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1 ddo23 THURSDAY, SEPTEMBER 3, FBM KLCI KLCI FUTURES STI RM/USD CPO RM OIL US$ GOLD US$ Corporate earnings have weak showing in 2Q 4 Subscribe NOW! 3 months for RM30 (or more if you like) subscribe.theedgemarkets.com CORPORATE & MARKET 6 UMW-O&G takes delivery of eighth oil rig CORPORATE & MARKET 7 RGB eyes gaming industry in Nepal CORPORATE & MARKET 9 Scomi Engineering keen to bid for local rail projects BEARS PROWL STOCK MARKET AMID HAZY ECONOMIC OUTLOOK 20 Hyundai Genesis is closing in on BMW s 5-series GENERAL NEWS 15 Low: I advised Najib to stay out of officiating at IACC OPINION 17 It s a bad time to depend on China This digital copy is brought to you by FEATURE 18 Taiwan s bonds of friendship Brokerage firms slash KLCI year-end target. Ahmad Naqib Idris has the story on Page 4.

2 ddo23 THURSDAY, SEPTEMBER 3, FBM KLCI KLCI FUTURES STI RM/USD CPO RM OIL US$ GOLD US$ Corporate earnings have weak showing in 2Q 4 Subscribe NOW! 3 months for RM30 (or more if you like) subscribe.theedgemarkets.com CORPORATE & MARKET 6 UMW-O&G takes delivery of eighth oil rig CORPORATE & MARKET 7 RGB eyes gaming industry in Nepal CORPORATE & MARKET 9 Scomi Engineering keen to bid for local rail projects BEARS PROWL STOCK MARKET AMID HAZY ECONOMIC OUTLOOK 20 Hyundai Genesis is closing in on BMW s 5-series GENERAL NEWS 15 Low: I advised Najib to stay out of officiating at IACC OPINION 17 It s a bad time to depend on China FEATURE 18 Taiwan s bonds of friendship Brokerage firms slash KLCI year-end target. Ahmad Naqib Idris has the story on Page 4.

3 2 THURSDAY SEPTEMBER 3, 2015 DIGITALEDGE DAILY For breaking news updates go to ON EDGE TV AirAsia X boss details turnaround plan Bersih: We don t know yet if we will be charged The Edge Markets Sdn Bhd ( M) Level 3, Menara KLK, No 1 Jalan PJU 7/6, Mutiara Damansara, Petaling Jaya, Selangor, Malaysia Publisher and Group CEO Ho Kay Tat Editorial For News Tips/Press Releases Tel: Fax: Senior Managing Editor Azam Aris Executive Editors Kathy Fong, Jenny Ng, Siow Chen Ming, Surinder Jessy, Ooi Inn Leong Associate Editors R B Bhattacharjee, Joyce Goh, Jose Barrock, Vasantha Ganesan Editors Cindy Yeap, Kang Siew Li Assistant Editors Adeline Paul Raj, Tan Choe Choe Chief Copy Editor Halim Yaacob Senior Copy Editors Lam Seng Fatt, Melanie Proctor Copy Editor Evelyn Chan Art Director Sharon Khoh Design Team Cheryl Loh, Valerie Chin, Aaron Boudville, Aminullah Abdul Karim, Yong Yik Sheng, Tun Mohd Zafian Mohd Za abah, Noorain Duasa Asst Manager-Editorial Services Madeline Tan Corporate Managing Director Au Foong Yee Deputy Managing Director Lim Shiew Yuin Advertising & Marketing To advertise contact GL: (03) Fax: (03) Chief Marketing Officer Sharon Teh (012) General Manager, Digital Media Kingston Low (012) Senior Sales Managers Geetha Perumal (016) Fong Lai Kuan (012) Peter Hoe (019) Gregory Thu (012) Senior Manager, Integration Shereen Wong (016) Head of Marketing Support & Ad Traffic Lorraine Chan (03) Ad Traffic Asst Manager Roger Lee (03) Operations To order copy Tel: / 8033 Fax: MDB denies bank accounts are frozen Asia doing pretty well Despite China slowdown, says IMF chief JAKARTA: International Monetary Fund (IMF) chief Christine Lagarde said yesterday Asian economies were doing pretty well despite the volatility created by China s slowdown and unease on global financial markets. A fresh round of volatility shook Asian and European stocks yesterday, as further evidence of slowing growth in China s economy overshadowed global markets. Financial markets have gyrated recently on China concerns, with emerging economies and their currencies taking a beating. Lagarde, in Jakarta for a twoday visit, said the recent turmoil highlighted the extraordinary gains made by Asian economies but warned further volatility was on the horizon. LONDON: Franklin Templeton s Mark Mobius said China s action to stop investors from liquidating their stock market bets was alarming but the emerging market specialist also said the country had not become so risky that he would walk away. China has been trying to cope with a slowing economy and volatile stock markets and has cut interest rates and relaxed bank lending restrictions. The country has also cracked down on short sellers. What is alarming is the imposition of rules and regulations which prevent investors from liquidating positions, Mobius, executive chairman of Templeton Emerging Markets Group, said. One example would be the short swing rule which has prevented the selling of Chinese securities when a certain holding size Now the situation is changing yet again, and we are all feeling the impact of China s rebalancing and moving to a revised business model, she told a conference. What has been demonstrated in the last few weeks is how much Asia is at the core of global economy, and how much disruptions occurring in one market in Asia can actually spill over to the rest of the world. China wants future growth to be driven more by domestic demand than by investment and exports, as in the past. Later, Lagarde said the IMF was talking to China about its transition to a more market-determined economy, including the internationalisation of its currency a significant process which she hoped could be managed in an orderly fashion. Mobius said China had not become so risky that he would walk away. Slower growth in major economies like China and Japan, lower commodity prices and the prospect of higher interest rates in the United States would continue to weigh on emerging markets across the region, the IMF chief added. To tackle the bumpy road ahead, she suggested policymakers to consider reining in excessive credit growth, adopt tighter fiscal policies, use the exchange rate as a shock absorber, maintain adequate foreign exchange reserves and bolster regulatory oversight of the financial sector. Despite external pressures and the slower pace of expansion in Asia, Lagarde said that this whole region, in the world, is doing pretty well, and would continue to be a key source of global growth. AFP China s stock selling curbs alarming NEW YORK: Bill Gross said the Federal Reserve has waited so long to raise interest rates that any move now may be labeled too little too late as market turmoil restricts the room for policy makers to act. The too late refers to the fact KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has denied a news report that its bank accounts have been frozen. As far as 1MDB is aware, none of the company s bank accounts have been frozen, the strategic development company said in a statement issued late last night. 1MDB is in the process of developing a better understanding of the on-going investigations in Switzerland so the company can cooperate to its fullest extent, it added. Earlier yesterday, Reuters reported that Swiss authorities had frozen funds in Swiss banks amid a probe into people linked to the troubled 1MDB, on suspicion of corruption and money laundering. The Office of the Attorney General of Switzerland (OAG) has frozen assets amounting to several tens of millions of US dollars in Swiss bank accounts, is reached, he told Reuters. The US$8.5 billion (RM35.79 billion) Templeton Asian Growth Fund that Mobius manages invested 23.8% of its assets in China at the end of July, below a 28.3% weight of the country s shares in its benchmark MSCI AC Asia ex-japan Index. an OAG spokesman had said by in response to an enquiry. At this early stage of the procedure, the OAG is analysing and consolidating evidence. The OAG is already in contact with the Malaysian authorities. International cooperation with foreign countries, in particular with Malaysia, will probably be necessary to establish the facts, the spokeman had been reported to have said in the Reuters report. China is also probing potential market manipulation following the plunge in its stock markets. Mobius said it was no surprise that Chinese authorities were summoning market participants to look into the reasons behind the steep fall in its share markets. He also said that China was pumping liquidity into its markets to prevent a downturn but a move to put pressure on companies to buy back their own shares was not a good idea. I believe the authorities in China are learning and this process is ongoing regarding how to handle market behaviour, Mobius said. They definitely want to transform China into a market economy and given that intention, I think they will not continue to try to impose drastic controls. Reuters that they may have missed their window of opportunity in early 2015, and the too little speaks to my concept of a new neutral policy rate which should be closer to 2% nominal, but now cannot be approached without spooking markets, Gross wrote in an investment outlook yesterday for Denver-based Janus Capital Group Inc. Policymakers will gather in Washington Sept 16 to 17 to consider raising rates for the first time since Federal Reserve Bank India beats timely retreat from fiscal tyranny BY ANDY MUKHERJEE SINGAPORE: India is holding out an olive branch to jittery global investors. Scrapping a flawed plan to tax foreign fund managers past profit marks a welcome truce in the battle over retrospective fiscal demands. But to keep its promise to end tax terrorism, the government also has to end disputes with Vodafone and Cairn Energy. After five months of hand-wringing, Finance Minister Arun Jaitley has agreed to dump an ill-conceived plan to slap a retrospective 20% levy on overseas asset managers. It s probably no coincidence that Jaitley announced the decision to drop the claims, and to close the legal loophole that enabled them, after the Indian stock market fell to its lowest in a year. It s a difficult trade-off. An estimated US$6 billion (RM25.26 billion) revenue windfall would have come in handy as the government pumps up public expenditure to boost growth. However, by collecting a tax that investors rightly saw as unfair, India could have frightened foreign capital that is already fleeing emerging markets, undermining the financing of its current account deficit. But to be truly welcoming to foreign investors, Jaitley needs to be bolder. The ugly practice of changing the tax code retrospectively started when India s previous government decided to collect US$2.5 billion from telecom operator Vodafone even though Indian courts had ruled the demand was illegal. India has since invoked the same rule in an effort to extract US$1.6 billion from Cairn for capital gains that arose from an internal reorganisation prior to the listing of the oil explorer s Indian unit in With those two high-profile cases now in international arbitration, India s tax regime still looks decidedly adversarial. It s also unpredictable. The aborted tax was a claim on earnings fund managers may have distributed to investors long ago. Now that the government is retracting this absurd demand, it s time for Jaitley to honour Prime Minister Narendra Modi s campaign pledge to end fiscal tyranny. Declaring a ceasefire is a good start, but it s no substitute for a permanent peace accord. Reuters Fed move may be too little too late amid turmoil, says Gross of Boston President Eric Rosengren said on Tuesday that uncertainty over inflation and global growth justifies a modest pace of interest-rate increases, regardless of when the central bank begins tightening. Bloomberg

4 T HU RSDAY S E P T E MB ER 3, 2015 D IG ITA LED G E DA ILY 3

5 4 CORPORATE & MARKET THURSDAY SEPTEMBER 3, 2015 DIGITALEDGE DAILY Bears prowl stock market amid hazy economic outlook Stockbroking houses slash KLCI s year-end target BY AHMAD NAQIB IDRIS KUALA LUMPUR: The bears seem to have regained strength pulling down share prices in the region for three consecutive days after a shortlived rebound last week. The concern about China, the world s second-largest economy, heading to a slower growth track continued to take centre stage in the investing community. China s official Purchasing Managers Index s drop to 49.7 in August, was seen as evidence of an economic slowdown. Meanwhile, manufacturing sector growth in the United States slowed to its weakest pace in more than two years which also posed a concern. On the home front, equity strategists started cutting their year-end target for the FBM KLCI following the disappointing corporate results for the financial quarter ended June 30. Yesterday, the KLCI dropped below the 1,600 level again. The benchmark index shed points or 1.2% to 1, points. Oil prices made a U-turn falling back to below US$50 (RM211) per barrel, dampening the local sentiment further. West Texas Intermediate October crude fell 2.16% to US$44.43 per barrel, while Brent crude declined 1.57% to US$48.78 per barrel. HLIB Research has cut its yearend target to 1,710 against a forecast of 1,880 previously amid anticipation of a contraction in earnings per share (EPS) for Post-reporting season earnings revisions, the 2015 EPS is now expected to contract by 1.6% (versus a growth of 2.6%), the second consecutive year of contraction. However, due to a lower base, the 2016 EPS growth has been revised higher to 8.3%. With contraction in the 2015 EPS, as well as lingering external and internal uncertainties, FBM KLCI year-end target has been lowered FBM KLCI Index 1500 Sept 2, 2014 Sept 2, 2015 to 1,710, based on lowered 15 times 2016 earnings, said HLIB Research. On the other hand, CIMB Investment Bank Bhd expects the 2015 EPS to fall 1.4% compared with its forecast of 2.6% earlier, and has reduced its year-end target to 1,700 points from 1,800 points. In view of the earnings cuts, our end-2015 KLCI target has been lowered from 1,800 points to 1,700 points, based on an unchanged 15.5 times price-earning ratio target. We introduce our end-2016 KLCI target of 1,850 times, based on the same target basis. Our preferred sectors remain the construction and utilities sector, and selective smaller-cap stocks, said CIMB. TA Securities also revised down its target for the KLCI to 1,710 from 1,810, and downgraded earnings forecasts for 2015 and 2016 by 3.8% and 3.2% respectively. With the revisions, we now expect 2015 earnings to grow by only 2% year-on-year (y-o-y). The 2016 earnings are projected to grow by 12.3% y-o-y, mostly on the assumption that the economic cycle and commodity prices will gradually recover, benefiting sectors such as banking, oil and gas, and plantation, said the research house. Maybank Investment Bank Bhd has a gloomier outlook on the KLCI, cutting its end-2015 target to 1,610 from 1,830, saying that its initial target was unrealistic. The research house also introduced an end-2016 target of 1,750 points, assuming the political environment in Malaysia quietens down as 2015 ends. A more defined target for end would depend on several factors which are still volatile at this juncture. Our base case assumes that political noises will quieten down by this year end, said Maybank. Jupiter Securities chief market strategist Benny Lee told the digitaledge DAILY that banking stocks were still leading the decline in the benchmark index. Banking stocks were leading the decline in the KLCI, as I noticed that Malayan Banking Bhd (Maybank) has fallen a lot. The rebound yesterday (Tuesday) was probably just a technical rebound, as the market is still bearish, Lee said. It is noted that Maybank (fundamental: 1.4; valuation: 2.25) led the decline in banking stocks after it fell 35 sen or 4% to close at RM8.42, while RHB Capital Bhd (fundamental: 1.5; valuation: 2.1) and CIMB Group Holdings Bhd (fundamental: 1.05; valuation: 2.25) fell 1.5% and 1.9% respectively. Lee added that there are no signs of recovery for the local market anytime soon, and expects the index to continue trading below the 1,600 level, with an immediate support level of 1,560 for the week. The Edge Research s fundamental score reflects a company s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to for more details on a company s financial dashboard. Corporate earnings have weak showing in 2Q BY SUPRIYA SURENDRAN KUALA LUMPUR: Corporate earnings had a weak showing in the financial quarter ended June 30 (2Q15) given the adversities thrown at them in the form of falling commodity prices, a weak ringgit, and the implementation of the goods and services tax (GST). Most research houses concluded that the latest quarterly earnings results were below expectations, with sectors such as plantation, oil and gas (O&G), consumer and banking on the back-burner. According to Public Invest Research, the financial quarter was another disappointing one for the plantation sector, as it experienced a series of hiccups pertaining to the weaker fresh fruit bunch production, lower crude palm oil (CPO) prices, higher borrowing costs, and foreign exchange translation losses as a result of the weak ringgit. We believe the worst is not over yet given the declining CPO trend amid the high production period. At the current CPO prices of RM1,900 per tonne, it will be quite a struggle for small and young planters who have higher operating costs, and we also notice that some planters, who have tight operating cash flow, have started reducing their new planting activities, said PublicInvest in a note yesterday. The research house maintained its neutral call on the sector, with its preferred exposures to Genting Plantations Bhd and Ta Ann Holdings Bhd. Kenanga Research said that O&G players did not fare well, in particular offshore support vessel players and jack-up rig asset owners, due to the reduction in asset utilisation and charter rates amid the slump in the industry. We do not discount the possibility of weaker earnings in the second half of 2015 (2H15) for the O&G sector as the industry has just begun its down cycle in view of weaker China s demand growth outlook and oil supply surplus, said Kenanga. The research house maintains its outperform call on Bumi Armada Bhd, Coastal Contracts Bhd and Perisai Petroleum Teknologi Bhd, but maintained its underperform call on Alam Maritim Resources Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd and Wah Seong Corp Bhd. Joining in on the disappointing earnings bandwagon was the consumer sector, as AffinHwang Capital noted that the weaker 2Q15 was expected due to consumers pulling back on their spending after the implementation of the GST in 2Q15. Moving forward, we believe that consumer spending will only pick up by 4Q15 as consumers gradually get used to a higher price environment and as the consumption trend begins to normalise during the festive year-end sales and campaigns, said AffinHwang. The research house maintained its neutral call on the sector, with Carlsberg Brewery Malaysia Bhd as its top pick. Etiqa Insurance & Takaful head of research Chris Eng said the banking sector seemed to have underperformed consensus in 2Q. The consensus, with regards to the banking sector, may have been too bullish given the GST and weak sentiment on the ground prior to the results reporting season, he told the digitaledge DAILY. Kenanga Research said it observed that net interest margin was still on a downward trend, mainly from lower yields pressure, and liquidity in the market remained tight. We maintain our neutral call on the sector as we expect muted loans growth, narrowing interest margin, weak capital market activities, and higher credit costs to continue, it said. Kenanga Research maintained an outperform call on Malayan Banking Bhd, and an underperform call on Affin Holdings Bhd and Malaysia Building Society Bhd. However, there are some sectors that are expected to come out stronger in 2H15, in particular the construction sector. We expect construction earnings to accelerate as most contractors have grown their order books over the past year. The prospects for new contracts are good with several large building and infrastructure projects being tendered out in 2H15, said AffinHwang Capital. The research house picked Gamuda Bhd, IJM Corp Bhd and Malaysian Resources Corp Bhd as its top picks for the sector. CIMB Research said that it is overweight on smaller market capitalisation companies in 2H15. In August, the FBM Small Cap Index underperformed the KLCI, falling 14% compared with the KLCI s 6.3% decline. Valuation of small caps now offer better value as selected small-cap companies continue to offer superior earnings growth prospects compared to the overall market, said CIMB in its note yesterday. The research house said that its top picks among the smaller cap are MyEG Services Bhd, Prestariang Bhd, GHL Systems Bhd, Only World Group Holdings Bhd, Signature International Bhd and Evergreen Fibreboard Bhd. RHB says it is offering voluntary exit scheme to employees KUALA LUMPUR: RHB Banking Group, the country s fourth-biggest bank by assets, said yesterday it is offering a voluntary exit option to all permanent employees in Malaysia, in a bid to improve productivity. The offer is valid from yesterday and will close on Sept 23, RHB said in a statement to Reuters. A slowing economy and a weakening currency are squeezing profits at Malaysian banks, reducing loans and consumer spending. Fitch Ratings said there is a risk Malaysia s credit rating could be downgraded should the Southeast Asian nation s currency and economy continue to deteriorate. RHB, which counts Abu Dhabi-based investment management firm Aabar Investments PJS as one of its largest shareholders, has almost 18,000 employees, with the bulk in Malaysia. It did not say how many employees it expects to take up the offer. RHB s voluntary exit scheme also comes at a time when investment banking activities have slowed in Southeast Asia. Proceeds from initial public offerings (IPOs) dropped 52% to US$7.3 billion in 2014 from US$15.2 billion in the previous year, according to Thomson Reuters data. In the first seven months of this year, US$4.2 billion (RM17.69 billion) had been raised through IPOs. The challenging environment led CIMB Group Holdings Bhd, Malaysia s second-largest bank, to embark on a cost-cutting exercise in May and had 3,599 employees, or 11% of its total workforce in Malaysia and Indonesia, opting for voluntary redundancy. RHB has been posting consecutive annual net profit growth since Annual net profit hit a record high of RM2.04 billion last year, 11.3% higher than a year ago, driven by higher total income growth. But things turned challenging in the April to June period of this year. The lender reported a 5.7% drop in second-quarter net profit last Friday, hurt by lower net interest income. Reuters

6 THURSDAY SEPTEMBER 3, 2015 DIGITALEDGE DAILY 5 Ride on our expertise and potentially benefit from investing in AUD & SGD through our funds. Return (%) Fund Benchmark Affin Hwang Select AUD Income Fund (AUD Class) Yearly Return (%) 2011^ Annualised Return Since Inception # Total Return Since Inception # Source: *Lipper as at 31 August 2015 Benchmark: 80% Reserve Bank of Australia Average Rate of Term Deposit + 20% Dow Jones Australia Select Dividend 30 Index # Inception Date of the Fund: 18 March 2011 ^ Since the Inception Date of the Fund Affin Hwang Select SGD Income Fund (SGD Class) Return (%) Yearly Return (%) 2012^ Annualised Return Since Inception # Total Return Since Inception # Fund Benchmark Source: *Lipper as at 31 August 2015 Benchmark: 70% 12-Month Singapore Banks Average FD rate + 30% Singapore s FTSE Straits Times Index # Inception Date of the Fund: 1 August 2012 ^ Since the Inception Date of the Fund RM Class is also available for both funds. For more information, call us at *The data provided above are that of the Funds and are a percentage of NAV as at 31 August All figures are subject to frequent changes on a daily basis. Warning Statement: The reference of Funds in the content herein is referring Affin Hwang Select AUD Income Fund and Affin Hwang Select SGD Income Fund. The reference of Prospectus in the content herein is referring to the Prospectus dated 18 March 2015 and Supplement Prospectus dated 7 August 2015 for Affin Hwang Select AUD Income Fund, and Prospectus dated 1 July 2015 for Affin Hwang Select SGD Income Fund. A Product Highlights Sheet is available for Affin Hwang Select AUD Income Fund, and Affin Hwang Select SGD Income Fund, and investors have the right to request for a copy of it. Investors are advised to read and understand the contents of the PHS, and Prospectus containing information about Funds before investing. The Prospectuses have been registered as well as the PHSs have been lodged with the Securities Commission Malaysia, who takes no responsibility for its contents. A copy of the Prospectus and the PHS can be obtained at Affin Hwang Capital s sales office. Units will only be issued upon receipt of an application form referred to in and accompanying the Prospectus, and the Product Highlights Sheet. There are fees and charges involved when investing in the funds. Investors are advised to consider the fees and charges carefully before investing. The price of units and distribution payable, if any, may go down as well as up and past performance of the fund should not be taken as indicative of its future performance. If you plan to purchase units of the funds via loan financing, you are advised to read and understand the contents of the Unit Trust Loan Financing Disclosure Statement before deciding to borrow to purchase units. Affin Hwang Asset Management Berhad ( T)

7 6 CORPORATE & MARKET THURSDAY SEPTEMBER 3, 2015 DIGITALEDGE DAILY UMW-O&G takes delivery of 8th oil rig Timing raises eyebrows considering oversupply of oil BY CHESTER TAY KUALA LUMPUR: UMW Oil & Gas Corp Bhd (UMW-O&G) took delivery of its eighth jack-up drilling rig, called Naga 8, yesterday. However, the timing of the delivery has raised eyebrows considering the oversupply of oil that is pressuring crude prices downward. Furthermore, UMW-O&G already has four rigs that are not being chartered out yet. In a statement yesterday, UMW- O&G said it officially took delivery of Naga 8 from Keppel FELS Ltd, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd, controlled by Singapore-listed Keppel Corp Ltd. UMW-O&G said the delivery was taken to address the higher requirement in the market, and that Naga 8 is currently being prepared to be mobilised for a potential client in Southeast Asia. At 400ft (123m) water depth, this latest rig will enable us to address a niche market where there is lesser competition. The additional asset will also provide us with the capacity to cover a wider market, both regionally and globally, to continue our growth once the market recovers, the group s president Rohaizad Darus said in the statement yesterday. When contacted, Maybank Kim Eng Research analyst Liaw Thong Jung told the digitaledge DAILY that despite the recent supply glut in crude oil, demand remains relatively higher in the premium rig market, justifying UMW-O&G s step to take delivery of Naga 8. UMW OIL & GAS CORP BHD Vol (mil) RM Sept 2, 2014 Sept 2, 2015 RM This rig is a premium rig. It can operate at up to 400ft water depth, a niche demand in the jack-up rig market, he said. A contract may be forthcoming, hence the take-up of the rig. Otherwise, in a soft market condition, a rig operator can delay the delivery up to one to three years, Liaw reckoned. AllianceDBS Research analyst Arhnue Tan said the delivery of Naga 8 is generally expected and has been factored into their research. In her note to investors dated Aug 26, Tan slashed UMW-O&G's target price to 65 sen from RM1.75 previously substantially lower against yesterday s closing price of RM1.01. The share price has been battered badly, falling nearly 58% year to date. The situation is challenging, but I think UMW-O&G has the muscle (cash flow) to hold on with Naga 8 [operating expenses] for a while, she said over the phone. Of the four idle rigs, Naga 2 and 3 are currently under special periodic maintenance. According to the latest annual report, Naga 5 s contract is ending next month, while Naga 4 s expires in April next year, with optional extension until April 2018, while Naga 1 s contract ends in August As at June 30 this year, UMW- O&G had a cash pile of RM1.11 billion, while short-term borrowings were RM1.97 billion. An analyst, who declined to be named, pointed out that despite premium rigs such as Naga 8 enjoying a higher demand in the market, the charter rate for an oil rig has declined significantly due to an oversupply of rigs which does not augur well for the asset owners earnings. No doubt that Naga 8 is targeting a niche market, but the charter rate has come down from US$150,000 (RM631,800) per day before, to about US$110,000 per day now, he said. The Edge Research's fundamental score reflects a company s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go towww.theedgemarkets. com for more details on a company's financial dashboard. MOST VIEWED STORIES ON theedgemarkets.com Sunway declares special cash dividend of 26 sen BY GHO CHEE YUAN KUALA LUMPUR: Sunway Bhd has declared a special cash dividend of 26 sen to reward shareholders. Sunway said the special cash dividend arose from the proceeds raised from the offer for sale of million Sunway Construction Group Bhd (SunCon) shares offered by Sun Holdings, in conjunction with the listing on July 28 after setting aside for listing expenses and working capital. Sun Holdings is a wholly-owned subsidiary of Sunway. In a filing with Bursa Malaysia yesterday, Sunway said the entitlement date for the special dividend is on Oct 2 and is payable on Oct 16 for financial year ending Dec 31, According to the filing, Sunway said it had mentioned the special cash dividend in Sunway's circular to shareholders dated April 3, in relation to the listing of SunCon on the Main Market of Bursa Malaysia. BY SANGEETHA AMARTHALINGAM KUALA LUMPUR: Malayan Banking Bhd (Maybank) has set up a RM10 billion senior medium-term note (MTN) programme, allowing it to issue MTNs from time to time to fund its working capital, general banking and other corporate purposes, including refinancing any existing borrowings and/or debt instruments. In a filing with Bursa Malaysia yesterday, Maybank (fundamental: 1.4; valuation: 2.25) said it had "Unless otherwise stated, the terms used herein have the same meaning as those defined in Sunway's circular to shareholders," it said. In a separate filing, Sunway said the exercise price of the warrants 2011/2016 will be adjusted for the special cash dividend, in accordance with the deed poll dated June 28, Based on the special cash dividend of 26 sen, the diversified group said the five-day weighted average market price of its shares, including Sept 1 (the entitlement date) of RM3.37, the exercise price of the warrants shall be adjusted to RM2.25, from RM2.43. It said the adjustment to the exercise price is expected to take effect on Oct 3, being the next day, following the entitlement date. Sunway s (fundamental: 1.5; valuation: 2.4) share price dropped one sen to close at RM3.38 yesterday, bringing its market capitalisation to RM5.96 billion. Maybank sets up RM10b MTN programme last Wednesday lodged with the Securities Commission Malaysia all required information and relevant documents relating to the MTN programme pursuant to the guidelines on unlisted capital market products. The MTN programme has been assigned a final long-term debt rating of "AAA" by Malaysian Rating Corp Bhd, it added. Maybank Investment Bank Bhd is the principal adviser, lead arranger and lead manager for the programme. ADB: Asian SMEs contribute 42% of economic output BY SANGEETHA AMARTHALINGAM GEORGE TOWN: Small- and medium-sized enterprises (SMEs) in developing countries in Asia contribute 42% of economic output, although they make up an average 96% of registered companies and employ 62% of the labour force, the Asian Development Bank (ADB) revealed in a report. Limited access to bank credit is also a persistent problem in Asia and the Pacific where lending has declined due to the global financial crisis to about 18.7% of total loan banks received in 2014, it said. ADB s sustainable development and climate change department senior adviser Noritaka Akamatsu said in a statement that SMEs need finance to grow into dynamic, internationally competitive companies. Asia has millions of SMEs, but few of them are able to grow to the point where they can innovate or be part of the global supply chain. To do this, they need more growth capital and opportunities to access various financing channels, he said. In a report on Asia SME Finance Monitor 2014 conducted by Manila-based ADB on 20 countries in developing Asia, it was noted that finance was key to strong sustainable growth in Asia as the world recovers from the economic slowdown. Regional integration and trade liberalisation mean firms need to shift from being domestically focused to being more globally targeted. This also offers opportunities for smaller firms to explore offshore markets while exposing them to increased competition, the report said. The Asian Development Bank. In 2014, ADB s assistance totalled US$22.9 billion, including co-financing of US$9.2 billion. Governments in the region need to help SMEs become more competitive and able to participate in global value chains. This includes governments making it easier for SMEs to access new financing, such as supply chain finance, the report said in relation to limited access to bank credits. As such, it noted that Papua New Guinea and the Solomon Islands have made it easier for companies to borrow using movable assets as collateral. Indonesia and the Philippines have introduced mandatory bank lending quotas to SMEs, and Kazakhstan and Mongolia have encouraged loan refinancing schemes. However, the region needs to further develop credit bureaus, collateral registries and credit guarantees to expand financial outreach, particularly in low-income countries, the report said. On the other hand, non-bank finance industry, which typically includes finance companies, factoring and leasing firms in Asia and the Pacific, is still too small to meet the financing needs of SMEs, with its lending only at one tenth of total outstanding bank loans in the region. Governments need to put in place a comprehensive policy framework to help non-bank financial institutions expand their SME financing options, it said. Ongoing efforts to open up the equity markets to SMEs would also help provide SMEs with the longterm financing they need to mature, the report added. Established in 1966 and owned by 67 members (48 from the region), ADB helps to reduce poverty in the region through inclusive economic growth, environmentally sustainable growth, and regional integration. In 2014, ADB s assistance totalled US$22.9 billion, including co-financing of US$9.2 billion.

Q2 2015 NEWSLETTER. Malaysian capital market grew to RM2.76 trillion in 2014. Khazanah to Launch Malaysia s First Social Impact Bond

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