☕️ RM100+ mil cash seized from home of a former aide of ex-PM Sabri

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

Hokkaido's seafood exports totalled JPY56.7 bil (RM1.68 bil) last year. This was down 32% from 2022, the year before China’s import ban was imposed in response to Japan’s plans to release treated wastewater from the Fukushima Daiichi nuclear power plant into the ocean. Scallops alone accounted for more than 70% of the industry’s exports in 2022, of which 70% was exported to China. Seems like the US and ASEAN had no issues consuming these products - exports to the US tripled to JPY14.2 bil and ASEAN’s demand 21x to JPY114.6 bil from 2022.

Ladies, up for a new challenge? DonnaJean Wilde, 59, holds 2 Guinness World Records for the longest plank and most push-ups by a woman. Her abdominal plank position lasted 4 hours 30 mins and 11 secs and 1,575 push-ups in one hour. She started planking in the early 2010s when her children started doing it in random locations as part of a viral craze. Besides breaking records, this feat benefits her health too as strength training helps to maintain muscle mass as people age.

As of Dec 31, Malaysia’s total working population amounted to 16,779,500 people, of which 2,368,422 people or 14% are foreign workers. The presence of foreign workers in the country is still under control within the 15% government-set ceiling according to HR Minister Steven Sim. Bangladeshis account for the largest group of foreign workers at 898,970 people, followed by 582,108 Indonesian and 370,127 Nepali workers.

3. IN MALAYSIA 🇲🇾

RM100+ mil cash seized from the home of a former aide of ex-PM Sabri
In the latest development, MACC said it has recovered more than RM100 mil in cash seized in a raid on the home of an aide of former PM Ismail Sabri. The cash was found stashed in ‘multiple bags and safes’ in several rooms and also confiscated were documents, jewellery, and electronic devices. The raid came following months of surveillance and investigators are now looking into the source of the money, including possible links to political funds.

Yesterday, MACC chief commissioner Azam Baki confirmed the arrest of 4 people who previously served as aides to Ismail Sabri during his tenure as PM and that the probe was a continuation of investigations into Keluarga Malaysia’s public relations campaign under Sabri’s administration. Several prominent figures will be called up by MACC in connection with the arrests of these 4 officers though no names were disclosed.

RM50 each for 1 mil uni students to invest
Under the Celik Madani programme announced last year and which will go live in phases from Sep 2025, 1 million university students over 5 years will stand to benefit with ‘seed capital’ to invest. Finance Minister II Amir Hamzah Azizan said the programme seeks to enhance financial literacy and promote savings habit amongst students. Each student will receive an initial sum of RM50 to invest (no, not in crypto) in Amanah Saham Bumiputera (ASB) or Amanah Saham Malaysia (ASM) unit trust accounts and these accounts will be locked for 5 years. Led by PNB, this programme encompasses 20 public universities and 4 government-linked institutions, supported by a RM50 mil investment co-funded by the government and PNB.

Business: 99SM up, Berjaya Food down

• 99 Speed Mart announces its Q4 2024 and full-year 2024 performance. Some highlights:

  • Q4 FY2024 ended Dec 31, 2024, came in at RM2.58 bil, +7.3% year-on-year (yoy) and net profit rose 16.8% yoy to RM124.4 mil.

  • This takes the full-year revenue to shy of RM9.98 bil, +8.3% yoy, and net profit of RM490.3 mil, +22.5% yoy.

  • The retailer expanded its footprint with 81 new outlets in Q4, bringing its total to 2,778 and it aims to open at least 250 outlets this year and achieve 3,000 outlets nationwide by year-end.

  View its earnings here.

• As for Starbucks Malaysia operator Berjaya Food Bhd (BFOOD), things still aren’t looking that great as it posted its fifth consecutive loss-making quarter. In its Q2 FY2025 ended Dec 31, 2024, the company posted a larger net loss of RM42.58 mil as revenue fell by one-third to RM123.1 mil compared to a year ago. The effects of the anti-Israel boycott still persist. The company’s market cap stands at RM652.5 mil, down 39.1% in the past year. View its bleeding earnings here.
  Chart: BFOOD’s past 10 quarterly earnings 

Shorts

1. Sanusi acquitted of sedition charges
   The Kedah MB was acquitted and discharged (DNA) by the High Court regarding a sedition case involving the previous Yang di-Pertuan Agong Sultan Abdullah. This comes after Sultan Abdullah issued a royal decree 10 days ago forgiving Sanusi for his claimed seditious remarks implicating the ruler over the establishment of the unity government 2 years ago. After receiving the royal pardon, Sanusi’s lawyer had written to the Attorney-General’s Chambers (AGC) requesting the charges to be dropped.

2. Sarawak’s no-strings-attached education
   Sarawak Premier Tan Sri Abang Johari Tun Openg said Sarawakians who receive free tertiary education funding from the state government are not required to serve in Sarawak upon graduation. Instead, they are encouraged to gain experience outside the state, before eventually returning to contribute to Sarawak. The Sarawak government plans to provide free tertiary education funding to Sarawakians by 2026 covering 5 institutions - i-CATS University College, the Centre for Technology Excellence Sarawak, University of Technology Sarawak, Curtin University Sarawak and Swinburne University of Technology Sarawak.

4. AROUND THE WORLD 🌎

The Ukrainian Scramble

US urges ‘no’ vote for Ukrainian proposal
The US has put forward a resolution calling for the UN General Assembly to oppose any amendments and vote no to a rival resolution drafted by Ukraine and its European allies. The US reasoning is that its resolution is “focused on one simple idea: ending the war”, and building “real momentum towards international peace and security”. This comes after Ukraine and its allies have been negotiating with other UN member states to support their resolution, which repeats the UN demand that Russia withdraw its troops and stop hostilities. In another sign of deteriorating relations, the US was not present at a summit held by Ukraine to mark the start of the fourth year of the war. The summit was attended by a number of European and world leaders, who entered Kyiv by train.

Trump deal is sorely-needed economic lifeline for Russia
The man behind the “art of the deal” may have handed Russia an economic lifeline in his push for a deal to end the war. The signs of a possible deal, along with the sudden swap in attitude by the US, could see sanctions relief and the return of Western firms to Russian soil, in turn helping ease the inflation and sky-high interest rates. The prospect of an end to the war could also see some soldiers being let go, which would ease some pressure from the labour market.

China backs Russia, while Turkey offers to play host
Meanwhile, China has thrown its weight behind Russia as well, with President Xi affirming his “no limits partnership” with Russian President Putin over a phone call. The call is also being taken as a signal that China-Russia relations remain strong, with long-term development strategies and foreign policies still in place. At the same time, Turkey has also offered to host possible talks between Ukraine and Russia, promising its support for any initiative leading to peace. The Turkish foreign minister stated that, while Turkey valued Trump’s offer for a deal as a “result-oriented” approach, Ankara feels that “both sides must participate for a solution”. Scary thought, isn’t it, that the Big Three are more or less on the same side?

All Things AI

• Apple plans Texas factory for AI servers
  The phone maker is looking to raise a quarter-million-square-foot factory in the US state of Texas by 2026 to build AI servers, with the factory likely to add about 20,000 research and development jobs across the US. This endeavour will be included in the USD500 bil that Apple is planning to spend in the next four years, with the sum also covering everything from purchases from US suppliers to US filming of shows for Apple TV+. This comes after Apple CEO Tim Cook met US President Trump.

• Microsoft scraps AI data centre deals
  The tech giant scrapped leases for sizeable data centre capacity in the US to the tune of “a couple of hundred megawatts”, suggesting a potential oversupply even as Microsoft builds AI infrastructure to meet a potential demand surge. Still, investors have been getting sceptical of the amounts US tech firms have directed into AI infrastructure, spooked by the slow payoffs and the breakthroughs by China’s DeepSeek.

• Alibaba to pump over USD52 bil in AI
  The tech giant will be investing the amount in its cloud computing and AI infrastructure over the next three years, putting a figure to the revelation during its earnings call last week, where it reported a revenue of USD38.6 bil for the quarter just ended. It was also noted that the total investment amount will exceed the tech firm’s spending in AI and cloud computing over the past decade.

Shorts

1. Japanese elites propose for Tesla to save Nissan
   A group of elites in Japan are planning to get Tesla to invest in Nissan as a strategic investor, with the belief that the EV giant will be interested in acquiring Nissan’s plants in the US. The proposal is led by former Tesla board member Hiromichi Mizuno and is supported by an ex-prime minister, among others. This also comes after the collapse of merger talks between Nissan and Honda.

2. Dip some maple syrup, drink some maple water
   Canadian producers are looking to make maple water the next must-try soft drink phenomenon. The sap of the maple tree, also known as maple water, contains just 2% natural sugars, and producers are processing it for sale, in hopes that it can snag some market share away from a similar product – coconut water. As it stands, maple water saw USD506 mil in sales in 2024 and is expected to grow to USD2.6 bil by 2033.
   Fun fact: Global value of maple syrup market was USD1.7 bil last year. Canada is the world’s largest of maple syrup, accounting for more than 80% of production. The province of Quebec produces 90% of Canada’s maple syrup

3. Covid-like bat virus discovered by researchers in Wuhan
   The researchers at the Wuhan Institute of Virology in China discovered the new coronavirus in bats in a laboratory, not in humans. However the newly-discovered virus can enter cells in the same way as the Covid-19 virus, and the researchers did raise the possibility that the new virus could spread from animals to humans. Several vaccine-makers saw shares buoyed after news of the virus got out. Why Wuhan again? The Wuhas virus research centre is known for its work on bat coronaviruses, apart from being ground zero of Covid-19 pandemic.

4. Starbucks axes 1,100 corporate roles
   The coffee chain’s CEO confirmed that 1,100 corporate roles will be eliminated, with the number made up of current support partner roles and a few hundred open and unfilled positions. The move is meant to help Starbucks optimise its support teams as part of its turnaround efforts. In-store teams and the investments Starbucks is making in store hours will not be affected.

5. FOR YOUR EYES 📺

1. Meet Malaysia’s Batman - Keluang Man. Movie out 29 May 2025. Teaser trailer below.

2. How to make your excess cash work more for you and earn up to 5% interest (btw, shariah-compliant) using moomoo’s Smart Save. Use MMTV40 code (instructions in video below) and get RM40 extra, and with the right amount, get free $TESLA share too. Sign up for moomoo here.

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3. Malls sini, malls sana, malls merata-rata.