1

(YSX)
~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~

(YSX)
(YSX)

(YSX) YSX

YSX (MEB)

YSX YSX Securities and Exchange Commission

(capital)
%

(capital markets)
YSX

YSX Daiwa Institute of Research

YSX .% Daiwa Institute of Research .% Japan Exchange Group

Daiwa Daiwa over the counter (OTC) OTC

"
"
" YSX "

YSX

 2

Northern Illinois University PhD T.F. Rhoden

(YSX) (compliance officer)

(capital market)

"YSX " Frontier Myanmar

" YSX "

FMI YSX FMI

FMI YSX
(IPO)

YSX (IPO price)

(OTC)

YSX

YSX OTC
Rhoden "
"
YSX

YSX
(SEC)

" "
"
"

(FDI)
YSX

" YSX YSX

" (Mullins)

Ref: Myanmar's Stock Exchange: Open For Business And Soon To Foreign Investors, by Fanny Potkin, Forbes website Credit: WnABizFin~ Mahar Yangon Securitie
 3

- -

First Myanmar Investment, First Private Bank Myanmar Citizen Bank, Myanmar Thilawa SEZ Holdings public Co,Ltd
Great HOR KHAN Public Co.LtdeJY Myanmar Agribusiness Public Corporation (MAPCO)

-
Daiwa Institute of Research Japan Exchange Group

FMI ?

FMI , ,

FMI

FMI

FMI


 4

Credit: Eleven Daily News

Underwriter
Dealer Broker Consultant

Underwriter
Dealer Broker

Security exchange DICA (

)

Thura Swiss

Business JV

Listed

Ref;

List of 10 YSX underwriters revealed

Ten securities companies, named below, intend to operate as underwriters for the new Yangon Stock Exchange which is due to open on December 9, The Myanmar Times has
learned.

Myanmar Securities Exchange Centre, the over-the-counter predecessor to the Yangon Stock Exchange, has two listed companies. Photo: StaffMyanmar Securities Exchange Centre,
the over-the-counter predecessor to the Yangon Stock Exchange, has two listed companies. Photo: Staff

The exchange has not yet made an official announcement, but corporate sources and all but one of the companies involved have confirmed that provisional licences, dependent on
registering a subsidiary with the Directorate of Investment and Company Administration and putting up K15 billion (US$11.5 million) in initial capital, will be granted to the following:

1. AYA Banks wholly owned subsidiary, AYA Trust Securities Company

2. Co-operative Banks wholly owned subsidiary CB Bank Securities
3. Daiwa Securities and state-owned Myanma Economic Banks joint venture subsidiary, Myanmar Securities Exchange Centre
4. Global World Securities, an Asia World affiliated company
5. Green Circle Company, known in Myanmar for its Ve Ve drinks brand, in a joint venture with Hong Kong-based Pins Capital, called Expert Investment Securities
6. Innwa Bank linked Aung Myint Mo Min Securities
 6

7. KBZ Group and Singaporean firm Stirling Coleman Capitals joint venture company KBZ Stirling Coleman Securities
8. Loi Hein Company and Thai firm KT ZMICOs joint venture subsidiary KTZ Ruby Hill Securities
9. United Amara Banks wholly owned subsidiary Amara Securities
10. Young Investment Groups wholly owned subsidiary, Union Trust Securities Company

Of these companies, only three AYA Trust, KBZ Stirling Coleman and Union Trust have so far registered with DICA, according to the regulators website.

Chair of the Securities and Exchange Commission of Myanmar U Maung Maung Thein has repeatedly declined requests to confirm the names of companies, and was unavailable for
comment yesterday.

All the underwriters will be in Yangon next week for the launch of the exchange, when an announcement is expected to be made about the 10 underwriters, as well as brokers,
dealers and advisors who will also play an important role.

Much remains to be done for companies involved, including installing the necessary IT systems, paying the required up-front capital, hiring and training staff and opening offices.

Director U Thet Tun Oo from the Myanmar Securities Exchange Centre said earlier this week that the first initial public offerings, or IPOs, will not be launched until the underwriters
have been granted their licences, adding that this process has not yet started.

The exchange is 49 percent owned by two Japanese companies Japan Exchange Group, the operator of Tokyo Stock Exchange and Daiwa Securities Group, which signed an
agreement with majority owner state-owned Myanma Economic Bank (MEB) on December 23 last year.

Due to its ownership, the exchange risks opening under US sanctions, as previously reported by The Myanmar Times.

While the Yangon Stock Exchange itself is not designated specifically by the US Treasury departments Office of Foreign Assets Control (OFAC), US officials have said that under US
law it would be automatically sanctioned, as it is 51 percent owned by MEB, a state entity under US sanctions.

U Maung Maung Thein told state media on November 30 that around five companies would be ready to list when the exchange opens.

No names have yet been announced publically, though the MSEC chair told Eleven Myanmar that First Myanmar Investment, Myanmar Citizens Bank and Myanmar Thilawa SEZ
Holdings would attempt an initial public offering.

Other companies to publicly state their intention to list include Asia Green Development Bank and Myanmar Agribusiness Public Company (MAPCO).

Listing criteria for companies were published on August 23. Firms must meet these standards to attempt an IPO.

Ref: By Clare Hammond

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Trading procedure
YSX, as a stock exchange, is a venue to provide opportunities to investors to buy or sell listed companys shares. Investors have to send their buying or selling orders to YSX through
securities companies having securities license issued by SECM as well as trading qualification provided by YSX.

Getting ready
Choosing a securities company
Choosing a securities company, having securities license and trading qualification, for opening a securities account.
Investors to be able to open securities accounts with several securities companies.
Bank account
Openinga bank account with banks designated by a chosen securities company if an investor hasnt opened the banks account.
Depositing or transferring cash to his/her bank account and customers bank account of a securities company.
Securities account
Entering into an agreement on a securities account opening with chosen securities company and opening an account.
Investment decision
To decide, sometimes with receiving investment advice from securities companies, which stocks, how match price, how many shares and what timing an investor places buy/
sell order, through a securities company, on YSX.
 8

The final investment decision should be done by an investor and the investor has responsibility for the decision of stock trading and order placement by himself/herself.
Stock trading rules
After opening bank and securities accounts, an investor is able to send buying/selling orders under following stock trading rules stipulated in the Trading Business Regulations:
Trading hours
Order acceptance time
9:30 am to 1:00 pm
Matching time
11:00 am and 1:00 pm
Order types
Market order
A market order is an order placed without specifying the buying or selling price.
Even though a market order has price priority than other limit orders and is likely to be executed, the orderhas risk which an investor may buy or sell shares at his/her
unexpected higher or lower matching price.
Limit order
A limit order is an order placed by specifying the price at which the trader seeks to buy or sell shares.
Even though an investor placing a limit order can avoid risk of buying/selling shares at unexpected price, an investor cannot buy/sell shares if a matching price is
superior than his/her limit order price.
Price limit
To prevent too much volatility of stock prices, YSX sets daily price limit for all stocks of listed companies.
An upper and a lower limit priceof the day is decided based on a level of a base price under the table stipulated in the Enforcement Regulations forTrading Business
Regulations. A base price, in general, is the last matching price of a previous working day.
In case where a base price is MMK 35,000, an upper limit price becomes MMK 40,000 (MMK +5,000) and a lower limit price becomes MMK 30,000 (MMK -5,000)

(Excepted price limit table)

Base price (MMK) Price limit (MMK)

From () Below (<)

10,000 20,000 2,500

20,000 40,000 5,000

40,000 100,000 10,000

100,000 200,000 25,000

Reference:

Enforcement Regulations for Trading Business Regulations

Reference: Enforcement Regulations for Trading Business Regulations

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Order unit and tick size

Order unit, which is a minimum amount of shares an investor is able to place on YSXs order books of listed companies, is one (1) share.
A tick size is the minimum stock price movement of stocks of a listed companies and the tick size is decided based on tick size table stipulated in the Enforcement
Regulations for Trading Business Regulations.

(Excepted tick size table)

Order price (MMK) Tick size (MMK)

Above (>) Up to ()

10,000 40,000 500

40,000 100,000 1,000
100,000 400,000 5,000

Reference:

Enforcement Regulations for Trading Business Regulations

Matching methods
Price priority: The order price that is superior than other orders gets filled first and a market order has the first price priority.
Time priority: If the price priority is same, earlier order has priority to get filled first.
Call auction methods:
For each limit price recorded in the order book, the system calculates the cumulative amounts in each buy and sell order book side.
For amarket order, each buy/sell market order is placed on the cumulative buy/sell order column of the upper limit price/lowest limit price with the superior price
priority than the limit orders.
Comparing the totals of each order book side, a matching price is determinedin the price allowing the largest number of stocks to be traded. Then, all the stocks are
filled at this matching price.
If there are two candidate prices to be a matching price, a closer price with the last matching price or a base price becomes a matching price
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Placing orders and order matching

An investor is able to send his/her orders, through a securities company, to YSX anytime during trading hours and orders are filled if the orders satisfy matching requirement
mentioned above.

Trading demonstration video

[if lt IE 9]><script>document.createElement('video');</script><![endif]
Video Player

https://ysx-mm.com/wp-content/uploads/2015/10/YSX-Trading-Demonstration-v1.0-2.mp4

00:00

02:26
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Confirming order execution

After a matching time at 11:00 am or 1:00 pm, an investor receives execution result of his/her orders through a securities companys execution notice if his/her orders are
executed.
Information of a matching price and volume of listed stocks is able to be seen on the YSXs website.
Contact:
Market Department
Tel: 01-371167
Email: marketdept@ysx-mm.com

Laws & Rules

Laws
Name Enforcement Issued by Myanmar English

Securities and Exchange Law 31st Jul. 2013 MOF

Update Information

Rules
Name Enforcement Issued by Myanmar English

Securities and Exchange Rules 27th Jul. 2015 MOF

Update Information
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Notifications
Name Enforcement Issued by Myanmar English

Notification No. 1 / 2015 Dematerialization of shares 7th Aug. 2015 SECM

Notification No. 2 / 2015 Public offering 14th Sep. 2015 SECM

Notification No. 3 / 2015 Business time and brokerage fees 20th Oct. 2015 SECM

Notification No. 1 / 2016 Continuous disclosure 19th Feb. 2016 SECM

Notification No. 2 / 2016 Securities companies Regulations 11th Mar. 2016 SECM

Update Information
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YSX Business Regulations

Trading Regulations
Name Enforcement Myanmar English

Trading Business Regulations 30th Oct. 2015

Enforcement Regulations for Trading Business Regulations 21st Dec. 2015

Update information

Clearing and Settlement Regulations

Name Enforcement Myanmar English

Clearing and Settlement Business Regulations 24th Mar. 2016

Enforcement Regulations for Clearing and Settlement Business

24th Mar. 2016
Regulations

Table of Fees for Clearing and Settlement 18th Dec. 2015

Update information
 14

Book-entry transfer Regulations

Name Enforcement Myanmar English

Business Regulations Relating to Book-Entry Transfers of Stock, etc. 12th Mar. 2016

Table of Fees for Book-Entry Transfers of Stock, etc. 16th Dec. 2016

Update information

Listing Regulations
Name Enforcement Myanmar English

Securities Listing Business Regulations 4th Apr. 2016

Enforcement Regulations for Securities Listing Business Regulations 16th Dec. 2016

Table of Fees for Listing Company 18th Dec. 2015

 15

Listing Criteria 13th Aug. 2015

Update information

Trading Participant Regulations

Name Enforcement Myanmar English

Trading Participant Business Regulations 12th Mar. 2016

Enforcement Regulations for Trading Participant Business Regulations 31stMar. 2016

Table of Fees for Trading Participant 18th Dec. 2015

Update information

Shareholders Agency Business Regulations

Name Enforcement Myanmar English

Business Regulations Related to Shareholders Agency Business 16th Dec. 2016

 16

Table of Fees for Shareholders Agency Business 18th Dec. 2015

Update information

Manuals
Business operation manuals
Name Update Manual Appendix

Trading business operation manual 18th Mar. 2016

Clearing and settlement business operation manual 18th Mar. 2016

Book-entry transfer business operation manual 18th Mar. 2016

Guidelines

Name Update Guideline Appendix

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Block trade 22nd Feb. 2016

Error trade correction 22nd Feb. 2016

Holding
Annual General Meeting and 25th Jul. 2016
dividend payment scheme

Initial listing 29th Jul. 2016

Market value assessment 11th Jan. 2016

Model procedure of dematerialization (Listing without issuing new shares) 4th Aug.2016

Non-exchange transaction transfer 22nd Feb. 2016

Outline of timely disclosure 14th Oct. 2016

Putting up listed shares as pledge 2ndSep. 2016

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To prevent insider trading 8thJun. 2016

Trading suspension 22nd Feb. 2016

Application and template documents

Name Update Document

Trading 27th Apr. 2016

Clearing & settlement 27th Apr. 2016

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Book-entry transfer 27th Jun.2016

Initial listing 26th Apr. 2016

Trading qualification 26th Apr. 2016

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Learning-Basic Course
1. Joining seminars & events
YSX holds many educational programs such as seminars and events and please make a registration of the activities via Seminar & Events page.

Learning materials
Subject Update Materials

Capital Markets and Capitalism 16th Dec. 2016

The Stock and Corporation 16th Dec. 2016

Listing on a stock exchange Under drafting

Basics of a stockinvestment Under drafting


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Experiences
To learn basics of a stock market, the best way is to see and feel the market with your own experiences. YSX has prepared followings to meet your interests and is happy to improve
our educational activities to meet all of your expectations.

2. Visiting YSX
YSX opensthe Ground floor for you during trading hours, from 9:30 am to 1:00 pm, and you can enjoy:
# seeing stock trading situation with large LFD boards
# making inquiries to staff of YSX and securities companies
# reading books stored in YSX library
# having great coffee in the Ys cafe and shopping at the souvenir shop

3.Getting YSXs information

You are able to see the basic information about our stock marketvia this website.
# Overview ofa stock trading of the day > Market summary
# Each companys stock trading of the day > Stock trading data
# Information about listed companies > Company list
# Disclosure documents of listed companies >Disclosure
# Stock trading procedure > Trading procedure
#Companys listing procedure > Listing procedure
You are also able to getmany valuable and timely information via YSXs official Facebook page.

Contact:
Administration Department
Tel: (+95)-1-371167
Email:admindept@ysx-mm.com

Trading participant
In accordance with section 42 (a) of the Securities and Exchange Law and section 4 of the Trading Participant Business Regulations,YSX gave trading qualification
to following securities companies.
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Company name TP ID Contact Address

Myanmar Securities Exchange Centre Co., Ltd. TP00001 T: 01-378647 21-25, Sule Pagoda Road,1st Floor of MEB (Yangon
F: 01-387031 Region Office), Yangon

KBZ Stirling Coleman Securities Co., Ltd. TP00002 T:01-2307300-02 No.53, Strand Square, Strand Road, Pabedan
F: 01-2307309 Township, Yangon

CB Securities Ltd. TP00003 T: 01-8610331 #03-04, Union Financial Center, Corner of

F: 01-8610330 Mahabandoola Road & Theinphyu Road, Botahtaung
Township, Yangon

AYA Trust Securities Co., Ltd. TP00004 T: 01-386255 No.416, Corner of Mahabandoola Road &
F: 01-386254 Manabandoola Garden Street, Kyauktada Township,
Yangon

KTZ Ruby Hill Securities Co., Ltd. TP00005 T: 01-8610480 #7-6, Union Financial Center, Corner of
F: 01-8610479 Mahabandoola Road & Theinphyu Road, Botahtaung
Township, Yangon

Amara Investment Securities Co., Ltd. TP00006 T: 01-381140 Room -6E, No.(628-636), River View Condo, Corner
F: 01-381142 of Merchant Road & 29th Street, Pabedan Township,
Yangon

FMI
FMI
- - FMI -
-

FMI FMI

FMI
FMI -
 23

- - FMI
-

- - FMI FMI
-

FMI
Bonus - FMI
One for Five
Bonus - Bonus
-

- FMI One for Ten
Bonus -
- Bonus
-

FMI
FMI

-
FMI

- FMI
Disclaimer:
FMI


 24

FMI Net Income

- Dividends
-
-

Equity


- FMI

**************************
FMI - -

Equity
FMI
FMI
FMI
FMI Retained Earnings

-
-

**************************
FMI
One for Ten - Bonus
- Bonus

Equity -

 25

Equity Retained Earnings

FMI
FMI

FMI Book Value

Book Value
Book Value
Book Value



- FMI Book Value
FMI


Retained Earnings Equity FMI

Disclaimer:

Ref:MIW Analysis

* Financial Statement *

respectively credit # Nyi Nyi Sein

Consolidated Income statement Interest income - 811,696, 403

Note 19 Local Bank ,
% 1,275,522,919 ( ) ..
Interest income 1,933,429,789 ( )
 26

....
1,121,733,386 - Management YSX ..
.
Other income Expense Salary and benefit Key management person salary salary Notes 21 Key
management person salary SOCI Transparency , reporting standard compliance

- , Cost
, Profit
Target ,

.
Key Management personnel
Salary - 146,988,400 ( 2015 MMK 425,993,438)
Bonus - 324,200,000 (2015 MMK Nil)
Total - 471,198,400 (2015 MMK 425,993,438)
Key Mgt personnel management , ,
..
Bonus performance performance
presentation
Bonus .. , ,
( )
.

Current year Directors' names

==============
Report Current year Director Key Management personnel salary

Chair MD
.
Director Information
============
http://www.dica.gov.mm//myanmar-thilawa-sez-holdings-publi
 27

information ....

Company Registration Number

==================
Report registration number
www.dica.gov.mm Registration 484/2013-2014
.
Company expiry date
=============
expiry date () www.dica.gov.mm Expiry Date : 02/05/2016
? .. Dica update .. ....
.
Entertainment - MMK 311,168 (2015 MMK 217,908,982)
,

client
Meeting expenses - 160,349,612 Entertaining Meeting
expenses
Entertaining Wholly & Exclusively
- ? subsistence
- - , subsistence
- Client Entertaining , personal Entertaining
Entertaining Meeting expenses account title ,
Entertaining Meeting
Entertaining + Meeting expenses total 160,660,780 - % 40.165,195 -

Entertaining Client
-
-
-
-
-
 28

-
- Entertainment organiser
-
-
- -
Meeting expenses tax allowance
.
Donation & CSR - MMK 30,970,920 (2015 Nil)
======================
Corporate Social Responsibility
% Donation , CSR Compliance

CSR responsible ??

Social Security Benefit

==================
SSB 3% SSB Employer cost SOCI Note(21) Other
payable

- Commercial Tax, Withholding Tax , PAYE Receivable, Payable
PAYE liability - PAYE
CT, WHT Disclosure Note
Note-11 Deposit and prepayments Advance tax , Advance tax

Advance tax FS date Audit Report Sign Audit report Audit partner
Tax figures
Self-Assessment Disclosure note SA
**Note M - Income Taxes current income tax for current period *** income tax ..

Deferred Tax
=================
MFRS Disclosure note Deferred tax
Subscription - Nil (2015 1,754,800)
 29

======================
subscription expense subscription () prepaid / accrued
..

Penalty & Fine - Nil (2015 MMK 74,412,604)

=======================
Manager Compliance
expense dissolve ??

Work in Progress - Nil

=============
Note 12 WIP Cost of land and Land developing cost ( - WIP)
.
Dividends paid to shareholders - MMK 7,785,830,000 (2015 Nil)
=================
Final dividend paid in respect of the previous financial year of 2,000 kyats per share Note-14 (Statement of Changes in Equity Dividend
)
Note-14 retained earning Dividends reference Dividends proposed
Standard follow Dividends Key management personnel Related party
transactions Dividends
dividend FS ..
Note-24 Significant events of the Company - - dividends --
proposed
Dividends .. dividends FS
proposed Stock exchange investors

Note-23 Related party transactions

=============
related party Chairman transaction
(transaction ) disclosure note As terms agreed between
parties ??
Sales and Purchase of Goods and Service Transaction related party , related party

 30

analysis user friendly year end

, Key Management personnel disclose , Other receivable, Other payable
,

Office Renovation - MMK 1,316,000

===========
office Renovation addition Management Decision .. redecoration
repairs & renewals IAS-16 PPE recognition criteria .

Deposit & Prepayments

==========
Advances to Suppliers - MMK 1,811,061,446
Supplier Group ? Working capital waste
.

Ratio analysis, Gearing , Dividends yield Financial Analyst Analyst

Depreciation - 88,487,845
===================
Depreciation figures -
... :P
Consolidate SCI 88,487,845
SCI for company 86,271,262
Consolidate Cash flow 88,486,846 ( :D )
Cashflow for company 86,271,263 ( :P)
Property & Equipment - net group Total 87,051,229 (87,797,397- disposal 746,168) .. ??
Property & Equipment - Company Total 84,834,645 (85,580,813- disposal 746,168) .. ..

Other income - Profit on Fx Gain MMK 6,082,588,771

==========================
Note 20 Other income analysis Exchange difference Risk Exchange
exchange rate Auditor Risk response , Forward contract, hedging
Risk management
 31

( Dividend US$ functional currency note )

New listing
Supplemen
Company Prospectus tal
Listing date Company Code profile /DDL documents

20th Jan. 2017 First Private Bank Ltd. 4

26th Aug. 2016 Myanmar Citizens Bank Ltd. 3

20th May 2016 Myanmar Thilawa SEZ Holdings Public Ltd. 2

25th Mar. 2016 First Myanmar Investment Co., Ltd. 1

 32

Stock trading data

As of 21st Feb. 2017

Stock trading

Tradi Market
C Trading No. of
Chang % ng Cap.
Name od Close Open High Low value listed
e Change volu (mil
e (MMK) shares
me MMK)

FMI 1 15,500 +500 +3.33% 15,000 15,500 15,000 4,363 67,030,000 23,480,013 363,940

MTSH 2 4,100 +0 +0.00% 4,100 4,100 4,100 7,553 30,967,300 38,929,150 159,610

MCB 3 8,900 +0 +0.00% 8,900 8,900 8,900 300 2,670,000 10,400,986 92,569

FPB 4 31,000 +0 +0.00% 30,500 31,000 30,500 611 18,691,000 2,472,053 76,634

Historical data
Daily report
Date Daily report (1st matching) Daily report (Whole day)

1st Feb. 2017 hd_01022017_01.pdf hd_01022017_02.pdf

2nd Feb. 2017 hd_02022017_01.pdf hd_02022017_02.pdf

 33

3rd Feb. 2017 hd_03022017_01.pdf hd_03022017_02.pdf

6th Feb. 2017 hd_06022017_01.pdf hd_06022017_02.pdf

7th Feb. 2017 hd_07022017_01.pdf hd_07022017_02.pdf

8th Feb. 2017 hd_08022017_01.pdf hd_08022017_02.pdf

9th Feb. 2017 hd_09022017_01.pdf hd_09022017_02.pdf

10th Feb. 2017 hd_10022017_01.pdf hd_10022017_02.pdf

13th Feb. 2017 hd_13022017_01.pdf hd_13022017_02.pdf

14th Feb. 2017 hd_14022017_01.pdf hd_14022017_02.pdf

15th Feb. 2017 hd_15022017_01.pdf hd_15022017_02.pdf

16th Feb. 2017 hd_16022017_01.pdf hd_16022017_02.pdf

17th Feb. 2017 hd_17022017_01.pdf hd_17022017_02.pdf

20th Feb. 2017 hd_20022017_01.pdf hd_20022017_02.pdf

21st Feb. 2017 hd_21022017_01.pdf hd_21022017_02.pdf

Older Report

Monthly report

Month Monthly report Month Monthly report

Jan. 2017 hd_012017.pdf Jul. 2017 --

Feb. 2017 -- Aug. 2017 --

 34

Mar. 2017 -- Sep. 2017 --

Apr. 2017 -- Oct. 2017 --

May. 2017 -- Nov. 2017 --

Jun. 2017 -- Dec. 2017 --

Older Report

Annually report

Calendar Year Annually report

2016 Annual report 2016

2017