Maintaining 2H2010 strategy. With 4 of our Top 5 Buys for June outperforming the index, only TNB disappointed. For July, we maintain TNB, KPJ and Faber as our Top Buys and replace Sunway with Hektar REIT, which might benefit from the upcoming listing of Sunway REIT. We also replace Zhulian with CI Holdings (one of our Top Small Cap Buys for 2H2010) as the former might still encounter negative sentiment
from the below expectation earnings of fellow MLM company, Hai-O.