NA (1,151,706)

---

cw = cum warrant

202.517

xw = ex-warrant

---

20.963

---

.007

.006

125

MAIN MARKET

H INSIGHT : Sep-10, In view of the negativity brought about by the fi-

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa M’sia Building Society par RM1.00 Paidup RM700.172 m NAV : RM0.723 PE : 19.0 PB : 2.1 Yield : 2.6 Traded in RM Mkt Cap : RM1,085.267 m Chairman: Y. Bhg. Tan Sri Abdul Halim Period High Low Close Vol’ 00 Daily

INSIGHT : Currently, Co is focused on managing asset quality, mortgage and related retail business, fee-based income as well as recoveries. Jan-09, Co inked agmt to dispose of ppties to Sazean Hldgs for RM70m. Jul-07, Co entered into agmt to dispose of a piece of land to Nandex Land for RM20m. Jul-07, Co disposed of a piece of ppty to Sazean Devt for RM28m. At the same time, Co disposed of 3 pieces of ppties to Eminent Ace for RM38m. Co’s main activities are in granting of loans on security of f/h and l/h ppties and provision of retail financing and related svs. Co To provide comprehensive financial svc to its customers, Co signed partnership agmt with MNI as a strategic alliance partner to embark into Bank Assurance biz. H

9M10 revenue surged 135% on a significant contribution from the financing segment. Earnings doubled mainly contributed by higher loan & financing income. (25/10/10-GT)

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-06 31-12-07 31-12-08

30.409 43.276 54.043

293.059 358.824 416.155

10.38 12.06

31-12-09

80.315

537.959

1H10

9M10

22.224

216.790

92.666

573.163

134.963

1.58 1.58 1.58 1.57

1.56 1.56 1.56 1.56

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

1.58 1.57 1.56 1.56 ---

1.57 1.54 1.54 1.54 ---

Weekly

1.56 9,463 1.56 9,476 1.57 16,015 1.57 3,564 Vol 1.57 13,505 12000 1.56 4,600 6000 1.55 3,195 27.09.10 to 22.10.10 05.11.10 1.55 4,845 ----- H-Low: 1.63 - 1.51 1.58 - 1.54 PE(wk vol): 18.8 (32,974) 19.1 (38,167)

$1.60 $1.40 $1.20 $1.00 $0.80 Vol 131400 65700

14.11.08 to 08.05.09 High-Low: 1.06 - 0.65 Av PE(wk vol): 11.3 (24,903)

Ann’d date for 2H09 : 22-FEB-10

1H09

26-10-10 27-10-10 28-10-10 29-10-10

890.821

$1.62 $1.60 $1.58 $1.56 $1.54 $1.52

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

06.11.09 1.09 - 0.84 20.3 (19,814)

07.05.10 1.21 - 0.94 22.3 (45,298)

05.11.10 1.63 - 1.00 19.3 (41,439)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

0.67 0.79

.03 .04

410.077 479.044 511.115

9.80 11.11

12.99

40.182 53.218 32.575

6.37

5,969.116 6,729.584 7,311.569

0.45

5,559.039 6,250.540 6,800.454

.03

.119 .157 .047

14.93

57.203

552.564

10.35

9,304.149

0.61

8,751.585

.04

.082

506.403

---

11,982.254

---

11,475.851

---

10.25

14.233

16.17

509.594

92.701

15.15

463.706

133.213

---

7,864.711

---

11,156.200

-----

7,355.117

---

10,692.494

---

.020 .132

.190

M’sia Marine & Heavy Engrg Hldgs

par RM0.50 Paidup RM669.000 m NAV : RM1.20 PE : 21.7 PB : 3.8 Yield : NA Traded in RM Mkt Cap : RM6,047.760 m Chairman: Datuk Nasarudin bin Md Idris CEO/MD: Wan Yusoff bin Wan Hamat Period High Low Close Vol’ 00 Daily H BUSINESS : [FY10 Turnover] Engrg & construction (91.2%), marine

conversion & repair (8.8%).

INSIGHT : Co provides a full range of oil & gas construction & engrg svcs involving detailed engrg design & procurement, construction, installation, hook-up & commissioning. Its marine conversion division offers a one-stop centre for converting vessels & offshore oil rigs into floating structures, as well as the construction of newbuilt structures like tender rig barges & jumboisation works. The marine repair svcs include repair, refit & refurbishment svcs. Co’s future plans include enhancing engrg & technical capabilities to focus on high value-added pjts in growing mkts & strengthening procurement capabilities to ensure timely delivery of quality materials & svcs at competitive prices. Furthermore, Co intends to increase its share of high-margin pjts in the marine repair biz & increase the yard capacity, competitiveness & efficiency thru’ the Yard Optimisation Programme. Listed on 29 Oct-10 at RM3.61. H

1Q11 revenue fell 30.2% mainly due to lower contributions from pjts in the engrg & construction segment as they were in the fabrication phase. However earnings tripled on reduced cost of sales coupled with invs tax allowance incentives for the Yard Optimisation Programme. (14/10/10-GT) FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

--31-03-08 31-03-09

--235.898 349.042

--1,741.922 4,021.147

--13.54

31-03-10

377.206

1Q11

95.072

-----

+ 2 wk pre 2 wk

-----

----- $4.60

25-10-10 --------- $4.40 26-10-10 --------27-10-10 --------- $4.20 28-10-10 --------29-10-10 4.69 4.12 4.51 1,420,078 Vol 01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

4.60 4.50 4.51 4.55 ---

4.46 4.45 4.44 4.50 ---

4.51 4.46 4.50 4.52 ---

Weekly

150,601 946800 53,955 473400 76,480 27.09.10 to 22.10.10 05.11.10 60,432 --- H-Low: 4.69 - 4.12 PE(wk vol): NA ( --- ) 12.0 (880,773)

$4.60 $4.40 $4.20 Vol 946800 473400

14.11.08 to 08.05.09 High-Low: Av PE(wk vol): NA ( --- )

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

06.11.09 NA ( --- )

07.05.10 NA ( --- )

05.11.10 4.69 - 4.12 21.6 (880,773)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

--11.68

------- PRELIST

10.46

--1,000.589 1,732.324

--640.875 919.176

--30.02

8.68

--192.398 278.301

30.28

--1,647.417 2,661.373

6,147.012

6.14

279.203

1,198.379

23.30

4,784.127

5.84

3,570.963

--- PRELIST

1,172.898

8.11

110.247

1,917.446

---

4,907.483

---

2,986.453

--- PRELIST

cr = cum right

xr = ex-right

cw = cum warrant

xw = ex-warrant

--- PRELIST

145

MAIN MARKET

BUSINESS : Co is a property financier with operation mainly in + 2 wk 1.58 1.52 1.52 30,851 pre 2 wk 1.63 1.51 1.55 35,097 Peninsular & East M’sia. [1Q10 Turnover] Financing (98.5%), hotel 25-10-10 1.57 1.55 1.56 11,670 ops (1.5%). H

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa Talam Corp par RM0.20 Paidup RM565.844 m NAV : RM0.27 PE : 39.9 PB : 0.4 Yield : NA Traded in RM Mkt Cap : RM282.922 m Chairman: Tsen Keng Yam Period High Low Close Vol’ 00 Daily BUSINESS : [1Q11 Turnover] Ppty invs & devt (80.7%), hotel & + 2 wk 0.105 0.09 0.095 857,978 pre 2 wk 0.10 0.09 0.095 525,536 recreation (19.3%). H

INSIGHT : Oct-10, Co via its subsi, Juara Tiasa, to dispose a plot of land in Bukit Sentosa, Selangor, measuring 170,009 sqm to Pesuruhjaya Tanah Persekutuan for RM28.5m. 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. H

1H11 revenue and earnings fell 27.8% and 26.1% resp, mainly due to lower progress billings generated from the devt pjts. (13/10/10-JL)

$0.105 $0.10

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

0.10 0.10 0.10 0.10 0.105

0.095 0.095 0.095 0.095 0.095

0.095 51,001 0.095 70,153 $0.095 0.095 103,861 0.095 131,536 $0.09 0.095 1,000,098 Vol

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.105 0.10 0.10 0.105 ---

0.095 0.095 0.095 0.095 ---

0.095 0.095 0.095 0.10 ---

Weekly

251,321 666800 65,615 333400 79,565 27.09.10 to 22.10.10 05.11.10 419,668 --- H-Low: 0.105 - 0.09 0.105 - 0.095 PE(wk vol): 33.8 (691,757)38.1 (1,086,409)

$0.14 $0.10 $0.06 Vol 3635000 1817500

14.11.08 to 08.05.09 High-Low: 0.11 - 0.035 Av PE(wk vol): 25.6 (354,172)

Ann’d date for 3Q10 : 14-DEC-09 FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-01-07 31-01-08 31-01-09

– 6.936 5.270 62.136

216.723 248.349 294.009

NA 2.12

31-01-10

20.121

250.979

1H10

1Q11

1H11

2.577 0.331

1.979

103.373 23.259

74.615

Taliworks Corp

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

06.11.09 07.05.10 05.11.10 0.14 - 0.075 0.17 - 0.09 0.16 - 0.09 3.1 (964,989) 14.7 (1,351,047) 38.4 (1,289,560)

ROE in %

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

2.73 0.92

0.28 0.10

-------

.014 .005 .031

---

.003

21.13

8.957 3.228 60.325

328.216 349.330 392.156

15.38

3,218.854 3,253.009 3,058.072

1.97

2,875.888 2,902.548 2,662.215

8.02

7.090

561.418

1.26

3,022.240

0.23

2,455.879

697.041

---

3,082.835

---

2.49 1.42

2.65

2.436 1.565

1.801

---

717.294

---

639.350

par RM0.50 Paidup RM188.347 m

Chairman: Y. Bhg. Dato’ Hj Abd Karim

3,057.439

Period

2,899.586

-----

2,336.582

---

2,256.001

---

2,381.385

---

.001 .001

.001

NAV : RM1.0453 PE : 12.5 PB : 1.2 Yield : 4.7 Traded in RM Mkt Cap : RM485.935 m High Low Close Vol’ 00 Daily

BUSINESS : [FY09 Turnover] Water biz (85.3%), waste mgt (9.8%), + 2 wk 1.35 1.28 1.31 10,123 pre 2 wk 1.33 1.27 1.30 4,403 construction (4.9%). H

$1.38

25-10-10 H INSIGHT : Sep-10, Co’s subsi, Eco3 Tech and Engrg signed a 30-yr 26-10-10 concession agmt to construct and operate the Meihua industrial 27-10-10 waste water treatment and recycled water plant in Ningxia Prov- 28-10-10 29-10-10

1.32 1.34 1.41 1.36 1.32

1.30 1.31 1.34 1.34 1.31

1.32 1.33 1.37 1.35 1.31

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

1.35 1.32 1.32 1.30 ---

1.31 1.29 1.32 1.29 ---

1.31 11,439 8400 1.32 1,904 4200 1.32 100 27.09.10 to 22.10.10 05.11.10 1.29 2,000 ----- H-Low: 1.35 - 1.27 1.41 - 1.29 PE(wk vol): 12.6 (7,263) 12.8 (14,393)

ince, PRC with an estimated cost of Rmb145m (RM66.8m) Aug-10, Co and Beijing Puresino-Boda Environmental Engrg Co jointly signed a contract with Yinchuan Municipal Construction Bureau, a govt agency, to take-over 4 existing municipal waste water treatment plants with recycled water facilities in Yinchuan City, PRC on a Takeover-Operate-Transfer basis for Rmb810m (RM374.7m). Dec09, Co entered into a bond purchase agmt with its bond holders to purchase RM112m worth of bonds from them for RM119.4m.

1H10 revenue jumped 15.2% with the water biz accounting for the bulk of revenue, as a result of higher pdtn from Sungai Selangor Water Treatment Works Phase I and strong metered sales recorded from Langkawi ops.Coupled with higher shr of profits from a jointly-controlled entity, Cerah Sama, earnings jumped 27.9%. (28/09/10-JL)

FINANCIAL YR CLOSE

PRE-TAX P&L (RMm)

TURNOVER (RMm)

M’GIN in %

31-12-06 31-12-07 31-12-08

50.254 46.670 59.360

142.902 190.969 226.406

35.17 24.44

31-12-09

51.404

158.917

27.915

86.413

1Q10

1H10

210

22.625 22.756

75.021 44.369

$2.00 $1.80 $1.60 $1.40 Vol 51600 25800

14.11.08 to 08.05.09 High-Low: 1.98 - 1.34 Av PE(wk vol): 17.2 (2,323)

Ann’d date for 3Q09 : 30-NOV-09

1H09

Weekly

234 $1.34 4,192 8,018 $1.30 838 60 Vol

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

06.11.09 1.82 - 1.48 13.9 (516)

TOTAL ASSETS (RMm)

ROA in %

TOTAL LIAB (RMm)

DIV in RM

EPS in RM

10.14 5.58

.07 .095

6.89

37.294 270.985 306.950

.0425

.098 .045 .122

178.775

.04

.103

11.37 10.25

26.22

313.529 329.137 351.631

13.01

351.626 604.623 664.032

32.35

38.919

375.831

10.36

560.448

6.94

394.723

---

558.823

---

51.29

32.30

16.480 19.405

21.086

359.239 392.083

05.11.10 1.92 - 1.27 14.3 (5,548)

ROE in %

35.656 33.748 45.757

30.16

07.05.10 2.12 - 1.33 13.5 (6,222)

-----

666.910 547.413

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

-----

301.818 149.755

158.959

.02 ---

---

.044 .052

.056

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Green Packet WA14 $0.46 $0.44 $0.42 $0.40

Vol 143600 71800

16.08.10 to 10.09.10 High-Low: 0.46 - 0.385

08.10.10 22.10.10 05.11.10 0.445 - 0.39 0.47 - 0.40 0.425 - 0.40

Gunung Capital WB20 Traded In .........................RM Conversion Ratio ............ 1:1 Expiry Date............. 04-10-20 Time-To-Expiry ....... 119mth Issue Size ............... 25.177m Outstanding Size ....25.177m Exercise Price...........RM0.50 Premium...................... 30.94 Gearing......................1.695X

$0.40 $0.30 $0.20 Vol 32000 16000

08.10.10 22.10.10 05.11.10 - 0.29 - 0.155 0.445 - 0.295

Ho Wah Genting WB15 Traded In .........................RM Conversion Ratio ............ 1:1 Expiry Date............. 08-04-15 Time-To-Expiry ......... 53mth Issue Size ............. 137.889m Outstanding Size ..137.889m Exercise Price...........RM0.20 Premium...................... 20.00 Gearing..........................1.5X

IJM Corp WC14 Traded In .........................RM Conversion Ratio ............ 1:1 Expiry Date............. 24-10-14 Time-To-Expiry ......... 47mth Issue Size ............. 132.097m Outstanding Size ..132.097m Exercise Price...........RM4.00 Premium........................ 4.52 Gearing......................3.107X

$0.25 $0.20 $0.15 $0.10 $0.05 Vol 269200 134600

08.10.10 22.10.10 05.11.10 0.145 - 0.065 0.21 - 0.15 0.27 - 0.18

Vol’ 00

0.41 0.415 0.41 0.405 0.405

0.415 0.42 0.415 0.41 0.41

15,934 22,857 26,197 14,221 17,570

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.415 0.41 0.415 0.41 ---

0.405 0.40 0.405 0.40 ---

0.41 0.405 0.41 0.40 ---

21,547 16,563 24,032 14,683 ---

Date

High

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

0.35 0.37 0.315 0.35 0.40

0.295 0.315 0.305 0.31 0.34

Low Close

0.35 12,239 0.325 8,372 0.31 6,018 0.35 4,920 0.40 16,101

Vol’ 00

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.425 0.43 0.42 0.445 ---

0.41 0.42 0.41 0.38 ---

0.425 17,916 0.43 2,754 0.415 3,381 0.41 8,482 -----

Date

High

Low Close

Vol’ 00

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

0.21 0.205 0.195 0.22 0.23

0.185 0.19 0.18 0.185 0.205

0.195 0.19 0.19 0.215 0.215

247,206 52,995 39,457 268,675 246,697

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.25 0.27 0.26 0.26 ---

0.215 0.24 0.245 0.245 ---

0.245 0.245 0.255 0.25 ---

368,461 403,576 168,437 53,885 ---

Underlying IJM Corp– RM5.53 Daily $1.80 $1.60 $1.40 $1.20 Vol 45000 22500

16.08.10 to 10.09.10 High-Low: 1.21 - 1.10

08.10.10 22.10.10 05.11.10 1.60 - 1.15 1.78 - 1.48 1.91 - 1.76

IJM Plantations WA14 Traded In .........................RM Conversion Ratio ............ 1:1 Expiry Date............. 07-11-14 Time-To-Expiry ......... 48mth Issue Size ............... 80.134m Outstanding Size ....80.134m Exercise Price...........RM2.62 Premium...................... 21.80 Gearing......................3.211X

Low Close

0.42 0.42 0.425 0.415 0.415

Underlying Ho Wah Genting– RM0.375

Daily

16.08.10 to 10.09.10 High-Low: 0.075 - 0.065

High

Underlying Gunung Capital– RM0.695

Daily

16.08.10 to 10.09.10 High-Low: -

Date

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

High

Low Close

Vol’ 00

1.84 1.88 1.91 1.89 1.87

1.77 1.81 1.82 1.84 1.81

1.81 1.87 1.87 1.87 1.84

15,210 20,022 19,875 13,758 10,461

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

1.83 1.79 1.82 1.83 ---

1.79 1.76 1.77 1.77 ---

1.79 13,325 1.76 7,069 1.81 3,537 1.78 3,288 -----

Underlying IJM Plantations– RM2.89

Daily

$0.85 $0.75 $0.65 $0.55 Vol 27000 13500

16.08.10 to 10.09.10 High-Low: 0.615 - 0.51

Date

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

08.10.10 22.10.10 05.11.10 0.59 - 0.53 0.69 - 0.585 0.91 - 0.675

Gearing = share price ÷ ( wrt price x conversion ratio )

Date

High

Low Close

Vol’ 00

25-10-10 26-10-10 27-10-10 28-10-10 29-10-10

0.77 0.83 0.815 0.845 0.835

0.675 0.78 0.77 0.77 0.805

0.765 0.80 0.775 0.815 0.815

16,230 34,239 20,106 14,366 5,509

01-11-10 02-11-10 03-11-10 04-11-10 05-11-10

0.88 0.90 0.88 0.91 ---

0.82 0.855 0.865 0.88 ---

0.88 23,010 0.875 23,950 0.875 3,066 0.90 10,525 -----

253

WARRANT

Traded In .........................RM Conversion Ratio ............ 1:1 Expiry Date............. 27-09-14 Time-To-Expiry ......... 46mth Issue Size ............. 197.614m Outstanding Size ..197.614m Exercise Price...........RM0.95 Premium...................... 52.54 Gearing......................2.213X

Underlying Green Packet– RM0.885

Daily