HONG KONG, Mar 11, 2021 – (ACN Newswire) – Chinese investment bank China Securities initiates coverage on YEAHKA LIMITED (9923) with a BUY rating.
In the initiation research report headlined "A Technology-enabled, Industry-leading Mobile Payment Company", China Securities equity research analyst Ran Zhao is bullish on Yeahka's addressable market, recognizing the Company's core competitiveness as "product + channel + ecosystem".
Key takeaways from the research report include:
Competitive landscape: Market concentration likely to increase
– UnionPay, Lakala and Yeahka are the leading players among third-party non-financial payment service providers. While Yeahka is slightly behind the two peers in terms of transaction volume, it has a larger number of transaction counts. China Securities' research estimates the market share of these three leading players in China is no more than 30%.
Entry barriers: Limited number of payment licenses
– There are only 31 non-financial payment service providers with national payment licenses in China up to date, of which 16 own a mobile payment license. It is expected that the PBOC will not issue additional payment licenses with ongoing heightened regulatory scrutiny.
Industry outlook: RMB 10 billion+ market ahead
– Increasing penetration of integrated QR code payments could boost one-stop mobile payment services. According to statistics from iResearch and other third-party sources, integrated QR code payment transactions currently accounted for approximately 30% of offline QR code payment transactions, with an average annual transaction volume of more than RMB 200 trillion. Assuming an average payment take rate is 1.5%o, and the market penetration increases 10%, the incremental market size will be RMB 30 billion.
– Yeahka's technology-enabled business will benefit from the increasing penetration of SaaS. According to China Securities' conservative estimates, assuming 50% of the 60 million Chinese merchants nationwide purchased SaaS products or services at an annual subscription rate of RMB 1,000, the market size will be RMB 30 billion.
Core competitiveness: product + channel + ecosystem
– Product: as an independent third-party service provider, Yeahka offers SaaS products to help merchants connect with diversified payment, marketing and financial platforms, giving alternative option rather than having to pick between two internet giants.
– Disctribuiton channel: Yeahka's distribution network spans 8000 partners and more than 300 cities in China. Its payment services served around 4.7 million merchant customers and 491.9 million consumers as of June 30, 2020.
– Ecosystem: Yeahka's SaaS products developed for merchants include a suite of one-stop payment services, shop operation services and marketing services. The number of technology-enabled service customers reached 585,000 in the first half of 2020.
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Tag: Daily Finance
Chin Hin Group Property to acquire 45% stake in Aima Construction for RM31.5 million
KUALA LUMPUR, Mar 10, 2021 – (ACN Newswire) – Chin Hin Group Property Berhad (CHGP; 7187), a Bursa Main Market listed company primarily involved in assembly and sales of new and rebuilt commercial vehicles as well as property development, announced today its proposed acquisition of 45% equity in Aima Construction Sdn Bhd ("Aima"), signifying its interest to venture into the construction industry.
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Aima has an established track record spanning over three decades mainly doing construction work for mid-rise and landed properties, completing approximately RM1.7 billion worth of projects since its inception. It is also a Grade 7 contractor registered with Construction Industry Development Board and is principally engaged in the business of construction, contractors, subcontractors. Its total order book value currently stands at RM320 million.
According to a filing with Bursa Malaysia, CHGP entered into a conditional share sale agreement with Uniplaza Sdn Bhd for the proposed acquisition of ordinary shares in Aima representing an equity interest of 45% for a consideration of RM31.5 million which will be fully satisfied via allotment and issuance of up to 35,795,400 new ordinary shares in CHGP at an issue price of RM0.88 per Consideration Share.
Barring any unforeseen circumstances, the Proposed Acquisition is expected to be completed by the third quarter of year 2021.
CHGP Executive Director Mr Chiau Haw Choon said: "Following the Proposed Acquisition, Aima will become an associate company of CHGP, and this will allow us to have an indirect access to the on-going and future projects of Aima. In addition, it will accelerate CHGP's expansion plan without an initial cash outlay as the Purchase Consideration will be fully satisfied via allotment and issuance of Consideration Shares. Ultimately, our goal is to transform CHGP into a major property and construction player – therefore this corporate exercise fits into our strategy perfectly."
He added that Aima will also be able to tap into CHGP's vast network in the property and construction industry to boost its construction orderbook.
Meanwhile, Aima Managing Director Mr Khor Ken Yeon stated: "This is a historic day for Aima, as we formally announce our desire to join forces with CHGP and take our business to new heights. Synergistic benefits are expected to arise from the Proposed Acquisition as both CHGP and Aima are operating in and servicing the same industry, ie the property development industry and construction industry. Especially in regard to CHGP's plans to launch RM3.73 billion worth of projects in the coming years, we can expect to see significant participation from our end as construction work for properties has been our forte for several decades."
To recap, CHGP announced on 8 February 2021 its plans to spend RM268 million to acquire 81.9 acres of land in the Klang Valley to develop five different property projects. It aims to generate RM3.73 billion in gross development value (GDV) from on-going and future developments in the next two years.
CHGP has two ongoing projects – Aera Residence and 8th & Stellar. Aera Residence is a serviced apartment project in Petaling Jaya, with an estimated GDV of RM332 million. Meanwhile, 8th & Stellar is a two-tower mixed-use development comprising serviced apartments, duplex lofts, office space and shoplots on a 2.2-acre leasehold tract in Sri Petaling. Its estimated gross development value is RM470 million. The take-up rate for both projects currently stand at 98% and 69% respectively.
Issued by: Sense Consultancy on behalf of Chin Hin Group Property Berhad
For further media enquiries please contact:
Anthony Lee
Tel: +6012 338 3705
Email: anthony@leesense.com
Jaz Ng
Tel: +6012 202 0096
Email: jaz@leesense.com
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CICC Initiates Yeahka at OUTPERFORM with HK$98.20
HONG KONG, Mar 10, 2021 – (ACN Newswire) – CICC initiates coverage on Yeahka Limited (9923), a leading payment-based technology platform in China, with an "outperform" rating and a target price of HK$98.20. CICC is upbeat on Yeahka's dual-growth-driver (payment + value-added services) business model and the growth potential of the Company's QR code payment and marketing services.
Key takeaways from the report include:
Core payment services: Yeahka concentrates on offering integrated QR code payment services for small and micro merchants: 1) QR code payment: CICC expects Yeahka to achieve rapid growth in the next 5 years; 2) QR code payment services feature high-frequency and wide consumer base; 3) Yeahka's high revenue-sharing ratio for sales agents and its strategy that targets small and micro merchants will drive rapid growth in merchant volume.
Value-added businesses: Huge room for commercialization based on its "data + scenario + traffic" business model: 1) Marketing services: CICC expects high-frequency transactions (QR code payment) and dual expansion drivers (proprietary R&D + M&A) to be the key drivers for Yeahka's revenue and profit growth; 2) Merchant SaaS products empower small and micro merchants to improve customer stickiness. CICC sees monetization potential in the long run; 3) Yeahka's fintech services business is expected to achieve mild growth in the short-to-mid run.
Strong internet background enables Yeahka to provide targeted services; increasing R&D investment is expected to accelerate product upgrades: 1) Yeahka's management team possesses extensive experience in the internet sector 2) Yeahka has a solid shareholder base, which includes internet giant Tencent; 3) Its strong R&D team is expected to boost product upgrades.
Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com
CICC Initiates Yeahka at OUTPERFORM with HK$98.20
HONG KONG, Mar 10, 2021 – (ACN Newswire) – CICC initiates coverage on Yeahka Limited (9923), a leading payment-based technology platform in China, with an "outperform" rating and a target price of HK$98.20. CICC is upbeat on Yeahka's dual-growth-driver (payment + value-added services) business model and the growth potential of the Company's QR code payment and marketing services.
Key takeaways from the report include:
Core payment services: Yeahka concentrates on offering integrated QR code payment services for small and micro merchants: 1) QR code payment: CICC expects Yeahka to achieve rapid growth in the next 5 years; 2) QR code payment services feature high-frequency and wide consumer base; 3) Yeahka's high revenue-sharing ratio for sales agents and its strategy that targets small and micro merchants will drive rapid growth in merchant volume.
Value-added businesses: Huge room for commercialization based on its "data + scenario + traffic" business model: 1) Marketing services: CICC expects high-frequency transactions (QR code payment) and dual expansion drivers (proprietary R&D + M&A) to be the key drivers for Yeahka's revenue and profit growth; 2) Merchant SaaS products empower small and micro merchants to improve customer stickiness. CICC sees monetization potential in the long run; 3) Yeahka's fintech services business is expected to achieve mild growth in the short-to-mid run.
Strong internet background enables Yeahka to provide targeted services; increasing R&D investment is expected to accelerate product upgrades: 1) Yeahka's management team possesses extensive experience in the internet sector 2) Yeahka has a solid shareholder base, which includes internet giant Tencent; 2) Its strong R&D team is expected to boost product upgrades.
Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com
BlackBixon Partners with redONE in Marketing Push for Ni Hsin Resources’ F&B Business
KUALA LUMPUR, Mar 10, 2021 – (ACN Newswire) – BlackBixon Sdn Bhd ("BlackBixon"), the food and beverage (F&B) arm of Bursa Malaysia Main Market-listed Ni Hsin Resources Berhad (NIHSIN; KLSE: 7215), sealed the partnership with redONE Network Sdn Bhd ("redONE"), a mobile virtual network operator (MVNO), to market and retail Ni Hsin's new energy coffee under the brand name 'BlackBixon'.
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BlackBixon coffee is described as a composition providing the benefits of caffeine and the patented Bioenergy Ribose(R) in combination when consumed and helps in accentuating the human body's natural process of energy synthesis while at the same time lessening fatigue and boosting the mental alertness of an individual. There is also the nutritional coffee variant enriched with acai berry extract for a good source of phytonutrients and antioxidants enhancing immunity while providing anti-ageing benefits.
Present at today's signing ceremony were Deputy Inspector-General of Police YDH Dato' Seri Acryl Sani Abdullah Sani, Chairman of Ni Hsin Encik Sofiyan bin Yahya, Managing Director of BlackBixon Mr. Khoo Chee Kong, Chief Executive Officer ("CEO") of redONE Encik Farid Yunus and Chief Sales Officer of redONE Mr. Ben Teh.
Managing Director of BlackBixon, Mr. Khoo Chee Kong said, "We are delighted to have this collaboration with redONE as we see a lot of synergy in terms of how we can leverage on redONE's reach of 1.2 million subscribers to market our products. We believe redONE's network can strengthen our marketing efforts and outreach to the target consumers, both business-to-business and business-to-consumer."
"We see our entry into F&B as strategic for the future of Ni Hsin as this new business will enhance the earnings of the Company given the interest in energy and coffee drinks, as well as the increased demands in home coffee consumption. Our BlackBixon coffee capsules combine energy, nutrition and coffee by having caffeine and natural ingredients that boost energy and immunity. As for convenience, we provide coffee machine for our consumers to use in their home or workplace without any charge subject to terms and conditions. BlackBixon is your cafe@home@office@anywhere. Ni Hsin has other plans in the pipeline to grow the F&B business, with Malaysia being the initial market, and the regional market in our next step."
"The COVID-19 pandemic has been challenging for many, Ni Hsin included. Our move into F&B will also be the beginning of our pivot from being a cookware manufacturer as we will grow the F&B business to be bigger than the cookware business over time. We see domestic and overseas consumer sentiment improving in the second-half of the year as vaccines become available and the economy recovers. This will also hopefully translate into better demand for our new business."
Chief Sales Officer of redONE, Mr. Ben Teh said, "redONE is proud to collaborate with Ni Hsin in a win-win partnership where our 100 Premier Shops nationwide will attract more footfall while letting our subscribers enjoy a refreshing cup of BlackBixon coffee as they are waiting to be served. This is a good gesture and adds value to our customer experience."
The signing of today's agreement comes after the Collaboration Agreement Ni Hsin entered into with Fiatec Biosystem Sdn Bhd in August 2020 for the development and formulation of health and bioenergy products marking the Company's move into the F&B business. In January 2021, the Company entered into a Supply and Technical Assistance Agreement with Global Coffee Resources Sdn Bhd ("GCR") for the appointment of GCR as the supplier for the coffee beans and coffee powders. In February 2021, Ni Hsin also filed for a patent for BlackBixon to protect the Company's rights to the invention and to secure the competitive advantage of its F&B business in selling products using the invention.
Please contact the below for more information:
Stefani Wan
Swan Consultancy
Tel: +6012 286-1481
Email: s.wan@swanconsultancy.biz
Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Edvantage Group (0382.HK) Announced Fourth Consecutive Positive Profit Alert Since Listing
HONG KONG, Mar 8, 2021 – (ACN Newswire) – Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK), the largest private higher education group in Guangdong-Hong Kong-Macau Greater Bay Area (the "Greater Bay Area"), is pleased to announce a positive profit alert for its interim results of the financial year 2021, expecting its adjusted net profit for the 6 months ended 28 February 2021 (the "Period under Review") to increase by no less than 30%, compared to the same period last year. This is the Group's fourth consecutive positive alert since its listing. The expected significant increase in profit is mainly attributable to (i) the increase in the number of student enrolments and average tuition fees of students of Guangzhou Huashang College ("Huashang College") (formerly known as Huashang College Guangdong University of Finance & Economics) and Guangzhou Huashang Vocational College ("Huashang Vocational College") during the Period under Review; and (ii) the consolidation of the financial results of Sichuan City Vocational College and Sichuan City Technician College since they were acquired by the Group during the Period under Review.
7 Schools in China and Overseas, Total Number of Student Enrolments More Than 60,000
Benefitting from national policies favouring the development of the Greater Bay Area as well as the Area's tremendous demand for business talents, plus society's recognition for and pursuit of the Group's education brand of 'Huashang', during the Review Period, the Group expanded the number of schools from 5 to 7 both in China and overseas, with student enrolments surging to more than 60,000. The growth was mainly due to an increase in student recruitment capabilities of the new Sihui Campus in Zhaoqing, as well as an increase in the number of student enrolments of the 2 schools in Chengdu, Sichuan. Furthermore, as Xinhui Campus in Jiangmen is expected to commence operation in September 2021, the Group's endogenous growth is getting more robust, which will ensure a continuous improvement in its performance.
Internationalisation and Differentiation School-running Brought Average Tuition Fees Significant Growth
The Group focuses on developing innovative and complex application talents equipped with global insights, and its schools' teaching modes of internationalisation and diversification have gained enormous popularity. Through cooperating with prominent enterprises, constructing high-end simulated laboratories and offering high-end international courses to local students, the Group's education quality and its brand have been enhanced. Therefore, China schools Huashang College and Huashang Vocational College both recorded increases in average tuition fees of students, compared to the same period last year.
First High-Quality M&A Project in China Accomplished, Expanding School Network
The Group's domestic school network in the Greater Bay Area has been extended to the Chengdu-Chongqing economic circle. In December 2020, it acquired two schools in Chengdu, Sichuan, namely Sichuan City Vocational College and Sichuan City Technician College, with financial results consolidated since January 2021. Currently, student enrolments of the two schools are about 24,000. Sichuan City Vocational College, which has experienced 10 years of undergraduate education and another 12 years of junior education, ranks No.1 in the Province. The Group believes the two schools in Chengdu, Sichuan can enhance its brand influence whilst achieving a huge synergy with Edvantage Group.
About Edvantage Group Holdings Limited
Edvantage Group Holdings Limited ("Edvantage Group" or the "Group", stock code: 0382.HK) is the largest private higher education group in the Guangdong-Hong Kong-Macao Greater Bay Area and an early mover in education sector in pursuing international expansion. Up to now, the Group has more than 60,000 students in school, and it owns a total number of 7 schools in China and overseas.
In China, the Group currently operates 4 schools, including two Chinese private higher education institutions in Guangdong Province, the undergraduate college, the Guangzhou Huashang College, and a junior college, the Guangzhou Huashang Vocational College, with the strategic focus of major business, major health and IT as the main curriculum. As of now, the number of student enrolments is 38,351. On December 4, 2020, the Group's existing Chinese school network in the Greater Bay Area expanded to the Chengdu-Chongqing economic circle with great development potential, and acquired two colleges, Sichuan City Vocational College and Sichuan City Technician College in Chengdu, Sichuan with the number of full-time students in the two schools is about 24,000.
Overseas, the Group operates 3 schools, including a private vocational education institution named Global Business College of Australia ("GBCA") authorised by Australian Skills Quality Authority ("ASQA") in Australia, offering vocational education courses and non-formal short-term courses. GBCA is the first Chinese international education institution approved by the Australian government. Another school is a private vocational education institution in Singapore with an EduTrust certification from the Ministry of Education, that is, Edvantage Institute (Singapore) ("EIS"), which provides short-term and long-term language training courses, various kinds of diploma and higher diploma programmes. Edvantage Institute Australia ("EIA") was authorised and approved by the Tertiary Education Quality and Standards Agency ("TEQSA"), being the Group's first higher education institution qualified to offer and award both undergraduate and master's degrees.
Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Alvotech and Cipla Gulf Expand Partnership for Commercialization of Biosimilars in Australia and New Zealand
HONG KONG, Mar 4, 2021 – (ACN Newswire) – Multinational biopharmaceutical company Alvotech and Gulf FZ LCC ("Cipla Gulf"), subsidiary of Cipla Limited (BSE: 500087; NSE: CIPLA EQ) referred to as "Cipla" today announced that they are expanding their partnership for the marketing and distribution of four biosimilar medicines in Australia and New Zealand.
As part of this strategic alliance, Cipla Gulf will be responsible for commercialization of patented biosimilars of leading products covering therapeutic categories across immunology, osteoporosis, oncology as well as ophthalmology.
The products are developed and manufactured by Alvotech and will be distributed by Cipla Gulf through Australia and New Zealand distribution networks. These innovative products recorded US$700 Mn in aggregate 2020 sales in Australia.
Cipla Gulf had previously entered into a similar agreement with Alvotech in July 2019 for the commercialization of AVT02, an adalimumab biosimilar, in select emerging markets.
Commenting on the partnership, Nishant Saxena, CEO, International Business (Europe & Emerging Markets), Cipla, said: "Ensuring access to critical medicines is core to our purpose of 'Caring for Life' and this partnership is a step in that direction. We believe Alvotech's products will enhance our biosimilars pipeline and allow us to establish a pan-therapy presence in the specialties segment, improving our footprint in this strategic Australia market."
Anil Okay, Alvotech's Chief Commercial Officer, said: "We are delighted to be taking this strategic step with Cipla. The combination of Alvotech's development and manufacturing expertise and Cipla's commercial capabilities will be central in expanding patient access in the region, to high-quality biosimilars."
About Alvotech
Alvotech is a multinational biopharmaceutical company focused on the development and manufacture of high quality biosimilars for global markets. We are specialists in biotechnology, seeking to be a global leader in the biosimilar space by delivering high quality, cost-competitive products and services to our partners and to patients worldwide. Our fully integrated approach, with high-quality in-house competencies throughout the value chain, enables the accelerated development of biosimilar products. Alvotech's shareholder base includes, among others, Aztiq Pharma, led by founder and Chairman Mr. Robert Wessman, Cipla Gulf FZ from Australia and New Zealand, Shinhan from Korea, Baxter Healthcare SA, YAS Holdings, ATHOS (Strungmann Family Office), CVC Capital Partners and Temasek from Singapore. Alvotech's initial pipeline contains several monoclonal-antibody and fusion-protein biosimilar candidates aimed at treating autoimmunity, oncology and inflammatory conditions to improve quality of life for patients around the world. For more information, please visit our website, www.alvotech.com or follow us on LinkedIn, Twitter and Facebook.
About Cipla
Established in 1935, Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets. Our strengths in the respiratory, anti-retroviral, urology, cardiology, anti-infective and CNS segments are well-known. Our 46 manufacturing sites around the world produce 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to our 80+ markets. Cipla is ranked 3rd largest in pharma in India (IQVIA MAT December'20), 3rd largest in the pharma private market in South Africa (IQVIA MAT December'20), and is among the most dispensed generic players in the U.S. For over eight decades, making a difference to patients has inspired every aspect of Cipla's work. Our paradigm-changing offer of a triple anti-retroviral therapy in HIV/AIDS at less than a dollar a day in Africa in 2001 is widely acknowledged as having contributed to bringing inclusiveness, accessibility and affordability to the centre of the HIV movement. A responsible corporate citizen, Cipla's humanitarian approach to healthcare in pursuit of its purpose of 'Caring for Life' and deep-rooted community links wherever it is present make it a partner of choice to global health bodies, peers and all stakeholders. For more, please visit www.cipla.com, or click on Twitter, Facebook, LinkedIn.
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CITIC Telecom Announces 2020 Annual Results
HONG KONG, Mar 4, 2021 – (ACN Newswire) – CITIC Telecom International Holdings Limited ("CITIC Telecom" or the "Group"; stock code: 1883), a leading international integrated telecommunications and information and communications technologies services provider in Asia, reported profit attributable to equity shareholders of HK$1,023 million for the year ended 31 December 2020, representing a year-on-year increase of 2.1%, or a 4.4% increase if the effect of investment property valuation is excluded.
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The Group generated revenue from telecommunications services of HK$7,978 million, representing an approximate 7.9% growth over the corresponding period in the previous year. The Group's total revenue amounted to HK$8,923 million. Basic earnings per share was up 1.5% year-on-year to HK27.9 cents.
The Board has recommended a final dividend of HK16.0 cents per share for 2020. Together with the 2020 interim dividend of HK5.0 cents per share, total dividends per share for 2020 amounted to HK21.0 cents, representing 5.0% growth over the corresponding period in the previous year.
Mr. XIN Yue Jiang, Chairman of CITIC Telecom, said, "The year 2020 has been undoubtedly marked by great challenges, during which the sudden outbreak of COVID-19 devastated economies across the globe, and its unprecedented impact has brought grave difficulties to business operations. Amidst the difficult situation and under the management's leadership, our staff advanced qualitative corporate development in the persistent implementation of the new philosophy for development, while addressing the risks and challenges in a composed and robust manner. The Group was engaged in efforts to continuously improve its service quality and drive up scientific research and new product development, while protecting the health of all of its employees and maintaining the stable operation of our telecommunications network platform, as well as ensuring the uninterrupted provision of our services. The Group reported stability and progress in its overall operations with continuous growth in profit."
The Group has maintained a healthy financial position and a strong cash flow. As at 31 December 2020, the Group recorded cash and bank deposits of approximately HK$1,519 million, which was sufficient to meet its financial obligations and contractual capital commitments in the coming 12 months.
Business Highlights
Enterprise solutions enhanced its market development with better SD-WAN coverage. The Group's enterprise solutions in Mainland China, Hong Kong, Macau and Southeast Asia has achieved sound development. Revenue from enterprise solutions rose by 4.5% year-on-year to HK$3,227 million. The Group continued to deploy PoPs around the world to expand the coverage of the network. The private networks services have expanded to around 150 PoPs in over 130 countries. The Group also continued to keep up with the market and technology development trends, enhanced the level of network intelligence, and expanded the service area with better SD-WAN (software-defined wide-area network) coverage. During the year, the Group's global SD-WAN gateways have increased to 45.
Rising broadband users boosted revenue from internet business. The Group greatly developed the fibre broadband service in Macau, the number of broadband users grew by approximately 1.7% from the corresponding period in the previous year to over 196,200 users, resulting in an increase in revenue from fibre broadband services. Revenue from internet services amounted to HK$1,123 million for the year, representing a year-on-year increase of 5.4%. In addition, the construction of CITIC Telecom Tower Data Centre Phase III (B) progressed smoothly in 2020 and completion and commissioning are scheduled in June 2021.
Companhia de Telecomunicacoes de Macau, S.A.R.L. ("CTM") completed construction of 5G networks in Macau that will contribute to Macau's smart city development. The Group maintained its leading position in Macau with approximately 44.4% market share of Macau's mobile market and around 45.8% market share in the 4G subscribers of Macau's mobile market as at 31 December 2020. However, revenue from mobile services has fallen by 23.0% to HK$957 million compared to the previous year mainly as a result of various lockdown measures ordered by many governments in different countries around the world during the year and this has adversely impacted the Group's revenue from roaming-related services. During the year, the Group overcame difficulties brought about by the pandemic with the use of united efforts and it advanced the construction of the 5G network which was in full swing. Preparation work for the deployment of the 5G SA network was completed at the end of 2020. The Group is working towards providing full coverage of Macau with the 5G SA network by June 2021 and will strive for the commercial launch as soon as possible.
Embark on business innovation, seize market opportunities, International telecommunications services grew rapidly. Revenue from international telecommunications services increased by 39.8% year-on-year to HK$2,481 million. The Group continued to seize new business market opportunities that came about from the increasing demand in corporate messaging based engagement with customers, revenue from messaging services increased by 86.6% to HK$1,258 million from last year. The Group closely followed market changes, consolidated the scale of its international voice services, and recorded revenue growth in voice services.
Development Strategies
Looking ahead in 2021, the world's economy will continue to be subjected to the adverse impacts of the epidemic and other developments. Prospects for economic recovery are less than certain, and this will exert certain pressure on the Group's business development. However, the development and application from a global perspective of information technologies relating to the internet, Internet of Things, 5G, Artificial Intelligence, Cloud Computing, Big Data and others, will continue dominating the scene and offering abundant business opportunities. Pivoting to the latest trends, the Group will enhance technological innovations and new product R&D to advance business development.
The Group will continue to pivot towards the mobile services business and the internet business as the main direction of its development as it seeks further growth in the scale and revenue contribution of the mobile services business, further increase its market share of enterprise services, as well as further consolidate the leading position of its products. Robust measures will be adopted in a bid to sustain the stable development of its current businesses, while its international services will undergo strategic transformation into mobile and internet-based operations to cement its position in the mobile market and further enhance our development standards as an integrated internet-based telecommunications enterprise.
CTM will facilitate its 5G network construction and business development as it anticipates for 5G commercial launch in 2021. The Group will continue to actively participate in Macau's development as a smart city, as it strives to become a prime operator in a smart city and to ensure the provision of superior experience in integrated information services to customers.
The Group will continue to organise construction work with meticulous care as it proceeds to complete CITIC Telecom Tower Data Centre Phase III (B) in a move to bolster the Group's data centre business. It will also plan for the development of other floors in the building as it closely tracks market demands.
In the meantime, the Group will seize the major opportunity for development presented by China's new macro-economic landscape of enhanced internal circulation and dual domestic and international circulation, with a special focus on driving cooperation with advanced technology partners and carrier partners to provide information and communication technology (ICT) services to foreign companies looking to establish their presence in China, especially members of the Global 500, offering assistance in their digital transformation.
The Group will execute plans for the development of the Southeast Asian Company, which include stronger efforts in brand building and the expansion of service categories and business scope, as it strives to develop itself into a one-stop ICT service provider in Southeast Asia to generate a new driving force for the Group's business growth. With the official signing of the Regional Comprehensive Economic Partnership (RCEP) of Southeast Asia, the region is expected to attract further investments from multinational corporations and global pioneers in technology, presenting new opportunities and driving force for our business growth.
Mr. CAI Dawei, Chief Executive Officer of CITIC Telecom, said, "In 2021, the Group will continue driving scientific and technological innovation, and promote the internet-oriented, intelligent and digital transformation of enterprises, persist in its development strategy of expansion and coverage of the international market from its foundation in the Mainland China market, taking Hong Kong and Macau as the base and connection, grasp 5G business development opportunities, greatly expand the integrated information services, resolutely implement new development philosophy and strive for further achievements on the way forward."
About CITIC Telecom International Holdings Limited (stock code: 1883)
CITIC Telecom International Holdings Limited was established in 1997 in Hong Kong, and it was listed on The Stock Exchange of Hong Kong Limited on 3 April 2007. As one of the largest international telecommunications hubs in Asia Pacific, the Group provides full-scale international telecommunications services to carrier clients around the globe, and integrated enterprise services in Southeast Asia through its wholly-owned subsidiary Acclivis Technologies and Solutions Pte. Ltd. CITIC Telecom International CPC Limited ("CPC"), the Group's other wholly-owned subsidiary, provides end-to-end information and communications technology solutions to international corporate clients and business clients. CPC is one of the most trusted partners of these clients in the Asia-Pacific region and provides a full range of ICT services to major enterprises and multinational corporate clients in Mainland China through its subsidiary China Enterprise ICT Solutions Limited ("China Entercom"). The Group holds 99% equity interest in Companhia de Telecomunicacoes de Macau, S.A.R.L. ("CTM"). CTM is one of the leading integrated telecommunications services providers in Macau, and is the only full telecommunications services and ICT services provider in Macau. With a leading position in the market, CTM plays an important role in the ongoing development of Macau. As at the end of December 2020, the Group has branches in 21 countries and regions around the world, employs over 2,500 professionals, and covers network nodes in 130 countries and regions connecting over 600 carriers and serving more than 3,000 multinational corporations and 40,000 local companies around the globe. CITIC Group Corporation, a large multinational conglomerate headquartered in the People's Republic of China, is the ultimate holding company of CITIC Telecom. For more information, please visit: www.citictel.com
Media enquiries:
Strategic Financial Relations Limited
Veron Ng Tel: +852 2864 4831 Email: veron.ng@sprg.com.hk
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Wilson Ngan Tel: +852 2114 4318 Email: wilson.ngan@sprg.com.hk
Email: citictelecom@sprg.com.hk
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TTI Delivers Exceptional 2020 Results
HONG KONG, Mar 3, 2021 – (ACN Newswire) – Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY) announced its results for the financial year ended December 31, 2020. The Group reported sales of US$9.8 billion, an increase of 28.0%. Second half sales grew an exceptional 42.3%, outpacing the market.
Gross margin improved for the 12th consecutive year, from 37.7% in 2019 to 38.3% in 2020. This gross margin improvement is a direct result of the launching of high margin new products, disciplined mix management, exceptional productivity gains and volume leverage.
EBIT increased 29.0% to US$868 million, with the EBIT margin improving by 10 basis points to 8.9%. Net profit rose 30.2% to US$801 million, with earnings per share increasing 30.1% over 2019 to US43.80 cents. The Group invested in inventory to support the above market growth levels, while working capital management remained best-in-class at 14.0% of sales.
The Board is recommending a final dividend of HK82.00 cents (approximately US10.55 cents) per share. Together, with the interim dividend of HK 53.00 cents (approximately US6.82 cents) per share, this will result in a full-year dividend of HK135.00 cents (approximately US17.37 cents) per share, against HK103.00 cents (approximately US13.26 cents) per share in 2019, an increase of 31.1%.
TTI's Power Equipment business, representing 89.0% of total sales, grew 28.5% to US$8.7 billion. The 25.8% growth in TTI's flagship MILWAUKEE Professional business was propelled by innovative new products while the RYOBI cordless business generated double-digit sales growth. TTI continued to make progress in the Floorcare business. The segment accounted for 11.0% of TTI total sales, with sales increasing 23.6% to US$1.1 billion over 2019.
Mr. Horst Pudwill, Chairman of TTI, said, "TTI is well positioned to continue outperforming the market, with a strong balance sheet and a disciplined fixed and working capital management process. We are positioned to capitalize on the many growth opportunities we have identified in the months and years ahead."
Mr. Joseph Galli, CEO of TTI, commented, "It is our unrelenting bold vision, customer focus and business momentum that will make 2021 another successful year and position TTI with exciting opportunities in the decade to come."
About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare Cleaning Products and Solutions for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence – reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. TTI's powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.
TTI is one of the constituent stocks of the Hang Seng Index, FTSE Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.
All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
For enquiries:
Techtronic Industries Co. Ltd.
Isabella Chan
Tel: +(852) 2402 6495
Email: isabella.chan@tti.com.hk
Website: www.ttigroup.com
Strategic Financial Relations Limited
Veron Ng +(852) 2864 4831 veron.ng@sprg.com.hk
Adrianna Lau +(852) 2114 4987 adrianna.lau@sprg.com.hk
Karen Kwan +(852) 2114 4171 karen.kwan@sprg.com.hk
Website: www.sprg.com.hk
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CropLife Asia 2021 Annual General Meeting convenes virtually with Regional Food Supply Chain & Farmer Resiliency Center Stage
SINGAPORE, Mar 3, 2021 – (ACN Newswire) – The CropLife Asia 2021 Annual General Meeting (AGM) commenced virtually today, bringing together plant science industry leaders from across the continent. This year's edition of the annual gathering includes a unique focus on how the global pandemic has impacted various aspects of the regional food supply chain as well as the official presentation of the newly-elected Board of Directors. The 2021 Board consists of:
– Mr. Gustavo Palerosi Carneiro – President, CropLife Asia (BASF)
– Mr. Alexander Berkovskiy – Vice President, CropLife Asia (Syngenta)
– Mr. Jens Hartmann – Treasurer, CropLife Asia (Bayer)
– Mr. Peter Ford – Secretary, CropLife Asia (Corteva Agriscience)
"It is an honor to lead CropLife Asia at such a consequential time for our region and industry," said Gustavo Palerosi Carneiro, President of CropLife Asia. "The challenges we face in Asia are daunting. While our region remains home to the highest number of hungry and undernourished, farmers are facing increasing pressure from pests, weeds, disease and the impacts of climate change. The far-reaching effects of the COVID-19 pandemic have only exacerbated the strain on food production and distribution.
"Plant science has an important role to play in making our food supply chain more resilient, but it's only part of the solution. On behalf of CropLife Asia, we look forward to working with food and agriculture stakeholders across the region to meet these growing demands."
In January of this year, the United Nations (UN) released a report titled Asia and the Pacific Regional Overview of Food Security and Nutrition. Among the findings of the report was new data reflecting a troubling lack of food security among children and the most vulnerable parts of society in Asia. Specifically, nearly two billion people in Asia cannot afford a healthy diet, with two-thirds of children in the region suffering from the physical effects of malnutrition.
Beyond food security, sustainability is a topic of increasing focus for society – particularly the issue of climate change. Activities related to crop production are estimated to generate anywhere from 10-13% of global greenhouse gas emissions, and agriculture is a leading cause of deforestation.
The innovative technologies of plant science continue to enable farmers to produce more safe and nutritious food with fewer impacts to the world around us. Biotech crops have been developed with improved traits such as increased yield, better resistance to pests and/or improved nutrition, among others – and allow for sequestration of carbon in the soil through practices such as no-till farming. These are crucial tools that help farmers address global challenges such as food insecurity and climate change together.
Meanwhile, farmers rely on crop protection products (or pesticides) to grow more food on less land and raise productivity per hectare. Without pesticides, 40% of global rice and maize harvests could be lost every year and losses for fruits and vegetables could be as high as 50-90%. These losses in yield would likely mean additional land would need to be cleared for agriculture, leading to increased carbon emissions.
The CropLife Asia 2021 Annual General Meeting will conclude on Thursday, March 4.
About CropLife Asia
CropLife Asia is a non-profit society and the regional organization of CropLife International, the voice of the global plant science industry. We advocate a safe, secure food supply, and our vision is food security enabled by innovative agriculture. CropLife Asia supports the work of 15 member associations across the continent and is led by six member companies at the forefront of crop protection, seeds and/or biotechnology research and development. For more information, visit us at www.croplifeasia.org.
For more information please contact:
Duke Hipp
Director, Public Affairs & Strategic Partnerships
CropLife Asia
duke.hipp@croplifeasia.org
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