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Energy & Technology, Investment & Market Trends

Foxconn to Build Advanced Computing Centre in Taiwan

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TAIPEI: Hon Hai Technology Group (Foxconn) announced its plans to build an advanced computing centre in Kaohsiung, Taiwan, with the NVIDIA Blackwell platform at its core. The collaboration signals a deepening commitment by the world’s largest electronics manufacturing service provider and market leader to make AI servers, alongside its world-class partner, to drive intelligent ecosystems covering AI, electric vehicles, smart factories, robotics, smart cities and other fields. Following the COMPUTEX 2024 event, NVIDIA Founder and CEO, Jensen Huang noted that NVIDIA and Foxconn have worked closely together on various product development, and the proof of the cooperation is clear. This is especially proven with the Blackwell product line-up, where Foxconn has excellent vertical integration capabilities and is a vital partner for the GB200. Meanwhile, Foxconn Chairman and CEO, Young Liu announced that Foxconn will join hands with NVIDIA to build an advanced computing centre in Kaohsiung with the NVIDIA Blackwell platform at its core. The cutting-edge computing centre consists of a total of 64 racks and 4,608 GPUs, is slated for completion by 2026. NVIDIA’s powerful AI technology will drive Foxconn’s three smart platforms, namely smart manufacturing, smart EV and smart city. Both companies will continue to deepen cooperation in AI, electric vehicles, smart factories, robots, smart cities and other fields, and demonstrate the strong competitiveness brought by AI through Foxconn’s huge manufacturing scale. Huang said, “A new era of computing has dawned, fuelled by surging global demand for generative AI data centres. Leveraging on NVIDIA Omniverse and Isaac robotics platforms, Foxconn is harnessing cutting-edge AI and digital twin technologies to construct their advanced computing centre in Kaohsiung.” The two companies will utilise NVIDIA Omniverse and create digital twins to introduce platforms for smart manufacturing, smart electric vehicles, and smart cities. For smart manufacturing platforms, image recognition technology, combined with the group’s autonomous mobile robots (AMR), will lead to changes for optimal capacity utilisation. The production line planning will encompass the existing manufacturing of AI servers and EV assembly plants. Toward that goal, the new Qiaotou automotive manufacturing facilities of Foxtron, a Foxconn subsidiary, will become one of the Group’s benchmark AI factories. Currently under construction, the site will utilise digital twin connected to cloud technologies and achieve collaboration between virtual and physical production lines. Digital real-time monitoring will ensure the manufacturing excellence of an award-winning electric bus, which is currently seeing orders outpacing output capacity. Going forward, the two companies’ collaborative efforts in the EV ADAS platform will be applied to future EV models designed by Foxconn. Presently, Foxconn is negotiating projects with traditional European and American automakers. Moreover, based on NVIDIA’s new generation of chips, Foxconn and NVIDIA jointly plan a ‘cabin-driving-in-one’ smart travel solution, creating a third living space.

Energy & Technology, News

Xanderia Gains Malaysia Digital Status by MDEC

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KUALA LUMPUR: Xanderia Services Sdn Bhd, a Shariah-compliant financial technology company, has been recognised as a Malaysia Digital Status company by the Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead agency in driving the digital economy. Being a financial technology company that provides Shariah-compliant financial assistance, Xanderia aims to make Shariah financing available to all in an effortless, sustainable, timely and secure way through innovative platforms and technologies. The Malaysia Digital Status is a recognition and support programme by MDEC for Malaysian companies that have successfully adopted digital technologies and contributed to the digital economy. The objective of the programme is to showcase and celebrate the achievements of these companies, providing them with access to various benefits, such as networking opportunities, market access, funding facilitation, talent development, and digital adoption support. “Our Malaysia Digital Status is not just a title; it’s a gateway to unparalleled opportunities. This recognition positions us as a digital pioneer in Malaysia, inspiring others to follow our lead. “The partnership with MDEC opens doors to a global network of collaborators, potential investors, and mentors,” said Xanderia Services Chairman, Razi Pahlavi. Pahlavi added that the status would allow the company to nurture its talent through advanced training and access to a rich talent pool, while also enhancing its digital capabilities with expert consultancy and cutting-edge tools. “Our mission is to make Shariah-compliant financing accessible to all, coupled with our vision to be the preferred digital service provider across Southeast Asia, sets us apart in the industry. “By providing Shariah-compliant financial solutions that are accessible, affordable, and convenient, Xanderia continues promoting the values and principles of Islamic finance,” he ended.

Investment & Market Trends, News

BRI Gets ‘Buy’ Call From Analysts as MSMEs Continue to Drive Growth

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JAKARTA: Bank Rakyat Indonesia (BRI) remains Indonesia’s leading micro, small and medium enterprise (MSME) financier, with its credit portfolio growing to Rp1,308.65 trillion by March 2024, up 10.89% year-on-year. Over 83% of this, or Rp1,089.41 trillion, was allocated to MSMEs. Supported by an extensive branch network and empowerment initiatives, BRI has achieved an impressive return on equity (ROE) and maintained a net interest margin (NIM) consistently above 7%, exceeding the industry average of around 6%. “Therefore, we expect the ROE to be maintained above 20%, relatively in line with the average of other major banks,” said Edward Lowis from Sucor Securities’ research. BRI’s ultra-micro portfolio through Pengadaian and PNM is on a growth trajectory, with this segment achieving higher margins and outpacing typical bank credit growth. “The total asset contribution of these subsidiaries has reached almost 10% of the total in the first quarter of 2024 (compared to 6% in 2020), while the contribution to net income has also grown to 14% of the total (compared to 10% in 2022),” he wrote. Lowis acknowledges challenges in managing BRI’s asset quality but expects moderate revenue growth of 5% to 10% YoY in 2024 and 2025. He expects BRI to maintain above-average NIM and growth due to its dominance in microloans. “Adequate loan loss coverage and a strong capital position will help the bank weather near-term challenges,” he added. Therefore, Sucor Securities recommends buying BRI shares with a target price of Rp6,400, reflecting a 2.8x PBV for 2024, based on a sustainable ROE of 23% and a cost of equity of 12%. Similarly, Jayden Vantarakis of Macquarie has a target price of Rp7,100 for BRI shares, while Victoria Venny of MNC Securities has a ‘buy’ rating with a target price of Rp6,300. A Bloomberg consensus of 35 analysts sets a 12-month price target of Rp6,175, with 33 analysts unanimously recommending a buy on a bullish outlook. BRI’s Finance Director Viviana Dyah Ayu RK said management’s focus is to ensure the company can grow better and healthier in the long run, even if it requires small corrections in the short run. “For long-term shareholders, the refinements and improvements we are making now should provide greater benefits,” she said.

News

ANCOM Nylex Berhad Unveils Enhanced ESG Framework: Paving the Way for a Sustainable Future

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PETALING JAYA: Ancom Nylex Berhad (“ANB”) has taken a significant step towards environmental stewardship and corporate responsibility by relaunching its enhanced Environmental, Social, and Governance (“ESG”) framework. Marking World Environmental Day, this grand event underscores ANB’s commitment to decarbonizing its operations and achieving carbon neutrality by 2027. Central to this initiative is ANB’s new Corporate Sustainable Purpose: “Embracing Chemicals for a Sustainable Tomorrow.” This new purpose emphasizes the responsible development and use of chemicals, ensuring safety for both people and the environment. ANB aims to contribute to a healthier planet for future generations through several key strategies. Firstly, ANB is pioneering methods to produce goods using less energy and generating less waste. This involves adopting renewable resources and recycling materials, reducing environmental impact while enhancing operational efficiency. Additionally, ANB is committed to minimizing pollution from its chemical production processes by capturing emissions before they can pollute the air and treating waste to prevent toxicity, thereby protecting natural ecosystems and public health. The relaunch event was a significant gathering attended by the CEOs of Ancom Nylex Berhad and its subsidiaries. During the meeting, ANB Group CEO Lee Chuen Wei emphasized the importance of the new ESG framework in driving the company’s sustainability goals. Mr. Lee stated, “This enhanced framework is not just a corporate obligation but a moral imperative to connect with people and raise awareness about the vital aspects of ESG. Relaunching our ESG framework on World Environmental Day underscores our commitment to decarbonizing operations and achieving carbon neutrality by 2027. The acquisition of Green Lagoon Technology, a biogas company that absorbs significant bio-methane gas or CO2e, positions the Group as effectively carbon neutral. Chemicals are essential in our daily lives, and ANB is dedicated to creating sustainable value in the chemical-related business, engaging both workplace and community in our enhanced ESG framework.” The strategic relaunch of ANB’s ESG framework aligns with global efforts to combat climate change and promote sustainable development. By embracing these initiatives, ANB is positioning itself at the forefront of the industry, advocating for a future where economic growth and environmental preservation go hand in hand. The enhanced ESG framework and the new Corporate Sustainable Purpose are set to propel ANB towards its ambitious goal of carbon neutrality by 2027. Through continuous innovation and commitment to green practices, ANB is not only improving its environmental footprint but also setting a benchmark for others in the pursuit of a sustainable tomorrow.

News

SEDC Energy Partners with UOB Malaysia to Finance Supply Chain and Green Transition Initiatives

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KUCHING: SEDC Energy (SEDCE) and UOB Malaysia have entered into a Memorandum of Understanding (MoU) aimed at enhancing support for businesses in Sarawak and advancing the state’s renewable energy sector. The MoU enables UOB Malaysia to provide enhanced financing access to SEDCE’s ecosystem of suppliers, vendors, and contractors. Through UOB’s Financial Supply Chain Management (FSCM) Programme, these local enterprises can avail themselves of a comprehensive suite of banking services, including tailored trade finance, Supply Chain Financing, and cash management solutions, to support their working capital and transactional needs. Additionally, UOB Malaysia will leverage its Sustainable Financing Framework to back SEDCE’s green transition projects, underscoring a shared commitment to Sarawak’s sustainable development. Beyond financing, UOB will collaborate with SEDCE and relevant state agencies to help businesses transition to low-carbon and sustainable practices. The MoU was exchanged by SEDCE CEO Mr. Robert Hardin and UOB Malaysia CEO Ms. Ng Wei Wei, witnessed by The Right Honourable Premier of Sarawak, Datuk Patinggi Tan Sri Dr. Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg at the Sarawak Electrolyser Assembly – Distribution Facility (SEA-DF) in Demak Laut Industrial Park. Mr. Hardin stated, “This partnership with UOB cements SEDCE’s position as a key hydrogen player in the region, supporting Sarawak’s clean energy initiatives. We are proud to advance together in this venture, investing in a cleaner future.” Ms. Ng added, “This MoU marks the start of a significant collaboration between UOB Malaysia and SEDCE, promoting Sarawak’s economic development and green agenda. Our comprehensive financing solutions will assist SEDCE in green transition projects and provide critical financial resources to its supply chain, aiding local businesses in growth and competitiveness. SEDCE and its supply chain can also leverage our UOB Infinity digital banking platform’s Financial Supply Chain Management capabilities to enhance operational efficiency and manage liquidity and financial transactions.” Sarawak generates 70% of its energy from hydroelectric dams, including Batang Ai, Bakun, and Murum, with the Baleh Hydropower Dam under construction. With ample and affordable hydropower, Sarawak is poised to become a hub for clean hydrogen production for both domestic use and export. Clean hydrogen is a versatile energy carrier that can decarbonize various energy-intensive and hard-to-abate sectors, such as transportation and industrial processes requiring thermal heat, like chemicals and steel.  

Energy & Technology

VSTECS Sees Huge Potential In LGMS’ StarSentry Cybersecurity Solution

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KUALA LUMPUR: VSTECS Bhd believes a significant market exists for the recently unveiled StarSentry solution, which LGMS Bhd developed and spearheaded through its wholly-owned subsidiary Applied Securities Intelligence Sdn Bhd (ASI). VSTECS chief executive officer JH Soong said that with more than 1.1 million small and medium enterprises (SMEs) in Malaysia forming the backbone of the economy, there is a significant market for StarSentry. “This solution aligns closely with the Malaysian government’s priorities to enhance national cybersecurity, particularly in light of the recently passed National Cyber Security Bill, which is anticipated to drive further demand for cybersecurity solutions in Malaysia,” JH Soong said. He said VSTECS is committed to providing SMEs with the information, communication and technology (ICT) tools needed to stay competitive, and StarSentry perfectly complements the company’s extensive portfolio. “Leveraging our extensive network of 3,600 channel partners, we are poised to accelerate the distribution of StarSentry, empowering SMEs to safeguard their digital assets effectively,” he said in a statement. A groundbreaking solution offering cyber risk insurance to every subscriber has been unveiled, marking a significant step in Malaysia’s cybersecurity landscape. Digital Minister Gobind Singh Deo launched the initiative at a high-profile event. Key figures from the National Cyber Security Agency Malaysia (NACSA), Cyber Security Malaysia (CSM), and Malaysia Digital Economy Corporation (MDEC) attended the event. The innovative insurance solution, StarSentry, results from a strategic partnership between ASI and Tokio Marine Insurans (Malaysia) Bhd, which underwrites cyber insurance for its subscribers. The launch event was also graced by the presence of Katsuhiko Takahashi, the Ambassador of Japan to Malaysia. StarSentry is equipped with advanced vulnerability scanning and proactive threat detection features designed to empower SMEs to enhance their cybersecurity measures and comply with regulatory requirements. The solution aligns with the recently announced National Cyber Security Bill 2024. “By safeguarding critical national information infrastructure (CNII) sectors such as government, banking, transportation, and digital industries, StarSentry plays a crucial role in bolstering Malaysia’s overall cybersecurity resilience, as mandated by the bill,” said JH Yong. Earlier, Gobind highlighted the spirit of innovation and cooperation that led to the creation of StarSentry. He described it as a solution that meets the high standards set by the National Cyber Security Bill and embodies Malaysia’s proactive approach to cybersecurity. “StarSentry was specifically developed to cater to the needs of SMEs, which are essential to our economy but often find themselves most vulnerable to cyber threats. “This solution represents a significant advancement in making modern cybersecurity accessible to all sectors, enabling our businesses to thrive without the burden of cyber risks,” Gobind said. “I am pleased that this innovative ‘plug and play’ system allows SMEs to integrate advanced cybersecurity measures into their daily operations effortlessly. “With features like advanced vulnerability scanning and proactive threat detection, StarSentry empowers SMEs to not only comply with regulatory requirements but also to enhance their cybersecurity posture proactively,” he added. This comprehensive cybersecurity solution signifies a major advancement in Malaysia’s efforts to protect its digital economy and critical infrastructure from ever-evolving cyber threats.

News

Tanco, CCCC Dredging Join Hands to Develop Malaysia’s First Smart AI Container Port

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KUALA LUMPUR: Tanco Holdings Bhd (THB), through its 79 per cent owned subsidiary Midports Holdings Sdn Bhd (MHSB), signed a memorandum of understanding (MoU) with CCCC Dredging (Group) Co Ltd (CCCC Dredging), a subgroup of China Communications Construction Company Limited (CCCC), to develop Malaysia’s first smart artificial intelligence (AI) container port in Port Dickson, Negeri Sembilan. According to the agreement, MHSB has obtained approval from the Ministry of Transport Malaysia to develop a port in Port Dickson, aptly named Smart AI Container Port. This initiative aims to inject new vitality into the local economy and international trade, enhancing the region’s port services. The construction of this port will contribute to Malaysia’s goal of establishing a modern and efficient port hub, accelerating economic development in Negeri Sembilan and bolstering Malaysia’s global trade position. This development follows the joint venture agreement announced on February 27, 2024, between MHSB and Menteri Besar Negeri Sembilan (Perbadanan) (MBINS) for the reclamation works necessary for the project. THB group managing director Datuk Sri Andrew Tan Juan Suan said this collaboration with CCCC Dredging marks a pivotal step towards realising the company’s vision of a world-class port in Port Dickson. “The expertise and resources brought by CCCC Dredging will ensure the successful implementation of this project, which is set to drive economic growth and create job opportunities in the region,” he said in a statement. Established in May 2015 in Shanghai, CCCC Dredging is a specialised sub-group of China Communications Construction Company Ltd (CCCC), the world’s leading comprehensive service provider for ultra-large infrastructure. CCCC Dredging is the largest marine engineering company globally. It is committed to becoming a world-class dredging, eco-environmental, and marine industry group with global competitiveness in technology, management, and quality. With over 10,000 employees, registered capital of 11.7 billion renminbi (approximately RM7.6 billion), and total assets exceeding 100 billion renminbi (approximately RM64.8 billion), CCCC Dredging leads the world in dredging fleet scale and advancement. It operates nearly 200 vessels with an annual dredging capacity exceeding 800 million cubic meters. Notable projects include the Tianjin Port, Yangshan Deep Water Port, and the Hong Kong-Zhuhai-Macao Bridge. Its parent company, CCCC, is listed in Hong Kong and Shanghai and has a market capitalisation of approximately RM80 billion. The Smart AI Container Port project promises significant economic benefits to the local economy. With a 480-acre landbank owned by THB and natural deep water access exceeding 21 meters, the port will accommodate the largest container ships in the world, enhancing Malaysia’s maritime capabilities and creating new industrial zones. CCCC Dredging chairman Liu Yongman said the company’s combined expertise with THB and resources will pave the way for a port to boost Malaysia’s maritime infrastructure and set new operational efficiency and environmental sustainability standards. “We are committed to bringing our best capabilities to this strategic initiative and look forward to a successful collaboration,” he said. The Smart AI Container Port will incorporate technologies to optimise logistics, enhance operational efficiency, and minimise environmental impact. This development will improve maritime logistics for transhipment and gateway containers and contribute to the development of industrial hubs, fostering economic growth in Negeri Sembilan.

News

Village Grocer Celebrates 30th Store Opening in IOI Mall Puchong

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KUALA LUMPUR: Village Grocer, Malaysia’s homegrown supermarket chain, opened its 30th store in IOI Mall Puchong on June 6, 2024, as part of the retailer’s 20th anniversary celebrations. The 30th Village Grocer store in IOI Mall Puchong will offer customers a wide range of fresh produce, groceries, and prepared meals over 17,946 sq ft of retail space. IOI Properties Group Bhd chief operating officer for property investment Chris Chong Voon Fooi said with Village Grocer’s commitment to quality, variety, and exceptional customer service, the retailer perfectly aligns with IOI Property’s mission to provide unparalleled shopping experiences to its valued patrons. “We warmly welcome Village Grocer to our mall family and look forward to a fruitful partnership ahead,” he said in a statement. In 2004, Village Grocer started its first store in Bangsar Village, and over the years, it has grown to become a leading premium supermarket chain in Malaysia, serving customers in Penang, Klang Valley and Johor. The Food Purveyor group executive director Ivan Tan said Village Grocer has made great strides since opening its first store in Bangsar Village in 2004. “None of this would have been possible without the support of our loyal customers, and we are honoured to be accorded this recognition by IOI Mall Puchong. We look forward to serving you and being part of your community for many more years,” he said. Meanwhile, The Food Purveyor chief executive officer Kok Kian Kee said Village Grocer was founded on the principles of community, quality, and service. “Our Puchong customers can expect the same dedication to freshness, selection and experience that has made Village Grocer a household name across Malaysia,” he said. Village Grocer is committed to giving back to local communities as a homegrown brand. It actively supports local farmers, small businesses, and charities. Village Grocer is also passionate about sustainability and has set a goal to be plastic-free.

News

Priya Dharshini Prabakaran Appointed as Director of Astro Audio

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KUALA LUMPUR:  Homegrown talent Priya Dharshini Prabakaran has been appointed as the Director of Astro Audio, becoming the first female and youngest individual to hold this position since its inception in 1996. Priya’s journey from a Music Executive at HITZ to the English Network Manager, where she oversaw the operations of HITZ, MIX, and LITE, highlights her deep understanding of Astro’s business operations since January 2018. “This is an immense honor. My journey has just begun, and I am extremely grateful to have a team of talented, resilient, and creative individuals ready to tackle new and exciting challenges in transforming the country’s audio landscape,” Priya said. “We recognize the need for radio to evolve, especially to attract younger generations. I’m eager to shape the future of the audio industry, ensuring that radio continues to innovate and resonate with all audiences.” She added, “We are not just aiming to be number one; we are redefining what it means to be a leader in the audio industry. Together, we will usher in a new era of radio, evolving to meet the needs of all generations and setting new standards of excellence.” After serving six months as the Acting Head of Astro Radio & SYOK, Priya is now set to lead the charge in crafting and executing innovative content strategies for all 13 brands under Radio and Astro’s digital offering, SYOK. With her extensive knowledge and experience in radio, she is poised to set new benchmarks while empowering Astro’s homegrown talents to be effective agents of change in the industry. Priya’s diverse background spans music, marketing, and communications, with roles at Warner Music Malaysia and Star Media Group. Her journey underscores her commitment to excellence and her invaluable contributions to Astro Radio’s continued success.

News

KAB to Initiate Indonesia’s First 4.26MW Greenfield Biogas Project

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KUALA LUMPUR: Kinergy Advancement Bhd (KAB), via its wholly-owned subsidiary KAB Energy Holdings Sdn Bhd (KESB), announced a term sheet to acquire the entire equity interest in PT Green Energy Specialist One (PT GESO) and build a 4.26MW biogas plant in Aceh, Indonesia. This acquisition, which includes purchaser exclusivity over the 6.5-hectare land where the biogas plant will be constructed, exemplifies KAB’s enhanced capabilities in not just planning and constructing but also developing, maintaining, and owning diverse energy projects, cementing its leadership in the sustainable energy sector. KESB has agreed to complete this strategic deal for RM8.89 million. PT GESO has secured a power purchase agreement (PPA) with PT Perusahaan Listrik Negara (PLN), Indonesia’s state electricity company. The PPA, valid for 25 years from the commercial operation, ensures a steady and reliable revenue stream, bolstering KAB’s recurring income on the regional stage. Additionally, this acquisition entails an exclusive agreement with four palm oil millers to sell and purchase palm oil mill effluent, securing a consistent supply of raw materials essential for biogas production to KESB before the formal acquisition. This could be marked as one of the strategic arrangements aimed at enhancing the plant’s operational efficiency and reliability. This plant, a premier greenfield biogas facility with an installed capacity of 4.26MW, will enhance KAB’s sustainable energy and engineering solution (SES) diverse energy portfolio and reinforce its commitment to sustainable energy generation and environmental stewardship. KAB executive deputy chairman and group managing director Datuk Lai Keng Onn said the acquisition of the Aceh biogas plant is a strategic move that aligns perfectly with the company’s growth plan in sustainable energy. He said Indonesia, the world’s largest palm oil producer, presents a compelling choice for this development, with abundant feedstock available for biogas production. “This project strengthens our renewable energy portfolio and positions us as a competent energy solutions provider to leverage regional growth opportunities. “Upon completion, the Aceh biogas plant will be another recurring revenue generator for KAB, reinforcing our foothold in the Southeast Asian market and supporting our mission of driving sustainable energy development,” he said in a statement. The latest move to acquire PT GESO reflects KAB’s intent to solidify its market presence as a distinctive energy player while ensuring its advancement in the rapidly growing Southeast Asian energy market.

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