Latest news with #Kenanga
BusinessToday
6 hours ago
- Business
- BusinessToday
Kenanga Neutral On Seaport And Logistics Sector After Mixed 1Q Results
Kenanga Investment Bank has reiterated its 'Neutral' stance on Malaysia's seaport and logistics sector following a mixed set of corporate earnings in the first quarter of 2025 (1QCY25), coupled with mounting global trade challenges. In its sector update, Kenanga noted that half of the companies under its coverage met expectations, while the other half underperformed. None beat forecasts, marking a deterioration from the previous quarter, where 25% exceeded estimates. Key Highlights: WPRTS (Westports Holdings Bhd) and POS Malaysia met expectations. Bintulu Port Holdings (BIPORT) and SWIFT Haulage disappointed. The sector was impacted by factors including irrational price competition in logistics, shifting global shipping alliances, and technical issues at LNG facilities. Company-Level Performance Westports Holdings (WPRTS) delivered results in line with expectations, supported by higher contributions from value-added and restow services linked to the Gemini Cooperation and Ocean Alliance. Despite softer container volume growth, the company expects value-added services to offset the decline. POS Malaysia's losses were anticipated, with some recovery in parcel and logistics volumes. However, the performance was dragged down by marine maintenance costs. The aviation segment, meanwhile, benefited from strong air freight demand. BIPORT underperformed due to reduced LNG production at the MLNG complex and a higher tax rate. Its 2QFY25 is expected to be weak due to a planned shutdown, although recovery is expected in 2HFY25. SWIFT Haulage posted disappointing results, pressured by startup costs for a new warehouse, loss of operational scale, and pricing pressures. The company saw margin compression despite gains in its freight forwarding segment, especially on long-haul routes. Global Headwinds and Local Resilience Kenanga cited trade disruptions from Red Sea diversions and geopolitical tensions as key headwinds. Global trade growth is projected to decline by 0.2% in 2025, revised down from +3.0% by the WTO, with only a modest recovery anticipated in 2026. However, Malaysia's external trade remains resilient, posting a RM12.6 billion surplus as of February 2025. Growth was supported by booming e-commerce, the global tech up-cycle (particularly AI-related demand), and frontloading activities amid US-China tariff negotiations. Emerging economies like Malaysia are also benefiting from trade diversion, positioning themselves as connecting economies between geopolitical blocs. Regulatory Risks on the Horizon Kenanga cautioned about upcoming carbon emissions regulations by the IMO and the EU's Carbon Border Adjustment Mechanism (CBAM), which could impact container volumes, especially on Asia-Europe routes. 'While the exact impact remains uncertain, containers bound for the EU—particularly those from China—will likely be affected,' the report stated. EU-bound trade makes up roughly 18% of container throughput in Asia-Europe lanes. E-Commerce to Fuel Domestic Logistics Kenanga remains constructive on the domestic third-party logistics (3PL) space, driven by Malaysia's e-commerce boom. The sector is expected to grow at a 7% CAGR from 2023 to 2027, reaching RM1.9 trillion. Growth drivers include just-in-time (JIT) delivery, reshoring, warehouse decentralisation, and cold-storage demand due to online grocery platforms. Despite global trade headwinds, Kenanga said Malaysia's logistics sector remains supported by structural growth trends and resilient export activity. The house, however, maintains a 'Neutral' outlook on the sector and does not name any top pick at this time.
The Sun
3 days ago
- Business
- The Sun
Kenanga Investors Launches New Global Real Asset Fund
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 3 June 2025 - Kenanga Investors Berhad (' Kenanga Investors ') has announced the launch of the Kenanga Alternative Series: Global Real Assets Fund (' KASGRAF '), a new addition to its Kenanga Alternative Series (' Series '). The KASGRAF is an open-ended retail fund designed to achieve steady growth by diversifying investments across global real assets through carefully selected exchange-traded funds (' ETFs '). The Fund's ETF exposure is managed by GAX MD Sdn Bhd (' GAX MD ' or ' External Fund Manager '), which employs sophisticated algorithms and advanced investment models to ensure precise and effective management of global real assets. GAX MD is also the creator of MYTHEO, a digital investment management platform launched in Malaysia since 2019. 'The introduction of the KASGRAF enables Kenanga Investors to provide investors with enhanced growth opportunities through well diversified, global investment strategies. Amidst the complex economic landscape of today, the value of physical assets such as real estate, commodities and precious metals often appreciate, enabling investors to maintain the real value of their wealth. By integrating real assets into our portfolios, we offer our investors a robust hedge against market uncertainties and a means to achieve steady returns due to its sustainable growth potential', said Datuk Wira Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors. 'Our partnership combines Kenanga Investors' extensive asset management expertise with GAX MD's advanced quantitative modelling capabilities, creating a strategy based on a systematic, data-driven and cost-efficient approach to portfolio construction that optimises performance while strengthening diversification and risk management', he elaborated. KASGRAF aims to achieve a steady growth of investment assets and realise stable income, making it an ideal choice for investors with medium-term investment horizons. The fund's core strategy involves investing primarily in ETFs linked to a diverse array of real assets. This includes sectors such as real estate, precious metals and commodities. By diversifying across these areas, KASGRAF helps to mitigate risk while enhancing the potential for returns. The Fund is available for subscription in MYR with a minimum initial investment amount of RM1,000. 'We are excited to partner with Kenanga Investors in bringing our advanced proprietary algorithms to a wider audience. ETFs allow investors to access a diverse range of asset classes including real estate, commodities and precious metals, without the high costs and complexities of direct ownership. For optimal selection, the Fund's strategy follows a rigorous screening process based on key factors such as liquidity, expense ratios and tracking efficiency. By combining data-driven analysis with a structured ETF selection process, the strategy maximises efficiency while maintaining flexibility to adapt to evolving market conditions. At GAX MD, we are excited to contribute to the success of KASGRAF and its investors, empowering them to navigate the complexities of the market with confidence', said Ronnie Tan, Managing Director and Chief Executive Officer of GAX MD. The launch of the Series aligns with Kenanga Investors' longstanding goal of offering diverse investment solutions to meet investors' varying needs/objectives. In addition to KASGRAF, the Series also includes the Kenanga Alternative Series: Income Opportunities Fund and Kenanga Alternative Series: Islamic Global Responsible Strategies Fund. Each fund offers unique benefits, allowing investors to diversify and hedge their portfolios according to their needs. This commitment to innovative products has earned the firm recognition for its expertise in alternatives investments. This year it received the Malaysia Best House for Alternatives award from Asia Asset Management's 2025 Best of the Best Awards for the sixth time.
The Sun
3 days ago
- Business
- The Sun
Kenanga launches global real asset fund
KUALA LUMPUR: Kenanga Investors Bhd has launched the Kenanga Alternative Series: Global Real Assets Fund (Kasgraf), a new addition to its Kenanga Alternative Series. The Kasgraf is an open-ended retail fund designed to achieve steady growth by diversifying investments across global real assets through selected exchange-traded funds (ETFs). The fund's ETF exposure is managed by Gax MD Sdn Bhd, which uses sophisticated algorithms and advanced investment models to ensure precise, effective management of global real assets. Gax MD is also the creator of MYTHEO, a digital investment platform launched in Malaysia since 2019. 'The introduction of the Kasgraf enables Kenanga Investors to provide investors with enhanced growth opportunities via well diversified, global investment strategies. Amidst the complex economic landscape of today, the value of physical assets such as real estate, commodities and precious metals often appreciate, enabling investors to maintain the real value of their wealth. By integrating real assets into our portfolios, we offer our investors a robust hedge against market uncertainties and a means to achieve steady returns due to its sustainable growth potential,' said Kenanga Investors executive director and CEO Datuk Wira Ismitz Matthew De Alwis. He added that their partnership combines Kenanga Investors' extensive asset management expertise with Gax MD's advanced quantitative modelling capabilities, creating a strategy based on a systematic, data-driven and cost-efficient approach to portfolio construction that optimises performance while strengthening diversification and risk management. Kasgraf aims to achieve a steady growth of investment assets and realise stable income, making it an ideal choice for investors with medium-term investment horizons. The fund's core strategy involves investing primarily in ETFs linked to a diverse array of real assets. This includes sectors such as real estate, precious metals and commodities. By diversifying across these areas, Kasgraf helps to mitigate risk while enhancing the potential for returns. The Fund is available for subscription in MYR with a minimum initial investment amount of RM1,000. Gax MD managing director and CEO Ronnie Tan explained that the ETFs allow investors to access a diverse range of asset classes including real estate, commodities and precious metals, without the high costs and complexities of direct ownership. For optimal selection, he added the fund's strategy follows a rigorous screening process based on key factors such as liquidity, expense ratios and tracking efficiency. 'By combining data-driven analysis with a structured ETF selection process, the strategy maximises efficiency while maintaining flexibility to adapt to evolving market conditions. At Gax MD, we are excited to contribute to the success of Kasgraf and its investors, empowering them to navigate the complexities of the market with confidence,' said Tan.
Arabian Post
3 days ago
- Business
- Arabian Post
Kenanga Investors Launches New Global Real Asset Fund
The Kenanga Alternative Series: Global Real Assets Fund offers investors exposure primarily to global real estate, precious metals, and commodities by employing proprietary investment models and advanced algorithms. KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 3 June 2025 – Kenanga Investors Berhad ('Kenanga Investors') has announced the launch of the Kenanga Alternative Series: Global Real Assets Fund ('KASGRAF'), a new addition to its Kenanga Alternative Series ('Series'). The KASGRAF is an open-ended retail fund designed to achieve steady growth by diversifying investments across global real assets through carefully selected exchange-traded funds ('ETFs'). From left: Ho Seng Yee, Executive Director of GAX MD; Ronnie Tan, Managing Director & Chief Executive Officer of GAX MD; Datuk Wira Ismitz Matthew De Alwis, Executive Director & Chief Executive Officer of Kenanga Investors; Tan Sri Dr Munir Majid, Chairman of GAX MD; Matthew Stuart-Box, Chief Investment Officer of GAX MD & Money Design; Ranjit Singh Gill, Director & Head of Product & Market Development of Kenanga Investors. The Fund's ETF exposure is managed by GAX MD Sdn Bhd ('GAX MD' or 'External Fund Manager'), which employs sophisticated algorithms and advanced investment models to ensure precise and effective management of global real assets. GAX MD is also the creator of MYTHEO, a digital investment management platform launched in Malaysia since 2019. ADVERTISEMENT 'The introduction of the KASGRAF enables Kenanga Investors to provide investors with enhanced growth opportunities through well diversified, global investment strategies. Amidst the complex economic landscape of today, the value of physical assets such as real estate, commodities and precious metals often appreciate, enabling investors to maintain the real value of their wealth. By integrating real assets into our portfolios, we offer our investors a robust hedge against market uncertainties and a means to achieve steady returns due to its sustainable growth potential', said Datuk Wira Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors. 'Our partnership combines Kenanga Investors' extensive asset management expertise with GAX MD's advanced quantitative modelling capabilities, creating a strategy based on a systematic, data-driven and cost-efficient approach to portfolio construction that optimises performance while strengthening diversification and risk management', he elaborated. KASGRAF aims to achieve a steady growth of investment assets and realise stable income, making it an ideal choice for investors with medium-term investment horizons. The fund's core strategy involves investing primarily in ETFs linked to a diverse array of real assets. This includes sectors such as real estate, precious metals and commodities. By diversifying across these areas, KASGRAF helps to mitigate risk while enhancing the potential for returns. The Fund is available for subscription in MYR with a minimum initial investment amount of RM1,000. 'We are excited to partner with Kenanga Investors in bringing our advanced proprietary algorithms to a wider audience. ETFs allow investors to access a diverse range of asset classes including real estate, commodities and precious metals, without the high costs and complexities of direct ownership. For optimal selection, the Fund's strategy follows a rigorous screening process based on key factors such as liquidity, expense ratios and tracking efficiency. By combining data-driven analysis with a structured ETF selection process, the strategy maximises efficiency while maintaining flexibility to adapt to evolving market conditions. At GAX MD, we are excited to contribute to the success of KASGRAF and its investors, empowering them to navigate the complexities of the market with confidence', said Ronnie Tan, Managing Director and Chief Executive Officer of GAX MD. The launch of the Series aligns with Kenanga Investors' longstanding goal of offering diverse investment solutions to meet investors' varying needs/objectives. In addition to KASGRAF, the Series also includes the Kenanga Alternative Series: Income Opportunities Fund and Kenanga Alternative Series: Islamic Global Responsible Strategies Fund. Each fund offers unique benefits, allowing investors to diversify and hedge their portfolios according to their needs. This commitment to innovative products has earned the firm recognition for its expertise in alternatives investments. This year it received the Malaysia Best House for Alternatives award from Asia Asset Management's 2025 Best of the Best Awards for the sixth time. ADVERTISEMENT For more information about Kenanga Investors, please visit Hashtag: #Kenanga The issuer is solely responsible for the content of this announcement. Kenanga Investors Berhad 199501024358 (353563-P) We provide investment solutions ranging from collective investment schemes, portfolio management services, alternative investments, as well as wills and trusts for retail, corporate, institutional, and high net worth clients via a multi-distribution network. The Morningstar Awards 2025 has recognised the Kenanga Blue Chip Fund as Best Malaysia Large-Cap Equity Fund. The Bursa Excellence Awards 2024 awarded KIB's exchange-traded funds' arm, Eq8 Capital Sdn Bhd with the Special Award – Thought Leadership for launching Eq8WAQF, the world's first Waqf-featured Exchange Traded Fund. Introduced under a newly established category, the award highlights innovations that are reshaping the investment landscape. At the LSEG Lipper Fund Awards Malaysia 2025, KIB received awards for the Kenanga DividendEXTRA Fund ('KDEF') under the Best Equity Malaysia Diversified – Malaysia Funds over 3 years, Kenanga Malaysian Inc Fund ('KMIF') under the Best Equity Malaysia Diversified – Malaysia Provident Funds over 10 years, Kenanga Balanced Fund ('KBF') under the Best Mixed Asset MYR Balanced – Malaysia Provident Funds over 10 years, Kenanga Managed Growth Fund ('KMGF') under Best Mixed Asset MYR Flexible – Malaysia Provident Funds over 10 years, and Kenanga SyariahEXTRA Fund ('KSEF') under the Best Mixed Asset MYR Balanced – Malaysia Islamic Funds Awards over 10 years. The Hong Kong-based Asia Asset Management's 2025 Best of the Best Awards awarded KIG under the following categories, Malaysia Best Impact Investing Manager, Best Impact Investing Manager in ASEAN, Malaysia Best Equity Manager, Malaysia CEO of the Year (Co-Winner), Malaysia CIO of the Year, Malaysia Best House for Alternatives, Malaysia Best ESG Engagement Initiative, Malaysia Fund Launch of the Year, and Malaysia Best Retail Asset Management Company. The FSMOne Recommended Unit Trusts Awards 2024/2025 has awarded the Kenanga Growth Fund Series 2 with the 'Sector Equity – Malaysia Focused' award for the third consecutive year since 2022. We were also recognised at The BrandLaureate BestBrands Awards 2024 – Brand of the Year under the category Wealth Management & Investment Solutions. For the eighth consecutive year, KIB was affirmed an investment manager rating of IMR-2 by Malaysian Rating Corporation Berhad, since first rated in 2017. The IMR rating on KIB reflects the fund management company's well-established investment processes and sound risk management practices. This Press Release was issued by Kenanga Group's Marketing, Communications & Sustainability department.
BusinessToday
26-05-2025
- Business
- BusinessToday
Kenanga Revises Ringgit Forecast To 4.08 Amid Accelerating Global De-Dollarisation
Kenanga Investment Bank has revised its year-end 2025 forecast for the Malaysian ringgit to 4.08 against the US dollar, citing accelerating structural shifts in the global monetary landscape and rising momentum in de-dollarisation efforts worldwide. In its latest Economic Viewpoint report, the investment house highlighted that the dominance of the US dollar as the world's primary reserve currency is steadily eroding, as central banks increasingly diversify into alternative assets such as gold and even cryptocurrencies like Bitcoin (BTC). This shift, once considered a long-term trend, is now materialising more rapidly due to geopolitical risks, unsustainable US fiscal deficits, and growing global reliance on non-USD trade settlement systems. 'The USD's supremacy is no longer absolute. Central banks are diversifying away from USD reserves, gold demand is surging, and new payment systems are circumventing US financial infrastructure,' the report noted. Ringgit's Re-Emergence in a New Currency Order According to Kenanga, Malaysia is well-positioned to benefit from these global realignments. The ringgit, which has traded within various psychological bands over the years, is now set to re-enter a stronger trading range last seen before the COVID-19 pandemic, buoyed by Malaysia's steady current account surplus, trade resilience, and a stable policy backdrop. It noted that the ringgit hovered in the 4.50–5.00/USD range for most of 2023 and 2024 but is likely to appreciate into the 3.50–4.00/USD band by mid-2026, if reform momentum is sustained. This is not a tactical shift,' the report stressed. 'It reflects a reconfiguration of capital flows, remapped reserve strategies, and a growing fiscal discount on US assets.' Regional Trade and Digital Currency Systems Gaining Ground Malaysia's alignment with regional de-dollarisation trends was also noted, with Bank Negara Malaysia pushing for increased trade settlement in local currencies, particularly with China, Indonesia, and Thailand. Projects like the cross-border digital currency platform 'Project mBridge' are expected to reduce reliance on the US dollar while increasing monetary autonomy in Asia. Kenanga highlighted that conducting 20% of trade in local currencies is no longer aspirational but now viewed as a strategic necessity. Competing with Gold and Bitcoin Despite these positives, the ringgit's upward potential now faces competition from alternative assets. Kenanga warned that capital which once flowed into emerging market currencies is now being split three ways—with gold and BTC becoming increasingly attractive hedges against inflation and systemic risk. Gold purchases by central banks are at record highs, and BTC's inclusion in institutional portfolios following US ETF approvals is reshaping capital allocation. 'The ringgit now competes not just with the USD, but with gold, BTC, and digital alternatives,' Kenanga stated. 'Malaysia must differentiate not just through macro stability, but through reform-driven credibility, ESG alignment, and financial innovation.' Outlook: Malaysia Could Emerge as Regional Safe Haven Kenanga concluded that the ringgit's recent gains are not merely a product of USD weakness but reflect genuine investor interest in credible, reform-oriented markets like Malaysia. If the US continues down a fiscally unsustainable path while Malaysia presses ahead with its National Industrial Master Plan 2030 (NIMP 2030) and structural reforms, the ringgit could be revalued as a stable proxy in Asia's emerging financial architecture. Kenanga has also revised its forecast for the ringgit to strengthen further to 3.95/USD by end-2026. 'Malaysia's fundamentals are improving at the margin,' the report concluded. 'In a world where the USD hegemony is fading, the ringgit could quietly emerge as a relative winner.' This bullish long-term outlook hinges on Malaysia maintaining policy credibility and accelerating reform implementation—especially in boosting productivity, supply chain integration, and attracting quality investments. Related
