☕️ Assassination attempts on Tun M, Lim Guan Eng, Mujahid Rawa and Tommy Thomas thwarted
RM49 mil seized from fugitive Jho Low's father. An impending toilet paper supply crisis. How Shopee beat Alibaba's Lazada to be Southeast Asia's e-commerce champion.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
USD 99 billion credit limits were cut in 2020 by US card issuers.
USD 62 million — the price of the world’s largest canvas painting, the second most expensive painting sold at auction by a living artist.
100 million light years across — the size of the Milky Way galaxy.
3. COVID-19 SUMMARY
4. IN MALAYSIA 🇲🇾
Special Branch Counter Terrorism assistant director Azman Omar disclosed in an online forum that a man had attempted to kill several senior officials of the former Pakatan Harapan (PH) administration in January 2020. The lone wolf attacker was targeting Tun Dr Mahathir Mohamad, Lim Guan Eng, Datuk Seri Mujahid Yusof Rawa and Tommy Thomas.
Eco World Development Group Bhd (EcoWorld) netted profit of RM62.43 million for 1QFY21 Jan 31, 2021, 71% jump y-o-y as its international property arm Eco World International Bhd (EWI) reported strong earnings for the same quarter. EWI’s improved financials came from the commencement of handover of the Yarra One project in Australia and higher sales and handovers of various projects in the United Kingdom. The group is aiming to hit RM 5 billion sales target for FY21.
Yinson Holdings Bhd made net profit RM67 million for 4QFY21 ended Jan 31, 2021 on the back of higher EPCIC (Engineering, Procurement, Construction, Installation & Commissioning) business activities contribution.
Spritzer Bhd is in the mist of acquiring eight agricultural land lots measuring about 496.79 hectares from Trong Oil Palm Estate Sdn Bhd for RM76.11 million. The land’s proximity to the North-South Expressway and the West Coast Expressway makes it an ideal site for a mineral water plant where its products can be efficiently transported to all the places along the expressways.
The Election Commission has announced that the lowering of voting age to 18 and automatic voter registration will not be implemented this year as scheduled. EC’s preparations have been interrupted due to current pandemic and MCOs and it expects the two initiatives can only be implemented after September 1, 2022.
The High Court has allowed the government to seize approximately RM49 million in cash assets belonging to “Wally” Low Taek Jho’s father, Tan Sri Larry Low Hock Peng after deputy public prosecutor Syafinas Shabudin informed Justin Mohamed Zaini Mazlan that no third parties had come forward to claim the money after a Federal Government Gazette (notice to third parties) published by the Attorney-General’s chambers was made public on March 11.
Why Wally? Try finding a guy in red and white stripe shirt.
5. AROUND THE WORLD 🌎
Razer, the PC gear and gaming peripherals maker from SIngapore, has recorded its first profit since 2014. Its turnover rose by 48% to USD1.2 bil and made a profit of USD5.63 mil in 2020 (that’s a 0.52% net margins btw). The bulk of its revenue is derived from hardware, contributing USD1.08 bil in sales. Its fintech arm, Razer Fintech, generated USD4.3 bil in total payment volume in 2020, doubling from the year before. After its failed attempt to obtain a digital banking license in Singapore, it’s setting its sights in other Southeast Asian countries and emerging markets in Latin America, Middle East and Africa.
The world might suffer a toilet paper supply crisis soon. Suzano SA, the Brazilian company and the biggest producer of wood pulp - the raw material for toilet paper - is warning that the global crunch in shipping containers will lead to supply issues. Surging demand for residential toilet papers, stockpiling and panic buying by consumers and the on-going cargo vessel blocking the Suez Canal will further exacerbate the supply shock. Brazil is the world’s top supplier of pulp and Suzano accounts for ⅓ of global supplies of hardwood pulp, the type of pulp used to produce toilet paper.
Shopee, formed in 2015, recorded gross merchandise value (GMV) of USD35.4 bil in 2020 and accounted for 57% of the entire Southeast Asian e-commerce market transaction volume. This is the story of how Shopee overthrown Alibaba-owned Lazada to be the e-commerce champion of Southeast Asia.
The US securities regulator, Securities & Exchange Commission, has started an inquiry into Wall Street’s SPAC/ blank-cheque acquisition frenzy. It has sent letters to banks seeking information how these underwriters are managing the risks associated with such investment vehicles. The SEC is seeking information such as deal fees, volumes, internal controls and risk management. SPACs have surged across the world raising a record USD170 bil so far, outpacing last year’s volume of USD157 bil.
After 6,000 years of being dormant, Fagradals Mountain volcano in Iceland started erupting last Friday. This is the first eruption in Reykjanes Peninsula, where the volcano is located, has experienced in 781 years.
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