The Edge 23/02/21

TEMPORARY SUSPENSION ON IDSS AND PDT
SHORT-SELLING EXTENDED TO AUG 29 p2

TUESDAY, FEBRUARY 23, 2021 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 139/2021

CEOMorningBrief
HOME: Top Hong Kong poker player raises bet on AirAsia Group via private placement p4
Banks unlikely to deliver stellar results for 4Q20 p6

Khazanah Nasional to inject RM3.6b in Malaysia Airlines after UK Court
approves the airline’s RM16b restructuring plan p8

Malaysian govt SPV
to spearhead provision

of 5G infrastructure

— Saifuddin Abdullah

Report on Page 3.

TUESDAY FEBRUARY 23, 2021 2 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (Feb 22): Securities Temporary Bursa to enhance the control measures for
Commission Malaysia (SC) and Bursa suspension on intraday short selling activities, in order to
Malaysia Bhd will be extending the tem- IDSS and PDT promote market stability and strengthen the
porary suspension of intraday short sell- short-selling integrity of the capital market.
ing (IDSS) and intraday short selling by
propriety day traders (PDT short sale) to extended “With this extension of the suspension,
Aug 29, 2021. to Aug 29 temporary waivers related to PDT will
also be extended to Aug 29, 2021.These
The suspension of IDSS and PDT short BY AHMAD NAQIB IDRIS extensions do not affect regulated short
sale, which was effective on March 24 last theedgemarkets.com selling (RSS), which is currently in place
year, was due to expire on Feb 28, 2021. following the lifting of its suspension on
Jan 1, 2021,” said the two regulators in a
The suspension was introduced as part joint statement.
of the regulators’ proactive measures to mit-
igate potential risks arising from heightened The regulators said they will continue to
volatility and global uncertainties. monitor developments affecting the securi-
ties market and evaluate the adequacy of ex-
“The additional six-month suspension of isting measures to support a fair and orderly
IDSS and PDT short sale, which are used market, as well as mitigate potential risks.
mainly as a day trading strategy, will enable

SUHAIMI YUSUF/THE EDGE

WHO official
says pandemic to
end at beginning

of 2022

Bernama

COPENHAGEN (Feb 22): The World Kluge said mutations are normal and He said mutations will not make the vi-
Health Organization (WHO) regional di- the virus is trying to adapt to the person rus out of control but noted that countries
rector for Europe said yesterday he believes infected, but the rapid spread of the mu- whose healthcare systems are already un-
the coronavirus outbreak will end in early tations are a concern for them. der pressure could come under even more
2022, reported the Anadolu Agency. pressure, which makes it necessary to take
Adding that the WHO is closely mon- the mutations very seriously.
Hans Kluge told Danish state broadcast- itoring the effectiveness of vaccines de-
er DR that Covid-19 will still be prevalent veloped against Covid-19 due to the Kluge indicated that the biggest prob-
in 2021, but it will be more manageable fast-spreading types of the virus, he said lem will emerge when those who are vac-
than in 2020. vaccines can be altered based on the new cinated are in the same environment with
mutations if necessary and there is no need those who are not, so scheduling is a very
Stating that the worst scenarios are now to produce them from the ground up. important factor.
over, Kluge said there is more information
concerning the virus compared to 2020,
when it first began spreading.

He cautioned, however, that no one can
know the future of the Covid-19 pandemic
in advance.

“There will continue to be a virus, but
I don’t think restrictions will be needed.
This is an optimistic message,” he said.

TUESDAY FEBRUARY 23, 2021 3 THEEDGE CEO MORNING BRIEF

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Malaysia's
Communications and
Multimedia Minister

Datuk Saifuddin
Abdullah.

Malaysian govt SPV to spearhead
provision of 5G infrastructure
— Saifuddin Abdullah

PUTRAJAYA (Feb 22): The provision Bernama said the government was also commit-
of 5G infrastructure in the country will ted to creating a National Digital Ex-
be led by a government-owned entity or at competitive costs to consumers, while perience Centre to increase people’s
Government of Malaysia Special Purpose generating higher returns. awareness of the use of 5G as well as
Vehicle (GOMSPV) regulated by the Ma- assist in the transition and innovation
laysian Communications and Multimedia Saifuddin said this would also acceler- process.
Commission (MCMC), Communications ate the use of 5G in the country, and in
and Multimedia Minister Datuk Saifud- turn and increase the economic capabil- “I am confident that with a compre-
din Abdullah. ity to produce more innovative products hensive understanding and best efforts,
and services. we will be able to accelerate the growth
In a statement today, Communications of Malaysia’s digital economy through an
and Multimedia Minister Datuk Saifuddin In addition, he said telcos could focus efficient 5G implementation agenda to-
Abdullah said the provision and manage- on efforts to expand their fiberoptic net- wards achieving the MyDIGITAL aspi-
ment of 5G infrastructure by GOMSPV work and strengthen 4G coverage through- ration by 2030.
involving an investment of RM15 billion out the country, especially in rural areas.
over a period of 10 years would enable the “Together we strive for Malaysia
distribution of 5G capacity to telecommu- “Strong 4G coverage provides net- to become a global digital economy
nications companies (telcos) in a fair and work support and a solid foundation for leader, where the prosperity is shared
transparent manner. 5G use,” he said. by all members of the community,”
he said.
He said the model would also allow According to Saifuddin, good coverage,
telcos to save on capital expenditure and high digital literacy, affordable costs, and While launching MyDIGITAL, the
avoid infrastructure duplication if they dynamic innovation will contribute to the Prime Minister said Malaysians would
built them on their own. competitive digital economy ecosystem as begin enjoying 5G services in stages by
intended under MyDIGITAL launched by the end of this year, making the country
“The effect of the savings and organ- Prime MinisterTan Sri MuhyiddinYassin one of the first in the ASEAN region to
ised implementation will be enjoyed by on Friday. build a 5G ecosystem.
consumers in the form of more affordable Read also: Malaysia to launch Southeast
5G services,” he said. He said MCMC as the regulator of Asia’s first 5G cybersecurity test lab
the 5G rollout would provide the operat- Click here
According to him, the infrastructure ing licence in accordance with the agreed
sharing model under GOMSPV will en- terms and allocation of spectrum bands
able telcos to provide wider 5G coverage to GOMSPV.

In line with the effort, Saifuddin

TUESDAY FEBRUARY 23, 2021 4 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (Feb 22): Hong Top Hong Kong its key markets such asThailand, Indone-
Kong’s well-known poker player Stanley poker player sia and the Philippines.
Choi Chiu Fai has emerged as a substantial raises bet on
shareholder of AirAsia Group Bhd after he “Other capital raising and financial
pumped in RM114.46 million to take up AirAsia Group support measures are being considered,
the low-cost carrier’s private placement. via private including capital raising for our digital
placement entities. We expect further clarity to be
The private placement is part of AirA- reached on all funding efforts by the end
sia Group’s massive fundraising exercise, BY ARJUNA CHANDRAN SHANKAR of March,” he added.
which aims to raise RM1.4 billion to theedgemarkets.com
RM1.5 billion worth of equity via private In January, the low-cost carrier, which
placement and rights issue. In addition, it SUHAIMI YUSUF/THE EDGE) has been severely impacted by the sudden
intends to borrow RM1 billion. halt in mass international travel and tour-
and investors’ confidence in the compa- ism, announced that it would be issuing up
In a bourse filing, AirAsia Group an- ny,” he said. to 668.39 million new shares or 20% of its
nounced that Choi, through his private current share capital for private placement
vehicle Positive Bloom Ltd, acquired 167.1 Fernandes also said the group is work- to raise RM454.51 million.
million, or a 4.17% stake, on Feb 18, rais- ing towards obtaining approval for a loan
ing his shareholding in the airline to 332.5 under the Danajamin PRIHATIN Guaran- The group said the private placement
million shares or an 8.96% stake. tee Scheme within the next month. AirA- was a response to the financial stress
sia Group is also in discussions for other caused by the Covid-19 pandemic. It was
“By virtue of the private placement un- fundraising support measures in many of an interim measure to address its immedi-
dertaken by the company,” AirAsia said, in ate cash flow operations while the group
explaining Choi’s acquisition of the 167.1 explored other options to improve its long-
million shares. term financial performance, said AirAsia.

Choi is the chairman of Head and AirAsia indicated that it would be allo-
Shoulders Financial Group and Interna- cating RM146.63 million of the placement’s
tional Entertainment Corp. proceeds to settle fuel hedges and RM135.57
million for its working capital requirements.
In a statement today, AirAsia chief ex-
ecutive officer Tan Sri Tony Fernandes Meanwhile, some RM95.19 million will
said the first tranche of its most recent be for its aircraft lease and maintenance
private placement of up to 20% of its to- payments, and RM76.96 million was ear-
tal issued share capital was completed last marked for its digital businesses airasia.
week.The airline has managed to place out com and BigPay.
an 11.07% stake to third parties, raising
RM250 million fresh capital. Shares in AirAsia closed 5.84% or 4.5
sen higher at 81.5 sen today, valuing the
“This clearly reflects the solid market group at RM3.03 billion.

KUALA LUMPUR (Feb 23): A Hong Who is Stanley He also holds the chairmanship of Head
Kong businessman or more well known Choi, the new & Shoulders Financial Group Ltd, accord-
as a top poker player has taken a RM114 ing to the official website.
million bet on AirAsia Group Bhd. substantial
shareholder of According to various news reports, Choi
Stanley Choi Chiu Fai took up a block AirAsia Group? is currently embroiled in a scandal involv-
of private placement of new AirAsia shares ing English football club Wigan Athletic.
that raised his stake to 8.96% in the low- BY WONG EE LIN This was after a video surfaced last year in
cost carrier via his private vehicle Positive theedgemarkets.com which comments from a senior figure in
Bloom Ltd, according to a filing with Bursa the sport suggested that the club’s recent
Malaysia yesterday. financial troubles might be entangled with
a high-stakes bet.
He acquired 167.1 million AirAsia shares
on Feb 18, raising his shareholding in the In October, 2018, Choi’s IEC bought
group to 332.5 million shares or an 8.96% Wigan Athletic.
stake.Many are curious about this risk-taking
businessman, who is willing to pump money Choi’s IEC decided to sellWigan Athletic
into the ailing aviation industry. to Next Leader Fund (NLF) — a company
incorporated barely five months in the Cay-
Choi had served as a member of the man Islands in June of last year. Interestingly,
senior management of various financial Choi is also a majority shareholder of NLF.
groups in Hong Kong, including as a di-
rector ofTungTai Securities Co Ltd from In order to complete the takeover, it
September 2000 to July 2003. was reported that IEC gave a 12-month
loan to NLF worth £28.77 million. On
Choi is the chairman of Hong June 24, 2020, a businessman named Au
Kong-listed International Entertainment Yeung Wai Kay replaced Choi as NLF’s
Corp (IEC). IEC is an investment holding largest shareholder.
company that operates hotels and leases Read also: Malaysian court orders
investment properties equipped with en- AirAsia X to convene creditor meetings
tertainment equipment in the Philippines. within six months Click here
It operates through Hotel, Leasing, Live
Events, and Football Club segments.

TUESDAY FEBRUARY 23, 2021 5 THEEDGE CEO MORNING BRIEF

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BLOOMBERG

Banks unlikely to deliver
stellar results for 4Q20

KUALA LUMPUR (Feb 23): Higher pro- BY SYAHIRAH SYED JAAFAR banks’ profitability could come in the form
visioning is expected to have a weakening theedgemarkets.com of fee-based income and also profits from
effect on Malaysian banks’ profitability in selling the govvies when the yields were
the fourth quarter of 2020 (4Q20), due in 3Q20, RM2.37 billion in 2Q20 and low.
to be released this week, given the need to RM2.77 billion in 1Q20.
cushion the economic and financial shocks Banks generally build up provisioning
from the Covid-19 pandemic. This does point to a correlation between on a front load basis based on their expec-
banks’ earnings and their provisions, bank- tations and macroeconomic variables, said
Official data by Bank Negara Malay- ing analysts and economists contacted by one analyst who declined to be named.
sia (BNM) in its latest Quarterly Bulle- The Edge said.
tin for 4Q20 showed the banking system’s Therefore the upcoming 4Q20 results
pre-tax profit declined over the year from This is because higher impaired loans are unlikely to see banks deliver stellar sets
RM8.55 billion in 1Q20, to RM8.05 bil- would mean higher provisions and hence of earnings numbers based on BNM’s es-
lion in 2Q20, and subsequently to RM8.2 lower earnings, explained MIDF Research timates.
billion in 3Q20. head of research, ImranYusof.
However, this is not surprising because
BNM forecasts banks’ pre-tax profit Non-performing loans reached a nine- banks have already guided on higher pro-
to come in at RM6.35 billion for 4Q20. year high of RM28.7 billion as at end-2020 visioning, the analyst commented.
These figures were derived after deducting according to the central bank’s data.
“impairment and other provisions” and For 2021, an absence of modification
adding “other income”. From RM24.9 billion in September, to- losses will help improve banks’ perfor-
tal impaired loans rose to RM25.7 billion mances, while provisions are also expected
This is despite net interest income (NII) in October and subsequently to RM27.8 to be much less as the economy recovers,
improving over the quarters, with NII for billion and RM28.7 billion in November the analyst explained.
4Q20 expected to grow to RM13.9 billion and December respectively.
from RM13.52 billion in 3Q20. Imran said MIDF is expecting banks’
Banks could also be making additional 4Q20 earnings to come in lower on a year-
Malaysian banks are expected to be provisions to reflect the current economic on-year basis. “This is due to the fact that
releasing their fourth quarterly financial climate, in order to be prudent, said Imran. we expect provisions will remain elevated
results this week. due to the Covid-19 pandemic. However,
Bank Islam chief economist Dr Afza- net interest income is expected to begin
A closer look shows the “impairment nizam Abdul Rashid is of the view that recovering despite the multitude overnight
and other provisions” component increas- pre-tax profit is going down because the policy rate cuts as the effect of those cuts
ing over the quarters, which can be ex- impairment provision has been rising. should normalise by then,” he said.
plained with the end of the government’s Read also: AmResearch upgrades CIMB
blanket loan moratorium on Sept 30, 2020. “This was reflected in the gross im- to ‘buy’, raises fair value by 27% to
paired ratio which has gone up to 1.57% RM5.20 Click here
For 4Q20, BNM expects “impairment in 4Q20, from 1.37% in 3Q20, 1.44% in
and other provisions” to come to RM5.88 2Q20, and 1.57% in 1Q20,” he said, citing
billion, compared with RM3.31 billion BNM data released last month.

However, he added that the buffer on

TUESDAY FEBRUARY 23, 2021 7 THEEDGE CEO MORNING BRIEF

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Khazanah Nasional to inject RM3.6b in
Malaysia Airlines after UK Court approves

the airline’s RM16b restructuring plan

KUALA LUMPUR (Feb 22): Khazanah BY AHMAD NAQIB IDRIS together with the holistic reset of the op-
Nasional Bhd, the sole shareholder of Ma- theedgemarkets.com erating platform and balance sheet have
laysia Airlines Bhd, has committed to inject paved the way for a more agile and lean
RM3.6 billion in new capital into the na- holders and, in addition to the scheme, future for the carrier, giving MAG room
tional carrier’s holding company Malaysia will see the airline successfully achieve and ability to fulfil its enhanced Long-term
Aviation Group Bhd (MAG), to fund the bilateral agreements with finance lessors, Business Plan (LTBP 2.0) and achieving
group’s business until 2025. spare engine lessors, maintenance service its Vision 2025,” MAG group CEO Cap-
providers, corporate lenders and govern- tain Izham Ismail said.
Last November, Finance MinisterTeng- ment-related entities,” it said.
ku Datuk Seri Zafrul Abdul Aziz was quot- “The longer-term vision of MAG is to es-
ed as saying that a total of RM28 billion “Now that the scheme has been formal- tablish itself as a leading global travel group.
had been injected into Malaysia Airlines ly sanctioned by the UK court, the airline This signifies a paradigm shift in the way we
by Khazanah to date. can proceed to implement its restructuring prioritise the different business segments and
plan with the support of Khazanah and subsidiaries in the group’s portfolio.
The latest commitment follows Malay- existing stakeholders,” it added.
sia Airlines’ RM16 billion debt restructur- “We seek to expand MAG’s involvement
ing plan that was given the green light by Key elements of the restructuring so far into other travel-related products and servic-
the UK High Court today, with the deal include network cuts, structural cost sav- es beyond flights, which will go a long way in
set to complete by early next month. ings, cash conservation and payment defer- helping our customers complete their end-
ral initiatives, which translated to RM5.5 to-end travel experience. Our geographical
In a statement this evening, MAG said billion in savings in 2020. It is aiming for advantage, award-winning solutions and ser-
the UK High Court has sanctioned a scheme another RM397 million in savings for the vices, plus signature Malaysian Hospitality
of arrangement under Part 26 of the UK first quarter of 2021. will also help us in diversifying our revenue
Companies Act 2006 between MAG’s leas- stream by minimising the need for us to rely
ing entity MAB Leasing Ltd and the majority Meanwhile, operating lessors supported on the heavily competitive air travel industry
of MAG’s aircraft operating lessors today. the airline with a reset of lease rates to mar- for survival,” he added.
ket and deferrals, while deferrals will also be
“The scheme received the unanimous implemented with finance and other lessors. MAG says it will be engaging with poli-
support of the relevant lessors and repre- cy makers in ensuring a positive return on
sents an important component of MAG’s A term-out of facilities was also agreed investment for all aviation industry players.
wider restructuring exercise, which will to by revolving credit facility (RCF) lend- Read also: Airlines urged to refund
achieve a reduction in MAG’s liabilities ers and hedging counterparties, while gov- consumers for cancelled flights during
of over RM15 billion. ernment-related entities have agreed to Covid-19 pandemic Click here
various concessions to enable a solvent
“This financial restructuring exercise, recapitalisation of Malaysia Airlines.
which is expected to complete in early
March, involves all of MAG’s key stake- “The conclusion of the legal process

REUTERS

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KUALA LUMPUR (Feb 22): Plantation Palm oil the RM30 million matching grant listed by the
associations say today they are surprised by associations government under Budget 2021.
the government’s decision to raise the cess shocked by
levied on crude palm oil (CPO) and crude sudden cess hike  The associations also viewed that the gov-
palm kernel oil (CPKO). ernment’s matching grant must not be derived
BY ARJUNA CHANDRAN SHANKAR from the same pool of MPOB cess funding.
A joint statement signed by nine industry theedgemarkets.com
associations said there was no engagement Additionally, the associations appealed
with the industry over the latest increase in The associations also expressed concern to the government to channel a slice of the
cess, which is now RM16 per tonne, from about earlier engagements at the end of 2020 consolidated pool of the windfall profit levy
RM14 previously.The cess was last increased to increase the cess, which would be used for (WPL) collected from oil palm growers for
in 2019 to RM14, from RM13 previously. a mechanisation and automation consortium, the purposes of sustaining MARCOP.They
Mechanisation and Automation Research highlighted that former MPOB chairperson
The associations estimated that the RM2 Consortium of Oil Palm (MARCOP). The Datuk Ahmad JazlanYaakub had said the to-
increase will add RM44 million to the Ma- associations also stated that under Budget talWPL collected in 2021 from the industry
laysian Palm Oil Board’s (MPOB) cess cof- 2021 a matching grant of RM30 million was could total over RM500 million.
fers.This calculation is based on every RM1 provided for mechanisation.
increase equating to RM22 million per year “With current favourable CPO prices still
from palm oil growers. “In light of the gazetted additional cess of being sustained, this amount is expected to
RM2 to be collected as per MPOB Cess (Or- be higher,” they noted.
In short, the industry will end up contribut- der) (Amendment) 2021, there must not be
ing about RM344 million per year to MPOB. another additional and new cess for the pur- Plantation Industry and Commodities
pose of MARCOP,” the associations viewed. Minister Datuk Dr Mohd Khairuddin Aman
The associations comprised the Malaysian Razali signed a Federal Government Gazette
Palm Oil Association (MPOA), Malaysian However, the associations said they approve published by the Attorney General’s Cham-
Estate Owners’ Association (MEOA), Na- that RM30 million from the new MPOB cess bers on Feb 15, stating that the government
tional Association for Smallholders Malaysia order be channelled as seed funding to kick- would be collecting RM16 in cess payments
(NASH), the Federation of Palm Oil Millers start MARCOP.This would be combined with on per tonne of CPO produced from RM14.
Associations of Malaysia, Sarawak Oil Palm
Plantation Owners Association (SOPPA), the According to the document, the Malaysian
Palm Oil Refiners Association of Malaysia Palm Oil Board (Cess) Order 2019 was amend-
(Poram), Malaysian Oleochemical Manufac- ed after consulting the Minister of Finance.
turers Group (MOMG), the Malaysian Agri-
cultural Producers Association (MAPA), and The Cess Order, which is stipulated un-
the Incorporated Society of Planters (ISP). der the Malaysian Palm Oil Board Act 1998
(Act 582), is a fee levied by the government
to support the industry.

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CORPORATE RESULT IN BRIEF

KPower’s quarterly profit surges Kitchen sinking drags Pos Malaysia Sinking deeper into losses
400% on higher revenue into its largest quarterly net loss
(RM mil) Net loss
KUALA LUMPUR (Feb 22): KPower Bhd, KUALA LUMPUR (Feb 22): Pos Malaysia 0
formerly known as Kumpulan Powernet Bhd posted its largest quarterly net loss -19.02 -7.43
Bhd, saw its net profit surge nearly 400% of RM232.35 million, as the postal group -50 -49.22
to RM9.25 million for the second quarter made whopping one-off provisions of -100
ended Dec 31, 2020, from RM1.86 million RM181.1 million in the fourth financial
a year earlier. In an exchange filing today, quarter ended Dec 31, 2020 (4QFY20). -150
the group said earnings per share rose to This is the 10th consecutive loss-making -200 -171.14
11.68 sen from 2.44 sen. Quarterly revenue quarter for the postal group. In a filing
jumped 560% to RM90.06 million from exchange, Pos Malaysia noted the one-off -250 -232.35
RM13.64 million, contributed by the group’s impairment provisions included RM123.3
construction related activities, as well as million goodwill impairment, RM41.6 million 4Q 1Q 2Q 3Q 4Q
property development and investment, and provision for Mutual Separation Scheme FY19 FY20 FY20 FY20 FY20
healthcare segments. KPower said net profit and RM16.2 million in property, plant and
for the first half ended Dec 31, 2020 jumped equipment impairment. The group’s net changed its financial year end to Dec
520% to RM17.4 million from RM2.81 loss of RM232.35 million in 4QFY20 was 31 from March 31 in 2020. For the full
million in the previous corresponding period, vastly wider compared with RM7.43 million financial year ended Dec 31, 2020 (FY20),
while revenue soared 493% to RM147.13 in the preceding quarter. Its quarterly the group registered a revenue of RM2.33
million from RM24.8 million. — by Syafiqah revenue shrank 12% quarter-on-quarter to billion and a net loss of RM308 million.
Salim/theedgemarkets.com RM544.63 million as revenue from mail and — by Sulhi Khalid/theedgemarkets.com
international businesses declined. There
Innature Bhd’s quarterly is no yearly comparison as Pos Malaysia
net profit

Net pro t (RM mil) 7.72 Duopharma sees 35% increase in 4Q Tiong Nam’s 3Q net profit up 260%
8 6.58 net profit amid lower costs, declares on better performance in logistics
7 7.91 6 sen dividend and warehousing segment

6 KUALA LUMPUR (Feb 22): Duopharma KUALA LUMPUR (Feb 22): Tiong Nam
Biotech Bhd posted a 35% increase in Logistics Holdings Bhd’s net profit
5 its net profit to RM16.19 million for the for its third quarter ended Dec 31,
fourth quarter (4QFY20) ended Dec 2020 (3QFY21) rose 260% to RM6.41
4 31, 2020, from RM12.03 million a year million from RM1.78 million a year ago
ago. Quarterly revenue contracted 2.7% thanks to the growth in the logistics and
3 2.75 3.13 to RM134.09 million, from RM137.76 warehousing services segment alongside
2 million a year earlier. The group better cost management. Earnings per
proposed a second interim dividend share, accordingly, increased to 1.25 sen,
1 2Q 3Q 4Q of six sen per share for the financial from 0.39 sen. Quarterly revenue was only
0 4Q 1Q FY20 year ended Dec 31, 2020 (FY20), 2.17% higher at RM159.2 million, from
bringing total dividends per share for RM155.89 million in 3QFY20, the group
FY19 the period to 6.5 sen per share. For said in a filing with Bursa Malaysia. For the
FY20 ended Dec 30, its cumulative net cumulative nine months ended Dec 31,
Compiled at 7:56pm on Feb 22, 2021 profit increased 6% to RM58.6 million 2020 (9MFY21), Tiong Nam’s net profit
Source: Bursa Malaysia/Innature Bhd from RM55.27 million the same period slipped 9.2% to RM4.57 million, from
a year earlier, while revenue fell 1.1% RM5.03 million a year ago, while revenue
Innature 4Q net profit rises, driven to RM569.9 million from RM576.46 declined by 6.53% to RM431.31 million,
by Vietnam and Cambodia ops million. — by Ahmad Naqib Idris/ from RM461.46 million. — by Wong Ee Lin/
theedgemarkets.com theedgemarkets.com
KUALA LUMPUR (Feb 22): Innature Bhd’s
fourth quarter net profit rose 17.21% Hibiscus Petroleum declares maiden interim dividend as q-o-q net profit
to RM7.72 million, from RM6.58 million rises 20%
in the third quarter, largely driven by its
businesses in Vietnam and Cambodia, where KUALA LUMPUR (Feb 22): Hibiscus Petroleum Bhd’s net profit grew 19.8% to RM12.02
the Covid-19 situation is better controlled. million for the second quarter ended Dec 31, 2020 (2QFY21) from RM10.03 million on a
In a bourse filing, the Body Shop products quarter-on-quarter (q-o-q) basis, mainly due to a better performance by its North Sabah
distributor said revenue for the quarter segment. Revenue rose 30.7% to RM190.29 million, from RM145.59 million in 1QFY21,
ended Dec 31, 2020 increased 7.58% to according to its filing with Bursa Malaysia. Hibiscus Petroleum declared a first interim
RM44.9 million, from RM41.74 million in the dividend of 0.5 sen per share, payable on April 8. For the cumulative first six months of
preceding quarter. On a year-on-year basis, FY21, net profit declined 67.3% to RM22.05 million, from RM67.48 million in the same
the quarterly net profit was down 2.44% period of FY20, while revenue dropped 22.12% to RM335.78 million from RM431.15
compared with RM7.91 million posted in million. — by Wong Ee Lin/theedgemarkets.com
the previous fourth quarter, while revenue
declined 16.06% from RM53.9 million.
Full year net profit was down 33.06% at
RM20.18 million, compared with RM30.15
million in the previous year. — by Arjuna
Chandran Shankar/theedgemarkets.com

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KUALA LUMPUR (Feb 22): Investors Buy when there In terms of recovery play sectors,Yee
should be cautious and vigilant when it is consolidation noted that the energy, plantation, financial
comes to pursuing growth stocks such as or collection, says services, technology, transportation and
technology counters. RakutenTrade logistics, as well as utilities sectors are set
to continue their recovery in 2021.
RakutenTrade Research head of Research Research
KennyYee viewed that the rotational play (i.e. That being said, the construction sector
cyclical counters) is still ongoing in the market. BY ARJUNA CHANDRAN SHANKAR and property sector in the research house’s
theedgemarkets.com view are not expected to post a recovery at
As such, while investors can pursue growth this juncture.
counters, they need to exercise caution. priced in the Malaysia Digital Economy Blue-
print and upcoming 5G roll-out,Yee respond- In terms of strategies that retail inves-
“Buy when there is consolidation or col- ed in the affirmative. He noted that when the tors should look at in 2021,Yee thinks the
lection — that would be the best strategy, blueprint was announced, there was some rotational play is still very much ongoing
provided you still believe in the stock,”Yee buying interest in telecommunications stocks. at a high velocity but also noted that recov-
said in a briefing on its outlook for the first ery play strategies had emerged, and that
quarter of 2021 (1Q21). “I would like to see the implementation many retail investors are still in “short-term
of all these incentives first.Announcements mode” at the moment.
Over whether he views if technology have always been easy to make, while im- Read also:
counters are currently overvalued given plementation has always been the toughest Rakuten Trade sets 2021 FBM KLCI
that some of them are trading at 100 times part,” he noted. target at 1,870 points Click here
price-earnings (P/E) ratio,Yee responded Retail investors to continue to be main
that it depends on the company in question. supporter of Malaysian equity market
— Rakuten Trade Research Click here
“It all depends on the specific company.
Some companies have seen a many-fold earn-
ings growth among the tech companies.I think
that for those that are trading at 100 times
P/E, there is always a reason [for it],” he said.

When queried if the market had already

KUALA LUMPUR (Feb 22): Malaysia’s Malaysian Echoing Record, Shan expects the Ma-
economy is expected to return to positive economy to laysian economy to follow China’s dual-cir-
growth this year, along with other econo- recover in 2021 on culation strategy to support local business-
mies globally on sustained progress in vac- effective vaccine es and encourage aggregated demand at
cine roll-outs that will boost consumption deployment the macro level.
worldwide, the World Bank Group said. —World Bank
Sharing some of his key statistics, he
Its macroeconomics, trade and investment Bernama said the Brent crude oil is expected to trade
global practice lead economist Richard Re- between US$50 (RM202) and US$70 per
cord said the group expects the vaccine de- number of vulnerable households and do- barrel, which could help support the ring-
ployment can be mostly completed in 2021 mestic political uncertainties. git trading at 3.67 to 4.10 per US dollar.
in most economies, leading to strong recovery
and demand, as well as boosting trade and “In the near term, policies should focus On gross domestic product (GDP), he
commodity prices. on containing the outbreak and protect- is a bit modest, seeing the number to hov-
ing the most vulnerable and on rebuild- er between 3% and 4%, while the central
“We are projecting a global growth of 4% ing fiscal buffers as economic conditions bank is expected to keep the overnight pol-
this year.As for Malaysia, we project econom- improve,” he added. icy rate at 1% to 1.75% in 2021.
ic growth this year to range between 5.6%
and 6.7%,” he said during the virtual 2021 Another panellist, Shan Saeed, the chief Meanwhile, Department of Statistics Ma-
Malaysia’s Economic and Strategic Outlook economist of Juwai IQI Global, said the Ma- laysia (DOSM) chief statistician Datuk Seri
Forum (MESOF) titled “The Post-COV- laysian government continues to maintain Dr Mohd Uzir Mahidin said the Malay-
ID-19 New Normal — Where Do We Go macroeconomic stability, which is moving sian Economic Outlook 2021 forecasts the
From Here” today. faster and had surprised market participants. country’s external trade to grow by 3.9%,
with exports of goods expected to increase
The MESOF is organised by KSI Stra- “The government is in total control of by 2.7% as a result of the recovery in glob-
tegic Institute for Asia Pacific and co-or- the economy and will continue to support al trade and supply chains, while imports
ganised by the Malaysian International [it] when required. Amalgamation of fiscal are expected to rise by 5.3%, contributed
Chambers Of Commerce & Industry and and monetary policy levers hold the key for by an improvement in all types of imports.
Economic Club of Kuala Lumpur. economic growth and Bank Negara Malay-
sia (BNM) has lot of room to manoeuvre “Inflation is likely to make a comeback
Record noted that China is among the in the monetary landscape,” he opined. in 2021 after a deflationary trend this year
reasons of growth recorded by the Asian as the Covid-19 pandemic suppresses de-
economies, with Malaysia included. Shan noted that the central bank would mand for goods and services.
use tactical and strategic moves to maintain
However, he cautioned downside risks structural stability of the local currency. “This is thanks to the early roll-out of
to growth include slow progress of vac- a safe and effective Covid-19 vaccine and
cine deployment and new containment that unleashing of pent-up demand in conjunc-
could lead to another movement control tion with supply shortages, which could
order (MCO), adding that consumption is result in an inflation comeback,” he said.
the largest part of the Malaysian economy.
Quoting the Ministry of Finance (MoF),
“Risks to the growth outlook include Mohd Uzir said inflation is projected at
an unexpected delay in the vaccine roll- 2.5% versus -1.13% in 2020, signalling a
out, ineffective containment, an elevated stronger surge in consumer spending.

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 12 T H E E D G E C E O M O R N I N G B R I E F

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Covid-19: Malaysia’s coronavirus curve shows signs of flattening
Malaysia records
2,192 new cases 6000 Daily new cases 7-day moving average

with six more 5000
deaths
4000
BY SYAFIQAH SALIM
theedgemarkets.com 3000 2,759
2000 2,192

1000

0 Feb 22, 2021
Sept 1, 2020

KUALA LUMPUR (Feb 22): Malaysia’s clusters and screening of close contacts (six), theTembokTaiping cluster in Perak
new Covid-19 cases dropped to 2,192 of Covid-19 positive patients. (two), the Tembok Sungai Udang cluster
from 3,297 reported on Sunday, bring- in Melaka (one), and the DTI Sepang
ing the cumulative confirmed infections Meanwhile, Kuala Lumpur has the sec- cluster in Selangor (one).
to 285,761. ond most new cases today at 303, followed
by Sarawak with 221 cases, Johor (211), According to Dr Noor Hisham, 3,414
Six more Covid-19 related deaths were Perak (148), Penang (135), Negeri Sembi- individuals recovered from the coronavirus
recorded involving five Malaysians and one lan (64), Kelantan (28), Kedah (26), Mel- today.The daily number of new recovery
foreigner. The country’s Covid-19 death aka (14) Pahang (seven), Putrajaya (sev- cases has surpassed the new infections for
toll increased further to 1,062, according en),Terengganu (four) and Perlis (four). 12 straight days. This raised the total re-
to the Health Ministry. coveries to 252,623 or 88.4% of overall
A total of 109 cases reported today infections.
Two deaths were reported in Selangor, were linked to Covid-19 clusters involving
and one each in Pahang, Johor, Sabah and prisons and detention centres. These are Active cases dropped further to 32,076,
Sarawak, noted health director-generalTan TembokTapah cluster in Perak (39 cases), with 199 patients in intensive care units,
Sri Dr Noor Hisham Abdullah. the Tembok Bendera cluster in Perak (26 91 of whom need ventilators to breathe.
cases), the Jalan Harapan prison cluster
According to his statement, Selangor in Selangor (25), the Tembok Pengkal- Selangor, so far, is the state with the
topped the list with most new Covid-19 an Chepa cluster in Kelantan (nine), the highest number of confirmed cases at
infections at 910. Of these, 742 cases or Tembok Bukit Besi cluster in Terengganu 95,305, followed by Sabah (52,174), Jo-
81.5% were confirmed from Covid-19 hor (34,024) and Kuala Lumpur (33,643).

KUALA LUMPUR (Feb 22):The Minis- Covid-19: Eight es, down from 3,297 on Sunday, bringing the
try of Health (MOH) announced that eight new clusters; cumulative confirmed infections to 285,761.
new Covid-19 clusters were detected today, seven linked to
of which seven are linked to workplaces while workplaces Six more Covid-19-related deaths were
one is a community cluster. recorded, involving five Malaysians and one
BY SYAFIQAH SALIM foreigner. The country’s Covid-19 death
Among the seven new workplace clus- theedgemarkets.com toll increased further to 1,062, according
ters are theTapak Bina Jalan Kota cluster in to MOH.
Gombak, Selangor with 11 infections; theTa- SUHAIMI YUSUF/THE EDGE
pak Bina LombongTimah cluster involving Selangor topped the list with most new
Kuala Langat, Petaling and Klang in Selan- Covid-19 infections with 910. Of these, 742
gor with 45 infections; the Pasar Jalan Putra cases or 81.5% were detected in Covid-19
cluster in Petaling, Selangor (nine); and the clusters and screening of close contacts of
Tapak Bina Sungai Batu cluster in Kepong, Covid-19-positive patients.
Kuala Lumpur (25).
Meanwhile, Kuala Lumpur has the sec-
The remaining workplace clusters are the ond highest number of new cases today with
Sungai Bakong cluster in Meradong, Sar- 303, followed by Sarawak with 221, Johor
awak (22); the Hilir Sungai Kluang cluster (211), Perak (148), Penang (135), Negeri
which spans Seberang Perai Utara, Seberang Sembilan (64), Kelantan (28), Kedah (26),
PeraiTengah, Barat Daya andTimur Laut in Melaka (14), Pahang (seven), Putrajaya (sev-
Penang (41); and the Industri Sungai Gadut en),Terengganu (four) and Perlis (four).
cluster involving Seremban, Rembau and
Tampin in Negeri Sembilan (65). Read also:
EMCO in Sabah, Sarawak villages
The lone community cluster is the Em- from tomorrow, says Ismail Sabri
peroh Jambu cluster, which spans Kuching Click here
and Samarahan in Sarawak, with 60 infec-
tions. Covid-19: Over 4,000 MAF health
staff to be inoculated first Click here
To date, 1,082 clusters have been report-
ed in the country while 578 clusters have
been declared ended.

MOH reported 2,192 new confirmed cas-

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 13 T H E E D G E C E O M O R N I N G B R I E F

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Zahid’s trial “Please tell your client to accord this trial Ex-1MDB counsel
postponed again priority over other things. Please do not ex- Jasmine Loo’s
as he had close pose yourself before a week of the trial. I want
to make sure that this trial with the prosecu- Mont Kiara home
contact with tion’s case will finish by next month,” he said. set to go under
Covid-19 positive the hammer
Deputy Public Prosecutor (DPP) Da-
patient tuk Raja Rozela Raja Toran wants the de- BY HAFIZ YATIM
fence to provide evidence as to Zahid and theedgemarkets.com
BY HAFIZ YATIM Johan’s attendance, and also approval for
theedgemarkets.com cross-border travel during the movement KUALA LUMPUR (Feb 22): After be-
control order (MCO) period. ing slapped with a suit for unpaid tax of
KUALA LUMPUR (Feb 22): Datuk Seri RM2.4 million, 1MDB’s former general
Dr Ahmad Zahid Hamidi’s criminal breach Raja Rozela said Ahmad Zahid is be- counsel Jasmine Loo Ai Swan is now faced
of trust (CBT) and money laundering ing nonchalant in treating this trial as not with the prospect of having her apartment
trial has been postponed as he came in being important. in Kuala Lumpur auctioned off.
close contact with fellow Supreme Coun-
cil member Datuk Johan Abdul Aziz, who “Is he using this excuse just to get away OCBC Bank (M) Bhd has filed a suit
is now confirmed positive for Covid-19. from this courtroom?We can’t keep post- through the legal firm of Ho, Loke and
poning date after date,” she added. Koh over her alleged failure to settle an
Zahid was with Johan and other Umno outstanding loan sum of RM308,375.
Supreme Council members at a party re- Following that, Justice Sequerah fixed
treat in Janda Baik, Bentong, Pahang. March 4, 5, 18, 19 and 26 as replacement In the suit filed last September, the
dates for this week’s proceedings. bank sought to auction off the Apollo
Lawyer Hamidi Mohd Noh informed Tower, Mont Kiara property that she
the court that his client had chaired two Ahmad Maslan’s letter produced bought in 2010, within three months of
meetings, one at 3pm last Friday and a Zahid’s lawyers are now getting the nec- obtaining the auction order.
second one at 8pm that same night where essary documents, while the court stands
Johan was present. down while it is confirmed that Johan has In court documents sighted by
tested positive for Covid-19. theedgemarkets.com, the bank also wants
“We got to know from media reports the senior assistant registrar of the High
that Johan has been tested positive with Upon resumption of the case at Court to determine the reserve price for
Covid-19 when he went for testing on Sat- 11.10am earlier today, Hamidi produced the auction, where it must be competi-
urday and the results were known yesterday. a letter from Umno secretary-general Da- tive with the market price.
So my client has to be in quarantine for 10 tuk Seri Ahmad Maslan informing all party
days as he was in close contact,” he said. Supreme Council members of the meeting. The bank said Loo or her represent-
ative may also bid for the auction and
High Court Justice Collin Lawrence Se- Hamidi added that initially, the venue allow the owed sum and cost of action
querah set replacement dates next month was at another place before they decided to be deducted from the sale price.
but reprimanded the former deputy prime on Janda Baik.
minister and Umno president.The judge The matter was to be heard on Feb
also asked him to take the trial serious- He also produced a letter issued to all 19 before senior assistant registrar Syee-
ly and not go for unnecessary meetings a Members of Parliament (MPs) saying they la Marlina Uttaman but was deferred to
week before the trial. could cross state borders. March 16 due to the implementation of
the movement control order.
“This is the third time that this trial has However, Raja Rozela pointed to Ahmad’s
been postponed,” the judge highlighted in letter that the necessary Supreme Council Loo is one of the key players in the
the court this morning. members needed to get the necessary approv- 1MDB saga, where she is said to be a close
al from the authorities to travel cross-border. associate of fugitive businessman Low
The judge listed the Sabah state elec- Taek Jho, popularly known as Jho Low.
tion as the first time, then last month, and “We wanted to see the necessary stamp
now today as the third time the trial has by the authorities or approval from the On Feb 9, the government through
been postponed. police over the cross-border movement,” the Inland Revenue Board filed two le-
she said. gal suits to recover RM2.4 million in tax
arrears from Loo and RM6.7 million
Justice Sequerah then said maybe the from another Jho Low associate, Casey
court had to take all this in good faith, and Tang Keng Chee.
that the defence is not doing anything to
deceive the court. Loo and Tang are believed to have
left the country before the 14th general
He then directed the defence to bring the election in May 2018.
necessary documents, including Zahid’s test
results, as soon as possible, or latest by March Besides the duo and Jho Low, the au-
4, and supply them to the prosecution. thorities are also looking for former SRC
International Sdn Bhd managing direc-
“Just inform the prosecution and court tor Nik Faisal Ariff Kamil, Jho Low’s
of the necessary, and please tell your cli- right hand man Eric Tan Kim Loong,
ent to accord this trial priority over other former 1MDB deputy chief financial of-
things,” he said. ficer Terence Geh Choh Heng and one
Kee Kok Thiam.
What is left is about seven prosecution
witnesses who are investigation officers in
the case — as 89 prosecution witnesses
had already testified.

Zahid is facing 47 charges, 12 of which
involve criminal breach of trust (CBT),
eight for corruption and 27 for money laun-
dering involving tens of millions of ringgit
in funds belonging toYayasan Akalbudi.

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 14 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Shipping snarls force global trading
to look outside the box

BLOOMBERG

BY ENDA CURRAN, TOM HANCOCK,
ZOE SCHNEEWEISS & VINCE GOLLE

Bloomberg

HONG KONG (Feb 22): An ongoing additional, but often overlooked, channel Hamilton, Bermuda, said some shippers
surge in the cost of shipping goods around through which imports affect aggregate of cargo are looking to buy their own box-
the world is prompting manufacturers and price growth,” the Kansas City Fed pa- es and “finding that somehow it’s a net
their customers toscramble for cheaper per said. lower price.”
solutions.
Illustrating just how dire the bottlenecks “We’ve seen some interest in people like
Exporters, importers and their agents have become, a unit of Germany’s Schwarz the Amazons of the world to start maybe
are considering buying their own shipping Group — one of the world’s biggest su- owning some of their own containers be-
containers and chartering vessels to avoid permarket operators — recently consid- cause they get charged by the shipping lines
the sky-high costs and delays of existing ered hiring lorries to drive its stock from when they hold on to containers longer
services. Most of the 25 million contain- China to Europe before ruling the option than they are supposed to,” Sondey said
ers in global use are owned or leased by out. Now, the unit — Schwarz Asia Pacific on a conference call last week.
about a dozen ocean carriers including Sourcing Ltd, or SAPS Ltd — is examin-
Copenhagen-based A.P. Moller-Maersk ing ways to rent a whole ship to transport The Global Shippers’ Alliance, an in-
A/S and China’s Cosco Shipping Hold- goods, according to Hong Kong-based ex- dustry group for manufacturers, retailers
ings Co. ecutive Bjoern Lindner. and wholesalers, said in a Feb 17 release
that shippers are “furious at the chaotic
The steel boxes are still scarce on routes “We are looking at every single form shipping market and the lack of mecha-
from China, the world’s biggest trading of transportation which might be possible nisms to resolve it.”
nation. Exporters in Asia complain that for us to bring goods to Europe,” Lindner,
rates to move freight to Europe or the US managing director of SAPS, said in an in- ‘All stops’
jumped fivefold in the past year. One large terview. “All of my peers in the industry But the container carriers are “pulling out
maker of toys such as Sea-Monkeys says are scrambling for capacity” and “we have all stops” to meet the sustained high de-
buyers are deferring shipments until pric- to be creative.” mand, said John Butler, CEO of theWorld
es cool down. Shipping Council, a group representing
Others are thinking along the same lines. the liner industry.
If it persists, the crunch threatens to Brian Sondey, chief executive of contain-
dim hopes of a smooth recovery from the er leasing firmTriton International Ltd of CONTINUES ON PAGE 15
world economy’s pandemic slump.While
a boom in demand for work-from-home
technology and medical equipment fueled
a sharp rebound in trade, pressures on the
supply side are straining inventories and
weighing on balance sheets.

“We still have a backlog that’s the high-
est we’ve had in our history,” Clarence
Smith, chairman of 135-year-old Haverty
Furniture Cos of Atlanta, said on a con-
ference call last week.

“We’re paying a premium to get the
product to make sure we can serve our
customers” and “we are increasing prices.”

While some economists expect the
snarls to ease around midyear, a prolonged
period of elevated freight rates can eventu-
ally bite consumers’ wallets. A 2016 paper
by the Federal Reserve Bank of Kansas
City said “a 15% increase in shipping costs
leads to a 0.10 percentage point increase
in core inflation after one year.”

‘Overlooked’ effects
In the US, the volume of imported goods
accounts for about 12% of gross domestic
product and most arrive by sea.

Because US import price indexes
don’t include information about cargo
rates, “shipping cost pressures act as an

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BERLIN (Feb 22): German business mo- Germany ‘looking premiers have agreed to extend restric-
rale rose far more than expected in Febru- towards recovery’ tions to curb the spread of the coronavirus
ary, bouncing back from a six-month low as industry drives until March 7. She told a party meeting
in January thanks to a brighter industrial that she wants a staggered plan to lift re-
outlook and well-stocked order books, the up business strictions, according to two participants.
Ifo economic institute said on Monday. morale
The number of new daily infections has
Ifo said its business climate index in- BY PAUL CARREL & RENE WAGNER stagnated over the past week with the sev-
creased to 92.4 from an upwardly revised Reuters en-day incidence rate hovering at around
90.3 in January, hitting its highest level 60 cases per 100,000. On Monday, Ger-
since October and surpassing even the “Companies are sniffing the spring air many reported 4,369 new infections and
strongest forecast in a Reuters poll of an- and starting to look beyond the pandem- 62 further deaths.
alysts. ic,” said Commerzbank economist Joerg
Kraemer. Other sentiment indicators have also
“The German economy is looking to- been promising.
wards recovery again,” Ifo economist Klaus Kraemer expected a strong recovery
Wohlrabe told Reuters. from spring onwards, “especially as con- Investor morale in Germany surged in
sumers’ corona(virus) savings amount to February on expectations consumption
Germany, once a role model for fight- six percent of their annual disposable in- will take off in the coming months, the
ing the Covid-19 pandemic, has struggled come at the end of 2020.” ZEW economic research institute said last
with the second wave. A month ago this Tuesday.
still weighed heavily on sentiment. The main risk to this scenario was a
third wave of coronavirus infections and a Earlier this month, industrial conglom-
ButWohlrabe said companies have now blanket lockdown extension to end-April, erateThyssenkrupp raised its full-year out-
revised up production plans significantly to which he gave a 25% probability. look for the first time in nearly four years,
and export expectations for industry have and CEO Martina Merz said “we’re notic-
also risen. Chancellor Angela Merkel and state ing signs of an economic recovery”.

“The order books are well filled,” he The government last month slashed its
added. GDP growth forecast to 3% this year, a
sharp revision from last autumn’s estimate
An Ifo expectations index surged to of 4.4%.This means the economy probably
94.2 from 91.5 in January, surpassing all will probably not reach its pre-pandemic
forecasts in the Reuters poll. A current con- level before mid-2022.
ditions index edged up to 90.6 from 89.2.

FROM PAGE 14 saurs and whose products include aquat- container price ever been more than 20%
ic pets called Sea-Monkeys and Chatimal or 30% up or down, never. To be 500%
“All vessels are sailing, all available con- theTalking Hamster — said it’s not worth up, this is something new to everybody.”
tainer equipment is being used, carriers are shipping some toys, given the tight margins At this stage, though, many economists
setting up new inland depots to speed up already in the industry. remain sanguine on the inflation threat
trucking turn-time operations and doing and don’t expect shipping costs to ma-
their best to keep customers informed in an He warns that unless conditions im- terially dent shopping baskets in the US
extremely unpredictable situation,” he said. prove, retailers may raise their prices. “If and Europe.
nothing changes between now and the end
Some of supply pressure may ease in of May, everyone who is shipping will land “Ultimately, whether such costs can be
coming months, given container through- products at a much higher price than the passed on to consumers depends on the
put at Shanghai Port increased by more actual products already in the store,” he strength of consumer demand, which is
than 20% during the Lunar New Year said in an interview. more related to fiscal and monetary policy
holiday compared with a year ago, and in the US and Europe,” said Helen Qiao,
throughput at Ningbo Zhoushan Port rose Some of Cave’s clients are deferring chief Greater China economist at Bank
about 29%, Xinhua reported, citing data shipments until April on hopes that con- of America.
from from the China Ports & Harbours ditions improve. “Never, ever, ever has a
Association.

Li Muyuan, vice president of the Chi-
na Container Industry Association, which
represents container manufacturers, wrote
in an article this month that the contain-
er shortage had reduced slightly from the
final quarter of last year. Chinese manu-
facturers produced 440,000 containers in
January, he added, roughly equal to market
demand for new containers.

Still, the longer shipping costs remain
elevated, the more the question lingers of
whether they’ll start to show up in the price
of consumer goods.

Sea-monkeys
Toymaker Dave Cave, who runs Hong
Kong-based Dragon-I Toys — one of the
world’s biggest manufacturers of toy dino-

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Texas deep freeze delivers
Macquarie US$210 mil windfall

BY NABILA AHMED
Bloomberg

NEW YORK (Feb 22): The Texas deep Consumers are now feeling the impact ance sheet, the person said.
freeze that upended the US energy mar- of the huge price swings. Griddy custom- In its profit upgrade, Macquarie said
ket has delivered Macquarie Group Ltd ers in Texas are being handed massive
a windfall of as much as A$270 million utility bills, some as high as US$8,000. the “extreme winter weather conditions
(US$210 million) amid wild swings in The supplier charges electricity based on in North America have significantly in-
gas and electricity prices. real-time prices in wholesale markets, creased short-term client demand for
therefore passing the costs straight on Macquarie’s capabilities in maintaining
The Sydney-based investment bank on to consumers. Griddy saw the problem critical physical supply across the com-
Monday raised its profit forecast, citing developing and even urged its retail cus- modity complex and particularly in rela-
increased demand for its gas and power tomers last weekend to switch to another tion to gas and power”.
supply services in the US. At the same provider. By Sunday last week, 20% had
time, Griddy Energy, a household suppli- managed to do so. After two weeks ago saying earnings
er in Texas that is backed by Macquarie in the year ending March 31 would be
Energy is handing out massive electricity Macquarie’s commodities business is “slightly” down on last year’s result, Mac-
bills to residents who used power when unusual among banks in the US, where quarie on Monday forecast profit would
wholesale prices were spiking. counterparts such as Goldman Sachs now be up 5%-10%.That implies net in-
Group Inc and Morgan Stanley have had come of about A$2.87 billion (US$2.3 bil-
Macquarie is the second-biggest phys- to curb commodities trading activities to lion) to A$3 billion, compared to A$2.73
ical gas supplier in the US behind BP plc, satisfy regulators. But Macquarie, which billion a year earlier.
and typically moves gas between different expanded its commodities operations by
parts of the country based on last-minute purchasing Cargill Inc’s power and gas The improved outlook sent Macquarie
customer needs. trading business in the US in 2017, does shares to a one-year high in Sydney trad-
not trade commodities with its own bal- ing.The stock was up 3.7% to A$147.56
Last week the bank profited as its ma- at 3.50pm in Sydney, the highest since
jor clients — including energy compa- Feb 21, 2020.
nies — sought to buy and move high-
er-than-expected volumes of gas and
electricity to their customers amid the
crisis inTexas, according to a person with
knowledge of the matter. The price of
physical gas, which is normally less than
US$3 per million British thermal units,
skyrocketed to as much as US$1,250 in
some locations last week.

As the cold blast froze oil and gas wells,
sent electricity prices to record highs, and
caused blackouts for five million homes
and businesses, more of Macquarie’s cus-
tomers ordered gas for Texas that had to
be shipped from other parts of the coun-
try, the person said.

BLOOMBERG

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BLOOMBERG

Taiwan sounds currency warning
as chip demand fuels exports

(Fed 22): Taiwan more than doubled its Bloomberg At the same time, the export data also
forecast for export growth this year, but underscore Taiwan’s dominance in the
sounded a warning that the global scram- WhileTaiwan’s projected growth for this global chip supply chain.
ble for computer chips is going to add fur- year lags the global average of 5.4%, based
ther upward pressure on the local dollar. on a Bloomberg survey of economists, it’s U.S. President Joe Biden’s top economic
Stocks and the currency gained. coming off a higher base.The island’s suc- adviser, Brian Deese, last week sought the
cessful management of the pandemic and Taiwan government’s help in resolving the
Exports will likely rise 9.58% this year, avoidance of lockdowns has also supported chip shortage that’s hindering U.S. auto-
compared with a previous estimate of domestic consumption. motive manufacturing. His appeal followed
4.59%, the statistics bureau said Satur- earlier pleas from Japanese and Europe-
day. Gross domestic product may expand Despite the currency’s gains last year, the an officials for Taiwan’s help in ensuring
4.64%, more than previously expected and U.S.Treasury added Taiwan to a watch list supply.
up from a revised 3.11% in 2020, when it of potential currency manipulators in De-
was one of the few significant economies cember, citing the island’s growing current The world’s largest contract chip-
to register growth. account surplus, and urged the central bank maker, Taiwan Semiconductor Manu-
to allow further gains.That’s leaving policy facturing Co., plans to increase capi-
“Our trade surplus was $58.8 billion makers in a dilemma: let the Taiwan dollar tal expenditure this year to as much as
last year,” said statistics chief Chu Tzer- gain faster, potentially hurting exporters, or US$28 billion to help address the short-
ming. “We expect it to be $63.9 billion risk tensions with the U.S., a key ally. age. Shares in the chip giant have surged
this year. This might lead to pressure on 23% this year, on top of a 60% jump in
theTaiwan dollar to appreciate. Everyone The government pointed to increased 2020, making it the world’s 10th-larg-
should watch out for this.” demand forTaiwan’s semiconductors as a est company.
key reason it upgraded the 2021 forecasts.
Overseas demand for chips used in Given the leading position of the island’s Taiwan’s manufacturing sector has been
smartphones, artificial intelligence and main chip manufacturers, strong external bolstered by the government’s largely suc-
high-performance computing has helped demand will boost exports,TsaiYu-tai, di- cessful handling of the Covid-19 pandemic.
fuel an appreciation of more than 7% in rector of the statistics department of the Taiwan has consistently ranked near the
the Taiwan dollar versus the greenback Directorate General of Budget Accounting top of Bloomberg’s Covid Resilience Rank-
over the past 12 months, even as the cen- and Statistics, said at a briefing following ing, having had just nine deaths and fewer
tral bank worked to slow gains. the release of Saturday’s data. than 1,000 cases since the beginning of
the outbreak.
TheTaiwan dollar strengthened as much “We upgraded our export outlook after
as 1.5% as of 11:18 a.m. Monday, largely taking January export data into consider- That allowed it to avoid the strict lock-
in line with intraday gains over the past few ation, plus the fact that Taiwanese busi- downs which brought many other econo-
weeks before the central bank steps in to nesses with facilities in China are invest- mies to a halt.With a few exceptions,Tai-
“smooth” the gains in late trading. ing more at home, and the changes in the wanese businesses, offices and schools
global supply and demand,”Tsai said. “We stayed open throughout the year, and
The benchmark Taiwan Stock Ex- expect this year’s export growth to be the there was a boom in domestic travel as
change index rose 0.8%, driven largely strongest since 2017.” people opted to vacation at home rather
by a 1% gain by Taiwan Semiconductor than head overseas.
Manufacturing Co.

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 18 T H E E D G E C E O M O R N I N G B R I E F

WORLD

REUTERS

Hong Kong’s
weekend home
sales jump to
eight-year high

BY SHAWNA KWAN
Bloomberg

(Feb 22): Hong Kong’s property market Despite experiencing the double wham- Earlier this month, a consortium led
is showing signs of strength, with weekend my of protests and a deadly virus in the by Wharf Holdings Ltd. won an upscale
home sales reaching an eight-year high. past couple of years, the city’s residential residential plot for the highest price ever
market has remained resilient. Used home by square feet in Hong Kong.
The 10 biggest housing estates tracked value dropped just 1.5% as of Feb 14 from
by Centaline Property Agency Ltd record- a year earlier, Centaline data show. Still, the positive sentiment isn’t reflect-
ed 37 transactions in the past weekend, a ed in the wider economy. Hong Kong’s
number unseen since 2013, according to The property market has seen new price gross domestic product shrank a record
the firm. records recently. Last week, CK Asset 6.1% in 2020, according to advance esti-
Holdings Ltd offloaded a luxury apart- mates.The unemployment rate increased
A stabilizing pandemic, relaxed social ment for US$59 million that became Asia’s in January to the highest level in more than
distancing measures and imminent Cov- most expensive flat. 16 years, the latest government data show.
id-19 vaccinations have boosted buyers’
confidence in the housing market, Louis
Chan, the CEO of Centaline’s residential
division, said in an emailed statement.

LONDON (Feb 22): Global dividend pay- Global dividend the rebound in payouts in 2021, the report
ments could rebound by as much as 5% payouts forecast said, after the European Central Bank and
this year, a new report estimated on Mon- to revive in 2021 Bank of England eased blanket bans for
day, after the coronavirus caused the biggest lenders on dividends and buybacks.These
slump in payouts since the financial crisis BY MARC JONES were imposed during the first wave of the
more than a decade ago. Reuters crisis to prepare for a potential increase
in bad loans.
Companies’ payouts to shareholders a worst-case scenario. But its best-case
plunged more than 10% on an underly- scenario sees 2021 dividends up 5% on a UK lenders Barclays and NatWest re-
ing basis in 2020 as one in five cut their headline basis. sumed payouts this month.
dividends and one in eight cancelled them
altogether. “It is quite likely we will see compa- Last year, dividend bans meant banks
nies pay special dividends in 2021, utilising cut or cancelled $70 billion of payments
A total of $220 billion worth of cuts strong cash positions to make up some of globally, according to the report.
were made between April and December, the decline in distributions in 2020”.
based on investment manager Janus Hen- But the overall global dividend cuts
derson’s Global Dividend Index. But there Banking dividends will be likely to drive proved less dramatic than expected. In
are signs companies are beginning to rein- August, Janus Henderson had expected
state at least some of them. the virus to drive corporates to cut $400
billion worth of dividends, nearly double
Janus Henderson’s report warned that the eventual outcome.
dividends could still fall 2% this year, in
A resilient fourth quarter of 2020
helped, said Janus Henderson.The likes of
German car makerVolkswagen and Russia’s
largest lender Sberbank restored payments.

Mining and oil companies cut dividends
after a slump in commodity prices, while
consumer discretionary companies also
took a hit following lockdowns.

European dividends, not including Brit-
ain, fell by 28.4% on an underlying basis in
2020 to $171.6 billion. “This was the low-
est total from Europe since at least 2009,”
Janus Henderson said.

In contrast, North American payouts
rose 2.6% for the full year, setting a new
record of $549 billion, the report said. Can-
ada had the fewest dividend cuts anywhere
in the world, the index showed.

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 19 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Boeing recommends airlines suspend use
of some 777s after United incident

(Feb 22): Boeing Co said it recommend- BY JAMIE FREED & DAVID SHEPARDSON and JAL operated 13 of them, though the
ed suspending the use of 777 jets with the Reuters airlines said their use had been reduced
same type of engine that shed debris over during the pandemic. JAL said its fleet was
Denver at the weekend after U.S. regula- was confined to the right engine, with only due for retirement by March 2022.
tors announced extra inspections and Ja- minor damage to the airplane.
pan suspended their use while considering Pratt & Whitney, owned by Raytheon
further action. It said the inlet and casing separated Technologies Corp , said it was coordinat-
from the engine and two fan blades were ing with operators and regulators to support
The moves involving Pratt & Whitney fractured, while the remainder of the fan a revised inspection interval for the engines.
PW4000 engines came after a United Air- blades exhibited damage.
lines 777 landed safely in Denver on Satur- An official at South Korea’s transport
day local time after its right engine failed. Japan’s transport ministry ordered Ja- ministry said it was waiting for formal
pan Airlines Co Ltd (JAL) and ANA Hold- action by the FAA before giving a direc-
United said the next day it would volun- ings Inc to suspend the use of 777s with tive to its airlines.The U.S. agency said it
tarily and temporarily remove its 24 active PW4000 engines while it considered wheth- would soon issue an emergency airwor-
planes, hours before Boeing’s announce- er to take additional measures. thiness directive.
ment.
The ministry said that on Dec. 4, 2020, Korean Air Lines Co Ltd, which has 16
Boeing said 69 of the planes were in a JAL flight from Naha Airport to Tokyo of the planes, 10 of them stored, said on
service and 59 were in storage, at a time returned to Naha due to a malfunction in Monday it grounded the remaining six it
when airlines have grounded planes due the left engine. had in operation of its own volition.
to a plunge in demand associated with the
COVID-19 pandemic. Japan Transport Safety Board said on Asiana Airlines Inc, which has nine 777s
Dec. 28 that it had found two of the left with Pratt & Whitney engines, said it is in
The manufacturer recommended air- engine’s fan blades were damaged, one discussion with Boeing and the relevant
lines suspend operations until U.S. regu- from a fatigue fracture. The investigation authorities on what measure to take.
lators identified the appropriate inspection is ongoing.
protocol. In February 2018, a 777 of the same age
United is the only U.S. operator of the operated by United and bound for Honolu-
The 777-200s and 777-300s affected planes, according to the Federal Aviation lu suffered an engine failure when a cowling
are older and less fuel efficient than new- Administration (FAA). The other airlines fell off about 30 minutes before the plane
er models and most operators are phasing using them are in Japan and South Korea, landed safely.The NTSB determined that
them out of their fleets. the U.S. agency said. incident was the result of a full-length fan
blade fracture.
Images posted by police in Broomfield, “We reviewed all available safety data,”
Colorado showed significant plane debris the FAA said in a statement. “Based on the Because of that 2018 incident, Pratt &
on the ground, including an engine cowl- initial information, we concluded that the Whitney reviewed inspection records for all
ing from the 26-year-old plane scattered inspection interval should be stepped up previously inspected PW4000 fan blades,
outside a home. for the hollow fan blades that are unique to the NTSB said.The FAA in March 2019
this model of engine, used solely on Boeing issued a directive requiring initial and re-
The National Transportation Safety 777 airplanes.” curring inspections of the fan blades on
Board (NTSB) said its initial examination the PW4000 engines.
of the plane indicated most of the damage Japan said ANA operated 19 of the type

BLOOMBERG

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 20 T H E E D G E C E O M O R N I N G B R I E F

WORLD

India wields colonial-era sedition law
to detain farm protesters

BLOOMBERG

BY ARCHANA CHAUDHARY,
BIBHUDATTA PRADHAN & SUDHI RANJAN SEN

Bloomberg

(Feb 22): In its struggle to quell unrelenting under the law in the five years to 2019, ac- back to the 1980s, and Delhi Police also linked
farmer protests, Prime Minister Narendra cording to data presented to parliament. For Ravi’s arrest to connections with those groups.
Modi’s administration is using a colonial-era the government, the real use of the law is the Her family or lawyers couldn’t be reached for
sedition law that has been used to lock up ability to deny bail and keep people locked comment. Protest leaders have repeatedly de-
dissidents often without bail while they await up for years while their cases trudge through nied any links to separatists.
trial — sometimes for years. the court system.
The protests were largely peaceful until
Delhi police this month arrested Disha Process is punishment Jan. 26, when a rally on India’s Republic Day
Ravi, a 22-year-old environmental campaign- “The process is truly the punishment now,” led to clashes that left one demonstrator dead.
er, at her home in the southern city of Banga- said Lubhyathi Rangarajan, head of the sedi- Since then police have put cement barricades
lore for editing and sharing a “toolkit” tweeted tion database of Article 14. “Cases are being and razor wire around the protest sites, while
by teenage climate activist GretaThunberg in filed at multiple places, arrests made, remand using targeted internet blackouts that have
support of the farmers. Police said the doc- periods extended and bail denied.” drawn criticism from the U.S. State Depart-
ument aimed to “spread disaffection against ment. Some 152 people have been arrested
the Indian state” in a tweet that tagged the The farmers — many of them Sikhs from over the clashes apart from the sedition charg-
prime minister’s office. the northern states of Punjab and Haryana — es, according to reports.
want Modi to repeal three laws passed in Sep-
She joined at least seven others hit with tember that allow them to sell crops directly to Celebrities have weighed in on behalf of
similar charges since the farmer protests began private firms instead of licensed middlemen the farmers, includingThunberg, pop singer
almost three months ago, including a former at state-controlled markets.While Modi has Rihanna, actress Susan Sarandon and Meena
foreign minister, journalists, authors and aca- said the laws will help them earn more cash, Harris, the niece of U.S. vice president Ka-
demics, part of a growing number of sedition farmers fear those companies won’t give them mala Harris.The government has dismissed
cases under Modi.The total number of cases minimum prices set by the government. the international reaction as “vested inter-
has risen from 43 when he first took office in ests” trying to “mobilize international sup-
2014 to more than 100 each of the past two Members of the ruling Bharatiya Janata port against India.”
years, according to research group Article14. Party have alleged the protesters have con-
Since multiple individuals can be charged in nections to a Sikh separatist movement dating “Suddenly, activists are being villainized
one case, it said, the number of people affect- and journalists harassed,” saidVinod Jose, ex-
ed stretches into the thousands. ecutive editor ofThe Caravan magazine who
was among six journalists charged with sedi-
A relic of the British colonial government tion, along with former minister and opposi-
once used against Mahatma Gandhi, India’s tion lawmaker Shashi Tharoor. “The jailing
19th-century sedition statute gives police of civil liberties activists in the last three-four
broad powers to make arrests ahead of filing years have shown us the decline in freedom
formal charges if an act or speech by an indi- of press and rule of law.”
vidual is “regarded to be disloyal to or threat-
ening to the state.”The maximum penalty can While the U.S. has criticized the internet
be a life term in prison. blackouts, President Joe Biden has a “deli-
cate balancing act” given India has become a
Still, many cases rarely even reach that key partner on issues such as climate change
stage: Only 10 people have been convicted and countering China in the Indo-Pacific, said
Akhil Bery,Washington-based South Asia an-
alyst at risk consultancy Eurasia Group.

“If the Modi government continues to ar-
rest activists for non-violent protests, pressure
will grow on the Biden administration to ad-
dress this more publicly,” he said.

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 21 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Indonesian plan calls for Southeast Asia
to hold Myanmar junta to election
pledge — sources

ASEAN.ORG

BY TOM ALLARD
Reuters

JAKARTA (Feb 22): Indonesia is push- Its members range in diversity from anmar is ‘You are facing a different situa-
ing Southeast Asian neighbours to agree Indonesia, the world’s third biggest de- tion to the past,’” the senior official said.
on an action plan over Myanmar’s coup mocracy, to communist one-party states
that would keep the junta to its promise of Vietnam and Laos and one of the world’s But persuading Myanmar to participate
holding elections, with monitors to ensure last absolute monarchies, Brunei. Myan- in the proposed ASEAN special summit
they are fair and inclusive, three sources mar is also a member, as are Cambodia, was proving difficult, the two senior of-
familiar with the move said. Malaysia, the Philippines, Singapore, and ficials said. Initially, it rejected an invita-
Thailand. tion from ASEAN chair Brunei, saying the
The proposal from the biggest regional coup could be discussed at a scheduled
nation falls short of the public demands of One of the senior officials said de- meeting of ASEAN foreign ministers in
protesters and some Western countries for nouncing the coup was easy but concrete August.
the immediate release of elected leader Aung progress depended on engaging with the
San Suu Kyi and the recognition of the Nov secretive military, a task ASEAN was best Myanmar’s government spokesman
8 ballot her party won in a landslide. placed to execute, given its regional stand- and foreign minister did not respond to
ing and relationships. requests from Reuters for comment.
Two senior officials, speaking on con-
dition of anonymity, told Reuters a diplo- “This is our family so our approach will One possible compromise was to hold
matically led solution had to focus on pre- be different,” the official added. the summit at the ASEAN secretariat in
venting bloodshed and helping the military Jakarta and not explicitly say it was about
honour its commitment to holding a new The two senior officials, and a regional Myanmar, the two officials said.
election and handing power to the winner. diplomat, told Reuters that some ASEAN
countries and Indo-Pacific nations were It was crucial for ASEAN to act strong-
Protesters have scorned the junta’s involved in “back channel” talks with some ly on Myanmar, said Dewi Fortuna Anwar,
promise of a new election, saying it should of the junta, urging compromise and no re- a foreign policy analyst based in Jakarta.
recognise the one held last year.The army peat of past bloody crackdowns on dissent.
staged the coup after the electoral com- “If ASEAN does nothing, it will lose
mission rejected its accusations of fraud “The message we want to send to My- credibility,” she said. “Its claims to central-
in the November poll. ity in the Indo-Pacific will be shot down.”

But the junta has not given a timetable
for a fresh vote.

The UN Security Council, China, the
European Union, and the United States,
among others, have urged the Associa-
tion of Southeast Asian Nations (ASE-
AN) regional grouping to help mediate
in the crisis.

The Indonesian plan also calls for ASE-
AN to facilitate dialogue between the junta
and protesters, according to the two offi-
cials, and a third source familiar with it.

An Indonesian foreign ministry spokes-
man declined to comment on the proposal,
saying Foreign Minister Retno Marsudi
“will make an announcement after she has
completed her consultations with other
ASEAN foreign ministers”.

Retno has been travelling across South-
east Asia to rally support among ASEAN’s
disparate membership for a special summit
of foreign ministers on the Myanmar crisis.

Indonesia’s proposal has strong support
from several ASEAN countries, but the
diplomatic effort underway is challenging,
the three sources said.

ASEAN is governed by consensus de-
cision-making.

T U E S D A Y F E B R U A R Y 2 3 , 2 0 2 1 22 T H E E D G E C E O M O R N I N G B R I E F

MARKETS

CPO RM 3,552.0030.00 OIL US$ 63.470.56 RM/USD 4.0440 RM/SGD 3.0520 RM/AUD 3.1814 RM/GBP 5.6623 RM/EUR 4.8938

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)

KEY ALLIANCE GROUP BHD 508.3 0.005 0.060 20.00 141.3

NEXGRAM HOLDINGS BHD 499.6 0.015 0.055 22.22 150.8

VELESTO ENERGY BHD 462.6 0.000 0.170 21.43 1396.7

EA HOLDINGS BHD 458.4 -0.005 0.040 33.33 202.9

AT SYSTEMATIZATION BHD 383.3 0.015 0.155 -16.22 655.5

DAGANG NEXCHANGE BHD 321.4 0.060 0.750 233.33 1616.8

DGB ASIA BHD 266.2 -0.010 0.090 -60.00 100.5

MESTRON HOLDINGS BHD 216.1 0.025 0.260 18.18 229.5

SAPURA ENERGY BHD 186.2 -0.005 0.145 16.00 2317.0 World equity indices

CNI HOLDINGS BHD 164.6 0.040 0.245 172.22 174.6

M3 TECHNOLOGIES ASIA BHD 155.7 0.005 0.065 0.00 50.1 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE

DOLPHIN INTERNATIONAL BHD 153.7 0.000 0.110 29.41 88.0 (%) (%)
INDONESIA 6,255.31 23.38 0.38
GREEN OCEAN CORP BHD 143.9 -0.005 0.070 -22.22 92.6 DOW JONES 31,494.32 0.98 0.00

MLABS SYSTEMS BHD 141.6 0.005 0.065 -18.75 64.8 S&P 500 3,906.71 -7.26 -0.19 JAPAN 30,156.03 138.11 0.46

ARB BHD 139.9 0.010 0.425 57.41 199.3 NASDAQ 100 13,580.78 -56.73 -0.42 KOREA 3,079.75 -27.87 -0.90

CONNECTCOUNTY HOLDINGS BHD 131.0 -0.015 0.245 19.51 172.6 FTSE 100 6,573.46 -50.56 -0.76 PHILIPPINES 6,810.34 -116.07 -1.68

TA WIN HOLDINGS BHD 128.4 0.005 0.320 60.00 162.3 AUSTRALIA 6,780.89 -12.90 -0.19 SINGAPORE 2,884.72 4.08 0.14

KEY ASIC BHD 127.0 -0.010 0.135 68.75 158.4 CHINA 3,642.45 -53.72 -1.45 TAIWAN 16,410.16 68.78 0.42

METRONIC GLOBAL BHD 101.1 0.005 0.095 -5.00 123.0 HONG KONG 30,319.83 -324.90 -1.06 THAILAND 1,478.78 -21.73 -1.45

TECHNA-X BHD 96.0 0.000 0.180 12.50 280.0 INDIA 49,899.48 -990.28 -1.95 VIETNAM 1,175.04 1.54 0.13

Date as compiled on Feb 22, 2021 Source: Bloomberg Date as compiled on Feb 22, 2021 Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

NEXGRAM HOLDINGS BHD 0.055 37.50 499611.8 22.22 150.8 SCOMI GROUP BHD 0.030 -25.00 8555.3 0.00 28.8

PIMPINAN EHSAN BHD 1.490 29.57 654.2 112.86 103.0 TRIVE PROPERTY GROUP BHD 0.135 -20.59 93542.2 -0.46 24.9

COMPLETE LOGISTIC SERVICES BHD 1.330 29.13 9438.3 90.00 169.4 COMPUGATES HOLDINGS BHD 0.020 -20.00 5234.0 0.00 57.6

PARLO BHD 0.430 28.36 66623.3 -16.50 172.2 MARINE & GENERAL BHD 0.140 -17.65 14444.4 -24.32 101.3

EDUSPEC HOLDINGS BHD 0.025 25.00 11448.4 25.00 48.7 SPRING ART HOLDINGS BHD 0.345 -16.87 5760.8 -4.17 143.4

XIAN LENG HOLDINGS BHD 1.600 22.14 17477.8 180.70 152.7 FREIGHT MANAGEMENT HOLDINGS 1.510 -15.17 3083.5 65.03 421.6

TALAM TRANSFORM BHD 0.030 20.00 32138.4 0.00 128.9 AMTEL HOLDINGS BHD 1.920 -14.79 966.9 54.84 187.3

CNI HOLDINGS BHD 0.245 19.51 164593.2 172.22 174.6 TASCO BHD 4.400 -14.56 7867.5 46.18 880.0

MACPIE BHD 0.370 15.63 11058.2 -22.11 130.8 ANNUM BHD 1.260 -14.29 1314.7 -2.33 92.4

THETA EDGE BHD 1.160 14.85 4843.8 51.63 124.4 BORNEO OIL BHD 0.035 -12.50 4633.0 -12.50 223.3

SANICHI TECHNOLOGY BHD 0.040 14.29 10483.3 -27.27 80.2 PJBUMI BHD 0.345 -11.54 123.3 23.21 28.3

KIA LIM BHD 0.370 13.85 140.1 29.82 22.9 SOLARVEST HOLDINGS BHD 2.420 -11.36 7829.9 28.04 1022.7

TONG HERR RESOURCES BHD 2.650 12.77 411.0 13.73 406.8 AHB HOLDINGS BHD 0.160 -11.11 1999.0 -8.57 41.6

LEE SWEE KIAT GROUP BHD 1.100 12.24 13259.5 23.60 177.9 EA HOLDINGS BHD 0.040 -11.11 458448.1 33.33 202.9

CENTRAL GLOBAL BHD 1.240 11.71 256.4 249.30 111.6 G3 GLOBAL BHD 1.280 -11.11 6711.1 -36.32 663.0

FARLIM GROUP BHD 0.300 11.11 58.4 1.69 45.9 OPCOM HOLDINGS BHD 0.610 -10.95 19173.8 58.44 98.4

HUBLINE BHD 0.050 11.11 2912.8 0.00 195.0 RALCO CORP BHD 0.955 -10.75 843.4 7.30 48.5

TANCO HOLDINGS BHD 0.050 11.11 17123.0 0.00 64.0 FIBON BHD 0.420 -10.64 151.3 35.48 41.0

AT SYSTEMATIZATION BHD 0.155 10.71 383252.7 -16.22 655.5 QES GROUP BHD 0.530 -10.17 47049.1 79.66 442.1

MESTRON HOLDINGS BHD 0.260 10.64 216147.9 18.18 229.5 MI TECHNOVATION BHD 4.480 -10.04 6936.0 13.71 3342.1

Date as compiled on Feb 22, 2021 Source: Bloomberg Date as compiled on Feb 22, 2021 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

HEINEKEN MALAYSIA BHD 24.720 1.220 822.4 7.38 7467.9 MALAYSIAN PACIFIC INDUSTRIES 37.240 -1.160 576.4 43.45 7406.9

CARLSBERG BREWERY MALAYSIA 24.000 0.620 501.2 3.27 7338.0 VITROX CORP BHD 17.000 -0.800 331.6 15.65 8026.0

MALAYSIA AIRPORTS HOLDINGS BHD 5.950 0.350 6074.2 0.51 9872.2 TASCO BHD 4.400 -0.750 7867.5 46.18 880.0

PIMPINAN EHSAN BHD 1.490 0.340 654.2 112.86 103.0 MI TECHNOVATION BHD 4.480 -0.500 6936.0 13.71 3342.1

TONG HERR RESOURCES BHD 2.650 0.300 411.0 13.73 406.8 NESTLE MALAYSIA BHD 135.000 -0.500 41.5 -2.81 31657.5

COMPLETE LOGISTIC SERVICES BHD 1.330 0.300 9438.3 90.00 169.4 HARTALEGA HOLDINGS BHD 11.640 -0.420 4750.9 -4.12 39897.3

XIAN LENG HOLDINGS BHD 1.600 0.290 17477.8 180.70 152.7 UNISEM M BHD 8.770 -0.410 1223.0 41.91 7014.2

CHIN TECK PLANTATIONS BHD 6.800 0.200 13.1 1.63 621.3 PENTAMASTER CORP BHD 6.140 -0.360 2423.0 21.58 4373.6

THETA EDGE BHD 1.160 0.150 4843.8 51.63 124.4 AMTEL HOLDINGS BHD 1.920 -0.333 966.9 54.84 187.3

CENTRAL GLOBAL BHD 1.240 0.130 256.4 249.30 111.6 SOLARVEST HOLDINGS BHD 2.420 -0.310 7829.9 28.04 1022.7

GENTING BHD 4.480 0.130 11150.6 0.45 17250.6 BATU KAWAN BHD 17.620 -0.300 6.2 -1.56 6978.8

BRITISH AMERICAN TOBACCO 13.540 0.120 293.5 -3.84 3866.1 SUPERMAX CORP BHD 5.530 -0.270 19594.7 -7.99 14475.5

LEE SWEE KIAT GROUP BHD 1.100 0.120 13259.5 23.60 177.9 TOP GLOVE CORP BHD 5.780 -0.270 39051.9 -5.56 46299.1

AJINOMOTO MALAYSIA BHD 15.840 0.120 3.4 -1.12 963.0 FREIGHT MANAGEMENT HOLDINGS 1.510 -0.270 3083.5 65.03 421.6

MISC BHD 6.700 0.110 4285.4 -2.47 29907.1 TIME DOTCOM BHD 13.760 -0.260 674.4 3.77 8314.6

MCE HOLDINGS BHD 1.660 0.110 1562.8 11.41 81.1 DUFU TECHNOLOGY CORP BHD 3.740 -0.260 3107.4 14.72 1949.9

BIMB HOLDINGS BHD 4.060 0.110 614.2 -4.69 7525.8 HENGYUAN REFINING CO BHD 5.800 -0.250 3374.1 -3.17 1740.0

SAMCHEM HOLDINGS BHD 1.510 0.110 5301.3 36.04 410.7 REVENUE GROUP BHD 1.890 -0.210 20318.8 50.00 823.3

HONG SENG CONSOLIDATED BHD 1.720 0.110 14530.0 65.38 894.4 ANNUM BHD 1.260 -0.210 1314.7 -2.33 92.4

ALLIANZ MALAYSIA BHD 13.780 0.100 62.1 -6.77 2437.5 PRESS METAL ALUMINIUM HOLDINGS 8.700 -0.200 4838.8 3.69 35131.6

Date as compiled on Feb 22, 2021 Source: Bloomberg Date as compiled on Feb 22, 2021 Source: Bloomberg