Asian Millionaires Firing Bankers Take Control Of Wealth

By Sanat Vallikappen - Aug 1, 2012 6:00 AM GMT+0700 

Clinton Ang, the grandson of a gunny- sack seller who emigrated last century from China to Singapore, oversees a fortune valued at almost $80 million for himself and three siblings.

That makes him a target for wealth managers in Singapore, the private-banking capital of Asia. Yet the 39-year-old managing director of Hock Tong Bee Pte, which evolved from his grandfather’s sacks and foodstuff supplier into a purveyor of $6,000 Grand Cru wines, has already fired two bankers and prefers mostly to manage the money himself.

“I am very open to private banks for their propositions, but I want them to be relevant,” said Ang, who’s cut the amount of his family’s money managed by professionals to less than 5 percent from 25 percent three years ago. “We felt we could do better ourselves.”

Disillusionment with investment products and returns has made Asian millionaires such as Ang take greater control of their wealth than rich Europeans. Managers at Credit Suisse Group AG (CSGN), Citigroup Inc. and other banks in Asia have full discretion over clients’ portfolios for just 4 percent of assets under management, according to a June report from Boston Consulting Group. That’s down from 7 percent in 2006. In Europe, it’s 23 percent, rising from 18 percent six years ago.

“Asia’s wealthy lost a lot of trust in their private banks and private bankers during the 2008 financial crisis,” said Peter Damisch, a Zurich-based BCG partner and managing director who co-authored the report.

Less Profitable

For the top wealth-management firms that have made big bets on expanding in Asia, the move by millionaires to control their own assets is translating to lower profits even as the pool managed by professionals continues to grow.

HSBC Holdings Plc, whose private bank had 25 percent more assets in Asia-Pacific region in 2011 than four years earlier, earned less last year than in 2007, according to its annual reports. Net operating income for the private bank’s local operations in 2007 was $748 million on $26.7 billion in assets. In 2011, the same measure fell to $712 million even as assets managed rose to $33.5 billion.

That means, excluding expenses, the private bank earned $2.10 for every $100 of assets it managed in the Asia-Pacific region last year, a 25 percent decline from 2007. That year was historic for market performance and turnover, said Gareth Hewett, an HSBC spokesman in Hong Kong, adding that he didn’t know whether Asia’s shift away from private banking was to blame for lower earnings.

Cultural Differences

“The culture of Asia is such that clients are far more hands-on,” said Akbar Shah, head of Southeast Asia and Australia for Citigroup’s private-banking unit who cites the region’s accumulation of wealth as a reason behind the desire for control.

“Many of them have made a lot of money in the real estate markets in Asia, and these are hands-on markets,” Shah said. “Nobody can tell you -- you need a feel for it.”

Asian millionaires, a large proportion of whom have made their fortunes rather than inherited wealth, demand high returns, according to Enrico Mattoli, who heads investment products and services for the richest clients of UBS (UBSN) AG’s Asia- Pacific wealth-management unit.

Affluent Asians have an “aggressive” growth target of an annual nominal rate of 12 percent for the next 10 years, Standard Chartered Plc and Scorpio Partnership said in a report in March after surveying more than 2,700 high-net-worth Asians in nine markets including China, India, Singapore and Hong Kong. The report didn’t provide a comparative number for Europeans.

High Fees

In the run-up to the global financial crisis of 2008, private bankers sold Asian clients products that earned high fees and commissions, such as derivatives with returns that soared when stock prices rose and plunged lower than the market when prices fell, said Liew Nam Soon, a Singapore-based partner at Ernst & Young LLP.

Historic annual returns to global clients at Citigroup (C)’s private bank have averaged about 8 percent to 12 percent since the mid-1980s after adjusting for inflation, Shah said. The New York-based bank and rivals UBS and Credit Suisse, both based in Zurich, don’t report private-banking revenue by geography. The three, along with HSBC, are the top four private banks in the region by assets managed, according to Private Banker International, a publication which tracks the industry.

UBS reported that assets managed in the Asia-Pacific region since the end of 2008 grew 27 percent to 165 billion Swiss francs ($169 billion) last year. Mattoli declined to answer questions about the impact of Asian millionaires pulling back their wealth on operations, revenue or profitability.

‘Heavily Skewed’

Asians’ portfolios are “heavily skewed” toward Asian markets where gains have outpaced the rest of the world, according to a February note from Shayne Nelson, chief executive officer of Standard Chartered’s private bank. In the 10 years through the end of June, the BSE India Sensitive Index (SENSEX) had average annual gains of 20 percent, compared with 26 percent for the Jakarta Composite Index. (JCI) The MSCI World Index (MXWO) climbed less than 6 percent annually in the same period.

Banks’ profitability has declined partly because wealthy Asian clients negotiate lower fees to managers. Private bankers are under pressure to reduce them because they only provide advice to multiple customers, rather than bearing sole responsibility for the clients’ portfolios, said Charles Bok, CEO of the Singapore unit of Reyl & Cie SA, a Swiss wealth manager with 5.5 billion francs under management.

Profitability has also fallen due to a drop in commissions on equity and bond trading, which have shrunk amid the global rout in capital markets.

Trading Revenues

“At the moment, people are not very active in the markets and because of that, trading revenues are down,” said Boston Consulting Group’s Damisch.

His firm estimates that return on assets for private banks in Asia was 65 basis points last year compared with 73 basis points for European institutions. A basis point is 0.01 percentage point.

“There is a disparity between banks’ income requirements and clients’ interest,” said Easaw Thomas, another Asian millionaire who manages most of his own wealth and declined to disclose the value of his portfolio.

Thomas, an anesthesiologist who made most of his money in real estate without the help of advisers, drives a S$700,000 ($562,000) Porsche 911 Turbo, owns a wine collection that boasts rare Burgundies, and lives in a 1939 Art Deco house in one of Singapore’s most-expensive neighborhoods off Bukit Timah Road.

“My general impression, after many rounds of disappointing performance, is that private bankers cannot be your lifeline,” said the 67-year-old Indian-origin Singaporean, who has used private banks since the 1980s.

Advice From The World’s Richest Man Warren Buffett Two

Distance yourself from bank loans or credit cards and invest in what you have, and remember:

1. Money does not create man, man who created money.
2. A simple life as yourself.
3. Do not do anything that people say, listen to them, but do what yagn fine.
4. Do not wear brand, wear really comfortable for you.
5. Do not spend money on things that are not really important.
6. With money
• You can buy a house, but not a home.
• you can buy a bed, but not sleep
• You can get a position, but not respect
• You can buy a clock, but not time.
• You can buy a book, but not a knowledge.
• you can buy blood, but not life.
7. If it has been successful in your life, share and teach to others.

“The happy person is not a great person in every way, but one can find the simple things in life and give thanks”

From gomestic.com

11 Investing Lessons From Peter Lynch

by Alexander Green, Investment U Chief Investment Strategist
Wednesday, July 18, 2012: Issue #1817

Sometimes I almost feel sorry for the market timers.

There’s a reason famed money manager Ken Fisher calls the stock market “The Great Humiliator.”

Nobody can know with any certainty what the stock market will do next week, next month, or next year. The sooner you recognize that, the sooner you can start making money in stocks…

I learned this lesson from three world-beaters: Warren Buffett, John Templeton and Peter Lynch.

Going Outside My Research Department…
As a young man starting out in a stock brokerage 27 years ago, I made a startling discovery. The “analysts” at my firm picking stocks for clients weren’t just bad… they were awful. I soon found myself looking for ideas outside my “research department.”

After six months of sheer frustration, I had an epiphany…

If I were going to learn from someone else, why not the best?

Instead of listening to the talking heads at my firm, why shouldn’t I listen to the greatest investors in the world?

As this was the early 80s, it was Warren Buffett, who ran Berkshire Hathaway, Peter Lynch, who managed the Fidelity Magellan Fund, and John Templeton, who headed the Templeton Growth Fund.

These men had very little in common in their investment approaches:

• Buffett was (and is) a value guy.
• Lynch was a growth analyst.
• Templeton was a global markets pioneer.

But they all started from the same premise: They didn’t have a clue what the broad stock market was going to do.

That was fine, because they knew something much more valuable: how to identify companies selling for far less than their intrinsic worth. And when the market recognized that value, they sold them.

11 Lessons From Peter Lynch
For instance, Peter Lynch taught me:

• Behind every stock is a company. Find out what it’s doing.
• Never invest in any idea you can’t illustrate with a crayon.
• Over the short term, there may be no correlation between the success of a company’s operations and the success of its stock. Over the long term, there’s a 100% correlation.
• Buying stocks without studying the companies is the same as playing poker – and never looking at your cards.
• Time is on your side when you own shares of superior companies.
• Owning stock is like having children. Don’t get involved with more than you can handle.
• When the insiders are buying, it’s a good sign.
• Unless you’re a short seller, it never pays to be pessimistic.
• A stock market decline is as predictable as a January blizzard in Colorado. If you’re prepared, it can’t hurt you.
• Everyone has the brainpower to make money in stocks. Not everyone has the stomach.
• Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what’s actually happening to the companies in which you’ve invested.

Lynch’s advice had a profound effect on my stock market approach. He taught me that investment success isn’t the result of developing the right macro-economic view or deciding when to jump in or out of the market. Success is about researching companies to identify those that are likely to report positive surprises.

Buffett Has Success with Walmart

By Swagato Chakravorty

Monday, July 23rd, 2012

The Oracle is at it again.

Back in 2009, Warren Buffett bought 17,892,342 shares of Walmart (NYSE: WMT) stock at around $50 per share. That was in the third quarter.

In the fourth, he bought another 1,200,500 for around $52.50. Finally, he bought 7,671,000 shares for $61 in early 2012, almost precisely before Walmart stock jumped to $72.31.

This year alone, Walmart’s stock has risen by 21 percent so far, making Buffett look, as usual, eerily prescient.

Walmart has done fairly well, increasing revenue each year over the past ten years to hit $447 billion in the fiscal year 2012. Every year since 1974, Walmart has increased its dividend, and this year is no different—the board increased it to $1.59 per share.

According to Nasdaq, GuruFocus had estimated Walmart’s value in 2011 to be $78, with an assumption of 10 percent EPS growth and 3 percent terminal growth over the coming decade.

Currently, Walmart is trading at slightly over $71.

Along with Walmart’s return to market prominence, Berkshire Hathaway’s (NYSE: BRK.A) stocks have steadily risen by more than 10 percent this year. Each stock now costs $125,321, and that represents a record high in 16 months.

As recently as May 4, Berkshire stated that its net revenues were at $3.2 billion, which makes this a third straight year of such increases. Plus, operating earnings were $2.7 billion, a great improvement over last year’s equivalent-period earnings of $1.6 billion.

Berkshire benefits from Buffett’s visionary guidance. The man has repeatedly shown confidence in America and the American market.

Speaking to CNBC, he expressed his belief in a resurgence within the housing market, as well as indications that investors are seeking safer ground as the American economy continues to shrink for the present.

From wealthdaily.com

7 Lessons I’ve Learned As A Dividend Investor

I often hear from newbie investors who are overwhelmed by the prospect of managing their own money. There are so many complex investing products, opinions and strategies flying around that they don’t know where to begin, so they end up hiring someone else to look after their cash.

That’s unfortunate.

The truth is that no individual could possibly keep up with – let alone understand – all the arcane financial products out there. But here’s the good news: You don’t have to. Nor do you have to know which way the market is heading (news flash: nobody does) to be a successful investor. In fact, the more you can tune out the noise, the better off you’ll be. As a dividend investor, I’ve found that sticking to a few simple rules is all it takes. Here are seven that I consider to be among the most important.

1. Think like an owner, not a trader

Too many people see the stock market as a casino where the goal is to flip their shares for a quick buck. Good luck with that. A better approach – both for your portfolio and your stomach – is to think of yourself as an owner who participates in the rising profits of the business. Instead of obsessing about short-term market gyrations, your main concern as an owner should be that the company’s earnings – and hence, dividends – are gradually growing. If they are, the stock price will eventually follow.

2. Remember the 10-year rule

Here’s one of my favourite Warren Buffett quotes: “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.” Consider how many people would have avoided flame-outs such as Yellow Media or Research In Motion if they’d only heeded Mr. Buffett’s advice. If you can’t be highly confident that a company will be thriving a decade from now, the stock is too risky to buy today.

3. Watch dividends, not stock prices

One of the best things I did as an investor was set up a spreadsheet to track my dividends. Now, if a company raises its dividend or I buy more shares, I just enter the information into the spreadsheet and the little box that calculates my annual dividend income automatically updates. Watching that number grow makes it a lot easier to stay calm on days when the market tanks.

Buffett on JPMorgan, Wells Fargo, Bofa, ConocoPhillips, Facebook

Warren Buffett co-hosted Bloomberg TV’s “In the Loop” with Betty Liu this morning, where he discussed the U.S. economy, JPMorgan (JPM), Wells Fargo (WFC), Bank of America (BAC) and other Berkshire Hathaway (BRK.A) holdings.

On JPMorgan, Buffett said, “I’ve had enough mistakes of my own that I’m very forgiving when something like that happens” and advice to Jamie Dimon is to “keep your head down.”

Buffett said that Wells Fargo has “a sensational mortgage operation.”

Buffett went on to say that Americans are “quite disgusted” with Congress and that Congress should raise the debt ceiling “this afternoon.” He said that the debt ceiling shouldn’t be used as a “pawn” to embarrass the opposing side and that health care is the “tapeworm” of the economy.

Buffett also said that Berkshire reduced its holdings in ConocoPhillips (COP) and bought into “some of the refining operation.”

Buffett on whether he was surprised by JPMorgan’s $4.4 billion loss:

“Not surprising then bank in terms of the loss from a transaction of that size. My guess they pretty much worked out of it by now. They lost a whole lot more than that in loans and mortgages and reps and warranties that are coming back. It sounds like a whole lot of money, but it is not that significant relative to JPMorgan…I have had enough mistakes of my own so I am very forgiving.”

On whether he believes JPMorgan is doing the right thing in relation to the loss:

“Oh sure. They had losses on reps and warranties on mortgages that were substantial. They had loan losses that were substantial bearing the 2008 period. I just heard the Wells Fargo figure. That was $5 billion a few years ago. Banks are in the business of taking some risk. If they take risks, they are going to have losses as well. If you put it under a rock, you will not have any losses, but you will not earn any money.”

On whether he’s spoken with Jamie Dimon about the trade:

“We work on a panel together at Microsoft shortly after it broke. I heard him talk about it. It is pretty clear what happened. He does not need any advice from me.”

On Wells Fargo:

“They’ve got a sensational mortgage operation. The total mortgage market was at the $3 trillion level not that long ago. If it goes back up to $3 trillion, I hope Wells is going a third of those.”

“Wells did the best job of the big players in the mortgage market and therefore they’ve garnered a share as the other fellows have fallen by the wayside.”

On the housing market:

“It is starting to recover. The general economy has probably slowed down a little in the last few months. The bank the housing market is recovering…We are seeing an improvement. We have moved noticeably in the last few months. It was just a question of getting households in balance with housing units. That happens at different paces in different parts of the country. You have seen a much better balance developing here in recent months. That is why you are seeing a pickup in prices.”

On what advice he’d give Jamie Dimon:

“Keep your head down and you have a fantastic institution, and you are making money every day. You are going to run into things like this….I think it is the best shareholder letter. It is very, very good. He is a candid guy. When he made that statement in April, that is what he thought. I have no question about Jamie Dimon telling the truth.”

On Wells Fargo:

“I like Wells Fargo better than anything by far. It complicates life when I and buying things as opposed to the Berkshire Hathaway. I get what is left over…I like Wells Fargo better [than JPMorgan]. We have been buying Wells Fargo month after month for a lot of years. Among the big banks, I think it is the best. “

On whether Bank of America declined his investment:

“That is absolutely not true. The first time I’ve ever talked to Brian [Moynihan] was the day I called him and we made a deal…We have over nine years left. It is an attractive price. I wish I had done it for $10 billion.”

On whether the deal was a vote of confidence in Bank of America and Brian Moynihan:

“Both. Bank of America is a remarkable institution…Wells Fargo may have the best deposit base in the United States, but Bank of America’s deposit bases are absolutely fantastic. The real asset of a bank is its liability. Bank of America has a deposit base that is terrific. They got in trouble with a couple of acquisitions, but that was not under Brian’s watch. Brian has been doing exactly the things in terms of correcting problems in the past. I think he has done a terrific job. He is getting it back to basic banking.”

3 Buffett Sayings That Will Make You Money

Some of the Sage's less well-known sayings are perfect advice for times like these.
Without doubt, Warren Buffett, the boss of Berkshire Hathaway (NYSE: BRK-B.US), has said some very smart things. Which, when you think about it, isn't surprising.

Because he wouldn't have made so much money in the first place if he wasn't smart, and -- let's face it -- he's a gregarious chap who's very happy to share his thoughts with those investors who have put their money into Berkshire Hathaway.

At this year's investor-fest in Omaha, for instance, Buffett and co-investor Charlie Munger once again held the stage for several hours, fielding questions from all and sundry.

Sage words
The trouble is, when it comes to the answers, many of us have selective hearing. One result of this is that some of his best known quotes are only partly reproduced.

Take, for instance, Buffett's famous remark that "our favourite holding period is forever". What it doesn't mean is cling like a dog with a bone to the dross in your portfolio. Because Buffett can, and does, sell.

The full quote is this: "When we own portions of outstanding businesses with outstanding managements, our favourite holding period is forever."

And that, I think you'll agree, is a rather different proposition.

Another problem, frankly, is wishful thinking. Personally, I think that this famous quote is one of his worst quotations, devoid as it is of anything that an investor can actually do or influence:"Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1."

What does it mean? What are you actually supposed to take away from it? It might be a worthy aspiration, but it certainly isn't actionable advice.

Cometh the hour
But, interestingly, it turns out that three of his less well-known quotes are loaded with actionable advice. And it's advice, what's more, that plays perfectly to today's turbulent and nervous markets.

And without further ado, here they are:

• "The best thing that happens to us is when a great company gets into temporary trouble... We want to buy them when they're on the operating table."
• "The most common cause of low prices is pessimism -- sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism, but because we like the prices it produces."
• "The stock market is a no‑called‑strike game. You don't have to swing at everything -- you can wait for your pitch. The problem when you're a money manager is that your fans keep yelling, 'Swing, you bum!'"

The common refrain running through all three? It's perhaps best summarised by yet another Buffett quote: "You pay a high price for a cheery consensus."

In short, you'll make the most money by sitting on your hands in the good times, and then buying good businesses in the bad times.

And if that doesn't sound like a recipe for success in today's turbulent times, I don't know what does.

Wired for failure
Now, human nature being what it is, many investors do the exact opposite.

When they're feeling buoyant and bullish, they pile in to the stock market. Look no further than 1996-1999, for instance. Or 2005-2006.

Then, when stock markets crater, they sell -- as they did in 2008 and 2009, to choose another example.

And they certainly don't buy when the market is at rock bottom. Which led to an awful lot of investors getting caught out by the meteoric rise of the FTSE 100 in the months that followed March 2009.

From fool.co.uk

A Diversified Approach To International Dividends

Any investor that understands the merits of asset allocation also understands the importance of including an international allocation in their portfolio. The concept is that in "normal" times there is always a market somewhere in the world rallying. To meet my set international allocation, I have focused on the following areas within my portfolio:

I. International Fund in my 401(k)

My 401(k) offers an international equity fund. This fund seeks an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI EAFE Index. The Fund will typically attempt to invest in the securities comprising the Index in the same proportions as they are represented in the Index. When compared to other options in my 401(k), this fund has slightly under-performed. 10-Year Return: 4.0%

II. International Exchange Traded Funds (ETF)

I hold several ETFs with a large international exposure. Many of these are held in my High-Yield portfolio, where a higher than normal level of volatility is expected. Below are several funds that I currently hold with international exposure of 50% or more:

- WisdomTree Emerging Markets Income (DEM) | 100% International | Yield: 4.5%

- EV Dividend Income Fund (ETG) | 51% International | Yield: 9.3%

- Clough Global Equity (GLQ) | 50% International | Yield: 9.6%

- Nuveen Global Value Opportunity (JGV) | 63% International | Yield: 9.0%

III. Individual International Dividend Stocks

It was my desire to have international representation within my income investments, so I first looked to identify good non-U.S. dividend individual stocks that had an ADR trading on a U.S. stock exchange. To identify these stocks I used the International Dividend Achievers™ list. 

To become eligible for inclusion, a company must be incorporated outside of the United States. The companies must be have an American Depository Receipt or common stock trading on NYSE, NASDAQ or AMEX. Companies must have paid increasing regular annual dividends for five or more consecutive years. What I found is that most companies outside the U.S. follow a different dividend model. Here are some of the differences:

- Many Foreign Companies Pay Dividends Based on a Percent of Earnings

This produces a very erratic cash stream. Consider GlaxoSmithKline Plc(GSK). Its ADR paid $0.543 in Nov/11, $0.821 in Feb/12 and $0.549 in May/12.

- Many Foreign Companies Only Pay Dividends Annually

I need more feedback than this. I would hate to wait a full year before learning a company plans to slash its dividend. Examples of annual dividends includeStatoil ASA (STO), Siemens AG (SI) and Sanofi-Aventis SA (SNY).

- Most Foreign Companies Pay Dividends in Their Local Currency

Most Canadian companies pay quarterly consistent dividends, similar to companies in the U.S. However, they pay the dividends in Canadian dollars, so the currency risk is with the U.S. investor. 

There is probably much less fluctuation between the U.S. and Canadian dollars than most other currencies. However, it exists. Consider the last five dividends on Canadian National Railway Company (CNI): Apr/11 $0.334, Jul/11 $0.336, Oct/08 $0.311, Jan/12 $0.318 and Apr/12 $0.375. In Canadian dollars, the dividend was $0.325 for the first three periods, then increased to $0.375 in the last two periods.

IV. U.S. Based Stocks With Significant International Exposure

One way to gain international expose without any of the problems listed above, is to hold blue-chip, U.S. based corporations with large foreign operations. These multinationals pay quarterly dividends and generally assume the currency risk. Below are several large companies that derive more than 50% of their revenue outside the U.S.: 

  

Colgate-Palmolive Company (CL) is a major consumer products company markets oral, personal and household care and pet nutrition products in more than 200 countries and territories.

79.4% 2011 Foreign Sales | Yield: 2.4%

McDonald's Corporation (MCD) is the largest fast-food restaurant company in the world, with about 33,500 restaurants in 119 countries.

68.4% 2011 Foreign Sales | Yield: 3.2%

Abbott Laboratories (ABT) is a diversified life science company that is planning to split into two publicly traded companies, one in diversified medical products and the other in research-based pharmaceuticals.

58.8% 2011 Foreign Sales | Yield: 3.2%

Johnson & Johnson ( JNJ) is a leader in the pharmaceutical, medical device and consumer products industries.

55.5% 2011 Foreign Sales | Yield: 3.6%

PepsiCo, Inc. (PEP) is a major international producer of branded beverage and snack food products. 50.2% 2011 Foreign Sales | Yield: 3.0%

Conclusion

In the past, I had concluded that income investing and international securities didn't mix very well for all the reasons listed above. My plan was to focus on U.S. equities for my dividend income portfolio and use my 401(k) to ensure an adequate international allocation.

Going forward, I will still use my 401(k) for the majority of my international allocation. However, as I find funds with international holdings that pay a stable/growing dividend, I will include them in one of my income portfolios. Also, I plan to add a few more international stocks, but will limit my holdings due to the instability of their dividends.

I am always looking for ways to improve my portfolio, without significantly increasing the risk. 

From dividend-growth-stocks.com

Stock Portfolio July 2012

For Stock Portfolio July 2012, I have received dividend gain from TM RM196 and GENM RM 41. Therefore, TM purchase price will be adjusted from RM 3.2 to RM 3.102 and GENM  purchase price will be adjusted from RM 3.15 to RM 3.109.

Bought GENTING SINGAPORE PLC, 29 June 2012

GENTING SINGAPORE

I have bought GENTING SINGAPORE at price SG 1.39. 

Company Background

GENTING  SINGAPORE International is an integrated resorts development specialist with many years of international gaming expertise and global experience in developing, operating and/or marketing internationally acclaimed casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom (“UK”).  GENTING  SINGAPORE  International is a 54.8percent-owned member company of Genting Berhad and was incorporated in 1984 to invest in leisure and gaming-related businesses outside Malaysia.