Latest news with #RM1.8bil
The Star
3 days ago
- Business
- The Star
Bursa Malaysia ends flat as caution prevails amid geopolitical jitters
KUALA LUMPUR: The local bourse ended little changed on Wednesday as investors stayed on the sidelines amid cautious regional sentiment and geopolitical concerns. The FBM KLCI closed nearly flat at 1,511.95, inching up 0.31 point or 0.02%, after touching an intraday high of 1,512.96. Market breadth was negative, with 488 losers outpacing 361 gainers, while 503 counters were unchanged. Turnover stood at 2.43 billion shares worth RM1.8bil. Westports was the top gainer on Bursa Malaysia, rising 20 sen to RM5.50. Allianz added 16 sen to RM19.06, PETRONAS Dagangan gained 16 sen to RM21.36, while Apollo climbed 14 sen to RM6.39. Among the losers, PPB Group slid 38 sen to RM10.38, Hong Leong Industries fell 18 sen to RM13.30, Malaysian Pacific Industries lost 16 sen to RM19.64 and BAT declined 12 sen to RM4.80. Dealers said investors are expected to remain cautious, with market sentiment likely to stay subdued in the near term amid concerns over rising tensions in the Middle East. They added that investors will also be watching for signals on the direction of U.S. interest rates. On the forex market, the ringgit slipped 0.18% against the US dollar to 4.2508 but edged up 0.05% against the Singapore dollar to 3.3087. Around the region, Japan's Nikkei 225 rose 0.9%, South Korea's Kospi gained 0.74% and Hong Kong's Hang Seng Index closed down 1.12%. China's CSI 300 Index rose 0.12% while the Shanghai Composite Index added 0.04%.
The Star
5 days ago
- Business
- The Star
OCBC extends RM351mil financing for Johor property projects in JS-SEZ
From left: PAC BOS market group head Jeffrey Tan, OCBC Bank head of commercial banking Kevin Choo, See Hong Chen Group managing director See Cherng Jye, Exsim Group managing director Lim Aik Hoe, See Hong Chen Group chairman Tan Sri See Hong Chen, Exsim Group managing director Lim Aik Kiat, OCBC Bank CEO Tan Chor Sen, OCBC Bank managing director & head of wholesale banking Jeffrey Teoh, and Soans Group director Tan Chee Yuen. KUALA LUMPUR: OCBC Bank (M) Bhd has extended RM351mil in financing to See Hong Chen Group and Exsim to support three strategic real estate developments in the Johor-Singapore Special Economic Zone (JS-SEZ). In a statement, OCBC Bank said the financing supports a partnership between Exsim and See Hong Chen Group for the acquisition of freehold land along Jalan Dato Abdullah Tahir in Johor Bahru, earmarked for a mixed development project with a gross development value of approximately RM1.8bil. Financing has also been extended to See Hong Chen Group to support the acquisition of freehold land parcels in Bandar Johor Bahru. OCBC Bank managing director and head of wholesale banking, Jeffrey Teoh, said the financing reflects the bank's continued commitment to supporting sustainable development in the JS-SEZ. 'The JS-SEZ represents a significant opportunity for long-term economic growth, and we are pleased to support our clients in advancing developments that contribute to this region's progress. 'We are always looking to deliver value that goes well beyond traditional lending by offering integrated financial solutions made possible through the cross-entity and cross-border expertise of OCBC's One Group, which includes Great Eastern, Bank of Singapore and PacLease,' he said. Meanwhile, See Hong Chen Group managing director See Cherng Jye said: 'We are grateful for OCBC Bank's support and confidence in our vision. These projects are aligned with our strategy to develop high-impact assets in key growth corridors, and we look forward to contributing to the continued development of Johor Bahru.' Separately, Exsim managing director Lim Aik Hoe said the collaboration marks a significant milestone for the group as it expands its footprint into Johor. He added that with the support of OCBC Bank, Exsim is confident in delivering developments that align with the evolving needs of the market and community.
The Star
19-05-2025
- The Star
Italy's museum visitors exceed population for first time in 2024
In Italy, the ancient Colosseum in Rome was the most visited attraction, with 14.7 million ticket holders, followed by the Uffizi Gallery in Florence with 5.3 million and the archaeological site of Pompeii with 4.3 million. Photo: AFP Italy's top cultural sites drew more than 60 million paying visitors in 2024, surpassing the country's population for the first time. The ancient Colosseum in Rome was the most visited attraction, with 14.7 million ticket holders, followed by the Uffizi Gallery in Florence with 5.3 million and the archaeological site of Pompeii with 4.3 million. Tourists from Italy and abroad contributed more than €382mil (RM1.8bil) in revenue to the Italian state, with the Colosseum alone bringing in over €100mil (RM483mil). Italy has about 59 million residents and is home to more than 400 state-run museums. The number of visitors rose by two million compared to the previous year, while revenue increased by €68mil (RM329mil) partly due to higher ticket prices. Not included in the figures are the Vatican Museums - home to the Sistine Chapel, where Pope Leo XIV was recently elected - which belong to the independent Vatican City. With more than six million annual visitors, the Vatican Museums would rank second if counted among Italy's attractions. - dpa
The Star
08-05-2025
- Business
- The Star
CelcomDigi's capex to modernise its IT systems
RHB Research said CelcomDigi is committed to delivering steady-state pre-tax merger synergies of between RM700mil and RM800mil from FY27. PETALING JAYA: RHB Research expects CelcomDigi Bhd's stronger commercial execution and realisation of merger synergies to drive a re-rating of the stock, even as the group steps up investment in information technology (IT) system upgrades that will raise near-term costs. Following an engagement with the group, the research house was guided that the bulk of CelcomDigi's financial year ending Dec 31, 2025 (FY25) capital expenditure, estimated at RM1.8bil to RM2bil, would go towards modernising its IT systems. This, it said, was expected to lift operating expenditure (opex) in the short to medium term, largely due to new software licences. 'The higher opex and accelerated depreciation charges for network assets (expected to taper off in FY25 and FY26) are factored into CelcomDigi's FY25 earning before interest and taxes guidance of a low to mid-single-digit growth which also considered higher 5G wholesale charges,' the research house noted. Nevertheless, RHB Research said CelcomDigi is committed to delivering steady-state pre-tax merger synergies of between RM700mil and RM800mil from FY27. To reflect near-term integration cost and delayed savings, the research house adjusted its FY25 and FY26 earnings forecasts down by 6.9% and 8.8% respectively, but kept FY27 broadly intact. Separately, RHB Research highlighted a slight delay in the network integration timeline from mid-2025 to the second half of the year (2H25), citing changes in Digital Nasional Bhd's (DNB) operating model. The shift, it said, is impacting the remaining 25% of sites, or about 4,000 locations, yet to be integrated. According to RHB Research, CelcomDigi expects mobile network operators and shareholders to 'come to a landing' soon with DNB that will result in a revised wholesale framework. The 5G traffic is expected to be shared with U Mobile Sdn Bhd – the second 5G infrastructure provider.
The Star
08-05-2025
- Business
- The Star
Merger synergies to drive CelcomDigi re-rating- RHB
PETALING JAYA: RHB Research expects CelcomDigi Bhd's stronger commercial execution and realisation of merger synergies to drive a re-rating of the stock, even as the group steps up investment in information technology (IT) system upgrades that will raise near-term costs. Following an engagement with the group, RHB Research said it was guided that the bulk of CelcomDigi's financial year ending Dec 31, 2025 (FY25) capital expenditure estimated at RM1.8bil to RM2bil will go towards modernising its IT systems. This, the research house said, is expected to lift operating expenditure (opex) in the short to medium term, largely due to new software licences. 'The higher opex and accelerated depreciation charges for network assets (expected to taper off in FY25-FY26) are baked into CelcomDigi's FY25 earning before interest and taxes guidance of a low-to mid-single digit growth which also factors in higher 5G wholesale charges,' it noted. Nevertheless, RHB Research said CelcomDigi is committed to delivering steady-state pre-tax merger synergies of between RM700mil and RM800mil from FY27. To reflect near-term integration cost and delayed savings, the research outfit adjusted its FY25 and FY26 earnings forecasts down by 6.9% and 8.8% respectively, but kept FY27 broadly intact. Separately, RHB Research highlighted a slight delay in the network integration timeline from mid-2025 to the second half of the year (2H25), citing changes in Digital Nasional Bhd's (DNB) operating model. The shift, it said, is impacting the remaining 25% of sites, or about 4,000 locations, yet to be integrated. RHB Research said CelcomDigi expects the mobile network operators (MNOs) and shareholders to 'come to a landing' soon with DNB that would result in a revised wholesale framework. This is as 5G traffic is expected to be shared with U Mobile, the second 5G infrastructure provider. 'While no discussion has taken place with the latter, CelcomDigi acknowledged that a fresh wholesale agreement inked going forward would be commercially-driven,' RHB Research said. It said the current wholesale structure allows MNOs to exit their existing agreements within 30 days of an alternative 5G network becoming available, or before January 2028 with prior notice. 'This suggests the earliest an MNO could do so would be in 2H26, based on U Mobile's reported rollout timeline,' it said. RHB Research also noted that CelcomDigi views current mobile pricing as suboptimal, given its scale. 'CelcomDigi believes the current mobile plans/pricing are not reflective of its position as the largest MNO by mobile revenue and sub market share, an area that it hopes to address over the medium term with the support of a vastly modernised network, integrated IT platforms, and distribution channels,' it noted. 'On enterprise, management views the lack of fibre assets as an impediment where it is prepared to further invest in the medium term.' Overall, the research house has maintained its 'buy' call on CelcomDigi, raising its target price slightly to RM4.40 from RM4.30 a share. 'We see stronger commercial execution and realisation of merger synergies from the completion of CelcomDigi's network integration driving a re-rating of the stock,' it said, adding that valuation remains undemanding at 8.7 times FY26 enterprise value to earnings before interest, taxes, depreciation and amortisation.
