29/01/2025
BIZ & FINANCE ˻ ͓͚ ˜ ͓͓͖͑
20
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 j´´Ð ¿º WO ØjÌ© ÛºÌØj©ºØçĘ åj² кة¹ºØ 5)& SJOHHJU DMPTFE MPXFS BHBJOTU UIF 64 EPMMBS ZFTUFSEBZ QSFTTVSFE CZ TVCEVFE HMPCBM SJTL TFOUJNFOU BOE POHPJOH EFWFMPQNFOUT JO 64 UBSJGGT TBJE 41* "TTFU .BOBHFNFOU NBOBHJOH QBSUOFS 4UFQIFO *OOFT "U QN UIF SJOHHJU XFBLFOFE UP BHBJOTU UIF HSFFOCBDL EPXO GSPN .POEBZ T DMPTF PG *OOFT TBJE SFQPSUT SFWFBMFE 64 5SFBTVSZ 4FDSFUBSZ 4DPUU #FTTFOU T QSPQPTBM GPS QIBTFE UBSJGGT TUBSUJOH BU VOTFUUMJOH NBSLFUT i5IF QIBTFE BQQSPBDI TPGUFOT UIF JNNFEJBUF EPMMBS TVSHF BOE HJWFT FDPOPNJFT SPPN GPS OFHPUJBUJPO w IF UPME #FSOBNB "MUIPVHI .BMBZTJB JT OPU EJSFDUMZ UBSHFUFE JUT FDPOPNJD SFMJBODF PO $IJOB QPTFT B SJTL i5SBEFST BSF FWBMVBUJOH IPX NVDI PG UIF UBSJGG QMBO JT QSJDFE JO BOE XIFUIFS UIF EPMMBS T TUSFOHUI XJMM QFSTJTU w IF BEEFE "U UIF DMPTF UIF SJOHHJU USBEFE NPTUMZ IJHIFS BHBJOTU PUIFS NBKPS DVSSFODJFT *U HBJOFE BHBJOTU UIF +BQBOFTF ZFO BU GSPN BOE TUSFOHUIFOFE BHBJOTU UIF FVSP BU GSPN PO .POEBZ )PXFWFS JU FEHFE MPXFS BHBJOTU UIF #SJUJTI QPVOE UP GSPN QSFWJPVTMZ 5IF SJOHHJU XBT NJYFE BHBJOTU "TFBO DVSSFODJFT *U SPTF BHBJOTU UIF 4JOHBQPSF EPMMBS UP GSPN BOE GJSNFE BHBJOTU UIF 5IBJ CBIU UP GSPN $POWFSTFMZ JU XFBLFOFE BHBJOTU UIF *OEPOFTJBO SVQJBI UP GSPN BOE TMJQQFE BHBJOTU UIF 1IJMJQQJOF QFTP UP GSPN
> '¿´ ©º¢Ð ÌÉ¿ÌØÐ JŗĞŗŚ ÌäºÛ ¿ K8ŖŗěŜ¹ ,6"-" -6.163 3FDFOUMZ MJTUFE 0# )PMEJOHT #IE B GPSUJGJFE GPPE BOE CFWFSBHFT ' # BOE EJFUBSZ TVQQMFNFOUT NBOVGBDUVSJOH TFSWJDFT QSPWJEFS SFDPSEFE B SFWFOVF PG 3. NJMMJPO SFQSFTFOUJOH B RVBSUFS PO RVBSUFS 2P2 JODSFBTF JO JUT TFDPOE RVBSUFS 2 GSPN 3. NJMMJPO JO UIF JNNFEJBUF QSFDFEJOH RVBSUFS 2 5IJT HSPXUI XBT NBJOMZ ESJWFO CZ TUSPOHFS DPOUSJCVUJPOT GSPN UIF DPNQBOZ T LFZ SFWFOVF TFHNFOUT 5IF NBOVGBDUVSJOH TFSWJDFT TFHNFOU DPOUSJCVUFE 3. NJMMJPO BDDPVOUJOH GPS PG UPUBM SFWFOVF UIF TBMFT PG IPVTF CSBOET QSPEVDUT TFHNFOU EFMJWFSFE 3. NJMMJPO PS PG UIF UPUBM SFWFOVF XIJMF UIF SFNBJOJOH 3. NJMMJPO PS JT DPOUSJCVUFE CZ UIF USBEJOH PG NJML QPXEFS BOE PUIFS BDUJWJUJFT TFHNFOU 5IF DPNQBOZ SFQPSUFE B QSPGJU BGUFS UBY 1"5 PG 3. NJMMJPO JO 2 "GUFS BEKVTUJOH GPS B POF UJNF MJTUJOH FYQFOTF PG 3. NJMMJPO UIF BEKVTUFE 1"5 TUPPE BU 3. NJMMJPO EVSJOH UIF RVBSUFS VOEFS SFWJFX "T B SFTVMU UIF BEKVTUFE 1"5 NBSHJO GPS 2 JNQSPWFE TJHOJGJDBOUMZ UP DPNQBSFE UP UIF SFQPSUFE 1"5 NBSHJO PG 'PS ) 0# )PMEJOHT HFOFSBUFE B UPUBM SFWFOVF PG 3. NJMMJPO 5IF BEKVTUFE 1"5 GPS UIF QFSJPE XBT 3. NJMMJPO SFGMFDUJOH BO BEKVTUFE 1"5 NBSHJO PG 'PS UIF RVBSUFS VOEFS SFWJFX UIF #PBSE IBT EFDMBSFE B GJSTU JOUFSJN TJOHMF EJWJEFOE PG TFO QFS PSEJOBSZ TIBSF 5IJT JT UIF TFDPOE JOUFSJN GJOBODJBM SFQPSU BOOPVODFE JO DPNQMJBODF XJUI UIF "$& .BSLFU -JTUJOH 3FRVJSFNFOUT PG #VSTB .BMBZTJB 4FDVSJUJFT #IE 5IFSF BSF OP DPNQBSBUJWF GJHVSFT GPS UIF QSJPS ZFBS T DPSSFTQPOEJOH RVBSUFS BT OP JOUFSJN GJOBODJBM SFQPSU XBT QSFQBSFE GPS UIF DPNQBSBUJWF RVBSUFS DPODFSOFE
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 $IJOFTF 3FONJOCJ %BOJTI ,SPOF )POHLPOH %PMMBS *OEJBO 3VQFF *OEPOFTJBO 3VQJBI +BQBOFTF :FO /FX 5BJXBO %PMMBS /PSXFHJBO ,SPOF 1BLJTUBO 3VQFF 1IJMJQQJOF 1FTP &VSP
/ " / "
/ " / "
/ " / "
2BUBS 3JZBM 4BVEJ 3JZBM
4PVUI "GSJDB 3BOE
4SJ -BOLB 3VQFF 4XFEJTI ,SPOB
5IBJ #BIU
WÊéØŤ ?½ûÄ ÄºÄ¥ ªŰ ØÄÃ
ÛØ¿¹¿Ø©ä >äÌå©¢¨Ø
ÛÌÐj 8j´jçЩj ¨ >ÛØÉ̹̿ě TjÌ¢Ø ÉÌ©Ě K8ŞěŜŕ
O¿´jÌäÐØ '¿´ ©º¢Ð ¨ >ÛØÉ̹̿ě TjÌ¢Ø ÉÌ©Ě K8ŖěŞŞ
+BO 3.
+BO 3.
Source: Kenanga Research, MAA
Source: Kenanga Research
Source: Kenanga Research
5*7 TPBSFE .P. UP VOJUT JO %FDFNCFS BT DPOTVNFST SFBQ UIF NBYJNVN TBWJOHT GSPN UIF ZFBS FOE QSPNPUJPO XIJDI UZQJDBMMZ PGGFST UIF CJHHFTU EJTDPVOUT JO %FDFNCFS BT XFMM BT BVUPNBLFST QVTIJOH QSPEVDUJPO MJNJU UP DMFBS JOWFOUPSJFT 5*7 DMPTFE BU BO BOOVBM SFDPSE PG L VOJUT XIJDI JT XJUIJO PVS FYQFDUBUJPO )POEB T .P. :P: TBMFT XFSF ESJWFO CZ UIF $JUZ $JWJD BOE BMM OFX )3 7 #BTFE PO TBMFT QSPKFDUJPO )POEB DVSSFOUMZ IBT , CBDLMPHHFE PSEFST ¦ NPOUIT $PNQFUJUJPO XJTF )POEB T UPQ WBSJBOUT J F UIF )3 7 BOE $3 7 BSF TFFO UP CF MPTJOH NBSLFU TIBSF UP UIF OFXDPNFS $IFSZ 5PZPUB T .P. :P: TBMFT XFSF ESJWFO CZ JUT QPQVMBS UPQ NPEFMT OBNFMZ UIF BMM OFX 7JPT :BSJT CFTU TFMMJOH $PSPMMB $SPTT IZCSJE BOE )JMVY #BTFE PO TBMFT QSPKFDUJPO 5PZPUB DVSSFOUMZ IBT L CBDLMPHHFE PSEFST ¦ NPOUIT .B[EB .P. :P: XBT ESJWFO CZ UIF .B[EB $9 UIF $9 BOE $9 1SPUPO T .P. :P: TBMFT XFSF NBJOMZ ESJWFO CZ UIF BMM OFX 9 9 BOE 9 467 VOJUT TPME NBLJOH VQ PG TBMFT BOE TVQQPSUFE CZ UIF BMM OFX 4 BT XFMM BT UIF GBDF MJGUFE 1FSTPOB *SJ[ &YPSB BOE 4BHB #BTFE PO TBMFT QSPKFDUJPO 1SPUPO DVSSFOUMZ IBT L CBDLMPHHFE PSEFST VQ UP NPOUIT GPS UIF 9 BOE CZ GJWF NPOUIT GPS PUIFS NPEFMT .FBOXIJMF /JTTBO .P. :P: JT TUJMM MPTJOH PVU JO UIF BMM OFX WFIJDMFT SBDF NBJOMZ EFQFOEFOU PO JUT NBTTJWF SFCBUFT UP TUBZ JO DPNQFUJUJPO $VSSFOUMZ /JTTBO EFQFOET PO UIF GBDF MJGUFE /JTTBO 4FSFOB 4 )ZCSJE /BWBSB BOE "MNFSB 5VSCP XJUI L CBDLMPHHFE PSEFST ¦ NPOUIT 1FSPEVB T .P. :P: TBMFT DPOUJOVFE UP CF QSPQFMMFE CZ UIF BMM OFX 1FSPEVB "M[B BOE BMM OFX 1FSPEVB "YJB XJUI FRVBMMZ TUSPOH TBMFT PG UIF #F[[B .Z7J BOE "UJWB NPEFMT o ,FOBOHB 3FTFBSDI +BO
#634" T ': OFU QSPGJU PG 3. NJMMJPO NBEF VQ PG CPUI PVS GVMM ZFBS GPSFDBTU BOE DPOTFOTVT GVMM ZFBS FTUJNBUFT 0O UPQ PG BO TFO GJOBM EJWJEFOE GVMM ZFBS TFO QBZPVU #634" IBE BOOPVODFE B TQFDJBM EJWJEFOE PG TFO UPUBM QBZPVU XIJDI XF IBE BMTP FYQFDUFE TJODF JU IBE MBTU EFDMBSFE TQFDJBMT JO ': BMTP BU TFO :P: ': PQFSBUJOH SFWFOVF HSFX CZ XJUI CPUI TFDVSJUJFT BOE EFSJWBUJWF NBSLFUT SFHJTUFSFE TUSPOHFS USBEJOH SFWFOVFT GSPN CFUUFS TFOUJNFOU 8F OPUF UIBU "%7 GPS $: DBNF JO BU 3. CJMMJPO 0WFSBMM BEKVTUJOH GPS ': T POF PGG QSPWJTJPOT PO DFSUBJO *5 JOGSBTUSVDUVSF DPSF OFU QSPGJU PG 3. NJMMJPO USBOTMBUFE UP B HBJO 2P2 2 PQFSBUJOH SFWFOVF EFDMJOFE CZ PO UIF CBDL PG TFDVSJUJFT NBSLFUT DPNJOH PGG B IJHI CBTF JO 2 XIFSF GPSFJHO CVZJOH JOUFSFTU IBE QFBLFE GPS UIF ZFBS 5IJT MFE UP B TFRVFOUJBM TPGUOFTT JO "%7 UP 3. CJMMJPO (PJOH JOUP ': #634" BTQJSFT GPS B TUSPOHFS *10 QJQFMJOF PG *10T BDSPTT .BJO "$& BOE -FBQ .BSLFUT XJUI B UPUBM *10 NBSLFU DBQ PG 3. CJMMJPO 5IF MBSHFS CBTF PG TFDVSJUJFT XPVME BMTP GVFM JUT OPO USBEJOH SFWFOVF HSPXUI UBSHFU PG )PXFWFS UIF HSPVQ JT TUJMM FZFJOH GPS B TMJHIUMZ DPOTFSWBUJWF 1#5 EFMJWFSZ PG 3. 3. NJMMJPO CFMPX ': T 3. NJMMJPO 8F DPOUJOVF UP FZF B ': ' "%7 PG 3. CJMMJPO +BO :5% 3. CJMMJPO BOUJDJQBUJOH UIF QSFTFOU TPGUOFTT QPTU 5SVNQ JOBVHVSBUJPO UP QBTT 5SBEJOH JOUFSFTU JO .BMBZTJBO FRVJUJFT DPVME CF SFWJUBMJTFE CZ J NPSF CFOFGJDJBSJFT FNFSHJOH GSPN UIF +PIPS 4QFDJBM &DPOPNJD ;POF JJ EBUB DFOUSF EFWFMPQNFOUT DPOTUSVDUPST BOE MBOEPXOFST BOE JJJ OFU FYQPSUFST CFOFGJUUJOH GSPN QPUFOUJBM TPGUFOJOH PG .:3 0651&3'03. XJUI 3. 51 o ,FOBOHB 3FTFBSDI +BO
4-7&45 JT BDRVJSJOH B FRVJUZ TUBLF JO ,.&4# GSPN UXP OPO SFMBUFE JOEJWJEVBMT XIP IPME BOE PG ,.&4# GPS 3. NJMMJPO DBTI ,.&4# JT B LFZ QMBZFS JO UIF . & &1$$ TFDUPS GPDVTJOH PO DPNNFSDJBM JOEVTUSJBM BOE TPMBS QPXFS QMBOUT 5IF BDRVJTJUJPO JODMVEFT B OFU QSPGJU HVBSBOUFF PG 3. NJMMJPO 3. NJMMJPO 3. NJMMJPO GPS ': ': ': BOE JT FYQFDUFE UP CF GJOBMJTFE CZ 2 5IF EFBM WBMVFT UIF BTTFU BU Y Y BOE Y ': ': ': 1&3T CBTFE PO UIF QSPGJU HVBSBOUFF XIJDI BSF BU B EJTDPVOU UP UIF GPSXBSE 1&3 PG UIF . & TFDUPS PG Y 5IF BDRVJTJUJPO XJMM SBJTF 4-7&45 T OFU EFCU BOE HFBSJOH PG 3. NJMMJPO BOE Y BT BU FOE 2 UP 3. NJMMJPO BOE Y SFTQFDUJWFMZ XIJDI BSF TUJMM IJHIMZ NBOBHFBCMF 8F BSF QPTJUJWF PO UIJT EFBM BT ,.&4# T MJNJUFE TPMBS QSFTFODF BOE EJTUJODU DMJFOU CBTF DSFBUF B TUSBUFHJD PQQPSUVOJUZ GPS CPUI DPNQBOJFT UP MFWFSBHF UIFJS DPNQMFNFOUBSZ TUSFOHUIT FYQBOE NBSLFU SFBDI BOE VOMPDL HSPXUI 5IF JOUFHSBUJPO QSPNJTFT DPTU BOE PQFSBUJPOBM TZOFSHJFT FTQFDJBMMZ JO 4-7&45 T TPMBS &1$$ QSPKFDUT 8JUI B TPMJE 3. NJMMJPO PSEFS CPPL ,.&4# PGGFST TUSPOH SFWFOVF WJTJCJMJUZ GPS UIF OFYU UXP ZFBST 8F MJLF 4-7&45 GPS J UIF CSJHIU PVUMPPL PG UIF 3& NBSLFU JO .BMBZTJB VOEFSQJOOFE CZ UIF HPWFSONFOU T TUSPOH DPNNJUNFOU UPXBSET 3& UIF FYQPSU QPUFOUJBM PG 3& BOE JNQSPWFE DPNNFSDJBM WJBCJMJUZ PG TPMBS QPXFS QSPKFDUT PO GBMMJOH TPMBS QBOFM QSJDFT JJ JUT EPNJOBOU NBSLFU QPTJUJPO XJUI B NBSLFU TIBSF PG PWFS JO UIF TPMBS &1$$ TQBDF BOE JJJ JUT TUSPOH FBSOJOHT WJTJCJMJUZ CBDLFE CZ B TJ[FBCMF PVUTUBOEJOH PSEFS BOE UFOEFS CPPLT BOE SFDVSSJOH JODPNF GSPN B HSPXJOH QPSUGPMJP PG TPMBS BTTFUT 0651&3'03. XJUI 3. 51 o ,FOBOHB 3FTFBSDI +BO
Made with FlippingBook Digital Proposal Maker