Empire Premium Food Bhd , the operator of the Empire Sushi chain , has launched its Main Market IPO , aiming to raise RM254 million to fund aggressive expansion across Malaysia. IPO Details and Valuation The offering is indicatively priced at 70 sen per share , implying a market capitalisation of RM770 million and a valuation of 20.3 times FY2025 earnings . RM152.6 million will go to the company RM96.3 million will be raised by existing shareholders (founders) Listing is scheduled for April 17 , with pricing on April 7 For FY2025, the group reported: Net profit: RM37.9 million Revenue: RM235.6 million Expansion Strategy Drives Growth Story A key IPO driver is Empire’s aggressive outlet expansion plan . The group aims to open 56 new outlets over the next three years , focusing on high-traffic locations such as: Shopping malls Airports Transit hubs More than 51% of IPO proceed...
Indonesia’s financial markets are set for a volatile reopening after the Lebaran holiday, as investors digest geopolitical uncertainty from the Iran conflict alongside growing domestic fiscal and market concerns.
Weak Sentiment Reflected in Offshore Trading
Market signals during the holiday point to a cautious start.
An ETF tracking Indonesian equities fell around 2%, while a broader ASEAN index declined 1.8%. Meanwhile, offshore rupiah forwards rose only marginally, despite central bank intervention—highlighting limited investor confidence.
Oil Prices and War Headlines Add Uncertainty
Fluctuating developments in the Iran war continue to drive sentiment.
Although oil prices have eased slightly, they remain elevated, raising inflation risks and complicating Indonesia’s policy environment. Analysts warn that higher energy costs could delay capital market reforms and tighten financial conditions.
Domestic Risks Intensify Pressure
Indonesia’s markets were already under strain before the holiday.
The Jakarta Composite Index had fallen over 20% from its January peak, entering bear market territory amid concerns over economic growth and corporate earnings.
At the same time:
- The rupiah hit record lows, breaching levels seen during the Asian Financial Crisis
- Credit rating outlooks were downgraded, citing fiscal and governance risks
- Concerns emerged over the government’s ability to maintain its fiscal deficit below 3% of GDP
Capital Outflows Accelerate
Foreign investors have been pulling back aggressively:
- US$1 billion in bond outflows this month (largest since October)
- US$510 million in equity outflows year-to-date
These trends underscore waning investor appetite for Indonesian assets, especially amid global risk-off sentiment.
Some Relief Factors Emerging
There are signs of potential stabilisation.
Oil prices have retreated slightly following renewed diplomatic signals from the US, while Indonesia benefits from being a commodity exporter, particularly in coal and palm oil.
Additionally, Bank Indonesia has tightened FX rules to support the currency.
Some analysts believe much of the negative news is already priced in, suggesting potential for recovery if macro risks stabilise.
Outlook: Volatility to Persist
Despite possible near-term relief, risks remain elevated.
Ongoing disruptions in the Strait of Hormuz and persistent domestic challenges are expected to keep markets volatile across equities, bonds, and currency.
Investor Takeaways
- Indonesia markets are reopening amid fragile sentiment and heightened volatility risks.
- Equities, bonds, and the rupiah have all weakened, reflecting both global and domestic pressures.
- Capital outflows remain significant, signalling reduced foreign investor confidence.
- Elevated oil prices and geopolitical tensions complicate the policy outlook.
- While some stabilisation factors exist, markets are likely to remain volatile in the near term.
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