23/01/2025

˻ ͓͔ ˜ ͓͓͖͑

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 ̩ЉРj¢j©ºÐØ ¿´´jÌ jÐ 8j´jçЩjĞÐ ©º’´jØ©¿º Ì¿ÉÐ 5)& SJOHHJU DMPTFE IJHIFS BHBJOTU UIF 64 EPMMBS ZFTUFSEBZ TVQQPSUFE CZ EBUB TIPXJOH B EFDMJOF JO .BMBZTJB T JOGMBUJPO SBUF TBJE BO FDPOPNJTU "DDPSEJOH UP UIF %FQBSUNFOU PG 4UBUJTUJDT .BMBZTJB %P4. .BMBZTJB T JOGMBUJPO SBUF GPS %FDFNCFS NPEFSBUFE UP DPNQBSFE UP UIF BOOVBM SBUF PG "U QN UIF SJOHHJU HBJOFE UP WFSTVT UIF HSFFOCBDL GSPN 5VFTEBZ T DMPTJOH PG #BOL .VBNBMBU .BMBZTJB #IE DIJFG FDPOPNJTU %S .PIE "G[BOJ[BN "CEVM 3BTIJE TBJE UIBU EPNFTUJDBMMZ MPX JOGMBUJPO BU JO %FDFNCFS BOE GPS TVHHFTUT UIBU UIF .BMBZTJBO FDPOPNZ IBT CFFO HSPXJOH EFDFOUMZ i5IF FDPOPNZ XBT BCMF UP HSPX BCPWF JO CVU UIF JOGMBUJPO SBUF SFNBJOFE DPOUBJOFE 5IFSFGPSF GVOEBNFOUBMMZ TQFBLJOH UIF .BMBZTJBO FDPOPNZ JT JO HPPE TIBQF BOE JU TIPVME BUUSBDU GPSFJHO GVOET UP DPNF BOE JOWFTU JO .BMBZTJBw IF UPME #FSOBNB "U UIF DMPTF UIF SJOHHJU USBEFE NPTUMZ MPXFS BHBJOTU PUIFS NBKPS DVSSFODJFT *U SPTF NBSHJOBMMZ WFSTVT UIF +BQBOFTF ZFO UP GSPN 5VFTEBZ T DMPTF PG )PXFWFS JU EFQSFDJBUFE WJT B WJT UIF FVSP UP GSPN PO 5VFTEBZ BOE TMJE BHBJOTU UIF #SJUJTI QPVOE UP GSPN QSFWJPVTMZ .FBOXIJMF UIF MPDBM OPUF USBEFE IJHIFS BHBJOTU "TFBO DVSSFODJFT *U HBJOFE BHBJOTU UIF *OEPOFTJBO SVQJBI BU GSPN PO 5VFTEBZ JNQSPWFE BHBJOTU UIF 1IJMJQQJOFT QFTP UP GSPN JODIFE VQ BHBJOTU UIF 5IBJ CBIU UP GSPN 5VFTEBZ T BOE BQQSFDJBUFE BHBJOTU UIF 4JOHBQPSF EPMMBS UP GSPN QSFWJPVTMZ

9¿Ìب‰Ìº O¿´jÌĞÐ (H> ¿ä‰ÌÐÛЀ̩‰ ç ŜŘ Ø©¹‰Ð ,6"-" -6.163 "$& .BSLFU CPVOE /PSUIFSO 4PMBS )PMEJOHT #IE T JOJUJBM QVCMJD PGGFSJOH *10 GPS UIF QVCMJD QPSUJPO IBT CFFO PWFSTVCTDSJCFE CZ UJNFT *O B TUBUFNFOU ZFTUFSEBZ UIF TPMBS SFOFXBCMF FOFSHZ DPNQBOZ TBJE JU SFDFJWFE BQQMJDBUJPOT GPS CJMMJPO TIBSFT WBMVFE BU 3. NJMMJPO DPNQBSFE UP UIF NJMMJPO TIBSFT BWBJMBCMF GPS QVCMJD TVCTDSJQUJPO i5IF CVNJQVUSB QVCMJD QPSUJPO PG TIBSFT XBT PWFSTVCTDSJCFE CZ UJNFT BGUFS B UPUBM PG BQQMJDBUJPOT GPS NJMMJPO OFX TIBSFT SFDFJWFE i'PS UIF OPO CVNJQVUSB QVCMJD QPSUJPO B UPUBM PG BQQMJDBUJPOT GPS NJMMJPO OFX TIBSFT XFSF SFDFJWFE XIJDI SFQSFTFOUT BO PWFSTVCTDSJQUJPO SBUF PG UJNFTw TBJE /PSUIFSO 4PMBS 5IF *10 BMTP JODMVEFE B QJOL GPSN BMMPDBUJPO PG NJMMJPO TIBSFT GPS FMJHJCMF EJSFDUPST FNQMPZFFT BOE DPOUSJCVUPST UP UIF DPNQBOZ XIJDI XBT GVMMZ TVCTDSJCFE /PSUIFSO 4PMBS NBOBHJOH EJSFDUPS -FX 4IPPOH ,BJ TBJE UIBU XJUI UIF *10 GVOET JO QMBDF UIF DPNQBOZ JT XFMM QPTJUJPOFE UP JNQMFNFOU JUT FYQBOTJPO QMBOT BOE DBQJUBMJTF PO UIF HSPXUI PQQPSUVOJUJFT JO UIF TPMBS SFOFXBCMF FOFSHZ TFDUPS i*U XJMM BMTP TVQQPSU UIF DPNQBOZ T HFPHSBQIJDBM FYQBOTJPO JO UIF OPSUIFSO BOE TPVUIFSO SFHJPOT PG .BMBZTJB QSJNBSJMZ JO 1FOBOH 1FSBL ,FEBI 1FSMJT BOE 4BCBI BT XFMM BT FYQBOE PVS FYJTUJOH PGGJDF JO +PIPSw IF TBJE 5IF DPNQBOZ XJMM JTTVF NJMMJPO OFX TIBSFT BU 3. FBDI BJNJOH UP SBJTF 3. NJMMJPO XIJMF FYJTUJOH TIBSFIPMEFST XJMM BMTP TFMM NJMMJPO TIBSFT UISPVHI QSJWBUF QMBDFNFOU /PSUIFSO 4PMBS JT FYQFDUFE UP MJTU PO UIF "$& .BSLFU PG #VSTB .BMBZTJB PO 'FC o #FSOBNB

怨jº¢‰ Kj؉Ð

"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 $IJOFTF 3FONJOCJ %BOJTI ,SPOF )POHLPOH %PMMBS *OEJBO 3VQFF *OEPOFTJBO 3VQJBI +BQBOFTF :FO /PSXFHJBO ,SPOF 1BLJTUBO 3VQFF 1IJMJQQJOF 1FTP &VSP

/ "

/ " / "

/FX 5BJXBO %PMMBS

2BUBS 3JZBM 4BVEJ 3JZBM

4PVUI "GSJDB 3BOE 4SJ -BOLB 3VQFF 4XFEJTI ,SPOB

5IBJ #BIU

WÊ騐šŤ ?„½„û„Ä „ĺĥ ª–Ű šØÄ„Ä

OÛºåjç K (T '¿´ ě TjÌ¢‰Ø ÉÌ©€‰Ě K8ŖěŝŜ

jØjпº©€ $Ì¿ÛÉ ¨ Ûçě TjÌ¢‰Ø ÉÌ©€‰Ě K8ŕěśŖ

(8 $Ì¿ÛÉ '¿´ ©º¢Ð ¨ 8j̲‰Øě TjÌ¢‰Ø ÉÌ©€‰Ě K8Ŝěśŕ

+BO 3.

+BO 3.

+BO 3.

Source: Kenanga Research

08/&% $*.# 5IBJ SFQPSUFE ': OFU QSPGJU PG 5)# CJMMJPO XIJDI TVSHFE CZ USBOTMBUJOH UP 3. NJMMJPO PS PG PVS PWFSBMM FBSOJOHT FTUJNBUF XFMM XJUIJO JUT IJTUPSJDBM DPOUSJCVUJPO PG UP UIF HSPVQ :P: ': OFU JOUFSFTU JODPNF PG 5)# CJMMJPO EFDMJOFE CZ JO UBOEFN XJUI TPGUFS /*.T BU CQT EFTQJUF MPBOT JNQSPWJOH CZ .FBOXIJMF UPUBM PQFSBUJOH JODPNF SPTF CZ TVQQMFNFOUFE CZ CFUUFS OFU GFF CBTFE JODPNF BOE JOWFTUNFOU HBJOT BNJE GFXFS /1- TBMFT PWFSBMM CSJOHJOH $*3 EPXO UP QQU BOE GPS 1101 UP HSPX CZ $SFEJU DPTU PG UIF ZFBS BMTP JNQSPWFE UP CQT CQT TVQQPSUFE CZ B MPXFS /1- PG QQU BT B SFTVMU PG $*.# 5IBJ T POHPJOH FGGPSUT UP UJHIUFO JUT DPSQPSBUF CPPLT UP GPDVT PO CFUUFS RVBMJUZ DPOTVNFST QPSUGPMJP *U DPOUJOVFE UP UPQ VQ JUT MPBO MPTT DPWFSBHF DMPTJOH BU QQUT "MM JO UIJT MFE UP UIF JODSFBTF JO OFU FBSOJOHT 2P2 2 OFU FBSOJOHT BMTP SFQPSUFE TJHOJGJDBOU HBJOT NBJOMZ UIBOLT UP UIF TBNF HBJOT PO JOWFTUNFOUT BNJE /*.T EFDMJOJOH CZ CQT MJLFMZ GSPN B NPSF DPNQFUJUJWF ZFBS FOE TFBTPO 5IF TUBCJMJTBUJPO PG 5IBJMBOE T QPMJUJDBM MBOETDBQF GPMMPXJOH UIF SFDFOU JOTUBMMBUJPO PG B OFX QSJNF NJOJTUFS XPVME TVQQPSU B CFUUFS PQFSBUJOH FOWJSPONFOU GPS CVTJOFTTFT BOE JOWFTUNFOUT 8IJMF $*.# 5IBJ T FBSOJOHT JNQSPWFNFOU BQQFBST DPNNFOEBCMF UIFSF JT TUJMM NPSF UP CF EFTJSFE GSPN JUT ': 30& PG BHBJOTU JUT MPDBM QFFS BWFSBHF PG 5IF HSPVQ DPOUJOVFT UP EFQMPZ NPSF SFUBJM DFOUSJD TUSBUFHJFT UP PODF BHBJO NJOJNJTF JUT FYQPTVSF UP SJTLJFS OPO DPOTVNFS BDDPVOUT ."3,&5 1&3'03. XJUI 3. 51 o ,FOBOHB 3FTFBSDI +BO

Source: Maybank Investment Bank

Source: Bloomberg

43&*5 IBT QSPQPTFE UP BDRVJSF "&0/ .BMM 4FSJ .BOKVOH JO 1FSBL GPS 3. NJMMJPO 5IF QSPQPTFE BDRVJTJUJPO JOWPMWFT B QBSDFM PG DPNNFSDJBM MBOE XJUI B UXP TUPSFZ SFUBJM TIPQQJOH DFOUSF 5IF WFOEPS ,BS 4JO #IE BOE :/) )PTQJUBMJUZ 4# BSF XIPMMZ PXOFE TVCTJEJBSJFT PG :/) 1SPQFSUZ 5IF BDRVJTJUJPO QSJDF SFGMFDUT B EJTDPVOU UP UIF JOEFQFOEFOU NBSLFU WBMVBUJPO PG 3. NJMMJPO 5IF QSPQFSUZ XJUI B HSPTT GMPPS BSFB PG L TR GU JT TPMFMZ UFOBOUFE UP "&0/ $P . #IE FOTVSJOH TUBCMF SFOUBM JODPNF GPS UIF OFYU ZFBST VOUJM %FD 5IF EFBM JT FYQFDUFE UP CF DPNQMFUFE CZ ) BOE XJMM CF FOUJSFMZ GVOEFE UISPVHI EFCU 5IF NBMM SFQPSUFE SFOUBM JODPNF PG 3. NJMMJPO BOE BO FTUJNBUFE OFU QSPQFSUZ JODPNF /1* PG 3. NJMMJPO GPS ': +VOF USBOTMBUJOH UP BO JOJUJBM /1* ZJFME PG GPS 43&*5 8F FTUJNBUF UIBU UIJT BDRVJTJUJPO XJMM SBJTF PVS ': FBSOJOHT GPSFDBTUT CZ BOE SFTQFDUJWFMZ SFTVMUJOH JO TJNJMBS JODSFBTFT JO ': %16 BOE &16 1PTU BDRVJTJUJPO HSPTT HFBSJOH JT FTUJNBUFE UP JODSFBTF TMJHIUMZ UP Y GSPN Y BT PG 4FQU 5IF BDRVJTJUJPO PG "&0/ .BMM 4FSJ .BOKVOH BMJHOT XJUI 43&*5 T GPDVT PO JUT DPSF SFUBJM TFDUPS *O UIF OFBS UFSN 43&*5 T FBSOJOHT HSPXUI XJMM DPOUJOVF UP CF ESJWFO CZ JUT SFUBJM BOE IPTQJUBMJUZ BTTFUT TVQQPSUFE CZ SFDFOU BDRVJTJUJPOT JODMVEJOH (JBOU )ZQFSNBSLFUT 4VOXBZ .BMM 1SBJ *OEVTUSJBM BOE 4VOXBZ ,MVBOH .BMM BT XFMM BT SFDPWFSZ JO JOUFSOBUJPOBM MFJTVSF USBGGJD DPSQPSBUF USBWFM BOE .*$& BDUJWJUJFT )0-% XJUI 3. 51 o .BZCBOL *OWFTUNFOU #BOL +BO

%40/ SFDFJWFE UIF FYUFOTJPO GSPN ,%/ GPS .BMBZTJBO QBTTQPSU EPDVNFOU BOE QPMZDBSCPOBUF CJPEBUB QBHF TVQQMZ GPS BO BEEJUJPOBM UIJSE DFJMJOH DPOUSBDU WBMVF PG 3. NJMMJPO 5IJT FYUFOTJPO JT GPS BOPUIFS ZFBS GSPN %FD UP /PW 8F VOEFSTUBOE QSPQPTBMT GPS BO JNQSPWFE WFSTJPO PG TVDI QBTTQPSU TPMVUJPOT BOE OFX QSJOUJOH TZTUFNT BSF TUJMM CFJOH FWBMVBUFE 4FQBSBUFMZ %40/ XPO UIF DPNQSFIFOTJWF NBJOUFOBODF TFSWJDFT DPOUSBDU GPS UIF '-$ JNBHF TZTUFN GSPN UIF NJOJTUSZ 5IJT 3. NJMMJPO DPOUSBDU JODMVEFT FRVJQNFOU TPGUXBSF BOE BQQMJDBUJPO BU BMM *NNJHSBUJPO %FQBSUNFOU PG .BMBZTJB JTTVJOH BOE SFDFJWJOH PGGJDFT GPS B QFSJPE PG NPOUIT DPNNFODJOH 'FC UP 'FC 5IJT DPOUSBDU XJO JT XJUIJO PVS PSEFS SFQMFOJTINFOU BTTVNQUJPOT 'PMMPXJOH UIF DPOUSBDU FYUFOTJPOT UIF DVSSFOU PSEFSCPPL JT JO FYDFTT PG 3. NJMMJPO .BOBHFNFOU BMTP SFNBJOT DPNNJUUFE UPXBSET QFOFUSBUJOH JOUP NPSF PWFSTFBT QSPKFDUT HJWFO %40/ T DPTU DPNQFUJUJWFOFTT BOE TFDVSJUZ EPDVNFOUT RVBMJUZ -PDBMMZ NPSF BVUP HBUF BOE *5 SFMBUFE KPCT BSF CFJOH UBSHFUFE 5IF HSPVQ T FBSOJOHT PVUMPPL SFNBJOT IFBMUIZ PO UIF CBDL PG TVTUBJOFE TUSPOH EFNBOE GPS JUT WBSJPVT HPWFSONFOU SFMBUFE TPMVUJPOT BOE NBSHJOT FYQBOTJPO TUFNNJOH GSPN "41 BEKVTUNFOUT 5IF DVSSFOU TIBSF QSJDF PWFSIBOH GSPN UIF BCTFODF PG MPOH UFSN DPOUSBDU FYUFOTJPOT GPS CPUI PG %40/ T .Z,BE BOE QBTTQPSU SFMBUFE TPMVUJPOT TIPVME FBTF XJUI ZFU BOPUIFS DPOUSBDU FYUFOTJPO CFJOH TFDVSFE #6: XJUI 3. 51 o 3)# 3FTFBSDI +BO

Made with FlippingBook - professional solution for displaying marketing and sales documents online