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New Straits Times
6 days ago
- Automotive
- New Straits Times
MPI shares tumble 10 pct in a week amid Wolfspeed bankruptcy concerns
KUALA LUMPUR: Shares of Malaysian Pacific Industries Bhd (MPI) slid about 10 per cent over the past week to close near RM18.00, amid reports that key silicon carbide (SiC) customer Wolfspeed Inc. may be preparing to file for Chapter 11 bankruptcy protection, said CIMB Securities Sdn Bhd. The reports, first published by Reuters and The Wall Street Journal, suggest that Wolfspeed is seeking to restructure its debts under court supervision while maintaining operations. This development sparked market concerns over possible supply chain disruptions for MPI. Despite the market jitters, CIMB noted that, based on its channel checks, MPI is still receiving SiC wafer volume loadings from Wolfspeed, indicating no immediate supply disruptions. "We believe the impact on MPI would be limited, as Wolfspeed is estimated to account for less than 5 to 6 per cent of the group's FY6/24 revenue. Importantly, MPI appears to have the operational flexibility to mitigate any potential fallout, with the option to reallocate floor space to other customers, such as Infineon, to support the ongoing ramp-up of new power module packaging at its Carsem S-site facility." This strategy, CIMB added, should help cushion MPI from any delays in Wolfspeed's restructuring process. The firm has reiterated its 'Buy' rating on MPI with an unchanged target price of RM30.00, based on a 25x CY26F P/E, which is two standard deviations below the OSAT sector's mean. "We continue to favour MPI for its unique SiC and gallium nitride (GaN) exposure and favour it as a proxy for the growing demand for power semiconductors in data centres. The group also has a strong balance sheet with a net cash position of RM990 million (RM4.72/share) as of end-Mar 2025," the research house said. CIMB Securities has pointed out several reasons why Malaysian Pacific Industries Bhd (MPI) could see its value increase, such as a quicker recovery at Carsem Suzhou (CSZ), gaining new customers and designs in the fast-growing SiC and GaN areas, a faster bounce back in the automotive and electric vehicle (EV) markets, and the chance of a bigger dividend payout. However, the research house cautioned that downside risks remain, particularly a slower sector recovery, delays in new capacity expansions, and unfavourable currency movements, especially if the ringgit continues to strengthen against the US dollar. In its latest quarterly update, MPI reported a 2 per cent quarter-on-quarter (QoQ) dip in revenue for 3QFY6/25, primarily due to sales contractions in Asia (-5.7 per cent) and Europe (-7.4 per cent). This decline was partially offset by a robust 23.5 per cent QoQ rebound in US sales, driven by sustained demand for power packaging solutions at Carsem Malaysia (CSM). The company's operational strength was further reflected in a 20 per cent rise in minority interest expense, indicating stronger performance at CSM. For the nine-month period ended FY25 (9MFY25), MPI's revenue in US dollar terms grew 5.5 per cent year-on-year (YoY) to US$354 million, supported by improved contributions from Asia and Europe. However, in Ringgit Malaysia terms, revenue growth was modest at 0.3 per cent YoY, held back by foreign exchange losses stemming from the ringgit's appreciation. This led to a realised forex loss of RM16.9 million during the period. Despite these currency headwinds, MPI delivered a 35 per cent YoY surge in net profit to RM110 million, largely driven by the turnaround at CSZ, a testament to the group's resilience and operational agility in navigating a volatile macroeconomic environment.
The Star
16-05-2025
- Entertainment
- The Star
Addy Lee says he regrets knowing TV host Quan Yifeng & her daughter Eleanor Lee
Malaysian-born celebrity hairstylist Addy Lee has confirmed he fell out with Singaporean TV host Quan Yifeng, formerly a long-time close friend of his, over disagreements related to live-stream sales the pair did together. Singapore-based Lee, 54, disclosed these details in a Facebook live-stream on May 13, after teasing earlier on social media that he will be speaking about Quan, 51, and her actress-daughter Eleanor Lee, 25. Addy Lee is Eleanor's godfather. Her biological father is Quan's ex-husband, Singaporean actor Peter Yu, from whom she is estranged. In his rambling six-hour tirade, Lee said he was 'close like family' with Quan for many years, but their relationship soured when Lee invited Quan to conduct live-stream sales with him of hair products during the pandemic in 2020. Over a month, the pair reportedly earned over SG$300,000 (RM990,859). But a rift soon arose, Lee alleged, when Quan complained that they were selling the same products with little variation and began throwing temper tantrums by ignoring audience questions on joint live-streams. Lee also said his assistant told him Quan and Eleanor said behind Lee's back that they felt like he was leveraging their popularity to boost his live-stream sales. Lee said that at the time, Quan and Eleanor were temporarily staying with him, along with their then-partners. He then went to his room to cry about Quan speaking behind his back and humiliating him. She then sent a text and told him she and Eleanor will be moving out since he seems uninterested in seeing or speaking to them. He then responded that he felt hurt by her actions. According to Lee, that was their last contact. He added that he felt betrayed as a week after this argument, he noticed that Eleanor posted about getting her hair done by fellow Singapore-based celebrity hairstylist David Gan. He felt upset that Eleanor said Gan saved her 'damaged hair', which Lee felt implied that his salon director at Monsoon Hair Salon did a bad job. He also said he bought expensive gifts from luxury brands for Quan and Eleanor over the years, paid for Eleanor's vacation to Europe, used his network to further her career in China and even contributed to her international school fees, but that Eleanor never repaid him. 'To be honest, I regret getting to know them... They are ingrates. It's been four years and I haven't heard a peep from them.' Lee's live-stream comes after Eleanor, a Singaporean who has been working as in China for several years, landed in hot water recently. A netizen claiming to be her former assistant released a poor-quality audio recording purportedly of Lee making derogatory claims about the people of China. While Eleanor has come out to clarify that the recording is fake and added that she loves China, the incident has been a major blow to her burgeoning career there, with state media singling her out for criticism. In the wake of the incident, Lee implied that what happened to Eleanor was 'karmic retribution'. He also posted alleged screenshots of messages from Eleanor's representatives pleading with him to not 'add fuel to the fire' in the midst of the negative publicity surrounding her now. Lee, who shared that he is on anti-depressants and anti-anxiety medication, had previously levelled accusations at other former friends. He is a co-founder of live-streaming ecommerce company Mdada alongside Singaporean actress-host Michelle Chia and Singapore-based Thai host Pornsak Prajakwi. Pornsak, 43, departed the company in 2023, and Lee said he officially left the company in February 2025 in a May 15 Facebook post. At the time, he said it was due to health issues, but soon began feuding with Pornsak and Chia. Lee previously accused Pornsak of bullying and defaming a staff member of the company who was Lee's assistant. He has also since accused Chia, 49, of withholding his salary from him and not responding to his texts. – The Straits Times/Asia News Network
