Malaysian Investor Thread

[nazrey]

ASEAN 2022
Part 59: Indonesia | CIMB Group Holdings Bhd
CIMB Niaga’s 1H22 consolidated net profit up 20.4% y-o-y
Hailey Chung July 27, 2022 21:56 pm +08

KUALA LUMPUR (July 27): CIMB Group Holdings Bhd’s 92.5%-owned PT CIMB Niaga Tbk announced its unaudited consolidated net profit for the first half ended June 30, 2022 (1H22), leaped 20.4% to 2.57 trillion Indonesian rupiah (about RM763.68 million), up from 2.13 trillion Indonesian rupiah a year ago.

According to its financial statement filed with Bursa Malaysia on Wednesday (July 27), CIMB Niaga’s earnings per share for 1H22 was 101.65 Indonesian rupiah against the previous year's 85.54 Indonesian rupiah.

It paid a total dividend of 2.35 trillion Indonesian rupiah in 1H22, twice the amount compared with 1.1 trillion Indonesian rupiah in 1H21.

In a separate statement, CIMB Niaga president director Lani Darmawan attributed the improved performance to strong loans or financing growth, improved fee income, strong cost controls and lower credit provision.

CIMB Niaga reported that its capital adequacy ratio (CAR) and loan to deposit ratio (LDR) closed at 21.1% and 80.9%, respectively, as on June 30.

Meanwhile, total assets stood at 311 trillion Indonesian rupiah as on June 30, which it said is solidifying the bank’s position as Indonesia’s second largest privately-owned bank by total assets.

It added that total deposits reached 232 trillion Indonesian rupiah with the current account and savings account (CASA) ratio rising to 65.7%.

“Current account and savings account balances grew by 16.9% year-on-year (y-o-y) and 7.7% y-o-y respectively, driven largely by the bank’s continuous commitment to deepening customer relationships and enhancing user experience through its digital touchpoints,” CIMB Niaga said.

Total loans stood at 189.7 trillion Indonesian rupiah, contributed mainly from the 15.5% y-o-y growth in corporate banking and 13.8% y-o-y growth in consumer banking, the bank said.

“Mortgages grew by 8.5% y-o-y, while auto loans rose 51.7% y-o-y, including the contributions from the bank’s subsidiary, PT CIMB Niaga Auto Finance.

“In Sharia Banking, CIMB Niaga Syariah maintained its position as the largest Islamic business unit in Indonesia, with total financing valued at 42.3 trillion Indonesian rupiah and deposits at 36.9 trillion Indonesian rupiah as at June 30,” it said.

Lani said the bank continues to innovate its digital customer experience by integrating various products and services into CIMB Niaga’s Super App OCTO Mobile.

“Recently, we launched a digital credit card named OCTO Card in collaboration with three principals, namely PT JCB International Indonesia, PT Mastercard Indonesia, and PT Visa Worldwide Indonesia.

“As a digital credit card integrated in OCTO Mobile, customers can leverage OCTO Card for online shopping at various e-commerce or offline merchants through the Scan QRIS feature, without the need to carry a physical card.

“This is also in line with CIMB Niaga's initiatives in supporting the Sustainable Development Goals (SDGs), one of which is reducing the use of plastic cards,” Lani said.

CIMB Niaga added it will develop digital-based products to complement the offerings at existing branches because 97% of total customer transactions were made through branchless banking channels such as OCTO Mobile, OCTO Clicks, automated teller machines (ATM) and Rekening Ponsel (mobile wallet).

To support its business growth, CIMB Niaga said it continues to improve customer experience by offering a comprehensive suite of products and services through 420 branches (including 34 mobile branches and 37 digital lounges).

As on June 30, the bank’s nationwide network operated 4,432 ATMs (including 942 cash deposit and recycle machines) and 281,596 electronic data capture points.

On Wednesday, shares of CIMB Group Holdings Bhd increased by 0.4% or two sen to close at RM5.22, giving it a market capitalisation of RM54.68 billion.

https://www.theedgemarkets.com/artic...profit-204-yoy

[nazrey]

ASEAN 2022
Part 60: Vietnam | Toyo Ventures Holdings Bhd
Toyo Ventures seeks to justify force majeure event in US$3b Vietnam power plant contract
July 26, 2022 18:34 pm +08

KUALA LUMPUR (July 26): Toyo Ventures Holdings Bhd has submitted a letter justifying a force majeure event in an ongoing thermal power plant project in Vietnam to the Vietnamese authorities, after the authorities did not recognise the financial closing date of the project recently.

A force majeure event, if proven, removes liability for catastrophic or unforeseen events that prevent participants from fulfilling obligations.

In a Bursa Malaysia filing on Tuesday (July 26), Toyo Ventures said its project lawyer had on July 14, on behalf of its wholly-owned subsidiary Song Hau 2 Power Co Ltd (SH2PC), submitted a letter justifying the force majeure event to Vietnam's Ministry of Industry and Trade (MOIT) and the Electricity and Renewable Energy Authority (EREA).

"On July 22, EREA gave the opinion that MOIT does not recognise the financial closing date of the project on July 6. [Thus,] the company’s project lawyer is making arrangements to meet the relevant Vietnamese officials to determine the mitigating measures to recognise the financial closing date," Toyo Ventures added.

The group said it will make the necessary announcement on the progress of the power plant project to Bursa Securities in due course.

In November 2020, Toyo Ventures, via its wholly-owned subsidiary Toyo Ink Group Bhd and SH2PC, had executed a contract with MOIT, as well as a government guarantee with the Vietnamese government, to develop the power plant in Vietnam on a build, operate and transfer (BOT) basis.

The concession period will be for the period from Dec 29, 2020 until the date falling 25 years after the commercial operation date of the facility, which may be extended due to force majeure events and other circumstances as stipulated under the BOT contract.

Spanning 117.39ha with a capacity of 2 x 1,060MW, the project cost is estimated to be US$3.23 billion (about RM14.39 billion), which will be financed via a mix of debt and equity financing.

Toyo Ventures shares closed down four sen or 5.56% at 68 sen per share on Tuesday, giving the company a market capitalisation of RM79.53 million. A total of 2.53 million shares were traded.

https://www.theedgemarkets.com/artic...plant-contract

[nazrey]

WORLD 2022
Part 65: Angola | Yinson Holdings Bhd
Yinson to reserve FSPO Nganhurra for bp Exploration's Angola project
Hailey Chung July 28, 2022 22:33 pm +08

KUALA LUMPUR (July 28): Yinson Holdings Bhd has inked an exclusivity agreement with bp Exploration (Angola) Ltd to reserve a floating production storage and offloading (FPSO) vessel for the latter’s proposed 10-well subsea Palas, Astrea and Juno Oil Fields (PAJ Project) in Angola.

In a statement on Thursday (July 28), Yinson said it will, under the agreement, exclusively allocate FSPO Nganhurra to bp for the PAJ Project until Dec 31 this year. bp has the option to extend the reservation until June 30, 2023 while the parties negotiate a contract to convert, operate, maintain and lease the FSPO for the project.

"The lease and operate contract, which is anticipated to include a 10-year fixed term, is expected to be executed by the end of 2024, subsequent to bp reaching final investment decision," Yinson said.

https://www.theedgemarkets.com/artic...angola-project

[nazrey]

ASEAN 2022
Part 61: Indonesia | Maybank Group
Maybank Indonesia 1H profit rises 30% to 663 bil rupiah on higher loan demand, economic improvement
Sulhi Khalid July 29, 2022 12:35 pm +08

KUALA LUMPUR (July 29): Maybank Group's PT Bank Maybank Indonesia reported a 30% increase in profit after tax and minority interests (PATAMI) of 663 billion rupiah (about RM198.57 million) for the first half of the year ended June 30 (1HFY22) from 510 billion rupiah in the previous year, as loan demand grew while the economy improved.

In a statement on Friday (July 29), Maybank Indonesia said the better results were also due to reduced loan provisions amid improved loan quality, supported by loan growth, lower cost of funds and well-maintained overheads.

“The bank’s net interest income (NII) stood at 3.48 trillion rupiah, backed by growth in retail and corporate loans, lower cost of funds, and strong growth in CASA, resulting in the bank’s net interest margin (NIM) expanding 18 bps (basis points) to 4.6% in 1HFY22.

Bank Negara Malaysia raised the overnight policy rate (OPR) by 25 basis points to 2% on May 11, 2022, which was a surprise move relative to the Monetary Policy Committee’s (MPC) statements in March, where it held rates unchanged and appeared dovish.

“Following the improvements in the overall economic outlook, the bank saw a decrease in provisions for impairment losses by 32.6% to 534 billion rupiah, resulting from the bank's continued success in its restructuring efforts in particular, for customers’ loans impacted by the pandemic.

“These efforts have resulted in improved bank's consolidated non-performing loan (NPL) ratio, which stood at 3.5% (gross) and 2.6% (net) in June 2022 from 4.4% (gross) and 2.7% (net) in June 2021 and a decrease in NPL balance by 12.5%. The bank maintained a prudent banking approach and continued to apply a conservative risk posture,” it said.

Maybank Indonesia also noted that its capital position remains strong, with capital adequacy ratio (CAR) standing at 25.9% in June 2022, compared with 26.3% in June 2021. The bank's total capital also increased to 28.21 trillion rupiah in June 2022 from 27.16 trillion rupiah in June 2021.

Meanwhile, its digital banking platform M2U reported around 8.6 million transactions in 1HFY22, 18.6% more than a year ago, with transaction value rising 23.7% to 44.95 trillion rupiah, as customer acquisition surged six times.

On its M2E platform, transactions jumped 42.7% to over two million in 1HFY22 from a year ago, with total value growing by 42.9% to 348.18 trillion rupiah. Active users rose by 14.5% to 2,827 users during the same period. "This led to a growth in corporate funding through M2E by 1.4% to 24.36 trillion," it said.

Maybank Indonesia Shariah banking unit's operating profit before provision rose 11.1% to 382 billion rupiah as financing grew 5.3% to 26.04 trillion rupiah, while CASA grew significantly by 43.7% to 11.91 trillion rupiah, lowering cost of funds.

"Total Shariah banking unit’s assets grew 13.2% to 41.14 trillion rupiah from 36.35 trillion rupiah, accounting for 26.2% of the bank’s individual assets. Non-performing financing (NPF) ratio improved at 2.9% (gross) and 2.3% (net) in June 2022 from 3.8% (gross) and 2.6% (net) in June 2021 as total Shariah financing grew. Financing-to-deposit ratio (FDR) stood at a healthy level of 82.0%.

"The Shariah banking unit continued to take conservative measures to safeguard its asset quality by setting aside higher provisioning for specific accounts, which led to a drop in profit before tax to 124 billion rupiah in the first half of 2022 from 294 billion rupiah in the previous year,” it said.

Maybank Indonesia president director Taswin Zakaria said it will continue with its strategies and initiatives in ensuring sustained growth in its loan portfolios.

“Given the uncertainties arising from geopolitical and recent market conditions, we will remain prudent in managing our business, and emplace necessary precautions to safeguard our assets, as well as maintain risk posture to withstand any unforeseen global threats.

“At the same time, we will focus on sustainable businesses by taking into account the environmental, social and governance aspects in every course of our business, in line with the bank's mission, humanising financial services,” Taswin shared.

Maybank group chief executive officer and president Datuk Khairussaleh Ramli said Maybank Indonesia has delivered a commendable performance in 1HFY22 despite the market volatility seen globally.

“The bank was able to capture business opportunities across its various segments and drive growth as economic momentum started to return in 2022.

“Backed by strong fundamentals and supported by effective risk management, I am confident that Maybank Indonesia will be able to navigate through potential market volatilities it may experience in the coming quarters," Khairussaleh said.

At the time of writing, Maybank shares were unchanged at RM8.85, giving it a market capitalisation of RM105.93 billion.

https://www.theedgemarkets.com/artic...ic-improvement

[nazrey]

WORLD 2022
Part 66: Brazil | AET
AET unveils new DPST for long-term charter to Petrobras
By Azanis Shahila Aman - July 29, 2022 @ 11:41am



AET, the operator of maritime transportation assets and specialised services, has unveiled another Dynamic Positioning Shuttle Tanker (DPST) called Eagle Crato for long-term charter to Petróleo Brasileiro S.A. (Petrobras), the state-owned Brazilian petroleum company.

KUALA LUMPUR: AET, the operator of maritime transportation assets and specialised services, has unveiled another Dynamic Positioning Shuttle Tanker (DPST) called Eagle Crato for long-term charter to Petróleo Brasileiro S.A. (Petrobras), the state-owned Brazilian petroleum company.

The eco-efficient and highly specialised Eagle Crato will be delivered to AET today and subsequently to Petrobras to commence her operations in the Brazilian Basin in a few weeks.

Eagle Crato will join her sisters, Eagle Colatina and Eagle Cambe, plus six other DPSTs that AET already operates for Petrobras.

AET president and chief executive officer Rajalingam Subramaniam said the naming of Eagle Crato marks another significant milestone in our growing partnership with Petrobras.

Subramaniam said this memorable event reinforces AET's commitment to eco-efficient and high-quality operations in Brazil.

"Eagle Crato is another highly specialised Suezmax Dynamic Positioning (DP2) shuttle tanker that signifies a further step forward in our contribution to building a more sustainable maritime ecosystem.

"Through close collaboration with our partners, we will continually invest in innovation to lower the industry's carbon footprint," he said.

AET and Eaglestar site teams have been working closely with the Samsung Heavy Industries Co Ltd (SHI) team to ensure the safe and timely construction and subsequent delivery of Eagle Crato and her two sister vessels during the ongoing pandemic.

Eaglestar is also the appointed ship manager of Eagle Crato.

In collaboration with SHI, the American Bureau of Shipping (ABS), and Eaglestar, this 155,000 deadweight tonnage (DWT) DP2 shuttle tanker was built to Petrobras' technical requirements in Brazil.

Eagle Crato is the eighth vessel and the sixth DP2 shuttle tanker that AET will be delivered in 2022, and all have been safely and timely constructed and delivered.

With this newest DPST, AET is increasing its global DPST fleet to 17.

AET operates nine DPSTs for Petrobras and 13 offshore Brazil, with another four operating in the North Sea, including two dual-fuel DPSTs.

https://www.nst.com.my/business/2022...rter-petrobras

[nazrey]

WORLD 2022
Part 67: France | OMS Group
Malaysia's OMS Group launches fifth cableship in France
By NST Business - July 26, 2022 @ 11:34am



The launch in Dunkirk, France was witnessed by, among others, the Minister Counsellor from the Embassy of Malaysia in Paris, Abdullah Ma’amor Ibrahim.

KUALA LUMPUR: OMS Group has launched CS Cable Vigilance, the fifth cableship in its fleet, which accounts for about 10 per cent of the global cableship fleet.

The launch in Dunkirk, France was witnessed by, among others, the Minister Counsellor from the Embassy of Malaysia in Paris, Abdullah Ma'amor Ibrahim.

OMS chairman Datuk Lim Soon Foo said the company heavily invested into the expansion of its fixed assets to keep up with the needs of its telco and over-the-top (OTT) customers.

"I am extremely excited of the launch of CS Cable Vigilance, being the latest addition to our growing OMSG fleet.

"This was achieved with the unwavering support of our Series A investors, AIA and MIDF Ventures among others, and our financing banks MIDF, HSBC and OCBC," he said in a statement today.

OMS group chief executive officer and managing director Ronnie Lim said the CS Cable Vigilance was a valuable asset in the global subsea cable system market today and will be used in the near term for repairing cable systems in the Atlantic.

"With the growth in international bandwidth consumption and the growth in the data centre to data centre processing communication, we expect consistent growth for our services and assets," he said.

OMSG provides engineering, procurement and construction (EPC) services to install and maintain subsea fibre optic cable systems, cable landing stations, land dark-fibre and data centres.

The data infrastructure connects data centres globally.

OMSG's clients include technology companies, telecommunications equipment suppliers and telecommunications companies.

The company extends its leadership as the only independent, neutral and integrated data infrastructure solutions company globally.

OMS said CS Cable Vigilance was only the third cableship completed in the last five years.

"Its completion is timely as the availability of cableships globally needs to catch up to meet the demands of global telecommunication operators and technology company system owners.

"Part of the retrofit of the vessel has been focus on reducing the greenhouse effect and carbon footprint by replacing the HVAC systems with a reversible chiller unit able to generate heating capacity with reduced energy consumption.

"Additionally, its free-cooling system and LED lighting system reduce its overall energy consumption," it said.

https://www.nst.com.my/business/2022...bleship-france
https://www.datacenterdynamics.com/e...hip-in-france/

[nazrey]

ASEAN 2022
Part 62: Indonesia | IHH Healthcare Bhd
IHH, Prodia to strengthen medical tourism between Malaysia, Indonesia
Bernama July 29, 2022 18:07 pm +08

JAKARTA (July 29): IHH Healthcare Bhd and PT Prodia Widyahusada Tbk have signed a memorandum of understanding (MOU) to provide options for comprehensive healthcare services to Prodia customers seeking medical treatment in Malaysia.

IHH’s partnership with Prodia, Indonesia's largest laboratory chain, is expected to optimise the management of patients who require clinical laboratory examination services before and after consulting a doctor.

In a joint statement on Friday (July 29), IHH chief executive officer Jean-François Naa said IHH has set up a one-stop customer service hotline that supports service in Indonesian to provide assistance on appointment booking and medical enquiries.

Bank Negara Malaysia raised the overnight policy rate (OPR) by 25 basis points to 2% on May 11, 2022, which was a surprise move relative to the Monetary Policy Committee’s (MPC) statements in March, where it held rates unchanged and appeared dovish.

The MOU signing ceremony was held in Jakarta, witnessed by Indonesia's Deputy Health Minister Dr Dante Saksono Harbuwono.

Prodia president director Dewi Muliaty said the partnership is expected to make it easier for patients from Indonesia to obtain referrals for advanced laboratory examination services such as health check-ups, disease development monitoring, diagnosis, and other examination services.

“We believe this collaboration can make it easier for Indonesian patients who perform integrated medical services with IHH Healthcare Malaysia to get more comprehensive clinical laboratory examination services,” she said.

Prodia has been a major player in Indonesia’s private health laboratory industry for many years, as reflected by its market share which grew from 38.3% in 2018 to 39.5% in 2020, she said.

Meanwhile, data from the Malaysia Healthcare Travel Council revealed that over 670,000 Indonesians had sought medical treatment in Malaysia in 2019, but the number had dropped to a mere 635 between 2020 and 2021 due to the lockdowns triggered by the Covid-19 pandemic.

The council expects the arrival of Indonesian medical tourists into Malaysia to return to the pre-pandemic level by 2025.

https://www.theedgemarkets.com/artic...ysia-indonesia

[nazrey]

ASEAN 2022
Part 63: Singapore | Kelington Group Bhd
Kelington bags RM117 mil contract in Singapore
Chester Tay August 04, 2022 18:08 pm +08

KUALA LUMPUR (Aug 4): Kelington Group Bhd secured a RM117 million contract to undertake bulk and specialty gas system distribution works for a memory solutions’ fabrication facilities in Singapore.

In a filing with Bursa Malaysia, Kelington said its wholly-owned subsidiary Kelington Engineering (Singapore) Pte Ltd received the award of contract from a “customer in Singapore who is the leader in the design, engineering, and delivery of major complex projects and facilities for high-tech industries”.

Kelington, an engineering and industrial gases services provider, said the works commence this month and are expected to be completed by June 2024.

The stock, which fell 24% year-to-date, closed six sen or 4.9% higher at RM1.29 per share on Thursday (Aug 4), giving it a market capitalisation of RM832.37 million.

https://www.theedgemarkets.com/artic...ract-singapore

[nazrey]

WORLD 2022
Part 68: Europe | Tenaga Nasional Bhd
After UK, TNB bids for more RE projects in Europe
Bernama August 03, 2022 01:13 am +08

KUALA LUMPUR (Aug 2): Tenaga Nasional Bhd via its New Energy Division (NED) is focused on exploring new markets to grow its renewable energy (RE) portfolio by building capability and gain access to technology and market knowledge, President and Chief Executive Officer Datuk Baharin Din said.

TNB Renewables Sdn Bhd will focus on Southeast Asia — exploring new markets that include Thailand, the Philippines, Vietnam, Taiwan, South Korea and Australia; and Vantage RE Ltd will focus on the UK and Europe — with new markets that include Spain, Ireland and France.

“We are already bidding. We have submitted proposals in Ireland and Australia so far, some of which the results will be known within this year,” he said at the editor’s media briefing here on Tuesday (Aug 2).

“As we speak, there are ongoing work on this,” he said, adding that on all the current bids, TNB was going alone, but open to the idea of collaboration in terms of funding with other Malaysian companies.

TNB is also eyeing Spain and France, he said.

There is huge potential in Europe due to its green energy commitment.

“We are going in as [an] investor, as well as a utility player. We are going into countries that are matured and we can learn from (technology transfer) including the process of commercialisation.”

Vantage RE had recently completed a £275 million (RM1.5 billion) financing exercise through refinancing of its Vantage Solar UK (VSUK) portfolio of solar power plants in the United Kingdom.

The 365 megawatt (MW) solar portfolio comprises 24 ground-mounted solar photovoltaic plants located across England and Wales, and makes an important contribution to the UK’s supply of clean energy.

Baharin said TNB then intended to bring this technology to Southeast Asia and other potential markets.

He said NED’s strategy is anchored on moving into greenfield development of RE assets to increase returns and optimise funding through capital recycling, as well as tapping into global capital markets for RE investments.

It also aims to increase participation in solar, offshore and onshore wind to potentially capture 14 gigawatt of RE capacity by 2050, he said.

Asked on the domestic market, Baharin said there were limitations. “The total RE you can get in current system is around 30%, with the existing grid capabilities”.

“So, you can even talk about 700MW of solar power, but only for 5 hours.”

Hence, due to the kind of limitation, any country will limit the RE capacity and for Malaysia, [it] is between 25% and 35%.

“Because of that technical limits, we have to be elsewhere if we want to grow our RE.”

https://www.theedgemarkets.com/artic...rojects-europe

[nazrey]

WORLD 2022
Part 69: UK | Dagang NeXchange Bhd
DNeX partners Cerulean Winds to deliver offshore floating wind turbine in UK Avalon project
Lam Jian Wyn August 02, 2022 13:29 pm +08

CYBERJAYA (Aug 2): Dagang NeXchange Bhd's (DNeX) subsidiary Ping Petroleum UK plc will set up a joint-venture company (JVCo) with Cerulean Winds Ltd to deliver a dedicated offshore floating wind turbine for the Avalon development in the Central North Sea, the UK.

Ping and Cerulean Winds, a green infrastructure developer, have signed an memorandum of understanding for the JVCo, which will deploy and operate the turbine, according to a statement on Tuesday (Aug 2).

The turbine will power the Sevan Hummingbird floating production storage and offloading (FPSO) vessel acquired by Ping in July.

"Ping aims to connect the FPSO to a dedicated floating offshore wind turbine to power the facility, thus minimising diesel and fuel gas usage as well as associated greenhouse gas emissions in the UK waters.

"The innovative and pioneering project is set to be one of the first oil and gas production facilities to meet the UK government’s emissions reduction targets agreed in the North Sea Transition Deal in March 2021," it said.

DNeX said Ping and Cerulean Winds will also try to reach terms on the power purchase agreement for the Avalon field with the JVCo.

According to DNeX group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Ping is currently refining its concept to integrate the FPSO with the offshore wind turbine for the Avalon development, with field development plan approval and the final investment decision targeted for later this year.

“Ping is finalising conceptual development planning after preparing front-end engineering works to submit the Avalon Field Development Plan. In addition, Ping will apply for an innovation licence under the innovation and targeted oil and gas decarbonisation (INTOG) licensing from Crown Estate Scotland. The licence would allow us to operate and deploy the dedicated floating offshore wind turbine for the Avalon development,” he said.

DNeX said Ping was also recently given a 19-month extension by the North Sea Transition Authority (NSTA) for the second term of the P2006 licence containing the Avalon field, allowing the company more time to optimise and obtain full regulatory approval for the field development plan.

Ping has also been recently granted a 19-month extension by the NSTA for the second term of the P2006 licence containing Avalon. This allows the company additional time to optimise and gain full regulatory approval for the Avalon Field Development Plan.

Production from Avalon is expected to come on stream by mid-2025, with an estimated recovery of 23 million barrels of oil.

DNeX was down one sen or 1.21% at 81.5 sen at the noon break on Tuesday, giving it a market capitalisation of RM2.56 billion.

https://www.theedgemarkets.com/artic...avalon-project

[nazrey]

ASEAN 2022
Part 64: Indonesia | Samaiden Group Bhd
Samaiden, Aneka Jaringan ink JV to tap solar PV potential in Indonesia
Surin Murugiah August 02, 2022 13:10 pm +08

KUALA LUMPUR (Aug 2): Samaiden Group Bhd has entered into a joint venture (JV) agreement with Aneka Jaringan Holdings Bhd to vie for engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants in Indonesia.

In a joint statement to Bursa Malaysia on Tuesday (Aug 2), the companies said the JV provides Samaiden access to the Indonesian market and allows Aneka Jaringan, which already has a presence in Indonesia via its subsidiary PT Aneka Jaringan Indonesia, to add to its value chain in a fast-growing segment.

They said Indonesia’s renewable energy (RE) sector holds promising potential, adding that the JV puts both companies in a strategic position to capitalise on the opportunities presented by Indonesia’s commitment to RE.

In addition to EPCC of solar PV, the JV will provide RE and environmental consulting services, operations and maintenance services, and built-own-operate-transfer RE facilities.

Samaiden group managing director Chow Pui Hee said Indonesia presents great potential in an area of Samaiden’s expertise — RE, in particular solar PV systems.

“We perceive Aneka Jaringan through its Indonesian subsidiary, as a perfect partner who has the local knowledge, network and experience that can expedite and support our geographical expansion.

“With over 200 completed projects under our belt, we are committed to provide our best solutions to support Indonesia’s net-zero ambition,” said Chow.

Meanwhile, Aneka Jaringan managing director Pang Tse Fui said the JV is in line with its growth strategy of expanding operations in Indonesia and increasing revenue streams.

“Our new Jakarta office is nearing completion, ready to welcome a new JV company and this will enable them to hit the ground running to tap into Indonesia’s 400,000 megawatt (MW) solar power potential,” he said.

At midday break on Tuesday, Samaiden rose 1.6% or one sen to 63.5 sen with 253,200 shares traded while Aneka Jaringan fell 2.94% or 0.5 sen to 16.5 sen with 425,000 shares done.

https://www.theedgemarkets.com/artic...tial-indonesia

[nazrey]

ASEAN 2022
Part 65: Indonesia | Sarawak Consolidated Industries Bhd (SCIB)
SCIB inks MoU to explore partnership for Indonesian 4G telecom tower project
By Bernama - August 3, 2022 @ 2:53pm

KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) has inked a memorandum of understanding (MOU) with PT Semesta Noor Berkarya (SNB) and PT Envy Manajemen Konsultansi (EMK) to explore forming a partnership in the construction of 4G telecommunications towers for Indonesia's outermost regions.

It said the project, which comes under Indonesia's telecommunications and information accessibility agency (Bakti), is expected to take three years to complete and involves the construction and installation of 4G telecommunications towers in 3,704 villages.

The group said under the MOU, SCIB will anchor the formation of the partnership as well as provide the corporate management setup.

SNB, a state-owned enterprise of Indonesia, will build and install the 4G telecommunications towers, including site survey and acquisition as well as other supporting infrastructure works.

EMK will provide project management services through operational and technical supervision.

SCIB managing director and chief executive officer Rosland Othman said working with SNB and EMK on the project is a distinct advantage for the group as more than 60 per cent of the proposed sites of the 4G telco towers are located in Kalimantan.

"This would provide optimal opportunities to synergise our business as our three factories are located in Kuching, Sarawak.

"The project also supports our strategy to diversify geographically by seeking opportunities for our engineering, procurement, construction and commissioning (EPCC) business, and we will certainly take this opportunity to also explore roles in the building of Indonesia's multibillion-dollar new capital at Nusantara," he said in a statement.

SCIB is also involved in the building materials and the Industrialised Building System (IBS) businesses, in addition to its EPCC operations.

The company is the largest precast and IBS manufacturer in East Malaysia with the capacity to produce 500,000 tonnes of building materials annually, according to the statement.

https://www.nst.com.my/business/2022...s-50-cent-2025

[nazrey]

ASEAN 2022
Part 66: Indonesia | Bintai Kinden Corp Bhd
Bintai Kinden partners with PT Raintech Indo Energi to market O&G equipment in Indonesia
Hailey Chung August 10, 2022 15:34 pm +08

KUALA LUMPUR (Aug 10): Multidisciplinary building and industrial service engineering outfit Bintai Kinden Corp Bhd has signed a collaboration agreement with PT Raintech Indo Energi (PTRIE) for PTRIE to market and promote flanges, fittings, pipes, and other oil and gas (O&G) equipment in Indonesia on behalf of its unit Bintai Energy Sdn Bhd.

In a bourse filing on Wednesday (Aug 10), Bintai Kinden said Bintai Energy will collaborate with PTRIE to promote business opportunities, and provide the necessary technical and competitive price support for the products to be represented by PTRIE.

PTRIE will be responsible for the promotion of the products within Indonesia, and to advise Bintai Energy on market-related information on these products.

The agreement is effective from Wednesday and valid for three years, but either party may terminate the agreement for any reason by giving one month's notice in writing to the other.

Bintai Kinden owns a 51% stake in Bintai Energy through Kejuruteraan Bintai Kindenko Sdn Bhd, a mechanical and electrical engineering services specialist.

Bintai Energy is a special purpose vehicle appointed to be the authorised distributor of Bintai Kinden's flanges, fittings, pipes, and other O&G products locally and internationally.

Meanwhile, PTRIE provides integrated solutions with a focus on the upstream, midstream and downstream segments of the O&G industry, as well as the marine, industrial, aviation, water and wastewater, food and beverage, and healthcare industries.

“The collaboration with PTRIE opens up vast opportunities for us, as Indonesia is Southeast Asia’s largest economy with GDP (gross domestic product) of US$1.19 trillion (RM5.3 trillion) as of 2021, and a population of 270 million,” Bintai Kinden executive director Azri Azerai said, citing data from the World Bank and ASEAN.

“The O&G industry is an important contributor to the economy and a key growth driver. We look forward to working together with PTRIE, whose founders are renowned experts in Indonesia’s O&G industry, to seek opportunities that are beneficial to us both, as Indonesia has set a target to ramp up crude oil and condensate production to 705,000 barrels a day,” Azri said in a statement.

Previously on July 28, Petro Flanges & Fittings Sdn Bhd awarded Bintai Energy additional subcontracts to supply high-grade carbon steel or stainless steel piping, valves and piping accessories, with a value of approximately RM4.43 million.

Bintai Kinden said on Wednesday that Bintai Energy had to date clinched approximately RM9 million in subcontracts.

At the time of writing, shares in Bintai Kinden were up half a sen or 5.26% at 10 sen, valuing the company at RM81.5 million.

https://www.theedgemarkets.com/artic...ment-indonesia

[nazrey]

ASEAN 2022
Part 67: Indonesia | KPJ Healthcare Bhd
Indonesia tops KPJ Healthcare’s medical tourism
Surin Murugiah August 12, 2022 14:30 pm +08

KUALA LUMPUR (Aug 12): KPJ Healthcare Bhd said it recorded a significant increase in foreign patients receiving treatments through KPJ Healthcare hospitals in Malaysia and Indonesia.

In a statement on Friday (Aug 12), the hospital group said that in June, the company recorded an approximately 40% increase in foreign patient visits from neighbouring countries such as Indonesia, Singapore, Indo-China, and Bangladesh.

It said the June 2022 statistics also indicated that the number of patient visits almost quadrupled from the same period last year, making Indonesia the largest contributor to the health tourism business at KPJ Healthcare hospitals.

It said Riau Islands, Jakarta, Surabaya, Medan, Aceh, Pekanbaru, and Kalimantan accounted for the vast majority of patients in this category.

Against the backdrop of the numbers, coupled with an increase in the number of flights and ferry services, KPJ Healthcare said it will focus on and prioritise the development of health tourism from the Indonesian market.

The group said that among the treatments and consultations that were highly sought after were cancer, cardiology, neurology, orthopaedic, and fertility services.

Other specialities included paediatric, general surgery, and health screenings.

KPJ Healthcare president and managing director Datuk Mohd Shukrie Mohd Salleh said the hospital welcomes international health travellers.

“This is in line with our aim to re-energise the Indonesian market as our primary health tourism business for KPJ Healthcare.

“We expect to see a continued upward trend in the next few months due to the reopening of borders and easing of quarantine requirements since last year, which have tremendously helped our rebuilding efforts in the health tourism segment,” he said.

At the midday break on Friday, KPJ Healthcare had risen 0.57% or half a sen to 88 sen, with 317,500 shares traded.

https://www.theedgemarkets.com/artic...edical-tourism

[nazrey]

WORLD 2022
Part 70: Qatar | MISC Bhd
MISC shares up 16 sen after securing Qatari LNG shipping charter contracts
Shazni Ong August 11, 2022 12:40 pm +08

KUALA LUMPUR (Aug 11): Shares in MISC Bhd rose as much as 16 sen in the morning trading session on Thursday (Aug 11) on news that MISC via a consortium bagged liquefied natural gas (LNG) shipping charter contracts from Qatar’s state-owned energy company QatarEnergy.

At 10.30am, MISC pared some of its gains, but was still up 10 sen or 1.4% at RM7.23 with 122,700 shares traded. The stock earlier had risen to a high of 16 sen or 2.24% to RM7.29 from its last closing price of RM7.13.

In a Bursa Malaysia filing on Wednesday, MISC said the shipping company via a consortium with Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha Ltd (K-Line) and China LNG Shipping (Holdings) Ltd (CLNG) had been awarded LNG shipping charter contracts by QatarEnergy for seven new LNG carriers (LNGCs), which will be built by Hyundai Heavy Industries Co Ltd.

MISC, however, did not specify the value and duration of the LNG shipping charter contracts which will involve LNGCs with a capacity of 174,000m3 each.

MISC is a 51%-owned subsidiary of Malaysian national oil company Petroliam Nasional Bhd (Petronas).

MISC said it has agreed on the principal terms for the consortium and each consortium member will have an equal equity interest of 25% in each awarded LNGC.

According to MISC, it will enter into shareholders’ agreements with the consortium through MISC's wholly owned subsidiary Portovenere and Lerici (Labuan) Private Ltd.

In a separate statement on Wednesday, MISC president/group chief executive officer Datuk Yee Yang Chien said MISC remains committed towards promoting a sustainable future for the LNG industry.

Meanwhile, eight out of the 13 active analysts covering the stock have "hold", "market perform" and "neutral" recommendations despite MISC’s share price rising 19 sen year to date. The remaining five analysts have rated MISC with "add", "buy" and "outperform" calls.

Hong Leong Investment Bank Research analyst Jeremie Yap in a note said the latest contract win will only improve MISC’s FY25 estimated earnings by less than 3% on a 25% stake based on the research house’s back-of-the-envelope estimates and as such the firm was only mildly positive on this development.

Yap, who maintained a "hold" call on MISC with an unchanged target price (TP) of RM7.67, opined that downside is supported for MISC due to its defensive nature and its portfolio of long-term charters which will provide consistent, recurring cash flows.

This is in addition to MISC’s relatively fixed dividend payout policy of 33 sen per year, translating into a decent dividend yield of 4.6% annually based on current share price, which has already priced in the positives of higher petroleum spot tanker rates.

Kenanga Research analyst Steven Chan, who maintained "market perform" albeit with a slightly lower TP of RM7.55 (from RM7.70), was positive on the contract win, being a continued replenishment to its LNG fleet although immediate earnings impact may be smallish.

His back-of-envelope calculations suggest an average earnings per year impact of roughly RM31 million, taking into account MISC’s 25% stake, based on three estimated assumptions namely charter period of circa 15 years, capital expenditure (capex) per vessel of circa US$230 million — broadly in line with current newbuild market rates, and internal rate of return (IRR) of circa 9%.

“Being the main bread and butter for MISC, the LNG segment continues to be the group’s biggest earnings and cash flow contributor. This contract win will further strengthen its current LNG fleet of circa 30 vessels,” said Chan.

With more than 10 long-term LNG contracts expected to expire in the coming three to four years, Chan expects the group to be more aggressive in its bidding activities in order to make up for the anticipated short-fall of cash flows.

This is as the market rates for three-year LNG carrier charters are currently near a multi-year high, and hence, upcoming contracts secured would yield much better returns should some of these older vessels be repurposed.

“Meanwhile, we understand that the group is also aggressively bidding for a floating production, storage and offloading (FPSO) contract for TotalEnergies’ Cameia project in Angola, in partnership with Saipem.

“Looking ahead, we expect the upcoming 2QFY22 reported earnings to be weaker, as we anticipate the group to recognise impairments and provisions following the continued delays and cost escalations for its Mero-3 FPSO, currently undergoing conversion and fabrication works at CIMC Raffles shipyard in China,” added Chan.

RHB Research analyst Sean Lim, who kept a "neutral" call and TP of RM7.79, was positive on the seven LNG carrier charter contracts secured by MISC’s four-party consortium with other established Asian shipping companies, which should increase its recurring income base.

“At 7.5% weighted average cost of capital (WACC), US$220 million per vessel, and 9% IRR, we value these contracts at 10 sen per share and expect [them] to contribute circa RM35 million to RM40 million net profit from 2025.

"As MISC’s balance sheet is solid, with net gearing at 0.28 times in 1Q22, we believe it is capable of funding the equity portion of net capex, estimated at US$120 million, assuming 70% debt financing,” said Lim.

https://www.theedgemarkets.com/artic...rter-contracts

[nazrey]

WORLD 2022
Part 71: Ireland | Greatech Technology Bhd
Greatech enters MOU to acquire 60% stake in Irish automation specialist Kaon
Sulhi Khalid August 11, 2022 13:26 pm +08

KUALA LUMPUR (Aug 11): Greatech Technology Bhd has entered into a memorandum of understanding (MOU), in relation to the proposed acquisition of a 60% equity interest in Irish automation specialist Kaon Automation Ltd.

In a statement on Thursday (Aug 11), the group said Kaon Automation is principally engaged in the provision of automation solutions for leading manufacturing companies globally in the medical device, automotive, electronics, and consumer goods sectors.

It said the Irish medical technology sector is recognised as being among the top five global hubs, and is reputable for world-class expertise with excellent research centres and initiatives.

“With the combined solid expertise from Kaon Automation and Greatech, this will leverage the strengths of the two companies both in the business aspect as well as in the internal cohesiveness environment.

“I trust that greater synergy for longer business sustainability will be derived from this strong partnership,” said Greatech executive director Datuk Tan Eng Kee.

Kee added that the hallmark of the Irish people and their warm culture will influence and drive an incremental value chain to the organisation holistically.

“With this pursuit, technology and cultural integration will shape and transform our market outreach, while exposing our talent to globalisation, leading our team to aim far and soar high.

““I trust that with this notable engagement, Greatech is accelerating itself into a new defining moment, promising a more exciting adventure to come,” he said.

At Thursday's noon break, shares in Greatech settled 14 sen or 3.7% higher at RM3.92, giving it a market capitalisation of RM4.91 billion.

https://www.theedgemarkets.com/artic...pecialist-kaon

[nazrey]

ASEAN 2022
Part 68: Philippines | Genting Group
Alliance Global Group likely buyer for Genting HK's Resorts World Manila stake — report
Surin Murugiah August 19, 2022 08:16 am +08

KUALA LUMPUR (Aug 19): The likely buyer for Genting Hong Kong Ltd’s (Genting HK) equity interest in Resorts World Manila is Alliance Global Group, Genting HK’s long-time joint venture partner in Newport World Resorts operating entity Travellers International Hotel Group.

In a report on Friday (Aug 19), Inside Asian Gaming said discussions between the two companies were already well advanced.

It said the recent rebranding of the former Resorts World Manila pre-empted the end of Genting’s involvement.

In a filing this week, Genting HK noted that its core remaining assets outside of cruise ship operations are its equity interest in Resorts World Manila and its interests in residential and hotel properties in China.

“These assets are unencumbered and the joint provisional liquidators are in the process of considering offers from potential purchasers,” it said.

Genting HK, which has already seen some of its cruise ships arrested and sold by third parties, also noted this week that its banking syndicates have now taken enforcement actions in relation to those ships.

Genting HK, with debts totalling around US$2.8 billion, first announced the appointment of liquidators in January after defaulting on loans when it was unable to drawdown a US$88 million backstop facility from the State of Mecklenburg Vorpommern for the continued operation of its Germany shipbuilding subsidiary, MV Werften Holdings Ltd (MVWH).

Genting HK shares have been suspended since Jan 18 — when it applied to halt its share trade — with the company saying it would remain so until further notice. At the time it had filed to wind up the company after it had “exhausted all reasonable efforts” to negotiate with its creditors and stakeholders, according to its bourse filing.

In April, it was warned by The Stock Exchange of Hong Kong Ltd that it would be delisted if it failed to remedy issues causing its share trade suspension and resume trading by July 17, 2023. Under Hong Kong bourse’s listing rules, the stock exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months.

https://www.theedgemarkets.com/artic...ake-—-report

[nazrey]

ASEAN 2022
Part 69: Thailand | Proton
Proton finalises deal to sell smart EVs in Malaysia, Thailand
Shazni Ong August 18, 2022 13:21 pm +08



(From left) Li, Proton deputy CEO Roslan Abdullah and Syed Faisal signing the distributor agreement on Thursday (Aug 18).

SUBANG JAYA (Aug 18): Proton Holdings Bhd on Thursday (Aug 18) formalised a deal to sell and service vehicles from premium energy vehicle (EV) brand Smart Automobile Co Ltd in Malaysia and Thailand, with the first Smart model to be sold by Proton — during the first phase of the collaboration — early in the fourth quarter of 2023.

This is after both parties put pen to paper by signing a general distribution agreement, which is expected to pave the way for the introduction of new EVs by the national carmaker ahead.

"For Smart, the first model is set to be launched in Malaysia in the fourth quarter next year,” Proton chairman Datuk Seri Syed Faisal Albar Syed AR Albar said in a speech.

Through the collaboration agreement, Proton will gain critical knowledge of how to market, sell and service new EVs, given that these are all new areas to many car manufacturers.

“Most importantly, we want Smart customers to feel that they are part of an exciting journey of an environmentally clean and sustainable future, while they can do it with premium feel and style with Smart cars.

“We also believe that all companies in Malaysia should work together in the EV space to accelerate the implementation of the infrastructure.

“Therefore, we require strong policies from the government to bring all the players together, so that we have a comprehensive road map in this new area,” added Syed Faisal.

While Proton’s collaboration with Smart is primarily a retail operation, there are developments to pave the way for Proton's entry into the EV market.

Proton chief executive officer Dr Li Chunrong, who was also present at the ceremony, noted that the national carmaker intends to model retail operations for Smart based on what the company does in other markets.

https://www.theedgemarkets.com/artic...aysia-thailand

[nazrey]

ASEAN 2022
Part 70: Singapore | Agmo Holdings Bhd
Agmo to set up Singapore teams within 18 months of listing
Durratul Ain Ahmad Fuad/Bernama August 17, 2022 20:42 pm +08

KUALA LUMPUR (Aug 17): Homegrown digital solutions and application development specialist Agmo Holdings Bhd (Agmo) has plans to expand in Singapore, targetting to set-up teams within 18 months of its listing on Bursa Malaysia’s ACE Market on Thursday (Aug 18).

Agmo aims to raise RM22.10 million from its initial public offering (IPO).

Its chief executive officer Tan Aik Keong said with a dedicated team in the city state, Agmo will be able to focus on growing the business and enhancing its customer relationships there.

“We will expand our regional footprint by venturing into Singapore, where the mobile and web application development and digital solutions industries are expected to continue on a strong growth trajectory.

“The establishment of our business presence there is expected to increase the group’s profile in the region,” he told Bernama.

He said Singapore is a key global financial centre and also a regional base for many technology-related multinational firms. This will attract regional tech firms to set up shop there, leading to opportunities for the company to offer its services.

Citing an Independent Market Research report, he said sales revenue of the mobile and web application development industry in Singapore increased from US$18.08 million in 2018, to US$37.01 million in 2021, at a compounded annual growth rate of 26.97%.

He said companies and organisations have currently started to embark on digitalisation via various means, to remain competitive and relevant within their respective industries.

“They recognise the growing need for business digital transformations, including the adoption of mobile and web apps into their business operations.

“This as an opportunity for Agmo to capitalise on,” he said, adding that the company can assist businesses to smoothly embark on their digitalisation journey with the experience and expertise available, which have been honed over the past ten years.

At an issue price of 26 sen per share and an enlarged share capital of 85 million shares, the group will have a market capitalisation of RM84.5 million on listing.

Agmo has allocated RM9.47 million from the RM22.10 million IPO proceeds for investments in research and development, sales, marketing, and business development, as well as technical support and maintenance services.

It has assigned RM6.22 million for working capital and related capital expenditure for expansion of its mobile- and web application development, and digital platform-based services, as well as to set up a new office.

About RM2.54 million of the IPO proceeds will go towards setting up a training and development centre, Agmo Academy, while RM690,000 will be allocated for its Singapore expansion. The remaining RM3.18 million is for listing expenses.

https://www.theedgemarkets.com/artic...months-listing

[nazrey]

WORLD 2022
Part 72: Australia | YTL Power International Bhd
YTL Power International records RM1.26 bil net profit in FY2022
Bernama August 25, 2022 20:26 pm +08

KUALA LUMPUR (Aug 25): YTL Power International Bhd recorded an impressive net profit of RM1.26 billion for the financial year ended June 30, 2022 (FY2022) against a net loss of RM146.52 million a year earlier, principally attributable to the gain on disposal of investment in Australia’s ElectraNet Pty Ltd.

In a filing with Bursa Malaysia on Thursday, YTL Power said its revenue rose 65% to RM17.79 billion for the current financial year compared to RM10.78 billion in FY2021.

“The stronger revenue this financial year was driven primarily by its merchant multi-utilities segment, water and sewerage business and telecommunications segment, with the gain on disposal of our investment in ElectraNet,” it said.

For the fourth quarter ended June 30, 2022 (Q4 FY2022), YTL Power International recorded a net profit of RM193.17 million against a net loss of RM490.15 million in the same period a year ago.

Revenue, meanwhile, was 49.4% higher at RM4.53 billion.

YTL Power has declared a second interim dividend of 2.5 sen per share for FY2022, to be paid on Nov 29.

It said that its multi-utilities business (merchant) segment will continue to focus on customer service and diversification beyond the core business into integrated multi-utilities supply as power generation is an essential service and electricity demand is expected to remain stable.

“The group expects the performance of its business segments to remain resilient due to the essential nature of its operations and will continue to closely monitor the related risks and impact on all business segments,” it added.

https://www.theedgemarkets.com/artic...-profit-fy2022