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Shares of Pop Mart International Group Ltd. fell in Hong Kong after analysts at Bernstein warned that the Labubu-maker’s fourth-quarter results could fall short of expectations. The stock dropped as much as 3.7%, making it the second-worst performer on the Hang Seng China Enterprises Index on Wednesday, while the broader index was up 0.6% at mid-day. “Multiple independent data sources point to broad-based demand deterioration in both China and overseas markets during October, with weakness intensifying from peak levels in June,” Bernstein analysts, including Melinda Hu, said in a note dated Nov. 11. They added, “The convergence of weakening transaction data, social media engagement, and search interest across independent sources signals fundamental demand deceleration that cannot simply be dismissed as noise or channel shifts.” The warning adds to growing concerns over the Beijing-based firm’s long-term sales outlook, particularly regarding the sustainability of the strong demand seen for its Labubu plush toys, despite the company reporting third-quarter sales growth of up to 250% year-on-year. Profit-taking and doubts about future growth have also triggered a reversal in the rally that previously made Pop Mart one of the hottest stocks in China’s consumer sector. The stock has fallen nearly 40% since hitting a record high in late August, erasing roughly $20 billion in market value. Bernstein remains the sole brokerage rating the stock as underperform among more than 40 firms covering Pop Mart. The analysts maintained their price target of HK$225, noting that the extent and consistency of declines across multiple metrics in October suggest the fourth-quarter results may disappoint.

Petroliam Nasional Bhd (PETRONAS), via its wholly-owned unit PETRONAS Energy Guyana Sdn Bhd (PEGSB), has signed a Petroleum Agreement (PA) for Block S4 in the shallow offshore waters of Guyana. The agreement was executed with the government of the Cooperative Republic of Guyana and consortium partners TotalEnergies EP Guyana Shallow SAS (TotalEnergies) and QatarEnergy, marking PETRONAS’ first entry into Guyana and expanding its presence in the Americas. The PA follows the consortium’s successful bid in the 2022 Guyana Licensing Round and represents a key milestone in PETRONAS’ expansion in the Guyana-Suriname Basin, a region recognised as a promising frontier for oil exploration. Block S4 spans roughly 1,787 sq km and is strategically situated along favourable hydrocarbon migration pathways. Under the agreement, PETRONAS holds a 25% stake, QatarEnergy 35%, and TotalEnergies 40%, with TotalEnergies acting as the operator. The signing ceremony in Georgetown was attended by PETRONAS’ Harris Saifi B Hakimi, Guyana Petroleum Minister Vickram Bharrat, TotalEnergies’ Daniel Larranaga, and QatarEnergy’s Ali Al-Mana. PETRONAS vice-president of exploration Faisal Bakar said, “Our entry into the Guyana-Suriname Basin marks a significant step in PETRONAS’ international growth. Through a disciplined expansion strategy, we aim to unlock the basin’s proven potential and deliver lasting value to our stakeholders. Our partnership with TotalEnergies and QatarEnergy strengthens our commitment to a resilient and progressive upstream sector.” The inclusion of Block S4 reinforces PETRONAS’ footprint in the Americas and its position as a competitive global energy player.

Khazanah Nasional Bhd.’s infrastructure arm, UEM Group Bhd., plans to leverage its extensive landbank in Johor to support the rapid expansion of data centres by providing clean energy and industrial land, said managing director Datuk Amran Hafiz Affifudin. Johor — which is jointly developing a new special economic zone with neighbouring Singapore — has drawn RM164.45 billion in data centre investments as of the second quarter. The state is projected to host about 60% of Malaysia’s data centres by 2030. This outlook positions UEM favourably, as its property arm, UEM Sunrise Bhd., holds nearly 4,600 acres in the state. Sunrise is finalising plans for the 40-acre Gerbang Nusajaya Industrial Park, a renewable energy-powered development, Amran said in an interview in Kuala Lumpur on Tuesday. Meanwhile, UEM’s green energy subsidiary, UEM Lestra Bhd., is preparing to begin construction on a 1-gigawatt hybrid solar plant backed by investors including units of I Squared Capital Advisors and Macquarie Group. The first phase, covering 500 megawatts and valued at RM2.5 billion, was announced earlier this year. UEM Group Bhd managing director Datuk Amran Hafiz Affifudin. UEM is also exploring investments in water treatment facilities for industrial parks — a key requirement for meeting the cooling needs of data centres. “This complements our energy supply plans,” Amran said. “Even without data centres, industrial developments alone create substantial demand for water and power.” According to BMI, a Fitch Solutions company, Malaysia ranks among Asia’s top three growth markets, with the ongoing data centre boom expected to drive a significant increase in power demand through 2028. However, the rapid expansion is putting pressure on the nation’s land and grid capacity. “Meeting this demand with clean power is becoming more challenging — yet increasingly vital as renewable-matching commitments are now central to data centre operators’ business strategies,” BMI noted. Green Pivot Traditionally focused on property and infrastructure, UEM is now steering toward green energy and sustainability as part of its long-term growth strategy. Last year, Lestra acquired a majority stake in Nur Power, Malaysia’s only independent power utility, for an undisclosed sum and pledged RM1.5 billion to decarbonise industrial parks nationwide by 2026. Lestra currently supplies biogas power to the Kulim Hi-Tech Park in Kedah — home to global semiconductor and electronics manufacturers including Infineon Technologies AG and AT&S. The park’s 350-megawatt biogas facility is fully subscribed. “We can repower the plant to reach up to 1 gigawatt if regulators permit,” Amran said, adding that Lestra is also open to selling biogas power to other industrial zones via the national grid. Amran said the group expects stronger profitability in 2025, driven by higher contributions from UEM Sunrise and other subsidiaries, with further growth anticipated in 2026 based on the group’s deal pipeline. UEM reported a pre-tax profit of RM923 million last year — nearly tripling from the previous year — with a debt-to-equity ratio just below 40%. “That gives us significant headroom for expansion,” Amran said. The group currently has two listed subsidiaries — UEM Sunrise and UEM Edgenta Bhd., its asset and facility management arm — and is considering future listings of other units “when the timing is right,” he added.

Malaysia Aviation Group (MAG) has announced the appointment of Captain Nasaruddin A. Bakar as its new president and group chief executive officer (CEO), effective February 1, 2026. This new role replaces the previous group managing director position. Datuk Captain Izham Ismail, the current group managing director, will retire on January 31, 2026, after an illustrious career of over 40 years with the company. Captain Izham joined Malaysia Airlines in 1979 as a pilot and held multiple key leadership roles before being appointed as group managing director in December 2017 — making him the airline’s longest-serving chief executive. During his tenure, Captain Izham led major financial restructuring and operational improvement initiatives that restored MAG to profitability. The group’s strengthened financial position now enables it to pursue its next phase of growth and sustainability under new leadership. Captain Nasaruddin, who brings over 30 years of experience in flight operations, management, and strategic roles within MAG, currently serves as the chief operating officer of Malaysia Airlines. As president and group CEO, he will lead the execution of MAG’s strategic priorities, focusing on operational excellence, customer experience, and sustainable growth across its airlines and non-airline businesses. His leadership will guide the implementation of the Long-Term Business Plan 3.0 (LTBP3.0) and reinforce MAG’s standing as a leading aviation group. He will be supported by a capable management team across MAG’s three profit centres — Airline Business, Loyalty and Travel Services, and Aviation Services. MAG board member and Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir expressed full confidence in Nasaruddin’s leadership to advance the group’s strategic direction and competitiveness. “On behalf of the board and the entire MAG family, we extend our heartfelt appreciation to Captain Izham for his exceptional leadership and dedication. His integrity, passion, and commitment have been instrumental in guiding MAG through key transformation and growth phases,” Amirul Feisal said.