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Tag: Malaysia

  • Malaysia retail sales slump to worst in the recent 22 years

    Malaysia retail sales slump to worst in the recent 22 years

    Malaysia retail sales last year dropped to the lowest level in 22 years as the country has been heavily impacted by the Covid-19 pandemic.

    According to the Malaysia Retail Sales Report, turnover plummeted 16.3 percent last year, with most retail sub-sectors recording double-digit declines. The department store and fashion segments shrunk at 38.3 percent and 37.9 percent respectively, the worst-performing sectors.

    Since the Movement Control Order (MCO) was in place for most of the first quarter, retail sales this year are expected to drop 4.1 percent, with the first quarter’s sales down by 13.4 percent. The next three quarters will show recovery, the report predicts.

    “Last year, Malaysia’s retail industry recorded the worst performance since the Asian financial and economic crisis that took place 22 years ago,” said Tan Hai Hsin, MD at Retail Group Malaysia. “In 1998, retail sales in Malaysia dropped by 20 percent.”

    While most retail sub-sectors, including F&B, children products, and pharmacy, contracted by double digits, the convenience-store sector posted its best performance with 14.8 percent growth last year. The furniture and electronics sector surged by 0.4 percent despite the pandemic.

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  • Steel industry expected to recover this year

    Steel industry expected to recover this year

    Vietnam’s steel industry is expected to recover this year with rising export orders, thanks to improved global demand and surging domestic consumption.

    Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized steel, to North and South America.

    This followed an export of 10,000 tonnes in January to Belgium and Spain.

    The company targets producing 300,000-400,000 tonnes of steel products this year, 30-40 percent of which are likely to be exported.

    Its competitor Hoa Sen Group last month set a new export record of 121,000 tonnes of galvanized steel worth more than $100 million. The group has a network of over 85 countries and territories, with main markets being the U.S, Mexico, Europe, and Southeast Asia.

    Vietnam’s steel industry is expected to see growth of 5-6 percent this year, with global demand set to rise by 4.1 percent thanks to a recovery in developed markets, according to the Vietnam Steel Association (VSA).

    Other drivers for growth include expectations of rising public investment in infrastructure, the recovery of the real estate market and more foreign direct investment, said VSA deputy chairman Trinh Khoi Nguyen.

    The industry started 2021 strongly, with a 61 percent year-on-year rise in production volume to 2.65 million tonnes.

    Domestic sales in the period rose 55 percent to 2.12 million tonnes, while exports rose 53 percent in value to $553 million.

    These figures indicate robust recovery prospects this year after VSA saw half of its members reporting plunging revenues last year, especially in the first and second quarter, due to Covid-19 impacts.

    However, trade officials have warned that rising safeguard measures could hurt the industry.

    Last month, Indonesia imposed an anti-dumping duty of 3.01-49.2 percent on Vietnam cold steel sheets.

    In January, Malaysia revised duties on cold-rolled coils of alloy and non-alloy steel from Vietnam to 7.42-33.7 percent for the period between January 24 and May 23.

    The U.S. and Canada have also slapped anti-dumping duties on Vietnam’s steel products in recent years.

    The Trade Remedies Authorities of Vietnam has advised local steelmakers to diversify their markets to avoid being punished with such duties.

    Nguyen Thi Thu Trang, director of the Vietnam Chamber of Commerce and Industry’s (VCCI) WTO Center, said that steel producers need to prepare themselves with knowledge of regulations on international safeguard measures and cooperate with other countries’ trade authorities to resolve issues.

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  • AirAsia X continues loss-making streak amid grounding

    AirAsia X continues loss-making streak amid grounding

    Beleaguered AirAsia X stayed in the red at the operational level, despite narrowing its losses on a quarter-to-quarter basis.

    For the three months ended 31 December, the long-haul, low-cost carrier, which is undergoing debt restructuring, reported an operating loss of MYR356 million ($87.8 million). This compares to the previous quarter’s MYR426 million loss.

    It offered no year-on-year comparison of its financial results, as it shifted its financial calendar in December, citing an ongoing Scheme of Arrangement. This meant that the carrier’s current and subsequent financial year would end on 30 June, instead of 31 December.

    For calendar 2020, the sister unit to Malaysia’s AirAsia Group racked up operating losses of more than MYR1.2 billion.

    AirAsia X reported a quarterly revenue of just MYR54.7 million, marginally lower than the previous quarter’s MYR60 million revenue.

    As with previous quarters, it took no revenue from scheduled flights, as its network remains effectively frozen amid pandemic-driven travel restrictions. The bulk of its revenue for the quarter — at MYR47 million — came from aircraft operating lease income.

    The carrier’s expenses for the quarter were MYR419 million, about 13% lower than the previous quarter. Depreciation costs, as well as maintenance and overhaul expenses, made up the bulk of the carrier’s costs for the period.

    AirAsia X narrowed its net loss quarter on quarter, at MYR174 million.

    The troubled airline reiterated its plans of returning to the black, through a rationalisation of fleet and routes. These include focusing on routes in core markets with proven demand, as well as terminating unprofitable routes.

    In October, the carrier announced a debt restructuring plan, as it continued to bleed amid the coronavirus pandemic.

    A few months later, in mid-December, it unveiled plans to raise RM500 million from a new share issuance, which it described as a “critical component” of its restructuring plan.

    Since then, a UK court has allowed the carrier to convene a meeting with its creditors, to seek approval for its restructuring.

  • DBS Names Malaysia Country Head

    DBS Names Malaysia Country Head

    DBS reshuffles several senior managers and appoints a new country head for Malaysia, effective June 1 this year.

    The Singaporean lender named Abdul Raof Latiff as the new Malaysia country head, according to a statement, succeeding Jeffrey Ling who will retire from the role.

    Ling, who joined the bank in 1995, will stay as a senior advisor to help continue engagement with DBS’s key clients in Malaysia.

    Latiff joined DBS in 2017 and was most recently its group head of digital for institutional banking and group head of global transaction services product management. Latiff has over 25 years of banking experience and he previously held senior positions in the region with the likes of Citigroup, J.P. Morgan and HSBC.

    Latiff’s existing roles will be taken over by 15-year DBS veteran Lim Soon Chong, currently group head of investment products and advisory for consumer banking and wealth management.

    The new appointments reflect our commitment to groom talent from within, and enable us to continue to provide more development opportunities to our senior team across the region, said DBS group head of institutional banking Tan Su Shan.

    As a result of our deliberate effort to build our timber from within, a large proportion of our senior leaders have also been developed internally, including over 80 percent of our managing directors.

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  • OCBC Acquires Malaysian Asset Manager

    OCBC Acquires Malaysian Asset Manager

    Following the acquisition, Horizon Asset Management is now a wholly-owned subsidiary of OCBC Bank through Kim Limited.

    OCBC Bank subsidiary Kim Limited has bought the remaining 51 percent of shares in the Malaysian asset manager for RM2.55 million ($630 million) from Sharosu Assets, according to a bourse filing on Thursday.

    The consideration, which was determined based on the mutually agreed price of RM1 per share, will be paid in cash, the announcement said. The audited net tangible asset value represented by the proposed acquisition as at Dec 31, 2019, was about RM420,000.

    The bank said the acquisition is not expected to have any material impact on the net tangible assets or earnings per share of OCBC Group for the financial year ending 31 December 2021.

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  • IntSights grows APAC footprint with Pacific Tech partnership

    IntSights grows APAC footprint with Pacific Tech partnership

    IntSights, the threat intelligence company focused on democratizing threat intelligence, announced the appointment of Pacific Tech as its regional distributor in Singapore, Malaysia, and Thailand. The collaboration further strengthens IntSights’ network in the region to meet the fast-growing demand for threat intelligence as enterprises look to gain greater visibility and control over threats outside the wire.

    IntSights offers unique cyber reconnaissance capabilities and patented data-mining algorithms that give customers the deepest and most actionable intelligence on the market. The IntSights platform has the ability to discover, analyze, and mitigate external threats across PaaS, SaaS, and IaaS, which is critical in the remote work scenario. The new partnership with Pacific Tech aligns with IntSights global growth initiatives and affirms the company’s commitment to the region.

    Pacific Tech is an award-winning value-added distributor with more than a decade of experience in providing cybersecurity, data protection, managed security services, and IOT security solutions to customers in APAC. Pacific Tech will be distributing the full range of IntSights products, services, and solutions to the system integrator and value-added reseller channel communities; as well as end clients from target verticals including e-commerce, energy, financial services, government, healthcare, and retail.

    “We are delighted to work with IntSights as we continue to deliver value-added solutions to our partners and customers,” said Andy Woo, Regional Director, Pacific Tech. “With our regional business-coverage, especially in ASEAN, we are well-positioned to bring IntSights best-in-class solutions to enterprises in the region. IntSights has taken the complexity out of threat intelligence, and the broad accessibility to IntSights solutions will address today’s organizations’ need for effective cyber intelligence solutions.”

    “Amidst the challenging environment, IntSights continued to grow at more than 60 percent YoY in 2020 with a record fourth quarter. Asia Pacific has been one of the focus regions for growth, and we are increasing our investments in engineering, product management, sales, and marketing in the region,” said Michael Tan, Regional Director of APJ, IntSights.

    IntSights has adopted a channel-driven GTM and is being distributed by some of the biggest, most influential partners in the world. We see synergy and opportunities through our partnership with Pacific Tech as we continue our growth momentum. It is an opportune time to extend the alliance ecosystem to scale our capabilities to aid enterprises of any size to counter cyber threats today.”

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  • AirAsia Food to spread its wings to Johor and Penang next month

    AirAsia Food to spread its wings to Johor and Penang next month

    Almost a year since its introduction in the Klang Valley area, AirAsia food is now set to spread its wings to other major cities in the country starting with Johor and Penang next month.

    AirAsia Bhd chief executive officer Riad Asmat said the business was recording very positive growth, especially during the return of Conditional Movement Control Order between October to December 2020, and the trajectory remained promising into 2021.

    He said under its expansion plan, the company had started an entrepreneurial program to recruit more talents to grow AirAsia food together in the upcoming potential markets, as well as securing more merchants under its umbrella”

    People are ready and looking for more (food delivery services) options right now and our offerings at AirAsia food, be it from the customer and merchant’s perspective, can accommodate their needs within the market,” he told Bernama in an interview recently.

    Riad named Ipoh, Kota Kinabalu, Kuching, Miri, and Kota Bharu as the next potential markets.

    As for the international market, he said the company aimed to mark its presence in Singapore next month, and other markets such as Indonesia, the Philippines, and Thailand soon.

    Launched during the Movement Control Order (MCO) in May 2020, AirAsia food is a seamless, fuss-free, and affordable food delivery platform for merchants as it runs on a flat-rate model that is equivalent to only a 10 percent commission rate.

    He said at present, it has the lowest commission rate in the market as other platforms’ commission fees range between 15 percent and 30 percent, and AirAsia food is the only platform that offers a flat rate.

    Merchants can also easily control their menu and prices and receive extended delivery coverage of up to 60 kilometers compared to a 15-kilometer coverage by other food ordering platforms.

    Riad said although there are service providers that have been in the market much longer, AirAsia food believes that the market is big enough for one more alternative with the advantages it can bring to the table.

    He said AirAsia food provides merchants with a competitive offering, which directly and indirectly can help them reap a greater return in terms of profitability and low cost, which in turn benefits their customers.

    As one of the businesses under the airasia.com Asean super app, AirAsia food is supported by airasia.com’s ecosystem of over 60 million users who are able to earn and pay with their BIG Points, he said.

    “The advantages of merchants joining us will be on the basis of the strong structure, including from the technology and client perspectives. A merchant now will get a potential exposure of up to 60 million clients within our ecosystem,” he said.

    On prospects, Riad said sales picked up during the lockdowns but the business would remain relevant in the future after vaccines are made available, as technology helps people to meet their needs in a very convenient way.

    “If you give the right products that people want and keep enhancing the business with innovation, surely you can sustain the business for a long period.

    “Our growth at AirAsia food does not only help local food businesses, but also has a spillover effect in creating more job opportunities,” he said.

    To-date, AirAsia food employs more than 1,500 teleporters (riders) offering services to 1,200 restaurants around the Klang Valley

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  • Malaysians get a taste for in-car dining during lockdowns

    Malaysians get a taste for in-car dining during lockdowns

    Diners in Malaysia can now enjoy restaurant meals from the safety and comfort of their vehicles after an eatery started a drive-in service for people eager to eat out during a COVID-19 lockdown.

    The Southeast Asian nation is in its fourth week of nationwide restrictions imposed as it grapples with a surge in coronavirus infections that has pushed the cumulative total to more than 230,000 cases, with more than 800 deaths.

    In Cyberjaya, a satellite city on the outskirts of the capital Kuala Lumpur, customers drive into the parking lot of Padi House restaurant and order from laminated menus through the vehicle windows.

    Each set meal comes on a customized tray that fits in the narrow space between the driver seat and steering wheel.

    “I work at the bank so its not a suitable environment for me to eat. I prefer to go out and sometimes we need a change in scenery so that I can enjoy my food, even in a car,” said Nor Shekin Nor Razali, who had lunch with a colleague on Thursday (Feb 4).

    The restaurant has closed its dine-in service and, like most eateries in Malaysia, had been offering takeaways only.

    Owner Leow Kim Ngan said the inspiration came from airline meals after business dropped 80per cent due to the pandemic.

    “It’s very challenging, we have to think of a new way to find more income,” said Leow.

    Malaysia is currently at its peak of infections, averaging more than 4,600 new cases per day.

    Infection numbers have been climbing steadily since the end of September. A second nationwide lockdown, which bans social activities and inter-state travel, is due to end on Feb 18.

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  • Gordon Ramsay to open first restaurant in Malaysia

    Gordon Ramsay to open first restaurant in Malaysia

    Multi-Michelin starred chef Gordon Ramsay is to open Malaysia’s first Bar & Grill concept in Kuala Lumpur this year.

    Located at Sunway Resort in Selangor, Bar & Grill will feature a varied all-day menu, including Gordon Ramsay’s signature dishes such as Beef Wellington and Sticky Toffee Pudding. The restaurant is scheduled to launch this June.

    Featuring contemporary interiors, the restaurant design will “create an inviting ambiance, with floor-to-ceiling windows framing views of the lagoon, and a private dining room, setting the stage for intimate events,” Sunway Resort KL said on its website.

    The restaurant will also mark the brand’s first outpost outside the original Mayfair outlet.

    Gordon Ramsay, who holds seven Michelin stars, has a collection of acclaimed restaurants in the UK, Europe, and the US. He is also the star of popular shows such as Kitchen Nightmares, Hell’s Kitchen, and MasterChef US.

  • Kawai Malaysia, The Japanese Zen Style Flagship Store, Opens in Malaysia

    Kawai Malaysia, The Japanese Zen Style Flagship Store, Opens in Malaysia

    The founder of the Kawai Malaysia showroom has announced the opening of his flagship store in Malaysia. Kawai Malaysia is an amazing showroom built to showcase a large variety of musical instruments and their accessories. The store comprises a Japanese Zen style interior design concept store, the first one of its kind in Malaysia. With the goal of perfecting the art of the pianos, Kawai’s master craftsmen strive to get the best patterns, designs, and new materials to adhere to the latest piano standards. The piano models on display combine the very latest digital sound technology with the most advanced key action designs to beautifully capture the essence of playing a fine concert grand piano.

    A spokesperson for Kawai Malaysia said, “The future of the piano lies in the fact that the imaginative spirit of Koichi Kawai, our founder, laid an ambitious foundation for all who would follow and is the primary reason why the name Kawai has been synonymous with our innovations since 1927”

     Perfecting the art of pianos, a brand-new showroom for musical instruments is now open to the public

    Over the last 30 years, Kawai digital piano designers have worked side-by-side with their acoustic piano counterparts to create an extraordinary range of digital instruments. It is this hard-earned synergy of complementary skills that has made Kawai digital pianos some of the most highly praised instruments in global music products industry. Indeed, Kawai is one of the most celebrated companies in the category, having received over 50 major international awards for product and service excellence.

    Kawai Malaysia features a beautiful showroom at the ground level. The second floor houses Kawai’s service center headquarters. From digital to acoustics, all varieties of the latest models of pianos are also available at the showroom. Kawai Malaysia has initiated many of the piano industry’s most captivating and useful innovations, including the aluminum action rails, slow-close fallboards, hard finish music desks, and revolutionary use of ABS. The three main types of Kawai pianos, upright, digital, and hybrid are all found at the Kawai showroom.

    Kawai Malaysia follows the unique designs and patterns of the Zen philosophy. Using soft tones and neutral colors like shades of greys and whites which are meant to be relaxing, contemporary, and appealing. The founder of Kawai Malaysia has used natural materials and innovative ideas for structuring magnificent interior designs. Using simple furniture and grandeur decorations induces the power of serenity and purity in the customers.

    Always searching for new materials and technologies, Kawai Malaysia improves the tone, touch, stability, and durability of a piano and enhances the piano actions. The company’s passion for innovation also extends to electronics, where Kawai created some of the industry’s earliest digital pianos with real wooden keys. Kawai was also among the first to offer built-in recorders and affordable digital pianos with real wooden soundboards.

    For more information on Kawai Malaysia, visit:

    Website :           www.kawaipiano.com.my

    YouTube:         www.youtube.com/channel/UCXuWrOXAJuo6auhTuKUS8GA

    Facebook:        www.facebook.com/kawaimalaysiaofficial

    Instagram:        www.instagram.com/kawaimalaysia/

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  • AirAsia and Penang Tourism Collaborate to Provide More Value Deals for Domestic Tourists

    AirAsia and Penang Tourism Collaborate to Provide More Value Deals for Domestic Tourists

    AirAsia and Penang Global Tourism (Penang State Tourism Bureau) have announced a new collaboration that will offer more travel options and value-added services to domestic tourists visiting Penang.

    The partnership will see airasia.com, the Asean super app pair-up with Penang Global Tourism Board to offer travelers a variety of Penang travel bundles as well as a joint marketing effort.

    Penang State EXCO For Tourism And Creative Economy (PETACE), YB Yeoh Soon Hin said, “We are observing a positive rebound on tourism activities and we are working towards accelerating the recovery of tourism, supporting jobs and the economy and increasing tourism receipts. Partnering with key travel players like airasia.com will assist us to amplify our efforts and to offer more diverse travel and tourism products by leveraging on their wide product offerings.

    “I am proud to say that Penang is at the forefront once again in assuring safe travels to our visitors. In July 2020, Penang launched the ‘Penang Responsible Tourism’ campaign. Furthermore, we have also launched the COVID-19 safety accreditation program to strengthen preventive measures undertaken by Penang’s tourism industry players. These initiatives are the first-of-its-kind in Malaysia, intending to instill confidence in travelers when visiting Penang.”

    “To further reiterate, Penang is the first in Malaysia to kickstart the “Penang Responsible Tourism” campaign and the accreditation program.”

    airasia.com Chief Commercial Officer, Amanda Woo said, “We would like to thank Penang Global Tourism Board for working with us to provide more value for travellers. Now, visitors to Penang can conveniently plan their trip with all the exciting offers made available through this collaboration under one platform on airasia.com. We hope people will take the opportunity to explore and enjoy more of what Penang has to offer.

    “We are also expanding our network from Penang to Kota Bharu with three times weekly flights which commenced yesterday, while the new route from Penang to Sibu is set to kick off in January 2021. We hope the added connectivity will provide much-needed accessibility for the Northern travelers, as well as to revive the domestic tourism industry. ”

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  • Malaysia is 16th most connected logistics country in the world

    Malaysia is 16th most connected logistics country in the world

    Malaysia is now ranked the 16th most connected country, according to the DHL Global Connectedness Index 2020.

    The country is also the second most connected in the East Asia Pacific, behind Singapore which remained as the second most connected nation in the world.

    “Besides ranking countries on their actual level of globalization, we compare actual levels to predictions. based on the country’s size, economic development, and location.

    “And Malaysia is one of our top five outperformers relative to expectations on the index,” said Professor Steven Altman, the lead author of the latest edition of the DHL Global Connectedness Index, in a virtual press conference today.

    Altman is also a senior research scholar at New York University’s Stern School of Business.

    Looking forward, Altman noted that there are some interesting opportunities on the horizon for Malaysia such as the growth of supply chains in Southeast Asia that continues to be quite strong, continued Asean integration efforts as well as opportunities that are forwarded in the Regional Comprehensive Economic Partnership (RCEP).

    Overall, citing the report, Altman said the DHL Global Connectedness Index is set to decline in 2020, but it is unlikely to fall below where it stood during the 2008-2009 global financial crisis, based on the analysis of preliminary data and forecasts.

    According to the report, Malaysia has long been ahead of its peers in terms of the depth of its global connectedness.

    “Like the other top countries, it exceeded expectations on both depth and breadth scores,” the report read, adding that Malaysia has the distinction of being the most populous country with a depth score in the top 25.

    “Its top pillar rank was fourth on the trade pillar in 2019, through a combination of relatively high ranks on both depth and breadth,” the report said, noting that Southeast Asia is a region where countries tend to have unusually high trade depth.

    “Southeast Asian countries benefit from linkages with wider Asian supply chain networks as well as ASEAN policy initiatives promoting regional economic integration,” it said.

    Meanwhile, DHL Express CEO John Pearson described his company’s performance in Malaysia as “extraordinarily strong”, saying the country was as one of DHL Express’ fastest growing countries.

    “Malaysia is certainly in the 20%-30% growth and has been for many months, and that is helped by one new product which is called ‘Durian Express’, which exports the king of fruits abroad,” he said.

    Pearson said this “niche product”, on top of the e-commerce business, drives Malaysia’s growth, adding that the outlook in Malaysia is positive.

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  • Former 7-Eleven Malaysia CEO Colin Harvey passes away

    Former 7-Eleven Malaysia CEO Colin Harvey passes away

    7-Eleven Malaysia Holdings Bhd (SEM) said today that the convenience store chain operator’s adviser Colin George Harvey passed away yesterday due to complications from a recent illness.

    In a statement today, SEM said Harvey was the chief executive officer (CEO) of SEM from July 2018 until November 2020 prior to his current designation as an adviser to the group.

    SEM chairman Tan Sri Abdull Hamid Embong said in the statement: “We are greatly saddened by the passing of Colin Harvey, and on behalf of our board of directors, management team and employees, we extend our deepest sympathies to Colin’s family.

    “We mourn his loss, and he has our deepest gratitude for his dedication and contribution to the group over the years.” Abdull Hamid said.

    According to SEM’s Bursa Malaysia filings on Oct 30, 2020, UK citizen Harvey, aged 50, on Dec 1 resigned as SEM’s executive director cum CEO due to health reasons.

    Harvey was jointly succeeded by Wong Wai Keong and Tan U-Ming.

    According to SEM’s filings, Wong and Tan were appointed co-CEOs with effect from Dec 1.

    On Friday, SEM’s share price closed unchanged at RM1.33, with a market value of about RM1.5 billion.

  • Shopee celebrates record-breaking 12.12 Birthday Sale

    Shopee celebrates record-breaking 12.12 Birthday Sale

    Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, wraps up the year-end shopping season with a record-breaking 12.12 Birthday Sale. On 12 December, 12 million items were sold in the first 24 minutes and at its peak, 1 million items were bought in a single minute.

    Terence Pang, Chief Operating Officer at Shopee said “We are humbled to end the year on a high note with a groundbreaking 12.12 Birthday Sale. Given the unprecedented year that 2020 has been, we wanted our fifth birthday to be a special day not just for Shopee but for the people we serve. E-commerce has become of increasing importance in our lives and has evolved beyond a platform to access basic needs to one that connects people and businesses. We are glad to have been able to celebrate the past five years with our users, sellers and brand partners and are truly excited for what is to come.”

    Shopee ushered in the festive season with endless fun and greater convenience

    Users joined Shopee every day for four weeks of fun and entertainment leading to 12 December, where they shopped from over 2 billion products. Consumers spent more time on Shopee’s in-app games and features, which offered greater rewards and value.

    • 450 million views were recorded on Shopee Live across the entire 12.12
    • Shopee’s in-app games were played a record of 2.7 billion times
    • Two of Shopee’s newest games, Shopee Bubble and Shopee Candy were a big hit, with a total of 28 million hours played

    The surge in shopping activity was also met with increasing adoption of digital payments. In particular, users enjoyed the convenience of Shopee’s integrated mobile wallet AirPay, with orders paid via the mobile wallet surging 18 times from an average day.

    12.12 Birthday Sale highlights in Thailand

    In Thailand, users enjoyed a constant stream of attractive deals on 12 December, supported by Shopee’s robust ecosystem.

    Thais took this chance to fulfil all their essential and entertainment needs with Home & Living, Beauty & Personal Care and Mobile & Gadgets emerging as the best-selling product categories.

    • Home & Living: Consumers took the time to revitalise their homes on 12 December, with more than 100,000 3D Wallpapers sold.
    • Beauty & Personal Care: Skincare was a big priority as people geared up for the festive season and the new year with 550,000 skincare products sold on 12 December.
    • Mobile & Gadgets: There was strong demand for new phones, gadgets, and electronics accessories. In particular, 400,000 smartphone accessories were sold on 12 December
    • Top Keyword search: On 12 December, the top keywords searched were “iPhone case” and “New Year Gift”, as Thais looked to treat themselves and their loved ones ahead of the new year.
    • Strong demand in the major cities: Shopping activity was highest in Bangkok on 12 December. At its peak, 500,000 items were sold in an hour.

    Powered by the surge in shopping activity, sales peaked for businesses on Shopee. A top electronics retailer recorded THB 7 million in sales per hour on 12 December.

     

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  • AirAsia up 5.49% after Fernandes said he’s ‘quietly optimistic’ about 2021, in talks for three new airlines

    AirAsia up 5.49% after Fernandes said he’s ‘quietly optimistic’ about 2021, in talks for three new airlines

    AirAsia Group Bhd rose as much as 4.5 sen or 5.49% to a five-month high of 86.5 sen in early morning trade today after the group said it expects travel to return to pre-Covid levels in the next six to 12 months.

    At 10.09am, the counter had pared some gains at 85 sen, still up three sen or 3.66%.

    The counter, among the most actively traded stocks this morning, saw 24.33 million shares traded.

    The stock has rebounded 63.46% from its recent trough of 52 sen on Nov 3.

    At 85 sen, the company was valued at RM2.82 billion.

    In an interview yesterday, group chief executive officer (CEO) Tan Sri Tony Fernandes said he is “quietly” optimistic about 2021 with a focus on expanding the group’s base in Southeast Asia.

    He added that the group is in discussions about starting three new airlines in the region, and its plan to raise up to RM2.5 billion is on schedule.

    Meanwhile, Rakuten Trade head of research Kenny Yee said yesterday a successful development of Covid-19 vaccines would lift cross-border travel restrictions and worldwide travel bans, benefiting AirAsia.

    “AirAsia’s share price is in consolidation mode now following the previous run; we expect buying momentum to resume as it is one of the potential recovery plays,” he said.

    MIDF Research also in its report last Thursday upgraded the aviation sector to “neutral” from “negative”.

    “We foresee that air travel demand will recover meaningfully, but only at a portion of pre-pandemic levels in FY21 (the financial year ending Dec 31, 2021). With vaccine introduction and subsequent administration on the horizon, we believe that there is light at the end of the tunnel for aviation players,” it said.

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