Date: 10th September 2004

Maybank Securities

As government spending on construction for 2005 is expected to be smaller - scale projects, we believe small-to mid cap contractors would benefit. While there are a number of construction companies of that size on Bursa Malaysia, we recommend investors to stick with companies track record. As such, for exposure on prudent government spending, we prefer WCT Engineering, Hock Seng Lee and Protasco as likely beneficiaries.