Impacted by the headwinds of rising interest rates and weakening Ringgit in its third quarter ended 30 September 2022 (3Q22), the world’s fourth largest cocoa grinder saw its net profit sliding 10.7% to RM30.4 million from RM34.5 million in the previous year’s corresponding quarter.

The higher energy costs at the Group’s industrial chocolate plant in Germany, SCHOKINAG-Schokolade-Industrie GmbH (SCHOKINAG), also adversely affected the Group’s overall profitability as a result of the Ukraine-Russia tensions.

Despite the 10.3% increase in the Group’s 3Q22 revenue to RM1.1 billion, versus RM998.1 million last year, net profit skidded due to the burdening energy cost in the German plant.

It is notable that higher average selling prices of cocoa power and increased sales tonnage of 5.2% year-on-year contributed to higher revenue.

“Our operations face the rapidly changing market dynamics, such as the increasing interest rates and the rising energy costs in Europe. Despite that, we maintained profitability so far for the year. We are circumspect of the challenges, and we will continue to focus on operations efficiency to sustain our profit margins. In the meantime, we aim to secure more forward sales for our anticipated Ivory Coast facility and other plants in Malaysia and Indonesia,” Managing Director and CEO of Guan Chong Berhad, Mr. Brandon Tay Hoe Lian said.

During 3Q22, the USD appreciated from RM4.408 on 30 June 2022 to RM4.634 on 30 September 2022. The rising USD has resulted in an unrealised foreign exchange loss of RM17.1 million as a result of the Group’s borrowings in USD being marked to the market for 3Q22.

GCB remains optimistic as the Group continued to book in increasing forward sales of its cocoa ingredients for the financial year ending 31 December 2023. This is an indication of the continued resilient demand for cocoa ingredients, supported by recovery in global air travel and tourism.

For the nine months ended 30 September 2022 (9M22), the Group’s revenue grew 16.0% to RM3.3 billion in comparison to RM2.8 billion in the same period last year, while its net profit also increased 22.8% to RM128.6 million from RM104.7 million previously. The higher revenue was backed by an 11.7% increase in cumulative sales tonnage year-on-year.

With floods now massively affecting hundreds and thousands of Malaysians, what do you do if your car has been submerged in water? Follow these steps according to Carsome and let’s hope the whole process will be easy and not worrisome for you.

Check the Water Level 

The first thing you need to do if your car is submerged in flood water is to wait for the water to recede before checking the condition of your car. Flood water usually leaves traces of mud on the surface of your car, especially on the exterior. Checking this is important to assess the possibility of damage and determine whether the flood water has submerged the entire car and has entered the engine and other parts of the car.

Do Not Start Your Engine 

If a flood has submerged your entire car including the cabin and engine bay, never start your car’s engine because that can cause a short circuit. Major components such as engines and gear systems can be damaged by the water. All you need to do is to remove the battery of your car and call a mechanic or tow it to a workshop.

Check the Engine & Gearbox 

Once your car is at the workshop, check the engine and the gearbox. Start by checking the dipstick of your engine. If the fluid appears milky, diluted, or beige in color, it’s highly likely that your engine has been flooded. exceeds the maximum line, this means your engine has been flooded. You can also drain the engine and inspect the oil in a pan.

Flush the Fuel (If Needed)

If the fuel tank is positioned on the lower side of your car, it increases the probability of flood water entering the tank. You then should remove the fuel that has been mixed with water to avoid more serious damage to your engine. Do check with your mechanic on how this process should be done.

Remove and Dry the Components of Your Car 

Any removable components in the car such as the radio, mats, and seats should be removed and dried properly. Wash your car with a heavy jet, especially the engine and brakes. However, never spray water towards the air filter holes and lubricating oil lids. Additionally, clean the dirt on the interior of your car like the cushions to avoid any kind of nasty odor. 

Cleaning a flood-damaged car is a huge task and best left to the professionals. You can get advice from your workshop, professional car wash, or professional cushion cleaner to get this job done effectively.

We hope this article will be able to help you if you ever have to drive your car in flood waters. Do remember it’s always safer to leave your car if the flood starts to get worse as your life is much more important to us. If there is a need to drive in the rain, it would be best to check the map app on your phone such as Google Maps or Waze to determine if it’s safe to drive.

The Securities Commission Malaysia (SC) has updated its Investor Alert List.

In an alert on Monday (Nov 21), the commission said the following persons/entities were added to the list:

• RoboForex
• Potential clone entity — Robo Trade Program
• RM Investment Bank
• Potential clone entity — Tejara Capital

The Investor Alert List contains a list of unauthorised websites, investment products, companies and individuals, including:

• Persons carrying on or holding themselves out as carrying on the following regulated activities without a licence from the SC:
  • dealing in securities
  • dealing in derivatives
  • fund management
  • advising on corporate finance
  • investment advice
  • financial planning, and
  • dealing in private retirement schemes
• Persons operating a recognised market without authorisation
• Persons issuing or offering securities without approval, authorisation or recognition
• Persons misusing the SC’s logo and misrepresenting the SC

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I Synergy Group has now launched its new SaaS product, wyde, an ecosystem for seamless digital eCommerce including its unique NFT technology.

wyde integrates with the advertiser’s eCommerce store and lists products and offers on the wyde Influencer app, now available for downloading on the Android and Apple stores. Influencers share links to their followers that in turn allow customers to register on the wyde customer app and earn wyde reward and loyalty points by purchasing through the shared link.  

The new technology will be initially launched in South-East Asia, with Australia to follow.

“wyde is a marketplace facilitator that empowers advertisers and merchants to engage, and drive revenue. This in turn reduces the cost in retaining customers for advertisers and merchants as through wyde they will be able to provide a frictionless customer journey and buying experience accompanied by a loyalty reward program which rewards spending,’ comments Mr Kevin Coutinho, Managing Director and CEO at I Synergy Group. 

Built on a blockchain-based platform, this provides a faster system, enhanced security, and allows for the upselling and reselling of products based on an AI recommendation engine.

With the birth of the new wyde App, which is an integration of VTRAK (affiliate marketing platform) and Rewalty (blockchain-based loyalty program) IS3 will be able to reduce the cost of maintaining both previous platforms significantly, and facilitate transactions across its services in a seamless manner so that advertiser and user acquisition cost are reduced and customer lifetime value increases. wyde will provide a unique customer, influencer and advertiser experience.

wyde will have a diverse offering of products and services across multiple industries and market sectors and will be geographically diverse. Customers will be rewarded with wyde rewards points on the network for each transaction they make.

wyde rewards points will be usable across all wyde advertisers, so customers and influencers can generate even more rewards and keep track of them all in the one place.

Customers have the option to become an influencer (affiliate partner) and have their own referral code system in place and may choose whether they want to use the platform as an influencer or whether they would just like to complete a one-off purchase via a referral link.

If an advertiser is referred to the wyde platform, and the advertiser onboards, the user who referred the advertiser gets rewarded. Favourite products can also be recommended to friends by sharing the product via their influencer link through the App, the friend can click on the link, sign up once on the wyde App and purchase the product, and then the customer/influencer will instantly receive rewards points to their App-based wallet.

The system incorporates an indexing feature for influencers to share links based on certain categories and customers can register for notifications for new products based on discounts, availability and new products launched.

wyde will have basic influencers and super level influencers. The ability for influencers to become super influencers is via a tiering system, and enables them to receive additional benefits and rewards including the opportunity for increased earnings and other bonus rewards.

The wyde App has a single sign-on function, so instead of multiple website sign-ins, or different multiple loyalty point program registrations, customers can just use a single sign-in which they’ve created with wyde across all advertisers and their websites, this simplifies the logins for them during current and future transactions. 

Users can register with wyde to obtain access to an exclusive unique digital wallet to receive rewards and join the waitlist to get access to limited NFT’s, whereby exclusive products and discounts will be offered to NFT holders on the wyde ecosystem.

The product stakeholders can increase the rewards held on their NFTs by continuing to collect points and provide value to the platform and upgrade their NFT status. 

Advertisers can upsell products and services, and users can market these, as part of the loyalty program, and the app will help the advertiser to collect user data for future product announcements. The loyalty program will include tiers, as well as a custom business program for regular buyers. The advertiser can customize offers for the customers, through customer data analytics, encouraging repeat purchases.

Advertisers will have access to the existing wyde database of customers and be able to reach customers by tapping into the existing wyde influencer network of influencers. 

wyde advertisers can seamlessly integrate with the wyde platform in minutes and start leveraging the company’s existing and new influencers and users. Sign up is quick and easy on the wyde Portal, after installing the App on the eCommerce Store, the wyde advertiser then imports all of the category/products into the database. Once live with offers, advertisers can track every product through a unique link to track the customers coming in through the wyde influencer network and set a custom commission rate for influencers, incentivizing them to promote the product/category. wyde charges a monthly subscription fee which also includes a fixed and variable fee that is dependent on the type of subscription. 

Ox Street announced that it will be collaborating with sneaker retailer Sneaksurf to bring a special sneaker recommerce popup store to Culture Cartel, a street culture event happening in Singapore from 1 December to 4 December. 

The popup store will feature a Japanese ‘Wabi-Sabi’ theme which embraces the beauty in imperfection, providing not only a selection of top recent sneaker releases, but also a line of used ‘grails’ that have been authenticated by the Ox Street team to create a unique sneaker shopping experience at the event. This follows Ox Street’s introduction of Used earlier this year to head the sustainability movement within the sneaker resale market.

Commenting on the collaboration and concept, Ox Street founder and CEO, Gijs Verheijke said, “We loved the philosophy of Wabi-Sabi where you embrace and even celebrate imperfections and transience – which applies to used sneakers, where every scar and every scuff has a story and gives the shoes more character. Buying pre-loved is a great concept as you are not only keeping shoes out of landfills, but it is also economical as used pairs can go as low as 50% or even as much as 70% off brand new. With a generation of people who care about the environment and enjoy thrifting, we think Culture Cartel is a great moment to celebrate sustainability.“

Culture Cartel attendees will be able to visit the Ox Street recommerce popup store to access a broad supply of products instantly available for pickup, with pre-verified sneakers available for purchase on the spot. For visitors whose sizes are not available at the popup store, Ox Street’s marketplace will provide full selections that can be delivered to the buyer’s home at a later date. 

LBS Bina’s first nine months (9M22) results beat expectations on faster-than-expected progress billings for key development projects. It has exceeded its MYR1.6bn FY22 sales target, with total sales of MYR1.8bn as of mid-November, demonstrating the continued strong demand for affordable homes despite macroeconomic challenges. Nevertheless, RHB Research has increased its RNAV discount to 65% to account for the uncertain political environment, economic outlook, and market sentiment.

Above expectations. 3Q22 earnings of MYR35.4m (+0.6% QoQ, +95% YoY) brought 9M22 earnings to MYR100.6 million (+69% YoY). Results were above expectations, at 85% of the Street’s full-year estimates. 9M22 revenue rose 46% YoY on higher contribution from its key development projects, with Klang Valley projects remaining the largest
contributor at 85% of total revenue. However, 9M22 EBIT margin was slightly compressed at 15.5% vs 9M21’s 16.5% due to higher building material costs.

Beating its sales target. LBS exceeded its initial sales target of MYR1.6bn for FY22 with MYR1.8bn total sales as of mid-November (FY21: MYR1.58bn). Most of the new sales were contributed by projects at LBS Alam Perdana, KITA @ Cybersouth, and Idaman BSP. Take-up rates for ongoing projects are healthy, averaging at 82%, and pipeline
bookings of MYR288m should lead to a strong end to the year. Unbilled sales are stable at MYR2.54bn as of October (Sep 2022: MYR2.5bn, Sep 2021: MYR2.1bn), providing revenue visibility for the coming years.

Project launches on schedule. LBS has picked up the pace of its property launches during the quarter, launching MYR1.2bn GDV as of mid-November from just MYR305m by mid-August. It plans to launch a total MYR1.78bn GDV for FY22, with MYR424m worth of launches expected in 4Q22, including the 26-unit Emerald Garden in Batu Pahat
and Idaman Melur. While the rising interest rate and inflationary environment are downside risks, the full stamp duty exemption for homes below MYR500k should help mitigate this risk next year.

RHB Research still maintains BUY rating on LBS Bina. In view of the better-than-expected results, the research house has raised its forecast earnings of FY22F-24F by 6-13%, but lowered its target price (TP) on a higher RNAV discount of 65% from 60% due to the uncertain political environment.

While the rising interest rates and inflationary environment are downside risks, the research house holds the belief that LBS’ positioning as a leading player in the affordable housing segment should mitigate these risks. A 0% ESG premium/discount is applied to the TP as the group’s ESG score of 3.0 is in line with the country median.

The GrowHub, Asia Pacific’s Web 3-enabled plug-and-play ecosystem builder for food traceability and carbon credits, announced its strategic partnership with Kyoto’s leading craft canning producer and food experience provider Tangobar. Tangobar is committed to the development of canned foods using local agricultural and marine products as well as food promotion events. The GrowHub will be providing its proprietary Web-3 technology to Tangobar to support the sustainable development of the local community in Kyoto Prefecture (Kyoto by the Sea) and the penetration of its products in the ASEAN market.

With a goal of maximizing local food resources, knowledge, and techniques to promote the diversity of Kyoto’s rich landscape, Tangobar seeks to create a harmonious relationship between food producers and consumers to develop a sustainable food culture that is beneficial for all. The GrowHub’s mission of fostering sustainable and conscious trade and providing authentic food that consumers can trust via Web-3 technology aligns with Tangobar’s efforts to contribute to the local environment and communities.

The GrowHub’s unique blockchain solution, which enables direct two-way communication with consumers, will enable Tangobar to tell the rich story of its products and the local community in northern Kyoto while providing them the insights needed to expand and create demand for their product offerings among ASEAN consumers. By creating demand for food experience programs and local food processing, Tangobar hopes to contribute to new employment opportunities and sustainable economic growth in the region.

Dr. Daiki Nakaoka, the Country Head of The GrowHub Japan shared, “While many rural areas in Japan have wonderful food resources, they are faced with the challenges of increasing employment opportunities for locals and re-innovating food experience programs with environmental considerations. This partnership significantly enhances the opportunities for local communities to thrive in ASEAN in a sustainable manner.”

Naoya Seki, Founder, and CEO of Tangobar mentioned, “The GrowHub is a key player in distributing products that contribute to the development of a sustainable environment and society in ASEAN. It is beyond challenging to scale local food resources to potential consumers beyond Japan. As such, The GrowHub comes in as a bridge to enable us to communicate directly with ASEAN consumers. Through this, we are better able to tailor our products according to the needs and demands of new audiences. We are looking forward to our strong partnership with The GrowHub and future roadmaps for consumers to visit our production facilities in Kyoto.”

The athletic apparels company posted stellar second quarter result. The second quarter is typically a quiet quarter for the group, its net profit for the second quarter ended Sep 30, 2022 soaring 241.83% to RM5.65mil from a mere RM1.65mil in the same quarter of the previous year.

PCCS showed better results due to a foreign exchange gain of RM4.43mil. This is attributed to the strengthening US Dollar against the Ringgit.

Meanwhile, there is only a 1.24% increase in revenue to RM104.06mil.

In terms of net profit, there was also a 10% contribution from PCCS’ credit financing business, which only began in Aug 2021. Although just over a year old, it has booked revenue of RM1.29mil for the quarter and is already recording double digit growth and margins. For the cumulative six months period, the credit financing division has contributed revenue of RM2.27mil.

Moving forward, the credit finance business is expected to help support the seasonal nature of PCCS’ core athletic apparel business, and therefore provide more stability in earnings moving.

Meanwhile, the remainder of the profits were contributed by PCCS’ core apparel business in China.

Thus, this brings PCCS’ six month to Sep 30, 2022 cumulative net profit to RM22.84mil from RM3.27mil. Revenue stood at RM273.36mil from RM202.29mil previously.

The high six months profits are also due to the extraordinary gain of RM6.9mil contributed by the gain on disposal of two subsidiaries in its first quarter.

Minus off these exceptional items, PCCS still recorded impressive core net profits of RM8.4mil for the first quarter to June 30, 2022.

While 90% of its business in athletic apparels, PCCS also has divisions in hire purchase financing and medical devices. Its largest export markets for its sportswear are China, European and American countries.

The company continues to be in a strong financial position, and remains in net cash position as usual. It has cash in the bank of RM80.69mil and short-term funds of RM6.04mil.

Meanwhile, borrowings stood at RM33.04mil, but this is strongly supported by inventories of RM47mil and trade receivables of RM52.71mil.

While the group continues to have some RM350mil of apparel orders to fulfil for its financial year ended March 31, 2023 (FY23), the Covid zero policy and sudden lockdowns in China are causing some havoc to PCCS’ manufacturing business in China.

“We have experienced some delays and setbacks in our manufacturing side because of the measures by the Chinese government. This is out of our control, and we do foresee that the apparel business in Cambodia and China to experience some downturn in sales for the following quarter,” said PCCS group managing director David Chan Wee Kiang.

“We are better prepared this time, and thus expect the manufacturing and supply chain hiccups to be more manageable this round. The Group will leverage on its operational efficiencies and cost savings initiatives to achieve better performance,” added Chan.

Moving forward, Chan continues to see a lot of traction and opportunities in the athletic apparels segment.

“We have been moving up the value chain and are already developing high tech athlete wear for Li Ning, Puma and Decathlon to name a few. With our strong track record and financial position, we are on the lookout to acquire apparel related businesses or to work with a big established brand,” said Chan.

PCCS’ biggest customers are Decathlon, Puma and Li Ning.

Beginning 2022, PCCS officially designs, develops and manufactures for Puma in China. PCCS officially kits out the Decathlon racing team that competes for the Tour de France, as well as China’s national ping pong and badminton players under Li Ning.

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Datuk Seri Anwar Ibrahim said he supports all efforts by the police to quell any attempt to cause trouble and trigger disharmony in Malaysia.

In a Facebook statement posted in the early hours of this morning, the Pakatan Harapan (PH) chairman also reminded “desperate and selfish parties” not to fan the flames of chaos at this critical time for the country.

“I am concerned to see a handful of desperate and selfish parties fanning the flames of racist sentiment and rhetoric at a crucial time like this.

“Efforts and endeavours to establish a government that is responsible and stable should not end in chaos because the Malays, Chinese, Indians, Orang Asli, Sabah and Sarawak tribes are part of the brotherhood of humanity and Malaysians that love peace.

“I very much welcome the stern statement by Inspector-General of Police Tan Sri Acryl Sani Abdullah Sani in seeking to stop any development that could threaten the unity of Malaysia,” he said in the brief statement.

Last night, police warned social media users not to share posts that could threaten public safety and order.

Acryl Sani said the police had found social media content with racial or religious sentiments and insults towards the royal institution in apparent reaction to the inconclusive 15th general election (GE15) results and ongoing efforts to form a government.

“PDRM, in calling for restraint, is warning social media users to refrain from abusing the platform to spread provocative content that may cause public alarm.

“Strict action under the Communications and Multimedia Commission Act 1998, (and also) the Sedition Act and Penal Code will be used against any party trying to create a situation that threatens public safety and order,” he said in a statement tonight.

The 15th general election ended on Saturday with both the PH and Perikatan Nasional coalitions claiming to have enough numbers in the 222-seat Parliament to form government.

PH currently has 82 seats while PN has 73. The Barisan Nasional coalition, which had pushed for national polls to be held this year ahead of the GE14 expiry next year, only garnered 30 seats.

The Yang di-Pertuan Agong has given prospective prime minister candidates a revised deadline of 2pm today to prove that they have a majority.

Anwar Extends Olive Branch to Abang Johari

Pakatan Harapan (PH) chairman Datuk Seri Anwar Ibrahim has reached out to Gabungan Parti Sarawak (GPS) chairman Tan Sri Abang Johari Openg to invite GPS to be part of the unity government he plans to form in Putrajaya.

Anwar said he had reached out to Abang Johari today and explained why aligning with PH would be a better option for Sarawak, as opposed to Perikatan Nasional (PN).

“Yes, I reached out to Abang Johari through our trusted representatives and explained why we are better partners for Sarawak and also Sabah,” Anwar told The Vibes briefly when contacted.

“We have a deep respect for Sarawak and its people and we understand their struggles and needs.

“Sarawak and Sabah just want to be treated fairly and PH can offer that,” a online news site reported Anwar saying.

He said PH can ensure Sarawak and Sabah enter into a true partnership that will ensure the people there are treated equitably.

“Sarawak and Sabah are often paid lip service for their support but I’ve assured that with PH they will not be taken for granted,” Anwar added.

He said what is best for multi-ethnic and multi-religious societies like in Borneo is a coalition like PH that is representative of a multi-racial and multi-religious Malaysia.

“PH champions equitable treatment of all groups while preserving the enshrined Constitutional rights and privileges of Malays and Islam, as well as the rights of other communities.”

He said he is now waiting for the Premier’s response.

“I consider him a friend. I am looking forward to speaking or meeting him soon,” he said.

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Rapid KL has issued a statement via social media stating that Kelana Jaya LRT passengers should expect delays of 10 minutes at some stations between Putra Heights and Kelana Jaya.

Some users on Twitter have reported MRT delays as well but Rapid KL has yet to issue a statement regarding it.