☕️ PMX launches Madani Mart

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

About 59,356 – That’s how many outlets Mixue has around the world as at end-2025. Of that number, 55,356 (~93.3%) are in China, with the rest located abroad. China’s largest bubble-tea chain is also eyeing a more ambitious global expansion, with new stores opening in Los Angeles and New York. This follows the group posting better-than-expected earnings in 2025, with revenue and profit both surging over 30% even as the bubble-tea player weathers a fierce price war. The group reported revenue of CNY33.56 bil (RM19.64 bil).

32 – That’s how many outlets Oriental Kopi has alongside its 12 merchandise stores, all of which were built up in just over five years. With 29 outlets in Malaysia and three in Singapore, the restaurant division contributes 91% of the group’s profit, with the fast-moving consumer goods segment making up the other 9%. The group’s three Singapore cafés are operated through a 30:70 joint venture with Singaporean dining firm Paradise Group Holdings Pte Ltd, which operates 167 outlets with 17 brands in 22 cities, mainly across Asia. In case you missed the news, Paradise Group is aiming to list its Malaysian arm on Bursa.

RM82.1 bil – That’s the total amount of local currencies used in trade by Malaysia with China, Thailand, and Indonesia as at Nov 2025. According to the Finance Ministry, this comes as part of efforts to cut reliance on the US dollar and conventional systems such as SWIFT. The ministry said these gains stem from frameworks and arrangements with the three countries to promote the use of the ringgit and their respective currencies in cross-border trade, which are part of wider efforts to strengthen Malaysia’s financial system.

3. IN MALAYSIA 🇲🇾

More initiatives to survive the war

PM Anwar Ibrahim opens the first Kedai Rakyat 1 Malaysia Madani Mart
PM Anwar launched the first Madani Mart in Indera Mahkota, Kuantan, a community store offering daily necessities at affordable prices. Madani Mart is not owned and not funded by the Government; instead, it is spearheaded by Yayasan Madani, co-founded by Fuziah Salleh (Deputy Domestic Trade and Cost of Living Minister), Muhammad Kamil Abdul Munim (PM Anwar’s Political Secretary), and Ahmad Farhan Fauzi (PM Anwar’s Political Secretary). The target is to establish at least one Madani Mart in every state constituency, with 640 outlets nationwide within two years.

We applaud this initiative, but will it survive economic realities? PM Najib Razak’s Kedai Rakyat 1 Malaysia (KR1M) was a failure. Launched in 2011, retail chain Mydin was appointed as the operator of KR1M. However, due to a poor business model (selling goods at 30% below market price, which led to more than RM100 mil in losses), substandard product quality and lack of inventory, KR1M was sunset in 2017.

Civil servants living over 8km from the office can WFH
If you are a civil servant working in Putrajaya but live in Cyberjaya, you are now entitled to a 3-day work-from-home (WFH) arrangement, starting April 15. Public Service Department DG Wan Ahmad Dahlan Abdul Aziz added that, unfortunately, civil servants working in the security and defence, health and education sectors are exempted from the arrangement.

On a related matter, according to an article by Malaysiakini, if the WFH arrangement is expanded to all workers in Klang Valley, assuming 50% of the employed population adopts this (after excluding workers in essential services), Putrajaya can save about RM169 mil per month in fuel subsidy savings, about 5% of what Putrajaya is spending now. Mandating WFH nationwide could potentially save up to RM1 bil per month (25% savings), depending on the ratio of the population able to WFH.

Palm oil is doing fine
UK-based economic advisory firm Glenauk Economics revealed that while crop producers are struggling to get their hands on nitrogen-based fertilisers, of which the Gulf regions produce a quarter to a third of the global supply, oil palm producers are not in panic mode as the crop needs potash-based fertiliser and not nitrogen-based. Plus, many of the big oil palm producers have already pre-bought the fertilisers they need, further hedging the war’s impacts on them. With palm oil, which can be used as a substitute for scarce diesel, oil palm is becoming a strategic crop for Malaysia. And remember, brother, we are a net importer of fuel (as announced by PMX), so anything (or crop) that can be used as fuel, we will be doing well (relatively).

From the floor of Bursa

Bursa Malaysia is looking to expand FTSE Bursa Malaysia KLCI (FBM KLCI) roster
According to CIMB Securities, Bursa Malaysia is looking to expand the current FBM KLCI constituents from 30 to 50 and raise the benchmark index’s market capitalisation coverage to 70% from 60%. The proposed expansion is currently under consultation with FTSE Russell, with implementation targeted for Dec 21, 2026 or June 21, 2027, subject to feedback. The proposal may broaden market representation, improve sector diversification and potentially lift benchmark returns. Companies that could potentially be added to the expanded list: Dialog Group Bhd, KPJ Healthcare Bhd, TIME dotCom Bhd, and IJM Corp Bhd. View the current 30 constituents here.

Big Caring Group is planning to go public
Malaysia’s largest pharmacy chain, Creador-backed Big Caring Group Bhd, has filed for IPO on the Main Market of Bursa Malaysia. The profitable company, which recorded a RM143.02 mil net profit for FY2025 on revenue of RM3.42 bil, intends to use the proceeds of the IPO mainly to pare down its debt and fund expansions. At the moment, the company has a total borrowing of RM1.3 bil, that was used to acquire Caring Pharmacy Group (RM888 mil), an 89.3% stake in Medispec (M) Sdn Bhd (RM249.4 mil) and a 57.1% stake in Your Physio Sdn Bhd (RM32.8 mil). View prospectus here.

Shorts

1. Malaysians saved RM2.8 bil due to energy incentives

   Energy Commission CEO Siti Safinah Salleh announced that 9.2 mil electricity consumers in Peninsular Malaysia have saved up to RM2.8 bil collectively (about RM304 per capita) since the Energy Commission introduced the programme, where domestic consumers using 600 kilowatt-hours (kWh) or less per month are exempted from the Automatic Fuel Adjustment (AFA) mechanism. The Automatic Fuel Adjustment (AFA) is a monthly mechanism used to adjust electricity tariffs based on real-time fluctuations in fuel costs (like coal and natural gas) and foreign exchange rates. Effective 1 July 2025, the AFA replaced the previous Imbalance Cost Pass-Through (ICPT) system in Peninsular Malaysia, providing a more transparent and responsive billing system.

2. No GE16 anytime soon

   PM Anwar Ibrahim stated that the 16th General Election (GE16) is not imminent, as Putrajaya’s focus is on current global uncertainties. “I will not hold an election in the next month or two, so please be patient”, PM Anwar said. Supposedly, PM Anwar’s current government can remain in power at least until February 17, 2028. - about 2 years more to go.

4. AROUND THE WORLD 🌎

War developments

US rescues airman: US Special Forces said that they have successfully rescued the downed airman or weapons officer of the US F-15 jet shot down on Friday in Iran. The officer is said to be wounded but “will be just fine”. This effectively averted Trump’s risk of a new political crisis domestically.

Israel gets bolder: A US official said the operation alongside Israel involved dozens of military aircraft and encountered fierce resistance from Iranian forces. A senior Israeli defence official said Israel, which attacked a major petrochemicals facility on Saturday, was preparing to attack Iranian energy facilities within the next week, and was awaiting approval from Washington.

Fruitless diplomatic efforts, tit for tat attacks continue: Efforts brokered by Pakistan to bring the two sides to an agreement have so far been fruitless. Iran’s Foreign Minister Abbas Araqchi said Tehran demanded a permanent halt to the US and Israeli campaign launched on Feb 28. Israel and the US have hit military and civilian infrastructure across Iran, including areas near its Bushehr nuclear plant, which Iran said posed a serious risk of radioactive contamination. But the US has not really managed to suppress Iran’s ability to strike back. Iranian drone attacks have continued against industrial infrastructure in the Gulf, including oil facilities, a major aluminium plant and petrochemical sites in recent days.

Trump seeks USD1.5 tril for defence
Meanwhile, the White House is asking Congress to boost the US defence budget to USD1.5 tril (RM6.05 tril) - a sweeping rise that would mark the largest expansion in military spending since World War Two. It includes funding for the Trump administration’s proposed Golden Dome missile defence system, as well as a boost in domestic production of naval vessels, including new Trump-class battleships. This is separate from the USD200 bil that the Pentagon has sought for the war in Iran. Trump said that military spending should be a national priority going forward. Trump’s proposed budget would mark a 42% increase over the previous fiscal year, totalling USD445 bil. Non-defence spending in the proposed budget has fallen by 10%, or about USD73 bil.

Trump: Bondi, you’re fired!
Pam Bondi is out as US attorney general, with Deputy Attorney General Todd Blanche reportedly temporarily replacing her in an interim capacity. Several cited the reason for firing could be Trump’s discontent over Bondi’s handling of investigative files related to Jeffrey Epstein. Bondi, the former attorney general of Florida, had been a longtime supporter of Trump and closely aligned with the president’s agenda as the country’s top law enforcement official. But her presence has raised concerns over the independence of the Department of Justice, particularly as top prosecutors under Bondi’s command announced investigations and criminal charges against Trump’s political opponents. Bondi said in a statement that she was moving to “an important private sector role” that she is thrilled about, and vows that she will continue fighting for Trump and his administration.

Pope Leo has had enough of Trump
The past weeks have seen Pope Leo XIV emerging as a sharp critic of the Iran war, after going through the earlier months of his tenure avoiding comment about his home country (Pope Leo is American) and never once mentioning Trump publicly. It marks a significant shift in tone that experts say indicates that the pope wanted to serve as a counterweight on the world stage to Trump and his foreign policy aims. Leo, known for choosing his words carefully, has urged Trump to find an “off-ramp”(an American colloquialism meaning “exit”) to end the war. Two days before appealing to Trump directly, Leo said God rejected the prayers of leaders who start wars and have “hands full of blood”, in unusually forceful remarks for a Catholic pontiff. Leo had also previously spoken out against Trump’s hardline immigration policies, questioning whether they were in line with the Church’s pro-life teachings.

Pakistan announces free public transport amid energy crisis
The Pakistani government has announced that state-run public transport in the country’s capital and most populous province will be free for the next 30 days. The announcement came following protests from its people over a decision to impose a 42.7% rise in the price of petrol to PKR485 (USD1.74 or RM7.02) per litre. However, PM Shehbaz Sharif reversed it late Friday, saying he was reducing the levy and setting petrol prices at PKR378 (USD1.36 or RM5.47) per litre, applicable for at least one month. Pakistan is classified as a lower-middle-income country, with roughly 25% of its 240 mil population living in poverty, as per World Bank data. Earlier this week, the International Monetary Fund warned that vulnerable economies, such as Pakistan, did not just face pressure from higher energy prices, but from supply chain snarls as well.

Brain stuff

Childhood dementia, a rare and heartbreaking disease
While dementia or Alzheimer's is often associated with ageing and older people, childhood dementia also exists, although it is mostly inherited and rare. Childhood dementia is a progressive and incurable condition, where campaigners say that it remains one of the least understood and least recognised life-limiting conditions affecting children. Half of those with childhood dementia die by the age of 10, and 70% before their 18th birthday. Patients usually have a happy early childhood before they start experiencing developmental delays and physiological decline as they get older. Experts say that the condition is caused by more than 145 rare genetic disorders, including Sanfilippo syndrome. Learn more about childhood dementia here.

Are you using AI to think better, or to think less?
Research by the Possibility Institute has revealed that AI is splitting people into 2 groups: those who use it to think better, and a much larger majority who use it to think less. The study, carried out on three teams of university students, has shown that roughly 90% to 95% of participants fell into two groups: those who relied on AI to generate answers for them and those who used it to validate their own assumptions. The vast majority uses AI to outsource thinking, while the minority uses it as a collaborator to explore ideas, challenge assumptions, and push the problem forward. AI researchers have warned that overreliance on the technology could dull cognitive and independent thinking skills, and said that the best human-AI collaboration wasn’t driven by more advanced large language models but by human traits such as curiosity, intellectual humility, perspective-taking, and the ability to reason under uncertainty.

5. FOR YOUR EYES 📺

1. First photo of Earth from Artemis II mission released. The astronauts will reach the far side of the moon sometime today, creating new history and breaking humanity’s record for all-time distance travelled from our home planet at 406,773 km. Here’s the live dashboard of the programme - you can view the astronauts’ journey live.

2. An interesting history of Datuk Kong (aka Datuk Keramat), explaining the crossover of Chinese and Malay culture. Can’t offer non-halal items to Datuk Kong, too.