01/01/2025
˻ ͒˜ ͓͓͖͑
20
BIZ & FINANCE
8 K1 TOħ#K>8 T' K>1 KO
46/#*; QSFTFOUT FYUSBDUT PG B TFMFDUJPO PG DPNNFOUBSJFT BOE SFTFBSDI SFQPSUT SFDFJWFE GSPN TUPDLCSPLFST PO DPVOUFST UIBU DPVME CF PG JOUFSFTU UP JOWFTUPST
%*4$-"*.&3 5IF JOGPSNBUJPO JT FYUSBDUFE GSPN TUPDLCSPLFST DPNNFOUBSJFT BOE SFTFBSDI SFQPSUT BOE EP OPU SFQSFTFOU UIF WJFXT PS PQJOJPOT PG 4VO .FEJB $PSQPSBUJPO 4EO #IE *U JT OPU B TPMJDJUBUJPO SFDPNNFOEBUJPO PS BO PGGFS UP CVZ PS TFMM UIF FRVJUJFT GFBUVSFE 4VO .FEJB $PSQPSBUJPO TIBMM OPU CF MJBCMF PS SFTQPOTJCMF GPS BOZ DPOTFRVFODFT SFTVMUJOH GSPN VTBHF PG UIF JOGPSNBUJPO
1 $PNQJMFE CZ 4VO#J[ 5FBN
K©º¢¢©Ø ´¿ÐÐ ´¿åÌ j¹© # jЩº¢ ÛºÌØj©ºØç 5)& SJOHHJU DMPTFE MPXFS BHBJOTU UIF 64 EPMMBS PO UIF MBTU USBEJOH EBZ PG ZFTUFSEBZ PO SJTJOH EFNBOE GPS UIF TBGF IBWFO DVSSFODZ BNJE POHPJOH HMPCBM FDPOPNJD VODFSUBJO UJFT "U QN UIF SJOHHJU TMJE UP BHBJOTU UIF HSFFOCBDL DPNQBSFE XJUI .POEBZ T DMPTF PG #BOL .VBNBMBU .BMBZTJB #IE DIJFG FDPOPNJTU %S .PIE "G[BOJ[BN "CEVM 3BTIJE TBJE DPOEJUJPOT DVSSFOUMZ GBWPVS UIF HSFFOCBDL BT UIF 64 'FEFSBM 3FTFSWF 'FE JT FYQFDUFE UP FBTF JUT NPOFUBSZ QPMJDZ JO NPSF HSBEVBMMZ i5IF QSPTQFDUT GPS MPXFS SBUF DVUT JO XFJHIFE IFBWJMZ PO WBSJPVT DVSSFODJFT JODMVEJOH UIF SJOHHJU BT UIF 64 FDPOPNZ SFNBJOT SFTJMJFOU BOE IBT GBSFE XFMM DPNQBSFE UP PUIFS EFWFMPQFE DPVOUSJFT i$MFBSMZ UIF 64 EPMMBS IBT QFSGPSNFE XFMM EFTQJUF UIF 'FE T EFDJTJPO UP DVU JOUFSFTU SBUFT TJODF 4FQUFNCFS w IF UPME #FSOBNB 5IF SJOHHJU DMPTFE NPTUMZ IJHIFS BHBJOTU PUIFS NBKPS DVSSFODJFT *U XFOU EPXO BHBJOTU UIF +BQBOFTF ZFO UP GSPN .POEBZ T DMPTF PG CVU BQQSFDJBUFE BHBJOTU UIF #SJUJTI QPVOE UP GSPN PO .POEBZ BOE XBT IJHIFS WJT B WJT UIF FVSP BU GSPN QSFWJPVTMZ "U UIF TBNF UJNF UIF MPDBM OPUF USBEFE NJYFE BHBJOTU "TFBO DVSSFODJFT TUSFOHUIFOJOH WFSTVT UIF 4JOHBQPSF EPMMBS UP GSPN BU UIF QSFWJPVT DMPTF BOE SPTF BHBJOTU UIF 5IBJ CBIU UP GSPN PO .POEBZ
8 ' ÐØØ´Ð K8řŚś¹ ©ÐÉÛØ 婨¨ 1 #O ب̿ۢ¨ jÌ©ØÌjØ©¿º 1&5"-*/( +":" .BMBZTJB "JSQPSUT )PMEJOHT #IE .")# IBT SFBDIFE B TFUUMFNFOU XJUI ,VBMB -VNQVS "WJBUJPO 'VFMMJOH 4ZTUFN 4EO #IE ,"'4 UISPVHI BO BSCJUSBUJPO QSPDFTT 5IJT SFTPMWFT B MPOH TUBOEJOH EJTQVUF JOWPMWJOH ,"'4 T DPNQFOTBUJPO DMBJN PG 3. NJMMJPO 5IF EJTQVUF XIJDI EBUFT CBDL UP XBT USJHHFSFE CZ ,"'4 T DMBJN GPS DPNQFOTBUJPO GPMMPXJOH UIF SFEVDUJPO PG UIF DPODFTTJPO QFSJPE VOEFS UIF BJSQPSU GBDJMJUJFT BHSFFNFOU TJHOFE JO 5IF JTTVF BSPTF BGUFS UIF HPWFSONFOU BOE .")# T TVCTJEJBSZ .BMBZTJB "JSQPSUT 4FQBOH 4EO #IE DIBOHFE UIFJS PQFSBUJPOBM BHSFFNFOU JO 5IJT NPEJGJDBUJPO SFEVDFE UIF DPODFTTJPO QFSJPE GSPN UP ZFBST TJHOJGJDBOUMZ JNQBDUJOH ,"'4 T PQFSBUJPOT *O SFTQPOTF UP UIF DIBOHF ,"'4 GJMFE GPS BSCJUSBUJPO TFFLJOH DPNQFOTBUJPO GPS UIF GJOBODJBM JNQBDU PG UIF DPODFTTJPO QFSJPE SFEVDUJPO *O UIF BSCJUSBUJPO USJCVOBM SVMFE UIBU ,"'4 XBT FOUJUMFE UP DPNQFOTBUJPO BMUIPVHI UIF FYBDU BNPVOU XBT EFGFSSFE UP TFQBSBUF QSPDFFEJOHT GPS EFUFSNJOBUJPO *O UIF TFUUMFNFOU SFBDIFE .")# DPOGJSNFE UIBU ,"'4 BOE JUT TVCTJEJBSZ ." 1SPQFSUJFT IBE TJHOFE BO BHSFFNFOU SFMBUJOH UP UIF DPNQFOTBUJPO BNPVOU )PXFWFS UIF EFUBJMT PG UIF DPNQFOTBUJPO GJHVSF IBWF OPU CFFO EJTDMPTFE i5IJT TFUUMFNFOU JT OPU FYQFDUFE UP IBWF B NBUFSJBM JNQBDU PO UIF DPNQBOZ T FBSOJOHT PS OFU BTTFUT GPS UIF GJOBODJBM ZFBS FOEJOH %FD w .")# TBJE JO B TUBUFNFOU 5IF DPNQBOZ GVSUIFS FNQIBTJTFE UIBU UIF TFUUMFNFOU IFMQT UP SFTPMWF BOZ SFNBJOJOH MFHBM MJBCJMJUJFT UJFE UP UIF EJTQVUF
æ¨jº¢ KjØÐ
"ES +#@ bSS @ t
W 99+@# ]]ŰE bt+@# ]]
bt+@# E
64 %PMMBS
"VTUSBMJBO %PMMBS #SVOFJ %PMMBS $BOBEJBO %PMMBS /FX ;FBMBOE %PMMBS 4JOHBQPSF %PMMBS 4UFSMJOH 1PVOE 4XJTT 'SBOD 6"& %JSIBN #BOHMBEFTI 5BLB %BOJTI ,SPOF )POHLPOH %PMMBS *OEJBO 3VQFF *OEPOFTJBO 3VQJBI +BQBOFTF :FO /PSXFHJBO ,SPOF 1BLJTUBO 3VQFF 1IJMJQQJOF 1FTP &VSP
/ "
/ " / "
$IJOFTF 3FONJOCJ
/FX 5BJXBO %PMMBS
2BUBS 3JZBM 4BVEJ 3JZBM
4PVUI "GSJDB 3BOE
4SJ -BOLB 3VQFF 4XFEJTI ,SPOB
5IBJ #BIU
WÊéØŤ ?½ûÄ ÄºÄ¥ ªŰ ØÄÃ
$j¹Û j ¨ Ûçě TjÌ¢Ø ÉÌ©Ě K8ŚěŝŘ
ÛØ¿¹¿Ø©ä >äÌå©¢¨Ø
Oj¹j© º $Ì¿ÛÉ ¨ Ûçě TjÌ¢Ø ÉÌ©Ě K8Ŗěśŗ
%FD 3.
%FD 3.
Source: Kenanga Research, MAA
8& QSPKFDU B 5*7 PG , VOJUT JO $: B NBSHJOBM JODSFBTF GSPN BO FTUJNBUFE , VOJUT JO $: 5IJT JT CBDLFE CZ CJHHFS QJF TMJDFT FODPNQBTTJOH J B WPMVNF ESJWFO BGGPSEBCMF TFHNFOU J F IFBMUIZ PSEFS CBDLMPH PG 1FSPEVB WFIJDMFT XIJDI XBT TVTUBJOFE BU NPSF UIBO , VOJUT EFTQJUF TUFBEZ NPOUIMZ EFMJWFSJFT JJ BUUSBDUJWF OFX MBVODIFT SFQMBDJOH PMEFS HFOFSBUJPO WFIJDMFT JJJ B EPXOUSBEJOH USFOE CZ NJE NBSLFU CVZFST BNJETU GVFM TVCTJEZ SBUJPOBMJ[BUJPO UPXBSET GVFM FGGJDJFOU WFIJDMFT XIJDI JODMVEF IZCSJE J F 5PZPUB $PSPMMB $SPTT CBUUFSZ FMFDUSJD WFIJDMFT #&7T J F #:% 4FBM BOE FOFSHZ FGGJDJFOU WFIJDMFT &&7T J F 1FSPEVB "YJB BOE JW B SJTJOH NBSLFU TIBSF PG $IJOFTF BVUPNBLFST WFIJDMFT UISPVHI WFIJDMFT QSPEVDUJPO MPDBMJTBUJPO QSPHSBNNF J F +BFDPP $IFSZ CSBOET GSPN UIF $IFSZ 4IBI "MBN BTTFNCMZ QMBOU BOE (8. #"*$ CSBOET GSPN UIF &1 .BOVGBDUVSJOH #IE &1.# .FMBLB BTTFNCMZ QMBOU 8F BMTP BOUJDJQBUF B NJE UFSN SFWJFX PG UIF /BUJPOBM "VUPNPUJWF 1PMJDZ /"1 UP JODMVEF IZCSJE WFIJDMFT BT B LFZ USBOTJUJPO UP UIF OBUJPOBM UBSHFU GPS &7T BOE IZCSJE WFIJDMFT PG PG 5*7 CZ $: BOE CZ $: 7FIJDMF TBMFT XJMM BMTP CF TVQQPSUFE CZ OFX #&7T UIBU FOKPZ 445 FYFNQUJPO BOE PUIFS &7 GBDJMJUJFT JODFOUJWFT VQ VOUJM $: GPS $#6T BOE $: GPS $,%T 5IF OFX SFHJTUSBUJPO GPS #&7T MFBQU GSPN VOJUT JO $: UP PWFS VOJUT JO $: VOJUT JO $: BOE BMNPTU VOJUT GPS .$: CBTFE PO UIF 5SBOTQPSU .JOJTUSZ T QSFTT SFMFBTF PS PG 5*7 8F FYQFDU NPSF GBWPVSBCMF JODFOUJWFT GSPN UIF HPWFSONFOU XIJDI IBT TFU B OBUJPOBM UBSHFU GPS &7T BOE IZCSJE WFIJDMFT PG PG 5*7 CZ $: BOE CZ $: .FBOXIJMF UIF HPWFSONFOU XJMM TQFFE VQ UIF BQQSPWBM GPS DIBSHJOH TUBUJPOT 5IF OVNCFS PG QSPQPTFE DIBSHJOH TUBUJPOT JT DVSSFOUMZ BU CVJMU UP EBUF BOE UIJT TIPVME NPSF UIBO EPVCMF UP CZ FOE $: o ,FOBOHB 3FTFBSDI %FD
Source: RHB Research, Bloomberg
Source: RHB Research, Bloomberg
(".6%" BOOPVODFE UIBU JU IBT FOUFSFE JOUP B TBMFT BOE QVSDIBTF BHSFFNFOU XJUI 8FTU 4ZOFSHZ BO JOEJSFDU TVCTJEJBSZ PG .6* 1SPQFSUJFT GPS UIF BDRVJTJUJPO PG BDSFT PG GSFFIPME MBOE PWFS GPVS DPOUJHVPVT MBOE QBSDFMT JO 4QSJOHIJMM 1PSU %JDLTPO /FHSJ 4FNCJMBO GPS B DBTI DPOTJEFSBUJPO PG 3. NJMMJPO (". T NBJO JOUFOUJPO UP BDRVJSF UIF MBOE QMPUT JT UP EFWFMPQ DMPVE BOE EBUB DFOUSF %$ JOGSBTUSVDUVSF o FYQBOEJOH JUT SPMF CFZPOE B DPOUSBDUPS GPS %$T 5IF FYJTUJOH UJUMF PG UIF MBOE JT DBUFHPSJTFE GPS BHSJDVMUVSBM VTF BOE POF PG UIF DPOEJUJPOT QSFDFEFOU GPS UIF EFBM UP HP UISPVHI JT DPOWFSUJOH UIF MBOE GPS JOEVTUSJBM VTF IFODF UIF QMBO UP EFWFMPQ %$T 0O GVSUIFS TDSVUJOZ UIF QVSDIBTF QSJDF PG 3. NJMMJPO PS 3. QFS TR GU GPS UIF GPVS MBOE QMPUT SFQSFTFOUT B QSFNJVN UP UIFJS NBSLFU WBMVF o XIJDI XF WJFX JT KVTUJGJBCMF JO MJHIU PG UIF %$ FMFNFOU JO QMBZ 5IF MBOE QVSDIBTF JT FYQFDUFE UP CF DPNQMFUFE CZ UIF FOE PG +VMZ "TTVNJOH UIBU PG UIF BDSFT PS BDSFT XPVME CF FBSNBSLFE GPS %$ EFWFMPQNFOU XF FTUJNBUF UIF QPUFOUJBM %$ DBQBDJUZ UP CF BU .8 XIJDI DPVME HJWF B KPC WBMVF PG 3. CJMMJPO 5IJT JT CBTFE PO UIF CFODINBSL GSPN UIF %$ UIBU (". JT CVJMEJOH JO &MNJOB #VTJOFTT 1BSL XIJDI JT SPVHIMZ 3. NJMMJPO QFS .8 BOE .8 QFS BDSF BT QFS PVS DBMDVMBUJPOT 8F WJFX UIBU UIF PGGUBLFS XPVME CF BO JOUFSOBUJPOBM ./$ XIJMF XF IBWF ZFU UP LOPX UIF LJOE PG TUSVDUVSF XIJDI (". XPVME EFWFMPQ UIF %$ GPS UIF PGGUBLFS 3FDBMM UIBU (". JT SFBEZ UP FOBCMF FJHIU %$ CVJMET BU B UJNF XJUI UISFF DVSSFOUMZ CFJOH DPOTUSVDUFE #6: XJUI OFX 401 CBTFE 3. 51 o 3)# 3FTFBSDI %FD
4"."*%&/ IBT SFDFJWFE B MFUUFS PG OPUJGJDBUJPO BT B TIPSUMJTUFE CJEEFS GSPN UIF &OFSHZ $PNNJTTJPO &$ UP EFWFMPQ B .8 MBSHF TDBMF TPMBS QIPUPWPMUBJD -4417 QMBOU JO 1BTJS .BT ,FMBOUBO VOEFS 1BDLBHF .8 UP .8 DBUFHPSZ PG UIF -44 QSPHSBNNF 5IF QPXFS QVSDIBTF BHSFFNFOU 11" XJUI 5FOBHB /BTJPOBM XJMM CF GPS ZFBST XJUI UIF QMBOU T DPNNFSDJBM PQFSBUJPO EBUF $0% UBSHFUFE GPS 0DU 8F BSF TUJMM VOBCMF UP BTDFSUBJO UIF BDUVBM FBSOJOHT JNQBDU GPS UIJT QSPKFDU QFOEJOH EJTDMPTVSF PG UBSJGG BOE DBQFY "TTVNJOH B QSPKFDU *33 PG BOE 3. NJMMJPO QFS .8 DBQFY UIF QSPKFDU DPVME DPOUSJCVUF BO BWFSBHF OFU QSPGJU PG 3. NJMMJPO QB )PXFWFS XF BSF BXBSF UIBU UIJT XJMM MJLFMZ QVU UIF HSPVQ JO B OFU EFCU QPTJUJPO 'PMMPXJOH &$ T OPUJGJDBUJPO PG TIPSUMJTUFE CJEEFST XF FYQFDU &1$$ DPOUSBDUT GPS -44 UP CFHJO NBUFSJBMJTJOH JO ) 5IF HSPVQ IBT TUBUFE JUT JOUFOUJPO UP DBQUVSF BU MFBTU PG UIF BWBJMBCMF PQQPSUVOJUJFT BU MFBTU (8 8F LFFQ PVS FBSOJOHT FTUJNBUFT VODIBOHFE BT DPOUSJCVUJPOT GSPN UIJT QSPKFDU BSF POMZ FYQFDUFE UP TUSFBN JO GSPN POXBSET "T UIJT XJO IBT OPU ZFU CFFO GBDUPSFE JOUP PVS 51 EVF UP QFOEJOH EFUBJMT UIF QPUFOUJBM VQTJEF o BTTVNJOH 4BNBJEFO IBT B TUBLF o JT FTUJNBUFE BU 0VS 51 BMTP JODMVEFT B &4( QSFNJVN BT 4BNBJEFO T &4( TDPSF JT BCPWF UIF DPVOUSZ NFEJBO PG HJWFO JUT QSPWFO USBDL SFDPSE BOE POHPJOH QBSUJDJQBUJPO JO -44 QSPKFDUT 4BNBJEFO JT XFMM QPTJUJPOFE UP CFOFGJU GSPN UIF FYQBOEJOH EFNBOE GPS 3& TPMVUJPOT SFJOGPSDJOH JUT MPOH UFSN HSPXUI QPUFOUJBM #6: XJUI 3. 51 o 3)# 3FTFBSDI %FD
Made with FlippingBook - Online Brochure Maker