Investment & Market Trends

Felicity, an AI-powered game-tech company, has established Felicity Labs Pte. Ltd. in Singapore as its Southeast Asia headquarters. The new hub will spearhead acquisitions and regional operations, with a goal of doubling growth by March 2026. From Singapore, Felicity will expand studio partnerships and grow its regional user base to over 2 million players, with Vietnam and Thailand highlighted as priority markets. The company said the move will enhance its access to the region’s game development ecosystem and support its broader global expansion strategy. Over the next 12 to 18 months, Felicity will invest $1 million to build a leadership team, hire key talent, and expand its footprint across Asia-Pacific. With existing operations in India and Türkiye, and now Singapore, the company plans to acquire more gaming IPs, broaden its player base, and strengthen its developer network in the region. Felicity has raised $3.7 million across two funding rounds — a $700,000 pre-seed round backed by DeVC, Swiggy founders, Kunal Shah, and other angel investors, followed by a $3 million seed round led by 3one4 Capital, MIXI Global, and T-Accelerate Capital. “APAC is home to 1.5 billion gamers and a $70 billion market. We see this as an opportunity to engage with local talent, partners and communities in a region that is shaping the future of gaming,” said Anurag Choudhary, founder and CEO of Felicity.

KUALA LUMPUR, The RM500 million strategic investment by YCH Fusionaris Sdn Bhd demonstrates that Malaysia’s earlier investment potential is now being translated into tangible results, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He explained that the project, located in Bandar Bukit Raja, Klang, Selangor, was the outcome of opportunities explored during a trade mission to Singapore. “This investment not only strengthens Malaysia’s position as a key regional supply chain hub but also creates 100 new job opportunities for Malaysians,” he shared in a posting on X (formerly Twitter). Zafrul noted that beyond the direct investment, YCH Fusionaris is also working closely with local logistics partners, which will further boost the resilience and competitiveness of the domestic business ecosystem. “This serves as solid proof that the initiatives under the Madani Government are bearing fruit — paving the way for high-impact investments that will advance our economy, enhance technological capabilities, and create long-term value. What was once potential is now becoming reality,” he said.

TOKYO, Japanese conglomerate SoftBank Group Corp announced that its payments arm, PayPay Corp, has officially submitted an application to list American depositary shares in the United States. While the timeline, valuation, and size of the offering are still being finalized, SoftBank confirmed that it has already appointed banks to manage the potential initial public offering (IPO). According to sources cited by Reuters, the deal could raise over $2 billion from investors and may take place as early as the fourth quarter of this year. Despite the listing, PayPay will remain a subsidiary of SoftBank, underscoring the conglomerate’s commitment to maintaining control of the rapidly growing fintech business. SoftBank first signaled its intention to explore a U.S. listing for PayPay back in 2023. Since then, the payments platform has established itself as a major driver of Japan’s digital payments adoption, offering services that go beyond simple mobile transactions to include banking, credit cards, and financial solutions for both consumers and merchants. PayPay’s strong growth comes as Japan continues to shift away from a cash-heavy culture toward digital financial ecosystems, accelerated by government incentives and consumer demand for more convenient payment options. If successful, the IPO could mark one of SoftBank’s largest recent fundraising moves, bolstering its financial position and highlighting the company’s strategy of unlocking value from its portfolio of tech-driven businesses.

Singapore Telecommunications (Singtel) reported a 14% rise in first-quarter underlying profit, driven by strong results from its Australian unit Optus and contributions from regional partners, including India’s Bharti Airtel. The company’s performance was supported by telecom price increases in key markets and resilient growth from regional associates. Bharti Airtel’s post-tax contribution from India and South Asia more than doubled during the quarter, while contributions from other associates, including Indonesia’s Telkomsel and Thailand’s AIS, rose 24.5% to S$468 million. As a result, Singtel’s underlying net profit for Q1 reached S$686 million (US$535 million), up from S$603 million a year earlier, closely matching analysts’ estimates of S$686.9 million. CEO Yuen Kuan Moon said the results were achieved despite macroeconomic uncertainties and currency fluctuations. On a statutory basis, Singtel posted a net profit of S$2.88 billion, sharply up from S$690 million last year, boosted by one-off gains from the partial sale of Airtel shares and the Intouch-Gulf Energy merger. Yuen also highlighted the company’s data centre business in Thailand and Singapore as a “bright spot” for the current financial year as these facilities near completion. (Exchange rate: $1 = S$1.2828)

SEOUL, South Korean discount retailer Homeplus Co., facing financial difficulties, announced Wednesday it will shut 15 stores as part of emergency management efforts in response to a challenging business environment. The company has been under a court-led rehabilitation program since March, following downgrades of its corporate bonds from A3 to A3- by two local credit rating agencies due to deteriorating financial health. Homeplus is required to submit its formal rehabilitation plan to the Seoul Bankruptcy Court by Sept. 10. Court-appointed accounting firm Samil PricewaterhouseCoopers recommended an M&A auction prior to court approval of the plan, noting that the company’s liquidation value exceeds its ongoing business value. The court has accepted this recommendation. Homeplus has faced declining sales amid weak consumer confidence, reduced supplier transactions, and demands for advance payments, creating potential liquidity challenges. “If the current situation continues, the company’s revival through an M&A before court approval of the rehabilitation plan could be at risk,” co-CEO Joh Joo-yun said in a message to employees. He added that the emergency management measures are intended to stabilize operations and protect the jobs of Homeplus’ 22,000 employees and subcontractors. Joh and Kim Kwang-il, vice chairman of MBK Partners, serve as court-designated managers overseeing the restructuring. MBK Partners acquired Homeplus in 2015 from British retailer Tesco Plc for 7.2 trillion won (US$5.2 billion). Homeplus currently operates 125 stores across South Korea.

PETALING JAYA, Genting Malaysia Bhd’s (GENM) loss-making US subsidiary, Empire Resorts Inc (ERI), is divesting its non-casino assets in New York state for US$525 million (RM2.2 billion) in a move to clear its debt and acquire new land. GENM said the proposed deal will “deliver long-term strategic and financial benefits” as it allows ERI to fully redeem its US$300 million (RM1.3 billion) bond maturing in November 2026, leaving the unit debt-free for the first time in over two decades of losses. Genting Malaysia’s US$41 million (RM173 million) buyout of Empire Resorts raised eyebrows among some investors and analysts.  “The proposal underlines GENM’s commitment to strengthening its competitive position in New York’s gaming market and the wider northeastern US region,” the group said in a Bursa Malaysia filing. The restructuring is expected to lower financing costs, increase ERI’s asset base, and provide RM42.1 million in additional cash. Under the deal, ERI will sell the 332-room Resorts World Catskills, the 99-room Alder Hotel, the 18-hole Monster golf course, the 2,500-seat RWC Epicenter, and several restaurants to the Sullivan County Resort Facilities Local Development Corp (SCRFLDC). Proceeds will also fund the RM848 million purchase of 1,554.6 acres of land from US-listed real estate investment trust EPR Properties. This includes 420 acres housing Resorts World Catskills and 1,134.6 acres of vacant land earmarked for future development. ERI will lease back the land from SCRFLDC until 2066 and continue managing the assets under a 20-year agreement, with two automatic five-year renewals. Final terms for the sale, lease, and management deals are still being negotiated. This restructuring follows GENM’s controversial US$41 million (RM173 million) acquisition of the remaining 51% stake in ERI from Kien Huat Realty III Ltd, the Lim family’s private vehicle. The deal, announced three months ago, also involved GENM taking over a US$39.7 million (RM167 million) debt ERI owed Kien Huat. The transaction drew criticism from analysts as “expensive and potentially profit-dilutive,” raising concerns over related party dealings. Bursa Malaysia had also queried GENM extensively on the deal. According to GENM’s 2024 annual report, deputy chairman and CEO Tan Sri Lim Kok Thay, 73, and his son, deputy CEO Datuk Lim Keong Hui, 40, hold a deemed interest of 49.35% in GENM through family stakes. GENM’s shares gained three sen, or 1.5%, to close at RM2.02 today, giving the group a market capitalization of RM12 billion. However, the stock remains down 10.2% year-to-date.

TOKYO, Rakuten Bank Ltd is likely to refrain from actively purchasing Japanese government bonds (JGBs) until the Bank of Japan (BOJ) delivers further interest rate hikes, reflecting cautious sentiment over policy uncertainty. The online lender, part of e-commerce giant Rakuten Group, has seen deposits nearly triple in five years to ¥11.7 trillion (US$79 billion) as more customers turn to its digital services. While still small compared with Japan’s megabanks, the growing cash pool is prompting the bank to seek new investments. For now, JGBs remain unattractive due to market volatility. Rakuten Bank avoided fresh JGB purchases in the first half of 2025, holding ¥617 billion worth of bonds to maturity as of June. “We won’t pursue aggressive JGB buying until we see at least one or two more rate hikes,” CEO Tomotaka Torin said. “Our priority is running operations that can withstand rising yields.” Japanese bonds have been under pressure as the BOJ gradually shifts from negative rates, pushing yields higher—especially on longer maturities. Analysts increasingly expect another BOJ hike by April, with swaps pricing in a 25-basis-point increase. Torin added that the bank is taking a similar approach to mortgages, avoiding ultra-low-rate loans while yields climb. “Once margins normalize after rates rise, that will be the time to accelerate lending,” he said. Rakuten Bank’s loan book, including mortgages and credit card financing, stood at ¥4.76 trillion in June, up 12% year-on-year. Financial services, including Rakuten Bank, are becoming a key profit driver for Rakuten Group, contributing more than half of group EBITDA.

KUALA LUMPUR, CelcomDigi Bhd, Maxis Bhd and YTL Power International Bhd have each provided additional shareholder advances of RM116.67 million to Digital Nasional Bhd (DNB) to fund the state-owned 5G wholesaler’s operations and working capital needs, as Malaysia transitions to a dual 5G network model. The fresh capital injection follows U Mobile Sdn Bhd’s exit from DNB’s shareholder line-up, with its 100,000 shares redistributed among CelcomDigi, Maxis, YTL Power and the Minister of Finance Inc (MOF Inc). U Mobile has been tasked with building the country’s second 5G network. According to bourse filings, the latest advances bring CelcomDigi’s, Maxis’s and YTL Power’s total investments in DNB to RM350.03 million each, comprising earlier contributions of RM233.23 million plus the new RM116.7 million tranche. Each company now holds a 19.44% stake in DNB, while MOF Inc remains the largest shareholder with a 41.67% interest and RM750.3 million in combined equity and advances, including a RM250.2 million government loan. Under the shareholder agreement, every ringgit of advance carries the same rights as an ordinary share, including voting privileges. The advances are interest-free and only repayable by mutual agreement, though they may also be treated as prepayments under access agreements with DNB. Risks Ahead for Dual 5G RolloutCelcomDigi cautioned that the entry of U Mobile as a second network operator could affect DNB’s revenue if telcos divert traffic to the new provider. DNB may also require more funding to sustain rollout momentum and maintain service quality, it added. To mitigate risks, DNB has set up a steering committee with regular reporting to shareholders. Both CelcomDigi and Maxis noted that the latest advances will not materially impact their earnings, net assets or gearing. On Friday, CelcomDigi’s shares closed seven sen or 1.82% lower at RM3.77, valuing the group at RM44.23 billion. Maxis eased three sen or 0.85% to RM3.48, giving it a market cap of RM27.27 billion, while YTL Power slipped two sen or 0.47% to RM4.20, with a market value of RM36.18 billion.

JAKARTA, President Prabowo Subianto said Indonesia’s new sovereign wealth fund, Danantara, will be a major engine for job creation and economic growth, managing assets of over $1 trillion. In his first state address to parliament since taking office in October, Prabowo said Danantara will drive industrialization of natural resources and strategic sectors, creating millions of “quality jobs,” particularly in downstream industries. He added that processing minerals and mining products will boost export value and strengthen the economy, noting unemployment is now at its lowest since the 1998 Asian financial crisis. President Prabowo Subianto greets his guests after delivering his annual state address at the People’s Consultative Assembly in Jakarta, Friday, Aug. 15, 2025.  As part of wider efforts, the government has launched 80,000 Merah Putih Cooperatives to support rural communities, farmers, and fishermen. These cooperatives supply subsidized essentials like rice, cooking oil, and fertilizer, while creating new jobs across villages. In the first half of 2025, investment rose 13.6% year-on-year to Rp 942 trillion ($58.3 billion), generating 1.2 million jobs. The economy grew 5.12% in Q2 2025, and Prabowo said growth is set to accelerate despite global challenges. He also claimed his administration had saved Rp 300 trillion ($18.6 billion) in state funds by cutting wasteful spending, redirecting resources toward more productive uses.

KUALA LUMPUR, Kenanga Investment Bank Bhd (Kenanga IB) has raised its job win forecasts for Gamuda Bhd to RM22 billion in FY2026 and RM27 billion in FY2027, up from RM20 billion and RM25 billion previously. The increase was largely attributed to additional projects in Australia. In a research note, the bank maintained its FY2025 job win estimate at RM17 billion. It projected Gamuda’s construction revenue to hold steady at RM15 billion in FY2026 before climbing to RM22 billion in FY2027, compared to its earlier forecast of RM18 billion. Kenanga IB said there are no changes to earnings forecasts for FY2025 and FY2026. However, it revised its FY2027 earnings forecast upward to RM1.95 billion from RM1.69 billion. The investment bank highlighted that data centres remain the main driver of Malaysia’s tender activity, with five to seven project results expected soon. The outcome of Pearl Computing’s data centre in Springhill is anticipated in 2026, with Gamuda expected to secure at least half of the upcoming contracts. Other potential wins include the Ulu Padas water supply project, the Penang Light Rail Transit Package 3, and the Kerian water treatment and distribution infrastructure, which is likely to be awarded in the first half of 2026. Gamuda is also seen as a strong contender for another project in Taiwan. Kenanga IB believes these developments will help Gamuda achieve its target outstanding order book of RM40 billion to RM45 billion by end-2025. In addition, Gamuda expects more renewable energy and transmission projects in Australia, in line with the country’s push to reach 82% renewable generation by 2030. “Gamuda’s diversification and earnings visibility give us confidence in its growth trajectory,” the bank said, maintaining its ‘outperform’ call on the stock with a higher target price of RM6.10.