Investment & Market Trends

IOI Properties Group Bhd’s upcoming real estate investment trust (REIT) listing could act as a catalyst for further share price gains, despite the stock rising 17% year-to-date. The group plans two REIT listings in Malaysia and Singapore, with the Malaysian listing targeted for June 2026, according to UOB Kay Hian Research. Using a sum-of-the-parts framework, the research house estimates an additional 9% to 16% upside for IOI Properties’ share price, supported by continued yield compression among prime REITs in Malaysia. “Our calculation assumes an asset value of RM7 billion and a target valuation of 1.5 times price-to-book (P/B) for the REIT, in line with peers with prime retail assets, alongside a retained stake of 60% to 70%,” the report said. Post-listing, IOI Properties’ net gearing is expected to improve to 0.91–0.94 times from 0.97 times as of end-Q1 FY26, while implied FY26 P/B rises to 0.9 times from 0.7 times. UOB Kay Hian has set a RM3.50 target price for the stock. Hong Leong Investment Bank takes a more bullish view, assigning a RM4.15 target price, citing the group’s diversified presence across Malaysia, Singapore and China. A dealer noted the recent rally reflects growing market recognition of IOI Properties’ expanding recurring income base and longer-term REIT monetisation potential. “Over the past year, shares have gained 50% as investors re-rate the stock on strong overseas earnings momentum and expanding recurring income,” he said. At the time of writing, IOI Properties was trading around RM3.10 per share.

Anta Sports Products Ltd announced on Tuesday that it has signed a share purchase agreement with Groupe Artémis, the investment firm of the Pinault family, to acquire a 29.06% stake in Puma SE, the global sportswear brand behind Puma. The deal, valued at €1.5 billion (US$1.78 billion), represents a major step in Anta Sports’ strategy to expand its global presence in the sporting goods market. The transaction, expected to close by the end of the year, is subject to regulatory approvals and customary closing conditions. Anta said the acquisition will be fully funded through its internal cash reserves. People walk past an Anta store in the Huangpu district of Shanghai on January 27, 2026. Chinese athletic goods giant Anta Sports will buy a controlling stake in historic German sportswear brand Puma for 1.79 billion USD, a stock exchange filing showed, as it expands its international presence. Anta chairman Ding Shizhon said the deal makes Anta Sports Puma’s largest shareholder and aligns with the company’s “single-focus, multi-brand, globalization” strategy. “Puma’s iconic status and rich heritage provide a strong foundation for growth. This investment will help unlock the brand’s full potential and drive further global expansion, particularly in China,” Ding added. He noted that Anta remains confident in Puma’s management and strategic direction. “Our goal is to build a strong, trust-based partnership while maintaining Puma’s operational independence,” he said. As part of the acquisition, Anta will seek representation on Puma’s supervisory board to ensure alignment with both shareholders and employee representatives. Anta confirmed it has no immediate plans for a full takeover and remains committed to respecting Puma’s independent governance and corporate culture as a listed German company.

Greentronics Technology Bhd’s fleet management-focused subsidiary, Mpire Mobility Sdn Bhd, has formed a strategic partnership with Thai Paiboon Insurance Public Company Limited (TPB) to tap into rising cross-border travel between Malaysia and Thailand. In a statement, the group — which operates across property development and construction, fleet management and financing services — said the collaboration aims to introduce digital insurance solutions for Malaysian motorists travelling to Thailand. Greentronics Technology Bhd executive chairman Datuk Billy Goh Soo Wee (left) and Thai Paiboon Insurance Public Company Limited managing director Eugene Foong (right). TPB is a leading general insurer for Malaysian vehicles entering southern Thailand and holds the largest portfolio in this segment. Under the partnership, TPB’s Malaysian customers will gain access to Mpire Mobility’s one-stop automotive service, repair and maintenance platform, which connects vehicle owners directly to authorised workshops for servicing and repair. Greentronics executive chairman Datuk Billy Goh Soo Wee said the partnership marks a significant milestone for both Mpire Mobility and the group, as it enters Thailand’s digital insurance market. “Through this collaboration, we will continue to expand the Mpire Mobility business while capitalising on growing Malaysia-Thailand cross-border travel,” he said. Since its launch in 2024, Mpire Mobility has installed telematics systems in more than 1,000 vehicles and onboarded over 10,000 users onto its Jom MyServis ecosystem, he added. Meanwhile, TPB managing director Eugene Foong said the partnership underscores the insurer’s commitment to enhancing customer protection through digital innovation and practical cross-border solutions. By working with Mpire Mobility, TPB is able to extend its insurance services beyond national borders, offering Malaysian motorists travelling in Thailand greater clarity, confidence and support in the event of an accident. He added that the integration of digital platforms and coordinated aftersales processes will improve communication, streamline claims handling and deliver a more seamless customer experience.

British insurer Prudential announced on Thursday that it has agreed to acquire an additional 19% stake in Sri Han Suria, the holding company that owns Prudential Assurance Malaysia, for approximately RM1.52 billion. The acquisition will raise Prudential’s ownership of its conventional life insurance business in Malaysia to 70%, strengthening the group’s control and strategic presence in the country. The move follows a “full and final settlement” reached in July 2025 over a dividend claim filed by Detik Ria, the minority shareholder in Sri Han Suria, which had been the subject of a long-running dispute. The additional stake will be purchased through Prudential Corporation Holdings, a wholly-owned subsidiary of Prudential, directly from Detik Ria. The transaction has received approval from Malaysia’s central bank, Bank Negara Malaysia, and completion is expected shortly. Prudential Assurance Malaysia (PAMB), together with Prudential’s interest in the shariah-compliant business of Prudential BSN Takaful Bhd, constitute Prudential’s Malaysian life insurance operations. The increased ownership underscores Prudential’s long-term commitment to Malaysia and reflects the company’s confidence in the country’s growth prospects, said Anil Wadhwani, Prudential’s Chief Executive. “Increasing our ownership of PAMB reflects our deep commitment to Malaysia and our confidence in its future,” Wadhwani said in a statement. Following the completion of this transaction, Prudential has also agreed to cooperate with Detik Ria regarding a potential sale of the remaining 30% stake in Sri Han Suria. Should Detik Ria decide to divest its remaining shares, Prudential will work with them to facilitate a sale to one or more mutually agreed third parties. The acquisition consolidates Prudential’s position in the Malaysian life insurance market and is expected to enhance operational efficiency, governance, and strategic decision-making within its Malaysian operations, further strengthening the group’s footprint in the region.

The government has no immediate plans to reintroduce the Goods and Services Tax (GST), the Dewan Rakyat was informed on Friday (Jan 23). In a written reply, the Finance Ministry acknowledged the potential benefits of the GST but explained that the Sales and Services Tax (SST), which is currently in place, provides a faster and more direct financial impact for the government. “As highlighted previously by the Prime Minister, the government does not intend to implement the GST at this time. This decision takes into account various factors that require careful consideration, including the disposable income of Malaysians and the overall cost of living,” the ministry said. The ministry emphasised that the SST will be retained and further enhanced. Noting its long-standing role in the country, the ministry highlighted that the SST has been used in Malaysia for more than four decades and remains an effective taxation mechanism. Additionally, the ministry pointed out that reintroducing the GST would involve a significant preparation period of up to two years. This would allow businesses sufficient time to upgrade and adapt their systems to comply with the new tax requirements. The response was made in reply to a question from Datuk Ku Abd Rahman Ku Ismail (PN-Kubang Pasu), who inquired whether the government intended to reintroduce the GST, noting that many financial experts consider it a more comprehensive and efficient taxation system compared to the SST. The ministry’s statement underscores the government’s cautious approach toward any major tax reforms, balancing revenue considerations with the economic impact on households and businesses. While the GST remains a potential option in the future, the SST continues to serve as the primary indirect tax mechanism for Malaysia at present.

TikTok and its parent company ByteDance have officially set up a new US-based venture to transfer part of TikTok’s operations to non-Chinese owners, securing the app’s continued presence in the United States and avoiding a potential nationwide ban. Under the agreement, first announced in September by the Trump administration, certain parts of TikTok will be spun off into a new US entity managed by three investors: Oracle Corp., private equity firm Silver Lake Management LLC, and Abu Dhabi’s MGX. The deal ends a years-long geopolitical and regulatory standoff that threatened to shutter TikTok in the US over national security concerns. In 2024, Congress passed legislation to ban the app unless ByteDance sold TikTok, citing fears that the Chinese government could access US user data or influence content. TikTok has consistently denied these claims.

Crewstone International Sdn Bhd, a licensed and regulated private equity and private credit manager, today announced the completion of a structured financing transaction with Evergreen Vanilla Sdn Bhd, marking another capital deployment under Crewstone’s segment-focused growth investment strategy. Agriculture remains a resilient pillar of Malaysia’s economy, rebounding to 5.1% growth in Q4 2025 from marginal growth of 0.4% in the preceding quarter. As the country works to reduce a RM 78.8 billion food import bill under the National Agrofood Policy 2.0, private investment in high-value segments like natural vanilla which valued at USD 32.7 billion locally in 2024 and projected to grow at a 5.4% CAGR through 2032 and is increasingly vital for national food security and export competitiveness. The partnership reflects Crewstone International’s disciplined approach to deploying capital into asset-backed operating platforms with clear execution pathways. The success of this transaction underscores Crewstone’s ability to structure and deploy capital into real-economy operating businesses anchored by land, crop-bearing assets, and repeatable production cycles, where output is built over time and demand remains resilient even through economic downturns. This deployment extends Crewstone’s expertise beyond real estate and financial services into another real-economy vertical, while maintaining the same structure-first discipline. Evergreen operates one of Malaysia’s largest vanilla cultivation platforms, spanning approximately 350 acres in Lojing, Kelantan, and is building an integrated operation across cultivation, processing, and export-oriented supply. With the planned operational enhancements, the platform is expected to increase yield efficiency by 35.2%, support margin expansion through downstream processing, and expand customer capacity by more than five times as it scales into international food, fragrance, and pharmaceutical end-markets. The structured financing will support Evergreen’s next phase of operational build-out, including infrastructure development and production optimisation, as the company progresses from cultivation into scaled commercial operations. The investment also supports local economic activity by expanding plantation and processing operations and increasing demand across supporting services such as logistics, maintenance, and local procurement as the project moves into steady-state production. “This transaction reflects how we work with operating businesses where capital needs to be structured around assets, capacity build-out, and measured scale,” said Izmir Mujab, Managing Director and CEO of Crewstone International. “We focus on structure, execution readiness, and alignment. The sector is secondary. What matters is whether the business can scale responsibly with the right capital framework in place.” “Crewstone’s underwriting process is rigorous and detail-driven, and that discipline carries through beyond deployment,” said Jason Teo Giin Liang, Founder and Chief Executive Officer of Evergreen Vanilla. “Working with a partner that is structured, commercially demanding, and closely engaged has sharpened our internal decision-making and kept us focused on building the business the right way as we scale into international markets.”

Branding and marketing firm SBS Nexus Bhd ended its ACE Market debut on Tuesday (Jan 20) below its IPO price, closing at 24 sen — one sen under the issue price of 25 sen. The stock opened unchanged before sliding to an intraday low of 23 sen and briefly touching a high of 26 sen. It finished the session down 4%, making SBS Nexus the second most actively traded counter on the exchange, with 76.2 million shares changing hands. The company now carries a market capitalisation of RM117.6 million. The soft debut came despite strong demand for its initial public offering. Applications from the Malaysian public exceeded the available shares by more than 22 times, with the Bumiputera tranche oversubscribed 23 times and the non-Bumiputera portion 21 times. All shares allocated to eligible persons were fully subscribed, while the private placement to selected and Bumiputera investors, as well as the offer for sale of existing shares to selected investors, were also fully taken up. Through the listing, SBS Nexus raised RM30.6 million in IPO proceeds, which will be mainly used for business expansion and working capital needs. Meanwhile, RM12.25 million from the offer for sale accrued to chief operating officer Warren Cheng, head of digital Lai Kian Chuan and chief business officer Lim Cheng Yong. SBS Nexus provides branding and marketing services, including content creation and digital billboard advertising. M&A Securities Sdn Bhd acted as the sole adviser, sponsor, underwriter and placement agent for the IPO.

Hong Kong conglomerate CK Hutchison Holdings is considering listing its global telecommunications business in London and Hong Kong as soon as the third quarter, following a planned spin-off from the group, according to sources familiar with the matter. Preparations for the spin-off began early last year after CK Hutchison secured regulatory approval for a US$19 billion (RM77 billion) deal to merge its UK assets with Vodafone. The company is reportedly looking at London for the primary listing and Hong Kong as a secondary venue, valuing its European, Hong Kong, and Southeast Asian telecoms operations at around US$20 billion. If listed, the telco unit could quickly join London’s FTSE100 index. However, a potential merger of its Italian unit Wind Tre with France’s Iliad could delay the spin-off, insiders said. CK Hutchison is working with Goldman Sachs, Citigroup, and Deutsche Bank on the listing, though plans remain fluid and timing may change. The company declined to comment. The move follows CK Hutchison’s recent focus on improving returns, including the planned sale of most of its global ports business, valued at US$22.8 billion, to a BlackRock-led consortium—a process slowed by regulatory approvals and China’s push to include a domestic investor.

MyDCD Bhd, an engineering services firm focused on mechanical, electrical, plumbing and fire protection (MEPF) integration for mission-critical facilities such as data centres, is planning to list on the ACE Market of Bursa Malaysia. The company has yet to set its IPO price or indicate its expected market capitalisation. In its draft prospectus, MyDCD said proceeds from the listing will be used to support business expansion, including the recruitment and training of 25 additional project management and engineering staff, as well as the rental of extra office space. Funds will also be allocated for working capital, IT system enhancements and listing-related expenses. MyDCD currently operates from a 22,900 sq ft headquarters in Cyberjaya and employs 47 technical personnel. Under the proposed public issue, MyDCD plans to issue 89.7 million new shares to the Malaysian public, 36 million shares to eligible persons, 50.7 million shares via private placement to investors, and 158.59 million shares to Bumiputera investors through private placement. The IPO will also include an offer for sale of 145 million existing shares, with all substantial shareholders selling part of their stakes. Following the listing, the company’s largest shareholders — Ng Kok Hoong, Yew Kim Keong, Ng Gek Khoon and Datin Kwan Siew Peng — will collectively hold 61.16% of the enlarged share capital and will be subject to a six-month moratorium. Another group of shareholders, comprising Khairil Husni, Ngooi Siew Luan, Hon Mau Hoong and Wong Yoke Fang, who will collectively own 12.08%, have also voluntarily agreed not to dispose of their shares for six months. Post-listing, Kok Hoong’s shareholding will be reduced from 27.49% to 20.14%, while Khairil Husni’s stake will fall from 5% to 3.66%. MyDCD was incorporated in 2025 and later converted into a public company. Its operating business originates from DCD Technology, established in 2010, which MyDCD fully acquired in November 2025 via a conditional share sale agreement. The company has secured several sizeable contracts in 2025, including RM184 million worth of jobs from Binastra Builders Sdn Bhd, a wholly owned subsidiary of Binastra Corp Bhd, for MEPF integration works at a new data centre in Cyberjaya. It is also involved in a Huawei-branded data centre project with a contract value of RM20.92 million. For the financial year ended June 30, 2025, MyDCD reported revenue of RM372 million and a net profit of RM39.5 million, with Binastra Builders contributing about two-thirds of total revenue. Gek Khoon holds an 11% stake in ITP Cjaya Sdn Bhd, one of MyDCD’s top five revenue contributors during the year. TA Securities Holdings Bhd is acting as principal adviser, sponsor, underwriter and placement agent for the proposed IPO.