☕️ Bumi issues, corruption probes, valuation debates: IJM’s takeover storm gathers

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

In Dec 2025, Bank Negara Malaysia saw its strongest international reserves since 2014, with the amount standing at USD124.3 bil (RM504 bil) as of Dec 15, 2025. This is also USD200 mil higher than the USD124.1 bil recorded in Nov 2025. According to the central bank, the reserve position is sufficient to finance 4.8 months of imports of goods and services and cover 0.9 times the nation’s short-term external debt. Such debts are defined as amounts owed that have to be repaid within a year. These largely comprise foreign currency liquidity operations by resident banks and borrowings by multinational corporations from their overseas parent entities.

An activist investor is an individual or institutional investor who purchases a significant minority stake in a publicly traded company to change how it is run. Such investors around the world set a new record for the number of campaigns organised in a single year, with old hands and newcomers alike launching 255 attacks on global companies to make operational improvements, replace board members, and even consider selling themselves. This marks a 5% increase over 2024 and surpasses the previous record of 249 set in 2018. In 2025, some big names that faced activist investors included athleisure maker Lululemon Athletica, ride-hailing firm Lyft, food and beverage maker PepsiCo, and cooler and drinkware maker Yeti.

In 2025, the number of global stocks that at least doubled in price, also known as multibaggers surged, driven by the AI boom and geopolitical risks that benefited defence companies. A total of 389 firms among the 3,600 names valued at USD5 bil (RM20.3 bil) or more qualified as multibaggers, more than triple the number in 2024. Of these, about 20% were tech firms, which signals a shift away from a market dominated by the Magnificent Seven of US tech stocks. Other beneficiaries include businesses involved in AI infrastructure, as well as energy firms due to the expected increase in demand for electricity as AI data centres proliferate. Besides defence sector players, mining and non-ferrous metals firms also saw money flowing their way, due to soaring gold prices buoying other metals such as silver. This surge in multibaggers is a sign of concentration of money in specific sectors, especially since the overall value of stocks worldwide has not risen dramatically. ‘Multibagger’ is a term from baseball, where it is used to describe a player who hits multiple bases, or ‘bags’. The term was coined by Peter Lynch in his 1988 book One Up on Wall Street.

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3. IN MALAYSIA 🇲🇾

Bumi issues, corruption probes, valuation debates: IJM’s takeover storm gathers
Racial concerns emerge: Sunway Bhd’s proposed RM11 bil takeover of IJM Corp has quickly drawn political attention over its Bumiputera equity interests. UMNO Youth chief Dr Akmal Saleh warned that the deal could further reduce Malay and indigenous stakes in major Malaysian companies, pointing out that government-linked funds such as PNB and EPF collectively own about 47.1% of IJM. Business groups have also raised concerns, with the Malay Businessmen and Industrialists Association urging PM Anwar Ibrahim to intervene.

Corruption probe adds fresh pressure: The focus then shifted to governance after MACC chief Azam Baki confirmed that IJM Corp is under investigation following reports of a possible RM2.5 bil money laundering case and suspected share price manipulation. IJM said officers from the MACC and LHDN had visited its office, adding that it is cooperating fully and that operations are continuing as usual. The probe triggered heavy selling pressure, with shares dropping as much as 16.4% intraday to a three-month low of RM2.34 before recovering to close at RM2.65, down 15 sen or 5.36% from Friday’s close. The timing, is very interesting.

Valuation debate heats up: Kenanga Research has urged IJM shareholders to reject Sunway’s takeover offer, saying it undervalues the company. Kenanga noted that the implied offer price falls below IJM’s intrinsic value and does not reflect the company’s strong earnings visibility. Kenanga highlighted IJM’s healthy construction order book, steady property sales, and a strong pipeline of major infrastructure and data centre projects, which the takeover offer fails to reflect. The firm maintained its Outperform rating on IJM, with a target price of RM3.40, significantly above the value implied by Sunway’s proposal.

Namewee in court, Michelle Yeoh in Avatar franchise?
Namewee faces fresh drug charges: Controversial rapper Namewee has been charged in a Kuala Lumpur magistrate’s court over alleged drug possession at a hotel last Oct. The 43-year-old pleaded not guilty to possessing 0.78g of sildenafil (an erectile dysfunction drug) at a hotel near Jalan Conlay on Oct 22. The drug is regulated under the Poisons Act and may only be held with a valid prescription. He also claimed trial to an amended charge of possessing 1.57g of methamphetamine at the same location and time. Both charges carry potential jail terms and fines if convicted. The court fixed Mar 5 for mention. Namewee was previously acquitted of a related charge after pathology tests came back negative.

Michelle Yeoh set for future Avatar films: James Cameron has confirmed that Michelle Yeoh will ‘definitely’ appear in the Avatar franchise, if future films are made. In an interview with Taiwanese news outlet TVBS News, the director said the Oscar winner is set to feature in the fourth and fifth movies, which would be filmed together if they get the green light. Cameron explained that the continuation of the series depends heavily on the performance of Avatar 3, given the high production costs involved. Yeoh has already filmed part of her role and will appear as a Na’vi performance capture character named Paktuelat. Although long linked to the franchise, she did not appear in the third instalment of the film. Is this how she would look like as a Na’vi?

Shorts:

1. MCA slams Zahid over DAP u-turn
   MCA VP Tan Teik Cheng has questioned Ahmad Zahid Hamidi’s fitness to lead Barisan Nasional after the UMNO president walked back his claim about a supposed Team B within DAP. Tan said the reversal hurt BN’s credibility and embarrassed the coalition, adding that Zahid’s remarks and actions had angered members and damaged public confidence.

2. New site gazetted for historic Hindu temple
   The 130-year-old Dewi Sri Pathrakaliamman Temple will be relocated to a new site just 100 metres from its current location, FT Minister Hannah Yeoh confirmed. The land was gazetted on Jan 14 and approved by DBKL in Dec as a non-Muslim place of worship. Relocation is expected to begin after Thaipusam, with authorities coordinating closely with the temple and developers to ensure a smooth process.

4. AROUND THE WORLD 🌎

Moments of silence
High-speed train crash in Spain claims 39 lives
A high-speed train collision in Adamuz, southern Spain, killed at least 39 people with dozens more left injured, in the country’s worst rail crash in over a decade. Spanish Transport Minister Óscar Puente said the death toll is ‘not yet final’. He also described the incident as extremely strange, saying it baffled all the railway experts consulted by the government as to how it could have happened on a straight stretch of track.

Carriages on a Madrid-bound train derailed and crossed onto the opposite track, leading to a collision with an oncoming train. The Madrid-bound train was travelling at 110km/h when its rear carriages derailed and collided with the second train, which was heading to Huelva at 200km/h.

At present, authorities believe the cause was a failure in the rolling stock or infrastructure, which will take time to investigate. It was also reported that there was a 20-second interval between the first derailment and the impact. This is too short to activate the automatic braking system and makes human error less likely.

Chile wildfires leave 19 dead
In Chile, wildfires have claimed at least 19 lives, with a state of emergency declared in the regions of Ñuble and Biobío. Over 20,000 hectares have been razed so far, with the largest fire surpassing 14,000 hectares. The fast-moving blaze tore through the towns of Penco and Lirquén over the weekend, destroying hundreds of homes. The government has carried out mass evacuations, with firefighters facing nearly two dozen blazes exacerbated by intense heat and high winds.

Dozens missing, 19 dead after Karachi mall fire
In Pakistan’s Karachi, firefighters have started pulling bodies from the remains of what used to be a sprawling mall. The fire that razed Gul Plaza, which housed 1,200 shops in a multi-storey complex, claimed at least 19 lives, with more than 60 missing. The fire raged for over 24 hours before it was mostly extinguished. A representative of a disaster management agency said that there is no part of the building where it is safe enough for someone to come out alive. Residents have blamed the government and protested the fire dept response time.

Deals in politics and business
Trump's new tariff: The EU response
EU ambassadors have agreed to intensify efforts to dissuade US President Donald Trump from imposing tariffs on European allies but are also preparing retaliatory measures should Trump move forward with the tariffs. One of the options being discussed is a package of tariffs on EUR93 bil (RM438.3 bil) of US imports that could automatically kick in on Feb 6 after a six-month suspension. Another option is the never-before-used ‘Anti-Coercion Instrument’, which could limit access to public tenders, investments, or banking activity. It could also restrict trade in services, in which the US has a surplus with the EU, including digital services.

On a related matter, Trump has also publicly linked his desire to take Greenland to his failure to win the Nobel Peace Prize. In a written message to Norwegian PM Jonas Gahr Stoere, Trump said he no longer felt an obligation to think ‘purely of peace’ after Norway decided not to give him the Nobel Peace Prize for having ‘stopped 8 wars plus’. He said that, while peace will still be predominant, he can now think about what is good and proper for the US. The Norwegian Nobel Committee drew Trump’s ire by passing him up for the award, instead giving it to Venezuelan opposition leader Maria Corina Machado. Machado later gave her medal to Trump, though the Nobel Committee said the prize cannot be transferred, shared, or revoked.

Netflix secures global streaming rights to Sony movies
The streaming platform has inked a multi-year agreement reportedly worth about USD7 bil (RM28.4 bil) with Sony that will run through 2032. The deal will allow Netflix to stream Sony’s films worldwide after the movies have completed their run in theatres and pay-per-view. This is an expansion of a previous deal in 2021, which gave Netflix streaming rights in the US, Germany, and parts of Asia. If Netflix secures the studio operations of Warner Bros Discovery, it will be able to offer a significantly strengthened line-up of theatrical pictures. This deal also follows an expanded deal between Netflix and Comcast’s NBCUniversal, which added rights to stream live-action films to an agreement for animated movies. Netflix will start showing films from Universal Pictures and Focus Features starting in 2027.

Shorts: 

1. Oxfam report: Billionaires have more money and power than ever 
   International aid organisation Oxfam released its annual report (view here) on rising inequality, which found that billionaires are not only wealthier than ever but are also cementing their control over politics and media. According to Oxfam, the collective wealth of billionaires surged by USD2.5 tril (RM10.14 tril) in 2025, which is almost the total wealth held by the bottom half of humanity, about 4.1 bil people. 2025 also marked the first time there were more than 3,000 billionaires in the world, and the first time that the world’s richest person had more than USD500 bil. Oxfam also argued that billionaires have been taking control of both traditional and newer forms of media, to the point that the super-rich have deepened inequality with how much influence they have.

2. Philippines’ significant gas discovery
   The discovered reservoir in Malampaya East-1 is estimated to contain around 98 bil cubic feet of gas, or almost 14 bil kilowatt-hours of electricity per year. This could supply power to more than 5.7 mil households a year. Philippine President Ferdinand Marcos Jr said that this will strengthen the country’s domestic gas supply for many years to come, while reducing the nation’s reliance on coal for fuel. However, the Philippines will still have to import liquefied natural gas to meet its growing energy needs.

3. BlackPink to launch new EP on Feb 27 
   K-pop icons BlackPink are set to launch their third EP, Deadline, on Feb 27, marking their long-awaited return to the music scene. The album, the group’s first in over three years, shares its name with BlackPink’s world tour, which started at Goyang Stadium in Jul 2025. BlackPink also became the first K-pop girl group to headline the venue and perform to a sold-out crowd. The new release is expected to serve as the grand finale of the tour.
   Learn: What is EP? EP vs LP - what’s the difference?

5. FOR YOUR EYES 📺

On Career & Profession

1. Collection of 2026 graduate programme salaries by MalaysianPayGap.

2. Turning evil into a long-lasting and fruitful career: “If you have an urge to commit an act of evil inside of you, don’t criminalise - professionalise”.

3. We can relate to this. How do you end your email: Thank you, Thank you!, Thank youuuu, THANK YOU.