BANGKOK, THAILAND – Media OutReach – 29 August 2023 – For several years now, “startups” have been designated as a national-level economic growth strategy. Legal frameworks and benefits have been promoted to support business entrepreneurs and innovations stemming from startups with diverse capabilities have been witnessed. Of particular interest in another dimension is the soaring rise of unicorn groups, whether it’s Flash Express, LINE MAN Wongnai, or the Ascend Group that can raise billions of baht in funding. Moreover, Thailand remains a significant landmark suitable for establishing startups, with strengths that facilitate and align with new global investment directions. It has a location in the heart of the region, close to big markets such as ASEAN, China, and India and this enables startups operating in Thailand to connect with a variety of countries. At the same time, it has one of the best infrastructures with a cost of living, lifestyle, and government support in various dimensions, all of which will help drive the emergence of new startup businesses. Here are some of the intriguing highlights:

Thailand’s global ranking for startups

The National Innovation Agency (Public Organization) (NIA), has revealed Thailand’s Global Startup Ecosystem Index ranking for 2023 by StartupBlink, a comprehensive startup ecosystem map and research center. The index ranked 100 countries and 1,000 cities with the best startup ecosystems worldwide and Thailand is ranked 52nd globally, rising by one ranking over the previous year. Meanwhile, Bangkok has surged to 74th place globally among the top 1,000 cities with the best startup ecosystems, making an impressive leap of 25 places and surpassing neighboring cities like Kuala Lumpur in Malaysia, which is ranked 3rd in ASEAN. Additionally, Chiang Mai, Phuket, and Pattaya are among the top 1,000 cities with the best startup ecosystems. Notably, they are highlighted by their remarkable performance in the transportation industry, securing the 43rd global ranking. This underscores the growth of Thailand’s startup ecosystem.

Non-stop growth with giants that are ready to provide support

Another important factor for startup businesses that is indispensable is capital. Thailand has many large companies ready to serve as Corporate Venture Capital (CVC) providers that focus on investing in startups with interesting technologies and innovations. It is also another way to strengthen the strategy and competitiveness of parent companies, such as SCB 10X, one of the first banking groups that adapt to situations where innovation and technology is constantly changing.

With the goal of becoming a leading VC in the country and in the Southeast Asian region ready to drive the creation of new startup businesses and to push them to the unicorn level, AddVentures by SCG aims to find innovation from startups around the world. This is in order to enhance SCG’s efficiency through the search for innovation and the development of new businesses. In addition, Krungsri Finnovate, that is moving ahead to support fintech startups and technology that involves banking in Thailand and the Southeast Asian region, aims to make as many startups become unicorns as possible and is aiming to build a sustainable economic ecosystem in Thailand and Southeast Asia.

There is also a Technology and Innovation-Based Enterprise Development Fund (TED Fund) of the Ministry of Higher Education, Science, Research and Innovation (MHESI) that supports and promotes technology and innovation entrepreneurs, especially new entrepreneurs, to be able to conduct business on the basis of the knowledge of technology and innovation. It is also a catalyst to increase the amount of research and innovation for commercial use which will create value for investment and create a progressive and sustainable economic value.

Government policy is ready to accelerate startups to be strong

Many government agencies are ready to support Thai startups to grow and compete in both domestic and international markets, such as the National Innovation Agency (Public Organization) or NIA as a “Focal Conductor” and to facilitate the innovation ecosystem to be conducive to work potential through the promotion of both capital and knowledge to create innovative businesses that focus on 5 fields. These include food-agriculture, healthcare, tourism, climate, and soft power. It also plays an important role in being a bridge to link various agencies, both public and private, to drive Thailand towards becoming a country of innovation. This is by working with a network of partners both under the Ministry of Higher Education and external agencies such as the Office of the Board of Investment (BOI), the Office of the Science Research and Innovation Board (TSRI), and the Digital Economy Promotion Agency or depa, etc.

Big Campaign Emphasizes Thailand as an Investment Area

Thailand has an economic strategy that continuously promotes the Thai startup ecosystem. There are mega projects that support the growth and investment in innovative startup businesses. This includes the BCG Model that the government uses as a guideline to drive the economy in 3 aspects: Bioeconomy, Circular Economy, and Green Economy.

The goal is to create the sustainability of nature and the environment, to increase the rate of economic growth, to reduce social inequalities and to increase the potential for self-reliance. In addition, it also focuses on developments in two industry groups: 1) innovation development in existing industries (First S-Curve) that already exist in the country to create short-term and medium-term growth, comprising the modern automotive industry, smart electronics, quality tourism, agriculture and biotechnology and high value-added food and 2) innovation development in new industries (New S-Curve) that supports advanced technologies by aiming to be an important mechanism to drive the economy, including the robot industry, aviation, digital, integrated medicine and quality fuels and biochemistry. There is also the Eastern Economic Corridor (EEC), which invests in infrastructure and modern industries in 3 provinces: Chonburi, Rayong and Chachoengsao. which has many business and industrial sectors to support startups.

It can be said that the emergence and growth of startups in Thailand continues to have opportunities. There are many factors, both from the public and private sectors that are willing to upgrade the ecosystem and infrastructure to support business models that could grow quickly, as well as cities with outstanding lifestyles and geography that are waiting to welcome both Thai and foreign investors.

Hashtag: #NationalInnovationAgency #NIA

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The forum is organized by the Joseph Sassoon Group, a privately held investment management firm with deep expertise in the Mediterranean region.

NEW YORK, US – Media OutReach – 28 August 2023 – The AMIF American Mediterranean Investment Forum will bring together government officials, business leaders, and investors from Greece, Israel, Cyprus, and the United States to discuss untapped opportunities for economic cooperation in the region. The forum will also explore ways to strengthen the security and stability of the Mediterranean region at large.

Pompeo is a strong advocate for US engagement in the Mediterranean region. He has called for increased investment in the region and for closer cooperation between the United States, Greece, Israel, and Cyprus. He is also a strong supporter of the Abraham Accords, which normalized relations between Israel and several Arab countries.

“The Mediterranean Sea is a vital artery for global commerce and energy, and it is also a region of great strategic importance to the United States.” – Mike Pompeo, former US Secretary of State”.

The US former Secretary of State’s participation in the AMIF is a definite sign that the United States is invested in the peace and prosperity of the Mediterranean region. It is also a boost for the forum, which is expected to attract a large number of high-level participants.

Here are some of the key topics that are likely to be discussed at the AMIF:

• The potential for economic cooperation between Greece, Israel, Cyprus, and the United States
• Ways to strengthen the security and stability of the Mediterranean region
• The Abraham Accords and their impact on the region
• The role of the United States in the Mediterranean region

The AMIF is a timely and important event as it follows the UNGA and the BRICS meetings. The Mediterranean region is vulnerable to continuous increasing challenges, including economic instability, political turmoil, and security threats. The forum is an unprecedented meeting of positive and proactive dialogue to encourage cooperation between the countries of the region. David S. Sasson, Chairman and host of the American Mediterranean Investment Forum, believes the forum can also help to strengthen the US-Mediterranean partnership.

Hashtag: #American #Mediterannean #Greece #Athens #Investment #Europe #Sassoon #Forum

The issuer is solely responsible for the content of this announcement.

About Joseph Sassoon Group

Joseph Sassoon Group is a multinational full-service investment bank based in New York City with presence in Middle East , Asia and the Mediterranean.

A philosophy driven approach that gives us independence and courage to develop long-term visions and identify opportunities. It is the world’s oldest privately owned investment management firms with deep expertise spanning the Investment and Asset Management, Investment Banking and Corporate Finance, and Private Banking arenas.

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Achieved Record High Profit of HK$39.4M
Driven by Scale-Up Operations and Remarkable Growth in Marketed Drugs
Expanding Multiple Channels and Diverse Commercialization for New Products

HONG KONG SAR – EQS Newswire – 28 August 2023 – A fully integrated biopharmaceutical company – Uni-Bio Science Group Limited (“Uni-Bio Science”, together with its subsidiaries referred to as the “Group”, stock code: 0690.HK), is pleased to announce its interim results for the six months ended 30 June 2023 (the “Period”).

Key Accomplishments in the First Half of 2023

During the Period, the Group achieved a spectrum of accomplishments, for both of its marketed products and innovative biologics. The key highlights include:

1. The Group’s revenue achieved a remarkable increase of 27.8% year-on-year (“YoY”) to approximately HK$249.9 million. Pinup® and GeneTime® generated remarkable turnover, sales of Pinup® and GeneTime® registered significant increase of 26.6% YoY and 31.8% YoY respectively.
2. The Group recorded a profit of approximately HK$39.4 million for the Period, representing a dramatic increase of 169.2% YoY. The profit was primarily driven by its core scale-up operations and remarkable organic growth in marketed drugs.
3. The rigorous registration site verification for Bogutai® by the China Center for Food and Drug Inspections (“CFDI”) was successfully completed. With the final round of documents submitted in late May 2023, the Group expected Bogutai® to be approved for marketing in the second half of this year. Bogutai® is the first domestically manufacturing PTH liquid in China to use a disposable injection pen, which will be the fifth marketed and self-developed drug of the Group.
4. In May 2023, the Group achieved a groundbreaking milestone with the successful launch of Fibronectin, the first product of the Group’s advanced skincare raw material. This small-molecule high-activity recombinant human fibronectin is a result of a joint development effort between the Group and Global Cosmetics. Furthermore, the Group is diligently exploring diverse commercialization opportunities for Fibronectin, aiming to unlock its full market potential.
5. The Group established the “Biopeptides Innovative Medicine and Advanced Technology R&D Center” in Beijing, which brings together the latest advancements in bioinformatics technology, genetic engineering, and oral formulation techniques, heralding a new era in the biosynthetic polypeptide drug industry.
6. The Group completed the production process validation of Diquafosol Sodium Eye Drops and planned to conduct stability studies as well as submit the registration application in the second half of 2023.
7. The formulation development of oral form Uni-GLP-1 was successfully completed, and the results showed that its bioavailability was superior to the positive control oral semaglutide. Currently, formal animal studies in BaMa Miniature Pig are under preparation to further validate the bioavailability and pharmacokinetics of the oral form Uni-GLP-1 in animals.

Interim Results

For the Period, the Group recorded a revenue of approximately HK$249.9 million, representing a significant increase of 27.8% YoY. The increase in revenue was mainly attributable to the remarkable sales growth of its marketed drugs, namely Pinup®, GeneTime® and GeneSoft®. Pinup® recorded a noticeable increase of 26.6% in revenue from approximately HK$98.5 million to approximately HK$124.7 million during the Period. The increase was attributable to the sustained sales momentum of hospital orders after the last national centralized procurement ended in April 2023, as well as with its targeted ongoing academic promotions within the medical community. During the Period, revenue generated from GeneTime® was approximately HK$95.9 million, representing an increase of 31.8% YoY. This increase was attributable to the expanded hospital network and the upgraded production capacity last year, resulting in improved efficiency and output. The Group also strengthened its marketing system with a strategic focus on academic promotions targeting healthcare professionals. GeneSoft® recorded an increase in revenue from approximately HK$17.8 million to approximately HK$22.3 million, representing an increase of 25.7%. The remarkable revenue growth was mainly attributable to the efforts of the Group’s direct sales team to expand both its hospital network and academic promotion channels.

Gross profit was approximately HK$198.9 million, representing an increase of 37.6% as compared with the first half of 2022. Gross profit margin increased by 5.7 percentage points YoY to 79.6%, which was due to the enhanced economy of scale and supplier optimization strategies. The Group maintained stringent control of general and administrative expenses, which only accounted for 9.4% of revenue for the Period as compared with 12.1% for the same period last year. The selling and distribution expenses for the Period increased to 50.5% of revenue from 43.5% that of the same period last year mainly due to the marketing promotional expenses of Pinup® increased this year and the strengthened sales team recruited for the launch of Bogutai®. The R&D expenses decreased by 51.7% YoY to approximately HK$11.7 million due to the completion of several clinical tests and the capitalization of development expenses.

The Group’s profit for the Period experienced an extraordinary surge, soaring from approximately HK$14.6 million in the first half of 2022 to approximately HK$39.4 million in the first half of 2023, reflecting an impressive increase of 169.2%. This record-breaking profit was primarily driven by the Group’s core scale-up operations and remarkable organic growth in marketed drugs, showcasing the Group’s progress in achieving profitable growth.

Prospects

With the recent moderation of the centralized procurement of drugs, the biopharmaceutical industry will show marginal improvement, and in the long run, rising income levels, an ageing population, and increased healthcare awareness will continue to support the growth of the biopharmaceutical industry. The Chinese government has also prioritized healthcare benefits, focusing on implementing policies like Healthcare China 2030. This initiative aims to strengthen health technology innovation and enhance the overall quality of healthcare services across the country. According to Statista, the healthcare market in China is expected to maintain robust growth, with a projected Compound Annual Growth Rate (CAGR) of 8.8% from 2023 to 2027, reaching a substantial US$26.8 billion in 2027. User penetration in the healthcare industry is anticipated to rise from 22.3% in 2023 to 31.0% in 2027, with an estimated 442.8 million users by 2027. These figures underscore the enormous market potential that the healthcare sector offers.

Looking forward, Mr. Kingsley Leung, Chairman of Uni-Bio Science said, “We are well-positioned to capitalize on the burgeoning opportunities in the healthcare market and strive to develop cutting-edge treatments and solutions that improve the lives of patients while aiming to secure a larger market share. Currently, we are eagerly preparing for the launch of Bogutai®, our fifth marketed and self-developed drug, in the second half of 2023. We believe that this represents a pioneering breakthrough in the pharmaceutical landscape. To ensure the successful market entry of Bogutai ®, we have launched a series of strategic marketing events, including salon meetings and academic conferences. A national press conference is also scheduled for the fourth quarter of 2023. These events will elevate awareness and generate interest among potential customers. On the other hand, we have also proactively recruited and provided intensive training for its experts. We aim to solidify Bogutai®’s position as a leading product in its category and establish a robust market presence upon its launch.

We have been actively expanding our footprint to encompass public and private hospitals, as well as local pharmacies. The extension of network will significantly enhance our product distribution capabilities, enabling us to capture the highest levels of traditional market traffic and demand. Recognizing the significance of digital transformation, the Group has established a dedicated marketing division that spans across all digital channels, including e-commerce platforms, online hospitals and pharmacies. This will act as a powerful tool to reach a wider audience at a lower cost, facilitating a broader market presence.

We continue to make efforts to cater the growing demand for the highly sought-after EGF products, GeneTime® and GeneSoft®, by constructing a new production site in Dongguan, targeted for completion by the end of 2023 and formally operational in 2025. The site is poised to achieve a production innovation with Industrial 4.0 principles at its core. By integrating digitalization and elevating automation levels, the Group is embracing a transformative era of manufacturing excellence to streamline operations and effectively curb labor and production costs. Leveraging the above strategies, we are committed to providing customers the best-of-class products while lowering our cost and enhancing efficiencies in the long run.”

Hashtag: #UniBio

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About Uni-Bio Science Group Limited

Uni-Bio Science Group Limited is principally engaged in the research and development, manufacture and distribution of pharmaceutical products. The research and development centre is fully equipped with a complete system for the development of genetically-engineered products with a pilot plant test base which is in line with NMPA requirements. The Group also has two GMP manufacturing bases in Beijing and Shenzhen. The Group also has a highly efficient commercialization platform and marketing network. The Group focuses on the development of novel treatments and innovative drugs addressing the therapeutic areas of endocrine such as diabetes and osteoporosis, ophthalmology and dermatology.

Uni-Bio Science Group Limited was listed on the Main Board of the Hong Kong Stock Exchange on November 12, 2001. Stock code: 0690.

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• Mainland China retains largest operational capacity in Asia Pacific at 3.8GW
• Beijing and Shanghai the only cities in the region with >1GW operational capacities
• Hong Kong data center space expected to grow 34% in coming three years

HONG KONG SAR – Media OutReach – 28 August 2023 – Data centers across Asia Pacific are growing in scale and new markets are being evaluated for expansion as operators anticipate increased demand from continued digitization and wider adoption of artificial intelligence.

According to Cushman & Wakefield’s latest Asia Pacific Data Centre Update, mainland China retains its position as the dominant data center market in Asia Pacific, with the largest operational capacity at 3.8 gigawatts (GW), almost 40% of the regional total, followed by Japan at 1.1GW and Australia at 1.1GW.

Five cities — Beijing, Shanghai, Singapore, Sydney and Tokyo — account for 62% of the operational data center capacity in Asia Pacific, with Sydney and Tokyo expected to join Beijing and Shanghai in the next one to two years as cities exceeding 1GW of operational capacity.

The region’s primary markets, including Hong Kong, continue to experience growth despite challenges originating from a limited supply of land parcels and power availability. To help support the industry, the Hong Kong government has implemented initiatives such as the Data Centre Facilitation Unit (DCFU), which aims to attract significant investment, enhance infrastructure, facilitate industry collaboration, and ensure a conducive environment for data center operations.

John Siu, Managing Director, Hong Kong at Cushman & Wakefield, said: “Hong Kong is a robust data center market offering excellent regional and global connectivity, and availability of all major cloud networks. As a global financial and business capital, strategic location as a gateway to mainland China and for its globally lowest taxed data center jurisdiction, there has been strong demand from data center investors and operators that have triggered a high volume of transactions over the last few years.

“The tight land supply and waiting times for power supply are challenges to industry expansion. However, we forecast that more than 3 million sq ft of new data center space will be completed in the next three years, representing growth of 34% on current stock. We can expect this supply boost to further attract related technology companies and operators from both the mainland and from overseas to expand in Hong Kong.”

As a result of the supply challenges in primary markets, ancillary locations are also being evaluated as part of expansion strategies. Such emerging markets are now growing rapidly, with Indonesia, Malaysia, the Philippines and Thailand all on track to more than double [>200% increase] their operational capacity over the next five to seven years.

Pritesh Swamy, Director, Data Centers Research & Advisory for APAC and EMEA at Cushman & Wakefield, said that significant land banking in mature markets, coupled with growing data consumption, was leading operators to explore secondary markets.

“The potential capacity of land banks in some mature markets is more than the combined under-construction and planned pipelines. While it could take more than 10 years to develop these land banks, operators have started to explore other locations.”

He said cities with populations of over 1 million were often seen as strategic locations for smaller data centers.

“Smaller data centers can be used to cater for the local population or for operators to show their enterprise clients that they have a presence in strategic markets and growth corridors.”

The report also shows that the scale of individual data centers is increasing. Within the top five markets, the average size of data centers under construction is up 32% to 20MW, from an average size of 15MW for data centers currently in operation. Across the broader Asia Pacific region, the percentage difference is even higher, with the average size of data centers under construction (14.5MW) 57% higher than the average size of operational data centers (9.2MW).

Maturity Index Extrapolates Growth Trajectories to Provide Future Insights

Supplementing the company’s global annual ranking of data center markets, which assesses data center markets on their current status, the latest Asia Pacific Data Centre Update also includes a Markets Maturity Index, which classifies 29 data center cities across four categories (Emerging, Developing, Established and Powerhouse), based on their anticipated evolution over the next five to seven years.

As an example of its application, the Maturity Index classifies Mumbai (which currently has 462MW in operation) ahead of Sydney (724MW) within the Powerhouse category after taking into account, among other factors, its under-construction pipeline of 342MW, which is the highest in APAC.

Beijing, Shanghai and Tokyo also make the Powerhouse category, with each of the five markets having the development pipeline to surpass 2GW in operational capacity over the next five to seven years.

Figure 1: Asia Pacific Markets Maturity Index

Cushman & Wakefield’s Asia Pacific Markets Maturity Index charts the evolution of 29 data center markets based on parameters including the operational, under construction, planned and land banked IT MW capacity. Note that Northern Virginia is not to scale.

Please click here to download the full report.

Note to Editors
The Maturity Index is a statistical comparison evaluating markets on 21 parameters, including the IT MW capacities of each market’s operational, under construction, planned and land banked stages of development, as well as vacancy rates, the number and average size of data centers based on their status, the number of operators that have operational data centers in each market, and the number of new operators planning to enter the market. These data points are stacked into a parameter matrix and weighted to derive their overall growth score – the higher the growth score, the more evolved the market.

Hashtag: #CushmanandWakefield

The issuer is solely responsible for the content of this announcement.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2022, the firm reported global revenue of US$10.1 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail, and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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• First meeting with US stock exchange management in five years
• With US leading foreign investment, delegation aims to attract more capital inflow to Taiwan

NEW YORK/HONG KONG SAR/SINGAPORE – Media OutReach – 28 August 2023 – The Taiwan Stock Exchange (the “TWSE”) and a delegation of Taiwan’s securities regulatory authority will visit the New York Stock Exchange (the “NYSE”) and Nasdaq and The Depository Trust & Clearing Company (the “DTCC”) in mid-September to engage in discussions with the US exchanges, leading US institutional investors and others to emphasize the advantages of Taiwan’s stock market, enhance investor confidence in the Taiwanese capital market and attract foreign investment to Taiwan.

The visit marks the first high-level meeting between the TWSE, and both Nasdaq and NYSE in the past five years. The delegation will be led by Chen-Shan Chang, Director-General of the Securities and Futures Bureau, an arm of Taiwan’s top financial regulatory authority, the Financial Supervisory Commission, and Sherman Lin, Chairman and CEO of the TWSE. They will engage in discussions with their US counterparts to seek advice and views on topics such as the US move to a T+1 settlement cycle, ESG issues, carbon trading and trends in clearance and settlement.

Lin said, “The meeting will be the largest in-person exchange activity between the TWSE and both Nasdaq and NYSE since 2017, when the TWSE visited the US to attract foreign capital. We highly value this meeting and look forward to the outcomes.”

The US tops foreign capital in Taiwan with 40% share

According to the TWSE, foreign investors play a significant role in Taiwan’s stock market. As of the close of 2022, the US accounted for over 40% of foreign capital in Taiwan’s stock market, making it the largest source of foreign investment. Also, during the visit in September, the Taiwanese delegation will pay individual visits to around 18 US companies that hold a higher proportion of Taiwanese equities in their portfolios, including large-scale asset management companies, banks, index companies, and proxy advisors.

Lin added, “Taiwan places great importance on the US market and US investors. We hope to equip US investors with more in-depth knowledge of the investment potential in the Taiwanese capital market, establish stronger ties with institutional investors, and hence deepen our connections with the key legal representatives of these institutional investors.”

With this visit to the US, the TWSE aims to provide institutional investors in New York and Boston with up-to-date key information on the Taiwanese securities market.

Foreign capital drives up Taiwan stock prices

Taiwan stocks, which have long been sought after by foreign investors, have surged by almost 60% over the past five years with the average daily trading volume more than doubling since 2017.

So far in 2023, the proportion of foreign capital in Taiwan stocks has exceeded 40%, which has driven up stock prices in Taiwan. According to data from the TWSE, as of July 31, Taiwan’s stock market was up 21.27% for the year, second only to the Japanese stock market at 27.12% among Asian stock markets; and the accumulated net overbought position by foreign investors was approximately USD 9.2 billion.

The total revenue of listed companies in Taiwan hit a record high of USD 1.31 trillion in 2022, with an annual growth rate of more than 5%. Judging from the estimated distributable cash for dividends, the estimated dividend yield is close to 5%, ranking among the best in the world. Among the constituent stocks of the Taiwan stock index, listed companies in technology, semiconductors and electronic components have a combined weight of more than 50%.

Lin has introduced multiple new initiatives since taking office in July last year, including the innovative ESG InfoHub and Investment InfoHub – The Taiwan Markets Dashboard launched in July this year to establish a one-stop information service platform to further strengthen the TWSE’s services for international investors.

Along with ESG InfoHub and Investment InfoHub, the TWSE also launched several new key measures in July, including the “Taiwan New Economy Industry Index”, which covers the listed companies of four new categories, namely “Digital and Cloud Services”, “Sports and Leisure”, “Green Energy and Environmental Services”, and “Household”, as well as the “Taiwan Innovation Board Index” to highlight Taiwan’s new economy companies. As part of the effort to promote the Innovation Board, Lin visited in person more than 100 companies with growth potential over the past year.

The Taiwan Carbon Solution Exchange was officially launched on August 7. Lin, who serves as the Chairman of TWSE, also holds the position of Chairman of Taiwan Carbon Solution Exchange.

Hashtag: #TWSE

The issuer is solely responsible for the content of this announcement.

About TWSE

The Taiwan Stock Exchange (the “TWSE”) started operations on February 9, 1962. The TWSE is responsible for operating and advancing the Taiwan securities market. The TWSE’s primary business operations include listing, trading, settlement and surveillance. These comprise listing promotion and review, post-listing supervision and corporate governance, maintaining market trading and order, securities firms’ services, investor protection, clearing and settlement operations, safeguarding against market defaults and the monitoring of illegal transactions. The Exchange provides comprehensive services to the stock market.

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HONG KONG SAR – Media OutReach – 28 August 2023 – Kerry Logistics Network Limited (‘Kerry Logistics Network’ or together with its subsidiaries, the ‘Group’ or ‘KLN Group’; Stock Code 0636.HK) today announced the Group’s interim results for the six months ended 30 June 2023.

Group’s Financial Highlights

• Revenue dropped by 47% year-on-year to HK$25,315 million (2022 1H: HK$48,034 million)
• Core operating profit decreased by 84% to HK$568 million (2022 1H: HK$3,461 million)
• Core net profit also dropped by 85% year-on-year to HK$368 million (2022 1H: HK$2,372 million)
• Profit attributable to the Shareholders for 2023 1H was HK$368 million, which represents a year-on-year decrease of 85% (2022 1H: HK$2,377 million)
• Integrated Logistics (‘IL’) business remained stable and recorded a segment profit of HK$718 million (2022 1H: HK$717 million)
• E-commerce and Express (‘E&E’) business recorded a segment loss of HK$505 million (2022 1H: HK$393 million)
• International Freight Forwarding (‘IFF’) business recorded a segment profit of HK$621 million (2022 1H: HK$3,398 million), which represents a drop of 82%
• Interim dividend of 9 HK cents per Share to be payable on or around Friday, 22 September 2023

Vic Cheung, Managing Director of Kerry Logistics Network, said, “In 2023 1H, global trade volume and growth remained subdued. Freight rates and volume stayed depressed while supply chain demand remained stagnant. During the three years ended 31 December 2022, KLN Group’s flexible and innovative supply chain solutions enabled it to benefit from the supply and demand mismatch during the pandemic and achieved exceptionally good results. However, the extraordinary circumstances in 2021 and 2022 proved an anomaly that distorted year-on-year comparisons for logistics companies including KLN Group. After the particularly difficult 2023 Q1, the Group’s overall performance has bottomed out. Although the Group’s core net profit reported a decrease of 85% in year-on-year terms, the performance in 2023 Q2 recorded more than 30% quarter-on-quarter growth. The Group’s resilience, agility and unique position in Asia are expected to carry it through the storm in 2023.”

Integrated Logistics

The overall IL businesses remained stable in 2023 1H. The economic activities in Asia have gradually picked up, with the Group’s IL business in the Mainland of China and the Kerry Siam Seaport in Thailand recording satisfactory results. Yet, the Group’s IL business in Hong Kong did not grow proportionally due to a sharp decline in the demand for pandemic-related services. Nevertheless, the Hong Kong business is expected to improve riding on the economic reopening, further rebound in retail sales and new customer wins.

E-commerce and Express

While the E&E division continued to register a segment loss, Kerry Express Thailand, the major contributor of the E&E business, is expected to stabilise in 2024 Q4. On 25 July 2023, KLN Group announced the transfer of certain companies engaging in express delivery services in the Asia Pacific and Europe to an indirect wholly-owned subsidiary of S.F. Holding as a move to reorient gradually its focus towards expanding the Group’s core IL and IFF businesses, as well as creating greater synergies with S.F. Holding.

International Freight Forwarding

The IFF division reported an 82% decline in segment profit in 2023 1H mainly caused by weak global demand, slower-than-expected recovery in Asia exports and plunged freight rates. As the global logistics market continues to normalise and returns to pre-pandemic levels, both air and ocean freight rates have been going down since 2022 Q3 from the historical highs in 2021, causing further contraction in profit margin compared to that of the corresponding period in 2022.

The Trans-Pacific trade lane remains the major contributor of the Group’s IFF division, which accounted for more than 80% of the business. Although the volume of this trade lane has declined by 22%, the drop in the Group’s IFF business was comparatively smaller, riding on the Group’s scale in this trade lane and its determination to maintain volume and retain customers within the bounds of its profit margin. Therefore, it is expected that when the market turns around, the IFF division is likely to outperform the market.

Vic Cheung concluded, “2023 is shaping up to be a tough year for the global logistics industry. Yet, the extreme circumstances under the pandemic are gradually fading in global logistics activities and there are signs of improvement in both freight rates and volumes in KLN Group’s key markets. Using the pre-pandemic FY 2019 as the base, we are confident to deliver healthy and sustainable Compound Annual Growth Rate (CAGR) growth in segment profits in our IL and IFF divisions. We are also optimistic that the stable performance of the IL business is likely to keep up the momentum in 2023 2H. Within the E&E segment, Kerry Express Thailand is expected to stabilise in 2024 Q4. Throughout the pandemic, KLN Group has supported our customers continually and consistently with flexible alternatives and ad-hoc solutions. The Group’s unwavering commitment to serving customers well under unprecedented market conditions has deepened customers’ trust in the Group which will enable us to capture opportunities when the market recovers.”

Hashtag: #KerryLogisticsNetwork

The issuer is solely responsible for the content of this announcement.

About Kerry Logistics Network Limited (Stock Code 0636.HK)

Kerry Logistics Network is an Asia-based, global 3PL with a highly diversified business portfolio and the strongest coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal), e-commerce and express to industrial project logistics and infrastructure investment.

With a global presence across 59 countries and territories, Kerry Logistics Network has established a solid foothold in half of the world’s emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations.

Kerry Logistics Network generated a revenue of over HK$86.6 billion in 2022. It is listed on the Hong Kong Stock Exchange as well as a constituent of the Hang Seng Corporate Sustainability Benchmark Index.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.

Malaysian inflation has dropped to a two-year low. What will BNM do next? What will happen to the ringgit exchange rate? The OctaFX financial market analyst Kar Yong Ang shares his opinion.

KUALA LUMPUR, MALAYSIA – Media OutReach – 28 August 2023 – According to the Department of Statistics statement on August 25, Malaysia’s annual consumer inflation fell to 2% in July 2023, a decline from June’s 2.4%. It has shown a moderating trend since January with its 3.7%. This trend can be attributed to slower price increases for food and non-alcoholic beverages, as well as restaurant and hotel services.

‘Inflation rate in Malaysia has now dropped to a two-year low,’ said Kar Yong Ang, the OctaFX financial market analyst, adding that ‘such a decline cannot be ignored by BNM, which will have to signal a weakening of monetary policy or revise the annual inflation forecast.’

The Malaysian ringgit weakened after the CPI report came out, trading at around 4.643 against the U.S. dollar. ‘Nevertheless, the technical picture suggests that USDMYR may decline by 3% in the short term, driven by market expectations of BNM monetary policy easing’, said Kar Yong Ang. ‘The key target for USDMYR is in the range of 4.500-4.520’, he added.

Malaysia’s economic landscape creates a favourable environment marked by growing domestic demand and rising employment. Coupled with lower inflation, this makes a strong background for the national currency to grow throughout the current year.

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About OctaFX

OctaFX is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services already utilised by clients from 180 countries who have opened more than 42 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

In the APAC region, OctaFX captured the ‘Best Forex Broker Malaysia 2022’ and the ‘Best Global Broker Asia 2022’ awards from Global Banking and Finance Review and International Business Magazine, respectively.

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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.