PP16832/01/2012 (029059)

Malaysia
Sector Update
9 January 2012

Neutral (unchanged)

Property - Developer
Cloudy outlook
Maintain Neutral. We expect interest on property stocks to remain lackluster in 2012 due to: 1) the anticipation of a slowdown in property demand and 2) policy risks. Whilst the continued strength in property demand is positive for developers, there is a risk that further rise in property prices and household debts could lead to more cooling measures by the authorities. Nevertheless, we believe the negatives have largely been priced in for now and 1-year forward earnings are safe-guarded by considerable unbilled sales. Future share price catalysts would revolve around news-flows on government land wins. Policy overhang resurfaced. The introduction of guidelines on responsible finance by the BNM and the additional 5% RPGT (on properties disposed within 2 years) announced during Budget 2012 are unlikely to lead to a significant drop in activities/prices in the physical property market, we believe. We think there is still a possibility for further property cooling measures due to the continued strength in property demand. This will hit sentiment on the sector which is currently dominated by investor-driven demand. Risk of a demand slowdown. We believe the property cycle is peaking and expect a slower sales growth going forward. The Sep11 statistic already signaled a 8.8% QoQ decline in property transactions and 1.3% QoQ contraction in House Price Index (HPI). Also, we see increasing competition due to huge incoming supply of residential properties (+10.7% YoY in 2011 vs. -4.6% YoY in 2010) including those under the 5/95 scheme introduced 2 years ago. These completed projects could flush the market with ample supply of varieties. Government land wins may lift near-term share prices. We expect some awards in 2012 Unilever, RRIM land in Sg Buloh and Pudu Jail redevelopment. Frontrunners include UEM Land, Bandaraya, MRCB, and Bolton. This would provide shot-term trading opportunities. Demand for properties with LRT/MRT stations in their vicinity will remain strong. The MRT Circle Line, likely to be announced in 2H12, may create another round of buying spree at selected property projects. Key beneficiaries YTL Land and Mah Sing. Potential downside priced in. At our target prices, developers under our coverage are trading at 40% discount to our RNAV estimates vs. 50-70% discount during 2008 Global Financial Crisis. Property demand will be somewhat less vulnerable than it did in 2008 due to market liquidity and low interest rates. Moreover, developers today are backed by considerable unbilled sales, providing near-term earnings visibility.

Wong Wei Sum, CFA weisum@maybank-ib.com (603) 2297 8679

UEM Land (Hold; RM2.02 TP). The largest developer in Malaysia (in term of landbank and market capitalisation) and land owner in Nusajaya with total remaining landbank of more than 4,068 acres (73% in Nusajaya, 27% outside Nusajaya) and estimated RM31b GDV. Potential surprises could come from more government land developments. Khazanah is the major shareholder, with a 67.5% stake in UEM Land. SP Setia (Not rated) - A versatile property developer with a spectrum of mid-to-high end products. SPSB has 5,229 cres undeveloped landbank with an e.RM54b GDV. Next key earnings drivers include its RM6b KL Eco City, RM10b Setia City and e.RM8b MOH Bangsar project. In end-Sep11, its major shareholder, PNB has offered a conditional take over with RM3.90 offer price for SPSB shares and RM0.91 for its warrants. Sunway (Hold; RM2.28 TP) One of the leading property and construction groups in Malaysia (new merged entity of Sunway City and Sunway Holdings). It has RM2.9b outstanding orderbook YTD (construction) and RM1.6b unbilled sales as at Sep11 (property). Mah Sing (Hold; RM1.76 TP) - A versatile property developer with a spectrum of mid-to-high end products. MSGB is famous with its fast turnaround strategy. It has 1,070 acres remaining landbank (Klang Valley, Penang and Johor Bahru) with an estimated RM13b GDV. Glomac (Hold; RM0.88 TP) - A versatile property developer with a spectrum of low-to-high end products. Next key earnings catalysts include its 90 acres prime-located Puchong land worth RM1b GDV. It is our preferred pick for the property sector.

Property Sector Peer Valuation Summary

Stock Rec Shr px (RM) 2.25 3.86 2.46 1.95 0.81 Mkt cap (RMm) 9,728.1 7,127.4 3,179.6 1,622.2 490.4 TP (RM) 2.02 NR 2.28 1.76 0.88 PER (x) FY11E 41.7 24.7 11.2 9.7 7.6 8.7 PER (x) FY12E 33.6 20.4 8.6 7.2 6.1 6.7 P/B (x) FY11E 2.5 2.4 1.3 1.6 0.8 1.2 P/B (x) FY12E 2.3 2.2 1.1 1.4 0.7 1.1

UEM Land Hold SP Setia NR Sunway Hold Mah Sing Hold Glomac Hold Simple average
Kim Eng Hong Kong is a subsidiary of Malayan Banking Berhad

NR = Not Rated; Source: Maybank IB ROE (%) Div yld (%) Net gearing RNAV (x) FY12E FY12E FY12E (RM/Sh) 6.5 0.7 0.2 3.37 11.0 3.3 0.2 NR 11.8 2.3 0.4 3.79 19.4 5.7 0.6 2.94 4.0 4.9 0.2 1.47 5.3

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Property - Developer

Slowing ahead
Optimistic sales target. Most developers under our coverage have achieved more than or are on track to hit their 2011 sales target. In light of that, they have set higher sales targets of RM0.5-4b for 2012, or +2550% YoY growth. Given a weaker economic outlook for 2012, we have conservatively assumed lower sales forecasts for 2012 especially for developers which have less exposure to township developments.

Table 1: Developers under our coverage sets higher sales targets (+25-50% YoY) for 2012; Huge unbilled sales would provide short-term earnings visibility; Net gearing remains healthy at below 0.5x
Company FYE 2011 actual / YTD sales (RM b) 0.4 2012 sales target (RM b) 0.5 YoY growth (%) 25.0 Unbilled sales (RM b) 0.6 (1.1x of 2012 revenue) 2.1 (1.4x) 2.8 (1.1x) 1.6 (1.3x) 1.7 (0.9x) GDV breakdown by project (township:nontownship) 55:45 Net gearing (x) Our sales forecasts (RM b) 0.5

Glomac

Apr

8.6 sen net cash/sh

Mah Sing SP Setia Sunway UEM Land

Dec Oct Dec Dec

2.0 3.0 1.1 2.0

2.5 4.0 NA 3.0

25.0 33.3 NA 50.0

31:69 46:54 22:78 26:74*

0.38 4.6 sen net cash/sh 0.46 0.11

1.9 3.9 2.5 2.2

*Based on 2011 planned launches Source: Companies

3Q11 incoming supply increased by +3% QoQ, whilst property demand declined by -9% QoQ

3Q11 HPI down by 1.3% QoQ, the first decline since 2008 Global Financial Crisis
700,000 180.0 160.0 140.0 500,000 120.0 400,000 300,000 200,000 40.0 100,000 0
Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Mar-03 Mar-04 Mar-05 Mar-06 Mar-11
Mar-02 Mar-07 Mar-08 Mar-09 Mar-10

700,000

80,000 70,000 60,000

600,000

600,000

500,000

50,000 400,000
40,000

100.0 80.0 60.0

300,000 30,000
200,000

20,000 100,000 10,000 0

Sep-02 Sep-05 Sep-08 Mar-02 Mar-03 Mar-05 Mar-06 Mar-08 Mar-09 Mar-11
Mar-04 Mar-07 Mar-10

20.0 0.0
Sep-11
Sep-07 Sep-08 Sep-09 Sep-10

0
Sep-11
Sep-03 Sep-04 Sep-06 Sep-07 Sep-09 Sep-10

Incoming supply

demand

Incoming supply

House Price Index

Sources: CEIC, Maybank IB

Sources: CEIC, Maybank IB

Our preference. We like developers with: 1) strong balance sheet which provides more room for landbanking exercise, and 2) larger exposure to township developments which provides steady bread-andbutter sales. Also, township developments, which are largely dominated by owner occupiers, are less vulnerable to policy risk. Glomac and SP Setia have clean balance sheet with net cash of 8.6sen and 4.6sen respectively. The former is looking to expand its landbank aggressively. Among the developers under our coverage, SP Setia and Glomac have considerable exposures into township developments.

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Property - Developer

Government land developments: Preference on the Unilever land. In our view, any land wins may provide short-term trading opportunities. Among the several government land bids (see table below), we are particularly excited on the Unilever land where UEM Land can gain an access given: 1) Its strategic location at Bangsar, one of the premier living areas in KL. The land has good accessibility and connectivity supported by the Bangsar LRT station and KL Sentral transportation hub nearby. 2) Lower upfront infrastructure costs and shorter time to complete the entire development compared to the 3,000 acres RRIM greenfield land in Sungai Buloh. The Unilever land is surrounded by matured townships like Lucky Garden, Pantai Hills, Bukit Bangsar, Taman SA, Bukit Bandaraya, etc. and we expect offices within the development to benefit from rising urban decentralization trends. 3) Relatively lower project risks versus the Pudu Jail redevelopment project. The latter is facing stiff competition from existing offices/ retail malls and future government land developments in, and surrounding the KL CBD like the Sg Besi Airport, Warisan Merdeka and KL International Financial District (KLIFD) developments. Moreover, residential apartments to be built on the former jail site will discourage buying interest from the superstitious local buyers. 4) PHB could be the potential buyer of the office/retail portions at the Unilever redevelopment. It has been actively investing/acquiring properties (for e.g. DEMC Specialist Hospital in Shah Alam, Nu Sentral in KL Sentral, Tesco Setia Alam, Menara Bumiputra Commerce in Jalan Raja Laut, etc) since its establishment in 2005. PHB is owned by Yayasan Amanah Hartanah Bumiputera.

Table 2: Government land developments in the Klang Valley

No Government land 1 Sg Buloh MRB land Location Sg Buloh Land size 3,000 acres Who owns it? Kwasa Land S/B (owned by EPS) Potential developers EPF UEML, MRCB, S P Setia, Mah Sing, Glomac, Bolton, YTL Land e.GDV (RMm) 10,000 Description Mixed development; Kwasa Land Sdn Bhd is the master developer for the RRIM land; land titles have been transferred to Kwasa Land Mixed development project called Bandar Malaysia; Sungai Besi air base will be closed for groundwork preparation in Nov11 Mixed development; Redevelopment of Pasarakyat in Imbi area into an international financial centre; 1MDB, the master developer for the KLIFD has started its tender process for the main foundation works for the project Mixed development

Royal Malaysian Air Force Base

Sg Besi

486 acres

Min. Of Defense

1Malaysia Development Bhd (30%), Qatar Investment Authority (40%) AFFB, Boustead Holdings 1MDB-Abu Dhabi's Mubadala Development Co

15,000

3 4

Jalan Cochrane KL International Financial District

Pudu-Cheras Dataran Perdana (Jalan Davis)

204 acres 84 acres

Govt. of Malaysia Govt. of Malaysia

10,000 26,000

Batu Cantonment army base

Jalan Ipoh

245 acres

Min. of Defense

AFFB, Boustead Holdings

NA

Sources: Media, Maybank-IB

9 January 2012

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Property - Developer

Table 2: Government land developments in the Klang Valley (continued)

No Government land 6 Pudu redevelopment project Location Bukit Bintang, City Centre Land size 21.2 acres Who owns it? UDA Potential developers UEML-Bolton, YTL Land, MRCB, Sunway e.GDV (RMm) 5,000 Description Offices, hotels, apartments, a transit centre and recreational centre; the government will split the land into 3 parcels. Out of three parcels, two will be given to local Bumiputra companies and the remainder to a nonBumiputra entity. Future MATRADE Centre, which will be Malaysia's largest meetings, convention and exhibition centre. PNB is studying the redevelopment plans 100-storey skyscraper, integrated development

Naza KL Metropolis

Off Jln Duta, within Menara Matrade and next to Sri Hartamas Near KLCC

62.5 acres

Govt. of Malaysia

Naza TTDI

15,000

8 9

Redevelopment of Kampung Baru Warisan Merdeka

378 acres

Private and Govt. of PNB Malaysia PNB PNB

20,000 5,000

Surrounding 40 acres Stadium Merdeka, off Jln Maharajalela Along Jln Bangsar (exUnilever HQ and Factory) 19 acres

10 Unilever land

Pelaburan Hartanah UEML, Bandaraya, Bumiput era Bhd MRCB, Sime (PHB) Properties and Mah Sing

4,000-5,000 Mixed developmentoffices, retail and service apartments. PHB has shortlisted 5 candidates for the project 9,000 Mixed development; Recent dispute between Mah Sing and landowner over the 4.1 acres JV project (60:40) in that area

11 Tamansari Riverside Garden City urban regeneration project

Pekeliling area

58 acres

DBKL project; Asie S/B (master developer)

Mah Sing, several local and foreign developers

Total: Sources: Media, Maybank-IB

119,000

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Property - Developer Table 3: Peers comparison

Company Share price (RM/sh) @ 6 Jan11 Number of shares ( m shares) Market capitalisation (RMm) Target price (RM/sh) RNAV (RM/sh) Premium / discount to RNAV (%) Potential upside (%) Business background UEML 2.25 4,323.6 9,728.1 2.02 3.37 -40 -10 The largest developer in Malaysia (by landbank & market cap) and land owner in Nusajaya SP Setia 3.86 1,846.5 7,127.4 NR NR One of the leading property players in Malaysia; It is the developer of reputable Setia Alam and Setia Eco Park projects; Currently, it has property projects in Malaysia, Singapore, Australia and Vietnam 5,229 54.2 50.0 PNB (38%), Tan Sri Liew Kee Sin (11%) Sunway 2.46 1,292.5 3,179.6 2.28 3.79 -40 -7 One of the leading property and construction groups in Malaysia. Reputable projects including Bandar Sunway township Mah Sing 1.95 831.9 1,622.2 1.76 2.94 -40 -10 Developer of Icon City and M City. It is famous with its fast-turnaround strategy Glomac 0.81 605.4 490.4 0.88 1.47 -40 9 Small cap developer; key projects include Glomac Damansara and Bandar Saujana Utama.

Total landbank (acres) Total GDV (RMb) Official/unofficial div payout policy (%) Major shareholders

4,068 c.31 NA Khazanah (68%)

284 13.5 NA Tan Sri Dato' Seri Dr Jeffrey Cheah (45%), GIC (12.5%)

1,070 13.0 40.0 Tan Sri Dato' Sri Leong Hoy Kum (34%), PNB (19%)

c.500 4.0 40.0 Tan Sri Dato' Mohamed Mansor bin Fateh Din (20.5%), Datuk Fong Loong Tuck (17.5%), Dato' Fateh Iskandar bin Tan Sri Dato' Mohamed Mansor (14.3%)

2012 EPS Gross DPS NTA* Valuation CY12 PER (x) Gross div yield (%) P/NTA (x) P/RNAV (x) Net gearing (x)* Key catalysts: 33.6 0.9 2.1 0.7 0.11 RM1.7b unbilles sales as at Sep'11, or 0.9x of our 2012 forecast; Completion of flagship developments in 2012 which could boost property demand; full-year earnings contribution from Sunrise 19.6 4.6 2.1 Net cash RM2.8b unbilled sales as at Oct'11, or 1.1x of our FY12 forecast; RM7b KL Eco City, RM8b Setia Federal Hill and RM8b Setia City 8.6 3.1 1.1 0.6 0.46 RM1.6b unbilled property sales (1.3x of our 2012 forecast) as at Sep'11 and RM2.9b outstanding construction order book; MRT projects 7.2 7.6 1.6 0.7 0.38 RM2.1b unbilled sales as at Sep'11, or 1.4x of our 2012 forecast; RM3.2b Icon City and RM1.4b M City 5.2 7.7 0.8 0.6 Net cash RM555m unbilled sales as at Oct'11 or 1.1x of our FY12 forecast; RM1b GDV Puchong project 6.7 2.0 1.09 19.7 17.7 1.88 28.5 7.6 2.2 26.9 14.9 1.24 15.6 6.2 1.06

* latest quarterly results Source: Companies, Maybank-IB

9 January 2012

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Property - Developer Table 4: SWOT analysis

Company Strength UEML Strong political links (backed by Khazanah); Strong Sunrise brandname and expertise in high-rise integrated development Sunway Strong Sunway brandname; Supported by steady rental income from investment properties and dividend income from c.40%-owned Sunway REIT Mah Sing Fast turnaround strategy which means lower holding cost and strong cash flow Glomac One of the few bumidevelopers with strong political links; deep valuation; strong balance sheet with 8.6sen/sh net cash as at Oct11

Weakness

Lack of proven track record; long gestation period for Nusajaya development; concentration risk as 73% of total landbank and 62% of remaining GDV are in Nusajaya; integration risk; relatively premium valuation compared to its peers Potential participation in government land developments in Singapore and Klang Valley; Increasing investments in Nusajaya would boost property demand and value over time; Cheaper alternative to pricey Singapore; Improving bilateral ties with Singapore Political and execution risks involving bilateral relations between Malaysia-Singapore; Oversupply in Mont Kiara area; Increasing competition in the property industry; Downturn in property sector

Less exposures in affordable housing and township developments (only 22% of total GDV); high net gearing of 0.46x;

Lack of a flagship project which can define Mah Sing; less exposures in township developments (only 31% of total GDV) which can provide bread and butter property sales especially during the downturn in property sector

Small market capitalisation and low average trading volume

Opportunity

Potential MRT projects as Sunway is the largest piling contractor in Malaysia

Sizeable land acquisition which allow it to tap the affordable housing segment which provides bread-andbutter sales and support long-term growth

Potential enbloc sales in Glomac Damansara (retail) and Plaza Kelana Jaya IV

Threat

Uncertainties in China property market (c.24% of its effective GDV is from China); Uncertainties in Singapore property market (unsold units/remaining projects accounted for c. 5% of total GDV); Oversupply in Mont Kiara area; Increasing competition in the property industry; Downturn in property sector

Increasing competition in the property industry; downturn in property sector; Oversupply in Mont Kiara (Icon Mont Kiara project)

Increasing competition in the property industry; downturn in property sector

Sources: Maybank-IB

9 January 2012

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Property - Developer

APPENDIX 1
Definition of Ratings
Maybank Investment Bank Research uses the following rating system: BUY HOLD SELL Total return is expected to be above 10% in the next 12 months Total return is expected to be between -5% to 10% in the next 12 months Total return is expected to be below -5% in the next 12 months

Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear):

Adex = Advertising Expenditure BV = Book Value CAGR = Compounded Annual Growth Rate Capex = Capital Expenditure CY = Calendar Year DCF = Discounted Cashflow DPS = Dividend Per Share EBIT = Earnings Before Interest And Tax EBITDA = EBIT, Depreciation And Amortisation EPS = Earnings Per Share EV = Enterprise Value FCF = Free Cashflow FV = Fair Value FY = Financial Year FYE = Financial Year End MoM = Month-On-Month NAV = Net Asset Value NTA = Net Tangible Asset P = Price P.A. = Per Annum PAT = Profit After Tax PBT = Profit Before Tax PE = Price Earnings PEG = PE Ratio To Growth PER = PE Ratio QoQ = Quarter-On-Quarter ROA = Return On Asset ROE = Return On Equity ROSF = Return On Shareholders Funds WACC = Weighted Average Cost Of Capital YoY = Year-On-Year YTD = Year-To-Date

Disclaimer
This report is for information purposes only and under no circumstances is it to be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that income from such securities, if any, may fluctuate and that each securitys price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad and consequently no representation is made as to the accuracy or completeness of this report by Maybank Investment Bank Berhad and it should not be relied upon as such. Accordingly, no liability can be accepted for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Maybank Investment Bank Berhad, its affiliates and related companies and their officers, directors, associates, connected parties and/or employees may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as anticipate, believe, estimate, intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or might occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forwardlooking statements. Maybank Investment Bank Berhad expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. This report is prepared for the use of Maybank Investment Bank Berhad's clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of Maybank Investment Bank Berhad and Maybank Investment Bank Berhad accepts no liability whatsoever for the actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

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Property - Developer

APPENDIX 1
Additional Disclaimer (for purpose of distribution in Singapore)
This report has been produced as of the date hereof and the information herein maybe subject to change. Kim Eng Research Pte Ltd ("KERPL") in Singapore has no obligation to update such information for any recipient. Recipients of this report are to contact KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. As of 9 January 2012, KERPL does not have an interest in the said company/companies.

Additional Disclaimer (for purpose of distribution in the United States)

This research report prepared by Maybank Investment Bank Berhad is distributed in the United States (US) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Kim Eng Securities USA, a brokerdealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Kim Eng Securities USA in the US shall be borne by Kim Eng. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in the US. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. This report is not directed at you if Kim Eng Securities is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Kim Eng Securities is permitted to provide research material concerning investments to you under relevant legislation and regulations. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply if the reader is receiving or accessing this report in or from other than Malaysia. As of 9 January 2012, Maybank Investment Bank Berhad and the covering analyst does not have any interest in in any companies recommended in this Market themes report. Analyst Certification: The views expressed in this research report accurately reflect the analyst's personal views about any and all of the subject securities or issuers; and no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Additional Disclaimer (for purpose of distribution in the United Kingdom)

This document is being distributed by Kim Eng Securities Limited, which is authorised and regulated by the Financial Services Authority and is for Informational Purposes only.This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.

Published / Printed by

Maybank Investment Bank Berhad (15938-H) (A Participating Organisation of Bursa Malaysia Securities Berhad) 33rd Floor, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur Tel: (603) 2059 1888; Fax: (603) 2078 4194 Stockbroking Business: Level 8, Tower C, Dataran Maybank, No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888; Fax: (603) 2282 5136 http://www.maybank-ib.com

9 January 2012

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