Get smart! - The Edge Markets
Transcription
Get smart! - The Edge Markets
FBM KLCI 1634.89 6.10 KLCI FUTURES 1629.50 7.00 STI 2766.93 3.11 RM/USD 4.0840 CPO RM2495.00 33.00 OIL US$48.20 0.52 GOLD US$1250.10 2.80 PP 9974/08/2013 (032820) PENINSULAR MALAYSIA RM1.60 (INCLUSIVE OF 6% GST) TUESDAY MAY 24, 2016 ISSUE 2173/2016 FINANCIAL DAILY MAKE BETTER DECISIONS Najib: MoF not legally obligated to assume 1MDB’s US$3.5b bonds 5 HOME BUSINESS www.theedgemarkets.com 6 HOME BUSINESS MAHB kick-starts KLIA Aeropolis project with fi five ve partnerships Y L N O Gas Supply Bill empowering minister to approve licences passed al port y t er ed propyou ne 7 HOME BUSINESS Ho Hup trims FY16 profi fit growth target $N 12 H O M E Liisstiinngs es bridge, Approve chthird n u a l w Eng appeals to NeGuan federal govt t x e n our y d n i F First time over RM1b sold week ks since since for two straight weeks Auggust 2015 2015 — MIDF. August Surin M urugiah has the Surin Murugiah story on Page 4. sicss ws D Ne st s N News ata 13 H O M E FOREIGNt! SELLING r a m @ s SOARS ON BURSA e t m Ge o h MALAYSIA lnytgics he it's t , y l ous Seri 6 HOME BUSINESS Ne Right candidate key in Sungai Besar polls 1617 FOCUS Give the Porsche Macan a chance Hwang Capital chairman offers RM2.65 per share to take company private PA G E 2 Hwang Lip Teik FBM KLCI 1634.89 6.10 KLCI FUTURES 1629.50 7.00 STI 2766.93 3.11 RM/USD 4.0840 CPO RM2495.00 33.00 OIL US$48.20 0.52 GOLD US$1250.10 2.80 PP 9974/08/2013 (032820) PENINSULAR MALAYSIA RM1.60 (INCLUSIVE OF 6% GST) TUESDAY MAY 24, 2016 ISSUE 2173/2016 FINANCIAL DAILY MAKE BETTER DECISIONS Najib: MoF not legally obligated to assume 1MDB’s US$3.5b bonds 5 HOME BUSINESS www.theedgemarkets.com 6 HOME BUSINESS MAHB kick-starts KLIA Aeropolis project with five partnerships 6 HOME BUSINESS Gas Supply Bill empowering minister to approve licences passed 7 HOME BUSINESS Ho Hup trims FY16 profit growth target 12 H O M E Approve third bridge, Guan Eng appeals to federal govt FOREIGN SELLING SOARS ON BURSA MALAYSIA First time over RM1b sold for two straight weeks since August 2015 — MIDF. Surin Murugiah has the story on Page 4. 13 H O M E Right candidate key in Sungai Besar polls 1617 FOCUS Give the Porsche Macan a chance Hwang Capital chairman offers RM2.65 per share to take company private PA G E 2 Hwang Lip Teik T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 2 For breaking news updates go to www.theedgemarkets.com ON EDGE T V www.theedgemarkets.com Behind the Story: Genting’s ‘risky’ mega bet Hwang Capital chairman offers to take company private For RM2.65 per share or about RM469 million in total BY TAN SIE W M U NG The Edge Communications Sdn Bhd (266980-X) Level 3, Menara KLK, No 1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia Publisher and Group CEO Ho Kay Tat EDITORIAL For News Tips/Press Releases Tel: 03-7721 8219 Fax: 03-7721 8038 Email: [email protected] Senior Managing Editor Azam Aris Executive Editors Kathy Fong, Jenny Ng, Siow Chen Ming, Ooi Inn Leong Associate Editors R B Bhattacharjee, Joyce Goh, Jose Barrock, Vasantha Ganesan Editors Cindy Yeap, Kang Siew Li Assistant Editors Adeline Paul Raj, Tan Choe Choe Chief Copy Editor Halim Yaacob Senior Copy Editor Melanie Proctor Copy Editors Evelyn Chan, Tham Yek Lee, Tham Kid Cheng Art Director Sharon Khoh Design Team Cheryl Loh, Valerie Chin, Aaron Boudville, Aminullah Abdul Karim, Yong Yik Sheng, Tun Mohd Zafian Mohd Za’abah, Noorain Duasa EDITORIAL ADMINISTRATION Manager Katherine Tan Assistant Manager Madeline Tan Senior Coordinator Maryani Hassan CORPORATE Managing Director Au Foong Yee Deputy Managing Director Lim Shiew Yuin ADVERTISING & MARKETING To advertise contact GL: (03) 7721 8000 Fax: (03) 7721 8288 Chief Marketing Officer Sharon Teh (012) 313 9056 General Manager, Digital Media Kingston Low (012) 278 5540 Senior Sales Managers Fong Lai Kuan (012) 386 2831 Peter Hoe (019) 221 5351 Gregory Thu (012) 376 0614 Creative Marketing Chris Wong (016) 687 6577 Head of Marketing Support & Ad Traffic Lorraine Chan (03) 7721 8001 Email: [email protected] KUALA LUMPUR: Hwang Capital (Malaysia) Bhd has received a takeover offer from the group’s major shareholders, led by chairman Hwang Lip Teik and Hwang Enterprises Sdn Bhd, to take the group private for RM2.65 per share or about RM469 million in total. The offer price is at a near 20% premium to the stock’s last traded price of RM2.21 on May 19, and 21% above the five-market day volume weighted average price of Hwang Capital’s shares up to and including May 19, of RM2.19. As at Jan 31, 2016, Hwang Capital’s net assets per share stood at RM3.22. According to the conditional voluntary takeover offer notice from Affin Hwang Investment Bank Bhd, which was sent to Hwang Capital yesterday on behalf of Hwang Enterprises and Lip Teik, the joint offerors intend to acquire all the remaining ordinary stake in Hwang Capital (Malaysia) not already owned by the joint offerors. As at May 20, the joint offerors held 78.06 million Hwang Capital shares, or 30.59% of the issued and paid-up share capital of the group, of which 4.07% is directly under Lip Teik. Lip Teik is the eldest son of Hwang Capital’s late founder, Datuk Seri Hwang Sing Lue. Lip Teik is also the controlling shareholder of Hwang Enterprises with a 61.6% stake. As such, he is the ultimate offeror for the offer, said Affin. Also acting in concert with the joint offerors are: Lip Teik’s siblings Hwang Lip Koon, Hwang Yee Chern, Hwang Yee Cheau and Hwang Yee Tuan, and Yee Cheau’s spouse Teoh Teik Kee, Lip Koon’s spouse Tan Gaik Kheng, Ladies Own Sdn Bhd (LOSB), and Pensin Investments Pte Ltd. LOSB is the company in which Lip Teik, Lip Koon, Yee Chern, Yee Cheau and Yee Tuan are substantial shareholders, while Pensin is controlled by Lip Teik and Yee Cheau. The joint offerors do not intend to maintain the listing status of Hwang Capital (Malaysia). The offer is conditional upon the joint offerors having received, on or before the closing of the offer, valid acceptances that will result in them holding more than 50% of the voting shares in Hwang Capital. The offer will remain open for acceptances for no less than 21 days from yesterday. In response, Hwang Capital said its board, save for the interested di- Vento comes in three variants KUALA LUMPUR: Volkswagen Malaysia recently unveiled the new Volkswagen Vento, which is available in three variants: Trendline, Comfortline and Highline. The Vento Highline is powered by the award-winning 1.2l turbocharged direct injection TSI engine with an output of 105PS. Paired with the seven-speed automatic transmission DSG with a maximum torque of 175Nm, the Vento is the sedan with the highest torque in its class. The 1.6l Comfortline and Trendline come with a six-speed automatic transmission gearbox with Tiptronic function with an output of 105PS, maximum torque of 153Nm and fuel consumption of 6.5 litres per 100km. According to Volkswagen Group Malaysia managing director Armin Keller, the Vento is a sedan that has it all — performance, design, safety and innovation. “We are pleased to introduce the Volkswagen Vento to the local Keller: The Vento is a sedan that has it all — performance, design, safety and innovation. market. As the latest Volkswagen model to be assembled locally with our partner, DRB-Hicom, the Vento plays a vital role in our strategy to making our cars more accessible and affordable to Malaysians.” The new Vento is priced at RM79,888 for the Trendline, RM86,888 for the Comfortline; and RM93,888 for the Highline. World leaders meet in Istanbul OPERATIONS To order copy Tel: 03-7721 8034 / 8033 Fax: 03-7721 8282 Email: [email protected] TheEdgeProperty.com Managing Director Au Foong Yee Editor Lam Jian Wyn Contributing Editor Sharon Kam Assistant Editor James Chong MARKETING & ADVERTISING Account Director Sharon Chew (012) 316 5628 BUSINESS DEVELOPMENT Senior Manager Elizabeth Lay ISTANBUL: Global leaders met in Istanbul yesterday to tackle a “broken” humanitarian system that has left 130 million people in need of aid, a near insurmountable task for a two-day summit that critics say risks achieving little. Billed as the first of its kind, the United Nations (UN) summit aims to develop a better response to what has been called the worst humanitarian crisis since World War II, mobilise more funds and find agreement on better caring for displaced civilians. UN secretary-general Ban Kimoon called on governments, businesses and aid groups to commit to halving the number of displaced civilians by 2030. “We are here to shape a different future,” he said in an address at the start of the conference. “I urge you to ... find better longterm solutions for refugees and displaced people based on [a] more equal sharing of responsibilities.” But that may be difficult to attain. The global aid agency Médecins Sans Frontières pulled out of the conference earlier this month, saying it had lost hope the participants could address weaknesses in emergency response. Critics say the global aid system needs greater financing to cope with a proliferation of regional wars and failed states that have ballooned the numbers of displaced people, and to reduce inefficiency and corruption that consume considerable humanitarian funds before they can benefit those most in need. — Reuters rectors, will deliberate on the offer and will decide whether or not to seek an alternative person to make a takeover offer for the offer shares, and that the announcement on that will be announced in due course. “In the mean time, shareholders are advised to exercise caution when dealing with shares and refrain from taking any action which may be prejudicial to their interests until they have considered the information set out in the offer document and independent advice circular, including the advice of the independent adviser and the recommendation of the non-interested directors on the offer,” it added. Separately, Hwang Capital (Malaysia) said the trading of the group’s shares, which has been suspended for two days since last Friday, resumes today. Sungai Batu Archaeological Complex declared oldest civilisation in SEA SUNGAI PETANI: The Sungai Batu Archaeological Complex created history yesterday when it was declared as the earliest and oldest civilisation in Southeast Asia (SEA). The declaration plaque was presented by Oxford University archaeologist Professor Dr Stephen Oppenheimer to Universiti Sains Malaysia’s Centre for Global Archaeological Research director Prof Datuk Dr Mokhtar Saidin. Five archaeological experts, representing five world civilisations, namely Mesopotamia, Indus, Mesoamerica, China and Greek-Rome, signed the declaration plaque, said Mokhtar. — Bernama Rafizi to provide proof of corruption in Selangor government KUALA LUMPUR: PKR secretary-general Mohd Rafizi Ramli will provide proof of the alleged corruption in the state government to party president, Datuk Seri Dr Wan Azizah Wan Ismail, during a meeting today. Rafizi said cases regarding disciplinary issues would be brought to the party’s disciplinary bureau, and further action would be taken against those found guilty. “I will hand over all evidence to her (the president) and we will wait for discussions within the party before making the decision to report it to the Malaysian Anti-Corruption Commission,” he told reporters at the Parliament lobby here yesterday. — Bernama T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 4 HOME BUSINESS Foreign selling soars on Bursa Malaysia UMW O&G posts RM65m net loss in 1Q BY ME E N A L A K S H A N A First time over RM1b sold for two straight weeks since August 2015 — MIDF KUALA LUMPUR: Foreign selling is soaring in Asia, no exception for Bursa Malaysia, sending equity prices on a downward trend regionally due to the reverse of the fund flow ahead of the US Federal Reserve’s decision on its interest rate in mid-June. The continued foreign selling has weighed down the FBM KLCI, which has been on the decline since April 25. Over the past month, the FBM KLCI had fallen as much as 93.3 points or 5.44% to a low of 1,621.21 points last Monday from 1,714.51 points on April 25. The benchmark index closed at 1,634.89 points yesterday, down 3.4% year to date (YTD). The ringgit had depreciated 4.47% against the US dollar between April 25 and May 16 from 3.9075 to 4.0273. The ringgit closed at 4.0825 against the greenback yesterday. Foreign selling continued for the fourth consecutive week and surpassed the prior week’s YTD high on Bursa, according to MIDF Research. MIDF Research head Zulkifli Hamzah said regionally global liquidity continued to flow out of Asia last week; investors classified as “foreign” offloaded up to US$990 million equities as the intensifying debate of a US Fed June hike has been dampening global investors’ appetite for Asian stocks in general. In the weekly fund flow report yesterday, Zulkifli said the net amount offloaded by foreign investors edged up to RM1.158 billion from RM1.004 billion the week before. He said it was the first time foreigners sold more than RM1 billion for two consecutive weeks since August 2015, based on transactions in the open market which excluded off-market deals. “Foreigners were net sellers every single day last week. As of [last] Friday, foreign investors had been selling in 17 out of 18 straight days. “We note that daily selling has been consistently more than RM100 million. The prior week’s selling mo- Weekly net flow of foreign funds into Malaysian equities (RM mil) 1500 1000 500 0 -500 -1000 -1500 Jan 8 Jan 15 Jan 22 Jan 29 Feb 5 Feb 12 Feb 19 Feb 26 March 4 March 11 March 18 March 25 April 1 April 8 April 15 April 22 April 29 May 6 May 13 May 20 BY SURIN MURUGIAH Source: MIDF Equity Research mentum was carried forward into last week,” he said. He said last week’s foreign withdrawal further reduced the cumulative net foreign inflow into shares listed on Bursa to an estimated RM3.19 billion so far this year, down from the prior week’s RM4.35 billion. Nonetheless, he noted that the amount is still modest relative to the RM19.5 billion and RM6.9 billion net outflows in 2015 and 2014 respectively. Zulkifli said the foreign participation rate edged down 6% compared with the prior week as it has narrowed by RM64.8 million to RM1 billion. Nonetheless, he said that was its third consecutive week staying at over RM1 billion. “Daily total foreign trade has been high on [last] Wednesday and [last] Thursday, which amounted to RM1.19 billion and RM1.16 billion respectively. “Local institutions continued to support the market, mopping up RM1.179 billion. However, their participation rate declined to RM1.95 billion, the lowest since March this year,” he said. He said retail buyers, for the first time in four weeks, turned net sellers by offloading RM21.2 million. Multi-Usage lodges police report against director CIMB expects SME loan to maintain last year’s growth pace BY GHO C H EE Y UAN BY YIM IE YO NG KUALA LUMPUR: Multi-Usage Holdings Bhd has lodged a police report against its non-independent and non-executive director Tan Chew Hua for possible cheating and criminal breach of trust in relation to the purchase of properties from a subsidiary, TF Land Sdn Bhd. In a bourse filing, the company said the report was lodged last Friday for possible breaches under Section 420 (which deals with cheating and dishonestly inducing delivery of property) and/or Section 409 (criminal breach of trust by a public servant or agent) and/or Section 403 (dishonest misappropriation of property) of the Penal Code. Last November, Multi-Usage announced it had appointed UHY FLVS Sdn Bhd to carry out a special audit on complaints made against its directors. In March, it announced the audit had revealed, among others, a special purpose vehicle (SPV) called Wealthy Achiever Sdn Bhd is connected to certain directors, and that the SPV had made an estimated profit of RM10.4 million from the company’s debt restructuring exercise in 2009. It also found that a director of Multi-Usage and his brother acquired five properties from a subsidiary of Multi-Usage in 2002 and 2007. However, the payment was not made in accordance with the terms stipulated in the sale and purchase agreements. KUALA LUMPUR: CIMB Group Holdings Bhd expects its lendings to the small and medium enterprise (SME) division to maintain last year’s growth momentum. “We expect about the same as last year. It will continue to grow,” said its chief executive officer (CEO) of group consumer banking Renzo Viegas. “Even though the time is more challenging, SME is able to grow about the same like last year,” he told reporters after the memorandum of understanding (MoU) signing ceremony between CIMB Bank Bhd and Credit Guarantee Corp Malaysia Bhd (CGC). Last year, the loan growth for the SME segment of the bank stood at 46%, according to Viegas. The SME loan growth for the whole banking industry was at 18%. Viegas said CIMB Bank has about 400,000 SME customers, close to 40% market share as there are one million registered SME customers in the country. CGC president and CEO Mohd Zamree Mohd Ishak said that there are signs that SMEs from the construction sector are affected by the slower economic growth. But he believes that the impact will be mitigated by the kick-start of several major projects such as the Pan Borneo Highway, Petroliam Nasional Bhd’s refinery and petrochemical integrated development (Rapid) in Pengerang, Johor, and the Sungai Buloh-Serdang-Putra- jaya mass rapid transit line. CIMB Bank and CGC inked the MoU to offer up to a total of RM1 billion of Enterprise Clean Loan (ECL) as part of their joint initiative to nurture and develop Malaysian SMEs. The ECL is based on a customised portfolio guarantee product offered by CGC to CIMB Bank, to enable the latter to offer unsecured business loans to SMEs. The MoU marks the enhancement of an already successful strategic collaboration between CIMB Bank and CGC since 2005, by making available a further RM750 million for the ECL. CIMB Bank and CGC had launched earlier three tranches of the ECL amounting to RM250 million. KUALA LUMPUR: UMW Oil and Gas Corp Bhd (UMW O&G) posted a net loss of RM65.08 million or 3.01 sen a share in the first quarter ended March 31, 2016 (1QFY16) compared to a net profit of RM32.15 million or 1.49 sen a share a year ago. However, the quarterly net loss is substantially lower against the loss of RM409.13 million recorded in 4QFY15, dragged down by massive impairment losses and goodwill. The group’s revenue more than halved to RM87.68 million in 1QFY16 from RM312.5 million in 1QFY15. UMW O&G said in a bourse filing yesterday that both its drilling services and oilfield services segments contributed lower revenue in 1QFY16 due to much lower levels of exploration, development and production activities in the oil-andgas industry. The group said weak demands for drilling and oilfield services in 1QFY16 due to low oil prices had caused both the drilling services and oilfield services segments to incur losses. The drilling services segment, which contributed RM81.3 million, contributing nearly 93% of the total revenue of RM87.7 million, shrank 73% against the RM300 million recorded in the previous corresponding quarter, principally due to low utilisation of some of the assets in the group during 1QFY16 as a result of the significant cuts in capital and operating expenditures by oil majors, the filing read. However, the additional revenue contributions from two new jack-up rigs, UMW Naga 8 and UMW Naga 7, which commenced operations in September and November 2015 respectively, mitigated the revenue reduction. Consequently, the drilling services segment incurred a loss of RM93.4 million in 1QFY16 compared to a profit before tax of RM38.6 million in 1QFY15. The oilfield services segment contributed barely RM6.4 million or 7.3% of the group’s revenue compared with RM12.5 million or 48.8% a year ago, due to lower revenue from the group’s operations in Labuan, Thailand, China and Turkmenistan. The oilfield services segment reported a loss before tax of RM1.4 million in 1QFY16 compared to a profit of RM2.7 million recorded in 1QFY15. Genting Plantations’ 1Q net profit halves to RM26.99m BY TAN SIE W M U NG KUALA LUMPUR: Genting Plantations Bhd’s net profit almost halved to RM26.99 million or 3.44 sen per share in the first quarter ended March 31, 2016 (1QFY16), compared with RM52.66 million or 6.83 sen per share a year ago, due to lower contributions from Malaysia’s plantation and property businesses. According to its bourse filing yesterday, its revenue fell 19.58% to RM260.87 million from RM324.4 million in 1QFY15. Profit before tax for the Malaysian plantation segment fell 28% year-onyear (y-o-y) to RM49.1 million, while the property segment dropped 62% y-o-y to RM11.4 million. “The decline was due to lower contributions from the Plantation-Malaysia and property seg- ments, amid lower production of fresh fruit bunches (FFB) and lower land sales respectively, [which] outweighed improvements in the Plantation-Indonesia and downstream manufacturing segments that were correspondingly driven by increased FFB production and higher biodiesel sales for the national B7 programme,” it said. Overall, the group achieved a crude palm oil price of RM2,273 per tonne in 1QFY16, moderately higher than in 1QFY15; palm kernel prices were 7% higher y-o-y at RM1,866. Going forward, it said the direction of palm oil prices is likely to continue having a significant influence on the overall performance of the group this year. For its property segment, it will strive to ensure its new offerings are well timed and fully aligned with market requirements. TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY HOME BUSINESS 5 MoF not legally obligated to assume 1MDB bonds There is no government guarantee or letter of support for the debt, says Najib BY C H EN SHAUA FU I KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak said the Ministry of Finance (MoF) is not legally obligated to assume US$3.5 billion worth of 1Malaysia Development Bhd (1MDB) bonds, as there is no government guarantee or letter of support for the debt. Najib, who is also the finance minister, said this in a written reply to queries by members of parliament (MPs) in Parliament on whether the ministry is legally obligated to as- sume the bonds, since International Petroleum Investment Co (IPIC) has refused to honour the binding term sheet dated May 28, 2015. MPs also asked Najib on the dispute between 1MDB and IPIC. Najib said: “Given that the matter is still under dispute, the Ministry of Finance will wait for this issue to be fully resolved before taking action against any party.” To recap, IPIC and its unit Aabar Investments PJS entered into a debt-settlement agreement via the binding term sheet on May 28, 2015, after 1MDB realised it needed help to settle the debts it had taken to buy its power assets. Under the debt-settlement agreement, IPIC provided 1MDB US$1 billion cash. It had also agreed to pay all interests due under the IPIC-guaranteed US$3.5 billion bonds and to take over liabilities for payment obligations under the bonds. In exchange for IPIC’s guarantee on the US$3.5 billion worth of bonds, 1MDB was obliged to make collateral payments to IPIC’s subsidiary Aabar by Dec 31, 2015. 1MDB contended that it had made the collateral payments — US$855 million, US$933 million and US$295 million as security deposits and other guarantees — between 2012 and 2014, as well as a US$1.4 billion security deposit to an entity called Aabar Investments PJS Ltd registered in the British Virgin Islands (Aabar BVI). 1MDB had also said it might have been a victim of fraud, following IPIC’s clarification that Aabar BVI was not a unit of the sovereign wealth fund. IPIC, meanwhile, had paid interests due on the bonds twice on behalf of 1MDB. The latest was for the US$52.4 million (RM213.8 million) interest due on May 11 in respect of the US$1.75 billion fixed rate 5.99% notes. Prior to that, 1MDB had defaulted on a US$50 million payment that was due on April 18, in respect of the US$1.75 billion fixed rate 5.75% notes, which IPIC announced on April 29 that it had paid to honour its obligation as guarantor of the notes. Fortunes of 1MDB bonds diverge BY DAVI D YONG & DENISE W EE SINGAPORE/HONG KONG: The fortunes of bonds in Malaysia’s troubled investment fund are diverging this month: Those guaranteed by Abu Dhabi’s sovereign wealth fund have rallied, while notes with support from Malaysia’s own government have dropped. 1Malaysia Development Bhd (1MDB), whose advisory board has been headed by Prime Minister Datuk Seri Najib Razak, held talks with creditors yesterday after defaulting last month. In a statement yesterday, 1MDB said it had undertaken “the first update call for its USDdenominated bondholders” and that during the call had updated the status of the bonds and outlined the next steps of the process. It also discussed the background to 1MDB’s decision not to make the interest payment on its US$1.75 billion (RM7.14 billion) Langat bonds, and updated holders on the progress 1MDB has made on its rationalisation plan, and reiterated its commitment to working openly with Abu Dhabi’s International Petroleum Investment Co (IPIC) to resolve their dispute. Meanwhile, its 4.4% 2023 notes, backed by a letter of support from the government, slumped 6.4% in May, set for the worst slide in 16 months. The fund’s 5.99% 2022 bonds, on which IPIC paid interest earlier this month in its role as guarantor, gained 1.9%. That’s the most since at least September 2014. The contrast reflects growing investor concern about the Malaysian government backing as Najib grapples with an economy forecast to expand at the slowest pace in seven years amid a collapse in oil prices. 1MDB is at the centre of multiple investigations from Switzerland to the United States amid allegations of money laundering and embezzlement. Even as the firm has consistently denied wrongdoing, it’s brought negative attention to the government. “In the past, people could just look at the support as enough,” said Sean Chang, head of Asian debt investment at Baring Asset Management Ltd in Hong Kong. “But now, the macro picture is very different. Malaysia is a commodity exporter and if this kind of market environment persists, it may not do them a favour. A straight guarantee is more clear-cut and people are happy to hold on to those exposures.” With another coupon due this month, 1MDB referred requests for comments on its interest payment plans to previous statements it had made on the matter. The company said on April 26 that “it will meet all of its other existing financial obligations and has ample liquidity to do so”. The Malaysian finance ministry reiterated on May 11 that it will “continue to fulfil all of its outstanding financial commitments including any explicitly guaranteed debt and debt which carries a government letter of support, to domestic and international investors”. 1MDB itself didn’t make payments on two IPIC-guaranteed bonds in the past month because of a dispute with the Abu Dhabi sovereign wealth fund. On April 25, the fund defaulted on a US$1.75 billion privately placed bond, missing a US$50 million interest payment. IPIC, which was also co-guarantor on those notes, said it would only make the payment if the Malaysian fund first failed to do so. On May 11, IPIC paid US$52.4 million of interest due that day on 1MDB’s 5.99% securities after saying 1MDB reneged on it. While IPIC said it made the payment, this time it did so on the due date unlike in April. 1MDB’s failure to make payment in April triggered a cross default on the RM5 billion of 5.75% Islamic bonds due in 2039 and RM2.4 billion of notes maturing in 2021 to 2024, according to company statements. 1MDB will have to pay RM143.8 million of coupons on the 2039 notes, which are guaranteed by the Malaysian government, on May 30, according to data compiled by Bloomberg. Investors are betting that such guarantees are stronger signals of backing than the letters of support, such as the one on the 2023 debentures. “Admittedly, the letter of support on the 2023s can essentially be considered an implicit guarantee at best,” Imtiaz Shefuddin, a Singapore-based credit analyst at Societe Generale SA, said in a May 19 note to clients. Still, previous cases involving such letters have shown that the government has honoured its obligations, he said. — Bloomberg T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 6 HOME BUSINESS MAHB kick-starts Aeropolis project with 5 partnerships To make Malaysia an aviation hub in Asean BY C H ESTER TAY KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) has formed five partnerships with several parties, including AirAsia Bhd and DRBHicom Bhd, to expand air cargo operations as well as aeronautical support; logistics; and maintenance, repair and overhaul (MRO) services locally. This is part of the airport operator’s massive KLIA Aeropolis project, which aims to make Malaysia an aviation hub in Asean. Yesterday, MAHB entered into three memoranda of understanding (MoU) and two partnership agreements for the development of KLIA Aeropolis. Under the MoU with AirAsia, the low-cost carrier will develop a regional distribution centre at the cargo terminal for its low-cost express courier and parcel delivery services called Redbox. MAHB also entered into the MoU with DRB-Hicom for the latter’s wholly-owned unit KL Airport Services Sdn Bhd (KLAS), an aviation ground services provider, to develop 450,000 sq ft space in the former low-cost carrier terminal (LCCT) into a cargo terminal. Raya Airways Sdn explore the setting up of Bhd will also occupy a regional distribution 200,000 sq ft in the forcentre for the managemer LCCT for its carment and distribution go business. Raya Airof spare parts for bagways will partner DHL gage-handling systems Express (M) Sdn Bhd in Malaysia. Vanderand Dnata, an aircraft lande is involved in bagground handling and gage-handling systems cargo services provider, for airports, and sorting to undertake the project. systems for parcel and This confirms The postal services. Edge Financial Dai- Badlisham says MAHB MAHB also enly’s report dated May looks forward to more tered into a tie-up with 16 that Raya Air, for- proposals. Photo by RUAG Aviation Malaymerly Transmile Air Shahrin Yahya sia Sdn Bhd, a SwitzerServices Sdn Bhd, will land-based civil and soon break the duopomilitary aviation supplily and get a slice of market share in er, support provider and integrator of the provision of cargo terminal and systems and components. The partground-handling services at KLIA. nership is to convert the former cusCurrently, there are two major toms building at Sultan Abdul Aziz ground handlers, DRB-Hicom- Shah Airport into an MRO facility. owned KLAS, which is in the midst At the launching ceremony of of selling KLAS to Pos Malaysia Bhd, KLIA Aeropolis yesterday, the group’s and Malaysia Airlines Bhd Cargo. managing director Datuk Badlisham MAHB has also formed a partner- Ghazali told reporters that MAHB ship agreement with Vanderlande looks forward to more investment Industries BV, a Netherlands-based proposals being submitted to the material handling and logistics au- group after the commencement of tomation firm. The partnership is to the project. Gas Supply Bill empowering minister to approve licences passed BY C H EN SHAUA F UI KUALA LUMPUR: The Energy Commission may only grant a licence for the regasification or distribution of gas with the approval of a minister under the Gas Supply (Amendment) Bill 2016 that was passed in the Dewan Rakyat yesterday. The commission may also only grant a licence for the transportation of gas to a person designated by the minister, who will be from the Prime Minister’s Department (which is in charge of matters relating to the petroleum sector). Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar, in his winding-up speech, said the prime minister would be one of the ministers who would be in charge of giving the approvals. He said this matter would be determined by the prime minister or the minister because it involved high-cost assets and could not be given to any company. “Although this power lies in the hands of the minister, the procedure is still carried out by the Energy Commission,” said Abdul Wahid in reply to concerns raised by PKR parliamentarian Wong Chen. Wong noted that under the existing Gas Supply Act 1993, the Energy Commission, which is a unit under the energy, green technology and water ministry, has full powers in the granting of the licences Speaking at a press conference later, the Kelana Jaya lawmaker said the power to grant licence in the multibillion ringgit industry would effectively shift from the energy ministry to the Prime Minister’s Department. Wong said the explanatory note to the bill allegedly confirmed that the licence would create a monopoly for the licence holder. “This bill is contrary to corporate governance and is obviously anti-competition. These amendments will effectively legalise crony capitalism and allow for the Ali-Baba practices to continue legally,” he said. According to the explanatory note, the amendments are aimed at ensuring that only reliable business entities get to participate in the gas market. It noted that the minister will only approve licences involving high-cost infrastructure such as regasification terminal, transmission and distribu- tion pipelines. For other activities such as imports into regasification terminal, shipping, retail and use of gas, the Energy Commission on its own may issue the licences. “Further, the proposed amendment will empower the minister to designate a person to be granted a transportation licence with monopoly status for a specific area of gas supply,” the note read. The bill also allows for the licence to be transferred, assigned, sub-assigned or disposed of only with the written consent of the minister. Abdul Wahid said this is to ensure that if a licence holder is made a bankrupt, the minister can transfer the licence to another person to ensure there is no disruption in gas supply. On the opposition’s argument that the amendment was anti-competition, Abdul Wahid said the new bill was actually an improvement over the existing law, as it would give third-party access to the existing supply chain and thereby create competition. He highlighted that with the enforcement of the bill, the price of gas will no longer be controlled by the government, but by the market. MOST VIEWED STORIES ON theedgemarkets.com Multi Sports shareholder calls for EGM to appoint new directors BY G H O C H E E Y UA N KUALA LUMPUR: Paramjit Singh Gill, a major shareholder of Multi Sports Holding Ltd, has requisitioned an extraordinary general meeting (EGM) to seek the appointment of five individuals to the company’s board. The China-based shoe sole maker said in a filing with Bursa Malaysia that Paramjit claimed he is the beneficial owner with no less than 10% of the paid-up capital of the company held through JF Apex Nominees (Tempatan) Sdn Bhd. He is seeking the appointment of Kasinathan Tulasi, Naren Anand Gill, Clarence Yeow Kong Chew, Cheh Chee Mun and Guan Swee Kee as directors of the company. Subsequently, he wants these directors to be also made directors of the company’s five subsidiaries. According to the filing, Paramjit requested the EGM to be convened within 21 days from the date of the requisition (May 20). Paramjit surfaced as Multi Sports’ substantial shareholder on Feb 10 this year after acquiring 30.42 million shares or a 5.11% stake in the company in the open market. On March 2, he raised his shareholding to 72.19 million shares or a 12.13% stake. The company’s executive chairman Lin Huo Zhi controlled 11.45% of the shares via his private vehicle Power Wide Holdings Ltd as at Feb 19. Multi Sports currently has three directors — Lin, chief executive officer-cum-executive director Lin Li Ying and independent non-executive director Wong Wang Lum. Initially, the company had six directors, but Gong Anne retired from the board on June 22 last year, while another two independent non-executive directors — Ang Wei Chuan and Bernand Tan Chin Teik — resigned on April 20 this year. The trading of shares in Multi Sports has been suspended as the company failed to submit its latest annual report by the regulator’s deadline of May 9. Competition drags Lafarge’s 1Q net profit down 72% BY G H O C H E E Y UA N KUALA LUMPUR: Lafarge Malaysia Bhd, the country’s largest cement manufacturer, saw its net profit fall nearly 72% to RM20.65 million in the first quarter ended March 31, 3016 (1QFY16), from RM73.69 million a year ago, on lower contribution from its cement segment, following the continued price competition. One-off Holcim Malaysia integration costs also affected earnings, its bourse filing yesterday showed. “The higher share of loss in an associate, coupled with higher depreciation charges and higher finance costs arising from the borrowings raised late last year to fund the acquisition of Holcim Malaysia, also contributed to the group’s lower profit before tax,” it said. Its interest income of RM600,000 for the quarter was also lower, compared with RM1.9 million in the corresponding quarter last year, due to a lesser amount of funds placed on short-term deposits. Quarterly revenue slipped 3.8% to RM669.78 million from RM696.09 million a year earlier, mainly attributed to the lower sales contribution from its cement segment due to stiff competition in the market and continued pricing pressures. Still, it declared a first interim dividend of three sen per share, five sen lower from last year’s eight sen; the dividend is payable on July 27. JCY ceases China HDD ops on sluggish demand BY G H O C H E E Y UA N KUALA LUMPUR: JCY International Bhd has ceased, with immediate effect, the operation of its subsidiary in China, Foshan YK HDD Co Ltd, in view of sluggish demand for hard disk drives (HDDs). “Global demand for HDD products continues to face a very challenging global economic environment,” the integrated HDD component maker told the stock exchange in a filing yesterday. It added that the total addressable market (TAM) remains weak in the coming quarters, and its production facilities in YK Foshan have not been optimised meaningfully, while it has sufficient facilities in other locations should the TAM recover in the near term. “The board, taking cognisant of the above and after having reviewed and assessed the overall production facilities of the group, is of the view that it is more operationally efficient and cost-effective to cease the operations in YK Foshan,” it added. JCY said there are no other liabilities to be assumed by the company from the cessation. It noted that there will be an estimated one-time cost impact arising from fixed assets impairment and/or fixed assets written down of RM12.6 million, being 1.7% of its net assets as at Sept 30, 2015. Barring any unforeseen circumstances, JCY expects the cessation to be completed by Sept 30, 2016. TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY HOME BUSINESS 7 Ho Hup trims FY16 profit growth target On continued slowdown in property market BY MEENA L A KSHA NA KUALA LUMPUR: Ho Hup Construction Company Bhd, which saw its earnings slip 5% in the first quarter ended March 31, 2016 (1QFY16), has trimmed its profit after tax (PAT) growth target to between 15% and 20% for FY16, in view of the continued slowdown in the property market. It had previously targeted a rise of between 20% and 25%. “Given the slowdown in the property market, we are not slowing down our property launches, but we are being a little bit more cautious,” said Ho Hup chief executive officer Datuk Derek Wong Kit Leong after the company’s annual general meeting yesterday. “We still have balance land in Bukit Jalil and we are timing the launch for that. We are readjusting the timing of our launches,” he added. In FY15, Ho Hup’s net profit gained 8.15% to RM71.11 million, mainly due to the turnaround of its concrete mix division. In 1QFY16, Ho Hup’s net profit declined to RM19.08 million from RM20.09 million a year ago, on additional financing costs incurred for corporate acquisitions and costs of funding new projects. Quarterly revenue, meanwhile, declined 7.8% to RM81.08 million from RM87.96 million on no progress billings in its joint-venture (JV) project in Bukit Jalil City and the Tower C JV with Gemilang Eramaju Sdn Bhd. This year, Wong said, Ho Hup plans to launch serviced apartments and two floors of retail space in Kota Kinabalu, worth RM500 million in gross development value (GDV). It is also planning a hotel there that carries RM780 million in GDV. Wong said Ho Hup had signed a letter of intent with an international hotel group to operate the hotel. It plans to sign a hotel management agreement with the group by early July, and start construction of the hotel by end-2016 to complete by 2019. The group is also targeting to launch another residential project with a GDV of RM400 million in Bukit Jalil next year, said Wong, but declined to reveal more. On the progress of the Pavilion Bukit Jalil shopping mall, Wong said it should be completed by 2019. The mall is one of the main components of the Bukit Jalil City development project that Ho Hup is jointly undertaking with Malton Bhd. Meanwhile, Ho Hup is gearing up for another mixed development project on its 429 acres (173.61ha) of leasehold land in Kulai, Johor, which carries a GDV of RM2 billion and launches should start in 2017. The company has no plans to increase its land bank currently, which stands at 494 acres. As for its construction division, the company’s tender book stands at RM3 billion now, while its order book is at RM600 million. Wong also shared that Ho Hup’s newly acquired granite quarrying business in Melaka should begin operation in June or July, and is targeting some reclamation works in the state. On dividends, he said shareholders can look to receive dividends next year, as the company is in the midst of bolstering its balance sheet. “We are calling for a rights issue to strengthen our balance sheet. We expect to start declaring dividends in FY17,” he added. Yesterday, shareholders approved Ho Hup’s proposal to undertake a one-for-five rights issues and redeemable preference shares to raise up to RM136.22 million for project funding. EG Industries bags RM146m smart button deal BY G H O C H E E Y UA N KUALA LUMPUR: EG Industries Bhd has clinched a two-year contract worth US$36 million (RM146 million) from Swedish-based Shortcut Labs AB to be the sole manufacturer of a wireless smart button, known as Flic, and to distribute the button in Asia. Flic is a wireless smart button that creates a shortcut to favourite actions on mobile devices like taking pictures and playing music, according to EG Industries in a statement yesterday. EG Industries group chief executive officer and executive director Alex Kang said the contract had opened prospects for the group to support fast-growing adoption of smart interconnecting devices, apart from affirming its proposition as a one-stop manufacturing partner. “The group perceives [the] tremendous potential of this device. Hence, in addition to producing Flic, we are also their sole distributor in [the] Asian market and in the near future would also explore potential opportunities in [the] Australasia region,” he added. Having secured International Procurement Centre status, EG Industries said it intends to offer value-added services through one-stop vertical integration solutions, including distribution. Flic was launched in October 2015. In six months, over 100,000 units of Flic were sold chiefly in the United States and Europe, leading to full commercialisation of its production. Shortcut Labs has begun teaming up with various partners to integrate Flic into its products and services. Last November, pizza delivery company Domino’s launched its Easy Order system in Britain at the touch of a Flic button, while automaker Volvo is set to introduce Flic compatibility for its Volvo On Call alert system. “We are overwhelmed by the popularity Flic has gained over a short span of time. With EG Industries’ commitment, we are able to focus on exploring potential markets globally,” said Shortcut Labs co-founder and chief operating officer Amir Sharifat. Kang says the contract has opened prospects for the group to support fast-growing adoption of smart interconnecting devices. Photo by Sam Fong NEWS IN BRIEF BAT names Erik Stoel new MD No ‘definitive agreements’ between BAuto and Ssangyong BY SANGEETHA AMARTHALINGAM BY TAN SIEW MUNG KUALA LUMPUR: British American Tobacco (M) Bhd (BAT) has appointed its North Asia area director Erik Stoel to assume the managing director (MD) post, effective June 1. In a bourse filing, BAT said Stoel, from the Netherlands, replaces former MD Stefano Clini, who resigned on May 3 and will be returning to his home country Italy after concluding his international assignment here. Stoel has held numerous top brand marketing positions in the conglomerate in South Korea, Ukraine, Dubai (United Arab Emirates), Hong Kong, Pakistan, the United Kingdom, Vietnam and Malaysia over the past 20 years. He is also no stranger to BAT Malaysia, where he served as marketing director in 2010, before moving to South Korea as BAT Korea’s marketing director in 2012. Subsequently, he was promoted to the role of North Asia area director, running South Korea, Taiwan, Hong Kong and Macau operations. “Malaysia will undoubtedly present a more unique challenge, KUALA LUMPUR: While Berjaya Auto Bhd (BAuto) is always exploring new opportunities to cultivate further business growth, its director Datuk Francis Lee said there are no “definitive agreements or serious consideration” with South Korean automotive company Ssangyong or any other automobile company in Stoel has held numerous top brand marketing positions in the conglomerate over the past 20 years. in Tampoi, Johor. It was reported in The Edge weekly that BAuto, the sole distributor of Mazda vehicles in Malaysia and the Philippines, may soon secure exclusive distributor rights of SsangYong. It also reported that BAuto could be eyeing the assembly plant of Oriental Holdings in Johor to expand its capacity. Tanjung Offshore’s 1Q net loss widens by 138% BY MEENA LAKSHANA especially due to rampant illegal cigarettes that had reached 45.6% as at December 2015, following high excise hikes,” observed Erik Stoel in a statement. “However, armed with my familiarity with the Malaysian market, and BAT Malaysia employees’ pride and passion for a more-than-a-century-old company, I am confident that we can together work towards steering the business to a new and more sustainable model. There will be so much to do, but I am really looking forward to my new role in this great company,” he added. Malaysia for the moment. Lee noted that BAuto is always exploring new opportunities to cultivate further business growth, and these might include “partnerships with potential automobile companies in the future”. In a statement, Lee added that the group is not considering buying or investing in Oriental Holdings Bhd’s car assembly plant KUALA LUMPUR: Tanjung Offshore Bhd saw its net loss widen by 138.1% to RM4.69 million in the first quarter ended March 31, 2016, from RM1.97 million a year ago, on lower revenue from its engineering packages, and higher cost of sale and expenses. Its bourse filing yesterday showed quarterly cost of sale went up 73.2% to RM11.14 million from a year ago, while operating expenses expanded by 56.8% to RM5.48 million. Revenue increased 47.3% to RM11.99 million from RM8.14 million. It said despite challenges in the oil and gas (O&G) industry, it will continue to focus on its O&G business, while looking at new ventures for potential business growth. Koong Wai Seng is Sunsuria’s CEO BY SUPRIYA SURENDRAN KUALA LUMPUR: Property developer Sunsuria Bhd has appointed Koong Wai Seng as its new chief executive officer (CEO) effective yesterday, replacing Ho Hon Sang, 55, who had resigned from the post to pursue other interests. In a statement, Sunsuria said Ho will also be undertaking an advisory role to the founder and executive chairman of Sunsuria, Datuk Ter Leong Yap, pursuant to his resignation. Prior to the appointment, Koong, 49, was the group’s deputy CEO and executive director. T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 8 ST O C KS W I T H M O M E N T U M AE MULTI HOLDINGS BHD (+ve) SHARES in AE Multi Holdings Bhd (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm yesterday for the second time this month. The counter closed 1.5 sen or 10.35% higher at 16 sen, with some 20.61 million shares traded. In comparison, its 200-day average volume is only around 1.01 million shares. AE Multi is mainly involved in manufacturing and the sales of printed circuit boards, electronic and telecommunication components, as well as provision of technical services. AE MULTI HOLDINGS BHD The company’s net loss widened to RM3.17 million in the fourth financial quarter ended Dec 31, 2015 (4QFY15) from RM34,000 a year earlier, as revenue fell 44.5% to RM11.6 million from RM20.9 million. For FY15, its net loss widened to RM3.12 million from RM1.03 million a year ago, mainly due to an impairment of trade receivable of RM2.7 million. Revenue fell 22.24% to RM42.52 million from RM54.68 million. The stock currently trades 0.94 times its book value. Valuation score* 0.90 0.55 Fundamental score** TTM P/E (x) TTM PEG (x) 0.87 P/NAV (x) TTM Dividend yield (%) 35.13 Market capitalisation (mil) Shares outstanding (ex-treasury) mil 242.29 0.77 Beta 0.10-0.15 12-month price range *Valuation score - Composite measure of historical return & valuation **Fundamental score - Composite measure of balance sheet strength & profitability Note: A score of 3.0 is the best to have and 0.0 is the worst to have LII HEN INDUSTRIES BHD (+ve) SHARES in Lii Hen Industries Bhd (fundamental: 2.5/3, valuation: 2.4/3) triggered our momentum algorithm for the first time this year as the stock price rose 16 sen or 6.38% to close at RM2.67 yesterday, after 4.08 million shares were traded. In comparison, the stock’s 200-day average volume was 514,703 shares. Its share price has been trending upwards since the beginning of April; it has risen about 30.2% from RM2.05 on April 4. Last Friday, the furniture maker proposed a LII HEN INDUSTRIES BHD first interim dividend of four sen per share for the financial year ending Dec 31, 2016 (FY16). For its first quarter ended March 31, 2016 (1QFY16), Lii Hen’s net profit jumped 95.71% to RM21.02 million from RM10.74 million, on a higher revenue and better US dollar conversion rate. Its revenue rose 47.56% to RM165.39 million from RM112.08 million. The counter is trading at a trailing price-earnings ratio of 7.9 times and is two times its book value. Valuation score* 2.40 2.50 Fundamental score** 7.90 TTM P/E (x) 0.08 TTM PEG (x) 1.96 P/NAV (x) 5.84 TTM Dividend yield (%) 451.80 Market capitalisation (mil) Shares outstanding (ex-treasury) mil 180.00 0.95 Beta 1.27-2.87 12-month price range *Valuation score - Composite measure of historical return & valuation **Fundamental score - Composite measure of balance sheet strength & profitability Note: A score of 3.0 is the best to have and 0.0 is the worst to have YOONG ONN CORP BHD (-ve) SHARES in Yoong Onn Corp Bhd (fundamental: 2.5/3, valuation: 3/3) also triggered our momentum algorithm yesterday for the first time this year. The counter closed 4.5 sen or 4.67% higher at RM1.01 yesterday, with 1.34 million shares traded. In comparison, its 200-day average volume is only around 315,937 shares. Yoong Onn is the designer, manufacturer, distributor and retailer of home linen and bedding accessories for domestic and export markets. YOONG ONN CORP BHD For its second financial quarter ended Dec 31, 2015 (2QFY16), its net profit fell 14.87% to RM5.61 million from RM6.59 million a year ago, mainly due to higher operating expenses and a lower other operating income. Its revenue, however, was 2.25% higher at RM51.34 million on higher export and retail boutique sales. The counter is trading at a trailing price-earnings ratio of 8.06 times and is 0.94 times its book value. Valuation score* 3.00 2.50 Fundamental score** 8.06 TTM P/E (x) 1.04 TTM PEG (x) 0.90 P/NAV (x) 4.15 TTM Dividend yield (%) 154.32 Market capitalisation (mil) 159.92 Shares outstanding (ex-treasury) mil 1.04 Beta 0.80-1.11 12-month price range *Valuation score - Composite measure of historical return & valuation **Fundamental score - Composite measure of balance sheet strength & profitability Note: A score of 3.0 is the best to have and 0.0 is the worst to have HOME BUSINESS Dayang keen to maintain listing status of PPB KUALA LUMPUR: Dayang Enterprise Holdings Bhd, which is keen to maintain the listing status of its unit, Perdana Petroleum Bhd (PPB), will divest at least 25% of the group’s total stake. Integrated offshore service provider Dayang currently has a more than 98% equity interest in PPB. PPB executive director Bailey Kho Chung Siang said the company was already in talks with some interested parties for the said stake. He, however, refused to disclose the potential parties, saying it was too early to announce this. “A lot of them are interested, but at the moment, it is a question of pricing. “The current market situation, especially with the fluctuation in global crude oil prices, is influencing the share price,” he told reporters after the group’s annual general meeting here yesterday. Kho said the divestment would still keep Dayang in control of PPB, an offshore supply vessel operator, which to date has 17 vessels and an order book of RM650 million, to last until 2018. On the outlook, he said the group was optimistic that oil prices would rebound, as there was some improvement at US$48 (RM196) per barrel currently. “However, we are confident that the major decisions made towards end-2015, such as management restructuring and loans refinancing, have better prepared and sustained us through this prolonged down cycle,” he said. Last year, PPB reduced its staff from 150 to 50. PPB’s clients include Dayang and Petronas Carigali Sdn Bhd. Going forward, Kho said, the group was looking to penetrate the regional market, particularly Myanmar, Brunei and Indonesia, by leveraging on its service operations. — Bernama UEM Sunrise to focus on strengthening fundamentals to steer growth KUALA LUMPUR: UEM Sunrise Bhd will focus on strengthening its fundamentals to steer growth, amid the challenging property market this year. Executive director Datuk Izzaddin Idris said the company had outlined some key priorities to focus on this year — among which are establishing a comprehensive marketing strategy and intensifying systems and processes to ensure timely and quality delivery to build its reputation as a value-driven developer. In a statement yesterday, he said the company expected demand in the property sector to remain subdued as the Malaysian economy slowed, tight lending conditions continued and consumer, as well as, business sentiment remained passive. The Iskandar Puteri development will remain as the company’s long-term growth driver, hence plans to intensify the development of Gerbang Nusajaya into a commercial and business engine of Iskandar Puteri and gateway of Iskandar Malaysia. “UEM Sunrise would also continue its efforts to diversify its range of products this year such as the Melia Residences in Ger- bang Nusajaya as it received an overwhelming response from buyers,” said Izzaddin. Melia Residences is a five-phase development with a total gross development value (GDV) of RM573 million. “The first three phases comprised 66 landed strata units and a GDV of RM280 million. After seeing close to RM206 million in sales from the first two phases within two days of launching, the third phase, launched in late April, already has a 50% take-up,” he added. Apart from the launch of subsequent developments and clearing out inventories, the company would also strategise its growth by collaborating with strategic partners, to add value to its ongoing projects. Izzaddin said in view of the current market sentiment, UEM Sunrise was also looking to foster its organic growth via property-related businesses. “The current property down cycle is an opportune time for us to concentrate on creating a recurring income base by leveraging on our existing projects such as our retail businesses (Publika and Mall of Medini).” — Bernama Malaysia Airlines adds two Airbus A350-900 planes to fleet BY S U P RI YA S UR E N D R A N KUALA LUMPUR: Malaysia Airlines Bhd (Malaysia Airlines) has exercised the lease option under a 12-year lease agreement for an additional two new Airbus A350900s with Air Lease Corp to expand its flight network. In a statement yesterday, Malaysia Airlines said the transaction with Air Lease followed the existing lease agreement for four A350-900s signed by the two companies in September last year. Yesterday, Malaysia Airlines chief executive officer Christoph Mueller said in the statement: “The additional two Airbus A350-900s will complement the existing four that are on order to reach a critical fleet size, allowing standby aircraft for any scheduled maintenance and enabling future network expansion. “Technological and innovative advancements make flying this aircraft a real pleasure and it will bring a whole new experience to our offerings, with the aircraft able to operate non-stop from Kuala Lumpur to London and throughout Asia,” Mueller said. Powered by two Rolls-Royce Trent XWB-84 engines, the aircraft are from Air Lease’s order book with Airbus and will be delivered in 2018, according to Malaysia Airlines. TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY P R O P E RT Y S NA P S H FREE transaction data latest classified listings news analytics trend analysis T 9 and more Source: TheEdgeProperty.com What’s affordable in USJ? USJ top 5 most expensive condominiums/apartments by average transacted price • While USJ has yet to hold a candle to its more upmarket neighbour, Subang Jaya, the neighbourhood is becoming more vibrant with many new residences and malls. • Based on TheEdgeProperty.com’s analysis of transactions, the average transacted price was RM456 psf in 1Q2015 while average transacted price per unit was about RM365,000. • USJ offers numerous affordable properties. In the 12 months to 1Q2015, the RM300,001 – RM400,000 range made up the highest percentage of transactions (37.5%) followed by the RM400,001 – RM500,000 range (16.7%). In total, some 81.7% of transactions were for homes priced under RM500,000. • The most expensive project was Indera Subang at an average price per unit of RM729,000, at least 27% higher than the next most expensive project. Located in USJ 6, this condominium is close to the Taipan commercial centre in USJ 10. It consists primarily of family-sized units of 1,500 sq ft to 2,500 sq ft. In September 2014, a 1,776 sq ft unit here was sold for RM808,000, making it the highest priced unit transacted within the review period. • Next is Riverdale @ USJ One Park. Developed by BHL Group, USJ One Park is a gated-and-guarded neighbourhood comprising two condominium blocks, terraced and semi-detached houses. Typical 3-bedroom units at Riverdale measure 1,238 sq ft and had transacted within RM480,000 – RM650,000. • Buyers looking for affordable homes would find plenty of choices at the Goodyear Court projects. Prices here vary based on age and facilities. Average prices range from RM215,000 at Goodyear Court 2 to RM367,000 at Goodyear Court 9. Source: TheEdgeProperty.com USJ top 5 least expensive condominiums/apartments by average transacted price The Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available. CapitaLand Commercial to buy tower from partners for S$393m STORIES BY POOJA THAKUR SINGAPORE: CapitaLand Commercial Trust, Singapore’s largest office real estate investment trust by value, is buying the remaining 60% stake in CapitaGreen, an office tower in the city state’s central business district. CapitaLand Commercial will buy the stake for S$393 million (RM1.16 billion) from its partners, CapitaLand Ltd and Mitsubishi Estate Asia Pte Ltd, the company said in a filing with the stock exchange yesterday. That compares to an average of two independent valuations for the 40-storey tower of S$1.6 billion, or S$2,276 per sq ft, over the remaining land tenure of 57 years. “The pricing of this trophy asset shows the state of the prime-office market,” Priyaranjan Kumar, regional executive director of capital markets at Cushman & Wakefield Inc in Singapore, said. “Given the current outlook on rents, this signals perhaps a pause in valuations for other prime-office assets, where the threat of declining rents over the next two years may crimp valuations.” The purchase comes as the Singapore office market is slowing amid weak economic growth and large supply that outstrips demand for prime space. Office rents may decline as much as 25% in a prolonged slump that could last until the end of 2018 as demand slows, Daiwa Securities Co Ltd said in March. The average gross rent in the central business district declined 4.4% to S$9.06 per sq ft per month in the quarter ended March, from the previous three-month period, according to Jones Lang LaSalle Inc. CapitaLand Ltd, which owned half of CapitaGreen, said it made a gain of S$196 million from the sale of its stake, in a separate statement to the Singapore stock exchange. Mitsubishi Estate Asia, a unit of Japanese developer Mitsubishi Estate Co Ltd, held a 10% stake in the office tower. CapitaLand Commercial had a call option to buy the remaining stake in the office tower as part of the joint-venture agreement signed in 2011. The trust will acquire the stake from MSO Trust, a special purpose sub-trust that holds the office tower. — Bloomberg Singapore’s prime land prices exorbitant — developer SINGAPORE: Singapore’s second-largest developer has taken a potshot at the prices of prime land in the city state, describing them as exorbitant and predicting that they’ll only get even more expensive in years to come. “In land-scarce Singapore, it is increasingly difficult to secure prime land of this scale and even if available, the asking price for land alone is exorbitantly high,” City Developments Ltd said in an earnings statement. The comments referred to the 16,000 sq m site the company bought for its Gramercy Park project, just off the Orchard Road shopping belt. While Singapore’s residential property prices have been on the slide for 10 quarters after the government imposed an unprecedented series of curbs to cool buyers’ enthusiasm starting in 2009, the country remains Asia’s second-most expensive housing market. City Developments, run by billionaire Kwek Leng Beng (pic), said it was fortunate to have secured the freehold Gramercy Park site in the earlier years, which afforded it the ability to offer it at current market rates, according to the statement. “Future stock in this area is expected to be priced higher,” the company said in its results state- ment, referring to prime land prices. For Gramercy Park, “the group is in the midst of its regional overseas roadshows to promote the property, and interest has been positive”, it said. City Developments put in the highest bid in 2006 and purchased the Gramercy Park plot in Grange Road for S$383 million, according to an earlier company statement. Singapore is the most expensive place in the region to buy a luxury home after Hong Kong, according to a 2016 wealth report by estate agent Knight Frank LLP. The government has repeatedly signalled it is reluctant to lift the property cooling measures for fear such a move will lead to overheating in the market again. Finance Minister Heng Swee Keat said in his budget speech on March 24 that it wass “premature” premature to relax elax the curbs, s, reiteratingg a view expressed essed in February uary by National onal Development pment Minister ster Lawrencee Wong. — Bloomberg mberg MOST READ ON TheEdgeProperty.com Koong Wai Seng is Sunsuria’s new CEO KL suburb continues to do well Tropicana set for stronger quarters Hua Yang targeting RM500m sales for FY17 Matt Lorrain — Head of product development and design of SP01 Landmarks’ 1Q net loss widens to RM6.59m T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 10 B R O K E R S’ C A L L Time’s DiGi share disposal may lead to special dividend Time dotCom Bhd (May 23, RM7.45) Reiterate hold with an unchanged target price of RM6.46. Time dotCom Bhd has ceased to be DiGi. Com Bhd’s shareholder after disposing of its remaining 68.7 million shares or a 0.9% stake through private placement via a book-building process to eligible third-party institutions and sophisticated investors. At RM4.47 per share, disposal proceeds totalled to a cash consideration of RM307.2 million, realising a fair value gain from its available-for-sale reserve equity account to profit and loss of RM157.4 million (27 sen per Time share) from the disposal. This investment disposal, deemed to be non-core, will allow Time to reallocate capital resources for working capital purposes. The complete disposal is rather expected following the last two rounds in 2015, but we were slightly surprised by the timing and with such a big discount of 26% to 28%, compared to the previous rounds. As of end-financial year 2015 (FY15), Time had a net cash position of RM94.7 million and guided before that it is not planning for any big deal in the near term. Funding for new submarine cables should not be a concern as they are secured before entering into consortiums and payments are progressive. Aggressive presale of capacity from those new Time dotCom Bhd FYE DEC (RM MIL) Revenue Ebitda Pre-tax profit Patami Adj Patami Rep EPS (sen) Adj EPS (sen) Net DPS (sen) Net dividend yield (%) PER (x) P/BV (x) EV/Ebitda (x) Net D/E (%) ROA (%) ROE (%) 2014A 2015E 2016E 2017E 596.3 219.2 179.3 172.4 154.1 30.4 26.9 5.6 0.8 24.2 1.8 18.4 Net cash 5.6 6.5 667.7 245.3 446.2 423.9 153.7 74.6 26.8 78.9 10.7 9.8 2.0 17.3 1.7 5.5 7.5 780.2 315.0 226.1 214.8 216.7 37.8 37.8 7.6 1.0 19.4 1.9 13.3 Net cash 7.2 9.7 801.8 317.8 226.6 215.3 217.2 37.9 37.9 7.6 1.0 19.4 1.8 12.9 Net cash 6.8 9.0 Source: HLIB cables should further ease their funding. Thus, we do not discount that this disposal may lead to another round of special dividend as in FY15, where 100% of disposal proceeds were distributed. This may be in line with the recent news on Khazanah Nasional Bhd’s (Time’s second-largest shareholder) plan to boost liquidity upon the government’s directive by trimming stakes in Axiata Group Bhd, Tenaga Nasional Bhd and IHH Healthcare Bhd. A 100% distribution represents a 53.3 sen dividend per share or a 7.3% yield. Catalysts for Time include exponential global demand for data bandwidth with quality, Long-Term Evolution node fiberisation and co-location, cloud computing and virtualisation driving higher demand for data centres. Risks are irrational wholesale pricing and competition, regulatory risks and contraction in demand for wholesale bandwidth. Our forecasts remain unchanged pending more clarity from management and its first quarter of FY16 results, which will be announced by the end of the month. — Hong Leong Investment Bank Research, May 23 Al-Salam REIT’s 1QFY16 earnings below expectations Al-Salam Real Estate Investment Trust (May 23, 97.5 sen) Maintain buy with an unchanged target price (TP) of RM1.07: Al-Salam Real Estate Investment Trust’s (Al-Salam REIT) first quarter of financial year 2016 (1QFY16) earnings were below our expectations, mainly due to lower-than-expected occupancy rates and percentage rent income from the Komtar JBCC mall. 1QFY16 core net profit grew 7.5% quarter-on-quarter (q-o-q) to RM7.3 million, accounting for 21% of our previous FY16 estimate. Q-o-q earnings were largely driven by an improved occupancy rate at Komtar JBCC, and supported by steady revenue from KFCH International College and QSR Properties (with long-term and triple net leases respectively). 1QFY16 earnings, however, missed our estimates due to Komtar JBCC’s lower-than-expected occupancy rate, which was at 91% (end-1QFY16) compared with our average FY16 estimate of 93%, and a delay in percentage rent collection (as a temporary benefit for tenants). We understand that Komtar JBCC will commence its percentage rent structure soon. We reduce our FY16 net profit forecast by 6% after imputing a lower average occupancy rate of 91.5% for Komtar JBCC (from 93%) and lower percentage rent income (half-year earnings impact). Our FY17 to FY18 estimates are intact. Komtar JBCC contributes a sizeable 52% of our FY16 revenue forecast. We remain positive on AlSalam REIT, premised on its favourable portfolio mix, which has earnings growth catalysts from Komtar JBCC, and stable, recurring income from KFCH International College and QSR Properties. Meanwhile, we understand that Al-Salam REIT is currently assessing a mixed asset (commercial and retail) for acquisition, which could lift its total investment property value above the RM1 billion mark (end-1QFY16: RM912 million). We lower our FY16 earnings estimate by 6% after adjusting Komtar JBCC’s key assumptions. Our discounted cash flow-based TP of RM1.07 is unchanged, with the assumption that weighted average cost of capital is at 7.2%, with a terminal yield of 7%. — Maybank Investment Bank Research, May 23 Komtar JBCC will commence its percentage rent structure soon. New Hilux, Fortuner seen contributing to Pecca’s revenue Pecca Group Bhd (May 23, RM1.58) Maintain buy with an unchanged target price of RM1.90: Weak car sales and production raise concerns about Pecca Group Bhd’s revenue, especially in the first fourth months of calendar year 2016 (4MCY16). Its top six marques, contributing 80% of Pecca’s revenue in financial year 2015 (FY15), saw year-on-year (y-o-y) contraction in sales volume in 4MCY16, affected by weak consumer sentiment and price hikes. Pending its third quarter of FY16 results due out today, we keep our forecasts unchanged, but with downside potential. Pecca’s largest revenue contributor in FY15 was Toyota Boshoku UMW Sdn Bhd (28% of group revenue), with Pecca supplying original equipment manufacturer car seat cover and leather cut pieces to Toyota’s Vios, Camry, Fortuner and Hilux. In 4MCY16, Toyota’s sales and production fell 36% and 16% y-o-y respectively, due to price hikes and Pecca Group Bhd FYE JUNE (RM MIL) Filepic of Pecca building. The key catalyst for Pecca’s FY17 growth would be contributions from the Perodua sedan model a lack of new models. Fortunately, the new Hilux and Fortuner were launched in May 2016, and should contribute to its revenue going forward. Meanwhile, Perodua and Nissan’s 4MCY16 sales and production also fell by 12% to 19% y-o-y on price hikes and weak consumer sentiment. The key catalyst for Pecca’s FY17 growth would be contributions from the Perodua sedan model. We expect this model to be priced from RM32,000 to RM40,000 range to compete with Proton Saga, which accounted for about 40,000 to 45,000 units in market size in 2015. In our projection for MBM Resources Bhd, we expect Perodua to sell 15,000 units of the sedan model in 2016, beginning August — conservative in our view — and 30,000 units in 2017. Other catalysts would come from job wins in the Malaysian aviation and Thailand auto markets, which are yet to be included in our forecasts. With about RM59 million initial public offering proceeds (net of list- Revenue Ebitda Core net profit Core EPS (sen) Core EPS growth (%) Net DPS (sen) Core P/E (x) P/BV (x) Net dividend yield (%) ROAE (%) ROAA (%) EV/Ebitda (x) Net debt/equity (%) Consensus net profit MKE vs consensus (%) 2014A 2015A 2016E 100 130 142 23 28 31 14 18 20 7.7 9.5 10.7 37.4 23.9 11.9 5.1 4.4 5.3 21.0 17.0 15.2 5.1 4.4 2.1 3.2 2.7 3.3 25.1 27.6 18.9 16.3 17.5 14.6 na na 7.4 net cash net cash net cash na na 2017E 2018E 154 178 36 43 25 30 13.4 15.9 25.2 19.2 6.7 8.0 12.1 10.2 2.0 1.8 4.1 4.9 16.9 18.4 14.6 16.0 6.3 5.1 net cash net cash na na na na Source: Maybank IB Research ing expenses of RM5 million), Pecca’s net cash should have ballooned to about RM82 million, from RM23 million as at end-December 2015, representing about 27% of its current market capitalisation. This provides good support to its balance sheet, with opportunities for mergers and acquisitions. — Maybank Investment Bank Research, May 23 TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY B R O K E R S’ C A L L 11 Matrix Concepts’ dividend yield remains attractive at 6% Matrix Concepts Holdings Bhd (May 23, RM2.47) Maintain buy with an unchanged target price (TP) of RM2.91: We attended Matrix Concepts Holdings Bhd’s briefing and walked away feeling positive. Matrix Concepts decided to cap its dividend payout up to a maximum of 40% compared with a minimum payout of 40% previously. We opine that this is reasonable given the concern about the slowdown in the property industry and preserving cash for potential landbanking opportunities. We conservatively assume a 35% dividend payout compared with the 40% previously in the financial year 2017 (FY17) and FY18, which still translates into a 6% dividend yield, remaining the highest among our coverage. The take-up rate for Matrix Concept’s ongoing projects remains encouraging. Suriaman phase 1 and 2’s take-up rates have increased from 58% to 73% quarter-on-quarter (q-o-q), while the recently launched Hijayu 3 saw an encouraging take-up Matrix Concepts Holdings Bhd FYE DEC (RM MIL) An artist’s impression of Hijayu 3. rate above 51%. Matrix Concepts will be launching phase 3 of Hijayu 3 with a gross development value (GDV) of RM115 million and Suriaman 2B with a GDV of RM154 million in the second quarter of FY16 (2QFY16). Matrix Concepts will also be launching its maiden project in Melbourne, Australia, with a GDV of A$30 million (RM88.5 million) by end-May 2016. This project comprises 52 units of low-rise apartments with a selling price starting from A$450,000 onwards. We believe this project will be well tak- Daya Materials announces termination of Siem Daya 2 charter Daya Materials Bhd (May 23, eight sen) Remain neutral with a target price (TP) of 12 sen: Daya Materials Bhd via its subsidiary Daya Vessels Ltd, formerly known as Daya OCI (Labuan) Ltd (DVL), has announced the termination of charter for Siem Daya 2 (SD2) from Siem Offshore Rederi AS (Soras). The charter contract signed on Sept 3, 2013, was for five years with an option to purchase. We are assessing the financial impact on the overall group, however, and pending further clarity on its plans, we remain “neutral” on Daya Materials with a TP of 12 sen pegged to a price-earnings ratio of eight times on financial year 2016 forecast (FY16F) earnings per share of 1.4 sen. We understand that the adverse impact on Daya Materials from this termination would be cushioned by the substantially lower costs from the acquisition of SD1, which is expected to reflect its positive performance as of first quarter of FY16. The signed termination agreement between DVL and Soras was signed late evening on May 19, whereby the parties agreed to terminate the charter party. The rationale was to eliminate onerous obligations of the charter party and high-cost operation of the vessel, to minimise ongoing operating expenditures and future charter liabilities, to improve financial management, and to optimise DVL’s operations and Daya’s investments in the subsea sector. From our interim assessment, we are estimating a lower than about RM100 million impact on the group’s top line and about 25% to earnings based on the loss of SD2 contract from Technip Norge AS (Technip). We understand that the management has taken this prudent decision that is highly beneficial to the group in the long run given the significant cost savings and the continued uncertainties in the offshore sector. The oil and gas segment will continue to sustain the group’s performance, considering the long-term charter with Technip that will last until 2020, coupled with the lower-cost structure expected from the acquisition of SD1. We understand Daya Materials is continuously identifying key projects with longer-term earnings visibility coupled with cost saving initiatives to enhance the group’s prospects. — PublicInvest Research, May 23 en up given its location near Melbourne’s central business district. Meanwhile, Matrix Concepts’ Kota Gadong Perdana project with a GDV of RM1.4 billion comprising 3,200 units of affordable houses (built-up of 2,000 above) and priced around RM400,000 will only be launched end of this year or early next year. This will help to sustain future sales given its affordable price range. Overall, Matrix Concepts remains bullish on the prospects of Bandar Seri Sendayan in Seremban and maintains its sales target of RM1 bil- * Revenue Operating profit Pre-tax profit Core net profit EPS (sen) PER (x) Dividend yield (%) 2014A 2015A 2016F 2017F 2018F CAGR (%) 642.2 -27.9 -37.7 -36.0 -2.1 na 3.1 704.8 7.4 -2.8 -18.6 -1.1 na 3.1 709.9 41.2 35.7 26.4 1.5 5.3 3.1 711.5 41.3 35.8 26.5 1.5 5.3 3.1 788.8 45.8 47.9 35.4 2.1 3.8 3.1 5.3 na na na na - Source: Company, PublicInvest Research estimates 2014A 2015* 2016E 2017E 599 247 182 40 6.3 1.46 1.72 42.1 27.5 5.9 912 358 255 45 5.5 1.45 1.72 61.3 31.1 7.5 791 329 243 43 5.8 1.73 1.44 38.0 24.9 6.0 836 327 243 43 5.8 2.01 1.24 31.4 21.4 6.0 *15M of financial result Source: HLIB lion in comparison to our estimate of RM800 million. We think further upside comes from escalating land prices in Seremban as more Greater Kuala Lumpur residents continue to migrate to Seremban, optimism about its land replenishment for Sendayan TechValley 3, and its estimated dividend yield of 6.2% for financial year 2017 which is still attractive. However, the company’s lack of land bank diversification means the company’s fate is completely tied to that of Seremban. We maintain “buy” with an unchanged TP of RM2.91 based on the unchanged 20% discount to revalued net asset valuation, while its dividend yield remains attractive at 6%. — Hong Leong Investment Bank Research, May 23 Tsunami of Digital Disruption 16 – 18 June 2016 • Bangsar It is only a matter of time before the wave of digital disruption hits your industry. When the time comes, are you ready to face it head on? Presenting a three day programme structured around nine Harvard Business School case studies designed to give: An understanding of how digital disruption affects business Analysis on how to approach disruption Strategies to transform disruption into advantage Learn from companies that have been pioneers in digital disruption like: Airbnb Uber Netflix Apple Alibaba Group Nike Across the programme, we’ll be exploring strategies which will allow us to: Disrupt industries and practices Embrace technology that gives first mover advantage Know when and how to disrupt and cannibalize your own business Leverage on strengths to develop digital competitive advantage For More Info: Daya Materials Bhd FYE DEC (RM MIL) Revenue Ebitda Norm net profit Norm EPS (sen) Norm PER (x) BVPS (RM) P/B (x) ROA (%) ROE (%) Yield (%) Teresa Kok settles suit after ex-DAP branch chairman apologises Page 13 www.entrepreneursedge.com.my/tod T: 03 2202 1188 E: [email protected] The Entrepreneurs Edge is a collaboration between T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 12 H O M E ‘Approve third bridge’ IN BRIEF RM300,000 award set aside for Guan Eng Guan Eng appeals to federal government for link from Persiaran Gurney to Bagan Ajam KUALA LUMPUR: Penang Chief Minister Lim Guan Eng appealed to the federal government yesterday to approve the state’s application to construct a third bridge linking Persiaran Gurney on the island to Bagan Ajam on the mainland. “I plead once again to the Works Minister (Datuk Seri Fadillah Yusof ) to grant the application as it (the bridge) will be funded by the Penang state government. We will write a letter,” he told report- Federal Court rejects Anwar’s bid to admit Ramli’s evidence PUTRAJAYA: The Federal Court dismissed an application by former Opposition Leader Datuk Seri Anwar Ibrahim yesterday to admit former Commercial Crime Investigation Department director Datuk Ramli Yusuff ’s evidence in his sodomy conviction review bid, ruling that the evidence was irrelevant and insignificant. Chief Judge of Malaya Tan Sri Zulkefli Ahmad Makinudin, chairing a five-panel bench, held that there was no nexus between Ramli’s testimony and Anwar’s defence of political conspiracy for his review application. “We find nothing in the testimony of Ramli that would disclose any evidence in relation to the applicant’s (Anwar) defence of political conspiracy. The evidence of Ramli would be futile in the circumstances of the case,” said Justice Zulkefli. The panel also held that there was an overwhelming amount of evidence available for the court to decide on the guilt, or otherwise, of the applicant and there was no necessity to resort to outside information. In the judgement, Justice Zulkefli said Anwar’s acquittal and discharge by the High Court at the end of the defence case was not made on grounds of political conspiracy, although the trial judge did consider Anwar’s defence. Justice Zulkefli said based on proceeding records at the High Court, Court of Appeal and Federal Court, Anwar was given a fair trial and hearing, and therefore he had failed to satisfy the requirement of Section 93 of the Courts of Judicature Act 1964 for admission of additional evidence. — Bernama ers at the Parliament lobby, here yesterday. He said after the approval was granted by the federal government, the state government would submit the plan and further information concerning the proposed construction of the bridge. “Without the approval, it is difficult to spend tens of millions just to do the feasibility study or detailed drawings,” he said. On Sunday, Fadillah said the Penang government was asked to submit all relevant documents on the construction of the third bridge because the government would evaluate the application based on merit, long-term cost and benefits to the people just like any other application for the proposal of a building project. On another matter, when asked on the visit by the Malaysian Anti-Corruption Commission (MACC) to his residence in Jalan Pinhorn, Penang on Sunday, Guan Eng said the matter had been referred to his lawyer and made no further comment. Asked whether it was a raid or a visit, he said: “Nothing was taken and the rest I leave it to my lawyers.” The MACC officers had gone to Guan Eng’s residence to take statements on the purchase of his bungalow, which was said to be bought at below the market price. — Bernama Shahidan: Bill to set up civil defence force tabled KUALA LUMPUR: The Civil Defence (Amendment) Bill 2016, which includes the establishment of Malaysia’s Civil Defence Force, was tabled for the first reading in the Dewan Rakyat yesterday. The bill, tabled by Minister in the Prime Minister’s Department Datuk Seri Shahidan Kassim said the civil defence force would consist of regular, volunteer and auxiliary members. The civil defence force will carry out duties such as disaster management and humanitarian services to provide advice to the minister on matters relating to civil defence, and to identify hazards and risks that the chief commissioner considers are of national significance. According to the bill, the Yang di-Pertuan Agong may appoint a chief commissioner and a number of deputy chief commissioners, commissioners, deputy commissioners, assistant commissioners, colonel and civil defence officers from among regular and volunteer members. The amendment also provides the protection of employee’s rights to any volunteer or auxiliary member of the force, who is absent from his usual employment in carrying out duties in connection with civil defence. It said the employee should not be liable for dismissal or loss of an- Abdul Rahim’s sedition case to be heard Sept 20 nual leave or other benefits. The bill also provides for the establishment of the Civil Defence Cadet Corps for any area in Malaysia, where pupils of secondary schools and who are registered students of any training or educational institutions can apply. It also proposes that the minister may from time to time make arrangements for the civilian population to be trained in matters of civil defence and for the conduct of exercises for the purpose of civil defence. The minister may also grant honorary commission and associate commission of the force to any person as he deems fit. — Bernama Najib announces RM78m allocation for new central market for Kuala Terengganu BERNAMA KUALA TERENGGANU: Prime Minister Datuk Seri Najib Razak announced a federal government allocation of RM78 million yesterday for the construction of a new Pasar Besar Kedai Payang or central market here. The premier said the project, to be undertaken by the urban, wellbeing, housing and local government ministry, was expected to be completed in 2018. The present market was old and no longer conducive to traders, customers and visitors, he said. “The new market will be able to provide more comfort for the traders and visitors, and I believe it can give a boost to the tourism industry in Terengganu as well,” he said after a tour of the market as part of his daylong visit to Terengganu yesterday. During the hour-long walkabout at the market, Najib was accompanied by Terengganu Menteri Besar Ahmad Razif Abdul Rahman, state executive councillors and several officers of federal and state government departments, and agencies. About 10,000 people, among them traders and tourists, greeted Najib during the walkabout. PUTRAJAYA: The Court of Appeal has set aside a RM300,000 award given to Penang Chief Minister Lim Guan Eng by the High Court after he won a suit against a news portal, journalist and heritage and environment advocate, over an article. Justice Datuk Dr Hamid Sultan Abu Backer, who led a three-panel bench made the ruling yesterday, after allowing an appeal by Free Malaysia Today, owned by MToday News Sdn Bhd, former journalist S Karunakaran and heritage advocate Prof Jimmy Lim Cheok Siang. Speaking to reporters, Guan Eng’s lawyer Datuk Baljit Singh said the court held the article was not defamatory and therefore, set aside the order of the High Court. — Bernama SHAH ALAM: The Sessions Court here fixed four days, beginning Sept 20, to hear the case involving former Melaka chief minister Tan Sri Abdul Rahim Thamby Chik, who is charged with sedition. Abdul Rahim has been charged with publishing a seditious post alleging that the Raja Muda of Selangor, Tengku Amir Shah, is an apostate in his Facebook account. Judge Slamat Yahya set the dates after deputy public prosecutor Mohd Dusuki Mokhtar informed the court that both parties had agreed for the case to be heard from Sept 20 to 23 and that the prosecution witnesses would testify through their witness statements as provided under Section 402B of the Criminal Procedure Code. — Bernama ‘Political financing rules must be fair to all’ KUALA LUMPUR: The rules covering political financing must apply equally to all and should level the playing field for political parties, a policy institute said in a paper released yesterday. The paper on political financing by the Institute for Democracy and Economic Affairs proposes five key principles to ensure a just system of political finance based on the rule of law. Germany-based researcher Stefan Melnik lists the five as the rule of law, fairness for all, transparency and accountability, checks and balances, and the exercise of political and civil liberties by the electorate. Police monitoring Daesh militant leader, says DPM Najib (right) presenting a Terengganu state incentive payment to boat transport operators at the Kuala Terengganu central market during a working visit to the state yesterday. The prime minister spent about an hour at the market chatting with some of the traders and their customers. He also bought some “keropok lekor” (fish sausage). Najib also had breakfast with Ahmad Razif and several members of the public on the upper floor of the market. After that, he visited Kampung Cina and spent about 30 minutes meeting the Chinese community residents. The prime minister then proceeded to Universiti Malaysia Terengganu to launch the “Ijtimak Pondok” Muslim brotherhood programme. — Bernama IPOH: The police have information on the whereabouts of former Kumpulan Mujahidin Malaysia leader Zainuri Kamaruddin, who is reportedly a Daesh militant leader in Syria, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi. “We know where he is and are monitoring his movements,” he told reporters after chairing a meeting to discuss development programmes for the Kuala Kangsar district, at the Perak Darul Ridzuan building here yesterday. — Bernama TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY H O M E 13 Right candidate key in Sungai Besar polls Rafizi, five others fail to set aside Blackout 505 charges Senior academic not ruling out possibility of a three-cornered fight SHAH ALAM: This year’s Ramadan will witness voters going to the polls to choose their new member of parliament in Sungai Besar, a seat which is now vacant following the death of Datuk Noriah Kasnon. There are 42,836 registered voters in the Sungai Besar parliamentary constituency. With the campaign for the by-election to begin soon, various theories and analyses have been made on the chances of political parties expected to contest the seat. The Election Commission has set June 5 as nomination day for the Sungai Besar parliamentary by-election. Polling is on June 18. A senior lecturer at the Faculty of Social Sciences and Humanities, Universiti Kebangsaan Malaysia, Associate Professor Datuk Dr Samsul Adabi Mamat said Barisan Nasional (BN) and the opposition parties have equal chances of winning the seat. BN has certain issues to deal with, while the opposition is shaky because of friction between PAS and DAP, and PAS and Amanah, he added. Looking at the complex PKRPAS-DAP-Amanah relationship in Selangor, Samsul Adabi does not rule out the possibility of a three-cornered fight involving BN, PAS and Amanah for the seat. He said DAP is hoping for a three-cornered fight, but with Selangor Menteri Besar Datuk Seri Mohamed Azmin Ali wanting to please PAS, it would work in favour of either BN or the opposition. “In the end, the candidate factor plays an important role,” he told Bernama. He named Sungai Panjang assemblyman Budiman Mohd Zohdi as a potential BN candidate, saying that Budiman has a good “track record” and is liked by the local residents. Budiman defeated PAS’ Mohd Fadzin Taslimin for the Sungai Panjang state seat with a majority of 2,183 votes in the last general election. As for Pakatan Harapan, Samsul Adabi said the allies have their own candidates. “What is more important is, which party is to contest, DAP or Amanah, or whether Mohamed Azmin is going to negotiate with PAS. “As such, if there really is a three-cornered fight, then it will give an added edge to BN as the votes for the opposition coalition are expected to be split,” he added. — Bernama Teresa Kok settles suit after ex-DAP branch chairman apologises KUALA LUMPUR: The defamation suit filed by Seputeh member of parliament (MP) Teresa Kok Suh Sim against former Seputeh DAP branch chairman Wong Choo Chieang was settled after the latter made an apology in the High Court here yesterday. Kok filed the suit following Wong’s statement during a press conference on Feb 5, 2014, for allegedly implying that she abused her power and used public funds for personal use. Wong, 77, as the defendant, read his apology to Kok before judge Abu Bakar Jais in chambers. “I, Wong Choo Chieang, a life member of the DAP Malaysia, verily and in good faith, sincerely apologise to YB Teresa Kok Suh Sim for the press statement I is- sued to the journalists present at the press conference on Feb 5, 2014, and which was reported by the media though the words were not published in the exact words that I have used in my press release,” he said. Wong also admitted that his statement that was published by the media could have tarnished, prejudiced and discredited Kok’s good will, reputation and image as Seputeh MP and also DAP vice-chairman. “I also undertake not to repeat these words again in the future,” he said. The court struck out the suit and thanked both the plaintiff and defendant for agreeing to settle the case without seeking any compensation or cost. — Bernama ENRICHING THE MANGROVES ... Perbadanan Kemajuan Negeri Selangor general manager Azlan Md Alifiah (centre, with sunglasses) joining 100 volunteers from the statutory body and the Pantai Klang District Office as well as media liaison officers in a mangrove seedling planting programme to mark World Biodiversity Day on Klang Island yesterday. Some 500 mangrove seedlings were planted during the event. Photo by Bernama KUALA LUMPUR: Pandan member of parliament Mohd Rafizi Ramli and five others failed in their bid to set aside a charge under the Peaceful Assembly Act 2012 in connection with the Blackout 505 rally when the High Court here dismissed their application yesterday. Judge Amelia Tee Hong Geok Abdullah, when handing down the decision, said the charge made against them was not against the Constitution and the prosecution had reasonable grounds to charge them. Tee set June 21 for mention of the case at the Sessions Court. Mohd Rafizi, 39, who is also PKR vice-president, and Muhammad Adib Ishar, 27, a PKR secretariat member, were charged with organising the rally without meeting a condition set by Dang Wangi police chief ACP Zainuddin Ahmad that they must obtain permission from the Kuala Lumpur City Hall for use of the venue, which was Padang Merbok. They were charged with committing the offence at Padang Merbok in Jalan Parlimen here on June 22, 2013. The charge, under Section 15(3) of Peaceful Assembly Act 2012, carries a fine of up to RM10,000. Four others, opposition activists Adam Adli Abd Halim, 28, Muhammad Safuan Anang@Talib, 27, Ekhsan Bukharee Badarul Hisham, 25, and Mohamed Bukhari Mohamed Sufian, 26, were charged with participating in the rally in the compound of Masjid Ar-Rahman, Universiti Malaya, a restricted area, on the same day. The four of them were charged under Section 4(2)(b) of the same law and face a fine of up to RM20,000, if found guilty. All six were represented by lawyer Melissa Sasidaran, while the respondent was represented by deputy public prosecutor Nurul Huda Mohd Nor. — Bernama on web + mobile One-on n-on ne interview with success sfu ul entrepreneurs, senior executive ves and analysts. Uploaded on Tuesday and Th hurs sday @ 12:30pm Anytime, anywhere on www.theedgemarkets.com T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 14 C O M M E N T A debt agenda for the G7 Unsustainable increase seen in major developed countries’ national debt BY MARTIN FELDSTEIN O n May 26-27, the heads of the Group of Seven (G7) leading industrial countries will gather in Japan to discuss common security and economic problems. A major common problem that deserves their attention is the unsustainable increase in the major developed countries’ national debt. Failure to address the explosion of government borrowing will have adverse effects on the global economy and on debt-burdened countries themselves. The problem is bad and getting worse almost everywhere. In the United States, the Congressional Budget Office estimates that the federal government debt doubled over the past decade, from 36% of gross domestic product (GDP) to 74% of GDP. It also predicts that, under favourable economic assump- tions and with no new programmes to increase spending or reduce revenue, the debt ratio 10 years from now will be 86% of GDP. Even more worrying, the annual deficit ratio will double in the next decade to 4.9% of GDP, putting the debt on track to exceed 100% of GDP. The situation in Japan is worse, with gross debt at more than 200% of GDP. Japan’s current annual deficit of 6% of GDP implies that the debt ratio will continue to rise rapidly unless action is taken. Conditions differ among the eurozone countries. But three of the European Union’s four largest economies — France, Italy, and the United Kingdom — all have large debts and annual deficits that point to even higher debt ratios in the future. A rising level of national debt absorbs funds that would otherwise be available to finance productivity-enhancing business investment. Businesses now fear that the increasing deficits will lead to higher taxes, further discouraging investment. That is a worrying prospect for everyone. When interest rates rise, as surely they must, the cost of servicing the debt will require higher taxes, hurting economic incentives and weakening economic activity. And the persistence of large deficits reduces the room that governments have to increase spending when there is an economic downturn or a threat to national security. Reducing deficits is obviously a task for those responsible for tax revenue and public spending: governments and legislatures. But central banks also play a role, affecting the problem in two ways. Low interest-rate policies in advanced countries are depressing the current size of budget deficits, but at the cost of reducing pressure on political leaders to address future deficits and encouraging voters to favour more spending programmes and larger tax cuts. Central banks can help by announcing clearly that interest rates will rise substantially in the future, making it more expensive for governments to borrow and to roll over existing debt. Reducing annual deficits re- quires either increased tax revenue or decreased outlays. Raising marginal tax rates is both politically unpopular and economically damaging. In the United States, there is scope to raise revenue without increasing tax rates, by limiting socalled tax expenditures — the forms of spending that are built into the tax rules rather than appropriated annually by Congress. For example, an American who buys an electric car receives a US$7,000 (RM28,500) tax reduction. Larger tax expenditures in the US include the deduction for mortgage interest and the exclusion from taxable income of employer-paid health insurance premiums. Although eliminating any of these major tax expenditures might be politically impossible, limiting the amount by which a taxpayer could reduce his or her tax liability by using these provisions could raise substantial revenue. So I do my best to persuade my Republican friends in Congress that reducing the revenue loss from tax expenditures is really a way to cut government spending even though the deficit reduction appears on the revenue side of the budget. The good news is that a relatively small reduction in annual deficits can put an economy on a path to a much lower debt-to-GDP ratio. For the US, cutting the deficit from the projected 4.9% of GDP to 3% of GDP would cause the debt ratio to drop toward 60%. The same is true elsewhere. The long-run debt-to-GDP ratio is equal to the ratio of the annual budget deficit to the annual rate of growth of nominal GDP. With 4% nominal GDP growth, a budget deficit of 2% would bring the long-term debt ratio down to 50%. That should be the goal for which all of the G7 countries aim. — Project Syndicate Martin Feldstein, professor of economics at Harvard University and president emeritus of the National Bureau of Economic Research, chaired President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984. UK introduces foreign property ownership register BY LIM YIN FOONG IN the affluent north London neighbourhood of St John’s Wood is a £35 million ($207 million) mansion boasting eight bedrooms, a pool, cinema and wine cellar. Nothing to shout about by London’s standards, but what makes it interesting is who owns it. This luxury property belongs to Andrey Yakunin, whose father Vladimir was once a member of Russian President Vladimir Putin’s inner circle. More precisely, the mansion is owned by British Virgin Islands-based offshore company Terphos Financial, which has been linked to Yakunin, The Sunday Times reports based on a list of offshore-owned British properties released by the Land Registry following the Panama Papers scandal. Yakunin’s mansion also features in London’s “kleptocracy tour”, which highlights luxury properties in the capital city owned by businessmen and oligarchs from Russia, Ukraine and Kazakhstan through offshore companies. The bus tours are organised by the Committee for Legislation Against Money Laundering in Properties by Kleptocrats (ClampK), a group of anti-corruption campaigners aiming to create more awareness on how foreign kleptocrats are using high-end properties in major cities as money-laundering vehicles for ill-gotten gains. The properties on ClampK’s tour itinerary are just the tip of the iceberg, given what we know now. The Panama Papers leak in early April revealed that more than 6,000 title deeds of UK properties worth at least £7 billion have been linked to about 2,800 companies set up by Mossack Fonseca, the law firm at the heart of the exposé. While not all of these holdings are necessarily linked to nefarious activities, the figures do shed light on the extent of the use of offshore companies to invest in UK property, which has long prompted calls for greater transparency in foreign property ownership. Hence the government’s recent announcement that it is introducing a public register to record foreign ownership of UK property, making it the first Group of 20 country to do so. This public register of beneficial ownership will come into effect in June, and will require all foreign companies currently holding UK property and those intending to buy, as well as those looking to compete for government contracts, to disclose who their actual owners are. Undoubtedly, this move would have been hastened by recent events, and by announcing it at an international anti-corruption summit in London in mid-May, Prime Minister David Cameron has chosen an apt platform to affirm the UK’s commitment towards improving transparency, as well as clamping down on money laundering and global corruption. The United Kingdom’s (UK) move has inspired France, the Netherlands, Nigeria and Afghanistan to follow its lead in introducing similar public registers, while Australia, New Zealand, Jordan, Indonesia, Ireland and Georgia have agreed to take in- London’s sky-high house prices are an opportunity for money-laundering activities. Photo by Reuters itial steps to do the same, Property Wire reports. Back in the UK, the move could not have come sooner, given London’s growing reputation as a haven for “dirty money”. According to anti-corruption body Transparency International (TI), UK luxury properties offer “a much-sought-after badge of wealth and respectability”, thus providing protection for corruption money, while London’s sky-high house prices represent an opportunity for money launderers to process large amounts of ill-gotten gains. TI UK’s analysis of data from the Land Registry and Metropolitan Police Proceeds of Corruption Unit revealed that more than £180 million worth of UK property has been brought under criminal investigation as suspected proceeds of international corruption since 2004. More than 75% of UK properties being investigated for grand corruption used offshore corporate secrecy to hide the identities of their owners, TI notes in its 2015 Corruption on Your Doorstep report. TI’s research also found that London has the lion’s share of offshore company holding of properties recorded in the Land Registry — 36,342 properties covering 2.25 square miles. Such facts only serve to fuel the ire of not just anti-corruption activists, but also Londoners, who have watched with dismay as communities in various pockets of their city have been affected by international investors leaving their luxury properties empty as they use them as “safe deposit boxes” in which to park their cash rather than as homes. The influx of wealthy foreign investments has also been blamed for distorting the housing market, pushing up prices of prime central London homes, which in turn affects house prices in other parts of the capital city, in effect making London unaffordable for many locals. Little detail has been provided on how the proposed public register will be implemented and enforced, or if there will be any penalties for non-compliance. There are, however, concerns that the register will be challenging to enforce given that people could still cheat by using proxies and false identities, and that it would be too costly for the government to fully verify the information provided. As Jason Collins, a partner at law firm Pinsent Masons, said in the Financial Times, those with something to hide will find ways to beat the system. Critics say the loss of privacy arising from the proposed public register may deter legitimate buyers seeking anonymity for security reasons from getting a home in the UK. Luxury real estate agent Trevor Abrahmsohn told the Guardian that the move could drive away wealth creators, and may prompt existing billionaire owners to sell off their properties. This obviously does not bode well for a market sector that has already begun cooling down, thanks to global economic worries, stamp duty hikes and Brexit fears. For now, however, this may be the least of the British government’s worries as it steps up the fight against international corruption and money laundering. Lim Yin Foong was founding editor of Personal Money, a Malaysian personal finance magazine that was published by The Edge Communications. She is currently based in the UK. TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY W O R L D B U S I N E S S 15 Bayer makes US$62b ‘all-cash offer’ for Monsanto It would create world’s biggest supplier of seeds, pesticides, genetically modified crops BERLIN: German pharmaceuticals giant Bayer yesterday said it had offered US$62 billion (RM253 billion) for US agriculture group Monsanto in a move which would create the world’s biggest supplier of seeds, pesticides and genetically modified crops. Bayer said it had made an “allcash offer” for the US giant at US$122 per share or a total of US$62 billion. “The planned combination with Monsanto is such an extraordinary opportunity to create a global leader in the agricultural industry. Monsanto is a perfect match to our agricultural business,” the German firm said. Bayer said expected synergies from the merger would result in an annual boost to earnings of around US$1.5 billion after three years. The announcement comes just days after Monsanto said it had received an unsolicited bid from Bayer following weeks of speculation about a possible tie-up. According to The Wall Street Journal, the two companies would together account for around 28% of global sales of pesticides and herbicides. Low commodity prices — which have caused farmers to cut orders for supplies — have piled the pressure on agricultural suppliers like Monsanto, which is based in St Louis, Missouri. In March, the US firm slashed its earnings forecast for 2016. Sluggishness in the industry has also sparked consolidation deals such as a mega-merger between DuPont and Dow Chemical. Switzerland’s Syngenta last year rejected an unsolicited offer from Monsanto, later agreeing to be bought by China National Chemical Corp for US$43 billion. Last year, following the unsuccessful bid for Syngenta, Monsanto embarked on a huge restructuring programme, saying it would axe 3,600 jobs — or 16% of its workforce — by 2018, closing sites and writing down assets. A major manufacturer of agricultural seeds and herbicides, Monsanto employs about 20,000 workers and describes itself as one of the world’s leading biotechnology companies. Bayer, which employs around 117,000 workers, turned in record profits and sales in 2015, notching up a net profit of €4.1 billion on sales of €46.3 billion. See related story on Page 20 The Bayer statement said it was “premature at this stage” to estimate when the two companies would be joined as one. “If a deal is reached with Monsanto, until closing, Bayer and Monsanto would continue to operate as independent companies,” it said. — AFP VietJet said to buy 100 Boeing aircraft for US$11.3b HANOI: Vietnamese budget airline VietJet, famed for its bikini-clad air hostesses, has agreed to buy 100 passenger jets from US aircraft maker Boeing for US$11.3 billion (RM46.1 billion), the airline said yesterday, in a deal signed in front of US President Barack Obama in Hanoi. In a statement, VietJet said the deal is “the largest-ever single commercial airplane purchase in Vietnam aviation”. It was penned in front of Vietnamese President Tran Dai Quang and the American leader, who is on a three-day trip to the communist nation. A White House official confirmed the deal for 100 Boeing jets was among a raft of commerical agreements sealed yesterday worth more than US$16 billion. “We expect this will support 60,000 American manufacturing and technology jobs,” the official added. Founded in 2007, VietJet, which has previously drummed up publicity with bikini-wearing air stewardesses, is making a major move into the lucrative Southeast Asian aviation sector. In February, the carrier announced that it had signed a US$3.04 billion deal with US engine maker Pratt & Whitney, underscoring the growth potential of the region’s low-cost airline market. — AFP on web + mobile Filepic of a VietJet airliner at Hanoi’s Noi Bai International Airport. In a statement, VietJet said the deal is ‘the largest-ever single commercial airplane purchase in Vietnam aviation’. Photo by AFP Insurer AXA to sell €1.8b of tobacco assets PARIS: French insurer AXA plans to stop investing in the tobacco industry, citing the impact of smoking on public health, and said it plans to sell its €1.8 billion (RM8.2 billion) of assets in the sector. AXA said it would divest its €200 million of equity holdings in tobacco companies immediately. It also plans to stop all new investments in tobacco industry corporate bonds and run off its existing holdings worth about €1.6 billion. “With this divestment from tobacco, we are doing our share to support the efforts of governments around the world,” incoming AXA chief executive Thomas Buberl said in a statement. “This decision has a cost for us, but the case for divestment is clear: The human cost of tobacco is tragic; its economic cost is huge.” AXA said that tobacco kills six million people a year and that the figure is expected to rise to eight million by 2030, mostly in developing countries. The cost to society is greater than that of alcohol or obesity, the company added. The decision reflects a shift in the role of health insurers towards preventing health conditions, AXA said, including increased use of technology. The head of the Union for International Cancer Control (UICC) said in the same statement that it would continue to encourage other companies to follow AXA’s lead. “We need companies like AXA to signal that investing in an industry that kills its customers is simply the wrong thing to do,” UICC chief executive Cary Adams said. “This announcement to divest €1.8 billion is a milestone step in the right direction.” — Reuters Catch up on the Top 5 news of the day. Uploaded from Monday to Friday @ 8.3 30pm Anytime, anywhere on www.theedgemarkets.com T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 16 FO CU S TUE A B I A A fi h G Th w c w 5 m f c i t p c 01 Give the Porsche Macan a chance It’s more than just a teenier Cayenne, handling the road with tenacity and power BY HA NN A H EL L IOTT 01. The 2016 Porsche Macan S comes with a 340hp, threelitre twin-turbo V6 engine that gets 339 pounds-feet of torque on a seven-speed dual-clutch transmission. M uch has been said about grit lately. It’s the idea that success comes from some combination of practice, passion, determination and hope; the combina- tion is called grit. Cars can have it, too. It’s the X-factor that makes little rally racers so fun to drive, the enigmatic thing that makes some sports cars seem plucky while others feel numb. The 2016 Porsche Macan S has grit. It’s not a perfect car — expensive and small for a crossover, with a polarising body style — but when it comes to gripping corners, thrusting into tight traffic, and ripping around town, the Cayenne’s cute little brother more than proves its mettle. This is the smaller version of the Cayenne that Porsche debuted in 2015. It’s based on the Audi Q5 (both are made by parent company Volkswagen AG) but has enough of Porsche’s excellent interior, infotainment, and options that it belongs squarely in the Porsche-lovers club. The one I drove recently for a week in Los Angeles cost US$68,245 (RM278,440), which included such optional upgrades as 20in (51cm) sport wheels (US$1,260), a heated sport steering wheel in dark walnut (US$615), and park assist (US$850). The base Macan S starts at US$52,600. You could cross-shop this car against the BMW X3 and the Mercedes GLC Class, or even against the upcoming Jaguar F-Pace. This is one level more expensive (excepting the Jag) and smaller, which is not necessarily a bad thing but something to note. (Four adults fit in here better than the as-advertised five; if you need seating for five, buy the Cayenne.) It is significantly faster than all of those other small sport utility vehicles, 02. A quick and efficient Bluetooth system, rainsensing wipers, and remote entry all come standard. lower the car as needed. (There are 9in of ground clearance at rest.) Traction control keeps the car in line as you drive over unstable roads. Torque vectoring moves the Macan S easily from side to side. The electronic locking differential across the rear axle targets exactly where it’s best to send engine power. All that adds up to a nice little crossover that you feel is well-in-hand 02 as you drive. though. And it’s the most distinctive-looking of the lot. In the middle of my week with the Macan, I took a Tesla Model X for a short trip north. It was an eye-opener. But the reason I mention it is because when I finally got back into the Macan, I breathed a sigh of relief. Owning and driving a Tesla is a lifestyle choice; I, for one, felt happy to be in a “regular” analogue car again, one with a proper seven-speed PDK dual-clutch transmission and an allwheel-drive system that gripped the road like a monkey. The Macan, with its sporty, eager driving feel, was the perfect fallback. Sturdy and nimble Driving the Macan S is simple and easy. This car does not posture or try to be something it is not. The 18-way-adjustable sport seats (US$370) place you high up enough over the road to provide the benefit of feeling more dominant, but the short wheelbase (110in, compared to 113 in the Cayenne), compact styling, and canny handling make it as manageable as a sport sedan. It comes with a 340-horsepower (hp), three-litre twin-turbo V6 engine that gets 339 pounds-feet (460 newton-metre) of torque on a seven-speed dual-clutch transmission. Standstill to 60mph (100kph) is five seconds, which is fine. Top speed is 156mph. By comparison, the standard US$76,200 Cayenne posts standstill to 60mph in 5.1 seconds, with a top speed of 161mph. Each get 17 miles per gallon (7.23km per litre), combined. I don’t need a lot of extra space, and I like the Macan’s stats better; if you feel the same way, don’t spend additional money on the bigger car. More important to most owners, the Macan S has all the ingenious, adaptable stability systems that Porsche has perfected fleet-wide. Adaptive air suspension smooths the ride as you accelerate and will raise or A Porsche on the inside Porsche has appointed inside the same triple-gauge instrument cluster and button-filled dashboard that are in its other cars, with enough cup holders and storage compartments to satisfy most casual suburban types. (This is a big concession, considering that at one time the stridently racing-focused company refused to offer even one cup holder in its 911 range.) That said, when you face the dash in the Macan, it has the same general compact but three-dimensional feel as that of a classic sports car. Headroom and legroom inside aren’t particular generous, but they’re about what you would expect from a small luxury crossover. The rear trunk will accommodate weekend bags for four passengers, as long as they pack more like, say, Holly Golightly than Elizabeth Taylor. There’s no wind noise to speak of, even when cruising at 80mph. A quick and efficient Bluetooth system, c Th t w l s t b t p M s G u e b u t u l t l o p A l o t w t B rai com and (US tain rea hig eac a se tion gab and enj fre Kid The alre (Co by todio Por the T U E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY FO CU S 17 Alfa Romeo challenges BMW with the Giulia BY TOMMA SO EB HAR DT 01 e n of rol unthe ecear nd litnd me uther orual on, ntly ffer That n, it dicar. aryou ver. nd ack zaeak m, IT’S make-or-break time for Fiat Chrysler Automobiles NV’s long-awaited revamp of Alfa Romeo, with the sporty Italian brand’s first luxury sedan about to go head-tohead with the likes of the BMW 3-Series. After at least six months of delays, the Giulia sedan is now on sale in Europe. The critical launch in the United States, where it currently only sells the 4C sports car, is planned for the third quarter and will kick off with a limited number of the 510-horsepower (hp) Quadrifoglio performance version. The standard model will follow in the final three months of the year. At least on the track, Fiat Chrysler’s chief executive officer Sergio Marchionne is confident the Giulia, which accelerates to 100kph in as little as 3.9 seconds compared with 4.1 seconds for the BMW M3, can win. “Tell me if there is any car in the same class which can compete with this one: The BMW? Come on, take one here on the track and you’ll see,” Marchionne, who used to drive cars from the German luxury brand before joining Fiat in 2004, said earlier this month at Fiat’s Balocco test track in northern Italy. “This is the best expression of what we can do on a technical basis.” But it will take more than extra horsepower for Alfa to beat BMW, Audi and Mercedes-Benz in the most crowded segment of the luxury-car market. The German rivals have reputations built up over decades and can draw in buyers through vast networks of dealers and broad slates of offerings. Before the Giulia — which bears a resemblance to the BMW 3-Series — the brand’s lineup consisted of two hatchbacks and the limited-run 4C. BMW, which has vowed to defend its status as the world’s biggest luxury-car maker, declined to comment on Fiat’s efforts. “While early reviews of the Giulia are promising, it’s just one building block in Alfa’s revival, and despite what Fiat Chrysler might claim, it’s aimed four-square at one of the most competitive segments in the world,” said Tim Urquhart, an analyst with IHS Automotive in London. “It’s a tough task.” Backed by the Giulia, Alfa Romeo is ex- Alfa Romeo’s Giulia Quadrifoglio. It will take more than extra horsepower for Alfa to beat BMW, Audi and Mercedes-Benz in the most crowded segment of the luxurycar market. Photo by Bloomberg pected to more than double sales to about 190,000 vehicles in 2019 from 91,000 in 2016, according to IHS. But even if it reaches that level, it will remain a niche player compared with Daimler AG’s Mercedes and BMW, which are expected to both deliver more than two million cars in 2019. Revamping Alfa Romeo has been a priority for Marchionne since he joined Fiat in 2004. After failing to deliver on previous promises to produce winning models, the executive sought help relaunching the Italian sports- car maker, hiring Roberto Fedeli from BMW in February as chief technical officer for Alfa Romeo and the Maserati luxury brand. Fedeli, a former technical director at Ferrari, said he “had several talks with Marchionne” before being convinced me to join Fiat. The turning point was a visit to the Cassino plant in southern Italy, which will be the focal point for Alfa production. The factory “shows how the industrial plan behind this project is hyper-solid”, Fedeli said in an interview, adding that the plant’s production line is “even more advanced” than those at BMW’s German facilities in Dingolfing, Leipzig and Munich. Major investment Alfa Romeo’s ambitions are evident in the Giulia’s sales price, which at €34,100 (RM156,065) for the 150hp diesel version is higher than rivals. The cheapest BMW 3-Series is a 136hp gasoline model for €30,500, while the Audi A4 starts at €31,100 and the Mercedes C-Class at about €31,800. The revival of the Alfa Romeo brand, which was originally a crucial part of Marchionne’s plan to more than double the carmaker’s profit by 2018, was delayed in January when Fiat postponed the target to complete an expansion of the new line-up by two years to 2020. The company also dropped a goal to boost sales more than fourfold to 400,000. Marchionne admitted that the Giulia, which will be followed by the brand’s first sport utility vehicle later this year and by a third model in late 2017, didn’t have an “easy” birth. “Don’t ask me how much we spent, it cost a lot” to develop the Giulia, said Marchionne, who calls it the best car in its class developed by Fiat since he joined the group 12 years ago, adding that investments in Alfa’s line-up have exceeded €1 billion. — Bloomberg Buying the Macan S is taking a step towards nonconformity rain-sensing wipers, and remote entry all come standard. Ambient lighting (US$325) and the beautiful walnut interior package (US$550) cost extra. So does the full infotainment system, which includes complete rear-seat entertainment (US$3,115 for two high-resolution, 10.1in colour touchscreens, each with a DVD drive, two USB interfaces, a secure digital card interface, a high-definition multimedia interface, an internal 32-gigabyte flash memory, and Internet access) and the dark blue metallic paint (US$690) I enjoyed. Only white and black models come free of charge; they look rather pedestrian. Kid-brother good looks Then again, if you buy the Macan S, you’re already taking a step towards nonconformity. (Conformity’s Exhibit A: the Audi Q5.) Set off by the recessed bi-xenon headlamps and auto-adjusting daytime running light-emitting diode headlights at the front, as well as by Porsche’s distinct grille of gaping lateral slats, the Macan S is Robin to the Cayenne’s Bat- man. It’s younger, with a more visual verve, shaped with a short, rounded hood and a happy little uplift at the end. And it’s more unique than the generally bland, rounded crossovers the market tends to offer. It feels short but energetic. The sideblades along the body pay homage to the 918 Spyder and help the doors look narrower and sleeker than they might otherwise seem. They’re available in matte black, lava black, gloss black and carbon fibre, although I prefer them to be the same colour as the rest of the vehicle. I would definitely choose the largest wheels you can afford. You can also add gear racks, a panoramic sunroof, privacy glass and rolling automatic sunblinds. I like all the extras; rather than clutter, they make this car in particular feel it’s your own. After all, a little showing off isn’t bad: Such aesthetic extras as the 21in optional wheels simply communicate, in physical form, the grit we already know exists under the hood. — Bloomberg The rear trunk will accommodate weekend bags for four passengers. T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 18 W O R L D B U S I N E S S Greek parliament approves reforms IN BRIEF Toshiba to more than halve its capital base This is in exchange for much-needed bailout loans and debt relief BY L EFT ERI S PA PADIM AS & RENEE MA LTEZOU ATHENS: Greek lawmakers approved tax increases and a new privatisation fund on Sunday and freed up the sale of non-performing loans in exchange for much-needed bailout loans and debt relief. Athens hopes the measures, two days before a key eurozone finance ministers’ meeting, will help it unlock the funds it needs to pay International Monetary Fund (IMF) loans, European Central Bank (ECB) bonds maturing in July and increasing state arrears. “Greeks have already paid a lot, but this is probably the first time that the possibility of these sacrifices being the last is so evident,” Prime Minister Alexis Tsipras told lawmakers before a vote in parliament. His left-led coalition, re-elected in September on pledges to implement the terms of a €86 billion (RM394 billion) bailout it signed Tsipras (right) and Finance Minister Euclid Tsakalotos at a parliamentary session in Athens on Sunday. Athens hopes the measures will help it unlock the funds it needs to pay IMF loans, ECB bonds maturing in July and increasing state arrears. Photo by Reuters up to in July, has a narrow majority of 153 lawmakers in the 300-seat parliament. The coalition voted in favour of the reforms with only one member of parliament (MP) against some Japan exports fall in April as strong yen, quakes weigh TOKYO: Japanese exports faltered in April after separate figures last week showed the world’s No 3 economy dodged a recession in the first quarter. A fall in shipments of cars and steel overseas led exports lower, as key producers including auto giant Toyota warned that a rally in the yen was taking a bite out of profits, on the back of a slowdown in China and other emerging economies. Deadly earthquakes in southern Japan last month forced the temporary closure of some regional factories, weighing on production. “Exports of US-bound automobiles have rapidly fallen, which could have been an effect of production suspension due to earth- quakes in Kumamoto,” SMBC Nikko economist Junichi Makino said in a note. The government has approved a ¥778 billion (RM29 billion) extra budget in response to the disaster. Yesterday, the finance ministry said exports dropped 10.1% last month from a year ago to ¥5.89 trillion, the seventh straight monthly fall. The value of imports also plunged 23.3% to ¥5.06 trillion, mostly due to fluctuations in oil and energy prices, the ministry said. Japan’s trade surplus sat at ¥823.5 billion. The yen weakened sharply, which boosted Japanese exporters’ profits and sparked a huge stock market rally. — AFP ‘Leaving EU would cause recession’ LONDON: Leaving the European Union (EU) would tip Britain into a “year-long recession”, finance minister George Osborne warned yesterday as campaigning stepped up a month from a referendum on membership of the bloc. Analysis released by the Treasury argued that leaving would cause “an immediate and profound economic shock” to Britain and damage economic growth. “With exactly one month to go to the referendum, the British people must ask themselves this question: Can we knowingly vote for a recession?” Osborne said. The analysis gave two scenarios if voters chose to leave the EU: a “shock scenario” in which gross domestic product would be 3.6% lower than it otherwise would have been after two years, and a “severe shock scenario” in which it would be 6% lower. Osborne and Prime Minister David Cameron have made dire predictions of the effect of a socalled Brexit as they campaign for Britain to remain in the EU. — AFP articles on the new privatisation fund and a contingency mechanism of spending cuts that will be activated only if Athens looks set to miss its fiscal targets. Syriza MP Vassiliki Katrivanou later resigned, saying in a post she uploaded on Facebook: “We are implementing measures and policies which are against the core of our values.” Her resignation will not affect the government’s majority since she will be replaced. The taxes will hit Greeks where it hurts, with increases in value-added tax by one point to 24%, more tax on fuel, tobacco, Internet usage and an extension of a property tax. Hundreds of demonstrators rallied outside parliament in the evening to protest against the reforms. “It’s a disaster!” said 60-year old businessman Panayiotis Kehris. “We will cut down on everything, from food to driving.” To appease the angry public, Tsipras told lawmakers that each time Athens exceeds its annual primary surplus targets, the extra state revenues would go to a social solidarity fund. About €700 million would go to the fund this year, he said. — Reuters Yum’s China split does not look too tasty right now BY QU E NTI N WE BB HONG KONG: Yum Brands’ split is not looking too tasty. With one of the most logical partners walking away from buying a pre-spin-off stake in its Chinese unit, it may be even longer before the KFC owner serves up some value. Right now, the Yum break-up looks like a rather hollow victory for activist investors Corvex and Third Point. They won the argument that Yum’s global business — stable, slow-growing, mostly franchised, and thus able to bear lots of debt — should not have the same owners as a high-risk Chinese business that is a fast-growing, but accident-prone market leader. That insight hasn’t yet translated into better valuations. Last May Corvex’s Keith Meister, who now sits on Yum’s board, argued the whole company could be worth US$130-plus a share. Since then, the stock has returned a negative 10%, including dividends, versus a 32% advance at arch-rival McDonald’s. The performance might have been worse, but for a big share buyback that is part of the reorganisation. Yum shares closed below US$80 (RM326) last Friday. The problem is that after numerous setbacks at Yum China, investors are less willing to give it credit for future growth potential, even if a turnaround under new management is starting to show up in measures like improving same-store sales. Last year a Breakingviews calculator showed how the unit could be worth US$27 billion if Yum China can expand its footprint in the People’s Republic by 50%. Reports from the current auction mention a valuation of US$8 to US$11 billion, for a business making US$1 billion of earnings before interest, taxes, depreciation and amortisation a year. Now Reuters says China’s China Investment Corp, working with buyout group KKR, has quit the auction, having sought majority ownership rather than the minority stake on offer. That always sounded unrealistic, unless the duo was willing to pay up for control, and for the tax bill a sale would trigger. Even so, their departure is not helpful. That is because the auction presumably has several goals: bring in some cash; reassure prospective public investors by introducing a big “anchor” at a decent valuation; and perhaps find a heavyweight local partner to help navigate future challenges in China. Another unnamed buyout firm is still circling, as is Singapore’s Temasek. The latter certainly has the cash, but might now drive a harder bargain, and would be a less useful political ally. The split still makes sense, but has yet to cook up value. — Reuters TOKYO: Japan’s Toshiba Corp said yesterday it would more than halve its capital base — a move that comes in the wake of a US$1.3 billion (RM5.3 billion) accounting scandal last year. It will cut its capital to ¥200 billion (RM7.46 billion) from ¥439.9 billion to plug a deficit in its earnings reserves on its balance sheet after posting huge losses, it said. The capital reduction will be subject to shareholders’ approval and effective July 31, the embattled industrial conglomerate said in a statement. The company also said that it was correcting its earnings results for the year that ended in March. Its operating loss came to ¥708.7 billion, compared with the ¥719.1 billion loss announced earlier this month. — Reuters Legal costs burn one-third of European bank profits FRANKFURT: European banks have spent a third of their net profits on provisions to cover expected legal costs since the start of the economic crisis in 2008, European Central Bank (ECB) data showed yesterday. Between 2008 and 2015, European banks have set aside US$160 billion in provisions for legal costs, equal to almost half of their net income over that period. This means their profits could have been almost onethird higher were it not for these legal costs. The ECB added this trend may continue, with banks provisioning for another US$50 billion worth of legal costs as of the end of 2015. — Reuters Singapore all-items CPI falls for 18th month SINGAPORE: Singapore’s headline consumer price index (CPI) fell in April from a year earlier for a record 18th straight month, but the pace of decline moderated due to a low-base comparison, official data showed yesterday. The all-items CPI fell 0.5% from a year earlier, after sliding 1% in March, and compared with a median 0.7% decline forecast in a Reuters poll. Singapore’s core inflation gauge rose 0.8% in April from a year earlier, the biggest increase since March 2015. The median forecast was for an increase of 0.9%. — Reuters China’s FGC to pay €670m for Germany’s Aixtron FRANKFURT: Fujian Grand Chip Investment Fund LP (FGC) has agreed to buy Aixtron in a deal valuing the German semiconductor equipment maker at €670 million (RM3.07 billion), adding to a string of Chinese takeovers of German technology companies. FGC, a Chinese investment fund controlled by businessman Zhendong Liu, said yesterday it would offer €6 per share to buy loss-making Aixtron, representing a 51% premium to the company’s three-month volume-weighted average share price. — Reuters TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY W O R L D 19 Obama lifts Vietnam’s Cold War-era arms ban As ties grow closer due to trade and mutual fears of Chinese sea expansion dispute BY JEROME CA RT I L LIER & T R A N THI MI NH HA HANOI: US President Barack Obama yesterday scrapped a Cold Warera ban on weapons sales to Vietnam, as ties between the former foes grow closer thanks to trade and mutual fears of Chinese expansion in disputed seas. The announcement, made at the start of Obama’s three-day visit to Vietnam, ends a decades-old embargo and will likely infuriate Beijing, which has been increasingly assertive in its claims to disputed areas of the South China Sea. “The United States is fully lifting the ban on the sale of military equipment to Vietnam that has been in place for some 50 years,” Obama said Taiwan’s new govt drops lawsuit against protesters TAIPEI: Taiwan’s new government announced yesterday it has dropped a lawsuit against 126 protesters who stormed the cabinet headquarters in 2014 to protest against a controversial China trade pact. President Tsai Ing-wen, from the Beijing-sceptic Democratic Progressive Party, and her new government took office last Friday, following eight years of cross-strait rapprochement under her predecessor Ma Yingjeou of the Kuomintang. Ma oversaw an unprecedented thaw in ties with China, but public sentiment in Taiwan had turned against his approach in recent years, leading to the socalled “Sunflower Movement”, which occupied parliament to demonstrate opposition to the trade pact. Some protesters also infiltrated government headquarters, pulling down barbed-wire barricades outside and using ladders to break into offices on the second floor until riot police used water cannon to dislodge them. Premier Lin Chuan defended the decision to drop the lawsuit against the protesters, saying the movement had its “legitimacy”. It was only the second document he signed since taking office. “The Sunflower Movement’s demand has become a social consensus. Parliament is legislating the oversight bill on cross-strait agreements based on such a demand, which highlights the movement’s legitimacy and social contribution,” Lin said. — AFP Obama (left) shaking hands with Quang after an arrival ceremony at the presidential palace in Hanoi, Vietnam yesterday. Photo by Reuters at a joint press conference alongside his Vietnamese counterpart President Tran Dai Quang. Obama said the move was not prompted by China’s regional ma- noeuvres, but came as the countries enter a “new moment” that takes them towards a “normalisation” of ties. Vietnam’s Quang welcomed the rollback of the ban, hailing the shared “common concerns and interests” that now bind the two countries. The Obama administration has pitched this week’s trip as an opportunity to push ties beyond the period of rapprochement, with Vietnam now a vital plank in the US’ much vaunted pivot to the Asia-Pacific region. Obama said he was “moved” to see thousands of locals lining Hanoi’s streets, craning with smartphones in hand for a view of his motorcade. — AFP Philippines’ Duterte said to defy church with three-child policy MANILA: Philippine President-elect Rodrigo Duterte said he will defy the Roman Catholic Church and seek to impose a three-child policy, putting him on a new collision course with the bishops a day after he called them “sons of whores”. The southern mayor has yet to be declared the May 9 poll winner, but an unofficial vote count by an election commission-accredited watchdog showed him ahead over his four rivals, three of whom conceded defeat. Duterte assumes office on June 30. Duterte’s often outrageous comments have won him huge support and his tirades about killing criminals and a joke about a murdered rape victim do not appear to have dented his popularity in the largely Catholic country. “I only want three children for every family,” Duterte said on Sunday in Davao City. “I’m a Christian, but I’m a realist so we have to do something with our overpopulation. I will defy the opinion or the belief of the Church.” About 80% of the Philippines’ 100 million population are Catholics, the largest concentration of any Asian country, who oppose abortion and contraception. On Saturday, he criticised the Church as the “most hypocritical institution”, meddling in government policies and said some bish- ops were enriching themselves at the expense of the poor. “You sons of whores, aren’t you ashamed? You ask so many favours, even from me,” Duterte said in an interview broadcast by TV station GMA. Monsignor Oliver Mendoza, spokesman for the Archdiocese of Lingayen, whose head is the president of the Catholic Bishops Conference of the Philippines, said the Church respected Duterte’s opinion but that it would continue to speak against government policies that are contrary to Church teaching. “Because if we fail to do that, if we close our eyes, if we close our lips, we close our ears, what will be the role of the Church?” he said. — Reuters ‘Bombs kill more than 100 in Syria regime strongholds’ BEIRUT: At least 101 people were killed yesterday in two Syrian regime bastions in a spate of bombings claimed by the Islamic State (IS) jihadist group. Fifty-three people were killed in the city of Jableh and another 48 died in Tartus further south, according to the Syrian Observatory for Human Rights monitoring group. Observatory head Rami Abdel Rahman said they were “without a doubt the deadliest attacks” on the two cities since Syria’s conflict erupted in March 2011. The IS group claimed the attacks via its Amaq news agency, saying IS fighters had attacked “Alawite gatherings” in Tartus and Jableh. Seven bombs — most of them IN BRIEF Seventeen girls killed in fire at school dormitory in northern Thailand BANGKOK: Seventeen girls died after a fire swept through the dormitory of a school for children of hill tribes in northern Thailand, officials said yesterday, with a survivor describing fleeing as flames engulfed the building. The fire started late on Sunday night, meaning many of the children at the school run by a Christian charity were asleep as flames spread through the two-storey wooden building. “The fire broke out at 11pm on Sunday (1600 GMT). Seventeen girls were killed, with five injured,” Colonel Prayad Singsin of the police in the town of Chiang Rai told AFP. — AFP South Korea rejects North’s latest proposal to hold military talks SEOUL: South Korea yesterday rejected the latest proposal by the North to hold military talks, saying Pyongyang first needed to take steps towards abandoning its nuclear arsenal. The North’s leader Kim Jong-un offered the military dialogue during a speech to a recent congress of the ruling Workers’ Party — the first event of its kind for more than 35 years. North Korean military later urged Seoul to accept the offer to overcome the current “catastrophic state” of cross-border ties, proposing a preparatory working-level meeting in a message sent on Saturday. — AFP IS suicide bombing kills at least 40 army recruits in Yemen’s Aden ADEN: A suicide car bombing claimed by Islamic State (IS) killed at least 40 army recruits and injured 60 others in the Yemeni city of Aden yesterday, medics said, in one of the deadliest attacks yet on the beleaguered government. The attack occurred as the recruits lined up to enlist for military service at the home of a senior general in the Khor Maksar district of Aden, officials said. The port city serves as the temporary capital of Yemen’s Saudi-backed administration while it seeks to seize back the capital Sanaa from the armed Houthi group. — Reuters Search on for clues in EgyptAir crash A damaged site after explosions hit Tartus yesterday. Seven bombs — most of them suicide attacks — hit Jableh and Tartus almost simultaneously. Photo by Reuters suicide attacks — hit Jableh and Tartus almost simultaneously yesterday morning. Syrian state media also reported the attacks but gave a total of 78 dead, including 45 in Jableh and 33 in Tartus. State television broadcast footage of a bus station that was hit by one blast in Tartus. Charred minibuses laid on their sides while others were still ablaze. — AFP CAIRO: Egypt enlisted a submersible on Sunday to search the Mediterranean seabed for the black boxes of EgyptAir flight MS804, hoping the recorders would determine whether the plane crash was an accident or attack. President Abdel Fattah al-Sisi said it was too early to tell what caused the Airbus A320 to plunge into the sea with 66 people on board last Thursday. Some wreckage from the plane that was en route to Cairo from Paris had been found, but none of the passengers’ bodies, a civil aviation ministry spokesman said on Sunday. — AFP T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 20 FO CU S Tencent can shield itself from ad slowdown Soaring revenue from mobile games in 1Q cushions the blow BY ROBY N MA K HONG KONG: Tencent can withstand an advertising slowdown. Last Wednesday, the Chinese gaming giant warned a slowing economy may clip its fast-growing ad business. But soaring revenue from mobile games, which topped U$1.3 billion (RM5.34 billion) in the first quarter (1Q), cushions the blow. Besides, unlike rivals Alibaba and Baidu, Tencent relies less on marketing dollars. Although the US$195 billion web giant beat market expectations with a 43% year-on-year rise in overall quarterly revenue to 32 billion yuan (RM19.92 billion), a surprise slowdown in advertising sales was enough to push its shares down slightly. By midday in Hong Kong last Thursday, they had fallen a bit more than 2%. The company cautioned that top advertisers were reluctant to spend due to a weak economy. Advertising has soared from a very low base to become one of the fastest-growing parts of the Tencent empire. Last year sales of ads on Tencent’s WeChat messaging app, plus video and news sites, more than doubled to 17.5 billion yuan. That turbocharged rate of growth now looks unsustainable. Analysts at HSBC have cut their annual growth expectations to 54% for 2016. However, ads are still a comparatively small part of the whole. They now make up 15% of total revenue. That puts Tencent in a good spot compared with China’s other Internet giants, e-commerce group Alibaba and search engine Baidu, both of Tencent’s core business is doing even better than expected. It dominates mobile gaming. In the recent quarter, six out of China’s top 10 grossing titles were developed or licensed by Tencent, BNP Paribas says. Photo by Reuters which rely far more on advertising. It accounted for 95% of sales at Baidu and 51% at Alibaba in the first three months of this year. Meanwhile Tencent’s core business is doing even better than ex- BASF best leaving Monsanto seeds for the birds BY OL A F STOR BECK LONDON: There is one thing BASF shareholders should fear more than consolidation between rival Bayer and US seed maker Monsanto: their own board wading in with a counterbid. Bayer’s bid for Monsanto puts BASF chief executive Kurt Bock on the spot. With agricultural revenues of €5.8 billion (RM26.56 billion), the Ludwigshafen-based group is one of the world’s big players in a sector where everyone seems to be enthusiastically coupling. Think of Dow Chemical’s merger with DuPont, and Syngenta’s planned takeover by ChemChina. Of the largest global agricultural players, only BASF would be left on the shelf. Moreover, a Bayer-Monsanto tie-up may put BASF’s collaboration with the Americans at risk. Both groups work together on research and development in plant biotechnology, giving a strong reason perhaps to spoil Bayer’s plans. Yet the maths of BASF counterbid would be a stretch. A 30% sweetener on Monsanto’s undisturbed share price would mean an interloper paying up around US$51 billion (RM208.08). That’s a premium equivalent to US$12 billion. Jefferies analysts estimate that BASF could generate around US$720 million of annual cost synergies from merging with Monsanto by 2020, but their US$5.4 billion net present value — what they’d be worth as a lump sum today — falls far short of justifying such generosity. By leveraging up to 3.5 times the combined entities’ Ebitda, BASF could comfortably take on only around US$30 billion of new debt. — Reuters pected. Traditional desktop games are falling out of favour in China, but the company dominates mobile gaming: In the recent quarter, six out of the country’s top 10 grossing titles were developed or licensed by Tencent, BNP Paribas says. Successful hits like Naruto Mobile lifted Tencent’s mobile gaming revenue up 86% year-on-year. That offsets the industry-wide gloom over advertising. — Reuters Goldman’s Tesla upgrade is a case of bad timing BY A N TO N Y C UR R IE NEW YORK: A Tesla upgrade from Goldman Sachs looks like a case of bad timing. The bank’s analysts upgraded the carmaker last Wednesday, just hours before their banking cohorts took a role in a US$1.7 billion (RM6.94 billion) stock sale expected to launch in the next day or two. It smells fishy, especially as the note gave a timely boost to Tesla’s stock price. But there’s plenty to suggest otherwise. Tesla boss Elon Musk told an earnings call he would be hitting up investors for cash. The only question was how much. That is what Goldman’s autos researchers were assessing in their note. They plumped for US$1 billion. So when Tesla announced its equity offer later in the day, markets inevitably buzzed with speculation that the investment bank was failing to keep church and state separate. Tesla has been a Goldman client for years: The bank and rival Morgan Stanley led its initial public offering and usually run its secondary stock deals. In other words, Goldman has already done all the work to convince Musk to hire its bankers. Second, flattery from analysts wouldn’t do a bank much good here. Musk has never seemed that interested in finding ways to boost Tesla shares . Third, the sheer fact that both moves came on the same day invites all kinds of scrutiny — including from regulators. In 2016 it is hard to see Goldman, or any major bank, being quite so stupid as to use research this openly to win banking business. There’s one more point: The reason for keeping a so-called Chinese wall between research and banking is to show both are independent. As odd as it may sound, Goldman allowing both its bankers and analysts free rein could actually show that the wall is working as intended. Downgrading the company, of course, would have offered far stronger proof. — Reuters Wall Street puts old Washington ways on ice BY G I NA C HO N WASHINGTON: Wall Street is putting its old Washington ways on ice. Big banks are infamous for lobbying against swathes of financial reform. Lately, though, they’ve cut back. Now they’re actively pushing congressional Republican bigwig Jeb Hensarling to ditch a bill to repeal the DoddFrank Act. The latest efforts to upend the 2010 law ought to appeal to the likes of JPMorgan, Bank of America and Goldman Sachs. They have, after all, complained about everything from capital charges to mortgage reform to how watchdogs handle annual stress tests. Hensarling, chairman of the House Financial Services Committee, plans to introduce a bill that would undermine many of those measures. Wall Street lobbyists, though, are not of- fering support. It’s not because President Barack Obama has threatened to veto similar bills. Financial firms have in recent years backed such efforts, hoping that a push for broad changes might yield smaller concessions. They won, for example, exemptions for certain matters under the so-called Volcker rule that bans proprietary trading. In December 2014, they persuaded Congress not to force them to move certain derivatives operations out of units with federally insured deposits, arguing it would create more risk by moving the activity to unregulated entities. That, though, came at a heavy price. Initial supporters of the watered-down measure turned against the industry, worried that being seen as too soft on Wall Street would alienate voters. The banks have cottoned on to the changing mood. Bosses like JPMorgan’s Jamie Dimon have been less overt in their criticism of regulations in the past few years. Spending on lobbying by the securities and investment industry fell by 8% to US$97 million between 2011 and 2015, according to the Center for Responsive Politics. Political rhetoric against banks has got sharper during the US presidential campaign. Meanwhile, Congress has diverted dividends the Fed pays to banks to help fund a highway bill. As a result, banks are playing defence. That may change if Republican presidential hopeful Donald Trump wins the White House. He told Reuters last Tuesday that he’d overturn much of Dodd-Frank if he became president. For now, though, Wall Street is one of the biggest defenders of post-crisis reform. — Reuters TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY FO CU S 21 Uphill climb for S’pore drug makers Even with the aid of government grants, product development is a long and expensive process BY TRI N I T Y C H UA N euroscientist Dr Anil K Ratty was in his 30s and growing increasingly restless while writing research papers that did not seem to translate quickly into applications in reality. He would call what he did subsequently naïve, but he would not regret it — he returned to Singapore from the United States and started his own biotech firm to develop drugs for patients with mental illnesses. A lifetime in research and medicine had not, however, prepared him for the complicated web of the start-up world. Soon, he was frustrated that no one — from venture capitalists to private investors — appreciated the drug development business. Neither did they want to put money into it. “I started this company 16 years ago and the struggle [to secure funds] has been like that of a salmon swimming upstream trying to spawn,” he says. Ratty, 57, is founder of Cennerv Pharma, previously called Chakra Biotech. The company, whose name is derived from “central nervous system”, has four patented drug compounds and another in the process of securing a patent that can treat mental health conditions such as depression and dementia, with potentially less adverse side effects than currently available drugs, he says. His biotech firm never raised a single venture round, and is mostly funded by dedicated friends and family members, as well as the occasional high-net-worth individual. Still, a huge capital outlay is needed to proceed to later stages of clinical trials. Ratty estimates the biotech start-up would now need to raise up to US$50 million (RM204 million) to fund its next stage of drug development. Long way up Ratty’s 16-year journey shows the challenges awaiting biotech firms that want to raise funds for a mid-stage drug development process. “The biggest risk is not having enough funding to take it to the stage of getting a revenue opportunity,” he says. Typically, early-stage drug development works require a couple of million dollars in funding. Later-stage clinical trials can easily cost up to US$100 million, which could prove difficult to obtain from private investors — probably because few financial investors or institutions understand the drug makers’ business model. “This sector is not PE (price-to-earnings)driven unless you are at the commercialising stage already,” says Chow Kek-Tong, Cennerv’s chief financial officer and an independent director of Catalist-listed GS Holdings. “And no biotech company is a dividend play — [drug-making firms] take a much longer time than most conventional businesses to get revenue, [which makes it hard] for investors to value the company.” Carolyn Ng, investment director of Vertex Healthcare, a member of Temasek Holdings, notes, “Our local biotech VC (venture capital) scene has yet to reach the maturity and size of other established ecosystems, such as the San Francisco Bay Area or Boston in the US, where there are a much higher concentration of specialised and experienced life sciences funds.” The venture fund has biotech startups, mostly medical devices, in its portfolio. Ng says funding opportunities for biotech start-ups also depend on the area of focus. For instance, immune-oncology start-ups The biggest risk is not having enough funding to take it to the stage of getting a revenue opportunity, says Ratty (right), seen here with Entzeroth. Photo by Samuel Isaac Chua/The Edge Singapore have attracted a significant amount of venture investments in recent years. Although the local biotech sector is still nascent, Ng observes that the community of biotech investors in Singapore has certainly grown over the last few years. US-based Lightstone Ventures just closed a US$50 million round to fund Singapore-based life sciences technologies and companies. The fund was backed by the Singapore Economic Development Board and Temasek Holdings. The Singapore government has made substantial investments in the sector as well. From 2011 to 2015, it invested S$3.7 billion to enhance biomedical research and development (R&D) infrastructure, integrating multidisciplinary research as well as translating basic science into tangible outcomes. This year, it unveiled a S$19 billion (RM56.1 billion) five-year plan to support the country’s R&D initiatives, which include health and biomedical sciences. There are also public-private collaborations, such as Maccine and A*Star’s partnership, which aids drug-developing companies in their clinical trial process. Lengthy and costly process Even with the aid of government grants, developing drugs is a long and expensive process. It starts with a pre-clinical trial that lasts a few months and costs US$1.5 million on average. Then, the company proceeds to the Phase 1 trial, which takes between one and two years and costs at least US$2 million. Phase 2 costs US$10 million and takes roughly two years to complete. Phase 3 is likely to double the amount of time needed in Phase 2 and can cost up to US$100 million. Two Cennerv products are in Phase 2 and the rest at the pre-clinical stage. Ratty has managed to sustain the company through a mix of credit-card debt, running another start-up and seeking grants from the Malaysian government. He started information technology firm Cicada Cube, which develops search engines for enterprises, to support himself early on. Then, he and his team secured RM20 mil- lion from the Malaysian government to run a 15,000 sq ft lab in Penang, which provides research services for a fee. But the neuroscientist-turned-entrepreneur is aware that the company needs a sustainable business proposition to court investors. “The way to make it work for investors is there must be shorter-term [incoming] revenue and longer-term revenue opportunities,” he says. Cennerv plans to license its patented drugs after completing Phase 2 trials to bigger pharmaceutical companies, which have the resources and manpower to carry Phase 3 trials and bring the drugs to market. A licensing deal will bring in upfront revenue of between US$20 million and US$50 million. Cennerv will also have a cut of royalty, which forms its recurring income. Ratty estimates royalty to be between 8% and 15% of sales when the product hits the shelves. “The total deal size for mental illness drugs can go up to US$500 million,” he says. For instance, Merck paid Bionomics US$172 million for its pain treatment compound, and later covered Bionomics’ Alzheimer treatment candidate in a deal worth up to US$500 million. Making strategic deals On the surface, biotech ventures still pose considerable risk. If the drug trials fail, there will be no recurring royalty income, despite the high amount of capital invested. Ratty manages his risks by buying over drug compounds for cheap from other biotech firms that can no longer afford to finance their development. “We bought three assets from US-based companies for less than US$600,000,” he explains. “They spent US$55 million on one of the drugs, and we have to spend only US$10 million to redesign and complete Phase 2 and license it off for a bigger amount [of revenue].” He reckons the company can manage a compound annual growth rate of 40% in the next few years as two of its drugs complete Phase 2. “As a scientist, I would be stuck on one drug and take it until the end or die trying; [but if you want to see the venture through,] you need to be a commercial enterprise,” he says. Possibility of IPO Dr Michael Entzeroth, chief scientific officer of Cennerv, met Ratty on the building rooftop opposite the Fullerton Hotel by chance and joined the company in 2014. He is former deputy director of A*Star Experimental Therapeutics Centre and was with Boehringer Ingelheim in Germany. He explains that the five drug compounds under Cennerv are meant to treat depression, attention deficit hyperactivity disorder, autism, insomnia and dementia. “The current crop of drugs in the market are hampered by adverse effects associated with their therapeutic effects. From our data, we believe that, with our drugs, patients will have much less adverse side effects with better therapeutic outcomes,” Entzeroth says. For instance, the drug it is developing for insomnia does not cause drowsiness, based on the test data so far. A majority of drugs treating insomnia cause drowsiness. These drugs could also help those who do not respond to drugs. Ratty says, “We believe they will help at least 15% of patients [based on current data], including those who may have been treatment-resistant.” Ratty returned to Singapore in the 1990s with a conviction that he could develop drugs and make a success of a Singapore venture. “Investors in the US were interested in [Cennerv], but I asked myself, ‘Why should I go to the US, become big and then come back here?’” So, he stuck to his guns and stayed rooted in Singapore. Now, with two compounds ready for licensing in three years, the company is mulling an initial public offering. “We need the first few companies to make decent pots of money for investors here before this sector can take off,” he says. Currently, there is only one biotech firm listed on the Catalist, iX Biopharma, which makes pain-relief solutions. Its shares have fallen 34% since its debut last July and it has yet to be profitable. — The Edge Singapore 22 T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY live it! TUE WELLBEING . THE ARTS . WINE+DINE . STYLE+DESIGN . LEISURE SWEET DELIGHTS Don’t be afraid of the calories and indulge in some of these sinful offerings IF y now din Ku ph wil cui an of n ne suc che len BY HANNAH M ER ICAN D on’t miss out on this current dessert bar trend that has taken the Klang Valley by storm. From gelato to Korean desserts, here is our guide on some of the best dessert bars to satisfy your sweet tooth. BingSu Café 28 Jalan SS21/35 Damansara Utama, Petaling Jaya Noon to midnight (Monday to Sunday) Tel: (03) 7733 3086 Publika Solaris Dutamas, 1 Jalan Dutamas 1, Kuala Lumpur 12.30pm to 11.3pm (daily) www.facebook.com/madaboutcoco so coo var ove hig wit ser alm in fl 30 day to S Chocolate is the star at MAD About Coco and is a one-stop place for anyone who loves chocolate in all its forms. Indulge in the menu that offers chocolate on pancakes, crepes, cronuts, toast and waffles. One of the most popular items on the menu is the Coco chocolate moist cake that is served in a hollow chocolate ball with half-white chocolate and dark chocolate with tiramisu, and comes with hot chocolate sauce, which is used to deconstruct the outer surface of chocolate for an oozingly sinful dessert. ter ar Lou Ma be and bal as r as RM MAD About Coco offers chocolate on pancakes, crepes, cronuts, toast and waffles. Every Sundae Soft Gelato Bar by Cielo Diolci 9 Jalan SS21/37 Damansara Utama, Petaling Jaya Fans of Korean “bingsu” shaved ice desserts flock 1pm to 11pm (Monday, Wednesday to Thursday, Sunday) to this dessert café in droves. It uses top-notch 1pm to midnight (Friday to Saturday) ingredients ranging from Korean blueberries, Tel: (03) 7733 5683 cheesecake chunks, strawberries and passion fruit in its bingsu desserts. The menu also incorporates some local flavour into some dishes, including the durian mango bingsu. Aside from bingsu, the café offers waffles and toast served with ice cream and fruits. The café also features a range of ice cream and sorbets made from real fruits and nuts with flavours such as soursop, banana and cempedak. This premium Korean dessert café does not use any artificial flavouring or colours. Build your own gelato dessert at Every Sundae with a few simple steps. Customers have to choose a base — cone, orange crepe, giant choux, giant cookie, cup or Belgian waffle — together with a soft serve flavour and toppings that range from cookie crumbs, caramel popcorn, cotton candy to marshmallows. Finish your order by selecting a sauce, such as pandan kaya, butterscotch sesame, pandan kaya, Chantilly cream, chocolate fudge and passion fruit compote. Gelato from Every Sundae is made freshly every day and prices of a sundae range from RM14 to RM16. MAD About Coco Softsrve 31 Jalan SS21/1A Damansara Utama, Petaling Jaya Noon to 11pm (Monday to Sunday) www.facebook.com/softsrve With its minimalist Japanese-inspired decor, Softsrve’s “less is more” theme also reflects its menu. Its signature ice cream flavour is the cereal milk flavour inspired by the famous Momofuku Milk Bar in New York City. Aside from that, the café now also serves a range of flavours, including chocolate and fruit sorbets. With toppings such as popcorn, honeycomb, chocolate chips, truffles and egg waffles, any fan of soft serve ice cream will be delighted. BingSu. F S Every Sundae’s gelato dessert. din bu dra dat P A C Foo Foo Fine Desserts 64A Jalan Burhanuddin Helmi Taman Tun Dr Ismail, Kuala Lumpur 3pm to 11pm (Monday to Tuesday, Thursday to Friday) 2pm to 11pm (Saturday to Sunday) www.facebook.com/foofoodesserts Savour a collection of yummy sweet treats from pastry chef Foo, who trained at Le Cordon Bleu Sydney. Delectable delights include mango and lychee ice cream slice with fruit salsa, almond brioche with spicy chocolate gelato, masala-spiced red wine poached pear with rose petal ice cream and fruit pavlova. The majority of desserts in the café incorporate fruits, giving the dishes a particular zesty flavour, which is nicely juxtaposed with ice cream. The café also takes orders for eight-inch premium birthday cakes three days in advance. Foo Foo Fine Desserts. W Softsrve. T U E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY live it! 23 WELLBEING . THE ARTS . WINE+DINE . STYLE+DESIGN . LEISURE DINING BY P ETRINA F ER NANDEZ From the Turkish kitchen at Shangri-la Hotel Kuala Lumpur IF you are unable to schedule in a trip to Turkey right now, perhaps you could settle for a taste of it. Plan for dinner at the Lemon Garden Café at Shangri-la Hotel Kuala Lumpur where chefs from the Shangri-La Bosphorus, Istanbul, are taking over the evening buffet. Guest chefs Ibrahim Karakoç and Özge Ateşoğlu will prepare a virtual feast for the senses. Turkish cuisine famously caters to a wide range of palates and dietary preferences with a heady smorgasbord of nuanced, sweet and savoury dishes. Vegetarians need not worry about going hungry with starters such as pide, a fluffy flatbread filled with creamy feta cheese and spinach, and mains such as bulgur and lentil patties served with pomegranate molasses. Meat is something the Turkish do especially well so anticipate a spread of perfectly grilled and slowcooked expressions. Kebabs, such as the Adana variant with skewered hand-minced lamb cooked over charcoal and lightly dressed with spices, come highly recommended, as does the baked aubergine with lamb. Be sure to save room for signature desserts including the keskul, the traditional Ottoman almond pudding, and a variety of baklava wrapped in flaky pastry. The dinner buffet will run until May 30 and is priced at RM140 net per person from Sunday to Wednesday and RM188 net from Thursday to Saturday. Should you instead prefer to luxuriate in the Mediterranean flavours earlier in the day, consider making a reservation for afternoon tea at the hotel’s Lobby Lounge between 3pm and 6pm. From tomorrow until May 30, a host of Turkish sweets and savouries will be on the menu. Work your way through spinach and cheese pastries, stuffed grape leaves and bulgur balls filled with ground meat to sweet finishes such as revani (semolina cakes), baked rice puddings and a selection of Turkish delights. The tea is priced at RM90 net per set. Throughout this celebration of Turkish cuisine, diners stand a chance to win two Turkish Airlines business class return tickets to Istanbul in a lucky draw with a minimum spend of RM200. So make a date with a friend or significant other at the Shangri- IF you have weak and brittle hair, Sachajuan’s brand new Over Night Hair Repair will give your hair 24-hour care. A gel product based on purified water, it’s designed to build elasticity and strengthen hair as well as give it fabulous shine. It’s packed with the highest concentration of Ocean Silk technology among all Sachajuan’s products, and contains algae Rhodophycea and Chondrus Crispus which add moisture and shine from the inside. In addition, the algae also add naturally occurring trace elements and minerals into the hair shafts. The Sachajuan Overnight Hair Repair retails at RM279 for 100ml and can be purchased from KensApothecary Bangsar Village II, KensApothecary One Utama, Re:placement Salon Bangsar Baru, Dry Parlour Bangsar Village I and Esthethic Hairdressing Avenue K. For more information, visit www.sachajuan.com. Turkish desserts. Turkish Meze Platter. la Hotel KL during this period and you might find your experience a precursor to an unforgettable holiday. For reservations to both the Lemon Garden Café and the Lobby Lounge, call (03) 2074 3900 or email [email protected]. Visit www.shangri-la.com/kualalumpur/shangrila for more details. Personal ASSISTANT CO MPI L ED BY SU ANN QUAH WORK. LIFE. BALANCE PICK OF THE DAY WEI Li Cheah is a Bachelor of Music graduate from International College of Music, Kuala Lumpur majoring in Music Production and Technology. He then went on to earn his Master of Arts in Jazz Studies at the Leeds College of Music, United Kingdom majoring in the piano. He has performed in multiple corporate shows and jazz festivals including a stint with Lewis Pragasam’s Asiabeat. Apart from performing around town, he also lectures part time at UCSI as well as recording for acts like Too Phat, Melissa Indot and Diana Liu. Catch the Wei Li Cheah Trio at 9pm today at No Black Tie, 17 Jalan Mesui, Off Jalan Nagasari, Kuala Lumpur. For inquiries or reservations, call (03) 2142 3737. IF you’re interested in making little things, have many friends and family who are going to have babies or for your grandchildren, these classes are perfect for you. They are also perfect for those who want to make baby accessories to sell. At sewing@hobbyncoffee, you can practise under teacher’s supervision until you are satisfied. Learn how to make baby bibs, burp cloth, booties and suspenders through classes priced from RM320 to RM400. Head over to Hobby n Coffee at 10.30am today to learn. All fabrics, elastics and threads are provided, as are drinks and snacks from the café. For more info, call (03) 7721 6602. Hobby n Coffee is located at 1st Floor, 12 Jalan Tun Mohd Fuad 2, Taman Tun Dr Ismail, Kuala Lumpur. ESCAPE the rush hour this evening by heading over to the Dewan Filharmonik Petronas to catch the Malaysian Philharmonic Orchestra performing Bartok’s Sonata for Solo Violin, and Tchaikovsky’s Piano Trio. Sit back and unwind with beautiful chamber music while the chaos of rush hour passes you by on the congested streets outside. This chamber concert starts at 6.30pm and all seats are priced at RM30. For tickets or more information, log onto www.mpo.com.my or call (03) 2331 7007. T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 24 F E AT U R E Bold young entrepreneurs Toy ‘arms race’ turning Lego violent — study BY N E IL S A N D S Redeeming their dream and business opportunities through target marketing BY B RI A N KM WONG R ecently, I was invited to moderate an entrepreneurship session on Networking Day 4.0 co-organised by Putra Business School and Universiti Tenaga Nasional. Thinking of Master of Business Administration students as my target audience, I decided to focus on “young” entrepreneurs to remain relevant. Most of us have an entrepreneurship dream, but commonly, it remains a dream. Why? It is simply because we humans are risk-averse by nature. While we often believe that entrepreneurship brings us wealth, we tend to neglect the hardship journey one would need to go through. This was my objective — getting the speakers to share their journey on how the whole entrepreneurship idea got started. For this occasion, I had invited three speakers from different backgrounds. Each had their own story to tell. Aw Tai Hau, a 26-year-old Kelantanese, who co-founded Pott Glasses was my first speaker. His company produces chic eyewear with a specific niche target market of Asian faces. The company’s business model is rather unique for a start-up in that corporate social responsibility (CSR) was planned within the business framework itself — CSR is not just a “nice to have” activity to have when profits are gained. The company’s “One for One” campaign (for every pair of glasses sold, they donate one to the underprivileged) reminds us as a corporate citizen to bring back the human element into our business. This young entrepreneur understood that the marketspace (From left) Brian, Wong, Amir and Aw at the entrepreneurship session on Networking Day 4.0. Brian had invited the three speakers from different backgrounds for the occasion. is consisted of not just the buyer and seller, but of society as a whole. Amir Hasan, my second speaker, co-founded AisKosong, a student discount mobile application. Targeting the university student market, the app provides access to student-specific deals and discounts, with a community that grows at about 15% on a weekly basis. The company is currently going through a rebranding exercise, with an intention to be the region’s first digital student portal that provides access to both physical and online student discounts. The bold move of this new start-up is in its business model of competing in the “soon to be saturated” mobile application market. My last speaker was not a business entrepreneur per se, but a writer who had decided at a young age to leave her lucrative-paying job at a Fortune 500 company. Alexandra Wong is a columnist at The Star and has just recently published her first book, entitled Made in Malaysia. Why is she relevant? Her risky decision on switching professions is similar, if not the same, to a new start-up entrepreneurial decision. Freelance writing is a form of business. Her writing philosophy sets her business model, and her writing style determines her target market. Eric Forbes, a senior editor of MPH Group Publishing, in his testimonial to Wong says: “Alexandra Wong is a writer with a refreshing perspective of the planet. As a writer, she is inspiring, with a hint of humour and charm. Her stories are very human — she writes from the heart and soul.” Bold marketing perhaps is best to describe this category of entrepreneurs. Regardless of their different backgrounds, I have observed five key similarities among them — in making a risky entrepreneurial decision at a young age: 1. They know themselves. 2. They are able to realise their passion into business ideas. 3. They are observant, able to identify business opportunities and match them with their business ideas. 4. They are bold in taking the first step to connect with the market (perhaps most people fail to progress further from here). 5. They create their own marketspace. 6. They are vigilant, persistent and passionate in the business they are building on. And above the ability in them to recognise their strengths and in addressing their weaknesses is simply being human. This ability to act on conscience and be guided by a higher purpose will shape these young entrepreneurs into who they will be. They will redeem their dream and business opportunities through target marketing. Dr Brian KM Wong (brian@putrabs. edu.my) is a marketing specialist at Putra Business School, formerly known as the Graduate School of Management, Universiti Putra Malaysia. He is also a change agent, specialising in marketing, strategy and management. 4.98 128.98 LEGO products are becoming increasingly violent as toymakers engage in an “arms race” to retain children’s attention in the digital age, New Zealand researchers said yesterday. The University of Canterbury team said child’s play is becoming more brutal, with a higher proportion of weapons appearing among Lego’s building blocks and war-like scenarios featuring in its themed kit sets. “The Lego company’s products are not as innocent as they used to be,” lead researcher Christoph Bartneck said. “The violence in Lego products seems to have gone beyond just enriching gameplay.” In a study published by online journal PLOS ONE, the researchers concluded that Lego “showed significant exponential increases of violence over time”. While Denmark-based Lego has been making plastic building blocks since 1949, the study found that its first weapons were issued in 1978, when a castle kit had swords, axes and lances. An analysis found that weapons had steadily become more commonplace and are now included in 30% of Lego kits. Bartneck said the percentage is probably higher as the data included only small, single-brick weapons, not items such as the bestselling Star Wars’ Death Star, which in itself is a giant planet-destroying ray blaster. In addition, the research examined Lego catalogues from 1973 to 2015, and found that scenarios depicted in the company’s kits had become more violent. “Around 40% of all pages contain some type of violence — scenarios involving shooting and threatening behaviour have increased over the years,” it found. “The atmosphere of violent acts is predominantly perceived as exciting.” — AFP TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY Markets 2 5 BURSA MAL AYSIA MAIN MARKET Bursa Malaysia YEAR HIGH Sectorial Movement INDICES CLOSE +/- %CHG INDICES CLOSE +/- %CHG KLSE COMPOSITE 1,634.89 6.10 0.37 TECHNOLOGY KLSE INDUSTRIAL 3,073.26 4.89 0.16 FTSE BURSA 100 21.15 0.33 1.59 11,143.57 12,987.72 44.18 60.68 0.47 0.40 CONSUMER PRODUCT 585.22 0.10 0.02 FTSE BURSA MID 70 INDUSTRIAL PRODUCT 139.88 0.15 0.11 FTSE BURSA SMALL CAP 15,355.03 -24.65 -0.16 CONSTRUCTION 287.58 0.31 0.11 FTSE BURSA FLEDGLING 15,847.26 -12.88 -0.08 TRADE & SERVICES 221.49 0.65 0.29 FTSE BURSA EMAS 11,451.08 41.36 0.36 14,291.42 43.10 0.30 FTSE BUR M’SIA ACE 5,620.96 -67.23 -1.18 KLSE FINANCIAL KLSE PROPERTY 1,155.18 6.66 0.58 FTSE BUR EMAS SHARIAH 11,971.84 41.82 0.35 KLSE PLANTATION 7,518.73 56.08 0.75 FTSE BUR HIJRAH SHARIAH 13,367.65 36.84 0.28 486.34 Unch Unch 8,656.77 37.66 0.44 KLSE MINING FTSE/ASEAN 40 Bursa Malaysia Main Market YEAR HIGH YEAR LOW DAY HIGH CONSUMER PRODUCTS 0.850 0.550 0.795 4.334 3.400 4.090 13.420 5.327 13.420 0.480 0.220 0.250 6.320 4.052 5.850 2.240 1.150 1.200 5.299 2.977 4.290 64.156 40.235 50.760 0.085 0.040 0.045 1.086 0.560 0.600 1.870 0.880 1.660 0.660 0.427 0.535 0.400 0.230 0.375 13.400 10.731 13.200 1.310 0.720 1.250 2.925 2.260 2.310 1.970 0.454 1.350 3.290 1.670 2.650 0.085 0.035 0.035 2.417 1.336 2.040 1.369 1.010 1.320 0.175 0.065 0.095 0.075 0.040 0.045 0.980 0.785 0.920 56.120 40.020 — 0.165 0.065 0.110 0.265 0.105 0.125 0.280 0.165 0.225 0.460 0.190 0.290 2.620 1.693 2.100 0.325 0.225 0.230 0.940 0.640 — 24.270 16.547 23.800 0.940 0.475 0.820 1.353 0.990 0.990 1.220 0.360 0.990 0.966 0.553 0.785 1.640 0.720 1.000 2.760 2.070 — 1.200 0.930 — 0.175 0.040 — 15.180 11.735 14.920 8.290 4.141 8.200 1.196 0.860 0.890 0.533 0.391 0.405 5.280 2.850 — 1.416 0.878 1.350 0.540 0.340 0.530 2.919 1.816 1.990 1.420 0.623 0.975 1.170 0.450 0.650 3.160 2.270 2.420 3.965 1.824 3.150 0.245 0.025 0.105 0.935 0.560 0.760 2.540 1.742 2.100 1.200 0.920 — 0.115 0.035 — 8.100 5.160 5.740 9.700 2.950 9.010 0.405 0.130 0.345 0.405 0.215 0.300 2.917 2.010 2.690 0.900 0.700 0.765 2.343 1.422 1.570 4.585 2.087 4.490 0.135 0.020 — 1.471 1.141 1.350 1.090 0.810 — 1.319 1.080 1.170 5.226 4.507 5.020 0.140 0.025 — 1.650 1.100 1.360 75.569 68.397 75.540 2.800 2.186 2.750 0.200 0.080 0.105 0.370 0.220 0.290 1.079 0.614 0.950 0.605 0.460 0.580 2.518 1.841 2.300 7.659 6.368 6.910 2.490 1.214 2.380 30.200 19.941 29.320 0.768 0.587 — 0.370 0.200 — 0.885 0.275 — 1.180 0.725 0.840 0.229 0.123 0.185 0.580 0.402 0.505 2.071 1.391 1.520 16.784 14.079 16.000 0.614 0.458 — 2.077 1.348 1.550 1.520 0.945 1.420 2.931 1.700 2.100 4.650 3.662 4.360 1.650 1.340 1.520 1.438 1.180 1.220 0.546 0.270 0.290 1.020 0.490 0.995 1.430 0.543 0.595 0.120 0.055 0.070 2.450 0.890 1.710 1.546 0.771 1.070 0.060 0.035 — 2.750 1.671 2.580 1.520 0.730 1.160 0.745 0.365 0.565 0.450 0.280 0.320 3.086 1.990 2.030 1.430 0.352 1.290 1.844 1.040 1.280 1.610 1.184 — 0.570 0.445 0.475 0.510 0.170 0.475 10.607 5.450 5.780 2.430 1.530 2.170 1.010 0.430 1.010 0.098 0.035 0.040 0.670 0.355 0.450 0.630 0.260 0.270 2.410 1.430 2.360 0.635 0.190 0.635 1.147 0.799 1.030 3.490 1.958 2.340 2.055 1.335 1.400 INDUSTRIAL PRODUCTS 1.370 0.883 1.370 0.165 0.095 0.110 0.640 0.470 0.495 0.450 0.260 — 1.050 0.810 0.810 2.454 1.850 2.000 * Volume Weighted Average Price DAY LOW 0.775 3.850 12.980 0.250 5.800 1.200 4.200 49.600 0.045 0.575 1.600 0.525 0.330 13.000 1.220 2.310 1.280 2.600 0.035 2.000 1.320 0.095 0.040 0.920 — 0.105 0.110 0.220 0.285 2.050 0.230 — 23.580 0.770 0.990 0.960 0.780 0.985 — — — 14.760 8.010 0.875 0.405 — 1.330 0.490 1.990 0.965 0.615 2.390 3.100 0.095 0.750 2.050 — — 5.580 9.000 0.310 0.290 2.600 0.755 1.500 4.450 — 1.310 — 1.130 5.020 — 1.360 75.000 2.750 0.100 0.285 0.940 0.575 2.300 6.880 2.330 29.000 — — — 0.785 0.180 0.505 1.460 15.640 — 1.510 1.410 2.050 4.330 1.500 1.220 0.285 0.980 0.585 0.065 1.700 1.050 — 2.550 1.160 0.560 0.320 2.010 1.220 1.250 — 0.475 0.465 5.490 2.170 0.950 0.040 0.425 0.265 2.320 0.610 0.965 2.310 1.360 1.320 0.105 0.495 — 0.810 2.000 CODE 7120 7090 2658 7051 6432 7722 7129 4162 7243 9288 7174 7154 7128 2836 7035 7148 9423 2828 5188 7205 7202 5214 7179 7119 3026 7198 7182 5091 9091 7149 7208 7094 3689 9776 2755 8605 9172 5102 5606 5606PA 5187 3255 3301 5160 7213 7141 5024 8478 5107 7152 8931 5247 7216 8303 6203 7062 0002 5172 7006 9385 7943 8079 7089 7126 7085 7087 5189 3662 7935 5886 5202 5150 3921 4707 7060 7139 7215 5066 7071 7107 4006 7052 3719 5022 9407 6068 5231 4081 5080 7088 4065 7190 8966 7134 7237 7084 9946 5252 5157 7180 7165 7165PA 7412 7246 8532 7103 7186 7082 7211 4405 7200 7252 9369 7230 7176 4588 7757 7203 5156 7121 5155 5584 7184 5159 7178 5131 0012 7086 7061 7131 7191 9148 COUNTER ACOSTEC AHEALTH AJI AMTEK APOLLO ASIABRN ASIAFLE BAT BIOOSMO BONIA CAB CAELY CAMRES CARLSBG CCK CCMDBIO CHEEWAH CIHLDG CNOUHUA COCOLND CSCENIC CSL DBE DEGEM DLADY DPS EKA EKOWOOD EMICO ENGKAH EURO EUROSP F&N FARMBES FCW FFHB FPI GCB GOLDIS GOLDIS-PA HBGLOB HEIM HLIND HOMERIZ HOVID HUATLAI HUPSENG HWATAI IQGROUP JAYCORP JERASIA KAREX KAWAN KFM KHEESAN KHIND KOTRA KSTAR LATITUD LAYHONG LCHEONG LEESK LIIHEN LONBISC LTKM MAGNI MAXWELL MFLOUR MILUX MINTYE MSM MSPORTS MWE NESTLE NHFATT NICE NIHSIN NTPM OCR OFI ORIENT PADINI PANAMY PAOS PARAGON PCCS PELIKAN PMCORP POHKONG POHUAT PPB PPG PRLEXUS PWF PWROOT QL REX SASBADI SAUDEE SERNKOU SGB SGB-PA SHH SIGN SINOTOP SPRITZER SWSCAP SYF TAFI TCHONG TEKSENG TEOSENG TGL TOMEI TPC UMW UPA WANGZNG XDL XIANLNG XINQUAN YEELEE YEN YOCB YSPSAH ZHULIAN 3A ABLEGRP ABRIC ACME ADVENTA ADVPKG CLOSING (RM) 0.785 3.880 13.380 0.250 5.850 1.200 4.290 50.000 0.045 0.580 1.620 0.535 0.365 13.000 1.220 2.310 1.300 2.650 0.035 2.040 1.320 0.095 0.045 0.920 56.000 0.110 0.120 0.220 0.285 2.080 0.230 0.790 23.600 0.795 0.990 0.990 0.785 1.000 2.750 1.110 0.065 14.760 8.040 0.880 0.405 4.000 1.340 0.530 1.990 0.975 0.650 2.410 3.140 0.105 0.760 2.100 1.020 0.045 5.680 9.000 0.310 0.290 2.670 0.755 1.570 4.450 0.020 1.330 0.920 1.160 5.020 0.035 1.360 75.520 2.750 0.105 0.285 0.940 0.575 2.300 6.900 2.330 29.000 0.715 0.255 0.570 0.805 0.180 0.505 1.500 15.800 0.510 1.540 1.420 2.060 4.360 1.520 1.220 0.290 0.980 0.590 0.070 1.710 1.060 0.040 2.580 1.160 0.565 0.320 2.020 1.240 1.270 1.350 0.475 0.465 5.650 2.170 0.970 0.040 0.450 0.270 2.330 0.635 1.010 2.310 1.400 1.360 0.105 0.495 0.260 0.810 2.000 +/– (RM) VOL (‘000) VWAP* (RM) PE# (X) DY (%) MKT CAP (MIL) -0.005 671 -0.170 27.5 0.440 74.9 UNCH 15 0.010 36.4 UNCH 100 0.090 13 0.400 274 UNCH 293.8 -0.015 529.3 0.020 305.3 0.005 42.1 0.005 33.9 -0.200 151.3 -0.020 52.2 -0.010 4 -0.050 74.2 UNCH 15.5 -0.005 10 UNCH 128.7 -0.010 22 UNCH 43 UNCH 447 0.040 1 — — UNCH 1636.1 -0.005 50049.1 -0.005 247 UNCH 1137.1 -0.020 0.7 0.005 359.5 — — UNCH 255.5 0.020 911.4 UNCH 1.4 -0.010 255.1 0.020 57.9 0.015 60.4 — — — — — — -0.160 7.9 -0.040 37.9 UNCH 171 UNCH 360.4 — — UNCH 222 0.055 880.4 0.110 1 0.015 104.1 -0.005 21.5 -0.010 755.9 0.010 672.5 UNCH 158 0.005 6 0.050 14.3 — — — — 0.120 161.6 -0.100 32 -0.040 1127.6 UNCH 706.4 0.160 4084.8 -0.010 39.3 0.060 5.1 -0.050 55.9 — — 0.020 449.3 — — -0.020 52.2 UNCH 355.6 — — UNCH 309 0.140 66.6 0.050 24.7 UNCH 1388.4 0.005 312.5 -0.010 766.4 -0.005 2503.4 0.070 0.1 0.020 46 -0.040 950.9 UNCH 49.7 — — — — — — 0.015 340.4 -0.005 342.5 -0.005 6 0.040 321.2 UNCH 381.6 — — -0.010 225.2 0.010 114 -0.020 1236.5 0.010 324.6 UNCH 14.3 -0.010 44 UNCH 188 -0.010 49 0.005 4067.7 UNCH 17053.2 UNCH 44.3 0.010 1623.8 — — 0.030 136.2 UNCH 5 -0.005 620 UNCH 3 -0.010 20.5 -0.040 2942.5 -0.010 81.2 — — UNCH 0.1 -0.015 613.5 -0.050 1142.3 UNCH 2 -0.010 700.1 UNCH 230 -0.020 3 0.005 307.2 -0.020 195.7 0.035 541.9 0.045 1336.2 0.020 69.1 -0.020 105 0.786 3.904 13.213 0.250 5.846 1.200 4.249 49.889 0.045 0.583 1.637 0.525 0.331 13.016 1.239 2.310 1.302 2.615 0.035 2.025 1.320 0.095 0.042 0.920 — 0.105 0.118 0.223 0.287 2.061 0.230 — 23.633 0.797 0.990 0.974 0.782 0.992 — — — 14.809 8.055 0.886 0.405 — 1.342 0.508 1.990 0.971 0.622 2.408 3.127 0.099 0.752 2.055 — — 5.675 9.001 0.327 0.292 2.658 0.757 1.501 4.483 — 1.334 — 1.146 5.020 — 1.360 75.513 2.750 0.104 0.285 0.942 0.579 2.300 6.900 2.345 29.005 — — — 0.809 0.180 0.505 1.499 15.789 — 1.533 1.419 2.065 4.349 1.506 1.220 0.285 0.989 0.590 0.070 1.709 1.057 — 2.564 1.160 0.565 0.320 2.019 1.241 1.262 — 0.475 0.467 5.659 2.170 0.982 0.040 0.442 0.269 2.342 0.626 1.000 2.321 1.396 14.46 13.27 20.40 — 13.54 — 11.29 16.95 — 13.43 15.34 5.94 9.71 17.16 14.02 13.49 7.17 16.76 — 14.26 13.85 2.09 — 10.67 22.70 — — — 4.07 44.16 26.74 141.07 22.63 — 34.02 13.16 12.13 20.92 15.32 — — 17.92 11.21 9.37 15.11 8.37 19.59 353.33 9.52 7.67 4.68 30.86 19.15 — 14.26 13.61 23.50 — 6.25 23.36 — 9.76 8.34 8.11 10.59 9.06 — 34.91 155.93 16.04 13.39 — 21.28 28.40 10.74 — 29.38 17.18 — 18.96 15.71 13.98 13.10 26.58 18.89 — — 15.52 35.82 7.09 17.81 18.41 8.56 16.01 10.83 27.17 22.55 22.55 — 28.00 — — 6.33 15.01 36.36 13.07 241.67 10.35 — 116.76 14.73 8.75 20.61 — 16.97 — 8.98 11.31 44.44 43.27 0.82 13.29 — 8.49 10.67 13.54 3.18 2.84 1.49 — 4.27 0.42 3.73 5.78 — 3.24 — 1.87 — 5.54 2.46 4.11 1.54 — — 3.62 7.58 — — 1.63 1.79 — — — — 3.13 — — 2.65 — 1.52 1.01 8.92 — 0.73 3.60 — 4.81 3.98 4.55 2.47 — 2.99 — 4.02 4.10 — 0.69 0.80 — — 3.33 — — 2.11 — — — 4.99 — 3.18 1.80 — 3.01 — 4.31 5.18 — 0.98 3.18 4.00 — 1.75 0.85 — 2.17 2.61 4.29 1.72 3.50 — — — — 1.98 2.67 1.58 2.45 1.54 4.23 3.88 0.97 — 1.64 — — — — 5.85 4.72 — 1.94 — — — 2.48 0.81 2.76 5.56 2.11 — 3.54 4.15 3.09 — — 6.78 1.50 — 3.96 2.81 4.29 139.6 454.5 813.5 12.5 468.0 94.9 820.8 14,276.5 22.4 467.6 278.2 42.8 71.8 4,005.0 192.4 644.4 54.7 429.3 23.4 466.8 159.1 118.1 37.9 123.3 3,584.0 64.7 37.4 37.0 27.3 147.2 55.9 35.1 8,656.0 48.6 247.5 83.7 194.2 480.2 1,679.3 505.5 30.4 4,459.0 2,636.3 264.0 329.3 346.6 1,072.0 39.7 175.2 133.8 53.3 2,415.7 745.6 7.2 76.0 84.1 135.1 12.0 552.1 545.2 20.5 48.7 480.6 140.8 204.3 724.2 8.0 731.8 50.1 70.5 3,529.0 21.2 314.9 17,709.4 206.7 31.8 67.9 1,055.8 121.9 552.0 4,280.7 1,532.9 1,761.6 86.4 17.9 34.2 445.4 139.2 207.2 340.2 18,730.9 51.0 276.6 110.4 626.5 5,441.4 93.7 340.9 34.8 117.6 71.7 34.8 85.5 254.4 79.0 400.3 169.2 345.8 25.6 1,357.4 398.7 381.0 55.0 65.8 108.7 6,600.9 172.7 155.2 107.8 32.7 131.0 436.6 79.4 161.6 311.0 644.0 1.355 0.105 0.495 — 0.810 2.000 23.01 — — 8.70 38.03 13.70 1.03 — — — — 6.00 535.3 27.7 72.9 56.8 123.8 41.0 0.050 -0.005 UNCH — -0.025 -0.090 4953.9 26.9 112 — 2.2 1 # PE is calculated based on latest 12 months reported Earnings Per Share YEAR LOW DAY HIGH DAY LOW 0.165 0.100 0.165 0.140 0.460 0.325 0.430 0.430 0.400 0.260 0.375 0.365 4.717 2.167 3.210 3.210 0.505 0.110 — — 0.940 0.610 0.865 0.855 0.475 0.335 — — 1.260 0.620 1.060 1.030 0.360 0.120 0.285 0.270 1.520 1.033 — — 4.862 3.680 3.720 3.680 0.835 0.382 0.835 0.810 0.804 0.543 0.655 0.630 0.745 0.500 0.520 0.520 1.660 0.510 1.010 0.765 2.480 1.500 — — 0.795 0.285 0.550 0.535 0.140 0.090 0.110 0.110 1.463 0.975 1.060 1.010 3.100 2.160 2.470 2.470 1.985 0.777 1.690 1.610 0.520 0.285 0.310 0.300 0.295 0.175 — — 0.455 0.150 0.235 0.205 5.170 2.000 3.900 3.810 0.286 0.045 0.055 0.050 2.350 1.576 2.190 2.150 1.071 0.823 0.900 0.895 1.690 1.150 1.540 1.520 2.560 1.380 — — 1.500 1.150 — — 2.284 1.234 1.670 1.650 1.680 1.340 1.490 1.490 1.230 0.640 — — 0.090 0.040 0.050 0.050 5.932 3.170 3.450 3.290 0.510 0.130 — — 2.963 1.423 1.580 1.570 0.910 0.200 0.720 0.690 1.000 0.670 0.730 0.725 1.450 0.880 1.400 1.330 1.008 0.630 0.940 0.910 0.440 0.275 — — 2.374 1.605 2.100 2.050 0.475 0.230 0.380 0.370 0.308 0.170 0.255 0.245 0.635 0.250 0.350 0.345 0.510 0.331 — — 0.920 0.660 0.675 0.675 1.536 1.091 1.150 1.120 1.654 0.895 0.945 0.920 0.675 0.250 0.580 0.565 1.260 0.406 0.880 0.840 1.600 1.000 — — 0.480 0.190 0.465 0.380 0.793 0.591 — — 1.683 0.995 1.170 1.130 1.560 0.600 0.965 0.935 1.176 0.918 1.040 1.020 3.210 2.274 2.740 2.710 0.835 0.347 0.495 0.470 2.544 1.977 2.220 2.220 3.090 1.174 2.130 2.010 1.570 1.370 1.400 1.400 2.970 0.650 1.480 1.480 0.075 0.040 0.045 0.045 0.390 0.200 0.235 0.225 0.135 0.075 0.100 0.090 0.565 0.285 — — 0.312 0.173 0.265 0.255 0.135 0.070 0.100 0.090 1.080 0.805 0.850 0.830 0.750 0.320 0.485 0.480 6.124 3.810 4.360 4.180 3.500 2.780 2.860 2.780 1.790 1.110 1.230 1.210 0.985 0.706 0.865 0.860 0.525 0.200 0.415 0.380 0.905 0.130 0.185 0.180 1.768 0.918 — — 0.990 0.530 0.850 0.840 0.430 0.310 — — 0.095 0.025 0.030 0.025 3.991 2.852 3.140 3.100 0.130 0.055 0.060 0.060 0.960 0.760 — — 2.190 1.371 2.150 2.140 0.400 0.220 0.250 0.250 0.120 0.045 0.100 0.090 0.175 0.135 0.150 0.140 0.280 0.075 — — 1.320 0.920 — — 2.830 1.210 2.000 1.960 1.810 1.051 1.300 1.270 0.230 0.145 0.185 0.175 1.290 0.353 0.940 0.915 0.985 0.430 0.545 0.545 3.440 2.730 3.120 3.100 2.561 1.383 1.970 1.890 0.200 0.070 0.080 0.080 2.059 1.249 1.520 1.490 0.665 0.390 0.475 0.460 2.703 0.937 1.450 1.440 0.775 0.335 0.455 0.435 9.500 5.900 6.710 6.650 0.600 0.400 0.495 0.470 5.740 4.286 5.050 4.900 0.520 0.330 — — 0.600 0.390 — — 9.636 8.130 8.480 8.310 0.605 0.384 0.550 0.545 0.784 0.405 0.620 0.605 0.605 0.420 0.475 0.470 0.205 0.110 0.125 0.120 0.075 0.030 0.040 0.040 0.115 0.045 — — 0.475 0.220 0.375 0.335 0.360 0.110 0.315 0.285 0.105 0.060 0.065 0.060 4.250 3.180 3.820 3.820 0.740 0.330 0.595 0.570 0.808 0.502 — — 0.590 0.350 0.495 0.495 0.889 0.652 0.860 0.845 0.430 0.175 0.350 0.325 0.805 0.500 0.550 0.550 1.650 1.090 1.250 1.250 2.100 1.640 — — 1.340 0.605 0.840 0.830 0.110 0.060 0.095 0.090 1.894 0.779 1.400 1.400 0.665 0.325 0.650 0.640 2.930 2.090 2.700 2.690 2.600 1.040 1.930 1.860 1.170 0.810 0.860 0.840 0.600 0.210 0.485 0.450 0.200 0.070 — — 0.645 0.100 0.295 0.280 0.705 0.454 0.550 0.550 1.120 0.647 1.060 1.050 1.300 0.890 — — 0.090 0.050 0.085 0.085 7.511 5.096 6.450 6.400 1.740 1.580 1.610 1.580 0.735 0.381 0.620 0.620 6.180 3.923 6.000 5.950 0.330 0.090 0.105 0.105 23.160 19.769 21.440 21.100 7.310 2.590 5.310 5.260 14.100 5.460 13.340 13.240 1.350 0.766 — — 3.169 1.362 3.070 3.000 0.650 0.430 — — 0.480 0.340 — — 1.170 0.650 0.840 0.840 0.380 0.300 0.315 0.315 0.625 0.400 0.565 0.555 1.180 0.450 1.140 1.120 0.190 0.105 0.110 0.105 1.700 1.360 — — 0.950 0.690 — — 6.330 5.480 5.970 5.960 0.505 0.224 0.490 0.450 0.960 0.633 0.780 0.770 CODE 7146 5198 2682 7609 9954 2674 4758 6556 9342 5568 5015 7214 7162 7099 7181 8133 7005 7187 0168 6297 5100 9938 7221 7188 5105 5229 7076 2879 7171 8435 8044 5007 5797 8052 7018 2852 7986 5071 7195 2127 5094 7157 5082 8125 8176 7114 5835 5835PA 5265 7169 1619 7233 8907 9016 7217 7773 5101 7249 2984 7229 0149 3107 5197 3611 7197 5220 7192 7096 5649 0136 7077 3247 5151 5168 7105 5095 3298 5072 5199 7033 8443 5165 2739 5000 9601 9687 7222 7183 7223 8648 2747 7043 7167 4383 0054 7199 6211 3522 5371 5060 9466 7164 6971 7017 7153 7130 3476 5192 8362 3794 9326 5092 5232 8745 3581 2887 4235 9881 5068 9199 5098 7029 8095 5152 3778 5223 8192 6149 5001 7219 5576 7595 5916 3883 7004 5087 7002 5025 4944 7140 5065 7225 5183 5271 9997 5436 5146 6033 3042 7095 7172 8869 6637 8117 8273 9458 9873 7168 7123 7544 7498 7765 7232 7803 COUNTER AEM AFUJIYA AISB AJIYA AKNIGHT ALCOM ANCOM ANNJOO ANZO APB APM ARANK ASTINO ATTA ATURMJU BHIC BIG BKOON BOILERM BOXPAK BPPLAS BRIGHT BSLCORP BTM CANONE CAP CBIP CCM CENBOND CEPCO CFM CHINWEL CHOOBEE CICB CME CMSB CNASIA COASTAL COMCORP COMFORT CSCSTEL CYL CYMAO DAIBOCI DENKO DNONCE DOLMITE DOLMITE-PA DOLPHIN DOMINAN DRBHCOM DUFU EG EKSONS EMETALL EPMB EVERGRN EWEIN FACBIND FAVCO FIBON FIMACOR FLBHD GBH GESHEN GLOTEC GOODWAY GPA GPHAROS GREENYB GSB GUH HALEX HARTA HCK HEVEA HEXZA HIAPTEK HIBISCS HIGHTEC HIL HOKHENG HUAAN HUMEIND HWGB IDEALUBB IMASPRO IRETEX JADI JASKITA JAVA JMR JOHOTIN JTIASA KARYON KEINHIN KIALIM KIANJOO KIMHIN KINSTEL KKB KNM KOBAY KOMARK KOSSAN KPOWER KSENG KSSC KYM LAFMSIA LBALUM LCTH LEONFB LEWEKO LIONCOR LIONDIV LIONIND LSTEEL LUSTER LYSAGHT MASTEEL MASTER MAYPAK MBL MELEWAR MENTIGA MERCURY METROD MIECO MINETEC MINHO MLGLOBAL MSC MUDA MULTICO MYCRON NAKA NWP NYLEX OKA ORNA PA PCHEM PECCA PENSONI PERSTIM PERWAJA PETGAS PETRONM PIE PMBTECH PMETAL PNEPCB POLY PPHB PREMIER PRESTAR PRG PWORTH QUALITY RALCO RAPID RESINTC RUBEREX CLOSING (RM) 0.160 0.430 0.370 3.210 0.150 0.855 0.350 1.050 0.275 1.120 3.700 0.810 0.650 0.520 0.995 1.560 0.550 0.110 1.040 2.470 1.670 0.300 0.230 0.225 3.810 0.055 2.170 0.900 1.520 1.560 1.150 1.660 1.490 0.720 0.050 3.420 0.155 1.580 0.695 0.725 1.330 0.935 0.380 2.100 0.370 0.250 0.350 0.510 0.675 1.150 0.930 0.570 0.880 1.130 0.465 0.595 1.150 0.955 1.020 2.740 0.485 2.220 2.070 1.400 1.480 0.045 0.225 0.095 0.335 0.255 0.100 0.850 0.485 4.300 2.780 1.210 0.865 0.385 0.180 1.130 0.845 0.310 0.025 3.110 0.060 0.810 2.140 0.250 0.095 0.150 0.100 1.100 1.960 1.300 0.180 0.940 0.545 3.110 1.950 0.080 1.490 0.460 1.440 0.450 6.670 0.490 4.950 0.385 0.400 8.460 0.545 0.605 0.475 0.120 0.040 0.050 0.340 0.305 0.060 3.820 0.580 0.640 0.495 0.855 0.340 0.550 1.250 1.850 0.840 0.090 1.400 0.640 2.700 1.890 0.840 0.460 0.075 0.285 0.550 1.050 0.960 0.085 6.430 1.580 0.620 5.950 0.105 21.280 5.280 13.300 1.100 3.010 0.510 0.340 0.840 0.315 0.560 1.140 0.110 1.470 0.855 5.970 0.480 0.770 +/– (RM) VOL (‘000) VWAP* (RM) PE# (X) DY (%) 0.015 20607.8 -0.030 58 0.005 152.5 UNCH 4 — — -0.010 40 — — -0.020 252.9 -0.005 8774.2 — — -0.010 48.3 -0.015 747.8 0.010 139.1 -0.030 1.6 0.210 1739 — — 0.005 10.1 -0.005 6 0.040 733.8 UNCH 2.5 0.070 1211.2 -0.005 129.8 — — 0.015 2024.4 -0.120 231.8 0.005 809 -0.020 123.4 -0.020 16 -0.030 12 — — — — -0.010 116.7 -0.020 6 — — UNCH 900 0.130 3684.3 — — UNCH 76.7 -0.015 2678.6 -0.005 132.8 -0.060 1257.5 0.015 65.7 — — UNCH 18.2 -0.010 179.6 0.010 7834.2 -0.005 81 — — UNCH 30 0.010 30.9 0.005 904.6 0.015 6455.6 0.040 3186.9 — — 0.080 2325.3 — — -0.010 2905.7 UNCH 80.1 0.020 4 UNCH 147.7 -0.020 244.9 UNCH 5 -0.270 6529.7 -0.040 3 -0.010 48.5 UNCH 1700.7 -0.005 154.2 0.010 3254.7 — — -0.010 336.1 0.010 717 0.010 24.5 UNCH 88 0.030 1636 -0.070 50 -0.010 690.4 UNCH 30 -0.025 7353.6 -0.010 1287.5 — — -0.005 44.2 — — UNCH 2989.7 0.030 541 UNCH 95 — — 0.010 288 0.005 41.2 UNCH 1912.5 0.005 1363.2 — — — — 0.030 311.6 0.030 1459.7 -0.010 2258.1 0.030 73.4 0.005 30 -0.010 467.6 -0.050 50 UNCH 1873.4 -0.040 144.7 -0.005 21637.9 -0.010 11.8 -0.015 1298.4 0.020 1162.2 -0.005 13.5 -0.050 49.6 — — — — 0.160 138.4 -0.015 72 UNCH 1589.5 UNCH 306.4 UNCH 113.2 -0.005 194 — — -0.035 7771.3 0.020 181 -0.005 309 -0.030 1 -0.005 598.6 — — UNCH 10.1 UNCH 169.8 UNCH 2313.9 -0.010 4.9 -0.100 5 — — 0.005 197.4 -0.005 1758.4 0.010 23 -0.005 514.2 -0.010 45 -0.060 10.8 -0.005 20.1 -0.005 1384.8 — — -0.015 2181.4 UNCH 10 UNCH 75.9 — — UNCH 750 0.030 6435.3 -0.040 2685.6 -0.010 42.3 0.030 12.6 UNCH 165 -0.040 453.5 -0.020 179.6 UNCH 8.3 — — -0.050 353.7 — — — — -0.010 20 UNCH 1.5 -0.005 182 0.020 299 UNCH 625.5 — — — — UNCH 518.9 0.030 1432.7 -0.005 46.1 0.151 0.430 0.371 3.210 — 0.859 — 1.038 0.281 — 3.700 0.824 0.649 0.520 0.913 — 0.535 0.110 1.040 2.470 1.642 0.305 — 0.229 3.850 0.051 2.158 0.900 1.525 — — 1.663 1.490 — 0.050 3.383 — 1.577 0.705 0.728 1.365 0.916 — 2.082 0.375 0.252 0.349 — 0.675 1.134 0.931 0.571 0.867 — 0.435 — 1.151 0.942 1.030 2.727 0.487 2.220 2.075 1.400 1.480 0.045 0.230 0.096 — 0.257 0.094 0.847 0.484 4.292 2.814 1.214 0.862 0.399 0.181 — 0.848 — 0.029 3.110 0.060 — 2.145 0.250 0.095 0.148 — — 1.977 1.281 0.178 0.933 0.545 3.110 1.903 0.080 1.507 0.468 1.449 0.441 6.672 0.485 4.970 — — 8.430 0.545 0.612 0.472 0.120 0.040 — 0.349 0.297 0.065 3.820 0.582 — 0.495 0.852 0.340 0.550 1.250 — 0.832 0.091 1.400 0.641 2.691 1.891 0.844 0.469 — 0.286 0.550 1.058 — 0.085 6.427 1.594 0.620 5.979 0.105 21.292 5.283 13.317 — 3.015 — — 0.840 0.315 0.561 1.128 0.105 — — 5.966 0.475 0.773 — 26.71 — 10.13 — 24.57 129.63 — — 10.19 11.97 7.68 9.53 1.72 — — 10.93 — 17.87 16.01 14.18 — — — 8.52 1.39 11.81 13.80 12.27 4.67 — 8.13 27.39 — — 19.15 — 6.09 7.00 14.62 9.45 15.77 — 24.68 8.83 208.33 218.75 — 2.61 8.35 — 9.15 4.54 — 12.74 23.90 9.80 16.19 14.39 6.31 9.96 10.63 6.73 3.41 9.50 — — — — 13.42 — 22.61 — 27.35 13.13 6.89 10.61 — — 7.39 13.59 26.72 — 23.87 — — 17.15 — 12.67 29.41 — 59.78 10.57 19.67 15.13 9.28 12.59 10.52 7.90 — — 15.65 7.73 — 21.05 — 13.20 19.74 — 28.58 10.81 8.72 7.97 — — — — — — 9.74 — 11.87 — 11.65 141.67 17.30 8.92 8.30 9.46 — 9.22 5.64 11.75 21.98 — 5.15 — — 15.32 9.74 10.12 — 19.02 — 4.12 10.69 — 21.22 6.46 20.86 11.03 21.27 — 8.21 6.49 76.83 9.18 27.14 20.37 15.26 14.57 — 9.92 11.86 — — — 1.87 — 5.85 — 2.86 — 5.80 5.27 2.78 3.00 — — — — — 1.68 — 2.99 — — — 1.05 — 2.76 4.17 3.95 — — 4.72 4.03 2.43 — 1.32 — 2.53 — — 6.02 6.42 — 2.80 — — — — — 3.16 6.45 5.44 — — — 1.68 0.87 0.52 2.45 5.47 2.16 5.63 7.25 10.71 — — — — — 2.94 — 5.88 — 1.86 — 2.27 5.20 0.78 — 3.10 1.78 — — 0.96 — — 1.64 — — 2.00 — 2.73 2.04 0.77 2.22 1.06 — 0.64 3.08 — 2.68 — 2.08 — 1.80 — 2.02 2.08 — 3.66 3.67 6.61 3.16 — — — — — — 3.93 1.12 1.56 — 3.51 — 1.82 4.80 3.24 — — — — — 1.59 — — — — 3.64 2.86 2.60 — 2.80 — 5.65 6.39 — 2.82 3.79 0.90 3.64 2.49 — — — — 3.57 0.88 — — — — 5.21 3.90 MKT CAP (MIL) 38.8 77.4 48.8 244.4 8.7 114.9 76.6 548.8 81.5 126.4 745.9 97.2 178.2 36.8 60.8 387.6 26.5 30.4 536.6 148.3 313.4 49.3 22.5 28.2 732.1 74.9 1,168.0 411.9 182.4 69.8 47.2 497.2 163.8 33.0 22.1 3,674.4 7.0 839.9 97.3 405.1 505.4 93.5 28.5 573.8 38.7 45.1 94.1 6.3 149.9 189.8 1,797.9 100.0 186.2 185.6 79.6 98.7 973.4 211.9 86.9 602.6 47.5 544.5 213.6 261.2 118.4 242.2 24.9 93.1 45.1 85.1 52.8 236.2 51.4 7,056.4 154.1 550.7 173.3 276.6 208.6 45.9 235.5 24.8 28.1 1,490.0 54.4 89.5 171.2 33.3 89.5 67.4 17.3 139.5 182.9 1,265.8 85.6 93.1 33.8 1,381.4 303.5 83.9 384.1 991.8 98.0 56.1 4,265.3 27.6 1,789.3 37.0 60.0 7,188.4 135.4 217.8 147.3 38.6 52.6 69.6 244.1 39.0 103.9 158.8 141.8 35.0 20.8 78.7 77.1 38.5 50.2 222.0 176.4 59.9 153.8 57.4 270.0 576.5 37.3 130.4 4.2 91.2 106.9 166.3 72.2 80.5 51,440.0 297.0 80.4 590.9 58.8 42,107.4 1,425.6 1,021.6 88.0 3,911.7 67.1 54.4 92.3 106.2 102.0 168.8 72.0 85.2 35.9 522.1 65.9 176.5 T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 26 Markets T UE BURSA MAL AYSIA MAIN MARKET YEAR HIGH YEAR LOW DAY HIGH DAY LOW 4.200 3.154 3.860 3.800 8.280 3.537 6.500 6.340 1.243 0.777 1.000 0.990 1.870 1.130 1.440 1.420 3.248 1.644 2.990 2.950 1.030 0.700 0.700 0.700 13.600 6.526 12.960 12.700 0.795 0.280 0.310 0.305 0.380 0.230 0.230 0.230 1.350 0.526 0.900 0.875 0.370 0.225 0.230 0.230 0.770 0.290 — — 6.350 2.600 3.070 3.070 0.695 0.365 0.485 0.470 0.700 0.480 — — 1.556 0.935 1.310 1.300 2.388 0.998 2.300 2.300 0.850 0.610 0.740 0.740 1.170 0.690 0.985 0.950 0.430 0.200 0.360 0.360 2.240 1.500 — — 2.504 1.276 2.190 2.150 2.320 1.145 2.000 1.960 3.534 1.870 2.670 2.620 5.750 3.126 4.000 3.950 0.440 0.240 0.360 0.355 0.830 0.370 0.390 0.375 15.260 13.376 14.960 14.840 15.240 14.372 — — 0.190 0.080 0.150 0.145 0.455 0.215 0.420 0.400 2.210 0.700 — — 1.720 0.685 — — 0.495 0.220 0.350 0.335 3.530 1.650 3.110 3.050 3.260 1.562 2.380 2.340 0.800 0.630 0.630 0.630 2.929 1.496 2.610 2.530 2.300 1.660 2.060 2.030 7.030 4.870 5.280 5.120 0.745 0.520 — — 0.270 0.140 0.240 0.205 1.770 1.360 1.730 1.710 5.569 2.749 5.350 5.300 1.332 0.681 — — 1.450 0.610 1.450 1.340 1.633 1.130 1.250 1.220 1.408 0.715 0.730 0.725 0.400 0.275 — — 2.150 1.377 1.640 1.590 2.865 1.609 2.430 2.430 0.670 0.490 — — 0.580 0.405 0.490 0.445 2.407 2.054 — — 1.550 0.895 1.160 1.130 1.481 0.830 0.995 0.975 1.080 0.790 0.920 0.915 0.300 0.160 0.210 0.210 0.800 0.510 0.570 0.570 CONSTRUCTION 0.560 0.260 — — 0.185 0.100 0.125 0.120 0.775 0.505 0.740 0.730 0.894 0.511 0.660 0.630 0.775 0.485 0.510 0.485 0.539 0.330 0.385 0.370 1.044 0.847 0.890 0.885 1.158 0.840 0.950 0.935 1.859 1.540 — — 1.410 0.753 1.330 1.310 1.740 0.835 1.730 1.700 0.625 0.330 0.590 0.580 2.580 1.100 2.080 2.050 5.031 3.665 4.780 4.700 1.295 0.780 0.910 0.885 1.390 0.780 0.840 0.830 1.260 1.260 — — 1.340 1.290 — — 2.140 1.601 1.760 1.710 3.640 2.844 3.550 3.490 0.835 0.540 0.780 0.760 0.806 0.480 0.550 0.550 1.280 0.650 0.940 0.910 0.410 0.195 0.220 0.210 2.000 1.170 1.960 1.900 1.050 0.740 0.925 0.910 1.960 1.050 1.780 1.760 1.540 1.090 — — 1.287 0.663 0.825 0.790 0.450 0.320 0.325 0.320 1.390 1.020 1.360 1.340 0.370 0.190 — — 1.520 0.840 1.200 1.190 2.622 1.497 2.260 2.200 0.675 0.355 0.370 0.365 1.489 1.160 — — 1.908 1.366 1.700 1.680 0.200 0.110 0.120 0.120 3.997 2.905 3.500 3.500 1.050 0.660 — — 1.720 0.954 1.630 1.580 0.515 0.330 0.370 0.360 0.525 0.265 0.470 0.455 1.740 0.845 1.630 1.580 0.792 0.438 0.530 0.530 1.760 1.083 1.700 1.670 0.865 0.555 0.715 0.705 0.385 0.180 0.205 0.180 TRADING SERVICES 0.415 0.150 0.410 0.380 0.543 0.270 0.320 0.295 3.300 2.470 2.770 2.740 0.235 0.135 0.225 0.220 2.380 0.765 2.340 2.270 6.915 4.187 6.370 6.170 0.680 0.340 0.365 0.360 0.095 0.080 0.085 0.080 10.609 8.984 9.080 9.000 2.780 1.518 — — 0.345 0.045 0.055 0.050 1.308 0.700 0.720 0.705 0.170 0.105 0.130 0.125 3.046 2.385 2.770 2.690 5.300 4.160 5.250 5.200 0.770 0.285 0.765 0.735 6.757 5.260 5.440 5.320 0.350 0.203 0.290 0.270 1.060 0.670 0.680 0.670 0.599 0.335 0.445 0.435 0.450 0.195 0.250 0.245 7.128 6.292 — — 1.480 1.080 1.470 1.350 2.725 1.740 2.330 2.280 0.440 0.336 0.365 0.360 2.727 1.810 1.970 1.900 0.855 0.610 0.700 0.690 0.480 0.330 — — 3.427 2.823 3.030 2.990 0.215 0.119 0.145 0.140 1.170 0.555 0.985 0.970 3.980 3.000 3.090 3.060 1.020 0.445 0.450 0.450 2.140 0.990 1.760 1.740 3.872 2.168 3.320 3.260 1.079 0.705 0.815 0.800 0.508 0.332 0.470 0.460 0.600 0.400 — — 0.105 0.060 0.080 0.075 1.030 0.650 0.785 0.760 0.055 0.040 0.045 0.040 2.040 1.356 1.980 1.950 0.125 0.075 0.080 0.075 2.550 0.990 1.130 1.090 1.519 0.870 1.170 1.150 0.685 0.480 0.605 0.590 1.679 1.284 1.570 1.550 5.193 3.530 3.870 3.850 1.697 0.977 1.270 1.240 0.395 0.240 0.290 0.265 1.476 0.738 1.150 1.100 0.450 0.210 — — 0.320 0.195 0.225 0.220 3.980 2.718 3.980 3.630 0.366 0.178 0.295 0.285 * Volume Weighted Average Price CODE COUNTER CLOSING (RM) +/– (RM) VOL (‘000) VWAP* (RM) PE# (X) DY (%) MKT CAP (MIL) YEAR HIGH 1.097 1.567 1.450 1.380 0.802 0.640 1.519 0.340 0.370 2.794 1.800 4.640 9.900 1.880 0.503 2.690 0.070 0.410 7.930 1.412 3.458 0.015 0.580 6.790 0.882 1.540 0.335 1.980 0.455 0.450 1.971 0.384 1.905 4.379 1.499 0.650 0.325 0.420 0.350 0.735 1.940 2.666 1.833 0.175 7.034 1.119 3.410 1.540 0.750 0.950 2.306 1.380 9.171 2.646 0.540 0.125 0.210 0.371 2.380 0.945 0.120 0.973 0.840 1.706 0.145 2.750 0.496 0.715 1.960 1.410 0.125 1.381 1.570 0.505 0.240 7.047 26.089 0.250 6.998 0.265 0.415 4.904 3.259 3.310 1.150 0.200 0.450 0.873 0.917 0.660 0.160 2.450 0.250 0.420 1.310 1.404 1.747 8.808 0.900 2.767 1.530 2.470 3.202 0.215 2.658 0.440 1.662 2.191 14.496 1.850 0.505 0.285 7.337 0.815 1.500 0.550 2.858 1.244 2.989 2.060 1.430 0.700 2.600 0.815 3.000 0.545 4.541 1.438 0.080 3.236 0.920 1.710 FINANCE 14.260 2.771 4.631 13.100 12.680 6.176 1.970 4.148 8.950 5.810 0.500 1.313 13.760 10.100 15.800 2.640 0.937 0.930 0.195 2.690 0.749 15.804 1.280 3.080 8.886 1.884 4.180 1.950 1.455 19.380 0.960 5134 9822 7811 5170 7247 9237 4731 7239 7366 7073 5145 5163 4324 5181 7115 7155 7248 7132 5665 7143 6904 7207 7235 7106 5012 4022 5149 4448 4448P 5178 7097 7439 9741 6378 7034 7374 7854 7285 5010 7113 7173 4359 7100 7133 7227 4995 6963 5142 7226 7111 7231 7050 7025 5009 4243 7245 5048 7020 7014 SAB SAM SAPIND SCABLE SCGM SCIB SCIENTX SCNWOLF SCOMIEN SEACERA SEALINK SEB SHELL SIGGAS SKBSHUT SKPRES SLP SMISCOR SSTEEL STONE SUBUR SUCCESS SUPERLN SUPERMX TAANN TADMAX TAS TASEK TASEK-PA TATGIAP TAWIN TECGUAN TECNIC TEKALA TGUAN TIENWAH TIMWELL TOMYPAK TONGHER TOPGLOV TOYOINK TURIYA UCHITEC ULICORP UMSNGB VERSATL VS WASEONG WATTA WEIDA WELLCAL WONG WOODLAN WTHORSE WTK WZSATU YILAI YKGI YLI 3.830 6.410 1.000 1.430 2.990 0.700 12.820 0.310 0.230 0.890 0.230 0.315 3.070 0.470 0.660 1.310 2.300 0.740 0.950 0.360 1.570 2.190 2.000 2.660 3.970 0.355 0.385 14.840 15.240 0.150 0.400 1.270 1.350 0.340 3.070 2.380 0.630 2.580 2.060 5.280 0.610 0.220 1.710 5.350 1.130 1.410 1.250 0.725 0.290 1.590 2.430 0.500 0.480 2.200 1.150 0.975 0.920 0.210 0.570 -0.030 -0.030 UNCH -0.010 0.020 -0.005 0.080 0.005 -0.005 -0.005 0.005 — 0.010 -0.015 — 0.010 UNCH UNCH -0.040 -0.005 — 0.020 0.040 0.030 UNCH -0.015 -0.005 -0.020 — UNCH -0.040 — — 0.005 -0.010 0.040 UNCH UNCH 0.040 0.110 — 0.010 0.010 0.100 — 0.090 0.020 UNCH — -0.050 -0.060 — UNCH — UNCH -0.025 UNCH -0.010 -0.020 15.6 97.9 8.5 326.2 155.3 30 66 63 91.3 336.4 13 — 27.2 102 — 2961.3 42 0.1 25.5 40 — 1.5 32.5 2224 1677.5 468.1 158 4.6 — 488.6 187 — — 110 116.3 1136.9 7.5 367.2 17.8 2913.7 — 982.5 81.7 79.6 — 841.5 3527.8 170.9 — 26.2 1 — 30.3 — 450.6 146.6 70 300.9 20 3.844 19.46 6.385 8.95 0.999 9.41 1.438 11.58 2.971 16.84 0.700 212.12 12.814 13.33 0.310 — 0.230 15.54 0.883 58.17 0.230 — — — 3.070 2.51 0.477 13.74 — — 1.306 19.10 2.300 20.87 0.740 82.22 0.957 — 0.360 — — — 2.163 9.39 1.968 9.80 2.646 14.25 3.976 7.81 0.358 2.35 0.383 — 14.861 19.95 — — 0.149 — 0.409 56.34 — 6.62 — 0.58 0.341 — 3.079 8.45 2.348 6.76 0.630 51.22 2.558 12.20 2.038 — 5.206 16.11 — 138.64 0.221 28.95 1.721 13.14 5.331 26.28 — 9.36 1.397 — 1.235 20.16 0.726 59.43 — — 1.609 7.67 2.430 20.32 — — 0.453 33.57 — 14.75 1.146 9.22 0.985 13.39 0.917 15.46 0.210 — 0.570 — 1.31 1.86 6.00 4.20 3.68 — 1.72 — — 3.37 — 6.35 — 2.55 — 1.50 1.30 3.38 — — — 3.65 2.50 1.50 3.78 — — 7.41 7.22 — — — — — 2.93 7.56 — 4.07 4.85 1.89 1.64 — 6.43 2.24 2.65 — 4.72 4.14 — 1.89 3.79 — — 4.55 1.59 1.71 2.17 — — 524.5 553.3 72.8 453.4 394.7 51.5 2,954.7 27.1 78.7 168.7 115.0 25.2 921.0 88.1 26.4 1,481.5 568.9 33.2 398.4 32.4 328.1 262.8 160.0 1,809.2 1,471.8 158.1 69.3 1,834.5 5.1 23.3 25.7 50.9 54.5 52.0 323.2 229.7 56.1 282.4 262.5 6,624.7 65.3 50.3 679.1 776.8 90.4 165.4 1,461.0 561.8 24.5 212.0 805.9 45.8 19.2 528.0 553.5 325.5 147.2 73.2 57.8 7007 7070 7078 6173 5190 5932 8761 8591 7528 5253 8877 7047 9261 5398 5226 5169 5169PA 5169PB 6238 3336 5268 8834 4723 9083 7161 3565 5171 9628 5129 5006 9571 5924 5085 5703 8311 7055 5070 7145 9598 5205 5263 9717 5054 5622 5042 9679 7028 2283 ARK ASUPREM AZRB BDB BENALEC BPURI BREM CRESBLD DKLS ECONBHD EKOVEST FAJAR GADANG GAMUDA GBGAQRS HOHUP HOHUP-PA HOHUP-PB HSL IJM IKHMAS IREKA JAKS JETSON KERJAYA KEURO KIMLUN LEBTECH MELATI MERGE MITRA MTDACPI MUDAJYA MUHIBAH PESONA PLB PRTASCO PSIPTEK PTARAS SENDAI SUNCON SYCAL TRC TRIPLC TSRCAP WCT ZECON ZELAN 0.300 0.120 0.730 0.660 0.510 0.370 0.890 0.950 1.800 1.310 1.710 0.585 2.060 4.770 0.895 0.840 1.260 1.290 1.730 3.500 0.780 0.550 0.915 0.220 1.950 0.920 1.780 1.540 0.825 0.325 1.340 0.250 1.200 2.240 0.365 1.360 1.690 0.120 3.500 0.675 1.620 0.360 0.460 1.620 0.530 1.700 0.705 0.185 — -0.005 0.005 0.005 0.025 UNCH -0.005 UNCH — -0.020 UNCH -0.005 UNCH 0.010 0.015 UNCH — — -0.020 UNCH 0.010 -0.010 -0.020 UNCH 0.030 -0.005 0.010 — 0.020 -0.025 -0.010 — UNCH 0.040 UNCH — -0.010 UNCH UNCH — 0.030 -0.010 0.005 0.020 -0.005 UNCH -0.010 -0.025 — 305.5 5307.7 9 942 3166.5 64.7 78.6 — 338.1 868.9 266 276 2071.9 380.3 131.9 — — 983.4 2384.1 492.1 25 319.2 107.5 192.4 249.8 95.6 — 8 37.2 1700.1 — 176.5 410.3 236.2 — 817.8 79 2 — 1212.5 381.7 385.8 202.7 45 884.7 147.2 7758.8 — 17.34 0.122 — 0.733 15.40 0.635 7.68 0.503 340.00 0.374 20.67 0.890 17.21 0.941 14.62 — 6.70 1.321 11.87 1.713 63.57 0.585 30.79 2.061 5.06 4.763 17.99 0.895 — 0.833 4.12 — — — — 1.723 12.47 3.524 14.39 0.765 13.43 0.550 — 0.918 9.67 0.215 22.22 1.938 10.99 0.917 920.00 1.767 7.38 — — 0.816 7.89 0.323 7.59 1.341 10.15 — — 1.194 — 2.232 12.13 0.365 18.72 — 28.87 1.689 8.48 0.120 20.00 3.500 16.36 — 9.44 1.607 16.48 0.362 7.03 0.460 7.28 1.612 12.69 0.530 18.73 1.688 9.47 0.709 — 0.189 5.12 — — 2.74 6.06 0.59 5.41 3.37 4.21 1.67 1.91 1.17 2.14 2.43 2.52 — — 1.98 1.16 1.39 2.43 1.28 — — — 1.54 — 3.26 — 2.12 — 3.73 — — 2.23 2.74 3.68 5.33 — 5.43 0.74 2.47 — 1.41 — 1.68 1.76 — — 13.8 35.0 353.0 200.5 414.0 88.5 307.5 168.1 166.9 700.9 1,462.8 212.2 532.8 11,512.1 349.9 292.7 9.9 23.9 1,008.0 12,559.7 405.6 94.0 401.1 41.4 518.4 922.5 535.0 210.2 99.0 21.8 861.7 57.9 662.9 1,062.0 238.7 124.1 573.0 38.0 572.3 522.5 2,094.5 115.3 221.0 107.5 92.5 2,138.2 84.0 156.3 5238 5166 6599 7315 5099 5014 5115 0159 6351 7083 5194 5210 1481 6399 7048 7579 6888 5021 7251 7241 6998 5032 5275 5248 3395 5196 4219 6025 1562 7036 9474 2771 5257 5245 2925 7117 7209 7016 5104 5136 5037 5184 0091 5141 5132 7212 7277 5908 5216 2097 5259 5036 7471 1368 0064 AAX AEGB AEON AHB AIRASIA AIRPORT ALAM AMEDIA AMWAY ANALABS APFT ARMADA ASB ASTRO ATLAN AWC AXIATA AYS BARAKAH BHS BINTAI BIPORT BISON BJAUTO BJCORP BJFOOD BJLAND BJMEDIA BJTOTO BORNOIL BRAHIMS BSTEAD CARIMIN CARING CCB CENTURY CHEETAH CHUAN CNI COMPLET COMPUGT CYPARK DAYA DAYANG DELEUM DESTINI DIALOG DKSH DSONIC EASTLND EATECH EDARAN EDEN EDGENTA EFFICEN 0.390 0.315 2.760 0.225 2.310 6.310 0.360 0.085 9.000 2.150 0.050 0.715 0.130 2.690 5.250 0.760 5.370 0.270 0.675 0.440 0.245 7.000 1.450 2.300 0.365 1.960 0.700 0.405 2.990 0.145 0.985 3.080 0.450 1.760 3.320 0.815 0.460 0.430 0.080 0.760 0.045 1.980 0.080 1.100 1.150 0.605 1.560 3.850 1.240 0.290 1.130 0.275 0.220 3.700 0.295 -0.015 0.030 -0.020 UNCH -0.020 0.110 -0.010 0.005 -0.080 — UNCH UNCH 0.005 -0.050 UNCH 0.025 -0.040 0.005 -0.005 -0.005 UNCH — 0.070 0.010 UNCH 0.060 UNCH — UNCH UNCH 0.005 -0.010 UNCH UNCH 0.020 0.015 UNCH — UNCH UNCH UNCH 0.010 UNCH -0.020 -0.010 0.015 UNCH -0.010 -0.030 0.010 0.060 — -0.005 -0.020 UNCH 83192.7 4687.3 1878.4 860.7 18587.9 372.1 1165.3 312 36 — 731 12384.2 4130.3 1445.2 2 11537.1 5109.2 2.5 811.5 470.9 63 — 1408.4 4081.8 5124.5 136.7 10 — 581 2960.6 91 43.7 15 8 3.1 454.2 171.9 — 3 37.7 3723 358.2 376 966.5 48 396.5 4901.3 12.3 717.5 61.6 191.8 — 395.7 14 1062.2 0.394 — 0.310 — 2.757 34.37 0.223 24.19 2.306 11.92 6.300 — 0.362 6.67 0.085 — 9.016 32.77 — 10.21 0.050 — 0.712 — 0.130 — 2.721 22.89 5.225 30.92 0.750 22.42 5.365 18.19 0.271 7.12 0.677 28.13 0.437 — 0.245 — — 25.24 1.434 — 2.305 13.20 0.363 — 1.947 38.66 0.697 — — — 3.001 14.42 0.144 19.08 0.980 — 3.082 258.82 0.450 — 1.750 53.33 3.300 6.08 0.806 9.43 0.461 31.72 — — 0.078 — 0.764 24.52 0.045 75.00 1.966 9.44 0.077 — 1.102 5.60 1.153 10.67 0.597 23.27 1.559 28.47 3.862 16.48 1.249 32.80 0.289 7.92 1.115 14.52 — — 0.221 — 3.720 15.75 0.290 4.21 — 31.75 1.45 — 1.73 1.35 — — 3.89 1.40 — 1.15 1.92 4.46 5.24 — 4.10 3.70 2.96 — — 3.14 — 4.20 2.74 1.66 — — 5.51 — — 6.06 — 1.14 1.51 4.91 1.63 1.33 3.75 3.95 — 2.53 — 6.36 4.78 — 1.41 2.47 1.61 — 1.99 — — 4.05 — 1,617.8 129.1 3,875.0 36.0 6,428.7 10,469.5 332.8 20.4 1,479.5 129.1 21.7 4,194.4 86.3 14,001.5 1,331.7 197.3 47,380.1 102.7 556.8 184.4 52.6 3,220.0 449.6 2,637.9 1,705.7 741.4 3,500.2 95.2 4,039.6 431.1 232.7 4,459.4 105.2 383.2 334.5 311.6 58.7 72.5 57.6 93.1 96.0 492.4 138.9 964.8 460.0 573.8 8,201.2 607.0 1,674.0 71.2 569.5 16.5 68.5 3,077.0 209.2 # PE is calculated based on latest 12 months reported Earnings Per Share YEAR LOW DAY HIGH DAY LOW 0.810 — — 1.047 1.320 1.310 0.710 1.340 1.330 0.970 1.160 1.150 0.481 0.605 0.600 0.425 0.460 0.435 1.160 1.160 1.160 0.145 0.160 0.155 0.110 — — 1.892 2.370 2.330 0.815 1.550 1.510 3.722 4.330 4.230 6.510 8.570 8.410 1.034 1.680 1.670 0.380 0.415 0.415 1.773 2.580 2.560 0.060 — — 0.265 0.280 0.280 4.337 7.900 7.790 1.100 1.120 1.110 2.800 3.100 3.080 0.005 0.010 0.005 0.250 0.375 0.370 5.320 6.620 6.490 0.683 — — 0.920 1.000 0.975 0.205 0.265 0.250 1.450 1.800 1.780 0.315 0.325 0.325 0.290 — — 1.638 1.840 1.820 0.230 — — 1.250 1.410 1.400 3.904 4.280 4.220 0.955 1.000 0.990 0.350 0.590 0.580 0.170 0.180 0.175 0.235 0.325 0.295 0.180 — — 0.500 — — 0.969 1.640 1.630 2.320 2.350 2.340 1.151 1.610 1.600 0.135 0.160 0.155 5.360 5.460 5.360 0.510 0.835 0.790 1.914 2.170 2.150 0.997 1.440 1.390 0.484 0.740 0.730 0.650 — — 1.654 1.720 1.710 0.875 1.180 1.160 6.880 7.550 7.360 1.490 2.160 2.100 0.330 0.380 0.375 0.060 0.065 0.065 0.155 0.185 0.170 0.236 0.260 0.255 1.241 2.030 1.990 0.560 — — 0.065 0.080 0.080 0.660 — — 0.583 0.825 0.805 1.207 1.410 1.380 0.085 0.100 0.100 1.646 2.200 2.180 0.378 0.465 0.440 0.445 0.565 0.560 0.865 0.900 0.890 0.896 1.120 1.120 0.055 0.075 0.065 0.816 1.280 1.270 1.400 — — 0.230 0.255 0.250 0.135 0.180 0.170 4.718 6.930 6.780 18.351 23.660 22.820 0.030 — — 5.176 5.700 5.570 0.155 0.170 0.170 0.205 0.275 0.255 2.040 2.810 2.770 1.559 2.300 2.180 2.410 2.570 2.570 1.000 1.050 1.020 0.100 0.160 0.155 0.340 0.430 0.360 0.545 0.640 0.635 0.591 0.750 0.750 0.420 0.455 0.455 0.090 0.125 0.120 1.543 2.350 2.230 0.135 0.185 0.180 0.195 0.220 0.215 0.968 — — 1.200 1.220 1.200 1.293 1.370 1.330 6.485 7.510 7.390 0.720 0.720 0.720 1.360 1.620 1.590 1.310 1.360 1.340 2.206 2.430 2.430 2.380 2.400 2.400 0.100 0.115 0.110 1.877 2.200 2.190 0.330 0.350 0.345 1.192 1.440 1.420 1.471 1.590 1.570 10.030 14.080 13.920 1.229 1.630 1.610 0.300 0.330 0.330 0.115 0.125 0.115 5.792 6.700 6.600 0.460 0.790 0.770 0.882 1.250 1.230 0.330 — — 2.720 — — 0.900 0.960 0.940 2.218 — — 0.860 0.915 0.905 1.130 1.230 1.180 0.500 — — 1.560 1.950 1.850 0.370 0.685 0.670 2.130 — — 0.410 0.410 0.410 3.566 4.320 4.210 0.744 1.000 0.995 0.025 0.035 0.035 2.310 2.750 2.670 0.435 0.920 0.880 1.349 1.610 1.590 10.780 2.028 3.070 9.770 9.650 4.126 1.370 3.170 7.329 3.841 0.310 1.192 11.509 7.327 12.153 1.778 0.572 0.851 0.105 1.750 0.460 13.847 0.624 2.650 7.901 1.180 2.820 1.290 1.209 16.745 0.727 13.600 2.200 4.000 10.000 — 4.390 1.660 3.960 8.550 4.400 0.370 1.250 13.280 — 15.140 — 0.675 0.910 0.130 2.690 — 15.400 1.160 — 8.500 1.210 — 1.430 — 19.300 0.760 13.400 2.200 3.910 10.000 — 4.340 1.660 3.890 8.490 4.330 0.365 1.240 13.160 — 14.840 — 0.660 0.900 0.125 2.690 — 15.360 1.150 — 8.410 1.180 — 1.410 — 19.040 0.750 CODE 5081 5208 7189 5056 6939 9318 7210 0128 9377 5209 0078 4715 3182 3204 7676 7668 7110 7253 3034 2062 5008 7013 5255 5225 5614 5673 8923 0058 8672 5079 6491 0151 5035 5878 5843 9121 4847 6874 7170 8486 5143 3859 5264 3514 6012 5077 5983 4502 5090 7234 3069 5186 3816 2194 0059 0043 3891 3905 0138 9806 4464 5533 0172 5201 3018 5260 8419 5125 5657 5041 6254 5133 7108 0047 7080 5219 5681 7027 7081 7201 7163 4634 5204 8346 5272 0037 8885 8567 5147 7185 9113 0099 7158 7045 7053 9792 5250 4197 9431 5218 5242 6084 9865 1201 6521 5173 8524 5140 5347 8702 7228 7206 4863 0101 8397 7218 5711 5167 7137 5243 7091 5754 7250 7240 5016 7692 5246 5267 7122 7293 7066 4677 5139 5185 2488 1163 1163PA 1015 5088 5258 1818 1023 2143 5228 5819 5274 1082 6688 3379 3379PA 3441 5096 6483 8621 1198 1058 1155 1171 6459 5237 6009 1295 9296 COUNTER CLOSING (RM) +/– (RM) VOL (‘000) EIG EITA EKIB ENGTEX FIAMMA FITTERS FREIGHT FRONTKN FSBM GASMSIA GDEX GENM GENTING GKENT GUNUNG HAIO HAISAN HANDAL HAPSENG HARBOUR HARISON HUBLINE ICON IHH ILB IPMUDA JIANKUN JOBST KAMDAR KBES KFIMA KGB KNUSFOR KPJ KPS KPSCB KTB KUB LFECORP LIONFIB LUXCHEM MAGNUM MALAKOF MARCO MAXIS MAYBULK MBMR MEDIA MEDIAC MESB MFCB MHB MISC MMCCORP MMODE MTRONIC MUIIND MULPHA MYEG NATWIDE NICORP OCB OCK OLDTOWN OLYMPIA OWG PANSAR PANTECH PARKSON PBA PDZ PENERGY PERDANA PERISAI PERMAJU PESTECH PETDAG PETONE PHARMA PICORP PJBUMI POS PRESBHD PRKCORP RANHILL RGB RPB SALCON SAMCHEM SAMUDRA SANBUMI SCICOM SCOMI SCOMIES SEEHUP SEG SEM SIME SJC SKPETRO SOLID STAR SUIWAH SUMATEC SURIA SYSCORP TALIWRK TASCO TENAGA TEXCHEM TGOFFS THHEAVY TM TMCLIFE TNLOGIS TOCEAN TSTORE TURBO UMS UMWOG UNIMECH UTUSAN UZMA VOIR WARISAN WIDETEC WPRTS XINHWA YFG YINSON YONGTAI YTL 0.880 1.310 1.330 1.160 0.605 0.450 1.160 0.155 0.220 2.360 1.540 4.330 8.570 1.670 0.415 2.580 0.065 0.280 7.800 1.120 3.080 0.010 0.375 6.620 0.810 1.000 0.255 1.800 0.325 0.330 1.830 0.260 1.410 4.280 0.990 0.585 0.175 0.325 0.305 0.670 1.640 2.350 1.610 0.155 5.440 0.795 2.150 1.420 0.740 0.720 1.720 1.180 7.500 2.100 0.375 0.065 0.175 0.255 2.030 0.750 0.080 0.835 0.815 1.400 0.100 2.200 0.445 0.565 0.900 1.120 0.075 1.270 1.540 0.250 0.170 6.830 23.640 0.055 5.640 0.170 0.260 2.810 2.180 2.570 1.030 0.160 0.405 0.635 0.750 0.455 0.120 2.350 0.180 0.220 1.020 1.220 1.370 7.510 0.720 1.620 1.340 2.430 2.400 0.110 2.200 0.345 1.440 1.570 14.020 1.630 0.330 0.125 6.680 0.770 1.230 0.540 2.720 0.960 2.640 0.905 1.220 0.520 1.950 0.685 2.430 0.410 4.250 1.000 0.035 2.700 0.915 1.600 — -0.010 -0.010 UNCH 0.005 0.015 -0.090 -0.005 — 0.010 UNCH 0.070 0.060 -0.020 -0.010 UNCH — UNCH -0.050 UNCH UNCH UNCH UNCH 0.130 — UNCH -0.010 -0.050 UNCH — -0.010 — 0.010 UNCH -0.010 -0.010 -0.005 0.030 — — UNCH UNCH UNCH -0.005 UNCH -0.030 -0.040 0.020 -0.005 — 0.010 UNCH 0.050 -0.050 -0.010 UNCH UNCH UNCH 0.040 — UNCH — -0.005 UNCH UNCH UNCH -0.005 -0.005 UNCH UNCH 0.005 -0.010 — UNCH -0.010 0.030 0.240 — 0.020 UNCH 0.005 0.030 -0.010 UNCH -0.030 0.005 0.020 -0.005 UNCH 0.025 UNCH 0.030 -0.005 UNCH — 0.010 0.020 0.060 -0.020 UNCH UNCH -0.010 -0.100 -0.005 UNCH -0.010 UNCH 0.020 0.040 0.040 -0.005 UNCH -0.020 -0.015 -0.010 — — -0.040 — -0.010 0.010 — -0.050 UNCH — -0.030 -0.030 UNCH UNCH 0.020 0.025 0.010 AEONCR AFFIN AFG ALLIANZ ALLIANZ-PA AMBANK APEX BIMB BURSA CIMB ECM ELKDESA HLBANK HLCAP HLFG HWANG INSAS INSAS-PA JOHAN KAF KENANGA LPI MAA MANULFE MAYBANK MBSB MNRB MPHBCAP P&O PBBANK RCECAP 13.600 2.200 3.970 10.000 9.900 4.350 1.660 3.890 8.550 4.380 0.365 1.240 13.200 10.100 15.080 2.210 0.665 0.910 0.125 2.690 0.510 15.380 1.150 2.780 8.470 1.200 3.020 1.410 1.310 19.280 0.760 0.120 UNCH 0.010 UNCH — -0.010 UNCH -0.030 -0.090 0.010 0.015 -0.010 -0.020 — 0.160 — -0.010 UNCH -0.005 UNCH — -0.100 -0.010 — 0.030 -0.010 — -0.010 — 0.120 0.010 VWAP* (RM) PE# (X) DY (%) MKT CAP (MIL) — 16 90 663.5 128 1563.8 0.1 3611.8 — 210.9 26.6 1945.7 2028.4 138.5 11 52.1 — 2 1577.6 13.4 6 565 1028.4 4978.3 — 49.6 677.4 8.6 5 — 116.8 — 20 1059.1 129.7 157.6 664.6 6204.4 — — 57.3 71.5 1966.9 684 2256.1 3565.7 10 716.9 834.7 — 120.1 365.7 1719.4 1244 317.8 240 5481.2 4849.4 2056.8 — 410 — 1578.5 115.8 21.5 201.2 300 89.1 627.2 39.7 1548.7 26.3 — 3505.1 112.2 52.7 466.8 — 592.3 350.4 527.9 65.7 184.5 0.4 833.3 343 1714.4 924.9 0.3 1 179.1 41.8 440.1 112.5 — 334.7 283.6 4669.3 10 9336.7 1 25.1 2.4 5239.2 9.1 60 694 50.6 6022.1 15.2 48 3372.4 2255 5.7 206.1 — — 55 — 670.9 162.4 — 2 7 — 5 2462.6 255.4 105.1 92.4 5979 4311.4 — 9.81 1.315 8.06 1.333 24.45 1.154 8.52 0.604 4.84 0.446 23.32 1.160 9.77 0.155 38.75 — — 2.354 27.83 1.528 62.10 4.302 19.50 8.508 22.95 1.676 10.00 0.415 — 2.568 14.69 — — 0.280 7.84 7.815 17.92 1.116 8.55 3.083 13.47 0.007 — 0.373 — 6.577 58.17 — — 0.988 41.32 0.253 — 1.792 9.85 0.325 — — — 1.832 11.10 — — 1.406 81.03 4.256 32.60 0.993 12.48 0.583 2.73 0.176 56.45 0.315 22.57 — 31.12 — — 1.638 9.57 2.347 14.70 1.608 3.29 0.155 8.29 5.404 22.09 0.813 — 2.160 10.00 1.415 11.50 0.740 11.00 — 146.94 1.712 5.88 1.171 — 7.505 13.12 2.142 26.18 0.375 6.54 0.065 10.83 0.177 — 0.257 3.21 2.006 48.22 — — 0.080 44.44 — 13.87 0.817 14.37 1.402 14.21 0.100 11.49 2.190 26.00 0.444 14.35 0.564 9.01 0.896 — 1.120 9.76 0.069 — 1.272 8.65 — — 0.251 — 0.173 — 6.869 16.79 23.523 29.23 — 0.48 5.611 20.68 0.170 — 0.261 — 2.794 21.99 2.213 61.24 2.570 3.21 1.028 24.58 0.158 9.58 0.398 — 0.636 19.24 0.750 25.25 0.455 8.85 0.120 — 2.306 20.96 0.182 6.67 0.215 10.33 — 4.45 1.205 32.71 1.343 30.04 7.464 23.59 0.720 21.56 1.605 — 1.350 28.76 2.430 13.51 2.400 18.03 0.112 10.09 2.195 4.93 0.347 93.24 1.431 19.05 1.574 11.33 13.998 16.12 1.615 20.12 0.330 — 0.120 — 6.674 35.68 0.780 75.49 1.239 6.55 — 90.00 — 18.27 0.954 12.37 — 6.36 0.909 — 1.221 15.19 — — 1.900 90.70 0.684 — — 138.07 0.410 19.25 4.246 26.07 1.000 11.05 0.035 — 2.701 12.75 0.907 115.82 1.599 18.14 3.98 3.05 — 0.65 4.13 1.33 4.31 — — 3.50 0.65 1.64 0.41 2.10 1.45 5.81 — — 3.21 2.23 4.87 — — 0.45 3.09 3.00 — 1.94 — — 4.64 1.92 1.42 1.65 4.04 — — 1.54 — — 3.96 6.81 4.35 4.52 3.68 1.26 3.26 7.04 5.69 — 4.44 — 4.00 1.81 1.60 — — — 0.59 — — 1.20 0.74 4.29 — — 5.06 3.72 — 3.35 — 1.57 1.30 — — 1.02 2.54 — 4.79 3.59 — 4.66 1.72 — — 3.13 — 3.15 4.67 — — 3.40 — — 4.41 10.66 1.68 3.33 1.39 1.25 1.94 7.41 2.50 — 3.18 — 5.56 2.87 2.07 9.20 — — 3.20 0.18 3.25 — 1.38 5.21 2.27 1.10 2.87 — 1.94 — 2.88 — 2.61 1.50 — 0.74 — 5.94 204.5 170.3 122.2 352.7 320.6 216.1 202.4 163.3 28.1 3,030.2 2,130.2 25,711.7 32,079.2 501.7 98.0 521.7 5.2 44.8 18,229.1 448.4 210.9 107.5 441.4 54,473.3 144.2 72.5 38.7 252.0 64.3 41.6 507.6 57.2 140.5 4,524.8 494.0 86.5 70.5 180.9 55.4 155.2 449.7 3,378.7 8,050.0 163.4 40,855.8 795.0 840.0 1,575.1 1,248.6 30.2 691.3 1,888.0 33,478.4 6,394.6 61.0 49.3 513.2 872.8 4,880.5 45.1 69.1 85.9 645.7 648.5 102.3 514.8 124.6 348.3 984.5 371.0 65.2 408.6 1,198.8 305.7 33.3 1,274.4 23,485.3 2.8 1,460.1 111.9 13.0 1,509.0 1,055.1 257.0 915.0 210.9 347.7 430.3 102.0 84.6 22.7 835.3 345.2 515.2 53.3 912.7 1,689.7 47,516.3 29.2 9,707.3 221.9 1,794.7 146.4 425.3 634.0 414.0 1,741.7 314.0 79,123.4 202.3 125.9 140.1 25,103.0 1,334.3 517.5 22.1 186.3 103.7 107.4 1,956.6 156.8 57.6 567.3 90.4 163.3 18.3 14,492.5 180.0 21.3 2,950.6 146.7 17,270.4 90.5 36.9 233.8 2.7 — 790.7 2 14.4 162.4 8669.6 160.2 32.9 255.8 — 158.3 — 172.2 33.2 855.6 90.7 — 57.2 225.9 — 7388.3 504.8 — 58.9 — 3182.8 121.6 13.462 2.200 3.961 10.000 — 4.361 1.660 3.903 8.509 4.373 0.369 1.243 13.209 — 14.958 — 0.663 0.906 0.130 2.690 — 15.380 1.153 — 8.443 1.193 — 1.419 — 19.241 0.751 4.37 3.63 3.63 0.65 0.79 4.67 3.01 3.14 4.04 3.20 — 5.53 3.04 0.84 2.49 4.52 1.50 4.40 — 3.72 1.96 4.55 5.22 3.24 6.38 2.50 — — 7.40 2.90 7.89 1,958.4 4,274.5 6,146.0 1,693.2 911.1 13,111.7 354.5 6,180.0 4,576.6 38,232.4 104.6 240.1 28,613.9 2,493.7 17,304.6 563.9 461.1 120.7 77.9 322.8 373.2 5,105.9 336.6 562.6 82,782.5 3,411.5 643.5 1,008.2 322.2 74,847.6 259.1 9.13 11.58 12.48 5.44 — 8.47 18.26 11.03 22.70 13.00 8.47 8.88 12.11 30.40 9.98 15.22 5.32 — — 72.70 32.69 15.51 13.87 15.82 11.76 18.96 9.23 15.61 13.10 14.55 5.55 7 0 4 1 PROP 0 1 0 0 0 0 0 1 2 2 2 1 1 0 1 1 2 1 0 0 0 0 1 0 1 0 1 2 2 0 1 0 0 1 1 0 1 1 0 1 1 0 2 1 0 0 0 2 0 0 1 1 0 2 2 1 2 0 1 2 0 1 1 1 0 3 0 1 5 3 1 3 0 0 8 0 1 0 0 0 1 1 1 2 1 1 2 0 MINI 1 PLAN 2 18 9 1 0 9 0 8 2 11 1 1 1 2 3 0 0 5 24 3 3 0 4 1 1 0 2 4 0 1 0 4 3 0 5 2 0 1 1 2 6 27 HOTE 0 1 0 6 TECH 0 0 0 0 0 0 0 1 1 2 1 0 0 6 0 3 0 0 5 0 10 * Volu T U E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY Markets 2 7 BURSA MAL AYSIA MAIN MARKET . ACE MARKET AP IL) 4.5 0.3 2.2 2.7 0.6 6.1 2.4 3.3 8.1 0.2 0.2 1.7 9.2 1.7 8.0 1.7 5.2 4.8 9.1 8.4 0.9 7.5 1.4 3.3 4.2 2.5 8.7 2.0 4.3 1.6 7.6 7.2 0.5 4.8 4.0 6.5 0.5 0.9 5.4 5.2 9.7 8.7 0.0 3.4 5.8 5.0 0.0 5.1 8.6 0.2 1.3 8.0 8.4 4.6 1.0 9.3 3.2 2.8 0.5 5.1 9.1 5.9 5.7 8.5 2.3 4.8 4.6 8.3 4.5 1.0 5.2 8.6 8.8 5.7 3.3 4.4 5.3 2.8 0.1 1.9 3.0 9.0 5.1 7.0 5.0 0.9 7.7 0.3 2.0 4.6 2.7 5.3 5.2 5.2 3.3 2.7 9.7 6.3 9.2 7.3 1.9 4.7 6.4 5.3 4.0 4.0 1.7 4.0 3.4 2.3 5.9 0.1 3.0 4.3 7.5 2.1 6.3 3.7 7.4 6.6 6.8 7.6 7.3 0.4 3.3 8.3 2.5 0.0 1.3 0.6 6.7 0.4 8.4 4.5 6.0 3.2 1.1 1.7 4.5 0.0 6.6 2.4 4.6 0.1 3.9 3.7 4.6 3.9 1.1 0.7 7.9 2.8 3.2 5.9 6.6 2.6 2.5 1.5 3.5 8.2 2.2 7.6 9.1 YEAR HIGH YEAR LOW DAY HIGH DAY LOW CODE 7.277 4.911 0.700 0.505 4.440 3.654 1.860 1.100 PROPERTIES 0.990 0.693 1.070 0.760 0.495 0.354 0.295 0.155 0.680 0.460 0.700 0.470 0.909 0.751 1.400 0.900 2.342 1.590 2.455 1.434 2.595 1.939 1.080 0.430 1.891 1.380 0.335 0.210 1.670 1.170 1.200 0.630 2.950 1.750 1.000 0.655 0.626 0.445 0.908 0.693 0.498 0.332 0.665 0.425 1.459 1.005 0.750 0.430 1.976 1.547 0.668 0.455 1.313 0.950 2.824 2.213 2.450 1.735 0.500 0.315 1.270 0.745 0.325 0.185 0.070 0.040 1.200 0.850 1.851 1.140 0.496 0.324 1.548 1.209 1.630 1.179 0.355 0.230 1.129 0.805 1.692 1.240 0.886 0.607 2.649 1.999 1.380 1.032 0.615 0.495 0.980 0.555 0.440 0.275 2.810 1.842 0.457 0.286 0.255 0.145 1.482 0.775 1.500 0.780 0.390 0.265 2.780 1.870 2.980 1.451 1.993 1.473 2.051 1.374 0.500 0.280 1.477 1.253 2.235 1.679 0.285 0.195 1.730 0.715 1.035 0.625 1.080 0.855 0.640 0.450 3.308 2.740 0.200 0.130 1.074 0.726 5.482 4.111 3.400 2.800 1.150 0.810 3.240 2.836 0.845 0.690 0.325 0.225 8.648 6.000 0.080 0.045 1.725 1.133 0.180 0.095 0.760 0.245 0.095 0.045 1.944 1.350 1.149 0.774 1.370 0.755 2.280 1.680 1.555 1.113 1.764 0.901 2.060 1.474 0.795 0.595 MINING 1.400 1.140 PLANTATIONS 2.020 1.000 18.360 16.560 9.500 7.612 1.568 1.053 0.813 0.671 9.141 7.500 0.575 0.380 8.194 6.910 2.027 1.166 11.560 8.494 1.780 1.202 1.450 0.934 1.030 0.790 2.508 1.881 3.800 2.990 0.735 0.593 0.785 0.545 5.040 3.622 24.780 19.357 3.569 2.891 3.600 2.146 0.645 0.345 4.040 2.410 1.850 1.410 1.860 1.500 0.979 0.787 2.850 1.930 4.965 3.900 0.350 0.200 1.220 0.800 0.675 0.465 4.080 3.442 3.300 2.653 0.825 0.450 5.030 3.610 2.189 1.654 0.810 0.510 1.610 1.090 1.730 1.150 2.350 1.730 6.312 5.280 27.900 23.977 HOTELS 0.753 0.497 1.360 0.840 0.345 0.205 6.966 5.270 TECHNOLOGY 0.900 0.620 0.395 0.195 0.200 0.100 0.430 0.240 0.255 0.130 0.235 0.150 0.290 0.180 1.780 1.160 1.960 0.517 2.056 1.149 1.250 0.710 0.305 0.185 0.319 0.240 6.795 3.040 0.743 0.550 3.924 2.181 0.200 0.100 0.872 0.555 5.950 3.382 0.250 0.060 10.480 5.449 5.960 0.550 3.950 1.550 5.880 0.540 3.800 1.470 1066 4898 6139 5230 0.885 1.030 0.435 0.180 0.475 0.470 — — 1.620 1.500 2.290 0.720 1.590 0.255 1.290 0.650 — 0.770 0.540 0.800 0.395 0.500 1.310 — 1.820 0.500 1.030 2.410 2.320 0.470 1.030 0.200 0.045 — 1.170 0.340 1.380 1.580 0.240 0.990 1.490 0.700 2.530 1.210 0.520 0.845 0.345 2.430 0.330 0.190 1.190 0.780 0.300 1.900 — 1.590 1.500 0.475 — 1.740 0.260 1.010 0.700 0.975 0.470 3.000 0.135 — 4.900 3.170 0.840 3.060 0.695 0.245 6.500 0.050 1.380 0.095 0.250 0.050 1.480 1.040 1.050 2.200 1.150 — 1.950 0.625 0.875 1.000 0.430 0.175 0.460 0.470 — — 1.600 1.480 2.260 0.710 1.570 0.245 1.270 0.630 — 0.750 0.520 0.800 0.395 0.495 1.260 — 1.810 0.490 0.995 2.400 2.230 0.450 1.000 0.195 0.045 — 1.140 0.335 1.340 1.560 0.235 0.970 1.480 0.680 2.470 1.200 0.520 0.780 0.340 2.350 0.330 0.190 1.170 0.780 0.280 1.870 — 1.560 1.490 0.430 — 1.710 0.250 1.010 0.690 0.965 0.460 2.970 0.135 — 4.900 3.140 0.825 3.000 0.690 0.240 6.500 0.045 1.370 0.095 0.245 0.045 1.450 1.010 1.040 2.190 1.150 — 1.860 0.620 1007 5959 1007PA 4057 6602 9814 3239 5738 6718 5049 5355 3484 3417 3557 8206 6076 8613 6815 6041 5020 9962 1147 1503 7010 5062 4251 5084 1597 5249 5175 1589 6769 3115 7323 5038 3174 8494 5789 3573 7617 8583 6181 5236 5182 5040 1694 8141 6114 8893 6548 1651 9539 3913 5073 5827 5053 1724 6912 1945 5075 2208 4596 5207 2224 4286 6017 4375 5213 1783 8664 3743 5211 1538 5158 2305 2259 5191 2429 7889 7079 5239 5401 5148 5200 2976 7003 3158 2577 COUNTER CLOSING (RM) +/– (RM) VOL (‘000) VWAP* (RM) PE# (X) DY (%) MKT CAP (MIL) RHBCAP TA TAKAFUL TUNEPRO 5.930 0.550 3.920 1.490 0.060 0.005 -0.010 -0.050 719.9 148 987.3 2058.5 5.922 0.546 3.916 1.495 10.21 — 20.44 16.25 2.02 1.00 3.66 3.36 18,232.8 941.6 3,215.1 1,120.1 AMPROP A&M AMPROP-PA ASIAPAC BCB BERTAM BJASSET CHHB CRESNDO CVIEW DAIMAN DBHD E&O ECOFIRS ECOWLD ENCORP ENRA EUPE FARLIM GLOMAC GMUTUAL GOB GUOCO HOOVER HUAYANG IBHD IBRACO IGB IOIPG IVORY IWCITY JKGLAND KBUNAI KEN KSL L&G LBICAP LBS LIENHOE MAGNA MAHSING MALTON MATRIX MCT MEDAINC MENANG MJPERAK MKH MKLAND MPCORP MRCB MUH MUIPROP NAIM OIB OSK PARAMON PASDEC PJDEV PLENITU PTGTIN SAPRES SBCCORP SDRED SEAL SHL SMI SNTORIA SPB SPSETIA SUNSURIA SUNWAY SYMLIFE TAGB TAHPS TALAMT TAMBUN TANCO THRIVEN TIGER TITIJYA TROP UEMS UOADEV WINGTM Y&G YNHPROP YTLLAND 0.880 1.010 0.430 0.180 0.470 0.470 0.780 1.040 1.620 1.480 2.260 0.710 1.590 0.255 1.290 0.650 2.120 0.770 0.520 0.800 0.395 0.495 1.300 0.480 1.810 0.500 0.995 2.400 2.300 0.460 1.000 0.200 0.045 1.000 1.170 0.335 1.350 1.570 0.235 0.990 1.490 0.700 2.470 1.200 0.520 0.845 0.340 2.410 0.330 0.190 1.190 0.780 0.300 1.870 2.600 1.580 1.500 0.465 1.400 1.740 0.250 1.010 0.700 0.970 0.470 2.980 0.135 0.780 4.900 3.160 0.840 3.060 0.690 0.245 6.500 0.050 1.380 0.095 0.250 0.050 1.450 1.030 1.050 2.200 1.150 1.000 1.950 0.625 -0.005 194.7 UNCH 579 -0.005 6.3 0.005 351 -0.010 22 UNCH 5 — — — — UNCH 10 -0.020 4.5 0.080 22.4 -0.015 27.9 UNCH 74.9 UNCH 356 0.020 348.3 UNCH 21.5 — — 0.020 7.1 -0.005 54.7 UNCH 13 UNCH 30 -0.005 270.8 -0.010 50.9 — — -0.010 139.9 UNCH 271 -0.025 11.3 0.010 77.2 0.050 771.3 -0.010 991.7 -0.030 2072.8 0.005 273 UNCH 678.4 — — UNCH 1232.5 UNCH 458.3 -0.010 2.2 UNCH 400 -0.005 285.7 -0.020 10.9 UNCH 226.6 -0.005 214.9 -0.030 94.1 -0.010 10.5 0.005 54 0.065 342.6 0.010 334.9 0.060 202.2 UNCH 251.8 -0.025 4 UNCH 377.3 UNCH 3 0.015 50 -0.030 165.5 — — 0.010 142.5 0.010 355 0.045 1318.1 — — -0.020 11.3 -0.010 633.8 UNCH 2.5 -0.005 55.9 -0.020 56.2 0.005 76.9 -0.020 31.4 UNCH 35 — — 0.020 0.9 UNCH 127.1 UNCH 59.4 0.070 217.8 UNCH 111.1 UNCH 364.4 0.300 0.1 0.005 1531.2 0.010 40.7 UNCH 19 UNCH 616.1 UNCH 10335.9 0.010 339.5 0.010 165.5 UNCH 561.4 UNCH 2009.7 -0.010 10 — — 0.050 2030.5 UNCH 27 0.879 6.21 1.014 16.40 0.435 — 0.177 0.46 0.462 5.58 0.470 7.64 — 22.48 — — 1.615 20.66 1.498 6.99 2.271 15.89 0.719 — 1.584 13.05 0.250 9.62 1.280 44.48 0.631 — — 28.38 0.750 12.90 0.526 5.75 0.800 6.54 0.395 9.27 0.497 4.11 1.281 4.38 — — 1.816 4.03 0.495 12.35 0.995 13.67 2.407 14.77 2.303 9.24 0.456 10.80 1.005 98.04 0.196 7.97 0.045 — — 7.69 1.150 4.20 0.337 7.65 1.359 6.31 1.567 11.10 0.236 — 0.988 1.58 1.483 9.34 0.686 9.43 2.492 9.53 1.210 20.87 0.520 — 0.817 6.86 0.340 6.98 2.399 8.54 0.330 9.82 0.190 — 1.183 6.43 0.780 4.93 0.292 — 1.886 12.91 — 12.01 1.573 3.33 1.500 11.69 0.460 — — 11.23 1.715 3.99 0.253 — 1.010 47.64 0.696 11.08 0.969 5.68 0.462 — 2.989 6.90 0.135 — — 12.46 4.900 3.24 3.160 10.38 0.829 14.95 3.040 7.33 0.691 20.97 0.245 28.16 6.500 20.62 0.046 125.00 1.378 5.77 0.095 — 0.248 86.21 0.050 — 1.458 6.58 1.026 7.90 1.044 18.52 2.200 7.82 1.150 11.13 — 6.89 1.885 45.45 0.622 17.96 3.41 1.49 4.65 1.67 — — 1.28 — 3.09 13.51 2.21 — 1.89 — — — — 1.95 3.85 5.31 5.06 — 1.54 — 7.18 3.02 3.52 4.17 2.61 — — 1.00 — 3.00 5.98 5.97 3.70 2.23 — 8.08 4.36 4.29 6.13 1.67 — — — 2.90 9.09 — 2.10 — — 1.87 2.88 3.16 5.50 — 5.36 2.59 — 2.48 2.29 3.09 — 8.39 — 2.56 2.45 3.07 — 3.59 7.25 1.35 4.92 — 7.03 — — — 3.10 6.80 1.52 5.91 2.61 8.75 — — 529.0 368.7 127.2 178.7 193.9 97.2 868.2 286.7 454.3 148.0 479.6 219.7 2,003.1 186.2 3,049.9 181.1 288.8 98.6 73.0 582.3 148.4 225.1 910.6 19.2 477.8 496.0 493.9 3,275.5 10,174.3 204.9 669.7 151.7 259.9 191.7 1,186.0 366.2 101.8 882.0 85.0 329.6 3,590.0 313.9 1,394.2 1,601.7 256.1 225.7 87.4 1,010.8 398.4 54.7 2,245.0 44.0 229.2 467.5 376.7 2,216.6 634.4 95.8 740.4 663.9 86.5 141.0 164.4 413.3 104.1 721.5 28.3 377.6 1,683.7 8,306.0 671.0 6,090.6 213.9 1,303.8 486.5 211.0 586.6 31.8 94.2 69.5 522.0 1,490.9 4,764.3 3,345.7 560.0 199.4 860.8 527.7 — — 2186 KUCHAI 1.200 — — — 0.71 148.5 1.840 17.760 — 1.500 0.710 — 0.450 7.960 1.400 10.640 1.430 1.370 0.930 2.370 3.430 0.700 — 4.240 23.080 3.230 — 0.555 4.020 — — — — — 0.295 1.000 0.530 3.820 — — 4.280 1.900 0.700 1.150 1.670 1.930 5.900 27.900 1.770 17.740 — 1.490 0.710 — 0.445 7.880 1.370 10.520 1.410 1.350 0.930 2.350 3.340 0.700 — 4.160 22.800 3.230 — 0.550 4.010 — — — — — 0.255 1.000 0.525 3.820 — — 4.110 1.880 0.695 1.150 1.660 1.910 5.900 27.000 7054 1899 5069 5254 8982 1929 3948 5029 5222 2291 7382 2135 7501 5138 2216 2607 6262 1961 2445 2453 5027 1996 2003 6572 4936 5026 5047 2038 1902 9695 5113 2542 2569 4316 5126 5135 2054 5112 5251 9059 2593 2089 AASIA BKAWAN BLDPLNT BPLANT CEPAT CHINTEK DUTALND FAREAST FGV GENP GLBHD GOPENG HARNLEN HSPLANT IJMPLNT INCKEN INNO IOICORP KLK KLUANG KMLOONG KRETAM KULIM KWANTAS MALPAC MHC NPC NSOP PINEPAC PLS RSAWIT RVIEW SBAGAN SHCHAN SOP SWKPLNT TDM THPLANT TMAKMUR TSH UMCCA UTDPLT 1.800 17.760 8.600 1.500 0.710 7.900 0.450 7.960 1.380 10.640 1.430 1.370 0.930 2.370 3.350 0.700 0.710 4.240 23.080 3.230 3.350 0.550 4.020 1.410 1.600 0.920 2.330 4.100 0.265 1.000 0.525 3.820 3.070 0.570 4.120 1.900 0.700 1.150 1.670 1.910 5.900 27.700 -0.030 -0.020 — 0.010 UNCH — UNCH 0.100 0.010 0.080 UNCH 0.040 UNCH 0.020 -0.050 UNCH — 0.060 0.140 -0.010 — UNCH 0.010 — — — — — 0.005 UNCH -0.005 0.020 — — 0.030 -0.010 0.005 UNCH UNCH UNCH UNCH 0.800 355 7 — 281 28 — 131 10 2307.8 771.8 21.4 15 15 9.1 4.1 36 — 8393.1 619 3 — 212 414.1 — — — — — 460 4.8 61 1 — — 50.6 15.3 164 4.5 277.7 26.4 6 4.1 1.806 — 17.746 9.90 — — 1.490 30.49 0.710 22.33 — 27.40 0.449 6.36 7.920 15.79 1.381 155.06 10.592 43.41 1.429 — 1.365 33.33 0.930 — 2.357 19.65 3.347 58.06 0.700 — — 14.34 4.218 29.18 23.009 17.59 3.230 — — 14.13 0.554 — 4.014 39.41 — — — — — 45.54 — — — 54.74 0.281 — 1.000 — 0.525 — 3.820 39.54 — — — — 4.122 16.80 1.899 24.93 0.698 14.61 1.150 16.41 1.667 — 1.913 — 5.900 24.97 27.665 18.92 1.11 2.82 0.23 9.33 2.11 2.03 — 3.14 2.90 0.52 0.70 2.19 8.60 3.38 1.79 1.67 — 1.89 1.95 0.31 3.88 — 2.36 — — 1.63 0.43 1.46 — — — 1.57 0.65 — 1.21 3.95 2.14 1.74 — 1.05 2.71 1.44 216.0 7,742.5 804.1 2,400.0 226.1 721.8 380.8 1,125.5 5,034.4 8,405.9 318.8 245.7 172.5 1,896.0 2,949.9 294.5 339.4 27,398.1 24,638.0 204.0 1,044.5 1,031.3 5,653.0 439.5 120.0 180.8 279.6 287.8 39.7 326.7 744.7 247.7 203.6 65.6 1,819.8 532.0 1,037.2 1,016.4 664.9 2,569.7 1,234.4 5,765.3 0.580 0.880 0.295 5.570 0.580 0.870 0.290 5.570 5592 1643 1287 5517 GCE LANDMRK PMHLDG SHANG 0.580 0.875 0.295 5.570 UNCH 0.005 UNCH 0.070 4 31.7 220 50 0.580 — 0.877 — 0.293 2950.00 5.570 18.91 3.45 — — 2.51 114.3 420.7 274.0 2,450.8 — 0.265 0.115 0.305 0.150 0.185 0.280 1.580 1.960 1.580 0.850 0.260 0.265 3.230 0.555 2.900 0.150 0.670 4.170 0.175 7.230 — 0.250 0.115 0.300 0.150 0.175 0.255 1.580 1.820 1.520 0.845 0.250 0.260 3.040 0.555 2.700 0.135 0.645 4.150 0.170 7.230 7031 5195 0051 7204 8338 0029 4456 5162 0065 0090 0021 0082 0056 7022 5028 0166 9393 5161 9334 0143 3867 AMTEL CENSOF CUSCAPI D&O DATAPRP DIGISTA DNEX ECS EFORCE ELSOFT GHLSYS GPACKET GRANFLO GTRONIC HTPADU INARI ITRONIC JCY KESM KEYASIC MPI 0.650 0.265 0.115 0.305 0.150 0.180 0.270 1.580 1.840 1.550 0.845 0.260 0.260 3.210 0.555 2.900 0.135 0.660 4.150 0.170 7.230 — — 0.010 4162.9 -0.005 431.7 UNCH 639.1 UNCH 127 UNCH 1625 0.020 22555.9 -0.010 1.5 -0.020 3149.8 -0.040 86.5 -0.010 76.7 0.005 3682.3 UNCH 38.6 0.100 2857.1 -0.020 1 0.170 3675.4 UNCH 15.2 -0.005 1710.9 -0.020 27.3 -0.005 630.6 0.010 1.3 — — — — — — 3.70 3.80 1.63 5.16 — — 1.92 3.43 3.60 2.44 — 10.23 0.72 — 3.18 32.0 133.0 50.1 301.2 63.2 91.6 209.3 284.4 380.5 280.8 550.5 179.5 125.6 904.8 56.2 2,773.6 13.9 1,370.2 178.5 141.8 1,517.5 * Volume Weighted Average Price # PE is calculated based on latest 12 months reported Earnings Per Share — — 0.259 0.115 0.301 0.150 0.180 0.269 1.580 1.908 1.541 0.848 0.258 0.262 3.134 0.555 2.808 0.139 0.656 4.165 0.172 7.230 39.16 11.18 — 29.33 — — 18.75 10.16 50.41 10.77 52.81 — 10.28 15.61 60.99 15.83 — 6.71 6.55 — 8.97 YEAR HIGH YEAR LOW DAY HIGH DAY LOW 1.400 0.890 — — 0.495 0.360 0.405 0.395 0.765 0.410 0.470 0.470 0.360 0.245 — — 0.915 0.560 0.690 0.680 0.475 0.235 0.380 0.380 0.105 0.035 0.040 0.040 2.520 1.498 2.290 2.230 3.840 2.684 3.640 3.560 0.932 0.621 0.655 0.650 INFRASTRUCTURE PROJECT COMPANIES 5.797 4.310 4.480 4.400 5.500 3.804 5.260 5.200 1.950 1.010 1.200 1.180 0.575 0.335 0.410 0.380 7.924 5.343 7.450 7.330 1.600 1.400 1.460 1.450 CLOSED-END FUNDS 2.380 2.100 2.300 2.290 EXCHANGE TRADED FUNDS 1.090 1.035 — — 1.805 1.550 1.675 1.675 1.540 1.015 — — 1.840 1.580 — — 1.010 0.900 — — 1.015 0.850 — — 1.175 0.990 — — 1.075 0.940 — — REITS 1.040 0.875 1.010 1.010 1.570 1.243 — — 1.112 0.881 0.975 0.975 0.853 0.672 0.730 0.725 0.910 0.746 0.910 0.900 1.089 0.956 — — 1.703 1.463 1.650 1.640 1.500 1.206 1.500 1.460 1.500 1.321 1.490 1.490 1.570 1.199 1.540 1.530 7.508 6.718 7.390 7.240 1.170 0.954 1.160 1.130 1.820 1.346 1.720 1.690 1.660 1.376 1.650 1.620 1.230 1.045 1.200 1.200 1.640 1.397 — — 1.080 0.946 1.080 1.070 SPAC 0.705 0.650 0.690 0.690 0.695 0.595 0.690 0.685 0.475 0.415 0.455 0.445 CODE COUNTER CLOSING (RM) +/– (RM) VOL (‘000) VWAP* (RM) PE# (X) DY (%) MKT CAP (MIL) 5011 0083 9008 0041 7160 9075 0118 5005 0097 0008 MSNIAGA NOTION OMESTI PANPAGE PENTA THETA TRIVE UNISEM VITROX WILLOW 1.000 0.400 0.470 0.280 0.685 0.380 0.040 2.290 3.640 0.655 — -0.005 UNCH — -0.005 -0.010 UNCH 0.010 0.080 0.005 — 628.3 2.9 — 369.3 37.9 5 700.7 13.3 33 — 0.398 0.470 — 0.685 0.380 0.040 2.280 3.614 0.654 — — — 15.56 7.65 16.89 — 9.93 19.15 8.82 — — — — — — — 4.37 0.55 3.05 60.4 108.2 183.1 67.6 100.4 40.8 48.3 1,680.5 851.4 162.4 6947 6645 6807 5078 5031 6742 DIGI LITRAK PUNCAK SILKHLD TIMECOM YTLPOWR 4.450 5.250 1.180 0.385 7.450 1.460 UNCH 0.050 -0.010 UNCH 0.100 UNCH 8438.8 400.1 355.9 1514.9 256.9 1103.1 4.462 5.236 1.186 0.399 7.388 1.459 21.07 17.89 — — 9.16 11.51 4.72 4.76 — — 0.90 6.85 34,598.8 2,744.6 530.2 270.1 4,288.2 11,828.3 5108 ICAP 2.300 0.010 39.1 2.300 14.40 — 322.0 0800EA 0822EA 0823EA 0820EA 0826EA 0825EA 0821EA 0824EA ABFMY1 CIMBA40 CIMBC50 FBMKLCI-EA METFAPA METFSID MYETFDJ MYETFID 1.085 1.675 1.090 1.710 0.914 0.858 1.045 0.992 — 0.020 — — — — — — — 20 — — — — — — — 1.675 — — — — — — — — — — — — — — 5.24 3.92 — 1.46 — 2.51 2.27 3.18 1,432.7 2.3 13.5 2.9 17.4 17.2 262.8 21.4 4952 5116 5269 5120 5127 5130 5106 5180 5121 5227 5235SS 5123 5212 5176 5111 5110 5109 AHP ALAQAR ALSREIT AMFIRST ARREIT ATRIUM AXREIT CMMT HEKTAR IGBREIT KLCC MQREIT PAVREIT SUNREIT TWRREIT UOAREIT YTLREIT 1.010 1.550 0.975 0.730 0.910 1.070 1.650 1.500 1.490 1.540 7.250 1.130 1.720 1.620 1.200 1.640 1.080 -0.010 — UNCH 0.005 0.010 — UNCH 0.020 UNCH 0.020 0.010 -0.020 UNCH -0.020 UNCH — 0.010 3 — 2.3 23 69 — 474 943.6 2 25.2 111.9 1138.8 852.3 262.4 72 — 11.2 1.010 8.21 — 16.13 0.975 38.24 0.727 7.33 0.904 8.74 — 8.71 1.644 18.46 1.490 12.55 1.490 136.70 1.530 20.78 7.298 11.52 1.142 10.54 1.693 18.32 1.632 8.50 1.200 11.99 — 6.29 1.076 85.04 6.93 4.97 1.23 6.99 6.89 7.34 5.09 5.73 7.05 5.24 4.82 3.68 4.78 5.62 5.78 6.72 7.08 101.0 1,128.8 565.5 501.1 521.6 130.3 1,814.7 3,042.5 596.9 5,364.3 13,088.7 747.4 5,194.1 4,769.1 336.6 693.5 1,430.3 CLIQ REACH SONA 0.690 0.690 0.450 -0.005 UNCH UNCH 115 2616.8 2712 0.690 0.690 0.450 — — — — — — 435.3 881.7 634.8 CLOSING (RM) +/– (RM) VOL (‘000) VWAP* (RM) PE# (X) DY (%) MKT CAP (MIL) 5234 5256 5241 Ace Market YEAR HIGH YEAR LOW DAY HIGH CONSUMER PRODUCTS 0.450 0.225 0.390 0.290 0.095 0.280 0.429 0.240 0.260 0.075 0.040 0.050 INDUSTRIAL PRODUCTS 0.345 0.175 0.260 0.115 0.050 0.050 0.610 0.390 0.410 0.273 0.094 0.115 0.605 0.260 0.550 0.060 0.040 0.045 0.880 0.355 0.425 0.125 0.070 0.090 0.300 0.110 0.195 0.150 0.085 0.095 0.200 0.120 0.145 0.150 0.065 0.075 0.500 0.293 0.430 0.195 0.105 0.180 0.205 0.160 0.195 0.155 0.085 0.135 0.210 0.120 0.165 0.395 0.115 0.125 0.270 0.165 0.205 TECHNOLOGY 0.250 0.100 0.205 0.615 0.270 0.285 0.260 0.100 0.145 1.600 0.255 0.300 0.015 0.005 — 1.310 0.805 0.830 0.095 0.005 — 0.085 0.045 0.055 0.115 0.050 0.055 0.150 0.060 0.100 0.385 0.190 0.285 0.095 0.045 0.055 3.150 1.160 1.300 0.060 0.035 0.045 0.150 0.080 0.090 0.155 0.060 — 1.854 0.460 0.590 0.150 0.035 0.060 0.300 0.150 0.160 0.854 0.523 — 0.675 0.225 0.645 0.650 0.180 0.220 0.080 0.040 0.060 0.370 0.100 0.215 0.275 0.105 0.270 0.100 0.050 0.065 0.970 0.460 0.580 1.950 0.800 1.320 0.588 0.281 0.545 0.110 0.060 0.110 0.075 0.055 0.060 0.835 0.451 0.500 0.295 0.175 0.220 0.360 0.180 0.210 0.195 0.075 0.145 1.058 0.599 0.800 0.070 0.025 0.040 0.130 0.050 0.060 0.215 0.085 0.105 0.951 0.536 0.735 0.333 0.270 0.315 0.730 0.165 0.440 0.110 0.030 0.095 0.375 0.150 0.190 0.150 0.060 0.065 0.728 0.313 0.550 0.125 0.010 0.020 0.644 0.307 0.385 0.160 0.065 0.075 0.460 0.170 0.205 0.170 0.065 0.080 0.450 0.276 0.445 0.180 0.080 0.110 0.364 0.150 0.160 0.160 0.100 0.115 0.295 0.140 0.200 0.370 0.075 0.325 0.185 0.065 0.090 0.385 0.025 — 0.290 0.110 0.135 0.560 0.451 0.540 TRADING SERVICES 0.300 0.150 — 0.170 0.095 0.100 0.090 0.035 0.045 0.316 0.196 0.275 0.295 0.180 0.260 0.600 0.350 0.440 0.760 0.300 0.660 0.475 0.260 0.320 0.250 0.155 0.190 0.240 0.140 0.190 0.245 0.120 0.190 0.400 0.280 — 0.303 0.168 0.250 0.020 0.005 0.010 0.290 0.130 0.260 0.800 0.500 0.500 0.970 0.480 — 2.670 1.700 2.100 0.278 0.195 0.210 0.480 0.325 — 0.055 0.030 0.040 1.490 0.450 1.190 0.225 0.100 0.140 0.705 0.110 0.170 FINANCE 0.570 0.390 0.430 DAY LOW CODE COUNTER 0.375 0.265 0.250 0.040 0179 0170 0148 0095 BIOHLDG KANGER SUNZEN XINGHE 0.385 0.265 0.250 0.045 -0.005 7140.1 -0.005 14923.5 -0.010 609 -0.005 6135 0.383 0.271 0.255 0.045 24.68 15.87 — 1.33 — — 1.84 2.22 192.5 200.7 119.8 105.7 0.255 0.050 0.400 0.110 0.545 0.040 0.410 0.080 0.175 0.090 0.145 0.075 0.410 0.170 0.180 0.135 0.160 0.120 0.200 0105 0072 0163 0102 0100 0109 0175 0160 0162 0024 0025 0070 0049 0038 0133 0001 0028 0055 0084 ASIAPLY AT CAREPLS CONNECT ESCERAM FLONIC HHGROUP HHHCORP IJACOBS JAG LNGRES MQTECH OCNCASH PTB SANICHI SCOMNET SCOPE SERSOL TECFAST 0.260 0.050 0.405 0.110 0.545 0.045 0.410 0.080 0.190 0.090 0.145 0.075 0.415 0.170 0.185 0.135 0.165 0.125 0.200 Unch -0.005 Unch -0.005 -0.005 0.005 -0.010 -0.005 0.010 Unch -0.005 Unch 0.005 -0.005 -0.005 0.005 Unch Unch -0.010 988 320 592.3 1228 462.1 560 1297.3 6629.6 1675 123 105.2 242 1412.3 707.5 2262.5 314.4 222 1085.2 128.5 0.259 0.050 0.406 0.110 0.549 0.044 0.416 0.083 0.186 0.090 0.145 0.075 0.419 0.175 0.186 0.135 0.162 0.123 0.203 10.88 — 24.40 8.80 16.37 — 14.39 — — — — — 10.38 16.50 16.82 11.07 — — 13.33 2.31 — 0.74 — — — 0.80 — — 5.56 — — 1.69 — — 2.96 — — 2.50 68.8 21.7 159.4 23.8 112.0 36.0 126.6 26.7 25.8 102.9 35.1 20.9 92.5 25.6 52.9 32.8 91.7 26.9 34.2 0.195 0.275 0.140 0.275 — 0.815 — 0.050 0.050 0.095 0.285 0.055 1.240 0.040 0.085 — 0.580 0.045 0.155 — 0.600 0.205 0.060 0.205 0.255 0.065 0.580 1.260 0.525 0.075 0.060 0.495 0.210 0.205 0.135 0.800 0.035 0.055 0.100 0.705 0.300 0.425 0.090 0.180 0.060 0.530 0.015 0.375 0.075 0.200 0.080 0.420 0.110 0.160 0.115 0.195 0.310 0.085 — 0.125 0.540 0018 0181 0119 0068 0039 0098 0022 0152 0131 0154 0107 0116 0104 0045 0074 0174 0023 0094 0010 0146 0127 0111 0036 0176 0017 0075 0155 0126 0112 0085 0034 0113 0103 0156 0092 0108 0020 0096 0026 0035 0040 0079 0005 0123 0007 0106 0135 0178 0060 0117 0169 0093 0129 0050 0132 0120 0069 0066 0141 0086 0009 ACCSOFT AEMULUS APPASIA ASDION ASIAEP BAHVEST CYBERT DGB DGSB EAH EDUSPEC FOCUS GENETEC GNB GOCEAN IDMENSN IFCAMSC INIX IRIS JFTECH JHM K1 KGROUP KRONO M3TECH MEXTER MGRC MICROLN MIKROMB MLAB MMAG MMSV MNC MPAY MTOUCHE N2N NETX NEXGRAM NOVAMSC OPCOM OPENSYS ORION PALETTE PRIVA PUC REXIT SCN SEDANIA SKH SMRT SMTRACK SOLUTN SRIDGE SYSTECH TDEX VIS VIVOCOM VSOLAR WINTONI YGL YTLE 0.200 0.280 0.140 0.280 0.010 0.815 0.005 0.050 0.050 0.095 0.285 0.055 1.240 0.045 0.090 0.070 0.580 0.055 0.160 0.645 0.615 0.215 0.060 0.205 0.260 0.065 0.580 1.280 0.525 0.075 0.060 0.500 0.220 0.210 0.135 0.800 0.040 0.060 0.100 0.705 0.300 0.430 0.095 0.180 0.065 0.530 0.015 0.375 0.075 0.200 0.080 0.435 0.110 0.160 0.115 0.200 0.310 0.085 0.025 0.135 0.540 Unch -0.005 -0.010 -0.005 — -0.015 — Unch Unch Unch Unch -0.005 -0.060 Unch Unch — -0.010 -0.005 0.005 — -0.005 -0.025 Unch Unch Unch Unch Unch -0.060 -0.005 0.005 Unch Unch 0.010 Unch -0.010 Unch Unch 0.005 -0.005 -0.010 -0.005 -0.010 Unch -0.010 Unch -0.030 -0.005 -0.005 Unch 0.005 Unch 0.015 Unch Unch Unch -0.005 -0.010 -0.005 — 0.010 Unch 3240 1263.6 414.7 168.7 — 101.3 — 4285 183.7 3635 220 2.4 337.1 169.9 133.4 — 2393.6 48527.4 3442.1 — 3342.5 10366.2 696 1818.7 6594.7 112.2 2.9 279.7 687.3 89.9 727 110 302.1 433 10426.1 82.4 13377.6 520 1220 409.8 2319 928.9 4793 703.9 2284 297.3 1164.5 881 2470.4 230 1686.4 5611.1 5 35 40 28 29504 427 — 225 64.9 0.200 — 0.279 10.94 0.142 — 0.283 — — — 0.819 226.39 — — 0.050 — 0.051 71.43 0.095 — 0.285 25.22 0.055 — 1.252 5.80 0.044 16.67 0.088 — — — 0.586 14.68 0.054 — 0.158 — — 29.59 0.629 11.71 0.211 8.43 0.060 — 0.208 15.89 0.260 — 0.065 — 0.580 17.21 1.279 18.18 0.534 16.51 0.076 — 0.060 — 0.496 10.08 0.214 — 0.209 — 0.142 — 0.800 37.74 0.040 — 0.060 3.90 0.101 142.86 0.715 12.94 0.305 11.49 0.432 — 0.095 12.84 0.184 33.96 0.065 30.95 0.538 13.52 0.015 — 0.380 30.49 0.075 — 0.201 — 0.080 — 0.432 15.82 0.110 — 0.160 39.02 0.115 — 0.198 — 0.317 21.38 0.088 — — — 0.129 — 0.540 20.93 — — — — — — — — — — — — — — — — 1.72 — — 1.55 — 2.33 — — — — — — 2.10 — — 4.00 — — — 2.50 — — — 2.84 2.93 — — 1.11 — 3.77 — — — — — 2.30 — 3.75 — — — — — — 7.41 128.1 122.9 39.4 32.6 8.1 354.5 0.5 24.5 67.8 141.6 241.3 39.6 43.6 13.0 23.7 34.6 352.8 22.9 357.2 81.3 75.6 101.6 44.3 48.6 51.3 12.8 54.6 194.8 160.6 14.0 57.2 81.5 20.8 149.2 31.3 381.1 50.0 113.0 59.6 113.7 89.4 52.0 30.4 100.5 70.4 100.3 3.0 75.0 41.6 57.1 25.6 87.0 13.3 50.8 43.2 22.1 802.0 25.8 12.8 26.1 729.0 — 0.095 0.040 0.260 0.240 0.430 0.660 0.305 0.170 0.175 0.185 — 0.245 0.010 0.235 0.500 — 2.100 0.205 — 0.035 1.140 0.140 0.155 0122 0048 0150 0011 0157 0081 0147 0180 0167 0153 0177 0006 0171 0110 0080 0032 0173 0158 0161 0137 0140 0089 0145 0165 AIM ANCOMLB ASIABIO BTECH FOCUSP IDEAL INNITY KTC MCLEAN OVERSEA PASUKGB PINEAPP PLABS RA RAYA REDTONE REV SCC SCH STEMLFE STERPRO TEXCYCL TFP XOX 0.205 0.095 0.045 0.275 0.260 0.435 0.660 0.310 0.170 0.185 0.190 0.300 0.250 0.010 0.260 0.500 0.550 2.100 0.205 0.480 0.040 1.150 0.140 0.165 — — -0.010 60 Unch 1585 0.005 49.3 0.010 17.8 Unch 79.1 -0.040 10 -0.010 1258.3 -0.005 412.2 -0.005 201.3 Unch 105.1 — — Unch 490 Unch 1130 0.025 1933.3 -0.010 1 — — -0.010 2 -0.005 90 — — Unch 700.1 0.020 186.3 Unch 30 0.015 77716.2 — 0.099 0.040 0.263 0.246 0.436 0.660 0.311 0.174 0.178 0.185 — 0.249 0.010 0.254 0.500 — 2.100 0.206 — 0.035 1.162 0.140 0.162 82.00 — — 14.78 32.50 17.61 31.13 18.79 12.14 — 73.08 — 13.44 — — — 33.74 14.08 26.28 — — 26.20 53.85 14.35 — — — 2.29 3.85 — — — — 1.62 — — 2.80 — — 0.40 — 2.38 7.32 6.25 — 0.65 — — 54.5 45.0 39.0 69.3 42.9 82.4 91.3 158.2 30.4 45.3 61.7 14.6 51.7 9.7 37.3 378.7 74.1 89.8 84.5 118.8 39.6 196.4 28.7 91.8 0.425 0053 OSKVI 0.430 -0.025 0.429 — 4.65 85.0 19.7 T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY 28 Markets TUE B U R S A M A L AY S I A E Q U I T Y D E R I VAT I V E S Bursa Malaysia Equity Derivatives Main Market & Ace Market Warrants YEAR HIGH YEAR LOW DAY HIGH DAY LOW 0.340 0.130 0.100 0.130 0.865 0.975 0.380 0.155 0.455 0.270 0.375 0.220 0.235 0.110 0.105 0.120 0.100 0.050 0.135 0.130 0.135 0.950 0.175 0.125 0.060 0.125 0.150 0.380 0.210 0.485 0.310 0.135 0.155 0.100 0.105 0.170 2.090 0.080 0.105 0.185 0.285 1.330 0.038 0.285 0.505 0.205 0.215 0.140 0.160 0.045 0.100 0.265 0.035 0.460 0.225 0.105 0.110 0.255 0.065 0.105 0.050 0.215 0.115 0.210 0.155 0.370 0.090 0.090 0.200 0.600 0.105 0.160 0.295 1.480 0.815 0.065 0.840 0.625 0.860 0.230 0.285 0.660 0.790 0.125 0.290 0.195 0.405 0.190 0.135 0.200 0.090 0.075 0.045 0.150 0.265 0.190 0.395 0.130 0.110 0.155 0.215 0.125 0.210 0.210 0.640 0.625 0.675 0.080 0.210 0.340 0.210 0.030 0.255 1.160 0.370 0.155 0.180 0.035 0.050 0.100 0.060 0.090 0.320 0.085 0.030 0.185 0.060 0.125 0.110 0.125 0.010 0.005 0.040 0.010 0.025 0.080 0.010 0.020 0.140 0.095 0.050 0.020 0.030 0.050 0.150 0.080 0.225 0.090 0.060 0.085 0.070 0.045 0.095 1.110 0.005 0.065 0.075 0.040 0.410 0.005 0.070 0.255 0.060 0.085 0.050 0.040 0.010 0.020 0.125 0.010 0.255 0.015 0.030 0.065 0.165 0.015 0.030 0.005 0.055 0.035 0.055 0.035 0.110 0.020 0.025 0.080 0.340 0.090 0.085 0.120 0.185 0.390 0.020 0.180 0.300 0.235 0.060 0.085 0.010 0.020 0.015 0.025 0.020 0.135 0.075 0.060 0.085 0.025 0.025 0.030 0.090 0.040 0.020 0.170 0.020 0.050 0.075 0.150 0.065 0.130 0.160 0.030 0.075 0.060 0.035 0.020 0.030 0.095 0.010 0.130 0.805 0.085 0.030 0.105 0.325 0.095 0.100 0.130 0.845 0.950 0.360 0.135 0.445 0.265 0.365 0.210 0.230 0.030 0.070 0.075 0.015 0.025 0.095 0.010 0.020 0.170 0.160 0.050 0.025 0.030 0.060 0.360 0.145 0.350 0.135 0.120 0.115 0.095 0.045 0.145 1.190 0.060 0.085 0.085 0.065 1.060 0.005 0.090 0.420 0.070 0.105 0.050 0.075 0.020 0.050 0.170 0.015 0.350 0.015 0.050 0.095 0.170 0.040 0.060 0.005 0.080 0.035 0.075 0.040 0.190 0.045 0.050 0.130 0.390 0.105 0.120 0.155 1.480 0.530 0.035 0.840 0.355 0.370 0.195 0.220 0.010 0.030 0.025 0.030 0.020 0.155 0.075 0.065 0.095 0.030 0.030 0.035 0.090 0.095 0.040 0.215 0.040 0.050 0.120 0.200 0.115 0.195 0.195 0.070 0.135 0.455 0.040 0.025 0.030 0.120 0.015 0.170 0.970 0.215 0.030 0.110 0.275 0.095 0.100 0.125 0.840 0.930 0.345 0.120 0.435 0.235 0.355 0.190 0.205 0.020 0.065 0.070 0.015 0.025 0.080 0.010 0.020 0.140 0.160 0.050 0.025 0.030 0.050 0.340 0.140 0.330 0.130 0.120 0.115 0.095 0.045 0.140 1.190 0.060 0.080 0.085 0.050 1.020 0.005 0.080 0.420 0.065 0.105 0.050 0.070 0.015 0.045 0.165 0.015 0.350 0.015 0.050 0.090 0.165 0.035 0.055 0.005 0.070 0.035 0.070 0.040 0.185 0.045 0.050 0.120 0.385 0.090 0.095 0.155 1.300 0.490 0.025 0.805 0.350 0.360 0.190 0.205 0.010 0.020 0.015 0.025 0.020 0.140 0.075 0.060 0.090 0.030 0.025 0.030 0.090 0.080 0.035 0.215 0.035 0.050 0.110 0.185 0.110 0.185 0.180 0.065 0.120 0.450 0.040 0.020 0.030 0.110 0.015 0.130 0.960 0.195 0.030 0.105 CODE 5238WA 0018WA 6599CG 7315WB 509924 509926 509927 509929 509930 509931 509932 509933 509934 5014CO 9342WA 9342WB 521011 521014 521015 5210C6 5210C9 0068WB 0105WA 6399CV 0072WA 6888C5 6888C8 7078WA 7241WA 5258WA 6998WA 5248CK 5248CL 5248CM 3395CZ 3395WB 5196WA 6025WA 7036WC 9938WB 7188WA 7174WA 5229WA 0163WA 7076WA 5195WA 5195WB 102310 0102WA 5214WA 0051WA 7212WA 0152WA 7277WA 6947C9 0029WA 7114WA 5265WA 7198WA 7198WB 161918 161919 161920 161921 5216CI 3417WB 0154WB 0154WC 3557WC 8206WA 1368CD 1368CE 0107WA 0065WA 8907WC 7182WA 8877WB 5056WA 7249WA 7047WB 9776WB 65026 65028 65034 65038 0650C4 65046 65048 65050 65054 65056 65058 65062 65033 65037 65043 65049 65053 65055 65059 65061 65063 65065 65067 0650HV 0650HW 8605WB 522210 5222C6 5222C8 9318WB 0109WB 539826 5398WE 5226WA 471512 471513 WARRANTS AAX-WA ACCSOFT-WA AEON-CG AHB-WB AIRASIAC24 AIRASIAC26 AIRASIAC27 AIRASIAC29 AIRASIAC30 AIRASIAC31 AIRASIAC32 AIRASIAC33 AIRASIAC34 AIRPORT-CO ANZO-WA ANZO-WB ARMADA-C11 ARMADA-C14 ARMADA-C15 ARMADA-C6 ARMADA-C9 ASDION-WB ASIAPLY-WA ASTRO-CV AT-WA AXIATA-C5 AXIATA-C8 AZRB-WA BHS-WA BIMB-WA BINTAI-WA BJAUTO-CK BJAUTO-CL BJAUTO-CM BJCORP-CZ BJCORP-WB BJFOOD-WA BJMEDIA-WA BORNOIL-WC BRIGHT-WB BTM-WA CAB-WA CAP-WA CAREPLS-WA CBIP-WA CENSOF-WA CENSOF-WB CIMB-C10 CONNECT-WA CSL-WA CUSCAPI-WA DESTINI-WA DGB-WA DIALOG-WA DIGI-C9 DIGISTA-WA DNONCE-WA DOLPHIN-WA DPS-WA DPS-WB DRBHCOMC18 DRBHCOMC19 DRBHCOMC20 DRBHCOMC21 DSONIC-CI E&O-WB EAH-WB EAH-WC ECOFIRS-WC ECOWLD-WA EDGENTA-CD EDGENTA-CE EDUSPEC-WA EFORCE-WA EG-WC EKA-WA EKOVEST-WB ENGTEX-WA EWEIN-WA FAJAR-WB FARMBES-WB FBMKLCI-C26 FBMKLCI-C28 FBMKLCI-C34 FBMKLCI-C38 FBMKLCI-C4 FBMKLCI-C46 FBMKLCI-C48 FBMKLCI-C50 FBMKLCI-C54 FBMKLCI-C56 FBMKLCI-C58 FBMKLCI-C62 FBMKLCI-H33 FBMKLCI-H37 FBMKLCI-H43 FBMKLCI-H49 FBMKLCI-H53 FBMKLCI-H55 FBMKLCI-H59 FBMKLCI-H61 FBMKLCI-H63 FBMKLCI-H65 FBMKLCI-H67 FBMKLCI-HV FBMKLCI-HW FFHB-WB FGV-C10 FGV-C6 FGV-C8 FITTERS-WB FLONIC-WB GAMUDA-C26 GAMUDA-WE GBGAQRS-WA GENM-C12 GENM-C13 CLOSE (RM) 0.295 0.095 0.100 0.125 0.840 0.930 0.345 0.130 0.435 0.255 0.365 0.200 0.215 0.025 0.070 0.075 0.015 0.025 0.090 0.010 0.020 0.170 0.160 0.050 0.025 0.030 0.050 0.355 0.145 0.330 0.135 0.120 0.115 0.095 0.045 0.145 1.190 0.060 0.080 0.085 0.050 1.020 0.005 0.085 0.420 0.065 0.105 0.050 0.075 0.015 0.050 0.165 0.015 0.350 0.015 0.050 0.095 0.165 0.040 0.055 0.005 0.075 0.035 0.070 0.040 0.190 0.045 0.050 0.130 0.385 0.100 0.115 0.155 1.300 0.530 0.030 0.825 0.350 0.360 0.195 0.210 0.010 0.030 0.025 0.030 0.020 0.155 0.075 0.065 0.095 0.030 0.030 0.030 0.090 0.080 0.040 0.215 0.035 0.050 0.110 0.185 0.110 0.185 0.180 0.065 0.125 0.450 0.040 0.025 0.030 0.115 0.015 0.130 0.970 0.210 0.030 0.110 +/(RM) VOL PARENT EXE (‘000) PRICE PRICE -0.030 102813.6 -0.015 22.6 -0.050 1 -0.005 250 -0.025 300 -0.045 119.3 -0.020 102 -0.010 1000 Unch 916 -0.005 3715.4 -0.005 575 -0.010 2841.1 -0.005 2280 -0.005 23.4 0.005 317.8 0.010 112 Unch 10 Unch 550 -0.005 150.4 -0.005 650 Unch 10 Unch 23.2 -0.005 1515.3 -0.035 45.3 -0.005 100 Unch 25 -0.010 155 0.020 1083.8 0.005 238.8 -0.010 221.4 0.005 453 Unch 20.8 Unch 20 0.005 100 -0.005 200 0.005 191 Unch 2.5 0.050 1 -0.005 1850.5 Unch 70 -0.010 260 -0.010 149.4 Unch 50 Unch 398.8 -0.040 10.3 -0.005 236.2 Unch 240.4 Unch 310 -0.005 300 Unch 207.1 Unch 413.5 -0.005 1259.9 0.005 100 -0.005 11.8 Unch 3.6 Unch 67 0.005 454 -0.010 697.5 Unch 376 -0.005 2711.8 Unch 200 Unch 1125.1 Unch 750 -0.010 2468 Unch 80 Unch 22.5 Unch 6.7 -0.005 50 Unch 29 -0.010 94 -0.050 200 -0.010 450.1 Unch 109.8 -0.100 3597.1 0.035 2053.9 Unch 12543.1 0.015 1600.8 -0.020 62 -0.015 125.5 -0.010 1341.7 0.010 1260.1 -0.070 1180 -0.015 350 0.005 243.1 -0.010 500 -0.005 150 -0.005 600.3 -0.005 280 Unch 3207 Unch 131.6 Unch 140 -0.005 1400 -0.005 693 Unch 1.5 Unch 2997.7 Unch 994.9 Unch 450 Unch 150 -0.010 200 Unch 677 Unch 202.8 Unch 130 -0.005 80.1 -0.005 420 Unch 238.9 0.005 4474.8 0.005 121 0.005 465 Unch 181 Unch 50 0.005 442.5 Unch 24.2 -0.040 20.6 0.005 1429.6 0.015 3329.8 Unch 10 -0.005 60 0.390 0.200 2.760 0.225 2.310 2.310 2.310 2.310 2.310 2.310 2.310 2.310 2.310 6.310 0.275 0.275 0.715 0.715 0.715 0.715 0.715 0.280 0.260 2.690 0.050 5.370 5.370 0.730 0.440 3.890 0.245 2.300 2.300 2.300 0.365 0.365 1.960 0.405 0.145 0.300 0.225 1.620 0.055 0.405 2.170 0.265 0.265 4.380 0.110 0.095 0.115 0.605 0.075 1.560 4.450 0.180 0.250 0.675 0.110 0.110 0.930 0.930 0.930 0.930 1.240 1.590 0.095 0.095 0.255 1.290 3.700 3.700 0.285 1.840 0.880 0.120 1.710 1.160 0.955 0.585 0.795 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 1,634 0.990 1.380 1.380 1.380 0.450 0.045 4.770 4.770 0.895 4.330 4.330 0.460 0.100 3.000 0.200 1.050 0.900 1.280 2.000 2.000 1.500 1.500 2.100 2.000 6.800 0.250 0.250 1.000 0.950 0.800 1.000 0.980 0.500 0.100 3.000 0.120 6.500 5.850 0.700 0.600 4.720 0.200 2.000 2.200 2.100 0.370 1.000 0.700 0.870 0.100 0.820 0.940 0.550 1.429 0.320 2.400 0.460 0.460 4.800 0.100 1.150 0.270 0.400 0.110 1.190 5.100 0.130 0.250 0.800 0.540 0.100 1.300 1.000 1.100 0.950 1.380 2.600 0.120 0.100 0.300 2.080 3.680 3.300 0.180 0.680 0.500 0.200 1.350 0.830 0.610 0.700 1.000 1,750 1,670 1,660 1,690 1,700 1,640 1,600 1,650 1,595 1,710 1,730 1,700 1,588 1,680 1,600 1,600 1,570 1,530 1,650 1,710 1,610 1,690 1,700 1,658 1,700 0.500 1.550 1.500 1.500 1.000 0.050 4.500 4.050 1.300 4.250 4.300 PR’M (%) 93.59 -2.50 19.57 44.44 0.00 -0.65 0.22 0.65 24.24 1.36 4.44 12.55 14.50 9.35 16.36 18.18 44.06 39.86 24.48 42.66 44.06 139.29 0.00 15.24 190.00 23.28 11.73 44.52 69.32 29.82 36.73 0.00 10.65 7.83 13.70 213.70 -3.57 129.63 24.14 201.67 340.00 -3.09 2,507 0.00 29.95 98.11 113.21 15.30 59.09 1,127 178.26 -6.61 66.67 -1.28 15.45 0.00 38.00 42.96 427.27 40.91 41.13 15.59 27.69 13.44 22.58 75.47 73.68 57.89 68.63 91.09 15.68 4.73 17.54 7.61 17.05 91.67 27.19 1.72 1.57 52.99 52.20 7.19 2.61 2.61 4.29 4.80 3.16 1.08 3.71 1.63 5.88 7.10 5.27 3.80 6.19 -0.42 1.81 -2.47 -4.27 5.64 12.52 3.19 11.30 11.69 4.65 9.09 -4.04 23.33 14.13 13.04 147.78 44.44 2.52 5.24 68.72 0.23 9.47 EXPIRY DATE 08/06/2020 18/01/2019 26/01/2017 28/08/2019 31/05/2016 18/07/2016 28/10/2016 31/05/2016 31/01/2017 15/08/2016 30/09/2016 28/10/2016 28/02/2017 30/06/2016 19/11/2019 25/08/2023 07/10/2016 30/09/2016 28/02/2017 30/08/2016 28/11/2016 24/03/2019 13/12/2020 31/01/2017 29/01/2019 28/10/2016 31/01/2017 13/05/2024 18/10/2020 04/12/2023 15/06/2020 31/05/2016 29/07/2016 28/11/2016 31/10/2016 22/04/2022 08/08/2017 16/12/2016 08/11/2025 12/01/2019 20/12/2019 08/02/2020 29/12/2016 09/08/2016 06/11/2019 18/07/2017 07/10/2019 10/08/2016 17/09/2021 18/09/2017 24/04/2018 03/10/2016 22/04/2018 10/02/2017 30/09/2016 07/02/2017 25/11/2020 29/03/2021 03/01/2018 15/01/2025 29/07/2016 30/11/2016 30/11/2016 15/12/2016 30/08/2016 21/07/2019 24/02/2019 18/06/2019 10/09/2019 26/03/2022 28/10/2016 10/08/2016 24/12/2018 17/07/2019 03/11/2020 22/01/2019 25/06/2019 25/10/2017 09/06/2017 24/09/2019 13/07/2018 31/05/2016 31/05/2016 30/06/2016 30/06/2016 29/07/2016 29/07/2016 30/08/2016 30/08/2016 30/09/2016 31/10/2016 31/10/2016 30/11/2016 30/09/2016 30/06/2016 29/07/2016 29/07/2016 30/08/2016 30/08/2016 30/09/2016 31/10/2016 31/10/2016 31/10/2016 30/11/2016 30/06/2016 29/07/2016 30/03/2017 30/09/2016 29/07/2016 18/07/2016 12/10/2019 06/11/2019 30/11/2016 06/03/2021 20/07/2018 31/05/2016 30/09/2016 YEAR HIGH YEAR LOW DAY HIGH DAY LOW 0.155 3.200 0.250 0.580 0.220 0.220 2.380 0.265 0.100 0.055 0.090 0.710 0.315 6.200 0.120 1.510 0.255 0.830 0.345 0.840 1.210 0.630 1.000 1.490 1.180 1.410 0.550 0.920 1.350 0.835 1.050 1.310 1.650 0.735 0.600 1.270 0.880 1.250 1.740 0.230 0.010 0.030 0.360 0.235 0.105 0.140 0.435 0.110 0.165 2.320 0.040 0.345 0.225 0.180 0.090 0.165 0.150 0.090 0.150 0.120 0.935 0.370 0.240 0.165 0.125 3.000 0.025 1.280 0.300 0.050 0.025 0.865 0.165 0.190 0.585 0.700 1.110 0.665 0.450 0.045 0.470 0.130 0.350 0.220 0.100 0.310 0.170 0.105 0.330 0.235 0.160 0.095 0.320 0.540 0.105 0.405 0.035 0.455 0.360 0.485 0.080 0.150 0.780 0.605 1.260 0.360 0.240 0.240 0.090 0.465 0.360 0.180 0.100 0.145 0.060 0.035 0.060 0.080 0.125 0.240 0.195 0.095 1.500 0.045 0.185 0.090 0.105 0.530 0.125 0.020 0.025 0.010 0.145 0.220 2.930 0.015 0.625 0.025 0.370 0.220 0.010 0.100 0.160 0.365 0.705 0.545 0.960 0.200 0.395 0.735 0.375 0.615 0.310 0.580 0.190 0.330 0.775 0.630 0.800 1.180 0.050 0.005 0.020 0.155 0.160 0.070 0.085 0.085 0.045 0.140 0.813 0.010 0.150 0.050 0.125 0.020 0.005 0.030 0.035 0.065 0.050 0.120 0.105 0.030 0.060 0.065 0.850 0.010 0.350 0.035 0.005 0.010 0.260 0.065 0.090 0.130 0.470 0.370 0.300 0.215 0.025 0.240 0.045 0.130 0.100 0.060 0.110 0.035 0.040 0.150 0.115 0.075 0.055 0.155 0.040 0.050 0.130 0.010 0.305 0.110 0.210 0.025 0.025 0.280 0.235 0.500 0.115 0.025 0.075 0.020 0.120 0.120 0.045 0.035 0.085 0.020 0.010 0.020 0.020 0.045 0.150 0.100 0.100 2.710 0.080 0.335 0.125 0.115 1.760 0.170 0.030 0.040 0.015 0.705 0.280 6.090 0.015 0.975 0.160 0.400 0.230 0.015 0.125 0.190 0.420 0.795 0.585 1.040 0.230 0.425 0.810 0.410 0.650 0.545 0.985 0.305 0.535 1.220 0.770 1.190 1.670 0.065 0.005 0.025 0.175 0.200 0.080 0.105 0.095 0.065 0.165 1.300 0.020 0.175 0.070 0.140 0.050 0.010 0.130 0.040 0.085 0.080 0.510 0.120 0.030 0.075 0.075 2.140 0.020 1.240 0.050 0.020 0.015 0.710 0.080 0.130 0.240 0.620 0.375 0.555 0.385 0.030 0.270 0.090 0.200 0.135 0.060 0.130 0.040 0.045 0.165 0.140 0.075 0.055 0.290 0.075 0.060 0.300 0.020 0.370 0.215 0.335 0.030 0.035 0.730 0.575 0.920 0.295 0.105 0.135 0.055 0.330 0.180 0.055 0.040 0.100 0.025 0.015 0.030 0.040 0.075 0.215 0.175 0.100 2.690 0.075 0.315 0.120 0.110 1.700 0.170 0.030 0.030 0.010 0.705 0.275 5.950 0.015 0.965 0.120 0.390 0.230 0.010 0.100 0.165 0.380 0.735 0.565 1.010 0.220 0.420 0.810 0.410 0.650 0.505 0.925 0.280 0.535 1.220 0.770 1.160 1.610 0.055 0.005 0.025 0.175 0.200 0.080 0.105 0.090 0.045 0.165 1.150 0.015 0.170 0.055 0.140 0.045 0.005 0.120 0.035 0.085 0.080 0.440 0.115 0.030 0.075 0.075 2.120 0.015 1.180 0.035 0.020 0.015 0.705 0.075 0.125 0.220 0.620 0.370 0.545 0.385 0.025 0.265 0.085 0.200 0.135 0.060 0.130 0.035 0.040 0.150 0.130 0.075 0.055 0.265 0.055 0.060 0.250 0.020 0.365 0.180 0.325 0.025 0.030 0.720 0.565 0.900 0.260 0.095 0.135 0.050 0.315 0.180 0.050 0.035 0.095 0.025 0.015 0.025 0.040 0.075 0.200 0.170 CODE 471514 2291WA 318224 318225 318228 318229 3182WA 1147WA 0074WA 7096WA 7022CG 3034CN 3034CR 3034WA 5168CS 5095WB 5072WA 5169WA 7213WB 65119 65120 65121 65122 65123 65124 65126 65130 65132 65134 65138 65140 65125 65127 65129 65135 65139 65141 65143 65145 6238CD 7013WB 9601WD 4251WA 9687WB 5225CY 5225CZ 0166CJ 0166CQ 0166CR 0166WB 0094WA 3379WB 1961C9 5249CK 7183WA 0010WA 5175WA 0024WA 9083WB 8923WA 7167WA 4383CE 5247CL 5247CM 5247CP 7216WA 3115WC 7161WA 3565WE 8303WA 0036WA 5171WA 7164WA 7164WB 7017WB 5878WB 5038WA 5789WA 5789WB 5068WA 7617WB 8583C2 8583WB 8583WC 5264CM 6181WB 6012CT 115517 115518 115519 115520 115521 5152WA 5983WA 0167WB 1694WB 0075WA 3069WA 3662WB 5186CY 3816C4 3816C5 9571WC 9571WD 6114WB 7595WA 2194C1 1651WA 0092WB 0138CN 0138CT 0138CU 0138CW 0138CX 0096WA 0096WB 0096WC 7139WA 0083WB 0172WA 7071WB WARRANTS GENM-C14 GENP-WA GENTINGC24 GENTINGC25 GENTINGC28 GENTINGC29 GENTING-WA GOB-WA GOCEAN-WA GPA-WA GTRONIC-CG HAPSENG-CN HAPSENG-CR HAPSENG-WA HARTA-CS HEVEA-WB HIAPTEK-WA HOHUP-WA HOVID-WB HSI-C19 HSI-C20 HSI-C21 HSI-C22 HSI-C23 HSI-C24 HSI-C26 HSI-C30 HSI-C32 HSI-C34 HSI-C38 HSI-C40 HSI-H25 HSI-H27 HSI-H29 HSI-H35 HSI-H39 HSI-H41 HSI-H43 HSI-H45 HSL-CD HUBLINE-WB HWGB-WD IBHD-WA IDEALUBB-WB IHH-CY IHH-CZ INARI-CJ INARI-CQ INARI-CR INARI-WB INIX-WA INSAS-WB IOICORP-C9 IOIPG-CK IRETEX-WA IRIS-WA IVORY-WA JAG-WA JETSON-WB JIANKUN-WA JOHOTIN-WA JTIASA-CE KAREX-CL KAREX-CM KAREX-CP KAWAN-WA KBUNAI-WC KERJAYA-WA KEURO-WE KFM-WA KGROUP-WA KIMLUN-WA KNM-WA KNM-WB KOMARK-WB KPJ-WB KSL-WA LBS-WA LBS-WB LUSTER-WA MAGNA-WB MAHSING-C2 MAHSING-WB MAHSING-WC MALAKOF-CM MALTON-WB MAXIS-CT MAYBANKC17 MAYBANKC18 MAYBANKC19 MAYBANKC20 MAYBANKC21 MBL-WA MBMR-WA MCLEAN-WB MENANG-WB MEXTER-WA MFCB-WA MFLOUR-WB MHB-CY MISC-C4 MISC-C5 MITRA-WC MITRA-WD MKH-WB MLGLOBAL-WA MMCCORP-C1 MRCB-WA MTOUCHE-WB MYEG-CN MYEG-CT MYEG-CU MYEG-CW MYEG-CX NEXGRAM-WA NEXGRAM-WB NEXGRAM-WC NICE-WA NOTION-WB OCK-WA OCR-WB CLOSE (RM) +/(RM) 0.100 2.710 0.075 0.325 0.120 0.115 1.740 0.170 0.030 0.040 0.015 0.705 0.275 6.010 0.015 0.970 0.135 0.395 0.230 0.010 0.115 0.170 0.410 0.755 0.575 1.010 0.220 0.420 0.810 0.410 0.650 0.535 0.955 0.290 0.535 1.220 0.770 1.160 1.670 0.055 0.005 0.025 0.175 0.200 0.080 0.105 0.095 0.065 0.165 1.280 0.020 0.170 0.060 0.140 0.050 0.010 0.125 0.035 0.085 0.080 0.480 0.120 0.030 0.075 0.075 2.140 0.015 1.230 0.050 0.020 0.015 0.710 0.080 0.130 0.225 0.620 0.375 0.545 0.385 0.030 0.270 0.085 0.200 0.135 0.060 0.130 0.040 0.045 0.160 0.135 0.075 0.055 0.275 0.065 0.060 0.300 0.020 0.370 0.195 0.325 0.030 0.035 0.730 0.570 0.900 0.260 0.100 0.135 0.050 0.330 0.180 0.055 0.040 0.100 0.025 0.015 0.030 0.040 0.075 0.200 0.175 0.005 -0.020 -0.020 -0.015 -0.010 -0.005 -0.010 Unch -0.005 0.010 Unch 0.005 Unch -0.040 Unch Unch -0.035 0.005 0.005 -0.010 -0.010 -0.020 -0.015 -0.040 -0.040 -0.070 -0.015 -0.045 -0.035 -0.020 -0.045 0.010 0.005 -0.010 0.015 Unch -0.075 0.010 0.050 -0.005 Unch Unch 0.005 -0.010 0.010 0.005 Unch 0.015 0.020 0.110 Unch Unch Unch 0.005 0.010 Unch -0.005 Unch Unch -0.005 0.030 Unch -0.005 -0.005 -0.005 0.020 -0.005 0.040 0.005 Unch Unch Unch 0.005 Unch -0.025 -0.030 Unch -0.005 Unch Unch 0.010 -0.005 -0.005 Unch -0.005 -0.010 Unch Unch Unch Unch -0.010 -0.005 Unch Unch -0.005 0.050 Unch Unch Unch -0.010 Unch 0.010 0.010 -0.010 0.005 -0.025 0.010 Unch Unch 0.020 Unch 0.005 Unch 0.005 Unch Unch 0.005 -0.005 Unch -0.005 0.005 VOL PARENT EXE (‘000) PRICE PRICE 30 160.7 80 521 470 300 1219.4 50.5 2.5 6494.1 2782.2 20 12.3 56.4 100 218.8 5738.5 75 30 750.1 12699.2 5965.9 1373 299.5 140 4 65 70 5 100 5 28.5 37.2 851 200 5 5 10 15 758.9 450 30 11 11 20 20 430 63 20 647.7 12144.6 208.2 188.9 180 319.5 611.6 1574.4 112.4 17.7 290 3544.4 360 40 40 20 36 4218.5 219.5 405.6 0.1 100 32.2 770 418.1 403.7 0.6 29 163.7 92.2 45 152.4 21.5 35 290 255 4 68.6 4293.4 355.1 586.6 35 2 317.2 95.1 1.9 552 30 2.1 1446.8 12 35 157.7 19.8 253 42.9 85.2 246.9 586.1 180 28 102.9 1750.1 1278 353.8 20 50 260 90.8 1025 20800.9 507 4.330 10.640 8.570 8.570 8.570 8.570 8.570 0.495 0.090 0.095 3.210 7.800 7.800 7.800 4.300 1.210 0.385 0.840 0.405 10,405 10,404 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 10,405 1.730 0.010 0.060 0.500 0.810 6.620 6.620 2.900 2.900 2.900 2.900 0.055 0.665 4.240 2.300 0.250 0.160 0.460 0.090 0.220 0.255 1.960 1.300 2.410 2.410 2.410 3.140 0.045 1.950 0.920 0.105 0.060 1.780 0.460 0.460 0.450 4.280 1.170 1.570 1.570 0.060 0.990 1.490 1.490 1.490 1.610 0.700 5.440 8.470 8.470 8.470 8.470 8.470 0.855 2.150 0.170 0.845 0.065 1.720 1.330 1.180 7.500 7.500 1.340 1.340 2.410 0.640 2.100 1.190 0.135 2.030 2.030 2.030 2.030 2.030 0.060 0.060 0.060 0.105 0.400 0.815 0.575 4.500 7.750 8.000 7.000 7.800 9.300 7.960 0.800 0.340 0.100 6.300 5.000 6.600 1.650 6.000 0.250 0.690 0.600 0.180 22,800 21,400 22,000 20,600 19,200 20,200 18,800 22,400 21,000 19,600 21,800 20,400 19,000 20,400 17,000 17,800 20,600 18,600 20,000 21,400 2.000 0.010 0.180 1.410 1.000 6.700 6.670 2.640 3.500 2.800 1.600 0.100 1.000 4.700 2.100 0.800 0.150 0.750 0.100 0.750 0.320 2.280 1.100 3.000 2.667 2.533 0.930 0.131 0.880 1.180 0.510 0.100 1.680 0.980 1.000 0.300 4.010 0.800 1.000 1.250 0.100 0.900 1.450 1.440 2.100 1.600 1.000 6.300 8.200 8.350 8.600 9.400 9.000 0.800 3.200 0.250 1.000 0.130 2.220 2.060 0.900 9.500 8.600 0.600 1.090 1.890 0.500 2.100 2.300 0.270 1.225 1.775 2.300 2.350 1.900 0.100 0.260 0.100 0.160 1.000 0.710 0.350 PR’M (%) 13.16 -1.69 0.35 0.64 7.82 19.92 13.19 95.96 311.11 47.37 99.07 0.26 2.24 -1.79 42.33 0.83 114.29 18.45 1.23 119.20 106.67 112.89 101.51 91.05 99.10 89.41 117.17 105.45 95.36 113.04 101.67 87.22 104.32 65.88 75.69 108.52 85.41 102.23 120.10 20.38 50.00 241.67 217.00 48.15 8.46 7.10 1.52 29.66 14.76 -0.69 118.18 75.94 15.80 9.57 240.00 0.00 90.22 50.00 279.55 56.86 40.82 3.08 27.80 21.02 17.56 -2.23 224.44 8.21 33.70 404.76 91.67 34.27 130.43 145.65 16.67 8.18 0.43 -1.59 4.14 116.67 18.18 3.02 10.07 50.00 10.56 61.43 18.01 2.13 5.19 5.52 14.52 12.10 25.73 51.86 82.35 53.85 130.77 50.58 69.55 3.81 29.47 17.47 -0.75 23.88 15.77 18.75 9.52 104.62 137.04 0.99 5.17 21.43 24.63 12.32 108.33 358.33 116.67 90.48 168.75 11.66 -8.70 EXPIRY DATE 28/10/2016 17/06/2019 08/06/2016 18/07/2016 23/11/2016 30/11/2016 18/12/2018 24/12/2019 07/08/2019 03/06/2025 30/09/2016 30/08/2016 30/11/2016 09/08/2016 31/01/2017 28/02/2020 09/01/2017 21/12/2018 05/06/2018 29/06/2016 29/06/2016 28/07/2016 28/07/2016 28/07/2016 30/08/2016 30/08/2016 29/09/2016 29/09/2016 29/09/2016 28/10/2016 28/10/2016 28/07/2016 28/07/2016 30/08/2016 29/09/2016 29/09/2016 28/10/2016 28/10/2016 28/10/2016 11/11/2016 20/12/2020 15/03/2021 08/10/2019 30/03/2021 30/09/2016 28/02/2017 18/07/2016 28/10/2016 30/11/2016 17/02/2020 16/11/2020 25/02/2020 30/12/2016 15/12/2016 10/06/2019 24/06/2016 26/04/2017 14/08/2019 06/02/2019 23/12/2021 21/11/2017 18/07/2016 29/07/2016 28/10/2016 23/11/2016 28/07/2016 20/10/2023 20/12/2017 26/08/2016 19/10/2016 02/07/2018 12/03/2024 15/11/2017 21/04/2020 21/01/2020 23/01/2019 19/08/2016 11/06/2018 04/10/2020 03/06/2022 04/09/2020 30/09/2016 16/03/2018 21/02/2020 28/11/2016 29/06/2018 30/12/2016 18/07/2016 15/08/2016 30/12/2016 30/09/2016 11/10/2016 28/11/2022 14/06/2017 07/10/2020 09/07/2019 17/09/2018 08/04/2020 09/05/2017 30/11/2016 28/10/2016 30/12/2016 04/07/2016 23/08/2020 29/12/2017 27/10/2019 30/09/2016 14/09/2018 16/03/2020 30/08/2016 30/09/2016 29/07/2016 23/11/2016 31/10/2016 16/05/2022 21/07/2023 15/01/2024 09/08/2017 02/05/2017 15/12/2020 02/09/2016 Ch bea SH ter ma the stim to 3 po we wa no po stim sto bot Yu the ste of pre of s Jun the wit tha LP S M Bu Ma Y H 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 0 0 0 0 2 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 T U E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY Markets 2 9 B U R S A M A L AY S I A E Q U I T Y D E R I VAT I V E S RY ATE 016 019 016 016 016 016 018 019 019 025 016 016 016 016 017 020 017 018 018 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 016 020 021 019 021 016 017 016 016 016 020 020 020 016 016 019 016 017 019 019 021 017 016 016 016 016 016 023 017 016 016 018 024 017 020 020 019 016 018 020 022 020 016 018 020 016 018 016 016 016 016 016 016 022 017 020 019 018 020 017 016 016 016 016 020 017 019 016 018 020 016 016 016 016 016 022 023 024 017 017 020 016 China stocks — China stocks end up but deal valuing the German semiconductor bearish trend seen persisting equipment maker at €670 million, adding to a string of Chinese takeovers of German SHANGHAI: China stocks edged up yes- technology companies. terday, but trading remained light, with the FGC, a Chinese investment fund conmarket’s bearish trend seen persisting as trolled by businessman Zhendong Liu, said the government holds off on further policy yesterday it would offer €6 per share to buy stimulus. loss-making Aixtron, representing a 51% The blue-chip CSI 300 Index rose 0.3% premium over the company’s three-month to 3,087.22 points, while the Shanghai Com- volume-weighted average share price. posite Index gained 0.64% to 2,843.65. News of the deal pushed the German The Shanghai Index has fallen for five company’s stock up 15% to a five-month weeks in a row as investor enthusiasm high of €5.49 in early trade. waned on signs that China’s nascent ecoAixtron is the latest in a series of German nomic recovery is losing steam and as industrial groups to be targeted by Chinese policymakers turn more cautious about buyers as the world’s second-largest economy stimulus as corporate bad debts soar. tries to make the transition from a low-cost “People would use any rebounds to sell factory location into a high-tech industrial hub. stocks, as the market is in a bearish trend, Last week, Chinese home appliance both technically, and fundamentally,” said maker Midea Group made an offer to buy Yu Bin, analyst at Zhongtai Securities. factory robot manufacturer Kuka AG for “Pessimism has replaced optimism as around US$5 billion. the government has put restructuring, inMeanwhile, Hong Kong shares gave stead of stimulus or growth, at the centre up initial gains and ended yesterday flat, of its policymaking.” reflecting continued investor caution amid The market will also face some liquidity worries about China’s economy and a pospressure next month as 232.4 billion yuan worth sible US interest rate hike next month. of shares will come out of lock-up periods in The Hang Seng Index (HSI) fell 0.22% June, up 12% from this month, according to to 19,809.03 points, while the China Enthe official Shanghai Securities News. terprises Index gained 0.1% to 8,308.21. But most stocks rebounded yesterday, Most sectors fell, with property and with banking being the only main sector energy shares heading declines. that ended the session in negative territory. Total trading volume of companies includFujian Grand Chip Investment Fund ed in the HSI was 1.1 billion shares, near LP (FGC) has agreed to buy Aixtron in a the lowest level in more than four months. Shanghai Composite 5800 +18.16 (+0.64%) 4825 3850 TOKYO: Japanese stocks fell yesterday on fears that the government will proceed with its plan to raise the sales tax next April, risking a further blow to the sluggish economy. The Nikkei Share Average slipped 0.49% or 81.75 points to end at 16,654.6. Media such as the Nikkei Business Daily and the Asahi Shimbun reported that Japanese Finance Minister Taro Aso on Saturday told US Treasury Secretary Jack Lew that Japan will proceed with an April sales tax hike that market participants have long expected would be delayed. Traders said that the market was caught off guard because the Nikkei Business Daily earlier this month reported that Prime Minister Shinzo Abe had decided to delay the tax hike to avoid a further blow to weak consumer sentiment. The reports added to concerns about Japan’s weak consumer sentiment, while the profit outlook for exporters’ shares also suffered as the yen strengthened against the US dollar due in part to Japan’s much larger-than-expected trade surplus in April. Investors’ attention has been on the Group of Seven (G7) finance leaders’ meeting in Sendai, north eastern Japan, where the finance leaders discussed such topics as currencies and fiscal policies over the weekend. “The market was 100% convinced that Index points 28900 25625 21,056.93 17625 22350 14450 19075 -43.17 (-0.22%) May 23, 2016 Mar 1, 2010 10,172.06 -81.75 (-0.49%) 3800 Mar 1, 2010 May 23, 2016 Bursa Malaysia Equity Derivatives YEAR HIGH YEAR LOW DAY HIGH DAY LOW Main Market & Ace Market Warrants 1.140 0.140 0.270 0.100 0.765 0.710 0.310 0.235 0.345 0.280 0.200 0.560 1.210 0.125 0.595 0.200 0.125 0.940 2.550 0.180 0.025 0.025 0.260 0.160 0.470 0.465 0.400 0.170 0.070 0.390 0.380 0.150 0.085 0.130 0.240 0.285 0.120 0.075 0.080 0.515 0.290 0.280 1.060 0.045 0.025 0.080 0.110 0.500 0.260 0.255 0.630 0.060 0.030 0.040 0.170 0.160 0.025 0.020 0.135 0.155 0.015 0.240 0.480 0.030 0.360 0.145 0.055 0.360 0.600 0.070 0.005 0.015 0.105 0.125 0.115 0.120 0.065 0.025 0.005 0.195 0.020 0.025 0.050 0.025 0.011 0.022 0.010 0.050 0.015 0.230 0.100 0.130 0.497 0.010 0.010 0.040 0.025 0.330 0.070 0.085 0.770 0.095 0.040 0.040 0.310 0.230 0.035 0.030 0.190 0.180 0.015 0.285 0.760 0.045 0.525 0.150 0.120 0.430 1.800 0.080 0.010 0.020 0.220 0.145 0.185 0.150 0.080 0.115 0.020 0.290 0.110 0.035 0.050 0.040 0.190 0.230 0.015 0.055 0.035 0.285 0.245 0.205 0.570 0.015 0.015 0.080 0.075 0.355 0.085 0.100 0.755 0.095 0.035 0.040 0.295 0.225 0.030 0.025 0.185 0.175 0.015 0.285 0.760 0.045 0.525 0.150 0.115 0.430 1.780 0.075 0.010 0.020 0.215 0.135 0.180 0.130 0.080 0.105 0.015 0.285 0.110 0.030 0.050 0.025 0.175 0.215 0.010 0.055 0.035 0.270 0.235 0.205 0.550 0.015 0.010 0.060 0.070 0.350 0.080 0.085 YEAR HIGH YEAR LOW DAY HIGH DAY LOW 0.375 0.470 0.095 0.100 0.190 0.385 0.260 0.140 0.310 0.080 0.310 0.185 0.600 0.795 2.000 1.110 0.280 0.195 0.435 0.090 2.020 0.170 5.140 0.010 0.085 0.150 0.115 0.260 0.220 0.150 0.115 0.530 0.465 0.200 0.050 0.275 0.150 0.140 0.210 0.130 1.050 0.270 1.000 1.550 0.140 0.135 0.170 0.060 0.255 0.010 0.010 0.075 0.095 0.005 0.065 0.130 0.015 0.015 0.025 0.330 0.235 0.705 0.645 0.020 0.045 0.160 0.035 0.315 0.070 4.500 0.005 0.025 0.015 0.070 0.060 0.040 0.080 0.050 0.090 0.310 0.050 0.005 0.055 0.035 0.015 0.030 0.080 0.410 0.055 0.780 0.620 0.055 0.040 0.075 0.075 0.285 0.085 0.025 0.170 0.135 0.045 0.065 0.235 0.020 0.045 0.045 0.395 0.725 1.900 0.700 0.120 0.045 0.405 0.040 0.655 0.100 5.020 0.005 0.025 0.065 0.080 0.070 0.060 0.090 0.075 0.275 0.355 0.085 0.010 0.065 0.035 0.020 0.040 0.080 0.745 0.075 0.820 1.340 0.075 0.050 0.120 0.070 0.285 0.075 0.020 0.170 0.135 0.045 0.065 0.235 0.020 0.025 0.035 0.360 0.725 1.880 0.670 0.110 0.045 0.400 0.040 0.655 0.080 5.000 0.005 0.025 0.050 0.080 0.065 0.055 0.085 0.075 0.265 0.345 0.075 0.010 0.055 0.035 0.015 0.040 0.080 0.730 0.075 0.820 1.310 0.065 0.045 0.115 CODE 9008WB 5053WC 0005WA 1295C4 1295C6 5183C1 5183C4 5183C5 9997WB 5146WA 5681CP 5681CQ 1945WC 8869CN 8869WC 7088WB 4634CV 5204CD 7168WA 0007WA 6807WB 7498WB 7765WA 0110WA 5256WA 7232WA 5270WA 0133WB 0133WC 5157WA 0028WA 7073WA 7246WA 4197C3 0060WA 521817 521821 521824 5218HC 7155CA 7155WA 0117WA 5242WA 7103WA 1201WA 1201WB 5263CB WARRANTS OMESTI-WB OSK-WC PALETTE-WA PBBANK-C4 PBBANK-C6 PCHEM-C1 PCHEM-C4 PCHEM-C5 PENSONI-WB PERWAJA-WA PETDAG-CP PETDAG-CQ PJDEV-WC PMETAL-CN PMETAL-WC POHUAT-WB POS-CV PRESBHD-CD PRG-WA PUC-WA PUNCAK-WB RALCO-WB RAPID-WA RA-WA REACH-WA RESINTC-WA RSENA-WA SANICHI-WB SANICHI-WC SAUDEE-WA SCOPE-WA SEACERA-WA SIGN-WA SIME-C3 SKH-WA SKPETROC17 SKPETROC21 SKPETROC24 SKPETRO-HC SKPRES-CA SKPRES-WA SMRT-WA SOLID-WA SPRITZER-WA SUMATEC-WA SUMATEC-WB SUNCON-CB CLOSE (RM) +/(RM) 0.070 0.285 0.080 0.025 0.170 0.135 0.045 0.065 0.235 0.020 0.045 0.045 0.365 0.725 1.900 0.695 0.115 0.045 0.405 0.040 0.655 0.100 5.020 0.005 0.025 0.060 0.080 0.070 0.055 0.090 0.075 0.270 0.355 0.085 0.010 0.065 0.035 0.020 0.040 0.080 0.745 0.075 0.820 1.330 0.075 0.050 0.120 -0.010 -0.005 Unch Unch 0.010 Unch Unch -0.005 -0.005 -0.005 Unch 0.005 -0.015 -0.010 Unch 0.030 -0.005 -0.005 0.005 Unch -0.045 0.010 Unch Unch -0.005 0.005 Unch -0.005 -0.005 0.010 0.005 -0.005 Unch Unch 0.005 Unch Unch 0.005 -0.010 Unch 0.015 Unch -0.010 0.020 Unch Unch 0.005 VOL PARENT EXE (‘000) PRICE PRICE 60.6 42.6 4837.9 200.2 353 560 213.4 20 16 40 213 58.6 25 10 46 325.6 358.1 1504 101.2 50 2.2 93.2 580 40 1465 466.8 1450 70 989.7 116.2 68.5 366 309.4 3.1 50 1422.9 60.2 2285.3 50 10 495 24 10 43 30.1 1077.4 135 0.470 1.580 0.095 19.280 19.280 6.430 6.430 6.430 0.620 0.105 23.640 23.640 1.400 3.010 3.010 1.500 2.810 2.180 1.140 0.065 1.180 0.855 5.970 0.010 0.690 0.480 0.410 0.185 0.185 0.290 0.165 0.890 1.060 7.510 0.075 1.620 1.620 1.620 1.620 1.310 1.310 0.200 1.340 2.580 0.110 0.110 1.620 0.500 1.800 0.040 19.300 18.000 6.000 6.250 7.300 0.600 1.000 23.000 24.860 1.000 1.600 1.100 1.000 2.770 3.000 0.750 0.100 1.000 1.000 1.000 0.170 0.750 0.500 0.500 0.400 0.400 0.500 0.150 1.000 0.970 7.900 0.100 1.700 1.980 2.100 1.700 1.500 0.550 0.180 0.500 1.180 0.320 0.175 1.450 PR’M (%) 21.28 31.96 26.32 1.40 0.41 3.81 0.00 19.60 34.68 871.43 -0.42 8.21 -2.50 1.33 -0.33 13.00 6.76 42.78 1.32 115.38 40.25 28.65 0.84 1,650 12.32 16.67 41.46 154.05 145.95 103.45 36.36 42.70 25.00 9.72 46.67 14.97 30.86 33.95 9.88 26.72 -1.15 27.50 -1.49 -2.71 259.09 104.55 8.02 4630 16,654.60 8100 May 23, 2016 EXPIRY DATE 30/05/2018 22/07/2020 20/03/2018 30/06/2016 30/09/2016 18/07/2016 31/05/2016 28/10/2016 20/01/2024 28/02/2022 30/06/2016 31/10/2016 04/12/2020 18/07/2016 22/08/2019 21/10/2020 31/10/2016 11/10/2016 06/07/2019 25/12/2024 20/07/2018 13/12/2019 07/04/2017 22/03/2017 12/08/2022 29/09/2016 01/12/2023 13/03/2018 24/09/2019 31/03/2021 17/07/2020 16/05/2017 21/04/2021 30/09/2016 16/01/2017 30/09/2016 28/11/2016 30/08/2016 31/05/2016 30/09/2016 27/06/2017 01/08/2017 16/12/2020 13/12/2016 03/03/2021 13/11/2018 07/10/2016 Index points 6290 5460 11275 19,809.03 15800 1900 Mar 1, 2010 ASX 200 Index points 20800 3,087.842 2875 a tax hike will be delayed,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Fujito said that the market still has to wait for the prime minister to decide officially, but Aso’s move has put Japan into a difficult position because it could be a “breach of the international pledge” if Japan now says it will delay the tax hike. At the meeting, G7 finance leaders called for a mix of monetary, fiscal and structural policies to boost demand, but left it to each country to decide its own policy priorities — dashing Japan’s calls for more aggressive joint fiscal action. The United States also issued a fresh warning to Japan last Saturday against intervening in currency markets as the two countries’ differences over foreign exchange overshadowed the gathering. Selling yesterday was broad based, but energy shares particularly underperformed after oil prices slipped on a strong US dollar as the odds grow of a June or July US rate hike. Inpex Corp dropped 2.21% and Japan Petroleum Exploration Co shed 0.97%. Home appliances and electronics exporter Panasonic Corp edged down 0.28%. Auto exporter Toyota Motor Corp ended the day 1.01% lower, while Honda Motor Co gained 0.2%. The broader Topix fell 0.4% to end at 1,338.68 with all but 10 of its 33 subindices in negative territory. The JPX-Nikkei Index 400 declined 0.4% to 12,090.65. — Reuters Nikkei 225 Hang Seng Index points 2,843.65 Japanse stocks — Nikkei drops on fears govt will proceed with sales tax hike CODE 5211WA 0148WB 710610 710612 7106C5 7106C7 7106C8 7106C9 7082WB 1538WB 5012CF 8524WB 5191WA 534719 534722 534727 534728 7252WA 7034WA 7889WB 7079WB 7079WC 0101WB 7113C6 7113CW 7113CX 7113CZ 5054WA 5054WB 5401WA 514818 514820 514828 4588CW 0069WB 0069WC 6963CD 6963CF 0066WA 6963WA 9679WD 9679WE 7245WA 5156WC 0095WA 0165WA 7020WB 6742WB 7028WA 2283WA WARRANTS SUNWAY-WA SUNZEN-WB SUPERMX-C10 SUPERMX-C12 SUPERMX-C5 SUPERMX-C7 SUPERMX-C8 SUPERMX-C9 SYF-WB SYMLIFE-WB TAANN-CF TALIWRK-WB TAMBUN-WA TENAGA-C19 TENAGA-C22 TENAGA-C27 TENAGA-C28 TEOSENG-WA TGUAN-WA THRIVEN-WB TIGER-WB TIGER-WC TMCLIFE-WB TOPGLOV-C6 TOPGLOV-CW TOPGLOV-CX TOPGLOV-CZ TRC-WA TRC-WB TROP-WA UEMS-C18 UEMS-C20 UEMS-C28 UMW-CW VIVOCOM-WB VIVOCOM-WC VS-CD VS-CF VSOLAR-WA VS-WA WCT-WD WCT-WE WZSATU-WA XDL-WC XINGHE-WA XOX-WA YKGI-WB YTLPOWR-WB ZECON-WA ZELAN-WA 5,318.943 -32.363 (-0.60%) 4,686.53 Mar 1, 2010 CLOSE (RM) +/(RM) 0.770 0.095 0.035 0.040 0.305 0.225 0.035 0.025 0.185 0.175 0.015 0.285 0.760 0.045 0.525 0.150 0.115 0.430 1.780 0.075 0.010 0.020 0.215 0.135 0.185 0.150 0.080 0.115 0.020 0.290 0.110 0.035 0.050 0.030 0.175 0.215 0.015 0.055 0.035 0.285 0.245 0.205 0.570 0.015 0.010 0.075 0.070 0.355 0.080 0.090 0.005 -0.005 0.005 Unch 0.015 0.020 Unch -0.005 -0.005 -0.005 Unch -0.005 0.010 -0.015 0.005 0.005 Unch Unch 0.020 -0.005 Unch Unch Unch 0.005 -0.005 0.010 0.015 Unch 0.005 0.010 Unch Unch -0.005 -0.005 -0.010 -0.015 Unch 0.005 Unch 0.010 Unch Unch 0.005 Unch -0.005 0.015 -0.005 Unch Unch -0.010 May 23, 2016 VOL PARENT EXE (‘000) PRICE PRICE 13.2 235.3 260.2 45 938.7 29 853.1 393.4 197.8 40 50 1.9 5 4 1.2 2 188.9 0.2 24.7 270 1696 572.8 372.7 48.1 129.9 1604.9 100 348.7 258.4 35 400 1105 50 568.1 27732.1 5700.5 1306 570 180 1053.4 53.2 311.3 31.5 200 62807.6 91442.1 1255 1.9 55 1700.6 3.060 0.250 2.660 2.660 2.660 2.660 2.660 2.660 0.565 0.690 3.970 1.440 1.380 14.020 14.020 14.020 14.020 0.430 3.070 0.250 0.050 0.050 0.770 5.280 5.280 5.280 5.280 0.460 0.460 1.030 1.050 1.050 1.050 5.650 0.310 0.310 1.250 1.250 0.085 1.250 1.700 1.700 0.975 0.040 0.045 0.165 0.210 1.460 0.705 0.185 Please refer to the bursa malaysia website for the prices of Loan stocks, bonds and overseas structure warrants 2.250 0.250 3.170 4.000 2.100 2.200 3.000 3.300 0.700 1.100 5.500 1.700 0.600 13.500 10.500 13.700 14.400 1.350 1.500 0.640 0.170 0.080 0.750 5.150 4.040 4.625 6.900 0.500 0.610 1.000 0.930 1.000 1.050 7.000 0.240 0.100 1.600 1.300 0.120 1.650 1.710 2.080 0.500 0.115 0.100 0.200 0.500 1.140 1.060 0.250 PR’M (%) -1.31 38.00 24.44 59.40 1.88 -0.38 18.05 28.29 56.64 84.78 40.43 37.85 -1.45 0.14 1.11 7.88 8.45 313.95 6.84 186.00 260.00 100.00 25.32 10.32 2.79 4.64 39.77 33.70 36.96 25.24 4.29 5.24 14.29 26.55 33.87 1.61 32.08 19.40 82.35 54.80 15.00 34.41 9.74 225.00 144.44 66.67 171.43 2.40 61.70 83.78 EXPIRY DATE 17/08/2016 25/02/2021 31/10/2016 31/01/2017 18/07/2016 31/05/2016 25/08/2016 29/07/2016 11/11/2019 11/11/2020 30/09/2016 11/11/2018 30/05/2017 08/06/2016 30/09/2016 30/08/2016 28/02/2017 29/01/2020 09/10/2019 05/10/2020 23/12/2018 11/02/2021 21/06/2019 28/02/2017 28/10/2016 10/08/2016 28/10/2016 20/01/2017 14/07/2016 06/12/2019 30/08/2016 18/07/2016 28/11/2016 31/01/2017 07/09/2018 22/01/2020 29/07/2016 30/09/2016 01/12/2017 06/01/2019 11/12/2017 27/08/2020 28/10/2024 02/07/2018 22/03/2019 10/02/2019 28/05/2020 11/06/2018 03/03/2017 25/01/2019 T UESDAY M AY 24, 2 0 16 • TH EEDGE FI N AN C I AL DAI LY 30 Markets INSIDER MOVES . TRADING THEMES . EVENTS . FOREX Trading themes Insider moves (Filings on May 20, 2016) Insider Moves show what substantial shareholders are doing with their stakes, which could be a signal of their views on the company’s outlook. COMPANY SHARES ACQUIRED (DISPOSED) BERJAYA AUTO BUMI ARMADA CAHYA MATA SARAWAK COMPUGATES DIALOG GROUP DIGI.COM HONG LEONG BANK HUBLINE 1,473,300 (12,961,000) 2,583,500 (20,000,000) (7,727,000) 3,000,000 303,488 (75,000,000) HUBLINE IGB REAL ESTATE INVEST TRUST IHH HEALTHCARE IJM CORPORATION IMASPRO CORPORATION IOI CORPORATION KOSSAN RUBBER INDUSTRIES KUALA LUMPUR KEPONG 75,000,000 2,022,400 (1,879,700) 372,500 (673,000) (2,360,000) 659,200 732,700 LINGKARAN TRANS KOTA (7,000,000) MALAKOFF CORPORATION MALAYAN BANKING MALAYSIA AIRPORTS MAXIS NWP PPB GROUP PUBLIC BANK REACH ENERGY (2,500,000) (22,352,100) (2,395,000) 624,000 (333,800) (300,000) (492,700) 825,000 SIME DARBY STERLING PROGRESS SYARIKAT TAKAFUL MALAYSIA TELEKOM MALAYSIA TELEKOM MALAYSIA (2,368,800) 500,000 259,200 3,000,000 935,000 TENAGA NASIONAL TIEN WAH PRESS TOP GLOVE CORPORATION UEM SUNRISE WCT WCT YTL CORPORATION (1,598,800) (403,100) 1,000,000 683,200 758,000 427,500 (1,959,000) SHARES HELD AFTER CHANGE TRANSACTION DATE EMPLOYEES PROVIDENT FUND BOARD 114,413,620 EMPLOYEES PROVIDENT FUND BOARD 405,872,600 EMPLOYEES PROVIDENT FUND BOARD 125,558,927 GOH KHENG PEOW 454,745,710 EMPLOYEES PROVIDENT FUND BOARD 609,244,904 EMPLOYEES PROVIDENT FUND BOARD 936,272,476 EMPLOYEES PROVIDENT FUND BOARD 292,064,059 RICHARD WEE LIANG HUAT 650,900,000 @ RICHARD WEE LIANG CHIAT BILLION POWER S/B 1,251,025,439 EMPLOYEES PROVIDENT FUND BOARD 242,744,113 EMPLOYEES PROVIDENT FUND BOARD 715,037,300 EMPLOYEES PROVIDENT FUND BOARD 482,563,078 CHAN WENG FUI 1,864,000 EMPLOYEES PROVIDENT FUND BOARD 451,985,873 EMPLOYEES PROVIDENT FUND BOARD 62,720,000 AMANAHRAYA TRUSTEES 68,188,300 - SKIM AMANAH SAHAM BUMIPUTERA AMANAHRAYA TRUSTEES 41,082,700 - SKIM AMANAH SAHAM BUMIPUTERA EMPLOYEES PROVIDENT FUND BOARD 778,053,933 EMPLOYEES PROVIDENT FUND BOARD 1,425,024,783 EMPLOYEES PROVIDENT FUND BOARD 208,366,693 EMPLOYEES PROVIDENT FUND BOARD 628,074,934 SEPANG HEIGHTS 113,905,996 EMPLOYEES PROVIDENT FUND BOARD 79,059,679 EMPLOYEES PROVIDENT FUND BOARD 512,674,068 CREDIT SUISSE SECURITIES (EUROPE) 74,144,200 LTD. UK EMPLOYEES PROVIDENT FUND BOARD 758,414,609 FNS AVENUE 64,714,600 EMPLOYEES PROVIDENT FUND BOARD 88,237,700 EMPLOYEES PROVIDENT FUND BOARD 504,968,336 AMANAHRAYA TRUSTEES 514,070,195 - SKIM AMANAH SAHAM BUMIPUTERA EMPLOYEES PROVIDENT FUND BOARD 846,922,182 LEMBAGA TABUNG ANGKATAN TENTERA 5,038,100 EMPLOYEES PROVIDENT FUND BOARD 76,926,146 LEMBAGA TABUNG HAJI 315,175,800 EMPLOYEES PROVIDENT FUND BOARD 91,165,880 LEMBAGA TABUNG HAJI 124,963,321 EMPLOYEES PROVIDENT FUND BOARD 740,853,147 DIRECTOR/SUBSTANTIAL SHAREHOLDER 17/5 13 & 16/5 17/5 20/5 13,16 & 17/5 17/5 17/5 20/5 Copper stocks, monthly change 20/5 17/5 17/5 16 & 17/5 19/5 16 & 17/5 16 & 17/5 16 - 18/5 16/5 16/5 13 & 17/5 13 & 16/5 17/5 19/5 17/5 17/5 13/5 London Metal Exchange copper inlfow by location 13, 16 & 17/5 19/5 17/5 17/5 18/5 17/5 13 & 16/5 17/5 17 & 18/5 17/5 18/5 17/5 While every effort is made to ensure accuracy, the information presented is not an exhaustive list and is not an official record of shareholder filings. Direct and indirect share are combined due to space constraints. Readers who are interested should check the official filings filed with Bursa Malaysia. Note: * denotes Ace Market Local events to watch out for today • Lafarge Malaysia Bhd annual general meeting (AGM) at Ballroom 1, First Floor, Sime Darby Convention Centre, 1A, Jalan Bukit Kiara 1, Kuala Lumpur at 10am. • Malaysian Bulk Carriers Bhd AGM at Banquet Hall, Kuala Lumpur Golf & Country Club, No 10, Jalan 1/70D, Off Jalan Bukit Kiara, Kuala Lumpur at 10am. • Ark Resources Bhd AGM at Royal Commonwealth Society, No 4, Jalan Birah, Damansara Heights, Kuala Lumpur at 10am. • Advance Information Marketing Bhd AGM at Crown 1, Level 1, Crystal Crown Hotel, Kuala Lumpur, No 3, Jalan Jambu Mawar, Off Jalan Kepong, Kuala Lumpur at 10am. • Inch Kenneth Kajang Rubber Public Ltd Co AGM at Bilik Perdana Dewan Perdana Felda, Jalan Maktab, Off Jalan Semarak, Kuala Lumpur at 10am. • TRC Synergy Bhd AGM at Tun Lanang 1 Ballroom, The Royale Chulan Kuala Lumpur, Jalan Conlay, Kuala Lumpur at 11am. • Astral Asia Bhd AGM at Kiara Room, Sri Damansara Club, Lot 23304, Persiaran Perdana, Bandar Sri Damansara, Kuala Stocks closest to year high Lumpur at 11am. HIGH LOW CLOSE VOLUME • Advance Information Marketing Bhd ex- STOCK (RM) (RM) (RM) ('000) traordinary general meeting (EGM) at EKOVEST-WB 0.840 0.805 0.825 1600.8 Crown 1, Level 1, Crystal Crown Hotel WANGZNG 1.010 0.950 0.970 700.1 Kuala Lumpur, No 3, Jalan Jambu Mawar, 3A 1.370 1.320 1.360 4953.9 1.960 1.820 1.840 3149.8 Off Jalan Kepong, Kuala Lumpur at 11am. EFORCE 1.450 1.340 1.410 841.5 • Tadmax Resources Bhd EGM at Inspire VERSATL 3.980 3.630 3.700 14 Room, OWG, No 10, Jalan Pelukis U1/46, EDGENTA XOX-WA 0.080 0.060 0.075 91442.1 Section U1 Temasya Industrial Park, Glen- UTDPLT 27.900 27.000 27.700 4.1 marie Shah Alam, Selangor at 11.30am. EFORCE-WA 1.480 1.300 1.300 3597.1 • KUB AGM and press conference at Bilik AJI 13.420 12.980 13.380 74.9 0.920 0.880 0.915 5979 Perlis, Level 2 Putra World Trade Centre, YONGTAI 0.100 0.100 0.100 1 Kuala Lumpur at 10am. Press Conference AEON-CG YEN 0.635 0.610 0.635 541.9 at 11.30am. AEM-WA 0.075 0.055 0.070 8603.2 • SEG International Bhd AGM at Level 2, ARREIT 0.910 0.900 0.910 69 Right Wing, SEGi University, 9, Jalan Te- INARI-CR 0.165 0.165 0.165 20 knologi, Taman Sains Selangor, Kota Damansara, PJU 5, Petaling Jaya, Selangor at This table shows stocks that are trading near their year high. This 2.30pm. could suggest a build-up in buying momentum, or the possibility that profit-taking activities could set in later. Stocks closest to year low STOCK MAYBANKC18 ZELAN ZELAN-WA KSL CHINA50-CG GENM-C13 CHINA50-HF FBMKLCI-C28 FBMKLCI-C58 FBMKLCI-C38 GTRONIC APM KSL-WA NAIM FGV-C6 THHEAVY SALUTE ARMADA-C15 HIGH (RM) LOW (RM) CLOSE (RM) VOLUME ('000) 0.165 0.205 0.100 1.170 0.115 0.110 0.015 0.030 0.030 0.030 3.230 3.720 0.375 1.900 0.025 0.125 0.805 0.095 0.150 0.180 0.085 1.140 0.115 0.105 0.015 0.020 0.025 0.025 3.040 3.680 0.370 1.870 0.020 0.115 0.780 0.080 0.160 0.185 0.090 1.170 0.115 0.110 0.015 0.030 0.030 0.030 3.210 3.700 0.375 1.870 0.025 0.125 0.795 0.090 355.1 7758.8 1700.6 1232.5 30 60 67 350 1400 500 2857.1 48.3 29 165.5 181 3372.4 4938.7 150.4 This table shows stocks that are trading near their year low. This could suggest a build-up in selling momentum, or the possibility that bargain hunting could set in later. Foreign exchange rates NZ NZ $ EURO 0.605 US SWISS BRIT CANADA BRUNEI S’PORE UAE INA INDIA JAPAN NORWAY PHIL QATAR SAUDI SWEDEN 5.266 0.891 0.936 0.936 0.939 2.7730 4.443 53.284 4.497 2.490 9,207 45.792 74.194 5.661 31.717 2.469 2.543 5.649 24.177 1.474 1.548 1.548 1.553 4.5861 7.347 88.123 7.437 4.118 15,226 75.732 122.705 9.363 52.455 4.083 4.206 9.342 39.986 8.709 0.990 0.690 1.314 1.380 1.380 1.385 4.0900 6.552 78.590 6.632 3.673 13,579 67.540 109.431 8.350 46.781 3.641 3.751 8.332 35.660 7.767 0.697 1.327 1.394 1.394 1.399 4.1301 6.617 79.361 6.697 3.709 13,712 68.202 110.504 8.432 47.239 3.677 3.788 8.413 36.010 7.843 1.904 2.000 2.000 2.007 5.9252 9.493 113.854 9.608 5.321 19,672 97.845 158.534 12.097 67.772 5.275 5.434 12.070 51.661 11.251 1.050 1.050 1.054 3.1122 4.986 59.802 5.047 2.795 10,333 51.393 83.270 6.354 35.597 2.771 2.854 6.340 27.135 5.910 1.000 1.003 2.9633 4.747 56.940 4.805 2.661 9,838 48.934 79.286 6.050 33.894 2.638 2.718 6.036 25.837 5.627 1.003 2.9633 4.747 56.940 4.805 2.661 9,838 48.934 79.286 6.050 33.894 2.638 2.718 6.036 25.837 5.627 2.9530 4.731 56.742 4.789 2.652 9,804 48.764 79.010 6.029 33.776 2.629 2.708 6.015 25.747 5.607 0.339 1.0000 1.602 19.215 1.622 0.898 3,320 16.513 26.756 2.042 11.438 0.890 0.917 2.037 8.719 1.899 21.064 21.137 62.4190 1,199 101.219 56.049 1,670 127.438 713.939 55.570 57.248 127.152 544.222 118.528 1.756 1.762 5.2042 8.338 8.439 4.673 17,278 85.939 139.243 10.625 59.525 4.633 4.773 10.601 45.375 9.882 20.810 20.810 20.883 61.6670 98.80 55.374 204,738 1,018.33 1,650 125.90 705.34 54.90 56.56 125.62 537.67 117.10 35.783 37.581 37.581 37.713 111.3652 178.42 2,140 180.59 1,839 2,980 227.37 1,274 99.14 102.14 226.86 970.98 211.47 0.097 0.102 0.102 0.102 0.3012 0.483 5.788 0.488 0.270 4.974 8.059 0.615 3.445 0.268 0.276 0.614 2.626 0.572 1.946 2.044 2.044 2.051 6.0557 9.702 116.361 9.820 5.438 162.025 12.364 69.264 5.391 5.554 12.336 52.799 11.499 1.489 0.901 1.010 STERLING £ 2.137 1.292 1.449 1.435 CANADA $ 1.122 0.679 0.761 0.754 0.525 BRUNEI $ 1.069 0.646 0.725 0.717 0.500 0.952 SINGAPORE $ 1.069 0.646 0.725 0.717 0.500 0.952 1.000 AUSTRALIA $ 1.065 0.644 0.722 0.715 0.498 0.949 0.997 0.997 MALAYSIA RM 0.361 0.218 0.244 0.242 0.169 0.321 0.337 0.337 22.510 13.610 15.261 15.113 10.534 20.056 21.064 1.877 1.135 1.272 1.260 0.878 1.672 1.756 100 DANISH KRONER 22.238 13.447 15.078 14.931 10.408 19.815 100 UAE DIRHAM 40.161 24.283 27.229 26.964 18.795 1000 INA RUPIAH 0.109 0.066 0.074 0.073 0.051 100 INDIA RUPEE 2.184 1.320 1.481 1.466 1.022 1,185 207,234 1,030.748 369,738 20,105 1.348 0.815 0.914 0.905 0.631 1.201 1.261 1.261 1.266 3.7375 5.988 71.817 6.061 3.356 12,409 61.719 17.663 10.680 11.976 11.859 8.266 15.738 16.529 16.529 16.587 48.9800 78.470 941 79.427 43.981 162,616 808.825 1,311 7.631 2.961 42.749 3.327 3.428 7.614 32.587 7.097 560.226 43.605 44.923 99.776 427.049 93.008 3.153 1.906 2.138 2.117 1.476 2.809 2.950 2.950 8.7429 14.007 167.997 14.178 7.851 29,027 144.375 233.924 17.850 100 QATAR RIYAL 40.507 24.493 27.463 27.197 18.957 36.092 37.906 37.906 38.038 112.3256 179.954 2,158 182.149 100.862 372,927 1,855 3,005 229.330 100 SAUDI RIYAL 39.319 23.774 26.658 26.399 18.401 35.034 36.794 36.794 36.922 109.0318 174.677 2,095 176.807 97.905 361,991 1,800 2,917 222.605 1,247 97.068 100 SWEDISH KRONOR 17.703 10.704 12.002 11.886 8.285 15.773 16.566 16.566 16.624 49.0900 78.646 943.274 79.605 44.080 162,981 810.641 1,313 100.225 561.484 43.703 45.024 4.136 2.501 2.804 2.777 1.936 3.685 3.870 3.870 3.884 11.4694 18.375 220.387 18.599 10.299 38,079 189.398 306.874 23.416 131.185 10.211 10.519 23.364 18.991 11.483 12.876 12.751 8.888 16.921 17.771 17.771 17.833 52.6620 84.369 1,011.911 85.397 47.288 174,841 869.627 1,409 107.517 602.340 46.883 48.300 107.276 100 HK$ HK 0.468 SWISS FR 100 THAI BAHT THAI 0.774 0.892 100 PHILIPPINE PESO DENM’K 0.671 1.475 100 NORWEGIAN KRONER BANGL’H 1.110 US $ 100 JAPAN YEN CHINA 0.678 1.654 100 CHINESE RMB M’SIA 1.121 EURO 100 BANGLAD’H TAKA AUST 7.784 1,285 8.019 17.810 76.228 16.602 103.021 228.816 979.350 213.295 950.632 207.041 428.008 93.217 222.106 21.779 459.152 Note: Run your finger down the left-hand side until you reach the country of origin you plan to exchange. Then move your finger until that line intersects with the vertical column of the currency you wish to buy. The figure is how much you will get. The above rates are subject to change and provided by Thompson Reuters. TU E SDAY MAY 24 , 20 16 • T HEED G E FINA NCIA L DA ILY Markets 3 1 FUTURES . MONEY MARKET . COMMODITIES Money market Index futures Long Rolls - KLCI futures FKLI Index points 1980 Open Interest 1,629.50 90000 Index points -3.50 18.00 68000 Klibor USD Index Implied interest rate (%) 102.00 (Unch) (+7.00) 1790 US Dollar 4.5 95.314 3.65 (-0.02) 4.75 94.25 -8.50 86.50 (Unch) 3.5 1600 46000 1410 24000 2000 1220 Jan 4, 2010 2.5 -21.75 78.75 -35.00 71.00 Jan 4, 2010 May 23, 2016 FBM KLCI futures higher in line with firmer cash market May 23, 2016 FBM KLCI futures INDEX AND FUTURES CONTRACT LAST CHANGE VOLUME OPEN CHANGE IN INTEREST OPEN INTEREST The FBM KLCI futures contract on Bursa Ma- FBMKLCI 1,634.89 6.10 129.4M 1,629.50 7.00 6,126 38,062 -558 laysia Derivatives ended higher yesterday in MAY 16 1,626.50 7.50 472 3,996 1,201 line with the firmer cash market. The bench- JUN 16 SEP 16 1,613.00 7.00 46 237 -20 mark FBM KLCI closed 6.1 points higher at DEC 16 1,604.50 6.50 7 75 2 1,634.89. TOTAL 6,651 42,370 625 Spot contract month May 2016 and SepBID OFFER CLOSE tember 2016 added seven points each to FUTURES ROLL OVER -3.0 -3.5 -3.5 1,629.5 and 1,613 respectively; June 2016 MAY/JUN rose 7.5 points to 1,626.5; while December FUTURES FAIR VALUE CONTRACT DAYS TO EXPIRY KLIBOR DIVIDEND FAIR VALUE 2016 was 6.5 points higher at 1,604.5. 16 9 1.20 5.83 -4.63 Turnover dropped to 6,651 lots versus 7,877 MAY JUN 16 39 5.71 12.55 -6.84 lots last Friday, while open interest fell to 42,369 ROLL’S FAIR -2.21 contracts from 42,746 contracts previously. Southeast Asian stocks were largely flat to higher as investors turned cautious ahead of preliminary US gross domestic product data Indonesian stocks closed 0.67% higher, and speeches by US Federal policymakers last week that will likely give cues on a possible rate driven by financials, which gained nearly increase by the US Federal Reserve in June. 1%. — Agencies Commodities CPO vs Soyoil Open Interest 4200 200000 Post-G7 meeting, yen gains halt US dollar rally Klibor Robust trade data from Japan had the yen back on the rise yesterday after three weeks of solid gains for the US dollar, which have given fresh heart to those hoping for another rally as US interest rates rise. The US dollar index of its strength against a basket of other currencies was little changed last Friday at ¥95.211 and still close to last Thursday’s high of ¥95.520. It rose 0.8% previous week, climbing for a third week. A Group of Seven (G7) finance ministers’ meeting concluded last Saturday with the US warning Japan against intervening to weaken the yen, a rift that is perceived as preventing Tokyo from acting. Data yesterday showed Japan’s trade balance in April was ¥823.5 billion, against economists’ forecasts for a ¥492.8 billion increase. — Reuters JUN6 JUL6 AUG6 SEP6 DEC6 MAR7 JUN7 SEP7 DEC7 MAR8 JUN8 SEP8 DEC8 MAR9 JUN9 SEP9 DEC9 MAR0 JUN0 SEP0 DEC0 MAR1 TOTAL May 23, 2016 MONTH 2,495 (-33) Gold Soyoil US$/Ibs US$/bbl US$/troy oz 6400 2,818 0.7300 155.00 SETTLEMENT PRICE CHANGE 96.35 96.35 96.35 96.35 96.35 96.35 96.30 96.26 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 96.21 — — — — — — — — — — — — — — — — — — — — — — VOLUME OPEN INTEREST — — — — — — — — — — — — — — — — — — — — — — 0 — — — — — — — — — — — — — — — — — — — — — — 0 1980 (RM0.313/tonne) 47.83 121.25 105000 3800 0.3650 87.50 1340 57500 2500 0.1825 53.75 1020 2700 1950 Crude Oil CPO RM/tonne 0.5475 152500 Jan 6, 2008 1.5 Oct 1, 2000 5100 3450 1200 May 23, 2016 CPO prices react to various factors including soyoil prices, weather conditions and stockpiles. Open interest shows either increasing or decreasing market participation. CPO & Open Interest CPO RM/tonne Oct 2, 2006 10000 May 23, 2016 Palm falls to near three-month low on weak Chinese oils (-33) Jan 6, 2008 0.0000 May 23, 2016 CPO futures CONTRACT JUN-16 JUL-16 AUG-16 SEP-16 OCT-16 LAST 2,520 2,523 2,495 2,471 2,442 CHANGE -37 -25 -33 -28 -38 VOLUME 572 9,090 25,596 7,160 5,768 OPEN CHANGE IN INTEREST OPEN INTEREST 6,111 53,743 94,654 62,324 21,759 1660 1,250.10 (-2.80) 2,495 1200 (-0.58) -237 -1,546 2,812 445 1,085 Malaysian palm oil futures hit their lowest level in nearly three months yesterday, dragged down by losses in Chinese vegetable CPO/SOYOIL oils, while a stronger ringgit also weighed on CPO FUTURES INDICATIVE ROLL-OVER FUTURES BASIS (USD) sentiment earlier in the day. CURRENT -83.13 JUN/JUL -3 The palm oil contract for August delivery JUN/AUG 3 MONTHS AVERAGE -67.98 25 on Bursa Malaysia Derivatives had fallen JUN/SEP 6 MONTHS AVERAGE -82.39 49 1.4% or RM33 to RM2,495 per tonne by the JUL/AUG 28 closing trade, posting its third loss in the SGS & ITS EXPORT ESTIMATES (TONNES) SHIPMENT DAYS MAR’16 APR’16 MAY’16 past four sessions. 308/328 305/321 404/391 Earlier in the day, the contract fell as 1 - 10TH DAYS 416/451 500/484 575/563 much as 2.1% to RM2,475, its lowest since 1- 15TH DAYS DAYS 718/713 724/738 792/786 March 3. Previous week, palm oil posted its 11 -- 20TH 25TH DAYS 883/887 883/890 —/— second consecutive weekly decline, weighed FULL MONTH 1,168/1,175 1,088/1,109 —/— down by the sell-off in Chinese commodities MALAYSIAN PALM OIL BOARD JAN’16 FEB’16 MAR’16 APR’16 markets. 1,130 1,043 1,220 1,301 “Palm is kept down by external markets, PRODUCTION 1,279 1,085 1,334 1,165 Dalian’s refined, bleached and deodorised EXPORT STOCKS 2,308 2,169 1,885 1,800 palm olein has continuously been under MPOB Palm oil physical pressure,” said a trader based in Kuala Lum(IN RM/TON) MAY’2016 JUN’2016 JUL’2016 pur. DELD 2,560 2,560 2,550 The most actively traded September con- CPO PK EX-MILL 2,315 2,320 2,330 tract for palm olein on the Dalian Commod- CPKO DELD 4,803 4,795 4,778 ity Exchange dropped 2.2% yesterday. RBD P.OIL FOB 2,719 2,707 2,605 The ringgit rose yesterday morning before RBD P.OLEIN FOB 2,736 2,727 2,626 2,504 2,491 2,475 falling slightly by 0.2% to 4.0840 per US dol- RBD P.STEARIN FOB lar. A stronger ringgit makes palm oil more MPOB FFB REF PRICE (MILL GATE PRICE) GRADE A GRADE B GRADE C expensive for holders of foreign currencies. REGION OER (RM/TON) OER(RM/TON) OER (RM/TON) In other vegetable oils, the Chicago Board NORTH 20.00% 570 19.00% 545 18.00% 520 of Trade soyoil contract for August fell 0.8%, SOUTH 20.00% 576 19.00% 551 18.00% 526 20.00% 574 19.00% 549 18.00% 524 while the September soybean oil contract on CENTRAL the Dalian Commodity Exchange dropped EAST COAST 20.00% 571 19.00% 546 18.00% 521 SABAH 22.00% 553 21.00% 530 20.00% 508 2.4%. — Reuters SARAWAK 22.00% 562 21.00% 538 20.00% 514 20.00 Apr 10, 2007 700 May 23, 2016 Oil falls as Iran firm on export rise, US rigs decline slower Brent crude prices fell for a fourth consecutive session yesterday as investor focus returned to global supply, with Iran insisting on a rise in oil exports and US drillers slowing the reduction in rigs. Global benchmark Brent futures were down 52 cents at US$48.20 a barrel, on track for a fourth straight day of losses for the first time in a month. West Texas Intermediate crude futures traded at US$47.83 a barrel, down 58 cents from last Friday’s close. Iran’s Deputy Oil Minister Rokneddin Javadi told the Mehr news agency on Sunday his country had no plan to halt a rise in oil production and exports. He said Iranian crude exports, excluding gas condensates, were at two million barrels per day (bpd) and would reach 2.2 million bpd by the middle of summer. — Reuters Centrifuged Latex Aug 31, 2008 Commodities AGRICULTURE UNIT EXCHANGE RM/TON SEN/KG USC/BSH USC/BSH USC/BSH USC/IBS US$/TON USC/IBS USC/IBS USC/IBS MDEX MRB CBOT CBOT CBOT CME NYBOT NYBOT NYBOT NYC 2,495 488.00 391.50 1,063.50 462.75 117.45 2,967 126.35 17.28 61.12 US$/TON USC/IBS US$/TROY OZ US$/TROY OZ US$/TROY OZ USC/TROY OZ RMB/TON RMB/TON KLTM CMX CMX NYMEX NYMEX CMX SHF SHF 16,600 -50 2.0525 -0.0030 1,250.10 -2.80 1,017.20 -6.10 552.00 -8.35 16.38 -0.14 12,165 -110 14,845 -100 LIGHT CRUDE OIL US$/BBL HEATING OIL USC/GAL NATURAL GAS US$/MMBTU BRENT CRUDE US$/BBL GAS OIL US$/TON NYMEX NYMEX NYMEX ICE ICE 47.83 -0.58 1.4868 -0.0053 2.241 0.034 48.20 -0.52 439.25 -1.50 CRUDE PALM OIL RUBBER CORN SOYBEANS WHEAT LIVE CATTLE COCOA COFFEE SUGAR COTTON -33 -27.50 -3.00 -10.75 -5.00 -0.875 43 -0.30 -0.05 -0.21 METAL & PRECIOUS METALS TIN COPPER GOLD PLATINUM PALLADIUM SILVER ALUMINIUM ZINC ENERGY Sen/Kg 1100 1700 900 1325 471.00 950 (-2.00) 500 488.00 (-27.50) 575 300 Jan 7, 2007 LAST PRICE CHANGE Rubber - M’sia SMR 20 Sen/Kg 700 May 23, 2016 200 May 23, 2016 Jan 7, 2007 May 23, 2016 Markets 32 T U ESDAY M AY 24, 2 0 16 • TH EEDGE F I N AN C I AL DAI LY F U T U R E S . M O N E Y M A R K E T . C O M M O D I T I E S PA G E 3 1 YOUR DAILY FINANCIAL MARKET S ROUNDUP I N S I D E R M OV E S . T R A D I N G T H E M E S . E V E N T S . FO R E X PA G E 3 0 G L O BA L M A R K E T S PA G E 2 9 M A I N M A R K E T . A C E M A R K E T L I ST I N G PA G E 2 5 RESEARCH: TAI TS [[email protected]; SUGUMARAN [[email protected]] KLCI 1,634.89 FBM ACE 5,620.96 6.10 67.23 FTSTI 2,766.93 3.11 NIKKEI 16,654.60 81.75 HANG SENG 19,809.03 The groundwork of all happiness is health. — Leigh Hunt STOCK 1,634.89 Index point (+6.10) KL Composite Index 1,629.50 KLCI futures 8:45 9:30 10:30 11:30 12:45 14:30 (+7.00) 15:30 16:30 17:15 Daily FBM KLCI Moving average - 20-day KL Composite Index 1950.0 XOX-WA XOX XINGHE-WA INIX DNEX SGB-PA EKA-WA K1 AEM-WA ZELAN FLBHD GPA-WA KUB SOLUTN MUIIND AZRB (+6.10) VOLUME ('000) CHANGE (%) CHANGE (RM) CLOSE (RM) HIGH (RM) LOW (RM) 91,442 77,716 62,808 48,527 22,556 17,053 12,543 10,366 8,603 7,759 6,530 6,494 6,204 5,611 5,481 5,308 25.00 10.00 -33.33 -8.33 8.00 0.00 0.00 -10.42 16.67 -11.90 -11.54 33.33 10.17 3.57 0.00 0.69 0.015 0.015 -0.005 -0.005 0.020 0.000 0.000 -0.025 0.010 -0.025 -0.270 0.010 0.030 0.015 0.000 0.005 0.075 0.165 0.010 0.055 0.270 0.070 0.030 0.215 0.070 0.185 2.070 0.040 0.325 0.435 0.175 0.730 0.080 0.170 0.015 0.060 0.280 0.070 0.035 0.220 0.075 0.205 2.130 0.040 0.325 0.445 0.185 0.740 0.060 0.155 0.010 0.045 0.255 0.065 0.025 0.205 0.055 0.180 2.010 0.030 0.295 0.420 0.170 0.730 1667.5 1385.0 Jan 2, 2008 May 23, 2016 900 600 300 0 Volume (’mil) FBM KLCI futures CONTRACT SETTLEMENT CHANGE HIGH LOW MAY 16 JUN 16 SEP 16 1,629.50 1,626.50 1,613.00 7.00 7.50 7.00 1,630.50 1,626.50 1,614.00 1,616.00 1,613.00 1,600.00 KLCI POINTS CHANGE (RM) CLOSE (RM) VOLUME ('000) 1.81 0.79 0.70 0.66 0.64 0.50 0.41 0.40 0.38 0.38 0.38 0.31 0.31 0.25 -0.60 -0.60 6.72 -0.62 6.10 0.130 0.120 0.070 0.060 0.060 0.030 0.030 0.240 0.040 0.060 0.050 0.060 0.160 0.140 -0.040 -0.180 6.620 19.280 4.330 4.240 7.510 8.470 6.430 23.640 14.020 8.570 7.500 5.930 15.080 23.080 5.370 21.280 4978.3 3182.8 1945.7 8393.1 4669.3 7388.3 6435.3 466.8 6022.1 2028.4 1719.4 719.9 158.3 619.0 5109.2 453.5 FBM KLCI sensitivity* IHH HEALTHCARE PUBLIC BANK GENTING MALAYSIA IOI CORPORATION SIME DARBY MAYBANK PETRONAS CHEMICAL PETRONAS DAGANG TENAGA NASIONAL BERHAD GENTING MISC RHB CAPITAL HONG LEONG FINANCE K.LUMPUR KEPONG AXIATA GROUP PETRONAS GAS SUB-TOTAL OTHERS GRAND TOTAL * How stock price changes affected the index on the previous trading day TURNOVER (‘000) CHANGE (RM) CHANGE (%) PRICE (RM) PE RATIO DIVIDEND YIELD (%) 102,813.6 91,442.1 83,192.7 77,716.2 62,807.6 53,449.3 50,049.1 48,527.4 29,504.0 27,732.1 22,555.9 21,637.9 20,800.9 20,607.8 18,587.9 17,053.2 15,601.0 14,923.5 13,723.9 13,377.6 -0.030 0.015 -0.015 0.015 -0.005 UNCH -0.005 -0.005 -0.010 -0.010 0.020 -0.005 -0.005 0.015 -0.020 UNCH -0.005 -0.005 0.005 UNCH -9.23 25.00 -3.70 10.00 -33.33 UNCH -4.00 -8.33 -3.13 -5.41 8.00 -1.08 -2.44 10.34 -0.86 UNCH -2.44 -1.85 1.82 UNCH 0.295 0.075 0.390 0.165 0.010 0.005 0.120 0.055 0.310 0.175 0.270 0.460 0.200 0.160 2.310 0.070 0.200 0.265 0.280 0.040 — — — 13.04 — — — — 22.07 — 17.36 15.82 — — 12.02 — — 16.17 14.55 — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.00 0.00 0.00 0.00 1.72 0.00 0.00 0.00 0.00 0.00 Top gainers and losers (ranked by RM) UTDPLT AJI BAT TAHPS PETDAG ATURMJU INARI HLFG LAFMSIA LIIHEN KLK NESTLE 1102.5 820.0 AAX-WA XOX-WA AAX XOX XINGHE-WA MULPHA-OR EKA INIX VIVOCOM VIVOCOM-WB DNEX KNM OCK-WA AEM AIRASIA SGB-PA KANGER-WA KANGER LKL NETX UP FBM KLCI at intraday high on bargain hunting 1,651.40 65.54 65.5 Daily top 20 active stocks Table above is from Reuters Volume break 3x 5-day average volume, meaning the total number of shares traded for a particular counter on the previous trading day is more than triple the average volume for the last 5 trading days. The table captures the build-up of interest in these companies and is thus a gauge of market expectations for these counters. 1,634.89 DOW JONES 17,500.94 Market movers UNUSUAL MARKET ACTIVITIES FBM KLCI & KLCI futures intraday 1635.0 1633.1 1631.2 1629.3 1627.4 1625.5 1623.6 1621.7 1619.8 1617.9 1616.0 43.17 CLOSE CHANGE (RM) DOWN 27.700 13.380 50.000 6.500 23.640 0.995 2.900 15.080 8.460 2.670 23.080 75.520 0.800 0.440 0.400 0.300 0.240 0.210 0.170 0.160 0.160 0.160 0.140 0.140 FLBHD CARLSBG AHEALTH HEIM HSI-HY CANONE EFORCE-WA MERCURY LPI LAYHONG SUIWAH BURSA 0.015 0.035 0.020 0.020 0.040 0.065 0.075 0.025 0.050 0.080 50.00 40.00 33.33 33.33 33.33 30.00 25.00 25.00 25.00 23.08 CHINA50-HF ASTRO-CV XINGHE-WA FBMKLCI-C28 EDGENTA-CD ARMADA-C6 AEON-CG FBMKLCI-C38 KBUNAI-WC TENAGA-C19 CLOSE CHANGE (RM) 2.070 13.000 3.880 14.760 1.690 3.810 1.300 1.250 15.380 9.000 2.400 8.550 -0.270 -0.200 -0.170 -0.160 -0.140 -0.120 -0.100 -0.100 -0.100 -0.100 -0.100 -0.090 0.015 0.050 0.010 0.030 0.100 0.010 0.100 0.030 0.015 0.045 -50.00 -41.18 -33.33 -33.33 -33.33 -33.33 -33.33 -25.00 -25.00 -25.00 KUALA LUMPUR: The FBM KLCI gained 6.1 points or 0.4% to 1,634.89 yesterday, as investors bargain hunted for Malaysian stocks following earlier intraday losses. Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com over telephone that the FBM KLCI’s gain “was supported by bargain hunting by some investors”. According to him, the FBM KLCI’s recent fall had spurred bargain-hunting activity among investors on selected blue chips. Top gainers and losers (ranked by percentage) “Investors are buying into technology-related stocks (due to UP CHANGE DOWN CHANGE weakening ringgit) and construction-related stocks,” Pong said. CLOSE (%) CLOSE (%) Across Bursa Malaysia, decliners led gainers by 451 to BJMEDIA-WA 0.060 500.00 FBMKLCI-C26 0.010 -87.50 337. Volume was 1.74 billion shares valued at RM1.38 billion. 0.010 100.00 HSI-C19 0.010 -50.00 United Plantations Bhd was the top gainer, while leading SKH-WA DGB-WA 0.015 50.00 CHINA50-HF 0.015 -50.00 decliner was Focus Lumber Bhd. AirAsia X Bhd and XOX MISC-C5 0.035 40.00 ASTRO-CV 0.050 -41.18 Bhd were among the most actively traded counters. TRC-WB 0.020 33.33 XINGHE-WA 0.010 -33.33 Across Asian share markets, Japan’s Nikkei 225 fell 0.49%, SKPETROC24 0.020 33.33 FBMKLCI-C28 0.030 -33.33 0.040 33.33 EDGENTA-CD 0.100 -33.33 while Hong Kong’s Hang Seng Index dropped 0.22%. South GPA-WA INARI-CQ 0.065 30.00 ARMADA-C6 0.010 -33.33 Korea’s Kospi, however climbed 0.39%. 0.995 26.75 AEON-CG 0.100 -33.33 Asian shares mostly rose earlier, with MSCI’s Broadest ATURMJU XOX-WA 0.075 25.00 SCN 0.015 -25.00 Index of Asia-Pacific shares outside Japan up 0.3%, clawing FBMKLCI-C34 0.025 25.00 FBMKLCI-C38 0.030 -25.00 back after last week’s 0.5% loss. IRETEX-WA 0.050 25.00 KBUNAI-WC 0.015 -25.00 Reuters reported that Asian shares rose yesterday after a solid session on Wall Street, while the US dollar moved away Top gainers and losers - warrants (ranked by percentage) from recent highs though it remained supported as investors UP CHANGE DOWN CHANGE bet that the US Federal Reserve was on track to raise rates CLOSE (%) CLOSE (%) sooner rather than later. — by Gho Chee Yuan BJMEDIA-WA 0.060 500.00 FBMKLCI-C26 0.010 -87.50 SKH-WA 0.010 100.00 HSI-C19 0.010 -50.00 World equity indices DOW JONES S&P 500 NASDAQ 100 FTSE 100 AUSTRALIA CHINA HONG KONG INDIA I want an edge! CLOSE CHANGE 17,500.94 2,052.32 4,362.90 6,156.32 5,318.94 2,843.65 19,809.03 25,230.36 65.54 12.28 47.32 102.97 -32.36 18.16 -43.17 -71.54 INDONESIA JAPAN KOREA PHILIPPINES SINGAPORE TAIWAN THAILAND VIETNAM CLOSE CHANGE 4,743.66 16,654.60 1,955.25 7,306.69 2,766.93 8,344.44 1,381.69 611.03 31.78 -81.75 7.58 7.66 3.11 213.18 -4.17 -3.78 Email: [email protected] Fax: (03) 7721 8282 DGB-WA MISC-C5 TRC-WB SKPETROC24 GPA-WA INARI-CQ XOX-WA FBMKLCI-C34 IRETEX-WA TOPGLOV-CZ FOR OFFICE USE This part will be completed by The Edge Communications Sdn Bhd and will be faxed/emailed back to you. YES, I would like to order The Edge Financial Daily at RM1.60 per copy The following newsagent who delivers to your area will contact you: MY DETAILS Newsagent name Name Company Company Address NEWSAGENT’S DETAILS Delivery address Tel no. Mobile no. Fax no. Email address Contact no. )' Published by The Edge Communications Sdn Bhd (266980-X) Level 3, Menara KLK, No 1, Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia. Printed by Ultimate Print Sdn Bhd (62208-H) Lot 2, Jalan Sepana 15/3, Off Persiaran Selangor, Seksyen 15, 40200 Shah Alam, Selangor, Malaysia.