“`html
TENAGA, DPHARMA, MISC, TM, GAMUDA: 13th Malaysia Plan Strategic Insights & Sector Analysis
Source: TA SECURITIES, A MEMBER OF THE TA GROUP
Date: Friday, August 01, 2025 FBMKLCI: 1,513.25
THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*
13th Malaysia Plan: Strategic Focus on Growth and Development
Tel: +603-2072 9609
Executive Summary
The Malaysian government unveiled the 13th Malaysia Plan (13MP) yesterday, themed “Melakar Semula Pembangunan” (“Redrawing Development”). Its strategies and initiatives for the years 2026 to 2030 have been aligned with the three core pillars of the MADANI Economy framework: raising the ceiling, raising the floor, and strengthening good governance. To achieve these aspirations, the framework of this five-year plan is structured around four strategic pillars and nine key focus areas to drive Malaysia’s socio-economic transformation under the Ekonomi MADANI vision.
We are Neutral on the impact of 13MP on the market, and the announcement came at the wrong time when the market is jittery about the US tariff deadline the following day. Nonetheless measures highlighted have the potential to stimulate domestic demand. We are positive on 13MP impact on Oil & Gas, Plantation, Power & Utilities, Property and Technology sectors although most sectors will reap the spillover benefit. While the FBMKLCI currently appears subdued amid lingering uncertainty over US tariffs, its valuation of 13.2x CY26 PER remains undemanding relative to its 5-year average of 17.1x and is supported by CY26 earnings growth prospects of 6.4%. With trade tensions showing signs of easing and Malaysia offering greater economic and policy clarity through the 13MP, we maintain a cautiously constructive view on equities. Accordingly, we reiterate our base-case FBMKLCI target of 1,660 for end-2025, based on a CY26 PER of 14.4x. In a downside scenario—should Malaysia fail to secure a favourable trade deal with the US—we project a worst-case target of 1,580, applying a one standard deviation discount to the long-term PER of 16x.
Key Highlights of 13MP
- GDP growth of 4.5% to 5.5% between 2026 and 2030, which is higher than the average 5.1% between 2021 and 2025.
- A below 3% fiscal deficit target by 2030 versus official projection of 3.8% in 2025.
- Achieving a 5.5% investment growth every year during the period.
- Yearly gross export growth target of 5.8%.
- To contain inflation between 2% and 3% during the 5-year period.
- Current account balance of 2.2% and full employment in 2030.
- Malaysia is expected to attain the developed nation status by 2030, with the government targeting a GNI per capita of RM77,200 in 2030.
- Labour productivity growth of 3.6% per annum (2024: 2.4%), compensation of employees at 45% of GDP by end 2030 (2023: 33.1%) and Malaysia Wellbeing Index growth of 1.6% per annum (2023: 0.7%).
- Raising the labour income share to 45%, increasing female labour force participation to 60%, and lifting average household income to RM12,000.
- No mention of mega projects such as MRT3 or KL Singapore High-Speed Rail but we do not discount the possibility of “back door entry” through PPP, if funding is available.
In our view, key beneficiaries are TENAGA (BUY, TP:RM17.30), which will benefit from the various energy transformation initiatives, DPHARMA (BUY, TP:RM1.70) that will tap on the higher generic drug usage, MISC (BUY, TP:RM8.40), which will ride on the gas hub strategy, third regasification terminal and CCUS, TM (BUY, TP:RM8.30) on digital economy infrastructure and usage and GAMUDA (BUY, TP:RM6.43), which is the strongest frontrunner for the rollout of Penang LRT Segment 3. Top losers are CARLSBERG (BUY, TP:RM24.10), HEINEKEN (BUY, TP:RM29.87) and BAT (Not Rated) due to potentially higher taxes on alcohol and tobacco, and TNLOGIS (Not Rated) due to greater emphasis on rail transportation for logistic needs.
Huge Allocations to Drive Future Growth Enablers and Rising Operating Expenditure
The 13th MP allocates RM2,238.3bn, representing an 18.2% increase from the RM1,893.9bn under the 12MP. This comprises:
- Operating Expenditure (OE): RM1,808.3bn (+21.2%, RMK12: RM1,492.0bn)
- Development Expenditure (DE): RM430bn (+7.0%, RMK12: RM401.9bn)
On average, OE will amount to RM361.7bn per year, while DE will average RM86bn per year.
To ensure 13MP’s success, the government requires RM611bn in strategic investments. Of this:
- RM430bn will be funded directly by the Government, where RM227bn goes to economic sectors, RM133bn for Social, where education and healthcare consume the lion’s share of RM67bn and RM40bn, respectively, Security RM51bn and Administration RM17bn.
- RM120bn will be contributed by government-linked companies (GLCs) and government-linked investment companies (GLICs).
- RM61bn is expected through public-private partnerships (PPP).
| 2021 | % YoY | 2022 | % YoY | 2023 | % YoY | 2024 | % YoY | 2025* | % YoY | 12MP | 13MP | % Change (13MP/12MP) | 5-Year CAGR | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 233,752 | 3.9% | 294,357 | 25.9% | 314,959 | 7.0% | 324,618 | 3.1% | 339,706 | 4.6% | 1,507,392 | 1,820,606 | 20.8% | 3.8% |
| Operating Expenditure | 231,516 | 3.1% | 292,673 | 26.4% | 311,267 | 6.4% | 321,509 | 3.3% | 335,000 | 4.2% | 1,491,965 | 1,808,308 | 21.2% | 3.9% |
| Surplus / deficit(-) | 2,236 | 1,684 | 3,692 | 3,109 | 4,706 | 15,427 | 12,298 | -20.3% | -4.4% | |||||
| Gross Development Expenditure | 64,257 | 25.1% | 71,574 | 11.4% | 96,091 | 34.3% | 84,012 | -12.6% | 86,000 | 2.4% | 401,934 | 430,000 | 7.0% | 1.4% |
| Less: Loan recoveries | 992 | -21.2% | 1,407 | 41.8% | 1,007 | -28.4% | 1,737 | 72.5% | 1,321 | -23.9% | 6,464 | 6,251 | -3.3% | -0.7% |
| Net Development Expenditure | 63,265 | 26.3% | 70,167 | 10.9% | 95,084 | 35.5% | 82,275 | -13.5% | 84,679 | 2.9% | 395,470 | 423,749 | 7.2% | 1.4% |
| Covid-19 | 37,711 | 30,979 | 68,690 | nm | nm | |||||||||
| Overall Balance | -98,740 | 12.7% | -99,462 | 0.7% | -91,392 | -8.1% | -79,166 | -13.4% | -79,973 | 1.0% | -448,733 | -411,451 | -8.3% | -1.7% |
| Total Allocation | 295,773 | 7.2% | 364,247 | 23.2% | 407,358 | 11.8% | 405,521 | -0.5% | 421,000 | 3.8% | 1,893,899 | 2,238,308 | 18.2% | 3.4% |
| Fiscal Deficit (% of GDP) | -6.40% | -5.50% | -5.00% | -4.10% | -3.80% | -5.00% | -3.0% |
Strategic Pillars and Key Focus Areas
Four Strategic Pillars
Enhancing Economic Diversity
- Boosting High-Growth, High-Value (HGHV) Industries
- Expanding Global Trade Networks
- Empowering Human Capital
- Developing Economic Infrastructure
Enhancing Social Mobility
- Reforming Education
- Transforming the Labor Market
- Inclusive Development
- Infrastructure for Access
- Regional Balance
Accelerating Public Service Reform
- Five Key Reform Outcomes (BKR)
- ILTIZAM Principles
- Integrating GovTech
- Fiscal and Project Management Reform
- Strategic Communication & Recognition
Enhancing Well-being & Environmental Sustainability
- Improving Quality of Life
- Climate Action & Environmental Protection
- Circular Economy & Waste Management
- Conserving Biodiversity
- Disaster Risk Reduction
Nine Key Focus Areas
- Towards an Artificial Intelligence-Driven Nation
- Boosting the Growth of High-Growth High-Value (HGHV) Industries and Strategic Sectors
- Balancing Economic Progress Across Regions and Strengthening Rural Development
- Enhancing Malaysia’s Engagement and Role on the Global Economic Stage
- Ensuring Transparent, Agile, and Effective Public Service
- Addressing the Cost of Living Burden
- Restructuring the Social System Based on MADANI Values
- Improving the Quality of Life for the People
- Achieving Social Justice and Equal Opportunities
Further focus is given to nine key areas, structured under the following three thematic ambitions that together shape a resilient, inclusive, and forward-looking Malaysia to drive socio-economic transformation under the Ekonomi MADANI vision.
The first ambition, Raising the Ceiling, concentrates on driving innovation and economic transformation. Central to this is the vision of becoming an AI-powered nation. Malaysia also intends to boost tech-intensive and high-value industries, while promoting regional economic balance and revitalising rural development.
Next, Strengthening Good Governance represents a singular but foundational pillar—reforming public service delivery to be transparent, agile, and responsive. This focus area is the linchpin upon which all other ambitions rest.
The third ambition, Raising the Floor, emphasises social equity and livelihood protection. It calls for practical cost-of-living relief, a redesigned welfare system, improvements in living standards, and promotes social justice and equal opportunity.
Impact on Equity Market and Stocks
Having identified the right strategies, socio-economic policies, growth drivers, and sustainable development initiatives under the 13MP, Malaysia has laid out a compelling proposition to achieve its long-term objectives. This serves as a vital guide for corporations to devise micro strategies.
Nonetheless, given that the 13MP is a long-term blueprint—with many of its specifics expected to be revealed through subsequent annual budgets—it is not expected to generate immediate market excitement. Concurrent developments, such as a reduction in the US tariff, could support initial gains, echoing the market performance observed following the 12MP.
After the 12MP was tabled, the FBM KLCI climbed 74.3 points over 18 trading days to close at 1,606.32. However, momentum faded toward year-end. Interestingly, the FBM KLCI is currently hovering around 19 points lower than its pre-12th Malaysia Plan announcement level.
Against this backdrop, we sustain our recommendation on the following themes for exposure:
- Undervalued blue-chip stocks with low volatility, robust balance sheets, and healthy free cash flows.
- Defensive stocks usually have non-cyclical business in the essential products or services with low beta, resilient earnings, reliable dividends, and strong balance sheets.
- Domestic-oriented plays with compelling growth narratives driven by resilient local demand, which are less exposed to external shocks and currency volatility.
13MP Sectoral Impact and Beneficiaries
| Sector | 13MP Impact | Rationale |
|---|---|---|
| Automotive | Neutral | Focuses on developing the Automotive High-Tech Valley (AHTV), benefiting specific companies like DRBHCOM and EPMB. |
| Banking | Neutral | Measures aim to drive growth via technology, deeper capital markets, and inclusive financing. Long-term potential in digital assets and green financing. |
| Building Materials | Neutral | No specific measures highlighted for the sector. |
| Construction | Neutral | Projects mentioned were largely within expectation; all players will benefit from development expenditure. |
| Consumer | Neutral | Mixed impact. Measures support high-income journey and purchasing power, but brewers/tobacco players face potential excise tax hikes. |
| Gaming | Neutral | No significant measures. |
| Healthcare | Neutral | Ministry of Health to outsource cases. Increased use of generic drugs will benefit DPHARMA. |
| Insurance | Neutral | Government to introduce a standardized basic health insurance plan, expected to benefit Allianz. |
| Media | Neutral | Focus on ecosystem development offers opportunities for MEDIA PRIMA and ASTRO, but lacks substantial funding or reforms. |
| Oil & Gas | Positive | Plans for a third regasification terminal, 10 mtpa CCUS capacity, and green financing create new project pipelines for MISC and MHB. |
| Plantations | Positive | Measures to boost biomass use, replanting, and biodiesel infrastructure. Integrated players like SDG, KLK, IOICORP, and FGV are well-positioned. |
| Property | Positive | Reinforces focus on housing accessibility and affordable housing. Benefits developers like SIMEPROP, MAHSING, SPSETIA, IOIPG. |
| Power & Utilities | Positive | Grid interconnection, smart meters, and clean energy access benefit TENAGA and RE players like SAMAIDEN, SLVEST, SUNVIEW. |
| Telecommunications | Neutral | Measures are in line with prior announcements. TM is the top beneficiary due to its role in digitalisation and 5G. |
| Technology | Positive | Clear direction on national transformation via AI adoption. INARI, UNISEM, MPI, ELSOFT, CORAZA expected to benefit. |
| Transportation | Neutral | Increased rail for cargo, tourism focus for Visit Malaysia Year 2026. Neutral on WPRTS as expansion has begun. |
| Company | 13MP Impact | Rationale |
|---|---|---|
| DPHARMA | Positive | A rise in the use of generic drugs is expected across both public and private sectors. |
| GAMUDA | Positive | Stands to be the strongest frontrunner for the rollout of Penang LRT Segment 3. |
| IOICORP | Positive | Benefits from focus on high-value biomass products and upgrades to biodiesel facilities. |
| KLK | Positive | Benefits from focus on high-value biomass products and upgrades to biodiesel facilities. |
| MAHSING | Positive | Key beneficiary from affordable housing initiatives. |
| MHB | Positive | Poised to gain from EPC contracts for regasification terminal and CCUS infrastructure. |
| MISC | Positive | Beneficiary of gas hub strategy, third regasification terminal, and CO2 transport under CCUS. |
| NESTLE | Positive | Well-positioned to benefit from initiatives boosting the halal industry. |
| SAMAIDEN | Positive | Potential beneficiary of enhanced consumer access to clean energy via grid third party access. |
| SDG | Positive | Benefits from high-value biomass, biodiesel operations, and land value enhancement from industrial park developments. |
| TENAGA | Positive | Beneficiary of grid interconnection, smart grid/meter rollout, and ToU tariff scheme. |
| TM | Positive | Strong capability for digitalisation, clear winner in 5G rollout, and benefits from data centre demand. |
| DRBHCOM ** | Positive | Benefits directly from the AHTV development as a main partner with MIDA. |
| EPMB ** | Positive | Benefits by supplying car seats to Proton for NEVs/NxGVs produced in the AHTV. |
| FGV ** | Positive | Benefits from focus on high-value biomass products and biodiesel facility upgrades. |
| GENP ** | Positive | Benefits from upgrades to biodiesel blending facilities. |
| WILMAR ** | Positive | Benefits from upgrades to biodiesel blending facilities. |
| Company | 13MP Impact | Rationale |
|---|---|---|
| CARLSBG | Negative | With the anticipated increase in excise taxes on beer and tobacco, we expect near-term volume moderation. However, we believe the longer-term impact will remain manageable. |
| HEIM | Negative | |
| BAT ** | Negative | |
| TNLOGIS ** | Negative | The proliferation of rail cargo transportation could be at the expense of trucking service. |
Malaysian Economy: Redrawing the Nation’s Future
Tel: +603-2167 9608
Tel: +603-2167 9220
farid@ta.com.my
Key Summary
The 13th Malaysia Plan (13MP), anchored on the Ekonomi MADANI framework, outlines the country’s development priorities for 2026-2030, focusing on inclusive growth, digitalisation, and governance reforms. Key macroeconomic targets include GDP growth of 5.0-5.5% per year, GNI per capita of RM77,289 by 2030 and a fiscal deficit of less than 3.0% of GDP. The 13MP proposes a total investment of RM611bn, with RM430bn from government development expenditure. While it commits to stronger fiscal discipline, it provides no further details on tax reforms. We view the 13MP as ambitious and anticipate more granular policies through future annual Budgets.
The 13th Malaysia Plan (2026 – 2030)
- The 13MP, themed “Redrawing Development,” aims to drive sustainable growth and push Malaysia towards becoming a high-income, globally competitive nation.
- Like past national plans, we view the 13MP as ambitious, given its scale and the uncertainties over a five-year horizon.
- We expect specific policies, allocations, and implementation details to be unveiled progressively through annual Budgets.
- The framework comprises 3 core dimensions: 1) Quality and Sustainable Living, 2) High and Equitable Income, and 3) Sustainable Environment.
Funding and Allocations
- Successful implementation will require a total investment of RM611bn. RM430bn will be from government development expenditure, with the remaining RM181bn from GLCs, GLICs, and PPPs.
- Of the RM430bn DE allocation, RM227bn (52.8%) will be channelled to the economic sector, RM133bn (30.9%) to the social sector, RM51bn (11.8%) to security, and RM17bn (4%) to administration.
| Indicator | 12MP Performance | 13MP Target |
|---|---|---|
| GDP growth, per annum | 5.1% | 4.5% – 5.5% |
| GNI Per Capita, end period | RM54,793 (2024) | RM77,289 |
| Labour Productivity growth, per annum | 2.9% | 3.6% |
| Compensation of Employees, end period (% of GDP) | 33.1% (2023) | 45.0% |
| Average Monthly Household Income, end period | RM8,479 (2022) | RM12,000 |
Seven Aspirations for 2030
The 13MP sets out seven national aspirations. However, there is nothing significantly new in these targets, as most mirror those set in previous plans. In our view, many of these aspirations remain far from reach, with only two currently on track: reducing the fiscal deficit to below 3% of GDP and achieving 60% female labour force participation.
- Rank among the top 30 largest economies in the world: Currently 36th, requires faster expansion and stronger competitiveness.
- Reach the top 12 in global competitiveness rankings: Currently 34th (2024 IMD), requires a shift to a productivity- and innovation-driven growth model.
- Climb to the top 25 in the Corruption Perceptions Index: Currently 57th, requires significant reforms in public sector integrity.
- Raise labour income share to 45%: Currently stagnant at 33.1%, target is likely to be missed.
- Attain top 25 ranking in the Human Development Index: Currently 63rd, requires continued progress in education, health, and living standards.
- Reduce the fiscal deficit to below 3% of GDP by 2030: On track, with deficit narrowing to 4.1% in 2024.
- Achieve 60% female labour force participation: On track, with participation at 56.3% in 1Q25.
Fiscal Consolidation is on Track
The 13MP provides a more realistic and pragmatic fiscal policy direction, with a commitment to reduce the fiscal deficit to below 3.0% of GDP by 2030. This will be achieved through improved revenue mobilisation and targeted expenditure. Total revenue is projected at RM1,820bn over five years.
The government plans to allocate a total of RM2,238bn in expenditure, an 18.2% increase from the 12MP. This is mainly driven by a 21.2% rise in operating expenditure (OE) to RM1,808bn. Development expenditure (DE) is set at RM430bn, about 7.0% higher than the 12MP, with a focus on continuing existing infrastructure commitments and expanding affordable housing.
Detailed Sector Analysis
Construction Sector
Tel: +603-2167 9601
A continuity plan with reforms but no groundbreaking new projects. A combined DE allocation of RM430bn is earmarked for 2026-2030. The government intends to enhance project execution via reforms under the new RMK13 guidelines.
Our View: We are neutral on the 13MP, viewing it as a continuation of existing narratives. The absence of new, large-scale, catalytic infrastructure dampens sector excitement. However, procedural reforms focusing on Value-for-Money (VfM) and cost governance are material. We reiterate our Overweight recommendation for the sector, as emphasis on TOD could stimulate housing demand and upcoming Penang LRT segments should inject fresh momentum. Our stock pick is GAMUDA (BUY, TP: RM6.43).
| Projects | Remarks | Potential Beneficiary |
|---|---|---|
| East Coast Rail Link (ECRL) | Connecting East Coast states with the West Coast | – |
| Penang LRT (Mutiara Line) | Segment 2 & 3 will be rolled out soon | GAMUDA is well positioned for Segment 3. IJM and SUNCON are frontrunners for Segment 2. |
| Road Network Expansion | Upgrades to PLUS Expressway | GADANG could be a beneficiary. |
| Flood Mitigation Plan | RM20bn allocated for 103 projects | GADANG stands to bag a few projects. |
Consumer Sector
Tel: +603-2167 9602
Key Measures of the 13th MP
- Boost Household Income to RM12,000/Month: Targeting higher median and average household incomes.
- Higher Tourism Contributions: Initiatives like Visit Malaysia Year 2026.
- Prime Hub for the Halal Industry: Targeting RM80.0bn in halal exports.
- A Widened ‘Pro-Health’ Tax Mechanism: Expanded to include tobacco, vapes, and alcoholic beverages.
Our View: We are neutral on the key measures. Initiatives present a mixed impact. On the positive side, measures to boost income and purchasing power will benefit F&B players and retailers like Aeon (Buy, TP: RM1.80) and Padini (Buy, TP: RM2.50). Nestlé (Buy, TP: RM102.80) is well-positioned for the halal industry push. On the flip side, players like Carlsberg (Buy, TP: RM24.10) and Heineken (Buy, TP: RM29.87) are likely to be affected by anticipated increases in excise taxes.
Power & Utilities Sector
Tel: +603-2167 9730
13MP Key Focus and Measures
Initiatives include a nuclear energy development program by 2031, a more innovative electricity market system, expanded rollout of smart meters, and implementation of battery energy storage systems (BESS). Other key plans include grid interconnection projects, a third regasification terminal (RGT-3), and enhancing clean energy access.
Our Initial Take – Broadly Positive: We are broadly positive on the 13MP initiatives. The inclusion of nuclear energy is a positive step. Grid interconnection projects are potential catalysts for TENAGA (Buy, TP: RM17.30). We re-affirm our Overweight stance on the P&U Sector. Top picks include TENAGA, SAMAIDEN (Buy, TP: RM1.38), MALAKOF (Buy, TP: RM1.08), RANHILL (Buy, TP: RM1.40), and PETGAS (Buy, TP:RM20.21).
Technology Sector
Tel: +603-2167 9731
Key Highlights Related to the Technology Sector
The government will prioritise key strategic policies including the National Semiconductor Strategy and AI Action Plan 2030. Focus will be on adopting local tech innovations, enhancing digital infrastructure for data centres, and establishing a National Data Bank.
Our View: Positive. We view the 13MP as having a positive impact on the sector. The clear direction toward national transformation through AI adoption and the focus on developing critical technology areas will position Malaysia as a competitive digital economy hub. We are confident the measures will significantly benefit semiconductor, EMS, and software companies. However, we maintain a Neutral stance for now due to uncertainties in U.S. trade policy. We upgrade UNISEM (TP: RM2.60) from Sell to Buy.
Telecommunications Sector
Tel: +603-2167 9731
13MP Key Focus and Measures
The government targets 98% 5G coverage by 2030, remains committed to the Rahmah Package for internet, and will enhance digital infrastructure for high-speed connectivity.
Our View: Neutral. The measures are largely in line with prior announcements and do not come as a surprise. However, we believe major telcos will continue to benefit. We maintain an Overweight stance. The top beneficiary is TM (TP: RM8.30). We revise our TP for AXIATA to RM3.09 (from RM2.50) and maintain our Buy call. We upgrade MAXIS (TP: RM3.68) from Sell to Hold.
Recommendation Guidelines and Disclaimer
Sector Recommendation Guideline
- OVERWEIGHT:
- The industry, as per our coverage universe, is expected to outperform the FBMKLCI over the next 12 months.
- NEUTRAL:
- The industry, as per our coverage universe, is expected to perform in line with the FBMKLCI over the next 12 months.
- UNDERWEIGHT:
- The industry, as per our coverage universe, is expected to underperform the FBMKLCI over the next 12 months.
Stock Recommendation Guideline
- BUY:
- Total return within the next 12 months exceeds required rate of return by 5%-point.
- HOLD:
- Total return within the next 12 months exceeds required rate of return by between 0-5%-point.
- SELL:
- Total return is lower than the required rate of return.
- Not Rated:
- The company is not under coverage. The report is for information only.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months. Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
ESG Guideline
- ★★★★★ (≥80%):
- Displayed market leading capabilities in integrating ESG factors in all aspects of operations, management and future directions.
- ★★★★ (60-79%):
- Above adequate integration of ESG factors into most aspects of operations, management and future directions.
- ★★★ (40-59%):
- Adequate integration of ESG factors into operations, management and future directions.
- ★★ (20-39%):
- Have some integration of ESG factors in operations and management but are insufficient.
- ★ (<20%):
- Minimal or no integration of ESG factors in operations and management.
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
As of Friday, August 01, 2025, the analysts, Kaladher Govindan, Shazma Juliana, Wong Li Hsia, Tan Kam Meng, Angeline Chin Swee Tyng, Thiam Chiann Wen, Chan Mun Chun, Farid Burhanuddin, Tan Kong Jin, Raymond Ng Ing Yeow, Liew Yi Jiet and Lee Yun Leon who prepared this report have interest in the following securities covered in this report: (a) nil
Kaladher Govindan – Head of Research
TA SECURITIES HOLDINGS BERHAD (14948-M)
A Participating Organisation of Bursa Malaysia Securities Berhad
Menara TA One | 22 Jalan P. Ramlee | 50250 Kuala Lumpur | Malaysia | Tel: 603 – 2072 1277 | Fax: 603 – 2032 5048
www.ta.com.my
“`
