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Equity Research
PP11072/03/2010 (023549)

ECONOMIC TRENDS                                                                 ...
Malaysian Politics – New Cabinet


                                  Slightly “leaner” Cabinet... PM Datuk Seri Najib Tun ...
Malaysian Politics – New Cabinet


                                  Deputy Ministers Dropped
                            ...
Malaysian Politics – New Cabinet


                                  …as well as “surprises”, “newcomers”, “survivors” and...
Malaysian Politics – New Cabinet


                                  Deputy Ministers Moved
                              ...
Malaysian Politics – New Cabinet


                                  We reserve judgment on the new Cabinet for now. The C...
Malaysian Politics – New Cabinet


                                   APPENDIX: Malaysia Cabinet Line Up 2009
            ...
Malaysian Politics – New Cabinet




                                  APPENDIX: Malaysia Cabinet Line Up 2009 (continued)...
Malaysian Politics – New Cabinet


 Definition of Ratings
 Maybank Investment Bank Research uses the following rating syst...
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New Cabinet In Malaysia

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 PM Dato’ Sri Najib Tun Razak announced the new Cabinet line up
yesterday (9 Apr ’09). Overall, it is a slightly “leaner” Cabinet as the
number of Ministers and Ministries are down to 29 and 25 respectively,
from 31 and 27 previously.
 PM retains the Finance Minister post, keeping the “tradition” set since
Tun Dr Mahathir’s time. However, Second Finance Minister is now
Datuk Ahmad Husni Mohammad Hanadzlah, replacing Tan Sri Nor
Mohamed Yakcop, who moved to the Economic Planning Unit as
Minister at PM’s Department.
 Other major changes and movements include Tan Sri Muhyiddin Yassin
being moved to the Education Ministry from International Trade &
Industry (MITI), while all three of the three newly-elected UMNO Vice
Presidents got new portfolios – Datuk Hishammuddin Hussein (Home
Ministry from Education), Datuk Zahid Hamidi (Defence from PM’s
Office) and Datuk Shafie Apdal (Rural Development from Unity,
Heritage, Culture & Arts). The new MITI is Datuk Mustapa Mohamad.
 Big surprises come from the UMNO Youth side following the inclusion
of Datuk Mukhriz Mahathir (who lost in the UMNO Youth Head election
to Khairy Jamaluddin) as the Deputy MITI, and Datuk Razali Ibrahim,
UMNO Youth No. 2 as Deputy Youth & Sports Minister. Notable
absentee is from UMNO Youth as well i.e. the Head, Khairy Jamaluddin.
 Key comebacks include Tan Sri Datuk Dr Koh Tsu Koon as Minister in
the PM’s Department, Senator Datuk Dr Awang Adek Hussein who is
back as as Deputy Finance Minister and newly-elected UMNO Women
Head, Datuk Shahrizat Jalil, who also return to as Women, Family &
Community Development Minister.
 Major survivors are Dato’ Seri Dr. Rais Yatim and Datuk Seri Mohd
Khaled Nordin who failed in their bids to be UMNO Vice Presidents.
 Overall, in line with our earlier expectation that the outcome of UMNO’s
election is not the major determinant of the Cabinet line up as well as
the outlook of more significant representations by East Malaysians in
the Cabinet, although we were a bit disappointed that the doors were
not opened for more professionals/technocrats in the administration.
 There will be no “honeymoon” for new PM and his Cabinet, who have to
perform and deliver on the economic and social front to regain the
political support to BN amid the “status quo” domestic political
landscape post-Mar ’08 General Election and the last five by-elections.

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New Cabinet In Malaysia

  1. 1. Equity Research PP11072/03/2010 (023549) ECONOMIC TRENDS 10 April 2009 Malaysian Politics Presenting the New Cabinet…  Suhaimi Ilias PM Dato’ Sri Najib Tun Razak announced the new Cabinet line up suhaimi_ilias@maybank-ib.com yesterday (9 Apr ’09). Overall, it is a slightly “leaner” Cabinet as the (603) 2297 8682 number of Ministers and Ministries are down to 29 and 25 respectively, from 31 and 27 previously. Ramesh Lankanathan ramesh@maybank-ib.com  PM retains the Finance Minister post, keeping the “tradition” set since (603) 2297 8685 Tun Dr Mahathir’s time. However, Second Finance Minister is now Datuk Ahmad Husni Mohammad Hanadzlah, replacing Tan Sri Nor Mohamed Yakcop, who moved to the Economic Planning Unit as Minister at PM’s Department.  Other major changes and movements include Tan Sri Muhyiddin Yassin being moved to the Education Ministry from International Trade & Industry (MITI), while all three of the three newly-elected UMNO Vice Presidents got new portfolios – Datuk Hishammuddin Hussein (Home Ministry from Education), Datuk Zahid Hamidi (Defence from PM’s Office) and Datuk Shafie Apdal (Rural Development from Unity, Heritage, Culture & Arts). The new MITI is Datuk Mustapa Mohamad.  Big surprises come from the UMNO Youth side following the inclusion of Datuk Mukhriz Mahathir (who lost in the UMNO Youth Head election to Khairy Jamaluddin) as the Deputy MITI, and Datuk Razali Ibrahim, UMNO Youth No. 2 as Deputy Youth & Sports Minister. Notable absentee is from UMNO Youth as well i.e. the Head, Khairy Jamaluddin.  Key comebacks include Tan Sri Datuk Dr Koh Tsu Koon as Minister in the PM’s Department, Senator Datuk Dr Awang Adek Hussein who is back as as Deputy Finance Minister and newly-elected UMNO Women Head, Datuk Shahrizat Jalil, who also return to as Women, Family & Community Development Minister.  Major survivors are Dato’ Seri Dr. Rais Yatim and Datuk Seri Mohd Khaled Nordin who failed in their bids to be UMNO Vice Presidents.  Overall, in line with our earlier expectation that the outcome of UMNO’s election is not the major determinant of the Cabinet line up as well as the outlook of more significant representations by East Malaysians in the Cabinet, although we were a bit disappointed that the doors were not opened for more professionals/technocrats in the administration.  There will be no “honeymoon” for new PM and his Cabinet, who have to perform and deliver on the economic and social front to regain the political support to BN amid the “status quo” domestic political landscape post-Mar ’08 General Election and the last five by-elections.
  2. 2. Malaysian Politics – New Cabinet Slightly “leaner” Cabinet... PM Datuk Seri Najib Tun Razak announced the new Cabinet line up yesterday afternoon (9 Apr ’09). It was a slightly “leaner” Cabinet, with:  Fewer Ministers but more Deputy Ministers. The new Cabinet line up saw the number of Ministers down slightly to 29 from 33 previously, although the number of Deputy Ministers increased to 40 from 36 as 11 Ministers now have two Deputies. This is largely seen as a “compromise” to include those from BN component parties other than UMNO that represents non-Malays, as well as the fairer gender as there is still only two woman Ministers in this Cabinet.  Fewer Ministries due to M&As (mergers and abolitions). The number of Ministries fell to 25 from 27 previously, largely due to the abolitions of two Ministries (Entrepreneurs & Co-operative Development Ministry, and Energy, Water & Communications Ministry). At the same time two “new” Ministries were created from mergers i.e. Information, Communication, Arts and Culture Ministry and Energy, Green Technology and Water Ministry. Malaysia: Numbers of Ministers & Ministries – Past 10 Years 35 33 32 29 29 30 28 27 25 25 25 20 15 10 5 0 1999 2004 2008 2009 Ministry Minister Source: Media reports 8 Ministers and 9 Deputy Ministers from the previous Cabinet were dropped. These are mostly those who lost in the recent UMNO elections, including Tan Sri Muhammad Muhd Taib (lost UMNO Deputy President contest), Datuk Seri Syed Hamid Albar (lost UMNO VP race), Datuk Shahrir Samad (resigned post-UMNO election after losing UMNO Supreme Council contest) and Dato’ Azalina Othman (lost UMNO Supreme Council election). However, for some of them like Dato' Zulhasnan Rafique, Dato’ Ir Mohd Zin Mohamad and Datuk Idris Harun, winning the UMNO elections (as Supreme council members) was of no consequence or guarantee either. Ministers Dropped Minister Portfolio Internal Security and Home Affairs Datuk Seri Syed Hamid Albar Housing & Local Government Datuk Seri Ong Ka Chuan Works Datuk Seri Ir Mohd Zin Mohamed Domestic Trade and Consumer Affairs Datuk Shahrir Samad (resigned) Rural & Regional Development Senator Tan Sri Muhammad Muhd Taib Federal Territories Datuk Seri Zulhasnan Rafique Tourism Datuk Seri Azalina Dato' Othman Said Prime Minister's Department Senator Datuk Amirsham Abdul Aziz Source: Media reports ECONOMIC TRENDS ▪ 10 April 2009 Page 2 of 9
  3. 3. Malaysian Politics – New Cabinet Deputy Ministers Dropped Deputy Minister Portfolio Internal Security and Home Affairs Senator Wan Ahmad Farid Wan Salleh Foreign Affairs Tengku Dato’ Seri Azlan Ibni Sultan Abu Bakar Human Resources Datuk Noraini Ahmad Natural Resources & Environment Datuk Abu Ghapur Salleh Education Datuk Razali Ismail (passed away) National Unity, Culture, Arts & Heritage Datuk Teng Boon Soon Higher Education Datuk Idris Harun Prime Minister's Department Dato' Mohd Johari Baharum Prime Minister's Department Datuk Hassan Malik Source: Media reports 8 Ministers and 10 Deputy Ministers retain their existing portfolios: Ministers & Deputy Ministers Staying Put Minister Portfolio Dato’ Sri Najib Tun Razak Finance Datuk Dr. S. Subramaniam Human Resources Datuk Douglas Unggah Embas Natural Resources & Environment Datuk Dr Maximus Ongkili Science, Technology & Innovation Datuk Liow Tiong Lai Health Prime Minister's Department (Law & Datuk Seri Mohamed Nazri Abdul Aziz Parliament) Datuk Ong Tee Keat Transport Datuk Seri Mohd Khaled Nordin Higher Education Deputy Minister Portfolio Datuk Yong Khoon Seng Works Datuk Jacob Dungau Sagan International Trade & Industry Datuk Dr. Wee Ka Siong Education Fadilah Yusof Science, Technology & Innovations Datuk Dr Hou Kok Chung Higher Education Datuk M. Saravanan Federal Territories Datuk Sulaiman Abdul Rahman Abu Taib Tourism Senator Datuk Dr Mashitah Ibrahim Prime Minister's Department Datuk S. K. Devamany Prime Minister's Department Wee Jeck Seng Youth & Sports Source: Media reports Plenty of reshuffles and some promotions... UMNO Deputy President, Tan Sri Muhyiddin Yassin, who automatically becomes the Deputy Prime Minister (DPM) was also moved to the Education Ministry from the International Trade & Industry Ministry (MITI). This makes sense as MITI involves a lot of travelling overseas and it is not appropriate for the PM and DPM to be simultaneously out of the country on too many occasions (Note: The country’s administration falls into the hands of the Government’s Chief Secretary whenever both PM and DPM are overseas). Taking over MITI is Datuk Mustapa Mohamad who was previously at the Agriculture and Agro-based Ministry. There are also portfolio changes involving the newly-elected three UMNO Vice Presidents. Dato’ Seri Hishammuddin Hussein moves to the Home Ministry from Education, while it is a promotion of sorts for Dato’ Seri Ahmad Zahid Hamidi (to Defence from the PM’s Office) and Datuk Seri Shafie Apdal (to Rural Development from Unity, Heritage, Culture & Arts). In addition, three Deputy Ministers from previous Cabinet are promoted to Ministers as per the list overleaf, which includes Datuk Ahmad Husni Mohamad Hanadzlah as Finance Minister II from Deputy MITI, and Sabah’s Datuk Anifah Aman as Foreign Minister from Deputy Tourism Minister. ECONOMIC TRENDS ▪ 10 April 2009 Page 3 of 9
  4. 4. Malaysian Politics – New Cabinet …as well as “surprises”, “newcomers”, “survivors” and “comebacks”.... Key surprises are the inclusion of Dato’ Mukhriz Tun Dr. Mahathir (who lost in the UMNO Youth Head election) as the Deputy MITI, and Deputy UMNO Youth Head, Datuk Razali Ibrahim, as Deputy Youth & Sports Minister. New Puteri UMNO Head, Datuk Rosnah Rashid Shilin is given the Deputy Health Minister post. A notable absentee from the list of newcomers is the newly-elected UMNO Youth Head, Khairy Jamaluddin, who said during the campaigning period that he does not want a Cabinet post if he won the Youth Head contest. Major comebacks include Tan Sri Datuk Dr Koh Tsu Koon – former Penang Chief Minister and current Gerakan President who lost in the Mar ’08 General Election – as Minister in the PM’s Department, and Senator Datuk Dr Awang Adek Hussein – who also lost in Mar ’08 General Election – who returns to his Deputy Finance Minister portfolio. Newly-elected UMNO Women Head, Datuk Shahrizat Jalil, also return to the Cabinet as Women, Family & Community Development. The most notable “survivors” are Dato’ Seri Dr Rais Yatim (who moved to Information, Unity, Culture & Arts Ministry from Foreign Affairs Ministry) and Datuk Seri Mohd Khaled Nordin (stays as Higher Education Minister), despite being at the losing end of the UMNO VP election. Ministers Moved & Promoted Minister Portfolio Change Tan Sri Muhyiddin Yassin Education from MITI Dato’ Seri Hishamuddin Tun Hussein Home Affairs from Education Dato’ Seri Dr Ahmad Zahid Hamidi Defence from PM’s Office Works from Energy, Water & Datuk Shaziman Abu Mansor Communications Energy, Green Technology and Water from Datuk Peter Chin Fah Kui Plantation Industries & Commodities Datuk Mustapa Mohamad MITI from Agriculture & Agro-Based Industry Plantation Industry & Commodity from PM’s Tan Sri Bernard Dompok Office Information, Communication, Arts & Culture Dato’ Seri Dr Rais Yatim from Foreign Affairs Agriculture & Agro-Based Industry from Datuk Noh Omar Entrepreneur & Cooperative Development Domestic Trade & Consumer Affairs from Datuk Ismail Sabri Yaakob Youth & Sports Rural & Regional Development from National Datuk Seri Shafie Apdal Unity, Culture, Arts & Heritage Datuk Ahmad Shabery Cheek Youth & Sports from Information Tourism from Women, Family & Community Datuk Ng Yen Yen Development Tan Sri Nor Mohamed Yakcop PM’s Office from Finance Source: Media reports Deputy Ministers Promoted to Minister Deputy Minister to Minister Portfolio Change Datuk Anifah Aman Foreign Affairs from Tourism Datuk Ahmad Husni Mohamad Hanazlah Finance from MITI Datuk Kong Cho Ha Housing & Local Government from Finance Source: Media reports ECONOMIC TRENDS ▪ 10 April 2009 Page 4 of 9
  5. 5. Malaysian Politics – New Cabinet Deputy Ministers Moved Deputy Minister Portfolio Datuk Chor Chee Heung Finance from Home Affairs Dato’ Wira Abu Seman Yusop Home Affairs from Defence Jelaing Mersat Home Affairs from Domestic Trade & Consumer Affairs Datuk Dr Abdul Latiff Ahmad Defence from Health Energy, Green Technology & Water from Women, Family & Noriah Kasnon Community Development Senator A. Kohilan Pillay Foreign Affairs from Plantation Industries & Commodities Plantation Industry & Commodity from Housing & Local Datuk Hamzah Zainuddin Government Natural Resources & Environment from Rural & Regional Tan Sri Joseph Kurup Development Information, Unity, Culture & Arts from Energy, Water & Datuk Joseph Salang Gandum Communications Datuk Robert Lau Hoi Chew Transport from Housing & Local Government Agriculture & Agro-Based Industry from Plantation Industries Datuk Rohani Abdul Karim & Commodities from Datuk Tan Lian Hoe Domestic Trade & Consumer Affairs from Information Higher Education from Entrepreneur & Cooperative Datuk Saifuddin Abdullah Development Source: Media report Ministers: Newcomers & Comebacks Minister Portfolio Senator Datuk Shahrizat Jalil Women, Family & Community Development Datuk Raja Nong Chik Raja Zainal Abidin Federal Territories Prime Minister's Department (Unity & Performance Tan Sri Datuk Dr Koh Tsu Koon Management) Senator Datuk Jamil Khir Baharom Prime Minister's Department (Religious Affairs) Source: Media reports Deputy Ministers: Newcomers & Comebacks Deputy Ministers Portfolios Senator Datuk Dr Awang Adek Hussein Finance Datuk Lajim Ukin Housing & Local Government Dato’ Mukhriz Tun Dr Mahathir MITI Datuk Lee Chee Leong Foreign Affairs Senator Datuk Maznah Mazlan Human Resources Datuk Dr Puad Zakarshi Education Senator Heng Seai Kie Information, Communication, Arts & Culture Datuk Paduka Chew Mei Fun Women, Family & Community Development Datuk Abdul Rahim Bakri Transport Datuk Joseph Entulu Belaun Rural & Regional Development Datuk Rosnah Rashid Shilin Health Datuk Razali Ibrahim Youth & Sports Ahmad Maslan Prime Minister's Department Senator T. Murugiah Prime Minister's Department Datuk Liew Vui Keong Prime Minister's Department Source: Media reports ECONOMIC TRENDS ▪ 10 April 2009 Page 5 of 9
  6. 6. Malaysian Politics – New Cabinet We reserve judgment on the new Cabinet for now. The Cabinet changes are natural as the new PM comes in, and this Cabinet also reflects the outcome of last month’s UMNO election, although as we expected and mentioned earlier, winning or losing the UMNO election was not necessarily the key and only deciding factor. In addition, as we also expected, there were more substantial roles and positions for East Malaysians in the newly formed Cabinet. However, we were somewhat disappointed that there was not much by way of inclusions professionals/technocrats in the present administration, despite the earlier rumours – and not to mention the removal of Tan Sri Amirsham A. Aziz. This highlights the realpolitik behind the formation of this Cabinet. One thing is for sure – there will be no “honeymoon” for Dato’ Sri Najib and his team as they have to roll up their sleeve and get to work immediately. Recall in our note (Malaysian Politics – Tri-Elections: “Status Quo”, 8 Apr ’09) following the results of the recent three by-elections and analysis of the last five by-elections, that the BN Government continues to “struggle” to win in Peninsular Malaysia, although it maintains the strong backing from East Malaysia more than a year after the landmark Mar ’08 General Election. Therefore, performing and delivering on the economic and social fronts are crucial to winning back the political support ahead of the next General Election in less than four years’ time. This will have to start with effective and efficient implementation of the two economic stimulus packages totaling RM67b as cabinet changes at this time can result in unnecessary delays if not managed properly. ECONOMIC TRENDS ▪ 10 April 2009 Page 6 of 9
  7. 7. Malaysian Politics – New Cabinet APPENDIX: Malaysia Cabinet Line Up 2009 PORTFOLIO MINISTER DEPUTY MINISTER Prime Minister YAB Dato’ Sri Hj Mohd Najib bin Tun Hj Abdul Razak Deputy Prime Minister YAB Tan Sri Muhyiddin Yassin Ministry of Finance Dato’ Sri Mohd Najib Tun Razak (Minister I) Datuk Ahmad Husni Mohamad Hanadzlan (Minister II) Datuk Chor Chee Heung Datuk Dr Awang Adek Hussein (Senator) Ministry of Home Affairs Dato’ Seri Hishamuddin Tun Hussein Dato’ Wira Abu Seman Yusop Encik Jelaing anak Mersat Ministry of Defense Dato’ Seri Dr Ahmad Zahid Hamidi Datuk Dr Abdul Latiff Ahmad Ministry Housing & Local Government Datuk Kong Cho Ha Datuk Lajim Ukin Ministry of Works Datuk Shaziman Abu Mansor Datuk Yong Khoon Seng Ministry of Energy & Green Technology and Water Datuk Peter Chin Fah Kui Puan Noriah Kasnon Ministry of International Trade & Industry Datuk Mustapa Mohamad Dato’ Mukhriz bin Tun Dr Mahathir Datuk Jacob Dungau Sagan Ministry of Foreign Affairs Datuk Anifah Aman A. Kohilan Pillay (Senator) Datuk Lee Chee Leong Ministry of Agriculture & Agro-Based Industry Tan Sri Bernard Dompok Datuk Hamzah Zainuddin Ministry of Human Resources Datuk Dr. S. Subramaniam Datuk Maznah Mazlan (Senator) Ministry of Natural Resources & Environment Datuk Douglas Unggah Embas Tan Sri Joseph Kurup Ministry of Education Tan Sri Muhyiddin Yassin Datuk Dr. Wee Ka Siong Datuk Dr Puad Zakarshi Ministry of Information, Unity, Culture & Arts Dato’ Seri Dr Rais Yatim Datuk Joseph Salang Gandum Puan Heng Seai Kie (Senator) Ministry of Women, Family & Community Development Datuk Shahrizat Jalil (Senator) Datuk Paduka Chew Mei Fun Ministry of Science, Technology & Innovations Datuk Dr Maximus Ongkili Encik Fadillah Yusof Source: Prime Minister’s Office ECONOMIC TRENDS ▪ 10 April 2009 Page 7 of 9
  8. 8. Malaysian Politics – New Cabinet APPENDIX: Malaysia Cabinet Line Up 2009 (continued) PORTFOLIO MINISTER DEPUTY MINISTER Ministry of Transport Datuk Ong Tee Keat Datuk Abdul Rahim Bakri Datuk Robert Lau Hoi Chew Ministry of Plantation Industries & Commodities Datuk Noh Omar Datuk Johari Baharum Datuk Rohani Abdul Karim Ministry of Domestic Trade & Consumer Affairs Datuk Ismail Sabri Yaakob Datuk Tan Lian Hoe Ministry of Rural & Regional Development Datuk Seri Shafie Apdal Datuk Hassan Malek Datuk Joseph Entulu anak Belaun Ministry of Higher Education Datuk Seri Mohd Khaled Nordin Datuk Dr Hou Kok Chung Datuk Saifuddin Abdullah Ministry of Health Datuk Liow Tiong Lai Datuk Rosnah Rashid Shilin Ministry of Youth & Sports Datuk Ahmad Shabery Cheek Datuk Razali Ibrahim Encik Wee Jeck Seng Ministry of Federal Territories Datuk Raja Nong Chik Raja Zainal Abidin Datuk M Saravanan Ministry of Tourism Datuk Ng Yen Yen Datuk Sulaiman Abdul Rahman Abdul Taib Ministers in the Prime Minister's Department: Tan Sri Datuk Dr Koh Tsu Koon (Unity Affairs and Performance) Datuk Seri Mohamed Nazri Abdul Aziz (Parliament) Tan Sri Nor Mohamed Yakcop (Economic Planning Unit) Mejar General Datuk Jamil Khir Baharom (Islamic Matters) Deputy Ministers in the Prime Minister's Department: Datuk Liew Vui Keong Datuk Dr Mashitah Ibrahim (Senator) Datuk S K Devamany Encik Ahmad Maslan Encik T. Murugiah (Senator) Source: Prime Minister’s Office ECONOMIC TRENDS ▪ 10 April 2009 Page 8 of 9
  9. 9. Malaysian Politics – New Cabinet Definition of Ratings Maybank Investment Bank Research uses the following rating system: STRONG BUY Total return is expected to exceed 20% in the next 12 months; high conviction call BUY Total return is expected to be above 10% in the next 12 months HOLD Total return is expected to be between above 0% to 10% in the next 12 months FULLY VALUED Total return is expected to be between -10% and 0% in the next 12 months SELL Total return is expected to be below -10% in the next 12 months TRADING BUY Total return is expected to be between 10-20% in the next 6 months arising from positive newsflow e.g. mergers and acquisition, corporate restructuring, and potential of obtaining new projects. However, the upside may or may not be sustainable WITHHELD Rating and target price withheld in the exercise of Maybank Investment Bank 's duties under the applicable laws, rules, regulations, policies and procedures for the time being in force, and is not a reflection of expected returns. 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 FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders’ Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax 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 security’s 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 Bhd and consequently no representation is made as to the accuracy or completeness of this report by Maybank Investment Bank Bhd 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 Bhd, 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 forward- looking statements. Maybank Investment Bank Bhd 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 Bhd'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 Bhd and Maybank Investment Bank Bhd 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. Published / Printed by Maybank Investment Bank Berhad (15938-H) (Formerly known as Aseambankers Malaysia Berhad) (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, MaybanLife Tower, Dataran Maybank, No.1, Jalan Maarof 59000 Kuala Lumpur Tel: (603) 2297 8888; Fax: (603) 2282 5136 http://www.maybank-ib.com ECONOMIC TRENDS ▪ 10 April 2009 Page 9 of 9

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