MAKE BETTER DECISIONS - The Edgetefd.theedgemarkets.com/2017/TEP/20170912fjj8tl.pdf · fbm klci 1782.74 2.84 klci futures 1780.50 9.00 sti 3228.51 0.05 rm/usd 4.1950 cpo rm2804.00

FBM KLCI 1782.74 2.84 KLCI FUTURES 1780.50 9.00 STI 3228.51 0.05 RM/USD 4.1950 CPO RM2804.00 42.00 OIL US$53.56 0.22 GOLD US$1335.60 11.70

Th ai junta tells Japan investors US$45b development plan will go ahead

PA G E 2

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 SEPTEMBER 12, 2017 ISSUE 2489/2017

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




1 1 H O M E

Bermaz Auto reports lowest quarterly earnings since 2013 IPO

Zakaria: Azhar will bring fresh perspective to FGV board

Fernandes: AAX is the most undervalued airline stock worldwide

Ongkili: Still no word from Selangor on off er price for SPLASH

Sultan of Kedah passes away

Better-than-expected July IPI due to seasonal factor — analysts3 H O M E B U S I N E S S

Abu Sahid’s fl agship company has sent LoI to EPF and UEM Group to buy out the highway operator.

Jose Barrock has the story on Page 3.

PLUS Malaysia receives takeover off er from

MAJU HOLDINGS

July 31, 2016 July 31, 2017

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5(%)

Sources: DOSM, Bloomberg

THE EDGE FILE PHOTO

The Hour Glass : Ulysse Nardin Boutique - Starhill Gallery - Kuala Lumpur T. (+603) 2148 0388;

The Gardens, Mid Valley - Kuala Lumpur T. (+603) 2287 7830; Pavillon - Kuala Lumpur T. (603) 2148 8930; LOT 10 S.C. - Kuala Lumpur T. (603) 2144 1620;

Watches of Switzerland : The Gardens, Mid Valley - Kuala Lumpur T. (+603) 2201 6811ANNUAL CALENDAR


5 H O M E B U S I N E S SS


1 1 H O M E

quarterly earnings since 2013 IPO

Zakaria: Azhar will bring freshperspective toFGV board


Ongkili: Still no word from Selangoron offer price fffffor SPLASH


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FBM KLCI 1782.74 2.84 KLCI FUTURES 1780.50 9.00 STI 3228.51 0.05 RM/USD 4.1950 CPO RM2804.00 42.00 OIL US$53.56 0.22 GOLD US$1335.60 11.70

Th ai junta tells Japan investors US$45b development plan will go ahead

PA G E 2

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 SEPTEMBER 12, 2017 ISSUE 2489/2017





1 1 H O M E


Zakaria: Azhar will bring fresh perspective to FGV board


Ongkili: Still no word from Selangor on off er price for SPLASH


Better-than-expected July IPI due to seasonal factor — analysts3 H O M E B U S I N E S S

Abu Sahid’s fl agship company has sent LoI to EPF and UEM Group to buy out the highway operator.

Jose Barrock has the story on Page 3.

PLUS Malaysia receives takeover off er from

MAJU HOLDINGS

July 31, 2016 July 31, 2017

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5(%)

Sources: DOSM, Bloomberg

THE EDGE FILE PHOTO

The Hour Glass : Ulysse Nardin Boutique - Starhill Gallery - Kuala Lumpur T. (+603) 2148 0388;

The Gardens, Mid Valley - Kuala Lumpur T. (+603) 2287 7830; Pavillon - Kuala Lumpur T. (603) 2148 8930; LOT 10 S.C. - Kuala Lumpur T. (603) 2144 1620;

Watches of Switzerland : The Gardens, Mid Valley - Kuala Lumpur T. (+603) 2201 6811ANNUAL CALENDAR

2 TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

For breaking news updates go towww.theedgemarkets.com

O N E D G E T V

www.theedgemarkets.com

Bracing for MFRS impact

BY E L I S A B E T H B E H R M A N N ,

B I R G I T J E N N E N & A N I A N U S S B AU M

BY PAT P I C H A TA N A K A S E M P I PAT

& P R A C H A H A R I R A K S A P I TA K

‘Blockade attempt to force Qatar into trusteeship’GENEVA: Qatar’s foreign min-ister yesterday slammed the “illegal” blockade against his country, insisting it is aimed at forcing it into a “state of trustee-ship”. Speaking before the UN Human Rights Council in Ge-neva, Sheikh Mohammed Ab-dulrahman Al-Thani decried the “illegal siege which clearly violates international laws”. Qa-tar has been hit by a land and air embargo imposed by Saudi Arabia and its allies, who cut ties with Doha on June 5 accusing it of backing extremists. However, Abdulrahman insisted “it is no secret the real motives behind the siege and the severing of dip-lomatic relations with Qatar are not aimed at fi ghting terrorism, but rather to force Qatar into a state of trusteeship to interfere in its domestic and foreign pol-icies, and to undermine its sov-ereignty”. Qatar “cannot tolerate this situation”, he added. — AFP

UK govt sure of winning vote on Brexit legislationLONDON: Prime Minister Th e-resa May’s government is con-fident of winning a vote on a major piece of Brexit legisla-tion, which was due in parlia-ment yesterday or today, May’s spokesman said. Th e parliament was due to hold a late-night vote on whether to let the central plank of Britain’s Brexit plan — the EU withdrawal bill — move to the next stage of the lawmak-ing process. On whether the gov-ernment is confi dent of the out-come, he said: “Yes. We’ve said this is a hugely important bill in terms of preparing the way for a smooth Brexit for business and the rest of the country, and we encourage all members of par-liament to support it.” — Reuters

US waters down North Korea sanctions draftWASHINGTON: Th e US has wa-tered down a proposal to pun-ish North Korea for its sixth and most powerful nuclear test, omitting an oil embargo and a freeze of Kim Jong-un’s assets, according to a Europe-an diplomat. Th e US, the UK and France are united on the latest proposal, but it’s unclear whether Russia and China — also veto-holding members of the United Nations Security Council — will back the text as it stands, said the diplomat. A vote was scheduled for 6pm New York time, according to a UN offi cial. — Bloomberg

‘Buddha would have helped Rohingya refugees’NEW DELHI: Th e Dalai Lama has spoken out for the fi rst time about the Rohingya refugee cri-sis, saying Buddha would have helped Muslims fl eeing violence in Buddhist-majority Myanmar. The top Buddhist leader, the latest Nobel peace laureate to speak out against the violence, said last Friday: “He (Buddha) would definitely give help to those poor Muslims. I still feel that. So very sad.” — AFP

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MUNICH: Volkswagen AG (VW), Mercedes-Benz and BMW AG will unveil sleek electric-car concepts at the Frankfurt International Auto Show this week, revving up the hype machine to cover up the air of desperation gripping the German auto industry.

The world’s pre-eminent au-tomakers are scrambling to re-cover two years after VW’s die-sel-emissions cheating blindsided the champions of the now-be-smirched technology. With their big vehicles, German carmak-ers are particularly reliant on

SINGAPORE: Th e contest for expe-rienced insurance agents in Singa-pore has renewed in recent months with about 300 agents poached by a rival — the biggest migration in recent years.

Market sources shared with Th e Business Times that a group of about 300 — some peg the number at 400 — agents from Great Eastern are moving to rival AIA’s newly set-up fi nancial advisory (FA) arm, AIA Financial Advisers.

They noted that many of the agents are under the Chuan group,

reputed to be productive.Th e Business Times understands

that a smaller group of AIA agents will also move to the new FA fi rm.

In response to queries, AIA Fi-nancial Advisers chief executive offi cer Tan Chuan How reiterated a point made earlier that the FA fi rm has received “strong interest” from a wide range of candidates.

In July 2016, there was a similar tussle for experienced insurance agents following the setting up of Aviva Financial Advisers. At that time, AIA urged industry players

to “adopt responsible recruitment strategies”.

Separately, Great Eastern con-firmed that “some agents” have recently resigned.

Th e Business Times reported that while not uncommon, the Chuan group movements have raised some eyebrows. Some industry players explained that the group’s leader has deep roots in Great Eastern. Others described AIA as having a “very big war chest” to be able to start the FA fi rm with possibly 400 agents.

VW, Mercedes scramble to plug diesel gap after two-year crisis

diesel in their home market of Europe and had been banking on fuel-efficient engines to help meet ever tougher emissions rules that will tighten further early next decade.

However, in the scandal’s fall-out, demand has slumped across the region, the stronghold of die-sel cars thanks to years of govern-ment support. That blows a hole in the German manufacturers’ environmental strategies, putting billions of euros of investments and tens of thousands of jobs at risk. There are also fines for excess pollution. VW alone could face €1.5 billion (RM7.46 billion) in annual penalties from the Euro-

pean Union (EU), PA Consulting estimates.

“Our impression is, not every-one in the auto industry has wok-en up to the coming changes yet,” German Federation of Cities man-aging director Helmut Dedy said. “A lot is still missing.” Daimler AG’s Mercedes brand will debut an electric hatchback in Frank-furt and BMW will present a bat-tery-powered Mini. VW will show an array of concepts. All are likely to go on sale too late to signifi-cantly help the manufacturers reach the EU’s stricter fleet-av-erage emissions limit of 95gm of carbon dioxide per kilometre by 2021. — Bloomberg

AIA’s new fi rm in Singapore ‘luring hundreds of rival agents’

BANGKOK: A US$45 billion (RM189 billion) plan to redevelop Th ailand’s industrial east will go ahead regard-less of whoever takes power after elections, the military government told hundreds of Japanese investors yesterday.

Th e ruling junta, faced with weak exports and sluggish domestic de-mand, has focused on promoting investment to help revive growth in Southeast Asia’s second-largest economy, which lags regional peers.

Th e military government hopes the Eastern Economic Corridor (EEC) development project, worth US$45 billion, will lift growth to about 5% a year by 2020, from the latest gov-ernment estimate of 3.5% for 2017.

“Regardless of which govern-ment is in offi ce, or when the elec-tions will be held, the EEC plan will continue, with certainty,” Prime Minister Prayuth Chan-ocha told a gathering of 570 investors fl own in from Japan.

“It is law, an act embedded within the 20-year national strate-gy, and supported by the national

Thailand assures JapanUS$45b plan to go ahead regardless of who wins the elections

Prayuth: It is law, an act embedded within the 20-year national strategy, and supported by the national development plans.

development plans.” Th e junta has branded its 20-

year strategy as a guide for poli-cymaking long after elections ex-pected next year, at the earliest. Th e strategy has fuelled concern among critics that the army plans to cement its grip on power, who-ever wins an election.

Japan was Thailand’s biggest investor last year with more than US$1.7 billion, most of it going into the automobile industry.

Th ailand, known as the “Detroit of Asia”, is a regional base for some of the world’s top carmakers, such as the Toyota Motor Co. Th e gov-ernment now wants to establish its own equivalent of the Silicon Valley in the EEC.

“Th e digital innovation created there can go into supporting the au-tomotive industry,” Minister of Dig-ital Economy Pichet Durongkaveroj said. “We aim to be a manufacturing hub for electric vehicles.” — Reuters

H O M E B U S I N E S S 3TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

PLUS receives takeover off er from Maju HoldingsAbu Sahid’s fl agship fi rm has sent LoI to EPF and UEM Group

MAHB passenger traffi c up 7.8% y-o-y in August


BY J O S E B A R R O C K

BY S U L H I A Z M A N

BY S A M A N T H A H O

KUALA LUMPUR: Th e substantial 6.1% year-on-year (y-o-y) rise in the Industrial Production Index (IPI) in July has been attributed to pro-duction being carried forward from June to July because of the Hari Raya Aidilfi tri celebration in late June.

“Th e better-than-expected IPI is a refl ection of the seasonal factor due to Hari Raya in late June,” said Affi n Hwang Investment Bank Bhd chief economist Alan Tan.

“Th ere were some factory clo-sures at that time, so some of the productions were carried forward to the month of July, which is why we have the sharp increase in pro-

Better-than-expected July IPI due to seasonal factor — analystsBY B I L LY TO H duction numbers, as refl ected in

the manufacturing sector,” said Tan.Nomura Global Market Research

said the 6.1% jump in July (from 4% in June) is close to its forecast of 6.5% and above consensus expectations of 5.1%, adding that it is partly due to a favourable base eff ect from the earlier Aidilfi tri holiday.

“Offi cial seasonally adjusted data show a 1.3% m-o-m (month-on-month) expansion in July after June’s 1.9% expansion,” it said.

Nomura added that the rebound is consistent with July’s export growth and other activity data like crude palm oil (CPO) production.

“Specifi cally, manufacturing in-dustrial production growth rose to

8% y-o-y in July from 4.7% in June. Th is includes the electrical and elec-tronics (E&E) segment where output growth rose to 10.5% from 8.3% in June, and is consistent with trade data suggesting a pickup in man-ufactured export volume growth. Th ese factors off set a slowdown in mining industrial production growth to 0.2% in July from 2.4% in June,” said Nomura’s Euben Paracuelles in a report.

MIDF Research also highlighted that the strong growth in manufac-turing production is in line with the manufacturing sales that breached new record highs.

“Manufacturing sales skyrock-eted by 22.2% y-o-y in July, [the]

highest ever recorded. In line with external trade performance, the manufacturing sales are contributed by robust sales of refi ned petroleum products and E&E-related products. For instance, electrical capacitor resistor, circuit board and display computer rose by 58.2% y-o-y and refi ned petroleum products climbed to 43.5% y-o-y, [the] fastest ever seen.

“Moving forward, we foresee manufacturing sales will remain expanding but in [a] moderating tone due to [an] unfavourable base eff ect,” said MIDF.

Affi n Hwang’s Tan agreed, pre-dicting some slowdown in August with the seasonal factor diminished.

“It doesn’t mean that the econo-my is slowing down. Th e moderation simply means that the production number in July was infl uenced by the seasonal factor. We do not expect sharp deterioration but moderation in growth moving forward,” said Tan.

Michelle Chia, an economist with CIMB, also thinks that the IPI growth will moderate to average 4.2% y-o-y in the second half of the year with the seasonal distortions [having] faded.

Chia said the growth will be driv-en by robust domestic consumption and investment, a steady pipeline of infrastructure spending and strong external demand.

EDITOR’S PICKS FROMtheedgemarkets.com

KUALA LUMPUR: Bermaz Auto Bhd has reported a net profi t of RM20.21 million for its fi rst quar-ter ended July 31, 2017 (1QFY18) — the lowest quarterly earnings since its listing in November 2013. This represents a 50.85% drop compared with its 1QFY17 net profi t of RM41.11 million.

Th e distributor of Mazda cars in Malaysia and the Phillippines blamed the lower earnings to lower sales volume, compressed gross profit margin as a result of intensifying competition and lower profi t contribution from its associate, Mazda Malaysia Sdn Bhd.

Revenue fell 20.74% to RM391.23 million from RM493.62 million. Bermaz Auto said the drop was due to lower domestic sales, particularly for the CX-5 Run-out model and ageing Mazda-3 model which faced intense competition from new models launched by

other comparable brands.“However, this was partially

mitigated by improved sales per-formance from the Philippine op-erations,” the auto fi rm said.

As for the lower contribu-tion from its associate company, Bermaz Auto said the fi rm was dragged by lower unit sales and lower margin as it is phasing out the current CX-5 model, while gearing up for the launch of the new CX-5 next month.

KUALA LUMPUR: Maju Holdings Sdn Bhd, controlled by business-man Tan Sri Abu Sahid Mohamed, has made an off er to UEM Group Bhd and the Employees Provident Fund (EPF) to take over PLUS Ma-laysia Bhd.

UEM, a wholly-owned unit of Khazanah Nasional Bhd, controls 51% of the highway operator while the EPF holds the remaining 49%.

“Yes, Maju can confi rm that we have submitted a formal bid via our fi nancial advisers to UEM and the EPF, to acquire 100% of PLUS and its subsidiaries,” said a Maju spokesman.

While the offer’s details are scarce, Maju is said to have sent a letter of intent (LoI), and roped in independent investment banking advisory fi rm Evercore Group LLC to help with the acquisition.

EPF chief executive offi cer Datuk Shahril Ridza Ridzuan could not be reached for comment. UEM did not respond to Th e Edge Financial Daily’s enquiry on the matter.

However, PLUS chairman Tan Sri Mohd Sheriff Mohd Kassim has confi rmed he had received a copy of the off er. Th ough he was quick to add that Maju and Abu Sahid would have to deal with PLUS’ sharehold-ers— Khazanah and the EPF.

“Yes, I got a copy [of the off er],” he said. It is understood that Ma-ju’s indicative off er implies a total enterprise value in excess of RM36 billion for PLUS.

Other significant details di-vulged by sources familiar with the offer include Maju’s plan to freeze toll rates for 20 years until

the end of the concession period.Th e off er’s other strengths in-

clude the acquisition reducing the government’s contingent liabilities by RM30 billion, and Maju is said wanting to forfeit the government’s compensation of about RM900 mil-lion owed to the toll road operator, a result of toll hikes not implemented.

Maju also intends to undertake infrastructure improvements in-cluding lighting up the entire high-way.

PLUS has fi ve concessions — fi rstly, the Projek Lebuhraya Ut-ara-Selatan Bhd which has under its umbrella the North-South Express-way, New Klang Valley Express-way, Federal Highway Route 2 and Seremban-Port Dickson Highway.

Secondly, the Expressway Ling-karan Tengah Sdn Bhd which in-cludes North-South Expressway Central Link. Thirdly, Linkedua (M) Bhd which owns Malaysia-Sin-gapore Second Crossing; fourthly, the Konsortium Lebuhraya But-terworth-Kulim Sdn Bhd or also known as the Butterworth-Kulim Expressway; and the Penang Bridge Sdn Bhd. All PLUS Malaysia’s con-cessions end in December 2038.

In July, Abu Sahid told Th e Edge Malaysia weekly about his inten-tion to buy out PLUS.

Abu Sahid had said he had re-ceived the blessings of the highest levels of the government to buy the highway.

“I am very confident of pull-ing it [the acquisition] off . I have everything ready ... I have the mon-ey, I have the blessings of the high-est levels in the country. I have the advisers and bankers all ready, and I have the formula to do it,” he said

KUALA LUMPUR: Malaysia Air-ports Holdings Bhd (MAHB) saw a 7.8% growth in passenger move-ments to 11.4 million passengers in its airports in August, including Istanbul's Sabiha Gokcen Interna-tional Airport (SGIA), from 10.58 million passengers a year earlier.

International traffic grew 15.8% to 5.5 million passengers, while domestic traffi c grew 1.3% to 5.9 million passengers, MAHB said in a statement yesterday. Over the last 12 months, MAHB saw a record high traffi c of 125.7 million passengers, up 9% year-on-year (y-o-y), the airport operator said.

Overall aircraft movements in-creased by 2.6%, primarily due to international movements which had grown 11%, while domestic movements decreased 2.1%.

MAHB’s local airports record-ed a 9.3% growth in passengers to 8.3 million in August this year, of which the international sector recorded a 17.3% increase to 4.4 million and the domestic sector recorded a 1.7% growth to 3.9 mil-lion passengers.

“[Th is was] mainly driven by the international traffi c growth that was contributed among oth-ers, by the haj travel season, the SEA Games Kuala Lumpur 2017 (KL2017 Southeast Asian Games), visa relaxation for India and Chi-na, competitive fares, as well as favourable exchange rate for for-eign tourists,” the statement said.

In particular, international traf-fi c for Asean destinations grew 15.2% to two million passengers, whereas non-Asean traffi c posted a 19.1% increase in passengers to 2.4 million.

1Q4Q3Q2Q1Q

Bermaz Auto’s quarterly net profit

(RM mil)

Source: Filings with Bursa Malaysia

0

10

20

30

40

50

60

70

FY17 FY18

20.2122.2125.11

60.63

41.11

back then.However, some weeks later,

Shahril said the EPF had no plans to dispose of its 49% stake in PLUS as its investment in the company was reaping good returns.

“An interested party may have gone to the press over the matter. However, we have not received any kind of off er by anyone over the stake. Th ere are no suitors,” Shahril said back then.

According to the fi ling with the Companies Commission of Malay-sia, PLUS posted a profi t after tax of RM23.12 million from RM4.17 billion in revenue for the fi nancial year ended Dec 31, 2015 (FY15).

PLUS paid an RM815 million dividend to its parent Khazanah in FY15.

As at end-Dec 31, 2015, PLUS had non-current assets amounting to RM30.22 billion, and current as-sets of RM3.26 billion. It had long-term debts of RM31.27 billion and current liabilities of RM1.56 billion.

Over the past five years, oth-er than an after tax loss of almost RM6 million in FY13, the highway operator’s net profi ts have ranged from RM21.35 million (FY11) to RM62.39 million (FY13).

Interestingly, over the past fi ve years, PLUS has paid some RM2.85 billion in dividends to its share-holders — UEM and EPF.

Th is is not the fi rst attempt for the private sector to buy PLUS from UEM and EPF. To recap, in March 2014, Tan Sri Halim Saad had put in an unsolicited bid to take over PLUS, through his private invest-ment vehicle Idaman Saga Sdn Bhd, but the off er was rejected by the government.

CONTINUES ON PAGE 4

4 H O M E B U S I N E S S TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

‘Asean economic integration progress hampered’Ageing population, weak institutions cited as signifi cant factors

SHAH ALAM: Ageing population and weak institutions for Asean, among others, have been cited as signifi cant factors hindering the progress of Asean’s economic in-tegration, which was initiated by the Asean Economic Community, according to a former Asean secre-tary-general.

Ong Keng Yong, who served as Asean secretary-general from 2003 to 2008, said Singapore and Th ai-land are two countries that are se-verely aff ected by an ageing popu-lation due to declining birth rates.

Consequently, Singapore’s gross domestic product growth prospect has been reduced to only 2% to 3% this year due to a lower productiv-ity rate.

“This is a big issue. People laughed at me when Singapore talked about this in certain Asean meetings but it is a real challenge,” Ong, who was the high commis-sioner of Singapore to Malaysia from 2011 to 2014, said in his key-note speech at the Selangor Inter-national Business Summit 2017 and Selangor-Asean Business Confer-ence yesterday.

Ong is now the ambassa-dor-at-large at the Singapore minis-try of foreign aff airs, and executive deputy chairman of the S Rajarat-nam School of International Stud-ies at the Nanyang Technological University.

Ong also calls for more authority to be given to the Asean secretariat as he lamented its weak infl uence in bringing about economic integra-tion within component countries in the region.

“I feel that it may be timely for us to think about giving our secretari-at, especially our secretary-general, more mandate. After all, we are talk-ing about economic integration; it is something that all of the country’s leaders have agreed to. So within the parameter laid down, there is a lot of room for the secretary-general to be more empowered,” he told Th e Edge Financial Daily on the side-lines of the conference.

Currently, Ong said detractors of the initiative are concerned that more developed countries within the region will benefi t the most out of the economic integration, cou-pled with rising nationalistic sen-timents and protectionist policies.

“Politics keep coming in the way. We are going to see more national-istic arguments when we talk about domestic reforms. Th e population in Asean countries are very sensi-tive. Th ey feel that by opening up to Asean, they are giving up half their national independence and economic advantage,” he said.

Ong argues that in order to over-come nationalistic sentiments and protectionist tendencies, Asean should encourage building more people-to-people ties among the component countries in the region.

And the secretary-general should represent and speak on be-half of the whole Asean economic community, for instance, in pro-moting investments in Asean from the rest of the world, he added.

“We have to continue to open up our respective countries with more students and business exchanges. Hopefully with this, we can un-derstand better the importance of Asean in the context of its role in the region as well as the world. In that respect, if we stay more cohesive, I think we will have a bigger voice and make the Asean economic in-tegration a success.”

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

A M A R T H A L I N G A M

Ong: Politics keep coming in the way. We are going to see more nationalistic arguments when we talk about domestic reforms. The population in Asean countries are very sensitive. They feel that by opening up to Asean, they are giving up half their national independence and economic advantage. Photo by Patrick Goh

KUALA LUMPUR: China’s grow-ing infl uence among Asean coun-tries may change the script for Asean’s integration, according to Asean Business Advisory Coun-cil Malaysia chairman Tan Sri Dr Munir Majid.

Munir said that being a rising power, China would attract vari-ous relationships among coun-tries in Asean.

He cited the examples of Cam-bodia, Laos, Myanmar, Vietnam and Th ailand having strong links with Yunnan and Guangxi, which form a subregion that is dynamic on its own in Asean.

“Th ere will be links with Chi-na, but that [subregion indicates that] there would be a two-part Asean. It is not good or bad but

the Asean integration may not happen according to the script because the rise of China brings up opportunities and challeng-es to diff erent Asean countries.

“So it is interesting that we talk about the One Belt, One Road initiative, which tends to divide Asean — though it is not China’s motive necessarily to do so. How-ever, it is the way the member states respond to China that di-vides Asean anyway,” he opined.

Munir was speaking at the Selangor-International Busi-ness Summit 2017 and the Sel-angor-Asean Business Conference.

Earlier, he also highlighted that protectionist measures in the form of non-tariff measures (NTMs) implemented by Asean member states should be reduced by 15% by 2025, citing the Asean

Economic Council (AEC) Blue-print 2015-2025.

“It is said that NTMs do not include barriers per se but they are regulations that supposed-ly protect standards. [Th ey are also seen] as protecting coun-tries against diseases, for ex-ample, phytosanitary,” he said when presenting his topic titled Private sector assessment of AEC and what more needs to be done to make Asean a truly integrated economic region.

If not checked, NTMs could impede Asean integration, he said.

Th e number of NTMs as of 2015 — when the AEC was announced — was near 6,000, up from a little over 1,000 in 2000, said Munir, who is also Bank Muamalat Ma-laysia Bhd chairman.

‘China’s infl uence could disrupt Asean integration script’BY SANGEETHA AMARTHALINGAM

“Th e solid outlook across indus-tries, especially the manufacturing sector, reaffi rms our view that Ma-laysia’s real GDP (gross domestic product) is on track to record an expansion of 5.4% in 2017,” she said.

Tan is also optimistic about the GDP growth for the Malaysian econ-omy, as indicated by the strong IPI growth in the fi rst month of the third quarter.

Affi n Hwang has forecasted the GDP growth for this year at 5.2%, he said, adding that if the IPI growth is sustained moving forward, Malaysia

FROM PAGE 3

Munir: Malaysians should stop being negative about ChinaBY S A N G E E T H A A M A R T H A L I N G A M

& E M I R Z A I N U L

SHAH ALAM: It is right to be wary of the infl ux of borrowings and invest-ments from China. However, that does not mean that Malaysia should turn its back on China, said Asean Business Advisory Council Malaysia chairman Tan Sri Dr Munir Majid.

“Just because China is new and aggressive in making its investments, people are saying, you better watch them. Fair enough, but you should not say we do not deal with them,” Munir told the media on the sidelines of the Selangor International Business Summit 2017 and the Selangor-Ase-an Business Conference yesterday.

He said infrastructure projects that have been awarded to Chinese fi rms are being watched closely to ensure that local companies get a fair share of the jobs as well.

He said that most of the infra-structure projects are essential, but people are worried about the coun-try going into debt.

“[But] where are we going to fi nd funding? Is the government going to borrow direct? Th en there will be comments about the national debt-to-gross domestic product (GDP).

“Now if it is a loan, the country’s balance sheet might be stretched but where can you get a loan for the East Coast Rail Link (ECRL) that is of relatively attractive terms?

“However, people say that it (the loan) is too big or that if the ECRL doesn’t work, then the government will be lumbered with contingent liabilities. Th ese are risks that you run with huge investment projects,” he added.

Munir acknowledged that China has an alleged record over exploita-

tion with Africa and Sri Lanka but that Malaysia needs to learn from such lessons, and protect against such incidents.

“People will be suspicious of new investments. If we don’t, the Chinese will take the shirt of our backs. We must be wary. Th at does not mean, turn our backs on potential invest-ments,” he said.

He said people should be aware that China is not the single largest investor in Malaysia.

“Th e [top three] largest investors are the European Union, Japan and the US in terms of stock of capital investment, and they are not going to shift out of Malaysia because of Chinese investments.

“At one time, people were slam-ming Japan for its investments dur-ing the Tanaka plan period [in the 1970s to 1980s] but it was Japanese investments that helped industri-alise Malaysia. Th ese things hap-pen, we just have to manage [in-vestments],” he said.

Munir also rebuked comments by opposition parties that Malaysia is bankrupt, being a “loose comment” that can aff ect the nation’s fi nances.

“I am worried when people say the country is bankrupt because it aff ects our fi nances, our standing. If we were, how come rating agencies have not said so or warned us? Th ey monitor closely,” he said.

Munir said Malaysia’s economy is encouraging, seeing that the sec-ond-quarter GDP grew 5.8% while exports posted a good growth, which was driven by exports to China.

“So there are positive things. Peo-ple say it (economy) would not sus-tain. Th ese are judgement calls that are based on less-than-dispassion-ate analysis,” he added.

could potentially record a stronger GDP growth than forecasted.

“Th e production of electronics continues to hold up, refl ecting the global semiconductor sales, which surprisingly came in quite strong in the month of July,” he said on the reasons for the optimism about the current economic environment.

The Semiconductor Industry Association announced earlier this month that worldwide sales of semiconductors reached US$33.6 billion (RM141.05 billion) in July, an increase of 24% compared with US$27.1 billion in July last year.

‘Optimism about GDP due to strong IPI growth’

(From left) Munir, Invest Selangor Bhd chief executive offi cer Datuk Hasan Azhari Idris, Selangor state senior executive councillor Datuk Teng Chang Khim and Selangor Menteri Besar Datuk Seri Mohamed Azmin Ali at the Selangor-Asean Business Conference yesterday.

PATRICK GOH

H O M E B U S I N E S S 5TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

Zakaria: Azhar will bring fresh perspective to FGV boardMarket is ‘confi dent’ Azhar can steer FGV back on right track

BY S U R I N M U R U G I A H

& S U L H I A Z M A N

KUALA LUMPUR: Th e appointment of ex-Malakoff Corp Bhd managing director Datuk Wira Azhar Abdul Hamid as the new chairman of Fel-da Global Ventures Holdings Bhd (FGV) will bring in a fresh and pos-itive perspective to FGV’s board of directors and management, said FGV’s suspended group president and chief executive offi cer, Datuk Zakaria Arshad.

In a brief statement yesterday, he said FGV’s board and manage-ment are currently facing a percep-tion of crisis.

“I am also convinced that the re-cent positive momentum in FGV’s share price seen late last week will continue as [the] market is confi -dent that Datuk Wira Azhar and FGV management have the ability to steer the company back on the right track.

“It is my hope that this posi-tive development will inject re-newed spirits into the group and employees to maximise returns to stakeholders and shareholders,

especially Felda and the settlers/peneroka,” he said.

Last Friday, Prime Minister Da-tuk Seri Najib Razak announced that Azhar would be taking over from acting chairman Tan Sri Dr Sulaiman Mahbob.

Zakaria has been told to go on a leave of absence since June 6, pending the completion of a do-mestic investigation into alleged irregularities in dealings between FGV subsidiary Delima Oil Prod-ucts Sdn Bhd and its long-term business partner, Afghan-based Safi tex Trading LLC.

In a statement to Bursa Malaysia, FGV confi rmed that Azhar, 56, has been appointed its new chairman, eff ective yesterday.

FGV said Azhar’s appointment was also recommended by the plantation fi rm’s nomination and remuneration committee, which was subsequently approved by the board of directors yesterday.

As for Sulaiman, 69, FGV said he has been redesignated as an independent and non-executive director with immediate eff ect.

“With the appointment of Azhar

as the chairman of FGV, Sulaiman ceased to be the acting chairman of FGV,” the firm said in a filing with Bursa.

Meanwhile, Bernama reported that Azhar had gone to Menara Fel-da yesterday and had a three-hour meeting with FGV’s senior manage-ment, which Azhar said was focused on plans and eff orts to improve the company’s performance.

“Even though the company is facing a crisis, the situation is not an obstacle for it to continue im-proving its business momentum. We will focus only on the positives and resolve each problem in stag-es,” he told the media after chairing the meeting.

Asked about Zakaria’s status, Azhar reportedly said: “Th is after-noon (yesterday), we will discuss [it]; [the outcome] may be delayed a little bit. We will get advice [before making a decision]. Th e company’s operation must go on. Don’t stop. We only want to ensure that the company’s perfor-mance is back on the right platform in order to restore confi dence and safeguard all the stakeholders, in-cluding the shareholders,” he said.

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

KUALA LUMPUR: Sime Darby Bhd has announced the board of directors’ line-up for its pure plays, Sime Darby Plantation Bhd and Sime Darby Property Bhd, which will comprise 11 directors on each board upon the listing of the units.

“Th e new members of the two boards and senior management have the experience and exper-tise to spearhead the businesses in these challenging times.

“We are confi dent [that] they will grow the companies into stronger entities to generate sustainable returns for all stake-holders,” said current Sime Darby chairman Tan Sri Abdul Ghani Othman in a statement yesterday.

Th e announcement of an ad-ditional board member for both companies will be made soon, he added.

Abdul Ghani will head Sime Darby Plantation as its chairman, with Tan Sri Mohd Bakke Salleh as executive deputy chairman and managing director (MD).

Other members of Sime Dar-by Plantation’s board are: Datuk Mohamad Nasir Ab Latif, Datuk Mohd Nizam Zainordin, Zainal Abidin Jamal, Tan Sri Dr Yusof Basiran, Datuk Zaiton Mohd Has-san, Muhammad Lutfi , Datuk Che Abdullah @ Rashidi Che Omar and Tan Ting Min.

Senior management of the plantation pure play consists of: Datuk Franki Anthony Dass as chief adviser and value offi cer, Renaka Ramachandran as chief fi nancial offi cer (CFO), Moham-ad Helmy Othman Basha as up-stream chief operating officer (COO), Mohd Haris Mohd Ar-

Sime Darby unveils board line-up for plantation, property pure plays

shad as downstream COO, Dr Simon Lord as chief sustainabil-ity officer, and Dr Harikrishna Kulaveerasingam is the head as research and development.

“Sime Darby Plantation pro-duces nearly a quarter or three million tonnes of the world’s cer-tifi ed sustainable palm oil and all but two of our 63 operating units are certifi ed. We fi rst made our commitment to sustainability in 2007 and we continue to deliver on it,” said Abdul Ghani.

Meanwhile, Sime Darby Prop-erty will be chaired by Tan Sri Ab-dul Wahid Omar, with Datuk Seri Amrin Awaluddin as MD and Da-tuk Tong Poh Keow as executive director and CFO.

Other directors of the prop-erty unit are: Datuk Rohana Tan Sri Mahmood, Tengku Datuk Seri Ahmad Shah Alhaj ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Alhaj, Datuk Johan Ariffi n, Datuk Jaganath Derek Steven Sa-bapathy, Datuk Dr Mohd Daud Bakar, Datuk Seri Ahmad Johan Mohammad Raslan and Datin Nor Azah Mohamed Razali.

Senior management of Sime Darby Property will be led by Da-tuk Wan Hashimi Albakri Wan Ahmad Amin Jaff ri as COO/chief transformation officer, and Dr Tan Kok Heng as chief executive offi cer of Sime Darby Real Estate Management and head of prop-erty investment.

Also part of the senior man-agement are: Zaharudin Sa’at as senior general manager (GM) for township development, Chong Chee On as senior GM for devel-opment services, and Clare Louise Kenny Tipton as chief marketing and sales offi cer.

BY TA N X U E Y I N G

KUALA LUMPUR: Th e year 2018 will be a “huge year” for long haul low-cost carrier AirAsia X Bhd (AAX), according to AirA-sia Bhd group chief executive offi cer Tan Sri Tony Fernandes via his Twitter account yester-day morning.

Fernandes said AAX is the “most undervalued airline stock in the world, just like AirAsia was”, and that its profit is set to grow.

“Investors are [in] the begin-ning of seeing value. Long way to go growth stock, annual div-idends and special dividends,” Fernandes explained.

He cited cost reduction, in-creased utilisation, increased country focus, growth in ancillary income and the cull of loss-mak-ing routes among measures to be taken.

For that, he added that AAX


BY A D E L A M EG A N W I L LY

KUALA LUMPUR: AirAsia Bhd said Phil-ippines AirAsia has postponed its planned US$200 million (RM840 million) initial pub-lic off ering (IPO) to 2018 to further expand Philippines AirAsia’s business, the Philip-pine Daily Inquirer reported yesterday.

Th e publication, quoting AirAsia’s pres-entation to investors, reported that Phil-ippines AirAsia has continued to show “strong load factor and fares”. Investors were also told that Philippines AirAsia had added seven new routes and increased fre-quencies for certain destinations this year.

Hence, Philippines AirAsia is “going ahead with listing plans in 2018 for fur-ther expansion to serve the strong travel demand”, AirAsia was quoted as saying.

Started in 2012, Philippines AirAsia currently controls about 10% of the do-mestic market, which is still dominated by fl ag carrier Philippine Airlines and budget airline Cebu Pacifi c Air, said the Inquirer.

AirAsia group chief executive offi cer Tan Sri Tony Fernandes reportedly said in June this year that Philippines AirAsia had scheduled its IPO for the second half of this year.

Philippines AirAsia IPO postponed to 2018 — report

will leverage on its strength in Asia with “three great airlines — Kuala Lumpur, Bangkok and Bali”.

At market close yesterday, AAX shares had jumped 10.81%

or four sen to close at 41 sen af-ter Fernandes’ comments, with over 118 million shares chang-ing at hands. It was the second most active stock of the day on the local bourse.

Th e latest share price gives AAX a market capitalisation of RM1.6 billion.

Th e counter has been trading at between 35 sen and 55 sen in the past 52 weeks.

Sen

35

40

45

50

55

Sept 13, 2016 Sept 11, 2017

AirAsia X Bhd

41 Sen

6 H O M E B U S I N E S S TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

No word from Selangor on SPLASHOngkili: State must announce off er price before Putrajaya reveals the money it will provide

BY A D A M A Z I Z

KUALA LUMPUR: With less than a month left to fi nalise the takeover of Syarikat Pengeluar Air Selangor Sdn Bhd (SPLASH) under the extended deadline, the federal government is still waiting for the Selangor govern-ment to make an off er to the water treatment concessionaire.

Energy, Green Technology and Water Minister Datuk Seri Dr Max-imus Ongkili said Selangor must announce the off er price before Putrajaya reveals the amount of money it will provide to help fi -nance the acquistion.

“Th e Selangor government will name the price to SPLASH share-holders, and then we [federal gov-ernment] will discuss with them on how much we will give.

“But it [the scale of the fund] will be reasonable,” he told reporters

after offi ciating at the International Water Association (IWA)-Asia Pacif-ic Region (Aspire) Conference 2017.

Asked if the Oct 5 deadline will be further extended if the Selangor government does not come up with an off er price, Ongkili merely said: “We will have to discuss with them.”

SPLASH operates the Selan-gor dam and two water treatment plants. It is 30%-owned by SPLASH chairman Tan Sri Wan Azmi Wan Hamzah’s private vehicle, Th e Sweet Water Alliance Sdn Bhd, 40% by Gamuda Bhd and another 30% by Kumpulan Perangsang Selangor Bhd.

Selangor Menteri Besar Datuk Seri Mohamed Azmin Ali was pre-viously reported as saying that the deadline for Putrajaya and Selan-gor to finalise the takeover was moved — for the second time — from April 6 to Oct 5 “because the federal government is waiting for

its own international independent valuer to fi nalise the valuation of SPLASH’s assets”.

The valuation has since been completed by Deloitte, but it was not revealed to the public and the Selangor government. Ongkili told Parliament that the information is merely for the consumption of the federal government.

Earlier reports have indicated the book value of SPLASH — whose concession ends in December 2029 — to be somewhere between RM2.8 billion and RM3.2 billion.

Mohamed Azmin was also re-ported to have rejected the proposed 40:60 split of the acquisition cost of SPLASH by the federal government, which had funded in full the acqui-sition of three other concessionaires in Selangor under the Selangor wa-ter rationalisation exercise.

In a memorandum of under-

standing inked between Putrajaya and Selangor in February 2014, the federal government indicated will-ingness to allocate RM9.65 billion for the rationalisation plan.

It had through Pengurusan Aset Air Bhd acquired Puncak Niaga Sdn Bhd for RM2.47 billion, Syarikat Bekalan Air Selangor Sdn Bhd for RM3.11 billion and Konsortium Abbas Sdn Bhd for RM991 million.

Th e key benefi t for the rationalisa-tion of SPLASH is that it will reduce the operating cost incurred by state water asset operator Pengurusan Air Selangor Sdn Bhd. As at Dec 31, 2016, it had an outstanding payment to SPLASH for the bulk supply rate (BSR) and fi xed monthly payment (FMP) totalling RM3.7 billion.

On a related matter, Ongkili yesterday said that governments should really look into implement-ing a better water subsidy rationali-

sation plan in the long-term, which would pinpoint those eligible for subsidy as opposed to the current across-the-board scheme in order to better manage costs.

“Rationalisation of subsidy is the rule of the game as far as the federal and state governments are concerned. At the moment, it is still fairly heavily subsidised nationwide.

“Th at means we should subsi-dise the people that actually require subsidy. We should not subsidise people who can aff ord to pay the price [of the service].

“For example, the tariff for in-dustrial use is almost similar to cost of production, treatment and distribution. But the price is still very cheap compared with other parts of the world. In the long term, the cost of treating water should be refl ected in the price [of the tariff ],” he added.

KUALA LUMPUR : Foreigners mopped up RM362.6 million of Malaysian equities last week, 10 times more than the prior week, according to MIDF Amanah In-vestment Bank Bhd (MIDF Re-search).

In its weekly fund fl ow report yesterday, MIDF Research said the amount acquired by foreign funds last week was the highest in 17 weeks.

“We note that foreign funds were net buyers on every single day of the week. [Last] Th ursday recorded the highest infl ow of RM153.1 million net, the highest in a day since July 13, coinciding with the strengthen-ing [of the] ringgit and [an] increas-ing Brent crude oil price.

“We also note that Malaysia’s infl ow was in line with Th ailand, bucking the trend in Asia, which experienced an outfl ow,” it said.

The research house said last week’s foreign buying brought the cumulative year-to-date net infl ow to RM10.7 billion.

Th e foreign participation rate was also strong last week, with the foreign average daily trade value (ADTV) rising 29% to reach above the RM1 billion mark for the fi rst time in 10 weeks, it said. Gross trade for the week ranged from RM936 million to RM1.5 billion.

“Likewise, retail participation edged higher for the week. The retail ADTV increased by 9% to RM880 million, staying above RM800 million for six weeks in a row,” it said.

Meanwhile, globally, MIDF Re-

search said most markets ended trading last week in the red zone, amid news of natural disasters and intensifi ed geopolitical risks.

It said Wall Street drifted low-er as it reopened after the Labour Day holiday. Th e S&P 500’s six-day rally ended yesterday as it lost 0.76%, the biggest drop in a day since Aug 17.

“[The] Brent crude oil price climbed 1.95% for the week to settle at a fi ve-month high of US$53.78 (RM225.88) per barrel. The rise in crude oil price was driven by expectations of Hurricane Irma, which may pose a threat to supply as refi neries had just restarted post Hurricane Harvey.

“Funds continued to withdraw from Asia for the seventh week in a row. Based on provisional ag-gregate data from the seven Asian exchanges that we track, inves-tors classifi ed as ‘foreign’ offl oaded US$1.25 billion, almost six times more compared to the week be-fore which amounted to US$215.6 million,” it said.

(RM mil)

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Source: Bursa Malaysia preliminary statistics

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‘Foreign buying jumped 10 times to RM362.6m last week’

KUALA LUMPUR: George Kent (M) Bhd has won for the second time a US$6.86 million (RM28.72 million) tender bid to supply wa-ter meters to the Water Supplies Department of Hong Kong.

The latest contract entails George Kent’s subsidiary, George Kent International Pte Ltd, deliv-ering 650,000 DN15 Brass PSM-T water meters across 24 shipments in two years.

Calling the single-client order “enormous by industry standard”, George Kent said it has already delivered 600,000 units of water

meters to the Hong Kong govern-ment through an earlier contract inked in 2015.

“Th e tender award further rein-forces our brand as a reliable and reputable provider of world-class and superior-quality metering products,” said its group chair-man Tan Sri Tan Kay Hock in a statement.

“Th is remarkable achievement is a testament to the market’s con-fi dence, trust and belief in our technical expertise and compet-itiveness in meeting the utmost discerning requirements of in-ternational standards,” he added.

Last year, George Kent also se-

cured the tender to supply 323,630 water meters to Singapore’s Pub-lic Utilities Board, marking it the third consecutive time the group had succeeded in winning tenders from the republic.

George Kent said it is the only company that has simultaneously secured large water meter con-tracts from both the Hong Kong and Singapore water authorities — both renowned for their strin-gent standards in water meter evaluation.

George Kent’s share price closed unchanged at RM2.74 yes-terday, giving it a market capital-isation of RM1.54 billion.

KUALA LUMPUR: Hwang Cap-ital (M) Bhd’s net profi t for the fourth quarter of the financial year ended July 31, 2017 (4QFY17) jumped 35% year-on-year ( y-o-y) to RM9.91 million from RM7.35 million, mainly thanks to incen-tive expense write-back of RM1.72 million and lower impairment.

Earnings per share improved to 3.88 sen from 2.88 sen in 4QFY16.

Quarterly revenue, however, slid 4% y-o-y to RM14.19 million from RM14.8 million, mostly due to a reduction in interest income from moneylending activities, which was partly offset by in-creased returns from investment holding activities.

For the full FY17, Hwang Cap-ital’s net profit grew a margin-al 2% y-o-y to RM35.79 million from RM35.02 million, driven by lower loan loss provisioning and lower operating expens-es, which, combined with the

write-back, mitigated its lower operating revenue.

FY17 revenue came in 11% low-er at RM55.99 million, compared with RM62.84 million in FY16, no thanks to lower interest income, commission income and rental in-come across its moneylending and property investment segments.

“Th ese were, however, mitigat-ed by higher returns from invest-ment holding activities,” it added.

On prospects, Hwang Capital said it remains cautious about consumer fi nancing and will focus more on term-loan business. “Th e risk inherent in the moneylending business is expected to increase as observed from high household debts in the country,” it said.

It added that it will review cur-rent business operations after the completion of its proposed selec-tive capital reduction and repay-ment (SCR) exercise.

On Aug 8, Hwang Capital said it has received the nod from DBS Vickers Securities Pte Ltd and DBS

Bank Ltd — which collectively hold 27.66% of the fi rm — to un-dertake the SCR exercise.

The SCR was initiated by Hwang Enterprises Sdn Bhd and Hwang Capital non-executive chairman Alex Hwang Lip Teik, who collectively hold a 65.25% stake, to take the fi rm private.

Under the proposal, Hwang Enterprises and persons act-ing in concert will pay entitled shareholders RM260.68 million or RM2.94 per share, nine sen higher than their voluntary take-over off er of RM2.65 in May last year, for shares they did not own.

Th e SCR will be executed by the cancellation of 88.67 million shares, representing a 34.75% stake in Hwang Capital held by minority shareholders.

Trading of Hwang Capital shares has been voluntarily sus-pended since Sept 2 last year, after the failed voluntary takeover off er in May 2016 trimmed its public shareholding to under 10%.

George Kent wins Hong Kong water meter contract again

Hwang Capital 4Q net profi t jumps by 35%

BY S U R I N M U R U G I A H

BY A D A M A Z I Z

BY A D A M A Z I Z

ST O C KS W I T H M O M E N T U M 7TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

PERMAJU INDUSTRIES BHD (-ve)

PERMAJU INDUSTRIES BHD Valuation score*Fundamental score**TTM P/E (x)TTM PEG (x)P/NAV (x)TTM Dividend yield (%)Market capitalisation (mil)Shares outstanding (ex-treasury) milBeta12-month price range

0.900.75

--

0.56-

72.10187.26

0.960.13-0.39

*Valuation score - Composite measure of historical return & valuation**Fundamental score - Composite measure of balance sheet strength& profitabilityNote: A score of 3.0 is the best to have and 0.0 is the worst to have

LEON FUAT BHD (-ve)

LEON FUAT BHD Valuation score*Fundamental score**TTM P/E (x)TTM PEG (x)P/NAV (x)TTM Dividend yield (%)Market capitalisation (mil)Shares outstanding (ex-treasury) milBeta12-month price range

2.401.104.680.030.871.83

254.20310.00

0.760.44-0.83


EXCEL FORCE MSC BHD (-ve)

EXCEL FORCE MSC BHD Valuation score*Fundamental score**TTM P/E (x)TTM PEG (x)P/NAV (x)TTM Dividend yield (%)Market capitalisation (mil)Shares outstanding (ex-treasury) milBeta12-month price range

0.501.95

78.09(146.80)

11.341.04

496.48413.73

0.810.55-1.23


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H O M E BU S I N E S S

KUALA LUMPUR: Lower-than-expected palm oil production, compared with a year ago, will support crude palm oil (CPO) pric-es moving forward, according to Angeline Chin, TA Securities analyst who covers the plantation sector. Year on year (y-o-y), CPO output grew 6.5% to 1.81 million tonnes in August, but is lower by 0.9% compared with July’s 1.83 million tonnes.

“If you look at palm oil production on a y-o-y basis, it did not grow as much as anticipated,” Chin told Th e Edge Finan-cial Daily on a phone call. CPO prices have rebounded from a six-month low of RM2,529 per tonne in mid-June this year, as the benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives closed at RM2,805 per tonne yesterday — not far from its one-year av-erage of RM2,839.75 per tonne. Other than the lower CPO output, lower-than-expect-ed inventory numbers have also provided support for CPO prices.

Yesterday, the Malaysian Palm Oil Board (MPOB) released the palm oil stockpile data for August showing an 8.8% rise in inventory to 1.94 million tonnes from 1.79 million tonnes in July. Th e stockpile, versus a year ago, is up 32.9% from 1.46 million tonnes. Th e inventory consists of CPO and processed palm oil.

“Th ere have been expectations that the inventory level could go up to two million tonnes. Th e surprise in the production drop that helped to keep inventory at a

lower level is positive for the market, with expectations for stockpiles to decline fur-ther moving forward,” a trader based in Kuala Lumpur said.

On the other hand, Chin said the in-crease in palm oil inventory is within her expectations, despite the slight dip in CPO production month-on-month (m-o-m), following a strong 60.7% jump in CPO im-ports to 10,400 tonnes from 6,500 tonnes a month ago. CPO imports, versus a year ago, have grown by 89.9%.

Th ough exports of CPO have grown by 6.4% m-o-m to 1.49 million tonnes, it is down 18.5% from a year ago, indicating weaker demand y-o-y. Th e ringgit, which has strengthened against the US dollar, makes palm oil less attractive among buy-ers holding foreign currencies — refl ective of the weaker export data. Bloomberg con-sensus data show the CPO is expected to trade at an average of RM2,688 per tonne in the third quarter of this year (3Q17), and at RM2,764 per tonne in 4Q17. On average, the CPO is forecast to be at about RM2,766 per tonne for the year.

However, another trader said she ex-pects the CPO to trade at a lower average of RM2,600 per tonne for the year despite a recent strong rebound. “Th e rebound in CPO prices could be temporary, due to soybean price movements and the weather in the US and South America. Th is phenomenon is expected to be tem-porary, so we maintain our view that CPO prices will moderate lower in the second half of the year,” she said.

KUALA LUMPUR: Port Klang has been impacted this year as key shipping com-panies chose to shift their operations to Singapore under new alliance agreements, putting a poser over Malaysia’s aggressive plans to expand the logistics industry, Th e Straits Times reported.

The publication said many of these partnerships are with Beijing, but noted the Ocean Alliance, which includes state-owned China Cosco Shipping, had shifted to PSA Singapore’s terminal from Klang in April. Meanwhile, it said the Chinese and Malaysian governments are still pushing to develop logistics infrastructure, includ-ing the RM55 billion East Coast Rail Link (ECRL) to be built and fi nanced by China.

“Only Kuantan Port has Chinese equity so far because it also aids Beijing’s South China Sea claims. Other infrastructure plans have not taken off or are only loans, or worse, just Chinese companies winning construction deals,” Port Klang Authority chairman Lee Hwa Beng was quoted as saying. Data compiled by Northport and Westports show that cargo throughput dropped 8.4% in the second quarter of 2017 to three million 20ft equivalent units (TEU), after nearly four years of increas-ing loads. Quoting UOB Kay Hian analyst Kong Ho Meng, the publication reported that Westports had guided a decline of between 7% and 12% in volume in 2017, with 2018 prospects remaining murky.

Th e new alliance has also resulted in a loss of transshipment volumes — goods stored before being shipped to their fi nal destinations — from giants United Arab Shipping Company (UASC) and France’s CMA CGM. It said this could total up to two million TEU per year. Industry offi -cials said the realigning of the two groups has resulted in more than half of Klang’s Asia-Europe calls being shifted to Singa-pore. Th ere are concerns of oversupply amid plans for new ports such as the RM43 billion Melaka Gateway and another on Carey Island in Klang.

Th e publication, citing government and industry sources, reported that Chinese companies earmarked to take a stake in the two projects have had reservations over their viability. Moreover, it noted the Malaysian government had approved Westports’ proposal to double its capac-ity to 30 million TEU, equivalent to PSA’s handling in 2016, despite the shrinking volume year to date. However, it said the Malaysian government has insisted that cargo volumes would rise as the country strengthens links with southern Th ailand and Sumatra, Indonesia.

“Only the transshipment volume came down a bit but our local volume [has] in-creased. We can see strong growth in Ma-laysia, especially our economic produc-tion,” Transport Minister Datuk Seri Liow Tiong Lai was quoted as saying, adding that Malaysia has a very good relation-ship with Cosco.

Lower palm oil production to support CPO pricesBY B I L LY TO H

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

Port Klang impacted as key shipping companies shift to Singapore

SHARES in Excel Force MSC Bhd (fundamen-tal: 1.95/3; valuation: 0.50/3), fi nancial services and business solutions provider for banks and stockbroking companies, triggered our Stocks with Momentum algorithm yesterday for the fi fth time since the beginning of this year.

Th e counter rose 10 sen or 8.33% yes-terday to RM1.30, with 5.47 million shares done compared with the average 475,013 shares traded in the past 200 days, and with a market capitalisation of RM537.85 million.

Th e company recently inked a memo-randum of understanding (MoU) with Lon-

don-based company Aquis for prospects of software delivery, support and operations in the designing and building of infrastructure and software, as well as customised training to support operationalisation.

It has also named a new chief executive offi cer (CEO), Mohd Fauzi Yaakub, previously Malaysian Takaful Association technical ad-viser and Hong Leong MSIG Takaful Bhd CEO.

Excel Force reported a 77% jump in net profi t in the second quarter ended June 30, 2017 to RM1.86 million, due to lower cost of sales and operating expenditure.

SHARES in Leon Fuat Bhd (fundamental: 1.10/3; valuation: 2.40/3), which triggered our proprietary momentum algorithm yes-terday, closed 6.5 sen or 7.93% higher at 88.5 sen, with a market capitalisation of RM274.35 million.

Leon Fuat is primarily involved in trading and processing carbon and stainless steel products, with facilities to perform cutting, levelling, sharing, profi ling, bending and fi n-ishing of products as well as the production

of expanded metal.A total of 9.54 million shares were done,

versus its 200-day average trading volume of 1.3 million shares. Its share price has climbed 90.32% year to date.

Its net profi t in the second quarter ended June 30, 2017 jumped 159% year-on-year to RM30.03 million from RM11.60 million, after recognising gains and compensation from the compulsory acquisition of its land and buildings by the government.

SHARES in Permaju Industries Bhd (funda-mental: 0.75/3; valuation: 0.90/3) closed 0.5 sen or 1.3% higher at 39 sen yesterday, with 50.40 million shares done, compared with its 200-day average trading volume of 1.39 million shares.

Th e company distributes motor vehicles under the Volkswagen and Ford franchises, and is also involved in property development

and tree plantations.Year to date, its shares have climbed

178.57%, but the catalyst is unclear as the company has not made any signifi cant an-nouncements since releasing its results for the second quarter ended June 30, 2017 (2QFY17).

It recorded a net loss of RM1.4 million in 2QFY17 — the seventh consecutive quarterly loss for the company.

8 P R O P E RT Y TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

Australia’s Cromwell to fl oat US$1.1b REIT in SingaporeCEREIT will hold 81 offi ce, industrial and retail properties across Europe

SYDNEY: Here’s something else for policymakers to worry about as they attempt to engi-neer a soft landing in Austral-ia’s property market.

Th e country’s lenders could be sitting on A$500 billion (RM1.68 trillion) of “liar loans”, or mortgages obtained on in-accurate fi nancial informa-tion, according to an estimate from UBS Group AG.

A survey by the fi rm of 907 Australians who took out a mortgage in the last 12 months found only 67% stated their application was “completely factual and accurate”, down from 72% the previous year. Th e most common inaccuracies were overstating income and understating living expenses, the survey found. — Bloomberg

BEIJING: Sales of excavators by Chinese manufacturers dou-bled for the fi fth straight month in August year-on-year, an in-dustry website said, suggest-ing real estate demand held up despite various tightening measures imposed on popular housing markets.

Some 24 major Chinese manufacturers, including a subsidiary of industry giant Sany Group, sold 8,700 ex-cavators in August, industry website 21-Sun.com said on Saturday.

Total sales in the fi rst eight months jumped to 91,000, marking a 101% increase com-pared to the same period a year earlier, it said. — Reuters

Aussie banks sitting on A$500b of ‘liar loans’, UBS says

‘China’s excavator sales double for the fi fth straight month’

BY TO M W E S T B R O O K

SYDNEY: Australia’s Cromwell Property Group will tap Asian in-vestors in a bid to raise as much as €900 million (US$1.1 billion/RM45.39 billion) through a real estate investment trust in Singa-pore, according to a prospectus lodged last Friday.

Th e trust, called CEREIT, will hold 81 offi ce, industrial and retail properties across Europe, which

Cromwell values at about €1.8 billion.

Th e planned initial public of-fering (IPO) will add to a strong year for listings on the Singapore bourse, which promotes itself as the Asian hub for real-estate trusts such as Frasers Centrepoint Trust and Ascendas Real Estate Invest-ment Trust.

A successful listing would be the largest since July, when NetLink NBN Trust raised US$1.7

billion in the biggest IPO in Sin-gapore in four years, propelling listings in the city-state to a mul-ti-year high.

Cromwell will retain roughly 12.7% of the new vehicle itself, with the rest off ered to investors in Singapore, which is an Asian hub for real-estate trust listings.

Cromwell, which had no fur-ther comment yesterday beyond the prospectus documents, said it received eligibility-to-list approval

from Singapore’s bourse in August, and estimates the listing will yield 7.5% in 2018.

Goldman Sachs and UBS are joint-managers for the listing, which has an off ering price be-tween €0.55 and €0.57. A fi nal price will be determined on Sept 21.

Australian-listed shares in Cromwell rose 0.8% to A$0.96 (RM3.25) in morning trade yes-terday, in line with the broader S&P/ASX 200 index. — Reuters

LONDON: Britain’s Carillion an-nounced a series of changes to its management yesterday as the crisis-hit construction services company tries to stabilise its busi-ness and rebuild its balance sheet.

Chief financial officer Zafar Khan will step down with im-mediate effect, to be replaced by Emma Mercer (pic), the fi-nance head of its UK construc-tion business.

It has also appointed Lee Wat-son, on a secondment from audi-tors Ernst & Young LLP, as its chief transformation officer.

Khan’s departure comes two months after chief executive of-ficer Richard Howson was ousted as the company warned on full-year profits, citing difficult mar-kets and a deterioration in some contracts.

Carillion, which helps to main-

Carillion shakes up managementto lead recovery

SINGAPORE: Banks in Singapore have started a mortgage war, spurred by the lower interest rate for a longer duration, to the delight of the legions of homebuyers who are pouring back to a buoyant residential market.

According to Th e Business Times report, last week, both United Overseas Bank (UOB) and HSBC launched three-year fixed-rate home-loan packages which until now had been mainly the preserve of DBS Bank, the nation’s largest housing-loan provider.

Bank of China also has a three-year fixed-rate package but with varying yearly interest rates. UOB and HSBC have joined DBS in sell-ing three-year fi xed-rate packages of 1.68% for each of the three years, capitalising on the recent drop in interest rates amid doubts of further rate hikes by the US Federal Reserve.

UOB, HSBC join mortgage war with three-year fi xed-rate packages

tain British railways and roads, said in July that payment problems on four construction contracts nearing or reaching completion

had forced it to take a provision of £845 million (RM46.82 billion).

There has been speculation that the company may have to raise at least £500 million and could announce a rights issue alongside its results on Sept 29.

Carillion’s troubles have been compounded by its debt pile and pension obligations and trouble collection cash from clients.

Winning new contracts had become harder as spending in the Middle East adjusts to lower oil prices, and the firm had also experienced some delays in UK public spending decisions since Britain voted to leave the Euro-pean Union.

Shares in the company, which plunged around 80% in the af-termath of the warning, fell 6% to 41.42 pence in early trade. — Reuters

B R O K E R S’ C A L L 9TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

New launches to drive Mah Sing’s sales upsideMah Sing Group Bhd(Sept 11, RM1.47)Maintain buy with an unchanged target price (TP) of RM1.76: After taking a two-year break, Mah Sing Group Bhd has renewed its acqui-sition trail, leveraging on its solid balance sheet and the availabili-ty of prime land with reasonable pricing in the current soft market. Year to date, the group has locked in four land deals with a combined gross development value (GDV) of approximately RM4.3 billion. With the new acquisitions, it has a strong portfolio of projects with a combined potential GDV and unbilled sales of approximately RM29.5 billion. Assuming annual sales of RM2 billion to RM3 bil-lion, we estimate it would sustain the group’s revenue for the next 10 to 15 years.

Despite having a replenished GDV of RM4.3 billion to date, the group has publicly expressed its in-tention to look for more landbank-ing opportunities. As at June 2017, the group’s balance sheet was in a net cash position with a total cash pile of RM1.5 billion. Factoring in the acquisition cost of the new land mentioned above and other capi-tal commitments, we estimate the group’s net gearing ratio to remain relatively low, which is less than 0.2 times. As such, we anticipate more land acquisitions over the next six to 12 months. In terms of location preference, we gather it will be fo-cusing on acquiring more land in Greater Kuala Lumpur as proper-ty demand in this region remains resilient, driven by population and economic growth. Over the next two to three years, management aims to increase the group’s outstanding GDV in the Greater Kuala Lumpur area to 75% from 67% currently.

Management is maintaining its 2017 sales target of at least RM1.8 billion. Recall that Mah Sing re-corded sales of RM819 million in the first six months of financial year 2017 (1HFY17), a year-on-year increase of 6.5%. We believe the group’s sales target is achievable,

Lafarge Malaysia Bhd(Sept 11, RM6.15)Maintain sell with an unchanged target price of RM4.02: We under-stand that the average selling price of bag cement improved in July. However, we opine that it is still too early to conclude that earnings recovery is underway for Lafarge Malaysia Bhd given that bulk ce-ment still makes up a signifi cant portion of total cement demand (65% against 35% in bag cement for Lafarge) and pricing for bulk cement tends to be stickier.

Operating costs have been successfully reduced due to cost optimisation exercises such the de-bottlenecking project at the Rawang and Kanthan plants and partial mothballing of one of the kilns at the Langkawi plant. Th e improved effi ciency at the Rawang and Kanthan plants as a result of the de-bottlenecking project allows for more cement supplied from the two plants instead of the Langkawi plant, which reduces logistic cost.

Although we applaud manage-ment for the eff orts in cost-cutting and investment in new products, the positive impact from cost-re-duction eff orts is still insuffi cient to off set the negative industry trend. Hence, we still expect industry prospects to remain challenging in the near term due to: i) slow imple-mentation of mega infrastructure projects; ii) a soft property market (major driver of cement demand); and iii) depressed cement prices caused by overcapacity.

Although Lafarge is a proxy to ride on the construction upcycle, its short-term prospects appear to be plagued by industry over-capacity resulting in downward price pressures as well as sof-tening demand associated with the timing gap between project roll-outs. The current infrastruc-ture boom may not be sufficient to make up for the demand gap caused by the soft property mar-ket. — Hong Leong Investment Bank Research, Sept 11

as its 1HFY17 sales already made up about 46% of its sales target. For 2HFY17, new sales are expected to be supported by RM1.7 billion worth of new launches. In addition, we also understand that the group’s recent launches have received en-couraging responses. For instance, it launched the Fern, phase three of its Bandar Meridian East in early July, off ering 394 units of two-storey link homes with built-ups starting from 1,622 sq ft. Priced at about RM363,000 per unit, we gather that 50% of the units have been taken up. Th is suggests that demand for landed properties in the Iskandar region remains healthy.

Th ere is a potential upside to the group’s sales target of RM1.8 billion, as we understand that the target was set before the group announced the four land deals for this year. Hence, we believe that M Centura @ Sentul and M Vertica @ Cheras have not been budgeted in 2017 sales. The group has recently completed the ac-quisition of the M Centura land and we believe it is on track for launch in the fourth quarter ending Dec 31, 2017 (4QFY17). M Centura, which is planned to be aff ordably priced, will feature two blocks of serviced apart-ments of over 1,400 units with indic-

ative built-ups of 650 sq ft, 850 sq ft and 1,000 sq ft. We understand that the apartments will be priced from RM326,000 per unit (or RM500 per sq ft [psf]). As for M Vertica, a sales gallery was set up in July 2017 and pre-view sessions are underway. Sched-uled for offi cial launch in 4QFY17, M Vertica consists of fi ve blocks of serviced apartments with over 3,600 units, with indicative built-ups of 850 sq ft to 1,000 sq ft. Th e units are af-fordably priced from RM450,000 per unit (or RM529 psf). Given its strate-gic location and attractive pricing, M Vertica has received more than 8,500 registrations of interest.

We made no changes to our FY17 to FY19 earnings forecasts. Unbilled sales of RM3 billion should sustain the group’s earnings for more than 12 months. Our FY17/FY18/FY19 sales assumptions are RM1.9 billion/RM2.5 billion/RM2.7 billion respec-tively. We maintain our TP of RM1.76 per share, based on unchanged 13 times calendar year 2018 earnings per share. We continue to like Mah Sing’s healthy balance sheet and fo-cused strategy to provide mass-mar-ket housing in urban regions. With a potential total return of 24.1%, we maintain Mah Sing as “buy”. — TA Securities, Sept 11

Lafarge’s cost-cutting eff orts, new products promising

UMW Oil & Gas Corp Bhd (Sept 11, 33 sen)Maintain hold with an unchanged fair value (FV) of 30 sen: We main-tain our “hold” call on UMW Oil & Gas Corp Bhd (UMW-OG) with an unchanged FV of 30 sen per share, based on a 40% discount to the upcoming diluted book value of 50 sen per share, which the mar-ket has already adjusted for. As a comparison, Malaysia Marine and Heavy Engineering Holdings Bhd, which has a healthy net cash of 41 sen per share but is also expected to register losses this year, is cur-rently trading at half its book value.

Recall that this is after account-ing for the massive recapitalisation at 2.5 times its current market cap-italisation via a RM1.8 billion re-nounceable rights issue, priced at 30 sen per rights share on a basis of 14-to-fi ve existing shares, bundled with free one-for-four seven-year warrants exercisable at 39.5 sen. Th e shares will trade ex-rights on Sept 25, while the trading rights will commence on Sept 26 and cease on Oct 3. Th e theoretical value of the warrants, even though the moth-er share price is currently below its exercise price, works out to 16 sen given that the expiry period is

seven years. Including the potential value of the warrants, we estimate that the trading rights could be valued at four sen. However, if the ex-rights share price drops below 30 sen, the trading rights will be essentially zero.

Currently, six out of seven rigs wholly-owned by UMW-OG (as 50% of the Naga 1 semi-submers-ible rig’s equity stake has been sold to JDC Panama recently) are being utilised as Naga 5’s short-term charter with Petrofac has recently been completed. How-ever, Naga 5’s one-year charter (with another one-year exten-

UMW-OG trading rights issue valued at four sen per share

Mah Sing Group Bhd

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

Revenue 3,108.5 2,957.6 3,075.3 2,944.5 2,694.3COGS (2,314.1) (2,212.2) (2,152.7) (2,061.2) (1,886.0) Gross profit 794.4 745.5 922.6 883.4 808.3Ebitda 516.4 491.1 538.0 514.4 518.8Depreciation (16.4) (13.5) (16.4) (13.5) (16.4) Ebit 500.0 477.6 521.5 500.8 502.4Finance cost 0.4 (4.9) (5.4) (5.5) (5.7) PBT 503.7 482.9 516.2 495.3 496.7Tax (119.1) (122.6) (134.2) (128.8) (129.1) MI 2.0 1.0 (0.3) (3.8) (13.4) Net profit 368.3 324.5 344.9 326.0 317.5Normalised net profit 338.8 324.5 344.9 326.0 317.5EPS* (sen) 14.1 13.5 14.3 13.5 13.2DPS* (sen) 6.5 6.5 6.5 6.5 6.5*Adjusted for 1:4 bonus issue completed in FY15

Source: TA Securities

Lafarge Malaysia Bhd

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

Revenue 2,552 2,564 2,808 2,900Ebitda 294 198 429 438Operating profit 98 10 237 242PBT 74 0 225 239Net profit 77 0 171 182Core EPS (sen) 10.0 0 20.1 21.4HLIB/consensus (%) 0 126 96PER (x) 60 nm 30 28GDPS (sen) 9.0 0 18.1 19.3GDY (%) 1.5 0.0 3.0 3.2BVPS (RM) 3.6 3.6 3.6 3.6P/B (x) 1.7 1.5 1.6 1.6Net gearing (x) 0.05 0.08 0.05 0.02ROE (%) 2.8 0.0 5.6 5.9Source: HLIB Research

sion) with Repsol commences in mid-September this year at RM113 million, which translates into US$72,000 (RM302,400) per day, just around break-even based on our estimates. The group’s jack-up rigs Naga 3 and Naga 4 commenced in June this year, with Naga 3 covering five firm wells with options for six more wells. Naga 4 involves only two firm wells with options to extend to three more wells. As the drilling of a well could take up to 40 days, the firm charter for Naga 4 may be less than three months, while Naga 3 could take

longer at just below seven months. As Naga 2 is also currently on a short-term charter, two rigs will drop out of a firm charter in the fourth quarter of financial year 2017 (4QFY17). This means that five out of the seven rigs in the fleet will be operational post-3QFY17, which will further ex-tend the group’s losses.

Against the backdrop of these persistent losses against a back-drop of a bleak market outlook, we view the 33% share-price discount to its estimated diluted book val-ue as justifi ed. — AmInvestment Bank, Sept 11

The improved effi ciency at the Rawang and Kanthan plants as a result of the de-bottlenecking project allows for more cement supplied from the two plants instead of the Langkawi plant, which reduces logistic cost.

1 0 B R O K E R S’ C A L L TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

Herbal park to generate revenue for Bioalpha from 2020Bioalpha Holdings Bhd(Sept 11, 26 sen)Maintain add with a target price (TP) of 37 sen: Last Wednesday, ACE Market-listed Bioalpha Hold-ings Bhd held its fi rst site visit for investors at its Pasir Raja Herbal Park. Some 30 analysts and fund managers turned up and were hosted by Bioalpha managing di-rector Wiliam Hon and his senior management team.

So far, 124 acres (50.12ha) of the 1,004 acre park have been cleared and the remaining 880 acres are due to be cleared by end-2018. Th e planned capital expenditure is RM5 million over 18 months.

We expect marginal revenue from the Pasir Raja Herbal Park this year but it could be signifi cant from 2020. We have not assumed any potential earnings from it yet.

Th e Pasir Raja Herbal Park is about a two-hour drive from the Kuala Terengganu Sultan Mahmud Airport. Th e company also has an-other 295 acres of herbal park in Kota Tinggi, Johor.

In 2014, Bioalpha was appoint-ed by the East Coast Economic Region Development Council (ECERDC) as the anchor compa-ny to develop the Pasir Raja Herbal Park land into an integrated herbal cluster and manage it.

Bioalpha expects the park to help the company source its own herbs and improve its quality con-

Banking sectorMaintain market weight: Second quarter 2017 (2Q17) earnings were largely in line. As expected, sector earnings growth moderated as provi-sions normalised upwards, while net interest margin (NIM) eased quar-ter-on-quarter (q-o-q). Th e market could turn more defensive with a greater focus on laggard banks with solid provision buffers — Public Bank Bhd (buy), Hong Leong Bank Bhd (buy) and BIMB Holdings Bhd (buy) — as the market turns its focus to the impact of Malaysian Financial Reporting Standards 9 (MFRS9) on the sector’s 2018 provision trends. We reiterate our sell recommenda-tion on RHB Bank Bhd.

Th e percentage of banks deliv-ering positive earnings surprise declined from 44% in 1Q17 to 11% in 2Q17. Only Affi n Holdings Bhd surprised on the upside, while two disappointed — Malayan Banking Bhd (Maybank) and BIMB.

Maybank and RHB Bank Bhd registered strongest earnings growth on low-base effect. Lumpy bond impairments related to oil and gas (O&G) in 2Q16 for Maybank and RHB Bank helped to fuel a relative-

Common equity tier 1 ratios seen healthy for most banks

Banking sector

SHARE TARGET MARKET DIVIDEND PRICE PRICE CAP PER (X) ROE P/BV DIVIDEND YIELDCOMPANY REC (RM) (RM) (US$ MIL) 2016 2017F 2018F (%) (X) (SEN) (%)

Public Bank Buy 20.60 22.00 18,625 15.4 15.3 14.8 14.8 2.2 60.6 2.9HL Bank Buy 15.64 16.90 7,490 14.5 13.7 13.0 10.2 1.3 51.3 3.3HLFG Buy 16.94 19.05 4,543 12.2 11.1 10.0 10.2 1.1 44.2 2.6BIMB Buy 4.40 5.05 1,687 12.5 12.1 11.2 14.4 1.7 14.6 3.3Maybank Hold 9.49 9.50 23,457 15.7 13.8 13.0 10 1.3 53.3 5.6CIMB Group Hold 6.76 6.20 14,328 16.1 12.8 11.7 9.9 1.2 21.1 3.1AMMB Hold 4.29 4.90 3,028 10.6 9.5 9.4 8.3 0.8 15.4 3.6AFG Hold 3.89 3.82 1,389 11.8 12.3 10.6 9.4 1.1 15.4 4.0Affin Hold 2.61 2.75 1,187 9.0 9.5 9.1 6 0.6 8.2 3.1RHB Bank Sell 5.00 4.65 4,694 11.9 10.3 9.8 8.6 0.9 14.5 2.9Source: UOB Kay Hian

ly strong 19% year-on-year (y-o-y) low-base eff ect, which drove 2Q17 sector earnings growth.

Excluding the lumpy Swiber bond impairments, 2Q17 earnings reflect a milder 8% y-o-y growth (vs 1Q17’s 12.3% y-o-y growth). Maybank and RHB Bank witnessed the strongest 2Q17 earnings growth at 43% and 43.1% respectively, driv-en by the low-base eff ect of their 2Q16 earnings base arising from the abovementioned Swiber bond impairments.

Excluding the lumpy eff ects of the bond impairments, CIMB Group Holdings Bhd registered the strong-est earnings growth at 26.3% y-o-y followed by Maybank at 18.6% y-o-y, driven largely by strong NIM expan-sion from lower funding cost and lower provisoins.

Th is is, however, well refl ected in our 30% and 15% fi nancial year 2017 (FY17) earnings growth as-sumption for CIMB and Maybank respectively. RHB Bank’s 2Q17 earn-ings growth, excluding the low-base

eff ect of lumpy bond impairments, was a modest 3.2% y-o-y.

Excluding Maybank and CIMB, 2Q17 earnings growth for the oth-er banks averaged 2.5% y-o-y as upward normalisation in credit cost, modest fee income and loan growth of 4.5% and 4.8% stifl ed over-all earnings growth. In fact, q-o-q loan growth moderated to 0.1% in 2Q17 from 0.3% in 1Q17.

As expected, provisions are nor-malising upwards with sector net credit cost rising from 31 basis points

(bps) in 1Q17 to 41bps in 2Q17. Th is is in tandem with the 14.9% y-o-y and 2.4% q-o-q increase in gross impaired loans balance, which re-sulted in a 16 bps y-o-y increase in gross impaired loan ratio to 2.05%.

As 2Q17 earnings trends were largely within our expectations, we have kept our FY17/18 sector earn-ings forecast largely unchanged at 12.7% and 6.6% growth respectively.

In the recent 2Q17 results, loan growth and non-interest income remained weak with positive y-o-y NIM being one of the very few growth drivers. Even then, we note that NIMs for most banks are starting to reverse downwards on a q-o-q basis. Loan life coverage ratio continues to decline for most banks while provision trend is normalising upwards, especially with the up-coming implementation of MFRS9.

On a positive note, the healthy common equity tier 1 ratios for most banks (averaging 11%) will ensure that they are able to absorb the capital impact of higher Day 1 MFRS9-fuelled provision in the bal-ance sheet without having to top up capital buff ers via additional equity capital. — UOB Kay Hian, Sept 11

SCGM Bhd(Sept 11, RM2.97)Maintain outperform with an unchanged target price (TP) of RM3.63: We came away from SCGM Bhd’s analyst briefing last week with some encour-aging takeaways. Despite see-ing a slowdown in profi tability, dragged by a sharp increase in resin material cost which off set the strong double-digit growth in revenue, management believes it can achieve stronger earnings growth this year.

Meanwhile, its fi rst Klang Val-ley plant is scheduled to open this month and is expected to be fully operational by early next year. We continue to maintain our “outperform” call with an unchanged TP of RM3.63.

Th ough the ban of polysty-rene as takeaway food contain-ers in Kuala Lumpur has been in effect since the start of the month, management might see lukewarm response as execution remains the key concern. We understand that there are fi ve degradable container product suppliers in Klang Valley. Out of the fi ve, three are mainly im-porters from China while SCGM and another Ipoh-based player are the only local manufacturers.

All segments delivered de-cent growth during the quarter except for electronics. Food and beverages, which contributed 44.5% of the group’s sales, posted 11% year-on-year (y-o-y) growth

driven by stronger sales volume in lunch boxes and cups. Elec-tronics and extrusion, medical & others surged 90.7% while the electronic segment slipped 2.1%. Local sales grew at a stronger pace, up 64% (vs exports: +11.8% y-o-y) as the company added more local customers (local: +29 vs overseas: +7) in the fi rst quarter of financial year 2018 (1QFY18).

Lunch boxes and cups, which remain the key growth driver for the group, contributed 21% of total sales. Nevertheless, lunch box sales were relatively weak-er compared with the last two quarters, mainly dragged by the Hari Raya celebration in June. Earnings before interest, taxes, depreciation and amortisation (Ebitda) margin, which has been on the downtrend since 2QFY17, fell from 21.8% in 1QFY17 to 18% currently, mainly due to a sharp increase (+30% y-o-y) in resin cost, which makes up about 70% of the total production cost.

We estimate the 47,000 sq ft new Klang Valley factory will contribute additional 20% sales to the group. Management tar-gets to break even in less than a year.

Lastly, management sees a lower eff ective tax of 15%-16% for FY18-FY19, supported by the reinvestment allowance and dou-ble taxation for being the recent Southeast Asian Games sponsor. — PublicInvest Research, Sept 11

SCGM confi dent of stronger earnings growth this year

trol. Th e 124-acre tract that had been cleared has been planted with various herbs and fruit trees such as the Kacip Fatimah, Tongkat Ali, Roselle, ginger, lemongrass, papaya, coconut and black pepper.

While it may only take a year for a papaya tree to mature, it takes five to seven years for coconut trees and Tongkat Ali plants to do so. We estimate the current aver-age selling price of raw materials from the park is around RM3 per kg and we expect it to gradually rise as the plantation matures over the next few years.

Bioalpha is targeting a produc-tion of only 200 tonnes of raw ma-terials from the park this year.

Assuming the average selling price is RM3 per kg, we estimate revenue from the park this year would be only about RM600,000 and a profit before tax (PBT) of RM300,000 (assuming a 50% PBT margin). However, by 2020, pro-

duction from the park could rise to 2,000 tonnes per annum and as-suming the average selling price is RM3 per kg, we project a revenue of RM6 million and PBT of RM3 mil-lion (assuming a 50% PBT margin).

We have not assumed any earn-ings from the park in our earn-ings forecasts. Bioalpha currently sources its Tongkat Ali root from the orang asli, who collect the root from the jungles. We estimate Bi-oalpha would start sourcing its Tongkat Ali root internally from 2020.

We understand there could soon be an industry shortage of Tongkat Ali as distributors from China have been purchasing it in large quantities over the past few years. Th is could be positive for herbal planters like Bioalpha in the long-term.

We maintain our earnings per share forecasts and TP of RM0.37, based on 20 times fi nancial year 2018 price-earnings ratio (PER) at a 20% discount to our 25 times calender year 2018 target PER for the consumer sector.

Th e discount refl ects Bioalpha’s small market capitalisation. Th e stock remains an “add” call and potential catalysts include strong-er-than-expected sales from Chi-na and India, its two main export markets. A downside risk is weak domestic sales. — CIMB Research, Sept 10

Bioalpha expects the park to help the

company source its own herbs and

improve its quality control.

H O M E 1 1TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY


Shahrizat: Women must master digital technology Th is is to ensure they remain relevant, continue to contribute to country’s development

ALOR SETAR: Th e Sultan of Kedah Sultan Abdul Halim Mu’adzam Shah passed away at 2.30pm yes-terday at Istana Anak Bukit here. Sultan Abdul Halim, who was 89, ruled Kedah for 59 years.

Th e announcement on the Sul-tan’s demise was made by Kedah Menteri Besar Datuk Seri Ahmad Bashah Md Hanipah at a press conference at Wisma Darul Aman here.

Th e royal committee on the fu-neral ceremony, in a meeting, de-cided that the lying-in-state would be held at the Dewan Penghada-pan in Istana Anak Bukit today to enable the public to pay their last respects from 11am to 12.30pm. Ahmad Bashah said dignitaries would pay their last respects be-tween 12.30pm and 1.30pm.

He said the cortège would pro-

Najib arrives in US ahead of meeting with TrumpWASHINGTON, DC: Prime Minister Datuk Seri Najib Razak arrived here yesterday morning for a meeting with US Presi-dent Donald Trump today at the White House. Najib and his wife Datin Seri Rosmah Man-sor were received on arrival by Malaysian ambassador to the US Tan Sri Zulhasnan Rafi que at the Joint Base Andrews in Maryland. Th e meeting, at the invitation of Trump, marks the 60th anniversary of bilateral ties between Malaysia and the US. Zulhasnan told Malaysian journalists that Najib’s visit was expected to reaffi rm the Malay-sia-US strategic partnership as well as set the tone for future bilateral and international col-laborations. — Bernama

‘Chief ministers, menteris besar require permission to visit schools’ GEORGE TOWN: Prior permis-sion has to be obtained by men-teris besar or chief ministers to visit schools under the educa-tion ministry, Penang Educa-tion director Shaari Osman said yesterday. He said it had been a tradition and a norm for state government leaders to obtain permission from the education minister to visit the schools. “It is normal to do so because we have to protect the interests of the schools concerned. Even for members of the public, they have to get permission from the state education department, unless they are members of the parents-teachers associations of the schools concerned. — Bernama

Mahdzir: UPSR to continue for now KOTA KINABALU: Education Minister Datuk Seri Mah-dzir Khalid said the Prima-ry School Achievement Test (UPSR) would continue to be held until a time appropriate for the system to be replaced. He said a study to identify a suitable system to replace the UPSR was still being carried out by getting feedback from interested parties, including parents. “UPSR will continue to be held until we have dis-cussed the issue with all the quarters involved. Th is engage-ment takes a long time, with parents, professionals, unions, academicians, all having to sit together,” he said. — Bernama

Ministry to visit proposed PPR sites in Penang GEORGE TOWN: The urban wellbeing, housing and local government ministry is set to hold a technical visit to con-struction sites for the People’s Housing Programme (PPR) in Jelutong, as proposed by the Penang government. State housing, town and country planning committee chair-man Jagdeep Singh Deo said the ministry, via a letter dated Aug 8, had agreed to visit the proposed sites to assess their suitability. — Bernama

I N BR I E F

The late Sultan Abdul Halim Mu’adzam Shah. File photo by Bernama

ceed along Lebuhraya Darulaman, Jalan Tun Razak, Lebuhraya Sul-tanah Bahiyah and Jalan Langgar to the Langgar Royal Mausoleum for the burial scheduled for 4pm.

KUALA LUMPUR: The country’s largest indoor fl ea market marked its 19th year last weekend with a two-day event named “Collector’s Pick”.

Th e fair at Amcorp Mall in Petal-ing Jaya gathered over 300 vendors from all over the country, and also from Indonesia and Singapore un-der one roof off ering all manner of antiques, oddities and rarities, the mall said in a statement.

Th e fl ea market started in 1998 with just a handful of pioneering antique enthusiasts proudly dis-playing their prized collections at the lower ground level of the mall, the statement said. Now, Amcorp Mall’s fl ea market covers four fl oors of the mall every weekend.

The flea market provides its many vendors with an opportu-nity to supplement their income and serves as a favourite meeting place for collectors.

Th e event is aimed at taking fl ea market tourism in Malaysia to the next level, the statement said. It

Largest indoor fl ea market marks 19th year

IPOH: Common methods used to measure develop-ment and human progress in the country need to be re-examined to address social well-being, development and humanitarian issues, said the Sultan of Perak Sultan Nazrin Muizzuddin Shah.

Sultan Nazrin said the na-tional economic performance had traditionally been meas-ured using gross domestic product as well as the Human Development Index to meas-ure a range of social welfare parameters including health and education.

“We should recognise that a broader range of indicators is necessary to monitor the trend of development and prosperity,” he said in his roy-al address when launching the Pangkor Dialogue 2017 (PD 2017) here yesterday.

The two-day event themed “Making the Future: Innova-tive Pathways to Sustainable Development”, organised by Institut Darul Ridzuan, deals with issues relating to so-cio-economic development and sustainability.

Sultan Nazrin also drew attention to the reality that many of the present jobs would not exist in future due to the impact of new tech-nologies.

“One study suggested at least 50% of 700 different cur-rent job categories may be fully automated in the com-ing years.”

The sultan also stress-es new financing modules are required to mobilise ad-equate resources to close the development and hu-manitarian financing gap. — Bernama

‘Ways to measure development, progress must be reviewed’

IPOH: It is important for women to master digital technology to ensure they remain relevant and continue to contribute to the country’s devel-opment especially in the economic sector, said the adviser on Women Entrepreneurs and Professional Development in the Prime Minis-ter’s Department, Tan Sri Shahrizat Abdul Jalil.

She said women should have the courage to venture into the digital sector in line with the Industrial Revolution 4.0 and today’s tech-nological advancement.

“Women need to face changes in the working environment in tandem with changes in digital ecosystems. Nowadays, we see women involved in online busi-nesses and more women are in the skills area.

“A woman’s instinct can take her to a higher level where the digital era is for women, and if they are given the opportunity to dominate this era they will certainly do well,” she told reporters after a dialogue session on empowering women in the economic fi eld in conjunction

with the Pangkor International De-velopment Dialogue (PIDD) here yesterday.

Th e two-day PIDD 2017 themed “Driving the Future: Innovative Pathways Towards Sustainable De-velopment” which began yesterday is organised by the Darul Ridzuan Institute (IDR).

In the dialogue session, Shahri-zat said women should prepare to equip themselves to be fi nancially independent.

“Women play the role of daughter, wife, mother and so

forth and they need to be finan-cially strong, so we [the govern-ment] have studied their needs and the opportunities to offer to them,” she said adding that with-out women too, the country will not progress.

On the Pangkor Dialogue which is into its fourth year, Shahrizat said the programme could create a positive impact as IDR had invited a host of luminaries as speakers, including female astronaut from the US, Dr Catherine Cady Cole-man. — Bernama

Ahmad Bashah said state, na-tional and other fl ags would have to be fl own at half-mast for three days from yesterday and that the period of mourning would be seven days.

“During that period, there is a prohibition on all forms of enter-tainment, gatherings and festiv-ities.”

The menteri besar also an-nounced a public holiday for Kedah today, but said the Primary School Assessment Test would proceed as scheduled.

Sultan Abdul Halim created his-tory by reigning as the Yang di-Per-tuan Agong twice, from 1970 to 1975 and from 2011 to 2016.

Ahmad Bashah conveyed the state government’s condolences to the royal family and prayed for the sultan’s soul to be blessed by the Almighty. — Bernama

A view of the Amcorp fl ea market which is a magnet for fans of collectibles. Photo courtesy of Amcorp Mall.

was witnessed by Tourism Malaysia and the Malaysia Book of Records which endorsed the mall as Ma-laysia’s largest indoor fl ea market.

A special-interest booklet writ-ten by travel writer/fl ea market ven-dor Azhari Mahmood aka Zari Ma-laysiana, commissioned by Tourism Malaysia for free distribution locally and overseas, was also launched.

Th e booklet showcases the best fl ea markets or pasar karat as they are popularly known locally across the country. It also includes the weekly artisan, curio markets or bazaars, and a listing of car boot sales in the Klang Valley, as well as some of the more popular col-lectors’ galleries that are open to visitors at a nominal fee.

1 2 C O M M E N T TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

Break up the tech giants? No, just level the fi eld

People in the US, not just in the European Union (EU), are fi-nally getting worried about tech sector lead-ers’ market dominance

and the political power it confers. Unfortunately, the solutions gain-ing traction are the kind of anti-mo-nopoly regulations that address the symptoms of the problem, not its root cause.

Some 45% of American adults get news from Facebook. Goog-le’s search market share in the US approaches 86%. About 43% of all online retail sales in the US last year went through Amazon. So no wonder people get concerned when Facebook reports that, during the US presidential campaign, hun-dreds of fake accounts, possibly operated from Russia, bought and ran about US$100,000 (RM420,000) worth of political ads from the so-cial media company. It is no sur-prise that there is an outcry about Google’s treatment of free speech inside the company and, likely, in a think tank the company funds. It is natural that Amazon’s Whole Foods acquisition raises alarms.

How can these benign, univer-sally loved innovators be stopped from turning into evil, soulless corporate behemoths? Break up companies such as Facebook, Google and Amazon, some say, or at least stop them from buying up companies that allow them to consolidate their dominance. Or perhaps recognise them as util-

LAST week’s stock market action will come as no surprise to people who closely follow investor behav-iour, particularly those who are stu-dents of behavioural fi nance. It will also reconfi rm already entrenched adaptive expectations that have conditioned investors to buy the dip — a behaviour that has clipped considerably both the duration and extent of market sell-off s.

In a week of notable moves in the fixed-income and currency markets, including the 10-year US Treasury’s decline to a 2017 low and the dollar’s weakening to levels not seen for almost three years, US stock indices recovered impressively from a rough fi rst day of trading. By the end of the week, the Dow Jones Industrial Average was essentially unchanged, while the S&P slipped just 0.6% and the

BY LEONID BERSHIDSKY ities — the approach advocated by Barry Lynn, head of the Open Markets programme cut loose by the New America think tank after Google executive chairman Eric Schmidt complained about Lynn’s work. Th e catch-all name for all the proposals, popularised by George Mason University law professor Joshua Wright, is “hipster antitrust.”

Neither makes sense in most cases. Th e EU’s antitrust commis-sioner Margrethe Vestager has only gotten involved with the US tech gi-ants because European monopoly and state aid law provided some rel-atively low-hanging fruit. Th at does not mean US regulation should follow the European path of least resistance. Besides, the case for increasing the regulation of some companies is better than for others.

Th e fundamental problem with the tech leaders is that they have, for many years, succeeded in presenting themselves as something diff erent than what they are. Amazon (minus its commercial cloud business) is a big retailer with a strong distribution network that other retailers also choose to use. Google and Facebook are media corporations because their business model, based on sell-ing ads, puts them squarely in that sector; it does not matter that they do not themselves create the con-tent they sell to advertisers or that they collect lots of behavioural data about users — the money-for-eye-balls model remains essentially the same as for old-school media com-panies. Uber is a taxi fi rm. Airbnb is a hospitality company.

As Robert Haslehurst and Alan Lewis of LEK Consulting wrote in the Harvard Business Review last year, a market is only new if the

transaction that occurs in it did not previously exist; thus, cellular communications constituted a new market when they were fi rst off ered to consumers. But Amazon, Uber, Airbnb, and even Google and Face-book do not, as a rule, off er such fundamentally new transactions. “We believe,” Haslehurst and Lewis wrote: “that these businesses have not redefi ned industries in a fun-damental way; instead they are ‘old wines in new bottles.’ Th ey have more similarities than diff erences with traditional businesses, and should be regulated accordingly.”

Th is is an approach that could, in theory, eventually lead to the break-up of Amazon into a retail company and an eBay-like online marketplace company that also of-fers logistics and delivery services. It has already spawned, for example, an Indian law passed last year that only allows 100% foreign ownership of companies that operate mainly as

a marketplace, with no more than 25% of their sales coming from one vendor, such as the company itself. It could also limit Google’s ability to off er certain services that others advertise on its “platform” — the next step after this year’s Europe-an Commission ruling that it stop prioritising its own shopping com-parison service over others.

This, however, is also an ap-proach that will change little for consumers or for governments in countries where these US behe-moths operate but pay almost no taxes. Today, consumers are not really being price-gouged by Ama-zon — quite the contrary, they often prefer it to bricks-and-mortar stores because it off ers lower prices. Nor do consumers suff er from Google’s comparison-shopping service. Th ey might suff er someday if the com-panies become more dominant and, at the same time, greedier. But there is no point in trying to fi x a

non-existent problem now. Th e current problem is that, under

the mantle of innovation, the com-panies are avoiding the strenuous regulation that their more traditional rivals have to accept. Th e tax schemes used by Google and Amazon allow them to pay little tax in Europe by paying large intellectual property royalties to fi rms in off shore areas.

Treating the “platforms” as they really are would even the playing fi eld in other ways, too. If it is rec-ognised that Facebook is a media company, it will be legally liable for its content, and it will be forced to keep better track of fraudulent anon-ymous usage. A “legacy” media com-pany always know who has bought ads, sometimes after vetting by the legal department. Using a diff erent ad-placement technology should not absolve Facebook, or Google, from this kind of responsibility. It should not worry regulators how the com-panies are going to enforce content control, just as it does not worry them in the case of a traditional publisher or TV channel. Th e fi rms will just have to fi gure out how to do it.

It would benefi t vigorous com-petition if Uber had to submit to all the transport regulations followed by its rivals. Subjecting Airbnb to hotel regulations would put it on a more equal footing with hotel chains that use essentially the same “asset-light” approach, owning few of their properties.

It is rather late but not too late to apply existing rules to these compa-nies. Once that happens, competi-tors may start catching up in markets from media to retail, from urban transportation to hospitality, and the current “platforms’” size may cease to be such an irritant. — Bloomberg

File pic of Mark Zuckerberg. Facebook, Google and Uber should be held to the same rules as their older rivals.

BLOOMBERG

How investors are dealing with today’s uncertaintiesBY

M O H A M E D A E L- E R I A N

VIX edged up to only 12.1. In the process, stock investors again put behind them big unresolved issues regarding North Korea’s nuclear threats, signifi cant actual and pro-jected damage from two monster hurricanes, added uncertainties about the future leadership of the US Federal Reserve (Fed), and a signifi cant downward revision in Japanese growth.

Admittedly, there was also fa-vourable news last week for mar-kets. Th e European Central Bank (ECB) revised upward its growth projections, while a surprise deal between President Donald Trump and congressional Democrats re-moved the spectre of an October breach of the debt ceiling and the government running out of funds. At the same time, remarks from Fed officials pushed back investors’ timing of the next interest rate in-crease, reducing the implied market probability of a December hike to just under 30%.

Assessed on their merits, the

net impact of these developments is to cast some doubt about the world’s economic, policy, political and geopolitical outlook. Indeed, even the favourable events came with qualifi ers. For example, the ECB also revised down its infl ation forecast, highlighting that all is not well on Europe’s cyclical economic horizon. And there is a considerable diff erence of view among political commentators as to whether the deal on the debt ceiling enhances or undermines the probability of subsequent timely congressional approval of pro-growth tax reforms and infrastructure.

What last week’s market action demonstrated, once again, was in-vestors’ willingness to set aside con-siderable unusual uncertainty. Th ey remain deeply comforted by the notion that central banks continue to cover their backs that corporate cash will continue to be ploughed into the markets via dividends and share buy-backs, and, to a lesser extent, that the global economy is

in the midst of a synchronised up-swing. Indeed, in recent years such faith has richly rewarded investors who have been conditioned to buy the dip, regardless of its causes.

As valid as these factors may be (and there is room for debate about all three) they do not directly re-duce the uncertainties posed by geopolitics and national politics. In eff ect, rather than try to internalise them, stock markets are essentially ignoring them — because they are intrinsically diffi cult to price and be-cause so far they have tended to have limited lasting impact historically.

Th is market attitude is familiar to students of behavioural fi nance. It speaks to elements of neurosci-ence and psychology that aff ect in-vestor behaviour and, in a desire to return to a comfort zone, can lead to overly optimistic assessments of risks. But it is also an attitude that is vulnerable to sudden large tip-ping points, particularly if one or more of the uncertainties evolve in a signifi cant unfavourable fashion.

So far, investors have been right to supplement their structural and secular portfolio strategies with a good dose of tactical positioning. In doing so they have been outsourcing uncertainties to institutions (name-ly central banks) and an economic and financing paradigm (that of a low-volatility new normal) that has emboldened them to take on more market exposure and great-er liquidity risk. To also make this approach rewarding over the long term, at least one of two additional factors must materialise over time: an improvement in underlying fun-damentals that validates existing asset prices, or suffi cient investor agility and resilience that enables them to navigate safely the even-tual more realistic pricing of the fl uid world we live in. — Bloomberg

Mohamed A El-Erian is chief eco-nomic adviser at Allianz SE, the parent company of Pimco, where he served as CEO and co-CIO.

W O R L D B U S I N E S S 1 3TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

ExxonMobil slashes LNG price to IndiaIt is bad sign for producers in an oversupplied global market

NEW YORK: When Americans are hacked, they turn to three big consumer-credit agencies for help with identity theft. What happens when one of them, Equifax, is hit by hackers who steal sensitive personal infor-mation on 143 million people?

One answer was quickly made clear: Investors get spooked. Shares in Equifax, with a market value of US$17 billion (RM71.4 billion) at last Th ursday’s close, tumbled 15% when they start-ed trading last Friday. Th at’s a bigger hit than was suff ered by retailer Target after it revealed a huge security breach in 2013, or Yahoo, where over one billion users were potentially aff ected. And so it should be. Th e theft of social security numbers and oth-er information over a period of more than two months is a direct hit to Equifax’s primary business.

Th e company said its core databases were not aff ected, presumably avoiding even more damage. Chief execu-tive offi cer Rick Smith sounded apologetic on video, and Equi-fax set up the now-standard free — if slightly ironic here — credit monitoring for anyone possibly aff ected.

Committed hackers can get into almost anything, but the best possible defences, de-tection systems and response plans minimise break-ins and their consequences. In this case, it is worrisome that con-sumers had to wait six weeks for Equifax to go public. It is also not the fi rst warning for the industry. Rival Experian experienced a smaller intru-sion two years ago. Boards are not yet paying enough direct attention.

According to its 2017 proxy statement, an Equifax tech-nology committee made up of fi ve non-executive directors is responsible for cybersecurity. In this case, there is also the unseemly spectacle of insid-ers, including the fi nance chief, selling stock days after the hack was discovered.

As more details emerge, Smith’s job could be on the line. It also may be time to shake up the mix of directors and com-mittees at Equifax.

A broader question is wheth-er cyber rules should be tight-ened for companies stewarding confi dential information. After the Enron scandal, lawmakers required better disclosure and internal processes, as well as greater accountability in the form of the controversial Sar-banes-Oxley law. And the Exxon Valdez oil spill spurred anti-pol-lution legislation. Equifax pro-vides a similar opportunity for important change. — Reuters

NEW YORK: Th e US is poised to experience its fi rst annual decline in solar-panel instal-lations, as a drop in rooftop demand slows growth in the world’s second-biggest market.

Developers added a total of almost 2.4 gigawatts in the sec-ond quarter, putting the industry on pace to reach 12.4 gigawatts this year, according to a report yesterday from GTM Research and the Solar Energy Industries Association. Th at’s down about 17% from a record 2016, and the research company expects an-other decline in 2018. Imposing tariff s would mean “installations would significantly drop”, ac-cording to the report.

Th e solar industry is girding for a slowdown after a decade of double-digit expansion. Util-ities are reaching state-mandat-ed goals and rooftop suppliers are slowing growth in some of the largest markets, dragging down demand this year. And that’s before a trade complaint that may prompt US President Donald Trump to impose tariff s on imported panels, a move that the industry warns would dra-matically exacerbate the slump.

Imposing tariff s would mean “installations would signifi cant-ly drop”, according to the report. “Downside risk looms over the long-term outlook for US solar due to the trade dispute.” Bloomberg New Energy Finance expects the US market, second only to China, to contract even more, forecast-ing a 23% decline this year to 10.4 gigawatts. — Bloomberg

Equifax hack of senstive information brings an Exxon Valdez moment

US solar bracing for fi rst decline as rooftop demand slumps

BY S O N A L I PAU L & N I D H I V E R M A

MELBOURNE/NEW DELHI: India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp in a rare contract renegotiation, a bad sign for producers in a heavily oversupplied global market.

In a trade-off for ExxonMobil, India’s Petronet LNG will increase its volumes from the Gorgon LNG project in Australia by an extra one million tonnes a year to about 2.5 million tonnes a year, but at cheaper rates than initially agreed in 2009.

Long-term contracts are rarely

TOKYO/HONG KONG: US hedge fund Elliott Management Corp said yesterday it had a stake of just over 5% in Hitachi Kokusai Electric, fur-ther complicating a stalled bid by US buyout fi rm KKR & Co LP to acquire the company.

KKR agreed in April to buy the chip-making equipment and video solutions business from Hitachi Ltd in a deal valuing the unit at about

revised in the LNG market, and for a big producer to cave in shows how supply from new plants in Australia and the US over the past two years has transformed the market, analysts said.

“Th is trend is overall a negative for sellers, as they are forced to pro-vide more fl exibility to buyers’ needs to maintain their markets,” said Saul Kavonic, an analyst with energy con-sultant Wood Mackenzie.

India has been aggressive in seek-ing cheaper deals, also renegotiating a contract with Qatar in 2015, but the real pain for producers would come if major Asian buyers in Ja-pan, Korea and China followed suit.

“Happy to share good news that India has, yet again been able to address the long-term price issue of LNG from Gorgon to suit Indian market,” India’s oil minister, Dhar-mendra Pradhan, said on Saturday on social media.

Indian consumers would soon receive LNG at an “amicable price”, Pradhan said. India started receiv-ing Gorgon supplies from January this year.

Petronet said in a stock exchange announcement yesterday it had reached a “broad understanding of terms” with ExxonMobil, with-out giving further details. — Reuters

Elliott stake in Japan’s Hitachi Kokusai complicates stalled KKR bidBY JUNKO FUJITA & ELZIO BARRETO US$2.3 billion. Under the plan, KKR

planned to purchase up to 48.33% at ¥2,503 each. Hitachi Kokusai was planning to buy back a 51.67% stake held by Hitachi at ¥1,710 a share, then cancel those shares.

Th e plan was put on hold in Au-gust after a third-party committee said the terms of the deal could be disadvantageous to minority share-holders. Elliott’s disclosure sent Hitachi Kokusai’s shares, already trading above KKR’s offer price,

even higher and they ended up 4.6% at ¥2,895 (RM111.8).

“We are encouraged by the compa-ny’s recent business success and the board’s eff orts to safeguard sharehold-ers’ interests through the establish-ment of the third-party committee,” Elliott said in a statement. Hitachi Kokusai saw fi rst-quarter April to June sales jump 64% to ¥47.6 billion from the same period a year earlier, while operating profi t climbed to ¥6.5 bil-lion yen from ¥218 million. — Reuters

LONDON: Traders who have placed bullish bets on the pound may find their nerves tested this week, with the sterling likely to be

Pound faces tests as vote on Brexit bill, BoE rate review loomsBY C H A R LOT T E RYA N buffeted by everything from Brex-

it to the Bank of England (BoE).The sterling posted its biggest

weekly gain versus the US dollar since June last week, benefiting from a falling US dollar after dov-

ish comments from US Federal Reserve officials and ongoing tensions with North Korea. This week it faces a vote on the UK’s Brexit bill in parliament, infla-tion data as well as the BoE rate

BY R I C H A R D B E A L E S

BY C H R I S TO P H E R M A R T I N

decision.As the opposition Labour Par-

ty hopes to block the bill aimed at transferring European Union legislation into UK law, Prime Minister Theresa May will be rely-ing on the Democratic Unionists and the loyalty of her own party to get it through. Seven of her Conservative Party lawmakers would have to vote against it for the bill to fail.

“A delay will likely weigh on the pound,” said ABN Amro Bank NV analyst Georgette Boele. “A soft Brexit would be positive but the prospect of no deal at all is worse.”

The pound has proven fairly immune to poor data in recent weeks, meaning the inflation fig-ures and an unemployment re-port tomorrow are not at the top of traders’ agendas. Still, there is the possibility of more upside, said Boele.

“If inflation numbers come in above expectations and the job report is in line with consensus, [the] sterling should continue to outperform the dollar and should also recover somewhat versus the euro,” she said. — Bloomberg

1 4 W O R L D B U S I N E S S TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

China vehicle sales rise for third straight month in August — CAAMBEIJING: China’s vehicle sales rose for the third consecutive month in August, as “solid” de-mand for passenger cars and a surge in demand for trucks sus-tained a rebound in the world’s biggest auto market, an indus-try body said yesterday. Overall sales reached 2.19 million vehi-cles in August, 5.3% more than in the same month a year earli-er, showed data from the Chi-na Association of Automobile Manufacturers (CAAM). Th at took year-to-date growth to 17.5 million, up 4.3%. Th e total is just short of CAAM’s full-year fore-cast of 5%, set in January when it blamed the scaling back of a tax incentive for small-engine vehi-cles as well as economic pres-sure for pulling growth down from 2016’s 13.7%. — Reuters

Australian banks may exit wealth management without being forcedWELLINGTON: Australian banks are likely to get out of their wealth-management busi-nesses without the need for gov-ernment to force divestment, according to the head of a par-liamentary banking inquiry. “You will see over time banks will get out of their wealth-man-agement businesses because it is an area that has caused them problems and it’s a relatively small proportion of their busi-ness,” ruling Liberal Party law-maker David Coleman told Sky News Australia on Sunday. “I’m not sure I would support forced divestment.” — Bloomberg

Indonesia retail salesfall 3.3% y-o-y inJuly — BI surveyJAKARTA: Indonesia’s retail sales in July declined 3.3% from a year earlier, the fi rst contraction in nearly six years, a central bank survey showed yesterday. In June, retail sales grew 6.3% on a year-on-year (y-o-y) basis. Re-spondents in the survey said sales of food and beverages as well as home furnishing and electronic appliances were par-ticularly weak in July, Bank In-donesia (BI) wrote in the survey report. Th e last month showing a contraction was September 2011, when BI said sales were 5.9% below a year earlier. — Reuters

China may unveil car emissions rules as early as this week — CAAMBEIJING: China will soon un-veil a mandatory cap-and-trade credit programme for electric cars, starting the countdown for carmakers to be in compliance with stricter rules on emissions and fuel economy, according to the country’s state-backed auto association. The policy may be announced as early as this week, Shi Jianhua, deputy secretary general of the Chi-na Association of Automobile Manufacturers (CAAM), said at a briefi ng in Beijing yesterday. Shi didn’t provide a specific date. — Bloomberg

I N BR I E FChina sends tungsten soaringPrice of one of the West’s most critical materials has jumped 52% since early July

BY T H O M A S B I E S H E U V E L

TOKYO: Th e Japanese govern-ment has said it will sell ad-ditional shares in Japan Post Holdings Co Ltd worth around US$12 billion (RM50.4 billion), but the offering is expected to struggle to attract healthy demand from institutional in-vestors due to lack of a strong growth story.

Japan Post, with a network of 24,000 post offices and workforce of 400,000 people, has been hurt by a constant decline in mail delivery vol-ume. Its two financial units Japan Post Bank Co Ltd and Japan Post Insurance Co Ltd have been hurt by the na-tion’s ultra low interest rate environment.

The sale — the first since its postal and financial giant’s mammoth initial public offer-ing in 2015 which also raised about US$12 billion — also comes in the wake of merg-er-and-acquisition missteps.

It had to write down much of its acquisition of A$6.5 bil-lion (RM22 billion) Australian logistics company Toll Hold-ings Ltd and this year scrapped plans to buy Nomura Real Es-tate Holdings Inc after failing to agree on terms.

Including options to sell additional shares in the event of strong demand, the sale could be equivalent to 22% of Japan Post shares outstanding and worth around ¥1.3 trillion (RM50.3 billion) based on yes-terday’s closing share price of ¥1,321.

“Th e company lacks appeal in growth potential. I don’t think there will be strong de-mand from actively managed funds,” said Kazuo Okabe, gen-eral manager at Fukoku Capital Management. — Reuters

Japan launches US$12b follow-up sale of Japan Post shares

LONDON: Th e price of one of the most critical materials for the West-ern world’s economy and defenc-es is spiking faster than any major commodity.

Tungsten, used to harden steel in ballistic missiles and in drill bits, has surged more than 50% in the last two months amid growing concern about supply cutbacks in China, where about 80% of the metal comes from. Th e country is clamping down on polluting mines and enforcing production quotas.

HONG KONG: Hong Kong billion-aire Li Ka-shing has agreed to buy an indirect stake in a Japanese mak-er of electric cars, expanding his investments in an area that’s set to benefi t from China’s push to phase out gasoline and diesel vehicles.

Li and two other investors are buying a stake in O Luxe Holdings Ltd, according to two company fi l-ings made in Hong Kong. O Luxe is

BEIJING/SHANGHAI: China plans to ban trading of bitcoin and oth-er virtual currencies on domestic exchanges, dealing another blow to the US$150 billion (RM630 bil-lion) cryptocurrency market after the country outlawed initial coin off erings last week.

Th e ban will only apply to trad-ing of cryptocurrencies on exchang-es, according to people familiar with the matter, who asked not to

“Th e Chinese have been trying to impose control over the produc-tion in tungsten,” said Mark Seddon, senior manager at Argus Consulting (Metals). “Th ey’ve used environ-mental policy to clamp down on non-quota production.”

Th e price of tungsten in Europe has jumped 52% since early July, according to Metal Bulletin Ltd. Th e advance has beaten all 22 major materials in the Bloomberg Com-modities Index.

Th e European Union classes tung-sten as a “critical” commodity and the British Geological Survey plac-

es it at the top of its supply-risk list of materials needed to maintain the UK’s economy and lifestyle. In 2012, it became a fl ashpoint when then-US president Barack Obama fi led a complaint to the World Trade Organ-ization against Chinese supply curbs.

Tungsten, also know as wolf-ram, gets its name from the Swed-ish words for heavy stone and was first discovered in 1783. The light gray or whitish metal can be alloyed with steel to form mate-rials that are stable at high tem-peratures. At more than 3,400°C, it has the highest melting point

of any metal on Earth. Th e biggest consumer is the auto

industry, with about 25% of supply predominately used in cutting and machining tools. It’s also used in lighting, steelmaking and mining. Tungsten’s high density means it’s also used in missiles to help them penetrate defences.

China limits supply to about 91,300 tonnes a year, but routine-ly breaks its quota by as much as 50%, partly because a lot come as a by-product from mines that pro-duce other metals such as molyb-denum, Seddon said. — Bloomberg

Hong Kong’s richest man expands investments in electric vehiclesBY P R U D E N C E H O a distributor of watches and jewel-

lery that’s in the midst of acquiring Japan’s GLM Co, a maker of electric sports cars with plans to license its technology to manufacturers including those in China.

Sales of electric vehicles have surged in the world’s largest car market on the back of generous state support, prompting global manu-facturers to boost their line-ups of non-emission autos. Th e demand has attracted investments from a

fl ock of start-ups as well as com-panies from outside the industry, including a failed attempt by Chi-na’s biggest air-conditioner maker.

Li’s investment in O Luxe, and by extension GLM, gets him a place in the higher-end of the electric-ve-hicle market, a segment that Chi-nese start-ups like NIO and Bei-jing CH-Auto Technology Co are targeting and Tesla Inc now dom-inates with its imported Model S. — Bloomberg

Beijing said to ban bitcoin exchanges, allow OTC tradesBY S T E V E N YA N G & G A RY G A O be named because the informa-

tion is private. Authorities don’t have plans to stop over-the-coun-ter (OTC) transactions, the people said. China’s central bank said it couldn’t immediately comment.

Bitcoin slumped last Friday after Caixin magazine report-ed China’s plans, capping the virtual currency’s biggest week-ly retreat in nearly two months. The country accounts for about 23% of bitcoin trades and is also home to many of the world’s big-

gest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digi-tal currency.

“Trading volume would defi-nitely shrink,” said Zhou Shuoji, Beijing-based founding partner at FBG Capital, which invests in cryptocurrencies. “Old users will defi nitely still trade, but the entry threshold for new users is now very high. Th is will defi nitely slow the development of cryptocurrencies in China.” — Bloomberg

BY TA I G A U R A N A K A

& C H R I S G A L L A G H E R

W O R L D B U S I N E S S 1 5TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

Saudi Aramco to add crude to Japan storage Th is comes as Saudi Arabia battles to keep customers in North Asia

BY O S A M U T S U K I M O R I

TOKYO: Oil giant Saudi Aramco tomorrow will add 1.9 million bar-rels of crude to its storage in Japan, a Japanese trade ministry offi cial said yesterday.

Th e move comes as Japan from this month raises the crude stor-age capacity that it lends for free to state-run Aramco by 30% to 8.2 million barrels, based on a previous agreement between the two nations.

Th e extra storage, the Japanese government announced in July, will help Saudi Arabia, the world’s biggest oil exporter, as it battles to keep customers in Northern Asia amid a global glut and relatively low prices.

In return for providing free storage on the southern island of Okinawa, Japan gets a priority claim on the stockpiles in case of an emergency.

Saudi Arabia currently holds

a total of 6.3 million barrels of crude in Japanese storage, the trade ministry official said, de-clining to be identified. Aramco could not be immediately reached for comment.

Japan is Saudi Arabia’s biggest market for crude, but oil stored at the site in Okinawa has also been supplied to South Korea and China, among others. Aramco has stored crude in Okinawa since early 2011 at no cost. — Reuters

BY YA A C O V B E N M E L E H

TEL AVIV: Teva Pharmaceutical Industries Ltd has named H Lund-beck A/S’ Kaare Schultz as its new chief executive offi cer (CEO), end-ing a seven-month search for a new leader to revive sales and reduce debt at the world’s largest maker of generic drugs.

Schultz, 56, will move to Israel and be based at Teva’s headquarters in Petach Tikva, the Israeli company said in a statement yesterday. He replaces Yitzhak Peterburg, who has been acting CEO since Erez Vigodman left on Feb 6 by “mutual agreement” with the board.

Th e new CEO is likely to face pres-sure from some investors to split the company into two businesses, one focusing on patented specialty medicines and the other on cheap copycat drugs. Vigodman departed

BY A R I F S H A R I F

DUBAI: Qatari bank stocks are more expensive than their Saudi or Emi-rati peers, even after suff ering their biggest year-to-date loss in more than a decade.

Th e nation’s nine lenders trade at almost 11 times projected earn-ings, according to data compiled by Bloomberg. Th at compares with 10.5 and nine times for peers in Saudi Arabia and the United Arab Emirates, which cut diplomatic and trade ties with the Gulf nation in early June over alleged support of terrorism.

Some overseas banks withdrew funds from Qatar due to the spat, fuelling a 12% drop in a Bloomb-erg-generated stock index of Qatar’s nine lenders this year and wiping out about US$7 billion (RM29.4 billion) of their total market capitalisation.

Qatar bank stocks expensive even after losing US$7b in 2017

Teva picks Lundbeck’s Schultz to revive Israeli drug maker

after Teva shares plunged to a 12-year low amid legal challenges to the company’s bestselling patent-ed drugs and price pressures on its generics. Teva’s situation worsened in the months since, as the compa-ny lowered its profi t guidance and slashed its dividend.

Teva shares jumped 7.8% to 58.75 shekels (RM69.42) yesterday in Tel Aviv trading, after climbing earlier by the most in 10 months. Its American depositary receipts rose 0.2% last Friday to US$15.50 (RM65.10) in New York, with a market value of US$15.7 billion. Th e stock has plunged 57% in the past year.

Lundbeck plunged about 13%, the most in almost a year, and traded down to 364.10 kroner (RM244.15) yesterday in Copen-hagen trading.

Schultz’s appointment marks

the culmination of a challenging and what at times appeared to be an impossible recruitment eff ort. Teva’s board had set out to fi nd a candidate with prior experience at the helm of a drug maker as its fourth CEO in less than six years as the company’s woes mount-ed. Finding the best person meant abandoning some of its unspo-ken principles: Schultz will be the fi rst non-Jewish person to helm the company in its 116-year history.

Schultz joined Denmark’s Lund-beck in mid-2015 from Novo Nor-disk A/S after he was passed up for the top job at the world’s big-gest maker of insulin. He had spent more than 20 years climbing through the ranks there, garnering commercial and operational expe-rience, before being promoted to chief operating offi cer in 2002. — Bloomberg

BY R O D R I G O O R I H U E L A

MADRID: Europe’s best-perform-ing telecommunication stock this year has nowhere near the name recognition of competitors such as Telefonica SA, Orange SA or Voda-fone Group plc.

Yet, Masmovil Ibercom SA, based in San Sebastian, Spain, has out-done all of them, earning its place as the country’s fourth national car-rier through acquisitions, debt, in-vestments in fi bre-optic broadband and aggressive pricing. Its shares have more than doubled this year, compared to a 3.4% decline for the 21-member Stoxx Telecom Index.

Investors fl ocking to a small car-rier with barely no broadband of its own in a country that already boasts Europe’s largest fi bre network may seem counter-intuitive. However, Masmovil is attracting interest by pitching itself as a low-cost provid-er in a country where the three big players appear more focused on seeking high-spending consumers.

Th e carrier’s growth is driven by a straightforward marketing strate-gy: a no-frills off ering, one without pricier content such as soccer com-bined with mobile and fi bre pack-ages that are among the cheapest in the market. Masmovil also has an aggressive fi bre deployment strate-gy, centered on the construction of a broadband network mainly in small towns and rural areas overlooked by the country’s largest carriers. A wholesale agreement with Orange helps it cover larger, urban areas.

Th ough rivals are beginning to counter Masmovil’s prices with their own low-cost off erings, most ana-lysts aren’t concerned. Even after this year’s 127% rally, its stock has seven “buy” recommendations, one “neutral” and no “sells”, according to data compiled by Bloomberg. Mas-movil, with a market value of €1.2 billion (RM5.99 billion), is sched-uled to report fi rst-half earnings on Sept 13.— Bloomberg

BY TO M W E S T B R O O K

SYDNEY: CBS Corp will pay at least A$201.1 million (RM678 million) in cash to buy Austral-ian broadcaster Ten Network Holdings, according to docu-ments released yesterday by Ten’s administrator.

CBS, the US’ most-watched television network, said it agreed to buy Ten last month, without disclosing a price.

However, Ten’s administrator released the deal’s fi nancial de-tails yesterday as the company fends off a court challenge from a rival bidder — a consortium led by News Corp co-chair Lachlan Murdoch. The deal is paused while the court case is heard.

Th e youth-focused broad-caster with a national reach and strong brand became a tempting target as its market capitalisation plunged to just A$58 million in June, when it was placed in administration under a mountain of debt.

In a court case filed last week, Murdoch’s business part-ner, Bruce Gordon, accused administrator KordaMentha of failing to give creditors enough information about why the CBS bid was preferred.

In response, KordaMentha published the deal’s details, in-cluding the price tag “estimated at a minimum of A$201.1 mil-lion” in cash, and a table show-ing most unsecured creditors receive higher payouts under the CBS arrangement.

“Th e CBS proposal was su-perior to the Birketu and Illyria proposal for creditors gener-ally,” KordaMentha said in a separate press release, refer-ring to the private companies of Gordon and Murdoch re-spectively. CBS is Ten’s largest creditor. — Reuters

Th e valuations aren’t “justifi ed” and the shares “have further room to correct downward”, Dubai-based investment bank Arqaam Capital Ltd head of research Jaap Meijer said. Th e risks may not be refl ect-ed in the banks’ results yet, but “funding costs are rising — that will put pressure on margins and loan growth will be a lot slower”.

Th e row has aggravated a liquid-ity squeeze for banks in the world’s biggest liquefi ed natural gas export-er, where foreign cash accounted for nearly a quarter of deposits. It sent the country’s three-month interbank offered rate in July to a record.

Th e Qatar banking gauge’s loss this year contrasts with an almost 10% gain in a measure of Saudi lenders and a 22% advance for a MSCI Inc index of emerging-mar-ket lenders. — Bloomberg

CBS paying at least A$201.1m cash for Ten Network

Small Spanish telco becomes investor darling as rivals droop

1 6 F O C U S TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

Is freehold always better than leasehold?What premium over comparable leasehold properties would be considered reasonable?

Leasehold properties off er higher rental yields over comparable freehold properties to compensate for their depreciating tenure, higher risks and shorter lifespan to recoup capital outlay. Photo by Albert Chua

CONTINUES NEXT PAGE

Many have de-bated whether freehold prop-erties are better than leasehold ones, especially

in terms of capital appreciation. The answer may simply lie in the entry price. Owing to their perpetual legal lifespan, freehold properties com-mand a price premium over com-parable leasehold properties. The question is what premium would be considered reasonable.

Based on the Singapore Land Authority’s leasehold table, free-hold properties command pre-miums of around 4% to 10% over leasehold properties that have re-maining leases of between 80 and 99 years. Actual transactions, how-ever, suggest that paying premi-ums of up to 20% over comparable leasehold properties is reasonable.

Southaven I and Southaven II off er some clues. Th e projects are located next to each other on Hind-hede Walk and were completed two years apart. However, Southaven I is on a 99-year leasehold site while Southaven II is on a 999-year lease-hold site. Th is study shall treat 999-year leasehold as freehold.

Th e price gap between Southav-en I and II was 8% in 1995, the ear-liest date when official data be-came available. Th at year, 39 units at Southaven I sold for S$634 psf and 83 units at Southaven II sold for S$688 psf. Th e price gap widened to 20% by 2012 (see Chart 1a). As a result, prices appreciated around 27% at Southaven I to S$804 psf and 40% at Southaven II to S$962 psf during that period. Although the

BY F E I LY S O F I A N

Only years with at least five transactions for each project were included

Freehold properties outperformed leasehold properties in capital appreciation when the initial price premium was narrow

Chart 1a Chart 1b

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1995 1996 1999 2000 2001 2005 2006 2007 2008 2009 2010 2011 2012 1996 1997 1998 1999 20002002 2003 2005 2006 2007 2008 2009 2010 2011 2012 2013 2015 2017

8% 19%

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Oleander Towers (99-year)Southaven I (99-year) Trellis Towers (freehold)Southaven II (999-year) $ psf

URA, EDGEPROP

Only years with at least five transactions for each project were included

Leasehold properties outperformed freehold properties in capital appreciation when the initial price premium exceeded 30%

Chart 2a Chart 2b

2006 2007 2008 2009 2010 2011 2012 2015 2017 2002 2006 2007 2009 2010 2011 2013 2016

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$psf$psf Amaryllis Ville (99-year)Domain 21 (99-year) Newton 18 (freehold)One Jervois (freehold)

21%

31%37%

price gap fl uctuated over time and hit 34% in 2005, the median stood at 20% between 1995 and 2012.

In Toa Payoh, the freehold Trel-lis Towers commanded an initial price premium of 19% in 1996 over the 99-year leasehold Oleander Towers. Th e price gap widened to as high as 44% in 2002 although it narrowed again to 23% in 2017, with a median price gap of 31% between

1996 and 2017. Prices appreciated 35% at Oleander Towers and 40% at Trellis Towers in that period (see Chart 1b).

Anecdotal evidence suggests that when the premium exceeds 30%, the capital appreciation for freehold properties could fall be-hind that for comparable lease-hold properties. In 2006, freehold One Jervois commanded an initial

price premium of 37% over the 99-year leasehold Domain 21 located nearby. A total of 205 units at One Jervois were sold in that year at an average price of S$1,004 psf com-pared with the S$731 psf fetched by 44 units at Domain 21. Th e premi-um fell over the years, with a medi-an of 16% between 2006 and 2017. As a result, the capital appreciation for Domain 21 outperformed that

of One Jervois during this period (see Chart 2a).

Similarly, prices at 99-year leasehold Amaryllis Ville rose faster than those at Newton 18, a freehold property located next door. In 2002, 59 units at Newton 18 changed hands at an average price of S$1,115 psf, or at a 31% premium to the 41 units sold at Am-

F O C U S 1 7TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

BY C H A N C H A O P E H

Manulife US REIT buys second asset in three months

MANULIFE US Real Estate Invest-ment Trust, which stands out from the dozens of other locally listed REITs for its US-focused offi ce port-folio, has proposed to acquire a sec-ond property in just three months. And, it is once more raising money by issuing new units to fund the expansion of its portfolio.

On Sept 2, the REIT’s manager said it would pay US$313.2 million (RM1.32 billion) for 10 Exchange Place, an offi ce building located in Jersey City, across the river from Manhattan. To partially pay for the new asset, the REIT will raise gross proceeds of US$208 million via a rights issue of 299.3 million units at 69.5 US cents each. Th e rights issue, which will be off ered to unitholders at a ratio of 41 for 100, represents a 28% discount to Manulife US REIT’s closing price of 96.5 US cents on Aug 31, the last trading day before the acquisition announcement. Th e rights price is also 21.6% below the theoretical ex-rights price of 88.6 US cents.

Th e immediate reaction from the market was not positive. Th e proposed acquisition-cum-cash call wasn’t liked by all investors. When the market opened on Sept 4, the unit price of Manulife US REIT dropped 4.5 US cents to as low as 92 US cents, before closing the day at 94.5 US cents. It closed at 94 US cents on Sept 7, amid over-all market jitters caused by North Korea. Since the beginning of the year, the REIT has gained 13.3%. It is also up 13.3% from its May 2016 IPO price of 83 US cents.

Manulife US REIT listed with an initial portfolio of three offi ce prop-erties, two of which are in Califor-nia — one in Los Angeles and the other in Irvine. Th e third property is in Atlanta, Georgia. Now, Manulife US REIT is diversifying its portfolio into the East Coast of the US. On June 19, its manager said it would pay US$115 million for 500 Plaza Drive, located in Secaucus, New Jersey. Th is acquisition was partly funded by a placement of 97 mil-

lion new units that raised US$80.5 million. Th e placement price of 83 US cents, same as the IPO price, was a 7.3% discount to the June 19 closing price of 89.5 US cents.

Jill Smith, CEO of Manulife US REIT’s manager, says the latest acqui-sition, of 10 Exchange Place, was too good to turn down. According to her, the freehold property is exposed to the thriving vicinity of Northern New Jersey, where many big US fi nancial corporations have set up offi ces at rents that are signifi cantly lower than in Manhattan. Some are now calling this area “Wall Street West”.

Moreover, the acquisition is likely to be immediately yield-ac-cretive. On a pro forma basis, for the period of May 20 last year (the day the REIT was listed) to Dec 31, the acquisi tions of 500 Plaza Drive (including the eff ect of the placement) and 10 Exchange Place (including the eff ect of the heavi-ly discounted rights issue) would have boosted the REIT’s yield from 5.96% to 6.23%. Th e acquisition of 500 Plaza Drive (including the ef-fect of the placement) alone would have boosted the yield from 5.96% to 6.1%.

10 Exchange Place was built in 1988 and has a net lettable area of 730,598 sq ft. It faces the Hudson River and has an obstructed view of Manhattan. Th e newly rebuilt World Trade Center is located di-rectly across it and is connected via the subway one stop away. Other transport links provide easy access around. Manulife US REIT’s spon-sor, John Hancock — the trading name of Manulife Financial Corp in the US — bought 10 Exchange Place in 2011 for US$285 million.

Th e purchase price of US$313.2 million is lower than two valuations obtained for the transaction. RERC valued the property at US$336 mil-lion; Colliers came up with a valu-ation of US$330 million. With ac-quisition costs — which include US$2.4 million in acquisition fees as well as fees related to the rights issue — the total bill will come up to US$332 million.

“Th is is just too good to miss,”

says Smith, at a briefi ng on Sept 4. “Th is acquisition soli di fi es the geographical diversifi cation that we’ve talked about since the IPO.”

Expecting higher rentsCitigroup was previously a large tenant at 10 Exchange Place, tak-ing up around a third of the space, although some of that was shadow occupancy, as the bank streamlined operations and paid rent on space it did not use. Th e property now has an occupancy rate of 93.1% and the weighted average lease expiry is 5.7 years. It has a total of 25 tenants. Th e largest tenant is e-commerce giant Amazon.com, which contrib-utes 18.2% of total rent. Other key tenants include insurer ACE, part of listed entity Chubb, air-condition-er manufacturer Daikin Industries and enterprise software company Citrix Systems.

Jeff rey Wolfe, chief investment offi cer at Manulife US REIT’s man-ager, says leases contributing 6% of the cash rental income at the property are due to expire by year-end. Th is creates an opportunity for the REIT to raise rents on this space. The average annual rent across the whole building is cur-rently US$38.18 psf. In 1Q17, space at similar waterfront properties was fetching US$46.34 psf. “Th ere’s

plenty of runway to go,” Wolfe says.He also points out that 10 Ex-

change Place is adjacent to a sub-way station, which should make it more attractive than similar build-ings nearby. “A block or two away doesn’t seem signifi cant, until it is zero degrees and snowing.” Th e 30-storey building is double the height of buildings next to it. “Our view’s much better,” he adds.

Manulife US REIT expects to spend US$3 million to refurbish the building’s lobby, and an addi-tional sum for other minor works throughout the rest of the building. Wolfe says there will be limited new supply of offi ce space in the vicinity. He notes that the REIT is paying just under US$430 psf for the property, which is well below the current cost of constructing a new building of about US$600 psf. Furthermore, all the waterfront sites have been taken up, which means new construction cannot take place without tearing down an existing building. “That makes your cost even higher,” he says.

Bigger REIT, more feesWhen Manulife US REIT was listed, its portfolio was valued at US$799 million. Following the acquisition of 500 Plaza Drive, its portfolio grew to US$973.5 million. Now, the ac-quisition of 10 Exchange Place will expand the portfolio further to US$1,306.5 million. Th e most valuable property remains Michel-son, its property in Irvine, which

will account for 26.2% of the value of the enlarged portfolio. 10 Ex-change Place, which will constitute 25.5%, is a close second. Th e RE-IT’s property in Los Angeles, called Figueroa, will account for 24.8% of the expanded portfolio’s value.

Meanwhile, the latest acquisi-tion will diversify the REIT’s tenant base. Currently, the REIT’s top 10 tenants contribute 64.1% of its cash rental income. With the acquisi-tion, the top tenants will contribute only 47.7%. Interestingly, seven of the current top 10 tenants by cash rental income are law fi rms. After the latest acquisition, only three of the top tenants will be law fi rms.

Of course, investors really ben-efi t only if a REIT’s distribution per unit rises or if the market value of those units rise. Investors who buy REITs for their yield might also be averse to being tapped for cash to fund the acquisition of new prop-erties. So, even when acquisitions are yield-accretive, they tend to be scrutinised. Is the latest acquisition proposed by Manulife US REIT re-ally benefi cial to investors, then?

Jag Obhan, chief fi nancial offi cer at Manulife US REIT’s manager, refutes suggestions that the latest acquisition might be an attempt to bulk up the portfolio too quick-ly. He points out that the REIT’s management fee of 0.75% of the purchase price, which translates into US$2.4 million, will be paid in the form of new units that the manager will not sell for a year. Th e REIT’s management fee is pegged at 10% of its distributable income, he notes, rather than being linked directly to the size of the portfolio. Th e manager also stands to earn a performance fee equivalent to 25% of the growth in the REIT’s DPU multiplied by the weighted average number of units in issue for the fi nancial year.

Manulife US REIT’s manager will seek permission from unitholders for the proposed acquisition of 10 Exchange Place and rights issue at an extraordinary general meeting scheduled for Sept 19. — Th e Edge Singapore

Smith: This acquisition solidifi es the geographical diversifi cation that we’ve talked about since the IPO. Photo by Samuel Isaac Chua

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Freehold properties make up about 49% of apartment, condo stock in S’pore

FROM PREVIO U S PAGE

Stock of apartments and condominiums

Chart 3

Freehold (near MRT

station) 13%

Freehold

36%

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30%

aryllis Ville, which went for S$854 psf. Th e premium also diminished over the years, resulting in a medi-an of 21% between 2002 and 2016. In 2016, prices averaged S$1,737 psf at Newton 18 and S$1,434 psf at Amaryllis Ville, which translates into capital appreciations of 56% and 68%, respectively, since 2002 (see Chart 2b).

With an appropriate entry price, freehold properties off er several key advantages. For one, the govern-ment has ceased to off er freehold land parcels for sale. Th e scarcity factor will make freehold properties an attractive asset class for home-buyers. Currently, freehold proper-ties account for about 49% of total apartment and condominium stock in Singapore, while leasehold prop-erties make up the remainder. Th e proportion of freehold properties

is set to decline as future launch-es will comprise mainly leasehold projects. Freehold apartments and condos located within walking dis-tance of an MRT station are even more limited, accounting for just 13% of total stock island-wide (see Chart 3).

Certain foreign nationalities show a preference for freehold prop-erties. Between January 2016 and August 2017, 71% of transactions were for leasehold properties and 29% for freehold ones. Th e propor-tion of freehold transactions, how-ever, was higher among several key foreign purchasers, namely those from Indonesia (40%), the US (41%), the UK (50%), Australia (50%) and Hong Kong (34%). Interestingly, freehold properties accounted for 60% of purchases by companies.

Freehold properties are also said to have better en-bloc poten-

tial. A logistic regression analysis shows that tenure is not a statisti-cally signifi cant variable at the 5% level in determining the success of an en-bloc sale. It is, however, an economically signifi cant variable with a large coeffi cient.

Finally, the risk of owning a lease-hold property becomes signifi cant as the remainder lease runs low. To fi nance a property using the Cen-tral Provident Fund, the sum of the remaining lease and the age of the buyer must be at least 80 years. For

properties with remaining leases of between 30 and 60 years, a valuation limit will apply on the amount of CPF contribution that can be used to fi nance the property. Th e fi nancing restriction would shrink the pool of potential buyers for ageing leasehold properties. Meanwhile, en bloc is not a guaranteed option for leasehold properties and there is a possibility that the land will return to the state at the end of a lease.

On the fl ip side, the rental mar-ket does not diff erentiate between the types of tenure of the prop-erty. Leasehold properties offer higher rental yields over compa-rable freehold properties, owing to their discounted prices. Th e higher yields serve to compensate for their depreciating tenure, higher risks and shorter lifespan to recoup the owner’s capital outlay. — Th e Edge Singapore

1 8 W O R L D TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

Economic cost of Harvey, Irma could be US$290b Figure takes into account business disruption, unemployment rates, among others

WASHINGTON: Th e combined eco-nomic cost of Hurricanes Harvey and Irma could reach US$290 bil-lion (RM1.22 trillion), equivalent to 1.5% of US gross domestic product (GDP), US forecaster AccuWeather said in a report on Sunday.

“We believe the damage estimate from Irma to be about US$100 bil-lion, among the costliest hurricanes of all time,” said the fi rm’s chief exec-utive offi cer and founder Joel Myers.

Harvey, which battered Texas and

parts of Louisiana in late August, will be “the costliest weather disaster in US history at US$190 billion or one full percentage point of GDP” which stands at US$19 trillion.

Th e report said it arrived at the fi gure by calculating disruptions to business, increased unemployment rates for signifi cant periods of time, damage to transport and infrastruc-ture, crop loss including a 25% drop in orange crop, increased costs of fuels including gasoline, heating

oil and jet fuel, household damages and loss of valuable documentation.

Only a fraction of the losses would be covered by insurance, said Myers.

Irma weakened to a Category 1 storm early yesterday as it marched up the US state of Florida’s north-western coast, with its eye located about 25 miles (40km) north-east of the vulnerable Tampa area.

Warnings of dangerous storm surges remained in eff ect through

vast swathes of peninsular Florida.“As little as six inches of moving

water can knock you down,” tweet-ed the state’s governor Rick Scott following the downgrade.

Th e storm had killed three people when it struck the southern Florida Keys island chain as a more power-ful Category Four on Sunday. It has toppled cranes, swallowed streets and left millions without power after wreaking a trail of death and destruc-tion through the Caribbean. — AFP

MARIGOT (France): People on the islands of Saint Martin and Saint Barts on Sunday contemplated the task of rebuilding their lives after Hurricane Irma destroyed homes and roads and knocked out power and water.

The monster storm ripped through the two islands, leaving most of the 80,000 inhabitants homeless and causing crippling shortages of essentials.

“Is there still a life here?” won-dered Michelene Jean-Charles, a heavily pregnant 23-year-old resi-dent of St Martin, which is divided between France and the Netherlands.

Some 70% of the infrastruc-ture on the Dutch side, which is known as Sint Maarten, has been destroyed, offi cials said.

France said 10 people died on its side of the island.

But he added there had been “no new damage” caused by Hurricane

St Martin, St Barts mull rebuilding in Irma’s wake

THE HAGUE: Dutch King Wil-lem-Alexander was to visit the dev-astated Caribbean island of Sint Maarten yesterday to view the aid operation for tens of thousands left stricken by Hurricane Irma, Dutch media reported.

“I am here to fi nd out what has happened and how the coordina-tion eff ort is going,” the king told re-porters after arriving on the nearby island of Curacao late on Sunday.

Accompanied by Interior Min-ister Ronald Plasterk, the king toured in Curacao the aid coordi-nation centre and visited patients who were airlifted to hospital from Sint Maarten after Hurricane Irma downed power lines, cutting elec-tricity and communications to the island.

“Th e only message I have at the moment is that we know what you have gone through and we are do-ing our best to help everyone who is in need,” Willem-Alexander added.

Yesterday, besides Sint Maarten, the 50-year-old king was also set to visit the Dutch territories of St Eu-statius and Saba, the Dutch news agency ANP reported.

Some 70% of homes and infra-structure on Sint Maarten, the is-land the Netherlands shares with France’s Saint Martin, once a pop-ular tourist hotspot, were destroyed when Irma whipped through last Wednesday. Four people were killed in the storm.

The Dutch government has rushed aid and hundreds of troops to the island to help residents and restore order amid reports of looting.

Mass distribution of food and water was due to start yesterday on Sint Maarten, and desalination equipment and purifi cation tablets were also on their way.

After touring the worst-hit is-lands, the king will fl y home today from Curacao, the public broad-caster NOS said. — AFP

LONDON: Th e premier of the Brit-ish Virgin Islands on Sunday called for the UK to provide long-term support in the wake of Hurricane Irma, which killed fi ve people in the territory.

“We are a resilient people but this has shaken us to our core,” Premier Orlando Smith said, de-scribing the “critical” situation after the islands were struck by the superstorm.

British military personnel have been deployed to the archipelago, with the Royal Navy on Sunday saying locals had helped a helicop-ter crew unload medical supplies, including vaccines.

While Smith praised eff orts so far by the Marines and engineers, he called on London to craft more substantial plans for the territory, home to roughly 28,000 people and heavily reliant on tourism.

Th e British Virgin Islands will need “major help to rebuild peo-ple’s homes, buildings and liveli-hoods”, British billionaire Richard Branson, who owns Necker Island, said last Th ursday.

Five people were killed in the territory when Irma struck the Caribbean with winds of up to 294kph. — AFP

LONDON: Artifi cial Intelligence (AI) can now accurately identify a person’s sexual orientation by analysing photos of their face, ac-cording to new research.

Th e Stanford University study, which is set to be published in the Journal of Personality and Social Psychology and was fi rst reported in Th e Economist, found that ma-chines had a far superior “gaydar” when compared to humans.

Th e machine intelligence test-ed in the research could correct-ly infer between gay and straight men 81% of the time, and 74% of the time for women. In contrast, human judges performed much worse than the sophisticated com-puter software, identifying the ori-entation of men 61% of the time and guessing correctly 54% of the time for women.

The research has prompted critics to question the possible use of this type of machine intel-ligence, both in terms of the ethics of facial-detection technology and whether it could be used to violate a person’s privacy.

Michal Kosinski and Yilun Wang, the lead researchers of the study, suggested that the software was able to fi nd subtle diff erences in facial structure between gay and straight people and therefore could accurately conclude their sexual orientation. — CNBC

British Virgin Islands premier pleads for long-term UK help

‘AI can detect sexual orientation based on one photo’BY S A M M E R E D I T H

Dutch king to visit hurricane-hit Sint Maarten to view aid ops

Jose, which skirted the islands far to the north late on Saturday.

French President Emmanuel Macron was to leave for St Martin late yesterday to meet victims and confer with local offi cials, Interior Minister Gerard Collomb said.

Opposition fi gures have accused Macron’s fl edgling government of bungling the response to the disas-ter, with radical left leader Jean-Luc Melenchon calling for a parliamen-tary inquiry. — AFP

Opposition fi gures have accused Macron’s

government of bungling the response to the disaster, with a

left leader calling for a parliamentary inquiry.

A local resident walking across a fl ooded street in downtown Miami as Hurricane Irma arrived in South Florida, the US, on Sunday.

REUTERS

W O R L D 1 9TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

N Korea warns US of ‘greatest pain’It would infl ict suff ering if Washington persists for UN sanctions

Schaeuble fl irts with German Greens as Schulz jolts campaignBY B I R G I T J E N N E N

SEOUL: North Korea warned yes-terday it would infl ict “the great-est pain and suff ering” on the US if Washington persists in pushing for harsher UN sanctions follow-ing Pyongyang’s sixth nuclear test.

Th e Sept 3 detonation was the country’s largest and prompted global outrage, with the UN Secu-rity Council set to discuss a new draft resolution presented by Washington that would be the toughest-ever im-posed against the isolated regime.

Th e US is calling for an oil embar-go on Pyongyang, an assets freeze on leader Kim Jong-un (pic), but also an end to textile exports and to payments made to North Korean guest workers.

Washington wanted the Security Council to vote yesterday to impose the sanctions, despite resistance from Beijing and Moscow to the new measures.

In a statement published by the offi cial KCNA news agency, North

Korea’s foreign ministry warned Washington that if it did “rig up the illegal and unlawful ‘resolution’ on harsher sanctions, the DPRK shall make absolutely sure that the US pays due price”.

“Th e forthcoming measures to be taken by the Democratic Peo-ple’s Republic of Korea (DPRK) will cause the US the greatest pain and suff ering it had ever gone through in its entire history,” the ministry said, using the abbreviation for North Korea’s formal name.

“Th e world will witness how the DPRK tames the US gangsters by taking [a] series of action tougher than they have ever en-visaged.”

The test, which the North said was a hydro-gen bomb that could be fitted onto a rocket, came weeks af-ter Pyongyang

fi red two intercontinental ballis-tic missiles that appeared to bring much of the mainland US into range.

At a dinner to celebrate Pyong-yang’s nuclear programme, North Korean leader Kim praised the test and urged the country’s scientists to develop more weapons, KCNA reported on Sunday.

Th e North says it needs nuclear arms to protect itself, but the US has accused the country of “beg-ging for war”.

Pyongyang’s drive to stage a slew of brazen tests in recent

months, which con-travene existing UN sanctions, has sparked

surging tensions over the country’s weap-ons programme. — AFP

BERLIN: German Finance Minister Wolfgang Schaeuble reached out to the Greens, saying they missed out on a prime chance to govern at federal level four years ago, as jostling over possible coalitions began less than two weeks from national elections in Europe’s big-gest economy.

Chancellor Angela Merkel’s Christian Democratic Union (CDU)-led bloc was prepared to pursue a coalition with the Greens after the last election in 2013, but the Greens declined to give the go-ahead for further exploratory talks, Schaeuble, who was part of the CDU negotiating team, said on ARD television late on Sunday.

“Merkel said then — it was about half past two in the morn-ing — that there are times in history when a window or door opens, and then it closes,” Schaeuble said on the Anne Will show in conversa-tion with current Greens co-leader Cem Oezdemir. “Today, I believe that you missed a chance, an open window.”

Polls all show Merkel’s bloc on course to defeat Martin Schulz’s So-cial Democratic Party and win the Sept 24 election but still in need of a coalition partner to form a majority government. While another grand coalition of the two main parties

that has ruled for the past four years is one possible option, the oth-er would involve allying with the Greens and the Free Democrats, two parties whose programmes are far apart on Europe, tax, refu-gee policy and defence spending.

“We have one goal for this elec-tion: That Angela Merkel stays chancellor and that no one can form a government against us,” Volker Kauder, her bloc’s cau-cus leader in parliament, said on ZDF television yesterday. “[For] everything else, we will deal with [it] as it happens.”

Schaeuble and Oezdemir, who are both from the south-western region of Baden-Wuerttemberg, acknowledged their policy diff er-ences without overtly clashing on the show.

On his party’s platform of shift-ing away from the combustion en-gine by 2030, Oezdemir signalled he was open to compromise when he said that he recognised the Greens wouldn’t govern alone. At one point, the Greens leader said that under Merkel, the CDU “has offl oaded a lot of ballast, and moved towards the middle of so-ciety”.

“I believe that having the Greens in government would be good for this country, and I intend to work for that,” Oezdemir said. — Bloomberg

PHOTO BY REUTERS

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20 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 SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

PersonalASSISTANTC O M P I L E D BY S H A L I N I Y E A P

W O R K . L I F E . B A L A N C E

DON’T miss out on the last week to view some of veteran artist Yeoh Jin Leng’s early works showcased at the exhibition entitled Jin Leng, together With Almarhum Sultan Ismail Na-siruddin Shah. Held in conjunction with Di-versecity Kuala Lumpur Arts Festival 2017, the exhibition will not only feature never-before exhibited drawings of Yeoh’s beloved Kuala Terengganu, but also photographs of the town taken by the late Sultan of Terengganu (1946-1979) who was also the 4th Yang di-Pertuan Agong (1965-1970). View the photos as well as Yeoh’s artworks at The Edge Galerie between G5-G6 Mont’ Kiara Meridin 19 Jalan Duta Ki-ara Mont’ Kiara, Kuala Lumpur. Visit www.nngallery.my for more information.

REC watches — an abbreviation of its “Recover, Recycle, Reclaim” concept — incorporates salvaged, recycled iconic parts to create truly unique timepieces. Its P-51 collection continues this distinctive concept using parts of recycled 1960s Ford Mustangs. Paying tribute to the timeless symbol of American Muscle Cars, REC’s P-51 gives fans of the iconic car a chance to keep it close by, adorned on the wrist. Priced at RM 5,980, this watch is available at Red Army Watches boutiques in Pavilion Kuala Lumpur, 1 Utama Shopping Centre, Tropicana City Mall, Gurney Plaza Penang and mo.men.tum at Gateway @ klia2. For more information, visit redarmywatches.com.

SINGER, songwriter and actress Rihanna’s newly launched beauty brand, Fenty Beauty, recently debuted on Malaysian shores. Prom-ising to be all-inclusive and 100% cruelty-free, the products include the Pro Filt’r Soft Matte Longwear Foundation which comes in a range of 40 shades. The oil-free formula is made with climate-adaptive technology that is resistant to sweat and humidity, promising an instantly smooth, pore-diff used, shine-free fi nish that easily builds to the wearer’s ideal coverage. Priced at RM145 (32ml), the foun-dation as well as other off erings of the beauty brand are available at www.sephora.my.

Moscow unveils a new park with

tundra, ice cave

RUSSIAN APPEAL

Moscow yesterday opened a brand-new park to the public just steps from the Kremlin, boasting wonders

such as an ice labyrinth, despite crit-icism over its huge price tag.

Zaryadye Park has replaced a gigan-tic Soviet-era hotel on the banks of the Moscow river, which was demolished in 2006 leaving a lot that stood empty for many years as investors and City Hall clashed over the space, valued at more than US$1 billion (RM4.2 billion).

Spanning an area just over 10ha in prime location near Red Square and the Kremlin, the lot was even-tually converted into a park because “nothing else worked”, said Moscow culture department chief Alexander Kibovsky as he gave a tour to jour-nalists at the weekend.

Initially, “nobody had the courage to suggest it could be a park ... the lot was valued at 1.5 billion in foreign currency,” he said.

“We were shocked” when Moscow mayor Sergei Sobyanin floated the idea. He said: “I don’t know another metropolis where they would disregard

commercial value and use the territory as a public space. It’s fantastic.”

Th e park consists of a landscape with diff erent geobotanical “zones” includ-ing one resembling a tundra, as well as attractions like a philharmonic hall con-cealed under a hill with a “glass crust” roof and an ice cave with a labyrinth.

“Since we (Russia) have a lot of ter-ritory beyond the Arctic circle, we are showing it here,” Kibovsky said.

Park director Pavel Trekhleb pointed out that climate control for the park’s southern plants will be provided with infrared lanterns, while fi sh will be sup-plied into the pond on a weekly basis.

“You can come with a fi shing pole and get fi sh for dinner,” he said.

Zaryadye Park is one element of the current mayor’s push to remake Mos-cow which has turned the city of some 12 million into a vast construction site over the past few years.

Other initiatives include a US$62.1 billion plan to raze thousands of So-viet-era pre-fab apartment blocks, the US$2 billion eff ort to revamp Moscow’s central streets and the US$3.5 billion new train line connecting some outly-ing neighbourhoods.

Compared with these expenditures, the

Zaryadye Park has replaced a gigantic Soviet-era hotel on the banks of the Moscow river, which was demolished in 2006 .

park’s budget of 14 billion rubles (RM1.03 billion) seems modest, but critics have called some of its pricey elements frivo-lous at a time when the country is trying to recover from recession.

“What a scale! Th at’s two annual budgets of Tver (a city north of Mos-cow) on one park!” one Facebook user Alexey Nikonov wrote of Zaryadye Park’s cost.

Th e park ended up costing three times the original budget of fi ve bil-lion rubles, RBK news agency said.

“No money in the budget to pay sal-aries to doctors, pensions in the prov-inces are miniscule, while Moscow is behaving like a fat cat,” wrote another critic, Svetlana Popova, on Facebook.

Historically, Zaryadye was a bus-tling merchant quarters and became a mainly Jewish neighbourhood in the late 19th century.

However, after Jews were forci-bly moved out of the Russian capital in 1892, Zaryadye began to disinte-grate and Soviet authorities decided to knock it down.

It was replaced by the Rossiya ho-tel which was the biggest in the world with 3,182 rooms when it was built in 1967. — AFP

live it! 21

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 SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

STYLE BY T R OY PAT T E R S O N

Are we in a new golden age of tennis fashion?THE US Open has rolled into New York to bring the tennis season to its climax. Con-sequently, we in the style department fi nd ourselves wondering, not for the fi rst time, about the dress sense of men renowned for their court sense.

Away from the stadium, the rankings are clear: No one dresses up better than Roger Federer, who wore a glittering co-bra design on the back of his Gucci tuxedo jacket this year at the Costume Institute Gala. And no one dresses down better than Gael Monfi ls, whose casual rock-star attitude towards personal style makes him this sport’s analogue of Russell Westbrook.

But when these guys are dressed for athletic success, the situation gets murk-ier, and many questions arise.

Do the resurgence of Fila and the hip-sterfi cation of Adidas promise a return to the superb fashions of Bjorn Borg’s head-banded heyday? And speaking of sweat absorption: Are those supersized wristbands that Rafael Nadal has taken to wearing? Or are they what they appear to be — the cut-off sleeves of a toddler’s sweatshirt?

For tentative answers to these and other questions, please fi nd below a list of notable names in men’s tennis style. — Bloomberg

Zverev at the US Open doing his best Bjorn Borg.

The inevitable throwbackIn the fashion world, everyone’s feeling a 1970s vibe. In the tennis world, no one translates into action more dashingly than Alexander Zverev, seen wearing an Adidas Originals ensemble designed by Pharrell Williams. Check out that shirt, with its fi ne vertical stripes and thoughtful detailing around the collar. Get a load of that harmonious head-band. And the chain around his neck? Even if it’s too outre for your personal taste, you can appreciate Zverev’s way of pulling the rakish outfi t together.

Isner at the Australian Open in an activity-appropriate top.

Don’t call it a comebackFila — a company founded in Italy in 1911, loved by Cool James in the 1980s, purchased by its Korean licensee in 2007, and very on point right now — has endorsement deals with a number of exciting players who look sharp in a number of exciting patterns. We like how the checks of John Isner’s polo echo the criss-cross of the net.

The shoe that acesHaving survived an era in which ex-tra-long shorts — veritable capri pants — once characterised his look, Nadal has cleaned up head-to-toe. Especially the toe. His Nike Lunar Ballistecs, with an off -centre swoosh inspired by the design of the brand’s football cleat, is all aces.

A footloose Nadal at the Australian Open.

The forehand looks good. We would say the same for the forearms if we could see them.

The case of the expanding wristbandsAs we were saying: Nadal is generally looking well head-to-toe. It’s his arms that might be a problem. How much can one man perspire to need these double-wide wristbands? Would the WTA please consider fi ning him for committing this small crime against his forearms?

Querrey trying out the local headgear at the Mexican Open.

Sombrero gigante!We are not sure whether Sam Querrey, hoisting his trophy after beating Nadal in the finals of the Mexican Open, is participating in an esteemed tradition or if he is the victim of a practical joke. We will take the liberty of assuming that everyone involved is being respectful of the host country’s culture. But obviously, that brim is way too wide for Querrey’s shoulders.

Djokovic, a loser at the French Open, is still a winner in Lacoste.

Crocodile rockNovak Djokovic has been very well served by his endorsement deal with Lacoste. (See also the perfect fi t of his go-to Wimbledon whites, with the crocodile enlivening a tidy en-semble.) One can only hope that the graphic snazziness of this polo helped to ease the sting of losing in the quarter-fi nals at Roland Garros.

Dusan Lajovic of Serbia wearing his country proud.

The national prideAt the Davis Cup, as at the Olym-pics, a nation’s uniform off ers a window onto its soul. Th is time around, nobody beats Serbia at achieving a balance of sober dig-nity, sporty style and chic patri-otism. Th e double-headed eagle on the country’s coat of arms is rather swank.

2 2 F E AT U R E TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

Electric cars reach tipping pointTh e world’s slow drift away from gasoline is about to enter full fl ood

BY D AV I D F I C K L I N G

China, one-third of the world’s car market, is working on a time-table to end sales of fossil fuel-based ve-hicles, the country’s

vice industry and information tech-nology minister Xin Guobin told an industry forum in Tianjin on Saturday. That would probably see the country join Norway, France and the UK in switching to a wholly electric fleet within the lifetime of most current drivers.

Th e announcement is important because the most infl uential play-ers in the global auto market have always been not companies, but governments. Diesel cars make up about half of the market in the Eu-ropean Union (EU) and less than a percentage point in the US, largely because of diff erent fuel-taxation and emission regimes. Carburet-tors have been regulated out of most developed markets because fuel injection — originally a more costly technology — results in less tailpipe pollution (see chart).

Moves towards electrifi cation of the world’s cars have been tentative. Just 695,000 electric vehicles were sold in 2016, according to Bloomb-erg New Energy Finance (BNEF), equivalent to about three days of sales in an 84 million-strong mar-

ket. Including those already on the roads, the global car fl eet is roughly a billion-strong.

At the same time, the direction of travel is unambiguous. China’s auto industry plan released in April envis-ages new energy vehicles — includ-ing electric and hybrids — making up all the future sales growth in the country. With conventional cars pla-teauing at current levels, new-energy vehicle sales will reach seven million annually in 2025. As many as 800,000 charging stations will be built this

year alone, according to the offi cial China Daily. Government mandates will require manufacturers to sell 8% of their vehicles with electric or hybrid power trains from next year, or purchase credits to make up the diff erence, rising to 20% by 2025.

India, due to overtake Germa-ny and then Japan as the world’s third-biggest auto market by 2020, is on a similar path. Prime Minis-ter Narendra Modi’s think tank Niti Aayog aims to get electric vehicles to 44% of the fl eet by 2030, and is

aggressively favouring them with tax rates 31 percentage points below those for hybrids and internal com-bustion-engine cars under its newly harmonised goods and services tax.

France and the UK, the world’s sixth- and seventh-biggest markets, are planning to phase out sales of non-electric cars by 2040, while tiny Norway aims to reach that line 10 years earlier. Neither of those tar-gets looks especially ambitious, giv-en the rapid drop in battery costs: In the US and EU, electric cars will

reach price parity with convention-al vehicles in terms of purchase and running costs around the mid-2020s, according to BNEF. Th e In-ternational Energy Agency believes the use of oil in passenger cars has already more or less peaked, with just 7% of demand growth by 2040 coming from the sector.

The pattern will accelerate as major automakers dedicate more of their research and development budgets — and subsequently lobby-ing funds — to the transition to elec-tric vehicles. Until the fi rst Tesla Inc Roadster went on sale just nine years ago, Mitsubishi Motors Corp was the only major car company to take the prospect of fully electric vehicles se-riously. Now, every large automaker is working on battery-powered cars, with even long-standing sceptics like Fiat Chrysler Automobiles NV’s Ser-gio Marchionne and Maruti Suzuki India Ltd’s RC Bhargava announcing plans in recent weeks.

For all the eye-catching symbol-ism of a ban, it’s unlikely that fossil fuel will soon be illegal on the roads. Gasoline and diesel cars will still be sold in 2040, and probably in 2050 and 2100 as well. But with an increas-ing cost disadvantage and growing infrastructure issues, as gas stations close or go electric, internal-com-bustion engines will be sold only to enthusiasts — like high-performance sports cars, kit cars and vintage cars are today. Th e conventional car isn’t quite dead yet, but its years are num-bered. — Bloomberg

MYANMAR fi nds itself increasingly isolated diplomatically as violence against the country’s Muslim minor-ity Rohingya spurs a humanitarian crisis, but an analyst said the country has found one prominent ally: India.

Over the weekend, the United Nations (UN) appealed for aid as the number of Rohingya fleeing into southern Bangladesh neared 300,000 after the upsurge of vio-lence began in Myanmar on Aug 25, Reuters reported. Th ousands of homes were burned down and doz-ens of villages destroyed in Myan-mar’s Rakhine state after Rohingya insurgent attacks on police posts and an army base spurred a military counteroff ensive, the report said.

Th e worsening of the crisis coin-cided with the third day of Indian Prime Minister Narendra Modi’s fi rst bilateral visit to Myanmar. Ear-lier in his visit, Modi said India and Myanmar shared “similar security interests in the region”, including concern over “extremist violence” in the Rakhine state. His statement followed India’s decision to expel 40,000 Rohingya from that country.

Herve Lemahieu, of Australian foreign policy think tank Lowy In-

Myanmar may have found a sympathetic ally in IndiaBY B E T T I N A H U

stitute, said that showed Modi and Myanmar’s State Councillor Aung San Suu Kyi had an “alignment of world views”. Both understand the Rohingya situation through the lens of “state sovereignty and state secu-rity”, he told CNBC’s Street Signs last week. If state sovereignty and secu-rity are perceived to be threatened by “what they call the Rohingya in-surgency”, then Modi is complicit in “Suu Kyi’s approach not to call out on the military’s abuses of power in the Rakhine state”, he said.

Rights monitors and fl eeing Ro-hingya have said that the minority has faced a campaign of arson aimed at driving them out of the country, Reuters reported. Suu Kyi, who won the Nobel Peace Prize in 1991, has faced increasing condemnation for her lack of action on protecting the Rohingya. She instead reportedly referred to reports of violence as an

“iceberg of misinformation”.India’s external aff airs minis-

try and Myanmar’s foreign aff airs ministry didn’t immediately return CNBC’s request for comment.

Lemahieu said Modi’s comments on the Rohingya crisis would off er Myanmar some respite from con-demnation as a possible UN Security Council censure loomed, adding that Modi’s visit aimed to boost econom-ic ties between the two countries.

India’s bilateral relationship with Myanmar is especially important

as part of the Indian government’s Look East Policy, which aimed to use Myanmar as a springboard for reaching out to Southeast Asia.

But those ties could be strained as the escalation of the Rohingya situation threatens the continuity of the Kaladan Multi-Modal Transit Transport Project, which has been delayed several times since 2013.

This project was among the “crucial pieces of infrastructure” and was strategic in furthering relations between the two coun-

tries, Lemahieu said.In addition to shoring up ties

with India, Myanmar has begun talks with China and Russia to block any UN Security Council decision on the ongoing Rohingya crisis, Reuters reported last week.

On Sunday, the Arakan Rohing-ya Salvation Army insurgents de-clared a temporary ceasefi re, but Myanmar has yet to issue a formal response, Reuters reported.

Lemahieu noted that Myanmar’s approach to the Rohingya crisis was fraught with contradictions.

In a press conference last week, Myanmar’s national security ad-viser Thaung Tun responded to allegations of violence against and mistreatment of the Rohingya by saying that the minority should bring their grievances to court and “provide proof that this was done”.

Lemahieu noted that this ap-proach appeared to indicate that the government was portraying the crisis as a “law and order” issue that could be resolved through le-gal means, rather than “communal violence that has logic of its own on the ground”. — CNBC

For more, visit www.cnbc.com

Modi (left) waving as he posed for a photograph with Suu Kyi in Naypyidaw, Myanmar last Wednesday. Photo by AFP

S P O RT S 2 3TUESDAY SEPTEMBER 12, 2017 • THEED G E FINANCIAL DAILY

ROTTERDAM: Feyenoord, fresh from winning a fi rst Dutch title in almost two decades in May, is now raring to rekindle former European glories when it com-petes in the Champions League group stages for the fi rst time in 15 years tomorrow.

Yet, the Rotterdam side, Eu-ropean champion back in 1970, is re-entering a very much more challenging continental arena than when it found itself in the last 32 of Europe’s premier club tournament back in the 2002-2003 season. “It’s a big challenge for Dutch clubs to be competitive against so many strong teams,” said coach Giovanni van Bron-ckhorst as Feyenoord prepared for a fi erce new examination at home to English powerhouse Manchester City.

“With so much quality from the strongest footballing coun-tries, we have a chance now to measure ourselves — that is a very real challenge for me and the team,” he told Dutch televi-sion. “It will be diffi cult but it’s a good challenge and we will learn from it and become better.”

Feyenoord was the fi rst Dutch European champion and won the Uefa Cup twice. However, de-spite its proud European record, it has had to take a back seat in recent years to its domestic “big three” rivals such as Ajax Amster-dam and PSV Eindhoven. Yet, it is buoyed by its new assault on the European Cup even if it is in a tough group with City, Napoli and Shakhtar Donetsk.

Key for Feyenoord will be the club’s ageing De Kuip, the stadium where they enjoy fa-natical support and which they turned into a fortress last season. — Reuters

Feyenoord to rekindle former glories in Europe after 15 years

‘Big-game pedigree key to title bid’Th is hinges on Manchester City’s showdowns with main rivals

BY H A R D I K V YA S

BY M A R K G L E E S O N


BY A D I T I P R A K A S H

Australia announces big pay rise for women professionalsSYDNEY: Australia’s profes-sional women footballers’ sal-aries are expected to double under a new pay deal, with top internationals set to earn up to A$130,000 (RM434,545) a year, Football Federation Australia (FFA) said yesterday. Under the new two-year deal worked out with the players’ union, the average retainer for a player in the country’s nine-team Wom-en’s League (W-League) will rise from A$6,909 to A$15,500 for next season, FFA said. “W-League players deserve this pay rise. Th ey have been trail-blazers for women’s sport in Australia and are about to enter their 10th season,” FFA chief David Gallop said. — Reuters

Mourinho recalls Smalling and Lindelof for Basel gameBENGALURU: Chris Smalling and Victor Lindelof will start at the heart of Manchester United’s defence when it hosts FC Basel on its Champions League return today, manager Jose Mourinho has said. Defenders Eric Bailly and Phil Jones, who have start-ed all four of United’s Premier League games this season, are serving Uefa bans heading into the European campaign. Th e duo helped United keep three consecutive clean sheets in the Premier League before their perfect start to the season, end-ed with a 2-2 draw at Stoke City on Saturday. — Reuters

Liverpool keen to re-bound after heavy Man City loss, says MignoletBENGALURU: Liverpool is ea-ger to put behind its heavy Pre-mier League loss to Manchester City and bounce back during its Champions League game against Sevilla tomorrow, goal-keeper Simon Mignolet has said. Manager Juergen Klopp oversaw his heaviest Premier League defeat as 10-man Liverpool was beaten 5-0 at the Etihad, after forward Sadio Mane was sent off for a high challenge on City goalkeeper Ederson in the 37th minute. Liverpool will return to the Champions League group stages after a three-year absence from the competition and Mi-gnolet said the team is focusing on the positives. — Reuters

Poyet quits as Shanghai Shenhua coachSHANGHAI: Uruguayan Gus Poyet resigned as Shanghai Shenhua coach yesterday after a 2-1 loss to Henan Jianye at the weekend left the big-spending club languishing in 12th place in the Chinese Super League. “Poyet formally offered his resignation to Shanghai Shen-hua today (yesterday),” read a statement on the club’s website. Shenhua said Wu Jingui, the club’s former coach who was working as technical director, would take over from the for-mer Chelsea and Tottenham Hotspur midfi elder. — Reuters

I N BR I E F

BENGALURU: Manchester City’s Premier League title bid could hinge on performances against its main rivals this season, attacking mid-fi elder Kevin De Bruyne has said.

Pep Guardiola’s City collect-ed just 11 points in games against Chelsea, Tottenham Hotspur, Arse-nal, Manchester United, Liverpool and Everton as it fi nished third, 15 points off the pace last season.

It defeated Liverpool 5-0 on Sat-urday to set the tone for the rest of the campaign but De Bruyne is expecting further improvement from his side.

BENGALURU: Tottenham Hotspur is ready to compete for the Premier League title after putting the fi n-ishing touches to the squad late in the transfer window, striker Harry Kane has said.

Mauricio Pochettino’s Spurs were back fi ring all cylinders dur-ing their 3-0 victory at Everton on Saturday after dropping fi ve of their fi rst six points at their temporary Wembley home.

With Davinson Sanchez, Serge Aurier and Fernando Llorente arriv-ing in the fi nal days of the window, Kane believes Spurs finally have

“The only thing we didn’t do last year was win the big games,” De Bruyne, who set-up goals for strikers Sergio Aguero and Gabriel Jesus, told reporters.

“I thought we deserved to win a few more games than we did, especially at home, like the ones against Tottenham and Chelsea. It makes a diff erence — that’s fi ve or six points extra and it is losing those points so then you are closer together.”

Following a trophyless debut season at the Etihad, Guardiola has spent over £200 million (RM1.098 billion) on transfers as he chases the club’s fi rst league title since the

2013-2014 season.De Bruyne believes full back

signings Kyle Walker, Danilo and Benjamin Mendy off er City fresh attacking solutions as well as sta-bility at the back.

“The guys who have come in have a very physical quality; they are very strong, very pacy. Th ey make the pitch big [with] their quality and it is diffi cult for the other teams,” the 26-year-old Belgium interna-tional added.

“To go around Mendy and Kyle, you need to have a lot of trickery and pace; even then, they can run back. Th at is the diff erence [as com-pared] to last year.” — Reuters

the squad to go one better after fi n-ishing behind champions Chelsea last season.

“People may not talk about us but that suits us. We will just get on with our job and will keep producing performances like this,” Kane, who scored on either side of Christian Eriksen’s striker at Goodison Park, told reporters.

“We have left it late in the transfer market but we have got the players that we wanted and now we have got a good squad, a bulky squad.

“We play good football and have been in the title race for the last cou-ple of years. Come the business end in the second half of the season, we

are normally thereabouts fi ghting for the title.”

Kane wants Spurs to deliver a statement of intent by securing qual-ifi cation from a tough Champions League group this season.

Spurs, dumped out of the group stage last season, are drawn along-side holders Real Madrid, Cypri-ot champions Apoel Nicosia and Borussia Dortmund, who will visit Wembley tomorrow.

“We have got to test ourselves against the best if we want to be one of the top teams in Europe. You have got to see where you are, and all the lads are looking forward to it,” he added. — Reuters

Kane: Improved Spurs ready for Premier League challenge

Mourinho says Man United failed to evolve under predecessors

BENGALURU: Manchester United have failed to progress under Da-vid Moyes’ and Louis van Gaal’s leaderships following Alex Fergu-son’s departure in 2013, according to the club’s current manager Jose Mourinho.

United, who enjoyed a trium-phant era under Ferguson, strug-gled in the transition after the Scottish manager left Old Traf-ford following the annexation of their 20th and most recent Premier League title.

“Th ere was an evolution in the other clubs; there was no evolution in this club. In all the areas that make a team successful, I think we stopped in time,” Mourinho said in an interview with the Sunday Times.

“Th at was quite an empty period in this club with no evolution in ar-eas that are important,” added the

man who has taken United back to the top of the Premier League early in the new season.

David Moyes replaced Ferguson but was sacked after 10 months

following poor league results and the team’s exit from domestic cup competitions as well as the Cham-pions League quarter-fi nals.

Dutchman Van Gaal took over

but was replaced by Mourinho after two seasons as United failed to chal-lenge for the Premier League title and did not qualify for the 2016-2017 Champions League. “Of course, in the fi rst season I was trying to im-prove [this] ... that’s why I fought hard for trophies,” said Mourinho who won England’s League Cup and Europe’s second-tier trophy, the Europa League, in his fi rst season.

“Th at’s why I [would] prefer a Europa League victory than a third or fourth spot in the championship. Because the best way to accelerate the process is to do the process winning ... because winning gets you smiles.” — Reuters

Mourinho seen before a Stoke City versus Manchester United match. He said United struggled after Ferguson left Old Traff ord. Photo by Reuters

2 4 S P O RT S TUESDAY SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY

HANOI: Swapping his offi ce garb for driving gear, businessman Vu Minh Hung readies for Vietnam’s larg-est amateur off -road race, a mud-soaked adventure in the staid com-munist nation where professional auto sport is non-existent.

He was one of some 80 competi-tors at last weekend’s race on a hilly track outside here, the ninth year of a competition that has ballooned in popularity among adrenalin junkies.

“There aren’t many thrilling sports in Vietnam. We want to play thrilling sports but there are no op-portunities for us. So this is exactly what I’m looking for,” Hung told AFP, speaking after his leg of the race on the mud-slicked course.

But the exhilaration comes with a steep price tag.

Hung has spent US$14,000 (RM58,800) souping up his US$32,000 Ford Ranger, now cov-ered in colourful racing stickers, despite protests from his family.

“My wife and relatives tried to stop me because they said it’s a dangerous and costly hobby. But compared to other men’s addic-tions, I think my hobby is pretty nice,” Hung said.

The sport has taken off in Vi-etnam, where driving addicts like Hung say they can get a safe rush — unlike drug users, alcoholics or gambling addicts.

For competitor Pham Viet Th anh, competing for the second time, the race is about more than just skilful driving.

“It’s a passion. It’s in my blood and brain,” said the government employee, standing amid thousands of cheering fans at the race.

The secret of his success? An unlikely mistress.

“Th is cute little girl is with me all the time,” he said of his purple sport utility vehicle.

“When she’s broken, I have to be gentle with her, fi xing her prop-erly. I consider this car my second wife.” — AFP

SYDNEY: New Zealand are expect-ing a vintage challenge from a re-surgent South Africa side in their top-of-the-table Rugby Champion-ship encounter in Auckland next weekend.

All Blacks-Springboks clashes are always among the highlights of the test season but the rivalry lost some of its edge last year after the world champions won 41–13 at home and 57-15 in Durban.

South Africa have rebounded from their miserable 2016, howev-er, and go into Saturday’s match at North Harbour stadium only three points behind the All Blacks after a 23-23 draw with Australia at the weekend.

“We all know the way the South Africans play,” All Blacks lock Bro-die Retallick told local media yes-terday. “Th ey will be coming here with a bit of anger, and with the skill and physicality they are play-ing with, I’m sure it’s going to be a good spectacle.”

South Africa coach Allister Coet-zee said at the weekend he was dis-appointed with the draw, if proud of the way his side battled back from 10 points down early in the second half to remain unbeaten in six tests this year.

All Blacks coach Steve Hansen has been experimenting with his side so it remains to be seen if the Springboks will have to contend with rookie fl anker Vaea Fifi ta, who burned the Pumas defence to score a try in his fi rst test start on Satur-day. — Reuters

Mud and glory: Vietnam revs up for biggest off -road race

All Blacks versus Springboks a huge test Nadal savours being part

of the dream generationHe attributes rivalry as being important for the sport

BY J U L I E N P R E TOT

BY S U D I P TO G A N G U LY

NEW YORK: Belonging to a genera-tion of era-defi ning champions is of greater importance to Spanish jug-gernaut Rafael Nadal than his long-term rivalry with Roger Federer.

World No 1 Nadal won his third US Open and 16th grand slam title with a 6-3, 6-3, 6-4 demolition of South African Kevin An-derson, triggering spec-ulations on his chances of surpassing Federer’s record of 19 major cham-pionships.

“Of course this rivalry has been important for our sport, in my opin-ion,” Nadal said of his battles with the Swiss great.

“Th at involved a lot of people, and because of different styles, different charac-

ters, and we played for the most important things for such a long time, I think that was great pro-motion for our sport,” Nadal told a news conference.

“I feel happy to be part of this rivalry, but at the same time, I

played even more matches with Novak [Djokovic] than with Roger in such important

matches, too.”Since Nadal won

the first of this 10 French Open titles,

he, Federer and Djok-ovic have won 43 of the 51 grand slams.

“In my career, I have been in-volved in diff erent rivalries. I feel lucky to be part of all of them in some way. In another way, I have been in an era where three play-ers achieved 19, 16 and 12 (grand slams),” he said, referring to him-self, Federer and Djokovic.

Since then, only Andy Murray, Stan Wawrinka, Juan Martin del Potro and Marin Cilic have man-aged to win major titles.

“That’s difficult to find some players in the same generation that achieve all the things that we achieved,” Nadal said.

“We are in an era that is not nice to say, because I’m part of it, but we are in an era that some play-ers make incredible things in this sport, no?

“[I am] happy to be part of it, and I feel lucky to be part of it and enjoying the fact that I have been involved in some way in the two rivalries. Th at is amazing, no?”

Nadal and Djokovic have played

each other 50 times, the Serbian prevailing 26 times but losing three of their four grand slam fi nal en-counters.

Th e Spaniard has a 23-14 win-loss record against Federer and he won six of their nine fi nals at a major.

“I think nobody played more matches against each other like Novak and I and with Roger, be-cause we competed for such a long time for the fi rst and second spots and competed for most important events,” said Nadal.

“It’s been great but at the same time, there have been difficult moments to win a lot of titles, but in some way, we should be very happy, no? Because us three, we still won a lot of things, and probably even Roger and me or Novak even much more than we ever dreamed.

“We feel very happy about all the things that happened to us, and probably, everybody, we feel lucky in some way.” — Reuters

Nadal holding the trophy after

defeating Anderson at

the US Open men’s fi nal in New York on

Sunday. Photo by Reuters

BY T R A N T H I M I N H H A

BY N I C K M U LV E N N E Y


MUMBAI: Th e Australian one-day side are better equipped to handle spin in the forthcoming fi ve-match series in India, captain Steve Smith has said.

Earlier this year, spinners Rav-ichandran Ashwin and Ravindra Jadeja shared 46 wickets between them to bowl India to a 2-1 se-ries victory against Australia, who also tasted their maiden test defeat against a spin-heavy Bangladesh last month.

India have rested Ashwin and Jadeja for the fi rst three one-day internationals (ODIs) and Smith believes the wickets in the shorter format will not be as helpful to the slower bowlers.

“I think the one-day group has played spin pretty well for a while. Obviously, we are still learning in the test format,” Smith said after his arrival in Chennai, which will host the fi rst ODI on Sunday.

“We have come from a challeng-ing tour from Bangladesh. Th e guys are learning and trying to improve. So, hopefully, they can continue to do so.

“[I am] not sure the one-day wickets will present quite as much spin [as] perhaps some of the test wickets. But we have to wait and see and adapt to the conditions accordingly.”

Sparks often fl y whenever they clashed against India but the Aus-

Smith sees no spin threat for Australia in India

tralia skipper was confident the upcoming series will be played in “good spirit”.

“It’s always a hard-fought con-test playing against India and we are excited by the challenge of playing over here,” the 28-year-old said.

“Looking back to the last one-day tour of India, I wasn’t on it in 2013, but it was a big run-fest from memory with pretty flat wickets and big totals.

“We will see what we are pre-sented with but it could be the same again.”

Smith was hopeful leg-spinner Adam Zampa will have a big impact on the series with his knowledge of the Indian conditions having played in the Indian Premier League (IPL) Twenty tournament.

“He has got a pretty good record over the last one year or two,” Smith said. “He has got some experience playing in these conditions in IPL. So, we know what to expect from Zampa.

“And if he gets his opportunity, hopefully, he can have some suc-cess on this tour.

“We have been following the In-dia-Lanka series in bits and pieces,” he said. “Th ey are playing some re-ally good cricket. It’s a good chal-lenge for us.

“It’s always tough playing India in India. Th ey are [a] very good ODI side. Just seeing the side they have announced, it looks like a strong side. We are excited about the chal-lenge of the series.” — Reuters

BENGALURU: England captain Joe Root has backed his side to achieve “something special” at this year’s Ashes in Australia after they reg-istered a second consecutive test series win at home with a three-day victory over West Indies.

A nine-wicket win in the third and fi nal test against West Indies sealed England’s 2-1 victory under Root’s leadership following a 3-1 triumph over South Africa.

“I’m happy with the way the whole group is shaping up. Guys have stepped up and taken their games forward,” Root told the Brit-ish media.

“There’s plenty of challenges ahead but, with those, is a great opportunity. We shouldn’t be afraid of going over there and, if we per-form at our best, doing something really special.”

Root was particularly impressed by the team’s ability to dig deep following two second-test defeats during both South Africa and West Indies series.

England will next meet West Indies in a Twenty20 and fi ve one-day internationals starting on Sat-urday. — Reuters

England will pull off ‘something special’ in Ashes

Thanh standing next to his vehicle before the Vietnam Off road 2017 race on the outskirts of Hanoi on Saturday. Photo by 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 1,782.74 2.84 0.16

KLSE INDUSTRIAL 3,213.20 4.48 0.14

CONSUMER PRODUCT 627.23 1.29 0.21

INDUSTRIAL PRODUCT 160.69 0.26 0.16

CONSTRUCTION 333.56 2.10 0.63

TRADE & SERVICES 232.99 0.52 0.22

KLSE FINANCIAL 16,779.35 52.82 0.32

KLSE PROPERTY 1,268.01 6.43 0.51

KLSE PLANTATION 7,913.68 23.47 0.30

KLSE MINING 628.19 -28.37 -4.32

INDICES CLOSE +/- %CHGTECHNOLOGY 37.87 0.10 0.26

FTSE BURSA 100 12,377.17 19.65 0.16

FTSE BURSA MID 70 15,286.94 24.02 0.16

FTSE BURSA SMALL CAP 16,961.04 82.88 0.49

FTSE BURSA FLEDGLING 19,154.77 154.61 0.81

FTSE BURSA EMAS 12,712.17 22.89 0.18

FTSE BUR M’SIA ACE 6,697.26 47.68 0.72

FTSE BUR EMAS SHARIAH 12,911.93 25.79 0.20

FTSE BUR HIJRAH SHARIAH 14,133.61 26.13 0.19

FTSE/ASEAN 40 10,559.65 5.90 0.06

INDICES CLOSE +/- %CHG

Sectorial Movement

CONSUMER PRODUCTS 0.740 0.445 0.455 0.455 7120 ACOSTEC 0.455 UNCH 78 0.455 — — 80.9 4.950 3.702 4.950 4.940 7090 AHEALTH 4.940 UNCH 10 4.945 16.13 2.33 578.7 24.759 11.853 19.160 18.820 2658 AJI 19.120 -0.040 102 19.023 6.37 2.20 1,162.5 0.380 0.220 — — 7051 AMTEK 0.280 — — — — — 14.0 6.007 4.970 5.020 4.990 6432 APOLLO 4.990 -0.010 68.4 5.002 25.10 5.01 399.2 1.110 0.800 0.940 0.940 7722 ASIABRN 0.940 UNCH 30 0.940 — — 74.4 3.771 3.140 3.290 3.260 7129 ASIAFLE 3.260 -0.030 87.2 3.288 11.21 4.91 634.9 49.279 39.201 44.180 43.760 4162 BAT 43.780 -0.400 63.8 43.969 16.36 4.91 12,500.5 0.120 0.035 0.070 0.065 7243 BIOOSMO 0.070 UNCH 560 0.065 — — 55.7 0.740 0.540 0.655 0.630 9288 BONIA 0.650 0.035 6288.8 0.642 16.54 1.92 524.1 1.100 0.483 1.030 1.000 7174 CAB 1.020 0.020 1708.8 1.018 7.29 0.31 628.2 0.540 0.425 0.440 0.440 7154 CAELY 0.440 0.010 5 0.440 8.48 2.27 35.2 0.340 0.260 — — 7128 CAMRES 0.280 — — — 23.33 3.57 55.1 15.200 13.107 15.020 14.980 2836 CARLSBG 15.000 UNCH 103.2 15.002 20.94 5.13 4,586.2 1.140 0.519 0.960 0.930 7035 CCK 0.955 0.025 1338.3 0.946 11.83 2.09 301.2 2.388 1.867 2.080 2.070 7148 CCMDBIO 2.080 -0.050 5 2.076 20.31 3.13 580.2 2.700 2.230 2.250 2.230 2828 CIHLDG 2.230 -0.020 146.2 2.240 13.34 2.24 361.3 0.060 0.020 0.045 0.040 5188 CNOUHUA 0.040 -0.005 3096.9 0.041 — — 26.7 3.200 1.812 2.800 2.710 7205 COCOLND 2.770 -0.070 46.7 2.729 15.30 5.60 633.8 1.960 1.575 1.860 1.850 7202 CSCENIC 1.850 UNCH 15.9 1.857 17.79 5.41 222.9 0.095 0.030 0.065 0.055 5214 CSL 0.055 -0.005 17999.6 0.060 6.96 — 68.4 0.810 0.520 0.535 0.520 9423 CWG 0.520 -0.025 147 0.524 2.88 6.73 43.8 0.050 0.025 0.035 0.030 7179 DBE 0.035 0.010 20702.5 0.030 350.00 — 48.3 1.000 0.740 — — 7119 DEGEM 0.990 — — — 9.46 2.53 132.7 59.883 52.364 59.300 58.620 3026 DLADY 59.300 0.200 6.2 59.204 26.61 1.69 3,795.2 0.115 0.070 0.090 0.085 7198 DPS 0.090 UNCH 377 0.085 — — 52.9 0.105 0.020 0.080 0.075 7182 EKA 0.080 UNCH 30 0.078 — — 25.0 0.360 0.140 0.260 0.250 9091 EMICO 0.255 0.005 2549.1 0.255 15.18 — 24.5 1.948 1.372 — — 7149 ENGKAH 1.450 — — — 65.02 4.14 102.6 0.270 0.180 0.185 0.185 7208 EURO 0.185 UNCH 37 0.185 24.03 — 49.5 0.800 0.630 — — 7094 EUROSP 0.730 — — — 33.80 — 32.4 26.000 21.887 24.820 24.540 3689 F&N 24.620 0.080 169.8 24.607 25.52 2.34 9,030.1 1.205 0.815 — — 2755 FCW 0.880 — — — 72.73 1.70 220.0 0.850 0.520 0.620 0.600 8605 FFHB 0.620 0.010 188 0.615 10.42 1.94 67.6 1.350 0.711 1.250 1.230 9172 FPI 1.250 -0.010 1107.6 1.245 11.41 4.80 309.2 0.850 0.255 0.850 0.725 7184 G3 0.850 0.125 1627.6 0.835 — — 350.6 1.670 0.885 1.560 1.530 5102 GCB 1.550 -0.010 169.9 1.543 15.82 1.45 744.2 2.999 2.334 — — 5606 GOLDIS 2.700 — — — 7.09 0.74 1,650.8 0.135 0.030 0.120 0.110 5187 HBGLOB 0.110 -0.005 5177.4 0.114 — — 51.5 19.580 15.038 19.540 19.500 3255 HEIM 19.500 UNCH 151.5 19.501 21.65 5.90 5,890.9 10.600 8.426 10.040 9.900 3301 HLIND 10.020 0.020 59.3 10.019 29.91 3.49 3,285.6 1.008 0.822 0.940 0.935 5160 HOMERIZ 0.935 -0.005 131.5 0.935 9.84 2.14 280.5 0.395 0.240 0.320 0.310 7213 HOVID 0.315 UNCH 692.7 0.313 — — 258.6 1.280 1.113 1.200 1.190 5024 HUPSENG 1.190 UNCH 36.9 1.190 20.70 3.36 952.0 0.630 0.445 — — 8478 HWATAI 0.450 — — — 187.50 — 33.7 4.880 2.020 3.640 3.320 5107 IQGROUP 3.340 -0.290 1376 3.394 11.92 3.29 294.0 1.570 1.054 1.430 1.420 7152 JAYCORP 1.430 -0.010 219 1.425 8.72 3.50 196.3 0.740 0.505 0.540 0.520 8931 JERASIA 0.540 0.010 31.2 0.524 11.95 — 44.3 2.598 1.370 1.550 1.490 5247 KAREX 1.540 0.030 1082.1 1.522 55.20 1.30 1,543.7 3.800 3.360 3.600 3.430 7216 KAWAN 3.430 -0.020 51.9 3.484 34.93 0.55 1,233.2 0.260 0.040 — — 8303 KFM 0.185 — — — — — 12.6 0.920 0.725 0.765 0.735 6203 KHEESAN 0.760 -0.005 8 0.748 16.27 1.32 79.0 2.700 2.020 — — 7062 KHIND 2.200 — — — 23.43 4.55 88.1 2.210 0.995 1.890 1.870 2 KOTRA 1.890 -0.050 3.5 1.879 20.19 1.06 252.2 0.140 0.050 0.100 0.095 5172 KSTAR 0.100 UNCH 273.5 0.096 — — 29.3 6.000 4.500 4.720 4.500 7006 LATITUD 4.700 0.120 282.6 4.530 6.61 2.55 456.9 1.010 0.785 0.990 0.975 9385 LAYHONG 0.990 0.010 653.8 0.988 26.98 0.51 602.7 0.377 0.261 0.335 0.320 8079 LEESK 0.330 0.015 432.2 0.325 11.83 3.03 55.4 3.458 2.705 3.290 3.240 7089 LIIHEN 3.260 -0.030 466.3 3.262 7.94 4.91 586.8 0.820 0.710 0.740 0.730 7126 LONBISC 0.740 -0.005 260.5 0.734 9.55 — 138.0 1.890 1.212 1.500 1.500 7085 LTKM 1.500 UNCH 10 1.500 23.40 2.00 195.2 7.920 3.865 7.500 7.430 7087 MAGNI 7.500 UNCH 124.6 7.462 10.16 1.87 1,220.5 0.045 0.010 0.035 0.025 5189 MAXWELL 0.025 -0.010 3308.8 0.028 — — 10.0 1.266 0.974 — — 5886 MBG 1.020 — — — 23.78 2.94 62.0 2.464 1.266 2.140 2.090 3662 MFLOUR 2.130 0.040 287.6 2.118 15.93 3.05 1,172.1 0.960 0.770 0.820 0.800 7935 MILUX 0.820 0.050 6.2 0.804 — — 44.6 5.005 3.770 4.010 4.000 5202 MSM 4.010 0.210 2 4.005 — 3.49 2,818.9 0.035 0.030 — — 5150 MSPORTS 0.035 — — — — — 21.2 1.826 1.184 1.430 1.390 3921 MWE 1.430 UNCH 7 1.421 2.44 1.40 331.1 85.800 72.360 85.800 84.500 4707 NESTLE 84.900 0.480 270.1 84.916 32.11 3.18 19,909.1 4.880 2.963 3.590 3.590 7060 NHFATT 3.590 UNCH 4 3.590 10.45 3.06 269.8 0.130 0.060 — — 7139 NICE 0.065 — — — 18.57 — 21.6 0.315 0.230 0.260 0.255 7215 NIHSIN 0.255 -0.005 167.5 0.259 106.25 — 60.8 0.905 0.750 0.800 0.795 5066 NTPM 0.795 UNCH 268.8 0.799 18.07 3.02 892.9 0.690 0.360 0.605 0.580 7071 OCR 0.590 0.010 733 0.594 — — 156.7 0.250 0.050 0.140 0.135 7071PA OCR-PA 0.140 0.010 2884.8 0.139 — — 90.2 1.778 1.345 — — 7107 OFI 1.570 — — — 21.66 2.55 376.8 6.863 6.315 6.770 6.620 4006 ORIENT 6.760 0.080 89.3 6.651 10.39 2.96 4,193.9 4.650 2.222 4.620 4.470 7052 PADINI 4.560 UNCH 662 4.539 19.06 2.19 3,000.1 38.880 29.318 38.880 38.400 3719 PANAMY 38.800 0.300 4.5 38.722 18.38 3.02 2,356.9 0.774 0.495 0.525 0.510 5022 PAOS 0.525 0.020 13 0.520 50.97 3.10 95.1 0.650 0.310 0.405 0.380 9407 PARAGON 0.405 0.005 3 0.388 — — 28.4 0.660 0.310 0.600 0.585 6068 PCCS 0.595 0.010 242.7 0.595 — — 35.7 1.060 0.735 0.835 0.830 5231 PELIKAN 0.830 -0.010 277.2 0.834 25.23 — 459.2 0.235 0.145 0.170 0.170 4081 PMCORP 0.170 -0.005 89 0.170 9.44 — 131.5 0.640 0.441 0.640 0.605 5080 POHKONG 0.615 -0.020 1009.1 0.615 13.98 1.63 252.4 2.060 1.451 1.760 1.750 7088 POHUAT 1.760 UNCH 126.1 1.754 6.55 4.55 400.0 17.217 15.086 16.840 16.700 4065 PPB 16.820 UNCH 289.9 16.811 15.05 1.49 19,940.1 0.720 0.499 0.580 0.580 7190 PPG 0.580 UNCH 16 0.580 19.14 2.38 58.0 1.659 1.140 1.160 1.140 8966 PRLEXUS 1.160 UNCH 145.6 1.148 8.15 2.59 208.8 1.220 0.655 1.220 1.160 7134 PWF 1.160 -0.020 1172.4 1.187 19.50 3.45 194.9 2.705 1.906 2.100 2.080 7237 PWROOT 2.080 UNCH 278.3 2.092 17.33 5.53 686.1 3.940 3.151 3.940 3.840 7084 QL 3.900 -0.040 481 3.882 36.08 0.84 6,327.5 2.510 1.467 2.300 2.260 9946 REX 2.300 0.020 105.8 2.284 39.72 0.87 141.8 1.890 1.150 1.390 1.330 183 SALUTE 1.330 -0.020 1043.2 1.361 26.71 1.80 516.0 1.069 0.800 0.805 0.800 5252 SASBADI 0.800 -0.005 177.1 0.804 20.41 1.88 335.3 0.540 0.275 0.505 0.465 5157 SAUDEE 0.495 0.035 877.2 0.492 550.00 — 59.4 1.430 1.000 1.400 1.350 7180 SERNKOU 1.350 -0.040 40.2 1.380 115.38 — 162.0 0.845 0.580 0.670 0.655 7165 SGB 0.670 0.020 33 0.660 — — 114.6 0.270 0.060 — — 7165PA SGB-PA 0.230 — — — — — 102.9 1.867 1.380 1.380 1.380 7412 SHH 1.380 -0.020 8 1.380 13.07 7.25 69.0 1.070 0.800 0.900 0.875 7246 SIGN 0.880 -0.010 35.6 0.888 10.11 — 211.5 0.915 0.215 0.680 0.665 8532 SINOTOP 0.680 0.005 245.3 0.668 50.37 — 268.5 0.865 0.540 0.600 0.590 9776 SMCAP 0.600 -0.020 11 0.591 — — 36.6 0.385 0.200 — — 7943 SNC 0.320 — — — — — 21.1 2.548 2.130 2.170 2.140 7103 SPRITZER 2.170 0.020 22.5 2.155 18.39 2.67 396.3 1.440 1.020 1.080 1.080 7186 SWSCAP 1.080 UNCH 59 1.080 166.15 0.93 157.5 0.669 0.455 0.465 0.465 7082 SYF 0.465 UNCH 135 0.465 7.45 2.15 287.9 0.505 0.280 0.360 0.360 7211 TAFI 0.360 -0.030 12.5 0.360 — — 28.8 1.968 1.641 1.790 1.710 4405 TCHONG 1.750 0.060 45 1.730 — 1.14 1,176.0 1.304 0.505 0.535 0.525 7200 TEKSENG 0.530 UNCH 300.8 0.531 38.41 3.77 184.5 1.250 0.850 0.930 0.905 7252 TEOSENG 0.920 0.015 1059.9 0.921 18.07 1.63 276.0 1.510 1.258 1.360 1.360 9369 TGL 1.360 -0.010 1.4 1.360 12.27 5.51 55.4 0.870 0.400 0.860 0.800 7230 TOMEI 0.830 -0.025 329.6 0.827 10.68 — 115.0 0.560 0.390 — — 7176 TPC 0.415 — — — — — 97.0 6.080 4.089 5.490 5.380 4588 UMW 5.440 -0.010 230 5.446 — 3.68 6,355.5 2.640 1.934 2.640 2.640 7757 UPA 2.640 UNCH 17.8 2.640 3.51 3.03 210.1 1.668 0.677 — — 7203 WANGZNG 1.360 — — — 15.98 2.94 217.6 0.325 0.080 0.250 0.245 5156 XDL 0.250 UNCH 255.5 0.248 22.12 — 168.5 0.615 0.360 0.585 0.575 7121 XIANLNG 0.585 UNCH 122 0.582 — — 46.8 0.125 0.020 — — 5155 XINQUAN 0.055 — — — — — 26.7 2.822 2.130 2.170 2.140 5584 YEELEE 2.160 0.030 43 2.153 11.20 2.08 413.9 1.560 1.034 1.380 1.350 5159 YOCB 1.360 0.020 66.6 1.357 9.56 2.94 217.6 3.190 1.744 2.690 2.650 7178 YSPSAH 2.690 0.040 314.7 2.681 13.02 2.60 367.7 1.934 1.146 1.730 1.700 5131 ZHULIAN 1.710 UNCH 155.5 1.709 14.75 3.51 786.6INDUSTRIAL PRODUCTS 1.420 0.922 1.280 1.250 12 3A 1.250 -0.030 507.9 1.260 14.03 1.15 615.0 0.210 0.085 0.135 0.130 7086 ABLEGRP 0.135 UNCH 783 0.135 — — 35.6 0.400 0.200 0.350 0.350 7131 ACME 0.350 0.030 10 0.350 — — 76.5 0.795 0.625 0.630 0.630 7191 ADVENTA 0.630 UNCH 4 0.630 3150 — 96.3 2.376 2.045 — — 9148 ADVPKG 2.200 — — — 18.29 5.45 45.1 0.220 0.135 — — 7146 AEM 0.170 — — — 566.67 — 50.9 0.500 0.365 — — 5198 AFUJIYA 0.420 — — — 23.33 — 75.6

0.635 0.405 0.450 0.445 2682 AISB 0.450 UNCH 5 0.445 31.91 — 65.0 0.913 0.561 0.765 0.745 7609 AJIYA 0.750 0.010 326.7 0.748 10.84 2.67 228.4 0.160 0.065 — — 9954 AKNIGHT 0.080 — — — — — 4.7 1.694 0.610 1.280 1.260 2674 ALCOM 1.260 UNCH 307.8 1.265 14.35 16.27 169.3 1.070 0.315 0.720 0.690 4758 ANCOM 0.715 0.025 2519.5 0.712 8.97 — 156.6 3.790 1.625 3.790 3.750 6556 ANNJOO 3.780 0.040 1331.8 3.777 11.05 2.78 2,016.7 0.551 0.095 0.125 0.110 9342 ANZO 0.120 0.005 66034.4 0.120 — — 97.6 1.100 0.825 — — 5568 APB 1.030 — — — 12.09 6.31 116.3 4.090 3.176 3.560 3.540 5015 APM 3.560 UNCH 19 3.549 15.16 4.07 717.7 1.240 0.760 1.180 1.130 7214 ARANK 1.160 0.020 1233.5 1.159 7.85 2.59 139.2 1.290 0.671 1.180 1.130 7162 ASTINO 1.170 0.040 2128.2 1.156 8.46 0.85 320.7 1.480 0.428 1.050 1.020 7099 ATTA 1.030 0.010 1021.2 1.035 3.98 7.58 118.4 0.975 0.230 0.240 0.240 7181 ATURMJU 0.240 0.010 11.1 0.240 — — 14.7 2.550 1.551 2.190 2.120 8133 BHIC 2.190 UNCH 5 2.134 5.78 1.37 544.1 0.570 0.380 — — 7005 BIG 0.385 — — — — — 18.5 0.580 0.095 0.505 0.500 7187 BKOON 0.505 UNCH 334.7 0.501 — — 140.3 1.091 0.742 0.850 0.820 168 BOILERM 0.850 UNCH 119 0.839 20.63 1.76 438.6 2.425 1.510 — — 6297 BOXPAK 1.510 — — — — — 181.3 1.563 1.200 1.210 1.200 5100 BPPLAS 1.200 -0.010 72.3 1.209 18.55 6.67 225.2 0.400 0.300 0.330 0.310 9938 BRIGHT 0.330 0.020 1034.7 0.321 — — 54.2 0.675 0.210 0.545 0.520 7221 BSLCORP 0.540 0.025 930.2 0.539 6.60 — 52.9 0.365 0.210 0.260 0.240 7188 BTM 0.250 UNCH 56.5 0.247 47.17 — 31.8 3.785 3.100 3.130 3.100 5105 CANONE 3.100 -0.060 370.6 3.111 7.59 1.29 595.7 0.035 0.005 — — 5229 CAP 0.010 — — — — — 13.6 2.168 1.883 1.980 1.950 7076 CBIP 1.950 -0.010 143.7 1.961 8.73 3.08 1,049.6 1.810 0.833 1.450 1.420 2879 CCM 1.450 0.010 258.7 1.441 46.47 3.45 663.6 1.800 1.450 — — 8435 CEPCO 1.750 — — — — — 78.4 1.210 1.020 1.160 1.160 8044 CFM 1.160 UNCH 5 1.160 — — 47.6 1.940 1.466 1.750 1.740 5007 CHINWEL 1.750 0.010 170.4 1.741 10.30 3.89 524.2 2.400 1.546 2.330 2.280 5797 CHOOBEE 2.320 0.080 1190.4 2.305 8.49 2.59 255.0 1.150 0.900 — — 8052 CICB 1.000 — — — 28.90 — 50.0 0.075 0.050 0.060 0.055 7018 CME 0.055 UNCH 2543.4 0.055 — — 26.7 4.628 3.476 4.140 4.020 2852 CMSB 4.090 -0.010 451.1 4.091 17.74 1.54 4,394.2 0.600 0.200 0.510 0.505 7986 CNASIA 0.505 -0.005 5.8 0.510 0.97 — 22.9 1.559 1.150 1.270 1.230 5071 COASTAL 1.260 0.030 674.2 1.259 13.56 1.59 669.8 1.150 0.665 0.750 0.740 7195 COMCORP 0.740 -0.005 483.5 0.742 6.97 — 103.6 1.010 0.645 0.965 0.945 2127 COMFORT 0.950 -0.010 2573.4 0.951 10.92 — 530.9 2.156 1.630 1.740 1.690 5094 CSCSTEL 1.720 0.040 2000.3 1.725 10.34 5.81 653.6 0.015 0.005 — — 22 CYBERT 0.005 — — — — — 0.5 0.829 0.655 0.665 0.660 7157 CYL 0.665 0.005 12.8 0.664 52.78 6.02 66.5 0.405 0.280 — — 5082 CYMAO 0.325 — — — — — 24.4 2.369 1.742 2.190 2.180 8125 DAIBOCI 2.190 0.010 27 2.183 31.47 1.96 718.1 1.510 0.320 1.240 1.230 8176 DENKO 1.230 UNCH 34.7 1.231 — — 128.5 0.330 0.220 0.310 0.310 7114 DNONCE 0.310 UNCH 220 0.310 — — 56.5 0.435 0.230 0.275 0.270 5835 DOLMITE 0.275 0.015 24.7 0.273 125.00 — 78.4 0.440 0.155 0.215 0.200 5265 DOLPHIN 0.210 0.010 1004 0.210 — — 46.6 1.320 1.076 1.320 1.310 7169 DOMINAN 1.320 0.010 53.7 1.314 9.12 4.55 217.9 1.848 0.914 1.630 1.600 1619 DRBHCOM 1.620 UNCH 1272.1 1.613 — 0.62 3,131.8 1.606 0.540 1.530 1.500 7233 DUFU 1.510 -0.010 469.3 1.507 7.66 2.98 265.0 0.985 0.745 0.780 0.755 8907 EG 0.770 0.015 610.8 0.766 7.08 — 162.9 1.070 0.825 0.870 0.845 9016 EKSONS 0.855 0.005 26.5 0.857 — — 140.4 0.855 0.510 0.855 0.810 7217 EMETALL 0.855 0.055 5963.6 0.839 15.80 2.92 146.4 0.885 0.385 0.540 0.530 7773 EPMB 0.540 0.010 11 0.534 — — 89.6 0.443 0.330 0.375 0.360 190 ESAFE 0.375 0.020 250.5 0.368 11.50 — 90.2 1.115 0.740 0.805 0.790 5101 EVERGRN 0.790 UNCH 1733 0.797 12.89 2.53 668.7 0.863 0.490 0.500 0.495 7249 EWEIN 0.495 -0.005 253 0.495 12.76 1.01 149.3 1.380 1.011 1.290 1.270 2984 FACBIND 1.270 -0.020 82.5 1.274 12.50 1.97 108.2 2.862 2.160 2.620 2.590 7229 FAVCO 2.600 -0.020 22.3 2.603 7.61 5.77 575.6 0.800 0.495 — — 149 FIBON 0.635 — — — 14.46 1.97 62.2 2.274 1.906 — — 3107 FIMACOR 2.180 — — — 16.18 5.73 534.7 1.870 1.417 1.520 1.500 5197 FLBHD 1.510 UNCH 440.4 1.510 7.61 9.93 155.8 1.420 1.330 1.330 1.330 3611 GBH 1.330 UNCH 2 1.330 151.14 — 248.2 2.590 1.450 2.470 2.420 7197 GESHEN 2.470 -0.020 165.9 2.441 10.53 — 197.6 0.085 0.040 0.055 0.050 5220 GLOTEC 0.050 UNCH 3515.2 0.051 — — 269.1 0.735 0.185 0.210 0.210 7192 GOODWAY 0.210 0.005 26 0.210 — — 23.2 0.135 0.085 0.105 0.100 7096 GPA 0.100 -0.005 499 0.100 17.54 — 98.0 0.425 0.255 0.270 0.270 5649 GPHAROS 0.270 UNCH 17 0.270 — — 36.3 0.245 0.185 — — 136 GREENYB 0.195 — — — 37.50 3.08 65.1 0.145 0.085 0.110 0.110 7077 GSB 0.110 0.005 60 0.110 — — 58.1 1.050 0.800 0.840 0.830 3247 GUH 0.835 0.005 288.5 0.834 11.81 4.19 232.1 1.180 0.235 0.790 0.780 5151 HALEX 0.790 0.030 55 0.789 — — 83.7 7.400 4.251 6.830 6.700 5168 HARTA 6.700 -0.200 809.1 6.755 34.06 1.27 11,056.3 1.390 0.829 1.260 1.240 7105 HCK 1.260 -0.010 24.5 1.246 700.00 — 530.7 8.680 1.990 8.240 7.750 4324 HENGYUAN 8.210 0.470 2943.1 7.984 5.02 — 2,463.0 1.780 1.142 1.520 1.490 5095 HEVEA 1.510 UNCH 2459.3 1.506 8.64 4.90 822.9 1.200 0.858 0.920 0.915 3298 HEXZA 0.915 UNCH 170.1 0.917 8.24 4.92 183.3 0.435 0.265 0.435 0.420 5072 HIAPTEK 0.430 0.010 29177.7 0.428 14.48 0.70 565.5 0.560 0.185 0.440 0.430 5199 HIBISCS 0.435 UNCH 4451.5 0.435 5.63 — 655.0 1.276 0.840 — — 7033 HIGHTEC 1.000 — — — 6.78 3.50 40.6 1.226 0.785 — — 8443 HIL 0.995 — — — 18.53 1.51 277.3 0.405 0.270 — — 5165 HOKHENG 0.330 — — — 23.40 — 26.4 0.260 0.020 0.260 0.235 2739 HUAAN 0.255 0.020 165563 0.247 — — 286.2 3.236 2.130 2.580 2.390 5000 HUMEIND 2.550 0.160 861.1 2.533 65.38 0.78 1,221.7 0.075 0.045 0.055 0.050 9601 HWGB 0.055 UNCH 857 0.054 — — 54.9 0.890 0.595 — — 9687 IDEALUBB 0.770 — — — 5.63 — 85.1 2.070 1.690 1.790 1.790 7222 IMASPRO 1.790 0.020 6 1.790 25.00 1.96 143.2 0.300 0.160 — — 7183 IRETEX 0.180 — — — — — 24.9 0.085 0.050 0.060 0.055 7223 JADI 0.060 UNCH 1532.3 0.060 — — 56.5 0.175 0.135 0.145 0.140 8648 JASKITA 0.140 UNCH 39.9 0.141 — 7.14 62.9 0.110 0.030 — — 2747 JAVA 0.035 — — — — — 6.1 1.120 0.892 — — 7043 JMR 1.100 — — — 333.33 2.73 139.5 1.729 0.825 1.440 1.390 7167 JOHOTIN 1.390 -0.030 894.2 1.407 7.36 1.89 390.4 1.460 1.000 1.040 1.030 4383 JTIASA 1.030 -0.010 419 1.030 85.83 1.26 1,002.9 0.310 0.160 0.265 0.255 54 KARYON 0.255 UNCH 1298.2 0.260 27.42 — 121.3 0.870 0.680 0.820 0.800 7199 KEINHIN 0.800 0.010 70.7 0.804 11.24 1.88 79.2 0.500 0.310 0.310 0.310 6211 KIALIM 0.310 UNCH 19.2 0.310 — — 19.2 3.060 2.733 2.910 2.900 3522 KIANJOO 2.910 0.010 80.5 2.900 11.66 1.37 1,292.5 2.363 1.511 1.710 1.690 5371 KIMHIN 1.710 UNCH 58.6 1.692 8.34 3.51 266.1 0.075 0.025 0.040 0.040 5060 KINSTEL 0.040 UNCH 2666 0.040 — — 42.0 1.470 0.870 0.890 0.870 9466 KKB 0.870 -0.020 519.6 0.878 — 4.60 224.3 0.425 0.220 0.240 0.235 7164 KNM 0.235 UNCH 1572.9 0.235 — — 506.7 1.129 0.751 0.820 0.810 6971 KOBAY 0.820 0.010 12.8 0.815 13.23 — 83.7 0.367 0.240 0.250 0.245 7017 KOMARK 0.250 UNCH 83.4 0.249 — — 31.2 7.360 5.565 6.970 6.800 7153 KOSSAN 6.820 -0.180 201.8 6.827 26.13 1.61 4,361.2 1.110 0.345 0.840 0.820 7130 KPOWER 0.820 -0.005 103 0.829 — — 56.8 5.140 4.624 4.980 4.930 3476 KSENG 4.980 0.010 26.4 4.965 16.67 2.01 1,800.2 0.580 0.365 0.520 0.500 5192 KSSC 0.515 0.010 636.2 0.515 11.32 2.91 49.4 0.775 0.295 0.565 0.550 8362 KYM 0.560 -0.005 107.6 0.558 21.46 — 83.9 8.400 5.060 6.170 5.770 3794 LAFMSIA 6.150 0.200 2515.5 6.134 — 3.25 5,225.6 0.940 0.570 0.855 0.825 9326 LBALUM 0.850 0.035 7996 0.840 11.76 2.94 211.2 0.608 0.444 0.475 0.470 5092 LCTH 0.475 UNCH 121.5 0.473 14.05 5.26 171.0 6.530 4.140 5.790 5.540 5284 LCTITAN 5.770 0.260 6641.1 5.727 8.95 — 13,316.0 0.890 0.422 0.890 0.825 5232 LEONFB 0.885 0.065 9537.4 0.859 5.05 1.69 274.4 0.440 0.100 0.280 0.260 8745 LEWEKO 0.270 0.005 945.9 0.270 — — 86.9 0.080 0.020 0.060 0.050 2887 LIONDIV 0.060 0.010 1709.1 0.054 — — 83.5 1.380 0.325 1.380 1.270 4235 LIONIND 1.360 0.090 12366.9 1.326 8.83 — 976.4 0.725 0.350 0.725 0.660 9881 LSTEEL 0.715 0.070 11828.4 0.701 9.96 — 91.5 0.160 0.050 0.135 0.130 5068 LUSTER 0.135 0.005 18975.3 0.135 — — 266.8 3.890 3.336 3.700 3.690 9199 LYSAGHT 3.700 -0.040 10 3.695 9.37 1.89 153.8 1.440 0.645 1.440 1.380 5098 MASTEEL 1.440 0.070 4836.1 1.415 11.46 — 367.9 0.841 0.467 0.635 0.630 7029 MASTER 0.635 0.005 6.5 0.631 9.59 1.57 34.7 1.170 0.948 1.150 1.100 5152 MBL 1.150 0.060 530.3 1.131 8.34 3.48 105.8 0.870 0.618 0.795 0.795 7004 MCEHLDG 0.795 -0.040 5 0.795 20.87 1.89 35.3 0.660 0.250 0.305 0.290 3778 MELEWAR 0.305 0.015 1094.1 0.302 — — 68.8 0.789 0.478 — — 5223 MENTIGA 0.665 — — — 511.54 1.50 46.6 1.426 1.110 — — 8192 MERCURY 1.300 — — — 4.28 9.23 52.2 1.837 1.596 1.650 1.650 6149 METROD 1.650 -0.050 2 1.650 12.00 3.64 198.0 1.220 0.335 1.220 1.160 5001 MIECO 1.170 -0.030 3036.5 1.192 8.82 3.42 614.3 0.170 0.075 0.170 0.155 7219 MINETEC 0.160 -0.005 15746 0.162 — — 117.1 0.715 0.510 — — 5576 MINHO 0.515 — — — 8.86 — 113.1 4.403 3.119 3.610 3.600 5916 MSC 3.610 UNCH 64 3.607 8.74 2.22 361.0 1.785 1.373 1.420 1.410 3883 MUDA 1.410 UNCH 27.1 1.413 17.63 2.13 430.1 1.200 0.685 0.840 0.815 5087 MYCRON 0.835 0.015 2929.9 0.831 6.51 — 236.8 0.240 0.035 0.170 0.120 7002 NAKA 0.170 0.050 15.3 0.160 — — 9.4 0.375 0.145 0.155 0.155 5025 NWP 0.155 0.005 163 0.155 — — 56.0 1.190 0.535 0.970 0.950 4944 NYLEX 0.970 0.025 1072.4 0.964 9.14 2.06 188.5 1.970 1.125 1.810 1.770 7140 OKA 1.800 0.010 708 1.783 10.09 3.06 294.0 1.510 0.865 1.450 1.430 5065 ORNA 1.450 UNCH 369.4 1.442 9.18 2.07 109.1 0.085 0.050 0.055 0.050 7225 PA 0.050 -0.005 225 0.050 — — 47.3 7.670 6.270 7.480 7.430 5183 PCHEM 7.470 0.020 9201 7.456 14.55 3.21 59,760.0 2.020 1.450 1.460 1.450 5271 PECCA 1.460 0.010 36.5 1.454 18.69 2.74 274.5 0.801 0.595 0.615 0.595 9997 PENSONI 0.610 UNCH 1955.3 0.604 12.45 4.92 79.1 7.901 5.980 6.100 6.050 5436 PERSTIM 6.070 0.010 37 6.066 10.93 6.59 602.8 21.740 17.797 18.160 18.000 6033 PETGAS 18.100 -0.080 567.5 18.065 20.16 3.59 35,815.0 9.900 3.883 9.890 9.450 3042 PETRONM 9.830 0.430 726.5 9.671 7.40 2.24 2,654.1 2.466 1.595 2.350 2.320 7095 PIE 2.350 0.030 974.2 2.336 17.99 1.02 902.5 2.569 1.271 2.350 2.300 7172 PMBTECH 2.350 0.040 67.1 2.319 16.23 1.70 188.0 3.810 2.516 3.770 3.720 8869 PMETAL 3.750 -0.010 4823.9 3.750 25.65 1.47 14,015.5 0.575 0.450 — — 6637 PNEPCB 0.505 — — — 16.34 — 66.4 0.995 0.270 0.400 0.380 8117 POLY 0.400 0.020 117.5 0.394 2.02 — 64.0 1.670 0.920 1.460 1.400 8273 PPHB 1.430 0.040 575.5 1.426 8.81 — 157.2 0.365 0.250 — — 9458 PREMIER 0.275 — — — 343.75 — 92.7 1.480 0.569 1.470 1.430 9873 PRESTAR 1.470 0.040 1818.9 1.453 6.27 2.04 298.2 1.110 0.635 1.010 1.000 7168 PRG 1.010 UNCH 236.1 1.002 89.38 0.50 303.0 0.330 0.085 0.250 0.245 7123 PWORTH 0.245 UNCH 3314 0.246 94.23 — 228.0 1.350 1.070 1.200 1.160 7544 QUALITY 1.160 0.010 238.5 1.178 — — 67.2 0.800 0.510 — — 7498 RALCO 0.580 — — — — — 24.3 5.840 5.310 — — 7765 RAPID 5.700 — — — 780.82 — 609.3 0.745 0.285 0.295 0.285 5256 REACH 0.290 -0.010 3484.7 0.290 6.81 — 318.0 0.655 0.390 0.430 0.410 7232 RESINTC 0.430 0.020 621.2 0.421 6.76 2.79 59.0 1.410 0.595 1.410 1.380 9741 ROHAS 1.400 0.010 448.3 1.398 — — 559.8 0.834 0.705 0.735 0.735 7803 RUBEREX 0.735 UNCH 13 0.735 8.86 1.70 185.4 5.194 3.759 4.560 4.560 5134 SAB 4.560 UNCH 13 4.560 13.20 1.10 624.4 8.490 4.773 7.020 6.880 9822 SAM 7.000 0.120 57.3 6.995 20.28 1.47 881.4

* 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 SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY



0.979 0.826 0.930 0.905 7811 SAPIND 0.915 -0.015 27.3 0.920 10.82 6.56 66.6 1.266 0.984 1.050 1.030 5170 SCABLE 1.050 0.020 60.4 1.036 19.85 2.86 332.9 3.450 2.870 3.000 2.890 7247 SCGM 2.970 UNCH 472.4 2.933 17.64 2.02 575.0 0.740 0.510 — — 9237 SCIB 0.520 — — — 14.65 — 42.1 9.600 5.958 9.600 9.270 4731 SCIENTX 9.510 0.240 661.8 9.481 20.84 1.68 4,598.6 0.345 0.250 0.295 0.285 7239 SCNWOLF 0.295 UNCH 52 0.289 — — 25.8 0.525 0.135 0.235 0.215 7366 SCOMIEN 0.235 -0.010 70 0.224 — — 80.4 1.660 0.660 1.020 0.980 7073 SEACERA 1.010 0.035 4816.2 1.006 53.72 2.97 349.5 0.230 0.135 — — 5145 SEALINK 0.135 — — — — — 67.5 0.765 0.250 0.550 0.520 5163 SEB 0.525 -0.025 54.5 0.532 — — 42.0 1.410 0.388 1.190 1.150 5181 SIGGAS 1.180 0.030 3003.4 1.175 55.92 1.02 221.3 1.040 0.550 — — 7115 SKBSHUT 0.760 — — — 13.40 — 30.4 1.530 1.220 1.530 1.470 7155 SKPRES 1.520 0.050 3343.7 1.505 15.15 2.73 1,900.3 2.225 1.881 — — 7248 SLP 1.950 — — — 24.10 1.89 618.1 0.700 0.530 — — 7132 SMISCOR 0.530 — — — — — 23.7 2.360 0.933 2.360 2.290 5665 SSTEEL 2.300 UNCH 1111.2 2.324 10.40 1.30 991.2 0.300 0.065 0.235 0.235 7143 STONE 0.235 -0.015 10 0.235 — — 21.1 1.550 1.230 1.300 1.300 6904 SUBUR 1.300 UNCH 1 1.300 — — 271.7 4.320 1.643 3.410 3.360 7207 SUCCESS 3.400 UNCH 147.1 3.383 8.42 1.47 417.2 2.960 1.764 2.880 2.730 7235 SUPERLN 2.770 -0.060 453.4 2.791 18.54 0.99 443.2 2.324 1.770 1.820 1.800 7106 SUPERMX 1.810 -0.020 887.6 1.807 17.34 1.38 1,231.1 4.153 3.272 3.650 3.580 5012 TAANN 3.650 -0.010 57.5 3.642 10.35 4.11 1,623.7 0.510 0.350 0.370 0.365 4022 TADMAX 0.370 UNCH 148 0.366 — — 199.3 0.415 0.235 0.285 0.265 5149 TAS 0.285 0.025 245.8 0.270 — — 51.3 14.282 11.949 12.960 12.840 4448 TASEK 12.840 0.040 6.1 12.914 106.03 9.35 1,587.3 14.236 13.340 — — 4448P TASEK-PA 13.340 — — — — 5.25 4.5 0.290 0.100 0.185 0.175 5178 TATGIAP 0.180 -0.005 126 0.177 — — 27.9 1.360 0.300 1.270 1.230 7097 TAWIN 1.270 0.020 1126.7 1.250 11.18 — 81.6 2.920 1.050 1.590 1.590 7439 TECGUAN 1.590 -0.020 21 1.590 9.11 — 63.8 4.803 3.817 4.140 4.110 7034 TGUAN 4.110 -0.030 69.6 4.123 8.59 2.92 544.5 2.166 1.592 1.750 1.720 7374 TIENWAH 1.750 0.020 43.5 1.729 7.19 5.71 253.3 0.800 0.560 0.615 0.615 7854 TIMWELL 0.615 -0.005 6 0.615 139.77 — 54.8 1.080 0.595 0.960 0.945 7285 TOMYPAK 0.950 0.005 152.9 0.950 15.70 3.37 398.4 3.780 1.749 3.450 3.350 5010 TONGHER 3.450 0.090 100.2 3.410 9.98 8.70 543.1 5.878 4.476 5.570 5.380 7113 TOPGLOV 5.400 -0.180 3284.5 5.425 22.60 2.69 6,784.0 0.850 0.495 0.720 0.720 7173 TOYOINK 0.720 UNCH 5 0.720 — — 77.0 0.230 0.145 0.190 0.185 4359 TURIYA 0.190 0.005 10 0.190 — — 43.5 2.460 1.528 2.460 2.350 7100 UCHITEC 2.440 0.020 1757.7 2.409 17.17 5.33 1,086.1 4.930 3.310 4.450 4.400 7133 ULICORP 4.400 UNCH 5.7 4.432 22.27 2.73 638.9 1.367 1.150 — — 7227 UMSNGB 1.210 — — — 9.15 2.48 96.8 1.680 0.700 0.795 0.770 4995 VERSATL 0.795 0.010 973.6 0.785 100.63 — 93.3 2.510 1.277 2.510 2.460 6963 VS 2.500 0.030 7069.2 2.494 22.56 1.93 3,022.7 1.030 0.750 0.975 0.955 5142 WASEONG 0.960 -0.015 270.6 0.965 — 0.52 743.9 0.485 0.345 0.415 0.410 7226 WATTA 0.415 UNCH 21 0.410 — — 35.1 2.170 1.471 1.920 1.910 7111 WEIDA 1.910 -0.010 72 1.914 18.45 1.57 254.7 1.558 1.155 1.490 1.400 7231 WELLCAL 1.460 0.060 246.6 1.462 14.12 5.79 727.0 0.525 0.229 0.400 0.380 6378 WMG 0.395 0.005 275.1 0.383 — — 168.3 0.845 0.600 0.720 0.715 7050 WONG 0.720 UNCH 35 0.718 130.91 — 66.0 0.700 0.475 0.515 0.515 7025 WOODLAN 0.515 -0.015 2.6 0.515 14.31 — 20.6 2.084 1.836 — — 5009 WTHORSE 1.970 — — — 20.82 5.08 472.8 1.096 0.760 0.790 0.760 4243 WTK 0.770 -0.015 1336.2 0.774 — 2.60 370.6 1.380 0.953 1.120 1.090 7245 WZSATU 1.120 0.040 238.7 1.107 12.81 1.79 390.7 0.865 0.720 0.760 0.750 5048 YILAI 0.760 0.010 27.8 0.759 3800 — 121.6 0.400 0.185 0.215 0.200 7020 YKGI 0.205 0.005 1469.8 0.207 — — 71.4 0.700 0.380 0.455 0.450 7014 YLI 0.450 UNCH 37 0.451 11.36 1.11 46.3CONSTRUCTION 1.200 0.735 1.100 1.060 5281 ADVCON 1.070 UNCH 1513 1.083 15.01 — 430.2 0.750 0.280 — — 7007 ARK 0.410 — — — — — 20.0 1.200 0.600 1.160 1.140 7078 AZRB 1.160 UNCH 360.6 1.159 14.93 1.72 616.6 0.793 0.581 0.630 0.620 6173 BDB 0.625 -0.005 25.5 0.627 6.38 7.20 189.9 0.625 0.351 0.425 0.415 5190 BENALEC 0.415 -0.005 780.2 0.418 29.64 1.69 336.9 0.510 0.325 0.365 0.350 5932 BPURI 0.365 0.010 1045 0.359 104.29 — 97.5 1.052 0.777 0.935 0.910 8761 BREM 0.935 UNCH 268.2 0.927 45.39 1.60 323.0 1.220 0.849 1.080 1.040 8591 CRESBLD 1.060 0.010 812.7 1.054 8.80 3.77 187.5 2.086 1.437 — — 7528 DKLS 1.850 — — — 3.54 1.62 171.5 3.210 1.485 3.180 3.100 5253 ECONBHD 3.110 UNCH 1294.1 3.121 20.61 1.45 1,663.9 1.520 0.985 1.140 1.110 8877 EKOVEST 1.130 0.010 2976.1 1.125 21.81 1.06 2,417.3 1.010 0.487 0.900 0.885 7047 FAJAR 0.890 UNCH 1098.9 0.888 8.31 2.81 327.6 1.370 0.885 1.260 1.230 9261 GADANG 1.250 0.020 1359.7 1.247 9.38 2.24 822.2 5.459 4.541 5.400 5.320 5398 GAMUDA 5.400 0.070 3993.9 5.383 20.08 2.22 13,245.1 1.740 0.815 1.740 1.680 5226 GBGAQRS 1.700 -0.020 1611.2 1.699 18.46 — 730.9 0.920 0.700 0.720 0.710 5169 HOHUP 0.710 -0.010 356.2 0.713 5.17 — 266.2 1.778 1.440 1.490 1.480 6238 HSL 1.480 -0.010 73.7 1.485 16.65 1.62 862.4 3.557 2.998 3.410 3.370 3336 IJM 3.400 0.020 1518.2 3.395 18.46 2.21 12,334.7 0.740 0.561 0.650 0.640 5268 IKHMAS 0.650 0.010 70 0.644 125.00 0.77 344.7 0.360 0.280 0.300 0.295 192 INTA 0.300 0.005 1307.6 0.299 0.37 — 160.6 0.710 0.510 — — 8834 IREKA 0.630 — — — — — 107.6 1.790 0.975 1.370 1.340 4723 JAKS 1.350 -0.030 1341.1 1.351 — — 651.0 0.500 0.210 0.260 0.245 9083 JETSON 0.250 -0.005 796.1 0.253 — — 51.7 3.760 1.996 3.750 3.690 7161 KERJAYA 3.730 UNCH 223.5 3.722 16.84 1.47 2,089.9 2.380 1.890 2.200 2.170 5171 KIMLUN 2.200 0.030 207.6 2.196 9.67 2.95 703.2 1.540 1.010 — — 9628 LEBTECH 1.500 — — — 58.59 — 204.7 1.240 0.684 — — 5129 MELATI 0.830 — — — 6.75 2.11 99.6 0.575 0.240 0.365 0.360 5006 MERGE 0.365 -0.015 12.5 0.364 260.71 — 24.5 1.407 1.070 1.140 1.110 9571 MITRA 1.110 -0.010 2292.7 1.122 6.62 4.50 765.3 1.350 0.685 1.350 1.270 7595 MLGLOBAL 1.300 0.030 1287.6 1.310 23.38 — 513.0 0.440 0.250 0.320 0.305 5924 MTDACPI 0.320 0.005 34.9 0.313 — — 74.1 1.670 0.725 1.060 1.040 5085 MUDAJYA 1.040 -0.060 433.4 1.049 — — 574.5 2.980 2.046 2.890 2.850 5703 MUHIBAH 2.870 UNCH 858 2.874 11.29 1.92 1,383.7 0.724 0.394 0.570 0.565 8311 PESONA 0.570 UNCH 344.2 0.570 18.51 3.51 380.3 2.490 1.132 2.080 2.060 7055 PLB 2.080 UNCH 12.4 2.078 61.00 0.48 189.9 1.273 0.924 1.070 1.030 5070 PRTASCO 1.060 0.040 890.2 1.047 17.35 5.66 450.2 0.215 0.095 0.140 0.135 7145 PSIPTEK 0.140 0.010 1061 0.140 14.29 — 48.8 4.270 3.125 3.900 3.880 9598 PTARAS 3.900 0.020 13.7 3.883 17.57 5.13 643.4 1.390 0.435 1.060 1.020 5205 SENDAI 1.020 -0.040 1978.1 1.031 — 0.49 790.6 2.410 1.533 2.370 2.300 5263 SUNCON 2.310 0.010 1956.9 2.314 22.19 2.38 2,986.6 0.415 0.255 0.265 0.265 9717 SYCAL 0.265 UNCH 10 0.265 15.87 — 84.9 0.860 0.364 0.860 0.830 5054 TRC 0.845 0.010 9363.3 0.847 10.50 2.25 406.0 2.320 1.500 1.670 1.650 5622 TRIPLC 1.650 -0.020 47 1.653 10.50 — 113.2 0.825 0.430 0.635 0.630 5042 TSRCAP 0.630 -0.015 31 0.635 10.38 — 109.9 0.145 0.110 0.140 0.130 7070 VIZIONE 0.130 -0.005 15962.6 0.135 118.18 — 113.7 1.680 0.890 1.300 1.260 3565 WCEHB 1.290 0.040 494.2 1.281 33.77 — 1,293.5 2.467 1.575 1.810 1.800 9679 WCT 1.810 0.040 1933.6 1.807 28.46 1.65 2,561.8 0.670 0.535 0.595 0.575 7028 ZECON 0.595 UNCH 87.2 0.594 5.06 — 70.9 0.200 0.100 0.125 0.120 2283 ZELAN 0.120 UNCH 45.5 0.120 — — 101.4TRADING SERVICES 0.550 0.350 0.425 0.370 5238 AAX 0.410 0.040 143110 0.401 20.00 — 1,700.7 0.250 0.135 0.165 0.160 5166 AEGB 0.160 -0.010 61 0.165 — — 65.6 2.960 1.980 2.090 2.060 6599 AEON 2.070 0.010 423.9 2.072 36.38 1.45 2,906.3 0.435 0.160 0.360 0.350 7315 AHB 0.350 UNCH 1470.6 0.352 11.99 — 56.0 3.590 2.086 3.590 3.500 5099 AIRASIA 3.530 UNCH 11198.7 3.551 6.70 5.10 11,797.2 9.336 5.838 9.040 8.930 5014 AIRPORT 9.000 0.010 1141.6 9.003 129.87 1.22 14,932.7 0.370 0.110 0.180 0.175 5115 ALAM 0.175 -0.005 1311.1 0.177 — — 161.8 0.270 0.070 0.090 0.085 159 AMEDIA 0.090 0.005 315 0.090 — — 21.6 8.372 7.002 7.350 7.310 6351 AMWAY 7.330 0.020 23.2 7.334 22.05 2.73 1,204.9 2.378 2.133 — — 7083 ANALABS 2.160 — — — 10.91 1.50 129.7 0.085 0.015 0.025 0.020 5194 APFT 0.025 0.005 17631 0.021 — — 25.8 0.825 0.500 0.755 0.740 5210 ARMADA 0.740 -0.010 3901.7 0.745 — 1.11 4,341.0 0.220 0.100 0.150 0.145 1481 ASB 0.145 -0.005 839.8 0.146 34.52 1.72 98.2 2.863 2.466 2.720 2.650 6399 ASTRO 2.700 0.020 3209.7 2.708 22.71 4.26 14,065.7 4.836 4.000 4.250 4.130 7048 ATLAN 4.250 UNCH 7.6 4.209 21.44 3.76 1,078.0 1.180 0.739 1.020 0.980 7579 AWC 1.000 0.010 1004 0.998 12.09 1.50 267.3 5.583 4.085 5.150 5.080 6888 AXIATA 5.120 0.030 10826.1 5.120 77.11 1.56 46,070.5 0.653 0.272 0.555 0.530 5021 AYS 0.550 0.025 7780 0.546 9.03 4.55 209.2 0.740 0.430 0.460 0.450 7251 BARAKAH 0.455 0.005 1951.1 0.455 — — 375.6 2.209 1.840 2.150 2.030 5248 BAUTO 2.140 0.110 2857.1 2.099 20.86 5.44 2,470.7 0.495 0.365 0.380 0.375 7241 BHS 0.380 UNCH 436 0.376 — — 174.2 0.280 0.170 0.180 0.175 6998 BINTAI 0.180 0.005 92.7 0.176 — — 52.1 6.567 5.840 6.000 5.840 5032 BIPORT 5.840 -0.060 7.1 5.851 17.43 3.77 2,686.4 2.760 1.577 2.590 2.550 5275 BISON 2.570 0.020 33.6 2.550 40.35 0.78 796.9 0.410 0.306 0.335 0.325 3395 BJCORP 0.330 UNCH 5568 0.329 11.62 — 1,624.8 1.956 1.380 1.480 1.470 5196 BJFOOD 1.480 0.010 401.5 1.480 48.84 — 564.4 0.700 0.400 0.405 0.400 4219 BJLAND 0.400 -0.005 86.2 0.402 6.77 — 2,000.1 0.470 0.205 0.270 0.270 6025 BJMEDIA 0.270 -0.010 1.6 0.270 — — 63.5 3.258 2.250 2.310 2.270 1562 BJTOTO 2.280 0.010 1297 2.280 12.95 6.14 3,080.3 0.135 0.092 0.100 0.095 7036 BORNOIL 0.100 UNCH 4495.6 0.099 10.87 — 454.6 0.875 0.505 0.520 0.520 9474 BRAHIMS 0.520 UNCH 192 0.520 — — 122.9 2.789 2.510 2.700 2.670 2771 BSTEAD 2.700 0.010 202.7 2.688 22.48 5.19 5,472.9 0.390 0.280 — — 5257 CARIMIN 0.305 — — — — — 71.3 1.990 1.300 1.720 1.720 5245 CARING 1.720 UNCH 10 1.720 28.52 0.87 374.5 3.397 2.130 2.250 2.240 2925 CCB 2.250 0.010 36.3 2.249 11.81 2.22 226.7 1.440 0.835 1.080 1.060 7117 CENTURY 1.070 -0.010 744 1.070 22.77 2.80 420.2 0.470 0.385 0.450 0.450 7209 CHEETAH 0.450 0.005 7.6 0.450 29.61 1.67 57.4 1.490 0.832 1.330 1.320 5273 CHINHIN 1.330 0.010 701.7 1.329 16.20 3.01 722.0 0.675 0.417 0.585 0.540 7016 CHUAN 0.575 0.040 809.6 0.570 12.92 3.13 97.0 0.100 0.065 — — 5104 CNI 0.075 — — — — — 54.0 1.240 0.650 0.760 0.750 5136 COMPLET 0.750 UNCH 63 0.751 12.50 — 92.8 0.040 0.020 0.025 0.020 5037 COMPUGT 0.025 UNCH 2987 0.025 — — 53.4 2.820 1.936 2.480 2.430 5184 CYPARK 2.450 -0.030 117.4 2.451 12.56 2.12 639.3 0.865 0.482 0.630 0.590 5276 DANCO 0.620 0.030 3642 0.615 15.42 2.42 184.8 0.105 0.050 0.065 0.060 91 DAYA 0.060 UNCH 585 0.064 — — 114.6 1.290 0.730 0.975 0.955 5141 DAYANG 0.970 UNCH 361.7 0.963 — — 935.9 1.112 0.746 0.820 0.810 5132 DELEUM 0.815 -0.005 24 0.815 15.35 3.99 326.2 0.895 0.560 0.595 0.575 7212 DESTINI 0.595 0.025 4250.8 0.585 20.45 — 687.4 2.110 1.426 2.100 2.060 7277 DIALOG 2.060 -0.020 9005.9 2.082 29.99 1.17 11,621.8 6.537 4.312 4.850 4.800 5908 DKSH 4.850 0.050 4.5 4.833 16.93 1.96 764.6 0.683 0.219 0.500 0.475 4456 DNEX 0.500 0.025 16225.1 0.491 12.69 1.00 876.6 1.591 1.040 1.190 1.120 5216 DSONIC 1.190 0.070 3136.8 1.161 28.20 3.36 1,606.5 0.295 0.155 0.175 0.170 2097 EASTLND 0.170 UNCH 125.5 0.175 — — 41.8 0.860 0.350 0.405 0.400 5259 EATECH 0.405 UNCH 163 0.401 — 5.56 204.1 0.370 0.200 — — 5036 EDARAN 0.260 — — — — — 15.6 0.290 0.165 0.205 0.195 7471 EDEN 0.205 UNCH 1019.4 0.200 — — 63.8 3.313 2.213 2.620 2.600 1368 EDGENTA 2.610 0.010 191.7 2.605 17.76 3.07 2,170.5 0.590 0.220 0.345 0.335 64 EFFICEN 0.345 0.010 633.8 0.341 — — 244.6 1.000 0.776 — — 5081 EIG 0.850 — — — 17.86 3.53 201.6

2.087 1.090 1.700 1.700 5208 EITA 1.700 -0.010 25 1.700 11.30 2.35 221.0 1.508 1.102 1.220 1.180 5056 ENGTEX 1.220 0.030 1539.5 1.205 7.01 0.82 453.5 0.624 0.370 0.525 0.525 6939 FIAMMA 0.525 0.005 15.2 0.525 10.61 2.86 278.3 0.440 0.355 0.375 0.365 9318 FITTERS 0.370 -0.010 230.8 0.370 — — 177.8 1.468 1.084 1.280 1.270 7210 FREIGHT 1.270 -0.020 90.5 1.278 10.88 3.94 236.4 0.425 0.135 0.395 0.375 128 FRONTKN 0.390 0.015 16684.1 0.385 15.00 1.28 410.8 0.295 0.150 — — 9377 FSBM 0.245 — — — — — 34.6 3.096 2.384 2.870 2.850 5209 GASMSIA 2.860 -0.010 48.3 2.868 21.87 4.50 3,672.2 0.820 0.615 0.660 0.635 78 GDEX 0.640 -0.020 8301.8 0.643 95.52 0.39 3,568.8 6.259 4.196 5.920 5.820 4715 GENM 5.900 0.080 5056.7 5.885 12.10 1.73 35,034.5 9.940 7.382 9.940 9.870 3182 GENTING 9.910 0.040 3124.7 9.908 13.33 1.16 37,884.5 0.330 0.185 0.200 0.200 5079 GETS 0.200 UNCH 19.8 0.200 — — 25.2 3.010 2.730 2.770 2.730 3204 GKENT 2.740 UNCH 727.1 2.745 14.74 2.43 1,543.4 0.555 0.300 0.405 0.380 7676 GUNUNG 0.405 0.010 121 0.383 — — 95.7 4.680 2.109 4.680 4.500 7668 HAIO 4.650 0.140 541.8 4.622 22.65 3.08 1,388.7 0.335 0.200 0.225 0.205 7253 HANDAL 0.225 0.010 425.8 0.218 — — 36.0 9.350 7.192 9.080 9.020 3034 HAPSENG 9.030 -0.020 152.2 9.047 21.25 3.88 22,481.8 0.994 0.660 0.690 0.675 2062 HARBOUR 0.690 UNCH 6.6 0.682 10.30 2.90 276.3 4.077 2.938 3.950 3.950 5008 HARISON 3.950 0.070 0.1 3.950 12.25 6.33 270.5 1.210 0.386 1.160 1.110 185 HSSEB 1.160 0.030 1827 1.140 24.37 0.54 370.1 0.150 0.050 0.065 0.060 7013 HUBLINE 0.060 -0.005 2607 0.064 25.00 — 70.4 0.480 0.210 0.230 0.220 5255 ICON 0.225 UNCH 348.2 0.225 — — 264.9 6.666 5.512 5.900 5.830 5225 IHH 5.860 UNCH 1103.1 5.865 52.60 0.51 48,280.9 0.920 0.710 0.715 0.715 5614 ILB 0.715 0.005 2 0.715 — — 139.4 1.000 0.670 — — 5673 IPMUDA 0.685 — — — — 4.38 49.6 2.166 1.325 — — 58 JCBNEXT 1.700 — — — 29.98 1.18 238.0 0.310 0.235 0.275 0.275 8923 JIANKUN 0.275 0.005 5 0.275 — — 45.9 0.395 0.295 — — 8672 KAMDAR 0.365 — — — — — 72.3 1.862 1.606 1.720 1.680 6491 KFIMA 1.680 -0.030 96.3 1.709 18.30 5.36 474.1 0.739 0.236 0.620 0.610 151 KGB 0.620 0.005 407.4 0.615 12.45 1.61 142.5 1.680 1.020 — — 5035 KNUSFOR 1.060 — — — — 1.89 105.6 4.290 3.803 4.240 4.210 5878 KPJ 4.240 0.010 298.3 4.222 30.31 1.65 4,536.8 1.678 1.022 1.330 1.300 5843 KPS 1.310 0.010 59.7 1.307 1091.67 4.77 653.7 0.590 0.485 — — 9121 KPSCB 0.530 — — — 11.45 — 78.3 0.225 0.115 0.150 0.145 4847 KTB 0.145 UNCH 1068.1 0.149 — — 58.4 0.628 0.299 0.520 0.510 6874 KUB 0.520 0.005 1533.7 0.515 11.61 1.92 289.4 0.380 0.240 0.260 0.255 7170 LFECORP 0.260 0.005 182.3 0.258 27.66 — 47.2 0.650 0.420 0.625 0.530 8486 LIONFIB 0.625 0.090 1204.5 0.582 9.66 — 144.7 0.890 0.449 0.845 0.805 5143 LUXCHEM 0.820 -0.025 2562.8 0.817 14.77 2.84 692.8 2.306 1.670 1.900 1.880 3859 MAGNUM 1.890 0.010 638 1.887 14.19 6.35 2,717.3 1.592 0.968 1.100 1.080 5264 MALAKOF 1.080 UNCH 3184 1.089 2.20 5.56 5,400.0 0.179 0.135 0.155 0.145 3514 MARCO 0.150 0.005 5683.1 0.148 9.04 3.33 158.1 6.493 5.368 5.820 5.780 6012 MAXIS 5.810 0.020 3411.8 5.812 20.97 3.44 45,379.1 0.955 0.670 0.840 0.820 5077 MAYBULK 0.825 0.005 1596.2 0.829 — — 825.0 2.612 2.035 2.180 2.150 5983 MBMR 2.180 0.050 7.4 2.152 13.22 2.06 852.1 1.313 0.655 0.710 0.695 4502 MEDIA 0.700 UNCH 2131.6 0.701 — 11.43 776.4 0.687 0.475 0.490 0.485 5090 MEDIAC 0.485 UNCH 46 0.487 2.13 6.33 818.3 1.070 0.550 0.910 0.860 7234 MESB 0.910 0.050 15.7 0.883 — — 38.2 4.000 1.925 3.740 3.690 3069 MFCB 3.690 UNCH 661 3.706 9.23 1.36 1,484.3 1.160 0.625 0.660 0.645 5186 MHB 0.660 0.010 456.5 0.650 — — 1,056.0 7.752 6.720 7.420 7.290 3816 MISC 7.290 -0.050 500.5 7.319 17.17 1.92 32,541.1 2.606 2.154 2.350 2.320 2194 MMCCORP 2.340 -0.010 66.9 2.340 14.48 1.71 7,125.4 0.395 0.205 0.305 0.295 59 MMODE 0.295 -0.005 207 0.301 — 2.03 48.0 0.100 0.045 0.050 0.045 43 MTRONIC 0.045 UNCH 1040.8 0.046 — — 42.7 0.280 0.115 0.175 0.170 3891 MUIIND 0.175 UNCH 925.6 0.173 — — 513.2 3.050 1.950 2.410 2.360 3905 MULPHA 2.400 0.060 204.6 2.395 4.89 — 767.1 2.370 1.385 2.060 2.020 138 MYEG 2.040 -0.010 4491.4 2.039 36.62 0.67 7,356.9 0.910 0.700 0.710 0.700 9806 NATWIDE 0.705 -0.010 39.6 0.704 — — 84.8 0.140 0.055 0.075 0.070 4464 NICORP 0.075 0.005 2671.1 0.070 6.30 — 65.7 0.828 0.631 0.720 0.710 5533 OCB 0.710 -0.030 211.5 0.715 14.09 1.41 73.0 0.985 0.750 0.920 0.910 172 OCK 0.920 -0.005 54.3 0.911 28.22 0.65 801.8 3.460 1.791 2.750 2.720 5201 OLDTOWN 2.730 -0.020 213.6 2.735 19.49 2.56 1,264.6 0.210 0.070 0.155 0.145 3018 OLYMPIA 0.155 0.005 23840.8 0.149 5.78 — 158.6 2.540 1.140 1.190 1.150 5260 OWG 1.180 0.030 659.5 1.175 47.58 — 303.9 0.498 0.380 0.385 0.380 8419 PANSAR 0.385 UNCH 43.5 0.383 22.78 2.60 107.8 0.680 0.432 0.645 0.635 5125 PANTECH 0.640 0.010 729.7 0.639 13.31 2.69 475.6 0.885 0.510 0.560 0.540 5657 PARKSON 0.550 0.015 957.5 0.553 — — 601.6 1.310 1.066 1.250 1.230 5041 PBA 1.250 UNCH 128 1.234 6.55 3.20 414.1 0.095 0.040 0.060 0.055 6254 PDZ 0.055 UNCH 2774.7 0.056 28.95 — 47.8 1.250 0.876 0.990 0.990 5133 PENERGY 0.990 0.010 12 0.990 — 2.02 318.5 1.550 1.540 — — 7108 PERDANA 1.540 — — — — — 1,198.8 0.155 0.040 0.045 0.040 47 PERISAI 0.040 -0.005 8809.3 0.040 — — 50.4 0.420 0.115 0.420 0.385 7080 PERMAJU 0.390 0.005 50403.8 0.403 — — 76.4 1.770 1.510 1.670 1.630 5219 PESTECH 1.660 0.030 916.3 1.664 13.01 — 1,267.2 25.100 22.389 24.360 24.180 5681 PETDAG 24.200 -0.020 87.1 24.238 23.94 2.98 24,041.6 0.250 0.030 — — 7027 PETONE 0.055 — — — 8.33 — 2.8 5.524 4.140 4.180 4.150 7081 PHARMA 4.180 -0.010 13.8 4.176 26.64 3.59 1,086.1 0.189 0.118 0.135 0.130 7201 PICORP 0.135 UNCH 187 0.132 — 4.52 88.8 0.420 0.225 — — 7163 PJBUMI 0.275 — — — — — 22.6 5.665 3.117 5.600 5.470 4634 POS 5.600 0.150 870.1 5.551 47.46 1.91 4,383.6 2.516 1.601 1.800 1.770 5204 PRESBHD 1.790 UNCH 149.9 1.786 77.83 1.82 866.4 2.270 1.410 1.430 1.410 8346 PRKCORP 1.420 -0.040 272.9 1.415 — — 142.0 0.420 0.155 0.420 0.390 186 PTRANS 0.410 0.020 43283 0.405 15.47 1.10 468.6 0.914 0.790 0.810 0.805 5272 RANHILL 0.805 -0.010 27.6 0.810 11.31 9.69 715.1 0.360 0.165 0.300 0.290 37 RGB 0.300 0.015 14506.4 0.294 14.78 2.00 401.5 0.360 0.305 — — 8885 RPB 0.325 — — — — — 279.0 0.687 0.390 0.410 0.405 8567 SALCON 0.405 UNCH 2159.9 0.406 — — 274.5 1.147 0.770 0.880 0.855 5147 SAMCHEM 0.880 0.030 1013.2 0.875 14.99 3.98 239.4 0.315 0.110 0.290 0.280 9113 SANBUMI 0.280 0.005 3585.5 0.285 — — 63.4 2.364 1.951 2.040 1.990 99 SCICOM 2.000 -0.040 104 2.006 15.41 4.50 710.9 0.215 0.090 0.130 0.120 7158 SCOMI 0.125 -0.005 1996.6 0.125 — — 239.7 0.270 0.090 0.105 0.100 7045 SCOMIES 0.105 UNCH 320.5 0.105 — — 245.9 1.160 0.950 — — 7053 SEEHUP 0.950 — — — — 7.58 49.7 0.769 0.559 0.675 0.660 9792 SEG 0.665 -0.005 173 0.663 26.08 5.26 840.7 1.911 1.120 1.460 1.440 5250 SEM 1.460 0.010 227.4 1.456 41.95 1.58 1,800.7 2.100 1.324 1.610 1.540 5218 SENERGY 1.590 0.040 7560.4 1.579 75.00 0.63 9,527.5 2.250 1.475 2.230 2.170 5279 SERBADK 2.210 -0.020 2584.4 2.202 8.62 — 2,950.4 9.700 7.319 9.160 9.060 4197 SIME 9.140 0.070 7583.8 9.139 31.18 2.95 62,159.7 0.789 0.650 — — 9431 SJC 0.650 — — — 34.76 1.54 26.3 1.380 1.080 1.120 1.080 5242 SOLID 1.110 UNCH 28 1.082 36.04 0.72 185.8 2.550 2.140 2.380 2.360 6084 STAR 2.360 -0.010 1020.9 2.365 42.07 6.36 1,743.0 3.090 2.262 3.000 2.850 9865 SUIWAH 3.000 0.220 3.4 2.938 17.97 1.17 183.0 0.100 0.045 0.050 0.045 1201 SUMATEC 0.050 UNCH 1661.8 0.047 — — 193.3 4.520 2.850 4.500 4.450 5211 SUNWAY 4.470 0.020 2292 4.479 14.51 1.99 9,413.2 2.257 1.865 2.140 2.100 6521 SURIA 2.120 0.020 18.4 2.123 9.98 3.30 611.0 0.345 0.235 0.250 0.240 5173 SYSCORP 0.250 0.005 261.7 0.248 52.08 — 300.0 0.490 0.285 0.395 0.385 7228 T7GLOBAL 0.390 0.005 150 0.389 20.74 — 148.8 1.722 1.370 1.400 1.400 8524 TALIWRK 1.400 0.010 31.1 1.400 26.42 5.71 1,693.3 2.667 1.419 2.350 2.330 5140 TASCO 2.350 UNCH 14 2.347 14.83 1.91 470.0 14.800 12.832 14.640 14.520 5347 TENAGA 14.580 UNCH 10241.6 14.598 11.86 2.67 82,508.4 1.573 1.070 1.100 1.080 8702 TEXCHEM 1.080 -0.020 51 1.091 58.38 18.52 134.0 0.195 0.045 0.055 0.055 7206 THHEAVY 0.055 UNCH 1015 0.055 — — 61.7 6.698 5.690 6.490 6.410 4863 TM 6.450 0.050 903.6 6.449 32.23 3.35 24,238.7 0.990 0.730 0.735 0.730 101 TMCLIFE 0.735 UNCH 198.3 0.732 61.25 0.16 1,276.1 1.806 1.459 1.620 1.600 8397 TNLOGIS 1.610 0.010 60 1.611 9.93 1.24 736.8 1.060 0.380 0.630 0.610 7218 TOCEAN 0.610 -0.020 12.5 0.629 48.03 — 25.0 1.000 0.735 — — 5167 TURBO 0.775 — — — 27.48 6.45 83.7 2.892 2.400 — — 7137 UMS 2.700 — — — 17.11 2.22 109.9 0.945 0.280 0.340 0.325 5243 UMWOG 0.330 -0.005 16752.4 0.332 — — 713.5 1.294 1.020 — — 7091 UNIMECH 1.030 — — — 15.99 2.91 135.1 0.730 0.365 — — 5754 UTUSAN 0.395 — — — — — 43.7 1.980 1.280 1.320 1.310 7250 UZMA 1.310 -0.010 84.7 1.311 13.01 — 419.2 1.080 0.600 1.040 1.000 7240 VOIR 1.000 -0.020 422.5 1.006 — — 145.2 2.140 1.655 — — 5016 WARISAN 1.980 — — — — 1.52 133.1 0.580 0.420 — — 7692 WIDETEC 0.580 — — — 35.15 — 26.0 4.301 3.542 3.870 3.820 5246 WPRTS 3.840 -0.030 6250.9 3.847 21.98 3.40 13,094.4 1.448 1.020 1.090 1.080 5267 XINHWA 1.090 0.010 12 1.087 23.19 0.92 235.4 0.075 0.020 0.035 0.025 7122 YFG 0.025 -0.010 4581.1 0.030 — — 15.2 3.679 2.794 3.620 3.580 7293 YINSON 3.600 -0.050 539 3.603 16.76 0.56 3,934.1 1.715 1.380 1.400 1.380 4677 YTL 1.390 UNCH 2053.7 1.390 18.19 3.60 15,165.7FINANCE 13.674 11.980 12.880 12.600 5139 AEONCR 12.880 0.080 88.4 12.827 10.52 3.26 2,782.1 2.949 2.018 2.690 2.630 5185 AFFIN 2.650 0.040 466.3 2.650 8.88 2.83 5,148.8 4.400 3.446 3.880 3.850 2488 AFG 3.870 -0.020 224.4 3.866 11.49 4.13 5,991.2 15.600 9.492 14.520 14.500 1163 ALLIANZ 14.500 -0.020 184.1 14.500 8.44 0.62 2,530.3 15.100 9.511 — — 1163PA ALLIANZ-PA 14.020 — — — — 0.77 1,217.6 5.551 3.754 4.330 4.290 1015 AMBANK 4.290 UNCH 4429.5 4.303 9.70 4.10 12,930.9 1.950 1.263 1.840 1.780 5088 APEX 1.790 -0.020 158.7 1.795 24.42 2.79 382.3 4.610 3.782 4.440 4.400 5258 BIMB 4.420 0.020 14.5 4.428 12.55 2.94 7,238.8 10.760 7.782 10.360 10.040 1818 BURSA 10.360 -0.060 568.4 10.194 26.39 3.57 5,568.5 7.080 4.394 6.810 6.760 1023 CIMB 6.770 0.010 10162.4 6.780 14.41 2.95 61,282.8 0.705 0.320 0.535 0.535 2143 ECM 0.535 -0.010 14.6 0.535 57.53 — 153.3 1.218 1.065 1.160 1.160 5228 ELKDESA 1.160 UNCH 79.8 1.160 11.78 5.79 338.5 16.300 12.501 16.000 15.500 5819 HLBANK 15.880 0.240 384.3 15.807 15.15 2.58 34,423.4 10.100 7.327 — — 5274 HLCAP 9.980 — — — 30.43 1.20 2,464.0 17.735 13.892 17.060 16.880 1082 HLFG 17.060 0.120 22.9 16.932 12.95 2.23 19,576.6 2.610 2.590 — — 6688 HWANG 2.610 — — — 20.03 1.15 666.0 1.140 0.652 1.070 1.030 3379 INSAS 1.060 0.040 9234.7 1.055 3.89 0.94 734.9 0.970 0.892 0.965 0.960 3379PA INSAS-PA 0.960 UNCH 11 0.965 — 6.25 127.3 0.395 0.130 0.315 0.305 3441 JOHAN 0.310 0.005 7457.6 0.309 — — 193.1 0.690 0.415 0.525 0.525 6483 KENANGA 0.525 UNCH 26.1 0.525 32.21 4.29 379.3 19.302 15.233 18.000 17.780 8621 LPI 17.820 UNCH 53.8 17.819 19.86 4.60 5,916.0 0.917 0.800 0.830 0.820 1198 MAA 0.830 0.010 50 0.822 8.86 10.84 227.0 3.260 2.702 — — 1058 MANULFE 3.200 — — — 11.84 3.28 647.6 9.840 7.250 9.630 9.570 1155 MAYBANK 9.620 0.020 11747.3 9.609 13.01 5.41 101,700.3 1.380 0.816 1.250 1.220 1171 MBSB 1.240 UNCH 4485.2 1.233 23.44 2.42 7,346.3 2.840 2.440 2.570 2.470 6459 MNRB 2.500 0.010 396.2 2.511 8.56 — 799.0 1.830 1.160 1.430 1.410 5237 MPHBCAP 1.410 -0.020 88.3 1.424 16.81 — 1,008.2 1.309 1.250 1.260 1.260 6009 P&O 1.260 UNCH 15 1.260 19.66 7.70 309.9 20.740 18.835 20.640 20.540 1295 PBBANK 20.600 UNCH 4095.7 20.594 15.00 2.86 79,972.0 1.887 1.110 1.680 1.620 9296 RCECAP 1.640 0.010 528.7 1.648 6.65 1.83 582.1 5.550 4.473 5.040 5.000 1066 RHBBANK 5.030 0.030 540.6 5.021 11.40 2.39 20,170.5 0.708 0.422 0.685 0.670 4898 TA 0.685 0.010 1513.6 0.679 3.22 2.48 1,172.7 4.250 3.800 3.950 3.880 6139 TAKAFUL 3.930 0.040 223.8 3.910 17.36 3.99 3,235.0 1.629 0.980 1.210 1.170 5230 TUNEPRO 1.170 0.010 7067.8 1.190 15.75 4.44 879.6

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PROPERTIES 0.852 0.713 0.795 0.790 1007 AMPROP 0.790 -0.005 39.9 0.793 46.47 3.80 480.6 1.850 0.990 1.370 1.360 5959 A&M 1.370 UNCH 71.2 1.364 27.08 — 500.1 0.430 0.345 0.405 0.400 1007PA AMPROP-PA 0.405 0.010 9.4 0.404 — 4.94 117.5 0.230 0.145 0.160 0.155 4057 ASIAPAC 0.155 -0.005 175 0.156 13.84 — 155.8 0.550 0.420 — — 6602 BCB 0.450 — — — 18.29 — 185.6 0.665 0.430 — — 9814 BERTAM 0.430 — — — 1.73 — 88.9 1.400 0.720 1.240 1.200 3239 BJASSET 1.210 -0.030 237.8 1.225 — — 1,438.9 1.500 1.030 1.300 1.260 5738 CHHB 1.260 -0.090 8 1.272 — — 347.4 1.706 1.390 1.490 1.480 6718 CRESNDO 1.480 -0.060 19 1.488 6.06 3.38 415.1 1.720 1.235 — — 5049 CVIEW 1.620 — — — 5.42 9.26 162.0 2.390 2.100 2.290 2.270 5355 DAIMAN 2.290 0.020 102 2.284 20.34 2.40 485.9 1.040 0.500 0.560 0.530 3484 DBHD 0.560 0.035 256.2 0.544 — — 173.2 2.130 1.400 1.660 1.590 3417 E&O 1.600 -0.050 610.4 1.616 19.30 1.88 2,122.7 0.325 0.250 0.300 0.290 3557 ECOFIRS 0.300 0.005 910.5 0.297 15.38 — 240.9 1.720 1.260 1.580 1.550 8206 ECOWLD 1.570 0.010 4255.8 1.561 18.62 — 4,622.7 0.920 0.570 0.775 0.770 6076 ENCORP 0.775 0.015 25 0.772 6.29 — 227.8 3.180 1.850 — — 8613 ENRA 2.800 — — — 33.94 1.07 381.4 1.240 0.740 1.050 1.040 6815 EUPE 1.040 UNCH 66 1.044 — — 133.1 1.360 1.000 1.100 1.070 5283 EWINT 1.100 0.010 1152.1 1.087 — — 2,640.0 0.617 0.468 0.505 0.505 6041 FARLIM 0.505 -0.015 2 0.505 5.76 3.96 70.9 0.787 0.610 0.655 0.640 5020 GLOMAC 0.640 -0.010 74.6 0.650 4.26 4.69 465.8 0.523 0.367 — — 9962 GMUTUAL 0.415 — — — 9.41 4.82 155.9 0.470 0.290 0.400 0.395 1147 GOB 0.395 UNCH 1079.4 0.397 8.08 1.27 179.6 1.450 1.110 1.180 1.130 1503 GUOCO 1.160 UNCH 37.8 1.150 6.38 1.72 812.5 0.570 0.370 — — 7010 HOOVER 0.460 — — — 45.10 — 18.4 1.407 0.800 0.835 0.825 5062 HUAYANG 0.835 0.015 71 0.829 7.58 4.79 293.9 0.648 0.537 0.575 0.565 4251 IBHD 0.570 0.005 543 0.568 8.10 3.30 574.5 1.050 0.755 — — 5084 IBRACO 0.880 — — — 31.21 3.98 436.8 2.938 2.318 2.840 2.830 1597 IGB 2.840 0.010 88.5 2.839 9.88 3.52 3,877.4 2.312 1.798 2.060 2.040 5249 IOIPG 2.050 0.010 1579.3 2.052 11.23 2.93 11,287.6 0.620 0.370 0.405 0.390 5175 IVORY 0.395 0.005 447 0.396 16.53 — 193.6 3.290 0.785 1.350 1.290 1589 IWCITY 1.330 0.040 10972.1 1.327 — — 1,113.7 0.161 0.095 0.110 0.100 6769 JKGLAND 0.105 0.005 12448.5 0.105 15.44 2.19 238.9 0.085 0.040 0.070 0.065 3115 KBUNAI 0.070 UNCH 264.5 0.068 15.22 — 404.4 1.100 0.798 0.950 0.950 7323 KEN 0.950 UNCH 9.9 0.950 4.37 2.63 182.1 1.330 0.995 1.270 1.250 5038 KSL 1.270 0.010 197.7 1.263 4.14 — 1,317.6 0.312 0.210 0.225 0.215 3174 L&G 0.220 0.005 14463.8 0.220 7.38 — 644.4 1.287 1.051 — — 8494 LBICAP 1.100 — — — — 9.55 88.7 2.057 1.546 1.890 1.870 5789 LBS 1.890 0.010 936.8 1.881 11.76 2.12 1,282.2 0.460 0.235 0.375 0.365 3573 LIENHOE 0.365 UNCH 255.4 0.369 — — 132.0 1.690 0.941 1.400 1.350 7617 MAGNA 1.400 0.040 17.2 1.354 70.00 4.29 468.9 1.625 1.281 1.480 1.460 8583 MAHSING 1.470 UNCH 2464.9 1.470 11.02 4.42 3,554.1 1.940 0.594 1.210 1.140 6181 MALTON 1.190 0.060 8353.1 1.190 9.50 2.10 628.1 2.830 2.280 2.830 2.790 5236 MATRIX 2.820 0.020 1526 2.811 9.02 4.88 1,663.5 1.880 1.000 1.540 1.530 7189 MBWORLD 1.540 0.010 26.2 1.536 6.40 — 242.4 1.200 0.750 0.915 0.880 5182 MCT 0.910 0.010 4.6 0.896 19.16 — 1,214.6 0.525 0.405 0.420 0.420 5040 MEDAINC 0.420 -0.010 115 0.420 — — 206.9 1.020 0.680 0.870 0.850 1694 MENANG 0.870 0.015 208.9 0.863 7.26 — 232.4 0.605 0.250 0.425 0.405 8141 MJPERAK 0.425 0.025 951 0.416 101.19 5.04 109.2 2.614 2.060 2.180 2.110 6114 MKH 2.180 0.070 330.3 2.142 5.62 3.11 1,223.7 0.360 0.260 0.275 0.265 8893 MKLAND 0.275 0.010 3407.5 0.271 18.33 — 332.0 0.215 0.085 — — 6548 MPCORP 0.150 — — — — — 43.1 1.761 1.130 1.230 1.190 1651 MRCB 1.220 0.040 2199 1.211 10.23 2.25 2,675.0 1.080 0.595 0.600 0.600 9539 MUH 0.600 UNCH 10 0.600 — — 33.9 0.365 0.230 0.300 0.275 3913 MUIPROP 0.300 0.015 155.8 0.285 333.33 — 229.2 1.900 1.140 1.200 1.170 5073 NAIM 1.190 0.010 45.7 1.184 — — 297.5 2.978 2.192 2.320 2.320 5827 OIB 2.320 UNCH 1 2.320 8.73 3.02 336.1 1.710 1.346 1.660 1.640 5053 OSK 1.650 0.010 545.8 1.652 9.36 4.55 2,314.8 1.849 1.257 1.790 1.770 1724 PARAMON 1.770 -0.010 36.2 1.780 11.60 4.80 751.0 0.695 0.445 0.600 0.600 6912 PASDEC 0.600 UNCH 252.6 0.600 — — 171.6 1.820 1.540 1.660 1.630 5075 PLENITU 1.650 -0.010 13.3 1.652 12.50 2.73 629.5 0.365 0.225 0.355 0.350 2208 PTGTIN 0.355 0.010 120.4 0.350 — — 122.9 1.270 0.900 1.000 0.980 4596 SAPRES 1.000 UNCH 15.1 0.991 1.34 3.00 139.6 0.820 0.665 0.670 0.665 5207 SBCCORP 0.670 0.005 102 0.666 — — 157.3 1.160 0.785 1.120 1.090 2224 SDRED 1.110 0.020 142.7 1.109 8.49 2.25 473.0 0.580 0.370 0.460 0.440 4286 SEAL 0.460 0.025 31.8 0.446 34.07 — 111.8 2.926 2.761 2.850 2.850 6017 SHL 2.850 UNCH 7.1 2.850 8.54 7.02 690.1 0.305 0.135 0.255 0.225 4375 SMI 0.250 0.025 1374.7 0.241 1.85 — 52.5 1.000 0.690 0.805 0.795 5213 SNTORIA 0.805 0.005 0.4 0.798 11.23 — 401.8 5.190 4.211 4.890 4.870 1783 SPB 4.870 0.040 17.1 4.879 10.94 2.46 1,673.4 4.311 2.970 3.650 3.610 8664 SPSETIA 3.640 0.010 3295.8 3.634 5.31 5.49 10,870.2 1.590 0.820 1.430 1.400 3743 SUNSURIA 1.410 -0.020 272.8 1.403 13.81 — 1,126.4 1.035 0.604 0.885 0.880 1538 SYMLIFE 0.880 UNCH 114.5 0.881 6.11 3.41 272.8 0.410 0.215 0.380 0.375 5158 TAGB 0.380 UNCH 1094.1 0.376 7.74 1.05 2,022.3 7.600 6.135 7.060 7.060 2305 TAHPS 7.060 0.050 2 7.060 31.90 0.71 528.5 0.055 0.035 0.055 0.050 2259 TALAMT 0.050 -0.005 8781.1 0.050 — — 211.0 1.465 1.190 1.220 1.190 5191 TAMBUN 1.190 -0.020 297 1.199 4.89 8.40 515.6 0.140 0.055 0.110 0.105 2429 TANCO 0.110 UNCH 645.4 0.109 — — 72.8 0.315 0.170 0.285 0.275 7889 THRIVEN 0.275 0.005 184 0.279 — — 103.6 0.085 0.040 0.060 0.055 7079 TIGER 0.060 UNCH 1621.6 0.060 — — 88.3 1.930 1.420 1.520 1.490 5239 TITIJYA 1.490 -0.010 256.5 1.505 7.62 0.34 610.9 1.044 0.935 0.950 0.935 5401 TROP 0.950 0.005 482.7 0.942 9.24 2.60 1,392.5 1.360 0.995 1.210 1.170 5148 UEMS 1.200 0.020 2170.4 1.191 22.22 1.33 5,444.9 2.680 2.096 2.640 2.580 5200 UOADEV 2.610 0.020 212 2.623 6.31 5.75 4,526.4 0.525 0.229 0.400 0.380 6378 WMG 0.395 0.005 275.1 0.383 — — 168.3 1.279 0.866 — — 7003 Y&G 0.955 — — — 14.71 — 190.4 1.630 1.330 1.400 1.390 3158 YNHPROP 1.400 -0.010 375.1 1.400 21.94 — 740.6 1.610 1.070 1.450 1.430 7066 YONGTAI 1.440 UNCH 786.4 1.443 40.79 — 627.4 0.670 0.550 0.565 0.560 2577 YTLLAND 0.560 UNCH 59 0.561 55.45 — 472.8MINING 1.630 1.150 1.630 1.550 2186 KUCHAI 1.550 -0.070 425.4 1.590 — 0.55 191.8PLANTATIONS 0.285 0.195 0.200 0.200 7054 AASIA 0.200 UNCH 11 0.200 200.00 — 132.0 19.575 17.198 18.940 18.800 1899 BKAWAN 18.900 UNCH 13.6 18.915 12.03 2.91 8,239.5 8.639 8.380 8.400 8.400 5069 BLDPLNT 8.400 UNCH 10 8.400 50.48 0.48 785.4 1.666 1.349 1.620 1.610 5254 BPLANT 1.610 UNCH 126 1.612 16.72 8.70 2,576.0 1.000 0.648 0.940 0.930 8982 CEPAT 0.930 -0.015 521.9 0.935 8.87 1.61 296.2 8.244 7.360 — — 1929 CHINTEK 7.900 — — — 40.66 2.41 721.8 0.650 0.385 0.645 0.590 3948 DUTALND 0.645 0.045 23963 0.625 41.35 — 545.7 9.100 7.205 9.100 9.000 5029 FAREAST 9.100 0.100 5 9.078 8.34 3.30 1,286.6 2.506 1.412 1.740 1.670 5222 FGV 1.710 0.070 19001.4 1.709 96.07 0.58 6,238.3 11.614 10.066 10.720 10.460 2291 GENP 10.660 UNCH 1800.8 10.671 19.05 1.27 8,563.8 0.663 0.501 0.585 0.560 7382 GLBHD 0.580 0.020 60 0.571 47.54 1.72 129.3 1.406 1.105 1.400 1.400 2135 GOPENG 1.400 UNCH 6 1.400 47.14 2.86 251.1 0.890 0.670 0.670 0.670 7501 HARNLEN 0.670 -0.030 0.1 0.670 35.08 — 124.3 2.630 2.276 2.630 2.600 5138 HSPLANT 2.630 0.030 41 2.615 13.96 5.51 2,104.0 3.616 2.932 — — 2216 IJMPLNT 3.050 — — — 25.17 2.30 2,685.8 0.734 0.650 0.680 0.675 2607 INCKEN 0.680 UNCH 60.8 0.675 200.00 1.65 286.1 1.475 0.619 1.150 1.150 6262 INNO 1.150 -0.010 41.7 1.150 14.06 1.74 550.7 4.757 4.208 4.570 4.520 1961 IOICORP 4.530 -0.020 1505.4 4.534 38.85 2.10 28,465.9 25.137 22.521 24.800 24.700 2445 KLK 24.740 UNCH 207.4 24.742 23.14 2.02 26,410.1 3.680 2.990 3.600 3.600 2453 KLUANG 3.600 UNCH 3 3.600 123.29 0.28 227.4 3.980 3.026 3.890 3.880 5027 KMLOONG 3.880 -0.040 11 3.883 14.55 3.87 1,209.8 0.695 0.491 0.550 0.540 1996 KRETAM 0.550 0.010 125 0.545 29.10 1.82 1,280.2 1.750 1.240 — — 6572 KWANTAS 1.450 — — — 10.71 — 451.9 1.550 1.240 — — 4936 MALPAC 1.300 — — — 125.00 — 97.5 0.963 0.790 — — 5026 MHC 0.890 — — — 10.57 1.69 174.9 2.388 1.700 — — 5047 NPC 1.990 — — — 7.62 0.50 238.8 4.239 3.900 4.000 4.000 2038 NSOP 4.000 0.050 0.8 4.000 32.39 1.50 280.8 0.315 0.190 0.240 0.225 1902 PINEPAC 0.240 0.015 42 0.230 — — 36.0 1.380 0.920 — — 9695 PLS 1.020 — — — — — 333.2 0.550 0.400 0.410 0.405 5113 RSAWIT 0.405 UNCH 71 0.406 — — 574.5 4.100 3.346 3.650 3.650 2542 RVIEW 3.650 -0.050 5 3.650 15.01 1.64 236.7 3.280 2.900 3.130 3.110 2569 SBAGAN 3.130 0.040 20 3.120 — 0.64 207.6 0.720 0.505 — — 4316 SHCHAN 0.590 — — — — — 70.8 3.965 3.480 3.900 3.800 5126 SOP 3.900 0.100 302.1 3.864 9.94 1.28 2,226.1 1.850 1.520 1.550 1.550 5135 SWKPLNT 1.550 UNCH 2 1.550 10.72 — 434.0 0.730 0.500 0.520 0.515 2054 TDM 0.515 -0.005 154.3 0.518 49.52 0.97 853.8 1.207 0.998 1.110 1.060 5112 THPLANT 1.110 0.030 126.4 1.074 5.95 5.41 981.1 1.928 1.560 1.700 1.680 9059 TSH 1.680 UNCH 18.3 1.689 44.68 1.19 2,321.4 6.500 5.330 6.500 6.390 2593 UMCCA 6.500 0.130 165 6.427 16.09 3.08 1,361.5 28.700 25.323 28.000 27.740 2089 UTDPLT 28.000 0.300 13.5 27.990 15.12 1.43 5,827.8HOTELS 0.628 0.483 0.530 0.530 5592 GCE 0.530 -0.010 10 0.530 — 3.77 104.4 1.000 0.680 0.800 0.795 1643 LANDMRK 0.795 UNCH 87 0.796 — — 420.5 0.255 0.115 0.170 0.155 1287 PMHLDG 0.170 0.005 1837 0.164 — — 157.9 5.620 4.860 5.250 5.080 5517 SHANG 5.250 0.210 103 5.176 30.03 2.67 2,310.0TECHNOLOGY 0.715 0.585 — — 7031 AMTEL 0.630 — — — 57.27 — 31.0 0.420 0.180 0.290 0.275 5195 CENSOF 0.285 0.010 1859.1 0.281 — — 143.0 0.400 0.105 0.245 0.240 51 CUSCAPI 0.240 -0.005 404 0.241 — — 115.9 0.729 0.283 0.595 0.585 7204 D&O 0.590 -0.005 1638.4 0.590 38.82 — 589.1 0.710 0.110 0.395 0.375 8338 DATAPRP 0.390 0.015 4437.8 0.386 — — 164.3 0.235 0.140 0.160 0.150 29 DIGISTA 0.155 0.005 3719.9 0.154 — — 92.9 1.578 1.304 1.350 1.350 5162 ECS 1.350 UNCH 82.5 1.350 8.50 4.44 243.0 1.300 0.539 1.300 1.210 65 EFORCE 1.300 0.100 5466 1.265 84.42 0.96 537.9 2.950 1.140 2.700 2.650 90 ELSOFT 2.660 -0.040 179.1 2.663 22.45 1.88 731.9 1.870 0.790 1.680 1.650 21 GHLSYS 1.650 -0.020 889.5 1.662 54.82 0.30 1,088.1 0.455 0.210 0.350 0.340 82 GPACKET 0.345 UNCH 3411.2 0.344 3.14 — 261.8 0.280 0.175 0.245 0.240 56 GRANFLO 0.240 -0.005 477.5 0.241 — — 115.9 6.600 2.962 6.600 6.540 7022 GTRONIC 6.600 0.050 644.3 6.596 68.32 0.61 1,880.4 0.923 0.490 0.750 0.720 5028 HTPADU 0.750 0.020 46.6 0.723 6.64 6.67 75.9 2.650 1.980 2.570 2.520 166 INARI 2.540 -0.010 3122 2.547 21.69 2.93 5,095.6 0.435 0.075 0.195 0.190 9393 ITRONIC 0.195 0.005 103.5 0.195 — — 20.0 0.688 0.453 0.545 0.535 5161 JCY 0.535 -0.005 1046.7 0.539 33.65 8.41 1,111.1 16.216 7.459 14.740 14.640 9334 KESM 14.740 -0.060 2.3 14.662 16.40 0.44 634.0 0.180 0.060 0.155 0.150 143 KEYASIC 0.150 UNCH 1877.4 0.150 — — 133.5 14.300 7.086 14.000 13.840 3867 MPI 14.000 0.100 171.2 13.895 14.95 1.93 2,938.4 1.467 0.960 — — 5011 MSNIAGA 1.320 — — — 17.65 3.79 79.7 1.327 0.343 1.030 1.000 83 NOTION 1.000 -0.020 323.6 1.012 14.88 2.75 330.6 0.605 0.430 0.475 0.465 9008 OMESTI 0.470 0.010 68.3 0.468 — — 202.4 0.375 0.250 0.265 0.260 41 PANPAGE 0.265 UNCH 150.7 0.263 — — 70.4 5.080 1.140 4.850 4.710 7160 PENTA 4.730 0.020 405 4.768 19.80 — 693.3 0.610 0.250 0.375 0.365 9075 THETA 0.365 -0.005 159.5 0.370 — — 39.1

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)

0.197 0.073 0.120 0.110 118 TRIVE 0.115 UNCH 3596.7 0.117 52.27 — 153.7 4.207 2.184 4.100 4.050 5005 UNISEM 4.080 UNCH 656.1 4.083 16.92 2.70 2,994.0 4.800 1.727 4.600 4.540 97 VITROX 4.580 0.080 1299.1 4.576 28.73 0.71 2,153.0 1.750 0.626 1.330 1.290 8 WILLOW 1.320 -0.010 866.9 1.306 16.10 1.52 327.4INFRASTRUCTURE PROJECT COMPANIES 5.087 4.583 4.900 4.880 6947 DIGI 4.900 0.020 2374.3 4.897 24.65 4.02 38,097.5 6.150 5.431 5.980 5.850 6645 LITRAK 5.870 -0.080 19.4 5.915 14.35 5.11 3,094.6 0.372 0.215 0.250 0.240 5078 M&G 0.245 0.005 2462.5 0.242 — 20.41 177.4 1.180 0.700 0.730 0.700 6807 PUNCAK 0.700 -0.005 2420.4 0.708 — — 314.5 9.900 7.284 9.410 9.100 5031 TIMECOM 9.230 -0.180 481.2 9.241 20.62 2.16 5,366.8 1.539 1.400 1.410 1.400 6742 YTLPOWR 1.410 UNCH 1101.1 1.405 16.23 3.55 11,481.8CLOSED-END FUNDS 2.690 2.290 2.660 2.620 5108 ICAP 2.640 -0.020 19.5 2.643 229.57 — 369.6EXCHANGE TRADED FUNDS 1.137 1.070 — — 0800EA ABFMY1 1.137 — — — — 5.00 1,501.3 2.000 1.680 — — 0822EA CIMBA40 2.000 — — — — 3.70 2.7 1.670 1.290 1.610 1.610 0823EA CIMBC50 1.610 -0.010 2 1.610 — — 15.7 1.865 1.700 — — 0820EA FBMKLCI-EA 1.850 — — — — 1.78 3.1 1.075 0.977 — — 0826EA METFAPA 1.075 — — — — — 20.4 0.952 0.900 — — 0825EA METFSID 0.900 — — — — 2.60 47.7 1.115 1.045 — — 0821EA MYETFDJ 1.105 — — — — 2.02 307.1 1.110 1.010 — — 0824EA MYETFID 1.100 — — — — 1.38 55.9REITS 1.039 0.880 0.895 0.895 4952 AHP 0.895 UNCH 7 0.895 67.29 4.69 196.9 1.659 1.415 1.500 1.490 5116 ALAQAR 1.500 UNCH 55.7 1.500 18.18 5.03 1,092.3 1.050 0.995 1.040 1.030 5269 ALSREIT 1.040 0.020 5.4 1.031 12.12 6.01 603.2 0.828 0.710 0.715 0.710 5120 AMFIRST 0.715 UNCH 59 0.714 21.80 5.68 490.8 0.980 0.858 0.965 0.960 5127 ARREIT 0.960 0.005 161.3 0.963 13.95 5.84 550.3 1.170 0.978 — — 5130 ATRIUM 1.140 — — — 22.71 5.96 138.9 1.689 1.497 1.600 1.580 5106 AXREIT 1.590 UNCH 424.5 1.599 16.53 5.33 1,757.2 1.664 1.422 1.480 1.460 5180 CMMT 1.470 -0.010 197.6 1.464 19.60 5.69 2,990.9 1.532 1.192 1.280 1.270 5121 HEKTAR 1.270 UNCH 116.5 1.270 12.34 9.00 586.2 1.750 1.406 1.720 1.710 5227 IGBREIT 1.720 0.010 298.8 1.716 21.29 5.05 6,034.1 1.008 0.881 0.945 0.940 5280 KIPREIT 0.940 UNCH 48.1 0.943 22.27 3.11 475.0 8.007 7.187 7.820 7.800 5235SS KLCC 7.800 -0.010 410 7.810 16.00 4.57 14,081.6 1.320 1.129 1.300 1.290 5123 MQREIT 1.300 UNCH 52.7 1.300 16.01 9.76 1,388.4 1.866 1.551 1.740 1.700 5212 PAVREIT 1.700 -0.040 913.4 1.703 16.97 4.73 5,151.2 1.749 1.547 1.730 1.720 5176 SUNREIT 1.720 UNCH 909.5 1.721 11.94 5.34 5,065.5 1.220 1.095 1.200 1.200 5111 TWRREIT 1.200 -0.020 4 1.200 17.22 5.78 336.6 1.796 1.561 1.650 1.650 5110 UOAREIT 1.650 0.010 14 1.650 15.55 5.72 697.7 1.209 1.025 1.200 1.190 5109 YTLREIT 1.190 UNCH 427.1 1.191 — 5.87 2,028.2SPAC 0.720 0.680 — — 5234 CLIQ 0.720 — — — — — 454.3 0.480 0.460 — — 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 0.195 0.265 0.255 179 BIOHLDG 0.260 0.005 10437.4 0.261 20.31 — 209.9 0.310 0.200 0.225 0.215 170 KANGER 0.225 Unch 1531.2 0.222 23.68 — 179.7 0.450 0.200 0.350 0.340 148 SUNZEN 0.340 -0.010 590.9 0.343 49.28 — 164.0 0.065 0.025 0.060 0.055 95 XINGHE 0.055 -0.005 10672.8 0.058 4.44 — 129.2INDUSTRIAL PRODUCTS 0.245 0.137 0.175 0.170 105 ASIAPLY 0.175 0.005 644.3 0.174 19.23 2.86 58.4 0.095 0.030 0.040 0.035 72 AT 0.040 Unch 32602.5 0.040 — — 49.5 0.445 0.245 0.315 0.310 163 CAREPLS 0.315 0.005 1858.1 0.310 56.25 0.95 152.2 0.330 0.090 0.220 0.210 102 CONNECT 0.215 0.005 805.6 0.215 23.12 — 69.2 0.520 0.335 0.395 0.380 100 ESCERAM 0.380 Unch 382.1 0.383 12.26 1.58 78.1 0.350 0.215 0.315 0.300 175 HHGROUP 0.305 Unch 884.7 0.307 217.86 — 94.2 0.145 0.065 0.100 0.100 160 HHHCORP 0.100 -0.005 340 0.100 15.87 — 33.3 0.555 0.165 0.395 0.340 162 IJACOBS 0.390 0.045 6211.4 0.370 22.41 — 52.9 0.165 0.095 0.145 0.135 24 JAG 0.140 Unch 24082 0.140 18.92 0.71 177.2 0.250 0.125 0.190 0.185 25 LNGRES 0.190 Unch 804.6 0.189 19.79 — 46.0 0.150 0.040 0.050 0.050 70 MQTECH 0.050 Unch 990.2 0.050 — — 20.7 0.860 0.361 0.710 0.695 49 OCNCASH 0.700 Unch 420.2 0.700 14.37 1.00 156.1 0.610 0.130 0.280 0.275 38 PTB 0.280 Unch 270.2 0.277 — — 42.1 0.175 0.150 0.170 0.160 133 SANICHI 0.165 Unch 2424.3 0.165 — — 47.2 0.060 0.025 0.030 0.030 109 SCBUILD 0.030 -0.005 337 0.030 — — 26.5 0.220 0.110 0.180 0.170 1 SCOMNET 0.180 0.015 1288.5 0.174 17.48 — 43.7 0.289 0.142 0.240 0.220 28 SCOPE 0.240 0.015 587.7 0.231 29.27 2.08 134.5 0.290 0.115 0.185 0.180 55 SERSOL 0.180 Unch 532 0.180 — — 38.8 1.025 0.177 1.020 0.980 84 TECFAST 0.985 0.005 2074.8 0.996 42.27 0.51 168.5TECHNOLOGY 0.995 0.160 0.775 0.700 18 ACCSOFT 0.765 0.035 299.6 0.737 — — 637.1 0.750 0.160 0.605 0.590 181 AEMULUS 0.590 -0.005 4487.9 0.595 71.08 — 258.9 0.455 0.170 0.340 0.330 119 APPASIA 0.340 Unch 282.3 0.339 — — 106.7 0.450 0.145 0.155 0.145 68 ASDION 0.150 Unch 521.2 0.151 — — 17.4 1.100 0.615 0.700 0.675 98 BAHVEST 0.695 0.020 781.1 0.688 — — 417.0 0.770 0.615 0.630 0.625 191 CABNET 0.625 Unch 52.1 0.627 10.25 — 81.3 0.065 0.030 0.050 0.045 152 DGB 0.050 Unch 455 0.049 — — 26.9 0.075 0.025 0.045 0.040 131 DGSB 0.040 -0.005 8792.4 0.040 66.67 — 54.2 0.120 0.050 0.095 0.085 154 EAH 0.095 0.010 15003 0.090 47.50 — 141.6 0.260 0.120 0.135 0.125 107 EDUSPEC 0.130 -0.005 531.6 0.130 — — 121.3 0.295 0.060 0.260 0.245 116 FOCUS 0.255 0.010 870 0.259 — — 198.2 1.220 0.815 1.170 1.080 104 GENETEC 1.090 -0.040 1044 1.127 — — 38.7 0.759 0.431 0.640 0.625 39 GFM 0.630 -0.005 968.9 0.628 25.71 2.30 269.7 0.090 0.030 0.070 0.070 45 GNB 0.070 -0.005 852.7 0.070 — — 20.2 0.185 0.070 0.160 0.155 74 GOCEAN 0.155 -0.005 689.9 0.160 258.33 — 40.8 0.100 0.040 0.060 0.055 174 IDMENSN 0.060 Unch 1036 0.058 — — 29.7 0.533 0.227 0.405 0.380 23 IFCAMSC 0.400 0.020 6884.9 0.394 23.53 1.25 243.3 0.100 0.060 0.070 0.070 94 INIX 0.070 -0.005 2097.7 0.070 25.93 — 17.7 0.220 0.100 0.190 0.175 10 IRIS 0.180 -0.005 26944.7 0.181 — — 444.9 2.290 0.450 1.960 1.880 146 JFTECH 1.910 -0.050 272 1.912 37.75 0.26 240.7 3.420 0.594 3.170 3.060 127 JHM 3.100 -0.050 1313.6 3.080 26.61 — 814.7 0.270 0.130 0.190 0.185 111 K1 0.190 Unch 253.1 0.187 — — 98.6 0.115 0.025 0.035 0.030 36 KGROUP 0.030 -0.005 11230 0.030 — — 51.3 1.130 0.230 0.960 0.895 176 KRONO 0.950 -0.010 23066.8 0.928 23.81 — 282.5 0.110 0.045 0.105 0.100 17 M3TECH 0.100 Unch 6547.9 0.103 — — 58.7 0.450 0.220 0.450 0.400 75 MEXTER 0.400 -0.040 4585.3 0.421 — — 89.1 0.590 0.420 — — 155 MGRC 0.450 — — — 70.31 — 46.6 1.400 0.855 1.000 0.995 126 MICROLN 0.995 Unch 15 0.999 28.03 — 166.5 0.595 0.319 0.480 0.470 112 MIKROMB 0.470 -0.005 1723 0.473 18.50 1.68 202.5 0.465 0.065 0.150 0.130 85 MLAB 0.130 -0.010 116750 0.143 65.00 — 76.0 0.200 0.160 0.200 0.190 34 MMAG 0.200 0.015 11796.4 0.198 — — 55.0 2.050 0.503 1.870 1.740 113 MMSV 1.840 -0.020 4343.2 1.803 17.29 1.09 299.9 0.245 0.055 0.070 0.065 103 MNC 0.065 -0.005 3591.8 0.069 36.11 — 31.1 0.310 0.150 0.260 0.250 156 MPAY 0.255 Unch 8073.7 0.257 — — 181.2 0.735 0.130 0.215 0.200 92 MTOUCHE 0.200 -0.005 16069.6 0.206 181.82 — 25.5 0.990 0.616 0.980 0.930 108 N2N 0.955 -0.005 9403.9 0.960 23.07 2.09 455.7 0.110 0.015 0.050 0.045 20 NETX 0.050 0.005 2456.3 0.046 — — 62.6 0.065 0.035 0.045 0.040 96 NEXGRAM 0.045 0.005 1699.8 0.040 — — 84.7 0.115 0.070 0.090 0.085 26 NOVAMSC 0.085 Unch 1544.7 0.085 — — 58.1 0.662 0.536 0.610 0.570 35 OPCOM 0.585 0.030 1038.1 0.593 17.16 6.84 94.3 0.414 0.315 0.330 0.325 40 OPENSYS 0.330 Unch 272.8 0.328 20.25 3.03 98.3 0.380 0.125 0.145 0.130 79 ORION 0.140 0.010 8126.7 0.137 — — 83.9 0.250 0.050 0.245 0.215 5 PALETTE 0.230 -0.005 40932.6 0.233 — — 73.5 0.230 0.135 0.160 0.155 123 PRIVA 0.160 0.005 333.3 0.159 — — 89.3 0.175 0.055 0.150 0.145 7 PUC 0.150 0.010 23608.7 0.146 62.50 — 186.4 0.980 0.501 0.875 0.860 106 REXIT 0.865 0.005 215.2 0.865 20.50 4.62 163.8 0.375 0.218 0.355 0.340 178 SEDANIA 0.340 Unch 4726.5 0.346 — 2.94 76.8 0.190 0.055 0.120 0.115 60 SKH 0.120 0.005 1765.1 0.117 50.00 — 66.5 0.300 0.155 0.175 0.175 117 SMRT 0.175 Unch 170 0.175 — — 63.2 0.175 0.100 0.175 0.150 169 SMTRACK 0.175 0.030 6501.4 0.164 — — 18.1 0.355 0.232 0.295 0.290 93 SOLUTN 0.290 -0.005 2361.7 0.293 8.41 3.45 88.8 0.360 0.080 0.205 0.190 129 SRIDGE 0.190 -0.015 7529.8 0.193 — — 23.0 0.470 0.155 0.410 0.395 50 SYSTECH 0.400 Unch 6079.3 0.405 53.33 0.75 139.1 0.190 0.140 0.145 0.145 132 TDEX 0.145 0.005 1634.9 0.145 131.82 — 59.9 1.480 0.189 1.350 1.310 120 VIS 1.320 -0.010 734.7 1.322 20.89 0.38 146.1 0.225 0.115 0.130 0.125 69 VIVOCOM 0.130 Unch 16235 0.130 20.97 — 424.0 0.145 0.065 0.105 0.100 66 VSOLAR 0.100 Unch 2358.1 0.100 — — 37.4 0.070 0.020 — — 141 WINTONI 0.035 — — — — — 18.0 0.275 0.080 0.205 0.185 86 YGL 0.200 0.015 1699.5 0.195 — — 46.5TRADING SERVICES 0.400 0.150 — — 122 AIM 0.270 — — — — — 71.8 0.165 0.060 0.105 0.105 48 ANCOMLB 0.105 0.005 151.8 0.105 — — 49.7 0.240 0.120 0.140 0.135 150 ASIABIO 0.140 0.005 636 0.135 1.14 — 63.0 0.275 0.155 0.175 0.175 187 BCMALL 0.175 Unch 603.5 0.175 38.04 — 73.7 0.404 0.300 0.350 0.350 11 BTECH 0.350 0.035 7.5 0.350 21.60 4.57 88.2 0.320 0.170 — — 157 FOCUSP 0.200 — — — — — 33.0 1.210 0.386 1.160 1.110 185 HSSEB 1.160 0.030 1827 1.140 24.37 0.54 370.1 0.900 0.540 0.750 0.750 147 INNITY 0.750 Unch 8.9 0.750 71.43 — 103.8 0.310 0.210 0.220 0.210 180 KTC 0.220 -0.005 1337.3 0.213 30.99 — 112.3 0.350 0.130 0.220 0.215 167 MCLEAN 0.215 -0.005 71.8 0.216 102.38 — 38.4 0.440 0.250 — — 81 MEGASUN 0.255 — — — 11.49 — 55.9 0.280 0.165 0.200 0.180 153 OVERSEA 0.200 -0.020 4.8 0.181 100.00 — 49.3 0.200 0.115 0.145 0.145 177 PASUKGB 0.145 -0.005 81.5 0.145 — — 117.7 0.450 0.230 0.355 0.350 6 PINEAPP 0.350 -0.065 70 0.351 184.21 — 17.0 0.375 0.201 0.325 0.315 171 PLABS 0.320 -0.005 1232.9 0.320 17.68 2.19 68.7 0.005 0.005 — — 110 RA 0.005 — — — 2.63 — 4.8 0.615 0.280 0.430 0.425 32 REDTONE 0.425 -0.005 75 0.426 — — 322.0 0.525 0.140 0.460 0.435 173 REV 0.435 -0.020 506.8 0.446 3.69 — 58.6 0.726 0.477 0.585 0.575 158 SCC 0.580 Unch 27.7 0.581 16.07 5.22 81.9 0.275 0.160 0.230 0.220 161 SCH 0.220 0.005 3385.6 0.222 129.41 3.86 90.7 0.230 0.100 0.185 0.180 140 STERPRO 0.180 Unch 7862.4 0.184 — — 50.3 0.230 0.103 0.220 0.210 80 STRAITS 0.215 0.005 3113.9 0.215 40.57 — 79.1 1.360 0.955 1.290 1.270 89 TEXCYCL 1.280 0.020 258.7 1.278 13.22 0.39 218.6 0.230 0.100 0.175 0.170 145 TFP 0.170 -0.010 401.3 0.170 — — 34.9 0.155 0.095 0.110 0.105 165 XOX 0.105 -0.005 3933.3 0.105 — — 89.4FINANCE 0.965 0.386 0.780 0.750 53 OSKVI 0.750 Unch 927.9 0.767 2.69 2.67 148.2

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 SEPTEMBER 12, 2017 • THEEDGE FINANCIAL DAILY 2 8

Bursa Malaysia Equity Derivatives

0.110 0.065 0.095 0.080 523810 AAX-C10 0.090 0.020 1570 0.410 0.400 19.51 26/04/2018 0.120 0.115 0.120 0.115 523811 AAX-C11 0.115 Unch 35 0.410 0.380 20.73 21/06/2018 0.095 0.065 0.095 0.075 523812 AAX-C12 0.095 0.025 7430 0.410 0.360 15.61 30/03/2018 0.165 0.020 0.040 0.025 5238C7 AAX-C7 0.040 0.015 4921.3 0.410 0.430 14.63 31/10/2017 0.060 0.020 0.030 0.030 5238C8 AAX-C8 0.030 0.010 285 0.410 0.550 41.46 29/12/2017 0.070 0.035 0.055 0.045 5238C9 AAX-C9 0.045 0.005 250 0.410 0.450 26.22 08/01/2018 0.310 0.160 0.225 0.200 5238WA AAX-WA 0.220 0.015 21105.3 0.410 0.460 65.85 08/06/2020 0.860 0.105 0.690 0.690 0018WA ACCSOFT-WA 0.690 Unch 6.6 0.765 0.100 3.27 18/01/2019 0.120 0.035 0.060 0.060 7146WA AEM-WA 0.060 Unch 440.8 0.170 0.250 82.35 17/12/2019 0.465 0.110 0.310 0.295 5139CB AEONCR-CB 0.310 0.040 200.5 12.880 10.761 -0.76 16/10/2017 0.330 0.050 0.250 0.230 7315WB AHB-WB 0.245 Unch 2100 0.350 0.200 27.14 28/08/2019 0.330 0.070 0.270 0.255 509947 AIRASIAC47 0.255 0.005 1843.8 3.530 2.600 -4.67 31/10/2017 0.235 0.110 0.145 0.145 509952 AIRASIAC52 0.145 0.005 533 3.530 3.200 2.97 31/10/2017 0.200 0.090 0.150 0.130 509953 AIRASIAC53 0.130 -0.010 1364.4 3.530 3.200 1.70 02/02/2018 0.180 0.050 0.075 0.065 509954 AIRASIAC54 0.070 Unch 2398.9 3.530 3.600 7.34 31/10/2017 0.150 0.080 0.110 0.105 509955 AIRASIAC55 0.110 0.005 323 3.530 4.000 21.73 29/12/2017 0.210 0.135 0.185 0.180 509956 AIRASIAC56 0.180 Unch 90.1 3.530 2.900 3.57 29/12/2017 0.420 0.160 0.290 0.280 7609WA AJIYA-WA 0.290 0.005 467.9 0.750 0.920 61.33 28/08/2021 0.135 0.055 0.060 0.060 1015C1 AMBANK-C1 0.060 Unch 1275 4.290 5.000 20.75 30/04/2018 0.610 0.065 0.070 0.070 1015CX AMBANK-CX 0.070 -0.005 10 4.290 4.150 0.82 29/09/2017 0.315 0.140 0.290 0.285 6556CC ANNJOO-CC 0.285 0.010 80.8 3.780 2.800 0.46 31/10/2017 0.270 0.115 0.265 0.255 6556CD ANNJOO-CD 0.265 0.015 390 3.780 3.000 3.90 08/12/2017 0.225 0.110 0.225 0.220 6556CE ANNJOO-CE 0.225 0.015 1259.9 3.780 3.100 8.80 02/02/2018 0.275 0.040 0.060 0.055 9342WA ANZO-WA 0.055 Unch 1809 0.120 0.250 154.17 19/11/2019 0.265 0.045 0.080 0.070 9342WB ANZO-WB 0.070 0.005 251.9 0.120 0.250 166.67 25/08/2023 0.335 0.100 0.230 0.225 0119WA APPASIA-WA 0.230 Unch 235 0.340 0.130 5.88 23/12/2024 0.255 0.100 0.155 0.140 521024 ARMADA-C24 0.150 -0.010 247.5 0.740 0.600 1.35 30/11/2017 0.100 0.025 0.035 0.030 521027 ARMADA-C27 0.030 -0.005 875 0.740 0.835 16.89 02/02/2018 0.100 0.060 0.085 0.080 521028 ARMADA-C28 0.085 Unch 750.1 0.740 0.750 13.99 30/01/2018 0.350 0.050 0.060 0.050 0068WB ASDION-WB 0.060 0.005 61.1 0.150 0.500 273.33 24/03/2019 0.110 0.045 0.050 0.050 0150WA ASIABIO-WA 0.050 Unch 60 0.140 0.300 150.00 19/04/2024 0.145 0.055 0.085 0.085 0105WA ASIAPLY-WA 0.085 Unch 82 0.175 0.100 5.71 13/12/2020 0.210 0.055 0.085 0.075 6399C1 ASTRO-C1 0.075 Unch 213 2.700 2.600 1.85 30/11/2017 0.075 0.030 0.035 0.035 6399C2 ASTRO-C2 0.035 Unch 100 2.700 2.950 13.15 30/11/2017 0.090 0.040 0.055 0.045 6399C3 ASTRO-C3 0.055 0.015 1840.3 2.700 2.900 11.48 22/12/2017 0.765 0.100 0.285 0.260 7099WB ATTA-WB 0.280 0.015 738.5 1.030 1.000 24.27 09/05/2022 0.035 0.010 0.020 0.015 0072WA AT-WA 0.020 Unch 2563.7 0.040 0.090 175.00 28/01/2019 0.040 0.020 0.025 0.020 0072WB AT-WB 0.020 -0.005 4435.2 0.040 0.030 25.00 17/10/2019 0.085 0.085 0.085 0.085 688819 AXIATA-C19 0.085 Unch 20 5.120 5.200 8.20 07/12/2017 0.730 0.210 0.575 0.570 7078WA AZRB-WA 0.570 -0.015 24.5 1.160 0.700 9.48 13/05/2024 0.300 0.180 0.300 0.255 0098WA BAHVEST-WA 0.300 0.050 3928.5 0.695 0.870 68.35 20/08/2024 0.120 0.010 0.060 0.040 5248CR BAUTO-CR 0.060 0.030 834.9 2.140 2.100 3.74 29/12/2017 0.085 0.035 0.085 0.075 5248CS BAUTO-CS 0.085 0.035 54 2.140 2.100 6.07 08/01/2018 0.170 0.095 0.105 0.095 7241WA BHS-WA 0.105 Unch 333 0.380 0.600 85.53 18/10/2020 0.450 0.260 0.310 0.305 5258WA BIMB-WA 0.305 Unch 336.3 4.420 4.720 13.69 04/12/2023 0.155 0.070 0.080 0.080 6998WA BINTAI-WA 0.080 Unch 5 0.180 0.200 55.56 15/06/2020 0.230 0.095 0.170 0.160 0179WA BIOHLDG-WA 0.170 0.010 4528.7 0.260 0.220 50.00 05/01/2022 0.160 0.060 0.080 0.080 3395WB BJCORP-WB 0.080 Unch 697 0.330 1.000 227.27 22/04/2022 0.175 0.050 0.100 0.095 3395WC BJCORP-WC 0.095 Unch 600 0.330 1.000 231.82 29/05/2026 0.370 0.035 0.300 0.290 7187WA BKOON-WA 0.295 -0.005 863.9 0.505 0.200 -1.98 07/07/2023 0.081 0.035 0.045 0.040 7036WC BORNOIL-WC 0.045 Unch 845.2 0.100 0.070 15.00 08/11/2025 0.065 0.040 0.050 0.045 7036WD BORNOIL-WD 0.045 Unch 92.1 0.100 0.070 15.00 29/05/2027 0.660 0.450 0.485 0.485 6297WA BOXPAK-WA 0.485 0.010 25 1.510 2.040 67.22 13/03/2022 0.120 0.040 0.050 0.045 9938WB BRIGHT-WB 0.050 0.005 281.1 0.330 0.820 163.64 12/01/2019 0.135 0.045 0.060 0.055 7188WA BTM-WA 0.060 Unch 49.3 0.250 0.940 300.00 20/12/2019 0.435 0.060 0.300 0.300 181811 BURSA-C11 0.300 Unch 13.9 10.360 8.900 0.39 30/11/2017 0.315 0.070 0.115 0.100 181812 BURSA-C12 0.115 -0.020 670 10.360 10.500 6.35 30/11/2017 0.150 0.050 0.110 0.090 181813 BURSA-C13 0.110 -0.010 1594.1 10.360 10.500 6.66 30/03/2018 0.900 0.303 0.840 0.820 7174WA CAB-WA 0.825 0.005 536.6 1.020 0.170 -2.45 08/02/2020 0.095 0.010 0.010 0.010 7076CE CBIP-CE 0.010 Unch 534.2 1.950 2.300 18.72 16/10/2017 0.470 0.290 0.340 0.340 7076WA CBIP-WA 0.340 Unch 3.3 1.950 2.400 40.51 06/11/2019 0.220 0.045 0.125 0.110 5195WB CENSOF-WB 0.125 0.020 1155 0.285 0.460 105.26 07/10/2019 0.335 0.150 0.285 0.285 102322 CIMB-C22 0.285 Unch 50 6.770 5.700 1.03 24/11/2017 0.205 0.045 0.100 0.100 0102WA CONNECT-WA 0.100 -0.005 12 0.215 0.100 -6.98 17/09/2021 0.205 0.040 0.100 0.100 0102WB CONNECT-WB 0.100 Unch 200 0.215 0.100 -6.98 07/06/2021 0.250 0.025 0.075 0.075 0051WA CUSCAPI-WA 0.075 0.005 278.4 0.240 0.270 43.75 24/04/2018 0.470 0.295 0.380 0.355 5276WA DANCO-WA 0.375 0.020 439.6 0.620 0.300 8.87 22/05/2022 0.035 0.005 0.015 0.010 7179WB DBE-WB 0.015 0.005 6342.8 0.035 0.050 85.71 22/01/2022 0.030 0.005 0.010 0.010 0152WA DGB-WA 0.010 Unch 30 0.050 0.110 140.00 22/04/2018 0.190 0.125 0.190 0.190 727713 DIALOG-C13 0.190 0.020 25 2.060 1.750 3.40 07/12/2017 0.105 0.060 0.095 0.090 727715 DIALOG-C15 0.090 Unch 103 2.060 1.850 2.91 31/10/2017 0.240 0.105 0.215 0.210 727717 DIALOG-C17 0.210 -0.010 577.5 2.060 1.900 2.43 02/02/2018 0.370 0.045 0.235 0.220 4456WD DNEX-WD 0.235 0.015 43180.5 0.500 0.500 47.00 30/07/2021 0.140 0.060 0.105 0.105 7114WA DNONCE-WA 0.105 Unch 1000 0.310 0.250 14.52 25/11/2020 0.145 0.055 0.055 0.055 5265WA DOLPHIN-WA 0.055 -0.005 14.2 0.210 0.800 307.14 29/03/2021 0.340 0.180 0.300 0.285 7169WA DOMINAN-WA 0.300 0.010 239.5 1.320 1.300 21.21 10/09/2020 0.070 0.035 0.045 0.045 7198WB DPS-WB 0.045 Unch 324.8 0.090 0.100 61.11 15/01/2025 0.380 0.115 0.265 0.255 161930 DRBHCOMC30 0.265 0.005 195 1.620 1.100 0.62 30/11/2017 0.195 0.055 0.060 0.055 161933 DRBHCOMC33 0.060 -0.005 496 1.620 1.650 9.26 31/10/2017 0.050 0.030 0.030 0.030 161941 DRBHCOMC41 0.030 Unch 50 1.620 2.150 38.27 30/03/2018 0.110 0.095 0.110 0.110 161942 DRBHCOMC42 0.110 0.015 71.3 1.620 1.650 15.43 31/05/2018 0.135 0.025 0.045 0.045 5216CV DSONIC-CV 0.045 Unch 240 1.190 1.300 16.81 31/10/2017 0.080 0.005 0.010 0.010 5216CW DSONIC-CW 0.010 0.005 200 1.190 1.400 19.75 31/10/2017 0.320 0.120 0.170 0.165 3417WB E&O-WB 0.170 -0.010 0.4 1.600 2.600 73.13 21/07/2019 0.065 0.020 0.040 0.040 0154WB EAH-WB 0.040 Unch 604.7 0.095 0.120 68.42 24/02/2019 0.065 0.025 0.040 0.040 0154WC EAH-WC 0.040 -0.005 798.6 0.095 0.100 47.37 18/06/2019 0.195 0.090 0.140 0.135 3557WC ECOFIRS-WC 0.135 0.005 54.9 0.300 0.300 45.00 10/09/2019 0.250 0.080 0.230 0.220 5253CA ECONBHD-CA 0.225 -0.005 451 3.110 2.500 2.09 30/11/2017 0.185 0.125 0.175 0.165 5253CF ECONBHD-CF 0.170 Unch 600.3 3.110 2.950 11.25 22/03/2018 0.170 0.120 0.155 0.155 5253CG ECONBHD-CG 0.155 0.005 50 3.110 3.100 14.63 30/03/2018 0.190 0.085 0.090 0.085 8206CF ECOWLD-CF 0.090 -0.005 607 1.570 1.600 10.51 02/02/2018 0.170 0.080 0.085 0.080 8206CG ECOWLD-CG 0.080 -0.005 324.9 1.570 1.500 5.73 30/11/2017 0.175 0.070 0.075 0.070 8206CH ECOWLD-CH 0.075 Unch 300 1.570 1.600 9.08 08/12/2017 0.130 0.060 0.060 0.060 8206CI ECOWLD-CI 0.060 -0.005 531 1.570 1.700 15.92 25/01/2018 0.710 0.365 0.475 0.465 8206WA ECOWLD-WA 0.470 0.005 12 1.570 2.080 62.42 26/03/2022 0.120 0.045 0.060 0.055 0107WA EDUSPEC-WA 0.055 -0.005 188.7 0.130 0.180 80.77 24/12/2018 0.960 0.360 0.960 0.865 0065WA EFORCE-WA 0.960 0.095 2877.1 1.300 0.340 0.00 17/07/2019 0.670 0.360 0.375 0.360 8907WC EG-WC 0.365 -0.005 642.1 0.770 0.500 12.34 03/11/2020 0.030 0.005 0.015 0.015 7182WA EKA-WA 0.015 Unch 250 0.080 0.200 168.75 22/01/2019 0.140 0.020 0.025 0.020 8877CA EKOVEST-CA 0.025 Unch 1347.4 1.130 1.600 44.91 08/12/2017 0.090 0.045 0.045 0.045 8877CC EKOVEST-CC 0.045 -0.005 843.3 1.130 1.300 25.00 28/12/2017 1.350 0.315 0.715 0.700 8877WB EKOVEST-WB 0.710 0.015 1455.6 1.130 0.480 5.31 25/06/2019 0.630 0.310 0.360 0.340 5056WA ENGTEX-WA 0.360 0.010 415.4 1.220 0.830 -2.46 25/10/2017 0.060 0.010 0.010 0.010 5283CE EWINT-CE 0.010 Unch 123 1.100 1.350 25.00 30/11/2017 0.450 0.245 0.255 0.250 5283WA EWINT-WA 0.255 0.005 1416.4 1.100 1.450 55.00 02/04/2022 0.570 0.100 0.440 0.420 7047WB FAJAR-WB 0.425 -0.015 1784.9 0.890 0.700 26.40 24/09/2019 0.180 0.115 0.155 0.155 06501R FBMKLCI-C1R 0.155 0.010 120 1,782 1,670 -0.23 29/09/2017 0.080 0.025 0.040 0.040 06501X FBMKLCI-C1X 0.040 0.005 200 1,782 1,765 0.58 30/11/2017 0.060 0.020 0.030 0.030 06503A FBMKLCI-C3A 0.030 0.005 435 1,782 1,785 1.31 29/12/2017 0.085 0.060 0.085 0.085 06503E FBMKLCI-C3E 0.085 0.015 10 1,782 1,770 1.67 28/02/2018 0.160 0.025 0.035 0.025 06502Z FBMKLCI-H2Z 0.025 -0.010 1656.8 1,782 1,765 -0.01 30/11/2017 0.480 0.305 0.305 0.305 06504B FBMKLCI-H4B 0.305 -0.015 10 1,782 1,790 3.83 30/11/2017 0.120 0.060 0.060 0.060 06504C FBMKLCI-H4C 0.060 -0.005 10 1,782 1,785 2.48 29/12/2017 0.135 0.085 0.090 0.085 06504D FBMKLCI-H4D 0.085 -0.005 520 1,782 1,800 4.31 31/01/2018 0.540 0.460 0.475 0.460 06504F FBMKLCI-H4F 0.460 -0.030 20 1,782 1,800 6.13 28/02/2018 0.120 0.100 0.100 0.100 06504G FBMKLCI-H4G 0.100 -0.020 3 1,782 1,770 2.09 28/02/2018 0.135 0.005 0.010 0.005 522226 FGV-C26 0.010 Unch 1021 1.710 2.200 30.18 31/10/2017 0.085 0.005 0.010 0.005 522227 FGV-C27 0.010 0.005 6700.5 1.710 2.450 44.74 16/10/2017 0.155 0.035 0.055 0.055 522228 FGV-C28 0.055 0.005 1423 1.710 2.050 27.92 02/02/2018 0.130 0.045 0.065 0.060 522229 FGV-C29 0.065 0.015 539.1 1.710 2.100 32.31 08/01/2018 0.195 0.095 0.130 0.110 522230 FGV-C30 0.120 0.015 6839.4 1.710 1.600 13.22 28/12/2017 0.145 0.085 0.120 0.115 522231 FGV-C31 0.120 0.015 2814.5 1.710 1.630 12.87 30/03/2018 0.150 0.095 0.125 0.120 522232 FGV-C32 0.125 0.015 420 1.710 1.650 14.77 30/01/2018 0.090 0.075 0.090 0.090 522233 FGV-C33 0.090 0.005 20 1.710 1.800 21.05 30/03/2018 0.060 0.045 0.055 0.055 522236 FGV-C36 0.055 0.005 446.1 1.710 2.300 44.15 26/02/2018 0.090 0.065 0.090 0.085 522237 FGV-C37 0.085 0.015 3278 1.710 1.900 22.54 30/01/2018 0.105 0.105 0.105 0.105 522238 FGV-C38 0.105 Unch 13 1.710 1.850 23.54 19/04/2018 0.130 0.065 0.075 0.075 9318WB FITTERS-WB 0.075 Unch 107.4 0.370 1.000 190.54 12/10/2019 0.260 0.030 0.250 0.225 0116WC FOCUS-WC 0.250 0.025 2650.1 0.255 0.050 17.65 06/11/2019 0.740 0.230 0.545 0.530 9261WB GADANG-WB 0.535 Unch 1945.2 0.535 1.060 198.13 29/11/2021 0.210 0.075 0.165 0.165 539831 GAMUDA-C31 0.165 Unch 532.1 5.400 4.900 -0.09 29/09/2017 0.165 0.040 0.050 0.050 539834 GAMUDA-C34 0.050 0.010 200 5.400 5.150 -0.93 18/09/2017 0.130 0.075 0.080 0.080 539836 GAMUDA-C36 0.080 0.005 70 5.400 5.350 5.00 08/12/2017 1.480 1.140 1.360 1.340 5398WE GAMUDA-WE 1.350 0.010 245.5 5.400 4.050 0.00 06/03/2021 0.140 0.020 0.020 0.020 5209CW GASMSIA-CW 0.020 -0.075 30 2.860 2.850 1.75 18/09/2017 0.455 0.120 0.385 0.380 5226WA GBGAQRS-WA 0.385 Unch 1808.6 1.700 1.300 -0.88 20/07/2018 0.330 0.100 0.130 0.115 0078CD GDEX-CD 0.120 -0.015 427.8 0.640 0.600 7.81 31/10/2017 0.125 0.070 0.070 0.070 0078CF GDEX-CF 0.070 -0.015 250 0.640 0.650 17.97 02/02/2018 0.095 0.045 0.045 0.045 0078CG GDEX-CG 0.045 -0.010 155 0.640 0.800 33.44 22/01/2018 0.075 0.050 0.055 0.050 0078CH GDEX-CH 0.055 -0.005 2733.7 0.640 0.780 34.77 28/02/2018

YEAR YEAR DAY DAY CODE WARRANTS CLOSE +/- VOL PARENT EXE PR’M EXPIRY HIGH LOW HIGH LOW (RM) (RM) (‘000) PRICE PRICE (%) DATE


0.572 0.415 0.445 0.430 0078WB GDEX-WB 0.445 0.010 293 0.640 0.383 29.30 05/02/2020 0.260 0.160 0.185 0.185 471522 GENM-C22 0.185 -0.075 10 5.900 5.050 4.41 28/11/2017 0.300 0.130 0.180 0.170 471524 GENM-C24 0.180 0.010 909.3 5.900 5.500 3.90 29/12/2017 0.180 0.100 0.125 0.115 471526 GENM-C26 0.125 0.005 10.3 5.900 5.900 9.53 02/02/2018 3.850 2.640 2.900 2.900 2291WA GENP-WA 2.900 0.050 5 10.660 7.750 -0.09 17/06/2019 0.180 0.070 0.115 0.115 318242 GENTINGC42 0.115 0.005 231 9.910 9.500 2.83 29/12/2017 1.950 1.240 1.810 1.780 3182WA GENTING-WA 1.810 0.030 1567.1 9.910 7.960 -1.41 18/12/2018 0.230 0.070 0.130 0.115 1147WA GOB-WA 0.130 Unch 115.4 0.395 0.800 135.44 24/12/2019 0.085 0.025 0.050 0.050 0074WA GOCEAN-WA 0.050 Unch 138.9 0.155 0.340 151.61 07/08/2019 0.055 0.025 0.035 0.035 7096WA GPA-WA 0.035 Unch 601.8 0.100 0.100 35.00 03/06/2025 0.135 0.080 0.125 0.125 7022CH GTRONIC-CH 0.125 Unch 100 6.600 5.800 3.98 30/11/2017 0.210 0.175 0.205 0.205 7022CI GTRONIC-CI 0.205 0.010 7 6.600 5.700 8.11 28/02/2018 0.185 0.155 0.185 0.185 7022CJ GTRONIC-CJ 0.185 0.025 20 6.600 6.000 10.53 28/02/2018 0.170 0.110 0.170 0.145 7668CA HAIO-CA 0.170 0.020 305.7 4.650 4.380 12.47 31/05/2018 0.130 0.095 0.105 0.105 3034CV HAPSENG-CV 0.105 Unch 2 9.030 9.000 5.48 30/04/2018 0.745 0.310 0.450 0.380 4324CA HENGYUAN-CA 0.450 0.070 6519.3 8.210 6.000 16.93 22/02/2018 0.470 0.270 0.380 0.335 4324CB HENGYUAN-CB 0.380 0.045 2449 8.210 8.800 34.96 28/02/2018 0.430 0.255 0.350 0.315 4324CD HENGYUAN-CD 0.350 0.040 358 8.210 7.000 19.37 19/03/2018 0.410 0.170 0.225 0.195 4324CE HENGYUAN-CE 0.225 0.030 955.5 8.210 8.800 31.85 19/03/2018 0.310 0.175 0.220 0.195 4324CF HENGYUAN-CF 0.220 0.025 3442.1 8.210 8.880 34.96 22/03/2018 1.540 0.950 1.250 1.230 5095WB HEVEA-WB 1.250 Unch 52.5 1.510 0.250 -0.66 28/02/2020 0.225 0.075 0.225 0.205 5072WB HIAPTEK-WB 0.220 0.020 21456.4 0.430 0.500 67.44 23/06/2021 0.530 0.215 0.225 0.215 5169WA HOHUP-WA 0.220 -0.010 441.2 0.710 0.600 15.49 21/12/2018 0.225 0.115 0.150 0.145 7213WB HOVID-WB 0.145 Unch 187.1 0.315 0.180 3.17 05/06/2018 0.050 0.010 0.020 0.015 7013WA HUBLINE-WA 0.015 -0.005 135.4 0.060 3.200 5,258 04/11/2019 0.045 0.015 0.030 0.025 9601WD HWGB-WD 0.030 0.005 1488.3 0.055 0.080 100.00 15/03/2021 0.055 0.015 0.025 0.025 0174WA IDMENSN-WA 0.025 -0.005 50 0.060 0.100 108.33 14/07/2020 0.115 0.025 0.030 0.025 5225C3 IHH-C3 0.030 0.005 29 5.860 6.300 9.04 29/12/2017 0.195 0.040 0.065 0.050 3336C5 IJM-C5 0.050 Unch 145 3.400 3.500 5.15 29/12/2017 0.090 0.060 0.060 0.060 3336C7 IJM-C7 0.060 -0.005 100 3.400 3.800 17.06 12/02/2018 0.275 0.075 0.230 0.225 0166C2 INARI-C2 0.225 0.005 200 2.540 2.150 2.36 08/12/2017 0.165 0.100 0.125 0.120 0166C3 INARI-C3 0.125 -0.025 82.2 2.540 2.600 13.68 30/01/2018 0.205 0.095 0.155 0.155 0166C6 INARI-C6 0.155 Unch 37.5 2.540 2.400 6.69 30/04/2018 0.570 0.165 0.500 0.495 0166CZ INARI-CZ 0.500 0.020 19.6 2.540 1.800 0.39 29/12/2017 2.500 1.445 2.320 2.320 0166WA INARI-WA 2.320 Unch 18 2.540 0.132 -3.46 04/06/2018 1.830 1.300 1.720 1.690 0166WB INARI-WB 1.690 -0.010 323.4 2.540 0.800 -1.97 17/02/2020 0.045 0.015 0.030 0.030 0094WA INIX-WA 0.030 Unch 1165.8 0.070 0.100 85.71 16/11/2020 0.545 0.160 0.440 0.405 3379WB INSAS-WB 0.440 0.035 6069.4 1.060 1.000 35.85 25/02/2020 0.070 0.020 0.045 0.035 7183WA IRETEX-WA 0.045 Unch 67.9 0.180 0.800 369.44 10/06/2019 0.070 0.025 0.055 0.055 0024WA JAG-WA 0.055 Unch 550 0.140 0.100 10.71 14/08/2019 0.120 0.005 0.010 0.005 5161C2 JCY-C2 0.010 Unch 23.1 0.535 0.635 20.56 16/10/2017 0.170 0.045 0.065 0.065 9083WB JETSON-WB 0.065 0.005 10 0.250 0.750 226.00 06/02/2019 0.110 0.060 0.085 0.075 8923WA JIANKUN-WA 0.075 -0.010 510.4 0.275 0.320 43.64 23/12/2021 0.830 0.205 0.585 0.535 7167WA JOHOTIN-WA 0.540 -0.040 209.2 1.390 0.850 0.00 21/11/2017 0.150 0.030 0.035 0.035 4383CO JTIASA-CO 0.035 Unch 202 1.030 1.200 23.30 08/01/2018 0.225 0.110 0.150 0.140 0170WA KANGER-WA 0.150 0.010 7 0.225 0.100 11.11 13/04/2020 0.075 0.030 0.040 0.035 5247C2 KAREX-C2 0.040 0.005 60 1.540 1.900 29.87 02/02/2018 0.115 0.070 0.115 0.115 5247C4 KAREX-C4 0.115 0.010 298.1 1.540 1.550 11.85 30/04/2018 0.200 0.005 0.010 0.010 5247CZ KAREX-CZ 0.010 0.005 371.7 1.540 2.200 44.16 02/02/2018 0.490 0.070 0.490 0.465 7161CA KERJAYA-CA 0.490 0.020 980 3.730 2.600 2.55 29/09/2017 0.155 0.070 0.135 0.135 7161CB KERJAYA-CB 0.135 Unch 858.9 3.730 3.350 6.10 30/11/2017 0.215 0.155 0.200 0.190 7161CE KERJAYA-CE 0.200 0.005 2330.2 3.730 3.600 12.60 22/02/2018 2.850 1.090 2.800 2.750 7161WA KERJAYA-WA 2.800 Unch 38 3.730 0.880 -1.34 20/12/2017 0.490 0.070 0.365 0.355 0151WA KGB-WA 0.365 Unch 27.4 0.620 0.500 39.52 12/06/2019 0.035 0.003 0.010 0.005 0036WA KGROUP-WA 0.005 -0.005 435.7 0.030 0.100 250.00 02/07/2018 0.030 0.010 0.015 0.010 0036WB KGROUP-WB 0.010 Unch 3249.7 0.030 0.050 100.00 01/05/2020 0.095 0.030 0.030 0.030 3522CB KIANJOO-CB 0.030 -0.055 50 2.910 3.200 11.72 16/10/2017 0.880 0.600 0.660 0.650 5171WA KIMLUN-WA 0.660 0.020 10.1 2.200 1.680 6.36 12/03/2024 0.145 0.065 0.075 0.070 7164WB KNM-WB 0.075 Unch 36 0.235 1.000 357.45 21/04/2020 1.510 0.410 1.510 1.440 5878WB KPJ-WB 1.490 Unch 49 4.240 4.010 29.72 23/01/2019 0.085 0.010 0.020 0.020 3794CC LAFMSIA-CC 0.020 Unch 210.2 6.150 7.000 15.45 02/02/2018 0.650 0.450 0.575 0.575 9385WA LAYHONG-WA 0.575 -0.005 0.5 0.990 0.400 -1.52 13/10/2021 0.835 0.390 0.630 0.620 5789WB LBS-WB 0.630 0.010 147 1.890 1.250 -0.53 04/10/2020 0.085 0.015 0.085 0.070 5284CA LCTITAN-CA 0.080 0.015 1085.2 5.770 6.800 23.40 12/02/2018 0.080 0.015 0.035 0.030 5284CB LCTITAN-CB 0.035 0.005 5257.2 5.770 7.800 37.61 12/02/2018 0.260 0.050 0.115 0.115 5284CC LCTITAN-CC 0.115 0.020 100 5.770 7.500 35.96 30/01/2018 0.265 0.035 0.175 0.095 5284CD LCTITAN-CD 0.170 0.075 12880.8 5.770 6.500 21.49 30/01/2018 0.465 0.100 0.345 0.330 5284CE LCTITAN-CE 0.340 0.010 6513.1 5.770 5.500 13.00 30/01/2018 0.120 0.015 0.070 0.060 5284CF LCTITAN-CF 0.070 0.010 23717.3 5.770 6.280 17.33 30/01/2018 0.095 0.020 0.070 0.060 5284CG LCTITAN-CG 0.070 0.010 10257.6 5.770 6.500 19.93 30/04/2018 0.300 0.040 0.165 0.155 8745WB LEWEKO-WB 0.160 0.005 14.8 0.270 0.200 33.33 08/09/2020 0.250 0.150 0.200 0.195 7126WA LONBISC-WA 0.195 -0.010 60 0.740 1.000 61.49 26/01/2020 0.095 0.020 0.075 0.070 5068WA LUSTER-WA 0.070 0.005 4972.9 0.135 0.100 25.93 03/06/2022 0.095 0.020 0.075 0.070 5068WB LUSTER-WB 0.070 Unch 215 0.135 0.100 25.93 26/05/2023 0.060 0.015 0.050 0.045 0017WA M3TECH-WA 0.050 Unch 12469.6 0.100 0.100 50.00 21/08/2019 0.750 0.275 0.530 0.530 7617WB MAGNA-WB 0.530 0.010 2 1.400 0.900 2.14 04/09/2020 0.120 0.075 0.120 0.115 3859C2 MAGNUM-C2 0.120 0.005 30 1.890 1.800 7.94 22/01/2018 0.100 0.005 0.015 0.010 3859CY MAGNUM-CY 0.010 -0.005 110.1 1.890 2.120 13.76 31/10/2017 0.265 0.070 0.070 0.070 8583WB MAHSING-WB 0.070 Unch 433.5 1.470 1.440 2.72 16/03/2018 0.170 0.085 0.130 0.115 8583WC MAHSING-WC 0.130 0.015 109 1.470 2.100 51.70 21/02/2020 0.115 0.070 0.115 0.090 5264C1 MALAKOF-C1 0.115 Unch 30.1 1.080 1.000 13.89 30/01/2018 0.100 0.005 0.005 0.005 5264CW MALAKOF-CW 0.005 Unch 80 1.080 1.200 12.04 29/09/2017 0.990 0.090 0.475 0.445 6181WB MALTON-WB 0.465 0.020 11768 1.190 1.000 23.11 29/06/2018 0.630 0.350 0.455 0.445 5236WA MATRIX-WA 0.455 0.010 87.3 2.820 2.400 1.24 20/07/2020 0.170 0.145 0.170 0.170 6012C3 MAXIS-C3 0.170 0.020 18 5.810 5.600 3.70 30/04/2018 0.190 0.005 0.005 0.005 6012CW MAXIS-CW 0.005 Unch 80 5.810 6.000 3.57 29/09/2017 0.015 0.005 0.010 0.005 5189WA MAXWELL-WA 0.005 -0.005 619 0.025 0.400 1,520 24/03/2020 0.230 0.115 0.150 0.150 115529 MAYBANKC29 0.150 Unch 0.1 9.620 9.000 0.57 16/10/2017 0.165 0.105 0.105 0.105 115530 MAYBANKC30 0.105 Unch 50 9.620 9.100 3.33 24/11/2017 0.190 0.095 0.125 0.115 115531 MAYBANKC31 0.125 0.005 515.2 9.620 9.500 2.65 28/02/2018 0.585 0.365 0.535 0.495 5152WA MBL-WA 0.525 0.035 787 1.150 0.800 15.22 28/11/2022 0.105 0.065 0.070 0.070 1171C3 MBSB-C3 0.070 -0.005 2688.7 1.240 1.350 20.16 28/02/2018 0.090 0.010 0.010 0.010 1171CY MBSB-CY 0.010 -0.010 4089 1.240 1.250 3.23 29/09/2017 0.260 0.040 0.100 0.095 0167WB MCLEAN-WB 0.100 Unch 120 0.215 0.250 62.79 07/10/2020 0.085 0.025 0.045 0.035 5040WB MEDAINC-WB 0.035 -0.005 11.1 0.420 0.800 98.81 22/04/2022 0.045 0.005 0.010 0.010 4502CI MEDIA-CI 0.010 Unch 59 0.700 1.150 67.14 31/10/2017 0.365 0.140 0.215 0.200 1694WB MENANG-WB 0.215 0.005 459.3 0.870 1.000 39.66 09/07/2019 0.310 0.095 0.295 0.280 0075WA MEXTER-WA 0.285 0.005 1681.4 0.400 0.130 3.75 17/09/2018 0.145 0.070 0.105 0.095 3069CA MFCB-CA 0.095 -0.005 335.5 3.690 3.950 18.63 02/02/2018 2.330 0.525 1.890 1.850 3069WA MFCB-WA 1.860 0.030 105.6 3.690 2.220 10.57 08/04/2020 0.070 0.020 0.070 0.060 7219WA MINETEC-WA 0.065 Unch 5739 0.160 0.150 34.38 27/11/2019 0.325 0.155 0.175 0.155 5576WC MINHO-WC 0.175 Unch 22 0.515 0.500 31.07 02/08/2021 0.115 0.075 0.090 0.090 381612 MISC-C12 0.090 -0.005 40 7.290 7.500 6.58 30/03/2018 0.600 0.365 0.415 0.405 9571WD MITRA-WD 0.405 Unch 600.3 1.110 1.090 34.68 23/08/2020 1.085 0.505 0.620 0.540 6114WB MKH-WB 0.615 0.065 341.6 2.180 1.550 -0.69 29/12/2017 0.105 0.016 0.060 0.050 0085WA MLAB-WA 0.055 0.005 3359 0.130 0.100 19.23 24/04/2020 0.880 0.290 0.785 0.740 7595WA MLGLOBAL-WA 0.770 0.025 148.4 1.300 0.500 -2.31 27/10/2019 0.115 0.075 0.085 0.085 2194C6 MMCCORP-C6 0.085 0.010 50 2.340 2.450 11.97 30/04/2018 0.055 0.020 0.035 0.030 0103WA MNC-WA 0.035 Unch 400.1 0.065 0.100 107.69 05/11/2021 0.070 0.020 0.030 0.025 0070WA MQTECH-WA 0.030 0.005 270.1 0.050 0.100 160.00 21/11/2021 0.135 0.010 0.015 0.010 165115 MRCB-C15 0.015 0.005 3882.3 1.220 1.800 49.39 24/11/2017 0.060 0.010 0.010 0.010 165116 MRCB-C16 0.010 Unch 10 1.220 2.100 74.75 29/12/2017 0.155 0.050 0.050 0.050 165117 MRCB-C17 0.050 Unch 13.3 1.220 1.540 34.43 28/02/2018 0.065 0.040 0.055 0.055 165121 MRCB-C21 0.055 0.005 60 1.220 1.400 21.52 30/04/2018 0.175 0.080 0.090 0.085 1651WA MRCB-WA 0.090 0.005 11943.8 1.220 2.300 95.90 14/09/2018 0.220 0.030 0.090 0.075 0092WB MTOUCHE-WB 0.075 -0.010 257.5 0.200 0.540 207.50 16/03/2020 0.230 0.115 0.130 0.130 13812 MYEG-C12 0.130 -0.010 50 2.040 1.500 -0.98 18/09/2017 0.255 0.070 0.100 0.090 13816 MYEG-C16 0.095 -0.005 1598.1 2.040 2.000 7.35 02/02/2018 0.170 0.045 0.050 0.045 13817 MYEG-C17 0.045 -0.005 210 2.040 2.300 18.26 30/11/2017 0.095 0.035 0.035 0.035 13819 MYEG-C19 0.035 -0.005 221 2.040 2.650 34.53 29/12/2017 0.120 0.055 0.055 0.055 13820 MYEG-C20 0.055 -0.020 400 2.040 2.600 32.84 22/01/2018 0.060 0.045 0.045 0.045 13823 MYEG-C23 0.045 -0.005 50 2.040 2.700 38.97 26/02/2018 0.120 0.080 0.095 0.085 13824 MYEG-C24 0.090 -0.005 1849.9 2.040 2.100 14.41 28/02/2018 0.480 0.115 0.280 0.280 0138C8 MYEG-C8 0.280 -0.015 37.1 2.040 1.567 -0.32 31/10/2017 0.615 0.220 0.615 0.580 0108WA N2N-WA 0.600 0.005 335.5 0.955 0.320 -3.66 06/04/2018 0.065 0.005 0.030 0.025 0020WB NETX-WB 0.025 Unch 3528.5 0.050 0.050 50.00 08/06/2019 0.030 0.015 0.025 0.020 0096WA NEXGRAM-WA 0.025 0.005 1097.2 0.045 0.100 177.78 16/05/2022 0.025 0.010 0.015 0.015 0096WB NEXGRAM-WB 0.015 Unch 150 0.045 0.260 511.11 21/07/2023 0.035 0.015 0.025 0.020 0096WC NEXGRAM-WC 0.025 Unch 97.2 0.045 0.100 177.78 15/01/2024 0.415 0.190 0.305 0.295 0172WA OCK-WA 0.295 -0.005 2771.9 0.920 0.710 9.24 15/12/2020 0.255 0.060 0.150 0.140 7071WC OCR-WC 0.145 Unch 383.1 0.590 0.500 9.32 24/07/2021 0.185 0.130 0.135 0.135 5201CA OLDTOWN-CA 0.135 Unch 50 2.730 2.800 17.40 02/02/2018 0.280 0.045 0.065 0.050 9008WB OMESTI-WB 0.065 0.010 60.1 0.470 0.500 20.21 30/05/2018 0.370 0.195 0.290 0.285 5053WC OSK-WC 0.290 0.010 69.7 1.650 1.800 26.67 22/07/2020 0.500 0.180 0.475 0.445 7052CK PADINI-CK 0.470 -0.010 268.8 4.560 3.200 1.10 28/02/2018 0.325 0.235 0.300 0.295 7052CL PADINI-CL 0.295 -0.015 7 4.560 3.670 6.36 26/02/2018 0.330 0.155 0.310 0.295 7052CM PADINI-CM 0.310 -0.020 1575 4.560 3.750 6.03 22/02/2018 0.200 0.025 0.195 0.170 0005WA PALETTE-WA 0.180 -0.010 32394.8 0.230 0.040 -4.35 20/03/2018 0.300 0.080 0.210 0.200 5125WA PANTECH-WA 0.210 0.005 1440.6 0.640 0.500 10.94 21/12/2020 0.300 0.105 0.230 0.225 5125WB PANTECH-WB 0.225 Unch 183.9 0.640 0.500 13.28 21/12/2021 0.270 0.130 0.160 0.145 5022WA PAOS-WA 0.160 0.005 23 0.525 0.500 25.71 14/12/2021 0.100 0.015 0.015 0.015 129514 PBBANK-C14 0.015 -0.015 14 20.600 21.000 2.52 29/09/2017 0.160 0.105 0.155 0.155 518312 PCHEM-C12 0.155 -0.005 19.4 7.470 7.500 7.66 26/02/2018 0.210 0.150 0.210 0.205 518313 PCHEM-C13 0.210 Unch 857.3 7.470 7.000 3.55 31/05/2018 0.255 0.035 0.125 0.105 5183C9 PCHEM-C9 0.125 0.005 41 7.470 7.000 -0.44 29/09/2017 0.400 0.200 0.225 0.220 9997WB PENSONI-WB 0.225 -0.005 165.1 0.610 0.600 35.25 20/01/2024

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 SEPTEMBER 12, 2017 • 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 steady, electric vehicle shares lend support

SHANGHAI: China stocks were steady yesterday, as investors cheered the government’s plan to look into banning petrol fuel cars while new central bank policies apparently aimed at taming rapid gains in the yuan were also in focus. The blue-chip CSI 300 Index was down 0.34 points or 0.01% to 3,825.65 points, while the Shanghai Composite Index added 11.18 points or 0.33% to 3,376.42. The Hang Seng Index rose 286.66 points or 1.04% to 27,955.13, while the China Enterprises Index gained 71.49 points or 0.64% to 11,221.13. China’s new-energy auto fi rms saw shares surge, extending recent strong gains, after a government official said over the weekend that China had begun looking at a ban on traditional petrol-engine cars. An index tracking new energy vehicle makers shot up 5.6% to record high since its launch in early 2016, having gained more than 20% this year. Much attention was on People’s Bank of China (PBoC) moves to rein in the yuan’s recent strength. China’s central bank yesterday said it had removed reserve requirements for fi nancial institutions settling foreign exchange forward yuan positions and those for offshore yuan deposits in China at foreign institutions.

Analysts interpreted it as a signal the PBoC doesn’t want to see the yuan appreciate too quickly against the US dollar. A strong yuan would benefi t sectors such as banking, real estate and airlines, but hurt exporters. Investors are also assessing the sustainability of China’s economic recovery, after data showed government spending rose at its slowest monthly pace in 10 months in August. China has pledged a pro-active fi scal policy to support the economy, and analysts have credited Beijing’s pump-priming as one of the key factors underpinning solid growth this year. Sector performance was mixed. Gains were led by material fi rms, while real estate companies weighed. China Molybdenum, one of the country’s largest molybdenum and tungsten producers, surged the maximum allowed 9.9% to a record high, as investors expect the minor metals maker to benefi t from the country’s future ban on petrol cars. The fi rm has gained 130% this year. Japan — Nikkei jumps to one-week high on gains for exporters, fi nancials

TOKYO: Japan’s Nikkei Stock Average rallied to more than one-week high yesterday after the US dollar recovered against the yen, lifting recently battered

exporters and fi nancial stocks which had stumbled amid the simmering tensions on the Korean peninsula. The Nikkei rose 270.95 points or 1.41% to 19,545.77, its best closing level since Sept 1. The broader Topix gained 18.72 points or 1.17% to 1,612.26, with only 1.49 billion shares changing hands, the lowest in nearly two weeks. “There were fears about Japanese companies’ earnings when the US dollar dropped below ¥108,” said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management. Most Japanese companies expect the pair to trade between ¥108 to ¥110 this fi scal year. Automakers, technology stocks and electronics parts makers surged, with Toyota Motor Corp rising 1.2%, Honda Motor Co soaring 1.6%, Hitachi Ltd adding 1.1% and Murata Manufacturing Co surging 2.5%. Financial stocks were also higher, with Nomura Holdings rising 1.8%, Mitsubishi UFJ Financial Group advancing 1.2% and Sompo Holdings surging 2.3%. The pharmaceutical sector rose 2% and was one of the best performers on the board with Ono Pharmaceutical Co jumping 2.3% after the health ministry said that a group in the ministry decided that the use of Ono’s Opdivo to treat stomach cancer is ready to be officially announced.

Australia — Shares advance as buyers see value in fi nancials

SYDNEY: Australian shares ended higher yesterday, as investors moved into beaten-down fi nancial stocks in search of better yields, while low metal prices weighed on material stocks. The S&P/ASX 200 Index rose 0.71% or 40.531 points to 5713.149, after losing 0.3% last Friday. The fi nancial index, which has fallen the past three weeks, gained 1.6%. “There has been a lot of negativity around banks, and I guess from time to time, there is some provided opportunities for investors to have another look at what would be considered fairly substantial yield in the market,” said Damien Hennessy of Heuristic Investment Systems in Melbourne. “Financials are yield attractive,” he said. Shares in Commonwealth Bank of Australia, which has been battered by allegations of a breach in money laundering rules, closed 1.4% higher yesterday. Macquarie Group, which rose 3%, said it expects its fi rst-half net profi t to be higher a year earlier. Energy stocks Origin Energy and Santos Ltd ended 1.6% and 2.6% higher respectively. Mining giants BHP Billiton Ltd and Rio Tinto Ltd slid 1.8% and 1.4% respectively. Gold producer Newcrest Mining Ltd dropped 3%. — Reuters

Shanghai CompositeIndex points

3,087.842

Mar 1, 2010 Sept 11, 2017

1900

2875

3850

4825

58003,376.42

+11.18(+0.33%)

Hang SengIndex points

21,056.93

Mar 1, 2010 Sept 11, 2017

27,955.13+286.66

(+1.04%)15800

19075

22350

25625

28900

Nikkei 225Index points

10,172.06

Mar 1, 2010 Sept 11, 2017

8100

11275

14450

17625

20800

19,545.77+270.95

(+1.41)

ASX 200Index points

4,686.53

Mar 1, 2010 Sept 11, 2017

5,713.149+40.531

(+0.71%)

3450

4300

5150

6000

Bursa Malaysia Equity Derivatives

0.485 0.180 0.315 0.310 8311WC PESONA-WC 0.315 -0.005 205 0.570 0.250 -0.88 27/01/2020 0.130 0.085 0.120 0.105 5681CS PETDAG-CS 0.105 Unch 105.7 24.200 24.100 3.93 30/03/2018 0.150 0.020 0.020 0.020 6033CO PETGAS-CO 0.020 Unch 300 18.099 19.800 10.39 29/12/2017 0.315 0.085 0.260 0.230 3042CC PETRONM-CC 0.260 0.035 3521.5 9.830 6.500 -2.14 29/09/2017 0.460 0.180 0.270 0.240 3042CD PETRONM-CD 0.270 0.030 2193.6 9.830 8.500 19.43 22/02/2018 0.400 0.220 0.385 0.385 8869CT PMETAL-CT 0.385 -0.005 300 3.750 2.900 8.13 30/04/2018 0.215 0.160 0.210 0.205 8869CV PMETAL-CV 0.205 -0.005 1060 3.750 3.300 9.87 22/03/2018 0.150 0.130 0.145 0.140 8869CX PMETAL-CX 0.140 -0.010 152.2 3.750 3.580 17.87 31/05/2018 0.160 0.135 0.150 0.150 8869CY PMETAL-CY 0.150 Unch 310 3.750 3.900 20.00 30/03/2018 3.400 2.200 3.350 3.350 8869WC PMETAL-WC 3.350 Unch 3.2 3.750 0.390 -0.27 22/08/2019 1.050 0.640 0.790 0.775 7088WB POHUAT-WB 0.790 Unch 305.7 1.760 1.000 1.70 21/10/2020 0.185 0.100 0.170 0.150 463411 POS-C11 0.165 0.025 1501.6 5.600 5.300 7.90 30/04/2018 0.235 0.235 0.235 0.235 463412 POS-C12 0.235 Unch 200 5.600 5.450 18.30 21/06/2018 0.370 0.140 0.230 0.225 4634C9 POS-C9 0.230 0.020 177 5.600 4.900 5.98 16/10/2017 0.140 0.115 0.130 0.130 463401 POS-MC01 0.130 0.015 50.7 5.600 5.300 8.57 14/12/2017 0.710 0.250 0.595 0.595 7168WA PRG-WA 0.595 Unch 151.4 1.010 0.375 -3.96 06/07/2019 0.145 0.040 0.085 0.080 7145WA PSIPTEK-WA 0.085 0.010 441 0.140 0.100 32.14 16/11/2019 0.140 0.020 0.090 0.080 0007WA PUC-WA 0.085 0.005 3135 0.150 0.100 23.33 25/12/2024 0.145 0.015 0.085 0.075 0007WB PUC-WB 0.080 0.005 11955.3 0.150 0.100 20.00 15/02/2019 0.750 0.235 0.695 0.655 7134WA PWF-WA 0.665 Unch 628.3 1.160 0.620 10.78 20/07/2021 0.170 0.025 0.075 0.070 5256WA REACH-WA 0.070 -0.005 982.5 0.290 0.750 182.76 12/08/2022 0.110 0.020 0.030 0.025 1066C2 RHBBANK-C2 0.030 Unch 501.2 5.030 5.600 13.12 28/02/2018 0.090 0.050 0.055 0.050 5270WA RSENA-WA 0.055 Unch 749 0.455 0.500 21.98 01/12/2023 0.105 0.015 0.020 0.020 0133WB SANICHI-WB 0.020 0.005 125 0.165 0.630 293.94 13/03/2018 0.120 0.025 0.035 0.035 0133WC SANICHI-WC 0.035 Unch 13 0.165 0.630 303.03 24/09/2019 0.150 0.060 0.075 0.070 0133WD SANICHI-WD 0.075 -0.005 478.9 0.165 0.300 127.27 21/07/2019 0.290 0.065 0.285 0.265 5157WA SAUDEE-WA 0.275 0.020 1966.6 0.495 0.500 56.57 31/03/2021 0.605 0.305 0.485 0.465 7247WA SCGM-WA 0.485 0.020 52.5 2.970 3.960 49.66 31/07/2020 0.185 0.055 0.130 0.120 0161WA SCH-WA 0.125 Unch 751 0.220 0.100 2.27 04/12/2021 0.190 0.055 0.130 0.120 0028WA SCOPE-WA 0.130 -0.020 26 0.240 0.150 16.67 17/07/2020 0.785 0.160 0.485 0.460 7073WB SEACERA-WB 0.485 0.030 550.4 1.010 1.000 47.03 29/05/2019 0.270 0.015 0.035 0.025 521838 SENERGYC38 0.035 0.010 1102 1.590 1.650 8.18 30/11/2017 0.100 0.015 0.030 0.030 521845 SENERGYC45 0.030 0.005 10 1.590 2.000 29.56 28/02/2018 0.110 0.050 0.085 0.075 521846 SENERGYC46 0.085 0.010 1702 1.590 1.700 19.21 30/01/2018 0.110 0.055 0.100 0.090 521847 SENERGYC47 0.100 0.015 1200 1.590 1.700 19.50 30/01/2018 0.200 0.115 0.185 0.175 5279CA SERBADK-CA 0.185 Unch 1800 2.210 2.000 11.43 02/02/2018 0.170 0.120 0.160 0.160 5279CC SERBADK-CC 0.160 -0.010 30 2.210 2.150 19.00 26/04/2018 0.120 0.090 0.115 0.110 5279CD SERBADK-CD 0.110 -0.010 576.5 2.210 2.600 32.58 30/03/2018 0.155 0.115 0.145 0.145 5279CE SERBADK-CE 0.145 -0.005 20 2.210 2.200 19.23 30/03/2018 0.215 0.075 0.130 0.110 0055WA SERSOL-WA 0.130 0.010 25 0.180 0.180 72.22 18/04/2023 0.205 0.055 0.175 0.170 7165WA SGB-WA 0.175 -0.005 110.4 0.670 0.600 15.67 07/04/2021 0.190 0.040 0.055 0.055 419714 SIME-C14 0.055 Unch 1294.7 9.140 9.000 1.48 29/12/2017 0.230 0.120 0.225 0.200 7155CE SKPRES-CE 0.225 0.025 690.1 1.520 1.200 1.15 25/01/2018 0.285 0.135 0.180 0.175 0093WA SOLUTN-WA 0.180 Unch 186 0.290 0.200 31.03 04/07/2021 0.160 0.115 0.155 0.155 8664C2 SPSETIA-C2 0.155 Unch 1370 3.640 3.600 9.55 30/03/2018 0.210 0.045 0.085 0.085 8664CV SPSETIA-CV 0.085 Unch 80 3.640 3.400 2.75 31/10/2017 0.400 0.080 0.200 0.185 8664CW SPSETIA-CW 0.195 -0.005 680 3.640 3.400 1.44 29/12/2017 0.200 0.020 0.050 0.050 8664CY SPSETIA-CY 0.050 Unch 210 3.640 3.900 9.89 08/12/2017 0.140 0.035 0.070 0.065 0129WA SRIDGE-WA 0.065 -0.005 72.2 0.190 0.180 28.95 24/02/2023 0.125 0.020 0.060 0.060 0140WA STERPRO-WA 0.060 -0.005 97.7 0.180 0.480 200.00 17/02/2021 0.165 0.095 0.160 0.150 0080WA STRAITS-WA 0.155 0.005 8220.6 0.215 0.115 25.58 10/08/2022 0.060 0.015 0.020 0.015 1201WB SUMATEC-WB 0.020 Unch 1509.8 0.050 0.175 290.00 13/11/2018 0.205 0.110 0.205 0.205 5263CJ SUNCON-CJ 0.205 0.010 500 2.310 1.840 1.84 31/10/2017 0.125 0.085 0.115 0.115 5263CL SUNCON-CL 0.115 Unch 30 2.310 2.300 14.50 26/04/2018 0.090 0.045 0.050 0.050 3743CA SUNSURIA-CA 0.050 Unch 54 1.410 1.600 20.57 26/02/2018



0.505 0.150 0.395 0.385 3743WA SUNSURIA-WA 0.390 0.005 92.3 1.410 1.500 34.04 22/07/2020 0.235 0.060 0.155 0.145 0148WB SUNZEN-WB 0.145 -0.005 365 0.340 0.250 16.18 25/02/2021 0.155 0.020 0.025 0.020 710627 SUPERMX-C27 0.025 Unch 968.8 1.810 2.000 13.26 02/02/2018 0.220 0.125 0.130 0.130 7082WB SYF-WB 0.130 -0.005 183 0.465 0.700 78.49 11/11/2019 0.365 0.125 0.210 0.210 1538WB SYMLIFE-WB 0.210 -0.025 145.2 0.880 1.100 48.86 11/11/2020 0.180 0.180 0.180 0.180 4898CG TA-CG 0.180 Unch 70 0.685 0.600 13.87 31/05/2018 0.165 0.040 0.085 0.085 5158CD TAGB-CD 0.085 -0.010 50 0.380 0.300 1.32 31/10/2017 0.330 0.160 0.195 0.195 8524WB TALIWRK-WB 0.195 0.025 15 1.400 1.700 35.36 11/11/2018 0.130 0.050 0.060 0.055 0132WA TDEX-WA 0.060 Unch 1975.3 0.145 0.110 17.24 21/09/2018 1.050 0.300 0.330 0.325 7200WA TEKSENG-WA 0.330 -0.020 70.2 0.530 0.250 9.43 29/01/2020 0.195 0.085 0.155 0.150 534735 TENAGA-C35 0.155 0.010 196.7 14.580 13.800 1.03 30/11/2017 0.140 0.090 0.110 0.110 534738 TENAGA-C38 0.110 0.015 48 14.580 14.000 2.81 30/11/2017 0.490 0.235 0.370 0.330 7252WA TEOSENG-WA 0.370 0.050 112.7 0.920 1.350 86.96 29/01/2020 0.160 0.040 0.090 0.090 0145WA TFP-WA 0.090 Unch 40 0.170 0.100 11.76 15/02/2019 3.350 2.600 2.620 2.610 7034WA TGUAN-WA 2.620 Unch 17 4.110 1.500 0.24 09/10/2019 0.105 0.060 0.065 0.065 7889WB THRIVEN-WB 0.065 Unch 50 0.275 0.640 156.36 05/10/2020 0.025 0.005 0.010 0.010 7079WB TIGER-WB 0.010 Unch 30 0.060 0.170 200.00 23/12/2018 0.040 0.010 0.025 0.025 7079WC TIGER-WC 0.025 Unch 180.2 0.060 0.080 75.00 11/02/2021 0.315 0.125 0.145 0.145 0101WB TMCLIFE-WB 0.145 -0.005 130 0.735 0.750 21.77 21/06/2019 0.810 0.560 0.620 0.595 8397WC TNLOGIS-WC 0.620 0.020 105 1.610 1.000 0.62 26/12/2018 0.485 0.109 0.410 0.405 7285WA TOMYPAK-WA 0.405 -0.005 54.2 0.950 0.930 40.53 21/06/2021 0.200 0.035 0.115 0.080 711317 TOPGLOV-C17 0.085 -0.040 1358 5.400 5.200 3.38 29/12/2017 0.200 0.030 0.035 0.035 7173WA TOYOINK-WA 0.035 Unch 107.6 0.720 1.500 113.19 20/04/2018 0.360 0.210 0.210 0.210 5401WA TROP-WA 0.210 Unch 1.8 0.950 1.000 27.37 06/12/2019 0.425 0.110 0.230 0.230 5042WB TSRCAP-WB 0.230 0.005 40 0.630 0.700 47.62 28/12/2020 0.175 0.005 0.025 0.020 5230CN TUNEPRO-CN 0.025 Unch 6287.9 1.170 1.500 31.41 30/11/2017 0.100 0.015 0.030 0.025 514845 UEMS-C45 0.030 0.005 675.3 1.200 1.200 6.75 31/10/2017 0.060 0.040 0.050 0.050 514846 UEMS-C46 0.050 Unch 16 1.200 1.300 13.54 30/03/2018 0.150 0.095 0.130 0.125 514847 UEMS-C47 0.130 0.010 190 1.200 1.000 5.00 30/01/2018 0.160 0.125 0.150 0.140 514852 UEMS-C52 0.150 0.010 1798.4 1.200 1.100 7.29 31/05/2018 0.080 0.005 0.005 0.005 524316 UMWOG-C16 0.005 Unch 2930 0.330 0.750 130.30 31/10/2017 0.305 0.085 0.275 0.275 5005CU UNISEM-CU 0.275 -0.005 14.2 4.080 2.700 -0.12 16/10/2017 0.395 0.195 0.340 0.340 5005CV UNISEM-CV 0.340 0.020 109 4.080 3.100 0.98 30/11/2017 0.125 0.025 0.045 0.040 0069WB VIVOCOM-WB 0.045 Unch 9302.4 0.130 0.200 88.46 07/09/2018 0.140 0.050 0.070 0.070 0069WC VIVOCOM-WC 0.070 Unch 484.3 0.130 0.100 30.77 22/01/2020 0.145 0.055 0.070 0.070 0069WD VIVOCOM-WD 0.070 Unch 1045.9 0.130 0.100 30.77 08/07/2020 0.055 0.020 0.040 0.040 7070WB VIZIONE-WB 0.040 Unch 300 0.130 0.160 53.85 20/06/2018 0.095 0.030 0.085 0.085 7070WC VIZIONE-WC 0.085 Unch 1150 0.130 0.100 42.31 05/02/2022 0.360 0.155 0.360 0.355 6963CM VS-CM 0.360 0.015 210 2.500 1.800 0.80 30/11/2017 0.275 0.115 0.275 0.265 6963CN VS-CN 0.270 0.015 76.5 2.500 2.000 1.60 08/12/2017 0.180 0.115 0.180 0.170 6963CP VS-CP 0.180 0.010 50.1 2.500 2.180 8.80 30/03/2018 0.155 0.105 0.155 0.155 6963CQ VS-CQ 0.155 0.005 5 2.500 2.280 9.80 30/03/2018 0.055 0.010 0.015 0.010 0066WA VSOLAR-WA 0.015 0.005 1600.8 0.100 0.120 35.00 01/12/2017 0.775 0.240 0.775 0.735 6963WA VS-WA 0.775 0.040 20070.9 2.500 1.650 -3.00 06/01/2019 0.135 0.010 0.010 0.010 3565CA WCEHB-CA 0.010 Unch 50 1.290 1.650 29.46 30/11/2017 0.215 0.015 0.020 0.015 9679C1 WCT-C1 0.020 Unch 14.5 1.810 2.250 26.74 30/11/2017 0.170 0.010 0.015 0.010 9679C2 WCT-C2 0.010 -0.005 700 1.810 2.300 28.18 08/12/2017 0.665 0.150 0.160 0.150 9679WD WCT-WD 0.150 -0.005 4144 1.810 1.710 2.76 11/12/2017 0.570 0.175 0.315 0.305 9679WE WCT-WE 0.315 0.010 532.2 1.810 2.080 32.32 27/08/2020 0.930 0.490 0.710 0.685 7245WA WZSATU-WA 0.705 0.025 134.4 1.120 0.500 7.59 28/10/2024 0.220 0.020 0.135 0.130 5156WC XDL-WC 0.135 Unch 55.2 0.250 0.160 18.00 02/07/2018 0.020 0.005 0.020 0.010 0095WA XINGHE-WA 0.015 Unch 28928.2 0.055 0.100 109.09 22/03/2019 0.110 0.035 0.060 0.055 0165WA XOX-WA 0.055 Unch 4120.7 0.105 0.200 142.86 10/02/2019 0.185 0.050 0.070 0.065 7020WB YKGI-WB 0.070 0.005 1128.3 0.205 0.500 178.05 28/05/2020 1.100 0.645 0.960 0.935 7066WA YONGTAI-WA 0.960 0.025 25.1 1.440 0.500 1.39 24/06/2020 0.100 0.020 0.030 0.020 4677C8 YTL-C8 0.025 -0.005 698.9 1.390 1.500 9.71 29/12/2017 0.090 0.035 0.040 0.040 4677C9 YTL-C9 0.040 Unch 50 1.390 1.400 6.47 07/12/2017 0.450 0.280 0.295 0.290 6742WB YTLPOWR-WB 0.295 Unch 174.1 1.410 1.140 1.77 11/06/2018 0.115 0.040 0.050 0.045 2283WA ZELAN-WA 0.050 Unch 103.5 0.120 0.250 150.00 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

AEON CO (M) (300,000) EMPLOYEES PROVIDENT FUND BOARD 106,966,100 5/9AMMB 945,500 EMPLOYEES PROVIDENT FUND BOARD 295,037,837 5/9ASTRO MALAYSIA (361,100) EMPLOYEES PROVIDENT FUND BOARD 323,576,500 6/9AXIATA GROUP (11,411,300) EMPLOYEES PROVIDENT FUND BOARD 1,452,513,690 30/8 & 5/9BERMAZ AUTO 500,000 DATO’ AMER HAMZAH AHMAD 175,144,000 7/9BIMB 451,000 AMANAHRAYA TRUSTEES 83,618,239 6/9 - SKIM AMANAH SAHAM BUMIPUTERABIMB (30,600,000) LEMBAGA TABUNG HAJI 839,439,300 6/9BURSA MALAYSIA 556,700 EMPLOYEES PROVIDENT FUND BOARD 34,331,894 5/9CAHYA MATA SARAWAK (895,200) DATO SRI MAHMUD ABU BEKIR TAIB 31,349,055 7/9CAN-ONE (839,700) KOON YEW YIN 13,132,200 6 TO 8/9CHIN HIN GROUP (5,000,000) DIVINE INVENTIONS S/B 275,532,800 5/9CYPARK RESOUCES 408,000 EMPLOYEES PROVIDENT FUND BOARD 26,784,600 28 TO 30/8 & 5/9DESTINI 15,000,000 BPH CAPITAL S/B 270,349,712 5 & 8/9DIALOG GROUP 870,400 EMPLOYEES PROVIDENT FUND BOARD 687,259,850 5/9DIGI.COM (917,700) EMPLOYEES PROVIDENT FUND BOARD 1,056,069,554 30/8 & 5/9DRB-HICOM 529,400 LEMBAGA TABUNG HAJI 122,411,200 6/9ECM LIBRA FINANCIAL GROUP 1,045,100 LIM KIAN ONN 131,432,286 5 & 6/9ECOFIRST CONSOLIDATED (1,000,000) DATO’ (DR) TEOH SENG FOO 16,150,000 8/9GAMUDA 500,000 EMPLOYEES PROVIDENT FUND BOARD 282,828,905 5/9HEVEABOARD 500,000 EMPLOYEES PROVIDENT FUND BOARD 28,453,900 5/9HIAP TECK VENTURE (4,700,000) LEMBAGA TABUNG HAJI 82,000,000 6/9HONG LEONG BANK 227,900 EMPLOYEES PROVIDENT FUND BOARD 270,058,821 30/8 & 5/9IGB REAL ESTATE INVEST TRUST 1,501,900 EMPLOYEES PROVIDENT FUND BOARD 238,616,913 5/9IJM CORPORATION (1,407,200) EMPLOYEES PROVIDENT FUND BOARD 539,373,778 5/9IJM CORPORATION 1,500,000 AMANAHRAYA TRUSTEES 209,500,000 6/9 - SKIM AMANAH SAHAM BUMIPUTERAIOI CORPORATION 589,000 EMPLOYEES PROVIDENT FUND BOARD 585,187,073 5/9IOI PROPERTIES GROUP 11,157,000 VERTICAL CAPACITY S/B 2,859,391,541 5 TO 7/9KUALA LUMPUR KEPONG (1,685,300) EMPLOYEES PROVIDENT FUND BOARD 163,602,688 5/9LAFARGE MALAYSIA (500,000) EMPLOYEES PROVIDENT FUND BOARD 70,578,589 29/8LAND & GENERAL 3,334,400 MAYLAND PARKVIEW S/B 997,811,300 6 & 7/9MALAYAN BANKING 1,500,000 AMANAHRAYA TRUSTEES 3,596,190,585 6/9 - SKIM AMANAH SAHAM BUMIPUTERAMALAYAN BANKING 3,756,600 EMPLOYEES PROVIDENT FUND BOARD 1,273,240,361 5/9MALAYSIA AIRPORTS (1,064,900) EMPLOYEES PROVIDENT FUND BOARD 169,418,592 5/9MAXIS 2,915,000 EMPLOYEES PROVIDENT FUND BOARD 827,005,627 5/9MMC CORPORATION 313,600 LEMBAGA TABUNG HAJI 221,388,200 6/9N2N CONNECT (566,600) GOH FUQIANG, KENNETH 12,700,066 6/9PERAK TRANSIT (30,000,000) MUAMALAT VENTURE S/B 8/9PUBLIC BANK 1,070,000 EMPLOYEES PROVIDENT FUND BOARD 511,551,800 5/9S P SETIA (484,700) EMPLOYEES PROVIDENT FUND BOARD 188,550,883 5/9SEAL INCORPORATED 2,350,000 DATO’ SRI KOAY TENG CHOON 40,311,300 7/9SIME DARBY (1,085,000) KUMPULAN WANG PERSARAAN 393,129,373 5/9 (DIPERBADANKAN)SIME DARBY 6,584,100 EMPLOYEES PROVIDENT FUND BOARD 734,717,331 30/8 & 5/9SUNWAY 586,800 EMPLOYEES PROVIDENT FUND BOARD 113,148,291 30/8 & 5/9SUNWAY REAL ESTATE (2,486,300) AMANAHRAYA TRUSTEES 203,999,800 6/9INVEST TRUST - SKIM AMANAH SAHAM BUMIPUTERASUNWAY REAL ESTATE INVEST TRUST 546,900 EMPLOYEES PROVIDENT FUND BOARD 392,957,500 30/8 & 5/9SYCAL VENTURES (11,000,000) FANTASTIC HALLMARK S/B 38,606,048 6 & 7/9TENAGA NASIONAL 1,603,500 EMPLOYEES PROVIDENT FUND BOARD 698,230,442 30/8 & 5/9TENAGA NASIONAL 4,958,400 AMANAHRAYA TRUSTEES 398,518,100 6/9 - SKIM AMANAH SAHAM BUMIPUTERATOP GLOVE CORPORATION (1,000,000) EMPLOYEES PROVIDENT FUND BOARD 96,700,046 5/9UMW (471,400) EMPLOYEES PROVIDENT FUND BOARD 136,647,568 30/8 & 5/9UMW (952,251) KUMPULAN WANG PERSARAAN 153,329,399 5/9 (DIPERBADANKAN)UMW OIL & GAS CORPORATION (1,500,000) EMPLOYEES PROVIDENT FUND BOARD 204,856,852 30/8

COMPANY SHARES ACQUIRED DIRECTOR/SUBSTANTIAL SHARES HELD TRANSACTION (DISPOSED) SHAREHOLDER AFTER CHANGE DATE

Insider moves (Filings on Sept 8, 2017)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 $ 0.606 0.728 0.691 0.551 0.880 0.978 0.978 0.904 3.0563 4.746 59.634 4.512 2.673 9,577 46.521 79.019 5.671 36.975 2.650 2.729 5.798 24.101 5.686

EURO 1.649 1.200 1.140 0.908 1.452 1.613 1.613 1.491 5.0400 7.827 98.340 7.440 4.408 15,792 76.716 130.307 9.352 60.973 4.370 4.500 9.562 39.744 9.376

US $ 1.374 0.833 0.950 0.757 1.210 1.344 1.344 1.242 4.2000 6.522 81.950 6.200 3.673 13,160 63.930 108.589 7.794 50.811 3.641 3.750 7.968 33.120 7.813

SWISS FR 1.447 0.877 1.053 0.797 1.274 1.415 1.415 1.308 4.4215 6.866 86.272 6.527 3.867 13,854 67.301 114.316 8.205 53.491 3.834 3.948 8.388 34.867 8.225

STERLING £ 1.816 1.101 1.322 1.255 1.599 1.776 1.776 1.642 5.5507 8.620 108.305 8.194 4.854 17,393 84.489 143.511 10.300 67.152 4.813 4.956 10.531 43.771 10.326

CANADA $ 1.136 0.689 0.827 0.785 0.625 1.111 1.111 1.027 3.4719 5.392 67.743 5.125 3.036 10,879 52.847 89.764 6.443 42.003 3.010 3.100 6.587 27.378 6.459

BRUNEI $ 1.023 0.620 0.744 0.707 0.563 0.900 1.000 0.925 3.1255 4.854 60.984 4.614 2.733 9,794 47.574 80.808 5.800 37.812 2.710 2.791 5.930 24.647 5.814

SINGAPORE $ 1.022 0.620 0.744 0.707 0.563 0.900 1.000 0.924 3.1248 4.853 60.971 4.613 2.733 9,791 47.564 80.790 5.798 37.804 2.709 2.790 5.928 24.641 5.813

AUSTRALIA $ 1.106 0.671 0.805 0.765 0.609 0.974 1.082 1.082 3.3806 5.250 65.962 4.990 2.956 10,593 51.457 87.404 6.273 40.898 2.931 3.018 6.414 26.658 6.289

MALAYSIA RM 0.327 0.198 0.238 0.226 0.180 0.288 0.320 0.320 0.296 1.0000 1.553 19.512 1.476 0.875 3,133 15.221 25.854 1.856 12.098 0.867 0.893 1.897 7.886 1.860

100 CHINESE RMB 21.069 12.776 15.332 14.564 11.601 18.547 20.602 20.607 19.048 64.3930 1,256 95.058 56.313 201,770 980.151 1,665 119.490 779.020 55.830 57.495 122.165 507.783 119.789

100 BANGLAD’H TAKA 1.677 1.017 1.220 1.159 0.923 1.476 1.640 1.640 1.516 5.1251 7.959 7.566 4.482 16,059 78.011 132.506 9.510 62.003 4.444 4.576 9.723 40.415 9.534

100 DANISH KRONER 22.164 13.441 16.129 15.321 12.204 19.511 21.674 21.679 20.038 67.7410 105.20 1,322 59.241 212,261 1,031.11 1,751 125.70 819.52 58.73 60.48 128.52 534.18 126.02

100 UAE DIRHAM 37.414 22.688 27.226 25.862 20.601 32.935 36.585 36.594 33.825 114.3479 177.58 2,231 168.80 358,300 1,741 2,956 212.19 1,383 99.14 102.10 216.94 901.71 212.72

1000 INA RUPIAH 0.010 0.006 0.008 0.007 0.006 0.009 0.010 0.010 0.009 0.0319 0.050 0.623 0.047 0.028 0.486 0.825 0.059 0.386 0.028 0.028 0.061 0.252 0.059

100 INDIA RUPEE 2.150 1.304 1.564 1.486 1.184 1.892 2.102 2.102 1.943 6.5697 10.203 128.187 9.698 5.745 20,586 169.856 12.191 79.480 5.696 5.866 12.464 51.807 12.222

100 JAPAN YEN 1.266 0.767 0.921 0.875 0.697 1.114 1.237 1.238 1.144 3.8678 6.007 75.468 5.710 3.382 12,119 58.873 7.177 46.792 3.353 3.453 7.338 30.500 7.195

100 NORWEGIAN KRONER 17.632 10.692 12.831 12.188 9.709 15.522 17.242 17.246 15.941 53.8900 83.689 1,051 79.553 47.128 168,860 820.281 1,393 651.956 46.724 48.117 102.239 424.960 100.251

100 PHILIPPINE PESO 2.705 1.640 1.968 1.869 1.489 2.381 2.645 2.645 2.445 8.2659 12.837 161.283 12.202 7.229 25,901 125.819 213.711 15.338 7.167 7.380 15.682 65.182 15.377

100 QATAR RIYAL 37.737 22.884 27.461 26.086 20.779 33.220 36.902 36.910 34.117 115.3371 179.114 2,250 170.262 100.865 361,400 1,756 2,982 214.023 1,395 102.982 218.814 909.513 214.560

100 SAUDI RIYAL 36.645 22.222 26.666 25.330 20.177 32.258 35.833 35.841 33.129 111.9970 173.927 2,185 165.331 97.944 350,934 1,705 2,896 207.825 1,355 97.104 212.478 883.174 208.346

100 SWEDISH KRONOR 17.246 10.458 12.550 11.921 9.496 15.182 16.865 16.868 15.592 52.7100 81.857 1,028.472 77.811 46.096 165,163 802.320 1,363 97.810 637.680 45.701 47.064 415.655 98.056

100 THAI BAHT 4.149 2.516 3.019 2.868 2.285 3.653 4.057 4.058 3.751 12.6812 19.693 247.434 18.720 11.090 39,736 193.026 327.866 23.532 153.416 10.995 11.323 24.058 23.591

100 HK$ 17.588 10.666 12.799 12.158 9.684 15.483 17.199 17.203 15.901 53.7552 83.480 1,048.866 79.354 47.010 168,438 818.229 1,390 99.750 650.325 46.607 47.997 101.983 423.897

STOCK HIGH LOW CLOSE VOLUME (RM) (RM) (RM) ('000)

PRKCORP 1.430 1.410 1.420 272.9HSI-H2L 0.235 0.195 0.210 3191.1GDEX-CF 0.070 0.070 0.070 250PBBANK-C14 0.015 0.015 0.015 14GDEX-CH 0.055 0.050 0.055 2733.7GDEX-CG 0.045 0.045 0.045 155HSI-H2O 0.285 0.275 0.275 100HSI-H2Q 0.695 0.675 0.675 90.7TROP 0.950 0.935 0.950 482.7CANONE 3.130 3.100 3.100 370.6KKB 0.890 0.870 0.870 519.6FBMKLCI-H4D 0.090 0.085 0.085 520SP500-H9 0.285 0.285 0.285 20HSI-H2S 1.090 1.070 1.080 66.5KTC 0.220 0.210 0.220 1337.3ECOWLD-CI 0.060 0.060 0.060 531FBMKLCI-H2Z 0.035 0.025 0.025 1656.8LATITUD 4.720 4.500 4.700 282.6HSI-H2P 0.425 0.420 0.425 161BIPORT 6.000 5.840 5.840 7.1FBMKLCI-H4B 0.305 0.305 0.305 10FBMKLCI-H4F 0.475 0.460 0.460 20GASMSIA-CW 0.020 0.020 0.020 30

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)

GENTING 9.940 9.870 9.910 3124.7POHKONG 0.640 0.605 0.615 1009.1PERMAJU 0.420 0.385 0.390 50403.8HUAAN 0.260 0.235 0.255 165563.1ANNJOO 3.790 3.750 3.780 1331.8HAIO 4.680 4.500 4.650 541.8LSTEEL 0.725 0.660 0.715 11828.4ANNJOO-PA 2.460 2.420 2.450 288.9ANNJOO-CE 0.225 0.220 0.225 1259.9KUCHAI 1.630 1.550 1.550 425.4LIONIND 1.380 1.270 1.360 12366.9PWF 1.220 1.160 1.160 1172.4PTRANS 0.420 0.390 0.410 43283DOMINAN 1.320 1.310 1.320 53.7EFORCE 1.300 1.210 1.300 5466VS-WA 0.775 0.735 0.775 20070.9VS-CN 0.275 0.265 0.270 76.5KPJ-WB 1.510 1.440 1.490 49SCIENTX 9.600 9.270 9.510 661.8HSI-C1N 1.260 1.260 1.260 18.7N2N-WA 0.615 0.580 0.600 335.5MASTEEL 1.440 1.380 1.440 4836.1SSTEEL 2.360 2.290 2.300 1111.2

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

Vietnam-China trade

• Censof Holdings Bhd’s annual general meeting at Bukit Kiara Equestrian and Country Resort, Dewan Perdana, Jalan Bukit Kiara, off Jalan Damansara, Kuala Lumpur at 10am.

• Titijaya Land Bhd’s extraordinary general meeting at Holiday Villa Hotel and Con-ference Centre Subang, Ivory 12, Level 4, Jalan SS 12/1, Subang Jaya at 10.30am.

• Half-day symposium titled “Retreating US, Rising China: How Should We Re-spond?’’ organised by the Institute for Democracy and Economic Aff airs at In-tercontinental Kuala Lumpur, Sakura and Lotus Meeting Rooms, Level 2, Jalan Ampang, Kuala Lumpur from 9.30am to 12.30pm. Registration starts at 8.30am.

Vietnam’s rapid economic growth is creating a dependence on imported goods from neighbouring China, despite their turbulent history.

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

SEP/OCT 0.5 0.0 0.0

INDEX AND FUTURES OPEN CHANGE INCONTRACT LAST CHANGE VOLUME INTEREST OPEN INTEREST

Money market

Commodities

SEP/OCT -2SEP/NOV -1SEP/DEC 7OCT/NOV 1

CPO FUTURES INDICATIVE ROLL-OVER

CPO/SOYOIL FUTURES BASIS (USD)CURRENT -74.293 MONTHS AVERAGE -96.516 MONTHS AVERAGE -90.50

OPEN CHANGE INCONTRACT LAST CHANGE VOLUME INTEREST OPEN INTEREST

SEP-17 2,803 32 253 1,181 -207OCT-17 2,805 38 1,552 12,515 -540NOV-17 2,804 42 24,244 67,980 -2,283DEC-17 2,796 33 9,368 29,357 -2,402JAN-18 2,788 19 8,783 33,562 -59

Palm oil highest since March, lifted by favourable data

CPO prices react to various factors including soyoil prices, weather conditions and stockpiles. Open interest shows either increasing or decreasing market participation.

Oil prices weaken on fears Irma could dent US demand

METAL & PRECIOUS METALSTIN US$/TON KLTM 20,600 -230COPPER USC/IBS CMX 3.0720 0.0360GOLD US$/TROY OZ CMX 1,335.60 -11.70PLATINUM US$/TROY OZ NYMEX 1,002.20 -10.10PALLADIUM US$/TROY OZ NYMEX 937.55 6.30SILVER USC/TROY OZ CMX 17.81 -0.25ALUMINIUM RMB/TON SHF 15,805 430ZINC RMB/TON SHF 24,210 5

ENERGYLIGHT CRUDE OIL US$/BBL NYMEX 47.70 0.22HEATING OIL USC/GAL NYMEX 1.7313 -0.0199NATURAL GAS US$/MMBTU NYMEX 2.979 0.014BRENT CRUDE US$/BBL ICE 53.56 -0.22GAS OIL US$/TON ICE 520.75 -6.75

CRUDE PALM OIL RM/TON MDEX 2,804 42RUBBER SEN/KG MRB 700.50 14.00CORN USC/BSH CBOT 342.75 -1.50SOYBEANS USC/BSH CBOT 956.50 -6.75WHEAT USC/BSH CBOT 413.75 0.25LIVE CATTLE USC/IBS CME 112.85 1.73COCOA US$/TON NYBOT 1,921 -12COFFEE USC/IBS NYBOT 131.80 1.15SUGAR USC/IBS NYBOT 14.56 -0.08COTTON USC/IBS NYC 71.49 -1.92

AGRICULTURE UNIT EXCHANGE LAST PRICE CHANGE

Rubber - M’sia SMR 20

Sen/Kg

Jan 7, 2007 Sept 11, 2017

200

625

1050

1475

1900

700.50(+14.00)

SGS & ITS EXPORT ESTIMATES (TONNES)SHIPMENT DAYS

1 - 10TH DAYS1 - 15TH DAYS1 - 20TH DAYS1 - 25TH DAYSFULL MONTH

JUN’17 JUL’17 AUG’17

367/367 381/360 363/355 524/509 616/599 537/512 710/721 818/797 693/679 996/986 1,044/1,017 956/934 1,210/1,190 1,260/1,239 1,259’1,243

MALAYSIAN PALM OIL BOARD

PRODUCTIONEXPORT STOCKS

FKLI

Index points Open Interest

Jan 4, 2010

2000

24000

46000

68000

90000

1200

1395

1590

1785

1980

Sept 11, 2017

1,780.50(+9.00)

Klibor

Implied interest rate (%)

Oct 1, 2000

3.50(Unch)

Sept 11, 2017

1.5

2.5

3.5

4.5

Centrifuged Latex

Sen/Kg

Jan 7, 2007

593.50(+3.50)

Sept 11, 2017

300

500

700

900

1100

CPO futures

FBM KLCI futures

SEP7 96.53 — — —OCT7 96.51 — — —NOV7 96.50 — — —DEC7 96.48 — — —MAR8 96.48 — — —JUN8 96.48 — — —SEP8 96.48 — — —DEC8 96.48 — — —MAR9 96.48 — — —JUN9 96.48 — — —SEP9 96.48 — — —DEC9 96.48 — — —MAR0 96.48 — — —JUN0 96.48 — — —SEP0 96.48 — — —DEC0 96.48 — — —MAR1 96.48 — — —JUN1 96.48 — — —SEP1 96.48 — — —DEC1 96.48 — — —MAR2 96.48 — — —JUN2 96.48 — — —TOTAL 0 0

MONTH SETTLEMENT CHANGE VOLUME OPEN PRICE INTEREST

Klibor

Malaysian palm oil futures jumped to their highest level since March in yesterday’s session driven by a fall in production and higher exports that kept inventory numbers lower than expected. Th e benchmark palm oil contract for November delivery on Bursa Malaysia Derivatives rose 1.5% to RM2,804, the highest since March 23. Th e futures contract scored an intra-day high of RM2,815. Trading volumes stood at 54,664 lots of 25 tonnes each. A Kuala Lumpur-based futures trader said the market was buoyed by positive industry data released yesterday. Industry regulator, the Malaysian Palm Oil Board (MPOB) said Malaysian palm oil stocks at the end of August rose 8.8% to 1.94 million tonnes from the previous month. Output fell by 0.9% to 1.81 million tonnes. Separately, cargo surveyor Intertek Testing Services (ITS) said exports of Malaysian palm oil products for Sept 1 to Sept 10 rose 6.9% to 379,652 tonnes from 355,009 tonnes shipped from Aug 1 to Aug10. “Th e market is reacting well to the MPOB and ITS fi gures. Th ere was a surprise in the production drop, and it looks like that and stockpiles could decline going forward,” the trader said. In related oils, the Chicago Board of Trade soybean oil contract rose 0.35%. — Reuters

MAY’17 JUN’17 JUL’17 AUG’17

1,655 1,514 1,827 1,810 1,506 1,379 1,398 1,487 1,558 1,527 1,784 1,942

MPOB FFB REF PRICE (MILL GATE PRICE)

NORTH 20.00% 628 19.00% 601 18.00% 574SOUTH 20.00% 631 19.00% 604 18.00% 577CENTRAL 20.00% 626 19.00% 599 18.00% 571EAST COAST 20.00% 629 19.00% 602 18.00% 575SABAH 22.00% 609 21.00% 585 20.00% 560SARAWAK 22.00% 616 21.00% 591 20.00% 566

REGION GRADE A GRADE B GRADE C OER (RM/TON) OER (RM/TON) OER (RM/TON)

(IN RM/TON) AUG’17 SEP’17 OCT’17

CPO DELD 2,765.50 NO TRADE NO TRADEPK EX-MILL 2,650.50 NO TRADE NO TRADECPKO DELD 5,550.50 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

Oil prices edged lower yesterday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Brent crude oil futures for November delivery were down 22 US cents at US$53.56 a barrel, while benchmark US West Texas intermediate crude advanced by 22 US cents to US$47.70. “We believe that Irma will have a negative impact on oil demand but not on oil production or processing,” said analysts. The longer-term focus, however, was on discussions over a possible extension of the 15-month production pact between members of Opec and non-Opec producers which aims to curb an oil supply glut that has weighed on crude prices for more than three years. — Reuters

Commodities

9½-year peak before reversing their course to fi nish 0.5% lower. — Agencies

CPO & Open Interest

CPO RM/tonne Open Interest

Jan 6, 2008 Sept 11, 2017

10000

57500

105000

152500

200000

1200

1950

2700

3450

4200

(+42)2,804

CPO vs Soyoil

CPO RM/tonne Soyoil US$/Ibs

Jan 6, 2008 Sept 11, 2017

0.3510(RM3,264/tonne)

2,804(+42)

0.000

0.175

0.350

0.525

1100

2425

3750

5075

6400 0.700

The US dollar edged higher yesterday, after posting its biggest weekly drop in two months, as a revival in interest in riskier assets prompted some investors to cut short bets against the greenback before US infl ation data last week. The US dollar added 0.6% against its Japanese counterpart to ¥108.49, moving away from a 10-month low of ¥107.32 touched last Friday. Th e US dollar index, which tracks the US unit against a basket of six major currencies, was 0.2% higher at 92.51, after skidding to a 2½-year low of 91.011 last Friday. Th e US dollar’s gains were also helped by news that China’s central bank plans to scrap reserve requirements for fi nancial institutions settling foreign exchange forward yuan positions. — Reuters

US dollar bounces as risk appetite returns

Th e FBM KLCI futures contracts on Bursa Malaysia Derivatives closed higher yesterday in tandem with the better performance of the underlying cash market. The underlying benchmark FBM KLCI finished 2.84 points higher at 1,782.74. September 2017 and December 2017 rose nine points each to 1,780.5 and 1,777.5 respectively; October 2017 added 9.5 points to 1,781; and March 2018 improved 11 points to 1,778. Turnover advanced to 4,019 lots from 3,418 lots last Friday, while open interest widened to 30,192 contracts from 28,398 contracts. Most Southeast Asian stock markets ended higher yesterday. Philippine and Indonesian shares closed 0.3% higher, while Vietnamese shares hit a

FBM KLCI futures gain in line with better cash market

Crude Oil

US$/bbl

Apr 10, 2007 Sept 11, 2017

47.70(+0.22)

20.00

53.75

87.50

121.25

155.00

Gold

US$/troy oz

Aug 31, 2008 Sept 11, 2017

700

1020

1340

1660

1980

1,335.60(-11.70)

Long Rolls - KLCI futures

Index points

Jan 4, 2010

0.00(Unch)

Sept 11, 2017

-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 91.543(+0.191)

Sept 11, 2017

FBMKLCI 1,782.74 2.84 112.43M SEP 17 1,780.50 9.00 3,762 29,204 342OCT 17 1,781.00 9.50 153 563 146DEC 17 1,777.50 9.00 54 312 —MAR 18 1,778.00 11.00 50 113 3TOTAL 4,019 30,192 491

SEP 17 18 2.79 6.22 -3.43OCT 17 50 7.75 8.60 -0.85ROLL’S FAIR 2.58


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]; SUGUMARAN [[email protected]]

CONTRACT SETTLEMENT CHANGE HIGH LOW

KUALA LUMPUR: The FBM KLCI closed 2.84 points or 0.2% higher yesterday with Asian shares after North Korea refrained from missile launches during the 69th anniversary of North Korea’s founding last Saturday. At 5pm yesterday, the FBM KLCI closed at 1,782.74 points. Investor confi dence also grew amid improved performance of shares in downstream oil and gas-related companies like Hengyuan Refi ning Co Bhd, Petron Malaysia Refi ning & Marketing Bhd and Lotte Chemical Titan Holding Bhd. “Investors are reacting to changes in direction of petrochemical and refining companies’ stocks,” Inter-Pacifi c Securities Sdn Bhd research head Pong Teng Siew told theedgemarkets.com. Malaysian shares rose with Asian equities on North Korea’s latest geopolitical sentiment. Japan’s Nikkei 225 rose 1.41%, while Hong Kong’s Hang Seng Index closed 1.04% higher. South Korea’s Kospi addded 0.66%, while MSCI’s Broadest Index of Asia-Pacifi c shares outside Japan gained 0.4%. Th e US and its allies had been bracing for another long-range missile launch following multiple such launches in recent weeks that heightened tensions globally. “With North Korea seemingly holding back on its intercontinental ballistic missile test for now, there is a small degree of risk relief in the market, resulting in the paring of long positions in safe havens,” Mizuho Bank said in a note. — by Anette Appaduray

FBM KLCI edges up as investor confi dence renews

KLCI CHANGE CLOSE VOLUME POINTS (RM) (RM) ('000)HONG LEONG BANK 0.86 0.240 15.880 384.3SIME DARBY 0.79 0.070 9.140 7583.8AXIATA GROUP 0.45 0.030 5.120 10826.1GENTING MALAYSIA 0.39 0.040 5.900 5056.7MAYBANK 0.35 0.020 9.620 11747.3TELEKOM MALAYSIA 0.31 0.050 6.450 903.6PETRONAS CHEMICAL 0.26 0.020 7.470 9201.0MAXIS 0.26 0.020 5.810 3411.8DIGI.COM 0.26 0.020 4.900 2374.3HONG LEONG FINANCE 0.23 0.120 17.060 22.9RHB BANK 0.20 0.030 5.030 540.6BRITISH AMERICAN TOBACCO -0.19 -0.400 43.780 63.8IOI CORP -0.21 -0.020 4.530 1505.4PETRONAS GAS -0.26 -0.080 18.100 567.5GENTING -0.32 -0.050 9.910 3124.7MISC -0.37 -0.050 7.290 500.5SUB-TOTAL 3.01 OTHERS -0.17 GRAND TOTAL 2.84

1,783.00 1,774.00 1,783.00 1,773.50 1,779.50 1,771.00

Market movers

DOW JONES 21,797.79 13.01S&P 500 2,461.43 -3.67NASDAQ 100 5,913.37 -50.94FTSE 100 7,377.60 -19.38AUSTRALIA 5,713.15 40.53CHINA 3,376.42 11.18HONG KONG 27,955.13 286.66INDIA 31,882.16 194.64

INDONESIA 5,871.88 14.76JAPAN 19,545.77 270.95KOREA 2,359.08 15.36PHILIPPINES 8,049.31 26.56SINGAPORE 3,228.51 -0.05TAIWAN 10,572.16 -37.79THAILAND 1,637.54 1.93VIETNAM 797.47 -3.73

CLOSE CHANGE CLOSE CHANGE

World equity indices

TURNOVER CHANGE CHANGE PRICE PE DIVIDEND (‘000) (RM) (%) (RM) RATIO YIELD (%)

Daily top 20 active stocks

NESTLE 84.900 0.480HENGYUAN 8.210 0.470PETRONM 9.830 0.430UTDPLT 28.000 0.300PANAMY 38.800 0.300LCTITAN 5.770 0.260SCIENTX 9.510 0.240HLBANK 15.880 0.240SUIWAH 3.000 0.220MSM 4.010 0.210SHANG 5.250 0.210DLADY 59.300 0.200

BAT 43.780 -0.400IQGROUP 3.340 -0.290HARTA 6.700 -0.200TIMECOM 9.230 -0.180TOPGLOV 5.400 -0.180KOSSAN 6.820 -0.180SP500-H8 0.010 -0.125HSI-H2S 1.080 -0.100HSI-H2R 0.710 -0.095CHHB 1.260 -0.090PETGAS 18.100 -0.080LITRAK 5.870 -0.080

UP CHANGE CLOSE (RM)

DOWN CHANGE CLOSE (RM)

Top gainers and losers (ranked by RM)

DSONIC-CW 0.010 100.00FGV-C27 0.010 100.00KAREX-CZ 0.010 100.00BAUTO-CR 0.060 100.00LCTITAN-CD 0.170 78.95BAUTO-CS 0.085 70.00AAX-C7 0.040 60.00POS-C12 0.235 56.67VSOLAR-WA 0.015 50.00MRCB-C15 0.015 50.00AAX-C8 0.030 50.00TITIJYA-PR 0.015 50.00

SP500-H8 0.010 -92.59GASMSIA-CW 0.020 -78.95KIANJOO-CB 0.030 -64.71KGROUP-WA 0.005 -50.00MBSB-CY 0.010 -50.00PBBANK-C14 0.015 -50.00MAXWELL-WA 0.005 -50.00AXIATA-C19 0.085 -43.33MAGNUM-CY 0.010 -33.33WCT-C2 0.010 -33.33TOPGLOV-C17 0.085 -32.00FGV-C38 0.105 -30.00

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

DSONIC-CW 0.010 100.00FGV-C27 0.010 100.00KAREX-CZ 0.010 100.00BAUTO-CR 0.060 100.00LCTITAN-CD 0.170 78.95BAUTO-CS 0.085 70.00AAX-C7 0.040 60.00POS-C12 0.235 56.67VSOLAR-WA 0.015 50.00MRCB-C15 0.015 50.00AAX-C8 0.030 50.00TITIJYA-PR 0.015 50.00

SP500-H8 0.010 -92.59GASMSIA-CW 0.020 -78.95KIANJOO-CB 0.030 -64.71KGROUP-WA 0.005 -50.00MBSB-CY 0.010 -50.00PBBANK-C14 0.015 -50.00MAXWELL-WA 0.005 -50.00AXIATA-C19 0.085 -43.33MAGNUM-CY 0.010 -33.33WCT-C2 0.010 -33.33TOPGLOV-C17 0.085 -32.00FGV-C38 0.105 -30.00

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

Top gainers and losers - warrants (ranked by percentage)

AAX 143,110 10.81 0.040 0.410 0.425 0.370PERMAJU 50,404 1.30 0.005 0.390 0.420 0.385ANZO-WC 25,882 11.11 0.005 0.050 0.055 0.045DUTALND 23,963 7.50 0.045 0.645 0.645 0.590LCTITAN-CF 23,717 16.67 0.010 0.070 0.070 0.060AAX-WA 21,105 7.32 0.015 0.220 0.225 0.200DBE 20,703 40.00 0.010 0.035 0.035 0.030LCTITAN-CD 12,881 78.95 0.075 0.170 0.175 0.095JKGLAND 12,449 5.00 0.005 0.105 0.110 0.100MRCB-WA 11,944 5.88 0.005 0.090 0.090 0.085LSTEEL 11,828 10.85 0.070 0.715 0.725 0.660MMAG 11,796 8.11 0.015 0.200 0.200 0.190LCTITAN-CG 10,258 16.67 0.010 0.070 0.070 0.060LEONFB 9,537 7.93 0.065 0.885 0.890 0.825INSAS 9,235 3.92 0.040 1.060 1.070 1.030PERISAI 8,809 -11.11 -0.005 0.040 0.045 0.040

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

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Moving average - 20-dayKL Composite Index

Volume (’mil)

Jan 2, 2008 Sept 11, 2017

1,782.74(+2.84)

1,773.47

820.0

1122.5

1425.0

1727.5

2030.0

0

300

600

900

1772.0

1773.3

1774.6

1775.9

1777.2

1778.5

1779.8

1781.1

1782.4

1783.7

1785.0

17:1516:3015:3014:3012:4511:3010:309:308:45

Index point

KL Composite Index

KLCI futures1,780.50

(+9.00)

1,782.74(+2.84)

SEP 17 1,780.50 9.00OCT 17 1,781.00 9.50DEC 17 1,777.50 9.00

Those whom we support hold us up in life.— Marie Ebner von Eschenbach

HUAAN 165,563.1 0.020 8.51 0.255 — 0.00AAX 143,110.2 0.040 10.81 0.410 18.05 0.00MLAB 116,750.4 -0.010 -7.14 0.130 70.00 0.00TITIJYA-PR 73,089.7 0.005 50.00 0.015 — 0.00ANZO 66,034.4 0.005 4.35 0.120 — 0.00PERMAJU 50,403.8 0.005 1.30 0.390 — 0.00PTRANS 43,283.0 0.020 5.13 0.410 14.72 1.15DNEX-WD 43,180.5 0.015 6.82 0.235 — 0.00PALETTE 40,932.6 -0.005 -2.13 0.230 — 0.00AT 32,602.5 UNCH UNCH 0.040 — 0.00PALETTE-WA 32,394.8 -0.010 -5.26 0.180 — 0.00HIAPTEK 29,177.7 0.010 2.38 0.430 14.14 0.71XINGHE-WA 28,928.2 UNCH UNCH 0.015 — 0.00IRIS 26,944.7 -0.005 -2.70 0.180 — 0.00ANZO-WC 25,882.0 0.005 11.11 0.050 — 0.00JAG 24,082.0 UNCH UNCH 0.140 18.92 0.71DUTALND 23,963.0 0.045 7.50 0.645 38.46 0.00OLYMPIA 23,840.8 0.005 3.33 0.155 5.60 0.00LCTITAN-CF 23,717.3 UNCH UNCH 0.070 — 0.00PUC 23,608.7 0.010 7.14 0.150 58.33 0.00

1,782.74 2.84 6,697.26 47.68 3,228.51 0.05 19,545.77 270.95 27,955.13 286.66 21,797.79 13.011,782.74 2.84 6,697.26 47.68 3,228.51 0.05 19,545.77 270.95 27,955.13 286.66 21,797.79 13.01KLCI FBM ACE FTSTI NIKKEI HANG SENG DOW JONES1,782.74 2.84 6,697.26 47.68 3,228.51 0.05 19,545.77 270.95 27,955.13 286.66 1,782.74 2.84 6,697.26 47.68 3,228.51 0.05 19,545.77 270.95 27,955.13 286.66

Documents

MAKE BETTER DECISIONS - The Edgetefd.theedgemarkets.com/2017/TEP/20170912fjj8tl.pdf · fbm klci 1782.74 2.84 klci futures 1780.50 9.00 sti 3228.51 0.05 rm/usd 4.1950 cpo rm2804.00