RHB Research is moving to our new home

Dear Valued RHBInvest Clients,

RHB Research

The new RHB Research Institute (RHBRI) module feature has already been launched on 4 August 2010 and it offers bountiful benefits for all RHBInvest clients.

This new feature enables you to make informed decisions with the advantage of strong research capabilities of RHB Research Institute, widely recognized as one of the best research house in the region.

Access award-wining market insights with in-depth analysis on the latest developments of:

• Budget Updates
• Corporate Highlights
• Economic Outlook
• Fundamental Research
• IPO Research
• Market Outlook & Strategy
• RHBRI Monthly Stock Watch
• Sectoral Research
• Technical Research
• World Economy

RHB Equity 360° and Market Updates reports will also be made available to give you a bird’s eye overall view of the markets and latest market developments respectively.

All RHBInvest clients will have exclusive access with user friendly features to view, sort, download, save and also search for compressive research coverage by renowned, award-winning economists and analysts of RHB Research Institute via www.rhbinvest.com

The current temporary RHB Research site on http://rhbresearch.blogspot.com will cease as of 29 October 2010.

Note: If you are still not an RHBInvest client, sign up now for at our RHB Centre.


RHBInvest Team
Customer Care Line: +60 3 92051300
Dealing Line: 1300 88 0922

Mandarin Version : Commodities & Currencies - Yet Another Sign Of A Rebound On The Greenback… - 25/10/2010

Light Sweet Crude Oil futures (Crude)
♦ After registering an “evening star” candle and a negative candle in the previous weeks, the US Light Sweet Crude Oil futures continued to move lower last
week. It recorded another small negative candle.

Mandarin Version : Commodities & Currencies - Yet Another Sign Of A Rebound On The Greenback… - 25/10/2010

Mandarin Version : Market Technical Reading - Short-term Outlook Remains Positive... - 25/10/2010

Local Market Leads:
♦ In the absence of positive trading catalysts, the FBM KLCI finished almost unchanged on Friday as investors turned
cautious and opted to lock in profits ahead of the weekend.

Mandarin Version : Market Technical Reading - Short-term Outlook Remains Positive... - 25/10/2010

Mandarin Version : LBS Bina Group Berhad : Removing The Recent High Will Spell More Rallies Ahead… -25/10/2010

LBS hit RM0.67 before closing at RM0.64 on last Friday. The share price
of LBS accelerated in Dec 2009 after breaking out from the key level of
RM0.52, and hit a high of RM0.85 in Feb 2010. However, the stock gave up all
its gain by May 2010 and trended sideways near RM0.52 for the past months.
In mid Oct, the stock removed the RM0.52 level and rallied to a high of RM0.67
before closing at RM0.64 on last Friday, on the dot of a resistance level. It
recorded a positive candle to shrug off the previous day’s bearish candle. This
displays an optimistic sign on the share price chart.

Mandarin Version : LBS Bina Group Berhad : Removing The Recent High Will Spell More Rallies Ahead… -25/10/2010

Wah Seong Corp Berhad : Gladstone and Curtis LNG Projects Contract Get Environmental Green Light - 25/10/2010

♦ Coalbed methane (CBM) projects win environmental approvals.
The Upstream online on 22 Oct mentioned that both the Gladstone LNG
and Queensland Curtis LNG had won final environmental approvals. This
clears the way for final investment decisions (FID), expected by the end of
2010. Both projects are purported to be worth around A$30bn
(RM91.7bn).


Wah Seong Corp Berhad : Gladstone and Curtis LNG Projects Contract Get Environmental Green Light - 25/10/2010

LBS Bina Group Berhad : Removing The Recent High Will Spell More Rallies Ahead… -25/10/2010

LBS hit RM0.67 before closing at RM0.64 on last Friday. The share price
of LBS accelerated in Dec 2009 after breaking out from the key level of
RM0.52, and hit a high of RM0.85 in Feb 2010. However, the stock gave up all
its gain by May 2010 and trended sideways near RM0.52 for the past months.
In mid Oct, the stock removed the RM0.52 level and rallied to a high of RM0.67
before closing at RM0.64 on last Friday, on the dot of a resistance level. It
recorded a positive candle to shrug off the previous day’s bearish candle. This
displays an optimistic sign on the share price chart.


LBS Bina Group Berhad : Removing The Recent High Will Spell More Rallies Ahead… -25/10/2010

Market Technical Reading - Short-term Outlook Remains Positive... - 25/10/2010

Local Market Leads:
♦ In the absence of positive trading catalysts, the FBM KLCI finished almost unchanged on Friday as investors turned
cautious and opted to lock in profits ahead of the weekend.

Market Technical Reading - Short-term Outlook Remains Positive... - 25/10/2010

RHB Equity 360° - 25 October 2010 (QL, Wah Seong, Hunza; Technical: TSH, LBS)

Top Story : QL – Expansions to start contributing from FY12 onwards Outperform
Visit Note
- QL is in the midst of constructing its 13ha Breeder and 17ha Layer plant in Cianjur district, located
approximately 2 hours from Jakarta. The plant is expected to contribute 12m day old chicks/year by end
FY11 and 1m eggs/day by end FY12.

RHB Equity 360° - 25 October 2010 (QL, Wah Seong, Hunza; Technical: TSH, LBS)

QL Resources Berhad : Expansions To Start Contributing From FY12 Onwards - 25/10/2010

♦ We recently had a meeting with management to discuss all three of their
divisions’ developments and prospects.


QL Resources Berhad : Expansions To Start Contributing From FY12 Onwards - 25/10/2010

Economic Highlights - Foreign Exchange Reserves Rose To US$104.6bn As At 15 October - 25/10/2010

◆ The foreign exchange reserves rose by US$3.9bn in 1H October to US$104.6bn as at 15 October, albeit by
a smaller magnitude compared with an increase of US$4.8bn in 2H September. This was due to the repatriation of
export proceeds and inflow of foreign portfolio funds, which were offset partially by the payment of import bills. Also,
the increase in foreign exchange reserves suggests that Bank Negara continued to intervene in the foreign exchange
market to prevent the ringgit from rising too rapidly given the inflow of foreign capital. As it stands, foreign portfolio
investment in fixed income papers rose by RM3.4bn in August, albeit by a smaller magnitude compared with an
increase of RM5.9bn in July. As a result, their holdings in fixed income instruments rose to RM105.5bn at end-August,
the highest in more than two years and from RM102.0bn at end-July (Chart 1).

Economic Highlights - Foreign Exchange Reserves Rose To US$104.6bn As At 15 October - 25/10/2010

Economic Highlights - Inflation Unexpectedly Eased In September - 25/10/2010

◆ The headline inflation rate eased 1.8% yoy in September, from +2.1% in August. This was the first easing
after six consecutive months of picking up, suggesting that price pressure has eased somewhat and the impact from
the Government’s move to increase fuel and sugar prices in mid July has fizzled out. Also, the sharp appreciation
of the ringgit in recent months might have contributed to a more moderate increase in inflation during the month.
The slowdown was reflected in slower increases in food & non-alcohol beverage prices and the core inflation
rate.


Economic Highlights - Inflation Unexpectedly Eased In September - 25/10/2010

Hunza Properties Berhad : Headline Net Profit Skewed by EIs - 25/10/2010

♦ Slightly below expectations. Hunza’s 1QFY11 estimated core net profit
of RM12.5m (-1.8% yoy; -10.4% qoq) came in slightly below our
expectation by 6% but in line with consensus estimate. Sequential
turnover fell 12.4%, continued to be underpinned by progressive billings
from the two residential towers of Gurney Paragon. Headline net profit of
RM34.7m, however, was skewed by an exceptional item, mainly made up
of a revaluation surplus amounted to RM22.1m arising from Gurney
Paragon mall, office and a piece of land. As expected, no dividend was
declared in 1QFY11.

Hunza Properties Berhad : Headline Net Profit Skewed by EIs - 25/10/2010

Corporate Highlights - 25/10/2010

♦ QL Resources
Visit Note : Expansions To Start Contributing From
FY12 Onwards
♦ Wah Seong
Company Update : Gladstone and Curtis LNG Projects Contract
Get Environmental Green Light

Corporate Highlights - 25/10/2010

Commodities & Currencies - Yet Another Sign Of A Rebound On The Greenback… - 25/10/2010

Light Sweet Crude Oil futures (Crude)
♦ After registering an “evening star” candle and a negative candle in the previous weeks, the US Light Sweet Crude Oil futures continued to move lower last
week. It recorded another small negative candle.

Commodities & Currencies - Yet Another Sign Of A Rebound On The Greenback… - 25/10/2010

RHB Equity 360°- 25 October 2010 (QL, Wah Seong, Hunza; Technical: TSH, LBS)

Visit Note
- QL is in the midst of constructing its 13ha Breeder and 17ha Layer plant in Cianjur district, located approximately 2 hours from Jakarta. The plant is expected to contribute 12m day old chicks/year by end FY11 and 1m eggs/day by end FY12.


RHB Equity 360°- 25 October 2010 (QL, Wah Seong, Hunza; Technical: TSH, LBS)

Telecommunications Sector Update : Sizing Up The Pure Mobile Domestic Players – Maxis vs. DiGi - 22/10/2010

♦ Comparing green apple to yellow apple. In this report, we make a
comparison between the only two purely domestic focused mobile operators
in Malaysia, i.e. Maxis and DiGi.


Telecommunications Sector Update : Sizing Up The Pure Mobile Domestic Players – Maxis vs. DiGi - 22/10/2010

Mandarin Version : Market Technical Reading - Fresh Opportunity To Retest 1,500... - 22/10/2010

Local Market Leads:
♦ Share prices in Bursa Malaysia edged higher on Thursday, after a rally in the overnight Wall Street and further
rebound in most of the regional markets lifted sentiment in the local bourse.
♦ Despite a cap by renewed profit-taking activities and news that China’s 3Q GDP growth has slowed to 9.6% yoy
from 2Q’s 10.3%, the local market slowly regained its buying momentum towards the closing after the regional
markets’ sentiment improved in late afternoon.


Mandarin Version : Market Technical Reading - Fresh Opportunity To Retest 1,500... - 22/10/2010

Market Technical Reading - Fresh Opportunity To Retest 1,500... - 22/10/2010

Local Market Leads:
♦ Share prices in Bursa Malaysia edged higher on Thursday, after a rally in the overnight Wall Street and further
rebound in most of the regional markets lifted sentiment in the local bourse.
♦ Despite a cap by renewed profit-taking activities and news that China’s 3Q GDP growth has slowed to 9.6% yoy
from 2Q’s 10.3%, the local market slowly regained its buying momentum towards the closing after the regional
markets’ sentiment improved in late afternoon.


Market Technical Reading - Fresh Opportunity To Retest 1,500... - 22/10/2010

RHB Equity 360° - 22 October 2010 (Telecom, MAHB, Fajarbaru; Technical: B-Corp)

Sector Update
- In this report, we make a comparison between the only two purely domestic focused mobile operators in
Malaysia, i.e. Maxis and DiGi.
- We find that Maxis is ahead in: (1) subscriber and revenue market share; (2) EBITDA margins; (3) postpaid
ARPU; (4) 3G network population coverage; and (5) non-voice contribution.


RHB Equity 360° - 22 October 2010 (Telecom, MAHB, Fajarbaru; Technical: B-Corp)

Malaysia Airports Holdings Berhad : Sabiha-Gokcen For Long-Term Prospects - 22/10/2010

♦ Looking at longer-term prospects. In the near term, Sabiha Gokcen
International Airport (SGIA) will not significantly contribute to MAHB’s
earnings as it expects a seven to eight years gestation period. Nonetheless,
management is optimistic in the long-term terminal given its high growth
potential.


Malaysia Airports Holdings Berhad : Sabiha-Gokcen For Long-Term Prospects - 22/10/2010