Latest news with #RM850mil
The Star
12-07-2025
- The Star
Too much sun, noise and pollution for residents to bear
GEORGE TOWN: What was once a leafy escape has become a blazing construction zone – no thanks to excessive culling of trees. In Bandar Baru Air Itam, residents are sweating under the scorching sun after the felling of trees to make way for a long- delayed mega bypass project. ALSO READ: Outcry as trees felled in Penang Residents also have to endure noise, air pollution and traffic congestions from the ongoing construction of the Air Itam – Tun Dr Lim Chong Eu Expressway bypass. Hawker Fauziah Mohd Marina, 53, acknowledged the need for development but voiced concern over the vanishing green lungs. 'Some of the trees that shaded us are now gone. The authorities say most of them will be preserved, but we clearly feel the visible reduction in greenery,' said Fauziah, who has lived in a nearby high-rise with her husband and five children for 15 years. Trader S. Ganapathi, 71, who walks daily for exercise, said it feels harsh and noisy nowadays. 'I used to enjoy my morning walks under the big trees, but now it's machinery and dust. 'The noise starts early and the afternoons are unbearably hot without the trees,' he said, adding that the state government should speed up construction and replant trees wherever possible. Meanwhile, waitress Qiao Wen, 19, supports the project. 'It's a much-needed upgrade. While frustrations are normal, the long-term benefits will be worth it,' she said, adding that quicker completion would help minimise the disruption. The RM850mil project, which connects Air Itam to the Tun Dr Lim Chong Eu Expressway, had its groundbreaking ceremony in 2019 but construction only began in 2021. It was delayed for about a year due to the Covid-19 pandemic and land acquisition issues during the early stages of construction. The 6km toll-free road will have a 1.8km ground-level stretch while other stretches will be elevated through viaduct structures (65%), tunnels (20%) and grade sections (15%). It will consist of three interchanges: Lebuhraya Thean Teik, the Jalan Bukit Gambir-Jalan Sultan Azlan Shah junction, and the Tun Dr Lim Chong Ee, which will involve a 'left-in, left-out' access and an elevated U-turn. Upon completion next year, it is expected to reduce the 40-minute drive between Bandar Baru Air Itam and the Tun Dr Lim Chong Eu Expressway to under 10 minutes. This is expected to benefit Penangites in the long term, especially the population of 300,000 in Air Itam, Bandar Baru Air Itam and Paya Terubong. The project is among four packages under the Penang Undersea tunnel (or a third link) and three major road projects awarded to Consortium Zenith Construction Sdn Bhd in September 2013.
The Star
02-07-2025
- Business
- The Star
OCBC Malaysia launches Serial Entrepreneur programme
From left: OCBC global commercial banking middle market and services head Anna Chang, OCBC AI-Amin Bank Bhd chief executive officer Syed Abdull Aziz Syed Kechik, OCBC Bank (Malaysia) Bhd chief executive officer Tan Chor Sen, OCBC global commercial banking head Linus Goh, wholesale banking head and managing director Jeffrey Teoh and emerging business head Chan Kok Leong at the launch of OCBC Malaysia's first-of-its-kind Serial Entrepreneur programme. KUALA LUMPUR: OCBC Malaysia has launched its first-of-its-kind Serial Entrepreneur programme, offering support for individuals running multiple businesses, following a year-long pilot phase. In a statement, OCBC Malaysia managing director and head of wholesale banking Jeffrey Teoh said the programme has immense potential, given the sizable base of serial entrepreneurs. Teoh said the bank's research revealed a gap in the market, where no Serial Entrepreneur programme combined with a structured engagement approach was available. He added that traditional banking models often treat each venture as a separate entity, leading to fragmented support and financial solutions that fail to consider the bigger picture. 'So, we decided to develop the Serial Entrepreneur programme to help entrepreneurs navigate the complexities of managing multiple businesses with ease, flexibility and speed.' 'About 1 in 3 entrepreneurs who were offered our principal loans during the pilot phase signed up for the programme. This involved about 300 companies taking up more than RM850mil worth of loans, which tells us that the market is certainly ready for what we are offering,' Teoh said. The OCBC Serial Entrepreneur programme builds on the success of a 2019 initiative by OCBC Group in Singapore and redefines how banks engage with business leaders. Leveraging data analytics and customer feedback, the bank gained key insights into the behaviour, funding needs, and growth paths of entrepreneurs managing multiple ventures. The bank supports serial entrepreneurs with dedicated group relationship managers who help plan their finances based on the full business portfolio, not just individual companies. This approach lets the bank see the entrepreneur's ventures as one strong unit and make better use of their existing business strengths. The programme is also centred on assisting the serial entrepreneur from the get-go, without imposing the usual condition for a new venture to operate for up to two years before being eligible for financing. Besides providing capital financing, the OCBC Serial Entrepreneur programme equips entrepreneurs with the tools and support they need for their next business venture and to help them grow confidently. OCBC Malaysia comprises OCBC Bank (M) Bhd and its Islamic banking subsidiary OCBC Al-Amin Bank Bhd. For more information on the OCBC Serial Entrepreneur programme, please visit
The Star
03-06-2025
- Business
- The Star
E&O's earnings outlook brightens on RM2bil project pipeline
PETALING JAYA: Eastern & Oriental Bhd (E&O) has about RM2bil worth of projects slated for rollout over the next 12 months which is expected to generate about RM850mil sales in its financial year 2026 (FY26), analysts say. RHB Research has raised its FY26 and FY27 earnings outlook for the company by 8% and 7%, respectively. E&O's unbilled sales rose to RM1.5bil from RM1.46bil in the third quarter of FY25 (3Q25). The research house maintained its 'buy' call on the stock but lowered its target price to RM1.17 from RM1.38 per share, citing persistent market volatility arising from regulatory changes that are expected to affect global trade and sentiment. The new target price is now based on a 50% discount to the property developer's revalued net asset value, compared with 40% previously. Upcoming property launches include its Senna and Fera homes in Penang with gross development value of RM306mil in July or August, maiden shop offices and three-storey terrace homes in Elmina development in Selangor, as well as a new block of mid-range waterfront service apartments on Andaman Island, Penang. E&O's results for its fourth quarter of financial year ended March 31 once again beat the research house's expectations. Earnings continued to be underpinned by ongoing projects and were boosted by the disposal of Esca House in London. Revenue remained stable on a quarter-on-quarter basis, supported by billings from ongoing projects such as The Meg, Arica, and Senna and Fera landed homes at Andaman Island, as well as the RM75mil sale of Esca House. However, headline pre-tax profit for FY25 was skewed by an unrealised foreign-exchange loss of RM29mil. Excluding this, FY25 core earnings would have been RM210mil versus RM100mil in gearing rose to 0.62 times from 0.59 times in the previous quarter. No final dividend was declared, with the FY25 dividend per share amounting to only one sen.
The Star
31-05-2025
- Business
- The Star
Why Elf Beauty is banking big on Rhode, Hailey Bieber's fan-favourite brand
A Rhode pop-up sells products from the beauty brand founded by Hailey Bieber, the fashion model, entrepreneur and wife of pop star Justin Bieber, in New York. Photo: The New York Times Rhode, the upstart beauty brand founded by fashion model and entrepreneur Hailey Bieber, has been acquired by Elf Beauty for US$800mil (approximately RM3.4bil) in cash and stock, an eye-popping sum for a line of blushes and lip glosses that's not yet three years old. In an industry crowded with other celebrity-fronted beauty brands, Rhode has experienced rapid growth, which many attribute to Hailey's considerable influence on social media. Hailey, a daughter of actor Stephen Baldwin and the wife of pop star Justin Bieber, has 55 million followers on Instagram and 15 million on TikTok. 'Rhode has seen exponential growth over the past three years because of deliberate decisions and best-in-class marketing and community building,' Hailey said in a statement. 'To continue to grow strategically, we need the partnership of Elf. Beauty to fuel innovation and global expansion.' On top of the guaranteed US$800mil (RM3.4bil) payout, the Elf deal, which was announced Wednesday (May 28), includes the potential for an additional US$200mil (RM850mil), contingent on Rhode's growth over the next three years. Rhode, which Hailey founded with Lauren and Michael D Ratner, reported net sales of US$212mil (RM901mil) in the year that ended March 31. Read more: Hailey Bieber, known for setting beauty trends, may sell her makeup brand Rhode According to Tarang Amin, the CEO of Elf Beauty, the acquisition had been in the works since October. Amin said he was eager to close on it to marry the Generation Alpha fans Hailey has pulled in with the Millennials and Gen Z consumers whom Elf has traditionally relied on. The expansion includes a partnership with Sephora that will bring Rhode products to physical stores for the first time since the brand's debut. But even without a consistent presence in brick-and-mortar shops, Rhode had built a fan base that Amin found impressive. 'I have not seen another brand where there are communities waiting, or a pop-up event in LA (Los Angeles), willing to camp out overnight for 14 hours in line – not just for product, but to buy into the entire lifestyle,' Amin said in a video interview Thursday (May 29). Last summer, hundreds waited in line in New York to experience the Rhode pop-up – and possibly get a glimpse of Hailey – in a SoHo storefront. Amin said he admired Rhode's ability to 'engage and entertain' its customer base. Compared with Elf, he added: 'They skew younger, but their level of engagement is what really appeals to me.' As part of the deal, Hailey will stay on at Rhode as the brand's chief creative officer, and she will serve as a strategic adviser to both companies. Korinne Wolfmeyer, a senior research analyst at investment bank Piper Sandler who specialises in the beauty and wellness markets, believes that Hailey's ability to translate her connection with her fans into sales is what most aligns with Elf's strategic priorities. Read more: 'I want to be everywhere possible': Hailey Bieber plans on beauty world takeover 'It seems like they really appreciate the way Hailey connects with her followers and her community,' Wolfmeyer said. 'They view it as a similar path as Elf, using that consumer connection to really drive the performance.' While celebrity brands like Kylie Jenner's Kylie Cosmetics and Selena Gomez's Rare Beauty have proved to be significant players in the cosmetics industry, Hailey's fame may not be the biggest attraction for Elf Beauty. Celebrities bring a lot of reputational and trend risk, and companies are usually wary of how much they invest in their brands, Wolfmeyer said. But unlike other beauty companies, Rhode also veers into wellness, marketing many of its products with claims that they promote skin health. 'Rhode was maybe one of the earlier movers in that category,' Wolfmeyer said. 'There is obviously a lot of white-space potential, and it does resonate with the younger consumers. I think that's very appealing.' – ©2025 The New York Times Company This article originally appeared in The New York Times.
The Star
05-05-2025
- Business
- The Star
Banks stay strong on sustained loan growth
PETALING JAYA: Analysts are maintaining their positive stance on the banking sector following stable loan growth in March. The banking industry's total loan growth was sustained at 5.2% in both February and March. By segment, household and business loans expanded by 6% year-on-year (y-o-y) and 4.8% y-o-y, respectively, in March. In the first quarter of 2025 (1Q25), the banking industry's total loans increased by 1.1%, translating to an annualised loan growth rate of 4.3% for 2025. 'This is slightly below our projection of between 4.5% and 5.5% for loan growth in 2025. 'The marginal slippage was mainly due to the weak loan expansion of only 0.1% month-on-month (m-o-m) in February, but this improved to 0.6% m-o-m in March,' CGS International (CGSI) Research said. The research house maintained its 'overweight' rating on Malaysian banks, premised on potential sector rerating catalysts of further write-backs in management outlay and an uptrend in dividend payout ratios for most banks. 'The dividend yield for the sector is also attractive at 5.8% for 2025. 'Downside risks include a material deterioration in asset quality and loan growth,' it said, adding that its top pick for the sector is Hong Leong Bank Bhd (HLBB). Meanwhile, banks' total provisions declined by RM517.2mil, or 1.7% quarter-on-quarter in 1Q25, from RM29.9bil at end-December last year to RM29.4bil at end-March. 'As such, we think that the banking sector's loan loss provisioning (LLP) in 1Q25 would likely remain benign, not far off from the levels of between RM850mil and RM920mil in the preceding three quarters (from 2Q24 to 4Q24). 'Based on this, banks' LLP could have declined by more than 20% in 1Q25, assuming banks' total LLP falls in the range of RM950mil to RM1bil in 1Q25,' CGSI Research added. Similarly, Maybank Investment Bank Research (Maybank IB) has kept its 'positive' stance on the sector, with its three top picks being Public Bank Bhd , HLBB and AMMB Holdings Bhd . 'Public Bank is well-managed and its RM1.1bil management overlays should keep credit costs low. 'The acquisition of LPI Capital Bhd enhances non-interest income and we think that concerns over a share overhang are overblown,' the research house noted. Additionally, it said HLBB offers strong asset quality, high loan loss coverage and a very liquid balance sheet, while AMMB's focus on proactive funding cost management and business banking operations should contribute to growth momentum, as it strives for higher dividend payouts. Moving forward, Maybank IB has lowered its industry loan growth forecast downward to 4.8% from 5.5%, on the back of slower gross domestic product growth this year amid external economic volatility. Meanwhile, Kenanga Research maintained that the banking sector continues to be defensive amid unfavourable foreign trade policies, driven by supportive appetite for loans and generally stable economic pillars. Its top pick for 2Q25 is AMMB, for its efforts in optimising its return on equity (ROE) and increasing payouts to drive dividend yields above the current 5%. The research house also likes Malayan Banking Bhd for remaining the market share leader while still expanding at the expense of larger peers. It recently upgraded CIMB Group Holdings Bhd, which it believes is now trading at more palatable levels for accumulation, with ROEs positioned to breach 12% and yields at a more attractive 6%.
