Affin Hwang Capital Daily Insight (LV) - 13 March 2015 - GMB / ECONOMY - IPI / ECONOMY - ASEAN OUTLOOK

Company Update � Gas Malaysia (HOLD, upgrade) - Uncertain times; valuation prompts upgrade With the share price down 20% over the past month and at our TP of RM2.50, we upgrade GMB to HOLD. However, we still believe 2015 will be a disappointing year for GMB, as a higher allocation of LNG volume at market prices should dampen profit margins. We also see a lack of near-term re-rating catalysts.

Other Calls

Economy - IPI - Slower but healthy pace in January�s IPI index

Economy � ASEAN Outlook � Weekly Wrap (6 � 12 March 2015) - BOT eased monetary policy to support GDP growth

Morning News & Market Summary