- U.S. stocks closed little changed but had their strongest weekly advance since November, while the KLCI fell 0.3% dragged down by stocks like IOI Corp Bhd and Genting Bhd. - European stocks slipped from a two-week high as banking shares declined, while most Asian stocks fell after their biggest weekly rally in four years with the MSCI Asia Pacific Index losing 0.1%. - Gold posted its third straight gain on slumping equities and crude oil, while the dollar rose against most peers as an economic report showed rising U.S. inflation bolstering rate hike prospects. - Oil fell below $30 a barrel as U.S. crude stockpiles

1. Morning News
22 February 2016
SJ Securities Sdn Bhd
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Market Review
U.S. stocks closed little changed to finish the strongest weekly
advance since November, with gains in technology and consumer
shares offsetting declines among commodity producers amid a
drop in crude oil. The Standard & Poor’s 500 Index lost less than
0.1 percent to 1,917.78 at 4 p.m. in New York. The Nasdaq
Composite Index, rose 0.4 percent. The Dow Jones Industrial
Average fell 21.44 points, or 0.1 percent, to 16,391.99. About 7.6
billion shares traded hands on U.S. exchanges, 7 percent below
the three-month average.
The KLCI fell 5.14 points or 0.3% with regional share markets as
crude oil prices declined on higher US inventory. At 5pm, the KLCI
closed at 1,674.88 points, dragged down by stocks like IOI Corp
Bhd and Genting Bhd. Bursa Malaysia saw 1.59 billion shares
worth RM1.73 billion traded. Gainers beat decliners at 426 against
382. Nestle (M) Bhd led decliners while Panasonic Manufacturing
Malaysia Bhd was the top gainer. The top-active counter was
Sanichi Technology Bhd.

2. SJ SECURITIES SDN BHD
Other Market News
European Market: Bank Declines Drag European Stocks Down From Two-Week High
A slide in banking shares pulled European stocks from a two-week high, while investors
assessed valuations and corporate earnings after the recent rally stalled amid falling oil prices.
The Stoxx 600 slipped 0.8 percent to 326.08 at the close of trading. The measure is down 11
percent this year amid concerns ranging from global growth and the deepening oil slump, to the
capital strength of lenders and dissipating faith in central-bank support. Stoxx 600 posted a 4.5
percent advance this week, its biggest in more than a year. (Bloomberg)
Asian Market: Asian Stocks Decline After Biggest Weekly Rally in Four Years
Most Asian stocks fell, after the biggest weekly rally in four years, as oil held declines and a
stronger yen weighed on Japanese shares. About three shares dropped for each that rose on
the MSCI Asia Pacific Index, which lost 0.1 percent to 119.50 as of 9:10 a.m. in Tokyo. Japan’s
Topix index lost 0.7 percent. Australia’s S&P/ASX 200 Index added 0.4 percent and South
Korea’s Kospi index retreated 0.2 percent. New Zealand’s S&P/NZX 50 Index lost 0.4 percent.
(Bloomberg)
Commodity Market: Gold Posts Third Straight Gain on Slumping Equities, Crude Oil
Gold futures had a third straight gain and a gauge of mining shares advanced to a seven-month
high as declines in global equities and crude oil boosted demand for the metal as an alternative
asset. Gold futures for April delivery gained 0.4 percent to settle at $1,230.80 an ounce at 1:40
p.m. on the Comex in New York. Silver futures slipped on the Comex in New York while
palladium fell and platinum was unchanged on the New York Mercantile Exchange. (Bloomberg)
Currency Market: Dollar Rises as Emerging Signs of Inflation Bolster Rate Outlook
The dollar gained versus most of its major peers as an economic report showed U.S. inflation
climbing, boosting the case for further interest-rate increases this year. The Bloomberg Dollar
Spot Index, which tracks the greenback versus 10 peers, is poised for its first weekly gain in a
month. It rose less than 0.1 percent as of 10:51 a.m. in New York. The U.S. currency was little
changed at $1.1108 per euro. (Bloomberg)
Energy Market: Oil Falls Below $30 as Rising U.S. Crude Stockpiles Expand Glut
Oil dropped below $30 a barrel in New York after U.S. crude stockpiles rose to the highest level
in more than eight decades. WTI for March delivery, which expires Monday, declined $1.13 to
settle at $29.64 a barrel on the New York Mercantile Exchange. Brent for April settlement fell
$1.27, or 3.7 percent, to $33.01 a barrel on the London-based ICE Futures Europe exchange.
The European benchmark oil closed at a $1.26 premium to April WTI. (Bloomberg)
Economic News
Core U.S. Consumer Prices Rise by Most in Over Four Years
The cost of living in the U.S. excluding food and fuel increased in January by the most in more
than four years, reflecting broad-based gains that signal companies may be getting some
pricing power. The so-called core consumer-price measure climbed 0.3 percent, more than
forecast and the most since August 2011, after a 0.2 percent gain the month before, a Labor
Department report showed Friday in Washington. Total prices were little changed, depressed by
the continued plunge in energy costs. In the 12 months ended January, the overall consumer
price measure increased 1.4 percent after a 0.7 percent increase in the prior period.
(Bloomberg)
Local News
Malaysian 2016 private debt security issuance seen at RM75b-85b
Malaysia's private debt securities (PDS) or bond issuance is seen hovering between RM75 billion
and RM85 billion this year, supported by potential government infrastructure and construction
projects. RAM Rating Services Bhd said its 2016 projection was similar to its 2015 forecast. In
2015, RAM said PDS issuance stood at RM85.9 billion. In Jan 2016, RM2.1 billion worth of PDS
were issued. "Gross issuance of government securities, meanwhile, is expected to sum up to
RM90 billion–RM100 billion," RAM said. According to RAM, its 2016 forecast for the Malaysian
private and government bond markets comes amid global economic and market uncertainty.
RAM said the introduction of negative interest rates by the European Union and Japan might
prompt more foreign capital inflows into emerging markets in the coming months. (The Edge)

3. SJ SECURITIES SDN BHD
Malaysia concerned about France's palm oil tax hike
The Malaysian government said it was concerned about France's proposal to raise palm oil tax,
and that talks would continue with French stakeholders on the matter. Malaysia's Ministry of
Plantation Industries and Commodities said French policy makers plan to raise the domestic tax
on palm oil and palm kernel oil to €300 a tonne next year (2017) before upping it further to €900
by 2020. "The amendments were premised on the allegation that the palm oil industry
contributes to deforestation and the disappearance of the eco systems, as well as health effects
of palm oil consumption. "Malaysia being a major producer and exporter globally of palm oil
products would like to reiterate that the palm oil industry in Malaysia subscribes to sustainable
practices, including good agricultural practices and palm oil is a nutritional oil," the ministry
said. (The Edge)
Corporate News
Zelan
Slips into loss in 4Q on lower gross margin, higher fees
Zelan Bhd reported a net loss of RM18.53 million in the fourth financial quarter ended Dec 31,
2015 (4QFY15), compared with a net profit of RM12.57 million a year earlier. The engineering and
construction company said the reversal to its profitability was mainly due to lower gross profit
from local projects, as well as reversal of accretion of interest of RM4.2 million due to forfeiture
in cash flow from the International Islamic University Malaysia project and higher administrative
expenses. Other factors like professional fee by RM7.7 million, and lower unrealised foreign
exchange gain by RM5.3 million, also impacted its profitability. (The Edge)
PetDag
4Q net profit surges 206-fold; pays 20 sen dividend
Petronas Dagangan Bhd (PetDag) saw its net profit surge 206-fold to RM92.11 million or 9.3 sen
per share in the fourth quarter ended Dec 31, 2015 (4QFY15), from RM445,000 or 0.04 sen per
share a year ago, on higher margin contribution from the retail segment and higher other
income by RM47.6 million. The higher other income was mainly due to an accounting
reclassification from the goods and services tax (GST) implementation which has no profit
impact, as well as higher interest income. The Group also declared an interim dividend of 20 sen
per share for the quarter, payable on March 17. (The Edge)
Malakoff Corp
4Q net profit falls 5% on higher maintenance cost and lower forex gain
Malakoff Corp Bhd saw its net profit fall 5% to RM107.02 million or 2.14 sen per share in the
fourth quarter ended Dec 31, 2015 (4QFY15), from RM112.69 million or 3.15 sen per share a year
ago, on higher maintenance cost and lower foreign exchange gain. Malakoff attributed the lower
capacity factors registered by our coal fired and gas fired power plants and the scheduled
outages taken by certain power plants, as part of their maintenance cycles. (The Edge)
IOI Corp
2Q net profit surges 37 times on forex gain; pays 3.5 sen dividend
Exceptional items, namely foreign exchange gain and fair value gain on derivative financial
instrument, have propelled IOI Corp Bhd’s net profit to RM724.8 million for the second financial
quarter ended Dec 31, 2016 (2QFY16) — nearly 37 times of the RM19.6 million achieved in the
previous corresponding quarter, in which it suffered large exceptional losses. IOI Corp recorded
a foreign currency gain of RM227.3 million in 2QFY16, against a foreign exchange (forex) loss of
RM273.6 million in 2QFY15. (The Edge)
MSC
4Q net loss widens on lower tin prices
Tin miner and metal producer Malaysia Smelting Corp Bhd's (MSC) net loss widened to RM7.42
million or 7.4 sen loss per share for the fourth quarter ended Dec 31, 2015 (4QFY15), from
RM511,000 or 0.5 sen a share a year ago, weighed down by lower tin prices and the depreciation
of the ringgit. MSC said its Butterworth international smelting business recorded a loss before
tax (LBT) of RM4.83 million, compared with a pre-tax profit (PBT) of RM8.6 million in 4QFY14,
due to an unfavourable valuation adjustment on tin inventory for the quarter under review.
(The Edge)

4. SJ SECURITIES SDN BHD
OWG
2Q net profit up 28.3% on higher contribution from amusement and recreation
operations
Only World Group Holdings Bhd's (OWG) net profit rose 28.3% to RM5.33 million or 2.88 sen per
share in the second financial quarter ended Dec 31, 2015 (2QFY16) from RM4.16 million or 2.25
sen per share a year ago, due mainly to higher contribution from its amusement and recreation
operations. OWG said its amusement and recreation operations and other services segment
posted pre-tax profit of RM2.9 million and RM776,158, compared with RM1.1 million and
RM177,458 a year ago, respectively. (The Edge)
Boustead Plantations
4Q net loss widens; declares 3 sen dividend
Boustead Plantations Bhd’s net loss in the fourth quarter ended Dec 31, 2015 (4QFY15) widened
slightly to RM975,000, from RM965,000, due to share of losses from associate. The company has
declared a dividend of three sen per share. The dividend will be paid on March 25, 2016,
bringing its cumulative dividends to 13 sen per share. (The Edge)
SKP Resources
3Q net profit doubles
SKP Resources Bhd's net profit for the third quarter ended Dec 31, 2015 (3QFY16) more than
doubled to RM24.15 million, or 2.20 sen a share, from RM10.54 million, or 1.17 sen a share, a year
ago, due to higher revenue recorded from existing customers as well as contribution from newly
acquired subsidiaries. The acquisition of new subsidiaries would allow the group to leverage on
their additional production capacity and broaden the product mix to better tailor its services to
suit the demand of customers. (The Edge)
Titijaya Land
2Q net profit slips 2.9%
Titijaya Land Bhd saw net profit slip 2.9% to RM17.63 million or 4.98 sen per share for the second
financial quarter ended Dec 31, 2015 (2QFY16), from RM18.15 million or 5.14 sen per share a year
ago, mainly due to higher recognition of lower profit margin projects, as well as cost savings in
the previous corresponding quarter. The property developer said it recorded cost savings from
Subang Parkhome I & II in 2QFY15. (The Edge)
Tropicana Corp
Posts 4Q revenue of RM305m; proposes 2 sen dividend
Property developer Tropicana Corp Bhd has recorded unaudited revenue of RM304.88mil for its
fourth quarter ended Dec 31, 2015, a drop of RM599.12mil from the RM904mil achieved a year
ago. The company said the drop was due to an inclusion of a land sale which amounted to
RM470.7mil. Tropicana has also proposed an interim single-tier dividend of two sen per share,
which raised the total single-tier dividend declared for FY15 to seven sen per share. (Star
Business)
Sunway
To buy four plots of land in Selangor for RM68.55m
Sunway Bhd is acquiring four plots of land in Selangor for a total of RM68.55 million to develop
into industrial properties. Ekuiti Meranti (M) Sdn Bhd signed a sale and purchase agreement
(SPA) with its wholly-owned subsidiary Sunway Dimension Stones Sdn Bhd, View2pick Sdn Bhd
(V2P) and Chen Yew Plastics Sdn Bhd (CYP) to acquire three parcels of leasehold land with a 60-
year tenure totalling 2.57 hectares (ha), for RM32.73 million. Two of the parcels of land (PT 7 and
PT 8) are located in Subang, and one (PT 2049) is in Sungai Buloh. The purchase consideration
for the 2.25-acre PT 8 and the 2-acre PT 2049 is RM9 million or RM91.83 per sq ft and RM11.23
million or RM128.85 per sq ft, from V2P and CYP, respectively. Meanwhile, Ekuiti Meranti will
acquire the 2.1-acre PT 7, measuring 8,523 sq m, from Sunway Dimension for RM12.5 million or
RM136.65 per sq ft. Ekuiti Meranti is a wholly-owned subsidiary of Sunway City Sdn Bhd, which
in turn is a wholly-owned unit of Sunway. (The Edge)

5. SJ SECURITIES SDN BHD
I-Bhd
Appoints Setiakon to build 50-storey RM1b 8Kia Peng
I-Bhd has appointed Setiakon Builders Sdn Bhd as the master contractor to oversee the
development of 8Kia Peng condominium in Kuala Lumpur. I-Bud deputy chairman Datuk Eu
Hong Chew said that the master contractor was selected based on a stringent tender award
process that placed great emphasis on past track record. Backed with 20 years of construction
experience, Setiakon Builders are familiar with the Conquas standards which serves as the
benchmark for 8Kia Peng, added Eu. 8Kia Peng is made up of a single 50-storey tower with a
gross development value of RM1bil. There are a total of 442 condominium units with a mix of
315 units of service apartments and Soho, with mostly all units overlooking the Petronas Twin
Towers. Other features include a hotel lobby area, a Sky Lounge and an infinity pool. (Star
Business)
RHBCap
Listing transfer to RHB Bank by 2Q
RHB Capital Bhd (RHBCap), the country's fourth largest lender by assets, expects to transfer its
listing status to its wholly-owned subsidiary RHB Bank Bhd by the second quarter of this year
(2Q16), said its group managing director Datuk Khairussaleh Ramli. The proposal is still pending
approvals, and expected to be completed in the second quarter of 2016. RHBCap had last year
announced its plan to transfer its listing status to RHB Bank as part of its internal reorganising
strategy. Its shareholders had already passed the motion for the proposal at an extraordinary
general meeting in August last year. (The Edge)
CMSB
Plans RM1b Sukuk, rated AA3/Stable by RAM
Cahya Mata Sarawak Bhd (CMSB) has proposed to issue RM1bil Sukuk Ijarah programme
(2016/2036) and the Sukuk has been assigned an AA3/Stable rating by RAM Rating Services
Bhd. The ratings agency said it had also reaffirmed the construction and cement manufacturer’s
AA3/Stable/P1 corporate credit ratings. “The ratings are supported by CMSB’s strong business
profile as the sole cement manufacturer in Sarawak. Backed by strong market position and
vertically integrated operations, the group’s cement business has been highly profitable,” it
said. RAM Ratings said CMSB’s somewhat diversified sources of income are also viewed
favourably, albeit mostly being related to the construction sector. (Star Business)
Initial Public Offering
Company Core business
Listing
date
Listing
sought
IPO
price
(RM)
Paid-up
(mn)
Share Offered
(mn)
Ranhill
Holdings
Berhad
Power & Environment 16/03/16
Main
Market
1.70 941.00 475.00
Chin Hin
Group
Berhad
Distribution &
Manufacturing of
Building Materials
08/03/16
Main
Market
0.65 505.89 63.20
Off Market Trades on 19/02/2016 (>500,000 units)
Counter Volume (units) Value (RM) Unit Price (RM)
ABFMY1 62,200,000 67,176,000 1.080
RCECAP 48,238,700 13,024,452 0.270
MSPORTS 20,000,000 1,000,000 0.050
IJMPLNT 2,491,900 9,294,787 3.730
CAB 2,000,000 4,260,000 2.130
KLCC 1,328,900 9,501,635 7.150
MICROLN 1,000,000 1,820,000 1.820

6. SJ SECURITIES SDN BHD
Bonus Issue / Rights Issue (February 2016)
Company Entitilement Ex-Date Remarks
GAMUDA 1 FOR 6 02/05/2016 Rights Issue
PNEPCB 1 FOR 1 02/05/2016 Bonus Issue
Dividend Entitlement (February 2016)
Company Sen Ex-Date Company Sen Ex-Date
CMMT 3.99 02/03/2016 WZSATU 2.00 02/12/2016
KLCC 9.82 02/04/2016 TWRREIT 3.73 02/15/2016
OKA 1.50 02/04/2016 ZHULIAN 1.50 02/15/2016
UOAREIT 5.70 02/04/2016 HAIO 4.00 02/17/2016
MQREIT 4.37 02/05/2016 SEDANIA 1.00 02/17/2016
IGBREIT 3.72 02/10/2016 BKAWAN 35.00 02/22/2016
SCH 0.50 02/10/2016 KLK 30.00 02/22/2016
SUNREIT 2.57 02/11/2016 SASBADI 2.00 02/22/2016
ALAQAR 2.53 02/12/2016 VS 1.50 02/24/2016
ALSREIT 1.20 02/12/2016 EKOVEST 2.00 02/25/2016
ATRIUM 1.30 02/12/2016 PLB 5.00 02/25/2016
LPI 50.00 02/12/2016 ASTINO 1.95 02/29/2016
POHKONG 1.00 02/12/2016 PLABS 0.70 02/29/2016

7. SJ SECURITIES SDN BHD
Regional Indices (at last closing)
Commodities/Currencies
CRUDE PALM OIL FUTURES
INTERBANK OFFER RATES
MARKET ROUND-UP
US and European Indices (at last closing)

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