Private investment shies away12

Transcription

UPDATAETION
WEEKLTY
N
E OF THE
THE STA
Private investment shies away 12
www.theedgemarkets.com
WITH
THE WEEK OF SEPTEMBER
28 — OCTOBER 4, 2015
A Salon
International
de la Haute
Horlogerie 2015
special
1077
#
9
M
A
L
A
Y
S
I
A
B U S I N E S S & I N V E S T M E N T W E E K LY
MORE INSIDE 8
Wan Azmi
back
in the
game?
Not all
planters
to benefit
from El Niño
CORPORATE 20
TRADEWISE 16
The one phenomenon is the individual space, the
smart device space. Sometime back, we launched
smar
Astro
on the Go and we have made some progress.
A
Now, we have to move seriously into that space.”
— Astro Malaysia CEO and executive director Datuk Rohana Rozhan
Astro entices next generation of subscribers | CORPORATE 18
Five favoured
for DASH
and SUKE
A
F R A N K LY S P E A K I N G 1 1
Malaysia has a perception
problem | A needless
cash call | Why bother
with UMA queries?
From left: Proton Holdings chairman Tun Mahathir Mohamad, former Proton CEO Tengku Mahaleel Tengku Ariff, Naza Group’s SM Nasarudin SM Nasimuddin,
MAA’s Datuk Aishah Ahmad and FMCCAM’s Datuk Tony Khor
B Y FAT I N R A S Y I Q A H M U S TA Z A
fter several years of deadlock over the
construction of the Damansara-Shah
Alam Elevated Expressway (DASH)
and Sungai Besi-Ulu Kelang Elevated
Expressway (SUKE), project owner Projek
Lintasan Kota Holdings Sdn Bhd (Prolintas)
has indicated that it will give priority to several companies with relevant experience to
undertake the job.
According to the pre-qualifying tender
documents sighted by The Edge, the concessionaire is in favour of companies that are
not only financially strong but also have
experience in building elevated highways.
“This means that there are only a handful
of players capable of handling projects of this
scale,” says an industry source.
He points out that companies that have a
good chance of securing the multibillion-ringgit projects include IJM Corp Bhd, Sunway
Bhd, Malaysian Resources Corp Bhd (MRCB),
Mudajaya Group Bhd and UEM Group Bhd.
According to the pre-qualification documents for both projects, among Prolintas’ mandatory requirements is that applicants must have a minimum of five years’
NOW ON
IPAD &
ANDROID
PP 8409/03/2013(031809) MCI (P) 118/02/2015
ISSN 1675-1205
MEMBER OF AUDIT BUREAU
OF CIRCULATIONS (MALAYSIA)
CO N T I N U E S O N PAG E 7 3
Auto sector
in state of flux
PENINSULAR MALAYSIA RM5.30 ( INCLUSIVE OF 6% GST )
SABAH & SARAWAK
RM6.40
SEPTEMBER 28, 2015
The poor economic sentiment, GST implementation and domestic
and foreign headwinds have impacted car sales, with TIV forecast to
drop considerably. Some auto players are planning to cut prices, but
is this the way to go? What else can be done? Five industry experts
give their views. See our Cover Story on Pages 70 to 72.
THE EDGE
LUXURY
TIME
2
THEEDGE MAL AYSIA | SEPTEMBER 28, 2015
3
6
7
8
City&Country
Options
COVER STORY
COVER STORY
Eco World
International makes
its mark in Sydney
Extraordinary vision
The developer’s first foray into
Australia is West Village, located
in what is considered Sydney’s
second CBD, Parramatta. The A$300
million residential project comes at
a time when the New South Wales
government is pumping millions
of dollars into infrastructure works
to support Parramatta’s growing
population.
Mindvalley founder and CEO Vishen
Lakhiani on his transformational
education and technology company, its
unique work culture and mission
to make a positive global impact
THE
personalwealth
LUXURY
TIME
COVER STORY
A Salon
International
de la Haute
Horlogerie
2015
Buy undervalued
stocks
Th e US dollar’s good run is not expected
to continue in the long term. Contrarian
investor Dr Marc Faber says investors
should put their money in undervalued
Asian stocks that pay good dividends.
ISSUE
1077 CONTENTS
44
Sal
corporate
Est
an o
bas
12 | THE STATE OF THE NATION Private
investment shies away. The volatile exchange
rate and political uncertainties have impacted
private investment in Malaysia this year.
14 | TONG’S VALUE INVESTING PORTFOLIO
Heads you lose, tails you don’t win.
MY
60
Emerging markets are definitely caught
between a rock and a hard place.
pop
the
a se
tha
16 | TRADE WISE Not all planters to benefit
from El Niño. The incoming El Niño weather
may be supporting crude palm oil prices, but
the outlook for the plantation sector remains
subdued.
61
18 | Astro entices next generation of
subscirbers. Astro Malaysia Holdings Bhd
62
dec
tha
fav
bee
ove
sho
is embracing the mobility element in its next
phase of growth.
23 | LBS Bina targets Zhuhai project
approval in 12 months. LBS Bina Group Bhd’s
long wait to monetise and redevelop its assets
in Zhuhai City, Guangdong Province, China,
may end soon as managing director Tan Sri Lim
Hock San expects the approval to come from
the local governments in the next 12 months.
26 | Coincidences abound at Lay Hong. QL
Resources Bhd may have given up its plans to
privatise Lay Hong Bhd, but the latter’s share
price seems to be performing better than ever.
28 | SapuraKencana still steady in Brazil.
Brazil’s oil producer Petrobras seems to be on
a downward spiral since a money laundering
and corruption scandal broke open more
than a year ago. But a source familiar with
SapuraKencana stresses that the company’s
contracts are firm and secure.
READ
20
Wan Azmi back in the game? It takes a lot to
24
excite the stock market these days but Bursa
Malaysia is abuzz with the prospective return
of one of its most prominent figures, Tan Sri
Wan Azmi Wan Hamzah.
Will banking headwinds in China hurt Malaysian lenders? There is growing concern about
China’s banking sector as lenders, after years of solid growth, grapple with rising bad loans and
tepid profits amid the weakening economy.
30 | AEON Malaysia seeks buyer for Cheras
mall. Retailer-cum-property manager AEON
Co (M) Bhd is looking to dispose of AEON
Mahkota Cheras Mall in Bandar Mahkota
Cheras, Selangor, for at least RM80 million.
32 | New strategy needed for Firefly.
Malaysia Airlines Bhd has to come up with a
new strategy for its subsidiary FlyFirefly Sdn
Bhd as the regional airline reaches its target
S I N G A P O R E
68 | SPECIAL REPORT New Media: Shaking
things up
of having a fleet of 20 aircraft and serving
almost all the major destinations in Peninsular
Malaysia.
capital
35 | Rowsley repositions Iskandar project,
ventures into new investments in UK. Only
41 | LEAD STORY Bright spots still in
emerging economies. Amundi Asset
two years ago, public-listed shell Rowsley looked
to be on the verge of morphing into a play on the
red-hot real estate market of Malaysia. Now,
it is turning to the UK for faster returns and
repositioning its flagship development in Iskandar.
THIS WEEK
Management CIO Pascal Blanque is confident
about European assets and some emerging
countries.
SINGAPORE (INCLUSIVE
OF GST) $5.00
IEW
THE ASCOTT INTERV
OTHER HIGHLIGHTS
Experts’ pick of
all-weather funds
London projects
make their way here
TH
PERSONAL WEAL
Men at work
talk fashion
OPTIONS
THE WEEK OF SEPTEMBER 28,
2015
M E N ’S FA S H I O N S P E C I A L
CITY & COUNTRY
ise
enterpr
THE WEEK
OF SEPTEMBER
HIP. LEARNING.
28, 2015
CAREERS
ENTREPRENEURS
From left:
Werner Deprez, Kelvin Neo,
Jeffrey Liu and Paul Semple
(seated)
MEN AT WORK
class and
Four men from the business world exude fashion
confidence in the latest fall/winter designer
Online booking
mobile
provides
at
Max Polish
services
car grooming
homes
to landed
HDB estates
ulders
Boulders
gym wants
Brooklyn
rock climbing
balance
This
life
your work-life
to disrupt
r blogs
Powerbrands
reach
helps
Netccentric
ers via social
ers
out to customers
ia influencers
media
ECONOMY WATCH |
CORPORATE |
CORPORATE |
CORPORATE |
Time to check out?
On track
Diversifying overseas
Change of plans
Improved outlook
A tsunami of new hotel
rooms will hit the market
from 4Q2015, even as
tourist arrival figures
remain fragile. Is it time
to get out of hospitality
trusts or hunt for
bargains?
The US Federal Reserve’s
credibility remains intact
and an interest rate hike
in December is now likely,
says Pimco’s Joachim
Fels. The main worry
spot now is the emerging
markets, he adds.
A-REIT acquires a
portfolio of logistics
properties Down Under
to reduce exposure to
Singapore and forecasts
3% to 3.5% DPU accretion
post-acquisition
Rowsley repositions
Iskandar project from
mixed-use development
to healthcare complex
and ventures into new
investments in the UK for
faster returns
Del Monte managed to
lock in healthier cash
flows and cut debt in the
May-July quarter. With its
shares hitting a five-year
low, an opportunity for
patient investors might
be emerging.
To subscribe go to subscribe.theedgesingapore.com
ining
CEO calling
nner in the
Tan, winner
e category,
Dr Michael
Health Careility should
Healthcare’s
Of The Year
Fullerton
and affordability
l i dustry
EY Entrepreneur
h ccessibility
9
COVER STORY |
www.theedgem
MCI (P) 046/03/2015
arkets.com/sg
BUSINESS
&
NT
INVESTME
WEEKLY
2 (022805)
PPS 1519/09/201
Singapore
This issue of The Edge
ahead
was closed on Wednesday,
public holiday
of the Hari Raya Haji
NOTEWORTHY
VAM:
NIRGUNAN TIRUCHEL
zz
Canned beer may fi
up emerging markets
PG22
LIM YIN FOONG:
Corbyn’s rise a sign
of weariness with
austerity PG22
BlackRock’s Kevin
Hardy on what’s
next for ETFs PG26
Not quite like the
Asian financial crisis
The Week PG6
intact,
Fed’s credibility
likely,
December hike now Fels
says Pimco’s Joachim
Economy Watch
PG8
ons Iskandar
Rowsley repositis into new
project, venture
investments in UK
Corporate PG10
A$1 bil
A-REIT acquires o; forecasts
Australian portfoli
accretion
3% to 3.5% DPU
Corporate PG14
draw investor
Del Monte may flows rise,
interest as cash
debts addressed
Corporate PG16
More weakness
Capital PG23
es,
Sembcorp Industri Keppel
Sembcorp Marine,
Lines,
Corp, Neptune Orient
, SMRT Corp
Singapore Airlines
Hot Stocks PG41
moves
VMware tapping
cloud
to public and hybridgrowth
systems for future
Technology PG43
TIME TO
CHECK OUT?
rooms will
A tsunami of new hotel
4Q2015, even as
hit the market from
in fragile.
rema
gures
fi
l
arriva
tourist
of the beleaguered
Is it time to get out
should investors
hospitality trusts? Or,
Turn to our Cover
hunt for bargains?
to 20.
Story on Pages 18
THE WEEK OF SEPTEMB
ER 28 — OCTOBER
4, 2015
BRYAN TAY/THE EDGE
696
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2015
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44 | GOING FOR LISTING JCorp’s assets give AlSalam REIT a solid base. The listing of Al-Salam Real
BEING HUMAN
61 | Making democracy work is everyone’s business.
Estate Investment Trust on Sept 29 will offer investors
an opportunity to benefit from Johor Corp’s large asset
base.
On Malaysia Day, Sept 16, media reports on the results
of a national unity survey conducted earlier this
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forum
SECOND SPHERE
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MY SAY
60 | The Malay agenda.The subject of Malay angst is a
popular one lately. Not everyone is upset, of course, but
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61 | Why the Fed buried monetarism. The Fed’s
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favour of ‘lower for longer’.
62 | Growing out of inequality. Income inequality has
been increasing in most major economies, raising concern
over the effect on long-term growth and restraint on
short-term growth by depressing aggregate demand.
Bersih 4 because of its clear objectives. The Red Shirts
have the right to rally too. But I did not support it because
they did not have a clear objective. The only objective was
that it was to be a counter-rally to Bersih 4.
TRUST IN RESILIENCE
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64 | China in the debt deflation trap. In the wake of
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is facing the huge challenge of dealing
with the risk of a global deflation trap.
66 | THE EDGE KUALA LUMPUR
RAT RACE 2015
A run good for the soul
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10 | ON THE RADAR
11 | FRANKLY SPEAKING
74 | WEEK IN PICTURES
75 | PORTFOLIO
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corporate
10
on the r adar
Domestic
t h e week at a g l ance
REUTERS
Ringgit breaches 4.39 against
US dollar
The ringgit breached the 4.39
level against the US dollar
— for the first time since the
Asian financial crisis 17 years
ago. The sharp fall triggered
stop-loss orders last Friday
morning. As at 5pm last Friday,
the ringgit was quoted at
4.3863. The local unit reached
the weakest intra-day level
of 4.39 to the US dollar.
Bloomberg reported that
the ringgit posted its biggest
weekly fall amid news reports
that the US Federal Bureau
of Investigation is probing
1Malaysia Development Bhd
over money laundering, while
the US Justice Department
is looking into property
purchases associated with
Prime Minister Datuk Seri Najib
Razak’s stepson.
Najib to attend UN assembly
Prime Minister Datuk Seri
Najib Razak and his wife Datin
Seri Rosmah Mansor arrived
in New York last Wednesday
ahead of the 70th session of
the United Nations General
Assembly. Najib will address
the assembly on Oct 1.
Terror alert in Jalan Alor
Police were put on high alert last
Thursday, following intelligence
reports that suggested a high
risk of a possible terror attack
in Kuala Lumpur after several
militants from the Islamic State
of Iraq and Syria were arrested
in the past month. More police
patrols have been deployed in
Jalan Alor.
Inflation up 3.1% in August
The consumer price index
(CPI) rose 3.1% in August,
at the high end of analysts’
expectations. It is lower than
Nazir calls for answers
Datuk Seri Nazir Razak urged the
authorities last Wednesday to answer
to ongoing financial controversies, on
concerns over the junk pricing of Malaysia’s
credit default swaps (CDS). Writing on
his Instagram account, the CIMB Group
Holdings Bhd chairman and brother of
Prime Minister Datuk Seri Najib Razak
said, “This is worrying. The market is
much more negative about Malaysia than
the rating agencies, taking us into junk
category, way below our fundamentals.” He
highlighted the recent negative coverage
by international newspapers, and urged
the government to “change the current
narrative about Malaysia with answers and
legal suits; can’t just ignore them”.
the 3.5% increase in July, pulled
down by lower petrol prices.
However, higher liquor and
tobacco prices as well as more
expensive healthcare services,
hotel charges and restaurant
bills pushed the CPI up.
PAC to continue 1MDB probe
The Public Accounts Committee
will continue its investigation of
1MDB, said Minister in the Prime
Minister’s Department Datuk
Seri Abdul Wahid Omar. The
PAC’s probe was halted when
its former chairman, Datuk Nur
Jazlan Mohamed together with
three other members were
appointed to the Cabinet last
month.
JAKS Resources’ JV secures
US$1.4 bil funding
JAKS Resources Bhd’s joint
venture partner China Power
Engineering Consulting Group
Co Ltd secured US$1.4 billion
financing on Sept 19 for the
proposed construction of
a power plant in Vietnam.
The principal financiers are
Industrial and Commercial
Bank of China, China
Construction Bank Corp and
Export-Import Bank of China.
1MDB offended by Zeti’s
remark
1Malaysia Development Bhd
(1MDB) said last Tuesday that
it was disappointed over Bank
Negara Malaysa Governor
Tan Sri Dr Zeti Ahktar Aziz’s
comment that the ringgit
would recover once the issues
relating to the controversial
strategic development fund
are resolved. It objected to
being “singled out” as the
cause of the depreciation of
the local currency.
Bank Negara’s reserves
rise slightly
Bank Negara Malaysia’s
international reserves rose
slightly to US$95.3 billion as at
Sept 15, up from US94.7 billion
on Aug 28. This is the second
consecutive increase in the
reserves since June 30.
Amended laws come
into force
Amendments to two securities
laws — the Capital Markets
and Services Act 2015 and the
Securities Commission Act
2015 — to further enhance
the regulation of the capital
markets came into force on
Sept 15. The amendments were
made to facilitate innovative
fundraising structures, enhance
investor protection, clarify
responsibilities of issuers and
advisers as well as to expand
the scope of the Security
Commission’s supervisory
powers.
Benyamin is AirAsia X
CEO now
AirAsia X Bhd has confirmed
the appointment of its acting
chief executive officer,
Benyamin Ismail, as CEO
effective Sept 1.
MMC plans RM1.5 bil sukuk
MMC Corp Bhd will issue up
to RM1.5 billion in a sukuk
murabahah programme,
which will be largely utilised to
refinance the conglomerate’s
borrowings. The sukuk has
been given an AA-IS rating with
a stable outlook by Malaysian
Rating Corp Bhd.
International
Chinese President Xi Jinping
arrived in Washington last
Friday for a state visit and
talks with US President Barack
Obama that are expected to be
clouded by differences in alleged
Chinese cyber spying, Beijing’s
economic policies and territorial
disputes in the South China Sea.
At least 717 pilgrims from
around the world were killed last
Thursday in a crush outside the
Muslim holy city of Mecca, Saudi
authorities said, in the worst
disaster to strike the annual Haj
pilgrimage for 25 years.
Volkswagen chief executive
Martin Winterkorn resigned
last Wednesday, taking
responsibility for the German
carmaker’s rigging of US
emissions tests.
The new iPhone 6s and 6s
Plus arrived in stores and at
consumers’ doorsteps last
Friday, kicking off a sales cycle
that will be scrutinised for signs
of how much juice Apple’s
marquee product has left.
Taiwan has lowered its policy
rate for the first time since the
global financial crisis as the
strength of its currency and
China’s slowdown drag exports.
The island’s central bank cut
the benchmark discount rate
by 12.5 basis points to 1.75%, it
said in a statement in Taipei last
Thursday.
The Hongkong and Shanghai
Banking Corp Ltd (HSBC) said
it will sell up to RMB1 billion
(RM690 million) of three-year,
renminbi-denominated “panda
bonds” in China’s interbank
bond market on Sept 29, the
first foreign bank to issue such
bonds in the country.
Oil prices edged up in Asian
trade last Friday to US$48.22
per barrel following a decline in
US crude inventories, although
heavier buying was tempered
by expectations that a return of
Iranian crude into the market will
further increase global supplies.
After hovering near zero for
months, the Bank of Japan’s
preferred inflation gauge dropped
into negative territory as weak
domestic demand and plunging
oil prices wiped out the impact
of governor Haruhiko Kuroda’s
unprecedented monetary
stimulus.
Postal Savings Bank of China
Co, which has the most outlets
of any lender in the nation,
is nearing an agreement to
raise more than US$6.5 billion
(RM28.5 billion) from investors,
including UBS Group AG and
Temasek Holdings Pte Ltd, people
familiar with the matter said.
US aerospace giant Boeing has
reached deals with Chinese
firms to sell 300 aircraft and
set up a completion centre in
China, state media and its local
partner said last Wednesday, as
President Xi Jinping began a visit
to the US.
Activity in China’s factory sector
unexpectedly shrank to a 6½year low in September, a private
survey showed, raising fears
of a sharper slowdown in the
world’s second largest economy
that could spell more turmoil for
financial markets.
Google Inc is back under US
antitrust scrutiny as officials
ask whether the tech giant
stifled competitors’ access to
its Android mobile-operating
system, said two people familiar
with the matter.
Thailand’s central bank has
cut its 2015 economic growth
forecast for the third time this
year, as the economy continues
to struggle more than a year
after an army coup ended
political unrest, but says it hopes
government measures will lend
support.
11
f rankly sp eaking
Malaysia has a
perception problem
Why bother with
UMA queries?
L
O
ast week, Bloomberg reported that credit
default swap (CDS) traders had assigned
junk bond status to sovereign debt issued by nine developing countries, including
Malaysia.
A CDS is essentially a form of insurance
against default by the issuer of the debt paper.
It is the market pricing of a country’s sovereign risk.
It is worth noting that on Sept 9,rating agency
Standard & Poor’s downgraded Brazil’s rating to
BB-plus, the highest junk rating, from BBB-minus. CDS traders are said to be punishing other
emerging markets facing similar challenges,
sending their implied sovereign ratings at least
five levels below their official grades, according
to data from Moody’s Corp, Bloomberg reported.
Many developing nations face the same problems as Brazil, namely slumping commodity
prices, a weak currency and political turmoil.
According to the report, Moody’s implied
sovereign rating is based on CDS prices as at
Sept 21 compared with peers in the same ratings category. The other countries with huge
gaps in their actual credit rating and market-implied rating were South Africa, China,
Chile, Peru, Bahrain, Turkey and Kazakhstan.
CIMB Group chairman Datuk Seri Nazir
Razak weighed in on the matter, expressing
his concern on social media.
"This is worrying.The market is much more
negative about Malaysia than the rating agencies, taking us into junk category, way below
our fundamentals,” he said, adding his suspicion that this is due to the negative reports on
Malaysia in the international media.
“We have to change the current narrative
about Malaysia with answers or legal suits;
can’t just ignore them.”
Indeed, it is unfortunate that traders have
such a negative perception of Malaysia and
disregard the fundamentals. Even the measures announced by the prime minister and
recommended by the newly formed Special
Economic Committee have failed to change
investors’ views.
Clearly, more needs to be done.
A needless cash call
L
ate last week, Xingquan International
Sports Holdings Ltd announced a corporate exercise under which it would reduce
its paid-up share capital by cancelling US$0.09
from the par value of its US$0.10 shares.
The company also proposed a rights issue
of 253.5 million new shares on the basis of one
rights for every two existing shares held in the
company after the par value reduction exercise, and issue 84.5 million free warrants on
the basis of one warrant for every three rights
shares subscribed.
Based on the indicative issue price of 30
sen, the minimum gross proceeds to be raised
from the proposed rights issue with warrants
is about RM26.9 million, and assuming the
proposed rights issue with warrants is fully
subscribed, the total estimated gross proceeds
to be raised is about RM50.7 million.
Interestingly enough, Xingquan is using
the bulk of the proceeds, RM25.9 million, to
buy machinery, while RM1 million will go to
estimated expenses for the proposals.
It is a wonder why Xingquan is going
through this corporate exercise — and forking out RM1 million in the process — to raise
funds when it had as much as RM889.1 million
in cash and bank balances as at end June this
year. The company’s short-term borrowings
were a mere RM11 million while it had no longterm debt commitments.
Why is Xingquan undertaking a cash call
when it has so much cash in its kitty?
Perhaps it would be best for the company
to give its shareholders an explanation before
embarking on this seemingly unnecessary
corporate exercise.
n Sept 7, Bursa Malaysia issued Tecnic
Group Bhd with an unusual market activity (UMA) query on a sudden sharp rise
in its share price. Tecnic’s shares had gained 30
sen, or a third, to end trading at RM1.20, buoyed
by relatively higher trading volume of almost 1.2
million shares.
The Bursa announcement said investors should
“take note of the company’s reply to the above
UMA…when making their investment decision”.
Tecnic replied stating that “there is no cor-
porate development relating to the group’s business and affairs that have not been previously
announced that may account for the trading
activity, including those in the stage of negotiation/discussion.”
And Tecnic, which is under the PN-16/PN-17
category, added that it is currently studying various options to regularise its financial condition
and/or consider a new business.It added that “at
this juncture,no formal decision or negotiations
has been entered into”.
Tecnic’s shares hovered around RM1.22 on
Sept 8,before dipping 11.5% to RM1.08 on Wednesday. They gained 11 sen or 10% to close the week
at RM1.17.
Then, nine market days later on Sept 21, Tecnic announced that it was the subject of a reverse
takeover by Rohas-Euco Holdings Sdn Bhd in a
deal valued at RM200 million. Tecnic closed last
Friday at RM1.48, a historical high.
This makes one wonder whether UMA queries
serve any real purpose at all.
Last Friday, IFCA MSC Bhd was issued such a
query,its fourth this year,after it gained nine sen
or 10.2% to end trading at 97 sen, and exhibited
heavy trading volume.
It will be interesting to see IFCA’s response
to the UMA, and if any action will be taken if the
reply is inaccurate or fails to highlight important
E
developments.
corporate
12
the state of t he nation
A WE E K LY U P DAT E
Private investment shies away
T
BY FOO YEN NE
he volatile exchange rate and political
uncertainties have impacted private
investment in Malaysia this year.
Growth in private investment slowed
sharply to 3.9% in 2Q2015 from 11.7%
in 1Q2015 — the slowest pace since
3Q2011, according to the latest economic data.
Economists foresee the growth pace will
decelerate further if the domestic factors
dampening investing sentiment continue to
prevail. Plus, possible external shocks from
the global economy could stop businesses
from expanding or setting up in new markets.
The scenario is a matter of concern as
private investment has been positioned as
the driving force of the economy. In 2010,
reform-minded Prime Minister Datuk Seri
Najib Razak aimed to transform, through the
Economic Transformation Programme (ETP),
Malaysia’s economy from a government-dominated and commodities-driven model to one
powered by private-sector growth.
To that end, the ETP has achieved early
success. Data presented by Performance Management and Delivery Unity (Pemandu) shows
that from 2011 to 2014, private investment
grew at a compound annual growth of 13.9%,
progressively upstaging public investment. In
2011, private investment made up 56% of the
country’s total investments. It ballooned to
64%, or RM183.9 billion, last year.
But the political uncertainties and volatile
exchange rate rudely interrupted the country’s private investment growth.
The “spillover effect” of external factors
such as the US Federal Reserve’s interest rate
policy and slowing growth in China has unsettled businesses, says private sector economist
Lee Heng Guie. But the biggest obstacle standing in the way of new investment is Malaysia’s
own economic and political woes, he adds.
Lee says the certainty in the Malaysian
economy that investors have come to rely on
is dissipating because of the volatile ringgit.
He points out, “If you look at the private
investment growth momentum, it had been
encouraging in 2010, until it started to slow
down. In 2012, private investment saw 21.4%
growth, 12.8% in 2013 and then 11% in 2014.
In the first half of this year, we saw a more
pronounced slowdown, when it averaged
down to 7.5%.”
The dealings of 1Malaysia Development
Bhd (1MDB) have attracted a lot of negative
publicity. Investigations are being carried out
by authorities domestically and abroad. Lee
says Malaysia’s holy trinity — political stability, strict standards of good governance and
integrity of public institutions — that makes
the country an attractive investment destination is perceived to be at risk.
“These are Malaysia’s investment growth
pull factors.Apart from a strong and stable currency,we need to maintain a business-friendly
environment,” Lee says.
The ringgit has been the worst-performing
currency in the region against the US dollar.
The swing in the exchange rates has put off
investments as costs become difficult to predict and expansion plans hard to execute.
RHB Research economist Peck Boon Soon
expects Malaysia’s private investment growth
to taper to 6% to 7%. He points out that a number of large-scale infrastructure projects,which
usually spur private investment, have already
been rolled out. “This means that we are only
seeing existing investments, not new ones
for the second half of the year,” he explains.
However, he expects private investment
to gather steam once the government kickstarts new mega projects such as Mass Rapid
Transit Line 2.
Despite economists’ generally dampened
outlook for private investment, at least in the
near term, Pemandu CEO Datuk Seri Idris Jala
takes great pride in the country’s record-high
private investments.
“Every single year, for the last few years, has
been a new record for Malaysia. To the critics
who say that Malaysia has lost the confidence
of investors, the data is telling otherwise. Every
single year, we have had record investments.
This year, if we look at prorated, annualised
numbers, we should achieve another record,”
he said at the Economic Update 2015 Forum
last Monday.
“If I take a look at Miti’s (Ministry of International Trade and Industry) approved investments in the past few years, every single year
has shown record approval numbers.They are
in the pipeline, not yet realised. When those
numbers are implemented, it will lead to record (investment growth),” he added.
Indeed, Miti approved investments worth
RM113.5 billion in 1H2015, an improvement
from RM112 billion in the same period a year
ago. Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said at
the same forum that he has approved investments of up to RM20 billion so far, on top of
the RM113.5 billion in 1H2015.
Out of the RM113.5 billion, 81.1% were domestic direct investments and the remainder,
foreign investments. Realised private investment numbers were also encouraging — up
5.6% to RM56.99 billion in 1H2015 year-onyear, according to the Malaysian Investment
Development Authority.
However, the private investment figures
are debatable as a large part of the ETP’s investments is driven by GLCs.
Miti’s approved investments also do not
always translate into realised investments.
Peck says, “The government would have
seen investment approval numbers and concluded that they are quite healthy. But, they
are just approvals. Businesses can delay the
implementation of their expansion plans.
They will wait for conditions to improve before putting their money on the ground.”
In early September, the government introduced special economic measures and ordered
government-linked agencies (GLCs) that are
invested overseas to bring the funds back for
domestic investment.
“In recent years,we have seen many Malaysian companies go abroad. As at June 2015, we
had net investment abroad of RM522 billion
compared with net foreign direct investment
(FDI) into Malaysia of RM477 billion,” said
Minister in the Prime Minister’s Department
Datuk Seri Abdul Wahid Omar at the forum.
“When the companies generate returns from
these investments, it is good to lock them in
and bring back the profits.”
It is worth noting that Malaysia has the
fifth-largest investment outflow among East
and Southeast Asian nations. The United Nations World Investment Report 2015 put the
number at US$16.4 billion in 2014, a 16.6%
growth year-on-year.
Government investment holding arm Khazanah Nasional Bhd will be injecting RM6.77
billion into various sectors on the economy but
economists say the impact might be limited.
“Additional investment spending by Khazanah
should boost economic output at the margin
but most of the benefits of the spending won’t
be seen until at least 2016 and possibly, as late
as the 2017-2020 period. Relative to the size
of the Malaysian economy, the investments
are fairly modest, amounting to about 0.3%
of current-year GDP,” says CME Group senior
economist Erik Norland.
Najib’s decision to fall back on GLCs’ widespread influence in times of need is an obvious one as the country is finding it hard to
convince the business community, both local
and international, to invest more.
Hopefully, public investment, which may
have to be the “locomotive” of the country’s
economic growth, would be able to cushion
any adverse impact from continued lacklustre private investment until the dust settles
on the domestic political front and the world
E
economy.
Growing share of private investment
Private investment continues to outpace public investment in line with the ETP’s
objective to elevate the private sector as the main driver of the economy
Private sector dominates investment ratio
Private
investment
52%
55%
56%
58%
60%
64%
48%
45%
44%
42%
40%
36%
2009
2010
2011
2012
2013
2014
Public
investment
SOURCE: DOSM, GDP at constant prices
CAGR for private investment grew about 2.5 times between 2011 and 2014
compared with 2007 and 2010
Private investment growth since the start of the ETP
RM mil
2011-2014
CAGR
13.9%
2007-2010
CAGR
5.6%
131,703
146,145
84,305
86,176
81,944
2012e
2013p
2014p
116,468
94,809
86,699
79,070
79,111
73,231
63,108
66,414
68,353
71,697
73,584
2007
2008
2009
2010
2011
SOURCE: DOSM, Private Investment Constant 2005 Prices in RM
MIDA-approved investments continue to surpass the 10th Malaysia Plan’s
annual target for investments
MIDA-approved investments
RM mil
10MP annual
target RM148 b
216.5
111.3
2006
148.9
2007
137.0
2008
104.9
105.6
2009
2010
154.6
167.8
2011
2012
2013
235.9
2014
SOURCE: MIDA (including Manufacturing Jan - Jun 2014)
MIDA
Approved investments
in 1H2015
Total value
RM113.5 bil
Domestic-foreign
investment ratio
81.1 : 18.9
Employment
opportunities
101,785
Services
RM61.7 bil
Manufacturing
RM49.5 bil
Projects approved
2,487
Primary
RM2.3 bil
13
corporate
14
DISCLAIMER
The portfolio is for information purposes only and does not constitute a recommendation or
solicitation or expression of views to influence readers to buy/sell any stocks.
i nvesting
Heads you lose, tails you don’t win
Tong’s Value Investing Portfolio
tong’s
value investing
portfolio
E
merging markets are definitely caught
between a rock and a hard place.
For all the debate and hand wringing over when the US Federal Reserve
will hike rates, for the first time since
the 2008 global financial crisis, there
really is no good outcome for emerging economies, especially those dependent on commodity exports.
As we witnessed last week, global stocks
and commodities were buffeted after the Fed
decided to stay its hand in September.
Investors interpreted the US Federal Reserve’s cautious outlook as a warning of sorts,
that global growth is weaker than expected.
Aside from the US, developed markets in
Europe and Japan are still struggling while
emerging economies led by China are slowing down. This view was further supported
by the most recent slew of data out of China,
which continued to point to an economy that
is losing steam.
The Chinese government is navigating a
path that can be fraught with execution errors, in transitioning its economy from one
that is driven by investment and export to
a consumption-led model. In essence, the
current slowdown is structural not cyclical.
In fact, it is quite likely that we may never again see the kind of breakneck pace of
growth the world has been so accustomed
to — and taken for granted — in the past two
decades. This is why commodities are suffering, and badly.
China is the world’s largest consumer of
commodities, almost everything from energy
to industrial metals to agriculture produce.
It doesn’t help that many commodities are
also suffering from the double whammy of
rising supply, the result of increased investments following years of high prices as well
as generally favourable weather conditions
for farmers.
Prices for two of Malaysia’s key exports
— crude oil and crude palm oil (CPO) — remained more or less range-bound, with no
sustainable and material recovery in sight.
The global benchmark, Brent crude futures,
are hovering around US$48 per barrel, at the
point of writing. CPO futures are doing slightly
better, at above RM2,200 per tonne, supported
by the weak ringgit.
So, to recap, global stocks and commodities
QUANTITY
AVERAGE COST
RM
COST OF INVESTMENT
RM
CURRENT PRICE
RM
CURRENT VALUE
RM
GAIN /( LOSS)
RM
GAIN / (LOSS)
%
44,200
2,300
8,200
7,500
7,950
6,600
0.785
2.060
1.820
1.030
1.820
2.247
34,712.8
4,738.0
14,924.0
7,725.0
14,469.0
14,830.2
91,399.0
0.720
1.770
1.600
0.845
2.540
2.190
31,824.0
4,071.0
13,120.0
6,337.5
20,193.0
14,454.0
89,999.5
(2,888.8)
(667.0)
(1,804.0)
(1,387.5)
5,724.0
(376.2)
(1,399.5)
(8.3)
(14.1)
(12.1)
(18.0)
39.6
(2.5)
(1.5)
89,999.5
(1,399.5)
(1.5)
SHARES HELD:
Willowglen MSC Bhd
Thong Guan Industries Bhd
Elsoft Research Bhd
Oka Corporation Bhd
SCGM Bhd
Wellcall Holdings Bhd
Total
SHARES BOUGHT:
No shares were bought this week
Total shares held
91,399.0
SHARES SOLD:
No shares were sold this week
Cash balance
Realised profits / (losses)
127,893.2
19,292.2
Week’s Change
Portfolio
FBM KLCI
0.6
(3.3)
Portfolio returns since inception
Portfolio returns (annualised)
200,000.0
217,892.7
17,892.7
Portfolio Beta
Risk adjusted returns since inception
8.9
9.3
1.018
9.1
PERFORMANCE COMPARISON
FBM KLCI
FBM Emas
AT PORTFOLIO START
CURRENT
CHANGE %
RELATIVE PORTFOLIO OUTPERFORMANCE %
1,829.7
12,700.4
1,615.0
11,165.4
(11.7)
(12.1)
20.7
21.0
*Current price is as at Sept 25, 2015
*Portfolio started on Oct 10, 2014 with RM200,000.
* This is a personal portfolio for information purposes only and does not constitute a recommendation or solicitation or expression of views to influence readers to buy/sell stocks.
tumbled after the Fed kept rates unchanged.
But when the US does raise rates, things are
unlikely to brighten for emerging countries.
Indeed, rising interest rates will very possibly
result in persistent capital outflows and even
weaker currencies for the latter.
By week’s end, Janet Yellen was already
arguing her case for a rate hike before the
year is out. And after a very brief reprieve, the
ringgit resumed its downward trend.
The ringgit slumped to fresh lows, not
seen since the Asian financial crisis, closing
at 4.385 against the US dollar on Friday. Anxiety is high that our currency may be headed
into uncharted territory.
The greenback is in the ascendant, as its
economy continues to gain traction.The oppo-
site is true for our domestic economy, which
is weighed down by low commodity prices,
slowing Chinese growth and regional trade
that is further compounded by political uncertainties. The government has yet to announce meaningful measures that will spur
structural reforms and promote growth for
the real economy.
Aside from the ringgit, another fallout
could be our sovereign credit rating. A ratings
downgrade could very well result in greater
capital outflows and higher borrowing costs.
Stocks on the local bourse gave back almost
all of the gains from the previous week. The
FBM KLCI fell 3.3% to close at 1,615 Friday.
I expect sentiment to remain poor in the
near to medium term given the myriad un-
certainties, external and domestic.
Positively, prices for my basket of stocks
held up comparatively well in the broader
market selloff. Total value for my portfolio
was up a marginal 0.6% for the week.
Followers of this column would have noticed that I have stayed on the sidelines for
the past few weeks. And I am holding more
cash, nearly 60% of total portfolio value.
My portfolio has already done quite well in
the past one year. Total portfolio value, since
inception (October 10, 2014), is up 8.9%. My
portfolio outperformed the benchmark index
by a whopping 20.7% over this period.
As such, I am more likely to raise cash
should the opportunity arise than to increase
E
market exposure at this point in time.
15
corporate
16
tr ade wise
Not all planters to benefit from El Niño
T
BY BEN SHANE LIM
October rainfall forecast
Malaysia Palm Oil Stocks
(’000) Tonnes
2500
INDONESIAN AGENCY FOR METEOROLOGY, CLIMATOLOGICAL AND GEOPHYSICS
2015
2014
Total crude palm oil
Processed palm oil
2000
Rainfall (mm)
MALAYSIAN PALM OIL BOARD
he incoming El Niño weather may be supporting crude
palm oil (CPO) prices, but the
outlook for the plantation
sector remains subdued since
the drier-than-normal weather in the coming months will mean
lower yields for planters.
Since the beginning of the month,
CPO prices have gained over 23%, to
close at RM2,302 per tonne last week.
Arguably, some of the impact could be
due to the depreciation of the ringgit.
In US dollar terms, CPO prices have
gained 19.37% to US$525 per tonne.
The rebound in CPO prices would
have been even sharper if not for the
high palm oil and soybean stocks,
which are dampening the El Niño
effect on CPO prices. Recall that Malaysian palm oil inventories hit a
31-month high of 2.49 million tonnes
in August, driven by high production.
While analysts continue to be
“neutral” on the sector overall, not
all planters are created equal. Some
will be better able to maintain palm
oil yields to fully benefit from the El
Niño-driven CPO prices.
“The El Niño event is typically positive for CPO prices, as the shortfall
in supply caused by the drought has
boosted palm oil prices in the past.The
CPO price reaction to El Niño has been
weak so far due to high soybean and
palm oil stocks.We expect the current
El Nino to boost the average CPO price
in 2016 to RM2,450 per tonne,” writes
CIMB in a research report last week.
El Niño refers to the large-scale
ocean atmosphere climate phenomenon linked to a periodic warming of
sea-surface temperatures across the
central and east-central equatorial Pacific. El Niño episodes typically occur
every three to five years and can last
between 9 and 12 months, developing
around March to June for peak intensity in December to April.
The phenomenon typically shifts
rainfall patterns, causing less rainfall
in Indonesia and South America, and
excess rainfall in southeastern South
America and in the southern US.
Research reports point out that
that El Niño conditions began developing in March and are expected to
last till May 2016. California in the US
and Riau in Indonesia have already
declared states of emergency due to
forest fires, which have been attributed to El Niño-led dryness.
Looking ahead,Indonesia’s Meteorology Department is already forecasting a drier October and warns that the
drought might last till February with
areas in southeast Indonesia expected to be far drier than the west coast.
(See weather forecast map)
“For Malaysia,we have established
that Sabah is the worst hit, while for
Indonesia, we believe that Kalimantan is worst hit. Companies with the
largest exposure to these two areas are IJM Plantations Bhd (fundamental: 1.60; valuation: 0.80), Goldern
Agri-Resources Ltd (fundamental:
0.55; valuation: 1.40),PT Dharma Satya
Nusantara, Bumitama Agri Ltd (fundamental: 1.15; valuation: 0.50), Wilmar International Ltd (fundamental:
0.80; valuation: 2.60) and Genting
Plantations Bhd (fundamental: 2.70;
valuation: 0.80),” writes Credit Suisse
in a report. (See table)
Indonesia’s PT Eagle High Plan-
tations Tbk and Malaysia’s TSH Resources Bhd (fundamental: 0.30; valuation: 0.50) also have high exposures
to these regions.
The length and the severity of the
dry spell will also play a big role in CPO
prices as well as planters’ earnings
“Approximately 8 to 20 weeks of
low rainfall or prolonged drought can
induce moisture stress on palm and
impact subsequent FFB [fresh fruit
bunch] yields from the oil palm trees,”
writes CIMB Research.
This could lead to multiple lagged
effects on palm oil production in the
coming months, adds the report. FFB
failure can occur four to six months
later, floral abortion 10 to 12 months
later and sex differentiation as long
as 22 to 24 months after the drought.
Notably, planters with younger
trees are expected to do better, since
the younger trees would be more robust in a drought.For this reason,CIMB
Research’s top picks include First Resources Ltd (fundamental: 1.15; valuation: 1.20) and Genting Plantations.
Genting Plantations, for example,
has an exposure of 85% to the aforementioned drought-prone areas of
Sabah and Kalimantan. Yet, young
trees, coupled with a strong balance
sheet, have made the planter CIMB’s
top Malaysian pick with a target price
of RM10.50.
Interestingly, the Ministry of Plantation Industries and Commodities
last Friday announced an RM100 million Oil Palm Replanting Scheme (SITS
2015), that will begin on Oct 1, with
a goal of replanting some 83,000ha.
Under the scheme, eligible applicants may apply for a RM1,500 per
hectare incentive to replant the first
33,000ha under the scheme as part
of Phase 1. Phase 2 will see an incentive of RM1,000 per hectare for the
remaining 50,000ha.
SITS 2015 is expected to reduce
CPO production by 250,000 tonnes,
to help ease the oversupply challenges that the sector is grappling with.
The impact of the scheme however,
is relatively mild compared to the El
Niño effect (which could reduce CPO
production by more than two million
tonnes per annum by 2016.
However, it depends on how severe
El Niño will be. Current sea surface
temperatures over the central Pacific
Ocean are showing that a moderate
El Niño is present. However, the latest indicators presented at an El Niño
seminar in Kuala Lumpur last week,
suggest that it will strengthen in the
next few weeks. This could lead to
extremely dry weather in Sumatra,
as well as Sabah.
According to CIMB Research, a
moderate El Niño is expected to decelerate global palm oil production
growth to 3% and 1% year on year
(y-o-y) to 62.7 million tonnes in 2015
and 63.3 million tonnes in 2016.
(Note: the El Niño effect straddles
the end of 2015 and the beginning
of 2016.)
Meanwhile,a strong El Niño would
cause global palm oil production to
decelerate to 2.3% y-o-y growth to
62.24 million tonnes in 2015, and a
contraction of 1.8% growth to 61.11
million tonnes in 2016.
In the meantime, El Niño might
be good for the production of soybeans — an oilseed crop that competes with palm oil. CIMB Research
Low
Medium
High
1500
Very high
1000
500
0
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
CREDIT SUISSE
Crude Palm Oil
Sept 25
2,302
4000
Volume (‘000)
3500
3000
2500
2000
1500
Sept 27
2010
Breakdown of landbank in dry areas
RM/Tonne
Sept 25
2015
points out that four of the past six
El Niño events saw strong output
growth in soy.
While a stronger soybean crop
would put downward pressure on
CPO prices, “shortages in rapeseed oil
and gradual progress in Indonesia’s
bio-diesel blending targets (subsidies
in place since July 2015) will likely
help provide support to CPO prices
amid ample supply of palm oil and
soybean,” writes JP Morgan in a report.
“We prefer upstream plays with
strong non-price drivers and/or integrated companies with a competitive
edge downstream. Our top picks are
First Resources and Genting Plantations,” writes JP Morgan.
The research house’s top avoids,
meanwhile, are IOI Corp Bhd (fundamental: 1.05; valuation: 0.50) and
E
Golden Agri-Resources.
Note: The Edge Research’s fundamental
score reflects a company’s profitability and
balance sheet strength, calculated based
on historical numbers. The valuation score
determines if a stock is attractively valued
or not, also based on historical numbers.
A score of 3 suggests strong fundamentals
and attractive valuations. Visit www.
theedgemarkets.com for more details on a
company’s financial dashboard.
Malaysia
Sime Darby
IOI Corp
KLK
Genting Plant
Felda
Boustead Plant
IJM Plant
TSH Resources
Singapore
Wilmar
Golden Agri
First Resources
Bumitama
Indofood Agri
Indonesia
Astra Agro
Eagle High Plant
London Sumatra
Salim Ivomas
Dharma Satya
Sampoerna Agro
TOTAL
LANDBANK (HA)
% IN
SABAH
% IN
KALIMANTAN
TOTAL IN SABAH
+ KALIMANTAN %
614,469
174,061
200,597
119,870
348,827
70,600
55,389
53,200
8
66
19
35
31
37
46
33
21
9
52
51
0
0
54
67
29
75
71
85
31
37
100
100
238,773
383,902
170,596
115,463
300,050
24
0
0
0
0
70
100
33
98
34
94
100
33
98
34
235,300
137,606
112,490
300,050
63,500
78,123
0
0
0
0
0
0
57
90
16
34
100
45
57
90
16
34
100
45
CIMB RESEARCH
Palm oil production forecasts 2015/2016
Indonesia
Moderate El Nino (Tonnes)
y-o-y %
Strong El Nino
y-o-y %
Malaysia
Moderate El Nino
y-o-y %
Strong El Nino
y-o-y %
Global total
Moderate El Nino
y-o-y%
Strong El Nino
y-o-y%
2013
29.46
29.46
19.22
19.22
57.62
57.62
2014
31.85
8.1
31.85
8.1
2015F
33.26
4.4
33.12
4.0
2016F
33.41
0.5
31.89
-3.7
19.67
2.3
19.67
2.3
19.61
-0.3
19.31
-1.8
19.50
-0.6
18.88
-2.2
60.84
5.6
60.84
5.6
62.68
3.0
62.24
2.3
63.29
1.0
61.11
-1.8
17
corporate
18
Astro entices next generation of subscribers
MOHD IZWAN MOHD NAZAM/THE EDGE
A
BY LIEW JIA TENG
stro Malaysia Holdings
Bhd is embracing the
mobility element in its
next phase of growth as
the media and entertainment giant seeks to capture future generations of content
subscribers.
Astro Malaysia CEO and executive director Datuk Rohana Rozhan
acknowledges that the classic linear
TV broadcast is no longer sufficient
to cater to the changing consumption habits of younger consumers.
With that in mind, the pay-TV operator has started to evolve for the
digital age.
“The one phenomenon is the
individual space, the smart devices
space. Sometime back, we launched
Astro on the Go and we have made
some progress. Now, we have to
move seriously into that space,”
she tells The Edge in an exclusive
interview.
To tap the market, Astro had, in
2012, first offered the Astro on the
Go service to all Malaysians, including non-Astro TV subscribers. The
mobile app gives subscribers access
to live TV channels as well as live
sports and entertainment events on
a computer, tablet or smartphone.
“It’s funny how some customers,
even though they have Astro in the
home, prefer to keep their privacy
and subscribe to something on their
own,” says Rohana, “The reality of
content consumption is [that] the
linear push is not sufficient. We
embrace the mobility element.”
In the first half ended July 31,
2015 (1HFY2016), Astro on the Go recorded 1.8 million downloads, with
an average weekly viewing time of
140 minutes. Considering that 90%
of Malaysians have smart devices
and consume seven hours of content
on a daily basis, it is understandable that Astro wants to move into
that space.
With that in mind, Astro aims to
reach 2.5 million downloads by the
end of FY2016 with a weekly viewing time of 180 minutes per user.
“We have 4.6 million households,
each home has four to five people
in it, so there is no reason why [we
cannot hit the target]. We want to
capture the market share of that
seven hours of content viewing,
and these numbers are starting to
make sense,” she says.
The whole idea of entering the
individual and smart device space
is as much about increasing Astro’s
average revenue per user (ARPU),
which stood at RM99 in 1HFY2016
and is expected to reach RM100
by end FY2016, as it is about how
technology and consumer needs
have evolved.
“It’s more like family viewing
now, as people are watching on a
big screen in the living room. But
when they are in the individual
space, each one wants to watch a
different thing. So, when the aggregate consumption as a family
goes up, hopefully they will buy a
bigger package from us,” she says.
Meanwhile, in the traditional
home segment, Astro is also urging
subscribers to connect their set-top
boxes to the Internet in order to
access its video-on-demand (VOD)
E-commerce the
next big thing for Astro
BY LIEW JIA TENG
S
The one phenomenon is the individual
space, the smart devices space.
Sometime back, we launched Astro
on the Go and we have made some
progress. Now, we have to move
seriously into that space. — Rohana
Astro Malaysia's customers base
NJOI customers 0.44mil (11%)
2014
Pay-TV customers 3.44mil (89%)
TV household penetration
3.88mil
content, says Rohana.
“In addition to the linear viewing, you can access our huge VOD
library, whose titles are second to
none. You’ll always have something
to watch. We are driving take-up of
connected boxes and of Astro on the
Go from 181,000 now to 500,000 by
year-end,” she says.
Rohana was a founding member
of the Astro group, joining in 1995.
NJOI customers 0.92mil (21%)
2015
Pay-TV customers 3.51mil (79%)
TV household penetration
4.43mil
She was the group chief financial
officer of Astro All Asia Networks
Ltd, and was instrumental in its
listing on Kuala Lumpur Stock Exchange in 2003.
Astro (fundamental: 1.10; valuation: 1.70) is 41%-owned by business
tycoon T Ananda Krishnan while
sovereign wealth fund Khazanah
Nasional Bhd also has a 20.7% stake.
CO N T I N U E S O N PAG E 73
ince its foray into
e-commerce last November,
Astro Malaysia Holdings Bhd
has been encouraged by the highly
positive customer response.
In fact, the media and
entertainment group plans to stay
in this business for the long term —
and not just to test the waters, as
some quarters may suggest.
Astro has a presence in
e-commerce via Go Shop, a
platform-agnostic home shopping
proposition that was officially
launched in January this year. It is
available on Astro and Astro on the
Go as well as its website and mobile
app.
The group’s wholly owned
retailing arm, Astro Retail Ventures
Sdn Bhd, has a 60% stake in
Astro GS Shop Sdn Bhd, a joint
venture (JV) with South Korean
TV shopping channel operator GS
Home Shopping Inc.
According to Astro Malaysia
CEO and executive director Datuk
Rohana Rozhan, the group intends
to become a strong player in the
local e-commerce space, which is
expected to be worth RM21 billion
in the next five years.
“We are looking at revenue of
about RM200 million this [financial]
year, and if you think about it, this
is only our first year [in the home
shopping business]. There’s huge
potential, not only in Go Shop
but also the whole e-commerce
aspect,” she tells The Edge.
Astro’s home shopping
segment has delivered a stellar
performance, generating revenue
of RM74 million in the first half
ended July 31, 2015 (1HFY2016).
Despite poor consumer
sentiment — Malaysian Institute of
Economic Research’s consumer
sentiment index fell to a five-year
low of 71.7 in the second quarter of
this year — Astro’s home shopping
sales remained resilient at RM38
million in the second quarter ended
July 31, 2015 (2QFY2016).
In 1QFY2016, Go Shop
contributed revenue of RM37
million, up from RM25 million in
4QFY2015.
Rohana acknowledges that in
Malaysia, the main challenges for
e-commerce players have always
been the distribution network and
delivery system. Therefore, Astro
has worked hard to build its logistic
network, e-payment gateway and
retailing merchandise expertise.
“E-commerce has been a big
success for us, and we always
know this is a good opportunity.
However, we have to make sure
that the whole ecosystem is
supportive and mature enough,
so that we won’t put our brand
at risk by giving a bad customer
experience,” she stresses.
In the first three months after
its soft launch in November last
year, Go Shop had got about
75,000 customers, of which almost
a quarter were repeat customers
who have purchased over 120,000
products.
In 1QFY2016, Go Shop served
more than 160,000 customers,
who bought some 175,000
products.
Go Shop offers a wide range
of products — from digital and
electronic offerings to home and
kitchen appliances, lifestyle and
fashion accessories and cosmetics.
Top selling products include the
Steam Q iron, Shimono vacuum
cleaner and digital Quran pen.
Following the success of its
first Go Shop channel in Bahasa
Malaysia, Astro will launch a
Chinese Go Shop channel in
November.
In Malaysia, the e-commerce
market is expected to continue
on a strong growth trajectory,
reaching an estimated market
value of RM5.8 billion in 2015, as
Malaysians become increasingly
connected and tech savvy, and
more receptive to the idea of home
shopping.
While home shopping appears
to be a lucrative business, Rohana
warns that any new entrant to the
e-commerce market would not
have a ready customer base that is
as huge as Astro’s.
“We own the production facility,
we got the studio, talent, 24/7 call
centre facilities and satellite capacity.
And the most beautiful part of it is,
we have a distribution reach of 4.6
million households,” she says.
Hong Leong Investment Bank
Research analyst Mardhiah Omar,
in a Sept 17 report, says Astro’s
home shopping business is one
of the contributing factors to her
“buy” call on the counter, for which
she maintains a target price of
RM3.56.
Credit Suisse analyst Danny
Chan opines that Astro’s home
shopping business remains as a
key long-term investment catalyst,
thanks to its growth prospects.
“In our view, management’s 2019
sales target of RM500 million is
not impossible to achieve, and this
division, on a stand-alone basis,
could be worth 40 sen per share, or
RM2.94 in a blue-sky scenario,” he
says in a Sept 15 report.
Astro closed at RM2.88
last Friday, giving it a market
capitalisation of RM14.98 billion.
If the estimation by Credit
Suisse is correct, Astro’s home
shopping business could be worth
some RM2.08 billion, representing
14% of its market capitalisation.
Eventually, the merchandising
division alone could be worth
RM15.29 billion.
Given its expected big jump in
revenue and market capitalisation,
it would be interesting to see if
Astro will consider a spin-off listing
E
of Go Shop in the future.
19
corporate
20
Wan Azmi back in the game?
I
B Y Y E N N E FO O
t takes a lot to excite the stock market these
days but Bursa Malaysia is now abuzz with
the prospective return of one of its most
prominent figures, Tan Sri Wan Azmi Wan
Hamzah.
Last Monday,Tecnic Group Bhd announced
that it could be the subject of a reverse takeover (RTO), as Wan Azmi’s Rohas-Euco Holdings
Sdn Bhd is offering to sell its entire equity interest in Rohas-Euco Industries Bhd (REI) for
RM200 million to Tecnic (fundamental: 1.95;
valuation: 2.10).
REI is principally involved in the design and
fabrication of steel structures for high-tension
towers, microwave towers and substation structures. It was listed on Bursa Malaysia before
Wan Azmi took it private in 2007.
The RTO is satisfied by the issuance of 317.5
million new 10 sen shares in Tecnic at 63 sen a
piece, which will effectively give Rohas-Euco
an 88.7% stake in Tecnic. Whether Rohas-Euco
opts for a placement of shares or sells some of
its stake to meet the shareholding spread of
25% remains to be seen.
Nevertheless, if the RTO is concluded, the
deal will represent Wan Azmi’s first involvement in a listed entity in Malaysia since he
sold his 11.95% stake in Penang-based property
developer Eastern & Oriental Bhd (fundamental: 1.30; valuation: 1.40) to government-linked
conglomerate Sime Darby Bhd (fundamental:
0.80; valuation: 1.40) in 2011 for a sizeable profit.
Unlike E&O, where he was a passive shareholder, chances are he will be in control of
Tecnic.
KENNY YAP/THE EDGE
A search with the Companies Commission
of Malaysia indicates that Rohas-Euco is almost
75% controlled by Wan Azmi and his wife Puan
Sri Nik Anida Nik Manshor, while the remainder is held by Chan Liew Hoon (14.3%) and Sia
Bun Chun (10.8%).
Rohas-Euco’s financials were not available
as it is exempt from disclosing its financials or
the value of its assets and liabilities.
Wan Azmi’s comeback is creating ripples
because few characters in Corporate Malaysia can boast a résumé like his. He made an
impression as a member of former finance
minister Tun Daim Zainuddin’s troop of young
Malay entrepreneurs in the 1970s and became
prominent thereafter through his association
with the minister.
Wan Azmi became CEO of Malayan Banking
Bhd (fundamental: 1.40; valuation: 2.25) in 1985,
an unexpected appointment given his young
age and the shoes he was expected to fill.Then
35, Wan Azmi replaced Tan Sri Jaffar Hussein,
who had been appointed governor of Bank
Negara Malaysia. It was after his brief stint
at Malaysia’s largest banking group that Wan
Azmi started to make a name as entrepreneur.
His first venture was buying into loss-making sawmiller and timber trader, General Lumber (Holdings) Bhd, in 1987. He turned it into
an integrated timber player with downstream
businesses before transforming it into a property firm, which he named Land & General
Bhd (L&G).
L&G’s first flagship development was the
Bandar Sri Damansara. However, the company ran into financial trouble during the financial crisis in 1997 as its debt level ballooned to
Wan Azmi’s comeback is creating ripples
RM600 million.Wan Azmi sold his stake in 2002.
The tycoon was also involved in various
listed entities, including Rashid Hussain Bhd,
Gadek (Malaysia) Bhd, Malaysian Resources
Corp Bhd, Cycle & Carriage Bhd, Kretam Holdings Bhd and Bumi Armada Bhd.
His other intriguing business moves include the acquisition of a 20% stake in Nanyang Press, which publishes Chinese language
newspapers, and a 51% stake in Juara Perkasa
Corp Bhd, which was eventually sold to cigarette maker RJ Reynolds.
Currently, his 30% stake in private outfit
Syarikat Pengeluar Air Selangor Holdings Bhd
(Splash) is one of his most notable assets. In
2000, he worked with the Selangor government
and Gamuda Bhd to build a RM2.1 billion dam
and two water treatment plants in Selangor.
Selangor has been involved in a long-drawnout water assets restructuring exercise with the
other stakeholders,with Wan Azmi and Gamuda
(fundamental: 1.80; valuation: 2) unwilling to
relinquish the water treatment assets to the
state due to a disagreement on price.
Wan Azmi’s interests are not confined to
Malaysia. He has stakes in two AIM-listed firms
— Steppe Cement Ltd, a Malaysian-incorporated
firm with a cement manufacturing business
based in Kazakhstan, and PureCircle Ltd,which
makes a plant-based sweetener.
The Tecnic RTO is still in its early stages.
Rohas-Euco and Tecnic have signed a memorandum of understanding, agreeing to negotiate exclusively and finalise a sale and purchase agreement within two months of the
due diligence process.
If successful, it should prove to be a marriage of convenience for both parties. Tecnic
— now a cash-rich firm after selling its entire
plastic products manufacturing business to
sister company, SKP Resources Bhd, for RM200
million last October — needs a new business
to keep its listing status.
The company has made it clear to its shareholders that the MOU will not have an impact
on its earnings, assets, gearing or share capital.
But, the market knows enough to be thrilled.
In a week,Tecnic’s share price rose 23% to close
E
at RM1.48 last Friday.
21
22
23
LBS Bina targets Zhuhai project approval in 12 months
L
BY KAMARUL AZHAR
BS Bina Group Bhd’s long wait of more
than 10 years to monetise and redevelop its assets in Zhuhai City, Guangdong
Province, China, may end soon. Its
managing director Tan Sri Lim Hock
San expects the approval for the conceptual design to come from the local governments in the next 12 months.
He tells The Edge that there will be 14 projects on the Zhuhai International Circuit (ZIC)
land, including hotels, factory outlets, a theme
park, residences and a Malaysia cultural centre,
besides the car racing circuit itself.
“We are targeting for the conceptual design of the project to be approved by the local
government in the next 12 months. With the
project getting the nod from the provincial
government, the local government will speed
up the approval process,” says Lim.
To recap, LBS Bina (fundamental: 1.00; valuation: 2.40) signed a memorandum of understanding (MoU) with Zhuhai Jiuzhou Holdings
Group Co Ltd on Sept 19 for the proposed upgrading of ZIC. LBS Bina has a 60% stake in ZIC
project through its wholly owned subsidiary
Lamdeal Investment Ltd.
Under the MoU, the upgrading plan is outlined by four concepts.The project will integrate
motorsport into a modern urban lifestyle as
well as have a comprehensive service centre,
special attractions for cultural exchanges, a
Melaka cultural museum and a Made in Malaysia Excellence exhibition hall.
The signing of the MoU was witnessed by
Melaka head of state Tun Mohd Khalil Yaakob,
Melaka Chief Minister Datuk Seri Idris Haron
and Guangdong Province Governor Zhu Xiaodan.
The presence of both Melaka’s head of state
and Guangdong’s governor shows that the relationship between Malaysia and China is much
stronger, says Lim. Zhu and Idris agreed to enhance friendly and cooperative relations between
the south-eastern province of China and Melaka.
“This cooperation is part of China’s One Belt,
One Road policy, and we are happy to be a part
of it,” says Lim.
The redevelopment of ZIC has always been
on the cards for LBS Bina, ever since it was listed
on Bursa Malaysia through a reverse takeover
of Instangreen Corp Bhd in 2002. There were
three assets in Zhuhai City, including ZIC, that
LBS Bina inherited from Instangreen.
The other two were a 328-acre golf course
and a 197-acre development land, both of which
have been sold to Zhuhai Holdings Investment
Group Ltd for HK$1.65 billion — to be settled with
HK$1.35 billion cash and 225.5 million shares or
a 16% stake in Zhuhai Holdings.
The cash payments were divided into four
tranches between 2014 and 2017. So far, LBS has
received HK$950 million in cash payments.
LBS Bina has utilised part of the cash to pare
down its borrowings,reducing its gearing to 21%
currently from 68% in the financial year ended Dec 31, 2012 (FY2012). Its gearing is expected
to drop further to 5.4% in FY2015, says JF Apex
Securities Bhd analyst Lee Chung Cheng, who
covers the company.
He estimates LBS Bina’s stake in ZIC to be
worth RM690 million. The company’s market
capitalisation stands at RM838 million, based
on the stock’s closing price of RM1.54 last Friday.
Its share price has increased 19.5% since Sept 1.
Lee pegs LBS Bina’s target price at RM1.70,
implying an 11.6 times FY2016 forecast earnings per share.
LBS Bina announced the receipt of the second
tranche of HK$800 million in cash from Zhuhai
Holdings on Sept 1, four months earlier than the
agreed date of Dec 31 as per the disposal deal.
The developer has allocated HK$80 million for
dividends. This would translate into dividends
of about 8.3 sen per share.
However,the signing of the MoU did not bring
much excitement to LBS Bina’s share price,which
could be partly due to the fact that all the parties
have yet to sign a firm development agreement.
Furthermore, China’s economy has been on
a slower trajectory since the first quarter of last
year. The world’s second biggest economy expanded 7% year on year in the second quarter of
this year, the same rate seen in the first quarter,
which was the slowest since 2009.
China’s property market has also experienced
a slowdown.Growth in real estate investment in
the country continued to slow in the first eight
months of the year to 3.5% y-o-y, compared with
10.4% in January, according to the National Bureau of Statistics of China.
This raises the question of the timing of
the project.
“Yes,China’s economy is slowing down.However, tourism is big in China. The project will
have many tourist attractions such as a theme
park and a Malaysia-China cultural centre,”
Lim says, adding that the development will be
undertaken in partnership with other parties.
The racing circuit is currently being used
by racing clubs from Hong Kong and Macau,
and as a test ground for car manufacturers. It
incurred a net loss of RM5.53 million in the first
half of FY2014 with revenue of RM10.5 million.
Nonetheless, Zhuhai’s economy may get a
boost next year as the Hong Kong-Zhuhai-Macau
Bridge will be completed then. Construction of
the 50km link started in 2011,with an estimated
cost of US$10.6 billion. The combined population of the special administrative regions and
E
Zhuhai is about nine million.
corporate
24
Will banking headwinds in China
hurt Malaysian lenders?
T
B Y A D E L I N E PAU L R A J
here is growing concern
about China’s banking sector as lenders, after years
of solid growth, grapple
with rising bad loans and
tepid profits amid the
weakening economy. This begs the
question as to what extent the headwinds there will impact Malaysian
banking groups with exposure to
the sector.
Notably, CIMB Group Holdings
Bhd and Hong Leong Bank Bhd each
has an associate stake in small commercial banks there. CIMB (fundamental: 1.05; valuation: 2.25) has
a 20% stake and is the single largest shareholder of Bank of Yingkou
Co Ltd in Liaoning province, while
Hong Leong (fundamental: 2.80;
valuation: 2.70) has 20% in Bank of
Chengdu Co Ltd, Sichuan.
Malayan Banking Bhd has three
branches in mainland China, while
CIMB has one. Public Bank Bhd has a
retail and commercial banking subsidiary based in Hong Kong, Public
Bank (HK) Ltd.
Just last week, in a move that
rattled investors, Standard & Poor’s
Ratings Services revised downwards
its assessment of the economic risks
facing China’s banking industry
REUTERS
to “negative” from “stable”. It said
China’s banks faced growing risks
tied to bad loans and problems in
the property sector.
“We view economic risks for China’s banking industry as high,” the
US credit rating agency said in a
Sept 21 report.
As it stands, many banks there
are already seeing stagnant profit
growth, even as the slowing economy increases the likelihood of
borrowers having trouble repaying loans. In March this year, China announced an economic growth
target of about 7% for 2015, which
would be the slowest rate in 25 years.
Even after five interest rate cuts
and a few reductions in bank reserve requirements since November,
economists say China may struggle
to reach that target. Last year, the
world’s second largest economy
expanded by 7.4%.
Four of China’s biggest banks last
month reported only small growth
in net profit for the first half of the
year, while their non-performing
loan (NPL) ratios went up.
Net profit at Industrial and Commercial Bank of China Ltd (ICBC),
the world’s largest bank by assets,
as well as Agricultural Bank of China and China Construction Bank
(CCB), grew by less than 1% for the
Net profit at ICBC, the world’s largest bank
by assets, grew by less than 1% in 1H2015
compared with the same period a year ago
Bank of Yingkou’s contribution to CIMB Group
RM ‘MIL
FY14
first half compared with the same Profit after tax to CIMB Group
114.5
period a year ago, while Bank of
China’s (BoC) grew by 1%.
The growth was sharply lower than that in the first six months
of last year, when ICBC’s net profit grew by 7%, Agricultural Bank’s
grew 13% and BoC’s, 11%. According
to press reports out of Beijing, Chinese lenders are facing their worst
year in more than a decade.
ICBC’s NPL ratio inched up to
1.4% at end-June from 1.29% at endMarch, while Agricultural Bank’s
moved up to 1.83% from 1.65% and
BoC’s grew to 1.4% from 1.33%. CCB’s
rose to 1.42% from 1.19% at end-December 2014.
While these NPL ratios are nothing out of the ordinary when compared with global standards, analysts and industry observers wonder
if the ratios could actually be higher
than what is reported.
“Given the economic downturn
and the increasing NPL pressures,
there is increasing market talk that
banks are less stringent in booking
NPLs. In our view, large banks continue to maintain higher NPL recognition standards, but some midsized banks do report lags between
their overdue loans and NPLs,” says
UOB Kay Hian Research in a Sept 8
report on the Chinese banking sector.
While all these point to a grim
outlook for the sector, analysts are
not overly concerned about the potential impact on CIMB, Hong Leong, Maybank (fundamental: 1.40;
valuation: 2.25) and Public Bank
(fundamental: 2.80; valuation: 1.80).
“Their exposure and earnings
contributions from China is small,
especially when you compare it to
some of the banks’ key overseas
markets like Singapore, Indonesia
and Thailand. So, I don’t think it’s
something to be overly concerned
about,” says Kelvin Ong, a banking
analyst at MIDF Research.
Nevertheless, analysts expect
the banks’ profit contribution from
China to come down. Hong Leong is
expected to be the most impacted as
FY13
Y-O-Y
4Q14
3Q14
Q-O-Q
95.9
19.40%
18.2
30.7
40.7%
SOURCE: CIMB GROUP
it draws a higher proportion of its
earnings from China than the rest.
“Bank of Chengdu accounts for
about 14% to 15% of Hong Leong’s
profit before tax (PBT), so the profit
contribution is quite meaningful
per se. Bank of Chengdu’s NPLs are
on the rise and loan loss coverage
levels have come off quite significantly, so it’s a bit of a concern for
Hong Leong,” says another analyst.
Bank of Chengdu accounted for
14.6% of Hong Leong’s PBT in the
last financial year ended June 30,
2015. The Chinese lender’s profit
contribution that year grew by 8.9%
to RM401.3 million.
By comparison, Bank of Yingkou
accounted for less than 1% of CIMB’s
bottom line in the last financial
year. Contribution from the Chinese lender grew 19.4% to RM114.5
million for the year ended Dec 30,
2014, due to better interest income
on the back of higher loan growth
and fixed income investment.
Still, profit contribution in the
final quarter that year fell by 40.7%
to RM18.2 million from the third
quarter.
CIMB accounts for its share of
profit and draws small dividends
from Bank of Yingkou, says a banking source, who adds that the Chinese business is “still doing okay”
and has yet to see a rise in NPL ratio.
“In the case of Maybank and Public
Bank,the impact is insignificant.Public Bank does predominantly Hong
Kong business, and finds it hard to
penetrate mainland China. The Chinese business contributes very little
to Public Bank and Maybank’s earnings,” an analyst says.
Analyst David Chong of RHB Research says the impact from China’s slowing economy on Malaysian banks may also include slower
trade finance business, apart from
softer growth in contribution from
E
associates.
25
corporate
26
Coincidences abound at Lay Hong
Q
BY BEN SHANE LIM
L Resources Bhd may have given up
its plans to privatise Lay Hong Bhd,
but the latter’s share price seems
to be performing better than ever.
Could the 22% rally in the egg
layer’s share price to RM4.30 last
week have something to do with the emergence of new shareholders, which includes
the ubiquitous investor Chin Boon Long?
Chin is best known for rejecting Ninetology Marketing Sdn Bhd’s 55 sen per share offer
for Ingenuity Solutions Bhd (now renamed
Ingenuity Consolidated Bhd) back in 2012
when he had a 29.15% stake in the company.
Minority shareholders then were left fuming
when Chin walked away from an easy RM90
million had he accepted the offer, causing the
share price to collapse back to 12 sen.
Apart from his newly acquired 7.4% stake in
Lay Hong (fundamental: 0.75: valuation: 1.40),
Chin also held substantial stakes in companies like 1Utopia Bhd, Takaso Resources Bhd,
Spring Gallery Bhd and Persona Metro Bhd.
In an interesting turn of events, Lay Hong’s
controlling shareholder, Yap Hoong Chai, last
month took substantial positions in two companies linked to Chin — Takaso (fundamental: 1.65: valuation: 0.30) and Spring Gallery
(fundamental: 1.65: valuation: 0.30).
When contacted, Chin declined to comment. At Lay Hong’s general meeting earlier
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Minority shareholders then were left fuming when
Chin walked away from an easy RM90 million had he
accepted the offer, causing the share price to collapse
back to 12 sen
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this month however, Yap told the press that
he was unaware who QL Resources would be
selling the shares to.
So is it merely a coincidence that Yap took
positions in companies that Chin was exiting,
just weeks before Chin bought into Lay Hong?
Here is a recap of recent shareholding
changes:
On Aug 14, Yap, through his 87.5%-controlled Innofarm Sdn Bhd, acquired 13.997
million shares in Takaso, or a 6.815% stake, for
an estimated RM7.7 million in an off-market
transaction. Including an acquisition of 1.72
million shares on the open market, Yap now
has a 7.65% stake in Innofarm.
Chin, along with his brother, used to be one
of the largest shareholders in Takaso with a
16% stake at its peak in mid-2014.
Subsequently, on Aug 24, Yap through Innofarm would acquire 7.67 million shares in
Spring Gallery (formerly PFCE Bhd) for RM5.06
million or 66 sen a share, through off-market
transactions.
Chin did not surface as a substantial shareholder in Spring Gallery, but held a 4.73% stake
in the company as at Aug 27, 2014, based on the
company’s annual report.
At this stage, it would have been known that
QL Resources’ 38.6% stake in Lay Hong was
up for sale, with RHB Investment Bank acting
as the placement agent. However, it was only
on Sept 11 that QL Resources sold its shares to
RHB Investment for a mere RM3.05 per share.
This was a 22% discount to Lay Hong’s share
price of RM3.90 the same day and a 12.9% discount to the RM3.50 per share voluntary general offer price that QL Resources had earlier
offered to privatise Lay Hong last year.
According to Bursa filings, Chin would
acquire his 7.4% interest in Lay Hong on the
same day, along with Kenanga Investment
Bank and Greenfield Hills Sdn Bhd, which
took up stakes of 15.56% and 6.3%, respectively.
It is not clear who Kenanga Investment
Bank is holding the shares for.
Interestingly, Greenfield Hills earlier this
year acquired a 30.9% stake in Spring Gallery.
Greenfield Hills was only incorporated in
March this year, and bought the major stake
in Spring Gallery on May 5. The company is
controlled equally by Rabindranah Nandy, 71,
and Muahamad Hamizan Megat Shamsudin, 25.
At this point however, it is not clear from
whom Yap bought the Spring Gallery shares
since it hasn’t been announced yet. Interestingly, the off-market transactions that Yap
used to acquire the shares were all in blocks
of less than 5%. If no substantial shareholders were involved, no announcement to Bursa
Malaysia would be necessary.
As for the shares acquired from Takaso, it
27
corporate
28
SapuraKencana still steady in Brazil
B
Petrobras and Brazil’s sovereign debt to junk status
earlier this month. In February, Moody’s Invesrazil’s once thriving oil producer tors Service downgraded Petrobras’ debt to junk.
Petróleo Brasileiro SA (Petrobras) seems
With oil prices and credit ratings down, and
to be on a downward spiral since a mon- reports that Petrobras is cutting spending and
ey laundering and corruption scandal selling US$13.7 billion worth of assets, questions
broke open more than a year ago.
have been raised about the status of SapuraKencaThe scandal, which has adversely na Petroleum Bhd’s six pipe-laying support vessels
affected Brazil’s economy and currency, coin- (PLSV) that are set for work in the waters of Brazil.
cided with the fall of crude oil prices and caused
An industry source stresses that SapuraKStandard & Poor’s
Rating Services
to downgrade
encana’s
contracts are firm and secure. “The
The edge_186mmW
x 280mmH_safety_bw.ai
1 9/22/2015
5:37:09 PM
B Y FAT I N R AS Y I QA H M U S TA Z A
contracts have firm day rates, natural hedge
against inflation and there is no termination
for convenience. Even though the company has
been going through challenges recently, there
have been no indications of any slowdown in
production from Petrobras,” he says.
Note that Petrobras produced a record 2.69
million barrels of oil equivalent (boe) per day in
August, which is a 3.1% increase over July and
almost 1% higher than the previous 2.67 million
boe per day in December 2014.
To recap, in November 2011, SapuraKencana’s 50:50 joint venture company with Seadrill
Ltd, Sapura Navegacao Maritima SA (SNM), was
awarded a five plus five-year US$1.4 billion contract to build and operate three PLSVs. In June
2013, SNM secured a similar contract on an eight
plus eight-year call for another three PLSVs for
US$2.7 billion.
“SapuraKencana has delivered three vessels
(Sapura Diamante, Sapura Topazio and Sapura Onix)
three months earlier than its contractual start
dates and all its vessels have been accepted and
put to work in Petrobras’ deepwater pre-salt fields.
The other three PLSVs — Sapura Esmerelda,
Sapura Jade and Sapura Rubi — are expected to
start work in Brazil in 2017.
“In terms of payments, they have been making prompt payments every 30 days on the dot,”
notes the source, adding that all the six vessels
are fully funded, testimony that the banks are
confident of the Petrobras project.
“It is important to recognise that Brazil’s deepwater pre-salt fields are robust and viable, even
in the current oil price environment.About 80%
of Brazil’s fields are economically viable at crude
oil prices of US$50 per barrel,” he says.
With a total value of more than US$4 billion,
SapuraKencana has recognised some of the
value from the early deliveries, which is still a
significant amount considering that it is sitting
on an order book of RM23 billion.
TA Research,in a research note,says the group’s
Brazilian operations contributed about RM30
million in pre-tax profit to its first half for the
financial year ending Jan 31, 2016 (1HFY2016).
In 1HFY2016, the group saw net profit fall to
RM364.78 million from RM955.22 million a year
earlier due to impairment provisions on its oil
and gas assets. Revenue was recorded at RM5.06
billion, from RM5.14 billion. The group’s income
statement showed that it registered asset provisions of RM345 million after tax during 1HFY2016.
The research house noted that Sapura Onix is
expected to bump up the group’s fourth quarter.
“Margins for Brazil remain robust (earnings
before interest, taxes, depreciation and amortisation at 49% and profit before tax 20%), and
management declined a request for discounts
from Petrobras recently,” read the note.
The research house sees the group registering a core net profit of RM1.05 billion for its full
FY2016 on the back of RM8.31 billion in revenue.
It has a “buy” call on SapuraKencana with a
lower target price of RM2.29 from RM3.12 previously. “We believe this is more reflective of the
current downcycle,which has weighed down earnings and valuations. In addition, this represents
a 10% premium to the sector’s average trough
valuations during the 2006 oil price downcycle.
We believe the premium is justified by SapuraKencana’s integrated and diversified operations,
large asset bases and global track record,” it says.
Meanwhile, Maybank IB Research revised
SapuraKencana’s FY2016 core earnings forecast
by 10% to account for stronger earnings for the
drilling and international engineering and construction divisions. However, it cut FY2017 and
FY2018 core earnings by 5% each to account for
the lower profit from its drilling operations and
overall utilisation.“The oil price is likely to remain depressed, suppressed largely by the oversupply of oil in the market and muted demand
outlook. SapuraKencana’s oil price outlook is
for US$55 per barrel over the next three years,
a realistic view that we concur with.
“While its share price has plunged 56% over
a 52-week period, the grey visibility will cap
interest in the stock. We do not foresee any
strong catalyst that warrants an immediate
rerating. For this, SapuraKencana remains a
‘hold’ with a lower sum-of-parts target price
of RM2. Our services earnings pegs are based
on a lower multiple of 10 times while we value
its energy operations at net book value of RM1
billion,” says Maybank.
Last Wednesday, SapuraKencana closed 3.52%
lower at RM1.92, for a market capitalisation of
RM11.5 billion.
29
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corporate
30
AEON Malaysia seeks buyer for Cheras mall
R
B Y VASA N T H A G A N E SA N
etailer-cum-property manager AEON Co (M) Bhd is
looking to dispose of AEON
Mahkota Cheras Mall —
one of the smaller malls
within the group — in Bandar Mahkota Cheras, Selangor, for at
least RM80 million.
Documents seen by The Edge reveal that AEON Co (M) (fundamental:
1.05; valuation: 0.50) is exploring
opportunities to sell the shopping
centre, located in Persiaran Mahkota
Cheras, and had last month invited
bids from selected companies.
The retailer has set a reserve price
of RM80 million for the five-year-old
property. This means that AEON Co
(M) may be willing to part with the
asset should it receive a minimum
payment of RM80 million. The successful bidder will also have to bear
a 6% Goods and Services Tax (GST) on
the price at which the deal is sealed.
The documents also indicate that
AEON Co (M) had set Sept 1 as the
closing date for the submission of
bids. However, sources say the deadline had been subsequently extended
up until last week.
AEON Co (M) executive director
Poh Ying Loo did not respond to calls
or messages from The Edge.
AEON Co (M), 51.68% owned by
Japan’s AEON Co Ltd, made its debut
SAM FONG/THE EDGE
in Malaysia 30 years ago under the
Jaya Jusco brand name.The Japanese
parent also wholly owns and operates a hypermarket business here
under the AEON BiG brand.
Sources say AEON Co (M) is divesting itself of AEON Mahkota Cheras
due to a change in business direction
and to avoid cannibalisation. AEON
Co (M)’s strategy going forward is
to own larger malls that sit on at
least 12 acres of land.AEON Mahkota
Cheras offers 211,405 sq ft in net lettable area (NLA) and the two-storey
building sits on a seven-acre parcel.
There are several other AEON
branded stores in close proximity
to the said shopping centre. AEON
Cheras Selatan Shopping Centre in Lebuh Tun Hussein Onn in
Balakong, for example, is just 4.8km
or a 10-minute drive away. Another
AEON department store-cum-supermarket in the vicinity is AEON
Taman Maluri Mall, which is about
14km away. Moreover, there is an
AEON BiG hypermarket located just
3.8km from AEON Mahkota Cheras.
The two-storey shopping centre with 680 parking bays on the
ground and rooftop levels sits on a
freehold parcel and has a built-up
area of 299,979 sq ft. As at Dec 31 last
year, the net book value of the asset
was RM59.09 million. AEON Co (M)
had purchased the land in 2008 for
RM24.39 million.
A reserve price of RM80 million has been set for AEON Mahkota Cheras
At first glance, an RM80 million
price tag sounds rather cheap for
a completed and fairly new building in Cheras as it is equivalent to
RM378 per sq ft. A valuer contacted
by The Edge says the average price
for malls in the area is RM500 to
RM600 psf.
However, industry observers were
quick to point out that there are several other considerations which can
influence the purchase value. “What
is the yield? Will AEON continue to
be a tenant or will they leave? If they
(AEON) stay as a tenant, for how long
will they remain? What will happen
if the anchor tenant moves out, especially in this market since many
new malls are not even able to get
tenants?” an observer asks.
The sale of the asset is on an “as
is where is” basis. There is also no
indication if AEON Co (M) will enter
into a sale-and-leaseback agreement
with the new owner.
This is not the first time AEON
Co (M) has sold a shopping centre.
In 2005, it disposed of Kinta City
Shopping Centre in Ipoh, Perak, for
RM121 million and entered into a
leaseback agreement with the buyer. More recently, in 2013, the group
sold an 18.18% stake in AEON Taman
Universiti Shopping Centre in Johor
for RM20 million to AEON REIT Investment Corp.
Today, there are 30 AEON stores,
of which 23 are owned and operated
by AEON Co (M) while the remaining
are leased. In addition, the group also
operates four MaxValu supermarkets.
Like many retailers in Malaysia,
AEON Co (M) saw its sales slip 5.44%
year on year to RM811.1 million
in the second quarter ended June
30 (2QFY2015), due to a slump in
consumer sentiment and the implementation of the GST on April
1 this year. Retail Group Malaysia,
which compiles retail data for Malaysia Retailers Association (MRA),
reported that retail sales of the department store-cum-supermarket
category contracted by as much as
12% in April-June 2015. MRA members in this retail sub-sector are
projecting another quarter of contraction in the July-September period of -3.6%.
AEON Co (M) also saw its profit
dip to RM15.66 million in 2QFY2015
from RM46.94 million a year earlier
due to lower sales, higher operating costs and higher interest. The
previous corresponding quarter
had included a gain from the part
disposal of AEON Taman Universiti.
In 1HFY2015, AEON Co (M) saw its
net profit dive 31% y-o-y to RM65.06
million due to higher operating
expenditure as a result of costs associated with new store openings.
Revenue in the first half, however,
improved by 6.37% y-o-y to RM1.92
billion, thanks mainly to contribution from its new stores.
In the first six months of this
year, revenue from the retail segment grew 6.2% to RM1.65 billion
while property management services increased 7.7% to RM270.2 million.
AEON Co (M) said in May that it
had been accelerating its expansion
to gain a bigger market share. It added that RM700 million had been set
aside as capital expenditure for the
development of its upcoming mall
in Shah Alam, which is scheduled
to open in the fourth quarter of this
year, and a store in Kota Bharu that
is slated for opening in the first or
second quarter of next year.
Future stores can also be expected in Johor and Negeri Sembilan. In
July last year, the company bought
a 20-acre parcel in Batu Pahat, Johor. Then, in December 2014, it purchased 20.88 acres in Senawang,
Seremban, for RM53.66 million to
build a shopping centre.
In 2018, AEON Co (M) will open
its largest mall, AEON Nilai Shopping Mall, with 1.2 million sq ft of
E
shopping space.
31
corporate
32
New strategy needed for Firefly
M
BY KAMARUL AZHAR
alaysia Airlines Bhd (MAB) has to
come up with a new strategy for
its subsidiary FlyFirefly Sdn Bhd
as the regional airline reaches its
target of having a fleet of 20 aircraft and serving almost all the
major destinations in Peninsular Malaysia.
Firefly operates 19 turboprop aircraft now.
It will reach its target of 20 next year, four
SUHAIMI YUSUF/THE EDGE
years earlier than its initial projection of 2020
as the airline saw rapid growth over the last
eight years. It carried 2.2 million passengers
last year, up from 390,000 in 2007 — the year
it commenced operations.
“We took delivery of three aircraft this year
and will get another next year. Next year, we
have to sit down with the top management of
MAB to see what more can be done,” Firefly
CEO Ignatius Ong tells The Edge in an exclusive interview.
However, Firefly may find itself having
limited room to grow in the future. This is because it operates turboprop aircraft,which have
a shorter range and slower speed compared with
jet planes. Regional airlines normally use turboprops in high-density, point-to-point routes.
Ong says most of the major destinations
in Peninsular Malaysia are being served by
Firefly. The only way the airline can grow is
by increasing frequency to the destinations
it is serving.
Ong: Next year, we have to sit down with the top
management of MAB to see what more can be done
“The destinations are, in a way, a little bit
limited because within the peninsula, that’s
pretty much it. But we can grow through frequencies. For example, when I came in four
years ago, there were only about six flights a
day between Subang and Penang. Today, we
have 16 flights between Subang and Penang,”
says Ong.
Firefly’s unique proposition is that it operates out of Subang SkyPark, which is closer
to major businesses and population centres
in the Klang Valley compared with Kuala
Lumpur International Airport (KLIA) and
klia2 in Sepang.
A turboprop aircraft uses turbine engines
to drive its propellers. Turboprops are most
suitable for short-haul flights, focusing on
efficient connectivity rather than comfort
and speed. The Ministry of Transport only
allows turboprop aircraft to fly in and out of
Subang SkyPark.
According to aviation experts, turboprops
are most suited for flights that take 1½ hours
or less as beyond that, the passengers’ comfort would be compromised. Since turboprops
have slower speed, the distance they can fly
within 1½ hours is also shorter compared
with that of a jet aircraft.
Besides cities in the peninsula, Firefly also
flies to Singapore as well as Batam, Medan
and Pekanbaru in Indonesia, and Koh Samui, Krabi and Phuket in Thailand. Apart from
Subang SkyPark, Firefly’s other hubs include
Penang International Airport, Sultan Ismail
Petra Airport in Kota Bharu, Kelantan, and
Senai International Airport in Johor.
No immediate plans to introduce
jet operations
Given turboprops’ limited range, there is a
compelling reason for Firefly to introduce
jet operations, says aviation analyst Syukor
Yusof. Being a feeder airline to Malaysia Airlines, Firefly could operate jet planes with
smaller passenger capacities than those of
the main line, he says.
“It doesn’t have to be the big type of jet
aircraft. It can use small, narrow body jet
aircraft that can fly further compared with
turboprops, but with a relatively small passenger capacity,” Syukor says when contacted by The Edge.
Malaysia Airlines operates narrow-body
aircraft for domestic and short-haul regional
33
Avoiding overlapping of routes
F R O M PAG E 3 2
routes. It has 59 Boeing 737-800s, with another
12 on order and 10 options to buy. The 737-800
seats 162 passengers in a two-class configuration and 189 in a single class.
The 737-800 has a fully loaded range of
5,665km. Malaysia Airlines uses this type of
aircraft to fly to regional destinations such as
Jakarta, Bangkok, Kota Kinabalu and Dhaka.
Jakarta is 1,141km from Kuala Lumpur, while
Dhaka is 2,634.5km.
However, the 737-800 may still be too big
for Firefly to operate. The Bombardier CRJ700
seats about 70 passengers in a single-class
configuration and has a maximum range of
2,256km. The Embraer ERJ 145 seats 50 passengers in a single-class configuration, with
a standard range of 3,704km.
“Of course, going to Bangkok and Jakarta
are always on my mind, so I’m talking with
the aircraft manufacturers and asking them
to come up with a new-generation engine,
which is more fuel-efficient and that has a
longer range.
“Let’s say if they come up with an aircraft
that can serve Subang to Bangkok or Kota
Kinabalu, we will have that aircraft in our
fleet. But the condition is, it has to be at a
lower cost per seat,” says Ong.
He reveals that the group’s business plan
is to avoid an overlapping of routes by Firefly
and Malaysia Airlines. While other airlines
in the region do operate regional or low-cost
subsidiaries to complement the main line,
there tends to be cannibalisation within the
same group, he says.
Singapore Airlines Ltd owns SilkAir, a regional subsidiary, and Scoot, a long-haul,
low-cost carrier. It also holds stakes in Tiger
Intriguing new shareholder in Lay Hong
Airways Holdings Ltd and an Indian startup, Vistara. Garuda Indonesia owns Citilink,
while Thai Airways International pcl owns
Thai Smile.
Firefly used to fly to Kuching and Kota
Kinabalu using jet aircraft. However, these
routes were axed in August 2011. The reason
given back then was that the routes were not
commercially viable as it faced competition
from its parent as well as AirAsia Bhd.
There is also no immediate plans to operate out of Kuching International Airport and
Kota Kinabalu International Airport, says Ong.
This is because MASwings, another regional
airline owned by MAB, is serving routes within
Sabah and Sarawak, as well as Pontianak and
Tarakan in Kalimantan, Indonesia.
“You’ve got to give MAB some time to restructure the network, which it is doing. If
you make it too robust of a growth, you might
cannibalise each other,” Ong comments when
asked about the possibility of Firefly flying to
Sabah and Sarawak as well as other regional
destinations.
For the financial year ended Dec 31, 2013
(FY2013), Firefly registered a loss after tax of
RM9.08 million, compared with a profit after
tax of RM40.7 million in the previous financial year, according to the company’s filing
with Companies Commission of Malaysia
(CCM). Its revenue increased 3% year on year
to RM365.2 million in FY2013.
FY2014 numbers were not available at
CCM’s website.
With MAB restructuring its network and
capacity, serious thought will have to be given
to the strategy involving Malaysia Airlines,
Firefly and MASwings in order for the group
to be sustainable going forward.
F R O M PAG E 2 6
appears that the selling counterparty was
Tee Tze Chern, whose disposal of some 24.1
million shares in Takaso by his vehicle Nextplus Fortune Sdn Bhd was on the same day
Yap acquired his shares.
Although Chin was the managing director of Takaso until he resigned in February
this year, he has no direct links to Nextplus,
which is 90% controlled by Tee.
Tee, however, was the executive chairman of Takaso while Chin was the managing director.
Interestingly, the registered business
address for Nextplus happens to be in the
same building as Ingenuity Consolidated
Bhd — Persof Tower, in Tropicana Golf &
Country Resort.
At the same time, Takaso would be involved in recurring related party transactions (by virtue of Chin’s interest) with both
Ingenuity and 1 Utopia worth over RM4.7
million in FY2014.
In a nutshell, Yap has bought into companies where Chin used to be deeply involved,
but now appears to be pulling out. However,
any direct sale of shares from Chin to Yap
for these companies is not apparent.
The coincidences between Lay Hong and
Chin do not end there. Kombinasi Emas Sdn
Bhd and Sincere Goodyear Sdn Bhd have
also emerged as shareholders in Lay Hong,
albeit with relatively small stakes.
According to Lay Hong’s annual report,
Sincere Goldyear has a 2.99% stake in the
company while Kombinasi Emas has 0.43%.
Both companies are controlled by Wie
Hock Beng and have substantial stakes in
Chin’s other companies.
In Pesona Metro (fundamental: 2.10: valuation: 1.10), Kombinasi Emas and Sincere
Goldyear hold 47.02% and 18.4% respectively.
In Takaso, they hold 6.02% and 6.3% respectively, although their holdings in Takaso
used to be higher — around 10% each.
Wie’s companies had bought into Takaso around the time that Chin was paring
down his stake.
Perhaps, Chin’s tangled web of shareholdings can be written off as mere coincidence, but investors can’t help but wonder
if his emergence will be a catalyst for Lay
Hong’s share price.
He might have only 7.4%, but if past experience is anything to go by, his emergence
in a company as a substantial shareholder
is often followed by spikes in share price
and trading volume.
That said, it looks unlikely that he will
take control over Lay Hong which is tightly held by the Yap family, which has 42.79%
of the company. Furthermore, at 11.7 times
earnings, Lay Hong is the most expensive
egg-layer at the moment.
Putting aside QL Resources which has a
much more diversified business model, Teo
Seng Capital Bhd, LTKM Bhd and Huat Lai
Resources Bhd are trading at price-earnings ratios of 7.96 times, 4.8 times and 4.62
times respectively.
Perhaps one catalyst for Lay Hong is the
fact that its public shareholding spread
has been restored to around 25% to meet
Bursa’s requirements. Before QL Resources sold out, it was around 16%, prompting
Lay Hong so pursue a private placement
— which may now be cancelled — to address the spread.
CONFERENCE TOPICS
DAY 1
DAY 2
2016 Economic Outlook & AEC
Enhancing Transparency in the Public Sector:
Driving Tomorrow’s Business Success
The Role of Accountants
Managing Crisis in the Age of Social Media
Towards a Coordinated Tax Policy Framework
Gender Diversity in Leadership:
Impending AEC
Making the Breakthrough
26 & 27 OCTOBER 2015
Kuala Lumpur Convention Centre,
Kuala Lumpur, Malaysia
Investment Account Platform: A New
Auditing in the Big Data Ecosystem: Preparing
Auditors for the Next Level
Shariah-Compliant Financing for SMEs
Managing the Evolution of Threats in the Cyber Age
Finance Function Make Over: Adapting to
Impact of Cloud and Emergence of Postmodern
Emerging Business Challenges
ERP to Organisations
The New Auditor’s Report: A Game Changer?
Opportunities Beyond Numbers
Getting Ready for The New Changes in MFRSs
Post-Implementation of GST: Managing Issues
and Challenges
“Through the Lens of the Iron Lady”
I`;HU:YP9HÄKHO(aPa
SPECIAL APPEARANCE
For more information, kindly visit miaconference.mia.org.my
1 CITY
|
30 COUNTRIES
|
2,700 DELEGATES
|
60 SPEAKERS
|
16 SESSIONS
34
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Gareth Richardson
Dr. Simon Lord
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PETRONAS
GOOGLE
UNILEVER
IKEA
SEDGWICK RICHARDSON
SIME DARBY
Prof. Dr. SM Phang
UNIVERSITY OF MALAYA
Gill McLaren
BASF
COCA-COLA
Goh Ching Yin
SECURITIES COMMISSION MALAYSIA
SCA
Chris Messer
INTERFACE
Jan Van Der Ven
CARBON TRUST
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SALT COMMUNICATIONS
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35
Rowsley repositions Iskandar project,
ventures into new investments in UK
PICTURES BY BRYAN TAY
B Y G O O L A WA R D E N
AT T H E E D G E S I N G A P O R E
O
nly two years ago,public-listed shell
Rowsley looked to be on the verge of
morphing into a play on the red-hot
real estate market of Iskandar Malaysia. Now, Rowsley is turning to
the UK for faster returns, and repositioning its flagship development in Iskandar.
The Iskandar development sits on a freehold
site spanning 9.23ha, in what was supposedly
among the most desirable parts of the growth
corridor,close to the causeway to Singapore.Held
under a unit called Vantage Bay Sdn Bhd, Rowsley acquired the site for S$358 million (RM923.64
million) in 2013. The purchase was satisfied by
the issue of 2.38 billion shares (or 15 cents each)
to Peter Lim, who held 70% of Vantage Bay, and
the Sultan of Johor, who owned 30%. The plan
was to build a major shopping, entertainment
and residential complex with a total gross floor
area (GFA) of 10 million sq ft.
However, unfettered development in Iskandar, not least by Chinese developers such as
Country Garden, Guangzhou R&F Properties
and Greenland Group,has raised concerns about
a looming oversupply. It also looks to be only a
matter of time before global interest rates will
rise. In addition, Malaysia appears to be in the
throes of a political crisis, and suffering from a
rout in commodity prices. The ringgit, which
was trading at RM2.58 to the Singapore dollar
when Rowsley acquired Vantage Bay, has now
slumped to RM3.
On Sept 22, Rowsley announced new plans
for the Iskandar site, on which nothing has yet
been built. Now, it plans to develop a complex
called Vantage Bay Healthcare City, with only
5.38 million sq ft of space.The development will
comprise a specialist hospital, a community
hospital, long-term care facilities, a teaching
hospital, a medical school, research and training institutions, a purpose-built urban wellness
resort,wellness retail services and other associated facilities, according to Rowsley.
Lock Wai Han, CEO of Rowsley, says this new
healthcare hub will be complemented by a hospital called Thomson Iskandar, which is being
developed on an adjacent site by a company that
is privately held by Lim. In fact, this is likely to
be the first segment of the healthcare hub to get
developed, according to Lock. “It will take three
years to be completed.”
In the meantime, Rowsley will be rounding
up partners and looking at designs for the other segments of the development.The specialist
hospital and the medical school, in particular,
are unlikely to move ahead until suitable partners are secured,according to Lock.On the other
hand,the community hospital and long-term care
facilities can “move earlier”, he says, while the
wellness resort is “a fairly independent piece”
of the whole development.
The new plan changes the economics of the
Vantage Bay site. Under the original plan, Rowsley would have developed some 10 million sq
ft of space, translating into a cost of RM92.3 psf.
A chunk of this would have been quickly sold as
residential property to generate cash flow. Now,
Rowsley
Sept 23
0.16
800
Volume (mil)
600
RM
0.70
0.56
0.42
400
0.28
200
0
Sept 28
2012
Lock says new healthcare hub will be complemented
by a hospital called Thomson Iskandar
0.14
0.00
Sept 23
2015
Valuation score*
0.30
Fundamental score**
2.25
TTM PER (x)
12.42
TTM PEG (x)
–
P/NAV (x)
1.27
TTM dividend yield (%)
–
Market capitalisation ($ mil)
630.21
Shares outstanding (ex-treasury) (mil) 4,258.21
Beta
1.51
12-month price range ($)
0.11 to 0.23
the reduced GFA is likely to cost RM172 psf, and
the return would be earned over a longer period of time. “This is a longer-term yield play,”
acknowledges Lock, who expects total gross
development value to be around RM5 billion.
“When it comes to funding this,it is better to find
people who are aligned to such returns.” Earlier
* Valuation factor — Composite measure of historical return & valuation
this year, Rowsley announced a multi-currency ** Fundamental factor — Composite measure of balance sheet strength & profitability
medium-term note (MTN) programme in which
Stock has momentum but weak fundamentals
it raised S$350 million. “We will be looking to Note: A score of 3.0 is the best to have and 0.0 is the worst to have
set up some other structures to bring in some
money.When we talk to partners,if our interests
While this might disappoint some investors,
are aligned, they will be putting in some equity. the reality is that Rowsley had little choice but
Medical healthcare players tend to be in it for to change its plans. “With the market like this,
the long haul,” Lock says.
CO N T I N U E S N E X T PAG E
corporate
36
Lock confident that Iskandar will eventually work out
with the kind of location and demand in Manchester,” he says. He sees buying interest from
mainland Chinese and other Asians who have
children studying in Manchester.
On the commercial front, Lock says supply is
short,and businesses are moving into Manchester from London. The Manchester city council
has just approved broad planning principles for
St Michael, and Rowsley is looking to close off
on all approvals by early next year so that sales
and construction can start in 2H2016.
F R O M P R E V I O U S PAG E
we recognise we have to do something different,” says Ho Kiam Kheong, executive director of Rowsley. Sales of residential property in
Iskandar are simply moving too slowly now, he
adds. “There are still transactions, but they tend
to be very slow.”
What will Rowsley do to generate cash flow
while it builds up the Vantage Bay Healthcare
City? Fortunately, when the company acquired
the land, it also purchased RSP Architects. The
firm was acquired for S$223 million, and paid for
through the issue of Rowsley shares at 15 cents
each.According to an announcement dated Aug
20, 2013, RSP had agreed to provide the group
with about S$25 million in net profit a year, for
FY2013 to FY2015.
Iskandar not so bad
Going to Manchester
Ho says sales of residential property in Iskandar
Malaysia are moving too slowly
Rowsley has also begun investing elsewhere.
On Aug 27, the company said it would pay a total
of £29.1 million (RM196 million) for a 75% stake
in three companies that own Hotel Football,
a 133-room boutique hotel located across the
Old Trafford stadium; Café Football, a 120-seat
restaurant in east London; and GG Collections,
a hotel management company that manages
Hotel Football and Café Football.
“Hotel Football is already operational.So,that
[cash flow] will come in,” Lock says, adding that
the property yield is likely to be in the mid-tohigh single digits. The hotel and café are partly
owned by Lim, who also holds a 49.55% stake
in Rowsley.That makes the deal a related party
transaction, so it will have to be approved by
minority investors at an extraordinary general meeting.
In a related announcement also on Aug 27,
Rowsley said it would pay £40 million for a 75%
stake in St Michael Investments,an integrated de-
velopment in Manchester city centre,comprising
a hotel,residential units,offices and retail space.
Beijing Construction Engineering Group will own
21%,and footballers Gary Neville and Ryan Giggs
will hold 2% each. “We expect to launch the residential component of St Michael in the second
half of next year, and we could sell the offices en
bloc,” Lock says. “The development component
[of St Michael’s] needs to move, and move rather
quickly.” For the recurring income part,he thinks
that the internal rate of return (IRR) is likely
to be pretty decent. “If the IRR was not strong,
we would not have looked at this.” The gross
development value of St Michael is likely to be
£200 million, and Rowsley will look at project
financing or debt to part-fund the construction.
Lock, who was previously head of a unit of
CapitaLand that developed malls in China, believes the Manchester project will do well.“We’re
quite confident about the residential apartments,
Moreover, people wrongly believed that all
the units in the pipeline would be immediately developed. In late 2013, Country Garden
spooked the market by announcing the Forest City development with 9,500 units. “The
kind of numbers we are talking about in Forest
City is going to take a long time,but people don’t
realise that. They think those units will come
onstream in the next three years,” Lock says.
“My guess is that it will take 20 years or more to
fully develop this. I don’t think any sane developer would build everything at once.”
Lock remains confident that Iskandar will
eventually work out. “If you look at the investments that are coming onstream in Iskandar, in terms of [foreign direct investment] in
the port, oil and gas, media, education, theme
parks,those are on track and ahead of schedule,”
he says.Those investments will eventually create jobs and fuel population growth, and drive
demand for property.
If he is right, the outlook for Rowsley might
also not be all that bad. Lock says the company
will eventually have four business segments.
The first is the real estate consultancy business under RSP Architects, which is already
operational. The second, real estate development, is likely to start next year in Manchester. The third is Vantage Bay Healthcare City,
and the fourth consists of Rowsley’s legacy
investments, which include a small stake in FJ
Benjamin.
For the six months to June 30, Rowsley reported a 54% y-o-y plunge in earnings to S$3.6
million, on the back of a 22% decline in revenue
to S$34.1 million.Its stock is trading at 1.28 times
its net asset value of 11.55 cents a share.
Back in Iskandar, Lock says things are not really as bad as some people think. The location
of the growth corridor gives it the potential
to be to Singapore what New Jersey is to New
York, or what Shenzhen is to Hong Kong. Notably, Singapore could move its manufacturing
and storage facilities there to reduce costs, and
create space on the island to scale up highervalue services.
As it happened, lax regulations led to overinvestment in Iskandar. Country Garden, Guangzhou R&F Properties and Greenland Group alone
have projects that could collectively add about
13,000 residential units to the market. Already,
some Malaysian developers are scaling back their
projects for fear of being stuck with unsold units.
Case in point: Rowsley’s Vantage Bay project.
“On the residential side,people often ask whether there is an oversupply and has that been a
consideration of doing this,” Lock says. To be
sure,Rowsley is trying to avoid being stuck with
unsold residential units. But Lock says Vantage
Bay was never going to be anything like what
the Chinese developers are building. “People
do not fully understand what’s in the pipeline,”
he grumbles. “Ours was going to be a different Goola Warden is assosiate editor at The
product.We were going for slightly higher end.” Edge Singapore
Peugeot, Renault set to be hit by
fallout from VW’s diesel dupe
B Y M AT H I E U R OS E M A I N
V
Migration Agents
Registration Number
Migration Agents
Registration Number
www.mara.gov.au
www.mara.gov.au
olkswagen AG’s admission that
it rigged diesel engines to fool
regulators is set to accelerate the
technology’s decline in Europe,
hitting not just the German carmaker
but also competitors PSA Peugeot Citroen and Renault SA.
The French manufacturers rely on
diesel-powered vehicles for at least 60%
of their European sales. With the fuel
systems already under attack in the region because of pollution concerns,VW’s
so-called dieselgate scandal could cause
the technology’s market share to drop
to as little as 35% of cars sold in Europe
in 2022 from 53% in 2014, according to
industry consultant LMC Automotive.
“Europe will go down particularly in
the segment for smaller cars,” said Sascha
Gommel, a Frankfurt-based analyst at
Commerzbank AG. With compacts like
the Peugeot 208, Renault Clio and VW
Polo, “you can’t charge your customer
for the additional content that needs
to go in the car in order to comply with
regulation”.
A backlash against diesel by consumers and more stringent scrutiny from
regulators would make it even tougher
for carmakers in Europe to meet tightening rules on fuel consumption and
carbon-dioxide emissions. That might
mean an accelerated shift to hybrids,
which are costly to produce.
Still, the backing for diesel remains,
not least because of lower operating
costs for drivers. Almost all European
Union countries tax the fuel less than
gasoline, and it offers about 30% better
mileage.And Germany’s manufacturers
aren’t giving up either.
“We still care about diesel,” Rupert
Stadler,chief of Volkswagen’s Audi brand,
said at a conference last Thursday in
Frankfurt. “The customer has decided
that diesel offers the most attractive
cost of ownership. So diesel should not
be demonized.”
Diesel-powered models accounted
for 53% of new car registrations in EU
nations in 2014, down from 55% in 2011,
according to the European Automobile
Manufacturers’ Association, or ACEA.
That compares with about 1% in the US.
Unlike German luxury-auto producers Audi, Daimler AG’s Mercedes-Benz
and BMW AG, Renault and Peugeot
offer mass-market diesel hatchbacks
and compact cars, on which margins
are lower.
Since the VW scandal broke, Peugeot’s shares have plunged 13% and
Renault has dropped 9.5%, wiping
out a combined €3.7 billion (RM17.9
billion) in market capitalisation. The
two French manufacturers, along with
Fiat Chrysler Automobiles NV and
General Motors Co’s Opel, are most
likely to be hurt by any European contraction in demand for diesel cars,
Gommel of Commerzbank estimates.
— Bloomberg
37
40
THANK YOU
for all your support!
PA R T O F T H E E D G E M E D I A G R O U P
THEEDGE MALAYSIA | SEPTEMBER 28, 2015
market summary
capital
FBM KLCI
Feb 25
1615.01
1669.45
2500
Sept 25
21186.32
21920.83
250
200
150 16384.58
1000
50
100
500
0
50
0
21
22
23
25
Sept 18
Insider Moves ...........................................50
Brokers’ Digest: Local Equities ........52
Brokers’ Digest: Foreign Equities ...54
Sept 24
300
1500
100
Dow Jones 16201.32
350
2000
150
Sept 18
Hang Seng
volume (million)
200
volume (million)
affirming investors’ fear that growth has hit a rough patch.
Areca Capital Sdn Bhd CEO Danny Wong Teck Meng
expects the local benchmark index to trade range bound,
albeit a large range, this week. “The sell bias should continue
as investor sentiment remains largely negative towards the
stock market.”
Investors are advised to look at second-liner stocks that
provide attractive dividend yields, and cash-rich companies
with healthy balance sheet and good earnings visibility.
— By Liew Jia Teng
volume (million)
The FBM KLCI closed at 1,615.01 points last Friday, 3.96%
lower than the week before, dragged down by Public Bank
Bhd, CIMB Group Holdings Bhd and Malayan Banking
Bhd, at a time when Asian bourses were seeing negative
performances.
The Hang Seng Index fell 3.35% to close at 21,186.32
points, while the Nikkei 225 declined 0.81% to 17,880.51.
Stocks in the US and Europe also ended lower last week.
Stocks remained stuck in low gear following last week’s
decision by the US Federal Reserve to keep rates near zero,
0
21
22
23
24
Sept 18
17
19
20
Warrants/Loan Stocks Update ..........56
Off-Market Trades ................................58
Malaysian Bonds ....................................59
LEAD STORY
Bright
spots still in
emerging
economies
Amundi Asset Mangement CIO Pascal Blanque
is not worried about global growth despite
the negative headlines of late. He remains
confident about the prospects of European
assets and of some emerging countries.
The best things in life are
18
FREE
News • Data & Analytics • Stock Watchlist • Stock Alerts • Stock of the Day
capital 42
lead story
REUTERS
A view of Mumbai ... India has become a favourite among investing
communities in recent times as it benefits from low commodity prices,
while its commitment to reforms makes it attractive, says Blanque
Boon for stocks in endogenous
growth economies
A
BY ESTHER LEE
mundi Asset Management global
chief investment officer (CIO) Pascal Blanque does not buy the idea
that global growth is falling off the
cliff. On the contrary, he opines that
there is good news now despite the
gloom and doom in the global economy that has
been grabbing the headlines in recent months.
France-based Amundi Asset Management
manages funds amounting to US$1 trillion
(RM4.39 trillion) globally.
“At the global level, there are supporting
factors. [Firstly] the US Federal Reserve (Feds)
will not embark on a savage monetary normalisation. Secondly, we will get the support
of ample liquidity coming from Europe and
Japan, thanks to quantitative easing measures.
This means that we will continue to live with
a huge pool of excess liquidity, remunerated at
close to zero specifically in the West.”
“Searching for yield is a lasting feature and
a natural destination of this pool of liquidity
is to the emerging economies. This is good
news,” Blanque says during a recent interview
with The Edge.
He is not worried about global growth and
opines that the slowdown in China is signalling
the world that there is a real reassessment of
fundamentals across the emerging economies.
He adds that the fall in commodity prices
is also positive news for some economies as it
has caused purchasing power redistribution
across the globe. India, for one, has become
a favourite among investing communities in
recent times as it benefits from low commodity prices, while its commitment to reforms
makes it attractive.
As for Europe, Amundi Asset Management
has remained positive on its assets over the
last two years ad there is still economic growth
there, albeit at low levels, and sound corporates.
It also takes the view that the region will benefit from aggressive monetary policy by the
European Central Bank.
Blanque adds that investors have adjusted to expectations of low growth rates in the
West, but not yet in the emerging economies.
“We know what’s the new normal in the
West: low growth, low interest rates, and so
Chicago Board
Options Exchange
Volatility Index
Sept 24
MSCI Emerging
Markets
23.47
RM
Sept 24
23.47
RM
1080
45.00
1000
36.25
920
27.50
840
18.75
760
10.00
Sept 25
2014
Sept 24
2015
on. But in the emerging space, we are in the
process of a global remapping of emerging
economies. This started two years ago, where
investors are basically reassessing country by
country, looking at the fundamental picture
and asking themselves questions like: ‘What
is the growth potential of this country?’, ‘Are
they running current account deficits?’, ‘How
is it financed?’ ‘Is the currency undervalued
or overvalued?’”
While Amundi Asset Management is taking
a more cautious stance on emerging markets
now, it is nevertheless still on the lookout for
entry points on a discriminatory basis, stressing that the focus is on endogenous growth.
Blanque, who was awarded the European
CIO of the Year 2013 by Funds Europe Magazine, says one of the themes moving into next
year is that funds will consider re-entering
the emerging space as growth there remains
stronger compared with the West, but stresses that fund inflows to emerging markets will
be on a discriminatory basis. Investors have
to understand that the growth rate seen over
the last 10 years will not be repeated, he adds.
Sectors like technology, consumption and
infrastructure in Asia will likely benefit from
investors’ move to re-focus on endogenous and
structural components of growth theme as they
seek to re-enter emerging markets, he says.
“Structural reforms in many Asian countries
translates into investment and into infrastruc-
Sept 25
2014
Sept 24
2015
ture. There is room to deliver on that. This is
a common feature for many Asian countries
and this has nothing to do with the foreign exchange or what happens to demand in the West,
that’s what I mean by endogenous growth.”
“If I’m buying a growth potential in Asia, I’m
buying the emergence of endogenous growth,
domestic demand engines, technology sector,
rising consumption and infrastructure. As a
long-term investor, this is what I am ready
to buy into the next five to 10 years to come,”
he explains.
However, Blanque says volatility will still
persist for some time, simply because global
markets are coming from an abnormally low
volatility environment. He adds that volatility will continue as long as there is a process
of price discovery and while the adjustments
are not completed.
“In some emerging economies, I don’t think
the adjustment of the currencies has been completed. I think that there is further deprecia-
tion of currency and I will ask for higher risk
premium in order to be protected from the risk
of further depreciation,” he says.
Nevertheless, the veteran fund manager
adds that there are pockets of opportunities to
invest after the recent crash in stock prices and
bonds. As Blanque does not buy the idea that
global growth is falling off a cliff, he remains
confident about the prospects of European assets and even that of some emerging countries.
He believes prices will stabilise eventually
and investors will realise that the world is not
in the 1994 or 1997 financial crises.
“Since we have a big pool of money searching
for yield,we will see at some point inflows back
in some areas but with a distinguishing feature
this time. The winners will take it all. This is
a difference regarding emerging economies.”
“It used to be that by just being an emerging
economy, it was enough to be a winner because
emerging economies were part of the index,
but not anymore. There will be an increasing
gap between the winners and the rest. It’s already the case to a certain extent. Look at the
spread between the enthusiasm of the markets
for India and the rest of the emerging markets.
E
It’s a new element,” explains Blanque.
It used to be that by just being an
emerging economy, it was enough
to be a winner because emerging
economies were part of the index,
but not anymore. There will be
an increasing gap between the
winners and the rest. — Blanque
43
capital 44
going for listing
JCorp’s assets give Al-Salam REIT a solid base
T
BY KAMARUL AZHAR
he listing of Al-Salam Real Estate Investment Trust on Sept 29 will offer investors
an opportunity to benefit from Johor
Corporation’s large asset base.Al-Salam
REIT will be listed with RM903.1 million
worth of assets injected by JCorp.
The shariah-compliant REIT will also be
boosted by organic growth through potential
rental reversions at one of its major assets,strong
occupancy level of close to 100% and the growth
of the food and beverage services industry.
“The REIT manager (Damansara REIT Managers Sdn Bhd) has outlined the strategies that
will benefit the expansion of Al-Salam REIT.
They are the active asset management strategy, acquisition growth strategy and capital and
risk management strategy.
“The manager will optimise the occupancy
rates of the properties, revise the rental rates and
improvise on the net lettable area to improve on
the returns of the property portfolio,” states Inter-Pacific Research in a Sept 15 report.
Based on the initial public offering (IPO) price
of RM1 per unit,Al-Salam REIT’s market capitalisation will be RM580 million.TA Securities valued
the REIT at RM1.12 per unit, while Inter-Pacific
Research assigned a fair value of RM1.14 per unit.
Al-Salam REIT’s IPO consists of institutional
and retail offerings, totalling up to 252.4 million
new units. The sponsor, JCorp, will own a 56.5%
stake in Al-Salam REIT post-IPO. Institutional
investors are allotted 240.8 million units,or 41.5%,
with the rest for retail investors.
RHB Investment Bank Bhd is the principal
adviser, sole global coordinator and sole underwriter of the listing. The investment bank
of RHB Capital Bhd and Maybank Investment
Bank Bhd are joint placement agents.
On Sept 22, Malaysian Issuing House Sdn
Bhd announced that the public portion of the
IPO of 18.34 million units was oversubscribed
by 2.96 times, receiving 2,442 applications for
45.92 million units.
With a market capitalisation of RM580 million,Al-Salam REIT is comparable in value to UOA
REIT (RM659.68 million), Hektar REIT (RM600.95
million),AmFIRST REIT (RM542.26 million) and
AmanahRaya REIT (RM481.5 million).
Al-Salam REIT was spun off from JCorp’s real
estate investment trust, with assets including a
community hypermarket, shopping mall, office
building and quick service restaurants (QSR).
Over the next two years, a slew of property acquisitions have been laid out for Al-Salam REIT.
The REIT manager plans to utilise more than
95% of the RM252.36 million proceeds from the
IPO for property acquisitions, including Menara
JCorp and Menara 238 in Kuala Lumpur, Menara
VSQ in Petaling Jaya, and Galleria @ Kotaraya
in Johor Baru.
The acquisitions in the Klang Valley and Johor
Baru, coupled with its existing assets across the
country — including Menara Komtar,Komtar JBCC,
KFCH International College,@Mart Hypermarket
and QSR chains — will double Al-Salam REIT’s
asset base to RM2 billion over the next two years.
According to TA Securities analyst Thiam
Chiann Wen, Komtar JBCC, located opposite
the Sultan Iskandar Customs, Immigration
and Quarantine checkpoint and the JB Sentral
train station, is well positioned to benefit from
higher tourist traffic from Singapore.
Al-Salam REIT will also benefit from the
growth of the QSR business in the country, as it
ng
u
yo
. sm
a
u
.
t
r
n
p
sto
p
Al-Salam Real Estate
Investment Trust
IPO details
Main market
Issue price: RM1
Par value: RM1
Paid-up capital: RM580 million
Estimated free float: 43.5%
Controlling shareholder: Johor Corporation
Oversubscribed by: 2.96 times
Fair value: RM1.12 (TA Securities),
RM1.14 (Inter-Pacific Securities)
Listing date: Sept 29
Financial highlights:
2012
2013
2014
Revenue
10.8
Net profit/(loss)
4.89
EPS (sen) based on
enlarged share capital
0.8
Dividend per share (sen) NA
Dividend yield (%)
NA
DEC 31 RM MIL
11.1
5.11
14.9
(2.08)
0.88
NA
NA
-0.35
NA
NA
will own 22 outlets and five industrial premises.
Incomes from these properties are going to be
driven by the shift in the dining trend among
Malaysians towards eating out more often.
“Urbanisation has resulted in a shift in lifestyle and dining patterns, as Malaysians show a
preference for dining out during lunch breaks and
after long working hours,as opposed to preparing
meals at home,” Thiam says in a Sept 10 report.
According to independent market research,
the consumer foodservice market in Malaysia
has grown rapidly with sales transactions rising
from RM18.2 billion in 2004 to RM33.3 billion in
2013, representing a compound annual growth
rate (CAGR) of 6.9%, she says.
She adds that sales transactions for consumer foodservice are expected to grow from RM33.3
billion in 2013 to RM38.9 billion in 2016 at a CAGR
of 5.3%, based on independent market research.
Al-Salam REIT’s growth will be fuelled by
not only asset acquisitions but also potential
rental upside for Komtar JBCC.The mall, which
opened its doors in July last year, has an average
rental rate of RM5.63 per sq ft, a huge discount
to the average RM27 psf rental rate of prime
properties in Johor Baru.
“Further rental upside could come from
higher gross turnover rent if strong arrivals to
Komtar JBCC materialise. We understand that
most of Komtar JBCC’s tenants are subject to a
revenue sharing scheme based on the percentage of net or gross sales turnover ranging from
2% to 15%,” says Thiam.
Inter-Pacific Research states that the occupancy rates of Al-Salam REIT’s properties are
also good. The occupancy rate of Komtar JBCC
currently stands at 89%, and the management
is optimistic that it will reach 91% next year.
Al-Salam REIT will be the second REIT listed
by JCorp after Al-’Aqar Healthcare REIT.The REITs
share the same manager — Damansara REIT Managers — which is a subsidiary of Damansara Assets
Sdn Bhd, which in turn is a subsidiary of JCorp.
“Led by the same REIT manager with rich
experience in property management, we expect Al-Salam to replicate Al-’Aqar Healthcare
REIT’s success in capitalising on opportunities
for future income and NAV (net asset value)
growth,” says Thiam.
L
N
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http://edgy.my
45
capital 46
/
fund table
Total Return: The Lipper Leader Fund ratings for Total Return reflect funds’ historical
total return performance relative to peers.
Consistent Return: The Lipper Leader Fund ratings for Consistent Return reflect
funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers.
Preservation: The Lipper Leader Fund ratings for Preservation reflect funds’ historical loss avoidance relative other funds within the same asset class. Preservation
ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be
larger for equity and mixed equity funds than for fixed income funds.
Expense: The Lipper Leader Fund ratings for Expense reflect funds’ expense
HOW TO READ THE TABLE
1. Lipper Leader Fund Ratings
The Lipper Leader Fund ratings are subject to change every month and are based on
an equal-weighted average of percentile ranks for Consistent Return, Preservation,
Total Return and Expense metrics over three-year periods. The highest 20% of
funds in each peer group are named Lipper Leaders, receive a score of 5, the next
20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2,
and the lowest 20% are scored 1. Lipper Leader Fund ratings are not intended to
predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com.
LIPPERLEADER FUND RATINGS
NAME
TOTAL CONSISTENT
RETURN
RETURN
31/8/15
31/8/15
ABSOLUTE RETURN
NON-ISLAMIC
AFFIN HWANG ABSOLUTE RETURN II
N/A
AFFIN HWANG ABSOLUTE RETURN III
N/A
CIMB-PRINCIPAL ASEAN TOTAL RETURN USD
N/A
NON-ISLAMIC AVERAGE(3)
ABSOLUTE RETURN AVERAGE(3)
BOND ASIA PACIFIC
NON-ISLAMIC
RHB ASIAN TOTAL RETURN
4
AMTACTICAL BOND B MYR
N/A
MAYBANK FINANCIAL INSTITUTIONS INCOME ASIA
N/A
AFFIN HWANG ASIA BOND
1
AFFIN HWANG SELECT BOND
2
AMPRS-TACTICAL BOND D
N/A
TEMPLETON ASIAN BOND MYR
N/A
EASTSPRING INVESTMENTS ASIAN HIGH YIELD BD MY-USD N/A
RHB ASIAN HIGH YIELD-MYR
N/A
UNITED ASIAN HIGH YIELD MYR
N/A
BOND ASIA PACIFIC AVERAGE(10)
BOND AUD
NON-ISLAMIC
TA AUSTRALIA INCOME FUND I
N/A
ARECA AUD SAVINGS
N/A
BOND AUD AVERAGE(2)
BOND EMERGING MKTS GLOBAL HC
NON-ISLAMIC
RHB-OSK EMERGING MARKETS BOND
N/A
KAF ADVANTAGE GEM BOND
1
BOND EMERGING MKTS GLOBAL HC AVERAGE(2)
BOND GLOBAL
NON-ISLAMIC
TEMPLETON GLOBAL TOTAL RETURN MYR
N/A
HONG LEONG GLOBAL BOND
N/A
ISLAMIC
AMGLOBAL SUKUK
N/A
AMDYNAMIC SUKUK A
N/A
AMPRS-DYNAMIC SUKUK D
N/A
MAYBANK GLOBAL SUKUK
N/A
ISLAMIC AVERAGE(4)
BOND GLOBAL AVERAGE(6)
BOND MYR
NON-ISLAMIC
ARECA FLEXI FIXEDINCOME
LEADER
EASTSPRING INVESTMENTS BOND
LEADER
AMB INCOME TRUST
LEADER
MAYBANK Q-INCOME
LEADER
EASTSPRING INVESTMENTS BOND PLUS
N/A
MANULIFE BOND PLUS
LEADER
RHB BOND
LEADER
KAF BOND
LEADER
AMDYNAMIC BOND
4
RHB INCOME PLUS 2
LEADER
LIBRA BOND EXTRA
4
PB FIXED INCOME
4
CIMB-PRINCIPAL INSTITUTIONAL BOND 3
4
PUBLIC BOND
4
RHB-OSK PRIVATE FUND-SERIES 5
4
ARECA STEADY FIXEDINCOME
4
AMBOND
1
OPUS FIXED INCOME
4
4
PUBLIC STRATEGIC BOND
3
RHB-OSK INCOME PLUS FUND 8
4
OPUS DYNAMIC INCOME
LEADER
N/A
RHB INCOME 2
4
PUBLIC INSTITUTIONAL BOND
4
4
RHB-OSK PRIVATE FUND
4
PUBLIC ENTERPRISES BOND
2
HONG LEONG WHOLESALE BOND
N/A
PB BOND
3
PB INFRASTRUCTURE BOND
3
N/A
PUBLIC SELECT BOND
3
CIMB-PRINCIPAL BOND
3
MAYBANK FINANCIAL INSTITUTIONS INCOME
3
AMANAHRAYA UNIT TRUST
2
N/A
HONG LEONG BOND
2
KENANGA OA INV-KENANGA INCOME PLUS
1
ABF MALAYSIA BOND INDEX FUND
1
AMINCOME EXTRA
N/A
AMPRS-CONSERVATIVE D
N/A
MANULIFE INVESTMENT BOND
2
ARECA INCOMETRUST
2
KENANGA BOND
1
AMINCOME REWARD
N/A
AFFIN HWANG BOND
3
AMB ENHANCED BOND TRUST
4
CIMB-PRINCIPAL STRATEGIC BOND
3
ARECA ENHANCEDINCOME
2
AMINCOME MANAGEMENT
N/A
KAF ENHANCED BOND
1
RHB ENERGY
1
RHB INCOME PLUS 12
N/A
ISLAMIC
RHB ISLAMIC BOND
LEADER
AMB DANA ARIF A MYR
LEADER
LIBRA ASNITABOND
LEADER
KAF SUKUK
N/A
OPUS SHARIAH INCOME
N/A
CIMB ISLAMIC INSTITUTIONAL SUKUK
3
RHB-OSK ISLAMIC INCOME PLUS FUND 2
4
PUBLIC ISLAMIC BOND
4
PB ISLAMIC BOND
4
PUBLIC ISLAMIC INFRASTRUCTURE BOND
4
CIMB ISLAMIC SUKUK
2
PUBLIC ISLAMIC INCOME
3
PUBLIC SUKUK
3
PB SUKUK
3
PUBLIC ISLAMIC STRATEGIC BOND
3
PB AIMAN SUKUK
N/A
PUBLIC ISLAMIC SELECT BOND
3
AMISLAMIC FIXED INCOME CONSERVATIVE
3
AFFIN HWANG AIIMAN INCOME PLUS
2
EASTSPRING INVESTMENTS DANA WAFI
2
AMANAHRAYA SYARIAH TRUST
2
AMBON ISLAM
1
PACIFIC DANA MURNI
1
MAYBANK MALAYSIA SUKUK
N/A
MANULIFE INVESTMENT AS-SAAD
2
MANULIFE SHARIAH-DANA SUKUK
N/A
MIDF AMANAH SHARIAH INCOME
N/A
KENANGA OA INV-KENANGA BON ISLAM
1
KENANGA SUKUK WHOLESALE-SERIES 1
N/A
PMB WHOLESALE SUKUK
N/A
TA DANA AFIF
N/A
ISLAMIC AVERAGE(31)
BOND MYR AVERAGE(85)
BOND OTHER HEDGED
NON-ISLAMIC
TA TOTAL RETURN FIXED INCOME
N/A
LIBRA OPPORTUNITY BOND
N/A
MAYBANK GLOBAL BOND
N/A
BOND OTHER HEDGED AVERAGE(3)
COMMODITY AGRICULTURE
NON-ISLAMIC
RHB-OSK AGRICULTURE
N/A
COMMODITY AGRICULTURE AVERAGE(1)
COMMODITY BLENDED
NON-ISLAMIC
AFFIN HWANG GLOBAL COMMODITY
N/A
COMMODITY BLENDED AVERAGE(1)
EQUITY ASEAN
NON-ISLAMIC
CIMB-PRINCIPAL ASEAN EQUITY
3
PUBLIC SOUTH-EAST ASIA SELECT
4
AMB DIVIDEND TRUST
LEADER
PB ASEAN DIVIDEND
LEADER
TA SOUTH EAST ASIA EQUITY
3
CIMB FTSE ASEAN 40 MALAYSIA
1
RHB ASEAN
2
KENANGA ASEAN TACTICAL TOTAL RETURN
N/A
UNITED ASEAN DISCOVERY
N/A
ISLAMIC
AMASEAN EQUITY
1
MYETF MSCI MALAYSIA SOUTH EAST ASIA ISLAMIC DIV N/A
ISLAMIC AVERAGE(2)
EQUITY ASEAN AVERAGE(11)
EQUITY ASIA PACIFIC
NON-ISLAMIC
PB CHINA PACIFIC EQUITY
LEADER
PUBLIC FAR-EAST ALPHA-30
4
PB ASIA EQUITY
LEADER
KENANGA ASIA PACIFIC TOTAL RETURN
N/A
PUBLIC FAR-EAST TELCO & INFRASTRUCTURE
4
AFFIN HWANG JAPAN GROWTH
N/A
PUBLIC REGIONAL SECTOR
4
PB ASIA PACIFIC ENTERPRISES
3
KAF JADE
2
RHB ASIA PACIFIC
2
HONG LEONG ASIA-PACIFIC INFRASTRUCTURE
1
PACIFIC ELITE ASIA DIVIDEND
1
EASTSPRING INVESTMENTS JAPAN DYNAMIC MY-JPY
N/A
RHB JAPAN INDEX BETA
N/A
RHB-OSK ENTREPRENEUR
N/A
ISLAMIC
PUBLIC ASIA ITTIKAL
3
PB ISLAMIC ASIA EQUITY
3
PB ISLAMIC ASIA STRATEGIC SECTOR
3
MAYBANK BOSERA GREATER CHINA ASEAN EQUITY-I A
N/A
ISLAMIC AVERAGE(4)
EQUITY ASIA PACIFIC AVERAGE(19)
EQUITY ASIA PACIFIC EX JAPAN
NON-ISLAMIC
PB CHINA AUSTRALIA EQUITY
LEADER
PB CHINA ASEAN EQUITY
LEADER
MANULIFE INVESTMENT PACIFIC
3
CIMB-PRINCIPAL ASIAN EQUITY
LEADER
PUBLIC FAR-EAST SELECT
LEADER
PUBLIC FAR-EAST DIVIDEND
4
CIMB-PRINCIPAL PRS PLUS APAC EX JAPAN EQUITY A
N/A
AMCUMULATIVE GROWTH
4
TA ASIAN DIVIDEND INCOME
4
AMADVANTAGE ASIA PACIFIC EX JAPAN DIVIDEND
3
AFFIN HWANG SELECT APAC EX-JAPAN REITS AND INFRA LEADER
RHB DIVIDEND VALUED EQUITY
2
CIMB-PRINCIPAL EQUITY INCOME
LEADER
AFFIN HWANG SELECT ASIA (EX JAPAN) OPPORTUNITY
3
AMASIA PACIFIC EQUITY INCOME
4
EASTSPRING INVESTMENTS ASIA PACIFIC EQUITY MY
3
AMASIA PACIFIC EX JAPAN TOTAL RETURN
N/A
RHB ABSOLUTE RETURN
N/A
APEX ASIA EX JAPAN
1
RHB-OSK ASIA CONSUMER
1
HONG LEONG GROWTH
2
PHEIM ASIA EX-JAPAN
2
AFFIN HWANG SELECT OPPORTUNITY
3
SAHAM AMANAH SABAH
2
ARECA GROWTHTRUST
1
HONG LEONG ASIA-PACIFIC DIVIDEND
1
PUBLIC NATURAL RESOURCES EQUITY
1
RHB RESOURCES
1
RHB EQUITY
1
AFFIN HWANG DIVIDEND VALUE USD
N/A
AFFIN HWANG SELECT APAC EX-JAPAN DIVIDEND MYR
N/A
CIMB-PRINCIPAL ASIA PACIFIC DYNAMIC INCOME USD
N/A
CIMB-PRINCIPAL DYNAMIC GROWTH-USD
N/A
EASTSPRING INVESTMENTS APAC EX-JAPAN
TARGET RETURN
N/A
TEMPLETON ASIAN GROWTH MYR A
N/A
ISLAMIC
EASTSPRING INVESTMENTS ASIA PACIFIC SHARIAH EQUITY LEADER
CIMB ISLAMIC ASIA PACIFIC EQUITY
LEADER
CIMB ISLAMIC PRS PLUS APAC EX JAPAN EQUITY A
N/A
PUBLIC ISLAMIC ASIA LEADERS EQUITY
3
AM-NAMAA’ ASIA-PACIFIC EQUITY GROWTH
2
NAMAA’ ASIA-PACIFIC EQUITY GROWTH
1
PUBLIC ISLAMIC ASIA DIVIDEND
3
AM-MATEEN ASIA-PACIFIC EQUITY
2
CIMB ISLAMIC DALI ASIA PACIFIC EQUITY GROWTH
4
AMPRS-ISLAMIC EQUITY D
N/A
MAYBANK ASIAPAC EX-JAPAN EQUITY-I
N/A
MANULIFE INVESTMENT SHARIAH ASIA-PACIFIC
1
PHEIM ASIA EX-JAPAN ISLAMIC
2
ISLAMIC AVERAGE(13)
EQUITY ASIA PACIFIC EX JAPAN AVERAGE(48)
EQUITY ASIA PACIFIC SM&MID CA
NON-ISLAMIC
PB ASIA EMERGING GROWTH
N/A
RHB ASIAN GROWTH OPPORTUNITIES
N/A
AFFIN HWANG SELECT ASIA (EX JAPAN) QUANTUM
N/A
MANULIFE ASIAN SMALL CAP EQUITY MYR
N/A
EQUITY ASIA PACIFIC SM&MID CA AVERAGE(4)
FUND
SIZE
XM
N/A
N/A
N/A
LEADER
N/A
N/A
94.59
39.51
2.64
45.58
-0.4
-1.5
0.65
-0.42
2
3
1
3
3.81
0.54
0.08
1.48
1
2
3
3
6.61
1
61.77
1
73.7
1
6.61
1
61.77
1
73.7
1
4
N/A
N/A
1
2
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
2
2
N/A
N/A
N/A
N/A
N/A
38.43
82.62
35.74
110.96
518.11
0.01
2.16
1.79
41.36
4.7
83.59
12.32
3.12
0.71
0.5
1.24
3.02
-8.19
9.6
-2.2
1
3
6
7
5
4
9
2
8
11.74
4.56
2.24
1.97
1.91
4.39
-6.92
1
2
4
5
6
3
7
27.27
10.67
7.71
7.66
7.13
6.5
-10.56
1
2
3
4
5
6
7
40.18
1
39.85
1
16.5
18.72
3
2
37.06
2
2.24
9
2.84
7
8.06
7
25.13
3
38.46
2
1
N/A
19.63
0.83
10.23
6.3
4.69
5.49
1
2
2
9.5
7.16
8.33
1
2
2
1 YEAR
18/9/14–
18/9/15 RANK
8.96
5.01
6.98
DISCLAIMER
© Thomson Reuters 2012. All Rights Reserved. The Content in this publication is for
informational purposes only, and does not constitute investment advice or an offer to
sell or the solicitation of an offer to buy any security of any entity in any jurisdiction.”&”
No guarantee is made that the information on this publication is accurate or complete
and no warranties are made with regard to the results to be obtained from its use.”&”
In addition, Lipper will not be liable for any loss or damage resulting from information
obtained from Lipper or any of its affiliates.
PRESERVATION
31/8/15
N/A
N/A
6 MONTHS
18/3/15–
18/9/15 RANK
Tel: +852 2973 6600 Email: lipper.asia@reuters.com Website: www.lipperweb.com
minimization relative to peers with similar load structures. Scores for Expense are
computed for all Lipper classifications with five or more distinct portfolios and span
both equity and fixed-income funds.
2. Fund Size: It is updated based on the latest data provided by fund promoters,
calculated in MYR.
3. Volatility: Standard deviation of performance for the previous 36 months. The higher
the value is, the riskier the fund is.
4. Return: NAV-to-NAV or Bid-to-Bid, income re-invested, calculated in MYR.
5. Some NAVs are not reported at the same time intervals. The latest price available
provided by the fund promoters is used for performance calculations.
RETURN %
3 MONTH
18/6/15–
18/9/15 RANK
Lipper Asia Limited
in association with
1
2
2
3 YEARS
18/9/12–
18/9/15 RANK
13.11
1
13.11
1
N/A
1
1
1
44.11
6.97
25.54
12.17
0.83
6.5
1
2
2
14.04
3.61
8.83
1
2
2
25.27
1.54
13.41
1
2
2
37.12
6.11
21.62
1
2
2
N/A
N/A
N/A
1
13.31
4.85
9.08
-6.18
-8.82
-7.5
1
2
2
-5.8
-7.58
-6.69
1
2
2
-8.25
-11.05
-9.65
1
2
2
-5.68
-5.68
1
1
N/A
N/A
N/A
N/A
1
3
N/A
N/A
0
4.91
0.05
20.41
6.34
13.32
-0.51
-0.48
11.81
6.03
1
4
3
2
4
13.47
0.85
0.82
13.02
7.04
1
3
4
2
4
30.35
3.22
2.7
1
2
3
37.42
11.25
1
2
12.09
3
24.33
2
LEADER
LEADER
LEADER
LEADER
N/A
LEADER
LEADER
LEADER
4
LEADER
4
4
4
4
4
4
1
4
4
3
4
LEADER
N/A
4
4
4
4
2
N/A
3
3
N/A
3
3
3
2
N/A
2
1
1
N/A
N/A
2
2
1
N/A
3
4
3
1
N/A
1
1
N/A
2
4
LEADER
LEADER
N/A
4
2
2
1
LEADER
2
4
3
LEADER
LEADER
LEADER
1
4
LEADER
LEADER
4
3
N/A
3
LEADER
4
LEADER
3
N/A
4
2
N/A
LEADER
4
LEADER
3
N/A
3
4
2
N/A
N/A
4
LEADER
3
N/A
4
2
2
1
N/A
1
1
N/A
7.9
165.25
80.47
0.59
8.77
79.69
51.84
201.67
109.88
333.62
26.38
554.73
3820.76
1086.75
1789.99
33.15
157.35
299.6
2174.61
407.19
54.93
136.9
228.69
45.71
1901.17
250.42
45.07
82.04
541.12
309.32
327.64
1039.39
990.16
248.76
177.19
142.6
283.18
36.61
13.01
712.73
1.82
2.28
103.76
111.71
9.83
1.57
40.94
11.12
43.73
84.26
0
0.79
36.74
0.01
359.36
4.52
0.16
0.88
5.61
0.75
1.85
-0.24
0.31
-0.21
0.58
0.04
0.74
0.15
0.7
0.94
0.76
-0.63
-0.15
0.92
0.43
0.24
-0.41
0.3
-0.59
0.42
0.07
0.98
0.16
-0.11
0.32
-0.25
0.19
0.44
0.22
0.23
-0.06
0.36
0
0.25
-0.16
-0.27
0.76
-0.3
0.3
0.2
-0.46
0.14
-0.2
0
0
0
-0.91
-2.4
2
28
7
1
10
3
44
19
43
13
33
11
30
12
5
8
51
40
6
15
23
48
21
50
16
32
4
29
39
18
45
27
14
25
24
38
17
37
22
41
46
9
47
20
26
49
31
42
34
34
34
52
53
9.9
8.56
4.22
6.55
2.24
3.12
1.45
2.14
1.45
1.87
1.88
1.94
1.6
1.82
1.93
2.48
1.47
1.41
1.87
1.65
1.32
1.26
1.52
0.91
1.67
1.44
1.89
1.68
1.58
1.55
1.37
1.55
1.54
1.23
1.43
1.17
1.64
1.58
1.37
0.73
0.92
1.67
0.91
1.35
1.19
0.61
0.91
0.79
1.15
1.16
0
-1.3
4.02
1
2
4
3
8
6
31
9
30
14
13
10
22
16
11
7
29
34
15
20
38
39
28
48
18
32
12
17
23
26
36
25
27
40
33
42
21
24
35
50
45
19
47
37
41
51
46
49
44
43
52
53
5
15.65
11.16
9.11
8.21
6
5.5
5.32
5
4.55
4.25
4.24
4.09
3.99
3.91
3.88
3.87
3.78
3.77
3.77
3.72
3.71
3.71
3.69
3.69
3.61
3.59
3.57
3.55
3.54
3.54
3.47
3.47
3.42
3.14
3.1
3.06
3.04
3.02
2.98
2.93
2.9
2.89
2.89
2.75
2.57
2.5
2.17
1.87
1.18
0.86
0.28
-0.96
-26.01
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
27.4
19.25
51.91
12.93
2
3
1
6
11.64
13.16
15.26
10.48
12.41
10.83
10.25
11.41
10.59
10.88
10.87
5.79
11.45
10.71
10.07
10.28
11.69
0.33
53
1.91
53
3.35
LEADER
LEADER
LEADER
N/A
N/A
3
4
4
4
4
2
3
3
3
3
N/A
3
2
2
2
2
2
2
N/A
2
N/A
N/A
1
N/A
N/A
N/A
2
4
4
N/A
N/A
2
LEADER
3
3
3
3
3
3
3
4
N/A
LEADER
LEADER
3
4
2
2
LEADER
N/A
4
N/A
N/A
2
N/A
N/A
N/A
45.79
173.07
90.46
76.14
130.98
1273.64
587.28
550.07
245.31
186.45
75.3
658.13
134.46
510.11
254.13
45.29
240.65
54.18
257
13.08
86.61
37.49
165.88
20.52
92.97
52.18
188.89
1.2
0
20.68
65.24
204.3
1
0.57
0.12
-0.28
0.14
-0.12
0.97
-0.11
-0.21
-0.08
-0.14
0.31
-0.19
-0.32
0.03
-0.41
0.33
0.22
-0.05
-0.04
-0.19
-0.55
0.28
-0.27
-0.33
-0.15
0.92
-0.3
0
-0.72
0.18
0.02
1
4
11
25
10
18
2
17
23
16
19
6
21
27
12
29
5
8
15
14
22
30
7
24
28
20
3
26
13
31
9
31
2.71
2.61
1.98
1.62
1.43
1.52
1.9
1.42
1.19
1.38
1.25
1.51
1.17
1.15
1.31
1.3
1.36
1.36
1.2
1.17
1.18
0.95
1.22
0.86
0.76
0.98
1.71
0.5
0
-0.71
1.45
1.27
1
2
3
6
10
7
4
11
20
12
17
8
22
24
15
16
14
13
19
23
21
26
18
27
28
25
5
29
30
31
9
31
6.46
5.16
4.99
4.81
3.98
3.94
3.82
3.7
3.56
3.55
3.44
3.32
3.26
3.25
3.24
3.22
3.16
3.13
3.09
3.06
3.02
3.02
2.97
2.91
2.71
2.6
2.14
1.47
3.46
28
N/A
N/A
N/A
N/A
N/A
N/A
4.99
8.75
7.95
7.23
8.19
5.76
1.31
5.08
1
2
3
3
10.71
4.43
6.19
7.11
1
3
2
3
18.65
10.39
6.65
11.9
1
2
3
3
N/A
N/A
0.25
0.25
-2.52
-2.52
1
1
-4.54
-4.54
1
1
-10.03
-10.03
N/A
N/A
6.29
6.29
-11.33
-11.33
1
1
-1.15
-1.15
1
1
3
LEADER
3
LEADER
4
1
2
N/A
N/A
4
4
LEADER
4
4
3
3
N/A
N/A
8.71
377.47
143.18
662.53
94.79
2.25
15.42
18.76
35.59
150.97
-3.33
-2.82
-3.27
-2.96
-4.17
-3.3
-2.45
7
3
5
4
8
6
2
-4.35
-5.07
-3.92
-4.7
-4.66
-4.96
-4.58
-0.75
-2.88
1
8
1
N/A
4
N/A
8.91
21.29
15.1
-2.59
-0.31
-1.45
2
1
2
LEADER
4
LEADER
N/A
4
N/A
4
3
1
2
1
1
N/A
N/A
N/A
3
LEADER
LEADER
N/A
LEADER
N/A
LEADER
4
3
LEADER
2
3
N/A
N/A
N/A
237.99
99.62
124.21
167.01
82.5
238.9
211.24
22.47
1.33
5.48
25.27
17.87
3.34
10.96
91.94
89.34
-2.36
-0.03
-0.5
0.27
-1.21
-9.52
-3.73
-3.21
-4.88
-2.21
2.02
-6.72
7.08
-8.43
-5.57
-2.6
3
3
3
N/A
LEADER
LEADER
LEADER
N/A
227.4
84.8
38.35
49.1
99.91
LEADER
LEADER
3
LEADER
LEADER
4
N/A
4
4
4
LEADER
2
LEADER
3
4
3
N/A
N/A
1
1
2
2
2
1
1
1
1
1
1
N/A
N/A
N/A
N/A
3
4
4
LEADER
4
LEADER
N/A
4
LEADER
LEADER
LEADER
3
LEADER
4
2
3
N/A
N/A
1
2
3
2
4
4
1
2
1
1
1
N/A
N/A
N/A
N/A
85.32
125.51
23.34
38.76
307.78
270.17
123.42
24.89
60.24
17.48
115.7
11.22
46.61
116.09
1008.87
67.69
4.85
2.05
0.67
28.25
153.1
17.17
576.58
424.18
1.48
19.38
143.27
61.16
78.68
6.82
206.76
N/A
N/A
N/A
N/A
185.66
-0.02
5
1.37
7
133.31
-3.04
32
-1.22
3
LEADER
N/A
3
2
2
3
2
4
N/A
N/A
1
2
LEADER
LEADER
N/A
LEADER
LEADER
LEADER
LEADER
LEADER
LEADER
N/A
N/A
4
4
34.76
197.97
8.69
38.81
54.68
1.05
287.08
54.43
142.52
0.47
22.62
9.24
7.58
66.15
0.97
1.32
1.63
0.96
1.74
1.39
1.64
-2.01
0.37
-0.42
-0.76
-0.98
-4.56
0.1
6
5
3
7
1
4
2
12
8
9
10
11
13
13
N/A
N/A
N/A
N/A
4
3
4
N/A
16.63
18.52
149.04
35.74
54.98
-1.05
-3.8
-3.85
-10.46
-4.79
1
2
3
4
4
5 YEARS
17/9/10–
18/9/15 RANK
6.65
6.65
1
1
40.02
73.81
3
1
10
5
4
21
7
17
26
12
20
15
16
43
11
18
27
25
9
19.53
40.74
30.96
32.16
22.88
25.74
23.7
23.27
27.5
26
2
5
4
18
10
14
16
6
25.23
16.75
24.63
17.47
11
32
12
31
25.77
9
11.21
10.64
11.24
10.38
9.44
14
19
13
22
34
22.88
18.39
22.28
17
29
19
9.88
10.33
30
24
23.56
15
9.95
9.82
9.84
9.27
29
32
31
36
19.63
21.69
20.29
23.8
25
20
23
13
9.28
7.41
7.9
35
41
40
19.69
18.5
16.09
24
28
33
9.19
9.09
5.95
37
38
42
20.79
18.11
16.02
22
30
34
9.96
12.18
10.37
9.72
28
8
23
33
19.42
25.81
26.13
20.94
27
8
7
21
9.04
-19.74
39
44
13.73
-16.32
35
36
53
11.17
44
23.38
36
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
33.64
13.56
12.8
1
2
3
44.64
30.31
27.06
1
3
4
10.44
10.58
10.66
10.66
11.06
9.28
9.61
9.83
9.82
10.15
8
7
6
5
4
15
12
10
11
9
23.49
7
26.04
30.59
5
2
23.22
20.48
8
12
9.54
9.4
9
8.85
8.98
8.43
8.7
13
14
16
18
17
21
19
21.05
10
23.78
17.06
23.2
20.68
16.96
6
14
9
11
15
8.69
20
19.04
13
3.36
22
9.2
16
10.77
22
23.55
16
1
1
-43.49
-43.49
1
1
-27.89
-27.89
1
1
-42.46
-42.46
1
1
-31.22
-31.22
1
1
3
8
2
6
5
7
4
3.62
2.81
1.38
0.76
0.07
-0.33
-2.26
1
2
3
4
5
6
7
14.39
20.1
23.85
20.34
16.23
12.78
15.33
6
3
1
2
4
7
5
18.9
37.12
70.63
41.12
33.02
23.73
37.44
7
4
1
2
5
6
3
1.66
-3.82
1
8
0.86
7
17.58
7
37.42
7
-4.98
1
4.7
1
14.84
1
-4.98
1
4.7
1
14.84
1
8
4
5
3
6
15
10
9
11
7
2
13
1
14
12
15
7.2
2.84
1.39
5.55
-1.24
-3.88
-2.71
-1.93
-0.36
-5.01
3.76
-0.71
1
4
5
2
8
12
11
9
6
13
3
7
31.2
21.35
17.79
11.25
11.17
8.16
7.27
6.77
2.2
1.69
0.84
-2.16
1
2
3
4
5
6
7
8
9
10
11
12
69.52
45.08
63.19
1
5
2
43.71
24.29
24
1
3
4
48.94
4
26.18
2
50.18
26.19
20.82
16.94
-0.39
9.01
3
6
7
8
10
9
10.16
6
4.68
11.69
-6.61
6.36
8
5
9
7
-2.46
0.19
10
13
9.79
12
34.95
10
16.05
9
2.05
1.3
1.81
-4.27
0.22
1
3
2
4
4
0.42
-0.59
0.68
2
3
1
14.11
12.76
11.92
1
2
3
29.02
28.23
27.48
1
2
3
42.68
40.83
35.12
1
2
3
0.17
3
12.93
3
28.24
3
39.54
3
-3.8
-5.04
-0.54
-1.04
-5.08
-2.49
-0.29
-1.88
-1.97
-0.63
0.29
-4.4
-1.08
-3.29
-8.52
-4.14
-3.77
-3.99
-1.81
1.3
-4.85
-3.89
-4.81
-1.71
-6.88
-3.58
-5.62
-8.55
-10.29
3.85
1.19
19
26
7
9
27
15
6
13
14
8
4
23
10
16
30
22
18
21
12
2
25
20
24
11
29
17
28
31
32
1
3
0.29
1.08
4.69
0.03
-0.91
3.29
1.35
2.61
0.84
0.1
3.15
0.97
-1.31
1.43
-1.59
-4.12
-3.09
-5.7
-0.85
-1.62
-3.43
0.86
-5.41
0.6
-5.7
-3.74
-4.99
-4.82
-14.95
14
9
1
16
18
2
8
4
12
15
3
10
19
6
20
25
22
30
17
21
23
11
28
13
29
24
27
26
31
21.87
21.58
18.04
17.68
15.97
15.96
15.35
14.01
11.53
10.52
9.91
8.79
6.9
6.15
5.16
4.33
4.25
4.08
1.87
0.56
0.38
-1.9
-4.11
-5.07
-7.27
-7.31
-14.36
-17.53
-18.53
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
59.45
66.01
30.54
62.98
55.38
33.11
3
1
13
2
4
9
15.54
21.84
26.16
43.5
12.43
20.47
12
9
7
4
14
10
32.23
33.4
31.14
42.83
11.71
40.16
28.43
33.44
25.19
11
8
12
5
20
6
14
7
16
19.34
11
11.4
45.99
15
3
25.21
8
3.92
25.51
14.95
32.26
22.52
15.15
-2.66
-1.93
-10.92
5.81
22
15
19
10
17
18
24
23
25
21
13.54
32.34
4.98
78.58
67.79
2.04
-2.83
-23.07
-13.23
33.71
13
6
16
1
2
17
18
20
19
5
1.87
5
31
4.79
29
27.62
25
21.79
20
18.86
3.78
3.93
1.03
0.8
-0.45
0.74
-2.32
0.74
1
1.11
-2.26
-5.04
1.69
1
3
2
5
7
10
9
12
8
6
4
11
13
13
31
18.52
18.17
14.69
12.94
10.21
9.95
9.31
9.05
8.69
7.48
5.31
-5.45
11.53
1
2
3
4
5
6
7
8
9
10
11
12
13
13
38.51
39.35
2
1
51.52
33.58
1
4
27.25
19.83
13.09
25.38
18.36
31.85
4
7
9
5
8
3
31.64
20.04
5.98
47.33
5
7
9
3
48.55
2
4.29
21.08
23.9
10
6
10
7.85
27.43
30.44
8
6
9
5.26
1.72
1.18
1
2
3
9.76
5.31
0.34
1
2
3
27.81
41.86
51.93
3
2
1
30.2
115.94
2
1
2.72
3
5.14
3
40.53
3
73.07
2
46.09
NAME
TOTAL CONSISTENT
RETURN
RETURN
31/8/15
31/8/15
EQUITY AUSTRALIA
NON-ISLAMIC
PUBLIC AUSTRALIA EQUITY
N/A
CIMB-PRINCIPAL AUSTRALIAN EQUITY
N/A
EQUITY AUSTRALIA AVERAGE(2)
EQUITY BRAZIL
NON-ISLAMIC
AMADVANTAGE BRAZIL
N/A
EQUITY BRAZIL AVERAGE(1)
EQUITY CHINA
NON-ISLAMIC
AMCHINA A-SHARES
N/A
RHB BIG CAP CHINA ENTERPRISE
N/A
CIMB FTSE CHINA 50
N/A
AFFIN HWANG CHINA GROWTH
N/A
EQUITY CHINA AVERAGE(4)
EQUITY EMERGING MKTS ASIA
NON-ISLAMIC
RHB-OSK CHINA-INDIA DYNAMIC GROWTH
N/A
CIMB-PRINCIPAL CHINA-INDIA-INDONESIA EQUITY
N/A
RHB EMERGING ASIA INDEX BETA
N/A
EQUITY EMERGING MKTS ASIA AVERAGE(3)
EQUITY EMERGING MKTS GLOBAL
NON-ISLAMIC
AMBRIC EQUITY
3
EASTSPRING INVESTMENTS GLOBAL EMERGING MARKETS 4
AMGLOBAL EMERGING MARKET OPPORTUNITIES
LEADER
AMADVANTAGE BRIC
2
EQUITY EMERGING MKTS GLOBAL AVERAGE(4)
EQUITY EUROPE
NON-ISLAMIC
EUROPE EQUITY GROWTH
N/A
AMSCHRODER EUROPEAN EQUITY ALPHA
N/A
TA EUROPEAN EQUITY
N/A
RHB EUROPEAN SELECT
N/A
RHB EUROZONE INDEX BETA
N/A
EQUITY EUROPE AVERAGE(5)
EQUITY GLOBAL
NON-ISLAMIC
CIMB-PRINCIPAL GLOBAL TITANS
LEADER
EASTSPRING INVESTMENTS GLOBAL LEADERS MY
LEADER
PB EURO PACIFIC EQUITY
LEADER
PUBLIC GLOBAL SELECT
LEADER
AMGLOBAL AGRIBUSINESS
3
EASTSPRING INVESTMENTS GLOBAL BASICS MY
4
PACIFIC GLOBAL STARS
3
PACIFIC ASIA BRANDS
3
RHB GLOBAL NEW STARS
1
PACIFIC FOCUS18
2
KENANGA GLOBAL OPPORTUNITIES
2
HONG LEONG GLOBAL VALUE
3
PACIFIC GLB AGRICULTURE, INFRA AND RESOURCES
1
LIBRA RESOURCE EQUITY
N/A
ADVANTAGE GLOBAL EQUITY VOLATILITY FOCUSED-MYRH N/A
CIMB-PRINCIPAL GLOBAL DIVIDEND MAXIMISER USD
N/A
PB GLOBAL EQUITY
N/A
PUBLIC MUTUAL PRS STRATEGIC EQUITY
N/A
RHB GLOBAL EQUITY STABILISER
N/A
TEMPLETON GLOBAL EQUITY MYR A
N/A
UNITED GLOBAL DURABLE EQUITY MYR
N/A
ISLAMIC
AMOASIS GLOBAL ISLAMIC EQUITY
4
ABERDEEN ISLAMIC WORLD EQUITY A
N/A
CIMB ISLAMIC GLOBAL COMMODITIES EQUITY
2
RHB ISLAMIC GLOBAL DEVELOPED MARKETS MYR
N/A
ISLAMIC AVERAGE(4)
EQUITY GLOBAL AVERAGE(25)
EQUITY GLOBAL INCOME
NON-ISLAMIC
RHB GLOBAL FORTUNE
4
RHB GLOBAL EQUITY YIELD
3
KENANGA GLOBAL DIVIDEND
LEADER
PACIFIC ELITE GLOBAL DIVIDEND
2
ISLAMIC
PACIFIC DANA DIVIDEN
1
PACIFIC ELIT DANA DIVIDEN
1
ISLAMIC AVERAGE(2)
EQUITY GLOBAL INCOME AVERAGE(6)
EQUITY GREATER CHINA
NON-ISLAMIC
PUBLIC CHINA SELECT
LEADER
MANULIFE CHINA EQUITY
LEADER
CIMB-PRINCIPAL GREATER CHINA EQUITY
LEADER
MANULIFE INVESTMENT GREATER CHINA
2
PACIFIC FOCUS CHINA
4
PACIFIC ELITE CHINA GROWTH
2
PUBLIC CHINA TITANS
3
HONG LEONG HONG KONG EQUITY OPTIMIZER
1
ISLAMIC
EASTSPRING INVESTMENTS DINASTI EQUITY
4
AMISLAMIC GREATER CHINA
1
CIMB ISLAMIC GREATER CHINA EQUITY
1
PUBLIC CHINA ITTIKAL
2
ISLAMIC AVERAGE(4)
EQUITY GREATER CHINA AVERAGE(12)
EQUITY INDIA
NON-ISLAMIC
MANULIFE INDIA EQUITY
N/A
EQUITY INDIA AVERAGE(1)
EQUITY INDONESIA
NON-ISLAMIC
RHB-OSK INDONESIA EQUITY GROWTH
N/A
EASTSPRING INVESTMENTS INDONESIA EQUITY MY
N/A
PUBLIC INDONESIA SELECT
N/A
MANULIFE INVESTMENT INDONESIA EQUITY
N/A
EQUITY INDONESIA AVERAGE(4)
EQUITY MALAYSIA
NON-ISLAMIC
HONG LEONG PENNY STOCK
LEADER
RHB SMART TREASURE
LEADER
KENANGA GROWTH
LEADER
CIMB-PRINCIPAL EQUITY GROWTH & INCOME
LEADER
PB GROWTH
3
TA COMET
LEADER
PUBLIC INDUSTRY GROWTH
3
AFFIN HWANG SELECT DIVIDEND
LEADER
HONG LEONG DIVIDEND
3
MIDF AMANAH GROWTH
1
AMDIVIDEND INCOME
4
MANULIFE INVESTMENT DIVIDEND
4
PUBLIC SECTOR SELECT
3
KENANGA MALAYSIAN INC
LEADER
MANULIFE INVESTMENT REGULAR SAVINGS
3
PUBLIC EQUITY
4
MIDF AMANAH DYNAMIC
2
EASTSPRING INVESTMENTS EQUITY INCOME
LEADER
LIBRA DIVIDEND EXTRA
LEADER
AMMALAYSIA EQUITY
LEADER
CIMB-PRINCIPAL EQUITY
LEADER
PUBLIC GROWTH
4
TA GROWTH
3
PUBLIC SAVINGS
2
APEX MALAYSIA GROWTH
3
PUBLIC OPTIMAL GROWTH
4
MANULIFE INVESTMENT VALUE
4
RHB MALAYSIA DIVIDEND
2
ARECA EQUITYTRUST
LEADER
PUBLIC DIVIDEND SELECT
2
MANULIFE EQUITY PLUS
4
MANULIFE INVESTMENT GROWTH
3
PUBLIC REGULAR SAVINGS
3
PUBLIC INDEX
2
PUBLIC AGGRESSIVE GROWTH
3
EASTSPRING INVESTMENTS MY FOCUS
LEADER
PB GROWTH SEQUEL
2
FBM KLCI ETF
2
AMB INDEX-LINKED TRUST
2
KSC INCREMENTUM
LEADER
CIMB-PRINCIPAL KLCI-LINKED
2
MANULIFE INVESTMENT EQUITY INDEX
1
CIMB-PRINCIPAL PRS PLUS EQUITY A
N/A
KENANGA OA INV-KENANGA BLUE CHIP
2
PJB DANA JOHOR
2
RHB KLCI TRACKER
1
KENANGA PREMIER
3
AFFIN HWANG GROWTH
1
CIMB-PRINCIPAL EQUITY AGGRESSIVE 1
3
TA HIGH GROWTH
3
EASTSPRING INVESTMENTS GROWTH
LEADER
CIMB-PRINCIPAL MALAYSIA EQUITY MYR
3
AFFIN HWANG EQUITY
1
AMTOTAL RETURN
3
MAYBANK Q-OPPORTUNITIES
1
AFFIN HWANG PRINCIPLED GROWTH
1
CIMB-PRINCIPAL EQUITY AGGRESSIVE 3
2
PACIFIC PREMIER
2
AMB UNIT TRUST
2
AMB VALUE TRUST A MYR
1
PUBLIC SELECT ALPHA-30
2
PACIFIC DIVIDEND
1
AMANAH SAHAM BANK SIMPANAN NASIONAL
1
KAF CORE INCOME
2
PACIFIC RECOVERY
1
AMB ETHICAL TRUST
4
PACIFIC MILLENNIUM
1
CIMB-PRINCIPAL WHOLESALE EQUITY
3
LIBRA EQUITY EXTRA
2
PHILLIP MASTER EQUITY GROWTH
LEADER
RHB CAPITAL
1
PACIFIC ELITE DIVIDEND
1
RHB DYNAMIC
2
RHB MALAYSIA DIVA
4
KAF TACTICAL
1
PB DIVIDEND BUILDER EQUITY
N/A
PUBLIC ADVANTAGE GROWTH EQUITY
N/A
PUBLIC MUTUAL PRS EQUITY
N/A
PUBLIC STRATEGIC GROWTH
N/A
ISLAMIC
HONG LEONG DANA MAKMUR
3
PMB SHARIAH AGGRESSIVE
LEADER
CIMB ISLAMIC DALI EQUITY
LEADER
PMB SHARIAH PREMIER
3
PB ISLAMIC EQUITY
4
PUBLIC ISLAMIC SAVINGS
4
MIDF AMANAH ISLAMIC
1
PMB SHARIAH DIVIDEND
3
PMB SHARIAH GROWTH
LEADER
PUBLIC ITTIKAL SEQUEL
LEADER
PUBLIC ITTIKAL
4
CIMB ISLAMIC AL-AZZAM EQUITY
LEADER
MANULIFE INVESTMENT AL-FAUZAN
4
AMANAHRAYA ISLAMIC EQUITY
2
EASTSPRING INVESTMENTS DANA AL-ILHAM
LEADER
PUBLIC ISLAMIC GROWTH & INCOME
N/A
PUBLIC ISLAMIC DIVIDEND
3
KAF DANA ADIB
3
PUBLIC ISLAMIC EQUITY
3
PMB DANA BESTARI
1
MANULIFE SHARIAH-DANA EKUITI
N/A
MANULIFE INVESTMENT AL-FAID
4
APEX DANA AL-SOFI-I
LEADER
PUBLIC ISLAMIC ALPHA-40 GROWTH
3
APEX DANA AL-FAIZ-I
4
AMISLAMIC GROWTH
LEADER
RHB DANA ISLAM
4
PUBLIC ISLAMIC SELECT ENTERPRISES
3
PUBLIC ISLAMIC OPTIMAL GROWTH
3
MYETF MSCI MALAYSIA ISLAMIC DIVIDEND
N/A
CIMB ISLAMIC PRS PLUS EQUITY A
N/A
CIMB ISLAMIC DALI EQUITY GROWTH
4
PMB SHARIAH TNB EMPLOYEES
1
CIMB ISLAMIC DALI EQUITY THEME
4
PMB DANA AL-AIMAN
1
TA ISLAMIC
1
KENANGA SYARIAH GROWTH
LEADER
KENANGA ISLAMIC
LEADER
MYETF DOW JONES ISLAMIC MARKET MALAYSIA TITANS 25 2
CIMB ISLAMIC EQUITY AGGRESSIVE
4
AMITTIKAL
4
PMB DANA MUTIARA
1
ABERDEEN ISLAMIC MALAYSIA EQUITY A
N/A
PUBLIC ISLAMIC SECTOR SELECT
3
PMB SHARIAH INDEX
2
KENANGA OA INV-KENANGA EKUITI ISLAM
3
BSN DANA DIVIDEN AL-IFRAH
N/A
KENANGA OA INV-KENANGA SHARIAH GROWTH OPPS
4
MANULIFE INVESTMENT SYARIAH INDEX
2
AFFIN HWANG AIIMAN GROWTH
4
AFFIN HWANG AIIMAN PRS SHARIAH GROWTH
N/A
AFFIN HWANG AIIMAN EQUITY
1
LIBRA AMANAH SAHAM WANITA
3
TA DANA FOKUS
1
AMB DANA YAKIN
2
PACIFIC DANA AMAN
1
BIMB I DIVIDEND
1
RETURN %
PRESERVATION
31/8/15
FUND
SIZE
XM
3 MONTH
18/6/15–
18/9/15 RANK
6 MONTHS
18/3/15–
18/9/15 RANK
1 YEAR
18/9/14–
18/9/15 RANK
3 YEARS
18/9/12–
18/9/15 RANK
N/A
N/A
2
1
233.92
18.19
126.06
0.4
-3.42
-1.51
1
2
2
-4.3
-4.39
-4.34
1
2
2
1.82
-2.34
-0.26
1
2
2
22.55
14.17
18.36
1
2
2
N/A
1
11.17
11.17
-20.35
-20.35
1
1
-14.69
-14.69
1
1
-39.4
-39.4
1
1
-44.62
-44.62
1
1
N/A
N/A
N/A
N/A
1
1
1
1
5.14
149.4
17.46
73.36
61.34
-23.72
-5.7
-8.02
-20.76
-14.55
4
1
2
3
4
-2.52
5.56
1.25
-6.46
-0.54
3
1
2
4
4
81.08
26.25
24.37
19.74
37.86
1
2
3
4
4
108.5
60.58
58.34
61.5
72.23
N/A
N/A
N/A
4
4
N/A
14.7
46.47
8.45
23.21
0.13
-0.35
-12.53
-4.25
1
2
3
3
2.45
-1.21
1
2
27.53
14.15
1
2
76.07
50.64
0.62
2
20.84
2
3
4
LEADER
2
1
4
4
1
9.26
17.49
1.47
13.37
10.4
-3.8
-1
1.46
-7.52
-2.72
3
2
1
4
4
0.71
-0.72
2.53
-1.82
0.18
2
3
1
4
4
6.58
5.01
0.9
-4.79
1.92
1
2
3
4
4
N/A
N/A
N/A
N/A
N/A
N/A
LEADER
LEADER
N/A
N/A
146.34
181.81
140.86
351.87
62.09
176.59
3.05
8.36
8.68
4.12
-7.9
3.26
4
2
1
3
5
5
3.97
13.27
9.46
1.08
3
1
2
4
30.12
23.17
23.09
1
2
3
6.95
4
25.46
3
LEADER
LEADER
LEADER
LEADER
3
4
3
3
1
2
1
2
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
LEADER
LEADER
LEADER
LEADER
4
LEADER
LEADER
LEADER
1
3
2
3
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
472.01
52.28
113.34
178.27
28.69
26.53
7.04
6.11
27.51
7.64
1.54
3.73
1.87
7.79
0.15
40.26
218.89
5.85
4.38
1.36
3.32
-1.75
-1.12
-1.62
-6.3
-3.5
-2.3
1.04
-7.7
-7.02
-3.97
2
3
6
5
11
9
10
15
13
12
7
17
16
14
7.21
7.2
4.39
4.95
2.87
2.36
2.93
2.16
1.29
0.7
4.23
-6.67
-4.03
-1.55
1
2
5
4
8
10
7
11
12
13
6
16
15
14
28.55
19.02
16.97
16.9
10.99
10.6
9.6
3.88
2.37
-2.42
-6.15
-7.73
-11.72
-21.74
1
2
3
4
5
6
7
8
9
10
11
12
13
14
5.88
4.09
1
4
5.48
3
115.34
25.44
0
66.72
0.89
-10.45
8
18
2.81
9
-1.05
18
2.27
16
4.94
4
N/A
2
N/A
LEADER
N/A
1
N/A
19.95
245.57
6.23
29.88
75.41
0.47
-0.75
-7.92
0.3
-1.97
1
3
4
2
4
2.57
-0.33
-0.75
1
2
3
14.4
7.38
-10.54
0.5
3
4
3
LEADER
2
LEADER
LEADER
LEADER
LEADER
8.4
18.39
18.88
0.58
11.56
4.95
-1.86
2.34
-4.05
0.34
1
3
2
4
4
10.19
0.52
5.72
-5.63
2.7
1
1
4
3
44.85
1.52
23.19
-4.42
-7.25
-5.84
1
2
2
LEADER
LEADER
LEADER
2
4
3
2
1
4
2
3
1
4
2
3
1
766.99
24.1
158.96
28.18
29.5
3.41
74.56
36.81
140.31
-3.12
-6.61
-6.4
-6.39
-6
-7.06
-7.9
-6.92
-6.3
4
1
1
2
4
4
3
LEADER
67.86
3.04
6.3
336.98
103.55
N/A
1
N/A
N/A
N/A
N/A
5 YEARS
17/9/10–
18/9/15 RANK
30.97
32.78
31.88
2
1
2
1
3
4
2
4
68.88
43.41
29.86
1
2
3
47.38
3
1
2
40.01
27.2
1
2
63.35
2
33.6
2
12.24
19.21
22.44
5.95
14.96
3
2
1
4
4
-6.8
19.41
8.53
3
1
2
7.05
3
66.58
63.9
1
2
66.48
73.62
2
1
65.24
2
70.05
2
74.2
59.59
53.1
58.85
22.38
21.55
18.24
21.44
-10.72
14.8
3.35
14.26
-12.17
1
2
4
3
5
6
8
7
12
9
11
10
13
100.14
70.66
39.19
65.71
36.13
27.16
23.52
12.12
-6.27
4.14
5.85
21.93
-18.12
1
2
4
3
5
6
7
9
12
11
10
8
13
14
26.07
13
29.4
13
1
2
3
47.42
1
56.38
1
-2
2
-7.27
2
3.74
3
22.71
2
24.55
2
1
3
2
4
4
19.42
16.08
14.68
0.66
12.71
1
2
3
4
4
49
44.68
48.73
13.81
39.06
1
3
2
4
4
63.14
60.21
65.1
2
3
1
62.82
3
-2.99
-7.71
-5.35
1
2
2
-4.56
-11.33
-7.95
1
2
2
9.63
1.74
5.69
1
2
2
17.45
4.71
11.08
1
2
2
1
5
4
3
2
7
8
6
8
5.15
3.93
3.82
3.33
2.57
2.17
-0.43
3.81
3.04
1
2
3
5
6
7
8
4
8
26.4
26.13
22.23
21.21
17.99
17.25
13.72
-1.19
17.97
1
2
3
4
5
6
7
8
8
61.75
69.66
59.32
40.87
44.97
41.16
41.92
21.11
47.59
2
1
3
7
4
6
5
8
8
34.06
38.18
47.19
17.45
32.94
20.58
22.01
3
2
1
7
4
6
5
-0.85
3.95
0.85
-1.84
0.53
3
1
2
4
4
4.84
3.25
5.9
-0.5
3.37
2
3
1
4
4
19.23
15.72
15.44
10.92
15.33
1
2
3
4
4
43.86
22.35
33.82
40.73
35.19
1
4
3
2
4
41.25
1
25.22
21.29
29.25
2
3
3
37.35
37.35
8.75
8.75
1
1
0.12
0.12
1
1
25.87
25.87
1
1
77.66
77.66
1
1
37.33
37.33
1
1
1
1
1
1
5.74
8.58
199.97
17.42
57.93
-6.25
-10.69
-8.59
-7.76
-8.32
1
4
3
2
4
-16.42
-19.91
-18
-17.36
-17.92
1
4
3
2
4
-11.73
-12.28
-12.32
-29.15
-16.37
1
2
3
4
4
-4.94
-9.77
-5.87
-36.54
-14.28
1
3
2
4
4
15.49
1
15.49
1
LEADER
LEADER
LEADER
LEADER
3
LEADER
4
4
3
1
LEADER
4
4
LEADER
3
4
1
LEADER
LEADER
LEADER
LEADER
4
2
3
3
4
4
2
LEADER
2
4
3
3
3
3
LEADER
3
2
2
LEADER
2
2
N/A
2
3
2
3
1
3
3
4
4
1
3
1
1
2
2
3
2
2
1
1
1
1
3
1
2
1
3
1
1
1
1
1
N/A
N/A
N/A
N/A
3
1
4
LEADER
3
LEADER
4
LEADER
3
1
3
3
4
2
1
LEADER
1
4
3
2
4
LEADER
3
4
3
LEADER
2
2
2
4
3
2
4
3
4
3
3
3
3
2
2
3
N/A
2
LEADER
3
2
2
2
2
2
2
2
4
2
2
1
1
2
2
2
2
1
2
2
2
2
1
1
1
1
1
1
1
1
N/A
N/A
N/A
N/A
122.8
87.81
496.67
125.82
834.82
20.58
277.86
199.36
22.71
10.44
38.54
152.04
473.08
12.13
31.46
799.43
2.45
134.86
15.29
3.27
488.37
976.08
41.07
1815.03
5.24
322.19
60.07
41.01
29.74
1721.27
47.11
32.43
4800.09
833.14
398
108.86
191.98
2.79
15.89
89.27
21.51
25.65
3.3
17.12
15.88
13.51
80.19
269.92
83.51
5.17
109.51
278.61
93.7
56.25
20.51
210.64
66.75
77.35
69.89
550.27
73.33
189.52
80.97
12.88
54.05
204.47
25.79
18.49
27.31
4.04
146.76
20.65
36.46
8.67
18.24
104.32
-0.33
-0.21
0.29
-1.52
0.34
-0.63
-0.08
-2.44
-0.52
-2.65
-1.69
-0.47
-2.32
-0.35
-1.19
-2.36
-4.12
-0.31
-3.33
-1.21
-1.3
-2.39
-1.1
-3.56
-3.34
-3.32
-1.09
-2.87
-1.68
-2.8
-3.39
-1.64
-3.97
-2.76
-3.42
-3.14
-3.27
-2.58
-2.7
-4.19
-2.56
-2.54
-1.96
-4.43
-0.99
-2.65
-5.29
-3.36
-0.03
-2.95
-6.16
-1.87
-3.51
-4.65
-1.94
-4.55
-1.46
-3.68
-3.57
-3.7
-5.15
-5.34
-4.13
-7.02
-2.51
-5.64
-5.31
-2.13
-10.34
-1.33
-5.67
-7.02
-8.01
-7.51
-5.83
8
6
3
21
2
12
5
32
11
37
24
10
29
9
16
30
58
7
47
17
18
31
15
53
48
46
14
42
23
41
50
22
57
40
51
44
45
36
39
60
35
34
27
61
13
38
65
49
4
43
71
25
52
63
26
62
20
55
54
56
64
67
59
72
33
68
66
28
76
19
69
73
75
74
70
3.8
9.82
3.4
-1.84
-1.67
2.05
-1.92
-2.98
0.15
-0.74
-3.13
-3.57
-3.7
0.15
-0.39
-4.79
-0.96
-1.92
2.86
-1.51
-2.31
-5.03
-1.68
-6.27
0.39
-5.14
-3.59
-2.95
0.99
-5.4
-4.66
-3.08
-7.19
-6.21
-6.73
-3.45
-5.58
-6.25
-6.54
-0.44
-6.2
-6.26
-2.79
-6.87
-2.66
-6.58
-6.05
-4.31
1.69
-2.91
-7.59
-4.35
-4.32
-7.51
-3.26
-6.69
-2.4
-4.77
-6.38
-6.58
-9.12
-7.37
-4.23
-7.84
-4.63
-8.33
-7.66
-4.82
-12.06
-2.98
-7.49
-11.65
-8.8
-7.9
-9.79
2
1
3
19
17
6
20
28
10
14
31
34
36
11
12
44
15
21
5
16
22
46
18
55
9
47
35
27
8
48
42
30
63
52
61
33
49
53
57
13
51
54
25
62
24
58
50
38
7
26
67
40
39
66
32
60
23
43
56
59
73
64
37
69
41
71
68
45
76
29
65
75
72
70
74
8.91
8.11
4.68
2.3
1.33
0.34
-0.09
-0.59
-1.11
-1.48
-1.55
-1.58
-1.88
-1.96
-2.01
-2.35
-2.5
-2.56
-2.77
-3.1
-3.36
-3.73
-4.1
-4.29
-4.75
-4.87
-5.29
-5.44
-5.86
-6.02
-6.25
-6.49
-6.49
-6.55
-6.83
-6.94
-7
-7.48
-7.53
-7.55
-7.65
-7.91
-8.19
-8.22
-8.25
-8.33
-8.44
-8.47
-8.62
-8.82
-8.99
-9.12
-9.69
-10.1
-10.88
-11.12
-11.27
-11.44
-11.55
-12.03
-12.05
-12.51
-13.38
-13.43
-13.68
-14.38
-15.19
-16.2
-16.58
-16.65
-16.79
-16.8
-17.42
-17.63
-24.31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
38.39
43.11
60.26
32.22
18.47
25.14
18.19
24.79
16.87
-0.34
24.16
21.84
18.02
29.37
18.79
20.12
16.1
34.22
25.45
27.17
24.5
19
9.57
11.21
13.32
17.39
22.72
10.73
40.07
8.99
18.5
18.92
13
11.17
13.49
78.44
10.51
8.23
8.19
39.61
7.14
6.22
6
3
2
8
28
14
29
15
34
72
17
20
30
9
25
22
35
7
13
11
16
23
51
47
41
33
18
49
4
53
27
24
42
48
39
1
50
55
56
5
60
65
60.99
76.9
131.02
48.59
32.54
25.46
37.65
6
3
1
16
35
45
30
43.17
-7.15
53.54
60.98
33.19
41.8
47.72
24.61
5.6
75.56
54.65
50.03
52.95
25.08
24.63
19.73
24.47
43.22
41.67
46.6
66.11
31.81
43.14
41.16
36.09
26.46
16.23
24
69
10
7
34
26
17
49
67
4
9
12
11
46
48
58
50
23
27
20
5
37
25
28
31
41
60
26.06
27.75
81.27
25.82
24.76
42
40
2
43
47
8.75
7.51
6.8
13.46
1.73
17.77
12.63
28.08
18.73
2.57
15.64
2.84
0.18
9.53
12.58
12.63
6.47
6.49
7.51
2.66
11.73
8.18
21.85
-2.15
17.65
16.07
27.12
6.49
3.14
15.24
20.94
-8.98
54
58
61
40
70
31
43
10
26
69
37
67
71
52
45
44
64
63
59
68
46
57
19
73
32
36
12
62
66
38
21
74
21.7
21.36
22.84
28.62
55
57
54
39
34.09
13.67
46.11
49.38
11.55
49.21
33
61
21
13
64
15
18.76
24.24
21.43
35.51
31.34
13.33
23.24
6.2
44.9
24.33
49.26
8.38
47.24
31.93
57.21
25.69
13.15
39.4
46.87
-5.44
59
52
56
32
38
62
53
66
22
51
14
65
18
36
8
44
63
29
19
68
29.78
246.83
1.05
-2.94
1
76
3.15
-3.9
4
76
-7.24
75
16.96
74
35.9
69
3
LEADER
LEADER
2
4
3
1
2
LEADER
LEADER
4
LEADER
4
2
LEADER
N/A
3
3
3
1
N/A
4
4
3
LEADER
LEADER
4
3
3
N/A
N/A
4
2
LEADER
1
1
LEADER
LEADER
2
LEADER
4
1
N/A
3
2
3
N/A
4
2
LEADER
N/A
1
3
1
3
2
1
2
1
LEADER
3
4
LEADER
1
3
1
4
LEADER
3
4
3
4
N/A
4
2
4
2
N/A
3
3
4
4
3
1
4
3
N/A
N/A
3
LEADER
3
3
2
3
3
2
2
3
2
N/A
3
2
2
N/A
1
2
2
N/A
3
2
1
2
2
1
9.82
35.97
445.3
39.81
740.94
66.71
7.04
5.74
15.83
1183.94
4549.26
26.13
375.94
43.56
358.23
279.35
4636.22
39.67
2155.49
9
14.4
168.93
71.83
228.76
53.56
19.89
5.57
2719.45
1370.87
20.83
37.22
4500.52
17.49
1391.86
48.5
72.08
160.83
44.42
266.59
92.99
219.55
5.99
2.78
1920.2
13.8
7.56
52.76
9.27
71.77
348.59
19.33
89.29
52.45
15.71
38.89
251.43
190.87
-1.54
-0.84
-0.15
-1.94
0.47
-0.43
-2.1
-3.53
-4.63
-0.76
-0.41
0.68
0.57
-1.24
-2.4
-1.29
-0.03
-4.2
-0.24
-2.55
0.29
0.89
-4.59
-1.34
-4.2
-1.88
-1.09
-1.16
-0.85
-0.79
-1.33
-1.07
-3
-1.82
-3.3
0.91
-0.87
-1.21
-0.5
-0.55
-2.07
-2.2
-3.21
-1.37
-2.15
-0.07
-3.3
-1.02
-2.07
-3.02
-3.05
-3.42
-6.73
-3.36
-4.14
-3.5
-4.33
33
19
10
36
6
14
39
53
62
17
13
3
5
28
42
29
8
58
11
43
7
2
61
31
59
35
25
26
20
18
30
24
44
34
48
1
21
27
15
16
37
41
47
32
40
9
49
23
38
45
46
51
64
50
57
52
60
2.36
2.52
-0.76
-0.89
-1.73
-1.83
0.78
-0.35
0.77
-1.38
-4.38
1.33
-0.51
-1.96
-2.07
-3.7
-3.33
-3.56
-3.69
-0.3
-0.27
-0.49
0.22
-3.15
-1.4
-2.17
3.44
-4.69
-4.02
-0.37
-1.8
-2.35
-2.99
-3.46
-4.93
-0.3
0.17
0.38
-3.84
-2.01
-4.52
-2.76
-3.18
-4.59
-5.04
-0.67
-3.5
-0.66
-5.92
-2.52
-2.63
-5.24
-5.66
-3.9
-5.91
-5.99
-7.63
3
2
20
21
25
27
5
14
6
22
50
4
17
28
30
45
40
43
44
13
11
16
8
37
23
31
1
53
48
15
26
32
36
41
54
12
9
7
46
29
51
35
38
52
55
19
42
18
60
33
34
56
58
47
59
61
62
6.07
5.38
4.7
4.38
2.62
2.37
1.76
1.32
0.78
0.51
0.51
0.3
-0.18
-0.64
-0.74
-0.8
-0.87
-0.99
-1.12
-1.18
-1.32
-1.33
-1.41
-1.43
-1.86
-1.99
-2
-2.36
-2.51
-2.61
-2.65
-2.71
-2.76
-2.76
-2.88
-2.96
-2.96
-3.26
-3.31
-3.46
-3.75
-3.88
-4.28
-4.36
-4.6
-4.94
-5.69
-5.78
-6
-6.05
-6.13
-7.67
-8.51
-9.4
-10.02
-11.33
-11.57
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
19.24
63.51
27.09
13.69
22.7
18.76
10.46
15
38.29
26.17
21.97
26.32
23.81
10.2
42.12
24
1
6
34
18
26
37
31
3
10
21
9
17
39
2
41.03
89.9
51.12
37.16
38.65
20
1
14
28
25
3.26
30.66
71.01
47
34
4
38.6
26
58.83
32.98
87.6
8
31
2
13.31
19.57
15.1
7.33
35
23
30
46
44.74
31.18
40.59
15.66
16
33
21
42
22.39
25.6
15.86
24.4
28.46
26.41
15.11
14.7
20
13
28
15
4
7
29
32
40.05
43.9
24
19
44.52
56.99
57.88
55.86
33.57
17
10
9
12
30
22.53
10.34
24.32
5.43
6.19
28.04
25.79
8.55
25.2
20.67
7.48
19
38
16
50
47
5
12
43
14
22
45
59.28
24.22
51.7
23.38
7.83
79.84
65.99
40.11
44.12
45.94
12.53
7
38
13
39
45
3
5
23
18
15
44
14.36
9.24
17.27
8.51
25.98
9.93
26.37
33
41
27
44
11
40
8
32.77
28.68
38.52
32
36
27
56.7
34.8
65.46
11
29
6
5.84
18.76
-0.86
12.82
9.05
-6.28
48
25
51
36
42
54
17.56
25.7
0.6
40.14
23.36
41
37
48
22
40
30.35
7
47
capital 48
/
fund table
NAME
TOTAL CONSISTENT
RETURN
RETURN
31/8/15
31/8/15
TABUNG AMANAH SAHAM KEDAH
1
MAYBANK MALAYSIA EQUITY-I
N/A
BSN DANA AL-JADID
1
BIMB I GROWTH
1
AMANAH SAHAM DARUL IMAN
1
AMB SHARIAH VALUE PLUS A-MYR
N/A
KENANGA ONEPRS SHARIAH EQUITY
N/A
PUBLIC ISLAMIC ADVANTAGE GROWTH EQUITY
N/A
PUBLIC ISLAMIC ENTERPRISES EQUITY
N/A
ISLAMIC AVERAGE(66)
EQUITY MALAYSIA AVERAGE(145)
EQUITY MALAYSIA SM&MID CAP
NON-ISLAMIC
KAF VISION
LEADER
EASTSPRING INVESTMENTS SMALL-CAP
LEADER
MANULIFE INVESTMENT PROGRESS
LEADER
PUBLIC SMALLCAP
4
PUBLIC FOCUS SELECT
1
PUBLIC STRATEGIC SMALLCAP
3
RHB SMALL CAP OPPORTUNITY
4
KENANGA OA INV-KENANGA GROWTH OPPORTUNITIES
3
MIDF AMANAH STRATEGIC
2
RHB EMERGING OPPORTUNITY
3
CIMB-PRINCIPAL SMALL CAP
4
TA SMALL CAP
1
AMB SMALLCAP TRUST
1
PACIFIC PEARL
1
PUBLIC SELECT TREASURES EQUITY
N/A
ISLAMIC
PUBLIC ISLAMIC OPPORTUNITIES
4
PUBLIC ISLAMIC SELECT TREASURES
2
PMB SHARIAH MID-CAP
1
PUBLIC ISLAMIC TREASURES GROWTH
2
MANULIFE INVESTMENT SHARIAH PROGRESS
LEADER
CIMB ISLAMIC SMALL CAP
3
ISLAMIC AVERAGE(6)
EQUITY MALAYSIA SM&MID CAP AVERAGE(21)
EQUITY SECTOR BANKS&FINANCIAL
NON-ISLAMIC
RHB-OSK ASIA FINANCIALS
N/A
EQUITY SECTOR BANKS&FINANCIAL AVERAGE(1)
EQUITY SECTOR CYC CONS GDS&SV
NON-ISLAMIC
RHB-OSK LEISURE, LIFESTYLE & LUXURY
N/A
LIBRA CONSUMER AND LEISURE ASIA
N/A
PUBLIC FAR-EAST CONSUMER THEMES
N/A
HONG LEONG CONSUMER PRODUCTS SECTOR
N/A
AMASIA PACIFIC LEISURE DIVIDEND
N/A
EQUITY SECTOR CYC CONS GDS&SV AVERAGE(5)
EQUITY SECTOR GOLD&PREC METAL
NON-ISLAMIC
RHB-OSK GOLD AND GENERAL
N/A
ISLAMIC
AMPRECIOUS METALS
N/A
ISLAMIC AVERAGE(1)
EQUITY SECTOR GOLD&PREC METAL AVERAGE(2)
EQUITY SECTOR INFORMATION TEC
NON-ISLAMIC
TA GLOBAL TECHNOLOGY
N/A
EQUITY SECTOR INFORMATION TEC AVERAGE(1)
EQUITY SECTOR NATURAL RESCS
NON-ISLAMIC
MANULIFE GLOBAL RESOURCES
N/A
ISLAMIC
AMCOMMODITIES EQUITY
N/A
ISLAMIC AVERAGE(1)
EQUITY SECTOR NATURAL RESCS AVERAGE(2)
EQUITY SECTOR NONCYCLICAL CON
ISLAMIC
RHB GLOBAL FOOD ISLAMIC EQUITY
N/A
ISLAMIC AVERAGE(1)
EQUITY SECTOR NONCYCLICAL CON AVERAGE(1)
EQUITY SECTOR REAL EST AS PAC
NON-ISLAMIC
AMASIA-PACIFIC PROPERTY EQUITIES
LEADER
MANULIFE INVESTMENT ASIA-PACIFIC REIT
3
RHB ASIAN REAL ESTATE
3
AMASIA PACIFIC REITS B MYR
1
AMASIA PACIFIC REITS PLUS
N/A
PUBLIC FAR-EAST PROPERTY & RESORTS
2
TA ASIA PACIFIC REITS INCOME
N/A
AMPRS-ASIA PACIFIC REITS D
N/A
EQUITY SECTOR REAL EST AS PAC AVERAGE(8)
EQUITY SECTOR REAL ESTATE EUR
NON-ISLAMIC
AMPAN EUROPEAN PROPERTY EQUITIES
N/A
EQUITY SECTOR REAL ESTATE EUR AVERAGE(1)
EQUITY SECTOR REAL ESTATE GBL
NON-ISLAMIC
AMGLOBAL PROPERTY EQUITIES
N/A
EQUITY SECTOR REAL ESTATE GBL AVERAGE(1)
EQUITY SINGAPORE
NON-ISLAMIC
PUBLIC SINGAPORE EQUITY
N/A
PB SINGAPORE ADVANTAGE-30 EQUITY
N/A
EQUITY SINGAPORE AVERAGE(2)
EQUITY US
NON-ISLAMIC
MANULIFE INVESTMENT U.S. EQUITY
N/A
FRANKLIN U.S. OPPORTUNITIES MYR
N/A
RHB-GS US EQUITY
N/A
RHB US INDEX BETA
N/A
EQUITY US AVERAGE(4)
EQUITY US SM&MID CAP
NON-ISLAMIC
RHB US FOCUS EQUITY
N/A
EQUITY US SM&MID CAP AVERAGE(1)
HEDGE/MULTI STRATEGIES-FOHF
NON-ISLAMIC
MAYBANK BLUEWATERZ TOTAL RETURN
N/A
HEDGE/MULTI STRATEGIES-FOHF AVERAGE(1)
MIXED ASSET AUD AGGRESSIVE
NON-ISLAMIC
AMAUSTRALIA
N/A
MIXED ASSET AUD AGGRESSIVE AVERAGE(1)
MIXED ASSET AUD CONSERVATIVE
NON-ISLAMIC
AFFIN HWANG SELECT AUD INCOME MYR
N/A
MIXED ASSET AUD CONSERVATIVE AVERAGE(1)
MIXED ASSET MYR BAL GLOBAL
NON-ISLAMIC
RHB-OSK MULTI ASSET REGULAR INCOME
N/A
RHB-OSK ASIAN INCOME
LEADER
1
PUBLIC FAR-EAST BALANCED
3
PACIFIC ASIAPAC INCOME
3
PB ASIA REAL ESTATE INCOME
2
AFFIN HWANG PRS MODERATE
N/A
AIA PAM-MODERATE FUND
N/A
PB AUSTRALIA DYNAMIC BALANCED
1
AFFIN HWANG SELECT BALANCED
2
MANULIFE PRS-MODERATE A
N/A
UNITED BOND & EQUITY STRATEGIC TRUST
N/A
PHEIM EMERGING COMPANIES BALANCED
4
RHB GLOBAL ALLOCATION
2
AMPRS-MODERATE D
N/A
AFFIN HWANG SELECT APAC EX-JAPAN BALANCED MYR N/A
TEMPLETON GLOBAL BALANCED MYR A
N/A
ISLAMIC
RHB-OSK ISLAMIC REGIONAL BALANCED MYR
N/A
TA ASIA PACIFIC ISLAMIC BALANCED
4
EASTSPRING INVESTMENTS ASEAN AL-ADIIL
N/A
AMPRS-ISLAMIC BALANCED D
N/A
MANULIFE SHARIAH PRS-MODERATE A
N/A
PACIFIC ELIT ISLAMIC ASIAPAC BALANCED
1
ISLAMIC AVERAGE(6)
MIXED ASSET MYR BAL GLOBAL AVERAGE(23)
MIXED ASSET MYR BAL MALAYSIA
NON-ISLAMIC
RHB SMART BALANCED
LEADER
HONG LEONG BALANCED
4
KAF FIRST
LEADER
PB BALANCED
3
CIMB-PRINCIPAL PRS PLUS MODERATE A
N/A
LIBRA INCOME EXTRA
LEADER
PUBLIC BALANCED
4
LIBRA VERSATILE EXTRA
4
CIMB-PRINCIPAL INCOME PLUS BALANCED
2
KENANGA ONEPRS MODERATE
N/A
KENANGA BALANCED
3
MANULIFE INVESTMENT BALANCED
2
TA INCOME
1
AMB BALANCED TRUST
3
PB BALANCED SEQUEL
N/A
EASTSPRING INVESTMENTS BALANCED
LEADER
RHB KIDSAVE
2
CIMB-PRINCIPAL BALANCED INCOME
3
PUBLIC MUTUAL PRS MODERATE
N/A
RHB RETIREMENT SERIES-MODERATE
N/A
AMBALANCED
2
KUMIPA BALANCED
1
PACIFIC SELECT BALANCE
1
ISLAMIC
CIMB ISLAMIC BALANCED
LEADER
CIMB ISLAMIC PRS PLUS MODERATE A
N/A
HONG LEONG DANA MAA’ROF
2
RHB DANA KIDSAVE
N/A
KAF DANA ALIF
3
PUBLIC MUTUAL PRS ISLAMIC MODERATE
N/A
PMB SHARIAH BALANCED
3
CIMB ISLAMIC BALANCED GROWTH
4
AMISLAMIC BALANCED
4
LIBRA SYARIAH EXTRA
4
AIA PAM-ISLAMIC MODERATE FUND
N/A
KENANGA ISLAMIC BALANCED
3
DANA MAKMUR PHEIM
LEADER
MANULIFE INVESTMENT AL-UMRAN
2
AMB DANA IKHLAS
3
AFFIN HWANG AIIMAN BALANCED
1
RHB MUDHARABAH
1
PACIFIC DANA IMBANG
N/A
BIMB DANA AL-MUNSIF
1
BIMB DANA AL-FALAH
1
KENANGA OA INV-KENANGA SHARIAH BALANCED
1
ISLAMIC AVERAGE(21)
MIXED ASSET MYR BAL MALAYSIA AVERAGE(44)
MIXED ASSET MYR CONSERVATIVE
NON-ISLAMIC
EASTSPRING INVESTMENTS ASIA SELECT INCOME
LEADER
AFFIN HWANG SELECT INCOME
LEADER
RHB SMART INCOME
LEADER
PHEIM INCOME
4
EASTSPRING INVESTMENTS ENHANCED INCOME
4
KENANGA ONEPRS CONSERVATIVE
N/A
RHB GOLDENLIFE TODAY
3
PUBLIC ENHANCED BOND
3
RHB RETIREMENT SERIES-CONSERVATIVE
N/A
MANULIFE PRS-CONSERVATIVE A
N/A
AIA PAM-CONSERVATIVE FUND
N/A
CIMB-PRINCIPAL PRS PLUS CONSERVATIVE A
N/A
PUBLIC MUTUAL PRS CONSERVATIVE
N/A
AMCONSERVATIVE
4
AFFIN HWANG PRS CONSERVATIVE
N/A
AMB LIFESTYLE TRUST TODAY
3
HONG LEONG ASIA-PACIFIC INCOME PLUS
1
PB MIXED ASSET CONSERVATIVE
N/A
PACIFIC SELECT INCOME
1
PACIFIC INCOME
1
PUBLIC SELECT MIXED ASSET CONSERVATIVE
N/A
N/A
UNITED INCOME PLUS
N/A
ISLAMIC
PUBLIC ISLAMIC ENHANCED BOND
2
PUBLIC MUTUAL PRS ISLAMIC CONSERVATIVE
N/A
MANULIFE SHARIAH PRS-CONSERVATIVE A
N/A
CIMB ISLAMIC ENHANCED SUKUK
2
CIMB ISLAMIC PRS PLUS CONSERVATIVE A
N/A
EASTSPRING INVESTMENTS DANA AL-ISLAH
2
AMPRS-ISLAMIC FIXED INCOME D
N/A
AFFIN HWANG AIIMAN SELECT INCOME
N/A
PUBLIC EHSAN MIXED ASSET CONSERVATIVE
N/A
ISLAMIC AVERAGE(9)
MIXED ASSET MYR CONSERVATIVE AVERAGE(32)
MIXED ASSET MYR FLEXIBLE
NON-ISLAMIC
PUBLIC TACTICAL ALLOCATION
LEADER
RHB GOLDEN DRAGON
LEADER
TA GLOBAL ASSET ALLOCATOR
4
AMDYNAMIC ALLOCATOR
LEADER
EASTSPRING INVESTMENTS DYNAMIC
LEADER
RHB ASIA ACTIVE ALLOCATION
4
PB DYNAMIC ALLOCATION
4
PACIFIC DYNAMIC ASIAPAC
N/A
RHB GROWTH AND INCOME FOCUS
LEADER
AFFIN HWANG FLEXI II
N/A
AFFIN HWANG ASEAN FLEXI MYR
N/A
MANULIFE INVESTMENT-ML FLEXI
4
PACIFIC ELITE GLOBAL STRATEGIC
2
HONG LEONG STRATEGIC
3
APEX DYNAMIC
2
RHB-OSK MULTI-ASSET RECOVERY STRATEGY
3
KENANGA OA INV-KENANGA MANAGED GROWTH
2
MANULIFE INVESTMENT-HW FLEXI
4
RHB THEMATIC GROWTH
3
KENANGA OA INV-KENANGA DIVERSIFIED
2
MAYBANK Q-TARGET RETURN
2
AFFIN HWANG TACTICAL
1
ICAPITAL.BIZ BERHAD
1
INTERPAC DYNAMIC EQUITY
1
PACIFIC ELITE EMERGING MARKETS
1
LIBRA TACTICAL EXTRA
1
MANULIFE INVESTMENT-CM FLEXI
3
LIBRA STRATEGIC OPPORTUNITY
N/A
APEX QUANTUM
1
RETURN %
PRESERVATION
31/8/15
FUND
SIZE
XM
3 MONTH
18/6/15–
18/9/15 RANK
6 MONTHS
18/3/15–
18/9/15 RANK
1
N/A
1
1
1
N/A
N/A
N/A
N/A
3
N/A
1
1
1
N/A
N/A
N/A
N/A
29
8.16
47.23
35.24
140.5
4.74
0.26
-4.05
-5.69
-3.95
-10.51
-3.61
-0.3
-0.87
56
63
55
65
54
12
22
-3.26
-9.04
-4.28
-13.69
-5.3
39
63
49
64
57
0.12
10
57.2
460.97
0.57
-2.02
4
65
-1.4
-2.56
LEADER
LEADER
LEADER
4
1
3
LEADER
3
1
3
3
1
2
1
N/A
1
3
2
LEADER
3
4
2
1
1
1
1
1
1
1
N/A
55.74
189.24
153.59
1020.2
742.38
526.32
58
18.16
20.96
37.96
120.6
7.66
99.71
109.12
55.37
214.33
1.74
-1.39
0.49
-2.15
-1.97
-1.82
-8.24
-2.32
-7.52
-9.31
0.41
-1.74
-7.08
-8.62
1
4
2
8
7
6
12
9
11
14
3
5
10
13
-3.54
4
2
1
2
4
3
LEADER
4
4
2
2
1
836.45
1084.58
25.33
348.47
143.08
243.21
446.85
N/A
2
Lipper Asia Limited
in association with
Tel: +852 2973 6600 Email: lipper.asia@reuters.com Website: www.lipperweb.com
1 YEAR
18/9/14–
18/9/15 RANK
3 YEARS
18/9/12–
18/9/15 RANK
5 YEARS
17/9/10–
18/9/15 RANK
-11.88
-14
-14.79
-15.9
-16.36
58
59
60
61
62
5.61
49
30.35
35
-2.27
-4.49
-10.12
52
53
55
5.65
13.91
-3.48
46
43
49
24
64
-3.41
62
16.94
55
39.01
49
4.91
2.75
5.34
-1.98
-1.9
-1.26
-1.96
0.44
-2.85
-5.39
-4.27
-2.96
-8.51
-12.91
2
3
1
8
6
5
7
4
9
12
11
10
13
14
7.82
0.39
-0.27
-1.21
-2.43
-4.44
-4.87
-6.54
-8.45
-13
-14.83
-16.8
-19.3
-23.99
1
2
3
4
5
6
7
8
9
10
11
12
13
14
81.1
124.29
62.29
48.9
13.87
27.2
60.63
31.99
20.43
33.58
44.06
5.41
13.21
11.43
2
1
3
5
11
9
4
8
10
7
6
14
12
13
110.16
145.81
91.29
61.17
50.26
2
1
4
7
9
92.05
60.68
12.57
82.68
86.23
17.83
38.73
23.46
3
8
13
6
5
12
10
11
14
-2.18
14
-7.71
14
41.31
14
67.15
13
-0.37
-1.4
-4.08
-1.08
-8.28
1.14
-2.34
2
4
5
3
6
1
6
2.33
3.03
-4.48
0.38
-6.9
1.42
-0.7
2
1
5
4
6
3
6
3.86
1.76
-5.91
-6.56
-8.24
-10.68
-4.29
1
2
3
4
5
6
6
45.37
25.17
2
4
71.45
46.95
1
3
19.02
54.15
29.79
34.7
5
1
3
5
58.13
58.84
2
3
6.7
6.7
-6.97
-6.97
1
1
0.46
0.46
1
1
20.82
20.82
1
1
47.77
47.77
1
1
N/A
N/A
N/A
N/A
N/A
N/A
4
4
2
N/A
5.27
51.83
121.78
54.61
22.22
51.14
4.21
-3.89
-0.48
-0.97
-4.21
-1.07
1
4
2
3
5
5
3.51
6.39
0.01
-4.23
-2.58
0.62
2
1
3
5
4
5
26.97
14.59
1.03
-0.68
-6.07
7.17
1
2
3
4
5
5
45.73
14
14.75
1
3
2
58.93
17.04
53.82
1
3
2
24.83
3
43.27
3
N/A
1
120.23
120.23
-12.32
-12.32
1
1
-6.17
-6.17
1
1
-14.97
-14.97
1
1
-54.22
-54.22
1
1
-57.16
-57.16
1
1
N/A
1
255.93
255.93
-11.51
-11.51
1
1
-8.35
-8.35
1
1
-24.06
-24.06
1
1
-60.81
-60.81
1
1
-68.63
-68.63
1
1
N/A
LEADER
34.81
34.81
5.8
5.8
1
1
7.79
7.79
1
1
25.31
25.31
1
1
61.97
61.97
1
1
N/A
1
4.54
4.54
-9.24
-9.24
1
1
-5.8
-5.8
1
1
-17.53
-17.53
1
1
-21.71
-21.71
1
1
-28.18
-28.18
1
1
N/A
1
49.51
49.51
-5.35
-5.35
1
1
-5.28
-5.28
1
1
-15.7
-15.7
1
1
-0.8
-0.8
1
1
4.58
4.58
1
1
N/A
LEADER
0.84
0.84
0.94
0.94
1
1
-3.75
-3.75
1
1
4.14
4.14
1
1
17.37
17.37
1
1
LEADER
3
2
3
N/A
1
N/A
N/A
3
LEADER
1
LEADER
N/A
4
N/A
N/A
19.57
23.5
15.11
204.64
33.55
304.86
8.34
2.09
76.46
2.85
2.07
-4.38
3.53
0.96
-0.26
1.01
3.47
1.16
3
4
8
1
6
7
5
2
8
4.48
3.92
5.48
3.61
1.23
-0.06
3.89
3.57
3.27
2
3
1
5
7
8
4
6
8
19.4
18.34
18.13
14.34
12.9
8.47
8.04
1
2
3
4
5
6
7
42.91
32.06
28.65
31.16
1
2
5
4
48.98
65.22
33.01
3
1
4
32.05
3
60.69
2
14.23
7
33.37
5
51.97
4
N/A
LEADER
69.02
69.02
18.4
18.4
1
1
20.55
20.55
1
1
46.05
46.05
1
1
110.56
110.56
1
1
135.76
135.76
1
1
N/A
4
22.88
22.88
10.28
10.28
1
1
7.63
7.63
1
1
29.69
29.69
1
1
49.77
49.77
1
1
76.58
76.58
1
1
N/A
N/A
4
4
229.34
71.6
150.47
-3.34
-3.75
-3.54
1
2
2
-0.17
-0.65
-0.41
1
2
2
6.72
5.66
6.19
1
2
2
16.51
16.1
16.3
1
2
2
20.03
20.03
1
1
N/A
N/A
N/A
N/A
LEADER
N/A
4
N/A
13.46
48.42
43.27
1.22
26.59
4.35
-3.98
-7.04
-4.85
-2.88
1
2
4
3
4
5.04
-2.63
-4.18
1
2
3
24.64
8.4
-0.35
1
2
3
74.09
1
38.89
2
-0.59
3
10.9
3
56.49
2
N/A
LEADER
71.93
71.93
-3.77
-3.77
1
1
0.48
0.48
1
1
7.73
7.73
1
1
51.54
51.54
1
1
92.91
1
92.91
1
N/A
N/A
N/A
1
2.88
2.88
1.68
1.68
1
1
-2.35
-2.35
1
1
3.48
3.48
1
1
18.2
18.2
1
1
N/A
3
49.01
49.01
6.02
6.02
1
1
7.01
7.01
1
1
11.02
11.02
1
1
14.76
14.76
1
1
39.97
39.97
1
1
N/A
LEADER
1
4
4
1
N/A
N/A
2
2
N/A
N/A
3
2
N/A
N/A
N/A
N/A
LEADER
4
4
LEADER
3
N/A
N/A
3
4
N/A
N/A
4
4
N/A
N/A
N/A
49.36
1226.19
113.47
124.29
24.34
217
17.46
12.24
282.17
310.03
4.92
21.01
29.11
26.37
2.33
13.49
0.71
145.56
5.49
4.39
4.1
-2.91
-0.68
-1.26
-1.87
-1.43
0.42
-2.62
-0.87
-2.51
-2.79
-5.51
-2.62
-1.51
-10.48
-1.33
1
2
3
15
5
7
10
8
4
12
6
11
14
16
13
9
17
17
7.18
5.57
10.41
1.87
0.48
-0.62
-0.48
0.07
-2.1
-0.99
-1.27
-0.75
-1.22
-3.35
-2.39
0.06
2
3
1
4
5
9
8
6
14
11
13
10
12
16
15
7
20.46
17.57
8.11
7.31
6.52
5.49
2.75
1.95
1.95
-0.78
-1.78
-2
-2.46
-2.83
-4.78
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
39.37
16.54
19.88
18.7
15.75
1
6
3
4
7
21.83
22.92
46.26
7
6
2
13.87
17.25
8
5
27.44
48.68
4
1
21.33
12.77
2
9
32.97
26.73
3
5
0.78
16
3.83
15
N/A
3
N/A
N/A
N/A
1
N/A
4
N/A
N/A
N/A
2
9.82
4
11.85
0.49
0.75
1.16
4.68
2.85
2.91
0.02
-2.63
0.06
-5.21
-0.33
2
1
4
5
3
6
6
8.81
2.65
-0.4
-2.57
0.02
-6.5
0.33
1
2
4
5
3
6
6
16.59
14.86
7.02
1.9
-0.44
-11.24
4.78
1
2
3
4
5
6
6
LEADER
4
LEADER
3
N/A
LEADER
4
4
2
N/A
3
2
1
3
N/A
LEADER
2
3
N/A
N/A
2
1
1
2
3
4
4
N/A
2
LEADER
3
LEADER
N/A
3
1
4
4
N/A
2
3
3
N/A
N/A
3
1
2
27.1
23.46
35.97
549
10.7
51.41
367.09
1.02
85.36
0.69
22.96
82.48
9.08
79.85
225.28
75.72
487.74
280.86
79.77
11.79
3.79
49.71
7.35
111.66
-2.29
0.19
-1.14
0.06
-0.59
-2.25
-1.19
-1.19
-1.01
-0.96
-1.01
-0.44
0.3
-1.05
-1.45
-5.08
-4.56
0.04
-2.2
-3.04
-3.06
-2.39
-3.12
-1.63
17
2
11
3
6
16
12
13
8
7
9
5
1
10
14
23
22
4
15
19
20
18
21
23
4.45
3.09
1.63
-0.37
1.4
1.96
-1.47
3.69
-0.83
-1.01
-1.09
0.37
0.35
-2.02
-3.2
-1.84
-1.42
-0.41
-3.81
-2.01
-4.93
-1.3
-4.12
-0.56
1
3
5
9
6
4
16
2
11
12
13
7
8
19
20
17
15
10
21
18
23
14
22
23
6.49
5.94
2.23
2.01
0.98
0.42
-0.31
-0.38
-1.19
-1.91
-2.17
-2.94
-3.04
-3.11
-3.27
-3.38
-3.44
-4.11
-4.14
-4.2
-6.31
-8.69
-8.87
-1.89
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
23
LEADER
N/A
2
N/A
3
N/A
3
4
4
LEADER
N/A
3
LEADER
2
3
1
1
N/A
1
1
1
LEADER
N/A
3
N/A
3
N/A
4
3
3
3
N/A
4
4
2
4
3
1
N/A
1
1
1
350.34
10.96
15.19
51.59
22.27
32.36
1.67
360.07
6.98
20
40.92
8.02
12.22
27.61
31.14
67.52
12.74
2.22
36.52
24.88
0.19
54.07
0.88
0.35
-1.35
0
-3.03
0
-1.84
-0.67
-0.92
-1.54
-1.28
-1.07
-0.21
0.82
-1.01
-2.44
-2.55
-3.72
-8.3
-10.49
-7.5
-2.18
1
3
12
4
17
4
14
7
8
13
11
10
6
2
9
15
16
18
20
21
19
21
1.97
2.33
2.35
4.45
-2.21
-1.3
-1.12
-1.6
-1.9
-0.6
-1.39
0.36
-0.55
0.64
-2.72
-3.96
-1.49
-4.97
-10.24
-13.13
-9.84
-2.14
4
3
2
1
15
10
9
13
14
8
11
6
7
5
16
17
12
18
20
21
19
21
8.92
4.53
4.25
1.15
0.91
0.74
0.37
0.36
-0.28
-0.5
-0.53
-0.75
-1.14
-1.77
-2.96
-5.61
-8.69
-10.53
-10.96
-14.49
-17.07
-2.57
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
21
LEADER
LEADER
LEADER
4
4
N/A
3
3
N/A
N/A
N/A
N/A
N/A
4
N/A
3
1
N/A
1
1
N/A
N/A
N/A
LEADER
LEADER
4
LEADER
LEADER
N/A
LEADER
LEADER
N/A
N/A
N/A
N/A
N/A
LEADER
N/A
LEADER
4
N/A
LEADER
4
N/A
N/A
N/A
56.37
1158.6
19.02
13.34
10.91
0.44
26.46
323.61
9.8
1.87
9.89
11.14
26.75
13.03
8.12
5.33
4.47
148.67
4.95
108.67
11.43
307.14
17.14
99.88
0.59
0.39
-0.64
0.68
-0.77
0.35
-0.8
0.1
-0.37
-0.21
-0.2
-0.2
-0.57
-0.39
-0.49
-0.68
-2.35
-1.59
-1.57
-2.43
0.08
0.44
5.94
-0.2
3
5
16
2
18
6
19
7
12
11
9
10
15
13
14
17
22
21
20
23
8
4
1
23
2.98
2.21
4.69
2.59
0.23
1.7
1.08
0.48
1.14
0.62
0.6
0.54
0.61
1.19
0.3
-0.13
-3.27
-1.43
-1.24
-3.17
2.78
2.44
9.72
1.16
3
7
2
5
18
8
11
16
10
12
14
15
13
9
17
19
23
21
20
22
4
6
1
23
10.64
8.38
7.41
4.15
3.9
3.24
3.19
3.06
2.99
2.01
1.95
1.87
1.56
0.82
0.76
0.49
-0.19
-0.79
-2.52
-4.27
2
N/A
N/A
2
N/A
2
N/A
N/A
N/A
LEADER
N/A
N/A
LEADER
N/A
LEADER
N/A
N/A
N/A
70.75
9.01
0.09
43.63
7.84
29.41
0.02
96.68
2.5
28.88
1.07
0.23
-0.21
0.02
-0.42
-0.64
-0.68
-0.86
-0.55
-0.23
1
2
4
3
5
7
8
9
6
9
1.3
0.97
0.53
0.01
0.02
-0.05
-1.3
-1.42
-0.47
-0.05
1
2
3
5
4
6
8
9
7
9
LEADER
LEADER
4
LEADER
LEADER
4
4
N/A
LEADER
N/A
N/A
4
1
3
2
3
3
4
3
3
2
2
1
1
1
1
1
N/A
1
LEADER
2
4
LEADER
2
4
4
N/A
1
N/A
N/A
2
1
1
1
3
2
1
1
2
2
2
2
1
1
1
1
N/A
1
67.16
56.16
12.18
27.92
40.09
10.76
132.75
9.03
123.85
98.27
113.88
55.9
1.06
50.15
6.63
1.06
5.35
277.24
25.78
4.1
24.29
73.04
386.53
1.58
3.06
32.01
38.72
201.05
1.16
64.85
1.41
-4.03
4.62
0.54
-4.14
2.93
-3.27
-1.76
-1.54
-3.89
-4.44
-1.22
-4.89
-2.67
-4.38
-10.15
-2.37
-3.42
-4.58
-2.8
-2.12
-3.96
-3.15
-0.03
-13.26
-9.55
-1.85
-3.76
-2.98
-3.13
3
21
1
4
22
2
16
8
7
19
24
6
26
12
23
28
11
17
25
13
10
20
15
5
29
27
9
18
14
29
6.72
5.23
3.47
1.78
10.12
1.54
1.28
-1.67
2
-1.64
-4.35
-0.15
-2.46
-2.03
-1.69
-10.09
-3.07
-4.43
-7.6
-3.15
-0.96
-6.6
-5.14
2.14
-6.6
-11.14
-5.14
-15.55
-6.69
-2.27
2
3
4
7
1
8
9
13
6
12
19
10
16
15
14
27
17
20
26
18
11
23
21
5
24
28
22
29
25
29
19.5
9
32.4
7
19.67
1
26.62
1
0.15
9.91
2
2
5.19
15.9
2
2
54.11
21.95
26.64
14.13
1
5
3
9
85.99
41.06
37.84
23.12
1
3
5
13
24.72
17.93
19.39
7.92
4
7
6
16
13.59
32.74
22.96
17
9
14
14.18
11.37
7.19
14.02
8
13
18
10
29.76
28.44
14.56
29.08
10
12
16
11
34.44
12.29
13.31
2
12
11
56.83
38.84
33.55
2
4
8
10.59
7.56
7.94
17.76
14
17
15
18
36.36
33.6
19.5
33.99
6
7
15
17
25.39
2
39.59
4
13.1
10
29.46
8
15.45
6
27.76
9
13.49
17.62
17.4
22.35
9
4
5
3
18.46
44.12
44.73
37.67
11
3
2
5
15.39
41.18
12.17
14.16
4.05
-1.21
7
1
11
8
12
13
35.52
58.89
27.61
37.05
14.48
13.56
7
1
10
6
12
13
-3.2
-6.83
-11.49
11.81
14
15
16
16
5.12
2.27
0.26
27.28
14
15
16
16
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
28.44
20.01
33.53
13.98
12.95
2
3
1
5
6
27.88
46.45
47.38
26.73
22.89
5
2
1
6
8
12.79
11.72
7
9
29.67
24.74
4
7
15.46
4
31.69
3
11.81
3.66
8
12
22.82
9
4.63
4.4
10
11
10.45
14.92
11
10
2.43
20
14.45
12
27.78
11
3.7
2.46
1.61
1.39
1.3
0.99
-0.25
-1.42
1
2
3
4
5
6
7
8
10.8
2
24.02
3
10.67
3
26.13
2
11.15
1
34.97
1
1.22
8
10.87
3
28.37
3
20.81
18.86
14.17
13.02
9.25
8.12
6.17
2.08
1.83
1.57
-0.1
-1.72
-1.98
-4.38
-5.34
-6.15
-6.41
-6.74
-6.94
-7.28
-8.54
-8.83
-9.77
-10.4
-13.2
-16.42
-18.16
-21.2
-22.55
-2.77
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
29
43.2
39.8
25.01
27.22
56.3
27.66
25.06
3
4
9
7
1
6
8
29.5
29.85
9
8
74
31.55
1
7
45.96
2
72
3
27.73
0.51
17.98
6.36
5.14
8.64
22.29
13.79
9.5
6.31
1.26
-2.37
-1.62
-4.48
7.01
13.02
5
21
11
17
19
15
10
12
14
18
20
23
22
24
16
13
26.84
-1.02
28.51
17.94
11
18
10
15
22.59
72.26
41.81
42.03
13
2
5
4
14.39
20.69
14.68
-11.48
23.2
38.36
17
14
16
19
12
6
-22.66
15.94
25
25
-21.3
28.32
20
20
NAME
TOTAL CONSISTENT
RETURN
RETURN
31/8/15
31/8/15
ISLAMIC
PUBLIC ISLAMIC ASIA TACTICAL ALLOCATION
LEADER
EASTSPRING INVESTMENTS DANA DINAMIK
LEADER
TA DANA OPTIMIX
1
APEX DANA ASLAH
4
PMB SHARIAH TACTICAL
2
INTERPAC DANA SAFI
2
MANULIFE INVESTMENT-HW SHARIAH FLEXI
N/A
MANULIFE INVESTMENT-CM SHARIAH FLEXI
3
PACIFIC ELIT DANA AMAN
3
BIMB I FLEXI
N/A
MANULIFE INVESTMENT-ML SHARIAH FLEXI
N/A
ISLAMIC AVERAGE(11)
MIXED ASSET MYR FLEXIBLE AVERAGE(40)
MIXED ASSET OTHER AGGRESSIVE
NON-ISLAMIC
KENANGA ONEPRS GROWTH
N/A
CIMB-PRINCIPAL PRS PLUS GROWTH A
N/A
AFFIN HWANG PRS GROWTH
N/A
AIA PAM-GROWTH FUND
N/A
AMPRS-GROWTH D
N/A
VALUE
2
MANULIFE PRS-GROWTH A
N/A
PUBLIC MUTUAL PRS GROWTH
N/A
CIMB-PRINCIPAL BALANCED
3
RHB RETIREMENT SERIES-GROWTH
N/A
PUBLIC SELECT MIXED ASSET GROWTH
N/A
ISLAMIC
TA BRIC AND EMERGING MARKETS
LEADER
CIMB ISLAMIC PRS PLUS GROWTH A
N/A
PUBLIC MUTUAL PRS ISLAMIC GROWTH
N/A
MANULIFE SHARIAH PRS-GROWTH A
N/A
PUBLIC ISLAMIC MIXED ASSET
2
PUBLIC EHSAN MIXED ASSET GROWTH
N/A
ISLAMIC AVERAGE(6)
MIXED ASSET OTHER AGGRESSIVE AVERAGE(17)
MIXED ASSET OTHER BALANCED
NON-ISLAMIC
PB INDONESIA BALANCED
N/A
ISLAMIC
AFFIN HWANG AIIMAN PRS SHARIAH MODERATE
N/A
ISLAMIC AVERAGE(1)
MIXED ASSET OTHER BALANCED AVERAGE(2)
MIXED ASSET OTHER FLEXIBLE
NON-ISLAMIC
GLOBAL MULTI-ASSET INCOME USD
N/A
CIMB-PRINCIPAL GLOBAL MULTI ASSET INCOME
N/A
CIMB-PRINCIPAL GLOBAL MULTI ASSET INCOME 2
N/A
MIXED ASSET OTHER FLEXIBLE AVERAGE(3)
MIXED ASSET SGD CONSERVATIVE
NON-ISLAMIC
AFFIN HWANG SELECT SGD INCOME MYR
N/A
MIXED ASSET SGD CONSERVATIVE AVERAGE(1)
MIXED ASSET USD BAL — GLOBAL
NON-ISLAMIC
US-CANADA INCOME AND GROWTH
N/A
MIXED ASSET USD BAL — GLOBAL AVERAGE(1)
MONEY MARKET MYR
NON-ISLAMIC
KENANGA CASH MANAGEMENT
N/A
CIMB-PRINCIPAL WHOLESALE DEPOSIT 3
N/A
LIBRA MONEY EXTRA
N/A
N/A
N/A
LIBRA MONEY EXTRA II
N/A
N/A
N/A
N/A
HONG LEONG CASH
N/A
N/A
KENANGA CASH
N/A
MAYBANK ENHANCED CASH XIII
N/A
HONG LEONG INCOME MANAGEMENT
N/A
RHB CASH MANAGEMENT 1
N/A
LIBRA LIQUIDITY
N/A
RHB CASH MANAGEMENT 2
N/A
AFFIN HWANG SELECT CASH
N/A
AFFIN HWANG ENHANCED DEPOSIT
2
UNITED CASH
N/A
N/A
N/A
MAYBANK ENHANCED CASH
N/A
PB CASH PLUS
N/A
OPUS CASH EXTRA
N/A
RHB-OSK INCOME PLUS FUND
N/A
AMINCOME PREMIUM
N/A
N/A
PUBLIC MONEY MARKET
N/A
EASTSPRING INVESTMENTS CASH MANAGEMENT
N/A
PHILLIP MASTER MONEY MARKET
N/A
PB CASH MANAGEMENT
N/A
KAF MONEY MARKET
N/A
AMINCOME ADVANTAGE
N/A
MAYBANK ENHANCED CASH XII
N/A
MAYBANK ENHANCED CASH XI
N/A
MAYBANK INSTITUTIONAL MONEY MARKET
N/A
PUBLIC CASH DEPOSIT
N/A
N/A
RHB MONEY MARKET
N/A
EASTSPRING INVESTMENTS INSTITUTIONAL INCOME
2
PACIFIC CASH
N/A
CIMB-PRINCIPAL CORPORATE DEPOSIT 1
N/A
KENANGA MONEY MARKET
N/A
CIMB-PRINCIPAL DEPOSIT
N/A
MANULIFE INVESTMENT MONEY MARKET
N/A
OPUS CASH MANAGEMENT
N/A
MANULIFE CASH MANAGEMENT
N/A
AMANAHRAYA CASH MANAGEMENT
N/A
INTERPAC CASH
N/A
RHB DEPOSITS
N/A
AMINCOME
N/A
CIMB-PRINCIPAL MONEY MARKET INCOME
N/A
MAYBANK Q-CASH
N/A
AMCASH 30
N/A
KENANGA PRINCIPAL PROTECTED INCOME
N/A
HONG LEONG INSTITUTIONAL BOND
N/A
AMINCOME PLUS
N/A
TA CASHPLUS
N/A
AMCASH MANAGEMENT
N/A
KENANGA CASH PLUS
N/A
ARECA MONEYTRUST
N/A
N/A
INTERPAC WHOLESALE MONEY MARKET
N/A
MIDF AMANAH MONEY MARKET
1
KENANGA PRINCIPAL PROTECTED INCOME II
N/A
HONG LEONG ENHANCED CASH
N/A
TA ALL-CYCLE COMMODITIES INCOME
N/A
KAF INSTITUTIONAL MONEY MARKET
N/A
AFFIN HWANG WHOLESALE I
N/A
HONG LEONG MONEY MARKET
N/A
N/A
N/A
UNITED MONEY MARKET
N/A
ISLAMIC
LIBRA DANA SAFA
N/A
RHB ISLAMIC WHOLESALE-SERIES 1
N/A
KENANGA ISLAMIC INCOME SERIES 3
N/A
EASTSPRING INVESTMENTS ISLAMIC INCOME
N/A
KENANGA ISLAMIC CASH
N/A
MAYBANK DANA NAJIYAH
N/A
AFFIN HWANG AIIMAN WHOLESALE II
N/A
AFFIN HWANG AIIMAN CASH I
N/A
CIMB ISLAMIC CORPORATE DEPOSIT 1
N/A
BSN DANA I-CASH
N/A
KAF ISLAMIC MONEY MARKET
N/A
MIDF AMANAH SHARIAH MONEY MARKET
1
MAYBANK SHARIAH ENHANCED CASH
N/A
RHB ISLAMIC CASH MANAGEMENT
N/A
AFFIN HWANG AIIMAN MONEY MARKET
N/A
N/A
RHB ICASH
N/A
OPUS SHARIAH CASH EXTRA
N/A
AMB DANA NABEEL
N/A
N/A
PB ISLAMIC CASH PLUS
N/A
HONG LEONG ISLAMIC INST INCOME MANAGEMENT II
N/A
PUBLIC ISLAMIC MONEY MARKET
N/A
PB ISLAMIC CASH MANAGEMENT
N/A
RHB INSTITUTIONAL ISLAMIC MONEY MARKET
N/A
MANULIFE INVESTMENT AL-MA’MUN
N/A
CIMB ISLAMIC MONEY MARKET
N/A
KENANGA I-ENHANCED CASH
N/A
BIMB INVEST MONEY MARKET
N/A
MAYBANK INSTITUTIONAL ISLAMIC MONEY MARKET
N/A
AMANAHRAYA ISLAMIC CASH MANAGEMENT
N/A
HONG LEONG ISLAMIC INCOME MANAGEMENT
N/A
PMB SHARIAH CASH MANAGEMENT
N/A
AMAL-AMIN
N/A
CIMB ISLAMIC DEPOSIT
N/A
KAF DANA AL-IDDIKHAR
N/A
BIMB DANA AL-FAKHIM
1
KENANGA ISLAMIC MONEY MARKET
N/A
APEX DANA AL-KANZ
N/A
TA ISLAMIC CASHPLUS
N/A
PUBLIC ISLAMIC CASH DEPOSIT
N/A
HONG LEONG ISLAMIC CASH MANAGEMENT
N/A
CIMB ISLAMIC WHOLESALE MONEY MARKET
N/A
KAF ISLAMIC INSTITUTIONAL MONEY MARKET
N/A
HONG LEONG ISLAMIC INSTITUTIONAL INCOME
MANAGEMENT
N/A
APEX DANA AMAN
N/A
ARECA ISLAMIC CASH
N/A
KENANGA ISLAMIC INCOME SERIES 8
N/A
MANULIFE INVESTMENT SHARIAH CASH MANAGEMENT N/A
MAYBANK ISLAMIC CASH
N/A
MAYBANK SHARIAH INSTITUTIONAL CASH 1
N/A
MIDF AMANAH SHARIAH CASH
N/A
PMB SHARIAH WHOLESALE INCOME 1
N/A
ISLAMIC AVERAGE(53)
MONEY MARKET MYR AVERAGE(127)
PROTECTED
NON-ISLAMIC
RHB CAPITAL PROTECTED ESSENTIALS
N/A
ISLAMIC
AMB DANA AQEEL (CAPITAL PROTECTED)-SERIES 2 MYR N/A
ISLAMIC AVERAGE(1)
PROTECTED AVERAGE(2)
REAL ESTATE ASIA
NON-ISLAMIC
PAVILION REAL ESTATE INVESTMENT TRUST
N/A
UOA REAL ESTATE INVESTMENT TRUST
N/A
YTL HOSPITALITY REIT
N/A
CAPITAMALLS MALAYSIA TRUST
N/A
HEKTAR REAL ESTATE INVESTMENT TRUST
N/A
IGB REAL ESTATE INVESTMENT TRUST
N/A
MRCB-QUILL REIT
N/A
SUNWAY REAL ESTATE INVESTMENT TRUST
N/A
AMANAHRAYA REIT
N/A
TOWER REAL ESTATE INVESTMENT TRUST
N/A
ATRIUM REIT
N/A
AMANAH HARTA TANAH PNB
N/A
AMFIRST REIT
N/A
ISLAMIC
KLCC REAL ESTATE INVESTMENT TRUST
N/A
AXIS REAL ESTATE INVESTMENT TRUST
N/A
AL-’AQAR HEALTHCARE REIT
N/A
ISLAMIC AVERAGE(3)
REAL ESTATE ASIA AVERAGE(16)
TARGET MATURITY OTHER
NON-ISLAMIC
RHB FOCUS INCOME BOND-SERIES 2
N/A
AMINCOME FLEXI 3
N/A
CIMB-PRINCIPAL ENHANCED OPPORTUNITY BOND
N/A
AMINCOME FLEXI 2
N/A
RHB-OSK FOCUS BOND FUND-ENHANCED
N/A
AMINCOME FLEXI
N/A
AMCONSTANT MULTI MATURITY
N/A
AFFIN HWANG FIXED MATURITY INCOME VIII
N/A
AFFIN HWANG FIXED MATURITY INCOME VI
N/A
MAYBANK CONSTANT INCOME 1
N/A
AFFIN HWANG FIXED MATURITY INCOME X
N/A
N/A
AFFIN HWANG FIXED MATURITY INCOME IX
N/A
AFFIN HWANG FIXED MATURITY INCOME VII
N/A
EASTSPRING INVESTMENTS TARGET INCOME 2
N/A
RHB FOCUS BOND FUND-SERIES 7
N/A
N/A
UNITED TRIGGER BOND
N/A
AMCONSTANT MULTI MATURITY 2
N/A
AFFIN HWANG FIXED MATURITY INCOME XI
N/A
AFFIN HWANG FIXED MATURITY INCOME V
N/A
MANULIFE INVESTMENT-ASIA TARGET MATURITY BOND N/A
N/A
N/A
TA REGULAR INCOME
N/A
RHB GOLDENLIFE 2020
N/A
N/A
RHB GOLDENLIFE 2030
N/A
AFFIN HWANG FIXED MATURITY INCOME XII
N/A
AFFIN HWANG FIXED MATURITY INCOME XIII
N/A
AFFIN HWANG FIXED MATURITY INCOME XIV
N/A
AFFIN HWANG FLEXIBLE MATURITY INCOME I
N/A
AMINCOME REGULAR 2
N/A
CIMB-PRINCIPAL TOTAL RETURN BOND
N/A
N/A
MANULIFE INVESTMENT-ASIA TARGET MATURITY BD 2
N/A
MAYBANK CONSTANT INCOME 2
N/A
N/A
N/A
N/A
UNITED TARGET INCOME BOND
N/A
UNITED TARGET INCOME BOND 2
N/A
ISLAMIC
RHB GLOBAL SUKUK-SERIES 1
N/A
ISLAMIC AVERAGE(1)
TARGET MATURITY OTHER AVERAGE(43)
UNCLASSIFIED
NON-ISLAMIC
RHB-OSK PRE-IPO & SPECIAL SITUATION 2
N/A
AFFIN HWANG STRUCTURED INCOME VIII
N/A
UNCLASSIFIED AVERAGE(2)
RETURN %
PRESERVATION
31/8/15
FUND
SIZE
XM
3 MONTH
18/6/15–
18/9/15 RANK
6 MONTHS
18/3/15–
18/9/15 RANK
1 YEAR
18/9/14–
18/9/15 RANK
3 YEARS
18/9/12–
18/9/15 RANK
5 YEARS
17/9/10–
18/9/15 RANK
LEADER
LEADER
2
4
3
2
N/A
2
2
N/A
N/A
4
2
1
3
2
1
N/A
1
1
N/A
N/A
41.99
70
29.65
11.57
15.05
1.49
56.23
213.99
3.31
10.1
9.69
42.1
2.45
-0.53
0.74
-2.44
-2.7
0.05
-4.21
-0.21
-4.86
-9.39
1
5
2
6
7
3
8
4
9
10
3.32
0.07
-1.56
-0.98
-4.22
1.89
-4.05
-2.41
-5.12
-10.25
1
3
5
4
8
2
7
6
9
10
12.05
1.07
0.7
-0.68
-3.57
-7.1
-7.13
-9.93
-10.35
-11.74
1
2
3
4
5
6
7
8
9
10
31.86
35.4
3.93
25.61
8.31
4.32
2
1
8
3
6
7
74.45
9.09
49.65
25.87
23.63
1
7
3
5
6
21.76
20.17
4
5
57.95
34.88
2
4
-2.11
10
-2.33
10
-3.67
10
18.92
8
39.36
7
N/A
N/A
N/A
N/A
N/A
3
N/A
N/A
3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
N/A
N/A
2
N/A
N/A
11.2
13.68
47.49
17.95
1.97
27.51
11.93
161.55
94.65
10.07
12.1
37.28
0.12
-0.65
-2.81
-2.12
-2.02
-1.72
-1.2
-2.75
-0.16
-3.77
-1.8
-1.72
1
3
10
8
7
5
4
9
2
11
6
11
2.36
1.55
-0.72
-0.47
-1.67
0.71
-1.79
-4.25
-0.89
-3.06
-0.79
-0.82
1
2
5
4
8
3
9
11
7
10
6
11
3.61
2.51
1.96
1.68
-0.13
-2.25
-2.78
-4.88
-5.28
-5.93
1
2
3
4
5
6
7
8
9
10
10.38
2
13.28
2
11.66
1
33.36
1
-1.15
10
11.02
2
23.32
2
2
N/A
N/A
N/A
2
N/A
2
N/A
N/A
N/A
2
N/A
1.97
17.61
70.12
3.29
304.62
9.73
67.89
-1.28
0.48
0.84
0.11
-3.25
0.71
-0.4
5
3
1
4
6
2
6
6.89
2.57
0.27
-0.07
-5.32
3
1.22
1
3
4
5
6
2
6
10.48
5.76
3.79
-1.12
-3.6
1
2
3
4
5
14.26
1
4.3
1
7.72
2
3.06
5
10.99
2
4.3
1
N/A
1
365.65
365.65
-4.75
-4.75
1
1
-12
-12
1
1
-7.3
-7.3
1
1
-4.65
-4.65
1
1
N/A
N/A
0.08
0.08
N/A
N/A
N/A
N/A
N/A
N/A
42.04
287.4
25.42
118.29
10.4
4.87
9.78
8.35
1
3
2
3
10.15
6.5
6.24
7.63
1
2
3
3
27.29
11.36
1
2
19.33
2
N/A
LEADER
334.97
334.97
2.86
2.86
1
1
8.73
8.73
1
1
12.91
12.91
1
1
29.33
29.33
1
1
N/A
N/A
18.17
18.17
3.48
3.48
1
1
9.45
9.45
1
1
16.87
16.87
1
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
LEADER
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
LEADER
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
LEADER
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
23.82
0.83
180.84
110.25
630.27
184.19
145.41
886.03
154.62
62.91
127.3
28.7
3844.43
5448.51
2283.67
111.83
432.03
1474.76
207.26
1701.06
1200.3
170.81
142
3288.27
373.42
1069.8
1017.19
20.89
475.95
208.51
564.69
296.39
221.76
599.31
72.62
33.24
577.64
24.74
3367.87
206.17
79.5
689.17
17.77
682.49
225.7
10.04
153.3
85.49
2.64
4.75
4208.67
89.6
360.2
27.5
124.19
36.57
522.03
31.07
2587.3
17.36
26.79
0.61
6.55
0.66
103.71
0
7.1
0.01
31.94
123.7
126.2
703.17
28.36
590.2
5.86
1.44
0.76
1
0.93
0.92
0.91
0.93
0.92
0.93
0.9
0.94
0.91
0.89
0.9
0.91
0.89
0.88
0.85
0.89
0.87
0.88
0.86
0.89
0.74
0.85
0.92
0.84
0.9
0.83
0.88
0.88
0.81
0.91
0.82
0.78
0.84
0.84
0.83
0.81
0.79
0.74
0.81
0.73
0.81
0.76
0.81
0.76
0.77
0.77
0.75
0.76
0.77
0.76
0.78
0.83
-0.02
0.52
0.7
0.66
0.42
0.45
0.36
0.91
0.31
0.61
0
0.16
-0.03
-22.78
0.87
0.8
0.99
0.86
0.52
1
2
54
3
7
10
13
6
9
8
19
5
16
22
18
12
23
26
32
21
28
25
30
20
59
33
11
35
17
37
24
27
43
14
40
48
36
34
39
45
47
60
44
61
42
55
41
57
51
50
58
53
52
56
49
38
72
65
62
63
67
66
68
15
69
64
71
70
73
74
29
46
4
31
74
7.04
2.31
1.94
2.03
1.88
1.89
1.88
1.9
1.86
1.88
1.85
1.9
1.83
1.84
1.83
1.84
1.76
1.77
1.76
1.78
1.77
1.77
1.74
1.77
1.67
1.73
1.64
1.72
1.77
1.7
1.75
1.75
1.67
2.19
1.63
1.61
1.67
1.69
1.68
1.65
1.6
1.64
1.62
1.56
1.6
1.61
1.63
1.56
1.55
1.56
1.52
1.54
1.53
1.53
1.55
1.67
1.21
1.43
1.46
1.36
1.23
1.21
0.96
1.81
0.81
0.61
0
-1.65
-0.64
-65.44
1.76
1.73
2
1
2
6
4
10
9
11
8
13
12
14
7
18
15
17
16
26
25
27
20
23
21
31
22
39
33
44
34
24
35
30
29
40
3
46
48
38
36
37
42
51
43
47
54
50
49
45
52
56
53
60
57
59
58
55
41
66
62
61
63
64
65
67
19
68
69
70
72
71
73
28
32
5
8.61
6.01
3.96
3.89
3.82
3.82
3.79
3.79
3.79
3.76
3.7
3.68
3.65
3.65
3.64
3.61
3.58
3.54
3.54
3.52
3.51
3.51
3.48
3.46
3.46
3.46
3.44
3.43
3.42
3.42
3.41
3.39
3.35
3.34
3.33
3.33
3.31
3.28
3.28
3.27
3.26
3.26
3.22
3.19
3.19
3.18
3.16
3.15
3.13
3.11
3.09
3.08
3.08
3.06
3.05
3.04
3.03
3.01
2.93
2.73
2.7
2.57
2.56
2.52
1.75
0.61
0
-0.98
-2.79
-65.45
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
0.72
73
2.21
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
212.79
929.58
429.01
1209.31
610.59
1539
280.92
4075.27
431.53
181.08
279.97
101.63
817.7
977.02
75.55
324.55
138.69
10.57
228.08
40.04
1472.52
27.53
677.34
65.19
50.88
174.69
250.48
63.78
345.41
32.45
174.9
36.06
27.82
337.42
162.96
270.69
16.92
27.87
7.05
59.51
4.2
1.4
0
0
0.77
0.94
0.9
0.93
0.92
0.89
0.91
0.92
0.89
0.9
0.91
0.84
0.88
0.88
0.9
0.82
0.83
0.86
0.84
0.82
0.86
0.82
0.83
0.83
0.82
0.76
0.73
0.78
0.79
0.8
0.72
0.59
0.73
0.76
0.75
0.82
0.72
0.76
0.75
0.71
0.77
-1.43
0
0
33
1
9
2
3
11
6
4
12
10
7
20
14
13
8
26
21
15
18
28
16
25
23
22
27
36
40
32
31
30
42
46
41
35
39
24
43
37
38
44
34
50
47
47
1.84
1.91
1.83
1.86
1.87
1.81
1.83
1.85
1.82
1.82
1.78
1.72
1.77
1.78
1.82
1.72
1.67
1.64
1.75
1.69
1.72
1.65
1.67
1.64
1.64
1.62
1.55
1.63
1.6
1.6
1.49
1.5
1.5
1.53
1.52
1.67
1.5
1.52
1.45
1.4
1.5
-0.61
0
0
6
1
7
3
2
12
8
4
10
9
13
18
15
14
11
20
22
27
17
21
19
25
23
28
26
30
33
29
31
32
41
37
38
34
35
24
40
36
42
43
39
48
45
45
4
3.83
3.74
3.72
3.66
3.65
3.65
3.65
3.63
3.6
3.59
3.58
3.58
3.55
3.51
3.47
3.46
3.42
3.41
3.38
3.35
3.33
3.31
3.25
3.22
3.22
3.21
3.19
3.17
3.14
3.11
3.1
3.08
3.06
3.05
3.04
2.99
2.98
2.9
2.87
2.75
0.98
0.48
0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
0
47
0
45
-0.93
45
N/A
15.83
1
10.85
5
18.23
2
10.6
10.31
11.57
10.6
10.66
8
12
4
7
6
17.59
4
17.41
17.53
7
5
11.91
2
10.29
10.08
10.32
10.4
10.01
10.04
10.17
10.09
10.01
10.26
9.76
9.61
10.36
9.99
8.75
9.9
9.57
9.78
9.88
9.49
10.05
8.28
9.68
9.61
9.42
13
17
11
9
20
19
15
16
21
14
26
29
10
22
48
23
31
25
24
33
18
53
27
30
36
17.12
16.49
16.77
14.94
16.53
17.16
16.73
9
13
10
33
12
8
11
9.63
8.95
9.51
9.43
9.45
9.14
8.98
8.95
28
46
32
35
34
41
44
45
9.12
7.14
9.36
8.86
9.2
16.09
15.92
18.47
21
23
1
14.23
37
15.88
16.31
16.2
15.66
17.76
13.18
16.35
16.21
24
16
18
25
3
38
14
17
15.94
14.57
16.13
22
35
19
16.09
15.08
15.13
20
32
31
42
56
37
47
40
15.61
11.5
27
41
15.15
15.63
30
26
9.07
8.03
9.32
9.24
8.66
7.3
8.62
8.64
8.7
0.39
2.76
3.48
43
54
38
39
50
55
52
51
49
59
58
57
15.36
13.1
17.49
16.34
14.26
11.9
15.16
14.78
28
39
6
15
36
40
29
34
2.35
44
8.39
42
11.7
-0.17
-63.1
3
60
61
7.14
1.44
43
45
70
8.01
61
14.83
45
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
11.14
1
18.81
1
10.26
4
16.9
3
10.08
6
16.77
4
10.65
7.68
10
10.11
10.35
9.93
9.64
9.9
9.25
2
28
7
5
3
8
10
9
15
16.25
16.18
15.2
16.39
6
7
14
5
17.41
2
9.44
13
15.67
10
9.49
9.29
8.85
9.18
9.55
3.64
8.85
12
14
21
16
11
31
20
15.79
15.35
14.55
15.33
16.18
12.08
14.28
9
11
19
12
8
23
20
9.02
8.73
9.15
8.83
8.64
9.08
8.43
8.04
8.62
7.24
19
23
17
22
24
18
26
27
25
29
15.06
15
14.68
14.91
13.79
15.33
15
16
18
17
22
13
11.2
14.09
11.92
25
21
24
6.38
1.33
30
32
6.32
26
8.77
32
14.83
26
0.3
354.4
7.08
48.52
400.86
1093.55
20.18
367.4
0.61
45
0.81
0.84
29
19
1.31
44
0.91
0.85
0.72
5
17
50
1.85
1.77
1.52
5
16
48
3.06
45
N/A
1.63
1.63
0.76
0.76
1
1
1.56
1.56
1
1
0.69
0.69
1
1
N/A
N/A
209.16
209.16
0.06
0.06
1
1
0.43
0.43
1
1
1.02
1.02
1
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3809.59
637.01
1782.6
2336.41
623.41
3815.13
879.54
3922.04
657.23
536.57
171.81
152.46
832.7
1550.5
5.49
2.02
3.25
7.33
1.07
0.2
-0.68
-6.17
-4.53
-1.44
-3.91
-3.16
-10.29
-0.83
2
4
3
1
5
6
7
12
11
8
10
9
13
13
8.36
1.38
7.22
0.76
2.82
-0.55
-3.29
-0.02
-4.65
-3.75
-6.59
-11.51
-13.73
-1.81
1
4
2
5
3
7
8
6
10
9
11
12
13
13
18.64
14.38
12.38
9.01
5.74
5.54
4.41
3.01
-0.2
-5
-7.38
-9.52
-13.6
2.88
1
2
3
4
5
6
7
8
9
10
11
12
13
13
34.94
36.93
27.66
-1.64
31
2
1
4
11
3
55.49
76.51
79.51
68.67
7
3
2
4
22.48
20.74
11.34
0.62
8.67
11.27
-10.84
16.1
5
6
7
10
9
8
12
12
58.33
110.73
33.56
42.63
56.63
45.26
-5.92
56.49
5
1
10
9
6
8
11
11
N/A
N/A
N/A
N/A
N/A
N/A
7610.73
1352.04
837.75
3266.84
0.76
0.85
4.65
2.08
3
2
1
3
3.09
2.84
0.64
2.19
1
2
3
3
9.95
6.95
-0.13
5.59
1
2
3
3
33.42
60.49
11.67
35.19
2
1
3
3
122.88
183.37
55.16
120.47
2
1
3
3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
3
N/A
1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
48.39
215.75
84
252.44
110.7
60.35
3.14
208.86
183.73
209.54
206.6
101.31
148.71
137.46
206.89
194.63
120.34
94.4
97.68
261.45
171.38
113.83
174.15
252.14
60.21
18.52
35.41
12.09
281.72
215.76
230.91
6.53
6.3
7.43
5.37
5.87
3.75
0.88
0.62
0.13
0.62
0.21
1
0.38
0.65
0.64
0.64
1.51
0.22
0.5
-2.08
0.82
-1.83
-0.51
-2.37
-2.18
-3.03
-6.97
-5.19
-1.91
-2.25
-0.01
2
3
1
5
4
6
12
19
26
18
24
11
21
15
17
16
9
23
20
33
14
31
28
36
34
37
39
38
32
35
27
8.97
7.34
9.75
6.52
7.55
4.43
6.15
3.24
2.45
3.38
2.33
2.92
2.66
2.34
2.93
3.61
4.34
1.69
1.98
-0.18
1.13
-0.02
1.76
0.98
0.99
-1.83
-6.01
-4.51
-0.35
-0.63
2
4
1
5
3
7
6
14
18
12
21
16
17
20
15
10
8
24
22
31
26
30
23
28
27
34
36
35
32
33
20.91
16.42
14.71
13.93
13.88
12.09
8.65
7.91
6.72
6.43
6.25
6.12
6.09
6.04
5.76
5.39
5.36
5.21
3.83
3.49
3.18
2.53
2.4
2.22
0.51
-4
-7.76
-9.96
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
22.34
11.51
-10.17
1
4
6
5.71
5
N/A
N/A
N/A
93.06
28.75
0.87
2.74
13
7
2.37
3.93
19
9
86.39
263.18
58
76.91
63.6
139.79
104.82
135.67
-0.85
0.33
2.07
0.17
-1.31
1.19
29
22
8
25
30
10
0.91
3.59
3.26
29
11
13
1.62
25
0.54
39
2.54
36
5.87
28
N/A
64.84
64.84
0.41
0.41
1
1
2.74
2.74
1
1
4.13
4.13
1
1
N/A
N/A
280.53
327.59
304.06
12.79
-2.25
5.27
1
2
2
17.68
7.35
12.52
1
2
2
30.92
0.74
15.83
1
2
2
14.21
3
31.37
2
18.37
2
41.73
1
10.33
6
36.55
2
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W W W.T H E E D G E P ROP E RT Y.COM IS P ROU D TO PART N E R MAL AYSIA’S TOP P ROP E RT Y DE VE LOP E RS:
49
capital 50
insider moves
How does one separate rumour from fact? In some stock markets, one important information source is substantial shareholder and director filings. When insiders move,
there are reasons; most times it is regular business conduct, but at other times disposal or accumulation of shareholdings is a precursor to major moves.
BY JENNY NG
Notable filings
Over the week of Sept 14 to 18, some
of the more notable trades on Bursa
Malaysia were done by Permodalan
Nasional Bhd (PNB) and its fund,
Skim Amanah Saham Bumiputera
(ASB).
On Sept 14, a filing shows, the
fund sold 51.4 million shares, or
about 0.5%, in Malayan Banking
Bhd. A check on Bloomberg reveals
that the shares were sold at RM8.51
each or RM437.8 million in total.
After the sale, ASB has a stake of
about 37% in Maybank (fundamental:
1.40; valuation: 2.25) while PNB has
an additional 5.5% equity interest.
While only 0.5% of Maybank
was sold, it is worth noting that its
share price has been inching up from
the 52-week low of RM8.18 seen in
mid-August and ended trading last
Wednesday at RM8.41.
ASB also sold 10 million shares
in state-controlled utility company
Tenaga Nasional Bhd (fundamental: 1.30; valuation: 1.80), reducing
its shareholding to 505.8 million
shares or equity interest of just a
tad below 9%.
The fund also sold 6.5 million
shares in telco company Maxis Bhd
(fundamental: 1.15; valuation: 1.10),
reducing its stake to just under 8%.
Interestingly, PNB announced
FILING
DATE
SEPT 18
SEPT 14,15
SEPT 14,15,17,18
SEPT 17
SEPT 14
SEPT 17
SEPT 14,15,17
SEPT 14,17,18
SEPT 15,18
SEPT 14
SEPT 14,17
SEPT 17
SEPT 15,17,18
SEPT 17
SEPT 18
SEPT 14
SEPT 17
SEPT 15,18
SEPT 14,15,17,18
SEPT 14,15
SEPT 14,15
SEPT 14,15,17,18
SEPT 14,15,17
SEPT 18
SEPT 15,17
SEPT 14,15,17
SEPT 14,15,17
SEPT 14,15,17,18
SEPT 18
SEPT 14,15,17,18
SEPT 17
SEPT 17
SEPT 15
SEPT 15,17
SEPT 17
SEPT 15
SEPT 17
SEPT 14,17
SEPT 15
SEPT 15,17,18
SEPT 14,17
SEPT 14,17
SEPT 17
SEPT 18
SEPT 14,15,17,18
SEPT 15
SEPT 18
SEPT 18
SEPT 14
SEPT 14,17
SEPT 15,17
SEPT 18
SEPT 14,15,17,18
SEPT 15
SEPT 14,15,17,18
SEPT 17
SEPT 14,15
SEPT 18
SEPT 15,17
SEPT 14,15,17,18
SEPT 17
SEPT 14,15,17,18
SEPT 14,17
SEPT 14
SEPT 18
SEPT 17
SEPT 15
SEPT 18
SEPT 17
SEPT 17
SEPT 14
SEPT 14,15,17,18
SEPT 14,15,17
SEPT 15,17,18
SEPT 14,18
SEPT 14,15,17
SEPT 15
SEPT 17
SEPT 17
SEPT 14,17,18
SEPT 14,15,17
COMPANY
AEMULUS HOLDINGS BHD
AEON CO. (M) BHD
AEON CO. (M) BHD
AHMAD ZAKI RESOURCES BHD
AIRASIA BHD
AIRASIA BHD
ALLIANCE FINANCIAL GROUP BHD
AMMB HOLDINGS BHD
AXIATA GROUP BHD
BERJAYA AUTO BHD
BERJAYA FOOD BHD
BIMB HOLDINGS BHD
BINA PURI HOLDINGS BHD
BP PLASTICS HOLDING BHD
BRITISH AMERICAN TOBACCO (M) BHD
BRITISH AMERICAN TOBACCO (M) BHD
BUMI ARMADA BHD
BURSA MALAYSIA BHD
CAHYA MATA SARAWAK BHD
CAPITAMALLS MALAYSIA TRUST
CARING PHARMACY GROUP BHD
CCK CONSOLIDATED HOLDINGS BHD
CIMB GROUP HOLDINGS BHD
CIMB GROUP HOLDINGS BHD
DIALOG GROUP BHD
DIALOG GROUP BHD
DIGI.COM BHD
D’NONCE TECHNOLOGY BHD
EASTERN & ORIENTAL BHD
ECM LIBRA FINANCIAL GROUP BHD
ECO WORLD DEVELOPMENT GROUP BHD
ECOFIRST CONSOLIDATED BHD
EVERSENDAI CORPORATION BHD
FAR EAST HOLDINGS BHD
FOCUS LUMBER BHD
FOCUS LUMBER BHD
FRASER & NEAVE HOLDINGS BHD
GAMUDA BHD
GENTING PLANTATIONS BHD
GENTING PLANTATIONS BHD
GE-SHEN CORPORATION BHD
GLOBETRONICS TECHNOLOGY BHD
GOLDIS BHD
GOLDIS BHD
GUNUNG CAPITAL BHD
HALEX HOLDINGS BHD
HAP SENG PLANTATIONS HOLDINGS BHD
HARTALEGA HOLDINGS BHD
HOCK SENG LEE BHD
HONG LEONG BANK BHD
HUNZA PROPERTIES BHD
IHH HEALTHCARE BHD
IJM CORPORATION BHD
IJM CORPORATION BHD
IJM CORPORATION BHD
IJM PLANTATIONS BHD
INARI AMERTRON BHD
INARI AMERTRON BHD
IOI CORPORATION BHD
IOI PROPERTIES GROUP BHD
JAYCORP BHD
KHEE SAN BHD
KIAN JOO FACTORY BHD
KIMLUN CORPORATION BHD
KKB ENGINEERING BHD
KLCC REAL ESTATE INVESTMENT TRUST
KNM GROUP BHD
KOSSAN RUBBER INDUSTRIES BHD
KPJ HEALTHCARE BHD
KUALA LUMPUR KEPONG BHD
KUALA LUMPUR KEPONG BHD
KUANTAN FLOUR MILLS BHD
LAFARGE MALAYSIA BHD
LAY HONG BHD
LAY HONG BHD
LAY HONG BHD
LINGKARAN TRANS KOTA HOLDINGS BHD
MAH SING GROUP BHD
that it had acquired close to 18.7 million shares or 0.7% equity interest in
property developer S P Setia Bhd on
Sept 10. After the acquisition, PNB
has a stake of slightly more than
51% in S P Setia (fundamental: 1.90;
valuation: 2).
S P Setia’s shares are also coming off its year low of RM2.96 (Aug
25) and closed last Wednesday at
RM3.24.
Pilgrim fund Lembaga Tabung
Haji snapped up almost 44.3 million shares, or almost 1%, of property developer UEM Sunrise Bhd
(fundamental: 1.50; valuation: 2.60),
increasing its shareholding to just
above 6%.
UEM Sunrise’s share price hit 75.5
sen at end-August, the lowest since
mid-2010, and closed last Wednesday at RM1.15.
On Sept 18, Teak Ventures Sdn
Bhd sold 4.5 million shares, or about
1%, of newly listed Aemulus Holdings Bhd, reducing its shareholding to 25.4 million shares or just
below 5.8%. Teak Ventures is a unit
of Malaysia Venture Capital Management Bhd.
Aemulus (fundamental: na; valuation: na) designs and makes semiconductor testers for the automotive
test equipment market.
Just a day before the sale, Malaysia Venture Capital Management
sold 4.3 million shares and decreased
its stake to 29.9 million shares or
6.8% equity interest.
Aemulus has been in the news
since its listing on Sept 15. State-controlled investment arm Khazanah
Nasional Bhd, via wholly owned
Bombalai Hill Ventures Sdn Bhd,
surfaced in the company with 65.8
million shares, or 15%, acquired via a
private placement on Sept 15, generating considerable interest. It closed
last Wednesday at 51.5 sen.
SapuraKencana Petroleum Bhd’s
stock hit a multi-year low of RM1.36
on Aug 25. Since then, the company’s
shares have gained about 41%, closing
at RM1.92 last Wednesday.
Despite the gains, the Employees
Provident Fund (EPF) has been selling
the oil and gas counter’s shares. As
at last Wednesday, the EPF had 14.4%,
or 865.7 million shares, in SapuraKencana (fundamental: 0.65; valuation: 1.40), in contrast to mid-August,
when it had 15.4% or 925.5 million
shares.
During the week in review, the
EPF sold 17.4 million shares in SapuraKencana. The other substantial
shareholders are Tan Sri Shahril
Shamsuddin and his brother Datuk Shahriman Shamsuddin, who
hold 16.8% via their vehicle Brothers
Capital Sdn Bhd; Tan Sri Mokhzani
Mahathir, who holds 10.2% via Kha-
TEAK VENTURES S/B
EMPLOYEES PROVIDENT FUND BOARD
MITSUBISHI UFJ FINANCIAL GROUP, INC, JAPAN
ZAKI HOLDINGS (M) S/B
WELLINGTON MGMT INTERNATIONAL, LTD, UK
AMANAHRAYA TRUSTEES BHD — SKIM AMANAH SAHAM BUMIPUTERA
KUMPULAN WANG PERSARAAN (DIPERBADANKAN)
DATUK MUSTAPHA ABD HAMID
MATTHEW TEE KAI WOON
HEY SHIOW HOE
TAN SRI DATUK MOHD ARIFFIN MOHD YUSUF
LAU LIONG KII
CHEW ENG KAR
LIM TEIK HOE
SIME DARBY NOMINEES SENDIRIAN BERHAD
DATUK OTHMAN ABDULLAH
TEOH SENG AUN
HIKMAT ELIT S/B
LIN HAO YU
LIN FONG MING
YIN SIEW PENG
WANG TAK COMPANY LTD., HK
HSBC HOLDINGS PLC., UK
OOI HOCK LAI
CHEN SEN LOON
LEMBAGA TABUNG HAJI
CHIA LAI JOO
LIM PEI TIAM @ LIAM AHAT KIAT
DATUK SEE TEOW CHUAN
PHIN S/B
KHO KAK BENG HOLDING CO. S/B
DENNIS TOW JUN FYE
GREENFIELD HILLS S/B
QL RESOURCES BHD
KENANGA INVESTMENT BANK BHD
Volume (mil)
Sept 23
MISC
Sept 23
1.92
RM
8.48
4.5
12000
80
3.8
9600
60
3.1
7200
40
2.4
4800
20
1.7
2400
100
Volume (‘000)
RM
10
9
8
0
1.0
Sept 25
2014
Notable movements
SHARES ACQUIRED DIRECTOR/SUBSTANTIAL
(DISPOSED) SHAREHOLDER
(4,500,000)
66,800
(113,600)
30,000
(892,500)
6,489,300
492,300
(7,292,300)
4,719,800
3,700
1,250,500
(1,257,700)
(2,071,800)
(10,000)
500,000
5,000
(550,000)
(60,000)
(50,946)
691,600
(1,000,000)
(719,200)
(2,365,200)
(100,000)
73,200
(8,901,600)
276,800
(9,576,600)
(500,000)
(23,469,600)
(300,000)
70,700
(29,500)
(1,232,200)
3,650,000
305,100
31,400
(249,100)
(50,000)
19,800
(3,480,000)
1,039,800
(301,500)
(300,000)
549,800
(171,700)
155,000
155,400
(50,000)
334,700
(693,900)
5,000
(2,665,300)
15,200
(6,962,000)
656,000
(2,390,600)
(36,900)
(58,800)
236,400
(850,100)
(2,891,800)
1,270,000
(86,000)
190,000
78,000
100,000
50,000
404,900
(779,100)
(491,400)
(2,850,200)
327,900
(8,000)
129,000
74,700
3,250,000
(19,865,700)
8,000,000
164,200
4,941,800
SapuraKencana
Petroleum
Sept 23
2015
RM1.43 bil
Net profit/(loss) Dec 2014
RM2.20 bil
RM1.09 bil
Dec 2013
RM2.08 bil
Jan 2013
RM524.6 mil
Dec 2012
RM770.2 mil
Share price
Sept 25, 2015 RM1.92
Share price
Sept 25, 2015 RM8.48
52-week high
Sept 29, 2014 RM4.18
52-week high
April 24, 2015 RM9.39
52-week low
Aug 25, 2015 RM1.36
52-week low
Oct 14, 2014
RM6.48
PE valuation
Historical
PE valuation
Historical
14.23 times
13.64 times
11.10 times
Prospective
15.53 times
1.74%
Dividend yield
0.88%
Issued shares
5.99 bil
Issued shares
4.46 bil
Estimated free float
19.17%
sera Baru Sdn Bhd; Norwegian billionaire John Fredriksen, who has
an 8.2% stake via Seadrill Ltd; and
AmanahRaya Trustees Bhd-Skim
Amanah Saham Bumiputera, which
have 6.3%.
The EPF was also actively selling shares in MISC Bhd. As at last
Wednesday, the pension fund con-
8,000,000
34,487,200
237,077,361
Sept 23
2015
Jan 2014
Prospective
25,411,800
107,926,800
265,572,028
286,053,188
204,679,200
200,748,830
285,527,140
514,347,537
1,282,544,055
120,089,054
123,650,500
71,282,692
64,771,620
229,480
165,402,101
20,700,703
96,909,998
22,823,402
15,959,636
535,713,500
39,397,094
82,588,627
233,846,400
200,000
13,613,409
1,494,668,322
727,589,800
595,479,844
14,448,860
1,065,499,840
4,176,400
273,285,000
170,500
209,375,800
78,692,182
56,093,800
12,461,100
26,496,680
26,496,680
29,187,530
201,718,000
114,709,700
40,308,900
4,579,400
16,653,000
92,882,642
79,704,947
22,520,598
1,250,582
64,684,000
62,328,400
50,553,360
255,461,583
19,179,496
743,337,300
271,091,400
245,164,489
492,455,478
106,410,662
55,487,187
63,472,949
596,355,059
339,016,886
2,492,032
7,889,900
38,177,818
108,744,700
105,366,720
108,013,100
114,056,720
52,877,400
111,605,595
66,286,300
148,157,638
9,400,000
58,518,100
3,250,000
6
0
Sept 25
2014
Net profit/(loss) Jan 2015
Dividend yield
SHARES HELD
AFTER CHANGE
7
17.15%
trolled some 6.6%, or 293.4 million
shares, in the shipping company. At
end-July, the EPF had 6.8%, or 303.9
million shares, in MISC (fundamental: 1.20; valuation: 0.80).
The shipping company’s shares
have gained slightly more than 13%
since end-July and closed at RM8.48
last Wednesday.
REASON
DISPOSAL VIA DIRECT BUSINESS TRANSACTION (15/9)
ACQUISITION OF SHARES (9 & 10/9)
DISPOSAL OF SHARES. INDIRECT INTEREST (8 TO 11, 14 & 15/9)
ACQUISITION IN OPEN MARKET (11/9)
DISPOSAL OF SHARES (9/9)
ACQUISITION & DISPOSAL OF SHARES (9 TO 11/9)
ACQUISITION & DISPOSAL OF SHARES (9, 11 & 14/9)
ACQUISITION & DISPOSAL OF SHARES (9 & 10/9)
ACQUISITION OF UNITS (9/9)
DISPOSAL OF UNITS (7 & 8/9)
DISPOSAL IN OPEN MARKET (14/9)
ACQUISITION OF SHARES (14/9)
DISPOSAL VIA OFF MARKET DEAL (14/9)
DISPOSAL OF SHARES (10 & 14/9)
ACQUISITION & DISPOSAL BY ABERDEEN, MUTB & MORGAN STANLEY GROUP. INDIRECT INTEREST (8 TO 11, 14 & 15/9)
DISPOSAL IN OPEN MARKET (9 & 10/9)
ACQUISITION & DISPOSAL OF SHARES (9 TO 11 & 14/9)
ACQUISITION IN OPEN MARKET (14 & 15/9)
ACQUISITION & DISPOSAL BY MORGAN STANLEY GROUP. INDIRECT INTEREST (7 TO 11/9)
DISPOSAL OF SHARES (9 TO 11 & 14/9)
DISPOSAL OF SHARES (14, 15 & 18/9)
DISPOSAL IN OPEN MARKET (10, 11 & 14/9)
DISPOSAL IN OPEN MARKET (7 TO 9 & 10/9)
ACQUISITION OF SHARES MANAGED BY PORTFOLIO MANAGER (9 TO 11/9)
ACQUISITION OF SHARES (8 TO 10 & 14/9)
ACQUISITION OF SHARES (7, 9 & 11/9)
DISPOSAL OF SHARES (9 TO 11/9)
ACQUISITION & DISPOSAL VIA TRANSACTION OF SECURITIES (14/9)
DISPOSAL IN OPEN MARKET (7 & 8/9)
ACQUISITION& DISPOSAL OF EQUITY MANAGED BY PORTFOLIO MANAGER (9 TO 11 & 14/9)
ACQUISITION OF SHARES MANAGED BY PORTFOLIO MANAGER (9 & 11/9)
DISPOSAL OF SHARES (3,5 & 20/8)
ACQUISITION IN OPEN MARKET (11, 14 & 17/9)
ACQUISITION OF UNITS (11 & 14/9)
ACQUISITION & DISPOSAL IN OPEN MARKET (4 & 7/9)
ACQUISITION OF SHARES VIA DIRECT BUSINESS TRANSACTION (11/9)
CEASED TO BE A SUBSTANTIAL SHAREHOLDER (17/9)
ACQUISITION OF SHARES. INVESTMENT (11/9)
ACQUISITION OF SHARES (9 TO 11/9)
The information in Insider Moves is provided as a service to readers. The explanations filed are at times abridged, indirect interest declarations summarised together with direct interests and figures totalled for space. While every effort is made to ensure accuracy, the information presented is
not the official record of shareholder filings. Readers who are interested should check the original filings filed with Bursa Malaysia.
capital 51
insider moves
FILING
DATE
COMPANY
SEPT 14
SEPT 14,15,18
SEPT 14,17
SEPT 14,15,17,18
SEPT 18
SEPT 15,17
SEPT 15
SEPT 15
SEPT 15
SEPT 14
SEPT 15
SEPT 15
SEPT 14
SEPT 18
SEPT 14,15,17,18
SEPT 14,15,17,18
SEPT 15
SEPT 15
SEPT 17
SEPT 15
SEPT 14,15,17,18
SEPT 17
SEPT 18
SEPT 14
SEPT 14
SEPT 17
SEPT 14,15,17,18
SEPT 14
SEPT 14,15,18
SEPT 14
SEPT 18
SEPT 14,15
SEPT 17
SEPT 15,17,18
SEPT 14,15,17,18
SEPT 17
SEPT 14
SEPT 14,18
SEPT 15,17
SEPT 15,17,18
SEPT 14,17
SEPT 14,17
SEPT 18
SEPT 14
SEPT 17
SEPT 14,15,17
SEPT 14
SEPT 14,15
SEPT 18
SEPT 14,17
SEPT 17
SEPT 14,17,18
SEPT 14
SEPT 17
SEPT 18
SEPT 17
SEPT 15,18
SEPT 14,15,17,18
SEPT 18
SEPT 14,15,17,18
SEPT 14,15,17,18
SHARES ACQUIRED DIRECTOR/SUBSTANTIAL
(DISPOSED) SHAREHOLDER
MALAYAN BANKING BHD
MALAYAN BANKING BHD
MAXIS BHD
MAXIS BHD
MIKRO MSC BHD
MISC BHD
MMC CORPORATION BHD
NEXGRAM HOLDINGS BHD
ORIENTAL HOLDINGS BHD
OSK PROPERTY HOLDINGS BHD
PASUKHAS GROUP BHD
PAVILION REAL ESTATE INVESTMENT TRUST
PELANGI PUBLISHING GROUP BHD
PELIKAN INTERNATIONAL CORPORATION BHD
PETRONAS DAGANGAN BHD
PETRONAS GAS BHD
PETRONAS GAS BHD
POS MALAYSIA BHD
POS MALAYSIA BHD
PRG HOLDINGS BHD
PUBLIC BANK BHD
QUALITY CONCRETE HOLDINGS BHD
REACH ENERGY BHD
S P SETIA BHD
S P SETIA BHD
S P SETIA BHD
SAPURAKENCANA PETROLEUM BHD
SCGM BHD
SIME DARBY BHD
SONA PETROLEUM BHD
SUCCESS TRANSFORMER CORPORATION BHD
SYARIKAT TAKAFUL MALAYSIA BHD
TA ANN HOLDINGS BHD
TA ANN HOLDINGS BHD
TAN CHONG MOTOR HOLDINGS BHD
TANAH MAKMUR BHD
TELEKOM MALAYSIA BHD
TELEKOM MALAYSIA BHD
TENAGA NASIONAL BHD
TENAGA NASIONAL BHD
TEXCHEM RESOURCES BHD
TH PLANTATIONS BHD
TIGER SYNERGY BHD
TIME DOTCOM BHD
TOP GLOVE CORPORATION BHD
UEM SUNRISE BHD
UEM SUNRISE BHD
UMW HOLDINGS BHD
UMW HOLDINGS BHD
UMW OIL & GAS CORPORATION BHD
UNISEM (M) BHD
UNITED PLANTATIONS BHD
UNITED PLANTATIONS BHD
WAH SEONG CORPORATION BHD
WCT HOLDINGS BHD
WZ SATU BHD
YNH PROPERTY BHD
YTL CORPORATION BHD
YTL POWER INTERNATIONAL BHD
(51,450,000)
13,492,500
(6,500,000)
1,902,500
(438,000)
(5,543,300)
94,800
46,000
4,000
792,800
(7,700,000)
271,000
(15,000)
41,100
538,100
(168,700)
(228,000)
(200,000)
128,300
250,000
(11,586,400)
(1,676,000)
200,000
18,699,605
380,400
324,000
(17,404,800)
(503,000)
5,635,400
1,601,400
(871,000)
(1,071,300)
1,500,000
527,700
34,000
583,300
15,000
774,000
4,463,300
(5,823,800)
(1,694,300)
(10,000,000)
172,000
27,800
5,000,000
101,000
(48,800)
44,271,200
(2,599,900)
721,400
1,662,500
(1,391,800)
100,000
8,000
(4,300)
5,100
260,700
89,000
(146,000)
4,901,500
(631,500)
SHARES HELD
AFTER CHANGE
AZNAM MANSOR
DATUK TEY POR YEE
OSK HOLDINGS BHD
MODAL KHAS HOLDINGS S/B
LEE KHENG HON
LOO HOOI KEAT
WEE CHENG KWAN
DATUK WEE SONG CHING
DATUK DR. AZMIL KHALILI DATUK KHALID
PERMODALAN NASIONAL BHD
SCGM LEE S/B
CREDIT SUISSE SECURITIES (EUROPE) LTD., UK
WTECH HOLDINGS S/B
MOUNTEX S/B
T.A.S INDUSTRIES S/B
TEXCHEM HOLDINGS S/B
DATUK TAN WEI LIAN
TAN SRI DATUK SERI ARSHAD AYUB
LEMBAGA TABUNG HAJI
JOHN CHIA SIN TET
DATUK SRI TENGKU UZIR TENGKU DATUK UBAIDILLAH
DATUK DR YU KUAN CHON
3,537,479,768
1,404,805,998
593,069,900
548,372,600
5,039,747
294,975,671
173,871,400
440,093,699
56,777,916
314,740,795
134,301,000
180,526,603
767,665
96,294,251
53,459,200
229,938,900
114,440,600
61,592,200
62,157,000
13,039,600
606,316,463
5,230,900
114,880,400
1,341,696,708
148,775,698
150,997,310
884,256,394
25,961,500
838,317,668
154,734,900
10,199,000
321,048,900
251,500,000
83,771,800
77,771,434
34,798,282
56,956,400
62,271,778
457,994,495
589,625,136
930,974,419
505,836,800
69,424,681
64,969,620
194,416,600
32,397,300
570,000
273,818,900
233,422,394
205,959,793
471,716,600
127,200,000
170,250,548
29,490,848
20,631,000
53,060,992
106,531,322
62,189,447
130,659,969
748,125,147
381,966,791
REASON
ACQUISITION OF SHARES (8, 10, 11 & 14/9)
DISPOSAL VIA OFF MARKET (17/9)
ACQUISITION IN OPEN MARKET (9 TO 11/9)
ACQUISITION & DISPOSAL IN OPEN MARKET (9 TO 11 & 14/9)
ACQUISITION & DISPOSAL OF SHARES MANAGED BY PORTFOLIO MANAGER & IN OPEN MARKET (9 TO 11 & 14/9)
ACQUISITION & DISPOSAL IN OPEN MARKET (8/9)
ACQUISITION OF SHARES & DISPOSAL VIA MARRIED DEAL (10,11 & 15/9)
ACQUISITION IN OPEN MARKET (12, 13, 18 & 21/8)
ACQUISITION OF SHARES & SHARES DERIVED FROM DIVIDEND REINVESTMENT PLAN (9/11)
DIRECT INTERESTS THROUGH OPEN MARKET INVESTMENT POSITION TAKEN IN THE COURSE (9/9)
DISPOSAL OF EQUITY MANAGED BY PORTFOLIO MANAGER (9 & 10/9)
ACQUISITION OF UNITS IN OPEN MARKET (14/9)
ACQUISITION OF SHARES (11, 14, 15 & 17/9)
ACQUISITION & DISPOSAL OF SHARES (4, 7 TO 11/9)
ACQUISITION IN OPEN MARKET (9 TO 11/9)
DISPOSAL OF SHARES (9, 11 & 14/9)
SALE BY ABERDEEN. INDIRECT INTEREST (15/9)
ACQUISITION IN OPEN MARKET (14, 15, 17 & 18/9)
ACQUISITION & DISPOSAL IN OPEN/OFF MARKET (14, 15 & 17/9)
Share buybacks
DATE
SEPT 17
COMPANY
7-ELEVEN MALAYSIA HOLDINGS BHD
SHARES
ACQUIRED
96,200
SHARES
CANCELLED
SHARE PRICE
HIGH
LOW
1.490
1.470
CUMULATIVE NET OUTSTANDING
TREASURY SHARES
15,304,300
DATE
SEPT 15
COMPANY
SHARES
ACQUIRED
LBI CAPITAL BHD
SHARES
CANCELLED
208,000
SHARE PRICE
HIGH
LOW
1.390
1.370
CUMULATIVE NET OUTSTANDING
TREASURY SHARES
3,047,491
SEPT 14
490,000
1.490
1.480
15,190,000
SEPT 15
LBS BINA GROUP BHD
29,000
1.460
1.430
5,390,000
SEPT 18
560,000
1.480
1.480
15,864,300
SEPT 14
LBS BINA GROUP BHD
50,200
1.430
1.410
5,361,000
SEPT 17
29,363,331
SEPT 17
LION FOREST INDUSTRIES BHD
32,200
0.605
0.590
1,206,600
BATU KAWAN BHD
52,800
17.300
17.300
SEPT 18
BATU KAWAN BHD
209,300
17.300
16.440
29,572,631
SEPT 15
33,000
0.590
0.585
1,174,400
SEPT 17
BREM HOLDING BHD
71,000
0.900
0.890
13,362,562
SEPT 14
45,800
0.580
0.580
1,141,400
SEPT 14
CAM RESOURCES BHD
85,100
0.330
0.320
2,159,756
SEPT 18
59,600
0.615
0.595
1,266,200
SEPT 17
CAM RESOURCES BHD
329,800
0.330
0.330
2,489,556
SEPT 17
LION INDUSTRIES CORPORATION BHD
32,000
0.295
0.290
8,483,400
SEPT 18
CAM RESOURCES BHD
370,000
0.330
0.325
2,859,556
SEPT 14
63,500
0.295
0.285
8,320,800
CB INDUSTRIAL PRODUCT HOLDING BHD
44,200
130,600
0.295
0.290
SEPT 18
CB INDUSTRIAL PRODUCT HOLDING BHD
1,900,000
1.810
1.710
10,719,427
SEPT 18
1,478,300
0.290
0.265
9,961,700
SEPT 18
CSC STEEL HOLDINGS BHD
44,800
0.950
0.950
10,971,100
SEPT 17
MEDA INC. BHD
365,000
0.565
0.560
10,691,900
SEPT 17
SEPT 18
ELK-DESA RESOURCES BHD
350,000
1.850
1.330
1.820
1.320
8,819,427
4,830,000
SEPT 15
SEPT 17
NI HSIN RESOURCES BHD
(1,000,000)
0.243
0.243
8,451,400
5,642,400
SEPT 17
480,000
1.330
1.310
4,480,000
SEPT 15
PACIFIC & ORIENT BHD
23,000
1.370
1.360
6,931,600
SEPT 14
500,000
1.330
1.310
3,500,000
SEPT 18
REDTONE INTERNATIONAL BHD
42,000
0.660
0.650
3,940,800
SEPT 15
500,000
1.330
1.310
4,000,000
SEPT 15
REDTONE INTERNATIONAL BHD
SEPT 15
FIAMMA HOLDINGS BHD
25,900
1.670
1.650
7,407,200
SEPT 17
SUNWAY BHD
SEPT 17
GLOMAC BHD
30,600
0.870
0.845
1,354,200
SEPT 14
TIONG NAM LOGISTICS HOLDINGS BHD
150,000
0.650
0.620
3,898,800
1,209,500
3.410
3.370
15,569,900
1.020
4,055,500
144,200
1.030
SEPT 18
GLOMAC BHD
48,300
0.850
0.815
1,402,500
SEPT 14
TITIJAYA LAND BHD
67,000
1.640
1.570
153,100
SEPT 15
GLOMAC BHD
70,000
0.850
0.840
1,323,600
SEPT 15
TITIJAYA LAND BHD
249,000
1.620
1.560
402,100
SEPT 17
HAP SENG CONSOLIDATED BHD
138,400
5.400
5.290
98,131,500
TITIJAYA LAND BHD
460,000
SEPT 17
IOI CORPORATION BHD
280,000
3.850
3.840
157,641,900
SEPT 17
TITIJAYA LAND BHD
467,000
1.550
1.490
869,100
SEPT 18
KECK SENG (M) BHD
68,000
4.942
4.942
1,537,300
SEPT 17
SEPT 18
TROPICANA CORPORATION BHD
79,000
0.920
0.900
4,831,935
SEPT 17
KULIM (M) BHD
80,800
2.900
2.900
113,000
0.880
4,639,235
SEPT 14
KULIM (M) BHD
156,000
2.900
2.870
SEPT 15
113,700
0.905
0.895
4,752,935
SEPT 18
KULIM (M) BHD
359,000
2.890
2.890
SEPT 18
30,000
1.230
1.230
574,738
SEPT 15
KULIM (M) BHD
938,600
2.880
2.900
SEPT 14
43,200
1.230
1.210
484,738
SEPT 14
1.500
0.900
1.460
1,329,100
2,839,491
SEPT 17
60,000
1.240
1.230
544,738
SEPT 18
LBI CAPITAL BHD
128,500
1.410
1.390
3,318,991
SEPT 15
YI-LAI BHD
81,200
0.840
0.840
844,208
SEPT 17
LBI CAPITAL BHD
143,000
1.400
1.370
3,190,491
SEPT 14
LBI CAPITAL BHD
95,000
1.360
1.350
4.98
128.98
capital 52
brokers’ digest
Every week, The Edge brings you excerpts from research reports on Bursa Malaysia-listed companies available in the public
domain or received from brokers.
SOP — Sum of parts
EPS — Earnings per share
CAGR — Compound annual growth rate
RNAV — Revised net asset value
NTA — Net tangible assets
Ebitda — Earnings before interest, taxes,
PER — Price-earnings ratio
PBT — Profit before tax
depreciation and amortisation
Local equities
DISCLAIMER
The Edge does not accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profit) or damages that may arise from
the use of information or opinions in this publication. The information and opinions in this publication are not to be considered as an offer to sell or buy any
of the securities discussed. Opinions expressed are subject to change without notice. The brokers may, from time to time, have interests or positions in
the securities mentioned. The Edge Malaysia welcomes brokers submitting their reports for investor information to tecom@bizedge.com
CO M P I L ED BY KAMARUL AZHAR
Westports Holdings Bhd
Suria Capital Holdings Bhd
Adventa Bhd
Target price: RM4.40 HOLD
Target price: RM2.45 BUY
80
Volume (mil)
RM
5
Sept 23
1000
Volume (’000)
RM
3.0
4.17
Sept 23
Volume (’000)
RM
1.2
2.14
800
60
200
Sept 23
0.93
150
1.0
2.5
4
600
40
100
400
3
20
2.0
0.8
50
200
0
2
Sept 23
2014
0
Sept 23
2015
0
1.5
Sept 23
2014
Sept 23
2015
0.6
Sept 23
2014
Sept 23
2015
ALLIANCEDBS RESEARCH (SEPT 23): Westports announced
that the Port Klang Authority has delayed the implementation of the Phase 1 revised container tariff for a second time
to Nov 1, 2015. The revised tariff was originally slated to be
effective from Sept 1, but this was postponed to Oct 1 prior
to this announcement. No reason was given for the delays in
implementing the revised tariff.
We are not overly concerned with the delay as the impact on our earnings forecasts is limited. In our forecasts,
we assume Westports will immediately raise charges for
only the gateway containers in FY15F, and raise charges for
the transhipment containers by 5% per annum from FY16F
onwards. As such, the impact from delays in implementing
the revised tariffs by only two months is small, leading us to
shave our FY15F earnings by 2%, while leaving FY16F to FY17F
earnings unchanged.
We still like the stock as a proxy to the Asean growth story, but retain our “hold” rating due to limited upside to our
target price.
DBS VICKERS SECURITIES (SEPT 23): We maintain “buy”
for Suria Capital with a target price of RM2.45. Following the
recent selldown, value is emerging with 14% upside to our
target price. We like Suria for its strong cash flow generation
from port operations and sizeable proceeds from upcoming
property launches with its JV partners.
Suria operates eight ports in Sabah,which contributed more
than 80% of FY14 revenue, as well as logistics and bunkering
services, contract engineering, and property development and
ferry terminal, offering good exposure to the Sabah economy.
In 2013, the group entered into a JV with SBC Corp to develop 16.25 acres around the Kota Kinabalu Port with a minimum net saleable value (NSV) of RM1.8 billion. Suria will
receive a minimum guaranteed cash return of RM324 million
or 18% of total GDV (whichever is higher). It is also jointly
developing with Gabungan AQRS the remaining seven-acre
land with an estimated minimum NSV of RM1.1 billion. Suria
will be entitled to RM198 million or 18% of the project’s NSV
(whichever is higher).
HONG LEONG INVESTMENT BANK (SEPT 23): For its 9MFY15,
Adventa posted a 38% increase in sales year on year (y-o-y).However, its PBT declined 17% y-o-y mainly on the back of higher
costs incurred in purchases and maintenance (from the sterilisation provider segment) coupled with higher import cost.
Its healthcare products segment registered revenue of
RM6.3 million,which was 27% lower quarter on quarter (q-o-q)
and 11% y-o-y.The lower turnover was attributed to the lower
uptake from hospitals and pre-purchasing before the implementation of the Goods and Services Tax (reflected in a strong
2Q). Its earnings before interest and tax was also affected by
the higher import costs resulting from the depreciation of
the ringgit, charting a decline of 84% y-o-y and 77% q-o-q. PBT
was reduced by 78% y-o-y.
Its sterilisation provider segment performed relatively
well, achieving sales of RM3.2 million, 20% higher q-o-q and
5% y-o-y. Despite greater revenue, the maintenance of equipment impaired its profitability in the quarter, with PBT dropping 33% y-o-y.
Eco World Development Group Bhd
MISC Bhd
IOI Corp Bhd
Target price: RM1.90 OUTPERFORM
Target price: RM9 BUY
Target price: RM4.07 NEUTRAL
20000
Volume (’000)
RM
2.2
Sept 23
12000
Volume (’000)
RM
10
1.50
15000
Sept 23
20
Volume (mil)
RM
5.000
8.48
Sept 23
3.90
9000
9
15
4.675
6000
8
10
4.350
3000
7
5
4.025
1.8
10000
1.4
5000
0
Sept 23
2014
1.0
Sept 23
2015
KENANGA RESEARCH (SEPT 23): EcoWorld held a briefing
on its proposed acquisition of 2,198.4 acres of leasehold land
in Mukim Ijok, Kuala Selangor, for RM1.18 billion. The project’s gross development value is RM15 billion (township and
business park).The rationale for this acquisition is to increase
its exposure to the more resilient market in the Klang Valley
and target population catchment areas in North-East Klang
Valley, and such sizeable Klang Valley landbanks are a rare
opportunity. The group is seeking partnerships for funding
as part of its efforts to grow its landbank without overtaxing
its balance sheet.
We are longer-term positive on the acquisition, as long as
EcoWorld is able to secure the right partners and does not assume more than an associate stake in the project for balance
sheet management reasons. Until we have some concrete
news on the project partners, we have opted to exclude this
project from our valuations and estimates.
0
Sept 23
2014
6
Sept 23
2015
HONG LEONG INVESTMENT BANK (SEPT 23): MISC’s management has established a five-year strategic growth plan until
2020, focusing on three core business segments: (i) petroleum
shipping; (ii) offshore — floating,production storage and offloading (FPSO)/ floating,storage and offloading (FSO) vessels; and (iii)
liquefied natural gas (LNG). Management expects organic and
inorganic growth from 2015 to 2017 (mainly petroleum and FPSO)
and organic growth for 2018 to 2020 (mainly FPSO and LNG).
The charter rate for petroleum shipping should be resilient.
Management is looking at possible fleet expansion (second-hand
market or new build) given the expected favourable charter rates
(for 2016 to 2017) with current low asset prices.
On FPSO, limited default and impairment risk, given the existing contracts are protected by long-term agreements. Management anticipates brownfield acquisitions in 2016 to 2018 at
bargain prices.Despite the slump in the LNG charter rate,MISC’s
earnings are relatively secure through its long-term contracts.
Expect earnings growth by 2018 with the deliveries of five new
LNG ships (chartered to Petroliam Nasional Bhd).
0
Sept 23
2014
3.700
Sept 23
2015
PUBLICINVEST RESEARCH (SEPT 22): We came away with
some positive takeaways from our recent meeting with IOI
Corp’s management. Despite the current weak crude palm oil
prices, the company was least affected thanks to its exposure
to the downstream segment. However, given the current unattractive valuations, we continue to maintain our “neutral”
call with an unchanged target price of RM4.07.
Management projects 5% to 7% fresh fruit bunch production growth for FY16.The group’s age profile is about 13 years.
It still has about 8,000ha of unplanted landbank in Indonesia,
which will be completed by next year. The company has new
palm oil seedlings, which could potentially bump up its oil
extraction rate from 22% to 27%. Currently, about 20,000ha
has been planted with the new seedlings.
Management guided for about RM350 million capex for
FY16, which will mainly be used for infrastructure and new
planting. The construction of a 100,000-tonne speciality oils
and fats plant in Xiamen, China, has commenced and will be
ready by June 2016.
capital 53
brokers’ digest
United Malacca Bhd
Globetronics Technology Bhd
Lafarge Malaysia Bhd
8000
Volume (’000)
RM
7.0
Sept 23
5000
Volume (’000)
RM
7
5.80
6000
6.5
4000
6.0
Sept 23
4000
Volume (’000)
RM
6.20
4000
8.99
6
3000
5
2000
9.5
2000
5.5
0
9.0
4
1000
0
5.0
Sept 23
2014
Sept 23
2015
Sept 23
10.0
3000
2000
10.5
1000
3
Sept 23
2014
8.5
0
Sept 23
2015
8.0
Sept 23
2014
Sept 23
2015
TA SECURITIES (SEPT 22): United Malacca’s 1QFY16 results
were within our expectations. Net profit of RM12.3 million accounted for 23% of our full-year estimate.On a quarter-on-quarter
(q-o-q) basis, net profit increased 23.7%, mainly attributable to
higher fresh fruit bunch (FFB) production. Note that FFB production increased by 29.4% q-o-q to 90,200 tonnes,while crude
palm oil (CPO) production rose 43.8% q-o-q to 21,000 tonnes.The
group’s average realised CPO price in 1QFY16 was RM2,220 per
tonne, close to the average CPO spot price during the quarter.
Management expects FFB production to increase 5% as an
additional 1,200ha will reach maturity and be ready to harvest in FY16. Approximately 81% of its planted oil palms are
under 15 years old, which is the prime age category. However,
management remains concerned over the dry weather in Sabah for the last two quarters, and the risk of a severe El Niño
in the coming months.
We like United Malacca due to its young tree profile, strong
growth potential, insignificant direct currency risk exposure
and reasonable valuations.
ALLIANCEDBS RESEARCH (SEPT 22): Management updated
on three key business divisions, with a focus on the sensor
division, especially 3D imaging sensors.The next-gen smartphone by GTB’s end-customer will likely adopt dual-lens
camera technology in 2016. As each lens will be paired with
a 3D imaging sensor, this means there will be two 3D imaging sensors per smartphone (as opposed to one currently).
At full production, the 3D imaging sensor is expected to
overtake the proximity sensor as the main revenue contributor, given its higher volume and average selling price. We
believe there is growing excitement about the 3D imaging
sensor as it will be used in a popular smartphone model. For
wearable sensors, the wearable device is new in the market,
so it could take time for volume to scale up meaningfully.
We trim FY15F earnings by 5% mainly because of weakness
in the LED division. But, we nudge up FY16 to FY17F earnings
by 2% to 14% after raising revenue contribution from the sensor division and imputing more favourable exchange rates.
AFFIN HWANG CAPITAL (SEPT 21): Lafarge Malaysia has
entered into a conditional share purchase agreement with PT
Holcim Indonesia to acquire the latter’s entire stake in Holcim
Malaysia for RM330 million. This is at a discount to local and
regional players at an estimated EV/Ebitda of 10.8 times and
EV/tonne of US$229. As at end-December 2014, Lafarge’s cash
balance stood at RM461 million. We believe the acquisition
could be partially funded through bank borrowings.Assuming
full funding via bank borrowings, estimated net gearing will
still only stand at 4.8%.
Holcim Malaysia operates a cement grinding plant, with
an annual installed production capacity of 1.19 million tonnes.
Hence, this acquisition will raise Lafarge’s grinding capacity by
9.2% to 14.14 million tonnes per year. Holcim’s plant is located
in Pasir Gudang, Johor,where Lafarge also has grinding plants.
All things being equal, based on the additional grinding
capacity, the proposed acquisition could enhance Lafarge’s
2016/17E EPS by 4% to 5%. We make no changes to our earnings
forecast for now.
UEM Sunrise Bhd
WCT Holdings Bhd
IJM Corp Bhd
Target price: RM1.70 TRADING BUY
150
Volume (mil)
RM
2.0
Sept 23
12000
Volume (mil)
RM
2.300
1.15
120
Sept 23
40
Volume (mil)
RM
3.75
1.35
9000
1.975
Sept 23
3.28
30
1.5
3.50
90
6000
1.650
20
3000
1.325
10
60
1.0
30
0
Sept 23
2014
0.5
Sept 23
2015
ALLIANCEDBS RESEARCH (SEPT 21): UEMS enjoys the advantage of low land cost at Iskandar Malaysia as the master
developer of Nusajaya. However, after strong appreciation of
land and property prices in recent years, the market has started
to grapple with increasing property supply, especially highend condos, exacerbated by the aggressive entry of Chinese
developers. The weak sentiment towards Iskandar Malaysia
properties has also dragged down UEMS’ sales significantly.
Near-term earnings visibility is supported by RM3.8 billion unrecognised revenue.This is 2.5 times FY15 property development revenue, and the group would not need to rely as
much on land sales. Management has set a RM2 billion sales
target for FY15 (RM2.2 billion in FY14) but it has only achieved
RM600 million sales in 1H15 due to delays in some launches.
Given the high concentration of UEMS’ landbank in Iskandar Malaysia, the group may not be able to monetise the deep
value of its land there anytime soon, given the weak sentiment towards Iskandar Malaysia properties. And there is no
near-term rerating catalyst for the stock.
3.25
0
Sept 23
2014
1.000
Sept 23
2015
PUBLICINVEST RESEARCH (SEPT 21): WCT Holdings was
awarded a RM127.4 million contract for the construction and
completion of common infrastructure work at the Kwasa Damansara township development in Sungai Buloh, Selangor.
With estimated 10% PBT, the job is expected to yield circa
RM4 million per year during the construction period, which
would constitute about 3% of our FY15 to FY16F estimates. We
keep our earnings estimates unchanged as the job is within
our expected job replenishment rate.
With the new project, we estimate the group’s job replenishment to rise to about RM1 billion which includes the Lusail Development project secured in 1Q. We estimate the total
outstanding order book to be some RM3.5 billion. As for the
tender book, recent tenders are estimated to be worth some
RM8.6 billion, with RM4.7 billion of bids already submitted.
With the huge cash arbitral award,we are no longer worried
about the group’s gearing and delay of the proposed REIT.The
monetisation of its investment assets could be used to repay
shareholders as the balance sheet is already strengthened.
0
Sept 23
2014
3.00
Sept 23
2015
MAYBANK IB RESEARCH (SEPT 21): IJM has clinched a contract from Hotel Equatorial and Fenghuang Development to
construct a 52-storey block mixed-use commercial development, known as Equatorial Plaza in Kuala Lumpur, worth
RM455.5 million. The contract covers the construction of the
podium block, office tower and hotel tower and the interior
design works for the hotel tower and hotel outlets. Work is
expected to be completed in 3QFY19, within 36 months.
This job win has enhanced IJM’s outstanding order book
by 6.7% to RM7.26 billion, we estimate. Assuming a pre-tax
profit margin of 5%, we forecast a net profit contribution of
RM17.1 million (0.5 sen EPS) into FY19. We maintain our earnings forecasts, which have imputed RM1 billion job wins for
FY16, with RM456 million clinched to date.
IJM’s construction order book will be supported by the
upcoming mega rail projects riding on IJM’s strong delivery
performance in the KVMRT 1 project. More job wins could
also emanate from highway projects such as the West Coast
Expressway’s remaining RM2.2 billion packages.
capital 54
brokers’ digest
Every week, The Edge brings you excerpts of research reports on Bursa Malaysia-listed companies available in the public
domain or received from brokers.
SOP — Sum of parts
CAGR — Compound annual growth rate
EPS — Earnings per share
RNAV — Revised net asset value
NTA — Net tangible assets
Ebitda — Earnings before interest, taxes,
PER — Price-earnings ratio
PBT — Profit before tax
depreciation and amortisation
Foreign equities
DISCLAIMER
The Edge does not accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profit) or damages that may arise from
the use of information or opinions in this publication. The information and opinions in this publication are not to be considered as an offer to sell or buy any
of the securities discussed. Opinions expressed are subject to change without notice. The brokers may, from time to time, have interests or positions in
the securities mentioned. The Edge Malaysia welcomes brokers submitting their reports for investor information to tecom@bizedge.com
CO M PI LED BY BEN SHANE LIM
Thai Beverage PCL
Ascendas REIT
Target Price: S$0.85 ADD
Target Price: S$2.57 ADD
80
Volume (mil)
THB
Net Profit/ (loss)
0.80
Dec 2014
THB21,694 mil
Sept 23
Dec 2013
THB19,130 mil
0.705
Dec 2012
THB28,493 mil
0.75
60
40
0.70
20
0.65
0
0.60
Sept 24
2014
Share Price
Sept 24, 2015 SGD0.71
52-Week High
April 15, 2015 SGD0.81
52-Week Low
Nov 27, 2014 SGD0.64
PE Valuation
Historical
20.14 times
Prospective
19.85 times
Dividend Yield
3.51%
Issued share capital
25,110.03 mil
Estimated Free Float
77.43%
40
Volume (mil)
S$
March 2015
S$ 398 mil
Sept 23
March 2014
S$ 482 mil
2.24
March 2013
S$ 336 mil
2.56
30
2.42
20
Share Price
Sept 24, 2015 S$2.24
52-Week High
April 24, 2015 S$2.71
52-Week Low
Sept 08, 2015 S$2.13
PE Valuation
Historical
13.35 times
Prospective
16.12 times
2.28
10
2.14
0
Sept 23
2015
Net Profit/ (loss)
2.70
Dividend Yield
6.52%
2,407.84 mil
97.98%
2.00
Sept 24
2014
Sept 23
2015
Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.
Ascendas Real Estate Investment Trust (A-REIT) is a property trust constituted by a trust deed. A-REIT owns
and invests in a diverse, income producing portfolio of business park (including science park), light industrial,
hi-tech industrial and logistic properties in Singapore.
CIMB (SEPT 21): We understand that in August this year,Thai Beverage consolidated four
Chang sub-brands into one, and launched new
packaging for its flagship Chang Classic. Due
to the launch of the new packaging, August
beer sales to its trade channels were held back
so as to clear inventory.A spike in advertising
and promotion activities in August/September
is also to be expected. This means beer Ebitda
will be poor in 3Q15.
The short-term earnings blip is temporary.
Focusing on poor 3Q beer Ebitda misses the
point. The three sub-brands (Chang Export,
Chang Light and Chang Draught) were not
strong to begin with; they were created to
compete with Leo.
Thai Beverage currently has a 30% market
share, primarily driven by Chang beer. Key
CIMB (SEPT 20): Ascendas REIT (A-Reit) is
proposing to acquire A$1.013 billion worth
of prime grade logistics properties in Australia from vendors GIC and Frasers Property
Australia. The portfolio comprises 26 properties with 603,946 sq m gross floor area (GFA)
spread across Sydney (33% of GFA), Melbourne
(42%), Brisbane and Perth (25%). The portfolio is 94.4% occupied, with weighted average
lease expiry of 6.1 years. All the properties are
located within 40km of the respective central
business districts. The portfolio has quality
tenants such as Wesfarmers, CEVA Logistics,
Nestle and Linfox.
The acquisition propels A-REIT to the eighth
largest logistics property owner in the country and gives it a strong foothold in a deep and
mature market with strong population growth,
competitor Boon Rawd has a 66% market
share, primarily driven by Leo. We believe
the new packaging design and a further
step-down in alcohol content reflect the
company’s latest bid to recapture market
share among younger drinkers. Management
aspires to grow its current market share towards 45% to 50%.
We checked if the recent bomb blast at the
Erawan Shrine in Bangkok, or impending rules
that ban the sale of alcohol near schools, has
had any impact. Management believes that
while the bomb blast will pose some drag
to the tourism trade and on-premises sales,
the effect will be minor as the tourist trade
has been weak since 2013, and the blast happened in the low season when sales are usually weaker anyway.
Sembcorp Industries Ltd
QAF Ltd
Fair value: S$4.03 BUY
Fair Value: S$1.27 BUY
20
Volume (mil)
15
10
S$
Net Profit/ (loss)
5.20
4.65
4.10
Dec 2014
S$ 801 mil
Sept 23
Dec 2013
S$ 820 mil
3.53
Dec 2012
S$ 753 mil
Share Price
Sept 24, 2015 S$3.53
52-Week High
Sept 24, 2014 S$5.23
52-Week Low
Aug 25, 2015 S$3.00
PE Valuation
Historical
Prospective
5
0
Sept 24
2014
3.55
Volume (’000)
1200
8.15 times
Dividend Yield
4.53%
1,785.61 mil
50.12%
ing its seventh VSIP project (VSIP Nghe An).
VSIP has attracted US$7.9 billion in total investment capital from over 583 companies in
Vietnam, and the total gross area of the seven
developments (including phase one of VSIP
Nghe An) is 6,153ha.
The implied utilities stub is trading at about
seven times PER, close to one standard deviation below its historical average. Considering
that utilities is a less cyclical industry (and
a growing one for the overseas segment due
to rising emerging market demand), as well
as SCI’s demonstration of its capabilities in
developing and executing large-scale greenfield projects over the years, we believe the
utilities segment has been underappreciated.
Maintain “buy”.
1.125
Dec 2014
S$ 45 mil
Sept 23
Dec 2013
S$ 30 mil
1.04
Dec 2012
S$ 34 mil
Share Price
300
Sept 24, 2015 S$1.04
52-Week High
June 19, 2015
52-Week Low
Oct 16, 2014
S$0.92
PE Valuation
Historical
11.86 times
600
Sept 24
2014
Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas,
steam, water, wastewater treatment and other on-site services. The company’s businesses also include
marine and offshore engineering and urban development comprising industrial parks and business,
commercial and residential spaces.
Net Profit/ (loss)
1.250
1.000
0
Sept 23
2015
S$
900
7.98 times
3.00
OCBC INVESTMENT RESEARCH (SEPT 21):
The stock market, including Sembcorp Industries’ (SCI) stock, has been relatively volatile;
SCI’s share price dropped by about 34% from
its April 21 peak to as low as S$3.08 on Aug
24, before recovering 14% to its current level.
However, it is still business as usual. In fact
SCI has been expanding its operations, with
the breaking of ground for its seventh Vietnam Singapore Industrial Park (VSIP) on Sept
16 and the commencement of full commercial operations for the second 660mw unit in
its Indian power project, Thermal Powertech
Corp India (TPCIL).
The first VSIP was established in 1996, in
Binh Duong province near Ho Chi Minh City,
and about 20 years later SCI is now develop-
1500
rising consumption and a well-organised logistics sector. Market occupancy is also expected
to stay high, given low incoming supply. The
deal will diversify A-REIT’s portfolio (14% of
asset value located overseas), provide sustainable income with longer blended weighted
average lease expiry of four years and inbuilt
3.3% per annum rental escalation structure.
We raise FY16 and FY17 dividend per unit
1.9% to 5.5% on acquisition accretion, based on
an assumed interest cost of 4.5% for the perpetual securities.We view A-REIT’s transaction
positively, as this provides the trust with scale
and a platform to expand through partnerships with real estate partners in Australia.
Our revised dividend discount model-backed
target price of S$2.57 (cost of equity raised to
8%) offers potential upside of 15%.
Prospective
0.875
S$1.23
#N/A N/A
Dividend Yield
4.81%
561.30 mil
29.57%
0.750
Sept 23
2015
QAF Limited manufactures and distributes bread, bakery, and confectionery products. It also operates
supermarkets and cold storage warehousing. QAF trades and distributes food, beverages, food related
ingredients and commodities and produces, processes, and markets pork and feed mill production.
OCBC INVESTMENT RESEARCH (SEPT 18): An
established market leader in baked goods and
pork production, QAF Ltd is primarily engaged
in bakery manufacturing and distribution,
with leading brands Gardenia and Bonjour,
while it also owns the largest fully integrated
pork production business in Australia under
Rivalea.The group’s bakery brands command
60% of market share under the packaged loaf
bread segment in Singapore.
Within the broader baked goods segment
(bread, cakes, pastries), it is a leader in its core
markets,with market share of 26% in Singapore,
18% in Malaysia and 11% in the Philippines.
We note that both of the group’s core businesses hold competitive strengths, such as
branding power, value-added product portfo-
lio, as well as extensive distribution networks
in its core markets. The group leverages its
knowledge and research capabilities to launch
new products and productivity initiatives to
garner better margins.
QAF is currently trading at 10.6 times FY15/
FY16F, below its peers’ averages for both consumer goods (22 to 26 times) as well as integrated food producers (12 to 18 times). In addition,
the stock has been offering a stable dividend
payout of S$0.05 per share since FY11, which
gives a dividend yield of about 5%.
We think this inexpensive stock deserves
more attention. Using SOP methodology, we
have derived a target price of S$1.27, implying
a total return potential of 33%. Initiate coverage with “buy”.
capital 55
brokers’ digest
Ciputra Development
Bangkok Bank
Target Price: IDR1,150 BUY
Target Price: THB196 BUY
80
Volume (mil)
IDR
Net Profit/ (loss)
1800
60
1475
40
1150
Dec 2014
IDR1,324,923 mil
Sept 23
Dec 2013
IDR976,715 mil
795
Dec 2012
IDR589,100 mil
Share Price
Sept 24, 2015 IDR795.00
52-Week High
Feb 18, 2015 IDR1,585.00
52-Week Low
Aug 24, 2015 IDR735.00
PE Valuation
Historical
Prospective
20
825
0
500
Sept 24
2014
10.02 times
30000
Volume (’000)
THB
1.01%
15,165.82 mil
69.17%
Sept 23
2015
THB35,906 mil
163
Dec 2012
THB31,847 mil
189
Share Price
Sept 24, 2015
THB163.00
52-Week High
Sept 23, 2014
THB215.00
52-Week Low
Aug 24, 2015
THB157.50
PE Valuation
Historical
8.69 times
Prospective
8.49 times
176
163
0
THB36,332 mil
Dec 2013
15000
7500
Dec 2014
Sept 23
202
22500
10.05 times
Dividend Yield
Net Profit/ (loss)
215
Dividend Yield
3.99%
1,908.84 mil
59.67%
150
Sept 24
2014
Sept 23
2015
PT Ciputra Development Tbk develops and sells real estate including office spaces, shopping centers, and
related facilities as well as industrial estates. The company also designs, develops, and maintains housing
facilities including golf courses, clubs, restaurants, recreational places, and related facilities.
Bangkok Bank Public Company Limited provides various banking and financial services including
commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking,
and securities services.
INDO PREMIER SECURITIES (SEPT 21): On
the back of slow 8M15 marketing sales (46% of
the company’s initial target),mostly from slower
sales in the high-rise projects under the subsidiary (CTRP IJ),we estimate lower FY15 marketing
sales of IDR8.7 trillion,9% lower than the company’s revised-down FY15 target of IDR9.5 trillion.
As a result, we have trimmed our FY15 revenue
forecast by 7.8% to IDR7.41 trillion.
Greater contribution from landed products
should allow the company to book a FY15 gross
margin of 48%. Nonetheless, higher operating
expenditure to support new projects,combined
with growing financing cost, leads us to reduce
our net profit forecast by 7% to IDR1.36 trillion.
CTRA has 72 projects in 33 cities in Indonesia,
with a focus on developing new housing projects
in second- and third-tier cities.We believe the 12
MAYBANK KIM ENG (SEPT 17): The newly-appointed economics team is working to
expedite infrastructure investments, earmarking THB1.6 trillion worth of projects for
rollout in FY15/FY16 and FY16/FY17. We believe
some of these projects will be pushed ahead
under the public private participation (PPP)
scheme so as to help the government meet
the new public debt ceiling of 50% to gross
domestic product.
With the lower cap on debt, the government
has room to borrow THB1 trillion, based on our
estimate, which is about a third of the THB3.4
trillion total investment plan. This implies a
higher degree of private capital involvement
than previously expected.The increasing private sector participation would be a positive
catalyst for Bangkok Bank as the bank favours
million housing backlog in Indonesia provides
sustainable demand for houses, which should
benefit the developer amid slow demand in the
property market.The company recorded stable
housing demand of 4,169 units in 1H15,compared
with 8,953 units in FY14,allowing it to book 29%
y-o-y growth in 1H15 marketing sales.
We maintain our “buy” recommendation,as
we believe the company will maintain its sales
going forward from housing/commercial projects
across Indonesia. Growing recurring income,
with 15% to 18% contribution to FY15/FY16F revenue, should also support the company’s cash
flow ahead. We roll over our valuation to 2016F
and apply flat 12-month forward selling price,
resulting in a lower RNAV per share of IDR2,238.
Based on a 50% discount to our RNAV estimates,
our new target price is IDR1,150.
PT Gudang Garam
AviChina
Target Price: IDR50,000 BUY
Target Price: HK$7 BUY
5000
Volume (’000)
IDR
Net Profit/ (loss)
65000 Sept 23
41750
4000
58750
3000
52500
2000
1000
0
Sept 24
2014
46250
40000
Dec 2014
IDR5,368,568
120
mil
Dec 2013
IDR4,328,736 mil
Dec 2012
IDR4,013,758 mil
Share Price
Sept 24, 2015 IDR41,750.00
52-Week High
Nov 19, 2014
52-Week Low
Sept 15, 2015 IDR40,550.00
PE Valuation
Historical
15.88 times
Prospective
15.33 times
Volume (mil)
RMB
Net Profit/ (loss)
12
90
10
60
8
IDR64,250.00
Dividend Yield
1.92%
1,924.09 mil
23.53%
Sept 23
2015
corporate loans. With the lowest loan-to-deposit ratio of 78.8% in 2Q15 against a 90.8%
industry average, Bangkok Bank is well placed
to pick up market share.
Bangkok Bank’s share price has become
attractive after underperforming the sector
in the current recovery since the trough correction in July.
Like Krungthai Bank (KTB), Bangkok Bank
is rarely seen trading below its book value. At
the end of 2Q15, Bangkok Bank’s book value
was THB183.3 and at the current share price,
it is trading at 0.9 times.And just like KTB, we
expect Bangkok Bank’s share price to snap
back to over one times price-to-book value.
With Bangkok Bank now cheaper than KTB,
we recommend investors to switch out of KTB
to Bangkok Bank.
Dec 2014
RMB781 mil
Sept 23
Dec 2013
RMB713 mil
5.50
Dec 2012
RMB664 mil
Share Price
Sept 24, 2015
HKD5.50
52-Week High
May 28, 2015
HKD10.50
52-Week Low
July 08, 2015
HKD3.90
PE Valuation
Historical
32.35 times
Prospective
30
0
Sept 24
2014
6
31.89 times
Dividend Yield
0.45%
2,356.43 mil
88.26%
4
Sept 23
2015
PT Gudang Garam Tbk manufactures and distributes cigarettes and operates activities related to the
cigarette industry. Through its subsidiaries, the company also operates in the paper-related activities.
AviChina Industry & Technology Co Ltd manufactures and sells aviation tools and aero-parts. The company’s
main products include helicopters, regional aircraft, trainers, general aircraft, aero-parts and components and
aero-electrical products.
UOB KAYHIAN (SEPT 22): We initiate coverage
on Gudang Garam (GGRM) with a “buy” and target
price of IDR50,000 in view of the strong pricing
power of cigarettes and across-the-board price
hikes. Indonesia has a tobacco demand elasticity of -0.6, meaning every 10% increase in price
would result in only a 6% decline in sales volume.
Thus,average selling price hikes would translate
into higher profit.Notwithstanding the year-onyear (y-o-y) decline in profit in 1H15,historically,
GGRM has never suffered more than one year of
profit decline. Thus, we expect its profit could
recover in 2016 by 20.1% y-o-y.
Unfiltered hand-rolled cigarette smokers
are also migrating to the full-flavour machine
rolled cigarette segment. Traditionally, GGRM
has been strong in the machine-rolled segment
BOCOM INTERNATIONAL (SEPT 22): AviChina has become the largest producer of helicopters and trainers and a leading general aircraft
producer in China, backed by its parent, AVIC,
which has a dominant position in the China
aviation industry in both civil and military aircraft.AviChina has controlling holdings in four
A-share listed aviation-related companies,namely
AVIC Helicopter, Hongdu Aviation,AVIC Avionics and China Aviation Optical.AviChina is also
engaged in the development and manufacture
of aviation parts and components, avionics and
electric connectors.
On the civil aircraft market,AviChina is the
major beneficiary of growing general aircraft
demand. With the opening of low-altitude airspace, we project a compound annual growth
and has experienced a pick-up in sales volume
for full-flavoured brands GG International and
GG Surya on the back of this trend.
Given the required minimum 7.5% free float,
Philip Morris could offer 269.72 million shares
in a rights issue of its ownership of HM Sampoerna (HMSP) to the public. This could raise
over US$1.2 billion to US$1.4 billion and could
prompt existing shareholders of GGRM to sell
their shares, resulting in short-term pressure
on GGRM’s share price.
At 14.6 times 2016F PER,GGRM is trading one
standard deviation below the average PER of 17.2
times.As operating fundamentals would favour
GGRM over HMSP, this could be an opportunity
for long-term investors to establish a position
in GGRM at an attractive price.
rate (CAGR) of 24.4% from 2015 to 2020 for China’s
civilian helicopter ownership.
On the military aircraft market, around 80%
to 90% of AviChina’s orders come from the government.We view the tensions between China
and Japan as the major factor for China’s defence spending to continue to grow.We forecast
a CAGR of 13.8% for China’s defence spending
from 2015 to 2025.
We think AviChina is a good investment to
ride China’s fast growing defence sector and the
“Made in China 2025” theme, given its 36% discount to the market value of its shareholdings
in four A-share subsidiaries. Our target price is
HK$7, translating into a 23.2% net asset value
discount (slightly less than the 30% three-year
historical discount).
capital 56
warrants update
Expansion of gold mining ops makes Bornoil-WB attractive
REUTERS
Warrants update (as at Sept 24, 2015)
B
B Y Y E N N E FO O
orneo Oil Bhd, a company better
known for operating a fast-food
chain, is slowly making a name for
itself as a gold miner. The company
has said that it is poised to capitalise
on the upswing in sentiment in gold, given
the current weak global macroeconomic environment. Gold has always been touted as
a safe haven asset for investors.
To do this, Borneo Oil is planning heavy
investments to accelerate the growth of its
mining business. Recently, regulators approved the company’s proposal to raise at
least RM223.39 million to expand its mining operations through a rights issue and
an issuance of warrants. It is a sizeable sum
compared with the company’s market capitalisation of RM230.7 million.
The rights shares are to be issued on the
basis of six shares for every one Borneo Oil
share held, at an indicative price of 10 sen
apiece. Also, one free warrant will be given
for every two rights shares subscribed. The
indicative issue represents a 33% discount
Borneo Oil
BORNOW1 MK Equity
BORNO MK Equity
1.0
1.0
0.8
0.8
0.6
0.6
0.4
0.4
% premium (discount)
30
0
Top performers (Sept 18-24)
WARRANT
GAS MALAYSIA-CS
MMC CORPPORATION-CY
DATASONIC GROUP-CC
KUANTAN FLOUR MILLS-WA
AIRASIA-20
AIRASIA-21
FTSE BURSA MALAYSIA KLCI-HM
MAH SING GROUP-CY
UEM SUNRISE-14
AIRASIA-26
DATASONIC GROUP-CE
MHC PLANTATIONS-WA
DATASONIC GROUP-CD
HANDAL RESOURCES-WA
FTSE BURSA MALAYSIA KLCI-4
MATRIX CONCEPTS-CD
DATASONIC GROUP-CB
UEM SUNRISE-18
SARAWAK OIL PALMS-CD
FLONIC HI-TEC-WA
INSTACOM GROUP-WB
XIDELANG LTD-WB
INSTACOM GROUP-WC
FTSE BURSA MALAYSIA KLCI-HT
FARM’S BEST-WB
KEJURUTERAAN SAMUDRA TIMUR-WA
GUNUNG CAPITAL-WB
FTSE BURSA MALAYSIA KLCI-HQ
DATASONIC GROUP-CF
FTSE BURSA MALAYSIA KLCI-HF
BUMI ARMADA-C4
CHAIN STATIONERY LTD-WA
UEM SUNRISE-12
FTSE BURSA MALAYSIA KLCI-HG
FTSE BURSA MALAYSIA KLCI-HZ
FTSE BURSA MALAYSIA KLCI-HP
GLOBAL ORIENTAL-WA
FTSE BURSA MALAYSIA KLCI-HX
FTSE BURSA MALAYSIA KLCI-H7
YINSON-CK
FTSE BURSA MALAYSIA KLCI-HY
FSBM-WA
MULTI SPORTS-WA
SAPURAKENCANA PETRO-16
SMRT-WA
MALAYAN FLOUR MILLS-WB
AIRASIA-23
AIRASIA-25
ENCORP-WA
FOCUS DYNAMICS TECH-WC
FTSE BURSA MALAYSIA KLCI-HW
FTSE BURSA MALAYSIA KLCI-HK
FITTERS DIVERSIFIED-WB
MAH SING GROUP-WC
UEM SUNRISE-17
FTSE BURSA MALAYSIA KLCI-HN
KELINGTON GROUP-WA
BUMI ARMADA-C3
JIANKUN INTER-WA
OMESTI-WA
AIRASIA-22
FTSE BURSA MALAYSIA KLCI-HO
FTSE BURSA MALAYSIA KLCI-HU
BRIGHT PACKAGING IND-WB
XINGQUAN SPORTS-WA
PRICE (RM)
0.015
0.025
0.035
0.035
0.010
0.010
0.390
0.010
0.050
0.395
0.050
0.065
0.145
0.015
0.475
0.035
0.160
0.190
0.200
0.020
0.020
0.020
0.060
0.550
0.185
0.175
0.380
0.115
0.420
0.215
1.150
0.025
0.025
0.025
0.325
0.500
0.520
0.190
0.805
0.225
0.180
0.660
0.060
0.030
0.225
0.165
0.235
0.745
0.035
0.280
0.070
0.035
0.425
0.320
0.285
0.510
0.150
0.150
0.075
0.340
0.115
0.280
0.080
0.080
0.040
0.980
0.085
0.340
0.270
0.090
0.045
-90
Sept 24
2014
Sept 23
2015
to the theoretical ex-rights share price of
15 sen, based on its closing price of 61 sen
on July 24.
According to the company, the expansion
of the gold mining activities could raise its
net profit by more than 25% in the future.
As at the first half of its financial year ended Jan 21, 2015, Borneo Oil recorded revenue
of RM65.81 million, up 140% from a year ago.
Profit came in at RM3.4 million, compared
with RM845,000 in the previous corresponding period.
Meanwhile, Borneo Oil’s warrants — Bornoil-WB — offer an attractive entry point for
investors wanting to enjoy any upside in the
price of the mother share. The company-issued call warrant has an exercise price of 10
sen and a one-to-one conversion ratio. When
compared with the price of the mother share
of 61.5 sen, Bornoil-WB is trading at a 3.25%
discount.
Furthermore, the expiry date of Bornoil-WB — Feb 28, 2018 — offers investors more
than enough time to capture the upside that
Borneo Oil’s gold mining activity could offer
to the value of the underlying share. As an
American call warrant, Bornoil-WB can be
exercised anytime.
Currently, Borneo Oil has contracts to
explore, mine, extract and process minerals and precious metals in Mukim Batu Yon
and Hutan Simpan Hulu Jelai in Pahang. At
last count, the company had mined 25,331.25
tonnes of ores and produced 154.82 oz of gold
dore. It is understood that an extensive exploration is being planned for 1,200ha in
E
Bukit Ibam.
200.00
150.00
133.33
133.33
100.00
100.00
100.00
100.00
100.00
88.10
66.67
62.50
52.63
50.00
48.44
40.00
39.13
35.71
33.33
33.33
33.33
33.33
33.33
32.53
32.14
29.63
28.81
27.78
27.27
26.47
26.37
25.00
25.00
25.00
25.00
25.00
23.81
22.58
21.97
21.62
20.00
20.00
20.00
20.00
18.42
17.86
17.50
17.32
16.67
16.67
16.67
16.67
16.44
16.36
16.33
15.91
15.38
15.38
15.38
15.25
15.00
14.29
14.29
14.29
14.29
13.95
13.33
13.33
12.50
12.50
12.50
REUTERS
-30
-60
% CHANGE
Worst performers (Sept 18-24)
WARRANT
CIMB GROUP-C5
FTSE BURSA MALAYSIA KLCI-CT
TUNE PROTECT GROUP-CE
FTSE BURSA MALAYSIA KLCI-CS
MALAYSIA AIRPORT-CL
FTSE BURSA MALAYSIA KLCI-CY
THETA EDGE-WA
ASTRO MALAYSIA-CT
MY E.G. SERVICES-CL
BUMI ARMADA-C2
BUMI ARMADA-CY
CIMB GROUP-C3
DRB-HICOM-11
GUOCOLAND (MALAYSIA)-CA
MALAYAN BANKING-10
SIME DARBY-C2
TELEKOM MALAYSIA-C5
FTSE BURSA MALAYSIA KLCI-C5
DIALOG GROUP-C1
AXIATA GROUP-C3
MAXIS-CQ
EASTERN & ORIENTAL-CX
FTSE BURSA MALAYSIA KLCI-CX
PRESS METAL-CL
GENTING-23
FTSE BURSA MALAYSIA KLCI-CR
ZECON-WA
CIMB GROUP-C7
SEACERA TILES-WA
MY E.G. SERVICES-CJ
BERJAYA-CW
DIGI.COM-C3
ECO WORLD DEV GRP-CB
FELDA GLOBAL VENTURES-C2
PRESS METAL-CH
RALCO-WB
CIMB GROUP-C6
PUBLIC BANK-C6
MY E.G. SERVICES-CM
AMMB-CV
EA-WC
KARAMBUNAI-WC
MALAKOFF-CI
PUBLIC BANK-C5
TA ENTERPRISE-CE
TOYO INK GROUP-WA
GENTING-24
FTSE BURSA MALAYSIA KLCI-CZ
COASTAL CONTRACTS-WA
MY E.G. SERVICES-CK
PUNCAK NIAGA-CH
WESTPORTS-CL
NICHE CAPITAL EMAS-WA
DIGI.COM-C5
UNIMECH GROUP-WA
KAREX-CF
ASIA BIOENERGY TECH-WA
ASTRAL SUPREME-WA
MEXTER TECH-WA
WCT-WC
MALAYSIA MARINE-CX
MALAYAN BANKING-15
PUNCAK NIAGA-CF
GAMUDA-21
PRICE (RM)
0.020
0.025
0.025
0.005
0.005
0.020
0.015
0.085
0.040
0.010
0.005
0.020
0.005
0.005
0.005
0.010
0.025
0.110
0.050
0.055
0.120
0.035
0.030
0.015
0.045
0.040
0.195
0.070
0.035
0.140
0.055
0.120
0.110
0.010
0.030
0.050
0.010
0.010
0.070
0.185
0.180
0.055
0.110
0.050
0.270
0.095
0.015
0.030
0.015
0.015
0.060
0.015
0.060
0.090
0.395
0.175
0.080
0.115
0.135
0.035
0.055
0.110
0.150
0.750
0.020
0.020
0.020
0.020
0.040
0.060
0.165
0.065
0.175
0.570
% CHANGE
-86.67
-80.77
-80.77
-80.00
-66.67
-60.00
-57.14
-54.05
-52.94
-50.00
-50.00
-50.00
-50.00
-50.00
-50.00
-50.00
-50.00
-47.62
-47.37
-45.00
-44.19
-41.67
-40.00
-40.00
-40.00
-38.46
-38.10
-36.36
-36.36
-36.36
-35.29
-35.14
-33.33
-33.33
-33.33
-33.33
-33.33
-33.33
-33.33
-32.73
-32.08
-31.25
-29.03
-28.57
-28.00
-26.92
-25.00
-25.00
-25.00
-25.00
-25.00
-25.00
-25.00
-25.00
-24.04
-23.91
-23.81
-23.33
-22.86
-22.22
-21.43
-21.43
-21.05
-20.21
-20.00
-20.00
-20.00
-20.00
-20.00
-20.00
-19.51
-18.75
-18.60
-18.57
7-ELEVEN MALAYSIA-CA
7-ELEVEN MALAYSIA-CB
7-ELEVEN MALAYSIA-CC
7-ELEVEN MALAYSIA-CD
ABLEGROUP-WA
ABRIC-WB
AEON CO. (M)-CD
AEON CO.(M)-CE
AFFIN-CS
AHB-WB
AHMAD ZAKI RESOURCES-WA
AIRASIA X-CR
AIRASIA X-CS
AIRASIA X-CT
AIRASIA X-WA
AIRASIA-15
AIRASIA-16
AIRASIA-17
AIRASIA-18
AIRASIA-19
AIRASIA-20
AIRASIA-21
AIRASIA-22
AIRASIA-23
AIRASIA-24
AIRASIA-25
AIRASIA-26
AMMB-CV
APFT-WA
APPASIA-WA
APPLE INC.-3
APPLE INC-2
APPLE INC-4
ARK RESOURCES-WB
ASDION-WB
ASIA BIOENERGY TECH-WA
ASIA MEDIA GROUP-WA
ASTRAL SUPREME-WA
ASTRAL SUPREME-WB
ASTRO MALAYSIA-CS
ASTRO MALAYSIA-CT
AT SYSTEMATIZATION-WA
AXIATA GROUP-C2
AXIATA GROUP-C3
AXIATA GROUP-C4
BERJAYA ASSETS-WA
BERJAYA AUTO-CE
BERJAYA AUTO-CH
BERJAYA AUTO-CI
BERJAYA AUTO-CJ
BERJAYA CORP-CX
BERJAYA CORP-WB
BERJAYA FOOD-WA
BERJAYA-CW
BERJAYA-CY
BIMB-WA
BORNEO OIL-WB
BRIGHT PACKAGING IND-WB
BTM RESOURCES-WA
BTM RESOURCES-WB
BUMI ARMADA-C2
BUMI ARMADA-C3
BUMI ARMADA-C4
BUMI ARMADA-C6
BUMI ARMADA-C7
BUMI ARMADA-CY
CAB CAKARAN CORP-WA
CAHYA MATA SARAWAK-CM
CAHYA MATA SARAWAK-CN
CAREPLUS GROUP-WA
CB INDUSTRIAL PRODUCT-WA
CHAIN STATIONERY LTD-WA
CIMB GROUP-C3
CIMB GROUP-C5
CIMB GROUP-C6
CIMB GROUP-C7
COASTAL CONTRACTS-WA
COMFORT GLOVES-WA
DATASONIC GROUP-CB
DATASONIC GROUP-CC
DATASONIC GROUP-CD
DATASONIC GROUP-CE
DATASONIC GROUP-CF
DESTINI-WA
DIALOG GROUP-C1
DIALOG GROUP-WA
DIGI.COM-C3
DIGI.COM-C5
DIGISTAR-WA
DOMINANT ENTERPRISE-WA
DRB-HICOM-11
DRB-HICOM-16
EASTERN & ORIENTAL-CX
EASTERN & ORIENTAL-WB
EA-WC
ECO WORLD DEV GRP-CB
ECO WORLD DEV GRP-WA
EDUSPEC-WA
ENCORP-WA
ENGTEX GROUP-WA
EWEIN-WA
EXCEL FORCE MSC-WA
FARM’S BEST-WB
FITTERS DIVERSIFIED-WB
FLONIC HI-TEC-WA
FOCUS DYNAMICS TECH-WC
FSBM-WA
FTSE BURSA MALAYSIA KLCI-CR
FTSE BURSA MALAYSIA KLCI-CS
FTSE BURSA MALAYSIA KLCI-CT
FTSE BURSA MALAYSIA KLCI-CU
FTSE BURSA MALAYSIA KLCI-CX
FTSE BURSA MALAYSIA KLCI-CY
FTSE BURSA MALAYSIA KLCI-CZ
FTSE BURSA MALAYSIA KLCI-HF
FTSE BURSA MALAYSIA KLCI-HG
FTSE BURSA MALAYSIA KLCI-HI
FTSE BURSA MALAYSIA KLCI-HK
FTSE BURSA MALAYSIA KLCI-HM
FTSE BURSA MALAYSIA KLCI-HN
FTSE BURSA MALAYSIA KLCI-HO
FTSE BURSA MALAYSIA KLCI-HP
FTSE BURSA MALAYSIA KLCI-HQ
FTSE BURSA MALAYSIA KLCI-HR
FTSE BURSA MALAYSIA KLCI-HS
FTSE BURSA MALAYSIA KLCI-HT
FTSE BURSA MALAYSIA KLCI-HU
FTSE BURSA MALAYSIA KLCI-HV
FTSE BURSA MALAYSIA KLCI-HW
FTSE BURSA MALAYSIA KLCI-HX
FTSE BURSA MALAYSIA KLCI-HY
FTSE BURSA MALAYSIA KLCI-HZ
FTSE BURSA MALAYSIA KLCI-JA
FTSE BURSA MALAYSIA KLCI-JB
FUTUTECH-WA
GAMUDA-21
GAS MALAYSIA-CS
GD EXPRESS CARRIER-CB
GENTING PLANTATIONS-WA
GENTING-22
GENTING-23
GENTING-24
GENTING-WA
GLOBAL ORIENTAL-WA
GPA-WA
GREEN OCEAN CORP-WA
Data provided by
WARRANT
PRICE (RM)
EXERCISE
PRICE (RM)
EXERCISE
RATIO (X)
MOTHER SHARE
PRICE (RM)
EXPIRY DATE
PREMIUM
^ (%)
GEARING#
(X)
YEAR
HIGH
YEAR
LOW
0.050
0.005
0.050
0.120
0.035
0.225
0.125
0.045
0.020
0.090
0.250
0.005
0.005
0.010
0.050
0.005
0.005
0.005
0.005
0.005
0.010
0.010
0.085
0.035
0.275
0.280
0.395
0.015
0.040
0.110
0.070
0.140
0.095
0.085
0.315
0.020
0.010
0.020
0.030
0.095
0.085
0.040
0.035
0.055
0.085
0.330
0.030
0.025
0.080
0.140
0.005
0.120
1.650
0.010
0.035
0.360
0.485
0.090
0.160
0.170
0.010
0.080
0.025
0.065
0.100
0.005
0.440
0.100
0.100
0.160
0.280
0.025
0.020
0.020
0.055
0.055
0.175
0.235
0.160
0.035
0.145
0.050
0.215
0.190
0.050
0.400
0.030
0.055
0.075
0.260
0.005
0.090
0.030
0.200
0.030
0.050
0.450
0.165
0.070
0.380
0.320
0.310
0.185
0.010
0.020
0.025
0.090
0.080
0.150
0.020
0.035
0.060
0.570
0.185
0.165
0.750
0.475
0.380
0.195
0.120
0.050
0.075
0.110
0.180
0.270
0.070
0.725
0.035
0.005
0.025
0.025
0.015
0.020
0.395
0.425
0.745
0.980
0.280
0.125
0.510
0.225
1.150
0.325
1.350
0.285
0.390
0.340
0.340
0.520
0.420
1.160
0.660
0.550
0.270
0.255
0.320
0.805
0.660
0.500
0.220
0.285
0.530
0.175
0.015
0.050
2.110
0.025
0.040
0.090
0.890
0.190
0.030
0.035
1.780
2.080
1.700
1.580
0.150
0.300
3.000
3.150
2.750
0.200
0.700
0.531
0.563
0.402
0.460
2.700
3.000
2.700
2.800
2.500
2.500
2.300
1.650
1.800
1.050
1.200
0.900
6.000
0.400
0.130
550.135
429.793
448.900
1.000
0.500
0.100
0.250
0.200
0.200
2.980
2.650
0.120
7.180
6.700
6.400
1.000
2.214
2.714
2.300
2.400
0.480
1.000
0.700
0.400
0.380
4.720
0.100
0.820
0.940
0.200
1.000
0.980
1.200
1.000
0.950
1.270
0.550
5.200
5.000
0.320
2.400
1.150
6.000
6.000
5.400
5.650
3.180
0.500
1.250
1.250
1.180
1.450
1.000
0.400
1.480
1.190
5.600
6.200
0.130
1.300
1.800
1.400
1.891
2.600
0.100
1.680
2.080
0.180
1.000
0.830
0.610
0.680
1.000
2.400
2.300
2.100
1.500
1.550
1.000
0.050
0.100
0.300
1,720
1,600
1,520
1,560
1,500
1,675
1,740
1,800
1,709
1,700
1,750
1,700
1,650
1,720
1,640
1,730
1,720
1,660
1,849
1,800
1,750
1,680
1,720
1,600
1,680
1,600
1,500
1,520
1,500
1,840
1,800
1,880
1,735
1,680
1,789
1,809
1,850
1,800
1,780
1,720
1,660
1,689
1,659
1,700
1,750
1,700
1,650
1,266
1,108
0.880
4.300
2.800
1.500
7.750
8.600
8.880
8.000
7.960
0.800
0.100
0.340
4
4
3
2.5
1
1
4
3
3
1
1
0.8042
0.8042
0.9651
1
4
4
4
3.5
4
2
3
2
2.5
1.5
1.2
1.5
6
1
1
700
500
600
1
1
1
1
1
1
6
4
1
6
3.5
3
1
4.2857
4.2857
4.4
3
0.9
1
1
0.75
1
1
1
1
1
1
2
1.5
1
2
1.6
2
1
7
8
1
1
1
4
6
4.5
4
1
1
1.5
3.2
2.5
3.2
2
1
3
1
8
3.5
1
1
2
2
3.6364
1
1
2.5
1
1
1
1
1
1
1
3
4
2.3
3
3.9
1
1
1
1
200
500
700
250
398
398
200
200
1400
667
228
228
228
398
200
666
200
200
1000
500
500
200
398
200
200
500
700
250
398
200
667
200
666
200
700
800
500
500
200
200
200
800
800
667
228
228
228
1500
1800
1
3.6
4
2
1
10
4.5
8
1
1
1
1
1.480
1.480
1.480
1.480
0.130
0.525
2.800
2.800
2.370
0.175
0.635
0.220
0.220
0.220
0.220
1.360
1.360
1.360
1.360
1.360
0.907
1.360
1.360
1.360
1.360
1.360
1.360
4.560
0.230
0.165
487.163
487.165
487.162
0.310
0.440
0.055
0.025
0.120
0.120
2.900
2.900
0.085
5.900
5.900
5.900
0.800
2.090
2.090
2.090
2.090
0.360
0.360
2.180
0.360
0.360
3.960
0.605
0.370
0.320
0.320
0.915
0.915
0.915
0.915
0.915
0.915
1.000
5.220
5.220
0.450
1.800
0.110
4.720
4.720
4.720
4.720
1.880
0.735
1.360
1.360
1.360
1.360
1.360
0.585
1.590
1.590
5.480
5.480
0.200
1.160
1.340
1.340
1.610
1.610
0.070
1.500
1.500
0.270
0.780
1.090
0.715
0.610
0.550
1.480
1.480
1.480
1.480
1.480
0.540
0.055
0.055
0.175
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1,613
1.550
4.420
2.460
1.170
9.880
7.260
7.260
7.260
7.260
0.570
0.085
0.115
28/09/15
28/09/15
30/09/15
28/04/16
19/01/17
07/04/16
11/12/15
30/06/16
31/12/15
28/08/19
13/05/24
30/12/15
09/12/15
01/10/15
08/06/20
22/10/15
22/10/15
30/12/15
27/11/15
29/02/16
01/12/15
19/02/16
29/04/16
29/01/16
31/05/16
07/03/16
18/07/16
31/03/16
13/07/18
23/12/24
29/02/16
27/11/15
29/04/16
30/06/21
24/03/19
19/04/24
02/01/18
08/08/16
20/06/18
29/01/16
29/02/16
29/01/19
29/01/16
29/01/16
29/07/16
16/03/18
30/10/15
10/03/16
29/02/16
18/07/16
01/12/15
22/04/22
08/08/17
09/12/15
07/03/16
04/12/23
28/02/18
12/01/19
20/12/19
23/10/24
22/10/15
25/01/16
15/01/16
30/08/16
07/03/16
31/12/15
08/02/20
08/06/16
08/06/16
09/08/16
06/11/19
18/09/17
09/12/15
25/01/16
30/12/15
15/04/16
18/07/16
18/12/15
25/01/16
01/10/15
28/04/16
01/12/15
19/02/16
03/10/16
28/10/15
10/02/17
29/01/16
30/12/15
07/02/17
10/09/20
15/12/15
30/08/16
30/12/15
21/07/19
18/06/19
30/06/16
26/03/22
24/12/18
17/03/16
25/10/17
09/06/17
17/07/19
13/07/18
09/12/15
31/03/16
04/01/16
29/07/16
31/03/16
12/10/19
16/06/17
06/11/19
16/05/22
29/02/16
29/02/16
31/03/16
31/03/16
17/03/16
17/03/16
30/12/15
30/12/15
30/06/16
29/07/16
31/01/16
31/01/16
31/01/16
31/01/16
29/02/16
29/01/16
30/09/15
30/09/15
31/03/16
07/12/15
07/12/15
30/12/15
31/01/16
29/02/16
29/02/16
29/02/16
31/03/16
31/03/16
17/03/16
30/09/15
30/11/15
30/09/15
29/01/16
30/09/15
31/03/16
31/03/16
07/12/15
07/12/15
30/12/15
30/12/15
30/12/15
30/06/16
30/06/16
29/07/16
31/01/16
31/01/16
31/01/16
31/03/16
31/03/16
20/12/17
29/02/16
29/01/16
08/06/16
17/06/19
31/03/16
30/12/15
08/06/16
18/12/18
24/12/19
03/06/25
07/08/19
33.78
41.89
25.00
27.03
42.31
0.00
25.00
17.32
18.57
65.71
49.61
143.10
157.74
87.16
131.82
100.00
122.06
100.00
107.17
85.29
177.84
71.32
33.82
38.79
7.54
12.94
9.74
33.55
91.30
45.45
22.98
2.59
3.85
250.00
85.23
118.18
940.00
83.33
91.67
22.41
3.10
88.24
25.25
16.82
12.80
66.25
12.10
35.00
26.89
34.93
34.58
211.11
7.80
13.19
15.28
28.28
(3.31)
145.95
243.75
15.63
11.48
20.22
33.88
23.50
21.31
39.89
(1.00)
13.03
11.11
6.67
48.89
968.18
28.81
29.66
19.65
24.36
78.46
0.00
9.56
0.15
13.42
18.38
5.15
0.85
2.52
0.00
6.57
16.65
2.50
34.48
35.07
17.91
24.22
73.91
85.71
20.33
68.67
27.78
37.18
11.01
30.07
62.30
115.45
64.19
60.81
45.78
19.59
25.81
112.96
27.27
145.45
105.71
13.69
4.92
1.39
8.33
4.70
13.21
10.28
13.07
10.27
8.48
10.04
7.93
6.10
8.35
10.65
8.69
6.69
3.21
16.16
12.05
9.11
9.04
17.11
8.43
16.29
7.87
(1.59)
2.13
(1.46)
28.32
25.02
33.28
19.32
8.98
25.65
28.99
30.80
24.60
24.72
14.81
9.72
18.08
15.48
18.61
19.86
14.71
9.35
(1.06)
0.49
(9.03)
11.54
16.26
36.75
(0.20)
21.90
24.79
20.11
21.90
73.68
52.94
226.09
7.40
74.00
9.87
4.93
3.71
2.33
5.60
20.74
39.50
1.94
2.54
54.71
54.71
22.80
4.40
68.00
68.00
68.00
77.71
68.00
45.33
45.33
8.00
15.54
3.30
4.05
2.30
50.67
5.75
1.50
9.94
6.96
8.55
3.65
1.40
2.75
2.50
6.00
4.00
5.09
8.53
2.13
28.10
30.65
23.14
2.42
16.26
19.51
5.94
4.98
80.00
3.00
1.32
48.00
10.29
11.00
1.25
4.11
2.00
1.88
45.75
7.63
36.60
7.04
5.72
91.50
2.27
7.46
6.53
2.81
6.43
4.40
59.00
39.33
19.07
21.45
10.74
3.13
5.67
12.14
3.75
8.50
3.16
3.08
10.60
3.98
22.83
28.47
2.67
4.46
134.00
7.44
14.76
8.05
2.33
12.00
3.33
1.64
11.14
2.87
2.23
1.97
2.97
49.33
18.50
25.74
5.48
4.74
3.60
2.75
1.57
2.92
14.15
17.44
13.97
8.60
8.53
10.67
41.36
67.22
23.05
32.25
64.32
39.31
26.20
57.90
11.13
69.21
1,613.10
322.63
64.53
215.08
161.31
20.42
9.54
10.83
8.23
11.52
18.44
12.65
18.01
7.01
7.44
5.97
8.50
20.68
6.78
5.93
6.20
7.68
6.95
12.22
14.67
7.47
7.91
7.56
8.79
10.72
14.15
4.89
3.14
2.92
7.02
41.00
11.70
4.68
29.04
40.33
10.08
8.16
3.00
2.83
3.29
0.115
0.080
0.065
0.170
0.120
0.510
0.155
0.090
0.110
0.150
0.455
0.150
0.025
0.075
0.070
0.135
0.090
0.140
0.005
0.115
0.120
0.100
0.150
0.065
0.310
0.315
0.435
0.100
0.095
0.195
0.145
0.300
0.145
0.085
0.950
0.110
0.040
0.060
0.065
0.100
0.205
0.080
0.100
0.145
0.115
0.435
0.180
0.155
0.095
0.140
0.055
0.275
2.550
0.140
0.045
0.650
0.860
0.220
0.285
0.330
0.205
0.225
0.220
0.100
0.130
0.100
0.860
0.190
0.120
0.237
0.720
0.035
0.200
0.020
0.185
0.085
1.950
0.405
0.220
0.095
0.170
0.080
0.235
0.360
0.095
0.675
0.125
0.140
0.210
0.350
0.195
0.105
0.185
0.550
0.086
0.120
0.850
0.325
0.620
0.669
0.680
0.350
0.270
0.275
0.070
0.200
0.150
0.125
0.335
0.053
0.065
0.145
0.750
0.285
0.240
0.940
0.515
0.360
0.545
0.435
0.120
0.195
0.340
0.320
0.415
0.135
0.940
0.225
0.970
1.180
0.150
0.215
0.050
0.735
0.690
1.060
1.320
0.410
0.380
0.635
0.290
1.610
0.575
1.890
0.575
0.920
0.530
0.595
0.770
0.680
1.350
1.180
0.920
0.590
0.640
0.625
1.100
0.885
0.725
0.270
0.290
0.945
0.235
0.095
0.110
2.960
0.140
0.175
0.135
2.950
0.230
0.055
0.135
0.030
0.005
0.020
0.120
0.035
0.175
0.125
0.035
0.005
0.060
0.150
0.005
0.005
0.005
0.035
0.005
0.005
0.005
0.005
0.005
0.005
0.005
0.015
0.015
0.090
0.085
0.420
0.010
0.035
0.080
0.055
0.090
0.060
0.085
0.135
0.020
0.005
0.015
0.025
0.090
0.095
0.030
0.025
0.070
0.025
0.200
0.030
0.020
0.070
0.140
0.005
0.095
1.550
0.010
0.035
0.290
0.340
0.075
0.035
0.060
0.010
0.060
0.010
0.040
0.060
0.005
0.410
0.085
0.100
0.070
0.255
0.010
0.020
0.010
0.055
0.060
0.140
0.160
0.035
0.015
0.065
0.020
0.100
0.150
0.050
0.255
0.020
0.020
0.055
0.250
0.005
0.055
0.030
0.160
0.025
0.015
0.305
0.105
0.040
0.300
0.140
0.115
0.085
0.005
0.005
0.025
0.025
0.035
0.105
0.015
0.030
0.050
0.420
0.140
0.130
0.695
0.515
0.250
0.100
0.060
0.035
0.060
0.075
0.055
0.120
0.045
0.540
0.035
0.005
0.030
0.010
0.010
0.010
0.160
0.305
0.595
0.815
0.220
0.100
0.410
0.175
0.470
0.050
0.500
0.040
0.130
0.080
0.085
0.200
0.160
0.685
0.515
0.370
0.100
0.075
0.085
0.480
0.355
0.295
0.195
0.255
0.300
0.165
0.005
0.010
1.500
0.010
0.025
0.075
0.530
0.125
0.025
0.020
capital 57
warrants update
WARRANT
PRICE (RM)
GUNUNG CAPITAL-WB
GUOCOLAND (MALAYSIA)-CA
HANDAL RESOURCES-WA
HAP SENG CONSOLIDATED-CK
HAP SENG CONSOLIDATED-CM
HAP SENG CONSOLIDATED-WA
HARVEST COURT IND-WB
HO HUP CONSTRUCTION COMPANY-WA
HONG LEONG IND-CF
HOVID-WB
IDEAL SUN CITY-WA
IFCA MSC-WA
INARI AMERTRON-CI
INARI AMERTRON-WB
INARI-CH
INARI-WA
INSAS-WB
INSTACOM GROUP-WB
INSTACOM GROUP-WC
IOI PROPERTIES GROUP-CJ
IOI-C7
IREKA-WB
IRE-TEX-WA
IRISBHD-WB
IVORY PROPERTIES GRP-WA
I-WA
JAG-WA
JIANKUN INTER-WA
KARAMBUNAI-WC
KAREX-CD
KAREX-CF
KAREX-CH
KAREX-CJ
KAWAN FOOD-WA
KEJURUTERAAN SAMUDRA TIMUR-WA
KELINGTON GROUP-WA
KIMLUN-WA
KNM GROUP-WB
KOMARKCORP-WB
K-ONE TECH-WB
KOSSAN RUBBER IND-CI
KPJ HEALTHCARE-WB
KSL-WA
KUANTAN FLOUR MILLS-WA
KULIM(M)-WC
LBI CAPITAL-WA
LBS BINA GROUP-WA
LEWEKO RESOURCES-WB
LONDON BISCUITS-WA
MAGNA PRIMA-WB
MAH SING GROUP-CY
MAH SING GROUP-WB
MAH SING GROUP-WC
MALAKOFF-CA
MALAKOFF-CI
MALAKOFF-CJ
MALAYAN BANKING-10
MALAYAN BANKING-11
MALAYAN BANKING-14
MALAYAN BANKING-15
MALAYAN FLOUR MILLS-WB
MALAYSIA AIRPORT-CL
MALAYSIA AIRPORTS HOLD-CN
MALAYSIA AIRPORTS-CM
MALAYSIA AIRPORTS-CO
MALAYSIA BUILDING SOCIETY-WA
MALAYSIA BULK CARRIERS-CT
MALAYSIA MARINE-CX
MALAYSIA MARINES AND HEAVY-CW
MALAYSIA STEEL WORKS (KL)-WA
MALAYSIAN BULK CARRIERS-CR
MALAYSIAN BULK CARRIERS-CS
MALAYSIAN PACIFIC IND-CA
MALAYSIAN PACIFIC IND-CB
MALAYSIAN RESOURCES CORP-C1
MALAYSIAN RESOURCES CORP-CZ
MALAYSIAN RESOURCES CORP-WA
MALAYSIAN RESOURCES-C4
MALTON-WB
MATRIX CONCEPTS-CB
MATRIX CONCEPTS-CD
MAXIS-CN
MAXIS-CO
MAXIS-CP
MAXIS-CQ
MAXWELL INTL-WA
MAYBANK INVESTMENT BANK-CC
MAYBANK INVESTMENT BANK-CD
MAYBANK INVESTMENT BANK-CH
MAYBANK INVESTMENT BANK-CR
MAYBANK INVESTMENT BANK-CW
MBM RESOURCES-CH
MBM RESOURCES-WA
MCLEAN TECH-WA
MEDA INC-WA
MEDA INC-WB
MEDA.INC-WC
MENANG (M)-WB
MEXTER TECH-WA
MHC PLANTATIONS-WA
MISC-C1
MISC-CY
MISC-CZ
MITRAJAYA-WC
MITRAJAYA-WD
MKH-WB
ML GLOBAL-WA
MLABS SYSTEMS-WA
MMC CORPPORATION-CY
MMC-CV
MMC-CW
MMC-CX
MPHB CAPITAL-CG
MPHB CAPITAL-CH
MPHB CAPITAL-HA
MSM MALAYSIA-CM
MTOUCHE TECH-WA
MTOUCHE TECH-WB
MUAR BAN LEE GRP-WA
MUDAJAYA GROUP-CU
MULTI SPORTS-WA
MY E.G. SERVICES-CH
MY E.G. SERVICES-CJ
MY E.G. SERVICES-CK
MY E.G. SERVICES-CL
MY E.G. SERVICES-CM
MY E.G. SERVICES-CN
NEXGRAM-WA
NEXGRAM-WB
NEXTNATION COMMUNICATION-WC
NICHE CAPITAL EMAS-WA
NOTION VTEC-WB
OMESTI-WA
OMESTI-WB
OSK PROPERTY-WC
OSK-WC
PALETTE MULTIMEDIA-WA
PANTECH GROUP-WA
PARKSON-CO
PENSONIC-WB
PERDANA PETROLEUM-CF
PERDANA PETROLEUM-CG
PERDANA PETROLEUM-HA
PERISAI PETROLEUM TEKNOLOGI-CH
PERWAJA-WA
PESONA METRO-WC
PETRA PERDANA-WA
PETRONAS CHEMICALS-CZ
PETRONAS DAGANGAN-CM
PETRONAS DAGANGAN-CO
PETRONAS DAGANGAN-CP
PETRONAS GAS-CK
PETRONAS GAS-CM
PJ DEVELOPMENT-WC
POS MALAYSIA-CR
POS MALAYSIA-CT
PRESS METAL-CH
PRESS METAL-CI
PRESS METAL-CJ
PRESS METAL-CK
PRESS METAL-CL
PRESS METAL-CM
PRESS METAL-WC
PRESTARIANG-CA
PRESTARIANG-CB
PRG-WA
PRICEWORTH INTL-WA
PRINSIPTEK-WA
PUBLIC BANK-C4
PUBLIC BANK-C5
PUBLIC BANK-C6
PUC FOUNDER-WA
PUNCAK NIAGA-CE
PUNCAK NIAGA-CF
PUNCAK NIAGA-CG
0.115
0.005
0.015
0.245
0.255
3.750
0.065
0.420
0.230
0.260
0.260
0.780
0.170
1.310
0.075
2.960
0.200
0.020
0.060
0.065
0.115
0.155
0.050
0.070
0.085
0.220
0.045
0.080
0.015
0.340
0.150
0.115
0.120
1.400
0.175
0.115
0.360
0.120
0.175
0.035
0.320
0.560
0.710
0.035
0.800
0.330
0.475
0.060
0.190
0.275
0.010
0.185
0.150
0.090
0.015
0.205
0.005
0.065
0.120
0.165
0.235
0.005
0.115
0.200
0.060
0.680
0.010
0.060
0.005
0.005
0.145
0.010
0.100
0.135
0.080
0.070
0.005
0.040
0.205
0.010
0.115
0.200
0.200
0.005
0.035
0.130
0.145
0.030
0.035
0.020
0.070
0.060
0.080
0.050
0.005
0.100
0.260
0.045
0.145
0.075
0.050
0.240
0.020
0.065
0.310
0.105
0.110
0.450
0.395
0.740
0.190
0.040
0.025
0.070
0.010
0.090
0.005
0.010
0.210
0.090
0.020
0.025
0.210
0.010
0.030
0.235
0.110
0.080
0.040
0.095
0.140
0.035
0.020
0.035
0.035
0.080
0.040
0.200
0.990
0.315
0.015
0.250
0.005
0.155
0.025
0.065
0.070
0.005
0.025
0.230
0.760
0.195
0.130
0.085
0.120
0.050
0.085
0.550
0.160
0.015
0.010
0.025
0.015
0.020
0.045
0.295
1.220
0.035
0.045
0.200
0.015
0.075
0.040
0.060
0.110
0.050
0.075
0.065
0.080
EXERCISE
PRICE (RM)
EXERCISE
RATIO (X)
MOTHER SHARE
PRICE (RM)
EXPIRY DATE
PREMIUM
^ (%)
GEARING#
(X)
YEAR
HIGH
YEAR
LOW
0.400
1.600
0.860
3.900
5.000
1.650
0.250
0.600
4.500
0.180
0.100
0.100
2.900
2.000
3.400
0.330
1.000
0.310
0.130
2.000
4.200
1.000
0.800
0.150
0.750
1.410
0.100
0.320
0.131
1.920
2.587
3.000
3.250
0.930
0.300
0.500
1.680
1.000
0.300
0.220
7.000
4.010
0.800
0.510
2.770
1.000
1.000
0.200
1.000
0.900
1.680
1.440
2.100
1.700
1.800
1.400
9.000
8.000
8.400
8.800
2.060
7.095
7.000
6.622
6.800
1.000
1.220
1.250
2.380
0.670
1.200
1.250
7.050
6.450
1.000
1.080
1.500
1.500
1.000
1.380
2.300
1.250
1.000
2.726
2.657
5.750
6.700
6.700
7.200
0.400
5.680
6.080
2.253
2.717
3.380
3.500
3.200
0.520
0.500
0.600
0.800
1.000
0.130
1.560
7.750
8.000
8.300
0.600
1.090
1.890
0.500
0.100
2.700
2.580
2.200
2.400
2.000
2.300
1.980
4.680
0.890
0.270
0.800
2.100
0.180
2.000
2.600
2.800
3.000
2.680
2.450
0.100
0.260
0.100
0.160
1.000
0.960
0.500
1.000
1.800
0.040
0.600
2.170
0.600
1.580
1.580
1.280
1.280
1.000
0.250
0.710
5.400
18.000
20.880
23.000
20.500
24.000
1.000
4.800
5.000
2.680
3.300
3.600
3.000
2.500
1.600
1.100
2.680
2.500
0.750
0.500
0.100
19.300
19.500
18.000
0.100
2.680
2.700
2.700
1
2
1
6
3.5
1
1
1
6
1
1
1
5
1
4.5
1
1
1
1
3.1
3
1
1
1
1
1
1
1
1
3.3333
4
3.3333
3.5
1
1
1
1
1
1
1
3.5
1
1
1
1
1
1
1
1
1
1.6
1
1
3
2
2
3.8
10
8
3.5
1
8.5141
7.568
4.7301
4
1
2
2
3
1
2
2
6
6
2
2
2
1
1
2
1
2
1
4.2856
3.4286
6
6
6
4
1
10
12
4
4.4099
4
4
1
1
1
1
1
1
1
1
6
10
11
1
1
1
1
1
3
5
5
4
3
1
1.5
6
1
1
1
2
1
3.5
3
4
3.4
6
5
1
1
1
1
1
1
1
1
1
1
1
1.8868
1
4
2
2
2
1
1
1
5
30
25
12
30
10
1
5
6
5
6
3.5
4
5
2.5
1
5
4
1
1
1
10
9.2
8
1
5
3.7
3
0.405
1.170
0.340
5.380
5.380
5.380
0.175
0.920
5.740
0.440
0.385
0.880
3.280
3.280
3.280
3.280
0.710
0.130
0.130
1.890
3.900
0.635
0.275
0.210
0.375
0.515
0.105
0.240
0.045
3.190
3.190
3.190
3.190
2.380
0.480
0.350
1.190
0.485
0.390
0.240
7.290
4.210
1.500
0.145
2.910
1.410
1.510
0.135
0.735
0.885
1.340
1.340
1.340
1.570
1.570
1.570
8.410
8.410
8.410
8.410
1.320
5.300
5.300
5.300
5.300
1.470
0.870
1.120
1.120
0.385
0.870
0.870
6.590
6.590
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
0.760
2.400
2.400
6.470
6.470
6.470
6.470
0.095
4.650
4.900
1.750
2.910
1.480
2.950
2.950
0.185
0.575
0.575
0.575
0.615
0.065
0.890
8.480
8.480
8.480
1.040
1.040
2.200
0.365
0.085
2.070
2.070
2.070
2.070
1.440
1.440
1.440
4.900
0.080
0.080
0.710
1.030
0.100
2.680
2.680
2.680
2.680
2.680
2.680
0.070
0.070
0.070
0.090
0.400
0.540
0.540
1.950
1.630
0.045
0.600
1.000
0.535
1.540
1.540
1.540
0.335
0.145
0.470
1.540
6.020
21.760
21.760
21.760
21.720
21.720
1.560
3.610
3.610
2.090
2.090
2.090
2.090
2.090
2.090
2.090
1.890
1.890
0.625
0.130
0.130
17.680
17.680
17.680
0.085
2.580
2.580
2.580
02/10/20
13/11/15
05/04/16
29/02/16
29/01/16
09/08/16
25/08/23
21/12/18
10/03/16
05/06/18
29/04/19
15/02/16
08/06/16
17/02/20
01/12/15
04/06/18
25/02/20
07/09/18
22/01/20
29/01/16
29/01/16
25/06/19
10/06/19
20/04/16
26/04/17
08/10/19
14/08/19
23/12/21
20/10/23
28/09/15
29/01/16
31/03/16
29/02/16
28/07/16
02/01/18
12/06/19
12/03/24
21/04/20
21/01/20
11/12/15
29/01/16
23/01/19
19/08/16
19/10/16
26/02/16
17/04/18
11/06/18
08/09/20
26/01/20
04/09/20
25/01/16
16/03/18
21/02/20
28/04/16
20/11/15
18/07/16
02/10/15
29/02/16
08/06/16
07/03/16
09/05/17
30/09/15
11/12/15
22/10/15
30/06/16
31/05/16
15/01/16
29/04/16
27/11/15
26/10/15
30/12/15
09/12/15
11/03/16
11/03/16
29/01/16
30/12/15
12/10/15
31/05/16
08/06/16
27/11/15
14/09/18
11/12/15
29/06/18
30/09/15
19/02/16
30/10/15
30/09/15
09/10/15
30/06/16
24/03/20
28/10/15
28/10/15
28/10/15
28/10/15
28/10/15
29/02/16
14/06/17
09/05/16
13/08/21
22/04/22
24/08/24
09/07/19
17/09/18
28/07/17
29/02/16
31/03/16
31/03/16
04/07/16
23/08/20
29/12/17
27/10/19
24/04/20
30/12/15
27/11/15
31/12/15
09/10/15
29/02/16
31/05/16
30/11/15
30/12/15
17/01/18
16/03/20
28/11/22
30/09/15
09/11/17
29/01/16
09/12/15
15/01/16
02/11/15
30/06/16
30/08/16
16/05/22
21/07/23
15/01/24
09/08/17
02/05/17
19/04/16
30/05/18
28/08/17
22/07/20
20/03/18
21/12/20
31/05/16
20/01/24
28/10/15
30/11/15
30/11/15
28/10/15
28/02/22
27/01/20
26/10/15
29/04/16
30/10/15
27/11/15
30/06/16
30/10/15
30/06/16
04/12/20
30/12/15
31/03/16
29/01/16
31/03/16
02/11/15
30/11/15
08/06/16
07/03/16
22/08/19
30/06/16
29/04/16
06/07/19
22/04/16
16/11/19
30/06/16
29/01/16
30/09/16
25/12/24
28/04/16
30/11/15
19/02/16
27.16
37.61
157.35
(0.19)
9.53
0.37
80.00
10.87
2.44
0.00
(6.49)
0.00
14.33
0.91
13.95
0.30
69.01
153.85
46.15
16.48
16.54
81.89
209.09
4.76
122.67
216.50
38.10
66.67
224.44
(4.28)
(0.10)
6.06
15.05
(2.10)
(1.04)
75.71
71.43
130.93
21.79
6.25
11.39
8.55
0.67
275.86
22.68
(5.67)
(2.32)
92.59
61.90
32.77
26.57
21.27
67.91
25.48
16.56
15.29
7.24
2.85
11.30
11.50
73.86
34.67
48.50
42.79
32.83
14.29
42.53
22.32
113.84
75.32
71.26
45.98
16.08
10.17
4.50
9.91
36.04
38.74
8.56
26.13
117.57
48.65
57.89
14.46
15.71
0.93
17.00
6.34
13.45
342.11
37.20
38.78
47.05
0.93
129.73
32.20
17.29
205.41
12.17
17.39
47.83
101.63
130.77
82.58
13.33
6.72
12.15
0.96
42.79
19.55
89.04
64.71
34.06
41.55
8.70
33.33
39.93
60.42
59.38
6.53
1,037.50
268.75
42.25
105.83
110.00
5.32
9.33
16.42
17.01
21.27
17.54
92.86
300.00
92.86
116.67
170.00
85.19
29.63
2.05
29.75
22.22
41.67
117.92
41.12
9.09
11.04
(7.79)
285.07
606.90
2.13
(4.55)
5.90
0.64
5.72
12.32
1.29
14.41
(0.64)
55.12
41.00
30.62
65.07
74.76
47.37
30.38
11.84
11.00
51.06
41.80
52.00
296.15
34.62
11.43
13.42
6.79
76.47
18.41
13.97
13.95
3.52
117.00
22.67
3.66
6.03
1.43
2.69
2.19
4.16
1.69
1.48
1.13
3.86
2.50
9.72
1.11
3.55
6.50
2.17
9.38
11.30
4.10
5.50
3.00
4.41
2.34
2.33
3.00
3.00
2.81
5.32
8.32
7.60
1.70
2.74
3.04
3.31
4.04
2.23
6.86
6.51
7.52
2.11
4.14
3.64
4.27
3.18
2.25
3.87
3.22
83.75
7.24
8.93
5.81
52.33
3.83
442.63
12.94
8.76
14.56
5.62
124.49
6.09
5.60
22.08
2.16
43.50
9.33
74.67
77.00
3.00
43.50
10.98
8.14
6.94
7.93
111.00
27.75
5.41
55.50
9.65
2.78
3.80
112.00
20.00
8.29
7.44
35.94
46.21
4.75
6.64
6.81
5.47
13.20
74.00
7.38
11.35
4.11
3.97
7.67
11.50
2.56
3.25
13.69
4.56
8.08
7.01
2.31
2.63
2.97
1.92
2.13
27.60
5.91
41.40
5.75
96.00
144.00
4.57
9.07
4.00
3.20
3.38
51.50
3.33
3.26
8.12
8.38
19.71
4.70
3.83
2.00
3.50
2.00
2.57
5.00
13.50
2.70
1.97
5.17
3.00
2.40
105.99
3.45
15.40
11.85
11.00
33.50
5.80
2.04
2.03
6.17
5.58
10.24
15.11
14.48
25.55
2.84
4.51
40.11
41.80
13.93
39.81
26.13
9.29
2.83
1.71
10.80
10.50
3.13
8.67
1.73
44.20
32.03
20.09
1.70
6.88
10.73
10.75
0.219
0.120
0.130
0.290
0.310
3.900
0.145
1.000
0.280
0.370
0.595
1.760
0.170
1.640
0.170
3.200
0.425
0.110
0.095
0.075
0.180
0.395
0.155
0.325
0.225
0.555
0.145
0.155
0.035
0.510
0.300
0.240
0.180
1.840
0.300
0.260
0.500
0.240
0.415
0.430
0.390
0.745
1.690
0.185
0.950
0.615
0.785
0.100
0.290
0.300
0.150
0.416
0.300
0.175
0.130
0.220
0.275
0.155
0.130
0.215
0.660
0.100
0.145
0.215
0.110
1.650
0.090
0.140
0.070
0.450
0.215
0.135
0.175
0.215
0.255
0.085
0.150
0.060
0.225
0.150
0.280
0.200
0.450
0.095
0.120
0.205
0.165
0.140
0.060
0.045
0.070
0.130
0.095
0.135
0.165
0.125
0.590
0.100
0.270
0.130
0.110
0.405
0.060
0.245
0.315
0.185
0.185
0.780
0.445
1.950
0.280
0.060
0.120
0.090
0.140
0.135
0.070
0.055
0.300
0.145
0.060
0.100
0.310
0.075
0.055
0.350
0.255
0.145
0.160
0.160
0.170
0.070
0.045
0.070
0.095
0.160
0.165
0.390
1.740
0.470
0.035
0.600
0.025
0.240
0.105
0.105
0.230
0.020
0.085
0.620
1.140
0.275
0.165
0.120
0.120
0.115
0.130
1.050
0.160
0.070
0.230
0.150
0.125
0.080
0.120
0.340
2.599
0.145
0.155
0.410
0.145
0.155
0.100
0.140
0.190
0.130
0.120
0.150
0.150
0.060
0.005
0.010
0.050
0.200
1.960
0.050
0.370
0.155
0.160
0.245
0.285
0.150
1.020
0.050
1.567
0.150
0.015
0.030
0.065
0.105
0.150
0.040
0.020
0.070
0.170
0.035
0.050
0.010
0.110
0.125
0.030
0.120
0.487
0.135
0.090
0.260
0.090
0.130
0.025
0.220
0.380
0.550
0.015
0.280
0.260
0.300
0.055
0.150
0.240
0.005
0.145
0.100
0.025
0.005
0.210
0.005
0.050
0.115
0.160
0.175
0.010
0.115
0.200
0.010
0.390
0.005
0.020
0.005
0.005
0.140
0.010
0.060
0.075
0.020
0.070
0.005
0.005
0.020
0.005
0.075
0.200
0.135
0.005
0.020
0.095
0.145
0.030
0.020
0.015
0.070
0.060
0.080
0.015
0.005
0.100
0.225
0.010
0.130
0.050
0.005
0.150
0.015
0.030
0.235
0.065
0.110
0.217
0.235
0.500
0.120
0.040
0.005
0.065
0.010
0.090
0.005
0.010
0.200
0.065
0.015
0.020
0.155
0.005
0.015
0.040
0.070
0.055
0.035
0.075
0.120
0.030
0.015
0.030
0.025
0.050
0.035
0.150
0.800
0.280
0.015
0.160
0.005
0.130
0.025
0.030
0.055
0.005
0.015
0.220
0.395
0.100
0.015
0.060
0.075
0.035
0.055
0.495
0.130
0.015
0.005
0.005
0.015
0.020
0.010
0.205
0.705
0.035
0.015
0.170
0.010
0.055
0.025
0.045
0.115
0.045
0.065
0.065
0.070
^ Measures the warrants conversion premium or discount against the mother share price.
# Leverage — measures how many warrants you can buy with the cost of one mother share.
Note: Warrants in bold are those where the warrant price + conversion price ≤ mother share price.
Please refer to the Bursa Malaysia website for the prices of Loan Stocks, Bonds and Overseas Structure Warrants.
PUNCAK NIAGA-CH
PUNCAK NIAGA-WB
QL RESOURCES-CF
R&A TELECOMMUNICATION-WA
RALCO-WB
RAPID SYNERGY-WA
REACH ENERGY-WA
RESINTECH-WA
RHB CAPITAL-CT
RHB CAPITAL-CU
S P SETIA-CP
S P SETIA-CR
S P SETIA-CS
S P SETIA-HA
SANICHI TECH-WB
SANICHI TECH-WC
SAPURA-KENCANA PETRO-10
SAPURA-KENCANA PETRO-C5
SAPURAKENCANA PETRO-C7
SAPURAKENCANA PETRO-C9
SAPURAKENCANA PETRO-HB
SAPURAKENCANA PETRO-HC
SARAWAK OIL PALMS-CD
SCIENTEX-CC
SCOMI ENERGY SERVICES-CD
SCOMI ENERGY SERVICES-CE
SCOMI ENERGY SERVICES-CF
SCOPE IND-WA
SEACERA GROUP-WB
SEACERA TILES-WA
SEE HUP CONSOLIDATED-WA
SENTORIA GROUP-WA
SERSOL-WA
SILVER RIDGE-WA
SIME DARBY-C2
SIME DARBY-C3
SKP RESOURCES-WA
SMPC-WB
SMPC-WC
SMRT-WA
SONA PETROLEUM-WA
SP SETIA-CQ
SPRITZER-WA
STAR MEDIA GROUP-CD
STONE MASTER-WA
SUMATEC RESOURCES-WA
SUMATEC RESOURCES-WB
SUNWAY-WA
SUNZEN BIOTECH-WA
SUPERMAX CORP-C2
SUPERMAX-C1
SUPERMAX-CX
SUPERMAX-CZ
SWS CAPITAL-WA
SYF RESOURCES-WB
SYMPHONY LIFE-WB
TA ENTERPRISE-CE
TA ENTERPRISE-CF
TA GLOBAL-CB
TAKASO RESOURCES-WB
TAMBUN INDAH LAND-WA
TAN CHONG MOTOR-CS
TANJUNG OFFSHORE-WA
TDM-CB
TECHNODEX-WA
TELEKOM MALAYSIA-C4
TELEKOM MALAYSIA-C5
TELEKOM MALAYSIA-C6
TELEKOM MALAYSIA-C7
TELEKOM MALAYSIA-C8
TENAGA NASIONAL-14
TENAGA NASIONAL-15
TENAGA NASIONAL-16
TENAGA NASIONAL-17
TENAGA NASIONAL-18
TENAGA NASIONAL-19
TENAGA NASIONAL-20
TENAGA NASIONAL-23
TENAGA NASIONAL-HA
TEO SENG CAPITAL-WA
TFP SOLUTIONS-WA
TH PLANTATIONS-CE
THE MEDIA SHOPPE-WA
THETA EDGE-WA
THONG GUAN IND-WA
TIGER SYNERGY-WB
TIME DOTCOM-CJ
TIME DOTCOM-CK
TIONG NAM LOGISTICS-WC
TMC LIFE SCIENCES-WB
TOP GLOVE CORP-CU
TOP GLOVE CORP-CV
TOP GLOVE-CT
TOYO INK GROUP-WA
TRC SYNERGY-WA
TRC SYNERGY-WB
TRIVE PROP-WA
TROPICANA CORP-CH
TROPICANA-CI
TROPICANA-WA
TSH RESOURCES-CI
TUNE PROTECT GROUP-CD
TUNE PROTECT GROUP-CE
TUNE PROTECT GROUP-CF
UEM EDGENTA-CA
UEM EDGENTA-CB
UEM EDGENTA-CC
UEM SUNRISE-10
UEM SUNRISE-11
UEM SUNRISE-12
UEM SUNRISE-13
UEM SUNRISE-14
UEM SUNRISE-16
UEM SUNRISE-17
UEM SUNRISE-18
UEM SUNRISE-C7
UMW OIL & GAS CORP-CS
UMW OIL & GAS-CQ
UMW OIL & GAS-CR
UMW OIL & GAS-CT
UMW OIL & GAS-CV
UMW OIL & GAS-CW
UMW OIL & GAS-CY
UMW OIL & GAS-HA
UMW-CT
UMW-CU
UNIMECH GROUP-WA
UNISEM (M)-CD
UNISEM (M)-CE
UNISEM (M)-CF
UNISEM (M)-CH
UNISEM (M)-CI
UNISEM (M)-CJ
UOA DEVELOPMENT-CQ
UOA DEVELOPMENT-CR
UOA DEVELOPMENT-CS
UOA DEVELOPMENT-CT
UOA DEVELOPMENT-HA
VISDYNAMICS-WA
VOIR-WA
VSOLAR GROUP-WA
WAH SEONG-CM
WAH SEONG-CN
WCT-CS
WCT-CT
WCT-CU
WCT-CV
WCT-WC
WCT-WD
WCT-WE
WESTPORTS-CG
WESTPORTS-CI
WESTPORTS-CJ
WESTPORTS-CK
WESTPORTS-CL
WINTONI GROUP-WA
WZ SATU-WA
XIDELANG LTD-WB
XIDELANG LTD-WC
XINGHE-WA
XINGQUAN SPORTS-WA
Y&G-WA
YFG-WA
YINSON-CH
YINSON-CI
YINSON-CJ
YINSON-CK
YTL POWER INTL-CQ
YTL POWER INTL-CS
YTL POWER INTL-CT
YTL POWER INTL-WB
YTL-C1
YTL-CV
YTL-CY
YUNG KONG GALVANISING-WB
ZECON-WA
ZELAN-WA
ZHULIAN-CF
WARRANT
PRICE (RM)
EXERCISE
PRICE (RM)
EXERCISE
RATIO (X)
MOTHER SHARE
PRICE (RM)
EXPIRY DATE
PREMIUM
^ (%)
GEARING#
(X)
YEAR
HIGH
YEAR
LOW
0.115
1.580
0.195
0.005
0.070
4.900
0.045
0.035
0.130
0.020
0.060
0.090
0.115
0.055
0.025
0.025
0.005
0.060
0.015
0.030
0.050
0.065
0.225
0.200
0.110
0.140
0.005
0.020
0.005
0.285
0.160
0.200
0.050
0.100
0.005
0.005
0.110
0.230
0.120
0.300
0.450
0.130
0.045
0.010
0.080
0.785
0.145
0.135
0.165
0.085
0.040
0.700
0.065
0.090
0.080
0.075
0.960
0.300
0.100
0.045
0.005
0.055
0.050
0.170
0.230
0.015
0.150
0.055
0.135
0.740
0.025
0.030
0.005
0.060
0.130
0.025
0.080
0.065
0.160
0.155
0.010
0.025
0.005
0.035
0.065
0.105
0.265
0.180
0.550
0.100
0.115
0.025
0.015
0.630
0.020
0.340
0.265
0.340
0.150
0.460
0.205
0.475
0.060
0.060
0.025
0.035
0.035
0.040
0.245
0.020
0.180
0.025
0.040
0.200
0.115
0.060
0.005
0.010
0.025
0.005
0.050
0.040
0.075
0.190
0.010
0.010
0.010
0.155
0.005
0.030
0.025
0.065
0.395
0.140
0.010
0.110
0.065
0.075
0.040
0.030
0.040
0.070
0.110
0.060
0.025
0.025
0.070
0.045
0.100
0.025
0.005
0.015
0.005
0.005
0.040
0.025
0.040
0.165
0.145
0.355
0.190
0.220
0.210
0.135
0.150
0.730
0.020
0.055
0.020
0.045
0.780
0.005
0.210
0.140
0.080
0.180
0.120
0.105
0.095
0.400
0.100
0.050
0.030
0.030
0.140
0.150
0.020
2.800
1.000
3.100
0.170
1.000
1.000
0.750
0.500
7.800
7.600
3.180
3.200
3.400
2.880
0.100
0.100
2.500
3.000
2.600
2.400
2.900
2.200
1.800
1.700
2.000
1.900
3.480
3.180
2.800
2.680
1.700
4.000
6.900
0.680
0.500
0.510
0.150
1.000
1.000
1.000
0.600
0.180
0.180
8.500
7.900
0.550
1.000
1.000
0.180
0.350
3.700
1.180
2.280
0.300
0.320
0.175
2.500
0.100
2.100
2.250
2.150
2.180
0.800
0.700
1.100
0.800
0.700
0.300
0.350
0.600
3.000
0.500
0.880
0.110
6.400
6.800
7.000
7.500
7.000
0.010
13.800
13.980
15.800
14.480
13.500
13.000
11.000
13.680
1.350
0.100
1.600
0.100
1.199
1.500
0.200
4.132
5.120
1.000
0.750
5.200
6.850
4.980
1.500
0.500
0.610
0.100
1.150
1.000
1.000
2.300
1.700
1.700
1.750
3.076
3.400
3.900
1.780
2.000
1.280
1.400
1.200
1.600
1.050
0.930
1.880
2.800
3.080
3.200
2.200
2.500
2.200
1.600
2.880
11.000
11.300
1.500
2.200
2.000
2.080
2.280
2.400
2.050
2.080
1.980
2.080
2.100
1.780
0.250
0.500
0.120
1.640
1.580
1.748
1.651
1.388
1.554
1.540
1.710
2.080
2.700
3.000
3.300
3.700
4.300
0.100
0.600
0.350
0.115
0.100
1.000
1.000
0.130
2.600
2.800
3.000
2.850
1.550
1.480
1.600
1.140
1.550
1.500
1.600
0.500
1.060
0.250
2.480
3
1
5
1
1
1
1
1
5
10
3
5
4
3
1
1
4
4
4
2.4
3
3.5
2
2.5
4
2.8
6
3
5
3
2
4
8
1
1
1
1
1
1
1
1
1
1
10
4
1
1
1
1
1
3
1
4
1
1
1
1
1
2
2.4
3
3
1
1
1
1
0.75
0.5
1
1
3
1
2
1
6
5
5
4
4
72
15
15
7.5
25
12
7.5
7
15
1
1
2
1
1
1
1
7.1856
7.1856
1
1
6
8
6
1
1
1
1
1
2
1
2
2
3
3
3.7283
4
4.5
3
2
2
2
3
3.1
3
1.5
2.5
5
5
4
4
3.3
3
3
4
10
5
1
2
3
4
5
4
4
3
2
3
2
2
1
1
1
3
3
1.9427
1.9419
2.9128
1.9419
1
1
1
4
4
3
3
3.6
1
1
1
1
1
1
1
1
3
4
3
3
2
1.5
2
1
2
2
2
1
1
1
5
2.580
2.580
4.010
0.010
0.750
6.250
0.610
0.245
6.040
6.040
3.240
3.240
3.240
3.240
0.065
0.065
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
4.650
7.050
0.270
0.270
0.270
0.155
0.635
0.635
1.100
0.980
0.190
0.120
7.470
7.470
1.350
0.580
0.580
0.265
0.435
3.240
1.900
2.440
0.255
0.150
0.150
3.500
0.420
2.020
2.020
2.020
2.020
0.770
0.440
0.710
0.625
0.625
0.285
0.500
1.290
2.500
0.375
0.565
0.110
6.530
6.530
6.530
6.530
6.530
12.040
12.040
12.040
12.040
12.040
12.040
12.040
12.040
12.040
0.550
0.150
1.230
0.120
0.260
1.780
0.085
6.600
6.600
1.050
0.585
7.980
7.980
7.980
0.630
0.340
0.340
0.065
0.910
0.910
0.910
1.750
1.340
1.340
1.340
3.320
3.320
3.320
1.150
1.150
1.150
1.150
1.150
1.150
1.150
1.150
1.150
1.300
1.300
1.300
1.300
1.300
1.300
1.300
1.300
7.770
7.770
1.310
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
1.920
0.175
0.410
0.070
1.230
1.230
1.350
1.350
1.350
1.350
1.350
1.350
1.350
4.170
4.170
4.170
4.170
4.170
0.250
1.270
0.125
0.125
0.060
0.510
1.400
0.035
2.860
2.860
2.860
2.860
1.590
1.590
1.590
1.590
1.570
1.570
1.570
0.205
0.570
0.255
1.530
18/07/16
20/07/18
30/10/15
22/03/17
13/12/19
07/04/17
12/08/22
29/09/16
12/10/15
31/03/16
30/11/15
29/02/16
07/04/16
30/11/15
13/03/18
24/09/19
22/10/15
11/12/15
31/03/16
01/10/15
30/12/15
30/08/16
31/05/16
30/09/16
08/06/16
07/03/16
28/10/15
30/11/15
15/12/15
30/11/15
31/05/16
18/07/16
27/11/15
30/12/15
07/04/16
29/02/16
17/07/20
29/05/19
16/05/17
22/12/17
15/04/19
18/04/23
24/02/23
29/02/16
30/09/16
27/06/17
09/05/22
18/11/24
01/08/17
30/07/18
27/11/15
13/12/16
30/11/15
21/06/20
03/03/21
13/11/18
17/08/16
14/04/19
11/03/16
01/12/15
30/09/15
29/01/16
01/12/15
11/11/19
11/11/20
11/03/16
08/06/16
29/04/16
02/09/16
30/05/17
11/03/16
07/04/16
30/09/15
21/09/18
15/12/15
09/10/15
29/04/16
30/12/15
15/04/16
27/11/15
31/12/15
29/01/16
01/10/15
28/04/16
08/06/16
29/01/16
07/03/16
29/01/16
29/01/20
15/02/19
10/03/16
16/01/17
04/07/16
09/10/19
23/12/18
31/12/15
07/04/16
26/12/18
21/06/19
11/03/16
15/04/16
29/01/16
20/04/18
20/01/17
14/07/16
06/01/17
12/10/15
31/03/16
06/12/19
09/10/15
27/11/15
29/02/16
08/06/16
13/11/15
29/02/16
30/12/15
27/11/15
30/09/15
30/12/15
12/10/15
31/03/16
02/11/15
26/02/16
30/08/16
30/09/15
15/12/15
28/10/15
30/11/15
29/01/16
01/10/15
30/06/16
29/07/16
30/11/15
15/12/15
31/05/16
18/09/18
11/12/15
11/12/15
29/01/16
28/04/16
08/06/16
29/07/16
27/11/15
30/11/15
30/12/15
25/01/16
30/11/15
01/09/16
31/03/24
01/12/17
30/10/15
27/11/15
15/12/15
11/12/15
29/02/16
15/01/16
10/03/16
11/12/17
27/08/20
30/11/15
13/11/15
22/10/15
29/04/16
30/12/15
23/02/19
28/10/24
22/01/17
02/07/18
22/03/19
24/06/19
16/11/19
25/03/16
15/01/16
31/03/16
01/12/15
18/07/16
09/12/15
30/08/16
08/06/16
11/06/18
31/03/16
30/09/15
13/11/15
28/05/20
03/03/17
25/01/19
30/09/15
21.90
0.00
1.62
1,650.00
42.67
(5.60)
30.33
118.37
39.90
29.14
3.70
12.65
19.14
(6.02)
92.31
92.31
31.25
68.75
38.54
28.75
58.85
26.43
17.19
14.58
27.08
19.38
82.81
68.75
47.14
84.11
5.21
3.23
3.55
188.89
87.04
90.74
67.74
93.70
76.38
18.18
7.14
63.16
87.50
15.13
10.04
(1.11)
97.41
95.69
30.19
0.00
17.90
(1.05)
4.10
52.94
166.67
66.67
(1.14)
(4.76)
13.86
16.73
7.18
16.09
10.39
97.73
87.32
30.40
30.00
14.91
(3.00)
3.88
23.00
41.33
57.52
54.55
9.95
6.05
13.32
18.84
17.00
(7.23)
15.86
19.23
31.54
27.53
18.60
14.51
6.77
36.05
245.45
33.33
48.78
4.17
366.92
19.66
158.82
(0.38)
6.42
27.62
53.85
(0.25)
6.39
(1.88)
147.62
64.71
86.76
107.69
30.22
18.68
36.81
33.71
53.73
32.46
39.55
15.10
16.27
25.60
56.09
75.65
15.65
22.61
17.39
49.91
10.87
5.65
65.65
119.23
140.77
193.85
70.77
99.92
75.00
38.08
243.08
59.59
46.07
22.90
21.35
15.89
16.67
26.56
33.33
21.35
25.52
9.38
12.24
11.98
0.00
68.57
46.34
107.14
34.55
32.11
30.23
22.98
11.47
18.67
17.04
38.89
64.81
(1.20)
(9.83)
(5.04)
3.84
14.77
0.00
4.72
196.00
36.00
100.00
104.90
27.14
285.71
12.94
17.48
13.29
18.53
12.58
2.99
12.58
(3.14)
11.46
1.91
5.73
158.54
110.53
56.86
68.63
7.48
1.63
4.11
2.00
10.71
1.28
13.56
7.00
9.29
30.20
18.00
7.20
7.04
19.64
2.60
2.60
96.00
8.00
32.00
26.67
12.80
8.44
4.27
3.84
4.36
4.90
64.00
32.00
76.80
2.25
6.00
5.81
17.63
2.70
54.00
54.00
1.41
2.76
5.29
3.67
2.18
1.46
2.67
74.70
23.34
1.72
4.00
4.30
1.61
5.12
27.00
2.71
9.38
2.83
1.88
2.00
3.65
1.40
10.10
18.70
134.66
12.24
15.40
2.59
3.09
41.67
5.56
10.36
3.70
1.74
33.33
12.50
56.50
1.83
8.37
52.24
16.33
25.12
10.20
1.08
80.27
32.11
321.06
13.76
15.44
15.29
6.49
4.46
1.00
1.50
5.35
4.80
17.33
2.83
4.25
2.70
3.47
3.09
3.90
2.89
4.87
2.80
10.50
5.67
13.60
1.86
26.00
11.38
3.71
43.75
3.72
17.87
11.17
4.45
7.22
12.30
76.67
57.50
23.00
115.00
7.67
9.27
5.11
4.04
46.00
26.00
26.00
2.10
65.00
13.13
17.33
6.67
0.82
5.55
155.40
11.91
14.77
8.53
12.00
12.80
12.00
6.86
5.82
16.00
25.60
38.40
13.71
3.89
4.10
2.80
82.00
27.33
138.98
139.03
11.59
27.81
33.75
8.18
9.31
2.94
5.49
6.32
6.62
8.58
1.67
1.74
6.25
2.27
3.00
11.33
1.79
7.00
4.54
5.11
11.92
5.30
6.63
10.10
8.37
3.98
7.85
15.70
26.17
6.83
4.07
1.70
15.30
0.000
2.690
0.240
0.035
0.155
5.250
0.215
0.100
0.175
0.115
0.270
0.095
0.115
0.150
0.140
0.070
0.210
0.120
0.135
0.295
0.140
0.160
0.200
0.240
0.110
0.165
0.125
0.225
0.130
0.305
0.210
0.200
0.150
0.145
0.145
0.005
0.200
0.710
0.605
0.410
0.965
0.320
0.110
0.115
0.160
1.050
0.295
0.305
0.710
0.270
0.155
1.060
0.100
0.170
0.355
0.355
1.260
0.440
0.300
0.225
0.165
0.185
0.270
0.250
0.465
0.205
0.160
0.115
0.260
1.950
0.115
0.300
0.095
0.135
0.245
0.235
0.165
0.155
0.160
0.205
0.135
0.170
0.180
0.085
0.125
0.200
0.350
0.270
1.200
0.155
0.120
0.050
0.180
1.220
0.055
0.340
0.285
0.660
0.200
0.560
0.290
0.610
0.165
0.180
0.130
0.095
0.170
0.155
0.615
0.025
0.180
0.160
0.070
0.225
0.210
0.135
0.035
0.025
0.155
0.110
0.100
0.040
0.085
0.180
0.085
0.095
0.155
0.155
0.215
0.150
0.105
0.075
0.450
0.200
0.120
0.440
0.135
0.280
0.190
0.155
0.135
0.145
0.125
0.065
0.120
0.075
0.165
0.245
0.200
0.195
0.070
0.035
0.145
0.150
0.165
0.190
0.390
0.400
0.280
0.385
0.190
0.225
0.360
0.270
0.385
1.820
0.065
0.090
0.060
0.135
1.100
0.055
0.210
0.165
0.205
0.180
0.120
0.115
0.095
0.535
0.100
0.150
0.155
0.105
0.390
0.305
0.100
0.000
1.300
0.125
0.005
0.070
4.500
0.030
0.010
0.115
0.020
0.060
0.090
0.115
0.055
0.020
0.020
0.005
0.055
0.005
0.030
0.045
0.025
0.180
0.135
0.080
0.100
0.005
0.015
0.005
0.145
0.150
0.150
0.050
0.100
0.005
0.005
0.055
0.085
0.090
0.150
0.400
0.085
0.040
0.010
0.070
0.180
0.105
0.100
0.060
0.045
0.040
0.620
0.040
0.065
0.055
0.045
0.690
0.143
0.100
0.040
0.005
0.050
0.050
0.115
0.200
0.015
0.145
0.055
0.120
0.480
0.025
0.025
0.005
0.045
0.035
0.025
0.030
0.035
0.115
0.150
0.005
0.005
0.005
0.015
0.030
0.045
0.205
0.110
0.360
0.055
0.115
0.015
0.015
0.600
0.015
0.150
0.150
0.300
0.105
0.130
0.160
0.140
0.070
0.030
0.020
0.020
0.035
0.040
0.195
0.020
0.180
0.030
0.040
0.040
0.115
0.035
0.005
0.010
0.015
0.005
0.010
0.035
0.030
0.045
0.010
0.005
0.010
0.130
0.005
0.030
0.005
0.015
0.140
0.120
0.010
0.140
0.065
0.045
0.020
0.015
0.040
0.040
0.095
0.045
0.015
0.015
0.070
0.035
0.080
0.025
0.005
0.015
0.005
0.005
0.025
0.010
0.025
0.100
0.130
0.190
0.180
0.165
0.160
0.085
0.040
0.650
0.015
0.035
0.015
0.030
0.180
0.005
0.140
0.130
0.045
0.180
0.095
0.075
0.095
0.360
0.085
0.020
0.005
0.025
0.070
0.110
0.020
capital 58
off-market trades
A
B Y FAT I N R AS Y I QA H M U S TA Z A
total of 345.22 million
shares worth RM235.29
million changed hands
off market in blocks of at
least 400,000 shares from
Sept 17 to 22.
Notable transactions during the
period included those in CWorks
Systems Bhd, which saw seven million of its shares or a 5.79% stake
worth RM1.82 million or 26 sen
apiece traded off market on Sept
18 in a direct deal. This is higher
than the counter’s closing price of
19 sen that day.
At press time, CWorks (fundamental: 2.25; valuation: 0) had not
made an announcement of who the
transacting parties were. However, it
is interesting to note that its major
shareholder, Roaring Achievements
Sdn Bhd, has been disposing of its
shares in the company since July
this year.
According to filings with Bursa
Malaysia, Roaring Achievements sold
the shares in several off-market transactions from July 7 to Sept 7, reducing
its shareholding to 7% from 13.73%. It
first surfaced in CWorks as the second largest shareholder in March last
year after purchasing a 9.09% stake
in the maintenance management
software company.
At the time, Borderless Linkages
Sdn Bhd, which was CWorks’ largest
shareholder, held an 18.18% stake.
However, Borderless Linkages — controlled by CWorks non-independent
non-executive director Thrinakarasi@Arrasu Munisamy — ceased to be
a substantial shareholder in June this
year after it disposed of 20 million
shares off market.
Over at Ideal Sun City Holdings
Bhd, seven million shares or 4.31%
equity interest valued at RM1.82 million or 40 sen apiece were traded in
a direct deal on Sept 22. The stock
closed at 39 sen on the day the deal
was made.
There were no announcements
made on the transaction. However, it is worth noting that Ideal Sun
City Holdings (fundamental: 3; valuation: 0.30) is indirectly linked to the
implementation of the alternative
transport master plan for Penang and
provisions of new reclamation sites.
Recall that Gamuda Bhd announced that it had partnered
Ideal Property Development Sdn
Bhd and Loh Phoy Yen Holdings
Sdn Bhd in a 60:20:20 consortium
and was awarded the job as the
project development partner for
Ideal Sun City
Holdings
6000
Sept 23
Volume (‘000)
RM
0.8
0.7
4000
0.6
3000
0.5
0.4
1000
0
0.3
Sept 23
2015
Dec 2013
Dec 2012
Share price
Sept 23
52-week high
Nov 7, 2014
52-week low
Sept 7, 2015
PE valuation
Historical
Prospective
Dividend yield
Issued shares
RM5.6 mil
RM4.1 mil
RM3.9 mil
38.5 sen
70.5 sen
35 sen
13.7 times
NA
NA
185.6 mil
46.43%
the RM27 billion project.
Ideal Property Development is
controlled by Datuk Ooi Kee Leong
and his wife, Datin Phor Li Wea. Ooi,
via Ideal Sun City Sdn Bhd, has a
26.4% stake in Ideal Sun City Holdings,
which provides project management
services for commercial and residential property developments.
VOLUME
(’000)
VALUE TRADED
(RM’000)
SEPT 21
SEPT 22
SEPT 17
SEPT 17
SEPT 18
SEPT 21 & 22
SEPT 22
SEPT 17
SEPT 17
SEPT 17
SEPT 17 & 18
SEPT 18 & 21
SEPT 21
SEPT 21 & 22
SEPT 21 & 22
SEPT 17 & 18
SEPT 22
SEPT 18
SEPT 17, 18, 21 & 22
SEPT 18 & 22
SEPT 18
SEPT 17
SEPT 22
SEPT 17
SEPT 22
SEPT 17
SEPT 17
SEPT 17
SEPT 17
SEPT 17
SEPT 18
SEPT 17
SEPT 17
SEPT 21
SEPT 21
SEPT 17
SEPT 18
SEPT 17
SEPT 18
SEPT 22
SEPT 17
SEPT 18
SEPT 17
SEPT 17
SEPT 17 & 18
SEPT 18
SEPT 21
SEPT 17
SEPT 18
SEPT 21
SEPT 17
SEPT 21
SEPT 22
SEPT 17
SEPT 17 & 18
SEPT 18
SEPT 17
SEPT 22
SEPT 17
SEPT 18
SEPT 22
SEPT 17
SEPT 22
SEPT 21
SEPT 17
SEPT 18
SEPT 18
SEPT 21
SEPT 18
SEPT 18
SEPT 17
SEPT 21
SEPT 17
SEPT 21 & 22
SEPT 17 & 18
SEPT 17
SEPT 17
SEPT 17, 18 & 21
SEPT 17
SEPT 22
SEPT 22
SEPT 17
SEPT 18
SEPT 18, 20 & 21
SEPT 22
SEPT 22
SEPT 17 & 18
SEPT 22
SEPT 18
SEPT 17
SEPT 22
SEPT 22
SEPT 22
SEPT 18
SEPT 21
SEPT 22
SEPT 21 & 22
SEPT 17 & 18
SEPT 22
SEPT 17
SEPT 17
SEPT 17
SEPT 21 & 22
SEPT 22
SEPT 17
SEPT 17
ACOUSTECH
AEMULUS HOLDINGS
AIRASIA
AIRASIA
AIRASIA
AIRASIA
AIRASIA
AIRASIA X
AIRASIA X
AIRASIA X
AIRASIA X
AIRASIA X
AIRASIA X
AIRASIA X
AIRASIA X
AIRASIA X-WA
AIRASIA X-WA
AMMB HOLDINGS
APFT
APFT
APFT
ASIA MEDIA GROUP
ASIAN PAC HOLDINGS
AT SYSTEMATIZATION
AXIATA GROUP
AXIATA GROUP
AXIATA GROUP
AXIATA GROUP
AXIATA GROUP
AXIATA GROUP
BERJAYA CORP
BHS INDUSTRIES
BHS INDUSTRIES
BINTAI KINDEN CORP
BIO OSMO
BIO OSMO
BIOALPHA HOLDINGS
BORNEO OIL
BUMI ARMADA
BUMI ARMADA
BUMI ARMADA
CAREPLUS GROUP
CAREPLUS GROUP
CAREPLUS GROUP
CAREPLUS GROUP
CHINA AUTOMOBILE PARTS HOLDINGS
CHINA STATIONERY
CHINA STATIONERY
CHINA STATIONERY
CHINA STATIONERY
CIMB GROUP HOLDINGS
CLIQ ENERGY
CLIQ ENERGY
CLIQ ENERGY
CME GROUP
COMPUGATES HOLDINGS
CWORKS SYSTEMS
DATASONIC GROUP
DAYA MATERIALS
DESTINI BHD
DGB ASIA
DIALOG GROUP
DIALOG GROUP
DIALOG GROUP
DIGI.COM
DOLPHIN INTERNATIONAL
ECO WORLD DEVELOPMWNT GROUP
ESTHETICS INTERNATIONAL GROUP
FLONIC HI-TEC
FOCUS DYNAMICS TECHNOLOGIES
FRONTKEN CORP
FRONTKEN CORP
GAMUDA
GENETEC TECH
GLOBALTEC FORMATION
GSB GROUP
GUNUNG CAPITAL
HANDAL RESOURCES
HENG HUAT RESOURCES
HO WAH GENTING
HWANG CAPITAL (MALAYSIA)
IDEAL SUN CITY HOLDINGS
IDIMENSION CONSOLIDATED
IFCA MSC
IFCA MSC
IFCA MSC
IFCA MSC
IFCA MSC
IKHMAS JAYA GROUP
IKHMAS JAYA GROUP
INGENUITY CONSOLIDATED
INGENUITY CONSOLIDATED
INSTACOM GROUP
INSTACOM GROUP
IRE-TEX CORP
IRE-TEX CORP
IRIS CORP
IRIS CORP
IRIS CORP
IRIS CORP
0.620
0.550
1.240
1.250
1.270
1.380
1.400
0.190
0.195
0.200
0.205
0.210
0.215
0.220
0.225
0.050
0.055
4.950
0.220
0.225
0.240
0.025
0.205
0.080
6.070
6.200
6.210
6.240
6.300
6.320
0.360
0.010
0.090
0.145
0.060
0.075
0.280
0.590
0.940
0.950
0.955
0.475
0.165
0.170
0.175
0.015
0.120
0.130
0.135
0.105
0.110
0.115
0.115
5.050
0.670
0.090
0.095
0.065
0.045
0.260
1.350
0.105
0.200
0.055
1.600
1.600
1.610
5.670
0.760
1.600
0.950
0.045
0.055
0.165
0.170
4.720
0.160
0.045
0.085
0.125
0.335
0.430
0.075
1.800
0.400
0.120
0.120
0.125
0.030
0.825
0.850
0.870
0.880
3.410
0.670
0.715
0.060
0.065
0.115
0.055
0.270
0.270
0.200
0.205
0.210
0.215
802
488
1,381
436
812
1,666
1,416
834
897
6,225
1,320
1,482
3,279
8,127
3,642
7,786
1,353
893
3,074
3,107
420
420
900
400
1,000
1,000
1,000
401
1,500
500
400
13,926
1,500
483
1,282
939
881
434
484
400
427
448
400
905
981
500
2,656
1,878
4,500
427
1,331
490
1,738
2,000
1,825
498
802
500
439
7,000
494
863
462
435
400
472
446
500
500
899
2,500
870
500
839
2,665
1,000
480
6,871
400
445
435
6,188
455
5,900
8,000
500
6,359
800
400
410
409
427
485
430
433
453
1,711
1,423
422
1,000
461
1,900
1,968
1,911
415
414
497
268
1,713
546
1,031
2,300
1,982
159
175
1,245
271
311
705
1,788
819
389
74
4,421
676
699
101
11
185
32
6,070
6,200
6,210
2,501
9,450
3,160
144
139
135
70
77
70
247
256
455
380
408
213
66
154
172
8
319
244
608
45
146
56
200
10,100
1,223
45
76
33
20
1,820
667
91
92
24
640
756
719
2,835
380
1,438
2,375
39
27
138
453
4,720
77
309
34
56
146
2,661
34
10,620
3,200
60
763
100
12
338
347
372
427
1,465
290
324
103
92
48
55
124
513
394
392
87
89
8000
Volume (‘000)
RM
0.40
6000
5000
0.35
0.30
3000
2000
0.25
0.20
1000
Sept 23
2014
PRICE
(RM)
0.21
4000
2000
COMPANY
Sept 23
7000
5000
DATE
CWorks Systems
0.385
TYPE OF
TRADE
D
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
D
B
B
B
XT
XT
XT
B
XT
XT
B
D
B
B
B
B
B
B
B
B
B
B
B
B
B
D
B
B
D
B
B
D
B
XT
B
B
B
B
B
D
B
B
B
B
XT
B
B
XT
B
B
XT
B
B
B
B
XT
B
B
B
B
B
D
B
D
D
D
B
B
B
B
B
B
B
B
B
B
B
B
B
B
B
D
B
B
B
B
0
Sept 23
2014
Dec 2013
Dec 2012
Share price
Sept 23
52-week high
Sept 23, 2014
52-week low
Aug 14, 2015
PE valuation
Historical
Prospective
Dividend yield
Issued shares
0.15
Sept 23
2015
(RM600,000)
(RM1.4 mil)
RM200,000
21 sen
39.5 sen
16.5 sen
NA
NA
NA
121 mil
42.05%
On Sept 18, JAG Bhd, which is involved in recycling and manufacturing activities, saw 27 million of
its shares or a 2.45% stake valued
at RM270,000 or one sen per share
change hands in a direct deal. The
stock closed at 10 sen that day.
There have been no filings made
on the transaction.
Meanwhile, Heng Huat Resources Group Bhd saw 6.18 million of its
shares or a 2% stake valued at RM2.66
million or 43 sen apiece change hands
in a direct deal on Sept 17.
Shares of the biomass material
manufacturer and trading company closed at 44 sen on the same day.
Filings show that the transaction
may have been made by the company’s two executive directors, Khor
Mooi Kim and Teh Chai Luang, who
acquired 2.46 million and 3.72 million
shares respectively at 43 sen apiece.
Khor now has a 2.39% stake in the
group while Teh holds 2.39%.
In contrast, H’ng Choon Seng,
managing director of Heng Huat
(fundamental: NA; valuation: NA),
has disposed of 6.18 million shares at
an undisclosed price. He now holds
35.45% direct interest and 4% indirect
interest via Heng Huat Manufacturer Sdn Bhd.
DATE
COMPANY
PRICE
(RM)
VOLUME
(’000)
VALUE TRADED
(RM’000)
SEPT 18
SEPT 17
SEPT 17
SEPT 21
SEPT 17
SEPT 18
SEPT 18
SEPT 17
SEPT 17, 18 & 21
SEPT 22
SEPT 21
SEPT 17
SEPT 17
SEPT 22
SEPT 21
SEPT 17
SEPT 22
SEPT 22
SEPT 22
SEPT 21
SEPT 22
SEPT 18, 21 & 22
SEPT 22
SEPT 17, 18, 21 & 22
SEPT 17
SEPT 21
SEPT 22
SEPT 18
SEPT 18 & 22
SEPT 18
SEPT 18
SEPT 18
SEPT 17 & 18
SEPT 18
SEPT 18
SEPT 17
SEPT 17
SEPT 17
SEPT 18
SEPT 18
SEPT 22
SEPT 18
SEPT 17
SEPT 18
SEPT 17, 18 & 22
SEPT 21
SEPT 17, 18 & 22
SEPT 22
SEPT 17 & 18
SEPT 17
SEPT 18
SEPT 21
SEPT 17
SEPT 17
SEPT 22
SEPT 22
SEPT 22
SEPT 17
SEPT 17 & 18
SEPT 21 & 22
SEPT 18
SEPT 17 & 18
SEPT 17
SEPT 21
SEPT 18
SEPT 21
SEPT 17
SEPT 17
SEPT 18
SEPT 17
SEPT 22
SEPT 18
SEPT 17
SEPT 17, 18 & 22
SEPT 17
SEPT 22
SEPT 21
SEPT 21
SEPT 18
SEPT 18
SEPT 21
SEPT 18
SEPT 18
SEPT 18
SEPT 18
SEPT 21 & 22
SEPT 21
SEPT 18
SEPT 18
SEPT 17
SEPT 18
SEPT 17 & 21
SEPT 18
SEPT 17
SEPT 17, 18 & 22
SEPT 21
SEPT 18
SEPT 17
JAG
JAKS RESOURCES
JAKS RESOURCES
KINSTEEL
KNM GROUP
KNM GROUP
KNM GROUP
KNM GROUP
LUSTER INDUSTRIES
MAH SING GROUP
MALAYAN BANKING
MALAYAN BANKING
MALAYAN BANKING
MALAYAN BANKING
MALAYAN BANKING
MALAYSIAN RESOURCES CORP
MANAGEPAY SYSTEMS
MANAGEPAY SYSTEMS
MANAGEPAY SYSTEMS
MAXIS
MEDA INC
MEDIA SHOPPE
MEDIA SHOPPE
METRONIC GLOBAL
MIKRO MSC
MINETECH RESOURCES
MISC
MNC WIRELESS
MULTI SPORTS HOLDINGS
MY EG SERVICES
NAIM INDAH CORP
NAIM INDAH CORP
NEXGRAM HOLDINGS
NEXGRAM HOLDINGS
OCB
OSK PROPERTY HOLDINGS
PARKSON
PDZ HOLDINGS
PERISAI PETROLEUM TEKNOLOGI
PRESS METAL
PRIVASIA TECHNOLOGY
PUBLIC BANK
PUC FOUNDER MSC
REACH ENERGY
REACH ENERGY
REACH ENERGY
REACH ENERGY
SANICHI TECHNOLOGY
SAPURAKENCANA PETROLEUM
SAPURAKENCANA PETROLEUM
SONA PETROLEUM
SONA PETROLEUM
SONA PETROLEUM
SONA PETROLEUM
SONA PETROLEUM
SUMATEC RESOURCES
SUMATEC RESOURCES
SUMATEC RESOURCES
SUMATEC RESOURCES
SUNSURIA
SUNWAY REIT
SUNWAY REIT
SUNWAY REIT
SUNWAY REIT
TALAM TRANSFORM
TEX CYCLE TECHNOLOGY
TH HEAVY ENGINEERING
TIGER SYNERGY
TMC LIFE SCIENCE
TRIVE PROPERTY
TRIVE PROPERTY
TRIVE PROPERTY
TROPICANA CORP
TSH RESOURCES
UEM EDGENTA
UEM EDGENTA
UEM EDGENTA
UEM SUNRISE
UEM SUNRISE
UMW HOLDINGS
UMW HOLDINGS
VSOLAR GROUP
VSOLAR GROUP
WESTPORTS HOLDINGS
WINTONI GROUP
XIDELANG HOLDINGS LTD
XIN HWA HOLDINGS
XINGHE HOLDINGS
XINGHE HOLDINGS
XOX
YFG
YONG TAI
0.010
0.995
1.000
0.135
0.510
0.510
0.515
0.520
0.080
1.33
8.51
8.64
8.65
0.055
0.065
0.115
0.25
0.255
0.26
6.72
0.55
0.115
0.12
0.07
0.315
0.065
8.5
0.185
0.025
0.08
0.085
2.85
0.1
0.105
0.035
0.08
0.6
1.94
1.01
0.085
0.34
0.35
0.36
2.3
0.265
18.4
0.085
0.05
0.055
0.06
0.6
0.065
2
2
0.08
0.085
0.09
0.095
0.435
0.15
0.155
0.16
0.165
0.8
1.49
1.5
1.52
1.53
0.055
1
0.215
0.225
0.23
0.085
0.15
0.06
0.065
0.065
0.9
1.73
3.36
3.39
3.4
1.06
1.07
7.86
7.87
0.025
0.075
4.29
0.15
0.13
1.16
0.025
0.06
0.075
0.055
0.62
27,000
6,400
478
3,000
9,622
1,306
400
470
2,682
500000
1000000
415000
415000
487500
453000
855000
1332800
485000
499900
500000
600000
7254600
2240000
13532100
438000
500000
1400000
485700
1390000
426500
400000
1675000
2090700
911000
410000
402000
900000
487900
472000
999800
500000
419500
477800
429700
1760300
965400
2252600
1344300
1272200
1686800
400000
2698200
457500
1500000
1417000
477500
5000000
429900
869000
2149200
1785600
3927800
438800
2842000
871500
500000
2000000
2000000
5241800
431000
1391000
458700
1429000
1908700
420000
995000
495000
500000
7500000
431900
487200
1000000
400000
405100
465200
900000
500000
400
869500
496800
433000
892900
460000
856500
5139800
454900
428700
465800
270
6,368
478
405
4,907
666
206
244
215
665000
8510000
3585600
3589750
26812.5
29445
98325
333200
123675
129974
3360000
330000
834279
268800
947247
137970
32500
11900000
89854.5
34750
34120
34000
4773750
209070
95655
14350
32160
540000
946526
476720
84983
170000
146825
172008
988310
466479.5
17763360
191471
67215
69971
101208
240000
175383
915000
3000000
113360
40587.5
450000
40840.5
378015
322380
276768
628448
72402
2273600
1298535
750000
3040000
3060000
288299
431000
299065
103207.5
328670
162239.5
63000
59700
32175
32500
6750000
747187
1636992
3390000
1360000
429406
497764
7074000
3935000
10
65212.5
2131272
64950
116077
533600
21412.5
308388
34117.5
23578.5
288796
Married deals (M) are transactions between two clients within the same stockbroking company.
Direct deals (D) are transactions between two different stockbroking companies.
Block trades (B) represent institutional transactions of 10,000 shares or more.
Cross trades (XT) is the automatic execution of a buy and sell order from the same member, permitted by the order book system during
continuous trading.
TYPE OF
TRADE
D
D
B
D
D
B
B
B
B
XT
D
XT
XT
B
B
B
B
B
B
XT
D
B
B
B
D
B
XT
B
B
B
B
B
B
B
B
B
D
B
B
B
B
B
B
B
B
XT
B
B
B
B
B
B
B
XT
B
B
D
B
B
B
B
B
B
D
B
XT
XT
XT
B
B
B
B
B
B
B
B
B
XT
D
B
XT
XT
XT
B
B
XT
XT
B
B
B
B
B
B
B
B
B
B
B
capital 59
malaysian bonds
PROVIDED BY
| C O M M E N TA R Y B Y
R
|
inggit-denominated government bonds pared gains
ahead of the mid-week break
last week as players trimmed
their position, triggered by
the weaker ringgit.
Elsewhere, some focus was directed
at the maturing Malaysian Government Securities (MGS) Sep’15, which
garnered heavy trading interest midweek. MGS Sep’15 saw maturity of
RM11.0 billion, and this comes ahead
of another RM8.2 billion of maturing
MGS Oct’15. In the near term, the maturing papers will boost liquidity and
may prompt some rolling-over into
other short-term government bonds,
such as the newly issued three-year
benchmark (MGS Mar’19).
However, the overall sentiment
was bearish as USD/MYR leaped and
revisited 4.3500 during mid-week, in
contrast to the 4.2068 level seen the
week before, as the USD staged a rebound after the knee-jerk selling activities following the Federal Open
Market Committee meeting. On top
of that, lower Brent crude oil prices,
from near US$50/bbl traded a week
prior, added pressure to the domestic
government bond market.
In any case, last week’s RM3 billion
reopening auction for seven-year Government Investment Issues (GII) was
well supported. Demand was decent
as the bids reached 1.915 times the
amount on offer, while average yield
closed at 4.222%. The market is now
eyeing the last scheduled auction for
the month of September — 15-year
MGS reopening, which will be tendered early this week. We expect an
issuance size of RM2.5 billion for the
upcoming auction.
On the data front, foreign reserves
edged higher from US$94.7 billion to
US$95.3 billion as at Sept 15. Meanwhile, the Consumer Price Index expanded at a faster-than-expected pace
of 3.1% in August, in contrast to 3.0%
forecasted earlier by economists. However, the economic data releases appear to have little impact on the bond
market, as players focused more on
the ringgit.
This week, ringgit sovereign bonds
may see limited upside, anticipated to
be supported by month-end and 3Q2015
demand.However,some downside may
rear its head in view of the weak ringgit and crude oil, in our view.
Apart from that, the corporate bond
market saw improved but light bidding
interest over the week. Trading activities were slanted towards short and
medium-term papers, such as Gas Malaysia Apr’16 and Danga Apr’20, alongside tranches from BGSM and Malakoff. Despite the improved sentiment,
we reckon that the upside remains
limited for corporate bonds — it is dependent on whether the government
bond market and ringgit can stabilise.
The primary market for corporate
bonds was quiet,with Paramount Corp
being the sole issuer. The company
issued two tranches (RM50 million
each) of floating callable bonds — Series B1 (callable at Sep’20) and Series B2
(callable at Sep’22) at 6.95% and 7.20%
respectively.
This commentary was provided
by the Regional Fixed Income
Research team at CIMB
Investment Bank Bhd. Comments:
cimbfi_research@cimb.com.
BPAM weekly market report
For period: 21-9-15 to 25-9-15
Thomson Reuters BPA Malaysia Ringgit Bond Indices
THOMSON REUTERS BPA MALAYSIA
ALL BOND INDEX
SUKUK INDEX
GOVERNMENT ALL BOND INDEX
CORPORATE ALL BOND INDEX
143
146
139
150.0
142
145
138
149.5
141
144
137
143
136
140
140.31
139
Sept 25
2015
135
July 26
2015
Sept 25
2015
12.5
16.0
Corp BBB
Corp A
Corp AA
12.5
9.0
Corp AAA
Quasi Govt
Govt MGS
9.0
5.5
5.5
2.0
123 5 7
YYY Y Y
10
Y
15
Y
20
Y
25
Y
2.0
30 Tenure
Y
123 5 7
YYY Y Y
10
Y
15
Y
20
Y
30 Tenure
Y
25
Y
Sept 25
2015
CREDIT
RATING
TRD AMT
(RM MIL)
1Y
2Y
3Y
5Y
7Y
10Y
THIS WK
CLOSING
LAST WK
FAIR VAL
GOVERNMENT
MGS 2/2005 4.720% 30.09.2015
NR(LT)
GII MURABAHAH 1/2015 4.194% 15.07.2022
NR(LT)
LAST MTH
FAIR VAL
6,495
3.173
2.956
3.207
1,420
4.296
4.185
4.406
PROFIT-BASED GII 6/2012 08.02.2016
NR(LT)
710
3.248
3.181
3.341
MGS 1/2015 3.955% 15.09.2025
NR(LT)
679
4.354
4.121
4.389
0.000
MGS 5/2015 3.759% 15.03.2019
NR(LT)
605
3.765
3.682
PROFIT-BASED GII 2/2010 30.09.2015
NR(LT)
353
3.426
3.140
3.282
MGS 3/2010 4.498% 15.04.2030
NR(LT)
353
4.800
4.481
4.663
4.382
MGS 1/2014 4.181% 15.07.2024
NR(LT)
325
4.388
4.076
MGS 3/2015 3.659% 15.10.2020
NR(LT)
318
3.790
3.768
4.072
MGS 1/2006 4.262% 15.09.2016
NR(LT)
304
3.057
3.083
3.383
MGS 2/2007 3.814% 15.02.2017
NR(LT)
280
3.141
3.170
3.475
NR(LT)
40
4.929
4.850
4.882
NR(LT)
40
4.301
4.259
4.337
QUASI GOVT
DANAINFRA IMTN 4.800% 31.10.2033
Constant Maturity Conventional Yield-To-Maturity
TENURE
July 26
2015
ISLAMIC
Corp AAA
Quasi Govt
Govt MGS
Corp BBB
Corp A
Corp AA
Sept 25
2015
Most Active Bonds
CONVENTIONAL
16.0
148.0
July 26
2015
Bond Yield Curves
148.7
148.5
143.32
142
July 26
2015
149.0
136.49
-TRANCHE NO 12
15Y
20Y
25Y
30Y
PASB IMTN (GG) 4.42% 05.02.2021
GOVT MGS
3.103
3.371
3.673
3.876
4.248
4.358
4.779
4.790
4.952
5.104
- ISSUE NO. 14
QUASI GOVT
3.817
3.993
4.160
4.307
4.557
4.727
4.927
5.080
5.210
5.330
PRASARANA IMTN 4.67% 12.03.2024
CORP AAA
4.120
4.270
4.400
4.530
4.790
4.950
5.150
5.360 5.490
5.620
- TRANCHE 2
NR(LT)
20
4.580
4.552
4.577
CORP AA
4.320
4.510
4.680
4.870
5.140
5.290
5.570
5.850 6.050
6.250
KLIA 0.000% 30.01.2016 PN
NR(LT)
20
3.651
3.645
3.732
CORP A
5.680 6.050
6.410
6.890
7.370
7.970
8.840
9.580 10.300 11.020
CORP BBB
7.370
8.340
9.010
9.690
10.510
11.420
12.290 13.160 14.020
4.326
7.900
Constant Maturity Islamicc YieldYield-To-Maturity
aturity
y
TENURE
1Y
2Y
3Y
5Y
CORPORATE BONDS
DANGA IMTN 4.100% 09.04.2020 - TRANCHE 5
GASMSIA IMTN 3.95% 29.04.2016
7Y
10Y
15Y
20Y
25Y
30Y
AAA
156
4.281
4.299
AAA ID
70
4.155
4.138
4.122
A2
67
15.582
7.396
7.456
DOMAYNE 2 ABSMTN 1552D 10.7.2017
GOVT GII
3.261
3.597
3.876
4.146
4.317
4.462
4.774
4.789
4.951
5.104
O 4 AA1
SABAHDEV MTN 366D 18.2.2016 - TRANCHE NO
50
4.272
4.268
4.355
QUASI GOVT
3.817
3.993
4.160
4.307
4.557
4.727
4.927
5.080
5.210
5.330
5
SEB IMTN 4.400% 23.06.2016
AA1
40
4.068
4.078
4.043
CORP AAA
4.050 4.200
4.330
4.460
4.720
4.880
5.080
5.290
5.420
5.550
5
MAHB PERPETUAL SUBORDINATED
CORP AA
4.250 4.440
4.610
4.800
5.070
5.220
5.500
5.780 5.980
6.180
SUKUK 5.75% - ISSUE 1
CORP A
5.610 5.980
6.340
6.820
7.300
7.900
8.770
9.510 10.230 10.950
10
CORP BBB
7.300
8.270
8.940
9.620
10.440
11.350
12.220 13.090 13.950
13
7.830
AA2
40
5.539
5.565
5.257
BGSM MGMT IMTN 5.900% 28.12.2016 - ISSUE NO 3 AA3
30
4.354
4.392
4.371
AAA (BG)
30
4.488
4.499
4.511
IESB MTN 2191D 29.11.2019
Weekly Spread Change
GLOSSARY
Tenure
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
GOVERNMENT
Tenure
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Islamic
Conventional
-28
0
28 bps
CORPORATE AAA
Tenure
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Islamic
Conventional
-9
9 bps
0
CORPORATE A
Conv: Conventional Principle
Islm: Islamic Principle
N.A.: Not available
MGS: Malaysian Government Securities
GII: Government Investment Issues
Islamic
Conventional
-6
Quasi-Govt: Near-Government Entities
e.g. Cagamas, Khazanah, ADB etc
6 bps
0
O/S Amt: Outstanding Amount
Trd Amt: Traded Amount
Issue Amt: Amount Issued
Tenure
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
QUASI GOVERNMENT
Tenure
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Islamic
Conventional
-12
0
12 bps
CORPORATE AA
Tenure
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Islamic
Conventional
-8
8 bps
0
Fair Val: Bondweb Malaysia’s fair
valuation
CORPORATE BBB
Yield-to-Maturity (YTM): Rate of return
from holding a bond until maturity
YTM Spread: Difference between this
and previous week’s YTM
AAA, AA, A and BBB YTM represent
Corporate ratings consolidated from
RAM & MARC
Islamic
Conventional
-3
YTM is calculated in percentage (%)
3 bps
0
Upcoming New Issues/Tender Results
BOND NAME
PASB IMTN (GG) 4.63% 26.09.2025
- ISSUE NO. 21
PASB IMTN (GG) 4.28% 28.09.2020
- ISSUE NO. 20
SETIAECOHILL CP 30D 29.10.2015
SUNWAYBHD CP SERIES 133/2015 30D
30.10.2015
HLFG CP 30D 29.10.2015 (SERIE 119)
BPMB CP 152D 29.02.2016
PLB CP 30D 28.10.2015
BPMB CP 183D 31.03.2016
SABAHDEV CP 30D 28.10.2015
- TRANCHE NO 32
STSSB ICP SERIES13/2015 30D 28.10.2015
STSSB ICP SERIES 14/2015 30D 28.10.2015
ISSUE
DATE
ISSUE
TENURE
CREDIT
RATING
INSTRUMENT
TYPE
ISSUE AMT
(RM MIL)
28-SEP-15
10Y
NR(LT)
MTN
860
28-SEP-15
29-SEP-15
5Y
3M
NR(LT)
NR(ST)
MTN
CP
700
200
TENDER
DATE
25-SEP-15
21-SEP-15
28-SEP-15
28-SEP-15
28-SEP-15
3M
3M
6M
3M
6M
MARC-1
MARC-1
MARC-1
P1
MARC-1
3M
P1
3MMARC-1
ARC-1 IS (C
(CG)
ARC-1 IS (C
3MMARC-1
(CG)
CP
CP
CP
CP
CP
CP
CP
CP
100
170
300
20
300
150
100
155
ISSUE
DATE
AMT ISSUED
(RM MIL)
SUCCESSFUL
PRICE
SUCCESSFUL
YIELD
CP
28-SEP-15
160
99.690
3.780
GII MURABAHAH 1/2015 4.194%
15.07.2022
17-SEP-15
INSTRUMENT
TYPE
- TRANCHE NO 32
17-SEP-15
30-SEP-15
29-SEP-15
30-SEP-15
28-SEP-15
30-SEP-15
BOND
NAME
MTB 31/2015 182D 18.03.2016
GII
22-SEP-15
3,000
99.829
4.222
MTB
18-SEP-15
500
98.500
3.054
- TRANCHE NO 42
CP
18-SEP-15
135
99.717
3.703
14-SEP-15
MGS 5/2015 3.759% 15.03.2019
MGS
15-SEP-15
4,000
100.001
3.759
10-SEP-15
MITB 9/2015 91D 11.12.2015
MTB
11-SEP-15
1,000
99.210
3.193
03-SEP-15 MTB 30/2015 91D 04.12.2015
MTB
04-SEP-15
1,000
99.248
3.042
27-AUG-15 MGS 1/2015 3.955% 15.09.2025
MGS
28-AUG-15
3,000
95.996
4.453
CP
27-AUG-15
180
99.673
3.634
26-AUG-15 HLFG CP 33D 29.09.2015
(SERIES 117)
Feedback to: enquiries@bpam.com.my Tel: +603 27720888 www.bpam.com.my
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SEPTEMBER 28, 2015 | THEEDGE MALAYSIA
It is time to stop trying to re-slice
the pie and start ensuring that it
gets bigger in a more inclusive way,
so that there is more to go around
and more people get a slice.
It is now time to move towards
‘centripetalism’, which is genuine
multi-racial collaboration towards
a more sustained system of
parliamentary democracy.
62
62
forum
FORUM EDITOR | AZAM ARIS
The Malay agenda
T
he subject of Malay angst is a popular one lately. Not everyone is upset, of
course, but there is a segment among
the Malays, perhaps driven by a sense
of insecurity, who have created mental
models that put themselves under siege.
They feel disunited, threatened, and their honour
besmirched. This, despite the Malays controlling
almost all parts of officialdom in the country and
constituting more than 60% of the population.
Many commentators have pointed out the
unreasonableness of these sentiments. That this
is an imagined reality, propagated for less than
honorable intentions — to develop a political constituency among the Malays based on their fears
and, perhaps, on their prejudices. Stoking racial
sentiments is really going down the slippery slope
that can have terrible consequences. We should
do everything to avoid even approaching that
slippery slope. Thus far, I am quite disappointed
with the kind of leadership exhibited on this.
We should make Malaysians realise what is
happening in Syria — a beautiful ancient country
now decimated by internal strife caused by sectarian differences. People who used to live together
are now killing one another, fleeing their homes,
becoming refugees in other lands.
We have forgotten what happened to Yugoslavia — the barbarism, murder and bloodshed that
saw the country broken up into pieces. It existed
as a country for over 60 years prior to that and
what happened seemed to suggest that they lived
a lie all those years. Are we living a lie ourselves?
The Malays do have some problems and the
real issue is under-development. It is not an uncommon problem — the sociological and economic dimensions of development are well studied
and understood, and some of them are applicable
here. But the departure point must be the proper
phrasing of the problem — this is a developmental
problem that requires developmental solutions.
The Malay under-development is multi-faceted.
There is still a sizeable segment of the community whose income levels are low, low enough and
numerous enough in numbers that the average
Malay income is below the national average. That
says something about their levels of human capital.
There is also the issue of distribution of income
which is highly uneven. It is more uneven than
the distribution of income between the races as
indeed, over time, there are greater intra-racial
variances in income than inter-racial variances.
Why, in spite of everything, are the Malays, on
average, still laggards in the development story?
Which Malays have benefited and what happened
to the rest?
Clearly, the model of development that created
access to basic education and health is over. That
was in the early decades after Merdeka and it was
done well. This greater, almost universal, access
to educational opportunities created capabilities,
which were then translated into upward mobility as more Malays entered the labour market.
From that point onwards, further development
went beyond providing access through physical
development into the “softer” areas of values
and institutions.
Over time, however, solving a developmental
problem, which is a national problem, became a
Malay problem. There seem to be dual but parallel tracks of national and Malay or more generally
my
Say
BY NUNGSARI RADHI
bumiputera developments. How did the objective
has resulted in Malaysia having such a cosmoof the New Economic Policy (NEP) — to promote
politan populace, a truly Asian tapestry that
national unity by removing racial identification of
can be wielded for the nation’s advantage, indeed, for the benefit of Malays generally. The
economic functions — become entrenched instead
future of the country in the globalised world
by this mutation of public policy and institutions.
The public sector, the national institutions,
depends on taking advantage of this dynambecame predominantly Malay and the Malay agenic. Thus, multiracialism is a Malay agenda: to
da is one conceived by the Malays, for the Malays
mix, to do things together and to learn from
and by the Malays. It lost its national character.
each other.
What was supposed to be a corrective treatment,
based on need, became a special treatment, based 6. As a community, the Malays must strive to be
on some sort of right.
multi-dimensional. There must be a thriving
civil society — of all sorts — within the comAnd a myth was created and perpetuated —
munity and tolerance of differences between
that this institutional framework is necessary to
groups in the community. It must reduce desafeguard the Malay interests. All the while, the
Malay developmental problems — of low income
pendency on officialdom and rely more on voland a skewed income distribution — persisted
unteerism and community-driven initiatives.
and in some specific instances, worsened. This
The future is about networked living. Social
is the contradiction that needs to be broken, and
capital formation is a Malay agenda.
get reshaped. The Malay mind, its psyche, is not
liberated, what more developed, by this fallacious 7. I have concluded many years ago, that even if
mental model. There has to be true independence
the institutional framework is there and the
of the Malay mind for it to reach its full potential.
incentive structures are the right ones, success
will only come to those who work hard. Striving
What should then be the Malay agenda?
for excellence, in any enterprise, is hard work.
1. The deeply ingrained feudal mentality must
Hard work means diligence, persistence and a
change. It is at odds with globalism, competicertain stubbornness — of failing and trying
tion and the pursuit of excellence. There must
again, and again. So, finally, working hard is a
Malay agenda.
be the belief that each individual Malay is in
control of his or her own destiny, that upward
mobility is a function of how he or she perThe Malays’ survival and development, indeed,
forms, not determined by his or her station of their advancement will depend on themselves,
birth or by a helping hand from somewhere, not on anyone’s patronage. They cannot be lulled
or someone’s patronage. Self-reliant is a Malay into believing that the state, the government, will
agenda.
provide for them. They have to think for themselves, believe in themselves, in competing and
2. The Malays should ensure that democracy works, winning. The danger about relegating thinking
that it is not hijacked by any minority group. to others is that there will be the tendency of
They need a healthy competition in politics relegating accountability altogether. Pretty soon,
because only a healthy competition will yield there will not be personal responsibility even for
an effective government, one that will deliver personal matters.
A person’s dignity, or maruah in Malay, lies in
their agenda, which is also a national agenda.
In that regard, there needs to be free flow of his character and his behaviour — the Malay word
information, freedom of the press and debate. is akhlak. Hence, the interdependencies of maruSo long as the democratic process works, the ah and akhlak, which is neutral of one’s economic
wishes of the majority will prevail. Democracy standing. Keeping your dignity is therefore about
is a Malay agenda.
having the right character and displaying proper behaviour. There is nothing dignified in being
3. Their relative under-development means that insolent, crude and rude. It simply is kurang ajar,
the Malays will have to rely on public institu- a lack of nurture.
tions. Therefore, an important Malay agenda is
The Malays must learn to reject these traits
to ensure that the public sector is an efficient and those who peddle them. They should choose
one, an effective one and most of all, one that leaders who dignify them, who elevate them to beis not crippled by corruption, and a system that come better human beings, not those who appeal to
is fair. Anti-corruption is a Malay agenda.
their base instincts and exploit their weaknesses.
On man-to-man relationships, Islam teaches
4. Education is the great leveller and its broad- Muslims to be generous to mankind and to take care
ened access has raised the first post-Merdeka of this earth, to be the guardians of life on earth.
generation upwards, but the education system To fulfill that role, they must strive to possess the
— the national education system — has deteri- economic means and the command of knowledge.
orated when the need for it has been amplified That is the imperative — to strive to create wealth
by the demands of a very competitive globalised in order to share it with and to give to, others.
world. Malaysia needs a world-class education
The Malays must also strive to learn in order to
system that develops the students’ individual teach and use knowledge. In fact, this is not only
potential, produces a united citizenry and pre- the Malay agenda but also a national and human
E
pares them for the challenges of globalisation. agenda.
Educational reform is a Malay agenda.
Dr Nungsari Radhi is an economist and managing
5. That Malaysia is well placed geographically director of Prokhas Sdn Bhd, a Ministry of Finance
and is endowed not just with this geographic advisory company. The views expressed here are
advantage but that this geographic advantage his own.
Such reforms are crucial, because,
ultimately, escaping the debt-deflation
trap will require China to rejuvenate total
factor productivity — an effort that the
private sector is better equipped to lead.
64
Making democracy work is everyone’s business
O
n Malaysia Day, Sept 16, media reports
on the results of a national unity survey conducted earlier this year bore the
disconcerting news that some 55% of
Malaysians believe that the country is
heading in the wrong direction, in terms
of its economy and governance.
A few days later, on Sept 22, Pakatan Harapan, a
new coalition of the main opposition parties — minus
the conservative Islamic party PAS — was launched.
Despite its optimistic name, the Coalition of Hope
has failed to stir excitement among the general
public, say observers.
So, the nation appears to be stuck in an uncomfortable spot: a strong feeling of disquiet at the
status quo on the one hand, and a nagging sense
of uncertainty about the alternative proposition,
on the other.
Food for thought, no doubt. What will it take,
one might ask, for Malaysia to rediscover its sense
of mission, to determine for certain what the roots
of its malaise are and to understand what its short
and long-term goals should be.
To deal with the uncertainty over its political future, a culture of mature discourse is sorely needed to
elicit the best options for its people.Unfortunately,the
general public does not have much practice in open,
dispassionate dialogue, no thanks to the communal
sentiments that are ingrained in the political system.
The search for a way forward must start with the
recognition that the current racial and religious-based
political framework, which had appeared to ensure
justice and harmony for Malaysia’s diverse communities is, in reality, a dead end.
Therefore, we need to take many baby steps towards a social and political environment that accepts
egalitarianism as an integral element of modern
being
Human
BY R B
BHATTACHARJEE
society. This would include a progressive interpretation of special rights as enshrined in the Federal
Constitution and an enabling vision that can harness
the best qualities of its citizens in all their diversity
for the greater glory of the nation.
It is heartening that a senior leader like Tan Sri
Rafidah Aziz has recently taken to pointedly pushing for a mindset change about race relations, using
the communications tool of today — social media.
However, her trademark candour is especially noticeable for its virtual absence in the ranks of current government leaders.
This brings us to a sobering realisation that the
road to Malaysia’s political maturity is surely going
to be long and rather bumpy.
Further, it is important to recognise that an open
political space can only exist if it is supported by an
engaged, critically conscious and ethically grounded citizenry. It is evident that a passive, unmindful
and amoral public will tend not to stand up to misfeasance, corruption or bad governance.
So, in order to take the country beyond the turmoil of a changing political landscape, much systematic work is needed to lay the foundations of a
sound democratic society.
Citizens must be encouraged to think critically,
speak their minds, engage with constituencies beyond their domestic walls and open their minds to
a broad worldview.
All these are lifelong habits that are most effectively implanted from a young age. Therefore, the
country’s political culture cannot be expected to
evolve in a healthy way before a generational shift
in attitudes towards citizens’ roles in a democracy
has taken place.
While civil society groups can be relied upon to
continue pushing for democratic freedoms to be
recognised, a free society can only flourish when
all other stakeholders in our nationhood infuse the
principles of democracy into the lifeblood of their
institutions.
Corporate citizenship, for example, could evolve
beyond disaster relief, study aid and welfare assistance to include support for programmes that foster diversity. Professional institutions could sponsor projects that enhance accountability and good
governance. Concerned individuals can volunteer
time with groups that serve to democratise access
to information, and so on.
The upshot of all this is that citizens must take
ownership of making democracy work and not leave
it to the political class to sway the course of the nation’s affairs.
So, while it is only natural that the public is disappointed that the political landscape appears to
be hopelessly fragmented, this should only propel
concerned citizens to join the collective effort to
create a vibrant democracy for the future.
Only when the citizenry as a whole is determined
to bring about a change in the quality of governance
by pressing unceasingly for accountability, transparency and the protection of justice by those in public
office can such a future materialise.
If enough Malaysians cannot find the motivation
to make a difference to the country’s future, even
under the current troubling circumstances, there
is every likelihood that, for better or for worse, we
may be stuck in the current pathway for an indefinite span of time.
This brings us squarely to the adage that the peoE
ple get the leaders they deserve.
R B Bhattacharjee is associate editor at The Edge
Malaysia
Why the Fed buried monetarism
T
he US Federal Reserve’s decision to delay
an increase in interest rates should have
come as no surprise to anyone who has
been paying attention to Fed Chair Janet
Yellen’s comments. The Fed’s decision
merely confirmed that it is not indifferent to international financial stress, and that
its risk management approach remains strongly
biased in favour of “lower for longer”. So, why did
the markets and media behave as if the Fed’s action (or, more precisely, inaction) was unexpected?
What really shocked the markets was not the
Fed’s decision to maintain zero interest rates for
a few more months, but the statement that accompanied it. The Fed revealed that it was entirely
unconcerned about the risks of higher inflation
and was eager to push unemployment below what
most economists regard as its “natural” rate of
around 5%.
It is this relationship — between inflation
and unemployment — that lies at the heart of all
controversies about monetary policy and central
banking. And almost all modern economic models,
including those used by the Fed, are based on the
monetarist theory of interest rates pioneered by
Milton Friedman in his 1967 presidential address
my
Say
BY
ANATOLE KALETSKY
to the American Economic Association.
Friedman’s theory asserted that inflation would
automatically accelerate without limit once unemployment fell below a minimum safe level, which
he described as the “natural” unemployment rate.
In Friedman’s original work, the natural unemployment rate was a purely theoretical conjecture,
founded on an assumption described as “rational
expectations”, even though it ran counter to any
normal definition of rational behaviour.
The theory’s publication at a time of worldwide alarm about double-digit inflation offered
central bankers exactly the pretext they needed
for desperately unpopular actions. By dramatically increasing interest rates to fight inflation,
policymakers broke the power of organised labour
while avoiding blame for the mass unemployment
that monetary austerity was bound to produce.
A few years later, Friedman’s “natural” rate was
replaced with the less value-laden and more erudite-sounding “non-accelerating inflation rate
of unemployment” (NAIRU). But the basic idea
was always the same. If monetary policy is used
to try to push unemployment below some predetermined level, inflation will accelerate without
limit and destroy jobs. A monetary policy aiming
for sub-NAIRU unemployment must, therefore,
be avoided at all costs.
A more extreme version of the theory asserts
that there is no lasting trade-off between inflation and unemployment. All efforts to stimulate
job creation or economic growth with easy money will merely boost price growth, offsetting any
effect on unemployment. Monetary policy must,
therefore, focus solely on hitting inflation targets,
and central bankers should be exonerated of any
blame for unemployment.
The monetarist theory that justified narrowing
central banks’ responsibilities to inflation targeting had very little empirical backing when Friedman proposed it. Since then, it has been refuted
both by political experience and statistical testing. Monetary policy, far from being dissipated in
rising prices, as the theory predicted, turned out
to have a much greater impact on unemployment
than on inflation, especially in the past 20 years.
But, despite empirical refutation, the ideological attractiveness of monetarism, supported by
the supposed authority of “rational” expectations,
proved overwhelming. As a result, the purely inflation-oriented approach to monetary policy gained
forum 62
Heightened racism must be stopped
W
e have recently witnessed two
teraction. A racialist is therefore someone who is
conscious about race, and is accepting of it as an
peaceful rallies — Bersih 4 (Aug 29unproblematic notion. This does not make him a
30) and Red Shirts (Sept 16).
racist, but is a condition for it.
I supported Bersih 4 because of
its five clear objectives: clean and
A “racist” in turn is someone who feels or shows
fair elections, clean government,
disdain for others based on their racial affiliation.
the right to dissent, strengthening parliamentary
This may be by virtue of prescribed traits and prejdemocracy and saving the economy, which is part
udiced observations. Whatever the case, he or she
of the struggle in building a better future.
sees racial divisions as moral ones. He need not
The Red Shirts have the right to rally too. But I
think that his own race is most superior but he
did not support it because they did not have a clear
does tend to judge people by race. Thus, a racist
objective. The only objective was that it was to be
individual is always a racialist.
a counter-rally to Bersih 4.
But racist remarks and actions were clearly
When you compare the arguments of those who
seen before, during and after the Red Shirts rally.
supported Bersih 4 versus those who supported
BY
Examples include the burning of the effigies of two
SAIFUDDIN ABDULLAH
the Red Shirts, it is very clear that the first group
Chinese leaders, attacks on Tun Dr Mahathir and
is more substantive. But my real concern is that
the claim that “I’m racist, Islamically” by three
the two rallies have highlighted two elements that
Umno division leaders.
are negative to our narrative of truth and justice.
Umno must make a stand on this, otherwise, peoThe first is double standards. We can see the
ple may construe that the party condones it. This
is very important because of late, there has been a
double standards in how the government and the
police addressed the two rallies.They used recycled,
lot of concern among the people that Umno and the
poor arguments and intimidation against Bersih
government are moving more and more towards
4 but not against the Red Shirts. In fact, they gave
the right on issues and policies that involve race.
the Red Shirts the green light to rally.
The second element, and this is more important, is heightened racism. The pro-Reds Shirts,
including certain segments in Umno and the government, highlighted that Bersih 4 was dominated
by Chinese. It is true that the majority of the participants were Chinese, but they were not dominating. Of the seven individuals from the organisers
who were questioned by the police, the majority
were not Chinese.
The fact is that Bersih 4 was multiracial in its
organisers, participants and supporters while the
Red Shirts rally was an all-Malay affair.An all-Malay
rally does not make it racist, perhaps only racialist.
According to Dr Ooi Kee Beng, deputy director of
the Institute of Southeast Asian Studies, “racialism”
is the promoting of race as an elementary classification of humans in public discourse. This may
expressly inform government policy making or it
may not, but the idea of race — however unclear It is now time to form a ‘coalition of minds’ that go beyond partisan politics in putting
— is accepted as a relevant part of much social in- a stop to the politics of race and develop a new multi-racial political thought
second
sphere
Which brings us to an even more important
question — the subject of The Politics of Race (a book
by Jill Vickers and Annette Isaac). It is about how
state-sanctioned race discrimination occurs, and
how governments use laws, policies and state institutions to make, administer and remake race to
win elections and stay in power.
Because the politics of race is so embedded and
ingrained, most people do not see it happening. If
they do see it, they may not think it is wrong. Some
are willing to accept it while some actually like it
because it serves their interests.
Governments also institutionalise discourses
that support the politics of race, hence the political science term “democratic racism”. It means a
race regime that includes a racialist ideology as
well as norms and practices that permit and sustain peoples’ ability to maintain two apparently
conflicting sets of values.
But we should evaluate the politics of race, for
example, by asking the following:
1. How systematic racism and race conflict originate in government.
2. How, through complex combinations of laws,
policies and practices, other races have been
governed through a race regime.
3. How other races are demanding inclusion, racial
justice and fair share.
4. How the government responds to such demands.
5. How the people are reclaiming their fair share.
It is now time to form a “coalition of minds”
that go beyond partisan politics in putting a stop
to the politics of race and develop a new multi-racial political thought.
For a long time, our country has been governed
by the politics of “consociationalism” — which emphasises the bargaining power between races. It is
now time to move towards “centripetalism”, which
is genuine multi-racial collaboration towards a more
sustained system of parliamentary democracy. E
Datuk Saifuddin Abdullah is CEO of Global
Movement of Moderates and former deputy
minister of higher education. He is active on
twitter: @saifuddinabd.
Growing out of inequality
I
ncome inequality has been increasing in most
major economies — and in many of them, it has
been increasing significantly. This is a cause for
growing concern, and rightly so: Inequality can
not only undermine an economy’s long-term
growth prospects but also restrain growth in
the short term by depressing aggregate demand.
The typical approach to tackling inequality —
redistributive tax-and-transfer fiscal policies — can
be controversial and divisive, owing to perceived
trade-offs between economic growth and greater
equality. The result is usually heated debate and
passionate rhetoric, but little concrete action. Politicians are especially prone to this dynamic — as
evidenced by much of the conversation about inequality in the ongoing presidential election campaign in the US.
There is a better way, one that is less controversial
and politically more amenable to action: putting in
place reforms that promote strong, inclusive growth
that by its nature reduces inequality.This approach
focuses on reducing inequalities of opportunity and
broadening the base of participants in the growth
process, thereby ensuring that more people benefit
from it. Politicians who champion this approach may
find it easier to build winning coalitions to enact it.
The range of policies that can stimulate inclusive growth is broad. It includes improving access
to markets, levelling the playing field for large and
small firms, investing in human capital and promoting job creation. Regulatory and institutional
reforms that strengthen the rule of law and promote open, competitive and fair business environ-
my
Say
BY ZIA QURESHI
ments are one example. This agenda also features
the development of infrastructure that expands
economic opportunities and policies that make it
easier to access finance.
Education is a key area to consider when promoting inclusive growth. Improving the availability and
quality of education expands the talent pool in the
labour force and upgrades and broadens its skills
base. Early childhood development programmes,
for example, have been demonstrated to provide
lifelong educational benefits and the foundation
for success in the workplace.
Moreover, it is important to remove barriers in
the labour market. Greater flexibility is crucial to
providing opportunities for an educated workforce
to find well-paying jobs — especially when efforts to
do so are complemented by macroeconomic policies
that boost demand for labour.The removal of barriers
to women’s participation in economic activity is another important lever for sparking inclusive growth.
The effectiveness and appropriateness of reforms
that promote inclusive growth will differ from place
to place. But few countries lack significant opportunities to strengthen several policies in this area.
To be sure, redistributive fiscal policies often
will remain necessary. But it is important that they
be designed in a way that causes as little economic
harm as possible. Well-designed tax-and-transfer
policies may not be inimical to growth — or at least
can minimise the efficiency cost of redistribution.
On the tax side, examples include expanding the
base of the personal income tax, ensuring that the
rate structure is progressive, removing excessive
and regressive exemptions, and improving property
taxation. On the transfer side, they include retooling
social safety nets to encourage acquisition of new
skills and capabilities (conditional cash transfers
are one possibility) and retooling social-insurance
programmes to eliminate adverse incentives and
bolster their breadth and sustainability.
This agenda is all the more important because
rising inequality can produce a backlash against globalisation and technological change, both of which
are major drivers of economic growth. Rather than
attempting to restrain them, policies must address
their more disruptive effects in a careful and imaginative way, through education and retraining programmes, more flexible labour markets that allow
workers to adjust to changes in the economic environment, and well-designed safety nets to support
them through the process. International cooperation
will be key to managing some aspects of globalisation, especially regarding taxes on mobile capital.
At a time when the world is concerned with both
slowing economic growth and rising inequality,
policies that can be simultaneously pro-growth and
pro-equality merit close consideration. It is time
to stop trying to re-slice the pie and start ensuring
that it gets bigger in a more inclusive way, so that
there is more to go around and more people get a
E
slice. — Project Syndicate
Zia Qureshi, a non-resident senior fellow at the
Brookings Institution, is director of strategy
and operations in the office of the senior vicepresident and chief economist of the World Bank
forum 63
Winning with culture
B
y the time the mountain had stopped
shaking, 167 climbers were stranded on
Mount Kinabalu. It was 7.16am on Friday the 5th of June 2015, and a powerful
earthquake measuring 6.0 on the Richter
scale had just struck Sabah. Pathways
were destroyed by falling rocks and trails blocked
off. As a local guide observed: “All the paths vanished”. Conditions were hardest for a group of
climbers stranded at near-freezing temperatures
at the peak. They waited all day for a helicopter
rescue. Amidst the confusion and panic, it was
the local Kadazan-Dusun guides who emerged
as heroes. Over 90 guides volunteered to save the
stranded and carry the injured to safety. Five of
them perished on the mountain that fateful day.
But so strong is their belief in client servitude and
being safety-focused that these guides regularly
place the safety of the climbers in their charge
ahead of their own.
What made the mountain guides behave this
way, when it wasn’t written down in any manual
or articulated in any job description? The answer
can be found in the mountain culture of this tightknit community, created by informal leaders and
informal codes of conduct that have directly nurtured this relentless safety and service focus. In
established mountain guide communities such
as in North America and Europe, local mountain
guide associations reinforce this mountain culture through apprenticeship, codes of ethics and
accreditation systems. In Asia, businesses such
as Singapore Airlines and the Taj Group of Hotels
have established reputations for service excellence
because they work with their cultures to build
high-performance environments.
plicitly stated business objectives. For example,
a telecommunications company adopted a new
customer-centric strategy, and then identified the
few critical behaviour changes required in its call
centres for that new strategy to come to life: taking ownership of the customer’s problem, earning
the customer’s confidence by listening and anticipating future needs.
Typically, addressing a set of three to five key
behaviours is doable. Behaviour changes can then
be assessed, measured and spread. As new behaviours yield results, leaders are able to evolve the
attitudes and beliefs that constitute your culture.
Remember, it’s easier to act your way into a new
way of thinking than the other way around.
Finally, to embed these behaviours, leadership
teams need to enlist and activate a few special
forces in the form of authentic but informal leaders or “Pride Builders”. Pride Builders are employees who instinctively know how to connect what
makes individuals feel good with their day-to-day
activities, which then helps instil pride in the work
they do. Pride Builders can play a substantial role
in mobilising the kind of emotional commitments
that make behaviour change happen.
Don’t blame your culture, embrace it
Culture is the self-sustaining patterns of behaving,
feeling, thinking, and believing that determine
“how we do things around here”. From the work
we’ve done with local companies, we’ve come to
realise that often, senior leaders will blame their
company culture for business problems — a problem
that is not unique to Malaysia, but also happens in
many developing countries. For example, a senior
executive in a private company told us that “their
personality-driven culture limited development
of a leadership pipeline in their organisation”. Another senior executive highlighted an “overly consultative culture and over-reliance on committees
as an impediment to decision making speed and a
scalable organisation that can compete globally”.
But instead of blaming culture, what if senior
executives used their existing corporate cultures
to reinforce the behaviours that create high-performance organisations?
Trust
in
resilience
BY
SHONA ESPECKERMAN
Win with culture
Work with your culture
to build a resilient organisation
Real value can be created when culture is put
right at the top of a business’ strategic priorities.
As an example, a major global technology firm
achieved a 20% increase in employee engagement
levels and US$ 100 million per year in cost savings
through a culture-led transformation programme.
Instead of creating a new culture initiative, the
firm’s leaders focused on accelerating and energising current initiatives. They encouraged the
critical behaviours that were part of the company's culture back when it was founded in the 1930s
— teamwork, high achievement and loyalty. The
leadership team made it a point to reinforce these
critical behaviours and enlisted the support of
frontline leaders to spread the behaviours virally.
These behaviours were simultaneously reinforced
when they were embedded into formal processes
such as performance management. The company adopted a holistic approach to organisational
change by finding ways to work with and within
their organisation’s culture.
Leveraging culture requires doing three things
coherently. First, by working with and within the
current culture, leadership teams can tap on the
emotional energy of their people. Organisational
cultures are never all bad. There are good elements
that companies can capitalise on to counterbalance
By working with your culture, you can initiate, accelerate and
sustain truly beneficial change — and increase the resilience
of your organisation
In a 2013 survey on culture and change management
by the Katzenbach Center (PwC’s Strategy&’s global
think tank for leadership, culture and motivation)
Malaysia’s senior executives cited leadership capacity, organisational capabilities and a scalable
operating model as key challenges they face in realising growth ambitions. Achieving strategic goals
and accelerating performance often requires that
employees at multiple levels of the organisation
change certain critical behaviours. To achieve this,
while knowing that culture itself isn’t something
easily changed, work with your culture to build
new behaviours. Focusing on the critical few behaviours will align your culture more effectively
than forcing a major and potentially disruptive
culture change effort.
By working with your culture, you can initiate,
accelerate and sustain truly beneficial change —
and increase the resilience of your organisation.
In fact, its benefits stretch far beyond employee
motivation. Organisations that are best able to leverage their culture will increase the resilience of
their organisation to respond to changes in their
market, operating model and resource constraints
E
— and will likely emerge as winners.
and neutralise the more negative aspects of it.
A complete overhaul of corporate culture is
unnecessary! Don’t try to change your company
culture to be that of Apple or Google. Instead, capitalise on what motivates your employees — the
emotional commitments that they must bring
to the organisation and their jobs in order to do
well and to exceed expectations. By bringing emotional commitments to the forefront, leaders can
accelerate the behaviour changes required to elevate business performance. For instance, Asian
companies often raise a sense of community and
a familial environment as a source of motivation,
valuable traits you wouldn’t want to erase.
Second, focus on keystone behaviours — behaviours that others can envy and emulate — as a way
to evolve organisational culture in the right way
and drive business impact. These critical behaviours must flow directly from strategic and op- Shona Especkerman is a senior manager in the
erating priorities. Leaders have to identify those People & Organisation practice of Strategy&,
few critical behaviours essential to achieving ex- which is part of PwC South East Asia Consulting
forum 64
China in the debt-deflation trap
I
n the wake of a global stock market selloff triggered by economic turmoil in China, the US
Federal Reserve has just decided to postpone
raising interest rates. Indeed, China is facing
the huge challenge of dealing with the risk of
a global debt-deflation trap.
In 1933, Irving Fisher was the first to identify
the dangers of over-indebtedness and deflation,
demonstrating their contribution to the Great Depression in the US. Forty years later, Charles Kindleberger applied the theory in a global context,
emphasising the problems that arise in a world
lacking coordinated and consistent monetary, fiscal, and regulatory policies, as well as an international lender of last resort. In 2011, Richard Koo
used Japan’s experience to highlight the risks of
a prolonged balance-sheet recession, when overstretched debtors deleverage in order to rebuild
their balance sheets.
The debt-deflation cycle begins with an imbalance or displacement, which fuels excessive exuberance, over-borrowing and speculative trading,
and ends in bust, with procyclical liquidation of
excess capacity and debt causing price deflation,
unemployment, and economic stagnation. The
result can be a deep depression.
In 2000, the imbalance was America’s large current-account deficit: the world’s largest economy
was borrowing heavily on international capital
markets, rather than lending, as one might expect.
According to then-Fed Chairman Ben Bernanke,
the problem was that countries running large surpluses were buying so many US Treasuries that
they were negating the Fed’s monetary policy efforts. But, as Claudio Borio, Hyun Shin, and others
have pointed out, excessive off-balance-sheet and
offshore lending by US and European banks also
added procyclical pressure.
As a result, risk-taking and leverage grew, facilitated by inadequate regulation, culminating
in the global financial crisis of 2008. To prevent
asset bubbles from collapsing and buy time for
more sustainable policy fixes, advanced-country
central banks implemented massive monetary easing and cut interest rates to zero. Unfortunately,
policymakers in most countries wasted the time
they were given; moreover, so-called quantitative
easing had far-reaching spillover effects.
Within China, a second displacement occurred:
the government implemented a RMB4 trillion
stimulus package in November 2008 to offset weak
demand in its major export markets. While the
Chinese authorities had the right idea, two of the
policy’s outcomes have complicated the reform
prcoess today.
First, instead of reducing excess capacity and encouraging a structural shift to higher-productivity
activities, the authorities’ investment-led strategy
BY ANDREW SHENG
AND XIAO GENG
Ultimately, escaping the debt-deflation trap will require China to rejuvenate total factor productivity
— an effort that the private sector is better equipped to lead
increased manufacturing capacity further,along with
excess capacity in global commodity production.
Second, the stimulus was funded by a debt binge,
especially among state-owned enterprises (SOEs)
and local governments. The private sector, too, built
up debt, with its limited access to equity capital
driving firms to the shadow banking sector. The
result is a debt overhang of 282% of GDP.
In short, China now faces the same debt-deflation challenge that much of the rest of the world
must address. The question, of course, is how. Some
argue that the answer is more of the same: continued monetary easing and additional fiscal stimulus.
Accumulating more debt (at lower interest rates)
can indeed buy time for economic restructuring.
But it will merely make matters worse if politicians
do not use the time to implement effective reforms.
There is no politically painless way out of the debt
trap. Indeed, the first step in that process is to face
up to losses, both in accounting and in real terms.
In the short run, even efforts to spur technological
progress and innovation, which might generate
recovery through new profits, are likely to have a
negative overall impact on employment, owing to
the creative destruction of obsolete industries. Recognising this, some argue that the way to force reform is to allow interest rates to reflect credit risks.
For China, whose net international investment
position at the end of last year was a surplus of
US$1.8 trillion , or 17% of GDP, it will be possible to
implement internal debt restructuring through
debt/equity swaps at the project level. Far-reaching governance and structural reforms in the state
and private sectors should follow.
According to the Chinese Academy of Social Scienc-
es, the central and local governments’ net assets
amounted to RMB93 trillion, or 164% of GDP, at the
end of 2013. Because SOEs and local governments
accounted for more than half of the credit issued
through the banking system, proper debt restructuring of state-owned assets would strengthen the
projects they were funding, by allowing private or
professional management teams to improve overall returns.
Such reforms are crucial, because, ultimately, escaping the debt-deflation trap will require China to
rejuvenate total factor productivity — an effort that
the private sector is better equipped to lead. As the
Scandinavian experience has shown, state ownership need not be an obstacle to productivity growth,
provided that public assets are professionally and
transparently managed, for example, by placing
them in the portfolios of pension funds.
The advanced countries have fallen into the
debt-deflation trap because they were unwilling to
accept the political pain of real-sector restructuring,
relying instead on financial engineering and loose
monetary and fiscal policies. Here, China’s one-party system provides a clear advantage: the country’s
leaders can take politically painful decisions without
worrying about the next election. One hopes that
E
they do. — Project Syndicate
Andrew Sheng is Distinguished Fellow of the
Asia Global Institute at the University of Hong
Kong and a member of the UNEP Advisory
Council on Sustainable Finance. Xiao Geng,
director of the IFF Institute, is a professor at the
University of Hong Kong and a Fellow of the Asia
Global Institute at HKU.
The Fed may no longer believe in ‘natural’ unemployment rate
F R O M PAG E 6 1
total dominance in both central banking
and academic economics.
That brings us back to recent financial
events. The inflation-targeting models used
by the Fed (and other central banks and
official institutions like the International
Monetary Fund) all assume the existence of
some predetermined limit to non-inflationary unemployment. The Fed’s latest model
estimates this NAIRU to be 4.9% to 5.2%.
And that is why so many economists and
market participants were shocked by Yellen’s apparent complacency. With US unemployment now at 5.1%, standard monetary
theory dictates that interest rates must be
raised urgently. Otherwise, either a disastrous inflationary blowout will inevitably
follow, or the body of economic theory that
has dominated a generation of policy and
academic thinking since Friedman’s paper
on “rational” expectations and “natural”
unemployment will turn out to be completely wrong.
What, then, should we conclude from the
Fed’s decision not to raise interest rates?
One possible conclusion is banal. Because
the NAIRU is a purely theoretical construct,
the Fed’s economists can simply change
their estimates of this magic number. In
fact, the Fed has already cut its NAIRU estimate three times in the past two years.
But there may be a deeper reason for the
Fed’s forbearance. To judge by Yellen’s recent
speeches, the Fed may no longer believe in
any version of the “natural” unemployment
rate. Friedman’s assumptions of ever-accelerating inflation and irrationally “rational”
expectations that lead to single-minded
targeting of price stability remain embedded in official economic models like some
biblical creation myth. But the Fed, along
with almost all other central banks, appears
to have lost faith in that story.
Instead, central bankers now seem to be
implicitly (and perhaps even unconsciously)
returning to pre-monetarist views: Tradeoffs between inflation and unemployment
are real and can last for many years. Monetary policy should gradually recalibrate
the balance between these two economic
indicators as the business cycle proceeds.
When inflation is low, the top priority should
be to reduce unemployment to the lowest possible level; and there is no compelling reason for monetary policy to restrain
job creation or gross domestic production
growth until excessive inflation becomes
an imminent danger.
This does not imply permanent near-zero
US interest rates. The Fed will almost certainly start raising rates in December, but
monetary tightening will be much slower
than in previous economic cycles, and it will
be motivated by concerns about financial
stability, not inflation. As a result, fears —
bordering on panic in some emerging markets — about the impact of Fed tightening
on global economic conditions will probably
prove unjustified.
The bad news is that the vast majority
of market analysts, still clinging to the old
monetarist framework, will accuse the Fed
of “falling behind the curve” by letting US
unemployment decline too far and failing
to anticipate the threat of rising inflation.
The Fed should simply ignore such atavistic protests, as it rightly did last week.
E
— Project Syndicate
Anatole Kaletsky is chief economist and
co-chairman of Gavekal Dragonomics and
the author of Capitalism 4.0: The Birth of a
New Economy
65
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A run good for the soul
Running to heal — that is what The Edge
Kuala Lumpur Rat Race 2015 is all about.
Be it for health, kinship or the soul,
Corporate Malaysia is being rallied to put
aside its concerns over the economy and
to do good for people with very little in
their lives.
Loosely based on the Carey Wall Street
Rat Race in New York, The Edge Kuala
Lumpur Rat Race 2015 will take place on
Tuesday, Oct 27.
Trinity strives for work-life balance
Half of the proceeds will be used to
fund English and financial literacy
programmes managed by The Edge
Education Foundation, while the balance
will be evenly distributed to selected
beneficiaries for educational and training
programmes.
The 16th edition of the Rat Race last year
saw RM1.844 million channelled to 12
beneficiaries.
So, it is time for corporate figures to don
their running shoes to raise funds for the
less fortunate.
For Trinity Group Bhd, this year’s race is a step towards attaining work-life balance and achieving non-work-related
success by its staff.
Taking part in his first Rat Race in the CEO category, Datuk
Andy Khoo Poh Chye is looking to reinforce the importance
of having “body, mind and spirit balance” for a happy and
healthy life.
“As I should lead by example, I will take this opportunity
to instil that thought in my colleagues. And for me, it is a good
start to stay fit!”
He believes that a good corporate social responsibility programme should tap into a company’s competency when developing initiatives that benefit society, should be focused with
clear objectives and be sustainable in the long run.
The group participated in a flood relief campaign in the
East Coast earlier this year through the Trinity Flood Relief
Effort programme. It converted its sales gallery into a temporary donation collection centre and assisted the transport of
goods to a nearby airbase for delivery.
“Knowing that we are running for a charitable cause is a
good motivator in itself, as each step I take along the route will
help secure a student’s future through The Edge Education
Foundation,” says Khoo.
Running together for the first time, Trinity’s five-member
team is training hard near their office in Bukit Jalil in preparation for the event.
The heat is on for Ireka
Vistage Malaysia makes its debut
It is a year of firsts for Vistage Malaysia at the The Edge Kuala
Lumpur Rat Race 2015 — it is making its debut in the race as
well as stepping up as a sponsor.
Vistage Malaysia supports diverse charitable activities,
such as Stop Hunger Now and Five Arts Centre’s youth programmes, and community projects. It has also conducted a
personal coaching programme for retrenched workers who
aspire to be entrepreneurs.
The company will send two teams to compete in the mixed
category, and its chairman and chief listener Richard Wong
and executive director Sherine Cheng will take part in the
CEO Race.
Although this will be their first race, Wong and Cheng do
not feel the pressure to win and are looking forward to the
event. They want to inspire more CEOs and companies to don
their running shoes for charity.
“It is also our way to be role models — to influence our
CEOs and key staff to support a worthy cause,” they say. “We
are walking the talk.”
They say their participation in the race reflects the top
management’s support for charitable work and promotion
of healthy living. “Fit and healthy people are naturally more
productive and they make better colleagues.”
Running in the race is a good way of involving sponsors
and donors on top of doling out cash, they add.
Vistage’s runners are preparing for the race by jogging and
running around a lake twice a week after work.
Ireka Corp Bhd CEO Monica Lai Voon Huey says the heat is on
at Rat Race this year as she seeks to repeat her achievement
in last year’s CEO Race, where she came in second.
She believes that taking part in the CEO Race is a chance to
“lead by example”. She adds that the event is a good idea that
combines charity and sport.
Ireka is no stranger to corporate responsibility programmes,
with IREKA CARES entering its fifth year. Each year, the programme selects and adopts a children’s home under one of its
five pillars — community, arts, recreation, environment and
sports (CARES). The company’s employees then run a series of
educational and learning programmes at the home throughout the year.
“We also make use of our property, IT and construction skills
to improve the living environment of the children, doing minor
upgrades and renovations at the home, as well as providing IT
support. To date, we have worked with three homes, namely
Lighthouse Bangsar, Rumah Hope and Rumah Kanak-Kanak
Angels,” Lai says.
Ireka is fielding a team of five runners in the mixed category. “This is the perfect way to exercise and raise funds for
worthwhile causes. I like the idea of running for a reason,”
says team leader Mohd Fakhzan.
67
The Edge Kuala Lumpur Rat Race 2015
collection (as at Sept 21, 2015)
COMPANY NAME
Microlink Solutions fields new runners
Taking part in the mixed category is Microlink
Solutions Bhd CEO Chia Yong Wei, who says there
is always some pressure when representing a
company or group of people. “You don’t want to
let them down. But the pressure is good, it motivates me to perform.”
Fellow participant, Hew Wen Li says training for
the race gives her a sense of achievement, even in the
hardest of times. “I go to the gym four to five times
a week to increase my stamina in preparation for
Aberdeen: Only dream teams need apply
Aberdeen Asset Management Sdn Bhd has decided
that after seven years of taking part in the Rat Race,
it is time to up the ante.
After coming in last in the past seven years, CEO
Gerald Ambrose is determined to change the results
next month. “I have put up a poster above my PC that
says: ‘Failure is not an option. Win or die’,” he says.
He adds that Aberdeen is no stranger to charitable work, having cooked lunch for women, children
and orphans living with HIV/AIDS at charitable
foundation and halfway house Rumah Solehah.
But he adds, self-deprecatingly. “I’m not sure if
they want us to do it again!”
This year, Aberdeen’s team — comprising Jer-
the race. Joining the race allows me to experience
participation, and most importantly, it keeps me
healthy,” she says.
She would like to see more youngsters become
aware about charitable causes in the country.
Associate analyst Lee Kar Sheng says he is excited
about getting to know his colleagues better beyond
the office and work space, and hopes to build memories with them.
“Beyond the race and the prizes, I also wish to see
people getting involved in charitable work,” he says.
emy Michael Greenhall, Ngam Wai Shin, Tai Li
Yian, Evan Cheah Khiang Hin and Nadjlaa Zubri
— is taking its preparation to a whole new level
by not only going for group training sessions, but
also undergoing intensive psychological sessions
to raise their confidence.
The team has been rigorously following Lance
Armstrong’s macrobiotic diet before the race in
the past three years. “In addition, all Aberdeen staff
have to be able to run a mile in four minutes, spar
with Manny Pacquiao and climb Petronas Tower One
before they are shortlisted,” quips a team member.
“The Rat Race ensures that we remain superb
physical specimens,” he adds.
ThunderCats go.
Aberdeen Asset Management Sdn Bhd
Affin Hwang Asset Management Bhd
Amundi Malaysia Sdn Bhd
Astro Malaysia Holdings Bhd
Axis REIT Managers Bhd
BCG Sdn Bhd
BHIC Aeroservices Sdn Bhd
CIMB Investment Bank Bhd
Citibank Bhd
Credit Suisse Securities (Malaysia) Sdn Bhd
Deloitte
DKSH Malaysia Sdn Bhd
Eco World Development Group Bhd *
EY Malaysia
Feruni Ceramiche Sdn Bhd **
Fraser & Neave (Malaya) Sdn Bhd
Gamuda
Genting Malaysia Bhd
Glomac Bhd
Hartalega Sdn Bhd
IOI Group
Ireka Corporation Bhd
K&N Kenanga Holdings Bhd
Khazanah Nasional Bhd
KNM Group Bhd
KPMG
Land & General Bhd ****
Matrix Concepts Holdings Bhd **
Maxis Bhd
Maybank
Merchantrade Asia Sdn Bhd
Microlink Solutions Bhd
MKH Bhd
MyTeksi Sdn Bhd
Naza TTDI Sdn Bhd
Nestlé Products Sdn Bhd
PricewaterhouseCoopers (PWC) Malaysia
REDHA Youth
RHB Banking Group
S P Setia Bhd
Tanjong Management Services Sdn Bhd
The Edge Media Group
Top Glove Corporation Bhd
Trinity Group Sdn Bhd
Tropicana Corporation Bhd
UDA Holdings Bhd
Vistage Malaysia Sdn Bhd ***
WCT Holdings Bhd
Total
AMOUNT (RM)
TOTAL TEAMS
18,000.00
66,000.00
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
32,000.00
18,000.00
18,000.00
18,000.00
18,000.00
66,000.00
18,000.00
44,000.00
32,000.00
32,000.00
18,000.00
18,000.00
18,000.00
32,000.00
18,000.00
18,000.00
18,000.00
32,000.00
18,000.00
18,000.00
44,000.00
18,000.00
54,000.00
32,000.00
18,000.00
18,000.00
18,000.00
32,000.00
18,000.00
18,000.00
18,000.00
44,000.00
32,000.00
18,000.00
44,000.00
18,000.00
18,000.00
18,000.00
18,000.00
32,000.00
18,000.00
1,226,000.00
1
6
1
6
1
1
1
2
1
1
1
1
6
1
3
2
2
1
1
1
2
1
1
1
2
1
1
3
1
4
2
1
1
1
2
1
1
1
3
2
1
3
1
1
1
1
2
1
83
* Part of ‘Powered by’
** Part of Gold Sponsorship Package
*** Part of Silver Sponsorship Package
**** Part of Bronze Sponsorship Package
PRIME LAND
–––– FOR SALE ––––
Location
: Kamunting Town
(Opposite Public Bank)
Tenure
: Freehold
Land size
: 14 Acres
Zoning
: Residential / Commercial
Asking price : RM45 psf
A new way of experiencing KL for MKH
runners
MKH Bhd will be fielding a mix of experienced and
fresh runners this year.
Last year’s race allowed runners to “experience”
Kuala Lumpur in a new way, according to deputy
director Datuk Kenneth Chen, who has been doing
cardio exercises to prepare for the event.
Manager Clement Keng,who took part in last year’s
run, remembers that he had to endure the heat and
humidity in the city centre, as well as a downpour.
Chen and Keng say the company is doing its
part in promoting a caring society and helping
the underprivileged. Keng sees the race as a great
event to meet new people while participating in a
healthy activity.
Exclusive Marketing Agent
TD Aziz Sdn Bhd
th
16 Floor, Akademi Etiqa,
No. 23, Jalan Melaka, 50100 Kuala Lumpur
Call Kumar 010-790 8892 / 03-2692 1299
corporate
68
special report by
New media: Shaking things up
RAM looks at how Malaysia’s media landscape is being transformed by the internet
EXECUTIVE SUMMARY
The media landscape is constantly evolving,
stimulated by rapid technological advancement. In tandem with this, consumer habits
have been changing swiftly through the last
decade. However, given that Malaysia is a laggard in terms of transitioning to the digital
realm vis-à-vis its Western counterparts, the
acceleration towards new media platforms
has been more measured. As a result, traditional media platforms (TV, newspapers and
radio) — which account for close to 95% of the
overall advertising expenditure (adex) market
— dominate the advertising scene, and have
remained cornerstones for most advertisers.
Nevertheless, the rising popularity of new media has compelled advertisers to hedge their
adex through various new platforms.
In 2014, local media titans faced a tough year
as consumer sentiment was weighed down by
several air tragedies involving Malaysian carriers and the floods on the east coast of Peninsular Malaysia. Based on RAM’s estimates, the
industry’s real adex for print, free-to-air (FTA)
and pay TV shrank around 6% in 2014, differing
from AGB Nielsen Media Research’s numbers
(which showed a growth of around 5%). We believe that Nielsen’s statistics may not mirror
the actual industry health as the published
numbers are based on gross official advertising
rates. These exclude heavy discounts offered
to advertisers, which can be as high as 90% of
the non-discounted rates.
The existing players have recently begun
expanding their footprints in the realm of new
media. All three media companies in RAM’s
rated universe (Star Media Group Bhd (STAR),
Media Prima Bhd, Media Chinese International
Limited (MCIL) are highly rated entities with
long-term ratings of AA1/Stable. However,with
the present shift in the industry, the players’
ability to adapt their business strategies to
the changing operating landscape will feature prominently in our rating assessment.
We caution that further deterioration in their
operational performances and cash flow will
put pressure on their ratings. The ratings will
also come under pressure if new media platforms rapidly gain relevance at the expense of
the traditional ones.
Internet revolution in global advertising
In the last decade, we have witnessed a transformation of the dissemination of news/content throughout the world.This evolution was
triggered by the rise of the internet, which
has dramatically affected traditional media
platforms such as newspapers and TV. These
platforms, particularly in Western countries,
have been forced to revolutionise their business models to incorporate the digital shift,
or face potential demise. Netflix, the largest
on-demand internet streaming platform,
predicts the demise of pay-TV in the next
two decades.
On the flip side, AT&T’s recent US$48.5 billion acquisition of DirecTV to form the world’s
largest pay-TV provider shows that pay-TV is
ready for a battle against encroaching competitors. As news/information is now freely
available online, some newspaper publishers
in Western countries have had to file for bankruptcy, shut down permanently or move on to
strictly online publications. The importance
of the internet to advertisers is acknowledged
by PricewaterhouseCoopers (PwC) in a recent
study, in which it projects that global internet advertising revenue will soar to US$239.87
billion by 2019, from US$135.42 billion in 2014
(compound annual growth rate [CAGR] of
12.1%); it is envisaged to overtake TV by 2019
as the largest advertising category.
way. Digital Terrestrial Television Broadcasting
(DTTB) has reportedly pumped RM1 billion to
RM1.5 billion into the infrastructure required
for digitalisation, and is keen to recoup its investment. This is evident from its high prices
for channels — which serve as a significant
entry barrier. Furthermore, regulatory hurdles
(stringent guidelines on content/advertising,
for example) weigh on potential new players.
Digitalisation will expand bandwidth capacity, thus adding more channels; this has fragmented the market shares of traditional FTA
TV heavyweights in some countries such as
Thailand. That said, no new FTA TV channel/
entrant has been announced, leaving an uncertain outlook for the FTA TV sector. Questions
also remain on the practicality of digitalisation for viewers (assuming most Malaysian
households already own Astro decoders and
Hypp TV Internet protocol television (IPTV)
boxes), whether they would be willing to own/
purchase another set-up box.
Astro’s Njoi racking up viewership
In the last five years,Astro Malaysia Holdings Bhd’s
overall viewership has been trending upwards,in
tandem with its increased household penetration rate. Njoi, the pay-TV monopoly’s subscription-free service,has been offering an increasing
TV1 and TV2
number of free channels, hence translating into
TV3
direct competition for the traditional FTA TV
8TV
players (Njoi also offers all the FTA TV channels).
46%
48%
TV9
Njoi has been enjoying robust take–up,especially
ntv7
in the rural areas, surging 108% y-o-y to around
Astro
920,000 households as at end-January 2015. As5%
4%
tro’s own mass-market channels,Prima and Ria,
8%
8%
compete directly against FTA TV’s mainstay, TV3.
6%
5%
As a result, TV3 — the most watched channel in
Malaysia — has been significantly affected as its
24%
23%
viewership share gravitates; its top line has remained relatively flat in the last five years,and has
11%
11%
even shrunk at a negative CAGR of 0.3%. On the
other hand, we expect Njoi to sustain its strong
2013
2014
growth in fiscal 2016, further wresting viewers
younger generation is focused on cyberspace. from the existing FTA TV players — mainly due
The digital age has precipitated the importance to the lack of competitors that offer similar deals
of digital media as a popular, affordable adver- on the FTA platform.
tising platform that reaches out to the young.
Internet-TV services (iflix, YouTube), online PAY TV
news portals, and audio-surfing sites (iTunes, Pay-TV to continue charting healthy gains
Spotify, Tidal) have spearheaded the gradual Given that the pay-TV market in Malaysia is virswitch from traditional platforms. Moving tually monopolistic,Astro’s fundamentals remain
forward, we believe that changing consumer firm on the back of its 4.5 million subscribers and
preferences will drive a fundamental shift in 65% household penetration rate. In fact, the Mathe adex market — similar to what has hap- laysian market is still underpenetrated compared
pened in the West.
with developed markets,with plenty of room for
expansion.Given increasing household incomes,
Internet’s increasing share of adex
urbanisation and rising demand for video-on-deThe earlier practice of putting advertising mand (VOD) and high-definition (HD) services,we
dollars in traditional mass media platforms expect the pay-TV segment to continue charting
has evolved. The importance of new media is gains.Astro is expected to maintain its dominance
highlighted by the Nielsen numbers for 2014; in the medium term, as it would not be easy for
the internet attracted a larger share of the another player to emulate its scale economies.
market’s non-discounted adex (around 4% of The pay-TV giant’s aim to bring the household
total adex) than radio. However, independent penetration rate to as high as 85% over the next
advertising agencies argue that Nielsen num- three to five years,with an eye on the rural marbers are understated and claim that internet ket, further supports our view.
adex is substantially higher, at around 10% to
15%. New media platforms offer advertisers Recent pay-TV debutantes
more granular demographics, with a variety up against a brick wall
of options for them to expend their advertising Astro’s first-mover advantage has allowed it to
budgets. Based on the effects of new media on build a near-unassailable subscription base of
other regional and global markets, it will be a 4.5 million, underscored by its position as the
sub-segment with burgeoning growth. Moving only accessible form of pay-TV for almost two
forward, we anticipate advertisers to plough decades. The lack of formidable alternatives,
increasingly more ad-dollars into new media. as highlighted by the failure of MiTV and Fine
TV (both launched in 2005 and shut down not
FTA TV
long after), has helped drive its growth. The
Digitalisation proving expensive
other pay-TV players at present — Telekom MaAfter much delay, the long-awaited switch to laysia Bhd’s Hypp TV and Asian Broadcasting
digital TV (from analogue) has been scheduled Network Sdn Bhd (ABN) — also offer attractive
for 2016, with the trial period already under bundled packages. Hypp TV, given its strong
SOURCE: NIELSEN AUDIENCE MEASUREMENT (TOTAL 4+)
Average Viewership Share
37%
5%
8%
6%
28%
40%
5%
8%
6%
42%
5%
8%
6%
28%
26%
16%
13%
12%
2010
2011
2012
Malaysian media scene trails global peers
Given that Malaysia is a laggard in terms of transitioning to the digital realm vis-à-vis its Western
counterparts, the acceleration towards new media has been more measured. Traditional media
platforms which, according to Nielsen, account
for close to 95% of the overall adex market in Malaysia, dominate the advertising scene and have
remained cornerstones for most advertisers.PwC
claims that Malaysia’s internet advertising market has doubled since 2010,valued at US$125 million in 2014. Moving forward, it expects internet
adex to hit US$227 million by 2019,albeit a slower
growth than its regional peers’.
Expanding Internet penetration spurs
ascent of new media
In line with GDP growth and rapid urbanisation,
internet penetration in Malaysia has been increasing at a CAGR of 4.8% for the last five years,
reaching 70.4% as at end-March 2015. The relevance and advancement of new media sources in
the Malaysian market closely mirror the internet
penetration rate, broadband speed and tech savviness of the general population.In the medium
term,as the government maintains initiatives to
further improve internet penetration rates, we
expect new media platforms to continue gaining traction at the expense of traditional ones.
Changing consumer preferences to trigger
fundamental shift in adex market
Given the technological advancements in the
last decade, consumer habits have been evolving and changing rapidly. Consumers now
prefer to view content and listen to music
on demand (or “on the go”). In particular, the
69
Peer Comparison
COMPANY
RATING(S)
FYE
REVENUE
(RM MIL)
OPBDIT
(RM MIL)
PRE-TAX PROFIT
(RM MIL)
TOTAL CASH
(RM MIL)
TOTAL DEBT
(RM MIL)
TOTAL EQUITY
(RM MIL)
OPBDIT
MARGIN (%)
GEARING RATIO
(TIMES)
NET GEARING
(TIMES)
FFODC (TIMES)
Astro
Media Prima
Not rated
AA1/Stable/P1
Jan 2014
Dec 2013
4,790.47
1,722.94
1,933.91
370.62
569.23
289.98
1,105.25
618.39
3,663.50
501.54
617.11
1,676.33
40.37
22.27
6.06
0.30
4.27
(0.07)
0.49
0.61
MCIL
Star
Utusan
AA1/Stable/AA1/Stable/P1
Not rated
Mar 2014
Dec 2013
Dec 2013
1532.04
1,025.33
342.43
243.18
227.87
(12.60)
224.09
192.59
(20.39)
336.17
538.12
32.88
502.56
265.72
197.71
735.58
1,194.20
279.84
16.21
22.22
(3.69)
0.70
0.22
0.71
0.24
(0.23)
0.59
0.43
0.68
0.03
RATING(S)
FYE
REVENUE
(RM MIL)
OPBDIT
(RM MIL)
PRE-TAX PROFIT
(RM MIL)
TOTAL CASH
(RM MIL)
TOTAL DEBT
(RM MIL)
TOTAL EQUITY
(RM MIL)
OPBDIT
MARGIN (%)
GEARING RATIO
(TIMES)
NET GEARING
(TIMES)
FFODC (TIMES)
Astro
Media Prima
Not rated
AA1/Stable/P1
Jan 2015
Dec 2014
5231.44
1,506.98
2082.29
203.30
720.89
101.44
1353.61
564.99
3503.38
453.91
714.22
1,613.20
39.80
14.30
4.91
0.28
3.01
(0.07)
0.58
0.34
MCIL
Star
Utusan
AA1/Stable/AA1/Stable/P1
Not rated
Mar 2015
Dec 2014
Dec 2014
1594.90
1,013.74
291.23
145.22
186.37
70.55)
176.54
153.42
(82.64)
440.85
621.35
64.45
487.20
269.33
215.24
803.15
1,176.33
195.01
9.11
18.38
(24.22)
0.61
0.23
1.10
0.06
(0.30)
0.77
0.42
0.66
(0.10)
COMPANY
parent, has made some headway via its enticing on-demand content services, coupled with
its effective bundling strategy, at times forcing consumers to take up its IPTV box. ABN,
however, faces operational challenges and a
limited content library.
Threat from illegal satellite dishes
and online platforms
In the past few years, a growing threat has
emerged from illegal satellite dishes and illegal
IPTV set-up boxes that are used to view online
content, especially from China and India. These
platforms, priced lower than the offerings of the
existing pay-TV providers, allow access to a slew
of channels, broadcasting live content and even
in HD. Over-the-top (OTT) content providers
such as Netflix,which is not officially available
in Malaysia, can be accessed via a proxy virtual
private network. Newly launched Malaysian
OTT provider, iflix, has rolled out a multitude
of content at an affordable price. With faster
broadband speeds, it is becoming increasingly
easier to stream TV channels over the internet.
Despite the heavy penalties imposed by the
MCMC, this appears to be a rampant practice.
NEWSPAPERS
Newspapers feel squeeze
as circulation shrinks
As in most developed countries, newspaper
sales continue to decline in Malaysia. As readers migrate to online platforms, such as social
media and news portals for news, the relevance
of newspapers is waning, as seen from the drop
in circulation numbers (negative CAGR of 4.1%
over the past three years).To arrest this decline,
publishers must innovate and slash costs to sustain their operations.Most have digitalised their
hard copies with STAR being the most aggressive player in the e-paper segment. To complement its paper, STAR has expanded its product
range by bundling its e-paper with other local
and regional dailies.To shore up revenue, Media
Prima’s The New Straits Times Press (NSTP) has
raised the cover prices of all the newspapers in
its stable by 20 sen to 50 sen per copy. In 2014,
STAR, NSTP and Utusan Malaysia (M) Bhd implemented employee separation schemes to
trim their costs. Other cost-cutting strategies
include reducing printed pages (NSTP and STAR).
Nevertheless, we expect circulation numbers
to continue falling as new media sources proliferate unabated.
RADIO
Fragmented, mature market
The radio industry is becoming increasingly
more fragmented, with listeners split among
the various vernacular stations and “genres”.
For the first time in 25 years, non-discounted
radio adex contracted 1.6% y-o-y in FY2014.
Radio adex growth had previously been supported by increasing listenership, a higher
proportion of urban listeners and a growing
number of radio stations. The decline in radio
adex in 2014 is attributable to keen competition from alternative sources of audio enter-
tainment such as online radios (iTunes) and
online playlists (Apple Music, Spotify, Tidal).
On the other hand, overall listenership — as
surveyed by Nielsen — has been improving. We
understand, however, that the survey does not
take into account some audio-surfing sources
such as online streaming; figures could therefore be understated.
MEDIA PLAYERS TRY GOING DIGITAL
Media boys penetrating digital realm
In line with the rising popularity of new media, the incumbent heavyweights have acknowledged the shift and have been rolling
out their own digital innovations. For example,
STAR launched an in-house video-content platform, Star TV, which is essentially a library of
content amassed from its various media segments. STAR has also introduced video content to its Star mobile application, to expand
its offerings. At the same time, Media Prima
has designed a mobile application, Zon Interaktif Pesona (better known as ZIP). Similar to
Star TV, ZIP houses news, videos and content
collated from all of Media Prima’s media platforms into a single library. MCIL, meanwhile,
seeks to enrich its digital content, social media
and short video segments (www.pocketimes.
my), to better capture readers. It recently established an e-commerce platform.To counter
the proliferation of new media streaming sites
and OTT providers, Astro has launched Astroon-the-go, which houses on-demand content.
All said, however, monetising the media players’ respective digital strategies may remain
challenging and they may not be able to fully
capture the digital migration of their existing
and previous consumers.
RELEVANCE OF TRADITIONAL
MEDIA IN THE MEDIUM TERM
Apart from the absence of non-traditional
advertising (election-related expenditure as
happened in 2013), the somber mood following
the air tragedies in March and July prompted
advertisers to hold back on their adex. The
adex contraction continued through 4Q2014,
which was marred by the crash of AirAsia flight
QZ8501 and the severe floods in the east coast
of Peninsular Malaysia.
Nielsen non-discounted adex numbers not
reflective of actual industry health
According to Nielsen, total adex continued to
increase in 2014, with a y-o-y growth of 7.9%.
Adex for print, FTA and pay-TV — which accounts for over 90% of total adex — is reported
to have expanded 4.9%. We believe these statistics may not mirror the actual health of the
industry. We note that the statistics computed
by Nielsen are based on gross official advertising rates — these exclude heavy discounts
offered to advertisers, which can be as high
as 90% of the non-discounted rates. Given the
poor market sentiment, the discounting factor had also widened, from an average of 76%
in 2013 to 78% in 2014.
Weak pre-GST spending in 1Q2015 sets stage
for another challenging year
We expect 2015 to be difficult for the media sector.
We had previously anticipated an improvement
in adex in 1Q2015,boosted by advertisers’ aggressive promotions in the lead-up to the Goods and
Services Tax (GST) implementation in April.Contrary to expectations,adex had remained subdued
as advertisers stayed cautious; this trend carried
through to the second quarter. We expect another
single-digit contraction in real adex this year.We
expect pressure on adex to only ease in 2H2016,as
consumer sentiment gradually improves.
Traditional platforms must innovate to
stay relevant
To shield itself from the effects of the burgeoning
popularity of new media, traditional platforms
must innovate extensively,closely tracking changing consumer preferences to stay relevant.They
will need to progressively evolve their businesses
to address the threat posed by new media sources.
Investment in content is critical to captivate and
retain audience attention.Within the traditional
sub-segments,competition is expected to remain
stiff as the players battle it out to attract advertisers through enticing, discounted bundled offers
that provide advertisers greater exposure across
the traditional platforms.
Tough times ahead
Cost rationalisation was a common theme for
most media players in 2014, signalling tough
times ahead for the sector. As a whole, the top
five media players recorded an 9.5% y-o-y decline
in operating profit before depreciation, interest
and tax (OPBDIT) to RM2.63 billion,after an average growth of around 8% between 2011 and 2013.
Excluding Astro, however, the sector’s OPBDIT
plunged by over 40% in 2014, despite cheaper
newsprint.While the aforesaid catastrophes last
year and one-off employee termination costs had
had a significant bearing on their numbers, the
major media players were also hit by the shift in
advertisers’ preference to digital platforms.
REVIEW OF 2014 & 2015 OUTLOOK
Astro stands out with strongly
distinctive content
Astro’s business profile is considered the most
resilient among the domestic media players.
Astro’s varied content has enabled it to build a
sizeable base of close to 4.5 million subscribers.
In the last five years, Astro has been charting
steady growth in its subscriber base and average rate per user, with a CAGR of 11% and 4%,
respectively. With subscription revenue accounting for over 80% of its top line, Astro relies
Adex affected by several catastrophes in 2014
In spite of the promising prospects vis-à-vis
the Visit Malaysia Year campaign and adexheavy sporting events (the Fifa World Cup
and the Asian Games), 2014 was a challenging year for media players. Based on RAM’s
estimates, the industry’s real adex for print,
FTA and pay-TV shrank around 6% in 2014.The
print segment suffered the most, in line with
the industry-wide decline in print circulation.
less on advertising revenue than its peers. It
currently commands 98% of the market’s payTV subscribers; this dominance is expected to
continue in the near to medium term.
Media Prima — diversified media base but
still relies on traditional platforms
Media Prima has the most diversified media
base, which enables it to offer multiple advertising platforms (FTA TV, print, radio, and
outdoor) to its clients. That said, we note that
the media sub-segments it operates in are still
primarily traditional platforms, which are increasingly being challenged by digital media.
This, along with weaker consumer sentiment,
had eroded Media Prima’s OPBDIT in FY2014;
excluding a one-off mutual separation scheme,
its OPBDIT declined 23.6% y-o-y.
STAR, MCIL and Utusan largely
confined to print media
While STAR depends much on its flagship
The Star daily, it has managed to carve a niche
in the digital space via its e-paper; e-paper
sales doubled to 80,000 copies in 2014. MCIL,
meanwhile, is formidable in the realm of Chinese newspapers. With four different Chinese
dailies, MCIL commands close to 90% of this
segment’s circulation in Peninsular Malaysia.
Elsewhere, Utusan is viewed as a laggard. Over
the longer term, its growth may be constrained
by its relatively narrow reader base (predominantly non-urban Malay readers).
Rated players have strong balance sheets
and cash flow
STAR (AA1/stable/P1), Media Prima (AA1/stable/P1) and MCIL (AA1/stable) boast strong
balance sheets, with net-cash positions. We
expect them to maintain minimal borrowings in the near to medium term, given their
conservative approach to capex and investment. By contrast, Astro’s (not rated) leverage
is deemed extremely high, with a net gearing
ratio of around three times. Its equity base is
weighed down by a negative capital-reorganisation reserve of RM5.47 billion from a restructuring exercise prior to its IPO in 2012. Notably,
these RAM-rated players’ cash flow debt coverage levels weakened in fiscal 2014, following
their poorer operating performance — albeit
still generally supportive of their respective
ratings. We expect these entities’ funds from
operations debt cover to range between 0.4
times and 0.6 times in fiscal 2015.
Industry-wide structural changes
may pressure ratings
With the present fundamental shift in the
industry, the players’ ability to adapt their
business strategies to the changing operating
landscape will feature prominently in our rating assessment.We caution that further deterioration in their operational performances and
cashflow will exert pressure on their ratings.
The ratings will also come under pressure if
new media platforms rapidly gain relevance
E
at the expense of the traditional ones.
corporate
70
cover story
Auto sector in
a state of flux
S T O R I E S B Y J OS E B A R R O C K
A N D I Z AT U N S H A R I
A
t least three carmakers — Honda,
Toyota and Mitsubishi — are expected to increase prices any time
now, with some looking to do so as
early as Oct 1. Other brands such as
Hyundai are said to have already
raised the prices of their models, including for
the Santa Fe and Elantra.
Second national car manufacturer, Perusahaan Otomobil Kedua Sdn Bhd (Perodua) — the
market leader with a 31% market share — said
earlier this month that it might increase prices as a buffer against the rising exchange rate.
The price hikes come at a time when the
automotive industry is grappling with a weakening ringgit, dampened economic conditions
and the implementation of the Goods and Services Tax (GST) in April — all of which adversely
affected sales.
Malaysian Automotive Association (MAA)
president Datuk Aishah Ahmad, for one, says
price hikes are not necessarily the way to go.
“Increasing prices is not going to help boost
sales. On the contrary, it will worsen the situation as consumers are already tightening their
belts due to inflationary pressures. However,
there is a limit as to how much of the costs car
companies can afford to absorb due to forex
losses. It (increasing prices) is not an easy decision to make, and each company will have to
evaluate its own situation,” she tells The Edge.
Aishah: Increasing
prices is not
going to help
boost sales. On
the contrary,
it will worsen
the situation as
consumers are
already tightening
their belts.
Nasarudin:
With the
current market
conditions, which
may take a while
to recover, buyers
are more careful
about their
spending and
prefer to hold on
to their cash
on month to 53,452 units.
“The global economic fallout was the main
contributing factor for the steep drop in sales.
The implementation of GST, tightening of credit
by the central bank and the poor performance
of the ringgit — all have affected demand in
domestic and export [markets] alike, ” says SM
Nasarudin SM Nasimuddin, joint group executive chairman of the Naza group, one of the
country’s biggest automotive players.
He is non-committal on when things will
make make a turn for the better. “With the
current market conditions, which may take a
while to recover, buyers are more careful about
their spending and prefer to hold on to their
cash,” he adds.
It is noteworthy that Naza Automotive Manufacturing Sdn Bhd, which assembles Peugeot
and Kia cars, was forced to lay off 255 workers
late last month.
Another indication of the bleak situation
was Sime Darby Motors Sdn Bhd scrapping
its plans for an initial public offering (IPO)
slated for this year, putting it off indefinitely,
ostensibly due to the weak market sentiment.
In August last year, Sime Darby was reported
to have appointed Morgan Stanley, CIMB Investment Bank, Maybank Investment Bank
and Deutsche Bank to manage the IPO, valued
at slightly less than RM1.8 billion.
dollar has strengthened considerably, resulting
in the ringgit losing close to a quarter of its value against the greenback since the beginning
of the year. The ringgit tested 4.40 to the US
dollar last Friday — the lowest level since 1998.
Likewise, the ringgit has shed about 15%
against the euro since the beginning of the
year, trading at 4.88 last Friday.
In a nutshell, the cost of doing business has
increased, impacting those who deal with fully
imported completely built-up units as well as
completely knocked down units with very low
local content. With rising costs, bottom lines
generally take a beating.
The stronger US dollar
Making things worse have been the politAn industry executive says that local players ical and economic uncertainties. In August, How bad is it?
fork out euros for European cars and US dollars after three consecutive months of gains, total While none of the local automotive players
for all other makes. It doesn’t help that the US industry volume (TIV) plunged 8.9% month would provide the quantum of the drop in sales,
MAA was established in 1960 with the objective of developing and protecting the interests of its members, basically the automotive
players, and making representations to the
government on issues affecting the industry.
Aishah says, “Uncertainties about the Malaysian economy and the impact of other domestic issues, coupled with uncertainties in
the world economy, have dampened business
optimism. Consumers are getting very cautious about spending on big-ticket items such
as new motor vehicles, especially in the lower
and mid-range segments.”
71
MAA, TA RESEARCH
Breakdown of TIV by segments
PASSENGER VEHICLES
National
Perodua
Proton
Total
Non-national
BMW
Honda
Nissan
Toyota
Mazda
VW
Others
Total
Grand total
AUG 2014
JULY 2015
AUG 2015
% MOM
% YOY
8M2014
8M2015
% YOY
14,585
8,611
23,196
17,957
10,867
28,824
16,589
9,040
25,629
(7.6)
(16.8)
(11.1)
13.7
5.0
10.5
128,203
82,696
210,899
143,048
70,113
213,161
11.6
(15.2)
1.1
689
6,689
2,610
5,493
855
563
4,803
21,702
44,898
700
8,443
3,675
4,976
1,261
908
3,849
23,812
52,636
700
6,853
3,202
5,634
1,130
663
3,491
21,673
47,302
0.0
(18.8)
(12.9)
13.2
(10.4)
(27.0)
(9.3)
(9.0)
(10.1)
1.6
2.5
22.7
2.6
32.2
17.8
(27.3)
(0.1)
5.4
5,089
50,577
24,941
49,082
6,771
6,788
41,117
184,365
395,264
4,475
58,892
27,912
37,057
8,419
4,839
31,586
173,180
386,341
(12.1)
16.4
11.9
(24.5)
24.3
(28.7)
(23.2)
(6.1)
(2.3)
448
931
709
546
2,269
159
1,165
6,227
339
954
677
490
2,332
72
1,146
6,010
421
1,021
606
503
2,467
62
1,070
6,150
24.2
7.0
(10.5)
2.7
5.8
(13.9)
(6.6)
2.3
(6.0)
9.7
(14.5)
(7.9)
8.7
(61.0)
(8.2)
(1.2)
3,963
6,977
5,509
4,165
18,093
1,014
9,565
49,286
3,242
7,608
5,373 (
3,252
17,148
688
10,630
47,941
(18.2)
9.0
2.5)
(21.9)
(5.2)
(32.1)
11.1
(2.7)
COMMERCIAL VEHICLES
Hino
Isuzu
Mitsubishi
Nissan
Toyota
Mazda
Others
Total
Proton
17%
Khor: After the
introduction
of GST, there
has been a
slowdown in new
car and used
car sales ... we
were adversely
impacted, but
now, things seem
to have picked up
[again]
one executive of a luxury brand says his company’s sales are down some 50%. Despite that,
he adds, not all is doom and gloom.
“It’s about marketing your product.Mercedes
and Honda seem to have done well despite the
dip, and some Perodua models, Proton Iriz, are
all right,” he says.
Datuk Tony Khor,president of the Federation
of Motor and Credit Companies Association of
Malaysia, concurs, saying the situation is not
as gloomy as painted.The federation represents
used car dealers.
“Malaysia is fundamentally strong. Lately,
after the introduction of GST, there has been
a slowdown in new car and used car sales ...
we were adversely impacted, but now, things
seem to have picked up [again],” he says. He
points to the better numbers from Mercedes
and Honda, among others (see table), as one
indication that it’s not all negative.
“The buying power and the strength are
there. Our per capita income is more than
US$10,000 per annum, but things are more
competitive now,” Khor says. The car companies, he says, have under their belts 8 to 12
models at any time, compared with the 1990s
when there were fewer companies, with each
having only three to four models.
In a nutshell, it would seem the consumer
is spoilt for choice.
Says Nasarudin, “The auto business is
cyclical — you have good and bad times. Naza
has been around for 40 years and had been
through these cycles. Unfortunately, this year,
our brands were impacted by a few factors such
as unfavourable forex and an ageing model line.”
Nasarudin, 32, is the son of the late motor
czar Tan Sri SM Nasimuddin SM Amin. To put
things in perspective, in the 19 years Naza has
been assembling and distributing Kia vehicles,
it has sold more than 250,000 of the marque’s
MAA, BIMB SECURITIES
Toyota
15%
Nissan
7%
Honda
13%
Market
share
of various
marques
(m-o-m)
as at Aug, 2015
Mazda
2%
20% by Daihatsu Motor Co Ltd, 10% by PNB Equity Resource Corp Sdn Bhd, 5% by Daihatsu (M)
Sdn Bhd, 4.2% by Mitsui & Co Ltd and 2.8% by
Mitsui & Co (Asia Pacific) Pte Ltd.
Malaysia a mature market
Mahaleel puts it succinctly, “Primarily, the
car industry is facing a demand issue, not a
supply issue. They (automotive players) have
made their sales projections based on an economic assumption of growth. So, the industry
is chasing a number.
“Fundamentally, on a global basis since 2008,
the world economy has slowed down with the
US meltdown due to subprime problems.This,
as we all know now, affected demand, including in Malaysia, and a drop in the prices of
goods, especially commodities such as crude
oil and palm oil, which Malaysia exports and
earns from.
“Coupled with the various measures the
government has implemented such as GST and
utilities increasing their prices, invariably the
end-retail prices for essential goods rose. This
has reduced substantially the average disposable income of consumers,” he explains.
Perhaps the writing is on the wall. In endJuly, MAA reduced its forecast TIV sales for the
year to 670,000 units from 680,000 previously.
At 670,000 units, sales this year would be 0.6%
higher than 2014’s TIV of 665,675 units.
But is even this target achievable?
Others
15%
Perodua
31%
vehicles. And in more recent years, it has sold
40,000 Peugeot vehicles.
Former Proton Holdings Bhd CEO Tengku Tan Sri Mahaleel Tengku Ariff describes
the scenario of the automotive sector as an
overcrowding of players in a relatively small
market, compared with the likes of Japan and
South Korea.
“To many of these car players, Malaysia is a
very profitable market. You can trace this from
their market activities where huge discounts
[are given] to drive sales or their companies’
financial results,” he says.
A check on the Companies Commission
of Malaysia website shows that UMW Toyota Motor Sdn Bhd, the 51:49 joint venture by
UMW Holdings Bhd and Toyota Motor Corp,
registered an after-tax profit of RM962.3 million on revenue of RM10.7 billion for the year
ended December 2014.
As at end-2014, the company had current
assets of almost RM3.3 billion, non-current
assets of RM982.5 million, short-term borrowings of RM1.4 billion and long-term debts of
RM30.5 million. UMW Toyota Motor had in
excess of RM2.7 billion in reserves.
Honda Malaysia Sdn Bhd, which is 51% controlled by Japan’s Honda Motor Co Ltd, 34% by
DRB-Hicom Bhd and 15% by Oriental Holdings
Bhd, raked in RM135.7 million in after-tax
Mahaleel: To
expect high
growth rates
at this stage of
the cycle is not
possible. In fact,
if we don’t plan
earlier, with new
policies, the
industry can and
will face a decline.
profit from almost RM4.7 billion in revenue
for its financial year ended March 2014. Honda
Malaysia paid out RM81.2 million in dividends
for the year in review.
Honda Malaysia had current assets of almost RM1.1 billion, non-current assets of
RM721.8 million, short-term debt commitments of RM898.6 million and long-term
borrowings of RM108.4 million as at endMarch 2014. The company also had reserves
of RM634.1 million.
Thus, it is no wonder that despite the dip in
sales, several companies are said to be looking
at expanding. Sources say Sime Darby Bhd is
looking at opening more showrooms for its
Range Rover and Jaguar marques in Johor Baru
and Penang. Volvo, meanwhile, is said to be
making preparations to have a bigger presence
in Asean, with Malaysia as its hub.
Other big players such as Toyota have already invested in infrastructure in Asean, and
are now looking at further strengthening their
footholds in the region.
Local market leader Perodua registered
an after-tax profit of RM509.9 million on revenue of RM8.7 billion for its financial year
ended December 2014. As at end-December
last year, the company had reserves of almost
RM3.2 billion. Perodua is 38% controlled by
UMW Holdings, 20% by MBM Resources Bhd,
For the year to August, new car sales stood at
434,282 units, 2.3% less than in the first eight
months of 2014, and only 62.8% of MAA’s forecast for this year.
TA Securities analyst Angeline Chin does
not “see any rerating catalyst for the sector”
and maintains her “underweight” call. Her
estimate is that 657,000 vehicles will be sold
in Malaysia this year, 1.9% less than MAA’s
forecast. BIMB Securities, meanwhile, pegs
TIV sales at 650,000 units.
Another point to note is that double-digit
growth numbers could be a thing of the past
as the market matures.
Mahaleel notes that the ratio of cars to population in Malaysia, at 1:3, is equivalent to that
of highly developed nations.
“Thus, to expect high growth rates at this
stage of the cycle is not possible. In fact, if we
don’t plan earlier, with new policies, the industry can and will face a decline,” he says.
A clear casualty of the decline in automotive
sales is diversified DRB-Hicom, which is also
involved in the property, defence and services
sector, among others.
For its first quarter of FY2016 ended June,
DRB-Hicom suffered a net loss of RM19.7 million from RM2.9 billion in revenue. In contrast to a year ago, it posted a net profit of
RM107.8 million from RM3.7 billion in sales. For
the current year’s first quarter, close to 76% of
the company’s revenue, or RM2.2 billion, was
from the automotive sector.
DRB-Hicom attributed its losses to “lower
sales by the automotive companies following
the initial impact Goods and Services Tax implementation”.
While DRB-Hicom’s main automotive outfit
is national carmaker Proton Holdings, it also
has a hand in the assembly and distribution
of Mercedes-Benz, Suzuki, Honda, Audi, MitE
subishi and Isuzu, among others.
corporate
72
cover story
The Proton conundrum
N
ational automaker Proton Holdings
Bhd should be announcing its results
for its financial year ended March
2015 within the next few days or by
end-September.
There was a time when the national carmaker’s results would generate interest and dominate discussions among corporate players and analysts. Back then, circa
2002, Proton’s market share of the total industry
volume was in excess of 60%.
In stark contrast, with the company no
longer a publicly traded counter and struggling to make ends meet with a market share
of less than 17%, the excitement is all but gone.
The last reported financials filed with the
Companies Commission of Malaysia (CCM) indicate that Proton suffered an after-tax loss of
RM821.4 million on the back of RM7.7 billion
in revenue in FY2013. As at end-March 2013,
the company had non-current assets of RM3.8
billion, current assets of RM3.5 billion, current
liabilities of RM3.5 billion and long-term debt
commitments of RM33 million.
Proton had yet to announce its FY2014 financials at press time. Judging by the dampened
economic climate — auto sales fell almost 9%
in August — the current financial year is likely to be challenging as well for the carmaker.
Nevertheless, firmly in Proton’s corner is
Tun Dr Mahathir Mohamad, who launched the
company during his tenure as prime minister.
He believes Proton could be a success story
with adequate government support.
Mahathir says Proton is struggling because of a lack
of government support
“Yes, I admit Proton is struggling now [but
it is] because of the lack of government support,” he said candidly in a recent interview
with The Edge TV.
He explained, “Because of the need to become very popular with consumers, the government opened the door to foreign imports,
and these imports come from countries which
closed their door to our exports. So, now, Proton has to compete against countries that are
producing 10 million cars per year. How do
you compete with them? The government is
actually acting against Proton. Not giving any
hope, support, at all.”
It seems it was difficult for Proton to venture into other countries such as South Korea,
Japan or even China, as they had protectionist
measures to safeguard their local industries.
“But there’s no more protection [for Proton]. Now, foreign cars are given exemptions.
If they don’t comply with our needs, they are
given exemptions.We have pointed out … there
are 70 cars [that are being] given exemptions
[but are] not complying with Malaysian requirements. But Proton does not get any exemptions,” said Mahathir.
To put things in perspective, Mahathir
played a key role in the formation of Proton
32 years ago and put in place measures such
as high taxes on imports to protect the national car. The government issued R&D grants
amounting to hundreds of million ringgit to
Proton. For instance, in the last financial results
— for the nine-month period ended December
2011 — announced before its privatisation, Proton said it had received a RM175 million R&D
grant in 2010.
Nevertheless,without Mahathir at the helm,
Proton has been ailing and sales numbers have
been dwindling.
In August, Proton sold only 9,040 cars. For
the first eight months of the year, it managed
to sell 70,113 cars, which is less than half of rival Perusahaan Otomobil Nasional Kedua Sdn
Bhd’s 143,048. Honda, the top selling non-national car brand, sold 6,853 cars in August and
58,892 in the first eight months of the year.
Some Honda marques are assembled in
Pagoh, Melaka, under a collaboration between
Honda of Japan, Proton’s parent DRB-Hicom
Bhd and Oriental Holdings Bhd.
Mahathir laments, “Everything is opened up.
The government says we want a cheap car — and
foreign cars assembled in Malaysia are cheap.
“Do you know what it means to reduce the
sales of Proton? It means that people who started
engineering companies to supply components
to Proton,they’re suffering …About 200,000 people are suffering because of [the] government’s
policy to encourage imports and discourage local
industries,” he said in reference to the Proton
Vendor Development Programme.
The programme has been accused of producing auto parts manufacturers that make
substandard goods but which managed to
thrive because of strong political connections.
It is not known how the companies are faring
or whether they have improved.
Nevertheless, Mahathir said, “Malaysians
always expect a poor-quality car [to be] selling cheaply. That is not Proton anymore. I’m
excited about Proton. I think we can turn it
E
around.”
Watch The Edge TV’s interview with
Mahathir at www.theedgemarkets.com
The merits of scrapping
W
ith traffic congestion in the
country seemingly getting
worse, and generally poor public transport systems, calls
for a scrapping policy are getting louder, especially from
the auto industry.
As at end-December 2013, Malaysia had a
total of 23.7 million registered vehicles — 11
million motorcycles, 10.5 million cars and 2.2
million commercial vehicles — which is a lot
for a population of about 30 million.
“We acknowledge that efforts have been
made to improve public transport, like the MRT
and LRT,” says Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad.
“However, the MRT and LRT lines are not extensive and would not be able to cover many
areas. Moreover, these projects are mostly confined to the Klang Valley. Hence, people will
continue to buy cars … it is no longer a luxury
item but a necessity for most of us,” she says.
In March 2009, as part of a RM60 billion
second economic stimulus package to help
Malaysia through the global economic crisis,
RM200 million was set aside as part of the Automotive Development Fund, which in turn,
introduced the scrapping of vehicles that were
more than 10 years old.
Under this plan, the government offered
a RM5,000 discount to car owners willing to
scrap their cars and acquire either a Proton or
Perodua vehicle. This was intended to stimulate car sales and take some of the older cars
off the roads to ease congestion.
According to the president of the Federation
of Motor and Credit Companies Association
of Malaysia (FMCCAM), Datuk Tony Khor, the
scrapping scheme was a success.
National automaker Proton Holdings Bhd
had in 2007 initiated a similar scheme, Proton
XChange, where cars over 10 years old could be
traded in for RM5,000 to get a new Proton car.
This was later merged with the government’s
scrapping initiative, which was however, discontinued in October 2010 after funds from
the government dried up.
Proton received a total of 25,862 applications
from March 10 to Oct 31 in 2009, fully utilising
the funds from the government. At RM5,000
per car, 40,000 cars could be scrapped with the
RM200 million budget.
Most auto players, not surprisingly, support scrapping, including SM Nasarudin SM
Nasimuddin, joint executive chairman of the
Naza group. “Scrapping is indeed key in any
developing or developed nation. It serves as a
catalyst for new car sales. I’m not a pessimist
but as long as global conditions don’t improve
and forex is against us, it will be challenging,”
he says of the current scenario.
So, the time could be right to introduce
scrapping.
Auto sales in August fell by close to 9% to
53,452 units, while 434,282 vehicles were sold
year to date — a drop of 10,268 automobiles,
or 2.3% less than the corresponding period
last year.
MAA has trimmed its total industry volume (TIV) forecast by 10,000 cars to 670,000.
Some analysts are less confident, seeing a TIV
of 650,000 units.
Khor of FMCCAM says he had proposed a
voluntary vehicle scrapping policy for cars
above 15 years old, with the government and
manufacturer to offer RM5,000 as an incentive
for a trade-in for all CKD (completely knocked
down) cars.To date, there has been no response,
he says.
The MAA too had “proposed many times to
Most auto players support a scrapping policy for old
cars, which is practised in many mature markets
the government to introduce a long-term auto-scrapping scheme, for all makes and models”, says Aishah.
She says there should be a scheme for cars
above a certain age to be scrapped, with guidelines set by the government under a vehicle
scrapping policy.Before that can be done however, it is important to iron out all relevant issues,
such as logistics and documentation, to ensure
the scheme is acceptable to all stakeholders.
In a nutshell, scrapping provides the auto
industry with an exit strategy, and is something
that should have been done earlier — before
the industry was maturing.
Former Proton Holdings CEO Tengku Tan
Sri Mahaleel Tengku Ariff says, “If this is not
done, there could be serious repercussions, one
being too many cars chasing too few buyers.
Therefore, I would strongly suggest a policy
be developed to retire cars by an agreed crite-
ria, as is done in many mature markets. This
can take many forms and you can study how
some countries have done it. We don’t have to
reinvent the wheel.”
The auto sector is a multi-billion ringgit
industry, with thousands of jobs dependent on
it.As such, it would make sense for the government to assist in boosting local demand for cars.
Aishah says there are 40 brands of passenger
as well as commercial vehicles in the Malaysian
market, an indication of the strong growth of
the industry over the years. Increasing competition will drive car companies to offer greater
choices, better products and services to attract
consumers.
Government policies, especially taxes, affect the cost of a vehicle, especially excise
duty, which ranges from 65% to 105%, she says.
“We hope the government can consider reducing the excise duty or Goods and Services
Tax partially so as to help to boost demand for
new motor vehicles,” she says.
Nasarudin says apart from scrapping, there
are several other ways the government can
assist the industry.
“The lending criteria could be relaxed a
little, or perhaps pushing the energy-efficient
vehicle (EEV) agenda. The possibility of offering direct tax incentives to individuals and
corporations that purchase diesel and other
EEV vehicles could be considered ... such as
tax-free imports of diesel-powered vehicles. A
similar measure was accorded to hybrid cars
a few years ago,” he says.
Khor suggests that the government urge
financial institutions to be more flexible on
loan approvals. “Used car loan applications
have a 50% rejection rate, and new cars, 47%. If
the banks can be a little more flexible, it will
E
help us,” he says.
73
Proposed alignment for
DASH elevated expressway
PROLINTAS
F R O M PAG E 1 8
Five have experience in building roads and bridges locally and abroad
F R O M PAG E 1
experience and establishment. They must
also have a valid Grade G7 licence specialising in CE01 and CE02 — road and pavement
construction and bridge construction respectively — from the Construction Industry Development Board.
In addition, they need to have experience in
the construction of elevated roads and bridges, and a strong financial background and capacity to undertake the project.Applicants are
also required to state their technical capacity,
including equipment and personnel.
“An applicant’s financial capacity will be
judged on the basis of its net worth, working
capital, value of the unfinished portion of its
current contracts and current credit resources,” the documents state.
The pre-qualification submission closed
on Sept 17.
The five companies are no strangers to
construction of roads and bridges locally and
abroad.
For instance, UEM Group has had a long history in roadworks. It constructed the 846km
North-South Expressway and the 44km Malaysia-Singapore Second Link, among others.
IJM (fundamental: 1.30; valuation: 0.80),
which is sitting on cash and cash equivalents
of RM1.98 billion, built the Bangsar linkages in
Kuala Lumpur and the Butterworth Outer Ring
Road in Penang. It had non-current assets of
RM8.72 billion and current assets of RM11.36
billion as at June 30.
Mudajaya (fundamental: 0.35; valuation:
0.90), which had cash and cash equivalents of
RM120.69 million and total assets of RM2.09
billion as at June 30, 2015, built the Pusa Sessang
Coastal Road in Sarawak and the entrance and
exit road for the Lebuhraya Utama Selatan to
Gombak, Selangor. It also built two four-lane
highways in India.
MRCB (fundamental: 1.30; valuation: 2) built
the 8.1km Eastern Dispersal Link Expressway
in Johor and the 18km Duta-Ulu Kelang Expressway. It had cash of RM321.14 million and
total assets of RM6.87 billion as at June 30, 2015.
Sunway (fundamental: 1.50; valuation: 1.80)
built the RM1.04 billion Kajang Traffic Dispersal
Ring Road, the Kajang-SILK Highway and the
country’s first elevated Bus Rapid Transit line.
It is sitting on a cash pile of RM1.6 billion and
has total assets worth RM13.78 billion.
In comparison, Prolintas registered a net
loss of RM48 million on the back of RM152.3
million in revenue for its financial year ended December 2013. It had non-current assets
of more than RM2 billion and current assets
of RM266.8 million. It also had long-term debt
commitments of just over RM2 billion and
short-term borrowings of RM140.8 million. It is
noteworthy that Prolintas had negative reserves
of RM247.3 million as at end-December 2013.
DASH, estimated to cost RM4.2 billion,
will see a 20.1km three-lane dual carriageway
traversing from Puncak Perdana near Universiti
Teknologi Mara to Damansara Perdana. It will
have 13 interchanges and three toll plazas, and
85% of the main alignment will be elevated.
The RM5.3 billion SUKE stretches 31.8km,
from the Shah Alam Expressway in Bukit Jalil to the Middle Ring Road 2 in Ulu Kelang.
The three-lane dual carriageway will have
three toll plazas, and 90% of its length will
be elevated.
Prolintas is currently operating three highways — the Ampang-Kuala Lumpur Elevated
Highway, Guthrie Corridor Expressway and
Lebuhraya Kemuning-Shah Alam.
The pre-qualifying documents were issued
just after the Selangor government agreed to
include DASH’s alignment into the Petaling
Jaya City Plan 2 in June following three years
of objection by people living near the proposed
expressway.
SUKE also has had its fair share of objection
by residents in the Klang Valley, but thus far it
is not certain if it is included in the city plan.
Both expressways, which were mooted by the
federal government in 2011, are expected to
commence construction in the first quarter
E
of next year.
Investment phase over, shareholders can expect decent dividends
REUTERS
F R O M PAG E 1 8
In financial year ended Jan 31,
2015 (FY2015), Astro saw revenue
grow 9% to RM5.23 billion, and net
profit by 16% to RM519 million. Advertising expenditure (adex) growth
was almost flat at 1%, from RM582
million to RM589 million, of which
54% was contributed by TV and 44%
from radio.
For 1HFY2016, the group generated net profit of RM305 million,
on revenue of RM2.69 billion. Adex
registered growth of 5% to RM305
million, underpinned by higher TV
viewership share, radio listenership and growing interest in digital
platforms.
As at 1HFY2016, Astro had a 65%
household penetration rate, or 4.6
million households — 50% from
its pay-TV service and 15% from its
subscription-free satellite service,
dubbed NJOI.
“We are well on-track to achieve
85%[household penetration] in a couple of years. Within that framework,
55% to 60% will be coming from payTV, and the balance (25% to 30%) from
NJOI. That mix is probably a right
mix,” says Rohana.
While the prevailing poor consumer sentiment is “extremely worrying” for Astro, as it is very much a
Astro Malaysia’s operational
and financial highlights
FINANCIAL YEAR ENDED JAN 31
FY2015
FY2014
FY2013
Revenue (RM billion)
Revenue growth (%)
Net profit (RM million)
Profit margin (%)
Dividend per share (sen)
Return on invested capital (%)
Net debt (RM billion)
TV household penetration (million)
Share of TV viewership (%)
ARPU (RM)
Adex (RM million)
Share of TV adex (%)
5.231
9
519
10
11
34
2.15
4.429
49
99.0
589
33
4.791
12
448
9
9
30
2.03
3.884
47
96.0
582
31
4.265
10
418
10
4
28
2.09
3.485
43
93.2
504
28
SOURCE: ANNUAL REPORT 2015, COMPANY
consumer brand, the good news is
that the heavy capital expenditure
and expensive part of reinvestment
on infrastructure have all been done.
In other words, shareholders can
expect decent dividends going forward.
“Three years ago, when we went
for listing, we painted a picture of a
growth story. We want to make sure
that we have the new technology
that can deal with home, mobility
and interactive platforms. Now, the
whole investment phase is pretty
much over,” she says.
Astro adopts a progressive dividend policy and continues to be
highly cash generative. In FY2015,
the company declared a dividend
per share of 11 sen, representing
a payout ratio of 110% or dividend
yield of 3.8% based on last Friday’s
closing of RM2.88.
Astro, one of the companies on
the FBM KLCI, has fallen 4.95% year
to date, for a market capitalisation
of RM14.98 billion as at last Friday.
The stock is currently trading at a
trailing 12 months price-earnings
ratio (PER) of 27 times and price-tobook value of 23 times.
A quick check on Bloomberg also
shows that Astro is now trading at an
estimated PER of 23.5 times. It has a
potential upside of 20%, against its
consensus target price of RM3.45.
Most research houses that track Astro,including Nomura,HSBC and UBS,
have a “buy” call on the stock.UOB Kay
Hian and Goldman Sachs recommend
“hold” on Astro, while KAF Seagroatt
& Campbell rated it a “sell”.
74
week in pictures
PICTURE BY SHAHRIN YAHYA/THE EDGE
1
Mitraland Group chairman Datuk Johan
Ariffin (centre) and group CEO Chuah
Theong Yee presenting a mock cheque for
RM15,000 to The Edge Education Foundation
CEO Dorothy Teoh at the group’s annual
appreciation dinner. Mitraland has donated a total
of RM120,000 to nine organisations this year. The
other recipients were Yayasan Sin Chew, China
Press, Pertubuhan Al-Khaadem, Suara Komuniti
(Berita Harian), English Development Programme
(New Straits Times), Lions Education Foundation,
Kiwanis Club of Taman Tun Dr Ismail and The Star
Foundation.
2
1
Harmandar Singh aka Ham, regional
publisher of Marketing magazine in
Malaysia and Indonesia, giving his opening
remarks at the Creative All-Stars 2015 conference
at Sime Darby Convention Centre in Bukit Kiara,
Kuala Lumpur.
2
(From left) Tropicana Corp Bhd executive
director of project Kelvin Choo, executive
director Dion Tan and head of marketing and sales
Ung Lay Ting at the opening of Tropicana Heights’
property gallery. During the event, the company
also celebrated its first successful foray into Kajang
and the recent unveiling of its Central Park, which
is set to be the town’s largest park.
3
Mohd Saifuddin (second from right)
wins first prize in the Jet Set with Setia
campaign by S P Setia Bhd, which entitles him to
a five-day, four-night trip for two to London. The
event is held in conjunction with S P Setia’s 40th
anniversary celebration.
4
Joyful recipients at the Hong Leong Group
2015 Scholarship Awards Ceremony,
where RM2.5 million in scholarships were
disbursed to 112 underprivileged Malaysian
youths.
5
(From left) Empire Asia Events Marketing
Sdn Bhd creative director Simon Hor,
sales and marketing director Stephanie Cheah,
Alphamax Industries Sdn Bhd manager Steven
Wong, Beyond Arena Sdn Bhd sales manager
Patrick Tan and Maxly Landscape Sdn Bhd
managing director Sunny Low at the launch of
HOMElove at Putra World Trade Centre in Kuala
Lumpur. Held from Sept 24 to 27, the event aims
to assist the public in making their dream home a
reality.
6
ECOWORLD LAUNCHES RUMAH SELANGORKU AT ECO MAJESTIC … Eco World
Development Group Bhd (EcoWorld) chairman Tan Sri Liew Kee Sin (fifth from left), Selangor Menteri Besar Mohamed
Azmin Ali (centre), Selangor exco for Housing, Building Management and Urban Settlers Datuk Iskandar Abdul Samad
(fifth from right) and EcoWorld president and CEO Datuk Chang Khim Wah (far right) at the launch of the property
developer’s first affordable homes in Eco Majestic under the state government’s Rumah SelangorKu initiative.
4
3
Malayan Banking Bhd has won the Best
Malaysian Organisation Award at the
Life at Work Awards 2015 for the Malaysian
organisation category for the second time.
Maybank group chief human capital officer
Nora Abd Manaf (second from right) receiving
the award from Performance Management and
Delivery Unit (Pemandu) CEO Datuk Seri Idris Jala.
With them are Datuk Munirah Abdullah Bajuddin,
director-general of the Department for Women’s
Development at the Ministry of Women, Family
and Community Development, and TalentCorp
Malaysia CEO Johan Mahmood Merican.
7
5
6
7
75
portfolio
PRODUCT LAUNCHES
An edge over the rest
TUMI’s 1975 collection
All-new Taylor Swift Keds
Samsung’s newest release — the Galaxy S6 edge+ — blends
form and function with industry leading features: a dual-edge
front display coupled with the best screen technology, the most
advanced camera and an incredibly powerful processor.
It features a 5.7in Quad HD Super AMOLED display and
fast wired and wireless charging technology, with a full charge
ensured within just 90 minutes. The Galaxy S6 edge+ comes
with an increased 4GB RAM and is offered at the recommended
retail price of RM3,099.
Founded by Charlie Clifford, TUMI started life in 1975 as an
importer of leather goods from South America to the US. Its
vision was to revolutionise travel with stylish, functional and
durable bags and accessories.
Each piece of the 1975 collection, which marks TUMI’s 40th
anniversary, is made from natural, full-grain cowhide leather
similar to the variety TUMI originally imported. Its signature
ballistic nylon, which put TUMI on the map in 1983 as the first
brand to pioneer the use of military-grade ballistic nylon in its
travel bags, also features in the collection. The brand now holds
over 325 design and utility patents.
Keds has released a new collection of limited edition sneakers
in conjunction with Taylor Swift’s The 1989 World Tour. To
commemorate the singer’s tour stops in North America, Europe,
and Japan, Keds is releasing three different styles of the Tour
Shoe that feature the names of the cities the tour is stopping at
in a neon sign design with pops of electric colour against a navy
background.
Two other designs also feature in the collection: the 1989
Champion and 1989 Double Decker Slip-On. Finishing touches
for all styles include laces and trim in coordinating colours, and a
collectible charm.
Take a stylish walk
For BONIA’s Spring/Summer 2015 footwear collection, creativity and comfort go
hand in hand to create city sophistication.
The stylish and sporty sneaker is made of luxurious sheep leather and
BONIA’s signature outsole. Its soft texture ensures optimum comfort, with a pure
snow white base matched with muted brown and grey stripes on the top for an
understated rugged urban vibe.
Cutting-edge wrist candy
Rado pays homage to its Swiss roots with a new range of timepieces in chocolate brown high-tech ceramic
that evokes the artistry and craftsmanship of Switzerland’s famed Maîtres Chocolatiers. The three cocoacoloured models — the HyperChrome Automatic, HyperChrome Automatic Chronograph Tachymeter and
Limited Edition HyperChrome Automatic Diamonds — are crafted in a luminous earthen hue paired with rosegold-coloured accents and come in three sizes.
The chocolate ceramic adapts to changes in the lighting conditions, transitioning from sweet and light to
velvety and dark, just like the Swiss confections that inspired it. The ceramic material is lightweight and scratch
resistant.
76
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Private investment shies away12

Transcription

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