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Investment & Market Trends, News

Rocket Software Acquires OpenText’s Application Modernization Business for $2.275 Bil

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MALAYSIA: Rocket Software, Inc. (“Rocket Software”), a global leader in modernization software, solidifies its position as a premier partner for businesses embarking on modernization journeys with the successful acquisition of OpenText’s Application Modernization and Connectivity (AMC) business, formerly under Micro Focus. This strategic move significantly expands Rocket Software’s offerings, now providing modernization solutions from mainframe to cloud environments. The acquisition, valued at $2.275 billion, before taxes, fees, and adjustments, bolsters Rocket Software’s revenue by over 60% and broadens its customer base to more than 12,500 companies worldwide, supported by a network of over 750 partners. Furthermore, the acquisition brings on board over 770 new software engineers, go-to-market professionals, and supporting staff, with plans for additional hiring to strengthen Rocket Software’s capabilities. Milan Shetti, President and CEO of Rocket Software, expressed pride in powering and advancing global market leaders through innovation. He highlighted the acquisition as a milestone setting a new standard for modernization excellence, reinforcing Rocket Software’s commitment to strategic growth and market expansion. Shetti emphasized the company’s readiness to address modernization challenges at scale, leveraging its expertise, resources, and flexible approach to empower clients in achieving their goals. Peter Rutten, Research Vice President at IDC, recognized the acquisition’s significance in creating one of the largest mainframe modernization and connectivity software companies globally. He underscored Rocket Software’s commitment to meeting clients at various stages of their modernization journey, offering a comprehensive portfolio tailored to their needs, including hybrid strategies combining mainframe and cloud solutions. Rocket Software, bolstered by the infusion of talent and innovation from AMC, is poised to revolutionize modernization by providing leading technology for mainframe optimization, offering seamless, secure, and compliant solutions. With a comprehensive range of solutions tailored to every stage of modernization, Rocket Software meets clients at various points in their journey. Departing from traditional ‘rip and replace’ methods, the company focuses on preserving and enhancing existing investments, facilitating a smooth technological evolution. Emphasizing a partnership approach, Rocket Software prioritizes customer satisfaction, positioning itself as a trusted ally rather than a mere vendor. Rocket Software plans to integrate and enhance AMC products within its portfolio, enabling customers to remain competitive and leverage their data, applications, and infrastructure regardless of their modernization strategy. Additionally, Rocket Software will offer market-leading technologies like COBOL and Enterprise Suite, expanding mainframe modernization options and enabling seamless integration across various solutions. Testimonials from industry leaders like RBC and AG Insurance underscore the importance of application modernization in driving digital transformation and business scalability. To explore Rocket Software’s enhanced capabilities and solutions further, visit their website https://www.rocketsoftware.com/lets-modernize 

Investment & Market Trends, News

icapital.biz Bhd (ICAP) Shares Outperforms MSCI Malaysia Over 1- and 3-year Period

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KUALA LUMPUR: The share price of Malaysia’s only listed closed-end fund, icapital.biz Bhd (ICAP) has flat out outperformed the MSCI Malaysia Index, the S&P500 and Nasdaq index over a 1-year period in US dollar terms from 1 April 2023 to 29 March 2024. Over that 1-year period, ICAP’s share price returned 47.75%, while MSCI Malaysia returned (-0.98%) and the S&P500 and Nasdaq returned 27.86% and 34.02% respectively. Meanwhile, on a 3-year period, ICAP still outperformed the other three indexes, returning 49.34%. The MSCI Malaysia index, S&P500 and Nasdaq returned (-17.58%), 32.26% and 23.65% over the said period. As of 29 March 2024, ICAP’s total net asset value (NAV) stood at RM536 million or RM3.82 per share, based on its 140 million shares outstanding. ICAP’s designated person Tan Teng Boo said: “Who says Malaysia is not a good investing destination? It’s even better than investing in Nasdaq. It’s about choosing the right Malaysian asset. If you invest in ICAP shares, there is no need to worry about the ringgit.” Tan, who was also recently named Adjunct Professor of University of Technology Sydney (UTS) in Australia, turned bullish on the Malaysian market during Investor Day on 5 November 2023, as he feels it is in a sweet spot of sorts. He says that the Kuala Lumpur Composite Index (KLCI) is poised for a prolonged bull market over the next 3- to 5-year period, fueled by macro tailwinds, forecasting the index to hit 2,500 to 3,000 points during that period. Should that happen, Tan has two scenarios for ICAP’s share price should the KLCI hit 3,000 points. Firstly, Tan foresees the NAV of ICAP doubling to RM7.86. If so, then this will be a rise of RM4.81 or a 158% rise from RM3.05. In the second scenario, Tan says that historically, the NAV of ICAP has outperformed the KLCI by 6% per annum. “Thus, if the KLCI doubles in 5 years, the NAV of ICAP will be RM10.19 by then. “Assuming its share price trades at a 10% premium to NAV, its share price will trade at RM11.21, which is a rise of RM8.16 or 267% from RM3.05,” he said. Tan adds that the performance scenarios mentioned do not include the contributions from ICAP’s innovative dividend policy. ICAP’s innovative dividend policy was announced on 29 September 2023, with the goal of proactively narrowing the discount between ICAP’s share price and its NAV per share. It is formulated as follows: a base rate of 1% of ICAP’s NAV per share, plus 8% of the difference between ICAP’s share price and NAV. This additional 8% is referred to as the top-up rate. In summary, this innovative dividend policy consists of the aggregate of the 1% base rate and the 8% top-up rate.

Investment & Market Trends, News

Malaysian Banks to Withstand External Headwinds, Expert Says

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KUALA LUMPUR: Malaysian banks are demonstrating robust asset quality and are well-positioned to navigate external challenges, as highlighted in a chartbook-style commentary published by S&P Global Ratings. Titled ‘Malaysian Banking Sector Review: Standing Firm in the Face of External Headwinds’, the chartbook underscores the superior asset quality of Malaysia’s banks compared to regional counterparts, evident in lower credit losses and non-performing loan (NPL) ratios. “Economic conditions are stable in Malaysia, which will support credit demand,” said S&P Global Ratings Credit Analyst Nikita Anand. Noting an uptick in corporate borrowing driven by key infrastructure initiatives, Nikita pointed out that credit expansion is expected to increase to 6% in 2024 from 5% last year. “Additionally, retail credit growth is projected to remain robust, while funding conditions are expected to stabilise with fixed deposit rates appearing to have peaked,” she added. She also highlighted the limited upside to profitability for Malaysian banks, with the sector’s return on assets expected to remain flat at 1.2% in 2024. “This is because net interest margins could decline further, especially if competitive pressures intensify in the country’s saturated banking sector,” she said. Moreover, Nikita said that the banking sector’s exposure to currency depreciation risks is deemed manageable, given its limited direct exposure to external debt. The sector’s exposure to corporates with unhedged foreign currency liabilities represents a mere 0.5% of total loans. To this, Nikita continued, “We anticipate a modest deterioration in asset quality. This could come from restructured loans for low-income households and small businesses.” According to her, sustained currency depreciation could impact import-reliant sectors such as manufacturing, construction and agriculture. She said stable labour market conditions, along with proactive write-off policies are expected to assist banks in maintaining low NPL ratios. — BERNAMA

Energy & Technology, News

HP Introduces New AI-Integrated Laptop Series to Make Work Even Easier!

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KUALA LUMPUR: HP Inc has introduced its most comprehensive lineup of commercial and consumer AI PCs, aiming to leverage AI capabilities for enhanced productivity, creativity, and user experiences in hybrid work environments. The unveiling comes in response to a recent work survey conducted among Malaysians, revealing a significant 63% of employees anticipating a revolutionary impact of generative artificial intelligence (GenAI) on their work methodologies. Moreover, 70% of respondents either currently employ or plan to integrate GenAI within the next year. Employers share this sentiment, with 84% of them expecting GenAI to augment flexible working arrangements. HP Malaysia Managing Director, Alex Tan emphasised the transformative potential of AI, stating: “AI creates a level playing field ensuring that we all can be creators, innovators, and entrepreneurs.” Tan underscored AI’s role in boosting productivity by automating tasks, thereby allowing talents nationwide to focus on higher-level creativity and innovation. The latest HP Elite and Pro PC solutions are powered by Intel® Core™ Ultra 5 and 7 processors, featuring dedicated NPUs for optimised AI performance with Microsoft Copilot that helps improve productivity. According to Microsoft, 57% of employees tend to spend time communicating via meetings, emails and chats while 43% spends more time on documents and spreadsheets. With Microsoft’s Copilot, users will be able to increase their productivity rate simply by inputting prompts into the Copilot feature, which is able to summarise meeting notes, gather key information from other documents without even having to leave your working file, generate tables graphs from a tediously long documents in mere seconds! It can even simplify your live video meetings by extracting crucial information from the conversations via a few short command prompts, ensuring that users can start taking action on the points discussed as soon as the meeting is over. Among the offerings, HP Smart Sense stands out for its ability to anticipate and adjust to user PC behaviour and work patterns so that the device can adjust its performance based on the user’s personal working routine, ensuring an optimal balance of performance and power efficiency. HP Elite 1000 Series G11 Notebook PCs: Offers portability, performance, and up to 21 hours of battery life. Enhanced AI capabilities result in up to 80% better graphics performance and up to 132% faster AI video editing compared to previous generations. HP EliteBook 800 and 805 Series G11 Notebook PCs (starts at RM5,999): Tailored for enterprise knowledge workers, equipped with Intel® Core™ Ultra 5 and 7 processors for AI-driven productivity. HP EliteBook 600 and 605 Series G11 Notebook PCs (starts at RM4,699): Crafted for corporates that need to maximise value and flexibility to equip a range of users in hybrid environments, tackling demanding business applications so work can be done efficiently and reliably. HP ProBook 400 and 405 Series G11 Notebook PCs (starts at RM4,399): Designed for hybrid workers, offering AI-powered workflows and essential performance, with upgradeable storage and memory options. HP Pavilion Plus PCs (starts at RM4,299): Geared towards Gen Z consumers, providing a premium computing experience tailored to their dynamic lifestyles. HP Envy x360 Series (starts at RM4,399): Featuring a flexible design for seamless transition between work and play, equipped with built-in AI engines for enhanced performance. HP Spectre x360 Series (starts at RM7,699): Designed to maximise AI capabilities, delivering faster multitasking and productivity improvements. The company also introduced the Z by HP lineup (which will be available at HP.com within the year) that offers high-performance computing solutions, including the newest generation of AI HP ZBook mobile workstations that are capable of tackling demanding workflows while ensuring reliability, security, and mobility for creative professionals. The Z by HP lineup comprises the HP ZBook Power G11, HP ZBook Fury G11, HP ZBook Studio G11 and the HP ZBook Firely G11. Protection For Your PCs Notably, HP puts security as top priority by introducing firmware protection against quantum computer hacks, namely the upgraded Endpoint Security Controller (ESC) chip that enhances manageability and data protection, reducing the risk of data breaches and downtime. The HP Elite and ProBook notebooks as well as the Z by HP workstations are equipped with HP Wolf Security (HP Wolf Protect and HP Wolf Connect) for business to protect end users no matter where and how they work. HP also launched HP Cloud Endpoint Manager SaaS32, which is purpose-built for mission-critical devices to help IT secure endpoints from threats with automated device monitoring and remediation. Take Gaming to the Next Level For gaming enthusiasts, HP unveils the OMEN Transcend 14 Gaming Laptop (starts at RM7,999), featuring advanced 14-inch OLED display, slim design, and light superior-grade internals for a versatile gaming experience. The new OMEN Transcend 14 features: Exceptionally vivid display for immersive gameplay with IMAX Enhanced Certified 2.8k 120Hz VRR OLED display and lattice-less sky-printed RGB keyboard. Compact and portable design that weighs 1.6kg with up to 11.5 hours battery life and a type-C PD 140W adapter. Redesigned chassis that utilises inbound airflow to create a pressurised zone using a vapour chamber for direct heat dissipation through rear vents, co-engineered with Intel’s dual channel flow technology. The world’s first gaming laptop with audio tuned by HyperX elevates clarity and spectral balance, ensuring subtle details won’t be overshadowed by louder sounds. HP has also updated its OMEN and Victus 16.1-inch gaming laptop PC (starts at RM7,399) with Intel® Core™ i7 HX processors.

Investment & Market Trends, News

EWOG ‘Acknowledges and Respects’ SSM’s Decision to Freeze Trust Account Funds

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KUALA LUMPUR: The Companies Commission of Malaysia (SSM) issued an order letter to freeze funds in the trust accounts of East West One Planter’s Scheme, East West Horizon Planter’s Scheme and East West Planter’s Scheme 1 on 28 April, to which the East West One Group (EWOG) responded that it acknowledges and respects the decision. According to SSM, the move was a follow-up to the investigations it conducted on the companies under EWOG. “The order letter was sent to Pacific Trustees Bhd – the trustee for EWOG – on 5 April 2024, aimed at safeguarding the interests of investors in the schemes. It is a follow-up to the proposal by EWOG as the main holding company to carry out a recovery and restructuring plan for the schemes by utilising funds in the trust accounts,” SSM said. Through the directive, SSM said Pacific Trustees is required to maintain funds in the Trust Account, Reserve Fund Trust Account and Sinking Fund Trust Account, wherein the said funds are prohibited from being withdrawn and transferred to the management company in line with the provisions of Section 48(4)(a) of the Interests Scheme Act 2016. “However, this fund freeze is subject to a recovery and restructuring plan for the schemes, upon approval by a majority of investors in the investors’ meeting,” it added. Meanwhile, in a statement by EWOG, the company said, “EWOG is fully committed to cooperating with SSM and all regulatory bodies. We are taking necessary steps to ensure compliance and facilitate a thorough and transparent review process.” According to the company, the management of EWOG has sought to bring the ongoing issues to the planters through the organisation of planter’s meetings as provided by the trust deeds and the Interest Scheme Act 2016. However, those attempts have been disrupted by a minority group of planters through court actions.  The latest was an ad interim injunction that halted the meetings scheduled on 5 April 2024. Regrettably, the interim injunction also interrupted ongoing rehabilitation efforts, which commenced early last year. “This disruption in rehabilitation work poses a significant challenge to safeguarding and enhancing the investment interests of the majority of our stakeholders. The delay in rehabilitation has severely affected the yield of our plantations, making it increasingly difficult to restore and maintain the health and productivity of our biological assets, ultimately impacting the value of our investors’ holdings,” the company said. To this end, EWOG urges all planters to come together to support the rescheduling of the planter’s meeting. “It is vital that the voices of all the Planters are heard, and a decision is reached to path the way forward for all our schemes,” it added.

News

Optimise Flight Operations to Mitigate on Middle East Volatility, Say Experts

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KUALA LUMPUR: Airport operators should be proactive in leveraging and applying suitable measures to address changes in flight departures and arrivals to reduce any chaotic scenarios at the airports if the Middle East conflict continues to escalate further, said aviation experts. Following the recent development in Iran-Israel tensions, the Iranian airspace was closed temporarily for a few days before reopening yesterday, whereas several airlines around the globe had been avoiding the airspace, including Malaysia Airlines. Universiti Kuala Lumpur Malaysian Institute of Aviation Technology economist (aviation and aerospace) associate professor Mohd Harridon Mohamed Suffian said the shutdown of airspaces would partially affect passenger traffic, particularly for destinations located in Iran. “Furthermore, the shutdown entails the diversion of flights from their nominal routes, hance the financial economics of flights are not optimum. “There would be an increase in the utilisation and burning of fuel, an increase in the duration of flights and (multiple) rescheduling of departures and arrivals,” he said. Harridon stressed that airport operators should be proactive by compartmentalising sections of their operations and utilising several mathematical models to extract functionalities of these sections. “With this, several solutions can be effectively produced and applied in order to dampen any rise in cost and to (lessen) any financial implications,” he opined. He also said that rescheduling flights should consider factors such as minimising delays in the arrivals and departures, reducing time to prepare the aircraft and utilising optimum manpower at the gates. “This is important so that the process of loading and unloading of passengers would be swift and efficient and gates can be prepared in a shirt amount of time for the next incoming and outgoing flights,” he added. As for airlines, he said carriers could perform optimisation of their flight operations via numerous mathematical modelling such as Monte Carlo simulation, resources modelling and others to mitigate the issue. Harridon posited that these methodologies could aid in the reduction and depreciation of costs, which would otherwise increase as a result of the shutdown of the Iranian airspace. “Since Iran is also an oil-producing country, the airspace shutdown has political implications where logistical supply of oil and its production from Iran would be altered, thus affecting crude oil prices,” he pointed out. Meanwhile, Endau Analytics Founder and Aviation Analyst Shukor Yusof said airport operators such as Malaysia Airports Holdings Bhd (MAHB) are at the mercy of geopolitics. “It is out of their hands. They need to quickly come up with a strategy to mitigate losses as this conflict might worsen. “I am sure they have the people who are adept at risk management. If not, they would need help from experts,” he said. Shukor believed that the war of attrition in the Middle East would cause considerable harm to airlines, especially intercontinental flights between Southeast Asia and Europe, as fuel and insurance costs would likely rise if the conflict is not resolved soon or worse, escalates further. “It will affect the entire aviation industry as it relies heavily on global interconnectivity and no doubt it will impact Malaysia and the region,” he added. — BERNAMA

Investment & Market Trends, News, Uncategorized

South Korea Export Growth ccelerates

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SEOUL: South Korea witnessed a surge in export growth last month, signaling the potential for sustained economic momentum following a faster-than-expected expansion in the previous quarter. Adjusted for working-day differences, shipments increased by 11.3% compared to the previous year, as per data released by the customs office yesterday. Unadjusted figures showed headline exports rose by 13.8%, with overall imports also experiencing a 5.4% increase, resulting in a trade surplus of US$1.5 billion. South Korea, a significant player in global trade, has seen demand for its goods rebound since late last year. The economy expanded by 1.3% in the first quarter, surpassing even the most optimistic estimates, largely driven by exports. Despite ongoing Middle East tensions and elevated global interest rates, semiconductor sales have seen a resurgence. Major companies like SK Hynix Inc and Samsung Electronics Co have reported better-than-expected earnings, benefiting from increased demand for memory chips. “Export growth is expected to continue driving growth this quarter, especially fueled by strong demand for semiconductors,” noted Dave Chia, an associate economist at Moody’s Analytics, prior to the release of trade figures. South Korean exporters have particularly benefited from robust demand in major economies like the United States. The International Monetary Fund predicts a growth pickup in advanced economies this year, while emerging markets may experience a slight slowdown. “While Asian exports, especially semiconductors, are likely to remain robust, caution is warranted regarding the broader outlook for external demand,” said Sheana Yue, an economist at Oxford Economics. A major concern for policymakers is the weakening value of the won against the US dollar. While some companies like Hyundai Motor Co have seen improved earnings due to this, smaller firms and importers are grappling with higher costs of raw materials and energy. Additionally, the outlook for demand from China remains uncertain. The second-largest economy is struggling to recover from a domestic spending slump, as highlighted by a surprise decline in industrial profits in March. Exports to China in April totaled US$10.5 billion, marking a 9.9% increase from the previous year, while exports to the United States amounted to US$11.4 billion, a 24% rise, according to the Trade Ministry. — BLOOMBERG

Microsoft CEO Satya Nadella
News

Microsoft’s $2.2 Bil Investment Propels Cloud and AI Services in Malaysia

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KUALA LUMPUR: In a statement on Thursday, Microsoft announced its commitment to invest $2.2 billion in Malaysia over the next four years, aimed at bolstering the nation’s digital transformation. This significant investment marks Microsoft’s largest in Malaysia since its inception 32 years ago. CEO Satya Nadella’s visit to Kuala Lumpur as part of his Southeast Asia tour underscores the company’s dedication to promoting its innovative artificial intelligence (AI) technology in the region. Prior stops in Indonesia and Thailand set the stage for this pivotal announcement. Microsoft’s investment will encompass the development of cloud and AI infrastructure, as well as the provision of AI training opportunities for 200,000 individuals, thereby nurturing Malaysia’s burgeoning developer community. Furthermore, the tech giant pledges collaboration with the Malaysian government to establish a national AI Center of Excellence and fortify the nation’s cybersecurity capabilities, signaling a strategic partnership geared toward advancing Malaysia’s digital landscape.–REUTERS

ESG, News

Yayasan Hasanah Changing the Game in Community Development

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KUALA LUMPUR: Impact-based foundation of Khazanah Nasional Bhd, Yayasan Hasanah launched its 10th edition of The Hasanah Report (THR) 2023, revealing a total of RM223 million worth of funds disbursed in 2023 with a reach of 2.9 million people in Malaysia across all layers of society. According to the report, a total of RM1.6 billion worth of funds have been disbursed to date since 2015, across core areas of education, community development, arts, heritage and culture (AHC) as well as environment and knowledge. The report marks a decade of Yayasan Hasanah being the leading foundation in Malaysia’s philanthropic sector, going beyond charity but anchored in the concept of social justice for the rakyat. “When we look back at the milestones achieved by our partners, a unifying theme emerged: the inspiring stories of trailblazers, stereotype-breakers and courageous dreamers. These are the people who are forging new possibilities and shaping our collective future narrative, which is what inspired the theme of our report this year of ‘Reinventing our Future: Harapan Tanpa Sempadan’,” said Yayasan Hasanah Trustee and Managing Director Dato’ Shahira Ahmed Bazari. In the report, Hasanah highlighted one of the many livelihood programmes supported by the Ministry of Finance, namely the Blind Planters Programme in Terengganu which offers training for visually impaired individuals to become planters, cultivating the Terengganu Sweet Melons to generate income, successfully harvesting a collective total of 387kg of the fruit to date. This initiative not only challenges the stigma surrounding blindness but also broadens the horizons of career options for the visually impaired as well as inspiring new perspectives in empowering other vulnerable communities, especially the B40 community. The foundation also recognised the exponential growth of numerous community leaders who have emerged through programmes supported by Hasanah, such as the Temiar Orang  Asli community in Perak, who – with the leadership of the Tok Batin – have transformed their village into an ecotourism destination, creating sustainable income opportunities, generating close to  RM 40,000 in revenue within seven months from its launch. Within the environmental sector, Hasanah has been steadfastly supporting Roots & Shoots Malaysia since 2019 which began with a handful of dedicated youth volunteers and has grown into a movement empowering 317 young individuals. The volunteers are allowed to collaborate with a diverse array of NGOs, amplifying their impact and contribution to environmental causes. Emphasising the power of the Public-Private-Philanthropy partnership model, Shahira added, “We’re excited to see the involvement of youth across various impact areas – from education to community development – underscoring their potential to shape Malaysia’s future.”

Investment & Market Trends, News

Dagang Net, a Subsidiary of DNeX, Achieves CMMI Maturity Level 3 Appraisal

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CYBERJAYA: Dagang Net Technologies Sdn Bhd (“Dagang Net”), a wholly-owned subsidiary of Dagang NeXchange Berhad (“DNeX”), has achieved an impressive milestone by attaining Maturity Level 3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI)® Version 3.0 for its Technology and Human Resource functions. The CMMI framework serves as a guide for organizations aiming to enhance their operational efficiency by improving their capabilities. This appraisal signifies Dagang Net’s adherence to well-defined processes, as per established standards, procedures, tools, and methods. Valid until 12th April 2027, this recognition underscores Dagang Net’s continuous refinement and enhancement of its standard operating procedures over time. Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Executive Chairman of DNeX, expressed pride in this achievement, emphasizing the company’s unwavering dedication to quality output. He highlighted how this milestone not only strengthens customer trust but also underscores Dagang Net’s commitment to delivering innovative solutions and exceeding customer expectations. In line with their dedication to continual improvement, the company actively solicits feedback from customers to identify areas for enhancement. This proactive approach ensures that their products and services remain competitive and relevant in the ever-evolving market landscape. Tan Sri Syed Zainal Abidin Syed Mohamed Tahir affirmed the company’s belief in the journey of continuous improvement, stating their commitment to reviewing product performance, identifying opportunities for enhancement, and implementing improvements based on data-driven insights and customer feedback.

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