US ECONOMIC GROWTH SLOWS MORE THAN

EXPECTED IN FIRST QUARTER p16

F R I DAY, A P R I L 2 6 , 2 0 2 4 t h e e d g e m a l ay s i a . c o m
ISSUE 755/2024

CEOMorningBrief
HOME: Azam Baki confirms Mahathir among individuals under MACC investigation p6
Axiata, Sinar Mas move closer to US$3.5 bil telco merger, Bloomberg reports p7
Labour productivity can be boosted with progressive wage policy – World Bank p9
WORLD: US solar panel makers seek import tariffs on panels and cells from Malaysia, neighbouring nations p17
Meta’s miss sparks fears in tech with more earnings ahead p21

AirAsia X to buy Capital A’s aviation business

for RM6.8 bil via share and debt deal
Report on Page 4.
THE EDGE FILE PHOTO

EPF members under

age 55 will get Account 3
for flexible withdrawals
from May 11
Report on Page 3.
 f r i d a y A P RI L 2 6 , 2 0 2 4 2 TheEdge CEO morning brief

the edge ceo morning brief published by publisher + . Ho Kay Tat

ceo

Read from desktop or mobile device. editor - in - chief

. Kathy Fong
chief commercial officer . Sharon Teh
You can print in A4 to read. Set print (266980-X) chief operating officer . Lim Shiew Yuin
mode to fit or shrink oversize page. editors . Jenny Ng . Tan Choe Choe
. 603-77218000
tel

Level 3, Menara KLK, 1 Jalan PJU 7/6,

to get on emailing list Mutiara Damansara, 47810, Petaling Jaya, to contact editors : eeditor@[Link]
ceomorningbrief@[Link] Selangor, Malaysia to advertise : advertising@[Link]

h o m e

PM denies claims
PUTRAJAYA (April 25): Prime Minister issuance of the licence are still at the in-
Datuk Seri Anwar Ibrahim on Thursday itial stage.

that govt issuing

denied claims that the government will The Forest City project in Gelang Patah
issue a licence for the operation of a ca- started in 2015 and has 28,000 complet-

casino licence for

sino in Forest City, Johor. ed residential units to date, with the first
Speaking to reporters after attending man-made island, measuring 560 hectares,

Forest City
the Madani Muhibbah Aidilfitri 2024 serving as the development’s major focus.
event jointly organised by the Ministry Forest City is also home to two ho-
of Housing and Local Government and tels, two international golf courses, the
the Ministry of Communications here on largest Industrial Building System (IBS)
Thursday, Anwar, in a brief reply, said: Bernama prefabricated factory in Malaysia, Shat-
“There’s no such thing, (the issue of) tuck St Mary Forest City International
the casino licence is a hoax. Not true.” with Berjaya Corp Bhd founder Tan Sri School and a water theme park.
Anwar, who is also the finance min- Vincent Tan and Genting Group chief ex-
ister, said this in response to the report ecutive officer and chairman Tan Sri Lim
published by an international news por- Kok Thay last week to discuss the matter. Read also: Malaysia is said to mull
tal, Bloomberg, claiming that he had met The report stated that discussions on the casino resort to revive Forest City

KUALA LUMPUR (April 25): The newly work model to a dual network model.
constituted board of Digital Nasional Bhd
(DNB) will convene a meeting soon to re-
DNB’s new board to Upon completion of the SSAs, the
MNOs will collectively subscribe to 70%
view due diligence findings and address review due diligence equity in DNB, with each holding a 14%
the remaining conditions precedent in the
share subscription agreements (SSAs), said findings, finalise share stake, leaving MOF Inc with 30% equity
and a special share that will grant it cer-
Digital Minister Gobind Singh Deo.
In a statement on Thursday, Gobind
subscription deals tain special rights for a stipulated period.
Gobind reiterated the government’s as-
said DNB’s announcement of its new soon — Gobind piration, in line with its policy announce-
board members is a “critical milestone” ment made on May 3 last year, for the
towards fulfilling the government’s com- SSAs to facilitate the involvement of all
mitment to implementing the dual network by Choy Nyen Yiau MNOs as shareholders in DNB before
model for the 5G network. [Link] transitioning to the dual network.
“The parties will continue the due pro- EarlierThursday, DNB announced the ap-
cess to complete the SSAs, and thereafter the edge pointment of five new board members, in-
enhance Malaysia’s 5G network deploy- cluding CelcomDigi’s Datuk Kamal Khalid,
ment. Enabling advanced digitalisation via Maxis Broadband Sdn Bhd’s Uthaya Kumar
5G is a key focus of the government, con- K Vivekananda, U Mobile Sdn Bhd’s Chang
tributing to the rapid growth of the coun- Yit Fei,Telekom Malaysia Bhd’s Nik Azli Abu
try’s key economic sectors,” Gobind said. Zahar and YTL Power International Bhd’s
To recap, the five mobile network oper- Datuk SeriYeoh Seok Hong, effective April 24.
ators (MNOs) — CelcomDigi Bhd, Maxis The quintet will join incumbent mem-
Bhd, Telekom Malaysia Bhd, U Mobile bers Treasury secretary general Datuk Jo-
Sdn Bhd and YTL Communications Sdn han Mahmood Merican and Digital Minis-
Bhd — entered into SSAs with DNB and try deputy secretary general Ma Sivanesan
the Ministry of Finance Incorporated Marimuthu on the board of the company.
(MOF Inc) on December 1 last year.
The SSAs, Gobind said, were established
to put into effect the government’s policy on Read also: Digital Nasional names sen-
the transition from a single wholesale net- ior telco and tech leaders as new directors
 f r i d a y A P RI L 2 6 , 2 0 2 4 3 TheEdge CEO morning brief

h o m e

EPF members under age 55 will get Account

3 for flexible withdrawals from May 11
by Anis Hazim & Choy Nyen Yiau
[Link]

KUALA LUMPUR (April 25): Members

of the Employees Provident Fund (EPF)
who are below 55 years old will have an Ac-
count 3 starting from May 11, from which
they can make withdrawals at any time for
any purpose — subject to a minimum with-
drawal amount of RM50. This is on top of
the two existing accounts they currently have
for retirement savings.
Hence, members’ contributions will be
divided in the portions of [Link] into Ac- Members can choose for the opt-in, Economists foresee minimal impact
count 1 (Retirement Account), Account 2 which is non-cancellable, from May 11 on EPF’s investment strategy and
(Sejahtera Account) and Account 3 (Flexible till Aug 31 dividend performance
Account) respectively, according to EPF’s “Members can only choose to opt-in for the The Account 3 is unlikely to affect the EPF’s
statement issued on Thursday. transfer of the initial amount to the Flexi- investment strategy and dividend perfor-
EPF members’ monthly contributions ble Account (Account 3) one time, starting mance, according to economists.
are currently split in the ratio of 70:30 into from the effective date (May 11) until Aug This is due to the relatively modest with-
Account 1 and Account 2. 31, 2024, after which the opt-in cannot be drawal amount of RM25 billion in the first-
The balances in Account 1 and Account cancelled,” EPF said. year post-rollout, as per EPF forecasts, which
2 will remain, while Account 3 will start with Members who wish to take advantage is significantly lower than the total with-
a zero balance. of this opt-in can submit their application drawals during the pandemic, amounting
For members above the age of 55, all sav- through the KWSP (EPF) i-Akaun appli- to RM145 billion.
ings in those three accounts will be merged cation, or the self-service terminals at any “Even during the pandemic, the dividend
into “Akaun 55”, while new contributions EPF branches nationwide. payout for conventional and shariah savings
from this age group members will be cred- Applications for the opt-in and withdraw- hovered around 5% to 6%. I believe that EPF
ited into “Akaun Emas”. als can be made online through the KWSP can sustain its solid performance following
Account 3 will start with new contribu- i-Akaun, or at any EPF branch nationwide. the introduction of Account 3,” the executive
tions that will be credited into the member’s EPF also encouraged members who have director of the Socio-Economic Research
account after the implementation date. yet to register with KWSP i-Akaun to do so, Centre Lee Heng Guie told The Edge.
“If the member chooses to opt-in with in order for withdrawal transactions from Lee also does not foresee any compromise
an initial amount, the transfer of the initial Account 3 to be made. to contributors’ retirement income adequa-
amount to Account 3 and other accounts “The main focus of the EPF account re- cy from the rollout of Account 3, as the ac-
[if applicable] is based on the balance in the structuring initiative is to empower members count will commence with a zero balance,
member’s Account 2 on the date the opt-in in making decisions to balance future needs with contributors having a one-time option
application is made,” the EPF said. for retirement between short-, medium- and to transfer part of their savings from their
The transfer method will be according long-term financial needs. Account 2 to Account 3.
to this breakdown (also see chart): “This initiative will also help increase co n ti n u es o n Page 4
a) If the balance in Account 2 is RM3,000 members’ retirement savings, so that they
and above will have sufficient retirement income to
A third or 10/30 of the balance in Account sustain their needs after retirement,” EPF
Sejahtera (Account 2) will be transferred to chief executive officer Ahmad Zulqarnain
Account 3, while 5/30 of the balance in Ac- Onn said.
count 2 will be transferred to Account 1; the
balance 15/30 will be retained in Account 2.
b) If the balance in Account 2 is less than
RM3,000
Account 2 with a balance of RM1,000 or less
will have the full balance transferred to Ac-
count 3, while those with a balance of more
than RM1,000 but less than RM3,000 will
have RM1,000 transferred to Account 3; no
transfers will be made to Account 1.
 f r i d a y A P RI L 2 6 , 2 0 2 4 4 TheEdge CEO morning brief

h o m e

AirAsia X to buy Capital A’s aviation business

for RM6.8 bil via share and debt deal
KUALA LUMPUR (April 25): AirAsia X by Izzul Ikram tribute RM2.2 billion worth of the NewCo
Bhd (AAX), which will be taking over Capi- [Link] shares it is getting to its existing sharehold-
tal A Bhd’s aviation business, has announced ers, based on their respective shareholdings
the mechanics of its plan via a bourse filing in the group.
on Thursday. “As Capital A intends to distribute
It will first undertake an internal reorgan- RM2.2 billion in value of the distribution
isation that involves the setting up of a new shares, the number of distribution shares
company (NewCo) that will take over the shall be approximately 1.69 billion new
listing status of AAX. Existing shareholders NewCo shares,” AAX said.
of AAX will swap their shares in AAX with AAX also plans to grant Singapore-based
shares of the NewCo — AirAsia Group Sdn Garynma Investments Pte Ltd, the vehicle
Bhd — on a one-to-one basis. of former AAX director Datuk Lim Kian
Prior to the share-swap, AirAsia Bhd Onn, rights to subscribe to 15% of the New-
(AAB) will transfer its 12.77% stake in Co’s enlarged share base, immediately after
AAX to Capital A. the completion of the [Link] sub-
The NewCo will then acquire Capital scription option is offered in recognition of
A’s aviation business — AAB and AirA- with an exercise price to be determined later, Garynma’s past commitment to support the
sia Aviation Group Ltd (AAAGL) — for before it undertakes a RM1 billion private company’s fundraising activities, AAX said.
RM6.8 billion. It will be issuing new shares placement, with a placement size to be de- AirAsia co-founders Tan Sri Tony Fer-
worth RM3 billion in the NewCo — 2.31 termined by the issue price to be set later. nandes and Datuk Kamarudin Meranun,
billion shares at RM1.30 each — to acquire The bulk of the placement proceeds — together with AAB and Tune Group Sdn
AAAGL. RM954.5 million — will be used to fund Bhd, collectively own a 40.1% stake in AAX
As for AAB, it will acquire it for RM3.8 NewCo’s newly consolidated aviation busi- currently. They (including Tune Live and
billion, to be satisfied by assuming RM3.8 ness, comprising RM450 million to RM550 Tune Air) will end up with a 29.21% stake in
billion of the RM3.83 billion worth of debt million for aircraft funding, RM300 million the NewCo after the proposed exercises, as-
that Capital A owes AAB. for repayment of AAB’s borrowings, and suming Garynma takes up the subscription
The balance of the debt Capital A owes RM104.5 million to RM204.5 million for option and the warrants are exercised in full.
AAB is to be settled within one year after the working capital. Subject to requisite approvals, the pro-
NewCo acquires AAB. Likewise, AAAGL, After the issuance of warrants and place- posals are expected to be completed by the
which owes Capital A RM54.83 million as at ment, the NewCo, intends to undertake a re- fourth quarter of 2024.
end-2023, is expected to settle the debt with- duction of its share capital to RM100 million Shares in AAX ended three sen or 2.42%
in one year after NewCo acquires AAAGL. from RM4.05 billion, by cancelling paid-up lower at RM1.21, valuing the company at
The deal values the entire equity interest share capital that is lost or unrepresented by RM540.96 million. Meanwhile, Capital A
in AAAGL at between RM2.7 billion and available assets, to eliminate accumulated shares closed half a sen or 0.72% higher at
RM3.5 billion. AAAGL owns Thai AirAsia, losses of RM3.27 billion. 70 sen, giving the group a market capitali-
Philippines AirAsia, Indonesia AirAsia and By then, the NewCo’s borrowings sation of RM2.96 billion.
AirAsia Cambodia. As for AAB, which op- and lease liabilities are expected to be
erates AirAsia Malaysia, the deal values its RM23.27 billion, with shareholders’ funds
equity interest at between RM3.48 billion at RM971.42 million. In contrast, AAX’s Click here for charts
and RM4.37 billion. borrowings and lease liabilities as at end-De-
Pending the acquisitions, the NewCo cember 2022 stood at RM1.06 billion, with
will issue free warrants on the basis of one shareholders’ deficits of RM285.2 million. Read also: AirAsia X mulls flying to Poland,
warrant for every two NewCo shares held Over at Capital A, the group plans to dis- Hungary, London and Orlando

from Page 3 from EPF accounts to ensure sufficient significantly impacted Malaysians’ live-
“In fact, the government has raised the retirement savings. lihoods,” he said.
contribution proportion to the Retirement Meanwhile, Mohd Afzanizam Abdul He also agrees that this measure will,
Account [Account 1] to 75%, which may Rashid, the chief economist of Bank Mua- to some extent, bolster purchasing pow-
offer additional security to contributors’ malat Malaysia Bhd, describes Account 3 er, thereby making the government’s ex-
retirement savings and the EPF’s invest- as a “delicate balancing act” between meet- pectation of achieving a gross domestic
ment strategy,” he said. ing retirement savings adequacy and ensur- product (GDP) growth rate of 4% to 5%
Furthermore, Lee predicts that the flex- ing EPF members’ economic well-being. achievable.
ibility of withdrawing funds from Account “While the government must ensure Members can fully access the system on
3 may boost spending power, thereby pos- adequate retirement savings, it cannot May 12. Members can visit any EPF branch
itively impacting economic growth. overlook issues such as the cost of liv- nationwide, or refer to the EPF official web-
However, he advises members to exer- ing, slow wage growth, and the prev- site at [Link] or access
cise responsibility when withdrawing funds alence of gig employment, which have the KWSP i-Akaun for more information.
 f r i d a y A P RI L 2 6 , 2 0 2 4 5 TheEdge CEO morning brief

trust
who do you trust to tell the truth ?

16 18 20 12 18 20 14 18 28

SABAH & SARAWAK RM8.00

SABAH & SARAWAK RM8.00

SABAH & SARAWAK RM8.00

148-PAGE SPECIAL PULLOUT INSIDE

TONG’S PORTFOLIO CORPORATE CORPORATE THE STATE OF THE NATION TONG’S PORTFOLIO CORPORATE THE STATE OF THE NATION TONG’S PORTFOLIO TECH
Finally, we are investing Good chance of EPF’s Mavcom was Challenges remain for Malaysia’s 5G is now one of JB needs LRT system to disperse Watching the ringgit Is residential Semiconductor veteran
again — added six stocks with 2023 dividend beating shocked to see China’s economy after the world’s best, thanks to traffic coming in from Singapore factor in stronger-than- property in Malaysia turned VC raising US$200 mil
high, resilient dividend yields last year’s 5.35% closure of MYAirline REAL ESTATE
MATTERS
disappointments in 2023 the unconventional SWN via the RTS, says project proponent expected exports rebound a good investment? to back IPO-able chip firms

BUSINESS & INVESTMENT WEEKLY BUSINESS & INVESTMENT WEEKLY BUSINESS & INVESTMENT WEEKLY

PENINSULAR MALAYSIA RM7.00

PENINSULAR MALAYSIA RM7.00

PENINSULAR MALAYSIA RM7.00

M A L A Y S I A M A L A Y S I A M A L A Y S I A
1501 1506 1512

TIME TO ACT,
www . t h e e d ge m a l ays i a . co m THE WEEK OF DECEMBER 4 — DECEMBER 10, 2023 www . t h e e d ge m a l ays i a . co m T H E W E E K O F JA N UA RY 1 5 — JA N UA RY 2 1 , 2 0 2 4 www . t h e e d ge m a l ays i a . co m T H E W E E K O F F E B R UA RY 2 6 — M A R C H 3 , 2 0 2 4
1
12

2
The curious case
64 to 69
afizi: Padu long overdue, not an
NEWSBREAK COVER STORY 2 NEWSBREAK

CORPORATE 12 CORPORATE 10

Suria Cap verzealous data collection exercise Consolidation of TPG,

to lease out
Sapangar Bay
Container Port PUTRAJAYA CORPORATE

Edaran n
16
Hong Leong Group and
TE Asia Healthcare’s hospitals
in the works, say sources
of YNH and its JVs
YNH Property Bhd’s RM1.1 billion investment in numerous
in the
B Y J E N N Y N G A N D VASA N T H A G A N E SA N

to DP World The unity government spent its first year fending property development joint ventures over the years has drawn
B Y JOSE BAR RO CK off attempts to topple it, but its grip on Putrajaya cross hairs
rss NEWSBREAK
CORPORATE 10
much public scrutiny. Of particular interest is one involving a
five-acre parcel in Sri Hartamas. YNH justifies the JVs and

Capital gains tax:

appears secure now. As it enters its second B Y J OS E B A R R O C K
clarifies why some of the land is under a Registrar’s caveat.
NEWSBREAK year in power, will it walk the talk on the major
16
Khazanah, EPF and GIP forming 58 to 60
12 reforms to restructure the economy so that CORPORATE
consortium to run MAHB COVER STORY

More than
CORPORATE

Highway
Malaysia is not stuck in the middle-income trap,
or will it be business as usual?
Perple
p exing B Y J OS E B A R R O C K

concessionaires 76 to 80 twistss to
takeovver
ver
COVER STORY NEWSBREAK

want to take charge 12

expected
CORPORATE

of MLFF system offer fo

or KUB
or Five shortlisted for possible
implementation
BY LEE WENG KHUEN
sale of Cement Industries
B Y M SHAN M UG AM CORPORATE 21 B Y I N TA N FA R H A N A Z AI N U L
A N D J OS E B A R R O C K

Investor Yu
A N D I N TAN FAR HANA Z AI N U L

Contrary to what at many had anticipated,

anticcipated
d
suffers hefty
y
NEWSBREAK
the new tax has a wider scope and broad 12
CORPORATE
FREE! paper
p p loss affter definitions. Many are still grappling DNeX, HeiTech Padu,
with this issue
of The Edge rapid
p fall of with its implications while much
Theta Edge shortlisted

ZAHID IZZANI/THE EDGE

counters clarification is needed on its application.
for NIISe project
COVER STORY I 61 to 63
[Link]

B Y I N TA N FA R H A N A Z AI N U L
B Y JOSE BAR RO CK
The yet-to-be-developed land in Sri Hartamas that is subject to a disposal to the Sunway Group

PP 8409/03/2013(031809) MCI (P) 051/11/2023 PP 8409/03/2013(031809) MCI (P) 051/11/2023 PP 8409/03/2013(031809) MCI (P) 051/11/2023
ISSN 1675-1205 ISSN 1675-1205 ISSN 1675-1205

Our Consistency Areca equityTRUST Fund

*Fund Performance
*Fund performance is calculated based on NAV to NAV and assumes reinvestment of
distributions. The Fund was launched on 23 April 2007.
Average Returns of the funds in Peer Group under Lipper Classification “Equity Malaysia”
Can Be Your Advantage
#

#
Average Returns of Peer Group Non-Islamic. There are total of 67 funds under this category.
Source: Lipper as at 31 December 2023
Stay invested over the long term. A consistent strategy has allowed

For distant goals

us to consistently outperform the benchmark over the past decade.
477%
171%
Explore how to diversify your portfolio with our Private Wealth
Manager today.

and close friends. Refinitiv Lipper Fund Awards

Malaysia 2023 Winner
Areca equityTRUST Fund
Best Fund Over 5 Years
Best Fund Over 10 Years
Equity Malaysia
80% 35%
127%
THE NEW CAYENNE. FURTHER TOGETHER. 26%
The sports car with room for family, friends and countless shared Disclaimer: A copy of the Master Prospectus (MP) dated 19 December 2022 has been registered with the Securities Commission Malaysia (SC), who takes no responsibility for its contents. The registration of the
adventures. With space for up to five people, experience Porsche MP and lodgement of the Product Highlight Sheet (PHS) does not amount to nor indicate that the SC has recommended or endorsed the Fund. The MP is a replacement MP that supersedes and replaces the
performance every day – both on- and off-road. Find out more. MP dated 3 June 2021. This advertisement has not been reviewed by the SC. Investors are advised to read and understand the contents of the MP and PHS before making any investment decision. Amongst
others, investors should also consider the fees and charges involved. The prices of units and distributions payable, if any, may fall and rise. Past performances of the Fund are not indicative of future
performance. Prices can go down as well as up and you may not get back the amount you originally invested. Investors are advised to consider the different types of risks that may affect the unit trust fund.
For more information concerning certain risk factors, please refer to the MP and PHS. These are available at offices of Areca Capital Sdn Bhd and its authorized distributors. Investors have the right to request
ARECA CAPITAL SDN BHD
200601021087 (740840-D)
for a copy of the MP and PHS and they can download the softcopy at [Link]. Any issue of units to which the MP relates will only be made on receipt of a form of application referred to and
[Link] accompanying a copy of the MP. This Fund may not be suitable for all investors and if in doubt, investors should consult a professional adviser and completed a suitability assessment before making any
investment.
The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. Lipper Leaders fund ratings
do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. For more information, see
[Link].

the edge
Provid ing you wi th in sights to
make better decisions

| t h e b e s t s e l l i n g w e e k ly n e w s P a P e r .
 f r i d a y A P RI L 2 6 , 2 0 2 4 6 TheEdge CEO morning brief

h o m e

Azam Baki
GUA MUSANG (April 25): The Ma- former prime minister Tan Sri Muhyid-
laysian Anti-Corruption Commission din Yassin’s son-in-law, Azam said there

confirms
(MACC) has confirmed that former were new indications that Datuk Seri
prime minister Tun Dr Mahathir Mo- Muhammad Adlan Berhan was some-

Mahathir among
hamad is among individuals under in- where shopping.
vestigation by the commission. “Based on the result of MACC moni-

individuals
Its chief commissioner, Tan Sri Azam toring, he (Muhammad Adlan) has used
Baki, said that as a result of the investiga- his credit cards in several countries.

under MACC
tion, Mahathir’s two sons were also served “MACC has applied to Interpol for a
a notice to declare their assets within the red notice on him, and we are still track-

investigation
period stipulated in the notice, under Sec- ing him down to be charged in court,”
tion 36 of the MACC Act 2009. he said.
“I don’t intend to go into more detail In August last year, MACC was re-
about the case. portedly tracking down two men to as-
“Let the MACC continue the inves- Bernama sist with an investigation into a graft and
tigation first until I think of a suitable embezzlement case linked to the registra-
time for us to announce the findings of movable assets under their possession, in tion, recruitment and biometric storage
the investigation into the case,” he said. the country and abroad, within 30 days of foreign workers at a ministry.
He said this to reporters after offici- from the date of the notice. The first individual is Muhammad
ating MACC’s new Gua Musang branch Mokhzani was then investigated un- Adlan, 48, with his last known address
on the first floor of the federal building der MACC Act 2009 and Anti-Money being Lot 65, Sunway Kiara Hills, Jalan
here on Thursday. Laundering, Anti-Terrorist Financing 32/70A Desa Sri Hartamas, while the
On Jan 18 and 26, MACC reportedly and Proceeds of Unlawful Activities Act second individual is Mansoor Saat, 69,
served Mahathir’s sons — Mirzan and 2001. a lawyer, with his last known address
Tan Sri Mokhzani respectively — with Meanwhile, when asked to comment being No5 Jalan SS19/1C Subang Jaya,
a notice to declare all movable and im- on the investigation into the case of Selangor.

LCS probe never

He said that there were a few individ-
uals involved in the case who had been MACC expects
stopped, MACC
charged in court.
“MACC will not interfere in LCS ad- follow-up arrests in
chief clarifies
ministrative matters which involve the gov-
ernment in implementing this project, such false claims probe
as the budget given for LCS.
“MACC’s investigations are guided and
involving MB’s son
Bernama focused on the abuse of power and malprac- — Azam Baki
tice which occurred in the LCS,” he said.
GUA MUSANG (April 25): The Ma- Meanwhile, when asked to comment on
laysian Anti-Corruption Commission the purchase of the Scorpene submarines, Bernama
(MACC) has never stopped investigation Azam said that an investigation into the
into the construction of the littoral combat case is still ongoing. GUA MUSANG (April 25): The Ma-
ships (LCS), said its chief commissioner “Currently, MACC is still in contact laysian Anti-Corruption Commission
Tan Sri Azam Baki. with related parties abroad to obtain in- (MACC) will make several more ar-
He said that investigation into the case formation and evidence regarding some rests in connection with the case in-
is currently at the MACC level, and it is of the transactions carried out. volving a menteri besar’s son to assist
contacting relevant parties abroad to col- “Alhamdulillah, there are positive signs in the probe into the RM600,000 fal-
lect information. from foreign parties, who provide the docu- sified claims case.
“I deny the allegation of outside parties ments and evidence that we requested,” he MACC chief commissioner Tan Sri
claiming that the investigation of the LCS case said. Azam said that he would announce Azam Baki said the case is now common
has been stopped, when in fact, the investiga- the findings, once investigations into the knowledge and the suspects involved
tion into this case is still active and ongoing. case have been completed. were detained on Wednesday while in-
“Apart from that, the MACC is also The purchase of the two French subma- vestigations are still ongoing.
making an application for Mutual Legal rines was carried out in 2002 when former “We will also call up several others
Assistance through the Attorney Gener- prime minister Datuk Seri Najib Razak to have their statements recorded,” he
al’s Chambers, for some (documents and was then defence minister. told reporters after officiating the launch
evidence) that we need,” he said. Najib oversaw the purchase of two Scor- of MACC’s Gua Musang branch at the
He said this to reporters after officiat- pene-type submarines and one Agosta-type federal building here on Thursday.
ing MACC’s new Gua Musang branch on submarine from the French naval ship- In addition, he said the MACC
the first floor of the federal building here yard unit, DCN, worth nearly €1 billion might apply for a new remand order
on Thursday. (RM5.6 billion). for all the suspects under detention
Azam said that the investigation into The submarines, named Kapal Diraja since the remand period given is in-
the case has taken a long time because the (KD) Tunku Abdul Rahman and KD Tun sufficient for them to complete their
MACC had made several applications, in- Razak, arrived in Malaysia in September preliminary investigations.
cluding to track the money trail. 2009 and July 2010 respectively. co n ti n ues o n Page 7
 f r i d a y A P RI L 2 6 , 2 0 2 4 7 TheEdge CEO morning brief

h o m e

the edge

(April 25): Wireless carrier Axiata Group Smartfren’s president director and Sinar

Axiata, Sinar
Bhd and conglomerate PT Sinar Mas Mas representative, Merza Fachys, said
Group are moving forward with plans to he had no official information to share.

Mas move closer

merge their telecommunications opera- XL Axiata’s shares have climbed 22%
tions in Indonesia, people familiar with in Jakarta this year, valuing the compa-

to US$3.5 bil
the matter said. ny at about US$2 billion. They jumped
The owners of PT XL Axiata and PT as much as 3.8% to the highest since

telco merger,
Smartfren Telecom are discussing the March 21 following the Bloomberg News
structure of a potential transaction that report Thursday, then pared the gains.

Bloomberg
would create a US$3.5 billion (RM16.74 Smartfren, which has remained most-
billion) entity with about 100 million cus- ly flat this year, has a market value of

reports
tomers, the people said. A deal could in- US$1.2 billion.
volve a mix of cash and shares, they said, Axiata and Jakarta-based Sinar Mas
asking not to be named as the process is revived the merger talks last year, Bloomb-
private. erg News reported in September. Other
A non-binding agreement may be by Elffie Chew, Manuel Baigorri options under consideration include net-
reached in the coming months, allowing & Fathiya Dahrul work-sharing agreements and partner-
the companies to continue negotiations Bloomberg ships, people familiar with the matter
and carry out due diligence, the people have said. Previous discussions between
[Link] are ongoing and there’s no guar- Malaysia’s biggest wireless carrier and
antee that Kuala Lumpur-based Axiata and the Indonesian conglomerate didn’t re-
Sinar Mas will proceed with a merger of sult in a deal.
the units, the people said. Indonesia’s telecom market has been
A representative from XL Axiata said consolidating in recent years. In 2022,
consolidation would benefit the industry CK Hutchison Holdings Ltd and Qatar’s
and that the company is open to exploring Ooredoo combined their telecom busi-
possibilities, without commenting directly nesses in the country in a US$6 billion
on a possible Smartfren merger beyond transaction as they sought to fend off
saying it was a decision for shareholders. competition.

Pantech mulls
from Page 6 realised as there is no guarantee that the
On Wednesday, the son of a menteri required approvals would be obtained or

listing two
besar was among six people arrested by the proposed listing will proceed,” it added.
the MACC to assist in investigations into Pantech Stainless & Alloy specialises

subsidiaries on
a case of producing falsified documents to in producing high quality stainless steel
make RM600,000 in claims since 2022. welded pipes and butt-weld fittings, ac-

Main Market
Meanwhile, Azam said the MACC will cording to Pantech’s website.
focus their investigation on the construc- Established in 2010, the group said its

via SPV
tion project of the RM25 million National products have been exported to more than
Training Centre (NTC) in Putrajaya involv- 26 countries to date, and are widely ac-
ing the Football Association of Malaysia. cepted by the oil and gas, refineries, water
“Actually, the RM25 million in funding treatment, pulp and paper, pharmaceutical,
came from Fifa, it’s not FAM’s money. by Emir Zainul chemical and petrochemical industries.
“FAM only carried out the acqui- [Link] Meanwhile, Pantech Steel manufactures
sition through tender and so on and carbon steel butt welded fittings, pipe fittings
re-submitted it to Fifa for final selection. KUALA LUMPUR (April 25): Pantech and high frequency induction long bends for
Fifa agreed with that company,” he said. Group Holdings Bhd is considering to list the oil and gas industry, marine and shipyard,
Azam said that not only is FAM in- two wholly-owned subsidiaries — Pantech petrochemical and power plant.
volved in the issue but Fifa too as it in- Stainless & Alloy Industries Sdn Bhd and Incorporated in 2000, it operates its
volved their (Fifa’s) money. Pantech Steel Industries Sdn Bhd — on own factory and warehouse in Meru,
“As such, to be fair to everyone, we the Main Market of Bursa Malaysia via a Klang with a built-up area of more than
are investigating this issue,” he said. special purpose vehicle (SPV). 32,000 sq m.
Azam said the MACC will not take Plans for this are still at the preliminary As a group, Pantech’s net profit dropped
action in connection with the admin- stage and extensive preparatory work needs 16.85% to RM76.55 million for the nine
istrative issues within the organisation to be carried out, Pantech said in a bourse months ended Nov 30, 2024 (9MFY2024)
(FAM), such as salary matters and so on. filing on Thursday. from RM92.06 million in the previous
“The MACC considers this as a case “Therefore, the details in relation to the year’s corresponding period, as revenue
that involves public interest, so we have proposed listing have yet to be determined fell 14.71% to RM716.95 million from
looked at the information given and fo- at this stage,” Pantech said. RM840.6 million.
cused on just one issue,” he said. The proposed listing is also subject to Pantech shares closed one sen or 0.97%
approvals being obtained from the relevant higher at RM1.04 on Thursday, giving the
authorities and its shareholders, it said. “It group a market capitalisation of RM886.31
Read also: Remand for five including is essential for shareholders to note that million. Over the past year, the counter has
MB’s son extended till Friday the proposed Listing may or may not be risen 26 sen, or 33.33%.
 f r i d a y A P RI L 2 6 , 2 0 2 4 8 TheEdge CEO morning brief

h o m e

PENANG (April 25): Global semiconduc- (approximately RM855 million) by 2025.

tor firm Nasdaq-listed TTM Technologies Nasdaq-listed “Furthermore, the plant is built to sup-
Inc has invested US$200 million (about port a Phase 2 expansion that could result
RM958 million) for its first manufacturing TTM Technologies in a 25% increase [in capacity],” said the
plant in Malaysia. joint statement by TTM, Invest Penang
The group’s new facility at Penang Sci- invests RM958 mil and Mida.
ence Park provides significant opportuni- Meanwhile, Mida chief executive officer
ties for TTM’s local suppliers while nur- for manufacturing Sikh Shamsul Ibrahim Sikh Abdul Ma-
turing local technical talent in advanced jid said TTM’s expansion aligns with the
printed circuit board (PCB) technology plant in Penang government’s objective in the New Indus-
solutions. trial Master Plan 2030 which focuses on
The plant is designed for mass produc- bolstering the semiconductor ecosystem.
tion in commercial sectors such as net- by Syafiqah Salim “It opens avenues for skill development
working, data centres, medical, industrial [Link] and knowledge sharing among local tal-
and instrumentation. ents, reinforcing Malaysia’s stature on the
TTM president and chief executive of- hub for the electrical and electronics in- global stage as a competitive, technologi-
ficer Thomas Edman said in a statement dustry, and its strong talent pool and con- cally advanced nation,” he added.
on Thursday that Penang was a preferred ducive business environment. TTM’s announcement came a day after
location for the company due to its robust The plant is expected to create around the ATX Semiconductor Group launched
industrial ecosystem. 1,000 jobs for local talent and generate full its manufacturing facility in Melaka, mark-
He also noted Penang’s position as a run rate revenue of around US$180 million ing its first expansion outside China.

KUALA LUMPUR (April 25): While MIDF Research expects overall infla-
March’s headline inflation of 1.8% year- Inflation to pick tion rate to average at 3.2%, on the as-
on-year (y-o-y) came in slightly lower than sumption that the targeted-fuel subsidy
consensus expectations of 2%, economists up soon on fiscal could be rolled out as early as June.
are maintaining their projection that Ma- “We opine the government may intro-
laysia’s headline inflation will progressively consolidation duce a managed-float price mechanism
accelerate towards the end of the year on for RON95 and provide cash assistance
account of the government’s fuel subsidy measures after to those eligible as guided by the Padu
rationalisation plan, utility tariff hikes, and database.
its recent adjustments of the service tax. weaker-than- “Thus, we may see non-food inflation
UOB Global Economics & Markets to come in at 2.9% while better domestic
Research said March’s inflation print did expected March supply and normalised global commodity
not sway its view that headline inflation prices shall push food inflation rate lower
will trend up gradually towards year end. print — economists [to] 3.7% in 2024,” it said.
The research house projects headline All of the economists cited above also
inflation to average 2.6% for the entire maintained their forecast for BNM to keep
2024, as opposed to Bank Negara Malay- by Emir Zainul the overnight policy rate unchanged at 3%
sia’s forecast of between 2% and 3.5%. In [Link] for the rest of the year.
2023, headline inflation came in at 2.5%. Earlier on Thursday, the Department
“Pending the detailed announcement of RHB said it observed an upside to the of Statistics Malaysia announced that the
fuel subsidy removal, BNM expects a mar- inflation in the recent two months amid Consumer Price Index — Malaysia’s main
ginal impact from tax changes and utility upward adjustments in water tariffs for gauge of inflation — rose 1.8% y-o-y as
tariff hikes on headline inflation. domestic users in peninsular Malaysia and prices of healthcare and food rose at a
“It [BNM] added that the effect of the the Federal Territory of Labuan. slower pace.
ringgit’s weakness on inflation would be “Higher water tariffs have contributed The headline figure was a tad lower than
contained by administered prices, and to a 0.2% increase in overall headline in- the median 2% rise predicted in a Bloomb-
underlying inflation pressures would be flation. Based on our in-house estimation, erg survey of economists, and unchanged
confined by manageable demand pres- the upside to headline inflation could range versus February’s 1.8% gain.
sures, stable sentiment and moderate wage between 0.02% and 0.05% for every 5% This came despite a higher service tax
growth that is accompanied by productivity increase in water tariff,” it said. of 8% that took effect from March 1 and
gains,” UOB said in a note on Thursday. Meanwhile, OCBC Global Market Re- dissipating favourable base effects.
Similarly, RHB Global Economics & search pointed out that headline inflation Key contributors to the lower-than-ex-
Market Strategy, which has a headline in- averaged 1.7% y-o-y for the first quarter pected inflation were cheaper food and
flation projection of 3.3% for 2024, expects of 2024, below its baseline, suggesting that beverages, healthcare and recreation, and
inflation momentum to gain pace in the inflationary pressures remain benign. sports and culture services, which helped
second quarter of 2024, following adjust- “The main risk to inflation in the com- to counterbalance the price hike of alcohol-
ments in service tax and anticipated rollout ing months will be the timing and mech- ic beverages, utilities, transport, restaurant
of diesel subsidy rationalisation. anism of the government’s fuel subsidy services as well as jewelleries and watches.
“According to our estimates, the pro- rationalisation policies,” it said.
posed fiscal consolidation measures are As such, OCBC also maintained its
projected to lift the headline inflation by 2024 average headline inflation forecast Read also: Malaysia’s inflation steady at
0.7-1.1%,” it said. of 2.5%. 1.8% in March
 f r i d a y A P RI L 2 6 , 2 0 2 4 9 TheEdge CEO morning brief

h o m e

Labour
KUALA LUMPUR (April 25): The gov- ment will open registration for the pilot
ernment’s move to introduce a progressive project next month, with 1,000 companies

productivity
wage policy is the right approach to boost from various sectors expected to partici-
labour productivity in Malaysia, according pate. The pilot project is expected to be

can be boosted
to a World Bank economist. completed in September.
“Slower wage growth is one of the main In addition to low labour productivity

with progressive
issues affecting lower labour productivity,” growth, Dornan highlighted other chal-
said Dr Matthew Dornan, senior economist lenges in the labour market, which include

wage policy —
for social protection and jobs in the East the underemployment of tertiary-educated
Asia and Pacific region at the World Bank. workers, who face a skills mismatch as the

World Bank
“We are waiting for the pilot project [for level of their expertise don’t match their
progressive wage policy] to see what im- job demands.
pact it could have [on the labour produc- Time-related underemployment stood
tivity]. It is an important reform and the at 1.1%, while skill-related underemploy-
right approach,” he told The Edge on the by Syafiqah Salim & Luqman Amin ment stood at 37.4% in 4Q2023, according
sidelines of the launch of the World Bank’s [Link] to World Bank’s data. Higher skill-related
29th Malaysia Economic Monitor “Bend- underemployment suggests a mismatch
ing Bamboo Shoots: Strengthening Basic tion sector fell to 2.4% (from 10%) while between the demand and supply of ter-
Skills” on Thursday. growth in the services sector also plunged tiary-educated workers.
According to the World Bank, citing to 1.2% (from 4.1%). Dornan said although Malaysia has
the Department of Statistics Malaysia The government’s white paper on the made some progress in increasing female
(DOSM), growth in labour productivity progressive wage policy, released last No- participation in the labour force over the
declined to a pre-pandemic low of 0.5% vember, suggests that the policy will be past decade, the gender gap between men
in the fourth quarter of 2023, compared applied to formal-sector workers earning and women remains wide, pointing to
to 3.7% during the same period the pre- a monthly income between RM1,500 and persistent challenges in achieving gender
vious year. RM4,999 in its first year. This provision equality in the workforce.
DOSM data showed that the manufac- is projected to impact at least four million The percentage of male participation
turing sector recorded negative labour pro- wage earners. in the labour force was 83% in 4Q2023,
ductivity growth of -3.2%, compared to Economy Minister Rafizi Ramli in his while that of the opposite sex stood at just
1.6% in 4Q2022. Growth in the construc- speech on Thursday said that the govern- 56.3%, he added.

‘Imperative for Malaysia to narrow early childhood educational gaps

to improve children’s school readiness’
bernama

KUALA LUMPUR (April 25): The sia’s PISA score was 404, compared with
World Bank said on Thursday that Ma- 431 in 2018 and 440 in 2015.
laysia’s education system still has areas Malaysia managed to move up to the
for improvement, particularly in address- middle-third in PISA 2018, but it fell
ing learning challenges faced by children back to the bottom-third in PISA 2022,
from disadvantaged backgrounds. according to the World Bank.
According to its 29th Malaysia Eco- In addressing the challenges, the World
nomic Monitor report for April 2024 en- Bank suggested that Malaysia should give
titled ‘Bending Bamboo Shoots: Strength- all children a head start by providing ac-
ening Foundational Skills’ students, cessible, equitable, and quality preschool
especially those in early childhood edu- by Luqman Amin & Syafiqah Salim education, by implementing at least one
cation, often lack school readiness skills. [Link] year of free and compulsory pre-prima-
This deficiency leads to challenges ry education for Malaysian children to
in reading, writing and mathematics Nevertheless, the World Bank said realize universal preschool enrolment.
throughout their schooling. despite considerable efforts to address The World Bank also recommended
“While most children entering prima- these challenges, the “educational gaps” the government to have effective train-
ry school attend early childhood centers still exist. ing programs for teachers such as men-
and perform well on school readiness If the issue of “educational gaps” is toring, structured lesson plans, targeted
indicators, approximately 24% still lack not addressed properly and successfully, instruction, educational and technology,
school-readiness skills,” the report said, Malaysia’s aspiration to be in the top- to improve the quality of their teaching
adding that most of these children come third of the Programme for International performance.
from lower-income families. Student Assessment (PISA) may be chal- This is often because many teachers
The World Bank noted that initia- lenging, the World Bank stated. lack training which can directly affect the
tive has been made by the government PISA refers to the worldwide study by development of student learning. More-
through the Ministry of Education such the Organisation for Economic Co-op- over, there’s a concern regarding teacher
as the Reading Aid Programme and the eration and Development that measures discipline, as nearly 40% of children in
Primary School Literacy and Numeracy 15-year-old students’ reading, mathemat- Malaysia report that their teachers are oc-
Program. ics and science literacy. In 2023, Malay- casionally or frequently absent in schools.
 f r i d a y A P RI L 2 6 , 2 0 2 4 10 TheEdge CEO morning brief

h o m e

San said in a bourse filing on Thursday.

Khee San revises M&A Securities Sdn Bhd is the under- MKH Oil Palm posts
writer for the rights issue with warrants
underwriting exercise. RM16 mil net profit in
of rights issue
Khee San’s rights issue will involve the
issuance of renounceable right shares of up
2Q, q-o-q up 44% ahead
to 960.96 million units and up to 549.12 of Main Market listing
after substantial million warrants based on four warrants
for every seven right shares subscribed.
shareholder ceases With the rights issue priced at 10 sen by Anis Hazim
per share, the exercise is expected to raise [Link]
to be, withdraws between RM55 million on a minimum sub-
scription basis and RM96.1 million under KUALA LUMPUR (April 25): MKH Oil
undertaking a maximum scenario. Palm (East Kalimantan) Bhd (MKHOP),
The rights issue forms part of Khee San’s the plantation arm of property developer
regularisation plan, together with the compa- MKH Bhd, reported RM16.02 million net
by Izzul Ikram ny’s RM100.97 million capital reduction to profit on the back of RM86.05 million rev-
[Link] its share capital, scheme of arrangement with enue for the second quarter ended March
creditors for amounts owed aggregating to 31, 2024 (2QFY2024), ahead of its listing
KUALA LUMPUR (April 25): Practice RM138.47 million as at end-March 2022, on Bursa Malaysia’s Main Market.
Note 17 (PN17) company Khee San Bhd and establishment of an employee share As the company is not yet a public
will increase the allotment underwritten in scheme (SCC) of up to 15% of its share listed entity, there are no comparative
its proposed rights issue after Ng Meng Kee base for eligible directors and employees. figures for the same period in the previ-
ceased to be a substantial shareholder and Khee San’s regularisation plan was sub- ous year. MKHOP is going for a public
requested to discharge his undertaking. mitted to Bursa Securities in July last year debut on April 30, at an initial public
To meet the exercise’s minimum sub- and is still pending a decision from the offering (IPO) price of 62 sen per share.
scription level of RM55 million under its bourse regulator, according to the com- However, on a quarter-on-quar-
seven-for-one renounceable rights issue pany’s update on April 1 this year. ter (q-o-q) basis, MKHOP’s earnings
coupled with free warrants, the candy and Ng ceased to be a substantial sharehold- jumped 44.39% from RM11.09 million
sweet maker has revised the underwriting er in Khee San after he disposed of 2.5 in the preceding quarter, as its revenue
arrangements from RM27.05 million to million shares or a 1.82% stake on April increased 4.55% from RM83.3 million.
RM38.98 million — to cover Ng’s prior 23 this year, paring his stake to 4.77% or The higher earnings in 2QFY2024
undertaking of RM11.94 million. 6.55 million shares. Since March 2024, could be due to the higher average pric-
The company’s largest shareholderTimur Ng has disposed of an aggregate 7.65% es of crude palm oil (CPO) and palm
Enterprise Sdn Bhd, the vehicle of Ta Win stake or 10.5 million shares. kernel (PK) realised during the quarter.
Holdings Bhd’s substantial shareholder and Previously, Khee San noted that pursuant Average CPO price was RM3,441
executive director Datuk Seri Ngu Tieng to the undertaking, the undertaking share- per tonne during the quarter, compared
Ung, retains its undertaking of the remain- holders had “irrevocably and uncondition- with RM3,284 per tonne in 1QFY2024,
ing RM16.02 million worth of right shares. ally” undertaken that they shall not dispose while average PK price was RM1,582
“In view of the foregoing (Ng ceasing or otherwise reduce or transfer their existing per tonne, higher than the RM1,487 per
to be a substantial shareholder), Ng had interest in the company from the undertak- tonne in the preceding quarter.
vide the letter requested the company to ing date to the entitlement date. For the first half of FY2024, MKHOP
discharge his undertaking pursuant to the Shares in Khee San ended unchanged registered a net profit of RM26.47 mil-
undertaking letter dated May 23, 2022, at 17 sen, giving the company a market lion on the back of RM168.35 million
provided by Ng to the company,” Khee capitalisation of RM23.34 million. in revenue.

KUALA LUMPUR (April 25):ViTrox Corp intelligence (AI), telecommunications, and

Bhd saw its net profit nearly halved for the ViTrox 1Q’s net automotive sectors will see sustained growth
financial quarter ended March 31, 2024 in the near future.
(1QFY2024), primarily due to unfavoura- profit nearly halved, “The group continues to focus on pursu-
ble product mix and higher research and de-
velopment (R&D) expenditures to support
extending declining ing new opportunities through product in-
novation, enhancing customer services and
the introduction of new products. profits to five quarters exploring new markets coupled with tight
Net profit fell 47.8% year-on-year to cost control measures to stay competitive
RM17.23 million from RM33 million, while and resilient in the global market,” it said.
revenue declined 10.3% to RM119.61 mil- by Hee En Qi Previously,ViTrox had proposed to reward
lion from RM133.33 million, due to softer [Link] shareholders by issuing one bonus share for
demand for its automated board inspection. every existing share of the group held. The
Earnings per share fell to 1.82 sen from 3.49 34.6% in 3QFY2023, 26.7% in 2QFY2023, plan, which it expects to complete by the
sen for the quarter under review. and 34% in 1QFY2023. second quarter of 2024 — subject to all ap-
The most recent figures reveal a continued Despite the slower than expected recov- provals being obtained — would entail the is-
downward trend, marking the fifth consec- ery of the global economy, ViTrox remains suance of up to 945.93 million bonus shares.
utive quarter of year-on-year decline for the optimistic that the global semiconductor At Thursday’s market close, shares of Vi-
group. Previous quarters have shown year- industry will pick up momentum gradual- Trox were up two sen or 0.26% to RM7.62,
on-year declines of 49.8% in 4QFY2023, ly. It opines that the demand from artificial valuing the group at RM7.2 billion.
 f r i d a y A P RI L 2 6 , 2 0 2 4 11 TheEdge CEO morning brief

h o m e

KUALA LUMPUR (April 25): CGS In- of floor space by endCY24F,” it said.
ternational has cut its earnings estimate for CGS International Meanwhile, it said the automotive seg-
Inari Amertron Bhd as recent data flagged ment should see some stabilisation in the
weakened smartphone demand, according cuts Inari coming months as the group undergoes
to its research note on Thursday. various stages of qualification for its au-
The research house lowered its FY2024- Amertron earnings to-related sensors and optocouplers.
FY2026 earnings per share by 3% to 9% as Its memory business is also ramping up,
it believes lower smartphone shipment could forecast on weak with the four-stack die moving into HVM with
impact Inari’s radio frequency (RF) segment. additional production lines by 4QFY2024F,
The firm reiterated its “hold” call on Inari smartphone opening an opportunity for new project wins
with a higher target price of RM2.90, saying for eight- and 12-stack memory die.
that at 28.8 times FY2025F price-to-earn- demand Overall, it expects Inari’s non-RF seg-
ings ratio, the stock looks fairly valued. ment revenue to grow marginally by 3%
It cited International Data Corpora- in FY2024F, with strong ramp-up seen by
tion’s (IDC) data that showed deceler- by Isabelle Francis FY2025, together with the ramp-up of its
ated smartphone shipment, especially [Link] 54%-ownedYiwu Semiconductor in China,
US-branded devices, which fell by 9.6% as it obtains more qualification for packag-
year-on-year in the March 2024 quarter. tially cushioning the near-term RF softness. ing projects.
“The mid-2023 introduction of Huawei Citing key network component supplier “The foray into these new growth areas
5G handsets [has] slowly chipped away [at] Coherent, CGS said 800G components, could be margin dilutive in the near term
the market share of US branded smartphones. including switches and transceivers would as they go through gestation periods, in
“In our view, this could impact Inari’s see a strong ramp-up from 2024 onwards, our view,” CGS warned.
RF testing utilisation rate through lower vol- in line with AI demand growth.
ume loading, partially negating higher service “We understand that Inari’s backend
charge per unit due to higher RF content. processes for 400G optical transceivers Read also:
CGS also tweaked Inari’s earnings be- are moving to high-volume manufacturing
fore interest, taxes, depreciation, and am- (HVM), while 800G transceivers recently Mega First shares likely peaked;
ortisation margin lower, given the ramp-up qualified for low-volume manufacturing Maybank IB the first to downgrade stock
of new businesses that carry lower margins for a major global server player.
vis-à-vis its core businesses. “This aligns with the group’s expansion
The house said the group’s other seg- plan of its new CK3 plant in the Philip- YTL Corp rallies to new all-time high
ments should perform relatively better, par- pines, which will add circa 230,000 sq ft after HLIB flags more upside

Chin Teck’s 2Q
KUALA LUMPUR (April 25): Chin Teck Chin Teck also reported a turnaround
Plantations Bhd’s net profit surged seven- for its associate and joint ventures seg-

net profit up
fold for the financial quarter ended Feb 29, ment with a profit of RM684,000, com-
2024 (2QFY2024) thanks to higher palm pared to a net loss of RM4.02 million in

sevenfold
oil production as well as lower operating 2QFY2023, due to the contribution of its
and administrative expenses. oil palm plantation in Indonesia.
Net profit leapt by 612.2% to RM20.8 The turnaround of its Indonesian op-
million from RM2.92 million a year earlier. eration is due to the commencing of har-
Quarterly revenue increased by 11.1% year- by Hee En Qi vesting activities and mill operations at its
on-year (y-o-y) to RM51.26 million from [Link] plantations in the Lampung province.
RM46.14 million, thanks to increased sales In the previous financial years, the un-
volume of fresh fruit bunches (FFB), crude rest in the surrounding villages located in
palm oil (CPO) and palm kernels (PK). the vicinity had caused disruption in rou-
Chin Teck’s dividend trend
The group has not declared any further tine harvesting of FFB, which led to losses
interim dividend for the financial quarter Dividend (sen) in its Indonesian operations, said Chin Teck.
under review. It previously declared a first 50
42
However, harvest of its oil palm planta-
interim dividend of eight sen per share and 40 tions in the South Sumatera province is still
a special dividend of four sen per share for 30 pending clearance by relevant authorities.
30
the current financial year ending August 31, 20 For the six-month period ended Feb
20 16
2024 (FY2024), which was paid on Jan 31. 10 12 29, 2024 (6MFY2024), net profit in-
10
In its bourse filing on Thursday, Chin Teck creased by 49.3% to RM42.13 million
0
reported higher production of FFB, CPO and FY2020 FY2021 FY2022 FY2023 *6MFY *6MFY from RM28.22 million. Revenue climbed
2023 2024
PK for the quarter under review. It noted a 4.9% to RM114.44 million from RM109.1
Financial year ends on Aug 31
14.3% y-o-y increase in FFB purchase and Source: Bursa Malaysia
million, due to an increase in sales volume
production, an 18.1% increase in CPO produc- despite lower average selling prices.
tion and a 14.3% increase in PK production. Looking ahead, the group expects FFB
“The average selling prices of FFB and tion of Fauzi-Lim Plantation Sdn Bhd in production to increase, which would have
CPO were lower. However, the average 2QFY2023, the group said, while operat- a corresponding effect on plantation profit
selling price of PK was higher,” it added. ing expenses for the plantation decreased. for FY2024.
At the same time, administrative ex- The group had in 2022 acquired Kelan- Shares of Chin Teck were down five sen
penses declined due to the absence of tan-based planter Fauzi-Lim Plantation or 0.66% to RM7.50, valuing the group
expenses associated with the acquisi- for RM45 million, cash. at RM685 million.
 f r i d a y A P RI L 2 6 , 2 0 2 4 12 TheEdge CEO morning brief

h o m e

news In brief

Heineken nominates Martijn Rene van Keulen PavREIT’s 1Q NPI jumps 33%,
as new MD to succeed Roland Bala pays 2.48 sen distribution per unit
KUALA LUMPUR (April 25): Heineken Malaysia Bhd announced KUALA LUMPUR (April 25): Pavilion
on Thursday that it has nominated Martijn Rene van Keulen Real Estate Investment Trust
as its new managing director (MD). Martijn, currently MD of (PavREIT) reported that its first
Heineken Myanmar, will succeed Roland Bala, who is set to quarter net property income (NPI)
step down from his role as Heineken Malaysia MD on July 1 jumped 33.2% year-on-year, thanks
after over five and half months in the job that he was appointed largely to contribution from its newly
to in September 2018, according to the brewery company’s acquired mall, Pavilion Bukit Jalil.
statement on Thursday. Roland will also be relinquishing his directorships across all The increase was also attributed to
subsidiaries of Heineken Malaysia on the same day, before assuming the MD post at higher occupancy rates and higher
Multi Bintang Indonesia — an Indonesia-based brewer that is also part of the Heineken revenue rent from its other retail
group. — by Luqman Amin malls. The REIT’s NPI for the quarter
ended March 31, 2024 (1QFY2024)
rose to RM136.02 million from
Atlan Holdings’ 4Q earnings came RM102.1 million in the previous year’s
in lower despite higher revenue corresponding quarter, with gross
KUALA LUMPUR (April 25): Atlan revenue climbing 39.7% to RM218.52
Holdings Bhd’s net profit fell over 42% to million from RM156.41 million, its
RM5.07 million or two sen per share, from bourse filing showed. PavREIT declared
RM8.75 million or 3.45 sen per share in a distribution of 2.48 sen per unit
the fourth quarter ended Feb 29, 2024 for 1QFY2024, to be paid with its
(4QFY2024), as increased revenue was distribution for the quarter ending June
more than offset by higher operating 30, 2024 (2QFY2024). According to the
expenses, depreciation and amortisation, REIT, its property operating expenses
as well as finance costs. Quarterly revenue for the quarter surged 52% y-o-y due
Ekuinas-backed Al-Ikhsan Sports increased more than 9% to RM128.67 to operating expenses incurred for the
names former 7-Eleven head as CEO million from RM117.76 million, according new property, upgrading works, and
KUALA LUMPUR (April 25): Sports to its bourse filing on Thursday. The group, higher utility costs driven by additional
retailer Al-Ikhsan Sports Sdn Bhd, in which which mainly engages in duty-free trading consumption under the hot weather.
state-owned private equity firm Ekuiti of various goods, manufacturing, and — Hee En Qi
Nasional Bhd (Ekuinas) owns a 35% stake, marketing of automotive parts, as well as
has appointed Datuk Hishammudin Hasan property and hospitality, did not propose
as its new chief executive officer effective or declare any dividends for the period
April 17. Hishamuddin, a 53-year-old under review. For the full year ended Feb
Singaporean national, previously served 29, 2024 (FY2024), earnings dropped 7%
as CEO of local sugar refiner Central to RM20.35 million or 8.02 sen per share,
Sugars Refinery Sdn Bhd (CSR) from from RM21.9 million or 8.63 sen per share
2018-2020 and convenience store chain a year ago. Revenue for the year rose 19%
operator 7-Eleven Malaysia Holdings to RM453.56 million, from RM381.26
Bhd from 2017-2018. “With nearly 30 million. Despite the lower earnings during
years of experience across multinational the year, the group declared higher
corporations in diverse regions, Datuk dividends of 10 sen per share, compared
Hishammudin brings a wealth of insights with four sen per share last year.
and leadership acumen to his new role,” Al- — by Isabelle Francis
Ikhsan said in a statement. Following the
appointment, Al-Ikhsan said it is looking
forward to leveraging Hishamuddin’s Inta Bina bags RM224.8 mil job to build business serviced apartments
expertise and vision. “Beyond corporate in Subang Jaya
endeavours, Datuk Hishammudin is KUALA LUMPUR (Apr 25): Construction company Inta Bina Group Bhd has
deeply committed to social causes, secured a contract worth RM224.8 million to develop a 38-storey business
epitomising compassionate leadership serviced apartment in Subang Jaya. The group said in a bourse filing on Thursday
through his involvement in initiatives that its wholly-owned Inta Bina Sdn Bhd had accepted the letter of award from
supporting vulnerable communities,” the Tropicana Metropark Sdn Bhd to undertake the main building works for the
company said. In May last year, Ekuinas proposed development. The job scope includes the construction of 30 floors of
CEO Syed Yasir Arafat Syed Abdul Kadir business serviced apartments comprising 553 units, and eight podium floors — six
said the company was in early discussions floors of parking, one floor for residents’ facilities, and one floor of business space.
to monetise its investments in Al-Ikhsan Construction is slated to commence on May 2 and is expected to last 34 months. Inta
Sports via an initial public offering or Bina indicated that the company intends to finance the contract through borrowings
trade sale, depending on its valuation. and internal funds. — by Emir Zainul
— by Anis Hazim
 f r i d a y A P RI L 2 6 , 2 0 2 4 13 TheEdge CEO morning brief

h o m e

Najib never
KUALA LUMPUR (April 25): Former Through instructions from Shahrol,
prime minister Datuk Seri Najib Razak had 1MDB had diverted US$700 million from

instructed 1MDB
never instructed 1Malaysia Development the US$1 billion JV equity investment into
Bhd’s (1MDB) management to transfer a an account belonging to Good Star Ltd,

management to
total US$1.03 billion to Good Star Ltd, a on the grounds that Good Star was PSI’s
company linked to the fugitive Low Taek Jho affiliate. Only US$300 million made its

transfer monies
(Jho Low), the court heard on Thursday. way to the JV as intended.
Testifying in the ongoing 1MDB-Tan- 1MDB then entered into a muraba-

to Good Star
ore trial, Malaysian Anti-Corruption Com- hah financing agreement in March 2010,
mission (MACC) investigating officer (IO) in which a US$1 billion equity in the JV

— witness
Nur Aida Arifin confirmed that based on was converted into “useless” murabahah
documentary evidence, it was members of notes, and 1MDB was required to pay the
the troubled strategic development’s man- JV US$1.5 billion.
agement that were involved in the transfer. In September 2010, a sum of US$500
Defence counsel Wan Azwan Aiman: by Tarani Palani million was sent to the JV, after which the
The US$1.03 billion was transferred to [Link] money went missing and could not be ac-
Good Star with the involvement of the counted for. A further sum of US$330 mil-
management, namely (former 1MDB 24), Nur Aida had also testified that Najib lion — meant to be the second tranche of
chief executive officer) Datuk Shahrol Az- had not instructed 1MDB’s management the investment into the murabaha financing
ral Ibrahim Halmi, (former chief financial to make the controversial US$700 million — was diverted to Good Star in May 2011.
officer) Radhi Mohamad, (former depu- transfer to Good Star. In total, 1MDB transferred US$1.83
ty CFO) Terence Geh Choh Heng, and The controversial transfer is related to billion to PSI through the murabahah note
(former executive director) Casey Tang. 1MDB’s joint venture (JV) with Saudi Ara- agreement. However, only US$800 million
Nur Aida: No. bia-based PetroSaudi International Ltd of the money had been transferred into JV,
Wan Azwan: They were allowed to re- (PSI), under which 1MDB undertook an while the rest of US$1.03 billion had been
mit the US$1.03 billion into Good Star? equity investment of US$1 billion, while transferred to Good Star.
Nur Aida: Yes, based on documents. PSI injected US$1.5 billion worth of assets The prosecution has maintained that
Wan Azman: You agree that Najib did into the JV. However, after the JV agree- Najib had taken “positive steps” to ensure
not instruct any management members to ment was signed, PSI said its US$1.5 bil- these transactions went through.
remit the US$1.03 million to Good Star? lion asset injection into the JV company In this trial, Najib faces four counts of
Nur Aida: Agree. entailed a US$700 million advance for abuse of power for using his position as the
The US$1.03 billion was transferred 1MDB, which meant 1MDB owed PSI. then prime minister, then finance minister,
to Jho Low’s company in two tranches: But the so-called JV agreement was en- and chairman of 1MDB’s board of advis-
US$700 million in September 2009 and tered into, not with PSI but rather with ers to receive gratifications worth US$620
US$330 million in May 2011. a company called PetroSaudi Holdings million (RM2.27 billion). He also faces 21
While on the stand on Wednesday (April (Cayman) Ltd. money-laundering charges.

PUTRAJAYA (April 25) : A three-mem- 7 and July 11, 2006 while in possession
ber Federal Court bench on Thursday
granted leave (permission) for lawyer Da-
Lawyer Sreesanthan of material non-public information re-
lating to the proposed privatisation of
tuk Sreesanthan Eliathamby to have the allowed to challenge Worldwide by Perbadanan Kemajuan
merits of his appeal for a civil penalty of Negeri Selangor.
RM1 million imposed on him for insid- sentence of civil At the material time, Sreesanthan
er trading of Worldwide Holdings Bhd
shares in 2006 be heard.
penalty and gains for was a senior partner in a law firm
which was engaged to act as the legal
Chief Justice Tun Tengku Maimun
Tuan Mat, who led the bench, granted
purported insider adviser of the proposed privatisation
of Worldwide.
leave for the questions of law to be de- trading In Thursday’s proceeding Sreesen-
termined by the apex court. than was represented by Datuk Gurdi-
“The bench is unanimous in its de- al Singh Nijar and Gopal Sreenevasan
cision, and we granted order in terms,” by Hafiz Yatim while SC was represented by counsel
Tengku Maimun said. [Link] SM Shanmugam.
She sat with Chief Judge of Sabah and Gurdial argued that authorization had
Sarawak Tan Sri Abdul Rahman Sebli times the profits gained as a result of the to be sought from the Attorney General
and Federal Court judge Datuk Nor- insider trading along with the civil pen- before the SC can initiate the civil action
din Hassan in making the unanimous alty of RM1 million and barred from arguing that any proceeding including
decision. being a director of any listed company civil ones needed the go-ahead from the
With that, the merits of Sreesanthan’s for 10 years from Nov 18, 2020. top prosecutor.
appeal would be heard at another date The High Court decision was af- He argued that since for insider trad-
by the apex court. firmed by the Court of Appeal on Sept ing under the old Securities Industry Act
Sreesanthan had been ordered by the 6, 2022 resulting in this appeal. 1983 accorded criminal action while the
High Court to pay the Securities Com- Sreesanthan acquired a total of newer Capital Market Services Act 2007
mission RM1.99 million, which is three 600,000 Worldwide shares between June co n ti n ues o n pag e 14
 f r i d a y A P RI L 2 6 , 2 0 2 4 14 TheEdge CEO morning brief

h o m e

Appellate court
KUALA LUMPUR (April 25):The Court The Bersatu president said the decision
of Appeal has allowed a bid by Tan Sri Mu- of the COA was a nullity or illegality as it

grants Muhyiddin
hyiddinYassin to have a bench of five judg- was made without jurisdiction, as required
es to hear his review application to restore under Section 50(1) of the Courts of Ju-

five-member
his acquittal by the High Court of four of dicature Act 1964.
his abuse of power charges last year. Muhyiddin, 76, who is also Perika-

bench for review

His lawyer Chetan Jethwani said that tan Nasional’s chairman, was charged
Court of Appeal deputy registrar Muham- with using his position as then prime

of charges
mad Noor Firdaus Rosli informed the par- minister to obtain bribes amounting to
ties of the matter on Thursday morning RM232.5 million from three compa-
during case management. nies, namely Bukhary Equity Sdn Bhd,
Muhyiddin had requested a five-judge Nepturis Sdn Bhd and Mamfor Sdn
bench due to the serious nature of the matter. by Timothy Achariam Bhd, and one Datuk Azman Yusoff for
Muhyiddin through his lawyers had [Link] the party.
filed an application to have five judges He is accused of committing the act at
hear the review application to restore his previously struck out by the High Court the Prime Minister’s Office, Bangunan Per-
discharge and acquittal (DAA) in an abuse on Aug 15. dana Putra in Putrajaya, between March
of power case linked to the Jana Wibawa On March 1, Muhyiddin filed an appeal in 1, 2020, and Aug 20, 2021.
programme earlier this month. the Federal Court against the appellate court’s He also faces two charges of receiving
The review application will commence restoration of the four charges against him. money from illegal activities amounting
on July 9. However, he has since withdrawn that to RM195 million from Bukhary Equity
This review is sought by Muhyiddin for appeal as he cannot appeal the COA’s deci- which was deposited into Bersatu’s CIMB
the Court of Appeal to review its own de- sion in the Federal Court because his case Bank account.
cision to reinstate his charges which were originated in the Sessions Court. He allegedly committed the offence at
struck out by the High Court. The highest his appeal can go to is the CIMB Bank Menara KL Branch, Jalan
On Feb 28, the court’s three-member COA. Thus the Pagoh Member of Par- Stesen Sentral, Kuala Lumpur Sentral,
panel chaired by judge Datuk Hadhariah liament is seeking a review by the COA between Feb 25 and July 16, 2021, and
Syed Ismail reinstated the four charges of its decision. between Feb 8 and July 8, 2022.

rehabilitation framework through enhance-

SSM expects more ment of provisions relating to the scheme of f ro m pag e 1 3
arrangement or compromise, as well as en- that accorded civil action, consent
companies to utilise new hancement of provisions on CVA and JM. from the AG should be made a
corporate rehabilitation The third cluster is strengthening the ben-
eficial ownership (BO) reporting framework
requirement.
In addition, Gopal argued as
framework and the last cluster focuses on enhancing to the question on whether in
corporate governance and practices. determining insider trading the
Elaborating on the third cluster, Norhaiza defendant is subject to strict li-
Bernama said the new obligations imposed on the ben- ability in possessing the infor-
eficial owner, whereby there is an obligation mation, or proof that not only
KUALA LUMPUR (April 25):The Compa- to notify the company that he/she is a bene- he has the information and in-
nies Commission of Malaysia (SSM) expects ficial owner and an obligation to notify the tends to use the information and
more companies to utilise the new corporate company when he/she ceases to be a ben- whether the impugned act of ac-
rehabilitation framework introduced by the eficial owner. quiring the shares was made at
Companies (Amendment) Act 2024, which “We are requiring companies to submit the time of the acquisition or
came into force on April 1. the BO information within the next three after the acquisition.
SSM director (corporate compliance di- months, until June, and that will be an im- These questions they argued
vision) Norhaiza Jemon said the new Act mediate impact of the proposal with regard would be beneficial for the apex
would facilitate companies facing financial to enhancing the BO framework,” she said, court to determine as such po-
difficulties, and support economic recovery adding that more than 600,000 active com- sitions were clear in Singapore
and competitiveness. panies need to adhere to the new Act. where such consent was needed
“The new rehabilitation framework is “The improvement to the BO reporting from the AG in civil cases on insid-
much awaited by companies facing finan- framework was implemented after taking into er trading and that at present in the
cial difficulties. With the new amendment, account the latest international developments courts in Malaysia, they adopted
we expect that they will be able to address to combat money laundering, terrorism fi- strict liability, and proof of having
their issues better,” she said during the SSM nancing, bribery and tax evasion,” she added. information and intended to use
Insight:The Companies (Amendment) Act Meanwhile, SSM chief executive officer it in determining insider trading.
2024 briefing here on Thursday. Datuk Nor Azimah Abdul Aziz said the re- Shanmugam argued that the
The Companies (Amendment) Act 2024 cently promulgated Companies Act (Amend- AG’s consent was not required
has 31 clauses and four policy clusters. ment) 2024 reflects SSM’s unwavering dedi- in civil proceedings and that the
The first policy cluster is widening the cation to modernising regulatory frameworks, courts below, namely the High
application of corporate rescue mechanism enhancing corporate governance standards, Court can determine which to
under Corporate Voluntary Arrangement and promoting sustainable business practic- adopt in deciding a case for in-
(CVA) and Judicial Management (JM), while es that foster innovation, competitiveness, as sider trading.
the second is strengthening the corporate well as investor confidence.
 f r i d a y A P RI L 2 6 , 2 0 2 4 15 TheEdge CEO morning brief

h o m e

Land use as state authorities,” read the statement.

The 44th MPFN meeting, chaired by

planning for food

Prime Minister Datuk Seri Anwar Ibrahim
in Putrajaya, also considered six working

source areas
papers, including one for approval, three
for agreement and two for notifications.

master plan
KPKT said the master plan’s proposed
strategies aim to ensure the conservation

approved
and preservation of land use in nation-
al food source areas, emphasise modern

— KPKT
technology to enhance productivity and
provide fiscal incentives to the state gov-
ernment to preserve food source areas.
It said the meeting also considered the
Bernama guidelines for implementing urban renewal
that serve as a reference to the government,
Parasitic worms KUALA LUMPUR (April 25): The Na- state authorities, local governments, prop-
tional Physical Planning Council (MPFN) erty developers and stakeholders interested
Anisakis sp found on Thursday approved the main policy re- in redeveloping marginalised, dilapidated
lated to urban and rural planning, namely and not economically viable settlements
in canned sardines the Master Plan for Land Use Planning to enhance the urban design.
for Food Source Areas, aimed at reducing KPKT is also in the process of drafting
from China — dependence on imported food products. a bill related to urban renewal, emphasis-
Housing and Local Government Minis- ing the creation of liveable new cities and
Johor dept try (KPKT), in a statement, said the mas- resetting consent thresholds, it said.
ter plan is one of the intervention measures “Besides the food security aspect,
that also seeks to enhance the country’s MPFN also looks at the issue of rapid
Bernama self-reliance in terms of food supply. development that has caused some set-
“The master plan proposes four thrusts, tlements in urban areas to be left behind in
JOHOR BAHRU (April 25): The Johor 20 strategies, 48 actions, and 102 initia- terms of progress, especially old and aban-
branch of the Malaysian Quarantine and tives to be implemented by all stakehold- doned buildings as well as brownfield and
Inspection Services Department (Ma- ers, especially the Agriculture and Food greyfield sites that require urban renewal
qis) found parasitic worms Anisakis sp Security Ministry and its agencies as well initiatives,” said the statement.
in samples of sardine cans from China
that were brought in through the Sul-
tan Iskandar Building (BSI) here, earlier
this month. Malaysia International Water Conference.
State Maqis director Edie Putra Md Malaysia needs Existing revenue is insufficient to even
Yusof said the worms were found follow- cover operational and capital expenditure,
ing a seizure of a lorry carrying a load of RM10 bil for next Santiago said, noting that the environmen-
canned sardines weighing about 16,320 tal cost of services is, therefore, not met
kilogrammes, worth RM83,879.84, three years to within the tariff structure.
which was imported from Singapore “Low water tariff is a barrier for the
without a permit. upgrade water industry to move forward in a sustainable
He said further inspection carried direction, and so, it is crucial for us to ex-
out by Maqis enforcement officers on infrastructure plore sustainable financing mechanisms,”
some of the canned sardines had found he stressed.
them to contain the worms. — SPAN For years, Malaysia has been grappling
“Following that, some sardine cans with high non-revenue water — the per-
were sent to the Chemistry Depart- centage of treated water that fails to reach
ment for verification, where the labo- by Jason Ng consumers, and fails to be billed — which
ratory analysis report found the parasitic [Link] requires massive investments for everything
worm, identified as Anisakis sp. from repairing leaking pipes to replacing
“It is an offence under Section 14 KUALA LUMPUR (April 25): Malaysia non-functioning meters.
(a) of the Malaysian Quarantine and requires an annual allocation of at least About one-third of treated water is
Inspection Services Act 2011 (Act 728) RM10 billion for the next three years, wasted due to leakages and other factors,
for importing goods containing pests, which is crucial to boost water infrastruc- with losses from non-revenue water hav-
diseases or contaminants; and offend- ture amid below-cost tariffs and high wast- ing reached an estimated RM2.18 billion
ers can be prosecuted under the same age, the National Water Services Commis- in 2022, or RM8.05 billion from 2018 to
law,” he said in a statement on Thursday. sion (SPAN) said on Thursday. 2022, Santiago said.
He said the department is committed “Infrastructure development in both the The government has to tackle the
to carrying out inspections and enforce- water and sewerage industries are at critical non-revenue water issue and adjust tar-
ments at the country’s entry points, to levels, and must be addressed immediately iffs to ensure “equilibrium of our water
ensure there are no pests or diseases to support the increase of the treated water sector,” Santiago said, adding that reducing
entering the country, so as to guarantee reserve margin,” the commission’s chairman non-revenue water would lead to building
Malaysia’s food safety. Charles Santiago said in his address at the fewer treatment plants.
 f r i d a y A P RI L 2 6 , 2 0 2 4 16 TheEdge CEO morning brief

w o r l d

reuters reuters

Yellen says
economy
performing well,
inflation will ebb
by Al essandra Galloni
Reuters

US economic WASHINGTON (April 25):Treasury Sec-

growth slows
retary Janet Yellen said on Thursday that
the US economy “continues to perform

more than
very, very well” and that she still sees in- economy grew at its slowest pace in nearly
flation falling back to more normal levels. two years last quarter.

expected in
“The US economy continues to per- Yellen added that she also expects hous-
form very, very well,”Yellen said in an in- ing inflation to ebb as the year progresses.

first quarter
terview with Reuters as she cited “pecu- “The fundamentals here are in line with
liar but not concerning” reasons for data inflation continuing back down to normal
earlier on Thursday that showed the US levels,” Yellen said.

by Lucia Muti kani

Reuters reuters

ing and listing to create a more steady and

WASHIGNTON (April 25): US eco- sustainable source of revenue by offering
nomic growth slowed more than ex- products that focus on anti-financial crime
pected in the first quarter, but an ac- and compliance.
celeration in inflation suggested that the Nasdaq, like its peers, has been on an
Federal Reserve would not cut interest acquisition spree to diversify its portfolio
rates before September. of technology and intellectual property
Gross domestic product increased after regulations in 2005 opened the eq-
at a 1.6% annualised rate last quarter, uities trading market up to competition
the Commerce Department’s Bureau of from brokers.
Economic Analysis said in its advance Net revenue in the first quarter jumped
estimate of first-quarter GDP on Thurs- 22% to US$1.12 billion. Analysts on av-
day. Growth was largely supported by erage had expected US$1.11 billion, ac-
consumer spending. cording to LSEG data.
Economists polled by Reuters had The company’s adjusted profit of 63

Nasdaq’s revenue
forecast GDP rising at a 2.4% rate, with cents per share in the three months ended
estimates ranging from a 1.0% pace to a March 31 missed analysts’ expectations

beats on strong
3.1% [Link] economy grew at a 3.4% of 65 cents.
rate in the fourth quarter. It is expand- The push towards products and solu-

demand for
ing at a pace above what US central tions helped offset a deceleration in trading
bank officials regard as the non-infla- activity in US equities as markets took a

fintech products
tionary growth rate of 1.8%. breather following a period of prolonged
The International Monetary Fund volatility.
last week upgraded its forecast for 2024 US equity matched shares volumes de-
US growth to 2.7% from the 2.1% clined to 116.7 billion in the first quarter
projected in January, citing strong- by Manya Saini from 121.8 billion a year earlier. US equity
er-than-expected employment and con- Reuters options volumes fell to 773 million con-
sumer spending. Job gains in the first tracts from 811 million contracts.
quarter averaged 276,000 per month (April 25): Nasdaq beat estimates for Some of the biggest names that listed
versus the October-December quarter’s first-quarter revenue on Thursday, driven their shares on the Nasdaq exchange in
average of 212,000. by strong demand for its financial technol- NewYork during the quarter include AI-fo-
The economy has defied prophe- ogy products used by traders and investors cused chip firm Astera Labs and biotech
cies of doom since late 2022 follow- to navigate the capital markets. firm Kyverna Therapeutics.
ing the Fed’s aggressive rate hiking Revenue from its financial technolo- Total new listings on the Nasdaq Stock
campaign to stamp out inflation. The gy unit surged 71% to US$392 million Market in the quarter were 79, compared
US is outperforming other advanced (RM1.9 billion) in the first quarter, while with 81 in the year-earlier period.
economies. Consumers locked in low- revenue from its index business jumped As of last close, shares of Nasdaq were
er mortgage rates, while businesses 53% to US$168 million. up about 6% so far this year, broadly in
refinanced debt before the tightening The transatlantic exchange operator line with gains in the benchmark S&P 500
cycle began, economists say. has expanded its business beyond trad- index.
 f r i d a y A P RI L 2 6 , 2 0 2 4 17 TheEdge CEO morning brief

w o r l d

US solar panel
(April 25): Some of the world’s largest solar The trade case is expected to last about a
equipment makers asked President Joe Bid- year, though tariffs could be levied as soon

makers seek
en’s administration on Wednesday to impose as Commerce makes a preliminary ruling in
tariffs on panels and cells from four Asian about four months for countervailing duties,

import tariffs on
countries, to protect billions of dollars in and six months for anti-dumping duties.
investments in US manufacturing. “There is no question, despite the pas-

panels and cells

Seven companies — Korea’s Hanwha sage of the Inflation Reduction Act, [that]
Qcells, Switzerland’s Meyer Burger, Nor- the US solar manufacturing industry is in-

from Malaysia,
way’s REC Silicon, and US companies First jured and remains in a very precarious po-
Solar Inc, Convalt Energy, Mission Solar sition,”Tim Brightbill, the group’s attorney,

neighbouring
and Swift Solar — are behind the petitions said on a call with reporters.
filed with the US Department of Commerce The US has had tariffs in place on Chi-

nations
and the International Trade Commission, nese-made solar equipment for a decade,
they said in a statement. and in 2018, then-president Donald Trump
The American Alliance for Solar Manu- imposed additional duties on overseas-made
facturing Trade Committee is accusing Chi- panels.
nese companies with factories in Malaysia, by Nichola Groom More recently, the US last year finalised
Cambodia,Vietnam and Thailand of flood- Reuters import duties on some solar panel makers
ing the US market with panels priced below who finished their products in the same
their cost of production. That has caused Since its passage in 2022, solar compa- four Southeast Asian countries targeted in
prices to collapse by more than 50%, threat- nies have announced more than 40 facto- the new trade case, to avoid the tariffs on
ening their US-made products, they said. ries, representing nearly US$13 billion in Chinese goods.
If the case is successful, companies that investment, according to projects tracked Biden, however, in 2022 imposed a two-
import panels to install on rooftops or build by the clean energy business advocacy year waiver on those tariffs due to pressure
large-scale solar power plants could face group E2. from project developers concerned about
higher prices within months. But in recent months, many of those a disruption in supplies. That waiver will
The Biden administration has raised the companies have voiced concerns about expire in June, and the White House has
alarm in recent weeks over China’s massive stepped-up competition from China said it will not be extended.
investment in factory capacity for clean en- that is already hammering factories in Biden’s administration is also expect-
ergy goods, and Treasury Secretary Janet Europe. ed to reverse an exemption for imports of
Yellen has said that the US is evaluating The petitioning companies are asking two-sided panels.
trade remedies. the US Commerce Department to impose “Unfortunately, those actions are not
Biden’s landmark climate change law, the anti-dumping and countervailing duties enough to address the more than 50%
Inflation Reduction Act, includes incentives that would offset the impact of foreign sub- price drop that we’ve seen and the ram-
for companies that produce clean energy sidies and ensure the products are priced pant dumping and subsidies involving these
equipment in the United States. at fair market value. four countries,” Brightbill said.

reuters

In China, Blinken
urges fair treatment of
American companies
by Simon Lewis
Reuters

SHANGHAI (April 25): US Secretary of

State Antony Blinken on Thursday called
on China to provide a level playing field for
American businesses, as he began a visit US Secretary of State Antony Blinken meets with Shanghai Party Secretary Chen Jining (right) at the
aimed at resolving a raft of contentious is- Grand Halls in Shanghai, China on Thursday, April 25, 2024.
sues that could jeopardise the newly repaired
relationship. also growing over Beijing’s backing of Russia US workers and firms operating in China”.
Blinken’s trip is the latest high-level con- in its war in Ukraine. The PRC, or People’s Republic of China,
tact between the two nations that, along with State Department spokesperson Mat- is the country’s official name.
working groups on issues from global trade thew Miller said that Blinken raised con- China has dismissed as groundless, crit-
to military communication, have tempered cerns about China’s “trade policies and icism that its manufacturing capacity is ex-
the public acrimony that drove relations to non-market economic practices” at a meet- cessive, adding that its industries, ranging
historic lows early last year. ing with China’s top official in Shanghai, from electric vehicles to solar panels, are
ButWashington and Beijing have been in- Chen Jining. competitive and innovative.
creasingly at odds over how American com- Blinken also “stressed that the United
panies operate in China, Chinese exports States seeks a healthy economic competition
and manufacturing capacity, and strains are with the PRC and a level playing field for Read the full story
 f r i d a y A P RI L 2 6 , 2 0 2 4 18 TheEdge CEO morning brief

w o r l d

Asia’s hawks get ed after sticky US inflation prompted trad-

ers to push back bets on the timing of pol-

put on alert after

icy easing by the Federal Reserve (Fed).
The prospect of a less dovish Fed means

Indonesia’s shock
the pick up in US yields relative to Asia may
remain high, likely spurring a withdrawal

rate hike
of global funds from the region and driving
down local currencies. As such, India is set
for its first month of debt outflows in more
than a year, whileThailand and Indonesia are
by Claire Jiao, Catherine Bosley also recording net fixed income withdrawals.

US weekly
& Katia Dmitrieva Both Japan and Taiwan raised interest
Bloomberg rates in March, though their currencies

jobless claims
have since declined. The yen weakened be-
(April 25): Investors are looking for the yond 155 per dollar for the first time in

unexpectedly
next policy domino to fall in Asia amid an more than three decades this week, fuel-
escalating campaign against a resurgent ling risks of intervention by authorities.

fall
dollar, after Indonesia used a surprise in- The Bank of Thailand said Wednesday
terest rate hike to defend the rupiah. that the decision earlier this month to keep
The currencies of Japan, South Korea, rates steady provides policymakers options
Thailand, Taiwan, Malaysia, the Philip- to deal with unexpected global and do-
pines and India are all trading within sight mestic challenges. by Lucia Mutikani
of multi-year lows, raising the odds for In the Philippines, authorities risk miss- Reuters
local authorities to take firmer action to ing their 2%-4% inflation target for the
stem the slide. Won and ringgit swaps, for third straight year in 2024. The country WASHIGNTON (April 25): The
example, are already pricing in a less dov- may be forced to delay rate cuts should the number of Americans filing new
ish stance by the two local central banks. peso weaken further, its finance secretary claims for unemployment bene-
Indonesia’s unexpected monetary tight- told Bloomberg in an interview last week. fits unexpectedly fell last week,
ening this week demonstrates the precarious The Reserve Bank of India similarly pointing to still tight labour mar-
position of central banks as they grapple with struck a hawkish tone at its April policy ket conditions.
the outlook of higher-for-longer US interest review, with economists pushing back their Initial claims for state unemploy-
rates. Policymakers across Asia must choose expectations for rate cuts, given growth ment benefits dropped 5,000 to a
between damping economic growth or pro- rates of above 8%. seasonally adjusted 207,000 for the
tecting exchange rates that are in free-fall. Policymakers are already resorting to oth- week ended April 20, the Labor De-
“The surprise hike by Indonesia’s cen- er methods to stem the exchange-rate slide, partment said on Thursday.
tral bank will certainly let other EM cen- from verbal warnings in South Korea to pleas Economists polled by Reuters had
tral bankers sit up straight,” said Frederic by officials in Malaysia and Indonesia for forecast 215,000 claims in the latest
Neumann, chief Asia economist at HSBC companies to convert their overseas earn- week. Claims have been bouncing
Holdings plc. “Even as inflation has nor- ings. India, Indonesia,Thailand andVietnam around in a 194,000-225,000 range
malised across much of Asia, the spectre have all intervened to defend their currencies. this year.
of further dollar strength is keeping central “Not every central bank will use policy Companies are hoarding work-
bankers in the region on the defensive.” rates to support their currencies,” said Fiona ers after experiencing difficulties
While China has been contending with Lim, a senior currency strategist at Malayan finding labour during and after the
a housing crisis, lacklustre growth and a Banking Bhd. “It depends on whether the Covid-19 pandemic, and are enjoy-
weak yuan for months, countries like the economy is able to withstand higher inter- ing higher profit gains because of
Philippines also started the year with the est rates. There are other ways to support strong pricing power. Low layoffs are
prospect of rate cuts. But the picture shift- currencies.” keeping wage growth elevated, sus-
taining consumer spending, which
accounts for more than two-thirds
of economic activity.
The number of people receiving
benefits after an initial week of aid,
a proxy for hiring, declined 15,000
to 1.781 million during the week
ending April 13, the claims report
showed.
The so-called continuing claims
data covered the period during
which the government surveyed
households for April’s unemploy-
ment rate. Continuing claims fell
between the March and April sur-
vey [Link] unemployment rate
slipped to 3.8% in March from 3.9%
in February.
 f r i d a y A P RI L 2 6 , 2 0 2 4 19 TheEdge CEO morning brief

w o r l d

Policy tensions
Thailand to
BANGKOK (April 25): Thailand will
name former corporate energy executive Pichai would be tasked with overseeing key

appoint former
and central bank board member Pichai government policies, including Srettha’s
Chunhavajira as its new finance minister, flagship 500 billion baht (RM64.6 billion)

energy executive
taking over the role from Prime Minister handout scheme, which would transfer
Srettha Thavisin, two government sources 10,000 baht to each of 50 million Thais to

Pichai finance
told Reuters on Thursday. spend in their communities.
Pichai, 75, who has been Srettha’s ad- The stimulus has been delayed to late

minister —
viser, on Thursday resigned as both chair 2024 due to a lack of funding and concerns
of the board of Bangchak Corporation, a about the impact on public debt, with econ-

Reuters
post he held since 2012, and the board of omists and some former central bank gov-
the Stock Exchange of Thailand. ernors criticising it as fiscally irresponsible.
The government sources declined to The government has rejected that and is
be identified because they were not au- forging ahead with the scheme, despite the
thorised to speak to media on the issue. by Panarat Thepgumpanat central bank recommending it be targeted
A government spokesperson declined & Orathai Sriring only towards vulnerable groups.
to comment and calls to Pichai on Thurs- Reuters Srettha, a real estate mogul and politi-
day went unanswered. cal newcomer, has held the post of finance
If confirmed as finance minister, Pichai reuters minister since taking office last year.
would face a tough task of reviving South- He has been at loggerheads with the
east Asia’s second-largest economy, which Bank of Thailand (BOT) over the direction
lags regional peers, as it faces high house- of monetary policy, repeatedly asking it to
hold debt and borrowing costs as well as cut rates to help an economy he describes
China’s slowdown. as at a “critical” stage.
While Pichai should have the experi- The BOT has resisted that pressure
ence of capital markets, “being the gov- and left its key interest rate unchanged at
ernment’s CFO as well as the economic 2.50%, the highest in more than a decade,
czar is a major challenge,” said Kobsidthi for a third straight meeting in April. Its next
Silpachai, head of capital markets research rate review is on June 12.
of Kasikornbank, adding his appointment Pichai holds a master’s degree in busi-
could help coordination with the central ness administration from Indiana Univer-
bank. sity of Pennsylvania and was a BOT board
Thailand’s economy unexpectedly member from 2014 to 2017. He served as
shrank in the final quarter of 2023 from director at PTT Exploration and Produc-
the third, while last year’s growth was tion from 2001 to 2013.
1.9%, below the 2.5% growth in 2022. Natapon Khamthakrue, an analyst atYu-
The state planning agency in February anta Securities, said Pichai’s seniority and
lowered its 2024 economic growth out- political and economic knowledge should
look to between 2.2% and 3.2% from a Thai PM Srettha has held the post of finance help make his work with the central bank
previous forecast of 2.7% to 3.7%. minister since taking office last year. “better and easier”.

Thai lenders
BANGKOK (April 25): Thai banks will aforementioned principle and prepare
cut lending rates by 25 basis points for the work system to answer the needs of

to cut rates
vulnerable groups for a period of six vulnerable customers of each bank in the
months, a bankers’ association said on appropriate context as quickly as possi-

by 25 bps for
Thursday, responding to a government ble,” it said.
request to help small businesses. The Bank of Thailand left its key in-

‘vulnerable
Thai Prime Minister Srettha Tha- terest rate unchanged for a third straight
visin has been repeatedly pressing the meeting on April 10, resisting government

groups’
central bank to cut rates from a more pressure to ease, saying the rate still sup-
than decade high of 2.50%, saying it is ported the economy. The next rate review
hurting businesses as the economy con- is on June 12.
fronts stubbornly high household debt The association said its move was in
and China’s slowdown. by Orathai Sriring & the same direction as the government in
He this week said he had asked Thai- Satawasin Staporncharnchai driving the economy and in line with the
land’s four largest lenders to lower their Reuters central bank’s responsible lending.
rates. An official said it was up to each par-
The banks’ rate cuts will be for both ticipating bank to decide when they
individual and SME customers and will would implement the measure.
help reduce their interest burden and On Wednesday, the central bank said
support their recovery, the bankers’ as- the current policy rate was close to neu-
sociation said in a statement. tral, robust and could handle future risks
“Thailand member banks will expe- to the economy, but the rate could be
dite consideration of implementing the adjusted if needed.
 f r i d a y A P RI L 2 6 , 2 0 2 4 20 TheEdge CEO morning brief

w o r l d

Palm oil
JAKARTA (April 25): The Coun- A spokesperson for the EU’s Jakarta
cil of Palm Oil Producing Countries embassy did not immediately respond

producers urges
(CPOPC) has called on the European to a request for comment.
Union to delay the implementation of The council has been facilitating talks

EU to delay
deforestation rules by at least a year for between members and the EU about
small businesses, its secretary general the regulations. Its next meeting is in

deforestation
said on Thursday. September.
The Jakarta-based council, whose Palm producing countries have also

rules for small

members include Indonesia, Malaysia asked the EU to recognise existing palm
and Honduras, has said the EU De- oil sustainability standards by the pro-

businesses
forestation Regulation (EUDR) would ducing countries such as Indonesia Sus-
burden smallholders with onerous ad- tainable Palm Oil (ISPO) and Malaysia
ministrative procedures, which if they Sustainable Palm Oil (MSPO) certifi-
can’t finish, might result in their exclu- cations.
sion from the global supply chain. by Bernadette Christina The EU is Indonesia’s fourth biggest
The law, aimed at rooting deforesta- Reuters palm oil market, buying about 12% of
tion out of the bloc’s supply chains for the country’s palm oil shipments. Oth-
beef, palm oil and other agricultural to improve,” Rizal Affandi Lukman, the er than palm oil, the EUDR could also
products sold in Europe, is set to take council’s secretary general, told Reuters. affect Indonesia’s other top agriculture
effect on Dec 30 for large and medium “If EUDR is implemented, (the sup- exports like coffee, cocoa and rubber.
enterprises. For small and micro busi- ply chain) will be segregated, mills will Separately, Indonesia’s Coordinating
nesses, it takes effect on June 30, 2025. no longer accept fresh fruit bunches Minister of Economic Affairs Airlang-
“It takes time for smallholders to from uncertified smallholders. Small- ga Hartarto said more countries have
meet the certification requirements. holders could no longer go to the near- raised concerns about the EUDR follow-
That’s why we are asking for a delay est mills ... This will be a problem for ing Indonesia’s lead, including majority
for smallholders so that they have time producing countries,” Rizal said. of EU’s own member states and the US.

European real
estate deals
slump to lowest
level in 13 years
by Jack Sidders
Bloomberg

(April 25): The deep freeze that’s gripped

Europe’s real estate markets since borrow-
ing costs jumped worsened at the start of
the year as deals plunged to their lowest
levels since 2011.
The first-quarter total of €34.5 billion
(RM176.7 billion) was down 26% com-
pared with already subdued levels a year exacerbated by shifting working patterns While most sellers clung to their back-
earlier, according to data compiled by and growing environmental demands that ward looking book values and resisted price
MSCI Real Assets. That marked a seventh are weighing particularly hard on older cuts, some had no choice due to matur-
straight quarterly decline as uncertainty office buildings. But with rates expected ing loans or fund expiries. That gradually
about the timing of interest rate cuts con- to come down within months now that created enough transactional evidence to
tinues to drive a wedge between buyers’ inflation is cooling, many would-be sell- force values lower, raising expectations that
and sellers’ price expectations. ers are holding on in the hope that prices the market would soon find a floor and
Office properties — the largest part of start to recover soon. volumes might start to rise.
the commercial real estate market — led “After a very slow 2023, there were But uncertainty about the timing of rate
the declines in the first quarter, with vol- hopes that European property investment cuts has prolonged the mismatched ex-
umes down 45%.The figures for Paris were would start to pick up in the first quarter pectations, with some vendors now more
particularly bleak. It recorded its worst ever of 2024,” said Tom Leahy, MSCI head of confident that prices will bounce back even
quarter for offices sales, with just eight real assets research. “But the continued as bids continue to reflect elevated borrow-
deals for a combined value of less than and sometimes painful readjustment to ing costs. MSCI modelling found there’s
€500 million, the data show. the end of historically low interest rates still a 20% gap between asking prices for
Higher interest rates have caused a means the market remains a difficult place London offices and the values completed
sharp correction in European real estate, in which to transact.” deals have achieved.
 f r i d a y A P RI L 2 6 , 2 0 2 4 21 TheEdge CEO morning brief

w o r l d

Meta’s miss
(April 25): A disappointing earnings re- “For all of this attention on AI, why
port from Meta Platforms Inc has tech- isn’t the company able to beat June ex-

sparks fears in
nology investors on edge ahead of results pectations,” analysts KC Rajkumar and
from some of the stock market’s biggest Jahanara Ahmed said. “Is the monetisa-

tech with more

and most important companies in the tion of gen AI on track with management’s
coming days. expectations?”

earnings ahead
Shares of Facebook’s parent were down Those concerns weighed on the shares
as much as 15% in premarket trading on of Nvidia Corp, the biggest beneficiary of
Thursday and an exchange-traded fund spending on AI computing. The stock fell
that tracks the tech-heavy Nasdaq 100 In- as much as 1.2% in premarket trading on
dex fell as much as 1%, after Meta forecast by Jeran Wittenstein & Carmen Reinicke Thursday.
weaker-than-expected sales in the current Bloomberg Elsewhere in technology, Internation-
quarter while targeting higher capital ex- al Business Machines Corp and software
penditures. Reuters maker ServiceNow Inc added to the gloom
“While Meta will employ AI in its work, as their shares slumped after their own
right now it doesn’t seem to be the big- earnings reports.
gest beneficiary of AI adoption,” said Jack If the premarket declines hold, Meta
Ablin, chief investment officer at Cresset is set to wipe out about US$160 billion
Wealth Advisors. “The disappointment on (RM765.6 billion) in market capitalisa-
the revenue side is overshadowing any op- tion. Yet some analysts and investors see
timism about AI. It’s hard to tell what the this as a buying opportunity.
benefit will be to users, and while AI could “It’s a weakness that’s interesting to
ultimately mean some cost savings down take advantage of,” Fares Hendi, portfo-
the line, that isn’t visible yet.” lio manager at SG Prevoir said, adding
Alphabet Inc, which reports earnings on that Meta was on his fund’s watch list.
Thursday along with Microsoft Corp, was “Potentially it’s a fall which can create
among the biggest decliners, falling around interesting entry points.”
2.8%. [Link] Inc, which has results Meta’s earnings raise questions that go
due on April 30, dropped more than 2.2%. beyond its specific business to the heart of
Meanwhile, social media companies Snap the broader AI investment thesis, accord- Read also: Zuckerberg asks for patience
Inc and Pinterest Inc slipped about 4%. ing to analysts at Lynx Equity Strategies. after Meta’s AI push irks investors

bloomberg

Micron to get up The US plans to

award Micron
Technology Inc
to US$13.6 bil in US$6.1 billion
(RM29.14 billion) in

US grants, loans grants and as much

as US$7.5 billion
in loans to help
the memory-chip
maker build new
by Mackenzie Hawkins & Ian King factories in the US
Bloomberg to boost American
chipmaking and
(April 25): The US plans to award Mi- reduce reliance on
Asia.
cron Technology Inc US$6.1 billion
(RM29.14 billion) in grants and as much
as US$7.5 billion in loans to help the mem- the 2022 Chips and Science Act, which set One plant that’s already under construc-
ory-chip maker build new American fac- aside US$39 billion for grants and US$75 tion in Micron’s home base of Boise will re-
tories, rounding out a slew of major fed- billion worth of loans to boost American ceive funding and be poised for production in
eral awards for advanced semiconductor chipmaking and reduce reliance on Asia. [Link] more in the Syracuse area of New
manufacturing. Preliminary agreements like the one Mi- York state will be built and ready for man-
Micron has pledged to invest about cron announced on Thursday trigger a ufacturing in 2028 and 2029. Micron also
US$125 billion to build four factories in due-diligence stage, after which the money is planning two other facilities in New York
NewYork state and one in [Link] com- will be handed out over time in tranch- that aren’t covered by the scope of Thurs-
pany — the largest US maker of memory es tied to construction and production day’s preliminary agreement.
chips — has separately applied for federal benchmarks. Computer memory is a vital part of
funding to support a project in Virginia, “The US$6.1 billion will supercharge everything from smartphones to super-
according to documents filed last week. Micron to bring back leading-edge memo- computers and works alongside processors
President Joe Biden is travelling to Syra- ry manufacturing to the US,” Senate Ma- made by companies such as Nvidia Corp and
cuse, New York, as part of the event and jority Leader Chuck Schumer of NewYork Intel Corp. The funding award guarantees
plans to discuss how his agenda is shoring told reporters ahead of the announcement. that Micron will proceed with its first cut-
up the economy. “We cannot have these chips made over- ting-edge manufacturing expansion in the
It will still be months before Micron seas and let them be made by competitors US in more than 20 [Link] company also
actually receives any of the funding from like China.” has plants in Singapore, Japan and Taiwan.
 f r i d a y A P RI L 2 6 , 2 0 2 4 22 TheEdge CEO morning brief

w o r l d

bloomberg

Toyota hits record the U.S. and trim domestic production

to ensure product safety and quality after

annual output,
a series of scandals at its group firms,
the Mid Japan Economist newspaper said.

sales on robust
For the year ended March, Toyota
said its parent-only global sales rose

demand
7.3% to 10.31 million units year-on-
year, surpassing the 10 million mark for

Nestle misses
the first time, while its output came to
9.97 million units, up 9.2% on the year.

sales estimates
by Kiyoshi Takenaka The world’s largest automaker by vol-
Reuters ume, however, saw its sales and production

after hiking
fall in March amid fierce competition in
TOKYO (April 25): Toyota Motor said on China, the world’s largest auto market.

prices across
Thursday its global sales and production Toyota’s global sales in March slid
hit record highs in the year ended March 2.1% from a year earlier to 897,251

the board
31, supported by robust demand and the units, and its output declined 10.3%
absence of semiconductor supply con- to 807,026 units.
straints it had to endure in recent years. Its global battery EV sales in the year
Still, Toyota plans to delay the start ended March jumped more than three-
of its electric vehicle (EV) production in fold to 116,654 units. by Richa Naidu
reuters Reuters

LONDON (April 25): Nestle on Thurs-

day missed first-quarter organic sales
growth estimates, as the world’s biggest
packaged food company hiked prices
and sold fewer products, particularly in
North America.
The maker of Maggi noodles, Nes-
cafe coffee and KitKat chocolate wafer
bars confirmed its 2024 guidance of or-
ganic sales growth of about 4% and a
moderate increase in underlying trading
profit margin.
Organic sales, which exclude the im-
pact of currency movements and acqui-
sitions, rose 1.4% in the first quarter
ended March, the company said. An-
alysts had on average expected organic
sales growth of 2.9%.
“We had expected a slow start and see
a strong rebound in RIG (sales volumes)
in the second quarter with reliable deliv-
(April 25): Unilever said on Thursday its
Unilever beats
ery for the remainder of the year,” CEO
first-quarter sales rose by a better than ex- Mark Schneider said in a statement.

first quarter sales

pected 4.4%, as one of the world’s biggest The packaged goods industry has
consumer goods groups won back shoppers for more than two years hit shoppers

forecasts, sticks to
who had traded down to cheaper products. with higher prices, citing higher input
Unilever, which makes products ranging costs that started with the Covid-19

2024 outlook
from Dove soaps to Hellmann’s mayon- pandemic and were exacerbated by
naise, increased its sales volumes by 2.2%, Russia’s invasion of Ukraine.
its second quarter of growth after several of The higher prices, however, have hurt
declining volumes. It raised prices by 2.2%. sales volumes at big food and consum-
Consumer goods companies are fight- by Agata Rybska er products companies that have lost
ing to recover volumes lost after months of Reuters ground to cheaper brands.
price increases introduced to pass higher Total reported sales decreased by
input costs onto the customer. Prices had outlook and said it expects sales volumes 5.9% to 22.1 billion Swiss Francs
risen initially due to the Covid-19 pandem- to continue to improve. (RM115.7 billion).
ic, followed by Russia’s invasion of Ukraine. “We have increasing confidence in our “Uninspiring start to the year,”Vonto-
Analysts had expected Unilever’s sales ability to deliver sustained volume growth bel analyst Jean-Philippe Bertschy said.
volumes to rise by 1.2% and prices to in- as we accelerate gross margin expansion,” “The weak (volumes), although well
crease by 1.8%. Its underlying sales growth CEO Hein Schumacher said in a statement. flagged by the company in February,
was above the 3% estimate seen by the an- Unilever’s price hikes had gradually are unlikely to reassure investors who
alysts in a company-provided consensus. slowed in 2023, and that trend continued were expecting a sign of improvement
Unilever also maintained its full-year in the first quarter of this year. given recent results from peers.”
 f r i d a y A P RI L 2 6 , 2 0 2 4 23 TheEdge CEO morning brief

w o r l d

reuters

Barclays 1Q
profit falls 12% as
trading slump hits
by Lawrence White & Sinead Cruise
Reuters

LONDON (April 25): Barclays reported a

slightly smaller than expected 12% fall in first
quarter profit on Thursday, boosting confi-
dence among investors that its turnaround its high-returning domestic banking busi- Total investment bank income fell 7%,
task was on track despite lower income from ness, as well as axing £2 billion of costs just shy of expectations, and the unit’s over-
trading and sluggish mortgage demand. and ramping up payouts to shareholders. all return on tangible equity (ROTE) of
The British bank reported pretax prof- “Barclays has posted a strong foun- 12% was 2.4% percentage points lower
it for the January-March period of £2.3 dation for the delivery of 2024 guidance. than the first quarter of 2023.
billion (RM13.6 billion), down from £2.6 Now they need to maintain the momen- Still, the performance of the under-pres-
billion a year ago and narrowly above an- tum,” said Max Georgiou, analyst at Third sure unit was in line with its long-term
alysts’ forecasts for £2.2 billion. Bridge, describing the lender’s planned target.
Its shares were trading 4.3% up at 0840 savings targets as “challenging” unless Barclays said income in its traditional-
GMT compared with a 0.5% rise in the more jobs are cut this year. ly strong Fixed Income, Currencies and
FTSE 100 index. Thursday’s results were the first under Commodities (FICC) unit fell 21% as cli-
Barclays is bidding to restore inves- the lender’s new structure, reorganised into ents’ trading slowed and against a strong
tor faith in its universal banking business five operating divisions instead of three in an year-ago comparison.
model, after years of share price under- effort to provide clearer disclosure on per- Investment banking advisory fees slid
performance, clashes with activists over formance and management accountability. 30% as it failed to capture merger advi-
the role of its investment bank, and man- The lender now reports results for Bar- sory fees.
agement turnover. clays UK, Barclays UK Corporate Bank, Equities revenue rose 25%, meanwhile,
The British bank said in a long-awaited Private Bank and Wealth Management, In- as the bank performed strongly in both de-
strategy review on Feb 20 it would invest in vestment Bank, and US Consumer Bank. rivatives and cash equities trading.

FRANKFURT (April 25): Deutsche Bank And regulators have warned that 2024
posted on Thursday a better-than-expect- Deutsche Bank will be less rosy for German bank profits as
ed 10% increase in first-quarter profit as a property crisis weighs and loans go bad.
a resurgence in fixed-income trading and first-quarter profit Deutsche’s investment banking revenue
deal-making propelled revenue at its in- rose 13% during the quarter, better than
vestment banking division. jumps 10% as the 6.9% rise expected by analysts. A 5%
Net profit attributable to sharehold- drop in revenues at the corporate bank
ers was €1.275 billion (RM6.5 billion) in investment bank missed expectations for a 3.5% fall, and
the quarter. That compares with profit of the retail division’s 2% revenue decline
€1.158 billion a year earlier, and it was outperforms came in as forecast.
better than analyst expectations for profit Revenue for fixed-income and currency
of around €1.2 billion. trading, one of the bank’s largest business-
The gains mean investment banking was by Tom Sims & Matthias Inverardi es, rose 7% from a weak quarter a year
able to reclaim its position as Deutsche’s Reuters earlier. That beat expectations for a 2.6%
biggest breadwinner from its giant retail gain and was ahead of a 3% drop by the
division that had recently benefited from reuters biggest US banks.
higher interest rates but suffered from cus- Origination and advisory was a bright
tomer service glitches. spot, with revenue rising 54%, compared
The group’s figures marked the with expectations of a 36% increase and
15th consecutive quarter of profit — outpacing gains of 25% among big US
a considerable streak in the black for competitors.
Deutsche after hefty losses during the Analysts now expect the investment
last decade. bank to remain Deutsche’s biggest income
“These results represent another step generator through 2026. That is a shift in
forward,” chief executive officer Christian expectations from last year, when analysts
Sewing said in a note to staff. forecast the retail bank would dominate.
He said the bank remained committed Despite the bank’s better-than-expected
to its 2025 goals, which include a decline earnings, Deutsche is navigating a weak
in its cost-to-income ratio that analysts economy in its home market, even if Ger- Read also: BNP Paribas profit tops esti-
believe may be too ambitious. man business morale has improved. mates on lower costs and global banking
 f r i d a y A P RI L 2 6 , 2 0 2 4 24 TheEdge CEO morning brief

w o r l d

JAKARTA (April 25): Indonesian pres-

ident elect Prabowo Subianto received a Indonesia’s
boost on Thursday after a prominent po-
litical party that backed another candidate Prabowo closes in
pledged its support for his administration,
moving him a step closer to securing a ma- on parliamentary
jority in the new parliament.
NasDem, which won 10% of the vote in majority after
February’s legislative election, was ready
to pledge its “full support” for the next rival party pledges
administration, its chief Surya Paloh told
reporters after a meeting with Prabowo. support
He did not explicitly say, however, if
NasDem would join the coalition. The
party had backed Prabowo’s rival, sec- Reuters
ond-placed Anies Baswedan, a former
Jakarta governor. Defence Minister Prabowo had on The incoming president on Wednesday
Political veteran Prabowo, running on Wednesday called for unity among politi- met the chief of another party that had
a ticket with the son of popular president cal elites to take the country forward. backed Anies, which also pledged to work
Joko Widodo, won the election by a huge Speaking alongside Surya on Thursday, with the new government, though stopped
margin at his third attempt and will take Prabowo said: “We agreed to work together short of saying it would join the alliance.
office in October. for the interests of Indonesians as much Prabowo’s Gerinda party has said it plans
He has been involved in a flurry of as possible.” to hold talks with political heavyweight Meg-
talks to build a parliamentary coalition, Prabowo’s current alliance would com- awati Sukarnoputri, head of the biggest par-
which could enable smoother passage of prise 48% of seats in the new parliament ty in the new parliament, the Indonesian
his programmes for Southeast Asia’s big- and NasDem’s support could turn that Democratic Party of Struggle (PDIP), which
gest economy. into a majority. backed another presidential candidate.

Overcrowded
VENICE (April 25): Venice becomes the “No one has ever done this before,”
first city in the world on Thursday to in- Venice Mayor Luigi Brugnaro told report-

Venice introduces
troduce a payment system for tourists in ers earlier this month. “We are not clos-
an effort to thin the crowds that throng ing the city ... we are just trying to make

first payment
the canals during the peak holiday season. it liveable.”
Any visitor who is not staying the night Some 20 million people visited Venice

charge for
must pay a €5 (RM25.61) entry fee on- last year, a city official said, with roughly
line before walking into the lagoon city half of them staying overnight in hotels or

tourists
on April 25 — a national holiday and the holiday lets — an influx which dwarves
first of 29 days this year when visitors are the resident population currently put at
being charged to get in. around 49,000.
Although there are no turnstiles at the Venice narrowly escaped being placed
city gateways to make sure people have by Crispian Balme on Unesco’s “World Heritage in Danger”
a pass, inspectors will be making ran- Reuters list last year partly because the UN body
dom checks and issue fines of between decided that the city was addressing con-
€50 and €300 to anyone who has failed cerns that its delicate ecosystem risked be-
to register. ing overwhelmed by mass tourism.
reuters Besides introducing the entry charge,
the city has also banned large cruise ships
from sailing into the Venetian lagoon and
has announced new limits on the size of
tourist groups.
“The phenomenon of mass tourism
poses a challenge for all Europe’s tourist
cities,” said Simone Venturini, who is re-
sponsible for tourism and social cohesion
on the city council.
“But being smaller and more fragile, it
is even more impacted by this phenome-
non and is therefore taking action earlier
than others to try to find solutions,” he
told Reuters.
Ticketing this year is in an experimental
phase andVenturini said that in futureVenice
might start charging more at certain times
of the year to look to discourage arrivals.
 f r i d a y A P RI L 2 6 , 2 0 2 4 25 TheEdge CEO morning brief

w o r l d

How US allies are preparing for

a possible second Trump term
BERLIN/MEXICO CITY/WASHING- by Alexander Ratz, Diego Oré level, reminding party officials that it in-
TON (April 25): Germany is waging a & Gram Slattery vests heavily in US industry.
charm offensive inside the Republican Reuters Mindful that Trump threatened punitive
Party. Japan is lining up its own Trump tariffs on Germany’s car industry while
whisperer. Mexican government officials reuters president, and now wants to slap a mini-
are talking to Camp Trump. And Australia mum 10% tariff on all imports if returned
is busy making laws to help Trump-proof to office, Germany is using a transatlantic
its US defence ties. coordinator to ready for Trump 2.0.
Everywhere, US allies are taking steps As coordinator, Michael Link is lead-
to defend or advance their interests in the ing what Berlin calls “bypass diplomacy”,
event former president Donald Trump re- crisscrossing the union, targeting swing
turns to power in November elections, an states where Germany is a heavy investor.
even chance based on recent opinion polls “It would be extremely important, if
in swing states. Donald Trump were re-elected, to prevent
They want to avoid the cold slap that the punitive tariffs he is planning on goods
Trump’s “America First” policies dealt from the EU,” he told Reuters.
them last time around, which included He said he had met Republican gov-
trade wars, a shakeup of security allianc- ernors of Oklahoma, Arkansas, Alabama
es, an immigration crackdown and the They want to avoid the and Indiana. At each stop, he explains why
withdrawal from a global climate accord. cold slap that Trump’s good trade ties underpin Germany’s US
Reuters spoke to diplomats and gov- “America First” policies [Link] biggest exporter of US-made
ernment officials in five continents about dealt them last time cars is BMW, and Germany says it employs
preparations for Trump 2.0. It uncov- around, which included 860,000 Americans directly and indirectly.
ered Mexican deliberations over a new, Link has also been meeting Democratic
Trump-savvy foreign minister, an Australi-
trade wars, a shakeup officials, but lobbying those who can in-
an envoy’s role in rushing to protect a sub-
of security alliances, an fluence Trump is his priority.
marine deal, and a German official’s talks immigration crackdown Reuters could not determine if Trump
with Republican state governors. and the withdrawal from was aware of Berlin’s approach.
Some foreign leaders have contacted a global climate accord.
Trump directly despite the risk of irking Trump-friendly faces
his election rival, Democratic President In Mexico, government officials have been
Joe Biden. Saudi’s crown prince recently meeting people close to Trump on issues
phoned Trump, a source with knowledge defence. Currently, they aim to spend 2%. including migration and the trafficking of
of the conversation said; while Hungary’s Jeremi Suri, a presidential historian at fentanyl, a synthetic opioid, into the US,
prime minister and Poland’s president met the University of Texas, said meetings be- both issues where Mexico could face more
him in person in recent weeks. tween candidates and diplomats were nor- US pressure under another Trump admin-
British Foreign Minister David Camer- mal, but said he thought Trump’s meeting istration, according to two Mexico-based
on also held talks with Trump this month with Orban and the call with Saudi Arabia’s sources.
at his Florida resort. He told reporters in Mohammed Bin Salman were unusual. Trump has said he would order the Pen-
Washington afterwards that his meeting Trump adviser Brian Hughes said: tagon “to make appropriate use of special
was a private dinner where they discussed “Meetings and calls from world leaders forces” to attack cartel leadership and in-
Ukraine, the Israel-Gaza war, and the fu- reflect the recognition of what we already frastructure, which would be unlikely to get
ture of Nato. know here at home. Joe Biden is weak, and the blessing of the Mexican government.
The White House referred Reuters to when President Trump is sworn in as the The Mexican officials also discussed
comments by spokesperson Karine Jean- 47th President of the United States, the the North American free trade deal, last
Pierre in which she said meetings such as world will be more secure and America rewritten under the Trump presidency in
the one held by Cameron were not un- will be more prosperous.” 2020 and up for review in 2026, the sourc-
common. She declined to answer ques- The campaign did not respond in de- es added. Trump has praised his rewrite of
tions about Trump’s meeting with Orban tail to questions about the other findings that deal in recent public remarks.
or the Saudi call, which was first reported in this story, but campaign spokesperson And in a sign of how much personal
by the NewYork Times. Karoline Leavitt said: “America’s allies are relationships matter under Trump, Mexi-
The Saudi government’s media office anxiously hoping that President Trump will co’s ruling party is considering alternative
and the Trump campaign did not respond be re-elected.” candidates to appoint as the next foreign
to requests for comment about the call minister depending on whether Trump or
The campaign said he discussed securi- Germany’s ‘bypass diplomacy’ Biden looks most likely to win, said two
ty issues with each of the European leaders, Much of the Trump outreach has been less sources familiar with the deliberations.
including a proposal by Polish President direct than meetings with the candidate.
Andrzej Duda that Nato members spend Germany has been building bridges
at least 3% of gross domestic product on with Trump’s Republican base at a state Read the full story
 f r i d a y A P RI L 2 6 , 2 0 2 4 26 TheEdge CEO morning brief

M A R K E T S

CPO RM 3,872 -70.00 OIL US$ 88.10 0.08 RM/USD 4.7762 RM/SGD 3.5134 RM/AUD 3.1180 RM/GBP 5.9791 RM/EUR 5.1226

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
Sapura Energy Bhd 124.1 0.000 0.045 0.00 826.9
Berjaya Corp Bhd 117.6 0.010 0.295 7.83 1,723.0
Ingenieur Gudang Bhd 93.9 -0.015 0.115 -11.54 174.4
Ekovest BHD 76.0 -0.010 0.450 -8.16 1,334.4
Fitters Diversified Bhd 63.5 0.005 0.050 0.00 117.1
Bina Puri Holdings BHD 58.4 0.000 0.075 -11.76 253.1
My EG Services Bhd 52.6 0.010 0.810 -0.61 6,041.8
RGB International Bhd 45.4 0.015 0.400 48.15 616.3
Iconic Worldwide BHD 43.7 -0.005 0.085 -19.76 53.4
YTL Corp Bhd 36.6 0.060 2.770 46.56 30,396.2 World equity indices
Topmix Bhd 36.5 0.045 0.470 null null CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
Velesto Energy Bhd 34.5 0.005 0.265 15.22 2,177.1 (%) (%)
KGW Group Bhd 32.5 -0.015 0.195 -2.50 94.2 DJIA * 38,460.92 -42.77 -0.11 INDONESIA 7,155.29 -19.24 -0.27
Notion VTEC Bhd 32.3 0.050 0.585 82.81 301.9 S&P 500 * 5,071.63 1.08 0.02 JAPAN 37,628.48 -831.60 -2.16
Sime Darby Property Bhd 30.4 0.000 0.915 46.40 6,222.8 NASDAQ 100 * 17,526.80 55.33 0.32 KOREA 2,628.62 -47.13 -1.76
Tanco Holdings Bhd 26.5 -0.020 0.810 37.29 1,689.4 FTSE 100 * 8,040.38 49.32 0.61 PHILIPPINES 6,574.88 2.13 0.03
Naim Holdings Bhd 25.7 0.040 1.070 31.29 535.8 AUSTRALIA 7,683.00 -0.51 -0.01 SINGAPORE 3,287.85 -5.38 -0.16
CIMB Group Holdings Bhd 23.4 0.010 6.680 15.43 71,316.4 CHINA 3,052.90 8.08 0.27 TAIWAN 19,857.42 -274.32 -1.36
JCY International Bhd 23.2 0.015 0.290 31.82 612.1 HONG KONG 17,284.54 83.27 0.48 THAILAND 1,364.27 3.17 0.23
Eversendai Corp Bhd 21.2 -0.030 0.370 124.24 289.0 INDIA 74,339.44 486.50 0.66 VIETNAM 1,204.97 -0.64 -0.05
Data as compiled on April 25, 2024 Source: Bloomberg Data as compiled on April 25, 2024 * Based on previous day’s closing Source: Bloomberg

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

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
Borneo Oil Bhd 0.010 100.00 7.5 -33.33 119.9 Fintec Global Bhd 0.005 -50.00 0.9 -50.00 29.6
Metronic Global Bhd 0.020 33.33 0.0 33.33 30.6 Amlex Holdings Bhd 0.250 -41.86 0.1 null 67.0
Alam Maritim Resources Bhd 0.025 25.00 1.1 -16.67 38.3 XOX Networks Bhd 0.025 -16.67 0.0 -28.57 28.4
Nexgram Holdings Bhd 0.030 20.00 0.0 -33.33 25.4 Destini Bhd 0.030 -14.29 1.4 -50.00 49.9
OCR Group Bhd 0.065 18.18 6.3 8.33 90.1 Ta Win Holdings BHD 0.030 -14.29 8.1 -25.00 103.1
TAS Offshore Bhd 0.675 15.38 16.8 66.67 120.0 Ingenieur Gudang Bhd 0.115 -11.54 93.9 -11.54 174.4
Vizione Holdings Bhd 0.040 14.29 0.2 -33.33 81.8 mTouche Technology Bhd 0.040 -11.11 0.1 -20.00 37.1
Fitters Diversified Bhd 0.050 11.11 63.5 0.00 117.1 Vinvest Capital Holdings Bhd 0.045 -10.00 0.1 -25.00 43.6
Topmix Bhd 0.470 10.59 36.5 null null Ark Resources Holdings Bhd 0.380 -9.52 0.0 8.57 26.5
Industronics BHD 0.055 10.00 2.5 10.00 38.9 Johan Holdings Bhd 0.050 -9.09 0.2 -23.08 58.4
Trive Property Group BHD 0.055 10.00 0.1 -31.25 69.5 Kanger International Bhd 0.050 -9.09 0.8 -23.08 36.6
XOX Technology Bhd 0.055 10.00 0.1 -21.43 49.2 Rekatech Capital Bhd 0.050 -9.09 0.6 -23.08 29.6
Notion VTEC Bhd 0.585 9.35 32.3 82.81 301.9 UCrest Bhd 0.100 -9.09 2.3 -37.50 74.2
Bertam Alliance Bhd 0.130 8.33 0.0 -13.33 41.9 HB Global Ltd 0.155 -8.82 4.1 72.22 121.2
Varia BHD 0.890 7.88 0.0 -11.00 371.1 Cheetah Holdings Bhd 0.115 -8.00 0.0 -17.86 55.9
Ranhill Utilities Bhd 1.100 7.84 8.3 22.22 1,418.5 Digistar Corp Bhd 0.06 -7.69 0.171 0 28.44
Fast Energy Holdings Bhd 0.070 7.69 2.2 -42.01 15.1 Eversendai Corp Bhd 0.370 -7.50 21.2 124.24 289.0
Ho Hup Construction Co Bhd 0.140 7.69 0.9 -44.00 72.6 TCS Group Holdings Bhd 0.190 -7.32 2.5 40.74 81.5
Luster Industries Bhd 0.070 7.69 0.1 0.00 211.6 BTM Resources BHD 0.065 -7.14 0.0 -7.14 81.7
Crescendo Corp Bhd 3.880 7.48 1.4 73.44 1,084.1 IFCA MSC Bhd 0.390 -7.14 15.0 36.84 236.0
Data as compiled on April 25, 2024 Source: Bloomberg Data as compiled on April 25, 2024 Source: Bloomberg

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

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
Nestle Malaysia Bhd 127.000 0.700 0.1 7.99 29,781.5 Malaysian Pacific Industries Bhd29.940 -0.280 0.1 6.17 5,956.0
Heineken Malaysia Bhd 23.360 0.360 0.1 -3.23 7,057.0 Allianz Malaysia Bhd 20.900 -0.220 0.0 13.34 3,719.6
United Plantations BHD 26.380 0.280 0.5 48.20 10,942.0 Amlex Holdings Bhd 0.250 -0.180 0.1 null 67.0
Crescendo Corp Bhd 3.880 0.270 1.4 73.44 1,084.1 Ge-Shen Corp Bhd 3.770 -0.180 0.0 225.00 473.5
KLCCP Stapled Group 7.700 0.160 0.1 8.60 13,901.1 PIE Industrial BHD 5.860 -0.170 1.2 80.31 2,250.5
Apex Healthcare Bhd 3.200 0.100 0.5 28.51 2,300.4 Ajinomoto Malaysia Bhd 19.220 -0.160 0.0 20.88 1,168.6
NPC Resources BHD 1.800 0.100 0.0 0.00 204.7 Mega First Corp BHD 4.700 -0.150 0.8 27.37 4,431.0
Eurospan Holdings BHD 1.390 0.090 0.0 2.96 61.8 UWC BHD 3.150 -0.130 0.9 -10.51 3,471.2
QL Resources Bhd 6.440 0.090 11.1 12.78 15,672.8 Petronas Chemicals Group Bhd 6.760 -0.120 2.7 -5.59 54,080.0
TAS Offshore Bhd 0.675 0.090 16.8 66.67 120.0 Harrisons Holdings Malaysia 9.160 -0.110 0.0 6.26 627.2
Hong Leong Financial Group 16.760 0.080 0.2 1.95 19,194.3 Malaysia Airports Holdings Bhd 9.890 -0.110 8.5 34.38 16,502.0
Mesiniaga Bhd 1.580 0.080 0.0 14.49 95.4 Genting Bhd 4.500 -0.080 9.0 -2.60 17,327.6
Ranhill Utilities Bhd 1.100 0.080 8.3 22.22 1,418.5 LPI Capital Bhd 11.960 -0.080 0.1 0.00 4,764.7
Gas Malaysia Bhd 3.600 0.070 0.8 12.15 4,622.4 Press Metal Aluminium Holdings 5.430 -0.080 6.7 12.89 44,741.1
Riverview Rubber Estates BHD 3.290 0.070 0.0 0.30 213.4 Yoong Onn Corp BHD 2.450 -0.080 0.3 53.13 388.7
Sungei Bagan Rubber Co Malaya 4.850 0.070 0.1 49.23 321.0 HeiTech Padu Bhd 2.130 -0.070 2.8 142.05 215.6
Syarikat Takaful Malaysia Keluarga 3.650 0.070 0.9 -1.35 3,056.2 DKSH Holdings Malaysia Bhd 4.770 -0.060 0.1 4.15 752.0
Varia BHD 0.890 0.065 0.0 -11.00 371.1 Dufu Technology Corp Bhd 2.080 -0.060 4.0 9.47 1,103.8
Apollo Food Holdings Bhd 6.470 0.060 0.0 12.33 517.6 Dutch Lady Milk Industries BHD 33.440 -0.060 0.0 44.39 2,140.2
Kuchai Development BHD 1.830 0.060 0.2 46.40 226.5 Keyfield International Bhd 1.780 -0.060 10.1 null 1,424.0
Data as compiled on April 25, 2024 Source: Bloomberg Data as compiled on April 25, 2024 Source: Bloomberg