Executive summary

For any business, success depends not only on the competence of the management and resources
of the investors, but also on how the management understands the business environment they are
operating in as well as make necessary financial projections as benchmark for their performance.
In this report, Shaolin Investments Malaysia Limited, a new business venture that is into
manufacturing of FCMGs was evaluated. The evaluation shows that the Malaysian business sphere
is favorable with committed workforce, increasing consumption, supportive government policies.
However, it was also discovered that the exchange rate has is unfavorable for importation of raw
materials needed for production. The PP, NPV, and IRR shows that investments will be repaid
with a short period of time (3.10 years), and the company will be able to generate RM 500,000 in
five year. Thus, the business venture was recommended.

Page | i
Table of Contents
Executive summary ........................................................................................................................................ i
List of figure ................................................................................................................................................. iii
List of tables ................................................................................................................................................. iii
Introduction .................................................................................................................................................. 1
Current market analysis ................................................................................................................................ 1
Political factors.......................................................................................................................................... 1
Economic factors....................................................................................................................................... 2
Socio-cultural factors ................................................................................................................................ 2
Technological factors ................................................................................................................................ 3
Financial market analysis .............................................................................................................................. 3
Foreign exchange rate .............................................................................................................................. 3
Stock market index (KLCI) ......................................................................................................................... 4
Interest rates – borrowing costs ............................................................................................................... 5
Company analysis.......................................................................................................................................... 5
Business nature ......................................................................................................................................... 5
Type of business .................................................................................................................................... 5
Type of ownership ................................................................................................................................ 6
Name of business .................................................................................................................................. 6
Type of products ................................................................................................................................... 6
SWOT Analysis........................................................................................................................................... 6
Strengths ............................................................................................................................................... 6
Weaknesses .......................................................................................................................................... 6
Opportunities ........................................................................................................................................ 7
Threats .................................................................................................................................................. 7
Financial projection....................................................................................................................................... 7
Project financing and risk analysis ................................................................................................................ 9
Business financing ..................................................................................................................................... 9
Risk analysis .............................................................................................................................................. 9
Cost of capital ......................................................................................................................................... 10
Project evaluation using investment appraisal techniques ........................................................................ 10
Payback period (PP) ................................................................................................................................ 11
Net present value (NPV) ......................................................................................................................... 11

Page | ii
 Internal rate of return (IRR) .................................................................................................................... 12
Conclusion ................................................................................................................................................... 12
References .................................................................................................................................................. 13
Appendices.................................................................................................................................................. 16
Appendix 1: Political stability ranking in Asia ......................................................................................... 16

List of figure
Figure 1: Malaysia’s GDP annual growth rate (2000-2017) .......................................................................... 2
Figure 2: Historical data of the Ringgit –vs- US Dollars (2008-2018) ............................................................ 3
Figure 3: Malaysia stock market (FTSE KLCI) (2008-2018) ............................................................................ 4
Figure 4: Malaysia interest rates (2008-2018) .............................................................................................. 5

List of tables
Table 1: Malaysia interest rates (2008-2018) ............................................................................................... 7
Table 2: budgeted cash flow statement ....................................................................................................... 8
Table 3: The projected cash flow ................................................................................................................ 10

Page | iii
Introduction
The purpose of this reports is to evaluate a business proposal. In the course of the evaluation,
investment appraisal techniques will be used and it will feature: market analysis, company
analysis, business financing and risk analysis, and business appraisal with the aid of investment
appraisal techniques. The overall purpose is to determine whether or not the investors should
proceed with the new business venture based on findings from the analysis.

Current market analysis

For new ventures, understanding the business environment where they are setting their business is
vital. This is because these environment yield forces (normally beyond the control of the business)
that influences their overall performance (Dimitrios, 2013). Pest analysis is tool used for studying
the external environment of business and it entails an understanding of the political, economic,
socio-cultural, and technologically factors that influence the success of the business (Dimitrios,
2013).

Political factors
According to The Global Economy (2016) ranking of political stability, Malaysia is the 18th in
Asia (See appendix 1) and 93rd in the world. This is a highly significant shift from the rankings a
decade ago where Malaysia was the 12th in Asia and 39th in the world (Chung, 2006; Hong, 2006),
reflecting a huge decline in political stability. However, the smooth exchange of power between
the former Prime Minister, Najib Razak and the current Prime Minister, Mahathir Mohamad could
strengthen this position in years to come (Nicola, 2018). To support this view, the Malaysian
government have moved to adopt an FDI-friendly stance as well as initiated numerous initiatives
that support business in order to maintain a peaceful business operations with its neighbors (Basri,
2008; CIDB, 2010). Therefore, it can be stated that while the political system is not entirely stable,
it doesn’t pose much of threat to new business ventures in the country.

Page | 1
Economic factors
Figure 1: Malaysia’s GDP annual growth rate (2000-2017)

Source: The World Bank (2018)

The annual growth rate of Malaysia’s GDP has declined from 8.9% in 2000 to 5.9% in 2017 (The
World Bank, 2018). The major factor behind this is the 2008-2009 global crisis, which the
Malaysian economy was hardly hit leading to -1.514% dip in the GDP for 2009. However, the
government has since them implemented a number of measures geared towards pushing the
economy back. Consumption has also increased significantly (Dezan, 2017). Therefore, the
Malaysian economy offers numerous opportunities for new ventures.

Socio-cultural factors
Presently, Malaysia maintains an active labour force which increased by 2% in 2017 (at 15 million
persons) compared to the 2016 record, and this increase was contributed by 286,300 unemployed
persons (Department of Statistics Malaysia, 2018). Malaysia’s literacy level is 95%, and both
English and Malay are widely spoken in the country, with an ever increasing number of students
graduating from higher education (Kamar et al., 2009; Abd Shukor et al., 2011; Hamzah et al.,

Page | 2
2010). In accordance with Hamid et al. (2008), the country has a masculine culture and the
implication is that people aim for perfection and positive outcomes form their tasks (Rahman and
Omar, 2006). Thus, this labour force is ideal for new venture because employees tend to be focused
and committed.

Technological factors
Malaysia is technologically sound for businesses and this was manifested in 2017 when the
government opened the first “digital free trade zone” in the country. For new ventures,
technologies in Malaysia include an advanced stream and network of technologies that aid
effective and efficient production (Trikha, 1999; Abd Shukor et al., 2011; Warszawski, 1999;
Haron et al., 2005; Lessing, 2006; Marsono et al., 2006). Thus, new ventures can expect to have
the necessary technologies for advancing their operations in the country.

Financial market analysis

Besides the environmental factors discussed above, the financial aspects of the market will also
influence overall success of the new ventures. This is because, what the company will offer (in
terms of products and prices), will directly depend on what it will get from their suppliers (both
local and internationally). Thus, these financial variables are discussed below.

Foreign exchange rate

Figure 2: Historical data of the Ringgit –vs- US Dollars (2008-2018)

Source: Trading Economics (n.d, a)

Page | 3
From the figure (2) above, a 10 years review of the Malaysian Ringgit against the US Dollars
shows that the Ringgit has continuously depreciated against the US Dollars from its exchange rate
position of US$1 = RM 3.2 in 2008 to the present value of US$1 = RM 4.050 in 2018. The impact
is that importation of raw materials for production will be higher and new ventures that want to
base their business operations in Malaysia will bear higher production cost and a potential
reduction in profit levels.

Stock market index (KLCI)

Figure 3: Malaysia stock market (FTSE KLCI) (2008-2018)

Source: Trading Economics (n.d, b)

On April 2018, the Malaysian stock market reached an all-time high of 1895.18. The above figure
(3) shows the performance of the Malaysian stock market and it can clear be seen that the stock
marketing has maintained a steady upward movement during the 10 years in review. The
implication is that investors can expect to get high returns on their investment and such presents
good opportunity for the new venture as the stock market is attractive and being listed can easily
help them generate funds needed for further investments.

Page | 4
Interest rates – borrowing costs
Figure 4: Malaysia interest rates (2008-2018)

Source: Trading Economics (n.d, c)

The average interest rate in Malaysia from 2004 to 2018 is 2.99%, with the interest rate reaching
an all-time high of 3.50% in April 2006, and all-time low of 2% in February 2009 (Trading
Economics, n.d, c). As expected, the Central Bank of Malaysia held the benchmark of interest rate
to be 3.25% on 11th July 2018. It is expected that growth will be sustained and inflationary
pressures will be weakened by the end of 2018 following the decision of the government to remove
the 6% Good and Service Tax (GST) which initially came into law in 2006 (Trading Economics,
n.d, c). It can be stated that the interest rate is relatively fair and as such cost of borrowing is
bearable for new ventures.

Company analysis
In this section, comprehensive analysis of the company that is being set up is presented.

Business nature
Type of business – the business being set up is a manufacturing business. It will venture into Fast
Moving Consumer Goods (FCMGs), covering different kinds of groceries and eventually
transforming into a conglomerate in the future.

Page | 5
Type of ownership – at the start, this new venture will be a partnership form of business. In this
time of ownership, two or more people together to take responsibility for running the business and
the also share the profit in relation to their individual contributions. This comes with the advantage
of higher financing opportunities and reduced risks when compared with sole proprietorship
(Tasmanian Government, 2017). In the future, the ownership will be converted to Public Listed
Companies (PLC), offering its shares to interested shareholders in order to generate necessary
revenues for further expansion of the business.

Name of business – Shaolin Investments Limited (SIL)

Type of products – for the start, the company will begin by manufacturing Biscuits (baked
products), which will be expanded later into other consumer goods such as beverage drinks,
personal care products, and healthcare products.

SWOT Analysis
This is a business analysis technique which can be employed to analyze the products, services, or
market of any given company in other to determine the best way for achieving future growth. This
tool identifies the strengths and weaknesses of an organization, and the opportunities and threats
that are inherent in the market it operates in (FME, 2013). For Shaolin Investments Limited, the
company’s SWOT analysis is as documented below.

Strengths
 The management is made up of highly experience team.
 The management already has an asset of RM 100,000.00 for investment into the new
venture.
 The management has extra borrowing capacity of RM 100,000.00.

Weaknesses
 The management is about to venture into a new business area they have not managed
before.
 The equity of the management might be too small to assure sustainable competitiveness
considering the business sector (FCMGs) they are venturing into.
 The borrowing strength (capability) of the management is limited.

Page | 6
Opportunities
 The analysis of Malaysia’s economic factors above shows that there is an increase in
consumption and the company can capitalize on this.
 The Malaysian workforce is highly dedicated and committed towards perfection and it
offers vast opportunities for the new venture.
 There are numerous products already in the market in the sector the company wants to
venture into, providing huge opportunity for property marketing and market research to
allow for better positioning of the company and its products.

Threats
 The competition in the FCMGs sector is huge with numerous established brands.
 To penetrate the market, the company will need to invest heavily on promotion and
advertising campaigns.
 The depreciation of the ringgit against the dollar will affect the company’s importation of
necessary resources used for production as their equity are domiciled in Ringgit.

Financial projection
In line with the nature of this business, the financial projection for the company is made for the
next 5 years and it is broken down into: Pro-forma income statement and Budgeted cash flow
statement.

Table 1: Malaysia interest rates (2008-2018)

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Sales Revenue 0 80,000 190,000 275,000 380,000 500,000
Less: COGS 0 60,000 79,000 122,000 128,000 243,000
Gross: Profit 0 20,000 111000 153000 252000 257000
Less: Operating expenses 0 20,000 22,000 25,000 27,000 30,000
Less Administration 0 10,000 12,000 13,000 15,000 18,000
Less: Sales and Distribution 0 20,000 24,000 28,000 35,000 40,000
Less: Depreciation 0 10,000 13,000 12,000 15,000 9,000
Operating Profit 0 -40,000 40,000 75,000 160,000 160,000
Less: Interests 0 3,500 3,000 2,500 2,000 1,500

Page | 7
 Profit Before Tax 0 -43500 37000 72500 158000 158500
Less Tax 0 0 6,660 13,050 28,440 28,530
Net Profit 0 -43,500 30,340 59,450 129,560 129,970

Table 2: budgeted cash flow statement

Year 1 Year 2 Year 3 Year 4 Year 5

Cash Inflows
Equity Capital 100,000 0 0 0 0
Banks Loan 100,000 0 0 0 0
Sales Revenue 80,000 190,000 275,000 380,000 500,000
Total Cash Inflows 280,000 190,000 275,000 380,000 500,000

CASH OUTFLOWS
Investments in PPE 80,000 70,000 50,000 55,000 60,000
Payments to Suppliers 60,000 79,000 122,000 128,000 243,000
Operating Expenses 60,000 71,000 78,000 92,000 97,000
Interest Cost 3,500 3,000 2,500 2,000 1,500
Tax Payment 6,660 13,050 28,440 28,530
Total Cash Outflow 203,500 229,660 265,550 305,440 430,030

Net Cash Flow (surplus/deficit) 76,500 -39,660 9,450 74,560 69,970

Opening Balance 200,000 -3,500 -39,660 9,450 74,560

Closing Balance -3,500 -39,660 9,450 74,560 69,970

Page | 8
Project financing and risk analysis
In this section, discussions will be presented on the business financing and risk analysis to
determine the cost of capital.

Business financing
For this business, the total required investment is RM 200,000, which will be 50% financed by
equity and 50% financed by debt. For the equity, the investors will contribute to that and the debt
will be gotten from MayBank. Presently, the cost of 5 years repayment of loan at Maybank stands
as 3.5% of loan value per annum, which is a maximum of 17,500 interest for the five years period
(at maximum risk – assuming the company did not repay any debt till the fifth year).

Risk analysis
In business, understanding risks is very crucial. Risk in business is the possibility that the investor
might experience lower than expected returns or might experience loss instead of projected profit
(Investopedia, n.d, a). Therefore, this business venture will be risk averse. Risk aversion is a
situation in which the investor when faced with two investments of similar expected return,
chooses the investment with lower risk (Investopedia, n.d, a).

For stock investments that the company will acquire from the KLCI, risk will be matched with the
expected return and the CAPM model will be used for such analysis. Capital Asset Pricing Model
(CAPM) is a model used to describe the relationship between systematic risks and expected returns
of an asset (with particular reference to stock (Investopedia, n.d, c). CAPM is broadly employed
in financial for the pricing of risky securities, generated the expected returns for assets in
consideration of the associated risks of those assets and calculating the costs of capital.

The formula for CAPM is:

Page | 9
For instance, if the risk-free rate of a stock is 2% and beta (risk measure) is 2. The expected return
of the stock over a 10 year period is 10%, the implication is that the market risk premium is 10%-
2% (8%) when the risk-free rate is subtracted from the expected market return. Plugging the values
into the CAPM formula above will give an expected return of 18% for the stock in view.

Cost of capital
Weighted Average Cost of Capital (WACC) is used in this case. It is the calculation of the
company’s cost of capital, in which each capital category is weighted proportionally (Investopedia,
n.d, b). All sources of capital are included and the WACC of a company increased as the rate of
return on equity and beta increases, because an increasing WACC implies a decreasing valuation
and increasing risk for the stock in view. It is the discount rate that should be used for cash flows
with risk that is similar to that of the overall firm (Investopedia, n.d, b). Normally, the WACC is
calculated as the discount rate for future cash flows in order to determine the present net value of
a business.

Project evaluation using investment appraisal techniques

This section presents an evaluation of the business proposal with the aid of three main business
appraisal techniques as: Payback Period, Net Present Value, and the Internal Rate of Return. Prior
to this evaluation, the cash flow for the project is determined as contained in the table (3) below.

Table 3: The projected cash flow

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

Sales Revenue 0 80,000 190,000 275,000 380,000 500,000
Less: Operating Cash Flow 0 120,000 150,000 200,000 220,000 340,000
EBITDA 0 -40000 40000 75000 160000 160000
less: Depreciation 0 10,000 13,000 12,000 15,000 9,000
PBT 0 -50000 27000 63000 145000 151000
Les: Tax 0 0 4860 11340 26100 27180
PAT 0 -50000 22140 51660 118900 123820
Add: Depreciation 0 5,000 3,000 3,000 4,000 2,000
Net Operating Cash flow 0 -45000 25140 54660 122900 125820
Initial Investment 0 80,000 70,000 50,000 55,000 60,000

Page | 10
 NET CASH FLOW 0 -125000 -44860 4660 67900 65820
Discount Factor (WACC) 0 0 0 0 0 0
Discounted Cash Flow 0 -125000 -44860 4660 67900 65820

Payback period (PP)

This is the number of years it will take for the company to recover its original investment in a
project, the moment when net cash flow equals zero (Investopedia, n.d, d). The formula is:

PP = year of full recovery + unrecovered costs at the beginning of last year / cash flow in the
following year.

Total initial investment = RM 200,000

Year of positive cash flow = 3 (see discounted cash flow

Unrecovered cost at year two = 44860 (see discounted cash flow)

Discounted cash flow in year 3 = 4660.

Plug in values:

PP = 3 + (47860/2160.)

= 3 + 9.6

= 3.10

Thus, it is ending of the third year, the company will be able to payback its investments, which is
lower than the maximum risk period of 5 years. The implication is that this investment is attractive.
However, it is important to understand that this just a projection and it doesn’t imply actual
performance of the company. Therefore, necessary risk aversion techniques should be put in place
as the business starts to operate.

Net present value (NPV)

This is the difference between the present inflows of cash and outflows of cash within a given
financial period. It is used in capital budgeting for analyzing how profitable a project investment
will be (Investopedia, n.d, e). The formula is:

Page | 11
 Ct = net cash inflow during the period t

Co = total initial investment costs

r = discount rate, and

t = number of time periods

For this investment, the Ct = RM, 500, 000 and the Co = RM, 200,000, r = 0, and t =5

Therefore, in the next 5 years, the company will have a higher value of RM 300, 000 (which is
cash inflow of RM 500,000 – total initial investment of RM 200, 000). Therefore, this is an
attractive investment. In any case, just like in the case of the Payback Period, it is important to
note that this calculations are limited because they are based on projections and might actually
change in real business sense. Also, NPV doesn’t put into consideration the competitiveness of a
company or its competitors, which make it an unfair value determining technique as changes might
actually make the projected outcomes different.

Internal rate of return (IRR)

This is the metric used in capital budgeting for computing an estimate of the company’s
profitability. It is the discounted rate which makes the net present value (NPV) of all cash flows
from a given project equal to zero (Investopedia, n.d, f). It is based on the same formulas as NPV
above.

As such, the IRR is RM 300,000 by the year five, which is an attractive business outlook. The
limitations of the IRR are the same as the NPV.

Conclusion
From the above analysis, it is clear that the Payback Period (3.10) is shorter than the maximum
risk period (5), and the NPV and IRR are RM 300,000 respectively. Thus, it is concluded that this
is a viable and profitable investment, and the investors should proceed with it. Besides this, the
market conditions (increased GPD, increased consumption, favorable labour force, and better
government policies like removal of GST tax) present favorable outlook for the business. Thus, it
is expected that it will be a successful investment.

Page | 12
References
Abd Shukor, A., S., Mohammad, M., F., Mahbub, R., and Ismail, F. (2011). Supply chain
integration in industrialized building system in the Malaysian construction industry. The
Built & Human Environment Review, 4(1).

Basri, N., I., B. (2008). Critical success factors for ibs adoption in malaysian construction industry.
In: Faculty of Civil Engineering. Universiti Teknologi Malaysia, Johor Bharu, Malaysia,.

Chung, L. (2006). Implementation strategy for industrialized building system (ibs). In: Faculty of
Civil Engineering. Universiti Teknologi Malaysia, Johor Bharu, Malaysia.

CIDB, (2010). Roadmap for industrialised building system (ibs) in malaysia 2011-2015.
Construction Industry Development Board (CIDB), Kuala Lumpur, Malaysia.

Department of Statistics Malaysia (2018). Principal statistics on labour force, Malaysia 2017.
Retrieved from:
https://www.dosm.gov.my/v1/index.php?r=column/pdfPrev&id=aEdIelhlVTBtOHhjOUx
qcXhyc2pCUT09 (Retrieved on: 10th July 2018].

Dezan, S. (2017). Malaysia’s FDI Outlook for 2017: Trends and Opportunities. Retrieved from:
https://leaglobal.com/thought_leadership/Malaysia%20FDI%20Outlook%20for%202017.
pdf (Retrieved on: 10th July 2018].

Dimitrios, N., K. (2013). International Journal of Economy, Management and Social Sciences.
International Journal of Economy, Management and Social Sciences, 2(2), pp. 31-36.

FME (2013). SWOT Analysis: strategy skills. Retrieved from: http://www.free-management-

ebooks.com/dldebk-pdf/fme-swot-analysis.pdf [Retrieved on: 10th July 2018].

Hamid, Z., Kamar, K., Zain, M., Ghani, M., and Rahim, A. (2008). Industrialised building system
(ibs) in malaysia: The current state and r&d initiatives. Malaysian Construction Research
Journal (MCRJ), 2(1): 1-11.

Hamzah, N.H., Nafi, M., N., A., Yacob, J., Ashari, A., H., Daud, Z., and Bin Sulain, A., S. (2010).
A study on the acceptance of ibs in construction industry in kelantan: Application of
logistic regression analysis. pp: 297-306.

Page | 13
Haron, N., S., Hassim, M., K., and Jaafar, M. (2005). Building costing comparison between
conventional and formwork system. Journal of Technology, UTM, Johor, Malaysia.,
43(B).

Hong, O., C. (2006). Analysis of ibs for school complex. Universiti Teknologi Malaysia, Johor
Bharu, Malaysia.

Investopedia (n.d, a). Risk Averse. Retrieved from:

https://www.investopedia.com/terms/r/riskaverse.asp [Retrieved on: 10th July 2018].

Investopedia (n.d, b). Weighted Average Cost of Capital (WACC). Retrieved from:
https://www.investopedia.com/terms/w/wacc.asp [Retrieved on: 10th July 2018].

Investopedia (n.d, c). Capital Asset Pricing Model – CAPM. Retrieved from:
https://www.investopedia.com/terms/c/capm.asp [Retrieved on: 10th July 2018].

Investopedia (n.d, d). Payback Period. Retrieved from: https://www.investopedia.com/exam-

guide/cfa-level-1/corporate-finance/payback-period.asp [Retrieved on: 10th July 2018].

Investopedia (n.d, e). Net Present Value – NPV. Retrieved from:

https://www.investopedia.com/terms/n/npv.asp [Retrieved on: 10th July 2018].

Investopedia (n.d, f). Internal Rate of Return – IRR. Retrieved from:

https://www.investopedia.com/terms/i/irr.asp [Retrieved on: 10th July 2018].

Kamar, K., Alshawi, M., and Hamid, Z. (2009). Barriers to indusrialized building system (ibs):
The case of malaysia In: BuHu 9th International Postgraduate Research Conference
(IPGRC). Salford, United Kingdom.

Lessing, J. (2006). Industrialized house-building - concept and processes. Department of

Construction Sciences: Lund Institute of Technology, Sweden

Marsono, A., Tap, M., Ching, N., and Mokhtar, A. (2006). Simulation of industrialized building
system (ibs) components production. In: Proceedings of the 6th AsiaPacific Structural
Engineering and Construction Conference (APSEC 2006) Kuala Lumpur Malaysia.

Nicola, S. (2018). Mahathir Mohamad, 92, sworn in as world's oldest elected leader after shock
win in Malaysia. The Telegraph News. Retrieved from:

Page | 14
 https://www.telegraph.co.uk/news/2018/05/09/mahathir-mahathir-92-claims-win-ruling-
coalition-malaysia-elections/ (Retrieved on: 10th July 2018].

Rahman, A. and Omar, W. (2006). Issues and challenges in the implementation of ibs in malaysia.
In: Proceeding of the 6th Asia-Pacific Structural Engineering and Construction Conference
(ASPEC 2006). Kuala Lumpur, Malaysia: pp: C45-C53.

Tasmanian Government (2017). Partnership – advantages and disadvantages. Retrieved from:

https://www.business.tas.gov.au/starting-a-business/choosing-a-business-structure-
intro/partnership-advantages-and-disadvantages [Retrieved on: 10th July 2018].

The Global Economy (2016). Political stability - country rankings. Retrieved from:
https://www.theglobaleconomy.com/rankings/wb_political_stability/ (Retrieved on: 10th
July 2018].

The World Bank (2018). Malaysia GDP annual growth. Retrieved from:
https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2017&locations=MY
&start=2000&view=chart (Retrieved on: 10th July 2018].

Trading economics (n.d, a). Malaysia Interest Rate. Retrieved from:

https://tradingeconomics.com/malaysia/interest-rate [Retrieved on: 10th July 2018].

Trading economics (n.d, a). Malaysia Stock Market (FTSE KLCI). Retrieved from:
https://tradingeconomics.com/malaysia/stock-market [Retrieved on: 10th July 2018].

Trading economics (n.d, a). Malaysian Ringgit. Retrieved from:

https://tradingeconomics.com/malaysia/currency [Retrieved on: 10th July 2018].

Trikha, D. (1999). Industrialized building systems. In: Prospects in Malaysia Proceedings World
Engineering Congress. Malaysia.

Warszawski, A. (1999). Industrialized and automated building system. Technion-Israel Institute

of Technology, E & FN Spoon.

Page | 15
Appendices
Appendix 1: Political stability ranking in Asia

Available at: https://www.theglobaleconomy.com/rankings/wb_political_stability/

Page | 16