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Investment & Market Trends, News

Malaysia’s Inflation Stayed at 1.8% In March 2024

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KUALA LUMPUR: Since November 2023, the country’s inflation rate stood at 1.5% up until January 2024. By February, the number went up to 1.8%, which continued until last month, with the index points recorded at 132.2 as against 129.9 in the same month of the previous year.   The increase of inflation in March 2024 was driven by housing, water, electricity, gas and other fuels (3%); restaurant and accommodation services (3%); personal care, social protection and other goods and services (2.6%) and transport (1.3%). However, the increase has been offset by the other main group which recorded a slower increase namely health (2.1%); food and beverages (F&B) (1.7%) and recreation, sport and culture (1.5%). The increase of 3% (February 2024: 2.7%) in for housing, water, electricity, gas and other fuels was contributed by the expenditure class of water supply which increased to 31.4% in March 2024 (February 2024: 28.8%). Kedah has increased the water tariff rates for domestic category users starting in March 2024 as compared to other states that have implemented the new tariff rates in February 2024. The F&B group recorded a slower increase of 1.7% in March 2024 (February 2024: 1.9%). The main subgroup of food at home increased to 0.3% in March 2024 (February 2024: 0.5%). Meanwhile, the main subgroup of food away from home increased 3.5%, the same rate as registered in February 2024. Overall, monthly inflation recorded a marginal increase of 0.1% as compared to 0.5% recorded in February 2024. A few main groups that posted increases on a monthly basis were restaurant and accommodation services (0.4%); personal care, social protection and other goods and services (0.4%) as well as housing, water, electricity, gas and other fuels (0.3%). Meanwhile, inflation for the first quarter of 2024 recorded an incline of 1.7% (Q4 2023: 1.6%). For quarterly comparison, Malaysia’s inflation increased 0.7% (Q4 2023: 0.2%). Meanwhile, core inflation increased slower at 1.7% as compared to 1.8% in February 2024. The increase was due to the F&B and restaurant and accommodation services which both recorded increases of 3%respectively in March 2024. At the state level, most of the states recorded increases below the national inflation level of 1.8%. However, 5 states recorded increases above the national inflation level namely Pulau Pinang (3%), Sarawak (2.9%), Pahang (2.1%), Selangor (2.1%) and Perlis (1.9%). In comparison to inflation in other selected countries, inflation in Malaysia (1.8%) was lower than inflation in Vietnam (4%), Philippines (3.7%), United States of America (3.5%), Republic of Korea (3.1%) and Indonesia (3.1%). However, the rate is higher than China (0.1%) and Thailand (-0.5%).

News

Tony Fernandes Signs 5-year Extension as Capital A CEO

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KUALA LUMPUR: Capital A Bhd, chief executive officer (CEO) Tony Fernandes has signed a new service contract for the next five years, continuing his role to focus on driving the group’s future growth and financial returns. Capital A independent non-executive director Datuk Fam Lee Ee said the board has approved an incentive package, designed to align the CEO’s interests with shareholders and ensure a shared commitment to drive the long-term success and sustainability of the group. “His role encompasses steering Capital A towards unlocking enhanced shareholder value through the execution of profitable transactions across the group’s entities within Capital A,” he said at a media briefing today. He noted that the incentive package and its details will be presented to shareholders for their approval at the upcoming extraordinary general meeting. “Fernandes has shown an unparalleled ability to successfully transform Capital A to drive growth and deliver financial returns, earning him a reputation as one of the world’s outstanding CEOs,” he said. Fam said Fernandes has set Capital A on the right strategic path for ongoing value creation, and the board determined it is in the best interest of the shareholders to extend his tenure. “We are confident that, under his guidance, we will achieve even greater milestones in the years ahead,” he said. Meanwhile, Fernandes said he envisions Teleport, MOVE Digital, Capital A Aviation Services Group (CAPAS) and Capital A International evolving into separately listed public companies over the next five years. “They will share the fundamental AirAsia DNA, characterised by low-cost, high efficiency and a relentless commitment to being independent and resilient market disruptors,” he said. He will also focus on returning value to shareholders during his renewed term, while creating a narrow-term strategy for the group, coming out from PN17 status and strengthening its balance sheet. Besides the tenure renewal, Tony was also appointed advisor and steward for AirAsia Aviation Group CEO as the airline group embarks on a new era of transformation and growth. AirAsia Aviation Group chairman Tan Sri Jamaludin Ibrahim said Fernandes will provide strategic oversight over AirAsia Aviation Group, including expansion and succession planning and be the key conduit between Capital A and the aviation business ecosystem to ensure all mutual opportunities were leveraged. – BERNAMA

News, Property

SANY Group Contributes to New Zealand’s Infrastructure Transformation to Boost Tourism

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SHANGHAI, CHINA: SANY Group is taking part in the road construction project in New Zealand’s Bay of Plenty, the 12th road upgrading project in New Zealand as the country embarks on major upgrades to its transportation infrastructure. Globalisation is an important element of SANY’s development strategy, to build a better world. The group has been actively exporting high-end equipment to support urban upgrading and infrastructure projects worldwide. Upon completion, the Bay of Plenty road will provide more convenient and safer transportation options to the local communities and tourists visiting the region. To date, SANY has delivered three pieces of road construction equipment that are working in synchronisation to guarantee both construction quality and efficiency, namely: STR30C-8 lightweight double-drum roller: It’s equipped with a Yanmar engine with robust power and offers the choice of front and rear, single and double drum vibration, which can be switched flexibly under any working conditions. The model’s high compaction and high-density rolling quality can meet the strict requirements of highway construction. SSR180C-8 single-drum roller: The cabin is certified by Rops/Fops, standard configuration includes a reversing camera and full LED lights to provide a more comfortable and safer operating environment. SMG200C-8 motor grader: The robust model has a Meikang engine with 186KW power, coupled with direct-drive powershift transmission, smooth shifting, and quick response to ensure operation with precision, the easy-to-maintain rotary support device also reduces cost and boosts reliability and durability. As a leading supplier of complete road construction equipment, SANY has built a comprehensive product portfolio of five core categories – pavers, rollers, graders, milling machines, and asphalt mixing plants. In 2021, SANY’s hydraulic roller, asphalt plant, and pavers had the highest market share in China, according to the statistics from the China Construction Machinery Industry Association (CCMIA). “With short winters and long summers, the Bay of Plenty is one of New Zealand’s sunniest and most popular vacation destinations. Its breathtaking natural beauty and unique culture attract numerous tourists from around the world, and we’re delighted to support the construction of the roads with our products to help build a better Bay of Plenty,” said SANY Country General Manager Jat Zhang. “We look forward to participating in more projects that will create better tourism experiences for visitors from all over the world,” he added.

Investment & Market Trends, News

Meta Bright Signs RM24 Mil Leasing Contract with Australian Company

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KUALA LUMPUR: Meta Bright Group Bhd’s (MBG) wholly-owned Australian subsidiary, Meta Bright Australia Pty Ltd (MBA), signed a new leasing contract with Mt Cuthbert Resources Pty Ltd (MCR). The agreement, signed on April 24, 2024, marks another significant step in MBG’s strategic expansion in the equipment leasing market. Under the terms of the contract, MBA will provide dry hire equipment rental services to MCR, supporting its copper mining operations in Australia with essential machinery and equipment valued at up to AU$8 million (approximately RM24.82 million). The equipment list includes machinery, vehicles, and other mining equipment necessary for MCR’s readiness to operate and respond to the promising copper mining outlook. A filing with Bursa Malaysia showed that this contract is expected to generate substantial monthly recurring rental income, estimated at AU$222,950 (about RM691,657.78), enhancing MBG’s recurring revenue streams and reinforcing its presence in the Australian market. MBG executive director of corporate and strategic planning Derek Phang Kiew Lim said this contract strengthens the company’s relationship with MCR and underscores its capability and commitment to supporting the mining industry with high-quality and reliable equipment. “Our strategic decision to diversify into machinery and equipment leasing has allowed us to tap into the robust growth of the mining sector in Australia, which continues to show significant potential,” he said in a statement. The mining industry in Australia is a critical economic sector, with growth driven by increasing domestic and international demand for minerals. The industry’s income from mineral exploration is projected to grow to AU$5.7 billion by 2025, at a compounded annual growth rate (CAGR) of 11.3% from 2023. The equipment leasing market in Australia is similarly promising, expected to grow to US$1.9 billion by 2025. This growth is supported by expanding end-user industries such as mining, construction, and manufacturing, which rely heavily on leased equipment to reduce capital expenditure and enhance operational efficiency. “Our strategic focus on the equipment leasing sector is paying dividends, enabling us to leverage growth opportunities within Australia’s dynamic industrial landscape. “We are confident that this new contract with MCR will contribute positively to our financial performance, starting from the second quarter of the financial year 2025,” added Phang. MGB continues to explore opportunities to expand its leasing business, aligning with its goal to provide stable and sustainable returns to its shareholders.

Investment & Market Trends, News

HeiTech Padu Berhad Targets Stronger Earnings Growth after Returning to Profitability for FY2023

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SUBANG JAYA: HeiTech Padu Berhad (HeiTech or the Group) has returned to profitability in the financial year ending December 31, 2023 (FY2023), reporting a profit of RM7.2 million to Bursa Malaysia compared to losses of RM10 million in 2022. This turnaround of RM17.2 million is attributed to improved profit margins resulting from effective cost management and successful acquisition of new contracts in both public and private sectors amidst heightened competition and economic uncertainty. Contracts secured include those from key ministries and agencies such as the Ministry of Education, Ministry of Domestic Trade and Cost of Living, Ministry of Health, Inland Revenue Board of Malaysia, and an extended contract with the Immigration Department of Malaysia.   Salmi Nadia Mohd Hilmey, Group Managing Director and Group Chief Executive Officer, emphasized HeiTech’s commitment to delivering value-added solutions and services to customers, driving stronger earnings growth. Over the past 30 years, HeiTech’s track record in developing and managing technological solutions for public and private sector clients has fueled its growth. The company’s success in securing high-profile government contracts is attributed to its consistent delivery and merit-based approach. Established as a leading player in Malaysia’s IT industry, HeiTech has driven technological transformation for governmental, financial, and commercial organizations through strategic collaborations and partnerships. It has evolved from a system integrator and managed infrastructure provider to offering digital and emerging products like smart parking systems, e-KYC, payment gateways, and smart applications for local councils, cooperatives, schools, and teaching portals. HeiTech’s regional expansion initiatives include ventures into Indonesia, where it launched financial systems for cooperatives, a school administration system, and a mobile app for teachers and students through PT DesaTech Nusantara, an investee company. Looking ahead, HeiTech aims to become a comprehensive Digital Technology Service Provider by leveraging emerging technologies, broadening operational capabilities, expanding its customer base, diversifying its business, and enhancing its financial position.

Energy & Technology, News

Jiankun International Unveils Green Energy in Taman Panchor Jaya

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KUALA LUMPUR: Jiankun International Bhd (JIB) has inked a memorandum of understanding (MoU) with Micro Energy Holdings (M) Sdn Bhd (MEH) to advance an eco-conscious future further. This partnership illustrates the potential of sustainable development in the real estate industry and underlines a commitment to innovation and responsible development by installing solar photovoltaic (PV) systems in JIB’s Taman Panchor Jaya @ Nibong Tebal, Penang. JIB Executive Director and Chief Executive Officer Edwin Silvester Das said this initiative with MEH is more than an advancement in the company’s project portfolio. “It is a leap towards a greener Malaysia. By integrating sustainable solutions like solar energy into our luxury housing development, we aim to create not just homes but a legacy of environmentally responsible living,” he said in a statement. According to Edwin, the Taman Panchor Jaya @ Nibong Tebal will set a benchmark for environmentally conscious developments without compromising elegance and comfort. This initiative, expected to be completed in July 2026, will feature 116 double-storey units equipped with a minimum of 2.2KW solar systems, underscoring JIB’s investment in green technology and its environmental and community benefits. “The partnership between JIB and MEH for the Taman Panchor Jaya @ Nibong Tebal project reflects our foresight in melding luxury with eco-efficiency. “We are steering the Malaysian property market towards a horizon where luxury and sustainability coexist,” Edwin said. JIB announced in December 2023 that it had acquired a 99.99% stake in Oriental Link Properties (M) Sdn Bhd (OLP). The acquisition enlarged JIB’s footprint and enriched its portfolio with OLP’s high-value projects. The Taman Panchor Jaya @ Nibong Tebal Penang represents a gross development value (GDV) of RM72.69 million and will be a gated community, indicating substantial returns rooted in strategic location and advanced planning. The development, nestled on a verdant 7.58-acre land, is projected to attract buyers keen on green energy and sustainable living. MEH Chairman Tan Sri Abdul Aziz Jaafar said the company’s collaboration with JIB on the Taman Panchor Jaya project epitomises the fusion of modern technology and environmental stewardship. “By harnessing solar power, we contribute to a sustainable future and set a precedent for integrating green energy solutions in real estate development. “This partnership is a testament to our commitment to innovation and dedication to promoting sustainable living across Malaysia,” he said. JIB Executive Director Datuk Ir Donald Lim said this green initiative aligns with Malaysia’s aspirations for sustainable urban development and supports the nation’s agenda to reduce its carbon footprint for the country. “The project promises to lower energy costs for residents, increase the value of their properties, and contribute to the overall welfare by fostering a healthier environment,” he said.

Energy & Technology, News

MITI Maintains Target of 10k Charging Stations by 2025 Despite Setbacks

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KUALA LUMPUR: A total 2,214 electric vehicle (EV) charging stations were installed as of 20 March 2024 as the Ministry of Investment, Trade and Industry (MITI) maintains its commitment to developing the EV charging infrastructure and reaching its target of 10,000 charging points by 2025. Under the Low Carbon Mobility Blueprint (LCMB) 2021-2023, 9,000 units of those charging points will be altering current (AC) chargers and 1,000 units will be direct current (DC) fast chargers. “Out of the 2,214 EV charging stations already installed, 1,741 AC chargers and 473 are DC fast chargers,” Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said during a press conference after announcing the ministry’s first-quarter 2024 report card. On the Electric Motorcycle Use Promotion Scheme (MARiiCas) programme, Tengku Zafrul said 1,995 applications were approved with rebates valued at RM4.8 million as of 31 March 2024. Earlier in January, he said that the government may not be able to meet the target of installing 10,000 charging stations around the country by next year. Having that in mind, Tengku Zafrul said that he and his Cabinet colleagues would re-examine if the target is feasible. “It seems that the target is quite aggressive because there are many issues that we need to address. “It involves agencies such as the Energy Commission, local authorities and other parties,” he said, adding that the procedures to install the charging stations needed to be streamlined as there had been complaints from equipment suppliers. “One of the main complaints was that it took a long time to get approval to set up a charging station. We need to make it seamless,” he commented. — BERNAMA

Singapore
Energy & Technology, News

Funds raised by Singapore’s tech startups up 59% in 2023

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SINGAPORE: Singapore’s early-stage technology start-ups secured $402 million (S$548 million) in funding in 2023, a 59 percent increase from the $253 million raised in 2022, according to SGInnovate, the national investment arm. The number of seed-stage deals also rose by 50 percent, from 20 in 2022 to 30 in 2023, across four key sectors: advanced manufacturing, agrifood and sustainability, and health and biomedical sciences. SGInnovate noted these figures in its report on the sector’s development in 2023, highlighting a growing interest in emerging tech investments as Singapore’s ecosystem matures. SGInnovate examined early-stage start-ups established between January 1, 2019, and December 31, 2023, defining emerging technology start-ups as those developing tangible products like devices, machinery, food, and pharmaceuticals based on physical sciences, life sciences, and engineering. Tong Hsien-Hui, SGInnovate’s executive director, remarked that these trends reflect Singapore’s evolving and dynamic emerging tech landscape, with specialized investors increasingly supporting specific industry verticals. Agrifood and sustainability emerged as leading sectors in funding and start-up incorporations, likely driven by public and private initiatives. Both sectors saw growth in funding events year-on-year, with the agrifood sector securing 13 deals in 2023 (compared to eight in 2022) and the sustainability sector closing 16 deals in 2023 (versus 12 in 2022). Despite overall increases in funding and deals, the number of start-ups incorporated in 2023 across the four sectors declined from 35 in 2022 to 25 in 2023. SGInnovate attributed this to ongoing macroeconomic uncertainties, potentially leading to deferred incorporations. Looking forward, SGInnovate anticipates increased private market investments in emerging technologies in 2024, especially with predicted rate cuts, and remains optimistic about start-ups addressing long-term challenges, supported by Singapore’s policy initiatives.

Energy & Technology, Investment & Market Trends, News

PGB Intensify Efforts Towards Green Initiatives Amid Strong Financial Performance

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KUALA LUMPUR: Petronas Gas Bhd (PGB) is committed to creating secure high-impact projects by leveraging on its core competencies and exploring industry-adjacent opportunities. This was revealed during the group’s 41st annual general meeting (AGM), where PGB reiterated its efforts of integrating sustainability into all decision-making processes, prioritising economic growth and sustainable development equally at all levels. “PGB’s efforts in upholding strength, resilience and sustainability are anchored in its strategic agenda of pursuing growth while maintaining commercial project and operational excellence,” the group said in a statement released in conjunction with the meeting. During the virtual session of the AGM, PGB Managing Director and Chief Executive Officer Abdul Aziz Othman highlighted the group’s strong 2023 financial performance with profit earnings increasing by 8.1% to RM1.9 billion compared to the previous year. The positive results were attributed to continued operational excellence and robust margins from the utilities segment as well as higher contribution from joint venture companies. “Backed by improved performance, the group declared a total dividend of 72 sen per share,” he said. For PGB’s full financial year ended 31 December 2023 (FY23), the group reported a total revenue of RM6.45 billion, an increase of 4.6% from RM6.16 billion posted in FY22, which was mainly contributed by the increased revenue from the utilities segment on the back of higher product prices in tandem with elevated fuel gas price and higher electricity tariff. By maintaining its successful performance and reliability across all its plants and facilities, the group was able to ensure steady earnings from long-term contracts under gas processing, gas transportation, regasification and utilities segments amidst challenging market conditions on the back of long-term agreements. For the fourth quarter ended 31 December 2023 (Q4 FY23), the group’s revenue declined by 3.1% to RM1.58 billion compared to RM1.63 billion posted in Q4 FY22 due to lower revenue from utilities and regasification segments. The lower utilities revenue was mainly due to lower product prices and customers’ offtake, while regasification revenue was lower. “Despite the challenging business environment, PGB still managed to record a strong financial performance in FY23. As we move forward, we continue to explore opportunities for growth within the National Energy Transition Roadmap (NETR),” Abdul Aziz said. He added that the group also initiated efforts to pursue a greener portfolio to support its target to achieve Net Zero Carbon Emissions by 2025.

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