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Myanmar Stock Market - A Hidden Gem to be Discovered

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We are pleased to bring to you the special publication about Myanmar Stock Market. The motivation for us to be the first foreign research firm to cover this market in-depth is the well-said economic potentials and especially their recent policy development and ongoing execution of making its stock market investible for foreign investors.
Myanmar began its economic reform only recently in 2011. Despite many remaining risks and challenges, Myanmar is well on its path to liberalization, growth and development.
Myanmar Stock Market is also not far from its nascency, and its numbers and indicators are quite modest. However, with the coming changes, the market would be expected to boom, creating precious opportunities for those who pay a close look and willing to be an “early bird” investor.
This report has been prepared based on both our extensive research and information exchanges with the Yangon Stock Exchange (YSX). We have also conducted two field trips to Myanmar in May 2019 and then in September 2019 in preparing this report.
We strongly believe that this report will be valuable to frontier funds, private equity funds, institutional investors, investment companies and other players who are in the search for exciting investment opportunities and want to capitalize on the potentials of this new promising market.
We are Vietnam’s leading provider of financial data, business information, industry research and other data-driven analytics services.
Our Mission is to Enlighten the Market. Myanmar is an interesting market and we wish to be first one to explore and help the cross-border trade and capital flows into this country like Vietnam in a decade ago.
This report is prepared by a team of experienced analysts at Financial Information group of FiinGroup.

Read more here: http://fiinpro.com/News/Detail/3077623?lang=en-US

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Hanoi Office Hotline: (84-24) 3562 6962
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Published in: Business
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Myanmar Stock Market - A Hidden Gem to be Discovered

  1. 1. 1Financial Information • Business Information • Market Research Myanmar Stock Market: A Hidden Gem To Be Discovered? A Special Publication by FiinGroup: Prepared by: Data Analytics Team, Financial Services, FiinGroup Date of Issue: 7 October 2019 The Powerful Product Suite of FiinGroup
  2. 2. 2Financial Information • Business Information • Market Research 2 Table of contents PREFACE 3 EXECUTIVE SUMMARY 4 1. YSX OVERVIEW 5 – 7 2. A HIDDEN GEM? 8 – 12 3. KEY INVESTMENT RISKS 13 – 16 APPENDICES 17 Appendix 1: YSX Listed Companies: Profile and Key Figures 18 Appendix 2: The Long History of YSX 19 Appendix 3: Myanmar Economic Key Indicators 20 Appendix 4: Myanmar Balance of Payments 21 Appendix 5: Myanmar Economic Midterm Outlook 22 Important Disclaimer 23 About FiinGroup 24 – 29 @ 2019 FiinGroup Joint Stock Company All rights reserved. All information contained in this publication is copyrighted in the name of FiinGroup, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, electronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher.
  3. 3. 3Financial Information • Business Information • Market Research Preface We are pleased to bring to you the special publication about Myanmar Stock Market. The motivation for us to be the first foreign research firm to cover this market in- depth is the well-said economic potentials and especially their recent policy development and ongoing execution of making its stock market investible for foreign investors. Myanmar began its economic reform only recently in 2011. Despite many remaining risks and challenges, Myanmar is well on its path to liberalization, growth and development. Myanmar Stock Market is also not far from its nascency, and its numbers and indicators are quite modest. However, with the coming changes, the market would be expected to boom, creating precious opportunities for those who pay a close look and willing to be an “early bird” investor. This report has been prepared based on both our extensive research and information exchanges with the Yangon Stock Exchange (YSX). We have also conducted two field trips to Myanmar in May 2019 and then in September 2019 in preparing this report. We strongly believe that this report will be valuable to frontier funds, private equity funds, institutional investors, investment companies and other players who are in the search for exciting investment opportunities and want to capitalize on the potentials of this new promising market. We are Vietnam’s leading provider of financial data, business information, industry research and other data-driven analytics services. Our Mission is to Enlighten the Market. Myanmar is an interesting market and we wish to be first one to explore and help the cross-border trade and capital flows into this country like Vietnam in a decade ago. This report is prepared by a team of experienced analysts at Financial Information group of FiinGroup. Should you have any questions, please don’t hesitate to talk to your client advisor at FiinGroup or contact us at info@fiingroup.vn Truly yours, Nguyen Quang Thuan, FCCA Chair & CEO FiinGroup JSC
  4. 4. 4Financial Information • Business Information • Market Research Executive Summary A Hidden Gems? YES and NO!1 • YES because Myanmar is a high growing economy, mostly thanks to the strong inflows of foreign direct investment and the penetration of multinationals i.e. Nestle, Coca Cola and VISA after the United States started easing sanctions in 2012. But NO because its political liberalization is still in question since the U.S. re-imposed its selective sanction on six Burmese military leaders and units, effective from July 2019. • YES because Myanmar has many large private companies out of more than 63 thousand companies registered at DICA and there are only 20-30 companies prepared for listing in the coming years. But NO because there are a lack of information about such opportunities and a concrete plan with policy incentives toward having such companies go floating their shares on YSX. • YES because foreign capital flow is expected after the 35% foreign ownership limit to be applied in practice from Nov 2019 but NO because there are various concerns especially from Western funds and asset managers about allocations into this market amid some targeted sanctions. • YES because it is currently at the state of Vietnam Stock Market in 18 years ago. But NO because Vietnam had a very attractive policy framework for public companies in income tax exemption and reduction among other and Vietnam had many IPOs for State-owned enterprises while it is not so clear yet in Myanmar. • YES because foreign funds from family-office investors and opportunistic money would flow in gradually despites the fact that managed funds may be not ready yet. A lot of things to be done2 • Encouraging companies to go listing by not only by loosening the FOL regulations but also other policies and reinforcement from the top responsible leaders. • The lesson from Vietnam Stock Market is that improving the quality of stocks is more important: The quality of “commodities” is very crucial for foreign investors i.e. institutional investors to make investments. Quality = company size, sound corporate governance, good information disclosure, etc. to free-float, liquidity, etc. • Developing your local investor base: In Vietnam market for example, foreign investors hold around 20% of marcap but daily liquidity is created by local and retail investors. Foreign investors they don’t like trading much! They, however, like liquidity. So policies by YSX to develop domestic investor base is even more important! • Improving market infrastructure: as per MSCI’s review framework is a good reference. It include clearing, custody, trading platforms/brokerage firms, stock lending, etc. We think the Government of Myanmar has a long journey toward this standard. • Disclosure & market information: the quality of financial statements, compulsory disclosures and announcements; voluntary disclosures; analysts’ coverage, etc. by listed companies. Not only information about the company but also the information coverage about economy, sectors/industries driving the potential of YSX should be promoted.
  5. 5. 5Financial Information • Business Information • Market Research About FiinGroup
  6. 6. 6Financial Information • Business Information • Market Research FiinGroup (previously StoxPlus) is a Vietnam’s leading provider of financial data, business information, industry research and other data-driven analytics services About FiinGroup FiinGroup Joint Stock Company The group of businesses in information and data analytics Financial Information The Largest and Most Innovative Financial Information Provider Business Information The Largest Most Innovative Business Information Provider Market Research The Most Trusted Independent Research House Comprehensive and In-depth Financial Database & Analytics for analysts and researchers Powerful Trading Information & Analytics Platform for Brokers, Traders and Active Investors API Datafeed Securities Data Solutions to Client’s designated system via XML or API Business Report Report service for risk management, sales leads, partner screening, due diligence and so on Corporate information platform which maps out relationships between companies and persons Industry Report Insightful reports for all key sectors of Vietnam under paid publications ready to use Market Research Customised research at client’s request including data analysis and on-the-ground surveys Market Entry Advisory Experienced and seasoned professionals to support clients expanding market in Vietnam Business Information and Risk Platform for Vietnam Credit Rating Agency The Most Trusted CRA for both Issuers and Investors
  7. 7. FiinPro Platform An insightful financial database and powerful analytics tool for financial and investment professionals. Content covered include trading data, corporate actions, financial data for equity and fixed income; macroeconomic data; and industry data. FiinPro’s smart functions provide a great operation support for sellside and buyside analysts. Currently subscribed by almost all major local brokerage houses, banks, insurance and research firms in Vietnam A comprehensive Financial Database Platform for Vietnam A selection of our customers Securities Fund & Investment Bank & Insurance Government & Others FINANCIALINFORMATIONSERVICES Main Database coverage:  Data of 3000+ public companies  Price Data, Corporate Actions and Financial data  Industry Data  Macroeconomic Data  IPO Data  Powerful Investment and Analytic Tools  Various Exclusive Data and Content
  8. 8. FiinTrade Platform The first ever comprehensive information platform for trading in Vietnamese Stock Market targeting brokers, traders and active individual investors Providing basic market and price data to level-2 data, trading strategies, chartings, stock ranking, analysis and other proprietary information by FiinGroup A trading information and analytics platform for brokers, traders and Active Investors in Vietnam Stock Market Main Features Market • Watchlist • Market In-depth • Market Calendar • Heatmap • Money Flow Prices • Time & Sales • Prices Depth • Quote Movement • Price Data Premium News • Announcements • Realtime AutoNews • Stock Analysis • Market News Technical Analysis • Technical Charting • Technical Signal • Technical Stock Scoring Fundamental Analysis • Company Snapshot • Ownership • Financial Checkup • Consensus Analysis • Financial Data Trading Tools • Trading Alerts • Stock Screener • Stock Ranking • Trading Strategies • API Data FINANCIALINFORMATIONSERVICES
  9. 9.  Radial Map: Instant visual insights about people and company connections  Interconnection Map: Identify cross- connections, clusters and syndicates  Beneficial Ownership Map: A convenient and safe way to conduct ownership checks  Investee Companies Search: Fastest way to discover a person’s or company’s ownership interests  Entity Profile Report: A quick overview of your business partners at the time of on-boarding Product Key Features Corporate information platform which maps out relationships between companies and persons in the corporate ecosystem A PRODUCT OF FIINGROUP JSC Who should use our FiinConnex? Investment FundsBanks Consulting Firms Trading HousesLaw Firms Risk management • Adverse info checks • Conflicts of interests The common use of FiinConnex Due diligence • Client on-boarding checks • Background checks • Beneficial ownership checks • Vendor screening Research & investigation • Target profiling Explore opportunities • Potential customers • Warm lead generation • Comparisons Warm Leads Increase new customer penetration through warm leads generated from analysis of existing client base Convenience Gain actionable insights on people and companies from curated sources using our user- friendly platform Enhanced Risk Management Identify indirect connections among persons and companies Instant & Unique Insights Discover new and unique insights into the complex connections among companies in Vietnam. Benefits from subscribing our FiinConnex Financial Information | Business Information | Market Research 9
  10. 10. Ho Chi Minh City Branch 3rd Floor, Profomilk Plaza Building, 51-53 Vo Van Tan Street, Ward 6, District 3, Ho Chi Minh City, Vietnam Tel: +84 28 3933 3586/ 85 Email: info@fiingroup.vn Head Office 5th Floor, Anh Minh Building, 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Hanoi, Vietnam Tel: +84 24 3562 6962 Email: info@fiingroup.vn

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