AGN Morning Update | 27 March 2025

Malaysia Headlines:

• Prime Minister Anwar Ibrahim has given Felda one month to present a new reform strategy. Backed by full government support, the directive marks a push for renewed direction at the Federal Land Development Authority.
• Petronas is seeking to raise US$3 billion via a US dollar bond issuance — its first since 2021 — as part of a larger global rightsizing initiative following a drop in post-tax profits.
• Cuckoo International has launched Malaysia’s largest IPO in seven months, offering shares at RM1.29 and aiming to raise RM470 million. The listing is scheduled for April 30.
• The KLIA Master Plan is now under review, with Malaysia Airports Holdings Bhd pausing major terminal expansions and instead focusing on optimizing current infrastructure.
• Gamuda Berhad reported a 4.8% profit increase for Q2, boosted by strong construction and property results, and is eyeing more large-scale contract wins.

International Headlines:

• Donald Trump has reaffirmed a tough stance on trade, stating there will be “not too many exceptions” in his sweeping tariff policy. Copper imports may be subject to new levies as early as April 2.
• Vietnam is cutting duties on several US goods and has approved Starlink services in a proactive move to avoid US trade penalties.
• Taiwan, meanwhile, is defending its current account surplus ahead of potential US scrutiny, arguing that the surplus is structural rather than manipulative.

Asia Business Spotlight:

• Vivo is aiming to generate 70% of its total revenue from overseas sales by 2027, focusing on emerging Asian markets such as India, Indonesia, and the Philippines.
• Indonesian prosecutors have handed over more than 217,000 hectares of confiscated palm oil plantations to a newly established state-owned firm, Agrinas Palma Nusantara.