The Winners …
Top Glove: Almost all of its revenue is in US$ and 70% of its total costs are in US$. Strengthening US$ is positive for it.
MISC: Almost all of its revenue is in US$, but so is operating costs, kike bunker, crewing , docking etc …
Tanjong: Egyptian power plant earnings in US$.
Asiatic: Prices mainly in US$, no borrowings but fertilizer costs in US$.
KLK: Sell 15-20% of CPO in US$, rest in RM and Rip. Refined product mostly sold in US$. Borrow primarily in US$ but fertilizer costs in US$.
IOI: Fairly neutral impact. Sell 15 – 20% of CPO in US$, rest in RM. Refined product mostly sold in US$. Borrow primarily in US$ but fertilizer cost in US$.
Sime Darby: Price mainly in US$, few borrowings but fertilizer cost in US$.
The Losers …
MAS: Given MAS’s high operating leverage, earnings are highly sensitive to jet fuel cost which is denominated in US$.
Ann Joo: 70-80% of revenue are from domestic market but input costs are mainly quoted in US$.
Kinsteel: 70-80% of revenue are from domestic market but input costs are mainly quoted in US$.
Astro: Programming cost (50-60% in US$), accounts for 45% of operating cost.
Tenaga: Interest expense on US$ loans (26% of total loans) coal and oil costs in US$.
UMS: Toyota CKD is purchased in US$.
Media Prima: Programming cost (40-50% in US$), accounts for 45-50% of operating cost.
TM: Interest expense on US$1.1 billion bonds.
TMI: Interest expense on US$480 million debts.
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