PP13693/04/2012(029019)

17 November 2011

Newz Bits
Malaysia market snapshot

Highlights of the day

AMMB Holdings (2QFY12 Results): In line, with 2H to be weaker (Maintain HOLD, TP: RM5.70)
2QFY12 results were within market expectations, considering that AMMB has guided for a weaker 2HFY12 and full year growth of 10-12% compared to its earlier target of 14-16% growth. We have reduced our target price from RM6.06 to RM5.70/share, applying a lower 2012 P/E of 10.5x considering that EPS growth is projected to moderate from 13% in FY12 to 10% in FY13. We maintain our HOLD recommendation. (refer to report for details)
FBM KLCI FBM Emas FBM Syariah FBM Small Cap FBM ACE Sector Construction Consumer Finance Ind product Plantation Properties Technology Trading / services Market Turnover Vol (m shrs) Value (RM m)

Last 1,476.8 10,119.8 10,536.4 11,667.8 4,246.1 250.3 456.7 13,171.9 108.7 7,687.5 971.9 13.8 190.2

Daily chg % (0.0) (0.0) (0.3) (0.1) (0.6) (0.1) 0.2 0.2 (1.4) 0.7 0.2 (1.8) 0.1

YTD chg % (2.8) (2.5) 0.8 (7.6) (2.3) (12.2) 1.4 (4.9) (2.0) (4.3) (4.8) (25.0) (0.5)

Other Malaysian news

Axiata: CEO says stake in Indias Idea for long term Maxis: In broadband tie-up with Measat AirAsia: Indonesian unit eyes 4m passengers in 2012 Berjaya Corp: Berjaya Air to fly to Pangkor and Langkawi? Carlsberg: Premium beer is the next growth driver VS Industry: Confident of securing contracts from MNCs Ramunia Holdings: Explains ONGC decision Tricubes: Awarded the police summons collection contract Automotive: October vehicle sales up Plantation: Land sale rising Plantation: Palm oil industry hampered by labour issues Power: Seda says no RE license awarded to date Property: Shortlisted Bangsar developers to be revealed next month Tolls: UEM, EPF and government strike a deal

2,031.5 1,468.7

(31.9) (5.5)

81.4 (20.6)

Regional market snapshot

Dow Jones S&P 500 Nasdaq FTSE Nikkei Hang Seng Strait Times Last 11,905.6 1,236.9 2,639.6 5,509.0 8,463.2 18,960.9 2,807.4 Daily chg % (1.6) (1.7) (1.7) (0.2) (0.9) (2.0) (0.1) YTD chg % 2.8 (1.6) (0.5) (6.6) (17.3) (17.7) (12.0)

Global news
US: Deficit committee locked in budget stalemate US: Industrial production picks up US: Homebuilder confidence climbs to highest since May 2010 US: Consumer prices unexpectedly fell 0.1% in October Europe: Inflation holds at 3-year high Japan: BOJ cuts economic view as Europe crisis becomes growing risk Currencies
RM/USD RM/100 Yen RM/ RM/SGD Last 3.1658 4.1079 4.2622 2.4427 Daily chg % (0.72) (0.82) 0.44 (0.12) YTD chg % (2.60) (7.81) (4.27) (2.33)

Commodities and futures

KLCI (1st month) CPO (3rd month) WTI (1st month) Gold (spot) Last 1,470.0 3,241.0 102.6 1,774.3 Daily chg % 0.5 2.0 3.2 (0.4) YTD chg % (3.4) (13.3) 12.3 23.9

OTHER MALAYSIAN NEWS

Axiata: CEO says stake in Indias Idea for long term Malaysias Axiata Group Bhd (AXIATA MK, Buy, TP: RM5.80), which owns about a fifth of Indian mobile phone carrier Idea Cellular Ltd, does not plan to sell its stake in the Indian company, considering itself a long-term investor, Axiatas president and group CEO Datuk Seri Jamaluddin Ibrahim said. Idea, controlled by Indias Aditya Birla conglomerate, is the countrys fourth-biggest mobile operator with more than 100m subscribers. Axiata bought a stake in Idea in 2008. In February, Axiata said it took a charge of RM1.1bn after writing down its investment in Idea. Indian media reports have said Axiata is looking to sell the stake. (Financial Daily) Maxis: In broadband tie-up with Measat Maxis Bhd (MAXIS MK, Hold, TP: RM5.47) has entered into an agreement with Measat Broadband (International) Ltd to provide affordable, high-speed satellite broadband connectivity to customers nationwide. In a statement, Maxis said it had signed on as an anchor partner of the Measat-5 satellite, formerly knows as the IPStar Malaysia. With this system having rolled out, Maxis said it will be able to extend its wide range of services to remote areas all over Malaysia via its VSAT technology, which operates over the Measat-5 satellite. To date, Maxis has over 12,600 base transceiver stations and over 11,000km of fibre connectivity deployed across Malaysia. This effectively enables 2G and 3G coverage for 95% and 80% of the population respectively. (Financial Daily) AirAsia: Indonesian unit eyes 4m passengers in 2012 AirAsia Indonesia, a unit of AirAsia Bhd (AIRA MK, Trading Buy, TP: RM4.78) aims to transport some 4m passengers from and to its Jakarta hub alone in 2012, 33% up from this year's estimated 3m. In a statement from Jakarta, the airline said the integration of its operations at Terminal 3, Soekarno Hatta International Airport, will enable guests to seamlessly transfer between domestic and international flights and vice versa. "In addition, our Fly Thru facility enables connection from Jakarta to many exciting destinations such as Melbourne, Gold Coast, Chengdu, Hangzhou (Shanghai), Mumbai, Christchurch, New Delhi, Seoul, Tokyo, Osaka, Taipei, Paris and London. (The Sun) Berjaya Corp: Berjaya Air to fly to Pangkor and Langkawi? Berjaya Air will reinstate its flights to Pangkor Island today and add Langkawi as its new destination tomorrow, sources said. The airline, owned by Berjaya Land Bhd, which in turn is a unit of Berjaya Corporation, stopped plying the Subang-Pangkor-Subang route in May last year for unknown reasons. Currently, the airline offer flights from Subang to the islands of Tioman, Redang and Koh Samui, and from Singapores budget terminal to Tioman and Redang islands. (StarBiz) Carlsberg: Premium beer is the next growth driver Carlsberg Brewery (M) Bhd expects its premium beers to account for 40% if its revenue within the next 3 to 5 years, once it starts brewing them in-house, said MD Soren Ravn. Currently, Carlsbergs mainstream beer accounts for around 80% of its total revenue but premium beers will be key criteria for future growth, he said. Its brands such as Hoegaarden and Kronenbourg have a market share close to 20% in the premium segment, he added. My target is to stretch its market share to 50% to be achieved in 5 years. From 2007 to 2010, Ravn said that it has increased its premium segment market share by 14%. (Financial Daily)

Newz Bits | 17 November 2011

VS Industry: Confident of securing contracts from MNCs VS Industry Bhd is currently negotiating with 3 American MNCs to manufacture parts and components for them. The MNCs has operations in China and are looking at sourcing their parts and components elsewhere, according to chairman Dr Beh Kim Ling. He said the MNCs manufactured electrical household products which are different from the existing products currently produced by VS Industry. This is positive news for us as more and more MNCs in China are looking at Malaysia again, Beh said. (StarBiz) Ramunia Holdings: Explains ONGC decision Ramunia Holdings Bhd and its JV partner declined to re-tender for a USD190m (RM602m) contract with Indias Oil and Natural Gas Corp Ltd (ONGC) due to the long delay in the issuance of the notice of award. The contract was for the constructions of up to 10 wellhead platforms. Ramunia clarified to Bursa Malaysia that Ramunia SE consortium decided not to participate as ONGC had delayed the notice of award from 2 September to 11 November, despite the fact that consortium was the lowest compliant bidder as declared on 30 August, beating five other international consortia and one disqualified bidder. (Financial Daily) Tricubes: Awarded the police summons collection contract Tricubes board of directors said in an announcement that the company received the letter of award from the Royal Malaysian Police on 15 November. They said the company would be the collection agent of traffic summons via automated teller machines and enquiries concerning traffic summonses through the short messaging system. Bursa Securities deferred Tricubes suspension and delisting earlier this month following an application by the company for an extension of time to submit a regularization plan. (StarBiz) Automotive: October vehicle sales up Total vehicle sales in October 2011 rose slightly by 3% to 53,654 units from 52,297 units a year earlier, boosted by the return in consumers buying interest. Vehicle sales in October was 21%, or 9,247 units, higher compared with September, the Malaysian Automotive Association (MAA) said in a statement. However, sales volume for the 10 month period declined to 503,898 units from 505,546 units recorded over the same period last year. (StarBiz) Plantation: Land sale rising The sale of plantation land in Malaysia is on the rise, with greenfield reaching about RM30,000 to RM55,000 per hectare while brownfield is estimated at RM70,000 to RM90,000 per hectare depending on the age profile at the acquisition period for young, prime and old oil palm trees, said Tradewinds Plantation Bhd GM Ramesh Veloo. He said there was strong interest in the expansion of oil palm plantations in Malaysia and other countries, given the current good prices for CPO and agricultural products. (StarBiz) Plantation: Palm oil industry hampered by labour issues Labour issues in the plantation industry are becoming major problems as palm oil companies try to increase production and efficiency. Sime Darby Plantation Sdn Bhd, a unit of Sime Darby (SIME MK, Trading Buy, TP: RM10.95), VP Mohamad Nageeb Ahmad Abdul Wahab said as the industry was facing a shortage of workers, the sector needed to find ways to offer more attractive salaries and benefits. Accessibility to the plantations used to be a major problem and yet we still had ample workers. Now, it is the opposite as despite having better access to the estates, the locals seem reluctant to work in the industry. (StarBiz)

Newz Bits | 17 November 2011

Power: Seda says no RE license awarded to date Sustainable Energy Development Authority Malaysia (Seda) says it has not awarded any license to renewable energy players for the production of renewable energy (RE), refuting claims that some players have secured a license. Rumours have been rife over the past weeks that some players have secured licensing under the Feed-In Tariff (FiT) although the opening for application would only begin from 1 December. Apart from Cypark Resources Bhd, other listed companies also producing RE or have expressed interest to venture into RE are MMC Corp Bhd, Fitters Diversified Bhd, Berjaya Corp Bhd and KUB Malaysia Bhd. An official from Seda said license would only be awarded beginning 1 December and no players have secured a license so far. (StarBiz) Property: Shortlisted Bangsar developers to be revealed next month The names of developers shortlisted to undertake the development of the 20 acres of prime land in Bangsar are expected to be revealed next month. Permodalan Hartanah Bumiputera (PHB), which owns the land, is believed to be still in the process of shortlisting the candidates based on their project submissions. Six to eight developers are said to have submitted bids to tender for the development earlier this year. (StarBiz) Tolls: UEM, EPF and government strike a deal Toll rates n several expressways will increase by smaller amounts from 2016, once the proposed takeover of PLUS Expressways Bhd by UEM Group Bhd and the Employees Provident Fund Board (EPF) materialises. At the same time, the concession period for several expressways will be extended. This is broad strokes the conclusion of the negotiations between the government and UEM and the EPF. The hike in the toll rate will be reduced and fixed at 5%. The first increase will take place in 2016 and revisions will be done every three years. Rates for the Penang Bridge will remain until expiry of the concession agreement. (Financial Daily)

Newz Bits | 17 November 2011

GLOBAL NEWS
US: Deficit committee locked in budget stalemate Budget talks in Congress were locked in stalemate on Wednesday as Democrats and Republicans waited for the other side to make a new offer on taxes and healthcare. With a deadline less than a week away, members of a 12-member "super committee" tasked with finding USD1.2trn in budget savings confronted the same barriers that have thwarted earlier efforts to rein in the growing national debt, which crossed the USD15trn mark on Tuesday. Republicans, who have moved away from their staunch opposition to tax increases, said they would not give any more ground until Democrats consider reforms that would partially privatize the Medicare healthinsurance program for retirees. (Reuters) US: Industrial production picks up Industrial production in the U.S. advanced more than forecast in October, adding to evidence the worlds largest economy is weathering disruptions in financial markets caused by the crisis in Europe. Output at factories, mines and utilities climbed 0.7% after a revised 0.1% drop in September, figures from the Federal Reserve showed. (Bloomberg) US: Homebuilder confidence climbs to highest since May 2010 Confidence among U.S. homebuilders unexpectedly climbed in November to the highest level since May 2010, a sign the outlook for construction may be stabilizing. The National Association of Home Builders/Wells Fargo index of builder confidence rose to 20 from a revised 17 in October that was a point lower than first reported. Economists projected an index of 18, according to the median forecast in a Bloomberg News survey. Readings below 50 mean more respondents said conditions were poor. Borrowing costs near a record low and efforts by the Federal Reserve to spur demand may be starting to bear fruit. At the same time, the prospect of more foreclosed properties returning to the market and competing with new construction means a sustained rebound in housing may be years away. (Bloomberg) US: Consumer prices unexpectedly fell 0.1% in October The cost of living in the U.S. unexpectedly fell in October for the first time in four months, a sign that inflationary pressures may be starting to recede. The consumer-price index declined 0.1% from the prior month after a 0.3% rise, a report from the Labor Department showed. The socalled core rate that excludes volatile food and fuel costs rose 0.1%, matching September as the smallest gain this year. Receding raw-material costs compared with earlier this year may make it easier for some retailers to hold the line on prices as they compete for consumers coping with stagnating incomes entering the holiday shopping season. (Bloomberg) Europe: Inflation holds at 3-year high European inflation held at the highest rate in 3 years in October, complicating the European Central Banks task of shoring up the economy as it fights the sovereign-debt crisis. Consumer prices in the 17 nations using the euro increased 3% from a year earlier, the same rate of inflation as in September, the European Unions statistics office said. Thats the biggest gain since October 2008 and in line with an initial estimate published on Oct. 31. Core inflation, excluding energy costs, held at 1.6%. (Bloomberg) Japan: BOJ cuts economic view as Europe crisis becomes growing risk The Bank of Japan cut its economic assessment as Governor Masaaki Shirakawa called the European debt crisis the biggest danger for the nations export-led recovery. The BOJ held the overnight lending rate between 0.0% and 0.1% and left unchanged at JPY35trn fixed-rate lending program to encourage banks to extend loans in a unanimous decision. (Bloomberg)

Newz Bits | 17 November 2011

ECONOMICS WATCH
Economic data to be announced over next 7 days Date Economic release Thu, 17 Nov US Philadelphia Fed US Housing Start US Building Permits US Initial Claims Malaysia GDP (% y-o-y) Malaysia Current Account Balance US Leading Indicators Nov Oct Oct Nov 3Q 3Q Oct Oct Oct Nov Nov Oct Oct Oct Oct Nov Nov Nov Consensus 8.9 610,000 603,000 395,000 4.70 0.6 4.80m -1.1 0.3 0.3 64.5 Previous Comments 8.7 658,000 589,000 390,000 4.00 23.4bn 0.2 -0.22 4.91m 134.78bn -6.0 3.4 -0.6 0.1 0.6 64.2 8.0 51.1

Fri, 18 Nov

Mon, 21 Nov US Chicago Fed Nat Activity US Existing Home Sales Tue, 22 Nov Malaysia Foreign Reserves US Richmond Fed Mfg Index

Wed, 23 Nov Malaysia CPI (% y-o-y) US Durable Goods Orders (% m-o-m) US FOMC Minutes US Personal Income (% m-o-m) US Personal Spending (% m-o-m) US Consumer Sentiment (Umich) US Kansas City Fed Mfg Activity 22-25 Nov China HSBC Flash PMI

Economic data announced in last 7 days Date Economic release Thu, 10 Nov Malaysia Industrial Prod (% y-o-y) Malaysia Mfg Sales Value (% y-o-y) US Import Price Index (% m-o-m) US Trade Balance US Initial Claims US Monthly Budget Statement China Trade Balance China Exports (% y-o-y) China Imports (% m-o-m) Malaysia Overnight Rate US Consument Sentiment (UMich) China New Yuan Loans China M2 (% y-o-y) US Retail Sales (% m-o-m) US Empire Manufacturing US Business Inventories (% m-o-m) US PPI (% m-o-m) Sep Sep Oct Sep Nov Oct Oct Oct Oct Nov Nov Oct Oct Oct Nov Sep Oct Oct Oct Oct Oct

Actual 2.5 16.5 -0.6 -43.1bn 390,000 -98.5bn 17.0bn 15.9 28.7 3.00% 64.2 586.8bn 12.9 0.5 0.61 0.0 -0.3 -0.1 0.7 77.8 8.8

Previous Comments 3.7 11.2 0.0 -44.9bn 400,000 -140.4bn 14.5bn 17.1 20.9 3.00% 60.9 470.0bn 13.0 1.1 -8.48 0.4 0.8 0.3 -0.1 77.3 7.9

Fri, 11 Nov

Tue, 15 Nov

Wed, 16 Nov US CPI (% m-o-m) US Industrial Production (% m-o-m) US Capacity Utilisation Rate China Actual FDI (% y-o-y)

Newz Bits | 17 November 2011

CALENDAR OF CORPORATE EVENTS

Company visits / briefing Company Notion VTec Bhd Malaysia Marine & Heavy Engineering Bhd Media Chinese International Ltd Date 17 Nov 18 Nov 25 Nov Time 4.30pm 2.30pm 6.00pm

Results Company Notion VTec Bhd Malaysia Marine & Heavy Engineering Bhd Media Prima Bhd KNM Group Dayang Enterprises Bhd Malaysia Airline System Bhd AirAsia Bhd Alam Maritim Star Publications Bhd Perdana PetroleumBhd Parkson Holdings Berhad KL Kepong Bhd UMW Holdings Bhd Sime Darby Bhd Genting Bhd Genting Malaysia Bhd Media Chinese International Ltd IJM Plantations Bhd IJM corp Bhd YNH Property Bhd Maxis Bhd Axiata Group Berhad Financial quarter 4QFY11 2QFY11 3QFY11 3QFY11 3QFY11 3QFY11 3QFY11 3QFY11 3QFY11 3QFY11 1QFY12 4QFY11 3QFY11 1QFY12 3QFY11 3QFY11 2QFY12 2QFY12 2QFY12 3QFY11 3QFY11 3QFY11 Date 17 Nov 18 Nov 18 Nov 21 Nov 22 Nov 22 Nov 22 Nov 22 Nov 23 Nov 23 Nov 23 Nov 23 Nov 24 Nov 25 Nov 25 Nov 25 Nov 25 Nov 25 Nov 25 Nov 25 Nov 30 Nov 30 Nov

Newz Bits | 17 November 2011

RECENT REPORTS PUBLISHED

Company
Telekom Malaysia Genting Plantations IJM Corporation IJM Plantations IOI Corporation Media Prima Media Chinese International Limited Lafarge Malayan Cement Pelikan International Corporation Sime Darby Wah Seong Corporation YTL Cement Genting Genting Malaysia Bumi Armada Maxis YTL Power Banking YNH Property Hong Leong Bank Lingkaran Trans Kota Holdings Market Strategy Banking Alam Maritim Resources Hong Leong Bank Tenaga Nasional SP Setia DiGi.com IJM Corp Plantation Axiata Genting Malaysia Alam Maritim Berjaya Sports Toto Glomac SapuraCrest Petroleum SP Setia Tenaga Nasional Glomac SP Setia Media SP Setia Axis REIT Alam Maritim Hong Leong Bank Gamuda Banking Market Strategy SP Setia KNM Group CIMB Group Holdings Market Strategy Plantation Top Glove KNM Group CapitaMalls Malaysia Trust Public Bank Axis REIT British American Tobacco Dayang Enterprises DiGi.com SP Setia IOI Corporation Axis REIT CapitaMalls Malaysia Trust Tenaga Nasional Banking SapuraCrest Petroleum Malaysia Marine & Heavy Engineering Gamuda Plantation Malayan Banking CIMB Group Holdings Wah Seong Corporation

Report title
2QFY11 Results 2QFY11 Results 1QFY12 Results 1QFY12 Results 4QFY11 Results 2QFY11 Results 1QFY11 Results 2QFY11 Results 2QFY11 Results 4QFY11 Results 2QFY11 Results 4QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 2QFY11 Results 4QFY11 Results July 2011 statistics 2QFY11 Results 4QFY11 Results 2QFY11 Results 2QCY11 Results round-up Issues about ownership cap on Indonesia banks remain cloudy Secures long term charters Right issues of 299.8m shares at RM8.65 Already trading below book value Get additional density in Penang Higher-than-expected capital repayment The Coast is clear? August MPOB Stats 2011 Investor Day Unveiling the masterplan More charters rolling in 1QFY12 Results 1QFY12 Results 2QFY12 Results 3QFY11 Results Downgrade to HOLD, risk of gas curtailment prolonging Fundamentals still intact Second project in Melbourne Adex momentum to taper off in 2012 Second chance to exit in a downturn...take it! Acquisition of Seberang Prai logistic warehouse Charters continue Buy before perfect marriage bears synergistic child! 4QFY11 Results August 2011 statistics: Mixed signals Recession risk not priced-in yet Taking a second bite at Semenyih Contract flow picks up In talks to venture into Philippines A people friendly Budget 2012 September MPOB statistics 4QFY11 Results RE project in Sri Lanka 3QFY11 Results 3QFY11 Results 3QFY11 Results 3QFY11 Results Murphy contract extension 3QFY11 Results Privatisation of KLEC set in stone Plantation land purchase called off Acquisition of DHL logistic warehouse Private placement 4QFY11 Results Sep 2011 statistics: Loans growth may peak soon Petrobras contract comes through Tapis contract award Slight hiccup in MRT October MPOB Statistics 1QFY11 Results 3QFY11 Results 3QFY11 Results

Call
Hold Trading Buy Buy Trading Buy Trading Buy Buy Buy Hold Trading Buy Trading Bur Buy Buy Hold Hold Hold Hold Hold Neutral Hold Hold Hold Neutral Buy Hold Buy Hold Buy Buy Neutral Buy Hold Buy Buy Buy Trading Buy Hold Hold Buy Hold Neutral Accept Buy Buy Buy Hold Neutral Accept Trading Buy Trading Buy Neutral Hold Trading Buy Buy Hold Buy Hold Buy Buy Sell Trading Buy Buy Buy Hold Neutral Trading Buy Hold Hold Neutral Hold Hold Buy

Target price
RM3.70 RM8.64 RM7.02 RM3.61 RM6.11 RM3.31 RM1.34 RM7.28 RM1.00 RM10.95 RM3.06 RM5.66 RM9.88 RM3.42 RM3.91 RM5.47 RM1.97 RM1.60 RM13.62 RM4.42 RM1.11 RM13.62 RM6.37 RM4.00 RM35.05 RM7.02 RM5.80 RM3.42 RM1.11 RM5.20 RM1.68 RM4.60 RM3.20 RM5.41 RM1.68 RM3.20 RM3.90 RM2.78 RM1.11 RM12.20 RM2.94 RM3.90 RM1.72 RM7.88 RM4.75 RM1.72 RM1.50 RM11.40 RM2.65 RM43.80 RM2.17 RM36.30 RM3.90 RM6.11 RM2.76 RM1.43 RM6.00 RM4.60 RM6.02 RM2.94 RM8.00 RM7.00 RM2.48

Date
25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 25 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 26 Aug 29 Aug 29 Aug 29 Aug 29 Aug 2 Sep 5 Sep 7 Sep 7 Sep 8 Sep 8 Sep 9 Sep 12 Sep 13 Sep 14 Sep 19 Sep 21 Sep 22 Sep 22 Sep 22 Sep 23 Sep 23 Sep 23 Sep 26 Sep 28 Sep 29 Sep 29 Sep 30 Sep 30 Sep 30 Sep 3 Oct 4 Oct 4 Oct 7 Oct 7 Oct 10 Oct 11 Oct 12 Oct 12 Oct 14 Oct 18 Oct 18 Oct 21 Oct 24 Oct 25 Oct 25 Oct 27 Oct 27 Oct 31 Oct 31 Oct 1 Nov 2 Nov 4 Nov 9 Nov 11 Nov 15 Nov 16 Nov 16 Nov

Newz Bits | 17 November 2011

DISCLOSURE & DISCLAIMER

Stock rating definitions
Strong buy Buy Hold Sell Trading buy High conviction buy with expected 12-month total return (including dividends) of 30% or more Expected 12-month total return of 15% or more Expected 12-month total return between -15% and 15% Expected 12-month total return of -15% or less Expected 6-month total return of 15% or more arising from positive newsflow. However, upside may not be sustainable.

Sector rating definitions

Overweight Neutral Underweight - Industry expected to outperform the market over the next 12 months - Industry expected to perform in-line with the market over the next 12 months - Industry expected to underperform the market over the next 12 months

Disclaimer
This report is for information purposes only and general in nature. The information contained in this report is based on data and obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made with respect to the accuracy, completeness or reliability of the information or opinions in this report. Accordingly, neither we nor any of our related companies and associates nor persons related to us accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use of or reliance on the information or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. It is not possible to have regard to the specific investment objectives, the financial situation and the particular needs of each person who may receive or read this report. As such, investors should seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. Under no circumstances should this report be considered as an offer to sell or a solicitation of an offer to buy any securities referred to herein. This company and its related companies, their associates, directors, connected parties and/or employees may, from time to time, own, have positions or be materially interested in any securities mentioned herein or any securities related thereto, and may further deal with such securities and provide advisory, investment or other services for any company or entity mentioned in this report. In reviewing this report, investors should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflict of interests.

Published & printed by: ECM Libra Capital Sdn Bhd (579116-A) 2nd Floor, West Wing, Bangunan ECM Libra No. 8 Jalan Damansara Endah Damansara Heights 50490 Kuala Lumpur Tel: (603) 2089 1888 Fax: (603) 2096 1868

Newz Bits | 17 November 2011