Company Notes 2017.06.30

On earnings calls

Magni-Tech Industries in a filing with Bursa Malaysia

The garment segment accounted for about 89.1% and 95.3% of the Group’s revenue and profit from operations respectively.

Garment revenue surged by 38.8% which was mainly due to higher sale orders received and to a moderate extent aided by favourable foreign exchange movements.

Packaging revenue increased by 1.7% mainly despite the cessation of SIPP’s business in Q4-FYR 2017.


LKL International in a filing with Bursa Malaysia

…the lower revenue generated from medical/healthcare beds segment due to economic slowdown generally. Local market continued to contribute a significant portion amounting to 67.03% of the total revenue.

The fully automated Computer Numeric Control (“CNC”) punching machine (TruPunch 2000) which was acquired and completely installed is now fully operational, whereas the CNC laser tube machine (TruLaser Tube 5000 Fiber) is expected to be operational in the Q2 FY2018. These machines will increase the operations efficiency and process accuracy with less wastage, as well as reduce the dependency on manual labour.

The joint venture with T.M.I Solutions (Pvt) Ltd to distribute selected Nihon Kohden products has commenced its business in Q1 FY2018.


Hai-O Enterprise in a filing with Bursa Malaysia

The successful strategy transformation which focused on smaller consumer products and targeted recruitment strategy have continued attract more young entrepreneurs to join in as distributors.

Despite higher sales generated from patented medicine, it was offset by the drop in sales of duty-free goods. The drop in duty-free products’ sales was mainly due to the imposition of more stringent rules by authority on duty-free trade in border town.

The success in re-branding of its key beverage product “Min kaffe” during the year had attracted many consumers and boost up the sales of this product. The intensive member retention program and member recruitment campaign carried out during the year had resulted monthly average new members increased by about 5,000.

The implementation of CRM system which provided E-commerce platform had helped to increase distributors’ productivity and efficiency.


Hiap Tech Venture in a filing with Bursa Malaysia

The outlook of the steel industry in Malaysia in 2017 remain positive if China remains committed and steadfast in cutting its steel output capacity and other proactive actions which will prevent the dumping of cheap steel exports to Malaysia.

The majority of steel products produced locally is destined for infrastructure and construction sector applications. Hence, the outlook for the steel industry in Malaysia very much depends on the growth and performance of this sector. The construction sector is expected to maintain its robust performance with a targeted double-digit growth of 10.3% through new construction works valued at RM138 billion in 2017.


KM Loong Resources in a filing with Bursa Malaysia

We foresee an increase in FFB production from young mature areas and strong FFB yield recovery in Keningau region in where about 50% of the Group’s planted mature area is located. We expect the FFB production to be potentially 20% higher comparing the quantity achieved in the FY2017.


NTPM in a filing with Bursa Malaysia

…we would have felt the full impact on the cost arising from the raise the minimum wage for employees in Peninsular Malaysia by RM100 to RM1,000 per month, and to RM920 from RM800 for employees in East Malaysia starting from 1 July 2016, the recent increased volatility in the foreign currency exchange rate, pose a challenge for the Group to contain and monitor its manufacturing cost.


Subur Tiasa in a filing with Bursa Malaysia

In view of prevailing tight supply of logs in the market as the result of the forest management and timber certification initiated by the authority, timber prices are expected to sustain. The higher tax premium on timber imposed by state authorities will impact the performance of timber division.


Cypark Resources in a filing with Bursa Malaysia

…the implementation of Net Energy Metering Programme by SEDA will provide us with new opportunity to expand our renewable energy project portfolio. Cypark currently has been given first right to undertake the turnkey EPCC, management & operation contract to develop 15MW (dc) solar plants by the winners of the first LSS tender.

Our Biogas to Energy project will start to contribute to our revenue once our Fully Anaerobic Bioreactor System (FABIOS) in Ladang Tanah Merah is commissioned in 2018. We also plan to expand our biogas activities to include Palm Oil Mill Effluent (POME).

…focus our research & development resources in developing business opportunities from energy storage, exportable Biomass Solid Fuels (BSF) and Energy Efficiency (EE) projects.

…confident to secure more government contracts for landfill closures and new sanitary landfill projects. We believe that we have strong competitive advantage based on our solid track records of successful completion of 18 landfill closure projects covering total area of about 600 acres nationwide and our success in constructing and operating 1000 tpd sanitary landfill in Negeri Sembilan which is one of the country’s largest and most modern facilities.

…our current successes have made Cypark as the preferred partner for many world renowned green technology providers such as Hitachi (Japan), TESCO (Japan) and Ciel Terre (France).

On logistic services

Tasco shareholders approve venture into cold chain business

“The expected RM110mil revenue contribution represents about 15%-20% of our overall top line based on our revenue last year. We consider this to be a conservative projection, as we did not include the value that could be generated via the synergy created between the new cold chain segment and our other existing business segments. We believe that the acquisitions that have been approved by our shareholders would position us as one of the best end-to-end logistics solutions providers.”


Tasco develops global distribution hub in DFTZ for Renesas

“Whatever [Renesas] produces is sent to our KLIA warehouse to be integrated. We have something like a factory where we do ‘pick and pack’, and from there we distribute [the products] globally.

“The warehouse is actually temperature-controlled. It is how we will expand our dry service menu into the cold service menu — not just for food and beverages or pharmaceuticals, but also for semiconductors.

“Malaysia still carries very good conditions to be a regional hub. [However,] we see operations getting more sophisticated and need many things to cope [with that].”

“Our focus for the Westport land is making it a regional hub. We would like to promote it to existing customers.”


On banking

Non-performing loans to rise — S&P

The household debt-to-GDP ratio was 88.4%, while corporate debt was about 110% of GDP in Malaysia.

“The rate hikes are expected to lead to a higher NPL ratio among local banks to between 1.8% and 2%, up from a near-historical low of 1.6%.”

“Malaysian banks in general [have focused on] protecting their bottom line, but we do have our doubts about how sustainable this approach can be in the future. The banks need to grow, and they have constant requirements to invest in compliance and technology.


Banking sector consolidation faces many stumbling blocks — S&P

“We have a saturated banking sector. There are a lot of cannibalisation and duplication in the sector as a whole. So, there is a clear need for consolidation, which has taken place at a very slow pace.”

The sector’s net interest margins have been trending downwards consistently for the last five or six years, adding that profitability has been declining.


On corporate development

U Mobile ends network sharing deal with Maxis

Maxis said the termination is a convenience option available to U Mobile under the NSA. The termination will take place in stages over a period of 18 months with completion on Dec 27, 2018. U Mobile is not obliged to compensate for terminating the NSA as the company has an option to review the NSA after five years from the agreement’s commencement date.

“For FY17, the impact is going to be minimal, but it can be material moving forward. Assuming the fee to be stagnant at FY16’s level, that would be almost RM1 billion from FY19 through FY21.”

U Mobile was seen as a winner in the Malaysian Communications and Multimedia Commission’s spectrum reallocation exercise last year, where it was allocated 2x5MHz of the 900MHz frequency and 2x15MHz of the 1,800MHz frequency for 15 years effective July 1 this year. The spectrum used to belong to Maxis and Celcom.


Bumi Armada climbs on Armada Kraken first oil

“Achieving first oil on the Armada Kraken FPSO is an important milestone, as we work to deliver oil to our clients, EnQuest plc and Cairn Energy plc, and work towards receiving the charter income for Bumi Armada.”

The Armada Kraken is the third of four FPO projects Bumi Armada is starting up this year. “She is our first ever heavy oil production facility and has the largest liquid handling capacity in our fleet (460,000 barrels of liquid per day) and she marks Bumi Armada’s entry into the North Sea as a production facilities owner, operator and duty holder.”


Gamuda stands to gain from booming construction sector

…to benefit from the booming construction sector in Malaysia, given its dominant roles in the MRT and other rail-based projects.

…to ride on the next infrastructure/property boom in Penang via its project delivery partner role in the Penang Transport Master Plan.

“…there would likely be a lag effect before more meaningful earnings contribution, as land acquisition and actual mobilisation of machinery could be slower than expected for a project like the ECRL.”

Gamuda’s order book is still 50% lower than management’s target of RM10bil per annum.


Alibaba ups its stake in Southeast Asia’s Lazada with $1 billion investment

“That [valuation] is quite a significant uptick and overall that reflects the great performance and traction that Lazada has seen. It also reflects that Alibaba continues to be extremely positive about this region, doubling down on Southeast Asia and seeing the potential.”

“The e-commerce markets in the region are still relatively untapped, and we see a very positive upward trajectory ahead of us. We will continue to put our resources to work in Southeast Asia through Lazada to capture these growth opportunities.”

Twitter Snacks 2017.6.28

 

Curated Insights 2017.6.25

Conglomerates didn’t die. They look like Amazon

Amazon’s role as both a distributor and cloud provider for many of its competitors gives it an unfair advantage. This dual role also enables a platform to exploit information collected on companies using its services to undermine them as competitors.

…it has the potential to become so dominant in so many areas that its impact could be more than simply lowering prices for consumers; it could put large companies out of business…Were that to happen, this new breed of Silicon Valley conglomerates may become more powerful — and resilient — than the 20th-century conglomerates of yore.


Amazon’s new customer

Apple’s goal was not to build a phone but to build an even more personal computer; their strategy was not to add on functionality to a phone but to reduce the phone to an app; and their tactics were not to duplicate the carriers but to leverage their connection with customers to gain concessions from them.

Amazon’s goal is to take a cut of all economic activity.

Amazon is building out a delivery network with itself as the first-and-best customer; in the long run it seems obvious said logistics services will be exposed as a platform.

…transform the Whole Foods supply chain into a service architecture based on primitives: meat, fruit, vegetables, baked goods, non-perishables.


Hubert Sagnières, Essilor CEO, on an eyewear megamerger

Essilor, alongside non-governmental organisations, trains locals to do simple eye tests. They can then order cheap lenses costing between $3 to $4 from their mobile phones. In the long term, Essilor wants to tap into the 2.5bn people around the world who need corrective vision but do not have it because they cannot yet afford it.

“We are not meeting the demand, we are creating it.”


Wall Street blames shale, but shale points the finger right back

“The biggest problem our industry faces today is you guys. You don’t reward capital efficiency, you reward growth.

“So just think about trying to look at situations where capital efficiency actually can be rewarded and that’s not a company-specific comment, it’s more of a generic, because the more the capital-efficient companies are rewarded in the marketplace and growth is not, then you guys will help us help ourselves and we’ll be in a better place, but if you keep rewarding growth without return, you’re just going to help compound the problem that we have today, where I think a lot of us feel very much in need of showing growth because if you’re a growth and value investor, you need to see little bit of both.”

Cash companies keep overseas
How big is bitcoin, really?
Who Americans spend their time with

Company Notes 2017.6.23

On earnings calls

The outlook for crude oil prices remains uncertain. The trend of prolonged low levels of capital spending is expected to continue and poses significant challenges to the industry. – Sapura Energy in a filing with Bursa Malaysia


The outlook in the O&G sector remains challenging and uncertain due to protracted oversupply. Overall global economic conditions remain challenging, with higher downside risks. – Yinson in a filing with Bursa Malaysia


On the back of encouraging demand, Superlon is looking to expand its capacity by setting up a new factory in Vietnam (“Factory 4”)…plans to invest approximately USD 4 million for the expansion plans and is targeting for Factory 4 to commence production in the FY2019. The new factory would enable Superlon to strengthen its presence and support its customers in Vietnam and neighbouring countries. – Superlon in a filing with Bursa Malaysia


With the anticipation of more states to ban the use of polystyrene as food packaging in Malaysia in response to the ongoing regulatory ban of non-environment friendly products, the demand for the plastic food trays and other degradable food packaging products is expected to increase in the near future. – SCGM in a filing with Bursa Malaysia


…hopeful with the commissioning of our advanced gasification green energy system at our Kuang plant, will open a new corridor for us to tap on quickly the vast potential of the demand for our green energy generation system in the region. – Comintel in a filing with Bursa Malaysia


In the rubberwood furniture segment, demand for processed materials and components are not expected to grow as furniture manufacturers do not anticipate any significant uptick in export demand. In addition, the industry is increasingly sourcing for cheaper alternative substitutes such as chipboards and also tropical timber-based materials. – SYF Resources in a filing with Bursa Malaysia


Lucenxia, the home dialysis business is still going through regulatory and trial stages in different part of the country and region. This period of regulatory registration was underestimated and took much longer than estimated. – Adventa in a filing with Bursa Malaysia


“…anticipates a good performance this year from the steady earnings of expressway concessions division and the ramping up of works for KVMRT Line 2. The property division’s performance is expected to be stronger in the next few quarters due to the launches of several new projects in Malaysia and overseas.” – Gamuda in a filing with Bursa Malaysia


On corporate development

“Capital expenditure depends largely on the type of feedstock used to generate energy from waste. Going forward, we would like to focus on solving the challenges faced with municipal solid waste.

“Our system powered by thermal decomposition is suitable because it is modular, decentralised and need not be large. It costs about US$5-7 million per megawatt to install, which is dependent on the waste composition and moisture content.” – Comintel ED Loh Hock Chiang


“Manufacturing condoms is quite similar to making rubber gloves and we already have the technology. The profit margin is much higher than glove manufacturing. Our competitive advantage is our market size. We currently have 195 countries in coverage, 3,000 customers, and [use] advanced technology.” – Top Glove chairman Lim Wee Chai


“PRG’s green initiative features three stages — the first being the installation of charging stations in various areas within Sunsuria City.

“The second stage will include installing more EV charging stations at prospective locations within the Klang Valley, and the final stage includes locations beyond the first and second stages, depending on the demand.

“Going forward, we do not discount the possibility to work with highway operators, petrol stations, mall owners, car dealers, national airports and commercial buildings for such initiative.” – PRG MD Alex Wee Cheng Kwan


Superlon targets a payout ratio of at least 30% of its audited consolidated profit after taxation attributable to shareholders for each financial year, after excluding non-operating income that is capital in nature. – Superlon in a filing with Bursa Malaysia


The new stretch film manufacturing facility in Phoenix, Arizona in the U.S. is expected to have a commercial rollout by end of 2017. It forms part of the pivotal and strategic move by the Group to be close to its customers and its sources of raw materials as well as access to other new customers in the region.” – Scientex in a filing with Bursa Malaysia


Assuming that the proceeds from the sale were utilised to pare down borrowings, the annual savings in interest is expected to be approximately RM4.6 million based on an average interest rate of approximately 5.5% per annum. – E&O in a filing with Bursa Malaysia


On regional infrastructure

The outlook of the construction industry remains encouraging as it continues being driven by government-led initiatives and spending, in particular projects such as highways and other public infrastructures. – Advancecon in a prospectus filing with Bursa Malaysia


“Central government funding for infrastructure, an area that we have traditionally viewed as notably inadequate in Indonesia, jumped by over 20% in the latest 2017 budget, and it now stands at 2.5 times what was allocated just three years ago.” – Bina Puri ED Matthew Tee


“We manage to clear the hiccups related to land compensation issues, weather and site conditions, government red tape, regulation changes and so forth…Notwithstanding the increased budget owing to delayed construction, the power plant remains an attractive investment with reasonably good returns.” – Sarawak Cable CEO Aaron Toh Chee Ching


On raw material prices

“This [nearly 30%] surge in waste paper prices is caused by the producers in China. When international prices go up, it will somehow affect the local prices. This year’s pricing is quite volatile compared with the last five to eight years.” Muda deputy MD Lim Chiun Cheong


Management’s comments on future prospect

“The market is very tough as shopping malls in the Klang Valley are mushrooming. Our intention of selling the mall remains the same…if the price is right. Discussions with interested parties are still ongoing…But all of a sudden, many other property companies started coming up with the same product, leading to the excess supply which we see in the market today.” – JAKS Resources senior GM Steven Ang


“This is our bread and butter. We have experience in this [metering] industry, we have our regular customers and the business continues to grow. Last year, we expanded to Nepal, and we are going to India as well. We are exporting to 43 countries currently.” – George Kent chairman Tan Kay Hock


“Even low-cost houses have air conditioners. So, the production cost of air conditioners has come down but demand has increased, especially in markets such as India — it’s huge.” – Alcom MD Heon Chee Syong

Company Notes 2017.6.16

On earnings calls

Malaysia segment recorded higher profit before tax mainly due to higher sales orders from key customers, including the new box built orders from key customers. The new production lines that were commissioned earlier are now running at optimal capacity. – V.S. Industry in a filing with Bursa Malaysia

“Our clients are experiencing brisk sales growth with their new products, effective marketing campaigns and enhanced distribution channels. We will ride on our clients’ growth, supporting them in every step of the way with our integrated manufacturing capability to produce quality products in the quantity required by them on a timely basis.” – V.S. Industry MD SY Gan


Local competition was more intense with some distributors offering enormous cash incentives at an unprecedented level, thus putting further pressure on our strategy to sell at the full price offered with value added packages.

The contraction in profit margin was also partly caused by the Mazda CX-5 run-out programme as more sales incentives were given in anticipation of the arrival of the all-new model.

Demand for passenger cars is expected to be soft as the weak job market and uncertainty will likely cause customers to defer their purchases…will continue to focus on driving sales at full selling prices with value offerings as this will in the longer term augur well for the Mazda brand image and popularity.” – Bermaz Auto in a filing with Bursa Malaysia


Management undertook measures to curtail further losses in future such as the closure of non-performing restaurants and outlets. These measures led to impairment of fixed assets and intangible assets.

…expects Starbucks to maintain its revenue growth momentum, and the price adjustment in the previous quarter is expected to mitigate the negative impact from the fluctuating Ringgit Malaysia and poor results of KRR operations in Malaysia. – Berjaya Food in a filing with Bursa Malaysia


The decrease in licensing revenue was due to loss of content recovery for a sports channel. The decrease in subscription revenue was mainly due to lower package take-up.

…re-positioning its business with emphasis towards personalization, mobility and interactivity with customers, focusing on executing its key strategies on: (1) digitalising our legacy business; (2) rapidly scaling our digital ventures; (3) deepening strength in verticals and building a robust innovation pipeline… – Astro Malaysia in a filing with Bursa Malaysia


Shipment of furniture from our Malaysian factories increased substantially as a result of the coming on-stream of new products, including panel based bedroom models. Contribution from the panel based bedroom models for the US market increased to 20% from 5% previously.

Shipment of furniture from our Vietnamese operations was also higher in line with the improvement in the US economy and its efforts to ship higher value orders to the US. – Poh Huat Resources in a filing with Bursa Malaysia


…the increased business volume and the aggressive stance to invest more to upkeep its outlets and getting more talents to join its workforce for the expansion plan.

…is confident that Bison can maintain its competitive edge and position in the Convenience Store segment. Bison is in progress with its action plans. However, there is a delay in the commissioning of its distribution center in Johor Bahru due to the plan to enlarge and install a better-equipped facility. – Bison Consolidated in a filing with Bursa Malaysia


The strong engagement achieved brought in a fresh new wave of customers and additional referrals which were successfully converted into sales by many projects in the Klang Valley, Iskandar Malaysia and Penang. – Eco World Development in a filing with Bursa Malaysia

Interest in all three projects in the UK remain healthy bolstered by good construction progress on site and positive developments in the surrounding areas where the projects are located.

…will continue to seek out well-located development sites in London, Sydney and Melbourne where it has established a strong track-record and customer following to replenish its land bank. – Eco World International in a filing with Bursa Malaysia

“We will see profit recognition beginning in FY18 as handover commences in phases starting with London City Island and Embassy Gardens…Our plans for the second half of 2017 include the completion of the proposed acquisition of 80% of the issued capital in Eco World-Salcon Y1 Pty Ltd and the launch of the Yarra One development in Melbourne.” – Eco World International CEO Teow Leong Seng


The increase in revenue was due to higher ASP as a result of the increase in raw material costs although business volume was lower. – A-Rank in a filing with Bursa Malaysia


…has been incurring losses for the past 5 years as a result of softening demand for the fixed wing pilot training market in Malaysia mainly due to local major airlines cutting back on their training program for new pilots. Due to lack of business in the fixed wing pilot training, the mechanical engineering division which specializes in oil, gas and petrochemical has become the significant contributor in terms of revenue.” – APFT in a filing with Bursa Malaysia


By December 2018, Top Glove is projected to have 31 glove factories, 628 production lines and a production capacity of 59.7 billion gloves per annum. It will also continue to explore synergistic M&A and JV, as well as new set-ups, particularly in closely related industries such as nitrile latex factory, packaging materials (glove inner boxes) and condom factory, towards enhancing shareholder value.” – Top Glove in a filing with Bursa Malaysia


On corporate development

…is considering the pursuit of a separate listing of its automated solution business on the Main Board of the Stock Exchange of Hong Kong Limited…will undertake a reorganization of its subsidiaries involved in the automated solution business and these subsidiaries will continue to remain as subsidiaries of Pentamaster upon completion of the proposed listing. – Pentamaster in a filing with Bursa Malaysia


“It has to be [listed] eventually as we need funds and a listing will be a way to marshal funds from the market. We want to expand overseas as well, but we need a strong brand first…We won an award that puts us on par with Mount Elizabeth Hospitals in Singapore, which has helped with our branding.

“It will take a couple of years, although we could list now if we wanted to, because we have the track record. But it might not give us the value that we want so we’d rather wait for a few years.” – Sunway chairman Jeffrey Cheah during AGM


…despite management’s efforts to reorganise Anzpac’s remaining lithography printing business in its non-tobacco customers, the Board is of the view that Anzpac’s business is no longer viable or sustainable. – Tien Wah Press in a filing with Bursa Malaysia


On regional properties & construction

“We look forward to working with our partner Hongkong Land on this exciting new development, which will bring office space of the highest quality to Singapore’s premier Central Business District.” – IOI Properties CEO Lee Yeow Seng

“Our new joint venture allows Hongkong Land to expand its portfolio of prime commercial properties in Marina Bay and demonstrates our long-term confidence in the Singapore property market. We are delighted to partner with IOI Properties to deliver the exceptional levels of design, construction and management that our tenants expect.” – Hongkong Land CEO Robert Wong


“We are open to opportunities overseas. If there is a good point to go abroad, then why not? But we are not in a hurry as we have enough land bank in Malaysia to keep us busy.

“You need to have deep pockets and really understand the market well. At the moment, the outlook for foreign [property] markets may not be very bullish than it was before although I would say it is healthy.

“Seeing the current slowdown in the property market, it’s a good opportunity for us to lock in more land as there is less competition among developers, which means we have more choices in terms of location.

“We have enough [cash] to readily acquire more land so it does not make sense for us to merge with anybody. When you merge with another developer, you must have a good rationale, whether it’s to improve cash flow, increase land bank or leverage on others’ expertise.

“It is not easy to manage a construction arm. So what we do is we have qualified contractors come back [to us] with better terms and costing, while we manage our own staff. If you have your own construction division and it doesn’t perform well, you will end up with higher costs than what you would incur if you subcontract work instead.” – Mah Sing MD Leong Hoy Kum


“…venturing outside the Klang Valley because the yields are better. Also, it is a tough market to find a property that meets our criteria. The Klang Valley has become a saturated location [in terms of the retail market].

“…that the asset must have opportunities for further value creation in the future through the creation of an additional lettable area in the long term.” – Hektar REIT asset manager Hisham Othman


“For Singapore’s manufacturing segment, we don’t foresee it to be very material because the deep tunnel sewerage system — the megaproject in Singapore — the award will likely be at the beginning of next year. For this year, I think Malaysia is going to overshadow Singapore in terms of order replenishment.” – Kimlun CEO Sim Tian Liang


On staying competitive with better efficiency

“Yes, there are short-term benefits from a weak ringgit, but it also leads to a situation where customers would ask for a reduction in prices and the competition from the market [becomes more intense]. Volatile movements in the ringgit are therefore not good for business.

“I would say being more efficient in production to stay ahead of the competition is a better driver for glove makers, rather than a weak ringgit.” – Careplus CEO Lim Kwee Shyan


“We want to be more efficient with our operations. Our working culture is to be more efficient, [to be able to] understand the market and expand our business…I think it’s a better way than waiting for a problem to arise as problems are always there. We need to make sure that we run faster than our competitors.” – Luxchem CEO Tang Ying See


On Malaysia tourism tax

“Local hotel operators are dealing with an environment of low occupancy rate for the past two years [and] hotel operations would be [further] affected if Malaysians cut down traveling frequency.

“Those who are registered may represent only 15% of all the hotels, so the tax would create an uneven level playing field.” – Deloitte Malaysia partner Senthuran Elalingam


“…traveling to Sarawak was already expensive as compared to Bali, Hong Kong and Taiwan, with travelers having to fork out RM1,145 for one way or RM2,000 for a return flight ticket from KL to Sibu…But one can fly from KL to Bangkok return at only RM409, making it difficult to promote Sarawak due to such a high fare.” – Malaysian Association Hotels (Sarawak chapter) honorary secretary-general John Teo Peng Yew