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© Malaysian Communications and Multimedia Commission 2006The information or material in this publication is protected under copyright and, save where otherwise stated,may be reproduced for non-commercial use provided it is reproduced accurately and not used in a misleadingcontext. Where any material is reproduced, MCMC as the source of the material must be identified and thecopyright status acknowledged.

The permission to reproduce does not extend to any information or material the copyright of which belongs toany other person, organisation or third party. Authorisation or permission to reproduce such information ormaterial must be obtained from the copyright holders concerned.

Malaysian Communications and Multimedia Commission63000 Cyberjaya, Selangor Darul Ehsan, Malaysia. Tel: 6 03 - 8688 8000 Fax: 6 03 - 8688 1000Toll Free Numbers: 1-800-888-030 http://www.mcmc.gov.my

This bulletin is compiled and written by the Industry Research & Analysis Department,

Industry Development Division comprising Yee Sye Chung, Sharmila Manoharan,

Adzleen Abu Bakar and Mooi Mee Mee.

139049-CnM bulletin B6 24-2 24/2/06 8:06 PM Page B

contentsMESSAGE FROM THE CHAIRMAN 2

SUMMARY HIGHLIGHTS 3

MALAYSIAN C&M MARKET & FINANCIAL PERFORMANCEC&M SECTOR MARKET PERFORMANCE

Overall Local Market Slipped by 1% in 2005 4C&M Sector is 10.6% of Local Market Capitalisation 5Individual C&M Companies Contribution to Bursa Malaysia 6C&M Companies Share Price Movements & Trade Details 7-8Top Ten Market Capitalisation on Bursa Malaysia 8

MALAYSIAN VERSUS OVERSEASBursa Malaysia and New York Market Decline 9Local C&M versus Overseas by Market Capitalisation in US Dollar 10

C&M FINANCIAL PERFORMANCE C&M Revenue Snapshot 11

C&M COMPANY DEVELOPMENTS 12-15

MALAYSIAN ADEX SCENARIOAdex through the Years (2001 to 2005) 16Adex Comparatives 17Adex by Medium 18Free-To-Air Television Advertising 19-20Television Viewership Boosts Adex Distribution 20Radio Stations Performance by Language, Market Share, Ratings 21-22Communications Services Tops Advertising by Sector 23

MALAYSIAN ECONOMYEconomy Resilient 24MIER Business Conditions & Consumer Sentiments Indices 25

MALAYSIAN CAPITAL MARKETCorporate Bonds and Shares 54% of Funds in 2005 26

FEATURE ARTICLES

FUNDING FOR CONTENT ON MESDAQ MARKETMESDAQ: Top Funding Avenue for Smaller C&M Companies 27-28MESDAQ Listing: Favourite of Software Companies 28-30MESDAQ: Top 15 Ranking by Market Capitalisation 30

MOBILE COMPETES FOR MARKET SHAREFierce Competition Amongst Mobile Services 31Mobile Line Services Advertising 31Mobile Interactive Services & ISP Advertising 32

C&M INDUSTRY IN 2005C&M Trends 33Bond Funding to Build Towers for Boosting National Coverage 34Broadcasting Industry – Corporate Manoeuvres 34-35Postal Services Modernisation 35-36Broadband Uptake Accelerated 36

GLOSSARY 37

CONTACT US 38

139049-CnM bulletin B6 24-2 24/2/06 8:07 PM Page 1

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C&M BULLETIN 2005

2

MESSAGE FROM THE CHAIRMAN

The Commission is very pleased to present the report titled “Communications and

Multimedia Market and Financial Review 2005”. It reviews the major economic and

financial developments in the year as well as the performance of the communications

and multimedia industry. This is the fifth publication in this series of reports.

2005 has been an eventful year. Several new regulatory initiatives were introduced.

The industry as a whole made significant contributions to the national economy.

Consumers benefited from the introduction of new services and reduction of prices.

The communications and multimedia industry continues to be dynamic and is

expected to keep growing.

I trust this document will provide useful information to readers. We welcome

feedback that will help us improve this document in the future. Please send your

comments to [email protected].

For past quarterly and annual reports of this publication, kindly visit the Commission’s

website at:

http://www.mcmc.gov.my/what_we_do/ind_dev/index.asp

Thank you.

Dato’ V. Danapalan


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C&M BULLETIN 2005

3

SUMMARY HIGHLIGHTS

LOCAL MARKET SLIPPED 1% ON KLCI

Concerns in 2005 were high oil prices; interestrate hikes; geopolitical tensions and bird flu.Positive factors are resilient economy; upturn inelectronics markets and firm palm oil pricesboosting exports into 2006; positive effects ofa firm ringgit on inflation; and monetary policyconducive for business. World growth firm,supported by growth in US & China.

C&M SECTOR MARKET CAP 10.6% OFBURSA MALAYSIAIn 2005, the C&M sector market capitalisationslipped to RM73.7 billion from RM81.2 billionin 2004 – down RM7.5 billion (9.2%).

POSM AND DIGI UP ON FUNDAMENTALSPos Malaysia share price up 55.4% to RM4.04per share and DiGi up 25.8% to RM7.80 pershare. The rest of the C&M companies postedbetween 1% to 26% losses in 2005.

C&M REVENUE RM26.9 BILLION ONANNUALISED BASISThe C&M sector aggregate revenue wasRM20.2 billion for 9-months to Sep-05.Revenue from Telcos constitutes 85%;broadcasting 9% and postal & courier 3%.Revenue growth still evident – highest DiGi(26%), Media Prima (24%) and Maxis (12%).

ADEX AT ANNUALISED RM4.5 BILLION Adex is still relatively strong amidst resilienteconomic growth.

TV3 HIGHEST VIEWERSHIPTV3 has highest number of viewership at 48%of total viewers which cuts across both Free-To-Air and Pay-TV landscape.

RADIO – AMP REIGNS, BUYS THRGood spread amongst top four stations bylanguage mediums – Era FM, My FM, Mix FM,redi988. Interestingly, the Malay medium radiostation chalked up highest advertisementrevenue.

2005 GDP GROWTH REVISED TO 5.3% Economy better than expected, with GDPrevised upwards on confirmed turnaround ofsemiconductor cycle. Inflation is up 3.5%.Growth momentum expected to accelerate in2006.

CORPORATE BONDS & SHARES 54%OF FUNDS IN 2005Local capital market financed RM68.9 billionin gross funds in Jan-Nov 2005. Private sectorfunding constitutes 54% with the balancepublic sector funding.

MESDAQ FUNDING FOR CONTENTSince 2003, software companies haveconsistently tapped the MESDAQ market forfunding.Today, more than one third of the 107companies listed on MESDAQ are in thesoftware business. Only four so far are incontent development, namely for Internet,education and R&D. The majority are inlogistics systems such as enterprise andapplications solutions.

MOBILE SERVICES COMPETE FIERCELYFOR MARKET SHARE Celcom is at top spot of RM92 million foradvertising its mobile line services; Maxis(RM70 million) and DiGi (RM60 million).Overall, bulk 41% (RM234 million) ofcommunications sector advertising of RM571.6million went to mobile line services ads. This is followed by ads for mobile interactiveservices at RM183 million (32%).

C&M INDUSTRY TRENDS IN 2005Malaysian C&M industry recorded new eventsin its history – launch of 3G services; VSS fortelecoms and postal services; state-backedtower company taps bond market. Accelerationin trends started in 2004 are Malaysian C&Mcompanies expanding core business overseas;continued restructuring in the Free-To-Air TVsegment; more radio stations; postal servicemodernisation and greater uptake of broadband.


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C&M SECTOR MARKET PERFORMANCE

Source: MCMC, Bursa Malaysia, Bloomberg

4

Bursa Malaysia Dec-03 Dec-04 Dec-05 % Change % ChangeMarket Indicators (Dec-03 to Dec-04) (Dec-04 to Dec-05)

KL Composite 793.9 907.4 899.8 14 -1EMAS 195.6 214.3 203.9 10 -5Second Board 140.6 110.9 80.4 -21 -28MESDAQ 152.3 122.8 87.1 -19 -29Average Daily TurnoverVolume (million units) 463.8 453.6 423.5 -2 -7Value (RM million) 747.5 873.7 717.9 17 -18Market Cap (RM billion) 640.3 722.1 695.3 13 -4Total No. of Co. Listed: 906 963 1,021 6 6Main Board 598 622 646 4 4Second Board 276 278 268 1 -4MESDAQ 32 63 107 97 70

Overall Local Market Slipped by 1% in 2005Trading on the local market in 2005 was overall dampened by a number of lingering concerns, whichweighed on market sentiment throughout the year. If not for the significantly positive event of the centralbank removing the ringgit peg to the US dollar in July, the local market could have lost more than 1%by the end of 2005.

The ringgit de-peg on 21 July brought back strong buying interest, with the KLCI – the local marketbarometer, hitting a peak for the year of 952.59 points on 3 August 2005. In sharp contrast, the low forthe year 2005 was at 860.73 points on 31 May. The KLCI closed the year at 899.79 points.

Persistent concerns in 2005, seen extending into 2006 are the higher fuel oil prices stoking inflation;likelihood of further interest rate increases locally, albeit gradually – the trend set in Nov-05, when thecentral bank increased its overnight policy rate from 2.7% to 3.0%; geopolitical tensions and a bird fluoutbreak.

The positive factors providing counterbalancing relief include the resilient Malaysian economy, with freshexpectations of it doing better than anticipated in 2005; the upturn in the semi-conductors andelectronics markets and continued firm palm oil prices boosting Malaysian exports in 2006. Also, a firmringgit after de-pegging has positive effects on inflation. The government remains pro-business andmonetary policy is expected to overall remain conducive to business growth.

Externally, the global economy remains firm, with growth expected at 4.3% in 2005 and 2006;supported by firm growth in US and China.


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C&M BULLETIN 2005


Source: Bloomberg

C&M Sector is 10.6% of Local Market CapitalisationBursa Malaysia market capitalisation totaled RM695 billion at end of 2005. Out of this 10.6% orRM73.7 billion is contributed by the C&M sector. In 2004, the C&M sector had contributed 11% to themarket capitalization of the local stock exchange.

Source: MCMC, Bloomberg


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C&M BULLETIN 2005


Company 31 Dec 2004 31 Dec 2005 % Change

Telekom 39.2 32.4 -17.3Maxis 23.1 21.0 -9.1ASTRO 10.4 10.1 -2.9DiGi 4.7 5.9 25.5Pos Malaysia 1.3 2.1 61.5Time 1.6 1.2 -25.0Media Prima 0.9 1.0 11.1

C&M COMPANIES MARKET CAPITALISATION (RM billion)



Individual C&M Companies Contribution to Bursa MalaysiaIn line with the overall lower market in 2005 compared to 2004, the heavyweights, Telekom and Maxis,posted lower contribution to local market capitalisation at 4.7% and 3% respectively. In 2004, thesecompanies posted respectively 5.4% and 3.2% to Bursa Malaysia market capitalisation.

However, Pos Malaysia, DiGi and ASTRO bucked the negative trend. Pos Malaysia contributed 0.3%(2004: 0.2%) to Bursa Malaysia; DiGi contributed 0.8% (2004: 0.7%) and ASTRO at 1.5% (2004:1.4%). Time and Media Prima contributions remain the same.


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C&M BULLETIN 2005


C&M Companies Share Price MovementsIn 2005, Pos Malaysia and DiGi did markedly well in terms of share price gains. PosM gained 55.4% toRM4.04 from RM2.60 per share in 2004. DiGi gained 25.8% from RM6.20 to RM7.80 per share.Therest of the C&M companies we track posted losses of between 1% and 26%.

C&M Companies Trade Details Jan – Dec 2005

C&M Companies – Gainers / Losers (4Q-05)


Share Price AverageCompany 31 Dec 30 Dec Volume

2004 2005 % Change High Low Traded(RM) (RM) (12 months) (RM) (RM) (’000)

Pos Malaysia 2.60 4.04 55.4 4.12 2.58 1,153DiGi 6.20 7.80 25.8 8.00 5.05 919Media Prima 1.71 1.70 -0.6 1.83 1.39 995ASTRO 5.40 5.25 -2.8 5.95 5.05 1,349Maxis 9.35 8.40 -10.2 10.20 8.20 3,107Telekom 11.60 9.55 -17.7 12.00 9.15 3,266Time 0.62 0.46 -25.8 0.67 0.26 5,058



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Top Ten Market Capitalisation on Bursa Malaysia

Source: MCMC, Bloomberg, Bursa Malaysia


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MALAYSIAN VERSUS OVERSEAS

Bursa Malaysia and New York Market DeclineAmongst the list of markets we track, Bursa Malaysia and the New York markets posted declines. TheKuala Lumpur Composite Index (KLCI), comprising quality stocks in the local stock exchange, postedmarginal loss of 0.8% in 2005. However, the broader local market index, KL Emas Index, whosecomponent stocks are all the companies on the Main Board of Bursa Malaysia, posted an almost 5%decline. In contrast, the Dow Jones Industrial Average (DJIA) posted only a loss of 0.6% in 2005.

The best performing market in both the 4Q-05 and for the full year 2005 is the Tokyo bourse – gaining18.7% and 40.2% respectively. The gains were due to continued growth in the Japan economy; improved US monetary outlook and a firm US economy boosting market sentiment.


Market Dec-04 Dec-05 % ChangeIndices (12 months)

Nikkei 225 11,488.8 16,111.4 40.2

STI 2,066.1 2,347.3 13.6

Hang Seng 14,230.1 14,876.4 4.5

DJIA 10,783.0 10,717.5 -0.6

KLCI 907.4 899.8 -0.8

KL EMAS 214.3 203.9 -4.9

Source: Bloomberg


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C&M BULLETIN 2005

MALAYSIAN VERSUS OVERSEAS

Local C&M vs Overseas by Market Capitalisation in US Dollar

n.a. – Not applicable as not listed then Source: MCMC, Bloomberg

Market Capitalisation (USD billion)Companies Country Main Business % ChangeDec-04 Dec-05 (12 months)

NTT DoCoMo Japan Wireless 92.0 74.3 -19.2Telstra Australia Diversified Wireline 47.8 35.9 -24.9BT Britain Diversified Wireline 33.2 32.2 -3.0Sing Tel Singapore Diversified Wireline 24.2 26.2 8.3KDDI Japan Diversified Wireline 22.7 24.4 7.5Chunghwa Taiwan Diversified Wireline 19.0 16.7 -12.1SK Telecom Korea Wireless 15.6 14.8 -5.1Telekom TBK Indonesia Diversified Wireline 10.4 12.1 16.3Vodafone Japan Diversified Wireline 15.2 12.0 -21.1KT Corp Korea Diversified Wireline 11.4 11.5 0.9China Unicom Hong Kong Diversified Wireline 9.9 10.2 3.0Telekom Malaysia Diversified Wireline 10.3 8.6 -16.5Telekom Corp New Zealand Diversified Wireline 8.6 8.0 -7.0Maxis Malaysia Wireless 6.1 5.6 -8.2KT Freetel Korea Wireless 4.4 4.5 2.3Far Eastone Taiwan Wireless 4.5 4.4 -2.2Taiwan Mobile Taiwan Wireless 5.4 4.3 -20.4PCCW Hong Kong Diversified Wireline 3.4 4.1 20.6Indosat Indonesia Diversified Wireline 3.3 3.0 -9.1ASTRO Malaysia Satellite Pay-TV 2.7 2.7 No ChangeGlobe Philippines Wireless 2.4 1.8 -25.0LG Telecom Korea Wireless 1.1 1.8 63.6DiGi Malaysia Wireless 1.2 1.5 25.0MobileOne Singapore Wireless 1.1 1.3 18.2True Corp Thailand Diversified Wireline 0.7 0.8 14.3Smartone Hong Kong Wireless 0.7 0.7 No ChangePos Malaysia Malaysia Post 0.34 0.55 61.8Time Malaysia Wireless 0.41 0.31 -24.4Media Prima Malaysia Commercial Free-To-Air TV 0.24 0.27 12.5Sunday Hong Kong Wireless 0.17 0.22 29.4TT&T Thailand Diversified Wireline 0.40 0.24 -40.0Hutchison Australia Wireless 0.19 0.14 -26.3Redtone Malaysia Discounted Call Services 0.174 0.087 -50.0GD Express Malaysia Courier n.a. 0.052 n.a.CSA Malaysia Diversified C&M 0.073 0.046 -37.0NasionCom Malaysia Web Portals / ISP n.a. 0.038 n.a.New World Hong Kong Wireless 0.013 0.028 115.4Nationwide Malaysia Courier 0.021 0.024 14.3AKNM Tech Malaysia Internet Content / Enter’t 0.077 0.016 -79.2


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C&M BULLETIN 2005

C&M FINANCIAL PERFORMANCE

C&M Revenue SnapshotThe C&M sector revenue (public-listedcompanies in telecoms, broadcastingand post) continued to be buoyed byoverall favourable economic conditionsin 2005.The sector generated aggregaterevenue of RM20.2 billion for the ninemonths ending September 2005. Thissurpassed revenue recorded for thesame period in 2004 by RM1.8 billion or a growth of 10% (Jan-Sep 2004:RM18.5 billion).

TM recorded the highest turnover atRM10.2 billion representing 51% ofoverall revenue market share.

Revenue growth remained evidentamong most companies, the highestbeing DiGi (26%), Media Prima (24%)and Maxis (12%). Declining revenue ofinternational interconnect and payphonecause slide in revenue by Time.

C&M sector revenue for 2005 isestimated at RM26.9 billion, on anannualised basis.

Source: MCMC, Bursa Malaysia




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C&M COMPANY DEVELOPMENTS




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C&M BULLETIN 2005



DiGiIndex

Last 7.80High 08/12/05 8.00Average 6.04Low 28/04/05 5.05

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

8.50

8.00

7.50

7.00

6.50

6.00

5.50

5.00

4.50

Chairmanresigns

Cut access feesfor somecustomers Awarded a contract

for video streamingtechnology toLogica CMG

Proposed issue ofcommercial papersand medium termnotes totalingRM700m

Shar

e Pr

ice

(RM

)


IndexLast 0.46High 29/09/05 0.67Average 0.47Low 01/06/05 0.26


Time

0.70

0.65

0.60

0.55

0.50

0.45

0.40

0.35

0.30

0.25

0.20

Plans to returnRM379.6m or 15 sen per share to shareholders

Jaring said “merger”with Time isspeculation

Speculation asacquisition target MD resignsSh

are

Pric

e (R

M)

C&M bulletin 240206.p 2/27/06 10:12 AM Page 13

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ASTRO


6.00

5.90

5.80

5.70

5.60

5.50

5.40

5.30

5.20

5.10

5.00

Shar

e Pr

ice

(RM

)

Plans to venture into Indonesianmarket viaIndonesia Lippo group

Bought RadioLebuhraya S/Bfor RM20m -operates radiostation THR.fm

MiTV – Malaysia'ssecond pay TVlaunched

Fine TV, Malaysia'sthird pay-TV officiallyopen its services

ASTRO added to KLCI as acomponent stock

MOU betweenNasioncom and MiTV to

launch and operate a 3G network in Malaysia


PosM



4.50

4.00

3.50

3.00

2.50

2.00

1.50

1.00

Shar

e Pr

ice

(RM

)

To use the RM34.8m profit made from sale oftreasury shares to be distributed as dividends

Announces VSS

Added to MorganStanley CapitalInternational Inc'sglobal Index

KhazanahNasional raisedstake to 17.4%

To expand itsglobal servicenetwork



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C&M BULLETIN 2005





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MALAYSIAN ADEX SCENARIO

Adex Through The Years (2001 To 2005)

*annualised

Source: Nielsen Research

The advertising expenditure (adex) in Malaysia posted a slight increase on an annualised basis toRM4.456 billion in 2005 compared to 2004.

The overall more moderate economic growth in 2005 inevitably contributed to a modest adex growth.The steady adex can be attributed to a lack of major world events and government campaigns unlike theprevious year’s Olympics, Euro 2004 football tournament and the “Tak Nak!” anti-smoking campaigns.

Nevertheless, a combination of factors sustained adex levels in 2005 such as higher spending byconsumers especially in the first and last quarters of the year, the streamlining of the media industry interms of ownership buyouts and transfers as well as more new entrants to the sector.

Industry reports on adex growth are optimistic, with indications of adex growth to be in tandem with thebetter than expected GDP growth rate of the country ranging from 5% to 6%. Overall adex could totalbetween RM4.5 to RM4.7 billion in 2005.


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C&M BULLETIN 2005


Adex Comparatives

* Dec-05 annualised Source: Nielsen Research

* 4Q-05 annualised Source: Nielsen Research


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C&M BULLETIN 2005


Adex By Medium

The adex market is as usual dominated by print medium at a consistent 65% market share worth RM3billion in ringgit terms in 2005. TV market share takes up 29% in Jan-Nov 2005, while Radio adexmarket share remains status quo at 4%. Interestingly, other mediums such as outdoor and point of salesadvertising for the period Jan-Nov 2005 has already doubled its market share from 1% to 2% or fromRM46.8 million in 2004 to RM92 million in 2005.




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C&M BULLETIN 2005


Free-To-Air Television Advertising


For the third consecutive year, TV3 is the most favoured Free-To-Air television channel for advertisers –posting the most TV adex market share. TV3 reigned in adex at RM507.1 million in the Jan-Nov periodof 2005. At second spot is NTV7, which has gained more prominence over the years, recording adex inthe RM300 million levels. However,TV2 adex is steady between RM140 and 160 million.

Interestingly, the sister channel of TV3, namely, 8TV is doing extremely well at 40% growth from 2004start-up to RM191 million in 2005, surpassing TV2 adex share. Meanwhile, adex revenue of TV1 grewa notable 38% to RM36.7 million in Jan-Nov 2005. Channel 9 recorded RM46 million in 2004 and onlyRM1.8 million in 2005 before it ceased operations in February 2005.



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C&M BULLETIN 2005


In terms of market share for the period Jan-Nov 2005,TV3 reigned supreme at 43% in 2005 followedclosely by NTV7 at 26%. 8TV is making its presence felt, now standing at 16% market share in 2005compared to 10% market share during its debut in 2004. TV2 and TV1 market shares are at 12% and3% respectively.

In terms of number of television advertisements,TV3 chalked up a total of 203,649 advertisements forthe Jan-Nov period of 2005. This translates to more than 5 million advertisements when measured inseconds. NTV7 recorded 152,221 advertisements followed by 8TV at 124,761 advertisements.


Television Viewership Boosts Adex DistributionIn terms of television viewership share, Media Prima TV stations, namely TV3 and 8TV, took up 54% oftelevision viewership, compared to previous year’s 49%. As at 3Q 2005,TV3 had the highest number ofviewership at 48% of total viewers which cuts across both Free-To-Air and Pay-TV landscape. In a studyby an industry watch group, TV3 was found to have the highest viewership among all the channelsavailable through ASTRO.

Free-To-Air TV Adex 2005 (Jan-Nov)

Media No. of Ads Ads in Seconds (RM million)

TV1 70,779 2,125,059 36.7TV2 106,287 3,155,938 140.0TV3 203,649 5,082,392 507.1NTV7 152,221 198,859 306.58TV 124,761 3,325,354 191.3Channel 9 6,038 198,859 1.8

TOTAL 663,735 14,086,461 1,183.4

Source: AC Nielsen AD Quest/Media Prima Investment Briefing


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C&M BULLETIN 2005


Communications Services Tops Advertising by Sector

-


Top Ten Advertising by Sectors 2005 (Jan-Nov)

Sector Total Print TV Radio Others(RM million)

Miscellaneous 575.0 573.1 1.3 0.6 36Communications 571.6 387.7 149.3 21.8 12.8Toiletries 388.7 82.8 287.8 8.8 9.3Retail 366.8 275.4 62.8 24.9 3.7Automotive 222.6 135.7 63.8 16.4 6.6Finance 204.0 152.1 36.2 10.0 5.8Service 177.7 152.3 17.5 6.7 0.9Beverage – Non-Alcohol 175.6 33.9 121.8 7.4 12.5Entertainment 153.9 99.8 46.0 5.4 2.7Foodstuff 181.7 30.8 131.1 12 7.8

TOTAL 3,017.6 1,923.6 917.6 114 98.1


Top Ten Advertising by Sectors 2004

Sector Total Print TV Radio Others(RM million)

Miscellaneous 598.7 597.5 0.8 0.3 0.2Communications 615.2 397.8 184.1 17.9 15.5Toiletries 391.8 91.4 279.6 9.7 11.1Finance 236.0 169.2 45.0 13.4 8.5Automotive 218.2 134.3 61.8 11.0 11.1Beverage (Non-Alcohol) 174.4 39.8 111.0 11.2 12.4Media 161.1 59.9 90.4 9.4 1.4Government, Social and Political Organisation 150.6 63.7 77.9 5.8 3.2Education & Learning 112.1 104.1 4.9 2.9 0.2Travel & Tourism 98.7 73.2 19.3 5.1 1.1

TOTAL 2,756.8 1,730.9 874.8 86.7 64.7


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MALAYSIAN ECONOMY

Economy ResilientThe economy continued to show resilience with stronger than expected expansion in the third quarter of2005. Economic expansion is expected to prevail in the fourth quarter of 2005 given the recovery in theelectronics sector, steady local economic fundamentals and the momentum of third quarter growth.

Industrial production in November was recorded to have risen at the fastest pace in nine months,prompting better economic outlook for the year 2005. That is, there were upward revisions of growthestimates, among them the Malaysian Institute of Economic Research (MIER) which recently revised itsestimate from 4.9% to 5.3% for 2005.

The year 2005 proved to be an eventful one, marked by a series of developments in the externalenvironment, notably escalating oil prices, compounded by natural disasters and terrorist attacks andother geopolitical events. Despite the relatively more fluid external environment, Malaysia’s economyremained resilient backed by sturdy fundamentals and strong private consumption.

On the monetary front, in July 2005, China dismantled its peg to the US currency as did Malaysia. ForMalaysia, this meant retiring the seven-year old ringgit peg for a managed float regime. The US FederalReserve continued its monetary policy tightening which commenced in June 2004, steadily raising theFederal Funds rate to the current 4.25%.

Malaysia’s 2005 full-year headline inflation rate, as measured by the Consumer Price Index (CPI), settledat 3%, the highest since 1998. On 30 November 2005, Bank Negara Malaysia (BNM) raised itsOvernight Policy Rate (OPR) by 30 basis points from 2.7% to 3.0% to head off inflationary pressures.

GDP Growth Forecasts 2005 2006 2007 (Forecast) (Forecast) (Forecast)

Ministry of Finance (MoF) 5.0% 5.5% –Bank Negara Malaysia (BNM) 5-6% – –Malaysian Institute of Economic

Research (MIER) 5.3% 5.5% 5.8%Bloomberg* 5.0% 5.2% –Asian Development Bank (ADB) 5.1% 5.3% –World Bank 5.25% 5.25% –

*Bloomberg survey: Median of 17 economistsSource: MoF, BNM, MIER, Bloomberg, ADB, World Bank


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C&M BULLETIN 2005

MALAYSIAN ECONOMY

From the points of view of business conditions and consumer spending, as measured by MIER’s BusinessConditions Index (BCI) and the Consumer Sentiments Index (CSI), the BCI fell to 100.5 in 4Q-05 froma reading of 102.7 in 3Q05, down by 2.2 points. In contrast, the CSI rose 13.6 points to settle at 116.1in 4Q-05, up from 102.5 in 3Q-05. Despite the slight downward slide of the BCI, the Index still remainedabove the 100 points threshold, unlike the previous two years (4Q-04: 97.3 points; 1Q-03: 99.5 points).On the other hand, there was an upward surge in CSI which may have been spurred by year-endexpenditure, festivals and holidays.

According to MIER, interest rates may rise further in 2006 alongside further cuts in fuel price subsidiesby the Government nudging up fuel prices further on the home front. BNM expects economic expansionto accelerate despite the risk of inflation, deciding to maintain the OPR at its current rate at the centralbank’s Monetary Policy Committee meeting in January 2006.

Overall, growth momentum is expected to accelerate, as electronics export is revived and continuedresilient domestic demand, making for a positive economic growth outlook for 2006.

Source: MIER


Corporate Bonds and Shares 54%of Funds in 2005The local capital market financed a total ofRM68.9 billion in gross funds in Jan-Nov 2005.Private sector funding constitutes 54% in termsof corporate bonds and shares, with the balance46% public sector funding.

During Jan-Nov 2005, new issues of privatedebt securities totaled a gross RM31.5 billion,mainly from the infrastructure and utilitiessector (power, water and road) comprising48%. Equity market financing totaled RM5.7billion, out of which Initial Public Offerings(IPOs) constituted 85% or RM4.86 billion.

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MALAYSIAN CAPITAL MARKET

Source: MCMC, Bank Negara Malaysia

Net Funds Raised Jan-Nov Jan-Nov (RM billion) by: 2004 2005

Public Sector 21.672 19.178

Private Sector 15.312 19.833

Shares 5.945 5.703

Net issue Debt securities 9.367 14.130

Total Net Funds Raised (Public & Private) 36.984 39.011

Source: Bank Negara Malaysia

Source: MCMC, Bank Negara Malaysia Source: MCMC, Bank Negara Malaysia


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C&M BULLETIN 2005

FEATURE – FUNDING FOR CONTENT ON MESDAQ MARKET

MESDAQ: Top Funding Avenue for Smaller C&M Co.In 2005, the MESDAQ market recorded the highest IPOs, with 46 new listings. About half of these, thatis, 43% or 20 companies are in C&M or related businesses.

Specifically, in the fourth quarter 2005, there were 11 new MESDAQ listings, raising a total of RM105.4million, out of which the six C&M related companies raised half or RM53.1 million. This is of significanceas it indicates the viability in seeking funding through the MESDAQ market for smaller C&M companies.



MESDAQ New Listing Business Offer Price Amount Raised(4Q-05) Activities (RM) (RM million)

1 Litespeed Education Technology Educational Software 0.47 15.32 Genetec Technology Bhd Manufacturing (IT) 0.30 9.03 N2N Connect Bhd R&D Software 0.70 8.44 MNC Wireless Bhd Telecom Services 0.48 7.75 Kzen Solutions Bhd Application Software 0.33 6.66 Rexit Bhd Application Software 0.32 6.1

C&M or related companies Sub-Total 53.1

7 ConnectCounty Holdings Bhd Manufacturing 0.32 13.38 Flonic Hi-Tec Bhd Machinery Electrical 0.60 10.99 TMC Life Sciences Bhd Medical-Hospitals 0.38 16.010 Asia Poly Holdings Bhd Chemicals-Plastics 0.34 7.511 Industri Teknologi Mikro Bhd Electronic Component-Misc 0.22 4.6

Total Proceeds Raised 4Q-05 105.4


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C&M BULLETIN 2005


MESDAQ Listing: Favourite of Software Companies We note that software businesses, in particular, have used the MESDAQ as an avenue for funding. Out ofthe 46 companies listed on MESDAQ in 2005, 12 companies (26%) are in the software business.This trend started in 2003.

Overall, more than a third of the total 107 companies listed on MESDAQ are in the software business.The categories of software businesses amongst these companies concentrate in the logistics systems suchas enterprise and applications software (24 companies). Those involved in the Internet applicationsoftware number five companies.




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C&M BULLETIN 2005


However, those producing content, namely for the Internet, education, and research and development(R&D) areas total only four companies. The R&D software business listed in 2005 is the first of its kindso far. The software for content is of particular interest in terms of growth in the C&M industry at thisjuncture. This is especially so where network capabilities are upgraded or enhanced and bandwidth isaccelerated providing the physical transmission and application platforms to allow for more rich andversatile content to be made available to the ever more demanding and discerning consumers going intothe future.

Thus, funding needs would also be in higher demand, and thereby the MESDAQ market. We can onlysuggest, but while the funding avenue is available, there remains the match to be made, as with morestringent MESDAQ listing requirement instituted in 2005, those seeking this avenue for funding have toqualify despite the market having ravenous appetite.




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C&M BULLETIN 2005


MESDAQ: Top 15 Ranking by Market Capitalisation


Market Capitalisation(RM million)

*Communications and Multimedia related n.a. – Not applicable as not listed then MCMC LicenseeSource: MCMC, Bloomberg

Rank MESDAQ Composite Share % ChangeDec-05 Index Component Stocks Business Activities Price (RM) Dec-04 Dec-05 (12 months)

1 *Green Packet Bhd Internet Infrastructure 2.04 n.a. 749.2 n.a.Software

2 Dreamgate Corp Casino Services 1.22 509.6 341.6 -33.03 *Redtone Int Telecom Services 1.30 660.2 327.6 -50.44 OSK Ventures Int Venture Capital 2.12 262.5 318.0 21.15 Jobstreet Corp Human Resources 1.40 247.2 281.4 13.86 *MTouche Tech Communications 3.36 n.a. 252.0 n.a.

Software7 Perisai Petroleum Oil-Field Services 1.21 270.4 251.7 -6.98 Notion Vtec Bhd Metal Processing 0.79 n.a. 230.1 n.a.9 MEMS Tech Electronic Component 0.35 610.8 225.0 -63.210 Carotech Bhd Chemicals 0.44 n.a. 198.4 n.a.11 *YTL E-Solutions Internet Incubators 0.14 263.3 189.0 -28.212 *Online One Corp Enterprise Software/ 1.03 n.a. 174.6 n.a.

Services13 *Mobif Bhd Internet Telephony 0.94 142.5 174.5 22.414 TMC Life Sciences Medical-Hospitals 0.90 n.a. 151.5 n.a.15 *NasionCom Holdings Web Portals/ISP 0.18 n.a. 144.0 n.a.


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C&M BULLETIN 2005

FEATURE – MOBILE COMPETES FOR MARKET SHARE

Mobile Line Services Advertising

Company Jan-Nov 2005 2004

Total (RM million) % Total (RM million) %

Celcom 92.3 39.4 53.9 23.1DiGi 60.5 25.8 61.5 26.3Maxis 70.0 29.9 102.9 44.1Telekom 1.7 0.7 n.a. n.a.Time 4.9 2.1 8.1 3.5Others 4.9 2.1 7.0 3.0

TOTAL 234.3 100.0 233.4 100.0

Fierce Competition Amongst Mobile ServicesWhile in the last few years, we have seen the C&M sector develop through offer of many new servicesand the decline in penetration rate of fixed line, the pie for the mobile sector has grown bigger. As thethree-big player environment established itself in 2003 and consequently facilitated network expansion,the competition for subscribers grew fierce in 2005, especially amongst the prepaid services and theenhanced mobile services enabled by the 3G spectrum. This is reflected in the advertising spent byCelcom, namely, for mobile line services.

The bulk of the communications sector advertising totaling RM571.7 million in 2005 went to mobile lineservices advertisements at RM234.5 million or 41%. This is followed closely by advertisements for the sector’s mobile interactive services which recorded RM183 million (32%).


Celcom commanded top spot of RM92.3 million for advertising its mobile line services, followed by Maxisat RM70 million.The reverse has been true for Maxis in 2004, spending most then (RM102.9 million),while DiGi advertising for its mobile lines services have been quite consistent at around RM60 million.



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FEATURE – MOBILE COMPETES FOR MARKET SHARE

Mobile interactive services advertising usually denote content or value-added services available for themobile telephone customers apart from the traditional voice services. Out of the RM183 millioncomprising the entire communications sector advertising, the bulk of the advertisement was through mobile content providers at 88%, or RM161.3 million.

The advertising by the telcos for their own mobile interactive services is comparatively less pronouncedin 2005, with RM9.7 million for Celcom, RM8.5 million for DiGi and RM3.5 million for Maxis.

As a contrast, the fixed line ISP services have been relatively quiet. TMNet takes the bulk of the pie atalmost 87% or RM21 million for 2005. TIME dotCom trails behind at second place at RM2.6 million or10.7%. This is in contrast to the year before whenTIME dotCom spent considerably higher on advertisingRM8.7 million which translates to 22.3% share of the pie.



Mobile Interactive Services Advertising

Company Jan-Nov 2005 2004


Celcom 9.7 5.3 33.4 14.3DiGi 8.5 4.6 18.1 7.7Maxis 3.5 2.0 33.0 14.1Others 161.3 88.1 149.5 63.9

TOTAL 183.0 100.0 234.0 100.0

ISP Advertising

ISP Jan-Nov 2005 2004


TMNet 21.0 86.8 29.1 74.4TIME dotCom 2.6 10.7 8.7 22.3Jaring 0.10 0.4 0.20 0.5Others 0.5 2.1 1.1 2.8

TOTAL 24.2 100.0 39.1 100.0


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C&M BULLETIN 2005

FEATURE – C&M INDUSTRY IN 2005

C&M Trends Malaysian C&M industry recorded new events in its history in 2005. This is not so alarming or surprisingthough as the C&M landscape in the past three-quarters of the last decade have seen many changes frommany perspectives, including corporate, service, consumer, let alone the regulator. However, the eventsthat compose the changes are different almost annually, with new trends started and sometimescontinuing for several years.

3G Mobile Cellular Service In 2005, the mobile services saw continued and accelerated enhancements. Higher speed, more user-friendly and richer features are already norm and with better enforcement or operator vigilance unwantedspam and threats of prepaid service tainted by reported terrorist attack linkages done away altogether.Prepaid registration was rolled out in 2005.

Differentiation of mobile service delivery is intensely accelerated in 2005, with the debut of 3G mobileservices. 3G combines high-speed fixed and mobile access with Internet Protocol based services andprovides the necessary bandwidth for activities such as access to Internet over mobile handheld terminalsand watching video on mobile terminals (also known as triple play services).

Maxis introduced its “3G service” high speed laptop data card on 19 April. Celcom and Maxis launchedtheir 3G mobile services on 17 May 2005 and 1 July 2005 respectively. More competition in this arenais imminent as tender process for another two blocks of IMT-2000 spectrum is underway.

Competition Heats Up The fight for the subscriber dollar intensified in 2005 – a boon for consumers but taxing further analready pressured earnings for service providers. Rates dropped to 1 sen per SMS for Maxis prepaid users.Prepaid starter kit prices dropped dramatically amongst all the service providers in 2005 in a wrestle toestablish greater market share.

Telcos Go AbroadAs with TMB in 2004 and at accelerated pace in 2005 in its ventures regionally, Maxisturned to overseas expansion as opportunitiesto drive future growth. Maxis first overseasventure is 51% stake in PT Nantrindo TeleponSellular, a mobile cellular operator inIndonesia. At the close of the year 2005,Maxis revealed its intention to acquire equityin Aircel Ltd, a mobile operator in India.

Malaysian Telcos’ Overseas Interests

TM Berhad MaxisSri Lanka IndonesiaBangladesh IndiaPakistanIndonesiaCambodiaThailandMalawi Guinea

Source: TMB, Maxis


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Bond Funding to Build Towers for Boosting National CoverageNational coverage extension and improvement of mobile cellular coverage continued into the year asdefined under Time 2 coverage targets. State-backed tower builders to accelerate network expansionunder such targets have resorted to funding via bond issue. For example, Touch Matrix, a provider oftelecoms infrastructure facilities in Malaysia (also NFP individual licensee and state-backed company),raised RM10 million from the sale of Islamic debt to build transmission towers. The funds raised is partof the Kuantan-based company’s plan to raise RM60 million for tower construction.

MCMC issued more NFP (Individual) licences in 2005 to facilitate the realisation of the coverage targets.Amongst these 9 were state-backed companies.

Broadcasting Industry – Corporate Manoeuvres The broadcasting industry was very active 2005 with major corporate developments in the form ofacquisitions of new and existing TV and radio stations.With the purchase of three Free-To-Air TV stations,one radio station and having major interest in one of the major dailies in Malaysia, Media Prima hasmajority market share in the Free-To-Air TV segment and adex revenue.

In June, Media Prima announced its acquisition of Channel 9 via a 98% of equity stake in Ch-9 MediaSdn Bhd for RM40.61 million. In October, it announced acquisition of 100% stake in NTV7 for RM90million. In September, Media Prima launched their first radio station, Fly FM which broadcasts from theKuala Lumpur International Airport in Sepang. Fly FM has undergone test transmission from 30th June2005 and officially went on air in October 2005.

Two Pay-TV and More Radio Stations in 2005The year 2005 also saw the introduction of two new players in the pay-TV segment, MiTV and Fine TV.By 2006, the consumer will have a choice to view up to 169 TV channels (pay-TV and Free-To-Air).The radio stations, Fly FM and Sinar FM made their debut in 2005.

Source: MCMC


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ASTRO Expands Domestically and OverseasASTRO has announced that it will have an additional 50 channels by 2006 to garner more audience.ASTRO is also looking at overseas ventures. In March 2005, ASTRO is seen tapping the Indonesian marketvia Indonesia Lippo group for digital satellite pay-TV and multimedia business. In April, ASTRO boughtover Radio Lebuhraya Sdn Bhd to operate THR.fm for RM20 million. THR is now under the wings ofASTRO’s AMP Networks, a major radio operation and management company in Malaysia.

RTM Goes DigitalIt was reported that Radio Television Malaysia (RTM) commenced its trial program for digital television inSeptember 2005 to provide digital TV broadcast for 2,000 selected households in Klang Valley. An initialfunding of RM75 million by the government will be allocated for the purchase of digital equipment for itstransmission centre and its digital TV transmitter system. The national rollout for digital coveragenationwide is set to be done in phases, starting from major towns in Malaysia.

New Kids On The Block – Pay-TV and Radio StationsMiTV, owned by MiTV Corporation Sdn Bhd, offers 41 channels and has begun its transmission fromSeptember 2005. In November, Nasioncom signed a MoU with MiTV to launch and operate a 3G networkin Malaysia in view of the possibility of MiTV obtaining a 3G licence.

Fine TV, the latest pay-TV entrant, started its operations in December, with 18 channels in offering. FineTV operates similar to the US’ pay-TV TiVo where consumers get to choose and pay for each televisionprogram and view at their convenience.

In December, the latest Malay-medium radio station, Suria FM was launched. Operated by Rimakmur,Suria FM caters to listeners aged 18 to 45. Suria FM is currently only available in the Klang Valley andKota Kinabalu. Star Publications (M) Sdn Bhd has 70% stake in Suria FM.

Postal Services ModernisationThe most significant changes that Pos Malaysia Berhad has undergone in the year 2005 are thegovernment approval of the new strategy on the reclassification of domestic and international mailproducts. This is an alignment of Malaysia’s postal services with international best practices andstandards.

The intent of introducing the new strategy is basically for offering better services, such as sorting andprocessing, improvement on delivery benchmarks and promoting greater accuracy.


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The postal rate has been harmonised to fit the new reclassification as follows.

Classes of Mail Rate

Standard Mail Base rate of 30 sen remain unchanged Non-standard Mail Increase 25 sen per itemBulky documents i.e. company reports Between 50 sen and RM2.30 per item

The classifications are the redefining of existing mail classifications of Letter, Printed Matter and SmallPacket to Standard Mail, Non-standard Mail and Periodicals. The other classifications such as Aerogram,Postcard and Parcel remained unchanged.

During the year, Pos Malaysia along with TMB also underwent Voluntary Separation Scheme (VSS)exercise to promote efficiency and competitiveness.

Broadband Uptake AcceleratedIn line with the government’s National Broadband Plan introduced in 2004 to accelerate broadbanduptake in the country, the service providers have been working to improve service delivery and access.In terms of market share by subscribers, TMNet has so far the highest 56.2% in third quarter 2005(2004: 58.1%). Total number of subscribers for broadband services has increased by 70% as at thirdquarter 2005, compared to 2004.

Source: MCMC, Industry

Broadband Services Number of Subscribers

2004 3Q 2005

ADSL 247,802 420,611SDSL 2,834 3,651Others 1,865 6,299

Total No. of Subscribers 252,501 430,561

Source: MCMC, Industry

Source: Pos Malaysia & Services Holdings Berhad

Internet Service Providers 2004

TimeNet17.0%

Jaring23.3%

DiGi Net0.1%

TMNet58.1%

Celcom Net1.5%

Internet Service Providers 3Q-05

TimeNet16.5%

Jaring25.7%

DiGi Net0.1%

TMNet56.2%

Celcom Net1.4%


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C&M BULLETIN 2005

GLOSSARY

ASP Applications Service Providers: Individual (I), Class (C)BT BT Group PlcBNM Bank Negara Malaysia, the country’s Central BankBursa Malaysia Stock Exchange of Malaysia (previously KL Stock Exchange)C&M Sector Communications and Multimedia Sector CASP Content Applications Service Provider: Individual (I) China Unicom China Unicom Ltd Chunghwa Chunghwa Telecom Co. Ltd DiGi DiGi.Com Berhad DJIA Dow Jones Industrial Average EBIT Earnings Before Interest and Tax Enter’t Entertainment Far Eastone Far Eastone Telecom Co. Ltd Globe Globe Telecom Inc.GPRS General Packet Radio Services Hutchison Hutchison Telecom (AUST) Index Statistical data tracking changes in economy or markets IndoSat Indonesian Satellite Corp KDDI KDDI Corporation KLCI Kuala Lumpur Composite Index KT Corp KT Corporation LG Telecom LG Telecom Ltd Market Capitalisation Market capitalisation is the result of multiplying the number of shares outstanding

by the share price at the end of a period Maxis Maxis Communications Berhad Media Prima Media Prima BerhadMISC MISC Bhd MESDAQ Malaysia Exchange of Securities Dealing & Automated Quotation MobileOne MobileOne Ltd New World New World Cyberbase Ltd NFP Network Facilities Provider: Individual (I), Class (C) NSP Network Services Provider: Individual (I), Class (C) NTT DoCoMo NTT DoCoMo Inc.PCCW PCCW Limited Pos M Pos Malaysia & Services Holdings Berhad Sing Tel Singapore Telecommunications Ltd SK Telecom SK Telecom Co. Ltd Smartone Smartone Telecommunications SMS Short Messaging Service STI Straits Times Index of the Singapore Stock Exchange Sunday Sunday Communications Ltd Taiwan Mobile Taiwan Mobile Co. Ltd Telecom Corp. Telecom Corporation of New Zealand TMB or Telekom Telekom Malaysia Berhad Telekom TBK Telekomunikasi TBK PT Telstra Telstra Corporation Ltd Time TIME dotCom Berhad TT&T TT&T Public Co. Ltd


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Contact Us

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Telephone : +60 3 8688 8000 Facsimile : +60 3 8688 1000 E-mail : [email protected] : www.mcmc.gov.myFreephone number: 1-800-888-030


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