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Articles by Chong SM
Examining the Troubled Developer Country Garden's Debt Crisis - BusinessToday
China is grappling with a slowdown that has rattled global markets, with the spotlight now focused on troubled developer Country Garden’s debt crisis in the property sector, which accounts for roughly a quarter of the economy. On Thursday, Country Garden delayed a deadline for creditors to vote on whether to postpone payments for an onshore 3.9 billion yuan ($537 million) private bond until Friday 1400 GMT, saying it wanted to give bondholders sufficient time to prepare for the vote.
China's Surprise Rebound, A Ray Of Hope For Asia's Export-Dependent Economies - BusinessToday
Asia’s factory activity weakened in August as manufacturers felt the pinch from rising input costs and slowing global demand, but an unexpected rebound in China offered some hope for the region’s export-reliant economies, private surveys showed. China’s private Caixin/S&P Global manufacturing purchasing managers’ index (PMI) rose to 51.0 in August from 49.2 in July, a survey showed on Friday, beating analysts’ forecasts and exceeding the 50.0 threshold that separates growth from contraction.
Regulators Unveil Plans to Tackle China's Deepening Property Sector Crisis - BusinessToday
China is set to take further action including relaxing home-purchase restrictions as it scrambles to tackle a deepening crisis in its massive debt-riddled property sector, four people familiar with the matter said. Regulators including the housing ministry, central bank and financial regulator in coming weeks will implement measures they have been working on over the past few months under State Council guidance, two of the people said.
WCE Holdings Target Four Sections Of West Coast Expressway For Completion Next Year - BusinessToday
WCE Holdings Bhd aims to complete four sections of the West Coast Expressway (WCE), currently under construction, by the end of the financial year ending March 31, 2024. These four sections are Sections 1, 2, 6, and 11, which when completed will connect Section 1 to the South Klang Valley Expressway (SKVE), Section 2 to the Shah Alam Expressway (KESAS), Section 6 to the Kuala Lumpur-Kuala Selangor Expressway (LATAR), and Section 11 to the North-South Expressway (PLUS).
Anwar: NIMP 2030 To Drastically Enhance Malaysia's Economic Trajectory - BusinessToday
The New Industrial Master Plan 2030 (NIMP 2030) was launched by the Prime Minister Dato’ Seri Anwar Ibrahim at the Ministry of Investment, Trade & Industry (MITI). The NIMP 2030 is the fourth edition of the Industrial Master Plan (IMP). Its markedly different mission-based approach compared to earlier IMPs is set to transform Malaysia’s manufacturing sector by ensuring broad-based growth, in alignment with the MADANI Economy’s vision and objectives.
CIMB To Chart Better Loan Growth Amidst Clearer Asset Quality Outlook - BusinessToday
CIMB’s 1HFY23 reported a net profit of RM3.42b and declared an interim dividend of 17.5 sen. YoY, 1HFY23 net interest income saw a flattish increase as it registered lower group-level Net Interest Margin (NIM) of 2.32% from heavy deposits competition amidst loans growth (+8%) across its regional operations. “Non-interest income performed better thanks to more recoveries and improvements in treasury markets.
Hong Leong Bank Expects Moderating Growth Come 2024, Stability A Key Feature - BusinessToday
Hong Leong Bank (HLBANK)’s FY23 net profit stood at RM3.82b. A final dividend of 38.0 sen was declared, totalling to 59.0 sen for FY23. “YoY, FY23 net interest income was flattish. Although Net Interest Margin (NIM) was compressed by 15 basis points, this was made up by an 8% growth in loans base,” said Kenanga Research (Kenanga) in the recent Results Note. On the other hand, non-interest income grew by 11% following better treasury and investment performances.
Maybank Maintains Resilience, But Current Price Point Should Dilute Dividend - BusinessToday
Maybank (MAYBANK) reported a 1HFY23 net earnings of RM4.60b. YoY, 1HFY23 net interest income fell slightly as Net Interest Margins (NIM) were compressed to 2.24 basis points following heavy competition for funds amidst a loan growth of 5%. “Meanwhile, non-interest income expanded by 56% on significantly stronger treasury and forex gains,” said Kenanga Research (Kenanga) in the recent Results Note.
MIDF, MBSB Integration Synergy Can Only Be Derived In Long Term - BusinessToday
Malaysia Building Society (MBSB) posts a 1HFY23 net profit of RM157.8m. Although the group registered trivial credit cost of 3 basis points, guidance for full-year readings to stand at 30-35 basis points could indicate significantly heftier provisions to come in 2HFY23. “No dividend was declared as expected, given the group’s trend of single payments.
Samaiden Rides Local RE Wave, Huge Order Book Provides Three Year Earnings Visibility - BusinessToday
Year-on-year, Samaiden Group (SAMAIDEN)’s FY23 revenue increased 13%, mainly attributed to the significant work progression for EPCC jobs especially from LSS projects. However, its core net profit was flattish, weighed down by lower margins from LSS projects. “We foresee more than 90% of the upcoming RE capacity in Malaysia to come from solar power as it currently dominates the country’s RE sector,” said Kenanga Research (Kenanga) in the recent Results Note.
Lower Fleet Utilisation To Contribute To Velesto’s Weak Near Term Quarter - BusinessToday
Velesto Energy (VELESTO) believes that current Daily Charter Rates (DCRs) are stabilising at USD130K. On the back of this, the company is now targeting to secure long-term contracts in the range of 2-3 years to lock-in current rates. “Correspondingly, VELESTO’s current tender book of RM4.2b mainly comprises long-term contracts spread over 6 tenders.
Chip Shortages, Loss of Import Rights Contribute To Bleak Outlook For Tan Chong Motor - BusinessToday
Tan Chong Motor (TCHONG) is unable to compete effectively in the market in the absence of new launches while its rivals flood the market with attractive new models. “To add salt to the wound, its manufacturing business has been dragged down by chip shortages at its principal in Japan and the situation will only slowly improve in 2HFY23,” said Kenanga Research (Kenanga) in the recent Company Update Report.
Asia File Corporation’s Margins To Remain Strong Despite Softer Demand - BusinessToday
Asia File Corporation (ASIAFLE) 1Q24’s core net profit came in at RM16.0m. There was no dividend paid during the quarter. Despite the revenue dropped 3.3% QoQ, the core Profit After Tax And Minority Interest (PATAMI) increased 70.8% on the back of favourable exchanges rates as both the Sterling Pound and Euro strengthened against local currencies and also improved cost management, such as the delivery cost.
Petronas Posts Stable 2023 Half-Year Results On The Back Of Softening Energy Prices - BusinessToday
For the first half of 2023 (1H FY2023), PETRONAS delivered steady performance amid a marked decline in energy prices, recording a revenue of RM 170.3 billion – a marginal decrease from RM 170.4 billion in the same period last year. The Group recorded Profit After Tax (PAT) of RM 40.2 billion, a decrease of 13 per cent, mainly attributable to lower average realised prices.
CIMB Group Posts Double-Digit Net Profit Expansion To RM3.42 billion In 1H23; - BusinessToday
CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) today announced that the Group recorded a net profit of RM3.42 billion for the first half ended 30 June 2023 (“1H23”), an increase of 26.2%, compared to RM2.71 billion in the first half ended 30 June 2022 (“1H22”). Profit before tax (“PBT”) grew strongly, reaching RM4.72 billion, up 13.6% YoY from RM4.15 billion in the preceding year.
Malayan Flour Mills 1H23 Adversely Affected By Higher Input Cost, Unfavourable FX - BusinessToday
Staple foods producer Malayan Flour Mills Berhad (MFM) continued to see higher input costs and stronger United States Dollar (“USD”) impacting the Group’s financial performance for first half ended 30 June 2023 (“1H23”). The Group’s net profit in 1H23 decreased by 83.7% to RM8.5 million from RM52.0 million a year earlier, as the above factors affected both its Flour and Grain Trading (“FGT”) and Poultry Integration (“PI”) business segments.
Kerjaya Wins RM125 Mil Contract From Sunrise Alliance - BusinessToday
Construction outfit, Kerjaya Prospek Group Berhad (“Kerjaya”) announced that its wholly owned subsidiary, Kerjaya Prospek (M) Sdn. Bhd. has accepted a letter of award (“LOA”) worth RM125.0 million from Sunrise Alliance Sdn. Bhd. (“SASB”), a subsidiary company of UEM Sunrise Berhad. The award is for the design and build contract works for a proposed phase 2 development project in Taman Equine, Bandar Putra Permai, Selangor Darul Ehsan (“Project”).
Micro-Macro Interplay And Their Role In Shaping Nations' Trajectories: AISB - BusinessToday
Understanding the interplay between micro and macro aspects on a global scale is vital for addressing challenges, fostering positive transformations, and shaping the trajectories of nations and the world. Asia School Of Business (AISB) Dean Sanjay Sarma cited climate change as a domain showcasing this interaction. “Systemic risk to financial systems will drive inflation volatility and many other ill effects that MCBs must react to in the long timeframe. Entire nations and regions are at risk.
Bank Islam 1HFY23 Net Profit Up 14% To RM254.2 Mil - BusinessToday
Malaysia’s pioneering Islamic bank, Bank Islam Malaysia Berhad (Bank Islam or the Group), reported a net profit of RM254.2 million for the six months ended 30 June 2023 (1H2023), an increase of 14.0% over the corresponding period in 2022. Despite the challenging global economic climate, the Group’s revenue for the period rose 39.4% to RM2.24 billion (RM2,224.1 million) versus RM1.56 billion (RM1,595.9 million) last year.
Bank Islam May Surpass Growth Targets As NIM Trajectory Appear Optimistic - BusinessToday
Bank Islam Malaysia (BIMB) reports a 1HFY23 net profit of RM254.2m. No dividend was declared as BIMB typically announces a single payment in the year, safe for FY22. “YoY, 1HFY23 total Islamic income grew by 6% as BIMB sat on a larger gross financing base while net interest margins appear to be growing,” said Kenanga Research (Kenanga) in the recent Results Note. Meanwhile, investment income surged by 54% on the back of better securities disposal gains during the period.
Axiata Projected For Loss Making With Mounting Finance Cost - BusinessToday
Axiata Group (AXIATA) states a core net loss of RM499m in1HFY23. Nonetheless, it still declared a 5.0 sen dividend per share, on track to deliver the 10.0 sen total dividend it has committed for FY23. “YoY, after discontinuing Celcom’s operations, 1HFY23 revenue improved 12%, underpinned by a strong recovery in domestic and regional operations,” said Kenanga Research (Kenanga) in the recent Results Note.
Alliance Bank To Recover From Fund-Based Streams - BusinessToday
Alliance Bank Malaysia (ABMB) reports a 1QFY24 net profit of RM150.5m. No dividend was declared as expected, given that the group usually pays biannually. “YoY, 1QFY24 net interest income inched up thanks to an 8% larger loans books offset by some compression in Net Interest Margin,” said Kenanga Research (Kenanga) in the recent Results Note. On the other hand, non-interest income declined by 21% no thanks to deepening treasury losses.
CGSCIMB Recommends Technical Buy For Cypark Resources, Uzma - BusinessToday
Cypark Resources’ stock gapped up after breaking out above the month-long flag pattern the day before. Yesterday’s white candle also sent prices higher, bouncing off the 20-day Exponential Moving Average (EMA). The bullish breakout was supported by a higher trading volume. A new short-term uptrend may be underway, underpinned by the higher lows sequence from the RM0.61 low and the 200-day EMA.
EG Industries' FY2023 Net Profit Surges To RM38.44 Million On Favourable Mix - BusinessToday
Electronic Manufacturing Services (EMS) provider EG Industries Berhad ended the financial year ended 30 June 2023 (FY2023) with a spectacular tripling of net profit attributable to shareholders to RM38.44 million compared to RM10.82 million in the previous year, on favourable product mix of consumer electronics, 5G wireless access and photonics modular related products.
JHM Consolidation To Benefit Significantly From New Automotive Customer - BusinessToday
JHM Consolidation’s 1H23 core earnings missed expectations on the industrial segment’s losses and margins compression dragged by higher input costs and product mix. “While the semiconductor-related business’ recovery pace may be a gradual one, JHM Consolidation’s new automotive customer is expected to contribute significantly in FY24 and current valuation is undemanding, considering the relatively strong automotive orders visibility,” said RHB Research (RHB) in the recent Malaysia Results Review.
Celebrate The Spirit Of Independence Day With Longines - BusinessToday
With the patriotic cheer and fervour in the air to celebrate Malaysia’s 66th year of independence this year, Longines recommends the timeless elegance of the Longines Pilot Majetek and the Longines Spirit Flyback to commemorate the special occasion. These exquisite timepieces combine functionality with sophisticated design as well as a taste of adventure and sport, making it an ideal choice to elevate both your spirit and style for Independence Day.
Malakoff Corp Blooms Through Alam Flora’s Contribution, Among Others - BusinessToday
With core prices set to normalise, the fuel margin impact may still affect Malakoff Corp’s bottomline, albeit, to a moderate extent. “Our BUY call is largely premised on the company’s decent dividend yields and resilient future earnings, anchored by the Alam Flora contribution as well as a better plant stability,” said RHB Research (RHB) in the recent Malaysia Results Review Report. 1H23 core net losses of RM394m came in below expectations, due to a substantial negative fuel margin.
UEM Edgenta Deploys Tech Solutions To Mitigate Cost Pressures - BusinessToday
UEM Edgenta (UEME) posted a 2Q23 core net profit of RM11.5m, in line with seasonality expectations. Higher work orders are typically billed towards 2H. “Core margins are largely stable at 1.7%, notwithstanding the cost inflation impact thanks to technology deployment in automating work orders,” said RHB Research (RHB) in the recent Malaysia Results Review Report.
Power Root To Sustain Earnings, Supported By Quality Product, Brand Equity - BusinessToday
Despite earnings growth no longer being the key value proposition for Power Root (PWRT), RHB Research (RHB) continues to like the stock as they expect it to sustain the high earnings base supported by quality product offering, entrenched brand equity and efficiency gain. In addition, generous dividend payout is expected to remain thanks to healthy cash flow generation and sturdy balance sheet. “We gather that the sales growth momentum has shown signs of slowing down.
Malaysia's Inflation Moderates To 2%, A 11-Month Decline: Rafizi - BusinessToday
Malaysia’s inflation rate in July 2023 continues to moderate to 2.0% compared to 2.4% in June 2023, marking an 11-month decline. “The July 2023 inflation rate is the lowest inflation rate in a year, reflecting the ongoing stable price trend. The Food and Non-Alcoholic Beverages category accounted for the biggest change in inflation, at a rate of 4.4%,” said Economy Minister Rafizi Ramli.
Mah Sing’s Intention To Expand Portfolio Could Stimulate Share Prices - BusinessToday
Mah Sing’s 2Q23 results are within expectations. 1H23 sales already hit RM1.2bn, and the company should achieve its RM2.2bn sales target by year-end. “Management had earlier indicated its intention to expand the industrial portfolio, and we think this could potentially be a share price catalyst, especially if tenants or clients are secured upfront,” said RHB Research (RHB) in the recent Malaysia Results Review Report. 2Q23 revenue was very much flat from the previous quarter.
IPR-INTAN Programme To Enhance Nation’s Sustainable Food Ecosystem - BusinessToday
The Farmer Entrepreneur Program (INTAN) under the People’s Income Initiative (IPR) is a comprehensive approach taken by the Ministry of Economy to address food safety and security issues using modern agricultural methods, while also eradicating poverty for the sustainability of the nation’s future.
Political Certainty Lifts The Cloud For IOI Properties - BusinessToday
IOI Properties’ FY23 property sales amounted to RM1.96bn. Despite the recent round of tightening measures, the Marina View project in Singapore worth RM8.5bn will be the major launch in FY24F. “As such, we expect IOI Properties to rake in at least RM2bn sales in FY24F. We raise our TP to reflect better market sentiment ahead, given the lifting of the political overhang post state elections,” said RHB Research (RHB) in the recent Malaysia Results Review.
Sime Darby Property’s Sales Target Is Conservative Considering Sizable Booking - BusinessToday
Sime Darby Property (SDPR)’s 2Q23 core net profit of RM68.6m lifted 6M23 core net profit to RM126m, said Maybank Investment Bank (Maybank IB) in a recent report. 6M23 locked-in property sales of RM1.5b accounted for 65%/60% of SDPR/Maybank IB’s RM2.3b/2.5b sales goal/assumption, which were above expectations. Of the RM1.5b locked-in sales, 40% was derived from its industrial properties, followed by residential (37%) and high-rise (21%).
High Seasonal Demand, Lowering Expenses To Drive Air Asia’s Performance - BusinessToday
Air Asia X Bhd (AAX)’s 2QCY23 core net loss of RM33.8m brought 6MCY23 core net profit to RM8.7m “On closer inspection, the earnings shortfall was due to 6MCY23 average user charge/stage flown coming in at USD6,050 and 6MCY23 aircraft leasing expenses coming in at RM28.1m,” said Maybank Investment Bank (Maybank IB) in the recent report.
Double Trouble For InNature With Declining Sales, Rising Operating Cost - BusinessToday
InNature Bhd (INNATURE) faces a challenging outlook whereby sales volume trends are declining while store operating costs from labour have steadily increased. “Although management has strategies in place to tackle elevated costs, we believe that meaningful earnings recovery will only return when domestic consumer sentiment improves or inbound tourism recovers,” said Maybank Investment Bank (Maybank IB) in a recent report.
About RM180 Bil Up Until 2050 Needed To Develop Robust Grid System: Nazmi - BusinessToday
Minister of National Resources, Environment and Climate Change Nik Nazmi said that under the Paris Agreement, Malaysia has pledged to reduce its greenhouse gas (GHG) emissions intensity per unit of gross domestic product (GDP) by 45% by the year 2030.
Govt To Allocate RM2 Bil Seed Fund For National Energy Transition Facility: Anwar - BusinessToday
Prime Minister Anwar Ibrahim said that in the early 1990s, Renewable Energy (RE) was named the fifth fuel under the National Energy Policy. Now the RE sources are solar, mini hydro, biomass and biogas. “RE supply in Malaysia is now at 25%, and we are on the right track to source 31% of its power capacity from renewables by 2025 and 40% by 2040,” he said during the launch of the National Energy Transition Roadmap (NETR) at the Kuala Lumpur Convention Centre.
Bursa Malaysia To Close For Merdeka Day - BusinessToday
Bursa Malaysia Berhad (“Bursa Malaysia” or “the Exchange”) and its subsidiaries will be closed on Thursday, 31 August 2023, in conjunction with Malaysia’s Independence Day (National Day). The Exchange and its subsidiaries will resume operations on Friday, 1 September 2023.
Leon Fuat’s 2Q Revenue Falls 10.8% To RM217.42 Mil, Profit Follows - BusinessToday
Leon Fuat Bhd (Leon Fuat), a manufacturer and trader of steel products specialising in rolled long and flat steel, announced a decrease in revenue for the second quarter ended 30 June 2023 (“Q2FY2023”) to RM217.42 million compared with RM250.93 million for the corresponding quarter of the preceding financial year (“Q2FY2022”). For the quarter under review, the Group registered a 10.8% decrease in profit before tax (“PBT”) to RM16.09 million compared with RM18.04 million for the Q2FY2022.
Tune Protect Celebrates Increase In PAT Of RM11.2 Mil, Growth More Than 100% - BusinessToday
Tune Protect Group Berhad (“Tune Protect”) reported encouraging financial results for the second quarter of the financial year 2023 (“2Q23”), its third consecutive quarter of profit. Tune Protect Group Chief Executive Officer Rohit Nambiar explained that the Group’s profitability in 2Q23 was supported by an increase in profit after tax to RM11.2 million, growth of more than 100% Year-on-Year (“YoY”).
The Tissot PRX Shines In The Much-Requested Ice Blue, Unexpected Gold - BusinessToday
Across the globe, watch lovers and many more were eagerly awaiting Tissot’s new additions to its line-up: the PRX 35mm Powermatic 80 now available in enchanting ice blue and radiant gold. This modern embodiment of an enduring legacy brings an added dash of audacious vibrancy, stirring echoes of the free-spirited late ‘70s era. These timepieces represent a bold yet tasteful departure from the ordinary.
Govt To Explore Green Hydrogen As Alternative Fuel: Nik Nazmi - BusinessToday
The government is eager to explore the potential of green hydrogen as a fuel alternative towards the nation’s green mobility agenda. Minister of National Resources, Environment and Climate Change (NRECC) Nik Nazmi Nik Ahmad said the government in collaboration with utilities like Tenaga Nasional Berhad (TNB), will explore the prospect of harnessing the new energy carrier and its economic effects.
Mah Sing Group's Net Profit Soars To RM50.48 Million In 2Q FY2023 - BusinessToday
Mah Sing Group Bhd’s net profit rose to RM50.48 million for the second quarter ended June 30, 2023 (2Q FY2023) from RM43.04 million in the same period last year, driven by higher property sales and progressive revenue recognition from ongoing construction progress. Revenue was 18.85 per cent higher at RM644.22 million from RM542.01 million previously.
OM Holdings Posts Lower Gross Profit Margin For 1H2023 at 21.4% - BusinessToday
OM Holdings Limited (“OMH”), a manganese and silicon smelting company, with vertical exposure in mining and trading, has announced its interim financial report for the half-year ended 30 June 2023 (“1H2023”). In a complex market environment, the Company demonstrated enduring financial resilience by achieving a Profit After Tax (“PAT”) of US$19.3 million.
EconPile Holdings Recovers On The Back Of Improved Order Book - BusinessToday
Econpile Holdings Bhd’s (ECONBHD) long-term prospects appear to be on the recovery trend after experiencing a year to forget in FY22f. Recall that in 3QFY23 net loss narrowed to -RM0.2m vs. net loss of -RM1.3m recorded in 2QFY23. “After 7 consecutive quarters in the red, we reckon that the group is poised to return to the black moving into FY24,” said Malacca Securities in the recent Stock Digest.
Oppstar Delivers PBT Of RM6.8 Mil, Growth Of 1.3% - BusinessToday
Oppstar, an integrated circuit (“IC”) design service provider, announced its results for the first quarter of the financial year ending 31 March 2024 (“Q1FYE2024”). For the quarter under review, Oppstar delivered revenue and profit before tax (“PBT”) of RM15.7 million and RM6.8 million, marking a growth of 8.3% and 1.3% respectively as compared to Q4FYE2023. The profit after tax and minority interest (“PATAMI”) was RM5.3 million, giving a PATAMI margin of 33.8%.
Sime Darby Posts 6% Increment In Profit Before Tax - BusinessToday
Sime Darby Property registered revenue of RM1.4 billion for the six months ended 30 June 2023 (“H1FY2023”), marking a 25% increase from the RM1.1 billion in the same period a year ago. The Group’s gross profit margin exceeded expectations at 28%, with profit before tax (“PBT”) at RM212.2 million, and profit after tax and minority interest (“PATAMI”) at RM131.7 million, reflective of the more competitive and dynamic market environment.
Mercury Securities To Raise RM39.27 Million From IPO - BusinessToday
Mercury Securities Group Berhad (“Mercury Securities” or “Company”), unveiled its prospectus today in conjunction with its initial public offering (“IPO”) and listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
Malaysia's Financial Sector Top On The List Of Cyber Attacks - BusinessToday
Financial sector remains the top sector experiencing cyber attacks in Malaysia this year despite growing cyber resilience and awareness among the financial institutions, global cybersecurity firm Kaspersky highlighted. Kaspersky Southeast Asia general manager Yeo Siang Tiong said following closely the financial sector is the government sector as well as healthcare sector where phishing is the most prevalent form of cyber attack.
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