26/03/2026

BIZ & FINANCE THURSDAY | MAR 26, 2026

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Vendfun names master distributor in Indonesia KUALA LUMPUR: Malaysia-based hospitality solutions provider Vendfun Sdn Bhd has appointed PT Murni Solusindo Nusantara o M’sian hospitality solutions firm partners PT Murni in largest market expansion to date

From a valuation standpoint, CIMB Securities said ESG has evolved beyond a disclosure requirement into a strategic driver of capital allocation, with direct implications for return on equity (ROE), cost of equity and price-to-book multiples. Banks that successfully redirect capital towards resilience-linked sectors are likely to deliver more stable through-cycle ROE – supported by lower credit costs and improved asset quality – as well as a lower cost of equity due to reduced risk premiums, supporting valuation re-rating. In contrast, slower adopters may face higher risk-weighted asset intensity, weaker capital efficiency and elevated risk premiums, leading to structural valuation discounts, it said. customers will be transitioned to PT Murni for ongoing support and maintenance, reflecting the new partnership. Founded to support the hospitality industry’s digital transformation, Vendfun has deployed more than 150 kiosks across 12 Malaysian states as well as in Singapore, Australia, and the US. The appointment of PT Murni marks the company’s most significant regional expansion to date and is part of Vendfun’s broader strategy to expand its presence across Southeast Asia. “Indonesia represents a very exciting opportunity for us as it has the largest base of budget hotels in the region,” Lau said. “With PT Murni’s strong presence of seven offices and over 100 service centres across the country and technical capabilities in the Indonesian market, we believe this partnership will accelerate the adoption of self service technology in the hospitality industry,” he said. Looking ahead, Vendfun plans to further expand its regional footprint, with its first installation in Thailand scheduled for completion in April. It is also seeking a strong local distributor in Thailand as it continues its Asean expansion strategy. Vendfun’s Smart Mini Kiosks are compact, self-service kiosks designed to streamline the hotel check-in experience while improving operational efficiency. Integrated with multiple Property Management Systems such as Yanolja, Cloudbeds, and Wincloud, Vendfun’s solutions enable guests to complete identity verification, registration, and payment quickly and securely, without the need for front-desk staff. This not only reduces manpower requirements but also enhances security and improves the overall guest experience.

headquartered in Jakarta, as its exclusive master distributor for Indonesia, marking the company’s largest market expansion to date. Under the partnership, PT Murni will oversee the distribution of Vendfun’s solutions across the Indonesian market including marketing, promotions, exhibitions, lead generation, sales closing, installation, and technical support. PT Murni will also manage Vendfun’s entire Indonesian distribution network and lead a reseller program to expand market reach in the country. The partnership focuses on Indonesia’s hospitality sector, with Vendfun introducing its Smart Mini Kiosk solutions (Mini S and Mini S Pro) to automate hotel self-check-in and check-out processes for budget

India chip expansion seen boosting Kelington’s earnings growth prospects KUALA LUMPUR: With India’s semiconductor market projected to nearly triple, reaching US$120 (RM494 billion) by 2030 and US$300 billion by 2035, Berjaya Research Sdn Bhd expects Kelington Group Bhd to be in a solid position to capitalise on expanding its presence in the country, underpinned by the country’s rapidly growing semiconductor industry. Kelington announced on Tuesday that it has clinched a contract worth RM413.7 million to deliver a turnkey gas distribution system for a semiconductor wafer fabrication facility in Gujarat, India. The contract, awarded by an undisclosed semiconductor manufacturer in India, covers the design and delivery of a comprehensive gas distribution system that forms part of the project’s mission critical infrastructure. Work commenced immediately after Kelington’s 100%-owned subsidiary Kelington Engineering (S) Pte Ltd received the letter of award on March 19, 2026, and is slated for completion by July 2027. Berjaya Research said year-to-date, Kelington has secured new contracts amounting to RM513.7 million, inclusive of RM100 million in newly awarded orders as of February 2026. The research firm said the above awarded contract is expected to generate a gross profit (GP) margin of 20.5-21.4%, translating into an estimated GP contribution of RM84.8– RM88.5 million over the 2026-2028 period. “Following its initial entry into the Indian market via a smaller RM40 million contract secured earlier this year, the latest award strengthened the group’s foothold in the Indian market,“ Berjaya Research said. “We keep our 2026/27 forecasts as this contract falls within our 2026 order book assumptions of RM1.44 billion,“ the research firm said. Berjaya Research maintained its “Buy: recommendation on KGB, with an unchanged target price of RM6.12, based on a 28x price-to-earnings ratio (PER) target pegged to its 2027 fully diluted earnings per share (EPS). “We continue to like Kelington for its firm earnings growth potential, sup ported by increased job orders from the semiconductor industry, overseas expansion of its industrial gases segment, and stable income stream from its LCO ĸ operations, which could also help to shore up its dividend payouts. “Key downside risks include project delays, inability to meet in-house order book replenishment assumption, and lower utilisation rate of its LCO ĸ plants,“ Berjaya Research said.

the Asean expansion, and PT Murni director Anton Ng in Jakarta, with Vendfun CEO Benny Wee in attendance. Ng said PT Murni looks forward to bringing Vendfun’s self-check-in kiosk solutions to the Indonesian market. “The demand for automated hospitality solutions is real and growing, and Vendfun’s technology directly addresses the challenges that hotels face today. “We look forward to working closely with Vendfun to make self service check-in the new standard for budget and boutique hotels across Indonesia,” he said. Vendfun already has two recent hotel clients in Indonesia, and these

and boutique hotels, Airbnbs, and hostels. Vendfun chief strategy officer Daryl Lau said that in Indonesia, the company’s kiosk solutions are driven by two critical pain points for hoteliers: spiralling manpower costs and rising front-desk fraud. “Additionally, as guest impersonation and credit card scams surge, traditional manual check-ins remain highly vulnerable. “With rising costs, we foresee that demand for automated solutions will become even stronger in Indonesia. We are thrilled to partner with PT Murni to help address these challenges,” he said. The distributorship agreement was signed by Lau, who oversees

Lau (left) and Ng exchange documents, formalising PT Murni’s appointment as Vendfun’s exclusive master distributor in Indonesia.

ESG shifts towards resilience amid Middle East tensions KUALA LUMPUR: Rising geopolitical tensions in the Middle East are forcing policymakers and investors to make near-term trade-offs, slowing the pace of the environmental, social and governance (ESG) transition as the focus shifts to energy security, inflation control and financial stability. added, continue to underscore the critical role of banks in facilitating transition financing. but as capital allocators supporting domestic resilience,” it said, pointing to opportunities in financing agrofood systems, logistics infrastructure, water management and ecosystem preservation. backed by resilient earnings and sustainable dividend payouts of 50% to 70%.

CIMB Securities also sees the current environment as a turning point in how ESG is defined and deployed. While the banking sector’s efforts have largely focused on renewable energy (Sustainable Development Goal 7) and climate action (Sustainable Development Goal 13), there is scope to expand into areas that are increasingly system-critical. These include food security (SDG 2), water and ecosystem financing (SDGs 6 and 15), and the blue economy (SDG 14). Given Malaysia’s exposure to external shocks – particularly in food supply chains and resource security – these underpenetrated segments are becoming more important. “We expect banks to play a more differentiated role, not just as lenders

This broader shift towards what it termed “resilience financing” could enhance banks’ economic relevance and support long-term growth, while aligning with national security priorities. The research firm expects the next alpha cycle to be driven by banks’ ability to reallocate capital towards resilience-linked sectors in line with the national sustainability agenda. It maintains an “Overweight” stance on the banking sector, with RHB Bank, Public Bank and Hong Leong Bank among its top picks. Maybank and AMMB are seen offering a more defensive tilt amid ongoing geopolitical uncertainties,

CIMB Securities Sdn Bhd said countries may need to rely more on existing energy sources – particularly gas, and to a lesser extent coal – to safeguard domestic resilience, creating near-term challenges for climate targets. “This should be seen as a reprioritisation rather than a reversal of sustainability commitments,” the research house said, noting that the long-term drivers of ESG – including energy diversification, resource efficiency and economic resilience – remain intact. These structural themes, it