Visit us at http://www.bursamalaysia.com
BURSA MALAYSIA BERHAD
DBS Vickers Pulse of Asia Conference, Singapore14 January 2010
The Preferred Investment Destination
Bursa Malaysia and its Group of Companies (the Company) reserve all proprietary rights to the contents of this Presentation.
Whilst the Company endeavours to ensure that the contents in the presentation booklet are accurate, complete or have been obtained from sources believed by the Company to be accurate and reliable, neither the Company nor the Presenter make any warranty, express or implied, nor assume any
legal liability or responsibility for the accuracy, completeness or currency of the contents of this Presentation.
In no event shall the Company be liable for any claim, howsoever arising, out of or in relation to this presentation booklet to the recipient of this presentation booklet and/or to any other third party.
© Bursa Malaysia.2009
Nadzirah Abd Rashid, CFO
Highlights
Diversified Offerings 3
Business Direction 4
Our Strength in Islamic Markets 5
Key Focus and Initiatives 6
Malaysian Market Liberalisation 7
Liberalising Access for Foreign Participation 8
Diversified Offerings
3
OthersDerivatives
10 Derivatives Products:
Commodity futures Equity futures
& options Financial futures
SukukShari’ah compliant
equities i-REITS & i-ETFs Bursa Suq Al-Sila’
(commodity asunderlying asset)
Islamic Offerings
2 Markets: Main Market : 844 cos ACE Market : 116 cos
Equities
TradingListing Clearing Settlement Depository
Integrated Products and Services
Bond Market
Total Market Capitalisation : USD292 bn (RM999 bn) @ 31 December 2009
Strong Niche In Islamic and Commodities
electronic trading platform for : Government Bonds Corporate Bonds
Non-ringgit securities Islamic Sukuk cross
listing
Offshore Market
Business DirectionBursa’s Velocity Target (Mid-term) : 60%
4
Continue Growing Core Business
(Equity & Derivatives)
Establishing a niche in Islamic Capital Market
Attractive Investment &
Listing Destination
Building on advantage in Commodities Market
5
Our Strength in Islamic Markets
• Bursa tops list of exchanges for sukuk listings in2009, followed by Nasdaq Dubai and LSE.
• Approx. USD $17.6 billion sukuk listed.
• GE Capital became first foreign sukuk issuer.
• World’s first International trading platformfacilitating commodity based Islamic financing -launched August 2009
• Cross Boarder trades performed by Islamicfinancial Institutions, including those from UK andGCC countries.
• Awarded “Most Outstanding Islamic FinancialProduct” by KLIFF Islamic Finance Awards 2009.
International Islamic fund raising centre
Destination for global Islamic investment products
World’s Largest
Sukuk Market
6
Key Focus and Initiatives
Multicurrency ETFs
Implementation of Main and ACE Markets
Restructuring of minimum bids/spread size
Introduction of SBL-Negotiated Trade
Approval from CFTC, United States
Asean LinkMarket Making-Derivatives
FTSE BM Palm Oil Plantation Index Series
Market Making-Structured Warrants & ETFs
More Proprietary Day Traders
Multicurrency Securities Framework
KLCI Conversionto FTSE
Foreign IPOs
Launched in 2009
In The Pipeline
* Previously referred to as Bursa Commodity House
*
IMPROVING ACCESSIBILITY
NEW PRODUCTS & SERVICES
STRENGTHENING LIQUIDITY
INTERNATIONALISING MARKETS
Strategic partnership with CME on derivatives market
**
** CFTC approval to enable US investors to trade directly in our financial derivatives products
Direct Market Access - Equity
Continued Educationfor Retail
Internet TradingMarket Chat
7
Malaysian Market Liberalisation
Country
Recognition & Competitiveness
Free Capital Mobility& Improved Access to
Capital Market
New Economic Model - high value & high income Increasing private sector role in driving business Creating a conducive environment for entrepreneurship Focus on developing Human Capital & Innovation
4th for Investor Protection(World Bank)
10th for Resilience in crisis(Sevcorp Int’l Business Confidence Survey)
25th amongst 134 countries for Corporate Governance Framework (World Economic Forum)
25th among 127 Economies(Forbes Best Countries For Business Ranking)
Access for Foreign Participation No restrictions on international
investments in Malaysia. Free to repatriate capital, profits and
income.
Liberalised entry and ownership for
foreign players in the capital market. Foreign Listings
On country Watch List for FTSE Global Equity Index Series: Advanced Emerging
8
Liberalising Access for Foreign Participation
Foreign Shareholding for stockbroking firm raised to 70% New licenses for foreign brokers
Global players present in all segments of the Malaysian Capital Market
Issuance of bonds and sukuk in RM or non-RM 3 Chinese companies already listed – strong indications of more
to come
Issuer Amt (RM mil)
Industrial Bank of Korea 1,300
Exim Bank of Korea 1,220
OCBC Ltd 1,600
Gulf Investment Corp GSC 1,000
State Bank of India 500
KFW Bankengruppe 1,100
ADB 1,000
Notable foreign issuers of RM bonds
Continue to open access to capital market to attract foreign players
Investors
Issuers
Participants
Financial Review & Performance
Securities Market Overview 10
Derivatives Market Overview 11
Financial Result Snapshot 12
Financial Performance Ratios 13
Capital Management 14
Dividend Payout 15
Bursa’s Share Price Performance 16
Board of Directors and Shareholdings Structure 17
893
907
688
1,56
0
1,37
8
1,21
0
Securities Market Overview
10
No. of New Listed Call Warrant
No. of IPOs
Total Fund Raised*(RM bn)
2009 2008 %
124 81 53
14 23 (39)
27.8 6.1 356
* From IPO & secondary offerings
Velocity (%)
Average Market Capitalisation (RM bn)
Daily Average Trading ValueOMT +DBT (RM mn)
34 34 -
824 870 (5)
1,221 1,278 (4)
%2009 2008
3Q093Q08 4Q08 1Q09 2Q09Daily Average Trading Volume - OMT + DBT (mn)
Daily Average Trading Value – OMT + DBT (mn)
Turnover Velocity
FBM KLCI Index
LOWEST829.41 (29 Oct 08)
HIGHEST1293.17 (6 Jan 2010)
1018.68(As at 30 Sep 08)
1202.08(As at 30 Sep 09)
4Q09
25%32%
23%
48%
36%28%
24,522 24,169 23,862 29,42324,018
21,549
135,566
155,560147,771
117,030
142,266
123,141
Derivatives Market Overview
11
3Q093Q08 4Q08 1Q09 2Q09
Daily Average Contracts
o Total
o FCPO
o FKLI
24,749 24,878 (1)
16,165 12,111 338,056 11,777 (32)
Daily Average Contracts (Units) Open Position
4Q09
2009 2008 %
130.6
42.4
137.6
47.3
Financial Results Snapshots
12
220.3
79.1
235.2
66.6
9M09 9M08 3Q09 3Q08
81.3
30.8
90.9
20.2
15.4
5.8
17.3
3.8
Operating Revenue (RM mn) Operating Expenses (RM mn)
Profit After Tax (RM mn) Earnings Per Share (sen)
9M09 9M08 3Q09 3Q08
9M09 9M08 3Q09 3Q089M09 9M08 3Q09 3Q08
19%
6%
11% 11%
53%
5%
10%
53%
10.9 7.4 8.4
18.6
27.4
19.0 24.2
37.0
78.6
71.2 76.1 76.4
36.5 34.3 39.5
57.3
Financial Performance Ratios
13
3Q08 3Q094Q08 1Q09 2Q09
(%)
Annualised Return on Equity
Operating EBITDA Margin
Stable +Derivatives Revenue:
Total Operating Expenses
Net Profit Margin
90.5
58.0
35.6
16.4
Capital ManagementAs at 30 September 2009
14
• The Company has sufficient financial resources to cover its CAPEX, Clearing Guarantee Fund commitment and working capital. Excess cash will be conserved amidst market uncertainties.
• Aim to cut budgeted operating expenses and capital expenditure by 15%.
Commentary
Capital Expenditure
Shareholders’ Fund
Financial Resources Available for Use RM 426 million @ USD 122 million
RM 742 million @ USD 213 million
RM 20 million @ USD 6 million
Annualised Return On Equity * 14.7%
* Annualised ROE is based on 9 months returns
High Dividend Payout Maximizing Value to Shareholders, Payout Policy 75%
15
FINANCIAL YEAR
2009Interim Dividend
- Amount per share 5.1- Amount per share (Tax exempt) 5.0
Historical Dividend Payout (sen/gross)
92%FINANCIAL YEAR
2008- Interim Dividend 16.5- Final Dividend 7.8 91%
FINANCIAL YEAR
2007- Interim Dividend 32- Final Dividend 25- Special Dividend 28 91%
% of Dividend Payout(exclude special dividend)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Series1
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
16
Total Shareholders’ Return
o Since IPO
o YTD 31 December 2009241%57%
Share Price Performance
166%55%
o Since IPO
o YTD 31 December 2009
DAVFBM KLCI Bursa
Bursa’s Share Price PerformanceBase 0% = 2 Jan 2009 Units
17
Board Of Directors and Shareholdings StructureAs at 31 December 2009
13 Members
8 Independent Non-executive Directors
1 Executive Director 4 Public Interest Directors (also independent)
19%
19%
6.2% 17.6%
82.4%
Minister of Finance Inc.
Capital Market Development Fund
Newton Investment Management Limited
Foreign
Local
Market Capitalisation of Bursa Malaysia : RM4.2 bn (USD1.2 bn)
Substantial Shareholders Shareholding by Size
Additional Information
Market Foreign Ownership 28
Derivatives Market Demography 29
Derivatives Market Activity 30
Global Network 31
Liberalisation Efforts 32
Sound Macro Environment 33
Highlights of Budget 2010 34
Budget 2010 – Capital Market 35
Operating Revenue 19
Stable Revenue 20
Operating Expenses 21
Market and Product Diversity 22
Quarterly & Annual Velocity 23
Bursa’s Potential To Grow Its Velocity 24
Market Forward P/E Evaluation 25
Attractive Dividend Yields 26
Trading Participation 27
Operating Revenue
19
39%
17%
39%
5%
Trading Revenue (Securities)
Trading Revenue (Derivatives)
Stable Revenue
Other Operating Revenue*
48%
12%
37%
3%
3Q09:RM 79.1 mn
(USD 22.5 mn)
3Q08:RM 66.6 mn
(USD 20.0 mn)
RM mn 9M09 9M08 % 3Q09 3Q08 %
*Other Operating Revenue mainly comprises the haircut on interest earned from participants’ contributions & collaterals, and perusal & processing fees.
105.4
30.3
75.4
9.3
110.9
33.3
79.4
11.5
(5)
(9)
(5)
(19)
38.0
9.2
29.1
2.8
26.0
11.3
25.9
3.4
46
(19)
12
(18)
19%
• Higher securities trading revenue mainly due to improved investors’ sentiment, resulting from improving global economic statistics• Decline in derivatives trading revenue due to a drop in FKLI trades, but partially offset by higher FCPO trades.• Stable revenue increased primarily due to higher CDS fees.• Lower other operating revenue due to lower fee earned from cash margin & collaterals, and lower perusal & processing fees.
3Q09 vs. 3Q08 Commentary:
Stable Revenue
20
26%
43%
19%
10%
2%
34%
26%
24%
13%
3%
3Q09:RM 29.1 mn
(USD 8.3 mn)
3Q08:RM 25.9 mn
(USD 7.8 mn)
RM mn 9M09 9M08 % 3Q09 3Q08 %Listing Fees
Depository Services
Information Services
Broker Services*
Participants’ Fees**
22.6
24.4
18.3
8.1
2.0
28.0
20.5
18.4
10.3
2.3
(19)
19
(0.5)
(21)
(13)
7.6
12.4
5.6
2.8
0.7
8.9
6.6
6.2
3.4
0.8
(15)
88
(10)
(18)
(13)
13%
• Lower listing fees due to lower annual listing fees, impacted by lower market capitalisation.• Higher depository fees due to higher CDS fees (of which RM4.7 mn was attributed to prior periods)• Lower information services fees due to reduction in number of terminals subscribed.• Lower broker services fees due to phasing out of older network equipments at broker sites.• Lower participants’ fee due to lower admission from participants.
3Q09 vs. 3Q08 Commentary:
* Broker Services comprises of Data Comm. equipment rental income from a fixed monthly rate** Participants’ Fees comprises of application/ admission/ initial/ registration fees, participants’ subscriptions and renewal fees
Operating Expenses
21
3Q09:RM 42.4 mn
(USD 12.0 mn)
3Q08:RM 47.3 mn
(USD 14.2 mn)
Staff CostDepreciation & AmortisationMarket DevelopmentIT MaintenanceProfessional FeesBuilding Management CostsOther OPEX*
50%
22%
3%9%
3% 6%9%
46%
11%7%
7%9%
6%14%
•Other OPEX comprises administrative expenses, CDS consumables, conference expenses, etc.
RM mn 9M09 9M08 % 3Q09 3Q08 %60.027.43.711.17.87.513.1
64.814.311.011.08.47.420.7
20.59.11.33.71.42.53.9
21.75.03.53.54.32.76.6
(7)92
(67)1
(7.0)1
(37)
(6)83
(63)6
(67)(7)(41)
10%
• Lower total expenses mainly due to reduction in professional fees, lower market development & travel expenses and reversal of impairment on investments.
• Higher depreciation and amortisation mainly due to Bursa Trade Securities which went live in December 2008.• Higher IT maintenance due to BTS and ETP.
3Q09 vs. 3Q08 Commentary:
375
553
444
465
482
640
722
695
849
1106
870
824
736 758 798 816 865 906 963 1021 1027 987 977 960
Our Market and Product Diversity14 New Listings YTD 7 January 2010
98 99 00 01 02 03 04 05 06 07 08Average Market Valuation
Total Listed Companies
995
129137
41 3
25%ETFsREITsLoans
Main Market
Call Warrants ACE Market
12
Others
Leisure/ Gaming
Oil & Gas
Palm OilTelcos
Finance
Non-Shariah Compliant
Shariah Compliant
88% or 845 Shariah
Compliant Companies
64% or USD 186 bn in terms of market cap
8%12%
19%
23%
36%
2%
22As at 31 December 2009
09
Our Market
Market Valuation & Listed Company
No. of Counters Listed
Our Product Diversity
Shariah & Non-Shariah Compliant
Major sectors in FBMKLCI byMarket Capitalisation
910 1,107 782
1,283
2,610 2,303
2,069 1,751 1,907
1,187 823 854
615
1,490 1,266 1,099
-
400
800
1,200
1,600
2,000
2,400
2,800
Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409
RM mn
30%38%
27%
39%
68%
54%50%
41%46%
31%25%
32%23%
48%
36%28%
1,372
797
2,057 1,924
497 805 911
350 472 748 874 718
1,019
2,179
1,181 1,129
-
400
800
1,200
1,600
2,000
2,400
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
RM mn
Annual DAV & Velocity58%
33%
57% 57%
31%
40% 39%
20% 23%
34% 32%25%
34%
53%
34% 34%
Quarterly & Annual Velocity
23
Quarterly DAV & Velocity
Daily Average Trading Value (RM mn) Turnover Velocity
Daily Average Trading Value (RM mn) Turnover Velocity
24
Bursa’s Potential To Grow Its Velocity
Source: World Federation Exchanges (WFE)
Average Velocity From Jan - Dec 2009
Philippine SE
Bursa MalaysiaNew Zealand Exchange
Indonesia SE
Singapore SE
The Stock Exchange of Thailand
National Stock Exchange India
Hong Kong Exchange
Taiwan SE Corp.
London SE
Tokyo SE
NYSE Euronext (Europe)
Australian SE
Shanghai SE
Korea Exchange
NYSE Euronext (US)
446%243%
229%178%
161%129%
107%98%
90%88%
85%
84%
64%60%
41%36%
29%
Shenzhen SE
Market Forward P/E Valuation
Source: Bloomberg – Forward P/E Valuation for main regional indices as at 31 December 2009
24.3 24.321.0
17.5 17.2 16.8 15.8 14.7 14.6 13.3 12.7
25
Hong KongTaiwan Shanghai India Malaysia VietnamSingapore Indonesia PhilippinesSouth Korea Thailand
Offers Attractive Dividend YieldsSelected Regional Markets – Dividend Yield
Australia (AS30)
Bursa (FBMKLCI)
China (SHASHR)
Hong Kong (HSI)
Indonesia (JCI)
Philippines (PCOMP)
Singapore (FSSTI)
South Korea (KOSPI)
Taiwan (TWSE)
Thailand (SET)
26
3.59%
3.49%
3.46%
2.86%
2.70%
2.46%
2.30%
2.22%
1.23%
1.00%
Source: Bloomberg – Dividend yield for main regional indices as at 31 December 2009
Trading Participation
27
43 4050 43
29 34 3724
33
51 5445 53 71 66 63
7667
7 7 11 10
2001 2002 2003 2004 2005 2006 2007 2008 2009
%Retail Trading Participation
71 68 76 69 63 65 63 5873
29 32 24 31 37 35 37 4227
2001 2002 2003 2004 2005 2006 2007 2008 2009
%Foreign Trading Participation
“Others”- refers to trades conducted for accounts not belonging to individuals/ institutions. Definitions of investors’ type clarified in 2004, hence reducing the type of investor falling under “others” category.
Retail Institutions Others Local Foreign
Market Foreign Ownership
9.02%
1.18%
2.22%
0.45%
0.30%
13.46%
Singapore
UK
Hong Kong
USA
Mid-East
Others
Foreign Ownership @ 31 December 2009Ja
n-07
Oct
-07
Apr
-08
Jul-0
8
Oct
-08
Apr
-07
Jul-0
7
Jan-
08
Apr
-09
July
-09
Jan-
09
28
26.63%
73.37%
Total Shareholdings (Units) Total Market Value (RM)Foreigners
o Direct Holdings
o Foreign Nominees
3.94 4.50%10.86 15.87%14.8%TOTAL
Foreign Shareholdings by Nationality Foreign Ownership (%)
Foreign Nominees
25.0 27.5
27.0
26.6
26.5
25.7
24.1
21.7
20.9
20.7
20.7
20.9
20.4%
Oct
-09
Derivatives Market Demography
3119 14 16 16 13 15 15 15
4548 45 43 40 40 41 46 45
36
5 3 3 2 2 2 2
14 23 31 37 40 45 42 37 38
2001 2002 2003 2004 2005 2006 2007 2008 2009
% FKLI
40 38 35 33 35 31 25 27 33
15 21 26 24 23 27 34 38 24
27 21 18 20 22 25 22 14 27
14 14 17 20 18 16 18 20 16
2001 2002 2003 2004 2005 2006 2007 2008 2009
% FCPO
29
2 Leading Derivatives Products, FKLI & FCPO
34%
63%
3%
9M09
3-Month KL Interbank Offered Rate Futures (FKB3)
KL Composite Index Futures (FKLI)
Crude Palm Oil Futures (FCPO)
48%49%
3%
9M08
* Local - A local participant is an individual who has been admitted as a participant inaccordance with The Rules, registered with SC and has the right to trade for himself -all futures contracts listed on the Derivatives Exchange.
LocalDomestic Retail
Domestic InstitutionsForeign Institutions
LocalDomestic Retail
Domestic InstitutionsForeign Institutions
2003 2004 2005 2006 2007 2008 2009
49K
66K
85K
159K
125K
156K
138K
Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409
139K
122K
136K
156K148K
117K
142K
123K
Derivatives Market Activity
30
26%
30,2
83
20,9
45
24,5
22
24,1
69
23,8
62
29,4
23
24,0
18
72%
2.0
2.6 2.54.2
6.26.1
6.1
Quarterly (Daily Average Contracts) Annually (Total, million units)
KLCI Futures
Crude Palm Oil Futures Open Position
Others KLCI Futures
Crude Palm Oil Futures Open Position
Others
21,5
49
Multi Commodity Exchange of India Limited Development of commodities market and for cross listing of products
Dalian Commodities Exchange Joint organizing of “China International Oil and Oilseeds Conference”.
Australian Securities Exchange Facilitating communication channels and fostering relations
Singapore Exchange Derivatives Trading Limited Exploring future business relationship opportunities
NYSE EuronextTechnology Solutions Provider for equities & DMA platform: Through NYX Advanced Trading Solutions
Global Network
Korea Exchange Development of Financial Market Trading Platform for the bond market in Bursa Malaysia
The Agricultural Futures Exchange of Thailand Development of commodities and futures markets
Ho Chi Minh City & Hanoi Securities Trading Centre Facilitating communication channels and fostering relations
Tokyo Stock Exchange Providing mutual cooperation on personnel training & information exchange
PT. Bursa Berjangka Jakarta Development of futures and commodities markets
Hong Kong Exchanges & Clearing Sharing market surveillance information
31
Chicago Mercantile ExchangeStrategic collaboration with CME on FCPO licensing, Globex services arrangement & equity participation
Central Depository Services (India) Ltd Establish cooperative relationship
Opening Our MarketCapital Market Liberalisation Announcements via Invest Malaysia
32
CALENDER YEAR
2009Deregulation of FIC Guidelines
• Guideline covering acquisition of equity stakes, mergers and takeovers removed• 30% Bumi equity for new IPOs dropped
Fund Management and Stockbroking Liberalisation
• Foreign shareholding for unit trust management companies raised to 70%, 100% for wholesale segment
• Foreign shareholding for stockbroking companies raised to 70%
Establishment of EKUINAS• A private equity fund to invest in sectors with high growth potential
GLCs to Focus on Core Activities• GLCs to dispose non core activities to give way for entrepreneurs and compete on a level playing
field with private sector
2008 • Streamlining of Bursa’s Main, Secondary and MESDAQ board• Market making framework• Liberalisation of bond market approval framework
2007 • Abolishment of real property gains tax• Divestment of government stakes in GLCs via ETFs• 1st incentive package for Iskandar Malaysia
2006• Khazanah driving GLC business transformation plan• Re-introduction of regulated shortselling & securities borrowing and lending• Liberalisation of foreign and dual listing• Consolidation of securities and futures law
2005 • New license for 5 foreign brokers and 1 foreign fund management license
Sound Macro Environment
• > 90% of assets are RM denominated
• Non-performing loan ratio at 2.2%
• >US$ 96.0 billion @ 15 October 2009
• Projected between 3% to 4%
• Overnight policy rate: 2.0%
• 2009 Consensus at 0.9%
• 2009F at US$ 25.3 billion, highest after China
Strong Banking Sector & Ample Liquidity
Healthy Foreign Reserves
2010 GDP Growth
Conductive Domestic Interest Rates
Manageable Inflation
Strong Current Account in the Region
33
Highlights of Budget 2010
34
Government to reduce role in economic activities : Initiating the 2nd Wave of Privatisation Finalising the implementation of GST Restructuring of fuel subsidy Intensifying FDI: Easing on procedures and conditions on equity ownership in local projects
MACROECONOMIC CONSIDERATIONS
Leveraging on niche areas: Tourism, ICT, Finance & Islamic Banking, Halal, Green Tech. Industries and Creative Industries
Attracting talented and skilled individuals from abroad: Simplifying the granting of PR Quality of Education: Providing more autonomy to Public Higher Education Institutions Intensifying R&D and Commercialisation activities: e.g. Rationalising all research funds and grants Expedite implementation of High Speed Broadband
INTERNATIONAL COMPETITIVENES
Improving the structure of budget allocation by adopting Outcome Based Budgeting (OBB) Simplifying access to SME financing by consolidating the various funds under a single agency Combating corruption: Implementing the Whistle Blower Act Providing incentives to Government agencies to generate revenue: Monetisation of govt. assets
INSTITUTIONAL REFORMS
35
Budget 2010 – Capital MarketIncreasing the Competitiveness of Malaysian Capital Market
Liberalisation of commission-sharing arrangements between stockbrokers and remisiers Motivate remisiers to galvinise interest in the stock market from retail investors Attract more remisiers to enter the market
Allowance of 100% foreign equity participation in corporate finance companies Diversify the level of offerings and talent in the Malaysian market Spur more corporate action in the market
Requirement for PLC’s to offer e-Dividend Reduce time and offer convenience to shareholders Issuers to benefit from ease of implementation
Tax incentives to develop Islamic Capital Market: Various tax & stamp duty exemptions on Islamic Financial Instruments
SECURITIES MARKET
ISLAMIC MARKET
Thank you
INVESTOR RELATIONSCONTACT INFORMATION
KOAY LEAN [email protected] 7306
INTAN DIYANA [email protected] 7049
E-mail : [email protected] : 603-2026 3684