Here's what we have for the week

Significant Event

* Top Crypto Exchange

  • Binance had re-entered Malaysia by partnering with Cuscapi Bhd and MX Global Sdn Bhd. MX Global is a crypto exchange licensed by SC Malaysia.
  • Gamuda, Malaysia's largest construction company has won a contract worth RM 6.5 billion to provide tunneling works for the Sydney Metro West project.
  • ComfortDelGro, the taxi operator in Singapore, is shutting down its super app platform, Zig.

Real Estate Industry 

  • Luster Industries Bhd, a precision part manufacturing company had acquired 2.35 acres of land located at Ara Damansara from Sime Darby Property. The transacted price of RM 341 per sqft.
  • Mapletree Logistics Trust is acquiring Baeksa Logistics Centre in South Korea for KRW88.5 billion

Users can get access all the major transactions of offices, lands, and factories in Malaysia via this tool.


*MRT 3 route

  • Malaysia Cabinet had greenlit the MRT3 Circle Line Project. In the meantime, Prasarana, the owner-operator of rail services in Malaysia, including LRT networks, the KL Monorail, and MRT lines had raised RM1.45 billion via issuing of Islamic bonds on 4 March 2022.

Cash Call/ Debt restructuring

  • Coal producing firm, Golden Energy and Resource is raising $86.9 million via a placement of 285 million new shares at 30.5 cents to fund acquisitions and working capital.
  • Johor Corp is planning to issue up to RM3.5 billion worth of Islamic bonds.
  • YNH Property, the developer of 163 Mall at Mont Kiara is raising RM 323 million via bond issuance.

Company Expansion Plan

  • Petroliam Nasional Bhd (Petronas) will set up a centralized carbon management unit in 2022. Petronas is also looking to spend between RM40 billion and RM50 billion on Capex in the financial year ending Dec 31, 2022.
  • Japan firm, Menicon Co Ltd aims to invest RM650 million to set up its first Malaysian manufacturing plant to produce daily disposable contact lenses.

Users can filter the companies' activities via industry or nature of activities via using our tool for Malaysia companies and Singapore companies via the link.

Daily Insights

  • Malaysia's yield curve is starting to invert (Link)
  • Malaysia's second-largest lender, CIMB’s share price has fallen by 10% in 2 days, is this an opportunity or trap? (Link)
  • This index shows the winter for Malaysia commercial properties is ending (Link)
  • On Thursday, we think the Malaysian construction industry is going to have a better prospect.  (Link)Two days after our article, the Malaysia cabinet had finally greenlit the MRT3 Circle Line project after halting it for 4 years
  • The World Order set by the Big Three (Russia, US, and the UK) at Yalta Conference since world war 2 is breaking apart. Here’s our opinion. (Link)

News we are reading

  • Shopee is shutting down its operations in France, 5 months after entering the market (Tech In Asia)
  • TikTok Shop enters Thailand, Vietnam, Malaysia (Tech in Asia)
  • Netflix is acquiring Finnish developer Next Games for more than US$70mil, signaling the US streaming giant’s intent to expand into the video gaming industry. (The Star)
  • Massive palm oil rally is starting to turn away buyers in India, the world's biggest importer (The Edge)

Trades we are monitoring

  • Short unprofitable tech stocks
  • Short Euro
  • Short Dax 30


What we are thinking

* Russia Oil Field

Massive sanctions have been imposed on Russia and western companies are ceasing their operations in Russia. Oil majors are also leaving Russia although Russia's energy is not sanctioned. The Russia-Ukraine war had rattled stretched supply chains, pushing commodities prices to sky-high. Wheat prices had hit their upper price limit for consecutive three days, Asian LNG prices surge as buyers shun Russian gas, and the oil tanker rate to deliver oil from Russia had shot up more than 300%. This can only mean one thing, a double-digit inflation rate.

On the financial war with Russia, the western world had scored a grand victory. Russia had been expelled from the SWIFT membership, freezing Russia foreign reserves, and index companies such as MSCI Inc., FTSE Russell, and Stoxx Ltd are cutting Russian equities from their widely-followed gauges, using compelling words such as “uninvestable.” In the meantime, Russia can only react by banning its residents from transferring hard currency abroad. 

After looking at Russia, China should rethink twice when it wants to unite Taiwan by force in the future. This week's dramatic freeze of the Russian central bank overseas assets in response to Moscow's invasion of Ukraine may now question just why countries build foreign currency reserves at all.