6 HOME BUSINESS 2 JAIL TERMtefd.theedgemarkets.com/2018/TEP/20180327utofx9.pdfFBM KLCI 1859.91 5.31...

FBM KLCI 1859.91 5.31 KLCI FUTURES 1856.50 Unch STI 3412.46 8.93 RM/USD 3.8940 CPO RM2434.00 6.00 OIL US$70.50 0.05 GOLD US$1348.90 1.00

MBM Resources’ major shareholders reject UMW off er 3 H O M E B U S I N E S S

FINANCIALDAILY

w w w . t h e e d g e m a r k e t s . c o m

M A K E B E T T E RDECISIONS

PP 9974/08/2013 (032820)PENINSULAR MALAYSIA RM1.50

TUESDAY MARCH 27, 2018 ISSUE 2618/2018

2

2

3 H O M E B U S I N E S S


1 4 C O M M E N T

1 8 W O R L D B U S I N E S S

Grab takes over Uber’s operations in Asean

MRCB bags RM11b related-party job for mixed project in Bukit Jalil

Sapura announces new deals; share price rebounds

OSK mulls listing of cable business on Hong Kong bourse

Is Australia set to join Asean as China’s assertiveness grows?

‘US sends China to-do list to reduce trade imbalance’

Public Mutual wins big at Th e Edge-Th omson Reuters Lipper Fund Awards 2018 6 H O M E B U S I N E S S

Th e Anti-Fake News Bill 2018 meets with criticism as it is seen to further restrict press freedom.Chester Tay has the story on Page 4.

Th A i F k

JAIL TERM for spreading fake news

2



1 4 C O M M E N T

Uber s operations in Asean

MRCB bags RM11b related-party job for mixed projectin Bukit Jalil


OSK mulls listing of cable business onHong Kong bourse

Is Australia set tojoin Asean as China’s assertiveness grows?

The Anti-Fake e Anti-Fake ThNews Bill 2018 meeets with criticism as it iis seen to further restrrict press freedom.Chester Tay has the story yon Page 4.

Th A i F k

www.edgeprop.my/myhome

FBM KLCI 1859.91 5.31 KLCI FUTURES 1856.50 Unch STI 3412.46 8.93 RM/USD 3.8940 CPO RM2434.00 6.00 OIL US$70.50 0.05 GOLD US$1348.90 1.00

MBM Resources’ major shareholders reject UMW off er 3 H O M E B U S I N E S S

FINANCIALFINANCIALDAILYDAILY

w w w . t h e e d g e m a r k e t s . c o m

M A K E B E T T E RDECISIONS

PP 9974/08/2013 (032820)PENINSULAR MALAYSIA RM1.50

TUESDAY MARCH 27, 2018 ISSUE 2618/2018

2

2



1 4 C O M M E N T

1 8 W O R L D B U S I N E S S

Grab takes over Uber’s operations in Asean




Is Australia set to join Asean as China’s assertiveness grows?

‘US sends China to-do list to reduce trade imbalance’

Public Mutual wins big at Th e Edge-Th omson Reuters Lipper Fund Awards 2018 6 H O M E B U S I N E S S

Th e Anti-Fake News Bill 2018 meets with criticism as it is seen to further restrict press freedom.Chester Tay has the story on Page 4.

Th A i F k

JAIL TERM for spreading fake news

www.theedgemarkets.com

2 TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

KUALA LUMPUR: It was a deal that most people saw coming. Although Uber had been denying that it would be pulling out of Southeast Asia, its fi ght with rival Grab has fi nally come to an end.

Grab announced yesterday that it will take over Uber’s operation in the region. In return, Uber will emerge as a substantial stakeholder with a 27.5% equity interest in Grab.

According to Grab, this is the “largest deal of its kind in the region”, although the two ride-hailing fi rms declined to reveal the price tag.

Based on Grab’s most recent val-uation, the deal could be priced at least US$1.65 billion (RM6.43 billion). Last July, SoftBank-led in-vestors, including Didi Chuxing, raised as much as US$2 billion for Grab, which valued Grab at about US$6 billion.

For Uber, the deal could be a windfall if its Asean operation is valued at US$1.65 billion. Accord-ing to Uber chief executive offi cer (CEO) Dara Khosrowshahi, who will join Grab’s board soon, the US-based ride-hailing fi rm has invested US$700 million in the region over the past fi ve years.

Grab has promised that its fare structure will not change for all its services even after the merger eff ec-tive April 8 this year. Th is includes the prices of Uber’s food delivery service in Malaysia, Uber Eats, which

For breaking news updates go towww.theedgemarkets.com

O N E D G E T V

www.theedgemarkets.com

BY S A M A N T H A H O & B I L LY TO H

BY S A M A N T H A H O

The Edge Communications Sdn Bhd (266980-X) Level 3, Menara KLK, No 1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia

Publisher and Group CEO Ho Kay Tat

EDITORIALFor News Tips/Press ReleasesTel: 03-7721 8219 Fax: 03-7721 8038Email: [email protected]

Editor-in-Chief Azam ArisExecutive Editors Ooi Inn Leong, Kathy Fong, Jenny Ng, Diana KhooSenior Editors Cindy Yeap, Jose Barrock, Kang Siew LiAssociate Editors R B Bhattacharjee, Vasantha GanesanAssistant Editors Adeline Paul Raj, Tan Choe Choe, Ben Shane Lim, Khairie Hisyam Aliman, Kanagaraju S Sithambaram Chief Copy Editor Halim YaacobSenior Copy Editor Melanie ProctorCopy Editor Tham Kid ChengArt Director Sharon KhohChief Graphic Designer Cheryl LohDesign Team Valerie Chin, Mohd Yusry, Aaron Boudville, Aminullah Abdul Karim, Noorain Duasa, Tun Mohd Zafi an Mohd Za’abah

EDITORIAL ADMINISTRATIONManager Katherine TanSenior Coordinator Maryani Hassan

CORPORATE Chief Operating Offi cer Lim Shiew Yuin

ADVERTISING & MARKETING To advertise contactGL: (03) 7721 8000 Fax: (03) 7721 8288Chief Commercial Offi cer Sharon Teh (012) 313 9056General Manager Kingston Low (012) 278 5540Senior Sales ManagersFong Lai Kuan (012) 386 2831Gregory Thu (012) 376 0614Creative Marketing Chris Wong (016) 687 6577Head of Marketing Support & Ad Traffi cLorraine Chan (03) 7721 8001Email: [email protected]

OPERATIONSTo order copyTel: 03-7721 8034 / 8033Fax: 03-7721 8282Email: [email protected]

EdgeProp.my

Managing Director/Editor-in-ChiefAu Foong YeeEditor Lam Jian WynContributing Editor Sharon KamAssistant Editor James Chong

MARKETING & ADVERTISINGAssociate Account Director,Advertising & Marketing Heidee Ahmad (019) 388 1880

BUSINESS DEVELOPMENTSenior Manager Elizabeth Lay

MOSCOW: Russia’s foreign min-istry said yesterday it would re-spond to the decision by a large number of Western states to expel Russian diplomats, and accused their governments of blindly fol-lowing their British ally into con-frontation with Moscow.

Th e ministry said in a state-ment that it viewed the expul-sions, ordered in response to the poisoning of former Russian spy Sergei Skripal in the English city of Salisbury, as an unfriendly act and a provocative gesture.

Britain blames Russia for the poisoning of Skripal and his daughter Yulia, a charge Moscow denies.

“The provocative gesture of solidarity with London by these countries, who have bowed to the British authorities in the so-called Skripal aff air and did not bother to understand the circumstances of what happened, is a continuation of the confrontational path to es-calation,” Russia said. — Reuters

KUALA LUMPUR: Malaysian Re-sources Corp Bhd (MRCB) has bagged an RM11 billion contract to undertake project management services for a proposed mixed de-velopment in Bukit Jalil here.

Th is is the group’s second ma-jor contract win in a week. Last Th ursday, MRCB bagged a RM7.46 billion management contract for a 64.3-acre (26.02ha) town cen-tre development of the massive Kwasa Damansara township in Sungai Buloh, Selangor in a joint venture with the Employees Prov-ident Fund (EPF), which owns 34.87% of MRCB shares.

Th e proposed development, span-ning 20 years, is expected to be a res-idential and commercial hub, with a plot ratio of 1:6.5. It will feature four development plots, which consist of offi ce towers, hotels, retail shops and mall, small offi ce/virtual offi ce, small offi ce/home offi ce, serviced


apartments and residential towers.In a fi ling with Bursa Malaysia

yesterday, MRCB said its whol-ly-owned subsidiary MRCB Land Sdn Bhd has entered into a man-agement contract with Bukit Jalil Sentral Property Sdn Bhd (BJSP), a related party, for the appointment of MRCB Land as the management contractor for the design and con-struction of the mixed development to be carried out on three parcels of leasehold land.

Th e contract is regarded as a relat-ed-party transaction as BJSP is a whol-ly-owned unit of Rukun Juang Sdn Bhd, which in turn is an 85%-owned subsidiary of MRCB Land.

MRCB also entered into a sub-scription and shareholders’ agree-ment with Rukun Juang Sdn Bhd (RJSB), Tanjung Wibawa Sdn Bhd (TWSB) and BJSP where RJSB and TWSB will co-invest in BJSP for pur-poses of jointly developing the land totalling 76.14 acres. RJSB will also dispose of the parcels of land to BJSP

for up to RM1.43 billion.Upon completion of the pro-

posed subscription, EPF, via its wholly-owned subsidiary TWSB, will hold an 80% stake in BJSP, while the remaining 20% equity interest will be held by RJSB.

Under the management con-tract, MRCB Land will also appoint MRCB Builders Sdn Bhd, another wholly-owned subsidiary of MRCB, to undertake engineering, procure-ment, construction and commis-sioning work for one or more of the four development plots.

On May 31 last year, MRCB an-nounced that it was partnering EPF to develop the land, which has a potential gross development value of RM20.67 billion, over a 20-year period beginning 2019.

“Th e development will not only allow the group to enhance its con-struction and engineering project, but is also expected to provide the group with a steady stream of income.

Moscow to act against envoys’ expulsions

Grab takes over Uber’s operations in AseanSoftBank seen as the ultimate winner of merger of two ride-hailing fi rms

will be taken over by Grab in coming months and renamed GrabFood.

For Grab, competition remains in Southeast Asia with Indonesia’s Go-Jek, which is a US$5 billion start-up backed by big names such as Google and Tencent.

SoftBank the winner?A top executive of Grab was quot-ed by Reuters as saying that the ac-quisition of Uber’s Southeast Asia operation was driven independent-ly by the two companies with the support of their common investor, Japan’s SoftBank Group. However, a professor of practice in strategy at Warwick Business School com-mented that SoftBank is likely to be mastermind of the deal.

“Th ere is little doubt that Soft-Bank is behind this rationalisation of the taxi-hailing market. SoftBank

has taken substantial shareholding positions in Uber, Grab, Lyft and Didi Chuxing which are all haem-orrhaging cash in a battle for mar-ket share,” said John Colley, who is also a former managing director at a FTSE 100 company who researches merger and acquisition (M&A), in a statement.

He pointed out that Uber is under pressure to be profi table for a 2019 initial public off ering (IPO) that has been promised to shareholders.

“SoftBank has proposed that Uber retrench back to Europe and North America where it has large market shares and reasonable prospects of emerging as an eventual winner. In China, Russia and now Southeast Asia, it has been out-fl anked by local competition with better local knowl-edge and connections,” Colley added.

He reckons that SoftBank would

SoftBank Group

SOUTHEAST ASIA

Grab Raised as much as US$2 billion, for a total valuation of US$6 billion Uber Southeast Asia 15% stake in Uber Technologies Inc CHINA

Didi Chuxing Investment of about US$5 billion INDIA

Ola Over 30% stakeUber India 15% stake in Uber Technologies Inc

emerge as the clear winner as a source of major losses in two of its investments will be eliminated in the merger.

After it took a stake in Grab last July, SoftBank completed the ac-quisition of a 15% stake in Uber for US$8 billion in January this year, bringing its total investment in the ride-hailing fi rm to US$9.3 billion on top of a US$1.25 billion direct investment in Uber.

Considering that Uber incurred US$4.5 billion losses in its 2017 fi -nancial year, SoftBank’s investment appears to be at a lofty level. It is currently the largest shareholder of Uber with two representatives on the board of 17 members.

Th e Grab-Uber deal also rings a bell as a similar deal was seen back in August 2016 when Uber exited China with a US$35 million merg-er deal with Didi Chuxing, in which SoftBank is also a major investor.

It will be interesting to see if Uber will also exit its business in India, which is also facing intense com-petition from Indian fi rm Ola, in which the Masayoshi Son-led group is also the major shareholder with a stake of over 30%.

Despite the merger, Colley ques-tions whether new challenges to profi tability may arise for Grab.

“Higher fares may allow for more local competition to arrive,” he said, adding that switching costs between the two apps are low for drivers and customers.

H O M E B U S I N E S S 3TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

Tycoon Tiong profi ts RM3.9m from MCIL arbitrage opportunity

Former LFE Corp director’s appeal to overturn conviction dismissed

myNEWS reports fl at net profi t for 1QFY18 on higher operating expenses


BY B I L LY TO H

BY A H M A D N A Q I B I D R I S

BY A D A M A Z I Z

EDITOR’S PICKS FROMtheedgemarkets.comUMW’s buy of MBM

Resources hits a snagMajor shareholder Med-Bumikar has rejected takeover off er

‘An unattractive off er for MBM Resources’UMW’s off er of RM2.56 per share may not entice minority interests

BY W O N G E E L I N

RM

March 13, 2017 March 12, 2018

0

0.5

1

1.5

2

1.5

2.0

2.5

3.0Vol (mil)

MBM Resources Bhd

RM2.43

KUALA LUMPUR: UMW Holdings Bhd’s plan to tighten its grip on Pe-rusahaan Otomobil Kedua Sdn Bhd (Perodua) may not be smooth sail-ing simply because its off er price to take over MBM Resources Bhd, which holds 22.58% stake in Pero-dua, is viewed as not that attractive.

Th e group’s intention to buy-out MBM Resources at RM2.56 per share, which is expected to cost RM501.04 million in total, is hailed as a wise move. Investment analysts, however, concur that it is quite a raw deal for MBM Resourc-es shareholders.

“Th e proposed acquisition off er came as a surprise to us as we were not expecting any such announce-ment in the near term.

“However, we are negative on the exercise, as the off er of RM2.56 per share is lower than our exist-ing target price (TP) of RM2.70, a 20% discount to our estimated SoP (sum-of-parts) of RM3.38 per share,” wrote Hong Leong Invest-ment Bank analyst Daniel Wong in a research note.

Wong does not recommend MBM Resources’ minority share-holders to accept the expected up-coming mandatory general off er (MGO) made by UMW as the of-fered price is unattractive amidst expectations of better earnings

h d

for MBM Resources works out to be RM2.68.

In a report yesterday, MIDF Re-search analyst Hafriz Hezry de-scribed the takeover as cheap for UMW to obtain a controlling stake in Perodua and is unlikely to ap-pear enticing enough for MBM Resources’ minority shareholders to accept.

“In the case that minority share-holders reject the eventual man-datory off er, things would likely remain status quo for the minorities other than having a new majority shareholder running the show at MBM,” said Hafriz.

However, he noted that MBM Resources’ minority shareholders could accept UMW’s off er, with the

h i d h ld b i

In terms of price-to-book value (PBV), the acquisition works out to 0.7 times FY18 PBV compared with its fi ve-year historical average of 0.66 times,” said Wan Mustaqim.

Bermaz Auto Bhd has a PER of 19.5 times, while Sime Darby Bhd has a PER of 24 times, according to Kenanga.

All said, the off er price of RM2.56 is at a 16.9% premium over the last traded price of RM2.19 before the announcement.

Some quarters noted that MBM Resources’ share price perfor-mance has not been encouraging over the years, thus this could be an exit opportunity for MBM Re-sources shareholders.

Over the past 12 months, the stock has been trading between RM2 and RM2.54, with an average share price of RM2.25. Th e stock has been on a declining trend since mid-2015, from a high of RM3.74.

Also, it is worth noting that the share price only surpassed the off er price in September and October 2016, and has continuously been on a downtrend since then.

To recap, last Friday MBM Resources’ major shareholder Med-Bumikar Mara and its whol-ly-owned unit Central Shore Sdn Bhd received an off er from UMW to buy its 50.07% stake. UMW intends to take MBM Resources private.

Currently, UMW holds about a % k i d h h i

Flashback: March 13, 2018

KUALA LUMPUR: Media and timber tycoon Tan Sri Tiong Hiew King, the chairman, direc-tor and substantial shareholder of Media Chinese Internation-al Ltd (MCIL), took advantage of the price diff erence between its shares on the Malaysian and Hong Kong stock exchanges last week and profi ted about RM3.9 million, not inclusive of other transaction costs.

Filings with Bursa Malaysia last Friday showed that three tranches of transactions were done on the local stock exchange by the me-dia and timber tycoon to acquire MCIL shares, while another three tranches of transactions were done on the Hong Kong bourse to dispose of its shares.

On March 21, 3.6 million shares were acquired in Malay-sia for 44.6 sen per share, while another 3.6 million shares were disposed of on the Hong Kong market for HK$2.6657 (RM1.33). On March 22, 1.1 million shares

KUALA LUMPUR: Th e Court of Appeal has dismissed an applica-tion fi led by former director of LFE Corp Bhd Alan Rajendram Jeya Rajendram against his conviction for furnishing false statements to Bursa Securities in 2007.

In a statement yesterday, the Securities Commission Malaysia (SC) said the Court of Appeal last Friday dismissed the application, with Alan ordered to serve his jail sentence with immediate eff ect.

“A three-panel bench presided by Justices Datuk Abang Iskan-dar Abang Hashim, Datuk Abdul Rahman Sebli and Datuk Yaacob Md Sam found no merit in the appeal fi led by Alan, and that the prosecution had proven the case

KUALA LUMPUR: myNEWS Hold-ings Bhd, formerly known as Bison Consolidated Bhd, reported fl at net profi t of RM6.34 million in the fi rst fi nancial quarter ended Jan 31, 2018 (1QFY18), from RM6.36 million in the prior-year quar-ter, on higher operating expenses which rose 32.4% year-on-year.

Earnings per share more than halved to 0.93 sen in 1QFY18 from 2.05 sen in 1QFY17 because the number of shares outstanding increased as a result of a one-for-one bonus issue in Decem-ber last year.

Quarterly revenue, however, rose 18.2% to RM90.12 million

were acquired in Malaysia for 40.21 sen per share, while a sim-ilar amount of 1.1 million shares were disposed of in Hong Kong for HK$1.981. Last Friday, another 102,000 shares were acquired in Malaysia for 38 sen, with 102,000 shares disposed of on the Hong Kong bourse for HK$1.80.

It is worth noting that the share price of MCIL on Bursa was on an uptrend, gaining 6.5 sen or 17.33% to close at 44 sen yesterday, with 51.16 million shares traded de-spite the sharp decline seen in the equity market.

Th e recovery seen yesterday was in line with its share price on the Hong Kong stock exchange which jumped to its intraday high of HK$2.11 before closing lower at HK$1.80.

Most analysts have brushed off the possibility of arbitrage profi t from the price diff erence despite the huge gap between the prices on the Malaysian and Hong Kong stock exchanges, pointing to the lengthy amount of time for trans-actions to be made.

beyond a reasonable doubt,” the regulator added.

In 2012, Alan, 62, was sen-tenced to one year’s jail and fi ned a total of RM1.2 million after being convicted by the Sessions Court of four charges of knowingly permit-ting the furnishing of false state-ments by LFE to Bursa.

Alan’s appeal against the Ses-sions Court decision was dis-missed by the High Court on Nov 28, 2016, following which he lodged an appeal to the Court of Appeal.

Th e false statements were in relation to fictitious purchases of RM119 million made by LFE International Ltd, a subsidiary of LFE, in all four quarters of LFE’s unaudited fi nancial results for the fi nancial year ended Dec 31, 2007.

from RM76.23 million in 1QFY17, on new store openings, a better product mix and higher other operational income.

In a fi ling with Bursa Malay-sia yesterday, myNEWS said the higher operating expenses were in tandem with an increase in the number of outlets to 366 stores as at Jan 31, 2018, compared with 307 as at Jan 31, 2017.

On prospects, the convenience store chain operator said 2018 is a transformation year for the group as it steadfastly implements its strategies together with its Japa-nese partners to off er ready-to-eat food and bakery to off er a better quality and product mix in its stores.

KUALA LUMPUR: UMW Holdings Bhd has hit a snag in its proposed acquisition of MBM Resources Bhd as the latter’s major shareholder has turned down its takeover off er.

Med-Bumikar Mara Sdn Bhd and its wholly-owned subsidiary Central Shore Sdn Bhd (CSSB) have rejected the conditional off er made by UMW for their collective 50.07% equity interest in MBM Resources, UMW said in a fi ling with the stock exchange yesterday.

“As the board is of the opin-ion that the conditional off er is reasonable, being at a premi-um to the traded share price, the board intends to continue to en-gage Med-Bumikar, CSSB, their respective shareholders and key principals,” UMW said.

Th e group has therefore noti-fi ed the parties of the extended validity of its off er to April 30 from March 28.

UMW on March 9 made an of-fer to acquire Med-Bumikar’s and CSSB’s stakes in MBM Resources for RM501 million, or RM2.56 per share, representing a premium of 13.3% to MBM Resources’ fi ve-day volume-weighted average market

price of RM2.26 at the time.Shares in MBM Resources rose

after the deal was announced, appre-ciating as much as 28 sen or 12.73% to RM2.48 as of last Th ursday. How-ever, the stock has since declined to RM2.42, leaving the group with a market capitalisation of RM945.95 million.

Analysts earlier expressed their dissatisfaction over the proposed

acquisition price, saying that it is lower than their existing target price for MBM Resources, which UMW intends to take private.

According to Bloomberg data, target prices for MBM Resources range from RM2.27 to RM3.10, with a consensus of RM2.48 for analysts tracking the stock.

In its announcement, UMW emphasised that its proposed ac-quisition of Perusahaan Otomo-bil Kedua Sdn Bhd (Perodua), in which it holds a 38% stake, is not conditional upon the MBM Re-sources stake purchase.

MBM Resources holds a 22.58% stake in Perodua.

UMW also stressed once again that there is no certainty that the off er would lead to any conclusive or defi nitive understanding among the parties.

“Th ere is therefore no certain-ty that UMW will extend the pro-posed mandatory off er for all the remaining MBM Resources shares not already owned by UMW and persons acting in concert with it, if any,” UMW said.

Shares in UMW lost 10 sen or 1.61% yesterday to close at RM6.10, giving the group a market capital-isation of RM7.13 billion.

KUALA LUMPUR: Amid expecta-tions the group will deliver another set of weak results this week for the fourth fi nancial quarter ended Jan 31, 2018, Sapura Energy Bhd yester-day announced additional new deals after bagging six contracts worth some RM3 billion since early 2018.

Th e group said it has cemented its foray into New Zealand with a series of farm-in agreements to fi ve off -shore exploration permits in the oil and gas region of the Taranaki Basin.

Its wholly-owned subsidiary Sapura Exploration and Produc-tion (NZ) Sdn Bhd (Sapura E&P) has secured the New Zealand gov-ernment’s approval for agreements with OMV New Zealand Ltd and Mitsui E&P Australia Pty Ltd.

“All fi ve off shore exploration per-mits are located in shallow waters within the prolifi c oil and gas region of the Taranaki Basin, where discov-ered volumes to date total more than 2.5 billion barrels of oil equivalent. Th e agreement provides access to a large acreage footprint of more than 8,900 square kilometres,” Sapura En-

Sapura announces new deals; share price reboundsBY E M I R Z A I N U L ergy said in a Bursa Malaysia fi ling.

Th e group, whose previous six contracts were worth a total of RM3 billion, did not provide the value of yesterday’s deals.

Sapura Energy president and chief executive offi cer Tan Sri Shahril Shamsuddin said the agreements are a strategic entry for Sapura E&P into New Zealand, and that the company will work with the respective partners to mature potential drilling locations prior to making well commitments.

“Th e joint venture will see Sapura E&P utilising its subsurface technical expertise to support the exploration activities within these exploration areas,” he said, adding the entry into New Zealand may open up oppor-tunities in a proven area for Sapura E&P. Pursuant to the agreements, Sapura E&P will have a 30% interest in all fi ve exploration permits, which will be operated by OMV.

Last week, Sapura bagged the en-gineering, procurement, construc-tion, installation and commissioning (EPCIC) contract for the Pegaga De-velopment Project from Mubadala Petroleum. Th e job is to be under-taken by its wholly-owned subsid-

iary Sapura Fabrication Sdn Bhd at the off shore integrated central gas processing platform (ICPP) facility in Block SK320, in off shore waters off Sarawak.

Mubadala Petroleum is the op-erator of Block SK320 with a 55% interest, with Petronas Carigali hold-ing a 25% stake and Sarawak Shell the remaining 20%. Th is Mubadala Petroleum contract is worth about RM2.1 billion, while the previous fi ve contracts secured earlier this year were valued at RM905 million.

For the nine months ended Oct 31, 2017, Sapura Energy reported a net loss of RM217.95 million, against a net profi t of RM380.64 million a year earlier, because of lower revenue from its drilling business and a lower share of profi t from joint ventures. Revenue fell 19% to RM4.71 billion from RM5.84 billion.

Sapura Energy’s share price plum-meted to a new all-time low of 41 sen on March 14 after shrinking 39.7% from early 2018. But subsequent to the project announcements, the stock has rebounded 36.6% to close at 56.5 sen yesterday, with a market capitalisation of RM3.39 billion.

4 H O M E B U S I N E S S TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

Jail term for spreading fake newsAnti-Fake News Bill 2018 is seen to restrict press freedom

BY C H E S T E R TAY

See related graphic on Page 11

BY A H M A D N A Q I B I D R I S

KUAL A LUMPUR : OSK Holdings Bhd is consid-ering listing its cable busi-ness on the Main Board of the Hong Kong Stock Ex-change.

The group said the pro-posed listing would un-lock shareholders’ value in the cable business and provide a transparent val-uation benchmark for the same in Hong Kong.

“[A spin-off ] would also enable the cable business to gain stand-alone and di-rect access to the capital market in Hong Kong for cost-effective capital rais-ing for future expansion/corporate finance exercis-es for the cable business,” it said in a filing with Bursa Malaysia yesterday.

OSK Holdings is also of the view that the cable busi-ness would be able to gain recognition and corporate stature through a listing sta-tus on its own and further enhance its corporate rep-utation, which will assist in expanding its customer base.

Noting that the actu-al details of the proposed listing have yet to be de-termined at this juncture, OSK Holdings said it is en-visaged that the group will undertake a reorganisation of its subsidiaries involved in the cable business.

It added that the subsid-iaries will remain as sub-sidiaries of OSK Holdings upon the completion of the proposed listing.

OSK Holdings said it seeks to obtain the neces-sary approvals for the pro-posed listing in due course. “The company will make further announcements in relation to the proposed listing, as and when appro-priate, under the listing re-quirements.”

The cable business is currently categorised un-der the group’s industries segment, which is one of the five core business seg-ments that also include property, construction, hospitality and financial services.

For the financial year ended Dec 31, 2016, the in-dustries segment account-ed for 10.4% of the group’s pre-tax profit and 22.8% of total revenue.

OSK Holdings shares closed down one sen or 1.01% at 97.5 sen yester-day, with a market capital-isation of RM2.04 billion.


KUALA LUMPUR: Th e government is clamping down on fake news that confuses the people and threat-ens the country's security, with a proposed punishment of up to 10 years' jail. However, the move has attracted criticism and is perceived to further restrict press freedom in the country.

Minister in the Prime Minister's Department Datuk Seri Azalina Othman Said made the fi rst read-ing for Anti-Fake News Bill 2018 in Dewan Rakyat, outlined off ences and Session Court’s power to or-der removal of the publication of fake news.

According to the tabled bill, the offences include creating, offer-ing and publishing fake news or publication containing fake news; providing fi nancial assistance for purposes of committing or facilitat-ing commission of such an off ence; and failure to carry out duty to re-move any publication containing fake news.

The bill defines fake news as "any news, information, data and reports, which is or are wholly or partly false, whether in the form of features, visuals or audio record-ings or in any other form capable of suggesting words or ideas".

"Any person who, by any means, knowingly creates, off ers, publish-es, prints, distributes, circulates or disseminates any fake news or

publication containing fake news commits an off ence and shall, on conviction, be liable to a fi ne not exceeding RM500,000 or to impris-onment for a term not exceeding 10 years or to both, and in the case of a continuing off ence, to a fur-ther fi ne not exceeding RM3,000 for every day during which the of-fence continues after conviction," the bill read.

Additionally, the court is em-powered to order the person con-victed of an offence to make an apology to the person aff ected by the commission of the off ence in the manner determined by the court, failure to do so shall be pun-ishable as a contempt of court.

When contacted, civil liberties lawyer Syahredzan Johan told Th e Edge Financial Daily that the bill is drafted in an ambiguous man-ner and there are possibilities that the law will be abused upon being gazetted.

“Th e bill said fake news is that which is ‘wholly or partly false; how do you establish what is false and true? The law seems to be a tool for those in power to control infor-mation, because based on what is happening today, they seem to have lost control of information,” he said.

“Currently, one has to prove himself or herself to be aff ected by fake news; with this new law, anyone can lodge a complaint, and it will then be up to the court to evaluate,” he added.

In a Facebook post yesterday, Syahredzan said the bill will be the “death knell” for satire and parody as the nature of such works is that they are at least partially “false”.

“Th ere is a clause on giving fi -nancial assistance to those who commit a fake news offence. It means that those who contribute to crowdsourcing or fundraising cam-paigns to pay off fi nes or damages may also be liable. Th ere is also the possibility that this will be used to go after those who pay subscription to news portals like Malaysiakini, or those who advertise on certain portals or dailies,” he said.

“Th ere are other aspects of the bill which are deplorable; I am just touching on some aspects,” he added.

PKR Bayan Baru lawmaker Sim Tze Tzin explained that the govern-ment will have the power to decide the truth by deciding to prosecute or not if the law takes eff ect.

“Some civil case like spreading false news can now be prosecuted as criminal case. Will this be per-ceived to be too heavy-handed? Most fake news can be sued through civil-lian court for defamation. Th rough court process, truth will prevail. We know most corruption cases were leaked by whistle-blowers. These were deemed fake news at the be-ginning before they were proven to be true,” he added.

Case in point is 1Malaysia De-velopment Bhd, he noted. Sim

questioned whether this law de-ters whistle-blowers from exposing wrongdoings.

Back on the bill, it also provides extraterritorial application, mean-ing even if the off ence is committed at any place outside Malaysia, it will be dealt with as if the off ence has been committed within Malaysia.

In its explanatory statement, the bill states that the Anti-Fake News Act 2018 seeks to deal with fake news by providing for certain off ences and measures to curb the dissemination of fake news.

“As the technology advances with time, the dissemination of fake news becomes a global con-cern and more serious that it aff ects the public. Th e proposed Act seeks to safeguard the public against the proliferation of fake news whilst ensuring the right to freedom of speech and expression under the Federal Constitution is respect-ed,” it read.

“Th e provision on the power of the court to make an order to re-move any publication containing fake news serves as a measure to deal with the misuse of publication medium in particular the social me-dia platforms. With the proposed Act, it is hoped that the public be more responsible and cautious in sharing news and information,” it added.

KUALA LUMPUR: Vivo Malaysia targets to sell more than 1.5 million units of its smartphones of various models this year, following 2017’s great performance with one mil-lion units sold.

Chief executive offi cer Mike Xu said the introduction of its latest model in the mid-range smart-phone segment, the Vivo V9, would assist in boosting the sales of Vivo smartphones.

“In Malaysia, we are among the top four brands [in the smartphone segment] and we are pushing our way to the top.

“Th e rapid development in mo-bile technology is constantly chang-ing the way we communicate and consumer lifestyles are evolving, with smartphones becoming the epicentre of their daily routine,” he told Bernama after the Vivo V9 launch ceremony here yesterday.

Th e new smartphone from the Chinese tech company has a 6.3-inch (16cm) full HD+ (2,280 x 1,080) IPS display with a 19:9 aspect ratio.

Powered by the Qualcomm Snapdragon 626 octa-core proces-sor, the V9 has 4Gb RAM and 64Gb

Picture 04B caption:

Headline:

Vivo Malaysia targets sales of over 1.5 million smartphones this year

Xu (fi rst from right) launching Vivo V9 together with Nick (fi rst from left), Chu (second from left) and Chong in Kuala Lumpur yesterday. Photo by Bernama

of internal storage (expandable up to 256Gb with a microSD card).

It also has two Nano SIM card slots, running on Android 8.1, and the phone is powered by the Fun-touch OS 4.0.

Th e V9 has dual rear cameras, a 16-megapixel sensor with a f/2.0

aperture, while the depth-sensing fi ve-megapixel sensor has a f/2.4 aperture.

The artificial intelligence (AI)-powered Super HDR feature on the cameras reportedly auto detects the surrounding in order to produce clearer photos, better colours, more

details and better tones.Like its predecessors, the V9 also

places an emphasis on the front camera, sporting a 24-megapixel sensor with f/2.0 aperture.

Its new AI Selfi e Lighting feature supposedly allows users to create amazing selfi es by selecting eff ects like natural light, studio light, ste-reo light and a monochrome back-ground. The V9 also goes big on games with the “Game Mode” that lets users block messages, calls and alerts while gaming.

Alternatively, users can set it up to display calls from designat-ed contacts only. It also supports picture-in-picture function so us-ers can reply to messages without exiting the game.

Vivo Malaysia also announced the addition of local singer Alvin Chong as its music icon to its list of brand personalities besides selfi e icon Joyce Chu and brand ambas-sador Janna Nick.

Priced at RM1,399, the Vivo V9 which comes in pearl black and gold will be available from Satur-day. For more information, go to www.vivo.com. — Bernama


Minimal impact on M’sia from US tariff sBut the situation may change if trade tensions escalate — UOB economist

KUALA LUMPUR: International investors upped the ante in stocks listed on Bursa Malaysia last week despite the nerve-wrecking de-velopments coming from the US, according to MIDF Research.

Based on preliminary data from Bursa which excluded off -market deals, the net amount acquired by foreign investors last week was RM447.1 million — more than thrice the RM141.2 million net infl ow in the preced-ing week. Th e fi gure was also the largest weekly inflow in eight weeks.

In his weekly fund flow re-port yesterday, MIDF Research analyst Adam M Rahim said for-eign buying occurred on four out of fi ve trading days last week and peaked last Wednesday at RM159.2 million net ahead of the expected rate hike during US Federal Reserve’s (Fed) fi rst meeting since Jerome Powell’s appointment as chairman.

“The buying momentum slightly eased to RM112.2 mil-lion net on Thursday after the Fed maintained its outlook for a total of three rate hikes in 2018, less hawkish than expected.

“Nonetheless, the local bourse remained steady as it closed at 1,877 points on Thursday, the highest so far this year,” he noted.

Adam pointed out that the lo-cal bourse was jolted last Friday

(RM mil)

Weekly net flow of foreign funds intoMalaysian equities since January 2016

Source: Bursa Malaysia preliminary statistics

-1,500

-2,000

-1,000

-500

0

500

1,000

1,500

2,000

Ja

n 1

, 2

01

6 J

an

29

Fe

b 2

6M

arc

h 2

5A

pril 2

2M

ay 2

0Ju

ne

17

Ju

ly 1

5A

ug

12

Se

pt

9O

ct

7N

ov 4

De

c 2

De

c 3

0 J

an

27

, 2

01

7

Ju

ne

16

Oct

6N

ov 3

De

c 2

9Ja

n 2

6

De

c 1

Se

pt

8A

ug

11

Ju

ly 1

4

Ma

y 1

9A

pril 2

1M

arc

h 2

4F

eb

24

Fe

b 2

3M

ar

23

Malaysian stocks attract biggest foreign infl ow in eight weeks — MIDF Research

BY S U R I N M U R U G I A HBY B I L LY TO H

BY N E I LY S YA F I Q A H E U S O F F & E R I K A B E N J A M I N

KUALA LUMPUR: UOB Malaysia expects the United States’ plan to impose up to US$60 billion RM234 billion) in tariff s on Chinese goods to have only a minimal impact on Malaysia.

Th e bank’s economist, Julia Goh, said it’s too early to say for certain what the exact impact will be until the US administration publishes the formal list of proposed tariff s within two weeks followed by a 60-day consultation period.

“For now the tariffs are quite uncertain. We have to wait for the details from the US government to see their opinion before we get greater clarity and details about what the real eff ect or the actual tariff s will be,” Goh told a media briefi ng yesterday.

“As there is still room for a ne-gotiated solution, we do not think it is a serious threat at this junc-ture. Naturally, US trade meas-ures to date are focused mainly on China, and Malaysia is not a direct target of the US tariffs,” she added.

Goh said that while the direct impact on Malaysia is seen to be quite minimal, the situation may change if trade tensions escalate.

Th is is because Malaysia’s trade exposure to both China and the US accounted for 25% of its total trade, she said, pointing out that Malay-sia was impacted by Washington’s

earlier move to impose tariff s on solar panels.

“Of course, solar panel is the area we have already been impacted due to the exposure we have, but [the eff ect from the tariff s imposed on steel and aluminium] was not so much given the relatively small volume of steel and aluminium ex-ports,” she said.

Malaysia is the largest export-er of solar cells and panels to the US, accounting for 24% of total US imports of the products last year.

Meanwhile, the country’s steel and aluminium exports to the US of US$300 million in 2016 accounted for only 1.8% of total exports to the US.

“I will be watchful of the recent tariff s the US has announced on China,” Goh said, cautioning that Malaysia could be part of the sup-ply chain if the US imposed tariff s on machinery, electrical products and household goods from their 1,300 targeted product categories.

At the same time, Goh said ex-porting countries are usually caught in the middle if trade tensions es-calate. No one is spared, especially the open Asian economies that are widely exposed to trade, she said.

“We think the use of levies and tariff s is mainly to gain leverage in negotiated talks,” she added.

US President Donald Trump said last week he will impose tariff s on US$50 billion to US$60 billion in Chinese imports, to counter al-leged Chinese cyber and intellectu-al property theft of US technology.

Earlier this month, Trump slapped a 25% tariff on steel im-ports and 10% tariff on aluminium imports from China on the grounds of national security interests.

In 2017, China was Malaysia’s second-largest export destination, constituting 13.5% or RM126.2 bil-lion of total exports, while the US was the third-largest export destina-tion, accounting for 9.5% or RM88 billion of Malaysia’s total exports.

On the ringgit outlook, UOB Ma-laysia is maintaining its projection for the local currency to strength-en to 3.80 against the US dollar by year end, amid rising global trade tensions, supported by Malaysia’s strong economic fundamentals and the eff ective regulation of the onshore foreign exchange market.

Goh said growing tensions around the US trade tariffs may

trigger renewed market volatility while the possibility of more rap-id reduction of the US Federal Re-serve’s balance sheet and a faster pace of interest rate rises in the US would probably put pressure on currency markets.

“The introduction of US trade tariff s and the possible proliferation of further protectionist trade poli-cies could impact global export and trade activity. Th ere is a risk that ex-port-driven Asian economies could be negatively impacted by such trade policy revisions,” she said.

However, Goh expects the ring-git to be less susceptible to sharp spikes in volatility compared with other regional currencies as it is supported by favourable domestic growth drivers.

“Should regional currencies weaken against the US dollar, we expect the ringgit to experience some volatility in the near term but to perform better overall compared with other Asian currencies,” she said, stressing that the ringgit is still undervalued on a real eff ective exchange rate basis.

Th e ringgit strengthened to 3.8960 against the greenback yesterday.

KUALA LUMPUR: Selling in Asian equity markets, including Bursa Ma-laysia, had eased yesterday as con-cerns over a full-blown trade war between China and the US ebbed.

Most bourses in Asia rebounded from intraday lows and crawled back to the positive zone.

Th e trading in the Malaysian stock market started on a bearish note as about RM10.8 billion was wiped off the market in the morning trade.

Nonetheless, as news emerged that the US and China have started negotiations to improve US access to Chinese markets, the global eq-uity market rebounded.

At the closing bell, the FBM KLCI fell 5.31 points to 1,859.91 points, slightly higher than its intraday low of 1,852.55 points.

Most of the equity market in the region, however, managed to close higher. Japan’s Nikkei 225 went up 148.24 points or 0.72% to 20,766.10 points. Similarly, Hong Kong’s Hang Seng Index gained 239.48 points or 0.79% to 30,548.77 points, while South Korea’s Kospi was up 20.32 points or 0.84%. Across the cause-way, Singapore’s Straits Times In-dex fell by 8.93 points or 0.26% to 3,412.46 points.

Technology-related stocks con-tinued to be under selling pressure, pulling the Bursa Malaysia Technol-ogy Index to a nine-month low of 33.12 points. Th e selling was caused

by concern over any hefty tariff im-posed by the US on imports from China which would hurt some Ma-laysian export-oriented companies, such as semiconductor players.

It is one of the worst performers this year among the indices on Bursa, with a 20.6% decline year-to-date, in contrast to its annualised gain of 30.9% seen in the last fi ve years.

Despite the decline, the Bursa Technology Index is trading at a trailing price-earnings ratio (PER) of 24.7 times, which is higher than its two-year average of 21.8 times. It is also more expensive compared with the average valuation of the 30 component stocks of the FBM KLCI, which are trading at about 17.5 times.

Th e small-cap players are also faced with selling pressures so far this year. As compared to a year ago, the FBM Small Cap Index has fallen by 8.8% and it has declined by 10.9% this year alone. Th is was also in stark contrast to its annualised gain of about 10.2% in the last fi ve years. At the current level, the small-cap companies are trading at a trailing PER of 51.8 times, higher than their two-year average of 36.7 times.

Analysts have said that the tech-nology-related counters had been priced into a perfect condition at the end of last year, which has led to a selldown recently when the news fl ow turned negative, such as the potential global trade war and Broadcom’s unsuccessful bid for Qualcomm.

Selling eases as trade war fears ebb

It is noteworthy that the pace of foreign selling

in Malaysia and its Southeast Asian peers, namely Indonesia and

the Philippines, was very slow.

due to the US-China trade spat, pulling the FBM KLCI down by 0.62% to close at 1,865 points.

“Foreign investors were net sell-ers to a tune of RM30.9 million. It is noteworthy that the pace of foreign selling in Malaysia and its South-east Asian peers, namely Indone-sia and the Philippines, was very slow, ranging from RM7.9 million to

RM77 million net compared with North Asian markets which saw attrition levels reaching as high as RM349.7 million net.

“Overall for the week, only Malaysia and Th ailand attracted net infl ows in the Southeast Asian markets that we track,” he added.

Year to date, MIDF Research said foreigners have accumulated RM2.5 billion worth of local eq-uities compared with the RM4.49 billion mopped up during the same period last year.

“Foreign participation slight-ly eased last week as the average daily trade value (ADTV) retreat-ed 33% to RM1.09 billion, but marked its 12th week of stay-ing above RM1 billion. Th e re-tail market also took a breather as the retail ADTV declined to settle below RM1 billion for the fi rst time in four weeks,” it noted.

Internationally, MIDF Re-search said most global equi-ty markets retreated to the red zone last week amid escalated concerns over trade protection-ism measures from the US and a batch of major central bank meetings.

“Global funds took their mon-ey off the table in Asian markets after a solid return in the previous week. Based on the provision-al aggregate data for the seven Asian exchanges that we track, investors classifi ed as ‘foreign’ sold US$687.7 million (RM2.68 billion) net last week,” said Adam.

Goh speaking at the media briefi ng yesterday. Photo by Mohd Suhaimi Mohamed Yusuf

6 H O M E B U S I N E S S TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

KUALA LUMPUR: Public Mutual Bhd emerged the biggest winner at Th e Edge-Th omson Reuters Lip-per Fund Awards 2018 yesterday, winning the Best Overall Group (Provident), as well as 13 individ-ual awards.

“Th e best overall group award is given to the fund house with the most consistent return. Th is is why we are very happy to win the award. I am very proud of my hardworking team,” said Public Mutual chief executive officer (CEO) Yeoh Kim Hong.

Other group award winners were Hong Leong Asset Management Bhd and Affi n Hwang Asset Man-agement Bhd, which won Best Eq-uity Group and Best Mixed Asset Group (Provident) respectively. RHB Asset Management Sdn Bhd won the Best Bond Group (Provi-dent) award, while Kenanga Inves-tors Bhd won the award for Best Equity Group (Islamic).

Affi n Hwang head of equity strat-egies and advisory Gan Eng Peng

said the event is a great recognition for the hard work industry partici-pants have put in through the years, as it looks at returns stretching back to a decade.

To better serve the evolving de-mands of investors, Gan said the company is working on fi lters for responsible investing and has im-plemented measures to improve corporate governance.

“To future-proof the business, we have created a new department with the hiring of a chief fi ntech offi cer to make sure our processes and strat-egies are future-proof,” Gan said.

Continuing its record from last year, Eastspring Investments Bhd emerged the biggest individual awards winner again this year with 14 awards. Seven were in equi-ty funds, six were in mixed asset funds, and one was in a bond fund.

“[Winning these awards is] great, because we’ve proven to be very consistent and provide value for all our investors,” said Eastspring Investments CEO Raymond Tang.

PMB Investment Bhd bagged four wins this year after missing out

on the awards last year. Its CEO Na-jmi Mohamed attributed the success to their work ethics.

“We are very happy that our proven methodology, discipline, and perseverance have led us to our win this year. I believe if we keep this up, even amid the vola-tile market expected this year, God willing, we will be able to match, if not better, our performance to win next year,” he said.

As at the end of last year, the Ma-laysian fund management industry stood at RM776.2 billion, according to Eugene Wong, managing director of corporate finance and invest-ments at the Securities Commission Malaysia. Th e unit trust industry represented RM427 billion of that amount, growing from RM358.5 billion the year before.

“It’s important to note that RM45.2 billion of that growth was contributed by net sales that came in at the highest in the last 10 years. Unit trusts remain an important ave-nue for investors in Malaysia to pre-serve and create wealth,” Wong said.

Some major trends he observes

that will change the fund manage-ment industry are the growing de-mand for sustainable and respon-sible investment options from millennials, the role of technology in fi nancial services, as well as de-mographic trends. This includes catering for an ageing society and for more women investors.

“Some of these trends may not be game-changing for the industry immediately but I think that in the long term, they will be what deter-mines the success of the industry,” Wong said.

Th omson Reuters Lipper’s head of research for Asia-Pacifi c Xav Feng said US$1.5 trillion of net infl ow was tracked in 2017, marking a fi ve-year high and a growth of almost 10 times compared with 2016.

A similar trend was observed in Malaysia, where almost US$10 billion of net infl ow was posted in 2017. Th e number almost doubled compared with 2016.

Th e Edge Media Group publish-er and group CEO Ho Kay Tat said uncertainties surrounding the up-coming general elections and on-

going trade war concerns will af-fect the market in the coming year. Nevertheless, investment experts are confi dent that many investing opportunities remain.

“As central banks prepare for more interest rate hikes this year, investors will need to better strat-egise and prepare themselves for this new environment. In this re-gard, the collaboration between The Edge and Thomson Reuters Lipper has presented a useful and much-followed benchmark to in-vestors,” Ho said.

Also present at the event were Federation of Investment Managers Malaysia CEO Datuk Norazharud-din Abu Talib and the Employees Provident Fund head and senior general manager (quantitative and performance analysis department) Badrul Hisham Dahalan, who was one of the award presenters.

Th is year, a total of 78 individ-ual and group awards were given. Of these, there were 23 awards for conventional funds, 37 awards for provident funds, and 18 awards for Islamic funds.

Public Mutual wins bigIt bags Best Overall Group (Provident), 13 individual awards at Th e Edge-Th omson Reuters Lipper Fund Awards

BY T H E P E R S O N A L W E A LT H T E A M

Lipper – winners listGROUP AWARD WINNERSBest Overall (Provident)Public Mutual BhdBest Bond (Provident)RHB Asset Management Sdn BhdBest EquityAffi n Hwang Asset Management BhdBest Mixed AssetAffi n Hwang Asset Management BhdBest Equity (Provident)Hong Leong Asset Management BhdBest Mixed Asset (Provident)Hong Leong Asset Management BhdBest Equity (Islamic)Kenanga Investors Bhd

INDIVIDUAL AWARD WINNERS DURATION: 3 YEARSBond MYRAmBondBond MYR (Provident)Eastspring Investments BondBond MYR (Islamic)RHB Islamic BondEquity Asia-Pacifi cPublic Far-East Alpha-30Equity Asia-Pacifi c Ex-JapanPB China ASEAN EquityEquity Asia-Pacifi c Ex-Japan (Islamic)Public Islamic Asia Leaders EquityEquity Asia-Pacifi c (Provident)PB Islamic Asia Strategic SectorEquity Global (Provident)CIMB-Principal Global TitansEquity MalaysiaAreca equityTrust

Equity Malaysia (Islamic)PMB Shariah GrowthEquity Malaysia Income (Islamic)PMB Shariah DividendEquity Malaysia (Provident)Kenanga Malaysian IncEquity Malaysia Income Pacifi c PremierEquity Asia-Pacifi c Ex-Japan (Provident)Manulife Investment Pacifi cEquity Malaysia Income (Provident)Hong Leong DividendEquity Malaysia Diversifi ed (Provident)Hong Leong GrowthEquity Malaysia Small and Mid-Cap (Provident)Eastspring Investments Small-capMixed Asset MYR Balanced-Global Pacifi c AsiaPac IncomeMixed Asset MYR Balanced-Global (Provident)TA Asia Pacifi c Islamic BalancedMixed Asset MYR Balanced-Malaysia TA Income Mixed Asset MYR Balanced-Malaysia (Provident)Dana Makmur PheimMixed Asset MYR Balanced-Malaysia (Islamic)Dana Makmur PheimMixed Asset MYR Conservative Affi n Hwang Select IncomeMixed Asset MYR Conservative (Islamic)Affi n Hwang Aiiman Select IncomeMixed Asset MYR Conservative (Provident)Eastspring Investments

Asia Select IncomeMixed Asset MYR Flexible (Provident)Eastspring Investments DynamicMixed Asset MYR FlexibleInterPac Dynamic EquityMixed Asset MYR Flexible (Islamic)InterPac Dana Safi

DURATION: 5 YEARSBond MYRPublic Bond Bond MYR (Provident)AMB Income TrustBond MYR (Islamic)RHB Islamic BondEquity Asia-Pacifi c (Provident)PB Islamic Asia EquityEquity Asia-Pacifi cPB China Pacifi c EquityEquity Asia-Pacifi c Ex-Japan (Islamic)CIMB Islamic Asia Pacifi c EquityEquity Asia-Pacifi c Ex-Japan (Provident)CIMB-Principal Asian EquityEquity Asia-Pacifi c Ex-JapanPB China ASEAN EquityEquity Global (Provident)CIMB-Principal Global TitansEquity Malaysia Areca equityTrustEquity Malaysia (Provident) Eastspring Investments MY FocusEquity Malaysia (Islamic)PMB Shariah AggressiveEquity Malaysia IncomePacifi c Premier Equity Malaysia Income (Provident)Eastspring Investments Equity Income

Equity Malaysia Income (Islamic)PMB Shariah DividendEquity Malaysia Diversifi ed (Provident)CIMB-Principal Equity Growth & IncomeEquity Malaysia Small and Mid-Cap (Provident)Eastspring Investments Small-capMixed Asset MYR Balanced-MalaysiaCIMB-Principal Income Plus BalancedMixed Asset MYR Balanced-Malaysia (Provident)Dana Makmur Pheim Mixed Asset MYR Balanced-Malaysia (Islamic)Dana Makmur PheimMixed Asset MYR Conservative (Provident)Eastspring Investments Asia Select IncomeMixed Asset MYR Balanced-Global (Provident)Public Far-East Balanced Mixed Asset MYR FlexiblePublic Tactical AllocationMixed Asset MYR Flexible (Provident)Eastspring Investments DynamicMixed Asset MYR Flexible (Islamic)Eastspring Investments Dana Dinamik

DURATION: 10 YEARSBond MYRPublic BondBond MYR (Provident)AmDynamic Bond

Bond MYR (Islamic)RHB Islamic BondEquity Asia-Pacifi c Ex-JapanEastspring Investments Asia Pacifi c Equity MYEquity MalaysiaAreca equityTrustEquity Malaysia (Provident)Affi n Hwang Aiiman GrowthEquity Malaysia (Islamic)Kenanga Syariah GrowthEquity Global (Provident)Public Global SelectEquity Malaysia IncomePublic Dividend SelectEquity Malaysia Income (Provident)Eastspring Investments Equity IncomeEquity Malaysia Diversifi ed (Provident)Affi n Hwang Select OpportunityEquity Malaysia Small and Mid-Cap (Provident)Eastspring Investments Small-capMixed Asset MYR Balanced-MalaysiaPacifi c SELECT BalanceMixed Asset MYR Balanced-Malaysia (Provident)Dana Makmur PheimMixed Asset MYR Balanced-Malaysia (Islamic)Dana Makmur PheimMixed Asset MYR Conservative (Provident)RHB Smart IncomeMixed Asset MYR Flexible (Provident)Manulife Investment-HW FlexiMixed Asset MYR Flexible (Islamic)Eastspring Investments Dana Dinamik


Eduspec expects profi t in FY18It will also implement cost-cutting measures, says CEO

BY W O N G E E L I N

KUALA LUMPUR: Education solu-tion provider Eduspec Holdings Bhd, which slipped into the red last year, expects to turn a profi t in the current fi nancial year end-ing Sept 30, 2018 (FY18) as it puts more focus to promote its core sci-ence, technology, engineering and mathematics (STEM) education, as well as its Education Services to Parents (ESP) business.

Chief executive offi cer (CEO) Lim Een Hong said the group will also implement cost-cutting meas-ures across its business operations.

“Results last year ... were bad, mainly due to our business in In-donesia,” Lim told reporters after Eduspec’s annual general meeting yesterday.

Th e group posted a net loss of RM11.88 million in FY17 compared to a net profi t of RM4.26 million in the previous year, on the back of a 39.2% drop in revenue to RM49.55 million from RM81.46 million in FY16 on lower governmental budget contracts in Indonesia.

“We were too dependent on gov-ernment contracts there,” he add-ed, noting the Indonesian business had contributed about half of the group’s earnings two years ago.

He said the political issues in Indonesia have been aff ecting the business there.

Hence, going forward, the group will focus less on governmental budget contracts in Indonesia, said Lim, adding that this business seg-ment “will not be growing much now”.

On the termination of its alliance with Beijing ZhongChuang HuaYing Technology Co Ltd last year, Lim said it was because the group did not see much contribution coming from the collaboration in terms of payment for licencing fees.

Eduspec is a certifi ed STEM pro-gramme distributor in Asia for the Carnegie Mellon University Robot-ics Academy.

Lim also said Eduspec is negoti-ating with Robomatter (previously iCarnegie Global Learning LLC) to restructure the current contract, which ends in July 2019.

“We are limiting our rights to cover smaller geographical loca-tions in Asean where we operate in Malaysia, the Philippines, In-donesia, Vietnam and Thailand and non-exclusive rights in China,” said Lim, adding that Eduspec had stopped the distribution business via Singapore’s CM Asia.

“With a newly restructured con-tract, we intend to bring down the

quarterly prepayment substantially,” he added.

E d u s p e c i n January signed an education-al cooperation

agreement with the PKU-HKUST Shenzhen-Hong Kong Institution to promote STEM education in schools in China.

Lim noted that there was now one school in China piloting its STEM programme, with another six pilot schools running the programme in the next couple of months.

He, however, pointed out that income from this business is still minimal this year, but to increase substantially in 2019.

Still, Eduspec’s strength lies in the Asean region, rather than Chi-na, said Lim.

Noting that the STEM business is growing steadily, he said there are currently up to 70 schools, in-cluding in the Philippines, which had converted their information and communications technology classes to STEM, and Eduspec is looking to see at least 100 schools converting to STEM this year.

On its ESP business that was launched at the end of last year, Eduspec is targeting the schools that it is currently serving. It will then expand its eff orts to schools throughout Malaysia and subse-quently schools in Asean.

Currently, the total registered users are over 180,000. ESP is a mo-bile application providing students with tools such as self-assessment, lesson plans and e-wallets to create better interaction with the school

faculty and parents.Following its net loss in

FY17, Eduspec shares have fall-en 55.3% over the past year to close at 8.5 sen yesterday, giving

it a market capitalisation of RM85.15 million.

BY A D A M A Z I Z

KUALA LUMPUR: Th e ongoing trade spat between China and the US could potentially benefi t crude palm oil (CPO), analysts say, assuming that China impos-es import tariff s on US soybeans, which will make US soybeans less competitive.

CIMB Investment Bank head of Malaysia research and region-al head of agribusiness research Ivy Ng sees potential support in CPO prices if China decides to include US soybeans into the list of US products targeted for trade barriers. China has ac-counted for between 52% and 76% of US soybean exports over the last two years.

“Although US soybeans were not in the list of potential Chi-nese countermeasures, state-ments from Chinese officials suggested that US soybeans could become a target for trade barriers,” said Ng in a report yes-terday.

“Should China impose tar-iff s on US soybeans, it will be negative for US soybean prices but potentially positive for CPO prices in the medium term,” she added.

But China’s move still spells uncertainties, another analyst told Th e Edge Financial Daily.

“Of course, demand for edible oil will be shifted to palm oil if China does that. Th e question is when,” the analyst said.

“There is also the invento-ry levels in China to take into consideration, and whether the demand is there,” the analyst added, referring to the high in-ventory level of edible oil there, including palm oil.

US President Donald Trump announced last Th ursday that he would impose tariff s on US$50 billion (RM195 billion) worth of Chinese exports to the US. In a tit for tat, China quickly outlined new import taxes of its own on US products worth US$3 billion.

Presently, China has a higher preference towards soybeans — which it can process into soy-bean oil domestically — amid growing demand for animal feed ingredient soymeal, according to reports.

Th e Chinese government also expects to break its all-time high annual soybean import of 95.54 million tonnes this year, while the US department of agricul-ture forecasts China’s palm oil imports to decline to 4.8 million tonnes in the same period.

For Ng, the reinstatement of the export tax of 5% in April after a three-month suspension has a more immediate eff ect on CPO, which she said is likely to boost CPO exports from Malaysia dur-ing the last week of March. “Th is is because it will cost CPO ex-porters an additional RM123.7 per tonne in taxes to export CPO from Malaysia starting April,” she added.

“Th e reinstatement of the ex-port tax could lead to lower CPO

Palm oil may benefi t from US-China trade spat

N E W S I N B R I E F

BY C H R I S TO P H E R L I M

KUALA LUMPUR: Hibiscus Petro-leum Bhd has cautioned investors against postings on klse.i3inves-tor.com, which it said have been wrongfully using the name and picture of the company’s managing


KUALA LUMPUR: Integrated engineering service provider Serba Dinamik Holdings Bhd has formed a joint-venture (JV) company with Junaco (T) Ltd for the construction of a chlor-alkali plant in Tanzania.

Serba Dinamik will hold a 25% stake in Sufi ni Holding Ltd while

prices in Malaysia as traders are likely to pass on some of the ad-ditional taxes to farmers.

“This could also raise the share of processed palm oil ex-ports from Malaysia at the ex-pense of CPO exports in April. Indonesia is likely to see stronger demand for CPO in April,” she noted.

Nevertheless, for players at large, the impact of the tax sus-pension lift should have already been priced in, said Ng.

“There may be a little bit of adjustment [in share prices], but the government already indicated in January that the suspension is only until April,” she said. “It would be a sur-prise if the tax suspension is extended.”

An analyst at Affin Hwang Capital Research noted that apart from the lifting of the ex-port tax suspension, there are also other factors that will in-fl uence CPO prices.

“Some of the concerns in-clude CPO export growth, the inventory rising again if exports and consumption are lower than production numbers, the results from the European Un-ion whether to ban our palm oil from their biofuel programme, and the Indian tax programme on our palm oil products,” the analyst added.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.2% to close at RM2,434 per tonne yesterday.

Both Affi n Hwang and CIMB are “neutral” on the plantation sector. Ng’s top “buy” call is on Genting Plantations Bhd with a target price (TP) of RM11.90, while Affi n Hwang’s top plan-tation pick is Felda Global Ven-tures Holdings Bhd (FGV), with a TP of RM2.26.

“We believe [FGV’s] earnings will grow on the back of higher fresh fruit bunches and CPO pro-duction, as well as better contri-bution from the sugar business.

“We like FGV as we think management is focused on im-proving the core business, im-proving operational excellence and optimising financial and human capital,” Affin Hwang added.

FGV shares closed three sen or 1.75% higher at RM1.74 yes-terday, giving it a market capital-isation of RM6.35 billion, while Genting Plantations’ stock set-tled unchanged at RM10.26, val-uing it at RM8.24 billion.

Hibiscus warns of wrongful use of MD's name, picturedirector (MD) Dr Kenneth Pereira.

“Hibiscus and Dr Kenneth Perei-ra wish to highlight that those post-ings are not made by, or otherwise attributable to, the company or Dr Kenneth Pereira,” it said in a fi ling with Bursa Malaysia yesterday.

Hibiscus said the website ad-

ministrator of the investment portal has been informed of the misuse “so that it can take necessary ac-tion on its part”.

“Th e rights of the company and Dr Kenneth Pereira are fully re-served and further action will be taken, as appropriate,” it added.

Serba Dinamik-Junaco JV to set up Tanzania plantJunaco will hold the remaining 75%.

In a filing with Bursa Malay-sia yesterday, Serba Dinamik said its wholly-owned subsidiary Ser-ba Dinamik International Ltd on March 23 entered into a sharehold-ers’ agreement with Junaco to form a strategic collaboration and to govern the material aspects of the JV, conduct of the business, and management of Sufi ni.

Sufi ni will hold 100% of Msu-fi ni (T) Ltd shares, which in turn will own the plant directly and has the sole purpose of executing the project.

On Oct 9, 2017, SDIL entered into a JV agreement with Junaco to set up the 45-tonne-per-day chlorine skid mounted chlor-al-kali plant in the Msufini area in Tanzania.

Lim: With a newly restructured contract, we intend to bring down the quarterly prepayment substantially. Photo by Patrick Goh

Statements from Chinese offi cials

suggested that US soybeans could

become a target for trade barriers.

8 P R O P E RT Y TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

China Overseas Land profi t upRise in earnings to HK$34.26 billion mainly driven by property sales

HONG KONG: China Evergrande Group, the nation’s third-biggest property developer by sales, yes-terday said its 2017 core prof-it surged 95% to a record high, boosted by the sale of more apartments and the redemption of high-interest perpetual bonds.

Core profi t, which excludes revaluation gains, was 40.51 billion yuan (RM25.18 billion) for the full year, compared with a consensus forecast of 27.26 billion yuan from 18 analysts polled by Thomson Reuters SmartEstimate.

Net profi t surged 110% to 37 billion yuan, and revenue in-creased 47% to 311 billion yuan. Total borrowings rose 37% to 732.6 billion yuan. — Reuters

HONG KONG: Buyers snapped up fl ats released at a develop-ment in Tseung Kwan O on Sat-urday, showing that property demand has yet to dampen despite the monetary authority raising interest rates by 25 basis points last week.

Wheelock & Co said it would release another 180 units at the Malibu development at an average discounted price of HK$17,374 (RM8,642.68) per sq ft on Sunday, or 17% higher than the average transaction price in the fi rst batch, being two weeks ago.

The price increase came after the developer sold 307 units, or about 96% of the 321 units on sale at Wheelock & Co’s Malibu Complex at Lohas Park, Tseung Kwan. — South China Morning Post

China Evergrande 2017 core profi t nearly doubles

Tseung Kwan O fl at sale shows sector still strong

BY P E A R L L I U

HONG KONG: China Overseas Land & Investment, the country’s top property developer by market value, logged a 9.21% rise in core prof-it, mainly driven by property sales.

Th e state-backed developer post-ed a core profi t of HK$34.26 billion (RM17.03 billion) in 2017, after ex-cluding revaluation gains. Th e fi gure in 2016 was HK$31.37 billion.

Net profi t, including a total of HK$6.51 billion in fair value gains and tax gains, jumped 10.1% to

SINGAPORE: Mandarin Gardens condominium is one step closer to setting a record for Singapore’s largest collective sale.

Owners of the 99-year leasehold property on Sunday approved the S$2.48 billion (RM7.38 billion) ask-ing price for an en bloc sale attempt at an extraordinary general meet-ing which lasted over four hours.

Th e marketing agent for the pro-cess also revealed that developers could be facing a bill exceeding S$4 billion to acquire the property and build a new one.

“Th is will set an all-time record which will unlikely be broken in one or two decades,” said Nicholas Mak, executive director and chief investment offi cer of ZACD Group.

“But it would also give some en-couragement to other larger age-ing estates such as Pine Grove or Braddell View.”

Channel NewsAsia had earlier reported that the 1,006-residen-tial-unit property along Siglap Road was forging ahead to engi-neer a collective sale which is set to become the highest in terms of

40.77 billion, higher than Bloomb-erg’s analyst forecast of HK$35 bil-lion.

Total revenue grew 1.2% to HK$166.01 billion, the company said in a fi ling to the Hong Kong stock exchange.

Th e profi t gain was on the back of a 10.2% jump in contracted sales to HK$232.07 billion from HK$210.6 billion a year earlier.

CCB International said that the reported 2017 annual contracted sales increase is yet significantly underperforming the peer aver-

age growth of 45.6%. In the past year, the 10 biggest

Chinese developers by market cap-italisation posted an average of 56% growth in contracted home sales, according to Bloomberg data.

“Th is was the second consecu-tive year that China Overseas Land & Investment underperformed the industry average,” said Frank Miao, analyst with CCB International, in a note. “Our earlier optimism about the company was based on our be-lief that the new management team that took over in June 2017 would

quickly settle in and rejuvenate the fi rm. However, by now it is evident that the overhaul of China Overseas Land & Investment will take longer than we had anticipated. Our new forecast calls for 26.4% year-on-year contracted sales growth in the 2018 fi nancial year.”

JP Morgan said it believed the chairman’s hard work “will pay off soon” and that the compa-ny can meet the 400 billion yuan (RM248.53 billion) in sales by 2020, a target the company set two years ago. — South China Morning Post

Mandarin Gardens owners approve S$2.48b price for collective saleBY DY L A N LO H & E U G E N I A L I M

dollar value in Singapore’s histo-ry. The record currently belongs to the former Farrer Court, which has since been redeveloped into D’Leedon. That 99-year leasehold property fetched about S$1.3 bil-lion in 2007.

Th e process for the collection of signatures to get consent from

at least 80% of owners has com-menced — a requirement for Mandarin Gardens to be formally launched for a collective sale.

Speaking to residents at the meeting, marketing agent C&H Properties said that beyond the re-serve price of about S$2.5 billion, potential buyers may have to pay

an estimated S$325.4 million as a top-up for a fresh lease.

That is in addition to an esti-mated S$1.28 billion for the de-velopment charge, bringing the total bill, and total land price, for a buyer to about S$4.09 billion. Th is works out to S$1,236 per sq ft per plot ratio. — CNA

The process for the collection of signatures to get consent from at least 80% of owners has commenced — a requirement for Mandarin Gardens to be formally launched for a collective sale.

BY C L A R E J I M

BY Z E N S O O

B R O K E R S’ C A L L 9TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

Bumi Armada in talks for up to 10 FSPO charters

Pesona Metro Holdings Bhd(March 26, 37 sen)Maintain buy with a target price (TP) of 52 sen: Pesona Metro Hold-ings Bhd announced that it has been awarded a RM216.4 million contract from Gaya Kuasa Sdn Bhd for an aff ordable housing job in Bukit Jalil. The job involves two 42-storey apartment blocks over a period of 32 months commencing July 2018.

This contract is Pesona’s sec-ond job win for fi nancial year 2018 (FY18), bringing the cumulative sum to RM378 million. Coming off a quiet FY17 with no new job wins, it appears that job fl ow mo-mentum is picking up for Pesona. With this recent job in the bag, we estimate Pesona’s order book to stand at RM1.9 billion, implying a cover of 3.6 times FY17 construc-tion revenue.

What’s next? Looking ahead, in terms of potential job wins, Pe-sona is targeting several build-ing-type jobs in the tune of more than RM500 million. Th is includes hospitals, government facilities, condos and affordable housing. Th ere could also be job fl ow po-tential from its sister company, Juta Asia (unlisted), via upcoming new property developments.

Th e acquisition of SEP Resourc-es (M) Sdn Bhd has been conclud-

Pesona’s job fl ow momentum appears to be picking up

Pesona Metro Holdings Bhd

FYE DEC (RM MIL) 2016 2017 2018F 2019F

Revenue 393 549 795 800Ebitda 41 49 51 59Ebit 30 33 38 45Profit before tax 29 29 36 43Core Patmi 20 19 26 31Vs consensus (31) (15)Core EPS (sen) 2.9 2.8 3.8 4.5PER (x) 14.2 14.9 10.8 9.1Net DPS (sen) 2.0 1.0 1.0 1.0Net dividend yield (%) 4.9 2.4 2.4 2.4BV per share 0.21 0.25 0.26 0.29P/B (x) 2.0 1.7 1.6 1.4ROE (%) 14.3 12.2 15.0 16.3Net gearing (%) Cash 52.7 29.1 CashSource: Hong Leong Investment Bank Research

Gamuda Bhd(March 26, RM5.11)Maintain neutral with a higher target price (TP) of RM5.25: Bright prospects beckon for Gamuda Bhd, as a strong infl ux of mega projects is expected to contribute to its current estimated unbilled order book of RM7.7 billion by another +15%. We expect Gamuda to win subcontract-ing jobs from the Gemas-Johor Baru double-track railway project that has been awarded to YTL Corp Bhd.

Gamuda’s six months of fi nan-cial year 2018 (6MFY18) profi t after tax and minority interest registered RM414.2 million (+26.1% year-on-year [y-o-y]), reflecting positive revenue increments from the con-struction and property segments. In addition, its 6MFY18 earnings met our and the street’s target at 51% and 50% of full-year estimates respectively. Gamuda’s 6MFY18 re-

sults met our estimate as we have assigned a lower construction pro-gress billing rate for the cumulative period due to project completion.

Th e construction segment regis-tered a healthy increase in revenue to RM795.8 million (+33.32% y-o-y) and profi t before tax of RM729.3 million (+41.6% y-o-y). So far, we are confi dent that the progress of mass rapid transit Line 2 (Sungai Buloh–Serdang–Putrajaya) and the Pan Borneo Highway (Pantu Junc-tion to Batang Skrang) will be on schedule. Th us, we maintain our current earnings estimates.

We maintain our “neutral” rec-ommendation due to its year-to-date share price run-up with an adjusted TP of RM5.25 per share based on sum-of-parts valuation. We have refi ned our valuation to refl ect changes in debt value. — MIDF Research, March 26

Gamuda Bhd

FYE JULY (RM MIL) 2015 2016 2017 2018F 2019F

Revenue 2,399.0 2,121.0 3,211.4 2,104.4 2,210.0Ebit 601.9 494.1 682.5 661.1 670.0Pre-tax profit 858.1 780.6 656.2 994.5 1,038.0Patmi 682.1 668.7 602.0 810.8 820.0FD EPS (sen) 28.9 25.3 24.8 34.4 40.7EPS growth (%) -0.05 -12.5 -2.0 38.7 18.4PER (x) 17.72 20.24 20.6 14.0 9.9Net dividend (sen) 12.0 11.0 11.0 14.0 12.0Net dividend yield (%) 2.3 2.1 2.1 2.9 4.0Source: MIDF Research

Strong infl ux of mega projects seento contribute to Gamuda’s order book

ed. Pesona’s acquisition of its fi rst tranche (70% stake) in SEP (a con-cessionaire of the hostel of Univer-siti Malaysia Perlis) was complet-ed at end-September 2017. The second-tranche acquisition (the balance 30% stake) is targeted for completion by the third quarter of FY18 (3QFY18).

Our risk is higher material prices impacting margins, while our forecasts are unchanged as year-to-date job wins of RM378 million are still within our full-year order book replenishment

assumption of RM500 million. We maintain “buy” on Pesona,

with a TP of 52 sen. While its recent 4QFY17 results were disappointing, we are hopeful of a recovery in FY18 as order-book execution picks up, coupled with the full-year impact from SEP’s contribution.

Our valuation is a fully dilut-ed sum-of-parts-based TP of 52 sen, implying FY18 and FY19 price-earnings ratios of 13.8 times and 11.5 times respectively. — Hong Leong Investment Bank Research, March 26

Bumi Armada Bhd(March 26, 83 sen)Maintain hold with a target price (TP) of 85 sen: Th e fl oating produc-tion storage and offl oading (FPSO) Olombendo hit fi rst oil on Feb 8, 2017 and began earning 80% to 90% of its bareboat charter (BBC) rate from Eni Angola from the second quarter of 2017. Final acceptance was prolonged by the need to re-place some equipment on board and the logistical/paperwork com-plexities. Th e FPSO is currently pro-ducing 78,000 to 79,000 barrels of oil per day (bopd) against nameplate processing capacity of 80,000 bopd. We expect fi nal acceptance by April 2018, from which the 12-year fi rm period can offi cially commence.

Th e FPSO Kraken achieved fi rst oil on June 23, 2017, and is current-ly processing crude oil at a rate of 45,000 to 50,000 bopd, which is all of what is being extracted from the Kraken oilfi eld. More than 80% of the BBC rate is being earned right now, and with the weather improv-ing, fi nal acceptance is achievable by April/May 2018. EnQuest is plan-ning for production shutdowns of two weeks in April and one week in September, but the shutdown in

April was brought forward to March during extreme cold weather which shut down the FPSO.

Hoang Long Joint Operating Com-pany’s developments surrounding Vietnam’s Te Giac Trang (TGT) fi eld mean that the output from more off shore fi elds is expected to be tied into the FPSO. Th ere is a very high probability that the charter for TGT1 will be extended for three/fi ve years, from the end of the fi rm charter pe-riod in September 2018, out of the total option period of eight years. We have included a six-year exten-sion into our TP. While the option’s BBC rate will fall, cash fl ows to Bumi Armada Bhd may increase since pro-ject fi nancing will be fully repaid by September 2018.

Bumi Armada Bhd

FYE DEC (RM MIL) 2016A 2017A 2018F 2019F 2020F

Revenue 1,417 2,402 2,179 1,996 1,942Operating Ebitda 310 1,203 1,399 1,216 1,161Net profit (1,887) 352 569 647 580Normalised EPS (RM) (0.02) 0.05 0.10 0.11 0.10Normalised EPSgrowth (%) (128) 85 14 (10)FD normalised PER (x) NA 15.86 8.55 7.52 8.40EV/Ebitda (x) 48.17 12.11 9.57 9.90 9.22P/FCFE (x) 3.67 NA 71.93 18.14 7.62Net gearing (%) 176 175 139 105 78P/BV (x) 0.86 0.89 0.80 0.73 0.67ROE (%) (1.5) 5.5 9.8 10.1 8.3Normalised EPS/consensus EPS (x) 1.24 1.36 1.09Sources: CIMB Research, company reports

Th e seven-year fi rm charter for the Perdana will only end on Dec 31, 2020, but Erin Energy has faced financial difficulties and stopped paying the BBC hire since 2016. Th e fi eld is only producing 4,000 to 5,000 bopd against the FPSO’s processing capacity of 40,000 bopd, with most of the sales proceeds used to pay down debt and the residual used to cover the FPSO’s operations and maintenance costs. If new buyers take over Erin Energy’s interest in the Oyo fi eld, there may be potential for production recovery.

Bumi Armada has been market-ing the Claire as a redeployment candidate for marginal oilfields for more than one year. Th e level of interest has been encouraging,

although discussions need time to come to fruition. A positive out-come may be possible in late 2018, and we have not factored in any up-side potential from a new contract, as the contract value for marginal fi elds may be small and the contact duration fairly short.

Bumi Armada is in discussions with clients for up to 10 FPSO char-ters, of which Oil and Natural Gas Corp’s 98/2 and Hess’ Tano Cape

Th ree Points block off shore Ghana are the two most proximate awards. We have not included any potential wins into our TP. Capital expendi-ture is likely to exceed US$1 billion (RM3.9 billion) for each project, with Bumi Armada likely to tap into euro medium term note fi nancing (up to US$1.5 billion) for the equity por-tion. A rights issue remains off the table, according to Bumi Armada. — CGSCIMB Research, March 26

‘Olombendo’ hit fi rst oil on Feb 8, 2017 and began earning 80% to 90% of its BBC rate from Eni Angola from the second quarter of 2017.

1 0 B R O K E R S’ C A L L TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

Hai-O’s 9M earnings within expectationsHai-O Enterprise Bhd(March 26, RM4.81)Maintain outperform with an un-changed target price (TP) of RM6: Nine months of fi nancial year 2018 (9MFY18) net profi t of RM58.6 mil-lion (+42% year-on-year [y-o-y]) came in within both of our and con-sensus expectations at 70% of full-year forecasts. Th e group declared an interim dividend per share of nine sen for 9MFY18 (9MFY17: fi ve sen), which is within our expecta-tions as normally around 70% of dividends are paid out in the fourth quarter (4Q).

We expect 4QFY18 to register higher sales with the start of the 26th-year grand sales overseas trip promotion to Switzerland and Par-is (January to May 2018) as well as the maiden contribution from the highly anticipated shoes and leath-er goods designed in consultation with Datuk Jimmy Choo.

Y-o-y, 9MFY18 net profi t surged 42% underpinned by: i) high-er revenue (+23%) driven by the multilevel marketing (MLM) di-vision (+28%) and wholesale divi-sion (+17%) attributable to higher sales volume from newly launched big-ticket items in its MLM fashion and beauty care range of products as well as higher wholesale sales from its health tonic and Chinese tea; ii) earnings before interest and tax (Ebit) jumping 38% with expanded Ebit margin by 2.3 per-centage points to 21.3% from 19% in 9MFY17, boosted by the MLM division (+24%), which contribut-ed 70% of the 9MFY18 group Ebit, and supported by its wholesale division (+168%) through sales of high-margin products (namely pre-mium Chinese medicated tonic); and iii) a lower eff ective tax rate of

Hai-O Enterprise Bhd

FYE APRIL (RM MIL) 2017A 2018E 2019E

Turnover 404.2 543.8 664.4Ebit 77.4 103.6 121.9PBT 78.3 108.9 132.4Net profit (NP) 59.4 83.8 101.6Consensus (NP) - 85.4 102.7EPS (sen) 20.5 29.0 35.1EPS growth (%) 62.5 41.0 21.3NDPS (sen) 16.0 21.7 26.3BV/share (RM) 0.98 1.06 1.14PER 22.9 16.3 13.5Price/BV (x) 4.8 4.5 4.1Net gearing (x) N cash N cash N cashNet dividend yield (%) 3.4 4.6 5.6Source: Kenanga Research

23.1% (9MFY17: 24.9%). Quarter-on-quarter, 3QFY18 net

profi t declined by 10% mainly due to the lower revenue (-17%) from the earlier termination of the 25th-year grand sales overseas trip promotion, which ended in 2QFY18, as well as a higher eff ective tax rate of 23.2% (2QFY18: 22.3%).

We expect MLM earnings to gain further momentum with shoes and leather goods designed in consul-tation with Choo, which are set to boost high-margin products com-position as well as being supported by Hai-O Enterprise Bhd’s 26th-year anniversary grand sales promotion in 2018 and higher contribution from the newly launched fashion and beauty care range of products under the “Infi nence” brand. Mov-ing forward, the MLM division will continue to expand its lifestyle seg-ment of which margins are better compared with food and bever-ages products. On the other hand, wholesale and retail segments are

expected to maintain their high Ebit margin with the sales of high-margin in-house brands (namely premium Chinese medicated tonic).

Maintain “outperform” with an unchanged TP of RM6 based on 17 times FY19 estimates earnings per share implying +1SD of its fi ve-year forward historical mean. We believe our target price-earnings ratio of 17 times is justifi able considering Hai-O’s average 32% net profi t growth per annum over the next two years.

We like Hai-O for its double-dig-it growth in distributor base (cur-rently at around 160,000), net profi t growth averaging 31% per annum over the next two years boosted by a double-digit margin, and strong earnings support from high-margin products under its MLM and lead-ing Chinese medicine retail shops (under other business). Risks to our call include lower-than-expected sales, and higher-than-expected operating expenses. — Kenanga Research, March 26

Yinson Holdings Bhd(March 26, RM3.69)Maintain buy with an unchanged fair value (FV) of RM5.05: Our fi -nancial year 2018 forecast (FY18F) earnings are maintained for now pending offi cial confi rmation that Yinson Holdings Bhd’s 49% stake in the Ca Rong Do fl oating pro-duction, storage and offl oading (FPSO) charter may be terminated due to Vietnam’s territorial dis-pute with China over Block 07/03 off shore Vietnam, as reported by the media. While there has been no announcement yet, media reported that state-owned Pet-roVietnam has ordered the fi eld operator Repsol to suspend the project, in which up to US$200 million (RM780 million) has al-ready been invested.

In April last year, the Yinson/PTSV joint venture was awarded the FPSO charter, which has an estimated total aggregate value of US$1 billion for the entire 15-year charter inclusive of all fi ve yearly extension options. As a service provider, Yinson will be entitled to claim full compensation for the costs incurred for the FPSO, which involve the acquisition of OSX-1 (production and storage vessel) from a distressed Brazilian operator. Th e upgrading contract for the vessel has yet to be award-ed following its purchase from fi nancial institutions.

Repsol holds a 51.8% operating stake in the Ca Rong Do project, which has estimated reserves of 45.3 million barrels of oil and 172 billion cubic feet of gas and 2.3 million barrels of condensate. Its

partners are Mubadala Petroleum with a 21.3% stake, PetroVietnam (14.3%) and PetroVietnam Explo-ration & Production (12.8%).

Even after the termination, we understand that Yinson could still own the vessel, which would have been fully paid by Repsol and can be redeployed to new opportuni-ties as fi ve new charters are up for tender in Brazil’s Santos pre-salt basin amid proposals to relax lo-cal content requirements.

Nevertheless, the foregone fu-ture revenues from a likely charter termination could translate into an 11% reduction in Yinson’s FY20F earnings and a 36 sen (7%) cut in our sum-of-parts (SOP) to RM4.72 per share.

However, the group may also be eyeing a Hess-related FPSO project in Ghana, which could cost over US$1 billion, similar to the group’s earlier vessel for Eni. Hess’ Tano Cape Th ree Points off Ghana recently won a territori-al dispute with the Ivory Coast, as mediated by the International Tribunal for the Law of the Sea.

We have already incorporated a potential discounted cash fl ow accretion from the novation of the Layang FPSO and charter exten-sion from the Lam Son charter, which was also discontinued ear-lier. Underpinned with locked-in earnings visibility from an order book of US$4.2 billion (25 times FY18F revenue), the stock current-ly trades at a bargain calendar year 2018 forecast price-earnings ratio of 13 times versus over 20 times for Dialog Group and Sapura Energy. — AmInvestment Bank, March 26

Yinson Holdings Bhd

FYE JAN (RM MIL) 2017 2018F 2019F 2020F

Revenue 543.3 904.9 1,076.4 954.8Core net profit 197.0 332.4 330.8 345.0FD core EPS (sen) 18.0 30.4 30.3 31.6FD core EPS growth (%) (12.3) 68.7 (0.5) 4.3Consensus net profit 344.1 332.4 333.3DPS (sen) 16.6 4.0 5.0 5.5PER (x) 20.7 12.3 12.4 11.8EV/Ebitda (x) 25.0 11.3 9.2 9.3Dividend yield (%) 4.0 1.0 1.2 1.3ROE (%) 10.4 15.7 13.8 12.9Net gearing (%) 162.4 131.4 108.7 91.7Sources: AmInvestment Bank, company report

Ta Ann Holdings Bhd

FYE DEC (RM MIL) 2016A 2017A 2018F 2019F 2020F CAGR (%)

Revenue 1,147.8 1,172.9 1,135.3 1,158.4 1,147.7 0.0Gross profit 184.9 316.0 185.4 189.6 181.2 -0.5Pre-tax profit 175.8 197.5 180.8 189.0 184.7 1.2Core net profit 117.4 119.7 131.4 137.6 134.4 1.0EPS (sen) 26.4 26.9 29.5 30.9 30.2 1.0PER (x) 11.4 11.2 10.2 9.7 10.0DPS (sen) 10.0 10.0 10.2 10.7 10.4Dividend yield (%) 3.3 3.3 3.4 3.5 3.4Sources: Company, PublicInvest Research estimates

Potential redeployment from Ca Rong Do termination seen for Yinson

It is understood that even after the termination, Yinson could still own the vessel.

Ta Ann Holdings Bhd(March 26, RM3.01)Maintain outperform with an un-changed target price of RM4.14: Th e Sarawak forest department has raised the fee for tracking the movement of planted forest timber by 300% to RM1.50 per cubic metre (cu m) from 50 sen per cu m eff ective early this month. In addition, the department also introduced a transportation fee of RM1 per cu m for hardwood tim-ber harvested from natural forests from March 1. It is understood that the new fee is to pay for tracking the movement of logs through the is-suance of a shipping pass or land transport pass.

Based on our channel checks, about 226,000 cu m or 60% of Ta Ann Holdings Bhd’s log production are de-rived from the natural logs this year. Th is year, we expect to see a staggering jump of more than 200% in the plant-ed forest timber production. In short, based on our estimates, the log fee

Ta Ann expected to see minimal impact from log fee hike

hike together with the introduction of a transportation fee for hardwood timber harvested from natural forests, could lead to an earnings impact of -0.3% to -0.5%. Hence, we made no change to our earnings forecasts.

Th anks to the strong eff orts in the planted forest or reforestation projects over the next few years, the group should see increasing planted forest timber production. As of fi nancial

year 2016, the group planted trees’ harvestable area covers 16,413ha or 47% of total planted area of 35,247ha with an average age profi le of at least 10 years old. Th e company has em-barked on the second rotation plant-ing following the harvesting of the fi rst-round planted acacia. It has also carried out kelampayan species plant-ing along its oil palm estates. — Pub-licInvest Research, March 26

H O M E 1 1TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

Th ree MPs suspended for refusing to apologise to Speaker

I’m not sure of bungalow price — witnessDoubt over testimony as Penang chief minister’s graft trial opens

BY S A N G E E T H A A M A R T H A L I N G A M

BY C H E S T E R TAY

KUALA LUMPUR: Th ree opposition members of parliament (MPs) have been suspended for 10 days for fail-ing to apologise to Tan Sri Pandikar Amin Mulia after demanding the Speaker’s resignation.

Deputy Speaker Datuk Ron-ald Kiandee handed down the suspension on Datuk Ngeh Koo Ham (DAP-Beruas), Nga Kor Ming (DAP-Taiping) and V Sivakumar

(DAP-Batu Gajah) in the Dewan Rakyat yesterday.

Kiandee said the three MPs had insulted the speaker, and by exten-sion the lower house of parliament, by refusing to apologise for their joint statements dated March 7 and March 13.

Th e MPs had on March 7 issued a joint statement that questioned Pandikar’s decision to reject an emer-gency motion to discuss the seizure of the luxury yacht Th e Equanimity in

Indonesia and issues relating to 1Ma-laysia Development Bhd (1MDB).

Th ey called on the speaker not to be an accomplice in covering up the 1MDB scandal, and urged him to resign after rejecting the motion.

On March 13, Nga issued a media statement asking Pandikar to take appropriate measures to safeguard the Dewan Rakyat’s integrity.

Later that day, the Speaker wrote to the three MPs, asking them to is-sue an open apology in the house.

KUALA LUMPUR: Th e Malaysian Communications and Multimedia Commission (MCMC) has taken action against 4,358 fake accounts from January last year until Feb-ruary this year, the Dewan Negara was told yesterday.

Communications and Mul-timedia Minister Datuk Seri Dr Salleh Said Keruak said 80% of these fake accounts had been de-leted by social media platform providers such as Facebook and Twitter for violating the terms and conditions set by their respective service providers.

He said MCMC had also blocked 40 websites, portals and blogs that disseminated fake news and in-formation.

“Since January 2017 until Feb-ruary 2018, a total of 45 investiga-tion papers were opened by MCMC for these cases involving the spread of fake news on various social me-dia platforms with four cases being brought to court,” he said.

He was replying to a question from Senator Datuk Seri Khairu-

MCMC acts against 4,358 fake social media accounts

din Samad during the ques-tion-and-answer session at the Dewan Negara sitting concerning the government’s plan to tackle issues related to the spread of fake news and information that

was currently widespread.Salleh said based on the MCMC

analysis, the majority of Malay-sians received unreliable or fake news via WhatsApp and Facebook. — Bernama

KUALA LUMPUR: Applications for postal voting from Malay-sians residing abroad, received after midnight on the day Par-liament is dissolved, will not be processed, said the Election Commission (EC).

To apply for the postal vot-ing facility, applicants must be a registered voter under the regular or absent voter catego-ry, and had been in Malaysia or returned to Malaysia not less than 30 days within fi ve years prior to the dissolution of the 13th parliament or state assembly.

Th e applicant must also be living abroad but those living in southern Th ailand (Nara-thiwat, Pattani, Yala, Songkhla and Satun), Singapore, Bru-nei and Kalimantan province, Indonesia are not eligible for the facility and must return to Malaysia to cast their vote on polling day .

According to the EC, ap-plications must be submitted using Form 1B - Postal Voting Application Form (Overseas Postal Voter) which can be downloaded from its website.

“The completed applica-tion forms must be sent to EC headquarters in Putra-jaya via email to [email protected], or by fax to 03-8881 0424/0399/0394/0386/0369, or mail to Suruhanjaya Pilihan Raya Malaysia, Menara SPR, No 2 Jalan P2T, Presint 2, Pusat Pen-tadbiran Kerajaan Persekutuan, 62100 Putrajaya. — Bernama

Postal vote requests not accepted once Parliament dissolves

Finalise water concession takeover deal, Sultan tells federal, state govts SHAH ALAM: Sultan of Selan-gor Sultan Sharafuddin Idris Shah has told the federal and the Selangor governments to work together to fi nalise the takeover process of the state’s water concession companies in the spirit of federalism to protect the interests of the state and the people. He re-minded all quarters to be re-sponsible and not to politicise the waters issues in Selangor. “I hope the water issues aff ect-ing the interests of the people will be solved immediately. “I have said this before, that politics are not just hunting for power, but also achiev-ing outstanding governance to develop the state and fulfi l the people’s aspirations,” the sultan said at the opening of the fi rst meeting of the sixth term of the 13th state legisla-tive assembly here yesterday. — Bernama

Najib, two others succeed in striking out GANT1 suitPUTRAJAYA: Prime Minister Datuk Seri Najib Razak and two others succeeded in their application to strike out a law-suit fi led against them by 10 Gerakan Anak Muda Tolak Na-jib (GANT1) members over payments by 1Malaysia De-velopment Bhd (1MDB) to International Petroleum In-vestment Company. Th is fol-lowed a decision by the Court of Appeal in allowing the ap-peal by Najib, 1MDB and the government against a High Court’s decision in dismissing their application to strike out the lawsuit. Justice Ahmadi Asnawi, who led a three-man bench, said all the respondents (GANT1) had no locus standi to bring the action to the court on behalf of Malaysian citi-zens. Th e three justices unani-mously allowed the appeal and set aside the Jan 9 High Court decision. — Bernama

Employees of nine depart-ments, agencies can apply for postal voting — ECKUALA LUMPUR: Employees of nine departments and agen-cies who are eligible to vote and required to be on duty on polling day can apply for postal voting, with the appli-cation to be submitted at least fi ve days before nomination day, according to the Election Commission (EC). Th e depart-ments and agencies concerned are the Malaysian Maritime Enforcement Agency, Prisons Department, Fire and Rescue Department, Health Depart-ment (government hospitals and clinics only), Auxiliary Police, Malaysian Civil De-fence Force, Immigration De-partment, National Disaster Management Agency and the National Registration Depart-ment (only for staff at the Ur-ban Transformation Centre). — Bernama

I N BR I E F

GEORGE TOWN: Th e graft trial of Chief Minister Lim Guan Eng opened yesterday with the fi rst witness ad-mitting to be unclear about the de-tails of a house purchase that is at the centre of the trial.

Online marketing agent Muh-sin Lahteef told the High Court he was unsure about the details of the purchase in his report to the Malay-sian Anti-Corruption Commission (MACC).

Cross-examined by Guan Eng’s counsel Gobind Singh Deo, Muhsin said he was not sure of the value at which Guan Eng had bought the bun-galow, or the date of the purchase.

Muhsin, whose MACC report

on March 18, 2016 launched an in-vestigation by the commission into Guan Eng’s purchase of the bunga-low in Jalan Pinhorn here, said that he was also not familiar with sale and purchase agreements and property transactions.

Th e 34-year-old told Judge Datuk Hadhariah Syed Ismail that he lodged the report after watching a video on a parliamentary debate between Tasek Gelugor member of parliament Da-tuk Shabudin Yahaya and Guan Eng over the alleged undervalued bun-galow transaction in 2015.

“I wanted to give Guan Eng the opportunity to clear his name,” said Muhsin, also known as ‘Mamu Par-pu’ on social media.

He denied that he is a Barisan

Nasional supporter although his Ins-tagram handle says #kamigangNajib (We are Prime Minister Datuk Seri Najib Razak’s gang).

Muhsin said that he was uncertain about the exact terms of Guan Eng’s S&P transaction although his report states 2008. Th is is contrary to Shabu-din’s statement in parliament that Guan Eng bought the house in 2015.

Last June 30, Guan Eng pleaded not guilty to two corruption charges, concerning his alleged involvement in the conversion of a piece of land from agricultural status to residential, and for allegedly buying a bungalow below market value.

According to Deputy Public Pros-ecutor Datuk Masri Mohd Daud, Guan Eng is alleged to have used

his position as chief minister to gain gratifi cation for himself and his wife by approving an application to con-vert the land to public housing in Balik Pulau for Magnifi cent Emblem Sdn Bhd.

Guan Eng is alleged to have com-mitted the off ence when chairing the Penang State Planning Committee meeting on July 18, 2014.

He can be jailed up 20 years and fined up to five times the sum or value of the bribe.

In the second charge, he is alleged to have used his position to buy his bungalow on July 28, 2015 from Mag-nifi cent Emblem director Phang Li Koon for RM2.8 million, which is al-legedly less than the RM4.27 million market value.

1 2 F O C U S TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

Ayer Hitam — Suicide mission for Liew, or rout for MCA?Th e small town in Johor would be the litmus test of people’s support for the opposition

BY K A M A R U L A Z H A R

RU N U P TO G E 14

KUALA LUMPUR: Th e small town of Ayer Hitam, located about halfway between Johor Baru and Melaka, is like many other small towns in Peninsular Malaysia: the people are laid back, the environment serene, with only one trunk road connecting it with the bigger towns of Kluang and Batu Pahat.

While it is located right next to the North-South Expressway, people generally do not pay much attention to Ayer Hitam. Weary travellers would sometime make a quick stop to check out the ceramic pottery and porcelain crafts the town is famous for.

Th at feeling of serenity has now left the town.

On March 18, some 2,000 people turned up at a rally there, as the Pakatan Harapan coalition announced the candidacy of DAP political education director Liew Chin Tong to face the incumbent Datuk Seri Dr Wee Ka Siong, who is MCA deputy president.

Judging from the turnout, which was made up of mostly middle-aged Chinese, MCA is in for a tough fi ght against DAP. What’s more, the candidate from the opposition pact is one who is dubbed “the giant slayer”.

In the 12th general election (GE12) held in March 2008, Liew, then a political newbie, stood in Bukit Bendera, Penang, against Da-tuk Seri Chia Kwang Chye, the then Gerakan secretary-general and current vice presi-dent, and won with a thumping majority of 16,112 votes.

Th en in GE13 held in May 2013, he moved to Kluang, Johor, to contest against the in-cumbent Datuk Dr Hou Kok Chung, who is MCA vice president, and won with a major-ity of 7,359 votes.

Now Liew is eyeing the Ayer Hitam con-stituency, which Wee has held for three terms. Can he beat Wee, who is well liked by the people of Ayer Hitam, and will his performance refl ect the prospects for Pa-katan to win GE14?

Or is it a suicide mission for the two-term parliamentarian?

“I think we have seen massive swings in the elections. When I went to contest in Bukit Bendera in 2008, everyone said it was a suicide mission. I went on to contest in a seat where Lim Kit Siang lost in 1999, and in 2004 DAP lost by a majority of 10,000.

“But eventually I won with a majority of 16,000. You wouldn’t know. In an election, anything can happen. It is not a suicide mission in the sense that I think we are just providing a platform for people who want change,” said Liew in an interview with Th e Edge Financial Daily.

Wee is getting himself preparedFor Wee, this election will be a do-or-die battle for MCA. After GE13, MCA is left with only seven parliamentary seats, and Ayer Hitam is considered one of the strongholds of the party.

Wee fi rst contested for the Ayer Hitam seat in GE11 in 2004, and won with a majority of 15,763 votes against a candidate from PAS. He went on to win the next two elections as well, but with smaller majorities of 13,909 and 7,310 votes respectively.

Political analysts observe that the declin-ing majority for Wee in Ayer Hitam was due to the shift in Chinese votes, which make up about 38.4% of the voters in the constituen-cy. Some 57.6% of voters in Ayer Hitam are Malays, mostly in the Semarang state seat.

Despite the declining majority over the past two elections, Wee is unperturbed.

“To me, the most important thing is I will face it; whether it is Chin Tong or whoever, to me there is no diff erence. I never dream of winning this seat without a contest. Th e next GE will defi nitely be the toughest con-test for the whole party because they (DAP) want to eliminate MCA.

“When people [come] with all these knives and weapons and want to eliminate you, you cannot just say no problem and you go. You have to get yourself prepared as well,” Wee said to Th e Edge Financial Daily.

From Wee’s point of view, morale has re-turned to the party, now that the top lead-ership is seen as more united than it was during GE13. Wee and party president Datuk Seri Liow Tiong Lai are seen as a dynamic duo who have regenerated MCA and saved it from political obscurity.

However, Wee is a lone representative from MCA in Ayer Hitam. Th e loss of the Yong Peng state seat to DAP in 2013 showed the majority of Chinese voters in Ayer Hitam abandoned the party in the last election. Yong Peng was previously won by MCA in 2008.

Th e other state seat in Ayer Hitam is Se-marang, which was won by the incumbent Datuk Samsolbari Jamali of Umno with a majority of 8,075 votes, which was higher than the majority he won in 2008.

Wee believes that generally, the Chinese

voters have started to come back to MCA. However, he does not want to specifi cally say that this is so for Ayer Hitam, and would rather remind himself that the upcoming election would be his toughest battle.

“I think in terms of acceptance as com-pared with GE13, the general support has increased. A lot of people tend to forget that GE13 was probably the lowest point — those who wanted to object to BN had already said it back then. At that time that was the peak for the opposition.

“But I’m not saying that is the case in Ayer Hitam. I’m saying in general, especially as [PPBM chairman Tun Dr] Mahathir [Moham-ad] has created the emotion among urban voters. He hopes that the urban voters would infl uence their parents in the kampung,” said Wee about the former prime minister, who is now leading the opposition charge.

Liew sees a do-or-die battleFor Liew, and the rest of the Pakatan lead-ership, Ayer Hitam would be the litmus test of the people’s support for the opposition in two areas — Malay-majority mixed seats and semi-urban seats.

In GE13, the opposition pact then con-sisting of DAP, PKR and PAS won 89 out of the 222 seats in Dewan Rakyat. All of the state capitals except Kangar and Johor Baru remained or fell to the opposition parties.

In the Klang Valley, the opposition pact won all of the parliamentary seats except Se-tiawangsa, Titiwangsa and Putrajaya, while in Penang, the opposition won all but Ke-pala Batas, Tasek Gelugor and Balik Pulau.

“Pakatan is strong in urban areas, while Umno is very strong in rural areas, but it is

the semi-urban areas that are going to be the battleground, and in this battleground, Ayer Hitam features as one focal point,” said Liew.

“If we can win Ayer Hitam, we can win all these Malay-majority mixed seats, and semi-urban seats. And if we can achieve these two, we will win an additional 30 to 40 parliamentary seats in Peninsular Ma-laysia, thus achieving our 100-seat goal in Peninsular Malaysia,” he said.

However, many observers say that it will be an uphill task for Liew and DAP to convince the Malay voters in Ayer Hitam to back an opposition candidate in the up-coming election. Th is is because for three terms, Wee has been doing a good job as their representative.

Th is is something that Liew acknowledges. When asked how he plans to win over the Malay voters, Liew kept his cards close to his chest. He said, to win Ayer Hitam, all of the opposition parties have to work together for the same goal.

“Th is seat is so diffi cult that I won’t win by myself. So everyone comes in to help. If you think you want to defeat BN, then you do your part. It is a battle; I’m there just to provide an opportunity for everyone to come in to help.

“I do it by taking this risk, by preparing to lose. We want to win, but I am prepared. If we lose, I don’t mind. I don’t mind because to me this election is a do-or-die battle,” he said.

For the Claytan ceramics and pottery shops, and the Putu Bambu seller by the side of the trunk road in Ayer Hitam, business should be brisk over the next one month or so with throngs of party volunteers and cam-paigners making the small town their base.

Dr Mahathir (fi rst from right), PPBM president Tan Sri Muhyiddin Yassin (fi rst from left), DAP national chairman Tan Kok Wai (second from left), and DAP secretary-general Lim Guan Eng (third from left) showing their support during Pakatan’s announcement of Liew’s candidacy to contest the Ayer Hitam parliamentary seat in the upcoming GE14 in Ayer Hitam on March 18. Photo by Kamarul Azhar

1 4 C O M M E N T TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

How to avoid a US-China trade warBoth must fi nd common ground on how to address the ballooning US trade defi cit

BY R I C H A R D H E Y D A R I A N

The announcement by the Trump admin-istration that the US will sanction China for intellectual property theft is the latest sal-

vo in a deepening trade dispute between the two countries. It fol-lows US President Donald Trump’s March 8 pledge to place higher tariffs on Chinese steel and alu-minium — a move some predict could have dire consequences for the global trading system.

But while these penalties are gen-erating frightening headlines — and rattling investors — it is the recent tax bill passed by the US Congress that will do more to exacerbate trade tensions between the US and Chi-na. Unless the implications of that move are fully appreciated, bilateral trade ties could worsen much more before they improve. Th e new tax legislation will widen the US gov-ernment deficit by US$1 trillion (RM3.9 trillion) to US$2 trillion over the next decade, a shortfall in national saving that will not be off set by an increase in private sec-

ASEAN and Australia just conclud-ed their fi rst-ever special summit in Sydney, Australia. It saw the par-ticipation of 10 heads of state and government, and marked the in-creasingly warm relations between the largely Western nation and its Asian neighbours to the north.

In many ways, Australia was late to the party, as the US and India held similar events earlier, even if Canber-ra was Asean’s fi rst dialogue partner more than four decades ago.

Former American president Ba-rack Obama held an intimate sum-mit in Sunnylands, California, with Southeast Asian leaders towards the end of his term, while Indi-an Prime Minister Narendra Modi hosted a similar gathering during India’s national independence day in January this year. However, Aus-tralia reaffi rmed its status as a new force in the regional pecking order by managing to bring together al-most all Southeast Asian leaders at the three-day summit, which end-ed on March 18, with the notable exception of Philippine President Rodrigo Duterte, who has shown little interest in visiting any West-ern nation.

In the past, Australia’s relations with Southeast Asia were hobbled by disagreements over immigration and human rights issues, a perennial fault line in Canberra’s ties with Ja-karta throughout the 20th century. Today, it’s a very diff erent story.

BY S H A N G -J I N W E I tor saving or reductions in private sector investment.

What this means for trade, and particularly trade between the US and China, is key. Because the US current account defi cit is the sum of investment minus private sector and government saving, the US current account defi cit is likely to increase — again, by as much as US$2 trillion over the next decade. Th e US trade defi cit will surge ac-cordingly, and the annual bilateral defi cit with China could grow by US$50 billion to US$100 billion.

When this happens, US politi-cians will need to cast blame, and China will be the likely scapegoat. In that case, the new US tax law — hailed by Trump as a victory for the American people — will come home to roost in the form of even more serious trade tensions. While the connection between the tax law and an increase in the US trade defi cit is not well understood, its impact will be felt for years to come.

To be sure, Trump’s demand for stronger intellectual property rights in China is justifi ed, given many cases of patent and trademark infringements. In several sectors, including energy and telecommu-nications, China requires foreign fi rms to share proprietary technol-

ogy with their Chinese partners as a condition of market access. Yet Chi-nese offi cials could be persuaded to strengthen intellectual property protections, possibly through bilat-eral negotiations or World Trade Organization litigation.

Th e changing innovation land-scape in China is one reason for optimism on this front. Simply put, Chinese fi rms would also benefi t from a stronger intellectual-proper-ty rights regime. In the past, foreign fi rms provided the innovation, and Chinese fi rms imitated foreign de-sign. Protecting intellectual prop-erty was largely a one-way street; only the foreign fi rms benefi tted.

Th at is no longer true. Many Chi-nese fi rms innovate and have ob-tained patents not only in China, but also in the US. Chinese fi rms like Tencent, DJI and Huawei are as innovative as any US company, and Chinese chief executive offi cers are pushing for stronger intellectual property protection at home. With the need to compel multinational fi rms to transfer technology wan-ing, and Chinese fi rms standing to benefi t from intellectual property protection, the US and China can more easily fi nd common ground.

Th is is not to say that negotiations would be easy. For starters, the Chi-

nese view their policies on technol-ogy as a necessary response to rising labour costs at home, and as a hedge against US restrictions on high-tech exports to China. With a rising wage level, China’s labour costs now ex-ceed those of India, Bangladesh and Vietnam. As a result, a shift to more technically sophisticated produc-tion has become essential. If Chinese companies cannot buy high-tech products from the US, they are even more motivated to develop their own.

A second challenge to negoti-ations, if they occur, is dwindling support from corporate America. In the past, companies like Boeing, Caterpillar, General Electric and Cis-co were voices of moderation; they saw themselves as benefi ciaries of China’s large markets and low-cost labour. But the business landscape has changed dramatically, and to-day these same companies are more likely to view Chinese fi rms as com-petitors — not only in China, but around the world as well.

If not properly managed, these forces will fuel a vicious cycle. Th e more restrictions the US places on technology exports to China, the more China will promote do-mestic technology. Conversely, the more Chinese fi rms innovate, the less enthusiastic US fi rms will be

about helping their counterparts enter the US market. Still, some form of grand bargain on intellec-tual property rights is possible if the trade puzzle is properly mapped out. Strengthening intellectual property rights in China is not a zero-sum game; better protections can ben-efi t both countries. But the biggest puzzle piece of all is one few are talking about. If the US and China cannot fi nd common ground on how to address the ballooning US trade defi cit, progress on the big issues of today may become irrel-evant tomorrow.

China’s trade surplus and the US trade defi cit ultimately refl ect saving and investment imbalances. Th e non-market “trade remedies” being considered by the US and China might produce a smaller trade imbalance between the two economies, but at the cost of a larg-er imbalance with the rest of the world. Th is could leave consumers and companies in both countries, and around the world, worse off . — Project Syndicate

Shang-Jin Wei, a former chief econ-omist of the Asian Development Bank, is professor of fi nance and economics at Columbia University.

Is Australia set to join Asean as China’s assertiveness grows?Th e blossoming Australia-Asean

relationship is driven by shared ge-opolitical fears as well as economic greed. Th e two middle powers hope to join forces amid America’s protection-ist turn, China’s rising assertiveness, as well as the spread of transnational terror throughout East Asia. Against this backdrop, Indonesian President Joko Widodo (also known as Jokowi)went so far during the summit as to openly endorse Australia’s “full mem-bership” of Asean.

Prominent figures from both conservative and liberal camps in Australia expressed support for the idea. Former Australia prime min-ister Paul Keating as well as former Singapore foreign minister Kishore Mahbubani have been among the most vocal supporters of an upgrad-ed Australia-Asean partnership. On one hand, there is a sense of urgen-cy to initiate such conversations sooner rather than later. Australia is worried about the prospect of being left out as the only Western nation, along with New Zealand, in the Asian century. In the coming decades, Indonesia, the Philippines, and Vietnam are expected to eclipse Australia’s economic and geopoliti-cal heft by their sheer demographic momentum and rapid growth rates.

Today, Australia stands, almost on an equal footing, as a strategic part-ner with Asean. Th at will not be the case in a decade or so. Th us, Australia wants to initiate a conversation on deeper bilateral partnership while it is in a relatively ascendant position

vis-à-vis its less developed Southeast Asian neighbours. Th is could come either in the form of associate mem-bership in the coming decade and, potentially, full membership down the road. Despite Australia’s histor-ical ties to Europe, and security alli-ance with the US, it has increasingly shown a degree of independence in its increasingly Asian-oriented for-eign policy. Canberra has welcomed deeper economic engagement with its broader Asian neighbourhood, ex-panded counterterror and non-tra-ditional security cooperation with Southeast Asian nations, and open-ly opposed America’s protectionist policies under the Donald Trump administration.

As Australian Prime Minister Malcolm Turnbull said during the summit: “Protectionism is a dead end … Embrace free trade, not re-treat from it.”

Canberra also believes in deep-er engagement with Asean to keep China’s maritime ambitions in check.It has consistently encouraged the Philippines to assert its landmark arbitration award in the South Chi-na Sea, while supporting Indonesia’s proposal for joint patrols in disput-ed areas. In the joint Australia-Ase-an statement, the so-called Sydney Declaration, both sides called for the “early conclusion of an eff ective” Code of Conduct in the South China Sea. Yet, crucially Australia has re-peatedly refused to join America’s call for joint Freedom of Navigation Operations in the area to preserve stable relations with Beijing.

Both sides signed the memo-randum of understanding between Asean and the Government of Aus-tralia on Cooperation to Counter International Terrorism. Th is could pave the way for institutionalised

intelligence-sharing, high-grade equipment transfer, and joint coun-terterrorism training between Can-berra and its geographically proxi-mate neighbours of Indonesia and the Philippines. For Asean, the in-clusion of developed countries such as Australia could help enhance the dynamism and geo-economic weight of the regional body. Can-berra could serve as a major source of fi nancial and human resources for the development of Asean’s skeletal secretariat.

Economics is another corner-stone of the booming relation-ship. Two-way investment fl ows hit US$225 billion in 2016, while trade volume reached close to US$100 billion in recent years. Both sides hope to boost their econom-ic engagement through the Ase-an-Australia-New Zealand Free Trade Agreement, the Comprehen-sive and Progressive Agreement for Trans-Pacifi c Partnership, and the proposed Regional Comprehensive Economic Partnership.

Ultimately, the two middle pow-ers believe they will either have to hang together or risk getting hung apart by bigger powers, particularly China and the US. Together, they hope to shepherd the region to-wards a more inclusive, open and multipolar security architecture in the Asia-Pacifi c theatre. Uncertain times call for unthinkable reforms, and Australia’s proposed member-ship of Asean is a perfect example of this. — South China Morning Post

Turnbull (right) taking a selfi e with Brunei’s Sultan Hassanal Bolkiah (left) and Jokowi at the leaders’ dinner on the sidelines of the Asean-Australia Special Summit. Photo by AFP

W O R L D B U S I N E S S 1 5TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

China seekingits own brainsTh is is as it aspires to deploy 30 million autonomous vehicles

SAN FRANCISCO/BEIJING: Sundar Pichai, chief executive offi cer (CEO) of Google, expects China to play a crucial role in artifi cial intelligence (AI) as he keeps expanding the search gi-ant’s workforce in the country, even as many of its services are blocked.

“China is already playing a big part in how AI will shape our futures,” Pichai said at the annual China Development Fo-rum (CDF) in Beijing. “When we build together we get to better ideas faster.”

Google has invested in Chi-nese start-ups, forged a patent alliance with Tencent Holdings Ltd, and is pushing its Tensor-Flow AI tools in the country de-spite key services such as search and email remaining blocked. The Mountain View, Califor-nia-based company recently opened a research lab in Bei-jing focused on AI, a blossom-ing fi eld but one at the centre of tensions between China and the US.

“We’ve already got a small team doing research there and look forward to expanding it,” he told an audience at the con-ference that was attended by senior government offi cials and executives including Apple CEO Tim Cook.

In 2010, Google refused to censor search results with China’s Internet censors later blocking access. Now Google and Facebook Inc are among foreign giants who regularly visit in an eff ort to regain access to the lucrative market.

To illustrate China’s grow-ing prowess, Pichai pointed to podcast service Cast Box as an example of local apps that are gaining international pop-ularity.

Google’s lab falls under its cloud unit, and the company has suggested it is open to en-tering mainland China with that business if it is allowed to. — Bloomberg

Google’s Pichai sings China’s praises in AI, pledges bigger team

BY C H A N G - R A N K I M & M A K I KO YA M A Z A K I

TOKYO: Japan’s Toshiba Corp said yesterday it had yet to receive clearance from all regulators for the sale of its prized US$18 bil-lion (RM70.2 billion) memory chip business by its self-imposed end-March deadline, but add-ed it aimed to sell it as early as possible.

Toshiba says regulatory approval pending but aims for chip sale soon

The conglomerate agreed last year to sell the world’s sec-ond-biggest producer of NAND fl ash memory chips to a consor-tium led by US private equity fi rm Bain Capital to plug a fi nancial hole left by the bankruptcy of its US nuclear unit.

It had faced a March 23 dead-line to win approval from anti-mo-nopoly authorities to sell the busi-ness by March 31, but China has

not yet given its approval.In a statement, Toshiba said it

had yet to confi rm regulatory ap-proval from all authorities, without naming China.

“We do not yet know when the transfer will be completed, but we will continue to aim for the sale soon,” Toshiba said. A spokesper-son said the company had not yet given up on closing the deal by the end of this month. — Reuters

BEIJING: China’s aspiration to de-ploy 30 million autonomous vehicles within a decade is seeding a fl edg-ling chip industry, with start-ups like Horizon Robotics Inc emerging to build the brains behind those wheels.

The Beijing-based company is taking aim at Nvidia Corp and Mobileye NV just as the autono-mous-driving business takes off and uncertainty looms over interna-tional trade. Annual revenue from the chips used in driverless vehicles globally should more than double to US$5 billion by 2021, according to Gartner Inc.

Horizon Robotics is an example

MUMBAI: A consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare Ltd, India’s second-largest private hos-pital chain by market value, people with knowledge of the matter said.

Th e investor group, which also includes Manipal Health Enterpris-es Pvt Ltd, could announce a deal as soon as the next few days, according to the people, who asked not to be identifi ed because the information is private. Under the plan being discussed, the operations of closely held Manipal — whose backers in-clude TPG and Temasek Holdings Pte Ltd — would be combined with Fortis Healthcare’s business, the people said.

Fortis Healthcare is discussing issuing around 40 billion rupees (RM2.4 billion) of new stock to TPG and Manipal through a preferential allotment, one of the people said. Th at would make the consortium the biggest shareholder in the pub-licly traded company, the person

BY YA N Z H A N G of China’s resolve to move up the manufacturing value chain by fo-cusing less on commodity smart-phones and TVs, and more on so-phisticated semiconductors and artifi cial intelligence that can help cars drive themselves or spaceships land on the moon. Th at industrial policy is meant to help China re-duce its 1.75 trillion yuan (RM1.09 billion) in annual chip imports, a value dwarfi ng its oil imports.

“China has to spare no eff orts to pick up and develop its own chip technology to improve our own sense of security, especially when the US government is making us fearful about any protectionism against China,” Wei Shaojun, direc-

tor of the Beijing-based Institute of Microelectronics at Tsinghua Uni-versity, said at a forum in Shanghai.

China’s push for self-reliance is a priority for President Xi Jinping’s administration, which set up a 200 billion yuan fund for investments in home-grown chipmakers, Bloomb-erg reported.

Overseers of the world’s largest car market — and electric vehicle market — want to put Chinese-de-veloped chips under those hoods and behind those dashboards. Th e government expects to have a man-ufacturing industry for parts such as sensors and embedded chips with a production value exceeding 100 billion yuan by 2020. — Bloomberg

TPG nears deal for US$1.2b Indian hospital chain — sources

BY M A R K B E R G E N & K E V I N H A M L I N

Pichai speaking at the annual session of CDF 2018 at the Diaoyutai State Guesthouse in Beijing yesterday. Photo by Reuters

BY G EO R G E S M I T H A L E X A N D E R & P R S A N J A I

said. Shares in Fortis Healthcare climbed as much as 3% at 9.42am in Mumbai, boosting its market val-ue to about US$1.2 billion (RM4.68 billion).

Th e enlarged company will seek to buy out other shareholders of SRL Ltd, the medical diagnostics provid-er that is currently part-owned by

Fortis Healthcare, according to the people. Th e TPG-backed investor group is in negotiations to acquire stakes in SRL from private equity investors who hold about 30% of the company, one of the people said. A deal could value SRL at 34 billion rupees to 40 billion rupees, the person said. — Bloomberg

A fi lepic of the Fortis Memorial Hospital, one of the hospitals operated by Fortis Healthcare, on the outskirts of New Delhi. Fortis Healthcare is said to be discussing issuing around 40 billion rupees of new stock to TPG and Manipal through a preferential allotment. Photo by Reuters

SINGAPORE: Unipec, the trad-ing arm of Asia’s largest refi ner Sinopec, has inked a deal with a western oil major to buy Mid-dle East crude priced against the newly launched Shang-hai crude futures contract, a senior company offi cial said yesterday.

Hong Kong-based Unipec Asia will buy the crude de-livered to China for one year starting from September, said the source who declined to be named due to company poli-cy. He declined to comment on the counterparty and the purchase volume.

Shell International Eastern Trading Co, the trading arm of Royal Dutch Shell, was heard to be the seller, said multiple sources that participate in the market, although a Shell spokes-person declined to comment.

The deal would help ce-ment the viability of China’s fi rst crude futures contract as the world’s largest oil importer hopes to create a benchmark to rival global price markers Brent and West Texas Intermediate.

“We believe the [Shanghai] contract will have a big impact on oil pricing in Asia,” the Un-ipec offi cial said.

“Th e timing is good as China has opened up the market for independent refiners to im-port crude,” the source said. “We hope it will be successful.”

Th e high trading volumes for the Shanghai crude contract on its fi rst day, which challenged those of international bench-mark Brent during Asian hours, surprised market participants as western commodity mer-chants and Chinese oil fi rms both traded actively.

More than 15 million bar-rels per day of Middle East and Russian crude exported to Asia are currently priced using the Dubai and Oman benchmarks assessed by price reporting agency S&P Global Platts and the Oman crude futures on the Dubai Mercantile Exchange (DME).

“Th e liquidity for Shanghai crude futures will surpass that of DME,” he said, providing an alternative price marker for oil deliveries in China.

Th e DME declined to com-ment. — Reuters

China’s Sinopec signs agreement to buy oil priced off Shanghai crude futures

BY F LO R E N C E TA N

The timing is good as China has opened

up the market for independent refi ners

to import crude.

1 6 F O C U S TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

S’pore SMEs struggle to go overseasRising cost and ageing population are among the factors that force them to expand geographically

BY T R I N I T Y C H UA

Three years ago, Abdul Rahim Mohamad Wam-bri, known to his friends as Raye, led a team of tradesmen in the set-up of a business overseas.

The group, which consisted of experts in work from plumbing to electrical wiring, spent about S$100,000 on vans and tools to establish a hand-yman operation in Malaysia. It was their first foray overseas — and the experience crushed him.

“[Many customers] did not care about compliance [with building regulations],” he says. “When you do not care about compliance, the cost goes down. But we did not want to do things that were not compliant, so we couldn’t support the operation.” Two years later, the team ended its loss-making stint in Malaysia.

Raye, a mechanical engineer by training, is operational director of HRD Professional Handy man, a two-decade-old local enterprise. With no other footholds in the region, the company’s reach is limited to the Sin-gapore market. Meanwhile, operating costs are rising and making it more diffi cult for the company to survive.

To cope, Raye is now trying to carve a niche for the company. “We hire people with more [diverse skills], from electrical work to carpentry. So, they can take on more jobs and also perform faster. We started targeting [middle- and high-income house-holds]. We reached out to corporates for higher-value jobs,” he says. About 50% of HRD’s revenue comes from corporate services today. To cut costs, the company has also moved most of its back-end operations to the cloud.

Th e company’s biggest challenge is hiring the right staff . Raye says it takes fi ve years to train a tradesman to perform the kind of work they do, so expansion takes time. But he is not looking to renew his over-seas expansion plans. Rather, Raye is counting on taking more share from HRD’s local competitors. “A lot of our local competitors are still not in the digital space, but we are. I think the smaller enterprises will fade off , but our diff erentiation [will see us through],” he says.

A nation of micro-businessesRaye’s views are more common than most would think. A recent survey showed that 45% of the country’s small and medium-sized enterprises have no interest in go-ing overseas. Th e fi gure rises to 56% among smaller SMEs. The main bugbears are a lack of capital and unfamiliarity with overseas mar-kets, according to a study by insur-ance fi rm QBE conducted last year and published on Jan 29 this year.

QBE surveyed 402 local SMEs, de-fi ned as companies with turnover of no more than S$100,000 (RM297,000) or that employ fewer than 200 staff . Among the 238 companies that do not have an overseas business, 184 said they have no intention of chang-ing that.

Th ere are 180,000 active SMEs in the country, and industry watchers estimate that about 150,000 of them are micro-SMEs. Most are domestical-ly oriented and operate in industries such as construction and services. Th is distribution is in line with what is found in developed countries such as the US and Japan, where about 80% of all SMEs are micro-businesses. And it is typical for micro-businesses not to expand overseas.

Yet, Singapore has a much small-er domestic market than most other mature economies. And that makes it harder for micro-businesses to thrive.

“A large number of SMEs are very localised in nature, operated by in-dividuals who are of the older gen-eration. It is likely they don’t see the need to go overseas, and see the local market as suffi cient as long as the economy is growing,” says Gary Lin, course manager at Temasek Polytech-nic School of Business. Th e school has a tie-up with Singapore Telecom-munications to help SMEs go online.

It is also signifi cantly harder for these SMEs to reorient themselves for an overseas market. “For com-munity-serving SMEs, building mar-ket expansionary capabilities can be challenging. Th is involves busi-ness model reinvention that would require growing the company’s fi -nancial capital. Th e after-eff ects of-ten encompass greater hiring eff orts to boost management capabilities, strengthening to deepen aspects of diff erentiation and market reach,” says Wilson Chew, partner of en-trepreneurial and private business strategy at PwC Singapore.

Although micro-business-es drive local employment and economic growth, they also face impending challenges. An age-ing population, coupled with the ongoing digital transformation across the world, will put further

pressure on local businesses such as HRD. “Micro-businesses must keep up with the times and fi nd new ways of cementing their com-petitive positions in serving the ever-changing needs of custom-ers,” Chew says.

Growing interestSome studies say that SMEs do still want to go overseas. The Annu-al Business Survey last year con-ducted by the Singapore Chinese Chamber of Commerce and Indus-try showed that 61% of respondents plan to expand overseas in the next three years. A study in 2016 by Sin-gapore’s Association of Small and Medium Enterprises (ASME) indi-cated almost similar results.

“I don’t quite agree with QBE that SMEs don’t want to internationalise,” says Kurt Wee, president of ASME. “We are seeing a lot more companies that want to expand [abroad]. We

are doing a lot more trade missions and participation in overseas trade shows grew [about] 20% in the last two to three years.”

Th e Singapore government is also pushing companies to grow their footholds overseas. In 2016, 37,000 SMEs benefi ted from IE Singapore’s help. And next month, the merger between IE Singapore and SPRING is likely to make it easier for local companies to get help.

Th e combined agency will put together IE’s Global Company Part-nership Grant and SPRING’s Capa-bility Development Grant to form the Enterprise Development Grant. It will co-fund up to 70% of what companies need to scale and inter-nationalise. Th ere are also tweaks and changes in the latest Budget to give SMEs a boost, including an extension of a co-funding wages scheme and more tax deductions for companies that go abroad.

Private help is also available for companies that want it. Last year, Google, training provider Avado and the Infocomm Media Development Authority came together with the aim of training 1,000 digital leaders by 2019. Th ey also ran Squared On-line, a set of online classes to help businesses build in-house digital capabilities. So far, 79 Singapore com-panies have benefi ted from the pro-gramme, including publicly listed Hiap Tong Corp.

An arduous journeyOverseas expansion requires more than just financing and digital know-how, though. “Th ere is the issue our squeaky clean situation [may put us at a disadvantage over-seas],” says Nitin Pangarkar, as-sociate professor at the National University of Singapore’s Business School. Th at was certainly the case with Raye and HRD. But other fac-tors play a part too, he adds. “[It is a mix of ] inexperience and lack of competitive advantage.”

Pangarkar says micro-SMEs in Singapore tend to be at a circumstan-tial disadvantage. “Before you go into a foreign country, you need to have a strong competitive advantage. [A lot of sectors] here are very localised, so it is hard to transport competitive advantages here to overseas. Without that advantage, it becomes [doubly diffi cult] when you are hit by [expan-sion] issues,” he adds.

Some companies say they are looking to partners to help them navigate foreign landscapes. Chil-li sauce company Sim Soon Heng Cooking Ingredients, for instance, is currently looking into partner-ship options as it seeks to expand overseas. “In two years, our lease [at Defu Lane] ends,” says Winlin Ng, manager of the sauce maker that was founded by her father-in-law 40 years ago. Her husband, David Sim, is currently the company’s manag-ing director. Rental at the compa-ny’s new premises could double in a decade, she estimates. “So, it is certainly our desire to grow over-seas,” Ng explains.

Th e company supplies sauces to caterers, school canteens, hawkers and restaurants. It hopes to open a new factory in Malaysia in the next two years and may use some of the new factory space to produce food products for their new partners. “We are discussing with companies that have [overseas presence], so that we can leverage on them. One of them is making fi sh balls [for other mar-kets],” says Ng.

Investing in a new plant will be costly, and it could take fi ve years for the company to claw back its capital. “We have to humbly accept the fact,” Ng says. “We can survive in Singa-pore, but we won’t make the kind of money we did before because of the rising cost. We just need to be determined to go on.”

Ultimately, it is necessity that will likely push SMEs overseas — whether they are ready for this expansion or not. — Th e Edge Singapore

Raye: We hire people with more (diverse skills), from electrical work to carpentry.

Ng (right, with Sim): We can survive in Singapore, but we won’t make the kind of money we did before.

PHOTOS BY ALBERT CHUA/THE EDGE SINGAPORE

F O C U S 1 7TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

BY J E F F R E Y TA N

Sasseur REIT banks on growth of outlet malls in China, despite volatile underlying revenues

ALBERT CHUA/THE EDGE SINGAPORE

XU RONGCAN, chairman of shop-ping mall operator and owner Sas-seur Cayman Holding, built an outlet mall in Chongqing in 2008. It was only the second such prop-erty in China at the time. Since then, Sasseur has gone on to op-erate eight more outlet malls in other second-tier cities in China to tap the growth of the country’s middle class and booming sales of fashion brands. Now, Xu is packag-ing some of these assets into a real estate investment trust (REIT) that will be listed on the Mainboard of the Singapore Exchange.

Sasseur REIT will have an ini-tial portfolio worth S$1.5 billion (RM4.46 billion), comprising four outlet malls in Chongqing, Bishan, Kunming and Hefei. Th e proper-ties have a total net lettable area (NLA) of 3.3 million sq ft. Th e REIT is selling 266.56 million units at 80 Singapore cents each. Of these, 13.75 million units will be sold via a public off er and the remainder will be placed out. Concurrently, cornerstone investors will sub-scribe for 228.4 million units at the off er price. In total, the REIT will raise S$396 million. Th e pub-lic off er opened on March 21 and closed on March 26.

Sasseur REIT will have debt of S$522.6 million at listing. At the offer price of 80 Singapore cents, it will have a market capi-talisation of S$944.2 million. Th e largest unitholder upon listing will be an entity controlled by the REIT’s sponsor Sasseur Cayman Holding and its private-equity backers, with a stake of as much as 58%. Among its cornerstone investors are a unit of Chinese e-commerce giant JD.com, and the ultimate benefi cial owner of the Charles & Keith group of com-panies. Th e prospectus did not disclose their respective stakes upon listing. Based on the off er price and estimated distribution per unit (DPU), the REIT will have a distribution yield of 7.5% in 2018.

Sasseur REIT has the right of fi rst refusal to two outlet malls in Xi’an and Guiyang. It also has three pipeline properties in Hangzhou, Nanjing and Changchun, which are operated but not owned by the sponsor. Th ese assets could add 7.5 million sq ft in gross fl oor area to its portfolio.

Xu, who is also chairman and non-executive director of REIT manager Sasseur Asset Manage-ment, says the sponsor has plans to open 30 outlet malls in the next fi ve years, which could be off ered to Sasseur REIT in the future. How-ever, he warns that some of the new properties might be unsuit-able for the REIT, because they could be held under joint ventures.

He had considered listing the REIT in the US or Hong Kong but, after seve ral fundraising discus-sions with L Catterton, a strate-gic shareholder of the sponsor, he decided that Singapore was the best place to do so. For one,

Xu drew inspiration from Capi-taLand, which has several REITs listed here. For another, Singapore is well known as a “REIT hub” in Asia. “Also, the republic is reputed for its world-class fi nancial and legal infrastructure,” he tells Th e Edge Singapore in a recent inter-view, accom panied by his wife, Yang Xue, who is non-executive director of the REIT manager.

Sales-based lease modelSasseur REIT’s listing will increase the number of locally listed China- focused REITs to fi ve. Th e incum-bents are mostly retail REITs such as CapitaLand Retail China Trust and BHG Retail REIT. EC World REIT specialises in logistics as-sets in China.

Sasseur REIT stands out in this fi eld for its sales-based lease mod-el. In essence, most of the REIT’s tenants pay only turnover rent, while some pay a minimum base rent or turnover rent, whichever is higher. For September 2017, on a pro forma basis, 77% of Sasseur REIT’s property income from its initial portfolio would have come from turnover rent. About 22% would have come from tenants paying the higher of fixed rent or turnover rent. Only 1% would have come from tenants paying a fi xed rent.

However, Sasseur REIT is shielded somewhat from this vol-atility by a so-called “entrusted manager” (EM), which operates, maintains, manages and markets the properties. Th e EM is like a master lessor, says Anthony Ang, CEO of the REIT manager. Ang was CEO of ARA Asset Manage-ment (Fortune), which manages Hong Kong-listed Fortune REIT. “Th e only diff erence is that the

income we ask from the EM is not at a fi xed level. Typically, it should be fi xed income and you have to step up every year like a hotel REIT, for example. In this case, we have partly fi xed income, partly variable income.”

Th e REIT recognises so-called EMA rental income, which is stip-ulated under the entrusted man-agement agreements. Th e EMA rental income comprises the EMA resultant rent and a performance sharing component. Th e bulk of the resultant rent is fixed, with an annual step-up of 3% over the term of the EMA. Th e fi xed com-ponent is expected to contribute up to 70% of the EMA resultant rent for 2018.

Th e variable component of Sas-seur REIT’s EMA resultant rent is 4% to 5.5% for each outlet mall’s total sales. Meanwhile, the perfor-mance sharing component of the EMA rental income is the diff er-ence between the gross revenue and EMA resultant rent, after de-ducting the EM base fee.

Also, under the EMA, if the EMA resultant rent falls below a certain minimum rent, the spon-sor will top up the shortfall to Sas-seur REIT. The minimum rents are 472.9 million yuan (RM293.2 million) and 611.4 million yuan in 2018 and 2019, respectively. Th is minimum rent condition will fall away if the initial portfolio achieves the minimum rent for two consecutive years commenc-ing this year.

Wouldn’t the uncertain un-derlying revenues translate into higher perceived risk for inves-tors? Wouldn’t that result in the REIT trading at high yields? Ang does not agree. Th e way he tells it, having a signifi cant element

of rental income pegged to sales is “not risky”. On the contrary, it aligns the interest of Sasseur REIT with its tenants. “So, you actually work hand-in-hand,” he says.

Th e top 10 tenants at the four outlet malls that will form the initial portfolio of Sasseur REIT sell a variety of well-known in-ternational brands. Th ey include Adidas, Bally, Coach, Colum-bia, Elegant Prosper, Fila, Jack Wolfskin, JNBY, Michael Kors, Nike, The North Face, Ports, PUMA and Polo Sports. Th ese 10tenants contributed 13.4% of the ini tial portfolio’s property income for September 2017.

Interestingly, tenants at Sas-seur REIT’s malls do not have long leases. As at Sept 30, 2017, Sasseur REIT had a weighted av-erage lease expiry by committed NLA of the initial portfolio of 3.2 years. WALE by property income for September 2017 is 1.2 years. Again, while many investors might see this as a risk, Ang insists it is positive. “Since you are sharing revenue with your tenant, you want to have a short lease, so that if the tenant’s business grows fast, you can quickly renew your lease with a little bit more commission. Th en, your income will go up. With a short lease, you can do that more rapidly. [On the other hand], those tenants who are not doing well, you don’t renew [their leases],” he explains.

Sasseur REIT’s manager earns a base fee equivalent to 10% of the REIT’s distributable income. The manager also stands to earn a performance fee equiv-alent to 25% of the differencebetween the DPU in a fi nancial year and the DPU in the preceding fullfi nancial year multiplied by the

weighted average number of units in issue. Th e performance fee is payable if the DPU in any fi nan-cial year exceeds the DPU in the preceding financial year, even though the DPU in the fi nancial year where the performance fee is payable may be less than the DPU in the fi nancial year prior to any preceding full fi nan cial year.

Combining art and businessXu, 53, started his career as an arts lecturer at a local university in Chongqing, where he grew up. Subsequently, he went into busi-ness by setting up a café infused with music and art themes in 1989. “It was frequented by foreigners,” he recalls. But his love for art and business eventually drove him to venture into the world of fashion after a visit to Shenzhen, which was a centre for fashion manu-facturing and exports. He left the café business to open a fashion apparel shop in Chongqing and went on to become a distributor of foreign fashion brands such as Armani and Boss. He also de-veloped his own fashion brands.

While in the fashion business, he was often forced to deal with an unwanted problem: excess in-ventory. Th at led him to discov-er the outlet mall industry, where fashion brands are sold at big discounts. Xu believes that the next 10 years will be the “gold-en era” for outlet malls in China.Th is is because the outlet mall in-dustry there is still nascent. He points out that there are many pro-vincial cities that lack outlet malls. Xu is convinced that the “tremen-dous” response seen at the REIT’s outlet malls could be replicated in other provincial cities too. “We want to seize the growth opportunity.”

To stand out in all his busi-n e s s v e n t u r e s, Xu a l w a y s tries to incorporate the ele-ment of art in them. This is no different for Sasseur REIT’soutlet malls, which incorporate interesting architecture, he says. For instance, the Chongqing outlet mall is designed to refl ect an Ital-ian architectural style with foun-tains and fl oral designs.

But more than that, Xu tries to deliver an experience to con-sumers who visit the outlet malls. Th is is through the “1+N” model, with “1” representing the outlet mall business platform and “N” refl ecting the various lifestyle op-tions. For instance, the newer Bis-han outlet mall comes equipped with a Super Children’s Centre, which has an enrichment centre, children’s playground, children’s photography centre and children’s theatre.

Th is is to help draw in the crowds and retain traffi c footfall, says Xu. It also helps diff erentiate Sasseur REIT’s outlet malls from the “ cookie cutter” malls in China. “We want our outlet malls to be landmarks in their respective geographical are-as,” he says. “We want to create an emotional link with consumers.” — Th e Edge Singapore

Xu (right) (with Ang and Yang) believes the next 10 years will be the ‘golden era’ for outlet malls in China.

1 8 W O R L D B U S I N E S S TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

SEOUL: The US and South Ko-rea agreed to revise a trade pact sharply criticised by US President Donald Trump, Seoul said yester-day, with US automakers winning improved market access and Ko-rean steel makers hit with quotas but avoiding hefty tariff s.

The planned changes in the US-Korea Free Trade Agreement (Korus) were seen as limited, leav-ing South Korea’s key passenger car exports untouched and helping soothe fears that Trump’s tough approach could start a spiralling global trade war.

In April, Trump told Reuters he would either renegotiate or termi-nate what he called a “horrible” trade deal that has doubled the US goods trade defi cit with South Korea since 2012.

Asian shares steadied yester-day, stemming last week’s hefty losses after Trump’s action on steel and aluminium, and his plans to slap tariff s on up to US$60 billion (RM234 billion) in Chinese goods.

The agreement means South Korea will be forced to cut its steel exports to the US by 30% of the past three years’ average, in exchange for becoming the first US ally to receive an indef-inite exemption on steel tariffs imposed by Trump.

“We had heated discussions,” South Korean Trade Minister Kim Hyun-chong said at a media brief-ing in Seoul. “Th e latest agreement removed two uncertainties,” he said, referring to steel tariff ex-emptions and Korus renegotiation.

Last week, Trump temporarily excluded six trade partners, in-cluding Canada, Mexico and the European Union from higher US import duties on steel and alu-minium, which came into eff ect last Friday.

South Korea has received a quota of about 2.68 million tonnes of steel exports, or 70% of the an-nual average Korean steel exports to the US between 2015 and 2017, which will be exempt from the new tariff s, the ministry said in a statement. — Reuters

LOS ANGELES: Shoppers are making more quick trips to Whole Foods stores that have installed Amazon.com lockers, giv-ing the natural and or-ganic retailer a new way to boost sales, research from location data ad-vertising firm inMarket showed yesterday.

Short “micro” visits, defined as three to fi ve minutes in length, were up 11% at stores with lockers since Amazon closed its purchase of Whole Foods on Aug 28, accord-ing to an inMarket report provided exclusively to Reuters.

Th at compares with the 7% gain at stores in the same cities that do not have the banks of lockers, in-Market said.

Amazon shoppers, including those seeking to avoid “porch pi-rate” package thefts, can choose to have their orders sent to a locker for one-time use at no additional cost. Amazon sends the customer the locker number and a unique code to open it and collect their package.

Th e fi rm studied 98 stores in the

New York, Los Angeles, Chicago, Philadelphia, Dallas-Fort Worth, San Francisco, Washington, Hou-ston, Boston and Atlanta metro ar-eas. Some 76 stores, or about 16% the chain’s 473 stores, had lockers.

People who stop at Whole Foods to retrieve a package from an Am-azon locker could be tempted to buy a drink, milk or a promoted item, said experts, who added that the trips are also a way for the re-tailer to keep shoppers abreast of changes at the chain.

“Th ere’s a serendipity and im-mediacy to the in-store experience,” said Todd Dipaola, chief executive and founder of inMarket, which analyses anonymous location data from the mobile devices of 50 mil-lion US consumers. — Reuters

Waymo chief says his technology would have averted fatal Uber crashNEW YORK: Th e chief executive offi cer of Waymo, the Google subsidiary tasked with devel-oping driverless cars, has said the recent death of a pedestrian in an accident involving an au-tonomous car would not have occurred with his company’s technology. “At Waymo, we have a lot of confi dence that our tech-nology would be able to handle a situation like that,” John Kraf-cik told a car dealership confer-ence in Las Vegas on Saturday. He added that Waymo’s vehicles had clocked more than eight million kilometres on routes frequented by pedestrians since 2009 without being involved in a fatal accident. But he said he was nevertheless troubled by the incident. — AFP

Kim Dotcom wins battle in ongoing fi ght against US extraditionWELLINGTON: Internet entre-preneur Kim Dotcom won one battle with New Zealand authori-ties yesterday when a Wellington court ruled the attorney-general broke the law by refusing his re-quest to be given all information about him held by public agen-cies. Th e Human Rights Review Tribunal’s decision might be rel-evant for his high-profi le US ex-tradition case, which is with the Court of Appeal. Dotcom says the information he requested in July 2015 and denied one month later could be presented as ev-idence in that case. — Reuters

US gunmaker Remington fi les for bankruptcyDELAWARE: US fi rearms maker Remington Outdoor Co Inc fi led for bankruptcy protection on Sunday to carry out a debt-cut-ting deal with creditors amid mounting public pressure for greater gun control. Th e com-pany’s chief financial officer, Stephen Jackson, said in court papers that Remington’s sales fell signifi cantly in the year be-fore its bankruptcy, and that the company was having diffi culty meeting requirements from its lenders. — Reuters

I N BR I E FUS sends China to-do listBeijing is to cut tariff on autos, buy more semiconductors, among others — WSJ

Short visits rise at Whole Foods stores with Amazon lockers

BY L I S A B A E R T L E I N

BY E V E R E T T R O S E N F E L D & M A R T I N S O O N G

BY H Y U N J O O J I N & J OYC E L E E

BEIJING: Th e US asked China in a letter last week to cut the tariff on US autos, buy more US-made semiconductors and give US fi rms greater access to the Chinese fi nan-cial sector, the Wall Street Journal (WSJ) reported yesterday, citing unnamed sources.

Alarm over a possible trade war between the world’s two largest economies has chilled financial markets as investors foresee dire consequences should trade bar-

riers go up due to US President Donald Trump’s bid to cut the US defi cit with China.

Treasury Secretary Steven Mnuchin and US Trade Represent-ative Robert Lighthizer listed steps that Washington wants China to take in a letter to Liu He, a newly appointed vice premier who over-sees China’s economy, the WSJ said, quoting sources with knowledge of the matter.

The newspaper reported that

Mnuchin was considering a visit to Beijing to pursue negotiations.

Fears of a trade war mounted earlier this month after Trump fi rst slapped tariff s on steel and alumin-ium imports, and then last Th urs-day specifi cally targeted China by announcing plans for tariff s on up to US$60 billion (RM234 billion) of Chinese goods.

Last Friday, China fi red a warn-ing shot in response to the US tariff s on steel and aluminium by declar-

ing plans to levy additional duties on up to US$3 billion of US im-ports. The list of targeted goods made no mention of soybeans or aircraft, China’s two biggest US im-port items.

China’s third-biggest US im-port category — motor vehicles — totalled US$10.6 billion in 2017, about 8% of the country’s overall US imports by value, according to data from the US Census Bureau. — Reuters

US, South Korea revise trade deal; Korean steel faces quota

Nobel winner Shiller warns of ‘economic crisis’ from trade war threats

SINGAPORE: A ramp-up in US-China trade tensions — which many are predicting in the wake of a new round of tariff threats from both sides — would immediately result in an economic crisis, ac-cording to Nobel Prize-winning economist Robert Shiller.

Th e Yale economist criticised US President Donald Trump dur-ing a Saturday interview in Bei-jing, calling the US command-er-in-chief “a showman” who “obviously relishes” celebrity, but acts in a way that’s “totally unbe-coming for a president”.

But he saved his strongest cri-

tique for the apparently increasing likelihood of a trade war between the US and China. US companies, he warned, are not prepared to have China cut out of their supply chains or business models.

“Th e immediate thing will be an economic crisis because these enterprises are built on long-term planning, they have developed a skilled workforce and ways of do-ing things. We have to rediscover these things in whatever country after the imports are cut off ,” he told CNBC at the annual China Development Forum.

“It’s just chaos: It will slow down development in the future if peo-ple think that this kind of thing is likely,” he added.

Beijing last Friday said it may target 128 US products with an im-port value of US$3 billion (RM11.7 billion) in response to US President Donald Trump’s executive order earlier this month that imposed broad duties on foreign alumini-um and steel imports.

Th e US president had also an-

nounced tariff plans for up to US$60 billion in Chinese imports, although China didn’t officially connect its threats of retaliation last Friday to that White House action.

Th e US goods threatened by Bei-jing include wine, fresh fruit, dried fruit and nuts, steel pipes, modifi ed ethanol and ginseng, the ministry said. Th ose products could see a 15% duty, while a 25% tariff could be imposed on US pork and recy-cled aluminium goods, according to an offi cial statement.

Shiller said he did not believe there would be a signifi cant infl a-tionary eff ect to the US from steel and aluminium tariff s, but he warned that heated trade rhetoric from both sides could send the American economy

reeling into a recession.“When you ask about the size

of the impact on the economy, I think a lot of it is more psycholog-ical than direct, unless they really slam on tariff s,” he said. Th e Yale economist pointed to the “most famous tariff war of all” during the Great Depression, which he said did not “plausibly, directly” aff ect economic growth “in a major de-gree”, but it may have helped “de-stroy confi dence” and willingness to plan for the future.

“It’s exactly those ‘wait and see’ attitudes that cause a recession,” he explained. — CNBC

For more, visit www.cnbc.com

PHOTO BY REUTERS

W O R L D B U S I N E S S 1 9TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

English court refuses to hear Dana Gas’ appeal in sukuk disputeDUBAI: Dana Gas has lost an attempt to overturn Eng-lish court rulings that backed creditors’ demands for the re-payment of US$700 million (RM2.73 trillion) of Islamic bonds, the United Arab Emir-ates (UAE) company said yes-terday. Th e English Court of Appeal refused an application by the UAE company to ap-peal the November 2017 and February 2018 English High Court orders. Dana Gas last year shocked the global Is-lamic fi nance industry when it stopped payments on its sukuk, which matured in Oc-tober, saying that because of changes in the interpretation of Islamic finance rules the bond had become unlawful in the UAE. — Reuters

EU starts study to see if steel being diverted by Trump tariff sBRUSSELS: Th e European Un-ion (EU) launched a study yes-terday to assess whether tar-iff s imposed by US President Donald Trump on steel were leading to a surge of imports into Europe. Trump’s tariff s, of 25% on steel and 10% on al-uminium, came into force last Friday, although the EU and six other countries secured tempo-rary exemptions. Th e tariff s or quotas would have to apply to all countries, meaning leading exporters China, India, Russia, South Korea and Turkey would be hit. The EU is concerned that steel manufacturers that are subject to US tariff s may divert their products to Europe, leading to a surge of imports. — Reuters

GKN promises quick cash for investors as takeover battle comes to a headLONDON: GKN promised yes-terday a quick cash handout for shareholders if they back an improved takeover offer for its auto business, in a fi nal role of the dice aimed at seeing off a hostile bid for the whole company. In one of Britain’s most tightly fought corporate battles for years, sharehold-ers have until 1200 GMT on Th ursday to support the hostile bid from turnaround specialist Melrose, or GKN’s plan to split off its auto unit and combine it with US group Dana, leaving GKN focused on aerospace. — Reuters

Volvo Cars to build Lynk & Co vehicles in BelgiumSTOCKHOLM: Volvo Car Group will make cars for Lynk & Co at its plant in Ghent, Belgium, from late next year, it said yes-terday. Th e Lynk & Co brand is co-owned by Volvo Cars’ owner, China’s Zhejiang Geely Holding Group Co Ltd, and its two car-makers Volvo and Geely Auto. It began sales in China last year, with Europe set to follow in 2019 and the United States in 2020. — Reuters

I N BR I E FBritain’s JD Sports buys Finish LineCompany enters lucrative US market with US$558m acquisition

BERLIN: International Monetary Fund (IMF) managing director Christine Lagarde has proposed creating a “rainy day fund” for the eurozone to help cushion members of the currency union in future economic downturns.

In a speech in Berlin yester-day, Lagarde hailed a “sustained and broadly shared upswing” in the global economy.

“But there are other, forceful headwinds threatening,” Lagarde added. “Th ink of the rise of pop-ulism and the short-sighted siren call of protectionism.”

For the eurozone to prepare for the next economic downturn, she urged its members to devel-op a modernised capital market union and an improved bank-ing union and to move towards greater fi scal integration, starting with a central fi scal capacity.

Such a fi scal tool would re-assure investors, Lagarde said.

Her proposed rainy day fund would see eurozone countries make contributions each year to build up assets in good times. Th ey could then receive transfers during a downturn.

In extreme circumstances, countries could borrow from the fund and repay their loans with future contributions, she said.

Transfers from the fund should be conditional on mem-bers sticking to European Union fi scal rules. Lagarde also recom-mended that countries pay a premium in good times based on the benefi ts they receive in bad times.

Th ese twin steps would aim to avoid permanent transfers.

On a capital market union, she called for enhanced regu-lation and upgraded oversight arrangements to handle a po-tential infl ux of fi nancial servic-es fi rms to continental Europe after Brexit.

“One of the consequences of Brexit is that many fi nancial services will likely move to con-tinental Europe in the months ahead,” Lagarde said. — Reuters

IMF’s Lagarde proposes ‘rainy day fund’ for eurozoneBY PAU L C A R R E L & T H O M A S E S C R I T T

LONDON: Britain’s JD Sports Fashion is entering the lucrative US market after agreeing to buy Finish Line Inc for US$558 million (RM2.18 billion) in cash, the sportswear retailer said yesterday.

Growing demand for branded sports shoes and clothes has enabled JD Sports to overtake Sports Direct as Britain’s leading sportswear retailer by market value.

Its move into the largest sports-wear market is its boldest yet, in-creasing JD Sports’ importance to international brands, particularly Nike and Adidas.

Nasdaq-listed Finish Line is one of the largest retailers of premium mul-ti-branded athletic footwear, apparel and accessories in the US, trading

from 556 branded retail stores across 44 states and Puerto Rico and online.

JD Sports has expanded overseas in recent years, gaining a presence in France, Spain and South Korea.

“This is a landmark day for JD and will be transformational for the business. It immediately off ers a ma-jor presence in the US, a clear next step to further increase our global scale,” its executive chairman Peter Cowgill said.

Shares in JD Sports rose up to 3.9% in early trading.

“Th e deal looks a sensibly priced entry point into a market that JD must embrace to be considered a genuinely global player,” said Peel Hunt analyst Jonathan Pritchard, who has a “buy” rating on the stock.

Finish Line is also the exclusive retailer of athletic shoes, both in-store

and online, for Macy’s, operating 375 branded and 188 unbranded conces-sions within Macy’s stores.

Its revenue in the year to March 3, 2018 was US$1.84 billion.

Pritchard said the deal will en-hance JD’s relationships with the big manufacturers, especially Nike, which represents 71% of Finish Line’s sales.

JD Sports has agreed to pay US$13.50 per share for Finish Line, compared to its US$10.55 close last Friday, which gave it a market cap-italisation of US$425 million versus JD Sports’ £3.5 billion (RM19.43 bil-lion) value.

Th e British fi rm is funding the deal through a new revolving credit facil-ity and a new asset-backed lending facility secured against Finish Line’s inventory and receivables. — Reuters

PARIS: France yesterday reported a budget defi cit equivalent to 2.6% of the economy in 2017, below the European Union (EU) limit of 3% for the fi rst time in a decade.

Th e Insee national statistics agen-cy also reported 2% growth in 2017, France’s highest in six years.

Th e defi cit fi gure, which beat ex-pectations of 2.9% of gross domestic product (GDP), is a fresh sign the eurozone’s second-biggest econo-my is experiencing a rebound un-der President Emmanuel Macron.

In 2016, the defi cit stood at 3.4% of GDP. Th e 2017 fi gure was the fi rst to come below the European limit since 2007 — the year the global fi nancial crisis erupted.

France, long a laggard in Europe, has come under strong pressure to

France beats EU defi cit, growth targets in win for Macron

do more to reduce its budget defi cit and debt, which are still among the highest in the eurozone.

Th e decline in the defi cit does not mean a reduction in France’s public debt as the government is still borrowing more than it repays, Insee said in a statement.

Public debt stood at €2.2 trillion (RM10.64 trillion), or 97% of GDP, at the end of 2017.

Still, France’s return below the EU defi cit limit is good news for Ma-cron’s government, which had made it a goal to reduce the defi cit below 3%. “We have honoured our engage-ments,” Finance Minister Bruno Le Maire told France Info radio, as he welcomed the “good news”.

“It is proof that the strategy laid out by the president of the republic

on reducing public spending, re-aligning our public accounts and growth is the right one,” he said.

France and Spain are the only eurozone countries to remain un-der the EU’s “excessive defi cit pro-cedure”.

To be given the all clear, France must register a defi cit-to-GDP ratio below 3% for another year.

Macron’s government has fore-cast a 2.9% deficit for 2018, but thanks to the strong growth, that goal may now be revised downwards.

Th e economy expanded by 2% in 2017, representing a marked pick-up from 2016, when GDP grew by 1.1%

France performed particularly well in the fourth quarter of last year, when GDP expanded by 0.7%.

— AFP

SINGAPORE: A “more severe” stock market correction lies ahead, ac-cording to the head of Allianz.

“Equity markets have really been buoyant for a long time now and val-uations are extremely high, higher than you can actually justify based on fundamentals,” Allianz chief ex-ecutive offi cer (CEO) Oliver Bate told CNBC last Saturday at the Chi-na Development Forum in Beijing.

“Markets are starting to get jit-tery and we would expect a more severe correction over the medium to long term,” he said.

Although Bate said the exact

A ‘more severe’ correction is coming, Allianz CEO predictsBY C H E A N G M I N G & M A R T I N S O O N G

timing of such an event remained to be seen, he added that his Mu-nich-based fi nancial services fi rm believed market risk was “severely mispriced” and was being “very, very careful” as a result.

Bate has warned previously of

dangers ahead in the market. In Jan-uary, the Allianz chief told CNBC it was “absolutely clear” that a correc-tion in the markets would happen.

Several weeks after his com-ments, in early February, stock markets stateside fell more than 10% from recent record highs, with major US and global stock indices moving into correction territory.

Meanwhile, fears of a potential trade war breaking out following re-cent moves from the US that would implement tariff s on up to US$60 billion (RM234 billion) worth of Chinese imports have also not al-leviated the situation. Beijing, for its part, has proposed a list of 128

US products, worth around US$3 billion in 2017, that it could poten-tially target as a response to earlier US steel and aluminium tariff s.

“It’s certainly not helping to sta-bilise markets,” Bate said.

Trade-related investor concerns saw the Dow Jones industrial aver-age close in correction last Friday, with the 30-stock index falling 5.7% for the week. Asian and Europe-an markets also fell last week as markets digested the possibility of elevated trade tensions ahead. — CNBC

For more, visit www.cnbc.com

BY J A M E S D AV E Y

2 0 W O R L D TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

53 dead in Siberia shopping mall fi re

Afghan mum cradling baby during university exam goes viral

‘World united behind Britain over Russian poisoning’TALLINN: British Defence Sec-retary Gavin Williamson said yesterday that the world was united behind Britain’s stance over the poisoning of a former Russian spy and his daughter and it sent a strong message to Russian President Vladimir Pu-tin. Britain has blamed Russia for the nerve agent attack on Sergei Skripal and his daughter Yulia on March 4, and Williamson said the world’s patience was now wearing thin with Putin. Russia has denied any involvement. “What President Putin wishes to do is to divide Britain from its allies to say that we stand alone,” Williamson told reporters dur-ing a visit to Estonia. “Th e fact that right across the Nato alli-ance, right across the European Union, nations have stood up in support of the United King-dom ... I actually think that is the very best response that we could have.” Williamson also said he was surprised and dis-appointed by reports about Eu-ropean Union (EU) proposals to freeze Britain out of the Galileo satellite project, saying he hoped the EU Commission would see sense and stop playing politics over defence and security issues. — Reuters

Chinese Korean war dead set to return homeSEOUL: A Chinese offi cer sa-luted yesterday as the remains of 20 former comrades were arrayed in a South Korean mili-tary facility ahead of their return home, decades after they died in the Korean War. Th e brown-stained bones were laid out on tables at the temporary ossuary in Incheon before being placed in identical boxes pending their repatriation tomorrow. It will be the fi fth annual return under a 2013 agreement which has so far seen 569 sets of remains sent back. Communist Chinese forces played a crucial role in support of the North during the 1950-53 Korean War. — AFP

Magnitude 7 quake strikes off Papua New GuineaSINGAPORE: An earthquake of 7 magnitude struck off Papua New Guinea yesterday, the US Geo-logical Survey (USGS) said, but there were no immediate reports of any casualties or damage. Th e quake, the latest in a series in the region over recent days, struck 180km west of the town of Ra-baul, on the New Britain island, at a shallow depth of 10km, the USGS said. — Reuters

Earthquake off eastern IndonesiaJAKARTA: A 6.4 magnitude earthquake struck off eastern Indonesia in the early hours of yesterday, triggering a brief tsu-nami alert that was swiftly lifted, according to seismic monitoring organisations. Th e quake struck deep at some 171km below the earth’s surface in the Banda Sea, the US Geological Survey said. — AFP

I N BR I E FTwitter to publish Mexico vote-linked informationIt has signed agreement with the country’s National Electoral Institute in this respect

TAIPEI: Taiwan sent aircraft yes-terday to shadow China air force fi ghter jets as they fl ew through the Bashi Channel to the south of the island, its defence ministry said, the latest such incident to add to tension between Taipei and Beijing.

China sent an unspecifi ed num-ber of Xian H-6 bombers, Su-30 fi ghter jets and Y-8 transport air-craft over the waterway on their way to the West Pacifi c Ocean, the Taiwan ministry said.

Th ey were followed by Taiwan jets until the mainland aircraft returned to their base, it said in a statement.

Taiwan last Wednesday sent ships

and aircraft to shadow a Chinese aircraft carrier group that sailed through the narrow Taiwan Strait.

Taiwan is one of China’s most sensitive issues and a potential military fl ashpoint.

The Chinese military move-ments come during a time of heightened tension between Bei-jing and the self-governed island and follows strong warnings by Chi-nese President Xi Jinping against Taiwan separatism.

China claims Taiwan as its own and considers the island a break-away province. Xi said last week Taiwan would face the “punish-ment of history” for any attempt at separatism. — Reuters

Taiwan scrambles jets as China’s air force holds drill near island BY M U S H TA Q M OJ A D D I D I

& A L L I S O N J A C K S O N

BY FABIAN HAMACHER & TWINNIA SIU KABUL: Afghan farmer Jahantab Ahmadi sits on the ground, her baby resting on her lap, as she fo-cuses on the university entrance exam she hopes will help her fulfi l her dreams.

Th e powerful photo, taken by a professor at the Nasir Khusraw pri-vate university in central Afghan-istan, has gone viral after striking a chord in a country where most women are illiterate and treated as second-class citizens.

Th e picture has sparked an out-pouring of admiration and off ers of fi nancial help for the 25-year-old mother of three.

“I don’t want to be deprived of my studies,” Ahmadi, who comes

MOSCOW: At least 53 people were killed when a fi re ravaged a busy shopping centre in an industrial city in Siberia, with many more reported still missing yesterday, including children.

Images on Russian television showed thick black smoke pouring out of the Winter Cherry shopping centre in the city of Kemerovo, which also houses a sauna, a bowl-ing alley and a multiplex cinema and was packed with people on Sunday afternoon.

“Th e deaths of 53 people have been confi rmed,” a spokesman for Russia’s Investigative Com-mittee, Svetlana Petrenko, said in a statement.

A previous toll put the number of dead at 37 with 69 missing, in-cluding 40 children.

Th e preliminary fi ndings of an inquiry said the fi re started around 1100 GMT in one of the cinema halls and destroyed more than

1,000 sq m of the centre, news agencies reported.

The local office of Russia’s emergency services ministry said the fi re broke out on the third and top fl oor of the mall, where fi re-fi ghters were struggling yesterday to clear the rubble.

Russia’s Investigative Commit-tee said it had opened a criminal inquiry and four people, including the tenant renting the premises where the fi re broke out and the head of the company that man-ages the mall, had been arrested.

Around 120 people had been evacuated from the burning cen-tre, rescuers said on Sunday.

“Th is shopping centre on sev-eral fl oors was packed with people midday on Sunday. No one knows exactly how many people there were inside when the fi re broke out,” Alex-andre Eremeyev, an offi cial with the local Russian emergency services ministry, said in a statement. — AFP

MEXICO: Social media network Twitter has signed an agreement with Mexico’s National Electoral Institute (INE) to distribute offi cial information during the lead-up to July’s general elections.

Mexico’s electoral authority has already agreed a similar accord with Facebook and is preparing another with Google in a bid to fi ght the spread of false informa-tion that plagued the most recent US presidential election.

A statement released on Sunday by the INE said the three presidential

debates will be broadcast via the Per-iscope platform as part of the deal.

“Th e INE and Twitter have signed a memorandum of understanding to achieve, through this social net-work that has millions of followers, informing society in an adequate and timely manner of the most im-portant aspects of the electoral pro-cess,” the statement said.

Th e statement said Twitter would publish information on the offi cial accounts @TwitterLatAm and @Twit-terGov to give “visibility to public in-formation disseminated by the INE”.

Th e INE — which is responsible for protecting the list of Mexican voters — emphasised the agree-ment “in no way implies sharing or making use of personal data with any of the parties”.

Th e National Institute of Access (INAI) — in charge of monitor-ing Mexicans’ personal data — meanwhile said it would contact authorities in the US and Great Britain in light of the scandal en-gulfi ng Facebook and Cambridge Analytica.

The communications firm,

which worked on US President Donald Trump’s election cam-paign, has been accused of ille-gally mining tens of millions of users’ Facebook data and using it to target potential voters.

Th e INAI said in a statement that there was not yet evidence Cam-bridge Analytica had accessed any personal data of Mexicans.

The July 1 ballot will include presidential elections as well as those for the two branches of Con-gress and a number of local seats. — AFP

from a remote farming village in Daikundi province where wheat, corn and potatoes provide a meagre income, told AFP in Kabul.

“I want to work outside the house. I want to become a doctor, someone who serves women in my community or society.”

Ahmadi passed the exam af-ter undertaking an arduous jour-ney to reach the provincial capital Nili — two hours on foot through mountains and nine hours in public transport on a bumpy road.

An online GoFundMe campaign launched by the Afghan Youth As-sociation to help pay for her uni-versity fees has so far raised more than US$14,000 (RM54,600) — a fortune in a country where about 39% of the population lives in pov-erty. — AFP

Ahmadi (bottom right) sitting on the ground as her baby lies on her lap as she takes the entrance exam. Photo by AFP

F E AT U R E 2 1TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

China’s tech self-suffi ciency move threatens Asia exportersTh e challenge to Japan, South Korea and Taiwan also applies to Europe

BY C O N N O R C I S LO & J I Y E U N L E E

China’s rampant eco-nomic growth has been a boon for ex-porters in Japan, South Korea and Taiwan, who’ve sup-

plied high-end components and machines for its factories. The risk for them now is that China changes from customer to competitor as it ascends the value chain.

Japanese shipments to China reached a record US$130 billion in 2017, leading an export-driven economic recovery that has run for eight straight quarters. Korean sales to its neighbour have jumped 70% in a decade, while shipments from Taiwan climbed to an all-time high.

Export bonanzaYet a deeper dive into the data high-lights the threat. Take the trade in semiconductors — and the ma-chines to make these microchips. Sales of the components from fi rms like South Korean tech giant SK Hynix Inc have helped drive export growth into China from the rest of North Asia.

But at the same time, there has been a spike in sales to China of precision metal working machines and equipment for making chips from firms like Japan’s Yaskawa Electric Corp. With a Chinese state-backed fund gearing up to pour as much as US$31.5 billion (RM122.85 billion) into homegrown semicon-ductor manufacturing, there’s po-tential for trade fl ows to start to shift.

China’s ambitions, set out in its sweeping Made in China 2025

plan, go much further than semi-conductors and would see its tech-nical prowess advance in a host of areas, ranging from bio-medi-cine and artifi cial intelligence to new-energy vehicles and aircraft. Th e challenge to Japan, Korea and Taiwan also applies to European exporters like Germany, and comes on top of the risks to global trade from the Trump administration’s embrace of tariff s.

“Th e bits of the global supply chain that are currently the pre-serve of Korea, Japan, Taiwan, the US and Germany, are the bits of the supply chain that China has a dec-ade-long industrial strategy to move into,” said Tom Orlik, Bloomberg’s chief Asia economist. He said it’s

only a matter of time before many components for electronic prod-ucts are made domestically and the country is on track to become a car exporter. Eventually, it will be selling airplanes, said Orlik.

Industries to watch “Sensors are dominated by the Jap-anese, and it might take a while until the Chinese catch up,” said Bloomberg Intelligence analyst Nikkie Lu. “Maybe in the next fi ve years. But it is slowly emerging.”

To be sure, climbing up the value chain will pose challenges for Chi-nese companies. For one, they still have a way to go in building trust with consumers and developing “softer skills” in customer service,

which Japan excels at, according to Deborah Elms, executive director of the Asia Trade Centre in Singapore.

Th ey also need to demonstrate similar standards for protecting consumer privacy and intellectu-al property to displace companies from Japan, Korea and Taiwan, she said.

Wealth eff ectIn addition, a more successful and richer China will also off er oppor-tunities for its neighbours.

Already its growing wealth has unleashed a tidal wave of outbound tourists. Their purchasing pow-er in Japan is so renowned that a new word has been coined for it: “bakugai,” or “explosive buying.”

More than 14 million mainland Chinese visited neighbouring econ-omies in North Asia in 2017, even after a security dispute saw a sharp drop-off in tourists to Korea.

New moneymaker Airlines, hotels, tour operators and retailers in Japan, Korea and Taiwan have all benefi ted from the infl ux of travellers. Japanese hotels in tourist hotspot Kyoto, Korean tour operator Hana Tour Service Inc and Taiwan’s China Airlines Ltd have all profi ted from mainland customers. Despite the drop-off in Korea, the growth in numbers of mainland tourists is expected to continue across the region over the longer term.

Of course, foreign firms have also benefi ted by setting up their own manufacturing operations in China to lower costs and tap its huge consumer market. Japa-nese textile manufacturer Toray Industries Inc is a recent example, announcing in November that it would invest about ¥7 billion for a new plant in Guangdong province.

Yet the direction is clear — Bei-jing is aiming higher and it has the resources to reach its destination. And that will mean diffi culties for many companies around the region.

“China, in a very short period of time, is rapidly going up the value chain,” said Gary Hufbauer, senior fellow and trade specialist at the Peterson Institute for International Economics in Washington, speak-ing from Taos, New Mexico. “Th ey will produce the things that Korea and Japan are now producing, and Korean and Japanese fi rms have a big challenge to try to keep ahead on the technology.” — Bloomberg

BY J A K E L LOY D - S M I T H , K RYS TA L C H I A & L I A N T I N G T U

EMBATTLED commodity trader Noble Group Ltd issued a defence of its planned restructuring, saying if shareholders vote down the plan it will probably enter insolvency proceedings in the UK or fi le for liquidation, such as Chapter 11 in the US, and existing equity holders risk being wiped out.

“If the primary restructuring is not approved by shareholders, the board will have no option but to put the company into insolvency proceedings,” the Hong Kong-based company said in a statement, re-sponding to queries from the Sin-gapore Exchange. At present, the plan agreed with creditors needs approval by a simple majority of shareholders, it said.

After a three-year crisis, the fate

Noble Group frames endgame: deal, administration, Chapter 11of the company — once Asia’s larg-est commodity trader — is hang-ing in the balance as it attempts to push through a deal that would hand control to senior creditors, about half of whom back the ap-proach. Th e plan is fraught with risk, and comes against a backdrop of turbulence at the trader. Last week, Noble Group defaulted on its debt, was hit by two lawsuits and saw founder Richard Elman quit the board amid a disagreement about the restructuring proposal. Its bonds dropped.

“As matters stand, the company is currently in default on certain of its debt obligations,” it said.

Th e support of senior creditors and banks is “dependent on a suc-cessful restructuring. In the absence of such support and a successful restructuring, the company would no longer be a going concern.”

Noble Group outlined three possible routes that the compa-ny may take in the months ahead, depending on the approvals it gets from shareholders and creditors. Elman’s role in that process will likely be important as he remains the top shareholder with a stake of about 18%.

Under the so-called primary re-structuring, which is backed by the board, senior creditors will take over the company under a debt-for-equi-ty rescue, and existing shareholders will receive a much-reduced stake. Th is option will be followed if share-holders vote in favour.

Under the so-called alternative restructuring, the board would seek to enter administration, and ask the administrator to follow the primary plan. Th is option will be followed should shareholders as a whole vote against the initial approach.

In this scenario, the allocation of shares in a new company would be at the discretion of creditors, although consenting shareholders would get what was promised in the primary restructuring.

Th e third path leads to liquida-tion. Noble Group said that support from senior creditors and banks depends on a successful restruc-turing, and without that, it would no longer be a going concern. Th at may prompt a move for insolvency protection and the company listed in the statement, by way of exam-ple, fi ling for Chapter 11 in the US

Noble Group’s bonds have come under renewed pressure. Last week, the 2018 notes plunged 7.5 cents on the dollar, while the 2022s were down 6.6, the biggest fall since early June for both securities, according to Bloomb-erg-compiled prices. Yesterday, its shares extended losses, cutting the

company’s market value to about US$91 million (RM354.9 million).

As the crisis unfolded, Noble Group has followed a shrink-to-survive strategy, selling off assets to pay down debts, and retreating back to its Asian roots in coal trad-ing. As Elman quit last week, he trimmed his stake in a small but symbolic move: the founder has sold shares only once previously in the company’s history, he testifi ed in a court case last year.

“Th e board’s strong preference is for a consensual transaction among the various classes of the capital structure,” it said. “Th e preference arises because a consensual restruc-turing, via the primary restructuring, is likely to result in better returns to stakeholders as a whole than a non-consensual restructuring, via the alternative restructuring, or liq-uidation.” — Bloomberg

China’s desire to become self-suffi cient in techology may end up hurting its neighbours. Photo by Bloomberg

22 live it! W E L L B E I N G . T H E A R T S . W I N E + D I N E . S T Y L E + D E S I G N . L E I S U R E

TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

PersonalASSISTANTC O M P I L E D BY C H A N G Y E E Z H W E N

W O R K . L I F E . B A L A N C E

ANYA Smells has added three new scents to their collection of scented candles, Washing Powder, Toothpaste and Lip Balm. ‘Toothpaste’ is a herbal fragrance with notes of freshly brushed teeth, while ‘Lip Balm’ is inspired by fi rst kisses, dark cherries from France and Iris from Florence. Perhaps most intrigu-ing of all is ‘Washing Powder’, combining sun-dried laundry, freshly-made beds with violet leaf, Hyacinth and fi rst bloom crocus to create an ozonic, fl oral scent. In addition, each candle is created using the fi nest raw materials and are hand-poured in England, making these candles truly everyday made extraordinary. Priced at £50 (RM276.86) or £150 depending on size, they can be bought online at www.anyahindmarch.com.

AT No Black Tie tonight, catch NewSound, a Malaysian modern jazz ensemble that’s taking the regional music scene by storm. Established in late 2015 by jazz pianist John Dip Silas, the band’s mission is to push the boundaries of jazz composition by constantly releasing and performing new and original music. Their music is primarily infl uenced by modern jazz with a touch of fusion, Lat-in and the good old roots of straight ahead swing. They have performed at various events around the country, such as the Malaysian Jazz Piano Festival, Johor Bahru Jazz Festi-val and the Publika Jazz Festival. Admission for their performance at No Black Tie, Jalan Mesui, Kuala Lumpur, is free and will take place tonight at 9pm. For reservations, log on to www.noblacktie.com.my

AS today is the last Tuesday of the month, don’t miss this special off er by Hokkai-do Baked Cheese Tart, which is only valid every Tu e s d a y o f March. Buy two cheese tarts (valid for all fl avours) and get one free cheese tart of equal or lower value.

Restaurant critic, two

chefs go on a pie-in-the-

sky adventure to fi nd

exactly how far you can

stretch the idea of pizza

SOUTHERN ITALY’S WILD PIZZAS

BY R I C H A R D V I N E S

When do dough, tomato sauce, and mozzarel-la stop being mere ingredients and be-come pizza?

It is a philosoph-ical question that has divided chefs and diners for decades. For some, only pies in the Neapolitan and Roman styles are acceptable — Sicilian, at a stretch. Others extend the goal posts as far as Chicago deep dish.

But pizzas have been eaten in southern Italy for hundreds of years, and the rain-bow of variations that can be found there — if you know where to look — rivals the rest of the world’s best eff orts. Its proxim-ity to North Africa means that fl atbreads have been popular for centuries. Forget calzones — I am talking about pizzas and pittas created specifi cally for breakfast, or marvels the size of entire tables, or baked spirals of crust begging to be torn into sat-isfying, savory chunks.

It is not easy to discover these secret pizzas in the towns and villages; the eco-nomically troubled region does not yet enjoy the number of tourists you fi nd else-where in Italy. If you do not speak Italian, you are likely to struggle. When I went, I

brought a guide: chef Francesco Mazzei, arguably the world’s leading ambassador for the cuisine of his native Calabria. His London restaurants include Fiume, Rad-ici, and Sartoria, and he is the author of Mezzogiorno (Preface Publishing, 2015), a celebration of southern Italian cooking. Even better, on this occasion he suggest-ed bringing along Pierre Koff mann, the three-Michelin-starred French chef whose protégés include Marco Pierre White and Gordon Ramsay.

We piled into Mazzei’s Maserati for a road trip that started in Calabria, winded through Basilicata, and ended in Puglia — the three southernmost provinces on Italy’s mainland. Our quest? To fi nd the wondrous pizzas of his home culture, some of which have never been seen outside the region. We covered 250 miles (402.34km) over four days, sampling perhaps 20 versions. I would ultimately gain fi ve pounds (2.27kg). Koff -

mann would tell me later that it took him months to get the weight off . “Th e pizzas were so good, I kept on eating,” he said. “We think we know all about pizza, but I’m still surprised by the variety.”

CalabriaOur journey started in the rugged and parched province that provides the toe of the Italian boot. It is a wild region of mountains and remote villages that bear little resemblance to the sophisticated cit-ies and resorts most visitors know. Mazzei grew up here and learned to make gelato at his uncle’s shop. His family owns a tiny cottage on a hillside, with views across sun-scorched land to the Mediterranean. “Mezzogiorno means noon, half-day, or lunchtime,” Mazzei said. “But for me, it just means home.”

When we visited, a forest fi re was raging so fi ercely, the billowing smoke brought

Pizzas at Di Gesù, a popular bakery in Altamura, Puglia. Photos by Bloomberg

An mpigliati con le sarde pie at the Petite Etoile hotel consists of dough coated with a mash of sardella, a rich fi sh sauce with red peppers, and tiny fi sh cured with salt and paprika.

live it! 23

W E L L B E I N G . T H E A R T S . W I N E + D I N E . S T Y L E + D E S I G N . L E I S U R E

TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY

Keeping it simple and cooking from the hearttraffi c to a standstill on the highway. We joined other travellers standing outside cars, watching the fl ames in awe.

Mpigliati con le sardeDeep in the countryside, at the Petite Etoile hotel in the town of Spezzano Piccolo, Gem-ma Constantino cooked us a salty, beautiful pie that looked like a bundle of bread roses. It consists of strips of dough coated with a mash of sardella, a rich fi sh sauce with red peppers, and pilchards (small, herring-like fi sh) cured with salt and paprika. Th e strips are rolled and stuck together before bak-ing; to eat, you just tear off one of the rolls, which are great with an aperitivo. Th ere were not many other patrons, but the staff laid out a feast for Mazzei, who is a celebrity in the region. Th is pizza is a good example of the cucina povera of southern Italy, where humble local ingredients are used to create deeply fl avored dishes. Th e sweetness of the bread and the spiky fi sh fl avours make this a favourite of Mazzei’s. “You’ll fi nd a lot of the best cooks we meet are women,” he said.

CulluraTh e team at Petite Etoile also served up a pizza dough made with pig fat, layered with cime di rapa (broccoli raab), rolled a bit like a strudel, and then formed into a circle. Cul-lura is generally consumed cold and works as an everyday snack for farmers to take up into the mountains. “Th is is like a meal in itself,” Mazzei says. “We Italians usually don’t eat breakfast, so around 10.30am, you are just ready for something to keep you going until lunchtime.”

PittaPitta is a Calabrian fl atbread that is crunchy on the outside and soft on the inside; it in-cludes toppings such as tomato, peppers, and herbs. We sampled slices from one monster loaf served at a bakery in Castro-libero. When we arrived in the small town, the mayor and some residents turned out to greet us. About 25 people joined us as we walked the narrow streets before fi nd-ing ourselves in a room for a reception with pitta, cakes, and wine.

Pizza al taglioTh is square pizza has a variety of toppings. It can be baked for a whole family to share, or bought by the slice. Th e one we devoured was from the Pan Caff è in Fontanesi-Santa Lucia, near Castrolibero, where large groups gather to share giant pies. “Th is is street food at its best,” Mazzei enthused. “You go out with your friends and eat all you can eat.” Although remote, the room was fi lled with happy diners dividing their time be-tween the food and the football match on a big screen. Mazzei stepped into the open kitchen at one end of the room and rustled

up a spaghetti dish with garum, an anchovy paste, and basil. Several diners abandoned the match to fi lm and photograph Mazzei on their phone. The wine flowed: It was party time.

FalagoneTh is half-moon-shaped treat, like a small calzone, is usually eaten cold, but we sam-pled some fresh from the oven at a new roadside bakery, Il Forno dei Sapori di Mar-torano Vincenzo, outside the hillside town of Cerchiara di Calabria. It is unusual to fi nd such a spotless and well-equipped bakery beside a road out here, where your best hope in another country might be for a gas station with a convenience store. Th e owner greeted us and described his food with pride, though (as kept happening) the actual chef was a woman. Falagones are popular in Calabria, where they are allowed to rest so the juices seep into the bread. Parents pack them for a seaside trip or for children going to school. Ours were fi lled with Swiss chard, onion, and sweet paprika. Another one came with roasted peppers, potato, and onion.

Pitta rusticaAlso at Il Forno dei Sapori di Martorano Vincenzo, we discovered prosciutto, caci-ocavallo cheese, and salumi sandwiched between two discs of pitta-style bread. It is popular for parties or as an afternoon snack. “Th is is a simple pizza made with whatever you fi nd in the fridge,” Mazzei said. “Every mum makes this for the kids.” I retreated to a corner to drink some crisp, light wine made locally from the ancient Greco bianco grape. Th e Calabrians were so hospitable, it was an all-you-can-eat pizza fest, over and over.

Pasta da fornoForget the “pasta” name; this is a pizza, and it is popular for breakfast. Th ere is no toma-to sauce atop the dough, no mozzarella, no onion. It is just crushed tomato with salt, oregano, and olive oil. Th is one was served to us at the smart Panifi cio Mauro, also in Cerchiara di Calabria. (In Italian, panifi cio means bakery.) Traditionally, pasta da forno comes in a round, black tray and is served cold. Th e absence of sauce helps keep the base crispy, making this a perfect snack to carry to school or to work.

PugliaTh e heel of Italy is developing a reputation for its wines, and the food is not far behind. Again, we were struck by the beautiful coun-tryside and the ramshackle historic towns, such as Altamura, with its narrow alleyways and medieval city wall. And then there is Bari, a buzzy port city second only to Naples in the south of Italy.

Focaccia altamuranaWe entered Di Gesù, a popular bakery in Altamura, to try this pizza with dough made only with semolina fl our and baked in the city’s oldest oven. Di Gesù is a thriving busi-ness now but traces its history to a small shop that opened in 1838. You can sense the pride put into the bread as it is pulled from the oven. Th is is thick, like a deep-dish pie, with tomato, green olives, and extra virgin olive oil. “People who haven’t spent time in the south of Italy don’t know how good the food is,” Mazzei said. “We have the best fi sh, the best meat, the best fruit. You don’t need fancy cooking or luxuries like foie gras. You need to keep it simple and cook from the heart.”

BasilicataBasilicata, the instep of Italy’s boot, straddles two coastlines. It is absolutely charming, for both its splendid beaches and ancient towns in which Greek, Spanish, French, and Arabian infl uences from the times of traders and invaders still remain.

Panzerotto di carne and panzerotto frittoTh ese two pie pockets look like calzones but smaller. Th e fi rst is fi lled with minced pork and spices, then baked and seasoned with thyme, rosemary, and oregano while the melted fat is still hot. It is popular as a street food and also comes in a fried ver-sion, panzerotto fritto. Th e one we wolfed down contained rich strands of mozzarella, sweet tomato, and basil. Luale, a bakery on the edge of a shopping mall in Poli-coro, serves both. It looks like a fast-food joint, but the store is clean and effi cient, the food rich and layered. It is the kind of modern store you might easily pass as you hunt for charm.

StrazzataWe drove so deep into a forest, we felt certain we would not fi nd our way out, let alone the way to the small restaurant we were seeking. But we did: Ristorante Pizzeria il Fosso is housed in what looks almost like a shack, yet it was the most charming of the 20-plus spots we visited. Maria Ferrara was in charge of the kitchen, where children played inside and dogs ran amok. Mazzei tucked into the strazzata, a fresh, crispy summer pizza with peppers, tomato, and extra-virgin olive oil, then delivered his verdict. “I love this place,” he said. — Bloomberg

Pasta da forno, a popular breakfast food at Panifi cio Mauro in Calabria, has no tomato sauce, no mozzarella, and no onion—just crushed tomato with salt, oregano, and olive oil.

The thick focaccia altamurana is studded with tomato and green olives.

Cullura uses dough made with pig fat, which is stuff ed with broccoli raab; it’s generally served cold.

Strazzata, a summer-style pizza with peppers, tomato, and extra virgin olive oil, from Ristorante Pizzeria il Fosso, a small shack in a forest near the Basilicata village of Noepoli.

A pitta rustica with prosciutto, caciocavallo cheese, and salumi between pitta-style bread.

2 4 S P O RT S TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY

Akinfeev seeks World Cup redemptionHis cat-like refl exes have added confi dence to Russia

BY D M I T RY Z A K S

I N BR I E F

MOSCOW: Igor Akinfeev, Russia’s top goalkeeper of his generation and elder statesman, will be seeking redemption when he plays at home in what may be his last World Cup.

Th e Moscow native is the venera-ble captain of a ragtag team decimat-ed by injuries and looking for guid-ance ahead of the June 14 kick-off .

Th e engaging 31-year-old with the winning smile would seem to be the calming presence Russia need.

He helped Moscow’s once mid-

dling CSKA Red Army club six championship titles and a Uefa Cup trophy in 2005. His commanding presence saved Russia from add-ed humiliation in a 3-0 World Cup warm-up loss to Brazil last Friday.

And his cat-like refl exes have added confi dence to a group that has little experience of going up against the likes of Cristiano Ron-aldo and Lionel Messi.

But Akinfeev is still haunted by a speculative shot that softly hit his palms and slowly arched in over his head in Russia’s 2014 World

Cup opener against South Korea.“What on earth is going on,” the

stunned Russian TV commentator asked at the time.

Akinfeev admitted a full year later that it was not something he “will ever be able to explain”.

Th e demoralising fumble set the tone for a miserable tournament for Russia as they crashed out without winning a game.

Akinfeev will look to exorcise his demons and push Russia deep into this year’s edition of the showpiece against all odds. — AFP

LOS ANGELES: South Korea’s Ji Eun-hee aced the par-three 14th hole en route to a two-shot victory on Sunday in the LPGA Kia Classic in Carlsbad, California.

Ji fi nished with fi ve birdies and her eagle one in a fi ve-under par 67 at the par-three 14th at Aviara Golf Club.

Her 16-under par total of 272 put her two strokes in front of Americans Cristie Kerr and Liz-ette Salas.

Ji began the day in a three-way tie for the lead with compatriot Kim In-kyung and Salas.

Her four birdies on the front nine included three in a row at the sixth, seventh and eighth, and she added another at the 10th.

Her lead had been trimmed to one, however, when her tee-shot at 14 bounced on the green and rolled in, boosting her advantage back to three.

She maintained that edge de-

Hole-in-one helps Ji to Kia Classic crown

Ji lining up her putt on the 18th green en route to a 16-under par victory during the fi nal round of the LPGA KIA Classic at the Park Hyatt Aviara golf course on Sunday in Carlsbad, California. Photo by AFP

Filepic of Daniel Biman (right) and Mohamad Kadija attending a chess boxing fi ght during an amateur fi ght event at the Intellectual Fight Club IX in Berlin. The biggest diffi culty may be staying lucid to pull off the winning chess move despite the physical demands of boxing. Photo by AFP

BY D AV I D C O U R B E T

BERLIN: With his dental guard still in his mouth and a slightly queasy feeling in his gut, a shirt-less Thomas Cazeneuve was ex-uberant after checkmating his opponent during a chess boxing bout in Berlin, the world capital of the unusual sport.

Just as deft in the movement of his rooks as with his fi sts, Cazeneuve claimed victory against his Ukraini-an challenger after seven alternating rounds of boxing and chess.

Th e match played out before a crowd of curious onlookers drawn to the spectacle of the so-called “Intellectual Fight Club”.

Chess boxing was born 16 years ago when its founder Iepe Rub-ingh brought to life a seemingly far-fetched idea from a French

Checkmate or knockout: Chess boxing lands a punch

spite a three-putt bogey at 15 when Kerr bogeyed the 17th.

Ji dropped one more shot with another three-putt at the last, where her first putt raced past the hole.

By then, however, her fourth

LPGA Tour title was virtually in the bag.

“I hit it pretty well today (on Sun-day),” said Ji, who hit all 18 greens in regulation. “I was driving the ball really nice and I rolled in nice putts.” — AFP

graphic novel, Cold Equator by Enki Bilal.

Today, Rubingh has set his sights on introducing chess boxing to the Olympics and even looking at send-ing robots into battle, as the multi-disciplinary sport gains popularity.

The rules of chess boxing are simple.

Three minutes of gentlemanly chess played on a board in the ring is alternated with three-minute bouts of intense boxing over 11 rounds — six of chess, fi ve of boxing.

Th e winner has to earn either a boxing knockout or a checkmate on the chessboard, but either chess boxer can be disqualifi ed for taking too long to make a chess move or by breaking the boxing rules.

The biggest difficulty may be staying lucid to pull off the win-ning chess move despite the phys-

ical demands of boxing.“It was my toughest fi ght with a

rival who is a total all-rounder, and who has left me exhausted, espe-

cially in boxing,” said Cazeneuve, 24, a recruitment consultant.

“I held on thanks to my mental strength,” he added. — AFP

Ryder Cup skipper hails recent triumphs for McIlroy, Casey

BY R A P H A E L L E P E LT I E R

VAL-D’ISERE (France): Europe-an captain Th omas Bjorn hailed PGA Tour titles for leading play-ers Rory McIlroy and Paul Casey earlier this month as “very im-portant” for his team’s Ryder Cup chances in September.

Four-time major champion McIlroy shrugged off an in-different run of form with a stunning victory at last week’s Arnold Palmer Invitational, rac-ing to victory with fi ve birdies in the fi nal six holes.

Th at came just seven days af-ter England’s Casey, who is set to return to the Ryder Cup after a 10-year absence, held off a re-surgent Tiger Woods to clinch a thrilling Valspar Championship.

“Th e last couple of weeks with Casey and McIlroy win-ning in America has been very important,” Bjorn told AFP.

“Confidence is a strong thing and with wins confi dence grows. So those who have a win in the bag know that their golf is good enough to win, that’s an important thing as a whole.”

The form of McIlroy and Casey could be vital as Europe bids to regain the trophy af-ter the 2016 loss at Hazeltine, while Spaniards Jon Rahm and Sergio Garcia will also have big roles to play.

Bjorn has said that having a rejuvenated Tiger Woods playing in September for the Americans against his team in Paris would be a “massive bonus” for golf.

Fourteen-time major cham-pion Woods has impressed since returning to the PGA Tour after a series of injury prob-lems, notching back-to-back top-five finishes for the first time since 2013. — AFP

Williams outlasts Bertens to book Konta clashMIAMI: Venus Williams saved three match points in a three-set victory over Kiki Bertens on Sunday, lining up a fourth-round clash with reigning champion Johanna Konta at the Miami Open. Williams, ranked eighth in the world, laboured nearly three hours to beat 29th-ranked Bertens 5-7, 6-3, 7-5. Williams sealed the win with an emphatic fore-hand winner, giving a little leap of elation. Konta, whose victory here last year pro-pelled her into the top 10 in the world rankings, advanced with relative ease, beating Bel-gian Elise Mertens 6-2, 6-1. — AFP

Garnett wins fi rst US PGA title at Dominican eventSANTO DOMINGO (Domini-can Republic): American Brice Garnett captured his fi rst US PGA title on Sunday, fi ring a two-under par 70 to win the Corales Championship in the Dominican Republic by four strokes. Garnett, whose best prior PGA showing was sixth at Mayakoba in 2015, fi nished 72 holes at the Puntacana re-sort on 18-under par 270 after a windy and rainy fi nal round. Among the victory prizes for Garnett, whose breakthrough came in his 88th PGA start, is a berth in his fi rst PGA Cham-pionship. — AFP

Smith replaced as Royals captain after scandalNEW DELHI: Indian Premier League side Rajasthan Royals yesterday replaced Australia’s Steve Smith as captain over his role in a ball-tampering controversy. Smith, who is on a US$1.9 million (RM7.41 million) contract with the Roy-als, will be replaced by India’s Ajinkya Rahane as skipper for the new IPL season starting April 7. “Steve believes given the current circumstances it’s in the best interest of the Ra-jasthan Royals that he steps down as captain so the team can get ready for the start of the IPL without the ongoing distractions,” the club said. — AFP

Raiwalui to quit Biarritz for WallabiesBIARRITZ (France): Simon Raiwalui, the forwards coach of French second division side Biarritz, will leave France to become Michael Cheika’s right-hand man with the Wal-labies, the Basque club said on Sunday. Raiwalui, 43, a former Fijian international lock for-ward who played club rugby with Newport and Saracens, has been in France since 2007, spending four seasons at Rac-ing 92 before becoming the Paris side’s forwards coach. He also coached Stade Fran-cais to the 2015 French title before moving to Biarritz last year. — AFP

2 5


YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)

Bursa Malaysia Main Market YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)

Bursa Malaysia

KLSE COMPOSITE 1,859.91 -5.31 -0.28

KLSE INDUSTRIAL 3,234.34 -6.08 -0.19

CONSUMER PRODUCT 696.58 -5.49 -0.78

INDUSTRIAL PRODUCT 172.15 -0.98 -0.57

CONSTRUCTION 289.02 -0.98 -0.34

TRADE & SERVICES 229.78 -0.53 -0.23

KLSE FINANCIAL 18,146.49 -62.54 -0.34

KLSE PROPERTY 1,091.26 -8.75 -0.80

KLSE PLANTATION 8,034.75 -13.95 -0.17

KLSE MINING 976.74 -4.05 -0.41

INDICES CLOSE +/- %CHGTECHNOLOGY 33.12 -0.07 -0.21

FTSE BURSA 100 12,801.72 -42.80 -0.33

FTSE BURSA MID 70 15,465.78 -73.15 -0.47

FTSE BURSA SMALL CAP 15,143.71 -63.96 -0.42

FTSE BURSA FLEDGLING 17,238.30 -38.28 -0.22

FTSE BURSA EMAS 13,016.41 -44.25 -0.34

FTSE BUR M’SIA ACE 5,610.34 -71.58 -1.26

FTSE BUR EMAS SHARIAH 13,165.35 -33.47 -0.25

FTSE BUR HIJRAH SHARIAH 14,876.83 -26.70 -0.18

FTSE/ASEAN 40 11,978.86 18.37 0.15

INDICES CLOSE +/- %CHG

Sectorial Movement

CONSUMER PRODUCTS 0.725 0.380 0.405 0.390 7120 ACOSTEC 0.405 0.015 320 0.391 — — 72.0 5.900 4.435 5.500 5.480 7090 AHEALTH 5.500 0.020 29.5 5.499 14.49 2.18 644.3 25.500 14.193 22.500 21.600 2658 AJI 22.500 0.600 26.5 21.72 7.18 1.87 1,368.0 0.390 0.240 0.285 0.285 7051 AMTEK 0.285 UNCH 3.2 0.285 — — 14.2 5.202 3.980 4.000 3.980 6432 APOLLO 3.980 -0.020 10.6 3.994 20.64 6.28 318.4 1.040 0.800 — — 7722 ASIABRN 0.880 — — — — — 102.4 3.328 2.540 2.650 2.620 7129 ASIAFLE 2.640 -0.010 108.8 2.630 8.00 — 514.2 46.319 26.500 28.300 28.020 4162 BAT 28.100 -0.200 107.4 28.11 16.28 6.01 8,023.4 0.120 0.040 0.045 0.040 7243 BIOOSMO 0.045 UNCH 1125.9 0.040 — — 35.8 0.708 0.460 0.470 0.460 9288 BONIA 0.465 -0.005 646 0.464 14.58 2.69 374.9 1.110 0.850 0.905 0.895 7174 CAB 0.905 -0.010 268.9 0.901 8.53 0.55 566.7 1.370 0.380 0.930 0.880 7154 CAELY 0.900 -0.035 518.9 0.898 34.75 1.11 72.0 0.415 0.260 — — 7128 CAMRES 0.350 — — — 11.11 2.86 68.9 21.000 13.930 18.980 18.820 2836 CARLSBG 18.920 -0.080 91.4 18.92 26.15 4.02 5,784.8 1.390 0.612 1.330 1.260 7035 CCK 1.310 -0.020 527 1.283 14.25 1.53 413.1 3.050 1.943 2.830 2.710 7148 CCMDBIO 2.810 UNCH 212.9 2.772 18.61 2.31 783.9 2.520 2.000 2.000 2.000 2828 CIHLDG 2.000 -0.020 1 2.000 8.82 4.00 324.0 0.145 0.020 0.090 0.085 5188 CNOUHUA 0.085 -0.010 1096.2 0.090 — — 56.8 3.048 2.219 — — 7205 COCOLND 2.590 — — — 17.67 5.02 592.6 1.906 1.490 1.560 1.530 7202 CSCENIC 1.540 -0.010 171.3 1.535 15.10 6.49 185.6 0.095 0.010 — — 5214 CSL 0.010 — — — — — 12.4 0.773 0.475 — — 9423 CWG 0.490 — — — 6.99 3.06 61.9 0.045 0.025 0.035 0.030 7179 DBE 0.030 -0.005 5818 0.030 — — 80.3 1.040 0.827 — — 7119 DEGEM 0.960 — — — 8.44 2.60 128.6 76.980 54.929 66.200 65.000 3026 DLADY 66.140 -0.260 17 65.84 35.96 1.51 4,233.0 0.110 0.065 0.070 0.070 7182 EKA 0.070 UNCH 314.9 0.070 — — 21.8 0.355 0.200 0.200 0.200 9091 EMICO 0.200 -0.005 40.2 0.200 — — 19.2 1.823 1.020 — — 7149 ENGKAH 1.070 — — — 54.04 5.61 75.7 0.365 0.150 0.250 0.230 7208 EURO 0.245 UNCH 5747.4 0.240 — — 65.5 0.760 0.620 — — 7094 EUROSP 0.700 — — — 31.96 — 31.1 34.500 23.137 33.400 33.280 3689 F&N 33.340 -0.060 637.8 33.33 40.33 1.72 12,228.4 1.070 0.830 — — 2755 FCW 0.900 — — — 2250 — 225.0 0.850 0.420 0.425 0.420 8605 FFHB 0.420 -0.010 86 0.421 11.17 2.86 45.8 2.040 0.830 1.680 1.620 9172 FPI 1.620 -0.040 738.7 1.641 9.47 4.94 400.7 1.100 0.700 0.820 0.780 7184 G3 0.820 0.035 666 0.802 — — 338.3 2.200 0.874 1.460 1.360 5102 GCB 1.400 -0.060 398.9 1.407 7.51 1.79 672.2 3.440 2.600 3.020 2.990 5606 GOLDIS 3.000 -0.040 4641 2.995 8.48 0.67 2,008.0 0.370 0.045 0.210 0.185 5187 HBGLOB 0.210 0.015 11081.3 0.198 7.05 — 98.3 23.040 16.632 21.340 20.840 3255 HEIM 20.880 -0.440 23.3 21.20 23.36 4.31 6,307.8 11.580 8.799 11.000 10.820 3301 HLIND 10.920 -0.080 40.9 10.91 25.12 3.21 3,580.7 0.975 0.670 0.680 0.670 5160 HOMERIZ 0.675 -0.005 93.5 0.675 6.98 6.22 202.5 0.380 0.300 0.345 0.340 7213 HOVID 0.340 -0.010 599 0.343 — — 279.1 1.214 1.030 1.050 1.040 5024 HUPSENG 1.050 UNCH 214.2 1.047 18.88 5.71 840.0 0.605 0.350 0.375 0.365 8478 HWATAI 0.365 UNCH 18.5 0.367 25.70 — 27.3 4.760 1.400 1.450 1.440 5107 IQGROUP 1.440 0.030 27.2 1.442 16.27 7.64 126.8 1.546 0.930 0.990 0.930 7152 JAYCORP 0.940 -0.260 1819.8 0.950 5.13 11.70 129.0 0.740 0.370 0.390 0.370 8931 JERASIA 0.390 UNCH 20.1 0.373 15.54 1.28 32.0 1.699 0.990 1.030 1.010 7167 JOHOTIN 1.010 -0.020 132.3 1.012 10.18 3.96 313.6 2.243 0.760 0.790 0.760 5247 KAREX 0.790 0.015 1116.2 0.773 45.93 1.27 791.9 3.756 2.250 — — 7216 KAWAN 2.300 — — — 28.40 1.70 826.9 0.225 0.130 0.145 0.145 8303 KFM 0.145 UNCH 16 0.145 — — 9.9 0.907 0.645 — — 6203 KHEESAN 0.670 — — — 25.87 2.24 69.7 2.537 1.700 1.900 1.770 7062 KHIND 1.890 -0.050 2.6 1.849 47.61 0.53 75.7 2.160 1.261 1.770 1.770 0002 KOTRA 1.770 -0.010 5 1.770 18.02 2.26 236.5 0.140 0.065 0.135 0.115 5172 KSTAR 0.130 0.020 22917 0.126 — — 49.5 5.469 3.530 3.590 3.530 7006 LATITUD 3.590 0.010 136.3 3.546 8.93 3.34 349.0 1.090 0.870 0.960 0.920 9385 LAYHONG 0.920 -0.040 1996.8 0.933 17.29 0.54 579.3 0.780 0.290 0.595 0.540 8079 LEESK 0.565 -0.010 920.8 0.561 15.56 2.65 94.8 4.276 2.530 2.650 2.530 7089 LIIHEN 2.560 -0.100 674.1 2.565 6.26 6.25 460.8 0.820 0.530 0.545 0.530 7126 LONBISC 0.545 UNCH 198.6 0.537 15.71 — 101.7 1.847 0.950 1.000 1.000 7085 LTKM 1.000 -0.010 3 1.000 27.86 2.50 130.1 7.728 4.090 5.090 5.020 7087 MAGNI 5.080 -0.030 43.4 5.048 7.53 2.76 826.7 0.050 0.010 0.030 0.020 5189 MAXWELL 0.025 0.005 7907.4 0.025 — — 10.0 1.266 0.990 — — 5886 MBG 1.000 — — — 16.29 3.00 60.8 2.409 1.407 1.650 1.560 3662 MFLOUR 1.590 -0.050 603.6 1.615 12.76 4.09 875.0 0.920 0.720 — — 7935 MILUX 0.755 — — — — — 41.1 4.956 3.500 — — 5202 MSM 3.500 — — — — 4.00 2,460.4 0.035 0.030 — — 5150 MSPORTS 0.035 — — — — — 21.2 1.826 1.250 1.620 1.610 3921 MWE 1.610 -0.010 461.9 1.615 2.84 1.24 372.8 163.00 75.84 149.90 144.00 4707 NESTLE 148.000 -2.000 228.6 147.14 53.74 1.82 34,706.0 4.838 3.240 3.320 3.260 7060 NHFATT 3.320 0.070 34.8 3.295 12.27 3.31 249.5 0.130 0.040 0.045 0.040 7139 NICE 0.045 0.005 51 0.040 — — 15.0 0.310 0.175 0.185 0.175 7215 NIHSIN 0.180 0.005 643.4 0.180 18.75 — 57.9 0.852 0.500 0.525 0.515 5066 NTPM 0.525 UNCH 1106.9 0.522 13.46 3.81 589.7 1.765 0.970 0.990 0.990 7107 OFI 0.990 0.010 6 0.990 16.67 3.54 237.6 6.705 6.201 6.260 6.220 4006 ORIENT 6.230 -0.080 221.7 6.231 9.84 3.21 3,865.1 5.467 2.787 4.470 4.130 7052 PADINI 4.240 -0.210 1712.1 4.220 17.94 2.36 2,789.5 40.631 32.085 34.500 34.000 3719 PANAMY 34.000 -0.100 41.9 34.00 15.59 3.44 2,065.4 0.654 0.390 — — 5022 PAOS 0.435 — — — 51.18 3.68 78.8 0.585 0.285 0.300 0.285 9407 PARAGON 0.295 -0.005 63 0.292 — — 20.7 0.401 0.210 0.260 0.240 6068 PCCS 0.255 -0.010 1265.6 0.250 5.29 — 53.6 0.975 0.690 0.750 0.700 5231 PELIKAN 0.750 0.030 185 0.720 13.86 — 415.0 0.707 0.561 0.585 0.570 9997 PENSONI 0.585 0.010 20 0.575 10.10 3.42 75.9 0.235 0.155 0.165 0.160 4081 PMCORP 0.165 UNCH 100.1 0.160 — — 127.6 0.781 0.472 0.510 0.505 5080 POHKONG 0.510 UNCH 127.4 0.508 6.57 1.96 209.3 2.048 1.260 1.320 1.270 7088 POHUAT 1.320 0.040 437.2 1.284 6.39 5.30 307.6 19.100 16.169 18.960 18.760 4065 PPB 18.960 0.040 1165 18.92 18.65 1.58 22,477.1 0.720 0.480 0.500 0.500 7190 PPG 0.500 -0.025 15 0.500 — 4.00 50.0 1.623 0.550 0.655 0.635 8966 PRLEXUS 0.650 -0.005 413 0.641 6.04 3.46 117.1 1.133 0.776 0.850 0.835 7134 PWF 0.850 -0.030 148.3 0.844 7.69 4.04 147.4 2.566 1.150 1.300 1.160 7237 PWROOT 1.290 0.110 1004.6 1.213 14.66 8.91 426.0 5.050 3.820 4.980 4.850 7084 QL 4.970 -0.010 1706.1 4.968 37.65 0.66 8,063.5 0.628 0.510 0.555 0.530 9946 REX 0.555 0.025 510.3 0.530 370.00 0.90 136.9 1.868 0.650 0.690 0.655 0183 SALUTE 0.690 0.030 266.6 0.674 17.08 3.48 267.7 1.069 0.315 0.330 0.320 5252 SASBADI 0.325 -0.005 2123.1 0.325 16.67 2.06 136.2 0.590 0.325 0.450 0.410 5157 SAUDEE 0.450 -0.005 82 0.429 35.43 — 59.4 0.707 0.413 0.630 0.585 7180 SERNKOU 0.630 0.035 142.7 0.593 22.83 — 151.2 1.340 0.590 0.800 0.800 7165 SGB 0.800 UNCH 39 0.800 — — 158.8 1.614 0.800 0.850 0.800 7412 SHH 0.800 -0.060 203.7 0.814 — 6.25 40.0 1.034 0.570 0.600 0.575 7246 SIGN 0.600 0.020 219.4 0.591 7.10 4.17 144.2 0.915 0.420 0.445 0.425 8532 SINOTOP 0.425 -0.035 38.6 0.425 — — 167.8 0.865 0.450 — — 9776 SMCAP 0.450 — — — 1.76 — 27.5 0.385 0.255 0.285 0.285 7943 SNC 0.285 UNCH 10 0.285 — — 18.8 2.548 2.130 2.340 2.340 7103 SPRITZER 2.340 -0.040 15 2.340 16.81 2.47 491.4 1.340 1.050 1.190 1.140 7186 SWSCAP 1.190 UNCH 34.5 1.153 20.14 0.84 173.6 0.603 0.285 0.305 0.290 7082 SYF 0.305 0.005 417.8 0.301 14.66 4.92 188.9 0.470 0.320 0.360 0.320 7211 TAFI 0.320 -0.060 6 0.353 — — 25.6 1.928 1.290 1.640 1.640 4405 TCHONG 1.640 -0.010 6 1.640 — 1.22 1,102.1 0.687 0.345 0.350 0.345 7200 TEKSENG 0.350 UNCH 332.5 0.348 4.41 5.71 121.8 1.140 0.850 0.985 0.955 7252 TEOSENG 0.965 UNCH 115.2 0.963 83.19 1.55 289.5 1.455 1.010 — — 9369 TGL 1.010 — — — 9.68 4.95 41.1 1.020 0.500 0.620 0.595 7230 TOMEI 0.610 0.010 104.7 0.606 5.21 — 84.5 0.510 0.370 0.390 0.390 7176 TPC 0.390 UNCH 43 0.390 — — 91.2 6.980 4.700 6.250 6.000 4588 UMW 6.100 -0.100 1124.9 6.088 — — 7,126.6 2.680 2.047 2.450 2.450 7757 UPA 2.450 0.020 2 2.450 4.99 3.27 195.0 2.470 0.883 1.450 1.410 7203 WANGZNG 1.450 -0.030 85.2 1.427 21.74 2.76 232.0 0.210 0.060 0.155 0.150 5156 XDL 0.155 UNCH 520.7 0.152 20.13 — 209.6 0.665 0.380 0.570 0.565 7121 XIANLNG 0.565 -0.005 79 0.570 1130 — 45.2 0.100 0.020 — — 5155 XINQUAN 0.055 — — — — — 26.7 2.822 2.100 2.160 2.120 5584 YEELEE 2.120 -0.050 9.3 2.130 10.23 2.12 406.2 1.522 1.009 1.050 1.030 5159 YOCB 1.040 -0.010 45.1 1.035 7.49 4.81 166.4 3.190 2.112 2.470 2.420 7178 YSPSAH 2.460 0.010 12.2 2.449 16.36 2.85 337.1 2.111 1.477 1.520 1.500 5131 ZHULIAN 1.500 -0.040 82.9 1.510 13.07 4.00 690.0INDUSTRIAL PRODUCTS 1.393 0.930 1.030 0.995 0012 3A 1.030 0.020 360 1.005 11.81 1.75 506.8 0.210 0.100 0.115 0.105 7086 ABLEGRP 0.115 UNCH 254.9 0.112 — — 30.3 0.430 0.210 — — 7131 ACME 0.340 — — — 10.79 — 74.3 0.975 0.520 0.535 0.535 7191 ADVENTA 0.535 UNCH 8 0.535 594.4 — 81.7 2.307 1.900 — — 9148 ADVPKG 1.920 — — — 31.27 3.13 39.4 0.220 0.125 0.140 0.130 7146 AEM 0.140 0.010 555 0.133 — — 41.9 0.580 0.375 0.460 0.460 5198 AFUJIYA 0.460 UNCH 5 0.460 13.18 — 82.8 0.585 0.325 — — 2682 AISB 0.325 — — — 7.32 — 46.9 0.913 0.500 0.510 0.500 7609 AJIYA 0.505 0.005 261.5 0.504 11.85 3.96 153.8 0.495 0.080 — — 9954 AKNIGHT 0.305 — — — — — 17.7

1.694 0.750 0.780 0.750 2674 ALCOM 0.775 -0.005 66.9 0.754 7.02 26.45 104.1 1.070 0.430 0.500 0.485 4758 ANCOM 0.490 UNCH 71.4 0.494 5.72 — 107.3 3.980 2.170 3.170 2.970 6556 ANNJOO 3.090 -0.110 2808.2 3.035 7.62 6.15 1,679.2 0.551 0.060 0.065 0.060 9342 ANZO 0.065 UNCH 700.2 0.060 — — 57.3 1.120 0.840 — — 5568 APB 0.855 — — — — 3.51 96.5 4.090 3.360 3.430 3.420 5015 APM 3.430 0.010 6.3 3.423 17.16 4.23 691.5 1.185 0.710 0.730 0.710 7214 ARANK 0.720 -0.025 57.9 0.723 5.81 4.51 86.4 1.278 0.723 0.820 0.795 7162 ASTINO 0.815 -0.060 2459.3 0.807 6.47 1.23 223.4 1.185 0.665 0.825 0.815 7099 ATTA 0.820 -0.015 60.4 0.819 3.14 9.63 170.8 0.455 0.195 — — 7181 ATURMJU 0.250 — — — — — 15.3 2.522 1.710 1.950 1.850 8133 BHIC 1.940 UNCH 1.1 1.913 45.54 2.58 482.0 0.570 0.315 0.325 0.315 7005 BIG 0.325 -0.015 20.2 0.325 — — 15.6 0.580 0.195 0.445 0.440 7187 BKOON 0.440 -0.010 15.1 0.440 39.29 — 126.3 1.091 0.700 0.715 0.705 0168 BOILERM 0.705 -0.015 149.2 0.707 17.36 2.13 363.8 1.830 1.000 — — 6297 BOXPAK 1.080 — — — — — 129.7 1.531 0.850 0.880 0.865 5100 BPPLAS 0.875 -0.005 74.3 0.869 12.81 9.14 164.2 0.316 0.220 0.230 0.220 9938 BRIGHT 0.230 -0.005 230.8 0.226 — — 47.2 0.800 0.345 — — 7221 BSLCORP 0.530 — — — 15.63 — 51.9 0.365 0.145 0.160 0.145 7188 BTM 0.160 -0.005 416.6 0.155 — — 21.8 3.489 2.530 2.560 2.530 5105 CANONE 2.540 -0.020 17 2.547 7.67 1.57 488.1 0.035 0.005 — — 5229 CAP 0.010 — — — — — 13.6 2.113 1.510 1.550 1.520 7076 CBIP 1.530 -0.010 140.2 1.539 15.89 3.92 823.5 2.350 1.592 2.000 1.980 2879 CCM 2.000 UNCH 100.4 2.000 36.30 7.50 335.4 1.750 1.380 — — 8435 CEPCO 1.400 — — — — — 62.7 1.240 1.020 — — 8044 CFM 1.100 — — — — — 45.1 1.896 1.574 1.640 1.610 5007 CHINWEL 1.610 -0.020 35.8 1.629 9.06 4.47 482.2 2.690 1.690 2.430 2.370 5797 CHOOBEE 2.430 UNCH 238 2.385 6.35 2.47 267.1 1.150 0.920 — — 8052 CICB 0.920 — — — 12.92 — 46.0 0.070 0.040 0.045 0.045 7018 CME 0.045 UNCH 30.3 0.045 — — 36.4 4.628 3.300 4.010 3.910 2852 CMSB 3.970 -0.070 557.4 3.979 19.81 1.59 4,265.3 0.840 0.320 — — 7986 CNASIA 0.515 — — — 12.65 — 23.4 1.490 1.110 1.150 1.140 5071 COASTAL 1.150 UNCH 129.5 1.149 13.91 1.74 611.3 1.150 0.670 0.805 0.785 7195 COMCORP 0.790 -0.005 2067.8 0.794 10.30 — 110.6 1.220 0.670 1.060 1.030 2127 COMFORT 1.050 -0.020 2072.4 1.043 16.10 — 590.0 1.882 1.330 1.400 1.340 5094 CSCSTEL 1.370 -0.030 313.4 1.357 8.46 7.30 520.6 0.804 0.545 0.555 0.555 7157 CYL 0.555 -0.045 0.9 0.555 44.40 7.21 55.5 0.405 0.300 0.300 0.300 5082 CYMAO 0.300 -0.010 10 0.300 — — 22.5 2.410 2.162 2.270 2.220 8125 DAIBOCI 2.220 -0.070 1.8 2.259 27.99 2.05 727.9 2.000 0.845 1.610 1.580 8176 DENKO 1.580 -0.030 2699 1.601 — — 1,812.3 0.460 0.270 0.285 0.280 7114 DNONCE 0.280 0.010 415.5 0.285 27.18 — 54.2 0.395 0.165 — — 5835 DOLMITE 0.185 — — — — — 52.7 0.330 0.105 0.110 0.105 5265 DOLPHIN 0.105 -0.010 1185.8 0.108 — — 25.6 1.379 1.138 1.280 1.270 7169 DOMINAN 1.280 -0.010 13.7 1.270 9.06 5.08 211.5 2.750 1.302 2.470 2.400 1619 DRBHCOM 2.420 -0.050 1424.6 2.423 25.97 0.41 4,678.4 1.582 1.020 1.090 1.070 7233 DUFU 1.090 -0.020 351.9 1.081 6.99 5.05 191.3 0.818 0.500 0.525 0.500 8907 EG 0.525 0.020 670.3 0.504 5.90 — 139.8 1.050 0.770 0.800 0.770 9016 EKSONS 0.800 0.030 8.1 0.778 — — 131.4 0.843 0.557 0.635 0.610 7217 EMETALL 0.635 0.015 131.6 0.616 5.72 3.94 119.6 0.885 0.385 0.485 0.430 7773 EPMB 0.485 0.050 27.1 0.460 — — 80.5 0.924 0.490 0.500 0.490 5101 EVERGRN 0.495 -0.005 1576.5 0.495 9.27 4.04 419.0 1.690 1.139 1.490 1.400 2984 FACBIND 1.490 -0.010 15.1 1.404 13.69 2.68 126.9 2.862 2.500 2.550 2.500 7229 FAVCO 2.550 UNCH 131.2 2.529 8.95 5.88 564.6 0.780 0.535 — — 0149 FIBON 0.595 — — — 20.80 1.85 58.3 2.221 1.950 2.000 1.980 3107 FIMACOR 1.990 -0.010 52.1 1.990 22.85 6.28 488.1 1.780 1.047 1.130 1.100 5197 FLBHD 1.120 0.010 97.1 1.105 9.32 5.36 115.6 0.679 0.240 0.255 0.240 5277 FPGROUP 0.245 -0.010 2405.5 0.245 12.63 2.90 126.9 1.510 1.310 — — 3611 GBH 1.400 — — — 109.3 — 261.3 2.620 0.835 0.900 0.880 7197 GESHEN 0.895 -0.005 99.1 0.892 6.84 — 71.6 0.085 0.040 0.050 0.045 5220 GLOTEC 0.050 0.005 47376.1 0.049 — — 269.1 0.525 0.185 0.275 0.255 7192 GOODWAY 0.270 UNCH 3106.4 0.265 — — 29.8 0.135 0.085 0.095 0.095 7096 GPA 0.095 UNCH 200 0.095 — — 93.1 0.425 0.220 0.290 0.250 5649 GPHAROS 0.290 0.030 27.1 0.250 76.32 — 39.0 0.250 0.170 0.180 0.170 0136 GREENYB 0.180 0.010 478 0.176 — 1.67 60.1 1.005 0.585 0.615 0.610 3247 GUH 0.615 UNCH 80.7 0.610 — 5.48 170.9 1.180 0.700 0.960 0.960 5151 HALEX 0.960 -0.020 10 0.960 — — 101.8 6.068 2.382 5.980 5.800 5168 HARTA 5.800 -0.090 2767.8 5.880 46.36 1.03 19,209.4 19.158 3.373 8.200 7.450 4324 HENGYUAN 8.200 0.400 5556.2 7.824 2.71 0.24 2,460.0 1.690 0.830 0.855 0.830 5095 HEVEA 0.830 -0.020 1043.3 0.845 6.90 8.80 463.9 1.136 0.695 0.710 0.695 3298 HEXZA 0.700 UNCH 109.4 0.699 — 7.14 140.3 0.530 0.295 0.450 0.430 5072 HIAPTEK 0.440 -0.010 6880.4 0.440 — — 587.2 1.170 0.375 0.860 0.830 5199 HIBISCS 0.855 0.020 20207.4 0.844 34.06 — 1,357.9 1.319 0.913 — — 7033 HIGHTEC 1.280 — — — 8.40 2.73 52.0 1.020 0.670 0.670 0.670 8443 HIL 0.670 -0.030 10.6 0.670 16.50 1.87 223.8 0.715 0.300 0.455 0.410 5165 HOKHENG 0.410 -0.045 108.9 0.421 37.96 — 32.8 0.665 0.030 0.370 0.335 2739 HUAAN 0.370 0.010 38561.2 0.353 5.14 — 415.3 2.769 1.880 1.890 1.890 5000 HUMEIND 1.890 -0.010 80 1.890 — 1.06 905.5 0.340 0.160 0.165 0.160 9601 HWGB 0.160 UNCH 1122.4 0.160 — — 40.0 1.908 1.634 — — 7222 IMASPRO 1.850 — — — 19.11 1.89 148.0 0.290 0.110 0.165 0.145 7183 IRETEX 0.160 0.005 3051.1 0.156 — — 22.4 0.085 0.050 0.055 0.050 7223 JADI 0.055 UNCH 1201.5 0.055 — — 51.8 0.175 0.125 — — 8648 JASKITA 0.125 — — — — 8.00 56.2 1.120 0.930 — — 7043 JMR 1.000 — — — — 3.00 126.8 0.310 0.170 0.185 0.170 0054 KARYON 0.185 UNCH 1060.5 0.176 14.80 1.62 88.0 0.728 0.450 0.480 0.455 7199 KEINHIN 0.480 0.010 37.7 0.469 9.21 2.83 52.3 0.480 0.300 — — 6211 KIALIM 0.330 — — — — — 20.4 3.080 2.700 2.730 2.700 3522 KIANJOO 2.730 0.010 16.1 2.701 13.47 1.47 1,212.6 2.315 1.370 1.440 1.400 5371 KIMHIN 1.440 UNCH 13 1.409 27.22 4.17 224.1 0.075 0.005 — — 5060 KINSTEL 0.005 — — — — — 5.2 1.450 0.800 0.935 0.915 9466 KKB 0.935 -0.015 41 0.931 146.09 — 241.0 0.310 0.215 0.220 0.215 7164 KNM 0.220 0.005 2760.3 0.216 — — 521.3 1.700 0.810 1.060 0.985 6971 KOBAY 1.060 0.040 264.9 1.019 10.75 — 108.2 0.245 0.165 0.200 0.190 7017 KOMARK 0.195 -0.005 290.7 0.197 — — 32.1 8.790 5.529 7.810 7.620 7153 KOSSAN 7.630 -0.280 218.7 7.679 26.57 1.44 4,879.1 1.110 0.400 0.700 0.700 7130 KPOWER 0.700 0.050 1 0.700 — — 53.3 5.098 4.050 4.100 4.050 3476 KSENG 4.100 UNCH 78.7 4.078 1518 2.44 1,482.1 0.760 0.380 0.440 0.420 5192 KSSC 0.430 0.005 300.7 0.431 7.65 3.49 41.3 0.775 0.435 — — 8362 KYM 0.490 — — — 70.00 — 73.4 7.090 4.410 4.480 4.430 3794 LAFMSIA 4.430 -0.030 197.8 4.445 — 4.51 3,764.2 0.910 0.565 0.600 0.585 9326 LBALUM 0.595 0.005 139.5 0.591 11.97 4.20 147.8 0.601 0.425 0.575 0.570 5092 LCTH 0.575 0.005 4574.1 0.575 20.25 4.35 207.0 6.530 4.140 5.980 5.770 5284 LCTITAN 5.890 -0.100 3502.4 5.854 11.02 3.90 13,592.9 0.985 0.613 0.735 0.710 5232 LEONFB 0.735 -0.005 1004.8 0.720 2.83 2.04 227.9 0.440 0.210 0.270 0.265 8745 LEWEKO 0.270 UNCH 51 0.269 — — 86.9 0.080 0.005 — — 2887 LIONDIV 0.005 — — — — — 7.0 1.670 0.660 0.970 0.890 4235 LIONIND 0.925 -0.055 3126.1 0.913 4.63 — 664.1 0.740 0.400 0.440 0.430 9881 LSTEEL 0.440 0.010 25 0.434 7.19 — 56.3 0.160 0.085 0.090 0.085 5068 LUSTER 0.090 UNCH 2271 0.090 33.33 — 177.8 4.660 3.400 — — 9199 LYSAGHT 3.550 — — — 8.28 1.97 147.6 1.400 0.467 0.780 0.725 5098 MASTEEL 0.780 0.005 7641.8 0.751 4.47 — 333.2 0.841 0.550 0.580 0.560 7029 MASTER 0.580 UNCH 247.8 0.566 8.03 1.72 31.7 1.407 0.993 1.140 1.100 5152 MBL 1.100 -0.060 268.2 1.117 10.22 1.82 111.2 0.870 0.675 0.750 0.705 7004 MCEHLDG 0.750 0.035 13.3 0.709 29.41 2.00 33.3 0.390 0.190 0.210 0.200 3778 MELEWAR 0.200 -0.010 105.8 0.206 — — 45.1 0.789 0.550 0.575 0.570 5223 MENTIGA 0.570 -0.010 60.9 0.572 26.03 1.75 39.9 1.837 1.600 — — 6149 METROD 1.600 — — — 8.32 3.75 192.0 1.260 0.480 0.500 0.480 5001 MIECO 0.495 -0.010 1805.2 0.488 5.42 2.02 259.9 0.170 0.100 0.105 0.100 7219 MINETEC 0.100 -0.005 3834.2 0.101 — — 73.2 0.622 0.426 — — 5576 MINHO 0.445 — — — 8.09 1.69 97.8 4.237 2.850 2.960 2.850 5916 MSC 2.850 -0.120 27 2.900 18.02 2.81 285.0 2.470 1.140 2.020 1.740 3883 MUDA 2.000 0.220 4569.4 1.881 10.38 1.50 610.1 1.030 0.390 0.405 0.390 5087 MYCRON 0.395 -0.005 83 0.397 4.29 — 112.0 0.225 0.005 — — 7002 NAKA 0.010 — — — — — 0.6 0.355 0.090 0.235 0.215 5025 NWP 0.235 UNCH 7053 0.228 — — 92.2 1.163 0.720 0.780 0.755 4944 NYLEX 0.780 UNCH 282.5 0.771 6.66 2.56 151.6 1.925 1.348 1.410 1.390 7140 OKA 1.410 -0.010 279.4 1.401 8.48 3.90 230.6 1.760 0.973 1.420 1.320 5065 ORNA 1.410 0.040 1459.6 1.375 6.68 2.84 106.1 0.130 0.043 0.070 0.065 7225 PA 0.065 -0.005 4431.9 0.066 — — 110.7 8.380 6.563 8.170 8.080 5183 PCHEM 8.150 -0.030 3904.6 8.144 15.81 3.31 65,200.0 1.667 1.250 1.330 1.260 5271 PECCA 1.260 -0.040 177.1 1.272 22.07 3.97 236.9 7.901 3.450 3.620 3.510 5436 PERSTIM 3.620 0.060 13.5 3.531 13.99 11.05 359.5 19.330 15.638 17.960 17.700 6033 PETGAS 17.800 -0.080 527.2 17.803 19.65 3.71 35,221.4 15.060 5.596 9.010 8.690 3042 PETRONM 8.990 -0.050 556.2 8.855 5.99 2.45 2,427.3 2.466 1.340 1.420 1.340 7095 PIE 1.420 0.060 167.1 1.359 11.35 1.69 545.3 5.453 1.576 4.120 4.090 7172 PMBTECH 4.100 -0.020 40 4.102 30.53 0.98 328.0 5.807 2.496 4.900 4.810 8869 PMETAL 4.850 -0.100 7710.2 4.831 30.07 1.24 18,751.9 0.565 0.470 0.510 0.510 6637 PNEPCB 0.510 0.030 261 0.510 27.87 — 67.1 0.995 0.305 0.520 0.495 8117 POLY 0.520 -0.010 228.9 0.506 2.34 — 83.2 0.973 0.605 0.620 0.620 8273 PPHB 0.620 UNCH 7 0.620 7.52 — 116.9 1.458 0.867 0.895 0.870 9873 PRESTAR 0.880 -0.025 467.2 0.875 3.92 4.55 180.1 1.110 0.840 0.885 0.880 7168 PRG 0.885 UNCH 99 0.884 61.03 0.56 267.9 0.330 0.175 0.195 0.175 7123 PWORTH 0.190 -0.005 54115 0.184 21.11 — 194.5 1.290 0.870 — — 7544 QUALITY 0.870 — — — — — 50.4 0.750 0.460 — — 7498 RALCO 0.580 — — — — — 24.3 5.840 5.310 5.600 5.550 7765 RAPID 5.600 0.050 75 5.553 193.1 — 598.6 0.635 0.285 0.305 0.300 5256 REACH 0.305 0.010 762 0.300 — — 334.4 0.655 0.305 — — 7232 RESINTC 0.305 — — — 5.75 3.93 41.8 1.580 0.834 — — 9741 ROHAS 1.350 — — — 217.7 0.74 638.1 0.838 0.550 0.570 0.550 7803 RUBEREX 0.570 0.015 10 0.556 10.50 3.07 143.8 5.194 3.900 — — 5134 SAB 3.910 — — — 13.02 1.28 535.4 8.490 5.839 6.500 6.420 9822 SAM 6.480 UNCH 20.2 6.453 13.76 1.59 875.9 0.957 0.740 — — 7811 SAPIND 0.760 — — — 38.58 6.58 55.3 1.237 0.610 0.620 0.610 5170 SCABLE 0.620 0.010 79 0.615 — 4.84 196.6 3.400 1.460 1.510 1.470 7247 SCGM 1.500 0.030 385.2 1.494 12.43 4.00 290.4 0.740 0.500 — — 9237 SCIB 0.530 — — — — — 45.5 9.738 7.099 8.430 8.130 4731 SCIENTX 8.430 0.280 636 8.253 14.44 1.90 4,121.7 0.345 0.250 0.270 0.265 7239 SCNWOLF 0.265 UNCH 10 0.265 8.01 — 25.5 1.660 0.665 0.680 0.665 7073 SEACERA 0.675 -0.015 354.7 0.672 31.84 — 253.5 0.215 0.120 0.165 0.145 5145 SEALINK 0.145 UNCH 942.1 0.153 — — 72.5 0.765 0.400 0.445 0.445 5163 SEB 0.445 0.005 10 0.445 6.97 — 35.6 1.410 0.545 0.855 0.800 5181 SIGGAS 0.835 -0.025 630.8 0.819 36.95 1.44 156.6 1.040 0.610 — — 7115 SKBSHUT 0.615 — — — 8.31 — 24.6 2.350 1.199 1.620 1.570 7155 SKPRES 1.580 -0.010 2698.5 1.595 14.60 2.63 1,975.3 2.168 1.250 — — 7248 SLP 1.250 — — — 18.27 3.60 396.2 0.700 0.390 0.400 0.390 7132 SMISCOR 0.390 UNCH 9 0.393 — — 17.5

* Volume Weighted Average Price # PE is calculated based on latest 12 months reported Earnings Per Share

MarketsB U R S A M A L A Y S I A M A I N M A R K E T

2 6 TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY



2.580 1.129 1.770 1.620 5665 SSTEEL 1.690 -0.100 1547.9 1.676 4.52 1.78 732.2 0.300 0.150 — — 7143 STONE 0.185 — — — — — 16.6 1.450 0.990 — — 6904 SUBUR 1.000 — — — — — 209.0 2.128 0.880 0.880 0.880 7207 SUCCESS 0.880 UNCH 12.4 0.880 6.58 2.84 218.7 2.945 1.310 1.350 1.310 7235 SUPERLN 1.330 -0.010 293.1 1.325 12.24 2.63 212.8 2.920 1.646 2.610 2.490 7106 SUPERMX 2.600 0.050 4484.2 2.567 19.48 2.31 1,768.4 3.750 2.980 3.010 3.000 5012 TAANN 3.010 UNCH 237 3.004 11.23 4.98 1,339.0 0.415 0.250 0.280 0.270 5149 TAS 0.280 0.005 100.6 0.271 — — 50.4 13.373 7.950 8.200 8.180 4448 TASEK 8.200 0.020 2.2 8.188 1025 4.88 1,013.7 0.290 0.135 0.135 0.135 5178 TATGIAP 0.135 -0.005 10 0.135 — — 23.0 1.480 0.550 0.595 0.570 7097 TAWIN 0.585 UNCH 830.9 0.581 14.10 — 37.6 2.640 1.140 1.140 1.140 7439 TECGUAN 1.140 -0.020 3 1.140 — — 45.7 4.606 2.750 2.800 2.750 7034 TGUAN 2.750 -0.040 66.2 2.767 7.70 4.36 374.8 2.140 1.460 1.480 1.460 7374 TIENWAH 1.460 -0.040 7.6 1.473 — 4.11 211.3 0.750 0.550 — — 7854 TIMWELL 0.640 — — — 27.83 — 57.0 1.069 0.750 0.840 0.820 7285 TOMYPAK 0.840 UNCH 558 0.830 20.44 3.10 352.6 4.292 2.290 3.300 3.230 5010 TONGHER 3.250 -0.100 50.9 3.256 8.75 11.69 511.6 10.240 4.467 9.830 9.480 7113 TOPGLOV 9.720 0.150 3093.8 9.716 31.53 1.49 12,232.1 1.130 0.510 0.705 0.705 7173 TOYOINK 0.705 -0.015 10 0.705 — — 75.4 0.230 0.160 — — 4359 TURIYA 0.185 — — — — — 42.3 3.410 1.622 2.580 2.540 7100 UCHITEC 2.580 -0.010 330 2.559 16.00 5.81 1,159.7 4.930 1.670 1.840 1.700 7133 ULICORP 1.800 0.080 129.8 1.784 13.60 2.78 261.4 1.271 0.834 0.940 0.860 7227 UMSNGB 0.940 0.030 50.2 0.878 9.96 3.19 75.2 1.680 0.555 0.575 0.570 4995 VERSATL 0.570 -0.020 134 0.572 44.53 — 66.9 3.248 1.624 2.540 2.480 6963 VS 2.500 -0.040 4154.2 2.507 18.02 2.48 3,333.7 1.710 0.865 1.540 1.390 5142 WASEONG 1.530 0.080 1273 1.471 10.45 0.33 1,185.6 0.465 0.260 — — 7226 WATTA 0.270 — — — 5.51 — 22.8 2.300 1.724 2.290 2.280 7111 WEIDA 2.290 0.010 85 2.287 18.15 1.31 305.3 1.618 1.380 1.410 1.380 7231 WELLCAL 1.380 -0.030 227 1.390 19.69 4.48 687.2 1.420 0.665 1.120 1.030 7050 WONG 1.070 -0.050 520.5 1.070 8.68 — 98.1 0.700 0.500 — — 7025 WOODLAN 0.565 — — — 134.52 — 22.6 1.980 1.850 — — 5009 WTHORSE 1.900 — — — 80.51 5.26 456.0 0.988 0.650 0.670 0.650 4243 WTK 0.670 0.005 158.5 0.657 — 2.99 322.5 1.308 0.760 0.795 0.795 7245 WZSATU 0.795 0.015 2 0.795 15.93 2.52 277.4 0.830 0.695 0.700 0.700 5048 YILAI 0.700 UNCH 36 0.700 — — 112.0 0.415 0.155 0.375 0.360 7020 YKGI 0.365 -0.005 1944.2 0.367 — — 127.3 0.692 0.320 0.325 0.320 7014 YLI 0.325 UNCH 20 0.324 — 1.54 33.5CONSTRUCTION 1.210 0.610 0.685 0.660 5281 ADVCON 0.680 -0.010 502.1 0.675 12.10 — 273.4 1.200 0.770 0.770 0.770 7078 AZRB 0.770 UNCH 5.5 0.770 14.05 1.95 409.4 0.590 0.345 0.355 0.345 5190 BENALEC 0.345 -0.005 566.6 0.346 48.59 1.16 280.1 0.475 0.305 0.335 0.315 5932 BPURI 0.335 0.015 226.3 0.319 28.15 — 89.5 1.140 0.836 0.885 0.885 8761 BREM 0.885 UNCH 1.4 0.885 7.16 1.69 305.7 1.220 0.875 0.920 0.905 8591 CRESBLD 0.920 -0.005 95.2 0.913 5.68 4.35 162.8 2.086 1.560 — — 7528 DKLS 1.600 — — — 27.83 1.88 148.3 1.410 0.930 1.000 0.960 5253 ECONBHD 1.000 -0.010 1599.1 0.973 15.38 1.80 1,337.5 1.439 0.871 0.970 0.950 8877 EKOVEST 0.965 UNCH 6996.8 0.959 16.03 2.07 2,064.3 0.992 0.702 0.725 0.705 7047 FAJAR 0.705 -0.010 1269 0.713 5.80 3.55 263.6 1.335 0.875 0.910 0.875 9261 GADANG 0.910 0.005 882.6 0.896 5.12 3.30 602.2 5.392 4.573 5.120 5.030 5398 GAMUDA 5.110 -0.010 3505.3 5.108 18.18 2.35 12,559.6 2.160 1.168 1.550 1.470 5226 GBGAQRS 1.530 UNCH 950.9 1.506 12.73 0.33 713.2 0.920 0.450 0.470 0.460 5169 HOHUP 0.465 UNCH 167.9 0.462 4.29 — 174.3 1.736 1.390 — — 6238 HSL 1.620 — — — 19.15 1.48 943.9 3.518 2.550 2.800 2.710 3336 IJM 2.760 UNCH 1037.8 2.769 17.38 2.72 10,015.2 0.740 0.375 0.410 0.375 5268 IKHMAS 0.385 -0.025 976.7 0.389 14.15 1.30 210.0 0.820 0.532 0.685 0.625 8834 IREKA 0.670 -0.015 46 0.638 — 2.99 125.1 1.840 1.250 1.440 1.400 4723 JAKS 1.420 -0.040 3706.7 1.417 5.28 — 704.8 0.500 0.225 0.240 0.230 9083 JETSON 0.240 0.005 673.6 0.230 — — 49.6 1.935 1.500 1.530 1.500 7161 KERJAYA 1.510 -0.020 710.7 1.516 13.84 1.66 1,875.4 2.430 2.000 2.100 2.090 5171 KIMLUN 2.090 UNCH 12.3 2.099 9.57 3.11 670.2 1.680 1.160 — — 9628 LEBTECH 1.160 — — — 170.5 — 158.3 0.985 0.591 0.680 0.680 5129 MELATI 0.680 UNCH 5 0.680 32.08 1.47 81.6 2.560 1.240 1.370 1.260 8192 MERCURY 1.280 -0.090 61.2 1.320 4.30 9.38 51.4 0.575 0.270 0.285 0.285 5006 MERGE 0.285 UNCH 9.7 0.285 — — 19.1 1.930 0.985 1.530 1.440 7595 MGB 1.530 0.030 142.9 1.465 16.85 — 758.0 1.245 0.630 0.685 0.680 9571 MITRA 0.680 -0.005 292 0.683 5.96 7.06 609.5 0.425 0.210 0.245 0.230 5924 MTDACPI 0.240 0.005 72.8 0.241 — — 55.6 1.670 0.700 0.730 0.700 5085 MUDAJYA 0.700 -0.030 47.2 0.717 — — 423.8 3.360 2.408 3.020 2.950 5703 MUHIBAH 3.000 UNCH 358.8 2.997 10.95 1.83 1,446.3 0.670 0.480 0.500 0.495 7071 OCR 0.500 UNCH 11 0.496 27.47 — 146.2 0.724 0.360 0.385 0.360 8311 PESONA 0.370 -0.010 593 0.364 12.89 5.41 257.1 1.190 0.900 0.965 0.940 5070 PRTASCO 0.965 0.015 103.6 0.945 13.55 6.22 409.8 0.215 0.125 0.140 0.135 7145 PSIPTEK 0.135 -0.005 1476.7 0.135 10.89 — 47.1 4.137 3.250 3.250 3.250 9598 PTARAS 3.250 -0.050 20 3.250 30.95 6.15 536.7 1.070 0.470 0.490 0.480 6807 PUNCAK 0.490 0.005 382 0.481 — — 220.1 1.390 0.635 0.890 0.835 5205 SENDAI 0.875 0.025 3527.7 0.861 7.84 — 683.5 2.590 1.685 2.080 2.040 5263 SUNCON 2.070 -0.040 457.2 2.056 19.42 3.38 2,676.3 0.415 0.240 0.250 0.245 9717 SYCAL 0.250 0.005 33 0.245 31.25 — 86.8 0.860 0.485 0.640 0.620 5054 TRC 0.620 -0.020 366.8 0.627 10.35 3.06 297.9 2.550 1.500 2.550 2.440 5622 TRIPLC 2.520 0.090 249 2.468 8.68 — 174.2 0.825 0.470 — — 5042 TSRCAP 0.490 — — — 10.65 — 85.5 0.200 0.110 0.150 0.140 7070 VIZIONE 0.150 UNCH 14023.7 0.146 48.39 — 531.0 1.680 1.050 1.120 1.090 3565 WCEHB 1.120 0.010 361.6 1.099 27.32 — 1,123.1 2.467 1.290 1.330 1.300 9679 WCT 1.310 -0.010 1736.1 1.318 11.65 — 1,854.4 0.805 0.535 0.595 0.595 7028 ZECON 0.595 0.005 59.5 0.595 — — 78.0 0.185 0.085 0.110 0.100 2283 ZELAN 0.110 0.010 3508.2 0.104 — — 92.9TRADING SERVICES 0.550 0.325 0.390 0.375 5238 AAX 0.380 -0.010 33233.9 0.383 16.52 — 1,576.3 2.487 1.450 1.810 1.770 6599 AEON 1.810 0.020 952.4 1.789 26.38 1.66 2,541.2 0.435 0.175 0.205 0.200 7315 AHB 0.200 UNCH 244.5 0.203 2.58 — 35.2 4.750 2.620 3.960 3.850 5099 AIRASIA 3.940 -0.070 11566.7 3.906 8.02 4.57 13,167.4 9.450 6.797 8.870 8.710 5014 AIRPORT 8.840 -0.020 935.6 8.814 89.38 1.24 14,667.3 0.335 0.110 0.140 0.135 5115 ALAM 0.140 0.005 1305.6 0.140 — — 129.4 0.140 0.070 0.100 0.090 0159 AMEDIA 0.095 UNCH 1322.1 0.096 9.90 — 22.7 8.038 6.833 7.600 7.510 6351 AMWAY 7.600 UNCH 17.6 7.595 23.74 2.63 1,249.3 2.319 2.090 2.110 2.100 7083 ANALABS 2.110 0.010 18.2 2.109 12.70 0.47 126.7 0.055 0.005 0.015 0.010 5194 APFT 0.015 0.005 3151 0.010 — — 20.1 0.900 0.670 0.845 0.825 5210 ARMADA 0.830 UNCH 2548.2 0.834 13.81 — 4,869.0 0.220 0.120 0.150 0.140 1481 ASB 0.150 0.005 3391.7 0.146 — 1.67 139.4 2.906 2.060 2.180 2.060 6399 ASTRO 2.060 -0.120 1802.4 2.110 14.62 5.58 10,740.6 4.669 3.862 4.550 4.500 7048 ATLAN 4.550 -0.050 3 4.517 32.76 6.81 1,154.1 0.365 0.280 — — 8885 AVI 0.330 — — — — — 283.3 1.168 0.715 0.760 0.750 7579 AWC 0.760 UNCH 788.8 0.755 9.49 2.63 207.1 5.820 4.497 5.460 5.310 6888 AXIATA 5.460 0.030 1487.4 5.448 53.53 1.47 49,407.2 0.630 0.355 0.375 0.365 5021 AYS 0.375 -0.005 127.1 0.367 5.29 6.67 142.7 0.680 0.225 0.275 0.260 7251 BARAKAH 0.270 0.005 1490.9 0.265 — — 223.1 2.449 1.807 2.200 2.130 5248 BAUTO 2.180 0.030 1209.6 2.165 24.25 3.92 2,531.4 0.280 0.135 0.140 0.135 6998 BINTAI 0.140 UNCH 61 0.137 — — 40.5 6.278 5.662 — — 5032 BIPORT 5.900 — — — 17.71 3.56 2,714.0 0.415 0.305 0.330 0.315 3395 BJCORP 0.325 0.005 12911.4 0.323 — — 1,600.2 1.900 1.364 1.760 1.700 5196 BJFOOD 1.760 UNCH 525.7 1.753 — 2.27 672.1 0.610 0.270 0.280 0.275 4219 BJLAND 0.280 UNCH 3267.7 0.280 133.3 — 1,400.1 0.470 0.185 — — 6025 BJMEDIA 0.235 — — — — — 55.2 2.787 2.060 2.190 2.160 1562 BJTOTO 2.170 0.010 971 2.177 11.09 6.91 2,931.7 0.135 0.075 0.080 0.075 7036 BORNOIL 0.075 -0.005 9442.8 0.076 14.42 — 391.5 0.775 0.240 0.440 0.400 9474 BRAHIMS 0.440 0.025 3405.7 0.430 — — 104.0 3.005 2.430 2.550 2.490 2771 BSTEAD 2.530 -0.020 588.8 2.518 11.10 4.35 5,128.3 0.620 0.280 0.320 0.315 5257 CARIMIN 0.320 0.005 163.9 0.317 — — 74.8 2.200 1.317 1.630 1.630 5245 CARING 1.630 UNCH 0.1 1.630 20.69 1.84 354.9 2.828 1.920 1.950 1.940 2925 CCB 1.950 0.010 14.5 1.947 — 2.56 196.5 1.440 0.730 0.750 0.730 7117 CENTURY 0.735 -0.015 173.4 0.738 18.89 2.04 289.8 0.540 0.376 — — 7209 CHEETAH 0.380 — — — — 1.58 48.5 1.468 0.995 1.100 1.090 5273 CHINHIN 1.090 -0.020 327.6 1.091 18.86 3.21 606.5 0.675 0.425 — — 7016 CHUAN 0.455 — — — 12.50 3.96 76.7 0.150 0.065 0.075 0.075 5104 CNI 0.075 -0.005 241.9 0.075 — — 54.0 1.140 0.660 0.705 0.705 5136 COMPLET 0.705 0.005 1.5 0.705 13.06 — 87.3 0.045 0.020 0.030 0.025 5037 COMPUGT 0.025 -0.005 1340.5 0.026 — — 58.7 2.820 2.181 2.560 2.510 5184 CYPARK 2.550 -0.020 33.7 2.531 11.63 2.20 666.6 0.865 0.350 0.360 0.350 5276 DANCO 0.355 -0.015 184.5 0.351 8.88 4.23 105.8 0.110 0.030 0.035 0.030 0091 DAYA 0.035 0.005 622 0.031 — — 71.5 0.920 0.535 0.830 0.805 5141 DAYANG 0.825 0.005 473.4 0.820 — — 796.0 1.150 0.720 1.110 1.080 5132 DELEUM 1.090 UNCH 345 1.098 13.52 3.90 436.5 0.815 0.425 0.510 0.485 7212 DESTINI 0.500 -0.005 688.3 0.494 18.80 — 577.6 2.900 1.649 2.850 2.790 7277 DIALOG 2.840 -0.010 9350.3 2.831 33.29 0.93 16,022.3 5.233 3.790 3.900 3.820 5908 DKSH 3.850 -0.010 222.2 3.853 11.67 2.47 607.0 0.683 0.386 0.420 0.405 4456 DNEX 0.415 -0.005 10091 0.412 12.81 1.20 729.3 1.322 0.900 0.940 0.920 5216 DSONIC 0.920 -0.020 841 0.924 18.29 4.89 1,242.0 0.295 0.125 0.195 0.175 2097 EASTLND 0.195 0.010 2434.3 0.188 — — 47.9 0.700 0.340 0.360 0.355 5259 EATECH 0.360 0.005 103.6 0.359 — — 181.4 0.930 0.210 0.745 0.695 5036 EDARAN 0.740 0.035 282.8 0.726 — — 44.4 0.290 0.120 0.125 0.125 7471 EDEN 0.125 -0.005 422 0.125 — — 38.9 3.180 2.213 2.630 2.570 1368 EDGENTA 2.600 -0.030 325.4 2.595 16.07 5.00 2,162.2 0.590 0.210 0.215 0.210 0064 EFFICEN 0.210 -0.005 255 0.211 — — 148.9 0.955 0.585 — — 5081 EIG 0.600 — — — 31.09 5.00 142.3 2.051 1.342 1.600 1.580 5208 EITA 1.590 -0.010 22.9 1.586 12.47 3.14 206.7 1.508 1.010 1.020 1.010 5056 ENGTEX 1.010 -0.020 837 1.014 6.52 1.24 447.8 0.581 0.455 0.455 0.455 6939 FIAMMA 0.455 -0.025 3 0.455 9.10 3.85 241.2 0.465 0.355 0.390 0.385 9318 FITTERS 0.390 UNCH 85.8 0.386 3900 — 187.4 1.423 1.100 — — 7210 FREIGHT 1.150 — — — 9.45 4.35 214.1 0.525 0.217 0.440 0.420 0128 FRONTKN 0.435 0.010 11910.6 0.429 15.21 1.15 458.2 0.295 0.160 — — 9377 FSBM 0.200 — — — — — 28.3 3.013 2.634 2.900 2.870 5209 GASMSIA 2.900 -0.030 538 2.898 19.13 4.43 3,723.6 0.820 0.515 0.560 0.515 0078 GDEX 0.525 -0.025 2288.7 0.527 86.07 0.48 2,941.4 6.163 4.795 5.140 5.060 4715 GENM 5.080 -0.020 6373.3 5.083 24.79 2.01 30,165.3 9.882 8.632 8.980 8.830 3182 GENTING 8.860 -0.040 2265.9 8.867 24.19 1.30 34,180.3 0.330 0.185 — — 5079 GETS 0.205 — — — — — 25.8 4.470 2.689 4.280 4.220 3204 GKENT 4.250 -0.030 475.7 4.251 19.26 2.24 2,393.9 0.555 0.340 — — 7676 GUNUNG 0.380 — — — — — 89.7 5.526 4.560 4.810 4.630 7668 HAIO 4.810 0.110 388.6 4.682 19.04 3.53 1,444.2 0.335 0.205 0.260 0.250 7253 HANDAL 0.260 0.010 51.3 0.252 — — 41.6 9.980 8.700 9.700 9.520 3034 HAPSENG 9.700 0.040 146.6 9.674 21.88 3.61 24,149.9 0.876 0.646 — — 2062 HARBOUR 0.705 — — — 9.00 2.13 282.3 4.200 3.126 3.900 3.890 5008 HARISON 3.900 UNCH 11 3.900 12.56 6.41 267.1 1.910 0.536 1.480 1.430 0185 HSSEB 1.480 -0.020 318.9 1.459 32.46 0.52 593.7

0.195 0.050 0.110 0.100 7013 HUBLINE 0.100 -0.005 3816.5 0.105 — — 236.3 0.480 0.200 0.215 0.210 5255 ICON 0.210 -0.005 748.7 0.210 — — 247.2 6.330 5.420 6.030 5.980 5225 IHH 6.000 -0.030 2838.5 6.008 53.10 0.50 49,437.6 0.915 0.600 0.610 0.610 5614 ILB 0.610 UNCH 30 0.610 — — 119.0 0.905 0.670 — — 5673 IPMUDA 0.850 — — — — — 61.6 1.978 1.630 — — 0058 JCBNEXT 1.660 — — — 34.44 1.20 231.8 0.400 0.290 0.350 0.350 8672 KAMDAR 0.350 UNCH 1 0.350 15.49 — 69.3 1.862 1.450 1.470 1.460 6491 KFIMA 1.470 UNCH 7.6 1.463 26.06 6.12 414.9 0.900 0.498 0.770 0.735 0151 KGB 0.740 -0.030 845.4 0.742 13.81 1.35 181.6 1.510 0.740 0.800 0.740 5035 KNUSFOR 0.740 -0.050 6.1 0.741 — — 73.7 1.140 0.870 0.910 0.880 5878 KPJ 0.910 0.010 3926.4 0.891 24.33 1.90 3,896.5 1.601 1.170 1.230 1.170 5843 KPS 1.230 0.050 135.8 1.215 10.88 5.08 613.8 0.880 0.485 0.560 0.525 9121 KPSCB 0.550 0.010 942.1 0.539 6.94 — 81.3 0.225 0.115 0.125 0.125 4847 KTB 0.125 UNCH 828.2 0.125 — — 50.3 0.602 0.363 0.435 0.425 6874 KUB 0.435 -0.005 1635 0.431 7.53 2.30 242.1 0.340 0.110 — — 7170 LFECORP 0.165 — — — — — 30.7 0.835 0.450 0.595 0.595 8486 LIONFIB 0.595 0.015 35.3 0.595 4.34 — 137.8 0.890 0.635 0.660 0.635 5143 LUXCHEM 0.645 -0.015 802.3 0.643 13.08 3.61 546.9 0.372 0.130 0.155 0.140 5078 M&G 0.145 -0.010 2225.5 0.147 — 34.48 105.0 2.025 1.573 1.860 1.840 3859 MAGNUM 1.840 -0.010 321.9 1.847 12.67 7.61 2,645.5 1.225 0.855 0.895 0.870 5264 MALAKOF 0.890 0.010 4793.4 0.883 1.82 6.74 4,450.0 0.179 0.125 0.135 0.130 3514 MARCO 0.135 UNCH 325.6 0.135 10.07 3.70 142.3 6.384 5.342 5.880 5.720 6012 MAXIS 5.840 0.030 667.9 5.830 20.46 3.42 45,613.7 0.955 0.635 0.655 0.635 5077 MAYBULK 0.655 UNCH 129.7 0.646 — — 655.0 2.552 1.992 2.460 2.420 5983 MBMR 2.420 -0.030 158.3 2.438 — 1.24 945.9 1.193 0.415 0.430 0.420 4502 MEDIA 0.425 -0.005 1843.2 0.424 — 18.82 471.4 0.603 0.320 0.445 0.375 5090 MEDIAC 0.440 0.065 51157.4 0.411 19.73 5.68 742.4 0.739 0.335 0.365 0.340 7234 MESB 0.365 UNCH 38.1 0.340 — — 29.9 3.978 2.841 3.500 3.360 3069 MFCB 3.370 -0.080 342.2 3.412 8.37 1.48 1,384.7 1.119 0.603 0.755 0.745 5186 MHB 0.755 0.005 288.6 0.750 35.45 3.97 1,208.0 0.290 0.135 0.185 0.175 5166 MINDA 0.185 0.005 933.8 0.180 — — 229.4 7.799 6.730 7.250 7.100 3816 MISC 7.150 UNCH 914.6 7.150 16.14 4.20 31,916.1 2.586 1.660 1.740 1.700 2194 MMCCORP 1.700 -0.010 292.2 1.703 22.97 2.35 5,176.6 0.440 0.275 0.315 0.310 0059 MMODE 0.310 -0.005 90 0.312 — — 50.4 0.080 0.040 0.055 0.055 0043 MTRONIC 0.055 UNCH 8005 0.055 91.67 — 53.0 0.280 0.160 0.180 0.175 3891 MUIIND 0.180 UNCH 2046.2 0.178 — — 527.9 2.420 2.090 2.330 2.200 3905 MULPHA 2.240 -0.040 27.1 2.219 1.94 — 715.9 2.780 1.934 2.770 2.700 0138 MYEG 2.730 UNCH 6884.5 2.735 43.68 0.62 9,845.2 1.800 1.340 1.670 1.600 5275 MYNEWS 1.600 -0.050 1034.6 1.648 46.51 0.63 1,091.4 0.910 0.410 — — 9806 NATWIDE 0.460 — — — — — 55.3 0.490 0.330 0.355 0.335 7241 NGGB 0.355 0.020 1604 0.343 — — 162.7 0.828 0.535 0.555 0.555 5533 OCB 0.555 0.015 2 0.555 — 1.80 57.1 0.973 0.780 0.800 0.790 0172 OCK 0.790 UNCH 620.5 0.790 28.01 1.27 688.5 3.374 2.406 3.130 3.120 5201 OLDTOWN 3.120 -0.010 56.7 3.125 26.87 2.24 1,445.3 0.185 0.105 0.115 0.110 3018 OLYMPIA 0.115 UNCH 2826 0.110 10.18 — 117.7 2.020 1.030 1.070 1.030 5260 OWG 1.040 -0.040 454 1.048 42.62 — 277.8 1.030 0.380 1.030 1.020 8419 PANSAR 1.020 -0.010 1203.7 1.024 39.23 0.98 314.2 0.734 0.504 0.565 0.550 5125 PANTECH 0.565 0.005 116.5 0.556 9.11 3.54 421.8 0.680 0.430 0.445 0.430 5657 PARKSON 0.430 -0.015 321.3 0.436 — — 470.4 1.288 1.100 1.130 1.100 5041 PBA 1.130 0.020 85.4 1.107 10.04 3.54 374.3 0.165 0.060 0.065 0.060 6254 PDZ 0.065 UNCH 269.6 0.063 — — 42.4 1.250 0.660 0.700 0.660 5133 PENERGY 0.700 0.030 11.5 0.672 — 2.86 225.2 0.660 0.240 0.280 0.265 7108 PERDANA 0.270 0.010 2492.4 0.272 — — 210.2 0.090 0.025 0.050 0.045 0047 PERISAI 0.045 UNCH 4722.5 0.050 — — 56.7 0.420 0.160 0.250 0.220 7080 PERMAJU 0.250 0.030 5565.9 0.246 — — 49.0 2.070 1.510 1.670 1.650 5219 PESTECH 1.650 -0.040 151.8 1.653 13.61 — 1,261.1 25.668 20.401 24.740 24.420 5681 PETDAG 24.700 UNCH 560.2 24.67 22.18 3.04 24,538.3 0.250 0.030 — — 7027 PETONE 0.055 — — — 9.48 — 2.8 4.777 3.598 4.210 4.200 7081 PHARMA 4.200 UNCH 7.3 4.202 20.25 4.52 1,091.2 0.140 0.035 0.035 0.035 4464 PHB 0.035 -0.005 2272 0.035 — — 57.0 0.225 0.105 0.150 0.135 7201 PICORP 0.145 0.005 4190.4 0.142 96.67 4.21 95.4 0.420 0.200 — — 7163 PJBUMI 0.220 — — — — — 18.0 5.665 3.340 3.700 3.650 4634 POS 3.650 -0.050 683.6 3.652 38.14 2.93 2,857.1 2.416 1.190 1.350 1.260 5204 PRESBHD 1.350 0.070 219.1 1.323 36.49 2.04 653.4 2.180 0.690 — — 8346 PRKCORP 0.730 — — — — — 73.0 0.844 0.667 0.690 0.680 5272 RANHILL 0.680 -0.005 275.1 0.681 7.75 11.47 604.1 0.345 0.255 0.260 0.255 0037 RGB 0.260 -0.005 3922.9 0.258 11.45 2.31 349.0 1.408 0.734 0.845 0.825 5278 RHONEMA 0.830 -0.020 124.5 0.830 9.92 3.01 137.8 0.687 0.390 0.400 0.390 8567 SALCON 0.395 UNCH 615.1 0.395 — — 267.7 1.270 0.754 1.040 1.000 5147 SAMCHEM 1.040 0.020 344.8 1.006 10.84 2.88 282.9 0.315 0.165 0.190 0.180 9113 SANBUMI 0.180 -0.005 30 0.187 — — 40.7 2.100 0.395 0.580 0.550 5218 SAPNRG 0.565 0.015 133330 0.566 — 1.77 3,385.6 2.313 1.563 1.980 1.900 0099 SCICOM 1.950 0.010 164.9 1.935 16.35 4.62 693.1 0.412 0.115 0.120 0.115 7158 SCOMI 0.120 UNCH 1021.6 0.120 — — 131.3 0.235 0.090 0.105 0.100 7045 SCOMIES 0.105 UNCH 547 0.102 — — 245.9 1.563 0.909 1.300 1.300 7053 SEEHUP 1.300 UNCH 2 1.300 68.06 2.08 104.6 0.730 0.598 0.650 0.630 9792 SEG 0.645 0.015 149.6 0.640 19.85 5.43 815.4 1.750 1.120 1.500 1.490 5250 SEM 1.500 UNCH 35.9 1.498 33.26 1.53 1,850.1 3.658 1.573 3.390 3.290 5279 SERBADK 3.380 0.030 939.2 3.359 14.21 2.01 4,963.5 3.060 2.040 2.600 2.520 4197 SIME 2.550 UNCH 8405.3 2.559 17.72 7.45 17,342.1 0.720 0.600 — — 9431 SJC 0.670 — — — — 1.49 27.2 0.588 0.295 — — 5242 SOLID 0.345 — — — 28.99 0.99 134.9 2.151 1.230 1.250 1.230 6084 STAR 1.250 0.010 156.4 1.244 11.87 9.60 923.2 3.079 2.240 2.260 2.260 9865 SUIWAH 2.260 UNCH 5 2.260 13.22 0.44 137.9 0.130 0.045 0.070 0.060 1201 SUMATEC 0.065 UNCH 67280.6 0.065 — — 276.4 1.918 1.500 1.550 1.520 5211 SUNWAY 1.550 0.030 1335 1.540 11.59 3.87 7,624.6 2.247 1.600 1.670 1.670 6521 SURIA 1.670 0.020 1 1.670 9.17 4.19 481.3 0.345 0.215 0.300 0.275 5173 SYSCORP 0.285 0.005 4959.7 0.286 19.26 — 342.0 0.665 0.365 0.565 0.535 7228 T7GLOBAL 0.565 UNCH 2035.7 0.553 113.00 — 237.0 1.587 0.805 0.825 0.810 8524 TALIWRK 0.820 -0.010 151.6 0.818 34.17 9.76 991.8 2.638 1.740 1.800 1.800 5140 TASCO 1.800 0.010 1 1.800 11.29 2.50 360.0 16.120 13.040 15.800 15.700 5347 TENAGA 15.760 UNCH 2881 15.76 12.01 4.51 89,295.9 1.404 0.829 0.875 0.875 8702 TEXCHEM 0.875 UNCH 89 0.875 — 11.43 108.6 0.150 0.045 0.075 0.075 7206 THHEAVY 0.075 UNCH 525 0.075 — — 84.1 6.436 5.365 5.410 5.380 4863 TM 5.400 -0.010 4306.9 5.395 21.86 3.98 20,292.8 0.960 0.730 0.795 0.795 0101 TMCLIFE 0.795 -0.005 10 0.795 49.69 0.21 1,380.5 1.806 0.995 1.040 0.995 8397 TNLOGIS 1.030 -0.010 238.9 1.007 7.21 1.94 474.1 0.935 0.500 — — 7218 TOCEAN 0.600 — — — — — 24.6 1.000 0.700 — — 5167 TURBO 0.750 — — — 29.64 — 81.0 2.679 2.362 2.400 2.400 7137 UMS 2.400 -0.020 3 2.400 17.54 2.50 97.7 0.673 0.270 0.320 0.305 5243 UMWOG 0.310 UNCH 21375.5 0.311 — — 2,546.8 1.294 0.950 0.990 0.970 7091 UNIMECH 0.970 -0.015 144.9 0.973 9.07 3.09 127.8 0.730 0.350 0.420 0.415 5754 UTUSAN 0.420 UNCH 15 0.418 — — 46.5 1.980 1.260 1.550 1.470 7250 UZMA 1.530 0.030 169.4 1.502 18.80 — 489.6 1.240 0.600 — — 7240 VERTICE 0.825 — — — — — 119.8 2.200 1.754 2.030 2.030 5016 WARISAN 2.030 UNCH 0.1 2.030 26.82 1.48 136.4 0.620 0.450 — — 7692 WIDETEC 0.580 — — — 17.96 — 26.0 4.022 3.052 3.580 3.500 5246 WPRTS 3.500 -0.070 185.7 3.516 18.32 4.09 11,935.0 1.448 1.020 1.120 1.090 5267 XINHWA 1.120 0.020 3 1.110 21.83 0.89 241.9 0.070 0.005 — — 7122 YFG 0.005 — — — — — 3.0 4.400 3.041 3.740 3.680 7293 YINSON 3.690 -0.050 4555.8 3.704 14.03 1.08 4,033.0 1.550 1.090 1.410 1.380 4677 YTL 1.380 -0.030 1931.9 1.388 19.01 3.62 15,056.6FINANCE 4.410 3.539 4.250 4.110 2488 ABMB 4.160 0.010 515.5 4.179 12.83 3.85 6,440.1 14.600 11.782 12.660 12.200 5139 AEONCR 12.300 -0.380 105.6 12.311 61.19 3.48 3,059.7 2.888 2.193 2.410 2.390 5185 AFFIN 2.400 -0.020 67.9 2.395 8.96 2.92 4,663.1 15.458 11.197 — — 1163 ALLIANZ 12.020 — — — 7.26 1.00 2,109.7 5.485 3.920 4.090 4.050 1015 AMBANK 4.050 -0.050 1477.6 4.056 10.03 4.35 12,207.4 1.950 0.995 1.090 1.050 5088 APEX 1.090 0.020 278.4 1.069 15.73 4.59 232.8 4.461 3.910 4.040 3.910 5258 BIMB 3.910 -0.130 295.7 3.971 10.31 3.58 6,621.8 11.480 8.952 10.940 10.640 1818 BURSA 10.680 -0.280 545.7 10.71 25.69 3.60 5,740.5 7.390 5.212 7.220 7.100 1023 CIMB 7.200 -0.010 9329.7 7.191 14.50 3.47 66,423.9 0.705 0.360 0.520 0.495 2143 ECM 0.520 UNCH 153.3 0.518 152.94 — 149.0 1.220 1.112 1.180 1.160 5228 ELKDESA 1.180 0.030 25 1.165 12.00 5.72 352.1 19.847 13.076 18.720 18.340 5819 HLBANK 18.560 -0.160 751.7 18.56 16.00 2.48 40,232.9 10.100 7.327 — — 5274 HLCAP 9.790 — — — 30.77 1.94 2,417.1 19.600 15.278 19.060 18.840 1082 HLFG 19.020 0.020 118.9 19.01 13.36 2.00 21,825.8 1.129 0.830 0.860 0.830 3379 INSAS 0.835 -0.030 629.4 0.836 3.13 1.20 578.9 0.400 0.175 0.285 0.275 3441 JOHAN 0.285 UNCH 612.9 0.280 — — 177.5 0.690 0.520 0.580 0.580 6483 KENANGA 0.580 -0.020 21.5 0.580 17.37 3.88 419.1 19.900 16.317 19.500 19.320 8621 LPI 19.500 0.100 40.3 19.39 20.63 3.69 6,473.7 0.819 0.690 0.720 0.690 1198 MAA 0.720 0.025 69.1 0.690 7.83 8.33 196.9 3.410 2.940 2.950 2.950 1058 MANULFE 2.950 UNCH 0.4 2.950 21.32 3.56 597.0 10.580 8.392 10.520 10.440 1155 MAYBANK 10.520 0.020 13671.8 10.50 14.49 5.23 114,600.4 1.380 1.010 1.120 1.090 1171 MBSB 1.110 -0.010 11147.7 1.103 15.61 2.70 6,826.4 2.840 2.190 2.600 2.580 6459 MNRB 2.590 0.010 132.5 2.598 6.23 — 827.8 1.850 1.210 1.300 1.280 5237 MPHBCAP 1.300 UNCH 75.8 1.290 12.31 — 929.5 1.319 1.182 1.280 1.240 6009 P&O 1.280 0.040 135.5 1.246 — 5.86 314.8 24.120 19.303 23.980 23.680 1295 PBBANK 23.920 -0.080 4248 23.86 16.88 2.55 92,860.7 1.850 1.210 1.290 1.210 9296 RCECAP 1.260 -0.030 248 1.241 4.91 2.38 448.6 5.610 4.710 5.300 5.220 1066 RHBBANK 5.250 -0.070 896.1 5.259 10.78 2.29 21,052.7 0.708 0.520 0.530 0.520 4898 TA 0.525 -0.005 1531 0.524 3.71 3.24 898.8 4.080 3.170 3.320 3.270 6139 TAKAFUL 3.300 0.020 232.5 3.291 13.15 4.55 2,716.4 1.620 0.810 0.825 0.810 5230 TUNEPRO 0.820 0.005 978.5 0.816 13.40 6.34 616.4PROPERTIES 0.824 0.685 0.700 0.690 1007 AMPROP 0.700 UNCH 44 0.695 3.93 4.29 426.3 0.405 0.330 0.345 0.340 1007PA AMPROP-PA 0.340 -0.005 22 0.345 — 5.88 98.4 1.850 1.080 1.090 1.090 5959 AMVERTON 1.090 UNCH 2 1.090 16.34 — 397.9 0.750 0.315 — — 7007 ARK 0.335 — — — 88.16 — 16.3 0.230 0.145 0.155 0.150 4057 ASIAPAC 0.155 0.005 1060.2 0.151 6.10 — 160.0 7.600 6.200 — — 2305 AYER 6.400 — — — 38.76 0.78 479.1 0.520 0.375 0.395 0.385 6602 BCB 0.395 0.015 6 0.386 17.71 — 162.9 0.775 0.490 0.510 0.500 6173 BDB 0.500 UNCH 67 0.508 — 9.00 151.9 0.600 0.365 0.400 0.400 9814 BERTAM 0.400 UNCH 10 0.400 1.32 — 82.7 0.700 0.390 0.430 0.430 3239 BJASSET 0.430 UNCH 986.7 0.430 7.57 — 1,100.0 1.400 1.000 1.100 1.000 5738 CHHB 1.100 UNCH 7.1 1.037 — — 303.3 1.673 1.330 1.330 1.330 6718 CRESNDO 1.330 -0.070 134.9 1.330 8.44 4.51 373.0 1.720 1.460 — — 5049 CVIEW 1.510 — — — 5.30 9.93 151.0 2.375 2.070 2.160 2.140 5355 DAIMAN 2.160 0.020 28.3 2.160 14.59 2.55 458.3 0.854 0.475 0.490 0.475 3484 DBHD 0.490 0.015 24.2 0.487 8.91 — 156.0 0.115 0.070 0.075 0.070 7198 DPS 0.075 -0.005 1213 0.071 — — 44.1 2.089 1.350 1.430 1.410 3417 E&O 1.430 UNCH 212 1.425 16.46 2.10 1,897.2 0.325 0.265 0.305 0.295 3557 ECOFIRS 0.300 UNCH 471 0.299 5.86 — 240.9 1.720 0.995 1.020 0.995 8206 ECOWLD 1.000 -0.010 1167.1 1.006 13.57 — 2,944.4

MarketsB U R S A M A L A Y S I A M A I N M A R K E T


2 7




0.890 0.475 — — 6076 ENCORP 0.510 — — — — — 149.9 3.180 2.500 — — 8613 ENRA 2.590 — — — — — 352.8 1.300 0.850 0.940 0.890 6815 EUPE 0.940 0.005 1.1 0.895 38.68 — 120.3 0.863 0.335 0.350 0.335 7249 EWEIN 0.350 UNCH 164.5 0.342 9.70 1.43 105.6 1.360 0.955 1.020 0.995 5283 EWINT 1.000 -0.010 1282.3 1.005 — — 2,400.0 0.617 0.455 0.480 0.470 6041 FARLIM 0.480 UNCH 183.9 0.475 8.54 4.17 67.4 0.634 0.460 — — 5020 GLOMAC 0.460 — — — 53.49 5.93 368.0 0.468 0.360 — — 9962 GMUTUAL 0.380 — — — 7.18 5.26 142.7 0.465 0.255 0.290 0.255 1147 GOB 0.290 0.015 1186.9 0.273 — 1.72 131.9 0.150 0.090 0.105 0.100 7077 GSB 0.105 UNCH 1234.8 0.102 — — 55.5 1.426 0.960 0.990 0.970 1503 GUOCO 0.990 0.020 7 0.976 76.74 2.02 693.5 1.430 0.829 1.310 1.290 7105 HCK 1.310 0.010 186.7 1.300 66.50 — 551.7 1.210 0.410 0.660 0.660 7010 HOOVER 0.660 -0.050 3 0.660 20.43 — 26.4 1.113 0.495 0.500 0.495 5062 HUAYANG 0.495 -0.005 162.3 0.499 15.81 8.08 174.2 0.648 0.495 0.505 0.500 4251 IBHD 0.505 -0.005 192 0.502 7.10 3.72 509.2 0.953 0.500 — — 5084 IBRACO 0.725 — — — 25.62 2.76 359.9 0.890 0.595 0.650 0.620 9687 IDEAL 0.650 -0.030 8 0.637 4.57 — 71.8 2.158 1.610 1.660 1.610 5249 IOIPG 1.610 -0.070 1866.6 1.629 11.40 3.73 8,864.9 0.595 0.270 0.275 0.275 5175 IVORY 0.275 0.005 15 0.275 10.19 — 134.8 3.290 1.170 1.430 1.390 1589 IWCITY 1.420 0.020 4053.8 1.415 42.26 — 1,189.1 0.500 0.255 0.350 0.310 8923 JIANKUN 0.350 UNCH 339.7 0.319 — — 58.4 0.130 0.085 0.090 0.085 6769 JKGLAND 0.090 UNCH 307.4 0.085 9.78 2.56 204.7 0.095 0.055 0.075 0.075 3115 KBUNAI 0.075 UNCH 2345.4 0.075 11.90 — 433.2 1.100 0.820 — — 7323 KEN 0.850 — — — 3.18 2.94 163.0 1.310 0.945 0.960 0.945 5038 KSL 0.960 0.005 139.1 0.953 4.48 — 996.0 0.260 0.180 0.185 0.180 3174 L&G 0.180 -0.005 991.6 0.181 8.33 — 527.5 1.300 0.995 1.120 1.030 8494 LBICAP 1.030 -0.030 69.3 1.047 16.22 2.91 83.6 1.120 0.774 0.915 0.880 5789 LBS 0.900 -0.020 977.9 0.893 12.62 2.02 1,395.6 0.480 0.255 0.355 0.345 3573 LIENHOE 0.350 UNCH 565.7 0.348 — — 126.6 1.640 1.130 — — 7617 MAGNA 1.170 — — — 29.25 — 391.8 1.590 0.995 1.060 1.020 8583 MAHSING 1.020 -0.020 2496.1 1.032 8.13 6.37 2,476.2 1.892 0.795 0.830 0.795 6181 MALTON 0.810 -0.015 2410.2 0.807 4.07 3.09 427.8 2.239 2.010 2.080 2.010 5236 MATRIX 2.030 -0.060 667.9 2.034 7.29 6.08 1,524.3 2.310 1.355 2.060 2.050 7189 MBWORLD 2.060 0.010 13 2.058 6.51 1.70 324.2 1.170 0.755 — — 5182 MCT 0.900 — — — 27.27 — 1,311.3 0.525 0.380 0.415 0.380 5040 MEDAINC 0.400 -0.010 367 0.399 — — 197.0 0.567 0.415 0.425 0.420 1694 MENANG 0.425 0.005 176.5 0.423 42.50 — 204.3 0.605 0.300 0.315 0.305 8141 MJPERAK 0.305 UNCH 143 0.309 — 7.02 78.4 2.506 1.450 1.460 1.450 6114 MKH 1.450 -0.020 91.8 1.457 6.79 3.45 850.5 0.360 0.180 0.190 0.180 8893 MKLAND 0.185 UNCH 311.9 0.182 12.17 — 223.3 0.215 0.075 0.080 0.075 6548 MPCORP 0.080 UNCH 60 0.079 — — 23.0 1.536 0.870 0.990 0.975 1651 MRCB 0.990 0.005 3696.6 0.985 13.56 2.42 4,346.9 0.990 0.510 — — 9539 MUH 0.570 — — — — — 32.2 0.365 0.210 0.240 0.225 3913 MUIPROP 0.240 0.010 562.2 0.235 75.00 — 183.4 1.650 0.960 0.980 0.975 5073 NAIM 0.980 0.005 11 0.977 — — 245.0 2.599 2.100 — — 5827 OIB 2.190 — — — 7.73 3.20 339.1 1.116 0.970 0.985 0.970 5053 OSK 0.975 -0.010 220.1 0.977 5.06 5.13 2,042.9 2.007 1.545 1.950 1.930 1724 PARAMON 1.930 UNCH 108.8 1.935 6.13 4.40 826.6 0.695 0.460 0.550 0.460 6912 PASDEC 0.470 -0.110 830 0.494 17.47 — 134.4 1.983 1.075 1.740 1.740 7055 PLB 1.740 UNCH 2 1.740 18.55 0.46 195.6 1.766 1.350 1.380 1.380 5075 PLENITU 1.380 UNCH 45 1.380 10.04 3.26 526.5 0.425 0.285 0.315 0.315 2208 PTGTIN 0.315 -0.005 1 0.315 — — 109.0 1.200 0.730 0.770 0.765 4596 SAPRES 0.765 0.010 19.3 0.766 8.11 3.92 106.8 0.820 0.470 — — 5207 SBCCORP 0.490 — — — — — 115.1 1.012 0.810 0.815 0.810 2224 SDRED 0.815 UNCH 15 0.813 2.54 3.07 347.3 0.580 0.395 0.415 0.400 4286 SEAL 0.415 0.005 433.2 0.405 — — 100.8 2.775 2.474 2.520 2.520 6017 SHL 2.520 -0.180 0.5 2.520 7.93 7.34 610.2 1.780 1.040 1.420 1.370 5288 SIMEPROP 1.380 UNCH 2249.4 1.382 1.40 2.90 9,385.2 0.305 0.170 0.195 0.190 4375 SMI 0.195 UNCH 140 0.195 1.42 — 40.9 0.907 0.560 — — 5213 SNTORIA 0.650 — — — 9.14 — 368.7 5.363 4.280 4.380 4.380 1783 SPB 4.380 -0.020 15 4.380 197.30 2.74 1,505.0 3.995 2.955 3.110 3.070 8664 SPSETIA 3.080 -0.020 1435.8 3.081 13.18 5.00 11,566.2 1.590 1.170 — — 3743 SUNSURIA 1.260 — — — 9.98 — 1,006.5 1.035 0.695 0.800 0.790 1538 SYMLIFE 0.800 UNCH 138.7 0.799 5.61 3.75 248.0 0.490 0.245 0.255 0.245 4022 TADMAX 0.245 -0.005 970.4 0.247 — — 132.0 0.410 0.285 0.305 0.300 5158 TAGB 0.305 UNCH 688.9 0.304 10.00 1.31 1,623.1 0.055 0.035 0.035 0.035 2259 TALAMT 0.035 UNCH 154 0.035 — — 147.7 1.423 0.800 0.820 0.815 5191 TAMBUN 0.820 UNCH 48.1 0.820 4.24 12.20 355.3 0.165 0.095 0.115 0.115 2429 TANCO 0.115 UNCH 100 0.115 — — 76.1 0.315 0.175 — — 7889 THRIVEN 0.210 — — — 350.0 — 79.1 0.085 0.030 0.035 0.030 7079 TIGER 0.035 0.005 14742.1 0.030 — — 60.2 0.900 0.535 0.545 0.535 5239 TITIJYA 0.535 UNCH 26.8 0.539 5.96 0.47 719.3 1.036 0.860 0.875 0.860 5401 TROP 0.875 -0.005 71.6 0.871 6.69 1.83 1,286.6 1.360 0.970 1.010 0.985 5148 UEMS 0.990 UNCH 1009 0.992 16.05 — 4,492.1 2.700 2.300 2.450 2.430 5200 UOADEV 2.440 -0.010 199 2.441 8.37 6.15 4,231.6 0.525 0.210 0.225 0.220 6378 WMG 0.220 -0.005 25.7 0.223 — — 93.8 1.100 0.905 0.960 0.960 7003 Y&G 0.960 0.010 5 0.960 39.51 — 191.4 1.620 1.300 1.450 1.360 3158 YNHPROP 1.450 0.060 559.1 1.406 23.54 — 767.0 1.750 1.350 1.470 1.440 7066 YONGTAI 1.460 -0.020 729.5 1.456 35.44 — 703.0 0.665 0.480 0.490 0.480 2577 YTLLAND 0.490 0.005 28 0.483 17.07 — 413.7MINING 2.900 1.190 2.440 2.350 2186 KUCHAI 2.410 -0.010 134.1 2.380 3.25 0.40 298.2PLANTATIONS 0.280 0.180 0.200 0.190 7054 AASIA 0.190 -0.010 20.1 0.190 — — 125.4 19.627 17.818 18.200 18.200 1899 BKAWAN 18.200 UNCH 2.3 18.200 12.96 3.30 7,934.3 8.639 8.100 8.100 8.100 5069 BLDPLNT 8.100 -0.010 5 8.100 19.12 0.49 757.4 1.739 1.437 1.690 1.670 5254 BPLANT 1.680 -0.010 499.9 1.675 4.04 7.44 2,688.0 1.000 0.740 0.770 0.750 8982 CEPAT 0.760 -0.010 182.3 0.758 8.50 2.63 242.0 8.141 7.268 — — 1929 CHINTEK 7.460 — — — 17.75 2.68 681.6 0.735 0.415 0.545 0.535 3948 DUTALND 0.540 -0.005 100.2 0.536 — — 456.9 9.693 8.225 — — 5029 FAREAST 9.050 — — — 10.90 3.31 1,279.6 2.180 1.468 1.750 1.700 5222 FGV 1.740 0.030 5485.7 1.721 43.50 3.02 6,347.8 11.486 9.416 10.280 10.240 2291 GENP 10.260 UNCH 270.7 10.259 24.14 1.32 8,244.0 0.653 0.470 0.500 0.500 7382 GLBHD 0.500 UNCH 11 0.500 16.03 2.00 111.5 1.450 1.125 1.400 1.400 2135 GOPENG 1.400 UNCH 17.9 1.400 45.31 2.86 251.1 0.860 0.550 — — 7501 HARNLEN 0.550 — — — 13.41 — 102.0 2.637 2.393 2.450 2.450 5138 HSPLANT 2.450 UNCH 2 2.450 14.52 4.49 1,960.0 3.157 2.200 2.300 2.280 2216 IJMPLNT 2.290 0.010 45 2.299 34.44 3.06 2,016.5 0.940 0.650 0.720 0.675 2607 INCKEN 0.720 0.035 37.5 0.680 — 1.51 302.9 1.380 0.665 0.810 0.795 6262 INNO 0.805 -0.015 152.4 0.800 8.97 3.73 385.5 4.790 4.166 4.790 4.720 1961 IOICORP 4.790 0.010 1985.3 4.780 20.31 1.98 30,101.5 1.270 0.855 0.875 0.855 4383 JTIASA 0.870 -0.010 510.6 0.862 42.65 0.57 847.1 25.780 23.172 25.500 25.460 2445 KLK 25.480 -0.020 391.4 25.497 28.11 1.96 27,200.0 5.000 2.982 4.200 4.200 2453 KLUANG 4.200 UNCH 7 4.200 29.43 0.24 265.3 4.835 3.439 4.190 4.130 5027 KMLOONG 4.150 -0.040 51.2 4.155 13.41 4.10 1,294.0 0.880 0.515 0.850 0.850 1996 KRETAM 0.850 UNCH 778.6 0.850 114.86 1.18 1,978.5 1.750 1.350 — — 6572 KWANTAS 1.480 — — — 8.35 — 461.3 1.490 1.050 — — 4936 MALPAC 1.100 — — — — — 82.5 0.929 0.760 0.780 0.760 5026 MHC 0.780 0.020 43.7 0.767 8.80 1.92 153.3 2.308 1.700 — — 5047 NPC 2.000 — — — 5.31 0.50 240.0 4.187 3.650 3.660 3.660 2038 NSOP 3.660 0.010 1 3.660 42.02 1.64 256.9 0.300 0.150 0.190 0.180 1902 PINEPAC 0.180 -0.010 52.1 0.190 — — 27.0 1.300 0.850 — — 9695 PLS 0.850 — — — — — 277.7 0.500 0.300 0.315 0.310 5113 RSAWIT 0.315 -0.005 528.4 0.313 — — 446.8 4.000 3.341 3.600 3.500 2542 RVIEW 3.600 UNCH 6 3.550 14.56 2.22 233.5 4.180 2.931 3.500 3.430 2569 SBAGAN 3.500 0.020 4.5 3.436 37.27 0.57 232.2 0.720 0.460 — — 4316 SHCHAN 0.600 — — — — — 72.0 6.000 4.580 5.600 5.540 5285 SIMEPLT 5.580 -0.060 1679.4 5.579 8.46 — 37,948.7 4.720 3.480 3.670 3.620 5126 SOP 3.650 -0.050 35 3.626 8.70 1.37 2,083.7 1.890 1.520 1.790 1.760 5135 SWKPLNT 1.760 0.010 64 1.765 — — 492.8 0.631 0.355 0.360 0.355 2054 TDM 0.360 UNCH 251.8 0.356 26.28 1.39 596.8 1.158 0.900 0.950 0.900 5112 THPLANT 0.945 0.040 27.5 0.911 22.72 4.87 835.2 1.879 1.470 1.490 1.470 9059 TSH 1.480 -0.010 100.9 1.481 17.70 1.35 2,045.1 7.015 5.807 6.210 6.210 2593 UMCCA 6.210 UNCH 69 6.210 15.88 2.90 1,302.1 28.880 26.492 28.480 28.100 2089 UTDPLT 28.180 0.200 7.9 28.143 14.99 1.42 5,865.2HOTELS 0.628 0.465 0.490 0.480 5592 GCE 0.480 -0.030 8.9 0.483 — 4.17 94.6 1.000 0.690 0.750 0.720 1643 LANDMRK 0.750 0.015 68.3 0.728 — — 396.7 0.230 0.125 0.145 0.135 1287 PMHLDG 0.140 UNCH 3808.7 0.140 350.0 — 130.0 5.588 4.700 — — 5517 SHANG 5.440 — — — 33.15 2.76 2,393.6TECHNOLOGY 0.880 0.610 — — 7031 AMTEL 0.630 — — — — — 31.0 0.420 0.210 0.215 0.215 5195 CENSOF 0.215 UNCH 256.1 0.215 — — 107.9 0.665 0.230 0.420 0.395 0051 CUSCAPI 0.415 0.010 3634.2 0.404 — — 318.1 0.800 0.530 0.615 0.590 7204 D&O 0.610 -0.005 733.8 0.603 27.35 — 615.1 0.710 0.165 0.220 0.210 8338 DATAPRP 0.215 -0.005 1214.5 0.214 — — 90.6 0.235 0.095 0.100 0.100 0029 DIGISTA 0.100 UNCH 182.9 0.100 — — 65.8 1.543 1.120 1.150 1.120 5162 ECS 1.150 0.030 18.1 1.124 7.88 4.35 207.0 1.670 0.980 1.100 1.060 0065 EFORCE 1.100 -0.030 450.7 1.081 71.90 1.14 455.9 2.861 1.678 2.470 2.450 0090 ELSOFT 2.450 -0.050 24.7 2.459 22.52 2.04 675.0 1.870 1.030 1.150 1.030 0021 GHLSYS 1.110 -0.060 882.8 1.070 35.46 0.45 732.0 0.590 0.290 0.405 0.390 0082 GPACKET 0.405 UNCH 5957.6 0.403 — — 307.3 0.280 0.200 0.215 0.200 0056 GRANFLO 0.205 -0.010 182.8 0.206 7.45 — 99.0 6.972 4.290 4.560 4.290 7022 GTRONIC 4.520 0.090 2869.7 4.369 25.06 1.33 1,291.0 0.940 0.545 0.560 0.560 5028 HTPADU 0.560 0.005 17.9 0.560 — 8.93 56.7 3.784 1.920 2.830 2.740 0166 INARI 2.830 0.040 10224.4 2.777 22.28 3.29 5,869.9 0.435 0.130 0.170 0.170 9393 ITRONIC 0.170 UNCH 0.1 0.170 — — 17.5 0.659 0.365 0.370 0.365 5161 JCY 0.370 UNCH 486.8 0.368 — 8.11 768.4 22.635 11.368 19.760 19.000 9334 KESM 19.040 -0.460 50 19.244 17.59 0.66 819.0 0.340 0.105 0.150 0.140 0143 KEYASIC 0.150 0.005 1825.4 0.148 — — 133.6 14.410 8.420 8.730 8.660 3867 MPI 8.700 -0.100 351 8.699 10.29 3.33 1,826.0 1.480 1.013 1.140 1.140 5011 MSNIAGA 1.140 -0.060 1 1.140 12.08 4.39 68.9 1.327 0.455 0.635 0.605 0083 NOTION 0.610 -0.015 1056.7 0.618 — 3.69 202.5 0.605 0.420 0.475 0.420 9008 OMESTI 0.470 0.025 23.4 0.442 — — 202.6 0.375 0.225 0.250 0.240 0041 PANPAGE 0.250 -0.005 2653.1 0.246 — — 66.4 3.140 2.070 2.200 2.070 7160 PENTA 2.190 0.040 3791.7 2.129 19.31 — 693.3 0.675 0.330 0.415 0.395 9075 THETA 0.415 0.015 188.1 0.409 32.17 — 44.5 0.232 0.035 0.040 0.035 0118 TRIVE 0.035 UNCH 36783.6 0.035 70.00 — 71.9 4.158 2.340 2.450 2.340 5005 UNISEM 2.420 -0.010 2609.8 2.390 11.14 4.55 1,775.9 6.880 2.192 5.480 5.260 0097 VITROX 5.410 -0.090 2125 5.308 30.62 0.65 2,543.7 1.750 0.887 1.200 1.110 0008 WILLOW 1.110 -0.070 558.7 1.128 14.43 1.80 275.3INFRASTRUCTURE PROJECT COMPANIES 5.048 4.316 4.690 4.610 6947 DIGI 4.640 -0.030 1921.5 4.643 24.42 4.05 36,076.0 5.894 5.304 5.600 5.520 6645 LITRAK 5.600 -0.130 3.4 5.596 13.09 4.46 2,956.2

Ace Market YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)

9.685 7.827 8.220 8.200 5031 TIMECOM 8.200 -0.030 74.3 8.202 27.12 0.65 4,767.9 1.443 1.050 1.110 1.080 6742 YTLPOWR 1.100 -0.010 2043.2 1.105 13.46 4.55 8,973.9CLOSED-END FUNDS 2.880 2.390 2.610 2.600 5108 ICAP 2.600 -0.010 7 2.607 128.08 — 364.0EXCHANGE TRADED FUNDS 1.153 1.105 — — 0800EA ABFMY1 1.153 — — — — 4.93 1,459.0 2.210 1.835 2.020 2.010 0822EA CIMBA40 2.010 -0.040 15.8 2.016 — 3.68 5.4 1.845 1.400 1.635 1.630 0823EA CIMBC50 1.635 -0.005 30.4 1.631 — — 15.9 1.930 1.750 1.930 1.900 0820EA FBMKLCI-EA 1.930 0.030 4.4 1.928 — 1.71 3.2 1.775 1.685 — — 0828EA GOLDETF 1.725 — — — — — 34.7 1.100 0.940 1.050 1.050 0826EA METFAPA 1.050 -0.010 4.2 1.050 — — 20.0 0.940 0.840 — — 0825EA METFSID 0.851 — — — — 1.77 45.1 1.015 0.950 1.010 0.955 0827EA METFUS50 0.955 0.005 7 0.966 — — 11.3 1.200 1.060 1.165 1.160 0821EA MYETFDJ 1.165 0.005 150.5 1.162 — 2.05 298.6 1.175 1.040 — — 0824EA MYETFID 1.140 — — — — 2.46 32.8REITS 0.920 0.750 0.755 0.750 4952 AHP 0.755 UNCH 34.3 0.753 9.54 6.89 166.1 1.502 1.180 1.190 1.190 5116 ALAQAR 1.190 UNCH 48.8 1.190 10.23 6.47 866.6 1.003 0.880 0.925 0.890 5269 ALSREIT 0.925 0.025 52.5 0.891 13.21 6.49 536.5 0.771 0.605 0.610 0.605 5120 AMFIRST 0.610 UNCH 56.3 0.608 17.18 6.97 418.7 0.933 0.825 0.830 0.825 5127 ARREIT 0.830 UNCH 86.4 0.829 6.41 6.60 475.8 1.168 1.080 1.110 1.110 5130 ATRIUM 1.110 UNCH 6 1.110 14.96 6.67 135.2 1.645 1.190 1.250 1.230 5106 AXREIT 1.230 -0.010 1153.8 1.233 12.51 6.10 1,515.8 1.762 0.980 1.020 1.010 5180 CMMT 1.020 0.010 745.2 1.018 12.80 8.06 2,081.4 1.473 1.103 1.170 1.150 5121 HEKTAR 1.170 UNCH 53.5 1.158 15.29 8.16 540.5 1.744 1.460 1.510 1.480 5227 IGBREIT 1.490 UNCH 3795.1 1.497 15.22 6.23 5,243.0 0.930 0.780 0.800 0.780 5280 KIPREIT 0.790 -0.010 46.4 0.789 12.74 6.54 399.2 8.517 6.770 6.960 6.860 5235SS KLCC 6.890 0.010 951.3 6.898 14.17 5.25 12,438.7 1.267 1.020 1.040 1.030 5123 MQREIT 1.030 UNCH 489.6 1.032 15.73 8.15 1,100.0 1.711 1.320 1.410 1.370 5212 PAVREIT 1.370 -0.040 1072.5 1.383 16.61 6.01 4,157.3 1.868 1.520 1.600 1.580 5176 SUNREIT 1.580 -0.010 2992.8 1.582 10.61 6.13 4,653.2 1.199 1.000 1.010 1.000 5111 TWRREIT 1.000 -0.030 64.5 1.004 14.16 6.00 280.5 1.702 1.460 1.480 1.470 5110 UOAREIT 1.470 -0.010 6.2 1.480 16.42 5.82 621.6 1.258 1.070 1.100 1.090 5109 YTLREIT 1.090 -0.010 139.4 1.091 15.37 7.09 1,857.8SPAC 0.720 0.715 — — 5234 CLIQ 0.720 — — — — — 454.3 0.480 0.445 0.465 0.460 5270 RSENA 0.465 UNCH 1181.1 0.465 — — 465.0 0.480 0.475 — — 5241 SONA 0.475 — — — — — 670.1

MarketsB U R S A M A L A Y S I A M A I N M A R K E T . A C E M A R K E T


CONSUMER PRODUCTS 0.285 0.210 0.215 0.210 0179 BIOHLDG 0.215 Unch 4257.7 0.212 20.48 0.47 174.0 0.265 0.105 0.115 0.110 0170 KANGER 0.115 Unch 129.4 0.114 12.11 — 92.5 0.295 0.175 0.185 0.180 0182 LKL 0.180 0.005 33.8 0.181 81.82 1.94 77.2 0.450 0.200 0.260 0.240 0148 SUNZEN 0.260 0.005 276 0.248 36.11 1.15 125.4 0.320 0.255 0.255 0.255 0197 WEGMANS 0.255 -0.005 914.6 0.255 7.02 — 127.5 0.085 0.030 0.060 0.055 0095 XINGHE 0.060 Unch 1496.1 0.056 — — 154.4INDUSTRIAL PRODUCTS 0.192 0.100 0.110 0.105 0105 ASIAPLY 0.110 Unch 202.8 0.105 64.71 4.55 46.8 0.130 0.075 0.085 0.075 0072 AT 0.080 -0.005 1462.1 0.078 — — 33.8 0.445 0.250 0.270 0.255 0163 CAREPLS 0.270 0.010 920 0.260 — — 136.7 0.330 0.155 0.165 0.155 0102 CONNECT 0.165 0.005 500 0.161 45.83 — 54.2 0.443 0.240 0.300 0.290 0190 ESAFE 0.300 Unch 125 0.293 120.00 — 72.2 0.500 0.180 0.190 0.180 0100 ESCERAM 0.185 0.005 140 0.185 12.17 3.24 38.0 0.370 0.210 0.235 0.215 0175 HHGROUP 0.215 -0.005 315.7 0.226 179.17 — 66.4 0.145 0.085 0.095 0.090 0160 HHHCORP 0.095 0.005 386.2 0.090 41.30 — 31.7 0.355 0.220 0.235 0.230 0188 HLT 0.235 Unch 138 0.233 — — 93.6 0.555 0.230 0.400 0.385 0162 IJACOBS 0.395 Unch 1567.2 0.393 57.25 — 54.1 0.149 0.080 0.085 0.080 0024 JAG 0.085 Unch 1504 0.080 13.08 2.24 117.1 0.250 0.155 0.165 0.155 0025 LNGRES 0.155 -0.005 1583.9 0.159 62.00 — 37.5 0.115 0.045 0.055 0.050 0070 MQTECH 0.055 Unch 887.7 0.054 — — 22.8 0.848 0.470 0.475 0.470 0049 OCNCASH 0.475 -0.010 34 0.474 10.77 1.68 105.9 0.610 0.220 0.245 0.240 0038 PTB 0.240 -0.005 64.6 0.241 — — 36.1 0.175 0.095 0.105 0.095 0133 SANICHI 0.105 0.005 598.5 0.100 — — 38.8 0.060 0.025 — — 0109 SCBUILD 0.025 — — — — — 22.1 0.460 0.145 0.360 0.345 0001 SCOMNET 0.360 -0.005 1545.6 0.352 33.96 — 87.5 0.289 0.160 — — 0028 SCOPE 0.170 — — — 28.33 2.94 95.3 0.290 0.140 0.170 0.160 0055 SERSOL 0.165 -0.005 424 0.163 137.50 — 35.5 0.875 0.240 0.320 0.305 0084 TECFAST 0.320 0.010 285.6 0.311 20.51 1.75 73.0TECHNOLOGY 0.395 0.160 0.180 0.170 0018 ACCSOFT 0.175 -0.005 14444.7 0.176 19.02 — 365.7 0.750 0.345 0.375 0.360 0181 AEMULUS 0.375 -0.010 1219.8 0.364 20.72 — 164.6 0.455 0.210 0.275 0.260 0119 APPASIA 0.275 0.015 491.2 0.267 — — 94.9 0.450 0.120 0.225 0.175 0068 ASDION 0.220 0.035 8031 0.210 — — 25.6 1.450 0.580 1.270 1.040 0098 BAHVEST 1.190 -0.100 10633.7 1.166 — — 718.7 0.644 0.360 0.375 0.370 0195 BINACOM 0.370 Unch 187.5 0.370 — 1.35 96.2 0.764 0.585 — — 0191 CABNET 0.605 — — — 13.33 — 78.7 0.250 0.040 0.145 0.140 0152 DGB 0.140 -0.005 13642.2 0.143 — — 86.2 0.160 0.030 0.090 0.085 0131 DGSB 0.090 Unch 1070.9 0.086 — — 122.0 0.068 0.035 0.040 0.035 0154 EAH 0.035 -0.005 3013.5 0.036 87.50 — 121.8 0.215 0.075 0.085 0.075 0107 EDUSPEC 0.085 0.005 202.6 0.080 — — 85.2 0.310 0.044 0.185 0.180 0116 FOCUS 0.185 -0.010 40.2 0.185 77.08 — 377.7 1.750 0.820 1.370 1.340 0104 GENETEC 1.370 0.020 79.2 1.343 30.93 — 53.7 0.090 0.035 — — 0045 GNB 0.035 — — — — — 10.1 0.195 0.090 — — 0074 GOCEAN 0.140 — — — — — 40.6 0.100 0.040 0.045 0.045 0174 IDMENSN 0.045 -0.005 665 0.045 — — 24.5 0.469 0.305 0.320 0.305 0023 IFCAMSC 0.310 -0.010 1382.5 0.311 18.67 1.61 188.6 0.145 0.060 0.075 0.065 0094 INIX 0.075 0.005 930.2 0.069 — — 19.0 0.245 0.135 0.180 0.175 0010 IRIS 0.180 Unch 11652.9 0.178 — — 444.9 1.450 0.343 0.865 0.810 0146 JFTECH 0.820 -0.050 23.9 0.841 22.65 1.46 172.2 1.694 1.010 1.170 1.010 0127 JHM 1.170 -0.020 7004.5 1.090 19.93 0.64 652.4 0.270 0.155 0.160 0.160 0111 K1 0.160 Unch 708.3 0.160 — — 83.1 0.460 0.070 0.075 0.070 0036 KGROUP 0.070 -0.005 1160.7 0.070 — — 30.0 1.280 0.350 0.645 0.600 0176 KRONO 0.640 0.020 3810.8 0.621 13.97 — 211.3 0.180 0.060 0.105 0.095 0017 M3TECH 0.105 -0.005 6619.9 0.100 — — 61.6 0.690 0.230 0.405 0.390 0075 MEXTER 0.405 0.010 386.7 0.399 — — 104.6 0.520 0.260 0.260 0.260 0155 MGRC 0.260 Unch 5 0.260 — — 26.9 1.160 0.420 0.470 0.420 0126 MICROLN 0.470 0.020 143 0.431 11.22 — 78.7 0.583 0.305 0.315 0.305 0112 MIKROMB 0.310 -0.010 717.9 0.308 15.05 4.61 133.6 0.465 0.055 0.065 0.055 0085 MLAB 0.060 -0.005 3725.1 0.060 — — 40.2 0.268 0.153 0.170 0.170 0034 MMAG 0.170 Unch 648.8 0.170 — — 77.4 1.986 0.795 1.470 1.380 0113 MMSV 1.450 Unch 570.6 1.412 11.09 1.38 236.4 0.130 0.055 0.075 0.075 0103 MNC 0.075 Unch 140 0.075 — — 35.9 0.295 0.185 0.190 0.185 0156 MPAY 0.185 -0.005 515 0.187 — — 131.4 0.684 0.125 0.135 0.125 0092 MTOUCHE 0.130 -0.005 2294.1 0.130 18.84 — 66.1 1.103 0.677 0.885 0.780 0108 N2N 0.810 -0.075 4122 0.823 15.14 3.70 432.2 0.110 0.025 0.035 0.030 0020 NETX 0.035 Unch 5028 0.035 26.92 — 85.4 0.055 0.030 0.050 0.045 0096 NEXGRAM 0.050 0.005 29212.3 0.046 — — 94.2 0.150 0.070 0.105 0.100 0026 NOVAMSC 0.105 Unch 1539.5 0.101 — — 71.7 0.642 0.355 0.380 0.370 0035 OPCOM 0.375 0.005 122 0.373 29.53 10.67 60.5 0.379 0.270 0.290 0.285 0040 OPENSYS 0.290 Unch 326.7 0.288 12.83 3.45 86.4 0.380 0.100 0.110 0.100 0079 ORION 0.105 -0.010 9330.7 0.105 — — 62.9 0.230 0.105 0.110 0.105 0123 PRIVA 0.105 -0.005 730.5 0.109 — — 58.6 0.944 0.636 0.700 0.700 0106 REXIT 0.700 -0.005 1 0.700 16.02 4.29 132.5 0.430 0.250 0.285 0.250 0178 SEDANIA 0.280 -0.005 147.9 0.276 49.12 3.57 63.2 0.190 0.065 0.095 0.085 0060 SKH 0.090 0.005 10872.4 0.090 — — 54.9 0.280 0.120 0.165 0.155 0169 SMTRACK 0.160 Unch 2507.6 0.163 — — 21.7 0.343 0.160 0.170 0.160 0093 SOLUTN 0.170 0.005 350.3 0.163 6.49 5.88 52.1 0.360 0.120 0.240 0.225 0129 SRIDGE 0.230 0.005 11278.3 0.234 — — 27.8 0.470 0.255 0.270 0.265 0050 SYSTECH 0.270 Unch 515.9 0.267 58.70 1.11 93.9 0.180 0.125 0.135 0.130 0132 TDEX 0.135 0.005 430.8 0.134 112.50 — 73.4 0.580 0.055 0.300 0.275 0005 UCREST 0.300 0.015 7805.2 0.289 14.35 — 138.9 0.965 0.365 0.545 0.365 0120 VIS 0.480 0.045 3679.9 0.411 13.41 0.69 80.9 0.165 0.065 0.070 0.065 0069 VIVOCOM 0.070 Unch 1193.5 0.069 15.56 — 237.9 0.155 0.090 0.105 0.100 0066 VSOLAR 0.105 Unch 812.3 0.102 — — 40.5 0.055 0.030 — — 0141 WINTONI 0.035 — — — — — 18.0 0.275 0.125 0.145 0.145 0086 YGL 0.145 Unch 53 0.145 — — 33.7TRADING SERVICES 0.300 0.230 — — 0122 AIM 0.250 — — — — — 66.5 0.165 0.085 0.100 0.090 0048 ANCOMLB 0.095 Unch 468.2 0.097 — — 45.0 0.250 0.150 0.155 0.155 0187 BCMALL 0.155 -0.005 402.9 0.155 11.92 — 65.3 0.392 0.240 — — 0011 BTECH 0.295 — — — 18.55 5.42 74.3 0.235 0.110 0.120 0.110 0150 FINTEC 0.115 -0.005 4463.6 0.111 0.49 — 60.4 0.320 0.150 0.210 0.205 0157 FOCUSP 0.210 Unch 87 0.207 — — 34.7 0.759 0.430 0.505 0.490 0039 GFM 0.505 Unch 142.4 0.500 21.22 2.87 216.2 0.880 0.570 0.880 0.830 0147 INNITY 0.875 0.025 8.1 0.871 100.57 — 121.1 0.324 0.241 0.250 0.245 0193 KAB 0.250 Unch 120.1 0.245 9.12 4.00 80.0 0.310 0.150 0.155 0.150 0180 KTC 0.150 -0.010 856.8 0.152 750.00 — 76.5 0.350 0.155 0.160 0.160 0167 MCLEAN 0.160 -0.010 33 0.160 — — 28.6 0.440 0.175 — — 0081 MEGASUN 0.180 — — — 10.40 — 39.5 0.280 0.160 0.180 0.160 0153 OVERSEA 0.180 Unch 26 0.161 — — 44.4 0.310 0.135 0.145 0.140 0022 PARLO 0.145 Unch 476 0.144 0.95 — 52.8 0.200 0.115 0.130 0.130 0177 PASUKGB 0.130 -0.005 1946.4 0.130 130.0 — 105.5 0.480 0.280 — — 0006 PINEAPP 0.450 — — — 68.18 — 21.8 0.364 0.252 0.270 0.265 0171 PLABS 0.270 -0.010 940.5 0.270 14.14 2.22 58.0 0.350 0.178 0.255 0.245 0186 PTRANS 0.255 Unch 3771.7 0.252 11.04 2.86 323.2 0.355 0.095 0.190 0.165 0007 PUC 0.185 0.015 35854.6 0.177 — — 278.9 0.245 0.190 0.200 0.190 0196 QES 0.200 Unch 7769.2 0.195 8.06 — 151.7 0.570 0.245 0.255 0.245 0032 REDTONE 0.250 -0.015 778.1 0.250 — — 189.6 0.635 0.280 0.290 0.280 0173 REV 0.285 0.005 315 0.286 0.67 — 38.4 0.698 0.452 0.525 0.500 0158 SCC 0.525 0.020 71.6 0.502 11.85 5.94 74.1 0.275 0.180 0.195 0.195 0161 SCH 0.195 -0.005 65 0.195 26.35 — 80.4 0.300 0.145 0.185 0.170 0117 SMRT 0.185 0.015 483.6 0.172 0.69 — 67.8 0.315 0.140 — — 0140 STERPRO 0.290 — — — — — 93.2 0.300 0.127 0.250 0.240 0080 STRAITS 0.250 Unch 1013.3 0.245 26.88 — 92.0 0.907 0.660 — — 0089 TEXCYCL 0.680 — — — 12.21 0.59 174.2 0.230 0.125 0.135 0.125 0145 TFP 0.135 0.005 3554.4 0.131 — — 27.7 0.145 0.080 0.090 0.085 0165 XOX 0.090 Unch 3424.8 0.086 11.84 — 89.4FINANCE 0.965 0.492 0.610 0.585 0053 OSKVI 0.610 -0.005 7.2 0.595 3.86 3.28 120.5

MarketsB U R S A M A L A Y S I A E Q U I T Y D E R I V A T I V E S

TUESDAY MARCH 27, 2018 • THEEDGE FINANCIAL DAILY 2 8

Bursa Malaysia Equity Derivatives

0.515 0.140 0.140 0.140 70312 A50CHIN-C12 0.140 -0.015 5 7.550 8.494 15.28 28/06/2018 0.340 0.165 0.165 0.165 70316 A50CHIN-C16 0.165 -0.085 200 7.550 9.243 25.70 27/09/2018 0.110 0.025 0.025 0.025 523810 AAX-C10 0.025 Unch 309.9 0.380 0.400 11.84 26/04/2018 0.145 0.035 0.055 0.045 523811 AAX-C11 0.050 -0.005 6105.3 0.380 0.380 13.16 21/06/2018 0.095 0.020 0.050 0.020 523812 AAX-C12 0.020 -0.015 316 0.380 0.360 1.05 30/03/2018 0.110 0.060 0.065 0.060 523813 AAX-C13 0.060 -0.005 110 0.380 0.410 23.68 06/08/2018 0.100 0.060 0.065 0.060 523814 AAX-C14 0.065 -0.005 744 0.380 0.450 38.95 31/10/2018 0.080 0.070 0.075 0.070 523816 AAX-C16 0.070 -0.010 3780.4 0.380 0.350 16.05 31/10/2018 0.310 0.145 0.165 0.160 5238WA AAX-WA 0.165 Unch 2484.4 0.380 0.460 64.47 08/06/2020 0.344 0.082 0.115 0.110 0018WA ACCSOFT-WA 0.110 -0.010 5663.9 0.175 0.100 20.00 18/01/2019 0.120 0.035 0.040 0.040 7146WA AEM-WA 0.040 Unch 67.8 0.140 0.250 107.14 17/12/2019 0.375 0.095 0.175 0.155 509958 AIRASIAC58 0.165 -0.020 3262.2 3.940 3.300 0.51 26/04/2018 0.145 0.030 0.050 0.040 5014CV AIRPORT-CV 0.045 -0.005 155 8.840 8.800 3.11 30/04/2018 0.420 0.120 0.130 0.130 7609WA AJIYA-WA 0.130 Unch 290 0.505 0.920 107.92 28/08/2021 0.295 0.075 0.080 0.080 1015C5 AMBANK-C5 0.080 Unch 25 4.050 4.300 11.11 28/09/2018 0.095 0.030 0.030 0.030 1015C7 AMBANK-C7 0.030 -0.020 70 4.050 5.000 25.31 30/11/2018 0.170 0.005 — — 6556CF ANNJOO-CF 0.005 — — 1.545 4.000 160.29 30/04/2018 0.115 0.005 0.005 0.005 6556CG ANNJOO-CG 0.005 -0.005 1892 1.600 4.380 175.09 14/05/2018 0.155 0.020 0.030 0.020 6556CH ANNJOO-CH 0.025 -0.010 2390 3.090 4.000 33.66 24/07/2018 0.130 0.025 0.035 0.025 6556CI ANNJOO-CI 0.035 -0.010 200 3.090 3.880 32.36 31/07/2018 0.160 0.045 0.055 0.045 6556CK ANNJOO-CK 0.050 -0.025 362 3.090 4.400 48.06 28/09/2018 0.170 0.030 0.040 0.030 6556CL ANNJOO-CL 0.040 -0.010 4435.5 3.090 4.000 32.04 31/10/2018 0.075 0.060 0.065 0.060 6556CM ANNJOO-CM 0.060 -0.015 580 3.090 3.600 27.18 31/10/2018 0.070 0.020 0.030 0.025 9342WC ANZO-WC 0.030 0.010 300.1 0.065 0.200 253.85 18/06/2020 0.030 0.005 0.005 0.005 5194WA APFT-WA 0.005 Unch 580 0.015 0.400 2,600 13/07/2018 0.335 0.120 0.165 0.150 0119WA APPASIA-WA 0.165 0.015 341.3 0.275 0.130 7.27 23/12/2024 0.190 0.100 0.130 0.130 521030 ARMADA-C30 0.130 Unch 20 0.830 0.750 6.02 29/06/2018 0.175 0.085 0.105 0.105 521031 ARMADA-C31 0.105 Unch 315 0.830 0.780 6.63 29/06/2018 0.095 0.040 0.050 0.050 521033 ARMADA-C33 0.050 0.005 1261.5 0.830 0.800 7.23 24/07/2018 0.115 0.055 0.075 0.065 521037 ARMADA-C37 0.065 -0.010 400 0.830 0.900 16.27 30/11/2018 0.350 0.020 0.070 0.060 0068WB ASDION-WB 0.070 0.005 935.1 0.220 0.500 159.09 24/03/2019 0.105 0.065 — — 4057WB ASIAPAC-WB 0.080 — — 0.155 0.250 112.90 25/05/2022 0.121 0.035 0.045 0.045 0105WA ASIAPLY-WA 0.045 -0.005 6 0.110 0.100 31.82 13/12/2020 0.075 0.040 0.045 0.040 0105WB ASIAPLY-WB 0.045 Unch 37.7 0.110 0.100 31.82 12/12/2022 0.664 0.120 0.205 0.205 7099WB ATTA-WB 0.205 Unch 20 0.820 0.870 31.10 09/05/2022 0.608 0.140 0.145 0.145 7099WC ATTA-WC 0.145 0.005 5 0.820 0.870 23.78 18/11/2024 0.120 0.030 0.030 0.030 0072WB AT-WB 0.030 -0.005 300 0.080 0.090 50.00 17/10/2019 1.110 0.180 0.960 0.820 0098WA BAHVEST-WA 0.925 -0.060 4749.5 1.190 0.870 50.84 20/08/2024 0.270 0.050 0.110 0.105 5248CT BAUTO-CT 0.105 -0.005 149 2.180 2.100 3.56 31/07/2018 0.060 0.060 0.060 0.060 5258CX BIMB-CX 0.060 -0.090 10 3.910 4.500 21.23 03/09/2018 0.430 0.225 0.235 0.225 5258WA BIMB-WA 0.230 -0.005 991 3.910 4.720 26.60 04/12/2023 0.155 0.055 0.065 0.055 6998WA BINTAI-WA 0.065 -0.005 40.1 0.140 0.200 89.29 15/06/2020 0.230 0.105 0.110 0.105 0179WA BIOHLDG-WA 0.105 -0.005 896.7 0.215 0.220 51.16 05/01/2022 0.065 0.015 0.020 0.020 3395C7 BJCORP-C7 0.020 Unch 1597 0.325 0.385 24.62 24/08/2018 0.145 0.075 0.090 0.080 3395WB BJCORP-WB 0.085 Unch 435.6 0.325 1.000 233.85 22/04/2022 0.170 0.090 0.105 0.105 3395WC BJCORP-WC 0.105 Unch 1136 0.325 1.000 240.00 29/05/2026 0.370 0.080 0.235 0.230 7187WA BKOON-WA 0.230 -0.005 1044.5 0.440 0.200 -2.27 07/07/2023 0.065 0.035 0.040 0.035 7036WD BORNOIL-WD 0.040 Unch 415 0.075 0.070 46.67 29/05/2027 0.660 0.210 — — 6297WA BOXPAK-WA 0.210 — — 1.080 2.040 108.33 13/03/2022 0.135 0.029 0.060 0.055 9938WB BRIGHT-WB 0.055 -0.005 55.3 0.230 0.650 206.52 12/01/2019 0.135 0.040 0.050 0.045 7188WA BTM-WA 0.045 -0.005 60 0.160 0.940 515.63 20/12/2019 0.235 0.110 — — 7188WB BTM-WB 0.110 — — 0.160 0.200 93.75 23/10/2024 0.180 0.020 0.050 0.050 181813 BURSA-C13 0.050 -0.050 20 10.680 10.500 0.66 30/03/2018 0.260 0.055 0.185 0.150 181814 BURSA-C14 0.170 -0.025 1354.2 10.680 10.000 3.18 29/06/2018 0.205 0.120 0.135 0.120 181816 BURSA-C16 0.120 -0.030 385.2 10.680 11.800 17.23 28/09/2018 0.470 0.125 0.125 0.125 7076WA CBIP-WA 0.125 -0.015 6.5 1.530 2.400 65.03 06/11/2019 0.220 0.065 0.080 0.065 5195WB CENSOF-WB 0.080 Unch 158.9 0.215 0.460 151.16 07/10/2019 0.185 0.095 0.145 0.145 102329 CIMB-C29 0.145 -0.015 50 7.200 6.380 4.72 31/07/2018 0.350 0.140 0.270 0.240 102330 CIMB-C30 0.270 -0.020 2224.1 7.200 6.700 5.06 29/06/2018 0.160 0.115 0.130 0.125 102332 CIMB-C32 0.130 0.010 175 7.200 7.900 18.75 28/09/2018 0.185 0.160 0.175 0.170 102333 CIMB-C33 0.175 -0.005 60 7.200 6.800 9.03 31/10/2018 0.205 0.130 0.130 0.130 285210 CMSB-C10 0.130 -0.015 20 3.970 3.800 10.45 21/09/2018 0.095 0.090 0.095 0.090 285212 CMSB-C12 0.095 -0.055 200 3.970 4.500 24.12 25/10/2018 0.205 0.050 0.080 0.080 0102WB CONNECT-WB 0.080 -0.005 100 0.165 0.100 9.09 07/06/2021 0.365 0.060 0.135 0.115 0051WA CUSCAPI-WA 0.125 -0.010 973.4 0.415 0.270 -4.82 24/04/2018 0.470 0.145 0.175 0.145 5276WA DANCO-WA 0.175 -0.015 5.1 0.355 0.300 33.80 22/05/2022 0.030 0.010 0.015 0.015 7179WB DBE-WB 0.015 Unch 88 0.030 0.050 116.67 22/01/2022 0.220 0.100 0.220 0.220 727720 DIALOG-C20 0.220 0.030 62 2.840 2.220 1.41 29/06/2018 0.440 0.115 0.390 0.380 727723 DIALOG-C23 0.390 0.005 340 2.840 2.300 1.58 30/08/2018 0.140 0.060 0.120 0.105 727725 DIALOG-C25 0.120 -0.005 2570 2.840 2.900 11.41 31/07/2018 0.160 0.035 0.055 0.055 694721 DIGI-C21 0.055 Unch 200 4.640 5.000 9.54 31/07/2018 0.370 0.155 0.165 0.155 4456WD DNEX-WD 0.165 0.005 5716.9 0.415 0.500 60.24 30/07/2021 0.095 0.030 0.030 0.030 5265WA DOLPHIN-WA 0.030 Unch 620.6 0.105 0.800 690.48 29/03/2021 0.485 0.040 0.290 0.280 161937 DRBHCOMC37 0.280 -0.020 112.8 2.420 1.850 -0.41 30/03/2018 0.215 0.020 0.100 0.090 161941 DRBHCOMC41 0.100 -0.030 212 2.420 2.150 1.24 30/03/2018 0.550 0.095 0.400 0.400 161942 DRBHCOMC42 0.400 -0.005 50 2.420 1.650 1.24 31/05/2018 0.380 0.075 0.215 0.215 161944 DRBHCOMC44 0.215 -0.020 30.5 2.420 2.000 0.41 09/04/2018 0.380 0.135 0.275 0.275 161946 DRBHCOMC46 0.275 -0.015 11.8 2.420 1.650 2.27 27/07/2018 0.300 0.140 0.150 0.140 161948 DRBHCOMC48 0.150 -0.005 877 2.420 2.200 12.60 21/09/2018 0.215 0.120 0.130 0.130 161949 DRBHCOMC49 0.130 -0.005 200 2.420 3.000 40.08 31/10/2018 0.160 0.065 0.070 0.070 161950 DRBHCOMC50 0.070 -0.010 30 2.420 2.800 24.38 25/07/2018 0.270 0.140 0.165 0.155 161951 DRBHCOMC51 0.165 -0.010 65 2.420 2.500 16.94 31/10/2018 0.200 0.095 0.110 0.110 161953 DRBHCOMC53 0.110 -0.010 368.7 2.420 2.500 21.49 28/09/2018 0.155 0.070 0.080 0.075 161954 DRBHCOMC54 0.075 -0.015 130 2.420 3.100 38.95 13/08/2018 0.165 0.095 0.105 0.100 161955 DRBHCOMC55 0.100 -0.010 252 2.420 3.500 57.02 31/10/2018 0.080 0.010 0.010 0.010 5216C3 DSONIC-C3 0.010 Unch 100 0.920 1.280 41.30 29/06/2018 0.080 0.005 0.005 0.005 5216C4 DSONIC-C4 0.005 Unch 182 0.920 1.350 47.83 11/06/2018 0.320 0.060 0.090 0.080 3417WB E&O-WB 0.080 -0.015 74.6 1.430 2.600 87.41 21/07/2019 0.033 0.010 — — 0154WB EAH-WB 0.010 — — 0.035 0.090 185.71 24/02/2019 0.033 0.010 0.010 0.010 0154WC EAH-WC 0.010 Unch 100 0.035 0.070 128.57 18/06/2019 0.030 0.015 0.015 0.015 0154WD EAH-WD 0.015 -0.005 2020 0.035 0.050 85.71 25/10/2022 0.190 0.005 0.005 0.005 5253CG ECONBHD-CG 0.005 -0.020 140 0.193 1.240 545.60 30/03/2018 0.140 0.020 0.025 0.025 5253CI ECONBHD-CI 0.025 Unch 27 1.000 1.340 37.80 24/07/2018 0.095 0.085 0.095 0.085 5253CK ECONBHD-CK 0.095 -0.055 165 1.000 1.050 22.10 31/10/2018 0.590 0.200 0.215 0.200 5253WA ECONBHD-WA 0.215 Unch 811.1 1.000 1.250 46.50 02/01/2023 0.100 0.005 0.005 0.005 8206CK ECOWLD-CK 0.005 Unch 100 0.995 1.500 51.76 31/07/2018 0.710 0.275 0.290 0.280 8206WA ECOWLD-WA 0.290 Unch 25.8 1.000 2.080 137.00 26/03/2022 0.095 0.010 — — 0107WA EDUSPEC-WA 0.010 — — 0.085 0.180 123.53 24/12/2018 1.360 0.650 0.745 0.720 0065WA EFORCE-WA 0.740 -0.035 251.5 1.100 0.340 -1.82 17/07/2019 0.515 0.220 0.225 0.220 8907WC EG-WC 0.225 -0.005 237.8 0.525 0.500 38.10 03/11/2020 0.030 0.005 — — 7182WA EKA-WA 0.005 — — 0.070 0.200 192.86 22/01/2019 0.080 0.030 0.035 0.035 8877CE EKOVEST-CE 0.035 Unch 190.3 0.965 1.200 32.69 29/06/2018 0.175 0.070 0.075 0.070 8877CF EKOVEST-CF 0.075 Unch 2429 0.965 1.000 18.39 29/06/2018 0.110 0.025 0.025 0.025 8877CI EKOVEST-CI 0.025 Unch 37.4 0.965 1.200 29.53 11/06/2018 1.190 0.475 0.560 0.550 8877WB EKOVEST-WB 0.560 Unch 141.5 0.965 0.480 7.77 25/06/2019 0.450 0.200 0.220 0.220 5283WA EWINT-WA 0.220 Unch 100.9 1.000 1.450 67.00 02/04/2022 0.570 0.300 0.300 0.300 7047WB FAJAR-WB 0.300 Unch 110.7 0.705 0.700 41.84 24/09/2019 0.185 0.005 0.155 0.155 06503F FBMKLCI-C3F 0.155 -0.020 10 1,859 1,780 -0.13 30/03/2018 0.245 0.020 0.205 0.205 06503I FBMKLCI-C3I 0.205 0.015 48 1,859 1,755 -0.13 30/04/2018 0.265 0.035 0.240 0.240 06503J FBMKLCI-C3J 0.240 0.005 20 1,859 1,740 0.01 31/05/2018 0.450 0.260 0.395 0.380 06503L FBMKLCI-C3L 0.395 -0.005 210 1,859 1,860 4.25 29/06/2018 0.140 0.055 0.110 0.110 06503N FBMKLCI-C3N 0.110 Unch 35.5 1,859 1,830 1.35 31/07/2018 0.120 0.055 0.100 0.090 06503O FBMKLCI-C3O 0.100 Unch 290 1,859 1,850 2.16 30/08/2018 0.180 0.005 0.015 0.010 06504K FBMKLCI-H4K 0.010 Unch 120 412.96 1,755 326.19 30/04/2018 0.170 0.015 0.015 0.015 06504L FBMKLCI-H4L 0.015 -0.005 210 613.80 1,740 184.70 31/05/2018 0.205 0.025 0.055 0.040 06504M FBMKLCI-H4M 0.040 -0.015 2067.4 1,859 1,750 -4.83 29/06/2018 0.495 0.255 0.295 0.290 06504O FBMKLCI-H4O 0.295 0.010 60 1,859 1,810 0.49 29/06/2018 0.195 0.065 0.125 0.115 06504P FBMKLCI-H4P 0.115 -0.010 1030.8 1,859 1,830 1.48 31/07/2018 0.175 0.105 0.165 0.150 06504Q FBMKLCI-H4Q 0.150 -0.010 1501 1,859 1,850 3.50 30/08/2018 0.575 0.450 0.500 0.485 06504S FBMKLCI-H4S 0.485 -0.005 1445 1,859 1,840 4.15 30/08/2018 0.245 0.025 0.035 0.025 522231 FGV-C31 0.035 Unch 2433.1 1.740 1.630 -1.29 30/03/2018 0.115 0.010 — — 522235 FGV-C35 0.005 — — 0.870 2.150 148.28 30/03/2018 0.165 0.015 0.020 0.015 522238 FGV-C38 0.020 -0.010 300 1.740 1.850 9.20 19/04/2018 0.315 0.090 0.100 0.090 522239 FGV-C39 0.095 Unch 508 1.740 1.750 10.13 31/07/2018 0.135 0.015 0.015 0.015 522240 FGV-C40 0.015 Unch 652.8 1.740 2.200 28.42 29/06/2018 0.190 0.040 0.045 0.040 522241 FGV-C41 0.045 Unch 470 1.740 2.000 20.63 25/06/2018 0.215 0.085 0.085 0.085 522242 FGV-C42 0.085 -0.010 50 1.740 1.900 22.39 28/09/2018 0.080 0.025 0.025 0.025 522244 FGV-C44 0.025 Unch 119.7 1.740 2.300 36.21 25/07/2018 0.095 0.040 0.040 0.040 522245 FGV-C45 0.040 -0.020 70 1.740 2.200 35.63 28/09/2018 0.145 0.065 0.070 0.070 522247 FGV-C47 0.070 Unch 2270 1.740 2.450 50.46 31/10/2018 0.145 0.050 0.065 0.050 522248 FGV-C48 0.060 Unch 491 1.740 2.100 27.59 30/11/2018 0.110 0.025 0.035 0.025 0150WA FINTEC-WA 0.030 -0.005 1400 0.115 0.300 186.96 19/04/2024 0.105 0.040 0.045 0.040 0150WB FINTEC-WB 0.045 0.005 1039.6 0.115 0.150 69.57 03/12/2022 0.130 0.060 — — 9318WB FITTERS-WB 0.065 — — 0.390 1.000 173.08 12/10/2019 0.950 0.590 0.800 0.680 7184WA G3-WA 0.800 0.050 78.8 0.820 0.100 9.76 02/10/2022 0.715 0.280 0.300 0.280 9261WB GADANG-WB 0.295 -0.010 212.2 0.910 1.060 48.90 29/11/2021 0.045 0.010 0.015 0.010 539838 GAMUDA-C38 0.015 Unch 714.6 5.110 5.680 12.92 30/04/2018 0.120 0.025 0.045 0.040 539839 GAMUDA-C39 0.045 Unch 244.6 5.110 5.350 7.34 31/05/2018 0.165 0.095 0.120 0.120 539842 GAMUDA-C42 0.120 Unch 120 5.110 4.800 5.68 27/07/2018 0.230 0.120 0.170 0.160 539843 GAMUDA-C43 0.170 Unch 150 5.110 5.000 9.49 31/07/2018 0.125 0.110 0.120 0.120 539845 GAMUDA-C45 0.120 0.005 180 5.110 5.150 14.87 30/11/2018 1.480 1.060 1.180 1.170 5398WE GAMUDA-WE 1.180 Unch 412.1 5.110 4.050 2.35 06/03/2021 0.770 0.180 0.230 0.180 5226WA GBGAQRS-WA 0.215 -0.025 12183.8 1.530 1.300 -0.98 20/07/2018 0.490 0.300 0.325 0.325 3611WA GBH-WA 0.325 -0.025 1.1 1.400 1.000 -5.36 07/04/2020 0.572 0.310 0.335 0.310 0078WB GDEX-WB 0.310 -0.035 228 0.525 0.383 31.90 05/02/2020 0.250 0.070 0.075 0.070 471530 GENM-C30 0.070 -0.010 400 5.080 6.000 21.56 31/07/2018 0.250 0.115 0.115 0.115 471532 GENM-C32 0.115 -0.010 40 5.080 5.100 9.45 27/07/2018 0.135 0.055 0.055 0.055 471533 GENM-C33 0.055 Unch 180.1 5.080 6.000 21.36 31/10/2018 0.145 0.085 0.090 0.085 471536 GENM-C36 0.090 -0.010 120 5.080 5.600 18.74 28/09/2018 0.135 0.030 0.030 0.030 318246 GENTINGC46 0.030 Unch 112.6 8.860 9.850 12.87 31/07/2018 1.950 1.010 1.100 1.040 3182WA GENTING-WA 1.060 -0.030 358.3 8.860 7.960 1.81 18/12/2018 0.290 0.100 0.240 0.240 3204CC GKENT-CC 0.240 -0.010 30 4.250 3.380 2.12 31/05/2018 0.255 0.110 0.200 0.195 3204CE GKENT-CE 0.195 -0.005 551 4.250 3.700 5.41 06/08/2018 0.275 0.190 0.230 0.225 3204CF GKENT-CF 0.225 -0.010 20 4.250 4.280 21.88 31/10/2018 0.225 0.065 0.075 0.065 1147WA GOB-WA 0.075 -0.005 51 0.290 0.800 201.72 24/12/2019 0.055 0.025 0.035 0.030 7096WA GPA-WA 0.035 0.005 1529 0.095 0.100 42.11 03/06/2025 0.145 0.005 0.005 0.005 7022CM GTRONIC-CM 0.005 -0.015 1200 1.093 6.600 507.73 24/07/2018 0.035 0.020 0.025 0.020 7022CN GTRONIC-CN 0.020 -0.005 251 4.520 6.200 40.71 28/09/2018 0.285 0.090 0.095 0.090 7668CA HAIO-CA 0.095 -0.010 270 4.810 4.380 0.94 31/05/2018 0.195 0.005 0.005 0.005 7668CD HAIO-CD 0.005 -0.025 40 0.775 5.500 612.26 30/04/2018 0.165 0.055 0.145 0.145 3034CW HAPSENG-CW 0.145 -0.010 30 9.700 10.000 7.58 30/11/2018

YEAR YEAR DAY DAY CODE WARRANTS CLOSE +/- VOL PARENT EXE PR’M EXPIRY HIGH LOW HIGH LOW (RM) (RM) (‘000) PRICE PRICE (%) DATE


0.695 0.245 0.590 0.590 5168C3 HARTA-C3 0.590 0.015 5 5.800 4.800 8.19 31/07/2018 0.420 0.240 0.345 0.345 5168C5 HARTA-C5 0.345 -0.005 20 5.800 5.000 5.54 25/06/2018 0.195 0.110 0.175 0.160 5168C6 HARTA-C6 0.165 -0.005 420.5 5.800 6.000 17.67 24/08/2018 0.120 0.060 0.100 0.085 5168C9 HARTA-C9 0.090 0.005 401.4 5.800 6.000 13.53 30/11/2018 0.560 0.300 0.350 0.300 7105WA HCK-WA 0.350 -0.010 13.1 1.310 0.960 0.00 26/09/2027 1.280 0.110 0.110 0.110 4324CG HENGYUAN-CG 0.110 -0.105 10 8.200 7.000 -1.22 30/03/2018 0.995 0.110 0.195 0.120 4324CH HENGYUAN-CH 0.190 0.065 19067.1 8.200 8.000 25.37 29/06/2018 0.620 0.075 0.120 0.075 4324CI HENGYUAN-CI 0.120 0.040 669.6 8.200 7.880 25.37 29/06/2018 0.595 0.060 0.090 0.060 4324CJ HENGYUAN-CJ 0.090 0.020 1030.5 8.200 8.580 26.59 29/06/2018 0.850 0.065 0.080 0.065 4324CK HENGYUAN-CK 0.080 0.005 596.4 8.200 10.500 45.61 24/07/2018 0.830 0.130 0.135 0.130 4324CL HENGYUAN-CL 0.135 -0.020 150 8.200 10.600 49.02 31/07/2018 0.670 0.035 0.060 0.035 4324CM HENGYUAN-CM 0.060 0.015 11560.3 8.200 12.300 59.51 25/06/2018 0.290 0.035 0.040 0.040 4324CN HENGYUAN-CN 0.040 -0.005 155.9 8.200 24.000 199.02 28/09/2018 0.350 0.030 0.070 0.040 4324CO HENGYUAN-CO 0.065 0.025 4568.5 8.200 18.000 133.78 31/10/2018 0.300 0.015 0.030 0.015 4324CP HENGYUAN-CP 0.025 0.005 9382.8 8.200 18.880 136.01 06/08/2018 0.220 0.030 0.040 0.035 4324CQ HENGYUAN-CQ 0.040 0.010 148 8.200 16.880 120.49 28/09/2018 0.210 0.030 0.040 0.030 4324CR HENGYUAN-CR 0.040 0.010 188 8.200 19.080 144.88 28/09/2018 0.410 0.085 0.100 0.085 4324CS HENGYUAN-CS 0.100 -0.015 710 8.200 18.880 147.32 31/10/2018 0.155 0.045 0.055 0.050 4324CT HENGYUAN-CT 0.055 0.010 178.6 8.200 22.800 188.78 31/10/2018 0.120 0.035 0.045 0.035 4324CU HENGYUAN-CU 0.045 0.005 3018.2 8.200 17.800 126.95 12/09/2018 0.190 0.150 0.170 0.150 4324CV HENGYUAN-CV 0.170 Unch 464.4 8.200 8.880 41.46 25/10/2018 0.305 0.110 0.230 0.215 5072WB HIAPTEK-WB 0.230 -0.005 1733 0.440 0.500 65.91 23/06/2021 0.190 0.090 0.110 0.100 5199CA HIBISCS-CA 0.110 0.010 2084.8 0.855 1.000 42.69 30/11/2018 0.145 0.075 0.080 0.075 5199CB HIBISCS-CB 0.080 0.005 98 0.855 1.200 59.06 30/11/2018 0.135 0.045 0.050 0.045 5199CC HIBISCS-CC 0.050 Unch 4450.6 0.855 1.400 79.53 28/09/2018 0.070 0.040 0.045 0.040 5199CD HIBISCS-CD 0.045 Unch 1514.2 0.855 1.580 97.95 31/10/2018 0.105 0.085 0.095 0.090 5199CE HIBISCS-CE 0.095 0.005 119 0.855 0.950 38.89 28/09/2018 0.480 0.265 0.270 0.270 8443WB HIL-WB 0.270 Unch 4.7 0.670 1.080 101.49 25/10/2027 0.190 0.120 0.130 0.130 0188WA HLT-WA 0.130 -0.005 9.1 0.235 0.200 40.43 27/12/2022 0.530 0.055 0.060 0.055 5169WA HOHUP-WA 0.055 -0.005 229 0.465 0.600 40.86 21/12/2018 0.225 0.135 0.200 0.195 7213WB HOVID-WB 0.200 0.005 33.8 0.340 0.180 11.76 05/06/2018 0.560 0.305 0.515 0.465 0185WA HSSEB-WA 0.470 -0.045 569.4 1.480 1.700 46.62 15/03/2023 0.200 0.060 0.070 0.060 9601WD HWGB-WD 0.065 -0.005 811.5 0.160 0.080 -9.37 15/03/2021 0.055 0.015 0.020 0.020 0174WA IDMENSN-WA 0.020 Unch 30 0.045 0.100 166.67 14/07/2020 0.225 0.070 0.150 0.150 5225C6 IHH-C6 0.150 -0.005 10 6.000 5.700 2.50 31/07/2018 0.105 0.005 0.005 0.005 333610 IJM-C10 0.005 Unch 238 0.522 3.500 573.37 30/04/2018 0.160 0.040 0.075 0.070 333613 IJM-C13 0.075 0.010 250 2.760 3.000 16.85 24/08/2018 0.210 0.050 0.050 0.050 16610 INARI-C10 0.050 -0.005 2136 2.830 3.800 39.58 31/07/2018 0.195 0.050 0.050 0.050 16611 INARI-C11 0.050 -0.005 146.7 2.830 3.200 21.91 30/08/2018 0.100 0.030 0.035 0.030 16612 INARI-C12 0.035 Unch 1264 2.830 3.800 37.99 31/10/2018 0.440 0.080 0.120 0.100 0166C4 INARI-C4 0.120 0.005 635.3 2.830 2.500 1.06 26/04/2018 0.700 0.095 0.205 0.200 0166C6 INARI-C6 0.200 -0.080 95.5 2.830 2.400 -1.06 30/04/2018 0.215 0.010 0.015 0.010 0166C7 INARI-C7 0.015 0.005 1921.7 2.830 3.500 25.27 14/05/2018 0.400 0.100 0.105 0.100 0166C8 INARI-C8 0.105 -0.005 1113 2.830 3.200 21.24 29/06/2018 0.490 0.115 0.135 0.115 0166C9 INARI-C9 0.135 Unch 491 2.830 2.800 9.67 30/08/2018 3.000 1.300 2.030 1.940 0166WB INARI-WB 2.030 0.040 194.6 2.830 0.800 0.00 17/02/2020 0.115 0.025 0.045 0.040 0094WA INIX-WA 0.045 Unch 431.6 0.075 0.100 93.33 16/11/2020 0.545 0.235 0.255 0.235 3379WB INSAS-WB 0.240 -0.015 543.7 0.835 1.000 48.50 25/02/2020 0.195 0.085 0.195 0.190 196115 IOICORP-C15 0.195 0.020 8.6 4.790 4.441 1.65 31/07/2018 0.175 0.130 0.165 0.165 196117 IOICORP-C17 0.165 0.015 15 4.790 4.783 9.26 24/08/2018 0.210 0.070 0.120 0.100 8834WB IREKA-WB 0.120 0.015 60.9 0.670 1.000 67.16 25/06/2019 0.105 0.020 0.040 0.030 7183WA IRETEX-WA 0.040 Unch 3519.7 0.160 0.800 425.00 10/06/2019 0.063 0.020 0.025 0.025 0024WA JAG-WA 0.025 Unch 20 0.085 0.100 47.06 14/08/2019 0.045 0.020 0.025 0.020 0024WB JAG-WB 0.020 -0.005 1163.3 0.085 0.150 100.00 15/11/2020 0.095 0.005 0.005 0.005 5161C5 JCY-C5 0.005 Unch 50 0.370 0.550 50.00 29/06/2018 0.130 0.065 0.095 0.090 8923WA JIANKUN-WA 0.095 Unch 38.3 0.350 0.320 18.57 23/12/2021 0.075 0.015 0.015 0.015 4383CQ JTIASA-CQ 0.015 -0.005 300 0.870 1.200 40.52 06/08/2018 0.180 0.045 0.060 0.060 0170WA KANGER-WA 0.060 Unch 2 0.115 0.100 39.13 13/04/2020 0.110 0.015 0.015 0.015 524710 KAREX-C10 0.015 Unch 3.4 0.790 1.350 74.68 28/09/2018 0.065 0.010 0.010 0.010 524711 KAREX-C11 0.010 Unch 100 0.790 1.400 80.38 03/09/2018 0.040 0.015 0.025 0.020 3115WC KBUNAI-WC 0.025 Unch 682.2 0.075 0.131 108.00 20/10/2023 0.160 0.135 0.140 0.135 7161CI KERJAYA-CI 0.140 Unch 617 1.510 1.480 16.56 25/10/2018 0.460 0.265 0.295 0.290 7161WB KERJAYA-WB 0.295 Unch 128.7 1.510 1.600 25.50 28/02/2023 0.490 0.250 0.315 0.270 0151WA KGB-WA 0.315 -0.010 68.6 0.740 0.500 10.14 12/06/2019 0.110 0.050 0.055 0.050 7164WB KNM-WB 0.050 -0.005 1018.1 0.220 1.000 377.27 21/04/2020 0.095 0.050 0.060 0.060 7017WB KOMARK-WB 0.060 -0.005 422.8 0.195 0.230 48.72 21/01/2020 0.260 0.125 0.130 0.125 7153CW KOSSAN-CW 0.125 -0.010 7.8 7.630 8.000 15.50 24/08/2018 0.430 0.095 0.110 0.110 5878WB KPJ-WB 0.110 Unch 30.1 0.910 1.010 23.08 23/01/2019 0.810 0.515 0.650 0.605 9385WA LAYHONG-WA 0.605 Unch 0.9 0.920 0.400 9.24 13/10/2021 0.320 0.005 0.035 0.005 8494WA LBICAP-WA 0.010 -0.020 4198.6 0.747 1.000 35.21 17/04/2018 0.145 0.015 0.025 0.020 5284CG LCTITAN-CG 0.025 Unch 4465.2 5.890 6.500 12.90 30/04/2018 0.250 0.070 0.070 0.070 7126WA LONBISC-WA 0.070 -0.010 3.2 0.545 1.000 96.33 26/01/2020 0.090 0.025 0.045 0.040 0017WA M3TECH-WA 0.045 Unch 6371.7 0.105 0.100 38.10 21/08/2019 0.070 0.005 0.010 0.005 858313 MAHSING-C13 0.010 0.005 130 1.020 1.600 58.82 25/06/2018 0.165 0.075 0.090 0.080 8583WC MAHSING-WC 0.090 0.005 148.2 1.020 2.100 114.71 21/02/2020 0.090 0.010 0.010 0.010 5264C4 MALAKOF-C4 0.010 Unch 100 0.890 0.950 8.99 19/04/2018 0.085 0.010 0.010 0.010 5264C5 MALAKOF-C5 0.010 -0.005 19.9 0.890 1.150 30.90 29/06/2018 0.180 0.115 0.115 0.115 5264C7 MALAKOF-C7 0.115 Unch 10 0.890 0.850 14.89 28/09/2018 0.100 0.035 0.040 0.035 5264C8 MALAKOF-C8 0.040 Unch 378.1 0.890 1.000 16.85 31/10/2018 0.990 0.085 0.095 0.085 6181WB MALTON-WB 0.090 -0.010 1370.5 0.810 1.000 34.57 29/06/2018 0.500 0.280 0.305 0.280 5236WA MATRIX-WA 0.300 -0.030 153.4 2.030 2.400 33.00 20/07/2020 0.125 0.115 0.125 0.115 6012C6 MAXIS-C6 0.120 Unch 500 5.840 5.880 10.96 25/10/2018 0.015 0.005 0.005 0.005 5189WA MAXWELL-WA 0.005 Unch 29.5 0.025 0.400 1,520 24/03/2020 0.475 0.125 0.445 0.420 115534 MAYBANKC34 0.445 0.010 850 10.520 9.250 -1.50 30/08/2018 0.260 0.130 0.195 0.195 115535 MAYBANKC35 0.195 Unch 55 10.520 9.600 -0.40 25/09/2018 0.230 0.090 0.200 0.195 115536 MAYBANKC36 0.200 Unch 120 10.520 9.400 0.76 23/08/2018 0.230 0.130 0.210 0.210 115537 MAYBANKC37 0.210 Unch 3 10.520 10.300 5.89 28/09/2018 0.260 0.085 0.140 0.130 115538 MAYBANKC38 0.140 Unch 1670.4 10.520 10.500 2.47 30/11/2018 0.135 0.090 0.115 0.115 115539 MAYBANKC39 0.115 -0.005 952.4 10.520 11.500 14.23 31/10/2018 0.085 0.080 0.080 0.080 115540 MAYBANKC40 0.080 -0.005 14.1 10.520 11.000 7.76 25/10/2018 0.705 0.400 0.485 0.485 5152WA MBL-WA 0.485 -0.005 30 1.100 0.800 16.82 28/11/2022 0.150 0.030 0.050 0.045 1171C4 MBSB-C4 0.050 Unch 291 1.110 1.250 17.12 29/06/2018 0.105 0.030 0.035 0.030 1171C5 MBSB-C5 0.035 -0.005 3418.5 1.110 1.050 4.05 30/04/2018 0.065 0.005 0.005 0.005 1171C6 MBSB-C6 0.005 -0.005 5 0.545 1.400 158.72 14/05/2018 0.260 0.090 0.125 0.115 1171C7 MBSB-C7 0.125 Unch 4678.8 1.110 1.100 10.36 28/09/2018 0.110 0.045 0.050 0.045 1171C8 MBSB-C8 0.050 Unch 130 1.110 1.200 17.12 31/07/2018 0.090 0.045 0.050 0.045 1171C9 MBSB-C9 0.050 -0.005 1761.9 1.110 1.450 44.14 31/10/2018 0.115 0.040 0.060 0.055 5040WA MEDAINC-WA 0.055 -0.015 10.6 0.400 0.500 38.75 13/08/2021 0.085 0.030 0.035 0.030 5040WB MEDAINC-WB 0.035 Unch 688 0.400 0.800 108.75 22/04/2022 0.065 0.030 0.045 0.035 5040WC MEDAINC-WC 0.045 0.005 14 0.400 0.800 111.25 24/08/2024 0.199 0.040 0.045 0.040 1694WB MENANG-WB 0.040 -0.005 318.3 0.425 0.550 38.82 09/07/2019 0.310 0.100 0.110 0.100 7234WA MESB-WA 0.110 Unch 28 0.365 0.300 12.33 27/12/2022 0.090 0.010 0.015 0.010 3069CC MFCB-CC 0.010 -0.035 550 3.370 4.200 25.82 30/04/2018 2.330 1.180 1.750 1.730 3069WA MFCB-WA 1.740 -0.030 75.7 3.370 2.220 17.51 08/04/2020 0.100 0.010 0.015 0.015 5186C5 MHB-C5 0.015 Unch 389.4 0.755 0.900 23.18 14/05/2018 0.275 0.060 0.080 0.080 5186C6 MHB-C6 0.080 0.005 100 0.755 0.800 14.44 30/08/2018 0.120 0.025 0.030 0.030 5186C8 MHB-C8 0.030 Unch 49.5 0.755 0.920 29.80 24/08/2018 0.080 0.035 0.065 0.050 381615 MISC-C15 0.060 -0.005 612 7.150 7.880 13.57 17/08/2018 0.200 0.160 0.195 0.180 381617 MISC-C17 0.180 -0.015 448.8 7.150 6.750 4.48 25/10/2018 0.497 0.125 0.150 0.135 9571WD MITRA-WD 0.150 0.020 34.8 0.680 1.090 82.35 23/08/2020 0.105 0.030 0.040 0.030 0085WA MLAB-WA 0.040 Unch 319.2 0.060 0.090 116.67 24/04/2020 0.070 0.020 0.025 0.020 0085WB MLAB-WB 0.025 Unch 5749.5 0.060 0.150 191.67 10/09/2020 0.085 0.045 0.050 0.050 0034WB MMAG-WB 0.050 Unch 200.8 0.170 0.200 47.06 27/11/2022 0.265 0.020 0.025 0.025 2194C8 MMCCORP-C8 0.025 0.005 300.1 1.700 2.000 19.85 31/07/2018 0.110 0.005 0.005 0.005 3867CH MPI-CH 0.005 Unch 360 4.400 13.500 208.30 29/06/2018 0.060 0.025 0.025 0.025 0070WA MQTECH-WA 0.025 Unch 100 0.055 0.100 127.27 21/11/2021 0.165 0.005 0.005 0.005 165124 MRCB-C24 0.005 -0.005 486.6 0.990 1.047 6.84 30/03/2018 0.285 0.050 0.065 0.060 165126 MRCB-C26 0.065 Unch 241.5 0.990 1.056 13.82 29/06/2018 0.095 0.030 0.040 0.030 165129 MRCB-C29 0.040 0.010 360.2 0.990 1.300 36.36 30/11/2018 0.075 0.060 0.060 0.060 165130 MRCB-C30 0.060 Unch 2210 0.990 1.000 21.01 31/10/2018 0.121 0.010 0.015 0.010 1651WA MRCB-WA 0.010 -0.005 1392.3 0.990 1.680 70.71 14/09/2018 0.440 0.295 0.340 0.330 1651WB MRCB-WB 0.335 Unch 636.3 0.990 1.250 60.10 29/10/2027 0.193 0.030 0.030 0.030 0092WB MTOUCHE-WB 0.030 -0.005 31 0.130 0.480 292.31 16/03/2020 0.150 0.030 0.120 0.115 13821 MYEG-C21 0.115 0.005 432.2 2.730 2.280 0.37 30/03/2018 0.360 0.090 0.330 0.315 13825 MYEG-C25 0.330 Unch 125 2.730 2.000 0.46 29/06/2018 0.385 0.165 0.340 0.340 13826 MYEG-C26 0.340 -0.010 18 2.730 1.700 -0.37 29/06/2018 0.210 0.090 0.195 0.180 13827 MYEG-C27 0.195 Unch 45 2.730 2.300 5.68 24/07/2018 0.375 0.090 0.360 0.350 13829 MYEG-C29 0.360 0.005 70 2.730 2.200 3.66 28/09/2018 0.330 0.175 0.295 0.295 13830 MYEG-C30 0.295 Unch 70 2.730 2.100 3.94 27/07/2018 0.255 0.130 0.225 0.210 13831 MYEG-C31 0.220 Unch 540 2.730 2.500 11.72 28/09/2018 0.230 0.100 0.220 0.200 13833 MYEG-C33 0.215 0.015 918.5 2.730 2.500 7.33 31/10/2018 0.065 0.010 0.020 0.015 0020WB NETX-WB 0.020 Unch 554 0.035 0.050 100.00 08/06/2019 0.030 0.015 0.020 0.020 0096WA NEXGRAM-WA 0.020 Unch 100 0.050 0.100 140.00 16/05/2022 0.025 0.010 0.015 0.015 0096WB NEXGRAM-WB 0.015 Unch 817.9 0.050 0.260 450.00 21/07/2023 0.035 0.015 0.025 0.020 0096WC NEXGRAM-WC 0.020 Unch 15.1 0.050 0.100 140.00 15/01/2024 0.305 0.225 0.255 0.240 0083WC NOTION-WC 0.255 0.005 416.6 0.610 0.840 79.51 14/03/2023 0.415 0.190 0.200 0.190 0172WA OCK-WA 0.200 Unch 385 0.790 0.710 15.19 15/12/2020 0.280 0.025 0.030 0.025 9008WB OMESTI-WB 0.030 0.005 411 0.470 0.500 12.77 30/05/2018 0.095 0.040 0.050 0.050 0079WA ORION-WA 0.050 -0.005 6903.9 0.105 0.170 109.52 26/07/2022 0.247 0.110 0.115 0.115 5053WC OSK-WC 0.115 Unch 7.5 0.975 1.200 34.87 22/07/2020 0.290 0.045 0.065 0.045 7052CN PADINI-CN 0.055 -0.020 183.9 4.240 4.500 11.32 29/06/2018 0.195 0.040 0.040 0.040 7052CQ PADINI-CQ 0.040 -0.020 15 4.240 5.300 29.72 23/08/2018 0.200 0.045 0.050 0.045 7052CR PADINI-CR 0.045 -0.020 612 4.240 5.350 32.55 24/08/2018 0.300 0.150 0.180 0.170 5125WA PANTECH-WA 0.180 Unch 30.1 0.565 0.500 20.35 21/12/2020 0.095 0.020 0.045 0.045 7225WB PA-WB 0.045 Unch 3767.2 0.065 0.060 61.54 17/12/2022 0.415 0.055 0.400 0.370 129516 PBBANK-C16 0.400 -0.005 452 23.920 20.800 0.33 30/04/2018 0.225 0.170 0.210 0.210 129519 PBBANK-C19 0.210 Unch 138 23.919 23.500 7.03 12/09/2018 0.215 0.130 0.170 0.160 129520 PBBANK-C20 0.170 -0.005 1131.3 23.920 25.000 10.20 28/09/2018 0.150 0.010 0.085 0.080 6068WA PCCS-WA 0.085 -0.005 692 0.255 0.600 168.63 25/12/2022 0.150 0.075 0.085 0.085 518315 PCHEM-C15 0.085 -0.005 50 8.150 8.000 3.37 14/05/2018 0.195 0.120 0.165 0.165 518318 PCHEM-C18 0.165 -0.025 15 8.150 8.000 5.25 30/11/2018 0.050 0.035 0.035 0.035 6254WB PDZ-WB 0.035 Unch 1117.9 0.065 0.100 107.69 29/01/2023 0.485 0.160 0.165 0.165 8311WC PESONA-WC 0.165 -0.020 10 0.370 0.250 12.16 27/01/2020 0.115 0.010 0.010 0.010 5219CB PESTECH-CB 0.010 -0.005 20 1.650 2.080 27.27 31/05/2018 0.155 0.005 0.050 0.035 5681CS PETDAG-CS 0.040 -0.015 164.2 24.700 24.100 -0.81 30/03/2018 0.250 0.050 0.115 0.110 6033CP PETGAS-CP 0.110 -0.005 100 17.800 18.000 6.38 31/07/2018 0.535 0.030 0.030 0.030 3042CE PETRONM-CE 0.030 -0.060 121 8.990 10.880 24.36 30/04/2018 0.305 0.055 0.055 0.055 3042CG PETRONM-CG 0.055 -0.010 18 8.990 9.880 22.14 29/06/2018 0.455 0.055 0.055 0.055 3042CI PETRONM-CI 0.055 -0.010 5 8.990 11.100 29.59 29/06/2018 0.305 0.035 0.040 0.040 3042CJ PETRONM-CJ 0.040 -0.005 150 8.990 13.000 51.28 24/07/2018 0.290 0.015 0.025 0.015 3042CK PETRONM-CK 0.020 -0.010 5173.9 8.990 12.500 42.38 11/06/2018 0.170 0.025 0.035 0.025 3042CM PETRONM-CM 0.035 0.005 1734.4 8.990 14.500 65.96 31/10/2018 0.130 0.030 0.030 0.030 3042CN PETRONM-CN 0.030 -0.015 120 8.990 13.500 58.51 28/09/2018 0.515 0.095 0.270 0.270 8869C1 PMETAL-C1 0.270 -0.010 24.4 4.850 3.800 0.62 29/06/2018 0.300 0.085 0.095 0.090 8869C6 PMETAL-C6 0.095 -0.010 535.3 4.850 5.000 10.93 28/09/2018 0.225 0.085 0.090 0.085 8869C7 PMETAL-C7 0.085 -0.010 1460 4.850 6.300 36.91 28/09/2018 0.155 0.070 0.070 0.070 8869C8 PMETAL-C8 0.070 -0.005 557.5 4.850 6.000 29.48 30/11/2018

Main Market & Ace Market Warrants

MarketsG L O B A L M A R K E T S . B U R S A M A L A Y S I A E Q U I T Y D E R I V A T I V E S

TUESDAY MARCH 27, 2018 • THEED G E FINANCIAL DAILY 2 9

Please refer to the Bursa Malaysia website for the prices of loan stocks, bonds and overseas structure warrants

China — Stocks pare losses; reports of US-China trade talks help

SHANGHAI: China stocks pared their losses yesterday after reports emerged the US and China have started talks to improve US access to Chinese markets, easing fears of a trade war between the two economic giants that have rocked global markets. At the closing bell, the Shanghai Composite Index was down 0.6% or 19.04 points at 3,133.72, while the blue-chip CSI 300 Index also lost 0.64% or 25.04 points at 3,879.89. They were off intraday lows as E-Mini futures for the S&P 500 Index jumped more than 1%. The Wall Street Journal reported US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer listed steps that Washington wants China to take in a letter to Liu He, a newly appointed vice premier who oversees China’s economy. China’s foreign ministry said yesterday Beijing is willing to hold talks with the US to resolve their differences in a hopeful sign a potentially damaging trade war could be avoided. The tech-heavy start-up board ChiNext Index jumped 3.2%, led by semiconductor companies and biological product makers. “The China-US trade spat could prompt Beijing to push forward with innovation

strategy as it puts more focus on the quality of its economy,” said Chen Xiaopeng, an analyst with Sealand Securities. As part of efforts to foster new growth drivers, the Export-Import Bank of China and China National Development and Reform Commission have signed an agreement to boost financing support to emerging industries by more than US$100 billion. For other parts of the stock market, sentiment was still soured by fears of full-blown trade war between the US and China. Most sectors fell yesterday, led by fi nancials and energy fi rms, while gains were seen in few sectors including healthcare companies. Hong Kong stocks reversed earlier losses to end higher yesterday, as trade war worries eased after reports the US and China commenced talks to improve US access to Chinese markets. At the close of trade, the Hang Seng Index was up 239.48 points or 0.79% at 30,548.77, while the Hang Seng China Enterprises Index rose 69.43 points or 0.57% to 12,197.7. The sub-index of the Hang Seng index tracking energy shares rose 2.3%, the IT sector rose 1.37%, the fi nancial sector firmed 0.83% and the property sector gained 0.32%. The top gainer on Hang Seng was China Petroleum and Chemical Corp, climbing 4.86%, while the biggest loser was WH Group Ltd, which fell 3.88%.

Japan — Nikkei bounces from six-month low as investors cover short positions

TOKYO: Japan’s Nikkei Share Average rose yesterday in choppy trade, bouncing from a six-month low early in the session as investors covered their short positions and snapped up stocks which will go ex-dividend this week. Traders also said that because the market fell in early trade, the Bank of Japan had likely bought exchange traded funds to support the market, which has been pushed lower by fears of a global trade war. The Nikkei ended 0.72% or 148.24 points higher at 20,766.1, after hitting an early low of 20,347.49, the weakest since late September. The broader Topix advanced 0.4% to 1,671.32. With the business year-end looming on March 31 for a majority of listed companies, some stocks were bought before they go ex-dividend today. “Although buying by investors hunting for dividends should support the market’s call somewhat, we are eyeing much lower levels for the Nikkei going beyond,” said Yutaka Miura, a senior technical analyst at Mizuho Securities, adding that he expects a support level of around 19,500 over the next month. Tokyo stocks also continue to be pressured by a cronyism scandal that has gripped the country and sparked a political

crisis for Prime Minister Shinzo Abe. Former Japanese tax agency chief Nobuhisa Sagawa, a key figure in the scandal, will be summoned to testify in parliament on March 27, a ruling party source told Reuters. Index heavyweight stocks gained ground, with Fanuc rising 2.2%, Fast Retailing adding 1.3% and Daikin Industries surging 2.2%. Drug makers outperformed. Astellas Pharma and Eisai both gained 1.4%. Japanese government bond prices (JGB) eased slightly yesterday, supported by a recovery in domestic shares, though trade remained dull in a cautious market ahead of the fi nancial year-end. Ten-year JGB futures fell 0.03 point to 150.96, with a trading volume of 12,102 lots, the second lowest so far this year. The dip came as stock prices recovered partly on media reports that the US and China have quietly started negotiating to improve US access to Chinese markets. Buying was limited after the 10-year JGB yield hit a six-month low of 0.015% in the previous session on safety bids amid concerns over a trade spat between the US and China. The benchmark 10-year JGB yield gained 0.5 basis point to 0.02%, while the 20-year JGBs were untraded. The 30-year JGB yield rose 0.5 basis point to 0.74% from a near one-year low of 0.735% touched last Friday. — Reuters

Shanghai CompositeIndex points

3,087.842

Mar 1, 2010 Mac 26, 2018

1900

2875

3850

4825

58003,133.72

-19.04(-0.60%)

Hang SengIndex points

21,056.93

Mar 1, 2010 Mac 26, 2018

30,548.77+239.48

(+0.79%)

15820

20315

24810

29305

33800

Nikkei 225Index points

10,172.06

Mar 1, 2010 Mac 26, 2018

8100

12200

16300

20400

24500

20,766.10+148.24

(+0.72%)

FT Straits TimesIndex points

Mar 1, 2010

2,774.06

3,412.46-8.93

(-0.26%)

Mac 26, 2018

2400

2725

3050

3375

3700

Bursa Malaysia Equity Derivatives

5.380 2.200 4.380 4.380 8869WC PMETAL-WC 4.380 -0.060 25.5 4.850 0.390 -1.65 22/08/2019 1.040 0.335 0.355 0.335 7088WB POHUAT-WB 0.355 Unch 182 1.320 1.000 2.65 21/10/2020 0.120 0.010 0.010 0.010 463414 POS-C14 0.010 Unch 679.9 3.650 5.400 49.59 30/08/2018 0.135 0.030 0.035 0.035 463415 POS-C15 0.035 -0.005 80 3.650 4.900 38.56 30/11/2018 0.080 0.005 0.010 0.010 463416 POS-C16 0.010 Unch 1540 3.650 6.000 65.75 03/09/2018 0.105 0.100 0.100 0.100 463419 POS-C19 0.100 -0.005 100.1 3.650 3.800 24.66 31/10/2018 0.710 0.465 0.475 0.470 7168WA PRG-WA 0.470 -0.010 29 0.885 0.375 -4.52 06/07/2019 0.710 0.170 0.220 0.195 8966WA PRLEXUS-WA 0.220 0.025 123.4 0.650 1.200 118.46 14/06/2021 0.145 0.065 0.085 0.080 7145WA PSIPTEK-WA 0.085 Unch 712 0.135 0.100 37.04 16/11/2019 0.215 0.100 0.120 0.105 0186WA PTRANS-WA 0.120 0.010 3222.2 0.255 0.235 39.22 19/09/2020 0.260 0.050 0.125 0.100 0007WA PUC-WA 0.120 0.020 1794.4 0.185 0.100 18.92 25/12/2024 0.245 0.045 0.120 0.090 0007WB PUC-WB 0.115 0.020 4085.8 0.185 0.100 16.22 15/02/2019 0.750 0.300 0.345 0.320 7134WA PWF-WA 0.345 -0.025 33 0.850 0.620 13.53 20/07/2021 0.130 0.095 0.110 0.105 7084CJ QL-CJ 0.110 -0.005 200 4.970 5.000 9.46 17/08/2018 0.150 0.065 0.090 0.085 5256WA REACH-WA 0.090 0.010 1111.1 0.305 0.750 175.41 12/08/2022 0.240 0.065 0.145 0.130 1066C3 RHBBANK-C3 0.135 -0.015 84.7 5.250 5.000 2.95 29/06/2018 0.140 0.075 0.095 0.085 1066C5 RHBBANK-C5 0.090 -0.010 200 5.250 5.000 5.52 31/07/2018 0.085 0.020 0.030 0.025 5270WA RSENA-WA 0.025 Unch 2638.2 0.465 0.500 12.90 01/12/2023 0.090 0.005 0.010 0.010 521855 SAPNRGC55 0.010 Unch 100 0.565 1.550 179.65 24/07/2018 0.170 0.015 0.045 0.035 521858 SAPNRGC58 0.040 0.005 2153.3 0.565 0.880 67.79 30/08/2018 0.175 0.020 0.040 0.035 521859 SAPNRGC59 0.040 0.005 3649.5 0.565 0.800 52.21 21/09/2018 0.175 0.030 0.055 0.050 521860 SAPNRGC60 0.055 0.005 756 0.565 0.800 51.33 31/10/2018 0.110 0.015 0.030 0.025 521861 SAPNRGC61 0.030 Unch 213.5 0.565 0.900 69.91 28/09/2018 0.060 0.005 0.020 0.015 521863 SAPNRGC63 0.015 -0.005 215 0.565 1.000 82.30 17/08/2018 0.105 0.085 0.105 0.090 521864 SAPNRGC64 0.100 0.010 12661.6 0.565 0.500 23.89 31/10/2018 0.025 0.010 0.010 0.010 0109WB SCBUILD-WB 0.010 Unch 250 0.025 0.050 140.00 06/11/2019 0.605 0.210 0.220 0.215 7247WA SCGM-WA 0.220 0.005 8.1 1.500 3.960 178.67 31/07/2020 0.185 0.090 0.105 0.100 0161WA SCH-WA 0.105 -0.005 1268.3 0.195 0.100 5.13 04/12/2021 0.200 0.195 0.195 0.195 4731CE SCIENTX-CE 0.195 -0.005 20 8.430 9.200 20.70 31/10/2018 0.125 0.055 0.060 0.060 7158WB SCOMI-WB 0.060 Unch 2378.2 0.120 0.210 125.00 18/02/2023 0.785 0.095 0.105 0.105 7073WB SEACERA-WB 0.105 Unch 4 0.675 0.930 53.33 29/05/2019 0.260 0.110 0.145 0.110 7073WC SEACERA-WC 0.145 Unch 222.8 0.675 1.000 69.63 21/01/2021 0.480 0.115 0.375 0.370 5279CE SERBADK-CE 0.375 -0.030 30 3.380 2.200 -1.63 30/03/2018 0.240 0.130 0.165 0.150 5279CH SERBADK-CH 0.165 0.005 260 3.380 2.900 5.33 11/06/2018 0.250 0.145 0.155 0.145 5279CI SERBADK-CI 0.155 -0.005 405 3.380 3.400 16.64 31/07/2018 0.130 0.105 0.105 0.105 5279CK SERBADK-CK 0.105 -0.005 30 3.380 4.000 30.77 28/09/2018 0.215 0.075 0.075 0.075 0055WA SERSOL-WA 0.075 -0.005 20 0.165 0.180 54.55 18/04/2023 0.350 0.100 0.220 0.220 7165WA SGB-WA 0.220 Unch 10 0.800 0.600 2.50 07/04/2021 0.350 0.100 0.220 0.220 7165WA SGB-WA 0.220 Unch 10 0.800 0.600 2.50 07/04/2021 0.410 0.085 0.230 0.230 419716 SIME-C16 0.230 -0.020 20 2.550 2.500 16.08 31/07/2018 0.180 0.040 0.055 0.050 419719 SIME-C19 0.050 -0.005 355.3 2.550 3.000 21.57 31/10/2018 0.095 0.030 0.035 0.030 419721 SIME-C21 0.035 Unch 330.6 2.550 3.100 25.00 17/08/2018 0.165 0.100 0.105 0.105 5285CB SIMEPLT-CB 0.105 -0.010 10 5.580 5.800 11.47 30/08/2018 0.210 0.035 0.080 0.075 5288CA SIMEPROP-CA 0.080 0.005 10.8 1.380 1.450 16.67 30/08/2018 0.130 0.050 0.055 0.050 5288CD SIMEPROP-CD 0.055 0.005 40 1.380 1.600 23.91 24/08/2018 0.200 0.030 0.030 0.030 7155CH SKPRES-CH 0.030 Unch 66.5 1.580 2.150 40.82 27/07/2018 0.245 0.020 0.045 0.040 9776WB SMCAP-WB 0.040 -0.005 115 0.450 1.000 131.11 13/07/2018 0.342 0.080 0.140 0.140 5242WA SOLID-WA 0.140 -0.035 3 0.345 0.210 1.45 16/12/2020 0.220 0.130 0.150 0.150 8664C3 SPSETIA-C3 0.150 Unch 250 3.080 3.166 12.27 30/08/2018 0.140 0.050 0.060 0.055 0129WA SRIDGE-WA 0.060 Unch 496 0.230 0.180 4.35 24/02/2023 0.195 0.095 0.150 0.145 0080WA STRAITS-WA 0.150 0.005 212 0.250 0.115 6.00 10/08/2022 0.115 0.015 0.050 0.040 1201WA SUMATEC-WA 0.040 -0.005 350 0.065 0.320 453.85 03/03/2021 0.055 0.015 0.020 0.020 1201WB SUMATEC-WB 0.020 Unch 1913 0.065 0.175 200.00 13/11/2018 0.230 0.035 0.035 0.035 5263CM SUNCON-CM 0.035 -0.005 13.3 2.070 2.300 14.07 31/07/2018 0.505 0.210 0.210 0.210 3743WA SUNSURIA-WA 0.210 -0.030 21 1.260 1.500 35.71 22/07/2020 0.735 0.305 0.440 0.425 5211WB SUNWAY-WB 0.425 -0.005 180.5 1.550 1.860 47.42 03/10/2024 0.235 0.060 0.095 0.090 0148WB SUNZEN-WB 0.090 -0.005 80 0.260 0.250 30.77 25/02/2021 1.080 0.090 0.765 0.735 710630 SUPERMX-C30 0.765 -0.020 27.8 2.600 1.850 0.58 29/06/2018 0.345 0.085 0.265 0.230 710633 SUPERMX-C33 0.265 0.020 235 2.600 1.880 2.88 24/07/2018 0.425 0.105 0.295 0.240 710634 SUPERMX-C34 0.295 0.025 1929 2.600 2.150 5.38 31/10/2018 0.240 0.090 0.170 0.160 710635 SUPERMX-C35 0.160 -0.010 150 2.600 2.380 10.00 28/09/2018 0.245 0.080 0.170 0.150 710636 SUPERMX-C36 0.170 0.005 1115.4 2.600 2.600 19.62 28/09/2018 0.180 0.055 0.115 0.095 710637 SUPERMX-C37 0.115 0.005 15118.9 2.600 2.650 15.19 17/08/2018



0.190 0.075 0.125 0.105 710638 SUPERMX-C38 0.120 Unch 520 2.600 2.650 15.77 03/09/2018 0.135 0.090 0.100 0.090 710639 SUPERMX-C39 0.100 -0.005 110 2.600 2.880 23.46 25/10/2018 0.205 0.040 0.050 0.040 7082WB SYF-WB 0.050 0.005 145.1 0.305 0.700 145.90 11/11/2019 0.130 0.025 0.030 0.030 0132WA TDEX-WA 0.030 Unch 961.7 0.135 0.110 3.70 21/09/2018 0.495 0.160 0.200 0.190 7200WA TEKSENG-WA 0.190 Unch 53.4 0.350 0.250 25.71 29/01/2020 0.365 0.050 0.225 0.220 534739 TENAGA-C39 0.225 0.005 409 15.759 14.600 -0.22 29/06/2018 0.165 0.055 0.110 0.110 534740 TENAGA-C40 0.110 Unch 55 15.760 16.000 8.50 24/07/2018 0.165 0.110 0.115 0.115 534743 TENAGA-C43 0.115 Unch 100 15.760 16.000 7.36 28/09/2018 0.160 0.050 0.060 0.050 0145WA TFP-WA 0.060 0.005 62 0.135 0.100 18.52 15/02/2019 3.080 1.300 1.330 1.300 7034WA TGUAN-WA 1.300 -0.030 27 2.750 1.500 1.82 09/10/2019 0.105 0.025 0.045 0.025 7889WB THRIVEN-WB 0.045 -0.010 47.6 0.210 0.640 226.19 05/10/2020 0.100 0.030 0.035 0.030 486321 TM-C21 0.035 Unch 300.1 5.400 6.500 22.64 17/08/2018 0.145 0.040 0.040 0.040 486322 TM-C22 0.040 -0.005 20 5.400 6.500 22.59 03/09/2018 0.280 0.125 0.155 0.150 0101WB TMCLIFE-WB 0.155 -0.005 230 0.795 0.750 13.84 21/06/2019 0.810 0.095 0.100 0.095 8397WC TNLOGIS-WC 0.095 -0.005 198.4 1.030 1.000 6.31 26/12/2018 0.485 0.290 0.380 0.340 7285WA TOMYPAK-WA 0.370 Unch 175.5 0.840 0.930 54.76 21/06/2021 0.700 0.090 0.575 0.535 711320 TOPGLOV-C20 0.575 0.010 5.1 9.720 5.800 1.08 30/04/2018 1.290 0.280 1.180 1.180 711321 TOPGLOV-C21 1.180 0.030 5 9.720 5.650 0.62 31/07/2018 0.840 0.135 0.755 0.755 711323 TOPGLOV-C23 0.755 0.005 170 9.720 6.500 1.83 28/09/2018 0.355 0.190 0.290 0.270 711327 TOPGLOV-C27 0.290 0.010 50 9.720 8.500 8.33 21/09/2018 0.290 0.180 0.205 0.205 711328 TOPGLOV-C28 0.205 -0.025 70 9.720 10.00 17.64 30/08/2018 0.320 0.135 0.230 0.190 711329 TOPGLOV-C29 0.225 0.025 2881.4 9.720 9.150 8.02 31/10/2018 0.290 0.165 0.225 0.205 711330 TOPGLOV-C30 0.225 0.015 11 9.720 9.000 11.11 06/08/2018 0.170 0.130 0.150 0.135 711331 TOPGLOV-C31 0.150 0.015 175 9.720 10.50 20.37 12/09/2018 0.220 0.005 0.005 0.005 7173WA TOYOINK-WA 0.005 Unch 196.5 0.355 1.500 323.94 20/04/2018 0.060 0.015 0.020 0.015 0118WB TRIVE-WB 0.015 -0.005 333.3 0.035 0.090 200.00 28/08/2020 0.360 0.115 0.130 0.130 5401WA TROP-WA 0.130 0.015 150 0.875 1.000 29.14 06/12/2019 0.125 0.045 0.045 0.045 7100CC UCHITEC-CC 0.045 -0.005 20 2.580 3.300 33.14 28/09/2018 0.060 0.005 0.010 0.005 514853 UEMS-C53 0.010 0.005 728.1 0.990 1.250 28.48 30/04/2018 0.270 0.015 0.095 0.085 4588C2 UMW-C2 0.095 -0.015 255 6.100 5.700 1.23 30/04/2018 0.275 0.100 0.120 0.120 4588C3 UMW-C3 0.120 -0.020 170 6.100 5.900 6.56 11/06/2018 0.115 0.050 0.070 0.060 4588C6 UMW-C6 0.070 0.005 51.5 6.100 7.000 21.64 30/11/2018 0.105 0.075 0.085 0.080 4588C7 UMW-C7 0.085 Unch 200 6.100 6.900 22.87 12/09/2018 0.110 0.090 0.090 0.090 524319 UMWOG-C19 0.090 -0.005 300 0.310 0.360 45.16 30/11/2018 0.070 0.045 0.050 0.050 524321 UMWOG-C21 0.050 Unch 300 0.310 0.420 59.68 28/09/2018 0.055 0.045 0.045 0.045 524322 UMWOG-C22 0.045 Unch 40 0.310 0.370 41.13 12/09/2018 0.270 0.095 0.145 0.140 5243WA UMWOG-WA 0.140 Unch 4424.2 0.310 0.395 72.58 18/10/2024 0.195 0.030 0.055 0.040 7091WA UNIMECH-WA 0.050 0.005 5873 0.970 1.500 59.79 18/09/2018 0.110 0.005 0.005 0.005 5005C2 UNISEM-C2 0.005 Unch 100 1.215 3.650 202.06 27/07/2018 0.200 0.005 0.005 0.005 5005CZ UNISEM-CZ 0.005 Unch 315 1.295 3.800 194.59 31/05/2018 0.335 0.130 0.160 0.150 0120WB VIS-WB 0.160 Unch 142.4 0.480 0.750 89.58 16/11/2022 0.365 0.110 0.110 0.110 0097CD VITROX-CD 0.110 -0.025 350 5.410 4.800 0.92 19/04/2018 0.425 0.210 0.230 0.210 0097CF VITROX-CF 0.210 -0.060 65 5.410 4.550 3.51 29/06/2018 0.145 0.060 0.060 0.060 0097CJ VITROX-CJ 0.060 -0.005 100 5.410 7.000 37.15 17/08/2018 0.070 0.005 0.005 0.005 0069WB VIVOCOM-WB 0.005 Unch 500 0.070 0.200 192.86 07/09/2018 0.110 0.025 0.030 0.030 0069WD VIVOCOM-WD 0.030 Unch 10.1 0.070 0.100 85.71 08/07/2020 0.155 0.050 0.080 0.075 7070WC VIZIONE-WC 0.080 0.005 505.4 0.150 0.100 20.00 05/02/2022 0.215 0.045 0.060 0.060 6963CR VS-CR 0.060 -0.015 610 2.500 2.480 8.80 29/06/2018 0.190 0.035 0.050 0.045 6963CS VS-CS 0.050 Unch 1348 2.500 2.680 15.20 29/06/2018 0.120 0.010 0.015 0.015 6963CU VS-CU 0.015 0.005 110 2.500 3.500 41.80 31/05/2018 0.085 0.005 0.005 0.005 6963CV VS-CV 0.005 Unch 100 1.340 3.600 170.15 14/05/2018 0.120 0.025 0.025 0.025 6963CW VS-CW 0.025 Unch 40 2.500 3.300 35.50 24/07/2018 0.110 0.100 0.105 0.105 6963CZ VS-CZ 0.105 -0.005 200 2.500 2.600 20.80 31/10/2018 1.570 0.345 1.060 1.000 6963WA VS-WA 1.050 -0.010 1673.5 2.500 1.650 8.00 06/01/2019 0.150 0.015 0.025 0.020 9679C3 WCT-C3 0.025 0.010 775.3 1.310 1.700 33.11 29/06/2018 0.080 0.005 0.005 0.005 9679C4 WCT-C4 0.005 Unch 5 0.660 1.850 182.05 30/04/2018 0.570 0.175 0.180 0.175 9679WE WCT-WE 0.175 -0.005 277.3 1.310 2.080 72.14 27/08/2020 0.020 0.005 0.010 0.005 0095WA XINGHE-WA 0.005 -0.005 6526.4 0.060 0.100 75.00 22/03/2019 0.110 0.030 0.030 0.030 0165WA XOX-WA 0.030 -0.005 927.5 0.090 0.200 155.56 10/02/2019 0.200 0.050 0.070 0.050 7293CO YINSON-CO 0.050 -0.025 65 3.690 4.500 26.02 29/06/2018 0.135 0.030 0.030 0.030 7293CP YINSON-CP 0.030 -0.015 50 3.690 4.500 25.20 11/06/2018 0.140 0.060 0.060 0.060 7293CQ YINSON-CQ 0.060 -0.015 10 3.690 4.300 23.04 24/08/2018 0.100 0.035 0.075 0.070 7020WB YKGI-WB 0.075 Unch 730.6 0.365 0.500 57.53 28/05/2020 1.220 0.870 0.950 0.945 7066WA YONGTAI-WA 0.945 Unch 21 1.460 0.500 -1.03 24/06/2020 0.280 0.020 0.130 0.130 467712 YTL-C12 0.130 -0.030 30 1.380 1.350 7.25 29/06/2018 0.125 0.115 0.120 0.120 467717 YTL-C17 0.120 -0.005 7 1.380 1.550 21.01 30/11/2018 0.420 0.025 0.035 0.030 6742WB YTLPOWR-WB 0.035 -0.005 42.6 1.100 1.110 4.09 11/06/2018 0.095 0.020 0.030 0.020 2283WA ZELAN-WA 0.030 Unch 42 0.110 0.250 154.55 25/01/2019

Main Market & Ace Market Warrants

MarketsI N S I D E R M O V E S . T R A D I N G T H E M E S . E V E N T S . F O R E X


Local events to watch out for today

While every eff ort is made to ensure accuracy, the information presented is not an exhaustive list and is not an offi cial record of shareholder fi lings. Direct and indirect share are combined due to space constraints. Readers who are interested should check the offi cial fi lings fi led with Bursa Malaysia. Note: * denotes Ace Market

AJINOMOTO (M) 182,400 AJINOMOTO CO., INC., JAPAN 30,627,845 20/3ALLIANCE BANK MALAYSIA 703,800 EMPLOYEES PROVIDENT FUND BOARD 186,654,340 20/3AMWAY (M) 1,000 EMPLOYEES PROVIDENT FUND BOARD 10,740,433 20/3BERMAZ AUTO (1,086,700) EMPLOYEES PROVIDENT FUND BOARD 146,847,358 20/3CAPITALAND (M) MALL TRUST 1,000,000 EMPLOYEES PROVIDENT FUND BOARD 186,901,751 20/3CCM DUOPHARMA BIOTECH 267,800 EMPLOYEES PROVIDENT FUND BOARD 18,433,358 19 & 20/3CIMB GROUP (1,617,800) KUMPULAN WANG PERSARAAN 593,551,086 12, 15 & 16/3 (DIPERBADANKAN) CIMB GROUP (9,699,300) EMPLOYEES PROVIDENT FUND BOARD 1,269,083,242 8, 12, 15/3CUSCAPI 121,000,000 ULTIMATE QUALITY SUCCESS 121,000,000 19/3DATASONIC GROUP 1,000,000 CHEW BEN BEN 183,388,400 23/3DAYANG ENTERPRISE 173,500 KUMPULAN WANG PERSARAAN 122,776,700 22/3 (DIPERBADANKAN)DIALOG GROUP (1,908,100) EMPLOYEES PROVIDENT FUND BOARD 530,136,350 20/3DIGI.COM (1,012,400) EMPLOYEES PROVIDENT FUND BOARD 1,219,631,064 19 & 20/3ECM LIBRA FINANCIAL GROUP 172,900 DATO’ SERI KALIMULLAH 39,529,540 20 - 22/3 MASHEERUL HASSAN FELDA GLOBAL VENTURES 400,000 KOPERASI PERMODALAN FELDA 189,461,008 20/3 MALAYSIAGOODWAY INTEGRATED (370,000) LEE FOOK SENG 7,057,926 22/3INDUSTRIESIGB REAL ESTATE 518,500 EMPLOYEES PROVIDENT FUND BOARD 342,858,413 20/3INVESTMENT TRUSTINARI AMERTRON (2,269,000) EMPLOYEES PROVIDENT FUND BOARD 20/3IOI CORPORATION 249,300 EMPLOYEES PROVIDENT FUND BOARD 754,503,373 20/3IOI PROPERTIES GROUP 4,211,000 TAN SRI DATO’ LEE SHIN CHENG 3,498,504,741 20 & 22/3JERASIA CAPITAL (100,700) DATO’ SRI MOHD HANIFF ABD AZIZ 8,537,302 21 & 22/3MAH SING GROUP 1,853,500 EMPLOYEES PROVIDENT FUND BOARD 224,272,869 19 & 20/3MALAYAN BANKING 615,500 EMPLOYEES PROVIDENT FUND BOARD 1,309,004,861 20/3MALAYAN BANKING 20,000,000 PERMODALAN NASIONAL 792,479,650 21/3MALAYSIA AIRPORTS 578,700 EMPLOYEES PROVIDENT FUND BOARD 168,143,317 20/3MAXIS 220,000 EMPLOYEES PROVIDENT FUND BOARD 922,155,189 19/3MUHIBBAH ENGINEERING (M) 430,000 LEMBAGA TABUNG HAJI 40,506,600 20/3NEXGRAM (31,000,000) MENANG HARMONI 129,060,000 21 & 22/3POS MALAYSIA 719,000 EMPLOYEES PROVIDENT FUND BOARD 76,574,401 20/3PPB GROUP (779,100) EMPLOYEES PROVIDENT FUND 131,180,979 20/3 BOARD CHANGEPUBLIC BANK (4,550,000) EMPLOYEES PROVIDENT FUND BOARD 524,969,300 20/3QL RESOURCES 922,700 AMANAHRAYA TRUSTEES 83,669,700 21/3 - SKIM AMANAH SAHAM BUMIPUTERASAPURA ENERGY (1,391,000) KUMPULAN WANG PERSARAAN 432,236,124 22/3 (DIPERBADANKAN) SASBADI (2,770,000) EMPLOYEES PROVIDENT FUND BOARD 30,270,250 20/3SERBA DINAMIK (454,100) EMPLOYEES PROVIDENT FUND BOARD 80,522,600 20/3SERBA DINAMIK 747,100 KUMPULAN WANG PERSARAAN 130,912,000 21 & 22/3 (DIPERBADANKAN) SIME DARBY 2,022,073 EMPLOYEES PROVIDENT FUND BOARD 770,079,883 19 & 20/3SUNWAY CONSTRUCTION GROUP 414,400 EMPLOYEES PROVIDENT FUND BOARD 78,283,043 20/3SUNWAY REAL ESTATE 651,700 EMPLOYEES PROVIDENT FUND BOARD 411,893,700 20/3INVESTMENT TRUSTTELEKOM MALAYSIA 1,000,000 AMANAHRAYA TRUSTEES 435,800,000 21/3 - SKIM AMANAH SAHAM BUMIPUTERATENAGA NASIONAL (2,240,000) AMANAHRAYA TRUSTEES 452,967,000 21/3 - SKIM AMANAH SAHAM BUMIPUTERATENAGA NASIONAL (3,139,800) EMPLOYEES PROVIDENT FUND BOARD 681,306,782 20/3TOP GLOVE CORPORATION 351,900 EMPLOYEES PROVIDENT FUND BOARD 79,992,566 20/3TUNE PROTECT GROUP (700,000) KUMPULAN WANG PERSARAAN 64,073,700 2/3 (DIPERBADANKAN)UEM SUNRISE 1,000,000 LEMBAGA TABUNG HAJI 336,397,500 21/3VERTICE (1,754,000) VISTA LESTARI DEVELOPMENT 26,931,588 22/3YINSON (134,800) EMPLOYEES PROVIDENT FUND BOARD 137,136,700 20/3

COMPANY SHARES ACQUIRED DIRECTOR/SUBSTANTIAL SHARES HELD TRANSACTION (DISPOSED) SHAREHOLDER AFTER CHANGE DATE

Insider moves (Filings on March 23, 2018)Insider Moves show what substantial shareholders are doing with their stakes, which could be a signal of their views on the company’s outlook.

Note: Run your fi nger down the left-hand side until you reach the country of origin you plan to exchange. Then move your fi nger until that line intersects with the vertical column of the currency you wish to buy. The fi gure is how much you will get. The above rates are subject to change and provided by Thompson Reuters.

Foreign exchange rates NZ EURO US SWISS BRIT CANADA BRUNEI S’PORE AUST M’SIA CHINA BANGL’H DENM’K UAE INA INDIA JAPAN NORWAY PHIL QATAR SAUDI SWEDEN THAI HK

NZ $ 0.587 0.729 0.689 0.512 0.939 0.959 0.955 0.943 2.8390 4.572 60.386 4.374 2.676 10,006 47.236 76.624 5.613 38.056 2.652 2.732 5.979 22.686 5.716

EURO 1.703 1.241 1.174 0.872 1.600 1.634 1.627 1.605 4.8350 7.786 102.841 7.449 4.557 17,041 80.447 130.496 9.559 64.811 4.516 4.653 10.183 38.635 9.735

US $ 1.373 0.806 0.946 0.703 1.289 1.317 1.312 1.294 3.8970 6.275 82.890 6.004 3.673 13,735 64.840 105.179 7.705 52.238 3.640 3.750 8.208 31.140 7.847

SWISS FR 1.451 0.852 1.057 0.743 1.363 1.392 1.386 1.368 4.1190 6.633 87.612 6.346 3.882 14,518 68.533 111.171 8.144 55.214 3.847 3.964 8.675 32.914 8.294

STERLING £ 1.952 1.146 1.422 1.346 1.834 1.873 1.865 1.840 5.5423 8.925 117.886 8.538 5.224 19,534 92.215 149.586 10.957 74.293 5.177 5.333 11.673 44.287 11.159

CANADA $ 1.065 0.625 0.776 0.734 0.545 1.021 1.017 1.004 3.0223 4.867 64.285 4.656 2.849 10,652 50.286 81.571 5.975 40.513 2.823 2.908 6.365 24.150 6.085

BRUNEI $ 1.043 0.612 0.759 0.719 0.534 0.979 0.996 0.983 2.9597 4.766 62.953 4.560 2.790 10,432 49.245 79.882 5.852 39.674 2.765 2.848 6.234 23.650 5.959

SINGAPORE $ 1.047 0.615 0.762 0.721 0.536 0.983 1.004 0.987 2.9714 4.785 63.202 4.578 2.801 10,473 49.439 80.198 5.875 39.831 2.775 2.859 6.258 23.744 5.983

AUSTRALIA $ 1.061 0.623 0.773 0.731 0.543 0.996 1.018 1.014 3.0116 4.850 64.057 4.640 2.838 10,615 50.108 81.283 5.954 40.369 2.813 2.898 6.343 24.065 6.064

MALAYSIA RM 0.352 0.207 0.257 0.243 0.180 0.331 0.338 0.337 0.332 1.0000 1.610 21.270 1.541 0.943 3,525 16.638 26.990 1.977 13.405 0.934 0.962 2.106 7.991 2.013

100 CHINESE RMB 21.874 12.844 15.936 15.077 11.205 20.548 20.982 20.900 20.621 62.1010 1,321 95.670 58.531 218,881 1,033.260 1,676 122.778 832.442 58.006 59.758 130.794 496.232 125.040

100 BANGLAD’H TAKA 1.656 0.972 1.206 1.141 0.848 1.556 1.588 1.582 1.561 4.7014 7.571 7.243 4.431 16,571 78.224 126.890 9.295 63.021 4.391 4.524 9.902 37.568 9.466

100 DANISH KRONER 22.864 13.425 16.657 15.759 11.712 21.478 21.932 21.846 21.554 64.9120 104.53 1,381 61.181 228,789 1,080.03 1,752 128.34 870.12 60.63 62.46 136.71 518.69 130.70

100 UAE DIRHAM 37.372 21.944 27.226 25.758 19.143 35.105 35.848 35.707 35.230 106.0986 170.85 2,257 163.45 373,955 1,765 2,864 209.76 1,422 99.10 102.10 223.46 847.81 213.63

1000 INA RUPIAH 0.010 0.006 0.007 0.007 0.005 0.009 0.010 0.010 0.009 0.0284 0.046 0.603 0.044 0.027 0.472 0.766 0.056 0.380 0.027 0.027 0.060 0.227 0.057

100 INDIA RUPEE 2.117 1.243 1.542 1.459 1.084 1.989 2.031 2.023 1.996 6.0102 9.678 127.838 9.259 5.665 21,184 162.214 11.883 80.565 5.614 5.783 12.658 48.026 12.102

100 JAPAN YEN 1.305 0.766 0.951 0.900 0.669 1.226 1.252 1.247 1.230 3.7051 5.966 78.808 5.708 3.492 13,059 61.647 7.325 49.666 3.461 3.565 7.803 29.606 7.460

100 NORWEGIAN KRONER 17.816 10.461 12.979 12.280 9.126 16.736 17.090 17.022 16.795 50.5800 81.448 1,076 77.921 47.673 178,274 841.569 1,365 678.007 47.244 48.672 106.529 404.171 101.843

100 PHILIPPINE PESO 2.628 1.543 1.914 1.811 1.346 2.468 2.521 2.511 2.477 7.4601 12.013 158.678 11.493 7.031 26,294 124.124 201.347 14.749 6.968 7.179 15.712 59.612 15.021

100 QATAR RIYAL 37.711 22.143 27.473 25.992 19.317 35.423 36.173 36.030 35.549 107.0604 172.397 2,277 164.932 100.907 377,345 1,781 2,890 211.665 1,435 103.022 225.485 855.491 215.566

100 SAUDI RIYAL 36.604 21.493 26.667 25.229 18.750 34.384 35.112 34.973 34.507 103.9200 167.340 2,210 160.094 97.947 366,277 1,729 2,805 205.457 1,393 97.067 218.871 830.397 209.243

100 SWEDISH KRONOR 16.724 9.820 12.184 11.527 8.567 15.710 16.042 15.979 15.766 47.4800 76.456 1,009.909 73.145 44.751 167,348 789.990 1,281 93.871 636.453 44.349 45.689 379.400 95.601

100 THAI BAHT 4.408 2.588 3.211 3.038 2.258 4.141 4.228 4.212 4.155 12.5145 20.152 266.186 19.279 11.795 44,109 208.221 337.764 24.742 167.752 11.689 12.042 26.357 25.198

100 HK$ 17.494 10.272 12.744 12.057 8.961 16.433 16.780 16.714 16.491 49.6648 79.974 1,056.380 76.511 46.810 175,049 826.342 1,340 98.191 665.739 46.390 47.791 104.602 396.858

STOCK HIGH LOW CLOSE VOLUME (RM) (RM) (RM) ('000)

ASTRO 2.180 2.060 2.060 1802.4BIMB 4.040 3.910 3.910 295.7SERSOL-WA 0.075 0.075 0.075 20ECOWLD 1.020 0.995 1.000 1167.1SHH 0.850 0.800 0.800 203.7HENGYUAN-CG 0.110 0.110 0.110 10MSC 2.960 2.850 2.850 27TM-C21 0.035 0.030 0.035 300.1GENM-C32 0.115 0.115 0.115 40AT-WB 0.030 0.030 0.030 300PADINI-CN 0.065 0.045 0.055 183.9VITROX-CF 0.230 0.210 0.210 65LUXCHEM 0.660 0.635 0.645 802.3PASDEC 0.550 0.460 0.470 830BIMB-CX 0.060 0.060 0.060 10SUNSURIA-WA 0.210 0.210 0.210 21KNUSFOR 0.800 0.740 0.740 6.1JERASIA 0.390 0.370 0.390 20.1INSAS-WB 0.255 0.235 0.240 543.7

This table shows stocks that are trading near their year low. This could suggest a build-up in selling momentum, or the possibility that bargain hunting could set in later.

STOCK HIGH LOW CLOSE VOLUME (RM) (RM) (RM) ('000)

TRIPLC 2.550 2.440 2.520 249ECON-CK 0.095 0.085 0.095 165DIALOG-C20 0.220 0.220 0.220 62DIN045801028 101.000 101.000 101.000 0.05BIMB-CX 0.060 0.060 0.060 10SP500-HC 0.765 0.765 0.765 1CMSB-C12 0.095 0.090 0.095 200IOICORP-C15 0.195 0.190 0.195 8.6MAXIS-C6 0.125 0.115 0.120 500SAPNRGC64 0.105 0.090 0.100 12661.6

This table shows stocks that are trading near their year high. This could suggest a build-up in buying momentum, or the possibility that profi t-taking activities could set in later.

Trading themes

Stocks closest to year high Stocks closest to year low

Blockchain the key

• GDB Holdings Bhd will be listed on the ACE Market of Bursa Malaysia at Listing Gallery, Exchange Square, Bukit Kewan-gan, Kuala Lumpur at 9am.

• UBM Malaysia and the Construction In-dustry Development Board introduce their biggest annual event — International Con-struction Week 2018 in conjunction with Ecobuild Southeast Asia 2018 at Kuala Lumpur Convention Centre, Plenary Hall, Jalan Pinang, Kuala Lumpur at 9.15am.

• AEON Co (M) Bhd’s launch of a brand-new initiative — the AEON Bakery School to

encourage career growth through skilled work at AEON Mall Metro Prima, Con-course Area, Jalan Metro Prima, Kepong, Kuala Lumpur from 2.30pm to 4.30pm.

• Taylor’s University launching the Taylor’s Curriculum Framework at Taylor’s Lake-side Campus, Lecture Th eatre 21 and 22, Block B, Jalan Taylor’s, Subang Jaya from 3pm to 4.45pm.

• Pullman Putrajaya Lakeside’s “Preview — Magical Ramadhan Nights’ Experience 2018 ” at Pullman Putrajaya, Clocktower Courtyard, Jalan P5/5, Putrajaya from 7pm.

Blockchain technology, a public online ledger of transactions, gained prominence in the digital currency market as a technology that underpinned the fi rst digital currency, bitcoin. Now it is being tested in energy wholesale trading.

MarketsF U T U R E S . M O N E Y M A R K E T . C O M M O D I T I E S

3 1


Index futures

FUTURES FAIR VALUECONTRACT DAYS TO EXPIRY KLIBOR DIVIDEND FAIR VALUE

FUTURES ROLL OVER BID OFFER CLOSE

MAR/APR -1.5 -2.0 -1.5

INDEX AND FUTURES OPEN CHANGE INCONTRACT LAST CHANGE VOLUME INTEREST OPEN INTEREST

Money market

Commodities

APR/MAY -32APR/JUN -29APR/JUL -23MAY/JUN 3

CPO FUTURES INDICATIVE ROLL-OVER

CPO/SOYOIL FUTURES BASIS (USD)CURRENT -59.203 MONTHS AVERAGE -92.906 MONTHS AVERAGE -97.47

OPEN CHANGE INCONTRACT LAST CHANGE VOLUME INTEREST OPEN INTEREST

APR-18 2,405 -15 99 2,424 -100MAY-18 2,437 5 3,391 23,657 -499JUN-18 2,434 6 14,127 74,071 2,140JUL-18 2,428 3 3,455 43,570 3,413AUG-18 2,424 1 1,675 15,446 1,219

Palm oil rebounds from one-week low

CPO prices react to various factors including soyoil prices, weather conditions and stockpiles. Open interest shows either increasing or decreasing market participation.

Crude oil fi nds support in trade talks, Mideast tensions

METAL & PRECIOUS METALSTIN US$/TON KLTM 20,700 -50COPPER USC/IBS CMX 2.9585 -0.0345GOLD US$/TROY OZ CMX 1,348.90 -1.00PLATINUM US$/TROY OZ NYMEX 948.80 -1.50PALLADIUM US$/TROY OZ NYMEX 975.60 4.05SILVER USC/TROY OZ CMX 16.61 0.06ALUMINIUM RMB/TON SHF 13,775 50ZINC RMB/TON SHF 24,925 330

ENERGYLIGHT CRUDE OIL US$/BBL NYMEX 65.82 -0.06HEATING OIL USC/GAL NYMEX 2.0272 0.0062NATURAL GAS US$/MMBTU NYMEX 2.635 0.002BRENT CRUDE US$/BBL ICE 70.50 0.05GAS OIL US$/TON ICE 615.50 4.50

CRUDE PALM OIL RM/TON MDEX 2,434 6RUBBER SEN/KG MRB 513.50 -4.50CORN USC/BSH CBOT 378.75 1.50SOYBEANS USC/BSH CBOT 1,035.00 6.75WHEAT USC/BSH CBOT 458.00 -2.25LIVE CATTLE USC/IBS CME 106.20 -2.20COCOA US$/TON NYBOT 2,637 -5COFFEE USC/IBS NYBOT 119.50 0.10SUGAR USC/IBS NYBOT 12.83 0.07COTTON USC/IBS NYC 82.27 0.44

AGRICULTURE UNIT EXCHANGE LAST PRICE CHANGE

Rubber - M’sia SMR 20

Sen/Kg

Jan 7, 2007 Mac 26, 2017

200

625

1050

1475

1900

513.50(-4.50)

SGS & ITS EXPORT ESTIMATES (TONNES)SHIPMENT DAYS

1 - 10TH DAYS1 - 15TH DAYS1 - 20TH DAYS1 - 25TH DAYSFULL MONTH

JAN’18 FEB’18 MAC’18

381/259 421/412 340/358 565/553 635/608 604/596 745/728 815/792 926/913 1,033/1,014 1,077/1,065 1,190/1,166 1,313/1,290 1,168/— —/—

MALAYSIAN PALM OIL BOARD

PRODUCTIONEXPORT STOCKS

FKLI

Index points Open Interest

Jan 4, 2010

2000

24000

46000

68000

90000

1200

1395

1590

1785

1980

Mac 26, 2018

1,856.50(Unch)

Klibor

Implied interest rate (%)

Oct 1, 2000

3.73(Unch)

Mac 26, 2018

1.5

2.5

3.5

4.5

Centrifuged Latex

Sen/Kg

Jan 7, 2007

430.00(-12.00)

Mac 26, 2018

300

500

700

900

1100

CPO futures

FBM KLCI futures

APR8 96.30 — — —MAY8 96.29 — — —JUN8 96.27 — — —SEP8 96.27 — — —DEC8 96.27 — — —MAR9 96.22 — — —JUN9 96.22 — — —SEP9 96.22 — — —DEC9 96.22 — — —MAR0 96.22 — — —JUN0 96.22 — — —SEP0 96.22 — — —DEC0 96.22 — — —MAR1 96.22 — — —JUN1 96.22 — — —SEP1 96.22 — — —DEC1 96.22 — — —MAR2 96.22 — — —JUN2 96.22 — — —SEP2 96.22 — — —DEC2 96.22 — — —MAR3 96.22 — — —TOTAL 0 0

MONTH SETTLEMENT CHANGE VOLUME OPEN PRICE INTEREST

Klibor

Malaysian palm oil futures rebounded from losses earlier in the day to rise yesterday evening, lifted by improving export data and technical buying. Th e market had earlier hit a one-week low, weighed down by a stronger ringgit. Gains in the ringgit, palm oil’s currency of trade, usually make the oil more expensive for holders of foreign currencies. Th e ringgit strengthened 0.5% against the US dollar yesterday evening to 3.8940. Th e benchmark palm oil contract for June delivery on Bursa Malaysia Derivatives was up 0.25% to RM2,434 a tonne. It earlier fell to RM2,412, its lowest since March 20. “Apart from the export data, the market also rose on technical buying as it was unable to hit last week’s low,” said a trader. Inspection company AmSpec Agri Malaysia reported that Malaysian palm oil shipments rose 9.5% between March 1 and March 25 versus the same period last month. Cargo surveyor Societe Generale de Surveillance reported yesterday evening a 10.6% gain in Malaysian palm oil shipments in the same period. In the longer term, another trader said earlier yesterday that expectations of rising production for the full month of March could also weigh on sentiment. Palm oil output typically sees seasonal gains around the second quarter of the year before peaking in the third quarter. — Reuters

NOV’17 DEC’17 JAN’18 FEB’18

1,943 1,834 1,587 1,343 1,354 1,423 1,513 1,312 2,557 2,732 2,548 2,487

MPOB FFB REF PRICE (MILL GATE PRICE)

NORTH 20.00% 520 19.00% 496 18.00% 473SOUTH 20.00% 519 19.00% 495 18.00% 472CENTRAL 20.00% 517 19.00% 493 18.00% 470EAST COAST 20.00% 519 19.00% 496 18.00% 472SABAH 22.00% 502 21.00% 481 20.00% 460SARAWAK 22.00% 508 21.00% 487 20.00% 465

REGION GRADE A GRADE B GRADE C OER (RM/TON) OER (RM/TON) OER (RM/TON)

(IN RM/TON) MAR’18 APR’18 MAY’18

CPO DELD 2,407.50 2,414.50 2,370.00PK EX-MILL 1,890.00 NO TRADE NO TRADECPKO DELD NO TRADE NO TRADE NO TRADERBD P.OIL FOB NO TRADE NO TRADE NO TRADERBD P.OLEIN FOB NO TRADE NO TRADE NO TRADERBD P. STEARIN FOB NO TRADE NO TRADE NO TRADE

MPOB Palm oil physical

Crude oil futures slipped yesterday, but losses were capped by a rebound in stock markets and escalating Saudi-Iran tensions. Global stocks came off six-week lows on optimism that the US and China are set to begin trade talks, easing fears about a trade war between the world’s two largest economies. Th e possibility of a full-blown trade war had weighed on the energy complex on fears that it could harm oil demand. US President Donald Trump last week signed a memorandum that could impose tariff s on up to US$60 billion of imports from China. Brent crude was down fi ve US cents at US$70.50 a barrel. US crude fell six US cents to US$65.82. “Th e ... trade war story ... should be taken into account when trying to quantify the potentially bullish eff ect of the geopolitical element in oil markets,” said an analyst. — Reuters

Commodities

US and China, calming fears of a full-blown trade war. — Agencies

CPO & Open Interest

CPO RM/tonne Open Interest

Jan 6, 2008 Mac 26, 2018

10000

57500

105000

152500

200000

1200

1950

2700

3450

4200

(+6)2,434

CPO vs Soyoil

CPO RM/tonne Soyoil US$/Ibs

Jan 6, 2008 Mac 26, 2018

0.3197(RM2,745/tonne)

2,434(+6)

0.000

0.175

0.350

0.525

1100

2425

3750

5075

6400 0.700

The US dollar held close to a 16-month low against the Japanese yen yesterday as investors remained wary of the greenback’s outlook, though a rebound in US stock futures off ered some support to relatively high-yielding currencies also including the Australian dollar. With positioning against the US dollar at a one-year high, according to CFTC data, and the greenback posting its biggest weekly drop in a month against a basket of currencies last week, some investors prepared for a bounce. Against the euro, the US dollar was trading at a 2½-week low of US$1.2417, with the latest comments from Jens Weidmann, Germany’s likely candidate to become the European Central Bank’s next president, also off ering some support. — Reuters

US dollar near 16-month low against yen

Th e FBM KLCI futures contracts on Bursa Malaysia Derivatives closed marginally higher yesterday, bucking the underlying cash market. March 2018 and June 2018 were unchanged at 1,856.5 and 1,850.5 respectively; April 2018 added 1.5 points to 1,855; and September 2018 rose three points to 1,846.50. Turnover rose to 7,928 lots from last Friday’s 7,928 lots and open interest increased to 37,738 contracts versus 34,441 contracts previously. Th e underlying benchmark FBM KLCI closed 5.31 points lower at 1,859.91. Most Southeast Asian markets pulled back somewhat from early losses yesterday after global markets showed signs of recovery following reports of trade talks between the

FBM KLCI futures contracts close marginally higher

Crude Oil

US$/bbl

Apr 10, 2007 Mac 26, 2018

65.82(-0.06)

20.00

53.75

87.50

121.25

155.00

Gold

US$/troy oz

Aug 31, 2008 Mac 26, 2018

700

1020

1340

1660

1980

1,348.90(-1.00)

Long Rolls - KLCI futures

Index points

Jan 4, 2010

-1.50(+1.00)

Mac 26, 2018

-35.00

-21.75

-8.50

4.75

18.00

US Dollar

USD Index

Oct 2, 2006

71.0

79.5

88.0

96.5

105.0

89.225(-0.211)

Mac 26, 2018

FBMKLCI 1,859.91 -5.31 120.2M MAR 18 1,856.50 UNCH 7,523 31,967 -417APR 18 1,855.00 1.50 3,941 5,146 106JUN 18 1,850.50 UNCH 50 467 -12SEP 18 1,846.50 2.00 30 158 4TOTAL 11,544 37,738 -319

MAR 18 5 0.70 2.61 -1.91APR 18 36 6.12 6.18 -0.06ROLL’S FAIR 1.85


Markets Y O U R D A I L Y F I N A N C I A L M A R K E T S R O U N D U P

F U T U R E S . M O N E Y M A R K E T . C O M M O D I T I E S PA G E 3 1

I N S I D E R M O V E S . T R A D I N G T H E M E S . E V E N T S . F O R E X PA G E 3 0

G L O BA L M A R K E T S . B U R SA M A L AY S I A E Q U I T Y D E R I VAT I V E S PA G E 2 9

M A I N M A R K E T . A C E M A R K E T L I ST I N G PA G E 2 5RESEARCH: TAI TS [[email protected]]

CONTRACT SETTLEMENT CHANGE HIGH LOW

KUALA LUMPUR: The FBM KLCI pared losses to close 5.31 points or 0.3% lower to 1,859.91 yesterday, while Asian shares erased losses to end higher. World markets took their cue from US stock futures’ rise as China-US trade spat concerns ebbed. Reuters reported that world stocks came off six-week lows and US stock futures jumped yesterday on optimism that the US and China are set to begin negotiations on trade, easing fears about a trade war between the world’s two largest economies. MSCI’s world equity index, which tracks shares in 47 countries, turned positive on the day, having earlier hit its lowest level since Feb 9, after Th e Wall Street Journal reported that US Treasury Secretary Steven Mnuchin was considering a visit to Beijing to begin negotiations. US stock futures rose more than 1% on the news. Across Asia, Japan’s Nikkei 225 gained 0.72%, South Korea’s Kospi rose 0.84%, while Hong Kong’s Hang Seng Index was up 0.79%. Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the FBM KLCI pared losses in line with the positive momentum in major Asian indices and US stock futures. Leong said the factors, which lifted Malaysian share market sentiment, included “higher crude oil prices”. Earlier, Reuters reported that oil prices rose yesterday with international Brent crude futures opening above US$70 per

FBM KLCI pares losses as China-US trade war concerns ebb

KLCI CHANGE CLOSE VOLUME POINTS (RM) (RM) ('000)AXIATA GROUP 0.44 0.030 5.460 1487.4MAXIS 0.38 0.030 5.840 667.9MAYBANK 0.36 0.020 10.520 13671.8AMMB HOLDINGS -0.25 -0.050 4.050 1477.6GENTING -0.25 -0.040 8.860 2265.9PETRONAS GAS -0.26 -0.080 17.800 527.2DIGI.COM -0.38 -0.030 4.640 1921.5PETRONAS CHEMICAL -0.39 -0.030 8.150 3904.6IHH HEALTHCARE -0.41 -0.030 6.000 2838.5RHB BANK -0.46 -0.070 5.250 896.1PUBLIC BANK -0.51 -0.080 23.920 4248.0YTL CORPORATION -0.54 -0.030 1.380 1931.9HONG LEONG BANK -0.57 -0.160 18.560 751.7PRESS METAL -0.63 -0.100 4.850 7710.2SIME DARBY PLANTATION -0.67 -0.060 5.580 1679.4NESTLE MALAYSIA -0.77 -2.000 148.000 228.6SUB-TOTAL -4.90 OTHERS -0.41 GRAND TOTAL -5.31

1,861.50 1,850.00 1,860.50 1,848.00 1,855.00 1,843.50

Market movers

DOW JONES 23,533.20 -424.69S&P 500 2,588.26 -55.43NASDAQ 100 6,508.09 -174.17FTSE 100 6,921.94 -30.65AUSTRALIA 5,790.47 -30.26CHINA 3,133.72 -19.04HONG KONG 30,548.77 239.48INDIA 33,066.41 469.87

INDONESIA 6,200.17 -10.53JAPAN 20,766.10 148.24KOREA 2,437.08 20.32PHILIPPINES 7,932.38 -38.42SINGAPORE 3,412.46 -8.93TAIWAN 10,840.05 16.72THAILAND 1,801.10 6.89VIETNAM 1,171.22 17.63

CLOSE CHANGE CLOSE CHANGE

World equity indices

TURNOVER CHANGE CHANGE PRICE PE DIVIDEND (‘000) (RM) (%) (RM) RATIO YIELD (%)

Daily top 20 active stocks

DIN045801028 101.000 0.600AJI 22.500 0.600HENGYUAN 8.200 0.400SCIENTX 8.430 0.280MUDA 2.000 0.220UTDPLT 28.180 0.200TOPGLOV 9.720 0.150PWROOT 1.290 0.110HAIO 4.810 0.110LPI 19.500 0.100HSI-C3B 0.645 0.095TRIPLC 2.520 0.090

NESTLE 148.000 -2.000KESM 19.040 -0.460HEIM 20.880 -0.440AEONCR 12.300 -0.380IHS046000824 97.500 -0.300BURSA 10.680 -0.280KOSSAN 7.630 -0.280DLADY 66.140 -0.260JAYCORP 0.940 -0.260HSI-C1T 0.925 -0.235PADINI 4.240 -0.210BAT 28.100 -0.200

UP CHANGE CLOSE (RM)

DOWN CHANGE CLOSE (RM)

Top gainers and losers (ranked by RM)

UEMS-C53 0.010 100.00MAHSING-C13 0.010 100.00WCT-C3 0.025 66.67HENGYUAN-CO 0.065 62.50HENGYUAN-CH 0.190 52.00INARI-C7 0.015 50.00HENGYUAN-CI 0.120 50.00APFT 0.015 50.00VS-CU 0.015 50.00ANZO-WC 0.030 50.00MRCB-C29 0.040 33.33HENGYUAN-CM 0.060 33.33

HAIO-CD 0.005 -83.33ECONBHD-CG 0.005 -80.00MFCB-CC 0.010 -77.78GTRONIC-CM 0.005 -75.00PETRONM-CE 0.030 -66.67LBICAP-WA 0.010 -66.67BIMB-CX 0.060 -60.00XINGHE-WA 0.005 -50.00MBSB-C6 0.005 -50.00MRCB-C24 0.005 -50.00BURSA-C13 0.050 -50.00ANNJOO-CG 0.005 -50.00

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

Top gainers and losers (ranked by percentage)

FBM KLCI & KLCI futures intraday

Daily FBM KLCI

FBM KLCI sensitivity*

FBM KLCI futures

UEMS-C53 0.010 100.00MAHSING-C13 0.010 100.00WCT-C3 0.025 66.67HENGYUAN-CO 0.065 62.50HENGYUAN-CH 0.190 52.00INARI-C7 0.015 50.00HENGYUAN-CI 0.120 50.00VS-CU 0.015 50.00ANZO-WC 0.030 50.00MRCB-C29 0.040 33.33HENGYUAN-CM 0.060 33.33HENGYUAN-CQ 0.040 33.33

HAIO-CD 0.005 -83.33ECONBHD-CG 0.005 -80.00MFCB-CC 0.010 -77.78GTRONIC-CM 0.005 -75.00PETRONM-CE 0.030 -66.67LBICAP-WA 0.010 -66.67BIMB-CX 0.060 -60.00XINGHE-WA 0.005 -50.00MBSB-C6 0.005 -50.00MRCB-C24 0.005 -50.00BURSA-C13 0.050 -50.00ANNJOO-CG 0.005 -50.00

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

Top gainers and losers - warrants (ranked by percentage)

SUMATEC 67,281 0.00 0.000 0.065 0.070 0.060PWORTH 54,115 -2.56 -0.005 0.190 0.195 0.175KSTAR 22,917 18.18 0.020 0.130 0.135 0.115HENGYUAN-CH 19,067 52.00 0.065 0.190 0.195 0.120HSI-H4A 18,782 -14.06 -0.090 0.550 0.685 0.545HSI-C3B 18,665 17.27 0.095 0.645 0.650 0.510HSI-H2W 18,658 -19.05 -0.040 0.170 0.245 0.165SUPERMX-C37 15,119 4.55 0.005 0.115 0.115 0.095TIGER 14,742 16.67 0.005 0.035 0.035 0.030SAPNRGC64 12,662 11.11 0.010 0.100 0.105 0.090GBGAQRS-WA 12,184 -10.42 -0.025 0.215 0.230 0.180HSI-C1X 11,887 15.49 0.055 0.410 0.410 0.330HENGYUAN-CM 11,560 33.33 0.015 0.060 0.060 0.035HSI-C3C 10,954 26.83 0.055 0.260 0.265 0.190HENGYUAN-CP 9,383 25.00 0.005 0.025 0.030 0.015MMAG-PA 8,130 0.00 0.000 0.075 0.075 0.075

STOCK VOLUME CHANGE CHANGE CLOSE HIGH LOW ('000) (%) (RM) (RM) (RM) (RM)

Table above is from Reuters Volume break 3x 5-day average volume, meaning the total number of shares traded for a particular counter on the previous trading day is more than triple the average volume for the last 5 trading days. The table captures the build-up of interest in these companies and is thus a gauge of market expectations for these counters.

UNUSUAL MARKET ACTIVITIES

* How stock price changes affected the index on the previous trading day

NOTE:

Subscription will be directly with a newsagent in

the respective area (subject to services availability)

The Edge will connect you to the newsagent.

You will need to liaise directly with them.

Additional delivery charges will be imposed by

newsagents depending on the area

I want an edge! E-mail: [email protected]

Phone: (03) 7721 8052/8037/8050

Fax: (03) 7721 8282

Name

Company

Delivery address

Tel no. Mobile no.

Fax no. Email address

YES, I would like to order Th e Edge Financial Daily at RM1.50 per copy

MY DETAILS

Moving average - 20-dayKL Composite Index

Volume (’mil)

Jan 2, 2008 Mac 26, 2018

1,859.91(-5.31)

1,855.16

820.0

1122.5

1425.0

1727.5

2030.0

0

300

600

900

1850.0

1851.2

1852.4

1853.6

1854.8

1856.0

1857.2

1858.4

1859.6

1860.8

1862.0

17:1516:3015:3014:3012:4511:3010:309:308:45

Index point

KL Composite Index

KLCI futures1,856.50

(Unch)

1,859.91(-5.31)

MAR 18 1,856.50 UNCHAPR 18 1,855.00 1.50JUN 18 1,850.50 0.50

A well-written life is almost as rare as a well spent one. — Thomas Carlyle

SAPNRG 133,330.2 0.015 2.73 0.565 --- 1.82SUMATEC 67,280.6 UNCH UNCH 0.065 --- 0.00PWORTH 54,115.2 -0.005 -2.56 0.190 21.67 0.00MEDIAC 51,157.4 0.065 17.33 0.440 16.82 6.67GLOTEC 47,376.1 0.005 11.11 0.050 --- 0.00HUAAN 38,561.2 0.010 2.78 0.370 5.00 0.00TRIVE 36,783.6 UNCH UNCH 0.035 70.00 0.00PUC 35,854.6 0.015 8.82 0.185 --- 0.00AAX 33,233.9 -0.010 -2.56 0.380 16.96 0.00NEXGRAM 29,212.3 0.005 11.11 0.050 --- 0.00KSTAR 22,917.0 0.020 18.18 0.130 --- 0.00UMWOG 21,375.5 UNCH UNCH 0.310 --- 0.00HIBISCS 20,207.4 0.020 2.40 0.855 33.27 0.00HENGYUAN-CH 19,067.1 0.060 46.15 0.190 --- 0.00HSI-H4A 18,782.0 -0.080 -12.70 0.550 --- 0.00HSI-C3B 18,665.1 0.105 19.44 0.645 --- 0.00HSI-H2W 18,657.7 -0.055 -24.44 0.170 --- 0.00SUPERMX-C37 15,118.9 0.005 4.55 0.115 --- 0.00TIGER 14,742.1 0.005 16.67 0.035 --- 0.00ACCSOFT 14,444.7 -0.005 -2.78 0.175 19.57 0.00

1,859.91 5.31 5,610.34 71.58 3,412.46 8.93 20,766.10 148.24 30,548.77 239.48 23,533.20 424.691,859.91 5.31 5,610.34 71.58 3,412.46 8.93 20,766.10 148.24 30,548.77 239.48 23,533.20 424.69KLCI FBM ACE FTSTI NIKKEI HANG SENG DOW JONES1,859.91 5.31 5,610.34 71.58 3,412.46 8.93 20,766.10 148.24 30,548.77 239.481,859.91 5.31 5,610.34 71.58 3,412.46 8.93 20,766.10 148.24 30,548.77 239.48

6 HOME BUSINESS 2 JAIL TERMtefd.theedgemarkets.com/2018/TEP/20180327utofx9.pdfFBM KLCI 1859.91 5.31...

Documents

Transcript of 6 HOME BUSINESS 2 JAIL TERMtefd.theedgemarkets.com/2018/TEP/20180327utofx9.pdfFBM KLCI 1859.91 5.31...