Myanmar Weekly

26 January – 01 February, 2015

Selected Stock Indices
Close Performance
Politics & Economy Index
Price w-o-w YTD, %
Stock Exchange of
 Government Revenue Estimated at US$6bn for FY2015-16 Thailand 1581.25 -1.07% 5.58
Jakarta Composite 5289.404 -0.65% 1.19
 ADB Plans Funding in Environmental Conservation and Tech Straits Times 3391.2 -0.60% 0.77
Hang Seng 24507.05 -1.38% 3.82
 Myanmar’s Grids to Reach 1.7mn Households for Electricity by 2020
MSCI Emerging Market 961.61 -2.95% 0.55
MSCI Frontier Market 586.82 -1.26% -4.08
Banking and Finance
FTSE 100 6749.4 -1.22% 2.79
Dow Jones Industrial 17164.95 -2.87% -3.69
 Kyat Appreciated Slightly at Week End S&P 500 1994.99 -2.77% -3.10
Nikkei 225 17674.39 0.93% 1.28
 CBM Auctioned US$50mn Three-Month Treasury Bond Source: Bloomberg, as of January 30, 2015
 Yoma Bank Partners with SLCM for Warehouse Receipt Financing
Major Commodities
 Foreign Banks Get Ready for First Branch Last Performance
Commodity
Price
 Tourism Bank Slated to Open This Year w-o-w YTD, %
Brent Crude, $/bbl 52.99 8.61% -8.97
 Six Companies Permitted for Dollar Insurance Transactions WTI Crude, $/bbl 48.24 5.81% -10.17
Natural Gas, $/MMBtu 2.691 -9.03% -7.08
 Norfund to Take Part in Microfinance Rice (Cbot), $/cwt 10.57 -4.00% -10.04
Cotton No.2, $/lb 59.36 3.60% -1.51
Construction LME Copper, $/t 5541 -0.14% -12.99
Silver, $/oz 17.255 -5.75% 9.89
 18,000 Apartments Planned in Yangon, Pathein, Mawlamyine Gold, $/oz 1283.77 -0.80% 8.35
Source: Bloomberg, as of January 30, 2015
Hotel & Tourism
Major Currencies vs. MMK
 US$12mn Beach Resort Project in Mon State
Market Performance
Currency
Infrastructure Rate w-o-w YTD, %
US$ 1027.30 -0.4% -0.52
 Yangon Roads Require Major Investment to Upgrade Euro 1163.20 -0.1% -7.17
TH฿ 31.43 -0.8% 0.06
 JICA Assists US$67mn in Hydroelectric Plan SG$ 758.60 -1.0% -2.70
AU$ 797.71 -2.3% -5.40
 Yangon Station Tender Closed with Few Contenders GB£ 1546.64 0.1% -3.84
CN¥ 164.26 -0.7% -1.29
Manufacturing JP¥ 874.15 -0.1% 1.31
Source: Bloomberg, as of January 30, 2015
 Myanmar’s Garment Industry Sees High Growth Potential
Trade
 Direct Shipping Service between Yangon and Shanghai
Economic Performance (as of January 23, 2015)
Foreign Trade & Investment Update (as of December 31, 2014)
Myanmar-Focused Equity Index and Property Index

www.mandalayc.com
 Myanmar Weekly 2 February, 2015

SILKROAD PROPRIETARY INDEX UPDATE

Name Ticker Value DoD, % MTD,% YTD, % Mcap, US$ mn
MSE Top 20 Index MSETOP20 14290.63 0.1% -3.8% -3.8% 447.6
USD terms -6.4%
Silk Road Composite Index SILKCPX 289.46 0.7% -13.0% -13.0% 32,780.4
Silk Road Central Asia Index SILKCAX 348.38 0.7% -12.6% -12.6% 17,261.6
Silk Road Australia Index SILKAUX 131.42 0.1% 1.4% 1.4% 173.7
Silk Road Myanmar Index SILKMMX 1317.94 -0.8% -1.5% -1.5% 8,776.9
Silk Road Mongolia Index SILKMNX 222.28 2.1% -0.2% -0.2% 9,068.8
Silk Road Hong Kong Index SILKHKX 7.83 -0.3% -6.1% -6.1% 1,038.2
Silk Road Iraq index SILKIQX 632.99 0.7% -15.8% -15.8% 8,031.6
Silk Road Iraq Oil Index SILKIOX 685.96 0.9% -18.0% -18.0% 5,868.0
MNT rate 1938.00 -2.6% -2.6%
Source: Company Data, Silk Road Management, as of January 30, 2015

MYANMAR FOCUSED INTERNATIONAL EQUITIES

STOCK PERFORMANCE SUMMARY

Curr- Close Market Cap Price 52 wk Daily Turn-

Name Ticker Exchange YTD, % Sector
ency Price US$mn High Low over, US$
PTT PTT:TB Bangkok THB 346 30,193.07 398 270 6.79 38,758,180 Energy
PTTEP TTEP:TB Bangkok THB 109 13,220.35 172.5 99.75 -2.68 15,712,840 Energy
Daewoo Int’l 47050:KS Korea KRW 27500 2,834.95 42600 27150 -12.56 16,811,830 Energy
Ratchaburi RATCH:TB Bangkok THB 60 2,657.95 62.75 47.5 2.13 2,402,645 Electricity
Super Group SUPER:SP Singapore SGD 8.9 1,435.62 9.2 3.4 39.06 36,157,480 Consumer
Italian-Thai Development ITD:TB Bangkok THB 1.11 914.15 1.985 1.04 -3.06 549,612 Property
Yoma Strategic Hldgs YOMA:SP Singapore SGD 0.54 689.86 0.7482 0.51 -8.15 1,606,697 Property
Shangri-La Hotel Bangkok SHANG:TB Bangkok THB 43.5 172.77 55 43.5 -4.40 1,075 Hotel
Interra Resources ITRR:SP Singapore SGD 0.164 54.41 0.42 0.16 0.61 4,360 Energy
Ntegrator Int’l NTEG:SP Singapore SGD 0.03 17.20 0.061 0.025 11.11 45,120 Telecom
Source: Bloomberg, as of January 30, 2014

www.mandalayc.com 2
 Myanmar Weekly 2 February, 2015

POLITICS & ECONOMY

Government Revenue Estimated at US$6bn for FY2015-16

The 2015-16 Fiscal Year revenue target is projected at US$6bn, reported by The Daily Eleven Newspaper
on 29 January, 2015. The commercial tax will account for 40% or US$2.6, income tax will account for 36%
or US$2.1bn, natural resource tax at 1.4% or US$850mn, and customs duties at US$375mn, with a total
of US$5.948bn. This is about US$1bn more than the current fiscal year estimate. As of January, 70% of
about US$5bn tax has been collected before the fiscal year end.

ADB Plans Funding in Environmental Conservation and Tech

The Asian Development Bank (ADB) will finance in environmental conservation and tech sectors as part
of the US$30bn-valued projects in six Greater Mekong Subregion (GMS) countries during 2014-18, an
announcement issued at the Fourth GMS Environment Ministers’ Meeting from January 27-29 2015.
Myanmar will receive funding for two projects for environmental conservation, and six for tech sector
development. The investment will assist development in ecotourism, agro-biodiversity products, green
value chains, land and energy utilization, environmental safeguards, and natural resource conservation of
the country. ADB has granted a total of US$240mn in loans in power, infrastructure, communications, and
transport sector for Myanmar.

Myanmar Grids to Reach 1.7mn Households for Electricity by 2020

About 1.7mn households can gain electricity in the next five years at a cost of US$670mn, reported The
Myanmar Times and The Daily Eleven Newspaper on 31 January, 2015. The Ministry of Electrical Power is
currently working with ADB and JICA to develop the National Electrification Plan, aiming to provide
electricity to the entire country by 2030. For the first phase of the plan, World Bank will provide US$400mn
interest-free loan, with 37-year repayment period. The loan will connect 1.7mn households to the grid
and other methods including solar, wind, and bio power by 2020. The World Bank said about 450,000
electricity lines annually will be needed to reach the planned 7.2mn households by 2030.

The country is currently generating 4,700 MW, reaching only about one third of its total households of
nine million. The electricity demand is rising at an average of 15% annually. International Finance
Corporation recently said that Myanmar has the potential to produce 100,000 MW from hydropower, 30
times the current capacity.

www.mandalayc.com 3
 Myanmar Weekly 2 February, 2015

BANKING AND FINANCE

Kyat Appreciated Slightly at Week End

Exchange rate for Myanmar Kyat closed on January 30, 2015 at MMK1,027.3 against USD, according to
Bloomberg.

This is compared to last week closing of MMK1,031, appreciated 0.36% w-o-w. Kyat has appreciated
0.52% y-o-y.

MMK/US$ Exchange Rate

1070

1050

1030

1010

990

970

950

Source: Bloomberg, as of January 30, 2015

CBM Auctioned US$50mn Three-Month Treasury Bond

The Central Bank of Myanmar (CBM) auctioned three-month Treasury bonds to the private banks for the
first time in history, reported The Daily Eleven Newspaper on 28 January 2015. The CBM issued MMK50bn
(US$50mn) worth of short-term bonds as an instrument to fight inflation, with ADB and IMF giving
technical support for bond auctions. Many remain on the sideline as only five banks out of about 40
licensed financial institutions entered the bid. The bidders include Myanma Economic Bank, Ayeyarwaddy
Bank, Yoma Bank, and Naypyitaw Si Bin Bank. Myanma Economic Bank won MMK20bn for 8% interest,
while Ayeyarwaddy Bank won MMK2bn for 8% interest. About 50% or MMK22bn was sold on the first
auction day. The CBM announced four auctions for three-month bonds till the end of the financial year,
with the 2nd time on February 18, 2015. The auctions will be held on Wednesdays, and the balances will
be issued two business days after, on Fridays. In addition to the three-month bonds, the Government is
planning to issue other short-term instruments including six-month and one-year bonds. The Wednesday
auction was the first time CBM has sold treasury bonds through a public bidding system.

www.mandalayc.com 4
 Myanmar Weekly 2 February, 2015

The Myanmar Government has issued three-year and five-year bonds through state-owned banks in 1993,
with the aim of promoting public savings. Two-year bonds were introduced in 2010.

Yoma Bank Partners with SLCM for Warehouse Receipt Financing

Yoma Bank and Delhi-based Sohan Lal Commodity Management (SLCM) signed a MOU to provide
warehouse receipt financing, reported The Myanmar Times. SLCM has experience in providing such
programs in India for 165 agricultural products with eight partner banks and 600 warehouses in 20 Indian
states. The firm has a warehouse in Yangon that can store up to 8,000Mt of crops. The first program of its
kind in Yangon, traders and businesspeople can use crops to store at the SLCM warehouse as collateral
for loans from Yoma, aiming to fill the loan demand gap in agriculture sector. The program will initially
provide credit to traders and people with business licenses. The interest rate is 13% plus the maintenance
charges. The loan values will reach up to 60% of the crop, with terms depending on the longevity of the
crops.

Foreign Banks Get Ready for First Branch

Two more foreign banks, Bank of Tokyo-Mitsubishi UFJ of Japan and Overseas Chinese Banking
Corporation (OCBC) from Singapore registered with Directorate of Investment and Company
Administration (DICA), reported The Daily Eleven Newspaper on 27 January, 2015. The Japanese bank
registered on 16 January, while the Singapore bank registered on 22 January. Another Japanese foreign
bank license winner, Sumitomo Mitsui registered on 9 January, 2015 to open the first Myanmar branch.

Tourism Bank Slated to Open This Year

Myanmar Tourism Federation (MTF) is planning to establish the Tourism Development Bank in Yangon,
Mandalay, and Naypyitaw this year, reported Myanmar Business Today on 28 January, 2015. The bank is
to be structured as a public bank with hotel and tour operators as the targeted shareholders. The MTF
deputy chair, U Khin Maung Win, said the Federation has secured approval from the Central Bank to issue
and raise capital. The bank aims to provide financial assistance for the development to hotel and tourism
industry.

Six Companies Permitted for Dollar Insurance Transactions

Myanmar Insurance Business Supervisory Board has allowed six private insurance companies with
MMK1bn (US$1mn) monthly revenue to conduct insurance transactions in US dollars, reported The Daily
Eleven Newspaper on 29 January, 2015. The approved companies will have to pay US$500,000 which
source will be inspected. The insurance limit is US$50,000, with insured depositing in US dollars.

Myanma Insurance, the state monopoly, has liberalized the industry with 12 companies permitted to
insure six types of insurance services to the general public. A new service, Special Travel Insurance, was
again permitted in May 2014. Most insurance companies are affiliates or subsidiaries of major
conglomerates in Myanmar. While US$1mn monthly revenue target seems to be high for the fledgling
insurance industry, the insurance companies may receive the financial backing of the parent companies.

www.mandalayc.com 5
 Myanmar Weekly 2 February, 2015

Norfund to Take Part in Microfinance

The Norwegian Investment Fund for Developing Countries (Norfund) has recently acquired the right to
take up to 25% equity stake in local microfinance company (MFI), reported The Myanmar Times. Norfund
is Norway’s development arm for combating poverty through private-sector development. The company
has a right to invest in Myanmar Financial International, jointly owned by London’s AIM-listed Myanmar
Investments International and Myanmar Finance Corporation. In its filing with AIM, Myanmar Investment
reported the third tranche financing of US$750,000 to be contributed by the owners to the microfinance
firm. Both parent companies plan to distribute US$2.05mn in 2015 as a fourth tranche of capital. Norfund
will be able to exercise its options, which will expire in September 2016, during the fourth tranche
financing.

Myanmar Finance Corporation was established in 2012, and as of 2014, the MFI claimed 10,000 clients
with a loan portfolio of US$780,000.

CONSTRUCTION
18,000 Apartments Planned in Yangon, Pathein, Mawlamyine

The Department of Human Settlement and Housing Development said six townships in Yangon will see
almost 10,000 apartment units constructed in FY 2015-16, reported Myanmar Business Today on 29
January, 2015. Another 8,000 new apartments will be constructed in Pathein from Ayeyarwaddy Division
and Mawlamyine from Mon State during the new fiscal year. Yangon City Development Committee (YCDC)
has processed permits for Dagon Seikkan, South Dagon, Thinganyun, Mingalardon, Hlaing Tharyar, and
Thanlyin Townships in Yangon. YCDC, itself, is currently developing 5,000 apartments during the current
fiscal year, while the total number of housing units developed by public and private sectors are expected
to exceed 20,000 units at fiscal year-end. In 2012-13, about 1,672 apartments were constructed, and it is
expected that 43,000 new apartments will be added between 2013 and 2016.

HOTEL & TOURISM

US$12mn Beach Resort Project in Mon State

A local private company is negotiating with the Mon state government for the final approval for a
US$12mn beach resort project, reported Myanmar Business Today on 27 January, 2015. Aurum Company
is proposing a project on 12.8km Kanbyar Beach, which will involve a 120-room hotel, offices, restaurants,
swimming pools and other facilities. If implemented, the resort will add to three other beach destinations
in Myanmar: Ngapali, Chaungtha, and Ngwe Saung.

www.mandalayc.com 6
 Myanmar Weekly 2 February, 2015

The Mon State government is encouraging both local and foreign investment to build high-rise buildings,
and develop eco-tourist sites.

INFRASTRUCTURE
Yangon Roads Require Major Investment for Upgrade

JICA estimates that vehicle use in Yangon would rise by 22-fold by 2035, calling for large investment in the
roads and infrastructure, reported The Daily Eleven Newspaper on 28 January, 2015. JICA is helping the
government with the Urban Transport Master Plan of the Greater Yangon (YUTRA) which will address
long-term solutions for the city’s infrastructure. The agency estimated US$10bn investment required to
upgrade the roads, railway networks, mass rapid transport system, and traffic management system.

JICA Assists US$67mn in Hydroelectric Plan Upgrade

Japan International Cooperation Agency (JICA) will provide technical assistance and machinery upgrade
for Ba Lu Chaung No.2 Hydroelectric Plant, reported The Daily Eleven Newspaper on 27 January, 2015. The
assistance, slated to be complete by 2016, will be a part of Grand Aid of US$67mn. Located in Kayah State,
the hydroelectric plant has been in operation for over 60 years since 1954, built by the Japanese as a war
reparation. In 1980, there was a major maintenance at the plant using Japan’s Official Development
Assistance (ODA) loans. The hydroelectric plant has the capacity to provide 10% of the country’s electricity
needs. Japan is also helping Myanmar develop the National Electricity Master Plan.

Myanmar has only 26% household access to electricity, the lowest among the ASEAN members.

Yangon Station Tender Closed with Few Contenders

Three companies applied for the Yangon Station Upgrade tender which closed early January, according to
The Daily Eleven Newspaper on 27 January, 2015. The project to upgrade the historic Yangon Station on
25.3 hectare land, included housing, stations, and international standard facilities. About nine foreign and
local companies took tender forms, including local conglomerates such as Shwe Taung Development and
Shwe Thanlwin Group. The foreign candidates include joint venture companies from Japan, China,
Singapore, Canada, and Taiwan companies. The project showed a good interest when Expression of
Interest (EOI) was called for last year April, with 34 companies indicating interest in the project. While the
applicants are not disclosed yet, the Ministry of Transport said the tender process will be transparent.

www.mandalayc.com 7
 Myanmar Weekly 2 February, 2015

Manufacturing
Myanmar’s Garment Industry Sees High Growth Potential

After dormant activity due to international sanctions for about a decade, Myanmar’s garment industry is
poised to grow with very strong prospects. Mizzima reported on 29 January, 2015 that the garment
industry will employ a million workers in the next few years. U Myint Soe, chair of Myanmar Garment
Manufacturers Association, said that about 250,000 workers are currently employed in the industry. The
wage ranges between US$85 (MMK85,000) and US$110 (MMK110,000) depending on the skills. The work
hours averages at 50 hours a week, which can go up to 62 hours when demand is high. Myanmar still
possesses a very low wage option among Southeast Asian countries, and manufacturers from China and
Hong Kong indicated plans to move some of their operations to the country.
The leading export markets for Myanmar consist of Japan 48%, South Korea 33%, and European Union
14%.

Trade
Direct Shipping Service between Yangon and Shanghai

China Shipping Container Lines Co. (CSCL) commenced a direct shipping service between two China’s
coastal cities and Yangon, reported The Daily Eleven Newspaper on 27 January, 2015. The new Myanmar-
China JV Company, China Shipping Myanmar Company, will start container business in Yangon and carry
cargos from Shanghai and Ning Bo to Yangon Port. The service will involve four vessels a month, with a
nominal capacity of 1,100 TEU (twenty-foot equivalent unit) each, delivery a weekly service. Currently,
most Chinese exports come from Singapore Port, which takes 18 days. The new route will shorten the trip
by four days to reach Yangon.
Myanmar Business Today also reported that China is Myanmar’s largest sea trade partner, with 350,000
TEUs last year. The WTO data suggested that trade between Myanmar and China grew at an average of
16% annually between 2009 and 2013.

www.mandalayc.com 8
KEY MACROECONOMIC INDICATORS
Indicator FY2010 FY2011 FY2012 FY2013 FY2014/15e FY2015/16f

Population and income

Population, mn 49.71 50.11 50.54 50.98 51.42 51.84
GDP per capita, US$ 811 850 876 900 910 1,420

National accounts
Nominal GDP, kyats, bn 39,850 43,400 47,430 54,434 62,572 73,042
Nominal GDP, US$bn 49.6 56.2 55.3 59.4 60.3 73.6
Real GDP growth, y-o-y, % 5.3 5.9 7.3 8.3 8.7 8.5

Monetary indicators and inflation

Broad money, y-o-y, % 36.3 33.3 46.6 37.4 26.7 26.4
CPI eop, y-o-y, % 8.9 5.0 4.7 6.7 7.0 6.7
Exchange rate, eop, kyat/US$ 861 810 860 970 980 984
Gross international reserves, US$mn 2,699 3,126 3,662 4,591 4,913 6,027

Government finance
Revenue, % of GDP 11.4 12.0 23.3 24.8 24.2 24.0
Expenditure, % of GDP 16.9 16.6 25.0 26.5 28.7 28.6
Budget balance, % of GDP -5.5 -4.6 -1.7 -1.7 -4.5 -4.6

Balance of payments
Exports, US$mn 8,829 10,228 10,345 11,947 14,678 16,666
of which: Gas 2,657 3,282 3,563 4,311 5,805 6,037
Imports, US$mn 8,184 10,437 12,464 13,992 16,332 19,863
Exports, y-o-y, % 25.8 10.1 2.2 15.5 22.9 13.5
Imports, y-o-y, % 15.8 23.8 19.1 12.3 16.7 21.6
Trade balance, US$mn 799 -372 -2,140 -2,045 -1,654 -3197
FDI, net, US$mn 2,200 2,100 2,900 4,100 5,000 5,200

Source: IMF, the Myanmar authorities, Mandalay Capital estimates

e = estimate, f = forecast

www.mandalayc.com
Myanmar Weekly 2 February, 2015

FOREIGN TRADE & INVESTMENT UPDATE

Export by Sector, US$mn (January 23, 2015)

FY 2012-2013 FY 2013-2014 FY 2014-2015 (Jan 23)
Exported Goods
State Private Total State Private Total State Private Total
Agriculture 0.81 2,563.12 2,563.93 0.89 2,657.86 2,658.75 2,060.66 2060.66
Animal Products 48.507 38.67 - 15.18 15.18 6.32 6.32
Livestock & Fishery 0.98 38.67 641.62 0.54 515.65 516.19 0.02 334.55 334.57
Mining 326.46 640.64 456.60 861.07 475.63 1,336.70 989.85 369.22 1,359.06
Forestry 561.12 130.14 603.60 870.28 77.53 947.81 11.65 52.88 64.52
Manufacturing 3,666.08 838.04 4,504.12 3,404.85 1,100.64 4,505.49 3,707.50 928.51 4,636.01
Others 150.36 97.33 247.70 940.56 188.11 1,128.67 642.06 140.08 782.14
Total 4,705.82 4,350.43 9,056.24 6,078.20 5,030.59 11,108.79 5,351.08 3,892.20 9,243.28
Source: Ministry of Commerce

Import by Sector, US$mn (January 23, 2015)

FY 2012-2013 FY 2013-2014 FY 2014-2015 (Jan 23)
Imported Goods
State Private Total State Private Total State Private Total
Investment Goods 826.75 3,302.34 4,129.09 1,657.25 4,033.93 5,691.18 1017.196 4,695.61 5,712.81
Raw Materials 484.95 3,182.77 3,667.71 721.84 4,961.22 5,683.06 436.22 4,113.26 4,549.48
Consumer Goods 186.72 1,388.13 1,574.84 175.74 2,209.97 2,385.72 793.53 2,156.90 2,950.43
Total 1,498.41 7,873.23 9,371.64 2,554.83 11205.12 13,759.95 2,246.95 10,965.77 13,212.72
Source: Ministry of Commerce

Export and Import by Major Country, US$mn (August 2014)

2012-2013 2013-2014 2014-2015 (Aug)
Country
Export Import Total Export Import Total Export Import Total
China 2,238.07 2,719.47 4,957.54 2,910.75 4,105.49 7,016.24 1,836.39 2,104.45 3,940.84
Thailand 4,000.57 696.81 4,697.38 4,306.28 1,376.99 5,683.27 1,486.64 645.50 2,132.14
Singapore 291.35 2,535.43 2,826.78 694.03 2,910.22 3,604.25 185.71 1,422.18 1,607.89
Japan 406.49 1,091.73 1,498.22 513.25 1,296.24 1,809.49 199.69 733.11 932.80
India 1,018.62 301.70 1,320.32 1,143.59 493.51 1,637.10 232.66 247.56 480.22
South Korea 280.77 343.21 623.98 352.92 1,217.98 1,570.90 144.06 221.95 366.01
Malaysia 97.92 360.90 458.82 108.87 839.69 948.56 191.45 331.14 522.59
Indonesia 31.54 195.23 226.77 60.04 438.82 498.86 28.84 214.21 243.05
Germany 42.98 144.55 187.53 40.36 83.24 123.6 28.54 21.6 50.14
Hong Kong 12.73 14.56 27.29 489.1 13.69 502.79 124.57 12.95 137.52
United States 2.81 119.98 122.79 24.78 79.66 104.44 23.46 122.51 145.97
United Kingdom 26.94 15.02 41.96 48.58 24.5 73.08 25.73 8.64 34.37
Source: Ministry of Commerce

www.mandalayc.com 10
 Myanmar Weekly 2 February, 2015

Cumulative Foreign Direct Investment by Sector, US$mn

Sector Permitted Investment %
Enterprises Amount
Power 8 19324.54 36.57
Oil and Gas 140 16992.58 32.16
Manufacturing 449 5158.155 9.76
Mining 70 2868.68 5.43
Transport & Communication 28 3033.44 5.43
Hotel & Tourism 57 2154.97 4.08
Real Estate 28 2120.15 4.01
Livestock & Fisheries 33 450.24 0.85
Agriculture 16 240.65 0.46
Industrial Estate 3 193.11 0.37
Other Services 25 264.12 0.5
Construction 2 37.77 0.07
Total 859 52,841.39 100.00
Source: DICA, as of Dec 31, 2014

Foreign Investment Permitted by Top 10 Countries from 1988 -

2014 (US$bn)
16

14

12

10

Source: DICA, as of Dec 31, 2014

www.mandalayc.com 11
Myanmar Weekly 2 February, 2015

MYANMAR FOCUSED EQUITY INDEX

Silk Road Myanmar Equity Index
1600

1550

1500

1450

1400

1350

1300

Source: Silk Road Management, as of January 30, 2015

PROPERTY INDEX

Silk Road Yangon Property Index, US$/sqf

130

120

110

100

90

80

70

60

50

Source: Silk Road Management

www.mandalayc.com 12
 Myanmar Weekly 2 February, 2015

CONTACTS

Ingyin Hla Myint Research Associate ingyin.hm@mandalayc.com

Min Han Tun Analyst minhan.tun@mandalayc.com
Kyaw Soe Aung Analyst kyaw.soeaung@mandalayc.com

research@mandalayc.com

Address:

MYANMAR
10, Kanbawza Avenue
Golden Valley 1st Qtr, Bahan T/S
Yangon, Myanmar
Tel: +951 539590

Mandalay Capital is an investment advisory firm, advising Myanmar companies on raising capital in Asia as well as internationally
and offering investors access to a wide range of investment opportunities in Myanmar. The Firm provides capital raising, project
development, strategic advisory and research services to its Myanmar and international clients. Mandalay Capital is building
Yangon-based team with focus on sourcing, structuring and closing Myanmar-related deals and investment projects. For more
info, please visit our website: www.mandalayc.com

DISCLAIMER
This report is made for information purposes only, and does not constitute an offer, solicitation of an offer to purchase, hold, sell, invest or make
any other financial decision. In making decisions, investors may rely on their own examinations of the parties and risks involved. Information
contained in this report is obtained from the sources believed to be accurate and reliable. Because of the possibility of human or mechanical
error as well as other factors such information provided 'as is" without warranty of any kind and Mandalay Capital Ltd., in particular, make no
representation or warranty, express or implied, as to accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of
any such information. Under no circumstances, Mandalay Capital Ltd. have any liability to any person or entity (-ies) for (a) any loss or damage in
whole or in part caused by, resulting from, or relating to, any error (negligible or otherwise) or other circumstances or contingency within or
outside the control of any of their directors, managements, officers, employees, or agents in connection with compilation, analysis, interpretation,
communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental
damages whatsoever (including without limitation, loss profits) even if Mandalay Capital Ltd. is advised in advance of the possibility of such
damages, resulting from the use of or inability to use, any such information.

©2015 Mandalay Capital Ltd. All rights reserved.

www.mandalayc.com 13