EVENING 5: TNB recovers RM10 bil in 1H2023 ICPT costs

The Edge TV

In today’s edition of Evening 5 — TNB says it fully recovered RM10.4 billion of ICPT costs for the first half of 2023. Meanwhile, MyNews redesignates Dang Tai Wen as CEO and Dang Tai Luk as executive chairman in a management reshuffle.

Transcript

00:00 [Music]

00:04 Tenaga National expects its imbalanced cost pass-through or ICPT receivables to fall,

00:10 primarily due to the moderation of coal prices and as it fully recouped

00:15 RM10.4 billion of ICPT costs for the first half of this year.

00:20 In a statement, the group said it expects to recover RM4.7 billion of ICPT costs

00:26 from Petrajaya in the remainder of the year. Its President and CEO, Datuk Baharindin, said

00:31 the development will improve its working capital and cash flow levels in 2023

00:36 and subsequently gearing levels. Looking ahead to the first half of the 2024 financial year,

00:42 TMB is expecting a recovery of about RM7 billion from ICPT based on current fuel price trends,

00:49 reflecting the company's proactive approach to managing its financial outlook,

00:54 controlling fuel-related expenditures and collecting revenue. Baharindin noted that

00:59 TMB's prudent capital management enables it to reward its shareholders with an interim dividend

01:05 of RM18, which accounts for 49.4% of the adjusted profit after tax and minority interest.

01:12 [Music]

01:17 MyNews Holdings has redesignated its founder and group CEO,

01:21 Deng Tai Lok, as the group's executive chairman. This after previous chair, Din Lian Bing, resigned,

01:27 citing time constraints arising from his other ongoing personal commitments.

01:32 He will, however, stay on as an advisor to the company. In a boar's filing, MyNews said

01:37 Deng's brother and deputy group CEO, Deng Tai Wen, will take over the reins as CEO.

01:42 It said he has over 20 years' experience in the sector and that he started his retail

01:48 career with MyNews after working from ground up with many retailers such as Mac's, CVS and

01:54 McDonald's in Canada. In a separate filing, MyNews said its quarterly net loss widened in the third

02:00 quarter of FY23, mainly due to higher selling and distribution costs. Net loss stood at RM2.16

02:07 million against RM1.45 million the year prior. Top line rose 9% to RM185.79 million, fueled by

02:16 the increase in the number of outlets and improvement in the overall in-store sales.

02:21 At the close, MyNews' shares rose 5.8% to RM0.55, valuing it at RM412.7 million.

02:28 Aon Credit Service Malaysia saw its second quarter FY20-24 net profit jump 59%,

02:41 supported by higher transaction and financing volume. Earnings totaled RM120.19 million,

02:47 while revenue rose 18.2% to RM471.73 million on stronger loan and financing growth.

02:56 It declared an interim dividend of RM28.5 per share. For the first half of FY20-24,

03:03 net profit contracted by 8% to RM219.55 million due to higher impairment losses on financing

03:10 receivables. Revenue, however, increased by 17% to RM924.4 million, fueled by higher transaction

03:19 and financing volume. Looking ahead, the group said it remains cautious on the outlook for the

03:24 second half of FY20-24 in view of prevailing economic headwinds, tightening policy rates

03:30 to curb inflationary pressures, and volatility in the global banking industry and financial markets.

03:37 It will continuously enhance its information technology capabilities to support its growth

03:42 and fortify its long-term business sustainability. Shares in Aon Credit closed 0.35% higher at RM11.52,

03:50 giving it a market capitalization of RM2.92 billion.

03:54 Evergreen Max Cash Capital, or EMCC, which debuted on the ACE market today,

04:05 said it expects demand for Pond Broking to increase amid the escalating cost of living.

04:11 In a press conference following the listing ceremony, its executive director Lau Kai Lun said

04:16 the company aims to grow its market share from just over 3% to 10% in the next few years.

04:22 He said the Pond Broking industry in Malaysia is expected to grow at a compounded growth rate of

04:28 5.9% between 2022 and 2024 and to reach RM12 billion next year. EMCC, which has set aside

04:36 RM20 million from its initial public offering to open up five new pond shops, will prioritize

04:42 its existing markets in Kuala Lumpur, Selangor, Negeri Sembilan and Pahang, which house its 22

04:48 existing Pajar King Pond Shops. EMCC ended trading at RM31.5, valuing it at RM351.19 million.

04:58 That's 31% higher than its listing price of RM0.24.

05:01 It was Bursa's top active counter, with 285.15 million shares traded.

05:08 The Natural Resources, Environment and Climate Change Ministry will be meeting with state

05:19 governments next week to discuss the establishment of a framework for the extraction of rare earth

05:24 elements or REEs in the country. REEs are used in the production of various products and technologies,

05:31 including electric vehicles, turbines and windmills. According to a Burnama report,

05:36 its Minister, Nik Nasmin Nik Ahmad, said the talks will focus on the processing aspects that need to

05:42 be done locally, as well as potential areas that could be explored without disrupting the ecosystem

05:49 of the permanent forest reserves. He said 80% of areas that may contain REEs are located outside

05:56 the reserves and would like these to be prioritised to avoid harming the country's forests, which are

06:02 among the oldest in the world. Nik Nasmin said this when winding up the debate on the motion

06:07 of the 12th Malaysia Plan mid-term review for his ministry at the Diyawan Negara today.

06:12 [Music]

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