FEATURED NEWS
- May 27, 2024Business
SP Group partners CapitaLand to deploy distributed district cooling network at Geneo cluster in Singapore Science Park
The three business park properties in the Geneo cluster – 1, 5 and 7 Science Park Drive – will receive a supply of centralised energy-efficient chilled water for air-conditioning from two chiller plants, which are owned, operated, and maintained by SP. SP Group (SP) and CapitaLand Group (CapitaLand) today announced a partnership to deploy a distributed district cooling network at the new life sciences and innovation cluster in Singapore Science Park. SP will provide centralised energy-efficient chilled water for air-conditioning to the Geneo cluster, which comprises three business park properties targeting full completion in 2025 . In line with CapitaLand’s design brief, SP will be operating the distributed district cooling network at an energy efficiency level that is about 14 per cent higher than conventional in-building cooling systems and the National Environment Agency (NEA)’s Minimum Energy Efficiency Standards (MEES) for water-cooled chilled water systems in industrial facilities. This will allow the cluster to abate at least 20,000 tonnes of carbon emissions over the 30-year operating period, akin to removing more than 600 cars from our roads annually. SP will own, operate and maintain two chiller plants, which are interconnected and will supply chilled water to the five buildings across 1, 5 and 7 Science Park Drive through a series of interlinked pipe networks. The distributed district cooling network will thereby enhance supply reliability and resilience for the building cluster. When fully operational in 2025, SP will operate a total cooling capacity of 10,400 refrigeration tons (RT) at Science Park. Mr S. Harsha, SP Group’s Managing Director for Sustainable Energy Solutions, Singapore, said: “District cooling is a pivotal solution to enable a heat-resilient and sustainable future for Singapore. From commercial districts to industrial projects, we are now helping business parks and clusters achieve their sustainability targets through innovative applications of district cooling. We look forward to working closely with CapitaLand to operate greener districts for Singapore.” In addition to district cooling, the Geneo cluster features an accordion-shape facade that helps to block out sunlight, the use of photovoltaic solar panels to generate renewable energy and abundant greenery to reduce the urban heat island effect. These sustainability features have helped the Geneo cluster to achieve top green building certifications, namely Green Mark Platinum Super Low Energy for 7 Science Park Drive and Green Mark Platinum for 1 and 5 Science Park Drive. Mr Tan Yew Chin, Chief Executive Officer, CapitaLand Development (Singapore), said: “Science Park 1, where Geneo is located, is the first business park and one of only two existing districts in Singapore to have received recertification for BCA Green Mark Platinum for Districts conferred by the Building and Construction Authority. Deploying a distributed district cooling network at Geneo is part of our strategy to sustain the green operations of Science Park, in line with our goal of achieving a resource-efficient and climate-resilient portfolio.” Abundant greenery such as the central garden in the Geneo cluster help to reduce the urban heat island effect. “Science Park 1, where Geneo is located, is the first business park and one of only two existing districts in Singapore to have received recertification for BCA Green Mark Platinum for Districts conferred by the Building and Construction Authority. Deploying a distributed district cooling network at Geneo is part of our strategy to sustain the green operations of Science Park, in line with our goal of achieving a resource-efficient and climate-resilient portfolio.” Tan Yew Chin, CEO, CapitaLand Development (Singapore) Mr Tan Yew Chin, CEO of CLD (Singapore) SP is the biggest provider of district cooling solutions in Singapore, with a total cooling capacity of 203,000 RT in operation and secured through its district cooling networks. Besides the collaboration on district cooling, SP has partnered with CapitaLand to install 34 electric vehicle charging points across seven properties at Science Park to drive green mobility adoption.
- May 27, 2024Business
SURIAGROUP DELIVERS STRONG FIRST QUARTER 2024 RESULTS, RECORDS 41% INCREASE IN PBT
Suria Capital Holdings Berhad (“SuriaGroup” or the “Group”) is pleased to announce a strong operational and financial performance for the first quarter period ended 31 March 2024 (“1QFY24”). SuriaGroup recorded a 41% increase in profit before tax for 1QFY24 of RM 19.7 million compared to RM 14.0 million in the previous corresponding quarter. The increase led to a net profit of RM 14.9 million, significantly up from RM 10.6 million recorded in the same quarter last year. The primary driver of this growth was the increased contributions from the port operations segment, the Group's core business, due to higher throughput. The Group’s total revenue for 1QFY24 stood at RM 73.8 million, marking a 15.4% increase from RM 63.9 million in the previous year’s corresponding quarter. In line with this performance, the Group’s earnings per share rose to RM 4.30 compared to RM 3.07 in the previous year’s quarter. For the current quarter, the port operations segment, managed by the subsidiary Sabah Ports Sdn. Bhd., contributed 92% to the Group’s revenue. The ports' overall cargo throughput (excluding containers) increased by 4%, driven by higher volumes of bulk oil, fertilizer, wood products, and general cargo. The total tonnage handled for the current quarter and year-to-date was 4.9 million metric tonnes, compared to 4.7 million metric tonnes in the prior year-to-date. Meanwhile, container volume increased by 19%, rising to 117,804 TEUs from 98,980 TEUs in the corresponding quarter of the previous year. Looking ahead, the Group is optimistic about its prospects, bolstered by strategic collaborations and development projects. The partnership between Sabah Ports and DP World for the long-term management of Sapangar Bay Container Port (SBCP) will enhance container handling capacity, improve the port’s connectivity, and optimize terminal workflows. The goal is to elevate SBCP into a regional hub for the BIMP-EAGA markets. Furthermore, the Group has signed two conditional Joint Venture cum Shareholders Agreements with BEDI Development Sdn. Bhd. (75% owned by EXSIM Development Sdn. Bhd.) to develop two pieces of land in Kota Kinabalu, with a collective net development value of approximately RM 4.2 billion. This development includes the creation of a dedicated international cruise terminal (ICT) at Kota Kinabalu Port land, a key project under the Economic Transformation Programme and the Eleventh Malaysia Plan. The mixed development project, alongside the surrounding waterfront projects, will collectively form an integrated waterfront hub known as ‘Jesselton Waterfront City’. This initiative aims to position Sabah as a premier waterfront destination and support the national vision of establishing Malaysia as a homeport destination for foreign cruise liners to propel cruise tourism. The Group’s solid financial results for 1QFY24, along with its strategic development initiatives and partnerships, are expected to significantly contribute to its growth trajectory in 2024. The successful execution of these projects will not only enhance operational efficiency and expand capacity but also strengthen SuriaGroup’s position in the regional and global markets. By capitalising on emerging opportunities, the Group is well-positioned to drive sustainable growth, deliver long-term value to shareholders, and support the economic development of Sabah. – THE END – For media enquiries, please contact: Group Corporate Affairs and Communications Tel: 088-257788; HP: 010-368 8788 (Kashani) Email: kashani@suriaplc.com.my
- May 27, 2024Business
AirAsia X First Quarter 2024 Financial Results
Revenue up 66% YoY to RM908.9 million in line with 90% increase in number of passengers carried Passenger Load Factor of 83% in 1Q24 driven by peak travel demand Unit cost lowest among peers at 13.93 sen/US¢ 2.95 Ancillary revenue per passenger best-ever at RM251 AirAsia X Berhad (“AirAsia X” or the “Company”) recorded a solid head start in 2024, demonstrating a robust growth trajectory in its financial results for the First Quarter of 2024 (“1Q24”) ended 31 March 2024. The Company reported revenue of RM908.9 million in 1Q24, increasing by 66% year-on-year (“YoY”), attributed to a 90% YoY surge in the number of passengers carried to 959,623, while capacity stood at 1,155,788 seats. Driven by the strong demand arising from key festive seasons and school holidays, the Company posted a solid Passenger Load Factor (“PLF”) of 83%, up three percentage points YoY, with best-performing routes in China, India and Japan recording over 90% PLF, while the Company’s Available Seat Kilometres (“ASK”) increased by 74% YoY in line with solid market demand. In 1Q24, the Company posted RM80.1 million net profit, with over 8% margin against its revenue. In terms of costs, the Cost per Available Seat Kilometre (“CASK”) in 1Q24 is the leanest of comparable airlines in the industry at 13.93 sen/US¢2.95. When compared against the CASK of 15.71 sen/US¢3.35 charted in the previous quarter, CASK has further reduced by about 11%. Primarily, this was driven by lower operating expenses including the easing of jet fuel prices and buoyed by the hike in ASK capacity. In 1Q24, RASK stood at 18 sen, driven by an average fare of RM650 as capacity returned across the industry. Against the preceding quarter, RASK improved by 5%. In 1Q24, ancillary revenue per passenger increased by 3% YoY at record-level RM251, driven by new product offerings optimised for the markets, with personalisation, platform and booking flow enhancements, and further boosted with the introduction of trendy food and beverages (“F&B”) by SANTAN in collaboration with popular F&B businesses. On network, driven by the commitment to accelerate and regain market leadership and following the extension of the visa-exemption policy to China until 2025, the Company increased flight frequencies to its popular routes in the country, namely Chengdu, Beijing and Shanghai, on top of ramping up flight frequency to leisure favourite Bali in Indonesia. Overall, the Company delivered an 85% YoY increase in the number of stages to 3,184, with total weekly flights on average, at 135 flights per week for 1Q24. In terms of associate’s performance, AirAsia X Thailand (“TAAX”) reported revenue of RM543.4 million, surging 52% YoY, and posted a net profit of RM46.4 million due to a foreign exchange loss of RM55.8 million. At a normalised level, TAAX would have posted a net profit of RM102.2 million, up by 11% YoY. Operationally, TAAX’s number of passengers rose by 51% YoY to 437,764 passengers, leading to TAAX delivering a strong PLF of 89%, up by one percentage point YoY. Demonstrating healthy demand in the market, TAAX’s seat capacity and ASK capacity surged by 49% and 37% YoY to 492,497 seats and 2,199 million respectively. AirAsia X’s total fleet size remained at 18 A330s as of the end of March 2024, with 16 aircraft now activated and operational. TAAX’s fleet size stood at seven A330s, with an additional aircraft reactivated during the quarter, bringing its fleet of activated and operational aircraft to six. AirAsia X CEO Benyamin Ismail said, “We expect the two remaining aircraft to rejoin the operational fleet in July and November this year, while we work towards ensuring our fleet requirements for further growth in the future are secured. At present, we welcome the recent announcement of the extension of the visa-exemption policy to China until 2025; since the relaunch of routes to China, PLF in the country has been strong at about mid-90%, while all-new Almaty proved successful in Central Asia with over 90% PLF routinely trending since its launch. “Looking to the future, we are excited about the A321XLR aircraft on our orderbook, which will bring our growth ambitions to fruition, as it unlocks a range of up to nine hours with a reduced cost base compared to our current fleet. With its reduced capacity, the A321XLR gives greater flexibility for network planning and elevates even more second-tier pairing. This aircraft is expected to lower the break-even point for the airlines, ultimately boosting our margin. As it is, for 1Q24, our profit margin is robust at over 8%. “On Fly-Thru, connectivity stands at 22%, led by Australia and India, with synergies leveraged with the broader AirAsia Group more encouraging than ever. This paves the way for the Company’s strong future growth ambitions, ultimately leading to our ongoing engagement with Capital A Berhad ("Capital A") for the proposed acquisition of Capital A’s aviation business, which is envisioned to establish an enlarged group of airlines with the ‘AirAsia’ brand as a global low-cost network carrier group, establishing elevated synergistic benefits through centralised decision-making and coordinated network plans. “In addition, the proposed acquisition provides all-important access to an orderbook with over 400 new specification aircraft deliveries that are currently under Capital A. This gives us unbounded expansion opportunities at a time when growth opportunities world over are limited due to bottlenecks in the supply chain which have, in turn, delayed aircraft delivery for us. “In the next two quarters, we are mindful that the Company is entering a traditionally softer travel period based on historical seasonality. However, we are encouraged by recent fare trends and cost structure, as we step up aircraft utilisation to ensure that efficiency is top-tier.”
- May 27, 2024Travel & Leisure
Fly home to celebrate Kaamatan and Gawai smoothly with AirAsia
AirAsia would like to remind all guests travelling during the upcoming festive celebration periods to adhere to the following travel advisory for a smoother travel experience in light of the extra demand during a peak period for travel. Perform self check-in via the AirAsia MOVE app (formerly airasia Superapp). Self check-in is complimentary and available as early as 14 days up to one hour before the scheduled departure time. Guests are encouraged to perform mobile check-in via the AirAsia MOVE app and obtain their electronic Boarding Passes to minimise physical contact and crowding at the airport. Please note : Download the AirAsia MOVE app from the Apple App Store , Google Play Store or Huawei AppGallery to receive the latest travel information including the latest flight updates under the ‘Flight Status’ tab in the App. Counter check-in service will only be available for guests with reduced mobility, those travelling with an infant (under 24 months of age), pregnant guests, senior citizens and young guests travelling alone. Pregnant guests are required to fill out a form at the counter before boarding. Guests who are more than 27 weeks pregnant are required to submit an approved doctor's medical certificate. Guests with reduced mobility may pre-book Special Assistance (Wheelchair Service) at the time of booking or via “My Bookings” tab on the AirAsia MOVE app at least four hours before the scheduled flight departure time. Pre-book inflight meals up to 24 hours before the scheduled departure time for greater savings up to 44% and assurance of availability alongside priority meal service on board. For international travel, guests must meet the requirements for every country they will travel to and transit through including visa requirements. These requirements may change from time to time and guests are advised to check the latest requirements with the respective embassies or consulates. Arrive early at the airport , at least two (2) hours before your domestic flight and three (3) hours prior to an international flight . The check-in counter will close 60 minutes before the scheduled departure time at Kuala Lumpur International Airport (Terminal 2) and 45 minutes before departure at other airports in Malaysia for domestic flights . You may book a ride to/from the airport for up to 24 hours in advance with AirAsia Ride on the AirAsia MOVE app and enjoy RM 5 off with promo code FLYRIDE5 . Use the e-Boarding Pass on the AirAsia MOVE app to board the flight without the hassle of reprinting the boarding pass. The e-Boarding Pass is accepted at all airports in Malaysia and many other airports around the world where AirAsia operates. Use contactless kiosks at the airport to print baggage tags and perform self-bag drop. Once guests have self checked-in, simply scan the QR code on the e-Boarding Pass at the airport kiosk to print the baggage tags and proceed to the self-baggage drop counters to load the bags. Guests can also add on or increase baggage allowance up to four hours before departure using the AirAsia MOVE app. Ensure cabin baggage is the right size and weight. Each guest is only allowed one (1) piece of cabin baggage (not larger than 56 x 36 x 23cm in dimension) such as a laptop bag and/or one (1) small bag such as a handbag OR small bag on board. The total permitted weight for two pieces of cabin baggage must not exceed 7kg. If you exceed your complimentary 7kg allowance or need to carry more onboard, you will need to purchase the Xtra Carry-on (Extra one piece of 7kg baggage) or the Fast Pass (Extra one piece of 7kg baggage with more perks). Subject to space availability in the overhead compartment, these passes are limited and available on a first-come, first-served basis, so act quickly to secure one. Enroll for FACES via the AirAsia MOVE App to travel seamlessly from Kuala Lumpur International Airport (Terminal 2) to other domestic and international airports without presenting a boarding pass after self-check-in and providing proof of identification. Selamat Ari Gawai and Tadau Kaamatan from AirAsia!
- May 25, 2024Travel & Leisure
Jetstar celebrates 20th birthday by reenacting its inaugural flight from Newcastle to Melbourne
Today marks exactly 20 years since Jetstar’s first flight took off from Newcastle to Melbourne, revolutionising air travel in Australia and making travel more affordable for millions of Aussies. To celebrate today’s milestone birthday, Jetstar has recreated its inaugural flight between Newcastle and Melbourne, with several of the same original pilots, cabin crew and customers on board. Jetstar’s new uniform, which will be rolled out later this year, will be worn by the crew on today’s flight, symbolising the airline’s transition into a new era of low fares, new aircraft and stronger reliability. Starting with a fleet of 14 aircraft in 2004 flying only along Australia’s east coast, Jetstar has grown into one of the biggest and most successful low-cost carriers in the Asia Pacific, operating across nearly 150 domestic and international routes. The airline’s launch in 2004 was one of the most successful airline launches in the world, with 100,000 fares sold in the first day. Since that day, Jetstar has flown more than 400 million customers, with more than half flying for less than $100. Last year the airline sold more than 12 million fares for less than $100 and is on track to exceed that figure this year. To further mark this important occasion for Jetstar, the airline is offering one-way fares between Newcastle and Melbourne from just $49 at jetstar.com . Jetstar Group CEO, Stephanie Tully, and Melbourne Airport’s CEO, Lorie Argus, welcomed the arrival of JQ471 from Newcastle this morning. Jetstar Group CEO, Stephanie Tully, said the airline has helped to put downward pressure on airfares over the past 20 years and its commitment to helping Australians take off more is as strong as ever. “Jetstar has transformed the way Australians travel. Before we launched 20 years ago, many families’ only option was packing up the car and hitting the road. Our low fares meant they could afford to instead jump on a plane and head off to the Gold Coast, Bali or elsewhere for their family holiday. “While it’s our birthday, today is about celebrating the 400-million customers who’ve chosen to fly with us across Australia, New Zealand, Asia and the Pacific over the past two decades. “As we welcome new aircraft into our fleet and add more destinations to our network, we’re excited about the next 20 years and a new era of low-cost travel in Australia.” Melbourne Airport CEO, Lorie Argus, said Melbourne had been a proud part of Jetstar’s success story since day one. “Being the home base and headquarters for Australia’s largest low-cost carrier has allowed millions of people to connect with friends and family and millions more to visit Victoria, which helps support the state’s famous restaurants, bars, theatres and sporting venues. “We’ve partnered with Jetstar to help deliver on its low fare promise by providing fit for purpose infrastructure and working with them to plan for more growth over the next 20 years.” Newcastle Airport CEO, Dr Peter Cock congratulated Jetstar on a remarkable milestone. “We are immensely proud to have been part of Jetstar's journey from the very beginning, witnessing their growth and success firsthand. “Jetstar has played a crucial role in fulfilling our vision of being the airport the Hunter region deserves, enhancing the travel experience for all. “Our partnership with Jetstar has been instrumental in boosting connectivity, promoting tourism, and driving economic growth in our region. We look forward to many more years of successful collaboration.” Jetstar Captain, Jeff Bray operated Jetstar’s inaugural flight and was on board again today. “I’ve flown on thousands of Jetstar flights over 20 years, and while every flight is important, today’s service is particularly special for the team. “It’s a moment to reunite with other long serving colleagues who I started out with on 25 May 2004 and some of the same customers who were on board two decades ago. “We’ve always carried first time flyers and that’s what makes Jetstar unique, we’re providing low fares so more people can afford to fly.”
- May 25, 2024Business
Seatrium Secures FPSO Newbuild Contracts P-84 and P-85 from Petrobras
Seatrium Limited (Seatrium, or the Group), a global provider of engineering solutions to the offshore, marine, and energy industries, has won an international tender from Brazil’s National Oil Company, Petróleo Brasileiro S.A. (Petrobras), acting as operator of Atapu1 and Sepia2 consortiums, for the newbuild supply of Floating Production Storage and Offloading vessels (FPSO) platforms P-84 and P-85. With the contracts valued at approximately S$11 billion, these high throughput FPSOs will be deployed in the Atapu and Sépia fields, located in the eastern part of the Santos Basin, approximately 200 kilometres offshore of Rio de Janeiro in Brazil. The P-84 and P-85 platforms are part of Petrobras' new generation of FPSO platforms, characterised by a high production capacity that prioritise sustainable practices with innovative technologies. The P-84 and P-85 FPSOs will each have a production capacity of 225,000 barrels of oil per day (bopd) and gas processing capacity of 10 million cubic meters per day (Sm3 /d). Both FPSOs will incorporate advanced technologies such as zero routine flaring and venting, variable speed drives and measures to control emissions and capture CO2, including an all-electric concept, which focuses on efficient power generation and increased energy efficiency to achieve a 30% reduction in greenhouse gas emissions intensity. These features will enhance operational efficiency and reduce environmental impact, showcasing Seatrium's commitment to responsible and sustainable operations. Construction for the P-84 and P-85 FPSOs will commence in first quarter of 2025 with the final delivery expected to be in 2029. Supply of the FPSO platforms will leverage the Group’s “One Seatrium Delivery Model”, where operations and engineering support are integrated across different yards globally. Seatrium’s facilities in Brazil, China, and Singapore will manufacture the modules, weighing an impressive 60,000 metric tonnes, with the outsourced hull and accommodation transported to Singapore for topside module integration and commissioning. After successful integration and commissioning in Singapore, the FPSO platforms will be towed to the Atapu and Sépia fields for offshore commissioning. 1 The Atapu consortium consists of: Petrobras as operator (65.7%), Shell (16.7%), TotalEnergies (15%), Petrogal Brasil (1.7%), Pré Sal Petróleo S.A. (0.9%). 2 The Sepia consortium consists of: Petrobras as operator (55.3%), TotalEnerigies (16.9%), PETRONAS (12.7%), QatarEnergy (12.7%) Petrogal Brasil(2.4%). This streamlined delivery model optimises collaboration and utilises Seatrium's global facilities and international yard footprint to deliver quality and high-calibre platforms expected to exceed industry standards while adhering to sustainable practices in the oil and gas industry. Mr Chris Ong, CEO of Seatrium, said, "We are honoured to be selected by Petrobras through a rigorous tender process to supply the P-84 and P-85 FPSO vessels, solidifying our position as the preferred partner for transformative projects. Through the One Seatrium Delivery Model, we are integrated globally to deliver cost-effective, value-added solutions to our esteemed customers. Leveraging our worldwide engineering, procurement and project management expertise in close collaboration with our customers, we will create quality assets with the highest safety standards and a lower carbon footprint, shaping the industry for a greener future." Seatrium is today the only global offshore and marine engineering group that provides end-toend delivery of projects in key markets, including Brazil. Over the years, the Group has delivered a significant number of projects for Brazil, including FPSOs, Floating Storage Regasification Units, drilling rigs and accommodation vessels, to support the country’s growing energy infrastructure. Its current order book includes four other Petrobras FPSO newbuilds, the P-78, P-80, P-82 and P-83. Beyond creating over 10,000 employment opportunities, Seatrium has also contributed tremendously to the growth and development of the local communities it operates in. -End- Caption: Seatrium Group signs ground-breaking P-84 and P-85 contracts with Petrobras, solidifying its role as a global leader in engineering solutions for the supply of FPSOs. (Photo: Seatrium Limited) First row (seated) from left to right: Mr Chan Wai Hsing, P84 Project Director, Seatrium Mr Fernando Pedrosa, P84 Project Manager, Petrobras Mr Marlin Khiew, Executive Vice President, Oil & Gas (Americas), Seatrium Mr Tiago Vitalino, P85 Project Manager, Petrobras Mr Lai Tak Weng, P85 Project Director, Seatrium Second row (standing) from left to right: Mr Lim Shih Hsien, Executive Vice President, Cyber IT & OT, Seatrium Dr Stephen Lu, Executive Vice President, Strategy, Seatrium Dr Lee Chay Hoon, Chief People Officer, Seatrium Mr Chris Ong, Chief Executive Officer, Seatrium Mr Chor How Jat, Chief Operating Officer, Seatrium Mr Tey Wee Hong, Vice President, Estimating & Floating Oil Solutions, Seatrium Mr Choo Boon Kheng, Senior Vice President, Operations (Tuas Boulevard Yard), Seatrium On Screen: (Top) Mr Marcio Mattoso de Padua, General Manager, Petrobras (Bottom Left) Mr Flavio Alves de Rezende Junior, Bidding Committee, Petrobras (Bottom Right) Mr Edson Rodrigues Braga, Bidding Committee, Petrobras About Seatrium Limited Seatrium Limited provides innovative engineering solutions to the global offshore, marine and energy industries. Headquartered in Singapore, the Group has over 60 years of track record in the design and construction of rigs, floaters, offshore platforms and specialised vessels, as well as in the repair, upgrading and conversion of different ship types. The Group’s key business segments include Oil & Gas Newbuilds and Conversions, Offshore Renewables, Repairs & Upgrades, and New Energies, with a growing focus on sustainable solutions to advance the global energy transition and maritime decarbonisation. As a premier global player offering offshore renewables, new energies and cleaner offshore & marine solutions, Seatrium is committed to delivering high standards of safety, quality and performance to its customers which include major energy companies, vessel owners and operators, shipping companies, and cruise and ferry operators. Seatrium operates shipyards, engineering & technology centres and facilities in Singapore, Brazil, China, India, Indonesia, Japan, Malaysia, the Philippines, Norway, the United Arab Emirates, the United Kingdom and the United States. Discover more at www.seatrium.com . For more information, please contact: Ms Judy Tan Head, Investor Relations and Corporate Communications Tel No: +65 68030254 Email: judy.tan@seatrium.com Ms Clarissa Ho Senior Manager, Investor Relations and Corporate Communications Tel No: +65 68030276 Email: shufang.ho@seatrium.com
- May 24, 2024Technology
Lunit to Showcase 7 Studies at ASCO 2024, including AI Innovations in HER2 Quantification, and Multimodal Predictive Models for Immunotherapy Response
Lunit (KRX:328130.KQ), a leading provider of AI-powered solutions for cancer diagnostics and therapeutics, today announced the presentation of seven studies at the American Society of Clinical Oncology (ASCO) 2024 Annual Meeting in Chicago, from May 31 to June 4. Lunit will present detailed findings on several innovative studies, including the identification of HER2 ultra-low expression in breast cancer using AI-based quantification, and a deep learning-based model integrating chest CT and histopathology analysis for predicting immunotherapy response in non-small cell lung cancer (NSCLC). In a poster presentation, Lunit’s AI-powered HER2 analyzer, Lunit SCOPE HER2, demonstrated the ability to identify HER2 ultra-low expression and differentiate it from true HER2-negative cases in breast cancer patients using continuous subcellular quantification from HER2 immunohistochemistry (IHC) images. According to findings presented at ASCO 2022, HER2-targeted antibody-drug conjugates (ADCs) can effectively target tumor cells even in HER2-low breast cancers. This highlights the importance of accurately identifying HER2-low and HER2 ultra-low expression in breast cancer, especially for patients previously classified as HER2-negative. In response, Lunit developed an AI-based whole-slide image (WSI) analyzer for IHC-stained slides to differentiate between true HER2-negative and HER2 ultra-low cases. The AI model evaluated over 67 million tumor cells and 119 million non-tumor cells from 401 WSIs, identifying a significant proportion of HER2 ultra-low cases among pathologist-assessed HER2 score 0 cases. This AI-powered analysis could expand and refine treatment options for patients with HER2-targeted therapies, as demonstrated by the 23.6% of HER2 score 0 cases identified as HER2 ultra-low by AI, and the 51.9% of HER2 score 1+ cases classified as HER2 low by AI, comparable to the 52.3% objective response rate to a HER2-targeted ADC observed in another clinical trial. In another study, Lunit developed and validated an AI model that analyzes patients' chest CT images alone and in combination with pathology images to predict Immune Checkpoint Inhibitor (ICI) response in NSCLC patients. Lunit's deep learning-based chest CT prediction model, developed using data from 1,876 NSCLC patients treated with ICIs, predicted treatment response based on pre-treatment chest CT scans, along with PD-L1 status and immune phenotype. The model demonstrated significant predictive power as an independent biomarker. Patients predicted as responders by the AI model showed significantly longer median time to the next treatment (TTNT; 7 months vs. 2.5 months) and a longer overall survival (OS; 16.5 months vs. 7.6 months) compared to patients predicted as non-responders. Combining the AI CT model with histopathologic biomarkers such as PD-L1 expression and tumor-infiltrating lymphocytes (TILs) further enhanced prediction accuracy, highlighting the complementary strengths of imaging and pathology data in improving predictive models for ICI response. A collaborative study with Stanford University School of Medicine examined the association of immune phenotypes with outcomes after immunotherapy in metastatic melanoma, highlighting the heterogeneity of immune phenotypes across melanoma subtypes. Another study with Northwestern University utilized AI-powered analysis of tertiary lymphoid structures (TLS) in H&E whole-slide images to predict immunotherapy response in NSCLC patients. This demonstrated AI’s potential in identifying predictive biomarkers for survival outcomes. "At ASCO 2024, Lunit proudly presents seven groundbreaking studies that illustrate our pioneering role in AI-driven precision oncology," said Brandon Suh, CEO of Lunit. "From HER2 quantification to predictive models for immunotherapy response, our work is transforming oncology by making cancer treatment not just personalized but predictive, ensuring the best possible outcomes for patients worldwide.” In addition to the studies above, Lunit will present three more studies at this year's ASCO, demonstrating the diverse capabilities of the Lunit SCOPE suite. The studies include comprehensive histopathomic prediction models for early breast cancer, and hypothetical test-and-control group generation for treatment selection in TPS-high NSCLC. Visit Lunit at booth IH22 to discover how the Lunit SCOPE suite is revolutionizing oncology research and clinical practice. Presentations at ASCO 2024 featuring Lunit SCOPE include: "Identification of HER2 ultra-low based on an artificial intelligence (AI)-powered HER2 subcellular quantification from HER2 immunohistochemistry images" (1115, Poster Board #93) "Deep learning–based chest CT model to predict treatment response to immune checkpoint inhibitors in non-small cell lung cancer independently and additively to histopathological biomarkers" (8536, Poster Board #400) "Artificial intelligence (AI) –powered H&E whole-slide image (WSI) analysis to predict recurrence in hormone receptor positive (HR+) early breast cancer (EBC)" (571, Poster Board #163) "Immune phenotype profiling based on anatomic origin of melanoma and impact on clinical outcomes of immune checkpoint inhibitor treatment" (9569, Poster Board #353) "Artificial intelligence (AI) -powered H&E whole-slide image (WSI) analysis of tertiary lymphoid structure (TLS) to predict response to immunotherapy in non-small cell lung cancer (NSCLC)" (3135, Poster Board #280) "Updated safety, efficacy, pharmacokinetics, and biomarkers from the phase 1 study of IMC-002, a novel anti-CD47 monoclonal antibody, in patients with advanced solid tumors" (2642, Poster Board #121) "Relationship between immune phenotype and treatment selection of Chemo-IO vs. IO-only in TPS-high NSCLC using hypothetical test-and-control group generation based on survival data extracted from phase III trials" (e13569)
- May 24, 2024Health
Adherium will provide its Hailie® Smartinhaler®for an AstraZeneca clinical trial
Adherium Limited (“Adherium” or “the Company”; ASX:ADR), a leader in respiratory eHealth, remote monitoring and data management solutions, today announced that AstraZeneca has selected its Hailie® Smartinhaler® platform for a clinical trial. This contract is valued at $1.1M over the course of three years. AstraZeneca’s inhaled medication use will be recorded and transferred via Hailie Smartinhaler devices. Adherium CEO, Dr. Paul Mastoridis, said: “ This agreement underscores Adherium's strategic commitment to enhancing patient care through advanced technology. Our Hailie® platform is designed to ensure precise monitoring and support for patients with respiratory diseases, facilitating the pursuit of tailored therapy. " Adherium will be providing Hailie® Smartinhalers®, Hailie® app and Platform for the trial, allowing for accurate tracking of inhaler medication use through the selected eCOA (Electronic Clinical Outcome Assessment) devices.
- May 24, 2024APAC
Weebit Nano and Efabless collaborate to enable easy, affordable prototyping of innovative SoC designs
Weebit Nano Limited (ASX:WBT), a leading developer and licensor of advanced memory technologies for the global semiconductor industry, and Efabless Corporation , the creator platform for chips, announce their collaboration to enable fast and easy prototyping of intelligent devices using Weebit’s technology. Under this agreement, Efabless chipIgnite customers have access to Weebit’s Resistive RAM ( ReRAM or RRAM ) IP, an innovative non-volatile memory ( NVM ), which they can incorporate into their designs manufactured using SkyWater Technology Foundry’s 130nm CMOS (S130) process. chipIgnite is an innovative open-source chip design platform that makes it easy and affordable to design and fabricate chips for prototyping or small production programs in areas such as IoT, artificial intelligence and other burgeoning applications. As chipIgnite users prototype and test their next-generation designs, they can now take advantage of Weebit ReRAM to embed more system capabilities in their products. Weebit ReRAM is an advanced NVM technology that enables companies to create systems on chip ( SoC ) designs that are more energy efficient, more reliable, more secure and lower cost than those using flash or other emerging NVMs. Weebit ReRAM technology in SkyWater S130 is an ultra-low power, fast, radiation tolerant and secure NVM with excellent reliability even at high temperatures. The technology is qualified for automotive-grade temperatures, and ready for production. As part of the collaboration, Efabless customers will pay a small fee to use Weebit ReRAM in their designs. If the customer decides to move to commercial production with their design, they will license the Weebit ReRAM IP directly from Weebit. Coby Hanoch, CEO of Weebit Nano, said: “The Efabless chipIgnite program is exciting, as it enables academics, researchers, startups and even groups within large OEMs to quickly and cost-effectively develop and test new designs. As we embark on this collaboration, we anticipate that it will broaden industry awareness of Weebit ReRAM and grow the community of designers using our technology. Some of these users will ultimately want to license our product for commercial production, and we’re working with Efabless to accelerate this process.” Mohamed Kassem, CTO of Efabless, said: “Efabless makes chip design and prototyping easy and affordable. We are seeing increased interest in creating designs with integrated NVM. We’re delighted to add Weebit’s innovative ReRAM IP to our portfolio, enabling our users to build more capabilities and intelligence for applications such as TinyML. By embedding NVM on-chip in their prototypes, designers can better understand the real-life behavior of their devices.” About Efabless Efabless offers a platform applying open source and community models to enable a global community of chip experts and non-experts to collaboratively design, share, prototype and commercialize special purpose chips. Over the past three years, 1300 designs and six hundred tapeouts have been executed on Efabless. The company’s customers include startups, Fortune 500 companies, universities, and research institutions around the world. For more information, please visit www.efabless.com . About Weebit Nano Limited Weebit Nano Ltd. is a leading developer and licensor of advanced semiconductor memory technology. The company’s ground-breaking Resistive RAM (ReRAM) addresses the growing need for significantly higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence. Weebit ReRAM allows semiconductor memory elements to be significantly faster, less expensive, more reliable and more energy efficient than those using existing flash memory solutions. As it is based on fab-friendly materials, the technology can be quickly and easily integrated with existing flows and processes, without the need for special equipment or large investments. See www.weebit-nano.com . Weebit Nano and the Weebit Nano logo are trademarks or registered trademarks of Weebit Nano Ltd. in the United States and other countries. Other company, product, and service names may be trademarks or service marks of others. – ENDS – Weebit Nano Investors Eric Kuret, Automic Group P: +61 417 311 335 E: eric.kuret@automicgroup.com.au Weebit Nano Media – Australia Tristan Everett, Automic Group P: +61 403 789 096 E: tristan.everett@automicgroup.com.au Weebit Nano Media – US Jen Bernier-Santarini, Weebit Nano P: +1 650-336-4222 E: jen@weebit-nano.com Efabless Media Andrea Vedanayagam P: 408.656.4494 E: andrea@efabless.com
- May 24, 2024Business
Ascott expands its strategic partnership with Warees with its latest signing of lyf Chinatown Singapore, bringing the lyf brand properties to a tally of five locally
Facade of Jamae Chulia Heritage fronting Mosque Street The Ascott Limited (Ascott), the lodging business unit wholly owned by CapitaLand Investment (CLI), together with Warees investments Pte Ltd (Warees), announced their 2nd strategic partnership at the signing ceremony of lyf Chinatown Singapore. This event took place during the groundbreaking ceremony of Jamae Chulia Heritage, which was graced by Mr. Masagos Zulkifli, Minister for Social and Family Development, Second Minister for Health, and Minister-in-charge of Muslim Affairs alongside distinguished guests and key stakeholders. Ascott’s strategic partnership with Warees began in 2004 with the launch of Somerset Bencoolen Singapore. In 2019, Somerset Bencoolen Singapore underwent renovations to enhance the property, providing a refreshing update. This 20-year strategic partnership has now been strengthened with the signing of lyf Chinatown Singapore, further solidifying the collaboration. Commissioned by Warees through WJC Heritage Pte Ltd and managed by The Ascott Limited, lyf Chinatown Singapore which spans 3,394 sqm is the 5th property in Singapore under the lyf brand. Slated to open in mid-2026, lyf Chinatown Singapore will comprise 90 accommodation units along with social spaces such as coworking lounge ‘Connect’ , social kitchen ‘Bond’ , launderette ‘Wash & Hang’ , gym ‘Burn’ , roof top swimming pool ‘Dip’ as well as outdoor courtyard and terrace. Commissioned by Warees through WJC Heritage Pte Ltd and managed by The Ascott Limited, lyf Chinatown Singapore which spans 3,394 sqm is the 5th property in Singapore under the lyf brand. Slated to open in mid-2026, lyf Chinatown Singapore will comprise 90 accommodation units along with social spaces such as coworking lounge ‘Connect’ , social kitchen ‘Bond’ , launderette ‘Wash & Hang’ , gym ‘Burn’ , roof top swimming pool ‘Dip’ as well as outdoor courtyard and terrace. Since the inception of lyf (or ‘live your freedom’) as a coliving brand, the brand has now broadened into a multifaceted hospitality experience that rides on the growing demand for experience-led social living. Currently present in 23 cities across the world, with over 5,900 units both operating and in the pipeline, lyf spans flexible typologies, ranging from coliving accommodation and city hotels to full-service resorts. Tailored for the next-generation traveller including digital nomads, technopreneurs, creatives and self-starters, lyf offers a stay experience that transcends the conventional, delivering on connectedness, community, conversation, coworking and coliving. Whether it is a short visit, an extended stay, or a desire for a permanent address, lyf aims to establish itself as the trusted accommodation brand that connects guests with the city, its people, and its culture. Commissioned by Warees through WJC Heritage Pte Ltd and managed by The Ascott Limited, lyf Chinatown Singapore is the 5th property in Singapore under the lyf brand Ms. Wong Kar Ling, Chief Strategy Officer, Ascott and Managing Director of Southeast Asia, Ascott said: “We are thrilled to add a new lyf property in Singapore, expanding our local portfolio to a total of 23 properties spanning different brands. Today’s travellers and residents are not just about reaching a destination or finding a place to stay but immersing oneself in the heartbeat of a community, making connections and seeking unique experiences. lyf is designed to capture this demand for experiential-led social living, with its dynamic design, flexible space and well curated programmes, providing a vibrant community for individuals to live their freedom and connect with like-minded individuals. lyf Chinatown Singapore, being situated in the heart of this dynamic enclave, offers travellers and residents the opportunity to fully immerse themselves in the rich culture, diversity, and energy of the locale.” Lobby of lyf Chinatown Singapore Outdoor communal space at roof terrace of lyf Chinatown Singapore The lyf brand's Stay, Work, Play concept ensures that guests have tastefully designed and functional apartments with shared social spaces, such as various workspaces for individual and project work, and guest experiences designed around Arts, Culture & Entertainment , Fashion , Beauty & Design , Health & Wellness , Technology & Sustainability , and Food & Beverage . As lyf Chinatown Singapore is strategically located in Chinatown, its #lyfgoesLOCAL guest experiential programme will focus on the arts and culture theme, attractions, and partnerships from the local neighbourhood. The locale is also known for its dining hotspots and vibrant ethnic communities, thus enriching guests’ overall living experience. Mr. Masagoes Isyak, Chief Executive Officer, Warees said: “lyf Chinatown Singapore, located within Jamae Chulia Heritage is an important and strategic asset in Warees’ investment portfolio. It ties in perfectly with our overall Core-Flex model where we diversify our real estate projects between traditional commercial developments and flexible living and working spaces. This project, when completed, will also be the first lyf in Singapore to be housed in a newly developed building alongside 4 pre-war conservation shophouses at Pagoda Street. This special partnership between Warees and Ascott showcases our unique ability to reimagine heritage by synergising the old and the new. Warees is therefore delighted to continue our longstanding partnership with Ascott to curate the service residence so as to appeal to the evolving needs of the travellers and create social value through placemaking.”
- May 23, 2024Business
Duopharma Biotech optimistic on 2024 outlook with Q1FY2024 results
Duopharma Biotech Berhad ("Duopharma Biotech" or "the Company") reported a 15.2% increase in revenue for the quarter ended 31 March 2024 compared to the preceding quarter, with a revenue of RM192.97 million compared to RM167.50 million in the last quarter ended 31 December 2023. Year-on-year, however, the Q1FY2024 revenue lagged the same period year, down 3.7% from Q1FY2023, which recorded revenue of RM200.48 million. The results are also reflected in the profit before tax (PBT) for the first quarter of 2024, which amounted to RM20.10 million, compared to RM28.29 million in the corresponding period last year, a decrease of 29.0%. Meanwhile, the PBT for Q1FY2024 saw significant recovery quarter-on-quarter, coming in at 185.8% higher than the RM7.03 million PBT recorded in Q4FY2023. The marginally lower year-on-year revenue and PBT were attributed to lower demand in the prescription pharmaceutical markets, both in the private ethical and public health segments. Additionally, increased operational costs associated with the full operation of the newly completed K3 facility, higher finance costs and unfavourable exchange rates have contributed to the decline in profitability. Leonard Ariff Abdul Shatar, Group Managing Director of Duopharma Biotech, commented, "The persistent challenges, such as strengthening in the United States Dollar, high electricity tariffs and high interest rates, continue to pose pressure on manufacturing margins and overall profitability. However, the Group remains focused on enhancing operational efficiencies internally to cushion the surge in operational and finance costs caused by these challenges." Recently, Duopharma Biotech subsidiaries Duopharma (M) Sendirian Berhad and Duopharma Manufacturing (Bangi) Sdn Bhd respectively received and accepted seven and four Letters of Offer from Pharmaniaga Logistics Sdn Bhd to supply pharmaceutical and non-pharmaceutical products to the Government of Malaysia's offices and facilities. All contracts are valid until 31 December 2026 with a total estimated value of approximately RM578.09 million. The record-high budget allocation of RM41.20 billion for the healthcare sector in Malaysia's 2024 Budget is anticipated to continue to increase demand for medical supplies, benefiting pharmaceutical players in the market. Despite ongoing challenges, Duopharma Biotech remains optimistic about the future, with a steadfast commitment to its long-term growth prospects. "We will continue to focus on strategic collaborations to navigate challenges and drive sustainable growth in the coming quarters, leveraging our strengths and seizing local and regional opportunities to deliver value to our shareholders. With the acceptances of new supple agreements with the Government of Malaaysia, the Group poised to deliver satisfactory performance in 2024, barring unforseen market changes and developments." Leonard Ariff added. The Board of Directors did not recommend any interim dividend for the current quarter ended 31 March 2024, Meanwhile, during Q1FY2024, the Group paid a second interim dividend of 1.8 sen in respect of financial year ended 31 December 2023, amounting to total divendend of 2.3sen per share paid for financial year ended 31 December 2023.
- May 23, 2024Business
REDPAPER predicts growth for industrial properties, new trends enhance flexibility and sustainability
REDPAPER, an insight report on real estate data and trends by Frasers Property (Thailand) and Jones Lang LaSalle (Thailand) Company Limited, or JLL Thailand, forecasts an upsurge in the real estate industry, influenced by the global geopolitical landscape and the China Plus One policy. It also highlights the impressive growth momentum of the New S-Curve industries, which is driving continuous expansion in factories and warehouses. Additionally, the company has introduced innovative “built-to-function” solutions for Thailand's latest industrial buildings, catering to specific tenant needs and ensuring rapid relocation. Titled ‘Insights on Thailand's Future-Focused Industrial Property Sector’, REDPAPER underscores the proactive expansion of industrial real estate, catalysed by significant growth over the past 2-3 years. This surge is fuelled by the rapidly expanding e-commerce sector, driven by economic dynamics and global geopolitical tensions, as well as international companies’ strategies to diversify investments beyond China. Thailand’s readiness, characterised by attractive investment promotion policies, strategic location, robust infrastructure, and skilled labour force, establishes the country as an attractive investment destination for foreign investors, especially in government-targeted industries for advancement. Over the past decade, Thailand’s manufacturing sector has played a crucial role in the economy, contributing more than a quarter to GDP. Under the New S-Curve strategy, which aims to drive the economy through future industries, sectors like electric vehicle (EV) manufacturing and electronics and electrical appliance (E&E) manufacturing, particularly semiconductor products, have gained significant importance. These sectors are vital in terms of production and connectivity with other sectors such as robotics and communication networks, which requires close monitoring. In 2023, the EV manufacturing industry saw enormous growth of 380%, while the E&E industry expanded by 256% compared to the previous year,1 indicating a major increase in investment. The growth of the above-mentioned industries has resulted in increased demand for rental spaces in factories and warehouses, attracting new players to the market. Between 2018 and 2023, there was an annual addition of 25,000 square metres of rental factory space and 282,000 square metres of warehouse space. Due to the diverse demands of the market, along with the capability of major providers to develop high-quality factories and warehouses, there has been innovation in the development of new types of industrial buildings that blend ready-built and built-to-suit approaches. This new model is called “built-to-function”, which meets the needs of investors by delivering ready-to-use buildings that incorporate specialised features suited for standard structures. It is particularly suitable for logistics service providers (3PL) specialising in specific products/services as well as corporate clients who require specialised ready-to-use buildings. Additionally, built-to-function industrial buildings help service providers reduce the risk of vacancy rates based on typical demand forecasts. This gives a competitive edge to real estate developers already engaged in developing ready-built and built-to-suit buildings by bridging market gaps through the enhancement of existing products. A key trend that has influenced the development of industrial buildings recently is the interest of global investors in environmental, social, and governance (ESG) factors. These investors are looking for developers and service providers who can deliver high-quality buildings that meet sustainability standards. The international green building standard, Leadership in Energy and Environmental Design (LEED), has been applied to support sustainable operations in industrial real estate, which is a part of the value chain in business. REDPAPER reports that Thailand’s extensive preparedness across various sectors, coupled with increased investment from foreign investors and the presence of leading industrial real estate developers, underscores the country’s readiness to grow as a major hub for manufacturing and distribution. Read more at www.frasersproperty.co.th/th/downloads/redpaper 1 The growth of the EV industry is gauged by the number of registrations for all types of electric vehicles, while the growth of the E&E industry is evaluated through the value of investment promotion applications received by the BOI.
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