
Fourth TERA-Award Ceremony Held In Cambridge
For the first time, the TERA-Award was held outside Hong Kong. Over 100 industry leaders, entrepreneurs, scientists, investors, scholars and partners attended the ceremony at King's College, University of Cambridge, on 18th July. Dr Peter Lee, Principal of Full Vision Capital and Founder of the TERA-Award, and Dr Martin Lee, Honorary Chairman of Full Vision Capital, led their first overseas mission to promote the TERA-Award together.
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The Star
30 minutes ago
- The Star
Astra to acquire Mega Manunggal Property
Logistics expansion: Heavy traffic on a street during the morning rush hour in Manunggal Property is an Indonesia-based company focusing on real estate and storage, as well as operating warehouses. — Bloomberg JAKARTA: Publicly listed conglomerate PT Astra International (ASII), through its subsidiary PT Saka Industrial Arjaya (SIA), is set to acquire an 83.67% stake in warehouse company PT Mega Manunggal Property (MMLP). SIA plans to purchase MMLP shares from PT Suwarna Arta Mandiri, which holds the largest stake at 49.2%; Bridge Leed Ltd, which owns 17.51%; and several minority shareholders. MMLP corporate secretary Jeremy Muliawan said the acquisition process had reached the stage of a conditional share purchase agreement (CSPA) on Monday. 'Completion of the transaction based on CSPA is subject to fulfilment of all conditions precedent in the CSPA. 'If the transaction based on CSPA is completed, such completion will result in the transfer of control over the company to the purchaser,' Jeremy stated in the company's information disclosure released on Tuesday. Following the transaction, SIA, as the new controlling shareholder, will conduct a mandatory tender offer in accordance with provisions set out in Financial Services Authority Regulation No. 9/2018 on the acquisition of public companies and prevailing capital market regulations. Astra International corporate secretary Gita Tiffani Boer also wrote in an information disclosure on Tuesday that the purpose of the transaction was to support SIA's business development and investment. Mega Manunggal Property is an Indonesia-based company focusing on real estate and storage, as well as operating warehouses. It currently manages or owns 13 warehouses across Greater Jakarta and East Java. Launched on the Indonesia Stock Exchange in 2015, its market capitalisation now stands at 3.96 trillion rupiah, which would give Astra's acquisition of 83.67% of the shares a value of approximately 3.31 trillion rupiah. During Tuesday's second trading session, MMLP shares were down 2.56% at 570 rupiah a piece. However, the stock is up about 15% since the beginning of this year. Meanwhile, ASII's shares have declined almost 5% since the beginning of the year. During the second trading session on Tuesday, they were changing hands at 4,710 rupiah per share, down 1.05%. The company previously reported a decline in net profit for the first quarter of financial year 2025, citing poor economic conditions, a weak automotive industry and the downward trend in coal prices. The company booked a net profit of 6.93 trillion rupiah in the first three months of 2025, down from 7.46 trillion rupiah noted in the same period last year. Astra president director Djony Bunarto Tjondro stated that the impact from the drop in performance in the automotive sector was partly offset by a solid performance in other segments, which 'reflected the resilience of Astra's diversified portfolio'. 'We will continue to monitor macroeconomic developments while maintaining financial and operational discipline across the group. 'Supported by a strong balance sheet, the group's diversified portfolio is well-positioned to seize long-term growth opportunities,' he wrote in the company's first quarter report. Astra, one of Indonesia's largest diversified conglomerates, has business arms in various sectors, including the automotive industry, financial services, mining, energy, infrastructure and logistics, and information and technology, as well as property. — The Jakarta Post/ANN


The Star
an hour ago
- The Star
Vietnam's exports of wood and wood products continue to grow
The export value of wood and wood products in the first six months of this year reached US$8.21bil. — VNA/VNS HO CHI MINH CITY: In the face of global trade turbulence caused by sudden tariff changes in the United States and shifts in global supply chains, exports of Vietnam's wood and wood product have managed to maintain positive momentum. However, the industry is still confronting mounting challenges that demand adaptability and proactive efforts to build domestic resilience. According to the Agriculture and Environment Ministry, the export value of wood and wood products in the first six months of this year reached US$8.21bil, representing an increase of 8.9% compared with the same period last year. The United States remained Vietnam's largest export market, accounting for 55.6% of the total export turnover. Japan and China followed with market shares of 12.6% and 10.4%, respectively. Despite the persistent pressure of tariffs in its key market, the sector continued to demonstrate strength, remaining among the top five agricultural groups with the largest trade surplus. The trade surplus for wood and wood products reached 169.5 trillion dong or about US$6.5bil, a rise of 6.7% year-on-year. Phung Quoc Man, chairman of the Members' Council of Bao Hung Co Ltd and president of the Handicraft and Wood Industry Association of Ho Chi Minh City, said that although the US market was affected by new minimum and countervailing tax regimes, Vietnam's export performance in the first half of this year exceeded expectations. Exports to the United States still managed to grow by roughly 6%, partly due to clients boosting inventory levels ahead of expected tariff enforcement. Man noted that the countervailing tax policy imposed by the United States, though unexpected, was applied broadly to many exporting nations, not exclusively Vietnam. As a result, even though the cost of goods increased, US importers were compelled to continue placing orders to maintain their supply chains and meet demand from customers. — Viet Nam News/ANN


The Star
an hour ago
- The Star
Muted 2Q earnings likely
PETALING JAYA: Malaysia's upcoming second-quarter of financial year 2025 (2Q25) earnings season is expected to be relatively muted, with overall corporate performance continuing to reflect challenges from external uncertainties, particularly the ongoing US-Malaysia tariff negotiations. While earnings growth may remain soft, the reporting cycle begins against a backdrop of stabilising macroeconomic indicators and fewer forecast revisions compared to the previous quarter. As such, Maybank Investment Bank Research (Maybank IB) believes the worst of the earnings downgrades may now be behind. 'The 2Q25 results season may yet be another unexciting one but at least one with fewer earnings downgrades in our view,' the research house said in its latest strategy note. Maybank IB has forecast a modest 2.5% earnings growth for the FBM KLCI in 2025, primarily weighed down by the banking sector. It anticipates a stronger rebound in 2026 with a projected growth of 7.7%. The research house's base case target for the FBM KLCI stands at 1,660, pegged to 14.4 times 2026 estimated price-to-earnings ratio (PER), representing minus 0.5 standard deviation of the 10-year mean, amid continued market volatility and uncertainty over trade policy. 'Our base case assumes further de-escalation in trade tensions and favourable outcome from tariff negotiations,' the report noted. Conversely, in a bearish scenario where earnings growth moderates to 5%, the index could dip to 1,450 based on 13 times PER. Despite a softer external environment, Malaysia's domestic economic fundamentals appear encouraging. The research house points to robust consumer activity, a sustained investment cycle, and signs of resilient private demand as cushioning the impact of weaker exports, particularly in May and June. 'The 2Q25 real gross domestic product growth advanced estimate of 4.5% year-on-year, with a rebound quarter-on-quarter from 4.4% in 1Q25, suggests a steady growth momentum and indicates external headwinds due to US tariffs are being mitigated by domestic tailwinds,' it said. Inflation has also cooled to 1.1% in June, while the labour market remains firm with the unemployment rate steady at 3%. Maybank IB attributed rising disposable incomes – fuelled by civil servant pay hikes, minimum wage increases, and a surge in Employee Provident Fund contributions – as supportive of its positive stance on the consumer, real estate investment trusts (REITs), and construction sectors. Sector-wise, consumer, construction, healthcare, REITs, and renewable energy remain Maybank IB's key 'overweights', with minimal changes to its top stock picks apart from Solarvest Holdings Bhd , which has outpaced its target price. 'We expect some positive momentum for construction, healthcare, property and, more selectively, the oil and gas and utilities sectors,' the research house added. The technology sector may face near-term weakness, but Maybank IB noted that most of the necessary earnings downgrades have already been made. 'From our channel checks, we expect most sectors are likely to deliver flattish earnings with few surprises,' it said. Notably, while plantation firms may post weaker quarterly numbers due to lower crude palm oil prices, some could benefit from disposal gains and foreign exchange tailwinds. The recent 25 basis points cut to the overnight policy rate, announced in July, is expected to have a limited impact on second-quarter bank earnings. 'We had already factored this rate cut into our bank forecasts; we stay 'neutral' on banks,' Maybank IB stated.