☕️ Going solo? UMNO decides before GE16

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Yesterday Proton, today Perodua. In 2025, Perodua celebrated a record-breaking production of 370,370 units, up 0.6% from its 2024 production numbers. Sales also reached a new high, rising 0.5% to 359,904 units. By its internal estimation, Perodua now holds a market share of 43.9% (more than 2x of Proton). In comparison, Proton has a market share of 19.4%, as reported yesterday. Perodua’s most popular model remains the Bezza with 100,488 units sold in 2025. This is followed by the Axia, which sold 84,291 units, and the Myvi, which sold 72,724 units. According to Perodua President and CEO Zainal Abidin Ahmad, the entire Malaysian automotive ecosystem benefited greatly with RM11 bil in parts purchased from local vendors. Of note is that Perodua expects Malaysia’s total industry volume to hit 820,000 units, signalling a healthy demand for cars. However, Proton’s report forecasts a decline to 814,949 units.

Meanwhile, Prasarana subsidiary Rapid Bus will buy up to 1,600 electric buses between 2026 and 2031 in a bid to cut carbon emissions while renewing its fleet. The first phase will see 250 electric buses procured, with phased deliveries scheduled from Mar 2026 to Mar 2027. Of these, 175 will go to Rapid KL, while 75 will be deployed under Rapid Penang, which is expected to begin operations in May 2026. Transport Minister Anthony Loke said that electric buses are significantly more expensive than conventional diesel buses, costing between RM1.2 mil and RM1.5 mil per unit. The government has yet to disclose the total allocation for this modernisation exercise as well, as several tenders are still in progress.

In global transport, Airbus expects the Middle East’s regional aircraft to more than double to 3,700 planes by 2044, with passenger traffic there expected to grow at a compound annual rate of 4.4% over the next 20 years. Airbus also forecasts that widebody aircraft will make up 42% of total demand in the region, representing the highest share globally. The services market in the region is expected to double to USD29.9 bil (RM121.2 bil) by the end of 2044 as well, according to Airbus. These forecasts came ahead of the Dubai Airshow, which took place in mid-Nov last year.

3. IN MALAYSIA 🇲🇾

UMNO General Assembly highlights
Going solo? UMNO decides before GE16
UMNO supreme council member Ahmad Said said that the decision on whether UMNO will go solo or continue to cooperate with others will be known before the 16th general election. According to the council member, the party’s priority is to ensure a government is formed in accordance with the Federal Constitution and the constitutional monarchy and that it remains stable. He added that if others knew too early, it would no longer be a ‘strategy’.

UMNO Youth chief resigns from Melaka exco role
Dr Muhamad Akmal Saleh has resigned from his post as a Melaka executive council member, effective next week. He announced this during his speech at the UMNO Youth assembly, which was attended by former leaders including Khairy Jamaluddin, Nazri Aziz, and Asyraf Wajdi Dusuki. However, Akmal stressed that he would not be leaving UMNO Youth, saying he quit his exco post to ‘fight DAP to the end’. Salah DAP lagi. Akmal currently holds the portfolio of Melaka’s rural development, agriculture, and food security committee. Afterwards, it was confirmed that UMNO President Ahmad Zahid Hamidi would meet Akmal to clarify matters following his resignation as a Melaka state exco. Zahid told the press that he will be asking Akmal ‘who he wants to attack in this matter’.

Policies, governance, and new tax tools
M40 homeownership rate now below B40 due to faulty development model 
The lower homeownership rate among the M40 at 75.9% compared with the B40 rate of 76.3%, is due to a development model that is reliant on cross-subsidisation, according to Rehda Institute chairman Jeffrey Ng Tiong Lip. Ng explained that property developers currently bear the burden for delivering price-controlled housing while absorbing project risks, which leads to a heavy dependence on cross-subsidisation from higher-priced units.

This model has, in turn, raised overall market prices for homes. Homeowners continue to struggle to purchase houses, and developers face cost pressures that have strained project viability, caused delays and in some cases led to abandoned projects. A previous study by Rehda indicated that this issue is systemic rather than developer-specific, and requires a coordinated solution involving financiers, utility providers, and state, local, and federal governments.

14 ministries missed physical development milestones
According to Chief Secretary to the Government Shamsul Azri Abu Bakar, 14 ministries have failed to meet their targets in implementing physical development projects allocated last year. He stated that the expenditure on development projects by the ministries concerned stood at 87.91%, below the national average. He will be calling in the secretaries-general of the 14 ministries to investigate the matter, which will have implications for their performance assessments. The projects include things such as road repairs and construction of clinics and schools. Previously, as of Dec 22, 2025, a total of 9,578 development projects had been implemented nationwide, involving an allocation of RM83.06 bil, with actual expenditure amounting to RM81.67 bil.

LHDN wants to get closer to you - now into your WhatsApp
The Inland Revenue Board (LHDN) introduced new tools to facilitate tax-related matters. These tools are a WhatsApp application and a new information search platform. The former will allow taxpayers to receive tax updates, payment reminders, notifications on arrears, and compliance alerts through WhatsApp via their registered mobile numbers. The search platform, known as Tanya HAFY, will replace the previous version, Tanya@HKC, on the official IRB portal. It is touted by the IRB as a self-service approach that is ‘more systematic, relevant, and efficient’. As if the ‘Happy Birthday’ emails were not enough of a jumpscare.

Beauty care chain plans Main Market IPO
1 Doc International Bhd, which operates a chain of beauty care centres, has filed for a listing on the Main Market of Bursa Malaysia. The firm plans to open 31 new outlets over the next four years in Malaysia and Singapore. The IPO will also see four shareholders, including founder Ong Hong Keat, reap more than 40% of the proceeds of the listing. 1 Doc stated that the strategy is to expand market access and coverage to capture new growth opportunities. The remainder of the proceeds will be used to repay loans, expand warehouses and regional offices, and serve as working capital. 1 Doc is the parent of several brands, including One Doc x Hair Doc, Slim Doc and Perfect Doc. In 2024, the firm saw a net profit of RM97 mil on revenue of RM347 mil - wild 28% net margin. View its prospectus here.

4. AROUND THE WORLD 🌎

Iran confirms no executions of protesters, Trump lowers rhetoric
Iran’s Foreign Minister Abbas Araghchi has said that there are no plans to execute anti-government protestors, which came after Trump earlier told reporters that he had been assured that killings of protesters in Iran had stopped and that planned executions were halted. Speaking hours after the US began to withdraw some personnel from an airbase in Qatar, Trump said he had spoken to “very important sources on the other side”, and he would watch how the crisis developed, although he did not rule out US military action.

Journalists and analysts say that it might indicate a potential cooling down of the situation and Trump backing away from the precipice of imminent action, but again, this is Trump. Sina Toossi, a senior non-resident fellow at the Centre for International Policy, told Al Jazeera that Trump’s claim that he had received information indicating killings in Iran had stopped appears, on the surface, to be a “face-saving way” to avoid military intervention, though it does not entirely rule out such a conflict.

US announces start of second phase of Gaza ceasefire
Trump’s special envoy, Steve Witkoff, has announced the start of the second phase of the Gaza ceasefire, where the “full demilitarisation and reconstruction of Gaza, primarily the disarmament of all unauthorised personnel” would begin. It also includes the creation of a committee of Palestinian technocrats who are supposed to take over the day-to-day running of the territory for a transition period. However, the statement lacked any detail or names of potential members of the proposed “national committee for the administration of Gaza”. The committee is not expected to begin work until mandated by a “peace board” chaired by Trump, which has yet to be created.

The first phase of the ceasefire plan began on Oct 10 last year, with the exchange of Israeli hostages held by Hamas and its allies for Palestinian detainees held by Israel. Israeli forces withdrew to a yellow truce line that left them in control of most of the territory. However, the Israeli bombardment of Gaza might seem diminished, but it has not ceased. About 450 Palestinians have been killed since the ceasefire began, and no agreement has been reached on disarming Hamas.

Greenland and Denmark say no, Trump still says yes
The foreign ministers of Denmark and Greenland have travelled to Washington, DC, to meet with members of Trump’s administration in the US, but they did not manage to change the US’ position about taking over Greenland. Danish Foreign Minister Lars Lokke Rasmussen told reporters after the meeting that “It’s clear that the president has this wish of conquering over Greenland.” In essence, the meeting failed to address key disagreements between the parties and only managed to get officials to declare their intent to establish a working group to continue to address concerns about control over Greenland and security in the Arctic region.

Trump afterwards reiterated his interest in acquiring the resource-rich island, a position that has rattled allies across Europe and stoked tensions with NATO. European allies have offered to expand security cooperation with the US in the Arctic, where the Trump administration has said that China and Russia pose a threat to Western interests. Nevertheless, Trump is not backing down and insists that the US will “own” the territory.

Fun fact: Did you know that Greenland is the world’s largest island and only has about 57,000 residents, the majority being indigenous Inuits. Read a quick write-up and an interesting infographic of Greenland here.

Space:

A startup funded by Nvidia and SpaceX to build a hotel on the Moon by 2032
Fancy a room with an earthview? It is supposedly possible with a USD1 mil (RM4.05 mil) deposit to secure a future booking and be ready to pay room prices expected to start at a whopping USD410,000 per night. California-based space startup called Galactic Resource Utilisation Space (GRU) has announced plans to build what it claims will be the world’s first permanent hotel on the Moon, with serious funding and backing from investors linked to Nvidia, SpaceX, Y Combinator and defence tech firm Anduril.

The lunar hotel could welcome its first guests by 2032, with construction targeted to begin in 2029. GRU plans to use a proprietary construction system that transforms lunar soil into building material, allowing the company to cut costs and make large-scale space infrastructure far more practical. The company also says it will deploy automated systems and modular habitation units that can be assembled on-site, creating a self-sustaining structure capable of expanding over time. Check out their whitepaper here.

Astronauts called back to Earth for medical evacuation
Four astronauts have safely landed on Earth after having to leave the International Space Station (ISS) due to a “serious” medical issue of one of its crew members. The team, known as Crew-11, arrived on the ISS on Aug 1 expecting to complete a standard six and a half month stay. They were due to come home in mid-Feb. In a news conference after splashdown, Nasa administrator Jared Isaacman said the sick astronaut is "fine right now" and in "good spirits". 

It is the first time astronauts have been evacuated due to a health issue since the station was put into Earth's orbit in 1998. Orbiting Earth at an altitude of 250 miles, the International Space Station (ISS) makes 16 orbits of our planet a day, travelling at a speed of 17,500 miles (28,164 km per hour). It has been permanently crewed for 26 years and run by five space agencies and carries out wide-ranging scientific research about space and the effects on humans, animals and plants of living in microgravity.

Shorts: 

1. Second crane collapse in Thailand
   Another crane has collapsed on the outskirts of Thailand’s capital Bangkok, this time killing two and injuring five, only one day after a falling crane in the country’s northeast killed 32. The crane was being used to construct an elevated highway that fell onto the road below, an incident involving the same building firm that also linked Italian-Thai Development to the country’s second deadly crane collapse in two days. The Rama II Expressway, the site of the latest accident, hosts several major infrastructure projects, including tollway construction, and has seen several deadly accidents in recent years, earning it the nickname “Death Road”. Watch the collapse here:

2. USD30 bil valuation for AS Watson IPO, but Temasek says bye
   Hong Kong conglomerate CK Hutchison Holdings Ltd is reportedly seeking a USD30 bil (RM121.63 bil) valuation for its retail unit AS Watson Group's listings in Hong Kong and London as soon as the second quarter of this year. Goldman Sachs and UBS are working on the planned initial public offering (IPO), in which AS Watson could raise USD2 bil. However, Singapore's Temasek, which holds a 25% stake in the health and beauty retailer, is seeking to exit its investment in the IPO, after investing about USD5.7 bil in the company in 2014. It attempted to sell the stake in 2019, but the deal did not materialise. Established in 1841, AS Watson operates health and beauty retail chains including Watsons and Superdrug across Asia and Europe. It has more than 17,000 retail stores in 31 markets as per its website.

5. FOR YOUR EYES 📺

Sex health - the physical, and the mental

1. What happens to the body, for both male and female, in the absence of physical intimacy.

2. Diving deeper - why men need sex regularly. It’s a biological and health requirement.

3. The psychology behind BDSM - why powerful men want to be dominated in bed. One word - vulnerability.