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Covid-19: Malaysia’s coronavirus curve showing nascent signs of upward climb Malaysia reports 6000 Daily new cases 7-day moving average 5000

3,551 new cases 4000 3,551 as daily cases stay 3000 3,286 above 3,000 for 2000 third straight day 1000 0 Sept 1, 2020 May 6, 2021 BY EMIR ZAINUL theedgemarkets.com

KUALA LUMPUR (May 6): Malaysia SUHAIMI YUSUF/THE EDGE ber of clusters recorded so far to 1,740. today recorded a total of 3,551 new Cov- Meanwhile, seven clusters were declared id-19 cases, pushing the cumulative figure over today while current active clusters of positive cases in the country to 427,927, stand at 418. according to Ministry of Health (MoH) He said eight of the 14 new clusters director-general Tan Sri Dr Noor Hisham were linked to workplaces, two involved Abdullah. community infections, and another two This is the third consecutive day that were identified in education institutions, the country has recorded new Covid-19 while one involved high-risk groups and daily cases above 3,000 since Tuesday. another one involved a place of worship. Of the new cases, the highest number of infections was in Selangor with 1,137 cases, followed by (477), Read also: Sarawak (391) and Kelantan (326). Meanwhile, active cases — which now EMCO in 16 localities in Sg Ruan, seven stand at 33,762 – have remained above the in Sempalit, from May 8-21 30,000-mark for the fifth consecutive day Click here since it breached the level on Sunday. The high number of active cases is straining Sports, recreational activities in MCO the country’s healthcare system. sia has noticeably recorded double-dig- areas temporarily suspended Click here Daily recoveries, on the other hand, it deaths consecutively for the last 13 remained below the number of new in- days. Distributive trade sector to operate as fections at 2,709, bringing total cumula- The deaths reported today involved usual during MCO Click here tive recoveries to 392,555, or a recovery five cases in Sarawak, three each in Johor rate of 91.7%. and Selangor, two each in Kelantan and CMCO: Sabah to ban inter-district travel In a statement today, Noor Hisham said Kuala Lumpur, as well as one case each from next Monday till May 16 Click here the current active cases included 354 pa- in Kedah, , Pahang and tients who are being treated at intensive Terengganu. Ministry identifies bazaars, malls visited care units. Out of the 354 Covid-19 pa- by Covid-19 positive individuals, close tients, 199 of them requires breathing as- MoH identifies 14 new Covid-19 contacts Click here sistance through ventilators. infection clusters There were 19 coronavirus-related Noor Hisham further said that the Minis- 2,448 private facilities registered as deaths today, as the country’s death toll try has identified 14 new Covid-19 infec- vaccination centres, 299 ready for rose to 1,610. Including today, Malay- tion clusters today, pushing the total num- operation Click here FRIDAY MAY 7, 2021 3 THEEDGE CEO MORNING BRIEF

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BNM keeps OPR pat at 1.75%; economists expect rate to stay through 2021

KUALA LUMPUR (May 7): Bank Nega- BY JUSTIN LIM measures to curb Covid-19 resurgences. ra Malaysia kept the overnight policy rate theedgemarkets.com “The balance of risks to the growth (OPR) pat at its historic low of 1.75% after outlook remains tilted to the downside, its Monetary Policy Committee meeting due mainly to uncertainty over the path yesterday (Thursday, May 6), and econ- of the pandemic, as well as potential risks omists are expecting this rate to be kept of heightened financial market volatility,” steady throughout 2021, despite the rein- it said. troduction of the movement control order In terms of Malaysia’s headline infla- or MCO 3.0 in targeted areas, which is tion, BNM projected it to average higher seen as a short-term blip to the recovery at between 2.5% and 4%, primarily due of the domestic economy. to the cost-push factor of higher global “In our view, the central bank is looking oil prices. “In terms of trajectory, head- at the improvements in economic activity line inflation is anticipated to temporar- in the US and extrapolating that this chan- ily spike in the second quarter of 2021, nel will lift Malaysia’s external sector and due particularly to a lower base from low will be followed by income effects filter- domestic retail fuel prices in the corre- ing through the domestic economy,” said sponding quarter of 2020. However, this RHB Research senior economist Nazmi will be transitory as headline inflation is Idrus in a note yesterday. ed. A Reuters poll of 13 economists saw all projected to moderate thereafter, as this And Malaysia’s March industrial pro- expecting BNM to keep the OPR steady base effect dissipates,” it said. duction (IPI) data, released a few hours to help support the economy’s recovery, Nonetheless, the underlying inflation, as before the BNM’s announcement, also as coronavirus cases rise, even as it had measured by core inflation, is expected to showed strong improvement in both do- benefited from strong external demand. remain subdued, averaging between 0.5% mestic and export oriented segments, not- In announcing the unchanged OPR, the and 1.5% for the year, amid continued ed Nazmi, referring to the 9.3% year-on- BNM noted that global economies continued spare capacity in the economy. year surge in the March IPI – the highest to strengthen, including Malaysia’s. It also seen since July 2013 – driven by the man- said the domestic economy’s growth trajecto- Fiscal policy now seen as the main tool ufacturing and electricity components’ in- ry is projected to improve, driven by a strong- to support growth crease. The March factory output growth er recovery in global demand and increased Meanwhile, RHB’s Nazmi is of the opinion also beat Bloomberg’s consensus estimate of public- and private-sector expenditure, amid that the fiscal policy will be the main tool to 8.7% and February’s 1.5% growth. continued support from policy measures. support economic growth, in case any down- Hence, Nazmi, who expects the MCO “Growth will also be supported by high- side risks emerge, rather than monetary policy. 3.0 to have a less severe impact on the econ- er production from existing and new man- “The government has enough room omy compared to the previous two MCOs, ufacturing facilities, particularly in the E&E to invoke further counter-cyclical fiscal is of the view that the central bank will look (electrical and electronics) and primary-re- measures. Our analysis of the progress of past the short-term downside risks that lated sub-sectors, as well as oil and gas fa- fiscal measures (for example subsidy MCO 3.0 presents and focus on the econ- cilities,” it said, adding that the progress of programme, hiring incentive programme, omy’s recovery in the second half of the year. the domestic Covid-19 vaccine programme extended insurance system Concurring with Nazmi’ view that the will also lift sentiments and contribute to- [EIS] payouts, etc) have shown that the OPR will be kept unchanged this year is wards recovery in economic activity. disbursements have been much lesser, rel- MIDF Research, who attributed this to While noting that the global economic ative to the allocation,” he noted. optimism that an economic recovery is recovery has continued to strengthen, par- Given the unused funds, he said the already taking hold in Malaysia and that ticularly in major economies – supported government has room to implement fur- the current rate remains accommodative by improvements in and ther counter-cyclical fiscal measures to to support its economic recovery. trade activity – it forecast that the ongo- support consumer spending and the small “At the moment, we do not foresee any ing roll-out of vaccination programmes and medium enterprises (SMEs). “In a need for further easing in the monetary policy and sizeable fiscal stimulus measures in worst-case scenario, the recent government but BNM has the room to cut OPR if the eco- the US, as well as policy support in other access into the Kumpulan Wang Amanah nomic condition deteriorates significantly,” major economies, will further facilitate an Negara (KWAN) fund, could provide it the research house wrote in a separate note. improvement in domestic demand. with some fiscal space if the worst even- While the OPR is expected to stay at The growth outlook, however, remains tuality ever comes,” he said. 1.75% level this year, CGS-CIMB econ- subject to downside risks, it said, stemming KWAN’s total fund amounts to RM19.5 omists Michelle Chia and Lim Yee Ping mainly from ongoing uncertainties in de- billion, of which RM5 billion has been tapped think that policy normalisation may be on velopments related to the pandemic and for vaccination programmes, he noted. the cards in 2022, predicated on a success- potential challenges that might affect the ful rollout of vaccines and an entrenched roll-out of vaccines both globally and do- economic and labour market recovery. mestically. It also cautioned that the recov- Read also: Moody’s Analytics: Optimistic The central bank’s monetary policy ery trajectory of some economies could be outlook for Malaysia’s trade, industrial stance on Thursday was widely expect- disrupted by the tightening of containment production Click here FRIDAY MAY 7, 2021 4 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (May 6): The latest and 70.5% respectively in 1Q21 (the first movement control order (MCO 3.0) im- Malaysia’s GDP quarter of 2021), reflecting partly the rush posed by the government will continue for deliveries by the companies meeting to have scarring effects on economic and growth could dip their financial year ended March 31, 2021 business activities, according to Socio-Eco- (FY21), new model launches and a low base nomic Research Centre (SERC) executive to 4% on MCO 3.0, in March 2020 due to the MCO,” he added. director Lee Heng Guie. On the labour market, however, SERC Speaking at a webinar today, Lee said slow vaccination cautioned that a slow and moderate recovery the research centre expects the growth of in the labour market and continued high loss Malaysia’s gross domestic product (GDP) and Covid-19 of employment would cap consumer spending. to be at 4% — much lower than Bank Ne- “We expect private investment to revive gara Malaysia’s (BNM) projection of 6% resurgence gradually this year, from a decline of 11.9% in to 7.5% — due to the slow pace of the 2020, supported largely by investment in the vaccination programme and rising Cov- — SERC manufacturing sector, especially the expan- id-19 cases in the country. sion of capacity for electronics and electrical “The MCO 3.0 covers several districts in products as well as rubber products,” he said. Selangor, which accounts for about 21.9% BY SULHI KHALID The research centre also highlighted of total national GDP (and Kuala Lum- theedgemarkets.com that Malaysia’s exports had continued to pur’s is about 16.4%). Other states like Jo- gain strong traction, riding on a recovery hor [where a few districts are affected] and Fund (EPF) withdrawals, cash handouts as in global demand and higher commodity Kelantan practically are all under the MCO. well as drawdowns of savings that were un- prices (for palm oil and crude oil). “So all these scarring effects will con- spent during the pandemic — help to revive “The main drivers were electronics and tinue. With the MCO 3.0 though, which discretionary consumer spending. electrical products, rubber products, chem- is less restrictive in nature, we might see “Footfall in the malls and shops as well icals, and manufactures of metal and palm some impact on the sentiment side in the as the number of patrons in restaurants, oil-based products. second quarter. Hopefully by the end of fashion and wearing apparel outlets have “Exports are expected to increase by May or June, everything will be back to the recovered, though sales are still some gen- 9% in 2021, underpinned by sustained recovery MCO (RMCO),” he said. erally 20-30% below pre-pandemic levels. demand for semiconductors and machin- Meanwhile, SERC highlighted that do- “Purchases of durable goods, such as ery equipment in tandem with increasing mestic demand is recovering as consumption passenger cars and commercial vehicles, digitalisation and 5G technology develop- boosters — such as Employee Provident increased by 28.8% y-o-y (year-on-year) ment,” he said.

KUALA LUMPUR (May 6): Malaysia’s in- sectors recorded a deterioration of 4.1% dustrial production index (IPI) surged 9.3% Malaysia’s IPI and 0.1% respectively,” it said. in March 2021 from a year earlier driven by For March 2021, manufacturing sector the IPI’s manufacturing and electricity com- surges 9.3% in output rose 12.7% year-on-year after grow- ponents’ increase while the mining segment ing 4.5% in February 2021, the DOSM said. dropped, according to the Department of March 2021, highest According to the DOSM, major Statistics Malaysia (DOSM) today. sub-sectors contributing to the growth in The DOSM said in a statement today since July 2013 the manufacturing sector in March 2021 the IPI’s 9.3% on-year rise in March 2021 included those producing transport equip- is “the highest since July 2013”. ment, rubber and plastic products besides DOSM chief statistician Datuk Seri Dr BY TAN SIEW MUNG electrical and electronic items. Mohd Uzir Mahidin said in the statement: theedgemarkets.com “The growth of the manufacturing sec- “The growth in the IPI in March 2021 was tor was also driven by the high capacity driven by the manufacturing and electricity For the first quarter of 2021, the IPI utilisation rate, especially in the electrical indices which increased 12.7% and 10.3% increased 3.9% from a year earlier, helped and electronic products and petroleum, respectively.” by the manufacturing component’s 6.8% chemical, rubber and plastic products “Meanwhile, the mining index dropped expansion, said the DOSM. sub-sectors. 1.9%,” Mohd Uzir said. “Meanwhile, the mining and electricity “In addition, the performance of the manufacturing sector is also in line with the notable growth in exports and IPI for Performance of Industrial Production Index March 2021 some of the main trading partners of Ma- (%) Change year-on-year Change month-on-month 30 laysia,” the DOSM said. 20 9.3 On the mining sector output’s 1.9% year- 10 7.4 on-year drop in March 2021, the DOSM 0 said the deterioration was due to the 9.4% -10 -20 decrease in the crude oil and condensate -30 index of the IPI’s mining component. -40 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 2020 2021 Read also: Stricter movement controls

Source: The of ce of Chief Statistician Malaysia, Department of Statistics Malaysia, May 6, 2021 to drag recovery plays, says CGS-CIMB Click here FRIDAY MAY 7, 2021 5 THEEDGE CEO MORNING BRIEF

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Maybank says it has made provisions for variables like MCO 3.0

BY WONG EE LIN & SYAFIQAH SALIM theedgemarkets.com

KUALA LUMPUR (May 6): While the imposition of the latest movement control order (MCO 3.0) will impact both the loan growth as well as asset quality of the bank, Malayan Banking Bhd (Maybank) says it justing to this better than before”. heightened in 2020, compared with 2019,” has already “factored in” the impact as the “Even during the previous MCO, we he told reporters in a virtual briefing follow- banking group is anticipating an uneven have a high percentage of the economy ing its 61st annual general meeting (AGM) recovery during the pandemic. open, over 70%, compared with the first held earlier Maybank group president and chief ex- MCO we had last year of 30%,” he said. “To some extent, if you’ve seen some of ecutive officer Datuk Abdul Farid Alias said Farid highlighted that Maybank has the banks in the US, especially, they have today the bank’s key performance indica- made a whopping non-performing loan reversed some of the provisions in the fourth tors (KPIs) will remain unchanged for the provision of RM4.6 billion in 2020 which quarter, but we did not make such a rever- year. These include the net credit charge has also taken into account the likelihood sal,” said Farid, explaining that the macro- of 70 to 80 basis points (bps) and return of impairment this year. economic variables have to be sustainable on equity (ROE) of around 9% for 2021. “Most of it is done on the basis of mac- before the bank shall make any reversal. Noting that the country’s largest lender roeconomic variables to prepare Maybank Thus, he mentioned that the most re- by market capitalisation has factored in the for the eventual possibilities that there will cent imposition of MCO 3.0 is consistent possibilities of another MCO, such as the be impairment come 2021. with what the bank has anticipated from current one, Farid said Maybank is “ad- “That is why the level of provisions was last year.

Maybank sets five-year plan to achieve 13%-15% ROE

KUALA LUMPUR (May 6): Malay- BY WONG EE LIN & SYAFIQAH SALIM “At the same time, we will continue to an Banking Bhd (Maybank), Malay- theedgemarkets.com explore new ways of working and drive sia’s largest lender by market value, un- innovation with differentiated products veiled its five-year strategic plan, M25, The group’s key priority moving and services, to provide world class cus- that aims to accelerate growth in the forward will be to also ensure that all tomer experience,” he said. “next normal”. key business decisions will be based on On the group’s ESG efforts, by 2025, Maybank president and chief execu- environmental, social and governance Maybank intends to mobilise RM50 bil- tive officer Datuk Abdul Farid Alias said (ESG) principles with customers and lion in sustainable financing, improve the the group has set its desired long-term the community being at the foremost in lives of one million households across outcomes by 2025, including an aspira- everything the group does, Farid told the ASEAN, achieve one million hours per tional return on equity (ROE) of between media at the post-annual general meeting year of sustainability activities and deliver 13% and 15%, a cost-to-income ratio of virtual briefing this afternoon. one thousand significant United Nations’ below 45%, earnings per share (EPS) The M25 plan will be steered by three Sustainable Development Goals (UN- of more than 100 sen and delivering a strategic priorities, namely being perva- SDG) related outcomes. dividend payout ratio of between 40% sively digital, building new value drivers Maybank has also committed to achiev- and 60% on a net cash basis. and embedding sustainability throughout ing a carbon neutral position by 2030 and For the financial year ended Dec 31, Maybank’s operations. net-zero carbon emissions by 2050. 2020 (FY20), Maybank’s ROE was at Farid said the five-year plan will specif- Maybank’s share price gained two sen 8.1% compared with 10.9% in FY19, ically focus on executing outcome-driven to close at RM8.23 today with some 5.18 while its cost-to-income ratio was at projects that will make a difference. million shares done. Its market capitali- 45.4% vs 46.7% in FY19. The group’s “We have set clear targets that will sation is at RM93.94 billion. EPS came in at 57.66 sen and divi- guide us in meeting our strategic priori- dend payout was at 91.2%, compared ties under this plan and we will be track- with 73.45 sen and 87.8% in FY19 ing our progress throughout this journey Read also: Maybank to stop coal financing respectively. to ensure we stay on course. Click here FRIDAY MAY 7, 2021 7 THEEDGE CEO MORNING BRIEF

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Mitsui weighing buyout of RM49b IHH Healthcare — sources

BY DAVID RAMLI & ELFFIE CHEW Bloomberg

(May 6): Mitsui & Co is exploring a deal to take Malaysian hospital group IHH Health- care Bhd private, according to people with knowledge of the matter. Some private equity firms have ap- proached the Japanese trading house to team up on the potential transaction to buy out IHH’s other shareholders, said one and there is no certainty that Mitsui will IHH, which employs over 65,000 peo- of the people, who asked not to be named proceed with an offer, said the people. Rep- ple across 80 hospitals in 10 countries, as the information is private. Mitsui has resentatives of IHH and Mitsui declined offers healthcare services ranging from reached out to Khazanah Nasional Bhd, to comment. A representative of Khazanah primary care to acute medical treat- IHH’s second largest shareholder, to pick did not immediately respond to requests ment, according to its website. It manag- up its stake, another person said. for comment. es a portfolio of healthcare brands such IHH, which is listed on the stock ex- Mitsui raised its stake in IHH in 2018 as Acibadem, Fortis and Gleneagles in changes of Malaysia and Singapore, has a to 32.9% after buying additional shares in markets including Malaysia, Singapore, market value of about RM49 billion (about the hospital operator from Malaysian sover- Turkey and India. US$12 billion). Its shares in Kuala Lumpur eign wealth fund Khazanah. The Japanese The company is considering selling its closed up 7.88% following the Bloomberg firm is now the single biggest shareholder of medical education arm, International Med- News report, their biggest intraday move the company, followed by the Kuala Lum- ical University, in a deal that could fetch since March 2020. pur-based state investment firm with 26%, about US$300 million, Bloomberg News Discussions are still in the early stages according to data compiled by Bloomberg. has reported.

KUALA LUMPUR (May 6): Cahya Mata agreed to the board’s request and we have Sarawak Bhd (CMS), whose share price Cahya Mata informed the authorities accordingly,” it said. took a nosedive today, announced that “The board also wishes to announce that its deputy group chairman Datuk Seri Sarawak: Deputy the board is completely satisfied that the al- Mahmud Abu Bekir Taib has accepted a legations of conflict of interest made against request from the board for him not to take chairman Bekir Datuk Seri Mahmud and Karl Vink, former the leave of absence as announced in April. CMS chief information officer, in relation The announcement came one day after to stay on, to the award of the contract by CMS I-Sys- the diversified group suspended its group tems Sdn Bhd, a wholly-owned subsidiary chief financial officer (CFO) Syed Hizam conflict of interest of CMS, to Vienna Advantage GmbH are Alsagoff for 30 days with immedi- without any basis whatsoever,” it added. ate effect. allegation Mahmud requested for leave of ab- This was to facilitate investiga- sence on April 22 amid the allegations, tions into allegations of possible ‘without basis’ which prompted CMS to conduct an in- financial mismanagement in re- ternal investigation and report the matter lation to the company’s to authorities. investments and oper- BY ADAM AZIZ Shares of the conglomerate took a nose- ations, CMS said in a theedgemarkets.com dive in active trade today on news of Syed filing with the stock Hizam’s suspension. exchange yesterday. and former chief information The counter fell as much as 44 sen or Today, CMS officer Karl Vink @ Khalid Ab- 21.67% to RM1.59 in early trade, before said in a statement dullah was “without basis”. paring some losses — still down 33 sen or that the board’s re- “While the board is grateful 16.26% — to settle at its five-month low quest for Bekir to for his gesture of seeking leave of RM1.70. stay on was made of absence, we have reviewed Some 80.48 million shares were trad- after it concluded the situation and resolved that ed, or over 20 times its 200-day average that the allegation of there is no need for him to do volume of 3.86 million shares. At its last possible conflict of in- Datuk Seri Mahmud so,” CMS said. close, CMS has a market capitalisation of terest involving Bekir Abu Bekir Taib “Datuk Seri Mahmud has RM1.82 billion. FRIDAY MAY 7, 2021 8 THEEDGE CEO MORNING BRIEF

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Nazir Razak: PNB confirms Why no former chief supertaxes on justice Arifin glove companies? Zakaria is new chairman

BY SULHI KHALID theedgemarkets.com

KUALA LUMPUR (May 6): Former chief parliamentary draftsman and senior federal justice Tun Arifin Zakaria has been appointed counsel of the Inland Revenue Department. as the new Permodalan Nasional Bhd (PNB) Arifin was appointed judicial commission- chairman, effective today. He succeeds Tan Sri er of the High Court of Malaya in 1992, and Dr Zeti Akhtar Aziz, who retired from the post then as High Court Judge of Malaya two years after helming the company for nearly three later. Following that, he was elevated to the years since her appointment in June 2018. Court of Appeal of Malaysia in 2002, and Arifin’s appointment confirms a report then to the Federal Court of Malaysia in 2005. KUALA LUMPUR (May 6): Bank by The Edge CEO Morning Brief on April 29, Also joining PNB’s board of directors is Pembangunan Malaysia Bhd (BPMB) quoting sources, that Arifin would be taking Datin Norazah Razali, effective today. chairman Datuk Seri Nazir Razak is the baton from Zeti. She previously took over Norazah is currently Senior Advisor at perplexed as to why no supertaxes have the post from Tan Sri Abdul Wahid Omar, Boston Consulting Group (BCG), support- been imposed on Malaysia’s glove com- who is now chairman of Bursa Malaysia Bhd. ing and advising businesses and organisations panies which have made huge profits According to PNB in a statement today, across Southeast Asia. She brings with her from the Covid-19 pandemic. Arifin, who has also been appointed trustee over 20 years of strategic and management “I could never understand why in of PNB’s parent company Yayasan Pelaburan consulting experience, specialising in business Malaysia, glove companies made billions Bumiputera, was Chief Justice of Malaysia and organisational transformation, restruc- of super profits from the pandemic, yet between 2011 and 2017 and Chief Judge of turing, growth-led strategy, talent and lead- were not imposed supertaxes to help pay the High Court of Malaya from 2008 to 2011. ership development, as well as governance. for the cost of the pandemic,” he asked. Prior to that, he served in numerous capac- “The board, management and staff of According to the former CIMB ities in the Judicial Office as well as the Legal PNB wish a warm welcome to Tun Arifin Group Holdings Bhd chairman, taxa- Department of the Government of Malaysia, and Datin Norazah to the PNB board and tion systems have to be more progressive including as magistrate, president of the Ses- look forward to their stewardship of the in- so as to afford more effective safety nets sions Court, and as federal counsel and senior stitution and the assets that we manage on and redistribution policies. federal counsel. He was also once legal advisor behalf of over 14 million ,” said Nazir, who is also the brother of for- to the Ministry of Primary Industries and the PNB president and group chief executive Ah- mer Prime Minister Datuk Seri Najib Public Services Department, and the deputy mad Zulqarnain Onn. Tun Razak, said this in his keynote ad- dress at the Genesis Forum 2021 held virtually, today. PNB chief investment officer Rizal Rickman Ramli That was one of the several thoughts he shared on moving towards a more to replace Zeti as Sime Darby Property chairman sustainable and fairer financial system. Nazir also opined that governance BY TAN SIEW MUNG frameworks should encourage, or even theedgemarkets.com ensure, greater diversity on boards, not just in gender but also in age, ethnicity, KUALA LUMPUR (May 6): Permodalan and background so that companies are Nasional Bhd (PNB) chief investment of- more in tune with the society. ficer for private and strategic investments “One of the last things I proposed Rizal Rickman Ramli will succeed Tan Sri as CIMB Group chairman was to al- Dr Zeti Akhtar Aziz as the chairman of ways have a young, under 30, member Sime Darby Property Bhd. Rizal Rickman Ramli of the board. In a bourse filing, Sime Darby Property “Unfortunately, I ran out of time,” said 73-year-old Zeti, who was appointed said Sime Darby Property, after previously he lamented. as the group’s non-independent non-ex- holding the roles of chief investment officer Nazir retired as CIMB Group chair- ecutive chairman in July 2018, is retiring for real estate, and executive vice president man in October 2018 after serving the from her position effective today. for property/real estate. country’s second largest commercial Rizal, 43, is currently overseeing three Prior to joining PNB, Rizal was country bank by assets for 29 years, including key asset classes — strategic investments, managing partner for the Boston Consult- as group chief executive for 15 years and private markets and real estate — at PNB, ing Group in Malaysia. group chairman since 2014. FRIDAY MAY 7, 2021 9 THEEDGE CEO MORNING BRIEF FRIDAY MAY 7, 2021 10 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (May 6): Inari Amer- tron Bhd appears to be eyeing a mega ac- Inari Amertron quisition that will cost over RM1 billion. The company announced to Bursa Ma- to raise RM1.07 laysia that it wants to raise up to RM1.07 billion via a private share placement to be bil via share used for capital expenditure, acquisitions and investments. placement for The enormous amount of fresh capital to be raised is likely the biggest ever among mega deal? the local semiconductor-related firms taking advantage of the current share price rally. The most recent sizable share place- BY ARJUNA CHANDRAN SHANKAR ment was done by Unisem (M) Bhd, which theedgemarkets.com raised RM283.98 million last year. Inari’s fund raising exercise has prompt- potential customers. ed many to wonder why the outsourced It added that it will be using the raised semiconductor assembly and test (OSAT) funds to accelerate plans to acquire and company needs that much money, con- invest in “good value, high quality and sidering its net cash pile of about RM750 complementary semiconductor and OSAT million, which is likely to balloon amid the related companies and assets” that can gen- lope calculation, to raise the sum required. anticipated strong earnings growth ahead. erate sustainable revenue and earnings Inari’s share price closed at RM3.26 on In a bourse filing, it said it is in contin- growth, good profit margins and good Thursday. uous discussions with potential new cus- returns on invested capital. Under its proposed placement, Inari tomers within the semiconductor industry “Once the investments have been identi- will issue up to 333 million new shares — to provide OSAT services. And as part of fied and the relevant agreements have been which accounts for 10% of its share capital the negotiation process, the group may be entered into, immediate announcements — to third party investors at an indicative required to commit to substantial invest- will be made. In addition, shareholders’ price of RM3.20 a share. ments in factory fit-outs, and to acquire approval shall be sought at an extraordi- The placement is expected to be com- and install new manufacturing equipment nary general meeting to be convened, if pleted in the second half of 2021, the group and additional production space to secure required,” it said. said, adding that its share capital will rise new customers and or long-term supply Given the bullish market sentiment, to 3.77 billion shares after the placement orders. some quarters asked why didn’t Inari make and the full exercise of the group’s em- As such, Inari Amertron said it is crit- a cash call instead to avoid the dilution ployee share option scheme. ical that it secures the required funds, so effect on existing shareholders? Inari is due to release its financial results that it may expeditiously carry out any ca- Based on its issued share capital of 3.34 for the third quarter ended March 31, 2021 pacity expansion plans while putting it in billion shares, it could price a rights issue at this month, and analysts are expecting a a better position when negotiating with about 32 sen per share on a back-of-enve- good set of numbers from the company.

KUALA LUMPUR (May 6): Outdoor ad- Tree Outdoor Sdn Bhd, a wholly-owned vertising services provider Seni Jaya Corp Seni Jaya confirms subsidiary of Media Prima Bhd, where he Bhd has announced the appointment of rose through the ranks to become the CEO Cheah See Heong, also known as Jeff Cheah, appointment of from 2011 to 2017. as its new CEO with immediate effect. “During his tenure at Big Tree, he had In a statement today, the group also an- new CEO and introduced various successful initiatives that nounced the appointment of Julian Koh reinforced the company’s leadership posi- Lu Ern, a chartered accountant, as its director amid tioning such as pioneering digital out-of- new independent non-executive director. home media, LRT station naming rights, as The announcement comes on the heels controversy well as developing new billboard structures of the resignation of three Seni Jaya inde- with aesthetic designs,” the group said. pendent and non-executive directors, who Seni Jaya said Koh, 59, has vast expo- claimed two days ago that the proposed BY WONG EE LIN sure in the advertising industry, having pre- appointments are not in line with stand- theedgemarkets.com viously served as the group finance direc- ard operating procedures, as they did not tor of People ‘n Rich Holdings Sdn Bhd. go through the group’s nomination and tin Lee Nai Yee and Datuk Seri Anne Teo. Koh also has more than 35 years of remuneration committees. In its statement, Seni Jaya said Cheah, experience across various competencies The three former directors — Datuk 44, is a well-recognised professional in the such as strategic planning, accounting, Seri Dr Liew Lee Leong, Lim Chee Khang advertising industry with over two decades corporate finance, risk management and and Datuk Shamsul Falak Aabdul Kadir — of experience in the out-of-home media taxation, amongst others. also expressed concern of a possible takeo- segment, which comprises outdoor bill- Seni Jaya’s shares closed one sen or ver exercise without their knowledge. This board, retail malls, rail transit, as well as 0.61% higher at RM1.65 today, valuing followed an increase in the group’s share airport media. the group at RM66.88 million. Over the price and a significant disposal of shares by “He had previously spent 17 years in past year, the counter had risen by 293% the group’s two largest shareholders, Da- another leading advertising agency, Big from 42 sen. FRIDAY MAY 7, 2021 11 THEEDGE CEO MORNING BRIEF

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Analysts cut Supermax earnings forecasts on lower ASP expectations

KUALA LUMPUR (May 6): Supermax BY TAN SIEW MUNG the lower utilisation rate would stay due to Corp Bhd’s share price tumbled 12.6% or 70 theedgemarkets.com normalised demand-supply assumptions. sen — the biggest percentage drop since Au- He also reduced his ASP assumptions for gust last year — one day after it announced FY21 to US$77 or about RM317.59 (from 13 sen dividend per share and quarterly net US$89), for FY22 to US$49 (from US$57), profit of RM1 billion, as investment analysts and for FY23 to US$37 (from US$48) after cut earlier bullish earnings forecasts. taking into account the recent ASP decline. Concerns over thinner profit margin and While maintaining his “buy” call on the overcapacity seem to have outweighed its stock, Lim lowered his TP to RM6.60 from quarterly earnings growth and dividend. RM8.75 due to a reduction in his earn- The selldown on Supermax also ings estimates and that of the long-term dragged down its peers. blended ASP to US$37. Top Glove Corp Bhd fell 26 sen or “We believe near-term high ASPs will 4.9% to RM5.06, Hartalega Holdings Bhd encourage more competition in future. We dropped 58 sen or 5.9% to RM9.25, while have lowered our long-term nitrile glove Kossan Rubber Bhd slid 28 sen, or 6,5%, ASP [assumption] to US$40 per 1,000 to RM4.02. pieces. Hence, [our] long-term blended Analysts have revised down their earn- glove ASP [estimate] for Supermax has ings forecasts and target prices (TPs) for been reduced to US$37,” he added. Supermax Corp Bhd as they foresee low- MIDF Research analyst Ng Bei Shan, er average selling prices (ASPs) for gloves who also opined that Supermax’s 9MFY21 after the group’s net profit for the nine results missed expectations, believes the months ended March 31, 2021 (9MFY21) group’s ASPs were likely to have peaked came in below their expectations. in the third quarter ended March 31, 2021 Kenanga Research analyst Raymond Supermax Corp Bhd (3QFY21). Choo said in a note that the group’s “Gauging Supermax’s latest set of re- RM 9MFY21 profit after tax and minority sults, we think that ASPs for the company 12 interests came in below expectations at had likely peaked in 3QFY21,” she said. 71% of his full-year forecast. She expects that ASPs may moderate “The negative variance to our estimate depending on the development of the pan- was due to lower-than-expected ASPs. 8 demic, and how well and soon the situation Hence, we downgrade [our] FY21/FY22 can be contained. net profit [forecasts] by 6%/6%,” he said. “We understand that some buyers are Following the roll-out of Covid-19 vac- adopting a wait-and-see approach in re- 4 cines, which is likely to cause glove demand RM4.89 plenishing their inventories given the high to moderate, the group highlighted that prices currently,” she said. global glove prices had since dropped by She revised down her FY21 and FY22 15% to 25%. 0 earnings forecasts by 4.7% and 6.7% re- While reiterating his “outperform” call Jan 2, 2020 May 6, 2021 spectively for Supermax as she adjusted her on Supermax, Choo downgraded his TP to ASP and input cost assumptions to better Source: Bloomberg RM6.80 from RM7.80 based on 11 times reflect current market dynamics. While re- 2022 revised earnings per share (EPS) of iterating her “buy” call on Supermax, she 61.9 sen (previously 12 times). Supermax is a scream, but slashed TP to RM6.73 from RM13.83. RHB Research Institute analyst Alan share price drops Meanwhile, Affin Hwang Capital analyst Lim also said Supermax’s core net profit Ng Chi Hoong said Supermax’s 9MFY21 for 9MFY21 of RM2.85 billion was be- Target results missed his expectations mainly be- low expectations as it made up only 66% price cause he underestimated the duration of of his estimate. (RM) the production halt in February, which was He attributed the negative variance to the Kaf Seagroatt Buy 8.3 estimated to be around 5% to 10% of the temporary closure of the company’s produc- Kenanga Outperform 6.8 production volume for the quarter. tion plant after the detection of several Cov- Investment Bank “We are lowering our earnings forecast id-19 cases among its foreign workers. RHB Research Buy 6.6 for FY21 by 7% to factor in the 3QFY21 “We have lowered [our] FY21 to FY23 MIDF Amanah Buy 6.73 performance and lowering our TP to core earnings [forecasts] by 21% to 41% Nomura Buy 8.39 RM7.40 (from RM10.90), while main- due to a lower utilisation rate assumption TA Securities under review 6.8 taining our ‘buy’ call,” he added. of 85% from 90%,” he said. UOB Kay Hian Hold 5 His forecasts already factored in a 5% According to him, Supermax’s FY21 Affin Hwang Buy 7.4 to 10% decline in ASPs by year end, and utilisation rate was affected by the tempo- a 3% to 5% month-on-month decline in rary plant closure, and for FY22 to FY23, ASPs in 2022. FRIDAY MAY 7, 2021 12 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (May 6): The Ma- ed to increase its allocation for the Eco- laysian federal government has approved MoF: Putrajaya nomics, Infrastructure and Welfare De- a contribution of RM440 million to the velopment-Based Grants (TAHAP) from State Reserve Fund (Kumpulan Wang has allocated RM350 million previously to RM400 mil- Rizab Negeri) to assist state governments lion, which will benefit all state govern- that are in a deficit to better manage their RM440m to ments in the country. financial affairs and implement their re- The MoF said the increase in the allo- spective development projects following help state cation is to provide additional incentives the Covid-19 pandemic. to the state governments to fund their The decision was made in the National governments ecological fiscal transfer (EFT) activities Finance Council’s meeting earlier today to ensure the sustainability of the coun- that was chaired by Prime Minister Tan in deficit try’s biodiversity. Sri and attended by The federal government also agreed all state chief ministers. to improve and expand the definition of “The federal government takes cog- BY EMIR ZAINUL state road maintenance under the guide- nisance of the situation experienced by theedgemarkets.com lines for the use of funds from the Ma- most state governments that are facing laysian Road Record Information System difficulties, especially in state financial (MARRIS) grant. management in the post-Covid-19 pan- THE EDGE FILE PHOTO This, the MoF said, is to provide flex- demic [world],” the Ministry of Finance ibility to the state governments to carry (MoF) said in a statement today. out road maintenance work according Following the council’s meeting, the to priority and urgency in their respec- MoF announced a slew of added contri- tive states, thus ensuring the safety of the butions and incentives from the federal people, especially road users. government to help the state governments “The federal government is always cope with the economic pressures as a committed to ensuring that the relation- result of the ongoing pandemic. ship between the federal government and Taking note of the drastic reduction the state governments is always at its best. in the state governments’ revenue due This intention is manifested through an to Covid-19, the federal government has increase in allocations channelled in var- allocated RM260 million to the state gov- ious forms of grants to the state govern- ernments to help them implement small- ments each year. scale projects. “Therefore, the federal government The MoF noted that the first distribu- hopes these contributions will be fully tion of RM60 million had already been od to ensure that the distribution of al- utilised by the state governments, espe- channelled towards the states, with the locations can benefit bumiputera small cially in ensuring that the welfare and maximum limit for each project set at contractors fairly. well-being of the people are always taken RM100,000 through the lottery meth- The federal government also decid- care of,” the MoF said.

KUALA LUMPUR (May 6): Shares in Malaysian Bulk Carriers Bhd Malaysian Bulk Carriers Bhd (Maybulk) Investors snap up rose to a three-year high in active trade, sen tracking rising dry bulk freight rates cur- Maybulk shares, 90 rently at their 11-year high. 82 sen Maybulk shares rose as much as 11 sen trading volume or 15.17% to 83.5 sen today, with trading 70 volume surging to a record 135.7 million swells to record 56 sen — almost 14 times its two-month average 50 of 9.78 million shares. high On market close, the stock pared a little of its gains to close at 82 sen, still up 9.5 30 sen or 13.1%, valuing the dry bulk carrier BY ADAM AZIZ theedgemarkets.com at RM820 million. The counter has gained 10 over 50% since the start of the year. Jan 2, 2020 May 6, 2021 Maybulk, a stock that has gone off inves- Higher freight rates augur well for tors’ radar since the collapse of the Baltic Maybulk as it could charter out vessels Source: Bloomberg Exchange Dry Index in 2008, is back in for more. Maybulk operates 10 vessels with the spotlight thanks to a climb in the index. an aggregate carrying capacity of 555,059 The Baltic Dry Index soared to an 11- metric ton deadweight spanning Europe er-than-expected demand amid a rebound year high of 3,266 points yesterday, with and Australasia. The bulk carrier said that in economic activities since late last year continuous gains seen for 15 straight ses- its vessels are “largely tramped on the spot — although it remains to be seen if the sions since April 13. The index, which and period markets”. momentum can be continued amid yet tracks freight rates across different vessel The sharp rise in freight rates is mainly another spike in Covid-19 cases globally, sizes, has more than doubled this year. due to an undersupply, coupled with high- including in key markets such as India. FRIDAY MAY 7, 2021 13 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (May 6): Malaysia Air- for the passenger terminal and executive jet ports Holdings Bhd (MAHB) said it has yet MAHB says it terminal to open in 2027, while RM2 billion to receive the details of a reported proposal will be spent over the next 10 years in the by a private business entity to take over the has not received airport city,” the portal reported. Sultan Abdul Aziz Shah Airport in Subang. WCT had acquired a 60% stake in SSSB “Neither has there been a discussion details of Subang — operator of the Skypark Terminal (former- held with the government on the details,” ly Terminal 3) of the Subang airport — for MAHB said in a statement today, in re- airport takeover RM44.56 million cash from businessman Tan sponse to a report in The Vibes news portal Sri Ravindran Menon and his partner Datuk that Subang Skypark Sdn Bhd (SSSB) is proposal Aisamar Kadil Mydin Syed Marikiah in 2018. planning to acquire the airport. Lim holds a 7.36% direct interest and SSSB is a wholly-owned subsidiary of 18.15% indirect interest in WCT as of March construction and property development BY JUSTIN LIM 5, and is the executive chairman of the group. group WCT Holdings Bhd, whose largest theedgemarkets.com He is also a major shareholder and a shareholder is tycoon Tan Sri Desmond non-independent and non-executive chair- Lim Siew Choon. views of regulators such as the Civil Avi- man of Malton Bhd, holding a 1.97% di- “It is not uncommon for the market to ation Authority Malaysia and Malaysian rect stake and 39.37% indirect stake as at submit proposals to the government on Aviation Commission must also be ob- Dec 24, 2020. developing new airports or taking over an tained before any decision can be made. He is also chairman and non-independ- existing airport,” said MAHB. “This has According to The Vibes, SSSB is propos- ent executive director of Pavilion Real Es- occurred a number of times in the past and ing to enter a new concession to operate tate Investment Trust, in which he controls as part of the process, the government will the entire area of the Subang airport until a 28% stake. seek our input on the matter and togeth- 2092, developing it to be a city airport. WCT's share price closed unchanged er with Malaysia Aviation Group, we have “SSSB is estimating a total of RM3.7 bil- at 52.5 sen today, valuing the group at given our preliminary views.” lion of initial investment without recourse to RM745 million. The counter saw 2.5 mil- The airport operator added that the government funding. RM1.7 billion will be lion shares traded.

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MISC returns to the black in 1Q with MyEG wins project from MIMOS Berjaya Food reports profitable 3Q RM429.8m net profit, declares seven to provide service desk for vaccine as operations not badly impacted sen dividend traceability system by MCO 2.0 KUALA LUMPUR (May 6): MISC Bhd returned KUALA LUMPUR (May 6): My EG Services KUALA LUMPUR (May 6): Berjaya Food to black in the first quarter ended March 31, Bhd (MyEG) has won a contract from MIMOS Bhd reported a net profit of RM11.61 2021 (1QFY21) with a net profit of RM429.8 Bhd to provide service desk and its related million for its third quarter ended March million, from a net loss of RM1.12 billion in services for a vaccine traceability system. In 31, 2021 (3QFY21), versus a net loss 1QFY20, as the shipping company did not a bourse filing, the group said the one-year of RM1.39 million in 3QFY20. Though record any litigation claims. Quarterly revenue project will be effective June 1, with an option the second Movement Control Order rose marginally to RM2.54 billion from RM2.51 for a further one-year extension. It is valued at (MCO 2.0) was implemented during the billion on higher offshore business contribution, RM400,000 for the first year and RM250,000 quarter, Berjaya Food said its operations its bourse filing showed .The group declared for the optional one-year extension. “The were not as adversely impacted as in an interim dividend of seven sen, to be paid board of directors is of the view that the 3QFY20. Quarterly revenue rose 14.6% on June 9, 2021.Moving forward, as oil price project is in the best interest of the company to RM181.73 million from RM158.6 climbs back to pre-pandemic levels, the group and is expected to contribute positively to million in 3QFY20, the group’s bourse expects the recovery in the oil and gas sector to the earnings and net assets per share of the filing showed, thanks to Starbucks pave the way for an increase in activity levels in company for the financial years ending Dec Malaysia’s higher than expected same- the global offshore exploration and production 31, 2021 onwards,” said MyEG. — by Arjuna store-sales growth. Berjaya Food’s space. — by Sulhi Khalid/theedgemarkets.com Chandran Shankar/theedgemarkets.com board declared a third interim dividend of one sen per share, payable on June 11. The group’s net profit for the first AirAsia reports higher passenger traffic in March nine months of FY21 grew 195% to KUALA LUMPUR (May 6): AirAsia Group Bhd said all of its entities performed better in RM33.1 million, from RM11.24 million March, in terms of total number of passengers carried, compared with February. AirAsia a year ago, as revenue rose 2.6% to Malaysia recorded an 84% jump in passengers carried month-on-month, while AirAsia RM536.55 million from RM523.15 Philippines and AirAsia Indonesia reported a growth of 57% and 29% respectively. AirAsia million. It attributed the stronger managed to more than double its number of passengers carried in March, compared with February. “AirAsia expects to see solid domestic demand in its key Asean markets in earnings to effective cost management, the next few quarters, as the majority of the population receives their vaccinations, and due and the closure of loss-making outlets to strong pent up demand,” the group said in a statement. For the first quarter of the year, in the previous year. For 4QFY21, however, the group recorded a 90% across-the-board decline in total passengers carried to Berjaya Food said the operating 976,968, from 9.85 million in January-March, 2020. The decline for AirAsia Malaysia was environment will remain challenging in 92%, while for AirAsia Indonesia, AirAsia Philippines and AirAsia Thailand, it was 82%, 91% 4QFY21, given the unabating number and 78% respectively. — by Emir Zainul/theedgemarkets.com of Covid-19 cases. — by Wong Ee Lin/ theedgemarkets.com FRIDAY MAY 7, 2021 14 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (May 6): Datuk Seri at AmIslamic Bank Bhd, Bangunan Am- ’s second SRC International Najib’s second bank Group, No. 55, Jalan Raja Chulan, Sdn Bhd trial for three money laundering under Section 4(1)(a) of the Anti-Money charges involving RM27 million, sched- SRC trial Laundering and Anti-Terrorism Financing uled in July, has been shelved until August Act 2001, which provides for a maximum this year. deferred to fine of RM5 million or jail not exceeding This follows case management before five years or both, if convicted. High Court deputy registrar Catherine August Deputy Public Prosecutor Mohd Ashrof Nicholas today. Adrin Kamarul, when contacted today, According to Nicholas, the trial dates confirmed the trial dates in July had been in July have been vacated, BY HAFIZ YATIM vacated. with new dates fixed on theedgemarkets.com The priority now, Ashrof said, is Na- Aug 2 to 5, 9 and 10 jib’s ongoing appeal against his convic- this year, and March 7 ed on the balance of documents to be tion and sentence in the first SRC Inter- to 10, 28 to 31, April handed to the defence, she added. national case. 11 to 14 and 25 to The trial was originally fixed from Najib was found guilty last July in the 28. Meanwhile, July July 5 to 8. first SRC trial for abuse of power in ap- 16 has been fixed for On Feb 3, 2019, Najib pleaded not proving the RM4 billion loan from Retire- case management for guilty to the three charges of money ment Fund Inc between 2011 and 2012, the court to be updat- laundering whereby he is alleged to have from which he received the RM42 million, received a total of RM27 million, al- as well as three counts each of criminal legedly proceeds from unlawful breach of trust and money laundering in- activity, in three AmPrivate volving the same amount. Banking accounts be- For this, he was sentenced to 12 years’ longing to him. jail and a fine of RM210 million, which Najib is alleged to he is presently appealing. The appeal is have committed the of- scheduled to resume on May 18 at the SUHAIMI YUSUF/THE EDGE fences on July 8, 2014 Court of Appeal.

PUTRAJAYA (May 6): Carpet business- SD made by her husband and they lived man Deepak Jaikishan today withdrew his Deepak withdraws in India for 56 months from July 4, 2008. appeal to include former prime minister According to news reports quoting Datuk Seri Najib Razak, his wife Datin Seri appeal to include their statement of claim, they are seeking Rosmah Mansor, and six others as third RM840,000 in damages. parties in a legal action pursued by the Najib and others Besides Najib and Rosmah, the six oth- family of the late private investigator (PI) P ers are Najib’s brothers Datuk Ahmad Jo- Balasubramaniam, also known as PI Bala. in suit filed by hari Razak and Datuk Mohd Nazim Razak, Deepak’s lawyer Vinod Kamalanathan lawyers Tan Sri Cecil Abraham, Datuk told the Court of Appeal bench, led by family of PI Bala Sunil Abraham and Arulampalam Mari- Justice Datuk Seri Kamaludin Md Said, ampillai, and commissioner of oath Zainal that he received the instruction in March Abidin Muhayat. to drop the appeal. BY HAFIZ YATIM & IZZUL IKRAM Santamil Selvi and her children had The other members of the bench were theedgemarkets.com failed in their second bid to sue them, Justices Datuk Azizah Nawawi and Datuk when the Federal Court had on Nov 5 Ahmad Nasfy Yasin. At the High Court, David Matthews, dismissed their appeal. “The appeal is struck out with the who represented Najib and Rosmah, told Rishwant Singh appeared for Cecil and bench agreeing to costs of RM1,000 per reporters that Deepak had made incon- Sunil in today’s counsel,” said Justice Kamaludin. sistent statements in his previous affida- proceedings. Last August, the High Court had dis- vits which contradicted assertions in his missed Deepak’s application. Judicial previous application. Commissioner Quay Chew Soon ruled According to previous news reports, PI that Deepak had failed to show there was Bala, who died of a heart attack in March a prima facie case to include the eight as 2013, was a crown witness in the late Al- third parties in the suit. tantuya Shaariibuu murder case. In the “The basis of D8’s (Deepak) claim for in- 2006 case, he made two conflicting stat- Deepak demnity and contribution against the former utory declarations (SDs). Jaikishan defendants (Najib, Rosmah and the six oth- It was reported that PI Bala was forced ers) has not been sufficiently particularised. to leave Malaysia for India after signing his “D8 has not proven that there exist a rela- second SD in July 2008. He claimed he tionship between him and the former defend- made the second SD under duress, a day ants which gives rise to a right to an indemnity after the first SD was released. or an obligation to indemnify. By reason there- His widow, A Santamil Selvi, and her of, the application ought to be dismissed,” children reportedly claimed they had Quay ruled in his grounds of judgement. to move to India in exile due to the FILE PHOTO BY SAM FONG/THE EDGE FRIDAY MAY 7, 2021 15 THEEDGE CEO MORNING BRIEF

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KUALA LUMPUR (May 6): The High ing for the judicial relief they asked for in Court today quashed a bid by the Malay- Govt fails to stop the originating summons. sian government to strike out a lawsuit by Justice Akhtar, who said the government Malaysian mothers who want citizenship bid by Malaysian would have to file its affidavits of justifica- for their children born overseas. tion by May 27, 2021, also fixed June 30, High Court Judge Datuk Akhtar Ta- mums seeking 2021 for the hearing of the lawsuit. hir dismissed an earlier application by the The judge said today the plaintiffs are government to quash the lawsuit as it was citizenship for also allowed to add two more names to their deemed “frivolous”. lawsuit against the government, namely the The judge rejected the government’s ar- children born home affairs minister and National Reg- gument and asked the government to jus- istration Department director-general, as tify its citizenship law as he said that there abroad defendants. was clear discrimination against Malaysian Joshua Andran, who is a lawyer for one mothers. of the plaintiffs, said in a statement that the “There is an apparent discrimination BY TIMOTHY ACHARIAM government should be on the same side against the mother and father of the child, theedgemarkets.com as the plaintiffs instead of opposing them. but there doesn’t seem to be any justifica- Joshua said discrimination against wom- tion for such discrimination,” he said in his BLOOMBERG en cannot, and should not, be allowed to judgement today. continue. Justice Akhtar also said that the articles in “This is actually a case where the gov- the Constitution make the non-justification ernment and the plaintiffs should be on and discrimination more “clear and glaring”. the same side. The legal and constitutional The seven plaintiffs in the case comprise arguments made in cases like this can be Family Frontiers president Suriani Kempe, complex. But for the benefits of Malaysia’s Myra Eliza Mohd Danil, Adlyn Adam Teoh, citizenry and to encourage civic minded- Choong Wai Li, Ng Mei Mei and two others ness, the net effect of what we are seeking who seek to remain anonymous. in this case is simply equality between men Lawyer Datuk Dr Gurdial Singh Nijar and women in the crucial issue of the citi- represented the plaintiffs, who are seeking a zenship of children. declaration that children born outside Ma- Malaysian law allows only fathers to ob- “Now, what is so offensive about that laysia and whose mothers are Malaysians tain citizenship for their children born out- proposition? It is embarrassing that this is be granted Malaysian citizenship. side Malaysia. still happening in 2021. The plaintiffs want the court to order all Justice Akhtar said it was wrong for the “This form of discrimination has a real government agencies to issue citizenship government to contend that the lawsuit and tragic effect on the family unit as par- documents, identity cards and by the plaintiffs was frivolous because the ents are often separated from their chil- to these children. plaintiffs had the locus standi or legal stand- dren,” he said.

KUALA LUMPUR (May 6): Parti Pe- of its application heard. juang Tanah Air (Pejuang) pro-tem pres- Mukhriz takes a The party is seeking a declaration that ident Datuk Seri Mukhriz Mahathir has the home minister’s failure to decide on taken a jibe at Home Minister Datuk Seri dig at Hamzah its appeal to be registered — made via a Hamzah Zainuddin over his statement that letter dated Jan 8 — is a violation of the he needed more time to consider the par- after minister RoS’ statutory duty under Section 18 of ty’s appeal to be registered. the Societies Act 1966. The former Kedah menteri besar took asks for more The party’s counsel, Rafique Rashid Ali, to Facebook today in response to Hamzah’s told The Edge that the party will respond claim that he was too busy to consider Pe- time to decide to Hamzah’s affidavit by Monday. juang’s appeal, and that the party should In Hamzah’s affidavit, the minister said not compare its registration process with on Pejuang’s he was down with Covid 19 in the middle those of the Perikatan Nasional (PN) co- of January, and after being discharged from alition and the Makkal Sakthi party. registration the Universiti Malaya Medical Centre on Hamzah made the claim in his affida- Jan 24, he underwent quarantine at home. vit-in-reply, dated April 28, in relation to He said he has to consider 102 appeals Pejuang’s judicial review application to BY HAFIZ YATIM in relation to societies or parties seeking compel the Registrar of Societies (RoS) theedgemarkets.com registeration, besides performing his other and the minister to register the party. ministerial duties. “What is Hamzah busy with? Meddling Former Inspector-General of Police “As minister, I have 11 departments with the ? PN was Tan Sri Abdul Hamid Bador recently com- and agencies under me. This includes be- registered within two weeks. plained that Hamzah had allegedlly med- ing chairman of the Police Commission “The reality is the minister felt Pejuang dled with the affairs of the police. and other tasks.” is the biggest threat to (Parti Pribumi) Ber- Pejuang’s judicial review application is “The appeal by Pejuang is within my satu, where he is also the secretary-general. scheduled to be heard on May 31, after the consideration and I will make the deci- This is the democracy practised by PN,” party succeeded in obtaining leave from the sion when the time is right,” he said in said Mukhriz in his posting. High Court on April 1 to have the merits his affidavit. FRIDAY MAY 7, 2021 16 THEEDGE CEO MORNING BRIEF

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(May 6): U.S. support for a waiver of pat- are for what the proponents of the waiver ent protections for Covid-19 vaccines US support for are trying to accomplish, which is better heads to the World Trade Organization, access, more manufacturing capability, setting the stage for potentially thorny vaccine patent more shots in arms,” she said. talks over sharing the proprietary know- Drugmakers argue that the plan is in- how needed to boost global supplies of the waiver shifts to effective and that few countries have the life-saving shots. capacity to produce more vaccines even if “In terms of how soon the WTO can de- WTO debate they knew the formulas. Also, there’s lim- liver — that literally depends on the WTO ited global supply of the materials needed, members, collectively, being able to deliv- and building new factories with the nec- er,” U.S. Trade Representative Katherine BY JENNY LEONARD, ERIC MARTIN essary technology to produce the vaccines Tai said in an interview Wednesday. “I am & JOHN FOLLAIN could take years, they say. the first one to admit that what we are Bloomberg “This change in longstanding American leaning into is a process that is not going policy will not save lives,” said Stephen to be easy.” BLOOMBERG Ubl, the president and CEO of PhRMA, Shares of vaccine makers tumbled in the biopharma industry’s lobbying group. Europe, a day after the announcement sent “This decision does nothing to address drugmakers falling in the U.S. The Europe- the real challenges to getting more shots an Union and signaled a willingness in arms, including last-mile distribution to take part in the negotiations. and limited availability of raw materials.” “The EU is ready to discuss any propos- Nathalie Moll, director general of the al that addresses the crisis in an effective European Federation of Pharmaceutical and pragmatic manner,” European Com- Industries and Associations, said the Biden mission President Ursula von der Leyen administration’s decision “puts the hard- told a virtual conference in Florence, It- won progress in fighting this terrible dis- aly on Thursday. “And that’s why we are ease in jeopardy.” ready to discuss how the U.S. proposal for “While we wholeheartedly agree with a waiver on IP protection for Covid vac- the goal of protecting citizens around the cines could help achieve that objective.” world through vaccines, waiving patents Vaccine makers’ shares fell in Europe Katherine Tai will make winning the fight against the and Asia, following declines for U.S. vac- coronavirus even harder,” Moll said. cine stocks. India and South Africa, two nations The WTO’s General Council meets tum from WTO Director-General Ngozi struggling to contain fresh outbreaks of again on Thursday, though any final waiver Okonjo-Iweala “to take this opportunity Covid-19, have been urging WTO mem- of intellectual-property protections may and see what is the WTO capable of.” bers to temporarily suspend rules on IP take weeks to hammer out in the face of The Biden administration will encour- rights, arguing that it would be the most opposition from the pharmaceutical in- age other countries to join its position, Tai efficient and equitable way to address vac- dustry. Tai added that she sees momen- said. “We are for the waiver at the WTO, we cine shortages in poor countries.

SINGAPORE (May 6): Technology start- the same trade, he said, adding that the up investor Vickers Venture Partners has US$953 mil initial due diligence process did not raise been caught up in the allegedly fraudulent any red flags. nickel trading scheme of a Singaporean Singaporean Tan also confirmed that Ng is among businessman and his Envy Global Trad- investors in a company that made a small ing, prompting a review by the city-state’s fund ensnared investment in Vickers and another com- monetary authority. pany that put a small amount in one of its Vickers would be the highest-profile by alleged nickel seven funds. A representative for Ng didn’t investor yet to have fallen victim to the immediately respond to an emailed query. suspected US$740 million swindle, which fraud Vickers has US$953 million of assets Singaporean authorities have said could be under management, including co-invest- the biggest investment fraud the financial ments. Its founder and chairman was an hub has ever seen. The alleged master- BY DAVID RAMLI, YOOLIM LEE, early investor in Chinese technology giant mind, Ng Yu Zhi, has been charged with CHANYAPORN CHANJAROEN, Baidu Inc. a range of suspected crimes from faking ALFRED CANG & JOYCE KOH The fraud allegations against Ng centre the purchase and sale of nickel to falsify- Bloomberg on his dealings at Envy Asset Management ing transfers from Citibank and account and Envy Global Trading, companies he statements that showed millions in funds. it has met these requirements”. controlled and where he was a director. Of Licensed fund managers must have Vickers Venture’s founder Finian Tan the more than S$1 billion (US$749 mil- policies to manage risks, including proper said in a reply to Bloomberg’s query that he lion) that was invested in the companies, checks before investments, MAS said in was a personal investor in the receivable S$300 million was transferred to Ng’s per- an emailed response to Bloomberg’s que- financing funds floated by Envy Global sonal account, while an estimated S$200 ries on Thursday. “We are performing a Trading, which authorities believe involved million remains unaccounted for, prose- supervisory review” of Vickers Venture false contracts. Two Vickers funds were also cutors alleged in court proceedings last Partners (S) Pte Ltd to “ascertain that investors in companies with exposure to month. FRIDAY MAY 7, 2021 17 THEEDGE CEO MORNING BRIEF

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US jobless claims fall more than forecast to pandemic low

BY PAYNE LUBBERS & OLIVIA ROCKEMAN Bloomberg

(May 6): Applications for US state un- employment insurance fell last week to a fresh pandemic low as labour market conditions continue to improve and the economy reopens. Initial claims in regular state pro- grammes fell by 92,000 to 498,000 in the week ended May 1, Labor Depart- Claims fell broadly across the US, Nonfarm business labour productivity ment data showed Thursday. The median with the biggest drops in Virginia and increased at a 5.4% annualized rate in the estimate in a Bloomberg survey of econo- New York. first quarter, the second fastest pace since mists called for 538,000 claims. The prior Continuing claims for ongoing state 2009, after a revised 3.8% decline in the week’s figure was revised up to 590,000. benefits rose slightly in the week ended prior quarter. The gain in productivity The job market is strengthening as em- April 24. Applications for Pandemic Un- helped restrain unit labour costs, which ployers look to fill positions left empty employment Assistance for self-employed fell an annualized 0.3%. by the pandemic. Friday’s employment and gig workers also decreased. report is expected to show that the US Separate data Thursday showed pro- added about one million jobs in April, a ductivity rebounded in the first quarter Read also: Companies warn of US. labour sign that fewer business restrictions are as the pace of output exceeded a pickup shortages economists call temporary bringing more Americans back to work. in hours worked. Click here

(May 6): Copper rose above US$10,000 slowing production or pushing back deliv- a ton amid concerns over mine-supply Copper tops ery times after costs surged, while weak- growth and as Chinese investors returned er-than-expected domestic consumption has from a three-day break. US$10,000 as opened the arbitrage window for exports. The metal climbed to the highest in “Copper prices will remain strong as a a decade this week, fueling bets it will supply constraints continued rebound in global PMIs bolstered rally further to take out the record of investors’ bullish sentiment,” Citic Futures US$10,190 set in February 2011. The buttress demand Co said in a note. While Chinese demand reopening of major industrial economies doesn’t support overheated prices, the bro- is sparking a surge across commodities growth ker recommended investors holding onto markets from iron ore to lumber, with tin their positions for the time being. climbing above US$30,000 a ton for the Peru might also potentially offer some first time since 2011 on Thursday. Bloomberg relief to tight global supplies after it report- Trading house Trafigura Group and sev- ed a 19% jump in March copper output. eral major Wall Street banks including Gold- BLOOMBERG Copper rose as much as 0.8% to man Sachs Group Inc and Bank of Amer- US$10,028.50 a ton on the London Metal ica Corp expect copper to extend gains. Exchange before trading at US$10,010 as of Australia & New Zealand Banking Group 11:22am in London. Aluminium rose 1.3%. Ltd raised its price target to US$10,750 Tin rallied as much as 1.9% to on Thursday, saying supply-side issues are US$30,235 a ton on the LME, boosted adding to market tightness as increasing op- by rising orders for the soldering metal. timism over a global economic recovery, gov- Tin is at the highest since May 2011, with ernment stimulus and rising investment in solar power — are likely to generate ad- a 48% gain this year making it the best new energy sectors drive demand growth. ditional demand for metals.” performing metal on the LME. “The long-term prospects for metals Still, Briesemann expects a short-term The tin market has been in the grip of prices are ‘too good’ and point to higher correction in copper and other metals pric- a historic supply squeeze due to rising de- prices in the next few years,” said Daniel es, which he said have become detached mand for electronics, freight disruptions Briesemann, an analyst at Commerzbank from fundamentals. and production issues during the pandem- AG. “The decarbonisation trends in many The metals rally has boosted concerns ic. Thursday’s price increase came after a countries — which include switching to about short-term Chinese demand. Some jump in orders for tin stored in warehouses electric vehicles and expanding wind and manufacturers and end-users have been tracked by the LME. FRIDAY MAY 7, 2021 18 THEEDGE CEO MORNING BRIEF

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(May 6): Air France-KLM is considering rais- government, which is still in talks with the ing more capital to repair its battered balance Air France-KLM European Commission on a rescue for KLM. sheet as the struggling carrier counts on a sum- The funding could come in the form of mer air-travel resurgence to stem losses. weighs fresh convertible debt, hybrid convertibles or issu- Equity and quasi-equity financial instru- ing new shares, he said on a separate confer- ments are being studied, the airline said Thurs- fundraising as ence call. day in a statement as it reported a wider first While France has also said it’s prepared to quarter operating loss of 1.2 billion euros losses mount offer more support, both governments have (US$1.4 billion). sought to avoid a renationalization of the com- Shareholders will be asked later this month pany. to approve proposals that would potentially BY TARA PATEL The CFO called the fundraising process raise billions of euros. Bloomberg “recycling of state aid,” meaning that it’s pro- The action could help lower long-term debt gressively transformed into instruments that that totaled 14.2 billion euros at the end of the billion euros in a new share issue as part of a can be traded on the market so as to reduce the first quarter, levels that Chief Executive Officer 4-billion-euro French rescue plan. company’s leverage. This is part of the state exit Ben Smith has said were “holding back our The move followed 10.4 billion euros in strategy that the commission requires, he said. balance sheet.” He signaled last month that a government loans and guarantees granted The carrier’s 8.5 billion euros of available further recapitalization may be necessary af- last year. liquidity and credit lines at the end of March ter the airline group’s latest rescue from the Gagey declined to put a figure on how “can be considered comfortable, given the ex- French government. much more the carrier plans to raise, saying pected recovery in the summer,” Air France- Last month, Air France-KLM raised 1.04 only that part of it could come from the Dutch KLM said in the statement.

region. China has been accused of human Adidas, Nike rights abuses against Muslim Uighurs there. Chinese electric The boycott’s powerful impact under- online sales scores the dilemma facing foreign brands vehicle maker Nio for whom China is an increasingly important launches in Norway, plunge in China market, yet are held to account on human rights issues by consumers in their western its first overseas store amid Xinjiang home countries. Chinese consumers have become a boycott growth driver for global brands as the coun- BY YILEI SUN & TONY MUNROE try roars ahead economically after stamping Reuters out Covid-19. But patriotism among main- BY JINSHAN HONG land shoppers — benefiting domestic brands BEIJING (May 6): Chinese electric vehicle Bloomberg — is also at an all-time high given China’s maker Nio Inc said on Thursday that it had thorny relationship with western nations over launched its first overseas store in Norway (May 6): Sales of sportswear giants Adidas everything from trade to the pandemic. and plans to start selling cars in the country AG and Nike Inc. plunged on China’s largest Revenue from Greater China amount- as it pushes to expand globally. business-to-consumer e-commerce platform ed to nearly one-fifth of Beaverton, Ore- Nio, which makes electric sport-utility in April after consumers called for a boycott gon-headquartered Nike’s sales in its 2020 vehicles in China’s eastern city of Hefei, is of international brands avoiding raw material fiscal year ended May 31, and nearly a quar- employing more than 9,000 staff globally, from Xinjiang, reflecting the blow to busi- ter of net sales for Adidas. Herzogenaurach, said Chief Executive William Li. nesses that cross Beijing’s political lines. Germany-based Adidas is scheduled to re- The company, backed by Chinese tech Sales in the Adidas store on Alibaba port its first-quarter earnings on Friday. giant Tencent, has delivered over 100,000 Group Holding Ltd.’s Tmall tanked by While there’s no information on what share cars since it was set up in 2014, almost all 78% in April from a year ago, while Ni- of total sales is transacted through Tmall, the of them in China. ke’s dropped by 59%, according to analysis platform is a major presence in China retail. The automaker’s chief in Norway, Mar- done by Morningstar Inc. in a note released Still, there are signs that local brands are ius Hayler, said at an online event that Nio Wednesday. Tmall sales of Fast Retailing not yet considered substitutes for the global was building its first showroom outside Co.’s clothing brand Uniqlo, which was also giants. Overall Tmall sales of sports apparel China in Norway’s capital city Oslo. targeted by the boycott, dropped by over and footwear declined 11% in April com- It aims to open the first showroom in one-fifth. pared to a year ago September. Nio will open stores in four Mainland con- — a steep drop other Norway cities in 2022, Hayler said. sumers instead from more than Norway is boosting sales of electric vehi- turned to Chinese 30% growth in cles, which represent over half of the coun- sportswear com- the last quarter of try’s all new cars sales. petitors, includ- 2020 — according China’s EV makers have been looking to ing Anta Sports to Morningstar. push up exports in line with Beijing’s am- Products Ltd. and This suggests that bition to build a world-class auto industry Li Ning Co. Ltd., some consumers and to compete with traditional auto firms. that have support- are waiting out Nio’s rivals Xpeng Inc and BYD already ed using materi- the boycott rather sell electric cars in Europe. Nio is valued als from the con- than bypassing the at US$61.8 billion based on its New York tentious far west brands entirely. stock listing, just below Germany’s BMW. FRIDAY MAY 7, 2021 19 THEEDGE CEO MORNING BRIEF

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Singapore Press Holdings to structure media business into not-for-profit entity

BY FELICIA TAN theedgesingapore.com

SINGAPORE (May 6): Singapore Press Holdings (SPH) announced today that it will be transferring its media business into a not-for-profit entity. The move, which was made as part of SPH’s strategic review that was announced on March 30, came about amid the on- going challenge of declining advertising revenue. SPH’s media business has since fallen into the red as its operating revenue has halved in the past five years due to a fall in print advertising and print subscrip- tion revenue. The group recorded its first-ever loss of $11.4 million for the FY2020 ended August. This means the entire media-related businesses of SPH, including the News Centre and Print Centre, will be trans- NPPA provisions to be lifted from SPH. ferred to a newly incorporated whol- The model is similar to publications ly-owned subsidiary, SPH Media Holdings. such as The Guardian in the UK, accord- SPH and SPH Media Holdings, on May A not-for-profit ing to SPH. 6, entered into a business restructuring structure that allows The move is the biggest restructuring deed to transfer SPH’s media holdings SPH Media to seek in the industry since Aug 4, 1984, when into the latter. funding from a range SPH was formed through a merger of The The initial funding and resources for of public and private Straits Times Press group, the Singapore the new subsidiary will come from SPH, sources with a shared News and Publications Limited and Times who will inject cash of $80 million, $30 Publishing Berhad. Times Publishing was million worth of SPH shares and units in interest in supporting later de-merged from SPH in 1988. SPH REIT, as well as SPH’s stakes in four quality journalism and “With the resources that SPH is pro- of its digital media investments. credible information is viding upfront and the prospects for pub- SPH Media will eventually be trans- the optimal solution. lic-private partnership funding going for- ferred to a not-for-profit entity for a nom- ward, we anticipate that SPH Media will inal sum. The not-for-profit entity will be have a more sustainable financial future. It a newly formed public company limited will have the resources to focus on transfor- by guarantee. “However, remaining part of a public- mation efforts and quality journalism, as Following the transfer of SPH Media to ly listed company where it is subject to well as to invest in talent and new technol- the company limited by guarantee, SPH expectations from shareholders of profit- ogy to strengthen its digital capabilities,” will no longer be subjected to shareholder ability and regular dividends is no longer says SPH chairman Dr Lee Boon Yang. and other restrictions under the News- a sustainable business model. Hence, a “This will ensure that the public will paper and Printing Presses Act (NPPA). not-for-profit structure that allows SPH continue to benefit from quality informa- “SPH has undertaken strict cost man- Media to seek funding from a range of tion and credible news from trusted me- agement measures in recent years to mit- public and private sources with a shared dia titles and newsrooms, across different igate the effect of the declining advertis- interest in supporting quality journalism platforms and in vernacular languages,” he ing revenue. However, there is little scope and credible information is the optimal adds. “The exercise will give SPH great- for further cost cuts without impairing its solution,” it adds. er financial flexibility to tailor its capital ability to maintain quality journalism,” says The group elaborated that it has ap- and shareholding structure to seize strate- the group via a May 6 statement. proached the Ministry of Communications gic growth opportunities across the other “SPH’s media business plays a criti- and Information (MCI) with a restructur- businesses in order to maximise returns cal function in Singapore with the provi- ing proposal to put the media business on for shareholders.” sion of quality news and information to a long-term sustainable financial footing. Credit Suisse (Singapore) is the ap- the public, in particular in the vernacular MCI has since indicated its support for pointed financial adviser for the review. languages. Given this public role, winding the restructuring, and has also given its Shares in SPH closed flat at $1.79 on up the media business or selling it off are in-principle approval for the shareholding May 5, before its trading halt on the morn- not feasible options.” and other relevant restrictions under the ing of May 6. FRIDAY MAY 7, 2021 20 THEEDGE CEO MORNING BRIEF

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fortune, according to the Bloomberg Bil- Bezos sells lionaires Index. Honest Co In the 15 years after Amazon.com went US$2.5b of public in 1997, Bezos sold about a fifth valued at nearly of the online retailer for roughly $2 bil- Amazon and lion. The value of his stake has ballooned US$2 bil in in recent years to such an extent that he signals more can now sell relatively small amounts for strong market billions of dollars. coming Amazon stock is little changed this year debut after rallying 76% in 2020 as the Covid-19 pandemic kept people away from physical BY TOM MALONEY stores and encouraged online shopping. BY NIKET NISHANT Bloomberg The Amazon founder has used stock Reuters sales to fund rocket compa- (May 6): Jeff Bezos sold REUTERS ny Blue Origin, while he’s BENGALURU (May 4): Jessica Al- about $2.5 billion of Am- committed $10 billion to ba’s consumer goods company Hon- azon.com Inc. stock, his the “Bezos Earth Fund” est Co was valued at US$1.92 billion first big disposal this year to help counter the effects in its Nasdaq debut, after its shares after offloading more than of climate change. opened 33% above their offer price $10 billion worth of shares The rocket maker said on Wednesday. in 2020. Wednesday it has set July The company’s stock opened at Bezos sold around 20 for its first mission car- US$21.22 per share, compared to the 739,000 shares this week rying people to space and offer price of US$16 per share. under a pre-arranged trad- plans to auction off one On Tuesday, Honest priced its of- ing plan, according to U.S. seat on its New Shepard fering of nearly 25.8 million shares at Securities and Exchange rocket. US$16 each, above the midpoint of Commission filings. He Bezos would be far rich- the US$14-US$17 range it had mar- plans to sell as many as 2 million shares, er if it weren’t for his divorce from Mac- keted earlier. according to a separate filing. Kenzie Scott. She received a 4% stake in The initial public offering raised The world’s richest person continues Amazon as part of the split and quickly US$412.8 million, a fourth of which to hold more than 10% of Amazon.com, became one of the world’s most impor- would go to the company. the primary source of his $191.3 billion tant philanthropists. Los Angeles-based Honest’s offer- ings include eco-friendly baby prod- ucts, vitamins, sunscreen lotions and sanitizers that are sold online and SAN FRANCISCO (May 6): For dec- through partnerships with brick-and- ades, each generation of computer chips IBM unveils mortar stores including Costco and got faster and more power-efficient be- Target. cause their most basic building blocks, 2-nanometer The company’s market debut comes called transistors, got smaller. amid a bullish market for IPOs and The pace of those improvements has chip technology increased investor interest in sustain- slowed, but International Business Ma- able companies. chines Corp on Thursday said that sil- for faster Co-founded in 2011 by Alba, Hon- icon has at least one more generational est is backed by Lightspeed, Fidelity advance in store. computing and General Catalyst among others. IBM introduced what it says is the The company reported a 28% surge world’s first 2-nanonmeter chipmaking in revenue to US$300 million last year, technology. The technology could be as BY STEPHEN NELLIS as the Covid-19 pandemic bolstered much as 45% faster than the mainstream Reuters sales of its cleaning products. Its loss- 7-nanometer chips in many of today’s lap- es narrowed to US$14.5 million from tops and phones and up to 75% more US$31.1 million a year earlier. power efficient, the company said. The technology likely will take several years to come to market. Once a major Read also: manufacturer of chips, IBM now out- sources its high-volume chip produc- China’s Tencent in talks with US to tion to Samsung Electronics Co Ltd but keep gaming investments — sources maintains a chip manufacturing research “Tencent Holdings Ltd is negotiating center in Albany, New York that produc- agreements with a U.S. national security es test runs of chips and has joint tech- panel that would allow it to keep its nology development deals with Samsung 5-nanonmeter chips, which are just now ownership stakes in U.S. video game and Intel Corp to use IBM’s chipmaking showing up in premium smartphones like developers Riot Games and Epic Games, technology. Apple Inc’s iPhone 12 models, and the according to people familiar with the The 2-nanometer chips will be small- 3-nanometer chips expected to come af- matter.” er and faster than today’s leading edge ter 5-nanometer. Click here FRIDAY MAY 7, 2021 21 THEEDGE CEO MORNING BRIEF

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FRANKFURT (May 6): JPMorgan Chase & at the start of the year. Trading in European Co is further expanding its balance sheet in JPMorgan to shares quickly moved away from the British Frankfurt, as it adapts to a post-Brexit Europe. capital, while hopes for unhindered access to The US bank expects to add a similar move another EU markets — via a process known as equiv- amount to its European hub in 2021 as it alence — have long gone. did last year, according to its annual report US$200 bil in The full long-term impact is still unclear. for J.P. Morgan AG. JPMorgan’s Chief Executive Officer Jamie Di- The unit increased by about 180 billion assets on Brexit mon, a long-time critic of Brexit, warned this euros (US$216 billion) to 244 billion euros year that he could ultimately shift all bankers last year, the document said, confirming an serving EU clients out of London. earlier Bloomberg report. BY STEVEN ARONS Other banks to beef up in Germany’s finan- JPMorgan has led its Wall Street peers in Bloomberg cial hub include Goldman Sachs Group Inc, shifting assets out of London, as the UK ex- Citigroup Inc, UBS Group AG and Standard ited the European Union. It has repeatedly of our existing business activities, we expect Chartered Plc. A report by consultancy EY said it expects its EU unit to gain market that the size of our balance sheet this year has estimated that about 900 billion pounds share in areas including trading, investment could increase similarly to the previous year.” (US$1.2 trillion) of assets have also shifted banking and commercial banking. to the EU from the UK, along with about “We plan to complete the Brexit pro- London falling 7,500 employees. gramme by the end of 2021,” JPMorgan said London’s future as a financial centre has been Boersen-Zeitung first reported on JPMor- in the report. “Together with the expansion in the spotlight after Brexit came into effect gan’s expansion.

KUALA LUMPUR (May 6): Knight Frank Lon- spiked on the closure of the short-let market. don saw record-breaking activities in March, lay- Knight Frank “The annual decline of 14.3% in PCL was ing the groundwork for sustained momentum go- the smallest increment in the annual decline since ing into the summer as the UK economy reopens. London sees the start of the pandemic 12 months ago – having It witnessed the highest number of exchanges, widened from 14.1% in February. Average rents offers made, offers accepted and new prospec- record-breaking fell by 11.4% in March, compared to 11.7% in tive buyers registering with the firm in 10 years. February, and it was the first time the annual de- Viewings and market valuation appraisals activities in March cline had shrunk since February 2020,” he said. also move ahead of the five-year average for “Furthermore, demand grew faster than the first time in 2021, after a period of limited supply in PCL last month for the first time supply, as sellers held off due to the pressures BY RACHEAL LEE since November 2019. The number of new pro- of homeschooling during the lockdown and theedgemarkets.com spective tenants increased by 167% in March, concerns about new Covid-19 variants. compared to March last year. Meanwhile, the In a press statement, Knight Frank Ma- to the end of September. number of market valuation appraisals rose by laysia associate director for international According to Heaton-Watson, the forecasts 127% over the same period.” residential project marketing Dominic Hea- for prime outer London and prime regional With the gradual reopening of the UK econ- ton-Watson noted that March has proved to be markets have remained largely unchanged, as omy and high demand for staycations, Knight a record-breaker in the capital’s sales market. both areas continue to benefit from a drive for Frank believes there will be a longer-term re- “While January and February saw high lev- more space and greenery. duction in the quantity of stock on the long- els of transactional activity and strong buyer “Cumulative growth from 2021 to 2025 still let market, which should help ease downwards demand, the combination of a stamp duty hol- places Prime Central London (PCL) as the top pressure on rental values. iday, positive economic data, and the pace of performer (+25%) in the post-Covid boom and Also, there were 5% more tenancies started the vaccine roll-out saw March’s activity reach remains the preferred destination for Malay- in the first two months of this year compared a new level,” he said. sian property buyers,” said Heaton-Watson, with last year, as tenants took advantage of “The stamp duty holiday, initially due to who advises Malaysia-based clients on inter- falling rents. end in March but deferred by six months with national property. For the superprime (£5,000+/week) lettings a taper, would have been less of a motivating Meanwhile, with a higher proportion of do- market in London, there were only 15 tenan- factor in prime markets in the capital. However, mestic buyers, Knight Frank reckons the strong cies in the first two months of 2021, compared the introduction of a 2% stamp duty surcharge activity levels in Prime Outer London (POL) is to 137 tenancies during the same period last for overseas buyers from April will have driven an indication that the 2% overseas surcharge was year. However, 87 of the 137 tenancies were activity, despite travel restrictions.” only one of several factors driving activity in PCL. signed between July and December, making The stamp duty holiday and the furlough The annual price decline in PCL was 3.5% it the second most active equivalent period in scheme extensions have changed the landscape in March, the smallest decline since the onset the last seven years. for the housing market in 2021, and Knight of the pandemic. In POL, average prices fell Frank has since revised its forecasts. It now by 1.4%, which was the smallest decline since expects UK house prices to increase by 5% last February. Read also: this year, rising from a forecast of zero at the As for the rental market, Knight Frank said start of this year. declines may have bottomed out, as demand BOE slows bond buying as UK economic Knight Frank expects residential price grows faster than supply for the first time since recovery gathers pace growth in the wider UK to outperform Greater the start of the pandemic. While average rents in “The Bank of England slowed its emergency London in 2021, as the impact of the tapered PCL declined 14.3% in the year to March, Hea- bond-buying and signalled it’s on course to end stamp duty holiday extension drives demand in ton-Watson reckoned demand has been curtailed that crisis support later this year.” lower-value markets more consistently through by international travel restrictions, as supply has Click here FRIDAY MAY 7, 2021 22 THEEDGE CEO MORNING BRIEF

WORLD

(May 6): Top diplomats from the Group governments and individuals through the of Seven nations singled out China in G-7 lists the Belt and Road infrastructure initiative or a number of ways that will irritate the by leveling economic threats, according government in Beijing, from alleged hu- many ways it’s to a senior State Department official who man-rights abuses to its actions on Tai- spoke on condition of anonymity. wan and incursions in cyber space. deeply unhappy In the statement the group agreed to In a final statement first obtained by “work collectively to foster global eco- Bloomberg, the language used to reproach with China nomic resilience in the face of arbitrary, the Asian nation echoed past commu- coercive economic policies and practices. niques but it was the laundry list of con- We urge China to assume and fulfil obli- cerns that will get under China’s skin, BY ALBERTO NARDELLI & KITTY DONALDSON gations and responsibilities commensu- along with the chiding. Bloomberg rate with its global economic role.” “We encourage China, as a major pow- As Blinken heads from London to er and economy with advanced techno- Kyiv, the G-7 reaffirmed its support for logical capability, to participate construc- Ukraine’s independence, sovereignty, and tively in the rules-based international territorial integrity within its internation- system,” the statement said as it singled ally recognized borders including its ter- out in detail the treatment of Uyghur ritorial waters. Muslims and pointedly supported Tai- The statement also touches upon other wan’s “meaningful participation in World geopolitical issues: Health Organisation forums.” • Belarus and the political and human “We continue to be deeply concerned rights crisis there following the fraudu- about human rights violations and abuses lent August 2020 presidential election in Xinjiang and in Tibet, especially the • The Western Balkans and support for targeting of Uyghurs, members of other the formal opening of EU accession ethnic and religious minority groups, and negotiations with Albania and North the existence of a large-scale network of Macedonia “political re-education” camps, and re- • North Korea, where the group remains ports of systems and forced committed to the goal of getting the sterilisation,” the ministers said following regime to completely abandon its nu- two days of talks in London. clear weapons program The document also took aim at Rus- • Condemnation of the coup in Myan- sia’s actions of “undermining other coun- mar and reaffirming a commitment tries’ democratic systems, its malicious to reaching the full restoration of the cyber activity, and use of disinformation.” need such a key player on board for mul- 2015 nuclear deal with Iran The G-7 renewed calls on Russia to in- tilateral issues like climate change. • In a section entitled open societies, vestigate its alleged use of chemical weap- Secretary of State Antony Blinken es- a key priority for the U.K., the for- ons in the poisoning of Alexey Navalny. sentially began to lay the groundwork eign ministers committed to working The tone sets the stage for when lead- with an informal proposal to counter together “to strengthen the founda- ers meet next month in Cornwall along what the U.S. sees as China’s economic tions of open societies, promote hu- the English coast. U.S. President Joe Bid- coercion. Germany, France and Italy — man rights and inclusive connectivi- en will make his G-7 debut and try to the three European Union countries that ty” and to protect democracies from corral allies into taking a firmer stance participate in the G-7 — are beginning to disinformation and cyber attacks. against a rival superpower in the shape move into closer alignment with the Bid- of China and a historic foe in the form en administration but are not there yet. of Russia. Officials meeting on Tuesday spent Read also: China condemns G7 statement It will take some convincing given Chi- some 90 minutes discussing ways in censuring Beijing, supporting Taiwan na’s economic clout and how countries which China tries to exert leverage over Click here

BEIJING (May 6): China’s state econom- Relations between China and Austral- ic planner said on Thursday it has “indef- China to suspend ia deteriorated last year after Canberra initely” suspended all activities under the called for an international inquiry into China-Australia Strategic Economic Di- economic dialogue the origins of the COVID-19 pandemic, alogue, amid strained relations between prompting trade reprisals from Beijing. Beijing and Canberra. mechanism with Australia in April cancelled two deals “Recently, some Australian Common- struck by its state of Victoria with China wealth Government officials launched a Australia on Beijing’s flagship Belt and Road Ini- series of measures to disrupt the normal tiative, prompting the Chinese embassy exchanges and cooperation between Chi- in Canberra to warn that already tense na and Australia out of Cold War mindset BY GABRIEL CROSSLEY bilateral ties were bound to worsen. and ideological discrimination,” the Na- Reuters Reuters reported this week that Aus- tional Development and Reform Com- tralia is reviewing the 99-year lease of a mission said in a statement explaining port in the country’s north to a Chinese the decision. firm, according to a government source. FRIDAY MAY 7, 2021 23 THEEDGE CEO MORNING BRIEF

LEISURE

A meeting of two hearts Chanel’s new Coco Crush Toi et Moi rings tell of the magic of chance encounters

ome encounters are so remarkable and indelible, we want to tuck these memories deep in our consciousness and hold on to them forever. SThe storied life of Gabrielle Chanel was filled with unforgettable chance meetings that breathed inspiration into her artistry and, in many ways, carved her destiny. They paved the way for Coco to birth one of the most iconic symbols in fashion history — the Chanel quilted motif. The repeated lines and criss-cross stitching are a visual rendering of the curious encounters that intersected at different points in her illustrious career as a sartorial game changer. The quilted pattern, an emblem of the house of Chanel since 1955, is also an ex- pression of Coco’s passion for the equestrian world. She took inspiration from the quilted horse-riding jacket and turned the humble pattern into a signature staple design incor- porated into every one of the brand’s fashion collections. Over the decades, fashionistas have seen numerous creative iterations of the motif applied to jackets, skirts, trousers and boots. The 2.55 quilted handbag remains one of the world’s most coveted luxury fashion symbolise two souls joining to become one. accessories, 66 years after its debut. Coco Crush In its recently launched Coco Crush Toi et Proving that the quilted zpattern still res- rings in Moi collection, Chanel has given the classic 18-carat beige onates in modern times, in 2015, Chanel gold, small ring style a refreshing new spin. Jewellery Creation Studio introduced the version, and The Coco Crush Toi et Moi collection Coco Crush collection, a fine jewellery range 18-carat beige sees “two become one” reinterpreted in a with rings bearing charming contemporary gold, large whole new way, where two C-shaped quilted designs inspired by an enduring motif. version Coco Crush rings come together, stacked, to form one complete ring. Not unexpect- The Coco Crush collection edly, the C design stands for Crush, The designers of the Coco Crush collection Coco and Chanel. envisioned breaking away from the things The reimagined Toi et that restrict one’s joy and love for life. The Moi ring style and the Coco crossing lines of the quilted motif represent Toi et Moi ring in 18-carat Crush quilted motif sym- characteristics that at once oppose yet com- beige gold and diamonds, bolise two destinies inter- small version; Toi et Moi ring in plement each other — strength and delicacy, 18-carat beige gold, white gold twining, uniting in love simplicity and density, roundness and rigour. and diamonds, small version and liberation. A new Clean yet bold and etched into 18-carat campaign film titledSome gold, incisions criss-cross on the smooth Encounters You Wear Forev- rounded surface of the ring to replicate the er, featuring actress Alma quilted pattern. Available in beige gold, Jodorowsky and actor Djebril white gold or yellow gold, with and without Zonga having a chance meeting, diamonds, each piece is hand-polished to encapsulates the whimsical romance perfectly reflect light. of the Coco Crush Toi et Moi collection. The Coco Crush Toi et Moi rings come Coco Crush Toi et Moi in two sizes — small and large. The small Exchanging Toi et Moi (“you and me” in A scene from rings are available in beige gold, and in French) rings is a centuries-old practice in the campaign white gold and beige gold, each set with film featuring Europe to represent the love between two Jodorowsky two diamonds. The large rings, available people. Traditionally, the Toi et Moi ring is and Zonga in white gold and beige gold, have eight set with two stones placed close together to diamonds each. FRIDAY MAY 7, 2021 24 THEEDGE CEO MORNING BRIEF

MARKETS

CPO RM 4,210.00166.00 OIL US$ 68.84-0.12 RM/USD 4.1225 RM/SGD 3.0840 RM/AUD 3.1916 RM/GBP 5.7277 RM/EUR 4.9609

Top 20 active stocks NAME VOLUME CHANGE CLOSE YTD MARKET (MIL) (RM) CHANGE CAP (%) (RM MIL) FOCUS DYNAMICS GROUP BHD 447.0 -0.010 0.090 -86.15 573.4 MALAYSIAN BULK CARRIERS BHD 135.7 0.095 0.820 51.85 820.0 DATAPREP HOLDINGS BHD 114.8 0.010 1.960 988.89 1217.0 TANCO HOLDINGS BHD 111.4 0.010 0.100 100.00 141.9 SUPERMAX CORP BHD 106.1 -0.700 4.870 -18.97 12747.9 CAHYA MATA SARAWAK BHD 80.5 -0.330 1.700 -19.81 1826.4 SAUDEE GROUP BHD 73.5 0.025 0.220 -54.64 52.3 SEDANIA INNOVATOR BHD 73.2 0.000 0.305 110.34 92.2 LION INDUSTRIES CORP BHD 73.1 0.010 0.935 35.51 636.6 CAREPLUS GROUP BHD 72.4 -0.230 2.230 9.06 1226.7 World equity indices TDM BHD 69.9 0.005 0.315 -11.27 542.7 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE MINDA GLOBAL BHD 68.0 -0.010 0.140 133.33 185.1 (%) (%) KTG BHD 65.0 0.000 0.220 -22.81 152.0 DOW JONES 34,230.34 97.31 0.29 INDONESIA 5,970.24 -5.67 -0.09 TA WIN HOLDINGS BHD 63.6 0.010 0.165 120.00 466.7 S&P 500 4,167.59 2.93 0.07 JAPAN 29,331.37 518.74 1.80 PA RESOURCES BHD 60.7 -0.015 0.540 54.29 644.9 NASDAQ 100 13,503.37 -41.30 -0.30 KOREA 3,178.74 31.37 1.00 SYF RESOURCES BHD 57.2 0.030 0.440 14.29 250.3 FTSE 100 7,048.27 8.97 0.13 PHILIPPINES 6,282.78 -16.91 -0.27 EVERGREEN FIBREBOARD BHD 56.7 0.020 0.485 5.43 410.2 AUSTRALIA 7,061.69 -34.12 -0.48 SINGAPORE 3,173.00 19.41 0.62 UCREST BHD 54.3 -0.020 0.350 125.81 214.4 CHINA 3,441.28 -5.57 -0.16 TAIWAN 16,994.36 150.92 0.90 MINHO M BHD 53.6 0.075 0.455 30.00 156.5 HONG KONG 28,637.46 219.48 0.77 THAILAND 1,571.91 22.69 1.46 LKL INTERNATIONAL BHD 50.9 -0.020 0.335 -63.39 172.4 INDIA 48,949.76 272.21 0.56 1,250.57 -5.86 -0.47 Data as compiled on May 6, 2021 Source: Bloomberg Data as compiled on May 6, 2021 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) PRICEWORTH INTERNATIONAL BHD 0.020 33.33 3991.7 -33.33 90.1 SILVER RIDGE HOLDINGS BHD 0.710 -21.98 10294.3 22.41 120.4 EDUSPEC HOLDINGS BHD 0.020 33.33 1126.1 0.00 44.5 CAHYA MATA SARAWAK BHD 1.700 -16.26 80480.4 -19.81 1826.4 WIDETECH MALAYSIA BHD 1.660 29.69 265.5 176.67 74.3 ADVENTA BHD 1.680 -13.85 26232.3 9.80 256.7 PASUKHAS GROUP BHD 0.025 25.00 4825.9 -64.29 41.3 SUPERMAX CORP BHD 4.870 -12.57 106052.4 -18.97 12747.9 MINHO M BHD 0.455 19.74 53602.2 30.00 156.5 BORNEO OIL BHD 0.035 -12.50 13644.1 -12.50 234.9 PRESTAR RESOURCES BHD 1.440 15.20 19115.2 64.57 279.4 FOCUS DYNAMICS GROUP BHD 0.090 -10.00 446976.1 -86.15 573.4 MALAYSIAN BULK CARRIERS BHD 0.820 13.10 135701.7 51.85 820.0 CHINA OUHUA WINERY HOLDINGS 0.045 -10.00 73.5 -25.00 30.1 SAUDEE GROUP BHD 0.220 12.82 73526.5 -54.64 52.3 MNC WIRELESS BHD 0.045 -10.00 194.2 0.00 79.1 TIMBERWELL BHD 0.700 12.00 125.1 55.56 62.3 XL HOLDINGS BHD 1.290 -9.79 1301.9 126.32 123.2 OVERSEA ENTERPRISE BHD 0.145 11.54 5371.4 -31.50 189.9 CAREPLUS GROUP BHD 2.230 -9.35 72424.2 9.06 1226.7 TANCO HOLDINGS BHD 0.100 11.11 111420.3 100.00 141.9 BERTAM ALLIANCE BHD 0.105 -8.70 0.2 -19.23 26.1 MARINE & GENERAL BHD 0.150 11.11 6405.5 -18.92 108.6 LTKM BHD 0.960 -8.57 27.5 4.35 124.9 FINTEC GLOBAL BHD 0.050 11.11 25492.8 -37.50 172.3 COMFORT GLOVE BHD 2.240 -8.57 18057.5 -23.81 1300.2 SCOMI GROUP BHD 0.055 10.00 2399.6 83.33 52.8 M3 TECHNOLOGIES ASIA BHD 0.055 -8.33 9192.8 -15.38 42.4 PINEAPPLE RESOURCES BHD 0.880 10.00 142.2 72.55 42.7 XIDELANG HOLDINGS LTD 0.055 -8.33 5052.4 -21.43 116.4 SHIN YANG SHIPPING CORP BHD 0.450 9.76 29759.2 40.63 525.6 OSK VENTURES INTERNATIONAL 0.450 -8.16 58.1 -8.16 88.4 MILUX CORP BHD 0.565 9.71 950.6 -0.88 132.8 RUBBEREX CORP M BHD 1.130 -8.13 41637.5 -19.29 940.5 FOCUS LUMBER BHD 1.150 9.52 1627.0 32.18 113.7 HLT GLOBAL BHD 1.020 -8.11 33889.6 -10.53 721.1 WTK HOLDINGS BHD 0.575 9.52 24808.0 19.79 270.2 BCM ALLIANCE BHD 0.170 -8.11 11515.7 -44.26 106.4 ECM LIBRA GROUP BHD 0.23 9.52 89.9 0 110.4 VORTEX CONSOLIDATED BHD 0.12 -7.69 14351.2 -38.29 79.8 Data as compiled on May 6, 2021 Source: Bloomberg Data as compiled on May 6, 2021 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) KUALA LUMPUR KEPONG BHD 22.200 0.600 590.6 -6.25 23943.9 SUPERMAX CORP BHD 4.870 -0.700 106052.4 -18.97 12747.9 IHH HEALTHCARE BHD 5.610 0.410 15914.3 2.00 49250.6 HARTALEGA HOLDINGS BHD 9.250 -0.580 12200.6 -23.81 31644.4 NESTLE MALAYSIA BHD 136.000 0.400 74.1 -2.09 31892.0 TRANSOCEAN HOLDINGS BHD 6.300 -0.350 1296.3 697.47 284.1 WIDETECH MALAYSIA BHD 1.660 0.380 265.5 176.67 74.3 MALAYSIAN PACIFIC INDUSTRIES 38.340 -0.340 211.5 47.69 7625.7 HONG LEONG FINANCIAL GROUP 16.720 0.240 184.2 -7.42 19148.5 CAHYA MATA SARAWAK BHD 1.700 -0.330 80480.4 -19.81 1826.4 PRESTAR RESOURCES BHD 1.440 0.190 19115.2 64.57 279.4 ADVENTA BHD 1.680 -0.270 26232.3 9.80 256.7 PRESS METAL ALUMINIUM HOLDINGS 5.300 0.150 5544.1 26.34 42804.0 FRASER & NEAVE HOLDINGS BHD 28.760 -0.260 114.3 -10.35 10548.5 CAN-ONE BHD 3.160 0.150 703.6 13.26 607.2 TOP GLOVE CORP BHD 5.060 -0.260 28184.7 -17.32 40501.6 AMWAY MALAYSIA HOLDINGS BHD 5.550 0.150 3.5 -2.75 912.3 CAREPLUS GROUP BHD 2.230 -0.230 72424.2 9.06 1226.7 PPB GROUP BHD 18.640 0.140 306.0 0.65 26517.3 COMFORT GLOVE BHD 2.240 -0.210 18057.5 -23.81 1300.2 GROUP BHD 3.770 0.120 2702.8 0.80 34581.1 SILVER RIDGE HOLDINGS BHD 0.710 -0.200 10294.3 22.41 120.4 ATLAN HOLDINGS BHD 3.000 0.120 21.0 -18.26 761.0 PANASONIC MANUFACTURING 31.320 -0.200 1.2 1.69 1902.6 UNITED U-LI CORP BHD 1.480 0.100 7573.2 20.33 322.3 DUFU TECHNOLOGY CORP BHD 4.120 -0.170 4276.6 26.38 2148.1 FOCUS LUMBER BHD 1.150 0.100 1627.0 32.18 113.7 GREATECH TECHNOLOGY BHD 5.610 -0.170 2331.7 23.30 7023.7 MALAYSIAN BULK CARRIERS BHD 0.820 0.095 135701.7 51.85 820.0 KOSSAN RUBBER INDUSTRIES 4.020 -0.160 19422.6 -8.71 10257.5 WESTPORTS HOLDINGS BHD 4.310 0.090 1254.3 0.23 14697.1 EURO HOLDINGS BHD 2.940 -0.160 3372.7 1.38 2357.6 GUAN CHONG BHD 2.920 0.090 878.0 9.36 3029.5 DAGANGAN BHD 19.500 -0.160 186.7 -8.88 19372.4 MISC BHD 6.770 0.090 1046.8 -1.46 30219.6 PENTAMASTER CORP BHD 5.150 -0.150 2747.3 1.98 3668.4 SARAWAK PLANTATION BHD 2.550 0.090 935.0 13.33 711.5 XL HOLDINGS BHD 1.290 -0.140 1301.9 126.32 123.2 ANN JOO RESOURCES BHD 3.050 0.090 5775.3 94.27 1646.7 HEXTAR GLOBAL BHD 1.52 -0.12 6946.9 68.89 1247.4 Data as compiled on May 6, 2021 Source: Bloomberg Data as compiled on May 6, 2021 Source: Bloomberg