Format a bit yar, see if i get U right:
1. If agent is the ONLY "client" himself, does he meet PM's sales quota if he also hit min RM30K equity sales per year?
No idea - i'm poking my upline heheh - worse case if no one here knows, i'll buzz Agent Services

2. If agent's only client (ie. assuming not case 1. above)
a. purchases RM20K equities in Jan,
b. redeems all in May
c. purchases again RM20K equities in June
d. redeems all again in Dec
e. now balance 0 fund,
can I say that the agent also hit RM40K for that year?
Yup, coz for all the client's purchases, he / she has to pay FULL service charge of 5.5% (cash) or 3% (EPF). Hey, PM's in it for the $ not doing it "for love", thus the "quota" 
Note - i assUme that U mean redeem, as in sell back to Public Mutual, NOT SWITCH from Equity to Bond then back to Equity.

IMHO - not too smart lor doing this. Better to SWITCH back/forth, saving % when getting back into equity funds.
Just a thought