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MONDAY APRIL 20, 2020 ISSUE 3112/2020

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MONDAY APRIL 20, 2020 ISSUE 3112/2020

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DAILY
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MAKE
BETTER
DECISIONS
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

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

PLAN WELL
PLAN AHEAD

2020
Presented by

6 HOME BUSINESS
GRIM
1Q EARNINGS
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need to aid people,
businesses OUTLOOK
6 HOME BUSINESS

How resilient is
for selected industries
UEM Edgenta Gaming, airline, property,
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are expected to be hard
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through low power STAY HOSM E
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WE WILL DELYOU AT
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om
ets.c
Scicom seeks theedgemark
to leverage on
opportunities
amid pandemic Broadcom sounds alarm on
12 H O M E unforeseen tech industry disruptions
The PM under siege PA G E 2
2 M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
ON EDGE T V
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AirAsia to
resume flights
at end-April
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Broadcom sounds alarm
on tech industry disruptions
Lockdowns in Asia are closing or severely restricting business operations
BY DEBBY W U & IAN K I NG
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, Thailand,
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-
Neiman Marcus to file for bankruptcy
as soon as this week — sources
BY M IKE SP ECTOR
& JESSICA DINAP OL I
NEW YORK: Neiman Marcus Group
is preparing to seek bankruptcy
protection as soon as this week,
becoming the first 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 final
stages of negotiating a loan with its
creditors totalling hundreds of mil-
lions of dollars, which would sustain
some of its operations during bank-
Malaysia to learn from China’s experience in fighting Covid-19
PUTRAJAYA: Malaysia will learn
from China’s experience in fighting
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.
“They’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
livery — meaning anything ordered
now will get shipped right around the
crucial holiday season. The typical
lead time for deliveries is about two
to three months.
The 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 first 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.
ruptcy proceedings, according to the
sources. It has also furloughed many
of its roughly 14,000 employees.
The bankruptcy filing 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 firm 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 firm Ares Management Corp
and Canada Pension Plan Invest-
ment Board (CPPIB).
The sources requested anonym-
ity because the bankruptcy prepa-
rations are confidential. Neiman
Marcus and Ares declined to com-
ment, while CPPIB representatives
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
specific 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
For breaking news updates go to
www.theedgemarkets.com
“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 finds better methods to address
the Covid-19 pandemic, the condi-
tions will abate and we will be able
to resume our normal operations.”
The 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
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 financing, such
as by borrowing against some of
their real estates. JC Penney Co
Inc is contemplating a bankruptcy
filing as a way to rework its unsus-
tainable finances and save money
on looming debt payments, Reuters
reported last week.
A bankruptcy filing would be a
grim milestone that Neiman Marcus
has spent the last few years trying
to avoid. It pushed out due dates
on its financial obligations last year
in a restructuring deal with some
creditors, though the transactions
added to Neiman Marcus’ interest
expenses. — Reuters
BERNAMA
Yaakob announced that 11 tempo-
rary prisons to hold MCO violators
will start operations on Thursday.
— Bernama
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-profile and widely used elec-
tronic devices. — Bloomberg
Over 400 Thai
workers trying
to sneak in from
M’sia detained
BY L IN DA K H O O
NARATHIWAT: Thailand author-
ities arrested more than 400 of its
citizens for attempting to sneak
into the kingdom from Malaysia
after it reopened five land border
checkpoints on Saturday.
Deputy Commander of Fourth
Army Region Maj Gen Kriang-
krai Srirak said about 300 Thais
crossed the border yesterday
without registering with the Roy-
al Thai Embassy in Kuala Lum-
pur, the Consulate-General in
Penang or Kelantan, or for not
having travel documents and “fit-
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.
The Thais, who mostly work in
oil palm and rubber plantations,
as well as fishing 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
Thais stranded in Malaysia had
registered to return home as of
this month.
He said since the reopening of
the land border checkpoints of
Thailand and Malaysia on Satur-
day, the relevant authorities lim-
ited the number of returnees to
about 350 every day. — Bernama
4 HOME BUSINESS
Grim 1Q earnings outlook
for selected industries
Gaming, airline, property, banking and retail sectors are expected to be hard hit
BY L A I YI NG Y I
KUALA LUMPUR: The 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%.
The central bank said Covid-19
had significantly 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 affected 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
effect 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-
‘Oil prices to remain depressed on Covid-19, stay below US$40’
BY M O H D I SWA ND I KA SA N ANUAR
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 Thursday 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.
Specifically, 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%.
The 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.
The 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 sector
Kenny Yee, the head of research at
Rakuten Trade, told The Edge Finan-
cial Daily that the Covid-19 impact
will not be captured fully in the first
quarter of the year.
Nevertheless, he expects over-
all corporate earnings for financial
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 affected the most, followed by
the airline, property and banking
sectors.
Experts are also extremely scepti-
cal about how effective the cuts will
be to offset 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
efforts to stem the pandemic spread
had severely disrupted global eco-
nomic activities, resulting in de-
pressed demand for oil.
“The duration of the outbreak will
have major implications for the lev-
el of global consumption, and such
According to analysts’ estimates, forecast earnings for FY20 for GenM has been cut by
32% to 39%. Photo by Cheryl Loh
This 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 officer of
Philip Capital Management, agreed
with Yee’s view. He added that air-
lines which traditionally operate
with thin profit 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.
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 officially 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.
M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
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 flight
cancellations, then the remaining
cash balance of RM2.4 billion can
pay for the group’s fixed costs for less
than five months under the current
conditions.
Airport operator Malaysia Air-
ports Holdings Bhd (MAHB) is also
expected to be hit by passenger traf-
fic growth and potential tariff rebates
or discounts on its retail rentals. This
is especially when AirAsia has tem-
porarily suspended all international
and domestic flights in Malaysia.
As such, analysts have cut their
earnings estimate for MAHB for
FY20 by 32.3% to reflect the lower
passenger traffic, lower airport traffic
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 figures, aggre-
gate property sales have declined
by 12% year-on-year.
RHB Investment Bank Bhd ad-
vised investors to avoid developers
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
efficacy 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.
Then it will implement a cut of be-
tween 10 million bpd and 12 million
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 flow. These 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 first 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
financing expenses commanding
a major part of fixed 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 offered 14-day free rent-
al for non-essential retailers during
the first 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.
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
MONDAY AP R I L 20 , 2020 • T HEED G E FINA NCIA L DA ILY
HOME BUSINESS 5

New cases rise after New cluster

among
students
two days of decline returning from
Indonesia
KUALA LUMPUR: A new cluster
84 new infections were reported yesterday, with deaths rising by one to 89 of infections has been detected
among Malaysian students re-
turning from Temboro, which
S TO R I E S BY A DA M A ZI Z has been declared a Covid-19 red
Covid-19 outbreak zone in the district of Magetan,
KUALA LUMPUR: Malaysia record- Indonesia.
ed an increase in new Covid-19 Malaysia So far, the cluster comprises 43

infections at 84 cases yesterday,
following two days of decline. This
brings the total confirmed cases
to 5,389.
The daily figure of new recov-
eries exceeded new cases for an-
other day, but the number of new
recoveries dropped to below 100
at 95 yesterday. The 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.
There 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.
The 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.
This is the fourth time that Ma-
laysia has reported a double-dig-
it figure for daily new infections
Malaysia’s Covid-19 positive case tally
Total number of positive cases
6,000
Number of new cases
MCO period
5,000
4,000
3,000
5,389
confirmed cases
3,197 cured
01
89 deaths
(UPDATED 5.40PM, APRIL 19, 2020)
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
since the movement control order
was enforced on March 18 — all of
which occurred in the last five 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).
300
5,389
250
200
150
people who were found positive
on their return last Thursday; 34
of them have been quarantined
in Melaka, while nine have been
isolated in Kuala Lumpur and
Putrajaya.
“There 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 five 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
Covid-19: New vs cured cases negative against 1,950 positive
cases.
6,000 As for the tahfiz cluster, 4,052
Total number of positive cases 5,389 individuals have had their sam-
5,000 Total number of recovered cases ples taken for testing from 11,166
4,000 MCO period at-risk people identified, and 325
3,197 were found positive.
3,000 Total number of recovered cases There is also one new case re-
2,000 ported from the Menara City One
cluster, which is currently under
1,000 an enhanced movement control
0 order (EMCO), bringing the total
Jan March March April April in the cluster to 40.
25 4 18 1 19
Meanwhile, the Bali patient
under investigation cluster saw
250 Daily infections
an increase of four cases, raising
Daily recoveries the total to 37 cases.
200

150
Malaysia has tested over
2,000 100
84 105,000 individuals, with
50
Daily recoveries 95 detection rate at 5%
1,000 100
84 On the rate of testing, Noor Hish-
0 0 50 am said Malaysia had now tested
Jan 25

March 1

March 14

April 1

April 19

over 105,000 individuals to date,

Source: Ministry of health
Less than 40 active cases in 14 of 30 red zones
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.
The 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 efforts 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,
0
Jan March
25 4 18
compared with 613 confirmed 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. The number of active cases in
Hulu Langat, where a few villages
have been placed under lockdown,
was 130, less than one-third of the
March April April
1 19
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.
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. The 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 tahfiz cluster,” he said.
The 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 efforts to further
reduce this figure,” he added.
6 HOME BUSINESS M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY

Why credit rating matters despite

great need to aid people, businesses
The government is expected to borrow about RM20b more than initially planned this year — economists
BY C I N DY Y EA P
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 deficits and public debt ratios
well above levels last seen during the
global financial 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-
in 2009 — owing to revenue en-
hancement measures that include
dividends from government-linked
institutions.
The government is expected to
borrow about RM20 billion more
than initially planned this year,
economists said. Last Thursday,
RAM Ratings revised higher its pro-
jection of the government’s financ-
ing requirement this year.
The 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
markets in the flight to safety.
Contribution to the change in global government debt and deficits, Yields for 10-year MGS, which
2007-2020 (percentage of GDP) closed at 2.82% as at end-February,
A major increase in fiscal deficits and public debt ratios is expected rose as high as 3.58% on March 23
across the world. before easing to 3.35% as at end-
China United States Euro area March. Yields for 10-year MGS
Emerging economies Rest of the world World closed at 3.06% last Thursday, cen-
14 tral bank data show.
12 Last Wednesday, Petronas raised
Government debt US$6 billion from a multi-tranche
10
8
senior bond issuance — US$2.25 bil-
lion from 10-year conventional notes
6
priced at 3.65% (290 basis points over
4 10-year Treasury), US$2.75 billion
2 from 30-year notes at 4.55%, and US$1
0 billion from 40-year notes at 4.8%.
-2 The bonds were 6.2 times oversub-
-4 scribed, with order books reaching
-6 US$37 billion at the time of pricing,
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

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 fiscal policy ac-
tion to an unprecedented level”, the
IMF expects the world’s overall fiscal
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
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 fiscal
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
2020
a testament to strong demand for the
issuer rated “A2” by Moody’s and “A-”
by S&P with a stable outlook.
2 When it last issued papers in
March 2015, Petronas raised US$5
0 billion: US$1.25 billion five-year pa-
pers at 2.707%, US$750 million sev-
-2 Overall fiscal balance en-year papers at 3.223%, US$1.5
billion 10-year papers at 3.605% (150
basis points over 10-year Treasury)
-4
and US$1.5 billion 30-year papers at
4.576%. At the time, Petronas was rat-
-6
ed “A1” by Moody’s and “A-” by S&P.
Malaysia needs to maintain its
-8 rapport, given the need to prepare for
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

slide to 9.1% of GDP from 4.8% in
2019, reflecting the recession, lower
commodity prices, tighter financing
conditions and policy reaction to the
Covid-19 pandemic, it added. The
IMF report noted Malaysia’s fiscal
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 deficit will re-
portedly only widen from the initial
estimate of 3.2% to 4.7% of GDP this
year — below the 6% levels seen
52.5% of GDP as at end-2019.
“At this time, we do not believe
that the cumulative effect on the gov-
ernment’s fiscal 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 fiscal consolidation over the
next three-to-four years, or that the
effects 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 affirming 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
Sources: IMF, World Economic Outlook database
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?
“The current crisis will ultimate-
ly blow over and a country cannot
isolate itself from the rest of the
world permanently. The issue is
priority. Sovereign rating matters to
international investors and traders
as it affects their perception on the
ability of the counterparty to repay.
2020
This 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 conflict if due con-
sideration is taken into account.”
Put another way, a country stands
to benefit from timely and clear com-
munication that are key to building
and maintaining public trust as well
as consumer and investor confidence
— 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
additional fiscal spending that could
become necessary during the period
between the easing of the various
degrees of lockdowns and success in
finding 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 financing constraints
will determine the scope for addi-
tional fiscal action in the recovery
phase. Once the Covid-19 crisis is
over, high-debt countries should,
in general, pursue fiscal 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.

How resilient is UEM Edgenta against Covid-19?

BY M U H A MMED A HMA D HAM DAN
KUALA LUMPUR: Much has been
said about the detrimental effects
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
financials and track records.
One such company is UEM
Edgenta Bhd. The infrastructure
and healthcare services firm boasts
a commendable track record, espe-
cially over the last five 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 five-year com-
pound annual growth rate of 13.4%
in core revenue and 13.2% in profit
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.
These numbers seem to make
a good “insurance plan” for the
company amid the global crisis.
At least investors seem to think so.
The firm’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 officer Datuk Azmir
Merican Azmi Merican.
“[It] is not easy to ascertain [the
impact] at this [point in] time. [The]
entire value chains and economies
have been disrupted,” he told The
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.
CON T I N U ES ON PAGE 7
MONDAY AP R I L 20 , 2020 • T HEED G E FINA NCIA L DA ILY
HOME BUSINESS 7

How TNB weathers through

low power demand
The utility giant is the fifth-best performer among KLCI component stocks year to date
BY A DA M A ZI Z
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 fifth-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 finan-
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.
There 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 question
For FY19 ended Dec 31, 2019, TNB
made RM4.53 billion in net profit
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.
That was after letting go of excess
revenue of over RM1 billion from
regulatory adjustments.
During the MCO, energy demand
plummets as most offices, 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.
The 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.
This revenue-cap adjustment is
applicable for its transmission and
distribution segments, which make
up the bulk of its RAB. The RAB busi-
ness, in turn, contributed to 85% of
TNB’s net profit 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: “The licensee
may not earn more or less than the
allowed revenue.”
“Where it does so, the allowed av-
erage tariff is subsequently adjusted
to offset the difference 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 theup a minor 2% of base tariff, HLIB
shortfall. TNB has current assets ofResearch added.
RM25.77 billion against current lia- Meanwhile, its Malaysian pow-
bilities of RM23.9 billion. er-generation business is largely
In recent note, HLIB Research guaranteed capacity payments, to
said TNB would be compensated in cover finance cost, fixed cost and
the upcoming imbalance cost pass- margin, said PublicInvest Research
through review, in order to address in a note.
the shortfall of earnings due to low- On that, TNB said in its report for
er-than-assumed power demand of the fourth quarter of FY19 (4QFY19)
2% growth year-on-year. that the impact of two power plant
“Hence, there will be minimal outages here — TNB Janamanjung
impact on profit and loss (accrual (Unit 2) and Kapar Energy Ventures
accounting) but delay in terms of (Unit 6) to the generation business
cash flow into 2H20 (the second halfwill be reflected on 1QFY20. On the
of 2020),” the note said. flipside, it will add 1,440MW gen-
An open question is on the speederation in July via Southern Power
and scale of the adjustment, consid-Generation.
ering the weak economic prospects Meanwhile, the global lockdown
presently. may impact TNB’s international op-
Being a government-linked entity,
erations. Low demand could hurt
TNB has also participated in national
businesses in Turkey and India, rais-
service supporting the government ing the possibility of further impair-
in addressing the Covid-19 outbreak.ments, moving forward. It impaired
TNB has earmarked RM150 mil- RM334 million last year, and nearly
lion to support electricity discounts
RM1 billion the year before.
by the government, and another Its renewable energy (RE) ven-
RM10 million as contribution to the tures in the UK should remain stable
ministry of health — about the sum under RE tariff structure. TNB also
of 3.5% of FY19 net profit combined.operates in Saudi Arabia, Pakistan
The power discount support lasts and Kuwait.
until September. It is unclear if the global lockdown
results in lower operating costs in
Demand risk elsewhere the near term, considering the size-
The demand risk is not cushioned in able workforce with some 36,000
TNB’s retail division, which makes employees.

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

FROM PAGE 6
The temporary suspension
of services includes those in the
non-emergency or non-critical seg-
ment of the firm’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] financial impact
has not been fully ascertained,” he
reiterated, adding that the impact
may be partially offset 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. The
company also provides infrastruc-
ture services, along with asset con-
sultancy under its infrastructure
solutions division.
For the financial year ended Dec
31, 2019 (FY19), the group posted
a net profit 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 firm’s biggest revenue
contributor, followed by the infra-
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.
“This 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.
The firm 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.
“[There 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 Office,
involving 18 buildings in total.
“This 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 five years and renewal options
of up to five years — all of which
remain intact,” he added.
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
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-
firmed cases in the coun-
try at press time,
according to
reports.
Despite
this, Azmir
said UEM
Edgenta
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. The
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 flow 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.
8 HOME BUSINESS
Scicom seeks to leverage on
opportunities amid Covid-19
The focus now is on maintaining billings, says founder and CEO
BY WO N G EE 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 officer (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 The 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
Asean-BAC calls for uninterrupted supply chains for essential food
KUALA LUMPUR: The Asean Busi-
ness Advisory Council (Asean-BAC),
in pledging to work closely with the
Association of Southeast Asian Na-
tions (Asean) in their fight 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.
This 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’ reaffirmation 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
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 traffic, 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
financial year ending June 30, 2020
(FY20). The 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 first half of FY20, Scicom’s
net profit 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. The higher earnings were at-
tributed to a higher revenue from
the BPO business, which princi-
pally comprises services provided
to clients.
times urgently warrant bold and
decisive action to create confidence
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 effects 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 sufficiently estab-
Leo: The firm’s focus is to keep as many people safe as possible. The Edge file photo
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 traffic in the
e-commerce business, Leo said the
company had also received enquiries
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.
“The 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
M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
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.
The 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.
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
financial and other assistance to
the effort, 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
‘Our people come first’
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 first 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
office, the firm’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.
“The app, Covid19-MY, is built
as a CSR (corporate social respon-
sibility) initiative to support exist-
ing nationwide efforts 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.
under the auspices of Asian Devel-
opment Bank or other multilateral
financial institutions.
The private sector group also
stressed the need for the Regional
Comprehensive Economic Part-
nership to be ratified 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.
MONDAY AP R I L 20 , 2020 • T HE ED G E FINA NCIA L DA ILY 9
10 E N T E R P R I S E
Uberisation of cold chain network
for farmers and fishermen
GoLog’s online platform reduces harvest wastage amid Covid-19 pandemic
BY JENNIFER JACOBS
KUALA LUMPUR: When Ivan Chin,
the founder and chief executive of-
ficer (CEO) of GoLog Malaysia, a cold
chain online logistics and delivery
platform, first 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.
“The farmers in Cameron High-
lands have been running in the tradi-
tional way all these years. They plant
the crops and when they are ready
to harvest, they sell it to the collec-
tors at a very cheap price,” he said.
These “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.
These farmers are not digitally
savvy.
“If they want to sell their vegeta-
bles themselves over social media,
it would be quite a challenge. They
wouldn’t know how to manage it.”
When the article about the wast-
age of vegetables in the Cameron
Highlands first 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
Hong Kong co-working thrives as Singapore struggles in shutdown
BY SH AW NA K WA N
& FA R I S MOKHTA R
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.
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
first before the produce is delivered.
It developed the solution in 2017
and spent the last two years refin-
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.
“The 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. They 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.
The originators of fresh produce such
as farmers and fishermen 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 profit 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 first 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
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 first quarter
(1Q) versus the quarter prior, ac-
cording to its chief executive oficer
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.
data on how to improve the product
and find 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
Chin: The Malaysian
logistics infrastructure
is quite outdated so
we wanted to build
something of value
in this industry.
(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-
fice 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 first three months of the year.
Companies are looking to con-
serve cash and retain flexibility
M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
take over and handle the request
for logistics every time, matching the
farmers or fishermen 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.
Things were still slow-going but
traction improved after it launched
premier accounts. The problem was
that to qualify for a premier account,
the farmer or fisherman 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.”
rather than take the risk of com-
mitting to a long-term office lease,
said CEO Paul Salnikow.
“The idea of signing a fixed lease
with a fixed rental commitment
over a three-year period, which is
the minimum term in Hong Kong,
and then investing in the fit-out,
buying the furniture, is an overin-
vestment for most companies,” he
said. It is a different story in Singa-
pore, where a government-ordered
shutdown of all but essential ser-
vices means most workers have to
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 afford to pay
the RM3,000 upfront.
The 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
five 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 fishermen from other places
started contacting us to support them
as well. They 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 (artificial
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 finalised anything yet. The
process has slowed down during this
lockdown and investors are taking
their own sweet time to shop around
for deals right now,” he said.
P R O P E RT Y
stay home, with employers facing
hefty fines 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-
fice rather than work from home,
free from the distractions of family
members and Netflix. Singapore’s
co-working spaces are popular with
technology firms — from start-ups
to multinational corporations —
and the lockdown has hurt oper-
ators like JustCo. — Bloomberg
12 H O M E
The PM under siege
Now, Umno is pressing for government posts
BY M O H SI N A B D U L L A H
KUALA LUMPUR: The 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. The 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 identified
has confirmed the validity of the letter.
In the letter dated last Thursday,
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 specifically 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 confidential
Bukit Bintang goes quiet as visitors stay away
BY WAN MU HA MMA D A SLAH
WAN R A ZA L I
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-
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
letter. The 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. This 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 effect
as more damaging to Muhyiddin
The deserted streets in Bukit Bintang due to the MCO which would normally be
teeming with people until 4am. Photo by Kenny Yap
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.
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
fighting 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 officer Azlan Zainal, for
now “PAS is more committed to
defending the PM compared with
Umno”. This is suggested by the way
PAS is praising the PM on a number
of issues, said Azlan.
The political observer weighs in
with the view that PAS has also been
silent on many issues including the Mohsin Abdullah is a contributing
recent episode when Rohingya refu- editor at The Edge. He has covered
gees were turned away from Malay- politics for more than four decades.
However, although there was
nobody around, Bukit Bintang re-
mained bright as colourful lights
shone from the buildings, flashy
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-
M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
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 satisfied 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. The 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.
The 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 fish in a big pond. It is
not helping Muhyiddin’s cause that
Bersatu is fractured.
“The pressure by Umno and PAS
has left Muhyiddin looking very
much like a lame duck,” said the
political observer.
The 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.
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, five-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
IN BRIEF
205 Malaysians return
from Peru, Bolivia,
Sri Lanka and India
KUALA LUMPUR: The 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 official
Facebook page said all of them
returned on special Amaszonas
flight chartered by the Malay-
sian embassy in Lima, specially
rented by Lima Malawakil, fly-
ing through Sao Paulo, Brazil.
“Thank 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 man
apologises for
feast incident
IPOH: 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. This
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 online
KUALA LUMPUR: The residents
of Kampung Orang Asli Lemoi
in the Cameron Highlands were
relieved when they were finally
able to sell off their stock of al-
most 500kg of sweet potatoes,
with the help of several teachers
there. Three teachers at Sekolah
Kebangsaan Lemoi solved their
problem when they promoted the
root vegetable online. “The 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 roadblocks
KUALA LUMPUR: The police
have formed a “jam squad” to
monitor traffic congestion at
roadblocks in the Klang Val-
ley during the movement con-
trol order (MCO) period. Bukit
Aman Traffic Investigation and
Enforcement Department direc-
tor Datuk Azisman Alias said
yesterday the motorcycle squad
comprises 20 police personnel
to monitor traffic congestion at
all the roadblocks. — Bernama
MONDAY AP R I L 20 , 2020 • T HE ED G E FINA NCIA L DA ILY 13
14 B R O K E R S’ C A L L M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY

Strong 1Q earnings of about

RM67m expected for Bursa
Bursa Malaysia Bhd million (+46.3% quarter-on-quarter demic affecting investor sentiment Bursa Malaysia Bhd
(April 17, RM5.88) [q-o-q]; +42.2% year-on-year). This is and causing markets to be volatile.
Upgrade to buy with a higher fair based on higher securities and deriv- Year to date, there have been seven FYE DEC (RM MIL) 2019 2020F 2021F 2022F
value (FV) of RM6.40: We upgrade atives trading revenue. new listings in the securities market. Revenue 502.5 512.4 532.2 559.2
our recommendation on Bursa Ma- On the securities market, the In the meantime, we expect Bur- Core net profit 186.4 211.1 224.3 240.1
laysia Bhd to “buy” from “hold” daily average trading value (DATV) sa’s operating expenditure to improve
FD core EPS (sen) 23.1 26.2 27.8 29.8
with a revised FV of RM6.40 (previ- for equities rose to RM2.5 billion in gradually. This is premised on: i)
ously RM6.05), after fine-tuning our 1QFY20, compared with RM1.8 bil- the internal restructuring to a flatter FD core EPS growth (%) (17.0) 13.3 6.2 7.1
earnings growth estimates to factor lion in 4QFY19 and RM2.1 billion management structure; and ii) recent Consensus net profit - 191.9 205.2 217.7
in lower operating expenditure and in 1QFY19. Market velocity jumped amendments to the Globex services DPS (sen) 20.8 23.8 25.8 27.6
revenue from listing fees. We con- to 39% in 1QFY20 from 4QFY19’s agreement which will provide savings PER (x) 24.7 21.8 20.5 19.1
tinue to peg the stock at a financial 26% and 1QFY19’s 29%. on service fees for derivatives trading. EV/Ebitda (x) 15.7 14.4 13.5 12.7
year 2020 (FY20) price-earnings Meanwhile, the average total Recall that in FY19, Bursa in- Dividend yield (%) 3.6 4.2 4.5 4.8
ratio (PER) multiple of 24 times contracts traded for derivatives curred expenses of about RM20
ROE (%) 22.8 27.4 28.5 29.9
(five-year historical average PER). surged by 35.7% q-o-q to 85,578 million on service fees. Also, the
The higher volatility in the near in 1QFY20. This was supported impairment on computer software Source: AmInvestment Bank

term will be a boon to the trading
revenue of its securities and deriv-
atives market.
Bursa will release its first quarter
of FY20 (1QFY20) results on April 30.
We expect its earnings for 1QFY20
to come in strongly at about RM67
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 offerings to
be deferred with the Covid-19 pan-
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 five
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 ’s 6.8% dividend yield should Better performance expected for

Hartalega in upcoming quarters
provide some downside protection
Hartalega Holdings Bhd first four lines of Plant 6 (with an
(April 17, RM7.68) installed capacity of 4.7 billion
Malakoff Corp Bhd Malakoff Corp Bhd Maintain outperform with a high- pieces) have commenced com-
(April 17, 87.5 sen) er target price (TP) of RM9.30: We mercial operations and the re-
Hold with a target price (TP) of 95 FYE DEC (RM MIL) 2018 2019 2020E 2021E 2022E believe further rerating is imminent maining eight lines are expected
sen: We resume coverage of Malak- Revenue 7,348.2 7,422.3 8,527.2 8,493.3 8,651.0 due to Hartalega Holdings Bhd’s to be gradually ramped up.
off Corp Bhd with a “hold” call and Ebitda 2,256.1 2,242.2 2,173.6 2,144.2 2,136.4
growing market share with Malay- Plant 7 is expected to be com-
a sum-of-the-parts-based (SOTP) sia accounting for 65% globally. We missioned by early 2021, which
Pre-tax profit 559.2 530.9 508.6 563.3 648.2
TP of 95 sen. The current dividend raise our net profit estimates for will focus on small orders as well
yield of 6.8% would likely provide Net profit 274.4 320.2 298.6 337.1 390.9 financial years 2021/2022 (FY21E/ as speciality products with an in-
some downside protection to its EPS (sen) 5.5 6.4 6.0 6.7 7.8 FY22E) by 2%/12% respectively after stalled capacity of 3.4 billion piec-
current share price. PER (x) 16.0 13.7 14. 13.1 11.3 taking into account a higher utilisa- es. All in, Plant 5, 6 and 7 will add a
Given that 18% of Malakoff ’s ca- Core net profit 234.9 205.3 298.6 337.1 390.9 tion rate. Our TP is raised from RM8 total capacity of 12.1 billion pieces,
pacity of 5,393MW that is contrib- Core EPS (sen) 4.7 4.1 6.0 6.7 7.8 to RM9.30 based on 49.5 times esti- raising installed capacity to 43.7
uting to the grid will be expiring in Core EPS growth (%) (0.7) (12.6) 45.4 12.9 16.0
mated calendar year 2021 (CY21E) billion pieces per annum.
the next four years, it is crucial for earnings per share (EPS).
Core PER (x) 18.7 21.4 14.7 13.1 11.3
Malakoff to seek new avenues of We expect a better performance
growth to mitigate this expiry. The Net DPS (sen) 5.6 6.6 6.0 6.6 7.7 in subsequent quarters on an up-
acquisition of Alam Flora Sdn Bhd is Dividend yield (%) 6.4 7 .4 6.8 7.5 8.7 tick in demand. Quarter-on-quar- We believe Hartalega
only enough to compensate for the EV/Ebitda (x) 8.0 6.3 5.7 5.6 5.3 ter, its second quarter of FY20
shortfall in profit from the recent dis- Change in EPS (%) New New new (2QFY20) and 3QFY20 volumes will benefit from
posal of the Macarthur Wind Farm. Affin/consensus (x) 1.1 1.1 1.2 grew 14% and 13% respectively robust demand which
Given the change in the capacity Sources: Company, Affin Hwang forecasts, Bloomberg
against the industry average of 6%, has led to longer
build-up mix, bidding for new power implying Hartalega was winning
plants will likely only occur in 2024 or market share from competitors. delivery lead times.
2025. Although the management is The acquisition The Malaysian Rubber Glove
also actively pursuing opportunities of Alam Flora Manufacturers Association has
in the renewable energy segment, the might provide the forecast a 20% demand growth
overall size of these projects is still in- company with an to 230 billion pieces in 2020. We We reiterate “outperform” on
significant despite the higher returns. edge in securing
believe Hartalega will benefit from Hartalega. Year to date, the stock
Despite the ability to secure future waste-to-
the robust demand which has led is up 40% and looking at the pre-
some new renewable projects re- energy projects,
to longer delivery lead times (the vious upcycle when the stock rose
cently, most of the projects secured but this is not
moment an order is placed to de- 200%, this indicates potential fur-
are relatively small in size as most a must-have
livery) that has risen to an average ther upside.
of them have an installed capacity condition.
of 80 to 100 days, compared with Our TP is raised from RM8 to
of no more than 30MW. 40 to 50 days normally. RM9.30 based on 49.5 times CY21E
Given that most of the planned Signs of demand outstripping EPS (previously 48 times) (at +2
renewable energy projects in Ma- supply could potentially lead standard deviation above the five-
laysia for the next four to five years 6.8% might seem attractive to some, price is fairly valued and we resume to higher average selling prices year historical forward mean). We
focus on large-scale solar projects, we do not think that the dividend coverage of Malakoff with a “hold” (ASPs), coupled with incremental switch our valuation from FY21E
competition is likely to remain per share is sustainable in the long rating. A downside risk is unplanned cost and higher operating expendi- to CY21E.
fierce and Malakoff does not have run due to the expiring capacity outages of Malakoff ’s existing power ture. Looking at the stable raw ma- We like Hartalega for: i) its solid
a clear advantage. in the next few years, which the plants, which have negatively im- terial prices, ceteris paribus, hikes management; ii) it is constantly
Meanwhile, the acquisition of management is trying to address. pacted its profitability over the past in ASPs are expected to lead to mar- evolving via innovative product
Alam Flora might provide the com- Our SOTP-based TP of 95 sen two years. Meanwhile, if Alam Flora gin expansion. From our channel development; and iii) its booming
pany with an edge in securing fu- implies a price-to-book value of manages to sign up both Terengganu check, we understand industry nitrile glove segment. Risks to our
ture waste-to-energy projects, but 0.85 times (still above -1 standard and Kelantan, there could be up- players generally have raised prices call include lower-than-expected
this is not a must-have condition. deviation of the historical average). side risks to our earnings forecasts. by three to five per cent. ASPs and volume sales. — Kenan-
Although the dividend yield at We believe that its current share — Affin Hwang Capital, April 17 In terms of the outlook, the ga Research, April 17
16 C O M M E N T
A restaurant meal is going
to become a luxury good
Social distancing and higher labour costs will force drastic changes on the industry
BY CO N OR SEN
R
eopening 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 benefits 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 effort 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 significantly curtailed
at the same time that it has become harder
This is not the flattened curve we were promised
BY C AT HY O’ N EI L
“FLATTEN the curve” has become the man-
tra of the global effort to contain the coro-
navirus pandemic. It is a powerful and im-
mensely valuable image, helping people
understand why their sacrifices are neces-
sary to save lives.
It is also wrong in a crucial way: The dying
will not be over nearly as soon as it suggests.
Consider the typical charts comparing
the “bad” and “flattened” curves of Cov-
id-19 cases. They 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
“flatten 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. They both had
uncontrolled outbreaks and turned to lock-
downs too late, leading to overburdened
hospitals. So they offer a decent indication
of what to expect in countries that respond-
ed similarly.
Social-
distancing
requirements
will reduce
the number of
diners allowed
in a restaurant
and enhanced
unemployment
benefits will
make it harder
for restaurants
to make money.
Photo by
Bloomberg
for restaurants to make money.
For restaurants that turned to deep job
cuts at the onset of the crisis, hiring may pose
a significant 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
benefits 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 benefit for workers in states
such as New York, California, Washington and
Massachusetts will be more than US$1,000.
That is the equivalent of US$25 an hour for a
40-hour workweek. For restaurant workers
who earn significant tips, returning to work
Those are not symmetric curves. They go
up fast, flatten 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
M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
may offer 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
benefits are set to expire. That 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. The most obvious way for
the survivors to make up for this is to charge
more for the same menu offerings, perhaps
much more. The 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-
reach the other side.
This is important. There 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”.
This should not be surprising. All our ef-
forts to stay inside and separated — except
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 find
a way to be profitable. They can adjust their
menus to remove lower-priced or low-margin
items. They might also end happy hours and
blue-plate specials that entail discounts. They
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.
This 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
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. The 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 benefit from a
vaccine or a treatment.
But short of a miracle, expect the flat-
tened curve to be very lopsided: a quick
rise at the beginning, and a slow steady flow
of bad news for many months. There is no
symmetry in sight. — Bloomberg
MONDAY AP R I L 20 , 2020 • T HEED G E FINA NCIA L DA ILY
Temasek denies CEO
makes S$100m a year
The firm clarifies the PM’s wife is not even among its top five highest-paid executives
BY FA R I S M OK H TA R
SINGAPORE: Temasek Holdings
Pte Ltd has denied speculation
that chief executive officer (CEO)
Ho Ching makes S$100 million
(RM307.2 million) a year.
“This 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 five 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
Philippine central
bank to help in
loans to small
businesses
BY DI TA S LOPEZ
MANILA: The 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 effectively
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.
“This rule favours the smaller
banks that are presumably closer
to the SMEs.”
The loans may be guaranteed
by state-owned Philippine Guar-
antee Corp, under a different pro-
gramme by the national govern-
ment, the central bank chief said.
This 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 fiscal support. It lowered its
key rate by 50 basis points (bps) to
2.75% in an unscheduled move last
Thursday, bringing this year’s total
reduction to 125bps. — Bloomberg
stakeholder in half of the country’s
10 largest companies by market
value, including flag-carrier Singa-
pore Airlines Ltd and DBS Group
Holdings Ltd, Southeast Asia’s big-
gest lender.
The company issued a response
following “chatter based on an
Asian talk show commentary”,
it said. It reviews compensation
practices across the financial in-
dustry annually, according to the
statement.
“This 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
Hin Leong said to have failed
to declare US$800m losses
BY SERENE CHEONG, JOYC E KO H
& ALF RED CANG
SINGAPORE: The son of the leg-
endary oil trader and founder of
Hin Leong Trading (Pte) Ltd has
said the Singapore-based compa-
ny suffered about US$800 million
(RM3.5 billion) in losses from fu-
tures trading that were not reflect-
ed in its financial 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 suffered over some
years and his father had instructed
Hin Leong’s finance department to
omit them from its financial 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.
Filepic of Hin Leong’s Pu Tuo San supertanker in the waters off Singapore’s Jurong Island. Hin Leong and Ocean Tankers
both filed 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
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
Ho has been vocal in defending
Singapore’s efforts to contain
the Covid-19 spread.
Photo by Reuters
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 firm is unable to comment be-
cause the matter is before the court.
Hin Leong and Ocean Tankers
both filed for court protection from
creditors last Friday as the former
struggles to repay its debts, said to
be up to US$4 billion.
The trader’s financial 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-
W O R L D B U S I N E S S 17
deferred shares, according to its
2018 annual report. The 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
symptoms.
— Bloomberg
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 first reported Hin Le-
ong’s financial difficulties on April
10 after some lenders had pulled
credit lines from Hin Leong amid
concerns over its ability to finance
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
IN BRIEF
Denmark extends aid
to businesses, workers
by spending 100b kroner
COPENHAGEN: 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). The 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. The 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 Google
SAN 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.
The ride-hailing firm, which
recruited Levandowski in 2016
from Alphabet Inc’s self-driv-
ing car programme, ended up
firing him after the companies
became embroiled in one of
Silicon Valley’s highest-pro-
file 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 filing. — Bloomberg
Japanese mobile carriers
delay iPhone SE launch
TOKYO: 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. The state of emer-
gency is currently scheduled
to remain in force until May
6. — Bloomberg
Brazil investor flags risk
amid ‘licence to spend’
SAO PAULO: Luis Stuhlberger
is flagging 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
18 WORLD
Foreign governments
condemn HK protest arrests
The authorities should not encroach on human rights — IBA
BY SCOT T MU RDOC H
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.
The 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.
“The 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.
The 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.
Foreign workers safer
in Singapore than
elsewhere — minister
BY FA R I S MOK H TA R
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.
The workers from overseas are
“appreciative” of efforts 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,”
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
The 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.
They were all due to appear in
court on May 18. Police said more
arrests were possible.
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
floating lodgings commonly used
in the marine and offshore indus-
try. — Bloomberg
Some of those arrested were
released on bail late on Saturday.
In Britain, a Foreign Office rep-
resentative said the government
expected any arrests and court pro-
cedures to be “conducted in a fair
and transparent manner”.
The Foreign Office also said the
right to peaceful protest was “fun-
damental to Hong Kong’s way of
life” and authorities should avoid
“actions that inflame tensions”.
Trump suggests China may be
‘knowingly responsible’ for virus
BY M ARI O PARK E R
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 intensified,
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
M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY
“The authorities should focus on
rebuilding trust through a process
of meaningful political dialogue,”
it said.
The 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
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?”
The 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 efforts to brand the country as
a villain now. — Bloomberg
IN BRIEF
Australia wants probe
into China’s handling of
Covid-19 pandemic
MELBOURNE: 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.
The 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”. “The
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. The 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 confirmed 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
confirmed with the virus. —
Bloomberg
UK not thinking of lifting
lockdown — minister
LONDON: 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 fifth highest na-
tional death toll of a pandem-
ic linked to at least 150,000
deaths worldwide. Cabinet
Office 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 national
lockdown 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. “The gains
aren’t enough yet, and they are
fragile.” — Bloomberg
MONDAY AP R I L 20 , 2020 • T HEED G E FINA NCIA L DA ILY
Markets 1 9
BURSA MAL AYSIA MAIN MARKET

Bursa Malaysia YEAR

HIGH
YEAR
LOW
DAY
HIGH
DAY
LOW
CODE COUNTER CLOSING
(RM)
+/–
(RM)
VOL
(‘000)
VWAP*
(RM)
PE#
(X)
DY
(%)
MKT CAP
(MIL)

Sectorial Movement 8.650 6.461 8.200

0.420 0.220 —
8.070
—
7084
9946
QL
REX
8.150
0.310
0.030 1579.2
— —
8.125
—
55.18
—
0.55
—
13,222.9
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
INDICES CLOSE +/- %CHG INDICES CLOSE +/- %CHG 0.845 0.590 0.625 0.610 5278 RHONEMA 0.625 UNCH 50 0.618 13.16 4.80 122.2
FBM KLCI 1,407.34 20.81 1.50 CONSTRUCTION 160.79 4.01 2.56 1.014 0.255 0.545 0.445 0183 SALUTE 0.535 0.105 38114.7 0.490 — 4.49 207.6
FBM ACE 4,502.88 78.28 1.77 CONSUMER PRODUCTS & SERVICES 539.72 6.75 1.27 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
FBM TOP 100 9,656.75 143.81 1.51 ENERGY 726.79 7.83 1.09 1.560 1.210 1.360 1.350 5250 SEM 1.360 UNCH 345.6 1.359 28.81 1.76 1,677.4
FBM EMAS 9,774.94 149.94 1.56 FINANCIAL SERVICES 12,646.95 201.28 1.62 0.980 0.440 0.830 0.805 7180 SERNKOU 0.830 UNCH 1310.1 0.824 11.25 — 211.4
FBM MID 70 11,563.58 176.31 1.55 HEALTH CARE 1,407.37 10.71 0.77 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
FBM MIDS CAP 11,736.34 280.42 2.45 INDUSTRIAL PRODUCTS & SERVICES 119.02 3.21 2.77 0.538 0.155 0.380 0.350 7246 SIGN 0.370 0.005 158 0.369 56.92 2.70 88.9
FBM SMALL CAP 10,723.38 268.49 2.57 PLANTATION 6,336.11 56.64 0.90 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
FBM FLEDGLING 11,947.13 227.26 1.94 PROPERTY 589.06 6.66 1.14 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
FTSE4GOOD BURSA M’SIA 779.37 11.26 1.47 REAL ESTATE INVESTMENT TRUSTS 872.76 7.45 0.86 0.400 0.185 0.195 0.195 7943 SNC 0.195 -0.005 13 0.195 — — 12.9
FBM PALM OIL PLANTATION MYR N/A N/A N/A TECHNOLOGY 34.69 0.85 2.51 0.375 0.200 0.315 0.285 5242 SOLID 0.315 0.020 9058.6 0.297 73.26 — 124.6
FBM EMAS SHARIAH 10,837.52 161.92 1.52 TELECOMMUNICATION & MEDIA 579.99 5.06 0.88 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
FBM HIJRAH SHARIAH 12,378.70 208.76 1.72 TRANSPORTATION & LOGISTICS 604.79 9.52 1.60
0.225 0.135 0.150 0.135 7082 SYF 0.145 0.005 864.9 0.143 — — 89.8
FBM MIDS CAP SHARIAH 11,263.10 285.27 2.60 UTILITIES 936.52 26.37 2.90 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

Bursa Malaysia Main Market 0.340 0.115 0.245

1.387 0.650 1.070
1.386 0.899 —
0.230
1.060
—
7200
7252
9369
TEKSENG
TEOSENG
TGL
0.230
1.070
0.900
-0.015 1533.7
0.010
—
381.2
—
0.233
1.063
—
—
5.42
5.58
—
5.61
5.56
83.0
321.0
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
YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP 0.450 0.190 0.275 0.275 7176 TPC 0.275 UNCH 50 0.275 30.90 — 64.3
HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL) 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
CONSUMER PRODUCTS & SERVICES 2.300 1.740 — — 7757 UPA 1.870 — — — 13.04 4.28 148.8
0.925 0.530 0.730 0.715 0012 3A 0.715 0.005 259.4 0.720 11.96 2.80 351.8 0.970 0.100 0.350 0.325 7240 VERTICE 0.325 -0.020 742.6 0.335 — — 61.3
0.250 0.040 0.090 0.065 5238 AAX 0.080 0.015 108262 0.079 — — 331.9 1.110 0.680 0.800 0.780 7203 WANGZNG 0.800 -0.020 19 0.781 10.93 5.00 128.0
0.420 0.220 0.315 0.300 7120 ACOSTEC 0.315 UNCH 454.4 0.309 — — 61.3 2.250 1.330 — — 5016 WARISAN 1.330 — — — — 3.01 89.4
1.830 0.910 1.100 1.070 6599 AEON 1.090 0.020 2172 1.086 14.01 3.67 1,530.4 0.175 0.065 0.085 0.070 5156 XDL 0.075 -0.005 163811 0.078 7.98 — 135.4
0.180 0.040 0.080 0.075 7315 AHB 0.075 0.005 374.6 0.076 — — 13.2 0.730 0.200 0.315 0.290 7121 XIANLNG 0.310 0.020 315.4 0.301 — — 24.8
2.150 0.500 0.810 0.740 5099 AIRASIA 0.785 0.065 85902.8 0.781 — 30.57 2,623.4 2.340 1.700 1.950 1.950 5584 YEELEE 1.950 0.050 7 1.950 15.78 2.05 373.6
17.500 9.960 14.000 13.680 2658 AJI 13.840 0.160 15 13.856 15.07 3.40 841.5 1.147 0.430 0.610 0.590 5159 YOCB 0.605 0.020 1020 0.601 6.09 8.26 96.8
5.991 4.500 4.900 4.830 6351 AMWAY 4.850 0.040 49.6 4.854 15.58 4.12 797.3 1.583 0.950 1.060 1.030 5131 ZHULIAN 1.040 0.010 1653.7 1.044 9.66 7.69 478.4
0.025 0.005 — — 5194 APFT 0.005 — — — 0.13 — 6.7 INDUSTRIAL PRODUCTS & SERVICES
3.889 2.450 3.200 3.180 6432 APOLLO 3.200 UNCH 23.5 3.198 17.57 6.25 256.0 0.095 0.040 0.065 0.060 7086 ABLEGRP 0.065 0.010 60.4 0.060 — — 17.2
0.240 0.070 0.120 0.110 1481 ASB 0.110 UNCH 10086.5 0.115 1.36 2.27 102.2 2.400 1.680 1.970 1.900 9148 ADVPKG 1.900 -0.070 5.2 1.914 — 3.16 39.0
0.580 0.350 0.400 0.380 7722 ASIABRN 0.400 0.020 1.3 0.395 7.66 — 93.1 0.130 0.040 0.075 0.070 7146 AEM 0.075 0.010 163.3 0.070 — — 24.7
2.477 1.300 1.750 1.700 7129 ASIAFLE 1.750 0.040 21 1.734 8.20 8.00 340.8 0.710 0.255 0.310 0.280 5198 AFUJIYA 0.310 0.010 43.7 0.292 30.10 — 55.8
4.400 3.740 3.840 3.750 7048 ATLAN 3.840 0.010 13 3.796 39.22 5.21 974.0 0.330 0.160 0.225 0.200 2682 AISB 0.225 0.015 4.9 0.215 — — 32.5
0.200 0.020 0.065 0.060 8885 AVI 0.060 UNCH 5620.9 0.060 — — 56.7 0.570 0.200 0.335 0.325 7609 AJIYA 0.330 0.020 163.4 0.330 19.41 — 100.5
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 0.600 0.180 0.595 0.555 2674 ALCOM 0.565 0.005 637.5 0.578 226.0 — 75.9
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 1.139 0.815 — — 7083 ANALABS 0.845 — — — 17.53 3.55 101.4
1.773 1.000 1.160 1.150 5196 BJFOOD 1.150 UNCH 460 1.150 23.28 3.48 439.5 0.770 0.380 0.620 0.610 4758 ANCOM 0.620 0.010 915.7 0.615 25.73 — 149.3
0.250 0.105 0.200 0.185 4219 BJLAND 0.190 UNCH 26555.5 0.191 — — 950.1 1.805 0.415 0.750 0.705 6556 ANNJOO 0.730 0.025 8371.4 0.733 — 16.44 408.7
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 0.045 0.010 0.025 0.020 9342 ANZO 0.025 0.005 4737.8 0.021 — — 22.0
1.344 0.320 0.505 0.495 9288 BONIA 0.495 0.010 214.3 0.500 5.04 4.04 99.8 0.600 0.355 0.425 0.410 5568 APB 0.410 -0.015 38.1 0.415 — — 46.3
0.390 0.070 0.140 0.125 9474 BRAHIMS 0.130 UNCH 1106.2 0.135 — — 30.7 2.937 1.500 1.740 1.680 5015 APM 1.740 0.040 38.9 1.721 12.49 6.90 350.8
0.615 0.195 0.315 0.300 7174 CAB 0.300 0.005 2785 0.306 — 0.83 207.2 0.565 0.270 0.390 0.380 7214 ARANK 0.390 0.005 24 0.386 5.88 6.41 66.3
0.530 0.185 0.270 0.260 7154 CAELY 0.260 -0.005 328.4 0.264 — — 42.8 0.750 0.370 0.510 0.500 7162 ASTINO 0.505 0.015 54.8 0.501 5.51 1.98 138.4
0.305 0.170 — — 7128 CAMRES 0.240 — — — 480.0 — 47.2 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
2.600 1.811 2.580 2.580 5245 CARING 2.580 UNCH 31 2.580 28.01 2.33 561.7 0.630 0.375 — — 7099 ATTA 0.445 — — — 4.06 — 94.9
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 0.761 0.195 0.385 0.365 7579 AWC 0.370 0.005 7345.9 0.375 7.06 4.05 110.6
2.140 1.150 1.390 1.380 2925 CCB 1.380 -0.010 62 1.381 — — 139.0 0.338 0.115 0.175 0.160 5021 AYS 0.175 0.005 42.1 0.166 — 11.43 66.6
0.633 0.300 0.510 0.495 7035 CCK 0.495 -0.005 1530.9 0.499 9.27 2.53 312.2 0.440 0.170 — — 7005 BIG 0.230 — — — — — 12.2
0.330 0.180 0.295 0.295 7209 CHEETAH 0.295 0.025 2.1 0.295 20.49 1.36 37.6 0.150 0.040 0.085 0.075 6998 BINTAI 0.075 UNCH 683.3 0.079 8.52 — 21.7
1.480 0.820 1.280 1.270 2828 CIHLDG 1.280 -0.010 6.5 1.277 6.71 6.25 207.4 0.275 0.170 0.200 0.190 3395 BJCORP 0.195 UNCH 27623 0.195 — — 1,016.9
0.095 0.030 0.050 0.040 5104 CNI 0.045 0.005 2872.2 0.045 — 6.67 32.4 0.766 0.300 0.450 0.430 0168 BOILERM 0.440 0.005 109.7 0.438 8.26 4.55 227.0
0.045 0.020 0.030 0.020 5188 CNOUHUA 0.030 0.005 1742.2 0.025 150.00 — 20.0 0.050 0.010 0.025 0.020 7036 BORNOIL 0.025 0.005 3408.3 0.022 — — 133.5
2.114 1.390 1.710 1.710 7205 COCOLND 1.710 UNCH 22.2 1.710 10.53 6.73 391.2 1.240 0.815 — — 6297 BOXPAK 1.070 — — — — — 128.5
1.026 0.552 0.670 0.630 7202 CSCENIC 0.660 0.030 212.2 0.655 12.74 7.58 79.5 1.069 0.610 0.940 0.915 5100 BPPLAS 0.920 0.005 133.5 0.929 8.15 6.52 172.7
0.491 0.240 — — 9423 CWG 0.360 — — — 14.29 4.17 45.5 0.560 0.095 0.200 0.185 9938 BRIGHT 0.190 0.010 2546.3 0.190 23.75 — 39.0
0.035 0.020 0.030 0.025 7179 DBE 0.025 UNCH 8790.2 0.025 7.58 — 70.9 0.390 0.080 0.205 0.160 7221 BSLCORP 0.165 -0.035 26.7 0.193 — — 16.2
1.130 0.760 — — 7119 DEGEM 1.040 — — — 30.86 — 139.4 1.400 0.345 0.465 0.440 2771 BSTEAD 0.440 UNCH 9747 0.452 — 11.36 891.9
2.990 1.680 2.300 2.250 5908 DKSH 2.300 0.050 66.7 2.282 9.28 4.35 362.6 0.230 0.050 0.100 0.100 7188 BTM 0.100 0.010 51.7 0.100 — — 14.1
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 3.941 1.600 2.560 2.480 5105 CANONE 2.560 0.090 252.4 2.522 0.70 1.56 491.9
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 0.015 0.010 — — 5229 CAP 0.010 — — — — — 13.6
0.120 0.035 0.055 0.055 2097 EASTLND 0.055 UNCH 780 0.055 — — 17.8 1.250 0.680 0.825 0.820 7076 CBIP 0.820 0.010 110.4 0.824 11.70 3.66 441.4
0.634 0.390 0.490 0.430 5081 EIG 0.490 -0.005 22 0.485 15.61 6.12 116.2 2.120 0.590 0.940 0.905 2879 CCM 0.910 0.030 1401.8 0.923 9.54 5.49 152.6
0.065 0.020 0.045 0.035 7182 EKA 0.035 0.005 565.2 0.040 — — 10.9 0.885 0.400 0.660 0.565 8435 CEPCO 0.650 0.035 4.5 0.646 — — 48.5
0.250 0.080 0.135 0.130 9091 EMICO 0.130 UNCH 468.4 0.135 6.05 — 13.7 1.200 1.070 — — 8044 CFM 1.070 — — — — — 43.9
1.120 0.720 — — 7149 ENGKAH 0.850 — — — 77.98 7.06 60.1 0.595 0.300 — — 8052 CGB 0.370 — — — — — 33.3
0.975 0.080 0.975 0.870 7208 EURO 0.955 0.085 2030.2 0.933 — — 255.3 0.902 0.392 0.515 0.515 5273 CHINHIN 0.515 0.015 177.8 0.515 14.84 3.88 286.5
0.500 0.320 — — 7094 EUROSP 0.485 — — — — — 21.5 1.884 0.680 1.050 0.970 5007 CHINWEL 1.010 0.070 239.6 1.000 8.48 4.80 302.5
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 1.652 0.700 0.860 0.840 5797 CHOOBEE 0.860 0.030 56.3 0.846 — 5.81 113.3
0.720 0.560 0.565 0.565 2755 FCW 0.565 UNCH 2 0.565 9.00 17.70 141.2 0.500 0.180 0.280 0.240 7016 CHUAN 0.270 0.030 113.4 0.250 — 4.07 45.5
0.518 0.350 0.475 0.475 6939 FIAMMA 0.475 0.015 0.5 0.475 9.03 4.21 242.3 0.045 0.020 0.025 0.025 7018 CME 0.025 UNCH 130 0.025 — — 14.6
0.480 0.100 0.460 0.435 8605 FIHB 0.440 -0.005 1888.8 0.446 6.27 — 48.0 3.648 0.830 1.360 1.300 2852 CMSB 1.320 0.020 28208 1.337 8.84 5.61 1,418.2
1.680 0.997 1.370 1.330 9172 FPI 1.360 0.040 632.3 1.354 8.10 8.09 336.4 0.500 0.340 — — 7986 CNASIA 0.395 — — — — — 19.7
3.720 0.770 1.900 1.830 7184 G3 1.840 0.030 221.2 1.874 — — 861.2 0.310 0.050 0.100 0.095 7195 COMCORP 0.095 UNCH 65 0.096 — — 13.3
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 1.060 0.605 1.060 1.000 2127 COMFORT 1.020 0.010 24429 1.022 17.47 1.47 594.6
0.500 0.300 0.340 0.330 5592 GCE 0.340 0.020 20.7 0.335 — — 67.0 0.030 0.010 0.015 0.015 5037 COMPUGT 0.015 UNCH 4220 0.015 — — 37.6
3.790 1.830 2.270 2.180 4715 GENM 2.230 0.080 32807 2.228 9.03 4.93 13,241.8 1.190 0.540 0.780 0.760 5094 CSCSTEL 0.770 0.010 1123.1 0.769 8.17 5.19 292.6
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 0.473 0.270 0.350 0.310 7157 CYL 0.345 -0.005 31.2 0.329 215.63 7.25 34.5
0.280 0.035 0.105 0.085 5079 GETS 0.100 0.015 5955.3 0.099 — — 12.6 0.360 0.220 — — 5082 CYMAO 0.220 — — — — — 16.5
0.165 0.070 0.125 0.115 0136 GREENYB 0.115 -0.005 864 0.118 12.64 1.39 38.4 1.658 0.605 0.885 0.850 5184 CYPARK 0.865 0.030 7049.4 0.869 4.32 4.51 404.3
2.624 1.120 1.640 1.580 7668 HAIO 1.620 0.070 337.3 1.610 14.24 3.70 486.5 2.600 1.450 2.070 2.010 8125 DAIBOCI 2.010 UNCH 64 2.043 24.25 — 659.1
3.920 2.890 3.200 3.150 5008 HARISON 3.180 0.080 16 3.170 8.67 6.29 217.8 0.639 0.230 0.395 0.365 5276 DANCO 0.385 0.010 214.1 0.384 8.19 4.55 117.0
0.155 0.030 0.060 0.060 5187 HBGLOB 0.060 0.005 1074 0.060 3.28 — 28.1 0.330 0.055 0.140 0.130 7212 DESTINI 0.135 0.005 6598.9 0.135 — — 166.1
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 0.660 0.185 0.260 0.250 7114 DNONCE 0.250 -0.010 84.7 0.257 119.05 — 65.6
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 0.280 0.025 0.065 0.060 5835 DOLMITE 0.060 UNCH 851.6 0.060 — — 18.8
0.738 0.355 0.495 0.480 5160 HOMERIZ 0.490 0.010 403.5 0.490 5.86 6.12 147.0 0.180 0.025 0.060 0.055 5265 DOLPHIN 0.060 0.005 2490.5 0.055 — — 14.7
0.936 0.745 0.915 0.895 5024 HUPSENG 0.910 0.015 700.1 0.907 17.53 6.59 728.0 1.289 0.700 0.835 0.760 7169 DOMINAN 0.795 -0.025 864.7 0.802 8.33 6.29 131.4
0.350 0.150 0.310 0.300 8478 HWATAI 0.300 -0.010 47.5 0.307 — — 22.4 5.000 1.823 3.470 3.330 7233 DUFU 3.390 0.110 1985 3.404 19.33 — 892.3
0.490 0.160 0.260 0.235 9113 ICONIC 0.250 0.020 1088.3 0.246 — — 80.9 2.000 0.100 0.260 0.245 7165 DWL 0.245 -0.005 479.4 0.252 — — 57.0
0.090 0.055 0.085 0.080 7243 IMPIANA 0.080 UNCH 483.2 0.080 8.33 — 61.4 0.095 0.025 0.050 0.045 5178 DYNACIA 0.050 UNCH 55.2 0.045 — — 26.8
0.716 0.242 0.395 0.365 5295 INNATURE 0.370 0.010 4826.5 0.379 7.76 — 261.2 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
1.210 0.210 0.380 0.355 5107 IQGROUP 0.355 -0.025 36.9 0.358 — — 31.3 0.220 0.050 0.100 0.095 0064 EFFICEN 0.095 UNCH 296.3 0.095 — — 67.4
0.075 0.025 0.040 0.035 7223 JADI 0.035 UNCH 1060 0.038 — — 36.3 0.500 0.195 0.320 0.295 8907 EG 0.300 0.025 6935.3 0.306 8.65 — 82.5
1.150 0.680 0.815 0.780 7152 JAYCORP 0.805 UNCH 91.7 0.798 5.73 12.42 110.5 1.533 1.020 1.190 1.130 5208 EITA 1.190 0.060 26.5 1.143 6.12 5.04 154.7
0.420 0.130 0.210 0.190 8931 JERASIA 0.195 UNCH 2743.7 0.200 10.71 — 16.0 0.800 0.385 0.460 0.450 9016 EKSONS 0.460 UNCH 4 0.455 — 10.87 75.5
1.873 0.980 1.390 1.350 7167 JOHOTIN 1.370 0.030 1028.6 1.366 8.75 4.67 425.3 0.530 0.155 0.270 0.260 7217 EMETALL 0.265 0.005 560.2 0.265 14.64 — 49.9
0.380 0.120 0.235 0.235 8672 KAMDAR 0.235 -0.010 0.1 0.235 261.11 — 46.5 0.887 0.460 0.600 0.575 5056 ENGTEX 0.590 0.005 565.8 0.586 — 1.27 261.6
0.643 0.260 0.430 0.420 5247 KAREX 0.420 UNCH 2888.7 0.426 — 1.19 421.0 0.400 0.210 — — 7773 EPMB 0.250 — — — — — 41.5
1.654 0.815 1.400 1.310 7216 KAWAN 1.360 0.040 570.4 1.361 41.09 1.84 488.9 0.405 0.090 0.175 0.160 5101 EVERGRN 0.170 0.015 13054.7 0.167 — 2.82 143.9
0.593 0.165 0.350 0.335 6203 KHEESAN 0.335 UNCH 2860.2 0.341 — 2.99 38.3 1.440 1.000 1.130 1.130 2984 FACBIND 1.130 0.020 40 1.130 97.41 0.88 96.2
1.750 1.250 — — 7062 KHIND 1.550 — — — 33.33 — 62.1 3.020 1.710 2.170 2.080 7229 FAVCO 2.080 0.010 56.5 2.094 5.69 6.49 465.8
3.110 0.295 1.800 1.740 7130 KPOWER 1.750 0.010 1557.2 1.765 30.17 — 146.6 0.427 0.200 — — 0149 FIBON 0.300 — — — 12.15 2.40 29.4
0.120 0.035 0.075 0.075 5172 KSTAR 0.075 UNCH 80 0.075 — — 33.4 1.830 1.010 1.340 1.320 3107 FIMACOR 1.320 -0.020 69 1.330 15.30 9.47 323.7
0.150 0.025 0.045 0.040 4847 KTB 0.040 UNCH 6597.7 0.040 — — 16.1 0.459 0.154 0.230 0.220 9318 FITTERS 0.225 UNCH 2909.2 0.226 24.73 — 108.1
0.630 0.200 0.295 0.270 1643 LANDMRK 0.285 0.015 122 0.273 — — 150.7 1.636 0.610 0.710 0.690 5197 FLBHD 0.690 UNCH 77.2 0.695 — 21.01 73.7
3.932 1.774 2.050 2.050 7006 LATITUD 2.050 -0.020 6 2.050 61.56 2.93 199.3 1.010 0.295 0.710 0.665 5277 FPGROUP 0.695 0.040 55197.7 0.690 23.64 1.73 376.9
0.530 0.160 0.345 0.335 9385 LAYHONG 0.340 UNCH 3423.2 0.340 11.56 1.47 224.5 0.685 0.280 0.380 0.380 7197 GESHEN 0.380 0.030 6 0.380 — — 41.8
0.888 0.325 0.475 0.460 8079 LEESK 0.475 0.015 73 0.464 9.54 5.26 79.7 0.515 0.180 0.285 0.280 5220 GLOTEC 0.280 UNCH 83 0.280 — — 75.3
1.161 0.430 0.590 0.575 6633 LHI 0.585 0.010 2485.2 0.582 13.70 — 2,135.3 0.240 0.115 0.155 0.150 7192 GOODWAY 0.150 0.005 85 0.152 — — 23.7
3.181 1.570 2.080 2.000 7089 LIIHEN 2.080 0.090 489.3 2.049 4.78 7.45 374.4 0.145 0.070 0.080 0.080 7096 GPA 0.080 0.005 44.9 0.080 800.0 — 78.4
0.395 0.010 — — 7126 LONBISC 0.020 — — — — — 5.8 0.305 0.100 0.135 0.125 5649 GPHAROS 0.135 0.010 15 0.132 — 9.41 18.5
0.170 0.080 0.125 0.120 8303 LOTUS 0.125 0.010 823.8 0.123 — — 86.2 0.520 0.160 0.375 0.355 3247 GUH 0.355 -0.020 163.5 0.369 19.72 — 98.7
1.360 0.968 1.150 1.070 7085 LTKM 1.150 UNCH 6.5 1.110 7.87 1.30 149.6 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
2.644 1.211 1.980 1.940 7087 MAGNI 1.960 0.060 694.8 1.966 7.22 5.00 850.5 0.666 0.223 0.365 0.335 5095 HEVEA 0.360 0.025 8550.2 0.351 14.40 12.22 204.4
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 0.835 0.475 0.535 0.510 5151 HEXTAR 0.510 -0.015 1573.1 0.520 — 8.59 418.5
0.125 0.080 0.100 0.095 3514 MARCO 0.095 UNCH 375 0.095 6.29 3.16 100.2 0.845 0.590 0.790 0.775 3298 HEXZA 0.790 0.010 265.5 0.783 19.41 6.33 158.3
1.360 0.748 — — 5886 MBG 1.330 — — — 1900 1.13 80.9 0.279 0.090 0.190 0.155 5072 HIAPTEK 0.170 0.020 20022.3 0.174 23.61 2.94 228.5
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 1.260 0.895 — — 7033 HIGHTEC 0.990 — — — 11.47 3.54 40.2
0.530 0.155 0.235 0.200 7234 MESB 0.230 0.015 1122.4 0.219 4.20 — 21.0 0.605 0.415 0.510 0.495 8443 HIL 0.495 -0.015 21.6 0.499 7.69 3.54 165.3
0.741 0.335 0.505 0.480 3662 MFLOUR 0.495 0.020 6371.2 0.493 10.47 6.06 498.7 0.750 0.340 0.420 0.420 5165 HOKHENG 0.420 UNCH 53 0.420 — — 37.0
0.900 0.700 0.900 0.900 7935 MILUX 0.900 UNCH 0.1 0.900 — — 52.9 0.572 0.260 0.310 0.305 5291 HPMT 0.305 UNCH 834.9 0.307 — 2.46 100.2
0.120 0.015 0.040 0.025 5166 MINDA 0.035 0.005 8478.8 0.033 — — 43.4 1.230 0.250 0.445 0.425 0185 HSSEB 0.440 0.010 720 0.437 200 — 218.2
1.780 0.230 0.425 0.405 5202 MSM 0.415 0.010 17178.5 0.415 — — 291.7 1.860 0.647 1.190 1.140 5000 HUMEIND 1.150 -0.020 403.6 1.160 — — 571.7
0.255 0.050 0.100 0.090 3891 MUIIND 0.095 0.005 14151.9 0.093 — — 278.6 0.215 0.060 0.215 0.185 9601 HWGB 0.215 0.030 29327.6 0.205 — — 108.7
2.440 1.100 1.360 1.320 3905 MULPHA 1.340 0.030 454.2 1.340 — — 428.3 2.286 1.854 2.130 2.080 7222 IMASPRO 2.130 -0.010 609 2.121 48.74 1.64 170.4
1.480 0.575 0.940 0.850 5275 MYNEWS 0.940 0.080 636.5 0.901 27.01 1.06 641.2 0.530 0.185 0.250 0.250 5673 IPMUDA 0.250 UNCH 0.3 0.250 — — 18.1
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 0.155 0.040 0.055 0.050 7183 IQZAN 0.050 -0.005 303.1 0.053 1.64 — 9.2
2.828 1.900 — — 7060 NHFATT 1.990 — — — 11.06 5.03 164.5 1.250 0.800 — — 7043 JADEM 0.820 — — — — — 104.0
0.075 0.020 0.045 0.040 7139 NICE 0.040 UNCH 605.8 0.040 — — 28.1 0.120 0.065 0.075 0.070 8648 JASKITA 0.075 0.005 601 0.075 — — 33.7
0.242 0.055 0.095 0.090 7215 NIHSIN 0.090 0.005 910.1 0.090 — — 28.9 1.560 1.150 1.180 1.150 0058 JCBNEXT 1.150 -0.020 70 1.165 15.93 3.48 158.5
0.560 0.287 0.420 0.405 5066 NTPM 0.410 -0.005 580.8 0.412 — 3.90 460.5 0.180 0.050 0.095 0.075 9083 JETSON 0.090 -0.010 374.5 0.085 — — 19.0
0.580 0.300 0.480 0.425 5533 OCB 0.480 0.075 27.5 0.471 — — 49.4 0.200 0.085 0.145 0.140 0054 KARYON 0.145 0.005 980.2 0.141 9.80 3.10 69.0
0.820 0.290 0.495 0.455 0049 OCNCASH 0.455 -0.020 9241.5 0.472 15.69 3.19 111.6 0.553 0.270 — — 7199 KEINHIN 0.280 — — — 8.59 3.57 30.5
0.882 0.450 0.640 0.615 7107 OFI 0.630 0.015 31.6 0.630 13.10 2.86 151.2 1.707 0.985 1.210 1.190 6491 KFIMA 1.210 0.020 179.2 1.200 10.45 7.44 341.5
0.130 0.050 0.080 0.080 3018 OLYMPIA 0.080 UNCH 55 0.080 — — 81.9 1.430 0.590 1.090 1.030 0151 KGB 1.080 0.040 2234 1.069 13.57 1.67 336.4
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 0.300 0.110 — — 6211 KIALIM 0.165 — — — — — 10.2
0.740 0.155 0.375 0.340 5260 OWG 0.350 0.025 2597.5 0.353 — — 99.8 1.250 0.700 — — 5371 KIMHIN 0.790 — — — — — 122.9
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 0.010 0.005 — — 5060 KINSTEL 0.005 — — — 25.00 — 5.2
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 2.370 1.172 1.590 1.560 9466 KKB 1.570 0.020 573.9 1.576 8.38 2.55 404.7
0.446 0.230 0.280 0.260 5022 PAOS 0.260 UNCH 30 0.266 — 6.15 47.1 0.850 0.490 — — 5035 KNUSFOR 0.590 — — — 3.51 — 58.8
0.350 0.180 0.240 0.180 9407 PARAGON 0.240 -0.005 45 0.199 4.63 — 16.8 2.040 1.230 — — 6971 KOBAY 1.410 — — — 6.85 2.13 144.0
0.270 0.065 0.110 0.100 5657 PARKSON 0.105 UNCH 10724.4 0.104 — — 114.9 0.390 0.150 0.230 0.210 7017 KOMARK 0.210 -0.015 18240.8 0.222 — — 43.2
0.622 0.160 0.280 0.260 6068 PCCS 0.275 0.015 2928.8 0.271 4.55 5.45 57.9 1.269 0.265 0.515 0.490 5843 KPS 0.495 -0.010 1203.6 0.506 9.52 8.59 266.0
0.590 0.185 0.315 0.305 5231 PELIKAN 0.305 0.005 2798.3 0.308 18.71 — 185.5 0.540 0.265 — — 9121 KPSCB 0.380 — — — 8.64 — 56.2
0.420 0.190 0.230 0.230 9997 PENSONI 0.230 UNCH 22.9 0.230 — — 29.8 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
1.070 0.480 0.765 0.705 7080 PERMAJU 0.735 0.020 7585.9 0.735 — — 144.0 0.590 0.200 0.305 0.290 5192 KSSC 0.300 -0.010 164.9 0.297 — 1.67 28.8
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 0.410 0.150 0.320 0.290 6874 KUB 0.305 0.015 3806.3 0.307 9.81 3.28 169.7
0.149 0.075 — — 4081 PMCORP 0.115 — — — — 4.35 88.9 0.390 0.180 — — 8362 KYM 0.210 — — — — — 31.5
0.130 0.045 0.115 0.095 1287 PMHLDG 0.115 0.015 19773.9 0.104 — — 106.8 0.615 0.260 0.395 0.380 9326 LBALUM 0.390 0.015 123 0.386 6.21 3.85 96.9
0.702 0.300 0.495 0.480 5080 POHKONG 0.490 -0.010 2083.8 0.487 5.90 2.45 201.1 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
1.558 0.690 0.900 0.870 7088 POHUAT 0.890 0.020 641.9 0.887 4.25 7.87 217.5 0.493 0.200 0.300 0.280 5232 LEONFB 0.295 0.015 288.3 0.295 16.30 5.08 91.5
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 0.260 0.060 0.115 0.110 8745 LEWEKO 0.115 -0.005 40 0.111 — — 37.0
1.300 0.055 0.195 0.185 7168 PRG 0.185 -0.005 4931 0.191 — — 76.8 0.300 0.090 0.120 0.120 7170 LFECORP 0.120 -0.005 96 0.120 133.3 — 26.9
1.100 0.305 0.535 0.520 8966 PRLEXUS 0.520 0.010 538.2 0.528 13.30 1.54 94.1 0.665 0.120 0.230 0.210 4235 LIONIND 0.215 0.005 17683.3 0.221 — — 154.4
0.259 0.125 0.220 0.205 0186 PTRANS 0.215 UNCH 15768.9 0.212 7.71 5.81 305.9 0.475 0.185 — — 8486 LIONPSIM 0.350 — — — 7.45 — 81.1
0.846 0.350 0.540 0.520 7134 PWF 0.540 0.020 48.9 0.523 14.36 3.70 93.9 0.360 0.185 0.230 0.225 9881 LSTEEL 0.225 -0.005 20 0.227 — — 28.8
2.398 1.275 2.340 2.220 7237 PWROOT 2.270 0.010 417.6 2.285 20.69 3.92 932.0 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
2 0 Markets M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY

BURSA MAL AYSIA MAIN MARKET

YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP
HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL) HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)
2.700 1.950 2.070 2.000 9199 LYSAGHT 2.070 0.030 2.2 2.045 9.38 3.38 86.1 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
0.590 0.170 0.325 0.295 5098 MASTEEL 0.300 0.010 4002.6 0.308 — — 135.8 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
3.200 0.605 1.610 1.530 7029 MASTER 1.550 0.020 4021.5 1.576 5.40 2.26 84.7 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
1.490 0.920 1.190 1.140 5152 MBL 1.190 0.050 331.4 1.164 6.19 3.78 127.8 0.295 0.140 0.250 0.190 2143 ECM 0.230 0.010 57.3 0.200 — — 110.4
0.730 0.285 0.330 0.325 7004 MCEHLDG 0.330 -0.010 27 0.328 — — 14.7 1.728 1.090 1.240 1.210 5228 ELKDESA 1.230 0.030 196.7 1.224 9.90 5.69 365.5
4.570 1.300 2.250 2.130 3794 MCEMENT 2.250 0.070 201.4 2.182 — — 1,911.8 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
0.385 0.090 0.200 0.175 3778 MELEWAR 0.185 UNCH 4376.8 0.188 1.95 — 66.5 10.100 7.327 — — 5274 HLCAP 9.380 — — — 31.19 2.35 2,315.9
0.680 0.240 0.380 0.310 5223 MENTIGA 0.380 0.035 36 0.322 8.62 — 26.6 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
1.738 1.080 — — 6149 METROD 1.300 — — — 28.20 4.62 156.0 0.910 0.350 0.585 0.575 3379 INSAS 0.585 0.015 1219.9 0.582 4.06 5.98 405.6
0.360 0.180 0.240 0.220 5001 MIECO 0.235 0.010 1577.9 0.231 75.81 — 123.4 0.100 0.030 0.060 0.055 3441 JOHAN 0.060 0.005 212.9 0.055 — — 37.4
0.285 0.050 0.285 0.260 7219 MINETEC 0.280 0.020 166686 0.276 — — 268.7 0.567 0.325 0.450 0.430 6483 KENANGA 0.435 -0.005 239.7 0.445 11.54 7.47 314.4
0.400 0.155 0.290 0.270 5576 MINHO 0.270 0.025 6079.3 0.277 36.49 4.26 91.9 2.125 0.880 1.350 1.300 2186 KUCHAI 1.350 0.090 9.7 1.313 27.78 1.04 167.1
0.989 0.440 0.655 0.630 5916 MSC 0.640 0.015 119.3 0.636 7.62 3.13 256.0 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
0.085 0.015 0.030 0.025 0043 MTRONIC 0.030 0.005 14768.3 0.026 — — 37.4 0.993 0.530 0.735 0.690 1198 MAA 0.720 0.040 136.3 0.721 — 12.50 196.8
1.836 0.835 1.330 1.260 3883 MUDA 1.300 0.080 2205.8 1.301 10.08 3.46 396.6 2.850 1.650 1.920 1.870 1058 MANULFE 1.920 0.010 3.1 1.878 14.87 3.65 388.6
0.505 0.140 0.260 0.240 5087 MYCRON 0.240 0.005 143.1 0.250 — — 78.5 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
0.485 0.140 0.280 0.270 7241 NGGB 0.275 0.010 324.1 0.275 — — 146.2 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
0.230 0.065 0.150 0.130 5025 NWP 0.145 0.005 157.3 0.139 — — 62.6 1.159 0.465 0.755 0.730 6459 MNRB 0.730 0.005 2043.7 0.741 3.66 3.42 571.7
0.687 0.330 0.450 0.450 4944 NYLEX 0.450 0.010 30 0.450 — 4.44 87.5 1.190 0.490 0.780 0.730 5237 MPHBCAP 0.740 0.010 72.5 0.746 15.45 — 529.1
0.796 0.367 0.570 0.545 7140 OKA 0.555 0.005 481.7 0.559 10.95 7.03 136.2 0.944 0.800 0.815 0.810 6009 P&O 0.815 0.015 58 0.813 — 5.33 234.0
1.420 0.700 1.030 0.990 5065 ORNA 0.990 -0.010 602.5 1.007 5.56 3.03 74.5 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
0.075 0.035 0.050 0.045 7225 PA 0.050 0.005 8564.2 0.045 20.00 — 112.2 1.840 1.220 1.610 1.580 9296 RCECAP 1.610 0.030 602.8 1.597 5.25 6.21 600.4
0.690 0.421 0.690 0.680 8419 PANSAR 0.685 0.005 6695.7 0.685 30.86 1.46 316.5 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
0.562 0.246 0.365 0.355 5125 PANTECH 0.365 0.015 1222.2 0.361 6.85 5.48 274.1 0.652 0.328 0.505 0.490 4898 TA 0.495 UNCH 662.1 0.495 5.78 2.02 847.4
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 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
1.222 0.649 0.820 0.780 5271 PECCA 0.815 0.020 412.2 0.809 9.25 7.98 153.2 0.765 0.200 0.335 0.310 5230 TUNEPRO 0.320 0.015 5451.2 0.323 4.75 9.38 240.6
4.778 2.820 3.830 3.610 5436 PERSTIM 3.830 0.050 12.6 3.775 11.59 7.83 380.3 PROPERTY
1.530 0.600 0.940 0.885 5219 PESTECH 0.940 0.060 945.3 0.924 8.77 — 718.4 0.335 0.165 — — 7131 ACME 0.195 — — — 6.29 — 48.5
0.140 0.060 0.080 0.075 7201 PICORP 0.080 0.005 471.5 0.080 27.59 6.25 52.6 0.549 0.260 0.340 0.325 1007 AMPROP 0.325 -0.005 125.6 0.331 9.62 9.23 238.3
1.650 0.720 1.200 1.180 7095 PIE 1.180 UNCH 396.9 1.190 12.39 2.03 453.2 0.330 0.115 — — 7007 ARK 0.150 — — — — — 9.5
0.310 0.105 0.150 0.150 7163 PJBUMI 0.150 0.005 89.9 0.150 20.83 — 12.3 0.150 0.055 0.095 0.090 4057 ASIAPAC 0.095 UNCH 395.7 0.091 2.28 — 98.5
3.354 2.400 — — 7172 PMBTECH 2.980 — — — 21.30 0.67 627.7 6.210 3.800 — — 2305 AYER 5.500 — — — 30.93 0.91 411.7
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 0.395 0.190 0.280 0.280 6602 BCB 0.280 0.010 25 0.280 2.36 — 115.5
0.550 0.360 0.540 0.520 6637 PNEPCB 0.535 0.010 5301.1 0.533 — — 70.4 0.435 0.190 0.280 0.270 6173 BDB 0.270 UNCH 220.1 0.271 16.17 — 82.0
0.475 0.200 0.305 0.265 8117 POLY 0.265 -0.010 52 0.285 17.79 — 42.4 0.285 0.110 — — 9814 BERTAM 0.180 — — — — — 37.2
1.400 0.325 0.675 0.655 8273 PPHB 0.670 0.040 6688.6 0.663 5.35 0.37 126.4 0.315 0.245 0.270 0.265 3239 BJASSET 0.265 0.005 221 0.265 — — 677.9
0.684 0.210 0.350 0.340 9873 PRESTAR 0.340 -0.010 143.8 0.346 19.77 4.41 69.6 1.580 0.800 0.970 0.955 5738 CHHB 0.970 0.015 6.4 0.965 — — 267.4
0.080 0.005 0.020 0.010 7123 PWORTH 0.020 0.005 65314.8 0.015 — — 81.9 1.293 0.770 0.880 0.880 6718 CRESNDO 0.880 0.035 6 0.880 8.80 6.82 246.8
1.430 0.720 — — 7544 QUALITY 0.800 — — — — — 46.4 1.500 0.920 — — 5049 CVIEW 1.000 — — — 4.02 3.00 100.0
0.320 0.180 — — 7498 RALCO 0.250 — — — — — 11.5 0.520 0.150 0.270 0.255 3484 DBHD 0.270 0.015 805.8 0.266 3.59 — 86.0
0.350 0.170 0.275 0.275 7232 RESINTC 0.275 0.015 6.2 0.275 6.69 9.09 37.7 0.090 0.035 0.060 0.060 7198 DPS 0.060 UNCH 435 0.060 2.86 — 35.3
0.200 0.085 0.125 0.120 9954 RGTBHD 0.120 UNCH 961.8 0.121 12.77 — 69.2 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
0.784 0.170 0.415 0.390 9741 ROHAS 0.390 UNCH 2996.5 0.405 10.66 3.85 184.3 0.390 0.290 0.350 0.340 3557 ECOFIRS 0.345 UNCH 143.9 0.347 11.69 — 279.0
1.150 0.404 1.150 1.060 7803 RUBEREX 1.080 -0.030 15553.9 1.098 24.00 1.85 272.4 0.945 0.295 0.425 0.410 8206 ECOWLD 0.415 UNCH 15411.4 0.415 5.91 — 1,221.9
3.980 2.700 3.100 3.070 5134 SAB 3.100 0.120 15.1 3.090 17.53 1.61 424.5 0.400 0.205 0.255 0.230 6076 ENCORP 0.255 -0.020 150.4 0.235 — — 78.2
8.640 4.200 5.900 5.390 9822 SAM 5.770 0.390 287 5.700 8.93 3.02 779.9 1.520 0.900 — — 8613 ENRA 1.050 — — — — 2.86 143.0
0.741 0.350 0.515 0.500 5147 SAMCHEM 0.505 0.015 969.4 0.508 5.77 5.94 137.4 0.747 0.380 0.530 0.470 6815 EUPE 0.530 0.010 73 0.487 1.78 2.83 67.8
0.784 0.200 0.490 0.480 7811 SAPIND 0.490 0.005 8.7 0.485 14.89 10.20 35.7 0.735 0.185 0.305 0.290 7249 EWEIN 0.295 0.010 3028.2 0.299 2.11 1.69 89.0
0.410 0.100 0.200 0.195 5170 SCABLE 0.200 0.010 679.7 0.198 — — 63.4 1.140 0.310 0.420 0.405 5283 EWINT 0.410 UNCH 5599.3 0.411 5.81 — 984.0
1.680 0.755 1.320 1.270 7247 SCGM 1.270 -0.010 1621.9 1.294 74.71 1.57 245.9 0.360 0.165 0.225 0.220 6041 FARLIM 0.220 -0.005 192 0.223 — — 37.0
3.490 0.545 2.500 2.290 9237 SCIB 2.460 0.130 785.8 2.406 69.89 — 211.3 0.384 0.240 0.315 0.295 5020 GLOMAC 0.315 0.015 632.9 0.306 7.57 2.54 252.0
1.280 0.480 0.765 0.740 0099 SCICOM 0.750 0.010 2680.3 0.752 12.42 6.67 266.6 0.350 0.170 0.250 0.235 9962 GMUTUAL 0.250 0.010 85.1 0.238 8.20 2.00 93.9
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 0.290 0.135 0.210 0.200 1147 GOB 0.210 UNCH 290 0.207 — — 95.5
0.360 0.065 0.130 0.120 7239 SCNWOLF 0.125 0.005 867.3 0.123 7.62 — 13.2 0.776 0.370 0.595 0.560 1503 GUOCO 0.590 0.030 211.4 0.568 — 3.39 413.3
0.565 0.120 0.220 0.210 7073 SEACERA 0.215 UNCH 27218.4 0.215 — — 103.6 1.300 1.180 1.210 1.200 7105 HCK 1.210 0.010 423.4 1.203 73.78 — 513.1
0.750 0.320 — — 5163 SEB 0.440 — — — — — 35.2 0.635 0.345 — — 7010 HOOVER 0.450 — — — — — 18.0
0.460 0.375 0.425 0.410 5181 SIGGAS 0.415 -0.005 414.9 0.418 — 1.20 77.8 0.465 0.145 0.250 0.245 5062 HUAYANG 0.245 UNCH 236.5 0.247 — — 86.2
0.680 0.380 — — 7115 SKBSHUT 0.400 — — — 6.43 — 16.0 0.374 0.095 0.165 0.155 4251 IBHD 0.165 0.010 4402 0.161 6.82 10.61 184.2
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 0.720 0.305 0.590 0.590 5084 IBRACO 0.590 -0.010 1.4 0.590 8.56 2.97 292.9
1.373 0.690 0.790 0.760 7248 SLP 0.770 0.005 853.2 0.775 11.51 7.14 244.1 1.900 0.900 1.150 1.100 9687 IDEAL 1.150 0.050 9.5 1.127 5.49 — 534.8
0.490 0.250 0.450 0.450 7132 SMISCOR 0.450 0.050 0.2 0.450 20.83 — 20.2 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
1.220 0.330 0.490 0.450 5665 SSTEEL 0.475 0.020 581.7 0.472 — — 283.2 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
0.905 0.380 — — 6904 SUBUR 0.440 — — — — — 92.0 0.220 0.115 0.140 0.130 5175 IVORY 0.140 0.010 990.2 0.135 17.72 17.86 68.6
1.100 0.400 0.600 0.585 7207 SUCCESS 0.590 0.005 980.3 0.594 8.31 4.58 147.3 1.313 0.275 0.505 0.485 1589 IWCITY 0.495 0.010 21767 0.495 — — 414.5
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 0.380 0.290 0.350 0.350 8923 JIANKUN 0.350 UNCH 10.9 0.350 13.57 — 58.4
1.069 0.388 0.630 0.550 7235 SUPERLN 0.630 0.090 4955.9 0.590 11.13 4.84 100.8 0.090 0.045 0.070 0.065 6769 JKGLAND 0.070 0.005 741.3 0.065 9.33 1.43 159.2
6.800 4.100 5.600 5.600 4448 TASEK 5.600 UNCH 0.6 5.600 — — 692.3 0.669 0.340 — — 7323 KEN 0.430 — — — 34.13 3.49 82.4
0.235 0.030 0.075 0.065 7097 TAWIN 0.065 -0.010 7512.8 0.067 — — 23.2 1.100 0.400 0.490 0.490 7077 KPPROP 0.490 0.015 15 0.490 8.29 — 98.1
0.898 0.480 0.610 0.575 5289 TECHBND 0.610 0.015 112.6 0.598 15.84 — 140.3 0.915 0.405 0.580 0.565 5038 KSL 0.570 0.005 852.3 0.571 2.34 — 591.4
0.675 0.195 0.385 0.350 8702 TEXCHEM 0.370 UNCH 138.3 0.363 — 27.03 45.9 0.154 0.050 0.090 0.085 3174 L&G 0.090 UNCH 2244.2 0.086 7.69 11.11 267.6
4.320 1.950 3.360 3.230 7034 TGUAN 3.300 0.080 544.2 3.301 8.27 2.42 613.8 0.784 0.345 0.400 0.400 8494 LBICAP 0.400 -0.010 10 0.400 5.71 12.50 40.6
1.389 0.760 0.940 0.910 7374 TIENWAH 0.940 0.075 12 0.915 — 5.85 136.1 0.607 0.310 0.375 0.365 5789 LBS 0.365 UNCH 5828.4 0.368 5.92 4.93 572.0
0.680 0.230 — — 7854 TIMWELL 0.460 — — — 8.57 4.35 41.0 0.300 0.175 0.210 0.205 3573 LIENHOE 0.210 0.010 43 0.207 — — 76.0
0.575 0.300 0.375 0.355 7285 TOMYPAK 0.375 0.015 343 0.371 — 0.80 157.6 1.250 0.720 0.780 0.780 7617 MAGNA 0.780 UNCH 8.5 0.780 — — 261.2
3.509 1.230 1.740 1.700 5010 TONGHER 1.740 0.050 44.8 1.714 13.59 11.49 273.9 0.921 0.305 0.450 0.430 8583 MAHSING 0.435 0.015 16179.6 0.438 9.69 10.34 1,056.0
0.841 0.550 0.610 0.600 7173 TOYOINK 0.610 0.010 31.8 0.600 9.73 4.92 65.3 0.674 0.235 0.375 0.370 6181 MALTON 0.375 0.005 525.6 0.375 6.74 4.00 198.1
0.775 0.530 — — 5167 TURBO 0.640 — — — 22.70 3.13 69.1 1.923 1.217 1.710 1.700 5236 MATRIX 1.710 UNCH 361.8 1.704 5.57 7.02 1,426.5
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 1.697 0.890 1.000 0.940 7189 MBWORLD 0.955 UNCH 180.1 0.967 2.75 8.48 150.3
0.800 0.230 0.360 0.340 7133 ULICORP 0.350 0.025 55.8 0.350 — — 76.2 0.525 0.070 0.185 0.170 5182 MCT 0.175 UNCH 18050.9 0.176 6.01 — 255.0
1.993 1.430 1.700 1.700 7137 UMS 1.700 UNCH 18.8 1.700 16.67 3.53 69.2 0.400 0.200 0.260 0.240 1694 MENANG 0.260 0.010 14.1 0.245 — — 125.0
0.945 0.690 — — 7227 UMSNGB 0.885 — — — 17.25 3.39 70.8 0.320 0.040 0.060 0.055 5040 MERIDIAN 0.055 -0.005 308 0.057 — — 32.4
1.427 0.910 1.050 0.990 7091 UNIMECH 1.000 -0.010 28 1.002 6.82 4.80 158.8 0.415 0.180 0.320 0.310 8141 MJPERAK 0.320 UNCH 60 0.312 — — 90.5
0.400 0.180 0.230 0.215 4995 VERSATL 0.215 -0.005 180 0.221 — — 61.1 1.860 0.810 1.040 0.990 6114 MKH 1.010 0.020 629.9 1.014 7.07 3.96 592.4
1.509 0.600 0.960 0.925 6963 VS 0.930 UNCH 20569.9 0.944 10.02 3.66 1,733.5 0.200 0.050 0.135 0.125 8893 MKLAND 0.130 UNCH 3508.7 0.130 31.71 — 156.9
0.800 0.365 — — 7226 WATTA 0.495 — — — 21.71 — 41.8 0.165 0.055 0.075 0.070 6548 MPCORP 0.070 0.005 308.4 0.070 — — 20.1
1.235 0.550 0.835 0.795 7231 WELLCAL 0.830 0.040 674.9 0.821 11.34 6.87 413.3 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
0.700 0.430 0.550 0.550 7692 WIDETEC 0.550 0.050 12.3 0.550 19.43 — 24.6 0.540 0.240 — — 9539 MUH 0.315 — — — — — 17.8
0.633 0.273 0.395 0.385 7050 WONG 0.390 0.005 208.6 0.393 7.96 4.28 44.7 0.255 0.145 0.190 0.180 3913 MUIPROP 0.190 0.005 770.9 0.185 9.18 — 145.2
0.810 0.400 — — 7025 WOODLAN 0.450 — — — — — 18.0 1.410 0.335 0.660 0.630 5073 NAIM 0.640 0.010 13397.4 0.645 5.69 — 328.8
1.200 0.645 0.660 0.650 5009 WTHORSE 0.660 0.010 22.2 0.658 — — 158.4 2.150 1.580 — — 5827 OIB 1.800 — — — 6.30 4.44 278.7
0.681 0.200 0.360 0.280 4243 WTK 0.355 0.075 31519.7 0.334 — 4.23 170.9 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
0.305 0.050 0.135 0.130 7245 WZSATU 0.130 -0.005 771.3 0.132 — — 66.5 1.277 0.630 0.740 0.725 1724 PARAMON 0.725 UNCH 1474.5 0.732 5.07 8.68 445.5
0.650 0.395 0.425 0.425 5048 YILAI 0.425 0.025 10 0.425 — — 61.9 0.420 0.150 0.225 0.210 6912 PASDEC 0.225 0.015 32.6 0.216 — — 90.1
0.170 0.060 0.090 0.085 7020 YKGI 0.090 0.005 220.2 0.085 9.28 — 31.6 1.080 0.750 — — 3611 PGLOBE 0.750 — — — 65.79 — 140.0
0.300 0.150 0.180 0.165 7014 YLI 0.180 -0.005 28.6 0.172 — — 18.5 0.015 0.005 0.005 0.005 4464 PHB 0.005 UNCH 220 0.005 — — 50.0
CONSTRUCTION 1.600 0.980 — — 7055 PLB 1.320 — — — 17.37 — 148.4
0.458 0.210 0.290 0.280 5281 ADVCON 0.290 0.015 775 0.285 10.78 2.07 117.1 1.493 0.735 1.200 1.140 5075 PLENITU 1.200 0.060 203.9 1.183 14.56 3.75 457.8
0.170 0.050 0.115 0.075 7145 AGES 0.115 0.040 92375.6 0.100 3.80 — 57.7 6.170 5.430 5.980 5.800 7765 RAPID 5.980 0.150 171.2 5.904 129.44 — 639.2
2.050 1.010 1.520 1.440 5293 AME 1.510 0.050 859.8 1.495 8.31 — 644.9 0.720 0.345 0.435 0.405 4596 SAPRES 0.435 0.035 1 0.408 — — 60.7
0.560 0.115 0.230 0.220 7078 AZRB 0.220 UNCH 2493.9 0.226 — 4.05 131.5 0.498 0.180 0.380 0.380 5207 SBCCORP 0.380 UNCH 30 0.380 5.40 2.63 98.1
0.230 0.045 0.095 0.090 5190 BENALEC 0.095 0.005 4522.7 0.093 — — 81.9 0.695 0.325 0.440 0.430 2224 SDRED 0.440 UNCH 7.2 0.438 8.32 4.55 187.5
0.189 0.030 0.060 0.055 5932 BPURI 0.060 0.005 2744.8 0.055 75.00 — 45.8 0.360 0.120 0.225 0.215 4286 SEAL 0.225 0.010 8.9 0.216 6.72 — 54.7
0.800 0.520 0.610 0.610 8761 BREM 0.610 0.020 3 0.610 5.78 6.56 210.7 2.712 1.689 1.910 1.880 6017 SHL 1.910 0.010 20.6 1.893 10.53 7.85 462.5
1.100 0.555 0.825 0.790 8591 CRESBLD 0.825 0.045 2113.9 0.809 7.17 5.45 146.0 1.119 0.460 0.610 0.575 5288 SIMEPROP 0.600 0.025 12301 0.587 6.82 6.67 4,080.5
1.900 1.380 — — 7528 DKLS 1.610 — — — 25.64 1.86 149.2 0.185 0.070 0.095 0.095 4375 SMI 0.095 UNCH 127 0.095 — — 19.9
0.874 0.300 0.525 0.495 5253 ECONBHD 0.520 0.030 9813.7 0.510 11.13 0.96 695.5 0.410 0.090 0.150 0.130 5213 SNTORIA 0.135 0.005 358.3 0.137 — — 76.6
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 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
0.499 0.140 0.280 0.270 7047 FAJAR 0.275 0.010 2584.3 0.273 3.84 5.45 102.8 0.920 0.370 0.430 0.430 3743 SUNSURIA 0.430 UNCH 3 0.430 2.56 — 385.2
0.941 0.225 0.395 0.380 9261 GADANG 0.380 0.005 11705.6 0.385 7.10 3.16 276.7 0.465 0.250 0.380 0.355 1538 SYMLIFE 0.380 0.005 1209.9 0.370 1.89 2.63 228.2
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 0.330 0.120 0.215 0.200 4022 TADMAX 0.205 UNCH 1622.4 0.209 6.43 — 160.7
1.514 0.595 0.825 0.805 5226 GBGAQRS 0.815 0.015 860.6 0.812 10.36 1.84 403.1 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
1.339 0.430 0.715 0.685 3204 GKENT 0.690 0.015 4676.7 0.700 6.83 — 388.7 0.045 0.010 0.025 0.020 2259 TALAMT 0.020 -0.005 3861.5 0.020 3.33 — 85.9
0.695 0.240 0.450 0.420 5169 HOHUP 0.450 0.035 938.5 0.443 3.37 — 185.6 0.769 0.360 0.535 0.525 5191 TAMBUN 0.535 0.015 97.1 0.530 4.76 4.58 231.9
1.477 0.960 1.030 1.020 6238 HSL 1.020 0.010 35 1.021 10.15 2.35 594.3 0.080 0.020 0.055 0.040 2429 TANCO 0.050 -0.005 12285.1 0.047 — — 41.5
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 0.480 0.140 0.205 0.190 7889 THRIVEN 0.195 0.005 3425.9 0.198 6.00 — 106.7
0.290 0.010 0.045 0.035 5268 IKHMAS 0.040 0.005 4577.3 0.040 — — 23.5 0.135 0.030 0.085 0.070 7079 TIGER 0.085 0.015 30475.4 0.078 — — 124.5
0.610 0.270 0.360 0.340 8834 IREKA 0.360 0.020 169.2 0.346 — — 67.2 0.320 0.240 0.260 0.255 5239 TITIJYA 0.260 UNCH 229 0.258 20.97 0.58 352.3
1.570 0.620 1.070 1.000 4723 JAKS 1.030 0.040 42585.7 1.033 5.60 — 670.7 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
1.466 0.785 1.070 1.020 7161 KERJAYA 1.070 0.020 112.9 1.046 9.42 3.27 1,328.9 1.020 0.275 0.425 0.405 5148 UEMS 0.410 UNCH 11273.5 0.413 8.32 — 1,860.3
1.460 0.510 0.710 0.695 5171 KIMLUN 0.700 0.020 1008.8 0.702 4.02 5.29 237.9 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
1.110 0.720 — — 9628 LEBTECH 0.950 — — — — — 129.7 0.150 0.035 0.060 0.060 6378 WMG 0.060 UNCH 5.3 0.060 — — 25.6
0.504 0.295 0.380 0.375 5129 MELATI 0.380 0.030 150 0.380 18.01 2.63 45.6 0.995 0.650 — — 7003 Y&G 0.720 — — — 36.36 — 157.3
0.830 0.420 0.610 0.550 8192 MERCURY 0.610 0.060 17.8 0.575 — — 24.5 2.800 1.380 2.600 2.510 3158 YNHPROP 2.590 0.030 124.3 2.576 32.66 — 1,370.1
0.815 0.330 0.570 0.570 7595 MGB 0.570 -0.005 1 0.570 21.11 — 285.9 0.415 0.035 0.080 0.065 7066 YONGTAI 0.070 UNCH 29752 0.072 — — 66.8
0.422 0.150 0.240 0.230 9571 MITRA 0.235 UNCH 989.7 0.234 — 6.38 210.6 TRANSPORTATION & LOGISTICS
0.250 0.065 0.125 0.125 5924 MTDACPI 0.125 -0.025 20.9 0.125 — — 29.0 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
0.555 0.145 0.310 0.290 5085 MUDAJYA 0.300 0.010 6262.1 0.300 — — 181.6 1.380 0.650 0.720 0.685 8133 BHIC 0.685 -0.025 442.1 0.695 — 5.11 170.2
2.826 0.720 1.130 1.040 5703 MUHIBAH 1.070 0.040 10378.7 1.086 13.61 7.01 519.2 4.954 3.253 — — 5032 BIPORT 4.350 — — — 15.47 3.22 2,001.0
0.370 0.185 0.250 0.220 7071 OCR 0.245 0.025 11932.9 0.239 8.81 — 83.0 0.360 0.235 — — 7187 CHGP 0.300 — — — 32.26 — 89.2
0.900 0.650 0.760 0.760 5622 PEB 0.760 -0.030 9.9 0.760 — — 52.5 0.470 0.205 0.265 0.245 7117 CJCEN 0.255 0.005 1508.8 0.252 — 2.94 100.5
0.255 0.130 0.195 0.190 8311 PESONA 0.195 0.005 682 0.192 11.40 5.13 135.5 0.930 0.390 0.665 0.665 5136 COMPLET 0.665 0.035 0.5 0.665 10.05 — 84.5
0.425 0.110 0.210 0.200 5070 PRTASCO 0.205 UNCH 2935.2 0.205 16.94 5.85 101.6 0.510 0.200 0.275 0.265 5259 EATECH 0.270 UNCH 468.8 0.272 3.74 — 143.2
3.303 1.800 2.700 2.550 9598 PTARAS 2.650 0.050 16.7 2.614 8.67 7.55 439.5 0.660 0.380 0.470 0.460 7210 FREIGHT 0.470 0.025 57.3 0.468 10.26 7.45 131.2
0.405 0.090 0.200 0.185 6807 PUNCAK 0.190 UNCH 8148.8 0.193 — 2.63 85.4 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
0.525 0.140 0.245 0.230 5205 SENDAI 0.240 0.015 670.9 0.236 13.64 — 187.5 0.655 0.255 0.535 0.500 7676 GUNUNG 0.500 -0.005 3220.1 0.512 — — 120.4
1.810 0.650 0.700 0.650 5006 STELLA 0.650 UNCH 6 0.692 — — 43.6 0.738 0.420 0.495 0.480 2062 HARBOUR 0.495 0.015 15.1 0.487 7.71 3.54 198.2
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 0.060 0.030 0.050 0.045 7013 HUBLINE 0.050 UNCH 46979.1 0.050 27.78 — 191.0
0.260 0.175 0.185 0.175 9717 SYCAL 0.175 -0.005 150.1 0.180 13.26 — 72.9 0.480 0.220 0.340 0.330 5614 ILB 0.335 -0.010 52.7 0.332 3.80 — 65.3
0.741 0.200 0.305 0.295 5054 TRC 0.295 UNCH 1596.5 0.299 7.14 6.44 141.7 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
0.595 0.180 — — 5042 TSRCAP 0.250 — — — — — 43.6 0.110 0.040 0.055 0.055 5078 M&G 0.055 UNCH 100 0.055 — — 39.8
1.350 0.400 — — 0301 UNIWALL 1.350 — — — 50.00 0.31 493.7 0.785 0.180 0.355 0.345 5077 MAYBULK 0.350 0.005 1792.2 0.349 — — 350.0
1.170 0.215 0.375 0.360 7070 VIZIONE 0.370 UNCH 7742.7 0.369 4.68 — 228.9 9.239 6.090 8.180 7.900 3816 MISC 7.910 UNCH 5245.8 7.916 24.72 3.79 35,308.6
0.579 0.145 0.280 0.255 3565 WCEHB 0.265 0.025 15468.4 0.266 — — 343.6 1.250 0.450 0.720 0.680 2194 MMCCORP 0.680 0.005 33790 0.694 8.10 6.62 2,070.6
1.220 0.245 0.510 0.490 9679 WCT 0.500 0.015 11834.3 0.501 — — 709.1 0.340 0.040 — — 9806 NATWIDE 0.090 — — — — — 11.1
0.700 0.225 0.400 0.365 7028 ZECON 0.400 0.030 477.5 0.390 2.04 — 57.6 0.040 0.010 0.025 0.020 6254 PDZ 0.020 UNCH 10855.9 0.020 — — 13.6
0.110 0.030 0.065 0.060 2283 ZELAN 0.060 -0.005 737.7 0.063 18.75 — 50.7 1.953 0.520 0.760 0.730 4634 POS 0.750 0.030 13651.1 0.744 — 5.33 587.1
HEALTH CARE 0.595 0.090 0.135 0.110 8346 PRKCORP 0.135 0.025 53.8 0.115 0.55 — 13.5
0.970 0.280 0.600 0.570 7191 ADVENTA 0.575 -0.010 2633.6 0.582 3.97 — 87.9 0.740 0.125 0.320 0.295 5145 SEALINK 0.300 UNCH 5726.6 0.306 — — 150.0
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 1.000 0.795 — — 7053 SEEHUP 0.840 — — — — 3.75 67.6
1.780 1.050 1.620 1.580 7148 DPHARMA 1.580 UNCH 1318.5 1.598 19.22 3.16 1,081.3 1.420 0.820 0.915 0.890 6521 SURIA 0.890 0.010 4303.4 0.899 5.89 2.81 307.8
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 0.330 0.115 0.170 0.155 5173 SYSCORP 0.160 -0.005 1192.4 0.163 — — 192.0
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 0.460 0.140 0.250 0.235 5149 TAS 0.240 0.005 694.2 0.241 32.88 — 43.2
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 1.457 0.650 0.855 0.810 5140 TASCO 0.850 0.040 93.3 0.846 14.91 5.88 170.0
2.330 1.555 2.050 2.000 0002 KOTRA 2.050 0.070 17.2 2.001 11.12 4.34 297.8 0.610 0.260 0.350 0.340 8397 TNLOGIS 0.350 0.010 3663.2 0.347 — — 161.3
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 0.590 0.430 — — 7218 TOCEAN 0.490 — — — — — 20.1
2.845 0.910 1.750 1.690 7081 PHARMA 1.720 0.010 1090.2 1.727 — 9.01 449.3 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
0.135 0.050 — — 0302 SMILE 0.075 — — — 22.73 1.60 75.1 0.797 0.243 0.395 0.370 5267 XINHWA 0.375 -0.010 2438 0.384 23.29 — 81.0
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 PLANTATION
0.820 0.365 0.500 0.490 0101 TMCLIFE 0.500 0.010 440.8 0.496 29.94 0.40 870.9 0.235 0.050 0.085 0.080 7054 AASIA 0.080 0.005 666.4 0.081 — — 52.8
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 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
0.545 0.426 — — 0301 TOPVISN 0.545 — — — 82.58 — 139.3 6.960 5.000 — — 5069 BLDPLNT 5.200 — — — — — 486.2
2.799 1.450 1.890 1.850 7178 YSPSAH 1.870 0.030 155.5 1.871 11.31 3.74 261.2 0.819 0.200 0.285 0.275 5254 BPLANT 0.275 UNCH 15235 0.280 — 20.00 616.0
FINANCIAL SERVICES 0.740 0.285 0.440 0.410 8982 CEPAT 0.420 0.010 345.7 0.424 280.00 3.57 133.7
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 7.068 4.800 5.900 5.900 1929 CHINTEK 5.900 UNCH 2 5.900 17.58 2.71 539.0
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 0.499 0.275 0.340 0.320 3948 DUTALND 0.340 0.015 495.8 0.330 — — 287.7
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 2.827 2.000 2.300 2.300 5029 FAREAST 2.300 UNCH 3.6 2.300 17.04 1.30 1,365.8
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 1.590 0.715 0.890 0.860 5222 FGV 0.875 0.030 12138.3 0.874 — — 3,192.1
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 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
1.020 0.615 0.725 0.680 5088 APEX 0.680 UNCH 27.4 0.690 22.82 2.94 145.2 0.520 0.300 0.405 0.350 7382 GLBHD 0.400 0.085 104.8 0.371 — — 89.2
* Volume Weighted Average Price # PE is calculated based on latest 12 months reported Earnings Per Share
MONDAY AP R I L 20 , 2020 • T HEED G E FINA NCIA L DA ILY
Markets 2 1
BURSA MAL AYSIA MAIN MARKET . ACE MARKET

YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP
HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL) HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)
0.714 0.530 0.700 0.640 2135 GOPENG 0.700 0.060 7.9 0.657 64.22 3.57 188.3 6.698 2.490 4.000 3.780 3042 PETRONM 3.950 0.160 251 3.938 6.03 5.06 1,066.5
0.800 0.290 — — 7501 HARNLEN 0.385 — — — — — 71.4 0.320 0.025 0.065 0.060 5256 REACH 0.060 UNCH 5193.6 0.062 — — 65.8
2.113 1.250 1.450 1.330 5138 HSPLANT 1.400 UNCH 50.8 1.401 35.62 1.79 1,120.0 0.339 0.060 0.105 0.095 5218 SAPNRG 0.100 UNCH 109638 0.101 — — 1,597.9
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 0.120 0.010 0.025 0.015 7158 SCOMI 0.020 0.005 6604.8 0.020 — — 21.9
0.626 0.437 0.535 0.500 2607 INCKEN 0.505 -0.035 13.7 0.508 — 2.10 212.5 0.675 0.035 0.060 0.055 7045 SCOMIES 0.055 UNCH 423.6 0.056 — — 25.8
0.995 0.400 0.575 0.570 6262 INNO 0.570 UNCH 85 0.574 20.00 1.75 272.9 2.492 1.020 1.870 1.770 5279 SERBADK 1.780 UNCH 14038.1 1.812 11.90 2.75 5,489.3
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 0.045 0.005 — — 1201 SUMATEC 0.005 — — — — — 21.3
1.120 0.270 0.500 0.475 4383 JTIASA 0.485 0.020 12762.7 0.489 — — 472.3 0.530 0.210 0.345 0.320 7228 T7GLOBAL 0.345 0.015 1216.1 0.333 23.63 1.45 183.5
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 0.145 0.040 0.075 0.065 7206 THHEAVY 0.070 UNCH 2580.7 0.071 6.36 — 78.5
3.650 2.620 — — 2453 KLUANG 3.160 — — — — 0.32 199.6 1.140 0.310 0.625 0.595 7250 UZMA 0.605 0.005 16506 0.612 6.66 — 193.6
1.640 0.895 1.120 1.090 5027 KMLOONG 1.110 0.030 172 1.109 25.40 5.41 1,038.3 0.410 0.090 0.165 0.155 5243 VELESTO 0.155 -0.005 60536.4 0.160 37.80 — 1,273.4
0.475 0.290 0.390 0.375 1996 KRETAM 0.390 0.005 96 0.378 — — 907.8 1.450 0.460 0.675 0.650 5142 WASEONG 0.655 0.005 1987.7 0.664 21.06 — 507.6
0.900 0.460 0.560 0.560 6572 KWANTAS 0.560 UNCH 93 0.560 — — 174.5 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
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
0.420 0.205 0.250
5.630 3.820 4.990
2.440
0.250
4.840
2569
4316
5285
SBAGAN
SHCHAN
SIMEPLT
2.460
0.250
4.860
-0.040
0.005
-0.050
24
10
1775
2.462 84.83
0.250 10.78
4.882 373.85
0.81
—
0.21
163.2
33.0
33,459.0
Ace Market
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 YEAR YEAR DAY DAY CODE COUNTER CLOSING +/– VOL VWAP* PE# DY MKT CAP
2.110 1.300 1.420 1.400 5135 SWKPLNT 1.410 0.020 43.7 1.414 18.80 3.55 394.8 HIGH LOW HIGH LOW (RM) (RM) (‘000) (RM) (X) (%) (MIL)
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 CONSUMER PRODUCTS & SERVICES
0.685 0.185 0.285 0.270 5112 THPLANT 0.275 UNCH 3013.7 0.278 — — 243.1 0.730 0.225 0.425 0.415 0098 BAHVEST 0.420 Unch 3074.6 0.420 56.76 — 514.5
1.590 0.560 0.675 0.655 9059 TSH 0.660 0.010 6002.9 0.667 20.69 1.52 912.0 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
5.429 4.000 4.410 4.220 2593 UMCCA 4.400 0.080 9.3 4.379 13.93 1.82 923.0 0.790 0.095 0.600 0.570 0116 FOCUS 0.585 Unch 7864.8 0.579 — — 1,195.9
27.000 23.000 25.600 25.080 2089 UTDPLT 25.500 0.420 53.9 25.329 18.69 1.57 5,307.4 0.770 0.250 0.410 0.400 0157 FOCUSP 0.400 Unch 758 0.406 7.94 4.38 88.0
TELECOMMUNICATIONS & MEDIA 0.150 0.075 0.095 0.090 0074 GOCEAN 0.095 Unch 80.7 0.092 — — 27.5
0.150 0.030 0.065 0.050 0159 AMEDIA 0.050 0.005 132.6 0.052 — — 12.0 0.125 0.035 0.085 0.075 0170 KANGER 0.080 Unch 5774.8 0.080 8.42 — 98.8
0.680 0.470 — — 7031 AMTEL 0.515 — — — 5.78 — 27.9 0.408 0.115 0.185 0.175 0210 KHJB 0.180 -0.005 993.3 0.180 6.74 8.33 68.4
1.538 0.693 0.845 0.820 6399 ASTRO 0.820 UNCH 13200.9 0.832 6.51 9.15 4,275.9 0.220 0.110 0.180 0.175 0180 KTC 0.175 Unch 1473.5 0.177 8.45 — 89.3
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 0.275 0.085 0.265 0.255 0182 LKL 0.255 -0.005 6625 0.258 — — 109.3
0.270 0.075 — — 6025 BJMEDIA 0.105 — — — — — 24.7 0.220 0.030 0.070 0.070 0140 MACPIE 0.070 Unch 17.5 0.070 — — 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 0.645 0.340 0.560 0.540 0201 NOVA 0.550 -0.005 514.2 0.551 14.32 2.09 174.8
0.310 0.075 0.115 0.110 0059 ECOHLDS 0.115 UNCH 107.8 0.115 14.02 — 36.1 0.150 0.090 — — 0153 OVERSEA 0.125 — — — — — 30.8
0.935 0.305 0.580 0.555 0082 GPACKET 0.560 UNCH 2623.7 0.568 — — 524.1 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
5.645 4.590 5.500 5.440 6012 MAXIS 5.460 UNCH 1496.7 5.465 28.09 3.66 42,699.9 0.509 0.300 0.420 0.390 0158 SCC 0.420 0.020 85 0.402 11.17 8.10 59.3
0.520 0.110 0.135 0.120 4502 MEDIA 0.125 UNCH 30874.1 0.129 — — 138.6 0.270 0.095 0.135 0.125 0212 SDS 0.135 0.010 1243 0.130 — — 54.8
0.255 0.120 0.195 0.185 5090 MEDIAC 0.185 -0.005 3994.6 0.195 — 5.89 312.1 0.275 0.115 0.175 0.165 0216 SPRING 0.170 Unch 876 0.170 3.91 — 70.7
0.665 0.345 0.470 0.460 0172 OCK 0.460 0.010 3438.2 0.464 14.70 — 440.9 0.200 0.030 0.105 0.085 0148 SUNZEN 0.095 0.010 2955.7 0.094 — — 50.8
0.347 0.222 — — 7190 PPG 0.265 — — — — 3.77 26.5 0.370 0.100 0.170 0.165 0197 WEGMANS 0.170 0.005 199.7 0.167 10.69 2.94 85.0
0.235 0.085 0.130 0.125 5252 SASBADI 0.125 UNCH 3453.5 0.125 17.86 — 52.4 0.270 0.120 0.205 0.185 0095 XINGHE 0.200 0.010 20243.8 0.191 — — 122.4
0.590 0.450 — — 9431 SJC 0.590 — — — — — 23.9 INDUSTRIAL PRODUCTS & SERVICES
0.678 0.209 0.320 0.290 6084 STAR 0.315 0.030 26940.4 0.304 40.91 6.35 232.6 0.270 0.135 0.260 0.245 0218 ACO 0.245 -0.005 8698.6 0.251 0.09 — 73.5
10.220 8.300 9.900 9.700 5031 TIMECOM 9.700 UNCH 1880.7 9.790 18.05 1.03 5,786.4 0.295 0.170 0.235 0.225 0122 AIM 0.230 0.005 11.2 0.228 — — 61.2
4.532 2.518 4.000 3.960 4863 TM 3.960 UNCH 2955 3.971 23.57 2.53 14,912.5 0.085 0.030 0.050 0.045 0105 ASIAPLY 0.050 0.005 461 0.045 — — 22.9
TECHNOLOGY 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
0.680 0.470 — — 7031 AMTEL 0.515 — — — 5.78 — 27.9 0.425 0.130 0.350 0.330 0163 CAREPLS 0.340 -0.005 27929.2 0.342 — — 180.7
0.605 0.095 0.260 0.245 7181 ARBB 0.245 UNCH 9294.1 0.251 1.43 — 72.0 0.130 0.045 0.095 0.080 0102 CONNECT 0.085 0.010 2784.2 0.089 — — 28.1
0.160 0.035 0.095 0.090 5195 CENSOF 0.090 UNCH 2001.1 0.091 — — 45.2 0.245 0.100 0.165 0.165 0190 ESAFE 0.165 0.015 1 0.165 25.00 10.91 39.7
0.245 0.045 0.120 0.110 0051 CUSCAPI 0.110 UNCH 3362.6 0.117 — — 94.5 0.390 0.127 0.290 0.275 0100 ESCERAM 0.275 -0.005 1162.8 0.281 23.91 2.18 56.5
0.925 0.430 0.700 0.660 7204 D&O 0.685 0.040 6702.7 0.676 23.06 1.46 771.5 0.519 0.060 0.150 0.140 0039 GFM 0.140 Unch 2432.6 0.145 11.02 7.86 66.1
0.280 0.060 0.140 0.130 8338 DATAPRP 0.135 0.005 4058 0.134 — — 62.6 1.950 0.130 0.195 0.180 0175 HHGROUP 0.185 Unch 54.8 0.191 — — 6.3
0.060 0.015 0.035 0.035 0029 DIGISTA 0.035 UNCH 397.4 0.035 — — 27.6 0.155 0.040 0.085 0.075 0160 HHHCORP 0.080 0.005 1697.4 0.080 14.04 — 26.7
0.310 0.070 0.170 0.160 4456 DNEX 0.160 0.005 92085.8 0.165 9.36 3.13 281.3 0.305 0.100 0.225 0.210 0188 HLT 0.210 -0.010 3214.9 0.213 23.08 — 107.5
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 0.055 0.025 0.040 0.035 0024 JAG 0.040 Unch 790.1 0.038 — — 72.7
0.605 0.115 0.320 0.290 5036 EDARAN 0.295 0.020 1239.2 0.308 — — 17.7 1.043 0.078 0.875 0.835 0193 KAB 0.860 -0.005 1709.5 0.859 71.07 0.58 796.0
0.732 0.230 0.390 0.370 0065 EFORCE 0.375 0.005 6424.6 0.380 28.85 3.68 230.8 0.385 0.055 0.140 0.130 0167 MCLEAN 0.135 Unch 834.9 0.133 — — 26.6
1.061 0.380 0.610 0.570 0090 ELSOFT 0.595 0.030 3629.5 0.592 22.45 5.04 398.3 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
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 0.688 0.200 0.395 0.365 0213 MTAG 0.375 0.010 20357.5 0.379 6.98 — 255.6
0.100 0.030 0.090 0.090 9377 FSBM 0.090 0.020 5 0.090 — — 12.7 0.070 0.010 0.030 0.025 0177 PASUKGB 0.025 Unch 81.5 0.025 — — 20.4
1.880 1.040 1.880 1.810 0021 GHLSYS 1.870 0.070 2089 1.858 48.32 — 1,401.0 0.220 0.050 0.155 0.135 0038 PTB 0.145 0.005 1802.7 0.146 — — 38.1
0.935 0.305 0.580 0.555 0082 GPACKET 0.560 UNCH 2623.7 0.568 — — 524.1 0.435 0.155 0.265 0.245 0217 PWRWELL 0.255 0.015 17669.2 0.253 13.28 — 148.0
0.300 0.165 0.260 0.240 0056 GRANFLO 0.260 0.020 732.5 0.252 43.33 1.92 129.4 0.265 0.080 0.145 0.135 0196 QES 0.140 0.015 20936.9 0.138 31.82 — 106.2
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 0.075 0.035 0.050 0.040 0133 SANICHI 0.045 0.005 94766.5 0.045 — — 49.9
1.440 0.450 0.815 0.755 5028 HTPADU 0.780 0.030 3203.8 0.777 11.11 — 79.0 0.140 0.035 0.075 0.065 0161 SCH 0.070 Unch 5867.8 0.068 6.67 — 38.9
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 0.982 0.315 0.795 0.750 0001 SCOMNET 0.760 -0.015 6649.7 0.773 25.94 1.32 488.7
0.300 0.146 0.200 0.195 0192 INTA 0.200 0.010 479.3 0.195 4.76 5.00 107.1 0.245 0.065 0.115 0.105 0028 SCOPE 0.105 -0.005 979 0.107 — — 69.5
0.130 0.030 0.055 0.055 9393 ITRONIC 0.055 0.005 8 0.055 — — 7.3 0.155 0.050 0.090 0.075 0055 SERSOL 0.080 0.005 2100.8 0.083 — — 17.2
0.365 0.130 0.260 0.240 5161 JCY 0.250 0.015 21238.1 0.249 — 2.00 521.7 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
12.000 5.000 8.390 8.150 9334 KESM 8.240 0.140 50.6 8.236 37.23 1.09 354.4 0.575 0.190 0.335 0.310 0084 TECFAST 0.320 0.010 4458.9 0.325 20.78 3.13 73.0
0.150 0.020 0.060 0.050 0143 KEYASIC 0.050 -0.005 9142.4 0.051 — — 47.5 0.490 0.140 0.280 0.250 0089 TEXCYCL 0.250 Unch 843.5 0.260 12.63 2.40 64.0
0.405 0.310 — — 0302 MCOM 0.405 — — — 126.5 — 76.4 0.610 0.215 0.355 0.340 0162 WIDAD 0.350 0.005 10953.4 0.348 71.43 — 859.1
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 0.195 0.075 0.125 0.110 0025 YBS 0.110 -0.005 283.6 0.113 73.33 — 26.6
0.911 0.325 0.600 0.550 0113 MMSV 0.580 0.035 3074.5 0.576 15.22 3.45 118.3 TECHNOLOGY
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 0.325 0.075 0.215 0.200 0181 AEMULUS 0.205 Unch 7114.3 0.206 — 0.98 112.6
1.600 0.550 0.900 0.900 5011 MSNIAGA 0.900 UNCH 0.5 0.900 — — 54.4 0.265 0.075 0.175 0.160 0119 APPASIA 0.170 0.015 1659 0.167 — — 58.7
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 0.270 0.060 — — 0068 ASDION 0.080 — — — — — 10.2
0.243 0.040 0.090 0.080 0041 MYSCM 0.080 UNCH 1247.9 0.081 — — 25.5 0.600 0.195 0.375 0.350 0195 BINACOM 0.355 0.005 11452.9 0.363 28.86 — 93.9
1.380 0.410 0.915 0.875 0083 NOTION 0.895 0.035 24511.3 0.894 12.55 1.12 301.3 0.284 0.110 0.155 0.155 0191 CABNET 0.155 0.015 0.1 0.155 11.57 5.16 27.7
0.715 0.320 0.590 0.555 9008 OMESTI 0.575 0.025 21581 0.572 10.83 — 305.2 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
5.580 2.370 4.080 3.890 7160 PENTA 4.000 0.160 5292.2 4.000 22.88 — 1,899.5 0.020 0.005 0.015 0.010 0154 EAH 0.015 Unch 818.4 0.010 — — 76.1
0.545 0.100 0.305 0.285 5204 PRESBHD 0.285 -0.005 19130.8 0.295 — — 137.9 0.069 0.010 0.020 0.015 0107 EDUSPEC 0.020 Unch 3940.2 0.018 — — 34.0
0.580 0.160 0.285 0.265 9075 THETA 0.285 0.005 91.4 0.280 167.65 — 30.6 1.720 1.030 1.200 1.170 0104 GENETEC 1.170 0.020 49.9 1.198 12.72 4.27 49.6
0.020 0.005 0.010 0.005 0118 TRIVE 0.010 UNCH 9689.1 0.009 — — 27.5 0.100 0.030 0.040 0.035 0045 GNB 0.040 0.005 318.2 0.035 — — 11.6
0.165 0.060 0.085 0.075 4359 TURIYA 0.085 0.015 75 0.080 — — 19.4 3.880 0.635 2.760 2.660 0208 GREATEC 2.710 0.100 5397.5 2.707 29.68 — 1,696.5
2.872 1.513 1.950 1.870 5005 UNISEM 1.900 0.030 326.3 1.909 — 4.74 1,394.3 0.035 0.015 0.015 0.015 0174 IDMENSN 0.015 Unch 75 0.015 — — 4.1
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 0.570 0.165 0.310 0.295 0023 IFCAMSC 0.300 0.005 21810 0.303 27.03 3.33 182.5
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 0.080 0.015 0.035 0.030 0094 INIX 0.030 Unch 2934.3 0.030 — — 8.9
1.670 0.700 1.120 1.070 5162 VSTECS 1.090 0.020 1092.6 1.097 6.61 5.05 196.2 0.195 0.060 0.105 0.095 0010 IRIS 0.100 Unch 16058.4 0.100 9.09 — 296.6
0.645 0.300 0.460 0.430 0008 WILLOW 0.440 0.015 410 0.444 14.38 2.27 218.2 0.275 0.095 0.160 0.150 0209 ISTONE 0.155 0.005 4569.1 0.155 18.67 — 189.3
UTILITIES 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
0.375 0.090 0.185 0.180 7471 EDEN 0.185 0.005 6326.7 0.181 12.85 — 74.6 0.285 0.090 0.215 0.190 0111 K1 0.200 -0.005 31188.7 0.203 23.26 — 145.8
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 0.050 0.010 0.030 0.030 0036 KGROUP 0.030 0.005 267 0.030 — — 19.1
0.915 0.645 0.890 0.875 5264 MALAKOF 0.875 UNCH 1098.8 0.879 1.79 7.49 4,375.0 0.960 0.315 0.595 0.560 0176 KRONO 0.570 0.015 50817.8 0.576 13.70 3.51 297.8
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 0.135 0.005 0.020 0.015 0018 LAMBO 0.015 -0.005 180091 0.020 3.13 — 31.5
1.150 0.725 0.950 0.845 5041 PBA 0.950 0.110 56.6 0.867 12.50 2.77 314.7 0.405 0.120 0.270 0.250 0075 LYC 0.265 0.010 1657.8 0.262 — — 94.2
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 0.055 0.020 0.045 0.040 0017 M3TECH 0.045 Unch 540 0.045 — — 29.0
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 0.285 0.104 0.225 0.200 0155 MGRC 0.210 0.015 849 0.213 0.99 — 21.7
0.298 0.100 0.180 0.160 8567 SALCON 0.170 0.020 13426.7 0.168 — — 144.0 0.980 0.305 0.740 0.700 0126 MICROLN 0.740 0.010 212.5 0.729 14.15 — 136.2
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 0.265 0.130 0.165 0.155 0112 MIKROMB 0.160 0.005 318.1 0.161 15.84 5.00 94.3
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 0.075 0.010 0.025 0.020 0085 MLAB 0.025 Unch 2897.1 0.021 — — 20.0
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 0.400 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
0.849 0.480 0.715 0.680 6742 YTLPOWR 0.705 0.030 6933.2 0.702 12.96 7.09 5,751.5 0.135 0.040 0.100 0.085 0156 MPAY 0.085 -0.005 8850.5 0.092 — — 60.4
CLOSED-END FUNDS 0.050 0.010 0.020 0.020 0070 MQTECH 0.020 Unch 4653 0.020 — — 13.7
2.470 1.850 2.030 2.020 5108 ICAP 2.020 UNCH 224.6 2.029 74.81 — 282.8 0.205 0.050 0.080 0.070 0092 MTOUCHE 0.075 Unch 93041.5 0.076 — — 38.1
EXCHANGE TRADED FUNDS 0.847 0.337 0.540 0.530 0108 N2N 0.540 0.015 405.7 0.534 18.95 3.70 322.9
1.340 1.177 — — 0800EA ABFMY1 1.229 — — — — 1.29 1,589.0 0.025 0.005 0.015 0.010 0020 NETX 0.015 0.005 3624.5 0.013 — — 62.3
6.460 5.160 6.210 6.210 0829EA CHINAETF-MYR 6.210 0.220 26.3 6.210 — — 10.1 0.020 0.005 0.015 0.010 0096 NEXGRAM 0.010 -0.005 4487.7 0.014 — — 20.7
1.345 1.335 — — 0829EB CHINAETF-USD 1.335 — — — — — 0.9 0.106 0.015 0.055 0.045 0026 NOVAMSC 0.050 Unch 11322.8 0.050 — — 37.6
4.070 2.950 2.980 2.950 0831EA FANG-1XI 2.980 0.030 2 2.965 — — 1.5 0.840 0.195 0.395 0.370 0035 OPCOM 0.380 0.010 4640.3 0.383 — — 61.3
6.470 2.660 — — 0830EA FANG-2XL 4.260 — — — — — 0.8 0.448 0.256 0.375 0.350 0040 OPENSYS 0.360 0.005 10190.3 0.366 9.65 5.56 107.2
1.790 1.350 1.480 1.480 0820EA FBMKLCI-EA 1.480 UNCH 3.6 1.480 — 2.23 2.5 0.205 0.030 0.055 0.050 0079 ORION 0.050 0.005 10825.7 0.050 — — 36.5
2.370 1.840 2.100 2.100 0833EA HSCEI-1XI 2.100 -0.060 30 2.100 — — 1.5 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
2.260 1.250 1.550 1.550 0832EA HSCEI-2XL 1.550 0.080 60 1.550 — — 0.5 1.530 0.670 1.230 1.140 0200 REVENUE 1.190 0.070 8497.8 1.188 43.27 — 463.4
2.670 2.005 — — 0835EA KLCI1XI 2.235 — — — — — 2.2 0.715 0.355 0.520 0.490 0106 REXIT 0.515 0.025 157.7 0.509 10.28 5.83 97.5
2.000 1.260 — — 0834EA KLCI2XL 1.360 — — — — — 1.4 0.390 0.180 0.295 0.275 0202 RGTECH 0.275 -0.010 9504.2 0.287 25.94 — 144.4
1.045 0.940 — — 0826EA METFAPA 0.945 — — — — — 17.0 0.275 0.080 0.185 0.155 0178 SEDANIA 0.155 -0.025 13113.5 0.174 15.05 — 38.9
1.000 0.380 0.390 0.380 0825EA METFSID 0.380 UNCH 35 0.381 — 5.71 23.6 0.267 0.035 0.105 0.085 0203 SMETRIC 0.100 0.015 9504.2 0.098 23.81 — 48.7
1.410 1.040 1.245 1.140 0827EA METFUS50 1.245 0.155 5.4 1.174 — — 11.0 0.125 0.015 0.055 0.050 0117 SMRT 0.050 -0.005 454.4 0.050 — — 20.4
1.150 0.820 0.945 0.945 0821EA MYETFDJ 0.945 0.045 1 0.945 — 1.92 245.6 0.280 0.040 0.070 0.065 0169 SMTRACK 0.070 Unch 55 0.070 — — 12.4
1.180 0.850 0.960 0.945 0824EA MYETFID 0.945 0.005 5.5 0.956 — 3.13 28.7 0.130 0.045 0.090 0.075 0093 SOLUTN 0.080 0.005 2493.4 0.081 — — 24.5
1.950 1.310 1.390 1.390 0822EA PAM-A40M 1.390 UNCH 0.2 1.390 — 4.93 3.8 0.450 0.195 0.380 0.370 0129 SRIDGE 0.370 -0.005 3422.4 0.375 — — 54.9
1.690 1.300 1.450 1.450 0823EA PAM-C50 1.450 0.005 30 1.450 — — 10.4 0.240 0.060 0.120 0.105 0050 SYSTECH 0.115 0.010 271.6 0.114 — 1.74 40.0
REAL ESTATE INVESTMENT TRUSTS 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
0.789 0.580 0.720 0.720 4952 AHP 0.720 -0.025 2.8 0.720 12.39 7.99 158.4 0.260 0.035 0.095 0.080 0005 UCREST 0.080 -0.010 8870.6 0.085 — — 37.1
1.592 1.164 1.400 1.400 5116 ALAQAR 1.400 UNCH 17.1 1.400 13.53 4.89 1,030.4 0.330 0.020 0.085 0.080 0060 VC 0.085 0.005 34438.2 0.084 — — 64.0
0.873 0.585 0.740 0.720 5269 ALSREIT 0.735 0.025 15.3 0.727 11.80 6.01 426.3 0.775 0.210 0.460 0.425 0120 VIS 0.445 0.020 12476.1 0.444 19.78 2.25 76.0
0.505 0.320 0.425 0.415 5120 AMFIRST 0.425 0.010 400.5 0.422 14.36 9.22 291.7 0.025 0.015 0.025 0.015 0069 VIVOCOM 0.020 0.005 145432 0.020 100.00 — 113.3
0.797 0.500 0.640 0.635 5127 ARREIT 0.640 0.010 240.8 0.639 27.71 9.69 366.9 0.245 0.015 0.040 0.035 0066 VSOLAR 0.035 Unch 2865.8 0.035 — — 14.4
1.171 0.805 0.960 0.960 5130 ATRIUM 0.960 UNCH 18.1 0.960 29.45 6.82 196.4 0.045 0.035 — — 0141 WINTONI 0.035 — — — — — 18.0
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 0.200 0.090 — — 0086 YGL 0.105 — — — — — 26.8
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 TELECOMMUNICATIONS & MEDIA
1.070 0.550 0.675 0.665 5121 HEKTAR 0.675 0.010 309.7 0.670 27.22 11.51 311.8 0.600 0.195 0.375 0.350 0195 BINACOM 0.355 0.005 11452.9 0.363 28.86 — 93.9
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 0.510 0.290 — — 0147 INNITY 0.320 — — — 35.16 — 44.5
0.915 0.600 0.785 0.770 5280 KIPREIT 0.775 0.005 307.8 0.777 8.39 7.92 391.6 0.055 0.020 0.045 0.040 0017 M3TECH 0.045 Unch 540 0.045 — — 29.0
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 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
1.042 0.500 0.760 0.750 5123 MQREIT 0.755 0.015 163 0.753 27.66 9.01 809.2 0.020 0.005 0.015 0.010 0096 NEXGRAM 0.010 -0.005 4487.7 0.014 — — 20.7
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 0.840 0.195 0.395 0.370 0035 OPCOM 0.380 0.010 4640.3 0.383 — — 61.3
1.918 1.500 1.630 1.600 5176 SUNREIT 1.600 UNCH 8353.2 1.610 11.90 6.13 4,712.1 0.080 0.020 0.040 0.040 0123 PRIVA 0.040 Unch 740 0.040 — — 22.3
0.883 0.490 0.730 0.685 5111 TWRREIT 0.695 0.005 106.1 0.700 15.76 7.45 194.9 0.150 0.060 0.150 0.120 0007 PUC 0.135 0.015 7231.3 0.137 — — 64.1
1.313 1.050 1.220 1.210 5110 UOAREIT 1.220 UNCH 35.4 1.211 24.50 7.47 515.9 0.610 0.200 0.365 0.335 0032 REDTONE 0.350 0.020 5964 0.351 9.78 — 273.9
1.359 0.700 1.010 0.970 5109 YTLREIT 0.975 UNCH 1795.8 0.987 14.28 0.40 1,661.8 0.240 0.040 0.085 0.070 0173 REV 0.080 0.015 327 0.078 — — 10.8
SPAC 0.275 0.080 0.185 0.155 0178 SEDANIA 0.155 -0.025 13113.5 0.174 15.05 — 38.9
0.505 0.505 — — 5270 RSENA 0.505 — — — — — 505.0 0.450 0.195 0.380 0.370 0129 SRIDGE 0.370 -0.005 3422.4 0.375 — — 54.9
ENERGY 0.065 0.010 0.035 0.025 0165 XOX 0.030 0.005 89470.9 0.031 — — 32.8
0.200 0.030 0.075 0.065 5115 ALAM 0.070 0.005 27512.5 0.070 — — 79.2 FINANCIAL SERVICES
0.555 0.110 0.185 0.175 5210 ARMADA 0.180 UNCH 68459.8 0.181 18.00 — 1,057.8 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 — 73.1
0.110 0.010 0.030 0.015 7251 BARAKAH 0.025 0.010 25416.4 0.023 — — 20.9 HEALTH CARE
1.441 0.325 0.715 0.685 5257 CARIMIN 0.695 0.005 12288.7 0.701 5.27 6.04 162.5 0.425 0.130 0.350 0.330 0163 CAREPLS 0.340 -0.005 27929.2 0.342 — — 180.7
1.510 0.530 0.730 0.685 5071 COASTAL 0.700 0.015 740.3 0.694 38.67 — 374.7 0.275 0.085 0.265 0.255 0182 LKL 0.255 -0.005 6625 0.258 — — 109.3
0.015 0.005 0.010 0.005 0091 DAYA 0.005 UNCH 42925.4 0.005 — — 10.2 0.285 0.104 0.225 0.200 0155 MGRC 0.210 0.015 849 0.213 0.99 — 21.7
3.010 0.710 1.340 1.280 5141 DAYANG 1.280 -0.010 19208.8 1.312 5.43 — 1,358.5 0.645 0.340 0.560 0.540 0201 NOVA 0.550 -0.005 514.2 0.551 14.32 2.09 174.8
1.058 0.340 0.570 0.550 5132 DELEUM 0.565 0.015 1184.7 0.562 6.84 7.79 226.9 TRANSPORTATION & LOGISTICS
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 0.090 0.030 0.045 0.045 0048 ANCOMLB 0.045 0.005 295 0.045 — — 21.3
0.510 0.135 0.245 0.240 7253 HANDAL 0.240 -0.005 205 0.244 — — 52.5 0.260 0.130 0.175 0.160 0080 STRAITS 0.170 0.010 6595.1 0.168 15.60 — 110.6
6.200 2.200 3.210 2.980 4324 HENGYUAN 3.120 0.160 1597.9 3.090 27.20 — 936.0 0.409 0.170 0.275 0.270 0199 TRIMODE 0.275 0.010 5.5 0.271 18.21 2.73 45.7
1.220 0.245 0.490 0.470 5199 HIBISCS 0.480 0.010 86799.5 0.483 5.17 — 762.3 CONSTRUCTION
0.250 0.035 0.075 0.065 2739 HUAAN 0.070 0.005 8778 0.070 — — 78.6 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
0.950 0.035 0.070 0.060 5255 ICON 0.065 0.005 18206.1 0.065 — — 171.7 0.050 0.015 0.020 0.020 0109 SCBUILD 0.020 Unch 165 0.020 8.33 — 17.7
0.475 0.085 0.165 0.150 7164 KNM 0.155 -0.005 59595.7 0.158 7.95 — 409.9 PLANTATION
0.970 0.255 0.440 0.420 5186 MHB 0.435 0.015 2477.3 0.430 — — 696.0 0.100 0.050 0.065 0.060 0189 MATANG 0.065 0.005 398.6 0.060 108.33 2.31 117.7
1.784 0.375 0.780 0.750 5133 PENERGY 0.755 UNCH 1912.8 0.764 3.88 5.30 242.9 UTILITIES
0.555 0.100 0.175 0.165 7108 PERDANA 0.170 UNCH 27085.9 0.170 — — 375.1 0.280 0.150 0.225 0.220 0011 BTECH 0.220 Unch 594.3 0.223 9.48 7.27 55.4
* Volume Weighted Average Price # PE is calculated based on latest 12 months reported Earnings Per Share
2 2 Markets M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY

B U R S A M A L AY S I A E Q U I T Y D E R I VAT I V E S

Bursa Malaysia Equity Derivatives YEAR

HIGH
YEAR
LOW
DAY
HIGH
DAY
LOW
CODE WARRANTS CLOSE
(RM)
+/-
(RM)
VOL PARENT
(‘000)
EXE
PRICE PRICE
PR’M
(%)
EXPIRY
DATE
Main Market & Ace Market Warrants 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
YEAR YEAR DAY DAY CODE WARRANTS CLOSE +/- VOL PARENT EXE PR’M EXPIRY 0.100 0.005 0.005 0.005 5199C7 HIBISCS-C7 0.005 Unch 50 0.480 1.000 110.42 30/06/2020
HIGH LOW HIGH LOW (RM) (RM) (‘000) PRICE PRICE (%) DATE 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
0.045 0.005 0.005 0.005 5238WA AAX-WA 0.005 Unch 200 0.080 0.460 481.25 08/06/2020 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
0.060 0.005 0.015 0.015 6599CX AEON-CX 0.015 Unch 50 1.090 1.450 35.78 30/11/2020 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
0.050 0.005 0.020 0.010 50991C AIRASIAC1C 0.015 0.005 2666.3 0.785 1.250 63.06 30/10/2020 0.025 0.010 0.020 0.020 7013WC HUBLINE-WC 0.020 Unch 530 0.050 0.055 50 17/12/2023
0.095 0.005 0.020 0.015 50991D AIRASIAC1D 0.015 0.005 6457 0.785 1.300 69.43 30/11/2020 0.070 0.005 0.070 0.055 9601WD HWGB-WD 0.070 0.020 8584.1 0.215 0.320 81.4 15/03/2021
0.085 0.010 0.030 0.025 50991E AIRASIAC1E 0.030 0.010 120 0.785 1.280 74.52 15/01/2021 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
0.050 0.005 0.015 0.015 50991F AIRASIAC1F 0.015 0.005 1280 0.785 1.400 83.12 27/10/2020 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
0.080 0.035 0.070 0.065 50991G AIRASIAC1G 0.070 0.015 80 0.785 1.230 80.76 18/12/2020 0.100 0.005 0.010 0.005 16653 INARI-C53 0.005 Unch 215 1.460 2.500 72.26 07/09/2020
0.045 0.005 0.005 0.005 509998 AIRASIAC98 0.005 Unch 390.1 0.785 1.680 115.61 30/11/2020 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
0.025 0.003 0.005 0.005 509999 AIRASIAC99 0.005 Unch 408.9 0.785 1.650 111.46 30/10/2020 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
0.080 0.010 0.030 0.025 5115WA ALAM-WA 0.025 Unch 3436.8 0.070 0.120 107.14 28/03/2022 0.180 0.015 0.080 0.070 16657 INARI-C57 0.075 0.010 1812.8 1.460 1.700 31.85 30/11/2020
0.090 0.005 0.015 0.015 101519 AMBANK-C19 0.015 Unch 350 3.100 3.850 25.65 30/10/2020 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
0.195 0.030 0.085 0.080 0119WA APPASIA-WA 0.080 0.010 337 0.170 0.130 23.53 23/12/2024 0.115 0.015 0.050 0.040 16659 INARI-C59 0.050 0.005 1002 1.460 2.000 45.55 27/10/2020
0.630 0.010 0.015 0.015 521051 ARMADA-C51 0.015 Unch 817.6 0.180 0.235 34.72 30/06/2020 0.140 0.010 0.025 0.025 196123 IOICORP-C23 0.025 0.010 80 4.000 4.500 15 09/11/2020
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 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
0.115 0.005 0.005 0.005 639919 ASTRO-C19 0.005 Unch 10 0.820 1.580 93.9 30/09/2020 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
0.275 0.040 0.150 0.125 7579WA AWC-WA 0.135 -0.005 1274.4 0.370 0.880 174.32 25/12/2023 0.345 0.060 0.160 0.145 7161WB KERJAYA-WB 0.155 0.010 156 1.070 1.600 64.02 28/02/2023
0.230 0.005 0.005 0.005 688838 AXIATA-C38 0.005 Unch 50 0.286 4.440 1,463 30/04/2020 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
0.150 0.010 0.045 0.035 688849 AXIATA-C49 0.045 0.030 202 3.810 4.250 17.45 28/08/2020 0.475 0.170 0.300 0.285 5027WB KMLOONG-WB 0.285 -0.010 61.8 1.110 1.400 51.8 10/04/2025
0.200 0.030 0.075 0.065 688851 AXIATA-C51 0.075 0.015 484 3.810 4.300 22.7 09/11/2020 0.235 0.075 0.230 0.230 7153C3 KOSSAN-C3 0.230 Unch 15 5.570 4.500 3.5 28/07/2020
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 0.205 0.080 0.205 0.200 7153C4 KOSSAN-C4 0.200 -0.005 25 5.570 5.000 7.72 30/11/2020
0.330 0.050 0.095 0.085 7078WA AZRB-WA 0.085 Unch 1443.9 0.220 0.630 225 13/05/2024 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
0.450 0.130 0.290 0.275 0098WA BAHVEST-WA 0.275 -0.015 1398.1 0.420 0.430 67.86 20/08/2024 0.035 0.005 0.010 0.005 0018WB LAMBO-WB 0.010 Unch 6881.5 0.015 0.160 1,033 29/04/2024
0.245 0.030 0.085 0.070 4162CV BAT-CV 0.080 0.005 1016 11.620 12.000 13.6 27/10/2020 0.230 0.025 0.070 0.065 9385WA LAYHONG-WA 0.070 0.005 1577.7 0.340 0.400 38.24 13/10/2021
0.315 0.030 0.140 0.110 4162CX BAT-CX 0.140 0.025 840.3 11.620 12.000 15.32 30/10/2020 0.260 0.050 0.075 0.065 8494WB LBICAP-WB 0.075 Unch 69.3 0.400 0.500 43.75 24/06/2024
0.170 0.040 0.075 0.075 4162CY BAT-CY 0.075 Unch 164 11.620 13.000 28.01 15/01/2021 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
0.105 0.005 0.015 0.005 5248C8 BAUTO-C8 0.015 0.005 1000 1.350 2.000 51.48 30/11/2020 0.300 0.005 0.020 0.020 6633CL LHI-CL 0.020 0.005 26 0.585 0.750 31.62 28/08/2020
0.395 0.115 0.200 0.190 5258WA BIMB-WA 0.200 0.010 625 3.400 4.720 44.71 04/12/2023 0.100 0.035 0.070 0.065 8303WB LOTUS-WB 0.070 0.010 179.6 0.125 0.100 36 25/11/2024
0.090 0.015 0.030 0.025 0179WA BIOHLDG-WA 0.025 Unch 2164.2 0.110 0.220 122.73 05/01/2022 0.350 0.030 0.030 0.030 7617WB MAGNA-WB 0.030 Unch 10 0.780 0.900 19.23 04/09/2020
0.070 0.015 0.025 0.025 3239WB BJASSET-WB 0.025 Unch 600 0.265 0.350 41.51 09/06/2023 0.125 0.015 0.030 0.030 7087CA MAGNI-CA 0.030 0.005 2000 1.960 2.800 48.21 24/09/2020
0.050 0.010 0.015 0.015 3395WB BJCORP-WB 0.015 0.005 980 0.195 1.000 420.51 22/04/2022 0.135 0.005 0.040 0.040 7087CB MAGNI-CB 0.040 0.015 20 1.960 2.700 43.88 30/11/2020
0.075 0.015 0.030 0.030 3395WC BJCORP-WC 0.030 Unch 1284 0.195 1.000 428.21 29/05/2026 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
0.020 0.005 0.010 0.005 7036WC BORNOIL-WC 0.010 Unch 100 0.025 0.070 220 08/11/2025 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
0.025 0.005 0.010 0.010 7036WD BORNOIL-WD 0.010 0.005 127 0.025 0.070 220 29/05/2027 0.060 0.005 0.005 0.005 115559 MAYBANKC59 0.005 Unch 50 4.305 9.000 110.1 30/04/2020
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 0.120 0.005 0.040 0.030 115561 MAYBANKC61 0.035 0.010 1000.1 7.700 8.700 14.35 30/07/2020
0.190 0.015 0.040 0.040 7188WB BTM-WB 0.040 0.005 30 0.100 0.200 140 23/10/2024 0.070 0.010 0.025 0.020 115565 MAYBANKC65 0.025 0.005 563 7.470 8.500 14.79 30/11/2020
0.095 0.005 0.095 0.080 181827 BURSA-C27 0.095 0.020 347.7 5.880 5.850 7.57 30/10/2020 0.720 0.220 0.345 0.330 5152WA MBL-WA 0.330 0.005 162 1.190 0.800 -5.04 28/11/2022
0.330 0.040 0.115 0.105 7154WA CAELY-WA 0.110 0.010 314.7 0.260 0.190 15.38 22/04/2021 0.095 0.005 0.010 0.005 5983CM MBMR-CM 0.005 -0.005 60 2.880 4.280 50 30/09/2020
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 0.205 0.040 0.060 0.060 5983CO MBMR-CO 0.060 0.005 77.9 2.880 4.000 47.22 30/11/2020
0.155 0.005 0.005 0.005 102355 CIMB-C55 0.005 Unch 690 1.170 5.080 336.32 28/08/2020 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
0.095 0.005 0.005 0.005 102357 CIMB-C57 0.005 Unch 370 2.195 5.880 168.91 07/09/2020 0.050 0.005 0.015 0.015 117128 MBSB-C28 0.015 Unch 50 0.615 0.800 32.52 30/11/2020
0.110 0.005 0.010 0.005 102359 CIMB-C59 0.005 Unch 2710 1.815 5.380 197.8 26/08/2020 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
0.110 0.030 0.055 0.055 102360 CIMB-C60 0.055 0.005 650 3.630 5.280 51.52 18/12/2020 0.165 0.020 0.085 0.075 3778WB MELEWAR-WB 0.080 Unch 1675 0.185 0.400 159.46 18/08/2023
0.050 0.005 0.025 0.020 102361 CIMB-C61 0.020 Unch 1780 3.630 4.880 37.74 06/11/2020 0.100 0.005 0.020 0.010 5040WA MERIDIAN-WA 0.015 Unch 8.4 0.055 0.500 836.36 13/08/2021
0.145 0.005 0.005 0.005 285218 CMSB-C18 0.005 Unch 115 0.645 2.600 305.04 26/08/2020 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
0.090 0.005 0.020 0.015 285219 CMSB-C19 0.020 0.005 4260.2 1.320 2.300 80.3 06/11/2020 0.195 0.010 0.085 0.075 3069CH MFCB-CH 0.080 0.015 417.7 4.900 4.800 7.76 07/08/2020
0.055 0.010 0.030 0.030 0102WA CONNECT-WA 0.030 0.020 360 0.085 0.100 52.94 17/09/2021 0.200 0.005 0.105 0.105 3069CI MFCB-CI 0.105 0.015 50 4.900 5.200 16.84 30/11/2020
0.065 0.005 0.035 0.030 0102WB CONNECT-WB 0.030 -0.005 712.1 0.085 0.100 52.94 07/06/2021 0.480 0.085 0.195 0.185 3662WC MFLOUR-WC 0.190 0.010 1068.6 0.495 0.680 75.76 23/01/2024
0.700 0.170 0.395 0.380 8125WB DAIBOCI-WB 0.380 0.005 106.3 2.010 2.500 43.28 19/06/2022 0.385 0.035 0.150 0.140 5286CG MI-CG 0.145 0.020 797.3 2.130 2.080 18.08 30/11/2020
0.435 0.040 0.120 0.100 5276WA DANCO-WA 0.120 0.020 199 0.385 0.300 9.09 22/05/2022 0.520 0.070 0.230 0.210 5286CH MI-CH 0.210 0.005 4626.6 2.130 2.200 27.93 27/10/2020
0.190 0.005 0.010 0.010 5141C4 DAYANG-C4 0.010 Unch 700 1.280 2.350 87.5 26/08/2020 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
0.270 0.005 0.020 0.020 5141C5 DAYANG-C5 0.020 Unch 100 1.280 2.200 78.13 07/12/2020 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
0.505 0.015 0.060 0.050 5141CX DAYANG-CX 0.055 0.005 2450.3 1.280 1.599 37.16 30/10/2020 0.135 0.025 0.065 0.055 5576WC MINHO-WC 0.055 0.005 9184.9 0.270 0.320 38.89 02/08/2021
0.015 0.005 0.010 0.005 7179WB DBE-WB 0.005 Unch 606.3 0.025 0.050 120 22/01/2022 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
0.130 0.005 0.020 0.015 3484WA DBHD-WA 0.020 Unch 424.7 0.270 0.580 122.22 27/11/2020 0.125 0.005 0.005 0.005 219414 MMCCORPC14 0.005 Unch 390 0.680 1.200 77.94 31/07/2020
0.030 0.005 0.010 0.005 0152WB DGB-WB 0.005 Unch 31920.5 0.025 0.120 400 27/06/2021 0.095 0.005 0.015 0.010 219416 MMCCORPC16 0.015 Unch 55 0.680 1.100 65.07 30/07/2020
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 0.015 0.005 0.010 0.010 165157 MRCB-C57 0.010 Unch 530 0.505 0.820 65.35 28/07/2020
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 0.020 0.005 0.020 0.020 165158 MRCB-C58 0.020 Unch 150 0.505 0.700 46.53 07/12/2020
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 0.100 0.020 0.090 0.090 165161 MRCB-C61 0.090 0.015 200 0.505 0.600 36.63 18/12/2020
0.135 0.095 0.135 0.135 727757 DIALOG-C57 0.135 0.005 1200 3.270 3.600 24.54 25/11/2020 0.370 0.050 0.140 0.130 1651WB MRCB-WB 0.130 Unch 7821.6 0.505 1.250 173.27 29/10/2027
0.105 0.035 0.100 0.090 694738 DIGI-C38 0.095 -0.005 1507 4.580 4.400 4.37 30/10/2020 0.045 0.005 0.010 0.005 0092WC MTOUCHE-WC 0.010 Unch 19849.5 0.075 0.200 180 02/11/2020
0.040 0.010 0.015 0.015 0029WB DIGISTA-WB 0.015 Unch 23 0.035 0.260 685.71 04/04/2023 0.040 0.005 0.010 0.010 0043WA MTRONIC-WA 0.010 Unch 10 0.030 0.080 200 16/04/2022
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 0.040 0.003 0.005 0.005 13880 MYEG-C80 0.005 Unch 12 1.140 1.600 41.67 30/06/2020
0.245 0.025 0.060 0.060 7114WA DNONCE-WA 0.060 Unch 230 0.250 0.250 24 25/11/2020 0.028 0.001 0.005 0.005 13881 MYEG-C81 0.005 Unch 50 1.140 1.480 31.14 27/04/2020
0.060 0.005 0.010 0.010 5265WA DOLPHIN-WA 0.010 Unch 54 0.060 0.800 1,250 29/03/2021 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
0.075 0.005 0.015 0.010 7169WA DOMINAN-WA 0.015 Unch 293.2 0.795 1.300 65.41 10/09/2020 0.115 0.005 0.030 0.030 13885 MYEG-C85 0.030 -0.005 13 1.140 1.250 16.23 15/05/2020
0.045 0.020 0.030 0.025 7198WB DPS-WB 0.030 Unch 220.1 0.060 0.100 116.67 15/01/2025 0.140 0.005 0.055 0.050 13886 MYEG-C86 0.050 Unch 227.1 1.140 1.250 18.42 07/08/2020
0.175 0.005 0.010 0.005 161995 DRBHCOMC95 0.010 0.005 230.1 1.440 2.350 65.28 28/08/2020 0.110 0.005 0.045 0.040 13887 MYEG-C87 0.040 Unch 415.2 1.140 1.200 19.3 12/10/2020
0.170 0.005 0.025 0.020 161997 DRBHCOMC97 0.025 0.005 1451 1.440 2.200 57.99 07/12/2020 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
0.375 0.010 0.075 0.065 521611 DSONIC-C11 0.065 0.005 3645 1.000 1.000 13 30/07/2020 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
0.425 0.005 0.070 0.065 521613 DSONIC-C13 0.065 0.005 473.4 1.000 1.150 24.75 26/08/2020 0.205 0.030 0.115 0.115 13891 MYEG-C91 0.115 0.020 30 1.140 1.200 20.39 30/10/2020
0.250 0.005 0.035 0.010 521614 DSONIC-C14 0.030 0.010 501 1.000 1.250 31.6 19/06/2020 0.175 0.025 0.100 0.090 13892 MYEG-C92 0.095 0.005 1236.5 1.140 1.200 21.93 30/11/2020
0.270 0.010 0.080 0.075 521615 DSONIC-C15 0.075 0.005 120 1.000 1.000 22.5 09/11/2020 0.125 0.055 0.110 0.105 13893 MYEG-C93 0.105 Unch 427.6 1.140 1.700 76.75 15/01/2021
0.135 0.005 0.015 0.010 521617 DSONIC-C17 0.015 -0.005 586.8 1.000 1.800 84.2 14/08/2020 0.285 0.050 0.125 0.115 0108WB N2N-WB 0.125 0.015 175.5 0.540 0.830 76.85 08/01/2024
0.070 0.005 0.030 0.030 521619 DSONIC-C19 0.030 0.005 191.8 1.000 1.400 49 06/11/2020 0.005 0.003 0.005 0.005 0096WA NEXGRAM-WA 0.005 Unch 80 0.010 0.100 950 16/05/2022
0.440 0.215 0.340 0.335 5216HA DSONIC-HA 0.340 -0.005 729 1.000 2.000 202 14/09/2020 0.010 0.005 0.010 0.005 0096WC NEXGRAM-WC 0.010 Unch 650 0.010 0.100 1000 15/01/2024
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 0.190 0.005 0.025 0.010 7241WA NGGB-WA 0.025 Unch 343.2 0.275 0.600 127.27 18/10/2020
0.850 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 0.015 7139WB NICE-WB 0.015 -0.005 370 0.040 0.060 87.5 22/01/2024
0.045 0.010 0.020 0.020 5178WA DYNACIA-WA 0.020 Unch 100.1 0.050 0.120 180 26/12/2023 0.095 0.010 0.025 0.020 7215WB NIHSIN-WB 0.025 Unch 870.1 0.090 0.138 81.11 13/05/2022
0.010 0.005 0.005 0.005 0154WE EAH-WE 0.005 Unch 208.5 0.015 0.035 166.67 22/04/2023 0.930 0.150 0.640 0.590 0083WC NOTION-WC 0.630 0.045 10226.3 0.895 0.840 64.25 14/03/2023
0.320 0.040 0.120 0.105 5253WA ECONBHD-WA 0.110 0.005 5533.6 0.520 1.250 161.54 02/01/2023 0.145 0.005 0.030 0.020 0172WA OCK-WA 0.020 Unch 12648.6 0.460 0.710 58.7 15/12/2020
0.080 0.010 0.015 0.010 8206CX ECOWLD-CX 0.010 Unch 410.2 0.415 0.850 109.64 24/09/2020 0.100 0.005 0.030 0.015 7071WC OCR-WC 0.030 0.015 356 0.245 0.500 116.33 24/07/2021
0.028 0.003 0.010 0.010 8206CZ ECOWLD-CZ 0.010 Unch 101.5 0.415 0.780 92.77 30/11/2020 0.125 0.015 0.035 0.030 7071WD OCR-WD 0.035 0.010 4629.1 0.245 0.220 4.08 18/02/2022
0.300 0.060 0.105 0.095 8206WA ECOWLD-WA 0.100 0.005 674.7 0.415 2.080 425.3 26/03/2022 0.135 0.010 0.030 0.020 0079WA ORION-WA 0.025 Unch 1946.3 0.050 0.170 290 26/07/2022
0.125 0.025 0.050 0.045 7471WB EDEN-WB 0.050 Unch 1266 0.185 0.300 89.19 13/08/2021 0.265 0.040 0.135 0.115 5260WA OWG-WA 0.120 -0.005 3792.9 0.350 0.800 162.86 29/09/2023
0.020 0.005 0.010 0.010 0107WB EDUSPEC-WB 0.010 Unch 10 0.020 0.050 200 30/09/2024 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
0.150 0.005 0.030 0.015 8907WC EG-WC 0.020 Unch 3840.7 0.300 0.500 73.33 03/11/2020 0.260 0.150 0.220 0.180 8419WA PANSAR-WA 0.220 Unch 111.4 0.685 0.630 24.09 06/06/2023
0.075 0.035 0.060 0.060 887710 EKOVEST-C10 0.060 Unch 37.9 0.485 0.780 78.14 09/10/2020 0.140 0.005 0.020 0.015 5125WA PANTECH-WA 0.020 0.010 590 0.365 0.500 42.47 21/12/2020
0.075 0.035 0.075 0.075 887711 EKOVEST-C11 0.075 0.010 570 0.485 0.680 63.4 25/11/2020 0.150 0.010 0.050 0.040 5125WB PANTECH-WB 0.050 0.005 121.5 0.365 0.500 50.68 21/12/2021
0.100 0.005 0.015 0.015 8877C6 EKOVEST-C6 0.015 0.005 800 0.485 0.770 68.04 09/11/2020 0.305 0.040 0.125 0.115 1724WA PARAMON-WA 0.120 0.005 824 0.725 1.790 163.45 28/07/2024
0.050 0.005 0.020 0.020 8877C9 EKOVEST-C9 0.020 0.005 440 0.485 0.770 67.01 30/11/2020 0.080 0.020 0.045 0.030 6912WA PASDEC-WA 0.040 0.010 45.1 0.225 1.000 362.22 03/07/2023
0.280 0.040 0.110 0.095 7249WB EWEIN-WB 0.095 Unch 945.7 0.295 0.800 203.39 24/09/2022 0.175 0.005 0.015 0.015 129540 PBBANK-C40 0.015 0.005 20 12.180 19.300 59.69 28/08/2020
0.250 0.045 0.080 0.075 5283WA EWINT-WA 0.080 0.005 1544.1 0.410 1.450 273.17 04/04/2022 0.190 0.005 0.020 0.020 129541 PBBANK-C41 0.020 0.005 120 16.040 19.800 24.94 28/07/2020
0.100 0.005 0.020 0.020 06507S FBMKLCI-C7S 0.020 0.005 350 531.314 1,570 198.13 29/05/2020 0.085 0.005 0.010 0.010 129543 PBBANK-C43 0.010 Unch 500 10.987 21.500 96.78 12/10/2020
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 0.140 0.035 0.120 0.115 129545 PBBANK-C45 0.115 Unch 30 16.040 18.280 22.57 09/10/2020
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 0.180 0.015 0.080 0.075 129546 PBBANK-C46 0.075 Unch 843 16.040 18.500 20.95 15/01/2021
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 0.315 0.030 0.090 0.085 6068WA PCCS-WA 0.085 Unch 692.5 0.275 0.600 149.09 25/12/2022
0.025 0.005 0.015 0.015 06507Z FBMKLCI-C7Z 0.015 Unch 200 896.249 1,585 78.02 30/07/2020 0.135 0.005 0.005 0.005 518343 PCHEM-C43 0.005 Unch 2450 2.780 7.880 184.62 21/09/2020
0.060 0.005 0.020 0.015 06509A FBMKLCI-C9A 0.015 0.005 429 362.208 1,600 344.63 28/08/2020 0.065 0.010 0.050 0.040 518347 PCHEM-C47 0.050 0.015 90 5.650 6.500 19.47 30/10/2020
0.280 0.045 0.250 0.240 06509B FBMKLCI-C9B 0.240 0.150 60.6 1,407 1,540 14.54 28/08/2020 0.155 0.005 0.085 0.070 518348 PCHEM-C48 0.080 0.015 195 5.650 6.480 23.89 15/01/2021
0.080 0.005 0.050 0.050 06509C FBMKLCI-C9C 0.050 Unch 10 1,407 1,600 15.43 28/08/2020 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
0.110 0.025 0.110 0.105 06509D FBMKLCI-C9D 0.110 0.035 116 1,407 1,550 13.95 30/10/2020 0.250 0.110 0.250 0.230 518350 PCHEM-C50 0.245 0.025 251 5.650 6.400 34.09 13/11/2020
0.420 0.170 0.420 0.415 06509E FBMKLCI-C9E 0.420 0.020 36.9 1,407 1,470 13.41 30/09/2020 0.015 0.005 0.010 0.005 6254WB PDZ-WB 0.010 0.005 425 0.020 0.100 450 29/01/2023
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 0.100 0.015 0.060 0.040 9997WB PENSONI-WB 0.060 0.020 14.7 0.230 0.600 186.96 20/01/2024
0.500 0.065 0.230 0.210 06508L FBMKLCI-H8L 0.220 -0.020 387.5 1,407 1,589 28.54 30/06/2020 0.650 0.030 0.295 0.260 7160CB PENTA-CB 0.295 0.035 20 4.000 2.920 2.5 29/05/2020
0.455 0.055 0.220 0.210 06508R FBMKLCI-H8R 0.215 -0.010 14986 1,407 1,508 22.43 30/10/2020 0.160 0.005 0.020 0.020 7160CK PENTA-CK 0.020 Unch 52 4.000 5.000 28 28/08/2020
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 0.215 0.005 0.045 0.045 7160CO PENTA-CO 0.045 0.005 32 4.000 4.800 26.75 12/10/2020
0.545 0.050 0.270 0.270 06508U FBMKLCI-H8U 0.270 -0.065 15 1,407 1,570 24.99 29/05/2020 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
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 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
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 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
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 0.075 0.005 0.030 0.030 886937 PMETAL-C37 0.030 Unch 640 3.870 5.200 38.24 22/01/2021
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 0.140 0.055 0.135 0.125 6637WA PNEPCB-WA 0.130 0.005 3089.9 0.535 0.380 -4.67 16/12/2024
0.730 0.290 0.335 0.325 0650AE FBMKLCI-HAE 0.325 -0.025 1157.3 1,407 1,530 19.99 30/10/2020 0.580 0.030 0.080 0.075 7088WB POHUAT-WB 0.075 Unch 34 0.890 1.000 20.79 21/10/2020
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 0.150 0.005 0.015 0.010 463447 POS-C47 0.015 0.005 504.8 0.750 1.300 79.33 09/11/2020
0.450 0.030 0.065 0.065 522283 FGV-C83 0.065 0.010 80.2 0.875 0.950 19.71 30/07/2020 0.384 0.030 0.065 0.060 8966WA PRLEXUS-WA 0.060 Unch 1641.4 0.520 1.200 142.31 14/06/2021
0.325 0.020 0.045 0.045 522284 FGV-C84 0.045 0.005 749.9 0.875 0.980 22.29 30/10/2020 0.100 0.015 0.045 0.045 5070WA PRTASCO-WA 0.045 Unch 200 0.205 0.750 287.8 25/04/2023
0.195 0.005 0.025 0.020 522288 FGV-C88 0.020 Unch 121 0.875 1.300 53.14 07/12/2020 0.060 0.005 0.015 0.010 0186WA PTRANS-WA 0.015 Unch 2129.4 0.215 0.235 16.28 19/09/2020
0.075 0.005 0.030 0.005 522289 FGV-C89 0.010 0.005 100.3 0.875 1.880 117.71 14/08/2020 0.325 0.020 0.060 0.040 0007WA PUC-WA 0.055 0.025 1003.9 0.135 0.500 311.11 25/12/2024
0.100 0.020 0.025 0.020 522291 FGV-C91 0.025 Unch 646.1 0.875 1.480 77.71 30/11/2020 0.890 0.235 0.690 0.645 7237WA PWROOT-WA 0.690 0.050 168.7 2.270 1.540 -1.76 24/07/2023
0.070 0.040 0.045 0.045 522293 FGV-C93 0.045 0.005 150 0.875 1.280 56.57 18/12/2020 0.075 0.005 0.015 0.010 5256WA REACH-WA 0.015 Unch 1945 0.060 0.750 1,175 12/08/2022
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 0.800 0.215 0.505 0.465 0200WA REVENUE-WA 0.490 0.045 22300.3 1.190 0.750 4.2 14/01/2024
0.030 0.005 0.015 0.010 0150WB FINTEC-WB 0.010 -0.005 558.7 0.045 0.150 255.56 03/12/2022 0.110 0.010 0.015 0.015 106620 RHBBANKC20 0.015 Unch 100 4.800 5.880 24.06 30/10/2020
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 0.105 0.020 0.050 0.040 8567WB SALCON-WB 0.045 0.005 5098.9 0.170 0.300 102.94 19/07/2025
0.315 0.010 0.165 0.150 0128CH FRONTKN-CH 0.155 0.010 1809.7 2.140 1.800 5.84 26/06/2020 0.025 0.005 0.005 0.005 0133WE SANICHI-WE 0.005 -0.005 113.7 0.045 0.100 133.33 13/12/2021
0.240 0.010 0.080 0.075 0128CI FRONTKN-CI 0.075 0.005 597 2.140 2.000 3.97 22/05/2020 0.145 0.025 0.040 0.040 5218WA SAPNRG-WA 0.040 Unch 7583.7 0.100 0.490 430 23/01/2026
0.250 0.005 0.130 0.130 0128CK FRONTKN-CK 0.130 Unch 50 2.140 2.000 14.72 07/12/2020 0.110 0.010 0.040 0.030 5157WA SAUDEE-WA 0.035 Unch 2587.4 0.180 0.500 197.22 31/03/2021
0.185 0.010 0.150 0.150 0128CM FRONTKN-CM 0.150 0.005 431.3 2.140 2.500 37.85 15/01/2021 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
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 0.320 0.005 0.050 0.045 4731CG SCIENTX-CG 0.050 0.010 565.8 8.080 8.200 6.44 29/05/2020
0.450 0.040 0.120 0.110 9261WB GADANG-WB 0.110 -0.005 2180.9 0.380 1.060 207.89 29/11/2021 0.065 0.005 0.010 0.005 7158WB SCOMI-WB 0.005 -0.005 310.9 0.020 0.210 975 18/02/2023
0.215 0.005 0.030 0.025 539870 GAMUDA-C70 0.030 0.005 213 3.240 3.500 12.65 29/05/2020 0.550 0.085 0.445 0.410 0001WA SCOMNET-WA 0.415 -0.020 2631 0.760 0.650 40.13 19/06/2024
0.195 0.005 0.040 0.040 539878 GAMUDA-C78 0.040 0.005 468.5 3.240 3.910 25.62 12/10/2020 0.115 0.005 0.010 0.010 0028WA SCOPE-WA 0.010 Unch 110.5 0.105 0.150 52.38 17/07/2020
0.060 0.010 0.040 0.040 539882 GAMUDA-C82 0.040 Unch 160.8 3.240 3.850 26.23 06/11/2020 0.290 0.005 0.065 0.060 5279C1 SERBADK-C1 0.060 Unch 4531.8 1.780 2.000 19.1 07/12/2020
0.490 0.030 0.155 0.145 5398WE GAMUDA-WE 0.145 -0.005 25880.3 3.240 4.050 29.48 06/03/2021 0.068 0.005 0.020 0.015 5279C3 SERBADK-C3 0.015 Unch 588.7 1.780 2.400 36.52 30/10/2020
0.520 0.095 0.210 0.200 5226WB GBGAQRS-WB 0.205 0.010 1314 0.815 1.120 62.58 26/09/2023 0.120 0.010 0.025 0.025 5279C4 SERBADK-C4 0.025 0.005 300 1.780 2.550 46.77 27/10/2020
0.425 0.040 0.095 0.095 5102CJ GCB-CJ 0.095 Unch 257.6 2.180 2.050 4.43 22/05/2020 0.160 0.005 0.060 0.050 5279C6 SERBADK-C6 0.050 Unch 1092.5 1.780 2.500 46.07 22/01/2021
0.370 0.010 0.060 0.055 5102CK GCB-CK 0.055 Unch 70 2.180 2.527 21.93 28/07/2020 0.063 0.003 0.015 0.015 5279CV SERBADK-CV 0.015 Unch 55 1.780 2.038 16.91 30/04/2020
0.365 0.005 0.070 0.060 5102CL GCB-CL 0.065 0.005 548.7 2.180 2.480 21.22 12/10/2020 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
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 0.245 0.005 0.040 0.030 5279CY SERBADK-CY 0.035 Unch 600 1.780 2.071 20.12 28/08/2020
0.105 0.005 0.010 0.010 471566 GENM-C66 0.010 Unch 100 2.230 2.974 35.95 28/08/2020 0.215 0.005 0.010 0.010 5279CZ SERBADK-CZ 0.010 -0.005 100 0.925 2.286 148.18 30/07/2020
0.125 0.005 0.010 0.010 471568 GENM-C68 0.010 Unch 190 2.230 2.945 33.79 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
0.095 0.005 0.005 0.005 471570 GENM-C70 0.005 Unch 100 0.850 3.524 316.64 19/06/2020 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
0.045 0.005 0.010 0.010 471571 GENM-C71 0.010 -0.005 855.1 2.230 3.283 48.94 30/11/2020 0.090 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 0.010 0.025 0.020 471573 GENM-C73 0.025 0.010 2800.6 2.230 2.781 30.11 30/11/2020 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
0.120 0.025 0.060 0.060 471574 GENM-C74 0.060 0.005 1357.2 2.230 2.897 40.28 22/01/2021 0.210 0.010 0.065 0.050 5285CL SIMEPLT-CL 0.050 Unch 1652 4.860 4.650 0.82 30/04/2020
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 0.165 0.010 0.055 0.055 5285CM SIMEPLT-CM 0.055 Unch 721.1 4.860 5.150 11.63 09/11/2020
0.115 0.005 0.010 0.005 318276 GENTINGC76 0.005 Unch 4500 3.910 5.946 53.06 28/08/2020 0.095 0.060 0.085 0.080 5285CN SIMEPLT-CN 0.080 Unch 302 4.860 5.350 18.31 30/10/2020
0.165 0.005 0.010 0.005 318278 GENTINGC78 0.005 Unch 507.7 1.985 5.623 184.51 30/07/2020 0.075 0.040 0.060 0.050 5288CT SIMEPROP-CT 0.060 0.015 2910 0.600 0.780 40 18/12/2020
0.040 0.005 0.010 0.010 318281 GENTINGC81 0.010 0.005 1695 3.950 6.161 57.46 30/11/2020 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
0.160 0.005 0.030 0.025 318282 GENTINGC82 0.030 0.005 6655 3.950 5.379 39.88 30/11/2020 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
0.185 0.015 0.035 0.030 0039WC GFM-WC 0.035 0.005 3738.1 0.140 0.380 196.43 28/01/2022 0.100 0.005 0.030 0.025 0203WA SMETRIC-WA 0.030 0.005 6043.3 0.100 0.160 90 21/01/2023
0.115 0.015 0.020 0.020 5220WA GLOTEC-WA 0.020 -0.005 6.7 0.280 0.720 164.29 17/12/2021 0.145 0.040 0.065 0.060 5242WA SOLID-WA 0.060 -0.005 4065.1 0.315 0.210 -14.29 16/12/2020
0.460 0.075 0.255 0.240 0082WB GPACKET-WB 0.240 Unch 860.5 0.560 0.400 14.29 24/11/2023 0.065 0.005 0.020 0.015 0093WA SOLUTN-WA 0.020 0.010 2988.4 0.080 0.200 175 04/07/2021
0.070 0.015 0.025 0.020 7096WA GPA-WA 0.025 Unch 354.3 0.080 0.100 56.25 03/06/2025 0.055 0.005 0.005 0.005 866422 SPSETIA-C22 0.005 Unch 100 0.745 1.350 82.21 28/08/2020
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 0.040 0.005 0.010 0.010 866427 SPSETIA-C27 0.010 Unch 1300 0.755 1.330 79.47 20/11/2020
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 0.190 0.040 0.180 0.170 0129WA SRIDGE-WA 0.170 -0.005 252.8 0.370 0.180 -5.41 24/02/2023
0.070 0.015 0.040 0.040 7022C6 GTRONIC-C6 0.040 0.025 1200 1.960 2.680 42.86 30/11/2020 0.155 0.035 0.065 0.055 0080WA STRAITS-WA 0.065 0.010 7141 0.170 0.115 5.88 10/08/2022
0.285 0.025 0.160 0.145 7676WB GUNUNG-WB 0.155 0.010 688.8 0.500 0.400 11 02/10/2020 0.060 0.040 0.060 0.050 5263CZ SUNCON-CZ 0.050 -0.010 80 1.780 2.280 36.52 21/09/2020
0.180 0.050 0.095 0.080 7501WB HARNLEN-WB 0.080 -0.010 60.3 0.385 0.600 76.62 19/09/2026 0.140 0.005 0.040 0.040 5211CU SUNWAY-CU 0.040 0.015 97.2 1.610 1.600 4.35 08/05/2020
0.380 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 0.195 0.305 0.290 5211WB SUNWAY-WB 0.300 0.010 995.3 1.610 1.720 25.47 03/10/2024
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 0.050 0.005 0.020 0.010 0148WB SUNZEN-WB 0.015 Unch 2507.1 0.095 0.250 178.95 25/02/2021
0.420 0.115 0.420 0.420 516831 HARTA-C31 0.420 0.015 50 7.680 5.280 1.56 28/08/2020 0.130 0.020 0.130 0.110 710672 SUPERMX-C72 0.130 0.020 2130 1.960 1.600 1.53 29/05/2020
0.460 0.180 0.460 0.450 516833 HARTA-C33 0.450 0.010 251.9 7.680 5.200 2.86 07/12/2020 0.120 0.010 0.110 0.075 710674 SUPERMX-C74 0.095 0.025 19248.8 1.960 1.780 0.51 08/05/2020
0.320 0.070 0.320 0.305 516834 HARTA-C34 0.310 0.020 642.6 7.680 6.000 2.34 30/11/2020 0.130 0.010 0.105 0.075 710676 SUPERMX-C76 0.095 0.020 7806.8 1.960 1.700 0.31 22/05/2020
0.200 0.095 0.200 0.200 516835 HARTA-C35 0.200 0.005 34 7.680 6.500 10.68 27/10/2020 0.270 0.040 0.270 0.250 710677 SUPERMX-C77 0.270 0.015 240.3 1.960 1.500 4.08 30/09/2020
0.210 0.070 0.210 0.205 516836 HARTA-C36 0.205 0.005 152.8 7.680 7.200 15.1 18/12/2020 0.190 0.035 0.190 0.165 710678 SUPERMX-C78 0.185 0.020 6341.7 1.960 1.680 4.59 12/10/2020
0.370 0.135 0.370 0.370 516837 HARTA-C37 0.370 0.005 11.5 7.680 5.700 3.13 30/11/2020 0.160 0.030 0.125 0.110 710679 SUPERMX-C79 0.125 0.015 169.3 1.960 1.750 5.23 19/06/2020
0.265 0.075 0.265 0.255 516838 HARTA-C38 0.255 0.010 1211 7.680 6.200 3.97 06/11/2020 0.525 0.005 0.525 0.500 710680 SUPERMX-C80 0.510 0.030 1264 1.960 1.250 2.81 30/10/2020
0.340 0.135 0.340 0.335 516839 HARTA-C39 0.335 0.020 77 7.680 6.500 10.81 22/01/2021 0.200 0.075 0.200 0.175 710681 SUPERMX-C81 0.190 0.015 3743 1.960 1.600 8.78 27/10/2020
0.110 0.005 0.015 0.010 432413 HENGYUANC13 0.010 Unch 1763 3.120 4.200 37.5 07/08/2020 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
 Markets
24 M ON DAY AP RI L 2 0 , 2 02 0 • TH EEDGE FI N AN C I AL DAI LY

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
YOUR DAILY FINANCIAL MARKET S ROUNDUP 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
RESEARCH: TAI TS [tai@bizedge.com]

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
When you learn, teach. When you get, give. Market movers
— Dr Maya Angelou
Daily top 20 active stocks
UNUSUAL MARKET ACTIVITIES TURNOVER CHANGE CHANGE PRICE PE DIVIDEND
FBM KLCI & KLCI futures intraday (‘000) (RM) (%) (RM) RATIO YIELD (%)
STOCK VOLUME CHANGE CHANGE CLOSE HIGH LOW AGES-PA 228,149.3 0.005 50.00 0.015 — —
('000) (%) (RM) (RM) (RM) (RM) LAMBO 180,091.3 -0.005 -25.00 0.015 4.17 0.00
Index point
1417.0 1,407.34 AGES-PA 228,149 50.00 0.005 0.015 0.020 0.010 MINETEC 166,686.6 0.020 7.69 0.280 — 0.00
1414.8 KL Composite Index (+20.81) VIVOCOM 145,432 33.33 0.005 0.020 0.025 0.015 XDL 163,811.7 -0.005 -6.25 0.075 8.51 0.00
1412.6 AAX 108,263 23.08 0.015 0.080 0.090 0.065 VIVOCOM 145,432.0 0.005 33.33 0.020 75.00 0.00
1410.4 AGES 92,376 53.33 0.040 0.115 0.115 0.075 SAPNRG 109,638.2 UNCH UNCH 0.100 — 2.44
1408.2 XOX 89,471 20.00 0.005 0.030 0.035 0.025 AAX 108,262.6 0.015 23.08 0.080 — 0.00
AIRASIA 85,903 9.03 0.065 0.785 0.810 0.740 DGB 102,271.8 UNCH UNCH 0.025 — 0.00
1406.0 KLCI futures HSI-C9J 76,338 5.41 0.010 0.195 0.225 0.190 SANICHI 94,766.5 0.005 12.50 0.045 — 0.00
1403.8
1401.6
1,407.50 PWORTH 65,315 33.33 0.005 0.020 0.020 0.010 MTOUCHE 93,041.5 UNCH UNCH 0.075 — 0.00
(+25.50) DNEX-WD 57,001 20.00 0.005 0.030 0.035 0.025 AGES 92,375.6 0.040 53.33 0.115 2.48 0.00
1399.4 DSONIC-WA 47,213 1.11 0.005 0.455 0.475 0.450 DNEX 92,085.8 0.005 3.23 0.160 9.06 3.23
1397.2 SERBADK-WA 47,032 -5.00 -0.015 0.285 0.315 0.285 XOX 89,470.9 0.005 20.00 0.030 — 0.00
1395.0 DAYA 42,925 0.00 0.000 0.005 0.010 0.005 HIBISCS 86,799.5 0.010 2.13 0.480 5.06 0.00
8:45 9:30 10:30 11:30 12:45 14:30 15:30 16:30 17:15
SALUTE 38,115 24.42 0.105 0.535 0.545 0.445 AIRASIA 85,902.8 0.065 9.03 0.785 — 33.33
HSI-H8M 33,159 -24.49 -0.060 0.185 0.195 0.175 HSI-C9J 76,338.3 -0.020 -9.30 0.195 — 0.00
Daily FBM KLCI DGB-WB 31,921 0.00 0.000 0.005 0.010 0.005 ARMADA 68,459.8 UNCH UNCH 0.180 18.00 1.07
HSI-C9S 31,759 9.38 0.030 0.350 0.395 0.345 PWORTH 65,314.8 0.005 33.33 0.020 — 0.00
VELESTO 60,536.4 -0.005 -3.13 0.155 39.02 0.00
KL Composite Index Moving average - 20-day Table above is from Reuters Volume break 3x 5-day average volume, meaning the total number of shares
KNM 59,595.7 -0.005 -3.13 0.155 8.21 0.00
2030.0
1,407.34 traded for a particular counter on the previous trading day is more than triple the average volume for the
(+20.81) 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. Top gainers and losers (ranked by RM)
1727.5

KLCI closes above 1,400 level UP

CLOSE
CHANGE
(RM)
DOWN
CLOSE
CHANGE
(RM)

on optimism of US market
1425.0 1,346.01 DLADY 46.800 0.800 NESTLE 138.800 -0.700
PANAMY 30.300 0.700 PETDAG 21.020 -0.440
HLFG 13.400 0.540 HSI-H8O 1.700 -0.410
1122.5
LPI 13.200 0.500 HSI-HAI 1.420 -0.180
KUALA LUMPUR: The FBM KLCI rose actively last Friday to CARLSBG 28.200 0.500 MPI 10.200 -0.160
820.0 close over the 1,400 level after more than one month, tracking TENAGA 12.700 0.460 SP500-HJ 1.560 -0.160
Jan 2, 2008 Apr 17, 2020
regional gains amidst optimism on US plans to resume BAT 11.620 0.440 HSI-HAA 1.010 -0.150
economic activities as it works to contain the Covid-19 spread. UTDPLT 25.500 0.420 MBMR-CP 0.015 -0.135
900 At 5pm, the benchmark index, which had been trading SAM 5.770 0.390 HSI-HAU 1.340 -0.120
HEIM 24.280 0.380 HSI-H8Z 0.325 -0.115
in green territory throughout the day, closed 20.81 points or
600 HLIND 8.770 0.280 HSI-HAD 0.315 -0.115
1.5% higher at 1,407.34, with a high volume of 6.31 billion HLBANK 13.740 0.260 HSI-HAF 0.770 -0.115
300 shares worth RM3.02 billion.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong Top gainers and losers (ranked by percentage)
0 said the KLCI advanced alongside gains across its regional peers

 
Volume (’mil) following US plans to gradually reopen economic activities amid UP CHANGE DOWN CHANGE
CLOSE (%) CLOSE (%)
signs of a flattening of the Covid-19 cases curve.
FBM KLCI futures “The positive news has also override the weakness in AXIATA-C49 0.045 200.00 MBMR-CP 0.015 -90.00
CONNECT-WA 0.030 200.00 HSI-C9N 0.010 -60.00
CONTRACT SETTLEMENT CHANGE HIGH LOW
China economics data that saw 1Q2020 gross domestic
GTRONIC-C6 0.040 166.67 SANICHI-WE 0.005 -50.00
APR 20 1,407.50 25.50 1,412.50 1,400.00 product (GDP) sank -6.8% y-o-y, marking the first contraction FBMKLCI-C9B 0.240 166.67 SYMLIFE-WB 0.005 -50.00
MAY 20 1,402.00 26.00 1,406.50 1,394.00 since 1992,” he told theedgemarkets.com. SOLUTN-WA 0.020 100.00 MBMR-CM 0.005 -50.00
JUNE 20 1,394.50 26.00 1,399.00 1,388.00
Should the KLCI stay afloat the 1,400 psychological level, BORNOIL-WD 0.010 100.00 SCOMI-WB 0.005 -50.00
Leong said there could be recovery extending towards the GENTINGC81 0.010 100.00 XOX-WB 0.010 -33.33
FBM KLCI sensitivity* 1,455 level over the near term. OCR-WC 0.030 100.00 NEXGRAM 0.010 -33.33
PDZ-WB 0.010 100.00 FINTEC-WB 0.010 -33.33
KLCI CHANGE CLOSE VOLUME “However, we do caution that the sluggish crude oil prices
POINTS (RM) (RM) ('000) DRBHCOMC95 0.010 100.00 SERBADK-CX 0.020 -33.33
TENAGA NASIONAL 4.12 0.460 12.700 7552.1
and the persistent selling from foreign funds may leave gains HSI-C9O 0.020 100.00 GENM-C71 0.010 -33.33
PETRONAS CHEMICAL 3.15 0.250 5.650 3748.8 to be measured,” he added. MAHSING-C22 0.010 100.00 SERBADK-CZ 0.010 -33.33
MAYBANK 2.13 0.120 7.700 5771.9 Reuters said Asian stocks gained on last Friday as US
CIMB GROUP 1.25 0.080 3.630 18092.5 President Donald Trump’s plans to gradually re-open the Top gainers and losers - warrants (ranked by percentage)
GENTING 1.22 0.200 3.950 11529.7 US economy offset data that showed China suffered its worst
IOI CORPORATION 0.99 0.100 4.000 1847.8 UP CHANGE DOWN CHANGE
HONG LEONG FINANCIAL 0.98 0.540 13.400 205.7
economic contraction on record due to the coronavirus CLOSE (%) CLOSE (%)
HONG LEONG BANK 0.89 0.260 13.740 700.4 outbreak. AXIATA-C49 0.045 200.00 MBMR-CP 0.015 -90.00
GENTING MALAYSIA 0.75 0.080 2.230 32807.0
World equity indices CONNECT-WA 0.030 200.00 HSI-C9N 0.010 -60.00
PUBLIC BANK 0.61 0.100 16.040 4023.1 GTRONIC-C6 0.040 166.67 SANICHI-WE 0.005 -50.00
DIALOG GROUP 0.44 0.050 3.270 4610.8 CLOSE CHANGE CLOSE CHANGE FBMKLCI-C9B 0.240 166.67 SYMLIFE-WB 0.005 -50.00
K.LUMPUR KEPONG 0.41 0.240 21.140 302.6
DOW JONES 24,242.49 704.81 INDONESIA 4,634.82 154.21 SOLUTN-WA 0.020 100.00 MBMR-CM 0.005 -50.00
PETRONAS GAS 0.37 0.120 15.500 1036.5
S&P 500 2,874.56 75.01 JAPAN 19,897.26 607.06 BORNOIL-WD 0.010 100.00 SCOMI-WB 0.005 -50.00
DIGI.COM 0.37 0.030 4.580 3211.1
NASDAQ 100 8,832.41 74.58 KOREA 1,914.53 57.46 GENTINGC81 0.010 100.00 XOX-WB 0.010 -33.33
SIME DARBY PLANTATION -0.54 -0.050 4.860 1775.0
FTSE 100 5,786.96 158.53 PHILIPPINES 5,789.97 264.37 OCR-WC 0.030 100.00 FINTEC-WB 0.010 -33.33
PETRONAS DAGANG -0.69 -0.440 21.020 154.7
AUSTRALIA 5,487.50 71.20 SINGAPORE 2,614.60 2.35 PDZ-WB 0.010 100.00 SERBADK-CX 0.020 -33.33
SUB-TOTAL 16.46
CHINA 2,838.49 18.56 TAIWAN 10,597.04 221.56 DRBHCOMC95 0.010 100.00 GENM-C71 0.010 -33.33
OTHERS 4.35
HONG KONG 24,380.00 373.55 THAILAND 1,239.24 39.09 HSI-C9O 0.020 100.00 SERBADK-CZ 0.010 -33.33
GRAND TOTAL 20.81
INDIA 31,588.72 986.11 VIETNAM 789.60 8.90 MAHSING-C22 0.010 100.00 AIRPORT-C17 0.010 -33.33
* How stock price changes affected the index on the previous trading day

3XEOLVKHGE\7KH(GJH&RPPXQLFDWLRQV6GQ%KG;/HYHO0HQDUD./.1R-DODQ3-80XWLDUD'DPDQVDUD3HWDOLQJ-D\D6HODQJRU0DOD\VLD

3ULQWHGE\8OWLPDWH3ULQW6GQ%KG+/RW-DODQ6HSDQD2II3HUVLDUDQ6HODQJRU6HNV\HQ6KDK$ODP6HODQJRU0DOD\VLD
 M A L AY S I A | A P R I L 2 0 , 2 0 2 0

PLAN WELL
PLAN AHEAD

2020
Presented by

PW2
APRIL 20
2020
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
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MAH PIN PIN
ASSISTANT CHIEF COPY EDITOR
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SENIOR COPY EDITORS
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LEE MEI GEOK
ART DIRECTOR
SHARON KHOH
ASSISTANT ART DIRECTOR
LEE WAN YEE
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WENNIE HENG, RAJITA SIVAN
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NOTIFICATION
Due 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.
Another record-breaking year
P
B Y KHAIRANI AFIFI NOORDIN
ublic 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
Embracing change in the industry
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 first 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 official present-
er of the Refinitiv 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-Pacific Research at Refinitiv, the
winners in the three-year category (from
end-2016 to end-2019) posted an average
In 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-
At this critical
juncture, all market
stakeholders —
including regulators and
industry players — have a
role to play in preserving
trust and confidence. >
Syed Zaid
Presented by
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
return of 25.04% while the winners in the
five-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 inflows of US$1.35 trillion in 2019,
compared with US$532 billion in 2018. All
assets except equity funds, which saw net
outflows of US$186 billion, posted net in-
flows last year.
CO N T I N U E S O N PAG E 6
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
APRIL 20, 2020 PW3
SEPT 29
2009
 Presented by
PW4
APRIL 20
2020

Public Mutual takes home the most awards

P
FUND FUND Public Islamic Opportunities
B Y TA N Z H A I Y U N Public Ehsan Mixed Asset
Conservative AWARD Equity Malaysia Small & Mid
ublic Mutual Bhd emerged the big- AWARD Mixed Asset MYR Cap – Islamic (3 and 5 years)
gest winner at the Refinitiv Lipper Conservative – Islamic FUND SIZE RM856.15 million
Fund Awards 2020. By winning two (3 and 5 years), Mixed RETURNS FOR PERIODS 3 years 8.49
ENDED DEC 31, 2019 (%)
group awards and 32 fund awards, Asset MYR Conservative – 5 years 19.70
it broke its own record of one group Provident (3 and 5 years) 10 years 109.80
award and 28 fund awards at last FUND SIZE RM114.10 million
year’s event. RETURNS FOR PERIODS 3 years 19.78 FUND Public Far-East Alpha-30
This result was achieved against a backdrop ENDED DEC 31, 2019 (%)
5 years 24.53 AWARD Equity Asia-Pacific (5 years)
of elevated volatility in the financial markets
10 years - FUND SIZE RM306.49 million
last year. CEO Yeoh Kim Hong attributes the
RETURNS FOR PERIODS 3 years 29.90
success to the fund house’s philosophy of ENDED DEC 31, 2019 (%)
FUND Public Enterprises Bond
adopting a fundamental approach to invest- 5 years 71.80
AWARD Bond MYR (3 and 5 years)
ing by selecting bonds and stocks with resil- 10 years -
FUND SIZE RM677.10 million
ient earnings, strong financial positions and
proven management track records. RETURNS FOR PERIODS
ENDED DEC 31, 2019 (%)
3 years 20.55 FUND PB Islamic Bond
“This fundamental-based approach enabled 5 years 30.97 AWARD Bond MYR – Islamic (10
us to clinch the Best Equity (Malaysia) and 10 years - years)
Best Mixed Assets (Malaysia) group awards. FUND SIZE RM890.83 million
The performances of our funds in these two FUND PB China ASEAN Equity RETURNS FOR PERIODS 3 years 19.44
categories were underpinned by investments AWARD Equity Asia-Pacific ex-Japan
ENDED DEC 31, 2019 (%)
5 years 31.02
in technology, manufacturing, healthcare, real (5 and 10 years) 10 years 80.11
estate investment trusts (REITs) and consumer FUND SIZE RM154.17 million
stocks,” she says. RETURNS FOR PERIODS 3 years 24.80 FUND Public Asia Ittikal
The Public Ehsan Mixed Asset Conserv- ENDED DEC 31, 2019 (%)
5 years 46.38 AWARD Equity Asia-Pacific –
ative Fund won four awards. “The fund’s re-
turns were largely driven by its investments 10 years 67.96 Provident (3 and 5 years)
in technology and manufacturing stocks, as FUND SIZE RM 3.24 billion
well as bond holdings as bond yields were FUND PB China Pacific Equity RETURNS FOR PERIODS 3 years 23.96
ENDED DEC 31, 2019 (%)
compressed,” says Yeoh. AWARD Equity Asia-Pacific (3 and 5 years 49.13
Six equity funds and one mixed asset fund Investors should 10 years) 10 years 85.26
won two awards each. The PB Global Equity adopt the ringgit FUND SIZE RM252.09 million
Fund achieved returns of 23.8% and 59.2% over cost averaging RETURNS FOR PERIODS 3 years 33.50 FUND Public Bond
ENDED DEC 31, 2019 (%)
the three and five-year periods ended December approach for 5 years 67.96 AWARD Bond MYR (10 years)
2019. It won the award for Best Equity Global their unit trust 10 years 89.42 FUND SIZE RM1.50 billion
— Malaysia in both categories. investments and RETURNS FOR PERIODS 3 years 17.27
The Public Islamic Dividend Fund (Equity ensure that their FUND ENDED DEC 31, 2019 (%)
PB Global Equity 5 years 27.28
Malaysia Income) and Public Islamic Opportu- portfolios are AWARD Equity Global (3 and 5 years) 10 years 65.78
nities Fund (Equity Malaysia Small & Mid Cap) diversified across FUND SIZE RM 161.68 million
won two awards each in the Malaysia Islamic
domestic, regional RETURNS FOR PERIODS 3 years 23.83
category. “Their focus on consumer, healthcare, ENDED DEC 31, 2019 (%)
FUND Public Global Select
technology and industrial stocks helped them and global equity 5 years 59.18 AWARD Equity Global – Provident (3
to ride through the challenging conditions funds, as well as 10 years - years)
in the domestic market, particularly in 2018, fixed-income FUND SIZE RM908.83 million
when the FBM Emas Shariah Index retraced by funds. Adopting FUND Public Islamic Dividend RETURNS FOR PERIODS 3 years 24.01
a long-term ENDED DEC 31, 2019 (%)
13.5% while the FBM Small Cap Shariah Index AWARD Equity Malaysia Income – 5 years 53.07
registered a loss of 34.8%,” says Yeoh. investment Islamic (3 and 5 years) 10 years 119.14
In the fixed-income category, the Public horizon will allow FUND SIZE RM4.61 billion
Enterprises Bond Fund won the award for sufficient time for RETURNS FOR PERIODS 3 years 8.76 FUND Public Islamic Asia Dividend
Best Bond MYR — Malaysia in the three and the investments to ENDED DEC 31, 2019 (%)
5 years 10.87 AWARD Equity Asia-Pacific ex-Japan
five-year categories, with returns of 20.55% grow. > Yeoh 10 years 84.40 – Islamic (10 years)
and 31% respectively. “The fund adopted a
FUND SIZE RM1.13 billion
longer duration portfolio to capitalise on fall-
RETURNS FOR PERIODS 3 years 21.03
ing bond yields and focused its investments on ENDED DEC 31, 2019 (%)
Malaysian Government bonds, as well as 5 years 39.32
CO N T I N U E S O N PAG E 6 10 years 93.77

FUND Public Islamic Asia Leaders

Equity
AWARD Equity Asia-Pacific ex-Japan
– Islamic (5 years)
FUND SIZE RM1.77 billion
RETURNS FOR PERIODS 3 years 23.36
ENDED DEC 31, 2019 (%)
5 years 46.80
10 years -

FUND Public Islamic Asia Tactical

Allocation
AWARD Mixed Asset MYR Flexible –
Islamic (5 years)
FUND SIZE RM612.86 million
RETURNS FOR PERIODS 3 years 18
ENDED DEC 31, 2019 (%)
5 years 38.82
10 years -
 APRIL 20, 2020 PW5
SEPT 29
2009

Helping clients achieve their

goals is the best reward.
Receiving top investment awards from our
industry peers is the icing. Thank you.

Equity Asia Pacific ex-Japan- Provident (10 years)

CIMB-Principal Equity Income Fund

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.

* As of December 2019

In alliance with www.principal.com.my


PW6
APRIL 20
2020
Covid-19 impact is industry’s
biggest challenge
F R O M PAG E 2
“Among the key regions and markets,
the US posted the largest net inflows of
US$829 billion. Europe, Asia ex-Japan
and Japan saw net inflows of US$160
billion, US$105 billion and US$38 billion
respectively last year,” he adds.
The leading sectors in terms of net
inflows 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
outflows.
After recording total net inflows of
nearly US$5.3 billion in 2018, Malay-
sia saw total aggregate net inflows of
US$7.2 billion last year. Of all the asset
classes, bond funds experienced the
highest net inflows of US$3.25 billion
while equity funds posted net inflows
of US$282 million.
In Malaysia, the sectors that enjoyed
the highest net inflows were Money
Market MYR, Bond MYR, Mixed Asset
LIPPER GROUP AWARD WINNERS (2010 TO 2020)
YEAR 2010 2011
BEST OVERALL GROUP Public Mutual Public Mutual
BEST BOND GROUP AmInvestment AmInvestment
(2017 ONWARDS – Services Services
PROVIDENT)
BEST EQUITY GROUP Pacific Mutual Pacific Mutual
BEST MIXED ASSETS Pacific Mutual Apex Investment
GROUP Services
BEST EQUITY GROUP NA NA
(ISLAMIC)
BEST EQUITY GROUP NA NA
(PROVIDENT)
BEST MIXED ASSETS NA NA
GROUP (PROVIDENT)
Focusing on quality stocks with resilient earnings to ride out volatility
F R O M PAG E 4
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 Pacific Equity Fund,
whose performance was underpinned by
Chinese internet and e-commerce stocks
that were beneficiaries 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
MYR Flexible and Mixed Asset MYR Bal
— Global. Equity Greater China and Eq-
uity Malaysia Diversified suffered the
largest net outflows.
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 financial markets and econ-
omies is the biggest challenge faced by
the fund management industry. Refin-
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.”
2012 2013 2014
CIMB-Principal AmInvestment Amanah Mutual
Asset Management Services
AmInvestment AmInvestment Amanah Mutual
Services Services
Pacific Mutual Hwang Investment Eastspring
Management Investments
MAAKL Mutual CIMB-Principal AmInvestment
Asset Management Services
NA NA NA
NA NA NA
NA NA NA
well as companies that would benefit
from capacity relocation as a result of
the tariffs 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
beneficiaries 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
Among the key regions and
markets, the US posted the largest
net inflows of US$829 billion.
Europe, Asia ex-Japan and Japan
saw net inflows of US$160 billion,
US$105 billion and US$38 billion
respectively last year. > Feng
2015 2016 2017
Amanah Mutual CIMB-Principal Manulife Asset
Asset Management Management
Services
Amanah Mutual Amanah Mutual RHB Asset
Management
Eastspring Eastspring Hong Leong Asset
Investments Investments Management
AmInvestment Pheim Asset Eastspring
Services Management Investments
NA NA Kenanga Investors
NA NA NA
NA NA NA
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 first 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 financial market participants,
she observes. In the first 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
Presented by
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
WWW.LIPPERFUNDAWARDS.COM
2018 2019 2020
Public Mutual NA NA
RHB Asset RHB Asset AmFunds
Management Management Management
Affin Hwang Asset Maybank Asset Public Mutual
Management Management Group
Affin Hwang Asset NA Public Mutual
Management
Kenanga Investors Public Mutual Kenanga Investors
Hong Leong Asset Eastspring Hong Leong Asset
Management Investments Management
Hong Leong Asset Affin Hwang Asset Kenanga Investors
Management Management
stocks underpinned by resilient earnings
and dividend yields, as well as stocks
that are beneficiaries 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 diversified across
domestic, regional and global equity
funds, as well as fixed-income funds.
Adopting a long-term investment ho-
rizon will allow sufficient time for the
investments to grow”, says Yeoh.
 APRIL 20, 2020 PW7
SEPT 29
2009

THANK YOU FOR

BEING A BIG PART
OF ANOTHER
SUCCESSFUL YEAR
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.

PW8
APRIL 20
2020
AmInvest wins award for Best Bond Group
A
B Y VA N E SSA G O M E S
m F u n d s M a n a ge m e nt B h d
(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
officer 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 effective,
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 five-
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
Presented by
FUND AmMalaysia Equity Wong says the ongoing concerns, arising
AWARD Equity Malaysia – Provident from issues such as the Covid-19 pandemic, are
(3 years) leading to a weaker global economic growth
FUND SIZE RM10.11 million for 2020. Corporate earnings are unlikely to
FUND MANAGER Wong Yew Joe see material improvement from 2019, if any.
Gan Kong Yik “Unless these risks dissipate as quickly as
RETURNS FOR PERIODS 1 year 11.93 they arrived, we are anticipating a lacklustre
ENDED DEC 31, 2019 (%)
3 years 34.88
equity market. We are maintaining a similar
equity strategy from 2019 to focus on stock
5 years 46.15
picking to generate alpha,” he says.
10 years 141.73
“On the other hand, the bond markets will
do well as global interest rates are on a decline.
FUND AmDynamic Bond However, the local bond market may be per-
AWARD Bond MYR – Provident (3 turbed by Malaysia’s materially weaker GDP
and 5 years) forecasts, which may lead to pressure on its
FUND SIZE RM167.68 million credit rating and subsequent potential selling
FUND MANAGER Wong Yew Joe pressure by foreign funds.
Kho Hock Khoon “Nevertheless, we believe the risk is miti-
RETURNS FOR PERIODS 1 year 11.07 gated by strong local investor support. We are
ENDED DEC 31, 2019 (%)
3 years 23.80
maintaining our optimistic view on bonds
for now.”
5 years 36.45
In line with its market expectations, the
10 years 86.63
fund house seeks less volatile and higher divi-
dend-yielding stocks. “We think the real estate
a longer-term outlook, hence the challenge of investment trust, rubber and healthcare sectors
setting a directional view, says Wong. are likely to outperform this year. Meanwhile,
“The US-China trade war saw numerous we prefer higher-quality corporate bonds in
developments that caused global markets to anticipation of weaker corporate earnings,”
swing in different directions. To generate val- says Wong.
ue, we focused on stock selection to identify AmInvest CEO Goh Wee Peng says the
upside potential in the mid and small-cap fund house will be avoiding the tourism,
segments,” he adds. hospitality, airline and oil and gas sectors as
“In general, we were consistent and main- they are directly impacted by global events
tained high asset exposure for these funds for this year. On the home front, foreign inves-
most of 2019. We focused on stock picking as tors are likely to stay on the sidelines while
we expected the market to lack direction while monitoring the developments in Malaysia’s
the bond funds overweighted duration on ex- The trend new government such as its stance on various
pectations of a declining interest rate trend.” towards virtual issues and its implementation of economic
Given the market turmoil since the begin- channels, policies. However, these concerns are likely to
ning of 2020, the fund house is expecting an- including mobile be overshadowed by the Covid-19 pandemic,
other volatile year, although lower-risk assets channels, have she points out.
such as bonds should see better performances garnered “The new government has just formed an
than equities. Hence,AmInvest is taking an ag- Economic Action Council. Not much has been
considerable
gressive stance for its bond funds and a more shared other than its priority to address prob-
defensive one for its equity funds, at least until attention from lems due to Covid-19 and low oil prices,” says
there is some market stability. regulators and it Goh.
creates a great “The new government has introduced fi-
opportunity for nancial aid to help alleviate the people’s eco-
growth in assets nomic burden amid the Covid-19 outbreak
under and, more recently, the Movement Control
The outperformance [of management Order to contain the virus. We do not expect
AmDynamic Bond] was attributed among industry major policy changes until the fear over the
to our high conviction to players. > Goh disease tapers off.
overweight duration in 2019. We “The best-case scenario would see the econ-
also actively undertook omy have less than 0.5% impact on GDP, with
opportunistic trades in some the economy and markets seeing a V-shaped
recovery.The worst-case scenario may see GDP
Malaysian Government
dipping more than 1%, with a more U-shaped
Securities and recovery.”
Government Goh says the biggest opportunities in the
Investment local unit trust industry include online plat-
Issue. > Wong forms.These will be effective 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.
APRIL 20, 2020 PW9
SEPT 29
2009
 Presented by
PW10
APRIL 20
2020

Hong Leong Asset Management grabs

Best Equity Group award

H
B Y PAT H M A S U B R A M A N I A M FUND Hong Leong Asia-Pacific FUND Hong Leong Growth
Dividend AWARD Equity Malaysia Diversified
ong Leong Asset Management AWARD Equity Asia-Pacific ex- – Provident (3 and 5 years)
Bhd (HLAM) continued its win- Japan (3 years) FUND SIZE RM166 million
ning streak by taking home the Best FUND SIZE RM51 million RETURNS FOR PERIODS 1 year 25.55
ENDED DEC 31, 2019 (%)
Equity Group (Provident) award and RETURNS FOR PERIODS 1 year 24.92 3 years 35.94
ENDED DEC 31, 2019 (%)
nine fund awards at the Refinitiv 3 years 29.07 5 years 44.94
Lipper Fund Awards 2020. 5 years 39.85 10 years 105.69
Hong Leong Asia-Pacific Dividend Fund 10 years 37.36
won the award for Best Equity Asia-Pacific
ex-Japan (Malaysia) in the three-year catego- FUND Hong Leong Dividend
ry while Hong Leong Dana Makmur clinched FUND Hong Leong Dana Makmur AWARD Equity Malaysia Income –
the awards for Best Equity Malaysia (Islamic) AWARD Equity Malaysia – Islamic (3 Provident (3 and 5 years)
in the three and five-year categories. and 5 years) FUND SIZE RM129 million
Hong Leong Growth took home the awards FUND SIZE RM13 million RETURNS FOR PERIODS 1 year 13.63
ENDED DEC 31, 2019 (%)
for Best Equity Malaysia Diversified (Prov- RETURNS FOR PERIODS 1 year 29.14 3 years 31.58
ENDED DEC 31, 2019 (%)
ident) in the three and five-year categories, 3 years 26.85 5 years 54.61
Hong Leong Dividend won the awards for 5 years 40.41 10 years 144.75
Best Equity Malaysia Income (Provident) in 10 years 98.61
the three and five-year categories and Hong
Leong Penny Stock grabbed the awards for FUND Hong Leong Penny Stock
Best Equity Malaysia (Provident) in the five However, the volatility is expected to persist AWARD Equity Malaysia – Provident
and 10-year categories. after the pandemic ends, he adds. The fund (5 and 10 years)
HLAM CEO Hoo See Kheng attributes the house will be cautious in the coming months FUND SIZE RM729 million
win to the investment team’s knowledge and until it is able to evaluate the full impact of RETURNS FOR PERIODS 1 year 16.60
ENDED DEC 31, 2019 (%)
understanding of the investee companies. Covid-19. 3 years 24.50
“Valuations of the companies, particularly in The coronavirus has forced a severe disrup- 5 years 52.56
terms of upside potential and downside risks, tion on economic activity around the world. 10 years 145.27
are taken into consideration before investing We would like Governments are under pressure to focus all
in a company. We believe in employing an ac- of their resources on protecting their econo-
to point out that
tive and concentrated portfolio management mies from failing. and fiscal stimuli being carried out by central
style to drive fund outperformance.” equity markets Nevertheless, the crisis has presented HLAM banks and governments around the world,”
It has been a challenging time nonetheless. have corrected to with “some very attractive buying opportuni- he adds.
Malaysia’s equity market is often viewed as “less quite attractive ties”. “The funds will be able to take advantage In the current circumstances, high-yield
attractive” than the rest of the emerging mar- levels and present of some of the severe stock price dislocations stocks are expected to perform well due to the
kets in the region as there is a perception that a good buying to establish positions in well-managed com- return of the ultra-low interest rate environ-
it is comparatively more expensive, says Hoo. opportunity for panies at attractive valuations. The equity ment, says Hoo. “Some financial services stocks
“This is evident from the fact that the local investors with a markets have the potential to stage a strong are looking attractive and offering generous
equity market experienced sustained foreign longer-term view recovery once the infection rates appear to dividend yields.”
fund outflows in 2019 and early 2020. Govern- and are able to have peaked,” says Hoo. The fund house, however, will refrain from
ment policy uncertainties and the perceived accept the near- He adds that trends in China and South Ko- investing in the construction sector as there
lacklustre corporate earnings growth also rea suggest that there is a possibility that the is a high level of uncertainty in terms of cor-
term volatility.
dampened market sentiment,” he adds. infections could peak in the next three to six porate earnings.
“The FBM KLCI was one of the worst per- > Hoo months. “Recently, we have seen governments As the global pandemic is likely to be tran-
forming equity indices last year. Against this around the world taking aggressive fiscal ac- sitory in nature, HLAM encourages unit trust
challenging backdrop, regular engagement tions in response to the economic fallout from investors to stay invested. “We expect overall
with a company’s management is important, Covid-19. Central banks have embarked on very corporate earnings to be affected as the global
given the rapidly changing political and eco- loose monetary policies to cushion a possible economy slows down. However, the magnitude
nomic climate. economic slowdown due to the pandemic. of the impact very much depends on the du-
“Our investment team worked hard to iden- We expect the effects of these massive ration of the pandemic and how successfully
tify stocks that were not fully appreciated by monetary and fiscal stimuli to even- the virus is contained. We still expect a rapid
investors and were trading below their intrin- tually boost investor sentiment.” corporate earnings recovery once the worst is
sic valuation. By following a robust invest- The global spread of the coro- over,” says Hoo.
ment process, the team was able to buy into navirus and the measures taken “We advise investors to maintain a well-di-
fundamentally sound companies at attractive to mitigate its impact is unprec- versified portfolio, particularly against the cur-
valuations.Through active fund management edented, both in scale and se- rent backdrop of global economic and political
and not merely replicating the benchmark al- verity. It is currently difficult to uncertainties. We would like to point out that
locations, the funds were able to outperform see whether the world is headed equity markets have corrected to quite attrac-
their respective benchmarks.” towards a recession because both tive levels and present a good buying oppor-
As the funds were invested in selected ex- businesses and society are navi- tunity for investors with a longer-term view
port stocks, they benefited from the potential gating uncharted waters, says Hoo. and are able to accept the near-term volatility.”
supply chain diversion as a result of the trade “Should a global recession ma- On the challenges facing the unit trust
war between China and the US, says Hoo. The terialise, we expect it to be a industry, he says product differentiation is
funds were also invested in construction and short-lived one due to the one of the biggest issues the fund house is
consumer stocks when these sectors expe- aggressive monetary facing. “With so many funds in the market,
rienced a correction at the beginning of investors are spoilt for choice. More so for the
the year, he adds. popular asset classes such as Malaysia equity
While the Covid-19 pandemic and funds and Malaysia bond funds. It is also not
the global measures to prevent its uncommon for a fund house to have multiple
spread have thrown a wrench into funds in each asset class.
the works, the fund house — using “So, the main challenge is, how do investors
its investment process and bot- decide which fund to invest in? This dilemma
tom-up stock-picking approach provides opportunities for fund managers
— has been able to identify com- with proven track records in providing con-
panies in the manufacturing sistent performance over three to five years
and services sectors that may to stand out.
benefit from the crisis. “We “It also forces industry players to focus on
believe the impact will differ managing their funds well rather than prod-
among the various compa- uct pushing. Investor education will also help
nies,” says Hoo. on this front.” E
APRIL 20, 2020 PW11
SEPT 29
2009

PW12
APRIL 20
2020
NAVIGATING THE
TURBULENCE
T
B Y T H E P E R S O N A L W E A LT H T E A M
he 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-
Presented by
nomic activities when their health is at risk. in 2020 due to the impact of Covid-19. How-
Hence, there is a hard stop to economic ac- ever, the combination of fiscal stimulus and
tivities globally, which has led to the fastest monetary policies implemented by govern-
global recession and market correction we ments are expected to set the global econo-
have ever seen. Commodity prices my for a strong rebound next year once the
“Meanwhile, we are waiting for the rip- pandemic is behind us.”
and credit issuers
ple effects of such a sharp downturn to hit Jason Chong, CEO of Manulife Invest-
businesses. It will surely happen with many will be impacted ment Management (M) Bhd, highlights the
entities caught off guard.” indirectly as the magnitude of the response of some central
On April 9, International Monetary Fund MCO or lockdown banks and governments. In the US, for in-
managing director Kristalina Georgieva said implemented in stance, President Donald Trump signed a
the IMF was expecting the deepest recession various countries US$2 trillion stimulus package last month
since the Great Depression. She projects that will further impact to resuscitate the economy while the Feder-
more than 170 countries will see negative per the general al Reserve cut interest rates by a whopping
capita income growth this year. economy via 175 basis points (bps) to a range of between
Nevertheless, fund managers believe that a reduction in 0% and 0.25%.
the stimulus packages of various govern- consumption “Meanwhile, the US, Australia and Japan
ments and central banks should help the embarked on some form of quantitative eas-
and disruptions
global economy to rebound in the second ing and bond-buying programme. These co-
half of this year or early next year. Whether to business ordinated stimulus measures are to keep the
the recovery will be a V-shaped or U-shaped operations. Small
one will depend on how quickly the pandemic businesses and
can be contained. daily-wage
Dr Tan Chong Koay, founder and chief workers will be
strategist at Pheim Asset Management Sdn affected the most
Bhd, is hopeful that a recovery will happen due to cash-flow
in the second half of this year. “Many gov- disruptions.
ernments and central banks have started to > Lee
inject more fiscal stimulus into their respec-
tive economies to help companies and people
affected 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 officer at
Kenanga Investors Bhd, concurs. She says
the global economy is expected to contract
in the first half of this year and recover in
the second half, fuelled by the unprecedented
levels of monetary and fiscal support globally.
However, Francis Eng, chief investment
officer 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
Presented by
economy and financial 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 CONTRACT
The 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 effects 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 significant 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 finally 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 officer David Ng said the
planned production cut was unlike-
ly to be sufficient 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
floor 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 officer 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 different 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
We had muted at -2% to -4.5%, depending on the duration of
earnings growth the MCO. Previously, our economy was well
expectations supported by consumer spending, which pro-
for Malaysia at vided a steady 2% GDP growth base. But with
the start of the Covid-19, this hangs in the balance,” he says.
year, expecting “The good news is that the stimulus efforts
by the government are consumer-focused.
a mild single
We think that these, coupled with the low
digit ... We now interest rate environment, will create pent-
expect corporate up demand when the economy reopens.”
earnings growth Market players are expecting corporate
to be -10% to earnings to see negative growth this year.
-30%. > Gan 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 affected 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 effects
of Covid-19 will linger.
Even if there is a quick
recovery by the summer
PW13
APRIL 20
2020
months, the effects 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 effect 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 firm’s equity
funds have generally reduced their exposure
and raised their cash levels in response to the
developments unfolding in financial 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 suffered 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 affected the most
due to cash-flow 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 21

PW14
APRIL 20
2020
Kenanga Investors bags two group awards
K
B Y KHAIRANI AFIFI NOORDIN
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-
versified were the winners of the fund awards.
According to chief investment officer Lee Sook
Yee, the latter’s outperformance was mainly
generated through timely asset allocation
between equity and fixed income while both
funds benefited 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 benefited 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 fixed
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
Presented by
PATRICK GOH/THE EDGE
Our multi-segment,
multi-channel
and multi-product
approach, coupled with
consistent investment
performances, continues
to drive the exponential
growth of the firm.
>De Alwis
FUND Kenanga Syariah Growth they have been less adversely affected by the
AWARD Equity Malaysia – Islamic current financial fallout resulting from the
(10 years) Covid-19 pandemic, says De Alwis.
FUND SIZE RM508.03 million “The investment thesis for investing in
FUND MANAGER Syarifah Hidayatul Akmal these companies is based primarily on a long-
RETURNS FOR PERIODS 1 year 18.18 term growth story dependent on changes in
ENDED DEC 31, 2019 (%) global trends, which we continue to remain
3 years 14.17
5 years 22.14
positive on,” he adds.
This year, the fund house launched lev-
10 years 147.32
eraged and inverse exchange-traded funds
(ETFs) — the Kenanga KLCI Daily 2x Lever-
FUND Kenanga Diversified aged ETF and the Kenanga KLCI Daily (-1x)
AWARD Mixed Asset MYR Flexible Inverse ETF. It also launched the third tranche
(3 and 5 years) of its Kenanga AUD Alternative Income Fund
FUND SIZE RM31.96 million Series, which aims to provide an annual re-
FUND MANAGER Lee Sook Yee turn by investing in one of the more preferred
RETURNS FOR PERIODS 1 year 18.94 foreign currencies.
ENDED DEC 31, 2019 (%) “As can be seen, our multi-segment, mul-
3 years 32.50
5 years 44.60
ti-channel and multi-product approach, cou-
pled with consistent investment performanc-
10 years 119.94
es, continues to drive the exponential growth
of the firm. In the longer term, this will pro-
fund house’s long-term strategy of building vide our valued clients and ourselves with
multiple channels, in addition to its strong, diversification and business sustainability,”
consistent fund performances. He notes that says De Alwis.
its burgeoning private wealth segment, which “In addition to growing our business or-
was established in 2016, has surpassed its ganically, we acquired Libra Invest Bhd, an
trajectory for this financial year. award-winning asset management company
The other channels, such as retail, corpo- with a stronghold in the fixed-income space,
rate and institutional, have seen encourag- last year to boost our offering in this segment.”
ing growth despite a challenging local envi- Post-acquisition, former Libra equity funds
ronment and year. “No doubt, the continued recorded notable improvements in perfor-
launch of new alternative strategies and mance within a short period of time with
products has been imperative to carving out the management and expertise of Kenanga
Kenanga Investors’ presence in the market Investors’ equity team, he says. Meanwhile,
as a wealth manager with a specialisation in the performances of former Libra fixed-in-
alternative investment products, which saw come funds were maintained over the peri-
an injection of more than RM150 million in od, an indication of stability within the fund
AUM by means of Kenanga Global Unicorn house’s infrastructure and investment pro-
1 and 2,” says De Alwis. cess, among others.
The Kenanga Global Unicorn funds invest “We also recorded an increase in the
in unicorns (tech companies with valuations fi xed-income funds’ AUM under Kenanga
of more than US$1 billion) with sound and Investors’ strong distribution channels, which
tested growth stories on top of a clear public we attribute to the seamless consolidation
listing or trade sale exit. As these securities exercise that was completed at the end of
are not marked to market like public equities, last year,” says De Alwis.
Presented by
PW15
APRIL 20
2020

Affin Hwang Asset Management

wins six fund awards

A
B Y VA N E SSA G O M E S FUND Affin Hwang Select Income monetary policy stimulus by key central banks
AWARD Mixed Asset MYR and favourable market technicals. Declining
ffin Hwang Asset Management Bhd Conservative (5 years) returns have caused a search for yield, result-
(AHAM) had a haul of six awards at FUND SIZE RM3.1 billion ing in tighter valuations.
the Refinitiv Lipper Fund Awards FUND MANAGER Ooi Phee Lip (Fixed Income) “As a result, bonds were no longer cheap
2020. Affin Hwang Select Income Angie Tan (Equities) towards 4Q2019 and markets were not pricing
won the award for Best Mixed As- RETURNS FOR PERIODS 1 year 10 in the rising downgrade or even default risk.
set MYR Conservative (Malaysia) ENDED DEC 31, 2019 Adding to that, headwinds of slowing global
(%) (ANNUALISED 3 years 5.2
in the five-year category while Affin Hwang RETURNS)
5 years 5.7
growth persisted with the trade tensions caus-
Select Opportunity won the award for Best ing more uncertainty and volatility, making
Equity Malaysia Diversified (Provident) in the investment decisions difficult. Nevertheless,
10-year category. FUND Affin Hwang Select APAC we remained guided by our investment pro-
Affin Hwang Select APAC ex-Japan Dividend ex-Japan Dividend MYR cess and did not take on excessive risk unnec-
MYR won awards for Best Equity Asia-Pacific AWARD Equity Asia-Pacific ex-Japan essarily,” he adds.
ex-Japan (Provident) in the three and five-year – Provident (3 and 5 years) Ooi says liquidity is critical now and thus,
categories.Affin Hwang Select APAC ex-Japan FUND SIZE RM494.6 million the firm remains defensive and is seeking shel-
Balanced MYR took home awards for Best FUND MANAGER David Ng ter in low-beta credits.A portion will be allocat-
Mixed Asset MYR Bal — Global (Provident) in Lim Chia Wei ed to cash and short-term investment-grade
the three and five-year categories. RETURNS FOR PERIODS 1 year 18.1 bonds (such as cash proxy) while government
AHAM senior portfolio manager Lim Chia ENDED DEC 31, 2019 bonds will act as insurance to ride through the
(%) (ANNUALISED 3 years 9.3
Wei says the fund house’s two-pronged strat- RETURNS)
5 years 8.2
current risk-off environment.
egy of focusing on stable dividend-paying “Credit-wise, we still like some of the per-
companies and high-quality growth compa- petual bonds of strategically important Chi-
nies were key to driving the outperformance FUND Affin Hwang Select APAC na state-owned enterprises (SOEs) with high
of its Affin Hwang Select APAC ex-Japan Div- ex-Japan Balanced MYR callability rate and favour Chinese property
idend MYR fund. AWARD Mixed Asset MYR Balanced issuers with good fundamentals, cashflow
“[To us] high-quality growth companies – Global – Provident (3 and visibility and strong accessibility to multiple
are those with a strong business moat, bal- 5 years) funding channels,” says Ooi.
ance sheet and long-term growth prospects. FUND SIZE RM131.2 million AHAM senior portfolio manager for equi-
Our positions in China’s internet sector and FUND MANAGER Ooi Phee Lip (Fixed Income) ties Angie Tan says stock prices were volatile
Asia’s semiconductor sector were among the Angie Tan (Equities) last year and what made it more challenging
key contributors in 2019.” RETURNS FOR PERIODS 1 year 14.4 was how fast the rallies and pullbacks were.
AHAM senior portfolio manager for fixed ENDED DEC 31, 2019 “We decided to be defensive in such an en-
(%) (ANNUALISED 3 years 5.2
income Ooi Phee Lip says the investment team RETURNS)
5 years 6.0
vironment. For Affin Hwang Select Income,
took the opportunity to increase its position we maintained a minimum asset allocation
in some of its conviction calls at discounted of 70% to fixed income and the balance to eq-
levels, given the widening of credit spreads in FUND Affin Hwang Select uities. For Affin Hwang Select APAC ex-Japan
2018, for the Affin Hwang Select Income fund. Opportunity Balanced, we maintained a 50:50 allocation to
“These investments paid off when the credit AWARD Equity Malaysia Diversified – fixed income and equities.”
spread tightened significantly in 1H2019. Provident (10 years) On her outlook for equities, Tan says com-
“Another strategic move was that we length- FUND SIZE RM918.3 million panies that are able to show resilient earnings
ened our portfolio durations in 2H2019 when FUND MANAGER Gan Eng Peng will likely outperform in this period, when
the US Federal Reserve changed its mone- RETURNS FOR PERIODS 1 year 4.5 economic growth is increasingly uncertain.
tary policy stance from tightening to easing ENDED DEC 31, 2019 “This would be sectors such as telecommu-
(%) (ANNUALISED 3 years 4.8
by cutting the key policy rate three times to RETURNS)
5 years 4.9
nications and consumer staples.
1.75%. Lower US treasury rates coupled with a “We remain defensive on the equities side
tightening of credit spreads drove bond pric- as well, preferring companies with sustainable
es higher, especially investment-grade sover- funds, says Ng. Nevertheless, the gains were earnings and cash flow as well as a strong bal-
eign and corporate bonds. We also increased erased when the outbreak of Covid-19 sparked ance sheet. It is important that the companies
our positions in local currency bonds (such as fears globally. we invest in can survive this crisis.”
the rupiah) for better carry, given the low-yield “Investors fear over an uncontrolled spread of Lim says the Affin Hwang Select APAC
environment then.” the coronavirus,compounded by the breakdown ex-Japan Dividend MYR fund’s long-term strat-
Overall, the firm maintained discipline in in cooperation between Opec and Russia [in early egy remains the same in the current market
its investment approach, which is based on March] has battered global credits, especially in conditions,which is to focus on stable dividend
the belief that investment returns must com- the energy and resources sectors. Not only have stocks and high-quality growth companies. “In
mensurate with the level of risk being taken the favourable technical factors disappeared very this challenging environment,we have a healthy
on, says AHAM deputy managing director and quickly,but the high-yield [bond] market is now cash buffer to reduce downside risk. But we re-
chief investment officer David Ng. “This is un- implying a higher share of defaults,” he says. main open to buying stocks that have fallen ex-
derpinned by our absolute return philosophy, Ooi says 2019 was an exceptionally good cessively due to the indiscriminate sell-off and
and not to merely outperform the benchmark. year for Asia’s bond markets, given the that fit into our long-term strategy.”
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 fixed-income securi- Ng Ooi
ties selection that is guided by fundamental,
valuation and technical factors. Tan Lim
“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
 Presented by
PW16
APRIL 20
2020

Eastspring Investments Bhd

SIX FUND AWARDS

E
astspring Investments Bhd grabbed FUND Eastspring Investments FUND Eastspring Investments
six fund awards at the Refinitiv Lipper Dana al-Islah Equity Income
Fund Awards 2020. Four of its funds AWARD Mixed Asset MYR AWARD Equity Malaysia Income –
won these awards — a repeat of their Conservative – Provident Provident (10 years)
winning feat from previous years. (10 years) FUND SIZE RM577.6 million
Eastspring Investments Small-Cap FUND SIZE RM17.6 million FUND MANAGER Moey Su-En
took home the award for Best Equity Malaysia FUND MANAGER Chow Kim Seng RETURNS FOR PERIODS 1 year 2.71
Small & Mid Cap (Provident) in the 5 and 10- ENDED DEC 31, 2019 (%)
RETURNS FOR PERIODS 1 year 3.41 3 years 13.81
year categories. ENDED DEC 31, 2019 (%)
3 years 10.86 5 years 30.16
Chief investment officer Doreen Choo says 5 years 16.43 10 years 154.65
the fund’s outperformance was due to the
10 years 63.58
team’s ability to identify good quality small-
cap companies with good management and FUND Eastspring Investments
strong growth potential. “Our investment ho- FUND Eastspring Investments Small-cap
rizon is typically more than three years, which Dana Dinamik AWARD Equity Malaysia Small & Mid
allows us to participate in the growth phase AWARD Mixed Asset MYR Flexible – Cap – Provident (5 and 10
of our investee companies.” Provident (10 years) years)
Another outstanding fund was Eastspring Mixed Asset MYR Flexible –
Investments Dana Dinamik, which won two Islamic (10 years) FUND SIZE RM816 million
awards — for Best Mixed Asset MYR Flexible FUND SIZE RM161.7 million FUND MANAGER Tung Yin Wai
(Provident) and Best Mixed Asset MYR Flexible FUND MANAGER Juliana Ramli RETURNS FOR PERIODS 1 year 18.03
(Islamic) — in the 10-year category. ENDED DEC 31, 2019 (%)
RETURNS FOR PERIODS 1 year 7.23 3 years 16.42
“As a flexible fund, Eastspring Investments ENDED DEC 31, 2019 (%)
3 years 17.95 5 years 47.13
Dana Dinamik is nimbler. Together with our 5 years 27.62 10 years 272.07
bottom-up stock-picking strategy, the fund is
10 years 127.52
positioned to navigate through market vola-
tilities,” says Choo.
“The fund invests in selected quality stocks the award for Best Mixed Asset MYR Conserv- outperformance is attributed to its investment
that have strong fundamentals and offer good ative (Provident) in the 10-year category while philosophy,which is grounded in a disciplined,
growth prospects over the longer term.A robust Eastspring Investments Equity Income won valuation-based and research-driven invest-
asset allocation process is vital to striking the the award for Best Equity Malaysia Income ment style that can generate attractive returns
right balance between asset classes.” (Provident) in the 10-year category. for its clients over the long term. She says it
Eastspring Investments Dana al-Islah won According to Choo, the fund house’s overall is able to estimate companies’ intrinsic value

Areca Capital Sdn Bhd

THREE FUND AWARDS

A
reca 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 financial 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 firm was
well positioned in the small and mid-cap space
during the rally that year.
“Having recorded substantial gains, we ac-
tively took profit 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 flexible.“We must be quick
to seize opportunities or react to ever-changing
market conditions,” he says.
Wong attributes AeTF’s success
to the firm’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.
FUND Areca equityTrust caused financial markets to tumble sharply. Sur-
AWARD (TXLW\0DOD\VLDDQG prisingly,however,it has been a good year so far for
\HDUV) the fund house as it got the majority of its sectoral
FUND SIZE RM158.91 million and stock calls right by moving between the large
We are seeing deep FUND MANAGER Danny Wong, co- and small-cap spaces, says Wong.
value emerging managed with UOB Asset “Nevertheless,one of the challenges has been a
from the recent Management lack of policy clarity,which means we have had to
selldown. Good RETURNS FOR PERIODS 1 year 35.68 be very active and hands-on to react at a moment’s
ENDED DEC 31, 2019 (%) notice.Another challenge has been to manage in-
stocks are being 3 years 73.02
consistent inflows into the fund,” he adds.
sold almost 5 years 93.07
Unsurprisingly,Wong sees a fraught 2020 going
indiscriminately 10 years 260.19
forward.For him,the overarching risk right now is
alongside the bad just how big of an impact the Covid-19 pandemic
ones. > Wong We then decided on the sector or thematic play, will have on the local and global economy. Even
revolving around themes such as future-proof- so,with big risks come big opportunities.
ing and technology. From there, our stock-pick- “We are seeing deep value emerging from the
ing skills came into play. This combination has recent selldown.Good stocks are being sold almost
served us well.” indiscriminately alongside the bad ones. Some
Simply put,Wong and his team pursue a top- blue chips are trading at 10-year lows and some
down approach, combined with winning bot- even at 20-year lows,” he says.
tom-up stock-picking techniques. While this In this environment,Wong is exploring themes
may yield stocks that do not always fall within such as stocks with attractive and sustainable div-
so-called preferred sectors, the counters are still idend yields as he expects interest rates to remain
attractive investment candidates. low. “We are also looking at the future-proofing
This disciplined and methodical approach theme.So,things like 5G and technology will con-
has enabled Wong and his team to achieve a trio tinue to be a long-term theme,” he says.
of victories with AeTF. “There is really no secret While 2020 has been a difficult year so far,the
ingredient. We simply must continue to adopt a market has had its mettle frequently tested over
disciplined investing strategy.” the last decade,says Wong.“We have gone through
Another winning element is Areca Capital’s a number of quite serious crises,namely the 2008
ability to provide investors with consistent mar- global financial crisis,the European Union sover-
ket updates. In times of market turbulence, eign debt crisis, the so-called US taper tantrum,
client servicing capabilities become key China’s slowdown shock,crude oil price collapses,
differentiators in the market,says Wong. 1Malaysia Development Bhd-related issues,Brex-
This was done to ensure that the fund it, the Donald Trump effect and, more recently,
size remained stable and investors the emerging market contagion risk.Thankfully,
remained invested. we have come out on top.And for us, this simply
This year has seen unprece- highlights the importance of focusing on the
dented market movements. fundamentals and investing for the long term.”
Several black swan events have — By Oliver Christopher Gomez E

HARIS HASSAN/THE EDGE

Presented by
through its proprietary research methodolo-
gy — by understanding the businesses of the
companies it invests in, how the companies
generate free cash flow 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 efficient, 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 fixed-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 suffered 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
benefited from them,” says Choo.
“Last year saw a clear outperformance of
Principal Asset Management Bhd
ONE FUND AWARD
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.
PW17
APRIL 20
2020
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 Behavioural biases
volatility.” are systemic and
According to her, the risk of a global reces- can be exploited
sion is increasing day by day and it heavily by disciplined,
depends on the scale and extent of the Cov- long-term
id-19 pandemic. “The concern is that the US investors, which
Federal Reserve may have used up a lot of its is the reason our
policy bullets in response to the growing con- primary focus
cerns of a slowing US economy, having cut the
is on stock
key policy rate to a range of between 0% and
0.25%,” says Choo. selection.
She adds that the fund house will continue > Choo
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
EASTSPRING INVESTMENTS BERHAD (EIB)
healthcare sector,which has benefited 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 E
FUND CIMB-Principal Equity has yielded varying results. “For instance, the
Income number of new cases in China has peaked
AWARD (TXLW\$VLD3DFL¿FH[ and is falling rapidly. But outside China, we
-DSDQ±3URYLGHQW are seeing an acceleration in the number of
Our strategy was to \HDUV) people affected, especially in Europe and the
stay invested in the FUND SIZE RM76.96 million US. In countries like South Korea, there has
market. We believe FUND MANAGER Principal Asset been a deceleration.
we will weather Management Bhd “There is a high degree of uncertainty
these uncertainties RETURNS FOR PERIODS 1 year 1.00 over how this event will develop. However,
ENDED DEC 31, 2019 (%): we prefer Asian equities to those in devel-
and the stocks that 3 years 12.80
5 years 20.89
oped markets as the risk posed by Covid-19
we continue to hold to these countries is lower. Valuations in
will pay off nicely Asian markets are also cheaper. Our strate-
over the longer “Our strategy was to stay invested in the gy is to look for good quality growth stocks
term. > Munirah market. We believe we will weather these with reasonable valuations.”
uncertainties and the stocks that we contin- In view of the rising market risk premi-
ue to hold will pay off nicely over the longer um, the firm has downgraded Malaysia to
term,” she adds. “neutral”. “As for portfolio strategy, we will
Going forward, the firm will take a be tilting our barbell approach to capital
more cautious stance, considering preservation bias from growth bias. We will
the ongoing market turmoil. maintain our high asset allocation strategy
The markets’ fear of the Cov- but lower the beta range. The sectors in focus
id-19 pandemic is hurting will be those with defensive and high-yield-
companies’ fundamentals, ing qualities such as utilities, telecommuni-
says Munirah. cations, consumer and real estate investment
She adds that Covid-19 is trusts,” says Munirah.
a global issue. Each country The fund house’s asset allocation strategy
is dealing with it different- is to have equal weightage between equities
ly at different times and 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
HA
next several years.These include selected Chi-
RIS
HA
nese internet companies and other leading
SSA
semiconductors with a technological edge.”
N/T
H
— By Kuek Ser Kwang Zhe E
EE
DGE

PW18
APRIL 20
2020
Pheim Asset Management Sdn Bhd
SEVEN FUND AWARDS
P
heim 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 fifth consecutive year,Dana
Makmur Pheim swept the awards for Best Mixed
Asset MYR Balanced (Islamic) in the three, five
and 10-year categories, as well as the awards for
Best Mixed Asset MYR Balanced (Provident) in
the three,five and 10-year categories.Pheim Asia
Ex-Japan Islamic fund grabbed the award for
Best Equity Asia-Pacific ex-Japan (Islamic) in
the three-year category.
Founder and chief strategist Dr Tan Chong
Koay says the firm’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 financial markets last
year, Dana Makmur Pheim
had a good year, he says.
“[The fund] registered
Maybank Asset Management Sdn Bhd
TWO FUND AWARDS
M
aybank 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 figures,focusing on the value that these
companies will offer 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 flexible 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
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
Tan 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,
SAM FONG/THE EDGE
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
FUND Maybank Malaysia SmallCap
AWARD Equity Malaysia Small & Mid
Cap – Provident (3 years)
FUND SIZE RM126.26 million
FUND MANAGER Low Yi Cheng
RETURNS FOR PERIODS 1 year 19.79
ENDED DEC 31, 2019 (%)
3 years 20.91
5 years 23.01
10 years 104.44
FUND Maybank Malaysia Income
AWARD Bond MYR – Provident (10
years)
FUND SIZE
Ahmad Najib
RM65.17 million
FUND MANAGER Eeh Chong Ban
RETURNS FOR PERIODS 1 year 6.31
ENDED DEC 31, 2019 (%)
3 years 15.58
5 years 26.91
10 years 134.27
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 fixed-income and equity markets.”
Nonetheless, Maybank Asset Manage-
ment’s investment team will continue to
Presented by
FUND Pheim Asia Ex-Japan Islamic
AWARD Equity Asia-Pacific ex-
Japan – Islamic (3 years)
FUND SIZE RM8.4 million
FUND MANAGER Dr Tan Chong Koay
RETURNS FOR PERIODS 1 year 22.62
ENDED DEC 31, 2019 (%)
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 SIZE RM132.4 million
FUND MANAGER Dr Tan Chong Koay
RETURNS FOR PERIODS 1 year 18.09
ENDED DEC 31, 2019 (%)
3 years 29.06
5 years 44.48
10 years 129.50
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
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 fixed-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 firm 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 firm’s fixed-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 E
Presented by
PW19
APRIL 20
2020

Winners list
GROUP AWARD WINNERS Bond MYR (Islamic) PB Aiman Sukuk
AWARD COMPANY Equity Asia-Pacific Public Far-East Alpha-30
Best Equity Group Public Mutual Bhd Equity Asia-Pacific (Provident) Public Asia Ittikal
Best Mixed Assets Group Public Mutual Bhd Equity Asia-Pacific ex-Japan (Provident) Affin Hwang Select APAC ex-Japan Dividend MYR
Best Equity Group (Islamic) Kenanga Investors Bhd Equity Asia-Pacific ex-Japan PB China ASEAN Equity
Best Bond Group (Provident) AmFunds Management Bhd Equity Asia-Pacific ex-Japan (Islamic) Public Islamic Asia Leaders Equity
Best Equity Group (Provident) Hong Leong Asset Management Bhd Equity Global PB Global Equity
Best Mixed Assets Group (Provident) Kenanga Investors Bhd Equity Malaysia Areca equityTrust
Equity Malaysia (Islamic) Hong Leong Dana Makmur
FUND AWARD WINNERS Equity Malaysia (Provident) Hong Leong Penny Stock
DURATION: 3 YEARS Equity Malaysia Diversified (Provident) Hong Leong Growth
AWARD FUND Equity Malaysia Income (Provident) Hong Leong Dividend
Bond MYR (Islamic) AmanahRaya Syariah Trust Equity Malaysia Income (Islamic) Public Islamic Dividend
Bond MYR (Provident) AmDynamic Bond Equity Malaysia Income RHB Malaysia DIVA
Bond MYR Public Enterprises Bond Equity Malaysia Small and Mid-Cap (Provident) Eastspring Investments Small-cap
Equity Asia-Pacific PB China Pacific Equity Equity Malaysia Small and Mid-Cap (Islamic) Public Islamic Opportunities
Equity Asia-Pacific (Provident) Public Asia Ittikal Mixed Asset MYR Balance – Global (Provident) Affin Hwang Select APAC ex-Japan Balanced MYR
Equity Asia-Pacific ex-Japan (Provident) Affin Hwang Select APAC ex-Japan Dividend MYR Mixed Asset MYR Balanced – Malaysia (Islamic) Dana Makmur Pheim
Equity Asia-Pacific ex-Japan Hong Leong Asia-Pacific Dividend Mixed Asset MYR Balanced – Malaysia (Provident) Dana Makmur Pheim
Equity Asia-Pacific ex-Japan (Islamic) Pheim Asia Ex-Japan Islamic Mixed Asset MYR Balanced – Malaysia PB Balanced Sequel
Equity Global PB Global Equity Mixed Asset MYR Conservative Affin Hwang Select Income
Equity Global (Provident) Public Global Select Mixed Asset MYR Conservative (Islamic) Public Ehsan Mixed Asset Conservative
Equity Malaysia (Provident) AmMalaysia Equity Mixed Asset MYR Conservative (Provident) Public Ehsan Mixed Asset Conservative
Equity Malaysia Areca equityTrust Mixed Asset MYR Flexible (Provident) Kenanga OA Inv-Kenanga Diversified
Equity Malaysia (Islamic) Hong Leong Dana Makmur Mixed Asset MYR Flexible Public Tactical Allocation
Equity Malaysia Diversified (Provident) Hong Leong Growth Mixed Asset MYR Flexible (Islamic) Public Islamic Asia Tactical Allocation
Equity Malaysia Income (Provident) Hong Leong Dividend DURATION: 10 YEARS
Equity Malaysia Income (Islamic) Public Islamic Dividend AWARD FUND

Equity Malaysia Income RHB Malaysia DIVA Bond MYR (Provident) Maybank Malaysia Income
Equity Malaysia Small and Mid-Cap (Provident) Maybank Malaysia SmallCap Bond MYR Public Bond
Equity Malaysia Small and Mid-Cap Public SmallCap Bond MYR (Islamic) PB Islamic Bond
Equity Malaysia Small and Mid-Cap (Islamic) Public Islamic Opportunities Equity Asia-Pacific PB China Pacific Equity
Mixed Asset MYR Balanced – Global (Provident) Affin Hwang Select APAC ex-Japan Balanced MYR Equity Asia-Pacific ex-Japan (Provident) CIMB-Principal Equity Income
Mixed Asset MYR Balanced – Global Public Strategic Balanced Equity Asia-Pacific ex-Japan PB China ASEAN Equity
Mixed Asset MYR Balanced – Malaysia (Islamic) Dana Makmur Pheim Equity Asia-Pacific ex-Japan (Islamic) Public Islamic Asia Dividend
Mixed Asset MYR Balanced – Malaysia (Provident) Dana Makmur Pheim Equity Malaysia Areca equityTrust
Mixed Asset MYR Balanced – Malaysia Public Growth Balanced Equity Malaysia (Provident) Hong Leong Penny Stock
Mixed Asset MYR Conservative (Islamic) Public Ehsan Mixed Asset Conservative Equity Malaysia (Islamic) Kenanga Syariah Growth
Mixed Asset MYR Conservative (Provident) Public Ehsan Mixed Asset Conservative Equity Malaysia Diversified (Provident) Affin Hwang Select Opportunity
Mixed Asset MYR Conservative United Income Plus Equity Malaysia Income (Provident) Eastspring Investments Equity Income
Mixed Asset MYR Flexible (Provident) Kenanga OA Inv-Kenanga Diversified Equity Malaysia Income RHB Malaysia DIVA
Mixed Asset MYR Flexible (Islamic) Manulife Investment-CM Shariah Flexi Equity Malaysia Small and Mid-Cap (Provident) Eastspring Investments Small-cap
Mixed Asset MYR Flexible Public Tactical Allocation Mixed Asset MYR Balanced – Malaysia (Islamic) Dana Makmur Pheim
DURATION: 5 YEARS Mixed Asset MYR Balanced – Malaysia (Provident) Dana Makmur Pheim
AWARD FUND Mixed Asset MYR Conservative (Provident) Eastspring Investments Dana al-Islah
Bond MYR (Provident) AmDynamic Bond Mixed Asset MYR Flexible (Islamic) Eastspring Investments Dana Dinamik
Bond MYR Public Enterprises Bond Mixed Asset MYR Flexible (Provident) Eastspring Investments Dana Dinamik

The awards methodology and guidelines for the

Awards methodology Refinitiv Lipper Fund Awards 2020 are provided below.

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 awards
Asset 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 award
An 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/.

PW20
APRIL 20
2020
RHB Asset Management Sdn Bhd
THREE FUND AWARDS
R
HB 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
Manulife Investment Management (M) Bhd
ONE FUND AWARD
M
anulife 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
FUND RHB Malaysia DIVA
AWARD Equity Malaysia Income (3, 5
and 10 years)
FUND SIZE RM6.1 million
FUND MANAGER Jason Tham Chun Hee
RETURNS FOR PERIODS 1 year 1.07
ENDED DEC 31, 2019 (%)
3 years 14.15
5 years 6.74
10 years 79.43
Ong
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 —
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
Chong
Presented by
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 E
FUND Manulife Investment-CM
Shariah Flexi
AWARD Mixed Asset MYR Flexible –
Islamic (3 years)
FUND SIZE RM137.53 million
FUND MANAGER Principal Asset
Management Bhd (formerly
known as CIMB-Principal
Asset Management Bhd)
RETURNS FOR PERIODS 1 year 11.64
ENDED DEC 31, 2019 (%)
3 years 19.36
5 years 17.62
10 years 105.90
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 E
Presented by
Equities have more attractive upside over the longer term
F 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 financial positions. While
some investors stay away from
the banking and oil and gas
sectors, fund managers have
a different 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 benefit 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 firm is looking to
buy counters that could ben-
efit from the weakness in the
ringgit. “We are looking to buy
export-related stocks that may
benefit from the expectation of
a weaker ringgit.These include
manufacturing companies that
may benefit from the realloca-
tion of orders from China.
“We are also looking at
companies with strong cash
flow supported by a solid man-
agement team. These are also
companies that have invested
sufficiently 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 firm
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 differential increases the
appeal of stocks on a longer-
term basis. This will benefit
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 financial crisis and 1997/98
Asian financial 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-
PW21
APRIL 20
2020
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 offer 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 benefits 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 fiscal stimulus, especially
the US,” he says.
 Presented by
PW22
APRIL 20
2020

UOB Asset Management (M) Bhd

ONE FUND AWARD

U
OB 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 fixed-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 officer Francis Eng.
According to him, the strategy was to gen-
erate stable returns from fixed income and
get an additional boost from equities. As 2019
was largely a strong year for fixed-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 significant
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
FUND United Income Plus
$:$5' Mixed Asset MYR
Conservative (3 years)
FUND SIZE RM40.5 million
FUND MANAGER Francis Eng
RETURNS FOR PERIODS 1 year 11.73
ENDED DEC 31, 2019 (%)
3 years 17.51
and its impact on the global economy. “The
outlook for fixed 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 inflationary 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 effec-
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
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 fixed 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 fixed income which, in
turn, will be supported by low interest rates
and continued monetary easing to deal with
the [economic effects 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 difficult 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
Eng market sell-offs 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 E

AmanahRaya Investment Management Sdn Bhd

ONE FUND AWARD

A
manahRaya 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
Roszali 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-
gressively participated in new issuances, es- FUND AmanahRaya Syariah Trust
pecially those of bonds with AA credit rating AWARD Bond MYR – Islamic (3
and below for more returns. “We also actively years)
sourced sukuk via secondary markets. Dura- FUND SIZE RM331 million
tion played an important role in the fund’s FUND MANAGER AmanahRaya Investment
performance,” says Roszali. Management Sdn Bhd
Seeing as the Islamic fund industry has RETURNS FOR PERIODS 1 year 10.49
not had much impetus in the last few years, ENDED DEC 31, 2019 (%)
3 years 21.91
with product innovation seemingly at a pla-
teau, the fund house has had to rely on good 5 years 27.51
credit analysis to identify good issuances, 10 years 64.85
active fund management to maximise re-
turns and protect the fund from sudden fluc-
tuations to get consistent returns, he says. “[Returns of] 4% to 8% is very commendable
However, this year is expected to be more based on the current market scenario. New
challenging in the light of the two over- issuances of sukuk will hopefully be more
night policy rate cuts, fears of an oversup- than last year. The secondary sukuk market
ply of crude oil and the ongoing coronavirus will be challenging as most investors will
pandemic. adopt the ‘buy and hold’ strategy.”
“The next 12 months will be very challeng- He expects monetary policy to continue
ing. Risk-off mode will continue to dominate being accommodative as the global economy
in the light of market uncertainties. The weakens. But as interest rates fall, bond prices
unprecedented pandemic will impact the rise. Thus, the low interest rate environment
economy significantly and cause heightened should translate into decent performances
volatility across financial markets. We are for bond funds. “The expectations of further
still focusing on new issuances for yield pre- interest rate cuts and a prolonged low inter-
mium and maintaining slightly longer dura- est rate environment will likely benefit our
tion in view of more rate cuts,” says Roszali. bond fund,” he says.
While AmanahRaya is sector agnostic — Against this backdrop of global uncer-
as the bonds issued are evaluated based on tainties, investors should look at protecting
their credit strength and structure — the their capital rather than risking it to get ex-
firm will avoid the oil and gas sector this tra returns, says Roszali. “Bond funds should
year due to the current oversupply issues perform well in the current environment.
and oil price situation, he says. These funds also provide investors with
Roszali says fixed-income investors consistent returns with low fluctuation.”
should brace for lower returns than last year. — By Pathma Subramaniam E
PW24 APRIL 20, 2020
SEPT 29
2009