My Say: Why purpose at work is more important than ever
Why is a company’s purpose even more important than ever today, when corporate leaders are confronted with so many crippling challenges? People want to work for companies that put a meaningful purpose behind their operations. Hence, a purpose needs to be a “living” document that puts purpose to work, and translated into what needs to be done at a company daily. So, how can you, a corporate leader, start thinking about your company’s purpose statement? At Ritz Carlton’s daily 10-minute “line-up”, they ask employees in each shift to give examples of how they contributed to the higher corporate purpose or how they messed it up.
Source:The Edge Markets
December 25, 2021 09:44 UTC
Stock picks
Being agile and selective in stock picks are keys to driving returns. Three fund managers share with StarBizWeek their top three stock picks for 2022, and the rationale for their selection. Kenanga Investors Bhd executive director and CEO Ismitz Matthew De Alwis:(pic below)Kenanga Investors Ismitz Matthew> Ancom BhdThe company is a manufacturer of agricultural chemicals. > Greatech Technology BhdThe company is primarily a manufacturer of automated equipment with a wide product range from single automated equipment to production line systems. > Kelington Group BhdThe company is involved in ultra-high purity delivery systems, process engineering and general contracting.
Source:The Star
December 25, 2021 04:02 UTC
Indians flood markets, tourist spots despite Omicron concerns
NEW DELHI (Dec 24): Indians are crowding markets and taking packed flights to holiday destinations again despite calls from authorities urging restraint and caution amid rising cases of the rapidly spreading Omicron variant of the coronavirus. In terms of occupancy, we are back to pre-Covid-19 levels," Nilesh Shah, who heads a top travel body in the state, told Reuters. But Prime Minister Narendra Modi's government has warned states not to let their guard down as cases of the Omicron variant jump to 358, although no deaths have been reported so far. On Thursday, an Indian court urged Modi's government to suspend political rallies in states facing elections due to the rise in Omicron infections. In all, India has recorded 34.8 million Covid-19 cases and nearly 480,000 deaths during the pandemic so far.
Source:The Edge Markets
December 25, 2021 03:06 UTC
Pacific & Orient sells its 22% stake in Singapore-based data software firm
KUALA LUMPUR (Dec 24): Pacific & Orient Bhd (POB) is disposing of its 21.91% stake in Singapore-based data software company HiringBoss Holdings Pte Ltd (HHPL) for US$19.83 million (RM83.11 million). The group said it is joining other shareholders of HHPL in selling their entire interests in HHPL to Access UK Ltd under an agreement signed on Friday (Dec 24). The proceeds from the disposal will be used to fund its working capital and future investments, the group said. The disposal will also result in a gain of US$17.88 million (RM74.94 million) for FY22, it said. POB’s shares closed up one sen or 1.07% higher at 94.5 sen, valuing the group at RM269.87 million.
Source:The Edge Markets
December 25, 2021 00:54 UTC
Govt to impose anti-dumping duties on Chinese stranded steel wires
The government has, therefore, decided to impose definitive anti-dumping duties on the importation of the subject merchandise from China, which is equivalent to the amount of the dumping margins. The International Trade and Industry Ministry (MITI) said it has conducted and completed a detailed investigation concerning the merchandise in question, in accordance with the Countervailing and Anti-Dumping Duties Act 1993 and Countervailing and Anti-Dumping Duties Regulation 1994. MITI said it will impose 9.47% anti-dumping duties on Silvery Dragon Prestressed Materials Co Ltd Tianjin, 2.09% on Tianjin Dalu Steel Strand For Prestressed Co Ltd, and 21.72% on other producers/exporters. "The Royal Malaysian Customs Department will enforce the collection of anti-dumping duties on the imports of the subject merchandise for a period of five years, effective from Dec 25, 2021 to Dec 24, 2026. "With the imposition of anti-dumping duties on imports of the subject merchandise from China, it is expected that the issue of unfair trade practices will be addressed," MITI added.
Source:The Edge Markets
December 24, 2021 18:23 UTC
CTOS Digital to buy 49% stake in fintech specialist JurisTech for RM205.8m
KUALA LUMPUR (Dec 24): CTOS Digital Bhd has proposed to buy a 49% stake in fintech specialist Juris Technologies Sdn Bhd (JurisTech) for RM205.8 million, cash, the group’s largest-ever acquisition since its inception. According to CTOS Digital, JurisTech is a leading Malaysia-based fintech company that specialises in enterprise-class software solutions for banks, financial institutions, insurance, and telecommunication companies. This partnership with CTOS Digital will propel us to fulfil our vision of delivering frictionless financial transactions and drive greater financial inclusion and technology innovation in credit decisioning,” she said. To fund the purchase, CTOS Digital plans to undertake the private placement of new shares, representing up to 10% of its current 1.1 billion outstanding shares. If the proceeds are insufficient to cover the BOL acquisition, CTOS Digital plans to procure bank borrowing.
Source:The Edge Markets
December 24, 2021 17:05 UTC
A time for Malaysians to chill in the highlands
There are plenty of great spots to take selfies and family pictures at the park. — MELODY L. GOH/The StarWant to go on a "snowy" holiday but don't really want to fly overseas? Well, you can always drive up to the highlands instead.Genting Highlands in Pahang, that is.Resorts World Genting invites guests to join its annual Genting Winter Wonderland celebrations, where the snow falls a few times a day and the light dances on the lake.This special year-end programme will run until Jan 2. Suffice it to say, some of these rides are not for the faint-hearted!Over at the VR section, "treat" yourself to some thrilling virtual reality experiences with the RoboCoaster, SkyGlider and Vortex. All seats and equipment are cleaned and sanitised after each use.For more information, head to the Resorts World Genting website ( https://www.rwgenting.com/ ).
Source:The Star
December 24, 2021 12:10 UTC
'Santa Claus' stocks rally? Investors look to Omicron for direction
Overall, the S&P 500 is down only 0.1% since the Omicron variant was identified on Nov 24. The Omicron variant is causing infections to double in 1.5 to 3 days, according to the World Health Organisation. Shares of vaccine makers slumped in December as investors expect the Omicron variant's impact to be limited based on recent data. The average Santa Claus rally has boosted the S&P 500 by 1.3% since 1969, according to the Stock Trader's Almanac. Possible volatilityWhile there will likely be some economic impact from Omicron, US consumer spending will likely remain strong, said Cliff Hodge, chief investment officer for Cornerstone Wealth.
Source:The Edge Markets
December 23, 2021 18:53 UTC
Focus Lumber
KUALA LUMPUR (Dec 23): theedgemarkets.com highlighted one stock with momentum at Bursa Malaysia’s afternoon close on Thursday (Dec 23). The stock was:Focus Lumber Bhd — up four sen at RM1.25The list of stocks with momentum is generated using a proprietary mathematical algorithm highlighting stocks with a build-up in trading volume and price. The algorithm differentiates between stocks that exhibit positive (+ve) momentum and negative (-ve) momentum. It merely tells you which stocks are seeing higher-than-normal volume and price movements. But the “+ve” (suggesting a rising price trend on volume) and “-ve” (suggesting a falling price trend on volume) indicators should give readers a better idea of what the market is buying and when to sell.
Source:The Edge Markets
December 23, 2021 17:33 UTC
HLIB: Petrochemical sector to see down-cycle from 1H22
KUALA LUMPUR (Dec 23): Hong Leong Investment Bank (HLIB) Research expects a down-cycle for the petrochemical sector over the next few years, beginning in 2022. The research firm said it gathered that the petrochemical super-cycle had somewhat peaked based on its recent analysis of Petronas Chemicals Group Bhd (PetChem) and Lotte Chemical Titan Holding Bhd. “We think that indicated capex levels should still be sufficient to help the sector recover in 2022, albeit still lower than its pre-pandemic 2018-2019 levels,” he said. “In 2022, non-OPEC supply is projected to see robust growth of three million bpd. “Investment in the non-OPEC upstream sector in 2022 is estimated at around US$350 bilion (about RM1.47 trillion), showing a 50% drop compared to the 2014 level,” said Yap.
Source:The Edge Markets
December 23, 2021 16:11 UTC
Sluice gates finally working, floodwaters to be drained faster
KLANG: The jammed sluice gates at the Taman Sri Muda pumphouse in Shah Alam is now operational again after a generator was brought to the site, says Selangor Mentri Besar Datuk Seri Amirudin Shari. He said the jammed sluice gate was repaired after Tenaga Nasional Bhd brought in a power generator. “The sluice gates are operational again. He added that with the sluice gates operational, the floodwaters at the housing estate would now recede more quickly. Shah Alam MP Khalid Samad questioned why the sluice gates were not operational even if there was a power failure.
Source:The Star
December 23, 2021 12:25 UTC
Coraza to raise RM33m from IPO with issue price of 28 sen per share
“Coraza strives to continuously expand the range of services we provide to our customers that operate in various industries. The IPO, which is open for subscription from Wednesday until Jan 6, 2022, will see Coraza issue 117.8 million new shares, representing 27.5% of its enlarged share capital, at an issue price of 28 sen apiece, according to the statement. Based on the enlarged share capital of 428.3 million shares, Coraza said it is expected to have a market capitalisation of RM119.9 million. Coraza is expected to be listed on the ACE Market of Bursa by Jan 20, 2022. M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for Coraza’s IPO.
Source:The Edge Markets
December 23, 2021 12:22 UTC
Brighter recovery path for gaming stocks
KUALA LUMPUR: Gaming stocks are expected to continue on their recovery path given countries' shift away from the total lockdown approach and as investors develop an "immunity" towards Covid-19-related news.The gaming sector was one of the worst-hit by the Covid-19 pandemic over the past two years, but further developments in the pandemic should not be as disruptive to sales and operations as they have been in the past.In a sector update, Hong Leong Investment Bank research said most global governments are recognising the detrimental effect that a full lockdown has on the economy and is steering away from such measures to combat the pandemic.Investors have become cognisant of this, noting that in the US, share prices of pandemic beneficiary stocks such as Zoom, Etsy, DoorDash a nd DocuSign were down after news, contrary to what one might expect.In Malaysia, while gaming stocks fell following the discovery of the Omicron virus, the stocks soon rebounded.Meanwhile, pandemic beneficiary stocks staged transient rebounds but fell shortly after. "As investors start to turn their attention away from pandemic beneficiary stocks towards recovery stocks with sound fundamentals, the gaming companies which have stood on steadfastly through the pandemic may once again enter the radar of investors," said the research firm.It cautioned that the recovery path for the sector is likely to be choppy due to the continued risks of Covid-19 but expects countries to be better equipped to handle the pandemic to avoid a reversion to a full lockdown situation.Hong Leong Investment, which upgraded its call on the sector to "overweight", has Genting Bhd as its top pick as it believes it is trading at a huge discount of more than 50% to its sum-of-parts valuation. "We like GenT for its deep expertise and experience in managing the gaming and hospitality businesses and its well spread operations across different regions which help to mitigate regulatory and country risks. "Furthermore, GenT provides an exposure to Resorts World Las Vegas which we believe to have strong growth potential in the longer term," it said, while maintaining its "buy" call and target price of RM6.20.Meanwhile, the research firm said Berjaya Sports Toto Bhd 's numbers forecast operator sales are recovering post-business resumption but at a slower pace compared to post-MCO1.0.However, the group's luxury car segment dealership continues to record robust growth, which should cushion the impact of the slower recovery in the NFO segment.Hong Leong Investment maintained its "buy" call on Berjaya Sports Toto with an unchanged target price of RM2.26.
Source:The Star
December 23, 2021 11:55 UTC
Maersk buys Asian warehouse giant in US$3.6b takeover
The world’s biggest container line is acquiring Hong Kong-based LF Logistics in an all-cash deal, it said on Wednesday. The transaction is second only to its US$4 billion takeover of Hamburg Sued in 2017. Maersk will boost annual revenue in its logistics and services business by about US$1 billion with the acquisition. Maersk said it’s paying a multiple of 14.4, based on enterprise value to earnings before interest, tax, depreciation and amortization. Maersk is set to book 2021 net income of US$17 billion, or six times the result in 2020, according to analyst estimates.
Source:The Edge Markets
December 22, 2021 21:14 UTC
MYEG Medical appointed exclusive distributor of BreFence Go Covid-19 test
Services Bhd (MYEG)’s wholly-owned sub-subsidiary, MYEG Medical Services Sdn Bhd, has been appointed as the exclusive distributor for Breathonix Pte Ltd’s BreFence Go Covid-19 Breath Test System (BreFence Go) in Malaysia. MYEG Medical has entered into a comprehensive exclusive distribution agreement with Breathonix on Wednesday. MYEG Medical will be the distributor for all market segments in Malaysia for the marketing, sale and distribution of the contractual products of BreFence Go, said MYEG. The agreement shall now supersede the Memorandum of Understanding (MoU) entered on May 24, 2021, and as such, the MoU would therefore no longer subsist. On May 24, MYEG entered into the MoU with Breathonix for the pioneering introduction of a rapid breath test system for the screening of the Covid-19 virus in Malaysia.
Source:The Edge Markets
December 22, 2021 20:18 UTC