Malaysian Investor Thread

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ASEAN 2021
Part 69: Philippines | Malaysia External Trade Development Corporation (MATRADE)
Matrade to organise Export Acceleration Mission on rail industry to the Philippines
Bernama October 18, 2021 23:52 pm +08

KUALA LUMPUR (Oct 18): Malaysia External Trade Development Corporation (MATRADE) will be organising a virtual Export Acceleration Mission (EAM) on the rail industry to the Philippines from Oct 20 to 21, 2021.

In a statement on Monday, MATRADE said the EAM would see the participation of 12 Malaysian companies in promoting products and services from various rail industry subsectors such as rolling stock, signalling and telecommunication, power electrification, track works, as well as education.

“Despite the Covid-19 pandemic, Malaysian companies' participation in this programme shows our business community's determination and high confidence to continue exploring business opportunities with counterparts in the Philippines and strengthen the existing business ties,” it said.

Malaysia's major exports of railway products to the Philippines from January to August 2021 were railway track fixtures and fittings, valued cumulatively at RM867,140.

Deputy chief executive officer (export acceleration) Sharimahton Mat Saleh said MATRADE would continuously facilitate local companies to transcend the impact of the pandemic by providing digital platforms to share their expertise, capabilities, and capacity to supply a wide range of products and services to global markets.

She said Malaysia's railway sector has improved technologically and modernised to be at par with countries such as the United Kingdom, Singapore, the United Arab Emirates, and China.

“The recent manufacturing of a new ‘green locomotive’ series, which is able to reduce up to 75% of carbon dioxide emission, has proved that Malaysia’s railway sector is committed to developing a train transportation system that is cost-effective, ecologically friendly, and safe,” she said.

According to MATRADE, top exports for railway products in 2020 were contributed by parts of rolling-stock vehicles valued at RM21.4 million and signalling devices for railways valued at RM20.2 million.

The top export destinations for Malaysia's railway products in 2020 were the United States (US), with an export value of RM11.3 million, followed by China (RM7.7 million), Singapore (RM4.6 million), Vietnam (RM4.5 million) and Australia (RM3.5 million).

Meanwhile, top imports for railway products in 2020 were contributed by parts of rolling-stock valued at RM185.4 million, self-propelled rolling stock (RM116.4 million), and railway passenger and special purpose coaches (RM74.4 million).

“The top imports sources for Malaysia's railway products in 2020 were South Korea with an import value of RM168.3 million, Canada (RM115.4 million), China (RM53.1 million), Germany (RM38.6 million), and US (RM26.7 million),” it added.

https://www.theedgemarkets.com/artic...ry-philippines

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WORLD 2021
Part 58: France | Tenaga Nasional Bhd (TNB)
TNB buys 49pct of wind farm firm Blyth Offshore from France's EDF
By Ayisy Yusof - October 20, 2021 @ 7:24pm



Tenaga Nasional Bhd (TNB), via subsidiary Vantage RE Ltd, acquires a 49 per cent stake in an offshore wind farm company Blyth Offshore Demonstrator Ltd (BODL) for an undisclosed amount.

KUALA LUMPUR: Tenaga Nasional Bhd (TNB), via subsidiary Vantage RE Ltd, is acquiring a 49 per cent stake in an offshore wind farm company Blyth Offshore Demonstrator Ltd (BODL) for an undisclosed amount.

TNB, in an exchange filing today, said Vantage RE had signed a share purchase agreement (SPA) for the acquisition with EDF Renewables, which is a unit of French utility company Électricité de France (EDF).

President and chief executive officer Datuk Ir. Baharin Din said the acquisition was one of the planned strategic acquisitions for TNB to accelerate its journey in delivering on its global environmental, social and governance (ESG) vision.

TNB recently announced its Sustainability Pathway blueprint with an aspiration to achieve net zero emissions by 2050.

"The pathway is underpinned by our commitment to reduce 35 per cent of TNB's emissions intensity as well as 50 per cent of our coal generation capacity by 2035," Baharin said in a statement.


EDF Group (renewable energies) senior executive vice president and EDF Renewables chairman and chief executive officer Bruno Bensasson said the group was committed to contributing to the sector technological evolution and competitivity, being as an international low carbon energy leader.

"We are very pleased to seal this partnership with TNB on Blyth, a United Kingdom (UK) demonstrator site dedicated to offshore wind energy solutions. TNB and EDF share the same ambition to contribute to a low carbon society.

"Therefore, beyond this first partnership, we envisage further cooperation on low carbon electricity generation in the European continent, as Blyth, and in Asia," he added.

TNB said Vantage RE was launched on July 1 this year to own, operate and manage the group's portfolio of renewable energy (RE) assets in Europe.

It added the acquisition marked TNB's maiden entry into the international offshore wind market as BODL currently owns offshore wind assets off the coast of Blyth in Northumberland, England.

The assets include five turbines with a total installed capacity of 41.5MW (Blyth 1) and further development rights for a floating offshore wind project of up to 58.4MW (Blyth 2) located off the Northumberland coast.

The five 8.3MW turbines of Blyth 1 are installed with gravity-based foundations, which use a concrete load to keep the turbines securely in place without penetrating the seabed.

The wind farm has been in operation since 2017 under the Renewable Obligation Certificates (ROC) subsidy regime that is expected to provide stable revenues.

Blyth 2 is an innovative floating offshore wind project currently in the early stage of development.

Baharin said TNB shares the aspiration with EDFR's long-standing know-how and expertise in developing and operating major renewable energy projects.

"We continue to drive sustainable development for its stakeholders by delivering reliable and affordable energy, embracing innovation and the energy transition as well as providing future generations with the means to power their lives in the most economic, environmental and socially responsible ways possible."

Baharin said TNB aimed to grow its RE capacity to 8,300MW by 2025, while acknowledging the partnership would give the group an edge in an increasingly competitive industry as it rapidly scale up its global RE portfolio and strengthen its position in the future energy landscape.

He said the strategic partnership would also allows the group to fully benefit from EDF Renewables' extensive experience in the offshore wind sector across TNB's focus markets, mainly in the UK, Europe and Southeast Asia.

"It not only sets the pace for Vantage RE to grow in the UK and Europe, but also provides a solid pathway for TNB to accelerate its ambition to be a leading provider of sustainable energy solutions," he added.

TNB has been investing in the UK's solar and wind sectors since 2017 and with the latest addition, it will also be operating close to 450MW of RE investments (wind and solar farms) in the country.

https://www.nst.com.my/business/2021...re-frances-edf

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ASEAN 2021
Part 70: Thailand | AirAsia
Thai AirAsia parent seeks to raise US$540m in fresh capital
Anuchit Nguyen Bloomberg October 20, 2021 17:19 pm +08

(Oct 20): Asia Aviation Pcl, the operator of Thailand’s biggest budget carrier Thai AirAsia Co, plans to raise as much as 17.9 billion baht (US$535 million) from new loans, share sales and convertible-debt offerings as it attempts to restock coffers depleted by the worst crisis in aviation history.

A revised financial restructuring plan for the company has been put forward and Asia Aviation is consulting with new investors, shareholders and creditors, Asia Aviation said in an exchange filing late Tuesday.

The holding company joins a plethora of airlines globally trying to repair their balance sheets after Covid-19 all but put a stop to international air travel in early 2020. While climbing vaccination rates are seeing travel spring back in some parts of the world, in Asia it’s nowhere near pre-pandemic levels. Thai Airways International Pcl and Nok Airlines Pcl are also pursuing financial restructurings.

https://www.theedgemarkets.com/artic...-fresh-capital

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WORLD 2021
Part 59: China | Sime Darby
Sime Darby to gear up luxury car ops in China
Justin Lim October 20, 2021 18:51 pm +08

KUALA LUMPUR (Oct 20): Noting that China has the highest growth potential in the luxury car market, Sime Darby Bhd said it plans to grow its luxury vehicle presence in the country by establishing a foothold in the second and third tier cities.

Sime Darby chairman Tan Sri Samsudin Osman said a focal point of the group's growth ambitions is its businesses in China.

In his statement in the group's latest annual report, Samsudin said China is not only the world's single biggest luxury car market but also the fastest growing.

"Our strategy for China is to aggressively enlarge our network to capture a bigger slice of this market. In the near future, we plan to establish a foothold in China's Tier 2 and Tier 3 cities, where the demand for luxury cars is high and competition is lower," he said.

"We are cognisant of the fact that uncertain times uncover opportunities and have been aggressive in pursuing strategies that would allow us to accelerate the growth of our core businesses and enlarge our footprint in our key markets. Our low gearing level of 23% arms us with the capacity to pursue growth opportunities, both organic and in the form of mergers and acquisitions,” he added.

Sime Darby announced in November last year that it had earmarked RM500 million as capital expenditure for the motor segment and was looking at setting up new greenfield showrooms in China.

Sime Darby Motors entered China with the acquisition of distribution rights for the BMW motor vehicle franchise in the Guangdong and Hainan provinces in 1994.

On Wednesday, Sime Darby Motors' BMW and Mini retail operations in China spread across 11 cities, including Shanghai, Shenzhen and Chongqing. It also expanded its brand portfolio by opening two Volvo dealerships in Shenzhen and Kunming in the financial year ended June 30, 2021 (FY21).

The motor division was the largest contributing segment to the group in FY21 in terms of top line and profit before tax. Some 63% (RM28.24 billion) of its total revenue of RM44.48 billion was derived from the motor division, while it also contributed to 48% or RM1.05 billion of the group's total profit before tax of RM2.18 billion.

Meanwhile, Samsudin is also optimistic of the group industrial segment's outlook, as he believes there are great opportunities for construction in China, spurred by Beijing's infrastructure stimulus projects to stimulate the economy.

Sime Darby also aims to grow revenue through adjacent businesses in both industrial and motor divisions.

"In the industrial division, we are gaining ground in businesses revolving around asset management, rental services and expansion of businesses outside of our caterpillar dealerships, all of which complement our core industrial businesses.

"In the motors business, we are looking to expand our used cars and aftersales businesses, which have higher margins, by leveraging on our strong and trusted brand," said Samsudin.

^Growth opportunities in India, Indonesia to be expolored

Besides growing in China, Sime Darby said it recognised that other emerging markets such as India and Indonesia have similar demographic potential, and will leverage its know-how of operating in Asia to explore opportunities in these markets.

Samsudin said the group also sees exciting growth potential in healthcare.

"Moving forward, we plan to accelerate growth further by enlarging our footprint in Malaysia and Indonesia, before entering other areas in Southeast Asia, where the healthcare sector is more fragmented," he said.

He added that the group's hospital assets in Malaysia and Indonesia are poised to benefit from ongoing shifts in structural megatrends such as ageing demographics and increasing demand for quality healthcare with rising affluence.

Currently, Sime Darby's healthcare portfolio consists of seven premium hospitals in Malaysia and Indonesia and a day surgery centre in Hong Kong.

https://www.theedgemarkets.com/artic...-car-ops-china

http://www.kinibiz.com/story/corpora...arly-2015.html

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WORLD 2021
Part 60: India, Indonesia | Sime Darby
Sime Darby focused on ‘transformational' M&A, eyes expansion in India, Indonesia
Sulhi Khalid October 16, 2021 14:25 pm +08

KUALA LUMPUR (Oct 16): Sime Darby Bhd said the diversified group’s expansion for the current financial year ending June 30, 2022 (FY22) includes “transformational" mergers and acquisitions (M&A) as the company explores opportunities in India and Indonesia.

According to Sime Darby’s latest corporate presentation, the group’s growth strategy includes luxury car dealerships in China and expansion of the company’s mining services in Australia.

"China is our core market (40% of Sime Darby’s revenue); [we are] looking to massively expand [there]. Our second largest region is Australia, contributing about 30% of our revenue, largely from the mining industry.

"[We are] looking to enter [into] other emerging markets in search of the “next China” (India and Indonesia),” according to Sime Darby, the diversified businesses of which include heavy equipment distribution and hospital operations.

On China, the group said it is riding on the country's strong organic gross domestic product (GDP) growth for construction and luxury goods.

"[We are also planning] acquisition of large and transformative auto dealerships to expand [our] sales network,” Sime Darby added.

Mining will remain relevant for the company, which distributes heavy equipment used in Australia's mining sector.

Sime Darby said Western Australia’s mining sector had substantial growth opportunities.

"With the energy transition and regional development, demand for mining [services] is resilient. Metals (lithium, cobalt, etc) are essential components for the energy transition, and mining is needed for extraction,” according to Sime Darby, which is also operating hospitals in Malaysia and Indonesia.

It is however unclear for now what Sime Darby’s plans are in India, although the company indicated in the latest corporate presentation that India's demand for metallurgical coal or coking coal "will drive growth”.

"Metallurgical coal is a crucial component for steel-making, and there is no commercially-viable alternative.

“[Metallurgical coal has] less environmental impact as compared to thermal coal,” Sime Darby added.

For FY21, the group said in its latest quarterly financial report that its full-year net profit increased to RM1.43 billion or 20.9 sen a share from RM820 million or 12.1 sen a share a year earlier.

Revenue was higher at RM44.48 billion, compared with RM36.93 billion previously, according to Sime Darby, which declared total dividends of 15 sen a share for FY21, compared with 10 sen a share a year earlier.

On Bursa Malaysia on Friday (Oct 15), the counter closed four sen or 1.73% higher at RM2.35, giving the company a market value of about RM15.98 billion.

Sime Darby has 6.8 billion issued shares, according to its latest quarterly financial report. Its latest reported net assets per share stood at RM2.33.

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

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ASEAN 2021
Part 71: Indonesia | Malaysian Genomics Resource Centre Bhd (MGRC)
Malaysian Genomics widens genetic screening tests to Indonesia
Surin Murugiah October 22, 2021 12:11 pm +08

KUALA LUMPUR (Oct 22): Malaysian Genomics Resource Centre Bhd (MGRC) is making its genetic screening tests available in Indonesia via a partnership with medical and pharmaceutical distributor Medifirst Sdn Bhd.

In a statement on Friday (Oct 22), MGRC said with Medifirst’s experience in the distribution of medical and pharmaceutical products in Indonesia and Malaysia, the partnership will see Medifirst offer MGRC’s genetic screening tests in Indonesia through the latter’s network of primary care physicians and specialists in hospitals and medical centres, among others.

MGRC chief executive officer Sasha Nordin said the firm will work closely with Medifirst to ensure the delivery of its genetic screening tests through proper professional healthcare channels across Indonesia.

“By identifying possible health risks from genetic screening results, patients can plan with their doctors on ways to mitigate the risk of diseases occurring using available prevention, monitoring and treatment options," he said.

He explained that MGRC began the development of genetic screening tests for doctors in 2012 and had built the capacity to provide genetic insights into hundreds of diseases and traits that generate actionable information and new knowledge in personalised, preventive healthcare.

Meanwhile, Medifirst director Datuk Yap Kon Min said Indonesia had over 2,000 hospitals and 9,000 community and general practitioner clinics, most of which are privately owned.

"We already have over 100 doctors waiting to be able to use Malaysian Genomics’ genetic screening tests to help patients make better informed decisions to safeguard their health,” he said.

MGRC’s genetic screening tests blend innovative technologies with cutting-edge genomics knowledge to identify and assess known genetic markers associated with health risks, which include genetic risks associated with susceptibility to and severity of Covid-19 infection, cancer, cardiovascular diseases, developmental disorders in children and even adverse reactions towards prescription medication.

In addition, genetic screening can also identify traits that may affect the health, wellness and fitness of individuals.

At 11.40am on Friday, MGRC had added 1.15% or three sen to RM2.64, valuing it at RM327.92 million.

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

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ASEAN 2021
Part 72: Indonesia | Lotte Chemical Titan Holding Bhd (LCT)
Lotte Chemical Titan to proceed with Indonesian project as economies open up
Ahmad Naqib Idris October 21, 2021 17:46 pm +08

KUALA LUMPUR (Oct 21): Lotte Chemical Titan Holding Bhd (LCT) has decided to proceed with the construction of an RM18 billion integrated petrochemical project in Indonesia, in view of the increase in worldwide Covid-19 vaccinations and opening up of global economies.

The construction of the Lotte Chemical Indonesia New Ethylene (LINE) project is expected to commence in 2022 and be completed by 2025, the group said in a bourse filing.

The group previously said the project will double its existing production capacity, as well as propel LCT into the top three companies in Southeast Asia, alongside Thailand-based Siam Cement Group pcl and PTT Global Chemical pcl.

https://www.theedgemarkets.com/artic...economies-open

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ASEAN 2021
Part 73: Thailand | CIMB Group Holdings Bhd
CIMB Thai's 9MFY21 net profit rises 16% y-o-y on lower operating expenses, expected credit losses
Syafiqah Salim October 21, 2021 14:19 pm +08

KUALA LUMPUR (Oct 21): CIMB Group Holdings Bhd’s 94.8%-owned subsidiary CIMB Thai Bank PCL saw its net profit rise 16.4% year-on-year (y-o-y) for the nine-month period ended Sept 30, 2021 (9MFY21) to 1.71 billion baht from 1.47 billion baht a year earlier.

In a bourse filing Thursday, CIMB said the improvement was mainly attributed to better cost control resulting in a 12.3% decline in operating expenses and a 6% decrease in expected credit losses, despite a 5.4% drop in operating income.

It noted that operating income declined to 10.88 billion baht from 11.5 billion baht, as net interest income fell 9.4% to 7.57 billion baht from 8.35 billion baht due to lower interest income on loans and hire purchase business from lower credit expansion.

“This was partially offset by the increase of 159.5 million baht or 16.7% in net fee and service income, driven by higher fee income from insurance and mutual fund brokerage. Other operating income increased by 3.8 million baht or 0.2% due to an increase in gains on financial instruments measured at fair value through profit or loss.

“Operating expenses decreased by 849.9 million baht or 12.3%, largely due to better optimisation of resources and cost management. This consequently improved the cost-to-income ratio to 55.7% in 9MFY21 from 60.1% in 9MFY20,” it said.

Net interest margin (NIM) over earning assets stood at 3.1% in 9MFY21, compared to 3.3% in 9MFY20, resulting from lower interest income on loans and hire purchase business.

As at Sept 30, 2021, total gross loans (inclusive of loans guaranteed by other banks and loans to financial institutions) stood at 216.6 billion baht, a decrease of 4.6% from Dec 31, 2020.

“Deposits (inclusive of bills of exchange, debentures, and selected structured deposit products) stood at 251 billion baht, a decrease of 0.2% from 251.4 billion baht as at end of December 2020. The modified loan to deposit ratio decreased to 86.3% from 90.3% as at Dec 31, 2020.

“The gross non-performing loan (NPL) stood at 9.6 billion baht, with a lower equivalent gross NPL ratio of 4.4% compared to 4.6% as at Dec 31, 2020. The lower NPL ratio was mainly due to the sale of some NPLs in 2021, more efficient risk management policies, improved asset quality management, and loan collection processes,” said the bank.

CIMB Thai group’s loan loss coverage ratio as at Sept 30, 2021 stood at 105.9% from 93.3% at the end of December 2020.

“Total allowance for expected credit losses stood at 9.4 billion baht, 1.7 billion baht over the Bank of Thailand’s reserve requirements.

“Total consolidated capital funds as at Sept 30, 2021 stood at 54 billion baht. BIS ratio stood at 20.7%, 15% of which comprised Tier-1-capital,” the bank added.

At Thursday’s noon break, CIMB Group’s shares had slipped 1.29% or seven sen to RM5.34, translating into a market capitalisation of RM53.65 billion.

https://www.theedgemarkets.com/artic...-credit-losses

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WORLD 2021
Part 61: UK | Tenaga Nasional Bhd
Research firms positive on TNB's RE expansion in UK
Bernama October 21, 2021 12:38 pm +08

KUALA LUMPUR (Oct 21): Tenaga Nasional Bhd’s (TNB) move to expand its renewable energy (RE) portfolio has received a positive response from research houses.

On Wednesday, TNB announced that its subsidiary Vantage RE Ltd has acquired a 49% stake in an offshore wind farm company Blyth Offshore Demonstrator Ltd (BODL) from EDF Renewables, a subsidiary of the French utility company Électricité de France (EDF).

The acquisition marks the utility giant’s maiden entry into the international offshore wind market as BODL currently owns offshore wind assets off the coast of Blyth, Northumberland, England.

The assets include five turbines with a total installed capacity of 41.5 megawatts (MW) (Blyth 1) and further development rights for a floating offshore wind project of up to 58.4MW (Blyth 2) off the Northumberland coast.

In a note on Thursday, Kenanga Research said although it is a small investment, the move would set the pace in growing the group’s RE portfolio in the UK and Europe, where the utility giant plans to increase it by 2,733MW by 2025.

"This also helps to address the pressing environmental, social and governance (ESG) concern that has pressured its share price in the past years,” it said, maintaining its "outperform" call on TNB’s shares, with a target price (TP) of RM11.80 per share.

Meanwhile, MIDF Research noted that although no details of the transaction value were revealed, the greenfield installed cost of offshore wind generators has fallen by 28% in the past four years and stood at US$3.8 million per MW in 2019.

“Having said that, Blyth 1 is relatively a mature asset, having been in operations for circa four years, and is backed by the Renewable Obligation Certificates (ROC) subsidy regime, hence we think a premium is likely,” it said in a note on Thursday.

As such, the research house retained its "buy" call on TNB with an unchanged TP of RM11.80 per share, factoring in a 10% ESG discount to reflect the valuation pressure on TNB, given its generation unit’s high exposure to coal power plants.

It noted that the plants currently account for 24% of overall group revenue and the coal power purchase agreements (PPAs) are expected to fall off the grid only from 2029 onwards.

“Nevertheless, TNB had revealed its 2050 sustainability pathway, which includes a commitment to reduce emission intensity by 35% and coal capacity by 50% by 2035, as well as an aspiration to achieve net-zero emissions and to be coal-free by 2050.

"These should eventually provide a clear direction in TNB’s sustainability agenda and gradually reduce the ESG overhang on the stock," it said.

https://www.theedgemarkets.com/artic...e-expansion-uk

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ASEAN 2021
Part 74: Singapore | YTL Power International Bhd
YTL Power wins pilot project to import electricity from Malaysia to Singapore
By Sharen Kaur - October 25, 2021 @ 8:31pm

KUALA LUMPUR: YTL Power International Bhd's wholly-owned YTL PowerSeraya Ltd, has secured a two-year trial project to import 100 megawatts of electricity from Malaysia into Singapore via existing interconnectors.

The appointment follows a request for proposal in March by Singapore's Energy Market Authority (EMA), according to a statement released today in Singapore by YTL PowerSeraya.

According to reports, YTL PowerSeraya is the only party in Singapore to have traded across the interconnector.


Its chief executive officer John Ng described the project as a "important initiative" in the development of Singapore's energy story.

According to Ng, the appointment is a significant step toward the success of an Asean power grid, where electricity imports may eventually play a key role in Singapore's energy mix.

He stated that the organisation will collaborate closely with YTL Power to import electricity into Singapore.

"We look forward to working closely with EMA to refine all technical settings and regulatory arrangements under the Electricity Import Framework during this two-year trial, which is expected to commence in early 2022.

"YTL PowerSeraya and YTL Power International are honoured to have been selected for this important initiative," he said.

YTL PowerSeraya is one of the leading power generators and electricity retailers in Singapore.

It has two subsidiaries namely a retail arm under the Geneco brand providing electricity to homes and businesses, and PetroSeraya, the group's fuel management arm.

https://www.nst.com.my/business/2021...ysia-singapore

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ASEAN 2021
Part 76: Singapore | Malayan Banking Bhd (Maybank)
Maybank to help Singapore's Ezion sell vessels to repay loans
Tan Siew Mung
October 27, 2021 12:08 pm +08

KUALA LUMPUR (Oct 27): Malayan Banking Bhd (Maybank) is helping Singapore-listed Ezion Holdings Ltd sell vessels to recover money which will be used to repay Ezion's bank loans.

According to Ezion's filings with the Singapore stock exchange, four memoranda of agreement (MOAs) had been entered into by several entities of Ezion for the sale of the four liftboats — "Teras Conquest", "Teras Fortress", "Teras Conquest 5" and "Rising Phoenix" — for a total of US$40 million cash.

According to Ezion, the MOAs were executed by secured bank lenders Oversea-Chinese Banking Corp Ltd (Teras Conquest), Maybank (Teras Conquest 5 and Teras Fortress), and DBS Bank (Rising Phoenix).

"The group is of the view that without the required funding to reactivate and deploy the vessels for work, the disposals will allow the group to stop incurring further operating costs and liabilities and will also allow the group to reduce its outstanding liabilities via the partial repayment of the secured bank loans," said Ezion.

https://www.theedgemarkets.com/artic...ls-repay-loans

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WORLD 2021
Part 62: Taiwan | Solarvest Holdings Bhd
Solarvest inks MoU with Taiwanese RE player Hsinjing to tap 500 MW solar projects by 2025
By NST Business - October 29, 2021 @ 5:36pm



SHB group chief executive officer Davis Chong Chun Shiong said the MoU with HHCL is an important step for the company to advance its regional expansion agenda and within the Taiwanese renewal energy (RE) market.

KUALA LUMPUR: Solarvest Holdings Bhd's (SHB) wholly-owned subsidiary Solarvest (Taiwan) Corporate Ltd (SCL), signed a memorandum of understanding (MoU) with Hsinjing Holding Corporate Ltd (HHCL) to develop 500 megawatts (MW) worth of solar projects in Taiwan by 2025.

SHB group chief executive officer Davis Chong Chun Shiong said the MoU with HHCL is an important step for the company to advance its regional expansion agenda and within the Taiwanese renewal energy (RE) market.

"We are encouraged by the shared confidence shown by HHCL toward our technical capabilities in implementing large-scale solar projects.

"Together, we have set a target to develop solar projects with a cumulative capacity of 500 MW in Taiwan by the end of 2025," he said in a statement today.

https://www.nst.com.my/business/2021...solar-projects

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WORLD 2021
Part 63: South Korea | Ta Win Holdings Bhd
Ta Win bags RM2.6bil sales contract from South Korea's Posco International
By NST Business - November 1, 2021 @ 5:19pm

KUALA LUMPUR: Ta Win Holdings Bhd's unit, Ta Win Industries (M) Sdn Bhd (TWI), has secured a RM2.6 billion sales contract from South Korea's Posco International Corp.

In a statement today, the integrated Malaysian manufacturer of copper products would supply copper rods, wires and copper-related products to Posco, including its overseas production plants, under the three-year contract.

"The sales contract is effective for three years from January 1, 2022, to December 31, 2024."

Ta Win said TWI also entered into a memorandum of understanding with Posco to supply about 65,000 tonnes of copper products during the contract term, starting with 10,000 tonnes in the first year.

Group managing director Datuk Seri Ngu Tieng Ung said the company is pleased to expand its presence in the electric vehicle (EV) market with this exclusive supply contract with Posco.

"Leveraging POSCO's extensive network in the EV battery components and materials sector, the company is well-positioned with the capacity and capabilities to cater to growing demand in the global EV sector as a supplier of high-quality copper rods and wires, which are the raw materials of copper foil widely used as the anode current collector for EV batteries," he said in a statement today.

Ngu said the three-year contract term is expected to have long-term financial visibility and contribute significantly to the company's top and bottom-line performance moving forward.

"This is also well-aligned to support Posco's expansion of its core raw material business for secondary battery materials (EV batteries), as demand continues to increase owing to the rapid growth of eco-friendly EV and energy storage systems," he added.

https://www.nst.com.my/business/2021...-international

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ASEAN 2021
Part 77: Thailand | Fraser and Nerve Holdings Bhd
F&N's Q4 net profit shrinks 31.7pct to RM58.7mil, revenue at RM896.3mil
By Ayisy Yusof - November 3, 2021 @ 7:19pm

KUALA LUMPUR: Fraser and Nerve Holdings Bhd's (F&N) net profit shrank 31.7 per cent to RM58.69 million in the fourth quarter (Q4) ended September 30, 2021, from RM85.99 million recorded a year ago.

In an exchange filing today, F&N said this was dragged by commodity price pressures, restructuring costs (RM10.7 million) and lower export margins.

Its Q4 revenue eased 6.0 per cent to RM896.26 million from RM953.70 million due to lockdowns in both Malaysia and Thailand and unfavourable foreign exchange between ringgit and Thai baht.

For the year ended September 30, 2021 (FY21), F&N's net profit slipped 3.7 per cent to RM395.16 million from RM410.38 million, while revenue increased 3.5 per cent to RM4.13 billion from RM3.99 billion.

Although the group's performance had been relatively resilient for FY21, F&N said it remained cautious given the challenging market conditions and ongoing global uncertainties due to the pandemic.

"It foresees the environment will remain challenging moving forward. Given the new normal, the group does not expect the market to return to pre-pandemic conditions in the short term."

It added that innovation would be key to continued performance.

With the encouraging return of economic activities in Malaysia and Thailand, F&N said the group was prepared to drive sales, particularly for the beverages and ready to drink dairy business, and out-of-home channels.

"We would continue to offer products that meet consumers evolving needs and refine its product pricing to cushion its businesses against cost pressures including further increase in commodity prices and other input materials."

Meanwhile, the group said exports would continue to be a key focus moving forward for both F&B Malaysia and food and beverage (F&B) Thailand.

"We will also focus on building its new halal packaged food pillar and is currently looking into expanding its product range, production capacity and leveraging on partnerships within the Group to expand route-to-market coverage and supply chain synergies."

https://www.nst.com.my/business/2021...enue-rm8963mil

The Fully Automated Distribution Center of F&N Dairies Thailand

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WORLD 2021
Part 64: Pakistan | Perusahaan Otomobil Nasional Sdn Bhd (Proton)
Proton starts assembly of Saga in Pakistan, X-70 to follow
Bernama October 27, 2021 14:00 pm +08

KUALA LUMPUR (Oct 27): Perusahaan Otomobil Nasional Sdn Bhd (Proton) has rolled off the production lines in Karachi, which is operated by its partner Al-Haj Automotive, the exclusive distributor of Proton models in Pakistan.

The first model to roll off the production line at the Al-Haj Automotive assembly plant is the Saga, which will then be followed by the X70 with a potential roll-out time of December 2021.

Proton, in a statement, said the Proton Saga, which started rolling off production lines in the country on Oct 13, was presented during a ceremony graced by President of Pakistan Dr Arif Alvi.

https://www.theedgemarkets.com/artic...tan-x70-follow

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WORLD 2021
Part 65: Tanzania | SMH Rail
SMH Rail ready to ship Malaysia's first green locomotives to Africa
By Azanis Shahila Aman - November 1, 2021 @ 8:06am









Launched in August, SMH Rail said the first batch of the H10 Series locomotives will be received by TRC, and the momentous occasion will be graced by the Works and Transport Minister of Tanzania, Prof. Makame M. Mbarawa.

KUALA LUMPUR: SMH Rail's H10 Series, the first Malaysian-built "green" locomotives, are ready to be handed over to Tanzania Railways Corporation (TRC).

SMH Rail chairman and managing director Datuk PK Nara said it is confident that the locomotives will bring positive enhancements to the African rail cargo industry.

SMH Rail believes as it moves forward with concerted efforts, the company will not only be able to boost Malaysian-African relations but further drive economic empowerment through export.

"We thanked Exim Bank of Malaysia for its relentless support in financing the project despite the challenging pandemic conditions.

https://www.nst.com.my/business/2021...motives-africa

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Part 78: Indonesia | Aneka Jaringan Holdings Bhd
Aneka Jaringan’s Indonesia subsidiary bags RM14 mil contract
Seah Eu Hen November 09, 2021 20:39 pm +08

KUALA LUMPUR (Nov 9): Basement and foundation construction specialist Aneka Jaringan Holdings Bhd’s Indonesia subsidiary PT Aneka Jaringan Indonesia has accepted a contracting job in Indonesia on Monday, Nov 8, according to a bourse filing on Tuesday (Nov 9).

The filing stated that the company was contracted by PT Risland Sutera Property to perform piling and pile test works for the Sky House Alam Sutera+ Project Phase 2.

The price of the contract is IDR48.75 billion inclusive of value-added tax, which is equivalent to approximately RM14.24 million.

The contract is expected to commence on Nov 11, 2021 and shall be completed by March 20, 2022.

The company said that this contract will not have any effect on its share capital and shareholding structure but expects it to contribute to the company’s consolidated earnings and net assets for the financial year ending Aug 31, 2022, during the duration of the contract.

https://www.theedgemarkets.com/artic...4-mil-contract

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Part 79: Singapore | Genting
Genting Singapore reports 3QFY21 earnings of S$60.7 mil, up 11% y-o-y
The Edge Singapore November 10, 2021 03:00 am +08

SINGAPORE (Nov 9): Genting Singapore has reported a lower revenue of S$251.5 million for 3QFY21, down 16% year-on-year (y-o-y). Yet, earnings increased by 11% y-o-y to S$60.7 million, as the company wrote back S$45.9 million in accounting accrual related to the bid for the Yokohama integrated resort project

https://www.theedgemarkets.com/artic...607-mil-11-yoy

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WORLD 2021
Part 66: USA | Genting
Genting Malaysia's Empire Resorts wins mobile sports betting licence in New York
Seah Eu Hen November 10, 2021 08:30 am +08

KUALA LUMPUR (Nov 10): Empire Resorts Inc, in which Genting Malaysia Bhd (GENM) has invested US$524 million over the past two years to revive its financial health, has sprung a positive surprise.

The casino operator has won a licence to offer mobile sports betting in New York.

The New York State Gaming Commission has chosen a total of eight platform providers and nine operators for the mobile sports betting licences after a year-long selection process.

New York expects the state's mobile sports betting business to generate up to US$99 million in the first year and reach up to US$500 million by 2025, the state government was quoted by Bloomberg as saying. Meanwhile, New York state is imposing a tax rate of 51% on gross gaming revenue for 10 years.

https://www.theedgemarkets.com/artic...cence-new-york

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ASEAN 2021:
Part 80: Indonesia | Axiata Group Bhd
XL Axiata continues gaining subscribers from easing of competition
BY YVONNE TUAH ON NOVEMBER 10, 2021, WEDNESDAY AT 8:05 PM

KUCHING (Nov 10): Axiata Group Bhd’s (Axiata) Indonesian based XL Axiata has continued to gain subscribers from the easing competition and popularity of its XL Satu Fiber convergence services.

Amidst the benign competition, XL Axiata is looking to raise prices to lift average revenue per unit (ARPU), but analysts are cautious on this move as this could dampen subs growth.

In a report, the research team at Kenanga Investment Bank Bhd (Kenanga Research) noted that since Telkom’s easing of its aggressive pricing strategy earlier in the year, the price competition in the market has eased.

To lift data yields, in October, XL Axiata began to raise prices and reduced benefits of its products.

“While we think this could help lift ARPU in the near term, it may dampen subs growth, as subs have been leaning towards cheaper packages with higher data quotas,” it opined.

Nevertheless, the research team noted that currently, XL Axiata is still in discussions with LinkNet on the proposed acquisition, which would help it strengthen their convergence proposition.

“XL Axiata’s convergence product – XL Satu Fiber – is the first of its kind in a market new to the concept. This proposition – which is predominantly targeted towards families – should help XL Axiata to differentiate itself from peers and lift postpaid ARPU.

https://www.theborneopost.com/2021/1...f-competition/