ASMPT Announces 2020 Interim Results

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Staying Resilient Amid Economic Uncertainty 1H 2020 Group Profitability Improved Year-on-Year

 

Highlights

First Half of 2020

  • Group revenue of US$991.6
    million improved by 5.9% over the same period last year and decreased by 10.5% compared to the
    second half of last year
  • Group net profit of HK$390.8
    million increased 119.2% as compared with the first six-month period of last year; and decreased 12.0% compared to the second six-month period of last year
  • Group earnings per share of HK$0.95
    for the first half of 2020
  • Semiconductor Solutions Segment
    revenue of US$473.3 million increased 16.6% over the first six-month period of
    last year and decreased 4.5% compared to the second six-month period of last
    year
  • Materials Segment revenue of
    US$125.7 million improved 15.6% over the first six-month period of last year
    and fell by 3.2% compared to the second half of last year
  • SMT Solutions Segment revenue
    of US$392.6 million decreased 6.9% and 18.7% over the first six-month period and the
    second six-month period of last year, respectively
  • 1H new Group order bookings of US$1.14 billion increased
    7.4% and 19.0% over the first and second six-month periods of last year,
    respectively
  • Group order backlog was US$ 799.9 million as of 30 June 2020
  • 1H Book-to-Bill Ratio was 1.15

 

Second Quarter of 2020

  • Group revenue of US$ 557.4
    million increased 27.8 % and 19.5%
    over the preceding quarter and the same period
    last year,
    respectively
  • Group net profit of HK$365.4
    million increased 1,341.5% and 421.8% over the preceding quarter and the same
    period last year, respectively
  • Group earnings per share of
    HK$0.89 for the second quarter 2020
  • Group operating profits of HK$495.8
    million increased 241.1% and 95.8% over the preceding quarter and the same
    period last year, respectively
  • Semiconductor Solutions Segment
    revenue of US$279.0 million increased 43.0% and 33.8% over the preceding quarter
    and over the same period last year, respectively
  • Materials Segment revenue of
    US$ 74.2 million increased 43.2% and 28.2% over the preceding quarter
    and over the same period last year, respectively
  • SMT Solutions Segment revenue
    of US$204.2 million increased 8.0% and 2.2% over the preceding quarter and
    the same period last year , respectively
  • Q2 new Group order bookings of US$ 472.0 million decreased 29.4% and 21.6% over the preceding
    quarter and over the same
    period last year, respectively.
  • Cash
    and bank deposits of HK$3.59 billion as of 30 June 2020
HONG KONG, CHINA – Media OutReach – 29 July 2020 – The world’s No.1 semiconductor assembly and packaging solutions supplier
ASM Pacific Technology Limited (“ASM PT ” / the “Group”) (Stock code: 0522) today announced
its interim results for the six months ended 30 June 2020. Despite challenging first half of 2020 with the
global economy going through a steep economic downturn triggered by the COVID-19
pandemic and the lockdowns instituted in multiple
countries , as well as
headwinds posed by the US-China trade tension, ASMPT had been resilient and was
able to achieve YoY growth in revenue and profit, with the help of factors
including 5G
infrastructure built up, localization of the China semiconductor supply chain and strong
position of the Group in Advanced Packaging.

 

ASMPT reported a revenue of US$991.6 million during first half this year
(2019 1H: US$927.3 million) . The Group’s consolidated profit after
taxation for the period was HK$390.8 million (2019 1H: HK$178.3 million). Basic earnings per share for the period amounted to HK$0.95 (2019 1H:
HK$0.44).

 

Group
bookings for the first half of the year amounted to US$1.14 billion,
representing an increase of 7.4% compared to the first half of last year (YoY).
The book-to-bill ratio for the first six months of this year came in at 1.15. The Group ended the first half with a Backlog
of US$799.9 million.

 

Mr. Robin Ng, Chief Executive Officer of ASM PT , said, ” We have navigated global macro-economic headwinds relatively well,
but with t he
COVID-19 pandemic and ongoing geopolitical tensions continuing to be
disruptive, uncertainties remain. One thing is clear — the rapid
transformation of global workforce and industry norms have added to overall trends that point toward a future increasingly in need of more
digital capabilities and features. These include: increased telecommuting use,
a huge thirst for high performance computing & data centres, 5G
infrastructure buildup, localization of China’s semiconductor supply chain, and
– across multiple industries – an increasingly wider and more complex range of
requirements for digitally-driven capabilities. I am pleased that ASMPT is very
well placed to help meet these burgeoning requirements . ”

 

ASMPT saw an
increase in revenue recorded from customers from the Mobility, Communications
and Information Technology segments. Optoelectronics and Power Management
segments also turned in a very strong revenue performance for the first half of
2020 versus the first half 2019. Last but not least,
Advanced Packaging also delivered excellent results for billing performance in
the first half of 2020 compared to the first half of 2019 .

 

In light of ongoing
economic headwinds , the Group had
undertaken a series of Group-wide initiatives to control cost including a Group-wide
salary freeze, tight headcount control and close monitoring on discretionary
spending. The Group’s solid balance sheet provides the foundation to withstand this
period of economic uncertainty and beyond .

 

Weathering
COVID-19 Effect

With
the outbreak of COVID-19 in early part of this year, the Group formed a Group
BCP (“Business Continuity Plan”) Committee to steer its global efforts in managing
the COVID-19 situation. The Committee’s efforts have ensured that the Group is in
compliance with local authorities’ guidelines and restrictions while helping at the same time, as a responsible corporate citizen,
the communities in which it operates fight the outbreak.

 

In
its principal manufacturing facilities in China, effectively 100% of employees have
returned to work after the lifting of various travel restrictions that had been
imposed since the extended Chinese New Year holiday period. The Group has
recovered a big portion of lost capacity in Q1 through productivity improvement
and working overtime.

 

By
the middle of May 2020, its Malaysia factory had returned to full production
workforce. The Singapore government gradually re-opened business from 2 June
2020 and its workforce in Singapore continued to be on the alert to the evolving situation . In both locations, production capacity has been restored to normal
levels. In countries in Europe and the USA where the Group has operations, there are various types of restrictions and stay-in-shelter orders . The Group managed to continue its
business operations through a combination of flexible work arrangements.


Segment Highlights

During the second
quarter of this year, billings of the Semiconductor Solutions Segment amounted
to US$279.0 million, representing increases of 43.0% and 33.8% for QoQ and YoY
respectively. Billings of the Semiconductor Solutions Segment for the first six
months of this year were US$473.3 million, representing an increase of 16.6%
against the same period a year ago.

 

The Q2 segment billings strong YoY
growth was underpinned by Advanced Packaging, Optoelectronics and IC/Discrete
segments. CIS had experienced YoY decline mainly due to the soft demand for
smartphones and also the high base compared to the previous year. The advanced
packaging deposition tools for RDL (redistribution layer) and copper build-up
applications from NEXX had delivered strong billings growth compared to the
same period last year. The on-going market ramp for the High Performance
Computing applications continue to drive the strong performance from NEXX.
Other than NEXX, the traditional wire bonders and die bonders delivered
relatively strong YoY Q2 revenue growth despite challenging business
environment.

 

New
order bookings for the Semiconductor Solutions Segment in the second quarter
were US$226.9 million.   For the first six months
of this year, the Semiconductor Solutions Segment achieved new order bookings
of US$536.5 million, representing a significant increase of 14.2% comparing to
the same period last year. On the YoY basis, Q2 segment bookings saw a slight decrease of 8.1%,
despite the confluence of the pandemic and trade war dampening the overall
business sentiment.

 

The Semiconductor Solutions Segment
achieved gross margins of 42.9% and 42.2% during the second quarter and the
first half of this year, respectively, which represented improvements of 211 bps
and 219 bps YoY, respectively. The gross
margin for first half was driven mainly by higher volume effect, positive
results from our productivity drive, product mix and continuous cost reductions
in our manufacturing operations .

 

Over the first six months of this year, bookings of
the Materials Segment amounted to US$167.3 million. This was an improvement of 59.3%
against the corresponding period of last year. The first half bookings for
Materials Segment was a record. Billings of the Materials Segment for the
six-month period amounted to US$125.7 million, representing an increase of 15.6%
comparing to the same period a year ago.

 

The Materials Segment achieved gross margins of 16.9%
and 13.5% during the second quarter and the first half of this year,
respectively, representing improvements of 546 bps and 250 bps YoY respectively.
The gross margin improvement of Materials Segment was underpinned by higher volume effect and discontinuation
of the loss-making Molded Interconnect Substrate business in 2020.

 

During the six-month period, billings of the SMT
Solutions Segment were US$392.6 million, representing a decrease of 6.9% YoY. The Segment gross margins of 31.3% and 31.8% during the second
quarter and the first half of this year respectively were impacted by the
decline in revenue for Automotive and Industrial applications market and the relatively
larger China customer base that the Group served this year compared to last
year.

 

” The International
Monetary Fund revised their global full year 2020 growth projections downwards
during their June 2020 review, from -3.0% to -4.9%. For the second half of
2020, the threat of another wave of COVID-19 infections and continued fallout
from worsening US-China tensions will remain major concerns globally. We
anticipate revenue for Q3 2020 to be in the range of US$480 million to US$560
million which takes into account subdued demand for Automotive and weakness in
Eurozone demand.


Despite these
uncertainties, we expect continued demand from Chinese manufacturers to
localize their supply chains, accelerated deployment of 5G infrastructure and
good progress the Group is making on capturing new market opportunities such as
Advanced Packaging, Silicon Photonics, Industrial Internet of Things, mini and
micro LED solutions, Power semiconductors and Industry 4.0 solutions to help
deliver long term sustainable value to our shareholders . “ Mr. Ng concluded.

ASMPT Announces Strategic Joint Venture To Accelerate Its Materials Business

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Charting a Bright Course for the Future

 

HONG KONG, CHINA – Media OutReach
– 29 July 2020 – ASM Pacific Technology
Limited (“ASMPT” or the
“Group”) (Stock code: 0522) has announced that it reached an agreement to form a
Strategic Joint Venture (“SJV”) involving its Materials segment with key partners.

 

Mr. Robin Ng, CEO, ASMPT, said “We have been closely monitoring the market
trends of the lead frame business for some years and have observed industry consolidation amongst
its market participants. Our Materials segment is consistently among the top
lead frame manufacturers globally. It continues to be a strong business, in
tandem with the growth of the global semiconductor market. However, the lead
frame business is extremely competitive and requires economies of scale in
order to be sustainably successful. This Strategic Joint Venture enables our Materials segment to prepare
its business for the future, benefitting its employees, its customers and the
Group.”

 

Mr. Ng added that ASMPT had undertaken a
rigorous process to identify suitable strategic partners to help accelerate the
business growth of its Materials segment. The SJV partners, namely Wise Road Capital Ltd (“Wise Road”), Asia-IO
Capital Management Limited (“Asia-IO”) and ASMPT, will collectively guide the
management and development of the SJV.

 

The SJV is expected to begin operating by the
end of the year.   In the
meantime, ASMPT’s Materials segment will continue its
business, with the management team, operations, expansion plans and product
development unchanged. When the SJV begins operation, it will operate as an
independent business under the auspices of the SJV partners, tapping the deep
and complementary network and market experience of Wise Road and Asia IO to help
extend and solidify its leadership position in the lead frame market. ASMPT will
hold a minority equity interest in the SJV amounting to
44.44%, while Wise Road and
Asia-IO will collectively hold a controlling interest
of 55.56% through their designated investment vehicles. The financials
of the SJV will be equity accounted by the Group once the SJV begins operating.

 

“T he excellent track record, financial strength, and
collective attributes of the partners in this Strategic Joint Venture form a very strong and capable foundation to fully actualize
the immense potential inherent in the lead frame business. This will benefit all the stakeholders in ASMPT’s
Materials segment, and give our customers the assurance that their
needs and future requirements are well looked after,” concluded Mr. Ng.

 

“FITA is very
pleased to form a strategic partnership with ASMPT and supports its Strategic
Joint Venture with Wise Road Capital and Asia-IO. Wise Road Capital is one of
the key investment platforms in FITA. Through our strong alliance member network
of more than 100 leading high-tech players in China and the world, we are
confident that FITA can provide a strong synergistic support to this Strategic
Joint Venture and propel the growth of the business,” said Mr. Brighten Li, Chairman of the Financial and
Information Technology Alliance (FITA).

 

“ASMPT is a
world class leader in the semiconductor value chain and we have full confidence
in the technology, quality and operations leadership of ASMPT’s Materials
Segment. Wise Road Capital’s senior management team brings a good combination
of finance expertise and industry expertise to support the success of the
Strategic Joint Venture. We believe that the additional financial resources and
industry network the new shareholders will bring in, plus a sharp focus on growing
the Materials business together with ASMPT, will bring the success of the
Strategic Joint Venture to the next level,” said Mr. Fai Yeung, Managing Partner of Wise Road Capital.

 

“This
Strategic Joint Venture corroborates our strategy to back a high-quality player
that is investing to become an even stronger
player in the industry with a larger market share when
the market upcycle resumes,” said Mr.
Denis Tse, Managing Partner of Asia-IO.

FWD Launches First-in-market Big 3 Critical Illness Insurance Plan to Plug Singapore’s Protection Gap

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Priced from as low as one-third[1] the cost of a traditional critical illness (CI) plan, the FWD Big 3 CI plan offers one-time full pay-out upon diagnosis of any cancer, heart attack or stroke — which collectively account for 90% of all CI insurance claims in Singapore

 

SINGAPORE – Media OutReach – 29 July 2020 – FWD Singapore (“FWD”) has launched a first-in-market insurance plan – Big 3 Critical Illness Insurance – that offers working adults comprehensive financial protection against three leading causes of death — cancer, heart attack or stroke — that together account for 90% of all critical illness (CI) insurance claims in the country.

This newly created plan is available from as low as one-third[1] the cost of a traditional CI insurance policy, providing a more affordable choice for working adults in Singapore. For example, a 35-year-old non-smoking male can get S$50,000 of coverage from as low as S$18 a month. According to a study[2] published by the Life Insurance Association (LIA) in 2018, a patient diagnosed with a critical illness requires at least S$316,000 to cover family needs and support recovery that would take approximately five years. However, the study revealed that the average critical illness coverage for a working adult in Singapore is just S$60,000, or about 20% of the recommended coverage. FWD Singapore offers this new Big 3 Critical Illness Insurance plan — which is available in three coverage sums of $50,000, $100,000 and $200,000 — aiming to help Singaporeans plug the shortfall in their CI protection gap.


Sociologist Tan Ern Ser attributed this worrying protection gap to the heavy financial constraints and pressures faced by many working adults in Singapore. Associate Professor Tan, who researched on family issues and social policies at the National University of Singapore, explained, “I believe most people would like to have adequate critical illness insurance cover, but they don’t, or feel, they don’t have enough disposable income to pay for all sorts of insurance, important as they are, and this is most likely because they have multiple financial commitments, such as to parents and children, and servicing housing loans.”

Against this worrying backdrop, FWD Singapore CEO Khor Kee Eng said, “The Big 3 Critical Illness Insurance offers all working adults an affordable solution and an important safeguard for their dependents, young and old. As the LIA study clearly states, inadequacy in critical illness insurance coverage among them can lead to significant social and economic impact for their loved ones, especially given the prevalence of cancer, heart attack or stroke in Singapore. We will continue to ride on our customer-led approach to innovate more easy-to-understand products to support Singaporeans.”

Cancer is the leading cause of death in Singapore, with one in five Singaporeans likely to contract a form of the disease in their lifetime, while an average of 17 lives are lost to heart diseases or stroke every day, according to 2018 statistics from the Singapore Heart Foundation.

WHAT IS FWD BIG 3 CRITICAL ILLNESS INSURANCE?

The FWD Big 3 Critical Illness Insurance plan is a protection policy that provides coverage for heart attack, cancer and all stages of cancer. Insured customers will receive a one-time full pay-out of the insured sum upon diagnosis of any of the three diseases, to enable them to focus on recovery and taking care of their financial commitments and those of their loved ones. The other key features of the product are:

  • No medical examination — The application process can be completed fully online at www.fwd.com.sg. Applicants need only to answer one health declaration and does not require medical examination like applying for traditional CI plans.
  • Comprehensive yet affordable protection — A 35-year-old non-smoking male can get S$50,000 of coverage from as low as S$18 a month.
  • Guaranteed cover up to age 85 — Residents between 18 and 65 years old (both inclusive) with a valid NRIC or FIN number can buy the FWD Big 3 Critical Illness Insurance, with the guaranteed option to renew up to age 85.
  • Death benefit — In the event of death, we pay a lump sum benefit of S$20,000.
  • All stages of cancer — FWD is the first digital insurer that offers full pay-out for all stages of cancer.
  • Enhanced coverage with riders — Guaranteed one-time full pay-out should you suffer from or require procedures from any of the 24 covered heart and neurological conditions that affect your brain (11 conditions) or heart (13 conditions) function. These include coronary artery disease and bacterial meningitis.

Kee Eng added, “For insurance, the moments of truth come in three areas, namely the affordability and extent of coverage, the ease of the application process and most crucially, the ease of making a claim. We believe the Big 3 Critical Illness Insurance satisfies all three criteria and clearly demonstrates how FWD is changing the way people feel about insurance in Singapore.”

[1] Information correct as of 25 June 2020 according to internal proprietary research. Base plan comparison is for All stage Cancer, late stage Stroke and late stage Heart attack against similar plans (not identical) in the market.


[2] The Life Insurance Association’s Protection Gap Study 2017
https://www.lia.org.sg/media/1332/protection-gap-study-report-2017.pdf

About FWD

FWD Group spans Hong Kong & Macau, Thailand, Indonesia,
the Philippines, Singapore, Vietnam, Japan and Malaysia, offering life and
medical insurance, general insurance, employee benefits, Shariah and Family
Takaful products across a number of its markets. 

 

FWD is focused on creating fresh customer experiences, with
easy-to-understand products, supported by digital technology. Through this
customer-led approach, FWD aims to become a leading pan-Asian insurer that
changes the way people feel about insurance.

 

Established in Asia in 2013, FWD started operations in
Singapore in 2016 and is the insurance business of investment group, Pacific
Century Group. For more information please visit www.fwd.com.sg

 

CIFI Wins Multiple Awards From Institutional Investor For Fourth Consecutive Year

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CIFI’s subsidiary Ever Sunshine also enters the ranking and wins multiple awards for the first time

 

HONG KONG, CHINA – Media OutReach – 28 July 2020 – CIFI Holdings (Group) Co. Ltd. (“CIFI” or the “Group”, HKEx stock code: 884), a leading real estate developer engaging in property development and investment in first-, second- and leading third-tier cities in China, has won multiple awards for the fourth consecutive year in the “All-Asia Executive Team Rankings” organized by Institutional Investor, an international financial magazine in 2020. CIFI also has been rated as one of the “Honored Companies” in Asia.

 

Awards (Property, Overall Ranking) won by CIFI:

  • “Best CEO in Asia” Mr. LIN Feng, 3rd Place
  • “Best CFO in Asia” Mr. YANG Xin, 3rd Place
  • “Best IR Team in Asia”, 1st Place
  • “Best IR Program in Asia”, 3rd Place
  • “Best ESG in Asia”, 3rd Place

 

In addition, Ever Sunshine Lifestyle Services Group Limited (“Ever Sunshine”, HKEx stock code: 1995), which is a subsidiary of CIFI that was listed on the Hong Kong Stock Exchange on 18 December 2018, has also made it to the “All-Asia Executive Team Rankings” for the first time since its listing and has won multiple awards showing industry recognition.

 

Awards (Property, Overall Ranking) won by Ever Sunshine:

  • “Best CEO in Asia” Mr. ZHOU Hongbin, 1st Place
  • “Best CFO in Asia” Mr. ZHOU Di, 1st Place
  • “Best IR Professionals in Asia” Mr. YAN Xian, 1st Place
  • “Best IR Program in Asia”, 1st Place
  • “Best ESG in Asia”, 1st Place

 

Recognized as an authoritative ranking by industries, “All-Asia Executive Team Rankings” celebrates the outstanding companies and management teams in Asia. This year, a total of 1,921 buy-side analysts and 611 sell-side analysts had participated in a vote on the selection of winners at the invitation of Institutional Investor. They rated the listed companies within the scope of their research according to a number of criteria used in evaluating performance in corporate governance.

 

For more details, please refer to: https://www.institutionalinvestor.com

About CIFI (Group):

Headquartered in Shanghai, CIFI is one of China’s top real estate developers. CIFI principally focuses on developing high-quality properties in first-, second- and selective third-tier cities in China. CIFI develops various types of properties, including residential, office and commercial complexes.

 

To learn more about the Company, please visit CIFI’s website at: www.cifi.com.cn

NTUC LearningHub and Cybint Launch Singapore’s First Immersive Cybersecurity Bootcamp for Building a Pipeline of Job-Ready Cybersecurity Professionals

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Accelerated training programme, supported by the TechSkills Accelerator (TeSA), strengthens Singapore’s efforts to develop the nation’s cybersecurity workforce

 

SINGAPORE – Media OutReach – 28 July 2020
– Singapore’s
leading continuing education and training provider, NTUC LearningHub (NTUC LHUB) and international
cyber education leader Cybint
have launched the Cybint Bootcamp in Singapore, offering an accelerated path
for Singaporeans seeking a promising new career in cybersecurity.

Developed by
experts using military training methodologies from the Israel Defence Force, the
Cybint Bootcamp is an intensive, 12-week
immersive training programme that equips professionals to be job-ready to enter
the cybersecurity workforce. Globally, the Cybint Bootcamp has over 90% career
placement rate with graduates securing jobs at top-tier organisations such as
Airbus and Orange, and Managed Security Service (MSS) providers.

In Singapore, the Cybint
Bootcamp will be offered exclusively through NTUC LHUB and is supported under
the Tech Immersion and Placement Programme (TIPP), under the Techskills Accelerator (TeSA) initiative.
This will be the first cybersecurity immersive
training supported by TIPP and it aims to successfully build a robust
pipeline of cybersecurity professionals to support Singapore’s ambitions to be
a cybersecurity hub.

Leveraging the strengths of
NTUC LHUB and Cybint, participants in this programme will undergo expert-led
classes leveraging Cybint’s learning platform, as well as career guidance and job
preparation support from NTUC LHUB. To facilitate job
placements for those looking for a career in cybersecurity upon graduating from
the bootcamp, NTUC LHUB will support learners beyond the classroom through personalised
career coaching and mentoring sessions with experienced mentors. NTUC LHUB’s dedicated
industry outreach and engagement unit will also organise virtual career fairs
and leverage their recruitment platform to help bootcamp graduates land a job
with their newly gained skills.

Subsidies are available to
Singaporeans who intend to undergo a career switch to cybersecurity to take on
entrant-level jobs in cybersecurity, in the areas such as Cybersecurity
Operations, Incidence Response, Threat Analysis and Cyber Forensics. The topics
covered in the Cybint Bootcamp are aligned with the Skills Framework for
Infocomm Technology in Singapore as well as the National Initiative for
Cybersecurity Education (NICE) Cybersecurity Workforce Framework in the US.

“We are heartened that
Cybint and LHUB are partnering to groom cybersecurity talent,” said Chief Executive,
IMDA, Lew Chuen Hong. “This bootcamp will allow more Singaporeans to gain tech
skills in the growing cybersecurity field. As Singapore charts its way for
economic recovery, we will step-up to create more jobs and opportunities for
our people in the digital economy, through upskilling and reskilling. IMDA
encourages more partners to come forward to work with us and provide a good
diversity of tech jobs and training opportunities for Singaporeans.”

This is Cybint and NTUC
LHUB’s second collaboration. NTUC LHUB partnered with Cybint last year to offer
Cybint’s Cyber Security Protection Program (CSPC) — an expert-led cybersecurity
training course that upskills and builds additional proficiency in professionals
with cyber experience. To date, the programme has trained over 1,000 professionals
in Singapore through the short course format.

“In the New Normal, digitalisation
will accelerate and so will the risks of cyberthreats. As a Smart Nation with a
high level of digital connectivity, cybersecurity is a national priority and
Singapore needs world-class cybersecurity talent so that we can all thrive in
the digital economy safely and confidently,” said NTUC LHUB CEO, Kwek Kok
Kwong. “To ensure our workers are prepared, we work with leading global
partners such as Cybint to ensure that cutting-edge knowledge is accessible. We
are confident that this bootcamp with Cybint will be a new form of world-class,
accelerated training in cybersecurity. Importantly, there are promising job
opportunities in this domain. Given Cybint’s proven record of job placements
for its graduates globally and our network in Singapore, we are excited to grow
this partnership with Cybint to prepare more Singapore workers for jobs in this
emerging field.”

“Having established our
Cybint Singapore office late last year, we have been pleased to enjoy a
long-standing relationship with LHUB, a known leader in workforce skills
training,” said Roy Zur, Cybint Founder and CEO. “Our partnership has been very
successful in supporting those in the cyber field and we’re pleased to evolve
our relationship and look forward to more growth and success in the Southeast
Asia region.”

Professionals interested in
the Cybersecurity Bootcamp can apply directly at https://www.ntuclearninghub.com/cyberbootcamp

About Cybint

Cybint is a global cyber education
company with a commitment to reskilling the workforce and upskilling the
industry in cybersecurity. With innovative and leading-edge education and
training solutions, Cybint tackles cybersecurity’s two greatest threats: the
talent shortage and the skills gap. The Cybint team is comprised of military
cyber experts, industry professionals, and educators united under the vision of
creating a safer digital world through education, training, and collaboration. To
support its Asia operations and expansion, Cybint secured funding from CES
Education, a subsidiary of Chip Eng Seng Corporation Ltd (CES Corporation),
which is listed on the Mainboard of the Singapore Exchange Securities Trading
Limited (SGX-ST).

About
NTUC LearningHub

NTUC
LearningHub is the leading Continuing Education and Training provider in
Singapore which aims to transform the lifelong employability of working people.
Since our corporatisation in 2004, we have been working with employers and individual
learners to provide learning solutions in areas such as Cybersecurity, Infocomm
Technology, Healthcare, Employability & Literacy, Business Excellence,
Workplace Safety & Health, Security, Human Resources and Foreign Worker
Training.

 

To date,
NTUC LearningHub has helped over 21,000 organisations and achieved over 2.5
million training places across more than 500 courses with a pool of over 400
certified trainers. As a Total Learning Solutions provider to organisations, we
also forge partnerships and offer a wide range of relevant end-to-end training
solutions and work constantly to improve our training quality and delivery. In
2020, we have accelerated our foray into online learning with our Virtual Live
Classes and, through working with best-in-class partners such as IBM, DuPont
Sustainable Solutions and GO1, asynchronous online courses. 

About
TechSkills Accelerator (TeSA)

An initiative of SkillsFuture, TechSkills
Accelerator (TeSA) aims to build and develop a skilled Information and Communications
Technology (ICT) workforce for Singapore’s digital economy. TeSA is driven by
the Infocomm Media Development Authority (IMDA) and in collaboration with the
industry, SkillsFuture Singapore, Workforce Singapore and the National Trades
Union Congress. IMDA takes an integrated approach to ICT skills acquisition and
practitioner training, enabling professionals to acquire the relevant in-demand
skills. To find out more about TeSA, please visit www.imtalent.sg/tesa

Hong Kong’s Flint Ideas Uniform Company leads Uniform to a New Era

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HONG KONG, CHINA
– Media OutReach – 28 July 2020 – More and more companies
put their emphasis on corporate image and youthfulness, and corporate uniform
is an important part of corporate image. As a result, the idea of “Fashion
Uniform” has started to develop in the world of ‘uniform customization’ in
recent years. Company uniforms have become more youthful and fashionable to
achieve “Professional & Fashionable”. The design and production
team of Hong Kong-based “Flint Ideas Uniform” has always
congruent with “More than just a Uniform”. The uniform must be made
into a professional and fashionable feel, and it helps showcase the client
company’s professionalism.

 

In order to highlight
the image of the customers, Flint Ideas’s designers provide one-stop
high-quality uniform customization
services
according to different industries and group needs, including uniform design, pattern making and uniform production.
Elaborative research on styles, fabric matching, color matching, tailoring and
sewing, etc., to create practical, comfortable, stylish and professional
uniforms to meet the customers’ needs and present the feel of  “Professional & Fashionable”
and “More than just a Uniform”.

 

Flint Ideas’ products
range are all-inclusive, and the product range is printed tee, printed shirt, baseball jacket, canvas bag, basketball jersey, football jersey, handball jersey, volleyball jersey, rugby jersey, track and field jersey, cycling jersey, dragon boat jersey, badminton jersey, table tennis jersey, darts jersey, polo shirt, windbreaker, sportswear, jersey, cap, apron, reflective vest, nurse uniform, companies and organizations uniform. In addition, Flint Ideas also
provide other different services such as custom-made gifts, card design, inkjet printing,
web design and so on.

 

Flint Ideas is one of
the most professional uniform companies in Hong Kong. With sales, design,
purchasing and production departments located in Hong Kong; with its own
factories , which with modern production lines and technical equipment, located
in Dongguan, Huizhou, and Thailand,. All team uniforms and uniform finished
products have undergone strict quality control procedures. Flint Ideas have gained good reputation and supports from
customers because the company have always adhered to its high products quality
and well known for a good services quality and an affordable price.

Amazon Singapore and National Volunteer & Philanthropy Centre launch Wishlist initiative to deliver smiles and support communities in need this National Day

Media Outreach
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Amazon invites the public to support local charities Blessings in a Bag, Children’s Wishing Well, Food Bank Singapore, and Singapore Red Cross by purchasing items listed on their Amazon.sg wishlists

 

SINGAPORE – Media OutReach – 28 July 2020
–  In support of the
local community, Amazon Singapore is teaming up with the National Volunteer & Philanthropy
Centre’s (NVPC) Company of Good to celebrate National Day with an Amazon X Retail for Good Wishlist campaign. In conjunction with NVPC’s “Retail for Good” initiative, Amazon
invites the public to support four non-profit organizations (NPOs), namely Blessings
in a Bag, Children’s Wishing Well, Singapore Red Cross, and Food Bank Singapore
by fulfilling their beneficiaries’ wishlists on Amazon.sg, from now until
August 31, 2020.

The Amazon X Retail for Good
Wishlist campaign encourages shoppers to donate to the NPOs by purchasing items
listed in the charity’s Amazon.sg wishlist. With specific items and quantities
listed in the NPOs’ wishlist, shoppers can donate in a fuss-free and
transparent way. Amazon will then directly deliver these purchased items and
the donations will go a long way in benefiting underprivileged children,
low-income families, seniors, and frontline workers. Find out more about the
campaign details here: Amazon X Retail for
Good Wishlist campaign

“At
Amazon, we are reminded daily that what we do as a company can make a
difference in people’s lives. By working together with NVPC and non-profits to
support COVID-19 relief efforts, we strive to give back to Singapore in a
meaningful way. We are committed to channelling our resources to support and
uplift our community, especially groups that may be vulnerable. This National
Day, we invite the public to join us in delivering smiles to those in need
through the wishlist initiative,” said Henry Low, Country Manager, Amazon Singapore.

“Company of Good is excited and honoured
to collaborate with Amazon in our initiative ‘Retail for Good’. We believe that
the future is one where retailers connect, harness, and strengthen
relationships with customers, employees, and business partners through doing
good together for the community. We welcome all retailers to come onboard
Retail for Good to amplify and create greater impact in your do-good
initiatives through strategic collaboration and platforms,” said Quek Shiyun, Head, Company of Good,
National Volunteer & Philanthropy Centre (NVPC).  

Emily Teng, Founder, Blessings in a Bag, said:
“We are excited to be collaborating again with Amazon Singapore at such a
critical time for so many. At Blessings in a Bag, we remain a volunteer-powered
community determined to provide every child and his/her family navigating
challenging circumstances with the essentials needed to thrive and to feel
safe, valued and supported. All items on our wishlist will meet the specific
needs requested by the parents or primary care-givers as well as to support our
much-needed on-going classroom resources.”

Joanna Tan, Chief Executive Officer, Children’s
Wishing Well, said: “COVID19 has impacted
lower-income families significantly, resulting in loss of employment and
income. This has highlighted the situation and needs of the disadvantaged and
vulnerable population within our midst, even in a developed country like
Singapore. While some of us are privileged, others just need an opportunity to
get themselves out of the poverty trap and fulfill their fullest potential in
life. Children’s Wishing Well is honored to be selected as one of the
beneficiaries of Amazon’s wonderful initiative, and we hope that this project
will nurture a more caring and inclusive society.”

“This collaboration with Amazon ensures that items
donated by the public match the need for Singapore Red Cross daily operations
and our beneficiaries. With the wishlist function that caters to exact
items/products that are needed, it allows for better utilization and resource
planning in addition to saving in an expanse that is crucial during this
challenging period where every dollar is significant and spendings are
thoroughly planned for. We would like to thank Amazon for the support toward
the Singapore Red Cross local humanitarian effort in helping the vulnerable in
the community,” said Vinnce Wu Assistant Head, Partnership &
Development, Singapore Red Cross.

“Never has the importance of having access to food and basic necessities
been so pronounced than during this pandemic. Every bit of help counts towards
our mission to eradicate food insecurity in Singapore. Amazon’s Charity
Wishlist will help us in our efforts to feed the hungry and provide aid to
migrant workers staying in dormitories,” said Nichol Ng, Co-Founder, The Food Bank Singapore.

The Amazon X Retail for Good
Wishlist campaign is live now until 31
August 2020. The initiative is a part of the broader Amazon’s Delivering Smiles program which
focuses on giving back to the community and supporting day-to-day needs.

About Retail for Good

Retail for Good is a collaborative
initiative by the National Volunteer & Philanthropy Centre’s (NVPC) Company of Good that aims to bring stakeholders in the
retail and e-commerce space together to make doing good a part of daily
encounters.

About
Blessings in a Bag

Blessings in a Bag (BIAB)
is a non-profit organization that bridges the gap between communities that have
and those that don’t. Through the ‘Beyond Awesome’ programme, they support up
to 90 children and youth from under-resourced communities in Singapore, each of
whom will benefit directly from receiving items on the Amazon wishlist. 

 

About Children’s
Wishing Well

Children’s Wishing
Well (CWW) is a non-profit organization and fully-registered charity founded in
2002. CWW’s services support more than 1,000 children and youth from disadvantaged
backgrounds in Singapore, through their educational and daily living needs, as
well as equipping them with skills for their future so that they can become
useful members of society and escape the poverty trap.

 

About Singapore
Red Cross

The Singapore Red
Cross (SRC) is a homegrown humanitarian organization serving the vulnerable
locally and internationally. All the donations received via Amazon Singapore
will be utilised by SRC local services and programmes.

 

About The Food Bank Singapore

The Food Bank Singapore is a
registered charity founded in 2012, with the mission to end food insecurity in
Singapore through redistribution of food to more than 360-member beneficiary
organizations. The public can deposit/donate their unused or unwanted foods
which will then be collected and allocated to the needy via various channels
through VWOs, Charities, Soup Kitchens.

 

About Amazon in the
Community

Amazon is committed
to helping more children and young adults, especially those from
underrepresented and underserved communities, have the resources and skills
they need to build their best future. Amazon focuses on building
long-term, innovative, and high impact programs that leverage Amazon’s unique
assets and culture.

 

About
Amazon

Amazon is guided by
four principles: customer obsession rather than competitor focus, passion for
invention, commitment to operational excellence, and long-term thinking. Customer
reviews, 1-Click shopping, personalised recommendations, Prime, Fulfilment by
Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon
Echo, and Alexa are some of the products and services pioneered by Amazon. For
more information on Amazon in Singapore, visit amazon.sg.

FWD’s revolutionary Cash-up Insurance Plan makes saving easy through Octopus’ O! ePay

Media Outreach
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Mobile wallet users now have a new and convenient way to start savings and gain insurance protection via the familiar stored value facility

 

HONG KONG, CHINA – Media OutReach – 28 July 2020 – FWD Hong Kong (“FWD”) has introduced its Cash-up Insurance Plan
(“Cash-up”), a fintech initiative that makes it easy for Hong Kong’s mobile
wallet users to establish a savings habit while gaining life insurance
protection at the same time. FWD’s Cash-up is a collaboration with Octopus O!
ePay, Hong Kong’s iconic network based stored value facility operated by
Octopus Cards Limited, and is available via a fully digital, intuitive
interface where customers can conveniently apply for insurance plans, pay
premiums, manage savings, gain returns and make withdrawals.

FWD partners with Octopus O! ePay to
provide Cash-up Insurance Plan, a digital
insurance solution with guaranteed crediting interest rates to encourage Hong
Kong’s mobile wallet users to establish a savings habit.

  

Cash-up
offers
policyholders with guaranteed crediting interest rates of 4-2-2 over the first
three policy years. The crediting interest will be calculated daily, credited
to the account and can be withdrawn at policy anniversaries.

“Cash-up is an easy-to-use insurance product, developed to meet the
changing needs of today’s digital lifestyle and brings our vision to life as we
strive to change the way people feel about insurance every single day,” said Ken
Lau, FWD Managing Director of Greater China and Hong Kong Chief Executive
Officer. “In addition to added convenience, we also want to encourage
people, especially the younger generation, to form strong saving habits. This partnership
with O! ePay allows us to bring this message and our leading customer
experience to even more people in Hong Kong.”  

“We are
delighted to welcome FWD as one of our O! ePay online payment service
merchants.  The account value of Cash-up
by FWD can also be used to top up O! ePay, essentially withdrawing the money
back into O! ePay for everyday use. We believe this innovative cooperation will
help make daily expense management even easier for our customers.” said Mr.
Sunny Cheung, Chief Executive Officer of OCL.

 

Cash-up application is a click away for mobile wallet users

FWD keeps everything simple for Cash-up from the very first step with
Octopus’ O! ePay. O! ePay Plus and O! ePay Pro account holders aged 19 to 70
years (age next birthday) who are Hong Kong permanent identity card holders and
with the support of a second identity document (Home Return Permit or passport)
are eligible to apply for Cash-up.  

 

Guaranteed returns for the first three years

Forming strong savings habits is important for young adults taking on
financial responsibilities for the first time, and FWD’s Cash-up offers policyholders a fast start with guaranteed crediting
interest rates of “4-2-2” over the first three policy years, i.e. 4% crediting
interest rate for contributions in the first year of the policy, followed by a
guaranteed crediting interest rate of 2% for the second and third policy year. The crediting interest of Cash-up will be calculated daily,
credited to the policyholder’s account and can be withdrawn at each policy
anniversary.


Easy to start with no fee for withdrawals plus death benefits

Cash-up can be activated simply with an initial premium payment of as little
as HK$300 through a credit card. There is no limit on the number of contributions
and account value withdrawals through O! ePay, as long as the contribution amount
is within HK$300 to HK$5,000 each time and the withdrawal does not exceed
HK$5,000 a day. Total contributions can be up to HK$20,000 per policy year and
are capped at HK$100,000 per policy term (see also table 1). Unlike traditional
insurance plans, Cash-up does not charge any fees for account value withdrawal,
allowing for extra flexibility to manage savings and wealth.

 

Cash-up is a digital insurance option that combines saving and
protection by also providing life protection. On death, Cash up will pay a benefit
of 105% of the account value and if the death is accidental, Cash up will pay a
further 100% or HK$20,000, whichever is lower.

Note: Cash-up Insurance Plan is underwritten by FWD
Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited
liability). The above information does not contain the full terms and benefits
of the policy, key product risks, and major exclusions. For details, please
refer to its product brochure and policy provisions downloadable at https://www.fwd.com.hk/en/save/cash-up/. This promotion material is
intended to be distributed in Hong Kong only and shall not be construed as an
offer to sell, a solicitation to buy or the provision of any insurance products
of FWD outside Hong Kong. All selling and application procedures of the
promotion must be conducted and completed in Hong Kong.

 

Table 1:
Premium contribution limit and withdrawal limit

Contribution limit

Number of contributions

Unlimited

Per each contribution

at least HK$300 but not more than
HK$5,000

Within a policy year

Total contribution of not more than
HK$20,000

Within the policy term

Total contribution of not more than
HK$100,000

Withdrawal limit

Number of withdrawals

Unlimited

Per each withdrawal

Not less than HK$300

Within a day

Not more than HK$5,000

Account value immediately after each
withdrawal

Not less than HK$300

About FWD Hong Kong & Macau

FWD
Hong Kong offers life and medical insurance, general insurance, employee
benefits, and financial planning. Its life insurance and general insurance
operating entities have been assigned strong financial strength ratings by
international rating agencies — FWD Life Insurance Company (Bermuda) Limited (incorporated
in Bermuda with limited liability) is rated “A3” by Moody’s and “A” by Fitch;
and FWD General Insurance Company Limited is rated “A” by Fitch. FWD Macau
provides a suite of life and medical insurance.

FWD
Hong Kong & Macau is a part of the FWD Group, the insurance business of
investment group, Pacific Century Group. FWD Group spans Hong Kong & Macau,
Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.

By creating fresh customer experiences with
easy-to-understand products supported by digital technology, FWD aims to become
a leading pan-Asian insurer that changes the way people feel about insurance.

For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.

Dangote Cement – Forging ahead in spite of pressure in H2’20

Brand Spur
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Dangote Cement – Forging ahead in spite of pressure in H2’20

Earnings surge despite lockdown

Dangote Cement wrapped up the first half of the year in impressive fashion, reporting a 6% y/y jump in Group bottom line to ₦126.1 billion, 22% ahead of our ₦103.2 billion estimates. The earnings expansion was achieved amidst a pandemic-induced slowdown in economic activity in April.

On a quarterly basis, operating earnings came under pressure, with the Nigerian business reporting a 6% y/y drop in EBITDA to ₦91.1 billion, dragged by higher energy costs, wages, haulage costs and selling and distribution costs. EBITDA margin moderated 190bps y/y to 59.5%. On the other hand, the Pan African business reported a 40% y/y jump in EBITDA to ₦16.9 billion, a record quarterly operating profit from the region.

This was largely due to increased volumes, higher pricing in Zambia, reduced haulage and depreciation costs in Tanzania, Zambia and Ethiopia. That said, dragged by the weaker Nigerian figures, Group EBITDA fell 2% y/y to ₦103.8 billion in Q2, at a reduced margin of 45.6% (Q2’19: 46.7%).

Overall, supported by the stronger operating the environment in Q1, Group H1’20 EBITDA came in flat versus the previous year at ₦218.1 billion (Vetiva: ₦210.4 billion), with an EBITDA margin of 45.7%. Furthermore, PBT fell 2% y/y to ₦74.8 billion in Q2, as a 16% y/y increase in debt balance drove a 24% y/y increase in net finance costs.

However, in spite of the drop in PBT, Dangote Cement reported an 11% y/y jump in Q2 PAT to ₦65.6 billion, supported by a 12.4% (Q2’19: 22.9%) effective tax rate.

Exports, promotions to drive volume growth

At the end of March 2020, Lagos State announced a partial lockdown in the movement of citizens in a bid to curb the spread of the ongoing COVID-19 pandemic. The rest of the country soon followed, with the resulting lockdown limiting economic activity across the country.

Lockdowns were also enacted across the Pan African countries. We had anticipated a sharp drop in public and private sector infrastructure spend as a result, with government and corporate treasuries directly or indirectly impacted in the short term. Thus, it came as no surprise to see a 28% y/y drop in cement sales in Nigeria in April, the month of the lockdown.

Revenue was also impacted by the Pan African business due to similar shutdowns. However, by the start of May, lockdown restrictions had eased across Africa, leading to a resurgence of economic and more importantly, construction activities.

By the end of Q2’20, volumes had recovered to 3.4 million MT in Nigeria (Vetiva: 3.1 million MT), a mild 6% y/y drop in sales, even as the borders were closed. Combined with strong Q1 volumes, the Nigerian business reported 7.4 million MT of sales in the first half of the year, 2.4% down y/y.

With the relaunch of the popular bag of goodies promo in July and amidst the resumption of sea-based exports in Q2, we forecast FY’20 Nigerian volumes at 14.0 million MT, up from 13.4 million MT. While cement sales fell 6% y/y in Q2, a 3% y/y rise in average revenue/tonne to ₦45,118 in Nigeria meant that Revenue moderated only3% y/y to ₦153.1 billion.

Combined with stronger Q1 results, however, H1’20 revenue came in 1% higher y/y at ₦332.4 billion. While we maintain our expectation of stronger competition in the space amidst reduced demand, we adjust our pricing expectations to reflect higher costs and anticipate a 3% growth in average revenue/tonne over FY’20. Thus, we forecast an FY’20
Revenue of ₦625.4 billion for the Nigerian business.

Similar to Nigeria, the Pan African business saw a recovery in demand post-lockdown, with Q2 sales rising 3% y/y to 2.4 million MT, supported by stronger sales in countries such as Cameroon, Congo, Ethiopia, Senegal and Sierra Leone. Combined with Q1, the region recorded a 1% y/y jump in cement sales to 4.7 million MT.

With average revenue/tonne also rising 4% y/y to ₦31,117 in Q2’20, Pan African revenue surged 8% y/y to ₦75.2 billion in the second quarter, taking H1’20 topline 4% higher y/y to ₦145.0 billion.

We forecast continued sales growth in the region and raise our Pan Africa volume and Revenue forecasts to 9.4 million MT (Previous: 9.2 million MT) and ₦293.9 billion. Overall, we forecast a 1% y/y moderation in FY’20 Group volumes to 23.5 million MT, with Revenue growing 3% y/y to ₦919 billion, thanks to higher pricing.

The new export strategy: A medium-term boost

Following the commissioning of the export jetty in Apapa, Dangote Cement resumed exports of clinkers to West African markets in Q2, with a first clinker shipment of 27.8 thousand MT to Senegal in June.

The company is looking to build on this and expand its shipping routes to cover several West and Central African countries including Cote d’Ivoire, Cameroon and Ghana. The expansion will focus on shipping clinkers to countries without commercial quantities of limestone, which currently import clinkers from Asia and Europe.

In all, management has identified a possible 15 target countries with a combined population of over 350 million people. While we expect total clinker sales for 2020 to be negligible, we see this as an effective medium-long term growth strategy, possibly delivering additional volume growth for the Nigerian business.

A decent performance expected despite economic challenges

After taking into account the stronger-than-expected performance in the first half of the year, we have adjusted our Group EBITDA expectation to ₦423.5 billion (margin: 46%), supported by improved Pan-African EBITDA. Finally, we adjust our FY’20 PAT expectation to ₦209.8 billion.

After updating our model, we revise our target price to ₦198.15, reflecting stronger medium-long term prospects on account of the export strategy, an expected reduction in WACC due to the debt strategy and an overall low-interest environment.

Vetiva Research

Hyundai Sonata Named One of Wards 10 Best User Experiences™ for 2020

George Martins
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Hyundai Sonata Named One of Wards 10 Best User Experiences™ for 2020

The well-equipped Hyundai Sonata has been recognized by WardsAuto for its user-friendly interaction with the vehicle’s driver-assist technologies.

Its host of convenient and intuitive technology include a 10.25-inch navigation display, first-in-class 12.3-inch TFT cluster, wireless charging, new Shift by Wire (SBW) gear selector, Remote Smart Park Assist and Digital Key – making it an enjoyable experience for both the driver and passengers.

“Hyundai designers and engineers worked tirelessly to provide a sanctuary of ‘Beautifully Smart’ for the Sonata’s interior experience,” said Scott Margason, director, Product Planning, Hyundai Motor America. “We appreciate that these efforts have been acknowledged by WardsAuto judges in naming Sonata one of the Wards 10 Best User Experiences within a competitive landscape of 18 new or enhanced vehicles.”

“Big displays and tons of UX and ADAS features make the 2020 Sonata an unbeatable value proposition. If there is one car that can lure mainstream buyers away from CUVs, this is it,” says Drew Winter, a Senior Analyst at Ward Intelligence and one of the eight judges that evaluated the car.

The focus of the Wards 10 Best User Experiences competition is to identify driver interfaces that are user-friendly, navigation systems that are easy to program, collision-avoidance technologies that are dependable and smartphone integration that is simple, allowing drivers reliable access to text messages, emails and phone contacts while on the road.

WardsAuto editors evaluated and scored 18 vehicles available in the U.S. with all-new or re-engineered UX features such as touchscreens, voice controls, connectivity, driver-assistance technologies and overall user-friendliness.

Given the features and technologies available, the Sonata is a strong contender among a diverse and competitive field. Winners will be recognized at the all-new virtual ceremony during the Informa Tech Automotive Group’s Super Event to be held Aug. 18-20.

The event will feature WardsAuto User Experience, WardsAuto Interiors and TU- Detroit, and ADAS and Autonomous Vehicles conferences.

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