☕️ Part 3: MACC, and The Corporate Mafia

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

US retail giant Walmart has hit the USD1 tril (RM3.91 tril) market capitalisation milestone, making it the first traditional retailer to do so. This also makes Walmart part of a small but growing club of companies with 13-figure valuations, including Amazon, Nvidia, Meta, and Microsoft. The retail giant’s stock surged in recent months on the back of Wall Street’s enthusiasm for the growth of its online business, as well as its investments in automation and AI technology to improve efficiency. Ballooning sales, driven by shoppers turning to Walmart for its low prices, fast delivery, and broad selection, were also a contributing factor.

Up to 40%. That’s how much more people spend per order when paying at a self-checkout terminal than at a manned till. This was according to sales terminal service provider Vita Mojo, which also reported that around 61% of customers spend more at a terminal. Dean Ward, founder and chief product officer at sales terminal builder Evoke Creative, said there were several reasons why the machines drive sales. First, the terminals remove the psychology of speaking to someone and feeling judged for what’s in the shopping basket. The terminals also provide good product imagery, with constant upselling at every opportunity.

USD2,990,000 (RM11.71 mil). That’s the price tag for a functional replica of the Tumbler Batmobile from the Christopher Nolan/Christian Bale Batman trilogy. Warner Bros. is looking to sell 10 of these road-ready but not road-legal vehicles, each handmade by talented craftspeople. The Tumbler seats two and features Kevlar, carbon fibre, sheet metal, and fibreglass among its materials. It even has a smoke-screen delivery system and imitation gun turrets. Unfortunately, Warner Bros. is selling the Tumblers ‘by invitation’. However, there is a contact form where you can register your interest – if you are willing to meet their price.

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3. IN MALAYSIA 🇲🇾

Part 3: Azam Baki and the corporate mafia

MACC accused of helping businesspersons strong-arm rivals, MACC denies allegations
In yet another Bloomberg report, the media outlet alleged that the Malaysian Anti-Corruption Commission (MACC), including its higher-ups, had colluded with businesspersons in schemes to muscle out rivals and stage corporate takeovers. The report claimed that a small group of businesspersons used a strategy in which they expressed interest in a target company before lodging MACC complaints against it. The ensuing investigation was then used to apply pressure against the target company’s founders, which opens up the company to the group. Eyewitnesses alleged that some of the businesspersons or their proxies were present at MACC when their rivals were brought in for questioning. One such case allegedly involved MMAG Holdings Bhd and its efforts to gain control of MJet Sdn Bhd.

The Bloomberg report also claimed there was an investigative unit, dubbed ‘Section D’, that played a big part in the alleged collusion. MACC chief commissioner Azam Baki was accused of supporting the unit and was alleged to be aware of its activities.

In response, the commission rejected the allegations that private interests influence its investigations, and claimed that all probes were conducted “strictly in accordance with law, guided by evidence, and carried out independently without fear or favour”. The commission called the allegations malicious and unfounded, and stated that the accusations were intended to damage the MACC’s reputation. The MACC also said that its functions and roles were subject to oversight by five independent oversight bodies.

How much is Azam Baki’s compensation?
MACC chief commissioner Azam Baki defended his share purchases, claiming he had more than enough money to cover his share purchases. This was in response to the scrutiny brought against his shareholdings, and specifically to a question raised by a politician about how Azam Baki, as a career civil servant, could afford the shares, estimated to be worth hundreds of thousands of ringgit. Azam said that, as a government officer who has served the civil service for more than 40 years with a ‘Gred Utama Turus II’, his pension and gratuity, along with his salary and savings, were ‘more than enough to cover the share purchases’.

However, Azam did not share how much he earned monthly, nor the gratuity payment he received from the government when he reached his mandatory retirement age in 2023. An investigation by Malaysiakini using publicly available documents showed that the minimum monthly salary for a government officer of his grade is RM11,380, but could go up to RM31,140. It also comes with an annual increment of 9%, but is capped at RM612.08 per year for those who have reached the ceiling salary. Officers of Azam’s grade also get a fixed housing allowance of RM2,500 and an entertainment allowance of RM5,100. Officers at that level are also afforded several other allowances to help pay for the services of personal assistance and utility bills, among other perks.

On Azam’s pension, the investigation by the local news portal showed that, upon retirement, civil servants who have served more than 30 years can get a monthly pension of up to 60% of their last drawn salary, along with a gratuity payment that is calculated based on their last drawn salary and months of service. For Azam, this means a gratuity of between RM400,000 and slightly over RM1 mil, with a monthly pension of between RM6,800 and RM18,600.

MACC receives report of RM1.1 bil misappropriation linked to former senior minister
The anti-corruption commission confirmed that it has received a report alleging misappropriation involving an investment worth about RM1.11 bil linked to a former senior minister. The report was lodged by a coalition of several NGOs, and claimed that a former senior minister and several ministry officials at the time were involved. The NGOs alleged that there were dubious negotiation and approval processes that did not involve the relevant ministries and agencies.

Watch Bloomberg’s coverage on MACC:

llaollao master franchisee partly acquired for RM177.5 mil
Hextar Industries Bhd announced that it will acquire a 51% stake in F&B retail firm Woodpeckers Group. The stake, priced at RM177.5 mil, will be paid in cash, valuing the company at RM348 mil. The acquisition will provide Hextar Industries with an entry into the frozen dessert market, as Woodpeckers is the master franchisee of frozen yoghurt chain llaollao in Malaysia, with a total of 131 outlets. The deal also includes an average annual profit guarantee of RM29 mil over three years (total: RM87 mil). This follows Hextar securing exclusive rights to develop, open, and operate coffee shops under the Luckin Coffee brand nationwide in Malaysia. Woodpeckers Group posted a net profit of RM30.3 mil in FY2024 on revenue of RM150.64 mil. Hextar was last valued at RM892.9 mil, with the group reporting a loss of RM23.27 mil on revenue of RM181.1 mil for FY2025.

Shorts

1. No more pig farm licences in Selangor, says MB

   Selangor Menteri Besar Amirudin Shari announced that the Selangor state government has stopped issuing pig farming licences, with the administration currently focused on vacating existing farm sites in Tanjong Sepat. The closures will be expedited with the cooperation of the Selangor Veterinary Department. The decision to no longer issue licences was made at the state executive council meeting in tandem with the Sultan of Selangor’s decree that no pig farms should be operating in the state. The demand for pork in Selangor will be fully met by imported meat.

2. Loke: No plans yet to make dashcams mandatory

   Transport Minister Anthony Loke said that the proposal for dashcam installation is still at the advocacy stage, and that the policy must undergo a comprehensive assessment process. This assessment will cover aspects such as effectiveness, feasibility, and cost implications for the public. The minister added that, for now, the approach is advocacy, with the ministry advising and encouraging the public to install dashcams for their own safety.

3. Putrajaya to consider GST return only when median income hits RM4,000

   According to Deputy Finance Minister Liew Chin Tong, the government will only consider reinstating the goods and services tax when the country’s median wage exceeds RM4,000. He said that, while the tax is more efficient and may be favoured by business chambers over the current sales and service tax, the government must also consider the burden that would be placed on the public. The GST is a consumption-based tax, which places a proportionately heavier burden on lower-income earners compared with higher-income groups.

4. AROUND THE WORLD 🌎

Singapore’s game plan for a “more dangerous” world, establishes New National AI Council
Singapore’s PM Lawrence Wong has unveiled the country’s budget to prepare Singapore for a “more dangerous” world ahead, particularly amid technological challenges and globalisation. The budget for the fiscal year starting April targets a surplus of SGD 8.5 bil (RM26.3 bil), or 1% of gross domestic product, above the median estimate of 0.6% in a Bloomberg survey. The country will also adjust its taxes on vehicles and tobacco to further shore up funding. Wong also unveiled an array of measures to help Singaporean firms compete in a tougher, more unpredictable global environment, ranging from rebates, expanded grants for businesses and providing capital for promising startups in their growth phase.

PM Wong also announced the establishment of the National Artificial Intelligence (AI) Council to be chaired by himself, for Singapore to harness AI as a strategic advantage in four key sectors: advanced manufacturing, connectivity, finance, and healthcare. The new plans come as AI is advancing at a remarkable speed that triggers deep concerns around job displacements, misinformation and ethical use of powerful technologies.

Spotlight on Grab

Net profit of USD 268 mil in 2025
Singapore-based Grab reported a net profit of USD 268 mil in 2025, from a loss of USD 105 mil in 2024 and crossing 50 mil monthly transacting users. The company also announced a USD 500 mil share buyback programme. Shares of US-listed Grab, however, dropped about 4% in extended trading on Feb 11 after the company forecast 2026 revenue below Wall Street expectations. Analysts say that this indicates a slow momentum in the firm’s core businesses of ride-hailing and deliveries as consumers grapple with economic uncertainty. View full result announcement here.

On its outlook, Grab expects 2026 revenue between USD 4.04 bil and USD 4.10 billion, compared with estimates of USD 4.13 bil. It forecast 2026 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of between USD 700 mil and USD 720 mil, while analysts expect USD 721.7 mil.

USD 425 mil acquisition of Stash
Separately, Grab also announced that it will acquire US digital financial services company Stash Financial in a deal initially valued at USD 425 mil, with an upfront payment for a 50.1% stake, with the remaining stake to be purchased over the next 3 years. The company said that acquiring Stash offers it access to talent and technology to accelerate its financial services road map, as well as high-margin subscription-based revenue. Stash offers investing and banking tools featuring AI-driven financial guidance designed to support long-term wealth-building with USD5 bil assets under management and over 1 mil users.

Religious stock indices by the Vatican
The Vatican Bank has just announced two new stock indices from the Vatican that can help Catholics invest in accordance with Catholic values. In partnership with Morningstar Indexes, the bank announced indexes for both the European and US markets: the Morningstar IOR US Catholic Principles Index and the Morningstar IOR Eurozone Catholic Principles Index. Although they did not share their criteria for selecting stocks that align with Catholic Social Teaching, the bank said that the stock indices were “built following market best practices and in accordance with Catholic ethical criteria, and are designed to serve as a reference for Catholic investments worldwide”.

Shorts

1. Seoul believes North Korea’s Kim Jong Un successor would be his daughter

   South Korea’s spy agency has said it is most likely that North Korean leader Kim Jong Un’s successor will be his daughter, Kim Ju Ae. However, there is still much unknown about her, including her official age, as she is believed to still be in her teens. Ju Ae’s presence continues to be highlighted at events such as the recent Armed Forces Day ceremony and her visit to the Kumsusan Palace of the Sun, the most important place in North Korea known as the final resting place of her ancestors. The agency also believes that if she attends more key political events soon, speculation about her path to succession will “gain traction”.

2. Oatly vs dairy: Is plant milk really “milk”?

   Swedish plant-based drink maker Oatly has lost a long-running legal battle with Dairy UK, after the UK Supreme Court on Wednesday said that it could neither trademark nor use the phrase “post-milk generation” in its marketing. The dispute has centred on Dairy UK’s argument that, under trademark law, the term “milk” can only be used to refer to products that come from an animal. The Supreme Court ruled the phrase “post-milk generation” could confuse people over whether Oatly’s products are completely milk-free or merely have a low milk content. However, Oatly argues that the decision creates unnecessary confusion and an uneven playing field for plant-based products that solely benefits Big Dairy.

5. FOR YOUR EYES 📺

In case you miss it, we will be off the whole of next week.

Chinese Malaysia and China stuff

1. Gong Xi Raya Malaysia MV mashup!

2. Crash course - 4,100 years of all of China’s dynasties in one video.

3. Who exactly is the real Wong Fei-hung?

4. “Black and yellow, black and yellow, black and yellow, black and yellow” - Wiz Khalifa

5. BONUS: Since it’s the season where suddenly everyone starts counting odds and probabilities, some money wisdom from the late legendary investor Charlie Munger.

Happy Chinese New Year! Heng Ong Huat!