EKOVEST CONFIRMS TALKS OF POTENTIAL TAKEOVER
OF RTS LINK PROJECT p4
T U E S DAY, M AY 3 1 , 2 0 2 2 w w w. t h e e d g e m a r k e t s. c o m
ISSUE 385/2022
CEOMorningBrief
HOME: RHB aims to push ROE to 11.5% by 2024 p5
Sapura Energy begins asset sale with US$71 mil Sapura 3000 disposal p8
AirAsia X pivots to profit with RM33.6 bil write-back in 3Q p15
WORLD: Shanghai declares lockdown end from June 1 after two months p20
Australian PM’s Labor Party gets Parliament majority — report p25
‘Subdued’ Malaysian
equities still have upside
in 2H22, says Rakuten
Trade Research
Report on Page 4.
tuesDAy MAY 31, 2022 2 TheEdge CEO morning brief
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KUALA LUMPUR (May 30):The Min- Malaysia has imported from countries like Brazil and
istry of Agriculture and Food Industries not reached food Argentina.
(MAFI) on Monday (May 30) assured that crisis level, says
food supply in the country has not reached “The corn used for the domestic chick-
crisis level as claimed by some quarters but MAFI en feed is no longer grown in Malaysia on
is still sufficient. a big scale and because of this, MAFI is
Bernama moving towards creating a cornmeal in-
Its deputy secretary-general (Develop- dustry in order to solve the problem of
ment), Datuk Badrul Hisham Mohd said bloomberg importing it,” he added.
although there were some hiccups with re-
gard to food supply, particularly chicken and Badrul Hisham also suggested that palm
wheat, it had not affected the domestic supply. oil producers allocate a portion of their
farm land to grow corn towards reduc-
“This is because about 94% of the ing the dependency on other countries for
chicken output is for local supply and only cornmeal as chicken feed which was costly.
6% for export.
On the issue of wheat, he said India’s
“Overall, this country produces around decision to ban the export of its wheat had
54 million chickens per month and the no effect on Malaysia as the main sourc-
production capacity is able to meet the es of this commodity were countries like
domestic need,” he said while being a guest Australia and the United States.
on BernamaTV’s “Koresponden Bernama”
programme titled, “Food Crisis: What is He added that India exported only
MAFI’s Assurance for National Food Se- about 1.9% of its wheat to Malaysia, while
curity?” on Monday. MAFI and the Ministry of DomesticTrade
and Consumer Affairs were making efforts
He also said that about 72% of the over- to solve the supply issue to ensure the peo-
all cost of rearing chickens was for the feed, ple had sufficient food supply.
KUALA LUMPUR (May 30):The Rub- RISDA, FELCRA “RISDA is able to help the government
ber Industry Smallholders Development to raise broilers to overcome the issue of chicken supply.We
Authority (RISDA) is expanding its role support country’s will work with MAFI (Ministry of Agri-
to help the country’s agro-food production culture and Food Industries).
by planning to raise broilers to cover the food supply —
shortages in chicken supply. minister “We will manage this livestock farm
to produce healthier, halal and hygienic
Rural Development Minister Datuk Bernama chicken for the people’s needs at an af-
Seri Mahdzir Khalid said apart from cat- fordable price. It will also involve farmers
tle, poultry is the agency’s new target to “This maize crop is the focus of RIS- and smallholders with their planting ac-
deal with the issue of shortages. DA this year in helping the government tivities,” he said, adding that the project
reduce its dependence on import of ani- will begin this year.
“Apart from cattle, RISDA and FEL- mal feed,” he said.
CRA (Federal Land Consolidation and In the meantime, Mohd Salim said for
Rehabilitation Authority) are discussing Mahdzir said that the programme tar- the first time this year, RISDA will sup-
collaboration in poultry farming. It will gets to produce 600,000 metric tonnes of ply 1,000 cows for sacrifice for Aidiladha
involve the farms of these two agencies maize for animal feed in the next 10 years. this year.
throughout the country.The matter is be-
ing discussed,” he told reporters after the Meanwhile, RISDA chairman Datuk The sacrificial ritual will be managed
RISDA Aidilfitri celebration on Monday. Seri Mohd Salim Mohd Sharif said the through agencies that include online dis-
poultry plan targets 500,000 organic broil- tribution such as EzyQurban.
Meanwhile, Mahdzir said that about ers in one harvest.
82,000 kilogrammes of maize for livestock He said RISDA also provides an ab-
feed are expected to be harvested this July. attoir in Semenyih, and other facilities to
distribute sacrificial meat through local
He said that it is part of a short-term courier companies.
planting programme involving 750,000
trees in an area of 15 hectares in Perlis on RISDA thus far has 6,000 cattle on
a contract basis. farms nationwide, and aims to increase this
to 10,000 by the end of this year, he said.
TUESDAY MAY 31, 2022 3 THEEDGE CEO MORNING BRIEF
tuesDAy MAY 31, 2022 4 TheEdge CEO morning brief
home
KUALA LUMPUR (May 30): Malay- ‘Subdued’ At noon market break, the KLCI was
sian equities could see further upside in Malaysian trading down 0.11% at 1,545.
2H22 on the back of the continuation of equities still have
foreign inflows amid cheap valuations and upside in 2H22, Banking, plantation to surprise
better-than-expected earnings prospects, says Rakuten At current juncture, several events influ-
said Rakuten Trade Research. Trade Research ence fund flows and market performance,
including US Federal Reserve tapering as
While it remains to be seen how foreign by Adam Aziz & Hailey Chung well as the Russia-Ukraine conflict’s impact
shareholding will further recover from cur- theedgemarkets.com on prices and supply chains.
rent levels, RakutenTrade head of research
Kenny Yee sees the benchmark index at as of May this year with year-to-date net This, saidYee, represents upside in the
1,670 by end-2022 at a “very reasonable” inflow of RM7 billion, but remain well be- banking sector from sentiment and earn-
13.5 times 2022 estimates price-to-earn- low the historical average of over 22% from ings perspective as further overnight pol-
ings (PER) ratio, from 12.5 times currently. 2014-2019. icy rate (OPR) increases take place from
2% currently.
This follows a revision on 2022 earn- Concurrently, the KLCI is currently
ings forecast to 4.3% growth, from contrac- trading at a 30% discount against five- Rising prices also bode well for the
tion of 0.7% previously,Yee said at Raku- year average of 18.5 times PER, at 12.5 plantation sector, where consensus earn-
tenTrade’s 2H22 market outlook briefing, times,Yee noted. ings growth has been raised to 7%, from
1.5%-1.8% previously, he added. “We be-
“Our market has been on the weak side This is cheaper than the 12.6 times to lieve both the banking and plantation sec-
since 3Q21 following the announcement 17.3 times PER seen in Singapore, Thai- tors will surprise on the upside this year in
of Cukai Makmur (33% tax for eligible land, Indonesia, and Philippines, although terms of earnings.”
companies from 24% previously)… I think the four Asean countries are also similar-
[its impact] is less than what many initially ly trading below their respective historical Other “overweight” sectoral picks by
anticipated. At the same time our market average. Rakuten Trade Research include gaming
has been ignored by the foreign funds for sector and REITs as post-Covid recovery
quite some time,” saidYee. Some examples of cheap valuations play, technology stocks on elevated funda-
can be seen among blue chips like Tenaga mental demand likely seen into 2023, and
“Our expectations of the KLCI has been Nasional Bhd, Public Bank Bhd, Dialog oil and gas (O&G) on elevated prices and
somewhat subdued.Vis-a-vis normal PER, Group Bhd, Digi.Com Bhd, and Maxis resumption of oil majors’ capex spending.
our index level should be much, much high- Bhd, all of which are trading two stand-
er,”Yee added. ard deviations below their historical mean, Also recommended are utility stocks on
Yee said. the back of resilient earnings in the sector.
“I think a re-rating will only occur when
our market liquidity recovers more signifi- On a related matter,Yee also sees the for-
cantly. As we are expecting flight of funds eign inflow further supporting the Malay-
from other markets back into Asia, we are sian ringgit to recover to 4.15-4.20 against
certainly expecting some spillover effects the US dollar by end-2022 from 4.3787
from this,”Yee said. at the time of writing.This support is cou-
pled with elevated prices of commodities
Foreign shareholdings in Malaysian eq- like crude oil which are produced in the
uities have come off a low of 11.35% in De- country.
cember 2021 to current levels of 11.88%
KUALA LUMPUR (May 30): Ekovest Ekovest confirms company given the mandate to build a
Bhd has confirmed that it is currently in talks of potential RM3.7 billion rail link connecting Bukit
ongoing discussions with relevant parties 10 corporate MALAYSIA MAY 30, 2022 Chagar in Johor Bahru to Woodlands in
to explore a potential takeover of the Rapid Singapore.
Transit System (RTS) Link project. takeover of RTSNEWSBREAK
The RM3.7 billion price tag entails the
In a local bourse filing on Monday (May Potential restructuring of MRCB in the pipeline construction of a station at Bukit Chagar,
30), the construction group said this in a M Link projectBYJOSEBARROCK Johor Bahru, a depot in Wadi Hana, Jo-
response to a report by The EdgeWeekly. alaysian Resources Corp hor Bahru and viaducts through the city
Bhd (MRCB) may be un- centre and over the straits of Johor to the
Ekovest said all negotiations are still dergoing a restructuring boundary with Singapore.
ongoing and appropriate announcements exercise in the near fu-
will be formalised upon finalisation of the and RHB Bank Bhd (41.94%). could opt to privatise MRCB together Valley,were pegged a gross develop- at an annual average interest rate of Notably, Lim has a 30.8% stake in
agreed terms and conditions. The EPF,in an email response to with the current management un- ment value of RM5.7 billion then. 5.6%, while it had RM592.77 million Ekovest.
der Tan Sri Mohamad Salim Fateh in the kitty.
RTS Link is a railway shuttle line of questions from The Edge over a pos- Din, MRCB’s executive vice-chair- Mohamad Salim was appointed According to Ekovest’ FY21 annual re-
about 4km between Bukit Chagar, Johor sible pending corporate exercise,be man,and subsequently undertake a managing director on Sept 2,2013. At the time,its subsidiary,MRCB port, the group has a strategic collaboration
Bahru, Malaysia and Woodlands in Sin- it a merger or a privatisation,or its corporate exercise post privatisation. Lingkaran Selatan Sdn Bhd,held the with China Railway Dongfang Group, a
gapore, with a capacity of ferrying 10,000 views on the management, said: Under the new management,a concession for the Eastern Dispersal wholly-owned subsidiary of China Rail-
passengers per hour per direction. number of corporate exercises were Link (EDL) — an 8.1km expressway way Group Ltd for infrastructure projects.
ture,with the Employees “MRCB is a listed corporate that is Mohamad Salim’s Gapurna Sdn Bhd undertaken to revive MRCB.
It is slated to be completed by the end Provident Fund (EPF) — its largest managed by industry professionals is MRCB’s second largest sharehold- In May 2017, the compa- connecting the North-South Ex- At noon break on Monday, shares in Ek-
of 2026. shareholder with a 36.21% stake — whohavetheknowledge,experience er with 15.48% equity interest. ny announced a one-for-one pressway at Pandan Interchange to ovest ended unchanged at 41 sen, giving it
taking the lead,industrysources say. and leadership capabilities to oper- Therehavealsobeenmurmursin renounceable rights issue of Bangunan Sultan Iskandar, a Cus- a market capitalisation of RM1.11 billion.
In an article published by The Edge The purpose of the restructur- ate such an entity in the property, the market of MRCB being merged 2.86 billion rights shares at 85 sen toms,Immigration and Quarantine Read also: Prasarana views seriously claims
Weekly entitled “Lim Kang Hoo could take ing exercise,the sources say,is that infrastructure, and construction with other companies. However, apiece and 571.34 million free war- complexinJohorBaru—butitexpe- of corruption in MRT, LRT projects
over RTS Link to Singapore” on May 30, the EPF is looking at consolidat- sectors. sources familiar with the compa- rants to raise RM1.7 billion in fresh rienced very low traffic volume.The Click here
the weekly said businessman Tan Sri Lim ing its real estate assets. The fund “As per other listed companies, ny say that a such a merger may capital from shareholders,largelyto concession was terminated at the
Kang Hoo is understood to be looking to owns an 80% stake in Bukit Jalil MRCB is governed by a board who only entail MRCB’s construction pare down borrowings. end of 2017 and MRCB received a set-
take over Adil Permata Sdn Bhd — the Sentral Property Sdn Bhd, which has the right experience and capa- arm,leaving the company as a pure Apart from the cash call,EPF also tlement of RM1.32 billion from the
has 76 acres of land in Bukit Jalil, bilities to support the management property player. sank more capital into the group. To federal government.To put things
and a 30% stake in Kwasa Sentral Gapurna came into MRCB as a recap, MRCB won a RM1.34 billion in perspective, EDL accounted for
Sdn Bhd,which has a 64-acre tract, 12.51% shareholder with 206.65 mil- job for refurbishment of the Nation- 31.3% of MRCB’s debt at end-2017.
that have been awaiting develop- lion shares on Aug 30, 2013, after al Sports Complex in Bukit Jalil.The
b y S u l h i K ha l i donstrategicandoperationalmatters. For the financial year ended De-
As a strategic shareholder of MRCB,
the EPF engages both the board and
ment for years. Meanwhile, MRCB management to ensure sustainable MRCB bought over Nusa Gapurna group would in return get three par- cember 2021, MRCB chalked up a
owns 27.83% of Sentral REIT,which Development Sdn Bhd and a few cels of land in Bukit Jalil. net profit of RM15.83 million from
has in its portfolio Platinum Sentral other Mohamad Salim-controlled Three years later,MRCB injected RM1.45 billion in revenue against
and Menara Shell. companies, which owned among a net loss of RM177.37 million from
its 76 acres of land into a special pur-
t h e e d g e m a r k e t s . c o mfinancial performance and value
creation for all shareholders.
“MRCB will continue to look at
Maybank Investment Bank is options for the company to create others, four parcels of land meas- pose vehicle called Bukit Jalil Sentral RM1.2 billion in revenue in the
understood to have been roped in by shareholder value and ensure all uring 32.74 acres,and construction PropertySdn Bhd and its major share- preceding year.
the retirement fund to helpwith the shareholders’ interests are protect- company Gelanggang Harapan holder,EPF,boughtan80%stakeinthe As at end-December 2021,MRCB
restructuring.Plans being explored ed.The EPF does not comment on Construction Sdn Bhd, for a total companyfor RM1.07 billion.MRCB re- had deposits, cash and bank bal-
for the property development and rumours or speculation of any kind of RM729 million. tained a 20% stake. Consequently,this ances of RM578.71 million.Its long-
construction company include a in the market.” The acquisition was satisfied via enabled the group to unlock thevalue term borrowings remain high at
merger or even a privatisation,but At its close of 35 sen per share the issuance of shares in MRCB,val- of the land it had got from its refur- RM1.45 billion while it had short-
theyare still at the exploratorystage. last Thursday,MRCB had a market ued at RM1.55 per share and cash of bishmentworksinthesportscomplex. term borrowings of RM479.45 mil-
MRCB is the third largest listed capitalisation of RM1.52 billion.As RM111 million. MRCB’s borrowings have been lion. It had retained earnings of
companyonBursaMalaysiathatEPF at end-December 2021,MRCB’s net The land bank,located in choice an issue for a number of years.As at RM160.53 million, and reported
owns in terms of shareholding after asset per share was RM1.01. areas such as Subang,Petaling Jaya end-2016, its total bank borrowings negative cash flow from operations
Malaysia Building Society (65.87%) Certain quarters also saythat EPF and in Old Klang Road in the Klang amounted to RM2.94 billion,pegged of RM183.57 million.
E
Lim Kang Hoo could take over RTS Link to Singapore
BBY JOSE BARROCK lands in Singapore,with a capacity of ferrying be utilised for future development in view of Ekovest,for its six months ended Decem-
usinessman Tan Sri Lim Kang Hoo is 10,000 passengers per hour per direction.Tar- the upcoming RTS project”. ber 2021, chalked up a net profit of RM6.79
understood to be looking to take over geted to commence operations by end-2026, million from RM415.83 million in revenue.
Adil Permata Sdn Bhd,the company it is expected to reduce traffic between the According to Ekovest’s FY2021 annual re- For the corresponding period a year ago, it
given the mandate to build a RM3.7 two neighbouring countries. port,it has a strategic collaboration with Chi- registered a net profit of RM18.51 million
na Railway Dongfang Group,a wholly-owned from RM672.72 million in sales.
It is not clear which publicly traded com- subsidiary of China Railway Group Ltd, for
billion rail link connecting Bukit pany Lim is likely to utilise for this venture. infrastructure projects. As at end-December last year,Ekovest had
Chagar in Johor Baru to Woodlands in Singa- He has 30.8% in construction company Ek- Adil Permata meanwhile is wholly-owned short-term deposits of RM214.27 million and
pore,dubbed the Rapid Transit System Link ovest Bhd,which in turn has 73.08% in pub- by privately held Cipta Alam Sdn Bhd,which cash and bank balances amounting to RM78.57
(RTS Link),sources say. licly traded plantation outfit PLS Plantations in turn is a 100% unit of Elit Intan Sdn Bhd. million. On the other side of the balance
“It’s a matter of fulfilling some conditions Bhd,30.11% (jointly with the Sultan of Johor, Elit Intan is 40% controlled by Datin Paduka sheet,it had short-term debt commitments
(precedents),then he will take over Adil Per- Sultan Ibrahim Sultan Iskandar) in building Alinah Ahmad,the former mayor of Petaling of RM594.04 million, and non-current bank
mata.From what we gather,it’s a done deal,” materials and machinery company Knus- Jaya,while Amirudin Selaman, Nurul Fatin borrowings of RM432.72 million.
one source says. ford Bhd, and 34.29% in partnership with Muhammad Bukhari and Shamsudin Mohd Ekovest, however, had total liabilities of
Another source from Johor says he has Kumpulan Prasarana Rakyat Johor Sdn Bhd Nor each has a 20% stake. RM8.31 billion as at end-December 2021,large-
heard that Limwas brought in to speed things in developer Iskandar Waterfront City Bhd. Interestingly,Adil Permata’s directors are lybumpedupbymediumtermnotesofRM5.27
up at the RTS Link. Kumpulan Prasarana Rakyat Johor,whol- Alinah; Tan Sri Zaini Omar,the former presi- billion.The company’s interest expense for
“The RTS Link is behind schedule ... Lim ly-owned by the Johor state government,is a dent of the Board of Engineers Malaysia; and the six months ended December 2021 was
is being tasked with bringing things up to developer of social and infrastructural projects, politician Datuk Nur Jazlan Mohamed,former RM90.94 million.Nevertheless,Ekovest had
speed.He should be able to do it,considering and is also involved in property investment deputy minister of Home Affairs. reserves of RM1.4 billion as at end-2021.
construction is his expertise.” ventures and infrastructure development. While certain quarters say that business- For the six-month period,cash generated
The RTS Link,which will be the third land Lim could opt to use Ekovest to take over man Datuk Patrick Lim Soo Kit (no relation to by the company from operating activities was
bridge to Singapore when completed, falls Adil Permata, considering the bulk of the Kang Hoo) is involved in Adil Permata,there RM116.26 million.
under the purview of MRT Corp Sdn Bhd, work for the project is construction.But even is no clear link to him. Soo Kit, however, is Last Thursday, Ekovest closed at 42 sen,
a unit of the Minister of Finance Inc. MRT Knusford,which has its mainstay in the sale a director in Coronade Properties Sdn Bhd, translating into a market capitalisation of
Corp was appointed as the infrastructure and rental of machinery and building mate- which is developing Coronation Square in RM1.13 billion. Since mid-April, Ekovest’s
company for the RTS Link, and tasked with rials,has a property and construction arm. Johor Baru,which is where the RTS rail line stock has shed more than 13% of its value.
the development and ownership of the Ma- It is interesting to note that at end-January, will commence in Johor Baru. In August last year,Knusford changed its
FLASHBACK:laysian portion of the rail link and its requi- financial year end from December to March.
For the four quarters ended December 2021,
site structures,while the operations is slated Knusford suffered a net loss of RM3.06 million
to be undertaken jointly by Prasanana Ma- from RM208.59 million in revenue.
laysia Bhd and its Singaporean counterpart,
SMRT Corp Ltd. when Transport Minister Datuk Seri Wee Ka Coronation Square is largely funded by As at end-December last year, Knusford
Siong visited the RTS Link project site, Lim Bank Kerjasama Rakyat Malaysia Bhd (Bank
was also on hand to receive the minister,and Rakyat).The development financial institution
appeared to be part of the RTS Link team. also has exposure of close to RM470 million in
About twoweeks ago,Knusford announced a 35-storey tower that is part of the develop-
that it had entered into a heads of agreement ment.A check on Ctos shows that Coronation had cash and cash equivalents of RM11.24
with Iskandar Waterfront City to acquire two Properties has more than RM300 million in million, while on the other side of the bal-
parcels of vacant land,measuring 5.58 acres borrowings with Bank Rakyat. ance sheet, it had long-term debt commit-
and 4.27 acres, in Mukim Pulai, Johor Baru ments of RM39.72 million and short-term
Bank Rakyat is also understood to have
The Edge Malaysia May 30, 2022The RM3.7 billion price tag entails the
construction of a station at Bukit Chagar,Jo-
hor Baru,a depot in Wadi Hana,also in Johor
Baru, and viaducts through the city centre
and over the straits of Johor to the boundary district, with the consideration to be deter- provided a small amount of funding to Adil borrowings of RM2.72 million.
with Singapore. mined after a valuation exercise. Permata, but the bulk of the financing is Last Thursday, Knusford closed at 52 sen,
In a nutshell, the RTS Link is a railway Knusford said the rationale for the ac- understood to have come from another de- valuing the company at RM51.8 million.Since
shuttle line of about 4km between Bukit quisition was “to increase the group’s land velopment financial institution,Bank Pem- end-April,Knusford’s shares have shed more
Chagar in Johor Baru, Malaysia, and Wood- bank in Johor Baru,which could potentially bangunan Malaysia Bhd. than 17% of their value.
E
tuesDAy MAY 31, 2022 5 TheEdge CEO morning brief
home
RHB aims to push ROE
to 11.5% by 2024
Shahrill Basri/TheEdge
by Justin Lim
theedgemarkets.com
KUALA LUMPUR (May 30): RHB Bank Nik Rizal Kamil, Group Chief Financial Officer (left); Mohd Rashid Mohamad, Group
Bhd, the country’s fourth largest bank by as- Managing Director (centre); and Dr. Siew Chan Cheong, Group Chief Strategy Officer
set size, is eyeing to boost its return on equity (right) at RHB Banking Group’s press conference on its results release and the launch of
(ROE) to 11.5% by 2024 from 9.6% cur-
rently, under its three-year corporate strate- RHB 2022-2024 Strategy on Monday, May 30, 2022.
gy (2022-2024), also known asTogetherWe
Progress 24 (TWP24). ter keeping the rate at a record low of 1.75% Stripping out the impact of the higher
since July 2020. taxes, the banking group reported a pre-tax
“UnderTWP, one of the focus areas is to profit of RM890.6 million, which is 3.1%
integrate our overseas business. For Singa- Going forward, Rashid warned that the higher than the RM864 million recorded a
pore, we will focus on commercial and cor- bank may see an uptick in its gross impaired year ago.The y-o-y pre-tax profit improve-
porate banking businesses.Another country loans (GIL) among the retail and small-me- ment was mainly due to higher net fund-
we want to focus on is Cambodia, the re- dium enterprise (SME) segments. ing income, lower modification loss, lower
tail business [there],” RHB Banking group operating expenses, and lower allowances
managing director and chief executive officer “We cannot discount the possibility (on for credit losses — offset by lower non-fund
Mohd Rashid Mohamad told the press after the uptick for GIL) on the SME and retail based income.
the strategy launch. spaces. Despite the market having normal-
ised, the GIL ratio for the group is still lower RHB’s tax and zakat expenses rose 36%
Currently, international operations ac- than pre-pandemic. But, we are monitoring y-o-y to RM289.3 million from RM213.3
count for about 10% of RHB’s profit — and that closely, because some of the (financial million a year earlier. Companies with a
Singapore contributes more than half of that support) packages just ended,” he noted. chargeable income above RM100 million
— while home operations contributed 90% for the year of assessment 2022 are taxed a
of the group’s bottom-line. RHB Bank’s GIL stood at RM3 billion one-off ‘prosperity tax’ rate of 33% instead
as at March 31, 2022, with the GIL ratio at of the blanket 24% previously.
Some of the key targets that have been set 1.50%, as opposed to RM3.1 billion and
underTWP24 include cost-to-income ratio 1.66%, respectively, a year ago. Meanwhile, net income slipped 1.01%
of 44.5% — from 45.2% as at end 2021 — to RM1.9 billion from RM1.92 billion, due
as well as non-financial targets relating to It should be noted that the bank saw an to lower Islamic banking income on higher
digital, IT, analytics. Sustainability targets improvement in its GIL ratio from 2.16% in expenses, and as net interest margin slipped
include mobilising RM20 billion in sustaina- 2018, to 1.97% in 2019, 1.71% in 2020 and to 2.11% from 2.17% which affected net
ble financial services and a financial inclusion 1.49% in 2021 — with the latter two years interest income.
target of empowering two million people by supported by financial support programmes,
2026 and for the group to become carbon including blanket loan moratorium and tar- RHB’s share price dipped four sen or
neutral by 2030. geted repayment assistance that was aimed at 0.7% to RM5.91 on Monday, giving the
supporting affected lenders that were badly group a market capitalisation of RM24.4
Rashid said TWP24’s strategy sets the hit by the Covid-19 pandemic. billion.
tone and establishes the direction towards Read also: RHB 1Q profit down 7% y-o-y
achieving the group’s aspirations of becom- RHB Bank’s net profit for the first quar- to RM600.27 mil due to higher tax, lower
ing the best service bank in the country with ter ended March 31, 2022 (1QFY22) fell net income Click here
stronger emphasis on digital innovation 7.69% year-on-year (y-o-y) to RM600.27
through new and enhanced products and million from RM650.63 million, no thanks
services, improved business processes and to higher taxes — which was up 35% y-o-y to
enhanced workforce performance. RM289.3 million — and lower net income.
“In addition, we continue to place much
emphasis on the integration of environment,
social and governance considerations within
our business and decision-making process as
well as driving responsible business growth,
guided by our five-year (2022-2026) sustain-
ability strategy,” he added.
Meanwhile, Rashid expects the group’s
loan growth to expand between 4% and 5%
in the financial year ending Dec 31, 2022
(FY22), compared to last year’s 6.7%.
He said the slower loan growth projec-
tions were made after taking into account
risks such as rising inflation and the overnight
policy rate (OPR) hike into consideration.
Earlier this month, Bank Negara Malaysia
raised the OPR by 25 basis points to 2% af-
tuesDAy MAY 31, 2022 6 TheEdge CEO morning brief
home
KUALA LUMPUR (May 30): QL Re- QL Resources The CVS business comprises the Fam-
sources Bhd’s net profit dropped 39.43% 4Q net profit falls ilyMart retail chain and QL Kitchen — a
to RM69.39 million for the fourth quar- food production business.
ter ended March 31 (4QFY22), from on higher raw
RM114.57 million a year earlier, amid material prices, “The CVS contribution to total reve-
sharply higher raw material price, rising declares 3.50 sen nue and profit before tax surpassed the
fuel cost and disrupted operations. 10% threshold in just five years and is
dividend now reported as a standalone pillar in
Earnings per share fell to 2.85 sen from accordance with MFRS 8.13,” the group
4.71 sen, the group said in a bourse filing. by Sulhi Khalid said.
theedgemarkets.com
The lower earnings was despite a After adjustments made for the pan-
12.62% rise in revenue to RM1.37 bil- demic, there are now 290 FamilyMart
lion from RM1.22 billion, on the back of stores, excluding FM Mini, QL said.
a higher revenue contribution from most
of the business segments. “QL will achieve its target of 300 Fam-
ilyMart stores by mid-2022 and has set
On a quarter-on-quarter basis, net plans in motion for a further 300 stores
profit increased 16.05% from RM59.79 in the next five years to bring the total
million in 3QFY22, while revenue eased to 600 stores.
1.98% from RM1.41 billion.
“At the same time, 300 FM Minis are
The group declared a final dividend of also planned by FY2026. RM100 mil-
3.50 sen per share. lion has been invested into QL Kitch-
en to support FamilyMart’s growth,” it
For the full-year ended March 31, added.
QL’s net profit declined 30.32% to
RM217.32 million, from RM311.91 Shares in QL settled three sen or
million previously. 0.60% higher at RM5.03 on Monday
(May 30), valuing the group at RM12.24
Annual revenue, on the other hand, billion.
grew 19.84% to RM5.25 billion from Read also: Lay Hong suffered RM4 mil
RM4.38 billion. net loss in FY22, returned to the black
in 4Q as subsidies near end Click here
Looking ahead, the group said its con-
venience store chain (CVS) business pil-
lar is poised to be another catalyst for its
growth.
KUALA LUMPUR (May 30): Guan Guan Chong 1Q chocolate consumption in developed mar-
Chong Bhd (GCB) posted a 57% increase net profit jumps kets of US and Europe.
in its net profit to RM53.27 million for
the first quarter ended March 31, 2022 57% on better “Currently, we have even achieved
(1QFY22), from RM33.9 million in the grinding margins forward sales of more than 50% of our
previous year’s corresponding quarter, capacity which are slated for delivery in
supported by higher grinding margins. by Ahmad Naqib Idris 2023, a marked turnaround from a sim-
theedgemarkets.com ilar timeframe last year. The sales order
In a filing with the bourse, it said book points to a good year ahead,” he
revenue for the quarter grew 3.2% to said.
RM990.53 million from RM960.12 mil-
lion a year prior. Going forward, the group said the first
phase of construction works for its new co-
The group declared a first interim sin- coa grinding facility in Ivory Coast, Africa
gle-tier dividend of 1.5 sen per share, pay- is expected to be completed by the third
able on July 12, 2022. quarter of 2022, which will add 60,000
tonnes of annual grinding capacity upon
In a statement, GCB attributed the bet- commissioning, bringing its total capacity
ter margin during the quarter to the recov- to 330,000 tonnes.
ery of key chocolate consuming markets
in Europe and the US, as well as the lower Tay said the group will proceed with
production cost per tonne as a result of its expansion plans in the UK, and plans
higher production volume. to upgrade its facilities in Germany and
the US.
GCB managing director Brandon Tay
Hoe Lian said the group has been facing “Nonetheless, we remain cautious
multiple headwinds over the last two years, and circumspect of the recent inflation-
including the Covid-19 pandemic, glob- ary pressure, interest rate spike and rising
al supply chain interruptions and uncer- energy cost as a result of the Ukraine-Rus-
tainties from the living income differential sia conflict.
policy by the two largest bean-producing
countries in Africa. “These multiple geopolitical and eco-
nomic factors can create uncertainties to
“With international borders reopened the economy and affect our business per-
for travel and the pandemic behind us, formance,” he said.
we expect the demand for cocoa ingredi-
ents to grow in tandem with the improved GCB’s stock ended Monday seven sen
or 3.04% lower at RM2.23.
TUESDAY MAY 31, 2022 7 THEEDGE CEO MORNING BRIEF
BUILD
YOURSELF
A BETTER
FINANCIAL FUTURE
Y ou’re sitting in contentment on the porch of of its members will likely not have enough funds to This is important as Malaysia approaches aged
your home, laughing as your spouse scoops retire above the poverty line. nation status. By 2030, the number of people aged
up your grandchild for a fierce bout of tickling. 60 and above will make up 15% of the population,
The weather is beautiful, and you feel a great Additionally, you may have been setting aside and by 2042, the percentage will increase to 21%.
sense of ease as the stress of your former working some funds, just not in the right way. “A common This will raise policy challenges in areas such as em-
life is lifted off your shoulders for good. behaviour is putting money in a general-purpose ployment, income security and healthcare, under-
fund for all future needs, from family holidays to scoring the importance of having adequate savings
At least, that’s what you envision your retirement children’s education. It is crucial to have separate and income for future financial security and to help
to be. The unfortunate truth is that like many Malay- pools of funds for different goals, especially for re- you brace for any financial shocks.
sians, you may not be able to live your retirement tirement,” says Munirah.
aspiration because the odds are that you probably How Principal Asset Management can help
aren’t saving enough for your post-work years. Growing and protecting your nest egg But where do you start? Investing decisions can be
So how can you maintain your pre-retirement complicated, confusing and daunting, especially
Why most Malaysians can’t afford to retire standard of living? Determining how much you’ll when it is your future at stake. This is where Prin-
It’s easy to put off retirement planning. When you’re need is not a simple mathematical equation. cipal comes in. Novice investors, in particular, can
busy rushing to meet deadlines, raising a family, There are many factors to consider like longer life have blind spots when it comes to where they’re
maintaining friendships and making big life deci- expectancies, higher healthcare and living costs, putting their money, which is why it is so important
sions, planning for retirement is often put on the back and market returns. to have Principal’s financial consultants and retire-
burner. This is because retirement can seem so far off ment specialists as your financial “spotters”. They are
and, often times, it’s just easier to tell yourself that The World Bank has a good rule of thumb. It certified in both conventional and Islamic products
you’ll deal with it “tomorrow”. But if you want to be recommends that individuals have a 70% income and solutions, and utilise digital tools to onboard
comfortable during your golden years, you cannot replacement ratio during their retirement. Simply and manage clients’ portfolios.
afford to procrastinate nor lose track of your finances. put, it means that if your last salary withdrawal is
RM10,000, you would require RM7,000 to sustain If you’re more seasoned and prefer to take con-
“Another important aspect is for people to con- the same lifestyle after retirement. On average, trol of your investment money, Principal also offers
stantly evaluate their financial position based on the however, most Malaysians only have a 30% income a self-serve investment portal where EPF members
concept of net worth — which is simply taking all replacement ratio, according to the World Bank. can invest in unit trusts using their EPF money or
their assets, and minus their liabilities,” says Munirah cash. Alternatively, you can complement your EPF
Khairuddin, CEO and country head of Principal Asset There’s also the 60-20-20 budgeting rule based mandatory savings by investing in Principal’s PRS.
Management. “Not many people have a positive net on your gross salary. This approach suggests that
worth, and they need to realise the importance of you put aside 60% of your income for daily expens- “Start small. But as your salary or income grows
regularly evaluating their financial position.” es and essentials, 20% for emergency savings and yearly, incrementally increase your contribution to
20% for investments. RM250 or RM300, for example. Depending on the
Sure, like many working adults, you would have compound annual returns, you could potentially
savings with the Employees Provident Fund (EPF), Re- Other ways to pad your nest egg include refrain- have up to RM150,000 in 20 years,” says Munirah.
tirement Fund (Incorporated) (KWAP) or the Armed ing from withdrawing your EPF savings unless it is “You have to make your cash work harder for you
Forces Fund Board (LTAT). The problem is you might absolutely necessary. You might also want to consider and that’s where investments and savings can play
have been using some of these savings to pay for other ways to reach your financial goals such as in- a role in multiplying your wealth.”
your child’s education or reduce a housing loan. And vesting in unit trusts or private retirement schemes
even if you haven’t, you still may not have enough (PRS). Remember, compound interest is your friend. Learn more at https://www.principal.com.my/
squirrelled away. According to the EPFs statistics, 73% The earlier you invest, the better potential returns en/invest-online
you can earn.
MUNIRAH KHAIRUDDIN, Disclaimer: We recommend that investors read and under-
CEO OF PRINCIPAL ASSET MANAGEMENT stand the contents of the funds’ prospectus and product
highlights sheet available on the Principal website, which
have been duly registered with the Securities Commission
Malaysia (SC). Registration of these documents does not
amount to nor indicate that the SC has recommended
or endorsed the product or service. There are risks, fees
and charges involved in investing in the funds. We sug-
gest that you should understand the risks involved, make
your own risk assessment, and seek professional advice,
where necessary. This material has not been reviewed
by the SC. The past performance of a fund should not be
taken as indicative of its future performance.
tuesDAy MAY 31, 2022 8 TheEdge CEO morning brief
home
Public Bank 1Q by RM30.8 million or 1.5%, whereas oth- TNB 1Q net
net profit dips er income increased by RM42.6 million or profit slips 7%
8.6% to RM1.4 bil 60.8%, which was mainly due to higher for- on higher tax
on prosperity tax eign exchange income.
expenses
recognition Meanwhile, the group’s common equity
Tier I capital ratio, Tier I capital ratio and by Shazni Ong
by Sulhi Khalid total capital ratio stood at healthy levels of theedgemarkets.com
theedgemarkets.com 14.3%, 14.4% and 17.4% respectively.
KUALA LUMPUR (May 30):Tenaga
KUALA LUMPUR (May 30): Public Bank Its liquidity position also remained stable Nasional Bhd’s first quarter net profit
Bhd saw its net profit for the first quarter end- and healthy, with the liquidity coverage ratio slipped 6.84% to RM893.1 million from
ed March 31, 2022 (1QFY22) down by 8.59% standing at 126.2% as at March 31, 2022. RM958.7 million a year earlier on high-
to RM1.4 billion from RM1.53 billion a year er tax expenses.
ago due to the recognition of the prosperity tax. Commenting on the group’s financial per-
formance, Public Bank founder and chairman TNB said the higher tax expense was
Earnings per share declined slightly to Tan Sri DrTeh Hong Piow said the operating due to an increase in deferred tax ex-
7.21 sen from 7.88 sen. environment still remains highly challenging. pense of RM191.8 million and a reduc-
tion in current tax expense of RM34.8
In a filing with Bursa Malaysia on Mon- “The Public Bank group’s financing million which was due to a lower taxable
day (May 30), the banking group stated that growth [however] remained well supported income, despite an additional tax on
its quarterly revenue dropped by 2.84% to by its healthy funding structure as reflected Cukai Makmur amounting to RM113.5
RM4.89 billion, compared with RM5.03 bil- in its gross loan-to-fund and equity ratio of million.
lion previously. 80.7% as at the end of March 2022,” he said.
Earnings per share for the first quar-
The group did not declare any dividends Meanwhile, Teh shared that the banking ter ended March 31, 2022 fell to 15.6
for the quarter. On a quarterly basis, net prof- group’s resilience was further strengthened sen from 16.81 sen previously, TNB’s
it grew by 1.28% from RM1.38 billion for and it remains in good stead to capitalise on bourse filing showed.
4QFY21, while revenue slid by 0.59% from growth opportunities in the post-pandemic
RM4.89 billion. economy going forward. Revenue grew 36.42% to RM15.66
billion from RM11.48 billion, mainly
In 1QFY22, net interest income increased “The group will remain steadfast in pursuing due to the under-recovery position of
its organic business strategy, improving cost ef- Imbalance Cost Pass-Through (ICPT)
ficiency and maintaining superior asset quality of RM3.5 billion, as compared to the
to support its sustainable growth,”Teh added. previous corresponding period which
was in an over-recovery position of
At noon break on Monday, shares in Pub- RM327.3 million.
lic Bank settled one sen or 0.22% lower at
RM4.61, giving it a market capitalisation of Operating expenses rose 46.9% to
RM89.48 billion. RM13.43 billion from RM9.15 billion
mainly due to higher fuel price which
KUALA LUMPUR (May 30): Sapura Energy Sapura Energy was passed through the ICPT. Howev-
Bhd has kick-started its asset sale process to begins asset sale er, the operating profit recorded a slight
address its cash flow and balance sheet posi- with US$71 mil increase of RM41.8 million or 1.8%
tion with the planned disposal of heavy-lift due to lower net loss on impairment of
and pipelay vessel Sapura 3000 for US$71.5 Sapura 3000 financial instruments.
million (RM312.85 million). disposal
TNB said its resilient first quarter
In a filing, Sapura Energy said it has entered by Adam Aziz performance was underpinned by elec-
into a definitive memorandum of agreement theedgemarkets.com tricity demand growth of 4%, consist-
(MoA) with Safeen Feeder Co – Sole Proprie- ent with the overall improvement of the
torship Llc, a company in the Abu Dhabi Ports plan, after receiving winding-up petitions as its country’s gross domestic product of 5%.
Group of Companies, for the disposal. cash flow was strained due to non-performing
projects while financial obligations piled up. “The group foresees a reasonable
Built in 2008, the Sapura 3000 is a versatile performance for the year 2022 with the
heavy-lift pipe-laying vessel, equipped with a The integrated upstream service provid- implementation of Regulatory Period 3
3,000 short tonnes revolving mast crane,capable er has secured a restraining order against (RP3) effective from Feb 1. However,
of executing deep and shallow water projects. its creditors, which lasts three months from the group remains cautious on the pro-
March 10 to June 9. longed increase in coal price and im-
Sapura Energy took over ownership of the pact from increased customer’s credit
vessel in 2017 following the discontinuation At end-January 2022, Sapura Energy had risk outlook.
of its 50:50 joint venture with Subsea 7 SA. short-term borrowings of RM10.66 billion,
which included long-term debts that was “The group will continue to take pru-
Once the sale is completed by July 15, recategorised after breaching certain cove- dent measures in terms of its operational
2022, Sapura Energy is expected to recog- nants. This was against cash equivalents of and financial requirements to ensure it
nise net disposal gain of RM503,746, it said. RM717.75 million. remains resilient,” it added.
The price tag is based on willing buyer-willing
seller basis after conducting an international At last close, Sapura Energy shares settled TNB’s share price finished un-
request for proposal (RFP), it added. up half a sen or 6.25% at 8.5 sen, giving the changed at RM9.25, bringing a mar-
group a market capitalisation of RM1.36 billion. ket capitalisation of RM52.97 billion.
“The proceeds from the proposed dispos-
al will be utilised for working capital and to
reduce the borrowings of the Sapura Energy
group,” it said.
Sapura Energy is currently in negotiations
with creditors for a proposed scheme of ar-
rangement as part of its debt restructuring
tuesDAy MAY 31, 2022 9 TheEdge CEO morning brief
home
KUALA LUMPUR (May 30): Hong Leong Hong Leong “Accordingly, we have achieved a resilient
Bank Bhd (HLB) said Monday (May 30) Bank’s 3Q set of results for 9MFY22 as net profit after
that its net profit for the third quarter ended net profit up tax improved 9.7% year-on-year [y-o-y] to
March 31, 2022 (3QFY22) rose 1.73% to marginally RM2.38 billion on the back of solid loan/fi-
RM784.8 million from RM771.47 million a by 1.73% to nancing growth, effective cost management,
year ago due to lower allowance for impair- RM784.8 mil on lower loan impairment allowances and robust
ment losses on loans, advances and financing lower allowance contributions from our associates,” he noted.
as well as higher share of profit from an asso- for impairment
ciated company. According to him, the group’s gross loans
losses and financing expanded by 6.3% y-o-y, led
Its revenue for 3QFY22, however, fell by the continuing expansion in its mortgage,
2.8% to RM1.35 billion from RM1.39 bil- by Tan Siew Mung small and medium enterprises (SMEs) and
lion, its filing to Bursa Malaysia showed. theedgemarkets.com corporate businesses portfolio, in line with
the overall trajectory of economic growth.
The group said the higher profit was due consumption and international borders re-
to lower allowance for impairment losses on opening. “While we are steadfast in extending the
loans, advances and financing of RM62.9 necessary financial assistance to our clients,
million and higher share of profit from the “Aligned with the pickup in economic ac- we consistently aim to maintain strong asset
associated company of RM70.7 million. tivities, the bank should see demand for loan/ quality across all loan portfolios through our
financing from clients remaining robust over robust credit framework. Consequently, we
This, however, was mitigated by lower net coming quarters,” HLB group managing di- have attained an overall GIL ratio of 0.48%,
income of RM37.7 million, higher operating rector and chief executive officer Domenic coupled with sufficient loan impairment cov-
expenses of RM5.6 million and allowance for Fuda said in a Monday statement. erage buffer of 217.8%,” he said.
impairment losses on financial investments
and other assets of RM300,000. “Within this backdrop of an economic At noon break, HLB rose 14 sen or 0.67%
recovery, we have been agile and adaptive to RM21.14, valuing the group at RM45.52
For the first nine months ended March 31, in capturing new growth opportunities and billion.
2022 (9MFY22), the group’s net profit rose executing our strategic priorities to deliver Click here for the full story
9.69% to RM2.38 billion from RM2.17 bil- sustainable outcomes to our stakeholders,” Read also:
lion while its revenue slipped 0.86% RM4.1 he added. HLFG’s 3QFY22 net profit flat at RM577
billion from RM4.13 billion. mil Click here
Hong Leong Capital 3Q net profit down 51%
The group did not declare any dividend on lower non-interest income Click here
for the latest quarter.
“As we transition to the endemic phase,
the strong vaccination rates continue to pro-
vide the necessary impetus for Malaysia’s
economic recovery to pre-pandemic levels.
Despite risks from elevated inflation, Cov-
id-19 and geopolitical-related uncertainties,
the recovery prospects will be underpinned
by robust external demand, domestic private
KUALA LUMPUR (May 30): Press Met- Press Metal 1Q ply which should lend support to the met-
al Aluminium Holdings Bhd’s first quar- net profit more al’s price.
ter (1Q) net profit surged 104.66% to
RM421.02 million, from RM205.72 million than doubles He said China is currently filling the
a year earlier, on higher aluminium price, on higher supply gap in the Western markets as its
additional output and higher profit sharing domestic market activities faced tempo-
from associated companies. aluminium price rary slowdown due to the implementation
and ouput of pandemic lockdowns in recent months.
Earnings per share for the quarter end-
ed March 31, 2022 rose to 5.21 sen from by Shazni Ong But he said this could swiftly reverse
2.55 sen previously, the group’s bourse fil- theedgemarkets.com when the Chinese economy switches back
ing showed. on gear with the eventual easing of lock-
phenomenon in our business. downs coupled with its US$2.3 trillion in-
Revenue grew 86.56% to RM3.92 billion “We have experienced numerous cycles frastructure plan to spur the economy.
from RM2.1 billion mainly due to the higher
aluminium price and additional production over the years and ultimately, placing an “With the reopening of economies and
output following the full commissioning of emphasis on our own competency and ef- heightened manufacturing activities in the
the group’s Phase 3 smelting operations in ficiency is how we continue to remain com- region, we believe that Southeast Asia, being
October 2021. petitive,” he added. an export hub, should see additional de-
mand for raw materials such as aluminium.
Press Metal declared a first interim div- On the supply front, Koon said persis-
idend of 1.5 sen per share, to be payable tently high energy prices in Europe have “Leveraging on our position as the largest
on June 27. led to the curtailment of aluminium sup- aluminium smelter in this region, we are well
positioned to seize this opportunity as cus-
Press Metal group chief executive officer tomers prefer to avoid uncertainties stem-
Tan Sri Paul Koon said the financial results ming from logistic disruptions and trade
represent a growth trajectory driven by ex- tensions,” he said.
pansion strategies across its value chain.
Press Metal’s share price settled two sen
“Market fluidity on the backdrop of de- or 0.36% higher at RM5.50, bringing a mar-
mand and supply dynamics is an expected ket capitalisation of RM45.32 billion.
T U E S D A Y M A Y 3 1 , 2 0 2 2 10 T H E E D G E C E O M O R N I N G B R I E F
t u e s D A y M A Y 3 1 , 2 0 2 2 11 T h e E d g e C E O m o r n i n g b r i e f
home
KUALA LUMPUR (May 30): Former Apandi appeals to voice out their dismay, especially after
attorney-general (AG) Tan Sri Mohamed loss of his all channels of complaint were exhausted.
Apandi Ali has filed his notice of appeal
over the May 23 High Court decision defamation suit She added that the public absolute-
where he lost his defamation suit against against Kit Siang ly had the interest to know of Mohamed
DAP veteran leader Lim Kit Siang over Apandi’s “actions or inactions” which “di-
an article the Iskandar Puteri member of by Hafiz Yatim rectly and indirectly” lent a hand in cover-
Parliament had penned in 2019. theedgemarkets.com ing up the 1MDB scandal and the known
personalities involved. Lim merely high-
Mohamed Apandi’s counsel MVisvana- Mohd Izwan Mohd Nazam/The Edge lighted this in his article.
than when contacted by theedgemarkets.com
confirmed the notice of appeal had been filed. Tan Sri Mohamed Apandi Ali Justice Azimah, among others, found
that Lim exercised responsible journalism
“We have filed the appeal. It was filed by verifying his facts and also fulfilled the
on May 24, and this was duly served on element of qualified privilege.
the solicitors for the defendant,”Visvana-
than said. “When 1MDB scandal involves crimi-
nality and illegalities, social and economic
Meanwhile, Kit Siang’s lawyer Sangeet repercussions to the nation’s economy and
Kaur Deo when contacted by theedgemar- the morality of the nation’s top leaders and
kets.com confirmed receiving the notice. agencies, it is well within the rakyat’s — not
just the defendant’s (Lim) as member of
In civil cases, the losing party has 30 Parliament — interest and duty to voice
days to file an appeal after the verdict was out their dismay and enmity, especially
delivered. when all avenues [of complaint] have been
exhausted and only for the uproar to fall
Justice Datuk Azimah Omar in dismiss- on deaf ears,” she said in her ruling in dis-
ing Mohamed Apandi’s defamation suit missing the suit.
ruled the 1Malaysia Development Bhd
(1MDB) scandal highlighted in Lim’s In dismissing the suit, Justice Azimah
article was a matter of national interest also ordered the former AG to pay
and it was within the duty of any member RM80,000 costs.
of the public, let alone a parliamentarian,
KUALA LUMPUR (May 30): Business- Deepak to seek Deepak, together with his brother Ra-
man Deepak Jaikishian (pic) said he will be review of Federal jesh Jaikishian and their company Carpet
seeking a review of the Federal Court’s dis- Court’s rejection Raya Sdn Bhd, filed the suit in 2018,
missal of his application for leave to appeal of leave to appeal claiming that they had acted as proxies
in three lawsuits, including against former on behalf of Najib and Rosmah in cer-
prime minister Datuk Seri Najib Razak against Najib tain business transactions both denied
and his wife Datin Seri Rosmah Mansor. and in doing so had incurred taxes. The
by Hafiz Yatim former premier and his wife have denied
Deepak said the High Court had sum- theedgemarkets.com the claim.
marily struck out the legal claims brought
against Najib, Rosmah, Umno lawmaker the edge file photo Also named as a defendant was Abdul
Datuk Seri Abdul Azeez Abdul Rahim, as Azeez, who is also the Baling Member of
well as Boustead Holdings Bhd and its a conspiracy tax suit he filed against Najib Parliament.
subsidiaries. and Rosmah and three others.
The suit was struck out in the High
“Those claims were in respect of, The other judges on the bench were Chief Court, and the subsequent appeal to the
among other things, alleged abuses of Judge of Sabah and SarawakTan Sri Abang Court of Appeal to reinstate it was also
power, misfeasance in public office and Iskandar Abang Hashim and Federal Court dismissed.
conspiracy which had caused me severe Judge Datuk Rhozhariah Bujang.
prejudice,” he said in a statement. The Federal Court also dismissed
Deepak’s leave to appeal in another suit
“I have instructed my solicitors to file the businessman filed against Bakti Wira
applications pursuant to Rule 137 of the Development Sdn Bhd, Najib, Rosmah
Rules of the Federal Court 1995 to review and Boustead Holdings Bhd, and a third
the said decisions of the Federal Court de- suit filed against Cebur Megah Sdn Bhd.
nying me leave to appeal and the proper More court stories:
forum of a full trial to expose the despic- Apex court hearing on constitutionality
able malfeasance by the former premier,” of Penang’s anti-hopping law on Aug 3
added Deepak. Click here
Rule 137 relates to the apex court’s in- 1MDB audit report tampering trial:
herent power to review previous decisions Hearing of prosecution’s application to call
in order to prevent an injustice or an abuse Arul Kanda as witness deferred to June 3
of process. Click here
On May 27, a three-member Federal
Court bench led by Court of Appeal Pres-
ident Tan Sri RohanaYusuf unanimously
dismissed the application by Deepak and
his brother for leave to appeal to reinstate
t u e s D A y M A Y 3 1 , 2 0 2 2 12 T h e E d g e C E O m o r n i n g b r i e f
home
Media Prima 1Q are still strong, which give the group confi- TIME’s 1Q net
profit rises on dence that this will be a key catalyst for the profit eases
growth of its advertising revenue in the re- on higher
lower depreciation, maining quarters of the year. depreciation
amortization
“We are cautiously confident that our oth- and staff costs,
by Sulhi Khalid er platforms including Out-of-Home and forex loss
theedgemarkets.com Media Prima Audio will see recovery in the
coming quarters this year. by Adam Aziz
KUALA LUMPUR (May 30): Media Pri- theedgemarkets.com
ma Bhd’s net profit in the first quarter ended “The positioning of Omnia as an adver-
March 31, 2022 (1QFY22) grew by 14.9% tising solutions provider that offers creative KUALA LUMPUR (May 30): TIME
to RM6.03 million compared to RM5.25 services and integrated marketing solutions dotCom Bhd’s first quarter (1Q) net
million, supported by lower depreciation and across all of the group’s media platforms will profit eased 0.78% to RM90.65 million,
amortization expenses together with higher continue to facilitate the growth. from RM91.35 million a year earlier, on
other operating income. higher depreciation charged, staff-relat-
“On the non-advertising revenue front, ed costs and impact of foreign exchange
As a result, earnings per share rose to the group is looking to move forward with (forex) movements.
0.54 sen from 0.47 sen. the next phase of growth forWOWSHOP,”
it said in its filing to Bursa. Earnings per share for the quarter
In a Bursa Malaysia filing on Monday ended March 31, 2022 slipped to 4.97
(May 30), the group said its quarterly reve- The group added that it foresees to ben- sen, from 5.04 sen, according to the
nue declined by 2.77% to RM247.47 million efit from the increase in demand for more group’s bourse filing.
from RM254.53 million, driven by Omnia’s local content from existing and new stream-
integrated advertising strategy which led to ing service providers. This was despite revenue rising
a 14% year-on-year increase in advertising 11.47% to RM369.35 million from
revenue. On a quarterly basis, the group’s “The group will focus on sustaining the RM331.33 million, as all core customer
net profit, however, fell by 79.17% from performance by accelerating revenue-gen- groups comprising retail, enterprise and
RM28.94 million recorded in the immedi- erating efforts for its advertising, digital and wholesale contributed to revenue growth.
ate preceding quarter (4QFY21) while rev- commerce businesses whilst continuously
enue decreased by 21.66% from RM315.9 monitoring its cost management initiatives. This,TIME added, was on the back
million in 4QFY21. of demand for data centres and data of-
“The group will continue to look out for ferings from the group.
Moving forward, the group said ratings, more strategic collaborations to grow further,
listenership and reach across all its platforms while elevating its competitive advantage,” Depreciation charges during the
it explained. quarter rose by RM2.6 million, while
the group booked a net forex loss of
Shares in Media Prima closed one sen or RM3.9 million versus gain of RM8.3
1.83% lower to 54 sen on Monday, giving it million last year.
a market capitalisation of RM588.03 million.
Click here for the full story It also booked higher staff-related
costs of RM12.7 million, as well as a
KUALA LUMPUR (May 30): My EG MyEG 1Q net profit RM4.6 million increase in advertising
Services Bhd (MyEG) posted an 11% rise grows 11% on higher expenses plus flood relief donations. Fi-
in its net profit to RM84.63 million for nance costs also rose.
the first quarter ended March 31, 2022 collection from
(1QFY22), from RM76.29 million a year quarantine services TIME commander-in-chief Afzal Ab-
earlier, on higher contribution from what dul Rahim said the group is cautious-
the group termed “Covid-19 quarantine by Ahmad Naqib Idris ly optimistic about demand growth for
collection services” under MySafeTravel theedgemarkets.com its offerings with the reopening of the
and MySafe Quarantine, as the govern- economy.
ment closed down its quarantine centres changed to a reservation arrangement and
and allowed private quarantine arrange- recognised a referral fee for every private “Strategically, the group remains in-
ments to be made. quarantine arrangement instead, which also vested in network expansion to support
resulted in a decrease in operating expenses. connectivity needs as well as help the
The quarterly earnings improvement nation achieve its digital economy ob-
also came from higher transaction volumes The group declared no dividends with jectives.
for its existing concession services, which its latest results announcement, which saw
resulted in higher contribution from ancil- earnings per share rising to 1.1 sen from 1 “Regionally, we are still seeing
lary services such as fulfillment of security sen previously. a healthy level of demand for both
documents and online renewal of insurance, cross-border connectivity and data cen-
its bourse filing showed. Looking ahead, MyEG expects to con- tre offerings. We will continue to inno-
tinue introducing innovative services by lev- vate our products and services in order
The stronger net profit came despite a eraging on new technologies in Malaysia to meet customer requirements,” Afzal
6% dip in revenue to RM161.77 million and other markets it is operating in. said in a statement.
from RM171.46 million, mainly because
the group previously purchased rooms up- Click here for the full story Shares ofTIME fell nine sen or 1.99%
front from quarantine hotels for the pri- to RM4.43, giving the group a market
vate quarantine arrangement — which re- capitalisation of RM8.09 billion.
sulted in higher revenue and cost of sales
in 1QFY21. From 1QFY22, the group
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Berjaya Corp gaming operations was mainly due to better sales OSK’s 1Q profit
returns to profit from lotto games, which resulted from higher drops 26% on
in 9MFY22 as it accumulated jackpot prizes, coupled with strong- lower property,
narrows 3Q loss er sales attained during the festive period in the construction
month of February 2022,” it said. contributions
with stronger
revenue As for its retail business, BCorp said its non- by Syafiqah Salim
food business saw higher revenue mainly because theedgemarkets.com
by Shazni Ong HR Owen Plc reported higher sales from both new
theedgemarkets.com and used car sectors upon the full resumption of KUALA LUMPUR (May 30): Diversi-
its business operations for the quarter under re- fied group OSK Holdings Bhd’s net profit
KUALA LUMPUR (May 30): Berjaya Corp view.“HR Owen’s operations in the previous year’s for the first quarter ended March 31, 2022
Bhd (BCorp)’s net loss for the third quarter corresponding quarter was negatively impacted by (1QFY22) fell 25.89% to RM86.27 million
ended March 31, 2022 (3QFY22) narrowed the third national lockdown in the United King- from RM116.41 million in the same quar-
to RM35.89 million from RM87.56 million in dom from Jan 5, 2021 to April 12, 2021,” it noted. ter last year, on lower contributions from its
3QFY21, amid better contributions from its ser- property and construction businesses.
vices, retail and hospitality businesses, coupled Meanwhile, its food retail business recorded a
with higher net investment-related income. significant increase in revenue, thanks to improved Revenue slipped 5.69% to RM306.46
mobility upon the resumption of domestic tourism million from RM324.96 million, the group’s
The latest results trimmed its quarterly loss and further relaxation of Covid-19 standard oper- bourse filing showed.
per share to 0.62 sen from 1.52 sen previously, ating procedures.“The higher revenue was mainly
its bourse filing showed on Monday.The group due to higher same-store-sales growth particularly Earnings per share declined to 4.18 sen
did not declare any dividends. from the Starbucks café outlets,” it added. from 5.65 sen. No dividend was declared.
Revenue was up 32.98% to RM2.42 billion For the nine months ended March 31, BCorp Its property segment saw a 55% drop in
from RM1.82 billion a year prior, driven mainly returned to black with a net profit of RM5.81 pre-tax profit to RM26.5 million, as revenue
by its services and retail segments. million, compared with a net loss of RM196.22 fell 21% to RM175.1 million,mainly because
million in the corresponding nine-month period a projects launched in 2021 are at their initial
Topline from its services segment, BCorp year prior, mainly attributed to the hospitality and stages of construction and have not reached
noted, was boosted by higher contribution from retail segments, coupled with the share of better the revenue and profit recognition threshold.
its gaming operations, which was operated by results of associates and joint ventures, as well as
STM Lottery Sdn Bhd (formerly known as higher net investment-related income. “In addition, 1Q22 showed a significant
Sports Toto Malaysia Sdn Bhd). decline in profit contribution from our joint
Cumulative revenue rose 2.77% to RM5.86 venture project in Melbourne,Australia from
“The 70.3% increase in revenue from the billion from RM5.7 billion, mainly on stronger RM15.9 million in 1Q21 to a loss of RM0.5
contributions from its retail and hotel segments, million in 1Q22. 1Q21 saw the profit recog-
partly offset by lower revenue reported by both nition from the settlement of the final batch
the services and property segments. of purchasers upon completion of the con-
Click here for the full story struction of Phase 1 of Melbourne Square
(MSQ).Despite the pick-up of sales upon the
KUALA LUMPUR (May 30): IGB Bhd’s net IGB Bhd net profit reopening of Australia’s borders, the sale of
profit for the first quarter ended March 31, jumps to RM42.72 completed units in 1Q22 was not sufficient
2022 (1QFY22), jumped to RM42.72 million to cover the outgoings, resulted in a slight
from a net loss of RM7.95 million recorded mil in 1QFY22 loss,” said OSK.
in the same period last year.
Bernama Its construction segment, meanwhile,
Revenue rose to RM288.19 million from dropped into a pre-tax loss of RM1.1 mil-
RM234.62 million previously, attributed to “Barring unforeseen circumstances, the lion against a pre-tax profit of RM0.4 million
higher contributions from the property invest- board is cautiously optimistic that the group’s a year earlier.“The performance of the seg-
ment (retail, property investment), commer- results for the financial year 2022 will be bet- ment is dependent on the number of projects
cial, hotel and investment divisions. ter than 2021,” it added. that were rolled out by the property develop-
ment division.The construction progress of
“For the three months, IGB Real Estate In- At market close on Monday, IGB’s shares the new projects undertaken did not gener-
vestmentTrust reported total gross revenue and were unchanged at RM2.38, with 6,300 ate sufficient revenue to cover its overhead
net property income of RM133.8 million and shares transacted. costs, thus resulted in a loss in 1Q22,” it said.
RM107.7 million respectively, an increase of More corporate results:
about 35% and 73% respectively,”it said in a fil- Bina Darulaman doubles net loss in 1Q due On prospects, the group said it is confi-
ing with Bursa Malaysia on Monday (May 30). to lower engineering, construction margins dent it would perform satisfactorily for the
Click here remaining quarters of the financial year end-
It said the property investment-commer- ing Dec 31, 2022 (FY22).
cial division contributed gross revenue of RohasTecnic turns in a profit in 1QFY22 as
RM46.0 million, while revenue contributed revenue surged 153% Click here At the time of writing on Monday, OSK
by the hotel division increased by more than shares were unchanged at 90 sen, valuing
100% to RM21.5 million, from RM10.3 mil- the group at RM1.89 billion.
lion in Q1 2021.
Click here for the full story
On the outlook, the company expects the
easing of travel restrictions and standard operat-
ing procedures for businesses to have a positive
effect on the local economy and, in particular,
the group’s retail and hospitality divisions.
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KUALA LUMPUR (May 30): AirAsia AirAsia X pivots der with the Registrar of Companies on
X Bhd (AAX) has reported a net profit to profit with March 16.
of RM33.62 billion for the third quarter RM33.6 bil
ended March 31, 2022 (3QFY22) after “The lodgement of the sanction order
writing a similar amount back to profit as write-back in 3Q marks the completion of the debt restruc-
the group completed its debt restructuring. turing process, a fact which is reflected in
BY SYAFIQAH SALIM the financial statements for the quarter
After excluding the provision write- theedgemarkets.com where RM33.6 billion of provisions made
back, AAX booked a loss before inter- for default under contracts, and liabilities
est, tax, depreciation and amortisation of (2QFY22), AAX registered a net loss of which have been forgiven have been re-
RM6.08 million. RM11.94 million on revenue of RM119.31 versed,” the group said.
million.
Revenue for the quarter totalled AAX said that from an operational per-
RM113.01 million, according to the AAX said the debt restructuring took spective, the group continued to operate
group’s filing with Bursa Malaysia. effect upon lodgement of the sanction or- cargo and charter flights during 3QFY22
and generated RM113 million of revenue,
There is no comparative financial in- REUTERS a slight reduction of RM3.4 million or 3%
formation available for the same quarter over the previous quarter.
last year, as the group changed its financial
year end from Dec 31 to June 30. “Cargo operations have been adversely
impacted by the recent lockdowns imposed
For the immediate preceding quarter in China, and a decline in cargo yields as
more capacity comes back online, but the
company continues to seek to diversify its
cargo customer base to support cargo rev-
enues in the future,” said AAX.
For the cumulative nine months end-
ed March 31, 2022, AAX posted a net
proft of RM33.46 billion on revenue of
RM331.59 million.
AAX shares closed down half a sen or
0.89% to 55.5 sen on Monday (May 30),
valuing the group at RM230.22 million.
The counter has fallen 14.62% year-to-
date.
Read also: Malaysia Airlines warns of
‘downside scenarios’ as weaker ringgit
impacts costs Click here
KUALA LUMPUR (May 30): Malaysia MAHB 1Q net traffic recovery with total passenger traffic of
Airports Holdings Bhd (MAHB) report- loss narrows 53% 14.7 million passengers in the quarter under
ed a net loss of RM104.76 million for review as compared to 5.9 million a year ago.
the first quarter ended March 31, 2022 to RM105 mil
(1QFY22), a 52.66% decrease from amid further eased “Malaysia operations passenger traffic
RM221.3 million last year, boosted by travel restrictions improved significantly to 8.3 million as
improved revenue. compared to 1.7 million passengers in the
BY IZZUL IKRAM corresponding quarter in the prior year.
MAHB noted that its net loss for the theedgemarkets.com
quarter narrowed year-on-year despite an “Turkey operations continued to show
increase in depreciation in line with traffic The group added that the increased passenger traffic recovery from 4.2 million
and higher finance cost. passenger volumes were driven by further to 6.4 million passengers during the same
easing of travel restrictions and quaran- period,” the group said.
“Other cost increase [was] primarily tines, reopening of borders via vaccinated
due to increase in user fees payable under travel lane (VTL) arrangements by several Meanwhile, it said its non-airport op-
the operating agreement and other reve- countries and the gradual transition to an erations’ revenue increased by 34.7% to
nue share payables to the concessionaire. endemic phase. RM15.6 million due to higher revenue
Nonetheless, core operational expenses from the project and repair maintenance,
marginally increased by RM1.3 million,” MAHB said revenue from its airport agriculture and hotel business.
it added. operations increased 74.8% to RM510.2
million. Its aeronautical segment’s revenue “Overall, Malaysia and Turkey opera-
Loss per share improved to 7.17 sen doubled to RM294.8 million on the back of tions had recorded a significant increase
from 14.19 sen, according to the group’s in revenue by 67.1% to RM273.1 million
bourse filing on Monday (May 30). Rev- and 80.7% to RM275.1 million respec-
enue for the quarter surged 69.44% tively, [while] Qatar operations recorded
to RM570.85 million as compared to a marginal increase in revenue by 6.1% to
RM336.91 million a year ago, in tandem RM22.6 million.
with a significant increase in passenger Click here for the full story
volumes.
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KUALA LUMPUR (May 30): Trou- Serba Dinamik The cash-strapped company is currently
bled oil and gas services provider Serba net loss widens in court, seeking a restraining order against
Dinamik Holdings Bhd posted its third as ‘corporate creditors of its subsidiaries, as it plans to en-
consecutive net loss for the third quarter expenses and gage with creditors for a proposed scheme
ended March 31, 2022 (3QFY22), with a consolidation of arrangement that it anticipates will pro-
net loss of RM434.19 million — its larg- vide “100% return” to its creditors.
est to date. elimination’
nearly triples “Even though the group has now been
Prior to this, Serba Dinamik posted a net classified as a Practice Note 17 compa-
loss of RM290.33 million for 2QFY22 and by Shazni Ong ny, the board is confident that the restruc-
a net loss of RM42.11 million for 1QFY22. theedgemarkets.com turing and regularisation plan will benefit
The group had changed its financial year shareholders in the long run. The board
end to June 30 from Dec 31 last year. United Arab Emirates (UAE) and Malay- will be filing an application to seek leave
sia, it said. from court to convene its creditors meet-
Consequently, 3QFY22 losses per ing upon withdrawal of its application for
share widened to 11.7 sen, its bourse fil- This more than offset the 76.9% de- judicial management.
ing showed on Monday (May 30), com- crease in engineering, procurement, con-
pared with 7.88 sen for 2QFY22 and 1.14 struction and commissioning’s (EPCC) “Despite completion of the statutory
sen for 1QFY22. revenue from RM7 million in 3QFY22 audit, the board of directors anticipates
to RM30.4 million in 2QFY22, which it that the group’s operations will remain
The wider net loss quarter-on-quarter said was due to slower EPCC activities in challenging. On the other hand, the board
(q-o-q) was despite gross operating loss Malaysia. of directors pledges to resolve the ongo-
narrowing to RM77.22 million in 3QFY22, ing issue, including the restructuring and
from RM165.85 million in 2QFY22. On prospects, Serba Dinamik said the regularisation plan, in the best interests of
group’s annual general meeting, which was stakeholders,” it added.
Instead, losses under “corporate ex- held on Jan 31, 2022, approved all reso-
penses and consolidation elimination” rose lutions, which is a good sign of its share- Serba Dinamik’s share price settled un-
180.46% q-o-q to RM355.47 million, from holders’ trust. changed at 11 sen on Monday, giving it a
RM126.74 million. No explanation was market capitalisation of RM409.99 million.
given by Serba Dinamik on the matter. Click here for the full story
Read also: KNM posts third straight
The weaker performance was despite loss-making quarter Click here
revenue for the quarter rising 16% q-o-q
to RM205.48 million, from RM177.14
million in 2QFY22.
The increase was mainly due to activ-
ities in the operations and maintenance
(O&M) segment, especially from Qatar,
KUALA LUMPUR (May 30): Research Research firms feedstock and utilities supply.
firms have remained optimistic on Petronas remain positive “As such, we believe the group would
Chemicals Group Bhd’s (PetChem) earn- on PetChem’s
ings prospects, citing the strong correlation remain steadfast in its operations and
to its share price as firmer naphtha costs earnings management to sustain within and above
will support petrochemical product prices. prospects the petrochemical industry’s regional
benchmark.
AmInvestment Bank Bhd expects sta- Bernama
ble near-term earnings as Brent crude oil “Nonetheless, the risk to its near-term
prices have recently traded at or above the “We believe that the plant will record performance remains to be the Covid-19
US$110 (RM480.70) per barrel threshold minimal losses in 2H22 during the ramp- impact in China and its uncertainty glob-
compared with the first quarter of 2022 up phase,” the firm said in a note, adding ally, the volatility of crude prices in tan-
average of US$107 per barrel. that it maintains its earnings estimates dem with the Russia-Ukraine war, and
and target price at RM12.21. tight supplies from supply chain disrup-
This is due to the improving earnings tion and Russian commodity sanctions.
prospects of the group’s Pengerang Inte- MIDF Amanah Investment Bank Bhd
grated Complex’s (PIC) operation in tan- said the global economic conditions in “We echo PetChem’s anticipation on
dem with improved petrochemical price light of the growing inflation and interest petrochemical feedstocks and products to
prospects, it said. rates, coupled with hiking petrochemi- remain stable on the strength of demand
cal product prices in correlation with the recovery, albeit the possibility of weak-
The research firm maintains a “buy” call surging crude oil prices, are expected to ened demand in China and limited sup-
with an unchanged fair value of RM11.30 continue influencing PetChem’s opera- ply due to the Russian sanctions,” it said.
per share. tions and plant utilisation rate.
All in, MIDF maintains its “buy” call
Meanwhile, RHB Investment Bank Bhd It said the group reported that its on PetChem with a revised target price
said the petrochemical plant at Pengerang production facilities were dependent on of RM11.93 per share.
is expected to commence operations in maintenance activities, availability of
phases following the PIC start-up in ear- At 11.20am, PetChem’s shares were
ly May. flat at RM9.98 with 1.14 million units
traded.
The management is targeting the plant Read also: Ringgit ends higher against
to achieve 50% to 60% utilisation in the US dollar on rising oil prices — analyst
second half of 2022 (2H22) and subse- Click here
quently ramp up to the optimal level of
90% in 2023.
T U E S D A y M A Y 3 1 , 2 0 2 2 17 T h e E d g e C E O m o r n i n g b r i e f
Official Solar Partner Supported By
The Edge Malaysia Top Property Developers The Edge Malaysia The Edge Malaysia Affordable
Awards, the anchor awards of The Edge Malaysia Urban Housing Excellence
Property Excellence Awards, was established in Outstanding
2003 to rank Malaysia’s best property players based Overseas Project Award is an exercise to recognise
on their quantitative and qualitative attributes. Award is an exercise outstanding affordable housing
projects for the urban middle-
The Edge Malaysia-PEPS Value Creation Excellence to recognise
Award is an exercise to measure the capital impressive projects income group undertaken
undertaken wholly wholly by private sector property
appreciation of properties between the property by Malaysian private
developers’ selling price and the subsequent resale developers in Malaysia.
sector property
price in secondary transactions. developers in other The Edge Malaysia-PAM Green
Excellence Award is an exercise to
countries. recognise property developments that
demonstrate sustainable design that
is innovative and outstanding while
contributing positively
to the community.
>>>SNUOWBMOIPSESNIOFNORS • Entry forms can be downloaded for free from
theedgemarkets.com and edgeprop.my.
• For enquiries, please contact Corporate Communications at
The Edge at 603-7721 8244 or [email protected]
SUBMISSION DEADLINE
All entries must reach The Edge Communications Sdn Bhd at
Level 3, Menara KLK,
No. 1 Jalan PJU 7/6,
Mutiara Damansara,
47810 Petaling Jaya, Selangor, by
5PM, FRIDAY, JUNE 24, 2022
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KUALA LUMPUR (May 30):TH Plan- TH Plantations sia due to acute labour shortage and
tations Bhd’s first quarter net profit 1Q net profit up the tight global edible oils supply due
rose 44.27% to RM21.59 million, from 44% on higher to weather conditions and the effects
RM14.97 million a year earlier, largely of the Ukrainian conflict and Russian
contributed by higher revenue from its CPO prices sanctions.
oil palm plantation segment amid higher
crude palm oil (CPO) prices. by Sulhi Khalid “We remain cautious on the impact
theedgemarkets.com of Indonesia’s recent palm oil export
Earnings per share for the quarter policy supporting its domestic market
ended March 31, 2022 (1QFY22) in- ly due to an acute labour shortage and obligation agenda,” it added.
creased to 2.44 sen from 1.69 sen, ac- higher cost of sales, drives the group to
cording to the group’s filing with Bursa innovate internally while continuing its Shares in TH Plantations closed 2.5
Malaysia. efforts on sustainability, replanting and sen or 3.21% lower at 75.5 sen, giv-
mechanisation of operations to improve ing the group a market capitalisation of
Revenue rose 50.95% to RM198.11 overall efficiency and effective cost man- RM667.31 million.
million from RM131.24 million previ- agement. Read also:
ously, underpinned by higher average Tabung Haji deposits rise to record high
realised prices for CPO, palm kennel “TH Plantations expects palm oil of RM88 bil Click here
and fresh fruit bunches. prices to remain favourable and ele-
vated for the first half of the year, giv- TDM returns to profit in 1Q on improved
On a quarterly basis, net profit was en the tight inventory level in Malay- plantation, healthcare businesses
sharply higher from RM1.83 million Click here
in the immediate preceding quar-
ter (4QFY21) while revenue declined
19.97% from RM247.55 million.
TH Plantations said the ongoing chal-
lenging operating environment, large-
KUALA LUMPUR (May 30): Local re- Local retailers “Their strongest net buying day was
tailers returned as net buyers to the tune returned as net last Tuesday at RM75.9 million.
of RM135.1 million last week, while both buyers last week,
local institutions and foreign investors “Local retailers have been net buyers
turned net sellers. says MIDF for 13 out of 21 weeks of 2022,” it said.
Foreign selling of Malaysian equities by Surin Murugiah MIDF said that year-to-date, local re-
stood at RM82.97 million last week from theedgemarkets.com tailers have been net buyers at RM1.24
a net inflow RM26.15 million the prior billion.
week. Weekly net flow of foreign
funds into Malaysian equities “In terms of participation, all investor
In its fund flow report on Monday since January 2021 classes saw a decline for the week.
(May 30), the MIDF Research team said
the previous occurrence when local re- (RM mil) July May “Foreign investors saw a decrease in
tailers were the sole net buyers was in 1,400 2021 2022 the average daily trade value (ADTV) by
the week ended April 15. 1,200 19.7%. Local retailers and local institu-
1,000 tions posted declines of 6.5% and 17.5%
“Foreign investors were net sellers respectively in ADTV,” it said.
once again after being net buyers for a 800
brief two weeks. 600 Commenting on the global scene,
400 MIDF said major equity markets were
“Net outflows from them summed up 200 in mostly in the positive region last week,
to RM83 million for the week ended May on the back of signs of softening inflation-
27,” it said. 0 ary pressures and the hint of flexibility
-200 in rate hikes by the US Federal Reserve.
MIDF said local institutions remained -400
net sellers for the third consecutive week -600 MIDF said the Dow Jones Industrial
at RM52.1 million. -800 Average snapped its string of decline of
eight consecutive weeks to record a gain
It said that to date, international funds Jan of 6.24%.
have been net buyers for 16 out of the 21 2021
weeks of 2022, with a total net inflow of Similarly, it said the S&P 500 and
RM6.92 billion. Sources: Bursa Malaysia statistics, the tech-heavy Nasdaq Composite In-
MIDF Research dex both broke their losing spells of sev-
“They were net sellers last Monday en weeks to clock in gains of 6.58% and
and Tuesday at RM199 million before MIDF said local retailers were net 6.84% respectively.
turning net buyers lastWednesday to Fri- buyers every day of the week except last
day, totalling RM116 million. Wednesday, when they net sold only “Out of the 16 indices we track, 10
RM260,000 of equities. advanced for the week, led by SPX and
“Local institutions were net sellers the INDU. France’s CAC 40 came in third
entire week except last Tuesday, when at 3.67%.
they net bought RM87.1 million,” it said.
“The worst performer was the Shang-
MIDF said the heaviest outflow came hai Shenzhen CSI 300, which posted a
last Friday at RM77.6 million. decline of 1.87%. This was followed by
Singapore’s Straits Times Index and the
“They have been net sellers for 18 out Philippine Stock Exchange Index, down
of 21 weeks this year. To date, they have by 0.31% and 0.3% respectively,” it said.
sold RM8.16 billion of equities,” it said.
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news In brief
Comintel bags two sub-contracts YXPM managing director Ng Sheau Chyn (third from left) and Public Investment Bank CEO Lee
worth RM275.44 mil Yo-Hunn (third from right) together with YXPM board members (from left) Aw Ee Leng, Wong
KUALA LUMPUR (May 30): System Phait Lee, Tan Sri Azlan Mohd Zainol, Datuk Ng Yih Pyng and Tang Yow Sai
integrator, Comintel Corporation Bhd’s
wholly-owned subsidiary Total Package YX Precious Metals to raise RM31.26 mil via IPO on ACE Market,
Work Sdn Bhd has accepted two revised to list on June 23
letters of awards with regards to two KUALA LUMPUR (May 30): ACE Market-bound gold jewellery wholesaler and
sub-contract jobs worth RM275.44 manufacturer YX Precious Metals Bhd (YXPM) is seeking to raise RM31.26 million from
million from Binastra Construction (M) its initial public offering (IPO). Notably, YXPM is a wholly-owned subsidiary of Tomei
Sdn Bhd. The first sub-contract entails Consolidated. YXPM managing director Ng Sheau Chyn said the group saw a huge
the construction and completion of demand for gold jewellery during the pandemic and it intends to increase its product
reinforced concrete (RC) framework, range and establish more business-to-business (B2B) opportunities in the future. YXPM
architectural and infrastructure works mainly serves the Malaysian market as well as exports its products to countries which
for a development project comprising include Germany, Hong Kong, Indonesia, Myanmar and Singapore. — by Sulhi Khalid
two blocks of serviced apartments in
Damansara Perdana, Selangor, worth Nestcon accepts Letter of Intent to LGMS shares offered to public
RM152.84 million, it said in a filing undertake RM91 mil Nenggiri dam oversubscribed by 25 times
with Bursa Malaysia on Monday (May subcontract
30). The second sub-contract is for the KUALA LUMPUR (May 30): LGMS Bhd,
construction and completion of concrete KUALA LUMPUR (May 30): Nestcon Bhd which is expected to be listed on the ACE
RC framework, architectural and said it has received and accepted a letter of Market of Bursa Malaysia on June 8, said
infrastructure works for a development intent (LoI) to undertake civil and associated the shares offered to the Malaysian public
project comprising five blocks of subcontract works for the 300MW Nenggiri under its initial public offering (IPO) has
affordable apartments under the “Satu Hydroelectric project, valued at RM91.18 been oversubscribed by 25.39 times. The
Anggota, Satu Rumah” housing scheme million. Nestcon said its wholly-owned unit professional cybersecurity firm said it
in Kuala Lumpur, for a contract sum of Nestcon Infra Sdn Bhd accepted the LoI received a total of 10,050 applications
RM122.6 million. The first project is from Euro Saga Sdn Bhd in relation to the seeking 601.64 million shares for the
expected to be completed on March project. “A contract for the subcontract 22.8 million shares made available for the
17, 2024, and the second on March 31, works will be executed in due course public. It said that under the bumiputera
2025, said Comintel. It added that the between Nestcon Infra, Euro, Principal category, 5,103 applications for 201.56
sub-contracts are expected to provide an Contractor (Euro Saga-LLC Infra Sdn Bhd million shares were received for the 11.4
additional income stream for the group consortium), the Engineer [SMEC-TEPSCO- million shares made available, representing
over the next four financial years. — SMEC Malaysia consortium (STSC)] and the an oversubscription rate of 16.68 times.
Bernama client (TNBPG Hydro Nenggiri Sdn Bhd),” “For the public portion, a total of 4,947
Nestcon said. — by Adam Aziz applications for 400.08 million new
Steel Hawk unit bags RM51 mil shares were received, which represents
contract in Terengganu Texas Chicken franchisee eyes first an oversubscription rate of 34.09 times,”
Sabah, Sarawak presence it added. UOB Kay Hian Securities (M)
KUALA LUMPUR (May 30): Steel Sdn Bhd is the principal adviser, sponsor,
Hawk Bhd via its wholly-owned unit KUALA LUMPUR (May 30): US-based Texas underwriter and placement agent for
Steel Hawk Engineering Sdn Bhd has Chicken quick-service restaurant (QSR) the IPO exercise. At the offer price of 50
secured a RM51.4 million contract chain’s Malaysia and Brunei franchisee sen apiece, LGMS said previously that it
for the construction, installation and Envictus International Holdings Ltd is aimed to raise RM45.7 million via the IPO
commissioning (cold) of storage and expected to invest at least RM230 million to exercise. — by Izzul Ikram
handling facilities for propylene oxide open 115 new Texas Chicken outlets which
and ethylene oxide (services) operations would include the QSR’s first entities in Sabah
in Kerteh, Terengganu. The contract was and Sarawak. In a statement on Monday (May
awarded by PBH Engineering Sdn Bhd, 30), Singapore-listed Envictus, which already
said the oil and gas support services operates 85 Texas Chicken restaurants across
provider in a bourse filing. It added that Peninsular Malaysia, said the planned 115
the project is expected to contribute new Texas Chicken outlets will bring Envictus’
positively to the earnings and earnings per total Texas Chicken restaurant count to 200
share of the Steel Hawk Group in future. — by 2030. — by Hailey Chung
by Syafiqah Salim
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Shanghai declares lockdown end
from June 1 after two months
reuters
by Brenda Goh & Ryan Woo
Reuters
SHANGHAI/BEIJING (May 30): Shang- Residents have heavily criticised the city in late April — until a new case surfaced
hai on Monday announced an end to its government over its communication dur- on Monday.
two-month-long Covid-19 lockdown, al- ing much of the lockdown. On Sunday,
lowing people in virus-free areas of Chi- Shanghai announced it was removing re- “There was a new flare-up today, indi-
na’s largest city to leave their homes and strictions on business reopenings, but gave cating Beijing’s ‘dynamic-zero’ mission is
drive their cars. no indication at that time on how it would arduous and we should constantly be on
lift other lockdown measures. alert,” municipal government spokesper-
The news brought an outpouring of re- son Xu Hejian told a news conference.
lief, joy, and some wariness from exhaust- It was also still unclear whether firms
ed residents. must continue to adhere to a “closed loop” The Beijing districts of Fangshan and
management system in order to reopen. Shunyi ended work-from-home rules on
“I’m so emotional that I’m going to Companies have called such requirements Monday, while that requirement has also
cry,” said one Weibo user. problematic as they must find ways for largely been dropped in the city’s biggest
workers to sleep on site and carry out reg- district Chaoyang. Public transport has
Most of the city’s 25 million residents ular disinfection. mostly resumed in all three areas.
have been confined to their homes for al-
most all of two months, with curbs only Eric Zheng, president of the American Libraries, museums, theatres, and gyms
slightly relaxing in recent weeks to allow Chamber of Commerce in Shanghai, wel- were allowed to reopen on Sunday, though
some to go out for short periods of time. comed the city’s decision to lift lockdown with limits on numbers of people, in districts
but he said he remained concerned about that have seen no community Covid-19 cases
Local authorities earlier this month said “red tape” and the requirement for em- for seven consecutive days. Still, restaurant
they planned to fully restore normal life by ployees to live and work in a bubble as a dining is banned throughout the city.
next month but it was not clear how they condition for businesses to reopen.
would carry that out amid an insistence While there have been signs that eco-
on sticking to China’s zero-Covid policy. Beijing easing nomic activity is recovering somewhat from
China’s “zero-Covid” policy aimed at erad- a dismal April, the strength and sustain-
Some residents greeted the news with icating outbreaks at just about any cost is at ability of any rebound depend largely on
disbelief, reflecting on how what was orig- odds with other countries that have opted Covid-19 developments.
inally supposed to be a lockdown lasting to live with the virus, and the lack of an exit
just under five days for most became a strategy has worried investors. Shanghai reported fewer than 100 new
longer ordeal. Covid-19 cases for May 29, while Beijing
China’s new daily cases are in the hun- recorded 12. Across the country, China
“Please don’t be lying to me,” one per- dreds compared with tens of thousands in reported 184 new cases, down from 293.
son said on social media. “I’m numb,” said many Western nations. Read also:
another. China’s reopening plans spark rally in
In Beijing, which is fighting its own consumer stocks, yuan Click here
The easing of curbs applies only to smaller outbreak, streets were busier on Bitcoin rallies as China’s Covid-19
those in low-risk areas, which are home Monday as more residents returned to easing adds to risk-on mood Click here
to about 22.3 million people, according work and public transport curbs were Dollar resumes slide as stock markets
to government data. People will still be eased. But officials said the emergence of tentatively pick up Click here
required to wear masks and are discour- a new case outside of quarantined zones
aged from gathering and encouraged to after three clear days showed the tall task
get vaccinated. of quelling Covid-19.
It did not say whether activities such Beijing had reported no cases in the
as restaurant dining would be permitted. community for three straight days — the
best run since its current outbreak began
“The epidemic situation in our city has
been effectively controlled and the situa-
tion continues to improve,” the city gov-
ernment said on Monday in a statement
announcing the removal of the lockdown’s
most draconian measures.
Most of the city’s 25 million residents
have been confined to their homes for al-
most all of two months, with curbs only
slightly relaxing in recent weeks to allow
some to go out for short periods of time.
Questions remain
Shanghai imposed the citywide lockdown
on April 1 to combat the spread of Cov-
id-19, exacting measures that caused wide-
spread public anger and pummelled supply
chains and China’s economy.
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LONDON (May 30): Russia is consider- Russia eyes a scheme most convenient for the bond-
ing settling pressing Eurobond obligations gas-for-roubles holders. Everything will depend on those
by applying the mechanism being used to contacts,” Peskov said.
process payments for its gas in roubles, the template for Scepticism
Kremlin and the finance minister said, as foreign Eurobond Russia has around US$40 billion of inter-
Moscow edges towards a default triggered national bonds outstanding on which just
by Western sanctions. payments under US$2 billion of payments are due
before year end.
US authorities pushed Russia closer to by Sujata Rao & Jorgelina do Rosario
a historic debt default on Wednesday by Reuters The debt can be divided broadly into
not extending a licence allowing it to pay three tiers: first, legacy bonds which are
bondholders, asWashington ramps up pres- This system would allow Russia to by- settled offshore in the usual manner and
sure following the military intervention in pass theWestern payment infrastructure via second, bonds issued after Moscow’s 2014
Ukraine. Russia’s National Settlement Depository annexation of Crimea which are settled
(NSD), Siluanov told Vedomosti. at Russia’s NSD and have alternative
Foreign Eurobond holders are awaiting hard-currency payment provisions.
two coupon payments in dollars and eu- Unlike many Russian financial institu-
ros due last week but with a 30-day grace tions, the NSD is not underWestern sanc- The last category comprises debt sold
period. tions.There will be no limit on rouble con- after 2018 which also settles at the NSD but
version into forex and the scheme will be contains provisions for payment in roubles.
Russia said it has cash and is willing reviewed by the government soon, he said.
to pay, refusing to acknowledge talk of a “We need to see the scheme they’ll offer
possible default. The finance ministry did not reply to a in detail, so we can analyse whether this is
Reuters request for comment. A financial compliant with... sanctions,” a UK-based
Finance Minister Anton Siluanov said market source said Russia plans to present bondholder said.
on Monday that Moscow will continue to the scheme to investors before its next pay-
service its external debts in roubles. ments, on two bonds, fall due on June 23. Some investors were sceptical that the
scheme would avert a default.
But for foreign Eurobond holders to re- In a conference call with reporters,
ceive payments in foreign currencies as per Kremlin spokesman Dmitry Peskov en- “It’s feasible from the legal point of view
Russia’s obligations, they would have to dorsed Siluanov’s plan but said the finance as a way to get money to bondholders, but
open rouble and forex accounts at a Rus- ministry will consult with bondholders be- not as a way to avoid an event of default...
sian bank, he told Vedomosti newspaper. fore introducing it. under their original documents, certainly
not on every bond,” a Europe-based in-
“As happens with paying for gas in rou- “There is money... there is willing- vestor said, adding that sanctions would
bles, we are credited with foreign currency, ness to pay, be that in roubles or under still prevent U.S. bondholders from get-
here it is exchanged for roubles on behalf ting the cash.
of [the gas buyer], and this is how the pay-
ment takes place,” he said. Click here for the full story
“The Eurobond settlement mechanism
will operate in the same manner, only in
the other direction.”
BRUSSELS (May 30): European Union EU to agree on “I don’t think we’ll reach an agreement
leaders are set to agree in principle to ban Russia oil ban today. We’ll try to reach an agreement by
oil imports from Russia at a summit on in principle, but the summit in June, this is the realistic ap-
Monday andTuesday in Brussels, but after at odds over proach by now,” Kallas said.
weeks of haggling they will leave decisions
on how it will work for later, diplomats said. practice The next summit is scheduled for June
23-24.
“We’re going towards a deal on a sixth by Jan Strupczewski & John Chalmers,
package of sanctions,” French President Bart Meijer, Gabriela Baczynska, Belgian Prime Minister Alexander De
Emmanuel Macron said as he arrived at Kate Abnett, Philip Blenkinsop, Croo said “these are not easy decisions,”
a meeting of centrist leaders ahead of the Sabine Siebold & Ingrid Melander adding: “I have no doubts that within the
summit. Reuters next days, the next weeks, decisions will
be taken.”
According to a new draft of the summit ministers to find a solution that would also Click here for the full story
conclusions, the 27 nations will agree that ensure fair competition between those still
Russian oil imports into EU countries will getting Russian oil and those cut off. Read also:
be banned, though with a temporary ex- Brent crude tops US$120 as China eases
emption for crude delivered by pipeline. Some EU leaders poured cold water curbs, EU eyes Russia ban Click here
on Monday on any prospect for a com-
The text seen by Reuters — which may prehensive deal at the summit, with Esto- Iran’s seizure of Greek tankers adds risk
still be revised again — would confirm an nia’s Prime Minister Kaja Kallas saying it on key oil route Click here
agreement on seaborne oil sanctions, with was more realistic to expect an agreement
pipeline oil supplied to landlocked Hun- next month. US gasoline surges to fresh record in
gary, Slovakia and the Czech Republic to another blow to drivers Click here
be sanctioned at some later point.
However, the leaders gathering in Brus-
sels in the afternoon will not finalise the
terms for that temporary exception, the
text suggested.
Instead, they will ask diplomats and
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(May 30): India is probing the local units India probes that was put on hold following a court order.
of ZTE Corp and Vivo Mobile Commu- ZTE,Vivo as The Ministry of Corporate Affairs has
nications Co for alleged financial impro- more China
prieties, according to documents seen firms under started the process of inspecting books of
by Bloomberg, extending an investigation accounts of more than 500 Chinese com-
into other China-based firms after fining scrutiny panies, according to a person with knowl-
Xiaomi Corp. edge of the matter. Apart from ZTE and
by Shruti Srivastava, Gao Yuan, Vivo, this includes Xiaomi, Oppo, Huawei
The Ministry of Corporate Affairs will Sankalp Phartiyal & Coco Liu Technologies, several Indian units of Al-
scrutinize auditor reports and has received Bloomberg ibaba Group such as Alibaba.com India
information from unnamed sources that in- E-commerce Pvt. Ltd, and Alibaba Cloud
dicates potential violation including fraud, Minister Narendra Modi’s government has (India) LLP, the person said, asking not
according to the documents. In the case of banned more than 200 mobile applications to be identified as the details are private.
Vivo, an inquiry was sought in April to de- from Chinese providers, including shopping
tect if there were “significant irregularities services from Alibaba Group Holding Ltd., Representatives for Xiaomi, Oppo, Hua-
in ownership and financial reporting” while theTikTok short video hit from ByteDance wei and Alibaba didn’t reply to emails seek-
authorities were asked to study the books Ltd and apps used on Xiaomi’s phones.This ing comment.
of ZTE and submit findings “on urgent month the country’s anti-money-laundering
basis,” according to the documents. agency took control of the bank accounts The ministry, in some cases, has sent
of Xiaomi Technology India for allegedly letters to the firms seeking details on direc-
Representatives for ZTE andVivo didn’t breaching foreign-exchange laws, a decision tors, shareholders of the companies, ulti-
reply to emails seeking comment. An email mate beneficiaries and owners, while it is in
to the spokesperson for the ministry of cor- the process of seeking similar details from
porate affairs wasn’t answered. the rest of the companies, the person said.A
report is expected in July, the person added.
India has tightened scrutiny of Chi-
na-based firms since 2020, when the two Once the inspection reports are ready,
nations saw the deadliest fighting in decades the ministry would decide on whether fur-
at their disputed Himalayan border. Prime ther investigation by the serious fraud office
is needed, the person said.
HONG KONG (May 30): Optimism this China’s EV this year). That end-of-year cliff edge for
would be a banner year for the world’s big- growth forecasts EV subsidies is a timely reminder of how
gest electric-car market is starting to wane. much more expensive battery-powered cars
After all, who wants to spend big bucks on are starting to could get without further government sup-
a vehicle right now in China? look shaky port, especially given the recent pressure
on battery prices.
Shanghai’s gruelling two-month lock- by Danny Lee
down and whack-a-mole restrictions in cit- Bloomberg It’s not all bad news on the subsidy front,
ies from Beijing toTianjin have had a dele- however, with regional governments pitch-
terious effect on consumer confidence and bloomberg ing in to help EV makers. Shandong is pro-
left the economy reeling. In fact, not a sin- viding subsidies for fossil-fuel and electric
gle car was purchased in Shanghai in April back to capacity of around 2,100 cars a day. vehicles, while Shenzhen and Guangzhou
— not surprising given no one could leave The easing of Shanghai’s lockdown and are offering 10,000-yuan subsidies for EVs
their homes and dealerships were closed. and expanding license plate quotas for pet-
recently announced central government rol and diesel-powered cars. Over the week-
At the start of the year, the China Pas- measures to kickstart the economy and re- end, Shanghai increased the quota for car
senger Car Association was forecasting 5.5 vive auto sales may not be much help to ownership this year by 40,000, and offered
million EVs would be sold this year, up EV makers, either. subsidies to EV buyers.
from 3.3 million last year. That could be
under threat — even if demand quickly A 60 billion-yuan (US$9 billion) tax Even so, Fitch’s China auto analyst,
bounces back, automakers are struggling cut on new car sales will mostly aid fossil JingYang, says the firm’s forecast for 50%
to operate at full capacity given Covid-19 fuel-powered automobiles, according to growth in EV deliveries this year may have
restrictions on workforces and supply chain Fitch Ratings, given that EVs are current- to be “revisited” once the effect of all the
constraints. ly exempt from the 10% purchase tax (a government moves becomes clearer. “De-
subsidy that is set to expire at the end of mand could be negatively affected by low-
You just have to look at recent sales fig- er value-for-money compared to internal
ures from the likes of Xpeng and Li Auto combustion engine cars after subsidies and
to see how big a hit the auto industry has new tax relief, in particular amid surging
taken. Xpeng deliveries plunged 42% in battery costs,”Yang said.
April from March to just over 9,000. Li
Auto shipped just 4,167 vehicles in April, Independent economist Hao Hong says
and earlier this month said it sees deliveries annual vehicle sales are already high, and
of 21,000 to 24,000 vehicles in the second car ownership among those who can afford
quarter, well short of analysts’ expectations one is “rapidly” reaching saturation point.
for 29,750.
“Unless the rough management of lock-
EvenTesla hasn’t escaped, shipping just down goes away, it will be difficult for car
1,512 vehicles from its Shanghai plant in sales to normalise,” Hong said. “People
April, when it was closed for three weeks. don’t spend when they’re despondent. Zero
Production has now resumed, with the EV car sales in Shanghai in April is the epitome
pioneer going to extreme lengths to get of the destruction caused by lockdown.”
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NEW DELHI (May 30): The parent Google backs reuters
company of India’s ShareChat has raised India’s ShareChat
nearly US$300 million in fresh funding Mohalla’s recently acquired MX Taka-
from Alphabet Inc’s Google, media giant in US$300 mil Tak, has a combined user base of 300
Times Group and Singapore’s Temasek funding round million, according to one of the sources.
Holdings, valuing the social media firm at
nearly US$5 billion, two sources involved at US$5 bil ShareChat was last valued at US$3.7
in the deal discussions told Reuters. valuation billion in a US$266 million funding
round from investors including Alke-
A deal is set to be announced as early by Munsif Vengattil on Capital and Temasek. The firm also
as next week, the sources added. Reuters counts Twitter and Snap among its in-
vestors.
ShareChat’s parent company, Mohal- to raise funds as corporate governance
la Tech, did not respond to a request for concerns loom large for investors facing If the bid by Tesla CEO Elon Musk
comment. Google and Temasek did not a new uncertainty in global markets. to buy Twitter goes through, Musk will
immediately respond to requests for com- have potentially a stake of between 6%
ment, while Reuters could not immedi- Short video apps like Moj and Josh and 8% in ShareChat, the source added.
ately reach the Times Group. shot up in popularity after India in 2020
banned ByteDance’s TikTok and some
This is Google’s second key invest- other Chinese apps, following a border
ment in India’s short video space, having clash with China.
previously backed Josh, which competes
with ShareChat’s sister firm Moj. ShareChat currently has 180 million
monthly active users. Moj, along with
Google’s investment in a bearish
market for Indian start-ups shows the
appetite for the short video sector and
the start-up’s investment thesis, one of
the sources said. India’s tech startups,
which raised a record US$35 billion in
new funds in 2021, have been struggling
reuters
SoftBank execs’
pay slashed after
historicVision
Fund loss
by Min Jeong Lee & Takahiko Hyuga
Bloomberg
(May 30): The company’s founder and Masayoshi Son
Chief Executive Officer Masayoshi Son
kept his pay unchanged at 100 million yen 1.88 billion yen in the previous year, end- board in November 2020.
(roughly $785,000), however some of his ed March 2021. The world’s largest tech fund reported
top executives whose compensation was
made public through a company filing on Ronald Fisher, Son’s long-time lieuten- its biggest loss ever for the year ended Mar.
Monday saw big drops following a record ant who also stepped down from his role 31 as a selloff in tech shares deflated the
$20.5 billion loss. leading theVision Fund’s US arm in April, value of its portfolio companies, including
earned 126 million yen during his time as a public holdings like Coupang Inc. and Didi
Chief Financial OfficerYoshimitsu Goto board director last year from April to June Global Inc.
made 293 million yen, down almost 40% 23. He got 917 million yen in the prior year
from the previous year. Ken Miyauchi, chief and remains an adviser to Son. The Japanese tech investor earlier this
of SoftBank’s domestic telecom operation, week named venture capitalist David Chao
made 539 million yen, down 15%. Both SoftBank did not disclose what com- to join its board as it tries to regain its foot-
long-serving lieutenants have helped lead pensation former Chief Operating Officer ing from money-losing investments. Chao’s
SoftBank’s multiple reinventions, from Marcelo Claure, previously one of Son’s appointment will be subject to approval at
broadband provider to telecom operator most trusted allies and highest-paid exec- the upcoming annual general meeting of
to the world’s biggest tech investor. utives, received before his departure ear- shareholders on Jun. 24.
lier this year. He earned 1.8 billion yen in
Simon Segars, who stepped down as the the prior year. Compensation was also not To compare SoftBank pay with execu-
head of the company’s chip unit Arm Ltd. disclosed for Rajeev Misra, who heads the tive compensation filed to the US Secu-
in February, earned 1.15 billion yen dur- Vision Fund. Both departed SoftBank’s rities and Exchange Commission, see the
ing the almost-three months that he was Bloomberg Pay Index.
a board director, SoftBank said, without
providing further details. Segars received
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bloomberg
GoTo growth
tops 50% in first
report since
US$1.1 bil IPO
by Olivia Poh & Fathiya Dahrul, ferings for 2022, gaining funds to compete the years, the two amassed a long list of
Soraya Permatasari, Yudith Ho against rivals such as Grab Holdings Ltd. as investors, including Google,Tencent Hold-
online services gain steam in Southeast Asia. ings Ltd and Sequoia Capital India.
& Yoolim Lee
Bloomberg GoTo is the largest of a crop of companies GoTo is among Southeast Asian con-
seeking to ride the rapid pace of mobile pen- sumer-internet companies that are adding
(May 30): GoTo Group posted about 53% etration and internet use in Southeast Asia, a users at a rapid clip but have yet to generate
gross revenue growth in its first quarterly region of more than 650 million people.Yet sustainable profit.The company is enjoy-
report as a public company, accelerating Chief Executive Officer Andre Soelistyo still ing a leadership position in Indonesia, a
from the 2021 pace and highlighting the needs to reassure investors of the company’s country of more than 270 million people
rapid expansion of Indonesia’s tech and earnings potential amid heavy spending to whose mobile-savvy consumers are shop-
online industries. fend off competition and lure more users. ping onTokopedia’s platform and ordering
rides and food via Gojek’s app.
Gross revenue advanced to 5.2 trillion “Cross-selling opportunities between
rupiah (US$357 million) in the quarter Indonesia’s top ride-booking (Gojek) and That has helped its shares outperform
though March, while net losses more than online-shopping (Tokopedia) platforms those of Grab, which became a publicly
tripled to 6.47 trillion rupiah, the ride-hail- lessens pressure on new-user acquisi- traded company through a merger with a
ing and e-commerce operator said Monday tion and should support long-term sales US special purpose acquisition vehicle late
in a statement. For the calendar year 2021, growth,” says Bloomberg Intelligence analyst last year. GoTo shares have lost about 7%
the metric rose at about a 44% clip on a Nathan Naidu. since its IPO, valuing the company at more
pro-forma basis. GoTo’s quarterly adjusted than US$25 billion. Grab, down about
loss before interest, taxes, depreciation and The company is the result of last year’s 70% since its SPAC merger, has a market
amortization widened to 5.4 trillion rupiah. merger between Indonesia’s two most val- capitalization of less than US$10 billion.
uable internet startups — ride-hailing pro- Click here for the full story
GoTo is trying to convince investors of its vider Gojek and e-commerce firmTokope-
growth prospects even as Russia’s invasion dia — to get more firepower against rivals
of Ukraine, soaring inflation and rising in- in an increasingly cutthroat market. Over
terest rates weigh on the technology industry
globally.The company raised US$1.1 billion
in one of the world’s largest initial public of-
Tech-heavy
stock markets
see US$63 bil of
outflows in Asia
by Shikhar Balwani
Bloomberg
(May 30): Tech-heavy stock markets sector’s weighting in the Taiex, Kospi with foreign investors having dumped
in Asia are bearing the brunt of for- and Sensex gauges is higher than that a net $28.1 billion year-to-date.That’s
eign selling as global growth concerns in the broader MSCI Asia Pacific Index. even as global funds last week bought
spurred by rising borrowing costs and the most shares in two months.
the war in Ukraine sap appetite for The exodus is the worst in Taiwan,
risk assets.
Overseas funds have sold about a
net $63 billion worth of shares in Tai-
wan, South Korea and India so far this
year, according to the latest available
data compiled by Bloomberg.The tech
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Australian PM’s news In brief
Labor Party
China, Pacific islands unable to regional trade and security agreement. But the
gets Parliament reach consensus on security pact draft communique, first reported by Reuters,
majority — report prompted opposition from at least one of the
SYDNEY/BEIJING (May 30): China’s Foreign invited nations, Federated States of Micronesia,
by Niluksi Koswanage Minister Wang Yi on Monday urged the according to a letter leaked last week. After the
Bloomberg Pacific region not to be “too anxious” about his meeting, which included Samoa, Tonga, Kiribati,
country’s aims after a meeting in Fiji with his Papua New Guinea, Vanuatu, Solomon Islands,
bloomberg counterparts from 10 island nations was unable Niue and Vanuatu, Wang said the nations
to agree to a sweeping trade and security had agreed on five areas of cooperation, but
(May 30):Australian Prime Minister Antho- communique. Wang hosted the meeting with further discussions were needed to shape more
ny Albanese’s Labor Party clinched a parlia- foreign ministers from Pacific island nations consensus. The five areas he listed included
mentary majority after days of ballots getting with diplomatic ties with China midway economic recovery after the Covid pandemic,
counted in tightly contested seats, giving his through a diplomatic tour of the region where and new centres for agriculture and disaster,
government the heft to push through bills Beijing’s ambitions for wider security ties but did not include security. — Reuters
on issues ranging from climate change to has caused concern among US allies. A draft
anti-corruption measures. communique and five-year action plan sent Click here for the full story
by China to the invited nations ahead of the
Labor is projected to secure the seat of meeting showed China was seeking a sweeping
Macnamara in the heart of Melbourne,Aus-
tralia’s ABC said, giving the party 76 out of Nepal finds nearly all victims of GIC and US property developer
151 seats needed for a majority in parlia- plane crash jointly offer S$5.7 bil to buy student
ment. The Liberal National coalition now KATHMANDU (May 30): Nepal housing portfolio
has 57 seats while the Greens and a slew of authorities on Monday recovered
climate-focused independents made record or located the bodies of all but one SINGAPORE (May 30): Singapore
grains, grabbing once-safe electorates from of 22 people who were on board a sovereign fund GIC and major US
the main parties. plane that crashed into a Himalayan property developer Greystar have made
mountainside on Sunday, officials said, an offer in excess of £3.3 billion (S$5.7
Two more seats have yet to be called.Even and the government has formed a panel billion or about RM18.22 billion) to
with a parliamentary majority, Labor has a to investigate the incident. Two Germans, buy student housing portfolio Student
historically low primary vote and and likely four Indians, and 16 Nepalis were on Roost, according to British newspaper
the lowest margin for an incoming govern- the De Havilland Canada DHC-6-300 Financial Times. Student Roost, which was
ment sinceWorldWar II. Twin Otter aircraft which crashed 15 put on the market earlier this year amid
minutes after taking off from the tourist easing Covid-19 restrictions, is owned
ABC said that the new Labor government town of Pokhara, 125 kilometres west of by Canadian fund Brookfield. The bid,
will still have to strike deals with a crossbench Kathmandu, on Sunday morning. “There which was submitted last Friday (May 27),
of independents and the Greens to strength- is very little chance to find survivors,” said saw GIC and Greystar emerging as the
en the passage of its legislation. Deo Chandra Lal Karna, a spokesman successful bidders on Sunday. — by Felicia
for the Civil Aviation Authority of Nepal. Tan/theedgesingapore.com
Labor made headway in the elections with Nepali soldiers and rescue workers had
measures that include a mandate for child- retrieved 20 bodies from the wreckage, Todd Boehly completes takeover
care and higher spending on affordable hous- strewn across a steep slope at an altitude of UK’s Chelsea Football Club
ing. However, it has yet to show measures on of around 14,500 feet. They were trying
boosting the economy’s productive capacity to recover another body they had seen, (May 30): US investor Todd Boehly has
that will be crucial to reining in deficits and officials said. — Reuters completed his £4.25 billion (US$5.4
lifting living standards. billion) takeover of Chelsea Football Club
Click here for the full story from the sanctioned Russian oligarch
The new government’s plans will come Roman Abramovich. Chelsea confirmed
under scrutiny from the opposition Liber- Fishtail Air Pvt Ltd Captain Nikalas Fjellgren/Reuters the deal’s completion in a statement
al National coalition, which has touted its Monday. It ended almost 20 years of
track record in steering the economy. While A bird’s eye view of the wreckage of a Tara Air ownership under billionaire Abramovich,
the A$2.2 trillion (US$1.6 trillion) econo- DHC-6-300 Twin Otter turboprop aircraft in during which the club rose to be one
my is now larger than pre-pandemic, has Nepal amid an ongoing rescue operation on of the dominant forces in the English
more people in work and consumer spend- Premier League. Abramovich was forced
ing is solid, households and government May 30, 2022. to put the team up for sale earlier this
have racked up heavy debts when borrow- year, shortly before being sanctioned as
ing costs were low — a pressure point for part of the UK’s response to Russia’s war
the Labor Party. in Ukraine. Boehly’s winning bid is backed
by California-based private equity firm
Clearlake Capital. It includes a £2.5 billion
purchase of shares and £1.75 billion for
further investments to benefit the club.
The bid was signed off by the EPL and UK
government last week. — Bloomberg
t u e s D A y M A Y 3 1 , 2 0 2 2 26 T h e E d g e C E O m o r n i n g b r i e f
world
reuters Pay debt or
feed people is
hungry nations’
impossible
choice
Thailand, Cartel ‘unlikely’ by Anchalee Worrachate,
Vietnam rice Top rice exporter India accounts for about Lilian Karunungan & Selcuk Gokoluk
price hike plan 40% of global supply and its prices hit a
‘impossible’ — five-year low last week on a weaker Indian Bloomberg
industry official rupee and abundant supply among top ex-
porting countries. Officials said last week LONDON/SINGAPORE (May 30):
by Panarat Thepgumpanat & India had no plans to limit exports. After Sri Lanka defaulted on its debt,
Rajendra Jadhav Jack McIntyre, a portfolio manager at
Reuters India’s 5% broken white rice is at least Brandywine Global Investment Man-
US$50 per tonne cheaper than that ofViet- agement, started watching rice and grain
BANGKOK (May 30): A pact between nam and US$100 cheaper thanThailand’s, prices more closely.
Thailand and Vietnam to raise rice prices dealers said on Monday. Vietnam has in
would be “impossible”, a topThai industry recent years imported some Indian rice For a swathe of the markets he is
official said on Monday, in another sign of for use in beer and animal feed. tracking, global food shortages are pre-
opposition to a government-proposed plan senting governments with a stark choice
for a rice cartel amid a global food crisis. “Price mechanisms will not work with- — pay their debts or feed their people.
out India’s participation. Indian rice is al-
Thailand’s government said on Friday it ready far cheaper... If others raise prices, Sri Lanka opted for the latter, fall-
planned with Vietnam to create a pact be- then it is natural for buyers to shift towards ing into arrears on its foreign debt on
tween the world’s second- and third-largest India,” said a Mumbai-based dealer with May 18 amid a lack of dollars to ease
rice exporters to boost their bargaining power a global trading house. shortages of everything from food to
and help mitigate rising production costs. fuel, and bets are high that others may
The dealer said Vietnam and Thailand follow. Fifteen emerging market nations
Vietnam has yet to confirm such a plan had lost market share and would need to now trade with debt at distressed lev-
was being discussed. lower prices to regain it. els, or a risk premium of more than 10
percentage points. Four of those nations
Chookiat Ophaswongse, honorary pres- A rice trader based in Ho Chi Minh are in Africa, where one of the steepest
ident ofThailand’s Rice Exporters Associ- City said a cartel was unlikely with “too run-ups in food prices is taking a toll.
ation, said his body had not been consult- many different views on this issue” and be-
ed, and the idea was poorly thought out. cause neither country was the top exporter. “The default in Sri Lanka made me
nervous,” McIntyre said. “You don’t
“Thailand andVietnam are not the larg- “If India curbs exports, prices will rise have to drive, heat your home, but you
est exporters, combined it’s less than India without Thailand and Vietnam having to have to eat.”
and would have buyers turn to competi- form a cartel,” the trader said.
tors,” Chookiat told Reuters, adding rice With memories of the Arab Spring
cannot be stored for long enough while Vietnam andThailand account for rough- unrest in the early 2010s in mind, inves-
awaiting a climb in price. ly 10% of global production of rough rice, tors are fleeing emerging market nations
and about 26% of global exports, according threatened with crippling food shortag-
“Politicians don’t understand the rice to the US Department of Agriculture. es and uprisings. Russia’s invasion of
market and did not discuss this with the Ukraine disrupted vital supplies of food
association,” he said. One of the biggest losers from a cartel staples, adding to problems caused by
would be the world’s second-biggest rice extreme temperatures and elusive rain
His comments are similar to those of the importer, the Philippines, a big buyer of in breadbaskets from the Great Plains
head of Vietnam’s food association, who Thai and Vietnamese rice. to the Horn of Africa.
last week said raising prices at a time of
global food uncertainty would be unrea- The Philippines’ record paddy output Indeed, food prices have skyrocketed
sonable. last year of 20 million tonnes was insuffi- by more than 30% over the past year,
cient to feed its 110 million people. according to a United Nations meas-
The agriculture ministries of Thailand ure. That is all the more striking when
and Vietnam did not immediately respond Its agriculture department spokesper- you consider that in the two decades
to Reuters requests for comment on Monday. son Noel Reyes on Monday expressed through 2020 they rose an average of
confidence that technology can help pro- 4.3% every year.
duction reach new highs and in “a more
cost-effective manner” than Vietnam and Market meltdown
Thailand. The countries that are most affected —
and least able to cope — are those in
Read also: China goes all out to harvest the developing world. For these nations,
wheat to blunt inflation threat Click here food is almost a third of current year-
on-year headline inflation gauges. In the
continues on Page 27
t u e s D A y M A Y 3 1 , 2 0 2 2 27 T h e E d g e C E O m o r n i n g b r i e f
world
from Page 26 What is clear to all is there is no quick Thailand andVietnam, the world’s top
fix — for food shortages or the markets’ rice exporters after India, may also take ac-
US, the UK, and much of Europe, food ac- fallout. Even before the Russia-Ukraine tion that could result in higher food costs
counts for 10% or less of similar measures. conflict disrupted food supplies, networks for consumers worldwide.The two Asian
had been weakened by the lingering effects nations should jointly raise prices to boost
Desperate measures like India’s move of pandemic shutdowns, climate change, their bargaining power, according toThai
to restrict wheat exports, announced ear- and the energy crisis. premier Prayuth Chan-Ocha.
lier this month, will add to global price
pressures, thwarting efforts by central It is a situation that has led to hoard- On the same day Sri Lanka defaulted,
bankers to subdue them. And protests ing on a global scale, with food-produc- the UN secretary general warned that a
against domestic pain have the potential ing nations now stopping some exports global food shortage could last for years,
to spread. and perpetuating a cycle of inflation and spreading political upheaval and starvation.
hunger.
“The markets have firmly underesti- “The next aspect of that food price an-
mated the implications of the rise in input India, the world’s second-biggest pro- gle that we’re going to be monitoring very
costs,” said Luiz Eduardo Peixoto, emerg- ducer of wheat, followed its prohibition closely is with regard to politics, populism,
ing markets economist at BNP Paribas on sales of the staple with a limit on sugar and protectionism,” said Mary-Therese Bar-
Markets. “We are particularly concerned exports. Malaysia has halted the overseas ton, head of emerging market debt at Pictet
about food inflation.The repercussions of sale of poultry. Indonesia is partially stop- Asset Management in London. “It’s a very
the increase in the cost of food will be seen ping shipments of palm oil. difficult period for EM (emerging market).”
in the next few months, causing a dramatic
increase in global inflation.”
Not that prices have not already tak-
en a hit. Debt of developing nations in
dollars has lost 15% so far this year while
local-currency obligations are down 7%,
with both trading near early 2020 levels,
according to Bloomberg indexes.The MSCI
gauge of emerging market stocks has lost
14%, trading near the lowest level since
2001 relative to US stocks.
And the more exposed a nation is to
food inflation, the more likely it is their
currency will weaken, with the Mexican
peso, the Colombian peso, the ringgit, and
rupiah among the most vulnerable. An im-
portant inflation report is due out of Mex-
ico this week, with investors also watching
for Colombia’s presidential elections, Bra-
zil’s gross domestic product, and China’s
Purchasing Managers’ Index.
That makes servicing debt — particu-
larly dollar debt — even harder, raising the
prospect that developing nations lose ac-
cess to markets at a time they need it most.
Yields on their dollar bonds are near the
highest in two years at almost 7%, tripling
a country like Tunisia’s borrowing costs.
Eurobond issuance by emerging market
borrowers plunged 41% from last year.
Meanwhile, the cost to protect the
debt of speculative-grade emerging mar-
ket nations has risen to match levels on par
with the 2013 taper tantrum, according to
Bloomberg Intelligence.
“Compared to energy price shocks, food
price inflation tends actually to be more
pervasive and prolonged in its impact, and
governments typically have fewer admin-
istrative programmes to buffer the effects
on households,” said Bryan Carter, head of
emerging market debt in London at HSBC
Asset Management.
His team is cautious on the bond mar-
kets of Nigeria, India, Kazakhstan, Egypt,
and Pakistan due to their large food in-
flation components and has ratcheted up
expectations for emerging market inflation
in most countries.
t u e s D A y M A Y 3 1 , 2 0 2 2 28 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 6,533.00150.00 OIL US$ 114.70.67 RM/USD 4.3970 RM/SGD 3.1986 RM/AUD 3.1207 RM/GBP 5.5264 RM/EUR 4.708
Top 20 active stocks
NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
G3 Global Bhd 592.60 -0.015 0.055 -31.25 135.8
Green Packet Bhd 159.20 0.000 0.080 0.00 127.6
Sapura Energy Bhd 139.10 0.005 0.085 70.00 1,358.2
MNC Wireless Bhd 68.50 0.000 0.015 0.00 34.3
Dagang NeXchange Bhd 48.50 -0.020 0.990 30.26 3,124.7
Cypark Resources Bhd 47.30 -0.015 0.390 -57.14 229.6
Serba Dinamik Holdings Bhd 45.60 0.000 0.110 -68.57 408.1
Widad Group Bhd 44.50 0.000 0.360 -1.37 990.9
Bina Puri Holdings BHD 36.80 -0.005 0.055 22.22 87.9 World equity indices
Hibiscus Petroleum Bhd 36.70 0.040 1.310 60.74 2,636.3
Malayan United Industries Bhd 35.90 0.000 0.055 -21.43 171.0 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
Ta Win Holdings BHD 35.70 0.000 0.115 -8.00 392.7 (%) (%)
DOW JONES 33,212.96 575.77 1.76 INDONESIA 7,037.57 11.31 0.16
KNM Group Bhd 32.40 0.010 0.155 3.33 569.8
Fast Energy Holdings Bhd 32.00 0.010 0.055 -42.11 40.6 S&P 500 4,158.24 100.40 2.47 JAPAN 27,369.43 587.75 2.19
TECHNA-X Bhd 30.10 0.000 0.050 -33.33 110.7 NASDAQ 100 12,681.42 404.63 3.30 KOREA 2,669.66 31.61 1.20
Cnergenz Bhd 25.25 0.035 0.66 13.79 328.68 FTSE 100 7,597.86 12.40 0.16 PHILIPPINES 6,822.32 96.18 1.43
JAG Bhd 21.70 -0.01 0.380 13.43 238.2 AUSTRALIA 7,286.56 103.85 1.45 SINGAPORE 3,238.92 8.37 0.26
GIIB HOLDINGS Bhd 20.30 0.04 0.095 -26.92 56.2 CHINA 3,149.06 18.82 0.60 TAIWAN 16,610.62 344.40 2.12
Dataprep Holdings BHD 19.00 -0.010 0.200 -75.31 134.9 HONG KONG 21,123.93 426.57 2.06 THAILAND 1,655.67 16.92 1.03
Top Glove Corp Bhd 18.90 -0.010 1.390 -46.33 11130 INDIA 55,877.30 992.64 1.81 VIETNAM 1,293.92 8.47 0.66
Data as compiled on May 30, 2022 Source: Bloomberg Data as compiled on May 30, 2022 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)
Pegasus Heights Bhd 0.010 100.00 1465.1 0.00 107.8 G3 Global Bhd 0.055 -21.43 592,640.2 -31.25 135.8
Vsolar Group Bhd 0.010 100.00 845.2 -33.33 48.3 BCM Alliance Bhd 0.025 -16.67 275.0 -16.67 50.9
GIIB HOLDINGS Bhd 0.095 72.73 20331.0 -26.92 56.2 Sinaran Advance Group Bhd 0.085 -15.00 755.0 41.67 77.8
EA Holdings Bhd 0.015 50.00 2020.3 -25.00 96.8 Cheetah Holdings Bhd 0.120 -14.29 5,213.6 9.09 58.3
Nexgram Holdings Bhd 0.015 50.00 194.2 50.00 66.3 Focus Dynamics Group Bhd 0.030 -14.29 922.5 -25.00 191.2
Green Ocean Corp Bhd 0.020 33.33 566.8 -33.33 42.2 Eng Kah Corp Bhd 0.460 -11.54 5.0 -9.80 54.3
DGB Asia Bhd 0.020 33.33 160.0 -33.33 33.9 CYL Corp BHD 0.385 -10.47 6.5 -18.09 38.5
Eduspec Holdings Bhd 0.025 25.00 1015.1 66.67 76.2 Senheng New Retail Bhd 0.640 -9.22 7,307.5 0.00 960.0
Jentayu Sustainables Bhd 0.400 23.08 9525.2 -8.00 129.3 Toyo Ventures Holdings Bhd 0.625 -8.76 1,772.0 -55.67 66.9
Catcha Digital Bhd 0.215 22.86 725.3 34.38 28.9 Jaya Tiasa Holdings BHD 0.795 -8.62 15,456.8 28.23 769.6
Fast Energy Holdings Bhd 0.055 22.22 32041.7 -42.11 40.6 Bina Darulaman Bhd 0.320 -8.57 1,924.3 -44.83 97.2
Borneo Oil Bhd 0.030 20.00 2168.0 0.00 224.6 Bina Puri Holdings BHD 0.055 -8.33 36,838.6 22.22 87.9
Idimension Consolidated Bhd 0.240 9.09 56.8 -54.46 25.7 AHB Holdings Bhd 0.165 -8.33 11,013.2 26.92 62.0
TechnoDex Bhd 0.100 17.65 922.3 -13.04 84.4 Mclean Technologies Bhd 0.220 -8.33 565.4 -8.33 43.4
Top Builders Capital Bhd 0.035 16.67 5541.2 0.00 24.7 MSM Malaysia Holdings Bhd 0.790 -8.14 2,907.5 -38.28 555.4
SC Estate Builder Bhd 0.070 16.67 155.6 -6.67 75.2 Integrated Logistics Bhd 0.515 -8.04 1,400.5 37.33 97.3
Jerasia Capital BHD 0.035 16.67 42.8 -78.13 2.9 China Ouhua Winery Holdings 0.060 -7.69 2,600.0 -50.00 40.1
Ea Technique M Bhd 0.040 14.29 33.6 -50.00 21.2 Permaju Industries Bhd 0.06 -7.69 1,238.9 0 116.0
Marine & General Bhd 0.090 12.50 325.0 63.64 65.1 Minda Global Bhd 0.060 -7.69 463.0 9.09 79.3
Saudee Group Bhd 0.055 10.00 1252.3 0.00 54.5 INIX Technologies Holdings 0.060 -7.69 292.0 -47.83 30.8
Data as compiled on May 30, 2022 Source: Bloomberg Data as compiled on May 30, 2022 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)
Malaysian Pacific Industries 31.66 0.660 112.3 -35.86 6297.1 Nestle Malaysia Bhd 133.100 -1.000 74.2 -0.82 31212.0
Hengyuan Refining Co Bhd 6.70 0.380 4603.7 73.13 2010.0 PPB Group Bhd 16.620 -0.580 362.8 -2.81 23643.6
Harrisons Holdings Malaysia 6.10 0.240 21.9 27.08 417.7 British American Tobacco 12.220 -0.560 693.5 -12.59 3489.2
Petron Malaysia Refining 6.59 0.200 1,062.2 50.46 1779.3 AEON Credit Service M Bhd 14.760 -0.440 70.6 8.37 3768.3
MISC Bhd 7.21 0.200 4,070.3 2.27 32183.6 Kuala Lumpur Kepong Bhd 25.800 -0.360 781.1 18.46 27816.4
Bonia Corp Bhd 2.55 0.190 1434.9 165.78 511.1 Heineken Malaysia Bhd 24.600 -0.180 208.3 18.04 7431.6
Greatech Technology Bhd 3.84 0.190 2360.3 -42.94 4808.2 Ajinomoto Malaysia Bhd 12.760 -0.180 53.0 -17.14 775.8
HAP Seng Consolidated Bhd 7.77 0.170 618.0 0.91 19344.7 Sarawak Oil Palms Bhd 5.600 -0.160 354.2 60.46 3261.4
Kobay Technology BHD 3.47 0.160 1736 -42.45 1124.9 Pintaras Jaya BHD 2.340 -0.160 297.0 -16.43 388.1
Batu Kawan Bhd 27.20 0.160 27.9 19.82 10705.6 Sam Engineering & Equipment 3.940 -0.140 86.6 -29.64 2133.1
Genetec Technology Bhd 2.36 0.130 6463.6 -22.25 1607.8 Imaspro Corp Bhd 3.870 -0.120 48.4 56.05 309.6
Kotra Industries Bhd 4.28 0.130 54.3 35.44 633.3 Favelle Favco Bhd 1.830 -0.110 318.8 -24.07 427.9
Tong Herr Resources Bhd 3.23 0.120 325.2 11.00 495.9 CSC Steel Holdings Bhd 1.510 -0.110 2444.2 21.77 557.7
Hong Leong Bank Bhd 21.12 0.120 3371.9 13.43 45782.2 Oriental Holdings BHD 7.060 -0.100 174.7 34.48 4379.8
Dufu Technology Corp Bhd 2.48 0.110 1330.7 -42.19 1312.3 Dutch Lady Milk Industries BHD 33.200 -0.100 5.1 -0.95 2124.8
Chin Well Holdings BHD 1.60 0.110 771 15.94 458.3 Perusahaan Sadur Timah M’sia 3.810 -0.090 0.6 -3.30 491.9
Bintulu Port Holdings Bhd 5.35 0.100 14.2 11.46 2461.0 Ann Joo Resources Bhd 1.360 -0.090 1493.1 -25.27 759.2
Sunway Construction Group 1.72 0.100 1226.4 10.26 2217.7 TIME dotCom Bhd 4.430 -0.090 950.4 -3.15 8087.5
Kesm Industries Bhd 7.98 0.100 5.7 -35.02 343.3 Petronas Gas Bhd 16.62 -0.08 334.1 -7.12 32886.5
Allianz Malaysia Bhd 12.82 0.100 22.7 -0.31 2281.4 Petronas Dagangan Bhd 20.920 -0.080 232.9 1.55 20783.1
Data as compiled on May 30, 2022 Source: Bloomberg Data as compiled on May 30, 2022 Source: Bloomberg
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