On Our Radar Tracker Review

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Daniella Williamson
5 years ago
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1 On Our Radar Tracker Review Into a Traditionally Tough Quarter By Cheow Ming Liang l cheowml@kenanga.com.my As we are march on to the traditionally tougher third quarter (based upon our seasonality study), we should take a more cautious view and adopt a Buy on Weakness strategy on laggard and defensive stocks when the key index dips below 1,735. Having said that, the local equity market is still expected to remain buoyant, at least in the near term. We have revised our year-end FBMKLCI target to 1,845 (from 1,775 previously) post the 1QCY17 earnings review. Technically speaking, the underlying market is set to remain upside-bias after staging a breakout form its consolidation channel recently with key overhead resistance/support set at 1,800/1,760. Meanwhile, our OR tracker portfolio is underperforming the broader market with total returns of -1.9% in May vs. FBMKLCI s +0.52%. The average returns between realised OR portfolio and unrealised OR tracker since inception of 29.4% still better than the FBMKLCI s total return of 25.1% for the same period. A busy month. We had a busy month in May as we released a total of eight Mid-and- Small Cap pieces, of which four were featured under the Bursa s Mid-and-Small ( MidS ) scheme. VITROX (FV: RM7.16) and GBGAQRS (FV: RM1.51) were the only two Trading Buy reports recommended under our traditional On Our Radar series in May while we downplayed MMSV and KIM LOONG after they already recorded handsome 154%/18% total returns resulting in limited capital upside. Meanwhile, on top of A&M (: RM3.00), we also reshuffled KESM (: RM15.20), ULICORP (: RM5.60) and PWROOT (: RM2.90) out from the tracker list to the full-fledge coverage universe under the MidS scheme. In view of the potential 14%- 79% total returns over the next 12-month, we have assigned OUERFORM call to all the stocks under the MidS scheme. Decent quarterly results but momentum slowing. The local market recorded its first MoM decline for the year in May with FBMKLCI declining 2.05 pts or -0.12% MoM to settle at 1, as the softer performance of Telco's stocks were not offset by the better banking counters performance, mainly driven by the latest decent quarterly result as well as M&A news. On the other hand, the recent concluded 1QCY17 results reporting season continued to show signs of improvement given that the disappointment ratio has narrowed to 22.6% (vs. 27.6% in 4Q16 and 34.4% in 3Q16). However, the momentum of this improving trend is showing sign of weakness as merely 13.4% (or 19 stocks) reported better-than-expected report cards in contrast to 25.4% (or 34 stocks) in the preceding quarter. Foreign funds flow-wise; while foreigners continued to be upbeat on Malaysia's market for the 5 th consecutive month with net inflows totalling RM1.47b (-44% MoM), the momentum has somehow softened, as witnessed by the 3 rd consecutive MoM decrease. On Wall-Street, stocks finished higher for the month with DJIA (+0.33% MoM) continuing to stay above 21,000-mark, fuelled by optimism that growth in both the economy and corporate earnings will continue to gain positive momentum. Overall tracker performance remains decent. With the removal of two stocks mentioned above from the tracker list, our OR tracker list with Trading Buy recommendation is now reduced to 30 stocks. Together with 94 stocks in the realised portfolio, the average total return for the tracker stocks (+27.1%) and realised portfolio (+29.0%) since inception in Aug 2012 is 28.6%, which is higher than the total returns of 25.1% from the FBMKLCI for the same period. Xin Hwa (+121%) is the top performer under our OR unrealised tracker list followed by GKENT (+109%) and ELSOFT (+108%) while the top three losers, on the other hand, are EATECH (-62%), KNM (-43%) and REACH (-28%). Meanwhile, PESTECH (+226%), VS (+205%), CAB (+167%) are the top three performers under the realised stocks while K1 (-60%), SAPRES (-36%) and HOHUP (-33%) are the top three losers. PP7004/02/2013(031762) Page 1 of 9

2 On Our Radar Tracker Issued Date ID Price Since ID Price Since ID (%) 31 May 2017 Upside/ Downside Rating Return Since ID (%) incl. dividends May 2017 incl. dividends (since ID) RM (H) (L) (H) (L) RM RM PINTARAS JAYA BHD 15-Aug % % % TB 49.74% 8.33% 10.80% PROTASCO BHD 27-Mar % % % TB % -7.34% -8.44% ECS ICT BHD 11-v % % % TB 18.80% -1.32% 7.84% VITROX CORP BHD 19-Mar % % % TB % 12.28% 74.93% HEKTAR REAL ESTATE INVESTMEN 25-Jun % -1.33% % TB 12.45% -6.25% -2.21% XIN HWA HOLDINGS BHD 30-Jun % 0.06% % TB % -2.31% 25.95% JAKS RESOURCES BHD 6-Oct % % % TB 35.96% -6.63% 51.96% LUXCHEM CORP BHD 8-Oct % -7.14% % TB 17.12% 7.69% 17.56% SUCCESS TRANSFORMER CORP BHD 3-v % % % TB 92.10% 4.97% 88.12% EA TECHNIQUE M BHD 12-v % % % TB % % % KIM TECK CHEONG CONSOLIDATED 23-v % 0.00% % TB 73.33% % 8.33% BP PLASTICS HOLDING BHD 3-Feb % % % TB % -2.10% 1.41% ELSOFT RESEARCH BHD 17-Feb % % % TB % 9.33% 77.24% KNM GROUP BHD 12-Apr % % % TB % -3.45% % BERJAYA FOOD BHD 2-Jun % % % TB % % -0.08% YOONG ONN CORP BHD 11-Jul % % % TB -5.50% -4.07% 8.26% V.S. INDUSTRY BERHAD 17-Aug % -6.99% % TB 39.76% -2.50% 40.95% LATITUDE TREE HOLDINGS BHD 8-Sep % -0.22% % TB 15.46% -0.19% 6.94% MY EG SERVICES BHD 27-Sep % -2.67% % TB 42.49% -0.47% 40.74% EITA RESOURCES BHD 29-Sep % % % TB 43.11% -4.62% 62.85% AIRASIA X BHD 30-Sep % -7.79% % TB 3.90% % 11.11% RCE CAPITAL BHD 4-Oct % -8.40% % TB 32.82% 1.75% 27.94% GEORGE KENT (MALAYSIA) BHD 8-Aug % 2.11% % TB % -9.70% 28.62% ATLAN HOLDINGS BERHAD 13-Oct % -2.06% % TB -0.05% -2.66% -0.87% SASBADI HOLDINGS BHD 5-May % -6.79% % TB 28.78% % 3.75% SARAWAK OIL PALMS BERHAD 28-Oct % -3.09% % TB 2.05% 4.08% -2.99% REACH ENERGY BHD 1-v % % % TB % % % SCICOM (MSC) BHD 1-v % -4.17% % TB 10.82% -2.08% 11.32% NEW HOONG FATT HOLDINGS BHD 1-Dec % -0.64% % TB 31.53% 2.48% 27.47% GABUNGAN AQRS BHD 16-May % 0.00% % TB 10.77% 10.77% 59.12% Simple Average 47.31% % 27.05% -2.24% 20.71% YTD-May 2017 incl. dividends (since ID) PP7004/02/2013(031762) Page 2 of 9

3 Portfolio ID Price Since ID Price Since ID (%) SELL Rating Report Date RM (H) (L) (H) (L) RM RM % RM (%) (%) GRAND-FLO BHD 18-Sep % -2.22% 6-Dec (0.005) -2.2% TS SKP RESOURCES BHD 25-Sep % 0.00% 20-v % Take Profit SCIENTEX BHD 5-Oct % 0.00% 19-Oct % Take Profit TRADEWINDS CORP BHD 9-Aug % 0.00% 20-Sep % Take Profit TOMEI CONSOLIDATED BHD 13-Sep % -9.72% 18-Dec (0.045) -6.3% TS MK LAND HOLDINGS BHD 7-Aug % % 29-Jan (0.060) -15.4% TS I-BHD 27-v % % 22-Jan (0.032) -2.1% TS ADVENTA BHD 22-v % % 15-Jan (0.059) -10.1% Take Profit TOMYPAK HOLDINGS 11-Oct % 0.00% 7-Mar % Take Profit SMRT HOLDINGS BHD 16-Aug % -9.09% 12-Mar (0.020) -9.1% TS POWER ROOT BHD 14-Aug % 0.00% 14-Mar % Take Profit BONIA CORP BHD 6-Sep % % 19-Mar (0.426) -17.3% TS GUAN CHONG BHD 11-Sep % % 21-Mar (0.245) -11.8% TS TAMBUN INDAH LAND BHD 16-Apr % -4.62% 18-Jun % Take Profit SPRITZER BHD 30-Apr % 0.00% 4-Jul % Take Profit GABUNGAN AQRS BHD 28-Mar % -7.81% 9-Jul % Take Profit MY EG SERVICES BHD 21-May % -6.52% 11-Jul % Take Profit LBS BINA GROUP BHD 23-May % 0.00% 16-Jul % Take Profit POWER ROOT BHD 9-May % 0.00% 25-Jul % Take Profit GHL SYSTEMS BERHAD 25-Jun % % 22-Aug % Take Profit OCK GROUP BHD 20-Dec % 0.00% 27-Aug % TS UEM EDGENTA BHD 27-Sep % -1.55% 29-Aug % Take Profit HOVID BHD 30-Oct % % 24-Oct % Take Profit THONG GUAN INDUSTRIES BHD 16-Oct % -4.62% 19-v % Take Profit ENGTEX GROUP BHD 12-Sep % 0.00% 21-v % Take Profit ZHULIAN CORP BHD 11-Apr % -8.25% 5-Sep % Take Profit COCOALAND HOLDINGS BHD 9-Oct % % 10-Dec (0.387) -14.8% TS YOONG ONN CORP BHD 29-Oct % 0.00% 24-Dec % Take Profit PESTECH INTERNATIONAL BHD 26-Feb % -1.69% 20-Feb % Outperform DAYA MATERIALS BHD 13-Aug % % 6-Mar % TS MKH BHD 26-Dec % 0.77% 22-Apr % Take Profit GADANG HOLDINGS BHD 16-May % -6.63% 24-Apr % Take Profit HARBOUR-LINK GROUP BHD 17-Feb % -4.22% 17-Jun % Take Profit BERJAYA FOOD BHD 3-Oct % % 22-May (0.133) -8.0% t Rated GLOBETRONICS TECHNOLOGY 17-Oct % -1.32% 8-Jul % Take Profit SCGM BHD 1-Apr % 0.00% 10-Jul % Take Profit SKP RESOURCES BHD 26-Jun % 0.00% 31-Jul % Take Profit I-BHD 10-Jun % -1.19% 14-Aug % Take Profit INARI AMERTRON BHD 17-Dec % -3.77% 19-Aug % Take Profit ASIA FILE CORP BHD 12-Dec % 0.00% 18-Sep % Take Profit Price Profit (incl. Div.) Profit Last Rating May 2017 Return YTD-May 2017 PP7004/02/2013(031762) Page 3 of 9

4 Portfolio (Continue) ID Price Since ID Price Since ID (%) SELL Rating Report Date RM (H) (L) (H) (L) RM RM % RM (%) (%) TASCO BHD 17-Jan % -4.88% 23-Sep % Take Profit BERMAZ AUTO BHD 16-Jan % 0.00% 30-Sep % Take Profit PRESS METAL BERHAD 9-Sep % % 3-Oct (1.270) -17.4% Outperform MAGNI-TECH INDUSTRIES BHD 1-Jul % -5.05% 9-Oct (0.130) -4.1% t Rated RUBBEREX CORP M BHD 26-v % % 21-Oct (0.157) -19.5% t Rated ENCORP BHD 6-Aug % % 23-Oct % t Rated FIBON BHD 10-Sep % 0.00% 20-v % t Rated DELEUM BERHAD 25-Sep % % 27-Jan (0.500) -22.3% TS GLOBAL ORIENTAL BHD 4-Jun % -4.85% 29-Jan % TS SBC CORPORATION BHD 20-Jun % % 29-Jan % TS GLOMAC BHD 29-Apr % % 29-Jan (0.060) -5.4% TS TITIJAYA LAND BHD 24-Jun % % 29-Jan (0.411) -17.2% TS GUOCOLAND MALAYSIA BHD 7-Aug % % 29-Jan (0.422) -24.0% TS ISKANDAR WATERFRONT CITY 12-Aug % % 29-Jan (0.240) -14.9% TS MK LAND HOLDINGS BHD 28-Aug % % 29-Jan (0.028) -5.8% TS MY EG SERVICES BHD 28-Aug % % 12-Feb % Take Profit KSL HOLDINGS BHD 21-Aug % % 17-Feb % Outperform PUBLIC PACKAGES HOLDINGS 22-Jul % % 10-Mar (0.160) -16.8% t Rated V.S. INDUSTRY BERHAD 7-Jan % -7.89% 12-Mar % Take Profit LONDON BISCUITS BHD 15-May % % 17-Mar (0.110) -12.0% TS YEE LEE CORPORATION 27-May % 0.90% 24-Mar % Take Profit MITRAJAYA HOLDINGS BHD 6-May % 0.00% 24-Jun % Outperform PIE INDUSTRIAL BHD 18-Apr % -6.24% 9-Jul % Take Profit EKOVEST BHD 31-Oct % % 10-Jul (0.223) -8.1% TS KELINGTON GROUP BHD 13-Jun % % 11-Jul (0.006) -1.1% TS K-ONE TECHNOLOGY BHD 22-Jan % % 1-Sep (0.308) -60.4% Fairly Valued MAGNI-TECH INDUSTRIES BHD 6-Aug % % 29-Oct % Take Profit SKP RESOURCES BHD 20-Oct % -7.04% 10-Dec (0.080) -5.6% Take Profit DOLPHIN INTERNATIONAL BHD 9-Jun % % 23-Jun (0.080) -11.8% TS SAPURA RESOURCES BHD 16-v % % 29-Jun (0.592) -36.5% TS SUNWAY CONSTRUCTION GROUP 28-Jul % % 30-Jun (0.015) -1.3% Outperform SUPERLON HOLDINGS BHD 11-Feb % -1.70% 19-Jul % Take Profit KERJAYA PROSPEK GROUP BHD 20-Jul % -6.78% 14-Oct (0.030) -1.3% Outperform MRCB-QUILL REIT 30-Sep % % 8-v % Take Profit PESONA METRO HOLDINGS 3-v % 0.00% 11-v % Take Profit PROLEXUS BHD 27-Jul % % 23-v (0.605) -23.0% t Rated TASCO BHD 18-May % % 27-Dec (0.495) -24.0% t Rated APOLLO FOOD HOLDINGS BHD 19-Jan % % 19-Jan (0.324) -5.8% t Rated DAGANG NEXCHANGE BHD 7-Dec % 0.00% 9-Jan % Take Profit HARBOUR-LINK GROUP BHD 18-Jun % % 7-Feb (0.319) -27.0% t Rated Price Profit (incl. Div.) Profit Last Rating May 2017 Return YTD-May 2017 PP7004/02/2013(031762) Page 4 of 9

5 Portfolio (Continue) ID Price Since ID Price Since ID (%) SELL Rating Report Date RM (H) (L) (H) (L) RM RM % RM (%) (%) HO HUP CONSTRUCTION CO BHD 31-Dec % % 16-Feb (0.405) -32.7% t Rated PELIKAN INTERNATIONAL CORP 8-Oct % % 14-Feb (0.295) -24.4% t Rated SUNSURIA BHD 9-Jun % % 14-Feb % Outperform PWF CONSOLIDATED BHD 15-Jan % % 10-Mar % t Rated HENG HUAT RESOURCES GROUP 20-Jan % 0.00% 11-Apr % t Rated SALUTICA BHD 18-May % -6.06% 19-Apr % N.A. t Rated CENTURY LOGISTICS HOLDINGS 18-May % % 19-Apr % N.A. t Rated MNRB HOLDINGS BHD 14-Oct % % 20-Apr (0.030) -1.1% t Rated CAB CAKARAN CORP BHD 3-Mar % -3.76% 26-Apr % t Rated KIM LOONG RESOURCES BHD 29-Jun % -6.18% 11-May % Take Profit MMS VENTURES BHD 12-May % % 18-May % t Rated KESM INDUSTRIES BHD 9-Aug % % 25-May % Outperform POWER ROOT BHD 21-Jul % % 25-May % Outperform UNITED U-LI CORP BHD 7-Apr % 27.72% 25-May % Outperform Price Profit (incl. Div.) Profit Last Rating May 2017 Return YTD-May 2017 Simple Average 29.0% OR Portfolio Average Return 28.57% FBMKLCI Index 1, , , % -6.94% 1, FBMKLCI Capital Gain 7.26% 0.52% 7.56% FBMKLCI Return 25.11% 0.52% 9.13% OUERFORM/(UNDERPERFORM) 3.46% -2.77% 11.58% PP7004/02/2013(031762) Page 5 of 9

6 t Rated Portfolio ID Price Since ID Price Since ID (%) 31 May 2017 RM (H) (L) (H) (L) RM RM (%) RM DAIBOCHI PLASTIC & PACKAGING 1-v % % % % t Rated TH HEAVY ENGINEERING BHD 23-Aug % % % % FV TSR CAPITAL BHD 30-Aug % % % % FV FREIGHT MANAGEMENT HOLDINGS 3-Jan % 0.00% % % t Rated MALAYSIAN BULK CARRIERS BHD 10-Jan % % % % t Rated O.S.K. HOLDINGS BHD 5-Feb % -4.79% % % t Rated TOMEI CONSOLIDATED BHD 4-Apr % % % % t Rated UNIMECH GROUP BHD 25-Apr % % % % FV DELEUM BERHAD 14-May % % % % t Rated FIBON BHD 30-May % 0.00% % % t Rated TMC LIFE SCIENCES BHD 24-Sep % -9.76% % % t Rated GHL SYSTEMS BERHAD 8-Oct % -5.81% % % t Rated SALCON BHD 22-Oct % % % % t Rated KHIND HOLDINGS BERHAD 21-Jan % % % % t Rated LYSAGHT GALVANIZED STEEL BHD 13-Mar % -2.87% % % t Rated HOMERITZ CORP BHD 8-Apr % % % % t Rated HWANG CAPITAL MALAYSIA BHD 17-Apr % % % % t Rated SCC HOLDINGS BHD 17-Jul % % % % t Rated BERJAYA FOOD BHD 2-Sep % % % % t Rated I-BHD 8-Sep % % % % t Rated GUH HOLDINGS BHD 18-v % % % % t Rated BRAHIM'S HOLDINGS BERHAD 8-Jan % % % % t Rated TEK SENG HOLDINGS BHD 13-Jan % % % % t Rated KANGER INTERNATIONAL BHD 24-Feb % % % % t Rated MCT BHD 9-Apr % % % % t Rated FITTERS DIVERSIFIED BHD 14-Apr % % % % t Rated ORIENTAL FOOD INDUST HLDGS 16-Apr % -0.04% % % t Rated PARAMOUNT CORP BHD 23-Apr % % % % t Rated LCTH CORP BHD 28-Apr % % % % t Rated SENTORIA GROUP BHD 14-May % % % % t Rated HOVID BHD 26-May % % % % t Rated MIKRO MSC BHD 28-May % % % % t Rated JCY INTERNATIONAL BHD 2-Jun % % % % t Rated WEIDA M BHD 4-Jun % % % % t Rated PRESTARIANG BHD 16-Jun % % % % t Rated CARING PHARMACY GROUP BHD 14-Jul % -8.70% % % t Rated FIAMMA HOLDINGS BERHAD 16-Jul % % % % t Rated FAVELLE FAVCO BHD 23-Jul % % % % t Rated Upside/ Downside Rating PP7004/02/2013(031762) Page 6 of 9

7 n-rated Portfolio (Continue) ID Price Since ID Price Since ID (%) 31 May 2017 RM (H) (L) (H) (L) RM RM (%) RM HUP SENG INDUSTRIES BHD 11-Aug % -8.00% % % t Rated DAGANG NEXCHANGE BHD 18-Aug % -7.40% % % t Rated KAWAN FOOD BHD 20-Aug % -6.05% % % t Rated IFCA MSC BHD 8-Aug % % % % t Rated AL-SALAM REAL ESTATE INVESTM 15-Sep % % % % t Rated NM HOLDINGS BHD 21-Sep % % % % t Rated SCOMI ENERGY SERVICES BHD 22-Sep % % % % t Rated KAREX BHD 15-Oct % % % % t Rated TANAH MAKMUR BHD 13-Oct % -5.11% % % t Rated V.S. INDUSTRY BERHAD 27-Oct % % % % t Rated WELLCALL HOLDINGS BHD 22-Oct % % % % t Rated TEX CYCLE TECHNOLOGY 16-Dec % % % % t Rated LATITUDE TREE HOLDINGS BHD 13-Jan % % % % t Rated LII HEN INDUSTRIES BHD 13-Jan % % % % t Rated POH HUAT RESOURCES HLDGS BHD 13-Jan % % % % t Rated SHH RESOURCES HOLDINGS BHD 13-Jan % % % % t Rated GADANG HOLDINGS BHD 21-Jan % % % % t Rated KERJAYA PROSPEK GROUP BHD 26-Jan % -4.09% % % t Rated ELEVEN MALAYSIA HOLDINGS B 28-Jan % % % % t Rated PETRON MALAYSIA REFINING & M 24-Feb % % % % t Rated MSM MALAYSIA HOLDINGS BHD 23-Mar % -8.74% % % t Rated CHIN HIN GROUP BHD 30-Mar % -8.09% % % t Rated SCGM BHD 6-Apr % -8.31% % % t Rated EVERGREEN FIBREBOARD BHD 13-Apr % % % % t Rated PECCA GROUP BHD 19-Apr % 5.63% % % t Rated ECONPILE HOLDINGS BHD 26-Apr % -3.73% % % t Rated SPRITZER BHD 11-May % % % % t Rated PETRA ENERGY BHD 17-May % % % % t Rated PECCA GROUP BHD 16-Jun % % % % t Rated MALAYSIAN BULK CARRIERS BHD 4-Jul % % % % t Rated BISON CONSOLIDATED BHD 28-Jul % -0.68% % % t Rated ENGTEX GROUP BHD 6-Sep % % % % t Rated AHB HOLDINGS BHD 13-Sep % % % % t Rated FEDERAL FURNITURE HLDGS (M) 23-Sep % % % % t Rated TIONG NAM LOGISTICS HOLDINGS 20-Oct % -5.52% % % t Rated CCM DUOPHARMA BIOTECH BHD 15-v % -9.43% % % t Rated AL-'AQAR HEALTHCARE REAL EST 5-Dec % -8.54% % % t Rated HONG LEONG INDUSTRIES BHD 20-Dec % -1.38% % % t Rated Upside/ Downside Rating PP7004/02/2013(031762) Page 7 of 9

8 n-rated Portfolio (Continue) ID Price Since ID Price Since ID (%) 30 Apr 2017 RM (H) (L) (H) (L) RM RM (%) RM KUB MALAYSIA BHD 25-Jan % 0.00% % % t Rated SEG INTERNATIONAL BHD 3-Jan % -6.96% % % t Rated SERBA DINAMIK HOLDINGS BHD 8-Feb % 0.00% % % t Rated HEVEABOARD BHD 2-Mar % % % % t Rated GHL SYSTEMS BERHAD 28-Mar % -4.35% % % t Rated HSS ENGINEERS BHD 19-Apr % % % N.A. N.A. t Rated KAWAN FOOD BHD 27-Apr % 0.00% % % t Rated ISKANDAR WATERFRONT CITY BHD 28-Apr % % % % t Rated Upside/ Downside Rating This section is intentionally left blank. PP7004/02/2013(031762) Page 8 of 9

9 Stock Ratings are defined as follows: Stock Recommendations OUERFORM : A particular stock s Expected Return is MORE than 10% MARKET PERFORM : A particular stock s Expected Return is WITHIN the range of -5% to 10% UNDERPERFORM : A particular stock s Expected Return is LESS than -5% Sector Recommendations*** OVERWEIGHT : A particular sector s Expected Return is MORE than 10% NEUTRAL : A particular sector s Expected Return is WITHIN the range of -5% to 10% UNDERWEIGHT : A particular sector s Expected Return is LESS than -5% ***Sector recommendations are defined based on market capitalisation weighted average expected total return for stocks under our coverage. This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may read this document. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees. Kenanga Investment Bank Berhad accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. Kenanga Investment Bank Berhad and its associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. Published and printed by: KENANGA INVESTMENT BANK BERHAD (15678-H) Level 12, Kenanga Tower, 237, Jalan Tun Razak, Kuala Lumpur, Malaysia Telephone: (603) Website: research@kenanga.com.my Chan Ken Yew Head of Research PP7004/02/2013(031762) Page 9 of 9

On Our Radar Tracker Review

On Our Radar Tracker Review Cautious Mode Still On By Cheow Ming Liang l cheowml@kenanga.com.my The market is expected to continue to trade in a cautious mode over the near term while waiting for the new