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W E D N E S DAY, A P R I L 2 7 , 2 0 2 2
ISSUE 370/2022
CEOMorningBrief
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REUTERS
Yield of 30-year
MGS tops 5%
at record high
Report on Page 3.
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
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THEEDGE CEO MORNING BRIEF
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H O M E
Director sues Caely
KUALA LUMPUR (April 26): Troubled
lingerie maker Caely Holdings Bhd said
its non-executive director Datin Fong
NyokYoon has launched a lawsuit against
the company and six current and former
directors, prohibiting them from allotting
and issuing new shares in the company
through a private placement exercise.
In a bourse filing on Tuesday (April
26), Caely said it has received an originating summons filed in the Shah Alam
High Court from Fong, naming executive
chairman Datuk Wira Louis Ng Chun
Hau, executive director and chief executive officer Lim Chee Pang, non-executive directors Lim Say Leong and Beh
Hong Shien, former non-executive directors Noor Azri Noor Azerai and Datuk
Seri Mazlan Lazim, and the company as
defendants.
Both Mazlan and Noor Azri had resigned from the board on Monday (April
theedgemarkets.com
25). In giving his reason for stepping down,
Noor Azri said in a statement that the recent issues that have cropped up in the
company have affected his “ability to further assist the group”. He did not elaborate.
The originating summons is currently
fixed for case management on May 19.
Fong is also seeking the resolution to
re-designate herself from executive director
to non-independent non-executive director
of Caely, which was passed at the company’s annual general meeting held on Sept
22 last year, be cancelled.
She also wants the special notices issued
by Ng on behalf of Caely to the directors
of Classita (M) Sdn Bhd, Caely Development Sdn Bhd and Marway Industries (M)
Sdn Bhd and all dated April 5 to convene
an extraordinary general meeting (EGM)
be cancelled, as well as the costs of her application and all other consequential and
incidental costs be paid by the defendants
jointly to her.
“The company is seeking legal advice
and will make further announcement on
any material development on this matter,” said Caely.
Caely recently saw the Malaysian
Anti-Corruption Commission issuing
a freeze order on all its bank accounts.
Earlier, the company had on April 7 announced that Virdos Lima Consultancy
(M) Sdn Bhd had been appointed as forensic auditor to carry out an independent forensic audit on allegations of suspicious and irregular transactions at the
group. It had cited that one of its independent non-executive directors had received an anonymous package containing
documents, raising concerns on several
suspicious transactions involving Caely
as circumstances leading to the forensic
investigation.
It had said that it expects the investigation to be completed by May 31.
Caely’s 2021 Annual Report showed
that its substantial shareholders comprised Penang-based businessman Datuk Seri Goh Choon Kim with a 21.69%
stake; Fong and spouse Datuk Chuah
Chin Lai, who was the former managing
director of Caely, jointly owning 13.07%;
while Ng held a 25.26% stake in the company as at July 30, 2021.
Caely shares closed down 0.5 sen or
1.18% at 42 sen on Tuesday, bringing it a
market capitalisation of RM107.2 million.
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W E D N E S D AY A P R I L 2 7 , 2 0 2 2
3
THEEDGE CEO MORNING BRIEF
H O M E
Yield of 30-year MGS tops 5%
at record high
KUALA LUMPUR (April 26): Bond rout
seems continuing in the local market as the
yield for 30-year Malaysian Government
Securities (MGS) topped 5% at its highest
on record on April 25 amid waning interest
in fixed income instruments as a result of
expectation of interest rate hike in many
parts of the world.
Meanwhile, the ringgit continued to be
under pressure. The local currency weakened further against the US dollar, which
gained strength in anticipation of a rather aggressive interest rate hike, at above
4.3500.
“In the local bond space, support is
still lacking as light selling action pushed
yields higher again today as the long ends
bear-steepened. The MGS 30Y was given at 5.049%, the highest ever in terms of
absolute yield since the 30Y benchmark
debuted in September 2013,” AmBank
(M) Bhd economists wrote in a note on
Tuesday.
“The ringgit, on the other hand, ground
higher against the USD in line with the
overall dollar strength, closing the day
(Monday) at the 4.3570 level,” they said.
Similarly, RHB Research said in its
fixed-income strategy note that MGS and
Malaysian Government Investment Issues
(MGII) markets continue to be under pressure on Monday, with values seen across
benchmark.
“The short-end underperformed as
yields up by 6-7bps, while the MGS 30Y
yield broke the 5.00% barrier to settle at
5.05%,” said RHB Research.
US Treasury (UST), on the other hand,
gained on Monday as yields fell over concern of slowing growth from aggressive
tightening and lockdowns in China; UST
10-year yield fell 8bps to 2.82%, RHB Research noted.
Softening ringgit
The ringgit depreciated to a new record
low of 3.1766 against the Singapore dollar
on Tuesday, as the imminent interest rate
hike by the US Federal Reserve (Fed) and
the weakening yuan continued to weigh on
the local currency’s performance.
At 6pm on Tuesday, the ringgit closed at
3.1708 versus the Singapore dollar, compared with 3.1696 seen on Monday.
The ringgit was traded between 3.1654
and 3.1766 against the Singapore currency on Tuesday.
The local unit also weakened further
against the US dollar to 4.3558, the low-
BY SYAFIQAH SALIM & JUSTIN LIM
theedgemarkets.com
BLOOMBERG
MGS Benchmark
Benchmark
MGS 3YR
MGS 5YR
MGS 7YR
MGS 10YR
MGS 15YR
MGS 20YR
MGS 30YR
25-Apr
(%)
22-Apr
(%)
(bps)
3.59
3.90
4.26
4.25
4.78
4.97
5.05
3.53
3.83
4.26
4.18
4.76
4.94
4.97
6.2
7.1
0.0
6.9
2.4
2.4
8.3
Source: BPAM
est level seen since May 18, 2020, when
the ringgit was trading at 4.3610 against
the greenback.
Economics professor DrYeah Kim Leng
said that although rising palm oil and crude
oil prices should have strengthened the
ringgit, the positive currency effect has
been overwhelmed by short term factors
that include changes in market sentiments
and expectations.
“The financial markets are pricing in
a further 50 basis point hike by the US
Fed as it seeks to get ahead of the curve
in raising interest rates to control inflation
which hit 8.5% in March [this year] following February’s 7.9%,” said the Sunway
University academic.
“The rising US interest rates will
underpin the strengthening of the US
dollar against other currencies including the ringgit. There is also global risk
aversion at play as investors seek ‘safe
haven’ currencies.
“Besides a tightening response by the
MAS [Monetary Authority of Singapore],
the Singapore dollar is a beneficiary of
flight to safety arising from a potential escalation of the Russia-Ukraine war,”Yeah
told The Edge.
As Malaysia is a crude oil and palm oil
exporting country, Yeah said the expected strengthening of the ringgit arising
from higher foreign exchange earnings
has been offset by financial tightening
in the US and other countries as well
as expectations that the strict Covid-19
lockdowns in China will dampen Malaysia’s exports.
“The ringgit could have weakened
much more if not for the strong palm oil
and crude oil prices that are expected to
boost the country’s foreign exchange earnings and current account surplus. Daily
currency movements are driven more by
short term factors such as changes in liquidity, sentiments and expectations while
fundamental factors such as export earnings influence the currency level over a
longer horizon,” he said.
OCBC Bank rates strategist Frances
Cheung said the weakening ringgit has
been impacting other commodity currencies as well.
She said it may be difficult to fight
against the market momentum at the
moment, as the US Fed is likely to stay
hawkish, while the risk sentiment is subdued given the concerns over the growth
outlook in some economies.
“We do note that Malaysia’s trade balance including being a net commodity exporter is supportive, which shall act as a
buffer,” she said.
UOB Malaysia senior economist Julia
Goh, meanwhile, said the spike in global
crude oil prices is a double-edged sword
for Malaysia’s fiscal position, as higher
oil revenues are countered by rising fuel
subsidies.
“Malaysia’s high dependence on imports also dilutes the positive spillover effect of higher commodity prices. In 1Q22,
exports gained 22.2% (4Q21: +29%) while
imports advanced 25.2% (4Q21: +29.6%).
Higher imports over exports led to a narrower trade surplus of RM65.1 billion
(4Q21: +RM76.2 billion),” said Goh.
Despite the weakness of the ringgit,
Goh said the country’s fundamentals remain strong with a positive growth outlook
for this year, supported by the transition
to endemicity, reopening of international
borders, and further normalisation of domestic demand.
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
4
THEEDGE CEO MORNING BRIEF
H O M E
KUALA LUMPUR (April 26): A sharp
121% increase in windfall tax of RM20.4
million reduced United Plantations Bhd’s
net profit by a fifth to RM59.69 million
in the first quarter ended March 31, 2022
(1QFY22) from RM74.83 million in the
year-ago period.
Earnings per share declined to 14.39
sen from 18.04 sen, its Bursa Malaysia filing showed on Tuesday (April 26).
Quarterly revenue, however, increased by
60.87% to RM642.91 million compared with
RM399.65 million, due to revenue increases in the plantation and refinery segments.
On a quarterly basis, the plantation
group’s net profit tumbled by 61.1% from
RM154.15 million in the immediate preceding quarter (4QFY21) while revenue jumped
by 22.34% from RM525.50 million in
4QFY21.
Moving forward, the group said it will
continue to replant areas of its older and
less productive oil palm stands in Malaysia
this year.
It projects crude palm oil prices to trend
higher due to the Ukraine-Russia war and
concerns that global vegetable oil supply will
remain tight combined with a pickup in demand from India and China as lower national
inventories need to be replenished.
“Cost efficiencies and improved produc-
United
Plantations’
1Q net profit
hit by higher
windfall tax
BY SULHI KHALID
theedgemarkets.com
tivity including optimising all possible steps
of mechanisation will continue as a vital part
of sustaining our positive development going forward.
“Based on the increased palm oil prices
and the company’s ability to minimise any
significant crop losses so far in spite of the
acute labour shortages, the board of directors expects that the results for the year will
be satisfactory and better than in 2021,” the
group stated.
Meanwhile, United Plantations warned
that if the government does not provide an
urgent yet safe avenue to recruit guest workers, it will become impossible to avoid serious crop losses in 2022 as the acute labour
shortage have now reached a breaking point
in several plantation companies.
It said even though the government had
introduced the recruitment of guest workers into Malaysia, the main challenge for the
plantation sector is to onboard these workers as expeditiously as possible including the
steps required to provide them with work
permits, vaccinations and other important
pre-conditions before work can proceed.
“It is therefore not a measure that will
create relief in 2Q 2022 and at best case, the
industry will only likely feel the positive impact of this by the end of 1Q 2023,” it said.
United Plantations also said edible oil
supplies, including palm oil remain tight
and most edible oil markets are in an inverse market structure with high prices in
the spot month and large discounts on the
forward months.
“Palm oil prices have been rising during
the first quarter of 2022 and reached a high
of RM8,000per tonne on the spot month
position. On the third month position, CPO
prices have risen from RM4,700 per tonne
in January to around RM6,250 per tonne
currently,” it added.
Shares in United Plantations settled 12
sen or 0.72% higher at RM16.90 on Tuesday,
giving it a market capitalisation of RM7.03
billion.
ZAHID IZZANI MOHD SAID/THE EDGE
MAHB to issue
RM800m Islamic
bonds
BY IZZUL IKRAM
theedgemarkets.com
KUALA LUMPUR (April 26): Malaysia
Airports Holdings Bhd (MAHB) is to issue
a combined RM800 million worth of Islamic
medium-term notes (IMTN) on Wednesday (April 27), according to updates on the
Bond and Sukuk Information Exchange’s
(BIX) website.
According to the BIX website, MAHB
is to issue the combined RM800 million
worth of IMTN in two tranches under its
RM5 billion sukuk wakalah programme.
The two tranches of IMTN comprise
a three-year RM500 million IMTN (maturing on April 25, 2025) and a five-year
RM300 million IMTN (maturing on April
27, 2027), which respectively offer annual
profit rates of 3.79% and 3.98%.
The two tranches of IMTN have been
assigned a credit rating of “AAA” by RAM
Rating Services Bhd, according to the BIX
website.
In a prior statement on MAHB’s website, the group said proceeds from its RM5 billion sukuk wakalah
programme are to be utilised for syariah-compliant purposes, which include working capital
requirements, capital expenditure, general investments, other general corporate purposes, and
refinancing of existing borrowings and future financing of MAHB.
In a prior statement on MAHB’s website, the group said proceeds from its RM5
billion sukuk wakalah programme are to
be utilised for syariah-compliant purposes,
which include working capital requirements,
capital expenditure, general investments,
other general corporate purposes, and refinancing of existing borrowings and future
financing of MAHB.
“This landmark financing serves as
a ‘war chest’ to support the group’s
business growth plans and strategies
moving forward,” MAHB said.
HSBC Amanah Malaysia Bhd and
Maybank Investment Bank Bhd are joint
principal advisers and joint lead arrangers
for the sukuk wakalah programme.
Joint lead managers for the programme
are HSBC Amanah, Maybank Investment
Bank as well as RHB Investment Bank Bhd.
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W E D N E S D AY A P R I L 2 7 , 2 0 2 2
5
THEEDGE CEO MORNING BRIEF
H O M E
MFM works on
price adjustment
as commodity
prices stay
volatile
Subur Tiasa falls
as much as 5%
after liabilities
exceed current
assets
BY TAN SIEW MUNG
theedgemarkets.com
KUALA LUMPUR (April 26): Subur Tiasa Holdings Bhd’s shares fell as much as 12
sen or 4.96% to RM2.30 after the group’s
independent auditor Crowe Malaysia PLT
issued an unmodified audit opinion with
a material uncertainty related to the going
concern over the audited financial statements for the financial period ended Dec
31, 2021 (FP21).
At the closing bell, the counter pared
losses to RM2.34, still down eight sen or
3.31%. At RM2.34, Subur Tiasa is valued
at RM489.06 million.
Year to date, the stock has surged
112.7%.
Subur Tiasa said in a bourse filing on
Monday that Crowe Malaysia drew attention to Note 5 in its financial statements,
which indicated that as at Dec 31, 2021, the
group’s current liabilities had exceeded its
current assets by RM393.8 million (2020:
RM458.3 million).
According to Crowe Malaysia, this condition gave rise to concerns about whether
the group had sufficient cash flows to meet
its obligations for the next 12 months from
the end of the reporting period, and whether the use of the going concern basis in the
preparation of the financial statements was
appropriate.
This was in spite of a net profit of RM73
million (2020: a net loss of RM25.6 million)
and net operating cash inflows of RM172.5
million (2020: RM46.8 million) recorded
by the group for the financial period.
“In assessing the appropriateness of the
financial statements having been prepared
on the going concern basis, the manage-
ment has considered the group’s cash
flow forecast for the financial year ending Dec 31, 2022 taking into account the
factors as enumerated in Note 5 in the
financial statements.
“Barring any unforeseen circumstances, the management has a reasonable expectation that the group will generate sufficient cash flows for the next 12 months
to allow it to fulfil its obligations as and
when they arise. Accordingly, the financial statements of the group have been
prepared on the going concern basis. Our
opinion is not modified in respect of this
matter,” said Crowe Malaysia.
On its part, Subur Tiasa said it strongly believes that the group’s business is still
relevant with the positive market outlook
for its plantation segment.
“The management is confident that
the group will be able to improve its operational results and profitability, and generate sufficient cash flows for the financial
year ending Dec 31, 2022,” it said.
According to the group, despite the
outbreak of Covid-19, it recorded a turnaround of profit after tax of RM73 million
for FP21 compared with financial year
2020’s (FY20) RM25.6 million net loss.
It said it generated net operating cash
inflows of RM172.5 million and recorded
earnings before interest, taxes, depreciation and amortisation of RM207.5 million for FP21 compared with FY20 at
RM46.8 million and RM54.2 million
respectively.
The group also said it had been focusing on its operations in the oil palm
plantation segment — the catalyst for the
turnaround trajectory.
It added that it had commenced
streamlining of its timber segment since
the middle of 2020 and had successfully
implemented various cost-rationalisation
measures in terms of optimising its resources and reshuffling of its manpower,
which had resulted in significant operational efficiencies and cost-savings.
“The group has been able to meet all
its debt obligations during the financial
period and these financial facilities which
are subject to periodic reviews have been
renewed consistently,” it said.
BY SYAFIQAH SALIM
theedgemarkets.com
KUALA LUMPUR (April 26): Malayan
Flour Mills Bhd (MFM) said the wheat
flour milling company is working on a price
adjustment proposal among several measures to mitigate business uncertainties due
to volatile commodity prices as the global
economy contends with the lingering impact of Covid-19-driven movement restrictions.
In MFM’s latest 2021 annual report,
which was filed with Bursa Malaysia on
Tuesday (April 26), its chairman Tun Arshad Ayub said the group is also mindful
of the effects from the ongoing Ukraine
geopolitical situation and the potential unfavourable impact of global weather on its
business.
According to MFM’s website, the company’s businesses include poultry operations besides corn and soybean trading.
In the annual report, Arshad did not
specify the details of MFM’s price adjustment proposal. He, however, indicated that
MFM intends to “drive more efficient trade
spend to protect our [profit] margin”.
Among MFM’s other uncertainty mitigating measures, he said, “The positive
effect of the partnership with Tyson [International Holding Company] on the poultry
integration business will allow us (MFM)
to leverage on their strength and technical
expertise to increase our sales volume, venture into export markets and to improve
operational efficiency.”
Arshad said MFM’s uncertainty mitigating measures include the company’s
progressive efforts to improve feed quality and invest in the best state-of-the-art
technology through the application of Internet of Things and artificial intelligence
to upgrade existing broiler farmhouse to
improve efficiency and performance.
He said MFM will continue to work
with reputable vaccine companies to implement a holistic vaccine programme to
curtail diseases at its poultry farms.
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W E D N E S D AY A P R I L 2 7 , 2 0 2 2
6
THEEDGE CEO MORNING BRIEF
H O M E
BLOOMBERG
Nestlé Malaysia
1Q net profit
up 17%
BY SYAFIQAH SALIM
theedgemarkets.com
KUALA LUMPUR (April 26): Nestlé
(Malaysia) Bhd’s net profit for the first
quarter ended March 31, 2022 (1QFY22)
grew 17.14% to RM205.18 million from
RM175.16 million a year earlier underpinned by stronger sales, coupled with lower Covid-19 related expenses.
The improved results were achieved despite the impact of increased commodity prices, as well as the impact of Cukai
Makmur (the prosperity tax), said Nestlé
in a bourse filing on Tuesday (April 26).
Earnings per share rose to 87.5 sen,
compared with 74.7 sen previously.
According to Nestlé, its quarterly reve-
KUALA LUMPUR (April 26): Port operator Westports Holdings Bhd saw its net
profit fall 27.1% to RM151.85 million for
the first quarter ended March 31, 2022
(1QFY22) from RM208.32 million a year
ago, no thanks to the one-off prosperity tax
in 2022, and the absence of other income
of RM20 million recognised in 1QFY21
that was part of a progressive insurance
reimbursement for a 2019 vessel incident.
As a result, earnings per share came in
lower at 4.45 sen for 1QFY22 compared
with 6.11 sen for 1QFY21.
This was despite revenue for the quarter rising 1.6% to RM516.36 million from
RM508.16 million in 1QFY21, primarily driven by growth in container revenue,
particularly value-added services.
Westports said it made a tax provision
of RM97 million or an effective tax rate
of 39% due to the prosperity tax.
On prospects, Westports said the conflict in Europe, the Covid-19 effects on
China and soaring inflation are not conducive for global economic growth.
“With more economic headwind risks,
the company is now projecting possibly near
nue rose 16.91% to RM1.69 billion from
RM1.45 billion, driven by both higher domestic and export sales. “The strong performance of both the core food and beverage
business and the out-of-home business under Nestlé Professional benefited from the
increased mobility and reopening of hotel,
restaurant and café channels post lockdown.”
Compared to the immediate preceding
quarter, net profit jumped 83.02% from
RM112.1 million for 4QFY21 as revenue
rose 16.49% from RM1.47 billion.
The global environment remains very
challenging, with widespread inflation
gaining traction across the world and also
in Asia, aggravated by the war in Ukraine,
impacting further prices and availability
of key food commodities such as wheat,
barley and sunflower oils, noted Nestlé.
“We are confident in sustaining growth
momentum across the year even if we see
growth levelling down from current high
levels in the coming quarters.
“Overall, 2022 is shaping as a year of
solid growth in the top line and some pressure on the bottom line as we do our best
to balance the tensions on our cost value
chain with internal efficiencies and moderate price increases,” said the group.
Despite the foreseeable hurdles, Nestlé
said it aims to continue leveraging all possible opportunities to drive another year
of solid and resilient results while making
meaningful progress in its environmental,
social and governance agenda to contribute
to Malaysia’s sustainable progress.
Westports
1Q net profit
down 27%
BY TAN SIEW MUNG
theedgemarkets.com
identical container throughput volume in
the current year compared with the previous
year.The guidance would be updated should
material developments evolve and affect the
company’s expected volume trajectory.”
Globetronics
1Q net profit
falls 25%
BY SHAZNI ONG
theedgemarkets.com
KUALA LUMPUR (April 26):
Globetronics Technology Bhd said
its net profit fell 24.65% to RM9.45
million for the first quarter ended
March 31, 2022 (1QFY22), from
RM12.54 million a year earlier, due
to lower volume loadings.
Revenue dropped 23.04% to
RM42.63 million from RM55.4
million in 1QFY21, the miniaturised optical sensors manufacturer's
bourse filing showed.
The group attributed the lower
sales and net profit to lower volume
loadings from some of the group's
customers and a drop in economies
of scale.
On a quarter-on-quarter basis,
Globetronics' net profit slumped
47.01% from RM17.89 million
posted in 4QFY21, while revenue
fell 12.25% from RM48.58 million.
Globetronics declared an interim
dividend of three sen per share, unchanged from a year earlier.
On prospects, Globetronics said
the group's operations may continue
to be impacted due to the uncertainties arising from the Omicron
variant of Covid-19.
As such, the group said it has
taken proactive measures with high
employees' vaccination rate and enhanced standard operating procedures to counter this risk.
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W E D N E S D AY A P R I L 2 7 , 2 0 2 2
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THEEDGE CEO MORNING BRIEF
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
8
THEEDGE CEO MORNING BRIEF
H O M E
KUALA LUMPUR (April 26): The Economic Planning Unit (EPU) and Malaysia Petroleum Resources Corporation
(MPRC) plan to kick off 15 initiatives this
year under the National Oil & Gas, Services and Equipment (OGSE) Industry
Blueprint 2021-2030.
Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa
Mohamed said the 15 initiatives, aimed at
strengthening and growing the OGSE industry, will continue to address systemic
issues confronting the sector, specifically in the areas of technology, talent, and
funding.
“EPU, alongside MPRC, will continue
to work closely with ministries, agencies,
Petronas, industry players and relevant
stakeholders to realise the vision and goals
set out in the OGSE blueprint,” he said
at the second steering committee meeting
for the blueprint.
In a statement released on Tuesday
(April 26), the minister was also quoted
as saying that the government, via MPRC,
will also introduce a sustainability plan for
the OGSE sector later this year to complement efforts under the blueprint.
“[It] will serve as a guideline for industry players, particularly the small and
medium enterprises, to get into sustainability reporting and adopting sustainable
KUALA LUMPUR (April 26): The government is likely to introduce a targeted
fuel mechanism to cushion the impact of
rising crude oil prices, especially for the
lower income group.
Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said the government is still
working on a suitable structure and expects
it to be completed soon.
He also noted that the Ministry of Finance is currently looking at whether the
government is able to bear the subsidies,
and the fuel prices of RON95 and diesel
would remain for the time being.
“Those who can afford should pay more
and the people who do not deserve [the
subsidy] should not be given the subsidy
at all. Subsidies are meant for the poor
people, particularly the B40 (bottom 40%
income group). The issue is the timing of
when it is going to be implemented,” he
said during The Nation programme aired
on Bernama TV on Tuesday (April 26).
Mustapa said fuel subsidies had played an
important role in moderating price increases
in Malaysia, whereby the government had
been able to maintain price increases of between 2% and 3% for the last 10 to 20 years.
“However, it will be a big strain on the
budget. When we outlined our budget last
Govt to kick off
15 initiatives
this year to grow
OGSE industry
Bernama
business practices, while [the government
is] also looking at opportunities to introduce low-carbon technologies or solutions
to the sector,” Mustapa said.
He disclosed that RM7 million has been
approved under the OGSE Development
Govt likely
to introduce
targeted fuel
mechanism, says
Mustapa
Bernama
Grant, another joint effort by EPU and
MPRC to support the sector’s continued
growth, to 31 OGSE companies since it
was launched in April 2021.
Mustapa said it is important that both
the blueprint and the complementary
efforts by the government and MPRC
continue to gain traction among industry players.
“I am pleased to note that MPRC will
be conducting roadshows around Malaysia,
beginning with Terengganu, Sabah, and
Sarawak in the coming months, to reach
out to industry players and stakeholders
in these states,” he added.
In the same statement, MPRC president and chief executive officer MohdYazid
Ja’afar said these efforts are being made
to support and further develop a sector
that has long contributed to Malaysia’s
economic development.
According to him, the OGSE industry is
undergoing significant challenges although
oil prices have recovered and economies
are moving from pandemic mode to the
endemic phase.
“MPRC, as an implementation agency
and blueprint secretariat, will step up on
our work towards engagements with stakeholders and industry players, to ensure
that the challenges faced are recognised
and addressed,” he added.
uefied natural gas and cooking oil.
He added that the rise in crude oil prices had affected the country’s inflation rate,
where the Consumer Price Index in March
2022 rose by 2.2% to 125.6 against 122.9
in March 2021, surpassing the average inflation for the January 2011-March 2022
period, which stood at 1.9%.
“We believe this will be challenging for
us moving forward. The impact is mainly
on prices. We have not revised our growth
projection and we are still sticking to Bank
Negara Malaysia’s forecast of a 5.3% to
6.3% growth this year.
“We have to be realistic as this is a very
challenging period and there [might be]
a need to revise our growth forecast. The
government will do the necessary,” he
noted.
Read also:
year, the estimate was about RM5 billion
in subsidies. Now the estimate is somewhere around RM30 billion, representing
a sixfold increase in the amount of subsidies,” he added.
Mustapa said the oil subsidies involve
four items, namely RON95, diesel, liq-
Govt to implement mandatory iron
and folic acid fortification into wheat
flour, says Khairy Click here
Deputy minister calls on Malaysia,
China companies to deepen supply
chain connections Click here
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
9
THEEDGE CEO MORNING BRIEF
H O M E
BLOOMBERG
KUALA LUMPUR (April 26): Parkson
Holdings Bhd chairman Tan Sri William
Cheng Heng Jem said the retail group,
which has seen the number of owned and
managed stores shrink to 85 from 102, remains positive about its China retail operations’ prospects although Covid-19
containment measures and inflationary
pressures remain a concern for the group’s
Southeast Asian business.
According to Parkson Holdings’ latest
2021 annual report which was filed with
Bursa Malaysia on Tuesday (April 26,
2022), the group which 102 owned and
managed stores across Malaysia, China,
Vietnam and Indonesia as at June 30, 2020
saw its number of owned and managed
stores reduced to 85 as at Dec 31, 2021 as
the number of outlets in Malaysia and Vietnam shrank while the company no longer
had any Indonesian outlets.
“The group had ceased to have control
over the subsidiary in Indonesia with effect from May 17, 2021,” Parkson Holdings said.
On China, Cheng said in Parkson Holdings’ annual report that the group remains
positive about the prospects of its retailing
operations there despite repeated Covid-19
outbreaks as the consumer market there
adapts to the new normal.
“The group will continue to strive to
improve consumer experience in order to
fully capture potential opportunities provided by the Chinese retail market besides
continuing to diversify the income sources,
establish online and offline sales channels,
KUALA LUMPUR (April 26): Pentamaster Corporation Bhd, an automation technology solutions and services provider, will
continue to further strengthen its geographical footprint in 2022 and next year through
its products and solutions.
Executive chairman Chuah Choon Bin
said having established Pentamaster Japan
in 2021, the Penang-headquartered group
will explore extending its footprint to Germany in 2022 and opening offices in Indonesia and the Middle East by 2023.
“Like a pigeon that flies out and ultimately finds its way home, Pentamaster will
continue to remain steadfast and invest in
Penang.
“With strong sales forecasts that the
group expects in the coming years based
on customer order momentum, we are expanding our production capacity, research
activities and engineering staffing with the
expansion of a new facility in Batu Kawan,
Penang,” he said in the company’s 2021
annual report.
Chuah further said that the facility, to be
the group’s third major production plant,
Parkson positive
about China
operations
despite shrinking
global outlets
BY JUSTIN LIM
theedgemarkets.com
and promote long-term sustainable development of its businesses,” he said.
On Parkson Holdings’ Southeast Asian
business, Cheng said Covid-19 contain-
Pentamaster
eyes geographical
expansion
Bernama
is located on a 4.86-hectare (12-acre) industrial land and is expected to measure
600,000 sq ft.
Construction started this month and is
slated for completion in the third quarter
of 2023.
“The expansion will include increased
space for research laboratories, manufacturing floors and offices,” he said.
Meanwhile, he said moving forward
with its growth strategies, the key driver
will be the automotive and medical sectors. This follows Pentamaster’s strategic
decision to venture into new sectors in
2018 to help cushion the softness of the
electro-optical sector, which remained the
ment measures and inflationary pressures
remain a concern for its retail operations
in the region.
“Notwithstanding these, the group continues to focus its priorities on enhancing
product offerings, optimising operational
efficiency and productivity, carrying out
tactical promotional activities as well as
cost control management,” he said.
According to Parkson Holdings’ annual
report, the group’s Malaysian operations
comprised 38 outlets as at Dec 31, 2021
compared with 42 as at June 30, 2020 while
the number of outlets in Vietnam was reduced to two from four.
In contrast, Parkson Holdings’ China operations recorded an increase in the
number of outlets to 45 from 41 previously,
its annual report showed.
top revenue contributor last year.
On the automotive sector, Chuah said
the group will continue to leverage its expertise and know-how in riding the high
market demand for integrated power modules such as insulated gate bipolar transistors and power devices in assembly and
test solutions, covering the front end and
back end.
“With our proprietary silicon carbide wafer burn-in system that we have developed,
this will enable us to have almost a complete
production line for power devices from wafer burn-in to assembly and test [solutions]
for the automotive sector,” he explained.
For the medical sector, he said the group
seeks to expand its medical automation
solutions for the single-use medical devices industry, such as intravenous catheters,
dual safety pen needles and sutures.
Chuah said Pentamaster intends to expand its geographical coverage for growth
in this sector, with the immediate plan being
to intensify efforts to market its solutions to
key markets such as the US, India, and the
Middle East region, besides China.
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
10
THEEDGE CEO MORNING BRIEF
H O M E
HLIB Research:
Capacity
expansion to
drive Frontken’s
future growth
BY IZZUL IKRAM
theedgemarkets.com
KUALA LUMPUR (April 26): Frontken
Corp Bhd’s Taiwan plant capacity expansion will drive the group’s future growth,
according to Hong Leong Investment Bank
(HLIB) Research.
In a note on Tuesday (April 26), HLIB
analyst Tan JYoung said Frontken’s Plant 2
Phase 1 expansion is expected to be completed by the first half ending June 30,
2022 (1HFY22), slightly ahead of its initially scheduled 2HFY22.
“Phase 2 and 3 extensions are expected to be completed by next year.
Although Plant 2’s land size is almost
the same as Plant 1, the former’s production capacity can be more than double as new technology requires less floor
space,” he added.
The HLIB analyst said that based on
the latest corporate update, the research
KUALA LUMPUR (April 26): UOB Kay
Hian Research on Tuesday (April 26) cut
its 2022 profit before tax (PBT) forecast
for MyEG Services Bhd by 16% to RM369
million to reflect lower volume assumptions for Covid-19 tests and e-testing due
to potential travel policy changes and commercialisation delays.
However, the foreign research house
remains upbeat on MyEG’s prospects,
which it said are anchored on the recovery of the foreign worker segment, the road
transport segment’s launch of e-testing,
Zetrix’s launch and the potential to clinch
new government contracts.
UOB Kay Hian analysts Vincent Khoo
and Jack Goh said in a Tuesday note that
as a key border reopening beneficiary,
MyEG is expected to deliver a 16% earnings growth in 2022, driven mainly by the
immigration and road transport segments.
“While we expect revenue from the
healthcare segment to significantly taper
off by the second half of 2022, the shortfall
will be cushioned by the earnings growth/
recovery in MyEG’s e-government/immigration-related services,” said the duo.
They added that as Malaysia is like-
house opined that contributions from the
Taiwan Plant 2’s Phase 1 expansion will
lift Frontken’s FY23 core net profit by
22%, while that of FY22 will remain unchanged.
Elsewhere, Tan said that Frontken is in
negotiations with an original equipment
manufacturer — an existing client in Taiwan — on a large volume-based project
to support local foundries. He added that
if the project materialises, further expansion will be required, for which it plans
to repurpose idle space in its oil and gas
(O&G) site.
“Capex (capital expenditure) for this
project is estimated to be RM3.5 million
to RM4 million, including the purchase
of testing and measuring equipment. Labour issues have improved after Chinese
New Year and it managed to hire some
from China.
“The O&G business has improved a lot
with more works and enquiries to the extent of insufficient space to put equipment
while customers are very demanding. It has
yet to observe any impact due to China’s
Covid-19 lockdown and customers from
Dalian continue to send parts to Singapore
for cleaning,” the analyst added.
Tan maintained his “buy” call on Frontken but lowered his target price for the
stock to RM3.20 (from RM4.36 previously) based on a price-earnings (P/E) multiple of 30 times (previously 50 times) FY23
earnings per share.
UOB Kay Hian
cuts 2022 PBT
forecast for
MyEG
BY TAN SIEW MUNG
theedgemarkets.com
ly to soon follow suit with its regional
neighbours’ easing of border-crossing requirements — waiving the Covid-19-test
mandate — for inoculated travellers, MyEG’s Covid-19 testing and quarantine service revenues will eventually significantly
shrink.
“While MyEG should deliver strong interim earnings based on more than 5,000/
day Covid-19 tests, we reduce our 2022
Covid-19 test volume assumption from
three million to 800,000 to conservatively factor in the abolishment of Covid-19
testing requirements for fully-vaccinated
inbound travellers,” they said.
Rubber firm
Seng Fong gets
SC’s nod for
Main Market
listing
BY IZZUL IKRAM
theedgemarkets.com
KUALA LUMPUR (April 26):
Rubber processor and trader Seng
Fong Holdings Bhd is a step closer
to being listed on the Main Market
of Bursa Malaysia after obtaining the
approval of the Securities Commission Malaysia (SC).
In a statement on Tuesday (April
26), Seng Fong managing director Er
Hock Lai said the proposed listing
will enhance the company's reputation
and assist it in expanding its customer
base globally, while allowing it to gain
access to the capital market to raise
funds for future growth opportunities.
“The listing also enables us to
raise the funds we need for the installation of a biomass system that
will provide a source of fuel for our
processing operations while at the
same time achieve cost savings by
reducing overall fuel cost.We are also
installing two solar system units to
help us lower electricity cost as well
as help us achieve our sustainability goals of reducing greenhouse gas
emissions,” he added.
A portion of the proceeds from
the listing will also be used for working capital and to repay bank borrowings.
Seng Fong's initial public offering
(IPO) entails the issuance of up to
160.87 million shares, comprising
a public issue of 90.81 million new
shares and an offer for sale of up to
70.06 million shares.
“The IPO shares are divided
into an institutional offering of up
to 118.68 million shares representing
22.9% of the enlarged issued shares
and a retail offering of up to 42.2
million shares representing 8.1% of
the enlarged issued shares,” the company noted.
Hong Leong Investment Bank
Bhd is the principal adviser, underwriter and placement agent for the
IPO.
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
11
THEEDGE CEO MORNING BRIEF
H O M E
NEWS IN BRIEF
Sime Darby Plantation submits
comprehensive report to US
Customs
KPower proposes to acquire hydro
power plant for RM130 mil
KUALA LUMPUR (April 26): KPower
Bhd has proposed to acquire the entire
stake in hydro power plant developer
One River Power for RM130 million, to
be satisfied via a combination of cash
and issuance of new shares in the group.
In a Bursa Malaysia filing on Tuesday
(April 26), the group, which recently
proposed to change its corporate
identity, said its wholly-owned
subsidiary KPower RE Sdn Bhd had
entered into an agreement with Pristine
Falcon Sdn Bhd for the acquisition.
According to the group, One River
Power is principally involved in the
development of three hydro power
plants based in Sabah with a total
combined power generation of 29.1
megawatt (MW). “The proposed
acquisition is envisaged to provide an
opportunity to KPower to acquire the
29.1MW hydro power plants, which
are partly operational and in line
with the company’s asset ownership
business model for long-term dividend
sustainability. — by Sulhi Khalid
Cycle & Carriage Bintang 1Q
net profit more than doubled
AmFIRST REIT books RM22 mil
in fair value loss
KUALA LUMPUR (April 26): Cycle &
Carriage Bintang Bhd, which distributes
Mercedes-Benz cars in Malaysia, said on
Tuesday (April 26) that its first quarter
net profit more than doubled to RM8.55
million from RM3.39 million a year earlier,
as revenue rose on higher vehicle sales
volume, helped by Malaysia’s sales tax
reduction which supported consumer
demand for cars. In a Bursa Malaysia
filing, Cycle & Carriage said revenue rose
to RM300.02 million in the first quarter
ended March 31, 2022 (1QFY22) from
RM292.83 million. “A net profit of RM8.6
million was recorded compared to a
net profit of RM3.4 million in the same
period in 2021. The group continues to
benefit from the sales tax reduction which
supported the demand for consumer
vehicles. Alongside a more favourable
sales mix and lower financing costs,
overall net profit improved,” Cycle &
Carriage said. — by Tan Siew Mung
KUALA LUMPUR (April 26): AmFIRST
Real Estate Investment Trust is booking
a fair value loss of RM21.99 million
following the revaluation of several
properties, in line with regulatory
requirements. According to its filing
with Bursa Malaysia, Wisma AmFIRST
reported the largest revaluation deficit
at RM4.62 million, followed by Prima 10
(RM3.83 million), Jaya 99 (3.8 million),
Mydin Hypermall (RM3.1 million),
Menara AmFIRST (RM1.6 million), The
Summit Subang USJ (RM1.44 million)
and Prima 9 (RM188,798). — by Ahmad
Naqib Idris
Kelington accepts LOI for gas supply
worth RM180 mil
KUALA LUMPUR (April 26): Kelington
Group Bhd said the group has accepted
a letter of intent for an onsite industrial
gases supply scheme with an expected
revenue of RM180 million over a 10year period. The industrial engineering
group did not name the client but said
it is “one of the largest optoelectronics
semiconductor companies in the world”.
Kelington said its indirect subsidiary,
Ace Gases Marketing Sdn Bhd, will be
setting up onsite generators to produce
nitrogen, hydrogen and oxygen gases
at the customer’s semiconductor
manufacturing plant located at Kulim,
Kedah and the supply of gases is
expected to commence in the first
quarter of 2023. — by Seah Eu Hen
KUALA LUMPUR (April 26): Sime
Darby Plantation Bhd (SDP) on Tuesday
(April 26) submitted a comprehensive
report to the US Customs and Border
Protection (USCBP) over forced labour
claims against the planter. In a bourse
filing, SDP said the report included a
detailed assessment of its Malaysian
operations mapped against each of the
International Labour Organisation (ILO)
forced labour indicators; an in-depth
description of improved governance
structures and management systems;
copies of policies, guidelines and
standard operating procedures; details
of facilities at SDP’s operating units;
corresponding supporting evidence; and
independent reports from third party
consultants appointed by SDP to assess
various aspects of its operations. — by
Tan Siew Mung
Chicken cartel: MyCC probing
claims of political interference
NILAI (April 26): The Malaysia
Competition Commission (MyCC)
is probing allegations that there has
been political interference in the issue
of cartel operations in the poultry
industry. Domestic Trade and Consumer
Affairs Minister Datuk Seri Alexander
Nanta Linggi said a detailed report was
needed to determine the validity of
the allegation. “This needs a thorough
investigation and we cannot be too
quick to say that there are cartels (in the
industry). “I did not rule out nor confirm
this (claim), it’s better to wait for the
MyCC report. This does not only involve
this ministry but other ministries as well
because it is related to supplies and so
on,” he told reporters here on Tuesday
(April 26). — Bernama
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subcontract for government office,
training centre Click here
Bintai Kinden secures subcontract
jobs worth RM1.6m Click here
AirAsia forecasts daily number of
passengers to triple during Hari
Raya peak period Click here
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
12
THEEDGE CEO MORNING BRIEF
H O M E
KUALA LUMPUR (April 26): It took
three months for the number of daily Covid-19 cases in the country to drop to about
2,000, with 2,478 cases recorded on Monday (April 25), said Health Director-General Tan Sri Dr Noor Hisham Abdullah.
The last time the daily Covid-19 cases
recorded a figure of around 2,000 was on
Jan 17 which was 2,342, and the highest
number of daily cases recorded during the
three-month period was on March 5 with
33,406 before going on the downtrend.
Of the total cases recorded on Monday,
98.71% or 2,446 cases were in Categories
1 and 2, while 32 cases or 1.29% were in
Categories 3, 4 and 5.
“Of the total 32 cases in the Categories 3, 4,
and 5, 16 cases involved patients who are not
vaccinated or had not been fully vaccinated,
10 cases involved those who are fully vaccinated but had not received the booster dose,
while six others had received the booster dose.
“Eighteen of the 32 cases are aged 60
years and above while 19 have comorbidities,” he said in his daily statement on
Covid-19 cases on Tuesday.
A total of 143 cases were admitted to hospital on Monday with 76 of them in Categories
1 and 2, while 67 are in Categories 3, 4, and 5.
With the new cases recorded on Mon-
KUALA LUMPUR (April 26): Malaysia and Indonesia are leading the recovery
of domestic travel demand in Southeast
Asia, reaching a 100% growth in March
compared to the same level in 2019, while
countries such as the Philippines,Thailand
and Vietnam are quickly following the lead.
Google Asia-Pacific travel lead Hermione
Joye said staycations and travelling to meet loved
ones had driven travel growth in the region,
thanks to the dropping of travel restriction orders, reopening of borders, as well as the easing
of quarantine and testing restrictions.
“Recovery has started to take place across
the region …. Southeast Asian governments
are starting to get much more comfortable
with the idea of people travelling and the
Daily Covid-19
cases in Malaysia
drop to about 2,000
Bernama
ZAHID IZZANI MOHD SAID/
THE EDGE
day, the total number of Covid-19 cases in
the country amount to 4,433,551, with a
total of 4,330,037 recovered cases, including 9,215 recoveries recorded on Monday.
Dr Noor Hisham said Malaysia’s Covid-19 infectivity rate (Rt value) on Monday was 0.73, with Putrajaya recording the
highest rate of 1.07.
Malaysia leading
domestic travel
demand recovery
in Southeast Asia
— Google
Bernama
ZAHID IZZANI MOHD SAID/THE EDGE
The Kuala Lumpur
International Airport (KLIA)
in Sepang, Selangor
Covid-19 cases and vaccination
progress in Malaysia
On April 25, 2022
Daily vaccine doses administered
38,691
Daily booster administered
4,524
% of adult population received
97.6
two-dose vaccination
% of adult population received
68.1
booster shots
Number of new cases 2,478
Local cases
2,471
Imported cases
7
Category 1 928
(no symptoms)
(37.45%)
Category 2
1,518
(mild symptoms)(61.26%)
Category 3
16
(with pnemonia)
(0.65%)
Category 4
11
(with pneumonia requiring oxygen therapy)
(0.44%)
Category 5
5
(critical and requiring assisted ventilation)
(0.20%)
Number of new recoveries 9,215
Active cases
68,007
Daily Covid-19 deaths
8
Hospital bed utilisation (%) 58.0
Source: Ministry of Health
need to travel, and what we are seeing, as
a result, is that demand is picking up,” she
said during a virtual media roundtable on
the revival of travel in the region.
As for international demand, Joye said
fast rebounds were recorded for the Philippines and Indonesia, while Malaysia, Singapore, Thailand and Vietnam are making
a moderate recovery.
She said inbound travel into Malaysia from March 27 until April 2 grew by
83% compared to the same period in 2019,
while outbound travel increased substantially by 90% during the same period.
On the broader market, she said Google
internal data showed that 40% share of inbound tourism from the US and Canada went
to the Philippines and Vietnam, 40% share
of inbound from Europe were into Indonesia
and Thailand, while 38% share of inbound
from the Middle East was to the Philippines.
Malaysia and Singapore accounted for
75% of inbound share from intra-region,
she added.
Bali was the fastest-growing market in
March 2022, not only attracting tourists
from the region but globally, while Bangkok ranked seventh, according to Joye.
Read also: A total of 204,927 visitors from
Singapore enter Malaysia since April 1,
says Nancy Click here
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
13
THEEDGE CEO MORNING BRIEF
H O M E
REUTERS
Last ditch
effort to save
Nagaenthran
from the gallows
dismissed
BY MASSITA AHMAD
Bernama
SINGAPORE (April 26): The Singapore
Court of Appeal on Tuesday (April 26) dismissed a legal challenge filed by Nagaenthran
Dharmalingam’s mother in a last-ditch attempt
to set aside her son’s conviction and death sentence.
The decision seals the fate of the 34-yearold Malaysian who is scheduled to be executed
on Wednesday (April 27), after the Court of
Appeal upheld his death sentence last month.
Panchalai Supermaniam filed the legal challenge for her son with the help of friends and
activists and was not represented by any lawyer.
Earlier, during the hearing, Panchalai said
via an interpreter : “I’m the mother. I made
the petition.We want him back alive...We need
to get lawyers for this case.”
KUALA LUMPUR (April 26):The Court
of Appeal in Putrajaya has set May 11 for
case management of an appeal by the female clerk who was sentenced to six years’
jail and RM6,000 fine for reckless driving which resulted in the deaths of eight
teenagers on modified bicycles, commonly
known as “basikal lajak”, five years ago.
Lawyer Muhammad Faizal Mokhtar,
representing Sam Ke Ting, 27, who is the
appellant, revealed the date when contacted on Tuesday.
A check of the court system showed that
the case management will be held before
Court of Appeal Deputy Registrar Mohd
Khairi Haron via videoconference (Zoom).
On April 18, the court allowed Sam’s
application to stay the execution of the jail
sentence and fine imposed by the High
She was accompanied by her niece
Thenmoli Sunniah.
The basis of the legal challenge is that
Judge Sundaresh Menon who presided
over and dismissed Nagaenthran’s appeals
was earlier the Attorney General who had
prosecuted Nagaenthran and secured his
conviction.
The hearing which was heard before
three Justices, namely Andrew Phang, Judith Prakash and Belinda Ang, started at
2.30pm and adjourned about 30 minutes
later before resuming at 4.30pm for the
decision.
After his mother’s application was dismissed, the court granted Nagaenthran to
hold hands with his seven family members
present at the courtroom.
Donning a purple prison uniform, Nagaenthran appeared calm while talking to
his mother and family members.
Hailing from Perak, Nagaenthran was
sentenced to death in 2010 for trafficking 42.72g heroin in 2009 into Singapore,
which is known to have among the world’s
toughest narcotics laws.
Nagaenthran’s case had drawn international attention.
On Nov 7, 2021, it was reported that
Malaysian Prime Minister Datuk Seri Ismail SabriYaakob had written to his Singapore counterpart Lee Hsien Loong seeking
leniency in this case.
Meanwhile, on Dec 3, Singapore President HalimahYacob said he had been accorded full due process under the law.
Nagaenthran’s lawyers claim that he is
intellectually disabled.
He was supposed to be hanged on
Nov 10, 2021, but found temporary respite on Nov 9, after the court was told he
had tested positive for Covid-19 when he
appeared for a last-bid attempt against his
death sentence.
Court sets case
management
of clerk’s appeal
in ‘basikal lajak’
case for May 11
Bernama
Former Master
Chef Malaysia
finalist to be
released on bail
Bernama
PUTRAJAYA (April 26): Master Chef Malaysia 2012 finalist Etiqah Siti Noorashikeen Mohd Sulong, who is facing a murder
charge, was allowed to be released on bail by
the Court of Appeal here on Tuesday pending transfer of her case to the High Court.
A three-member panel comprising Justices Datuk Lee Swee Seng, Datuk Supang
Lian, and Datuk M Gunalan, in a unanimous decision, allowed Etiqah bail of
RM30,000 with one surety.
The court also ordered her to surrender
her passport to the Magistrate's Court in
Kota Kinabalu and to report to the Penampang police station on Monday of every
week.
Etiqah's lawyer, Datuk Seri K Rakhbir
Singh, told reporters that Lee, who delivered the court's decision, held that there was
merit in Etiqah's bail application and that
the court was satisfied there were special
circumstances to grant bail.
The 34-year-old woman, who is also an
engineer with Petronas, was charged together with her husband Mohammad Ambree
Yunos @ Unos, 41, a contractor, in the Magistrate's Court in Kota Kinabalu on Dec 29
last year for the murder of their maid.
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vehicles on public roads Click here
Court on April 13 and also released her on
bail of RM10,000 with one surety pending
the hearing of her appeal.
High Court Judge Datuk Abu Bakar
Katar, who meted out the jail sentence and
fine on Sam, also ordered the woman to
be jailed for six months if she failed to pay
the fine and a three-year driving ban upon
completion of her prison term.
The court handed down the decision
after allowing the prosecution’s appeal to
set aside the Magistrate’s Court’s decision
on Oct 10 last year, which acquitted and
discharged the woman.
Sam, who was 22 years old at the time
of the incident, was charged with committing the offence in Jalan Lingkaran Dalam,
Johor Bahru, Johor at 3.20am on Feb 18,
2017.
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
14
THEEDGE CEO MORNING BRIEF
W O R L D
China’s central bank seeks to calm
markets with support pledge
(April 26): China’s central bank pledged
to support the economy through targeted
financing for small businesses and a quick
resolution of the ongoing crackdown on
technology firms in Beijing’s latest bid to
reassure investors nervous about growth and
Covid-19 lockdowns.
The People’s Bank of China (PBOC)
“will step up the prudent monetary policy’s
support for the real economy, especially for
industries and small businesses hit hard by
the pandemic”, it said in a statement on
Tuesday (April 26).
The bank said it will promote healthy
and stable development of financial markets
and provide a good monetary and financial
environment. It reiterated that it will keep
liquidity reasonably ample.
The comments followed the PBOC’s
statement late on Monday to cut the amount
of money that banks need to keep in reserve
for their foreign currency holdings, an attempt to bolster the currency after it came
under pressure amid record capital outflows.
The central bank’s remarks buoyed markets on Tuesday, with the benchmark CSI
300 Index climbing as much as 1.5% after
it dropped 4.9% on Monday, the biggest
loss since February 2020.The Chinese currency trading onshore strengthened 0.4%
at 6.5334 per dollar as of 12.19pm local
time after weakening 3% in the previous five
sessions. The offshore yuan was up 0.3%.
Tech crackdown
The PBOC also addressed concerns around
a regularity crackdown on tech firms, saying
it will “steadily push forward and complete
the rectification of large platform companies as quickly as possible, and facilitate the
Bloomberg
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healthy development of the platform economy”.
The comments, which were largely a reiteration of those from a high-profile financial
committee led by Vice Premier Liu He in
March, boosted the Hang Seng Tech Index
as much as 5.8%.
Market sentiment had faded in recent
weeks as disappointment set in about a lack
of follow-through on several major pledges
from officials, and after lockdowns in Shanghai and elsewhere began spreading.
“While the PBOC has tried to limit capital outflows, their monetary response to
the economic weakness has underwhelmed.
Without concrete steps towards monetary
easing or meaningful public health improvements, Chinese stocks will remain
challenged,” wrote Seema Shah, the chief
strategist of Principal Global Investors, in
a note.
The central bank on Tuesday attributed
recent market volatility to changes in the ex-
pectations and sentiment of investors, adding that China’s economic fundamentals
remain good.
Politburo meeting
Focus will now shift to the Communist Party’s Politburo meeting, which usually takes
place at the end of April and will cover economic policy matters. Several prominent
government-linked advisers and economists
have called on Beijing to ease policies for the
property and Internet sector and provide
direct stimulus to households.
China’s Covid zero approach is putting
the economy under major strain. A Bloomberg index tracking a set of early economic indicators plunged in April to its worst level in
two years. Morgan Stanley downgraded its
growth forecast by 40 basis points to 4.2%,
while Daiwa Capital Markets and TD Securities also lowered their projections.
The PBOC has been cautious with its
policy moves so far, refraining from cutting
interest rates in April and providing only a
modest cash boost to banks. Interbank liquidity remains flush, and strict Covid-19
curbs in some major business hubs have
threatened to limit the impact of any broad
easing.
“I expect policy easing to remain targeted
with a focus on helping smaller companies
and sectors harder hit by Covid-19 disruptions,” said Liu Peiqian, a China economist
at NatWest Group plc. “More forceful and
broad-based easing” may be rolled out after Covid-19 outbreaks are brought under
control, she said.
Last week, PBOC governor Yi Gang
highlighted the central bank’s focus on keeping inflation under control, and stressed its
targeted approach to helping the economy.
The bank’s statement on Tuesday echoed
that strategy, with a pledge to add 100 billion
yuan (US$15.2 billion or about RM66.41
billion) of quota to its relending programme
to support the production and storage of
coal.The programme provides loans to commercial banks for lending to targeted sectors.
The central bank also said it would set up
relending funds for the aviation sector, on
top of expanding the programme to cover
more small businesses, technological innovation and elderly care.
Xing Zhaopeng, a senior China strategist
at Australia & New Zealand Banking Corp,
said the central bank’s signal in its statement
“is a bit soft”, adding that the government
“should take more top-level policies beyond
the PBOC”.
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REUTERS
Moody’s projects
record oil and gas
profits in 2022
BY SURIN MURUGIAH
theedgemarkets.com
KUALA LUMPUR (April 26): Moody’s
Investor Service has upgraded its outlook
for the global energy industry from “neutral” to “positive”, and forecasted “record
profit and free cash flow” for exploration
and production companies in 2022, on the
back of a combination of strong commodity
prices and spending discipline.
In a report on Monday (April 25), the
firm said within the sector, it expects exploration and production companies to generate “record profits and free cash flow” in
2022, as firms benefit from strong commodity prices and continue to exercise
spending discipline.
Additionally, the rating agency said
COPENHAGEN (April 26): Shipping
group Maersk, often seen as a barometer
for global trade, on Tuesday cautioned the
container market may normalise in the second half (2H) of the year, even as it raised
full-year guidance driven by high container
freight rates.
The shipping industry has seen record
profits in recent quarters as a surge in consumer demand, pandemic-related bottlenecks in US and Chinese ports and more
recently an airspace closure following Russia’s invasion of Ukraine prompted a spike
in freight rates.
But the forecast from Maersk, one of the
world’s biggest container shippers with a market share of around 17%, according to intelligence provider Alphaliner, is likely to be seen
as a negative sign for the global economy.
Maersk said in a trading update on
REUTERS
that most integrated oil and gas companies will enjoy significant earnings increases this year.
And it sees refiners’ earnings growing
in 2022.
Moody’s said high prices for oil and
especially natural gas will boost earnings
and credit quality significantly for [oilfield
services] companies through 2023, with
the smaller onshore service companies in
North America set to see the most substantial growth in earnings.
The rating agency said it expects supply constraints to keep prices high over the
next 12-18 months.
Moody’s senior vice-president Elena
Nadtotchi said the pace of improvement
in earnings will slow by early 2023, while
commodity prices will remain well above
its medium-term price ranges.
Maersk says
shipping boom
will stabilise in
2H, revises up
profit guidance
previous expectation of 2%-4% growth.
Swiss logistics group Kuehne & Nagel
on Tuesday also reported a dip in container
volumes in the first three months of the year.
Maersk revised its guidance for the full
year upwards, with underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) expected to be about US$30
billion compared with US$24 billion previously expected and US$28.7 billion forecast
by analysts in a poll gathered by the company.
The guidance was based on an “assumption of normalisation in ocean shipping early
in the second half of 2022”, it said.
Shares in Maersk traded as much as 8.3%
higher at opening and were 6.3% up at 0800
GMT. Shares have lost around one-fifth of
their value since an all-time high in January.
“I still expect investors to be cautious due
to the risk of a US recession in 2023,” said
Nordnet analyst Per Hansen.
Maersk reported revenue in the first three
months of the year at US$19.3 billion, with
underlying EBITDA at US$9.2 billion, higher than analyst expectations of US$19 billion
and US$8.4 billion, respectively.
The results were driven by container
freight rates that rose by an average 71% in
the first quarter compared with a year earlier,
the company said.
“The strong result is driven by the continuation of the exceptional market situation
within ocean [shipping],” Maersk said in a
trading statement.
Maersk is due to publish full first-quarter
results on May 4.
BY JACOB GRONHOLT-PEDERSEN
Reuters
Tuesday that container volumes declined
7% between January and March.The company now expects growth in global container demand to slow this year to between
minus 1% and plus 1%, compared to its
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REUTERS
Chaos engulfs
US$50b palm
market as flipflops vex traders
BY ATUL PRAKASH, ANURADHA RAGHU
& EKO LISTIYORINI
Bloomberg
(April 26):Vegetable oil traders were preparing to leave their offices last Friday when Indonesian President Joko Widodo appeared at
a briefing with stunning news: In just a few
days, the nation would ban exports of cooking oil and its raw materials to ease prices
and shortages.
The bold move by Indonesia, the world’s
top palm oil producer, immediately sent the
industry into a tailspin. Analysts threw around
words like “mayhem” and “big blow”. Frustrated traders braced for chaos in the US$50
billion market that was already squeezed from
Russia’s war in Ukraine.The futures market
in Malaysia had closed for the day but rival
soybean oil jumped to a fresh record.
Anilkumar Bagani, head of research at
Mumbai-based Sunvin Group, said the new
policy could impact markets across Asia and
Europe, pushing traders to reroute palm oil
shipments and source from countries like
Malaysia and Thailand. Indonesia, he said,
“hurled a bomb at the palm oil market”.
In the first hour of trading on Monday,
benchmark palm oil futures in Kuala Lumpur soared as much as 7%. But prices started
slumping as details emerged that Indonesia’s plan will exclude products such as crude
palm oil shipments.The tropical oil fell more
than 4% before closing 2% lower. Trading
volume in the July contract was a few times
higher than the three-month daily average.
“Traders were caught off guard with Indonesia’s policy uncertainty and could not
unwind their profitable positions in time as
prices became very volatile,” said David Ng,
senior trader at IcebergX Sdn Bhd in Kuala
Lumpur.
The lack of details about the longevity of
the ban, which comes into effect April 28,
kept traders on their toes while also raising
concerns about Indonesia’s business image.The country is a major commodities
supplier and had imposed restrictions on
nickel and coal exports in the past, roiling
global markets.
Over the last few days, palm oil traders
made frantic calls to policy makers, industry associations and friends in the hopes
of learning more about the ban’s scope
and timeline. Some brokers were worried
that vessels scheduled to load might get
stuck or cancelled as the notice period is
too short.
“Indonesia need to get their governance right,” said SathiaVarqa, the owner of
Palm Oil Analytics in Singapore. “Buyers
will be very, very wary of sourcing from
Indonesia.”
That’s a sentiment echoed by buyers
in India, the world’s top importer of vegetable oils. Some said the policy decision
has huge implications for the global supply chain and should have been handled
with more care. Meanwhile, the volatility
is enough to turn them off from making
large purchases.
“Traders are in a wait and watch
mode,” said GG Patel, managing partner of GGN Research and a long-time
vegetable oils trader. “Deals are not happening now.”
Indonesia’s export ban, though still
scant on details, comes at a time when
the Southeast Asian nation is struggling
to quell street protests over high prices.
The turbulence has become a key political
issue for President Jokowi as cooking oil
costs could push other food prices higher
ahead of the Eid al-Fitr holiday, which is
usually marked with feasts and celebration.
The government has rolled out cash
subsidies and deployed police to ensure
that Indonesia, home to the world’s largest
Muslim population, has an ample supply
of edible oils for the festival. Efforts to cool
the rally also led to the detention of a trade
official in a corruption case.
The ban may impact already tight
supplies and amplify fallout from the
Russia-Ukraine war, which has hit the
sunflower oil trade especially hard. The
ubiquity of vegetable oils in everything
from candy to fuel means that Indonesia’s actions could influence global food
inflation for a long time to come.
“It’s tough to do business in this environment, with policy flip-flops resulting
in huge price volatility,” said Gnanasekar
Thiagarajan, head of trading and hedging
strategies at Kaleesuwari Intercontinental.
“The largest producer’s move to take such
a decision in haste and then immediately
making amendments has not gone well
with the market.”
Indonesia
president’s rating
slumps amid
soaring cooking
oil prices
BY STANLEY WIDIANTO
Reuters
JAKARTA (April 26): Indonesia President
Joko Widodo’s approval rating fell in April
by nearly 12 percentage points from February’s 71.7%, an independent pollster said
on Tuesday, as rising costs and soaring
cooking oil prices dented his popularity.
Jokowi, as the president is commonly
known, had the approval of 59.9% of the
1,200 people surveyed by Indikator Politik
Indonesia, down sharply from the record
high 75.3% in January.
The April 14-19 poll came after months
of high domestic cooking oil prices that
government measures have failed to tame,
including on-off moves to restrict exports
of palm oil, of which Indonesia is the
world’s biggest producer.
It was conducted a week before Jokowi’s shock announcement on Friday of a
ban on exports of cooking oil and its raw
material, which saw global edible oil prices
surge amid a wider supply crunch.
The survey showed that 66% of respondents had favoured banning cooking
oil exports to ensure domestic supplies.
Indikator director Burhanuddin Muhtadi said rising goods costs were one of
the primary reasons why respondents were
dissatisfied with Jokowi.
“If (the government) wants to create a
positive trend on approval ratings of President Jokowi, perform breakthroughs on
these fronts: corruption eradication ... and
the inflation-laden national economy, especially on cooking oil scarcity,” he said.
Burhanuddin also said more than 85%
of those surveyed believed a “cooking oil
mafia” was to blame for rising prices.
The survey was prior to last week’s
announcement of a corruption probe
into the issuance of Indonesian palm oil
permits.
The presidential palace referred a Reuters request for comment on the poll to the
State Secretary, who did not immediately
respond. It was not clear if the poll had
any bearing on the recent policy decisions.
Read also: Indonesia may widen palm export ban to combat shortages Click here
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FRANKFURT (April 26): The European Central Bank should raise interest rates
soon and has room for up to three hikes this
year, ECB policymaker Martins Kazaks
told Reuters, joining a chorus of policymakers calling for a swift exit from stimulus.
The ECB has been rolling back support
at a glacial pace for months but a surge in
inflation to nearly four times the ECB’s
2% target is intensifying calls to finally end
a nearly decade-long foray into ultra-easy
monetary policy.
“A rate rise in July is possible and reasonable,” Kazaks, who is Latvia’s central
bank governor, said in an interview. “Markets are pricing two or three 25 basis point
steps by the end of the year. I have no reason to object to this, it’s quite a reasonable
view to take.”
“Whether it happens in July or September is not dramatically different, but I think
July would be a better option,” he said.
Kazaks said that as part of normalisation, the ECB should eventually raise interest rates to the neutral rate, at which
the central bank is neither stimulating nor
holding back growth.
Various estimates put this rate at 1% to
1.5%, Kazaks said, well above the current
minus 0.5% deposit rate and its main refinancing rate, stuck at zero.
Kazaks added that initially the ECB
should raise rates by 25 basis points but
this increment is not carved in stone. He
also said there was no particular reason
ECB has room
for two to three
rate hikes this
year, says Kazaks
BY BALAZS KORANYI
Reuters
REUTERS
the central bank should stop once it gets
back to zero, even if that is a psychological threshold.
The ECB has so far guided markets
for a rate rise only “some time” after its
bond purchase scheme, commonly known
as quantitative easing, ends in the third
quarter.
But this formulation is too vague and a
large chunk of the rate-setting Governing
Council is pushing for an end to the bond
buys at the start of the third quarter, so
rates could possibly rise in July.
“Ending the Asset Purchases Programme in early July is appropriate,” Kazaks said. “The APP has fulfilled its purpose
so it’s not necessary anymore.”
Part of the urgency is that inflation expectations have started to move above the
ECB’s target, a warning sign that investors
and businesses are starting to doubt the
ECB’s resolve and ability to hit its target
further out.
But the central bank has been cautious
as inflation undershot its target for nearly
a decade and dealing with excessive price
growth is a relatively new phenomenon.
“I don’t think (de-anchoring) has happened yet, but the risks are there. That’s
why I think a rate hike relatively soon is
needed,” he said.
The ECB will next meet on June 9
where policymakers are expected to put a
firm end date on bond buys and provide
clearer guidance on interest rates.
REUTERS
TOKYO (April 26): Japan’s jobless rate
unexpectedly fell to 2.6% in March, hitting the lowest rate since April 2020, although the number of furloughed workers
remained high due to effects of the pandemic, official data showed on Tuesday.
The world’s third-biggest economy has
been struggling to drive a sure-footed recovery from the COVID-19 pandemic,
with the Ukraine war adding to the growing risks.
The data showed some resilience in the
labour market, however.The seasonally-adjusted unemployment rate was lower than
the median forecast for 2.7% in a Reuters poll of economists, which was also the
reading in February.
Compared with a month earlier, the
Japan jobless
rate hits lowest in
almost two years,
economic outlook
still shaky
BY KANTARO KOMIYA & KENTARO SUGIYAMA
Reuters
number of workers increased by 180,000
while that of those unemployed decreased
by 90,000 in March, the data showed, after
adjusting for seasonality.
“The drop in unemployment rate indicates signs of recovery” in the labour
market, a government official told a media briefing.
“But the impact of the pandemic appears to be lingering and requires close
attention,” he added, referring to the number of furloughed workers that remained
as high as 2.43 million in March, primarily
among face-to-face service sectors.
The jobs-to-applicants ratio was 1.22
in March, labour ministry data showed, in
line with a Reuters poll forecast and rising
0.01 point from the previous month’s 1.21.
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LONDON (April 26): British government
borrowing in the recently ended 2021/22
financial year was almost 20% higher than
forecast by the country’s budget office last
month, according to figures published on
Tuesday.
The data underscored the challenge for
finance minister Rishi Sunak who is under
pressure to give new help to households
and businesses hit by surging inflation, but
who said he wants to fix the public finances
after his Covid-19 borrowing surge.
Sunak responded to the figures by saying he was committed to helping people
face their immediate cost of living pressures but repeated his plan to tackle Britain’s debt stockpile which has jumped to
more than £2 trillion (US$2.55 trillion).
British public-sector net borrowing,
excluding state-owned banks, totalled
£151.8 billion (US$193.59 billion) in
the 2021/22 financial year.
Last month, the Office for Budget
Responsibility (OBR) said it expected
borrowing in 2021/22 to be £127.8
billion.
“The deficit is likely to start falling at a
slower pace, with inflation raising debt
LONDON (April 26): Clothing chain Primark is set to raise prices due to severe inflationary pressures, its parent company Associated British Foods said on Tuesday, as it
also warned of margins at its food businesses.
The group said cost pressures at Primark
were such that it had been unable to offset
them all with savings, and the business would
therefore implement selective price increases across some of its autumn/winter stock.
The move underscores the balancing act
the clothing industry is facing as it struggles to protect margins without denting demand amid the biggest squeeze on household budgets for decades.
“We are committed to ensuring our
price leadership and everyday affordability, especially in this environment of greater economic uncertainty,” AB Foods chief
executive George Weston said.
AB Foods, which also owns major sugar, grocery, ingredients, and agricultural
businesses, made adjusted operating profit
of £706 million (US$900 million) for the
24 weeks to March 5, up from £369 million in the previous corresponding period.
Group revenue rose 25% to £7.88 billion.
The better outcome reflected all Primark
stores remaining open throughout the period except for short spells in Austria and The
Netherlands, compared with prolonged periods of store closure in the United Kingdom
and Europe in the first half of the previous year.
UK’s Sunak faces
new headache
as borrowing
figures overshoot
forecast
BY WILLIAM SCHOMBERG & ANDY BRUCE
Reuters
interest costs and fiscal support to households kicking in,” said Martin Beck,
chief economic adviser to the EY
ITEM Club consultancy.
The government’s debt office
said it was increasing its borrowing plans for the 2022/23
year by almost £14 billion to
just under £162 billion.
In March alone, borrowing
was £18.1 billion, the Office for
National Statistics (ONS)
said on Tuesday, below
the average forecast of
REUTERS
a deficit of £19.25 bil-
Primark to raise
prices as cost
pressures mount
BY JAMES DAVEY
Reuters
Primark’s sales increased 59% to £3.54
billion, while sales in the group’s food businesses rose 6% to £4.34 billion. Its grocery
brands include Twinings tea, Jordans cereals, Kingsmill bread, and Ovaltine drinks.
The group said its food businesses are ex-
lion in a Reuters poll of economists.
An ONS official said the 2021/22 overshoot was largely due to higher public
spending on goods and services and investment — both of which were likely to
be revised in future — while receipts were
largely in line with the OBR’s forecasts.
The deficit for the 12 months to March
was less than half its level in the previous
financial year when Britain borrowed the
most it ever has in peacetime to fund its
huge support for the economy during the
worst of the Covid-19 pandemic.
Nonetheless, the most recent figure was
still the third highest on record since records
began in 1947, after the first year of the coronavirus pandemic and the 2009/10 financial
year, during the global financial crisis.
Fast-rising inflation is pushing up the
cost of servicing Britain’s government
debt, around a quarter of which pays
an interest rate tied to the rate of retail
price inflation.
The debt interest bill of almost £70 billion in the 2021/22 year was up by nearly
80% from a year earlier.
Public-sector net debt, excluding stateowned banks, totalled £2.34 trillion or
96.2% of gross domestic product, the
ONS said.
periencing increasing inflationary pressures
in areas including raw materials, commodities, supply chain, and energy, which it has
taken action to offset through operational
cost savings and price increases.
It said commodity and energy prices
have increased further following Russia’s
invasion of Ukraine.
As a result, the group expects a greater
margin reduction in its food businesses
than previously expected for the full year.
Overall it still expects “significant progress” in adjusted operating profit. The
group is paying an interim dividend of 13.8
pence, up from 6.2 pence.
Shares in AB Foods were down 2.7%
at 0730 GMT.
BLOOMBERG
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REUTERS
Musk’s Twitter
deal could test
Tesla executive
bench
BY HYUNJOO JIN, LEWIS KRAUSKOPF,
DAVID RANDALL & VICTORIA WALDERSEE
Reuters
BLOOMBERG
SAN FRANCISCO (April 26): Elon
Musk’s move to buy Twitter for US$44 billion has raised concerns about the depth of
executive talent at his more valuable company, electric carmaker Tesla Inc, in case
his attention is further divided by the social
media platform.
In announcing the deal on Monday,
Musk called Twitter the world’s “digital
town square” and talked about protecting
free speech, but he also rekindled fears that
a man who once acknowledged sleeping
on the factory floor during the launch of
the Model 3 sedan and last year talked of
working “crazy hours” only has so much
energy to spare.
“Tesla feels very much like a startup
despite it being a trillion dollar company,”
said Tesla investor Ross Gerber, chief executive of wealth management firm Gerber Kawasaki. “It’s as big or bigger than
the biggest companies in the world, but it
doesn’t have the management infrastructure like other companies.”
On top of that, Tesla is racing to boost
production at new plants in Texas and Berlin amid supply-chain snarls and higher raw
materials costs, as well as get work at its
biggest factory in Shanghai back on track
during a spike in Covid-19 cases there.
Musk said in January that Tesla had too
much on its plate and would not introduce
new models like Cybertruck this year.
Tesla has managed to outrace its problems, but a heavier pull of his focus by
Twitter worries investors.
“I fear this is going to be a distraction,”
said one fund manager with a significant
position in Tesla who asked not to be iden-
tified. “He’s juggling supply chains and
factory delays and the expansion of the
energy storage business and this doesn’t
fit at all.”
Shares of Tesla have slid 8% since Musk
first disclosed his initial stake in Twitter.
Tesla could not be reached for comment, but one insider at the company who
asked not to be identified said investor concerns were “overdone” and Musk was still
heavily engaged at the automaker.
Musk also leads rocket company
SpaceX, as well as brain-chip startup Neuralink and tunneling venture the Boring
Company.
Tesla has seen executive turnover before with the departure of co-founder JB
Straubel in 2019 and president Jerome
Guillen last year.
Tesla, founded in 2003, has grown into
the most valuable automaker but there are
only two executives listed along with Musk
in its leadership team on the company website, compared with 17 at General Motors
and 11 at Volkswagen.
Tesla’s current high-profile leadership
outside of Musk includes Chief Financial Officer Zachary Kirkhorn and Senior Vice President Andrew Baglino, who
handles the powertrain development. Both
are known to investors from their appearances on Tesla’s quarterly earnings conference calls.
Robert Pavlik, senior portfolio manager
at Dakota Wealth in Fairfield, Connecticut, that owns a limited number of Tesla
shares in accounts he manages, wondered
whether Musk would simply install someone else to lead Twitter.
“It seems like that would be the most
logical thing,” he said. “It seems like he
has his hands full with Tesla and SpaceX.”
Gerber said perhaps Musk needs a
strong No. 2 executive like he has at
SpaceX with President Gwynne Shotwell.
Ian Beavis, chief strategy officer at auto
consultancy AMCI, worries Musk’s purchase of Twitter, with its controversies
around political and social issues, could
even damage the Tesla brand.
Some investors remain concerned about
plans by Musk, who is worth US$268 billion
according to Forbes, to finance the Twitter
deal. Twitter said Musk secured US$25.5
billion of debt and margin loan financing
and is providing a US$21 billion equity commitment. It is unclear whether Musk will sell
Tesla shares to help fund the deal.
Musk holds 172.6 million shares in Tesla and he has already borrowed against
about half of his stock, according to Tesla
filings. If he puts up more shares as collateral to secure margin loans of US$12.5
billion, he may be left with roughly 30 million unpledged shares, according to a Reuters calculation.
Jeff Bezos
Jeff Bezos takes
aim at Musk’s
Twitter deal
with China jibe
BY VLAD SAVOV
Bloomberg
(April 26): Amazon.com Inc. founder Jeff Bezos posed a provocative
question after Elon Musk clinched
a $44 billion takeover of Twitter Inc.:
whether that will make things difficult for Tesla Inc. in China.
In a series of tweets, Bezos drew
attention to the EV giant’s close ties
with China, the world’s biggest electric
vehicle market and home toTesla’s first
overseas factory. About half the company’s cars sold globally last year were
produced at its plant in Shanghai, and
Musk has said that figure may double.
“Interesting question. Did the Chinese government just gain a bit of leverage over the town square?” tweeted Bezos, who also owns the Washington Post.
“My own answer to this question is
probably not,” he added in a followup.
“The more likely outcome in this regard is complexity in China for Tesla,
rather than censorship at Twitter.”
A representative of Musk’s family office didn’t immediately respond to a request for comment after business hours.
Musk championed free speech on
the platform in one of his first tweets
after sealing the take-private deal.
But Twitter — like most American
social media platforms — is banned
in China by officials wary of the impact on public discourse.
Tesla has boomed in China thanks in
part to tax breaks, cheap loans and the
green light to wholly own its domestic
operations. But the company last year
came under fire after state media and
regulators questionedTesla’s attitude toward customers. Bezos’s company also
operates in the country, but it’s a distant competitor to local leaders Alibaba
Group Holding Ltd. and JD.com Inc.
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A creditor revolt scuttled Ambani’s
US$3.2b retail deal
(April 26): It was a contentious plan to
repay overseas bondholders in full that
brought what would have been India’s
biggest retail deal to a grinding halt.
Debt-laden Future Retail Ltd’s offshore bondholders — a relatively smaller
part of the creditor pool — were promised 100% payment in the rescue offer
from billionaire Mukesh Ambani, according to people with knowledge of the matter. Indian lenders were asked to take a
haircut of as much as 66%, the people
added, asking not to be identified discussing confidential information.
The unequal treatment led to the
move last week, when the local banks
rebuffed the US$3.2 billion offer from
Ambani’s conglomerate. Reliance Industries Ltd announced the purchase plan
in August 2020 but struggled to complete the transaction in the face of legal
challenges mounted by Amazon.com Inc,
which argued it had the first right of refusal contractually.
Bank of India and State Bank of India,
the main bankers to Future Retail, didn’t
immediately respond to emails seeking
comment on reasons for voting down the
deal. Representatives for Future Group
and Reliance also didn’t immediately
comment.
State-run lenders risked probes from
federal agencies if they accepted these
discriminatory terms, they said, explaining their preference now for a court-mediated insolvency process where bids are
called in and there’s no risk of them being accused of cutting a bad deal. Bank
of India has already requested an Indian
court to initiate the process.
BY SUVASHREE GHOSH, BIJOU GEORGE
& SANKALP PHARTIYAL
Bloomberg
Hard-nosed decision
The hard-nosed decision by Indian banks
has pushed the teetering Future Retail, which
ran one of the nation’s largest retail grocery
chains before the pandemic struck, one step
closer to bankruptcy. Future Retail is almost
certain to default on its US$500 million bond
coupon payment due July 22, S&P Global
Ratings said Tuesday, while downgrading the
company’s ratings deeper into junk territory.
The lenders’ action has also taken the
wind out of a tortuous two-year-old litigation between Reliance and Jeff Bezos-owned
Amazon — the e-tailer had started arbitration proceedings in Singapore to block the
deal — but left the door open for Ambani to
snag these retail assets, possibly at an even
cheaper price, under the bankruptcy process.
“Reliance and other parties could be eligible to bid for its assets by submitting their
resolution plans” even if Future Retail ends
up in bankruptcy, according to Satwinder
Singh, New Delhi-based partner at law firm
Vaish Associates Advocates. “This would
also lead to moratorium on any or all ongoing arbitration proceedings against Future.”
While the local lenders were agreeable
to the deal when it was first announced, a
lot changed in the past year or so, the people said.While the Amazon lawsuit dragged
on, the asset value eroded and the pandemic
worsened the cash crunch at Future Retail
that began defaulting on its debt repayments.
Secured Indian lenders were promised
recoveries ranging between 34% to 88%
of the total US$4 billion in dues and even
those payouts were staggered over seven
years, the people said.
Bloodless coup
Reliance dealt a body blow to the Kishore
Biyani-led Future Group in February
when it quietly began poaching employees
and taking over rental leases of hundreds
of stores earlier run by Future Retail and
Future Lifestyle Fashions Ltd. Ambani’s
bloodless coup prompted Amazon to suggest settlement talks on the bitter dispute
and alarmed Future’s investors and lenders who worried about asset-stripping.
Reliance’s unexpected takeover of Future’s stores eroded bankers’ confidence
in the deal as it stripped off value from
the chain and potentially could erode Reliance’s offer terms.
The out-of-court truce talks between
Amazon, Future and Reliance collapsed
soon after the store-purchases were initiated,
the companies informed India’s top court
on March 15. Amazon will continue with
its arbitration proceedings against Future
Group in Singapore, according to a person
familiar with the matter, who asked not to
be identified as the deliberations are private.
“A major turning point was when Reliance physically took over Future’s stores,
which turned it into a no-holds barred
situation,” said Devangshu Dutta, head
of New Delhi-based retail consultancy
Third Eyesight. “Before this the battle
was being fought in courts and across
the negotiating table. But at this point it
moved over to the real business.”
BLOOMBERG
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
21
THEEDGE CEO MORNING BRIEF
W O R L D
BLOOMBERG
Garuda
Indonesia seeks
US$936 mil
from rights
issue after debt
restructuring
India woos Intel
and TSMC to
set up local
semiconductor
plants
BY RUCHI BHATIA & SANKALP PHARTIYAL
Bloomberg
(April 26): India is in talks with global
chipmakers Intel Corp, GlobalFoundries
Inc and Taiwan Semiconductor Manufacturing Co about setting up local operations,
part of efforts to center more high-tech
manufacturing in the country.
Prime Minister Narendra Modi’s government late last year unveiled a US$10 billion
incentives plan, offering to cover as much
as half of a project’s cost, to lure display and
semiconductor fabricators to set up base in
India.The country has set itself the ambitious
goal of emulating neighbouring China and
becoming the electronics factory of the world.
“Most of the pitches to these big companies, I’m making myself,” Rajeev Chandrasekhar, a former Intel engineer and current
minister of state for technology and entrepreneurship, told Bloomberg News in an interview on Monday. “We’re meeting the CEOs,
talking to them, making presentations.”
Chandrasekhar and India face an uphill
climb in making their case, as companies
like TSMC and Samsung Electronics Co
pour tens of billions of dollars into expanding chip capacity every year and impose
high demands on any locality in terms of
logistics, water and energy supply. Still,
both have shown themselves receptive to
the entreaties of foreign suitors and are
currently building new fabs in the US after agreeing terms with local governments.
In India, a venture between billionaire
Anil Agarwal’s Vedanta Group and Foxconn
Technology Group has shown interest in
setting up semiconductor foundries within
the country, however Intel and TSMC have
yet to offer any commitments. Challenges
such as power outages and wobbly infrastructure remain. Indian states are, however, aggressively competing to attract semiconductor investment, Chandrasekhar said.
“They are all open to sitting down and
negotiating what other incentives, apart
from land, they can offer investors. It is
a keenly contested, keenly sought-after
investment by states,” the minister said.
To attract smartphone assemblers, the Indian government has imposed import taxes
on devices produced elsewhere and offered
financial incentives for local manufacturing.
The effort has been successful, aided by India’s large and growing smartphone user
base, and has turned India into the world’s
second-biggest smartphone maker. Companies including Samsung, Xiaomi Corp and
Apple Inc’s Taiwanese suppliers Hon Hai
Precision Industry Co, Wistron Corp and
Pegatron Corp are all making devices locally.
New Delhi now wants to replicate that
success in critical components such as silicon chips.
India’s semiconductor manufacturing
plans come at a time when leading economies are increasingly putting resources into securing their domestic chip production. China
has set out a vision for semiconductor sovereignty, the Biden administration has a US$52
billion plan to reclaim US leadership in chip
development and Japan is setting aside billions to attract the likes of TSMC.Trade tensions between Beijing and Washington along
with Covid-related lockdowns have disrupted
global supply chains and pushed companies
to diversify outside of traditional tech manufacturing hubs like China and Taiwan.
Intel Chief Executive Officer Pat Gelsinger met with India’s prime minister earlier this month and a delegation led by US
Semiconductor Industry Association CEO
John Neuffer also visited the country.
“Everybody has an interest, it’s a question
of their plan,” Chandrasekhar said ahead of
a three-day semiconductor conference in the
southern tech hub of Bangalore. The event,
organised by the federal government to court
global semiconductor firms, begins on Friday.
BY STEFANNO SULAIMAN
Reuters
JAKARTA (April 26): Indonesia’s state
airline Garuda Indonesia is seeking
US$936 million from a rights issue
that will be held after it completes its
court-led debt restructuring, according
to its chief executive Irfan Setiaputra.
The debt restructuring is expected to be finalised by May 20, and the
company hopes the rights issue will
be completed “this year”, Irfan said.
The rights issue will be done in
two stages, business news website
Kumparan reported, citing a document from a parliamentary task force
overseeing the restructuring process.
The first round will be held in September to raise US$527 million to accommodate the recently approved 7.5
trillion rupiah state-capital injection,
and the second round near the end of
2022 at US$409 million for a “strategic investor”.
The funds will be used towards the
costs of restructuring, restoration, and
for plane leases among others, it added.
In response to the media report,
Irfan told Reuters only the first stage
of the rights issue, worth 7.5 trillion
rupiah (US$527 million), has been
confirmed to date, while the remaining US$409 million will be finalised
after the first round.
Like other airlines, Garuda’s
earnings have been hit hard by the
pandemic, forcing the company to
launch a major restructuring seeking
to slash its debt to US$3.7 billion
from US$9.8 billion.
REUTERS
W E D N E S D AY A P R I L 2 7 , 2 0 2 2
22
THEEDGE CEO MORNING BRIEF
M A R K E T S
CPO RM 6,342.00113.00 OIL US$ 101.32-1 RM/USD 4.3555 RM/SGD 3.1708 RM/AUD 3.1355 RM/GBP 5.5403 RM/EUR 4.6556
Top 20 active stocks
NAME
VOLUME CHANGE
CLOSE
YTD
MARKET
(MIL)
(RM)CHANGE
CAP
(%)
(RM MIL)
TECHNA-X BHD
113.00
0.000
0.110
46.67
243.3
MNC WIRELESS BHD
95.00
-0.005
0.025
66.67
57.2
YONG TAI BHD
66.30
0.000
0.105
-19.23
144.2
WIDAD GROUP BHD
45.40
0.005
0.360
-1.37
990.9
SAPURA ENERGY BHD
38.50
0.000
0.040
-20.00
639.2
PERMAJU INDUSTRIES BHD
36.30
0.000
0.085
41.67
163.9
BINTAI KINDEN CORP BHD
31.50
0.005
0.135
-37.21
106.3
AHB HOLDINGS BHD
30.90
0.005
0.195
50.00
73
KNM GROUP BHD
25.10
0.000
0.165
10.00
606.6
KPOWER BHD
24.50
-0.015
0.530
26.19
287.7
DAYA MATERIALS BHD
23.10
0.000
0.005
-50.00
10.2
SCANWOLF CORP BHD
22.80
-0.060
0.900
42.86
176.1
PRESS METAL ALUMINIUM
18.40
-0.150
6.020
4.15
49602.5
DAGANG NEXCHANGE BHD
17.70
-0.01
1.020
34.21
3219.1
HIBISCUS PETROLEUM BHD
17
0.01
1.23
50.92
2475.3
TANCO HOLDINGS BHD
17
-0.02
0.315
31.25
547.9
MY EG SERVICES BHD
16.1
0
0.96
-10.28
7090.1
ES CERAMICS TECHNOLOGY BHD
16
0.035
0.365
-8.75
184.5
VIZIONE HOLDINGS BHD
15.9
-0.005
0.095
18.75
194.4
HEXTAR INDUSTRIES BHD
15.9
-0.015
0.37
131.25
424.5
Data as compiled on Apr 26, 2022
Source: Bloomberg
Top gainers (ranked by %)
NAME
CLOSE CHANGE VOLUME
YTD MARKET
(%)
(‘000) CHANGE
CAP
(%) (RM MIL)
AT SYSTEMATIZATION BHD
0.020
33.33
893.9
-33.33
120
DGB ASIA BHD
0.020
33.33
385.9
-33.33
33.8
BORNEO OIL BHD
0.030
20.00
1873.5
0
224
ALAM MARITIM RESOURCES BHD
0.030
20.00
64.3
20
46
MINDA GLOBAL BHD
0.070
16.67
4160.8
27.27
92.5
BINA PURI HOLDINGS BHD
0.045
12.50
934.4
0
71.9
XOX TECHNOLOGY BHD
0.045
12.50
675.3
-10
40.2
MILUX CORP BHD
1.020
11.48
6815.6
6.25
239.8
CME GROUP BHD
0.050
11.11
2028.7
-16.67
48.8
YGL CONVERGENCE BHD
0.155
10.71
62.2
6.9
39.6
ES CERAMICS TECHNOLOGY BHD
0.365
10.61
15994.3
-8.75
184.5
TEX CYCLE TECHNOLOGY MALAYSIA 0.510
9.68
4282.8
-10.53
128.9
GREENYIELD BHD
0.295
9.26
1358.8
7.27
98.5
SKB SHUTTERS CORP BHD
0.415
9.21
6020.2
-38.06
54.8
MERIDIAN BHD
0.060
9.09
585.5
-7.69
54.3
PAN MALAYSIA HOLDINGS BHD
0.060
9.09
210.5
-25
55.7
REACH ENERGY BHD
0.060
9.09
1
0
65.8
RUBBEREX CORP M BHD
0.730
8.15
14102.6
40.38
636.8
CHINA OUHUA WINERY HOLDINGS
0.075
7.14
3305.5
-37.5
50.1
YOONG ONN CORP BHD
1.09
6.86
2
4.81
172.9
Data as compiled on Apr 26, 2022
Source: Bloomberg
Top gainers (ranked by RM)
NAME
CLOSE CHANGE VOLUME
YTD MARKET
(RM)
(‘000) CHANGE
CAP
(%) (RM MIL)
FRASER & NEAVE HOLDINGS BHD
22.86
1.24
188.3
-7.60
8384.6
NESTLE MALAYSIA BHD
133.4
0.9
36.9
-0.6 31282.3
AEON CREDIT SERVICE M BHD
15.36
0.280
88
12.78
3921.5
HONG LEONG FINANCIAL GROUP
19.50
0.220
61.3
12.46 22332.3
TELEKOM MALAYSIA BHD
4.99
0.200
2221.8
-9.27 18830.8
RAPID SYNERGY BHD
11.80
0.180
54.6
18.59
1261.4
VITROX CORP BHD
7.50
0.150
198.3
-24.70
7084.7
CARLSBERG BREWERY MALAYSIA
21.80
0.140
103.5
8.57
6665.3
UNITED PLANTATIONS BHD
16.90
0.120
444.3
21.76
6984.8
GREATECH TECHNOLOGY BHD
3.95
0.110
2539.5
-41.31
4945.9
MALAYSIA AIRPORTS HOLDINGS
6.86
0.110
1168.2
14.72 11382.1
BERJAYA FOOD BHD
3.88
0.110
285.4
80.47
1398.9
MILUX CORP BHD
1.02
0.105
6815.6
6.25
239.8
PETRONAS CHEMICALS GROUP BHD 10.22
0.100
7823.9
14.57
81760
HONG LEONG BANK BHD
20.92
0.100
1041.1
12.35 45348.7
ORIENTAL HOLDINGS BHD
7.15
0.100
141.8
36.19
4435.6
IHH HEALTHCARE BHD
6.65
0.09
7152.9
-9.4
58538
GENTING PLANTATIONS BHD
9.2
0.09
443.8
39.56
8254.2
MALAYAN CEMENT BHD
2.81
0.090
266.1
10.20
3681.7
CHOO BEE METAL INDUSTRIES BHD
2.14
0.09
137.1
14.44
279.8
Data as compiled on Apr 26, 2022
Source: Bloomberg
World equity indices
CLOSE CHANGE CHANGE
(%)
DOW JONES 34,049.46
238.06
0.70
S&P 500
4,296.12
24.34
0.57
NASDAQ 100 13,533.22
176.35
1.32
FTSE 100
7,428.77
48.23
0.65
AUSTRALIA
7,317.98 -155.30
-2.08
CHINA
2,886.43
-42.09
-1.44
HONG KONG 19,934.71
65.37
0.33
INDIA
57,356.61
776.72
1.37
Data as compiled on Apr 26, 2022
CLOSE CHANGE CHANGE
(%)
INDONESIA
7,232.15
16.17
0.22
JAPAN
26,700.11
109.33
0.41
KOREA
2,668.31
11.18
0.42
PHILIPPINES
6,980.02
-40.81
-0.58
SINGAPORE
3,330.85
-8.74
-0.26
TAIWAN
16,644.79
23.89
0.14
THAILAND
1,673.71
-1.62
-0.10
VIETNAM
1,341.34
30.42
2.32
Source: Bloomberg
Top losers (ranked by %)
NAME
CLOSE CHANGE VOLUME
YTD MARKET
(%)
(‘000) CHANGE
CAP
(%) (RM MIL)
PEGASUS HEIGHTS BHD
0.005
-50.00
795
-50.00
53.9
METRONIC GLOBAL BHD
0.015
-25.00
1,611.2
-25.00
32.5
GREEN OCEAN CORP BHD
0.020
-20.00
170.2
-33.33
42.2
MNC WIRELESS BHD
0.025
-16.67
94,969.7
66.67
57.2
MLABS SYSTEMS BHD
0.030
-14.29
6,025.4
0.00
43.5
IMPIANA HOTELS BHD
0.035
-12.50
2,775.9
-53.33
50.6
JERASIA CAPITAL BHD
0.040
-11.11
640.0
-75.00
3.3
EUROSPAN HOLDINGS BHD
1.120
-10.40
2.0
1.82
49.8
PDZ HOLDINGS BHD
0.045
-10.00
1,615.8
0.00
26.2
IQZAN HOLDING BHD
0.050
-9.09
220.0
0.00
11.1
DOLPHIN INTERNATIONAL BHD
0.055
-8.33
617.0
-21.43
58
PASDEC HOLDINGS BHD
0.320
-7.25
73
-8.57
128.1
SPRING ART HOLDINGS BHD
0.260
-7.14
545.0
-11.86
108.1
KEY ASIC BHD
0.065
-7.14
431.3
-7.14
88.6
MARINE & GENERAL BHD
0.065
-7.14
180.0
18.18
47.1
MAXIM GLOBAL BHD
0.200
-6.98
401.38
-14.89
250.5
ASIA MEDIA GROUP BHD
0.135
-6.90
421.6
-6.90
32.3
TPC PLUS BHD
0.205
-6.82
182.1
7.89
63.2
LKL INTERNATIONAL BHD
0.070
-6.67
1,025.9
0.00
68.0
LAMBO GROUP BHD
0.070
-6.67
1,780.8
-17.65
107.8
Data as compiled on Apr 26, 2022
Source: Bloomberg
Top losers (ranked by RM)
NAME
CLOSE CHANGE VOLUME
YTD MARKET
(RM)
(‘000) CHANGE
CAP
(%) (RM MIL)
SARAWAK OIL PALMS BHD
6.48
-0.18
1,569.40
85.67
3748.0
PMB TECHNOLOGY BHD
18.18
-0.18
296.1
48.05
4261.3
HAP SENG PLANTATIONS
3.19
-0.16
3164.2
61.93
2551.0
PRESS METAL ALUMINIUM
6.02
-0.15
18365.6
4.15 49602.5
EUROSPAN HOLDINGS BHD
1.12
-0.13
2.0
1.82
49.8
KESM INDUSTRIES BHD
8.08
-0.12
13.9
-34.2
347.6
TEXCHEM RESOURCES BHD
2.56
-0.11
2857.0
120.69
299.2
BINTULU PORT HOLDINGS BHD
5.14
-0.11
8.9
7.08
2364.4
HAP SENG CONSOLIDATED BHD
7.51
-0.10
147.4
-2.47 18697.4
COMPLETE LOGISTIC SERVICES BHD
4.40
-0.10
11.8
75.30
566.1
SIME DARBY PLANTATION BHD
5.25
-0.09
14392.8
39.63 36307.5
KUALA LUMPUR KEPONG BHD
28.92
-0.08
1952.4
32.78 31180.3
SUBUR TIASA HOLDINGS BHD
2.34
-0.08
912.5
122.86
440.6
ASIA FILE CORP BHD
2.02
-0.08
10
-9.82
393.4
SUNGEI BAGAN RUBBER CO MALAYA 3.55
-0.07
41.8
9.57
235.5
SCANWOLF CORP BHD
0.9
-0.06
22768.8
42.86
176.1
IOI CORP BHD
4.68
-0.05
12074.9
25.47 29076.7
OCB BHD
0.83
-0.05
184.2
11.41
85.4
NEGRI SEMBILAN OIL PALMS BHD
3.92
-0.05
5
27.27
275.2
PETRONAS GAS BHD
16.88
-0.04
579.7
-5.67
33401
Data as compiled on Apr 26, 2022
Source: Bloomberg