AG TURNS TO TOP COURT IN BID TO BLOCK SLS’

CHALLENGE OVER SABAH’S 40% REVENUE RIGHTS p4

F R I DAY, J U LY 2 6 , 2 0 2 4 t h e e d g e m a l ay s i a . c o m
ISSUE 802/2024

CEOMorningBrief HOME: French semiconductor firm Weeroc to start ops by 2025 with RM20 mil investment p3
Higher R&D investment, forex losses drag on ViTrox’s 2Q net profit p6
Lower domestic sales bring Nestlé Malaysia’s 2Q net profit down 48% p6
WORLD: China unexpectedly cuts one-year policy rate by most since 2020 p14
Japan’s Nikkei tumbles most in three years on BOJ, AI concerns p17
123RF

Federal auditors can

now audit companies
with govt guarantees
Report on Page 2.
 F R I D A Y J U LY 2 6 , 2 0 2 4 2 THEEDGE CEO MORNING BRIEF

H O M E

the edge ceo morning brief published by publisher + . Ho Kay Tat

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Federal auditors
KUALA LUMPUR (July 25):The Nation- audit the accounts of any body, including
al Audit Department (NAD) will now be companies registered under the Compa-

can now audit

able to audit the accounts of any compa- nies Act 2016, that receive financial guar-
nies that receive financial guarantees from antees from the federation or a state.

companies with
the federation or a state. Additionally, the clause empowers the
The Audit (Amendment) Bill 2024, AG to audit the accounts of any entity,

govt guarantees
which amends the Audit Act 1957 (Act including companies registered under the
62), was approved by the Dewan Nega- Companies Act 2016 that receive public
ra on Wednesday after being debated by funds, if the minister of finance deems it
21 senators. The Bill had previously been urgently necessary, following the “follow
passed by the Dewan Rakyat on July 3. BY CHOY NYEN YIAU the public money audit” approach.
The amendment will improve the scope theedgemalaysia.com Other amendments to the Bill introduce
of auditing of the management of public new provisions granting the AG the authority
money, while ensuring that audit recom- RM140.8 billion in other liabilities. to issue guidelines for implementing Act 62,
mendations receive serious attention and However, the ministry pointed out that make recommendations to address serious
appropriate action from all parties, includ- the annual increase in debt has been de- irregularities in the handling of public funds,
ing ministries, departments, government clining, with the debt increase rate for 2023 and conduct follow-up audits of actions tak-
agencies, and any entity receiving public decreasing to 8.6% compared to 10.2% en in response to the recommendations and
funds, the NAD said in a statement. in 2022. It anticipates this rate to further comments in the AG’s Report.
“The Act 62 has not been amended decrease to around 7% in 2024. The amendment aims to enhance the
since 1991, 33 years ago, and needs to be Committed guarantees are defined as role of the AG in ensuring checks and bal-
strengthened in line with the latest devel- financial assistance provided by the gov- ances through three main types of audits
opments in governance and public money ernment to government guarantee recipi- — financial statements; performance of
management,” the agency noted. ent entities for various purposes, including programmes or activities of ministries, de-
Earlier, the Ministry of Finance (MOF) temporary cash flow injection, working cap- partments, and government agencies; and
noted that Malaysia’s total debt and lia- ital assistance, interest repayment and other management of government companies.
bility exposure stood at RM1.58 trillion operational aids to sustain ongoing projects. With the Audit (Amendment) Bill 2024
as of the first quarter of 2024. This in- Under the amendment Bill, Clause 2 passed by both Houses, the Bill will now
cludes RM1.21 trillion in debt, RM225.9 seeks to amend Section 5 of the Act to ex- be sent for royal assent by the King, before
billion in guarantee commitments, and pand the auditor general’s (AG) power to being gazetted as a new Act.

PUTRAJAYA (July 25): The government of one year after Act A1695 came into force.
has succeeded in surpassing the bankruptcy Anwar: 142,510 “Those [in the Mdl organisation]
release target with a total of 142,510 cas-
es through the Second Chance Policy, as bankruptcy cases given should continue reforms and lay the foun-
dations of Madani as one of the pillars of
compared to the initial target of 130,000
cases, Prime Minister Datuk Seri Anwar
discharge, exceeding kindness. We can extend compassion or
consideration, and are ready to forgive and
Ibrahim said. target of 130,000 also give space to the people.
He said this policy is one of the initia- “So that’s why in the Madani budget,
tives under the Prinsip Rukun Ihsan (Prin- we emphasise several measures, and I am
ciple of Compassion) to implement of the Bernama proud of the actions taken by the minister
law for the people in need. and the department to bring about chang-
“Sometimes, these bankruptcies were due Also present at the ceremony was Min- es, including in the insolvency amendment.
to economic situations, as in the case of Cov- ister in the Prime Minister’s Department “In one year, this department showed its
id-19, where the level of the economy affected (Law and Institutional Reform) Datuk Seri efficiency in releasing more than 140,000
their economic conditions...there were also Azalina Othman Said. people from bankruptcy; it means 140,000
mistakes made by them, especially the traders. The Second Chance Policy was an- families have been rescued,” Anwar said.
“But our responsibility is to stimulate the nounced by Anwar during the Budget
economy and also give them opportunities. 2024 presentation.
This is our initial step to make Malaysia a The policy is extended to bankrupts to pro- Read the full story
competitive and developed country,” he said in vide them the opportunity to return to contrib-
the opening speech of the 100-year and New ute to the national economy and live a new life.
Direction celebration of the Malaysian Depart- It aimed to release as many as 130,000 people Read also: Azalina: Govt to study pro-
ment of Insolvency (Mdl) here on Thursday. who were declared bankrupt up to a period posed corporatisation of Insolvency Dept
 F R I D A Y J U LY 2 6 , 2 0 2 4 3 THEEDGE CEO MORNING BRIEF

H O M E

LOW YEN YEING/THE EDGE

French
semiconductor
firm Weeroc to
start ops by 2025
with RM20 mil
investment
(From left) Weeroc chief technology officer and IC designer Salleh Ahmad, Invest Selangor Bhd CEO
BY SYAFIQAH SALIM & MYIA S NAIR Datuk Hasan Azhari Haji Idris, Deputy Secretary of the Government (Development) and director of
theedgemalaysia.com UPEN Datuk Johary Anuar, Selangor Menteri Besar Datuk Seri Amirudin Shari, Selangor exco
for investment, trade and mobility Ng Sze Han and Sidec CEO Yong Kai Ping at the signing ceremony
of the letter of intent between Sidec and Weeroc on Thursday.

KUALA LUMPUR (July 25): French sem- specialises in developing chips for satellites, As the world’s sixth largest exporter of
iconductor manufacturer Weeroc plans to drones, and Airbus planes. electronics and semiconductors, Malaysia
invest about RM20 million and start oper- The signing ceremony was witnessed by plays a critical role in the global electrical
ations in early 2025 at the Puchong Finan- Minister of Investment,Trade and Industry and electronics supply chain. Malaysia is
cial Corporate Centre in Selangor. Tengku Datuk Seri Zafrul Tengku Abdul responsible for 7% of the semiconductor
Weeroc has signed a letter of intent with Aziz, Selangor Menteri Besar Datuk Seri trade flows as well as 13% of back-end
the Selangor Information Technology & Amirudin Shari, Selangor state executive operations globally, including chip testing
Digital Economy Corporation (Sidec) dur- councillor for investment, trade, and mo- and packaging.
ing the Selangor International Business bility Ng Sze Han and Invest Selangor Bhd Prime Minister Datuk Seri Anwar Ibra-
Summit 2024 on Thursday. Under the col- CEO Datuk Hasan Azhari Idris. him announced in May that the govern-
laboration, Sidec will assist in Weeroc’s op- Selangor recognises Weeroc’s poten- ment aims to attract at least RM500 billion
erational launch in Malaysia. tial in the fabless semiconductor indus- in investments for chip design, advanced
There is a strong demand for chips, par- try, particularly in precision-analog and packaging, and semiconductor chip manu-
ticularly with the growing need for artificial radiation-hardened integrated circuit (IC) facturing equipment through the National
intelligence-related semiconductors, Sidec design for the aerospace and photodetec- Semiconductor Strategy.
chief executive officerYong Kai Ping told The tion sectors, according to Sidec, a Selangor The plan also involves training and up-
Edge after the signing ceremony. However, government agency to develop the state as skilling 60,000 highly-skilled Malaysian en-
the challenge lies in attracting local talent. a digital hub. gineers. Additionally, the government aims
Based in Villebon-surYvette, a town just “Currently, we don’t have enough engi- to establish at least 10 Malaysian compa-
outside of Paris, the company is a start-up neers specialising in this area,”Yong said. nies specialising in design and advanced
founded by Dr Salleh Ahmad from Selan- “We need to highlight Malaysian talent packaging, with revenues between RM1
gor employing about 10 engineers. Weeroc and focus on attracting and training them.” billion and RM4.7 billion.

Green investment
KUALA LUMPUR (July 25): The green ments into Malaysia and stimulate so-
industry will provide new business oppor- cio-economic growth. By extension, Sel-

strategy to provide
tunities for small and medium enterprises angor, too, will benefit from this in terms
(SMEs), as well as jobs and skills develop- of new business opportunities for SMEs,

new business
ment in Selangor, said Investment, Trade as well as jobs and skills development
and Industry Minister Tengku Datuk Seri for Selangorians in the green industry,”

opportunities for
Zafrul Abdul Aziz. said Zafrul.
In his keynote address at the 8th Se- The minister, however, did not dis-

SMEs in Selangor,
langor Asean Business Conference on close specific figures for business oppor-
Thursday, Zafrul reiterated that his min- tunities and jobs and skills development

says Zafrul
istry known as Miti aims to attract green that the green investment strategy would
investments into Malaysia worth about bring to the state.
eight times the current value, to help re- According to him, Selangor ranks as
alise the target of Malaysia’s net zero car- the leading state in gross domestic product
bon emissions as early as 2050. BY SYAFIQAH SALIM & MYIA S NAIR (GDP) growth at 5.4% in 2023, outpacing
Green investments in the country theedgemalaysia.com the national GDP growth rate of 3.6%.
surged by 326% year-on-year to US$1.03 For the first quarter of 2024, Selangor
billion (RM4.81 billion) in 2023, accord- policies, such as the National Industrial secured RM12.4 billion in approved in-
ing to a report jointly published by Bain & Master Plan 2023, the National Energy vestments, the third highest in the country
Company, GenZero, Standard Chartered, Transition Roadmap, and the National after Kedah (RM31.3 billion) and Kuala
and Temasek. Industry ESG Framework. Lumpur (RM21.5 billion), data from the
The green investment strategy, coordi- “Miti aims to attract roughly eight Malaysian Investment Development Au-
nated by Miti, will complement existing times the current value of green invest- thority showed.
 F R I D A Y J U LY 2 6 , 2 0 2 4 4 THEEDGE CEO MORNING BRIEF

H O M E

KUALA LUMPUR (July 25): The feder- on the matter in order to compel the return
al government has filed an appeal at the of 40% of federal revenue earned from the
country’s apex court to stop the Sabah Law state according to the Federal Constitution.
Society’s (SLS) bid to seek a judicial review On November 11, 2022, High Court
of the state’s 40% revenue grant. judge Ismail Brahim granted SLS’ applica-
Senior federal counsels Ahmad Hanir tion for leave for the judicial review, ruling
Hambaly @ Arwi and Shamsul Bolhas- that SLS had locus standi (legal standing)
san both confirmed with The Edge that for a judicial review as it was a public in-
the attorney general (AG) had filed a terest litigation.
bid for leave to appeal against SLS’ ju- The Attorney General’s Chambers
dicial review. (AGC) obtained a stay order to stop the
SLS had filed the judicial review ap- High Court from hearing the merits of
plication in 2022 to overturn the federal the case pending the appeal at the Court
government’s gazette of a RM125.6 mil- of Appeal.

AG turns to
lion annual grant for Sabah, claiming that In the Court of Appeal’s decision, which
it violated the state’s revenue rights under was unanimous, COA judge Datuk Rav-

top court in bid

the Malaysia Agreement 1963 (MA63). inthran N Paramaguru said the SLS has
Shamsul told The Edge that there were at the very least established locus standi

to block SLS’
four main questions of law that they are for a judicial review as it is clearly a pub-
seeking for the Federal Court to clarify. lic interest litigation taken for the benefit

challenge over
On June 18, the Court of Appeal had of the public.
dismissed the government’s appeal against He said it was not taken to seek re-

Sabah’s 40%
SLS’ leave bid for judicial review. The ap- dress for a personal wrong or grievance
peal filed at the apex court by the AG will of the SLS.

revenue rights
be the final appeal. The focus of the judicial review appli-
If the government loses again, the case cation is the alleged omission in the Re-
will be directed back to the High Court view Order 2022 to account for the miss-
for a full hearing of SLS’ judicial review ing ‘lost years’.
application. BY TIMOTHY ACHARIAM The ‘lost years’ is referred to by Saba-
The federal government was appealing theedgemalaysia.com hans as a 48-year period of a second man-
against the Kota Kinabalu High Court’s de- datory review of the state’s 40% revenue
cision on November 11, 2022, to grant SLS grant originally due by 1974, but was only
leave (permission) to seek a judicial review undertaken in 2022.

Vital housing
KUALA LUMPUR (July 25): Come So far, the courts below have ruled that
Friday (July 26), the Federal Court will they are bound by the Ang Ming Lee case

decision today on
deliver an important decision which in saying that the controller does not have
would affect homebuyers and develop- the power to give EOT either prospectively

whether ruling in
ers alike, on whether the decision made or retrospectively, even after the SPA has
by the apex court in the Ang Ming Lee been signed.

Ang Ming Lee case

and Another vs the Housing and Local Some of the affected developers claim
Government Ministry and the Control- otherwise, saying that it should not be ap-

has retrospective
ler of Housing case has a retrospective plied retrospectively, as the 36-month pe-
effect or otherwise. riod is possibly insufficient for completion

effect
In the Ang Ming Lee case, the apex of such projects, due to the land condition,
court ruled in 2020 that the minister had strict working hours and other factors, and
no power to delegate to the Controller of hence, the approval given to complete the
Housing, pursuant to Regulation 11(3) project beyond that period by the author-
of the Housing Development Regulations BY HAFIZ YATIM ities before it began, is legitimate.
1989 (HDR 1989), to waive the time pe- theedgemalaysia.com CO N TI N UES O N PAGE 5
riod of completion of the property from
36 months to 42 months or more, without THE EDGE FILEPIX BY ZAHID IZZAN

obtaining consent from the purchasers.

The term of 36 months applies to strata
titled properties, while for landed proper-
ties, the term is 24 months.
However, the highest court of the land
did not rule whether the extension of time
(EOT), as in the Ang Ming Lee case where
the developer applied it after failing to
complete the project before the expiry of
the sales and purchase agreement (SPA),
was applicable only prospectively before
the signing of the SPA, or retrospectively. The Palace of Justice building in Putrajaya, which houses the Federal Court.
 F R I D A Y J U LY 2 6 , 2 0 2 4 5 THEEDGE CEO MORNING BRIEF

H O M E

INVESTKL.GOV.MY

KUALA LUMPUR (July 25): Invest KL

Corporation (InvestKL) secured RM3.3
billion in investments, and created 3,389
high-value regional jobs by establishing six
global services hubs in the first half of 2024
(1H2024), despite current global challenges.
These services hubs comprise a data
centre, a centre of excellence, a global
operation centre, an Asia-Pacific global
business services hub, an engineering, pro-
curement, construction, and installation
execution centre, and a digital lab head-
quarters by companies from the Americas,
Europe, and Asia.
InvestKL said these investments reaf-
firm Greater KL’s appeal as a top invest-
ment destination, despite current global
challenges.
“Greater KL’s appeal is bolstered by

InvestKL says
the country’s ease of doing business, ro- InvestKL pointed out that Malaysia re-
bust infrastructure, skilled talent pool, and corded an impressive investment progress

RM3.3 bil
vibrant ecosystem driven by collaboration of RM83.7 billion in the first quarter of
and innovation,” InvestKL, the investment 2024, a 13% increase over the same pe-

investment
promotion agency for Greater KL, said in riod last year.
a statement on Thursday. “RM39.3 billion or 47% were from the

secured, 3,389
Chief executive officer Datuk Muham- services sector, marking a shift towards
mad Azmi Zulkifli said the 1H2024 re- service-oriented investments,” it said.

high-value jobs
sults demonstrated InvestKL’s continued As of now, the investment agency has
impact in solidifying Greater KL’s status attracted over 140 global services hubs by

created in 1H
as a top regional investment destination. leading companies employing more than
“This aligns well with our 2024 tar- 27,000 executives with an average monthly
get to attract global services hubs, with salary of RM17,000.
a focus on technology and cutting-edge “With Malaysia’s anticipated economic
activities that will spur high-skilled jobs Bernama growth of 4% to 5% this year, driven by
for Malaysians. improved investment and external demand,
“Through our engagements, it is evi- InvestKL’s strategic direction will focus on
dent that more eyes are now on Malaysia, attracting global services from key sectors
and global companies are eager to capi- such as digital and technology, engineering,
talise on the country’s strength to deepen health technology, and renewable energy,
their investments, and broaden their re- while also emphasising human capital de-
gional presence from Greater KL,” he said. velopment,” InvestKL added.

FROM PAGE 4 peal president Tan Sri Abang Iskandar Normally, the LAD would be calcu-
Hence, the outcome of three cases on Abang Hashim, which may revisit the Ang lated following late delivery of the prop-
Friday, namely that of: Ombak-Ambak Ming Lee case which had been decided erties, but in the Ang Ming Lee case,
Holdings Sdn Bhd vs Prema Bonanza by a bench led by Chief Justice Tun Teng- some homebuyers are claiming it from the
Sdn Bhd, Prema Bonanza Sdn Bhd vs ku Maimun Tuan Mat. 36-month period, and hence this leads
KN Vignesh Naidu, and Sri Damansara Nineteen different law firms, who are to questions over the EOT, if given ret-
Sdn Bhd vs Housing Tribunal and two not parties in the suit, have applied to rospectively from the SPA, would result
others, for which, in all three cases, the be watching briefs or observers in the in more costs to be paid by developers,
EOT (from 36 months had been extend- matter, as the outcome may affect their while resulting in unjust enrichment of
ed to 42 months or 52 months) was giv- clients in ongoing cases. homebuyers.
en before the signing of the SPA. This is Central to the issue is certainly the In light of the multifarious issues
why the decision on Friday would likely liquidated ascertained damages (LAD) which are of public importance that
be widely watched. claimed by the homebuyers, purport- arose in the appeals, the Attorney Gener-
Prema Bonanza is the developer of the edly for late delivery of the proper- al, through Senior Federal Counsel Liew
housing project known as The Sentral ty, despite being granted the EOT by Horng Bin, was invited by the Federal
Residences, centrally located near KL the government before the SPA was Court to appear as amicus to assist the
Sentral, while Sri Damansara is the de- signed. court on the legal effect of the Ang Ming
veloper for the Foresta Damansara con- The EOT in Prema Bonanza’s case Lee decision.
dominium located near Kota Damansara, was given in 2010, due to complexity in Prema Bonanza was represented by
Selangor. completion of the said projects, while the Messrs Chee Hoe & Associates, while
The decision will be delivered by a SPA was formulated in 2012. This was Messrs Norendra & Yap appeared for Sri
five-member bench led by Court of Ap- informed to the homebuyers. Damansara.
 F R I D A Y J U LY 2 6 , 2 0 2 4 6 THEEDGE CEO MORNING BRIEF

H O M E

Higher R&D Lower domestic viding Malaysians with the best range of
great tasting halal products that meet their

investment, sales bring Nestlé health, nutrition and lifestyle expectations,

and always anchored on our foundation of

forex losses drag Malaysia’s 2Q net quality and safety,” Nestlé (Malaysia) said.
For the first half of 2024 (1HFY2024), its

on ViTrox’s profit down 48% earnings fell 23.53% to RM289.11 million,

down from RM378.06 million from a year

2Q net profit earlier, attributed to the subdued consumer

sentiment and cautious spending observed
BY LUQMAN AMIN during the Chinese NewYear and Hari Raya
theedgemalaysia.com festive seasons.
BY ANIS HAZIM Revenue for 1HFY2024 reached RM3.31
theedgemalaysia.com KUALA LUMPUR (July 25): Nestlé (Ma- billion, an 8% decline from the historically
laysia) Bhd (KL:NESTLE) saw its net prof- high record sales achieved for 1HFY2023 of
KUALA LUMPUR (July 25): Automat- it decline 48.27% to RM93.60 million in RM3.59 billion.
ed test equipment manufacturer ViTrox the second quarter ended June 30, 2024 Commenting on the latest results, Nestlé
Corp Bhd (KL:VITROX) saw its sec- (2QFY2024), down from RM180.92 mil- (Malaysia) chief executive officer Juan Ar-
ond-quarter net profit fall 25.4% year- lion a year ago. anols said the group recognised the significant
on-year, dragged down by the group’s The decline was driven by a drop in do- challenges that high food costs — driven by
ongoing research and development mestic sales, reflecting subdued consumer the global situation of commodity prices —
(R&D) investment as well as unfavoura- sentiment and constrained purchasing pow- create for Malaysian families.
ble foreign exchange (forex) losses. er, Nestlé (Malaysia) said in its bourse filing. “That is why we continue to make every
In a bourse filing on Thursday, Revenue for the quarter stood at RM1.52 possible effort to moderate the translation
Penang-based ViTrox said higher spend- billion, down 13% as compared to RM1.75 to our final prices of these external cost
ing on R&D was intended to capture billion a year earlier. increases, absorbing them to the best of
future growth prospects and sustain The group declared an interim dividend of our ability and mitigating cost pressure
long-term competitiveness. 70 sen per share, which will be paid on Oct 3. through all possible actions, including the
Net profit for the three months end- Moving ahead, Nestlé (Malaysia) ex- constant search for internal process effi-
ed June 30, 2024 (2QFY2024) came pects the challenging conditions to re- ciencies and the adoption of digital-ena-
in at RM28.1 million, down from main throughout the third quarter and bled technologies across our entire value
RM37.66 million a year earlier. As a moderate progressively towards the end chain.” he noted.
result, earnings per share fell to 1.49 of the year, with a return to growth lat- Nestlé (Malaysia) shares ended 20 sen or
sen for 2QFY2024 versus 1.99 sen for est by 1H2025. 0.16% higher at RM122 onThursday, valuing
2QFY2023. “In the meantime, we will continue pro- the company at RM28.61 billion.
Revenue for the quarter also fell 8.2%
to RM137.2 million, from RM149.39
million in 2QFY2023, on lower sales of

Luxchem’s 2Q
automated board inspection. However, On its outlook, Luxchem said it will
this was partially offset by robust sales continue to improve its productivity and

net profit climbs

orders from its machine vision system. efficiency to face external uncontrollable
No dividend was declared for the factors and challenges.

30%, declares
quarter under review. The company flagged key challeng-
ViTrox’s net profit for the cumula- es such as exchange rates, raw material

0.8 sen dividend

tive six months ended June 30, 2024 price fluctuations, raw material demand
(1HFY2024) also declined 35.8% to and supply situations, stiff competition,
RM45.33 million from RM70.65 mil- and ongoing global geopolitical conflicts.
lion a year earlier, as revenue fell 9.2% Luxchem also declared a single-tier in-
to RM256.81 million from RM282.72 BY CHOY NYEN YIAU terim dividend of 0.8 sen per share, pay-
million in 1HFY2023. theedgemalaysia.com able on Aug 30.
On prospects in the second half For the first half ended June 30, 2024
of 2024, the group said it remains KUALA LUMPUR (July 25): Plastic ma- (1HFY2024), the group’s net profit rose
cautiously optimistic amid the slow- terial and resin manufacturer Luxchem 40% to RM23.8 million from RM16.9
er-than-expected world economic re- Corp Bhd’s (KL:LUXCHEM) net prof- million for 1HFY2023, buoyed by both
covery. it for the second quarter ended June 30, the trading and manufacturing segments.
“The group is confident in achieving 2024 (2QFY2024) jumped 30%, thanks Revenue grew by 27% to RM393.3 mil-
steady growth and improvements in the to higher contributions from both trading lion from RM310.4 million.
semiconductor back-end sector. Our fo- and manufacturing activities. At Thursday’s market break, Luxchem
cus will remain on fortifying customer Net profit for the three months to- shares were traded unchanged at 57.5 sen,
relationships and ensuring diligent cost talled RM12.2 million or 1.14 sen per giving the group a market capitalisation of
management,” it said. share, compared with RM9.42 million RM615.17 million.Year to date, the stock
Shares of ViTrox settled down eight or 0.88 sen per share over the same has risen 13.4%.
sen or 1.93% to RM4.07 on Thursday, quarter a year ago, Luxchem said in
giving the group a market capitalisation an exchange filing. Revenue rose 33%
of RM7.7 billion. Its share price has year-on-year to RM210.2 million from Read also: Texchem returns to the black
risen 13.6% so far this year. RM157.6 million. in 2Q after six quarters of losses
 F R I D A Y J U LY 2 6 , 2 0 2 4 7 THEEDGE CEO MORNING BRIEF

H O M E

IGB REIT
KUALA LUMPUR (July 25): IGB Real tax rate on goods and services rose from
Estate Investment Trust’s (KL:IGBREIT) 6% to 8%, affecting the retail expendi-

declares 2.56 sen

net property income (NPI) for the second ture,” it said.
quarter ended June 30, 2024 (2QFY2024) The fuel subsidy rationalisation and

distribution as
rose 6.5% to RM109.48 million from e-invoicing are also expected to have an
RM102.79 million a year ago, due to high- inflationary impact on retailers from higher

NPI rises 6.5%

er rental income. input costs, it added.
Its revenue increased 5.95% to “Notwithstanding the above, the com-

in 2Q
RM149.97 million from RM141.54 mil- bination of wage growth policy, Employees
lion, said IGB REIT, which owns the Mid Provident Fund’s (EPF) flexible account
Valley Megamall and The Gardens Mall, and Rahmah cash assistance could still set
in a bourse filing. a more favourable stage for a sustainable
Net profit inched up 0.71% to RM81.55 BY JUSTIN LIM growth in retail spending during the latter
million in 2QFY2024, from RM80.97 mil- theedgemalaysia.com half of 2024,” it said.
lion a year ago, while earnings per unit IGB REIT closed one sen or 0.5%
improved to 2.26 sen in 2QFY2024 from RM221.35 million in 1HFY2023, as rev- higher at RM1.95 on Thursday, giving the
2.25 sen previously. enue expanded 5.53% to RM312.53 mil- REIT a market capitalisation of RM7.04
Its distributable income rose to lion from RM296.16 million during the billion.Year-to-date, the REIT has gained
RM94.69 million in the quarter un- same period. 13%.
der review, from RM87.25 million in Net profit rose 2.24% to RM181.16
2QFY2023. million, from RM177.20 million in
It declared a distribution per unit (DPU) 1HFY2023. Read also:
of 2.56 sen for 2QFY2024, versus the 2.37 Looking forward, the REIT said the
sen declared for the same period last year. primary challenge for Malaysia’s retail IGB Commercial REIT’s 2Q NPI up
This raised its year-to-date DPU to 5.52 sen, sector is still the escalating cost of liv- 11%, declares 0.97 sen DPU
versus 5.17 sen a year before. The income ing affecting consumers across income
distribution is payable on Aug 30, 2024. brackets.
For the fir st half of FY2024 “A 10% sales tax on online sales of im- UOA REIT 2Q net rental income falls
(1HFY2024) IGB REIT’s NPI increased ported goods has contributed to the uptick 22% on higher operating expenses;
by 5.59% to RM233.72 million, from in retail prices. Additionally, the service declares 2.9 sen distribution per unit

KIP REIT NPI

KUALA LUMPUR (July 25): KIP Real worth RM1.05 billion at the end of June
Estate Investment Trust (KL:KIPRE- “We are excited by the potential of our

surges 63% in
IT) said on Thursday its net property in- existing assets and the vast opportunities
come surged 62.8% in the final quarter to acquire high quality accretive assets

4QFY2024,
of 2024 earlier, thanks to strong gain of with strong recurring rental income to ex-
retail properties in the northern and cen- pand our portfolio,” said KIP REIT chief

declares 1.97 sen

tral regions. executive officer Valerie Ong Pui Shan.
Net proper ty income totalled “Our robust pipeline and well-defined

payout per unit

RM26.43 million for the three months goals give us confidence in our ability to
ended June 30, 2024 (4QFY2024) com- deliver outstanding results and propel KIP
pared with RM16.23 million over the REIT’s sustainable growth.”
same period last year, KIP REIT said in KIP REIT is in the midst of completing
an exchange filing. Revenue rose 46% BY JASON NG the previously-announced acquisition of
year-on-year to RM32.64 million from theedgemalaysia.com DPulze Shopping Centre, its ninth retail
RM22.39 million. asset. If successful, the RM320 million
Income distributable to unitholders KIPREIT.COM.MY deal would be its largest acquisition since
however was 28% higher at RM13.49 its listing in 2017.
million versus RM10.52 million in The trust is “well on our way to achieve
4QFY2023. Distribution per unit our goal” of reaching RM2 billion in as-
was 1.97 sen, up against 1.75 sen in sets under management within the next
4QFY2023. three years, said Ong. “Our active acqui-
“The manager holds a favourable out- sition strategy continues to be a driving
look, considering the positive performance force behind our success.”
of KIP REIT’s existing property portfolio For the full financial year of 2024
and their strategy endeavours to actively (FY2024), net property income totalled
enhance leasing and operational strate- RM77.82 million compared to RM62.15
gies,” KIP said. The manager expects to million over the same period last year.
“sustain a stable performance” through- Comprehensive income totaled RM47.31
out the year, it said. million, down 22% from RM60.79 mil-
KIP Real Estate Investment Trust said
KIP REIT’s portfolio comprises eight re- strong gain of retail properties in the lion in FY2023.
tail malls in southern, central, and northern northern and central regions propelled its
regions of Malaysia, as well as three indus- net property income for the three months
trial properties. All in all, the 11 assets are ended June 30, 2024 to RM26.43 million. Read the full story
 F R I D A Y J U LY 2 6 , 2 0 2 4 8 THEEDGE CEO MORNING BRIEF

H O M E

Axiata shares
KUALA LUMPUR (July 25): Shares in
Axiata Group Bhd (KL:AXIATA) extend- Axiata Group Bhd

extend decline as
ed their decline on Thursday, and nearly Vol (mil) RM
wiped out this year’s gain, amid concerns 25 3.0

Apex Securities
over the impact of civil unrest in Bangla-
desh on the group’s key subsidiary. 20

flags trouble
Axiata fell to RM2.42, its lowest since
Jan 4. The stock ended the day at RM2.43, RM2.48
15

from Bangladesh
down six sen or 2.4% from the previous 2.5
day. At its last price, the largest mobile
10
unrest
telecommunications company in Malay- *RM2.43
sia by revenue had a market capitalisation
5
of RM22.31 billion on Bursa Malaysia.
On the same day, Apex Securities cut
0 2.0
its target price for Axiata to RM2.55 from BY SANKITA JAYANANDAN
July 25, 2023 July 25, 2024
RM2.94, flagging rising macroeconomic theedgemalaysia.com
*As at 5pm on July 25, 2024
risk from the frontier market as well as Source: Bloomberg
weaker investor sentiment. sity students demanding changes in the
Escalating anti-government protests in long-standing quota-based system for gov-
Bangladesh would affect Axiata’s Robi due ernment jobs, has expanded following the security provided by long-term contracts,
to its reliance on the prepaid mobile busi- deaths of nearly 200 people. which ensure consistent revenue, the house
ness, the research house said. Robi Axiata To crack down on the protest, the Bang- said.
PLC, doing business as Robi, is the second ladeshi government has closed almost all Apex is trimming its net profit fore-
largest mobile network operator in Bang- education institutions, shut down mobile cast for Axiata by 3.7% for the financial
ladesh and contributed 18% of Axiata’s internet and imposed curfews. year ending Dec 31, 2024 for now, “while
operating profit. Axiata’s exposure to Bangladesh is pri- awaiting further clarification”.
Shares in Axiata have declined for the marily through its 61% ownership in Robi, Further, Axiata continues to face geo-
fourth consecutive day and lost more than and its tower assets via 63%-owned Edot- political, macroeconomic and regulatory
13% since the start of June.The movement co, Apex noted. However, there would be risks, as well as a strengthening US dollar
in Bangladesh, originally led by univer- “minimal” impact on Edotco due to the and high interest rates, the house noted.

Eight companies,
KUALA LUMPUR (July 25): Bursa Ma- munities and protecting biodiversity.
laysia Bhd (KL:BURSA) on Thursday an- “With this auction, it also establishes

including
nounced eight successful bidders for the a benchmark price for voluntary carbon
country’s first nature-based carbon cred- credits for Malaysian nature-based carbon

Petronas, win
its auction brought by its subsidiary Bur- projects,” it said.
sa Carbon Exchange (BCX) with carbon The Kuamut project has earned interna-

Bursa Malaysia’s
credits from the Kuamut Rainforest Con- tional recognition and is rated best in class
servation project in Sabah. as one of the highest-rated improved forest

first carbon credit

Among the winners are the national oil and management (IFM) projects in the world by
gas company Petroliam Nasional Bhd (Petro- the carbon rating agency BeZero Carbon.

auction from
nas) and three public-listed companies, name- For Malaysia, the Kuamut project is of
ly Malayan Banking Bhd (KL:MAYBANK), national importance as it demonstrates that

Kuamut project
Gas Malaysia Bhd (KL:GASMSIA) andYin- Malaysian forests can successfully yield
son Holdings Bhd (KL:YINSON). high-integrity carbon credits, noted Bursa.
The remaining companies are CIMB “As a lighthouse project for local forest-
Bank Bhd — the banking arm of CIMB ry-based carbon credits, it paves the way
Group Holdings Bhd (KL:CIMB) — BBB BY ANIS HAZIM for other states to look into preserving their
Asia Capital Bhd, Eco Green Carbon Ven- theedgemalaysia.com forests and natural resources, while contrib-
tures Sdn Bhd andTROX Malaysia Sdn Bhd. uting to the nation’s commitment to main-
Bursa said the carbon credit auction PERMIAN GLOBAL tain at least 50% of the country’s land that is
will allow companies to reduce their envi- under forest and tree cover, a pledge made
ronmental impact through several credible during the Earth Summit in 1992,” it added.
pathways, including offsetting greenhouse
gas (GHG) emissions.
“The auction of the domestic forest National oil and gas company Petroliam
protection and regeneration project was Nasional Bhd was among the eight successful
bidders for the country’s first nature-based
cleared at RM50 per contract,” Bursa said
carbon credits auction brought by its subsidiary
in a statement. Bursa Carbon Exchange with carbon credits
Besides reducing GHG, the Malaysian from the Kuamut Rainforest Conservation
nature-based carbon credits plus (MNC+) project in Sabah. The rest were Malayan
contracts also signify co-benefits in pre- Banking Bhd, Gas Malaysia Bhd, Yinson
Holdings Bhd, CIMB Bank Bhd, BBB Asia Capital
serving the environment, improving the Bhd, Eco Green Carbon Ventures Sdn Bhd and
livelihoods and well-being of local com- TROX Malaysia Sdn Bhd.
 F R I D A Y J U LY 2 6 , 2 0 2 4 9 THEEDGE CEO MORNING BRIEF

Main Sponsor Official Car

honouring
Malaysia’s outstanding
corporate performers

TM

is your company
one of them?
 F R I D A Y J U LY 2 6 , 2 0 2 4 10 THEEDGE CEO MORNING BRIEF

H O M E

Amir Hamzah Govt mulling

says 3.4 mil easier loan
EPF members process for oil
made RM8.9 bil palm smallholders
flexible account in Budget 2025,
says Johari Ghani
withdrawals in cash and money market instruments be-
tween 2% and 6% of the total investment Bernama
Bernama assets of the EPF,” he said in a question and
answer session at the Senate on Thursday. KUALA LUMPUR (July 25):The
KUALA LUMPUR (July 25): A total of He was replying to Senator Anna Bell Ministry of Plantation and Com-
3.4 million of the 13.1 million Employees @ Suzieana Perian’s question about the modities will consider simplifying
Provident Fund (EPF) members under the percentage of contributors who chose to the loan process from banks to oil
age of 55 have made withdrawals from the transfer contributions into the EPF Flexible palm smallholders in the upcom-
Flexible Account amounting to RM8.9 bil- Account and made withdrawals. ing Budget 2025.
lion as of July 19, 2024. Regarding implications for the national Minister Datuk Seri Johari Ab-
Finance Minister II Datuk Seri Amir economy, Amir Hamzah said the initial es- dul Ghani said the government, via
Hamzah Azizan said that for the same pe- timate of the Flexible Account withdrawals Budget 2024, had allocated RM100
riod, a total of 3.8 million or 29.3% of EPF in the first year was around RM15 billion million via a hybrid scheme in the
members chose to have the initial amount or about 0.8% of Malaysia’s nominal gross form of a 50% grant and 50% loan
in the Flexible Account (Account 3) with domestic product for 2023. to implement the Smallholder Oil
a transfer of RM12.6 billion, while RM5.6 “Nevertheless, the actual impact of the Palm Replanting Financing Incen-
billion was transferred to the Retirement introduction of Flexible Account on the tive Scheme (TSPKS 2.0).
Account (Account 1). country’s GDP growth will depend on sev- He said his ministry recognises
He said the transfer to the Retirement eral factors, including the members’ spend- the difficulties oil palm smallhold-
Account increased members’ savings, with ing tendencies,” he said. ers face when applying for bank
the addition of 43,000 new members hav- The minister also stressed that the re- loans for replanting purposes, due
ing reached the basic savings level. structuring of EPF accounts is aimed at to several conditions imposed by
“Withdrawals from the Flexible Account improving the security of retirement in- the banks.
do not significantly impact the EPF as the come and giving members access to the “Although it is a 50% loan and
expected amount of withdrawals by mem- Flexible Account at any time and for any 50% grant, we observed that it is
bers is within the EPF’s cash and money purpose, especially for emergencies. quite difficult for some smallhold-
market allocation. “However, EPF members are advised ers to secure financing, because
“Under the current Strategic Asset Allo- to use withdrawals for emergencies and they cannot meet many criteria.
cation, the EPF has allocated investments urgent needs only,” he added. “The ministry is looking into
this, and will likely propose in the
next budget how to simplify the
50% loan [portion] to facilitate
KUALA LUMPUR (July 25): Former In- smallholders with trees of over 25
dustrial Court president Eddie Yeo and
lawyer Saheran Suhendran @ Sockanathan
Former Industrial years old,” he said during a ques-
tion-and-answer session in the
Abdullah, have been appointed judicial Court president, Senate on Thursday.
commissioners on Thursday.
Yeo and Saheran both received their lawyer, appointed He was replying to a supplemen-
tary question from Senator Datuk
appointment letters from Chief Justice
Tun Tengku Maimun Tuan Mat during
judicial commissioners Lim Pay Hen regarding incentives
for oil palm replanting and respons-
a ceremony in Putrajaya. es to the TSPKS 2.0 initiative.
Yeo, who read law at Universiti Ma- BY TARANI PALANI
laya, became a judicial and legal service theedgemalaysia.com JOHARIGHANIOFFICIAL@FACEBOOK

officer in 1984. He stayed in the service

for 24 years, and then served as chair- Saheran read law at the University of
man of the Industrial Court from 2009 London and the University of Cambridge.
to 2015. The 64-year-old was admitted as a barris-
The 63-year-old then became the chair- ter at Gray’s Inn in 1984.
man of the Ministry of Finance’s Customs He served as a legal assistant in a local
Appeal Tribunal (TRK) for two years, be- law firm in 1985 and was later a partner
fore becoming the Industrial Court presi- in several law firms, including Zul Rafique
dent from September 2017 to August 2020. & Partners, and Kadir, Andri & Partners.
Since then, he has served as a lawyer in a Saheran has served as a consultant for
local law firm. two law firms since 2015.
 F R I D A Y J U LY 2 6 , 2 0 2 4 11 THEEDGE CEO MORNING BRIEF

H O M E

RGB
KUALA LUMPUR (July 25): Electronic ippine Amusement and Gaming Corp.
gaming machine maker RGB Interna- “RGB’s prospect in the Philippines

International says
tional Bhd (KL:RGB) said on Thursday remains confidently robust,” added
that the shutdown of offshore gaming RGB, which also operates in Cambo-

unaffected by
operations in the Philippines has not im- dia, Laos, Vietnam, Singapore, Macau,
pacted its business in the country. Timor-Leste and Nepal.

Philippine offshore
“RGB is not affected in any way by Philippine President Ferdinand Mar-
the Philippine Offshore Gaming Oper- cos Jr on Monday announced the ban-

gaming ban
ators (Pogos) (now known as Internet ning of Pogos for alleged links to crimes,
Gaming Licensees) ban,” RGB said in human trafficking, and financial frauds,
a filing with Bursa Malaysia. giving the gaming regulator until the end
The company clarified that it has of this year to close these businesses.
not sold any slot machines to Pogos, BY ANIS HAZIM The news resulted in RGB’s share
stressing that its slot machine sales in theedgemalaysia.com price falling to an over one-month low
the Philippines are exclusively to casi- on Thursday. The counter closed at 42.5
nos and slot club operators regulated sen for a market capitalisation of RM658
by state-owned casino regulator Phil- million.

NEWS IN BRIEF

JAKS Resources inks land lease MOU SCIB accepts RM162 mil contract
Ahmad Zaki gets RM152 mil with TDM unit for LSS5 project in Perak
contract to build Port Dickson KUALA LUMPUR (July 25): JAKS KUALA LUMPUR (July 25): Sarawak
specialist hospital Resources Bhd (KL:JAKS) said it has signed Consolidated Industries Bhd (KL:SCIB)
KUALA LUMPUR (July 25): Ahmad a memorandum of understanding (MOU) has accepted a contract worth RM162
Zaki Resources Bhd (KL:AZRB) said with a subsidiary of TDM Bhd (KL:TDM) to million for an engineering, procurement,
on Thursday it has secured a contract collaborate on a land lease as part of its bid for construction, and commissioning (EPCC)
worth RM151.99 million to design the fifth Large Scale Solar (LSS5) programme. project over a 23-month period in Mualim,
and build the Port Dickson Specialist The construction and power utilities group Perak. The contract was awarded to
Hospital in Negeri Sembilan. The said its wholly-owned unit, JAKS Solar Power SCIB’s wholly owned subsidiary, SCIB
construction engineering company Holdings Sdn Bhd, signed the MOU with Properties Sdn Bhd (SCIBP), by Awana JV
said in an exchange filing that its TDM’s 70%-owned subsidiary, TDM-YT Suria Saga Sdn Bhd. In a filing to Bursa
wholly-owned subsidiary, Ahmad Zaki Plantation Sdn Bhd, for the proposed lease Malaysia, SCIB said the acceptance of
Sdn Bhd (AZSB), received the letter of land in the Merang sub-district in Setiu, the job given by Awana JV Suria Saga Sdn
of acceptance from the public works Terengganu. The MOU outlines JAKS Solar Bhd is to allow the latter “an opportunity
department for the proposed work. Power and TDM-YT Plantation’s plan to to repay the outstanding owing to
The contract will commence on August conduct feasibility studies for using the land SCIBP”. The project, known as “Program
6 and span over 156 weeks, AZRB for the LSS5 project and to negotiate the terms Perumahan Penjawat Awam” (PPAM
noted. Ahmad Zaki did not provide of the lease agreement. “The MOU is a non- Mualim), involves the construction of both
further details in the four-sentence binding and non-exclusive agreement. It shall affordable housing and commercial units
announcement. The latest contract be submitted by JAKS Solar Power as part of across two phases. The first phase will
is Ahmad Zaki’s second win from the the tender document for the LSS5 project to consist of 346 single-storey affordable
public works department in 2024. In demonstrate intent and capability to enter into terraced houses and 28 two-storey shop
April, the company secured a contract the proposed lease agreement with TDM-YT offices. Meanwhile the second phase will
worth RM315.9 million for upgrading Plantation,” said JAKS in an exchange filing on include 455 double-storey affordable
and renovation works on Istana Abu Thursday. — by Choy Nyen Yiau terraced houses. — by Luqman Amin
Bakar in Pekan, Pahang. — by Choy
Nyen Yiau
Iqzan to be delisted from July 30 after Bursa dismisses extension appeal
AZRB.COM KUALA LUMPUR (July 25): Iqzan Holdings Bhd (KL:IQZAN) will be delisted from Bursa
Malaysia next Tuesday (July 30) after the regulator dismissed an appeal from the company
for a further extension of time to submit its regularisation plan. Previously, the Practice
Note 17 (PN17) company said it had submitted an application for a further extension of six
months until Dec 8, 2024 to submit its regularisation plan to Bursa Securities. At that time,
the company said it was preparing and formulating its regularisation plan. Iqzan, formerly
known as Ire-Tex Corp Bhd, was required to submit the plan on June 8, 2024, but failed
to meet the deadline. This was the fifth extension granted to the group after previously
missing its initial deadline of Nov 2021, as well as the subsequent deadlines of May 2022,
Nov 2022, March 2023 and June 2023. It fell into the PN17 status in Nov 2019 after its
auditors had expressed a disclaimer of opinion on its audited financial statements for the
18-month financial period ended June 30, 2019. — by Justin Lim
 F R I D A Y J U LY 2 6 , 2 0 2 4 12 THEEDGE CEO MORNING BRIEF

H O M E

Main suspect in Dewan Negara

fixed deposit accounts in 108 transactions
between Feb 14, 2023, and June 24, 2024.

RM2 mil bank passes 5 bills to

“Investigations are ongoing. We have
found that much of the stolen money was

theft allegedly spur economic

used or transferred to accounts belonging
to relatives, acquaintances and companies.

transferred funds activities

“One victim, a 69-year-old depositor,
noticed the funds were withdrawn on July

to 11 different in Pulau 1,
5 and subsequently reported the matter
to the bank,” he said at the CCID weekly

accounts before Forest City

press conference Thursday.
Ramli confirmed that the investigation un-

death — cops der Section 408 of the Penal Code will con-
tinue, despite the death of the main suspect.
“The investigation must be concluded, Bernama
including those (11 accounts) that received
Bernama the funds,” he said. KUALA LUMPUR (July 25): The De-
Previously, it was reported that funds wan Negara has passed five bills to pro-
KUALA LUMPUR (July 25): A bank clerk exceeding RM2 million were missing from mote and expand economic activities
in Kuala Kangsar, Perak, allegedly trans- a bank’s fixed deposit accounts. in Pulau 1, Forest City, in Iskandar
ferred over RM2 million in fixed deposit The clerk’s activities only came to light Puteri, Johor.
funds into 11 different accounts before be- when two account holders visited the bank The bills passed are the Cus-
ing found dead on July 5. to make withdrawals on June 27. toms (Amendment) Bill 2024, Excise
Bukit Aman Commercial Crime Inves- The depositors discovered that some of (Amendment) Bill 2024, Free Zones
tigation Department (CCID) director, Da- their savings certificates had been closed. (Amendment) Bill 2024, Sales Tax
tuk Seri Ramli Mohamed Yoosuf, stated However, they denied ever closing or with- (Amendment) Bill 2024, and Service
that the money was withdrawn from three drawing money from their accounts. Tax (Amendment) Bill 2024.
With the Customs (Amendment) Bill
2024, Pulau 1 will no longer be part of
the principal customs area, similar to

KPKT seeks state

PUTATAN (July 25): The Ministry of Labuan, Langkawi, Tioman and Pang-
Housing and Local Government (KPKT) kor, by the addition of provisions for

cooperation to
is seeking the cooperation of all state gov- special taxes into the Customs Act 1967
ernments, including Sabah, to provide suit- (Act 235).

provide suitable
able land for the development of People’s All five bills were passed by majority
Housing Programmes (PPRs) across the voice vote after the third reading fol-

land for PPR

country. lowing their presentation by Deputy
Its minister Nga Kor Ming said that Finance Minister Lim Hui Ying.

— Nga
KPKT will prioritise the construction During the winding up of the debate
of PPRs, which will be upgraded to the on the Customs Bill, Lim said Pulau 1
People’s Residency Programme (PRR), is a levee island gazetted by the Depart-
for states that allocate land to the ministry. ment of Mapping and Survey Depart-
“This approach ensures that pro- Bernama ment Malaysia that is connected with
ject funds are fully utilised for building a 600-metre-long bridge.
high-quality homes without the additional in several states have been submitted to “Pulau 1 has been included in the
expense of purchasing land,” he explained. KPKT for assessment to determine their Johor-Singapore Special Economic
“KPKT’s policy is clear: states that suitability for PPR development. Zone (JS-SEZ), where the initiative
provide land will be given priority in de- Regarding Sabah, he plans to meet with (JS-SEZ) is seen to increase the eco-
veloping PPRs, with an upgrade to PRR Chief Minister Datuk Seri Hajiji Noor on nomic sector’s competitiveness, spur
planned for the following year. Friday to discuss the land designated for sustainable growth and strengthen the
“We want to build the best affordable the PPR project in the state. infrastructure that can benefit busi-
housing while maintaining high standards. Nga noted that KPKT has established nesses and the people.
Thus, collaboration between state and fed- a total of 38 PPRs in Sabah, making it the “Pulau 1’s status as a duty-free is-
eral governments is essential,” he added state with the highest number of low-cost land is expected to generate economic
during a press conference after witness- housing facilities to date. spillover from neighbouring countries
ing the Tamu Putatan project handover “The housing demand in Sabah is al- that will affect local economic growth
ceremony. ways a priority for the ministry. We are fi- and the creation of more job opportuni-
Also present were Deputy Chief Min- nalising details with the state government. ties in sectors being developed, such as
ister II Datuk Seri Dr Joachim Gunsalam, Once the land is identified, KPKT will hospitality, finance and retail,” she said.
who is also the Sabah Housing and Local dispatch a technical team to evaluate its Lim emphasised that, under the
Government minister, and Deputy Chief suitability. amendment, cigarettes, including elec-
Minister III Datuk Shahelmey Yahya, the “We want to build high-quality PRRs tronic cigarettes and tobacco products,
Sabah Works Minister. with integrated facilities. I am confident are not tax-free in Pulau 1.
Earlier, Nga visited PPR Taman Sri that there will be strong cooperation with “Currently, only four items are ex-
Serigai here. the state for the benefit of the people,” empted from tax: liquor, cosmetics,
Nga further disclosed that 32 locations he said. chocolates and perfumes,” she added.
 F R I D A Y J U LY 2 6 , 2 0 2 4 13 THEEDGE CEO MORNING BRIEF

H O M E

BERNAMA

KUALA LUMPUR (July 25): The Min- the rise of NCDs among the population.
istry of Health (MOH) will grant ‘healthy According to NHMS 2023 data, about
choice’ recognition to companies that re- half a million or 2.5% of adults suffer from
duce the sugar content in their products, four NCDs, including obesity and diabe-
as part of the ministry’s ‘war on sugar’ tes, with one in two Malaysians identified
campaign. as obese or overweight.
Minister Datuk Seri Dr Dzulkefly Ah- Dzulkefly said the ministry is also ex-
mad said it is crucial to reduce sugar intake amining mechanisms to increase access to
among Malaysians, because it is one of the rapid blood sugar screening, so Malaysians
main causes of weight gain, leading to var- can know if they need treatment earlier.
ious non-communicable diseases (NCDs), “Controlling NCDs like diabetes is very
such as obesity and diabetes. important because it is lifelong, chronic
“Findings from the National Health and and not acute. Therefore, this war on sugar

‘Healthy choice’
Morbidity Survey (NHMS) 2023 show is something we must undertake,” he said.
that one metric has not decreased — high Dzulkefly also noted that in leading the

recognition soon
body weight. MOH, he focuses on providing access to
“The main cause is linked to sugar in- preventive healthcare facilities as an early

for companies
take. This is one of the reasons the MOH measure to tackle diseases and promote the
is planning a programme to declare war importance of maintaining health.

that cut products’

on sugar. We have not launched it yet, but “Emphasis will be given on preventive
we have drawn up this programme,” he early healthcare.We know the NHMS 2023

sugar content
said during an oral question-and-answer does not recognise our efforts so far.
session in the Dewan Negara on Thursday. “[The NHMS 2023 findings show

— minister
He was replying to a supplementary that] diabetes has slightly decreased, but
question from Senator Datuk A Kesav- hypertension and high cholesterol are still
adas, who wanted to know the MOH’s relatively high [among the population],”
holistic approach to controlling sugar in- he said in reply to a supplementary ques-
take among Malaysians. Bernama tion from Senator Dr A Lingeshwaran re-
On May 16, Dzulkefly said the MOH garding the MOH’s actions, following the
would launch a ‘war’ on sugar soon, as NHMS 2023 findings that showed failures
part of the government’s effort to stem in controlling morbidity.

KUALA LUMPUR (July 25): A bill on ously contribute to disaster mitigation

Bill on climate
climate change, expected to be tabled in and help lessen the negative impacts on
Parliament next year, aims to enhance the business sector.

change to
environmental sustainability while cre- The bill aims to regulate major pol-
ating new opportunities for the business luters, including companies within the

create new
sector, said Natural Resources and En- country. It incorporates both incentive
vironmental Sustainability Minister Nik and penalty elements, targeting entities

opportunities for
Nazmi Nik Ahmad. such as companies or agencies rather than
He noted that this bill could enable individuals.

business sector,
businesses to access markets that empha- Nik Nazmi also highlighted that the
sise sustainability. discussion, co-organised by the Selangor

says Nik Nazmi

“Countries in the European Union government and Invest Selangor Berhad,
and elsewhere have stringent sustaina- provided an excellent platform for dis-
bility standards. This bill will help our cussing sustainability issues related to in-
business sector meet these demands,” vestment challenges and opportunities in
he explained. Bernama Southeast Asia.
“Alongside the National Adaptation “Today, I outlined the federal gov-
Plan and the carbon market framework THE EDGE ernment’s efforts in sustainability, par-
we are developing, this bill represents a ticularly in addressing climate change,
significant opportunity for the business national pollution and biodiversity,” he
sector. We are committed to advancing said.
this initiative, and, insya-Allah, the bill “Our primary focus remains on align-
will be tabled next year,” he added. ing industry and business community
Nik Nazmi said this in a press con- agendas with the country’s sustainabili-
ference following a discussion held in ty goals,” he added.
conjunction with the Selangor Asean The session, attended by delegations
Business Conference (SABC) 2024 at from countries including China, Singa-
the Kuala Lumpur Convention Centre pore and Indonesia, also covered regional
Thursday. development sustainability, Malaysia’s
In addition, Nik Nazmi expressed chairmanship of Asean next year, and
confidence that the bill, which empha- issues such as climate change, pollution
sises pollution control, will simultane- and green investment.
 F R I D A Y J U LY 2 6 , 2 0 2 4 14 THEEDGE CEO MORNING BRIEF

W O R L D

China unexpectedly cuts one-year

policy rate by most since 2020
BLOOMBERG

Bloomberg

(July 25): The People’s Bank of China

(PBOC) unexpectedly lowered the rate
on its one-year policy loans by the most
since April 2020, days after cutting a key
short-term rate, in a sign of greater support
for the slowing economy.
The central bank lowered the rate of the
medium-term lending facility (MLF) by 20
basis points to 2.3%, according to a state-
ment on Thursday, the first reduction in
almost a year.The cut followed the PBOC’s
trim of the seven-day reserve repo rate by
10 basis points on Monday. The mone-
tary authority has recently downplayed the
MLF rate in favour of the short-term rate
to guide markets in a way more similar to
global peers.
“It is basically a coordinated effort
across all the key interest rates to ease mon-
etary policy,” said Lynn Song, the Greater
China chief economist at ING Bank. “It’s narrowed, according to Lam.
worth highlighting this round of easing The PBOC’s string of Banks have had little appetite for the
kicked off with the seven-day reserve repo rate cuts underscores MLF funds in recent months, as a decline
rate, which may be a signal of its future authorities’ growing in market rates meant it became cheaper for
role as the main policy rate.” urgency to support them to borrow from each other than from
China’s bond futures edged higher with growth, which came in the PBOC via the programme. A bigger
the yuan after the cut, though the moves cut in the MLF rate helps bring it closer
were modest.
worse than expected to market borrowing costs.
The PBOC’s string of rate cuts under-
in the second quarter, The rate on one-year negotiable cer-
scores authorities’ growing urgency to sup- as faltering consumer tificates of deposit issued by AAA-rated
port growth, which came in worse than ex- spending more than banks, a gauge of short-term interbank
pected in the second quarter, as faltering offset an export boom. borrowing costs, is now 1.9%, cheaper than
consumer spending more than offset an ex- the MLF funds.
port boom. The central bank had refrained
from cutting rates since late last year, as it to be used, the shift could potentially give Managing liquidity
sought to keep the yuan exchange rate stable. the central bank more sway over borrowing The surprise announcement also risks in-
The announcement was unexpected be- costs from short- to long-term durations. troducing more confusion over the sched-
cause the PBOC typically conducts MLF Taken together, the rate cuts amount ule of the PBOC’s policy moves, as it is
operations in the middle of each month, to a modest round of easing this time now unclear whether the MLF operations
and had already drained a net three bil- around, and are unlikely to move the will take place on the 25th of each month
lion yuan (RM1.93 billion) of cash via the needle in terms of boosting domestic instead of the 15th.
funds earlier this month when a batch of demand, in the absence of any improve- If that is the case, banks could find it
them matured. The PBOC provided 200 ment in the overall jobs market, econo- harder to manage liquidity, as existing
billion yuan of MLF on Thursday, the big- mists have said. MLF funds would still mature around the
gest net injection since January. The cuts are “helpful, but the impact of 15th, the PBOC-managed Financial News
interest-rate cuts will likely be more muted, said in a report on Thursday.
PBOC’s shift given weak confidence and still entrenched The latest cut came after China’s larg-
The sequence of the rate cuts and the expectations of house price declines”, said est state banks lowered rates on some de-
off-schedule MLF operation underlines Michelle Lam, a Greater China economist posit products to ease pressure on profit
the PBOC’s transition towards a new at Societe Generale SA. “That is still in- margins, following their earlier cuts in the
framework. sufficient to turn around people’s weak benchmark lending rates, known as the
Making the seven-day reverse repo the expectations for jobs and income.” loan prime rates (LPRs).
main policy lever that guides lending and The MLF remains too high both in Most economists narrowly predict that
longer-term rates could allow the PBOC to absolute terms and also relative to the banks will cut their lending rates again in
send out a clearer signal and better influ- seven-day reverse repo, as market rates the fourth quarter, with the one-year LPR
ence the market. Along with the new tool have come down, and the spread between seen falling by 10 basis points or more,
of government bond trading that has yet short- and longer-term borrowing costs according to a Bloomberg survey.
 F R I D A Y J U LY 2 6 , 2 0 2 4 15 THEEDGE CEO MORNING BRIEF

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BLOOMBERG

US economy
regains
momentum in
second quarter;
price pressures
ebbing
BY LUCIA MUTIKANI
Reuters
Gross domestic product increased at a after rising at only a 1.6% pace in the first
WASHINGTON (July 25): The US econ- 2.8% annualised rate last quarter, the Com- quarter. Businesses also accumulated more
omy grew faster than expected in the sec- merce Department’s Bureau of Econom- inventory, which increased at a US$71.3
ond quarter amid solid gains in consumer ic Analysis said in its advance estimate of billion (RM332.6 billion) rate after rising at
spending and business investment, but in- second-quarter GDP. Economists polled a US$28.6 billion pace in the prior quarter.
flation pressures subsided, leaving intact by Reuters had forecast GDP rising at a
expectations of a September interest rate 2.0% rate. Estimates ranged from a 1.1% Solid domestic demand
cut from the Federal Reserve. rate to a 3.4% pace. The economy grew at Even discounting inventories, growth was
Growth last quarter also received a boost a 1.4% rate in the first quarter. solid last quarter, with domestic demand
from inventory building as well as increased US central bank officials regard a 1.8% rising at a 2.6% pace. The increase in fi-
government spending, the Commerce De- pace as the non-inflationary growth rate. nal sales to private domestic purchasers
partment’s advance report on second-quar- Still, growth was slower than the 4.2% pace matched the gain in the January-March
ter gross domestic product on Thursday logged in the second half of last year. quarter.
showed.The housing market recovery, how- Consumer spending, which accounts The rise in GDP growth bodes well
ever, regressed and was a small drag on the for more than two-thirds of the economy, for an acceleration in productivity, which
economy.The trade deficit widened further, increased at around a 2.3% rate after slow- would slow the pace of increase in labour
subtracting from GDP growth. ing to a 1.5% pace in the January-March costs and ultimately price pressures.
The economy continues to outperform quarter. Spending was driven by increased The personal consumption expenditures
its global peers, despite hefty rate hikes outlays on services like healthcare, housing (PCE) price index, excluding the volatile
from the US central bank in 2022 and and utilities as well as recreation. food and energy components, increased at
2023, thanks to a resilient labour market. Consumers also boosted outlays on a 2.9% rate after surging at a 3.7% pace
“Economic growth is solid, not too hot goods, including motor vehicles and parts, in the first quarter, welcome news for US
and not too cold,” said Christopher Rup- recreational goods and vehicles, furnishings central bank officials ahead of their two-
key, chief economist at FWDBONDS. and durable household equipment as well day policy meeting next week.
“Inflation looks to be going the Fed’s way as energy products.
and an easing of monetary restraint with Business investment picked up as spend-
an interest rate cut is likely in September.” ing on equipment surged at an 11.6% rate Read the full story

US weekly jobless
WASHINGTON (July 25): The number Through the volatility, layoffs remain
of Americans filing new applications for low by historical standards and the slow-

claims fall more

unemployment benefits fell more than ex- down in the labour market is mostly com-
pected last week as distortions from the ing from a reduction in hiring as the Fed-

than expected
weather and temporary automobile plant eral Reserve’s aggressive interest rate hikes
closures faded. in 2022 and 2023 cool demand.
Initial claims for state unemployment The number of people receiving ben-
benefits dropped 10,000 to a seasonal- efits after an initial week of aid, a proxy
ly adjusted 235,000 for the week ended BY LUCIA MUTIKANI for hiring, slipped 9,000 to a seasonally
July 20, the Labor Department said on Reuters adjusted 1.851 million during the week
Thursday. Economists polled by Reuters BLOOMBERG ending July 13, the claims report showed.
had forecast 238,000 claims for the lat- The so-called continuing claims data
est week. covered the period during which the gov-
Claims had increased in the prior week ernment surveyed households for July’s
to the upper end of their 194,000-245,000 unemployment rate. Continuing claims
range for this year, lifted by a surge in ap- were little changed between the June and
plications in Texas related to disruptions July survey weeks.
from Hurricane Beryl. Temporary auto- The unemployment rate rose to a
mobile plant closures for retooling also 2-1/2-year high of 4.1% in June as jobs
contributed to the rise. become scarce relative to last year.
 F R I D A Y J U LY 2 6 , 2 0 2 4 16 THEEDGE CEO MORNING BRIEF

W O R L D

Singapore seen
holding monetary
policy, easing
eyed in 2025
BY SWATI PANDEY
Bloomberg

(July 25): Singapore’s central bank will

likely maintain tight monetary policy set-
tings, while signalling an extended pause
to help blunt imported inflation, amid lin-
gering risks from geopolitical shocks.
Eighteen of 19 economists surveyed by
Bloomberg forecast the Monetary Author-
ity of Singapore (MAS), which uses the
exchange rate rather than interest rates to
stabilise prices, will keep its overall pol- Singapore’s monetary authority tight- The MAS said it expects core inflation
icy settings unchanged on Friday. DBS ened policy settings five times since Oc- to reach around 2% in 2025, while fore-
Group Holdings Ltd was alone in pre- tober 2021, before opting to pause from casting growth “will come in closer to its
dicting a slight easing to the slope in the 2023. After its last decision in April, data potential rate of 2%-3%” this year. Latest
policy band of Singapore dollar’s nomi- showed Singapore’s economic recovery forecasts on inflation, as well as growth,
nal effective exchange rate, or S$NEER. has gained momentum, while core infla- will be available on Friday.
The tone of MAS’ statement will likely tion eased in June, after holding at the The MAS doesn’t have an explicit in-
remain hawkish at the third of its four- same level for three straight months. flation target, though it has concluded that
times-a-year decision, according to nine “The progress on disinflation is some- a core inflation rate of just under 2% on
of 11 economists who responded to the what latent,” said Jester Koh, an economist average “is consistent with overall price
question. Although the MAS pre-empted at United Overseas Bank Ltd. “Recent stability in the economy”.
the Federal Reserve in tightening policy pickup in imported and external inflation The latest inflation report for June
post-pandemic, the authority is likely to warrants close monitoring, and it may be showed the core gauge — which excludes
follow its US peer on the easing cycle, all more prudent for MAS to maintain the costs of accommodation and private trans-
nine economists who answered the ques- prevailing restrictive slope settings for a port — came in at 2.9% in June, from a
tion said. tad longer.” year ago, the lowest since March 2022.

REUTERS

South Korean
SEOUL (July 25): South Korea’s econ-
omy unexpectedly shrank in the second

economy
quarter, clocking the sharpest contraction
since 2022 as slumping consumer spend-

unexpectedly
ing undermined an export boom, reinforc-
ing expectations that an interest rate cut

shrinks as
could be imminent.
Gross domestic product (GDP) for the

consumer
April-June period fell 0.2% from a quarter
earlier in seasonally adjusted terms, data

spending falls
from the Bank of Korea (BOK) showed,
missing a 0.1% gain seen by analysts in a
Reuters poll. It was the sharpest fall since
the fourth quarter of 2022.
The weak data, along with easing con- BY CYNTHIA KIM Capital Economics said the data suggests
sumer price pressures seen in June, in- Reuters domestic demand will only worsen.
creases calls for the BOK to cut interest
rates as soon as next month, some ana- “The weakness of the latest GDP fig- will not deliver a rate cut until next quar-
lysts say. ures give us more confidence in our view ter, choosing instead to wait for the US
The central bank left its key interest that interest rate cuts are around the cor- Federal Reserve to move first. Markets
rate unchanged at a 15-year high of 3.50% ner,” Capital Economics said in a note. are currently fully pricing in a Fed rate
this month and flagged the prospect of “While we expect the central bank to loos- cut in September.
a policy pivot as price pressures abated. en policy starting from October, the risk
Capital Economics said the data sug- of a rate cut in August has risen now.”
gests domestic demand will only worsen. Other analysts, however, say the BOK Read the full story
 F R I D A Y J U LY 2 6 , 2 0 2 4 17 THEEDGE CEO MORNING BRIEF

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BLOOMBERG

Japan’s Nikkei Meta to be hit with

tumbles most in first EU antitrust
three years on fine for linking
BOJ, AI concerns Marketplace and
Facebook — Reuters
BY YASUTAKA TAMURA & HIDEYUKI SANO
Bloomberg BY FOO YUN CHEE
Reuters
(July 25): Japan’s Nikkei 225 Stock Average driven by a fall in US stocks,” said Tomo
entered a technical correction as an artifi- Kinoshita, a global market strategist at BRUSSELS (July 25): Meta Platforms
cial intelligence (AI)-driven rally in tech- Invesco Asset Management Japan. “But is set to be hit in a few weeks with its
nology shares went into reverse, and con- the increasing possibility of a rate hike in first EU antitrust fine for tying classified
cerns grew that the Bank of Japan (BOJ) the BOJ’s July meeting brought sharp yen advertisements service Marketplace with
may be poised to hike interest rates. appreciation, which contributed to a fall its Facebook social network, people with
The Nikkei declined 3.3% on Thursday, in export-oriented stocks and shares that direct knowledge of the matter said.
the most since June 2021, taking its drop heavily rely on borrowing.” The move by the European Com-
to about 10% from an all-time peak hit Exporters were hammered as the yen mission will come more than a year
just two weeks ago. Renesas Electronics extended gains that have seen it rally in and a half after it accused the US tech
Corp led declines following disappointing the last two weeks, amid growing expec- giant of giving its classified ads service
earnings. The broader Topix slipped 3%, tations the rate gap between Japan and the Facebook Marketplace an unfair ad-
with exporters including Hitachi Ltd and US is finally set to shrink. There is also vantage by bundling the two services
Nissan Motor Co retreating. the likelihood the BOJ will taper its bond together.
“There is no doubt that today’s (Thurs- buying programme in the policy meeting The EU competition watchdog also
day) sharp decline in the Nikkei has been next week. said Meta abused its dominance by uni-
laterally imposing unfair trading con-
ditions on competing online classified
REUTERS ads services that advertise on Facebook
or Instagram.
Meta could face a fine of as much
as US$13.4 billion (RM62.5 billion)
— or 10% of its 2023 global revenue
— although EU sanctions are usually
much lower than that cap.
The Commission will likely issue
its decision in September or October
before EU antitrust chief Margrethe
Vestager leaves office in November, al-
though the timing could still slip, the
people said.
The Commission declined to com-

Nasdaq profit
(July 25): Nasdaq beat estimates for sec- ment.
ond-quarter profit on Thursday, driven Meta reiterated comments made

beats estimates as
mainly by strong demand for its prod- previously.
ucts that help traders navigate compli- “The claims made by the European

fintech sales soar

ance requirements and safeguard against Commission are without foundation.
financial crimes. We continue to work constructively
To create a steadier and sustainable source with regulatory authorities to demon-
of revenue, the transatlantic exchange opera- strate that our product innovation is
tor has expanded beyond trading and listings BY JAIVEER SINGH SHEKHAWAT pro-consumer and pro-competitive,”
and bolstered its financial technology unit. Reuters Meta spokesperson Matt Pollard said.
Revenue from the unit soared nearly 79% BLOOMBERG

to US$420 million (RM1.9 billion) in the surge in new listings on US exchanges after
second quarter, while revenue from its index a slowdown that lasted nearly two years.
business jumped 29% to US$167 million. A total of 84 companies listed its shares
Net revenue jumped 25% to US$1.16 on the exchange in the second quarter ended
billion. Analysts on average had expected June 30 compared with 62 from a year ago.
US$1.13 billion, according to LSEG data. US equity matched shares volumes
The company’s adjusted profit of 69 jumped to 119.3 billion in the second quar-
cents per share also beat analysts’ expecta- ter from 113.7 billion a year earlier. US eq-
tions of 64 cents. uity options volumes also rose to 42.1 mil-
A resilient economy has also prompted a lion contracts from 39.2 million contracts.
 F R I D A Y J U LY 2 6 , 2 0 2 4 18 THEEDGE CEO MORNING BRIEF

W O R L D

REUTERS

Alibaba backs Founded in April 2023, Baichuan is a

leader in the generative AI space in China,

US$2.8 bil firm one of the first batch of Chinese firms to

win Beijing’s approval for public rollout.

in third major The Beijing-based startup has released 12

large language models so far and debuted

AI deal of 2024 an AI assistant in May, according to the

statement.
Founder Wang Xiaochuan, who named
his startup after the Chinese phrase for “a
Bloomberg hundred rivers,” told Bloomberg News last
year that China may need years to catch
(July 25): Alibaba Group Holding Ltd has up with the US.
participated in new financing of five billion Baichuan’s Chinese peers MiniMax
yuan (US$691 million or RM3.2 billion)
for Chinese startup Baichuan, inking its
and Moonshot AI also saw their valua-
tions swell past US$2 billion earlier this
Insured losses
third major AI deal this year as the e-com- year after receiving support from Alibaba. from CrowdStrike
merce firm looks beyond its core business
for growth.
The e-commerce operator joins Silicon
Valley peers like Microsoft Corp in placing outage could
Baichuan is now valued at 20 billion
yuan after securing funding recently from
big bets on generative AI, the technology
that powers ChatGPT. The Baichuan deal
reach US$1.5 bil,
Beijing, Shanghai and Shenzhen govern- signalled that Alibaba is accelerating its CyberCube says
ments, the startup said in a statement on pace of investments which, in past years,
Thursday. They were joined by existing cemented its technology and commercial
investors include Tencent Holdings Ltd leadership and helped propel the rise of BY CAROLYN COHN
and Xiaomi Corp. names such as Didi Global Inc. Reuters

REUTERS LONDON (July 25): Global in-

sured losses from last week’s massive
IT outage are likely to range from
US$400 million to US$1.5 billion
(RM1.86 billion to RM7 billion),
cyber analytics firm CyberCube said
on Thursday.
A software bug in cyber security
firm CrowdStrike’s quality-control
system caused the software update
that crashed computers globally,
the US firm said this week, as loss-
es mount following disruption to
services from aviation to banking.
The outage may be the single
largest cyber insurance loss, Cy-

Apple’s China
BEIJING (July 25): Apple’s market share berCube said in a statement.
in China shrank by two percentage points It was “a major event for the cy-

market share
in the second quarter of 2024, as the tech ber insurance market but does not
giant faced intensifying competition from come close to the destructive poten-

shrinks as
rivals like Huawei, according to data from tial that leading insurers are holding
market research firm Canalys. capital against”, CyberCube said.

Huawei surges,
The decline underscores the difficulties Insurer Parametrix this week es-
the US tech giant faces in its third-larg- timated insured losses from the out-

data shows
est market. age of US$540 million to US$1.08
Huawei’s smartphone shipments surged billion for Fortune 500 companies,
41% year-on-year in the quarter, bolstered by excluding Microsoft, whose com-
the launch of its new Pura 70 series in April. puter software was affected by the
The Canalys data, while not providing BY LIAM MO & CASEY HALL CrowdStrike bug.
specific shipment figures for Apple, showed Reuters Major cyber insurer Beazley said
that the company’s market share in China this week it had no plans to change
dropped to 14% in the second quarter of Vivo was the top vendor with a share of its guidance on its combined ratio
2024, a decrease from 16% in the same 19%, followed by Oppo (16%), Honor — a key measure of underwriting
quarter of 2023. (15%) and Huawei (15%). profitability — after the outage.
As a result of this decline, Apple’s rank- “Domestic manufacturers have demon- The global insurance and rein-
ing in the Chinese smartphone market fell strated market leadership, occupying the surance industry is likely to avoid
from third to sixth place. top five positions in the mainland Chinese any major financial impact from the
Overall, China’s smartphone shipments market for the first time in history,” said outage, ratings agency Fitch said.
rose by 10% in the quarter, Canalys said. Lucas Zhong, research analyst at Canalys.
 F R I D A Y J U LY 2 6 , 2 0 2 4 19 THEEDGE CEO MORNING BRIEF

W O R L D

REUTERS

Hyundai Motor slowing consumer demand for cars that

have battered some of its rivals including

posts record 2Q Ford, Japan’s Nissan Motor and Tesla in

the April-June quarter.

profit on strong But Hyundai also warned of an uncer-

tain outlook due to intensifying price com-

US sales, to boost petition as inflation and high interest rates

squeeze consumers.

hybrid lineups “As consumer demand for autos is

weakening, we expect there will be more

Nissan profit
competition and the amount of incentives
is also likely to increase... creating a tough-

wiped out by
BY HEEKYONG YANG & JOYCE LEE er business outlook,” the world’s No 3 au-
Reuters tomaker by sales along with affiliate Kia

US discounts;
Corp said in an earnings release.
SEOUL (July 25): Hyundai Motor report- Hyundai reported a net profit of 4 tril-

shares
ed record quarterly profit and revenue on lion won (US$2.9 billion) for the April-
Thursday on strong sales of high-margin June period, up 23% from a year earlier

hammered
cars and said it would expand hybrid line- and easily beating the 3.4 trillion won av-
ups to brace for possible changes in US erage of 21 analyst estimates compiled by
electric vehicle (EV) policies following the LSEG SmartEstimate.
election. The net profit was its highest quarterly
Its forecast-beating performance helped since the previous record high set in the BY DANIEL LEUSSINK
ease mounting investor concerns over Q2 2022. Reuters

TOKYO (July 25): Japan’s Nissan Mo-

tor slashed its annual outlook on Thurs-

Thailand car
BANGKOK (July 25): Car production in day after deep discounting in the United
Thailand fell 20.11% in June from a year States almost completely wiped out the

production drops
earlier due to tighter financing rules and automaker’s first-quarter profit.
high consumer debt, and full-year produc- The figures confounded the expecta-

sharply in June,
tion is now expected to be lower than in tions of analysts who saw profit exceeding
2023, the Federation of Thai Industries last year’s, sending Nissan stock plung-

local sales fall

(FTI) said on Thursday. ing 7%.
The figure compared with May’s Investors now have to worry about
16.19% year-on-year drop. Nissan’s prospects in the United States,
In the January-June period, car pro- a fresh concern for an automaker already
duction contracted 17.39% from a year BY KITIPHONG THAICHAREON & fighting to turn around its fortunes in
earlier to 761,240 units, the federation THANADECH STAPORNCHARNCHAI another critical market, China.
said. Reuters Operating profit for April-June totalled
“Stricter measures for credit approval ¥995 million (US$6.5 million or RM30.3
from financial institutions, coupled with The federation lowered its domestic million) versus ¥128.6 billion in the same
household debt that was nearing 90% of sales target to 550,000 vehicles from an period a year earlier. The result was just
GDP, led to a higher rejection rate for earlier forecast of 750,000 units. It also cut a sliver of the ¥164.4 billion average of
auto loans,” Surapong Paisitpattanapong, its production target to 1.7 million units five analyst estimates compiled by LSEG.
spokesman of the FTI’s automotive indus- this year, down from at 1.9 million vehicles “The first quarter was a very tough
try division, told a news briefing. Domestic seen earlier. In 2023, Thailand produced one for Nissan,” chief executive Makoto
car sales dropped 26.04% in June from a 1.84 million vehicles. Uchida told an earnings briefing. “How-
year earlier, after a 23.38% annual decline Auto exports were still seen at 1.15 ever, we’ll recover our performance by
in May, the federation said. million vehicles this year. taking clear measures to address the chal-
lenges and launching new models.”
The automaker is “optimising inven-
tory buildup” in the US and will focus
on the quality of sales, he said. It plans
to bolster sales by offering new and re-
freshed models such as the Armada and
Murano SUVs in the second half of the
financial year.
Having endured its worst quarterly
performance in over three years, the auto-
maker cut its operating profit forecast for
the financial year by 17% to ¥500 billion.
REUTERS

"Stricter measures for credit approval from financial institutions, coupled with
household debt that was nearing 90% of GDP, led to a higher rejection rate for auto loans," Read also: Japan’s Honda to close China
Surapong Paisitpattanapong told a news briefing. plant, halt production at another factory
 F R I D A Y J U LY 2 6 , 2 0 2 4 20 THEEDGE CEO MORNING BRIEF

W O R L D

UK mortgage
rate surge
pushed 320,000
into poverty,
report shows
BY ANDY BRUCE
Reuters

(July 25): Rising mortgage rates in

Britain likely pushed around 320,000
people into poverty, almost 100,000
more than suggested by official sta-
tistics, a report showed on Thursday.

US real estate
While rates have fallen from peaks Rooks Morris, a Sarasota, Florida-based
above 6% for a typical two-year luxury real estate agent at Douglas Elli-

market is broken
mortgage this time last year, they man. “They all come in with cash.”
remain above 5% — far higher than The result is a high-end real estate

for everyone
their level before 2022, when interest boom that is sending the stock market’s
rates started to rise sharply. biggest US luxury homebuilder to new

except the
The report from the Institute for heights. Toll Brothers Inc posted strong-
Fiscal Studies, funded by the an- er-than-expected orders in its fiscal sec-

ultra rich
ti-poverty Joseph Rowntree Foun- ond-quarter earnings report in May, and
dation charity, showed the rise in ratcheted up its full-year deliveries guid-
borrowing costs had hurt more peo- ance. The company’s shares are trading
ple than widely assumed because of near a record after a roughly 160% rise
limitations in official household in- BY NORAH MULINDA & PRASHANT GOPAL since the start of 2023, making them the
come data, which applies a single av- Bloomberg sixth biggest gainers in the S&P Midcap
erage interest rate to all households. 400 Index over that time, and making
“This has led to the headline sta- (July 25): One of the least affordable US the company the second-best performing
tistics understating the number of housing markets in decades is freezing publicly traded US builder in the past
people in poverty, something set to residential real estate sales and shutting six months.
get worse in next year’s data,” said out a generation of aspiring homeowners. “Historically, higher priced homes are
Sam Ray-Chaudhuri, research econ- But one group remains unfazed by the the first to feel the hit when interest rates
omist at the IFS. crisis — the wealthy. rise,” said Ali Wolf, the chief economist
“Poverty rises have also been un- Overall, it has been a troubling key of Zonda. “We aren’t seeing that today.
derstated due to the unequal impact selling season in the US. New home sales High home equity and the strong stock
of inflation,” he added. were down slightly in June, and well be- market have acted as a buffer against in-
Inflation peaked at 14.3% for low expectations after May’s 15% de- terest rates for wealthier Americans.”
households in the bottom decile for cline, while transactions for previously As of the end of the first quarter,
income, compared with 11.3% for owned properties dropped for a fourth 45% of US high-end homebuyers used
those on the highest incomes, ac- straight month. all cash, the largest share in at least a
cording to data from the Office for The lone bright spot in the market decade, according to data from Redfin.
National Statistics. is luxury, with homes worth over US$1 Well-padded stock portfolios, sales of
REUTERS million (RM4.67 million) the only price long-term holdings in commercial real
category to see sales rise in June, ac- estate properties, and newly inherit-
cording to the National Association of ed generational wealth are all popular
Realtors. It is not hard to understand sources of funding.
why. With the 30-year fixed mortgage By contrast, entry-level buyers depend
rate hovering around 6.8%, after sitting on their personal savings and incomes,
around 3% from late 2019 to early 2022, which haven’t kept up with inflation. And
anyone who has to borrow is paying a for lower-income borrowers, the prob-
significantly steeper price for the same lem goes beyond rising mortgage rates
house than they would have just a cou- to simply getting approved for a loan, as
While rates have fallen from peaks above ple of years ago. delinquencies on credit cards and auto
6% for a typical two-year mortgage this But deep-pocketed buyers don’t have loans climb.
time last year, they remain above 5% — far that concern because they can use cash.
higher than their level before 2022, when
interest rates started to rise sharply. “I can’t remember the last time I heard
a buyer talk about financing,” said Lisa Read the full story
 F R I D A Y J U LY 2 6 , 2 0 2 4 21 THEEDGE CEO MORNING BRIEF

W O R L D

BLOOMBERG

Indonesia
launches ‘Golden
Visa’ to lure
foreign investors,
boost economy
BY STANLEY WIDIANTO
Reuters

JAKARTA (July 25): Indonesia launched

a long-term visa scheme on Thursday in-
tended to attract foreign investors, Presi-
dent Joko Widodo said, with amounts of
up to US$10 million (RM46.68 million)
giving them a 10-year visa and access to
Southeast Asia’s largest economy. Buildings in the central business district of Jakarta, Indonesia. The five-year 'Golden Visa' requires
The five-year “Golden Visa” requires individual investors to set up a company worth US$2.5 million, while a 10-year visa requires
a US$5 million investment.
individual investors to set up a company
worth US$2.5 million, while a 10-year visa
requires a US$5 million investment. visa and US$10 million a 10-year visa, the tion agency, said Indonesia had granted
Individuals not looking to set up a com- immigration agency said. the Golden Visa to almost 300 applicants
pany must place US$350,000 to gain a Several countries offer similar invest- since it began testing the permit out last
five-year permit, or US$700,000 for 10 ment visa schemes, but others, includ- year, attracting US$123 million.
years, and the money can be used to buy ing Canada, Britain and Singapore, have Silmy also said the authorities are dis-
Indonesian government bonds, public scrapped such schemes, as governments cussing ways to grant a special status for
company stocks, or place deposits. conclude they do not create jobs and could foreign nationals of Indonesian descent,
Corporate investors are required to in- be a means to park speculative money. modelled after the Overseas Citizenship
vest US$25 million to get five-year visas for Jokowi, as the president is commonly of India, which allows foreigners of Indi-
directors and commissioners.They need to known, said the visa is intended to lure an ancestry to visit, work and live in India
invest US$50 million to gain a 10-year visa. “good quality travellers”. indefinitely. That could be issued by Oc-
If the investment is made in the new “We are launching the Golden Visa to tober, he added.
US$32 billion capital city currently being make it easier for foreign nationals to in- Silmy said the plan is intended to re-
built in the jungles of the Borneo island, vest and contribute in Indonesia,” he said. spond to calls for Indonesia to allow its
US$5 million will gain investors a five-year Silmy Karim, the chief of the immigra- citizens to hold another passport.

Data of 128,000
SINGAPORE (July 25):The personal data However, the data of the remaining
of about 128,000 customers of 12 licensed eight LMLs who use Ezynetic’s services

customers
moneylenders (LMLs) in Singapore has was not affected.
been stolen, after the system of a third-par- The ministry said it is investigating the

of Singapore
ty information technology (IT) vendor they case with the CSA and PDPC. It is also
hired was hacked. in close contact with Credit Bureau (Sin-

moneylenders
The Ministry of Law said the system gapore) Pte Ltd (CBS) to support the af-
of Ezynetic Pte Ltd, which is not hosted fected LMLs’ business recovery efforts.

stolen after
on or linked to the government’s network, “As the regulator of LMLs, the ministry
was accessed by a malicious actor, and the takes a serious view of the data breach.The

hacking
data that contains personal identifiable in- LMLs have a duty to protect any informa-
formation had been leaked. tion in their possession or control. This
“The 12 LMLs and Ezynetic have includes information in their third-party
lodged reports with the police, the Cyber vendor’s systems,” it said.
Security Agency of Singapore (CSA) and Bernama As a containment measure, CBS, which
the Personal Data Protection Commission is the designated credit bureau that op-
(PDPC). Credit (S) Pte Ltd, Credit 21 Pte Ltd, erates the Moneylenders Credit Bureau
“The LMLs have also begun notifying Lending Bee Pte Ltd, Katong Credit Pte (MLCB) platform, has restricted access
their customers of the breach, and have Ltd, Credit Thirty3 Pte Ltd, GS Credit Pte to the platform for all 20 LMLs served
reminded them to stay vigilant against pos- Ltd, 1AP Capital Pte Ltd, Creditmaster by Ezynetic.
sible phishing scams,” the ministry said in Pte Ltd, BST Credit Pte Ltd, U Credit The MLCB’s online functions remain
a statement on Thursday. (Pte) Ltd, Horison Credit Pte Ltd, and fully available to the other 133 LMLs in
The 12 LMLs affected are Ban King Credit Matters Pte Ltd. Singapore.
 F R I D A Y J U LY 2 6 , 2 0 2 4 22 THEEDGE CEO MORNING BRIEF

W O R L D

REUTERS

Trump’s VP pick The Vance pick highlights a larger fight

about mergers and acquisitions (M&A)

is a warning he in Republican politics, which had already

begun to change during the first Trump

won’t make M&A administration, according to Adam Can-

deub, a Michigan State law professor.

great again He said this tension is playing out be-

tween “the Chamber of Commerce nev-
er-think-about-regulating-corporations
and this newer approach”.
BY ANNA EDGERTON & LEAH NYLEN “It’s taking a look at how industry af-
Bloomberg fects working people and ensuring that

(July 25): Former US president Donald

Americans get good jobs,” said Candeub,
who served in Trump’s Commerce Depart-
Murdoch engaged
Trump’s selection of JD Vance as his run- ment and Justice Department. in legal battle
ning mate may signal that a second term
could be far less business friendly than cor-
A venture-capitalist-turned-politician,
Vance, 39, rose to fame with his memoir
with children over
porate dealmakers had hoped. Hillbilly Elegy, which depicted his poor ru- succession, NYT
The Ohio Senator — whom Trump ral upbringing and his mother’s struggles
chose as his vice presidential nominee last with drug addiction. reports
week — has opinions on antitrust regu- Since being elected to the Senate in
lation that run counter to the traditional 2022, Vance has teamed up with Demo-
light-touch Republican approach that is crats to propose an end to tax breaks for BY UTKARSH SHETTI
championed by groups including the US large corporate mergers. In a comment Reuters
Chamber of Commerce. to the Federal Trade Commission (FTC)
Vance supports stricter filing rules for last summer, Vance praised the FTC and (July 25): Media mogul Rupert Mur-
mergers, and has signed on to legislation the Department of Justice for revamping doch is engaged in a legal battle against
eliminating tax breaks for mega mergers. the details that companies looking at an three of his children to ensure that his
He has also raised concerns about foreign M&A deal must provide. That merger re- eldest son and chosen successor, Lach-
companies seeking to take over US manu- view revision, which hasn’t been finalised, lan Murdoch, will remain in charge of
facturers, including Nippon Steel’s bid to drew condemnation from dozens of trade his media empire, the NewYork Times re-
buy US Steel Corp, and Big Tech acqui- groups, including the American Investment ported on Wednesday.
sitions such as Meta Platforms Inc’s pur- Council, which advocates on behalf of the Murdoch is trying to expand Lachlan
chase of Instagram and WhatsApp. private equity industry. Murdoch’s voting power in the Mur-
“He wasn’t raised in the sort of con- Vance has also challenged Big Tech, doch Family Trust to secure a majority
sensus of the last 30 years, which is that questioning whether Meta should own and ensure that he cannot be challenged
Republicans exist to be the partisan shield both Facebook and Instagram, or wheth- by the siblings, the report said, citing a
for corporate power,” Rachel Bovard, the er Google needed to buyYouTube. He also sealed court document.
vice president of programmes at the Con- expressed concern about Google’s Gemini The Reno, Nevada-based family trust
servative Partnership Institute, said in an AI project. holds the family’s shares in Murdoch’s
interview. “The traditional Republican vast collection of television networks
views on these things — those views are and newspapers through the compa-
on notice.” Read the full story nies News Corp and Fox Corp.
BLOOMBERG Lachlan Murdoch is the chairman of
News Corp, whose publications include
the Wall Street Journal and the Sun, and
chair and chief executive of Fox Corp.
The trust currently has eight votes:
four controlled by Murdoch, and the
remaining four controlled by the four
children from his first two marriages.
Murdoch’s youngest daughters, Chloe
and Grace, from his third wife, Wendi
Deng, do not have voting rights in the
trust.
In court, Murdoch is arguing that
having Lachlan Murdoch run the com-
pany without interference from his more
politically moderate siblings — James,
Elisabeth and Prudence Murdoch —
will help preserve its conservative edito-
rial stance, thus protecting the commer-
cial value for all his heirs, the report said.

Read the full story

 F R I D A Y J U LY 2 6 , 2 0 2 4 23 THEEDGE CEO MORNING BRIEF

M A R K E T S

CPO RM 3,918-7.00 OIL US$ 80.31-1.40 RM/USD 4.6613 RM/SGD 3.4725 RM/AUD 3.0415 RM/GBP 6.0063 RM/EUR 5.0582

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
ZEN TECH INTERNATIONAL BHD 79.95 0.005 0.015 -25.00 46.7
OCR GROUP BHD 69.11 -0.005 0.100 66.67 138.6
EKOVEST BHD 60.60 -0.025 0.465 -5.10 1,378.9
HUBLINE BHD 60.10 0.000 0.130 225.00 557.6
AHMAD ZAKI RESOURCES BHD 50.13 0.020 0.330 50.00 216.5
MYEG SERVICES BHD 44.29 -0.015 0.995 22.09 7,421.8
ARTRONIQ BHD 38.64 -0.010 0.200 -76.88 81.6
VELESTO ENERGY BHD 36.27 0.000 0.230 0.00 1,889.6
BWYS GROUP BHD 34.40 0.005 0.345 - 353.7
TECHNA-X BHD 33.49 0.000 0.365 21.67 85.8 World equity indices
AIMFLEX BHD 32.76 0.000 0.200 21.21 294.6 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
RGB INTERNATIONAL BHD 30.50 -0.005 0.425 57.41 654.9 (%) (%)
BAHVEST RESOURCES BHD 29.41 0.045 0.495 -1.00 616.2 DJIA * 39,853.87 -504.22 -1.25 INDONESIA 7,240.28 -22.48 -0.31
CAPE EMS BHD 28.30 -0.075 0.890 -16.04 882.9 S&P 500 * 5,427.13 -128.61 -2.31 JAPAN 37,869.51 -1,285.34 -3.28
DATAPREP HOLDINGS BHD 27.32 -0.005 0.225 32.35 167.1 NASDAQ 100 * 19,032.39 -721.95 -3.65 KOREA 2,710.65 -48.06 -1.74
CN ASIA CORP BHD 26.82 0.005 0.160 -5.88 39.2 FTSE 100 * 8,153.69 -71.66 -0.88 PHILIPPINES 6,670.27 -82.85 -1.23
MALAYSIAN RESOURCES CORP BHD 26.21 -0.030 0.620 39.33 2,769.9 AUSTRALIA 7,861.21 -102.51 -1.29 SINGAPORE 3,430.45 -30.37 -0.88
BERJAYA CORP BHD 26.10 0.005 0.415 51.69 2,423.9 CHINA 2,886.74 -15.21 -0.52 TAIWAN 22,871.84 614.85 2.76
SMTRACK BHD 25.60 0.005 0.040 -20.00 52.5 HONG KONG 17,004.97 -306.08 -1.77 THAILAND 1,291.58 -6.50 -0.50
JCY INTERNATIONAL BHD 25.59 -0.025 0.710 222.73 1,512.3 INDIA 80,039.80 -109.08 -0.14 VIETNAM 1,233.19 -5.28 -0.43
Data as compiled on Jul 25, 2024 Source: Bloomberg Data as compiled on Jul 25, 2024 * Based on previous day’s closing Source: Bloomberg

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
BORNEO OIL BHD 0.010 100.00 1776.1 -33.33 119.9 KEY ALLIANCE GROUP BHD 0.005 -50.00 51.1 -50.00 18.4
EA HOLDINGS BHD 0.010 100.00 15.6 0.00 64.5 SC ESTATE BUILDER BHD 0.015 -25.00 21723.4 -3.57 61.4
PEGASUS HEIGHTS BHD 0.010 100.00 15751.0 100.00 108.2 ALDRICH RESOURCES BHD 0.035 -22.22 2452.0 -12.50 39.0
ZEN TECH INTERNATIONAL BHD 0.015 50.00 79946.8 -25.00 46.7 BSL CORP BHD 0.030 -14.29 991.9 -33.33 57.9
COMPUGATES HOLDINGS BHD 0.020 33.33 889.0 33.33 110.0 ALAM MARITIM RESOURCES BHD 0.035 -12.50 3648.1 16.67 53.6
FOCUS DYNAMICS GROUP BHD 0.020 33.33 1353.6 33.33 127.4 CLASSITA HOLDINGS BHD 0.035 -12.50 1387.1 -22.22 43.2
G3 GLOBAL BHD 0.040 14.29 8150.9 60.00 150.9 INDUSTRONICS BHD 0.040 -11.11 104.9 -20.00 28.3
SMTRACK BHD 0.040 14.29 25596.1 -20.00 52.5 FITTERS DIVERSIFIED BHD 0.045 -10.00 5028.1 -10.00 105.4
TFP SOLUTIONS BHD 0.040 14.29 216.1 -27.27 24.7 PMB TECHNOLOGY BHD 1.710 -9.52 3863.2 -38.49 2,771.7
BARAKAH OFFSHORE PETROLEUM 0.045 12.50 3525.2 28.57 45.1 OVERSEA ENTERPRISE BHD 0.050 -9.09 100.0 -16.67 113.4
LKL INTERNATIONAL BHD 0.135 12.50 8128.0 -6.90 52.4 GADANG HOLDINGS BHD 0.430 -8.51 18970.3 28.36 313.1
PUC BHD 0.050 11.11 522.0 25.00 131.2 NATIONGATE HOLDINGS BHD 2.080 -8.37 20189.4 37.75 4313.78
BAHVEST RESOURCES BHD 0.495 10.00 29405.8 -1.00 616.2 ASDION BHD 0.055 -8.33 1013.8 -47.62 28.1
DFCITY GROUP BHD 0.300 9.09 10.0 -15.49 31.7 PDZ HOLDINGS BHD 0.055 -8.33 11,071.0 10.00 32.4
TECHNODEX BHD 0.060 9.09 20.0 -25.00 50.6 WIDAD GROUP BHD 0.055 -8.33 5,337.8 -88.66 170.3
HANDAL ENERGY BHD 0.070 7.69 838.4 -41.67 28.7 CAPE EMS BHD 0.890 -7.77 28,303.0 -16.04 882.9
EURO HOLDINGS BHD 0.080 6.67 119.9 -5.88 106.2 CITRA NUSA HOLDINGS BHD 0.060 -7.69 30.0 9.09 43.1
EDARAN BHD 1.800 6.51 3714.9 106.9 104.2 ORGABIO HOLDINGS BHD 0.420 -7.69 3743.4 61.54 104.1
AHMAD ZAKI RESOURCES BHD 0.330 6.45 50125.9 50.0 216.5 PNE PCB BHD 0.060 -7.69 36.0 -29.41 33.6
AGX GROUP BHD 0.520 6.12 21071.5 - 225.1 ZELAN BHD 0.060 -7.69 219.1 -25.00 50.7
Data as compiled on Jul 25, 2024 Source: Bloomberg Data as compiled on Jul 25, 2024 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)
UNITED PLANTATIONS BHD 25.300 0.320 201.3 44.38 10,494.1 DUTCH LADY MILK INDUSTRIES 31.540 -0.760 38.1 36.18 2018.6
NESTLE MALAYSIA BHD 122.000 0.200 29.1 3.74 28,609.0 MALAYSIAN PACIFIC INDUSTRIES 37.580 -0.580 601.6 33.26 7475.8
PETRONAS DAGANGAN BHD 17.100 0.200 164.1 -21.70 16,988.1 TENAGA NASIONAL BHD 14.000 -0.400 15572.0 39.44 81381.3
HONG LEONG BANK BHD 19.060 0.160 223.7 0.85 41,316.7 KUALA LUMPUR KEPONG BHD 20.620 -0.260 111.7 -5.50 22607.9
EDARAN BHD 1.800 0.110 3714.9 106.90 104.2 GAMUDA BHD 7.850 -0.240 18461.4 71.02 21765.5
MALAYSIA AIRPORTS HOLDINGS 10.020 0.110 816.5 36.14 16,718.9 GREATECH TECHNOLOGY BHD 5.250 -0.240 5992.3 9.37 6588.1
WESTPORTS HOLDINGS BHD 4.600 0.080 3526.2 26.03 15,686.0 GUAN CHONG BHD 4.020 -0.230 2772.1 119.67 4721.6
AME REAL ESTATE INVESTMENT 1.430 0.060 3498.1 10.00 751.6 NATIONGATE HOLDINGS BHD 2.080 -0.190 20189.4 37.75 4,313.8
MISC BHD 8.610 0.050 4910.3 18.11 38432.9 ALLIANZ MALAYSIA BHD 21.820 -0.180 4.7 18.33 3,900.7
TT VISION HOLDINGS BHD 1.110 0.050 1245.8 35.37 531.8 HEINEKEN MALAYSIA BHD 22.680 -0.180 125.6 -6.05 6851.6
BAHVEST RESOURCES BHD 0.495 0.045 29405.8 -1.00 616.2 PMB TECHNOLOGY BHD 1.710 -0.180 3863.2 -38.49 2,771.7
FAR EAST HOLDINGS BHD 3.500 0.040 10.2 -2.78 2078.4 FRONTKEN CORP BHD 4.170 -0.170 7991.4 28.70 6,578.8
JAYA TIASA HOLDINGS BHD 1.160 0.040 7864.5 27.47 1,122.9 PENTAMASTER CORP BHD 4.820 -0.170 4344.0 4.78 3,428.6
AGX GROUP BHD 0.520 0.030 21,071.5 - 225.1 LGMS BHD 1.650 -0.120 1,250.8 79.35 752.4
AIRASIA X BHD 1.460 0.030 1,557.3 -21.93 652.7 AURELIUS TECHNOLOGIES BHD 3.430 -0.110 1,673.0 31.92 1,486.8
INFOLINE TEC GROUP BHD 1.120 0.030 4419.8 47.37 406.8 KESM INDUSTRIES BHD 6.280 -0.110 89.9 -11.17 270.1
PUBLIC BANK BHD 4.210 0.030 7,172.7 -1.86 81,719.0 SAM ENGINEERING & EQUIPMENT 5.750 -0.110 1,135.6 44.04 3,892.7
SARAWAK PLANTATION BHD 2.150 0.030 592.7 2.38 599.9 CARLSBERG BREWERY MALAYSIA 18.600 -0.100 199.6 -3.53 5,686.9
TECK GUAN PERDANA BHD 1.830 0.030 2.2 6.40 73.4 IOI PROPERTIES GROUP BHD 2.000 -0.100 19,217.4 14.29 11,012.3
WARISAN TC HOLDINGS BHD 1.100 0.030 1.5 13.40 71.6 THETA EDGE BHD 2.430 -0.100 6583.4 254.74 286.7
Data as compiled on Jul 25, 2024 Source: Bloomberg Data as compiled on Jul 25, 2024 Source: Bloomberg