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 We hope that the information will better help your work. Should you wish to receive PDF format of the publication or require further information, please contact us for assistance! Hanoi Office Hotline: (84-24) 3562 6962 Hotline for Ho Chi Minh Branch: (84-28) 3933 3586 Email: info@fiingroup.vn

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. 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
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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. 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. 5Financial Information • Business Information • Market Research
About FiinGroup

6. 6Financial Information • Business Information • Market Research
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