BusinessToday Malaysia

25/07/2023

MIDF Research anticipates that the government will cut retail fuel prices, particularly the RON95 and diesel, to ensure price stability and ease living cost pressure in Malaysia. If the government cuts the RON95 price by 10 sen to RM1.95 per litre next month, Malaysia's headline inflation is likely to ease to 2.9 per cent for this year as non-food inflation moderates further towards 1.3 per cent, while transport price experiences deeper contraction of -1.7 per cent, it said in a note today....

MIDF Research anticipates that the government will cut retail fuel prices, particularly the RON95 and diesel, to ensure price stability and ease living cost pressure in Malaysia. If the government cuts the RON95 price by 10 sen to RM1.95 per litre next month, Malaysia’s headline inflation is likel...

25/07/2023

The Asia-Pacific region has a narrow window to increase its resilience and protect its hard-won development gains from the socioeconomic impacts of climate change, according to the latest report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). In the absence of immediate action, temperature rises of 1.5°C and 2°C will cause disaster risk to outpace resilience beyond the limits of feasible adaptation and imperil sustainable development....

The Asia-Pacific region has a narrow window to increase its resilience and protect its hard-won development gains from the socioeconomic impacts of climate change, according to the latest report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). In the absence of....

25/07/2023

Generali Malaysia has announced its first batch of scholarship recipients for the “Generali Malaysia Volare Scholarship Programme”. 7 deserving students were awarded with scholarship grants to pursue their undergraduate studies at top local and private universities in Malaysia. Each candidate went through a rigorous selection process and assessment, which was focused on unearthing their exceptional attributes and discovering their values. These individuals were actively involved in extra-curricular activities apart from their excellent academic results....

Generali Malaysia has announced its first batch of scholarship recipients for the “Generali Malaysia Volare Scholarship Programme”. 7 deserving students were awarded with scholarship grants to pursue their undergraduate studies at top local and private universities in Malaysia. Each candidate we...

25/07/2023

The acquisition allows Petronas to further expand its footprint in Indonesia

Petronas’ subsidiary, Petronas Masela Sdn. Bhd. has signed the Sale and Purchase Agreement with Shell Upstream Overseas Services for the acquisition of a 15 percent participating interest in the Production Sharing Contract of the Masela Block (Masela PSC), located in the deep waters of west Arafur...

25/07/2023

Various digitalisation initiatives implemented to make Selangor a smart state in the Asean region by 2025 have successfully attracted investments to the state, said Dato’ Seri Amirudin Shari. The Menteri Besar said the booming services sector made Selangor a potential investment destination that attracted investors. “Investors are drawn because of the thriving services sector and our readiness for digitalisation. “In recent months, we have secured several significant investments, including RM3 billion from an Australian data centre and RM2 billion (for an international logistics hub project in Shah Alam),” he said during a public town hall session at Kumpulan Media Karangkraf in Section 15 here last night....

Various digitalisation initiatives implemented to make Selangor a smart state in the Asean region by 2025 have successfully attracted investments to the state, said Dato’ Seri Amirudin Shari. The Menteri Besar said the booming services sector made Selangor a potential investment destination that a...

25/07/2023

Short-term interbank rates closed stable today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system. Liquidity in the conventional system fell to RM35.47 billion from RM41.20 billion this morning, while Islamic funds’ liquidity expanded to RM26.99 billion from RM26.53 billion previously. Earlier today, the central bank conducted one conventional money market tender, two Qard tenders and two reverse repo tenders....

Short-term interbank rates closed stable today on Bank Negara Malaysia’s (BNM) operations to absorb surplus liquidity from the financial system. Liquidity in the conventional system fell to RM35.47 billion from RM41.20 billion this morning, while Islamic funds’ liquidity expanded to RM26.99 bill...

25/07/2023

China's pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten-down Hong Kong and Chinese stocks,

Asian shares jumped on Tuesday as China’s pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten-down Hong Kong and Chinese stocks, while the dollar eased ahead of the Federal Reserve meeting this week. MSCI’s broadest index of Asia-Pacific shares outside...

25/07/2023

July 11 marks the World Population Day. The World Population Day was established by United Nations Development Programme in 1989 to raise awareness on issues affecting global population, such as those involving gender equality, reproductive health, poverty, and sustainable development. Being a woman in science myself, gender equality is naturally important to me. Gender equality refers to the equal treatment and rights of individuals, regardless of their gender, and promotes the idea that all genders should have the same opportunities, responsibilities, and access to resources....

July 11 marks the World Population Day. The World Population Day was established by United Nations Development Programme in 1989 to raise awareness on issues affecting global population, such as those involving gender equality, reproductive health, poverty, and sustainable development.  Being a wom...

25/07/2023

7-Eleven Malaysia Holding’s (SEM 5250) recently announced that it has accepted an offer from BIG Pharmacy Healthcare (BIGPH) to acquire its 75% equity stake in Caring Pharmacy Group (Caring) for a total cash consideration of RM637.5m. On 21 Jul, SEM announced it has accepted BIGPH’s offer to buy its 75% stake in Caring for a cash consideration of RM637.5m (19.6x FY22 P/E)....

7-Eleven Malaysia Holding’s (SEM 5250) recently announced that it has accepted an offer from BIG Pharmacy Healthcare (BIGPH) to acquire its 75% equity stake in Caring Pharmacy Group (Caring) for a total cash consideration of RM637.5m. On 21 Jul, SEM announced it has accepted BIGPH’s offer to buy...

25/07/2023

In a rapidly evolving business landscape, customer loyalty plays a pivotal role in driving growth and sustaining success. For small businesses with limited resources, implementing effective loyalty programmes may seem like a daunting task. To shed light on this important topic, BusinessToday had the privilege of speaking with Edward Cham, the Founder of Web123, a company that specialises in empowering businesses with innovative loyalty solutions....

In a rapidly evolving business landscape, customer loyalty plays a pivotal role in driving growth and sustaining success. For small businesses with limited resources, implementing effective loyalty programmes may seem like a daunting task. To shed light on this important topic, BusinessToday had the...

25/07/2023

Economic data around the world continued to darken significantly, including the US scene, but nothing it would seem can stop the buying.

It was more a case of range trading, but markets closed higher in New York again last night. The headlines were able to claim an 11th day of gains, though actual new price highs have not been seen for several days now. The pattern of the year has been for the market to rally into every Fed rate

25/07/2023

The ringgit opened lower against the US dollar on Tuesday (July 25) ahead of Wednesday's Federal Open Market Committee (FOMC) interest rate announcement. As the US Federal Reserve is widely expected to raise interest rates by another 25 basis points, investors are looking forward to the accompanying statement to gauge the future outlook for rates. At 9am, the local note fell to 4.5705/5740 against the greenback compared with 4.5640/5690 at Monday’s close....

The ringgit opened lower against the US dollar on Tuesday (July 25) ahead of Wednesday’s Federal Open Market Committee (FOMC) interest rate announcement. As the US Federal Reserve is widely expected to raise interest rates by another 25 basis points, investors are looking forward to the accompanyi...

25/07/2023

B40 will be the hardest hit as their level of income exceeds the national B40 benchmark, therefore
not eligible for the targeted fuel subsidy program.

MIDF in its thematic report anticipates the government to slash fuel prices in the coming days, the research house said the fuel targeted-subsidy rollout will not be anytime soon. as the government may not roll out the targeted fuel subsidyespecially for RON95 and Diesel in the near term. Firstly, i...

25/07/2023

RHB Regional Thematic Research cited today (July 25) that Malaysia’s construction emission cuts are underpinned by technology. Malaysia’s Construction 4.0 Strategic Plan 2021-2025 emphasises technology usage, namely industrialised building systems (IBS) amongst others to facilitate sustainability. Overall, IBS implementation in both government and private projects has increased to 84% (2020: 79.5%) and 60% (2020: 41%) in 2021. This indicates there is still room for growth in IBS implementation, which is able to reduce CO2 emissions/sqm....

RHB Regional Thematic Research cited today (July 25) that Malaysia’s construction emission cuts are underpinned by technology. Malaysia’s Construction 4.0 Strategic Plan 2021-2025 emphasises technology usage, namely industrialised building systems (IBS) amongst others to facilitate sustainabilit...

25/07/2023

IJM Corporation’s acquisition of a 44.8% stake in Pestech at RM0.155/share (47% discount to closing price) gives it a stronger footing for turnkey rail contracts. The acquisition on almost 44.8% stake in Pestech International Bhd (PEST:MK, NR, CP: RM0.30) involves an issuance of 800m new shares for RM124m or RM0.155/share. A key condition precedent for this acquisition is an exemption from the Securities Commission (SC) on its obligation to extend a mandatory general offer (MGO) for the remaining shares in Pestech....

IJM Corporation’s acquisition of a 44.8% stake in Pestech at RM0.155/share (47% discount to closing price) gives it a stronger footing for turnkey rail contracts. The acquisition on almost 44.8% stake in Pestech International Bhd (PEST:MK, NR, CP: RM0.30) involves an issuance of 800m new shares fo...

25/07/2023

Bird’s nest midstream processor MYMBN (MBN, 0280, GEM) topped the Malaysian stock market today (July 25), and was welcomed by investors on the first day of listing. It opened at 28 sen, a premium of 33.33% over the IPO price. MYMBN is listed at 21 sen per share in an initial public offering. As of 9.10, this new stock was quoted at 28.5 sen, a 35.71% increase from the IPO price, and had risen as high as 30 sen....

Bird’s nest midstream processor MYMBN (MBN, 0280, GEM) topped the Malaysian stock market today (July 25), and was welcomed by investors on the first day of listing. It opened at 28 sen, a premium of 33.33% over the IPO price. MYMBN is listed at 21 sen per share in an initial public offering. As of

25/07/2023

Institut Jantung Negara (IJN) has been recognised as a leading specialist hospital in the Asia-Pacific region (APAC) by Newsweek’s Best Specialized Hospitals APAC 2023 list. The heart specialist centre ranks at 30 on the list, placing it ahead of the hundreds of other specialist hospitals in the region, and marking it as a top healthcare provider in Malaysia. The Best Specialized Hospitals APAC 2023 list is a partnership between American magazine Newsweek and global market research firm Statista R....

Institut Jantung Negara (IJN) has been recognised as a leading specialist hospital in the Asia-Pacific region (APAC) by Newsweek’s Best Specialized Hospitals APAC 2023 list. The heart specialist centre ranks at 30 on the list, placing it ahead of the hundreds of other specialist hospitals in the r...

25/07/2023

Oil prices edged higher on Tuesday, extending gains from the previous session, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Brent futures gained 7 cents at $82.81 a barrel at 00:07 GMT, while U.S. West Texas Intermediate (WTI) crude rose 11 cents at $78.85. Both benchmarks rose over 2 per cent the previous day, and hit their highest closes since April....

Oil prices edged higher on Tuesday, extending gains from the previous session, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment. Brent futures gained 7 cents at $82.81 a barrel at 00:07 GMT, while U.S. West Texas Interm...

25/07/2023

The Malaysia stock market has moved higher in three straight sessions, collecting more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,425-point plateau and it may add to its winnings again on Tuesday. At 9.13am, the FBM KLCI opened at 1424.69. RHB Retail Research, in a note today (July 25), said the FKLI propelled strongly towards the 200-day SMA line, settling 14 pts stronger at 1,425 pts on Monday....

The Malaysia stock market has moved higher in three straight sessions, collecting more than 20 points or 1.4 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,425-point plateau and it may add to its winnings again on Tuesday. At 9.13am, the FBM KLCI opened at 1424.6...

25/07/2023

Maybank looks to further strengthen its global banking business, which is a meaningful contributor to earnings. Enhancing its already comprehensive wholesale banking propositions and digital solutions could solidify its footprint to foreign markets (mainly ASEAN). There could also be a growing need for a reputable investment bank to uplift foreign mid-market companies, where MAYBANK is well- positioned to pe*****te. On these factors Kenanga Investment Bank (Kenanga) presently places an OUTPERFORM call and GGM-derived PBV TP of RM9.25....

Maybank looks to further strengthen its global banking business, which is a meaningful contributor to earnings. Enhancing its already comprehensive wholesale banking propositions and digital solutions could solidify its footprint to foreign markets (mainly ASEAN). There could also be a growing need....

25/07/2023

BMI, a Fitch Solutions company, has attached three reasons to the five telecommunication companies, especially Maxis Bhd's, capitulation to join Digital Nasional Bhd. According to the research firm, the government managed to win them over because the five found that it was cost-effective to pool their investments into a shared platform that allows for equal access rights; their ability to influence DNB's commercial decision making process due to the equity interests; and lastly Maxis' reluctant agreement to join rivals Telekom Malaysia, CelcomDigi, UMobile and YTL in taking a position in DNB suggests that it sees no value in continuing to lobby the government to scrap the DNB scheme....

BMI, a Fitch Solutions company, has attached three reasons to the five telecommunication companies, especially Maxis Bhd’s, capitulation to join Digital Nasional Bhd. According to the research firm, the government managed to win them over because the five found that it was cost-effective to pool t...

25/07/2023

While Chinese markets could sour Asian sentiment on Tuesday, local investors have two other potential market-moving events on the slate - an interest rate decision from Indonesia and second quarter gross domestic product (GDP) data from South Korea. Chinese stocks on Monday ended lower for a sixth day after the country's top leaders said the economy is facing "new difficulties and challenges", "risks and hidden dangers in key areas" and "a grim and complex external environment."...

While Chinese markets could sour Asian sentiment on Tuesday, local investors have two other potential market-moving events on the slate – an interest rate decision from Indonesia and second quarter gross domestic product (GDP) data from South Korea. Chinese stocks on Monday ended lower for a sixth...

25/07/2023

Malaysia Marine And Heavy Engineering is set for an uptrend rebound as it surpassed the consolidation phase. RHB Retail Research, in a note today (July 25), said it broke above the MYR0.56 immediate resistance yesterday on strong trading volume. The stock is expected to climb towards the MYR0.60 mark, followed by MYR0.65. Towards the downside, falling below the MYR0.525 support would indicate a reversal in trend and turn it southwards....

Malaysia Marine And Heavy Engineering is set for an uptrend rebound as it surpassed the consolidation phase. RHB Retail Research, in a note today (July 25), said it broke above the MYR0.56 immediate resistance yesterday on strong trading volume. The stock is expected to climb towards the MYR0.60 mar...

25/07/2023

The Hang Seng Index Futures fell below the 20-day SMA line, retreating 380 pts and closing at 18,677 pts. RHB Retail Research, in a note today (July 25), said initially, the index opened at 19,060 pts. After touching the 19,109-pt intraday high, it plunged to the intraday low at 18,545 pts and closed at 18,677 pts – breaching the 18,861-pt support....

The Hang Seng Index Futures fell below the 20-day SMA line, retreating 380 pts and closing at 18,677 pts. RHB Retail Research, in a note today (July 25), said initially, the index opened at 19,060 pts. After touching the 19,109-pt intraday high, it plunged to the intraday low at 18,545 pts and close...

25/07/2023

The Singapore stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day winning streak in which it had picked up more than 80 points or 2.5 percent. The Straits Times Index now rests just above the 3,265-point plateau although it figures to bounce higher again on Tuesday. The global forecast for the Asian markets is cautiously optimistic ahead of Wednesday's FOMC interest rate decision....

The Singapore stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day winning streak in which it had picked up more than 80 points or 2.5 percent. The Straits Times Index now rests just above the 3,265-point plateau although...

25/07/2023

The Dow Jones Industrial Average rose Monday, notching its longest winning streak since February 2017, to kick off a busy week of key earnings reports and a major policy decision from the Federal Reserve. The 30-stock Dow gained 183.55 points, or 0.52%, to 35,411.24 — posting an 11th straight day of gains. The S&P 500 rose 0.40% to 4,554.64. The Nasdaq Composite added 0.19% to 14,058.87....

The Dow Jones Industrial Average rose Monday, notching its longest winning streak since February 2017, to kick off a busy week of key earnings reports and a major policy decision from the Federal Reserve. The 30-stock Dow gained 183.55 points, or 0.52%, to 35,411.24 — posting an 11th straight day ...

24/07/2023

The Bar defends lawyer fee increase for professional work for property.

The Malaysian Bar stands issued a press statement firmly behind the increase of scale fees chargeable for non-contentious matters under the Solicitors’ Remuneration Order 2023 which took effect on 15 July 2023. It also said it wholly disagrees with the views set out by the Malaysia Competition Com...

24/07/2023

Kantar places Maxis outside the top 10 with brand value of over 2 billion dollar.

In Kantar BrandZ Top 10 most valuable brands in Southeast Asia, Indonesia, Singapore, and Thailand dominate the list with no Malaysian companies anywhere to be seen, however, we do see Maxis being listed as number 13. Coming up first is Indonesia’s Bank Central Asia (BCA) listed as the most valuab...

24/07/2023

According to CBRE’s head of Singapore capital markets Michael Tay, Far East Shopping Centre is the only commercial site currently available for sale along Orchard Road.

Far East Shopping Centre in Orchard Road has been put up for collective sale, with a guide price of S$928 million (US$697 million), real estate services and investment firm CBRE said on Monday (Jul 24). The 36,014 sq ft corner site, located at the junction of Orchard Road and Angullia Park, has a la...

24/07/2023

IJM Corporation Bhd has entered into a conditional subscription agreement for the proposed subscription of 44.83 per cent stake in Pestech International Bhd for RM124 million. In a filing with Bursa Malaysia today, IJM said upon completion of the proposed subscription, IJM’s shareholding in the enlarged share capital of Pestech stood at 44.83 per cent, excluding treasury shares. It said as per regulatory requirements, IJM would be obligated to make a mandatory take-over offer for the remaining Pestech shares and warrants but the company does not intend to proceed with the obligation and would seek an exemption from the Securities Commission after Pestech obtained its shareholders’ approval....

IJM Corporation Bhd has entered into a conditional subscription agreement for the proposed subscription of 44.83 per cent stake in Pestech International Bhd for RM124 million. In a filing with Bursa Malaysia today, IJM said upon completion of the proposed subscription, IJM’s shareholding in the en...

24/07/2023

JAG Bhd’s wholly owned subsidiary Jaring Metal Industries Sdn Bhd (JMI) will provide total waste management services to Infineon Technologies (Malaysia) Sdn Bhd for RM50 million per year for three years. JAG said JMI and Infineon have inked an agreement with JMI to manage all types of waste or by-products generated from Infineon’s production activities, including scheduled waste such as electrical and electronic waste, process-related waste and maintenance-related waste, non-scheduled waste and critical scrap....

JAG Bhd’s wholly owned subsidiary Jaring Metal Industries Sdn Bhd (JMI) will provide total waste management services to Infineon Technologies (Malaysia) Sdn Bhd for RM50 million per year for three years. JAG said JMI and Infineon have inked an agreement with JMI to manage all types of waste or by-...

24/07/2023

They have been buying up shares at much lesser pace after RM570 million in previous week.

The net buying by foreign investors in Bursa Malaysia extends into its second consecutive week, though at a much-moderated pace of RM179m, as compared to RM570.9m a week ago. It was a shortened trading week, due to the Awal Muharram public holiday on Wednesday. They net bought RM56.3m on Monday, RM7...

24/07/2023

ech stocks have been the backbone of the broader equity market gains in 2023, so it’s probably fair to say that how the likes of Alphabet, Meta and Microsoft

There is no shortage of event risk on the calendar this week with the much-anticipated Fed meeting and the continuation of earnings season sure to keep investors on their toes. In the case of the FOMC, all Fed meetings are significant but this next one could carry more weight than most given the ant...

24/07/2023

MIDF Amanah Investment Bank Bhd (MIDF Research) expects the government to keep retail fuel prices status quo at least until the end of 2023, subsequently reducing overall inflationary pressure moving forward. The research house said this following the deceleration of June 2023 headline inflation which moderated to 2.4 per cent year-on-year (y-o-y), the slowest rate since April 2022, along with a lower non-food inflation rate which inched down marginally to 1.2 per cent y-o-y....

MIDF Amanah Investment Bank Bhd (MIDF Research) expects the government to keep retail fuel prices status quo at least until the end of 2023, subsequently reducing overall inflationary pressure moving forward. The research house said this following the deceleration of June 2023 headline inflation whi...

24/07/2023

United Plantations Bhd has posted a lower net profit of RM159.02 million in the second quarter (2Q) ended June 30, 2023 from RM184.63 million in the same quarter last year. Revenue dipped to RM470.07 million in the quarter compared to RM701.26 million previously, due to the decrease in revenues for the plantation and refinery segments, it said in a filing to Bursa Malaysia today....

United Plantations Bhd has posted a lower net profit of RM159.02 million in the second quarter (2Q) ended June 30, 2023 from RM184.63 million in the same quarter last year. Revenue dipped to RM470.07 million in the quarter compared to RM701.26 million previously, due to the decrease in revenues for....

24/07/2023

The easing of inflation in Malaysia is likely to continue into the second half of 2023 (2H2023) as prices in the market showing moderation, Malaysia University of Science and Technology (MUST) professor Geoffrey Williams said. He said inflation is expected to stay low, probably between 2% and 2.5% in 2H2023. “Price rises have slowed across almost all categories and especially restaurants and food products, which have been quite stubborn....

24/07/2023

Public Bank Bhd will continue to step up its security measures against the diverse modus operandi of scams and frauds. One of the latest scams involved an illegal syndicate offering loans through social media platforms with low-interest rates, it said. Managing director and chief executive officer Tan Sri Tay Ah Lek said that the bank is working closely with the authorities to address such scams and frauds....

Public Bank Bhd will continue to step up its security measures against the diverse modus operandi of scams and frauds. One of the latest scams involved an illegal syndicate offering loans through social media platforms with low-interest rates, it said. Managing director and chief executive officer T...

24/07/2023

Prime Minister Dato’ Seri Anwar Ibrahim announced on July 14 that the Immigration Facilitation for Strategic Investors Nomad Workers in the Manufacturing Sector needed to be improves to ease of doing business and facilitate both Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) in Malaysia. Today, a presentation was held on of those passes being handed out by the Prime Minister to several investors and nomad workers at the Prime Minister’s Department today (July 24)....

Prime Minister Dato’ Seri Anwar Ibrahim announced on July 14 that the Immigration Facilitation for Strategic Investors Nomad Workers in the Manufacturing Sector needed to be improves to ease of doing business and facilitate both Foreign Direct Investment (FDI) and Domestic Direct Investment (DDI) ...

24/07/2023

For the quarter under review, KIP REIT registered gross revenue of RM22.4 million, which translated to an increase of 16.5% as compared to RM19.2 million in the preceding year’s corresponding quarter.

For the quarter under review, KIP REIT registered gross revenue of RM22.4 million, which translated to an increase of 16.5% as compared to RM19.2 million in the preceding year’s corresponding quarter. Net property income rose by 14.3% to RM16.2 million in Q4FY2023 from RM14.2 million in Q4FY2022. ...