When investor like Creador cash out from its stock investment, it can only mean he is forseeing interest rate hike thus borrowing cost increase or stock investment dividend return is poorer than bank/money market interest rate return.

Creador ceases to be substantial shareholder of MR DIY

By Izzul Ikram | theedgemarkets.com | 2023-02-22 21:47:56
KUALA LUMPUR (Feb 22): MR DIY Group (M) Bhd’s early investor Creador has ceased to be a substantial shareholder in the home improvement retailer after it offloaded another 65 million shares on Wednesday (Feb 22).

Creador's deemed interest in MR DIY fell to 4.93% or 464.55 million shares, after disposing of the 65 million shares, which represented a 0.69% stake.

The private equity firm — via Hyptis Ltd — had held a 15.3% stake in MR DIY when the group was listed on Bursa Malaysia in October 2020.

Hyptis' 4.93% equity interest in MR DIY currently comprises a direct stake of 3.47%, and another 1.46% stake held through its subsidiaries Amanita Regalis Sdn Bhd and Andira Cordata Sdn Bhd.

Coupled with the 65 million shares disposed of on Wednesday, Hyptis has disposed of a cumulative 354.41 million shares or 3.76% since September last year.

The Bee Family Ltd is MR DIY’s largest shareholder with a 50.76% equity interest, followed by Platinum Alphabet Sdn Bhd with 6.1%. Platinum Alphabet is also an early investor in MR DIY and had held a 6.9% stake when the group was listed.

Shares in MR DIY ended six sen or 3.43% lower at RM1.69 on Wednesday, giving the group a market capitalisation of RM15.94 billion. Year to date, the counter has fallen 15.5%.

MR DIY posted a marginal 1.13% increase in net profit to RM136.08 million for the fourth quarter ended Dec 31, 2022, from RM134.55 million a year earlier, impacted by the one-off prosperity tax of RM10.2 million. Quarterly revenue rose 9.27% to RM1.07 billion from RM975.39 million previously, mainly driven by positive sales contributions from new stores which grew to 1,080 from 900.

For the full year, MR DIY's net profit rose 9.52% to RM472.95 million from RM431.83 million in the previous year, with revenue up 18.15% to RM3.99 billion from RM3.37 billion.

The final piece to get AAX out of PN17:

Following the debt restructuring, AAX has also proposed a renounceable rights issue of new shares to raise gross proceeds of up to RM300 million from its existing shareholders, and an issuance and allotment of new AAX shares to raise another RM200 million.

Had CapitalA miss its golden opportunity to restructure its debts? And now every creditors will expect a full payment from CapitalA since not more covid lockdown.


Malaysia's Airasia X (AAX) said on Wednesday it had completed its debt restructuring, and will write 33 billion ringgit ($7.86 billion) back to profits in the next quarter.

Under the airline's restructuring proposal, it would pay just 0.5% of debt owed and end its existing contracts. It was approved by its creditors and the High Court of Malaya last year.

Just wonder those with money to invest should by rights welcome people like DickyMee, Sslee, i3lurker. The sad group of ppl who have no money to invest and talk nonsense or talk down the share price.

Should they not be happy to collect cheaply?

Or they hate people like DickyMee, Sslee, i3lurker because they also have no money to invest or already trapped high high????

300 acres of Bukit Mertajam Estate, Kulim free hold land dispose for RM 98 million so the whole Bukit Mertajam Estate, Kulim, Kedah 2,727.1 hectares, Oil palm estate, Freehold with book value RM 207.1million should worth how much?

Just send out below email.

Dear Investor Relations Boustead Plantations Berhad,
corporate.office@bplant.com.my

First and foremost please convey my many thanks to the Board of Directors for giving another RM 3.3 cent dividend for Q4 financial end 31th Dec 2022.

While checking on 2021 Annual report page 155 for more information of land held under Geran Mukim 577, Lot 15 and Geran 39039, Lot 1314 and partial of land under Geran 32397, Lot 277 Mukim Padang China,Daerah Kulim, Kedah measuring 300 acres for a total cash consideration of RM98.0 million.

The recorded show:
Bukit Mertajam Estate, Kulim, Kedah 2,727.1 hectares, Oil palm estate, Freehold with book value RM 207.1million

On further scrutiny I am surprised that the Malakoff Estate, Tasek Glugor, Pulau Pinang 562.3 hectares, Oil palm estate, Freehold with book value RM 63.9 million reported in 2020 Annual report Page 162 was missing in 2021 Annual report.

I double-check on Boustead plantation website https://www.bousteadplantations.com.my/maps-location/ the said Malakoff Estate was also not listed on the Boustead plantation Maps/location

My questions;
Question 1: Is this an oversight or Malakoff Estate is now under land use conversion from agriculture land to property development land? Please clarify ASAP

Question 2:
I refer to 109th ANNUAL GENERAL MEETING Answers to Questions Submitted by Shareholders
Currently we are undertaking the sale process of Sarawak by appointing the relevant advisors for the said transaction. We will make the necessary announcement upon finalization of the said disposal as required by the Main Market Listing Requirements. For FY2022, we plan to dispose our Sarawak Assets

May I know what the progress of the aboves disposal of Sarawak assets is?


Thank you
Have a good day and a quick response will be appreciated.


Best Regards
Lee Soon Sheng

Current US debt is over USD 31 trillion and that did not stop US government from printing more money and increase the interest rate.

I am very happy because now 1 USD is worth RM 4.43

Just to save the tree, I already long ago never use any toilet paper afterall nowadays toilet come with water bidet.

Insas currently hold 50,015,200 SYF share. So Insas will received RM 0.18 x 50,015,300= RM 9,002,736 dividend from SYF.

Hi Lee

Will reply at forthcoming EGM. The disposal if a RTO of SYF & all sale consideration will be “paid” via the issuance of new SYF shares, resulting Insas becoming its controlling shareholders holding initially more than 65% of the SYF’s enlarged share capital, and there will be no cash payment by SYF to Insas, save for 18 sen dividend to be paid by SYF

Will reply in detail

Regards
wgk

Appeal noun. an earnest request.
The Board shortform for Board of Directors.

Bt the way my Jayatiasa already up by 17%.

Questions for the EGM.

Dear Dato’ Wong,

I would like to submit the below questions for the upcoming EGM on 23 Feb 2023.

Refer: INSAS 2022 annual report page: 134 SUBSIDIARY COMPANIES
Redeemable convertible preference shares (Note 10(d)) RM 483,600,000

Refer M&A Securities Sdn Bhd:
Equity:
Share capital RM 100,000,000
Redeemable convertible preference shares: RM 60,000,000

Question 1: Is M&A Securities Sdn Bhd RM 60,000,000 redeemable convertible preference share totally held by INSAS?

Question 2: The INSAS 2022 annual report SUBSIDIARY COMPANIES redeemable convertible preference shares (Note 10(d)) RM 483,600,000. Please list down the rest of the redeemable convertible preference shares which were allotted from which subsidiary and the salient terms of each redeemable convertible preference shares?

Refer key matters discussed on Dividend:
59th INSAS AGM 2021
The Board will review and evaluate the financial performance, the availability of free cash and funding commitments of the Company and the global economic outlooks for the next 1 – 2 quarters before deciding any additional dividend that may be proposed and declared by the Company

60th INSAS AGM 2022
The Board has been prudent and conservative in maintaining cash reserves. The key businesses of Insas are stockbroking, structured financing and money lending where the revenue and earnings are volatile, the Group needs to maintain sufficient cash reserves to meet funding requirements and invest in any good investment opportunities that may come along.

The key businesses of Insas are stockbroking, corporate finance and structured financing which are performance driven. We hire people who are high achievers and the remuneration of the directors and key management staff of subsidiaries are linked to the financial performance of the respective subsidiary companies and are market driven.

The proposed dividend of 2.5 sen represents approximately 3.2% dividend yield based on the current market price. The Board will review and evaluate the financial performance, the availability of free cash and funding commitments of the Company and the global economic outlooks for the FY 30 June 2023 and review the dividend payment rate.

On disposal of M&A Securities
The proposed disposal of M&A which is essentially a backdoor listing of M&A via SYF will enable M&A to raise its corporate profile, its future equity and debt funding requirements through the financial and capital market independently from Insas Group, expand its customer base, attract new employees from the financial services industry, and to motivate and retain existing key management staff of M&A. Post completion, we envisage improvement in the financial performance of the combined SYF/M&A group.

Currently, the Board has no plans to declare special dividend after the proposed disposal as post completion of the RTO,

Question 3: I can understand previously INSAS need to support working capital for M&A broking business and keep sufficient cash reserves for M&A provision of share margin financing facilities, corporate finance and structured financing corporate advisory services such as initial public offering, acquisitions and disposals, take-overs, capital fund raising exercise, transfer of listing, general corporate finance advisory as well as placement and underwriting services.

Post backdoor listing of M&A via SYF will enable M&A to raise its corporate profile, its future equity and debt funding requirements through the financial and capital market independently from Insas Group. Hence post RTO Insas should have more than enough free cash to reward shareholders with better dividends.

I henceforth sincerely appeal to the Board: Will the Board please kindly reconsider and declare a special dividend after the proposed disposal as post completion of the RTO?


Thank you
Have a good day

Best Regards
Lee Soon Sheng

2019:2018
Revenue RM '000: 12,445,628: 10,603,755
NP to SH RM'000: -303,722: 1,979,972

So the above is the top line and bottom line for year 2019 and 2018 precovid. So did you get your bottom line right or understand where the bottom line come from?

thequalityguy So much of unnecessary noise here. As investors, we only look at the bottom line. Customer complaints are an operational issue. Why would an investor want to get involved in that?
19/02/2023 11:41 PM

Creador is one of the Pre IPO investors. The initial IPO is to reward the pre IPO investors and then after IPO Credaor cash out from 15.2% to 7.3%. Mind calculate how much Creador peofited from this investment?

I am here because someone miss me.
And you are here becausse, "Beh tahan !!!! I do not invest in CapitalA now so 1 keep quiet and behave accordingly." See the different?

Sarcasm777 Incredible. Where are you and your brilliant prediction @Good123 and @Sslee?
30/01/2023 1:34 PM

Thumb up to pang6769. You had done something good that KYY and Stony should had done long ago.

Creador founder and wife on Forbes Asia’s list of most altruistic persons
Brahmal Vasudevan and Shanthi Kandiah have donated for healthcare and education.
FMT Business - 06 Dec 2022, 12:56pm

Brahmal Vasudevan and Shanthi Kandiah have been supporting the local communities in Malaysia and India.
PETALING JAYA: Malaysian power couple Brahmal Vasudevan and Shanthi Kandiah are among the new additions in Forbes Asia’s list of the most altruistic persons in the Asia-Pacific region.

Brahmal, 54, the founder and CEO of private equity firm Creador and Shanthi, 53, the founder of boutique competition and regulatory law firm SK Chambers, are among the 15 individuals or couples who made it to the Heroes of Philanthropy list this year.

The couple have supported the local communities in Malaysia and India through the Creador Foundation, a non-profit they co-founded in 2018, according to Forbes Asia.

In May, they pledged to donate RM50 million to underwrite the cost of building a teaching hospital at the Universiti Tunku Abdul Rahman (Utar) campus in Kampar.

The couple had stepped in on learning that Utar had only managed to raise half the sum needed to build the non-profit facility.

Once completed in 2023, it will provide affordable healthcare for the under-privileged.

The couple also donated £25 million (RM133.5 million) to the Imperial College London to create the Brahmal Vasudevan Institution for sustainable aviation. The objective is to pioneer technologies to help the aviation industry make the transition to zero pollution.

Brunei: Malaysia
Population: 445,373 : 33,574,000
With addreasable market of 34 million population and at current DIY yearly revenue of abt RM 4billion. That mean perpopulation revenue of RM 118. A family of 5 will need to spend RM 588 in DIY shop per year.

Most likely i3lurker will conclude the foreign workers population will need to increase to 20 million in order for DIY to double the revenue.

Or like pang72 predict in 3 year time DIY will be all over the country. Then what next?

pang72
This DIY will gowrth all over in the country at every corner of your kampung and Taman

NP to SH: 2022: 2021: 2020: 2019
472,949,000: 431,827,00: 337,161,000: 317,568,000
EPS : 5.01: 4.58: 3.57: 3.37
YoY %: 9.39%: 28.29%: 5.93%
Price on 31th Dec 2022: 2021:2020
2.0000: 3.6100: 3.1200
PE: 39.87: 52.49: 58.08

Wonder why PE drop from 50+ to below 40 now?
So a 6 point drop per year and by another 3 years PE will be 22.
The million dollar question the PE drop because of increase earning or people start to realise this stock is overvalued?

Market Cap: 17,072 Million
NOSH: 9,432 Million
A market cap of RM 17 billion and 100mils net profit per QR with limited profit growth is considered as very attractive???.
To me it is very over valued

pang72 MRDIY very attractive with 100mils net profit per QR.

Did anyone knew the then AA sold its leasing business and lease back the planes and now holding Lease liabilities:

The lease liabilities amounting to RM15.0 billion includes deferred aircraft leases of approximately RM2.7 billion. The lease liabilities are supported by ROU assets of RM9.7 billion (net of impairment) and finance lease receivables of RM0.4 billion (net of impairment).

The Group had completed the restructuring of a total of 107 aircraft leases up to the date of this report including the waiver of lease rentals in arrears, as well as reducing future lease rates with a corresponding longer lease term, where necessary, and return of aircraft.


Note: Accusations by GMT Research that Airasia was only profitable due to the leasing of these planes resulting in profit transfers from unprofitable regional Joint Ventures, to the group holding.

Internally, the other joint venture or associate partners did not feel comfortable about this as well, as it could be seen as Airasia Berhad milking the associates for all its worth.

This culminated in the sale of the planes and the leasing business

28 Feb 2018 (Completed 31 Dec 2018) – BBAM Limited Partnership / FLY RM 9,775.6 million and RM 262.3 million (82 Aircraft and 14 Engines)

24 Aug 2018 (Completed 8 August 2019) – Castlelake L.P. USD 739.5 million (RM 3,559.5 million) (25 Aircraft)

25 July 2019 (Completed 31 December 2019) – Castlelake L.P. (RM 1,240 million) (14 Airbus A320-200)

i3lurker,
You are right.
People cannot understand what it means by gain on disposal of PPE and gain on disposal of subsidiary nor seat sales revenue is how many % of total revenue.

Thus your conclusion: Air Asia never made profits moving people is so clear and simple but so difficult for people to understand nor your sarcasm without any sale of planes, the only other option is to sell Certified Used SSLee Underwear.

Jaks need to print more share every year because the more the merry as 10% will be given to Directors and Top Management as LTIP (free grant) as reward for their long service.

AA charged AAX and sister AA (Thai, Indonesia, Philipine, Japan) a bomb in aircraft lease, that is why all the sisters hardly make any money.

https://klse.i3investor.com/blogs/Sslee_blog/2021-10-03-story-h1591874200-Should_you_buy_AirAsia_Group_Bhd_now.jsp

You can check year 2018.
Aircraft lease income and other incomes to know where the billion come from.

Tata is copying a page from Stony playbook. So now anyone want to buy planes will need to buy from Tata.

Air India has agreed to buy 470 planes from manufacturing rivals Airbus and Boeing, the biggest order of new passenger aircraft in history, as it bets on the rapid expansion of air travel in Asia.

The airline, owned by Indian conglomerate Tata Sons, will buy 250 planes from European aviation champion Airbus and 220 from its US rival Boeing, its chairman announced on Tuesday.

Airbus will deliver 210 of its narrow-body A320 family, and 40 of its A350 wide-body aircraft, which are generally used on longer routes. Boeing will provide 190 of its narrow-body 737 Max jets, plus 20 of its 787 Dreamliner and 10 777 wide-body planes.

Stony try to copy a page from AA to AAX BUT alas "BAD TIMING". Man proposes god disposes.

KUALA LUMPUR, Nov 12 (Reuters) - AirAsia X (AAX) creditors have agreed to a restructuring that will pay just 0.5% of debt owed and end its existing contracts, the Malaysian long-haul low-cost airline said on Friday.

The airline has also reached a deal with its largest creditor, Airbus (AIR.PA) to reduce a multi-billion dollar order for 78 A330neo widebody planes and 30 A321XLR narrowbodies. AAX had been Airbus' biggest customer for the A330neo.

AAX now plans to take 15 A330neos and 20 A321XLRs, an airline spokesperson said.

Only those unable to think and put forward their argument/opinion with reasons, facts and figures will resort to name-calling.

Google has shared an urgent warning over ChatGPT after millions raced to use the AI chatbot. ChatGPT is an advanced AI chatbot trained by OpenAI which interacts in a conversational way.

But Google boss Prabhakar Raghavan issued a warning over the tech to German newspaper Welt Am Sonntag on Saturday. "This type of artificial intelligence we're talking about can sometimes lead to something we call hallucination," Raghavan explained. "This is then expressed in such a way that a machine delivers a convincing but completely fictitious answer."

Posted by tianchoy > Feb 13, 2023 12:27 PM | Report Abuse
Sslee. Obviously a dumb investor like you doesn't upgrade yrself with the latest tools!! Keep on repeating and repeating the same comments!! We hv asked ChatGPT and it is all there!!!

Philip ada penthouse at 31 floor. Stockraider punya penthouse at which floor?

An example of fantastic fairy tales is as below:
"We never lose....never......cause we always stay 7 steps ahead."

KUALA LUMPUR, Nov 12 (Reuters) - AirAsia X (AAX) creditors have agreed to a restructuring that will pay just 0.5% of debt owed and end its existing contracts, the Malaysian long-haul low-cost airline said on Friday.

The airline has also reached a deal with its largest creditor, Airbus (AIR.PA) to reduce a multi-billion dollar order for 78 A330neo widebody planes and 30 A321XLR narrowbodies. AAX had been Airbus' biggest customer for the A330neo.

AAX now plans to take 15 A330neos and 20 A321XLRs, an airline spokesperson said.


"We confirm that we have agreed to reduce the airline's outstanding orders," an Airbus spokesperson said. "This is another example of how we have worked with customers to adapt to the impact of the pandemic."

AAX (AIRX.KL) said 99% of creditors across three groups had voted in favour of its plan to restructure 33.65 billion ringgit ($8.1 billion) of liabilities to avoid liquidation.

Just wonder why AAX after 10 to 1 consolidation and debt big haircut (reverse/waive of RM 33 billion of liabilities) AAX is still a PN17 company?

So i3lurker are you sure your suggestion ( I suggest 100,000 shares of Cap A become 1 share plus every shareholder of 1 share put in another RM100,000.00 and no dividends for next 10 years) will get CapitalA out of PN17?

I do not know how to write a good investment article. So please do not took my article as an investment articles.

I wrote not because I am trying to argue just for the sake of being right. I wrote because I seek the truth and trying to fight for justice.

I surely miss the good old writters like Icon8888, Chivo Capital, Kcchong and also Philip indept writting on investment articles. Nowadays those good articles are rarity rather than norm.

So mind sharing ChatGPT choose of multibagger stocks for 2023?

Guests can fly to Penang, Langkawi, Kuching, Sibu, Kota Kinabalu and more from RM23* and to international destinations including Bali, Krabi, Jakarta, Macao, Shenzhen, Guangzhou, Phu Quoc, Ho Chi Minh City, Singapore and more from RM60*

So is Tony doing the samething and hoping for a different result?

Or maybe you can ask ChatGPT for the information?

If you do ask ChatGPT, mind also ask ChatGPT which stocks in Bursa will be multibagger stocks for year 2023?

Will update you the latest borrowing, advance sales, Shareholders funds deficit and etc when the q4 end 31th Dec 2022 financial result is out.

Good morning Philip,
I just pointed out what the other IBs TP:

AmInvest, Price Call : HOLD, Price Target : 1.40
Last Price : 1.56, Upside/Downside : -0.16(10.26%)

HLG, Price Call : SELL, Price Target : 1.28
Last Price : 1.56, Upside/Downside : -0.28(17.95%)

KENANGA, Price Call : SELL, Price Target : 1.35
Last Price : 1.56, Upside/Downside : -0.21(13.46%)

MalaccaSecurities, Price Call : SELL, Price Target : 1.26
Last Price : 1.56, Upside/Downside : -0.30(19.23%)


Are these IBs wronged about Harta?
Then why not you wrote a rebuttal to those IBs on how wrong they are on Harta like what I wrote to rebut Kenanga on their called on PetronM?

Can make money from these 5 million free seats?
If not then when can CapitalA make quarterly profit again?

KUALA LUMPUR, 10 February 2023 - As AirAsia pledges its commitment to boost the tourism industry across Asean, the airline together with the Minister of Tourism, Arts & Culture, YB Dato’ Sri Tiong King Sing today launched a massive 5 million FREE SEATS* campaign to exciting domestic and international destinations.

Guests can fly to Penang, Langkawi, Kuching, Sibu, Kota Kinabalu and more from RM23* and to international destinations including Bali, Krabi, Jakarta, Macao, Shenzhen, Guangzhou, Phu Quoc, Ho Chi Minh City, Singapore and more from RM60*. For those seeking to adventure out further, AirAsia X offers flights to Gold Coast, Busan, Taipei, Tokyo and more with all-in low fares from RM329* one way on Economy. Flights are available for booking starting today until 19 February 2023 with the travel period between 1 March 2023 and 10 December 2023.

Capital Commitments
Capital commitment in respect of Property, Plant and Equipment as at end of the current quarter and financial year-to-date are as follows: -
31 Dec 2022
RM'000
Approved and contracted for 496,351

So Philip was dead wrong on Harta?

08-Feb-2023 Price Target Hartalega - at a Crossroads; Upgrade to NEUTRAL
Source : RHB-OSK, Price Call : HOLD, Price Target : 1.65
Last Price : 1.56, Upside/Downside : +0.09(5.77%)
08-Feb-2023 Price Target Hartalega Holdings Bhd - Marred by extended normalisation in ASP
Source : MalaccaSecurities, Price Call : SELL, Price Target : 1.26
Last Price : 1.56, Upside/Downside : -0.30(19.23%)
08-Feb-2023 Price Target Hartalega Holdings - Dips Into the Red in 3QFY23
Source : KENANGA, Price Call : SELL, Price Target : 1.35
Last Price : 1.56, Upside/Downside : -0.21(13.46%)
08-Feb-2023 Price Target Hartalega Holdings - Turned Red
Source : HLG, Price Call : SELL, Price Target : 1.28
Last Price : 1.56, Upside/Downside : -0.28(17.95%)
08-Feb-2023 Price Target Hartalega Holdings - Stock replenishment cycle not in sight yet
Source : AmInvest, Price Call : HOLD, Price Target : 1.40
Last Price : 1.56, Upside/Downside : -0.16(10.26%)

Repost:
Posted by Sslee > 1 month ago | Report Abuse

AA sits on 1.3bil advanced ticket sales as at end Sept 2022. In the last few months, they did so many promos...7 mil free tickets, 5 mil free tickets followed by some bundle packages. Their books are horrible. net debt RM2.4bil, excluding lease liabilities sitting in the books of almost RM15bil. Shareholders funds in deficit at RM7.1bil. Technically is a bankrupt company

Y.A.M. Tengku Aishah, Dato’ Wong and Dato’ Dr Tan have declared that they are not persons acting in concert with Dato’ Sri Thong Kok Khee.

https://www.insas.net/ar-gm.html

Insas AGM key matters discussed make an interesting reading.

Good morning I3lurker, you are most welcome with an open arm.

So tell me with listed company you want me to disturb next?

Posted by yong1985cm > Jan 30, 2023 3:43 PM | Report Abuse

how come the passenger carried for Q4 7.8mil compared to Q3 7.1mil, the increase is so little? i thought it will breach 10mil for this qtr?

Answer: Q4 will be another loss making quarter.
So will Bursa allow a PN17 CapitalA to inject the aviation business into another PN17 AAX?

In mathematic a minus minus will become positive but in accounting system a negative negative is negative negative rating. Invest at your own risk.

DBS banker was wrong to predict once China reopen and running on all cycliders then Brent crude will be USD 150.

Note: He miscalculate that the ban Russian oil is selling at discount and marked as Malaysia crude is flooding the China crude import.

Brent crude futures steadied around $80 per barrel on Monday as IEA Executive Director Fatih Birol said over the weekend that China’s economy could be poised for a stronger-than-anticipated rebound that will boost demand for crude, Bloomberg reported. A European ban on seaborne imports and price caps for Russian oil products also came into effect on Sunday. Elsewhere, OPEC+ recently decided to maintain its current output policy, with Saudi Arabian energy minister Prince Abdulaziz bin Salman saying over the weekend that the kingdom will remain cautious about raising supply. Meanwhile, the international oil benchmark dropped nearly 3% on Friday, bringing weekly losses to almost 8% after stronger-than-expected US jobs data suggested the Federal Reserve has more room to hike interest rates. A highly uncertain outlook for China's demand recovery and robust Russian oil exports to Asia also weighed on energy markets.