COVID-19: MALAYSIA SEES RECORD 1,884 NEW CASES;

SELANGOR CLIMBS TO FRESH HIGH OF 1,203 p5

T U E S DAY, N OV E M B E R 2 4 , 2 0 2 0 w w w. t h e e d g e m a r k e t s. c o m
ISSUE 89/2020

CEOMorningBrief
HOME: Projects may have to be stopped if development allocation is reduced, says Mustapa p8
Malaysia risks not being a high-income economy even over the next 20 years p14
WORLD: In latest China jab, US drafts list of 89 firms with military ties p18

Top Glove confirms temporary

shutdown of 28 factories in Meru
due to upsurge in Covid-19 cases
Report on Page 4.

IRB CEO:
Govt should
consider introducing
CAPITAL
GAINS TAX
Report on Page 2.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
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KUALA LUMPUR (Nov 23): Malaysia
should consider implementing the cap-
ital gains tax, instead of the inheritance
tax, said the head of the Inland Revenue
Board (IRB).
IRB chief executive officer (CEO) Da-
tuk Seri Sabin Samitah said that while de-
cisions to introduce new taxes lie with the
government, it should look at implement-
ing the capital gains tax as the inheritance
tax may not have much impact on govern-
ment revenue given its narrower structure.
“In an effort to broaden the tax base and
increase revenue, so that Malaysia can be
on par with other countries in the region,
the government may or should consider
introducing the capital gains tax in the fu-
ture,” he said at the Deloitte TaxMax 2020
webinar in response to a question about
taxation on income from the stock market.
The IRB CEO said the introduction
of the capital gains tax would be a good
measure of ensuring equity and fairness
in the tax system.
He noted that people in wealthier in-
come brackets are more likely to have
capital income, compared to those in
lower-income groups. As such, revenue
gained from such a tax can be used to
2 THEEDGE CEO MORNING BRIEF
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IRB CEO: Govt
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address poverty and income inequality.
Sabin explained that Malaysia’s existing
tax structure base is already quite narrow as
it is reliant on corporate income tax, person-
al income tax and petroleum tax, which has
seen a slight drop due to oil price volatility.
He also pointed out that tax planning
and evasion are enabled in the absence of
the capital gains tax.
Sabin added that capital gains tax is
important when it comes to taxation on
cryptocurrency, intangible and other dig-
ital assets in the future.
“Without the capital gains tax, these as-
sets will be left untaxed, and it encourages
aggressive tax planning and evasion,” he said.
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Capital gains tax would help resolve
issues related to the Real Property Gains
Tax, namely disputes concerning the cat-
egorisation of gains on property and val-
uation of shares in real property compa-
nies, he added.
Gradual cut in income tax
Earlier during his presentation, Sabin said
that under the current unprecedented impact
of the Covid-19 pandemic on the economy,
the government could only look at reducing
corporate tax rate if it implements new taxes,
such as the widely debated capital gains tax.
He pointed out that a reduction of 1%
in the corporate income tax rate would
result in more than RM2.6 billion worth
of revenue loss to the government.
According to Sabin, Malaysia may look
into reducing its corporate income tax rate
gradually in the next few years, in order to
remain competitive against its neighbours
when the economy recovers and stabilises.
“The reduction should be gradual to
reach the targeted 20% tax rate, if Malay-
sia wants to be part of the majority of Asean
countries.This [gradual approach] is impor-
tant so that it would impact the national cof-
fers, and at the same time be able to attract
foreign direct investment (FDI),” he viewed.
Sabin highlighted that lowering corpo-
rate income tax rate is not the only factor
for Malaysia to have a competitive advan-
tage over neighbouring countries.
“According to the World Bank 2020
Report, Malaysia is 12th in the world for
ease of doing business (2020) and ranks
second in Asean in the Global Competi-
tive Index 4.0 2019,” he said, noting that a
conducive investment environment and the
repackaging of incentives towards specific
investors will help attract FDI.
Malaysia’s corporate tax rate is 24%.
In contrast, Singapore and Indonesia have
corporate tax rates of 17% and 22% re-
spectively, while Thailand’s stands at 20%.
Read also: Malaysia’s 2021 RM144b di-
rect tax collection target achievable, says
IRB CEO Click here
T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 3 THEEDGE CEO MORNING BRIEF
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
KUALA LUMPUR (Nov 23): Top Glove
Corp Bhd has confirmed that it will tem-
porarily shut down 28 factories in Klang,
Selangor following an insurgence of Cov-
id-19 cases among its workers.
Top Glove, the world’s largest glove
manufacturer, has 41 factories in Malaysia.
“With reference to the announcement
by the senior minister today,Top Glove will
work closely and cooperate fully with the rel-
evant authorities to implement the tempo-
rary stoppage by stages of our manufactur-
ing facilities in Meru, Klang,” the company
said in a filing with Bursa Malaysia today.
Earlier today, Senior Minister (Security)
Datuk Seri Ismail Sabri Yaakob announced
that a total of 28 Top Glove factories in Klang
would cease operations in stages to allow
factory workers to undergo screening and
mandatory quarantine in an effort to con-
tain the spread of the virus among Top Glove
employees.
According to the Ministry of Health
(MoH), the Teratai cluster that is linked to
Top Glove’s workers reported 1,067 new
Covid-19 cases today.
As of today, there are 2,524 positive cases
(43.8%) that have been reported to be re-
lating to the Teratai cluster, out of a total of
5,767 individuals who have been screened.
A total of 1,330 samples are confirmed to be
negative, while 1,913 are pending for results.
Based on data prepared by the MoH,
KUALA LUMPUR (Nov 23): The Min-
istry of Finance (MoF) has set up a com-
mittee to study various revenue enhanc-
ing measures, including the possibility of
reintroducing the goods and services tax
(GST), according to Maybank Investment
Bank Research (Maybank IB Research).
In a note released today following a dia-
logue with Finance Minister Tengku Datuk
Seri Zafrul Abdul Aziz last Friday, Maybank
IB Research quoted Tengku Zafrul as say-
ing that other measures included analysing
weaknesses in the tax regime and impact of
new taxation on the economy, studying op-
tions for new taxes such as carbon tax and
digital tax, rationalising tax incentives, im-
proving tax administration and enhance tax
audit, such as implementing tax identifica-
tion numbers and enhancing data analytics.
“Timing is also important — especially
on any new taxes — so as not to disrupt
the economic recovery process.
“2021 is a transition year from crisis to
recovery,” it quoted Tengku Zafrul as saying.
Over the medium term, Tengku Zafrul
said the government is committed to low-
ering the budget deficit to 4% of gross
domestic product by 2023.
“The key strategy will be on revenue
enhancing given the limited scope to cut
4 THEEDGE CEO MORNING BRIEF
H O M E
Top Glove
the latest tally of active cases in the cluster
— meaning patients who carry high trans-
confirms
mission risks and have to be admitted to
hospitals and quarantined — stood at 2,359.
temporary
“All cases linked to this cluster involve
164 Malaysians and 2,360 foreigners aged
shutdown of 28
between two and 68 years.
“Most of the cases from this cluster are
factories in Meru
the factory workers in Meru, located in
Klang. All positive cases were hospitalised
due to upsurge in
and their close contacts were quarantined
to prevent the spread of infections,” said
Covid-19 cases
MoH director-general Tan Sri Dr Noor
Hisham Abdullah at a media briefing today.
According to Top Glove, it has already
temporarily stopped production at 16 fa-
BY EMIR ZAINUL & SYAFIQAH SALIM cilities in Meru since Nov 18. Meanwhile,
theedgemarkets.com the other 12 facilities have been operating
at much reduced capacities.
“We are committed to proceeding
with the MoH’s recommended Covid-19
screening test of the balance workers and
staff of our factories in Meru, Klang.
“The safety and well-being of our em-
ployees and local community are of our
utmost priority towards containing the sit-
uation and to flatten the Covid-19 curve,”
Top Glove said.
Read also:Top Glove has spent over RM1b
on share buy backs since September
Click here
income tax is projected at RM2.8 billion
MoF sets up in 2020 and RM4.7 billion in 2021.
committee to study “The government decided that no wind-
fall tax will be imposed on glove manu-
reinstatement of facturers to avoid potential ‘opportunity
costs/losses’ such as glove manufacturing
GST — Maybank companies investing overseas instead of
in Malaysia, and sending the wrong sig-
IB Research nal to existing and potential investors in
other industries,” he was quoted as saying.
On the RM400 million contributions
from glove manufacturers as announced in
Bernama Budget 2021, Tengku Zafrul said the con-
tributions are voluntary and are on top of
the glove manufacturers’ record corporate
income taxes of RM2.8 billion in 2020 and
RM4.7 billion in 2021.
On the Covid-19 vaccine, the finance
minister said Budget 2021 has allocated
RM3 billion to acquire vaccines through
Malaysia’s participation in the World Health
Organization’s COVAX programme and
negotiations with the pharmaceutical com-
panies undertaking the phase-three clinical
spending, such as 95% of operating ex- trials of vaccines, with the aim of obtaining
penditure are ‘locked-in’ obligations, like the vaccines in the first quarter of 2021.
emoluments, debt service charges and re-
tirement charges,” he was quoted as saying.
On the glove sector, Tengku Zafrul said Read also: ‘Only 20% of budget can be spent
that the glove manufacturers’ corporate if Budget 2021 not approved’ Click here
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
KUALA LUMPUR (Nov 23): The Min-
istry of Health (MOH) reported 1,884
new confirmed Covid-19 cases as of
noon today — the highest daily num-
ber of new cases, of which 1,203 cases
were in Selangor.
The previous record high of daily new
cases was at 1,755 on Nov 6.
Sadly, Selangor, the country’s most
populous state, set the highest record
of 1,203 new cases in a single state. The
highest number recorded in Sabah was
1,199 on Nov 6.
“The spike of cases in Selangor was
contributed by several clusters linked
to the workplace, including the Teratai
cluster with 1,067 cases and the Daman-
lela cluster with 105 cases,” said Health
director-general Tan Sri Dr Noor Hish-
am Abdullah at a media briefing today.
The Klang Valley, comprising Selan-
gor, Kuala Lumpur and Putrajaya, con-
firmed 1,400 new infections today. Kua-
la Lumpur recorded 196 cases, while
Putrajaya had one case. Sabah reported
289 new cases, of which 164 came from
screening of close contacts of Covid-19
patients, according to Dr Noor Hisham.
The MOH announced that the
number of active cases that carry high
transmission risks continued to soar to
13,842, the worst level seen since the
pandemic hit the country in January,
as new infections outnumbered the re-
coveries.
KUALA LUMPUR (Nov 23):The Foreign
Ministry is discussing with the Singapore
government a proposal to open the borders
between the two countries to allow Malay-
sians to travel from Johor to the republic for
work, said Senior Minister (Security Cluster)
Datuk Seri Ismail Sabri Yaakob.
He said the proposed standard operating
procedures (SOPs) for this had been drawn
up by the Johor government together with
the Johor Health Department for scrutiny
by the Ministry of Health (MoH).
“I was given to understand that almost
200,000 Malaysians working in Singapore
commute between the two countries by mo-
torcycle and other means.This matter is still
under discussion by the Foreign Ministry
because it involves bilateral cooperation be-
tween Malaysia and Singapore.
“The MoH will discuss the proposed
SOPs with its Singapore counterparts and
only after agreement has been reached would
the foreign ministries [of both countries] get
down to discussing the approval for travel,”
he told a media conference on the condi-
tional movement control order (CMCO)
and the recovery MCO (RMCO) here today.
He said this when commenting on news-
5 THEEDGE CEO MORNING BRIEF
H O M E
Covid-19:
There were 883 recoveries as of noon
today. A total of 115 patients were in
Malaysia sees
intensive care units with 48 needing
ventilators. There were two new deaths,
record 1,884 new
bringing the country’s total deaths re-
lated to the pandemic so far to 337.
cases; Selangor
The two deaths were reported in Sa-
bah, involving an 80-year-old man who
climbs to fresh
died in Duchess of Kent Hospital. The
other involved a 58-year-old woman who
high of 1,203
was pronounced dead at Sabah Women
& Children Hospital as the patient had
several health problems such as high
blood pressure, heart disease and chron-
BY SYAFIQAH SALIM ic obstructive pulmonary disease.
theedgemarkets.com Among the new infections, only two
were imported cases. Malaysia’s total
Daily new Covid-19 cases cases soared to 56,659 versus total re-
in Selangor coveries, which now stand at 42,480.
Daily cases in Selangor
Daily cases in other states
Read also:
2000 1,884
Salutica workers test positive for
1500 Covid-19 Click here
1000
Seremban Prison, quarters under
1,203
EMCO from Nov 24 to Dec 7, says
500 Ismail Sabri Click here
0
Sept 15, Nov 23, Covid-19: Four new clusters found
2020 2020 with 159 total infections, while three
Source: Ministry of Health
end Click here
Proposal to allow
ple, whether they are still working or not.
We have asked MKN to get more details of
Johor-Singapore
the problems faced by Malaysian workers
in Singapore,” he added.
commute under
Meanwhile, when asked if there is a need
to postpone all public entertainment pro-
discussion, says
grammes, he said this matter would be re-
ferred to the Ministry of Communications
Ismail Sabri
and Multimedia (KKMM) for consideration.
“We understand that an artiste has tested
positive for Covid-19, and the MoH is trying
to determine whether he got infected when
Bernama performing or outside [the venue].
“It is very likely the infection happened
paper reports on some Malaysians being outside and not during the show because the
stranded in the republic after the border artiste’s house is in a CMCO area,” he said.
closure due to Covid-19 prevented them Yesterday, media reports said versatile
from commuting between Singapore and artiste Alif Satar was confirmed Covid-19
Johor as they used to. positive, based on his own announcement
The reports also said the high cost of liv- on Instagram.
ing in the republic had forced some of these In the posting, Alif said he had submit-
stranded workers to live as vagabonds. ted a list of close contacts to the MoH and
Ismail Sabri said the National Security today it was reported that his parents were
Council (MKN) would be gathering infor- also confirmed Covid-19 positive.
mation on Malaysians working in Singapore, Ismail Sabri also announced that busi-
particularly those who might have run into nesses like convenience stores, restaurants
problems because of the travel restrictions. and groceries can open until midnight daily
“We do not know the status of these peo- beginning tomorrow.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
Govt studying
need to extend
CMCO until
end of year
— Redzuan
Bernama
KUALA LUMPUR (Nov 23): The Gov-
ernment will study the need to extend
the Conditional Movement Control Or-
der (CMCO) until the end of the year
if Covid-19 cases continue to increase.
Minister in the Prime Minister’s De-
partment (Special Functions) Datuk Seri
Mohd Redzuan Yusof said at the same
time, preventive measures should be tak-
en to reduce the number of cases to a
minimum level or attain zero cases.
“The government is aware of the hard-
ships faced by the people during this
economic downturn due to Covid-19.
That’s why the SOPs (standard operat-
ing procedures) are constantly updated
and improved according to the needs of
the people.
“It is for the survival of the people...by
allowing social and economic activities
(to resume) and at the same time we can
fight the Covid-19 virus,” he said when
KUALA LUMPUR (Nov 23): Yayasan
Wilayah Persekutuan (YWP) today said it
is not challenging the parliamentary Public
Accounts Committee (PAC) but is taking
legal action against PAC chairman Wong
Kah Woh in his personal capacity for al-
legations he made against the foundation.
In a statement, YWP said Wong, the
Member of Parliament (MP) for Ipoh, had
made three false allegations in his personal
capacity against YWP which had under-
mined its credibility.
“Based on the provisions of the con-
stitution and the law, YWP has the right
to defend itself on several of these alle-
gations.
“The first allegation made by Wong is
that the federal territories minister and the
Kuala Lumpur datuk bandar (mayor) were
automatically appointed as members of
the Board of Trustees and were involved in
the sale of Dewan Bandaraya Kuala Lum-
pur (DBKL) land; the second,YWP’s in-
volvement in the sale of 97 plots of DBKL
land including Taman Rimba Kiara,” the
statement said.
It said the third false allegation by Wong
6 THEEDGE CEO MORNING BRIEF
H O M E
winding up the debate on the Supply Bill
2021 in the Dewan Rakyat today.
As such, Mohd Redzuan said there
should be no issue of giving some flexi-
bility to traders in Sabah as all economic
sectors are allowed to operate during the
CMCO period.
On the proposal to reduce the num-
ber of ministers and deputy ministers as
part of austerity measures, he said there
was no need to do so as the number of
ministers under the Perikatan Nasional
(PN) government was not much different
from the previous government.
YWP says suing
Wong in his
personal capacity,
not as PAC
chairman
Bernama
In a statement, YWP says Wong (pic), the MP
for Ipoh, has made three false allegations in
his personal capacity against YWP which have
undermined its credibility.
“The government has also decided
that all members of the administration,
including the prime minister, senior min-
isters, ministers and deputy ministers,
will contribute not 10% but two months
of their salaries to the Covid-19 Fund
to help those affected by the pandemic.
“The government also welcomes all
parties, including members of Parliament
to come forward and to contribute in
whatever capacity they have to ease the
burden of the people in facing Covid-19
as well as efforts to revive the country’s
economy,” he said.
is thatYWP as a company registered under
the Companies Act was not monitored by
any authority.
“YWP strongly denies these allegations
and is defending its own good name so that
it can continue with efforts to help the less
fortunate and needy among federal terri-
tory folks,” it added.
Earlier, PAC had remindedYWP not to
threaten PAC members following allega-
tions on the sale of DBKL land.
PAC said any allegation or threat against
PAC in connection with issues it was in-
vestigating can be deemed as interference
in matters of parliamentary jurisdiction
and is wrong under the law.
More court stories:
Feb 22 for Lim Guan Eng to testify over
damages in defamation suit against Raja
Petra Click here
Rosmah’s appeal against Sri Ram’s
appointment as prosecutor fixed for further
case management Click here
T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 7 THEEDGE CEO MORNING BRIEF
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
KUALA LUMPUR (Nov 23): If the pro-
posed RM69 billion development alloca-
tion for 2021 were to be reduced with a
portion redirected to the Covid-19 fund, it
would have an impact on projects that have
already begun, said Minister in the Prime
Minister’s Department Datuk Seri Musta-
pa Mohamed.
He, however, did not discount the pos-
sibility completely.
The minister said the Cov-
id-19 situation is dynamic and
changes daily; hence if there is a
major need or pressing matter,
the government will give it the
necessary consideration.
He was speaking when wind-
ing up the debate on the
Supply Bill 2021 in the De-
wan Rakyat here today.
Mustapa said the de-
velopment allocation
comprises four com-
ponents, including for
projects based on the
government’s national
development strategies
KUALA LUMPUR (Nov 23): Serba Di-
namik Holdings Bhd’s third quarter net
profit grew 30.78% to RM148 million or
4.39 sen per share, from RM113.16 mil-
lion or 3.36 sen per share a year earlier, on
the back of strong activities from its oper-
ation and maintenance (O&M) segment.
Revenue for the third quarter ended
Sept 30, 2020 rose 41.8% to RM1.48 bil-
lion, from RM1.05 billion previously, the
group said in a filing with Bursa Malaysia.
Serba Dinamik declared a third inter-
im dividend of 1.35 sen per share, payable
on Dec 30.
The group said the operating profit
for its O&M segment increased 37.6% to
RM222.39 million, from RM161.62 mil-
lion a year ago, due to higher activities
from its maintenance, repair and overhaul
of rotating equipment (MRO) activity in
the Middle East region including Qatar,
Oman and Bahrain, as well as Malaysia.
Furthermore, its ICT business also saw
a near 12-fold boost in operating profit
to RM23.38 million, from RM1.96 mil-
lion. “Aside from the contribution of the
existing contracts which are related to
customised solutions involving software
developments, the increase was mainly
contributed by [the] new contract secured
in Bahrain for service provision relating
to extended reality training applications,”
said Serba Dinamik.
For the first nine months of 2020, the
group’s total net profit increased 20.76%
to RM429.6 million or 12.75 sen per share,
8 THEEDGE CEO MORNING BRIEF
H O M E
Projects may have
ponents are projects under public-private
partnership and projects to revive insti-
to be stopped
tutions such as the Federal Land Devel-
opment Authority (FELDA), Lembaga
if development
Tabung Haji and 1Malaysia Development
Bhd (1MDB).
allocation is
“A major portion of the allocation is for
continuing projects begun under the 11th
reduced, says
Malaysia Plan. Now we are coming to the
12th Malaysia Plan and the infrastructure
Mustapa
has been built, so it’s not right to halt these
projects.
“So the implication, if we were to follow
the suggestions of the Members of Parlia-
Bernama ment (MPs) for Port Dickson and Subang,
is we may have to stop the ongoing pro-
such as the New Economic Policy jects,” he said.
and Shared Prosperity Vision. He pointed out that there are more than
“Secondly, part of the expend- 100,000 construction contractors, and the
iture was previously allocated un- number of G1 class of contractors alone
der government administration for exceeds 50,000.
certain considerations, but [the “If we were to stop the projects, contrac-
current government] has decid- tors would have no work and the country
ed to park it under would not have development. That is the
development,” he risk if we consider the recommendations
said. from the Port Dickson and Subang MPs,”
The last two com- Mustapa said.
Serba Dinamik
Looking ahead, the group said it re-
mains vigilant and positive in pursuing
3Q profit up
business opportunities, as well as secur-
ing more market share both within and
31% on stronger
outside the country.
“The group is continuously servicing
earnings from
the existing contracts, especially O&M con-
tracts, on hand, without any significant dis-
O&M segment,
ruption, despite the Covid-19 pandemic as
most of our operations are essential indus-
declares 1.35 sen
tries such as O&G, power generation, and
water and utilities,” said Serba Dinamik.
dividend
While oil prices rose further in August,
the group said the increase was limited
amid lingering uncertainties, adding that
signs of weakening oil demand, weaker
BY WONG EE LIN refining margins, as well as softening buy-
theedgemarkets.com ing interest from China, added downward
pressure on prices.
Additionally, the group has also com-
pleted its acquisition of the Teluk Ramu-
nia Yard (TR Yard) that is located in Kota
Tinggi, Johor.
“This facility will strengthen the group’s
position as a total engineering solution pro-
vider, covering onshore and offshore across
upstream, midstream and downstream val-
ue chain,” said Serba Dinamik, adding that
the group has identified a few works from
its existing contacts and is also negotiating
with potential customer to lease some of
the area in TR Yard.
from RM355.76 million or 10.56 sen per Shares of Serba Dinamik closed three sen
share in the same period last year, while or 1.8% higher at RM1.70 today, valuing
revenue rose 32.52% to RM4.2 billion the group at RM5.76 billion.Year-to-date,
from RM3.17 billion. the counter has fallen 27% from RM2.33.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 9 THEEDGE CEO MORNING BRIEF

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environment selected level.
Located in the heart of the bustling area
of Mont’Kiara, Allevia is at a walkable distance
Environmental-friendly building that is
from the retail, business, and education hubs
designed to withstand the test of time
– namely, Plaza Mont’Kiara, 163 Retail Park,
Arcoris Mont’Kiara, 1 Mont’Kiara, Mont’Kiara
International School, and Garden International
School. This makes it the perfect location for
families and working people alike who prioritise
convenience in their daily routine.

Whilst being surrounded by a vibrant community,

what sets Allevia apart is its exclusiveness and
unparalleled privacy for its residents. This
Like most UEM Sunrise development,
development sits on a prime 2.94-acre land and
Allevia complies with the industry standards
will have a dedicated access through Jalan Kiara
of environmental sustainability that are the
4. Its two towers – 38 and 43 storeys respectively
QLASSIC and GreenRE requirements. These
- provide an elevated living experience that is
guidelines assure that Allevia is built with quality
wrapped around with a breathtaking panoramic
workmanship, with an eye on sustainability and
view of the township’s skyline. Designed to cater to an active lifestyle care for the environment through efficient use
and promote healthy communities, Allevia features of resources such as energy and water in mind
Privilege and privacy a spacious rooftop area equipped with facilities for while reducing the carbon footprint.
– The core of Allevia’s design fitness, leisure, and relaxation activities.
This will further translate into utility cost savings
for residents, minimize environmental impact,
and extend the longevity of the development.
Mont’Kiara is still very much a preferred
address with its excellent amenities, high-net-worth In its entirety, Allevia Mont’Kiara has a total Gross
community, and proximity to the city centre. Development Value (GDV) of RM545.9 million.
Developments with an expansive square footage The development is targeted for completion
and privileged privacy of just four units per floor Q1 2025.
will always be in demand as a prime investment.
With homes being redefined with the prolonged
Conditional Movement Control Order, the need
for versatile and quiet spaces has never
been more sought after. ~ Liong Kok Kit, UEM Sunrise Chief Operations Officer (Central)
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
KUALA LUMPUR (Nov 23): Sime Darby
Plantation Bhd (SDP) posted a net prof-
it of RM190 million for the third quarter
ended Sept 30, 2020 compared to a net
loss of RM243 million a year earlier, driven
by higher crude palm oil (CPO) and palm
kernel (PK) prices realised.
In a bourse filing today, the planter
said revenue for the quarter rose 13%
to RM3.18 billion from RM2.82 billion
previously.
Earnings per share was 2.8 sen versus
loss per share of 3.5 sen earlier.
For the nine months ended Sept 30,
SDP said net profit surged to RM1.04 bil-
lion from a net loss RM142 million a year
ago, on the back of a 9% increase in revenue
to RM9.44 billion against RM8.69 billion.
Reviewing its performance, SDP said
the improvement in the recurring profit
in the quarter under review was primarily
attributed to the upstream segment.
The group said it also reported lower
non-recurring loss before interest and tax
than the corresponding quarter, mainly due
to lower impairment charges recognised.
In a separate statement, SDP chairman
Hibiscus
Petroleum to bid
for Southeast
Asian O&G
assets with CRPS
proceeds
BY SYAHIRAH SYED JAAFAR
theedgemarkets.com
KUALA LUMPUR (Nov 23): Hibiscus
Petroleum Bhd expects to bid for assets
in Southeast Asia in the next six months
using part of the RM203.6 million pro-
ceeds raised from the convertible redeem-
able preference shares (CRPS).
Its managing director Dr Kenneth
Gerard Pereira said the proceeds will be
utilised to partially fund the acquisition
of high-quality good value-producing up-
stream oil and gas (O&G) assets in the
region. The assets are expected to churn
out a minimum internal rate of return of
12%, he added.
“Looking at oil price projections and
seeing where it is going and looking at op-
portunities in the market, our target is to
bid for assets in the next six months. There
are already some available in the market
10 THEEDGE CEO MORNING BRIEF
H O M E
Sime Darby
Plantation 3Q net
profit at RM190m
as upstream
segment lifts
BY SURIN MURUGIAH
theedgemarkets.com
Tan Sri Megat Najmuddin Megat Khas
said for the rest of the financial year, the
group will remain focused on delivering
value to stakeholders as it navigates through
the current challenging environment.
“We will continue to prioritise the health
and safety of our stakeholders, the job secu-
rity of our employees, our commitment to
sustainable practices, protection of human
rights as well as our R&D and innovation
initiatives.”
Meanwhile, group managing director
(From left) Hong Leong Investment Bank senior
vice-president Tan Li Shean, Dr Kenneth Gerard
Pereira, Zainul Rahim, Affin Hwang Investment
Bank group managing director Mona Kamaruddin,
Hibiscus independent non-executive director
Datuk Dr Zaha Rina Zahari and CIMB Investment
Bank senior managing director Mohamad Safri
Shahul Hamid seen removing their face masks
temporarily for photos in conjunction with
Hibiscus’ press conference today.
now and we are engaged in the process-
es,” he told a virtual media briefing today.
Under the fundraising exercise, Hibiscus
issued 203.6 million Islamic CRPS — the
largest CRPS issuance this year — which
were listed on Bursa Malaysia today and the
first of a multi-tranche CRPS exercise of up
to RM2 billion, first announced on Sept 9
and approved by shareholders on Nov 3.
The O&G company said the CRPS
tranches are sized to minimise dilutive ef-
fects on existing shareholders, taking into
account the requirements of financial insti-
tutions supporting the debt component of
Mohamad Helmy Othman Basha said de-
spite the challenges posed by the pandemic
on global markets, CPO prices continue
to be supported in the second half of the
year, whilst palm oil demand has improved
and is expected to grow further in 2021.
He said as a sector that provides essen-
tial products to the world, this industry is
showing resilience amid global uncertainties.
Mohamad Helmy urged unemployed
Malaysians to seize the job opportunities
available in the palm oil industry at present.
“As a measure to further mitigate the
industry’s current labour shortage, we also
hope the government will continue with
its efforts to alleviate restrictions on for-
eign labour, whilst the group continues to
ramp up mechanisation and digitalisation
efforts to increase productivity and reduce
reliance on labour in the medium to long
term,” he said.
SDP said it expects its performance for
the financial year ending Dec 31, 2020 to
be better than last year.
SDP shares were last traded at RM5.17,
for a market capitalisation of RM35.59
billion.
various bids being contemplated for sub-
missions by the company.
On the oil price outlook, Hibiscus chair-
man Zainul Rahim Mohd Zain said much
will depend on the development of the
Covid-19 pandemic, as well as develop-
ments in OPEC+ compliance and the US
shale industry recovery.
“The way we see it now, assuming the
pandemic is going to flatten off and the
vaccine is in place (which will improve eco-
nomic prospects worldwide), we expect the
oil price to move up a bit in the second
half of next year.
“We expect a more stable oil price in
the second half of 2021 and if nothing goes
wrong with the pandemic, the oil price
should be further strengthened from 2022
onwards. It should be higher than what we
see today,” added Zainul Rahim.
At the noon break, shares in Hibiscus
settled half a sen or 0.92% higher at 55 sen,
with a market capitalisation of RM873.53
million.
T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 11 THEEDGE CEO MORNING BRIEF
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
Guan Chong’s 3Q net profit falls 23%
on lower sales and margins, with
higher tax expenses
KUALA LUMPUR (Nov 23): Guan Chong
Bhd, the world’s fourth largest cocoa
grinder, reported a 23% year-on-year
decline in its net profit for the third
quarter ended Sept 30, 2020 (3QFY20),
as lower sales of cocoa ingredients and
narrower margins weighed on earnings.
Tax expenses, which rose 19% to RM11.68
million from RM9.78, also crimped
profitability, its bourse filing showed.
Consequently, 3QFY20 net profit sank to
RM46.78 million from RM60.53 million,
despite revenue coming in 13% higher
at RM841.59 million versus RM744.61
million previously. For the nine months
ended Sept 2020, the group’s net profit
rose a marginal 1% y-o-y to RM175.92
million from RM174.67 million, while
revenue improved 24% y-o-y to RM2.66
billion from RM2.15 billion. The group
declared a second interim dividend of 1.5
sen per share, payable on Jan 20, 2021. —
by Justin Lim/theedgemarkets.com
UMA: Eonmetall says it is in talks to
acquire 51% stake in glove maker
KUALA LUMPUR (Nov 23): Eonmetall
Group Bhd is in talks to acquire a 51%
stake in a company involved in the
production of both medical (nitrile) and
non-medical grade gloves. It said in a
bourse filing that a memorandum of
understanding is expected to be executed
between the parties to negotiate the
detailed terms and conditions of the
acquisition, which it expects to be satisfied
via the issuance of new shares. The steel
and industrial product manufacturer was
responding to Bursa Malaysia’s unusual
market activity query today on the recent
sharp rise in its share price and volume.
Eonmetall’s share price closed up 21 sen
or 35.29% at 80.5 sen today — a level not
seen since February 2018 — after 28.15
million share are done. This comes after
the stock rose eight sen to 59.5 sen last
Friday. Its current price gives the group a
market capitalisation of RM163.99 million.
— by Justin Lim/theedgemarkets.com
12 THEEDGE CEO MORNING BRIEF
H O M E
NEWS IN BRIEF
Samaiden subsidiary secures
RM115.6m power plant contract
KUALA LUMPUR (Nov 23): Samaiden
Group Bhd’s wholly-owned unit has
secured a RM115.6 million contract from
BTM Resources Bhd’s wholly-owned BTM
Biomass Products Sdn Bhd to develop a
10MWac biomass-based power plant in
Terengganu. In a bourse filing, the group
said the unit had received the letter of
award for the engineering, procurement,
construction and commissioning (EPCC)
job in Mukim Hulu Chukai in Teluk
Kalong. Work on the project will begin
on Jan 2, 2021, to be completed within
23 months, Samaiden said. The unit shall
guarantee to commission the plant at the
minimum output based on the approved
requirements by Tenaga Nasional Bhd,
the Sustainable Energy Development
Authority (SEDA) and/or other related
local authorities within the stipulated
timeline, Samaiden added. — by Tan Siew
Mung/theedgemarkets.com
Founder’s takeover offer for
TA Global deemed ‘not fair but
reasonable’, says BDO Capital
KUALA LUMPUR (Nov 23): TA Enterprise
Bhd’s (TAE) substantial shareholder and
co-founder Datuk Tony Tiah’s takeover
offer to acquire a 39.83% stake, which
the company does not already own, in his
flagship’s listed property arm TA Global
Bhd is “not fair but reasonable”. This
was the advice of independent adviser
BDO Capital Consultants Sdn Bhd to the
minority shareholders on the takeover
offer of 28 sen a share. Between the
cash option and share exchange option,
the independent adviser is of the view
that the share exchange option is more
favourable as the implied offer price of TA
Global of 94.9 sen to 95.2 sen represents a
discount of 2.96%-3.26% to the fair value
per TA Global share. Hence, it advised
shareholders accept the offer by electing
for the share exchange option. “Holders
who do not wish to be exposed to current
business risks of TAE in light of the current
Covid-19 situation may ‘accept’ the cash
option,” it said in a bourse filing. — by
Syafiqah Salim/theedgemarkets.com
Acme inks collaboration to
manufacture hardware devices for AI
KUALA LUMPUR (Nov 23): Plastic product
manufacturer Acme Holdings Bhd has
partnered with artificial intelligence (AI)
innovation firm Skymind Holdings Bhd
(SHB) and investment holding firm Java
Multimedia Sdn Bhd (JMSB) to collaborate
in the manufacture of hardware devices
for AI. The trio will form a joint venture
company — Skymind Intelligent Systems
Sdn Bhd — with Acme holding 30%,
SHB holding 49% and JMSB 21%, for
the purpose. Acme said the JV is in line
with its corporate strategy to pursue
new business opportunities to enhance
shareholders’ returns from investments.
“It enables Acme and its subsidiaries to
undertake the manufacturing of Skymind
Edge Devices for AI applications, and ride
on the vast potential and strong growth of
the technology, AI and Internet of things
(IoT) industry,” it said. It expects the JV to
contribute positively to the group’s future
earnings and earnings per share (EPS), and
enhance its consolidated net assets. — by Tan
Siew Mung/theedgemarkets.com
AirAsia’s logistics arm Teleport
expands to 70 new cities in
Southeast Asia
KUALA LUMPUR (Nov 23): Teleport,
the logistics venture of AirAsia Digital,
has completed the accelerated rollout
of its delivery services in 70 cities across
Malaysia, Singapore, Thailand, Indonesia
and the Philippines over the last 30 days.
Businesses in any of these 70 cities can
now partner with Teleport to have items
instantly delivered to their customers
within one hour, said Teleport. “Our
mission is to make delivery simple, fast
and affordable for everyone,” said Teleport
CEO Pete Chareonwongsak in a statement.
“With a one-hour delivery promise, we
hope all local merchants and businesses will
benefit. Soon, businesses can experience
24-hour express deliveries between cities
as well as cross-border delivered to you by
Teleport,” he added. In Malaysia, Teleport
is now present in the Klang Valley, Kota
Kinabalu, Sandakan, Tawau, Labuan,
Kuching, Miri, Bintulu, Sibu, Alor Setar,
Ipoh, Johor Bahru, Kuala Terengganu, Kota
Bharu, Langkawi, Penang and Melaka. — by
Justin Lim/theedgemarkets.com

DIGITAL LIFE WITH RHB
The future of banking is shaped by mobile banking
T
B Y RHB BANK
he Covid-19 pandemic has
reshaped consumer banking
behaviour in Malaysia and
highlighted a greater need for
connectivity and technolo-
gy to ease the lives of those
struggling to cope with the new normal.
With the Conditional Movement
Control Order (CMCO) in place, product
purchases have increasingly migrated
online while the use of physical cash is
on a steady decline. According to Bank
Negara Malaysia’s statistics, consumer
internet banking saw an increase of
about 20% in both volume and trans-
action value in 2020 alone.
As safety continues to be a primary
concern that has shaped the way we do
things, banking consumers are also in-
creasingly shifting away from visiting
physical bank branches in favour of on-
line and mobile banking. While these
shifts in consumer behaviour have been
an ongoing trend for the past decade,the
pandemic has surely accelerated years of
banking digitalisation processes down
to a few months.
The same story applies to the devel-
opment of the new RHB Mobile Banking
App. First introduced in April 2019 as an
upgrade to the RHB Now App, this app
has seen widespread penetration in Ma-
laysia and the number of active users is
expected to double by end-2020.
The pandemic has sped up the devel-
opment process of new updates to the
app and RHB Bank has introduced several
new features that will help consumers
fulfil their banking needs of today.
Changing the banking landscape
The Malaysian banking industry is in a
constant state of flux owing to the tech-
nological disruptions in the industry.
The newly updated RHB Mobile Bank-
ing App aims to play a major role in this
disruption process.
The primary goal of the app is to elim-
inate the need for consumers to visit any
physical location for their banking needs
— be it quickly accessing their money for
any purchases, setting up a new account
or paying their monthly bills.
To replicate the experience of having
a personal banker that fits in the cus-
tomer’s hands, the app has introduced
features never before seen in the indus-
try, without compromising on securi-
ty while enabling better convenience
when conducting banking activities on
a smart device.
Throughout the app transforma-
tion journey, the bank has reached out
T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
RHB Mobile Banking User Growth
100%
90%
80%
70%
60%
Q4 2019
52%
50%
Q3 2019
40% 32%
30%
20%
10%
0%
Sep-19
Transactions Over The Counter vs Mobile Banking App (MBK)
100%
90%
80%
70%
60%
72%
50%
40%
30%
20%
10%
28%
0%
2018
Mobile Banking
to customers and conducted studies
to determine user needs and habits
when conducting day-to-day banking
activities using the app. It found out
that not having quick access to key ac-
count details and making payments are
the bottlenecks in the user experience.
Hence,the new RHB Mobile Banking
App is designed to simplify users’ day-
to-day banking experience — with just
a few simple taps on the smart device,
they can access features such as Duit-
Now QR, Quick Pay and Quick Login.
Unlike other banking apps that dis-
play a simple overview of the user’s ac-
count on the dashboard, the new RHB
app provides concise and critical ac-
count information immediately upon
logging in through its intelligent dash-
board feature.
This means that users are able to
check their account balances, inward
and outward money movements and
due dates for credit card repayments at
just one glance. Users can also personal-
ise the type of account to display on the
dashboard. In addition, with the Quick
Pay feature, users can access important
payment options such as DuitNow fund
transfer and DuitNow QR, along with
eight shortcuts to make transactions
at their convenience.
The app also introduces the
CashXcess feature, which allows users
to access additional funds by converting
up to 80% of their unutilised credit card
limit into cash. This feature is crucial
for users who are struggling financially
during these trying times.
With more digital transactions
taking place during the CMCO pe-
riod, improved security has also be-
come a high priority.The new app
has new data protection technolo-
gy and biometric authentication
13 THEEDGE CEO MORNING BRIEF
Q3 2020
100%
Q2 2020
82%
Q1 2020
66%
Sep-20
35%
61%
65%
39%
2019 2020
Over The Counter
for logins, such as fingerprint scanners
and Face ID, to ensure that user infor-
mation is never compromised.
One key element that had been sig-
nificantly improved was the app’s visual
design, which now has better in-app
navigation after feedback from custom-
ers on the previous iteration of RHB’s
mobile banking app. To streamline the
app navigation even further, push no-
tifications are used to prompt custom-
ers to perform critical actions quickly
and easily.
The next wave of
mobile banking
The newly released features have led
to positive results in the short period
of time since their introduction. This
year, RHB Bank saw a sharp increase in
online transactions and a corresponding
decline in over-the-counter transactions.
The digitalisation journey, however,
does not end with this latest update to
the app.There is a demand for banking
services that offer a greater level of flex-
ibility and security. The drive towards
a cashless society will see the conver-
gence of a banking app and an e-wallet
to minimise the need for customers to
carry so many e-wallets. The app will
also become like the front-end store for
banks than the branches.
To cater for this new consumer land-
scape, the next wave of app updates
will be focused on helping customers
start their banking relationship with
RHB Bank directly through the mobile
banking app instead of a bank branch.
This means that new RHB customers
may be able to open a bank account by
downloading the app, completing the
e-KYC (regulated customer due dili-
gence) and getting the account imme-
diately activated from the convenience
What’s new from the
RHB Mobile Banking App?
1. Faster and secure login
Instead of the traditional login and password, users can use Face ID* or fingerprint
sensors through Quick Login. Alternatively, users can use PIN codes to access
the app quickly if their smart devices do not support biometric authentication.
*Face ID only applicable for iOS devices
2. Cashless payments via DuitNow QR
With more than 51,000 merchants nationwide, the DuitNow QR feature allows
users to scan and pay for items quickly and securely using their smart devices
without the hassle of logging in.
3. Get immediate alerts on card payments
This new app feature notifies users on monthly credit card payments through
actionable notification alerts — helping users avoid late payment charges while
making the payment process seamless.
4. Pay with just one touch
With the Quick Pay feature, users are able to set up to eight shortcuts on the
app’s main dashboard, making bill payments and cash transfers to friends and
family quick and easy.
5. Transfer funds easily using DuitNow and DuitNow QR
Users are now able to transfer funds to and share receipts with friends and family
by just keying in their mobile phone number. With DuitNow QR, your mobile
banking could act as your mobile wallet with the benefit of security.
6. Search for billers and pay them conveniently
Users can search through more than 8,000 billers, such as Tenaga Nasional
Bhd (TNB), Air Selangor (Syabas) and Maxis using keywords alone and make
payments using the new app.
7. Easy access to extra funds
With the CashXcess feature, users are able to access cash of up to 80% of their
unused credit card balance.
8. Personalised banking experience
The new app is designed and built for users, allowing them to personalise their
account name, dashboard view and profile, set payment limits and locate the
nearest RHB branch easily.
9. ASNB account
Investors can now access their ASNB accounts and top up their investments
using the app.
of their smart devices. With this future future updates to the app or the bank’s
update, the app will become the cus- further digitisation efforts.
tomer’s primary and only engagement
channel with the bank.
Download the
Keeping up to date with changing
RHB Mobile Banking App now
customer needs and translating them
into the right user journey and design
were the primary challenges for the bank
when developing the new app. It had to
break away from conventional banking
experiences and come up with creative
ways to address user concerns. Hence, it
also added a feedback capturing feature
in the app to assist in the app improve-
ment process.
RHB Bank’s new mobile banking
app shows its commitment to putting
the customer’s needs first and foremost
when coming up with new initiatives
and features. The app enables users to
carry out their banking transactions
without having to visit a bank branch
or being present at a particular place.
A total of 300,000 responses received
from research showed that 96% were sat-
isfied with the RHB Mobile Banking App.
Customer happiness and satisfaction
will remain the key driving factor for
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
Malaysia risks not being a high-income
economy even over the next 20 years
KUALA LUMPUR (Nov 22): These are
rather pessimistic times and I hate to be
throwing in more pessimism. However,
the recent budget and the controversies
it has generated is not only a symptom of
Malaysia’s problems but it is also a distrac-
tion from the troubling problems that are
undermining the growth prospects of the
Malaysian economy.
I have become increasingly concerned
by a number of negative trends that have
prevailed for some time, which are not re-
ceiving the attention they should. If these
trends are not reversed, they will have sig-
nificant negative consequences for Malay-
sia’s economic growth and will erode the
economic welfare of its citizens. Not ad-
dressing these adverse trends may not only
CHART 1
CHART 2
14 THEEDGE CEO MORNING BRIEF
H O M E
BY DR S UKUDHEW (SUKHDAVE) SINGH
theedgemarkets.com
jeopardise Malaysia’s opportunity to be-
come a high-income nation, it may even
lead to the nation regressing from where
it is today. There are five trends that I am
particularly concerned about.
Loss of economic dynamism and
slower growth
As Chart 1 shows, something seems to
have gone out of the Malaysian economy
after the Asian Financial Crisis (AFC) and
it seems to have become less dynamic and
experienced weaker growth. In the decade
before the AFC, cumulative annual growth
was 8.39%. In the two decades since the
AFC, this has fallen to 4.58%, or just over
one-half of what it was during the pre-crisis
period. So, what happened?
In the period of mid-1980s to mid-
1990s, the liberalisation of Malaysia’s
foreign investment rules coincided with
the Plaza Accord that drove significant
outward investment by Japanese compa-
nies. Malaysia benefited from the FDI in-
flows with a surge in manufacturing ac-
tivity and a strong growth in exports. This
in turn led to robust domestic demand.
The period saw some of the most rapid
economic growth ever experienced by the
Malaysian economy. However, this peri-
od of high growth ended with the Asian
Financial Crisis in 1998.
As shown in Chart 2, after the AFC, the
trend fall in GDP growth seems to have mir-
rored the fall in the exports-to-GDP ratio.
That is, after the AFC the share of exports
in GDP has been falling. There is the view
that the decline in the exports-to-GDP ratio
is due to the stronger growth of domestic
demand. However, as Chart 3 shows, the
growth of exports and overall trade has been
on a long-term declining trend.The decline
in growth of exports has also coincided with
the fall in the contribution of the manufac-
turing sector to overall GDP, which peaked
soon after the AFC at just over 30% and has
since also been on a declining trend, reach-
ing about 21% in 2019. This is potential-
ly an indicator of weakening international
competitiveness, whereby Malaysia has lost
export markets and products, and has seen a
hollowing out of its manufacturing sector. If
these were replaced by other products with
higher value-added, as is often mentioned,
it does not appear to been successful in re-
versing the downward trend in exports and
manufacturing.
A loss of global competitiveness and
market share would have significant conse-
quences for a small economy like Malaysia.
The export sector has significant linkages
with consumption and investment activity
in the domestic economy. If the trend of
slowing exports continues, it could lead to
even weaker growth going forward.
In this respect, the recent announce-
ment on the signing of the Regional Com-
prehensive Economic Partnership (RCEP)
free trade agreement could potentially be
good news in terms of opening up new
market opportunities for Malaysian firms.
However, conversely, it could also intensi-
fy competition in the domestic economy
CO N TI N U ES O N PAG E 15
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
FROM PAG E 14
and across the region. If domestic firms are
not up to the mark, they are unlikely to ben-
efit from the trade accord and may even be
hurt by it.
Weak productivity growth
The external sector is generally expected to
have higher productivity than the domestic
sector due to the greater competition in the
international markets compared to the do-
mestic markets. As the share of the external
sector in GDP has gotten smaller and an
increasing share is coming from domestic
sources, what is the expected impact on over-
all productivity? Here is a list of some of the
other factors that are eroding productivity
and unless addressed, will continue to do
so into the future.
1. Participation of females in labour force is
relatively low. Based on the International
Labour Organisation numbers, the par-
ticipation of females of ages 15+ is 51%
in Malaysia, compared to about 61% in
Singapore and Thailand, and 73% in Vi-
etnam. Therefore, our most productive
workers may not even be in the labour
force.
2. Over-dependence on cheap foreign la-
bour, which not only holds down in-
comes, but also keeps the economy stag-
nant and erodes the incentive to invest in
higher value-added activities.
3. The failure of the education system man-
ifested in graduates that have weak skills
and low employability. If the youth of to-
day do not receive a good education, then
today’s demographic bonus will become
tomorrow’s demographic burden. It is
interesting to note that Malaysia’s official
unemployment rate has been hovering
around the three percent level since 1992.
If we take those numbers at face value, it
means that in all that time, the Malaysian
economy has been creating enough jobs
to keep everyone employed. The funda-
mental issue then is whether these jobs are
high-skilled enough to provide the level
of productivity that would result in high
incomes. I would venture that most of
these jobs were not.
4. This is matched by the failures of the
government to substantially restructure
and transform the economy through
high-value added industries that create
those high-paying jobs. The presence of
“parasite companies” and the deep in-
volvement of government linked compa-
nies in many areas of the economy have
had a negative impact on the competitive
environment. For instance, it would ap-
pear that many businesses are only willing
to upgrade technologically if the govern-
ment provides incentives and subsidies.
This is quite perverse given that normally
15 THEEDGE CEO MORNING BRIEF
H O M E
C H ART 3
it would be competitive forces that would
drive that decision for businesses.
5. A huge civil service and multiple bureau-
cratic agencies at the federal and state level
are also having an impact on the business
environment.The significant expenditure
on the deployment of technology in the
government sector does not seem to have
had a significant impact on headcounts.
I am not aware of any economy that has
such a large civil service and yet can claim
to be highly productive.
6. The population is also aging, with a rising
share of the over 60s in the population. It
is projected that in another 10 years, this
group will account for 15% of Malaysia’s
population.That would not only be a drag
on future productivity, but without high-
er productivity, would make it difficult to
maintain living standards.
Weak fiscal management
As shown in Chart 4, Malaysia has experi-
enced persistent budget deficits since 1998.
Prior to that it had had five years of budget
surpluses. That adds up to more than two
decades of budget deficits. In its normal
countercyclical function, large budget defi-
cits are expected during times when there
is a sharp slowdown in growth, as in 1998
and 2009. However, in Malaysia’s case, even
when the economy was experiencing growth
of close to 6 percent and oil prices were rising
(2002-2007), or when oil prices were sus-
tained over US$100/barrel (2011-2014), the
government’s fiscal deficit remained large.
This indicates that the budget deficit is no
longer a cyclical issue, but is in fact, struc-
tural.
It could be that despite the economy’s
good performance, the government’s tax
revenues have not grown commensurate-
ly. Malaysia already has relatively high tax
rates, but as tax revenues have grown only
modestly, the Government has become in-
creasingly dependent on non-tax revenues
such as distributions from Petronas and the
sale of government assets. Reforms like the
GST would have contributing to addressing
this, if properly implemented. The removal
of the GST was a big public policy mistake.
However, what is more likely is that when
there are higher revenues, expenditures tend
to also rise commensurately. This suggests
a problem around the government’s ability
to manage its expenditures. During years
when the revenue increased substantially
(commodity price booms, strong econom-
ic growth and high petroleum prices) the
government’s expenditures also increased
substantially so that the budget deficit re-
mained. The efficiency of government ex-
penditures has been relatively weak. Agencies
get budgets but there is weak accountability
on how those budgets are used and whether
taxpayers’ funds are used in a cost-conscious
manner. As headlines over the last several
years have made clear, there are substantial
leakages in government expenditures, espe-
cially when such expenditures entail any type
of infrastructure projects.
The fundamental issue with growing debt
is that it will progressively become a bur-
den on the economy. You can play around
with the numerator and denominator of the
debt-to-GDP ratio to make the public debt
numbers look better than they are, but you
cannot prevent the negative consequences
of bad fiscal management from affecting the
CO N TI N U ES O N PAG E 16
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
CHART 4
FROM PAG E 15
economy. Public funds that are badly spent,
or do not get to their intended destination,
will not have a positive impact on the econ-
omy. Based on experience elsewhere, it can
become a vicious cycle. High debt makes
it more difficult for fiscal policy to play an
effective countercyclical role. Weak growth
further undermines the ability to service
the debt or will entail trade-offs against
other economically critical expenditures.
The impact is on growth.Therefore, unless
there is a revitalization of economic growth
and a reform of public finances, Malaysia
can expect a ratings downgrade within the
next five years.
Less social cohesion after repeated
failures of politicians to meet social
and democratic challenges
A united nation can confront any challenge
by drawing on the fortitude of its citizens
that are united by a common purpose. We
are not a united nation. This is not an ac-
cident of history. It is the outcome of a
political game plan.
Vision 2020, had it been taken seriously,
would have been a game changer towards
creating a united nation. However, it was
not to be. Here are some questions to ask
after 30 years:
1. Is our economy strong, resilient, com-
petitive and dynamic?
2. Are we an economically self-righteous
society with fair distribution of wealth
and without any discrimination, ex-
ploitation and injustices?
3. Are we a liberal, tolerant and knowl-
edgeable society?
4. Are we an ethical and moral society?
5. Are we a liberal democracy?
6. Do we have “Bangsa Malaysia”?
It does not require a lot of deep think-
ing to realize that not only have we failed to
achieve these objectives of Vision 2020, we
16 THEEDGE CEO MORNING BRIEF
H O M E
have in fact, regressed.The question is why?
Put simply, it was not adverse circumstances
that worked against us but rather, that while
such objectives made good propaganda, they
did not serve the political interest of those in
power.Vision 2020 has been an abject failure
not because economic circumstances let us
down but because those that were respon-
sible for ensuring that the initiatives were
carried out failed us.They failed us badly in
the pursuit of their own personal objectives.
Hence, Malaysia remains a divided nation
with its citizens defined by race and religion,
and with differing economic and political
agendas.This makes us weak and vulnerable.
Failure of governance at multiple levels
Sound governance is the bedrock on which
good economic and financial decisions are
made. In well-functioning democratic socie-
ties, there are enough checks and balances to
pre-empt significant threats to governance. In
Malaysia’s case, decades of toxic politics and
political tampering have eroded governance
across practically every institution or agency
that has a role in oversight and enforcement.
The civil service has become heavily polit-
icized and it is difficult for senior civil serv-
ants to maintain professional independence
in carrying out their responsibilities.
Corruption is a disease that has spread its
tentacles far and wide and shredded the very
fabric of governance.The progressive erosion
of governance has increasingly weighed on
the performance of the economy. Ultimate-
ly, it is the ordinary citizen that will pay the
price, whether it is through diminished eco-
nomic opportunities, low quality of public
services, higher cost of goods and services,
or even lower public safety.
The economic literature has ample exam-
ples of once promising nations that failed to
take advantage of favourable circumstance
due to complacency or political dysfunction.
That neglect had a high price with those
nations now stuck in economic quagmires
that erode the welfare of their citizens and
offer very little in the way of meaningful eco-
nomic opportunities. I am not saying that
this is Malaysia’s destiny, but it may be if we
allow greed, short-sightedness and stupid-
ity to prevail unmitigated. Unfortunately, a
substantial part of the population has been
led to believe that the current situation is
favourable to them. Like the frog in the pot
of water that is slowly being brought to boil,
they are too comfortable in their current cir-
cumstances to realize that their future, and
that of their children, is progressively being
stolen from them.
It is not too late but…
It may yet not be too late but allow these
trends to continue for another decade and
it may very well be.
A good starting point would be to revisit
the aspirations of Vision 2020. In particu-
lar, we can no longer allow institutionalised
discrimination to be the norm in our socie-
ty.We cannot continue down the same path
that we have in the past, allowing unscru-
pulous individuals to enrich themselves
but making the Malaysian economy pro-
gressively unhealthier. Race and religion
should never be the basis for preferential
treatment; only genuine economic need,
and that is indifferent to those two factors.
Institutions of governance need to be
rebuilt and made resilient against political
influence. Race, religion and privilege (and
titles) must no longer be the basis of pref-
erential access to economic opportunities
if we are going to build a competitive and
resilient economy. Our education system is
in need of significant reform.Without such
reforms, aspirations of riding Industrial
Revolution 4 (or 5) will remain daydreams
in the minds of policymakers.
Malaysia clearly needs a change in its
growth strategy. One thing that it does not
need is more plans or masterplans.We have
had a surplus of those. Over the last 40
years we have had almost 40 of them.What
has been the impact on actual growth? Not
very much based on the growth trends over
the last 20 years in Chart 1.
What we need now is a clear vision of our
place in the global economy, the courage to
make effective change even in the face of
opposition from vested interest groups, and
finally, effective implementation.
If we care about our future, we simply
cannot allow what is happening now to
continue.
Dr Sukudhew (Sukhdave) Singh is a former
deputy governor of Bank Negara Malaysia,
and he is also a former independent director at
Khazanah Nasional Bhd.This article was first
published on LinkedIn.
T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 17 THEEDGE CEO MORNING BRIEF

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 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
In latest China jab, US drafts
list of 89 firms with military ties
BY KAREN FREIFELD, TIM HEPHER,
DAVID SHEPARDSON & YEW LUN TIAN
Reuters
PARIS/WASHINGTON/BEIJING: The
Trump administration is close to declar-
ing that 89 Chinese aerospace and other
companies have military ties, restricting
them from buying a range of US goods
and technology, according to a draft copy
of the list seen by Reuters.
The list, if published, could further es-
calate trade tensions with Beijing and hurt
US companies that sell civil aviation parts
and components to China, among other
industries.
A spokesman for the US Department
of Commerce, which produced the list,
declined to comment.
Speaking in Beijing, Chinese Foreign
Ministry spokesman Zhao Lijian said Chi-
na “firmly opposes the unprovoked sup-
pression of Chinese companies by the
United States.”
What the United States is doing severely
violates the principle of market competi-
tion and international norms for trade and
investment that the US claims to uphold,
he added.
Chinese companies have always operat-
ed in accordance with the law and strictly
follow local laws and regulations when op-
erating overseas, including in the United
States, Zhao said.
Commercial Aircraft Corp of China Ltd
(COMAC), which is spearheading Chinese
efforts to compete with Boeing and Air-
bus, is on the list, as is Aviation Industry
Corporation of China (AVIC) and 10 of
its related entities.
The list is included in a draft rule that
identifies Chinese and Russian companies
the US considers “military end users,” a
designation that means US suppliers must
seek licenses to sell a broad swath of com-
mercially available items to them.
According to the rule, applications for
such licenses are more likely to be denied
than granted.
US President Donald Trump has
stepped up his actions in recent months
against China. Ten days ago, he unveiled
an executive order prohibiting US invest-
ments in Chinese companies that Wash-
ington says are owned or controlled by the
Chinese military.
The pending list comes after the Com-
merce Department expanded the definition
of “military end user” in April.
18 THEEDGE CEO MORNING BRIEF
W O R L D
The April rule includes not only armed
service and national police, but any person
or entity that supports or contributes to
the maintenance or production of military
items — even if their business is primarily
non-military.
The export restriction applies to items
as disparate as computer software like word
processing, scientific equipment like dig-
ital oscilloscopes, and aircraft parts and
components.
In terms of aircraft, the items include
everything from brackets for flight control
boxes to the engines themselves.
News of the list comes at a sensitive
time for the US aerospace industry, as
Boeing seeks Chinese approval of its 737
MAX, after it was cleared by US regulators
last week. In March 2019, China was the
first nation to ground the jet, following two
fatal crashes and it is already expected to
wait months to lift the ban. A spokesman
for Boeing declined to comment.
Washington trade lawyer Kevin Wolf,
a former Commerce official, said Com-
merce had shared the draft rule with a
technical advisory committee of industry
representatives, and it should have been
kept confidential.
Wolf said the rule and list still could be
modified and that the clock was running
out for it to go into effect under the Trump
administration since it would need to be
cleared and sent to the Federal Register,
the official US publication for rules, by
mid-December.
In the draft rule seen by Reuters, the
Commerce Department said being able to
control the flow of US technology to the
listed companies was “vital for protecting
US national security interests”.
But a former US official who did not
want to be identified, said “merely creat-
ing a list and populating it is a provocative
act.” An aerospace industry source said it
could spur China to retaliate.
The inclusion of COMAC would come
as a surprise to at least one major US sup-
plier, which had determined the company
was not a military end user, the industry
source said.
A list also would provide European
competitors with an opening to promote
their manufacturers, by pointing out they
do not have to clear such hurdles, even if
the US grants the licenses, the industry
source said.
General Electric Co and Honeywell
International, both supply COMAC and
have joint ventures with AVIC.
A GE spokesperson said its global joint
ventures operate in compliance with all
laws, and that the company has worked to
obtain licenses related to military end users.
A Honeywell spokeswoman declined
to comment.
Besides the 89 Chinese listings, the draft
rule also designates 28 Russian entities in-
cluding Irkut, which is also aiming to break
into Boeing’s market with its MC-21 jet-
liner development.
The 117-company list is “not exhaus-
tive,” the draft rule said, and is considered
an “initial tranche”.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
India faces cold chain logistics challenge
for virus vaccination
NEW DELHI (Nov 23): India hopes to start
rolling out a Covid-19 vaccine by March
2021, but it faces a steep challenge: cold
chain and distribution infrastructure.
The nation with the world’s second-high-
est infections plans to use the existing cold
chain network in place for its Universal Im-
munization Program, said Rajesh Bhushan,
secretary to India’s federal health ministry,
in an email interview. But that infrastruc-
ture is geared to only immunise children and
pregnant women — vaccinating India’s 1.3
billion people will require its capacities to be
significantly scaled up, experts said.
“The entire existing cold chain capacity
is inadequate for existing vaccination pro-
grammes,” said T Sundararaman, New Del-
hi-based coordinator of the People’s Health
Movement, an organisation that works with
academics and civil society. “Your invest-
ment in cold chains needs to be to the order
of five to 10 times what you’re doing now.
That level of cold equipment — to procure,
to distribute, to allocate, to function, to train
itself is a big undertaking.”
India has said it is looking at the various
vaccines being manufactured both domes-
tically and abroad — including those being
developed by Pfizer Inc and Moderna Inc
— in addition to AstraZeneca plc’s shot
to be produced by the world’s largest vac-
cine maker Serum Institute of India Ltd.
While the availability of a vaccine is sub-
ject to the results of ongoing trials and li-
censing by the Drugs Controller General
of India, “if all goes well” India expects a
vaccine to be available in first quarter of
2021, Bhushan said. He did not give de-
tails of how much India plans to invest in
iwk.com.my IndahWaterKonsortium IwkComms
19 THEEDGE CEO MORNING BRIEF
W O R L D
BY ARCHANA CHAUDHARY & RAGINI SAXENA
Bloomberg
BLOOMBERG
providing shots to its people.
“An assessment of cold chain storage
space has been carried out across the country
for enhancement and augmentation for Cov-
id-19 vaccine,” Bhushan said in his email.
“Necessary actions have also been initiated
to strengthen the existing cold chain system.”
His office had not immediately respond-
ed to a follow-up email seeking details of
the plan. A spokeswoman for the health
ministry also did not immediately respond
to questions asking what steps were being
taken to augment cold chain capacity.
Even companies vying to distribute the
vaccine have raised concerns about India’s
capacity.
“We are talking about distribution
of around two billion doses of vaccine
throughout the country,” Sunil Nair, chief
executive officer at Snowman Logistics
iwk_official
Ltd, one of the largest manufacturers of
cold chain equipment in the country, told
BloombergQuint. “With the current immu-
nisation programme of the government,
only 20%-25% of the overall volume can
be distributed.”
Inadequate infrastructure
The Pfizer shot needs to be stored at ul-
tra-cold temperatures of -70°C and thawed
and injected within five days. Moderna has
said its vaccine can be stored at refrigera-
tor temperatures for close to a month but
needs freezer storage for longer periods.
With over nine million reported infec-
tions and nearly 134,000 deaths, ensuring
large scale delivery of a vaccine is a prior-
ity for Prime Minister Narendra Modi as
India struggles to revive its economy that
has slipped into a recession.
India’s government-run national immu-
nisation programme currently targets 26.7
million newborns and 29 million pregnant
women every year, according to govern-
ment data. While the existing cold chain
is funded and managed through public
finances, ramping up capacity to meet the
needs of a vaccination programme that will
target its entire population will also need
to rely on private players.
Along with Snowman Logistics,
Deutsche Post DHL-owned Blue Dart
Express, Allcargo Logistics, and Mahin-
dra Logistics are among those competing
to transport vaccines across India, the Eco-
nomic Times reported last Thursday.
India has “some infrastructure” to move
and store vaccines at -20°C, Snowman’s
Nair said. “Will that be sufficient? I doubt.”
New Life for Water
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
AstraZeneca Covid-19 vaccine
can be 90% effective, results show
LONDON (Nov 23): Britain’s Astra-
Zeneca said today its vaccine for the nov-
el coronavirus could be around 90% effec-
tive without any serious side effects, giving
the world another important tool to halt
the Covid-19 pandemic.
The vaccine developed by Oxford Uni-
versity was 90% effective in preventing
Covid-19 when it was administered as a
half dose followed by a full dose at least
one month apart, according to data from
the late-stage trials in Britain and Brazil.
No serious safety events related to the
vaccine have been confirmed and it was
well tolerated across both dosing regimens,
it said.
“This vaccine’s efficacy and safety con-
firm that it will be highly effective against
Covid-19 and will have an immediate im-
pact on this public health emergency,” Pas-
cal Soriot, Astra’s chief executive, said in
a statement.
AstraZeneca will have 200 million dos-
es by the end of 2020, with 700 million
doses ready globally by the end of the first
quarter of 2021, operations executive Pam
Cheng said today.
The vaccine’s effectiveness depended
on the dosing, and fell to just 62% when
given as two full doses rather than a half-
dose first. But scientists cautioned against
seeing this as evidence that it would be
less useful than rival vaccines from Pfiz-
er and Moderna, which each prevented
about 95% of cases according to interim
data from their late-stage trials.
“I think it is a real fool’s errand to start
trying to pick these three (Pfizer/Moderna/
AstraZeneca) apart on the basis of snippets
of phase-three data from press releases,”
20 THEEDGE CEO MORNING BRIEF
W O R L D
BY KATE HOLTON & JOSEPHINE MASON
Reuters
said Danny Altmann, professor of immu-
nology at Imperial College London.
“For the bigger picture, my suspicion
is that by the time we are a year down the
line, we’ll be using all three vaccines with
about 90% protection — and we’ll be a
lot happier.”
Scientists also noted there may be ad-
vantages to AstraZeneca’s vaccine.
“Importantly, from what we have heard
the vaccine seems to prevent infection not
just disease. This is important as the vac-
cine could reduce the spread of the virus as
well as protect the vulnerable from severe
disease,” said Peter Horby, a professor of
emerging infectious diseases and global
health at the University of Oxford.
AstraZeneca’s vaccine can also be dis-
tributed more easily because it can be
kept at refrigerator temperature, unlike
the drugs from Pfizer and Moderna which
have to be stored frozen. That would make
the AstraZeneca shot easier to transport
and store globally, particularly in lower-
and middle-income countries.
‘Incredibly exciting’
The British drugmaker’s preliminary trial
results mark a fresh breakthrough in the
fight against a pandemic that has killed
nearly 1.4 million people and roiled the
global economy.
Britain is among countries that pre-
bought large quantities of the new vaccine.
Officials said its success means normal life
can return sooner. It was “incredibly ex-
citing news the Oxford vaccine has proved
REUTERS
so effective in trials”, said Prime Minister
Boris Johnson.
There would be 20 million doses in
Britain by the end of the year, with 70
million doses for the UK by the end of
the first quarter of 2021.
Shares and oil prices rose as investors
bet the roll-out of another vaccine would
revive the global economy next year even
as virus case numbers surge.
The STOXX index of Europe’s 600
largest shares rose 0.5% to its highest since
February but AstraZeneca shares fell more
than 2% as traders perceived the efficacy
data as disappointing compared with rivals’.
The interim analysis was based on 131
infections among participants who received
the vaccine and those in a control group who
were given an established meningitis shot.
Public health experts said the world
will need many vaccines to meet global
demand.
The AstraZeneca vaccine uses a modified
version of a chimpanzee common cold virus
to deliver instructions to cells to fight the
target virus, a different approach from the
new technology known as messenger RNA
deployed by Pfizer/BioNTech and Moderna.
AstraZeneca, one of Britain’s most val-
uable listed companies, will now immedi-
ately prepare regulatory submission of the
data to authorities around the world that
have a framework in place for conditional
or early approval.
It will also seek an emergency use list-
ing from the World Health Organization to
speed up availability in low-income coun-
tries. In parallel, the full analysis of the in-
terim results is being submitted for publi-
cation in a peer-reviewed journal.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 21 THEEDGE CEO MORNING BRIEF

W O R L D

UK’s richest man

(Nov 23): Jim Ratcliffe, Britain’s richest gas-storage caverns that could be employed
man, is joining forces with Hyundai Mo- for hydrogen.

partners with
tor Co. in a bid to give hydrogen fuel cell While the relative growth of battery-elec-
vehicles the boost they need to become tric cars has cast some doubt on the future

Hyundai to make
more mainstream. of fuel-cell vehicles, Hyundai and Toyota
Ratcliffe’s Ineos Group will explore op- Motor Corp. still see enormous potential

hydrogen happen
portunities to produce and supply hydrogen
to Hyundai, which has been making fuel
cell vehicles in low volumes since 2013.
Ratcliffe may also use Hyundai’s fuel cell
system in the Grenadier, the Land Rov-
er-like sport utility vehicle Ineos plans to
bring to market next year.
Makers of cars and chemicals are finding
common ground in their pursuit of hydro-
gen projects. Targets are being set globally
to phase out the combustion engine and
decarbonize industrial production. Ineos,
which makes 300,000 tons of hydrogen
annually, could play an instrumental role
in helping set up the infrastructure Hyun-
dai needs for models like the Nexo SUV
to catch on in Europe.
“There’s verbiage and there’s getting on
and doing stuff,” Ineos Chief Technology
Officer Peter Williams said in an interview.
“We would like to do something of serious
scale in the next five years.”
For Ratcliffe, 68, helping to kick-start
the hydrogen economy would open up
more attractive uses for his company’s
output of the gas, a byproduct from the
electrolysis of brine to make chlorine. Ineos
currently uses it for fuel and desulfuriza-
tion at refineries. It also has underground
in their technical advantages. Hydrogen
tanks can be refilled faster than batteries re-
charge, and fuel cells can offer greater driv-
ing range, particularly in heavier vehicles.
BY ANDREW NOËL “Clearly Hyundai want to see their fu-
Bloomberg el-cell technology used globally,” Williams
said. “They set up a business and they want
BLOOMBERG to grow it and get into Europe and prob-
ably the U.S. as well.”
The South Korean carmaker aims to
capture as much as 15% of the hydro-
gen-fueled truck market in Europe by 2030,
targeting countries including Germany and
the Netherlands. The company shipped its
first batch of such trucks to Switzerland
earlier this year and plans to produce 1,600
units by 2025.
Collaborating with Hyundai may also
give Ineos’s plan to enter the auto market
a boost. Ratcliffe, who is worth US$25.9
billion according to the Bloomberg Billion-
aires Index, announced plans in 2019 to
build an SUV similar to the Land Rover
Defender.
While the Grenadier will initially run
on six-cylinder gasoline and diesel engines
supplied by BMW AG, Ineos will assess
the suitability of using Hyundai’s fuel cell
system sometime in the future.

BLOOMBERG

Don’t let
MUMBAI (Nov 23): India’s proposal to
allow companies to set up banks has drawn RAGHURA M

companies create
criticism from two former central bankers RA JA N
as well as S&P Global Ratings.

banks, ex-Indian
An in-house bank could ensure no-
questions-asked loans to finance-hungry

central bankers
corporates, Raghuram Rajan, who led the
Reserve Bank of India (RBI) from 2013 to

2016, and Viral Acharya, who was a deputy
governor, wrote on LinkedIn today. They
also flagged the risk that such a move could
further concentrate economic and political
power in certain business houses.
The comments follow the recommenda-
tions of an RBI-appointed panel published
last Friday which, among other proposals,
suggested that large corporate houses be
allowed to conditionally create banks. The
report also noted — in the annexure —
that all except one of the experts surveyed
were of the opinion that large industrial
houses should not be allowed to promote
a bank due to difficulties in ring-fencing
financial activities.
“While the proposal is tempered with
many caveats, it raises an important ques-
tion:Why now?” Rajan and Acharya wrote.
“One possibility is that the government
warn
BY ANIRBAN NAG
Bloomberg
wants to expand the set of bidders when
it finally turns to privatising some of our
public sector banks. It would be a mistake.”
Similar concerns were also raised by
S&P, which in a separate statement said the
proposal was fraught with risk given the in-
stances of weak corporate governance and
large corporate defaults, “in addition, RBI
will face challenges in supervising non-fi-
nancial sector entities and supervisory re-
sources could be further strained at a time
when the health of India’s financial sector
is weak”, S&P’s analysts wrote.
The proposed overhaul comes amid the
sector’s struggle to contain bad debt and
spur credit and investment. One of the
biggest piles of soured credit among ma-
jor economies and a crisis in the shadow
banking sector culminated in the rescue of
two lenders and bankruptcy of two more
over the past couple years, and spilled into
the broader financial markets.
Of 14 new universal bank licences is-
sued by the RBI since 1993, Global Trust
Bank andYes Bank were bailed out by gov-
ernment-owned banks. Three banks were
acquired by HDFC Bank Ltd, while ICICI
Bank Ltd, and IDBI Bank merged with
their parents, according to data from S&P.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 22 THEEDGE CEO MORNING BRIEF

W O R L D

Ex-hockey player steers hedge fund to

record bullish bet on oil
REUTERS

BY MICHAEL BELLUSCI
Bloomberg

TORONTO (Nov 23): It’s no secret oil

and energy shares have lacked widespread
support on Wall Street this year. But a pro-
fessional hockey player-turned-hedge-fund
manager in Canada is wagering on the con-
trary.
Oil is becoming a better bet as demand
rises from historic lows hit during early
coronavirus shutdowns, while drillers con-
tinue to rein in spending, potentially caus-
ing a supply shortage, said Xavier Majic,
founding partner and chief investment
officer of Toronto-headquartered Maple
Rock Capital Partners, which has about
US$700 million in assets under manage-
ment.
The fund boosted its net energy ex-
posure to 38% recently, its highest since
inception, from about 4% at the end of
March, according to Majic and chief op-
erating officer Kristy Duchak. At the start
of the third quarter, Maple Rock’s energy
portfolio comprised 15 issuers ranging in
position size from 0.2% to 4.3%.
“Covid has done things to oil demand
that were unimaginable to a commodity in-
vestor,” Majic said during a video outlook.
It’s “inevitable that oil prices have to
go much higher,” he added.
Maple Rock sees an average return
of about 150% to 200% for the fund’s
holdings under a US$55 oil price scenario.
Some companies are still cash-flow neutral
at US$40 oil, he added.
Majic also cited the limited investment
in drilling as producers slash capital spend-
ing and consolidate, and thinks a supply
shortage will ensue, assuming OPEC
doesn’t flood the market.
Maple Rock isn’t fretting indicators
such as BP’s case for peak oil, a global
push for electric vehicles and ambitions
for hydrogen power. EVs make up just 3%
of new global car sales, with the existing
fleet under 0.5% electric, Majic said. He
thinks EV sales need to rise 10 times from
current levels before beginning to hurt oil
demand, and hydrogen won’t impact de-
mand for about 25 years.
Majic, who was a co-captain for Team
Canada in 1999-2000 and a draft pick of
the National Hockey League’s Vancouver
Canucks, founded Maple Rock in 2014.
He’s seen many energy funds close since
then after excess volatility in oil, and bull-
ish stances on energy stocks dwindle on
oversupply concerns.
Energy holds the lowest sector weight-
ing on the S&P 500 Index at just over 2%,
while the group has the weakest perfor-
mance on the benchmark this year, falling
over 40% amid a Covid-driven demand
shock to oil. The S&P 500 has risen 10%
during the same period.
“I feel like we are some of the only peo-
ple at the table here that are even playing
poker,” Majic said.
But Wall Street’s energy analysts are
warming up to the sector after two major
vaccine announcements, while hopes for
a value trade linger.
“Two independent highly effective vac-
cines ready for distribution by year-end
are a game changer for the energy sector,”
Credit Suisse analysts Manav Gupta and
William Janela said in a note. Stifel also
sees energy stocks gaining in a post-Cov-
id world, along with a rotation to value.
Maple Rock, which has a satellite office
in the San Francisco Bay Area, posted a
5.7% position in shale driller SM Energy
Co, according to a 13F filing last week.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
Ant’s stalled IPO threatens Ping An’s
US$22 billion tech ambition
BY JOHN LIU & ZHANG DINGMIN
Bloomberg
BEIJING (Nov 23): The headwinds that
toppled Ant Group Co’s initial public of-
fering (IPO) now threaten a US$22 bil-
lion dream of China’s Ping An Insurance
(Group) Co — to pivot from a finance
group to a tech giant and be valued like one.
While Ping An’s Lufax Holding Ltd,
which offers wealth management and re-
tail lending services, was able to complete
its US IPO days before new Chinese rules
torpedoed Ant’s US$35 billion sale, the
stock has given up early gains and is now
a target for short sellers. Renewed threats
by US regulators to delist Chinese stocks
also threaten Ping An’s plans to take more
of its in-house start-ups public.
Ant’s IPO suspension “fundamentally
changed near-term investment appetite” for
Chinese fintech stocks, with Lufax as “the
community’s No 1 consensus short”, ac-
cording to a Nov 5 report from Procensus,
which polled 84 global investors managing
US$15.3 trillion. Short interest represented
about 34% of Lufax shares outstanding as
of Nov 17, up from just 5% when the Ant
deal was pulled, according to data compiled
by IHS Markit. Ping An owns about 39%
of Lufax after the IPO.
China’s tightening grip on fintech firms
and an antitrust crackdown complicate Ping
An’s bid to lift its valuation closer to those
garnered by tech giants like Alibaba Group
Holding Ltd and Tencent Holdings Ltd.
The Shenzhen-based finance firm, which
gets three-quarters of its revenue from in-
surance, trades at about 10 times 2019
earnings; Alibaba’s ratio is six times higher.
Ping An has pledged to plow more than
US$22 billion into research from big data
to blockchain to make it more “tech” than
“fin”, while carving out some of its units
through public listings to maximise value.
10 start-ups
The finance group has developed at least
10 start-ups in recent years after using tech-
nology to improve its traditional insurance
and banking services. The units, including
publicly traded healthcare portal Ping An
Healthcare & Technology Co and fintech
provider OneConnect Financial Technol-
ogy Co, are aligned in five groups target-
ing finance, health, real estate, autos, and
urban life.
China’s move to place lending limits and
boost capital requirements on fintech firms
23 THEEDGE CEO MORNING BRIEF
W O R L D
presents headwinds for the tech units, which
also face threats in the US. The Securi-
ties and Exchange Commission intends to
propose a regulation this year that would
lead to the delisting of companies for not
complying with US auditing rules, people
familiar with the matter have said.
Lufax plunged 23% on the Bloomberg
News report last Tuesday, paring gains to
8% since its IPO last month. OneConnect
fell 3.1%, though it has still doubled this
year. Ping An Healthcare was little changed
last week in Hong Kong and has gained
78% in 2020.
The rapidly evolving regulatory frame-
work for fintech firms and other issues
like data privacy could delay the IPOs of
Ping An’s other units, according to Sanjay
Jain, Singapore-based head of financials at
Aletheia Capital Ltd.
“Big tech will have to contend with
growing regulatory oversight in various
aspects. It is a global trend and unavoida-
ble,” he said.
Other units that Ping An intends to take
public include Ping An Smart City and
Ping An HealthKonnect, which provides
management tools for hospitals and other
healthcare businesses.
“Ping An’s pace of spinning off its tech
subsidiaries in the past four years has not
been as smooth as it originally guided the
market, if we look at both the number of
IPOs and their valuations,” said Leon Qi,
a Hong Kong-based analyst at Daiwa Cap-
ital Markets.
Investors have yet to fully realise what
technology can bring to Ping An, not just
the value from IPOs, but synergies with its
core business, executives including former
co-chief executive officer (CEO) LeeYuan
Siong have argued in recent years. Ping An
declined to comment for this story.
While management has said it is not in
a hurry to launch IPOs for the tech units,
a crackdown on peer-to-peer lending held
up the listing of Lufax for a few years.What
was once the largest P2P lender morphed
into a wealth-management platform as the
number of firms was cut to three from more
than 5,000.
“The company might have been ready
to list a couple of years ago, but the reg-
ulations were still unclear,” Lufax CEO
Gregory Dean Gibb said in an interview.
Now, “the rules are clear, the requirements
are clear”.
Gibb spoke just three days before Jack
Ma and other senior executives at Ant were
summoned by Chinese regulators, derail-
ing the record IPO that sent shockwaves
through financial markets. New regulations
to root out monopolistic practices shaved
almost US$290 billion off the market value
of Chinese tech giants in two days.
Lufax exposed
While Lufax may not be impacted by Chi-
na’s new rules as much as Ant, it remains
“quite exposed” to the risks of regulatory
caps on its lending rates, said Kevin Kwek,
an analyst at Sanford C Bernstein.
Gibb said Lufax’s offering of larger loans
to small businesses by combining its finan-
cial and data strength better meet client
needs. Its access to Ping An’s distribution
network also provides a moat against rival
tech giants and banks, he said.
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0 24 THEEDGE CEO MORNING BRIEF

W O R L D

NEWS IN BRIEF

China’s Evergrande gets US$4.6b from state firms as debt fears ease Blackstone seeking at least US$5b
for second Asia fund
(Nov 23): China Evergrande Group took two more steps toward restoring confidence in its
(Nov 23): Blackstone Group Inc. is doubling
finances, securing a US$4.6 billion investment from state-linked companies and lining up
down on Asia, seeking to raise at least US$5
23 cornerstone investors for the spinoff of its property services arm. Companies backed
billion for its second private equity fund
by city governments in Guangdong province — Evergrande’s home base — will buy equity
focused on the region, people familiar with
worth 30 billion yuan (US$4.6 billion) from existing investors in Hengda Real Estate, a
the matter said. The US investment firm
unit that holds Evergrande’s main property assets in China, a person familiar with the
has started marketing the new vehicle to
matter said over the weekend, asking not to be identified as the information isn’t public.
potential investors, according to the people,
Evergrande also announced that cornerstone investors had agreed to buy a roughly 7%
who asked not to be identified because the
stake in Evergrande Property Services Group Ltd. The investors include SenseTime Group
information is private. It is targeting more
and a subsidiary of China Gas Holdings Ltd, according to terms obtained by Bloomberg
than double the size of its first Asia buyout
News. The unit is seeking about US$2 billion in a Hong Kong initial public offering that will
fund, which closed at about US$2.3 billion
help Evergrande pare debt. The deals will ease short-term liquidity strains at the world’s
in 2018. Blackstone is raising ever-larger
most-indebted developer, though concerns remain about the firm’s long-term financial
pools of capital as dislocations from the
health. Evergrande has been raising money through asset sales, blitz promotions, and is
coronavirus pandemic offer up more deal
seeking to list its electric vehicle unit after fears of a cash crunch earlier this year sent the
opportunities. President Jon Gray has
developer’s shares and bonds plunging. — Bloomberg
vowed to increase the proportion of Asian
investment in its total business, which stood
REUTERS US formally pulls out of at just under 10% two years ago. The firm
Open Skies Treaty joins KKR & Co, which is in the process of
WASHINGTON (Nov 23): The US has raising at least US$12.5 billion for its next
formally pulled out of the Open Skies Treaty, Asia fund. The buyout firm is betting global
the State Department said Sunday, six months managers’ appetite for Asia will continue to
after President Donald Trump announced increase as the region experiences a faster
his decision, Anadolu Agency reported. “On recovery from the pandemic than rest of
May 22, 2020, the United States exercised the world. Deal flows have started to pick
its right pursuant to paragraph 2 of Article up and could accelerate going into 2021, as
XV of the Treaty on Open Skies by providing a number of transactions halted amid the
UNICEF says to ship two billion notice to the Treaty Depositaries and to all spread of Covid-19 are expected to come
Covid-19 vaccines to poor nations States Parties of its decision to withdraw back. — Bloomberg
in 2021 from the Treaty, effective six months from the
LONDON (Nov 23): Nearly two billion notification date,” said Deputy Spokesperson China’s ‘bat woman’ has new
doses of COVID-19 vaccines will be shipped Cale Brown in a statement. “Six months evidence her lab isn’t virus source
and flown to developing countries next having elapsed, the US withdrawal took (Nov 23): Shi Zhengli, a Chinese virologist
year in a “mammoth operation”, the U.N. effect on Nov 22, 2020, and the United States renowned for her work on viruses in bats,
children’s agency UNICEF said on Monday, is no longer a State Party to the Treaty on provided new evidence that her laboratory
as world leaders vowed to ensure the fair Open Skies.” The treaty allows nations to wasn’t the source of the global pandemic
distribution of vaccines. UNICEF said it was fly above each other’s territory on military in research published in a scientific journal.
working with over 350 airlines and freight reconnaissance flights as a measure to The deputy director of the Wuhan Institute
companies to deliver vaccines and 1 billion help bolster confidence neither country is of Virology said the latest blood tests on
syringes to poor countries such as Burundi, imminently preparing for war. Thirty-four miners, who became sick with a mysterious
Afghanistan and Yemen as part of COVAX, nations are party to the treaty, including respiratory disease eight years ago after
a global COVID-19 vaccine allocation Russia, Turkey, many European countries and clearing bat feces, showed they didn’t have
plan with the World Health Organization Canada. The US has repeatedly claimed that the virus that caused Covid-19, according
(WHO). “This invaluable collaboration Russia is in violation of the treaty since 2017, to the South China Morning Post. The paper
will go a long way to ensure that enough citing in particular Russia’s decision to limit cited Shi’s findings that were published in
transport capacity is in place for this flight distances to 311 miles (500 kilometres) the Nature journal this week. The serum
historic and mammoth operation,” said above a Russian exclave sandwiched between samples were from four people who caught
Etleva Kadilli, director of UNICEF’s Supply Lithuania and Poland, denying flights near the disease after working in a copper mine
Division, in a statement. COVAX — co-led the Georgian-Russian border, and rejecting in Yunnan province. In a February paper,
by GAVI vaccine group, the WHO and a previously-approved flight over a military Shi suggested bats could have been the
the Coalition for Epidemic Preparedness exercise in 2019. — Bernama initial hosts of Sars-CoV-2, the virus causing
REUTERS
Innovations — aims to discourage Covid-19, prompting theories that the
governments from hoarding COVID-19 pandemic was linked to a bat virus her team
vaccines and to focus on first vaccinating was studying. Shi, known as China’s “bat
the most at risk in every country. At a G20 woman,” has said the genetic characteristics
summit this weekend, leaders of the biggest of the viruses she’s worked on didn’t match
20 world economies pledged to ensure those of the coronavirus spreading in
the equitable distribution of COVID-19 humans. The outbreak has infected more
vaccines, drugs and tests so that poorer than 57.6 million people worldwide and
countries are not left out. — Reuters killed over 1.37 million. — Bloomberg
 T U E S D AY N O V E M B E R 2 4 , 2 0 2 0
M A R K E T S
CPO RM 3514.0031.00 OIL US$ 45.790.83 RM/USD 4.0907 RM/SGD 3.0491 RM/AUD 2.9981 RM/GBP 5.4704 RM/EUR 4.8570
Top 20 active stocks
NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)
METRONIC GLOBAL BHD 456.9 0.010 0.115 155.56 143.3
KANGER INTERNATIONAL BHD 442.9 0.005 0.195 143.75 401.6
AT SYSTEMATIZATION BHD 362.6 -0.015 0.170 325.00 558.1
SC ESTATE BUILDER BHD 285.1 -0.015 0.065 116.67 62.3
PA RESOURCES BHD 284.3 0.000 0.150 172.73 336.7
SAPURA ENERGY BHD 243.1 0.005 0.120 -55.56 1,917.5
NETX HOLDINGS BHD 167.8 0.000 0.145 -62.68 121.2
VSOLAR GROUP BHD 154.7 0.000 0.050 78.57 119.0
ANEKA JARINGAN HOLDINGS BHD 150.6 0.045 0.360 0.00 193.7
VIVOCOM INTERNATIONAL HOLDINGS 148.4 -0.520 1.220 713.33 694.4
ADVANCE SYNERGY BHD 127.0 0.000 0.185 42.31 171.9
KNM GROUP BHD 114.0 0.020 0.200 -46.67 592.2
BUMI ARMADA BHD 110.9 0.020 0.275 -48.11 1,618.6
HIAP TECK VENTURE BHD 109.3 0.015 0.250 16.28 343.3
SOLUTION GROUP BHD 105.8 0.105 1.040 994.74 329.4
DGB ASIA BHD 105.2 -0.035 0.415 -63.91 66.5
EA HOLDINGS BHD 104.0 -0.005 0.040 300.00 202.9
SAMAIDEN GROUP BHD 90.6 -0.310 1.190 0.00 249.9
MTOUCHE TECHNOLOGY BHD 86.7 -0.005 0.080 -20.00 93.2
TIONG NAM LOGISTICS HOLDINGS 86.5 0.080 0.760 50.50 339.7
Date as compiled on Nov 23, 2020 Source: Bloomberg
Top gainers (ranked by %)
NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP
(%) (RM MIL)
ASIA BRANDS BHD 0.790 61.22 1,295.4 58.00 183.8
EONMETALL GROUP BHD 0.805 35.29 28,150.0 80.90 164.0
UNITED U-LI CORP BHD 0.725 21.85 10,588.0 46.46 157.9
REX INDUSTRY BHD 0.220 18.92 19,408.2 18.60 54.3
FEDERAL INTERNATIONAL HOLDINGS 0.500 17.65 10,276.2 56.25 57.3
SHIN YANG SHIPPING CORP BHD 0.205 17.14 35,045.5 2.50 239.5
REACH ENERGY BHD 0.105 16.67 16,385.3 -36.36 115.1
PINEAPPLE RESOURCES BHD 0.365 15.87 1.5 17.74 17.7
JAG BHD 0.230 15.00 41,018.4 64.29 118.4
ANEKA JARINGAN HOLDINGS BHD 0.360 14.29 150,551.5 0.00 193.7
UZMA BHD 0.515 13.19 18,952.0 -46.63 164.8
MTD ACPI ENGINEERING BHD 0.220 12.82 709.5 29.41 51.0
PETRONAS DAGANGAN BHD 22.100 12.64 594.8 -3.63 21955.3
TH HEAVY ENGINEERING BHD 0.090 12.50 3,670.1 0.00 199.9
CHOO BEE METAL INDUSTRIES BHD 1.180 12.38 281.4 -4.07 154.3
CARIMIN PETROLEUM BHD 0.610 11.93 10,546.5 -53.79 142.7
TIONG NAM LOGISTICS HOLDINGS 0.760 11.76 86,465.5 50.50 339.7
KONSORTIUM TRANSNASIONAL BHD 0.190 11.76 11,079.7 123.53 76.5
KELINGTON GROUP BHD 1.770 11.32 11,532.4 40.48 568.9
SOLUTION GROUP BHD 1.040 11.23 105,842.1 994.74 329.4
Date as compiled on Nov 23, 2020 Source: Bloomberg
Top gainers (ranked by RM)
NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP
(%) (RM MIL)
PETRONAS DAGANGAN BHD 22.100 2.480 594.8 -3.63 21,955.3
NESTLE MALAYSIA BHD 141.000 1.000 80.4 -4.08 33,064.5
PPB GROUP BHD 18.620 0.540 531.0 -1.17 26,488.8
CARLSBERG BREWERY MALAYSIA 22.520 0.520 183.3 -23.22 6,885.4
HEINEKEN MALAYSIA BHD 22.300 0.500 59.2 -17.77 6,736.8
EURO HOLDINGS BHD 4.200 0.330 2,513.8 2,445.45 1,122.7
HENGYUAN REFINING CO BHD 3.450 0.320 3,348.8 -18.25 1,035.0
ASIA BRANDS BHD 0.790 0.300 1,295.4 58.00 183.8
MALAYSIAN PACIFIC INDUSTRIES 23.660 0.260 224.9 106.82 4,705.9
PETRON MALAYSIA REFINING & MAR 4.020 0.230 908.8 -19.92 1,085.4
EONMETALL GROUP BHD 0.805 0.210 28,150.0 80.90 164.0
DUTCH LADY MILK INDUSTRIES BHD 37.600 0.200 7.5 -23.42 2,406.4
KELINGTON GROUP BHD 1.770 0.180 11,532.4 40.48 568.9
FRASER & NEAVE HOLDINGS BHD 32.000 0.180 98.8 -8.15 11,736.9
BINTULU PORT HOLDINGS BHD 3.970 0.170 3.0 -10.79 1,826.2
UWC BHD 7.250 0.160 2,120.7 239.84 3,989.0
TASCO BHD 2.760 0.150 2,015.1 130.00 552.0
HAP SENG CONSOLIDATED BHD 8.490 0.140 260.2 -14.93 21,137.3
PETRONAS GAS BHD 16.900 0.140 1,247.7 5.37 33,440.6
CHOO BEE METAL INDUSTRIES BHD 1.180 0.130 281.4 -4.07 154.3
Date as compiled on Nov 23, 2020 Source: Bloomberg
25 THEEDGE CEO MORNING BRIEF
World equity indices
CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%) (%)
DOW JONES 29,263.48 -219.75 -0.75 INDONESIA 5,652.76 81.11 1.46
S&P 500 3,557.54 -24.33 -0.68 JAPAN 25,527.37 -106.97 -0.42
NASDAQ 100 11,906.44 -78.99 -0.66 KOREA 2,602.59 49.09 1.92
FTSE 100 6,368.06 16.61 0.26 PHILIPPINES 7,178.62 8.83 0.12
AUSTRALIA 6,561.59 22.41 0.34 SINGAPORE 2,848.78 35.77 1.27
CHINA 3,414.49 36.76 1.09 TAIWAN 13,878.01 161.57 1.18
HONG KONG 26,486.20 34.66 0.13 THAILAND 1,420.43 31.09 2.24
INDIA 44,039.73 157.48 0.36 VIETNAM 994.19 4.19 0.42
Date as compiled on Nov 23, 2020 Source: Bloomberg
Top losers (ranked by %)
NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP
(%) (RM MIL)
BTM RESOURCES BHD 0.215 -31.75 32,024.6 7.50 33.4
VIVOCOM INTERNATIONAL 1.220 -29.89 148,427.6 713.33 694.4
SAMAIDEN GROUP BHD 1.190 -20.67 90,642.2 0.00 249.9
MULTI-USAGE HOLDINGS BHD 0.300 -20.00 4.0 -17.81 16.9
SC ESTATE BUILDER BHD 0.065 -18.75 285,139.1 116.67 62.3
PEGASUS HEIGHTS BHD 0.030 -14.29 43,539.9 200.00 315.8
GETS GLOBAL BHD 2.660 -13.92 6,036.0 1562.50 335.2
BIG INDUSTRIES BHD 0.400 -12.09 20.1 14.29 21.2
EA HOLDINGS BHD 0.040 -11.11 104,019.4 300.00 202.9
MELATI EHSAN HOLDINGS BHD 0.410 -10.87 30.0 -14.58 48.2
SOLARVEST HOLDINGS BHD 1.430 -10.06 25,321.8 91.95 558.6
SCH GROUP BHD 0.090 -10.00 1,657.8 -14.29 50.0
TANCO HOLDINGS BHD 0.045 -10.00 954.5 -10.00 57.6
CONNECTCOUNTY HOLDINGS BHD 0.145 -9.38 19,389.2 61.11 74.3
HUBLINE BHD 0.050 -9.09 41,744.4 0.00 195.0
G NEPTUNE BHD 0.055 -8.33 1,989.3 -26.67 15.9
AT SYSTEMATIZATION BHD 0.170 -8.11 362,567.6 325.00 558.1
SMRT HOLDINGS BHD 0.115 -8.00 893.0 35.29 46.5
GROMUTUAL BHD 0.235 -7.84 67.0 -12.96 88.3
DGB ASIA BHD 0.415 -7.78 105,178.7 -63.91 66.5
Date as compiled on Nov 23, 2020 Source: Bloomberg
Top losers (ranked by RM)
NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP
(%) (RM MIL)
VIVOCOM INTERNATIONAL 1.220 -0.520 148,427.6 713.33 694.4
GETS GLOBAL BHD 2.660 -0.430 6,036.0 1,562.50 335.2
SAMAIDEN GROUP BHD 1.190 -0.310 90,642.2 0.00 249.9
TENAGA NASIONAL BHD 10.920 -0.260 3,185.3 -14.13 62,294.8
HONG LEONG CAPITAL BHD 6.470 -0.220 1,384.4 -31.02 1,597.4
PRESS METAL ALUMINIUM HOLDINGS 6.300 -0.200 3,415.1 35.48 25,440.1
KOTRA INDUSTRIES BHD 3.180 -0.160 269.8 69.15 470.4
SOLARVEST HOLDINGS BHD 1.430 -0.160 25,321.8 91.95 558.6
GREATECH TECHNOLOGY BHD 8.940 -0.160 756.9 272.50 5,596.4
VITROX CORP BHD 14.900 -0.160 73.1 88.13 7,033.6
KUMPULAN POWERNET BHD 4.640 -0.150 1,282.6 222.22 524.7
AMTEL HOLDINGS BHD 1.670 -0.140 554.7 145.59 108.6
MASTER-PACK GROUP BHD 1.720 -0.130 1,472.3 -31.20 93.9
UMS HOLDINGS BHD 1.730 -0.120 24.0 -10.30 70.4
WESTPORTS HOLDINGS BHD 4.350 -0.100 721.5 3.33 14,833.5
BTM RESOURCES BHD 0.215 -0.100 32,024.6 7.50 33.4
MEGA FIRST CORP BHD 7.240 -0.100 1,956.8 41.68 3,429.4
MALAYAN CEMENT BHD 2.330 -0.100 26.4 -21.02 1,979.8
UNISEM M BHD 5.590 -0.090 1,182.0 158.80 4,064.4
LATITUDE TREE HOLDINGS BHD 3.960 -0.090 297.3 39.93 377.2
Date as compiled on Nov 23, 2020 Source: Bloomberg