KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 5 December 2024 – Gold has been valued for its stability when the financial fires are raging. That stable nature was underscored in 2024 when its price shot upward, gaining over $700 per ounce. This amounted to a 34% increase since January. The vibrant price increase has gotten traders and investors all jazzed up again about gold, with the most pressing question among them being: could gold exceed the $3,000 price point by 2025? Kar Yong Ang, a financial market analyst at Octa broker, delves into the topic.
Inflation, interest rates, and geopolitics Inflation and interest rates influence gold prices. When inflation soars, investors tend to buy gold to protect their purchasing power. They view it as a much safer investment than stocks or bonds because stocks are prone to sudden price drops, and bonds can lose value when interest rates rise due to high inflation. Historically, though, when real interest rates (which are inflation-adjusted) have declined, gold has just soared. As some would say, ‘There is no better buy’.
By 2024, the percentage of overall reserves held in gold by central banks had reached 10%, a significant climb from the 3% level recorded just 10 years earlier. Although we are still in an era where most reserve currencies are fiat (for example, paper with little intrinsic value), an increasing number of central banks seem to believe that holding gold adds an element of prudence to their reserve diversification strategy. Emerging economies, especially in Asia, are seeing their central banks take on an increasingly important role in the gold market. China (which now holds 5% of its reserves in gold), along with India, has emerged as one of the preeminent buyers of gold.
Moreover, the central banks of the emerging economies have, since 2022, stepped up their pace of gold buying. The catalyst for this last development was the unprecedented freezing of Russian assets, which prompted multiple nations to reconsider the makeup of their reserves.
Furthermore, the global shift towards a more sustainable economy, including investment in renewable energy and green technologies, is driving limited demand for certain commodities, such as precious metals that include gold. Gold plays an important role in clean energy technologies, including solar panels and electronics for energy-efficient systems. This increased demand for technological gold is exacerbated by growing concerns about the lack of resources necessary for the green transition.
Moreover, geopolitical tensions and economic uncertainty further underscore the attractiveness of gold as a safe asset, attracting investors seeking relief amid rapid changes in global markets. The Ukraine conflict, strained US-China relations, and unrest in the Middle East have sent investors scurrying to safe-haven assets. And when it comes to safe havens, gold is a time-tested destination. Its record of price stability in an unstable world at present stands in stark contrast to the behaviour of the stock market and other assets. An instance of this is China’s recent accumulation of gold, which now makes up 5% of its foreign exchange reserves. This is yet another sign of a shift towards resilience in a global economy fraught with uncertainty.
Technical analysis: key levels to watch According to the technical analysis, the asset’s price is still in the uptrend, even on a high timeframe. The long-term bullish trend also hasn’t changed for a bearish one. The $3,000 target, which aligns with the 4.236 Fibonacci extension level, is pretty real. However, this level may be too ambitious for the moment of publication.
Prospects for 2025 – factors shaping gold’s future According to the Chief Economists’ Survey from the World Economic Forum, economists are uncertain about global economic stability. 54% of respondents forecast a steady outlook and 37% project further deterioration. Future fiscal policies targeting climate adaptation, a shifting demographic landscape, and ramped-up defence spending are set to push inflation upwards. All these look to gold as an inflation hedge; however, it’s not just private investors: central banks are in on the gold thing, too. They are expected to keep topping up their gold reserves and, in the face of all these other demands, are likely to maintain long-term demand.
So will gold hit the $3,000-per-ounce price in 2025? The scenario seems very possible. However, for the asset’s price to reach a rather ambitious target, favourable market conditions are required. They include both macroeconomic and geopolitical factors. For example, the re-election of Donald Trump introduces additional variables into the equation. Trump’s geopolitical stance, particularly regarding global trade and conflict resolution, could influence investor sentiment and safe-haven demand. If his promises regarding the resolution of numerous conflicts are fulfilled, investors may partially abandon safe-haven assets for the riskier ones. Hashtag: #Octa
The issuer is solely responsible for the content of this announcement.
Octa
Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.
The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.
In the APAC region, Octa received the ‘Best Trading Platform Malaysia 2024’ and the ‘Most Reliable Broker Asia 2023’ awards from Brands and Business Magazine and International Global Forex Awards, respectively.
Increasing global insolvency levels heighten risks for executives.
The febrile geopolitical landscape poses liability challenges for global corporations caught up in world events.
“AI washing” is an emerging risk trend, leading to securities class action lawsuits.
D&O market remains competitive but a step up in scrutiny of corporate conduct around the globe means loss potential is still high.
SINGAPORE – Media OutReach Newswire – 5 December 2024 – Directors and Officers (D&Os) have been operating in a highly complex environment throughout 2024, and further volatility can be expected during 2025. Executives face multiple exposures in an increasingly interconnected business world, confronted with risks arising from business insolvencies, geopolitical upheaval, climate change, digital transformation, economic uncertainty, shifts in public opinion, and an evolving legal landscape. These are the latest key risk trends in the D&O insurance space, as identified by Allianz Commercial’s annual Directors and Officers Insurance Insights report.
“The D&O insurance market has remained competitive for buyers over the past year, but loss potential is still high,” says Vanessa Maxwell, Chief Underwriting Officer, Allianz Commercial. “The global rise in business insolvencies is a particular focus of concern, with companies and leaders exposed to potential claims from lenders seeking to recover funds, or from shareholders who allege breach of fiduciary duty. At the same time, the litigation landscape and enforcement are increasingly stringent, and we are seeing regulatory bodies across the globe step up scrutiny of corporate conduct, making D&Os more vulnerable to investigations, penalties and lawsuits.”
Insolvencies as an emerging D&O risk Global business insolvencies for 2024 are expected to rise by +11%, and countries accounting for more than half of global GDP will be hit by double-digit insolvency increases in 2024, according to Allianz Trade. Major insolvencies already increased by +26% year-on-year for the first three quarters of 2024 (344 cases). Western Europe leads the global count with 195 cases, a reflection of the region’s current economic instability, followed by Asia-Pacific (67 cases) and North America (66 cases). Rising bankruptcies typically lead to an increase in D&O claims, so this trend is a reminder to business leaders of the need to respond and adapt to the challenging environment.
“Many companies have faced higher interest expenses, inflationary pressures, and macro- and microeconomic headwinds that have impacted their business and resulted in a struggle to service their debt load,” says Dan Holloway, Head of Global Management Liability Commercial at Allianz Commercial. “Some sectors are particularly exposed, including real estate, construction, hospitality, tourism, and businesses in ‘consumer discretionary’, or non-essential purchases.”
Turbulent geopolitical environment and stringent litigation landscape With war in Ukraine and the Middle East, the geopolitical landscape presents liability challenges to businesses as they find themselves caught up in world events with potentially significant consequences for their operations. Upheaval can lead to supply chain disruption, business interruption, and legal and regulatory scrutiny. Companies can face scrutiny for non-compliance with international sanctions, or for failing to adequately manage risks related to politically unstable regions. D&Os can be held accountable for misjudging the impact of geopolitical developments on their company’s operations, leading to shareholder lawsuits or regulatory penalties. At the same time, the litigation landscape and enforcement are increasingly stringent, with securities class actions proliferating not only in the US, but also in Europe (+10% year-on-year) and Australia (+43%).
“D&Os need to update their knowledge around geopolitical and regulatory changes more regularly than ever before,” says Jarrod Schlesinger, Global Head of Financial Lines and Cyber at Allianz Commercial. “A once-a-year review is no longer sufficient in the volatile era businesses are now operating in. These trends are driving the need for D&O policies that are responsive to multi-jurisdictional risks and can provide local coverage for legal defense costs, settlements and other liabilities.”
“AI washing” – the new “greenwashing”? The transformative potential of artificial intelligence (AI) is huge, but it also means companies must adapt quickly to potential exposures around disclosure, regulation, shareholder scrutiny and litigation. AI-related litigation is increasing and exaggerated claims about firms’ technological capabilities – a trend known as “AI washing” – could lead to securities class action lawsuits and enforcement actions. Class action lawsuits have already been filed in the US, but the risk extends beyond North America, as any company that has its stock listed on a US exchange is subject to US securities law.
Third-party litigation funding a growing exposure The global litigation funding industry is projected to grow rapidly in the coming years –by almost 10% CAGR up to 2028 – widening access to justice, but also potentially driving up the number of class actions and settlement costs and damages, as also highlighted in Allianz Commercial’s Five Liability Loss Trends To Watch report. And it is not only confined to the US – third-party litigation funding is also established in the UK, Netherlands, Germany, and Australia.
“D&Os will face increasing scrutiny from third parties ready to jump on cases and fund them. Claims are likely to become more complex because of funders’ aggressive litigation strategies and the experts they can afford to hire,” says Schlesinger. “Plaintiffs with little to lose financially could be tempted to make baseless claims. Even if the case doesn’t have legs, directors still have to defend it.”
Challenges persist in Asia D&O market The price-driven Asia D&O market has experienced a drop in overall premium rates during 2024, due to factors including high competition from an abundance of capacity globally, and challenging economic environments resulting in some clients reducing limits purchased to save costs.
“We foresee the overall market size for D&O in 2025 will continue to retract, driven by rate erosion, smaller limits being purchased by customers, and very limited new opportunities given slow capital market activities. Despite this, D&O insurance remains crucial for companies due to the multiple exposures executives face, and as loss potential increases with higher severity for claims being resolved,” says Danielle An, Regional Practice Leader, Management Liability Commercial, Asia, at Allianz Commercial.
The issuer is solely responsible for the content of this announcement.
About Allianz Commercial
Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand, as ranked by Interbrand, we work together to help our customers prepare for what’s ahead: They trust us to provide a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services, as well as seamless claims handling. The trade name Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2023, the integrated business of Allianz Commercial generated more than €18 billion gross premium globally.
Letright Corporation Founder recognized for his commitment to sustainable practices, ethical integrity, and impactful leadership.
BANGKOK, THAILAND – Media OutReach Newswire – 5 December 2024 – Ren Li, the visionary founder of Letright Corporation, was awarded the Responsible Business Leader title at the prestigious ACES Awards 2024. His recognition highlights his pioneering efforts in integrating sustainability into business operations and his unwavering commitment to ethical governance and community welfare.
Ren Li, Founder of Letright Corporation (centre), was honoured as the Responsible Business Leader at the prestigious ACES Awards 2024 held recently in Bangkok, Thailand. The award was presented on stage by Dr. Shanggari Balakrishnan, President of the ACES Awards (left), and Hemant Batra, Honorary Chairman of the ACES Council (right)
The award ceremony, held on November 14, celebrated leaders who exemplify sustainable practices and ethical integrity. Ren Li’s journey began in 1999 when he founded Letright Corporation, tapping into China’s burgeoning furniture market. His commitment to sustainability was evident as early as 2001 when he ceased the production of wooden patio umbrellas, driven by a sense of responsibility and love for the planet, rather than external pressures. Letright embraced these values even before the Paris Agreement in 2015.
Under Ren Li’s leadership, Letright has consistently pushed the boundaries of innovation. In 2001, Letright revolutionized the industry by mass-producing solar lights, laying a strong foundation in photovoltaic technology. By 2007, the introduction of Polywood, a wood-effect material, further reduced wood usage, balancing sustainability with business success. In 2016, Letright adopted eco-friendly technology to create wood-effect finishes on non-wood outdoor furniture, satisfying consumer demand while expanding market share.
In his acceptance speech, Ren Li expressed gratitude to his team at Letright Industrial Corp., Ltd., and his family, especially his daughter, for their unwavering support. He also acknowledged the ACES platform for fostering a community of leaders dedicated to sustainable development.
Ren Li highlighted Letright’s innovations, such as the Solaryard Smart Pergola launched in 2023, which is pivotal in enriching outdoor living while contributing substantially to sustainable development. This groundbreaking product addresses outdoor challenges and transforms spaces into vibrant, energy-efficient environments. He noted that the market for smart pergolas is projected to exceed 100 million units over the next decade, potentially generating 200 billion kilowatt-hours of electricity and significantly reducing global carbon emissions.
He concluded by reaffirming his belief that businesses have a responsibility to drive economic progress while protecting the planet and communities. He urged entrepreneurs to embrace sustainability as a necessity for creating a future where people and nature thrive together. “Thank you all for your support and belief that business can and should be a force for good. Let us continue to lead with purpose, inspire others, and create brighter, sustainable solutions for the challenges that lie ahead. Together, we can reshape the future of global business and the environment,” Ren Li stated. Hashtag: #LetrightCorporation #ACESAwards2024 #ResponsibleBusinessLeader #Sustainability
The issuer is solely responsible for the content of this announcement.
About Letright Corporation
Founded in 1999 by Ren Li, Letright is a fully integrated outdoor furniture company offering comprehensive solutions in design, R&D, manufacturing, and sales. The company holds over 1,000 product patents and has received numerous international design awards, including IF and Red Dot. With a presence in over 70 countries, Letright has established strategic partnerships with major retailers worldwide, known for its exceptional product design and market insights.
Committed to becoming a global leader in outdoor living through innovation and sustainability, Letright has embraced eco-friendly materials and technologies, moving away from solid wood to sustainable alternatives. In 2023, Letright launched the Solaryard Smart Pergola, a revolutionary product enabling year-round outdoor enjoyment with negative carbon emissions. This dedication to excellence and environmental stewardship is encapsulated in its mission: “Better outdoor living, happier human beings.”
Saguenay, Quebec – Newsfile Corp. – December 4, 2024 – First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce the positive results of its Preliminary Economic Assessment (“PEA“) on the Bégin-Lamarche Property (the “Property” or the “Project“) located 75 km northwest of Saguenay, Quebec, Canada.
The PEA provides a potentially viable case for developing the Property by open pit mining for the primary production of phosphate concentrate and secondary bi-product recovery of magnetite concentrate.
Highlights (all dollar amounts in Canadian dollars on a 100% project ownership basis unless otherwise indicated):
The Project would produce an annual average of 900,000 tonnes of beneficiated phosphate concentrate at 40% P2O5 content and 380,000 tonnes of magnetite at 92% Fe2O3 content over a 23-year mine life.
The Project generates a pre-tax internal rate or return (IRR) of 37.1% and a pre-tax net present value (NPV) of $2.100 Billion at an 8% discount rate at an approximate 3-year trailing average phosphate price plus a premium for purity and potential secure source of supply, and a 2-year trailing average magnetite price plus a premium for purity.
The Project generates an after-tax internal rate or return (IRR) of 33.0% and an after-tax net present value (NPV) of $1.590 Billion at an 8% discount rate.
The Project would generate an after-tax cash flow of $700 Million in years 1 to 3, resulting in a 2.9-year payback period from start of production. Pre-tax cash flow in years 1 to 3 is $783 Million for a 2.6-year payback period.
The Project benefits from adjacent paved provincial road access and nearby electrical power line, and year-round accessible deep-sea Port of Saguenay at approximately 85 km driving distance. Initial capex for the Project is limited to $675 million.
The PEA used Indicated and Inferred Mineral Resources in its calculations.
The Project has no outstanding royalties or financing streams registered against it.
“We are pleased with the results and timely completion of this PEA. Existing local infrastructure keeps our capex low, our mine size controlled and our mine economics robust,” says First Phosphate CEO, John Passalacqua. “Our internal Pre-Feasibility work is also near completion and we are now in a position to determine the timing on our Feasibility Study.”
PEA BASE CASE FINANCIAL SUMMARY (all dollar amounts in $Canadian unless otherwise noted, presented on a 100% ownership basis):
Pre-Tax Net Present Value (8% discount rate)
$2.100 Billion
After-Tax Net Present Value (8% discount rate)
$1.590 Billion
Pre-Tax Internal Rate of Return
37.1%
After-Tax Internal Rate of return
33.0%
After-Tax Payback
2.9 Years
Pre-production Capital
$675 Million
Sustaining Capital
$317 Million
Mine Life
23 Years
Process Plant Throughput
18,000 tpd
Concentrate Prices
Phosphate (40% P2O5)
$350/t USD
Magnetite (92% Fe2O3)
$168/t USD
Exchange Rate $CAD:$USD
$1.37 (0.73)
PEA TECHNICAL SUMMARY
Mine Life
23 years
Mine Plan Tonnage
150.5 Million tonnes
Process Plant Feed Grade
P2O5
5.76%
Fe2O3
10.32%
Strip Ratio (Waste:Process Plant Feed)
1.5:1
Operating Cost (per tonne of process plant feed)
$28.31
Pit-Constrained Mineral Resource Estimate at 2.5% P2O5 Cut-off (1-4)
Classification
Zone
Tonnes (M)
P2O5 (%)
P2O5 (kt)
Fe2O3 (%)
Fe2O3 (Mt)
TiO2 (%)
TiO2 (kt)
Indicated
Mountain
9.3
8.19
758
9.95
0.9
3.23
299
Northern
32.2
6.00
1,934
10.91
3.5
3.33
1,073
Total
41.5
6.49
2,692
10.69
4.4
3.31
1,372
Inferred
Mountain
6.8
8.57
584
10.34
0.7
3.68
251
Northern
44.3
6.98
3,090
11.14
50
3.26
1,442
Southern
162.9
5.63
9,177
10.85
17.6
3.73
6,080
Total
214.0
6.01
12,851
10.89
23.3
3.63
7,773
Note: P2O5 = phosphorus pentoxide, Fe2O3 = iron oxide/ferric oxide, TiO2 = titanium dioxide. 1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. 2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation socio-political, marketing, or other relevant issues. 3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 4. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The mine plan uses conventional truck/shovel open pit methods utilizing 90-tonne capacity haulage trucks and shovels equipped with 10 cubic metre buckets. The open pit will be mined over a period of 22 production years and six months of pre-stripping. Low-grade mineralization that is stockpiled over the life-of-mine will be processed for an additional production year. Mineralized material will be transported by haulage trucks to the nearby process plant, and waste rock will be stored at a facility located approximately 800 metres southeast of the open pit. Backfilling of the mined-out open pit with 61 Mt of waste rock is planned, which will reduce the amount required to be stored on surface and lead to proactive restorative measures. Mining is to be conducted at an initial rate of 15 Million total tonnes per annum (Mtpa), and will reach a peak of 28 Mtpa based on process plant feed and waste rock removal requirements.
The process plant feed is contained within an optimized subset of the Mineral Resource set out in the table above. The open pit contains 150.5 Mt of process plant feed (inclusive of mining dilution and loss factors) averaging 5.76% P2O5 and 10.32% Fe2O3. The process plant feed is associated with 219 Mt of waste rock and overburden resulting in an overall life-of-mine strip ratio of 1.5:1. It is notable that all Mineral Resources considered for mining are in the Indicated and Inferred classifications.
Extensive metallurgical testing was carried out at SGS, Quebec City. The test work has indicated process recoveries of phosphate and magnetite to be reasonably high and relatively consistent. The most recent tests focused on circuit stability and maximizing concentrate recovery. Elements of potential concern in traditional phosphate operations based on sedimentary phosphate deposits used for fertilizers are not an issue since the Bégin-Lamarche Mineral Resource is based on a clean igneous rock deposit. Moreover, the low sulphur content suggests the tailings material would not create an environmental risk for acid generation or for metal leaching. Lastly, dry stack tailings and waste rock management are designed for closure and the elimination of concerns for acid drainage or metal leaching.
Initial Capital Costs ($Canadian Millions)
Pre-Stripping
6
Process Plant Equipment and Building
262
Mining Equipment (leased)
23
Tailings Management Facility
29
Indirects, EPCM and Owner’s Costs
154
Site Infrastructure
89
Contingency
112
Total Initial Capital
675
LOM Sustaining Capital Costs ($Canadian Millions)
Mining
100
Process Plant
63
Tailings Management Facility
39
Site Infrastructure
45
EPCM
4
Reclamation
16
Contingency
50
Total Sustaining Capital
317
LOM Operating Costs ($Canadian per tonne)
Mining Cost per Tonne Mined Material (waste and mineralized material
2.73
Mining Cost per Tonne Process Plant Feed
6.71
Processing Cost per Tonne Feed
12.56
G & A per Tonne Process Plant Feed
1.28
Tailings and Water Management
3.45
Concentrate Handling and Transport
4.31
Total Cost per Tonne Process Plant Feed
28.31
The Project site is within the ancestral lands of the Pekuakamiulnuatsh Takuhikan First Nation, which confers certain rights to indigenous peoples in the area. First Phosphate recognizes the traditional rights of Indigenous people and acknowledges the exercising of treaty rights to preserve their cultural identity and customs. A formal collaboration agreement with Pekuakamiulnuatsh Takuhikan First Nation was signed on April 9, 2024 which includes the ability for the First Nation to become involved financially in the mining activity and other related downstream facilities to be developed by First Phosphate.
Qualified Persons
The scientific and technical disclosure for First Phosphate included in this News Release have been reviewed and approved by Gilles Laverdière, P.Geo. VP Exploration for First Phosphate and Mr. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. Messrs. Laverdière and Puritch are Qualified Persons under National Instrument 43-101 Standards of Disclosure of Mineral Projects. Mr. Puritch is independent of First Phosphate.
About First Phosphate Corp. First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the Lithium Iron Phosphate (“LFP”) battery industry. First Phosphate is committed to producing at high purity level, in a responsible manner and with low anticipated carbon footprint. First Phosphate plans to vertically integrate from mine source directly into the supply chains of major North American LFP battery producers that require battery grade LFP cathode active material emanating from a consistent and secure supply source. First Phosphate is owner and developer of the Bégin-Lamarche Property in Saguenay-Lac-St-Jean, Quebec, Canada that consists of rare anorthosite igneous phosphate rock that generally yields high purity phosphate material devoid of harmful concentrations of deleterious elements.
About P&E Mining Consultants Inc. P&E was established in 2004 and provides geological and mine engineering consulting reports, Mineral Resource Estimate technical reports, Preliminary Economic Assessments and Pre-Feasibility Studies. P&E is affiliated with major Toronto based consulting firms for the purposes of joint venturing on Feasibility Studies. P&E’s experience covers over 450 NI 43-101 Technical Reports including First Phosphate’s Bégin-Lamarche NI 43-101 Mineral Resource Estimate which was completed in October 2024.
Forward-Looking Information and Cautionary Statements This news release contains certain statements and information that may be considered “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward-looking statements, including, among other things,: the Company’s planned exploration and production activities; the properties and composition of any extracted phosphate; the Company’s plans for vertical integration into North American supply chains; the calculation of mineral resources at the project and the possibility of eventual economic extraction of minerals from the Project; the projected yearly production profile from operations; life of mine sustaining costs; process plant throughput and average grades; the projected economics of the Project, including total sales, premiums, margins, taxes, average annual production; the net present value of the Project; the internal rate of return on the Project; Project payback period, average yearly free cash flow, life of mine unit costs, projected mine life, the total initial capital and sustaining capital costs; and the project design, including the location of the tailings management facility, process plant, infrastructure area, stockpile areas, remediation plans and the proposed mine and transportation plans.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in the Company’s public disclosure record including the short form base prospectus dated June 5, 2024, as well as: there being no significant disruptions affecting the activities of the Company or inability to access required Project inputs; permitting and development of the Project being consistent with the Company’s expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Project inputs being approximately consistent with anticipated levels; and the Company’s relationship with Pekuakamiulnuatsh Takuhikan First Nation and other Indigenous parties remaining consistent with the Company’s expectations.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Company. In addition, the Company will incur costs in pursuing any particular opportunity, which may be significant. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company and, though they should be considered carefully, should be considered in conjunction with the risk factors described in the Company’s other documents filed with the Canadian and United States securities authorities, including without limitation the “Risk Factors” section of the Company’s Management Discussion and Analysis dated October 23, 2024 and Annual Report on 20-F dated July 8, 2024, which are available on SEDAR at www.sedarplus.ca. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Certain forward-looking statements in this press release may also constitute a “financial outlook” within the meaning of applicable securities laws. A financial outlook involves statements about the Company’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors in relation to such financial outlook noted in this press release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this press release is provided for the purpose of helping readers understand the Company’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above, or any other factors may cause actual results to differ materially from any financial outlook. The actual results of the Company’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR THE UNITED STATES
The issuer is solely responsible for the content of this announcement.
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 4 December 2024 – Commerce Dot Com Sdn. Bhd. (CDC) achieved an extraordinary milestone at the Malaysia Public Relations Awards (MPRA) 2024, taking home an unprecedented three gold awards for its outstanding campaigns. This landmark victory underscores CDC’s leadership in corporate communications and its unwavering commitment to excellence, ethics, and innovation. These accolades highlight CDC’s dedication to crafting narratives that champion ethics, innovation, and inclusivity in corporate communications.
CDC secured the Gold Award in the Public Affairs category for its Strong Ethics Nurture Integrity (SENI) campaign, which aimed to address procurement challenges and promote ethical practices.
The three awards were presented for the following submissions: 1. Best Use of Content – Gold Award This campaign showcased CDC’s 25-year journey through a collaboration with neurodivergent artist Danial Khushairi. His artwork brought CDC’s transformation from pioneering Malaysia’s ePerolehan system to being a technological leader to life. By leveraging Danial’s art across branded merchandise, a microsite, and social media platforms, the campaign embodied CDC’s commitment to inclusivity and sustainability while capturing the essence of its growth and achievements. 2. Employee Communications- Gold Award CDC breaks the stereotype of IT workers by instilling values that foster camaraderie, health, and a spur of adventure. Through their company values, CDC has nurtured an active workforce, engaging in events like ‘CDC Strides and an expedition to Kilimanjaro. Employees connected beyond the office, supporting communities, and living out values di collaboration and integrity. These efforts have not only strengthened CDC’s culture but also enhanced its brand visibility, making its 25th-anniversary celebration a milestone of unity, health, and appreciation for the outdoors. 3. Public Affairs – Gold Award Aimed at addressing procurement challenges and promoting ethical practices, CDC’s Strong Ethics Nurture Integrity campaign featured the National Procurement Conference (NPC) 2024. Organized in collaboration with MICG and supported by MACC, the event brought together over 400 procurement professionals to discuss integrity and governance. Internally, CDC reinforced its message through sustained communication efforts, ensuring both staff and external stakeholders embraced the campaign’s core values.
These recognitions follow CDC’s long-standing commitment to championing ethical practices, aligning with its vision of fostering transparency and accountability across the procurement landscape.
“Our success at MPRA 2024 reflects the incredible dedication and creativity of our CCM team,” said Hafidz Bin Ahmad Zehnun, Vice President of Corporate Planning & CCM. “To win three golds in one night is an extraordinary achievement and reflects CDC’s commitment to excellence and integrity at every level. This recognition inspires us to continue raising the bar as we lead with purpose and innovation.”
As CDC celebrates its 25th anniversary, these accolades reaffirm the company’s enduring mission to lead with integrity and innovation, setting new benchmarks for excellence in corporate communications and public affairs.
The issuer is solely responsible for the content of this announcement.
About Commerce Dot Com Sdn Bhd
Established in 1999 as a procurement solutions provider, Commerce Dot Com Sdn. Bhd. (CDC) is a government-linked company under the Ministry of Finance whereby the ministry’s corporate arm, Ministry of Finance (Incorporated), holds a golden share in the company. With over 20 years of experience under its belt, CDC has established itself as among the leading procurement solutions providers in Malaysia and has a well-earned reputation for providing exceptional services through its innovative solutions.
RIYADH, SAUDI ARABIA – Media OutReach Newswire – 4 December 2024 – The prestigious Best Places to Work certification program has revealed its 2024 rankings, recognizing leading organizations in Saudi Arabia that excel in creating outstanding workplaces focused on employee satisfaction, engagement, and well-being. The rankings are divided into three categories based on company size: large, mid-sized, and small.
In the Large Companies category (over 1,000 employees), Roshn secured the top position for its commitment to fostering an inclusive and engaging work culture. It was followed by the Royal Commission for AlUla, dedicated to preserving Saudi Arabia’s cultural heritage, and International Maritime Industries, a leader in the maritime sector. Other companies in the top 10 include Panda, Saudi Air Navigation Services, Extra, Jana MS, Bindawood, Gasco, and Saudia Technic.
In the Mid-Sized Companies category (101–1,000 employees), First Milling Company led the rankings, recognized for its role in Saudi Arabia’s food sector. Pfizer Saudi, a leading biopharmaceutical company, and Matarat Holding, focused on aviation and airport operations, took second and third places, respectively. Xerox Saudi and Al Rugaib Holding rounded out the top five, with additional companies like the Islamic Development Bank, Bidaya Finance, and Saudia Cargo included in the top 18.
For Small Companies (fewer than 100 employees), Alnahdi Family Office ranked first, followed by Saudi Downtown Company and Al Ramz. Falak Investment Hub, supporting entrepreneurs and startups, and AXS, a leader in IT consulting, completed the top five. Other recognized companies include Emkan Education, Madar, and Aseer Investment.
Special awards were given to organizations demonstrating excellence in areas like diversity, employee well-being, and HR practices. Resal was honored for its well-being initiatives, while Modern Building Leaders received recognition for exceptional HR practices.
This year’s survey revealed that 80% of employees at certified organizations feel pride in their work, inspired by leadership, and positive about their company’s community contributions. The study also highlighted that the new generation of Saudi talent values growth opportunities, equity, diversity, inclusion, and individuality.
71% of organisations are using AI in their finance operations
57% of leaders say ROI is exceeding their expectations, compared to 29% of others.
Financial reporting is the most common usage area – but this is widening out to include treasury management, risk management and tax
Nearly three-quarters of leaders have developed principles and guidelines on the responsible use of AI
HONG KONG SAR – Media OutReach Newswire – 4 December 2024 – New research from KPMG International reveals the dramatic extent to which artificial intelligence (AI) is being deployed in organisations’ finance operations – with compelling levels of ROI and a wide range of benefits including better data and decisions, faster insights and reporting, lower costs, and greater operational effectiveness. The KPMG report reveals that organisations are extracting the most value from machine learning, deep learning, and generative AI and report the ROI from these technologies is either meeting or exceeding expectations.
The research, published in the KPMG global AI in finance report, covered 2,900 organisations across 23 countries and built upon research conducted earlier this year across 1,800 organisations in 10 countries. A maturity framework was created to assess respondents into three AI-readiness groups: 24% of organisations qualify as Leaders, while 58% are middle ground Implementers, and 18% are Beginners. KPMG has also developed an AI maturity benchmarking tool designed to help organisations assess their progress in the AI transformation journey.
AI deployment grows, Gen AI a key future priority
71% organisations are using AI to some degree in their financial operations. Currently, 41% of them are using AI to a moderate or large degree – and this is predicted to rise to 83% over the next three years. In just six months since the first wave of research, the spread of AI is already visible. Whereas in April 2024, 40% of organisations in the original 10 countries were using traditional AI in their finance operations to a moderate or large degree, this has increased to 45 percent.
The use of Gen AI has also grown. The percentage of companies with no intention to use Gen AI has fallen from 6% to just 1% now. Gen AI has become a top priority for the future, with 95% of leaders and 39% of others expecting to selectively or widely adopt it within financial reporting in the next three years.
Adoption everywhere
KPMG’s research also underlines the extent to which AI is being utilised around the world. While companies in the US, Germany and Japan are well ahead in AI usage, other major economies, such as Italy and Spain, are behind. The same dichotomy is evident in emerging markets, with China and India ahead in AI usage, and Saudi Arabia and the African countries further behind.
Adam Scriven, Head of Finance Transformation, Hong Kong at KPMG China, says: “Building AI capability has become an imperative for CFOs and Finance functions in embracing the digital age. It’s critical to recognise that AI is a capability, and not a technology product. We all have to start the AI journey, learn and build better capabilities. KPMG is helping clients establish the right data and systems, modelling and analytics backbone in order to harness the power of AI. KPMG is also co-creating AI solutions with clients to help build capability and go on the journey together.”
Alan Yau, Audit Innovation Leader at KPMG China, says: “AI in financial reporting is transforming the industry with enhanced accuracy, efficiency, and real-time insights. As a mega trend, AI enables predictive analytics and data-driven decisions. Upskilling and retaining talent are crucial in this evolution. Organisations must prioritise continuous learning to equip their workforce with AI skills, fostering innovation and adaptability, in order to drive sustainable growth and maintain a competitive edge in the market.”
AI usage opening out across finance
Companies are turning to AI in every area of corporate finance. Financial reporting is the most widespread usage area, with nearly two-thirds of companies piloting or using AI for reporting, accounting and financial planning. But other areas are following suit: nearly half of companies are now piloting or using AI for treasury and risk management. This can generate better debt management, cash-flow forecasting, fraud detection, credit risk assessment, and scenario analysis in the treasury and risk management functions. Tax management, however, sits slightly further behind. Less than one-third of companies piloting or using AI in this area, although about half are in the planning stage.
Leaders moving ahead
Leaders are showing the way, with more than three times as many leaders (87%) as others (27%) using AI in finance to a moderate or large degree. Leaders are moving fast and have on average developed six use cases for AI, almost double the number amongst others. Top areas for usage are research and data analysis (85%), fraud detection and prevention (81%), predictive analysis and planning (78%), and using Gen AI for composing documents and other content (75%).
Common barriers that all companies encounter include data security vulnerabilities (57%), limited AI skills and knowledge (53%), gathering consistent data (48%) and costs (45%) – but leaders are better able to navigate these through the steps they have taken. Their chief barriers become more advanced ones, such as integrating AI solutions with existing tools and overcoming any residual staff resistance.
Reaping the benefits and achieving ROI
As the use of AI in finance grows, the dividends multiply. When starting out, finance teams report two to three benefits. By the time they are leaders, that number is seven.
Just as the benefits from AI can rise with its usage, so does the potential return on investment. As a result, a remarkable 57% of leaders say ROI is not just meeting but exceeding their expectations. Even amongst less advanced adopters, nearly one third (29%) report the same.
Stanley Sum, Head of Digital Enablement at KPMG China, says: “AI is reshaping the finance function, paving the way for both potential opportunities and challenges. Hence, robust AI governance is not merely conducive to meeting regulatory demands, but it stands as an essential component. KPMG assists its clients in their journey to manage risks, promoting transparency and the ethical usage of AI in governance. By implementing mindful supervision now, we help safeguard the future of finance.” Hashtag: #KPMGChina
The issuer is solely responsible for the content of this announcement.
About KPMG China
KPMG China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.
HONG KONG SAR – Media OutReach Newswire – 4 December 2024 – Today, KGI has released its 2025 Market Outlook, covering regions including Mainland China, Hong Kong, Taiwan, the U.S., Singapore, and Indonesia.
(From left) Cusson Leung, Chief Investment Officer at KGI; James Chu, Chairman at KGI Securities Investment Advisory; James Wey, Head of International Wealth Management at KGI; Kenny Wen, Head of Investment Strategy at KGI
Reflecting on this year, the cooling of inflation and the labor market in the United States has brought the economy to a roughly balanced risk between employment and inflation. With Trump re-entering the White House, his policy propositions are poised to impact global economic development and shape the trend of medium and long-term interest rates. In China, domestic investment confidence remains weak. With the potential risk of the United States significantly increasing tariffs, Chinese exports may be affected. In response, China will introduce relevant measures to address these challenges.
Under this backdrop, we recommend the “ACE” strategy for 2025:
Alternatives: Gold and cryptocurrencies — assets with lower correlation to traditional stocks and bonds.
Credit Selection: Prioritize high-rated bonds, focusing on opportunities in corporate bonds.
Elite Stocks: Prefer U.S. and Japanese stocks, maintain a preference for large-cap over small-cap, and pay attention to sector rotation.
Kenny Wen, Head of Investment Strategy at KGI, says:“Regarding asset allocation, based on our assessment of the global economy and geopolitical factors for 2025, investors can consider the ACE strategy: A is for Alternatives, which refers to diversifying into alternative assets to reduce portfolio volatility, with gold being a viable option. C is for Credit Selection, meaning carefully selecting investment-grade bonds to enhance potential income. Lastly, E is for Elite Stocks, where we prefer large-cap stocks, particularly from the U.S. and Japan.”
Macro and the U.S.Market Within developed markets, the U.S. economy may slow down more significantly than the current market consensus estimate. In other regions, the recovery in the Eurozone and the UK was weaker than expected, but the trend of year-on-year growth is still improving. It is expected that the overall performance will still lag behind the U.S., but the gap is narrowing. In China, the market is currently focused on whether the Central Economic Work Conference in December can propose effective fiscal “stimulus” policies; otherwise, achieving 5% economic growth in the future remains challenging.
In the U.S., the manufacturing recovery has been weak, mainly due to overall weak capital expenditure. On the other hand, for the service sector, has shown unexpectedly strong performance, which has been key to the U.S. economy outperforming other mature markets over the past six months. However, with declining savings rates and increasing financial burdens, credit consumption momentum will weaken, potentially dragging on the U.S. economy in 2025.
Trump’s four major policies—tax cuts, increased tariffs, immigration restrictions, and financial deregulation—have an uncertain execution order, which may adversely affect inflation. Starting with restrictions on immigration and the implementation of tariffs, these policies are visible. Therefore, throughout the year, the four policies mentioned above may be announced in the first half, increasing the volatility of financial markets. However, higher economic risk for the United States is still in the second half of the year, and whether there will be improvement in the fourth quarter depends on the policy changes at that time.
The U.S. has returned to a roughly balanced dual-risk target of employment and inflation, with core inflation expected to continue declining in 2025. However, Trump’s increased tariffs and anti-immigration policies could lead to a resurgence in goods and services inflation, posing a risk of rising inflation again in 2026. The U.S. has returned to a state of full employment, with the unemployment rate for non-temporary jobs slowly rising, which may negatively affect the consumer spending.
In terms of U.S. stock investment, after two consecutive years driven by the AI wave, the overall U.S. stock market is no longer cheap. However, we see opportunities for sector rotation in the future, mainly reflected in estimated earnings improvements, particularly in finance, materials, industrial, and healthcare sectors. From a timing perspective, we believe the positive post-election stance can be maintained in the first quarter, but starting in the second quarter, the risks of Trump’s policies and economic downturn expectations will be reflected; risks will further increase in the second half, with the first half overall better than the second half.
As for bond investment, under Republican full control, bond investment may be adversely affected. For example, worsening fiscal deficits will increase bond issuance costs, rising inflation will lead to higher yields on medium- and long-term bonds, and poor fiscal discipline and long-term inflation risks will push up neutral interest rates and bond term premiums. Therefore, medium- and long-term government bonds are less favored in 2025, while some short-term government bonds or high-credit-quality corporate bonds, with relatively higher yields, can provide good interest income. Overall, 2025, with increased inflation risk and potential monetary policy reversal, is not favorable for bond investment.
James Chu, Chairman at KGI Securities Investment Advisory, says: “The global economy’s overall growth in 2025 is expected to be similar to that of 2024. Although the U.S. economy is showing a downward trend, it remains relatively strong among developed markets. The biggest variable for economic performance in 2025 remains the implementation of policies following Trump’s return to office; the impact of these policies on the economy might be difficult to assess immediately, but they are certainly unfavorable for inflation. The Federal Reserve is expected to cut interest rates by 75-100 basis points, potentially reaching a low of 3.75-4.0% in 2025, with rate hikes possibly resuming in 2026. In terms of investment, after being driven by the AI wave for two consecutive years, U.S. stocks are no longer cheaply valued, but there are opportunities for sector rotation. It is expected that in 2025, the S&P 500 will still see mid to high single-digit profit growth, with annual returns estimated between 6-12%, which is a decline compared to the previous two years. In terms of timing, we believe the first quarter should maintain the current post-election bullish trend. Starting in the second quarter, the market is expected to reflect the risks associated with Trump’s policies and the anticipated economic downturn, which may lead to market volatility. Risks are expected to increase further in the second half of the year, with overall performance anticipated to be better in the first half than in the second half.”
Mainland China and Hong Kong Markets Looking back at the first three quarters of the year, the Chinese economy grew 5.3% YoY in Q1, beating the expected 4.8%, but the momentum slowed down afterwards. In Q2 and Q3, the growth rates came in at 4.7% and 4.6% respectively. This brought GDP growth for the first three quarters to 4.8%, below the government’s target of around 5%. China’s economic growth has been trending down quarter by quarter, indicating strong downward pressure on its economy. Hence the Chinese government has introduced a package of counter-cyclical policies in recent months, which include not only monetary policies such as reducing reserve requirement ratios (RRRs) and interest rates cut, but also a relatively large-scale debt-swap program to ease the stress on local governments’ budgets, to release the resources for supporting the economy.
5% GDP growth for 2025 facing lingering challenges In fact, although the debt relief program looks sizable, but fiscal “stimulus” is lacking. China needs fiscal policy along with stimulus measures that are large and direct enough to make a difference in the medium to long term. We are expecting that China will continue to advance its medium-term policy stimulus (more rate cuts and other individual measures are possible by year-end; any large-scale incremental fiscal program might have to wait until after next year’s Two Sessions). Moreover, the upcoming focus will be December’s Central Economic Work Conference (CEWC), at which the policy setting for next year will be determined. Investors are more concerned about the impact of Donald Trump’s retaking the White House on China-U.S. relations and the Mainland economy. Tariffs have moved to the center stage while foreign affairs, finance and technology, etc. have receded slightly. If Trump insists on raising tariffs on all Chinese imports to 60%, the impact on China’s trade and economy will be significant. In short, China’s economy next year will be driven by two opposing forces: U.S. policy and stimulus efforts of the Central Government.
Overall, as confidence is yet to be restored, might have to do with China’s not-yet-returned animal spirits. In addition, the continued sluggish employment performance has led to the limited growth in wages (especially for new employees). All this is making people reluctant to spend like they did in the past. Given such stubborn structural problems, we believe that achieving a 5% economic growth rate in China in 2025 will be challenging.
Target price for the HSI in 2025: 23,200 points Looking ahead to 2025, While the China-U.S. relationship is poised to be the primary risk factor for the Hong Kong stock market in 2025, from an optimistic perspective, the declaration by President Trump regarding a potential 60% tariff on Chinese imports may serve as a part of bargaining strategy, leaving the final tariff rates and their scope uncertain. Additionally, considering that the Ministry of Finance has indicated that further economic stimulus measures are yet to be introduced, our outlook for the market remains cautiously positive. Considering the unusually exuberant market sentiment during the HSI’s recent decline from the peak, when daily trading turnover exceeded HK$600bn at once, we believe that the index has the potential to return to the 23,200 points in 2025. In terms of market valuation, the market forecasts EPS of HK$2,210 for 2025, reflecting a YoY growth of 5.1%. Thus, the forwarded P/E corresponding to the 23,200-point level would be 10.50x, slightly above the 10-year average of 10.26x. Should the index close at 19,700 points by year-end, this would indicate a potential upside of approximately 17.8%.
This scenario is based on the following key assumptions: (1) the scale of economic stimulus measures aligns with expectations and focuses on private consumption, (2) EPS growth for the HSI maintains above 5%, and (3) the China-U.S. conflict is confined to trade-related issues only.
Three investment themes for 2025
Benefiting from new policies
Low geopolitical sensitivity
Actively expanding business overseas
Top Picks
Name
Target Price
Benefiting from new policies
CMB (3968)
43.0
PAI (2318)
57.5
Low geopolitical sensitivity
CSCI (3311)
11.9
Tencent (700)
507.0
China Mobile (941)
80.9
Actively expanding business overseas
Trip.com (9961)
625.3
BYD (1211)
319.1
Prepared by KGI
Kenny Wen, Head of Investment Strategy at KGI, says:“In light of various external uncertainties, such as the recent escalation in the Russia-Ukraine situation and Trump’s threats to significantly increase tariffs, there are potential negative impacts on China’s economy. Coupled with insufficient domestic demand, achieving a 5% economic growth rate next year may be challenging. We should closely monitor the Central Economic Work Conference in December and the Two Sessions in March next year, by then to gain more insights on, how would central government’s assess economic performance and the timeline for introducing stimulus policies. Regarding the Hong Kong stock market, while the economic and corporate earnings growth prospects in mainland China remain conversative, the Hang Seng Index’s attractive valuation and the underweight positions of foreign institutional investors suggest that the market may continue to experience significant fluctuations. Once investor confidence returns and capital flows into the market, the Hang Seng Index could potentially break through the 23,200 level seen in October this year. We recommend focusing on three main themes: (1) benefiting from new policies, (2) low geopolitical sensitivity, and (3) actively expanding business overseas.”
Taiwan Market We are optimistic that Taiwan’s stock market in 2025 will continue the bullish trend observed in 2023 and 2024. This optimism is primarily based on the steady global economic expansion and the AI arms race, which is expected to sustain strong momentum in technology stock earnings.
While we remain optimistic about the continuation of the bullish trend in Taiwan’s stock market in 2025, the annual gains may not surpass the impressive performances of the past two years. The current AI-driven surge has already resulted in a significant increase of over 90% for the TAIEX, with the forward price-to-earnings ratio reaching as high as 21 times. Compared to previous bull markets driven by technological paradigm shifts, the current gains and valuations are approaching historical peaks. Following a 28% increase in 2023, Taiwan’s stock market once reached a maximum gain of nearly 30% so far in 2024.
We expect Taiwan’s stock market in 2025 to generally follow a U-shaped trend, with a bullish bias in the first and fourth quarters and potential corrections in the second and third quarters.
James Chu, Chairman at KGI Securities Investment Advisory, says: “Under a scenario where the U.S. economy achieves a soft landing, interest rate cuts are expected to boost risk assets. This, combined with China’s economic stimulus measures and the steady trend of artificial intelligence, supports a bullish outlook for Taiwan’s stock market in 2025. The tech industry continues to thrive, primarily driven by AI, with Taiwan maintaining its leading position in the global semiconductor sector and a comprehensive AI supply chain, which is expected to drive significant earnings growth in 2025. However, following Taiwan’s stock market with a maximum gain of nearly 30% in 2023 and 2024, and with earnings growth projected to slow from 36% in 2024 to 18% in 2025, the potential for sustained index gains may be limited. Instead, the focus may shift to individual stock performance. Domestic investors have effectively countered foreign selling pressure in recent years, providing continued support against downside risks in 2025. Meanwhile, the Trump administration’s aggressive economic and trade policies could increase market volatility but also present strategic buying opportunities.”
Singapore Market Looking ahead to 2025, significant changes are anticipated in the global macroeconomic landscape, with the U.S. expected to overhaul key policies related to international trade, foreign affairs, immigration, and more under Trump’s administration. Rising tensions among major economies are likely. However, Singapore, with its strategic position as a trade, logistics, and wealth hub, is well-positioned to navigate these shifts. Since the onset of the trade war in 2017, Singapore has leveraged its strengths and geographical advantages to achieve consistent growth. As we move into the coming year, Singapore is poised to face both new challenges and fresh opportunities. Chen Guangzhi, Head of Research at KGI Singapore, says: “We believe Singapore will capture growth opportunities amidst the backdrop of the new round of global trade tensions and ensuing rising geopolitical risks in 2025”
Indonesia Market We are optimistic about 2025, targeting higher economic growth of 5.5%, which is above the 10-year average of 5.1%. This growth will be driven by increased consumption and investment, a rise in civil servant salaries, infrastructure development in the Nusantara Capital City (IKN), and downstream exports, contingent on robust global commodity prices. Yuganur Wijanarko, Senior Analyst at KGI Indonesia,says: “We maintain a positive outlook for 2025, and despite upcoming challenges, anticipate significant improvements in consumer confidence and domestic demand.”
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Members of the KGI group and their affiliates may provide services to any companies and affiliates of such companies mentioned herein. Members of the KGI group, their affiliates and their directors, officers, employees and representatives may from time to time have a position in any securities mentioned herein. Hashtag: #KGI #MarketOutlook
The issuer is solely responsible for the content of this announcement.
KGI
KGI is one of the region’s leading financial institutions since 1997. Our scope of business encompasses wealth management, brokerage, fixed income, and asset management. We are committed to offering a broad range of financial products and services to corporate, institutional, and individual clients throughout Asia. Backed by KGI Financial Group, we have a robust Asia footprint covering Taiwan, Hong Kong, Singapore, Indonesia, and Thailand.