monday april 20, 2020 issue 3112/2020 ...2 monday april 20, 2020 • theedge financial daily for...

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Broadcom sounds alarm on unforeseen tech industry disruptionsPA G E 2

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MONDAY APRIL 20, 2020 ISSUE 3112/2020

Gaming, airline, property, banking and retail sectors are expected to be hard hit. Lai Ying Yi has the story on Page 4.

GRIM 1Q EARNINGS OUTLOOK for selected industries

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




1 2 H O M E

Why credit rating matters despite great need to aid people, businesses

How resilient is UEM Edgenta against Covid-19?

How TNB weathers through low power demand

Scicom seeks to leverage on opportunities amid pandemic

Th e PM under siege

New cases rise again after two days of decline, but still lower than recoveries 5 H O M E B U S I N E S S

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Broadcom sounds alarm on unforeseen tech industry disruptionsPA 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 RM2.00

MONDAY APRIL 20, 2020 ISSUE 3112/2020

Gaming, airline, property, banking and retail sectors are expected to be hard hit. Lai Ying Yi has the story on Page 4.

GRIM 1Q EARNINGS OUTLOOK for selected industries





1 2 H O M E

Why credit rating matters despite great need to aid people, businesses


How TNB weathers through low power demand

Scicom seeks to leverage on opportunities amid pandemic

Th e PM under siege

New cases rise again after two days of decline, but still lower than recoveries 5 H O M E B U S I N E S S

STAY HOME PLEASE

WE WILL DELIVER

THE NEWS TO YOU AT

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2020Presented by


2 MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

For breaking news updates go towww.theedgemarkets.com

O N E D G E T V


AirAsia to resume fl ights at end-April

BY D E B BY W U & I A N K I N G

BY M I K E S P EC TO R

& J E S S I C A D I N A P O L I BY L I N D A K H O O

Broadcom sounds alarm on tech industry disruptionsLockdowns in Asia are closing or severely restricting business operations

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TAIPEI/SAN FRANCISCO: Broad-com Inc warned customers they will need to place orders for parts at least six months ahead of time, a surprisingly long lead time that points to wider-than-anticipated disruptions to the technology in-dustry’s global supply chain.

Lockdowns in Malaysia, Th ailand, Singapore and the Philippines are “closing or severely restricting busi-ness operations,” according to a let-ter to customers from Nilesh Mistry, Broadcom’s vice-president of sales, dated April 13 and seen by Bloom-berg. He urged clients to put in their orders at least 26 weeks ahead of de-

NEW YORK: Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the fi rst major US depart-ment store operator to succumb to the economic fallout from the Covid-19 outbreak, people familiar with the matter said.

The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily shut all 43 of its Neiman Marcus locations, rough-ly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.

Neiman Marcus is in the fi nal stages of negotiating a loan with its creditors totalling hundreds of mil-lions of dollars, which would sustain some of its operations during bank-

livery — meaning anything ordered now will get shipped right around the crucial holiday season. Th e typical lead time for deliveries is about two to three months.

Th e missive from Broadcom — which makes crucial components for Apple Inc’s iPhone — drives home concerns that Covid-19 is disrupt-ing the technology supply chain well beyond China, where the Cov-id-19 fi rst emerged to impact glob-al production lines. While China’s recovering its footing, lockdowns and quarantine orders in crucial regions such as Southeast Asia are exerting a still-unknown impact on the supply of everything from Nintendo Switches to smartphones.

“Air and sea transport options have become unreliable and be-come more expensive and have increased delays,” Mistry wrote. His letter to customers did not speci-fy which products are experienc-ing delayed shipments and what Broadcom’s normal lead time is between orders and delivery. “We hope that as the global communi-ty fi nds better methods to address the Covid-19 pandemic, the condi-tions will abate and we will be able to resume our normal operations.”

Th e San Jose, California-based company declined to comment.

Terry Gou, whose Hon Hai Preci-sion Industry Co makes many of the world’s most recognisable consumer

electronics including the iPhone, said in March, China’s production restart had proven faster than expected. But he was worried that disruptions out-side of China could become an issue as the virus spreads globally.

Broadcom is part of the same sup-ply chain that most of the world’s chipmakers use to outsource pro-duction, testing and packaging of their products. It is a critical link for products from mobile phones to da-ta-centre hardware. Any delays in the delivery of its semiconductors could spread throughout that supply net-work, potentially leading to missed launches of some of the world’s most high-profi le and widely used elec-tronic devices. — Bloomberg

Neiman Marcus to fi le for bankruptcy as soon as this week — sources

ruptcy proceedings, according to the sources. It has also furloughed many of its roughly 14,000 employees.

Th e bankruptcy fi ling could come within days, though the timing could slip, the sources said. Neiman Mar-cus skipped millions of dollars in debt payments last week, including one that only gave the company a few days to avoid a default.

Neiman Marcus’ borrowings total about US$4.8 billion (RM21 billion) , according to credit rating fi rm Stand-ard & Poor’s. Some of this debt is the legacy of its US$6 billion leveraged buyout in 2013 by its owners, private equity fi rm Ares Management Corp and Canada Pension Plan Invest-ment Board (CPPIB).

Th e sources requested anonym-ity because the bankruptcy prepa-rations are confi dential. Neiman Marcus and Ares declined to com-ment, while CPPIB representatives

did not immediately respond to requests for comment.

Other department store oper-ators that have also had to close their stores are battling to avoid Neiman Marcus’ fate. Macy’s Inc and Nordstrom Inc have been rush-ing to secure new fi nancing, such as by borrowing against some of their real estates. JC Penney Co Inc is contemplating a bankruptcy fi ling as a way to rework its unsus-tainable fi nances and save money on looming debt payments, Reuters reported last week.

A bankruptcy fi ling would be a grim milestone that Neiman Marcus has spent the last few years trying to avoid. It pushed out due dates on its fi nancial obligations last year in a restructuring deal with some creditors, though the transactions added to Neiman Marcus’ interest expenses. — Reuters

NARATHIWAT: Th ailand author-ities arrested more than 400 of its citizens for attempting to sneak into the kingdom from Malaysia after it reopened fi ve land border checkpoints on Saturday.

Deputy Commander of Fourth Army Region Maj Gen Kriang-krai Srirak said about 300 Th ais crossed the border yesterday without registering with the Roy-al Th ai Embassy in Kuala Lum-pur, the Consulate-General in Penang or Kelantan, or for not having travel documents and “fi t-to-travel” documents.

On Saturday, he said 130 were arrested after crossing the natural borders into the kingdom.

“All of them were fined 800 baht (RM107) and sent to state facilities for 14-day quarantine,” he said.

Th e Th ais, who mostly work in oil palm and rubber plantations, as well as fi shing vessels in Malay-sia, returned home after Malaysia imposed the movement control order on March 18 and after the closure of border checkpoints between the two countries since March 23.

Meanwhile, Centre for Cov-id-19 Situation Administration spokesman Thaweesilp Wis-sanuyothin said a total of 2,548 Th ais stranded in Malaysia had registered to return home as of this month.

He said since the reopening of the land border checkpoints of Th ailand and Malaysia on Satur-day, the relevant authorities lim-ited the number of returnees to about 350 every day. — Bernama

PUTRAJAYA: Malaysia will learn from China’s experience in fi ghting the Covid-19 outbreak through eight medical experts from the country who arrived in Malaysia on Saturday.

Health director-general Datuk Dr Noor Hisham Abdullah (pic) said the experts would not only share successes but also discuss the failed methods with the Malaysian med-ical team.

“We want to also learn about those things that are unsuccessful so that we will not repeat them.

“Th ey’re not here to help us treat [patients], [but share their experi-ences] because it’s a new virus,” he told a daily press conference on

the Covid-19 developments here yesterday.

Noor Hisham said among the issues to be discussed were patient care at the ward and intensive care unit, research as well as the use of specifi c techniques or methods such as antigens, antibodies and so on.

In another development, Noor Hisham said the ministry of health would cooperate with the Nation-al Security Council to ensure the health of movement control order (MCO) violators at temporary pris-ons is well looked after to prevent the spread of Covid-19.

Earlier, Senior Minister (Securi-ty Cluster) Datuk Seri Ismail Sabri

Malaysia to learn from China’s experience in fi ghting Covid-19

Over 400 Thai workers trying to sneak in from M’sia detained

Yaakob announced that 11 tempo-rary prisons to hold MCO violators will start operations on Th ursday. — Bernama

BERNAMA

https://www.pbebank.com/

4 H O M E B U S I N E S S MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

Grim 1Q earnings outlook for selected industriesGaming, airline, property, banking and retail sectors are expected to be hard hit

BY L A I Y I N G Y I

KUALA LUMPUR: Th e International Monetary Fund expects a recession in 2020 that will be at least as bad as the one seen during the global financial crisis in 2009, against a highly challenging global economic outlook, due mainly to the Covid-19 pandemic.

Bank Negara Malaysia (BNM), meanwhile, has revised downwards its gross domestic product (GDP) growth projection for Malaysia in 2020 to between -2% and 0.5%.

Th e central bank said Covid-19 had signifi cantly weakened global growth prospects, with the outlook heavily contingent on how coun-tries across the world successful-ly contain the pandemic over the remainder of the year. At the same time, the domestic economy will be impacted by the necessary global and domestic actions taken to con-tain the outbreak. Tourism-related sectors, in particular, are expected to be aff ected by broad-based travel restrictions and travel risk aversion.

In terms of factory production, economists project a steep fall in the Industrial Production Index in March and possibly months ahead, while production disruptions in the global supply chain will weigh on the manufacturing sector and exports.

This comes in the wake of the Global Manufacturing Purchasing Managers’ Index plunging to 47.2 points in February, the weakest since 2009.

‘Weak domestic spending ahead’According to an online survey by the Department of Statistics carried out on March 23-31, the movement con-trol order (MCO) had a deleterious eff ect on monthly spending, with total household expenditure fall-ing 55% to RM2,813 from RM6,317.

Notably, higher-income house-holds reported steeper declines in spending due to the greater pro-

KUALA LUMPUR: Market partici-pants are doubtful that the recent historic one-year oil production cut pledged by major producers would solve the oversupply problem.

For the week just ended, the West Texas Intermediate crude for May de-livery lost 8.1% to settle at US$18.27 (RM79.83) per barrel on the New York Mercantile Exchange.

In contrast, the global benchmark, Brent crude for June delivery, extend-ed its gains last Th ursday to climb 0.9% to US$28.08 per barrel last Fri-day after falling 10.8% for the week.

portion of discretionary items and non-consumption expenses in their expenditure baskets. In particular, the top 20% income group (T20) households cut outlays by 63%, fol-lowed by the M40 group cutting down spending by 54% and the B40 trimming expenditure by 49%.

In terms of spending categories, apart from food staples, communi-cations and education, all other cat-egories of consumption registered sharp declines due to travel restric-tions and closures of non-essential businesses.

Specifi cally, spending on clothing and apparel dropped 95%, followed by transport (down 89%), as well as restaurants and hotels (down 86%). Meanwhile, big-ticket spending such as on household furniture and rec-reational expenses have both fallen by 70%.

Th e normalisation of consumer behaviour may be gradual as precau-tionary social distancing practices continue, suggested by anecdotal evidence from China, which has emerged from its lockdown.

Th e gloomy outlook for Malay-sia’s private consumption, which makes up 59% of GDP, suggests that corporate earnings are highly likely to tread water down the road.

Grim 1Q earnings outlook by sectorKenny Yee, the head of research at Rakuten Trade, told Th e Edge Finan-cial Daily that the Covid-19 impact will not be captured fully in the fi rst quarter of the year.

Nevertheless, he expects over-all corporate earnings for fi nancial year 2020 (FY20) to contract in a single-digit range.

In chronological order, Yee opined that earnings for the gam-ing industry, comprising casino and numbers forecast operators, will be aff ected the most, followed by the airline, property and banking sectors.

‘Oil prices to remain depressed on Covid-19, stay below US$40’BY M O H D I S WA N D I K A S A N A N UA R Experts are also extremely scepti-

cal about how eff ective the cuts will be to off set demand destruction from the Covid-19 outbreak, with some predicting a prolonged weak price below US$40 per barrel.

FXTM market analyst Han Tan said the biggest factor weighing on the oil market for the rest of 2020 would be the Covid-19 outbreak as eff orts to stem the pandemic spread had severely disrupted global eco-nomic activities, resulting in de-pressed demand for oil.

“Th e duration of the outbreak will have major implications for the lev-el of global consumption, and such

demand-side uncertainties are serv-ing as a major drag on oil prices,” he told Bernama.

He said output is still set to ex-ceed demand levels with oversup-plied conditions despite the price war between Saudi Arabia and Rus-sia coming to an end when pro-duction cuts offi cially kick in next month.

In fact, Covid-19 is expected to erode global demand by an estimat-ed 20 million bpd to 30 million bpd at least this month, and its trajectory remains contingent on how quickly major economies can return to some semblance of normalcy.

He also hinted that should ma-jor economies be forced to reim-pose lockdown measures due to a return of Covid-19, that could lead Brent oil to promptly return to 18-year lows as investors question the effi cacy of the scheduled Opec+ supply cuts.

Last Sunday, the Organization of the Petroleum Exporting Coun-tries (Opec) and other producers including Russia — a group known as Opec+ — finally agreed to cut production by 15 million bpd for the month of April.

Th en it will implement a cut of be-tween 10 million bpd and 12 million

bpd for May and June, before easing the curbs to eight million bpd from July to the end of 2020.

The planned cuts will then be maintained at six million bpd from January 2021 to April 2021, said OCBC Bank economist Howie Lee.

“Having put the market through such volatility, it is challenging to expect physical traders to be bull-ish so quickly, given what they had to endure the past month,” he said, adding that Brent oil at sub-US$40 per barrel appears to be as high as it would go for now amid a highly bearish climate in the global econ-omy. — Bernama

According to analysts’ estimates, forecast earnings for FY20 for GenM has been cut by 32% to 39%. Photo by Cheryl Loh

Th is comes as the unprecedented worldwide shutdown of all of Gen-ting Group’s casinos, following the lockdown orders issued by authori-ties, have resulted in a synchronous loss of income streams to the group. According to analysts’ estimates, forecast earnings for FY20 for Gent-ing Malaysia Bhd (GenM) has been cut by 32% to 39%.

Meanwhile, the MCO has led to the closure of numbers forecast op-erations for one month, equivalent to 13 draws to the operators.

Analysts estimate the bottom line of Berjaya Sports Toto Bhd and Mag-num Bhd to be down by 9% and 8% respectively.

In the airline industry, Ang Kok Heng, the chief investment offi cer of Philip Capital Management, agreed with Yee’s view. He added that air-lines which traditionally operate with thin profi t margins are forced to meet enormous monthly obliga-tions, especially from aircraft leas-ing payments and huge overheads.

“With a month’s loss of revenue, paired with humongous overheads, airline operators might book in huge losses for the coming quarter,” Ang said.

According to CGS-CIMB’s esti-mates, assuming 20% of the sales in advance of carriage is refunded, due to AirAsia Group Bhd’s many fl ight cancellations, then the remaining cash balance of RM2.4 billion can pay for the group’s fi xed costs for less than fi ve months under the current conditions.

Airport operator Malaysia Air-ports Holdings Bhd (MAHB) is also expected to be hit by passenger traf-fi c growth and potential tariff rebates or discounts on its retail rentals. Th is is especially when AirAsia has tem-porarily suspended all international and domestic fl ights in Malaysia.

As such, analysts have cut their earnings estimate for MAHB for FY20 by 32.3% to refl ect the lower passenger traffi c, lower airport traffi c and lower average retail spending at airports. In terms of the property sector, an overhang in sales is likely to be exacerbated as demand for big-ticket items are likely to vanish due to a grim economic outlook. Based on the latest fi gures, aggre-gate property sales have declined by 12% year-on-year.

RHB Investment Bank Bhd ad-vised investors to avoid developers

with high gearing, an unsold com-pleted inventory as well as unsold stocks from ongoing projects as it believes these remaining unsold development projects will be slow moving going forward, tying up de-velopers’ cash fl ow. Th ese include S P Setia Bhd, Sime Darby Property Bhd and Mah Sing Group Bhd.

Meanwhile, RHB expects banks’ net interest margin (NIM) to nar-row by a high-single digit in 2020 following BNM’s decision to reduce the overnight policy rate (OPR) by 50 basis points in the fi rst quarter.

Overall, the research house ex-pects banking sector earnings to fall 5% in 2020 on the back of NIM slip-page, softer loan growth and higher credit costs. It has downgraded its ratings for CIMB Group Holdings Bhd and Malayan Banking Bhd to “neutral” from “buy”, mainly on con-cerns over higher asset quality risks.

As for discretionary goods retail-ers such as apparel chain operator Padini Holdings Bhd with staff ’s basic salaries as well as lease and fi nancing expenses commanding a major part of fi xed expenses, an-alysts noted that successful negoti-ations for a rental waiver or rebate would translate into immediate cost savings to the group.

Nonetheless, due to a lacklus-tre consumption outlook, analysts have cut their earnings estimates for Padini for FY20 by 33% on the back of a revenue projection cut of 13%.

Shopping mall owners such as Sunway Real Estate Investment Trust (REIT), Pavillion REIT and IGB REIT, which have off ered 14-day free rent-al for non-essential retailers during the fi rst phase of the MCO, are also likely to see downward pressure in their upcoming earnings results.

Analysts have cut by 19% their earnings forecast for the REIT sec-tor by incorporating an 8% year-on-year decline in shopping malls’ 2020 base rent and assuming no turnover rental in the year.

H O M E B U S I N E S S 5MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY

New cases rise after two days of decline84 new infections were reported yesterday, with deaths rising by one to 89

S TO R I E S BY A D A M A Z I Z

Source: Ministry of health

Jan 2

5

Marc

h 1

April 1

9

April 1

Marc

h 1

4

Malaysia’s Covid-19 positive case tally

84

Number of new cases

Total number of positive cases

MCO period

0

50

100

150

200

250

300

0

1,000

2,000

3,000

4,000

5,000

6,0005,389

Covid-19 outbreak

confirmed cases

5,389Malaysia

(UPDATED 5.40PM, APRIL 19, 2020)

3,197 cured

89 deaths

Covid-19: New vs cured cases

Total number of recovered cases

Jan25

March4

March18

April19

April1

Daily infections

Daily recoveries

Daily recoveries 95

April1

Jan25

March4

March18

April19

84

Total number of positive cases

Total number of recovered cases

MCO period

0

1,000

2,000

3,000

4,000

5,000

6,000

3,197

5,389

0

50

100

150

200

250

KUALA LUMPUR: Malaysia record-ed an increase in new Covid-19 infections at 84 cases yesterday, following two days of decline. Th is brings the total confi rmed cases to 5,389.

Th e daily fi gure of new recov-eries exceeded new cases for an-other day, but the number of new recoveries dropped to below 100 at 95 yesterday. Th e total number of discharged patients increased to 3,197 or 59.3% of total infections, according to the statistics released by the ministry of health.

Th ere were 2,103 active cases in the country as of noon yesterday, slightly lower compared with 2,115 on Saturday.

Meanwhile, the country also saw one new death from the virus, bringing the total death toll to 89 or 1.7% of total cases.

Th e patient who passed away was a Malaysian male, aged 51, with a history of diabetes, hyper-tension, as well as heart and kidney problems.

A total of 46 patients were being treated in the intensive care unit, with 26 of them requiring breath-ing ventilators.

Th is is the fourth time that Ma-laysia has reported a double-dig-it fi gure for daily new infections

KUALA LUMPUR: As the rate of recovery accelerated over the past week, the number of active posi-tive cases in many states and the federal territories (FTs) dropped below half the infection number, according to statistics released by the ministry of health yesterday.

Th e statistics show that 14 out of 30 red zones now had less than 40 active Covid-19 cases.

However, Kuala Lumpur, Melaka and Sarawak were the one federal territory and two states where the

active positive cases were more than half of the tally of infections.

In Kuala Lumpur, where the minis-try will step up its screening and test-ing eff orts among migrant workers in downtown areas, there were 727 active cases — the highest among all states and FTs — compared with its total infection number of 985 as of Satur-day. Lembah Pantai, which covers part of downtown areas in the cap-ital city, was the health district with most infections in the country. Its ac-tive cases amounted to 473 patients,

compared with 613 confi rmed cases.In the other three red zones in

Kuala Lumpur, the number of active cases in Kepong was 121 (versus a total of 153), followed by Cheras at 49 (85) and Titiwangsa 84 (134).

In Selangor, the state with the most red zones, the number of active cases was 414, less than half of the total num-ber of infections of 1,340 as of Satur-day. Th e number of active cases in Hulu Langat, where a few villages have been placed under lockdown, was 130, less than one-third of the

infection number of 445. Likewise, in Petaling, there were 120 active cases versus a total of 373, Klang (69 versus 173), Gombak (45 ver-sus 144) and Sepang (23 versus 70).

Improvement was also seen in Johor, Perak and Sabah, where two red zones had less than 40 active cases in each of the states.

Meanwhile, the number of green zones increased to 47 (with zero active cases) from 26 previously as 21 yellow zones now had zero active cases.

KUALA LUMPUR: A new cluster of infections has been detected among Malaysian students re-turning from Temboro, which has been declared a Covid-19 red zone in the district of Magetan, Indonesia.

So far, the cluster comprises 43 people who were found positive on their return last Th ursday; 34 of them have been quarantined in Melaka, while nine have been isolated in Kuala Lumpur and Putrajaya.

“Th ere are several cases that are awaiting their test results,” said Health director-general Da-tuk Dr Noor Hisham Abdullah.

With the addition of these 43 cases, Malaysia now has a total of 48 imported cases, making up 57% of the 84 new infections the ministry detected as at noon yes-terday. Of the fi ve other imported cases are one from Kalimantan, three from Aceh, and one from Turkey, said Noor Hisham.

With the 84 new cases yester-day, Malaysia now has a total of 5,389 cases.

Meanwhile, Noor Hisham also updated that for the Seri Petaling cluster, 26,522 people had been tested to date, with 23,105 found negative against 1,950 positive cases.

As for the tahfi z cluster, 4,052 individuals have had their sam-ples taken for testing from 11,166 at-risk people identifi ed, and 325 were found positive.

Th ere is also one new case re-ported from the Menara City One cluster, which is currently under an enhanced movement control order (EMCO), bringing the total in the cluster to 40.

Meanwhile, the Bali patient under investigation cluster saw an increase of four cases, raising the total to 37 cases.

Malaysia has tested over 105,000 individuals, with detection rate at 5%On the rate of testing, Noor Hish-am said Malaysia had now tested over 105,000 individuals to date, with 5,389 found positive, which means a positive testing rate of about 5%, as opposed to the 6% to 7% experienced in other countries.

Malaysia, Noor Hisham reit-erated, has a testing capacity of 11,500 tests per day. Th e labs test-ed over 10,000 tests on Saturday.

“However, we use the target-ed approach,” said Noor Hisham.

“Of the total, the close contact category makes up 31% of all our tests, followed by 10% from the Seri Petaling group and another 8% from the tahfi z cluster,” he said.

Th e most important thing, he said, is that the nationwide MCO appears to be working on low-ering the number of new cases.

“Now, we have reduced [new daily cases] to two digits. We need to increase our eff orts to further reduce this fi gure,” he added.

New cluster among students returning from Indonesia

Less than 40 active cases in 14 of 30 red zones

since the movement control order was enforced on March 18 — all of which occurred in the last fi ve days.

Malaysia has the fourth-highest number of Covid-19 infections in the Asean region after Singapore (6,588), Indonesia (6,575) and the Philippines (6,259).

01. Health personnel carrying out screenings at MayTower last Friday. Photo by Shahrin Yahya

02. Health personnel conducting a screening test on a child in Kampung Baru. Photo by Suhaimi Yusuf

02

01


Why credit rating matters despitegreat need to aid people, businessesTh e government is expected to borrow about RM20b more than initially planned this year — economists

BY C I N DY Y E A P

BY M U H A M M E D A H M A D H A M D A N

KUALA LUMPUR: Governments around the world are expected to sizeably raise borrowings for neces-sary expenditures to battle the ill ef-fects of the Covid-19 pandemic and its economic consequences, pushing budget defi cits and public debt ratios well above levels last seen during the global fi nancial crisis.

Global debt is estimated to in-crease 13.1 percentage points to reach 96.4% of gross domestic product (GDP) in 2020 from 83.3% in 2019, data appended in the International Monetary Fund’s (IMF) latest issue of Fiscal Monitor showed.

Emerging markets and middle-in-come economies, meanwhile, are estimated to see debt rising 8.8 per-centage points to 62% of GDP in 2020 from 53.2% in 2019.

With the pandemic having “ele-vated the need for fi scal policy ac-tion to an unprecedented level”, the IMF expects the world’s overall fi scal balance to slip from -3.7% in 2019 to -9.9% in 2020, with most governments hit in both revenue and expenditure — more so for oil exporters.

The average overall deficit of emerging markets and middle-in-come economies is projected to slide to 9.1% of GDP from 4.8% in 2019, refl ecting the recession, lower commodity prices, tighter fi nancing conditions and policy reaction to the Covid-19 pandemic, it added. Th e IMF report noted Malaysia’s fi scal response to Covid-19 at 2.8% of GDP.

Malaysia has thus far announced a stimulus package totalling RM260 billion, of which RM35 billion (about 2.3% of GDP) require direct fiscal spending. It is understood that close to two-thirds of the RM35 billion are counted as development expenditure (which can be debt-funded) and only about one-third is operating expenses (which must be funded by revenue).

Despite the sizeable additional spending, the budget defi cit will re-portedly only widen from the initial estimate of 3.2% to 4.7% of GDP this year — below the 6% levels seen

A major increase in fiscal deficits and public debt ratios is expected

across the world.

Sources: IMF, World Economic Outlook database

Contribution to the change in global government debt and deficits, 2007-2020 (percentage of GDP)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

14

12

10

8

6

4

2

0

-2

-4

-6

China United States Euro area

Emerging economies Rest of the world World

Government debt

Overall fiscal balance

2

0

-2

-4

-6

-8

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

in 2009 — owing to revenue en-hancement measures that include dividends from government-linked institutions.

Th e government is expected to borrow about RM20 billion more than initially planned this year, economists said. Last Th ursday, RAM Ratings revised higher its pro-jection of the government’s fi nanc-ing requirement this year.

Th e credit rating agency now ex-pects Malaysian Government Secu-rities (MGS)/Government Invest-ment Issues to reach RM135 billion to RM145 billion compared with RM115 billion to RM125 billion previously.

Malaysia — which expects to lose roughly RM8.1 billion in oil-related revenue with the Budget 2020 oil price assumption cut from US$62 (RM270.94) per barrel to US$35 to US$40 a barrel on top of lower tax collection from deferments, incen-tives and recessionary pressures from necessary social-distancing policies — has said the stimulus spending is temporary, it will maintain fi scal prudence and would not breach its self-imposed direct debt ceiling of 55% of GDP, while making sure the necessary aid reaches the people and businesses. Direct federal govern-ment debt stood at RM793 billion or 52.5% of GDP as at end-2019.

“At this time, we do not believe that the cumulative eff ect on the gov-ernment’s fi scal settings is likely to persist beyond 2020. However, if we perceive that Malaysia’s new govern-ment is more likely to deviate from a path of fi scal consolidation over the next three-to-four years, or that the eff ects of weaker global commodity markets and economic activity will persist well beyond this year, then additional downward pressure on ratings could emerge,” S&P Global Ratings wrote when affi rming Ma-laysia’s ‘A-’ rating on March 26.

To be sure, there is sizeable do-mestic liquidity, not just within the banking system but also at institu-tions like the Employees Provident Fund, Permodalan Nasional Bhd, Retirement Fund Inc, Khazanah

Nasional Bhd and Petroliam Na-sional Bhd (Petronas).

So why does Malaysia need to give due consideration to sovereign credit ratings and foreign investors that have pulled out tens of billions of US dollars from emerging market stocks and bonds in recent weeks in search for safer assets?

“Th e current crisis will ultimate-ly blow over and a country cannot isolate itself from the rest of the world permanently. Th e issue is priority. Sovereign rating matters to international investors and traders as it aff ects their perception on the ability of the counterparty to repay.

Th is is then priced into the cost of borrowings with foreign parties and the currency,” a seasoned econ-omist explains. “Prioritising the people and sovereign rating may not be in total confl ict if due con-sideration is taken into account.”

Put another way, a country stands to benefi t from timely and clear com-munication that are key to building and maintaining public trust as well as consumer and investor confi dence — internationally and at home.

Despite dovish monetary re-gimes globally, the IMF noted that the cost of borrowings had spiked in emerging and less developed

markets in the fl ight to safety.Yields for 10-year MGS, which

closed at 2.82% as at end-February, rose as high as 3.58% on March 23 before easing to 3.35% as at end-March. Yields for 10-year MGS closed at 3.06% last Th ursday, cen-tral bank data show.

Last Wednesday, Petronas raised US$6 billion from a multi-tranche senior bond issuance — US$2.25 bil-lion from 10-year conventional notes priced at 3.65% (290 basis points over 10-year Treasury), US$2.75 billion from 30-year notes at 4.55%, and US$1 billion from 40-year notes at 4.8%. Th e bonds were 6.2 times oversub-scribed, with order books reaching US$37 billion at the time of pricing, a testament to strong demand for the issuer rated “A2” by Moody’s and “A-” by S&P with a stable outlook.

When it last issued papers in March 2015, Petronas raised US$5 billion: US$1.25 billion fi ve-year pa-pers at 2.707%, US$750 million sev-en-year papers at 3.223%, US$1.5 billion 10-year papers at 3.605% (150 basis points over 10-year Treasury) and US$1.5 billion 30-year papers at 4.576%. At the time, Petronas was rat-ed “A1” by Moody’s and “A-” by S&P.

Malaysia needs to maintain its rapport, given the need to prepare for additional fi scal spending that could become necessary during the period between the easing of the various degrees of lockdowns and success in fi nding a proven vaccine, which ex-perts say could take some 18 months.

“The size of the initial fiscal support in response to the pan-demic and fi nancing constraints will determine the scope for addi-tional fi scal action in the recovery phase. Once the Covid-19 crisis is over, high-debt countries should, in general, pursue fi scal consolida-tion supported by growth-friendly measures. However, the size and pace of adjustments would need to be carefully recalibrated, taking into account the full impact of the pandemic on the economy and the extent of debt vulnerabilities,” the IMF said.


CONTINUES ON PAGE 7

KUALA LUMPUR: Much has been said about the detrimental eff ects of the Covid-19 pandemic on the economy, be it at the national or global level.

From the looming global reces-sion to the worst economic down-turn since the Great Depression — we have heard it all. One thing is for sure: It is unprecedented.

Given its extraordinary nature, what will it take to ride out this storm? What kind of companies

are equipped to sail through such troubled waters?

Understandably, investors are banking on companies with strong fi nancials and track records.

One such company is UEM Edgenta Bhd. Th e infrastructure and healthcare services fi rm boasts a commendable track record, espe-cially over the last fi ve years.

As at the end of last year, the group had recorded a low gross gearing ratio of 0.33 times, cash and bank balances of RM621 million, and a net cash position of RM101.9

million. In terms of growth, the group

has chalked up a fi ve-year com-pound annual growth rate of 13.4% in core revenue and 13.2% in profi t after tax.

UEM Edgenta prides itself on being a player in defensive sectors, with earnings visibility reaching up to 2038, thanks to its healthy order book of RM13.2 billion.

Th ese numbers seem to make a good “insurance plan” for the company amid the global crisis. At least investors seem to think so.

Th e fi rm’s share price has jumped 38.22% to RM2.64 last Friday, from its one-year low of RM1.91 on March 19, a day after the movement control order (MCO) was enforced.

But the question remains: How resilient is UEM Edgenta against the Covid-19 outbreak, which has forced many countries into lock-down and crippled numerous busi-nesses? How much will it impact the company’s bottom line?

“It is still early days and we need time to study the full impact [of Covid-19],” said UEM Edgenta’s

outgoing managing director and chief executive offi cer Datuk Azmir Merican Azmi Merican.

“[It] is not easy to ascertain [the impact] at this [point in] time. [Th e] entire value chains and economies have been disrupted,” he told Th e Edge Financial Daily.

Azmir said UEM Edgenta is adopting a cautious outlook this year on the back of increasing op-erational costs, partial cessation of services and potential delays in securing new projects.

H O M E B U S I N E S S 7MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY

How TNB weathers through low power demandTh e utility giant is the fi fth-best performer among KLCI component stocks year to date

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) is one of few FBM KLCI component stocks whose share pric-es have been able to recover from the recent global equity rout.

Year to date, TNB is the fi fth-best performer among KLCI component stocks after Top Glove Corp Bhd, Hartalega Holdings Bhd, DiGi.Com Bhd and Maxis Bhd.

TNB shares have dropped 4.22% since the start of the year, compared to the 11.15% decline in the bench-mark KLCI in the same period.

Based on last Friday’s closing price of RM12.70, the utility giant is trad-ing at a price-earnings ratio of 15.95 times, with a historical dividend yield of 3.94%, excluding the special div-idend of 50 sen per share for fi nan-cial year 2019 (FY19). TNB’s market capitalisation is at RM72.22 billion.

Relative to other electricity com-panies in the Southeast Asian region as well as in the other developed economies, TNB’s shares have also held well.

Th ere is hope Malaysia’s economic activities could rebound sooner than its neighbours’ as the movement control order (MCO) appears to be paying off based on the declining daily new Covid-19 infection cases in the past week.

Analysts also see it as shielded from weaker electricity sales during the extended six-week MCO and the looming recession ahead. But how is TNB compensated if revenue from electricity sales falls below the level allowed by authorities?

Tariff increased if sales drop— but timing is a questionFor FY19 ended Dec 31, 2019, TNB made RM4.53 billion in net profi t from RM50.94 billion in revenue. About 85% of the bottom line or RM3.84 billion came from the Reg-ulated Asset Base (RAB) business. Th at was after letting go of excess revenue of over RM1 billion from regulatory adjustments.

During the MCO, energy demand plummets as most offi ces, malls, ho-tels, businesses, and factories shut down, while household electrici-ty consumption increases — albeit with lower average tariff incurred compared with other sectors.

Some 79% of TNB’s sales in Penin-sular Malaysia come from industrial and commercial customers.

Th e MCO lasts for six weeks. After the restriction is lifted, there may also be a digestion period before activi-ties return to normal, as the public remains cautious of close contact.

When TNB sells less electricity than forecast due to an unexpected

fall in demand, regulators can review and increase electricity tariff to make up for the shortfall.

Th is revenue-cap adjustment is applicable for its transmission and distribution segments, which make up the bulk of its RAB. Th e RAB busi-ness, in turn, contributed to 85% of TNB’s net profi t for FY19.

Similarly, when TNB manages to collect more revenue than allowed by regulators, it channels back the excess revenue to the public via low-er electricity tariff moving forward.

As stated in the Energy Commis-sion’s (EC) guidelines on electricity tariff determination under the incen-tive-based regulation: “Th e licensee may not earn more or less than the allowed revenue.”

“Where it does so, the allowed av-erage tariff is subsequently adjusted to off set the diff erence in revenues through an annual revenue-cap ad-justment,” said the EC.

TNB’s RAB returns are up for an-other review for the next regulatory period (2021-2023), of which nego-tiations with authorities will com-mence in the third quarter.

An analyst said that any upward adjustments can be made across multiple regulatory periods, so as to not shock the market with a jump in electricity tariff .

While awaiting the adjustment,

TNB’s balance sheet will support the shortfall. TNB has current assets of RM25.77 billion against current lia-bilities of RM23.9 billion.

In recent note, HLIB Research said TNB would be compensated in the upcoming imbalance cost pass-through review, in order to address the shortfall of earnings due to low-er-than-assumed power demand of 2% growth year-on-year.

“Hence, there will be minimal impact on profi t and loss (accrual accounting) but delay in terms of cash fl ow into 2H20 (the second half of 2020),” the note said.

An open question is on the speed and scale of the adjustment, consid-ering the weak economic prospects presently.

Being a government-linked entity, TNB has also participated in national service supporting the government in addressing the Covid-19 outbreak.

TNB has earmarked RM150 mil-lion to support electricity discounts by the government, and another RM10 million as contribution to the ministry of health — about the sum of 3.5% of FY19 net profi t combined. Th e power discount support lasts until September.

Demand risk elsewhereTh e demand risk is not cushioned in TNB’s retail division, which makes

up a minor 2% of base tariff , HLIB Research added.

Meanwhile, its Malaysian pow-er-generation business is largely guaranteed capacity payments, to cover fi nance cost, fi xed cost and margin, said PublicInvest Research in a note.

On that, TNB said in its report for the fourth quarter of FY19 (4QFY19) that the impact of two power plant outages here — TNB Janamanjung (Unit 2) and Kapar Energy Ventures (Unit 6) to the generation business will be refl ected on 1QFY20. On the fl ipside, it will add 1,440MW gen-eration in July via Southern Power Generation.

Meanwhile, the global lockdown may impact TNB’s international op-erations. Low demand could hurt businesses in Turkey and India, rais-ing the possibility of further impair-ments, moving forward. It impaired RM334 million last year, and nearly RM1 billion the year before.

Its renewable energy (RE) ven-tures in the UK should remain stable under RE tariff structure. TNB also operates in Saudi Arabia, Pakistan and Kuwait.

It is unclear if the global lockdown results in lower operating costs in the near term, considering the size-able workforce with some 36,000 employees.

UEM Edgenta’s continued performance a ‘testament’ to its defensiveness amid outbreak

The temporary suspension of services includes those in the non-emergency or non-critical seg-ment of the fi rm’s infrastructure di-vision, while the rising costs mainly come from additional manpower and personal protective equipment for its employees on the frontline.

“However, [the] fi nancial impact has not been fully ascertained,” he reiterated, adding that the impact may be partially off set by addition-al reimbursable works and digital systems and solutions.

UEM Edgenta is involved in as-set management, where it provides healthcare support services and property and facility solutions. Th e company also provides infrastruc-ture services, along with asset con-sultancy under its infrastructure solutions division.

For the fi nancial year ended Dec 31, 2019 (FY19), the group posted a net profi t of RM181.78 million, up 22.47% from RM148.43 million for FY18. Revenue for the period grew 10.47% to RM2.41 billion from RM2.18 billion.

Nearly half of the group’s top line was contributed by its health-care segment in FY19 at 48%, mak-ing it the fi rm’s biggest revenue contributor, followed by the infra-

BY A D A M A Z I Z

FROM PAGE 6 structure division at 38%.Azmir said the company contin-

ues to perform services which are deemed essential for its clients across all divisions and deliver on its contrac-tual obligations in asset consultancy for critical infrastructure projects in East Malaysia and Indonesia.

“Th is is [a] testament to the de-fensiveness of our businesses even during the coronavirus (Covid-19) pandemic,” he said.

Pockets of opportunities have also emerged during this virus crisis for the group’s healthcare support as well as property and facility ser-vices, he added.

Th e fi rm serves over 300 hos-pitals across Malaysia, Singapore, Taiwan and India. Its services in-clude facilities and biomedical engineering maintenance, waste management, linen and laundry, housekeeping and portering.

“[Th ere will be] additional reim-bursable work for repair and main-tenance, an increased load for linen and laundry, as well as waste man-agement and ancillary works from Malaysian concession hospitals.

“[We are also] actively exploring opportunities to provide hospi-tal-grade sanitisation and disinfec-tion services to commercial clients. Since the onset of the outbreak, to

date, we have cleansed approxi-mately two million square feet of commercial space,” said Azmir.

So far, UEM Edgenta has extend-ed these services to four clients, namely CIMB Group Holdings Bhd, Bank Negara Malaysia, the Johor State New Administrative Centre and the Prime Minister’s Offi ce, involving 18 buildings in total.

“Th is is on top of UEM Edgen-ta’s work-in-hand of RM13.2 billion, which will tide the company until 2038. Out of this, RM944 million was contributed by contracts for re-clus-tered MoH (ministry of health) Sin-gapore hospitals with durations of up to fi ve years and renewal options of up to fi ve years — all of which remain intact,” he added.

On its overseas operations, Azmir said the situation is under control in Singapore and Taiwan, and that the group is focusing on executing con-tracts with optimal resources.

Prior to the MCO, it was reported that UEM Edgenta would be focusing on expanding its operations in Indo-nesia for two years until 2021, given its foothold in the neighbouring market through the Cikampek-Palimanan highway maintenance project.

Indonesia is now the worst-hit country by the Covid-19 virus in Southeast Asia, with a death toll of over 8% of the more than 6,500 con-

fi rmed cases in the coun-try at press time,

according to reports.

Despite this, Azmir said UEM E d g e n t a had a long-term out-look for the

neighbour-ing country.

“UEM Edgenta’s focus on Indone-sia is a mid- to long-term play, where the country’s macroeconomics and political situation remain stable. Th e needs for healthcare and infrastruc-ture still remain. We will be looking at how the country and its economy re-covers from this pandemic,” he added.

In addressing the immediate Covid-19 situation, he said the group is focusing on cash flow management, delivering essential services to support its clients and ensuring its frontline employees’ health and safety are protected.

UEM Edgenta has put togeth-er a team of senior management, finance and respective heads of business to work on cash fl ow and liquidity forecasting, cost optimi-sation, daily operations and mo-bilisation of recovery measures.

“In the medium to longer term, [the] focus will be on executing growth strategies that have been put in place,” said Azmir, who will be leaving UEM Edgenta tomorrow.

Azmir, who tendered his resigna-tion in January, will be taking up the group managing director post at Sime Darby Property Bhd on Wednesday.

UEM Edgenta is a 69.1%-owned unit of Khazanah Nasional Bhd, while Sime Darby Property is 44% held by Permodalan Nasional Bhd.

Azmir: In the medium to longer term, [the] focus will be on executing growth strategies that have been put in place. Photo by Shahrin Yahya


Scicom seeks to leverage on opportunities amid Covid-19Th e focus now is on maintaining billings, says founder and CEO

BY W O N G E E L I N

KUALA LUMPUR: While the Cov-id-19 pandemic caught most busi-nesses around the globe off guard, Scicom (MSC) Bhd was able to switch gear easily and get most of its employees to work from home when Malaysia implemented the movement control order (MCO) last month.

Scicom founder and chief exec-utive offi cer (CEO) Datuk Seri Leo Ariyanayakam said it is business as usual for the technology and busi-ness process outsourcing (BPO) company, and there is no impact on its billings. “As we are speaking right now, we are still hiring and training people,” he said.

Leo said Scicom had actually been planning to come out with a work-from-home arrangement since last year, even before the Covid-19 pandemic surfaced, just like how some companies in the US with a workforce as large as 30,000 have done.

“So, when Covid-19 came along, we were in a better position than most companies [and able] to switch to working from home very quickly,” he told Th e Edge Financial Daily in a phone interview.

Despite working from home, Leo said the key performance indica-tors for clients were met, and ex-isting businesses and billings were maintained.

He said the company’s focus now is on maintaining its billings and ensure that the business continues without any hiccups, while at the same time ensure growth in order

KUALA LUMPUR: Th e Asean Busi-ness Advisory Council (Asean-BAC), in pledging to work closely with the Association of Southeast Asian Na-tions (Asean) in their fi ght to contain Covid-19, has called on their leaders to take urgent measures to ensure there are uninterrupted production and supply chains of essential food and beverages.

Th is includes the preservation of open borders for goods, both at the upstream and downstream levels, the private sector body said in a statement yesterday.

Asean-BAC said it supports the leaders’ reaffi rmation of the region-al grouping’s “commitment to take collective action and coordinate policies in mitigating the economic and social impact of the pandemic” in the declaration issued during the special summit through a video-conference last Tuesday.

“However, we believe these un-precedented and extraordinary

times urgently warrant bold and decisive action to create confi dence and assure our markets, businesses and peoples at the national level and more so at the regional level,” it added.

It called on the leaders to allow the movement and access of the workforce to transport, logistics involved in food (and non-food inputs) and beverage (F&B) supply chain infrastructure, with appropri-ate protective measures in place to ensure their health and safety in the workplace. Asean-BAC also called on Asean nations to ensure public and private consultations for any policy decision around the supply of food to mitigate the eff ects of the crisis as much as possible.

In proposing a gradual reopen-ing of the economy, Asean-BAC suggested a well-calibrated reo-pening of economic activity be carried out for cities, municipal-ities or towns suffi ciently estab-

lished by authorities to have con-tained the epidemic that would allow less-controlled movement of people, trade and commerce, especially for providers of essential goods and services.

Asean nations were also urged to mandate the public sector to use this time as an impetus to fast-track ease of regional trade reforms and with resolve eliminate non-tariff barriers, especially for essential and critical goods and services, in-cluding F&B, agriculture, medical and education.

“Th e reforms will also enhance the preparedness of Asean to ab-sorb redirection of supply chains from China to Southeast Asia to preclude recurrence of shortages of key inputs, especially for med-ical purposes, produced solely or mainly by China as highlighted by the pandemic,” it said.

Asean-BAC also called for the mobilisation of the private sector

to produce standard face masks and shields and personal protective equipment, and to use supply chain connections to make ventilators and other medical equipment available at the national and regional levels. In addition, it said the private sec-tor, particularly large corporations, should be encouraged to provide fi nancial and other assistance to the eff ort, as well as to continue pay-ment of salaries to their employees.

“While governments are doing their best to provide assistance to those affected by mass lay-offs, daily wage earners and those be-longing to the lower level of the economic pyramid, we see the need to strengthen unemployment insur-ance, universal healthcare, work-ers’ compensation and paid sick leave, and allow more investments in public health,” it said.

Asean-BAC said it supports the immediate creation of the Asean Pandemic Recovery Fund, either

under the auspices of Asian Devel-opment Bank or other multilateral fi nancial institutions.

The private sector group also stressed the need for the Regional Comprehensive Economic Part-nership to be ratifi ed as soon as possible.

“What was becoming clear even before the Covid-19 crisis, with protectionist policies and the trade war, was the greater regionalisation of the world economy.

“Asean-BAC believes we have to generate regional economic growth and cooperation to compensate for the failing global trade order,” it added.

Noting that Asean leaders spoke of an economic recovery plan in the post-pandemic period, Asean-BAC said it wants to be actively involved in that plan, among others, to en-sure that many of the barriers to greater regional economic inte-gration are removed.

to continue rewarding shareholders.He said that with decent billings

and a rich cash pile, Scicom is well- positioned to accomplish this. Its most recent balance sheet showed that Scicom had zero borrowing, and cash and bank balances of RM29.17 million as at Dec 31, 2019.

Leo said demand in the e-com-merce sector had been increasing during the MCO period.

“As a direct result of the MCO, some of our clients have experienced an increase in traffi c, and as a result asked us to increase [their] head-count,” he said.

“People can’t move around, so they are experiencing a much high-er throughput and volume. So, we were approached to increase the headcount for a few of our clients to the tune of 150 to 200 due to the MCO,” he said, adding that Scicom’s banking clients had also asked to increase their headcount.

Together with the contracts se-cured last year, Leo remains positive that it will do better in the current fi nancial year ending June 30, 2020 (FY20). Th e jobs are in the BPO di-vision, which consists of three areas: customer lifecycle management, e-government solutions and e-com-merce solutions.

For the fi rst half of FY20, Scicom’s net profi t grew 11% to RM12.58 mil-lion from RM11.34 million a year earlier, while revenue rose 20% to RM93.89 million from RM78.37 mil-lion. Th e higher earnings were at-tributed to a higher revenue from the BPO business, which princi-pally comprises services provided to clients.

‘Our people come fi rst’While Covid-19 may have result-ed in a bleak outlook for many, employees of Scicom are in good hands.

“As a good corporate citizen, we make sure that our own people are being taken care fi rst and then we make sure that we take care of their connectivity requirements, as well as them having PCs and laptops,” said Leo.

Although Scicom has the ap-proval for employees to work at the offi ce, the fi rm’s focus is to keep as many people safe as possible.

“We have spent some money but that is not a big deal as we make sure that they are all able to work from home,” said Leo, add-ing that the staff of Scicom were rewarded with half a month salary as a bonus.

Of some 800 employees, nearly 94% of Scicom’s workforce are now working from home. Meanwhile, with many businesses venturing into new businesses to combat Covid-19, Scicom is working in its own way via its own in-house Cov-id-19 contact tracing application.

“Th e app, Covid19-MY, is built as a CSR (corporate social respon-sibility) initiative to support exist-ing nationwide eff orts to combat Covid-19, and as such our Cov-id-19 application solutions are also available to companies and governments in other countries free of charge,” said Leo.

“We are working together right now with a large medical group here to get it on the App Store and Google Play,” he said.

Asean-BAC calls for uninterrupted supply chains for essential food

Leo said that with people expect-ed to continue avoiding face-to-face meetings in the next six months or so, the company will be able to leverage on the opportunities avail-able, especially in the e-services businesses.

Noting that lockdowns have been implemented across the globe, he said Scicom is looking forward to securing more clients from Australia, the UK and the US in the next two to three months.

Apart from seeing a higher volume and increase in client traffi c in the e-commerce business, Leo said the company had also received enquiries

from the government on accelerating e-government initiatives.

Scicom is also getting enquiries for training. “Business will come back as it (impact of Covid-19 on the work-force) will eventually bottom out. Th e people will start coming into the economy again and it will take some time but who knows [when] ... so, it’s not all doom and gloom,” said Leo.

“We are making sure what we can grab in terms of training, focusing on making sure that we can get new businesses going forward, which are already in the pipeline,” said Leo.

Scicom shares closed at 75 sen last Friday, down 40% year to date.

Leo: The fi rm’s focus is to keep as many people safe as possible. The Edge fi le photo

9MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY

1 0 E N T E R P R I S E MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

Uberisation of cold chain network for farmers and fi shermenGoLog’s online platform reduces harvest wastage amid Covid-19 pandemic

BY J E N N I F E R J A C O B S

P RO P E RT Y

KUALA LUMPUR: When Ivan Chin, the founder and chief executive of-fi cer (CEO) of GoLog Malaysia, a cold chain online logistics and delivery platform, fi rst read about the farmers in Cameron Highlands letting their vegetables go to waste, he knew more than the average Malaysian what was going on behind the scenes.

“Th e farmers in Cameron High-lands have been running in the tradi-tional way all these years. Th ey plant the crops and when they are ready to harvest, they sell it to the collec-tors at a very cheap price,” he said.

Th ese “collectors”, Chin added, had bargaining power because they controlled the logistics and the farm-ers were utterly dependent on them.

“So the collectors earned the big-gest margin when they sell the vege-tables to the wholesalers or the mar-kets, like Pasar Borong Selayang, for example,” he pointed out.

When the movement control or-der (MCO) was announced, the col-lectors were reluctant to collect the vegetables from the farmers and deliver their produce to the cities.

“So that’s what created the issue of the farmers having no choice but to throw away the vegetables because these essential goods only have a lifespan of one to three days,” he pointed out.

Th ese farmers are not digitally savvy.

“If they want to sell their vegeta-bles themselves over social media, it would be quite a challenge. Th ey wouldn’t know how to manage it.”

When the article about the wast-age of vegetables in the Cameron Highlands fi rst came out, there was a follow-up article about Lazada pro-viding trucks to go to the rescue. But, Chin said, there are problems with this solution.

“Lazada might not work for the farmers because it would need to sell off the goods before it could pay

the farmers,” he said.GoLog, on the other hand, would

link the farmers directly with the wholesalers and other end-custom-ers who would pay them directly fi rst before the produce is delivered.

It developed the solution in 2017 and spent the last two years refi n-ing it.

Chin had been interested in logis-tics ever since he worked at Sam-sung Manufacturing and kept having problems with parts deliveries and freight forwarding.

“Th e Malaysian logistics infra-structure is quite outdated so we wanted to build something of value in this industry,” he said.

Why the cold chain? “When we launched GoLog, there were sever-al logistics platforms in the market already, mostly serving the e-com-merce marketplace, like Lazada and Shopee. Th ey were already pioneers in the market for despatch and par-cels so there was no sense going into that.”

While researching the space, he realised that the cold chain network was the hidden gem in the market. Th e originators of fresh produce such as farmers and fi shermen were older, more traditional and most of them fought shy of technology, reluctant to try anything they perceived as adding a layer of complication to their lives.

“Although they are very slow and their costs [are] very high, each of these business owners was still mak-ing a profi t so they were reluctant to change. Frankly, it was a dinosaur industry,” he said.

GoLog came out with the beta ver-sion of its system in September 2017.

For the fi rst two years, it did not seem to be making any headway in the industry but instead of giving up, it used that time to reach out to the farmers and gather useful informa-tion about the industry.

“We spent two years bootstrap-ping and allowing them to try the system for free. But we were gaining

data on how to improve the product and fi nd out what value they were actually looking for,” he said.

What he found was that the farm-ers valued simplicity.

If they were forced to key in a lot of information into the system every time they sold their produce, they would opt to do things the tra-ditional way.

It may have cost more and they were losing a chunk of their mar-gins, but they were willing to pay to be spared the hassle.

So GoLog came up with a premier account supported by an inventory management system which would allow the farmers to put in the key information about their prod-ucts— the packaging size, category (dry, fresh, chilled or frozen) and other rele-vant details upfront — and then the system would

When the Cameron Highlands emergency hit, GoLog was forced to go into its system and manipu-late it manually because many of the farmers could not aff ord to pay the RM3,000 upfront.

Th e quick intervention was a suc-cess.

“We reduced the vegetable wast-age in Cameron Highlands a great deal by connecting them with the right people so they were able to supply their vegetables to wholesal-ers in the Klang Valley. Every week, there are three deliveries of three to fi ve tonnes of vegetables to whole-salers. And the farmers are doing better now, increasing their sales.”

Once the company successful-ly helped out farmers in Cameron Highlands, word got around. “Farm-ers and fi shermen from other places started contacting us to support them as well. Th ey called from Sekinchan, Perlis, Bentong and even Kluang, which has banana plantations.”

In fact, from almost not gaining any traction for two years, GoLog is now reaching its maximum ca-pacity and would not be able to handle everyone at once. So it helps clients go onto the system on a staggered basis, supporting them along the way.

Chin said the company is looking to upgrade the system. “Our system is quite complex with AI (artifi cial intelligence) and machine learn-ing, and we need an additional in-vestment of at least RM1 million to upgrade it.”

He realised this even before the MCO and was working on raising US$1 million (RM4.37 million) for GoLog’s seed round of funding to not only upgrade the technology, but also expand its reach to Singapore.

“We engaged with investors but haven’t fi nalised anything yet. Th e process has slowed down during this lockdown and investors are taking their own sweet time to shop around for deals right now,” he said.

HONG KONG/SINGAPORE: On a recent Friday afternoon, dozens of people sat hunched over laptops at theDesk’s six-storey co-work-ing space near Hong Kong’s Cen-tral business district, while others chatted over snacks at tables on the outdoor terrace — all of them ig-noring government advice to work from home to stop the spread of Covid-19.

Hong Kong co-working thrives as Singapore struggles in shutdown

When the MCO was announced, the collectors were reluctant to collect the vegetables from the farmers in the Cameron Highlands and deliver their produce to the cities, thus resulting in wastage.

take over and handle the request for logistics every time, matching the farmers or fi shermen with the right drivers or delivery method.

“Most of these business owners have 50 to a hundred orders a day and if they need to key these in every time, it would be a huge hassle. If they were to hire someone else to do the keying in, it would be a cost,” he pointed out.

Th ings were still slow-going but traction improved after it launched premier accounts. Th e problem was that to qualify for a premier account, the farmer or fi sherman needed to buy a minimum of RM3,000 in credit.

Basically, GoLog operates like Uber or Grab, in that it does

not own any vehicles but provides a platform to link the farmers, vehicles and customers. “It’s a cash-less platform. Any cus-tomer who needs to use the logistics needs to buy

credit, sort of like Touch ’n Go. The minimum

top-up is RM100 but to access

the premier account, it is RM3,000.”

Chin: The Malaysian logistics infrastructure is quite outdated so we wanted to build something of value in this industry.

BY S H AW N A K WA N

& FA R I S M O K H TA R

Whether escaping tiny apart-ments that are not conducive to work, or less concerned about a virus that has infected around one thousand residents compared with more than 110,000 New Yorkers, the surprise result is co-working pro-viders are thriving in Hong Kong even as much of the world remains in lockdown.

theDesk signed up 25% more new members in the fi rst quarter (1Q) versus the quarter prior, ac-cording to its chief executive ofi cer

(CEO) Thomas Hui. “I think it’s especially because the living en-vironment in Hong Kong is very cramped, so there are a lot of dis-ruptions to people working from home,” Hui said. The Executive Centre, a high-end serviced-of-fi ce operator, leased 33% more desk space in 1Q in Hong Kong than a year earlier. Across its 135 mostly Asian centres, it grew about 9% in the fi rst three months of the year.

Companies are looking to con-serve cash and retain flexibility

rather than take the risk of com-mitting to a long-term offi ce lease, said CEO Paul Salnikow.

“Th e idea of signing a fi xed lease with a fixed rental commitment over a three-year period, which is the minimum term in Hong Kong, and then investing in the fi t-out, buying the furniture, is an overin-vestment for most companies,” he said. It is a diff erent story in Singa-pore, where a government-ordered shutdown of all but essential ser-vices means most workers have to

stay home, with employers facing hefty fi nes or even jail if they do not enforce the measures.

In the early days of the outbreak, marketing manager Jivan Tulsani preferred to use a co-working of-fi ce rather than work from home, free from the distractions of family members and Netfl ix. Singapore’s co-working spaces are popular with technology fi rms — from start-ups to multinational corporations — and the lockdown has hurt oper-ators like JustCo. — Bloomberg

1 2 H O M E MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

Muhyiddin (centre) praying with his supporters before his inauguration as the eighth prime minister outside his residence in Kuala Lumpur on March 1. Photo by Reuters

205 Malaysians return from Peru, Bolivia,Sri Lanka and IndiaKUALA LUMPUR: Th e Malay-sian Embassy (Malawakil) in Lima, Peru has sent back 26 Malaysians who were stranded in Peru and Bolivia on Satur-day. Wisma Putra in its offi cial Facebook page said all of them returned on special Amaszonas fl ight chartered by the Malay-sian embassy in Lima, specially rented by Lima Malawakil, fl y-ing through Sao Paulo, Brazil. “Th ank you to everyone who helped in the mission, espe-cially Brasilia Malawakil, and the governments of Peru, Bo-livia and Brazil,” the statement said. In an earlier posting on Facebook, Wisma Putra also said 179 Malaysians who were stranded overseas, comprising 82 in Colombo, Sri Lanka and 97 in Chennai, India, were brought home by Malindo Air aircraft on Saturday. — Bernama

Perak exco manapologises for feast incidentIPOH: Perak Education, Human Capital, Non-governmental Or-ganisations and Civil Society Committee chairman Razman Zakaria made a public apology yesterday for his involvement in a gathering as shown in a photo that went viral on social media. “I apologise for my mistake. Th is posting is not my attempt to be exempted from legal action but to explain the real situation,” he wrote on his Facebook page. On Saturday, the photo of Razman who is Gunung Semanggol as-semblyman, and other indi-viduals together with a depu-ty minister at a feast held at a maahad tahfiz in Lenggong, was circulated on social media platforms. — Bernama

Teachers help Orang Asli sell sweet potatoes onlineKUALA LUMPUR: Th e residents of Kampung Orang Asli Lemoi in the Cameron Highlands were relieved when they were fi nally able to sell off their stock of al-most 500kg of sweet potatoes, with the help of several teachers there. Th ree teachers at Sekolah Kebangsaan Lemoi solved their problem when they promoted the root vegetable online. “Th e sweet potatoes were a source of income to the villagers, but sales dropped after the movement control order was imposed,” Hanisah, 39, told Bernama. — Bernama

Police set up ‘jam squad’ to monitor congestion at roadblocksKUALA LUMPUR: Th e police have formed a “jam squad” to monitor traffi c congestion at roadblocks in the Klang Val-ley during the movement con-trol order (MCO) period. Bukit Aman Traffi c Investigation and Enforcement Department direc-tor Datuk Azisman Alias said yesterday the motorcycle squad comprises 20 police personnel to monitor traffi c congestion at all the roadblocks. — Bernama

I N BR I E FTh e PM under siegeNow, Umno is pressing for government posts

BY M O H S I N A B D U L L A H

BY WA N M U H A M M A D A S L A H

WA N R A Z A L I

KUALA LUMPUR: Th e Umno pres-ident’s letter to the prime minister (PM) suggesting Tan Sri Muhyiddin Yassin to consider giving government positions to Sabah Umno leaders has been interpreted in three ways.

One is that Umno is openly lobbying for positions. Two is that Umno is blatantly making demands in exchange for supporting the PM. And three, Umno is bullying Muhy-iddin. Th e third view is held by vet-eran journalist Datuk A Kadir Jasin who said that if the contents of the Umno president’s letter are true then Umno is indeed bullying the PM.

More than 48 hours after the said letter went viral neither Datuk Seri Dr Ahmad Zahid Hamidi nor his party have issued any denial. In fact, Malaysiakini reported that an Umno leader who declined to be identifi ed has confi rmed the validity of the letter.

In the letter dated last Th ursday, Ahmad Zahid wrote about Sabah Umno’s proposals and claims or demands.

Sabah Umno chairman Datuk Seri Bung Moktar Radin went on record and said that the PM will be doing the Perikatan Nasional (PN) coalition a big favour in the state by strengthening it if he accepts the suggestions made by Ahmad Zahid.

Such remarks are open to all kinds of interpretations — from Umno tightening the screws on the PM right up to making threats to get its way with rewards for supporting him.

In his letter to the PM, Ahmad Zahid had specifi cally mentioned Bung Moktar together with three others whom he feels ought to be given government posts.

Whether these are threats or de-mands, a political observer said it would be interesting to know who leaked the supposedly confi dential

KUALA LUMPUR: With the move-ment control order (MCO) in its third phase, Bukit Bintang, the usu-ally bustling metropolitan area, has become like an abandoned town.

It is surreal to see the quiet, emp-ty streets of Bukit Bintang but this shows that the people are obey-ing the MCO which was imposed on March 18 to break the chain of Covid-19 infections.

Inspector Mohamad Kushairy, 37, from the Dang Wangi district police headquarters, who was on duty at a nearby roadblock in the area, said he himself has never seen Bukit Bintang like this, the empti-ness making it seem like a scene in an apocalyptic movie set.

“I have been here since the MCO started, and there are now less and less vehicles coming through, es-

Bukit Bintang goes quiet as visitors stay away

pecially at night. It shows that Ma-laysians are taking the MCO seri-ously, especially with the stricter punishment meted out on those who disobey the order.

“Normally, this place would be full of people, even at 4am. But now, after 10pm you could even lie down in the middle of the road,” he told Bernama.

However, although there was nobody around, Bukit Bintang re-mained bright as colourful lights shone from the buildings, fl ashy billboards, and streets lights.

A lone hotel security guard who was walking home, Mustafa Ibra-him, 56, said he was sad to see the shops and businesses closed be-

cause of the pandemic.“This place would always be

full of people and entertainment, there would be musicians in the streets jamming to songs, drawing the crowds, it is sad to see how this place which was so full of life has now fallen silent,” he said.

Mustafa added that Malaysians will never forget this experience, but all must remain calm to get through this episode.

Bukit Bintang has always been known as a vibrant metropolitan area which never sleeps, attracting throngs of shoppers, tourists, and business workers to its modern shopping centres, fi ve-star hotels, restaurants, and nightspots.

The Covid-19 virus has affect-ed more than two million people, causing more than 150,000 deaths worldwide, and in Malaysia, more than 5,000 people have been infected, with 88 deaths reported. — Bernama

The deserted streets in Bukit Bintang due to the MCO which would normally be teeming with people until 4am. Photo by Kenny Yap

letter. Th e letter in PDF form made its way into many Facebook ac-counts and WhatsApp chat groups.

“Was it done to pressure Muhy-iddin or even to warn him to ensure that Umno is given a fair share of GLC (government-linked company) posi-tions and other government posts?” asked the observer. Th is is because, he said, Ahmad Zahid’s own stand-ing as Umno president depends on ensuring that his party does not lose out to PAS in terms of securing posi-tions of power for his party leaders.

Bear in mind that PAS secre-tary-general Datuk Takiyuddin Has-san was earlier seen as attempting to commit the prime minister into appointing his party colleagues by making a public statement that GLC posts will be given to all government members of Parliament. He did not mention PAS but nevertheless was seen as lobbying for his party. If noth-ing else, he had pre-empted the PM by making such a statement.

As for the Umno president’s letter, the observer sees its eff ect as more damaging to Muhyiddin

rather than helpful for Umno, but with the letter being leaked for all to see, “it can or will show what [Ahmad] Zahid had done in the event Muhyiddin doesn’t play ball”.

Will the PM play ball then? Ac-cording to political analyst Dr Si-vamurugan Pandian, “in the cur-rent situation, it’s not easy for the prime minister to abide by Umno demands in this case. Also, I think this is not the time to make de-mands as the nation is in crisis fi ghting the Covid-19 pandemic”.

Notwithstanding that, both Umno and PAS seem to be holding the PM to ransom for their continued support.

According to Ilham Centre chief executive offi cer Azlan Zainal, for now “PAS is more committed to defending the PM compared with Umno”. Th is is suggested by the way PAS is praising the PM on a number of issues, said Azlan.

Th e political observer weighs in with the view that PAS has also been silent on many issues including the recent episode when Rohingya refu-gees were turned away from Malay-

sian waters and were later reported to have died while adrift — “when all this while they [have] been talking about Islam and the Muslim ummah”.

Meanwhile, Umno leaders outside the Muhyiddin Cabinet have been very vocal in hitting at the adminis-tration if not the PM directly.

While PAS has been more com-mitted to defending the PM as op-posed to Umno, it could very well be because the party is satisfi ed with what it has got thus far including the post of special envoy with ministerial status accorded to its president.

However, there is no guarantee that PAS will continue with its cur-rent stance. Th e party together with Umno have always believed that their Muafakat Nasional pact will win the next general election on its own. Well, with some help from Barisan Nasional components MCA and MIC, that is.

As a matter of fact, Umno in par-ticular was gung-ho about a snap election during the political turmoil in late February before seizing the opportunity with PAS to take a short cut to form government.

Th e so-called strength of Mua-fakat Nasional has been and will be used by both parties to throw their weight around within PN. What more when the PM’s own party is like a small fi sh in a big pond. It is not helping Muhyiddin’s cause that Bersatu is fractured.

“Th e pressure by Umno and PAS has left Muhyiddin looking very much like a lame duck,” said the political observer.

Th e PM is riding a tiger, as for-mer PM Tun Dr Mahathir Moham-ad has described it. But the tiger is now running faster than before.

Mohsin Abdullah is a contributing editor at Th e Edge. He has covered politics for more than four decades.

1 3MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY

1 4 B R O K E R S’ C A L L MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

Strong 1Q earnings of about RM67m expected for BursaBursa Malaysia Bhd(April 17, RM5.88)Upgrade to buy with a higher fair value (FV) of RM6.40: We upgrade our recommendation on Bursa Ma-laysia Bhd to “buy” from “hold” with a revised FV of RM6.40 (previ-ously RM6.05), after fi ne-tuning our earnings growth estimates to factor in lower operating expenditure and revenue from listing fees. We con-tinue to peg the stock at a fi nancial year 2020 (FY20) price-earnings ratio (PER) multiple of 24 times (fi ve-year historical average PER).

Th e higher volatility in the near term will be a boon to the trading revenue of its securities and deriv-atives market.

Bursa will release its fi rst quarter of FY20 (1QFY20) results on April 30. We expect its earnings for 1QFY20 to come in strongly at about RM67

Bursa Malaysia Bhd

FYE DEC (RM MIL) 2019 2020F 2021F 2022F

Revenue 502.5 512.4 532.2 559.2Core net profit 186.4 211.1 224.3 240.1FD core EPS (sen) 23.1 26.2 27.8 29.8FD core EPS growth (%) (17.0) 13.3 6.2 7.1Consensus net profit - 191.9 205.2 217.7DPS (sen) 20.8 23.8 25.8 27.6PER (x) 24.7 21.8 20.5 19.1EV/Ebitda (x) 15.7 14.4 13.5 12.7Dividend yield (%) 3.6 4.2 4.5 4.8ROE (%) 22.8 27.4 28.5 29.9Source: AmInvestment Bank

million (+46.3% quarter-on-quarter [q-o-q]; +42.2% year-on-year). Th is is based on higher securities and deriv-atives trading revenue.

On the securities market, the daily average trading value (DATV) for equities rose to RM2.5 billion in 1QFY20, compared with RM1.8 bil-lion in 4QFY19 and RM2.1 billion in 1QFY19. Market velocity jumped to 39% in 1QFY20 from 4QFY19’s 26% and 1QFY19’s 29%.

Meanwhile, the average total contracts traded for derivatives surged by 35.7% q-o-q to 85,578 in 1QFY20. This was supported by higher average daily contracts traded for FCPO and FKLI by 36.9% q-o-q and 48.9% q-o-q to 69,194 and 15,072 contracts respectively.

For its listing segment, we expect potential initial public off erings to be deferred with the Covid-19 pan-

demic aff ecting investor sentiment and causing markets to be volatile. Year to date, there have been seven new listings in the securities market.

In the meantime, we expect Bur-sa’s operating expenditure to improve gradually. This is premised on: i) the internal restructuring to a fl atter management structure; and ii) recent amendments to the Globex services agreement which will provide savings on service fees for derivatives trading.

Recall that in FY19, Bursa in-curred expenses of about RM20 million on service fees. Also, the impairment on computer software of RM3.3 million in 4QFY19 is not expected to recur in FY20.

As a dividend stock with an aver-age payout of 92.6% for the past fi ve years, this will cushion the down-side risk to its share price as inves-tors lean towards dividend-yield-

ing stocks in times of uncertainty. We maintain our dividend payout assumption of 91% for FY20 with a decent yield of 4.2%.

For now, we keep our FY20 and FY21 DATV assumptions of RM2

billion and RM2.2 billion respec-tively for the securities market. For derivatives trading revenue, we project a growth of 7.8% and 4.5% for FY20 and FY21 respectively. — AmInvestment Bank, April 17

Malakoff Corp Bhd(April 17, 87.5 sen)Hold with a target price (TP) of 95 sen: We resume coverage of Malak-off Corp Bhd with a “hold” call and a sum-of-the-parts-based (SOTP) TP of 95 sen. Th e current dividend yield of 6.8% would likely provide some downside protection to its current share price.

Given that 18% of Malakoff ’s ca-pacity of 5,393MW that is contrib-uting to the grid will be expiring in the next four years, it is crucial for Malakoff to seek new avenues of growth to mitigate this expiry. Th e acquisition of Alam Flora Sdn Bhd is only enough to compensate for the shortfall in profi t from the recent dis-posal of the Macarthur Wind Farm.

Given the change in the capacity build-up mix, bidding for new power plants will likely only occur in 2024 or 2025. Although the management is also actively pursuing opportunities in the renewable energy segment, the overall size of these projects is still in-signifi cant despite the higher returns.

Despite the ability to secure some new renewable projects re-cently, most of the projects secured are relatively small in size as most of them have an installed capacity of no more than 30MW.

Given that most of the planned renewable energy projects in Ma-laysia for the next four to fi ve years focus on large-scale solar projects, competition is likely to remain fi erce and Malakoff does not have a clear advantage.

Meanwhile, the acquisition of Alam Flora might provide the com-pany with an edge in securing fu-ture waste-to-energy projects, but this is not a must-have condition.

Although the dividend yield at

Malakoff ’s 6.8% dividend yield should provide some downside protection

Malakoff Corp Bhd

FYE DEC (RM MIL) 2018 2019 2020E 2021E 2022E

Revenue 7,348.2 7,422.3 8,527.2 8,493.3 8,651.0Ebitda 2,256.1 2,242.2 2,173.6 2,144.2 2,136.4Pre-tax profit 559.2 530.9 508.6 563.3 648.2Net profit 274.4 320.2 298.6 337.1 390.9EPS (sen) 5.5 6.4 6.0 6.7 7.8PER (x) 16.0 13.7 14. 13.1 11.3Core net profit 234.9 205.3 298.6 337.1 390.9Core EPS (sen) 4.7 4.1 6.0 6.7 7.8Core EPS growth (%) (0.7) (12.6) 45.4 12.9 16.0Core PER (x) 18.7 21.4 14.7 13.1 11.3Net DPS (sen) 5.6 6.6 6.0 6.6 7.7Dividend yield (%) 6.4 7 .4 6.8 7.5 8.7EV/Ebitda (x) 8.0 6.3 5.7 5.6 5.3Change in EPS (%) New New newAffin/consensus (x) 1.1 1.1 1.2Sources: Company, Affin Hwang forecasts, Bloomberg

6.8% might seem attractive to some, we do not think that the dividend per share is sustainable in the long run due to the expiring capacity in the next few years, which the management is trying to address.

Our SOTP-based TP of 95 sen implies a price-to-book value of 0.85 times (still above -1 standard deviation of the historical average). We believe that its current share

Hartalega Holdings Bhd(April 17, RM7.68)Maintain outperform with a high-er target price (TP) of RM9.30: We believe further rerating is imminent due to Hartalega Holdings Bhd’s growing market share with Malay-sia accounting for 65% globally. We raise our net profi t estimates for fi nancial years 2021/2022 (FY21E/FY22E) by 2%/12% respectively after taking into account a higher utilisa-tion rate. Our TP is raised from RM8 to RM9.30 based on 49.5 times esti-mated calendar year 2021 (CY21E) earnings per share (EPS).

We expect a better performance in subsequent quarters on an up-tick in demand. Quarter-on-quar-ter, its second quarter of FY20 (2QFY20) and 3QFY20 volumes grew 14% and 13% respectively against the industry average of 6%, implying Hartalega was winning market share from competitors.

Th e Malaysian Rubber Glove Manufacturers Association has forecast a 20% demand growth to 230 billion pieces in 2020. We believe Hartalega will benefi t from the robust demand which has led to longer delivery lead times (the moment an order is placed to de-livery) that has risen to an average of 80 to 100 days, compared with 40 to 50 days normally.

Signs of demand outstripping supply could potentially lead to higher average selling prices (ASPs), coupled with incremental cost and higher operating expendi-ture. Looking at the stable raw ma-terial prices, ceteris paribus, hikes in ASPs are expected to lead to mar-gin expansion. From our channel check, we understand industry players generally have raised prices by three to fi ve per cent.

In terms of the outlook, the

fi rst four lines of Plant 6 (with an installed capacity of 4.7 billion pieces) have commenced com-mercial operations and the re-maining eight lines are expected to be gradually ramped up.

Plant 7 is expected to be com-missioned by early 2021, which will focus on small orders as well as speciality products with an in-stalled capacity of 3.4 billion piec-es. All in, Plant 5, 6 and 7 will add a total capacity of 12.1 billion pieces, raising installed capacity to 43.7 billion pieces per annum.

We reiterate “outperform” on Hartalega. Year to date, the stock is up 40% and looking at the pre-vious upcycle when the stock rose 200%, this indicates potential fur-ther upside.

Our TP is raised from RM8 to RM9.30 based on 49.5 times CY21E EPS (previously 48 times) (at +2 standard deviation above the fi ve-year historical forward mean). We switch our valuation from FY21E to CY21E.

We like Hartalega for: i) its solid management; ii) it is constantly evolving via innovative product development; and iii) its booming nitrile glove segment. Risks to our call include lower-than-expected ASPs and volume sales. — Kenan-ga Research, April 17

Better performance expected for Hartalega in upcoming quarters

We believe Hartalega will benefi t from

robust demand which has led to longer

delivery lead times.The acquisition of Alam Flora might provide the company with an edge in securing future waste-to-energy projects, but this is not a must-have condition.

price is fairly valued and we resume coverage of Malakoff with a “hold” rating. A downside risk is unplanned outages of Malakoff ’s existing power plants, which have negatively im-pacted its profi tability over the past two years. Meanwhile, if Alam Flora manages to sign up both Terengganu and Kelantan, there could be up-side risks to our earnings forecasts. — Affi n Hwang Capital, April 17

1 6 C O M M E N T MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

A restaurant meal is going to become a luxury goodSocial distancing and higher labour costs will force drastic changes on the industry

BY C O N O R S E N

Reopening the economy is go-ing to be a gradual process and for at least the first couple of months likely to be closer to our current reality than the econo-my we had in February.

Restaurants, in particular, will have to deal with two new and wrenching changes brought about by the crisis: Social-distancing require-ments will reduce the number of diners allowed in at any one time, and enhanced unemploy-ment benefi ts and the health hazard of being exposed to the public will make hiring low-paid workers harder. Being able to only serve a limited number of customers and having to pay more for labour might mean that dining out becomes a luxury only for the well-off .

Social distancing will pose even more of a challenge for restaurants in high-cost, dense urban areas such as New York City. Taiwan, one of the countries that has had the best response to Covid-19, has mandated that restaurant tables be spaced 1.5 metres (5 ft) apart. With New York City arguably being the epicentre of the Covid-19 outbreak in the US, a similar policy might be a sensible way to ease back into normal life. Perhaps removing half the bar stools and restricting standing crowds in drinking establishments also might be part of an eff ort to enforce social distancing. All of these changes will mean that even if dining demand returns to normal on day one of the economy reopen-ing, supply would be signifi cantly curtailed at the same time that it has become harder

for restaurants to make money.For restaurants that turned to deep job

cuts at the onset of the crisis, hiring may pose a signifi cant challenge as well. Although it is true that millions of hospitality workers now are out of work and available for immediate employment, the generous unemployment benefi ts passed by Congress in the US$2 tril-lion (RM8.74 trillion) rescue bill may make some of them less interested in going back to their old jobs. Ernie Tedeschi of Evercore ISI notes that between state insurance and the federal supplements, the average weekly unemployment benefi t for workers in states such as New York, California, Washington and Massachusetts will be more than US$1,000. Th at is the equivalent of US$25 an hour for a 40-hour workweek. For restaurant workers who earn signifi cant tips, returning to work

may off er enough economic incentive to be worth it. For lower-paid dishwashers and line cooks, unemployment might be a better deal — at least through the end of July, when the benefi ts are set to expire. Th at means restau-rants may have to pay much higher wages than in the pre-virus market level to staff up.

Combining these two dynamics — res-taurants are not going to be able to serve as many patrons and they will have higher labour costs — and it is likely that many restaurants will not survive. Th e most obvious way for the survivors to make up for this is to charge more for the same menu off erings, perhaps much more. Th e good news for the restau-rants that do survive is that between fewer seats available at each restaurant, and fewer restaurants competing for customers, eating out might become a scarce, coveted experi-

“FLATTEN the curve” has become the man-tra of the global eff ort to contain the coro-navirus pandemic. It is a powerful and im-mensely valuable image, helping people understand why their sacrifi ces are neces-sary to save lives.

It is also wrong in a crucial way: Th e dying will not be over nearly as soon as it suggests.

Consider the typical charts comparing the “bad” and “fl attened” curves of Cov-id-19 cases. Th ey are all symmetrical, indi-cating that once a population has reached the peak, the disease will taper away just as quickly as it grew. Here, for example, are the top image results of a Google search for “fl atten the curve”.

If these curves were correct, they would provide a handy formula for figuring out how long the suffering will last. Say a country is at the peak, and it has taken six weeks to get there. A symmetrical curve would indicate that it has just six more weeks to go.

Is this really happening? Let’s look at Italy and Spain, which entered the curve about two weeks ahead of the US. Th ey both had uncontrolled outbreaks and turned to lock-downs too late, leading to overburdened hospitals. So they off er a decent indication of what to expect in countries that respond-ed similarly.

Th is is not the fl attened curve we were promisedBY C AT H Y O ’ N E I L

Th ose are not symmetric curves. Th ey go up fast, fl atten out and then descend slow-ly. How slowly? It is still hard to tell, but the shape strongly suggests that the bad news will not go away nearly as quickly as it arrived.

Now consider the US.There is some weekend noise in the

daily data, but the seven-day average of deaths clearly indicates that the country has yet to reach the peak. New York State looks a bit farther along, but has yet to

reach the other side.Th is is important. Th ere is no US data yet

on what the right side of the curve will look like, but the best available evidence from other countries suggests that the descent will be slow. New York governor Andrew Cuo-mo has said “the worst is over” and “we’ve reached the peak”. He should have followed with “now comes the long wait”.

Th is should not be surprising. All our ef-forts to stay inside and separated — except

for essential activities such as shopping, and except for those who must work — serve only to slow the spread, not stop it. If you are hoping for the somewhat symmetrical Chi-na curve, forget it. We are not quarantining people at gunpoint. It is like someone took the worst-case-scenario curve and pushed it forward in time, without making the area under the curve smaller.

Here is an analogy. Imagine a plough spreading out a big pile of snow in the street. If it keeps the blade higher, the pile will be taller and will not spread out very far. If it lowers the blade to a few inches off the ground, the snow will be more manageable but also spread out much farther. Th e better it does the job — the thinner it spreads the snow — the longer it will take.

If people stick with measures to contain the virus, death rates will eventually trickle down to zero, but only after a lot more peo-ple have been infected, assuming they are then immune.

If we are lucky, we will slow things down enough to never truly overwhelm the hos-pitals, and if we are really lucky we will slow things down long enough to benefi t from a vaccine or a treatment.

But short of a miracle, expect the fl at-tened curve to be very lopsided: a quick rise at the beginning, and a slow steady fl ow of bad news for many months. Th ere is no symmetry in sight. — Bloomberg

ence, particularly after weeks or months of much of the population sheltering in place.

Restaurants, entrepreneurial and inven-tive by nature, may experiment with a variety of levers to adapt to the new reality and fi nd a way to be profi table. Th ey can adjust their menus to remove lower-priced or low-margin items. Th ey might also end happy hours and blue-plate specials that entail discounts. Th ey can add in fees or surcharges to account for additional sanitation and emergency costs. Special higher-priced menus and services akin to Valentine’s Day and New Year’s Eve specials, or chef’s table service, might be-come more common. What is inevitable is that a restaurant with a higher cost structure and ability to serve half as many customers as before is going to have to do more than tinker around the edges to stay in business.

Th is is not to suggest everyone interested in having someone else cook for them will not have options. Many restaurants have pivoted to takeout or delivery service dur-ing the crisis, which will likely remain an important part of their business even after sit-down dining comes back in some limited capacity. Fast-food and drive-through win-dows still exist. All sorts of services — say family-meal packs to-go at restaurants in summer vacation communities — that did not make sense to either diners or restau-rants in the pre-virus world may get a look as we all seek some semblance of normalcy.

But if you are looking to physically sit in a restaurant and have your meal served to you by a human in the near future, be pre-pared to pay up. — Bloomberg

Social-distancing requirements will reduce the number of diners allowed in a restaurant and enhanced unemployment benefi ts will make it harder for restaurants to make money.Photo by Bloomberg

W O R L D B U S I N E S S 1 7MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY

Denmark extends aid to businesses, workers by spending 100b kronerCOPENHAGEN: Denmark has extended the duration of its aid programmes to businesses and workers and added some new measures to increase spend-ing by about 100 billion kroner (RM63.7 billion). Th e govern-ment agreed with all parties in parliament to keep aid measures available until July 8, a month longer than previously planned, according to a statement on Saturday. Companies will now be able to get back some val-ue-added tax payments they made last year as zero-interest loans. Th e government also said that companies which pay out dividends, buy back own shares or are registered in tax havens will not be eligible for any of the aid programmes. — Bloomberg

Uber says ex-engineer is on his own to shoulder US$180m to GoogleSAN FRANCISCO: Uber Tech-nologies Inc has said a guilty plea by its former star engi-neer is proof that he is a liar — and supports its decision to make Anthony Levandowski alone shoulder a US$180 mil-lion (RM786.6 million) legal award Google won against him. Th e ride-hailing fi rm, which recruited Levandowski in 2016 from Alphabet Inc’s self-driv-ing car programme, ended up fi ring him after the companies became embroiled in one of Silicon Valley’s highest-pro-fi le trade-secrets disputes. Le-vandowski “secretly committed a crime by stealing trade secrets with the intent to use them at Uber”, the company said in a court fi ling. — Bloomberg

Japanese mobile carriers delay iPhone SE launchTOKYO: Japanese mobile carri-ers NTT Docomo Inc and Soft-Bank Corp have said they will delay their launches of Apple Inc’s new iPhone SE model un-til May 11 instead of the sched-uled April 27 amid the Covid-19 outbreak. Japan’s government expanded the area covered by its state-of-emergency decla-ration to the whole nation last week and is calling on citizens to cut contact with people by 80% in an attempt to control the outbreak. Th e state of emer-gency is currently scheduled to remain in force until May 6. — Bloomberg

Brazil investor fl ags risk amid ‘licence to spend’SAO PAULO: Luis Stuhlberger is fl agging an increase in Bra-zil risk as the country reverses its pledge to shore up fiscal accounts amid the Covid-19 pandemic. “In a moment like this, it seems there’s a licence to spend, and a 20 billion real (RM16.7 billion) expense looks like a tip,” Stuhlberger, the in-dustry veteran behind Verde Asset Management, said on Saturday. “Brazil will have to prove that it will be responsi-ble.” — Bloomberg

I N BR I E FTemasek denies CEO makes S$100m a yearTh e fi rm clarifi es the PM’s wife is not even among its top fi ve highest-paid executives

BY S E R E N E C H EO N G , J OYC E KO H

& A L F R E D C A N GBY D I TA S LO P E Z

BY FA R I S M O K H TA R

SINGAPORE: Temasek Holdings Pte Ltd has denied speculation that chief executive offi cer (CEO) Ho Ching makes S$100 million (RM307.2 million) a year.

“Th is claim is false,” the Singa-pore state investor said in a rare statement addressing the pay of the top executive, who is also Sin-gaporean Prime Minister Lee Hsien Loong’s wife. “Furthermore, Ho Ching’s annual compensation is neither the highest within Temasek nor is she amongst the top fi ve high-est-paid executives in Temasek.”

Temasek manages a portfolio that was valued at S$313 billion as of March 2019. It is the biggest

MANILA: Th e Philippines central bank has stepped in to encourage banks to lend to small businesses reeling from the economic fallout from the Covid-19 pandemic.

A new rule allowing banks to count new loans to micro as well as small and medium enterprises (SMEs) as compliance with the reserve requirement is eff ectively a cut in the reserve ratio, central bank governor Benjamin Diokno said. Banks will not be penalised for depositing to the central bank less than the required reserves as long as the increment goes to new loans to those enterprises.

“It’s a carrot, not a stick. It’s vol-untary on the part of the banks to help SMEs” and there is “addition-al incentive” to lend to the small businesses, Diokno said in a text message yesterday.

“Th is rule favours the smaller banks that are presumably closer to the SMEs.”

Th e loans may be guaranteed by state-owned Philippine Guar-antee Corp, under a diff erent pro-gramme by the national govern-ment, the central bank chief said. Th is new arrangement is time-bound and details will be spelt out in a central bank circular to be issued shortly, he added.

With the country’s main island of Luzon under lockdown since mid-March, the central bank has accelerated its stimulus in recent weeks as the government readies further fi scal support. It lowered its key rate by 50 basis points (bps) to 2.75% in an unscheduled move last Th ursday, bringing this year’s total reduction to 125bps. — Bloomberg

stakeholder in half of the country’s 10 largest companies by market value, including fl ag-carrier Singa-pore Airlines Ltd and DBS Group Holdings Ltd, Southeast Asia’s big-gest lender.

Th e company issued a response following “chatter based on an Asian talk show commentary”, it said. It reviews compensation practices across the fi nancial in-dustry annually, according to the statement.

“Th is is an added check to sup-port talent attraction and retention, within the context of our compen-sation framework,” Temasek said. “Incentives focus on long-term per-formance, and ensure employees share gains and pains alongside

Temasek’s shareholder during the economic cycles.”

Temasek does not disclose the salaries of its executives in its annu-al report, but describes its compen-sation framework as one bench-marked against relevant markets and includes incentives and claw-backs based on performance.

Among Singapore’s three biggest banks, Piyush Gup-ta, the CEO of DBS, had the largest pay at S$11.9 mil-lion including bonus and

deferred shares, according to its 2018 annual report. Th e heads of the other two banks each earned about S$10.6 million.

Ho, who uses Facebook to air her views on social media, has been vocal in defending Singa-

pore’s efforts to contain the Covid-19 spread.

She blasted critics last Friday, saying Singapore — which has seen cases soar to close to 6,000 —

was not alone in mis-reading the pandemic’s spread among patients

who do not display s y m p t o m s .

— Bloomberg

Hin Leong said to have failed to declare US$800m losses

SINGAPORE: Th e son of the leg-endary oil trader and founder of Hin Leong Trading (Pte) Ltd has said the Singapore-based compa-ny suff ered about US$800 million (RM3.5 billion) in losses from fu-tures trading that were not refl ect-ed in its fi nancial statements, ac-cording to people with knowledge of the matter.

Lim Chee Meng, the only son of Lim Oon Kuin, said he was unaware of the losses suff ered over some years and his father had instructed Hin Leong’s fi nance department to omit them from its fi nancial state-ments, according to the people with knowledge of last Friday’s email sent by the shipping arm of Hin Leong, Ocean Tankers (Pte) Ltd, notifying recipient parties of pro-posed moratorium proceedings.

Neither the son nor the father could be reached for comment yesterday. Nobody responded to calls or emails to Hin Leong or Ocean Tankers seeking comment. A spokeswoman for Rajah and Tann, one of Hin Leong’s advisers, said the fi rm is unable to comment be-cause the matter is before the court.

Hin Leong and Ocean Tankers both fi led for court protection from creditors last Friday as the former struggles to repay its debts, said to be up to US$4 billion.

Th e trader’s fi nancial distress has rocked the tightly knit trading community in Singapore, one of the world’s most important oil markets and its biggest ship fueling hub. It is raising speculation that the privately held company could be the latest casualty of the historic collapse in oil prices triggered by Covid-19.

Privately held Hin Leong post-

ed a positive equity of US$4.56 billion and net profit of US$78 million in the period ended Oct 31, according to the people, citing the email, which was signed off by Lim Chee Meng — also known as Evan Lim — and his sister Lim Huey Ching.

Bloomberg fi rst reported Hin Le-ong’s fi nancial diffi culties on April 10 after some lenders had pulled credit lines from Hin Leong amid concerns over its ability to fi nance its debts. It was said to owe almost US$4 billion to more than 20 banks including HSBC Holdings plc.

Lim Oon Kuin, known to many in the industry as OK Lim, would be resigning from all executive roles in Hin Leong, the Xihe Group, and related companies as of last Friday, according to the people, citing the email. He will also step down as director and managing director of Ocean Tankers. — Bloomberg

Philippine central bank to help in loans to small businesses

Filepic of Hin Leong’s Pu Tuo San supertanker in the waters off Singapore’s Jurong Island. Hin Leong and Ocean Tankers both fi led for court protection from creditors last Friday as the former struggles to repay its debts, said to be up to US$4 billion. Photo by Reuters

Ho has been vocal in defending Singapore’s eff orts to contain the Covid-19 spread. Photo by Reuters

1 8 W O R L D MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY

Australia wants probe into China’s handling ofCovid-19 pandemicMELBOURNE: Australia yester-day added to growing pressure on China over its handling of the Covid-19 pandemic, ques-tioning its transparency and demanding an international investigation into the origins of the virus and how it spread. Th e virus is believed to have emerged in a market selling wildlife in the central Chinese city of Wuhan late last year. Australia’s Foreign Minister, Marise Payne, said her concern about China’s transparency was at a “a very high point”. “Th e issues around the coronavirus are issues for independent re-view, and I think that it is im-portant that we do that,” Payne told ABC television. — Reuters

Seoul sees fewest new cases since start of surge SEOUL: South Korea posted the fewest number of new Cov-id-19 cases since an outbreak at a religious sect in late Feb-ruary spiked daily infections to almost 1,000. Th e govern-ment will keep in place its so-cial distancing until May 5 to prevent a fresh surge. South Korea’s Centers for Disease Control and Prevention said yesterday it confi rmed eight new cases in a 24-hour period, the lowest since Feb 20 when the number of infections began rising exponentially after a pa-rishioner of the 212,000-mem-ber Shincheonji church was confi rmed with the virus. — Bloomberg

UK not thinking of lifting lockdown — ministerLONDON: Britain is not con-sidering lifting the lockdown enacted almost four weeks ago to control the Covid-19 pan-demic given “deeply worrying” increases in the death toll, a senior minister said yester-day. Britain is at or near the peak of a health crisis in which more than 15,000 people have died — the fi fth highest na-tional death toll of a pandem-ic linked to at least 150,000 deaths worldwide. Cabinet Offi ce Minister Michael Gove told Sky News that a Buzz-feed report that the govern-ment was considering lifting the lockdown in phases over the coming months was not correct. — Reuters

Spain to extend nationallockdown into May MADRID: Spain is extending a nationwide lockdown to stem the spread of Covid-19, signal-ling that Europe’s worst-af-fected countries remain in the pandemic’s grip. Prime Min-ister Pedro Sanchez said he would ask lawmakers to ex-tend the lockdown until May 9 rather than lift it on April 25. “Spain has contained the brutal attack of the pandem-ic,” Sanchez said in a national-ly-televised speech. “Th e gains aren’t enough yet, and they are fragile.” — Bloomberg

I N BR I E FForeign governments condemn HK protest arrestsTh e authorities should not encroach on human rights — IBA

BY S C OT T M U R D O C H

BY FA R I S M O K H TA R

HONG KONG: Foreign govern-ments criticised the arrest of 15 Hong Kong democracy activists in a police sweep on charges of organising and participating in an-ti-government protests last year.

The arrests on Saturday were the biggest crackdown on the city’s pro-democracy movement since the outbreak of mass protests last year.

Th e International Bar Associ-ation (IBA) said the authorities should not encroach on human rights and the legal system must guard against any abuses of power when the world was preoccupied with the Covid-19 pandemic.

“Th e United States condemns the arrest of pro-democracy advo-cates in Hong Kong,” US Secretary of State Mike Pompeo said.

“Beijing and its representatives in Hong Kong continue to take ac-tions inconsistent with commit-ments made under the Sino-Brit-ish Joint Declaration that include transparency, the rule of law and guarantees that Hong Kong will continue to ‘enjoy a high degree of autonomy’,” he said.

Th e arrested supporters of the pro-democracy movement includ-ed Democratic Party founder and barrister Martin Lee, 81, millionaire publishing tycoon Jimmy Lai, 71, and former lawmaker and barrister Margaret Ng, 72.

Th e police said those arrested were aged between 24 and 81, and they were detained on charges of organising and participating in “un-lawful assemblies” on Aug 18 and Oct 1 and 20 last year.

Major and often violent demon-strations broke out across the for-mer British colony on those days.

Th ey were all due to appear in court on May 18. Police said more arrests were possible.

Some of those arrested were released on bail late on Saturday.

In Britain, a Foreign Offi ce rep-resentative said the government expected any arrests and court pro-cedures to be “conducted in a fair and transparent manner”.

Th e Foreign Offi ce also said the right to peaceful protest was “fun-damental to Hong Kong’s way of life” and authorities should avoid “actions that infl ame tensions”.

“Th e authorities should focus on rebuilding trust through a process of meaningful political dialogue,” it said.

Th e Hong Kong government de-fended the arrests, which the city’s Security Bureau said were carried out in line with the law.

“In Hong Kong, everyone is equal before the law ... No one has any special privileges,” said a bu-reau spokesman. — Reuters

SINGAPORE: Foreign workers here know they are currently safer in the city-state than elsewhere includ-ing their own countries, a minister said, even as a massive Covid-19 outbreak among that community shines a spotlight on cramped and oft-unsanitary lodging provided for the low-wage employees.

Th e workers from overseas are “appreciative” of eff orts that range from relieving overcrowding in current facilities, and measures to provide them with medical at-tention, food and remittance ser-vices, Transport Minister Khaw Boon Wan said in a Facebook post yesterday. Singapore is speeding up construction of additional dormi-tories, he said.

“Accommodation for foreign workers, especially construction workers, is getting top attention,”

Khaw said. Lodgings which are being accelerated were originally meant for workers at the peak of building Changi Airport’s Termi-nal 5, he said.

Manpower Minister Josephine Teo has vowed to raise standards of living in dormitories. Doing so is “not only the right thing to do but also in our own interests,” she said. “We should be willing to accept the higher costs that come with higher standards.”

To curb transmissions, authori-ties have shifted thousands of work-ers employed in essential services such as logistics, transportation and construction who were found to be free of the virus to temporary housing facilities.

They include vacant military camps, public housing units and fl oating lodgings commonly used in the marine and off shore indus-try. — Bloomberg

WASHINGTON: US President Donald Trump raised the prospect that China deliberately caused the Covid-19 outbreak that has killed over 38,000 Americans and said there should be consequences if the country is found to be “know-ingly responsible”.

“Let’s see what happens with their investigation. But we’re do-ing investigations also,” Trump said at a White House news con-ference on Saturday. “If it was a mistake, a mistake is a mistake. But if they were knowingly respon-sible, yeah, then there should be consequences.”

As scrutiny of Trump’s response to the outbreak has intensifi ed, congressional Republicans have sought to blame China for the Cov-id-19 outbreak, which emerged from the country’s Hubei province in late 2019.

Some Republican lawmakers have suggested the virus was re-leased from a laboratory during Chinese experiments, and have

floated a Bill that would allow Americans to sue China for dam-ages.

Republican political organi-sations have attacked Democrats who have defended the Chinese people or their leadership, in one case calling a Democratic House member a “Chinese asset” for his remarks.

“Our relationship with Chi-na was good until they did this,” Trump said on Saturday. “The question was asked, ‘would you be angry at China?’ Well, the an-swer might very well be a very re-sounding yes, but it depends: was it a mistake that got out of control, or was it done deliberately?”

Th e Trump campaign sent a fund-raising email last week that accused China of “lying” about the outbreak. But Trump himself has not been as harsh on the country. He praised China and its presi-dent, Xi Jinping, in January and February for its handling of the outbreak, complicating Republi-can eff orts to brand the country as a villain now. — Bloomberg

Trump suggests China may be ‘knowingly responsible’ for virusBY M A R I O PA R K E R

Foreign workers safer in Singapore than elsewhere — minister

A banner seen as anti-government demonstrators marched in protest against the invocation of the emergency laws in Hong Kong, China on Oct 14. The police say those arrested were aged between 24 and 81. Photo by Reuters

1 9

MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY

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

FBM KLCI 1,407.34 20.81 1.50FBM ACE 4,502.88 78.28 1.77FBM TOP 100 9,656.75 143.81 1.51FBM EMAS 9,774.94 149.94 1.56FBM MID 70 11,563.58 176.31 1.55FBM MIDS CAP 11,736.34 280.42 2.45FBM SMALL CAP 10,723.38 268.49 2.57FBM FLEDGLING 11,947.13 227.26 1.94FTSE4GOOD BURSA M’SIA 779.37 11.26 1.47FBM PALM OIL PLANTATION MYR N/A N/A N/AFBM EMAS SHARIAH 10,837.52 161.92 1.52FBM HIJRAH SHARIAH 12,378.70 208.76 1.72FBM MIDS CAP SHARIAH 11,263.10 285.27 2.60

INDICES CLOSE +/- %CHGCONSTRUCTION 160.79 4.01 2.56CONSUMER PRODUCTS & SERVICES 539.72 6.75 1.27ENERGY 726.79 7.83 1.09FINANCIAL SERVICES 12,646.95 201.28 1.62HEALTH CARE 1,407.37 10.71 0.77INDUSTRIAL PRODUCTS & SERVICES 119.02 3.21 2.77PLANTATION 6,336.11 56.64 0.90PROPERTY 589.06 6.66 1.14REAL ESTATE INVESTMENT TRUSTS 872.76 7.45 0.86TECHNOLOGY 34.69 0.85 2.51TELECOMMUNICATION & MEDIA 579.99 5.06 0.88TRANSPORTATION & LOGISTICS 604.79 9.52 1.60UTILITIES 936.52 26.37 2.90

INDICES CLOSE +/- %CHG

Sectorial Movement

CONSUMER PRODUCTS & SERVICES 0.925 0.530 0.730 0.715 0012 3A 0.715 0.005 259.4 0.720 11.96 2.80 351.8 0.250 0.040 0.090 0.065 5238 AAX 0.080 0.015 108262 0.079 — — 331.9 0.420 0.220 0.315 0.300 7120 ACOSTEC 0.315 UNCH 454.4 0.309 — — 61.3 1.830 0.910 1.100 1.070 6599 AEON 1.090 0.020 2172 1.086 14.01 3.67 1,530.4 0.180 0.040 0.080 0.075 7315 AHB 0.075 0.005 374.6 0.076 — — 13.2 2.150 0.500 0.810 0.740 5099 AIRASIA 0.785 0.065 85902.8 0.781 — 30.57 2,623.4 17.500 9.960 14.000 13.680 2658 AJI 13.840 0.160 15 13.856 15.07 3.40 841.5 5.991 4.500 4.900 4.830 6351 AMWAY 4.850 0.040 49.6 4.854 15.58 4.12 797.3 0.025 0.005 — — 5194 APFT 0.005 — — — 0.13 — 6.7 3.889 2.450 3.200 3.180 6432 APOLLO 3.200 UNCH 23.5 3.198 17.57 6.25 256.0 0.240 0.070 0.120 0.110 1481 ASB 0.110 UNCH 10086.5 0.115 1.36 2.27 102.2 0.580 0.350 0.400 0.380 7722 ASIABRN 0.400 0.020 1.3 0.395 7.66 — 93.1 2.477 1.300 1.750 1.700 7129 ASIAFLE 1.750 0.040 21 1.734 8.20 8.00 340.8 4.400 3.740 3.840 3.750 7048 ATLAN 3.840 0.010 13 3.796 39.22 5.21 974.0 0.200 0.020 0.065 0.060 8885 AVI 0.060 UNCH 5620.9 0.060 — — 56.7 34.397 9.260 11.660 11.200 4162 BAT 11.620 0.440 3543.7 11.497 9.60 10.15 3,317.9 2.688 0.935 1.380 1.280 5248 BAUTO 1.350 0.080 4440.7 1.354 9.99 8.11 1,570.8 1.773 1.000 1.160 1.150 5196 BJFOOD 1.150 UNCH 460 1.150 23.28 3.48 439.5 0.250 0.105 0.200 0.185 4219 BJLAND 0.190 UNCH 26555.5 0.191 — — 950.1 2.691 1.940 2.240 2.210 1562 BJTOTO 2.220 0.030 754.6 2.227 14.21 7.21 2,999.3 1.344 0.320 0.505 0.495 9288 BONIA 0.495 0.010 214.3 0.500 5.04 4.04 99.8 0.390 0.070 0.140 0.125 9474 BRAHIMS 0.130 UNCH 1106.2 0.135 — — 30.7 0.615 0.195 0.315 0.300 7174 CAB 0.300 0.005 2785 0.306 — 0.83 207.2 0.530 0.185 0.270 0.260 7154 CAELY 0.260 -0.005 328.4 0.264 — — 42.8 0.305 0.170 — — 7128 CAMRES 0.240 — — — 480.0 — 47.2 2.600 1.811 2.580 2.580 5245 CARING 2.580 UNCH 31 2.580 28.01 2.33 561.7 38.959 17.247 28.580 28.000 2836 CARLSBG 28.200 0.500 360.4 28.343 29.62 3.19 8,622.1 2.140 1.150 1.390 1.380 2925 CCB 1.380 -0.010 62 1.381 — — 139.0 0.633 0.300 0.510 0.495 7035 CCK 0.495 -0.005 1530.9 0.499 9.27 2.53 312.2 0.330 0.180 0.295 0.295 7209 CHEETAH 0.295 0.025 2.1 0.295 20.49 1.36 37.6 1.480 0.820 1.280 1.270 2828 CIHLDG 1.280 -0.010 6.5 1.277 6.71 6.25 207.4 0.095 0.030 0.050 0.040 5104 CNI 0.045 0.005 2872.2 0.045 — 6.67 32.4 0.045 0.020 0.030 0.020 5188 CNOUHUA 0.030 0.005 1742.2 0.025 150.00 — 20.0 2.114 1.390 1.710 1.710 7205 COCOLND 1.710 UNCH 22.2 1.710 10.53 6.73 391.2 1.026 0.552 0.670 0.630 7202 CSCENIC 0.660 0.030 212.2 0.655 12.74 7.58 79.5 0.491 0.240 — — 9423 CWG 0.360 — — — 14.29 4.17 45.5 0.035 0.020 0.030 0.025 7179 DBE 0.025 UNCH 8790.2 0.025 7.58 — 70.9 1.130 0.760 — — 7119 DEGEM 1.040 — — — 30.86 — 139.4 2.990 1.680 2.300 2.250 5908 DKSH 2.300 0.050 66.7 2.282 9.28 4.35 362.6 63.855 34.000 46.980 46.100 3026 DLADY 46.800 0.800 4.4 46.642 29.07 2.14 2,995.2 2.962 0.980 1.480 1.410 1619 DRBHCOM 1.440 0.050 6770.9 1.453 5.72 2.08 2,783.9 0.120 0.035 0.055 0.055 2097 EASTLND 0.055 UNCH 780 0.055 — — 17.8 0.634 0.390 0.490 0.430 5081 EIG 0.490 -0.005 22 0.485 15.61 6.12 116.2 0.065 0.020 0.045 0.035 7182 EKA 0.035 0.005 565.2 0.040 — — 10.9 0.250 0.080 0.135 0.130 9091 EMICO 0.130 UNCH 468.4 0.135 6.05 — 13.7 1.120 0.720 — — 7149 ENGKAH 0.850 — — — 77.98 7.06 60.1 0.975 0.080 0.975 0.870 7208 EURO 0.955 0.085 2030.2 0.933 — — 255.3 0.500 0.320 — — 7094 EUROSP 0.485 — — — — — 21.5 35.569 24.120 31.960 31.400 3689 F&N 31.520 0.160 47.3 31.521 27.81 1.90 11,560.9 0.720 0.560 0.565 0.565 2755 FCW 0.565 UNCH 2 0.565 9.00 17.70 141.2 0.518 0.350 0.475 0.475 6939 FIAMMA 0.475 0.015 0.5 0.475 9.03 4.21 242.3 0.480 0.100 0.460 0.435 8605 FIHB 0.440 -0.005 1888.8 0.446 6.27 — 48.0 1.680 0.997 1.370 1.330 9172 FPI 1.360 0.040 632.3 1.354 8.10 8.09 336.4 3.720 0.770 1.900 1.830 7184 G3 1.840 0.030 221.2 1.874 — — 861.2 3.260 1.500 2.230 2.180 5102 GCB 2.180 0.010 3679.1 2.208 8.27 1.15 2,199.8 0.500 0.300 0.340 0.330 5592 GCE 0.340 0.020 20.7 0.335 — — 67.0 3.790 1.830 2.270 2.180 4715 GENM 2.230 0.080 32807 2.228 9.03 4.93 13,241.8 6.830 2.910 3.990 3.800 3182 GENTING 3.950 0.200 11529.7 3.922 7.62 3.16 15,313.7 0.280 0.035 0.105 0.085 5079 GETS 0.100 0.015 5955.3 0.099 — — 12.6 0.165 0.070 0.125 0.115 0136 GREENYB 0.115 -0.005 864 0.118 12.64 1.39 38.4 2.624 1.120 1.640 1.580 7668 HAIO 1.620 0.070 337.3 1.610 14.24 3.70 486.5 3.920 2.890 3.200 3.150 5008 HARISON 3.180 0.080 16 3.170 8.67 6.29 217.8 0.155 0.030 0.060 0.060 5187 HBGLOB 0.060 0.005 1074 0.060 3.28 — 28.1 31.740 17.300 24.480 23.980 3255 HEIM 24.280 0.380 405.7 24.147 23.44 4.45 7,334.9 11.401 6.040 8.850 8.550 3301 HLIND 8.770 0.280 77.6 8.763 8.83 5.64 2,875.7 0.738 0.355 0.495 0.480 5160 HOMERIZ 0.490 0.010 403.5 0.490 5.86 6.12 147.0 0.936 0.745 0.915 0.895 5024 HUPSENG 0.910 0.015 700.1 0.907 17.53 6.59 728.0 0.350 0.150 0.310 0.300 8478 HWATAI 0.300 -0.010 47.5 0.307 — — 22.4 0.490 0.160 0.260 0.235 9113 ICONIC 0.250 0.020 1088.3 0.246 — — 80.9 0.090 0.055 0.085 0.080 7243 IMPIANA 0.080 UNCH 483.2 0.080 8.33 — 61.4 0.716 0.242 0.395 0.365 5295 INNATURE 0.370 0.010 4826.5 0.379 7.76 — 261.2 1.210 0.210 0.380 0.355 5107 IQGROUP 0.355 -0.025 36.9 0.358 — — 31.3 0.075 0.025 0.040 0.035 7223 JADI 0.035 UNCH 1060 0.038 — — 36.3 1.150 0.680 0.815 0.780 7152 JAYCORP 0.805 UNCH 91.7 0.798 5.73 12.42 110.5 0.420 0.130 0.210 0.190 8931 JERASIA 0.195 UNCH 2743.7 0.200 10.71 — 16.0 1.873 0.980 1.390 1.350 7167 JOHOTIN 1.370 0.030 1028.6 1.366 8.75 4.67 425.3 0.380 0.120 0.235 0.235 8672 KAMDAR 0.235 -0.010 0.1 0.235 261.11 — 46.5 0.643 0.260 0.430 0.420 5247 KAREX 0.420 UNCH 2888.7 0.426 — 1.19 421.0 1.654 0.815 1.400 1.310 7216 KAWAN 1.360 0.040 570.4 1.361 41.09 1.84 488.9 0.593 0.165 0.350 0.335 6203 KHEESAN 0.335 UNCH 2860.2 0.341 — 2.99 38.3 1.750 1.250 — — 7062 KHIND 1.550 — — — 33.33 — 62.1 3.110 0.295 1.800 1.740 7130 KPOWER 1.750 0.010 1557.2 1.765 30.17 — 146.6 0.120 0.035 0.075 0.075 5172 KSTAR 0.075 UNCH 80 0.075 — — 33.4 0.150 0.025 0.045 0.040 4847 KTB 0.040 UNCH 6597.7 0.040 — — 16.1 0.630 0.200 0.295 0.270 1643 LANDMRK 0.285 0.015 122 0.273 — — 150.7 3.932 1.774 2.050 2.050 7006 LATITUD 2.050 -0.020 6 2.050 61.56 2.93 199.3 0.530 0.160 0.345 0.335 9385 LAYHONG 0.340 UNCH 3423.2 0.340 11.56 1.47 224.5 0.888 0.325 0.475 0.460 8079 LEESK 0.475 0.015 73 0.464 9.54 5.26 79.7 1.161 0.430 0.590 0.575 6633 LHI 0.585 0.010 2485.2 0.582 13.70 — 2,135.3 3.181 1.570 2.080 2.000 7089 LIIHEN 2.080 0.090 489.3 2.049 4.78 7.45 374.4 0.395 0.010 — — 7126 LONBISC 0.020 — — — — — 5.8 0.170 0.080 0.125 0.120 8303 LOTUS 0.125 0.010 823.8 0.123 — — 86.2 1.360 0.968 1.150 1.070 7085 LTKM 1.150 UNCH 6.5 1.110 7.87 1.30 149.6 2.644 1.211 1.980 1.940 7087 MAGNI 1.960 0.060 694.8 1.966 7.22 5.00 850.5 2.792 1.700 2.150 2.100 3859 MAGNUM 2.120 0.030 1167.5 2.128 12.63 7.55 3,048.0 0.125 0.080 0.100 0.095 3514 MARCO 0.095 UNCH 375 0.095 6.29 3.16 100.2 1.360 0.748 — — 5886 MBG 1.330 — — — 1900 1.13 80.9 4.372 2.500 2.910 2.800 5983 MBMR 2.880 0.140 1082.2 2.896 4.92 4.51 1,125.8 0.530 0.155 0.235 0.200 7234 MESB 0.230 0.015 1122.4 0.219 4.20 — 21.0 0.741 0.335 0.505 0.480 3662 MFLOUR 0.495 0.020 6371.2 0.493 10.47 6.06 498.7 0.900 0.700 0.900 0.900 7935 MILUX 0.900 UNCH 0.1 0.900 — — 52.9 0.120 0.015 0.040 0.025 5166 MINDA 0.035 0.005 8478.8 0.033 — — 43.4 1.780 0.230 0.425 0.405 5202 MSM 0.415 0.010 17178.5 0.415 — — 291.7 0.255 0.050 0.100 0.090 3891 MUIIND 0.095 0.005 14151.9 0.093 — — 278.6 2.440 1.100 1.360 1.320 3905 MULPHA 1.340 0.030 454.2 1.340 — — 428.3 1.480 0.575 0.940 0.850 5275 MYNEWS 0.940 0.080 636.5 0.901 27.01 1.06 641.2 148.36 118.77 141.50 138.80 4707 NESTLE 138.800 -0.700 26.2 139.563 48.37 3.03 32,548.6 2.828 1.900 — — 7060 NHFATT 1.990 — — — 11.06 5.03 164.5 0.075 0.020 0.045 0.040 7139 NICE 0.040 UNCH 605.8 0.040 — — 28.1 0.242 0.055 0.095 0.090 7215 NIHSIN 0.090 0.005 910.1 0.090 — — 28.9 0.560 0.287 0.420 0.405 5066 NTPM 0.410 -0.005 580.8 0.412 — 3.90 460.5 0.580 0.300 0.480 0.425 5533 OCB 0.480 0.075 27.5 0.471 — — 49.4 0.820 0.290 0.495 0.455 0049 OCNCASH 0.455 -0.020 9241.5 0.472 15.69 3.19 111.6 0.882 0.450 0.640 0.615 7107 OFI 0.630 0.015 31.6 0.630 13.10 2.86 151.2 0.130 0.050 0.080 0.080 3018 OLYMPIA 0.080 UNCH 55 0.080 — — 81.9 6.580 4.500 5.200 5.040 4006 ORIENT 5.090 0.090 223.8 5.079 9.00 5.11 3,157.8 0.740 0.155 0.375 0.340 5260 OWG 0.350 0.025 2597.5 0.353 — — 99.8 3.956 1.780 2.450 2.380 7052 PADINI 2.400 0.050 2816.8 2.402 9.60 4.17 1,579.0 39.747 22.820 30.700 29.980 3719 PANAMY 30.300 0.700 8.7 30.311 16.84 7.46 1,840.6 0.446 0.230 0.280 0.260 5022 PAOS 0.260 UNCH 30 0.266 — 6.15 47.1 0.350 0.180 0.240 0.180 9407 PARAGON 0.240 -0.005 45 0.199 4.63 — 16.8 0.270 0.065 0.110 0.100 5657 PARKSON 0.105 UNCH 10724.4 0.104 — — 114.9 0.622 0.160 0.280 0.260 6068 PCCS 0.275 0.015 2928.8 0.271 4.55 5.45 57.9 0.590 0.185 0.315 0.305 5231 PELIKAN 0.305 0.005 2798.3 0.308 18.71 — 185.5 0.420 0.190 0.230 0.230 9997 PENSONI 0.230 UNCH 22.9 0.230 — — 29.8 1.070 0.480 0.765 0.705 7080 PERMAJU 0.735 0.020 7585.9 0.735 — — 144.0 26.046 17.500 21.860 21.000 5681 PETDAG 21.020 -0.440 154.7 21.203 25.16 3.33 20,882.4 0.149 0.075 — — 4081 PMCORP 0.115 — — — — 4.35 88.9 0.130 0.045 0.115 0.095 1287 PMHLDG 0.115 0.015 19773.9 0.104 — — 106.8 0.702 0.300 0.495 0.480 5080 POHKONG 0.490 -0.010 2083.8 0.487 5.90 2.45 201.1 1.558 0.690 0.900 0.870 7088 POHUAT 0.890 0.020 641.9 0.887 4.25 7.87 217.5 19.960 15.000 16.880 16.700 4065 PPB 16.740 0.020 498.6 16.788 20.66 2.45 23,814.3 1.300 0.055 0.195 0.185 7168 PRG 0.185 -0.005 4931 0.191 — — 76.8 1.100 0.305 0.535 0.520 8966 PRLEXUS 0.520 0.010 538.2 0.528 13.30 1.54 94.1 0.259 0.125 0.220 0.205 0186 PTRANS 0.215 UNCH 15768.9 0.212 7.71 5.81 305.9 0.846 0.350 0.540 0.520 7134 PWF 0.540 0.020 48.9 0.523 14.36 3.70 93.9 2.398 1.275 2.340 2.220 7237 PWROOT 2.270 0.010 417.6 2.285 20.69 3.92 932.0

8.650 6.461 8.200 8.070 7084 QL 8.150 0.030 1579.2 8.125 55.18 0.55 13,222.9 0.420 0.220 — — 9946 REX 0.310 — — — — — 76.5 0.215 0.100 0.150 0.140 0037 RGB 0.145 UNCH 14077.3 0.145 5.64 2.07 224.5 0.845 0.590 0.625 0.610 5278 RHONEMA 0.625 UNCH 50 0.618 13.16 4.80 122.2 1.014 0.255 0.545 0.445 0183 SALUTE 0.535 0.105 38114.7 0.490 — 4.49 207.6 0.400 0.080 0.180 0.165 5157 SAUDEE 0.180 UNCH 1410.6 0.174 — — 24.7 0.640 0.595 0.605 0.600 9792 SEG 0.605 UNCH 90 0.605 16.01 4.13 765.1 1.560 1.210 1.360 1.350 5250 SEM 1.360 UNCH 345.6 1.359 28.81 1.76 1,677.4 0.980 0.440 0.830 0.805 7180 SERNKOU 0.830 UNCH 1310.1 0.824 11.25 — 211.4 5.865 4.200 4.490 4.420 5517 SHANG 4.480 0.060 6.5 4.435 31.13 3.35 1,971.2 0.550 0.275 0.375 0.310 7412 SHH 0.375 0.065 13 0.350 — — 18.7 0.538 0.155 0.380 0.350 7246 SIGN 0.370 0.005 158 0.369 56.92 2.70 88.9 2.370 1.560 1.880 1.820 4197 SIME 1.850 0.030 8407.5 1.854 13.49 4.86 12,582.7 0.405 0.080 0.115 0.100 8532 SINOTOP 0.110 0.010 85.9 0.108 — — 43.4 0.210 0.060 0.115 0.105 9776 SMCAP 0.105 UNCH 280.8 0.112 2.92 — 22.4 0.400 0.185 0.195 0.195 7943 SNC 0.195 -0.005 13 0.195 — — 12.9 0.375 0.200 0.315 0.285 5242 SOLID 0.315 0.020 9058.6 0.297 73.26 — 124.6 2.400 1.700 2.000 1.960 7103 SPRITZER 1.960 0.010 23.2 1.968 13.16 1.79 411.6 0.775 0.250 0.410 0.390 7186 SWSCAP 0.405 0.005 61 0.394 — — 73.8 0.225 0.135 0.150 0.135 7082 SYF 0.145 0.005 864.9 0.143 — — 89.8 0.365 0.200 — — 7211 TAFI 0.280 — — — — — 22.4 1.605 0.980 1.150 1.150 4405 TCHONG 1.150 UNCH 28 1.150 17.19 3.48 772.8 1.500 0.770 — — 7439 TECGUAN 0.900 — — — 11.42 — 36.1 0.340 0.115 0.245 0.230 7200 TEKSENG 0.230 -0.015 1533.7 0.233 — — 83.0 1.387 0.650 1.070 1.060 7252 TEOSENG 1.070 0.010 381.2 1.063 5.42 5.61 321.0 1.386 0.899 — — 9369 TGL 0.900 — — — 5.58 5.56 36.7 0.600 0.240 0.470 0.450 7230 TOMEI 0.450 -0.020 1285.1 0.456 7.14 2.22 62.4 0.450 0.190 0.275 0.275 7176 TPC 0.275 UNCH 50 0.275 30.90 — 64.3 5.597 1.650 2.280 2.190 4588 UMW 2.210 0.040 1903.9 2.226 5.87 0.90 2,581.9 2.300 1.740 — — 7757 UPA 1.870 — — — 13.04 4.28 148.8 0.970 0.100 0.350 0.325 7240 VERTICE 0.325 -0.020 742.6 0.335 — — 61.3 1.110 0.680 0.800 0.780 7203 WANGZNG 0.800 -0.020 19 0.781 10.93 5.00 128.0 2.250 1.330 — — 5016 WARISAN 1.330 — — — — 3.01 89.4 0.175 0.065 0.085 0.070 5156 XDL 0.075 -0.005 163811 0.078 7.98 — 135.4 0.730 0.200 0.315 0.290 7121 XIANLNG 0.310 0.020 315.4 0.301 — — 24.8 2.340 1.700 1.950 1.950 5584 YEELEE 1.950 0.050 7 1.950 15.78 2.05 373.6 1.147 0.430 0.610 0.590 5159 YOCB 0.605 0.020 1020 0.601 6.09 8.26 96.8 1.583 0.950 1.060 1.030 5131 ZHULIAN 1.040 0.010 1653.7 1.044 9.66 7.69 478.4INDUSTRIAL PRODUCTS & SERVICES 0.095 0.040 0.065 0.060 7086 ABLEGRP 0.065 0.010 60.4 0.060 — — 17.2 2.400 1.680 1.970 1.900 9148 ADVPKG 1.900 -0.070 5.2 1.914 — 3.16 39.0 0.130 0.040 0.075 0.070 7146 AEM 0.075 0.010 163.3 0.070 — — 24.7 0.710 0.255 0.310 0.280 5198 AFUJIYA 0.310 0.010 43.7 0.292 30.10 — 55.8 0.330 0.160 0.225 0.200 2682 AISB 0.225 0.015 4.9 0.215 — — 32.5 0.570 0.200 0.335 0.325 7609 AJIYA 0.330 0.020 163.4 0.330 19.41 — 100.5 0.600 0.180 0.595 0.555 2674 ALCOM 0.565 0.005 637.5 0.578 226.0 — 75.9 1.139 0.815 — — 7083 ANALABS 0.845 — — — 17.53 3.55 101.4 0.770 0.380 0.620 0.610 4758 ANCOM 0.620 0.010 915.7 0.615 25.73 — 149.3 1.805 0.415 0.750 0.705 6556 ANNJOO 0.730 0.025 8371.4 0.733 — 16.44 408.7 0.045 0.010 0.025 0.020 9342 ANZO 0.025 0.005 4737.8 0.021 — — 22.0 0.600 0.355 0.425 0.410 5568 APB 0.410 -0.015 38.1 0.415 — — 46.3 2.937 1.500 1.740 1.680 5015 APM 1.740 0.040 38.9 1.721 12.49 6.90 350.8 0.565 0.270 0.390 0.380 7214 ARANK 0.390 0.005 24 0.386 5.88 6.41 66.3 0.750 0.370 0.510 0.500 7162 ASTINO 0.505 0.015 54.8 0.501 5.51 1.98 138.4 1.850 0.665 1.210 1.140 8176 ATAIMS 1.200 0.070 757.8 1.189 14.76 2.74 1,445.2 0.630 0.375 — — 7099 ATTA 0.445 — — — 4.06 — 94.9 0.761 0.195 0.385 0.365 7579 AWC 0.370 0.005 7345.9 0.375 7.06 4.05 110.6 0.338 0.115 0.175 0.160 5021 AYS 0.175 0.005 42.1 0.166 — 11.43 66.6 0.440 0.170 — — 7005 BIG 0.230 — — — — — 12.2 0.150 0.040 0.085 0.075 6998 BINTAI 0.075 UNCH 683.3 0.079 8.52 — 21.7 0.275 0.170 0.200 0.190 3395 BJCORP 0.195 UNCH 27623 0.195 — — 1,016.9 0.766 0.300 0.450 0.430 0168 BOILERM 0.440 0.005 109.7 0.438 8.26 4.55 227.0 0.050 0.010 0.025 0.020 7036 BORNOIL 0.025 0.005 3408.3 0.022 — — 133.5 1.240 0.815 — — 6297 BOXPAK 1.070 — — — — — 128.5 1.069 0.610 0.940 0.915 5100 BPPLAS 0.920 0.005 133.5 0.929 8.15 6.52 172.7 0.560 0.095 0.200 0.185 9938 BRIGHT 0.190 0.010 2546.3 0.190 23.75 — 39.0 0.390 0.080 0.205 0.160 7221 BSLCORP 0.165 -0.035 26.7 0.193 — — 16.2 1.400 0.345 0.465 0.440 2771 BSTEAD 0.440 UNCH 9747 0.452 — 11.36 891.9 0.230 0.050 0.100 0.100 7188 BTM 0.100 0.010 51.7 0.100 — — 14.1 3.941 1.600 2.560 2.480 5105 CANONE 2.560 0.090 252.4 2.522 0.70 1.56 491.9 0.015 0.010 — — 5229 CAP 0.010 — — — — — 13.6 1.250 0.680 0.825 0.820 7076 CBIP 0.820 0.010 110.4 0.824 11.70 3.66 441.4 2.120 0.590 0.940 0.905 2879 CCM 0.910 0.030 1401.8 0.923 9.54 5.49 152.6 0.885 0.400 0.660 0.565 8435 CEPCO 0.650 0.035 4.5 0.646 — — 48.5 1.200 1.070 — — 8044 CFM 1.070 — — — — — 43.9 0.595 0.300 — — 8052 CGB 0.370 — — — — — 33.3 0.902 0.392 0.515 0.515 5273 CHINHIN 0.515 0.015 177.8 0.515 14.84 3.88 286.5 1.884 0.680 1.050 0.970 5007 CHINWEL 1.010 0.070 239.6 1.000 8.48 4.80 302.5 1.652 0.700 0.860 0.840 5797 CHOOBEE 0.860 0.030 56.3 0.846 — 5.81 113.3 0.500 0.180 0.280 0.240 7016 CHUAN 0.270 0.030 113.4 0.250 — 4.07 45.5 0.045 0.020 0.025 0.025 7018 CME 0.025 UNCH 130 0.025 — — 14.6 3.648 0.830 1.360 1.300 2852 CMSB 1.320 0.020 28208 1.337 8.84 5.61 1,418.2 0.500 0.340 — — 7986 CNASIA 0.395 — — — — — 19.7 0.310 0.050 0.100 0.095 7195 COMCORP 0.095 UNCH 65 0.096 — — 13.3 1.060 0.605 1.060 1.000 2127 COMFORT 1.020 0.010 24429 1.022 17.47 1.47 594.6 0.030 0.010 0.015 0.015 5037 COMPUGT 0.015 UNCH 4220 0.015 — — 37.6 1.190 0.540 0.780 0.760 5094 CSCSTEL 0.770 0.010 1123.1 0.769 8.17 5.19 292.6 0.473 0.270 0.350 0.310 7157 CYL 0.345 -0.005 31.2 0.329 215.63 7.25 34.5 0.360 0.220 — — 5082 CYMAO 0.220 — — — — — 16.5 1.658 0.605 0.885 0.850 5184 CYPARK 0.865 0.030 7049.4 0.869 4.32 4.51 404.3 2.600 1.450 2.070 2.010 8125 DAIBOCI 2.010 UNCH 64 2.043 24.25 — 659.1 0.639 0.230 0.395 0.365 5276 DANCO 0.385 0.010 214.1 0.384 8.19 4.55 117.0 0.330 0.055 0.140 0.130 7212 DESTINI 0.135 0.005 6598.9 0.135 — — 166.1 0.660 0.185 0.260 0.250 7114 DNONCE 0.250 -0.010 84.7 0.257 119.05 — 65.6 0.280 0.025 0.065 0.060 5835 DOLMITE 0.060 UNCH 851.6 0.060 — — 18.8 0.180 0.025 0.060 0.055 5265 DOLPHIN 0.060 0.005 2490.5 0.055 — — 14.7 1.289 0.700 0.835 0.760 7169 DOMINAN 0.795 -0.025 864.7 0.802 8.33 6.29 131.4 5.000 1.823 3.470 3.330 7233 DUFU 3.390 0.110 1985 3.404 19.33 — 892.3 2.000 0.100 0.260 0.245 7165 DWL 0.245 -0.005 479.4 0.252 — — 57.0 0.095 0.025 0.050 0.045 5178 DYNACIA 0.050 UNCH 55.2 0.045 — — 26.8 3.459 1.880 2.640 2.590 1368 EDGENTA 2.640 0.040 195.4 2.613 12.08 5.30 2,195.5 0.220 0.050 0.100 0.095 0064 EFFICEN 0.095 UNCH 296.3 0.095 — — 67.4 0.500 0.195 0.320 0.295 8907 EG 0.300 0.025 6935.3 0.306 8.65 — 82.5 1.533 1.020 1.190 1.130 5208 EITA 1.190 0.060 26.5 1.143 6.12 5.04 154.7 0.800 0.385 0.460 0.450 9016 EKSONS 0.460 UNCH 4 0.455 — 10.87 75.5 0.530 0.155 0.270 0.260 7217 EMETALL 0.265 0.005 560.2 0.265 14.64 — 49.9 0.887 0.460 0.600 0.575 5056 ENGTEX 0.590 0.005 565.8 0.586 — 1.27 261.6 0.400 0.210 — — 7773 EPMB 0.250 — — — — — 41.5 0.405 0.090 0.175 0.160 5101 EVERGRN 0.170 0.015 13054.7 0.167 — 2.82 143.9 1.440 1.000 1.130 1.130 2984 FACBIND 1.130 0.020 40 1.130 97.41 0.88 96.2 3.020 1.710 2.170 2.080 7229 FAVCO 2.080 0.010 56.5 2.094 5.69 6.49 465.8 0.427 0.200 — — 0149 FIBON 0.300 — — — 12.15 2.40 29.4 1.830 1.010 1.340 1.320 3107 FIMACOR 1.320 -0.020 69 1.330 15.30 9.47 323.7 0.459 0.154 0.230 0.220 9318 FITTERS 0.225 UNCH 2909.2 0.226 24.73 — 108.1 1.636 0.610 0.710 0.690 5197 FLBHD 0.690 UNCH 77.2 0.695 — 21.01 73.7 1.010 0.295 0.710 0.665 5277 FPGROUP 0.695 0.040 55197.7 0.690 23.64 1.73 376.9 0.685 0.280 0.380 0.380 7197 GESHEN 0.380 0.030 6 0.380 — — 41.8 0.515 0.180 0.285 0.280 5220 GLOTEC 0.280 UNCH 83 0.280 — — 75.3 0.240 0.115 0.155 0.150 7192 GOODWAY 0.150 0.005 85 0.152 — — 23.7 0.145 0.070 0.080 0.080 7096 GPA 0.080 0.005 44.9 0.080 800.0 — 78.4 0.305 0.100 0.135 0.125 5649 GPHAROS 0.135 0.010 15 0.132 — 9.41 18.5 0.520 0.160 0.375 0.355 3247 GUH 0.355 -0.020 163.5 0.369 19.72 — 98.7 10.080 6.700 7.290 7.170 3034 HAPSENG 7.230 0.080 521.6 7.223 15.48 4.84 18,000.4 0.666 0.223 0.365 0.335 5095 HEVEA 0.360 0.025 8550.2 0.351 14.40 12.22 204.4 0.835 0.475 0.535 0.510 5151 HEXTAR 0.510 -0.015 1573.1 0.520 — 8.59 418.5 0.845 0.590 0.790 0.775 3298 HEXZA 0.790 0.010 265.5 0.783 19.41 6.33 158.3 0.279 0.090 0.190 0.155 5072 HIAPTEK 0.170 0.020 20022.3 0.174 23.61 2.94 228.5 1.260 0.895 — — 7033 HIGHTEC 0.990 — — — 11.47 3.54 40.2 0.605 0.415 0.510 0.495 8443 HIL 0.495 -0.015 21.6 0.499 7.69 3.54 165.3 0.750 0.340 0.420 0.420 5165 HOKHENG 0.420 UNCH 53 0.420 — — 37.0 0.572 0.260 0.310 0.305 5291 HPMT 0.305 UNCH 834.9 0.307 — 2.46 100.2 1.230 0.250 0.445 0.425 0185 HSSEB 0.440 0.010 720 0.437 200 — 218.2 1.860 0.647 1.190 1.140 5000 HUMEIND 1.150 -0.020 403.6 1.160 — — 571.7 0.215 0.060 0.215 0.185 9601 HWGB 0.215 0.030 29327.6 0.205 — — 108.7 2.286 1.854 2.130 2.080 7222 IMASPRO 2.130 -0.010 609 2.121 48.74 1.64 170.4 0.530 0.185 0.250 0.250 5673 IPMUDA 0.250 UNCH 0.3 0.250 — — 18.1 0.155 0.040 0.055 0.050 7183 IQZAN 0.050 -0.005 303.1 0.053 1.64 — 9.2 1.250 0.800 — — 7043 JADEM 0.820 — — — — — 104.0 0.120 0.065 0.075 0.070 8648 JASKITA 0.075 0.005 601 0.075 — — 33.7 1.560 1.150 1.180 1.150 0058 JCBNEXT 1.150 -0.020 70 1.165 15.93 3.48 158.5 0.180 0.050 0.095 0.075 9083 JETSON 0.090 -0.010 374.5 0.085 — — 19.0 0.200 0.085 0.145 0.140 0054 KARYON 0.145 0.005 980.2 0.141 9.80 3.10 69.0 0.553 0.270 — — 7199 KEINHIN 0.280 — — — 8.59 3.57 30.5 1.707 0.985 1.210 1.190 6491 KFIMA 1.210 0.020 179.2 1.200 10.45 7.44 341.5 1.430 0.590 1.090 1.030 0151 KGB 1.080 0.040 2234 1.069 13.57 1.67 336.4 0.300 0.110 — — 6211 KIALIM 0.165 — — — — — 10.2 1.250 0.700 — — 5371 KIMHIN 0.790 — — — — — 122.9 0.010 0.005 — — 5060 KINSTEL 0.005 — — — 25.00 — 5.2 2.370 1.172 1.590 1.560 9466 KKB 1.570 0.020 573.9 1.576 8.38 2.55 404.7 0.850 0.490 — — 5035 KNUSFOR 0.590 — — — 3.51 — 58.8 2.040 1.230 — — 6971 KOBAY 1.410 — — — 6.85 2.13 144.0 0.390 0.150 0.230 0.210 7017 KOMARK 0.210 -0.015 18240.8 0.222 — — 43.2 1.269 0.265 0.515 0.490 5843 KPS 0.495 -0.010 1203.6 0.506 9.52 8.59 266.0 0.540 0.265 — — 9121 KPSCB 0.380 — — — 8.64 — 56.2 4.858 3.300 3.650 3.560 3476 KSENG 3.640 0.130 46.2 3.599 14.79 2.75 1,315.8 0.590 0.200 0.305 0.290 5192 KSSC 0.300 -0.010 164.9 0.297 — 1.67 28.8 0.410 0.150 0.320 0.290 6874 KUB 0.305 0.015 3806.3 0.307 9.81 3.28 169.7 0.390 0.180 — — 8362 KYM 0.210 — — — — — 31.5 0.615 0.260 0.395 0.380 9326 LBALUM 0.390 0.015 123 0.386 6.21 3.85 96.9 3.853 0.975 1.670 1.540 5284 LCTITAN 1.580 0.080 47277.2 1.593 8.17 4.43 3,646.3 0.493 0.200 0.300 0.280 5232 LEONFB 0.295 0.015 288.3 0.295 16.30 5.08 91.5 0.260 0.060 0.115 0.110 8745 LEWEKO 0.115 -0.005 40 0.111 — — 37.0 0.300 0.090 0.120 0.120 7170 LFECORP 0.120 -0.005 96 0.120 133.3 — 26.9 0.665 0.120 0.230 0.210 4235 LIONIND 0.215 0.005 17683.3 0.221 — — 154.4 0.475 0.185 — — 8486 LIONPSIM 0.350 — — — 7.45 — 81.1 0.360 0.185 0.230 0.225 9881 LSTEEL 0.225 -0.005 20 0.227 — — 28.8 0.105 0.050 0.070 0.070 5068 LUSTER 0.070 UNCH 4720 0.070 14.58 — 152.2 0.581 0.320 0.490 0.470 5143 LUXCHEM 0.475 0.010 5136.1 0.481 11.12 4.74 425.5

* Volume Weighted Average Price # PE is calculated based on latest 12 months reported Earnings Per Share

MarketsB U R S A M A L A Y S I A M A I N M A R K E T

2 0 MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY



2.700 1.950 2.070 2.000 9199 LYSAGHT 2.070 0.030 2.2 2.045 9.38 3.38 86.1 0.590 0.170 0.325 0.295 5098 MASTEEL 0.300 0.010 4002.6 0.308 — — 135.8 3.200 0.605 1.610 1.530 7029 MASTER 1.550 0.020 4021.5 1.576 5.40 2.26 84.7 1.490 0.920 1.190 1.140 5152 MBL 1.190 0.050 331.4 1.164 6.19 3.78 127.8 0.730 0.285 0.330 0.325 7004 MCEHLDG 0.330 -0.010 27 0.328 — — 14.7 4.570 1.300 2.250 2.130 3794 MCEMENT 2.250 0.070 201.4 2.182 — — 1,911.8 0.385 0.090 0.200 0.175 3778 MELEWAR 0.185 UNCH 4376.8 0.188 1.95 — 66.5 0.680 0.240 0.380 0.310 5223 MENTIGA 0.380 0.035 36 0.322 8.62 — 26.6 1.738 1.080 — — 6149 METROD 1.300 — — — 28.20 4.62 156.0 0.360 0.180 0.240 0.220 5001 MIECO 0.235 0.010 1577.9 0.231 75.81 — 123.4 0.285 0.050 0.285 0.260 7219 MINETEC 0.280 0.020 166686 0.276 — — 268.7 0.400 0.155 0.290 0.270 5576 MINHO 0.270 0.025 6079.3 0.277 36.49 4.26 91.9 0.989 0.440 0.655 0.630 5916 MSC 0.640 0.015 119.3 0.636 7.62 3.13 256.0 0.085 0.015 0.030 0.025 0043 MTRONIC 0.030 0.005 14768.3 0.026 — — 37.4 1.836 0.835 1.330 1.260 3883 MUDA 1.300 0.080 2205.8 1.301 10.08 3.46 396.6 0.505 0.140 0.260 0.240 5087 MYCRON 0.240 0.005 143.1 0.250 — — 78.5 0.485 0.140 0.280 0.270 7241 NGGB 0.275 0.010 324.1 0.275 — — 146.2 0.230 0.065 0.150 0.130 5025 NWP 0.145 0.005 157.3 0.139 — — 62.6 0.687 0.330 0.450 0.450 4944 NYLEX 0.450 0.010 30 0.450 — 4.44 87.5 0.796 0.367 0.570 0.545 7140 OKA 0.555 0.005 481.7 0.559 10.95 7.03 136.2 1.420 0.700 1.030 0.990 5065 ORNA 0.990 -0.010 602.5 1.007 5.56 3.03 74.5 0.075 0.035 0.050 0.045 7225 PA 0.050 0.005 8564.2 0.045 20.00 — 112.2 0.690 0.421 0.690 0.680 8419 PANSAR 0.685 0.005 6695.7 0.685 30.86 1.46 316.5 0.562 0.246 0.365 0.355 5125 PANTECH 0.365 0.015 1222.2 0.361 6.85 5.48 274.1 8.849 4.000 5.690 5.390 5183 PCHEM 5.650 0.250 3748.8 5.630 16.03 3.19 45,200.0 1.222 0.649 0.820 0.780 5271 PECCA 0.815 0.020 412.2 0.809 9.25 7.98 153.2 4.778 2.820 3.830 3.610 5436 PERSTIM 3.830 0.050 12.6 3.775 11.59 7.83 380.3 1.530 0.600 0.940 0.885 5219 PESTECH 0.940 0.060 945.3 0.924 8.77 — 718.4 0.140 0.060 0.080 0.075 7201 PICORP 0.080 0.005 471.5 0.080 27.59 6.25 52.6 1.650 0.720 1.200 1.180 7095 PIE 1.180 UNCH 396.9 1.190 12.39 2.03 453.2 0.310 0.105 0.150 0.150 7163 PJBUMI 0.150 0.005 89.9 0.150 20.83 — 12.3 3.354 2.400 — — 7172 PMBTECH 2.980 — — — 21.30 0.67 627.7 5.216 2.740 3.900 3.830 8869 PMETAL 3.870 0.040 856.4 3.874 33.02 1.29 15,627.5 0.550 0.360 0.540 0.520 6637 PNEPCB 0.535 0.010 5301.1 0.533 — — 70.4 0.475 0.200 0.305 0.265 8117 POLY 0.265 -0.010 52 0.285 17.79 — 42.4 1.400 0.325 0.675 0.655 8273 PPHB 0.670 0.040 6688.6 0.663 5.35 0.37 126.4 0.684 0.210 0.350 0.340 9873 PRESTAR 0.340 -0.010 143.8 0.346 19.77 4.41 69.6 0.080 0.005 0.020 0.010 7123 PWORTH 0.020 0.005 65314.8 0.015 — — 81.9 1.430 0.720 — — 7544 QUALITY 0.800 — — — — — 46.4 0.320 0.180 — — 7498 RALCO 0.250 — — — — — 11.5 0.350 0.170 0.275 0.275 7232 RESINTC 0.275 0.015 6.2 0.275 6.69 9.09 37.7 0.200 0.085 0.125 0.120 9954 RGTBHD 0.120 UNCH 961.8 0.121 12.77 — 69.2 0.784 0.170 0.415 0.390 9741 ROHAS 0.390 UNCH 2996.5 0.405 10.66 3.85 184.3 1.150 0.404 1.150 1.060 7803 RUBEREX 1.080 -0.030 15553.9 1.098 24.00 1.85 272.4 3.980 2.700 3.100 3.070 5134 SAB 3.100 0.120 15.1 3.090 17.53 1.61 424.5 8.640 4.200 5.900 5.390 9822 SAM 5.770 0.390 287 5.700 8.93 3.02 779.9 0.741 0.350 0.515 0.500 5147 SAMCHEM 0.505 0.015 969.4 0.508 5.77 5.94 137.4 0.784 0.200 0.490 0.480 7811 SAPIND 0.490 0.005 8.7 0.485 14.89 10.20 35.7 0.410 0.100 0.200 0.195 5170 SCABLE 0.200 0.010 679.7 0.198 — — 63.4 1.680 0.755 1.320 1.270 7247 SCGM 1.270 -0.010 1621.9 1.294 74.71 1.57 245.9 3.490 0.545 2.500 2.290 9237 SCIB 2.460 0.130 785.8 2.406 69.89 — 211.3 1.280 0.480 0.765 0.740 0099 SCICOM 0.750 0.010 2680.3 0.752 12.42 6.67 266.6 9.765 5.960 8.090 7.860 4731 SCIENTX 8.080 0.230 988.2 8.043 10.80 2.48 4,168.3 0.360 0.065 0.130 0.120 7239 SCNWOLF 0.125 0.005 867.3 0.123 7.62 — 13.2 0.565 0.120 0.220 0.210 7073 SEACERA 0.215 UNCH 27218.4 0.215 — — 103.6 0.750 0.320 — — 5163 SEB 0.440 — — — — — 35.2 0.460 0.375 0.425 0.410 5181 SIGGAS 0.415 -0.005 414.9 0.418 — 1.20 77.8 0.680 0.380 — — 7115 SKBSHUT 0.400 — — — 6.43 — 16.0 1.590 0.660 1.150 1.080 7155 SKPRES 1.140 0.050 3649.2 1.114 16.17 3.37 1,425.2 1.373 0.690 0.790 0.760 7248 SLP 0.770 0.005 853.2 0.775 11.51 7.14 244.1 0.490 0.250 0.450 0.450 7132 SMISCOR 0.450 0.050 0.2 0.450 20.83 — 20.2 1.220 0.330 0.490 0.450 5665 SSTEEL 0.475 0.020 581.7 0.472 — — 283.2 0.905 0.380 — — 6904 SUBUR 0.440 — — — — — 92.0 1.100 0.400 0.600 0.585 7207 SUCCESS 0.590 0.005 980.3 0.594 8.31 4.58 147.3 1.805 1.207 1.650 1.600 5211 SUNWAY 1.610 0.010 2304.9 1.622 11.17 4.64 7,943.6 1.069 0.388 0.630 0.550 7235 SUPERLN 0.630 0.090 4955.9 0.590 11.13 4.84 100.8 6.800 4.100 5.600 5.600 4448 TASEK 5.600 UNCH 0.6 5.600 — — 692.3 0.235 0.030 0.075 0.065 7097 TAWIN 0.065 -0.010 7512.8 0.067 — — 23.2 0.898 0.480 0.610 0.575 5289 TECHBND 0.610 0.015 112.6 0.598 15.84 — 140.3 0.675 0.195 0.385 0.350 8702 TEXCHEM 0.370 UNCH 138.3 0.363 — 27.03 45.9 4.320 1.950 3.360 3.230 7034 TGUAN 3.300 0.080 544.2 3.301 8.27 2.42 613.8 1.389 0.760 0.940 0.910 7374 TIENWAH 0.940 0.075 12 0.915 — 5.85 136.1 0.680 0.230 — — 7854 TIMWELL 0.460 — — — 8.57 4.35 41.0 0.575 0.300 0.375 0.355 7285 TOMYPAK 0.375 0.015 343 0.371 — 0.80 157.6 3.509 1.230 1.740 1.700 5010 TONGHER 1.740 0.050 44.8 1.714 13.59 11.49 273.9 0.841 0.550 0.610 0.600 7173 TOYOINK 0.610 0.010 31.8 0.600 9.73 4.92 65.3 0.775 0.530 — — 5167 TURBO 0.640 — — — 22.70 3.13 69.1 2.820 1.700 2.370 2.270 7100 UCHITEC 2.280 -0.010 1488.6 2.297 13.48 6.36 1,028.7 0.800 0.230 0.360 0.340 7133 ULICORP 0.350 0.025 55.8 0.350 — — 76.2 1.993 1.430 1.700 1.700 7137 UMS 1.700 UNCH 18.8 1.700 16.67 3.53 69.2 0.945 0.690 — — 7227 UMSNGB 0.885 — — — 17.25 3.39 70.8 1.427 0.910 1.050 0.990 7091 UNIMECH 1.000 -0.010 28 1.002 6.82 4.80 158.8 0.400 0.180 0.230 0.215 4995 VERSATL 0.215 -0.005 180 0.221 — — 61.1 1.509 0.600 0.960 0.925 6963 VS 0.930 UNCH 20569.9 0.944 10.02 3.66 1,733.5 0.800 0.365 — — 7226 WATTA 0.495 — — — 21.71 — 41.8 1.235 0.550 0.835 0.795 7231 WELLCAL 0.830 0.040 674.9 0.821 11.34 6.87 413.3 0.700 0.430 0.550 0.550 7692 WIDETEC 0.550 0.050 12.3 0.550 19.43 — 24.6 0.633 0.273 0.395 0.385 7050 WONG 0.390 0.005 208.6 0.393 7.96 4.28 44.7 0.810 0.400 — — 7025 WOODLAN 0.450 — — — — — 18.0 1.200 0.645 0.660 0.650 5009 WTHORSE 0.660 0.010 22.2 0.658 — — 158.4 0.681 0.200 0.360 0.280 4243 WTK 0.355 0.075 31519.7 0.334 — 4.23 170.9 0.305 0.050 0.135 0.130 7245 WZSATU 0.130 -0.005 771.3 0.132 — — 66.5 0.650 0.395 0.425 0.425 5048 YILAI 0.425 0.025 10 0.425 — — 61.9 0.170 0.060 0.090 0.085 7020 YKGI 0.090 0.005 220.2 0.085 9.28 — 31.6 0.300 0.150 0.180 0.165 7014 YLI 0.180 -0.005 28.6 0.172 — — 18.5CONSTRUCTION 0.458 0.210 0.290 0.280 5281 ADVCON 0.290 0.015 775 0.285 10.78 2.07 117.1 0.170 0.050 0.115 0.075 7145 AGES 0.115 0.040 92375.6 0.100 3.80 — 57.7 2.050 1.010 1.520 1.440 5293 AME 1.510 0.050 859.8 1.495 8.31 — 644.9 0.560 0.115 0.230 0.220 7078 AZRB 0.220 UNCH 2493.9 0.226 — 4.05 131.5 0.230 0.045 0.095 0.090 5190 BENALEC 0.095 0.005 4522.7 0.093 — — 81.9 0.189 0.030 0.060 0.055 5932 BPURI 0.060 0.005 2744.8 0.055 75.00 — 45.8 0.800 0.520 0.610 0.610 8761 BREM 0.610 0.020 3 0.610 5.78 6.56 210.7 1.100 0.555 0.825 0.790 8591 CRESBLD 0.825 0.045 2113.9 0.809 7.17 5.45 146.0 1.900 1.380 — — 7528 DKLS 1.610 — — — 25.64 1.86 149.2 0.874 0.300 0.525 0.495 5253 ECONBHD 0.520 0.030 9813.7 0.510 11.13 0.96 695.5 1.027 0.285 0.500 0.480 8877 EKOVEST 0.485 0.005 59189.4 0.490 8.28 2.06 1,287.6 0.499 0.140 0.280 0.270 7047 FAJAR 0.275 0.010 2584.3 0.273 3.84 5.45 102.8 0.941 0.225 0.395 0.380 9261 GADANG 0.380 0.005 11705.6 0.385 7.10 3.16 276.7 4.237 2.360 3.280 3.180 5398 GAMUDA 3.240 0.090 2799.4 3.243 11.29 3.70 8,143.8 1.514 0.595 0.825 0.805 5226 GBGAQRS 0.815 0.015 860.6 0.812 10.36 1.84 403.1 1.339 0.430 0.715 0.685 3204 GKENT 0.690 0.015 4676.7 0.700 6.83 — 388.7 0.695 0.240 0.450 0.420 5169 HOHUP 0.450 0.035 938.5 0.443 3.37 — 185.6 1.477 0.960 1.030 1.020 6238 HSL 1.020 0.010 35 1.021 10.15 2.35 594.3 2.475 1.150 1.760 1.720 3336 IJM 1.750 0.050 5580.3 1.744 15.03 2.29 6,368.8 0.290 0.010 0.045 0.035 5268 IKHMAS 0.040 0.005 4577.3 0.040 — — 23.5 0.610 0.270 0.360 0.340 8834 IREKA 0.360 0.020 169.2 0.346 — — 67.2 1.570 0.620 1.070 1.000 4723 JAKS 1.030 0.040 42585.7 1.033 5.60 — 670.7 1.466 0.785 1.070 1.020 7161 KERJAYA 1.070 0.020 112.9 1.046 9.42 3.27 1,328.9 1.460 0.510 0.710 0.695 5171 KIMLUN 0.700 0.020 1008.8 0.702 4.02 5.29 237.9 1.110 0.720 — — 9628 LEBTECH 0.950 — — — — — 129.7 0.504 0.295 0.380 0.375 5129 MELATI 0.380 0.030 150 0.380 18.01 2.63 45.6 0.830 0.420 0.610 0.550 8192 MERCURY 0.610 0.060 17.8 0.575 — — 24.5 0.815 0.330 0.570 0.570 7595 MGB 0.570 -0.005 1 0.570 21.11 — 285.9 0.422 0.150 0.240 0.230 9571 MITRA 0.235 UNCH 989.7 0.234 — 6.38 210.6 0.250 0.065 0.125 0.125 5924 MTDACPI 0.125 -0.025 20.9 0.125 — — 29.0 0.555 0.145 0.310 0.290 5085 MUDAJYA 0.300 0.010 6262.1 0.300 — — 181.6 2.826 0.720 1.130 1.040 5703 MUHIBAH 1.070 0.040 10378.7 1.086 13.61 7.01 519.2 0.370 0.185 0.250 0.220 7071 OCR 0.245 0.025 11932.9 0.239 8.81 — 83.0 0.900 0.650 0.760 0.760 5622 PEB 0.760 -0.030 9.9 0.760 — — 52.5 0.255 0.130 0.195 0.190 8311 PESONA 0.195 0.005 682 0.192 11.40 5.13 135.5 0.425 0.110 0.210 0.200 5070 PRTASCO 0.205 UNCH 2935.2 0.205 16.94 5.85 101.6 3.303 1.800 2.700 2.550 9598 PTARAS 2.650 0.050 16.7 2.614 8.67 7.55 439.5 0.405 0.090 0.200 0.185 6807 PUNCAK 0.190 UNCH 8148.8 0.193 — 2.63 85.4 0.525 0.140 0.245 0.230 5205 SENDAI 0.240 0.015 670.9 0.236 13.64 — 187.5 1.810 0.650 0.700 0.650 5006 STELLA 0.650 UNCH 6 0.692 — — 43.6 2.110 1.250 1.850 1.780 5263 SUNCON 1.780 -0.020 870.5 1.816 17.76 3.93 2,301.4 0.260 0.175 0.185 0.175 9717 SYCAL 0.175 -0.005 150.1 0.180 13.26 — 72.9 0.741 0.200 0.305 0.295 5054 TRC 0.295 UNCH 1596.5 0.299 7.14 6.44 141.7 0.595 0.180 — — 5042 TSRCAP 0.250 — — — — — 43.6 1.350 0.400 — — 0301 UNIWALL 1.350 — — — 50.00 0.31 493.7 1.170 0.215 0.375 0.360 7070 VIZIONE 0.370 UNCH 7742.7 0.369 4.68 — 228.9 0.579 0.145 0.280 0.255 3565 WCEHB 0.265 0.025 15468.4 0.266 — — 343.6 1.220 0.245 0.510 0.490 9679 WCT 0.500 0.015 11834.3 0.501 — — 709.1 0.700 0.225 0.400 0.365 7028 ZECON 0.400 0.030 477.5 0.390 2.04 — 57.6 0.110 0.030 0.065 0.060 2283 ZELAN 0.060 -0.005 737.7 0.063 18.75 — 50.7HEALTH CARE 0.970 0.280 0.600 0.570 7191 ADVENTA 0.575 -0.010 2633.6 0.582 3.97 — 87.9 2.500 1.770 2.250 2.240 7090 AHEALTH 2.250 0.010 78.1 2.248 20.07 2.16 1,062.8 1.780 1.050 1.620 1.580 7148 DPHARMA 1.580 UNCH 1318.5 1.598 19.22 3.16 1,081.3 7.800 4.593 7.800 7.670 5168 HARTA 7.680 0.050 7263.8 7.729 62.90 0.96 25,984.6 5.895 4.516 5.290 5.200 5225 IHH 5.220 -0.010 7907.2 5.239 98.68 0.77 45,800.2 5.700 3.517 5.680 5.570 7153 KOSSAN 5.570 -0.010 3261.5 5.595 31.70 1.08 7,123.7 2.330 1.555 2.050 2.000 0002 KOTRA 2.050 0.070 17.2 2.001 11.12 4.34 297.8 1.029 0.716 0.900 0.885 5878 KPJ 0.885 -0.015 2647.2 0.889 17.66 2.26 3,931.1 2.845 0.910 1.750 1.690 7081 PHARMA 1.720 0.010 1090.2 1.727 — 9.01 449.3 0.135 0.050 — — 0302 SMILE 0.075 — — — 22.73 1.60 75.1 1.990 1.281 1.990 1.890 7106 SUPERMX 1.960 0.070 29495.9 1.955 24.97 1.82 2,666.2 0.820 0.365 0.500 0.490 0101 TMCLIFE 0.500 0.010 440.8 0.496 29.94 0.40 870.9 6.880 4.172 6.880 6.730 7113 TOPGLOV 6.800 0.070 8769.6 6.812 46.26 1.10 17,431.8 0.545 0.426 — — 0301 TOPVISN 0.545 — — — 82.58 — 139.3 2.799 1.450 1.890 1.850 7178 YSPSAH 1.870 0.030 155.5 1.871 11.31 3.74 261.2FINANCIAL SERVICES 3.875 1.480 1.940 1.900 2488 ABMB 1.920 0.030 2983.2 1.925 6.76 7.40 2,972.4 16.602 7.700 9.040 8.750 5139 AEONCR 8.980 0.240 802.6 8.957 8.36 4.04 2,277.5 2.240 1.250 1.580 1.520 5185 AFFIN 1.570 0.040 364.5 1.559 6.38 3.18 3,118.1 16.313 11.400 14.380 14.160 1163 ALLIANZ 14.200 0.080 81.9 14.224 6.96 3.59 2,511.8 4.344 2.820 3.150 3.060 1015 AMBANK 3.100 0.040 5439.9 3.116 6.01 6.77 9,344.0 1.020 0.615 0.725 0.680 5088 APEX 0.680 UNCH 27.4 0.690 22.82 2.94 145.2

4.581 2.790 3.440 3.280 5258 BIMB 3.400 0.120 1646.8 3.379 7.60 4.71 6,095.1 6.872 4.320 5.940 5.880 1818 BURSA 5.880 0.030 1385.6 5.903 25.63 3.54 4,754.0 5.238 3.090 3.650 3.590 1023 CIMB 3.630 0.080 18092.5 3.635 7.72 7.16 36,020.4 0.295 0.140 0.250 0.190 2143 ECM 0.230 0.010 57.3 0.200 — — 110.4 1.728 1.090 1.240 1.210 5228 ELKDESA 1.230 0.030 196.7 1.224 9.90 5.69 365.5 19.882 11.700 13.800 13.500 5819 HLBANK 13.740 0.260 700.4 13.746 10.57 3.64 29,784.4 10.100 7.327 — — 5274 HLCAP 9.380 — — — 31.19 2.35 2,315.9 18.826 9.750 13.480 12.860 1082 HLFG 13.400 0.540 205.7 13.332 7.93 3.13 15,376.7 0.910 0.350 0.585 0.575 3379 INSAS 0.585 0.015 1219.9 0.582 4.06 5.98 405.6 0.100 0.030 0.060 0.055 3441 JOHAN 0.060 0.005 212.9 0.055 — — 37.4 0.567 0.325 0.450 0.430 6483 KENANGA 0.435 -0.005 239.7 0.445 11.54 7.47 314.4 2.125 0.880 1.350 1.300 2186 KUCHAI 1.350 0.090 9.7 1.313 27.78 1.04 167.1 15.536 9.900 13.240 12.780 8621 LPI 13.200 0.500 121.2 13.137 16.31 5.30 5,258.7 0.993 0.530 0.735 0.690 1198 MAA 0.720 0.040 136.3 0.721 — 12.50 196.8 2.850 1.650 1.920 1.870 1058 MANULFE 1.920 0.010 3.1 1.878 14.87 3.65 388.6 8.384 6.654 7.740 7.610 1155 MAYBANK 7.700 0.120 5771.9 7.709 10.49 8.31 86,558.5 0.954 0.460 0.625 0.610 1171 MBSB 0.615 0.010 4176.5 0.620 5.57 8.13 4,128.7 1.159 0.465 0.755 0.730 6459 MNRB 0.730 0.005 2043.7 0.741 3.66 3.42 571.7 1.190 0.490 0.780 0.730 5237 MPHBCAP 0.740 0.010 72.5 0.746 15.45 — 529.1 0.944 0.800 0.815 0.810 6009 P&O 0.815 0.015 58 0.813 — 5.33 234.0 22.894 12.580 16.200 16.000 1295 PBBANK 16.040 0.100 4023.1 16.053 11.30 4.55 62,269.5 1.840 1.220 1.610 1.580 9296 RCECAP 1.610 0.030 602.8 1.597 5.25 6.21 600.4 5.980 4.230 4.840 4.790 1066 RHBBANK 4.800 0.010 2430.5 4.813 7.76 5.31 19,248.2 0.652 0.328 0.505 0.490 4898 TA 0.495 UNCH 662.1 0.495 5.78 2.02 847.4 6.936 2.930 4.530 4.310 6139 TAKAFUL 4.450 0.160 2054.5 4.473 10.08 4.49 3,679.2 0.765 0.200 0.335 0.310 5230 TUNEPRO 0.320 0.015 5451.2 0.323 4.75 9.38 240.6PROPERTY 0.335 0.165 — — 7131 ACME 0.195 — — — 6.29 — 48.5 0.549 0.260 0.340 0.325 1007 AMPROP 0.325 -0.005 125.6 0.331 9.62 9.23 238.3 0.330 0.115 — — 7007 ARK 0.150 — — — — — 9.5 0.150 0.055 0.095 0.090 4057 ASIAPAC 0.095 UNCH 395.7 0.091 2.28 — 98.5 6.210 3.800 — — 2305 AYER 5.500 — — — 30.93 0.91 411.7 0.395 0.190 0.280 0.280 6602 BCB 0.280 0.010 25 0.280 2.36 — 115.5 0.435 0.190 0.280 0.270 6173 BDB 0.270 UNCH 220.1 0.271 16.17 — 82.0 0.285 0.110 — — 9814 BERTAM 0.180 — — — — — 37.2 0.315 0.245 0.270 0.265 3239 BJASSET 0.265 0.005 221 0.265 — — 677.9 1.580 0.800 0.970 0.955 5738 CHHB 0.970 0.015 6.4 0.965 — — 267.4 1.293 0.770 0.880 0.880 6718 CRESNDO 0.880 0.035 6 0.880 8.80 6.82 246.8 1.500 0.920 — — 5049 CVIEW 1.000 — — — 4.02 3.00 100.0 0.520 0.150 0.270 0.255 3484 DBHD 0.270 0.015 805.8 0.266 3.59 — 86.0 0.090 0.035 0.060 0.060 7198 DPS 0.060 UNCH 435 0.060 2.86 — 35.3 0.866 0.300 0.440 0.405 3417 E&O 0.410 0.010 11705.5 0.416 11.55 7.32 597.3 0.390 0.290 0.350 0.340 3557 ECOFIRS 0.345 UNCH 143.9 0.347 11.69 — 279.0 0.945 0.295 0.425 0.410 8206 ECOWLD 0.415 UNCH 15411.4 0.415 5.91 — 1,221.9 0.400 0.205 0.255 0.230 6076 ENCORP 0.255 -0.020 150.4 0.235 — — 78.2 1.520 0.900 — — 8613 ENRA 1.050 — — — — 2.86 143.0 0.747 0.380 0.530 0.470 6815 EUPE 0.530 0.010 73 0.487 1.78 2.83 67.8 0.735 0.185 0.305 0.290 7249 EWEIN 0.295 0.010 3028.2 0.299 2.11 1.69 89.0 1.140 0.310 0.420 0.405 5283 EWINT 0.410 UNCH 5599.3 0.411 5.81 — 984.0 0.360 0.165 0.225 0.220 6041 FARLIM 0.220 -0.005 192 0.223 — — 37.0 0.384 0.240 0.315 0.295 5020 GLOMAC 0.315 0.015 632.9 0.306 7.57 2.54 252.0 0.350 0.170 0.250 0.235 9962 GMUTUAL 0.250 0.010 85.1 0.238 8.20 2.00 93.9 0.290 0.135 0.210 0.200 1147 GOB 0.210 UNCH 290 0.207 — — 95.5 0.776 0.370 0.595 0.560 1503 GUOCO 0.590 0.030 211.4 0.568 — 3.39 413.3 1.300 1.180 1.210 1.200 7105 HCK 1.210 0.010 423.4 1.203 73.78 — 513.1 0.635 0.345 — — 7010 HOOVER 0.450 — — — — — 18.0 0.465 0.145 0.250 0.245 5062 HUAYANG 0.245 UNCH 236.5 0.247 — — 86.2 0.374 0.095 0.165 0.155 4251 IBHD 0.165 0.010 4402 0.161 6.82 10.61 184.2 0.720 0.305 0.590 0.590 5084 IBRACO 0.590 -0.010 1.4 0.590 8.56 2.97 292.9 1.900 0.900 1.150 1.100 9687 IDEAL 1.150 0.050 9.5 1.127 5.49 — 534.8 4.060 2.400 2.550 2.480 5606 IGBB 2.500 0.010 687.8 2.509 8.18 0.40 2,221.3 1.393 0.825 0.970 0.950 5249 IOIPG 0.965 0.010 1757.6 0.963 7.92 3.11 5,313.4 0.220 0.115 0.140 0.130 5175 IVORY 0.140 0.010 990.2 0.135 17.72 17.86 68.6 1.313 0.275 0.505 0.485 1589 IWCITY 0.495 0.010 21767 0.495 — — 414.5 0.380 0.290 0.350 0.350 8923 JIANKUN 0.350 UNCH 10.9 0.350 13.57 — 58.4 0.090 0.045 0.070 0.065 6769 JKGLAND 0.070 0.005 741.3 0.065 9.33 1.43 159.2 0.669 0.340 — — 7323 KEN 0.430 — — — 34.13 3.49 82.4 1.100 0.400 0.490 0.490 7077 KPPROP 0.490 0.015 15 0.490 8.29 — 98.1 0.915 0.405 0.580 0.565 5038 KSL 0.570 0.005 852.3 0.571 2.34 — 591.4 0.154 0.050 0.090 0.085 3174 L&G 0.090 UNCH 2244.2 0.086 7.69 11.11 267.6 0.784 0.345 0.400 0.400 8494 LBICAP 0.400 -0.010 10 0.400 5.71 12.50 40.6 0.607 0.310 0.375 0.365 5789 LBS 0.365 UNCH 5828.4 0.368 5.92 4.93 572.0 0.300 0.175 0.210 0.205 3573 LIENHOE 0.210 0.010 43 0.207 — — 76.0 1.250 0.720 0.780 0.780 7617 MAGNA 0.780 UNCH 8.5 0.780 — — 261.2 0.921 0.305 0.450 0.430 8583 MAHSING 0.435 0.015 16179.6 0.438 9.69 10.34 1,056.0 0.674 0.235 0.375 0.370 6181 MALTON 0.375 0.005 525.6 0.375 6.74 4.00 198.1 1.923 1.217 1.710 1.700 5236 MATRIX 1.710 UNCH 361.8 1.704 5.57 7.02 1,426.5 1.697 0.890 1.000 0.940 7189 MBWORLD 0.955 UNCH 180.1 0.967 2.75 8.48 150.3 0.525 0.070 0.185 0.170 5182 MCT 0.175 UNCH 18050.9 0.176 6.01 — 255.0 0.400 0.200 0.260 0.240 1694 MENANG 0.260 0.010 14.1 0.245 — — 125.0 0.320 0.040 0.060 0.055 5040 MERIDIAN 0.055 -0.005 308 0.057 — — 32.4 0.415 0.180 0.320 0.310 8141 MJPERAK 0.320 UNCH 60 0.312 — — 90.5 1.860 0.810 1.040 0.990 6114 MKH 1.010 0.020 629.9 1.014 7.07 3.96 592.4 0.200 0.050 0.135 0.125 8893 MKLAND 0.130 UNCH 3508.7 0.130 31.71 — 156.9 0.165 0.055 0.075 0.070 6548 MPCORP 0.070 0.005 308.4 0.070 — — 20.1 1.125 0.280 0.525 0.505 1651 MRCB 0.505 -0.005 15320.5 0.512 93.52 1.98 2,228.1 0.540 0.240 — — 9539 MUH 0.315 — — — — — 17.8 0.255 0.145 0.190 0.180 3913 MUIPROP 0.190 0.005 770.9 0.185 9.18 — 145.2 1.410 0.335 0.660 0.630 5073 NAIM 0.640 0.010 13397.4 0.645 5.69 — 328.8 2.150 1.580 — — 5827 OIB 1.800 — — — 6.30 4.44 278.7 1.050 0.640 0.810 0.790 5053 OSK 0.810 0.020 702.2 0.805 4.08 6.17 1,697.2 1.277 0.630 0.740 0.725 1724 PARAMON 0.725 UNCH 1474.5 0.732 5.07 8.68 445.5 0.420 0.150 0.225 0.210 6912 PASDEC 0.225 0.015 32.6 0.216 — — 90.1 1.080 0.750 — — 3611 PGLOBE 0.750 — — — 65.79 — 140.0 0.015 0.005 0.005 0.005 4464 PHB 0.005 UNCH 220 0.005 — — 50.0 1.600 0.980 — — 7055 PLB 1.320 — — — 17.37 — 148.4 1.493 0.735 1.200 1.140 5075 PLENITU 1.200 0.060 203.9 1.183 14.56 3.75 457.8 6.170 5.430 5.980 5.800 7765 RAPID 5.980 0.150 171.2 5.904 129.44 — 639.2 0.720 0.345 0.435 0.405 4596 SAPRES 0.435 0.035 1 0.408 — — 60.7 0.498 0.180 0.380 0.380 5207 SBCCORP 0.380 UNCH 30 0.380 5.40 2.63 98.1 0.695 0.325 0.440 0.430 2224 SDRED 0.440 UNCH 7.2 0.438 8.32 4.55 187.5 0.360 0.120 0.225 0.215 4286 SEAL 0.225 0.010 8.9 0.216 6.72 — 54.7 2.712 1.689 1.910 1.880 6017 SHL 1.910 0.010 20.6 1.893 10.53 7.85 462.5 1.119 0.460 0.610 0.575 5288 SIMEPROP 0.600 0.025 12301 0.587 6.82 6.67 4,080.5 0.185 0.070 0.095 0.095 4375 SMI 0.095 UNCH 127 0.095 — — 19.9 0.410 0.090 0.150 0.130 5213 SNTORIA 0.135 0.005 358.3 0.137 — — 76.6 2.288 0.550 0.770 0.750 8664 SPSETIA 0.755 0.005 5394.2 0.762 9.97 1.32 3,052.1 0.920 0.370 0.430 0.430 3743 SUNSURIA 0.430 UNCH 3 0.430 2.56 — 385.2 0.465 0.250 0.380 0.355 1538 SYMLIFE 0.380 0.005 1209.9 0.370 1.89 2.63 228.2 0.330 0.120 0.215 0.200 4022 TADMAX 0.205 UNCH 1622.4 0.209 6.43 — 160.7 0.275 0.180 0.235 0.235 5158 TAGB 0.235 -0.005 1029.6 0.235 10.83 6.81 1,250.6 0.045 0.010 0.025 0.020 2259 TALAMT 0.020 -0.005 3861.5 0.020 3.33 — 85.9 0.769 0.360 0.535 0.525 5191 TAMBUN 0.535 0.015 97.1 0.530 4.76 4.58 231.9 0.080 0.020 0.055 0.040 2429 TANCO 0.050 -0.005 12285.1 0.047 — — 41.5 0.480 0.140 0.205 0.190 7889 THRIVEN 0.195 0.005 3425.9 0.198 6.00 — 106.7 0.135 0.030 0.085 0.070 7079 TIGER 0.085 0.015 30475.4 0.078 — — 124.5 0.320 0.240 0.260 0.255 5239 TITIJYA 0.260 UNCH 229 0.258 20.97 0.58 352.3 0.940 0.720 0.810 0.790 5401 TROP 0.790 -0.010 1406.1 0.794 3.41 3.42 1,161.6 1.020 0.275 0.425 0.405 5148 UEMS 0.410 UNCH 11273.5 0.413 8.32 — 1,860.3 2.350 1.380 1.620 1.600 5200 UOADEV 1.610 0.010 766.7 1.610 7.65 8.70 3,167.1 0.150 0.035 0.060 0.060 6378 WMG 0.060 UNCH 5.3 0.060 — — 25.6 0.995 0.650 — — 7003 Y&G 0.720 — — — 36.36 — 157.3 2.800 1.380 2.600 2.510 3158 YNHPROP 2.590 0.030 124.3 2.576 32.66 — 1,370.1 0.415 0.035 0.080 0.065 7066 YONGTAI 0.070 UNCH 29752 0.072 — — 66.8TRANSPORTATION & LOGISTICS 8.837 3.920 5.150 5.060 5014 AIRPORT 5.100 0.070 9433.5 5.103 17.65 2.94 8,461.9 1.380 0.650 0.720 0.685 8133 BHIC 0.685 -0.025 442.1 0.695 — 5.11 170.2 4.954 3.253 — — 5032 BIPORT 4.350 — — — 15.47 3.22 2,001.0 0.360 0.235 — — 7187 CHGP 0.300 — — — 32.26 — 89.2 0.470 0.205 0.265 0.245 7117 CJCEN 0.255 0.005 1508.8 0.252 — 2.94 100.5 0.930 0.390 0.665 0.665 5136 COMPLET 0.665 0.035 0.5 0.665 10.05 — 84.5 0.510 0.200 0.275 0.265 5259 EATECH 0.270 UNCH 468.8 0.272 3.74 — 143.2 0.660 0.380 0.470 0.460 7210 FREIGHT 0.470 0.025 57.3 0.468 10.26 7.45 131.2 0.340 0.115 0.225 0.210 0078 GDEX 0.220 0.010 7619.6 0.217 47.83 1.14 1,241.1 0.655 0.255 0.535 0.500 7676 GUNUNG 0.500 -0.005 3220.1 0.512 — — 120.4 0.738 0.420 0.495 0.480 2062 HARBOUR 0.495 0.015 15.1 0.487 7.71 3.54 198.2 0.060 0.030 0.050 0.045 7013 HUBLINE 0.050 UNCH 46979.1 0.050 27.78 — 191.0 0.480 0.220 0.340 0.330 5614 ILB 0.335 -0.010 52.7 0.332 3.80 — 65.3 4.765 3.300 3.900 3.800 6645 LITRAK 3.880 0.060 402.4 3.869 7.71 6.44 2,061.6 0.110 0.040 0.055 0.055 5078 M&G 0.055 UNCH 100 0.055 — — 39.8 0.785 0.180 0.355 0.345 5077 MAYBULK 0.350 0.005 1792.2 0.349 — — 350.0 9.239 6.090 8.180 7.900 3816 MISC 7.910 UNCH 5245.8 7.916 24.72 3.79 35,308.6 1.250 0.450 0.720 0.680 2194 MMCCORP 0.680 0.005 33790 0.694 8.10 6.62 2,070.6 0.340 0.040 — — 9806 NATWIDE 0.090 — — — — — 11.1 0.040 0.010 0.025 0.020 6254 PDZ 0.020 UNCH 10855.9 0.020 — — 13.6 1.953 0.520 0.760 0.730 4634 POS 0.750 0.030 13651.1 0.744 — 5.33 587.1 0.595 0.090 0.135 0.110 8346 PRKCORP 0.135 0.025 53.8 0.115 0.55 — 13.5 0.740 0.125 0.320 0.295 5145 SEALINK 0.300 UNCH 5726.6 0.306 — — 150.0 1.000 0.795 — — 7053 SEEHUP 0.840 — — — — 3.75 67.6 1.420 0.820 0.915 0.890 6521 SURIA 0.890 0.010 4303.4 0.899 5.89 2.81 307.8 0.330 0.115 0.170 0.155 5173 SYSCORP 0.160 -0.005 1192.4 0.163 — — 192.0 0.460 0.140 0.250 0.235 5149 TAS 0.240 0.005 694.2 0.241 32.88 — 43.2 1.457 0.650 0.855 0.810 5140 TASCO 0.850 0.040 93.3 0.846 14.91 5.88 170.0 0.610 0.260 0.350 0.340 8397 TNLOGIS 0.350 0.010 3663.2 0.347 — — 161.3 0.590 0.430 — — 7218 TOCEAN 0.490 — — — — — 20.1 4.457 2.970 3.920 3.690 5246 WPRTS 3.920 0.120 1645.7 3.875 22.62 3.32 13,367.2 0.797 0.243 0.395 0.370 5267 XINHWA 0.375 -0.010 2438 0.384 23.29 — 81.0PLANTATION 0.235 0.050 0.085 0.080 7054 AASIA 0.080 0.005 666.4 0.081 — — 52.8 17.300 11.000 12.500 12.200 1899 BKAWAN 12.340 0.240 31.3 12.371 14.78 4.86 5,474.8 6.960 5.000 — — 5069 BLDPLNT 5.200 — — — — — 486.2 0.819 0.200 0.285 0.275 5254 BPLANT 0.275 UNCH 15235 0.280 — 20.00 616.0 0.740 0.285 0.440 0.410 8982 CEPAT 0.420 0.010 345.7 0.424 280.00 3.57 133.7 7.068 4.800 5.900 5.900 1929 CHINTEK 5.900 UNCH 2 5.900 17.58 2.71 539.0 0.499 0.275 0.340 0.320 3948 DUTALND 0.340 0.015 495.8 0.330 — — 287.7 2.827 2.000 2.300 2.300 5029 FAREAST 2.300 UNCH 3.6 2.300 17.04 1.30 1,365.8 1.590 0.715 0.890 0.860 5222 FGV 0.875 0.030 12138.3 0.874 — — 3,192.1 11.140 7.990 9.720 9.630 2291 GENP 9.630 0.030 391.5 9.686 58.08 1.22 8,641.6 0.520 0.300 0.405 0.350 7382 GLBHD 0.400 0.085 104.8 0.371 — — 89.2

MarketsB U R S A M A L A Y S I A M A I N M A R K E T


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MONDAY APRIL 20, 2020 • THEED G E FINANCIAL DAILY



0.714 0.530 0.700 0.640 2135 GOPENG 0.700 0.060 7.9 0.657 64.22 3.57 188.3 0.800 0.290 — — 7501 HARNLEN 0.385 — — — — — 71.4 2.113 1.250 1.450 1.330 5138 HSPLANT 1.400 UNCH 50.8 1.401 35.62 1.79 1,120.0 2.480 1.010 1.450 1.380 2216 IJMPLNT 1.430 0.070 68.7 1.404 47.35 1.40 1,259.2 0.626 0.437 0.535 0.500 2607 INCKEN 0.505 -0.035 13.7 0.508 — 2.10 212.5 0.995 0.400 0.575 0.570 6262 INNO 0.570 UNCH 85 0.574 20.00 1.75 272.9 4.774 3.410 4.050 3.920 1961 IOICORP 4.000 0.100 1847.8 4.005 38.39 2.13 25,140.2 1.120 0.270 0.500 0.475 4383 JTIASA 0.485 0.020 12762.7 0.489 — — 472.3 25.017 17.400 21.340 20.600 2445 KLK 21.140 0.240 302.6 21.069 42.17 2.37 22,852.7 3.650 2.620 — — 2453 KLUANG 3.160 — — — — 0.32 199.6 1.640 0.895 1.120 1.090 5027 KMLOONG 1.110 0.030 172 1.109 25.40 5.41 1,038.3 0.475 0.290 0.390 0.375 1996 KRETAM 0.390 0.005 96 0.378 — — 907.8 0.900 0.460 0.560 0.560 6572 KWANTAS 0.560 UNCH 93 0.560 — — 174.5 0.860 0.420 — — 4936 MALPAC 0.550 — — — 916.67 18.18 41.3 0.770 0.270 0.420 0.390 5026 MHC 0.390 0.005 128 0.396 30.23 3.85 76.7 2.000 1.680 — — 5047 NPC 1.900 — — — — — 228.0 3.650 2.230 — — 2038 NSOP 2.470 — — — — 2.02 173.4 0.545 0.140 0.295 0.265 1902 PINEPAC 0.295 0.030 1191.9 0.282 0.56 — 44.2 1.310 0.350 0.600 0.560 9695 PLS 0.595 0.015 54.7 0.586 — — 208.7 0.465 0.115 0.215 0.205 5113 RSAWIT 0.205 0.005 15733.3 0.209 — — 290.8 3.039 2.250 — — 2542 RVIEW 2.360 — — — 72.39 1.27 153.0 3.128 2.350 2.500 2.440 2569 SBAGAN 2.460 -0.040 24 2.462 84.83 0.81 163.2 0.420 0.205 0.250 0.250 4316 SHCHAN 0.250 0.005 10 0.250 10.78 — 33.0 5.630 3.820 4.990 4.840 5285 SIMEPLT 4.860 -0.050 1775 4.882 373.85 0.21 33,459.0 4.220 1.900 2.590 2.440 5126 SOP 2.520 -0.020 56.8 2.551 16.03 1.98 1,438.7 2.110 1.300 1.420 1.400 5135 SWKPLNT 1.410 0.020 43.7 1.414 18.80 3.55 394.8 3.484 1.810 2.400 2.350 5012 TAANN 2.380 UNCH 31 2.381 24.97 4.20 1,058.7 0.445 0.110 0.205 0.190 2054 TDM 0.190 UNCH 11510.6 0.198 — — 319.7 0.685 0.185 0.285 0.270 5112 THPLANT 0.275 UNCH 3013.7 0.278 — — 243.1 1.590 0.560 0.675 0.655 9059 TSH 0.660 0.010 6002.9 0.667 20.69 1.52 912.0 5.429 4.000 4.410 4.220 2593 UMCCA 4.400 0.080 9.3 4.379 13.93 1.82 923.0 27.000 23.000 25.600 25.080 2089 UTDPLT 25.500 0.420 53.9 25.329 18.69 1.57 5,307.4TELECOMMUNICATIONS & MEDIA 0.150 0.030 0.065 0.050 0159 AMEDIA 0.050 0.005 132.6 0.052 — — 12.0 0.680 0.470 — — 7031 AMTEL 0.515 — — — 5.78 — 27.9 1.538 0.693 0.845 0.820 6399 ASTRO 0.820 UNCH 13200.9 0.832 6.51 9.15 4,275.9 5.219 3.010 3.930 3.720 6888 AXIATA 3.810 0.090 6310.1 3.821 25.57 2.36 34,915.4 0.270 0.075 — — 6025 BJMEDIA 0.105 — — — — — 24.7 4.936 3.820 4.650 4.550 6947 DIGI 4.580 0.030 3211.1 4.577 24.85 3.97 35,609.5 0.310 0.075 0.115 0.110 0059 ECOHLDS 0.115 UNCH 107.8 0.115 14.02 — 36.1 0.935 0.305 0.580 0.555 0082 GPACKET 0.560 UNCH 2623.7 0.568 — — 524.1 5.645 4.590 5.500 5.440 6012 MAXIS 5.460 UNCH 1496.7 5.465 28.09 3.66 42,699.9 0.520 0.110 0.135 0.120 4502 MEDIA 0.125 UNCH 30874.1 0.129 — — 138.6 0.255 0.120 0.195 0.185 5090 MEDIAC 0.185 -0.005 3994.6 0.195 — 5.89 312.1 0.665 0.345 0.470 0.460 0172 OCK 0.460 0.010 3438.2 0.464 14.70 — 440.9 0.347 0.222 — — 7190 PPG 0.265 — — — — 3.77 26.5 0.235 0.085 0.130 0.125 5252 SASBADI 0.125 UNCH 3453.5 0.125 17.86 — 52.4 0.590 0.450 — — 9431 SJC 0.590 — — — — — 23.9 0.678 0.209 0.320 0.290 6084 STAR 0.315 0.030 26940.4 0.304 40.91 6.35 232.6 10.220 8.300 9.900 9.700 5031 TIMECOM 9.700 UNCH 1880.7 9.790 18.05 1.03 5,786.4 4.532 2.518 4.000 3.960 4863 TM 3.960 UNCH 2955 3.971 23.57 2.53 14,912.5TECHNOLOGY 0.680 0.470 — — 7031 AMTEL 0.515 — — — 5.78 — 27.9 0.605 0.095 0.260 0.245 7181 ARBB 0.245 UNCH 9294.1 0.251 1.43 — 72.0 0.160 0.035 0.095 0.090 5195 CENSOF 0.090 UNCH 2001.1 0.091 — — 45.2 0.245 0.045 0.120 0.110 0051 CUSCAPI 0.110 UNCH 3362.6 0.117 — — 94.5 0.925 0.430 0.700 0.660 7204 D&O 0.685 0.040 6702.7 0.676 23.06 1.46 771.5 0.280 0.060 0.140 0.130 8338 DATAPRP 0.135 0.005 4058 0.134 — — 62.6 0.060 0.015 0.035 0.035 0029 DIGISTA 0.035 UNCH 397.4 0.035 — — 27.6 0.310 0.070 0.170 0.160 4456 DNEX 0.160 0.005 92085.8 0.165 9.36 3.13 281.3 1.673 0.418 1.020 0.985 5216 DSONIC 1.000 0.025 41907.5 1.002 22.62 3.00 1,350.0 0.605 0.115 0.320 0.290 5036 EDARAN 0.295 0.020 1239.2 0.308 — — 17.7 0.732 0.230 0.390 0.370 0065 EFORCE 0.375 0.005 6424.6 0.380 28.85 3.68 230.8 1.061 0.380 0.610 0.570 0090 ELSOFT 0.595 0.030 3629.5 0.592 22.45 5.04 398.3 2.647 0.985 2.200 2.130 0128 FRONTKN 2.140 0.010 14317.1 2.163 32.38 1.17 2,254.4 0.100 0.030 0.090 0.090 9377 FSBM 0.090 0.020 5 0.090 — — 12.7 1.880 1.040 1.880 1.810 0021 GHLSYS 1.870 0.070 2089 1.858 48.32 — 1,401.0 0.935 0.305 0.580 0.555 0082 GPACKET 0.560 UNCH 2623.7 0.568 — — 524.1 0.300 0.165 0.260 0.240 0056 GRANFLO 0.260 0.020 732.5 0.252 43.33 1.92 129.4 2.439 1.290 1.980 1.860 7022 GTRONIC 1.960 0.120 4385.6 1.927 29.34 1.53 1,312.1 1.440 0.450 0.815 0.755 5028 HTPADU 0.780 0.030 3203.8 0.777 11.11 — 79.0 2.049 0.900 1.500 1.410 0166 INARI 1.460 0.060 27334.5 1.461 28.80 3.01 4,731.2 0.300 0.146 0.200 0.195 0192 INTA 0.200 0.010 479.3 0.195 4.76 5.00 107.1 0.130 0.030 0.055 0.055 9393 ITRONIC 0.055 0.005 8 0.055 — — 7.3 0.365 0.130 0.260 0.240 5161 JCY 0.250 0.015 21238.1 0.249 — 2.00 521.7 12.000 5.000 8.390 8.150 9334 KESM 8.240 0.140 50.6 8.236 37.23 1.09 354.4 0.150 0.020 0.060 0.050 0143 KEYASIC 0.050 -0.005 9142.4 0.051 — — 47.5 0.405 0.310 — — 0302 MCOM 0.405 — — — 126.5 — 76.4 3.077 0.949 2.220 2.120 5286 MI 2.130 0.020 9560.1 2.167 26.93 2.35 1,597.5 0.911 0.325 0.600 0.550 0113 MMSV 0.580 0.035 3074.5 0.576 15.22 3.45 118.3 12.960 7.390 10.660 10.200 3867 MPI 10.200 -0.160 30.9 10.571 15.06 3.14 2,140.8 1.600 0.550 0.900 0.900 5011 MSNIAGA 0.900 UNCH 0.5 0.900 — — 54.4 1.725 0.765 1.160 1.130 0138 MYEG 1.140 0.010 35961.8 1.142 16.06 1.67 4,111.2 0.243 0.040 0.090 0.080 0041 MYSCM 0.080 UNCH 1247.9 0.081 — — 25.5 1.380 0.410 0.915 0.875 0083 NOTION 0.895 0.035 24511.3 0.894 12.55 1.12 301.3 0.715 0.320 0.590 0.555 9008 OMESTI 0.575 0.025 21581 0.572 10.83 — 305.2 5.580 2.370 4.080 3.890 7160 PENTA 4.000 0.160 5292.2 4.000 22.88 — 1,899.5 0.545 0.100 0.305 0.285 5204 PRESBHD 0.285 -0.005 19130.8 0.295 — — 137.9 0.580 0.160 0.285 0.265 9075 THETA 0.285 0.005 91.4 0.280 167.65 — 30.6 0.020 0.005 0.010 0.005 0118 TRIVE 0.010 UNCH 9689.1 0.009 — — 27.5 0.165 0.060 0.085 0.075 4359 TURIYA 0.085 0.015 75 0.080 — — 19.4 2.872 1.513 1.950 1.870 5005 UNISEM 1.900 0.030 326.3 1.909 — 4.74 1,394.3 3.390 0.726 2.090 2.010 5292 UWC 2.050 0.080 14595.7 2.051 32.64 0.98 1,127.9 9.570 6.090 8.280 8.090 0097 VITROX 8.150 0.140 138.2 8.211 48.17 0.67 3,839.0 1.670 0.700 1.120 1.070 5162 VSTECS 1.090 0.020 1092.6 1.097 6.61 5.05 196.2 0.645 0.300 0.460 0.430 0008 WILLOW 0.440 0.015 410 0.444 14.38 2.27 218.2UTILITIES 0.375 0.090 0.185 0.180 7471 EDEN 0.185 0.005 6326.7 0.181 12.85 — 74.6 2.900 2.300 2.900 2.810 5209 GASMSIA 2.880 0.090 151.2 2.868 19.46 4.90 3,697.9 0.915 0.645 0.890 0.875 5264 MALAKOF 0.875 UNCH 1098.8 0.879 1.79 7.49 4,375.0 5.600 3.100 5.000 4.850 3069 MFCB 4.900 0.080 757.8 4.946 12.79 0.82 2,270.0 1.150 0.725 0.950 0.845 5041 PBA 0.950 0.110 56.6 0.867 12.50 2.77 314.7 17.652 13.360 15.700 15.380 6033 PETGAS 15.500 0.120 1036.5 15.512 15.85 4.65 30,670.3 1.400 0.820 1.060 1.040 5272 RANHILL 1.060 0.020 143.7 1.046 13.93 4.72 1,137.3 0.298 0.100 0.180 0.160 8567 SALCON 0.170 0.020 13426.7 0.168 — — 144.0 0.955 0.635 0.845 0.840 8524 TALIWRK 0.845 0.005 1238.3 0.841 22.30 6.21 1,703.4 13.210 10.190 13.100 12.480 5347 TENAGA 12.700 0.460 7552.1 12.862 15.94 3.94 72,223.5 1.168 0.600 0.785 0.765 4677 YTL 0.765 0.005 3506.7 0.772 78.06 5.23 8,432.4 0.849 0.480 0.715 0.680 6742 YTLPOWR 0.705 0.030 6933.2 0.702 12.96 7.09 5,751.5CLOSED-END FUNDS 2.470 1.850 2.030 2.020 5108 ICAP 2.020 UNCH 224.6 2.029 74.81 — 282.8EXCHANGE TRADED FUNDS 1.340 1.177 — — 0800EA ABFMY1 1.229 — — — — 1.29 1,589.0 6.460 5.160 6.210 6.210 0829EA CHINAETF-MYR 6.210 0.220 26.3 6.210 — — 10.1 1.345 1.335 — — 0829EB CHINAETF-USD 1.335 — — — — — 0.9 4.070 2.950 2.980 2.950 0831EA FANG-1XI 2.980 0.030 2 2.965 — — 1.5 6.470 2.660 — — 0830EA FANG-2XL 4.260 — — — — — 0.8 1.790 1.350 1.480 1.480 0820EA FBMKLCI-EA 1.480 UNCH 3.6 1.480 — 2.23 2.5 2.370 1.840 2.100 2.100 0833EA HSCEI-1XI 2.100 -0.060 30 2.100 — — 1.5 2.260 1.250 1.550 1.550 0832EA HSCEI-2XL 1.550 0.080 60 1.550 — — 0.5 2.670 2.005 — — 0835EA KLCI1XI 2.235 — — — — — 2.2 2.000 1.260 — — 0834EA KLCI2XL 1.360 — — — — — 1.4 1.045 0.940 — — 0826EA METFAPA 0.945 — — — — — 17.0 1.000 0.380 0.390 0.380 0825EA METFSID 0.380 UNCH 35 0.381 — 5.71 23.6 1.410 1.040 1.245 1.140 0827EA METFUS50 1.245 0.155 5.4 1.174 — — 11.0 1.150 0.820 0.945 0.945 0821EA MYETFDJ 0.945 0.045 1 0.945 — 1.92 245.6 1.180 0.850 0.960 0.945 0824EA MYETFID 0.945 0.005 5.5 0.956 — 3.13 28.7 1.950 1.310 1.390 1.390 0822EA PAM-A40M 1.390 UNCH 0.2 1.390 — 4.93 3.8 1.690 1.300 1.450 1.450 0823EA PAM-C50 1.450 0.005 30 1.450 — — 10.4REAL ESTATE INVESTMENT TRUSTS 0.789 0.580 0.720 0.720 4952 AHP 0.720 -0.025 2.8 0.720 12.39 7.99 158.4 1.592 1.164 1.400 1.400 5116 ALAQAR 1.400 UNCH 17.1 1.400 13.53 4.89 1,030.4 0.873 0.585 0.740 0.720 5269 ALSREIT 0.735 0.025 15.3 0.727 11.80 6.01 426.3 0.505 0.320 0.425 0.415 5120 AMFIRST 0.425 0.010 400.5 0.422 14.36 9.22 291.7 0.797 0.500 0.640 0.635 5127 ARREIT 0.640 0.010 240.8 0.639 27.71 9.69 366.9 1.171 0.805 0.960 0.960 5130 ATRIUM 0.960 UNCH 18.1 0.960 29.45 6.82 196.4 2.010 1.597 1.950 1.930 5106 AXREIT 1.940 -0.010 524.5 1.940 15.05 3.80 2,798.1 1.071 0.735 0.880 0.870 5180 CMMT 0.870 0.010 100.5 0.873 24.51 7.18 1,788.2 1.070 0.550 0.675 0.665 5121 HEKTAR 0.675 0.010 309.7 0.670 27.22 11.51 311.8 2.035 1.430 1.740 1.680 5227 IGBREIT 1.710 0.040 1681.2 1.710 19.19 5.35 6,073.6 0.915 0.600 0.785 0.770 5280 KIPREIT 0.775 0.005 307.8 0.777 8.39 7.92 391.6 8.290 7.380 8.020 7.860 5235SS KLCC 7.950 0.110 137.3 7.938 18.16 4.78 14,352.4 1.042 0.500 0.760 0.750 5123 MQREIT 0.755 0.015 163 0.753 27.66 9.01 809.2 1.845 1.350 1.650 1.600 5212 PAVREIT 1.620 0.020 426.4 1.625 18.75 5.25 4,930.2 1.918 1.500 1.630 1.600 5176 SUNREIT 1.600 UNCH 8353.2 1.610 11.90 6.13 4,712.1 0.883 0.490 0.730 0.685 5111 TWRREIT 0.695 0.005 106.1 0.700 15.76 7.45 194.9 1.313 1.050 1.220 1.210 5110 UOAREIT 1.220 UNCH 35.4 1.211 24.50 7.47 515.9 1.359 0.700 1.010 0.970 5109 YTLREIT 0.975 UNCH 1795.8 0.987 14.28 0.40 1,661.8SPAC 0.505 0.505 — — 5270 RSENA 0.505 — — — — — 505.0ENERGY 0.200 0.030 0.075 0.065 5115 ALAM 0.070 0.005 27512.5 0.070 — — 79.2 0.555 0.110 0.185 0.175 5210 ARMADA 0.180 UNCH 68459.8 0.181 18.00 — 1,057.8 0.110 0.010 0.030 0.015 7251 BARAKAH 0.025 0.010 25416.4 0.023 — — 20.9 1.441 0.325 0.715 0.685 5257 CARIMIN 0.695 0.005 12288.7 0.701 5.27 6.04 162.5 1.510 0.530 0.730 0.685 5071 COASTAL 0.700 0.015 740.3 0.694 38.67 — 374.7 0.015 0.005 0.010 0.005 0091 DAYA 0.005 UNCH 42925.4 0.005 — — 10.2 3.010 0.710 1.340 1.280 5141 DAYANG 1.280 -0.010 19208.8 1.312 5.43 — 1,358.5 1.058 0.340 0.570 0.550 5132 DELEUM 0.565 0.015 1184.7 0.562 6.84 7.79 226.9 3.539 2.700 3.300 3.240 7277 DIALOG 3.270 0.050 4610.8 3.272 30.36 1.16 18,448.2 0.510 0.135 0.245 0.240 7253 HANDAL 0.240 -0.005 205 0.244 — — 52.5 6.200 2.200 3.210 2.980 4324 HENGYUAN 3.120 0.160 1597.9 3.090 27.20 — 936.0 1.220 0.245 0.490 0.470 5199 HIBISCS 0.480 0.010 86799.5 0.483 5.17 — 762.3 0.250 0.035 0.075 0.065 2739 HUAAN 0.070 0.005 8778 0.070 — — 78.6 0.950 0.035 0.070 0.060 5255 ICON 0.065 0.005 18206.1 0.065 — — 171.7 0.475 0.085 0.165 0.150 7164 KNM 0.155 -0.005 59595.7 0.158 7.95 — 409.9 0.970 0.255 0.440 0.420 5186 MHB 0.435 0.015 2477.3 0.430 — — 696.0 1.784 0.375 0.780 0.750 5133 PENERGY 0.755 UNCH 1912.8 0.764 3.88 5.30 242.9 0.555 0.100 0.175 0.165 7108 PERDANA 0.170 UNCH 27085.9 0.170 — — 375.1

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)

6.698 2.490 4.000 3.780 3042 PETRONM 3.950 0.160 251 3.938 6.03 5.06 1,066.5 0.320 0.025 0.065 0.060 5256 REACH 0.060 UNCH 5193.6 0.062 — — 65.8 0.339 0.060 0.105 0.095 5218 SAPNRG 0.100 UNCH 109638 0.101 — — 1,597.9 0.120 0.010 0.025 0.015 7158 SCOMI 0.020 0.005 6604.8 0.020 — — 21.9 0.675 0.035 0.060 0.055 7045 SCOMIES 0.055 UNCH 423.6 0.056 — — 25.8 2.492 1.020 1.870 1.770 5279 SERBADK 1.780 UNCH 14038.1 1.812 11.90 2.75 5,489.3 0.045 0.005 — — 1201 SUMATEC 0.005 — — — — — 21.3 0.530 0.210 0.345 0.320 7228 T7GLOBAL 0.345 0.015 1216.1 0.333 23.63 1.45 183.5 0.145 0.040 0.075 0.065 7206 THHEAVY 0.070 UNCH 2580.7 0.071 6.36 — 78.5 1.140 0.310 0.625 0.595 7250 UZMA 0.605 0.005 16506 0.612 6.66 — 193.6 0.410 0.090 0.165 0.155 5243 VELESTO 0.155 -0.005 60536.4 0.160 37.80 — 1,273.4 1.450 0.460 0.675 0.650 5142 WASEONG 0.655 0.005 1987.7 0.664 21.06 — 507.6 7.420 4.240 5.490 5.360 7293 YINSON 5.440 0.130 788.6 5.420 28.50 1.10 5,960.4

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 & SERVICES 0.730 0.225 0.425 0.415 0098 BAHVEST 0.420 Unch 3074.6 0.420 56.76 — 514.5 0.225 0.065 0.115 0.105 0179 BIOHLDG 0.110 Unch 22160.7 0.111 10.48 1.00 94.6 0.210 0.085 0.135 0.125 0205 DPIH 0.130 0.010 2277.8 0.129 5.65 3.46 63.3 0.790 0.095 0.600 0.570 0116 FOCUS 0.585 Unch 7864.8 0.579 — — 1,195.9 0.770 0.250 0.410 0.400 0157 FOCUSP 0.400 Unch 758 0.406 7.94 4.38 88.0 0.150 0.075 0.095 0.090 0074 GOCEAN 0.095 Unch 80.7 0.092 — — 27.5 0.125 0.035 0.085 0.075 0170 KANGER 0.080 Unch 5774.8 0.080 8.42 — 98.8 0.408 0.115 0.185 0.175 0210 KHJB 0.180 -0.005 993.3 0.180 6.74 8.33 68.4 0.220 0.110 0.180 0.175 0180 KTC 0.175 Unch 1473.5 0.177 8.45 — 89.3 0.275 0.085 0.265 0.255 0182 LKL 0.255 -0.005 6625 0.258 — — 109.3 0.220 0.030 0.070 0.070 0140 MACPIE 0.070 Unch 17.5 0.070 — — 24.7 0.645 0.340 0.560 0.540 0201 NOVA 0.550 -0.005 514.2 0.551 14.32 2.09 174.8 0.150 0.090 — — 0153 OVERSEA 0.125 — — — — — 30.8 0.175 0.025 0.060 0.050 0022 PARLO 0.050 -0.005 252.2 0.055 — — 18.2 0.245 0.120 0.170 0.165 0171 PLABS 0.165 Unch 817.6 0.166 8.29 — 35.4 0.509 0.300 0.420 0.390 0158 SCC 0.420 0.020 85 0.402 11.17 8.10 59.3 0.270 0.095 0.135 0.125 0212 SDS 0.135 0.010 1243 0.130 — — 54.8 0.275 0.115 0.175 0.165 0216 SPRING 0.170 Unch 876 0.170 3.91 — 70.7 0.200 0.030 0.105 0.085 0148 SUNZEN 0.095 0.010 2955.7 0.094 — — 50.8 0.370 0.100 0.170 0.165 0197 WEGMANS 0.170 0.005 199.7 0.167 10.69 2.94 85.0 0.270 0.120 0.205 0.185 0095 XINGHE 0.200 0.010 20243.8 0.191 — — 122.4INDUSTRIAL PRODUCTS & SERVICES 0.270 0.135 0.260 0.245 0218 ACO 0.245 -0.005 8698.6 0.251 0.09 — 73.5 0.295 0.170 0.235 0.225 0122 AIM 0.230 0.005 11.2 0.228 — — 61.2 0.085 0.030 0.050 0.045 0105 ASIAPLY 0.050 0.005 461 0.045 — — 22.9 0.095 0.015 0.035 0.030 0072 AT 0.030 Unch 3329.5 0.031 — — 44.9 0.195 0.060 0.135 0.120 0187 BCMALL 0.125 -0.005 5959.8 0.126 10.25 1.60 52.7 0.425 0.130 0.350 0.330 0163 CAREPLS 0.340 -0.005 27929.2 0.342 — — 180.7 0.130 0.045 0.095 0.080 0102 CONNECT 0.085 0.010 2784.2 0.089 — — 28.1 0.245 0.100 0.165 0.165 0190 ESAFE 0.165 0.015 1 0.165 25.00 10.91 39.7 0.390 0.127 0.290 0.275 0100 ESCERAM 0.275 -0.005 1162.8 0.281 23.91 2.18 56.5 0.519 0.060 0.150 0.140 0039 GFM 0.140 Unch 2432.6 0.145 11.02 7.86 66.1 1.950 0.130 0.195 0.180 0175 HHGROUP 0.185 Unch 54.8 0.191 — — 6.3 0.155 0.040 0.085 0.075 0160 HHHCORP 0.080 0.005 1697.4 0.080 14.04 — 26.7 0.305 0.100 0.225 0.210 0188 HLT 0.210 -0.010 3214.9 0.213 23.08 — 107.5 0.055 0.025 0.040 0.035 0024 JAG 0.040 Unch 790.1 0.038 — — 72.7 1.043 0.078 0.875 0.835 0193 KAB 0.860 -0.005 1709.5 0.859 71.07 0.58 796.0 0.385 0.055 0.140 0.130 0167 MCLEAN 0.135 Unch 834.9 0.133 — — 26.6 0.180 0.035 0.080 0.070 0081 MEGASUN 0.080 0.015 540.2 0.075 — — 20.0 0.210 0.050 0.095 0.085 0207 MESTRON 0.090 Unch 3142.2 0.091 15.52 — 71.1 0.688 0.200 0.395 0.365 0213 MTAG 0.375 0.010 20357.5 0.379 6.98 — 255.6 0.070 0.010 0.030 0.025 0177 PASUKGB 0.025 Unch 81.5 0.025 — — 20.4 0.220 0.050 0.155 0.135 0038 PTB 0.145 0.005 1802.7 0.146 — — 38.1 0.435 0.155 0.265 0.245 0217 PWRWELL 0.255 0.015 17669.2 0.253 13.28 — 148.0 0.265 0.080 0.145 0.135 0196 QES 0.140 0.015 20936.9 0.138 31.82 — 106.2 0.075 0.035 0.050 0.040 0133 SANICHI 0.045 0.005 94766.5 0.045 — — 49.9 0.140 0.035 0.075 0.065 0161 SCH 0.070 Unch 5867.8 0.068 6.67 — 38.9 0.982 0.315 0.795 0.750 0001 SCOMNET 0.760 -0.015 6649.7 0.773 25.94 1.32 488.7 0.245 0.065 0.115 0.105 0028 SCOPE 0.105 -0.005 979 0.107 — — 69.5 0.155 0.050 0.090 0.075 0055 SERSOL 0.080 0.005 2100.8 0.083 — — 17.2 1.410 0.510 0.910 0.880 0215 SLVEST 0.885 Unch 13468.3 0.897 23.29 — 345.7 0.580 0.095 0.160 0.160 0211 TASHIN 0.160 0.005 40 0.160 38.10 — 55.8 0.575 0.190 0.335 0.310 0084 TECFAST 0.320 0.010 4458.9 0.325 20.78 3.13 73.0 0.490 0.140 0.280 0.250 0089 TEXCYCL 0.250 Unch 843.5 0.260 12.63 2.40 64.0 0.610 0.215 0.355 0.340 0162 WIDAD 0.350 0.005 10953.4 0.348 71.43 — 859.1 0.195 0.075 0.125 0.110 0025 YBS 0.110 -0.005 283.6 0.113 73.33 — 26.6TECHNOLOGY 0.325 0.075 0.215 0.200 0181 AEMULUS 0.205 Unch 7114.3 0.206 — 0.98 112.6 0.265 0.075 0.175 0.160 0119 APPASIA 0.170 0.015 1659 0.167 — — 58.7 0.270 0.060 — — 0068 ASDION 0.080 — — — — — 10.2 0.600 0.195 0.375 0.350 0195 BINACOM 0.355 0.005 11452.9 0.363 28.86 — 93.9 0.284 0.110 0.155 0.155 0191 CABNET 0.155 0.015 0.1 0.155 11.57 5.16 27.7 0.195 0.015 0.030 0.025 0152 DGB 0.025 Unch 102271 0.026 — — 19.6 0.110 0.045 0.065 0.065 0131 DGSB 0.065 Unch 615.8 0.065 12.26 — 48.5 0.020 0.005 0.015 0.010 0154 EAH 0.015 Unch 818.4 0.010 — — 76.1 0.069 0.010 0.020 0.015 0107 EDUSPEC 0.020 Unch 3940.2 0.018 — — 34.0 1.720 1.030 1.200 1.170 0104 GENETEC 1.170 0.020 49.9 1.198 12.72 4.27 49.6 0.100 0.030 0.040 0.035 0045 GNB 0.040 0.005 318.2 0.035 — — 11.6 3.880 0.635 2.760 2.660 0208 GREATEC 2.710 0.100 5397.5 2.707 29.68 — 1,696.5 0.035 0.015 0.015 0.015 0174 IDMENSN 0.015 Unch 75 0.015 — — 4.1 0.570 0.165 0.310 0.295 0023 IFCAMSC 0.300 0.005 21810 0.303 27.03 3.33 182.5 0.080 0.015 0.035 0.030 0094 INIX 0.030 Unch 2934.3 0.030 — — 8.9 0.195 0.060 0.105 0.095 0010 IRIS 0.100 Unch 16058.4 0.100 9.09 — 296.6 0.275 0.095 0.160 0.150 0209 ISTONE 0.155 0.005 4569.1 0.155 18.67 — 189.3 1.950 0.695 1.480 1.450 0146 JFTECH 1.450 0.020 136.8 1.469 128.32 0.34 304.5 1.768 0.500 0.875 0.840 0127 JHM 0.850 0.015 11494.6 0.859 15.57 2.35 474.0 0.285 0.090 0.215 0.190 0111 K1 0.200 -0.005 31188.7 0.203 23.26 — 145.8 0.050 0.010 0.030 0.030 0036 KGROUP 0.030 0.005 267 0.030 — — 19.1 0.960 0.315 0.595 0.560 0176 KRONO 0.570 0.015 50817.8 0.576 13.70 3.51 297.8 0.135 0.005 0.020 0.015 0018 LAMBO 0.015 -0.005 180091 0.020 3.13 — 31.5 0.405 0.120 0.270 0.250 0075 LYC 0.265 0.010 1657.8 0.262 — — 94.2 0.055 0.020 0.045 0.040 0017 M3TECH 0.045 Unch 540 0.045 — — 29.0 0.285 0.104 0.225 0.200 0155 MGRC 0.210 0.015 849 0.213 0.99 — 21.7 0.980 0.305 0.740 0.700 0126 MICROLN 0.740 0.010 212.5 0.729 14.15 — 136.2 0.265 0.130 0.165 0.155 0112 MIKROMB 0.160 0.005 318.1 0.161 15.84 5.00 94.3 0.075 0.010 0.025 0.020 0085 MLAB 0.025 Unch 2897.1 0.021 — — 20.0 0.400 0.120 — — 0034 MMAG 0.230 — — — — — 165.2 0.125 0.010 0.020 0.015 0103 MNC 0.020 Unch 628 0.015 — — 22.8 0.135 0.040 0.100 0.085 0156 MPAY 0.085 -0.005 8850.5 0.092 — — 60.4 0.050 0.010 0.020 0.020 0070 MQTECH 0.020 Unch 4653 0.020 — — 13.7 0.205 0.050 0.080 0.070 0092 MTOUCHE 0.075 Unch 93041.5 0.076 — — 38.1 0.847 0.337 0.540 0.530 0108 N2N 0.540 0.015 405.7 0.534 18.95 3.70 322.9 0.025 0.005 0.015 0.010 0020 NETX 0.015 0.005 3624.5 0.013 — — 62.3 0.020 0.005 0.015 0.010 0096 NEXGRAM 0.010 -0.005 4487.7 0.014 — — 20.7 0.106 0.015 0.055 0.045 0026 NOVAMSC 0.050 Unch 11322.8 0.050 — — 37.6 0.840 0.195 0.395 0.370 0035 OPCOM 0.380 0.010 4640.3 0.383 — — 61.3 0.448 0.256 0.375 0.350 0040 OPENSYS 0.360 0.005 10190.3 0.366 9.65 5.56 107.2 0.205 0.030 0.055 0.050 0079 ORION 0.050 0.005 10825.7 0.050 — — 36.5 0.390 0.180 — — 0006 PINEAPP 0.250 — — — — — 12.1 0.080 0.020 0.040 0.040 0123 PRIVA 0.040 Unch 740 0.040 — — 22.3 1.530 0.670 1.230 1.140 0200 REVENUE 1.190 0.070 8497.8 1.188 43.27 — 463.4 0.715 0.355 0.520 0.490 0106 REXIT 0.515 0.025 157.7 0.509 10.28 5.83 97.5 0.390 0.180 0.295 0.275 0202 RGTECH 0.275 -0.010 9504.2 0.287 25.94 — 144.4 0.275 0.080 0.185 0.155 0178 SEDANIA 0.155 -0.025 13113.5 0.174 15.05 — 38.9 0.267 0.035 0.105 0.085 0203 SMETRIC 0.100 0.015 9504.2 0.098 23.81 — 48.7 0.125 0.015 0.055 0.050 0117 SMRT 0.050 -0.005 454.4 0.050 — — 20.4 0.280 0.040 0.070 0.065 0169 SMTRACK 0.070 Unch 55 0.070 — — 12.4 0.130 0.045 0.090 0.075 0093 SOLUTN 0.080 0.005 2493.4 0.081 — — 24.5 0.450 0.195 0.380 0.370 0129 SRIDGE 0.370 -0.005 3422.4 0.375 — — 54.9 0.240 0.060 0.120 0.105 0050 SYSTECH 0.115 0.010 271.6 0.114 — 1.74 40.0 0.090 0.020 — — 0132 TDEX 0.040 — — — — — 27.2 0.140 0.040 0.075 0.075 0145 TFP 0.075 Unch 283.5 0.075 — — 15.6 0.260 0.035 0.095 0.080 0005 UCREST 0.080 -0.010 8870.6 0.085 — — 37.1 0.330 0.020 0.085 0.080 0060 VC 0.085 0.005 34438.2 0.084 — — 64.0 0.775 0.210 0.460 0.425 0120 VIS 0.445 0.020 12476.1 0.444 19.78 2.25 76.0 0.025 0.015 0.025 0.015 0069 VIVOCOM 0.020 0.005 145432 0.020 100.00 — 113.3 0.245 0.015 0.040 0.035 0066 VSOLAR 0.035 Unch 2865.8 0.035 — — 14.4 0.045 0.035 — — 0141 WINTONI 0.035 — — — — — 18.0 0.200 0.090 — — 0086 YGL 0.105 — — — — — 26.8TELECOMMUNICATIONS & MEDIA 0.600 0.195 0.375 0.350 0195 BINACOM 0.355 0.005 11452.9 0.363 28.86 — 93.9 0.510 0.290 — — 0147 INNITY 0.320 — — — 35.16 — 44.5 0.055 0.020 0.045 0.040 0017 M3TECH 0.045 Unch 540 0.045 — — 29.0 0.125 0.010 0.020 0.015 0103 MNC 0.020 Unch 628 0.015 — — 22.8 0.205 0.050 0.080 0.070 0092 MTOUCHE 0.075 Unch 93041.5 0.076 — — 38.1 0.020 0.005 0.015 0.010 0096 NEXGRAM 0.010 -0.005 4487.7 0.014 — — 20.7 0.840 0.195 0.395 0.370 0035 OPCOM 0.380 0.010 4640.3 0.383 — — 61.3 0.080 0.020 0.040 0.040 0123 PRIVA 0.040 Unch 740 0.040 — — 22.3 0.150 0.060 0.150 0.120 0007 PUC 0.135 0.015 7231.3 0.137 — — 64.1 0.610 0.200 0.365 0.335 0032 REDTONE 0.350 0.020 5964 0.351 9.78 — 273.9 0.240 0.040 0.085 0.070 0173 REV 0.080 0.015 327 0.078 — — 10.8 0.275 0.080 0.185 0.155 0178 SEDANIA 0.155 -0.025 13113.5 0.174 15.05 — 38.9 0.450 0.195 0.380 0.370 0129 SRIDGE 0.370 -0.005 3422.4 0.375 — — 54.9 0.065 0.010 0.035 0.025 0165 XOX 0.030 0.005 89470.9 0.031 — — 32.8FINANCIAL SERVICES 0.095 0.020 0.050 0.045 0150 FINTEC 0.045 Unch 13347.8 0.045 0.17 — 36.9 0.580 0.300 0.380 0.345 0053 OSKVI 0.370 0.020 23.1 0.352 11.90 — 73.1HEALTH CARE 0.425 0.130 0.350 0.330 0163 CAREPLS 0.340 -0.005 27929.2 0.342 — — 180.7 0.275 0.085 0.265 0.255 0182 LKL 0.255 -0.005 6625 0.258 — — 109.3 0.285 0.104 0.225 0.200 0155 MGRC 0.210 0.015 849 0.213 0.99 — 21.7 0.645 0.340 0.560 0.540 0201 NOVA 0.550 -0.005 514.2 0.551 14.32 2.09 174.8TRANSPORTATION & LOGISTICS 0.090 0.030 0.045 0.045 0048 ANCOMLB 0.045 0.005 295 0.045 — — 21.3 0.260 0.130 0.175 0.160 0080 STRAITS 0.170 0.010 6595.1 0.168 15.60 — 110.6 0.409 0.170 0.275 0.270 0199 TRIMODE 0.275 0.010 5.5 0.271 18.21 2.73 45.7CONSTRUCTION 0.783 0.248 0.580 0.560 0198 GDB 0.570 0.015 6673.2 0.569 12.21 3.51 356.3 0.304 0.185 0.240 0.230 0206 NADIBHD 0.240 0.010 579.1 0.234 7.12 4.17 180.7 0.050 0.015 0.020 0.020 0109 SCBUILD 0.020 Unch 165 0.020 8.33 — 17.7PLANTATION 0.100 0.050 0.065 0.060 0189 MATANG 0.065 0.005 398.6 0.060 108.33 2.31 117.7UTILITIES 0.280 0.150 0.225 0.220 0011 BTECH 0.220 Unch 594.3 0.223 9.48 7.27 55.4

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

MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY 2 2

Bursa Malaysia Equity Derivatives

0.045 0.005 0.005 0.005 5238WA AAX-WA 0.005 Unch 200 0.080 0.460 481.25 08/06/2020 0.060 0.005 0.015 0.015 6599CX AEON-CX 0.015 Unch 50 1.090 1.450 35.78 30/11/2020 0.050 0.005 0.020 0.010 50991C AIRASIAC1C 0.015 0.005 2666.3 0.785 1.250 63.06 30/10/2020 0.095 0.005 0.020 0.015 50991D AIRASIAC1D 0.015 0.005 6457 0.785 1.300 69.43 30/11/2020 0.085 0.010 0.030 0.025 50991E AIRASIAC1E 0.030 0.010 120 0.785 1.280 74.52 15/01/2021 0.050 0.005 0.015 0.015 50991F AIRASIAC1F 0.015 0.005 1280 0.785 1.400 83.12 27/10/2020 0.080 0.035 0.070 0.065 50991G AIRASIAC1G 0.070 0.015 80 0.785 1.230 80.76 18/12/2020 0.045 0.005 0.005 0.005 509998 AIRASIAC98 0.005 Unch 390.1 0.785 1.680 115.61 30/11/2020 0.025 0.003 0.005 0.005 509999 AIRASIAC99 0.005 Unch 408.9 0.785 1.650 111.46 30/10/2020 0.080 0.010 0.030 0.025 5115WA ALAM-WA 0.025 Unch 3436.8 0.070 0.120 107.14 28/03/2022 0.090 0.005 0.015 0.015 101519 AMBANK-C19 0.015 Unch 350 3.100 3.850 25.65 30/10/2020 0.195 0.030 0.085 0.080 0119WA APPASIA-WA 0.080 0.010 337 0.170 0.130 23.53 23/12/2024 0.630 0.010 0.015 0.015 521051 ARMADA-C51 0.015 Unch 817.6 0.180 0.235 34.72 30/06/2020 0.030 0.005 0.015 0.015 0105WB ASIAPLY-WB 0.015 0.005 7.5 0.050 0.100 130 12/12/2022 0.115 0.005 0.005 0.005 639919 ASTRO-C19 0.005 Unch 10 0.820 1.580 93.9 30/09/2020 0.275 0.040 0.150 0.125 7579WA AWC-WA 0.135 -0.005 1274.4 0.370 0.880 174.32 25/12/2023 0.230 0.005 0.005 0.005 688838 AXIATA-C38 0.005 Unch 50 0.286 4.440 1,463 30/04/2020 0.150 0.010 0.045 0.035 688849 AXIATA-C49 0.045 0.030 202 3.810 4.250 17.45 28/08/2020 0.200 0.030 0.075 0.065 688851 AXIATA-C51 0.075 0.015 484 3.810 4.300 22.7 09/11/2020 0.090 0.030 0.070 0.060 688853 AXIATA-C53 0.070 0.010 1388 3.810 4.180 20.73 30/11/2020 0.330 0.050 0.095 0.085 7078WA AZRB-WA 0.085 Unch 1443.9 0.220 0.630 225 13/05/2024 0.450 0.130 0.290 0.275 0098WA BAHVEST-WA 0.275 -0.015 1398.1 0.420 0.430 67.86 20/08/2024 0.245 0.030 0.085 0.070 4162CV BAT-CV 0.080 0.005 1016 11.620 12.000 13.6 27/10/2020 0.315 0.030 0.140 0.110 4162CX BAT-CX 0.140 0.025 840.3 11.620 12.000 15.32 30/10/2020 0.170 0.040 0.075 0.075 4162CY BAT-CY 0.075 Unch 164 11.620 13.000 28.01 15/01/2021 0.105 0.005 0.015 0.005 5248C8 BAUTO-C8 0.015 0.005 1000 1.350 2.000 51.48 30/11/2020 0.395 0.115 0.200 0.190 5258WA BIMB-WA 0.200 0.010 625 3.400 4.720 44.71 04/12/2023 0.090 0.015 0.030 0.025 0179WA BIOHLDG-WA 0.025 Unch 2164.2 0.110 0.220 122.73 05/01/2022 0.070 0.015 0.025 0.025 3239WB BJASSET-WB 0.025 Unch 600 0.265 0.350 41.51 09/06/2023 0.050 0.010 0.015 0.015 3395WB BJCORP-WB 0.015 0.005 980 0.195 1.000 420.51 22/04/2022 0.075 0.015 0.030 0.030 3395WC BJCORP-WC 0.030 Unch 1284 0.195 1.000 428.21 29/05/2026 0.020 0.005 0.010 0.005 7036WC BORNOIL-WC 0.010 Unch 100 0.025 0.070 220 08/11/2025 0.025 0.005 0.010 0.010 7036WD BORNOIL-WD 0.010 0.005 127 0.025 0.070 220 29/05/2027 0.045 0.010 0.025 0.020 5932WA BPURI-WA 0.025 0.005 1955.5 0.060 0.100 108.33 22/12/2022 0.190 0.015 0.040 0.040 7188WB BTM-WB 0.040 0.005 30 0.100 0.200 140 23/10/2024 0.095 0.005 0.095 0.080 181827 BURSA-C27 0.095 0.020 347.7 5.880 5.850 7.57 30/10/2020 0.330 0.040 0.115 0.105 7154WA CAELY-WA 0.110 0.010 314.7 0.260 0.190 15.38 22/04/2021 0.135 0.030 0.075 0.070 7035WA CCK-WA 0.070 -0.005 420.9 0.495 0.900 95.96 18/06/2023 0.155 0.005 0.005 0.005 102355 CIMB-C55 0.005 Unch 690 1.170 5.080 336.32 28/08/2020 0.095 0.005 0.005 0.005 102357 CIMB-C57 0.005 Unch 370 2.195 5.880 168.91 07/09/2020 0.110 0.005 0.010 0.005 102359 CIMB-C59 0.005 Unch 2710 1.815 5.380 197.8 26/08/2020 0.110 0.030 0.055 0.055 102360 CIMB-C60 0.055 0.005 650 3.630 5.280 51.52 18/12/2020 0.050 0.005 0.025 0.020 102361 CIMB-C61 0.020 Unch 1780 3.630 4.880 37.74 06/11/2020 0.145 0.005 0.005 0.005 285218 CMSB-C18 0.005 Unch 115 0.645 2.600 305.04 26/08/2020 0.090 0.005 0.020 0.015 285219 CMSB-C19 0.020 0.005 4260.2 1.320 2.300 80.3 06/11/2020 0.055 0.010 0.030 0.030 0102WA CONNECT-WA 0.030 0.020 360 0.085 0.100 52.94 17/09/2021 0.065 0.005 0.035 0.030 0102WB CONNECT-WB 0.030 -0.005 712.1 0.085 0.100 52.94 07/06/2021 0.700 0.170 0.395 0.380 8125WB DAIBOCI-WB 0.380 0.005 106.3 2.010 2.500 43.28 19/06/2022 0.435 0.040 0.120 0.100 5276WA DANCO-WA 0.120 0.020 199 0.385 0.300 9.09 22/05/2022 0.190 0.005 0.010 0.010 5141C4 DAYANG-C4 0.010 Unch 700 1.280 2.350 87.5 26/08/2020 0.270 0.005 0.020 0.020 5141C5 DAYANG-C5 0.020 Unch 100 1.280 2.200 78.13 07/12/2020 0.505 0.015 0.060 0.050 5141CX DAYANG-CX 0.055 0.005 2450.3 1.280 1.599 37.16 30/10/2020 0.015 0.005 0.010 0.005 7179WB DBE-WB 0.005 Unch 606.3 0.025 0.050 120 22/01/2022 0.130 0.005 0.020 0.015 3484WA DBHD-WA 0.020 Unch 424.7 0.270 0.580 122.22 27/11/2020 0.030 0.005 0.010 0.005 0152WB DGB-WB 0.005 Unch 31920.5 0.025 0.120 400 27/06/2021 0.100 0.005 0.035 0.035 727754 DIALOG-C54 0.035 0.005 50 3.270 3.500 10.24 28/08/2020 0.090 0.005 0.045 0.045 727755 DIALOG-C55 0.045 0.005 300 3.270 3.500 12.54 12/10/2020 0.065 0.020 0.060 0.060 727756 DIALOG-C56 0.060 0.005 150 3.270 3.400 9.48 30/10/2020 0.135 0.095 0.135 0.135 727757 DIALOG-C57 0.135 0.005 1200 3.270 3.600 24.54 25/11/2020 0.105 0.035 0.100 0.090 694738 DIGI-C38 0.095 -0.005 1507 4.580 4.400 4.37 30/10/2020 0.040 0.010 0.015 0.015 0029WB DIGISTA-WB 0.015 Unch 23 0.035 0.260 685.71 04/04/2023 0.085 0.005 0.035 0.025 4456WD DNEX-WD 0.030 0.005 57000.6 0.160 0.500 231.25 30/07/2021 0.245 0.025 0.060 0.060 7114WA DNONCE-WA 0.060 Unch 230 0.250 0.250 24 25/11/2020 0.060 0.005 0.010 0.010 5265WA DOLPHIN-WA 0.010 Unch 54 0.060 0.800 1,250 29/03/2021 0.075 0.005 0.015 0.010 7169WA DOMINAN-WA 0.015 Unch 293.2 0.795 1.300 65.41 10/09/2020 0.045 0.020 0.030 0.025 7198WB DPS-WB 0.030 Unch 220.1 0.060 0.100 116.67 15/01/2025 0.175 0.005 0.010 0.005 161995 DRBHCOMC95 0.010 0.005 230.1 1.440 2.350 65.28 28/08/2020 0.170 0.005 0.025 0.020 161997 DRBHCOMC97 0.025 0.005 1451 1.440 2.200 57.99 07/12/2020 0.375 0.010 0.075 0.065 521611 DSONIC-C11 0.065 0.005 3645 1.000 1.000 13 30/07/2020 0.425 0.005 0.070 0.065 521613 DSONIC-C13 0.065 0.005 473.4 1.000 1.150 24.75 26/08/2020 0.250 0.005 0.035 0.010 521614 DSONIC-C14 0.030 0.010 501 1.000 1.250 31.6 19/06/2020 0.270 0.010 0.080 0.075 521615 DSONIC-C15 0.075 0.005 120 1.000 1.000 22.5 09/11/2020 0.135 0.005 0.015 0.010 521617 DSONIC-C17 0.015 -0.005 586.8 1.000 1.800 84.2 14/08/2020 0.070 0.005 0.030 0.030 521619 DSONIC-C19 0.030 0.005 191.8 1.000 1.400 49 06/11/2020 0.440 0.215 0.340 0.335 5216HA DSONIC-HA 0.340 -0.005 729 1.000 2.000 202 14/09/2020 0.935 0.070 0.475 0.450 5216WA DSONIC-WA 0.455 0.005 47213.2 1.000 1.090 54.5 05/07/2023 0.850 0.005 0.075 0.060 7165WA DWL-WA 0.070 Unch 96 0.245 0.600 173.47 07/04/2021 0.045 0.010 0.020 0.020 5178WA DYNACIA-WA 0.020 Unch 100.1 0.050 0.120 180 26/12/2023 0.010 0.005 0.005 0.005 0154WE EAH-WE 0.005 Unch 208.5 0.015 0.035 166.67 22/04/2023 0.320 0.040 0.120 0.105 5253WA ECONBHD-WA 0.110 0.005 5533.6 0.520 1.250 161.54 02/01/2023 0.080 0.010 0.015 0.010 8206CX ECOWLD-CX 0.010 Unch 410.2 0.415 0.850 109.64 24/09/2020 0.028 0.003 0.010 0.010 8206CZ ECOWLD-CZ 0.010 Unch 101.5 0.415 0.780 92.77 30/11/2020 0.300 0.060 0.105 0.095 8206WA ECOWLD-WA 0.100 0.005 674.7 0.415 2.080 425.3 26/03/2022 0.125 0.025 0.050 0.045 7471WB EDEN-WB 0.050 Unch 1266 0.185 0.300 89.19 13/08/2021 0.020 0.005 0.010 0.010 0107WB EDUSPEC-WB 0.010 Unch 10 0.020 0.050 200 30/09/2024 0.150 0.005 0.030 0.015 8907WC EG-WC 0.020 Unch 3840.7 0.300 0.500 73.33 03/11/2020 0.075 0.035 0.060 0.060 887710 EKOVEST-C10 0.060 Unch 37.9 0.485 0.780 78.14 09/10/2020 0.075 0.035 0.075 0.075 887711 EKOVEST-C11 0.075 0.010 570 0.485 0.680 63.4 25/11/2020 0.100 0.005 0.015 0.015 8877C6 EKOVEST-C6 0.015 0.005 800 0.485 0.770 68.04 09/11/2020 0.050 0.005 0.020 0.020 8877C9 EKOVEST-C9 0.020 0.005 440 0.485 0.770 67.01 30/11/2020 0.280 0.040 0.110 0.095 7249WB EWEIN-WB 0.095 Unch 945.7 0.295 0.800 203.39 24/09/2022 0.250 0.045 0.080 0.075 5283WA EWINT-WA 0.080 0.005 1544.1 0.410 1.450 273.17 04/04/2022 0.100 0.005 0.020 0.020 06507S FBMKLCI-C7S 0.020 0.005 350 531.314 1,570 198.13 29/05/2020 0.100 0.005 0.025 0.015 06507T FBMKLCI-C7T 0.020 0.005 350.1 1,128 1,580 41.19 30/06/2020 0.230 0.010 0.030 0.030 06507X FBMKLCI-C7X 0.030 0.005 20 814.923 1,610 98.67 30/07/2020 0.090 0.020 0.090 0.090 06507Y FBMKLCI-C7Y 0.090 0.010 10 1,407 1,650 19.73 30/11/2020 0.025 0.005 0.015 0.015 06507Z FBMKLCI-C7Z 0.015 Unch 200 896.249 1,585 78.02 30/07/2020 0.060 0.005 0.020 0.015 06509A FBMKLCI-C9A 0.015 0.005 429 362.208 1,600 344.63 28/08/2020 0.280 0.045 0.250 0.240 06509B FBMKLCI-C9B 0.240 0.150 60.6 1,407 1,540 14.54 28/08/2020 0.080 0.005 0.050 0.050 06509C FBMKLCI-C9C 0.050 Unch 10 1,407 1,600 15.43 28/08/2020 0.110 0.025 0.110 0.105 06509D FBMKLCI-C9D 0.110 0.035 116 1,407 1,550 13.95 30/10/2020 0.420 0.170 0.420 0.415 06509E FBMKLCI-C9E 0.420 0.020 36.9 1,407 1,470 13.41 30/09/2020 0.500 0.105 0.320 0.305 06508K FBMKLCI-H8K 0.305 -0.025 124.9 1,407 1,689 41.69 30/06/2020 0.500 0.065 0.230 0.210 06508L FBMKLCI-H8L 0.220 -0.020 387.5 1,407 1,589 28.54 30/06/2020 0.455 0.055 0.220 0.210 06508R FBMKLCI-H8R 0.215 -0.010 14986 1,407 1,508 22.43 30/10/2020 0.500 0.075 0.220 0.205 06508S FBMKLCI-H8S 0.215 -0.015 5546.3 1,407 1,558 25.98 30/10/2020 0.545 0.050 0.270 0.270 06508U FBMKLCI-H8U 0.270 -0.065 15 1,407 1,570 24.99 29/05/2020 1.180 0.200 0.490 0.475 06508W FBMKLCI-H8W 0.485 -0.085 21.6 1,407 1,540 19.77 29/05/2020 1.000 0.360 0.460 0.445 06508Z FBMKLCI-H8Z 0.450 -0.035 965 1,407 1,550 22.54 30/11/2020 1.110 0.385 0.500 0.470 0650AC FBMKLCI-HAC 0.500 -0.110 5 1,407 1,490 16.53 28/08/2020 0.660 0.250 0.275 0.250 0650AD FBMKLCI-HAD 0.265 -0.015 6374.2 1,407 1,500 15.78 28/08/2020 0.730 0.290 0.335 0.325 0650AE FBMKLCI-HAE 0.325 -0.025 1157.3 1,407 1,530 19.99 30/10/2020 1.100 0.560 0.575 0.560 0650AF FBMKLCI-HAF 0.570 -0.030 1112.6 1,407 1,420 13.05 30/09/2020 0.450 0.030 0.065 0.065 522283 FGV-C83 0.065 0.010 80.2 0.875 0.950 19.71 30/07/2020 0.325 0.020 0.045 0.045 522284 FGV-C84 0.045 0.005 749.9 0.875 0.980 22.29 30/10/2020 0.195 0.005 0.025 0.020 522288 FGV-C88 0.020 Unch 121 0.875 1.300 53.14 07/12/2020 0.075 0.005 0.030 0.005 522289 FGV-C89 0.010 0.005 100.3 0.875 1.880 117.71 14/08/2020 0.100 0.020 0.025 0.020 522291 FGV-C91 0.025 Unch 646.1 0.875 1.480 77.71 30/11/2020 0.070 0.040 0.045 0.045 522293 FGV-C93 0.045 0.005 150 0.875 1.280 56.57 18/12/2020 0.020 0.005 0.010 0.010 0150WA FINTEC-WA 0.010 Unch 17.2 0.045 0.300 588.89 19/04/2024 0.030 0.005 0.015 0.010 0150WB FINTEC-WB 0.010 -0.005 558.7 0.045 0.150 255.56 03/12/2022 0.370 0.010 0.215 0.200 0128CG FRONTKN-CG 0.200 0.005 2021.6 2.140 1.600 2.8 26/06/2020 0.315 0.010 0.165 0.150 0128CH FRONTKN-CH 0.155 0.010 1809.7 2.140 1.800 5.84 26/06/2020 0.240 0.010 0.080 0.075 0128CI FRONTKN-CI 0.075 0.005 597 2.140 2.000 3.97 22/05/2020 0.250 0.005 0.130 0.130 0128CK FRONTKN-CK 0.130 Unch 50 2.140 2.000 14.72 07/12/2020 0.185 0.010 0.150 0.150 0128CM FRONTKN-CM 0.150 0.005 431.3 2.140 2.500 37.85 15/01/2021 3.650 0.720 1.750 1.750 7184WA G3-WA 1.750 Unch 6.4 1.840 0.100 0.54 02/10/2022 0.450 0.040 0.120 0.110 9261WB GADANG-WB 0.110 -0.005 2180.9 0.380 1.060 207.89 29/11/2021 0.215 0.005 0.030 0.025 539870 GAMUDA-C70 0.030 0.005 213 3.240 3.500 12.65 29/05/2020 0.195 0.005 0.040 0.040 539878 GAMUDA-C78 0.040 0.005 468.5 3.240 3.910 25.62 12/10/2020 0.060 0.010 0.040 0.040 539882 GAMUDA-C82 0.040 Unch 160.8 3.240 3.850 26.23 06/11/2020 0.490 0.030 0.155 0.145 5398WE GAMUDA-WE 0.145 -0.005 25880.3 3.240 4.050 29.48 06/03/2021 0.520 0.095 0.210 0.200 5226WB GBGAQRS-WB 0.205 0.010 1314 0.815 1.120 62.58 26/09/2023 0.425 0.040 0.095 0.095 5102CJ GCB-CJ 0.095 Unch 257.6 2.180 2.050 4.43 22/05/2020 0.370 0.010 0.060 0.055 5102CK GCB-CK 0.055 Unch 70 2.180 2.527 21.93 28/07/2020 0.365 0.005 0.070 0.060 5102CL GCB-CL 0.065 0.005 548.7 2.180 2.480 21.22 12/10/2020 1.600 0.305 0.830 0.805 5102WB GCB-WB 0.810 0.010 525.6 2.180 1.650 12.84 04/11/2022 0.105 0.005 0.010 0.010 471566 GENM-C66 0.010 Unch 100 2.230 2.974 35.95 28/08/2020 0.125 0.005 0.010 0.010 471568 GENM-C68 0.010 Unch 190 2.230 2.945 33.79 30/07/2020 0.095 0.005 0.005 0.005 471570 GENM-C70 0.005 Unch 100 0.850 3.524 316.64 19/06/2020 0.045 0.005 0.010 0.010 471571 GENM-C71 0.010 -0.005 855.1 2.230 3.283 48.94 30/11/2020 0.070 0.010 0.025 0.020 471573 GENM-C73 0.025 0.010 2800.6 2.230 2.781 30.11 30/11/2020 0.120 0.025 0.060 0.060 471574 GENM-C74 0.060 0.005 1357.2 2.230 2.897 40.28 22/01/2021 0.060 0.030 0.060 0.060 471575 GENM-C75 0.060 0.005 169.9 2.230 2.800 35.95 25/11/2020 0.115 0.005 0.010 0.005 318276 GENTINGC76 0.005 Unch 4500 3.910 5.946 53.06 28/08/2020 0.165 0.005 0.010 0.005 318278 GENTINGC78 0.005 Unch 507.7 1.985 5.623 184.51 30/07/2020 0.040 0.005 0.010 0.010 318281 GENTINGC81 0.010 0.005 1695 3.950 6.161 57.46 30/11/2020 0.160 0.005 0.030 0.025 318282 GENTINGC82 0.030 0.005 6655 3.950 5.379 39.88 30/11/2020 0.185 0.015 0.035 0.030 0039WC GFM-WC 0.035 0.005 3738.1 0.140 0.380 196.43 28/01/2022 0.115 0.015 0.020 0.020 5220WA GLOTEC-WA 0.020 -0.005 6.7 0.280 0.720 164.29 17/12/2021 0.460 0.075 0.255 0.240 0082WB GPACKET-WB 0.240 Unch 860.5 0.560 0.400 14.29 24/11/2023 0.070 0.015 0.025 0.020 7096WA GPA-WA 0.025 Unch 354.3 0.080 0.100 56.25 03/06/2025 0.120 0.020 0.025 0.020 7022C2 GTRONIC-C2 0.025 0.005 1244.9 1.960 2.450 29.08 28/07/2020 0.235 0.020 0.090 0.080 7022C4 GTRONIC-C4 0.090 0.020 445.9 1.960 2.000 15.82 09/11/2020 0.070 0.015 0.040 0.040 7022C6 GTRONIC-C6 0.040 0.025 1200 1.960 2.680 42.86 30/11/2020 0.285 0.025 0.160 0.145 7676WB GUNUNG-WB 0.155 0.010 688.8 0.500 0.400 11 02/10/2020 0.180 0.050 0.095 0.080 7501WB HARNLEN-WB 0.080 -0.010 60.3 0.385 0.600 76.62 19/09/2026 0.380 0.040 0.380 0.365 516828 HARTA-C28 0.365 0.015 469.6 7.680 5.500 0.13 30/04/2020 0.435 0.120 0.435 0.425 516830 HARTA-C30 0.425 0.015 775 7.680 5.180 0.65 31/07/2020 0.420 0.115 0.420 0.420 516831 HARTA-C31 0.420 0.015 50 7.680 5.280 1.56 28/08/2020 0.460 0.180 0.460 0.450 516833 HARTA-C33 0.450 0.010 251.9 7.680 5.200 2.86 07/12/2020 0.320 0.070 0.320 0.305 516834 HARTA-C34 0.310 0.020 642.6 7.680 6.000 2.34 30/11/2020 0.200 0.095 0.200 0.200 516835 HARTA-C35 0.200 0.005 34 7.680 6.500 10.68 27/10/2020 0.210 0.070 0.210 0.205 516836 HARTA-C36 0.205 0.005 152.8 7.680 7.200 15.1 18/12/2020 0.370 0.135 0.370 0.370 516837 HARTA-C37 0.370 0.005 11.5 7.680 5.700 3.13 30/11/2020 0.265 0.075 0.265 0.255 516838 HARTA-C38 0.255 0.010 1211 7.680 6.200 3.97 06/11/2020 0.340 0.135 0.340 0.335 516839 HARTA-C39 0.335 0.020 77 7.680 6.500 10.81 22/01/2021 0.110 0.005 0.015 0.010 432413 HENGYUANC13 0.010 Unch 1763 3.120 4.200 37.5 07/08/2020

YEAR YEAR DAY DAY CODE WARRANTS CLOSE +/- VOL PARENT EXE PR’M EXPIRY HIGH LOW HIGH LOW (RM) (RM) (‘000) PRICE PRICE (%) DATE

YEAR YEAR DAY DAY CODE WARRANTS CLOSE +/- VOL PARENT EXE PR’M EXPIRY HIGH LOW HIGH LOW (RM) (RM) (‘000) PRICE PRICE (%) DATE

0.080 0.005 0.025 0.015 5072WB HIAPTEK-WB 0.020 0.005 4118.1 0.170 0.500 205.88 23/06/2021 0.085 0.005 0.005 0.005 519912 HIBISCS-C12 0.005 Unch 900 0.480 1.000 110.94 12/10/2020 0.100 0.005 0.005 0.005 5199C7 HIBISCS-C7 0.005 Unch 50 0.480 1.000 110.42 30/06/2020 0.485 0.025 0.155 0.145 5199WC HIBISCS-WC 0.145 -0.005 17553.7 0.480 1.120 163.54 18/03/2021 0.120 0.005 0.010 0.010 5819CP HLBANK-CP 0.010 Unch 569.9 13.740 17.280 26.86 30/09/2020 0.165 0.030 0.100 0.095 0188WA HLT-WA 0.100 Unch 2037.6 0.210 0.200 42.86 27/12/2022 0.315 0.040 0.110 0.100 5160WB HOMERIZ-WB 0.105 Unch 1171.6 0.490 0.540 31.63 03/07/2022 0.025 0.010 0.020 0.020 7013WC HUBLINE-WC 0.020 Unch 530 0.050 0.055 50 17/12/2023 0.070 0.005 0.070 0.055 9601WD HWGB-WD 0.070 0.020 8584.1 0.215 0.320 81.4 15/03/2021 0.070 0.020 0.040 0.035 5255WA ICON-WA 0.035 Unch 3214.8 0.065 0.165 207.69 13/02/2028 0.085 0.030 0.060 0.060 333637 IJM-C37 0.060 0.005 241.8 1.750 2.300 41.71 22/01/2021 0.100 0.005 0.010 0.005 16653 INARI-C53 0.005 Unch 215 1.460 2.500 72.26 07/09/2020 0.160 0.010 0.035 0.035 16655 INARI-C55 0.035 0.005 7 1.460 1.600 16.78 19/06/2020 0.090 0.015 0.025 0.025 16656 INARI-C56 0.025 0.005 100 1.460 2.150 52.05 14/08/2020 0.180 0.015 0.080 0.070 16657 INARI-C57 0.075 0.010 1812.8 1.460 1.700 31.85 30/11/2020 0.095 0.015 0.035 0.035 16658 INARI-C58 0.035 0.005 40 1.460 1.800 29.28 30/11/2020 0.115 0.015 0.050 0.040 16659 INARI-C59 0.050 0.005 1002 1.460 2.000 45.55 27/10/2020 0.140 0.010 0.025 0.025 196123 IOICORP-C23 0.025 0.010 80 4.000 4.500 15 09/11/2020 1.260 0.360 0.825 0.790 4723WB JAKS-WB 0.795 0.025 2326.1 1.030 0.640 39.32 13/12/2023 0.170 0.015 0.125 0.105 0111WC K1-WC 0.110 -0.015 14512.3 0.200 0.300 105 30/12/2021 0.345 0.060 0.160 0.145 7161WB KERJAYA-WB 0.155 0.010 156 1.070 1.600 64.02 28/02/2023 0.400 0.100 0.190 0.175 5171WA KIMLUN-WA 0.190 0.010 110.1 0.700 1.680 167.14 12/03/2024 0.475 0.170 0.300 0.285 5027WB KMLOONG-WB 0.285 -0.010 61.8 1.110 1.400 51.8 10/04/2025 0.235 0.075 0.230 0.230 7153C3 KOSSAN-C3 0.230 Unch 15 5.570 4.500 3.5 28/07/2020 0.205 0.080 0.205 0.200 7153C4 KOSSAN-C4 0.200 -0.005 25 5.570 5.000 7.72 30/11/2020 0.265 0.135 0.260 0.250 7153C5 KOSSAN-C5 0.250 -0.005 337 5.570 4.780 10.5 15/01/2021 0.035 0.005 0.010 0.005 0018WB LAMBO-WB 0.010 Unch 6881.5 0.015 0.160 1,033 29/04/2024 0.230 0.025 0.070 0.065 9385WA LAYHONG-WA 0.070 0.005 1577.7 0.340 0.400 38.24 13/10/2021 0.260 0.050 0.075 0.065 8494WB LBICAP-WB 0.075 Unch 69.3 0.400 0.500 43.75 24/06/2024 0.205 0.005 0.005 0.005 5789WB LBS-WB 0.005 Unch 5.5 0.365 0.560 54.79 04/10/2020 0.300 0.005 0.020 0.020 6633CL LHI-CL 0.020 0.005 26 0.585 0.750 31.62 28/08/2020 0.100 0.035 0.070 0.065 8303WB LOTUS-WB 0.070 0.010 179.6 0.125 0.100 36 25/11/2024 0.350 0.030 0.030 0.030 7617WB MAGNA-WB 0.030 Unch 10 0.780 0.900 19.23 04/09/2020 0.125 0.015 0.030 0.030 7087CA MAGNI-CA 0.030 0.005 2000 1.960 2.800 48.21 24/09/2020 0.135 0.005 0.040 0.040 7087CB MAGNI-CB 0.040 0.015 20 1.960 2.700 43.88 30/11/2020 0.080 0.005 0.010 0.005 858322 MAHSING-C22 0.010 0.005 3000.3 0.435 0.720 67.82 30/11/2020 0.140 0.005 0.015 0.005 5236WA MATRIX-WA 0.015 Unch 10.4 1.298 2.400 86.06 20/07/2020 0.060 0.005 0.005 0.005 115559 MAYBANKC59 0.005 Unch 50 4.305 9.000 110.1 30/04/2020 0.120 0.005 0.040 0.030 115561 MAYBANKC61 0.035 0.010 1000.1 7.700 8.700 14.35 30/07/2020 0.070 0.010 0.025 0.020 115565 MAYBANKC65 0.025 0.005 563 7.470 8.500 14.79 30/11/2020 0.720 0.220 0.345 0.330 5152WA MBL-WA 0.330 0.005 162 1.190 0.800 -5.04 28/11/2022 0.095 0.005 0.010 0.005 5983CM MBMR-CM 0.005 -0.005 60 2.880 4.280 50 30/09/2020 0.205 0.040 0.060 0.060 5983CO MBMR-CO 0.060 0.005 77.9 2.880 4.000 47.22 30/11/2020 0.020 0.015 0.020 0.015 5983CP MBMR-CP 0.015 -0.135 880 2.880 4.600 62.85 20/11/2020 0.050 0.005 0.015 0.015 117128 MBSB-C28 0.015 Unch 50 0.615 0.800 32.52 30/11/2020 0.045 0.005 0.020 0.015 117129 MBSB-C29 0.020 0.005 791 0.615 0.730 25.2 20/11/2020 0.165 0.020 0.085 0.075 3778WB MELEWAR-WB 0.080 Unch 1675 0.185 0.400 159.46 18/08/2023 0.100 0.005 0.020 0.010 5040WA MERIDIAN-WA 0.015 Unch 8.4 0.055 0.500 836.36 13/08/2021 0.310 0.030 0.065 0.060 7234WA MESB-WA 0.060 0.010 210.2 0.230 0.300 56.52 27/12/2022 0.195 0.010 0.085 0.075 3069CH MFCB-CH 0.080 0.015 417.7 4.900 4.800 7.76 07/08/2020 0.200 0.005 0.105 0.105 3069CI MFCB-CI 0.105 0.015 50 4.900 5.200 16.84 30/11/2020 0.480 0.085 0.195 0.185 3662WC MFLOUR-WC 0.190 0.010 1068.6 0.495 0.680 75.76 23/01/2024 0.385 0.035 0.150 0.140 5286CG MI-CG 0.145 0.020 797.3 2.130 2.080 18.08 30/11/2020 0.520 0.070 0.230 0.210 5286CH MI-CH 0.210 0.005 4626.6 2.130 2.200 27.93 27/10/2020 0.375 0.040 0.175 0.160 5286CJ MI-CJ 0.160 0.005 4359.2 2.130 2.000 16.43 22/01/2021 0.125 0.095 0.125 0.120 5286CL MI-CL 0.120 0.005 9214.4 2.130 3.200 73.9 25/11/2020 0.135 0.025 0.065 0.055 5576WC MINHO-WC 0.055 0.005 9184.9 0.270 0.320 38.89 02/08/2021 0.140 0.020 0.055 0.045 9571WE MITRA-WE 0.050 0.005 360.7 0.235 0.940 321.28 17/04/2023 0.125 0.005 0.005 0.005 219414 MMCCORPC14 0.005 Unch 390 0.680 1.200 77.94 31/07/2020 0.095 0.005 0.015 0.010 219416 MMCCORPC16 0.015 Unch 55 0.680 1.100 65.07 30/07/2020 0.015 0.005 0.010 0.010 165157 MRCB-C57 0.010 Unch 530 0.505 0.820 65.35 28/07/2020 0.020 0.005 0.020 0.020 165158 MRCB-C58 0.020 Unch 150 0.505 0.700 46.53 07/12/2020 0.100 0.020 0.090 0.090 165161 MRCB-C61 0.090 0.015 200 0.505 0.600 36.63 18/12/2020 0.370 0.050 0.140 0.130 1651WB MRCB-WB 0.130 Unch 7821.6 0.505 1.250 173.27 29/10/2027 0.045 0.005 0.010 0.005 0092WC MTOUCHE-WC 0.010 Unch 19849.5 0.075 0.200 180 02/11/2020 0.040 0.005 0.010 0.010 0043WA MTRONIC-WA 0.010 Unch 10 0.030 0.080 200 16/04/2022 0.040 0.003 0.005 0.005 13880 MYEG-C80 0.005 Unch 12 1.140 1.600 41.67 30/06/2020 0.028 0.001 0.005 0.005 13881 MYEG-C81 0.005 Unch 50 1.140 1.480 31.14 27/04/2020 0.125 0.010 0.050 0.045 13884 MYEG-C84 0.045 Unch 634.4 1.140 1.200 17.11 28/07/2020 0.115 0.005 0.030 0.030 13885 MYEG-C85 0.030 -0.005 13 1.140 1.250 16.23 15/05/2020 0.140 0.005 0.055 0.050 13886 MYEG-C86 0.050 Unch 227.1 1.140 1.250 18.42 07/08/2020 0.110 0.005 0.045 0.040 13887 MYEG-C87 0.040 Unch 415.2 1.140 1.200 19.3 12/10/2020 0.175 0.055 0.085 0.080 13888 MYEG-C88 0.080 Unch 201.8 1.140 1.400 40.35 12/10/2020 0.175 0.035 0.100 0.095 13890 MYEG-C90 0.095 0.005 3520.2 1.140 1.350 37.59 11/09/2020 0.205 0.030 0.115 0.115 13891 MYEG-C91 0.115 0.020 30 1.140 1.200 20.39 30/10/2020 0.175 0.025 0.100 0.090 13892 MYEG-C92 0.095 0.005 1236.5 1.140 1.200 21.93 30/11/2020 0.125 0.055 0.110 0.105 13893 MYEG-C93 0.105 Unch 427.6 1.140 1.700 76.75 15/01/2021 0.285 0.050 0.125 0.115 0108WB N2N-WB 0.125 0.015 175.5 0.540 0.830 76.85 08/01/2024 0.005 0.003 0.005 0.005 0096WA NEXGRAM-WA 0.005 Unch 80 0.010 0.100 950 16/05/2022 0.010 0.005 0.010 0.005 0096WC NEXGRAM-WC 0.010 Unch 650 0.010 0.100 1000 15/01/2024 0.190 0.005 0.025 0.010 7241WA NGGB-WA 0.025 Unch 343.2 0.275 0.600 127.27 18/10/2020 0.045 0.010 0.020 0.015 7139WB NICE-WB 0.015 -0.005 370 0.040 0.060 87.5 22/01/2024 0.095 0.010 0.025 0.020 7215WB NIHSIN-WB 0.025 Unch 870.1 0.090 0.138 81.11 13/05/2022 0.930 0.150 0.640 0.590 0083WC NOTION-WC 0.630 0.045 10226.3 0.895 0.840 64.25 14/03/2023 0.145 0.005 0.030 0.020 0172WA OCK-WA 0.020 Unch 12648.6 0.460 0.710 58.7 15/12/2020 0.100 0.005 0.030 0.015 7071WC OCR-WC 0.030 0.015 356 0.245 0.500 116.33 24/07/2021 0.125 0.015 0.035 0.030 7071WD OCR-WD 0.035 0.010 4629.1 0.245 0.220 4.08 18/02/2022 0.135 0.010 0.030 0.020 0079WA ORION-WA 0.025 Unch 1946.3 0.050 0.170 290 26/07/2022 0.265 0.040 0.135 0.115 5260WA OWG-WA 0.120 -0.005 3792.9 0.350 0.800 162.86 29/09/2023 0.055 0.005 0.010 0.005 7052C5 PADINI-C5 0.010 Unch 8758.1 2.400 4.000 69.17 21/09/2020 0.260 0.150 0.220 0.180 8419WA PANSAR-WA 0.220 Unch 111.4 0.685 0.630 24.09 06/06/2023 0.140 0.005 0.020 0.015 5125WA PANTECH-WA 0.020 0.010 590 0.365 0.500 42.47 21/12/2020 0.150 0.010 0.050 0.040 5125WB PANTECH-WB 0.050 0.005 121.5 0.365 0.500 50.68 21/12/2021 0.305 0.040 0.125 0.115 1724WA PARAMON-WA 0.120 0.005 824 0.725 1.790 163.45 28/07/2024 0.080 0.020 0.045 0.030 6912WA PASDEC-WA 0.040 0.010 45.1 0.225 1.000 362.22 03/07/2023 0.175 0.005 0.015 0.015 129540 PBBANK-C40 0.015 0.005 20 12.180 19.300 59.69 28/08/2020 0.190 0.005 0.020 0.020 129541 PBBANK-C41 0.020 0.005 120 16.040 19.800 24.94 28/07/2020 0.085 0.005 0.010 0.010 129543 PBBANK-C43 0.010 Unch 500 10.987 21.500 96.78 12/10/2020 0.140 0.035 0.120 0.115 129545 PBBANK-C45 0.115 Unch 30 16.040 18.280 22.57 09/10/2020 0.180 0.015 0.080 0.075 129546 PBBANK-C46 0.075 Unch 843 16.040 18.500 20.95 15/01/2021 0.315 0.030 0.090 0.085 6068WA PCCS-WA 0.085 Unch 692.5 0.275 0.600 149.09 25/12/2022 0.135 0.005 0.005 0.005 518343 PCHEM-C43 0.005 Unch 2450 2.780 7.880 184.62 21/09/2020 0.065 0.010 0.050 0.040 518347 PCHEM-C47 0.050 0.015 90 5.650 6.500 19.47 30/10/2020 0.155 0.005 0.085 0.070 518348 PCHEM-C48 0.080 0.015 195 5.650 6.480 23.89 15/01/2021 0.045 0.010 0.045 0.030 518349 PCHEM-C49 0.045 0.015 757.1 5.650 6.500 21.42 30/11/2020 0.250 0.110 0.250 0.230 518350 PCHEM-C50 0.245 0.025 251 5.650 6.400 34.09 13/11/2020 0.015 0.005 0.010 0.005 6254WB PDZ-WB 0.010 0.005 425 0.020 0.100 450 29/01/2023 0.100 0.015 0.060 0.040 9997WB PENSONI-WB 0.060 0.020 14.7 0.230 0.600 186.96 20/01/2024 0.650 0.030 0.295 0.260 7160CB PENTA-CB 0.295 0.035 20 4.000 2.920 2.5 29/05/2020 0.160 0.005 0.020 0.020 7160CK PENTA-CK 0.020 Unch 52 4.000 5.000 28 28/08/2020 0.215 0.005 0.045 0.045 7160CO PENTA-CO 0.045 0.005 32 4.000 4.800 26.75 12/10/2020 0.250 0.005 0.060 0.050 7160CP PENTA-CP 0.060 0.015 1393.9 4.000 4.500 21.5 26/08/2020 0.100 0.005 0.030 0.030 7160CR PENTA-CR 0.030 0.005 53.4 4.000 5.600 44.88 27/10/2020 0.190 0.050 0.095 0.090 9695WA PLS-WA 0.095 0.005 11.4 0.595 0.800 50.42 04/03/2030 0.075 0.005 0.030 0.030 886937 PMETAL-C37 0.030 Unch 640 3.870 5.200 38.24 22/01/2021 0.140 0.055 0.135 0.125 6637WA PNEPCB-WA 0.130 0.005 3089.9 0.535 0.380 -4.67 16/12/2024 0.580 0.030 0.080 0.075 7088WB POHUAT-WB 0.075 Unch 34 0.890 1.000 20.79 21/10/2020 0.150 0.005 0.015 0.010 463447 POS-C47 0.015 0.005 504.8 0.750 1.300 79.33 09/11/2020 0.384 0.030 0.065 0.060 8966WA PRLEXUS-WA 0.060 Unch 1641.4 0.520 1.200 142.31 14/06/2021 0.100 0.015 0.045 0.045 5070WA PRTASCO-WA 0.045 Unch 200 0.205 0.750 287.8 25/04/2023 0.060 0.005 0.015 0.010 0186WA PTRANS-WA 0.015 Unch 2129.4 0.215 0.235 16.28 19/09/2020 0.325 0.020 0.060 0.040 0007WA PUC-WA 0.055 0.025 1003.9 0.135 0.500 311.11 25/12/2024 0.890 0.235 0.690 0.645 7237WA PWROOT-WA 0.690 0.050 168.7 2.270 1.540 -1.76 24/07/2023 0.075 0.005 0.015 0.010 5256WA REACH-WA 0.015 Unch 1945 0.060 0.750 1,175 12/08/2022 0.800 0.215 0.505 0.465 0200WA REVENUE-WA 0.490 0.045 22300.3 1.190 0.750 4.2 14/01/2024 0.110 0.010 0.015 0.015 106620 RHBBANKC20 0.015 Unch 100 4.800 5.880 24.06 30/10/2020 0.105 0.020 0.050 0.040 8567WB SALCON-WB 0.045 0.005 5098.9 0.170 0.300 102.94 19/07/2025 0.025 0.005 0.005 0.005 0133WE SANICHI-WE 0.005 -0.005 113.7 0.045 0.100 133.33 13/12/2021 0.145 0.025 0.040 0.040 5218WA SAPNRG-WA 0.040 Unch 7583.7 0.100 0.490 430 23/01/2026 0.110 0.010 0.040 0.030 5157WA SAUDEE-WA 0.035 Unch 2587.4 0.180 0.500 197.22 31/03/2021 0.170 0.005 0.030 0.030 7247WA SCGM-WA 0.030 0.005 895 1.270 3.960 214.17 31/07/2020 0.320 0.005 0.050 0.045 4731CG SCIENTX-CG 0.050 0.010 565.8 8.080 8.200 6.44 29/05/2020 0.065 0.005 0.010 0.005 7158WB SCOMI-WB 0.005 -0.005 310.9 0.020 0.210 975 18/02/2023 0.550 0.085 0.445 0.410 0001WA SCOMNET-WA 0.415 -0.020 2631 0.760 0.650 40.13 19/06/2024 0.115 0.005 0.010 0.010 0028WA SCOPE-WA 0.010 Unch 110.5 0.105 0.150 52.38 17/07/2020 0.290 0.005 0.065 0.060 5279C1 SERBADK-C1 0.060 Unch 4531.8 1.780 2.000 19.1 07/12/2020 0.068 0.005 0.020 0.015 5279C3 SERBADK-C3 0.015 Unch 588.7 1.780 2.400 36.52 30/10/2020 0.120 0.010 0.025 0.025 5279C4 SERBADK-C4 0.025 0.005 300 1.780 2.550 46.77 27/10/2020 0.160 0.005 0.060 0.050 5279C6 SERBADK-C6 0.050 Unch 1092.5 1.780 2.500 46.07 22/01/2021 0.063 0.003 0.015 0.015 5279CV SERBADK-CV 0.015 Unch 55 1.780 2.038 16.91 30/04/2020 0.205 0.005 0.025 0.020 5279CX SERBADK-CX 0.020 -0.010 333.7 1.780 2.143 23.06 30/09/2020 0.245 0.005 0.040 0.030 5279CY SERBADK-CY 0.035 Unch 600 1.780 2.071 20.12 28/08/2020 0.215 0.005 0.010 0.010 5279CZ SERBADK-CZ 0.010 -0.005 100 0.925 2.286 148.18 30/07/2020 0.605 0.105 0.315 0.285 5279WA SERBADK-WA 0.285 -0.015 47031.8 1.780 2.620 63.2 05/12/2024 0.545 0.250 0.445 0.400 7180WA SERN-WA 0.445 -0.005 121.3 0.830 0.400 1.81 20/03/2023 0.090 0.015 0.020 0.020 7246WA SIGN-WA 0.020 0.005 200 0.370 0.970 167.57 21/04/2021 0.070 0.035 0.070 0.065 419742 SIME-C42 0.065 -0.005 40 1.850 2.000 18.65 18/12/2020 0.210 0.010 0.065 0.050 5285CL SIMEPLT-CL 0.050 Unch 1652 4.860 4.650 0.82 30/04/2020 0.165 0.010 0.055 0.055 5285CM SIMEPLT-CM 0.055 Unch 721.1 4.860 5.150 11.63 09/11/2020 0.095 0.060 0.085 0.080 5285CN SIMEPLT-CN 0.080 Unch 302 4.860 5.350 18.31 30/10/2020 0.075 0.040 0.060 0.050 5288CT SIMEPROP-CT 0.060 0.015 2910 0.600 0.780 40 18/12/2020 0.150 0.005 0.030 0.025 7155CU SKPRES-CU 0.030 0.010 1351 1.140 1.280 19.65 21/09/2020 0.105 0.010 0.040 0.040 9776WC SMCAP-WC 0.040 0.005 20 0.105 0.200 128.57 29/08/2023 0.100 0.005 0.030 0.025 0203WA SMETRIC-WA 0.030 0.005 6043.3 0.100 0.160 90 21/01/2023 0.145 0.040 0.065 0.060 5242WA SOLID-WA 0.060 -0.005 4065.1 0.315 0.210 -14.29 16/12/2020 0.065 0.005 0.020 0.015 0093WA SOLUTN-WA 0.020 0.010 2988.4 0.080 0.200 175 04/07/2021 0.055 0.005 0.005 0.005 866422 SPSETIA-C22 0.005 Unch 100 0.745 1.350 82.21 28/08/2020 0.040 0.005 0.010 0.010 866427 SPSETIA-C27 0.010 Unch 1300 0.755 1.330 79.47 20/11/2020 0.190 0.040 0.180 0.170 0129WA SRIDGE-WA 0.170 -0.005 252.8 0.370 0.180 -5.41 24/02/2023 0.155 0.035 0.065 0.055 0080WA STRAITS-WA 0.065 0.010 7141 0.170 0.115 5.88 10/08/2022 0.060 0.040 0.060 0.050 5263CZ SUNCON-CZ 0.050 -0.010 80 1.780 2.280 36.52 21/09/2020 0.140 0.005 0.040 0.040 5211CU SUNWAY-CU 0.040 0.015 97.2 1.610 1.600 4.35 08/05/2020 0.435 0.195 0.305 0.290 5211WB SUNWAY-WB 0.300 0.010 995.3 1.610 1.720 25.47 03/10/2024 0.050 0.005 0.020 0.010 0148WB SUNZEN-WB 0.015 Unch 2507.1 0.095 0.250 178.95 25/02/2021 0.130 0.020 0.130 0.110 710672 SUPERMX-C72 0.130 0.020 2130 1.960 1.600 1.53 29/05/2020 0.120 0.010 0.110 0.075 710674 SUPERMX-C74 0.095 0.025 19248.8 1.960 1.780 0.51 08/05/2020 0.130 0.010 0.105 0.075 710676 SUPERMX-C76 0.095 0.020 7806.8 1.960 1.700 0.31 22/05/2020 0.270 0.040 0.270 0.250 710677 SUPERMX-C77 0.270 0.015 240.3 1.960 1.500 4.08 30/09/2020 0.190 0.035 0.190 0.165 710678 SUPERMX-C78 0.185 0.020 6341.7 1.960 1.680 4.59 12/10/2020 0.160 0.030 0.125 0.110 710679 SUPERMX-C79 0.125 0.015 169.3 1.960 1.750 5.23 19/06/2020 0.525 0.005 0.525 0.500 710680 SUPERMX-C80 0.510 0.030 1264 1.960 1.250 2.81 30/10/2020 0.200 0.075 0.200 0.175 710681 SUPERMX-C81 0.190 0.015 3743 1.960 1.600 8.78 27/10/2020 0.125 0.050 0.125 0.125 710682 SUPERMX-C82 0.125 0.030 114 1.960 2.200 34.57 18/12/2020

Main Market & Ace Market Warrants

MONDAY APRIL 20, 2020 • THEEDGE FINANCIAL DAILY 2 4

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

RESEARCH: TAI TS [[email protected]]

CONTRACT SETTLEMENT CHANGE HIGH LOW

KLCI CHANGE CLOSE VOLUME POINTS (RM) (RM) ('000)TENAGA NASIONAL 4.12 0.460 12.700 7552.1PETRONAS CHEMICAL 3.15 0.250 5.650 3748.8MAYBANK 2.13 0.120 7.700 5771.9CIMB GROUP 1.25 0.080 3.630 18092.5GENTING 1.22 0.200 3.950 11529.7IOI CORPORATION 0.99 0.100 4.000 1847.8HONG LEONG FINANCIAL 0.98 0.540 13.400 205.7HONG LEONG BANK 0.89 0.260 13.740 700.4GENTING MALAYSIA 0.75 0.080 2.230 32807.0PUBLIC BANK 0.61 0.100 16.040 4023.1DIALOG GROUP 0.44 0.050 3.270 4610.8K.LUMPUR KEPONG 0.41 0.240 21.140 302.6PETRONAS GAS 0.37 0.120 15.500 1036.5DIGI.COM 0.37 0.030 4.580 3211.1SIME DARBY PLANTATION -0.54 -0.050 4.860 1775.0PETRONAS DAGANG -0.69 -0.440 21.020 154.7SUB-TOTAL 16.46 OTHERS 4.35 GRAND TOTAL 20.81

1,412.50 1,400.00 1,406.50 1,394.00 1,399.00 1,388.00

Market movers

DOW JONES 24,242.49 704.81S&P 500 2,874.56 75.01NASDAQ 100 8,832.41 74.58FTSE 100 5,786.96 158.53AUSTRALIA 5,487.50 71.20CHINA 2,838.49 18.56HONG KONG 24,380.00 373.55INDIA 31,588.72 986.11

INDONESIA 4,634.82 154.21JAPAN 19,897.26 607.06KOREA 1,914.53 57.46PHILIPPINES 5,789.97 264.37SINGAPORE 2,614.60 2.35TAIWAN 10,597.04 221.56THAILAND 1,239.24 39.09VIETNAM 789.60 8.90

CLOSE CHANGE CLOSE CHANGE

World equity indices

TURNOVER CHANGE CHANGE PRICE PE DIVIDEND (‘000) (RM) (%) (RM) RATIO YIELD (%)

Daily top 20 active stocks

DLADY 46.800 0.800PANAMY 30.300 0.700HLFG 13.400 0.540LPI 13.200 0.500CARLSBG 28.200 0.500TENAGA 12.700 0.460BAT 11.620 0.440UTDPLT 25.500 0.420SAM 5.770 0.390HEIM 24.280 0.380HLIND 8.770 0.280HLBANK 13.740 0.260

NESTLE 138.800 -0.700PETDAG 21.020 -0.440HSI-H8O 1.700 -0.410HSI-HAI 1.420 -0.180MPI 10.200 -0.160SP500-HJ 1.560 -0.160HSI-HAA 1.010 -0.150MBMR-CP 0.015 -0.135HSI-HAU 1.340 -0.120HSI-H8Z 0.325 -0.115HSI-HAD 0.315 -0.115HSI-HAF 0.770 -0.115

Top gainers and losers (ranked by RM)

AXIATA-C49 0.045 200.00CONNECT-WA 0.030 200.00GTRONIC-C6 0.040 166.67FBMKLCI-C9B 0.240 166.67SOLUTN-WA 0.020 100.00BORNOIL-WD 0.010 100.00GENTINGC81 0.010 100.00OCR-WC 0.030 100.00PDZ-WB 0.010 100.00DRBHCOMC95 0.010 100.00HSI-C9O 0.020 100.00MAHSING-C22 0.010 100.00

MBMR-CP 0.015 -90.00HSI-C9N 0.010 -60.00SANICHI-WE 0.005 -50.00SYMLIFE-WB 0.005 -50.00MBMR-CM 0.005 -50.00SCOMI-WB 0.005 -50.00XOX-WB 0.010 -33.33NEXGRAM 0.010 -33.33FINTEC-WB 0.010 -33.33SERBADK-CX 0.020 -33.33GENM-C71 0.010 -33.33SERBADK-CZ 0.010 -33.33

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

UP CHANGE CLOSE (RM)

DOWN CHANGE CLOSE (RM)

Top gainers and losers (ranked by percentage)

FBM KLCI & KLCI futures intraday

Daily FBM KLCI

FBM KLCI sensitivity*

FBM KLCI futures

AXIATA-C49 0.045 200.00CONNECT-WA 0.030 200.00GTRONIC-C6 0.040 166.67FBMKLCI-C9B 0.240 166.67SOLUTN-WA 0.020 100.00BORNOIL-WD 0.010 100.00GENTINGC81 0.010 100.00OCR-WC 0.030 100.00PDZ-WB 0.010 100.00DRBHCOMC95 0.010 100.00HSI-C9O 0.020 100.00MAHSING-C22 0.010 100.00

MBMR-CP 0.015 -90.00HSI-C9N 0.010 -60.00SANICHI-WE 0.005 -50.00SYMLIFE-WB 0.005 -50.00MBMR-CM 0.005 -50.00SCOMI-WB 0.005 -50.00XOX-WB 0.010 -33.33FINTEC-WB 0.010 -33.33SERBADK-CX 0.020 -33.33GENM-C71 0.010 -33.33SERBADK-CZ 0.010 -33.33AIRPORT-C17 0.010 -33.33

UP CHANGE CLOSE (%)

DOWN CHANGE CLOSE (%)

Top gainers and losers - warrants (ranked by percentage)

AGES-PA 228,149 50.00 0.005 0.015 0.020 0.010VIVOCOM 145,432 33.33 0.005 0.020 0.025 0.015AAX 108,263 23.08 0.015 0.080 0.090 0.065AGES 92,376 53.33 0.040 0.115 0.115 0.075XOX 89,471 20.00 0.005 0.030 0.035 0.025AIRASIA 85,903 9.03 0.065 0.785 0.810 0.740HSI-C9J 76,338 5.41 0.010 0.195 0.225 0.190PWORTH 65,315 33.33 0.005 0.020 0.020 0.010DNEX-WD 57,001 20.00 0.005 0.030 0.035 0.025DSONIC-WA 47,213 1.11 0.005 0.455 0.475 0.450SERBADK-WA 47,032 -5.00 -0.015 0.285 0.315 0.285DAYA 42,925 0.00 0.000 0.005 0.010 0.005SALUTE 38,115 24.42 0.105 0.535 0.545 0.445HSI-H8M 33,159 -24.49 -0.060 0.185 0.195 0.175DGB-WB 31,921 0.00 0.000 0.005 0.010 0.005HSI-C9S 31,759 9.38 0.030 0.350 0.395 0.345

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

Moving average - 20-dayKL Composite Index

Volume (’mil)

Jan 2, 2008 Apr 17, 2020

1,407.34(+20.81)

1,346.01

820.0

1122.5

1425.0

1727.5

2030.0

0

300

600

900

1395.0

1397.2

1399.4

1401.6

1403.8

1406.0

1408.2

1410.4

1412.6

1414.8

1417.0

17:1516:3015:3014:3012:4511:3010:309:308:45

Index point

KL Composite Index

KLCI futures

1,407.50(+25.50)

1,407.34(+20.81)

APR 20 1,407.50 25.50MAY 20 1,402.00 26.00JUNE 20 1,394.50 26.00

When you learn, teach. When you get, give.— Dr Maya Angelou

AGES-PA 228,149.3 0.005 50.00 0.015 — —LAMBO 180,091.3 -0.005 -25.00 0.015 4.17 0.00MINETEC 166,686.6 0.020 7.69 0.280 — 0.00XDL 163,811.7 -0.005 -6.25 0.075 8.51 0.00VIVOCOM 145,432.0 0.005 33.33 0.020 75.00 0.00SAPNRG 109,638.2 UNCH UNCH 0.100 — 2.44AAX 108,262.6 0.015 23.08 0.080 — 0.00DGB 102,271.8 UNCH UNCH 0.025 — 0.00SANICHI 94,766.5 0.005 12.50 0.045 — 0.00MTOUCHE 93,041.5 UNCH UNCH 0.075 — 0.00AGES 92,375.6 0.040 53.33 0.115 2.48 0.00DNEX 92,085.8 0.005 3.23 0.160 9.06 3.23XOX 89,470.9 0.005 20.00 0.030 — 0.00HIBISCS 86,799.5 0.010 2.13 0.480 5.06 0.00AIRASIA 85,902.8 0.065 9.03 0.785 — 33.33HSI-C9J 76,338.3 -0.020 -9.30 0.195 — 0.00ARMADA 68,459.8 UNCH UNCH 0.180 18.00 1.07PWORTH 65,314.8 0.005 33.33 0.020 — 0.00VELESTO 60,536.4 -0.005 -3.13 0.155 39.02 0.00KNM 59,595.7 -0.005 -3.13 0.155 8.21 0.00

KUALA LUMPUR: Th e FBM KLCI rose actively last Friday to close over the 1,400 level after more than one month, tracking regional gains amidst optimism on US plans to resume economic activities as it works to contain the Covid-19 spread. At 5pm, the benchmark index, which had been trading in green territory throughout the day, closed 20.81 points or 1.5% higher at 1,407.34, with a high volume of 6.31 billion shares worth RM3.02 billion. Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI advanced alongside gains across its regional peers following US plans to gradually reopen economic activities amid signs of a fl attening of the Covid-19 cases curve. “Th e positive news has also override the weakness in China economics data that saw 1Q2020 gross domestic product (GDP) sank -6.8% y-o-y, marking the fi rst contraction since 1992,” he told theedgemarkets.com. Should the KLCI stay afl oat the 1,400 psychological level, Leong said there could be recovery extending towards the 1,455 level over the near term. “However, we do caution that the sluggish crude oil prices and the persistent selling from foreign funds may leave gains to be measured,” he added. Reuters said Asian stocks gained on last Friday as US President Donald Trump’s plans to gradually re-open the US economy off set data that showed China suff ered its worst economic contraction on record due to the coronavirus outbreak.

KLCI closes above 1,400 level on optimism of US market

W O R L D I N D E X . C O M M O D I T I E S . F U T U R E S PA G E 2 3

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 2

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 1 9

KLCI 1,407.34 20.81 FBM ACE 4,500.88 78.28 FTSTI 2,614.60 2.35 NIKKEI 19,897.26 607.06 HANG SENG 24,380.00 373.55 DOW JONES 24,242.49 704.81

PLAN WELLPLAN AHEAD

M A L A Y S I A | A P R I L 2 0 , 2 0 2 0

2020Presented by

Presented by

Another record-breaking year

EDITORIAL

EDITOR-IN-CHIEF

AZAM ARIS

MANAGING EDITOR

ANNA TAING

EDITORS

THO LI MING, JENNIFER JACOBS

SENIOR WRITERS

PATHMA SUBRAMANIAM,

KUEK SER KWANG ZHE,

OLIVER CHRISTOPHER GOMEZ,

KHAIRANI AFIFI NOORDIN

WRITERS

TAN ZHAI YUN, VANESSA GOMES,

JOTHAM LIM

EXECUTIVE EDITOR (PRODUCTION)

OOI INN LEONG

CHIEF COPY EDITORS

PUSHPAM SINNAKAUNDAN,

MAH PIN PIN

ASSISTANT CHIEF COPY EDITOR

KENNETH FRANCIS MARTINUS

SENIOR COPY EDITORS

WONG SOON FAH,

MARICA VAN WYNEN,

LEE MEI GEOK

ART DIRECTOR

SHARON KHOH

ASSISTANT ART DIRECTOR

LEE WAN YEE

SENIOR GRAPHIC DESIGNERS

WENNIE HENG, RAJITA SIVAN

GRAPHIC DESIGNER

TUN MOHD ZAFIAN MOHD ZA’ABAH

SENIOR GRAPHIC ARTIST

TAN SIEW CHING

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CHIEF COMMERCIAL OFFICER

SHARON TEH (012) 313 9056

GENERAL MANAGER

FONG LAI KUAN (012) 386 2831

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PUBLISHER & GROUP CEO

HO KAY TAT

CHIEF OPERATING OFFICER

LIM SHIEW YUIN

WE WELCOME YOUR COMMENTS,

LETTERS AND CRITICISM.

PHONE (03) 7721 8000

EMAIL [email protected]

PSEUDONYMS ARE ALLOWED BUT

PLEASE STATE YOUR FULL NAME,

ADDRESS AND CONTACT NUMBER

(TEL/FAX) FOR US TO VERIFY.

NOTIFICATIONDue to the special coverage

of the Refinitiv Lipper Fund

Awards 2020, the Lipper

fund performance tables

are not published in this

issue. Publication of the

tables will resume next

week.

CO N T I N U E S O N PAG E 6

B Y K H A I R A N I A F I F I N O O R D I N

Public Mutual Bhd made history at the Refinitiv Lipper Fund Awards 2020 when it clinched two group awards — Best Equity Group and Best Mixed Assets Group — and 32 fund awards. For the second

year in a row, it set the record for the larg-est number of awards won by a single fund management company.

Kenanga Investors Bhd was another big winner, bagging two prestigious group awards — Best Equity Group (Islamic) and Best Mixed Assets Group (Provident). It also won three fund awards.

The other group award winners were Hong Leong Asset Management Bhd (HLAM) and AmFunds Management Bhd (AmIn-vest). HLAM took home the Best Equity Group (Provident) award and nine fund awards while AmInvest grabbed the Best

More fund managers around the world are

embracing environmental, social and gov-

ernance (ESG) or socially responsible in-

vesting (SRI) principles. Local fund managers

should also follow this trend, observes Datuk

Syed Zaid Albar, executive chairman of the

Securities Commission Malaysia (SC).

“Fund managers are among those at the

forefront of driving transformation and pro-

gress in markets locally and globally. They

make critical decisions on which stocks to

invest in and therefore can demand good

corporate behaviour as a criterion for in-

vestment,” he says in his congratulatory

message to the winners of the Refinitiv Lip-

per Fund Awards 2020.

“Our local fund managers must apply the

same standards and thinking. They must

demand best corporate behaviour as an im-

portant criteria for investments, above and

beyond the quest for profits. Hence, fund

managers must always remain agile and re-

silient to ensure that they continue to serve

investor needs while balancing short-term

objectives and long-term goals.”

The fund management industry con-

tinues to be a key pillar in providing

savings intermediation and mar-

ket liquidity in the Malaysian capi-

tal market. According to Syed Zaid,

the industry’s total assets under

management rose to RM823 billion

at end-2019 from RM744 billion in

the previous year. Unit trusts, which

are the largest component of the

industry, saw an increase

of 13% to their total

net asset value of

RM482 billion last

year from RM426

billion in 2018.

Bond Group (Provident) award and three fund awards.

This was the fi rst time in 21 years that the awards ceremony could not be held, due to the Covid-19 pandemic, says The Edge Media Group publisher and group CEO Da-tuk Ho Kay Tat. “While we are disappointed that we are not able to catch up with fund managers and industry stakeholders this year, the safety and well-being of everyone is paramount to us.

“Nevertheless, we still want to celebrate the achievements of the award winners. That is why the Personal Wealth team at The Edge Malaysia decided to continue pub-lishing its annual coverage of the Lipper Fund Awards.”

The Edge Malaysia is the offi cial present-er of the Refi nitiv Lipper Fund Awards in Malaysia.

This year, 84 awards were given out — six group awards, 25 fund awards in the conventional category, 32 fund awards in the provident category and 21 fund awards in the Islamic category. Like last year, there was no overall group award winner. To be eligible for this award, a fund house would need to have at least three equity, three bond and three mixed-asset funds that meet the required criteria.

According to Xav Feng, director of Lip-per Asia-Pacifi c Research at Refi nitiv, the winners in the three-year category (from end-2016 to end-2019) posted an average

Embracing change in the industryIn the light of the lower yield and more vola-

tile market environment, there have been more

income-themed multi-asset funds launched

to satisfy investor demand for regular dividend

payouts, he says. “In 2019, we witnessed 26

launches of income unit trust funds of various

types, including fixed income, bonds, sukuk and

debentures.”

Another growth area was the ex-

change-traded fund (ETF) market. “The SC fa-

cilitated the introduction of an array of ETFs last

year, aimed at promoting competitive growth

and facilitating product innovation by providing

new investment opportunities and exposure

to investors with varying risk appetites,” says

Syed Zaid.

Last year, two pairs of leveraged and inverse

ETFs were listed on the Main Market of Bursa

Malaysia while another two were listed earlier

this year. “These ETFs have paved the way for

a more cost-effective and transparent channel

for investors to access the futures market. They

allow investors to express their market views

and provide alternative strategies for more ef-

fective portfolio management,” he says.

This year, fund managers and investors

are faced with an unprecedented situation

brought on by the Covid-19 pandemic, which

has impacted the global economy and dis-

rupted supply chains. It has also affected

capital markets and investor sentiment, says

Syed Zaid.

“In fact, the only thing we cannot say to

any degree of certainty is the extent to which

the pandemic will affect us and for how long.

In these challenging times, we recognise

that investor confidence and sentiment are

paramount. At this critical juncture, all mar-

ket stakeholders — including regulators and

industry players — have a role to play in pre-

serving trust and confidence,” he adds.

“Investors should continue to focus on

their objectives, time horizon and personal

risk tolerance. They should not stray too far

from their long-term financial objectives and

they should consider emerging themes such

as SRI.

“We expect fund management compa-

nies to be well prepared and have effective

internal control measures across their oper-

ations. They should also have a robust liquid-

ity risk management framework and ensure

sufficient liquidity to meet redemption needs

in an orderly manner as well as ensure fair

treatment of all investors.”

Over the past few months, the SC has

announced several measures to mitigate

potential risks resulting from the increased

volatility and global uncertainties and to alle-

viate the cost burden of capital market par-

ticipants. These include the suspension of

short-selling until April 30 as well as a waiver

of SC annual licensing fees for the year and

listing-related fees for some companies for

12 months from Feb 27. — By Tan Zhai Yun

return of 25.04% while the winners in the fi ve-year category (from end-2014 to end-2019) delivered an average return of 40.84%. The winners in the 10-year category (from end-2009 to end-2019) generated an average return of 126.71%.

Feng says the global fund market saw total net infl ows of US$1.35 trillion in 2019, compared with US$532 billion in 2018. All assets except equity funds, which saw net outfl ows of US$186 billion, posted net in-fl ows last year.

At this critical juncture, all market stakeholders — including regulators and

industry players — have a role to play in preserving trust and confi dence. >

Syed Zaid

Industry players believe there will be selective opportunities to take advantage of, even in this market cycle. We hope investors will remain calm and invest wisely during this turbulent period. > Ho

PW2 APRIL 20

2020

PW3 SEPT 292009

APRIL 20, 2020

Presented by

Public Mutual takes home the most awardsB Y TA N Z H A I Y U N

Public Mutual Bhd emerged the big-gest winner at the Refinitiv Lipper Fund Awards 2020. By winning two group awards and 32 fund awards, it broke its own record of one group award and 28 fund awards at last

year’s event.This result was achieved against a backdrop

of elevated volatility in the fi nancial markets last year. CEO Yeoh Kim Hong attributes the success to the fund house’s philosophy of adopting a fundamental approach to invest-ing by selecting bonds and stocks with resil-ient earnings, strong fi nancial positions and proven management track records.

“This fundamental-based approach enabled us to clinch the Best Equity (Malaysia) and Best Mixed Assets (Malaysia) group awards. The performances of our funds in these two categories were underpinned by investments in technology, manufacturing, healthcare, real estate investment trusts (REITs) and consumer stocks,” she says.

The Public Ehsan Mixed Asset Conserv-ative Fund won four awards. “The fund’s re-turns were largely driven by its investments in technology and manufacturing stocks, as well as bond holdings as bond yields were compressed,” says Yeoh.

Six equity funds and one mixed asset fund won two awards each. The PB Global Equity Fund achieved returns of 23.8% and 59.2% over the three and fi ve-year periods ended December 2019. It won the award for Best Equity Global — Malaysia in both categories.

The Public Islamic Dividend Fund (Equity Malaysia Income) and Public Islamic Opportu-nities Fund (Equity Malaysia Small & Mid Cap) won two awards each in the Malaysia Islamic category. “Their focus on consumer, healthcare, technology and industrial stocks helped them to ride through the challenging conditions in the domestic market, particularly in 2018, when the FBM Emas Shariah Index retraced by 13.5% while the FBM Small Cap Shariah Index registered a loss of 34.8%,” says Yeoh.

In the fi xed-income category, the Public Enterprises Bond Fund won the award for Best Bond MYR — Malaysia in the three and fi ve-year categories, with returns of 20.55% and 31% respectively. “The fund adopted a longer duration portfolio to capitalise on fall-ing bond yields and focused its investments on Malaysian Government bonds, as well as

FUND Public Ehsan Mixed Asset

Conservative

AWARD Mixed Asset MYR

Conservative – Islamic

(3 and 5 years), Mixed

Asset MYR Conservative –

Provident (3 and 5 years)

FUND SIZE RM114.10 million

RETURNS FOR PERIODS ENDED DEC 31, 2019 (%)

3 years 19.78

5 years 24.53

10 years -

FUND Public Enterprises Bond

AWARD Bond MYR (3 and 5 years)



3 years 20.55

5 years 30.97

10 years -

FUND PB China ASEAN Equity

AWARD Equity Asia-Pacifi c ex-Japan

(5 and 10 years)



3 years 24.80

5 years 46.38

10 years 67.96

FUND PB China Pacifi c Equity

AWARD Equity Asia-Pacifi c (3 and

10 years)



3 years 33.50

5 years 67.96

10 years 89.42

FUND PB Global Equity

AWARD Equity Global (3 and 5 years)

FUND SIZE RM 161.68 million


3 years 23.83

5 years 59.18

10 years -

FUND Public Islamic Dividend

AWARD Equity Malaysia Income –

Islamic (3 and 5 years)

FUND SIZE RM4.61 billion


3 years 8.76

5 years 10.87

10 years 84.40

FUND Public Islamic Opportunities

AWARD Equity Malaysia Small & Mid

Cap – Islamic (3 and 5 years)



3 years 8.49

5 years 19.70

10 years 109.80

FUND Public Far-East Alpha-30

AWARD Equity Asia- Pacifi c (5 years)



3 years 29.90

5 years 71.80

10 years -

FUND PB Islamic Bond

AWARD Bond MYR – Islamic (10

years)



3 years 19.44

5 years 31.02

10 years 80.11

FUND Public Asia Ittikal

AWARD Equity Asia-Pacifi c –


FUND SIZE RM 3.24 billion


3 years 23.96

5 years 49.13

10 years 85.26

FUND Public Bond

AWARD Bond MYR (10 years)



3 years 17.27

5 years 27.28

10 years 65.78

FUND Public Global Select

AWARD Equity Global – Provident (3

years)



3 years 24.01

5 years 53.07

10 years 119.14

FUND Public Islamic Asia Dividend


– Islamic (10 years)



3 years 21.03

5 years 39.32

10 years 93.77

FUND Public Islamic Asia Leaders

Equity


– Islamic (5 years)



3 years 23.36

5 years 46.80

10 years -

FUND Public Islamic Asia Tactical

Allocation

AWARD Mixed Asset MYR Flexible –

Islamic (5 years)



3 years 18

5 years 38.82

10 years -

CO N T I N U E S O N PAG E 6

Investors should adopt the ringgit cost averaging approach for their unit trust investments and ensure that their portfolios are diversifi ed across domestic, regional and global equity funds, as well as fi xed-income funds. Adopting a long-term investment horizon will allow suffi cient time for the investments to grow. > Yeoh

PW4 APRIL 20

2020

PW5 SEPT 292009

APRIL 20, 2020

Helping clients achieve their

goals is the best reward.

Receiving top investment awards from our

industry peers is the icing. Thank you.

* As of December 2019

www.principal.com.my

Principal Asset Management Berhad (formerly known as CIMB-Principal Asset Management Berhad), is a joint venture between Principal Financial Group®, a member

of the FORTUNE 500® and a Nasdaq-listed global financial services and CIMB Group

Holdings Berhad, one of Southeast Asia’s leading universal banking groups.

We offer a wide variety of solutions to help people and companies in building, protecting

and advancing their financial well-being with our unit trust, retirement schemes,

discretionary mandates and asset management expertise. With innovative ideas and

real-life solutions, the company helps make financial progress towards a more secure

financial future possible for clients of all income and portfolio sizes.

Today, we manage RM58 billion* of assets under management thanks to the trust and

confidence that our investors placed in us.

In alliance with

Equity Asia Pacific ex-Japan- Provident (10 years) CIMB-Principal Equity Income Fund

https://www.principal.com.my/

https://www.principal.com.my/

Presented by

F R O M PAG E 2

F R O M PAG E 4

Covid-19 impact is industry’s biggest challenge

Focusing on quality stocks with resilient earnings to ride out volatility

LIPPER GROUP AWARD WINNERS (2010 TO 2020) YEAR 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

BEST OVERALL GROUP Public Mutual Public Mutual CIMB-Principal Asset Management

AmInvestment Services

Amanah Mutual Amanah Mutual CIMB-Principal Asset Management

Manulife Asset Management Services

Public Mutual NA NA

BEST BOND GROUP(2017 ONWARDS – PROVIDENT)





Amanah Mutual Amanah Mutual Amanah Mutual RHB Asset Management

RHB Asset Management

RHB Asset Management

AmFunds Management

BEST EQUITY GROUP Pacifi c Mutual Pacifi c Mutual Pacifi c Mutual Hwang Investment Management

Eastspring Investments



Hong Leong Asset Management

Affi n Hwang Asset Management

Maybank Asset Management Group

Public Mutual

BEST MIXED ASSETS GROUP

Pacifi c Mutual Apex Investment Services

MAAKL Mutual CIMB-Principal Asset Management



Pheim Asset Management



NA Public Mutual

BEST EQUITY GROUP (ISLAMIC)

NA NA NA NA NA NA NA Kenanga Investors Kenanga Investors Public Mutual Kenanga Investors

BEST EQUITY GROUP (PROVIDENT)

NA NA NA NA NA NA NA NA Hong Leong Asset Management


Hong Leong Asset Management

BEST MIXED ASSETS GROUP (PROVIDENT)

NA NA NA NA NA NA NA NA Hong Leong Asset Management


Kenanga Investors

WWW.LIPPERFUNDAWARDS.COM

infrastructure and banking bonds or sukuk with sound credit fundamen-tals,” she says.

Five Public Mutual funds won awards for three consecutive years. These in-cluded the PB China Pacifi c Equity Fund, whose performance was underpinned by Chinese internet and e-commerce stocks that were benefi ciaries of China’s digital transformation, and the Public Far-East Alpha-30 Fund. “The fund, which runs a concentrated portfolio of up to 30 stocks in regional markets, staged a stronger rebound during the market’s recovery in the last four months of 2019,” says Yeoh.

The Public Bond Fund won awards for four consecutive years as a result of careful credit selection and ongoing du-ration management, she adds.

The uncertainties caused by the US-China trade dispute was the most challenging situation faced by fund managers last year, according to Yeoh. It impacted export-oriented sectors such as automotive, industrial and manu-facturing.

“Our strategy was to reduce our funds’ exposure to sectors or companies that were impacted by the US-China trade tariffs and focus on stocks that were not impacted by trade restrictions, as

well as companies that would benefi t from capacity relocation as a result of the tariff s imposed by the US,” she says.

Other events that impacted fund per-formance were softer manufacturing activity across selected major econo-mies, the Brexit negotiations and US trade protectionist measures against the European Union. A positive factor was the shift towards accommodative monetary policies by central banks in the middle of last year.

The domestic market was challenging for investors due to a lack of fresh cata-lysts and lacklustre corporate earnings growth, according to Yeoh.

In response to these factors, Public Mutual’s fund managers generally trimmed the equity funds’ exposure to sectors that experienced slower earnings growth, “while selectively capitalising on benefi ciaries of the low interest rate envi-ronment, such as high-dividend-yielding stocks and REITs, and [those riding] the trend of increasing digitalisation and sustained consumer spending”, she says.

On the fixed-income front, Public Mutual’s bond funds were rebalanced to navigate the volatility in the domes-tic bond market in April and September last year, due to FTSE Russell’s review of Malaysia’s eligibility to remain on the

World Government Bond Index. “Our focus on bonds and sukuk with sound credit fundamentals enabled our funds to avoid bonds that were impacted by credit downgrades during the year as econom-ic activities slowed down,” says Yeoh.

Meanwhile, the fund managers in-creased the local balanced funds’ ex-posure to bonds to capitalise on falling yields. The regional and global equity fund managers generally trimmed their exposure to the North Asian markets in the fi rst half of last year amid ongoing global trade tensions and uncertainties over the direction of US interest rates. “As US-China trade negotiations progressed in the second half of 2019, the funds selec-tively capitalised on the lower valuations of leading players in the technology and consumer sectors,” says Yeoh.

This year will continue to pose chal-lenges for fi nancial market participants, she observes. In the fi rst three months of the year, global equity markets have already undergone substantial declines, especially since Covid-19 was declared a pandemic by the World Health Or-ganisation.

“In the light of these developments, our equity and balanced funds will ride through the elevated levels of market vol-atility by continuing to focus on quality

stocks underpinned by resilient earnings and dividend yields, as well as stocks that are benefi ciaries of secular growth trends,” says Yeoh.

“Selected equity and balanced funds are also holding higher levels of cash to capitalise on buying opportunities as and when markets stabilise, and when there is more clarity on the global eco-nomic outlook.”

As the low interest rate environment and accommodative monetary policy are anticipated to underpin the Malaysian bond market in 2020, “our bond funds will generally maintain a long duration bond portfolio, focus on quality issuers and rebalance on an ongoing basis to capitalise on opportunities arising from shifts in yield curves”, she adds.

Going forward, Public Mutual will continue to adopt its fundamental ap-proach in its stock selection strategy to ride through market cycles. “Inves-tors should also adopt the ringgit cost averaging approach for their unit trust investments and ensure that their portfolios are diversifi ed across domestic, regional and global equity funds, as well as fi xed-income funds. Adopting a long-term investment ho-rizon will allow suffi cient time for the investments to grow”, says Yeoh.

“Among the key regions and markets, the US posted the largest net infl ows of US$829 billion. Europe, Asia ex-Japan and Japan saw net infl ows of US$160 billion, US$105 billion and US$38 billion respectively last year,” he adds.

The leading sectors in terms of net infl ows were Money Market USD, Bond USD Medium Term, Bond Global USD and Bond USD. Equity US, Loan Partic-ipation Funds, Equity US Sm&Mid Cap and Equity Europe saw the highest net outfl ows.

After recording total net infl ows of nearly US$5.3 billion in 2018, Malay-sia saw total aggregate net infl ows of US$7.2 billion last year. Of all the asset classes, bond funds experienced the highest net infl ows of US$3.25 billion while equity funds posted net infl ows of US$282 million.

In Malaysia, the sectors that enjoyed the highest net inflows were Money Market MYR, Bond MYR, Mixed Asset

MYR Flexible and Mixed Asset MYR Bal — Global. Equity Greater China and Eq-uity Malaysia Diversifi ed suff ered the largest net outfl ows.

Feng acknowledges that 2020 is prov-ing to be a year of dramatic change across the global economy, market climate and political scene. “Undeniably, navigating the ongoing impact of the Covid-19 pan-demic on fi nancial markets and econ-omies is the biggest challenge faced by the fund management industry. Refi n-itiv and Lipper will continue to watch how the pandemic plays out across the industry,” he says.

Echoing Feng, Ho says industry play-ers are hopeful that the global and local economy will see a recovery in the sec-ond half of the year once the pandemic has been contained. “More importantly, they believe there will be selective op-portunities to take advantage of, even in this market cycle. We hope inves-tors will remain calm and invest wise-ly during this turbulent period.”

AMINVEST IS THE DECADE’S MOST SUCCESSFUL GROUP AWARD WINNER

AmFunds Management Bhd

(AmInvest), whose funds were

previously marketed under

AmInvestment Services and AmBank,

remains the most successful group

award winner in the last decade with a

total of eight group awards. This year,

the fund house won the award for Best

Bond Group (Provident).

Public Mutual Bhd is the second

most consistent group award winner,

with six wins over the past decade. Its

first group award — Best Equity Group

— was achieved in 2006. In the last 10

years, it has also won the awards for

Best Overall Group, Best Mixed Asset

Group and Best Equity Group (Islamic).

After a hiatus in 2019, Kenanga

Investors Bhd came back to win the

award for Best Equity Group (Islamic)

this year. The fund house has won four

group awards since 2017. — By Khairani Afifi Noordin

Among the key regions and markets, the US posted the largest net infl ows of US$829 billion. Europe, Asia ex-Japan and Japan saw net infl ows of US$160 billion, US$105 billion and US$38 billion respectively last year. > Feng

PW6 APRIL 20

2020

PW7 SEPT 292009

APRIL 20, 2020

Thank you for having trust in us, helping us win 6 awards as one of the top performers in the industry

at the Lipper Fund Awards from Refinitiv 2020*.

This journey will always be challenging, but we assure you that we’ll always be ready to face any challenges ahead. With the trust

and the support from you, it will make us stronger than ever.

Experts in Asia. Invested in Your Future.

eastspring.com/my

Eastspring Investments companies (including JV companies) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).* From Lipper Fund Awards from Refinitiv, ©2020 Refinitiv. All rights reserved. Used under license. Announced on 20 April 2020. Past peformance of the funds / Eastspring is not indicative of future performance.

THANK YOU FOR BEING A BIG PART

OF ANOTHER SUCCESSFUL YEAR

Presented by

AmInvest wins award for Best Bond Group B Y VA N E SSA G O M E S

AmFunds Management Bhd (AmInvest) bagged the prestigious award for Best Bond Group (Provi-dent) as well as three fund awards at the Refinitiv Lipper Fund Awards 2020. AmMalaysia Equity won the

award for Best Equity Malaysia (Provident) in the three-year category while AmDynamic Bond grabbed the awards for Best Bond MYR (Provident) in the three and five-year categories.

AmFunds Management chief investment offi cer Wong Yew Joe says the fund house be-lieves in being consistent with its investment approach as it has been instrumental in gen-erating better returns. “The investment team is focused on developing core fundamental views that will form the basis of our market expectations and strategies. To be eff ective, the execution of these strategies need to be carried out with vigour and timing precision,” he tells Personal Wealth.

Wong says the AmMalaysia Equity and AmDynamic Bond funds are similar in that they have better flexibility when it comes to implementing investment strategies. The funds can switch dynamically between an aggressive and defensive stance.

“AmMalaysia Equity can quickly shift its focus between large, mid and small-cap stocks so that it is able to outperform its target in most market conditions. Similarly, AmDy-namic Bond can quickly switch from short to long duration (or vice versa) on structure asset allocation and/or tactical trading strat-egies,” he adds.

AmDynamic Bond outperformed its bench-mark — the BPAM Corporates All Bond Index — by 3.1% and 3.3% over the three and fi ve-year period respectively as at Dec 31, 2019. The fund exceeded the benchmark by 26.6% over the 10-year period.

“The outperformance was attributed to our high conviction to overweight duration in 2019. We also actively undertook opportunistic trades in some Malaysian Government Securities and Government Investment Issue,” says Wong.

With the exception of 2017, the local equi-ty market had been lacklustre over the past three years, he adds. AmMalaysia Equity out-performed its benchmark — the FBM Emas Index — by 36.1% over the three-year period ended Dec 31, 2019.

“[This was] mainly due to our swift asset allocation calls and execution. The outper-formance was also supported by our stock se-lection in the mid and small-cap seg-ments,” says Wong.

“We were defensive in 2019 due to numerous domestic and global headwinds. Hence, we positioned the fund in high-yielding stocks to anchor the portfolio. We also actively switched between alpha and beta stocks over the course of the year.

“In the earlier part of 2019, we had some high conviction al-pha stock picks that performed well against large-cap stocks, and subse-quently reverted to large-cap stocks as we saw more value return to these stocks.”

The global economy saw volatile market condi-tions last year. The volatile and un-predictable eq-uity markets made it tough for the fund house to form

a longer-term outlook, hence the challenge of setting a directional view, says Wong.

“The US-China trade war saw numerous developments that caused global markets to swing in diff erent directions. To generate val-ue, we focused on stock selection to identify upside potential in the mid and small-cap segments,” he adds.

“In general, we were consistent and main-tained high asset exposure for these funds for most of 2019. We focused on stock picking as we expected the market to lack direction while the bond funds overweighted duration on ex-pectations of a declining interest rate trend.”

Given the market turmoil since the begin-ning of 2020, the fund house is expecting an-other volatile year, although lower-risk assets such as bonds should see better performances than equities. Hence, AmInvest is taking an ag-gressive stance for its bond funds and a more defensive one for its equity funds, at least until there is some market stability.

Wong says the ongoing concerns, arising from issues such as the Covid-19 pandemic, are leading to a weaker global economic growth for 2020. Corporate earnings are unlikely to see material improvement from 2019, if any.

“Unless these risks dissipate as quickly as they arrived, we are anticipating a lacklustre equity market. We are maintaining a similar equity strategy from 2019 to focus on stock picking to generate alpha,” he says.

“On the other hand, the bond markets will do well as global interest rates are on a decline. However, the local bond market may be per-turbed by Malaysia’s materially weaker GDP forecasts, which may lead to pressure on its credit rating and subsequent potential selling pressure by foreign funds.

“Nevertheless, we believe the risk is miti-gated by strong local investor support. We are maintaining our optimistic view on bonds for now.”

In line with its market expectations, the fund house seeks less volatile and higher divi-dend-yielding stocks. “We think the real estate investment trust, rubber and healthcare sectors are likely to outperform this year. Meanwhile, we prefer higher-quality corporate bonds in anticipation of weaker corporate earnings,” says Wong.

AmInvest CEO Goh Wee Peng says the fund house will be avoiding the tourism, hospitality, airline and oil and gas sectors as they are directly impacted by global events this year. On the home front, foreign inves-tors are likely to stay on the sidelines while monitoring the developments in Malaysia’s new government such as its stance on various issues and its implementation of economic policies. However, these concerns are likely to be overshadowed by the Covid-19 pandemic, she points out.

“The new government has just formed an Economic Action Council. Not much has been shared other than its priority to address prob-lems due to Covid-19 and low oil prices,” says Goh.

“The new government has introduced fi -nancial aid to help alleviate the people’s eco-nomic burden amid the Covid-19 outbreak and, more recently, the Movement Control Order to contain the virus. We do not expect major policy changes until the fear over the disease tapers off .

“The best-case scenario would see the econ-omy have less than 0.5% impact on GDP, with the economy and markets seeing a V-shaped recovery. The worst-case scenario may see GDP dipping more than 1%, with a more U-shaped recovery.”

Goh says the biggest opportunities in the local unit trust industry include online plat-forms. These will be eff ective tools in targeting a new generation of investors and broadening the distribution channel.

“The trend towards virtual channels, in-cluding mobile channels, have garnered con-siderable attention from regulators and it cre-ates a great opportunity for growth in assets under management among industry players,” she says.

Another opportunity can be found in pri-vate retirement schemes (PRS) as Goh believes it allows youth to understand the world of investment and start investing in unit trusts. Hence, marketing strategies for PRS sales should intensify.

Finally, the growing interest in shari-ah-compliant or Islamic and sustaina-

ble funds provides the opportunity for industry players to increase their of-ferings in the shariah-compliant/Is-lamic as well as environmental, social and governance space, she says.

FUND AmMalaysia Equity

AWARD Equity Malaysia – Provident

(3 years)


FUND MANAGER Wong Yew Joe

Gan Kong Yik


1 year 11.93

3 years 34.88

5 years 46.15

10 years 141.73

FUND AmDynamic Bond

AWARD Bond MYR – Provident (3

and 5 years)


FUND MANAGER Wong Yew Joe

Kho Hock Khoon


1 year 11.07

3 years 23.80

5 years 36.45

10 years 86.63

Th e outperformance [of AmDynamic Bond] was attributed to our high conviction to overweight duration in 2019. We also actively undertook opportunistic trades in some

Malaysian Government Securities and

Government Investment

Issue. > Wong

Th e trend towards virtual channels, including mobile channels, have garnered considerable attention from regulators and it creates a great opportunity for growth in assets under management among industry players. > Goh

PW8 APRIL 20

2020

PW9 SEPT 292009

APRIL 20, 2020

https://www.kenangainvestors.com.my/KIB/KIB.Application.Web/KIBfundsdefault/default.aspx

Presented by

B Y PAT H M A S U B R A M A N I A M

Hong Leong Asset Management Bhd (HLAM) continued its win-ning streak by taking home the Best Equity Group (Provident) award and nine fund awards at the Refinitiv Lipper Fund Awards 2020.

Hong Leong Asia-Pacifi c Dividend Fund won the award for Best Equity Asia-Pacifi c ex-Japan (Malaysia) in the three-year catego-ry while Hong Leong Dana Makmur clinched the awards for Best Equity Malaysia (Islamic) in the three and fi ve-year categories.

Hong Leong Growth took home the awards for Best Equity Malaysia Diversified (Prov-ident) in the three and fi ve-year categories, Hong Leong Dividend won the awards for Best Equity Malaysia Income (Provident) in the three and fi ve-year categories and Hong Leong Penny Stock grabbed the awards for Best Equity Malaysia (Provident) in the fi ve and 10-year categories.

HLAM CEO Hoo See Kheng attributes the win to the investment team’s knowledge and understanding of the investee companies. “Valuations of the companies, particularly in terms of upside potential and downside risks, are taken into consideration before investing in a company. We believe in employing an ac-tive and concentrated portfolio management style to drive fund outperformance.”

It has been a challenging time nonetheless. Malaysia’s equity market is often viewed as “less attractive” than the rest of the emerging mar-kets in the region as there is a perception that it is comparatively more expensive, says Hoo.

“This is evident from the fact that the local equity market experienced sustained foreign fund outfl ows in 2019 and early 2020. Govern-ment policy uncertainties and the perceived lacklustre corporate earnings growth also dampened market sentiment,” he adds.

“The FBM KLCI was one of the worst per-forming equity indices last year. Against this challenging backdrop, regular engagement with a company’s management is important, given the rapidly changing political and eco-nomic climate.

“Our investment team worked hard to iden-tify stocks that were not fully appreciated by investors and were trading below their intrin-sic valuation. By following a robust invest-ment process, the team was able to buy into fundamentally sound companies at attractive valuations. Through active fund management and not merely replicating the benchmark al-locations, the funds were able to outperform their respective benchmarks.”

As the funds were invested in selected ex-port stocks, they benefi ted from the potential supply chain diversion as a result of the trade war between China and the US, says Hoo. The funds were also invested in construction and consumer stocks when these sectors expe-rienced a correction at the beginning of the year, he adds.

While the Covid-19 pandemic and the global measures to prevent its spread have thrown a wrench into the works, the fund house — using its investment process and bot-tom-up stock-picking approach — has been able to identify com-panies in the manufacturing and services sectors that may benefit from the crisis. “We believe the impact will diff er among the various compa-nies,” says Hoo.

Hong Leong Asset Management grabs Best Equity Group award

FUND Hong Leong Asia-Pacifi c

Dividend

AWARD Equity Asia- Pacifi c ex-

Japan (3 years)

FUND SIZE RM51 million


1 year 24.92

3 years 29.07

5 years 39.85

10 years 37.36

FUND Hong Leong Dana Makmur

AWARD Equity Malaysia – Islamic (3

and 5 years)



1 year 29.14

3 years 26.85

5 years 40.41

10 years 98.61

However, the volatility is expected to persist after the pandemic ends, he adds. The fund house will be cautious in the coming months until it is able to evaluate the full impact of Covid-19.

The coronavirus has forced a severe disrup-tion on economic activity around the world. Governments are under pressure to focus all of their resources on protecting their econo-mies from failing.

Nevertheless, the crisis has presented HLAM with “some very attractive buying opportuni-ties”. “The funds will be able to take advantage of some of the severe stock price dislocations to establish positions in well-managed com-panies at attractive valuations. The equity markets have the potential to stage a strong recovery once the infection rates appear to have peaked,” says Hoo.

He adds that trends in China and South Ko-rea suggest that there is a possibility that the infections could peak in the next three to six months. “Recently, we have seen governments around the world taking aggressive fi scal ac-tions in response to the economic fallout from Covid-19. Central banks have embarked on very loose monetary policies to cushion a possible

economic slowdown due to the pandemic. We expect the eff ects of these massive

monetary and fi scal stimuli to even-tually boost investor sentiment.”

The global spread of the coro-navirus and the measures taken to mitigate its impact is unprec-edented, both in scale and se-verity. It is currently diffi cult to see whether the world is headed

towards a recession because both businesses and society are navi-

gating uncharted waters, says Hoo.“Should a global recession ma-terialise, we expect it to be a

short-lived one due to the aggressive monetary

and fi scal stimuli being carried out by central banks and governments around the world,” he adds.

In the current circumstances, high-yield stocks are expected to perform well due to the return of the ultra-low interest rate environ-ment, says Hoo. “Some fi nancial services stocks are looking attractive and off ering generous dividend yields.”

The fund house, however, will refrain from investing in the construction sector as there is a high level of uncertainty in terms of cor-porate earnings.

As the global pandemic is likely to be tran-sitory in nature, HLAM encourages unit trust investors to stay invested. “We expect overall corporate earnings to be aff ected as the global economy slows down. However, the magnitude of the impact very much depends on the du-ration of the pandemic and how successfully the virus is contained. We still expect a rapid corporate earnings recovery once the worst is over,” says Hoo.

“We advise investors to maintain a well-di-versifi ed portfolio, particularly against the cur-rent backdrop of global economic and political uncertainties. We would like to point out that equity markets have corrected to quite attrac-tive levels and present a good buying oppor-tunity for investors with a longer-term view and are able to accept the near-term volatility.”

On the challenges facing the unit trust industry, he says product diff erentiation is one of the biggest issues the fund house is facing. “With so many funds in the market, investors are spoilt for choice. More so for the popular asset classes such as Malaysia equity funds and Malaysia bond funds. It is also not uncommon for a fund house to have multiple funds in each asset class.

“So, the main challenge is, how do investors decide which fund to invest in? This dilemma provides opportunities for fund managers with proven track records in providing con-sistent performance over three to fi ve years to stand out.

“It also forces industry players to focus on managing their funds well rather than prod-uct pushing. Investor education will also help on this front.”

FUND Hong Leong Growth

AWARD Equity Malaysia Diversifi ed

– Provident (3 and 5 years)



1 year 25.55

3 years 35.94

5 years 44.94

10 years 105.69

FUND Hong Leong Dividend





1 year 13.63

3 years 31.58

5 years 54.61

10 years 144.75

FUND Hong Leong Penny Stock

AWARD Equity Malaysia – Provident

(5 and 10 years)



1 year 16.60

3 years 24.50

5 years 52.56

10 years 145.27

E

We would like to point out that equity markets have corrected to quite attractive levels and present a good buying opportunity for investors with a longer-term view and are able to accept the near-term volatility.> Hoo

PW10 APRIL 20

2020

PW11 SEPT 292009

APRIL 20, 2020

https://www.aminvest.com/eng/Pages/home.aspx

Presented by

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

The global economy is in a state of near paralysis. The stringent measures taken by governments to contain the Covid-19 pandemic are likely to trigger a recession not seen since the 2008 global financial crisis. Inves-

tors who have directly or indirectly invested in financial markets must brace themselves for tough times ahead, yet take advantage of the pockets of opportunities that appear along the way.

Gan Eng Peng, director of equity strategies and advisory at Affin Hwang Asset Manage-ment Bhd (AHAM), says that although the global GDP numbers have not been pub-lished yet, the world economy is likely to be in a recession already. “We should be in a global recession already. How quickly the coronavirus can be contained will deter-mine how long we will stay in a recession. It will also determine whether the market will stage a quick recovery or experience a prolonged downturn, with a myriad of sec-ondary knock-on effects.”

He adds that the spread of Covid-19, if left unchecked, could double in five days based on available data. The infection rate could increase sixfold in 10 to 15 days. This has stopped people from moving around and conducting economic activities despite the fiscal stimulus and monetary policies implemented by various governments and central banks.

“The choice for governments across the world is clear. They either face a situation where a large swath of the population is infected and its healthcare system is over-whelmed or introduce some sort of lockdown. Monetary policies and fiscal stimulus were already implemented near their maximum capacity [after the 2008 global financial crisis] and they are now at the maximum,” says Gan.

“However, it is hard to foresee people be-ing incentivised into conducting more eco-

NAVIGATING THE TURBULENCE

nomic activities when their health is at risk. Hence, there is a hard stop to economic ac-tivities globally, which has led to the fastest global recession and market correction we have ever seen.

“Meanwhile, we are waiting for the rip-ple eff ects of such a sharp downturn to hit businesses. It will surely happen with many entities caught off guard.”

On April 9, International Monetary Fund managing director Kristalina Georgieva said the IMF was expecting the deepest recession since the Great Depression. She projects that more than 170 countries will see negative per capita income growth this year.

Nevertheless, fund managers believe that the stimulus packages of various govern-ments and central banks should help the global economy to rebound in the second half of this year or early next year. Whether the recovery will be a V-shaped or U-shaped one will depend on how quickly the pandemic can be contained.

Dr Tan Chong Koay, founder and chief strategist at Pheim Asset Management Sdn Bhd, is hopeful that a recovery will happen in the second half of this year. “Many gov-ernments and central banks have started to inject more fi scal stimulus into their respec-tive economies to help companies and people aff ected by the pandemic. It is still too early to know when the recovery will happen and whether the stock market will have a sharp V-shaped recovery. However, we hope that a recovery will take place in the second half of the year,” he says.

Lee Sook Yee, chief investment offi cer at Kenanga Investors Bhd, concurs. She says the global economy is expected to contract in the fi rst half of this year and recover in the second half, fuelled by the unprecedented levels of monetary and fi scal support globally.

However, Francis Eng, chief investment offi cer at UOB Asset Management Bhd, says the global economy will only experience a rebound in 2021. “The IMF predicts a short and sharp recession for the global economy

in 2020 due to the impact of Covid-19. How-ever, the combination of fi scal stimulus and monetary policies implemented by govern-ments are expected to set the global econo-my for a strong rebound next year once the pandemic is behind us.”

Jason Chong, CEO of Manulife Invest-ment Management (M) Bhd, highlights the magnitude of the response of some central banks and governments. In the US, for in-stance, President Donald Trump signed a US$2 trillion stimulus package last month to resuscitate the economy while the Feder-al Reserve cut interest rates by a whopping 175 basis points (bps) to a range of between 0% and 0.25%.

“Meanwhile, the US, Australia and Japan embarked on some form of quantitative eas-ing and bond-buying programme. These co-ordinated stimulus measures are to keep the

Commodity prices and credit issuers will be impacted indirectly as the MCO or lockdown implemented in various countries will further impact the general economy via a reduction in consumption and disruptions to business operations. Small businesses and daily-wage workers will be aff ected the most due to cash-fl ow disruptions.> Lee

PW12 APRIL 20

2020

Presented by

economy and fi nancial system stable and tide us over during this pandemic,” says Chong.

He points out that the Malaysian gov-ernment was quick to announce a stimulus package worth RM20 billion, or 1.3% of the country’s GDP, not long after the outbreak of Covid-19. On March 31, another stimulus package amounting to RM250 billion was announced.

GDP, CORPORATE EARNINGS TO CONTRACTThe local economy and capital markets will not be spared the grim outlook. Malaysia’s GDP is expected to contract while corporate earnings growth, which has been mostly negative over the past six years, is likely to continue its decline.

The World Bank Group recently lowered Malaysia’s GDP growth target to -0.1% for 2020, a sharp reduction from its previous forecast of 4.5% made in December last year. Many local fund managers are still uncertain about the extent of the pandemic’s impact on the local economy.

Public Mutual Bhd CEO Yeoh Kim Hong points out that the Malaysian government lowered its GDP growth forecast to a range of between 3.2% and 4.2% on Feb 27 from 4.8% in November last year. “However, the projection is likely to be revised further downwards as consumption expenditure — which is the largest component of Malaysia’s GDP — is envisaged to be severely impacted by the knock-on eff ects of the Movement Control Order (MCO), which began on March 18, as well as the steep fall in the local stock mar-ket,” she says.

On April 3, Bank Negara Malaysia revised its GDP growth projection to between -2% and 0.5% this year, compared with 4.3% in 2019. According to its Economic and Monetary Re-view 2019, the local economy will be impacted by the necessary global and domestic actions taken to contain the outbreak of Covid-19. However, the country’s growth prospects are expected to improve towards the end of this year, in line with the projected recovery in global demand and amid continued support from policy measures.

Yeoh says export growth will be damp-ened by a slowdown in global demand and the sudden plunge in crude oil prices will weaken the government’s fiscal position. “The government’s revenue is estimated to be reduced by RM300 million with every US$1 per barrel decline in the oil price.”

Crude oil prices falling to historic lows is another factor weighing down on the lo-cal economy as the Malaysian government derives a signifi cant amount of its income from petroleum-related products.

According to a CNBC report, Brent crude oil dropped to US$23.03 per barrel on March 30 — its lowest level in 17 years. This was mainly due to the price war between Sau-di Arabia and Russia as they had failed to agree on the terms of a supply cut at a recent meeting between the Organisation of the Pe-troleum Exporting Countries (Opec) and its allies. The slowdown in the global economy also contributed to the price decline.

On April 12, the parties fi nally reached a deal to cut output by nearly 10%. Brent crude oil was trading at US$31.27 per barrel on that day.

In an April 13 note, AHAM depu-ty managing director and chief in-vestment offi cer David Ng said the planned production cut was unlike-ly to be suffi cient due to demand destruction and may not push oil prices back to their previous highs. “The Covid-19 pandemic has sapped demand by 20 million to 30 million barrels a day. At most, the supply cut would be enough to provide a fl oor or support level for oil prices to range between US$30 and US$40

per barrel this year. It will be important to see a peak in infection levels and economic activities normalising for demand to return.”

Political instability is also weighing down on Malaysia’s economic growth. Doreen Choo, chief investment offi cer at Eastspring Invest-ments Bhd, says the unexpected change in government last month without the need to go through an election process has invited uncertainty and introduced heightened po-litical risk in the country. “Market sentiment was already poor at the time with the Cov-id-19 outbreak in China. Investors, including foreign investors, are concerned that the reform agenda [introduced by the previous government] will take a backseat. They are worried that the country’s economic growth may be impacted as investment decisions by businesses are put on hold due to growing policy uncertainties.

“Foreign investors were net sellers of Ma-laysian equities for the past two years to the tune of RM22 billion. We expect most foreign investors to underweight Malaysia for now. Unlike the risk posed by Covid-19, which is seen as a shorter-term one, political risk can drag the market further given the risk pre-mium, especially when the new coalition is made up of parties with very diff erent phi-losophies.”

Roszali Ramlee, CEO and managing di-rector of AmanahRaya Investment Manage-ment Sdn Bhd, remains hopeful that the local economy may not be as badly hit as other economies in the region. “Initially, we were looking at a GDP growth of about 4% for the local economy this year. Now, we are looking at -2% to -4.5%, depending on the duration of the MCO. Previously, our economy was well supported by consumer spending, which pro-vided a steady 2% GDP growth base. But with Covid-19, this hangs in the balance,” he says.

“The good news is that the stimulus eff orts by the government are consumer-focused. We think that these, coupled with the low interest rate environment, will create pent-up demand when the economy reopens.”

Market players are expecting corporate earnings to see negative growth this year. At the beginning of the year, Kenanga Inves-tors’ Lee expected the FBM KLCI’s earnings growth for 2020 to be in the mid single digit, driven by higher earnings from plantation companies and banks. But she changed her views after the outbreak of Covid-19.

“Following the outbreak, crude palm oil prices have retreated sharply to about RM2,200 per tonne on lower demand. Meanwhile, the earnings of banks will be aff ected by lower net interest margins after Bank Negara Ma-laysia unexpectedly cut its overnight policy rate (OPR) twice to 2.5%,” she says.

“Consensus is expecting the central bank to cut the OPR by another 25bps to 50bps to counter the downside risk from Covid-19. The additional interest rate cut will further pressure the earnings of banks. In view of the potential earnings downgrade for both sectors, we no longer expect positive FBM KLCI earnings growth in 2020.”

AHAM’s Gan has revised his 2020 corpo-rate earnings growth forecast to negative

from positive at the beginning of the year. “We had muted earnings growth ex-

pectations for Malaysia at the start of the year, expecting a mild single digit. However, that was derailed fi rst by a change in government, fol-lowed by the Covid-19 out-break and then the plunge in crude oil prices. We now expect corporate earnings growth to be -10% to -30%,” he says.

“We think the eff ects of Covid-19 will linger. Even if there is a quick recovery by the summer

months, the eff ects will continue to impact the country’s economy for 9 to 12 months. Hence, we are expecting negative earnings growth with the market direction down for the rest of the year.”

Principal Asset Management Bhd CEO Munirah Khairuddin also expects negative earnings growth this year. “We started the year with expectations of an earnings per share growth of 4%. However, the markets have now priced in negative growth with the current fear of the Covid-19 pandemic,” she says.

Corporate earnings could decline this year although it is too early to conclude on the magnitude of the decline, says UOB Asset Management’s Eng. “In previous recessions or crises since the 1970s, global earnings de-clined by about one-third on average.”

FUND HOUSES RAISE CASH,INVEST SELECTIVELY The fast-declining economic conditions have weighed on equity markets around the world. As at April 9, the S&P 500 had fallen 13.64% year to date while the FTSE 100 had plunged 22.54%.

As at April 10, the Nikkei 225 and Shanghai Composite Index had slipped 16% and 8.66% year to date respectively. The FBM KLCI slid 14.55% while the FBM Emas Index, which represents the broader market, plunged 17% during this period.

Due to the heightened market volatility and downward trend, some fund houses have taken incrementally more defensive positions.

“We remain cautious and continue to stay prudent until we have the conviction that the Covid-19 infection rate can slow down and its secondary eff ect that causes the market crash is known. We are expecting negative returns for this year,” says AHAM’s Gan.

Kenanga Investors’ Lee says its investment team is maintaining a higher than average level of cash for now in the light of its defen-sive positioning. “This translates into about 15% on average, which we are ready to deploy on further market pullback.”

Public Mutual’s Yeoh says the fi rm’s equity funds have generally reduced their exposure and raised their cash levels in response to the developments unfolding in fi nancial markets.

While the pandemic has badly affect-ed stocks across the board, businesses that have been harder hit include highly geared companies as credit becomes harder to come by. Small-cap counters have suff ered as well, partly due to a lack of liquidity, says Gan.

He expects oil and gas companies, banks, travel-related businesses and retailers to suf-fer going forward. “Oil and gas players could see further weakness, given the [recent] ge-opolitical fi ght and reduction in demand. Credit providers may perform poorly, given the stress of lending. Further weakness could also be seen in businesses related to travel and retail,” he says.

Lee does not favour commodities in gen-eral. “Commodity prices and credit issuers will be impacted indirectly as the MCO or lockdown implemented in various countries will further impact the general economy via a reduction in consumption and disruptions to business operations. Small businesses and daily-wage workers will be aff ected the most due to cash-fl ow disruptions,” she says.

“Indirectly, this will translate into weak-er commodity prices and potentially cause credit issues. The global economy is a highly interlinked system with multiple feedback loops [so what happens overseas will impact local businesses].”

Over the longer term, several sectors could perform well. Several fund managers favour companies that can tap into growing tech-nology trends such as e-commerce, 5G and the Internet of Things.

Areca Capital Sdn Bhd CEO Danny Wong CO N T I N U E S O N PAG E 2 1

We had muted earnings growth expectations for Malaysia at the start of the year, expecting a mild single digit ... We now expect corporate earnings growth to be -10% to -30%. > Gan

PW13 APRIL 202020

Presented by

B Y K H A I R A N I A F I F I N O O R D I N

K enanga Investors Bhd clinched two group awards and three fund awards at the Refinitiv Lipper Fund Awards 2020. It won the group awards for Best Equity Malaysia (Islamic) and Best Mixed Asset

Malaysia (Provident). It also took home the fund awards for Best Equity Malaysia (Islam-ic) in the 10-year category and Best Mixed Asset MYR Flexible in the three and five-year categories.

Kenanga Investors CEO and executive director Ismitz Matthew De Alwis attrib-utes the win to its capable and dynamic in-vestment team, who have worked tirelessly to uphold the fund house’s philosophy. He points out that its philosophy emphasises in-depth company research, which allows a better feel for valuations.

“Additionally, the funds follow stringent risk management and review practices. We believe that by focusing on companies with strong fundamentals, we will be able to deliver returns superior to the index in the medium to longer term,” says De Alwis.

“We are benchmark agnostic. But we are benchmark aware for the purpose of mon-itoring. We do not see indices as providing the only meaningful guidance to the pros-pects of a company or its inherent worth. We are also consistent in our fundamental bottom-up stock-picking approach, resulting in our unwavering conviction during chal-lenging moments.”

Kenanga Syariah Growth and Kenanga Di-versifi ed were the winners of the fund awards. According to chief investment offi cer Lee Sook Yee, the latter’s outperformance was mainly generated through timely asset allocation between equity and fi xed income while both funds benefi ted from good stock selection by the fund house’s investment team.

“Both funds held overweight equity po-sitions in sectors with long-term structural growth such as technology, manufacturing and gloves. These sectors provided core out-performance while timely trading in sectors such as oil and gas and construction also contributed. Additionally, the funds held key positions in high-dividend-yielding compa-nies, which benefi ted from the falling inter-est rate environment,” she says.

This year, the fund house expects the mar-ket to continue being highly volatile, with a downward bias in the short term as the glob-al economy grapples with Covid-19 and low oil prices. Hence, it is adopting a defensive positioning by raising cash but also remain-ing a selective buyer of quality stocks when it sees value emerging.

Overall, the fund house has tweaked its investment strategy to reduce its exposure to commodities and increase its exposure to exporters and dividend payers. “We have already adjusted our positioning by reduc-ing some exposure to high beta oil and gas names. However, some positions are still be-ing maintained, given the already sharp fall in share prices and the recently concluded agreement to cut production by Opec and its allies.” says Lee.

“Additionally, some of the stocks we hold in this sector are more defensively positioned, such as oil and gas transport, logistics, storage and asset owners that have long-term fi xed payment contracts that are not entirely tied to volatility in spot prices.”

Kenanga Investors’ total assets under management (AUM) increased to RM13 bil-lion in 2019 from RM7.9 billion the previous year. De Alwis attributes the growth to the

Kenanga Investors bags two group awards

FUND Kenanga Syariah Growth

AWARD Equity Malaysia – Islamic

(10 years)


FUND MANAGER Syarifah Hidayatul Akmal


1 year 18.18

3 years 14.17

5 years 22.14

10 years 147.32

FUND Kenanga Diversifi ed

AWARD Mixed Asset MYR Flexible

(3 and 5 years)


FUND MANAGER Lee Sook Yee


1 year 18.94

3 years 32.50

5 years 44.60

10 years 119.94

fund house’s long-term strategy of building multiple channels, in addition to its strong, consistent fund performances. He notes that its burgeoning private wealth segment, which was established in 2016, has surpassed its trajectory for this fi nancial year.

The other channels, such as retail, corpo-rate and institutional, have seen encourag-ing growth despite a challenging local envi-ronment and year. “No doubt, the continued launch of new alternative strategies and products has been imperative to carving out Kenanga Investors’ presence in the market as a wealth manager with a specialisation in alternative investment products, which saw an injection of more than RM150 million in AUM by means of Kenanga Global Unicorn 1 and 2,” says De Alwis.

The Kenanga Global Unicorn funds invest in unicorns (tech companies with valuations of more than US$1 billion) with sound and tested growth stories on top of a clear public listing or trade sale exit. As these securities are not marked to market like public equities,

they have been less adversely aff ected by the current fi nancial fallout resulting from the Covid-19 pandemic, says De Alwis.

“The investment thesis for investing in these companies is based primarily on a long-term growth story dependent on changes in global trends, which we continue to remain positive on,” he adds.

This year, the fund house launched lev-eraged and inverse exchange-traded funds (ETFs) — the Kenanga KLCI Daily 2x Lever-aged ETF and the Kenanga KLCI Daily (-1x) Inverse ETF. It also launched the third tranche of its Kenanga AUD Alternative Income Fund Series, which aims to provide an annual re-turn by investing in one of the more preferred foreign currencies.

“As can be seen, our multi-segment, mul-ti-channel and multi-product approach, cou-pled with consistent investment performanc-es, continues to drive the exponential growth of the fi rm. In the longer term, this will pro-vide our valued clients and ourselves with diversifi cation and business sustainability,” says De Alwis.

“In addition to growing our business or-ganically, we acquired Libra Invest Bhd, an award-winning asset management company with a stronghold in the fi xed-income space, last year to boost our off ering in this segment.”

Post-acquisition, former Libra equity funds recorded notable improvements in perfor-mance within a short period of time with the management and expertise of Kenanga Investors’ equity team, he says. Meanwhile, the performances of former Libra fi xed-in-come funds were maintained over the peri-od, an indication of stability within the fund house’s infrastructure and investment pro-cess, among others.

“We also recorded an increase in the fi xed-income funds’ AUM under Kenanga Investors’ strong distribution channels, which we attribute to the seamless consolidation exercise that was completed at the end of last year,” says De Alwis.

Our multi-segment, multi-channel

and multi-product approach, coupled with consistent investment

performances, continues to drive the exponential

growth of the fi rm.> De Alwis

PATRICK GOH/THE EDGE

PW14 APRIL 20

2020

Presented by

B Y VA N E SSA G O M E S

Affin Hwang Asset Management Bhd (AHAM) had a haul of six awards at the Refinitiv Lipper Fund Awards 2020. Affin Hwang Select Income won the award for Best Mixed As-set MYR Conservative (Malaysia)

in the five-year category while Affin Hwang Select Opportunity won the award for Best Equity Malaysia Diversified (Provident) in the 10-year category.

Affi n Hwang Select APAC ex-Japan Dividend MYR won awards for Best Equity Asia-Pacifi c ex-Japan (Provident) in the three and fi ve-year categories. Affi n Hwang Select APAC ex-Japan Balanced MYR took home awards for Best Mixed Asset MYR Bal — Global (Provident) in the three and fi ve-year categories.

AHAM senior portfolio manager Lim Chia Wei says the fund house’s two-pronged strat-egy of focusing on stable dividend-paying companies and high-quality growth compa-nies were key to driving the outperformance of its Affi n Hwang Select APAC ex-Japan Div-idend MYR fund.

“[To us] high-quality growth companies are those with a strong business moat, bal-ance sheet and long-term growth prospects. Our positions in China’s internet sector and Asia’s semiconductor sector were among the key contributors in 2019.”

AHAM senior portfolio manager for fi xed income Ooi Phee Lip says the investment team took the opportunity to increase its position in some of its conviction calls at discounted levels, given the widening of credit spreads in 2018, for the Affi n Hwang Select Income fund. “These investments paid off when the credit spread tightened signifi cantly in 1H2019.

“Another strategic move was that we length-ened our portfolio durations in 2H2019 when the US Federal Reserve changed its mone-tary policy stance from tightening to easing by cutting the key policy rate three times to 1.75%. Lower US treasury rates coupled with a tightening of credit spreads drove bond pric-es higher, especially investment-grade sover-eign and corporate bonds. We also increased our positions in local currency bonds (such as the rupiah) for better carry, given the low-yield environment then.”

Overall, the fi rm maintained discipline in its investment approach, which is based on the belief that investment returns must com-mensurate with the level of risk being taken on, says AHAM deputy managing director and chief investment offi cer David Ng. “This is un-derpinned by our absolute return philosophy, and not to merely outperform the benchmark. Our research-driven process focuses on coun-tries, sectors and companies with improving credit fundamentals and ratings.

“Avoiding potential problem credits and minimising credit losses are a critical func-tion of our credit assessment. Thus, we in-vest according to our convictions and seek to deliver the best risk-adjusted returns, which encompass our fi xed-income securi-ties selection that is guided by fundamental, valuation and technical factors.

“Similarly for equities, we adopted a dis-ciplined approach in our investment process to select assets with sound fundamentals and were guided by valuation and techni-cal factors.”

This year started strong and was large-ly driven by the improved trade rhetoric and strong technical support as investors looked for opportunities to deploy their

Affi n Hwang Asset Management wins six fund awards

funds, says Ng. Nevertheless, the gains were erased when the outbreak of Covid-19 sparked fears globally.

“Investors fear over an uncontrolled spread of the coronavirus, compounded by the breakdown in cooperation between Opec and Russia [in early March] has battered global credits, especially in the energy and resources sectors. Not only have the favourable technical factors disappeared very quickly, but the high-yield [bond] market is now implying a higher share of defaults,” he says.

Ooi says 2019 was an exceptionally good year for Asia’s bond markets, given the

monetary policy stimulus by key central banks and favourable market technicals. Declining returns have caused a search for yield, result-ing in tighter valuations.

“As a result, bonds were no longer cheap towards 4Q2019 and markets were not pricing in the rising downgrade or even default risk. Adding to that, headwinds of slowing global growth persisted with the trade tensions caus-ing more uncertainty and volatility, making investment decisions diffi cult. Nevertheless, we remained guided by our investment pro-cess and did not take on excessive risk unnec-essarily,” he adds.

Ooi says liquidity is critical now and thus, the fi rm remains defensive and is seeking shel-ter in low-beta credits. A portion will be allocat-ed to cash and short-term investment-grade bonds (such as cash proxy) while government bonds will act as insurance to ride through the current risk-off environment.

“Credit-wise, we still like some of the per-petual bonds of strategically important Chi-na state-owned enterprises (SOEs) with high callability rate and favour Chinese property issuers with good fundamentals, cashflow visibility and strong accessibility to multiple funding channels,” says Ooi.

AHAM senior portfolio manager for equi-ties Angie Tan says stock prices were volatile last year and what made it more challenging was how fast the rallies and pullbacks were. “We decided to be defensive in such an en-vironment. For Affi n Hwang Select Income, we maintained a minimum asset allocation of 70% to fi xed income and the balance to eq-uities. For Affi n Hwang Select APAC ex-Japan Balanced, we maintained a 50:50 allocation to fi xed income and equities.”

On her outlook for equities, Tan says com-panies that are able to show resilient earnings will likely outperform in this period, when economic growth is increasingly uncertain. “This would be sectors such as telecommu-nications and consumer staples.

“We remain defensive on the equities side as well, preferring companies with sustainable earnings and cash fl ow as well as a strong bal-ance sheet. It is important that the companies we invest in can survive this crisis.”

Lim says the Affin Hwang Select APAC ex-Japan Dividend MYR fund’s long-term strat-egy remains the same in the current market conditions, which is to focus on stable dividend stocks and high-quality growth companies. “In this challenging environment, we have a healthy cash buff er to reduce downside risk. But we re-main open to buying stocks that have fallen ex-cessively due to the indiscriminate sell-off and that fi t into our long-term strategy.”

FUND Affi n Hwang Select Income


Conservative (5 years)


FUND MANAGER Ooi Phee Lip (Fixed Income)

Angie Tan (Equities)

RETURNS FOR PERIODS ENDED DEC 31, 2019 (%) (ANNUALISED RETURNS)

1 year 10

3 years 5.2

5 years 5.7

FUND Affi n Hwang Select APAC

ex-Japan Dividend MYR


– Provident (3 and 5 years)


FUND MANAGER David Ng

Lim Chia Wei


1 year 18.1

3 years 9.3

5 years 8.2

FUND Affi n Hwang Select APAC

ex-Japan Balanced MYR

AWARD Mixed Asset MYR Balanced

– Global – Provident (3 and

5 years)


FUND MANAGER Ooi Phee Lip (Fixed Income)

Angie Tan (Equities)


1 year 14.4

3 years 5.2

5 years 6.0

FUND Affi n Hwang Select

Opportunity

AWARD Equity Malaysia Diversifi ed –

Provident (10 years)


FUND MANAGER Gan Eng Peng


1 year 4.5

3 years 4.8

5 years 4.9

Ooi

Tan Lim

Ng

PW15 APRIL 202020

Presented by

We are seeing deep value emerging from the recent selldown. Good stocks are being sold almost indiscriminately alongside the bad ones. > Wong

Eastspring Investments Bhd grabbed six fund awards at the Refinitiv Lipper Fund Awards 2020. Four of its funds won these awards — a repeat of their winning feat from previous years.

Eastspring Investments Small-Cap took home the award for Best Equity Malaysia Small & Mid Cap (Provident) in the 5 and 10-year categories.

Chief investment offi cer Doreen Choo says the fund’s outperformance was due to the team’s ability to identify good quality small-cap companies with good management and strong growth potential. “Our investment ho-rizon is typically more than three years, which allows us to participate in the growth phase of our investee companies.”

Another outstanding fund was Eastspring Investments Dana Dinamik, which won two awards — for Best Mixed Asset MYR Flexible (Provident) and Best Mixed Asset MYR Flexible (Islamic) — in the 10-year category.

“As a fl exible fund, Eastspring Investments Dana Dinamik is nimbler. Together with our bottom-up stock-picking strategy, the fund is positioned to navigate through market vola-tilities,” says Choo.

“The fund invests in selected quality stocks that have strong fundamentals and off er good growth prospects over the longer term. A robust asset allocation process is vital to striking the right balance between asset classes.”

Eastspring Investments Dana al-Islah won

the award for Best Mixed Asset MYR Conserv-ative (Provident) in the 10-year category while Eastspring Investments Equity Income won the award for Best Equity Malaysia Income (Provident) in the 10-year category.

According to Choo, the fund house’s overall

outperformance is attributed to its investment philosophy, which is grounded in a disciplined, valuation-based and research-driven invest-ment style that can generate attractive returns for its clients over the long term. She says it is able to estimate companies’ intrinsic value

FUND Eastspring Investments

Dana al-Islah


Conservative – Provident

(10 years)


FUND MANAGER Chow Kim Seng


1 year 3.41

3 years 10.86

5 years 16.43

10 years 63.58


Dana Dinamik



Mixed Asset MYR Flexible –

Islamic (10 years)


FUND MANAGER Juliana Ramli


1 year 7.23

3 years 17.95

5 years 27.62

10 years 127.52

FUND Areca equityTrust

AWARD

)


FUND MANAGER Danny Wong, co-

managed with UOB Asset

Management


1 year 35.68

3 years 73.02

5 years 93.07

10 years 260.19


Equity Income




FUND MANAGER Moey Su-En


1 year 2.71

3 years 13.81

5 years 30.16

10 years 154.65


Small-cap


Cap – Provident (5 and 10

years)


FUND MANAGER Tung Yin Wai


1 year 18.03

3 years 16.42

5 years 47.13

10 years 272.07

Eastspring Investments Bhd

Areca Capital Sdn Bhd

SIX FUND AWARDS

THREE FUND AWARDS

Areca Capital Sdn Bhd bagged three awards at the Refinitiv Lipper Fund Awards 2020. This marks three con-secutive years that the fund house has swept the awards for Best Equi-ty Malaysia in the three, five and 10-

year categories. Despite the uncertainties in fi nancial markets

last year, Areca equityTrust Fund (AeTF) provided investors with a return of 35.68% over one year and 260.19% over a decade.

With the volatility that markets have had to deal with over the last few years, Areca Capital has been able to quickly change course to safeguard investor returns. Looking back to 2017, CEO and fund manager Danny Wong says the fi rm was well positioned in the small and mid-cap space during the rally that year.

“Having recorded substantial gains, we ac-tively took profi t before moving into defensive large-cap stocks in 2018. With the challenges that year — trade tensions escalating into a trade war and the contagion sell-off hitting emerging markets like Argentina, Turkey and Mexico — we began moving back into the small and mid-cap space in early 2019 as we started to see value.”

During volatile periods, it is more crucial than ever to remain fl exible. “We must be quick to seize opportunities or react to ever-changing market conditions,” he says.

Wong attributes AeTF’s success to the fi rm’s investing approach, which takes into account asset allocation, sectoral and the-matic strategies as well as stock-picking skills. “For ex-ample, in 2019, we construct-ed our asset allocation based on 80% equity and 20% cash.

We then decided on the sector or thematic play, revolving around themes such as future-proof-ing and technology. From there, our stock-pick-ing skills came into play. This combination has served us well.”

Simply put, Wong and his team pursue a top-down approach, combined with winning bot-tom-up stock-picking techniques. While this may yield stocks that do not always fall within so-called preferred sectors, the counters are still attractive investment candidates.

This disciplined and methodical approach has enabled Wong and his team to achieve a trio of victories with AeTF. “There is really no secret ingredient. We simply must continue to adopt a disciplined investing strategy.”

Another winning element is Areca Capital’s ability to provide investors with consistent mar-

ket updates. In times of market turbulence, client servicing capabilities become key

diff erentiators in the market, says Wong. This was done to ensure that the fund size remained stable and investors

remained invested. This year has seen unprece-

dented market movements. Several black swan events have

caused fi nancial markets to tumble sharply. Sur-prisingly, however, it has been a good year so far for the fund house as it got the majority of its sectoral and stock calls right by moving between the large and small-cap spaces, says Wong.

“Nevertheless, one of the challenges has been a lack of policy clarity, which means we have had to be very active and hands-on to react at a moment’s notice. Another challenge has been to manage in-consistent infl ows into the fund,” he adds.

Unsurprisingly, Wong sees a fraught 2020 going forward. For him, the overarching risk right now is just how big of an impact the Covid-19 pandemic will have on the local and global economy. Even so, with big risks come big opportunities.

“We are seeing deep value emerging from the recent selldown. Good stocks are being sold almost indiscriminately alongside the bad ones. Some blue chips are trading at 10-year lows and some even at 20-year lows,” he says.

In this environment, Wong is exploring themes such as stocks with attractive and sustainable div-idend yields as he expects interest rates to remain low. “We are also looking at the future-proofi ng theme. So, things like 5G and technology will con-tinue to be a long-term theme,” he says.

While 2020 has been a diffi cult year so far, the market has had its mettle frequently tested over the last decade, says Wong. “We have gone through a number of quite serious crises, namely the 2008 global fi nancial crisis, the European Union sover-eign debt crisis, the so-called US taper tantrum, China’s slowdown shock, crude oil price collapses, 1Malaysia Development Bhd-related issues, Brex-it, the Donald Trump eff ect and, more recently, the emerging market contagion risk. Thankfully, we have come out on top. And for us, this simply highlights the importance of focusing on the fundamentals and investing for the long term.” — By Oliver Christopher Gomez

HARIS HASSAN/THE EDGE

E

PW16 APRIL 20

2020

Presented by

Our strategy was to stay invested in the market. We believe we will weather these uncertainties and the stocks that we continue to hold will pay off nicely over the longer term. > Munirah

P rincipal Asset Management Bhd (formerly known as CIMB-Prin-cipal Asset Management Bhd) took home a fund award at the Refinitiv Lipper Fund Awards 2020. CIMB-Principal Equity Income

won the award for Best Equity Asia-Pacific ex-Japan (Provident) in the 10-year category.

CEO Munirah Khairuddin says the firm’s investment process, coupled with its global expertise and investment team’s deep un-derstanding of regional markets, were key contributors to the fund’s outperformance. “An advantage of having a regional team is that we leverage each other’s local insights for channel checks. There is the cross-fer-tilisation of investment ideas within the team. We also apply the FMV (fundamental, momentum and value) model to improve the fund’s performance.”

Munirah is proud of the FMV model im-plemented by the firm across various regions as it has led the fund house to identify a va-riety of investment ideas. Company culture is another essential factor that has driv-en the outperformance of the award-win-ning fund, she says. “The key to our win is our culture of working as a team with open-minded discussions and having trust in one another.”

The main challenge the firm faced last year was the US-China trade war that im-pacted global trade and economic growth. Political uncertainties on the home front also caused volatility in the local market.

However, the fund house did not undertake a significant rebalancing exercise last year. It invested 48% to 49% of its cash in the local market and 42% to 43% in Asia ex-Ja-pan for most of last year, says Munirah.

Behavioural biases are systemic and can be exploited by disciplined, long-term investors, which is the reason our primary focusis on stock selection.> Choo

“Our strategy was to stay invested in the market. We believe we will weather these uncertainties and the stocks that we contin-ue to hold will pay off nicely over the longer term,” she adds.

Going forward, the firm will take a more cautious stance, considering

the ongoing market turmoil. The markets’ fear of the Cov-id-19 pandemic is hurting companies’ fundamentals, says Munirah.

She adds that Covid-19 is a global issue. Each country is dealing with it different-ly at different times and

through its proprietary research methodolo-gy — by understanding the businesses of the companies it invests in, how the companies generate free cash fl ow and what their rein-vestment plans are.

“We believe our philosophy will continue to be successful in the future as it is based on the view that although stock markets are generally effi cient, market mispricing can still arise because human behaviour — essentially greed and fear — often prevents investors from assessing companies and their prospects ra-tionally. Behavioural biases are systemic and can be exploited by disciplined, long-term in-vestors, which is the reason our primary focus is on stock selection,” says Choo.

She describes the market environment in 2019 as one that was dominated by trade tensions, weak economic growth and a dov-ish shift in monetary policy. Hence, the fund house took a defensive approach when it came to its funds, maintaining an overweight posi-tion on fi xed-income assets in the low interest rate environment, due to domestic political uncertainties and concerns of a global eco-nomic slowdown.

“The small and mid-cap stocks suff ered tre-mendous downgrades in 2018. After a dismal performance, we saw more bargain-hunting opportunities in small and mid caps. As a re-sult, we took some positions in this space and benefi ted from them,” says Choo.

“Last year saw a clear outperformance of

small and mid caps over the large caps. We also adopted a defensive strategy, focusing on high-dividend-yielding stocks, and this also paid off. When the trade war intensified, we gradually trimmed our equity exposure in the balanced fund to reduce portfolio volatility.”

According to her, the risk of a global reces-sion is increasing day by day and it heavily depends on the scale and extent of the Cov-id-19 pandemic. “The concern is that the US Federal Reserve may have used up a lot of its policy bullets in response to the growing con-cerns of a slowing US economy, having cut the key policy rate to a range of between 0% and 0.25%,” says Choo.

She adds that the fund house will continue to implement the same defensive investment style and philosophy in this market environ-ment. “We are holding cash, but with the view that there will be a turning point sometime down the road. Hence, we will be selectively accumulating fundamentally sound stocks during this market correction based on our longer-term horizon.

“Broadly, we are currently overweight on the healthcare sector, which has benefi ted from the Covid-19 crisis, selective exporters and tech-nology companies. The pandemic will delay economic recovery and increase the chance of a global recession. We prefer bonds to equities until signs of an economic recovery reemerge.” — By Jotham Lim

has yielded varying results. “For instance, the number of new cases in China has peaked and is falling rapidly. But outside China, we are seeing an acceleration in the number of people affected, especially in Europe and the US. In countries like South Korea, there has been a deceleration.

“There is a high degree of uncertainty over how this event will develop. However, we prefer Asian equities to those in devel-oped markets as the risk posed by Covid-19 to these countries is lower. Valuations in Asian markets are also cheaper. Our strate-gy is to look for good quality growth stocks with reasonable valuations.”

In view of the rising market risk premi-um, the firm has downgraded Malaysia to “neutral”. “As for portfolio strategy, we will be tilting our barbell approach to capital preservation bias from growth bias. We will maintain our high asset allocation strategy but lower the beta range. The sectors in focus will be those with defensive and high-yield-ing qualities such as utilities, telecommuni-cations, consumer and real estate investment trusts,” says Munirah.

The fund house’s asset allocation strategy is to have equal weightage between equities and fixed income. “For Malaysia, our sector exposure is skewed towards dividend-yield-ing securities and the technology sector. We are also invested in stocks that will benefit from infrastructure spending,” says Munirah.

“For the rest of Asia, we will stay invested in large-cap, defensive quality companies in which we see strong earnings visibility for the next several years. These include selected Chi-nese internet companies and other leading semiconductors with a technological edge.” — By Kuek Ser Kwang Zhe

FUND CIMB-Principal Equity

Income

AWARD

)


FUND MANAGER Principal Asset

Management Bhd

RETURNS FOR PERIODS ENDED DEC 31, 2019 (%):

1 year 1.00

3 years 12.80

5 years 20.89

E

E

Principal Asset Management BhdONE FUND AWARD

EASTSPRING IN

VESTMEN

TS BERHAD

(EIB)

HARIS H

ASSAN/THE EDGE

PW17 APRIL 202020

Presented by

FUND Pheim Asia Ex-Japan Islamic

AWARD Equity Asia- Pacifi c ex-

Japan – Islamic (3 years)


FUND MANAGER Dr Tan Chong Koay


1 year 22.62

3 years 28.07

5 years 36.67

10 years 73.80

FUND Dana Makmur Pheim

AWARD Mixed Asset MYR Balanced

– Malaysia – Islamic

(3, 5 and 10 years)

Mixed Asset MYR Balanced

– Malaysia – Provident

(3, 5 and 10 years)


FUND MANAGER Dr Tan Chong Koay


1 year 18.09

3 years 29.06

5 years 44.48

10 years 129.50

Pheim Asset Management Sdn BhdSEVEN FUND AWARDS

Pheim Asset Management Sdn Bhd’s philosophy to “never be fully invested at all times” has served it well. The firm took home seven fund awards at this year’s Refinitiv Lipper Fund Awards.

For the fi fth consecutive year, Dana Makmur Pheim swept the awards for Best Mixed Asset MYR Balanced (Islamic) in the three, fi ve and 10-year categories, as well as the awards for Best Mixed Asset MYR Balanced (Provident) in the three, fi ve and 10-year categories. Pheim Asia Ex-Japan Islamic fund grabbed the award for Best Equity Asia-Pacifi c ex-Japan (Islamic) in the three-year category.

Founder and chief strategist Dr Tan Chong Koay says the fi rm’s philosophy and strategy is particularly relevant to Asian markets in the light of the region’s volatility. The fund house believes in reducing equity expo-sure when markets are near their peaks and increasing equity exposure when the markets are near their troughs.

“It is not the perfect formula, but it will work in the long run as it has done for Pheim. The extent to which the formula is successful depends on the timing of your decision to sell before a strong market correction — so that you have the cash to buy when the market crashes.”

The fund house believes in reduc-ing equity exposure when markets are near their peak and increasing equity exposure when the markets are near their troughs.

Despite the volatility that rocked fi nancial markets last year, Dana Makmur Pheim had a good year, he says. “[The fund] registered

a return of 18.09% in ringgit terms versus its benchmark’s 3.79%. Considering the ringgit’s slight appreciation against the US dollar, the fund registered a higher return of 19.31% in US dollar terms for 2019.”

Last year, financial markets were again in limbo following the US-China trade tiff , social unrest in Hong Kong, political imbroglio in the European Union due Brexit and crude oil price volatility. In Malaysia, the big-cap stocks were laggards as a result of political and economic un-certainties, which were compounded by a lack of “good growth visibility”, says Tan.

“As a result, the FBM KLCI declined 6% last year. Thankfully, in contrast, small to mid-cap stocks performed better. The FBM Small Cap In-dex was up 25.4%.

“Taking advantage of the market volatility and based on our investment criteria, Pheim managed to pick a few winners such as Datasonic Group Bhd, Wah Seong Corp Bhd, Johore Tin Bhd and Mega First Corp Bhd, as well as a few new tech-nology listings such as Greatech Technology Bhd and AME Elite Consortium Bhd. In addition to

these, rising palm oil prices also boosted the fund’s performance.”

Now that the unprecedented pandemo-nium in the form of the Covid-19 pandemic has sent the world’s markets into freefall, the crisis creates not only problems but also op-portunities, says Tan. “Pheim’s studies show that equities can give returns of 8% to 12% in the long run. Your chances improve when the market is depressed.

“With the crash created by Covid-19, the US market plunge and political un-certainties, investors of long-term funds should seriously consider putting part of their money into equities. You may

temporarily lose money initially, but there will be an opportunity to make good money over the long term. Dana Makmur Pheim’s long-term track record is an example of this.”

He adds that the volatility will persist as the real economic impact from the Covid-19 pan-demic, capital market adjustments arising from the US market crash and oil price recovery have yet to be fully realised. “If the pandemic can be brought under control in the next few months, we are hopeful that the global economy will start to improve. Then, the markets should be better.” — By Pathma Subramaniam E

Maybank Asset Management Sdn Bhd continued to be a winner at the Refinitiv Lipper Fund Awards 2020. This year, it picked up two fund awards.

Maybank Malaysia SmallCap (MMSCF) won the award for Best Equity Malay-sia Small and Mid-Cap (Provident) in the 3-year category (returns of 20.91%) while Maybank Ma-laysia Income (MMIF) took home the award for Best Bond MYR (Provident) in the 10-year category (returns of 134.27%).

CEO Ahmad Najib Nazlan says MMSCF cap-tured relatively smaller-cap companies that mostly had gone under the radar of investors and analysts. “The key [when investing in companies like these] is to have a high conviction and to look beyond quarterly fi gures, focusing on the value that these companies will off er over a longer-term horizon.”

To this end, the fund managers are well sup-ported by the organisation’s analysts, who are always on the ground seeking out and testing new ideas. “This has allowed us to implement a bottom-up approach in our investment process. In return, this enabled us to pursue underval-ued gems in the small to mid-cap space,” says Ahmad Najib.

As for MMIF, the portfolio was constructed with long-term sustainability in mind. In this regard, the fund was highly selective, avoiding counters that had unfavourable credit events, he says. “We remained as dynamic and fl exible as we could. This enabled us to capitalise on changes in market conditions.”

The Covid-19 pandemic has dramatically al-tered the economic outlook for the year, says

Ahmad Najib. “The pandemic has crushed mar-ket sentiment across all asset classes globally. No one expected this.

“The situation was further compounded when Saudi Arabia and Russia [initially] failed to reach an agreement on oil production cuts, but decided to pursue a maximum produc-tion strategy, causing oil prices to collapse.

“For Malaysia, particularly, it was a triple whammy as domestic political uncertainties further weighed down markets, causing a sell-off in both fi xed-income and equity markets.”

Nonetheless, Maybank Asset Manage-ment’s investment team will continue to

remain calm, taking the view that the current crises present opportunities for savvy investors. It is crucial that investors focus on the long-term objectives of their investments, says Ahmad Najib.

“We have turned defensive with our funds since the Covid-19 outbreak and are currently focused on positioning them for a recovery. Val-uations are attractive in both the fi xed-income and equity markets now and investors should continue to opportunistically participate in the markets as we believe this crisis, if managed effi -ciently, could provide higher value to investment portfolios in the long term.”

Under the circumstances, the fund house is of the view that Malaysia is well positioned to face volatility, thanks to ample market liquidity that is underpinned by large pension funds, life insurance companies and other institutional investors, says Ahmad Najib.

When asked about strategy, he says the fi rm is holding a certain amount of cash in its small-cap fund, which will allow it to capitalise on emerging opportunities. “In addition, we will continue to hold stocks with sound fundamentals and future prospects to generate value for the fund.”

As for the fi rm’s fi xed-income strategy, Ahmad Najib and his team will continue

to be selective according to credit rat-ing as there will be a number of neg-ative credit events due to the pan-demic. “Value is emerging in this space and we will actively position our portfolio for a recovery. We have a comfortable level of cash, which will be deployed opportunistically.” — By Oliver Christopher Gomez

Maybank Asset Management Sdn BhdTWO FUND AWARDS

Ahmad Najib

FUND Maybank Malaysia SmallCap


Cap – Provident (3 years)


FUND MANAGER Low Yi Cheng


1 year 19.79

3 years 20.91

5 years 23.01

10 years 104.44

FUND Maybank Malaysia Income

AWARD Bond MYR – Provident (10

years)


FUND MANAGER Eeh Chong Ban


1 year 6.31

3 years 15.58

5 years 26.91

10 years 134.27

E

SAM FO

NG/TH

E EDGE

Tan

PW18 APRIL 20

2020

Presented by

GROUP AWARD WINNERS AWARD COMPANY

Best Equity Group Public Mutual Bhd

Best Mixed Assets Group Public Mutual Bhd

Best Equity Group (Islamic) Kenanga Investors Bhd

Best Bond Group (Provident) AmFunds Management Bhd

Best Equity Group (Provident) Hong Leong Asset Management Bhd

Best Mixed Assets Group (Provident) Kenanga Investors Bhd

FUND AWARD WINNERS DURATION: 3 YEARS

AWARD FUND

Bond MYR (Islamic) AmanahRaya Syariah Trust

Bond MYR (Provident) AmDynamic Bond

Bond MYR Public Enterprises Bond

Equity Asia-Pacifi c PB China Pacifi c Equity

Equity Asia-Pacifi c (Provident) Public Asia Ittikal

Equity Asia-Pacifi c ex-Japan (Provident) Affi n Hwang Select APAC ex-Japan Dividend MYR

Equity Asia-Pacifi c ex-Japan Hong Leong Asia-Pacifi c Dividend

Equity Asia-Pacifi c ex-Japan (Islamic) Pheim Asia Ex-Japan Islamic

Equity Global PB Global Equity

Equity Global (Provident) Public Global Select

Equity Malaysia (Provident) AmMalaysia Equity

Equity Malaysia Areca equityTrust

Equity Malaysia (Islamic) Hong Leong Dana Makmur

Equity Malaysia Diversifi ed (Provident) Hong Leong Growth

Equity Malaysia Income (Provident) Hong Leong Dividend

Equity Malaysia Income (Islamic) Public Islamic Dividend

Equity Malaysia Income RHB Malaysia DIVA

Equity Malaysia Small and Mid-Cap (Provident) Maybank Malaysia SmallCap

Equity Malaysia Small and Mid-Cap Public SmallCap

Equity Malaysia Small and Mid-Cap (Islamic) Public Islamic Opportunities

Mixed Asset MYR Balanced – Global (Provident) Affi n Hwang Select APAC ex-Japan Balanced MYR

Mixed Asset MYR Balanced – Global Public Strategic Balanced

Mixed Asset MYR Balanced – Malaysia (Islamic) Dana Makmur Pheim

Mixed Asset MYR Balanced – Malaysia (Provident) Dana Makmur Pheim

Mixed Asset MYR Balanced – Malaysia Public Growth Balanced

Mixed Asset MYR Conservative (Islamic) Public Ehsan Mixed Asset Conservative

Mixed Asset MYR Conservative (Provident) Public Ehsan Mixed Asset Conservative

Mixed Asset MYR Conservative United Income Plus

Mixed Asset MYR Flexible (Provident) Kenanga OA Inv-Kenanga Diversifi ed

Mixed Asset MYR Flexible (Islamic) Manulife Investment-CM Shariah Flexi

Mixed Asset MYR Flexible Public Tactical Allocation

DURATION: 5 YEARS

AWARD FUND

Bond MYR (Provident) AmDynamic Bond

Bond MYR Public Enterprises Bond

Winners list

GENERAL METHODOLOGY

Criteria (cumulative) • Funds registered for sale in the respective country

as at the end of the calendar year of the respective

evaluation year.

• At least 36 months of performance history as at

the end of the calendar year of the respective

evaluation year.

• Lipper Global Classifications with at least 10

distinct portfolios based on the primary share

class definition, excluding residual classifications,

institutional and other non-retail funds, private,

closed-end, exchange-traded, insurance and linked

funds.

• Asset classes: equity, bond, mixed-asset,

commodity and alternatives. Absolute return funds

screen over all asset types except real estate.

Fund classification awards The currency for the calculation corresponds to the

currency of the country for which the awards are

calculated and relies on monthly data. Classification

averages are calculated with all eligible share classes for

each eligible classification.

The calculation periods extend over 36, 60 and

120 months. The highest Lipper Leader for Consistent

Return (Effective Return) value within each eligible

classification determines the fund classification winner

over three, five or 10 years. For a detailed explanation,

please review the Lipper Leaders methodology

document.

Asset class group awardsAsset class group awards will be given to the best large

and small groups separately. Large fund family groups

with at least five equity, five bond or three mixed-asset

portfolios in the respective asset classes are eligible

for a group award. Small fund family groups will need to

have at least three distinct portfolios in one of the asset

classes — equity, bond or mixed-asset.

The lowest average decile rank of the three years’

Consistent Return measure of the eligible funds per

asset class and group will determine the asset class

group award winner over the three-year period. In

cases of identical results, the lower average percentile

rank will determine the winner.

Overall group awardAn overall group award will be given to the best large

and small group separately. Large fund family groups

with at least five equity, five bond and three mixed-

asset portfolios are eligible for an overall group

award. Small fund family groups will need to have at

least three equity, three bond and three mixed-asset

portfolios.

An overall group award will be given to the group

with the lowest average decile ranking of its respective

asset class results based on the methodology described

above. In cases of identical results, the lower average

percentile rank will determine the winner. No asset class

and/or overall group awards are handed out if there are

fewer than three competing companies.

Asset class and overall group awards are given to

the company that is responsible for establishing the

fund by appointing the fund management company and

promoting and/or distributing the fund, the brand of the

fund and the product range. This company is also referred

to as the promoter or sponsor.

SPECIFIC METHODOLOGY ISSUES

Asia • Because of the small market size, Asian countries

will not make a distinction between large and small

groups for the single asset class and overall group

awards.

• To be eligible for an asset class group award, the

groups will need to have at least three distinct

portfolios in one of the asset classes: equity, bond

or mixed-asset.

• To be eligible for an overall group award, the groups

will need to have at least three equity, three bond

and three mixed-asset funds.

• Classification awards will be handed out to

classifications with at least five distinct portfolios.

• Malaysia: The regular universe excludes the

Employees Provident Fund-approved and Islamic

funds. Separate classification and group awards will

be handed out to EPF-approved and Islamic funds

within classifications meeting the aforementioned

criteria.

Global Islamic • All Islamic funds globally within Lipper Global

Classifications with at least five distinct mutual

funds over the respective time frame.

• Calculation currency is the US dollar.

• No distinction between large and small groups for

the single asset class and overall group awards.

• To be eligible for an asset class group award, the groups

will need to have at least three distinct portfolios in one

of the asset classes: equity, bond or mixed-asset.

• To be eligible for an overall group award, the groups

will need to have at least three equity, three bond

and three mixed-asset funds.

• The calculation periods are through the end of

November of the respective evaluation year

For a detailed explanation, read the Lipper Leaders

methodology document at http://lipperalpha.refinitiv.

com/lipper/our-methodology/.

Th e awards methodology and guidelines for the

Refi nitiv Lipper Fund Awards 2020 are provided below.Awards methodology

Bond MYR (Islamic) PB Aiman Sukuk

Equity Asia-Pacifi c Public Far-East Alpha-30

Equity Asia-Pacifi c (Provident) Public Asia Ittikal

Equity Asia-Pacifi c ex-Japan (Provident) Affi n Hwang Select APAC ex-Japan Dividend MYR

Equity Asia-Pacifi c ex-Japan PB China ASEAN Equity

Equity Asia-Pacifi c ex-Japan (Islamic) Public Islamic Asia Leaders Equity

Equity Global PB Global Equity


Equity Malaysia (Islamic) Hong Leong Dana Makmur

Equity Malaysia (Provident) Hong Leong Penny Stock

Equity Malaysia Diversifi ed (Provident) Hong Leong Growth

Equity Malaysia Income (Provident) Hong Leong Dividend

Equity Malaysia Income (Islamic) Public Islamic Dividend


Equity Malaysia Small and Mid-Cap (Provident) Eastspring Investments Small-cap

Equity Malaysia Small and Mid-Cap (Islamic) Public Islamic Opportunities

Mixed Asset MYR Balance – Global (Provident) Affi n Hwang Select APAC ex-Japan Balanced MYR



Mixed Asset MYR Balanced – Malaysia PB Balanced Sequel

Mixed Asset MYR Conservative Affi n Hwang Select Income

Mixed Asset MYR Conservative (Islamic) Public Ehsan Mixed Asset Conservative

Mixed Asset MYR Conservative (Provident) Public Ehsan Mixed Asset Conservative

Mixed Asset MYR Flexible (Provident) Kenanga OA Inv-Kenanga Diversifi ed

Mixed Asset MYR Flexible Public Tactical Allocation

Mixed Asset MYR Flexible (Islamic) Public Islamic Asia Tactical Allocation

DURATION: 10 YEARS

AWARD FUND

Bond MYR (Provident) Maybank Malaysia Income

Bond MYR Public Bond

Bond MYR (Islamic) PB Islamic Bond

Equity Asia-Pacifi c PB China Pacifi c Equity

Equity Asia-Pacifi c ex-Japan (Provident) CIMB-Principal Equity Income

Equity Asia-Pacifi c ex-Japan PB China ASEAN Equity

Equity Asia-Pacifi c ex-Japan (Islamic) Public Islamic Asia Dividend


Equity Malaysia (Provident) Hong Leong Penny Stock

Equity Malaysia (Islamic) Kenanga Syariah Growth

Equity Malaysia Diversifi ed (Provident) Affi n Hwang Select Opportunity

Equity Malaysia Income (Provident) Eastspring Investments Equity Income


Equity Malaysia Small and Mid-Cap (Provident) Eastspring Investments Small-cap



Mixed Asset MYR Conservative (Provident) Eastspring Investments Dana al-Islah

Mixed Asset MYR Flexible (Islamic) Eastspring Investments Dana Dinamik

Mixed Asset MYR Flexible (Provident) Eastspring Investments Dana Dinamik

PW19 APRIL 202020

Presented by

RHB Asset Management Sdn Bhd (RH-BAM) clinched three awards at the Refinitiv Lipper Fund Awards 2020. Its RHB Malaysia DIVA Fund swept the awards for Best Equity Income (Malaysia) in the three, five and 10-

year categories.According to its prospectus, the fund pro-

vides returns primarily through investments in equities and equity-related securities of companies that offer potentially high dividend yields and sustainable divi-dend payments.

Eliza Ong Yin Suen, managing di-rector and regional head of RHBAM, credits the fund’s success to the firm’s stock selection strategy. “Due to the vol-atility in the equity market last year, we focused on our stock selection strategy, selecting quality stocks in defensive and growth sectors,” she says.

“The fund’s portfolio was con-structed with the aim of achieving consistent and long-term outper-formance, using a combination of value and growth stocks. We also took into consideration stock liquidity and volatility, which were important factors in achieving consistent long-term outperformance.”

These factors determined

the fund’s level of exposure to each stock selected, says Ong. She also points out that it is important to regularly review the fun-damentals of each stock to assess the health of the overall portfolio.

According to Ong, the equity market last year could be described as volatile and vul-nerable. “The benchmark FBM KLCI was

negatively impacted by disappointing cor-porate earnings, foreign fund outflows, domestic policy adjustments and slow-er-than-expected global market growth due to the US-China trade tensions. The level of exposure of each stock in the portfolio was monitored closely due to the volatile equity market environment, in order to avoid taking excessive risks for the fund.”

She says the fund narrowed its focus on several key sectors last year —

consumer staples, oil and gas, automotive, real estate investment trust (REIT) and con-struction. “The trade tensions between the US and China created uncertainties over the health of the global economy. These sectors have benefited from the anticipated low interest rate environment and domestic pump-priming, which counter the effects of slowing external trade.”

Meanwhile, the fund house underweight-ed the banking sector due to the overnight policy rate cuts by Bank Negara Malaysia. The firm has been dynamic in its investment strategy, in the light of rising concerns over the Covid-19 pandemic, domestic political developments and the recent oil price war, says Ong.

She foresees that the broad based volatility in the markets will continue until the pan-demic is contained. “In terms of asset allo-cation, we have gradually increased our cash level in the short term to take advantage of any opportunity to buy on weakness when it comes to quality and sustainable growth stocks that are able to generate consistent returns over the longer term.”

In the short term, the fund house will focus on the healthcare, REIT, consumer goods, telecommunications, industrial and software-related sectors, among others, while avoiding the banking, oil and gas and plan-tation sectors. — By Jotham Lim

RHB Asset Management Sdn Bhd

Manulife Investment Management (M) Bhd

THREE FUND AWARDS

ONE FUND AWARD

Manulife Investment Manage-ment (M) Bhd took home a fund award at the Refinitiv Lipper Fund Awards 2020. Its Manulife Investment-CM Shariah Flexi Fund won the award for Best

Mixed Asset MYR Flexible (Islamic) in the three-year category.

CEO Jason Chong says the firm’s ability to identify investment ideas is a key contributor to the fund’s success, specifically the ability to value stocks with a concise, consistent and measurable yardstick. “This allows us to be more decisive and it takes the noise and sentiment out of our decision-making. Risk management is also key to limiting [any] damage, which enables us to recover even if investment mistakes are made.”

According to the winning fund’s prospec-tus, Manulife takes a bottom-up approach to its investment strategy, based on the identification of shariah-compliant growth companies that have competitive advantag-es that support strong earnings prospects. The fund manager also aims to identify fundamentally sound shariah-compliant companies whose share prices have yet to reflect their true value. Hence, there is a key focus on laggard counters and oversold sha-riah-compliant equities with the potential to see a rebound in share prices.

According to Chong, the fund managed to outperform last year despite the US-China trade tensions and fears of a slowing global economy, due to its barbell investment strat-egy, which focuses on yields and good quality growth companies at reasonable valuations.

Chong says the oil and gas and technology sectors contributed the most to the growth of the fund last year. However, the firm will

be more cautious going forward in terms of its investment strategy because of the on-going market turmoil.

Over the next few months, it will be dif-ficult to discern where the market is head-ed because the Covid-19 pandemic and oil price situation are still evolving. However, notwithstanding the actions of governments and central banks or the trajectory of the pandemic, the risk of a global recession is indeed rising.

“In the current market, liquidity trumps fundamentals. And it looks like market fears brought on by the pandemic are spilling over into the fundamentals of the stocks. We will stay defensive for now,” says Chong.

“In the short term, there will be volatility, given the uncertainty over Covid-19. However,

our long-term strategy remains unchanged as our portfolio

positioning is mainly driv-en by bottom-up stock and credit selection.

“Setting aside the cha-os and disruption arising

from the pandemic, we believe this episode in human history will either trigger or expe-dite key structural changes to the economy and society, among which is the adoption of technology to facilitate remote working or e-commerce, supply chain diversification and industry consolidation.”

Chong is optimistic that investor senti-ment will stabilise and open up opportuni-ties to invest in fundamentally strong and selected oversold securities. Over the long term, the weakening economic growth and easing bias of central banks will serve as positive catalysts in the market. That, cou-pled with strong domestic market liquidity, is expected to drive a recovery in bond pric-es and demand for high-yield assets once financial markets stabilise.

“We will take this opportunity to invest in companies or sectors that will benefit from further adoption of technology for remote working and e-commerce, supply chain di-versification and industry consolidation,” he says. — By Jotham Lim

Chong

Ong

FUND RHB Malaysia DIVA

AWARD Equity Malaysia Income (3, 5

and 10 years)


FUND MANAGER Jason Th am Chun Hee


1 year 1.07

3 years 14.15

5 years 6.74

10 years 79.43

FUND Manulife Investment-CM

Shariah Flexi


Islamic (3 years)


FUND MANAGER Principal Asset

Management Bhd (formerly

known as CIMB-Principal

Asset Management Bhd)


1 year 11.64

3 years 19.36

5 years 17.62

10 years 105.90

E

E

PW20 APRIL 20

2020

Presented by

Equities have more attractive upside over the longer termF R O M PAG E 1 3

says the technology trend is expected to gain more trac-tion going forward despite the current economic turmoil. “In this environment, we like fu-ture-proof investment themes such as 5G and technology [as a whole]. We also like stocks with attractive and sustain-able yields.”

Yeoh has a long-term pos-itive view on stocks that can ride the technology trend. “Technology, e-commerce and social media stocks are favoured due to their long-term structural growth pros-pects,” she says.

Fund managers also like the healthcare sector for its more resilient earnings and strong-er fi nancial positions. While some investors stay away from the banking and oil and gas sectors, fund managers have a diff erent view.

Ahmad Najib Nazlan, ex-ecutive director and CEO of Maybank Asset Management Sdn Bhd, favours banks despite their poor performance in the first quarter of this year. “We expect to see a recovery [in banking stocks] as pressures on their net interest margins

are expected to taper off while credit costs are stabilising. Furthermore, Bank Negara has provided the sector with sup-port by reducing the statutory reserve requirement by 1% to 2% recently. The sector is trad-ing at a low valuation with at-tractive dividend yields, which present an attractive invest-ment opportunity,” he says.

Meanwhile, the oil and gas sector is well positioned to cap-italise on any upturn in oil prices and business activity despite the recent plunge in crude oil prices, says Ahmad Najib. “We have reduced our weightage on the oil and gas sector in the current quarter [2Q2020]. However, the sector could benefi t from any upside going forward, given the recent sell-off . Oil and gas companies have recapitalised their bal-ance sheets and undertaken impairment of assets since the last downturn in 2015.”

RHB Asset Management Sdn Bhd managing director Eliza Ong says the fi rm is looking to buy counters that could ben-efi t from the weakness in the ringgit. “We are looking to buy export-related stocks that may benefi t from the expectation of

a weaker ringgit. These include manufacturing companies that may benefi t from the realloca-tion of orders from China.

“We are also looking at companies with strong cash fl ow supported by a solid man-agement team. These are also companies that have invested suffi ciently in technology as it will enable them to weather the storm caused by Covid-19.”

EQUITIES OR BONDS? Amid the harsh economic con-ditions, some fund houses are overweight on equities while others prefer bonds. Kenanga Investors’ Lee says that from a portfolio perspective, the fi rm continues to overweight stocks as the sharp fall in share prices has resulted in attractive val-uations.

“We continue to be neutral on bonds as yields were trading at unprecedentedly low levels for the most part of 2019 and until March this year. That is despite the risk aversion of investors of late, which has seen some unwinding of bond trades, which brought bond yields back up.”

Public Mutual’s Yeoh says equities are attractive as the

dividend yield of some coun-ters are now higher than 10-year government bonds. “This yield diff erential increases the appeal of stocks on a longer-term basis. This will benefi t investors with a higher risk tolerance and who are seek-ing long-term capital growth.”

Equities have a more at-tractive upside over the longer term, says Areca’s Wong. “As long-term investors, we believe that the risk-return trade-off is skewed more towards equi-ties. We will accumulate stocks that we like whenever we see value in the market.”

Meanwhile, Maybank Asset Management’s Ahmad Najib sees more value in bonds as yields remain attractive and this asset class is more defen-sive than equities. “Also his-torically, during the 2008 glob-al fi nancial crisis and 1997/98 Asian fi nancial crisis, there was a sharp selldown in the bond market. Subsequently, when there were signs of an econom-ic recovery, it would see an im-mediate V-shaped recovery,” he says.

AmanahRaya Investment Management’s Roszali has a similar view. “We have re-

mained overweight on bonds and kept our equity exposure minimal for a couple of years. This asset allocation strategy has panned out well for us. We currently do not see a compel-ling reason to change our asset allocation,” he says.

“While the recent market correction has made equities look attractive from a valua-tion standpoint, the returns provided by bonds are still very good. Bonds also off er a far bet-ter return-volatility ratio than equities.”

While UOB Asset Manage-ment’s Eng favours bonds over stocks at the moment, he ex-pects his outlook to change in the coming months. “In the near term, the outlook for bonds is more favourable as the asset class benefi ts from an aggres-sive monetary easing policy and rising risk aversion sen-timent. However, in the com-ing months, we expect to turn more positive on equities as the sharp market decline presents buying opportunities. The cata-lysts for equities to outperform include the peaking of Covid-19 and governments undertaking more fi scal stimulus, especially the US,” he says.

PW21 APRIL 202020

Presented by

UOB Asset Management (M) Bhd bagged an award at the Refinitiv Lipper Fund Awards 2020. Its UOB United Income Plus fund won the award for Best Mixed Asset MYR Conservative in the three-year

category. The fund, which provided investors with

a return of 17.51% for the three years ended Dec 31, 2019, is a mixed asset fund. Its equity exposure is set at a maximum of 30% while the remainder is a combination of fi xed-in-come assets and cash holdings. Due to the asset allocation, the fund is inherently less volatile, especially during periods of market turbulence, says UOB Asset Management chief investment offi cer Francis Eng.

According to him, the strategy was to gen-erate stable returns from fi xed income and get an additional boost from equities. As 2019 was largely a strong year for fi xed-income returns, the fund’s conservative nature was an inherent advantage.

“We managed to further boost returns with our equity exposure. The generally poor performance of markets in 2018 provided fertile conditions for us as stock pickers in 2019,” says Eng.

“As an investment house that emphasises a bottom-up approach, we were able to buy into quality companies at very reasonable prices. Our stock selection was a signifi cant contributor to the fund’s outperformance last year.”

He adds that 2020 is expected to see much more volatility, particularly with the height-ened uncertainty over the Covid-19 pandemic

AmanahRaya Investment Man-agement Sdn Bhd grabbed its first fund award at the Refinitiv Lipper Fund Awards 2020. AmanahRaya Syariah Trust won the award for Best Bond

MYR (Islamic) in the three-year cat-egory.

CEO and managing director Roszali Ramlee says the firm’s discretionary investing style, phi-losophy and teamwork were the main reasons for the achievement. “Our main goal is to give consist-ent returns to our investors. We believe in active fund manage-

ment and rely on our strength in credit analysis. We employ a combi-

nation of a top-down and bot-tom-up approach in our

fund management pro-cess, depending on the market conditions.”

AmanahRaya Sya-riah Trust is mainly

invested in corporate sukuk and practises ac-tive fund management strategies depending on economic and interest rate situation, he adds.

One of the challeng-es the fund house faced last year was a lack of sukuk issuances, but the fund managers ag-

and its impact on the global economy. “The outlook for fi xed income is mildly positive. Meanwhile, central banks are expected to cut interest rates further and keep monetary pol-icies loose. They have launched bond-buying schemes and announced several measures to inject much needed liquidity into the fi -nancial system.

“In the absence of any infl ationary pres-sure, we expect the low interest rate environ-ment to persist. In the near term, the debt markets are expected to be volatile.”

Under the circumstances, the prospects of equities are looking challenging in the near term, largely due to the economic fall-out from the pandemic. To this end, Eng believes that a combination of fiscal policy, central bank action and eff ec-tive healthcare measures will help mitigate the impact of Covid-19 on the markets. “Assuming that the situation improves in the second half of this year [given the measures taken by the government], this could set the foundation for an economic recovery

gressively participated in new issuances, es-pecially those of bonds with AA credit rating and below for more returns. “We also actively sourced sukuk via secondary markets. Dura-tion played an important role in the fund’s performance,” says Roszali.

Seeing as the Islamic fund industry has not had much impetus in the last few years, with product innovation seemingly at a pla-teau, the fund house has had to rely on good credit analysis to identify good issuances, active fund management to maximise re-turns and protect the fund from sudden fluc-tuations to get consistent returns, he says.

However, this year is expected to be more challenging in the light of the two over-night policy rate cuts, fears of an oversup-ply of crude oil and the ongoing coronavirus pandemic.

“The next 12 months will be very challeng-ing. Risk-off mode will continue to dominate in the light of market uncertainties. The unprecedented pandemic will impact the economy significantly and cause heightened volatility across financial markets. We are still focusing on new issuances for yield pre-mium and maintaining slightly longer dura-tion in view of more rate cuts,” says Roszali.

While AmanahRaya is sector agnostic — as the bonds issued are evaluated based on their credit strength and structure — the firm will avoid the oil and gas sector this year due to the current oversupply issues and oil price situation, he says.

Roszali says fixed-income investors should brace for lower returns than last year.

in late 2020 and the following year,” he says. Bearing these factors in mind, Eng’s in-

vestment thesis for the year is to continue relying on fi xed income to generate stable returns in what has been a very volatile year for the stock market thus far. “The portfolio will be anchored by fi xed income which, in turn, will be supported by low interest rates and continued monetary easing to deal with the [economic eff ects of the] pandemic. We raised some cash earlier on and are waiting

to deploy into equities at the right oppor-tunity,” he says.

While it will be diffi cult to pre-dict the end of the pandemic, a

look back at previous outbreaks indicates that markets tend to bottom out when the number of new cases hits a peak, says Eng.

In the meantime, the broad market sell-off s over the last few

weeks have presented some of the best buying opportunities in

a very long time. “If the market selldown continues, investors

will be able to buy into qual-ity companies at bargain

prices. However, this needs to be balanced against the possibil-ity of Covid-19 hav-ing a more exten-sive and extended

impact than previ-ously anticipated.”

— By Oliver Christopher Gomez

“[Returns of] 4% to 8% is very commendable based on the current market scenario. New issuances of sukuk will hopefully be more than last year. The secondary sukuk market will be challenging as most investors will adopt the ‘buy and hold’ strategy.”

He expects monetary policy to continue being accommodative as the global economy weakens. But as interest rates fall, bond prices rise. Thus, the low interest rate environment should translate into decent performances for bond funds. “The expectations of further interest rate cuts and a prolonged low inter-est rate environment will likely benefit our bond fund,” he says.

Against this backdrop of global uncer-tainties, investors should look at protecting their capital rather than risking it to get ex-tra returns, says Roszali. “Bond funds should perform well in the current environment. These funds also provide investors with consistent returns with low fluctuation.” — By Pathma Subramaniam

FUND AmanahRaya Syariah Trust

AWARD Bond MYR – Islamic (3

years)


FUND MANAGER AmanahRaya Investment

Management Sdn Bhd


1 year 10.49

3 years 21.91

5 years 27.51

10 years 64.85

FUND United Income Plus

Mixed Asset MYR

Conservative (3 years)


FUND MANAGER Francis Eng


1 year 11.73

3 years 17.51

UOB Asset Management (M) Bhd

AmanahRaya Investment Management Sdn Bhd

ONE FUND AWARD

ONE FUND AWARD

E

E

Eng

Roszali

PW22 APRIL 20

2020

https://affinhwangam.com/

PW24SEPT 29

2009

APRIL 20, 2020

https://www.publicmutual.com.my/

monday april 20, 2020 issue 3112/2020 ...2 monday april 20, 2020 • theedge financial daily for...

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