Merdeka Month Special: 1st August – 31 Aug 2023

Merdeka Month Special: 1st August – 31 Aug 2023
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30 November 2010

New Incentives Plan for Oil and Gas‏

The government has endorsed a new plan of tax incentives proposed by Petronas which will be incorporated in the Petroleum Income Tax Act, Prime Minister said today.

“By lowering risks and increasing the rewards for investment, this initiative will potentially lead to additional petroleum-generated revenue of more than RM50 billion for Malaysia over the next 20 years” he said when announcing 9 new developments and Entry Point Projects of the Economic Transformation Program.

Najib said there would be a notional trade-off of about RM8 billion in the form of revenue foregone from investment tax allowances, reduced tax and the export duty waiver for marginal fields.

The 5 new incentives are:-
  1. Investment tax allowance of capital expenditure.
  2. Reducing tax rate from 38% to 25% for marginal oil field development
  3. Accelerated capital allowance of up to 5 years from 10 years.
  4. Qualifying exploration expenditure transfer between non-contiguous petroleum agreements with the same partnership or sole proprietor
  5. Waiver of export duty on oil produced and exported from marginal field development
Source: Bernama

Finance Malaysia (FM):-
"This is definitely a good perks for the oil & gas sector. The main objective here is to encourage deep water exploration, which is capital intensive and requiring more technical know-how."

"MHB which was listed recently could be the main beneficiary, judging by its expertise and available resources and technical in this field."

"Following the listing of MHB and Petronas Chemical Group, any good news announced would definitely excite the market. FM believe this is just one of the good news prior to the next general election, reportedly early next year".

28 November 2010

QSR shares is "flying", because KFC is "frying"?

Yet, another lesson could be learned in Bursa Malaysia last week. In the midst of series of corporate activities happening, how could you left out QSR Brands Bhd and its jewel KFC Holdings (M) Bhd (QSR holds 50.6% of KFCH)?

Below is the important date and announcements made:-
19th Nov : QSR received a take-over proposal, but in preliminary stage (closing at RM5.76)
20th Nov : Halim Saad was said proposed to take-over QSR at RM5.60 per share only
21th Nov : QSR shares dive 6.4% to RM5.39
25th Nov : US private equity fund Carlyle Group make an RM6.20 offer for QSR shares

For me, there are some very strange things happening, especially on the timing of announcements.
  1. Halim's real announcement was made on Saturday (20th Nov) on Bursa Malaysia website. Saturday?
  2. Halim's offer price is lower than the previous closing price.
  3. Another offer came few days later, which commands a much higher premium.
QSR's recent share price movements
What does this reflect?
Would someone trying to "goreng" the shares of QSR and KFC?

If I know about the Carlyle's offer one week before, I would try to bought QSR shares. However, the shares is too high already. How?

I would try to "cause" the share price come down, so that, I could accumulate the shares at a cheaper price. Lastly, just wait until Carlyle's good news. By then, I would have making a 15% profits on my investment in  merely 5 days.

The question is: "Did Halim know about the soon to be announced Carlyle's offer?"

UnEthical "Ipoh Bean Sprout Chicken Rice" Restaurant... Beware!!!

Beware, especially KL people. There is a famous "Ipoh bean sprout chicken rice" which do business in its own way - unethical. And, for your information, this restaurant have many outlets in KL. I am wondering how it can expand so rapid with the experience of mine as below:-

The story...

Last night, I went for dinner at this outlet in Puchong. Here is my order:
  • One white chicken rice. And, I stressed that I want the "normal" one.
  • One Ipoh chicken Hor Fun.
However, it turned out as following:
  • One famous "farm chicken" which cost RM1 more.
  • One Ipoh chicken Hor Fun with beef balls (sure more expensive la...).
When I confront with the waitress, who took my order. She said: "Oh... We have changed the menu , and we only have Ipoh chicken Hor Fun with beef-balls or fish-balls. Since we do not have fish balls already, I just give you beef-balls today."

Picture by Rasa Malaysia
After charging the bill, I complain to the manager. Because, this is not the first-time I visit the restaurant, and I know the price and what is available on the menu quiet clearly. And, this is not the first-time I order the "normal" white chicken rice, but they gave me the specially more expensive one.

As expected, the manager said there is normal white chicken rice and pure Ipoh chicken Hor Fun available in the menu. Then, she gave me back RM1 for the extra white chicken rice charged. Since then, they lost a few customers like me.

Back to financial-related angle, does it mean that ethical business would not make money?
After analyzing, I believe the said restaurant teaches their server to do it the "more profitable" way, to add-value, and to squeeze customers. Because, I have been served for 3 times before, and they are acting the same. Why can't we do business in a more ethical way? If the food is in good taste, customers sure will return. If the service is good, customers sure will be loyal. Correct?

Finance Malaysia sure will boycott those unethical business. Don't you?

23 November 2010

New Fund: Public Islamic Infrastructure Bond Fund

Public Islamic Infrastructure Bond Fund is an Islamic bond fund that seeks to provide annual income to investors through investments in sukuk of companies in the infrastructure sector.

The fund allows investors to access the sukuk market, which is usually inaccessible to the average investor as it is a market for institutions where the standard transaction lot is RM5 million. Sukuk issued by companies in the infrastructure sector are generally underpinned by predictable cash flows and stable income stream over the respective issuer's concession period. Example, companies with power plant concessionaires, telecommunication service providers, toll-road concessionaires and port operators.

The fund invests up to 98% of its NAV in a portfolio of sukuk of companies involved in the infrastructure sector and the balance of its assets in Islamic money market instruments. To achieve increased diversification, the fund may invest up to 25% of its NAV in foreign sukuk, which includes Singapore, United Kingdom, Japan, Australia, Hong Kong and other permitted markets.

The fund is suitable for investors seeking the stability of annual income with some safety of principal via participating in sukuk issued by companies in the infrastructure sector.

Source: Public Mutual

22 November 2010

New Fund: Public Islamic Alpha-40 Growth Fund

Public Islamic Alpha-40 Growth Fund is an Islamic equity fund that seeks to achieve capital growth by investing up to a maximum of 40 selected Shariah-compliant blue chip stocks, index stocks and growth stocks listed primarily on Bursa Securities and regional markets.

The fund adopts a more focused investment strategy and is able to achieve potentially higher returns over the mid to long term as it concentrates its investment in a portfolio of not more than 40 stocks. Currently, 88% of securities listed on local bourse are Shariah-compliant representing about two-thirds of Bursa Malaysia's market capitalization.

The equity exposure will generally range from 75% to 98% of its NAV. To achieve increased diversification, the fund may invest up to 30% of its NAV in selected foreign markets, which include Singapore, Taiwan, South Korea, Japan, Australia, New Zealand, Hong Kong, China, Thailand, Indonesia, Philippines and other markets.

Source: Public Mutual

21 November 2010

When would asset bubbles in Emerging Market "Burst"?

Do you discounted the possibilities of asset bubbles in Emerging Market?

Even though our governments, including China, saying that asset bubbles is under-controlled for almost one year now, yet, investors are not comfortable with the record breaking prices.

Investors are encountering high prices in properties, commodities, resources, and of course, shares market in emerging markets. People are investing, buying, spending, and borrowing to an extent that would caused asset bubbles in various sectors.
Return, the only thing in mind...
Meanwhile, investors are chasing for returns to beat the market at large, and to avoid being left behind. This "Kiasu" behavior are only pouring oils on fire. Yet, returns is the only thing in mind, and those "kiasu" investors are winning the game to date. For those who does not participate in the game were blaming them for causing the high property prices, undermining their affordability to own a house.
When did the bubbles started?
In fact, the asset bubbles was started end of last year. And, the bad news is, the bubbles are growing non-stop until today. People are blindly pouring oils (until crude oil reaches USD87 per barrel lately), although the fire is big enough to swallow a bungalow.
When would it stops?

Oh... To answer it, we have a two-sided views...
One, the asset bubble will anyway stop one day
Two, it will stop when it "burst"
All will come to an end by following the sequence below:
- when US and Europe recover from their painful crisis,
- when investors found that US and Europe can give them better return,
- when "kiasu" attitude infecting US and Europe,
- when oil prices is too pricey to ignite the fires (commodities will come down),
- when speculative capital flow out of emerging markets,

19 November 2010

Tax Benefits of Unit Trusts YOU Must Know

Due to Malaysian Government's efforts to promote unit trusts, most of the income received by unit trusts will be exempt from income tax. Basically, the income of unit trust may consist of dividends, interest or profit and gain from sale of investments and returns on bonds. Then, the income is assessed and charged to tax separately from the income of unit holders, which was governed by the Income Tax Act

Gains on disposal of investments by unit trust will not be subject to income tax. The only exception is where the investments represent real properties which could be subject to real property gains tax (RPGT).

Exempt Income
Interest and discount derived by unit trusts from the following types of investments is exempt from income tax:
  • Securities or bonds issued or guaranteed by the Government
  • Debentures, other than convertible loan stocks, approved by the Securities Commission
  • Bon Simpanan Malaysia issued by Bank Negara Malaysia
  • Interest paid or credited by any bank or financial institution
  • Income from overseas investment is also exempted from Malaysian tax
    How about dividends from investments?

    Such dividends would already have tax credits attached to them and can be used to offset against the unit trust's tax liabilities. Therefore, either of the following will happen:-
    1. NO further tax applicable
    2. If the unit trust's tax liability is less than the tax credits, the tax credits attached to dividends can be refunded to unit trust
    More Benefit for Corporate investor…

    Example, a corporate investor were to deposit funds in a fixed deposit, the interest will be subjected to corporate tax of 25% currently. But, unit trusts are specifically tax exempted on interest on fixed deposits. In other words, fixed income and money market funds should be an 'Angel Fund' for corporate investors.

    16 November 2010

    Time dotCom needs more TIME?

    After 2 days of suspension and an announcement, Time dotCom (TdC) slides 18% to RM0.63 today. In conjunction with that, TIME - the mother of TdC - also join-in to close down 16% to RM0.435.

    Actually, what is so bad about the announcement? Prior to the outcome, both counters jump up in anticipating of good news. Anyway, it looks like investors are jumping blindly before this.

    The announcement by TdC:-
    • Buy Global Transit Communications (GTC) for RM106 million, the wholesale Internet service and back haul provider
    • Buy Global Transit Ltd (GTL) for RM105 million, which owns 10% of trans-Pacific submarine cable
    • Buy AIMS Group for RM128 million, owner of network-neutral data centers in the region
    • Capital repayment of 2 sens-a-share
    To finance the acquisitions, TdC will pay RM90.9mil cash and the rest in new shares. The deal was expected to enhance TdC's earnings straight away, transforming TdC into a regional telco player, and over-taking other competitors.

    Why still falls after such a good news?
    No one knows the main reason behind. And, Finance Malaysia makes the first comment regarding this, and the main reason was - No More Story. In other words, all the good news have been factor-in before the announcement, and as such, No More Story will be bad news for this company. The last investor who jump in will be the hardest hit.

    It was not surprise, because the deals involved so many parties and people, the so called "insider news" would have leaked out much early. Investors keeps on pouring in their hot money to participate, but, the smart one has started to cash out.

    By looking at the deal carefully, there was new shares being placed out.
    The question is at what price?
    And, how to determined the price?

    Ah...ha... According to it, the price of new TdC shares that will be issued to the vendors of the companies is 72.3 sen each, based on the 5-days volume-weighted average market price of TdC shares. You get what I mean? If the shares shot up and traded actively before the announcement, the price of new TdC share that will be issued would become higher.

    Good Luck on your next target...

    14 November 2010

    Would Steel sector ‘Stealing’ the show next?

    Pre and Post-Budget 2011, you like it or not, construction sector was the main beneficiary. Judging from the share price, construction stocks are almost fully valued now, with less upside space. Gamuda, IJM, MRCB, HSL, with the latest gainers of AZRB and Muhibbah, opportunities seems disappearing in construction counters.

    Next wave is STEEL?

    If you missed the construction boat, another boat is coming your way. Do not worry.
    What people forget was the chain effect of mega construction projects.
    What would construction sector needs? Can you construct without cement? Can you construct without steel?

    Investors have two choices now – cement and steel. Since there are only 3 cement stocks, namely LMCement, YTL Cement and Tasek, which was not so attractive right now, we better focus on steel related stocks.

    So, forget about the already construction rally and focus on steel counters instead, on the following reasons:-

    • Spur by local mega construction projects, such as LRT extensions and Warisan Merdeka Tower.
    • New Vale distribution hub in Lumut, which could lower the cost of local steel millers.
    • The maiden SCORE project at Sarawak to boost capacity substantially.
    • Potential duty hike for export of scrap metals, which is the raw materials needed locally.

    * Hint: LionCorp was looking attractive now

    13 November 2010

    Maybank is going to 'EAT' OSK?

    Financial Daily recently reported that Maybank is going to take-over OSK Holdings Bhd as Maybank was said to be continuously seeking opportunities. Although, both Maybank and OSK reply to Bursa Malaysia's query, both parties have neither denied nor confirmed the opportunities. And now, let us look at the possible acquisition.

    What makes OSK attractive?

    • Good track record of rapid growth, which offers a wide spectrum of financial, advisory and investment services.
    • Already operating in Malaysia, Singapore, Hong Kong and Shanghai.
    • One of the pioneers in local broking industry with 450 remisiers and 300 company dealer's.

      What's in-store for Maybank?

      • Maybank had explicitly wanted to expand regionally, especially on investment banking services.
      • Regional equities broking was always in Maybank's radar.
      • And, main weakness of Maybank now was its fund management arm, in which, OSK is famous of.
      If this is true, Maybank is heading in a right direction, by 'eating' OSK, to compliment with its aim to expand regionally and addressing its main weakness.

      12 November 2010

      Why you should DUMP YTL-e, and, BUY YTL-Power now?

      After successfully riding on the mini Bull market of KLCI, YTL-e is the star performer of YTL group of companies. From around RM0.80, charging upwards to RM1.70 now, YTL-e was the Top Gainer of October. However, Finance Malaysia (FM) is wondering what the reason was behind.

      • First, people are crazy of YTL-e because of its impending WiMax broadband services to be rolling out this coming 18th November
      • And, the above is the only reason. Nothing else.
      Why should you DUMP YTL-e now?

      • The business of WiMax 4G is under YTL Communications, which is a wholly own subsidiary of YTL Power.
      • Meaning, the success of the project would benefit YTL Power, not YTL-e.

        Why should you BUY YTL-Power now?

        • As mentioned, YTL Power is the ultimate owner of the WiMax broadband business.
        • Management of YTL hints that their service would be the most competitive and attractive in Malaysia.
        • YTL Power pays very good dividends annually.
        • YTL Power is a laggard among blue-chip counters.
        Then, what was there for YTL-e?

        The WiMax license is awarded to YTL-e. Therefore, YTL Power will pay license fees to YTL-e annually, and that's it.

        Why the service called YES?
        Is it meaning YTL-E Solution (Y.E.S)?

        11 November 2010

        New Fund: AmIslamic Greater China Fund

        The fund aims to grow the value of the investment in the Longer Term by investing in a portfolio of Shariah-compliant equities with exposure to the Greater China region namely in China, Hong Kong, Taiwan markets, as well as companies on Approved Equity Markets with business dealings in China.

        To achieve the investment objective, the fund will invests a minimum 85% of the fund's NAV in a portfolio of Shariah-compliant equities with exposure to the Greater China region. AmIslamic is partnering with Hamon Investment Management Limited, the sub-investment manager who is responsible for the asset allocation and stock selection for the portfolio based on the following style:-
        1. Performing active bottom-up stock selection
        2. Picking securities without the constrain of market capitalization
        3. Growth or value styles which depends on the changing economic cycles and market conditions
          The fund is suitable for an investor seeking:-

          • Investment exposure to the fast growing Greater China region
          • Capital growth and appreciation through a portfolio of Shariah approved equities investments
          • Long Term investment goals

          10 November 2010

          Migration of Immigration Department…

          Recently, I went to Immigration Department pertaining my passport. Thinking that I am very smart, I did the following before heading there:-
          • Log in to
          • Pay attention to latest announcement (1 Jam 1 Passport !!!)
          • Pay attention to the operating hours
          • Locate the destinations with maps also

          Without any doubt, I started my Passport journey hoping to get my things done smoothly. First, I reached to Wangsa Maju branch on 7.40am. To my surprise, the security guard told me that the system was down for the whole-day. Yes, early morning they already know it was down whole-day!!!

          Without arguing, I head to Putrajaya – headquarter of Immigration Department of Malaysia. According to the map provided on its website, I reached there. While on my way to get my queuing number, there was no "passport" button for me to press, the official there told me to go to another place. Reason being the passport operation was moved to Precint 15.

          • Only Passport service moved there?
          • Where is Precint 15?
          • How am I going there?

          After taking the direction from the helpdesk, I rushed to Precint 15. It took me 15mins to get there (without following the map given). The map was confusing, and luckily I know the main road and where Alamanda was. If not, I would get lost at Putrajaya, all thanks for having the 'lost' map.

          Reaching Precint 15…

          Finally, I get there, parked my car, and the car-park lift was not functioning. I saw bunch of people, even before I could see the counter. By that time (3.30pm), an unpleasant signboard showing "PERMOHONAN PASSPORT DITUTUP UNTUK HARI INI".

          Advices to Immigration Department:
          1. Please beef up your system. I know this is not the first time.
          2. Please update latest announcements as soon as possible.
          3. Please update the website accordingly.

          08 November 2010

          MCA is largest shareholder of TheStar

          The Star reported that MCA had announced that it has bought a 42.4% stake in Star Publications (M) Bhd for RM1.28bil, or RM4.09 a share, from its wholly-owned subsidiary Huaren Holdings Sdn Bhd and is in the process of maintaining its beneficial interests in Star.

          MCA said: "The transfer is effected for the purpose of reorganizing MCA's investments, whereby Huaren Holdings will divest its passive investment in Star and increase focus on its investments in unquoted shares and other assets, in order to achieve greater management efficiency and provide maximum return to stakeholders"

          Finance Malaysia:
          In fact, this is only a change of hands (from Huaren to MCA). This is an ongoing process being intended by both parties to streamline its operations. Prior to this, Huaren had also disposed its entire 3.6% stake in Media Chinese International Ltd (MCIL). MCIL which controlled 4 Chinese dailies - Sin Chew Daily, Nanyang Siang Pau, China Press, and Guang Ming Daily, became a hot debate topic in last MCA general election, pertaining mainly 2 issues:
          1. Returning the freedom of press to respective Chinese dailies.
          2. MCA has been making losses since Nanyang purchase, which was reported amounting to RM100mil.
          FM hope to see a unbiased reporting from all dailies in Malaysia. I doubt it can be done with MCA being the largest shareholder in The Star. Its no surprise that why more and more Malaysians are relying on world wide web for information.

          07 November 2010

          Why UEM Land acquires Sunrise?

          About the offer…

          On 4th November 2010, UEM Land Bhd plans to take control of Sunrise Bhd in a RM1.4bil deal. Shareholders of Sunrise are given 2 options:
          1. UEM Land to acquire Sunrise shares at RM2.80 via the issuance of UEM Land shares at RM2.10 each, or
          2. Sunrise shareholders get 2.80 redeemable convertible preference shares (RCPS) for every one offer share.

          Why Sunrise?

          Reasons given by UEM Land were:
          • Leveraging on Sunrise Group's robust financial strengths and prospects
          • Accelerate UEM Land's own business expansion
          • To secure new development projects
          • And, to create another Capital Land (Singapore state-own company which is one of Asia's biggest property developers)

          After the deal is completed…
          • UEM Group's shareholding in UEM Land will fall to around 60%
          • Major shareholder of Sunrise will have stake of around 9% in UEM Land
          • Sunrise will be delisted from Bursa Malaysia
          • But, the brand name of Sunrise will be retained
          • Creating an enlarged group with combined asset base of over RM5bn

          Finance Malaysia thinks that the acquisition would compliment UEM Land's lack of expertise in high-rise, high-end property development. What UEM Land's business was in macro township development, such as the Nusajaya project. Mont Kiara, being the award winning development by Sunrise, is a clear example. UEM Land knows that Nusajaya would NOT be perfect without a brand and expertise such as Sunrise's.

          Anyway, FM doubts whether the offer will go through smoothly with a mere 11% premium being offered to Sunrise's shareholders. Moreover, Sunrise was planning to launch 4 projects with total gross development value of RM3.2bn soon.

          05 November 2010

          70% Loan to Value

          On 3rd November 2010, Bank Negara Malaysia wishes to announce with immediate effect the implementation of a maximum loan-to-value (LTV) ratio of 70%, which will be applicable to the 3rd house financing facility onwards taken out by a borrower.

          Financing facilities for purchase of the 1st and 2nd homes are not affected and borrowers will continue to be able to obtain financing for these purchases at the present prevailing LTV level applied by individual banks based on their internal credit policies.

          The measure aims to support a stable and sustainable property market, and promote the continued affordability of homes for the general public. 

          At the national level, residential property prices have increased steadily in tandem with economic development and the rise in income levels.  This aggregate growth trend remains largely manageable and has not deviated from the long term trend in residential property prices.  In the more recent period, however, specific locations, particularly in and around urban centres, have experienced faster growth, both in the number of transactions and in house prices. This is further supported by an increase in financing provided for multiple unit purchases by a single borrower, suggesting increasing investment activity that is of a speculative nature.

          The targeted implementation of the LTV ratio is expected to moderate the excessive investment and speculative activity in the residential property market which has resulted in higher than average price increases in such locations. This has also led to increases in house prices in surrounding locations, thus contributing to the declining overall affordability of homes for genuine house buyers.  This measure therefore remains supportive of the objective of encouraging home ownership among Malaysians which continues to be an important national agenda.

          Finance Malaysia:
          A conservative move by BNM, to avoid dampening the whole property market, and at the same time taking pre-cautious measure to "deflate the mini property bubble". As FM mentioned before, Government should introduce a higher Real Property Gain Tax (RPGT) which could effectively curb excessive speculation. But, such move is not popular in view of the upcoming general election which could be held as soon as first half of 2011.

          FM DO NOT think that the latest movement by BNM will have any effect on the market. This is because one could buy his/her 3rd house using his/her child or spouse name instead. Maybe this is an advantage of having many children?

          Source: BNM website

          04 November 2010

          New Listing: Petronas Chemicals Group

          After the successful listing of MMHE, Petronas is going ahead with the listing of another subsidiary - Petronas Chemicals Group Bhd (PCG). The IPO, which could raise as much as RM13.02bn (US$4.2bn), would be the largest in Southeast Asia, according to term sheet.

          Below is the summary of the IPO:
          • PCG is one of the leading integrated petrochemicals producers in Southeast Asia region, with 45% of revenue derived locally.
          • Better profit margin in rising crude oil environment as prices of raw material was supplied by Petronas.
          • The management has earmarked to 50% payout of its earnings, which translates to a dividend yield of about 4%.

          At retail price of RM5.05, the historical price-earnings ratio (PER) works out to be about 16 times.

          Upon listing...
          • EPF and Kumplan Wang Persaraan will be cornerstone investors.
          • To expand its business and synergistic-growth acquisitions for the next 5 years.
          • To consolidate its petrochemicals activities to increase the efficiency and profitability of its operations.
          • To expand its production capacity via plans to develop a Greenfield ammonia and urea production facility in Sabah
          Top 5 KLCI stock?
          With market cap of around RM40bn, PCG is set to be among top 5 stocks on KL market. Thus, register as a member of KLCI, right behind CIMB, Maybank, Sime Darby and Public Bank.

          Given the lukewarm respond to MMHE listing, PCG will set to repeat the spectacular debut listing. Undeniably, this is good BUY (if you can get it). However, I do not view this as an trading stocks given its mere 4% retail portion.

          01 November 2010

          Questions created by PTPTN

          Today, it marks a historic milestone for my PTPTN's loan. After waiting for a year since the day government announced that it will reduce the interest rate from 3% to 1%, all the borrowers' wish finally came true.

          I am very pleased with the announcement, though, it should be more effective. Understandably, there are thousands of borrowers who had taken up the education loan. However, did PTPTN file and store those record in a systematic way? If so, why would it take so long?

          Right after the announcement, many of us (loan takers) curiously thinking about the procedure, terms and conditions applies, and of course, when would it started. Then, I believe many of us can't wait anymore, and take the first step by ringing up to inquire about the issue.

          Personally, I did called. Surprisingly, the official politely told us that NOT everyone are entitle for the reduced 1% interest rate. The term was: "Qualified borrowers is meant for those who regularly repay the loan for the past 12 months".

          Fortunately, I am one of those qualified borrower (I think). However, there was a lists of questions?

          What does 'regularly' mean? Repaying 3 months in one shot, can?
          This is because there is a transaction fee each time we repay loan. Hence, many of us prefer to repay in one shot, albeit bigger amount, to reduce our costs and avoiding the monthly hassle.

          The reduced rate is on the outstanding loan amount?
          This would be unfair for those who regularly repaying a certain amount, as we are serving interest only initially. If this is the case, what's the incentive for us to repay early previously?

          Until now, we still are unsure about the entitlements and the procedures, if any.
          Conclusion was clarifications from PTPTN are very much needed here. Not because we don't want to repay, in fact, we need the assurances given by PTPTN.