Retail Research

TrendSpotter

Let’s get technical

15 Apr 2015

Top pick for the day: MSCI World Index

Regional Technical Team Kong Seh Siang T: +60 (3) 2261-9076 E: [email protected] Nabil Fikri Noor Iskandar Hashim T: +60 (3) 2261-9079 E: [email protected] Patricia Sumampouw T: +62 (21) 515-1330 E: [email protected] Teerasak Tanavarakul T: +66 (0)2657-9231 E: [email protected]

Another bearish wedge pattern Similar to the S&P500 and Dow Jones Industrial Averages, the MSCI World Index also appears to be in the process of forming a bearish wedge pattern. The converging (red) trend lines signals that a potential turn could be just around the corner. And this potential reversal is supported by the bearish divergences on its momentum indicators. With prices currently knocking on the wedge resistance, an immediate turn would not be a surprise. Nonetheless, the index needs to fall below the critical support at 416.20 to confirm that a turn is in place and the index could potentially correct to the origin of the pattern i.e. at 387.49. Falling below the 422.78 level would increase the odds of the breakdown of the critical support. However, if the red trend lines continue to hold, then the index may have the ability to continue on higher until the apex of this pattern i.e. closer to the 440 levels. Watch for the 416.20 levels. FSSTI

HSI

JCI

SET

1,844

3,472

27,272

5,491

1,548

►▲ ►▼

►▲ ►▲

► ►

► ►

► ►▲

R2 R1 Last Price (local) S1 S2

Genetec Technology Buy 0.260 0.235 0.195 0.190 0.170

Ezra Holdings Buy 0.530 0.495 0.475 0.425 0.395

China Galaxy Securities Sell 14.00 13.78 12.88 12.00 11.20

Waskita Karya Buy 1780 1750 1735 1700 1685

Indorama Ventures Buy 28.50 27.00 25.50 25.50 25.00

R2 R1 Last Price (local) S1 S2

Supermax Corp Buy 2.21 2.15 2.06 2.01 1.96

Biosensors International Sell 0.890 0.825 0.775 0.755 0.680

Great Wall Motor Co Sell 60.25 59.00 56.65 54.15 50.55

Surya Citra Media Buy 3505 3455 3425 3390 3360

Team Precision Buy 3.50 3.20 3.08 3.08 3.04

KLCI ST Outlook (0-1mth) LT Outlook (6-12mths)

Please read carefully the important disclosures at the end of this publication.

Commodities / Indices… Indices Indices

Last

Dow Jones

Currencies % chg Ytd % chg

Currencies (Spot)

Last

% chg Ytd % chg

18,036.70

+0.3%

+1%

US Dollar Index

98.73

-0.8%

S&P 500 Index

2,095.84

+0.2%

+2%

Australian Dollar

0.7617

-0.1%

-7%

Nasdaq Index

4,977.29

-0.2%

+5%

Canadian Dollar

1.2488

+0.0%

+7%

Euro Stoxx 50

3,784.53

-1.2%

+20%

Euro

1.0648

-0.1%

-12%

Germany's DAX

12,227.60

-0.9%

+25%

Japanese Yen

119.43

+0.0%

-0%

UK's FTSE 100

+9%

7,075.26

+0.2%

+8%

Danish Krone

7.0143

+0.1%

+14%

19,908.68

+0.0%

+14%

British Pound

1.4772

-0.1%

-5%

Shanghai SE Composite Index

4,135.57

+0.3%

+28%

Swiss Franc

0.9727

+0.0%

-2%

Hong Kong's Hang Seng Index

27,561.49

-1.6%

+17%

Singapore Dollar

1.3605

-0.0%

+3%

South Korean Won

1,094.13

-0.0%

+0%

31.28

-0.1%

-1%

Japan's Nikkei-225

Australia's ASX 200 Index

5,946.55

-0.2%

+10%

29,044.44

+0.6%

+6%

Taiwan Dollar

Singapore's Straits Times Index

3,521.08

+1.1%

+5%

Hong Kong Dollar

7.7517

-0.0%

-0%

Taiwan TAIEX

9,642.22

-0.3%

+4%

Malaysian Ringgit

3.7005

-0.0%

+6%

Korea's KOSPI

2,111.72

+0.6%

+10%

Indonesian Rupiah

12,984.00

-0.0%

+5%

Malaysia's FBMKLCI

1,839.61

-0.1%

+4%

Thai Baht

32.47

-0.1%

-1%

Indonesia's JCI

5,419.11

-0.5%

+4%

Indian Rupee

62.51

+0.3%

-1%

Thailand's SET

1,547.83

+0.2%

+3%

Philippines Peso

44.59

-0.0%

-0%

Philippines' PCOMP

8,056.49

-0.2%

+11%

China Renminbi

6.2117

-0.0%

+0%

India's BSE Sensex 30

Global Commodities Global Commodities

Last

Most Actives % chg Ytd % chg

Most Active Malaysia

Last

% chg Ytd % chg

219.04

+1.0%

-5%

BIOALPHA HOLDING

0.27

+35.0%

+35%

1,192.92

+0.0%

+1%

XINGHE HOLDINGS

0.08

+0.0%

+14%

Silver Spot $/Oz

16.18

+0.0%

+3%

DGB ASIA BHD

0.13

+8.3%

+78%

WTI Crude Oil (US$/barrel)

53.45

+0.3%

+0%

NETX HOLDINGS BH

0.08

+7.1%

+7%

Brent Crude Oil

58.43

+0.9%

+2%

FRONTKEN CORP

0.22

-2.2%

+57%

Most Active Singapore

ThomReuters/JefferiesCRB Gold Spot (US$/oz)

Natural Gas Futures

2.52

-0.3%

-13%

Copper Futures

270.25

+0.1%

-4%

SINO CONSTRUCT

0.09

+11.1%

-65%

Soybeans Futures

960.25

+1.2%

-6%

ALBEDO LTD

0.02

+21.4%

+89%

Soybean Oil Futures

31.30

+0.8%

-2%

MAGNUS ENERGY GR

0.00

+0.0%

-40%

313.60

+1.6%

-14%

CHARISMA ENERGY

0.03

+3.1%

+22%

Sugar Futures

13.19

+1.4%

-9%

XPRESS HOLDINGS

0.02

-10.0%

+157%

Cocoa Futures

2,848.00

+1.8%

-2%

Most Active Hong Kong

Coffee Futures

134.60

+0.6%

-19%

CCT LAND HOLDING

0.02

+0.0%

+6%

Corn Futures

373.50

+0.8%

-6%

GOME ELECTRICAL

2.19

-12.0%

+92%

Wheat Futures

497.00

-1.0%

-16%

CH ENV ENERGY

0.29

+39.7%

+4%

Live Cattle Futures

150.43

+1.0%

-8%

PING SHAN TEA GR

0.05

-2.0%

-34%

SMIC

0.86

-6.5%

+21%

Soymeal Futures

Cotton Futures Palm Oil Futures (3th month) Orange Juice Futures Coal Futures

64.69

-0.7%

+7%

2,142.00

+0.8%

-5%

111.20

+1.5%

-21%

SRI REJEKI ISMAN

265.00

+1.1%

+63%

49.70

-0.4%

+2%

CAPITALINC INVES

291.00

+0.3%

+40%

NIRVANA DEVELOPM

214.00

-3.6%

+15%

640.00

+1.6%

+14%

1,445.00

+4.7%

+42%

Most Active Indonesia

ALAM SUTERA REAL LIPPO KARAWACI Most Active Thailand

2

JASMINE INTL PCL

5.50

-1.8%

-25%

INTL ENGINEERING

0.05

+0.0%

+0%

NATURAL PARK PCL

0.05

+0.0%

+0%

TPI POLENE PCL

2.86

-5.3%

+67%

THAI INDUS & ENG

0.51

-7.3%

-55%

Retail Research

Crossroads

Market Spotlight

15 Apr 2015

Regional Technical Team

Dow Jones Industrial Average (18,037.70)    

R2: 18,511 R1: 18,228 S1: 17,579 S2: 17,243



The recent rise in volatility is going to be the new norm come 2015. Fasten your seatbelts and enjoy the ride.



The DJI has pushed above its 50day SMA after lingering above its key wedge support trend line. Look for a retest of the 18,205 and 18,288 highs next. 18,500 would likely be next if the all time high is breached.



As long as 17,500 holds, the uptrend could continue for now. Below that critical level would likely signal that a correction is underway. Source: Bloomberg

Deutsche Borse AG German Stock Index DAX (12,227.60)    

R2: 12,560 R1: 12,445 S1: 12,017 S2: 11,744



Prices continue to struggle to hold above the psychological 12,000 levels and we see it as a first sign of weakness. However, it is still too early to call for a top.



The recent move has taken prices back to retest the underside of the previous uptrend line. As mentioned on Friday, current resistance is at 12,300-12,440. Higher prices are likely still as there are still no signs of a reversal yet.



Closing below the 12,017 low would likely open the door to more weakness in the near term. Higher for now. Source: Bloomberg

3

Malaysia’s FBMKLCI (1,839.61)    

R2: 1,874 R1: 1,858 S1: 1,831 S2: 1,823



KLCI has pushed past the major resistance trend line as well as its 200-day SMA in March and this has led prices to its year-to-date high of 1,856 last week.



Prices pulled back a tad after testing the critical resistance at 1,858. We expect prices to retest this level again soon. Taking out this level would eliminate the previous lower highs and lower lows sequence from the 1,896 high set in July last year.



The bulls need to push higher in the next few days or else a more bearish development may be taking place. Key support remains at 1,823. Source: Bloomberg

Singapore’s Straits Times Index (3,521.08)    

R2: 3,573 R1: 3,550 S1: 3,450 S2: 3,387



Prices have been rising since breaking out above multiple resistance levels recently – 3,3703,391 resistance band and ST resistance channel.



The breakout is positive and could see higher prices in coming days if not weeks. The nudge higher at the final hour took prices to above the 3,500 levels for the first time since 2008. The next resistance seen around the 3550-3573 levels, the upper band of its ST uptrend channel.



A drop below 3,450 would likely indicate that a pullback may be underway. Source: Bloomberg

4

Hong Kong’s Hang Seng Index (27,561.49)    

R2: 28,467 R1: 27,922 S1: 26,236 S2: 25,275



The spike high yesterday to 27,922 reached the 1.618x the length of the previous run from December to February. Is this the end of this rally?



Potentially yes as we believe sentiment is at its extreme not seen in years. As long as the index does not move beyond 28,467, we believe that a peak is near (if we have not already seen it yesterday).



Filling up the gaps would be a good warning that a top may be in place. For now, keep a sharp eye on the 28,467 resistance as well as the gaps that occurred over the past couple of days. The index is at a critical juncture right in the coming weeks. Source: Bloomberg

Jakarta Stock Exchange Composite Index (5,419.11)    

R2: 5,600 R1: 5,555 S1: 5,319 S2: 5,250



The higher lows and higher highs since the 4,900 low in October suggest that the trend is still up.



Do note that yesterday’s fall below the ST uptrend channel support (red) is a warning of a potential selloff here. For now, continue to allow for higher prices as the 50day SMA continue to keep prices afloat.



Falling below 5,350 would confirm that a correction is taking place, targeting 4,900 once more. Source: Bloomberg

5

Thailand’s SET (1,547.83)    

R2: 1,610 R1: 1,568 S1: 1,520 S2: 1,484



The push to new highs above 1,603 in February looks like a false breakout. The recent fall has taken prices to below key levels.



The current rebound is testing its overhead resistance i.e. its 30-day and 200-day SMA. The 50-day SMA would be next resistance.



Falling back below 1,500 would likely open the next leg down to retest 1,484 and 1,459. Source: Bloomberg

6

Retail Research

Malaysia

Trading Picks

15 Apr 2015

Nabil Fikri +60 (3) 2261-9079 – [email protected], Kong Seh Siang +60 (3) 2261-9076 – [email protected]

Genetec Technology (GENE MK; RM0.195) – BUY    

R2: 0.260 R1: 0.235 S1: 0.190 S2: 0.170



Prices appear to be forming a triangle pattern here with RM0.19 acting as support. The 30-day SMA should also act as support in the near term.



MACD and RSI continue to be in consolidation mode, in line with the triangle pattern.



Aggressive traders may choose to go long here with a stop placed below RM0.19. A breakout above RM0.235 should see prices kick above the recent high of RM0.26 and test RM0.27-0.28 next. Source: Bloomberg

Supermax Corp (SUCB MK; RM2.06) – BUY    

R2: 2.21 R1: 2.15 S1: 2.01 S2: 1.96



Prices have been trading sideways for the past 3months or so. We see a triangle pattern here and we think a breakout could be taking place soon.



Both MACD and RSI are flat, which supports the idea of the consolidation triangle pattern.



Aggressive traders may go long here with a stop placed below RM2.01. Look for a push beyond RM2.15 for confirmation that the stock is heading to RM2.37 and RM2.46 next. Source: Bloomberg

7

Retail Research

Singapore

15 Apr 2015

Trading Picks

Nabil Fikri +60 (3) 2261-9079 – [email protected], Kong Seh Siang +60 (3) 2261-9076 – [email protected]

Ezra Holdings (EZRA SP; S$0.475) – BUY    

R2: 0.530 R1: 0.495 S1: 0.425 S2: 0.395



The stock tested a key LT support trend line recently and the bulls managed to keep the sellers at bay. The recent bounce off this support could continue in the near term.



The bullish divergence on its MACD is supportive of higher prices in the near term. The new 7-month high on its RSI is also positive.



Traders may go long here with a stop placed below S$0.425. Look for prices to move higher to test S$0.53-0.59 resistance band. Source: Bloomberg

Biosensors International (BIG SP; S$0.775) – SELL    

R2: 0.890 R1: 0.825 S1: 0.755 S2: 0.680



The recent rally from early March has gone sideways for the past month or so. We expect another push to test its 62%FR next.



However, note that the MACD has just reconfirmed its dead cross, which in turn, confirmed its bearish divergence signal. The negative divergence can also be seen on its RSI.



We think that aggressive traders ought to take profits on a move towards S$0.825-0.83. However, a sharp drop below S$0.755 may also kick start another round of selling to below S$0.635. Wait for the push before taking profits. Source: Bloomberg

8

Retail Research

Hong Kong

Trading Picks

15 Apr 2015

Raymond Yap+60 (3) 2261 9072 – [email protected]

China Galaxy Securities (6881 HK; HK$12.88) – SELL    

R2: 14.00 R1: 13.78 S1: 12.00 S2: 11.20



The stock formed a bearish engulfing pattern yesterday and the close near the day’s low bodes ill for the near term. Expect more correction to set in soon.



The overbought RSI has hooked down once more but there is still room to fall from here.



Traders who bought earlier ought to take profits now. Prices are expected to fill up the 9th April gap of HK$11.20-11.80 next. The next support is at the HK$9.20-9.60 band. Source: Bloomberg

Great Wall Motor Co(2333 HK; HK$56.65) – SELL    

R2: 60.25 R1: 59.00 S1: 54.15 S2: 50.55



Yesterday we saw prices fell back below the uptrend channel resistance after briefly moving above it last week. The failure to hold above this resistance could be read as an exhaustion signal.



Coupled with the overbought RSI, we think that more weakness could follow on from here.



Take profits now against HK$59.00. Closing below HK$54.15 could see prices weaken to the channel support at HK$49.50-50.55 next. The following support is at HK$45.75. Source: Bloomberg

9

Retail Research

Indonesia

Trading Picks

Patricia Sumampouw +6221 515-1330 – [email protected]

PT Waskita Karya (WSKT IJ; Rp 1735) – BUY    

R2: 1780 R1: 1750 S1: 1700 S2: 1685



WSKT is currently holding above its MT uptrend channel support. With a formation of a bullish flag pattern, we think that a breakout is likely soon.



Both MACD and RSI are holding steady at their respective support levels.



Look for a breakout for WSKT as long as prices stay above IDR 1660. Taking out IDR 1790 would likely see prices push towards IDR1890 next.

PT Surya Citra Media (SCMA IJ; Rp 3425) – BUY    

R2: 3505 R1: 3455 S1: 3390 S2: 3360



SCMA is currently testing its moving averages. The recent rebound off its historical support in March is likely to continue for now.



The MACD has just confirmed its golden cross while RSI is also on a rising trend.



We recommend buying this stock only for the aggressive traders. Keep a stop below IDR 3230. Look for a test of its 200-day SMA next and thereafter, the upper resistance at IDR3650-3700.

10

15 Apr 2015

Retail Research

Thailand

Trading Picks

Teerasak Tanavarakul -(66) 2 657 9236 - [email protected]

The Thailand market will only re-open on the 16th of April 2015 Indorama Ventures (IVL TB; THB 25.50) – BUY    

R2: 28.50 R1: 27.00 S1: 25.50 S2: 25.00



The stock has been trading within the uptrend channel since the Dec low. Prices are currently sitting slightly above the channel support.



As long as the channel support holds and indicators remain in the bullish zone, a bounce from here is likely.



We recommend buying into this stock which has support at 25.50 and 25.00. Meanwhile, it has resistance at 27.00 and 28.50. Put a stop below 24.50.

Team Precision (TEAM TB; THB 3.08) – BUY    

R2: 3.50 R1: 3.20 S1: 3.08 S2: 3.04



The stock successfully closed above the channel resistance after trying for couple of times. Prices also swung past its 30-day SMA along the way. This is likely a precursor to more upside ahead.



MACD is rising towards the zero line while RSI has turned upwards slightly.



We recommend buying into this stock which has support at 3.08 and 3.04. Meanwhile, it has resistance at 3.20 and 3.50. Put a stop below 2.96.

11

15 Apr 2015

Trading Portfolio

15 Apr 2015

Kong Seh Siang +60 (3) 2261-9076 – [email protected]

Portfolio Monitor Trading portfolio Stock

Country

Weighting

Shares Entry price

%

(local curr)

Current price (local curr)

Total cost (local curr)

Market value

Stop loss

Target

(local curr)

(local curr)

(local curr)

Position

Market value S$

Dividend S$

Profit/loss S$

Profit/loss

Forex

%

Existing stocks K-One Technology

MK

8%

40,000

0.535

0.570

21,400.00

22,800.00

0.490

0.635

LONG

8,537.41

74.89

599.12

7.5%

2.67

Sy stech

MK

12%

80,000

0.320

0.400

25,600.00

32,000.00

0.330

0.430

LONG

11,982.33

-

2,396.47

25.0%

2.67

Indofood Agri Resources

SP

14%

20,000

0.725

0.735

14,500.00

14,700.00

0.705

0.790

LONG

14,700.00

-

200.00

1.4%

1.00

New purchases

Share sales

Cumulative dividend

-

Cumulative realised gains/profits

(242.75)

Cash balance + Cumulative dividend

67,658.21 Portfolio value

102,877.94

* Assuming no transaction cost inv olv ed.

Note: Trading Portfolio is a simulation that incorporates technical analysis as a means of stock-picking. The modus operandi is such that we select companies that were recommended in Trading Picks across the five countries (Malaysia, Singapore, Hong Kong, Thailand and Indonesia). Trading, however, may not take place on a day-to-day basis but from time to time, we may up our stop loss point towards breakeven or even to turn it into a trailing stop. For a start, we have allocated SGD100,000 as our initial capital for this Trading Portfolio.

We have raised the stops for K-One from 0.49 to 0.55 and Systech from 0.33 to 0.38 to lock-in our gains in case these stocks do not hit their targets. The rest of the portfolio remains unchanged.

12

20 February 2012

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Securities and Exchange Commission Thailand (i) As of 14 Apr 2015, CIMB has a proprietary position in the following securities (which may include but not limited to shares, warrants, call warrants and/or any other derivatives) covered or recommended in this report: (a) Supermax, Biosensors International, Ezra Holdings, Indofood Agri Resources (ii) As of 15 Apr 2015, the analysts, Raymond Yap, Kong Seh Siang, Nabil Fikri Noor Iskandar Hashim, Patricia Sumampouw, and Teerasak Tanavarakul who prepared this report, and the associate(s), has / have an interest in the securities (which may include but not limited to shares, warrants, call warrants and/or any other derivatives) in the following company or companies covered or recommended in this report:: (a) -. The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue of this report. CIMB may or may not issue regular reports on the subject matter of this report at any frequency and may cease to do so or change the periodicity of reports at any time. CIMB is under no obligation to update this report in the event of a material change to the information contained in this report. This report does not purport to contain all the information that a prospective investor may require. CIMB or any of its affiliates does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information and opinion contained in this report. Neither CIMB nor any of its affiliates nor its related persons shall be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof. This report is general in nature and has been prepared for information purposes only. It is intended for circulation amongst CIMB and its affiliates’ clients generally and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. The information and opinions in this report are not and should not be construed or considered as an offer, recommendation or solicitation to buy or sell the subject securities, related investments or other financial instruments thereof. Investors are advised to make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs and consult their own professional and financial advisers as to the legal, business, 13

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financial, tax and other aspects before participating in any transaction in respect of the securities of company(ies) covered in this research report. The securities of such company(ies) may not be eligible for sale in all jurisdictions or to all categories of investors. Australia: Despite anything in this report to the contrary, this research is provided in Australia by CIMB Securities (Australia) Limited (“CSAL”) (ABN 84 002 768 701, AFS Licence number 240 530). CSAL is a Market Participant of ASX Ltd, a Clearing Participant of ASX Clear Pty Ltd, a Settlement Participant of ASX Settlement Pty Ltd, and, a participant of Chi X Australia Pty Ltd. This research is only available in Australia to persons who are “wholesale clients” (within the meaning of the Corporations Act 2001 (Cth)) and is supplied solely for the use of such wholesale clients and shall not be distributed or passed on to any other person. 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The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CHK has no obligation to update its opinion or the information in this research report. This publication is strictly confidential and is for private circulation only to clients of CHK. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CHK. Unless permitted to do so by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the securities covered in this report, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong). CIMB Securities Limited does not make a market on the securities mentioned in the report. India: This report is issued and distributed in India by CIMB Securities (India) Private Limited (“CIMB India”) which is registered with SEBI as a stockbroker under the Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Regulations, 1992 and in accordance with the provisions of Regulation 4 (g) of the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, CIMB India is not required to seek registration with SEBI as an Investment Adviser. The research analysts, strategists or economists principally responsible for the preparation of this research report are segregated from the other activities of CIMB India and they have received compensation based upon various factors, including quality, accuracy and value of research, firm profitability or revenues, client feedback and competitive factors. Research analysts', strategists' or economists' compensation is not linked to investment banking or capital markets transactions performed or proposed to be performed by CIMB India or its affiliates. Indonesia: This report is issued and distributed by PT CIMB Securities Indonesia (“CIMBI”). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBI has no obligation to update its opinion or the information in this research report. This publication is strictly confidential and is for private circulation only to clients of CIMBI. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBI. Neither this report nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens wherever they are domiciled or to Indonesia residents except in compliance with applicable Indonesian capital market laws and regulations. Malaysia: This report is issued and distributed by CIMB Investment Bank Berhad (“CIMB”). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMB has no obligation to update its opinion or the information in this research report. This publication is strictly confidential and is for private circulation only to clients of CIMB. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB. New Zealand: In New Zealand, this report is for distribution only to persons whose principal business is the investment of money or who, in the course of, and for the purposes of their business, habitually invest money pursuant to Section 3(2)(a)(ii) of the Securities Act 1978. Singapore: This report is issued and distributed by CIMB Research Pte Ltd (“CIMBR”). Recipients of this report are to contact CIMBR in Singapore in respect of any matters arising from, or in connection with, this report. The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBR has no obligation to update its opinion or the information in this research report. This publication is strictly confidential and is for private circulation only. If the recipient of this research report is not an accredited investor, expert investor or institutional investor, CIMBR accepts legal responsibility for the contents of the report without any disclaimer limiting or otherwise curtailing such legal responsibility. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBR. As of 14 Apr 2015 CIMBR does not have a proprietary position in the recommended securities in this report. CIMB Securities Singapore Pte Ltd and/or CIMB Bank does not make a market on the securities mentioned in the report. South Korea: This report is issued and distributed in South Korea by CIMB Securities Limited, Korea Branch ("CIMB Korea") which is licensed as a cash equity broker, and regulated by the Financial Services Commission and Financial Supervisory Service of Korea. The views and opinions in this research report are our own as of the date hereof and are subject to change, and this report shall not be considered as an offer to subscribe to, or used in connection with, any offer for subscription or sale or marketing or direct or indirect distribution of financial investment instruments and it is not intended as a solicitation for the purchase of any financial investment instrument. This publication is strictly confidential and is for private circulation only, and no part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMB Korea. Sweden: This report contains only marketing information and has not been approved by the Swedish Financial Supervisory Authority. The distribution of this report is not an offer to sell to any person in Sweden or a solicitation to any person in Sweden to buy any instruments described herein and may not be forwarded to the public in Sweden. Taiwan: This research report is not an offer or marketing of foreign securities in Taiwan. The securities as referred to in this research report have not been and will not be registered with the Financial Supervisory Commission of the Republic of China pursuant to relevant securities laws and regulations and may not be offered or sold within the Republic of China through a public offering or in circumstances which constitutes an offer or a placement within the meaning of the Securities and Exchange Law of the Republic of China that requires a registration or approval of the Financial 14

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Supervisory Commission of the Republic of China. Thailand: This report is issued and distributed by CIMB Securities (Thailand) Company Limited (CIMBS). The views and opinions in this research report are our own as of the date hereof and are subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. CIMBS has no obligation to update its opinion or the information in this research report. This publication is strictly confidential and is for private circulation only to clients of CIMBS. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this material may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CIMBS. United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by, deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to lead to the sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates. United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (“CIMB UK”). CIMB UK is authorised and regulated by the Financial Conduct Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (c) are persons falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons. Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Conduct Authority in the UK. Consequently, any such nonindependent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research. United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. CIMB Securities (USA) Inc. does not make a market on the securities mentioned in the report. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. RETAIL RESEARCH RECOMMENDATION FRAMEWORK* STOCK RECOMMENDATIONS BUY: The stock's total return is expected to be +15% or better over the next three months.

SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of +15% or better over the next three months. NEUTRAL: The industry, as defined by the analyst's coverage universe, has either (i) an equal number of stocks that are expected to have total returns of +15% (or better) or -15% (or worse), or (ii) stocks that are predominantly expected to have total returns that will range from +15% to -15%; both over the next three months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, has a high number of stocks that are expected to have total returns of -15% or worse over the next three months.

HOLD: The stock's total return is expected to range between +15% and -15% over the next three months.

SELL: The stock's total return is expected to be -15% or worse over the next three months. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

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