☕️ Daily combined profits of 4 tech giants in Q1 2021: USD722 million PER day
Malaysia's Covid-19 web dashboard costs RM70 million. 233 fintech companies in Malaysia. Thai PM broke Covid-19 law, Thai PM got fined.
Sorry, April 28’s newsletter title had an error - OnlyFan’s user base spent (not revenue) £1.7 bil in 2020. We’ve also left out Part 6. We’ll do better.
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1. MARKET SUMMARY
2. NUMBERS AT A GLANCE
77,708 cars are recalled by Honda Malaysia Sdn Bhd to replace fuel pumps as precautionary measure. Find out if your Honda is affected.
USD268 mil - Google saved this much in the first quarter of the year from company promotions, travel and entertainment ‘primarily as a result of Covid-19’. Annualised, that will be a USD1 bil in savings per year.
3. COVID-19 SUMMARY
Association of Private Hospitals Malaysia (APHM) president Datuk Dr Kuljit Singh said Covid-19 wards in Klang Valley private hospitals are full.
Due to public concerns surrounding AstraZeneca Covid-19 vaccine, KJ has announced the vaccine will be open to people in KL and Selangor who dare to take it on a first come first serve basis.
Communications and Multimedia Minister Saifuddin Abdullah tested positive for Covid-19.
4. IN MALAYSIA 🇲🇾
Petrochemical products manufacturer Lotte Chemical Titan Holding Bhd recorded its highest ever quarterly profit after tax at RM441.28 million for 1QFY21 ended March 31 2021, compared to a loss of RM169.5 mil a year ago.
The higher net profit is mainly contributed by higher average product selling price, lower feedstock costs and increased plant utilisation rate.
Out of the RM5 billion budget for the National Covid-19 Immunisation Programme (NIP), RM70 million was spent on the dashboard that looks like this.
Khairy Jamaluddin explained the budget also included the integration and development of an intermediary system to facilitate the registration process for vaccine recipients, and monitoring of vaccine supply, from its receipt to completion of doses at each and every vaccination centres (PPVs).
Education Minister Datuk Dr Mohd Razdi Md Jidin said the Ujian Penilaian Sekolah Rendah (UPSR) will be abolished from this year onwards. Year Six pupils will be evaluated using school-based assessment, a system which has been in effect since 2011. Furthermore, the Form Three Assessment (PT3) for 2021 has been cancelled.
Former BNM governor Tan Sri Dr Zeti Akhtar Aziz is retiring from her position as group chairman of Permodalan Nasional Bhd (PNB) as she is not looking to renew her tenure upon the completion of her three-year term on April 30. She will be succeeded by former chief justice Tun Arifin Zakaria according The Edge.
While 2020 was a challenging year for many industries, it has propelled Malaysia’s fintech space which now encompasses 233 companies ranging from payment services to insurtech to Buy Now, Pay Later (BNPL) services. The report from FintechNews Malaysia highlighted that more than 40 parties are eyeing for the limited digital banking license. BNM will only be granting up to 5 digital banking licenses.
Malaysia recorded exports of RM104.95 billion in March 2021 recording a growth of 31% y-o-y. The growth is boosted by higher global demand notably for electrical and electronic (E&E) products, mainly semiconductors used in 5G technology and high-performance computing, as well as rubber products. Research houses are upbeat about the country’s growth rate in 2021 as its main trading partners are seeing strong recovery, commodity prices are elevated and demand in tech remains strong.
5. AROUND THE WORLD 🌎
Thai Prime Minister Prayut Chan-o-cha was fined on Monday for not wearing a mask in public. He was attending a government meeting with his advisors discussing the Covid-19 situation in Thailand. He posted a photograph of the meeting on Facebook. All of them in the photo were wearing a mask except the prime minister. Wearing a mask is compulsory in 49 provinces in Thailand and the capital or risk a fine of up to 20,000 baht (USD640). After widespread criticism against the prime minister, Bangkok governor Aswin Kwanmuang has posted on Facebook that the prime minister has instructed him to investigate this matter and subsequently issued the prime minister a fine of 6,000 baht (USD190).
Zomato, the 12-year old food delivery giant from India, has filed for an IPO, seeking to raise USD1.1 bil, which could be India’s largest IPO so far this year and list on Indian stock exchanges NSE and BSE It counts Ant Group amongst its largest investors. It has raised more than USD2.2 bil and was valued at USD5.4 bil in its most recent fundraising round. Zomato acquired Uber Eats’ India business last year, giving Uber a 9.9% stake in Zomato, valuing Uber Eats India business at around USD160 - 200 mil. Zomato’s key highlights from its IPO here. (USD1 = INR 74.11)
Indonesia’s navy said that the fatal submarine sinking was likely caused by an underwater phenomenon known as ‘internal solitary wave’ or also known as underwater wave. Officers say the differences in density of waters between Bali and in the nearby Lombok straits may have triggered ‘massive movement’ strong enough to pull the submarine down in seconds. The presence of the wave around the location of the submarine at that time of the accident was confirmed from images produced by Japanese weather satellite Himawari 8.
Singapore’s PayNow and Thailand’s PromptPay have announced a linkage between both payment systems. This will allow retail customers from both participating banks in both countries to securely perform cross-border, peer-to-peer fund transfers using their mobile numbers at near real-time speed between both countries up to SGD1,000 or THB25,000. This linkage is the first of its kind around the world. The project was initiated in 2018 from an agreement between the Monetary Authority of Singapore and Bank of Thailand.
Funny how the country in between Thailand and Singapore is left out from this linkage.
Earnings season for quarter ending Mar 2021 is here. The tech giants reported stellar performance. Apple, Microsoft, Google and Facebook announced their earnings in the past few days. Cumulatively, these tech giants made USD65 bil in profits in the first quarter of the calendar year (that is USD722 mil of profits per day!!) and amassed a cash balance of USD530.3 bil. Amazon to announce in the next few days.
We’ve excluded Part 6 again today, still in Beta mode. We’ll catch you next week, enjoy your weekend!