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GEORGE TOWN: Chin Well Holdings Bhd will focus on opportunities in Malaysia and the United States to drive growth and minimise risk in 2023, as Europe, its primary market, may plunge into a recession.
Group executive director Tsai Chia Ling told StarBiz that the energy crisis in Europe is limiting its ability to consume industrial products like fasteners.
“We still receive orders in small quantity from Europe.
“The energy crisis in Europe, however, does not give them confident to stock up, so most of the customers decided to lower their stock and make only the necessary purchases,” she said.
Tsai added the company’s Europe based customers have purchased a lot before summer this year, leading her to expect the orders to slow down in the quarters to come.
The higher-than-expected inflation in the United States and major European economies had triggered tighter financial conditions which Tsai said had negatively affected demand for the group’s products there.
Nevertheless she said the United States market is likely to contribute about more than 20% to the group’s revenue in 2023 as it is expected to be healthier than Europe’s.,
“The United States government has disbursed US$185bil (RM818bil) for state and local governments to fix bridges and roads that will spike the demand for fasteners.
“In 2023, the United States government will inject more funds to repair infrastructures under the US$1 trillion (RM4.4 trillion) bipartisan infrastructure law passed in 2021.
“New customers are coming to us because of the 25% duties imposed on China-made fasteners, trade tensions between the United States and China, and China’s zero-Covid policy that have disrupted delivery schedules,” Tsai added, noting why in 2023, Chin Well will focus more on business opportunities in the United States and Malaysia.
Tsai said although Malaysia’s economy is forecast to slow down in 2023 as compared to 2022, analysts still expected it to grow between 4% and 5%.
“Now that the general elections are over, the group expects to see major construction projects in Malaysia restarting next year, which will spur the demand for fasteners. The group will continue to explore other new business ventures which will be potentially beneficial,” she said.
Given the rising risks from the uncertainties of the economic conditions, Chin Well will be prudent in its business and strategies approach.
Barring unforeseen circumstances, Tsai said the group anticipates a satisfactory performance in the forthcoming year.
Chin Well has established a dividend policy of distributing at least 40% of the group’s net profits to shareholders of the company since the financial year ended 30 June 2014 (FY14).,
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