Maybank Investment Banking Group

We are delighted to announce the successful first issuance of AEON CO. (M) BHD.’s RM250 million Sukuk under the newly set-up RM2 billion sustainability-enabled Sukuk Wakalah programme. Born in Japan, the retailer is a household name in Malaysia with 177 outlets nationwide comprising AEON Malls, AEON Stores, AEON MaxValu, AEON Wellness and DAISO by AEON. The company will use the proceeds raised for working capital, investments, refinancing and other corporate purposes. The Sukuk achieved a rating of AA2 with a stable outlook by RAM Ratings which allows AEON access to continue tapping the Malaysian Sukuk market upon the expiry of its existing RM1 billion Sukuk Murabahah programme and the flexibility to issue Sustainability-Linked or Sustainability Sukuk in the future. Maybank Group is the sole financial institution in this transaction, with Maybank Investment Bank acting as the principal adviser, lead arranger, and lead manager for the Sukuk programme, while Maybank Islamic is the Shariah adviser. Congratulations to everyone involved, and thank you, AEON, for your trust and partnership! #SustainableFinance #IslamicFinance #HumanisingFinancialServices

Singapore Prime Minister Lawrence Wong introduced the SkillsFuture Jobseeker Support Scheme in his first National Day Rally speech on Sunday. The scheme will provide temporary financial aid of up to S$6,000 over a period of up to six months to the involuntarily unemployed. This will focus on helping lower and middle-income workers who lost their jobs to get through the setback and bounce back stronger, the prime minister has said. Hak Bin Chua our economist says, “The S$6,000 total is more generous than the temporary Covid-19 Support Grant, which provided a cash grant of up to S$800 monthly, for three months.” “The amount could also be raised in the future to account for higher costs of living.” Read the rest of the Business Times report here: https://lnkd.in/gH-ecUcr #MaybankIBGresearch #SingaporeEconomy #HumanisingFinancialServices

What economic policies might Thailand’s new Prime Minister Paetongtarn Shinawatra implement and what’s the outlook in coming months? Erica Tay our economist was on BFM 89.9 - The Business Station to discuss with Shou Ning Wong Shazana M. and Philip See. Tune in here: https://lnkd.in/g-mdaQrp

🇮🇩 More on Indonesia’s budget. Maybank’s forecast for GDP growth is 5.2% and aligned with the government’s target. Brian Lee Shun Rong, our economist, highlights that the allocation for Prabowo’s ambitious free meals programme amounted to Rp 71tn, is unchanged from previously announced. The new capital city Nusantara will continue to be developed, with allocations for construction included in the total Rp400.3tn allocation for infrastructure spending in 2025. More about the budget as reported in CNA - https://lnkd.in/gtnkA3Pz #MIBGresearch #IndonesiaBudget2025 #HumanisingFinancialServices

🇮🇩This afternoon, Indonesia presented its 2025 budget plan. The government continues to push for fiscal prudence and further reduce deficit as a share of GDP to 2.53% in 2025 vs 2.7% in 2024. Brian Lee Shun Rong our economist says, “President Jokowi’s emphasis looks to be reassuring investors that fiscal discipline remains a key pillar of Indonesia’s macro-economic policymaking.” “The 2.5% deficit provides some leeway to exceed the target, but still keep comfortably within the legal 3% budget deficit limit. The Jokowi and Prabowo teams may have taken note of investors’ concerns that a budget deficit target set too close to the 3% limit may risk breaching it.” Read the rest of Brian’s views in Reuters - https://lnkd.in/g7_BQSk9 Reporting by Stefanno Reinard Sulaiman Gayatri Suroyo and Fransiska Nangoy #MaybankIBGresearch #IndonesiaBudget2025 #HumanisingFinancialServices

🇸🇬✈️ Maybank Securities hosted one of the most iconic brands in the world, Singapore Airlines (SIA), at its Investors Night, for Prime, institutional and retail clients. JoAnn Tan, SIA’s CFO, shared a detailed outlook of the company and the challenging aviation industry. Some key highlights: ✈️ SIA’s group passenger capacity increased by 12.2% yoy to 1Q FY25, outpacing peers in Asia Pacific. ✈️ SIA achieved record first-quarter revenue of SGD4.7 bil, driven by robust travel demand. ✈️ Inflationary cost pressures and geopolitical uncertainties continue to weigh on the aviation industry. ✈️ Nevertheless, SIA is well positioned to pursue opportunities through investments and rigorous cost discipline. Thank you to JoAnn for such an illuminating discussion. We look forward to many more fruitful engagements for clients! Image: JoAnn in the middle #MaybankSecuritiesSingapore #MIBGresearch #SingaporeAirlines #AviationIndustry

🇲🇾It’s been exciting times for Malaysia’s IPO market. Year to date, we have seen 28 IPOs coming to market, with 21 on the ACE market, six on the Main Market, one on LEAP, raising a total of RM3.4 bil. This compares to 32 IPOs that took place in the whole of 2023. Commenting on the success of ACE in particular, Raymond Chooi, Regional Head, Equity Capital Markets, Maybank Investment Banking Group, said, “There is strong demand for growth capital by the small mid-cap companies, with market capitalisation of less than RM200 million.” Furthermore, Malaysia is going through a third investment upcycle as the combined private and public investments was 21% of GDP as of 1Q2024. Five key themes are green, technology, JS-SEZ, infrastructure and government linked, to provide additional momentum to corporate earnings growth. Maybank Investment Bank expects earnings for companies in its research universe to grow by 15.5% and 10.7% for 2024 and 2025 respectively, he adds. For more views by Raymond, read the story on IPOs by Kang Wan Chern at the Straits Times – https://lnkd.in/gZaV7PzU

🏆 We are excited to share that Maybank Investment Banking Group has achieved outstanding success at Alpha’s 18th Annual Best FI Awards 2024, securing major wins in Malaysia, Thailand, and Indonesia. These accolades recognise the teams’ winning execution, with Maybank’s M25+ strategic focus on accelerating digitalisation. We are immensely grateful for the appreciation and support and will forge ahead stronger and better. Congratulations to all our teams for their remarkable achievements! #AlphaSoutheastAsia #HumanisingFinancialServices

🇲🇾Malaysian civil servants are due to receive a salary hike from 1 December. More details shall be revealed on Friday. Back in 2007 and 2012 after salary increases, our research noted a number of beneficiaries such as AEON Co (M) and RCE Capital. There has been a near perfect correlation between government emoluments and RCE’s financing receivables, nearly all with civil servants. Our channel checks reveal that government employees tend to borrow more after they receive higher salaries. To find out about other potential beneficiaries, read the report by Samuel Shao Yang Yin - https://lnkd.in/gg4EamCs #MIBGresearch #MalaysiaCivilServantSalaries #HumanisingFinancialServices

Join us for a coffee session with Jose Blasco a professional futures trader to learn the ins and outs, and gain an edge in trading. As the head of Traddictiv, Blasco develops trading tools and strategies, and is invited to speak at events across the world. Connect in-person with a professional to transform your strategies. On 24 August, in Johor Bahru, Malaysia. Register to secure your spot - https://lnkd.in/gsrAN28m Organised by #MaybankInvestmentBank #FuturesTrading #CoffeeWithTraders