In the previous article, we provided a detailed guide on the best Cashback Credit Card strategy. If you haven’t read it yet, you can read it here:

Which Cashback Credit Card is Best for You? (Part 1)

Ultimate guide to cashback credit card in May 2026! We go through 195 credit cards in Malaysia to find out.

So, this is adulting by DoitDuit • DoitDuit | Your Investing Friend

The downside of the Cashback Credit Card strategy is that once your spending level increased above RM4k/month, your effective cashback yield starts to drop. This is when changing your credit card strategy to accumulating Airline Miles will give you higher value in return.

In today’s article, we will provide a detailed guide on the best Airline Miles Credit Card strategy.

There are over 195 credit cards in Malaysia, we go through all of it and found the best credit card strategy, depending on your spending level.

Basics about Credit Card

There are mainly 2 types of credit cards in the market:

• Cashback credit card: Straight forward, every month you will receive cash according to your credit card spending; or

• Points credit card: Credit card points can be used to exchange into products, vouchers, and the highest value reward is Airline Miles.

Which credit card strategy you should use, is heavily dependent on:

• Income level;

• Spending level; and

• Lifestyle.

In general, to get the most value from credit card, it is best to choose between one of the strategies below:

• Pure Cashback Strategy; or

• Pure Airline Miles Strategy.

Once you have decided on the strategy, you must stay committed and avoid switching in between strategy, especially on the “Pure Airline Miles Strategy” because it takes time to accumulate the points you need.

Let’s get straight into the result of our findings.

Disclaimer: This article is in no way financial advice, nor solicitation to buy or sell shares in this company. It is purely for educational purposes only. You are highly recommended to conduct all necessary due diligence and make your own informed decisions before making any financial decisions. The writer already owns shares in this company and may at any point in time increase or reduce their position without prior notice. Do not try to copy trade!

I was doing some screening for ideas recently in the SG market, looking for:

1. Undervalued REITs priced below book value;

2. High and improving dividend yields; and

3. Improving net income.

Usually, these criteria rarely intersect because REITs that trade below book value or have high dividend yields typically have poor prospects and outlook. The only one that came up in my screener was Stoneweg, and as I read about the company, I found myself liking the CEO and their outlook.

In this post, let’s go through Stoneweg’s business outlook and explore the opportunity we find ourselves with. For an introduction to REITs, you may read my previous article here: https://www.doitduit.com/p/reit-sector-to-benefit-with-interest-rate-dropping-audio

1. Background and History

Stoneweg Europe Stapled Trust was originally known as Cromwell European REIT back in 2017, led by Cromwell Property Group from Australia. The REIT historically invested mainly in European Office properties.

In 2024, Cromwell wanted to exit the European market to focus at home and successfully sold their stake to Stoneweg SA from Geneva in Jan 2025 and the company rebranded into Stoneweg European REIT. In June 2025, Stoneweg merged their REIT and Business Trust Arm into what is known today as Stoneweg Europe Stapled Trust.

This Stapled Trust structure offered more business flexibility compared to typical REITs, in that the Trust can pursue developmental businesses and hold other kinds of assets other than purely property. This enabled them to invest into “upcoming” developments such as Data Centers in Europe and other financial mechanisms like convertible loan stocks rather than having a pure rental model.

Note: A similar business in Malaysia is KLCC, or KLCCP Stapled Group, which is a combination of KLCC Properties and KLCC REIT. 

It’s worth noting that Stoneweg Capital Holding (the major shareholder of SEB) itself is listed in Amsterdam under the ticker SWICH and has performed very well after listing.

Another important point to note is that this is a dual-currency listing in the SGX, with the listing available in both Euro (ticker: SET) and SGD (ticker: SEB) currencies. Functionally, owning either ticker is the same but SEB has fewer currency conversions to deal with.

2. Cleaning the Kitchen And Disappointing the Market

Since 2022, they have been restructuring the business:

1. Refinance maturing debt;

2. Dispose non-performing office properties;

3. Exit Slovakia; and

4. Acquire more logistics and light industrial assets.

Stoneweg’s current Property Portfolio Breakdown

Previously, offices made up almost 70% of their portfolio, but today it is about 40%. The company is looking to reduce office exposure to about 30% by next year while owning about 70% in logistics, light industrial, and data center assets focusing on Western Europe which they foresee will have increasing demand.

Euro Area Interest Rate Chart

The disposals of the office assets generally incurred losses due to:

1. Sold below carrying value, plus loss of revenue in the interim between the disposal and new acquisitions;

2. Interest rates were rising rapidly during the 2022-2024 period, property revaluation losses frequently occurred due to the way rental property value is calculated; and

3. Refinancing efforts alongside the high interest rate environment caused a sharp rise in financing costs, thus affecting profits and distributable income as well.

Dividend Trend

Ultimately, all this restructuring as well as the unfavourable macro environment caused:

1. Net Asset Value per share to decline from about €2.52 in FY2021 to about €2.03 in FY2025; and

2. Distributions per share to drop from 16.96 Euro cents to 13.39 Euro cents in the period.

Understandably, the market views these developments negatively and the shares of the company is trading at around 0.75-0.8x price to book value only with an 8-9% trailing DY showing lack of confidence in the company’s prospects.

Hello my friends!!

We will visit Solarvest’s office on 9 May 2026 (Saturday)!

Note that Dato’ Davis Chong (CEO of Solarvest) will join us!!

What to expect:

1. Panel and Q&A with Solarvest CEO, Dato’ Davis Chong (2 hour)

Solarvest Holdings Berhad is one of the biggest clean energy company in Malaysia. This is your opportunity to directly engage with Solarvest management team and ask all the questions you have about the renewable energy industry and Solarvest business!

*******

Details

Look forward to seeing all of you!

Regards,
HY 🦭and Guan🍉
DoitDuit

The US-Iran war is not coming to an end.

The Strait of Hormuz is still closed.

Brent Crude Oil is still above US$100/barrel.

S&P500 still progress and hit all-time high regardless.

The only reason is because AI investment theme is back after the temporary US-Iran ceasefire was announced. Investors under-estimated the growth of AI, and now investors turned bullish again after seeing the potential of AI Agent.

But the stock market is very selective right now, with markets in all time high, there are still a number of great businesses trading near 52W low.

In this article, I will share some thoughts on:

1. Different approach towards AI in China and US; and

2. Stocks trading at 52W low.

Hello my friends!!

We will site visit to Santan on 25 Apr 2026 (Saturday)!

Note that Catherine Goh (CEO of Santan) will join us too!!

What to expect:

1. Q&A with Santan CEO, Catherine Goh (1 hour)

2. Site Visit + Food Test at Santan facilities with Guided Tour (2 hour)

Santan is one of the business segment of Capital A Berhad. This is your opportunity to directly engage with Catherine and ask all the questions you have about Santan business!

You need to travel yourself to Santan @ RedQ KLIA. Very limited slots available, so register quickly!

*******

Details

• Date: 25 Apr 2026 (Saturday)

• Time: 10am - 1pm

• Ticket price (including light bites): Free for Paid Subscriber; RM100 for everyone

• Location: Santan @ RedQ KLIA

Look forward to seeing all of you!

Regards,

HY 🦭and Guan🍉

DoitDuit

AI is currently at an inflection point, and within the next 2 months, things will get even scarier. With all the developments recently, it should reflect in companies’ financials soon. Some will be negatively impacted, and some are taking the opportunity of the century.

If you are investing in US or China tech, or if you just DCA-ing into S&P500, this is for you to keep up with what is happening.

3 generations of AI in 3 years

Since ChatGPT 3.5 launched in November 2022, we have experienced 3 generations of AI improvement in this short 3 years span:

1. 1st Generation AI Chatbot: The first generation of AI was very good and recognizing patterns, finding relationship and synthesize what already exists. Basically the underlying AI model will generate tokens to directly give answers based on a user's prompt.

• Upside: Intern-level work

• Downside 1: We need huge amount of human-generated quality data for training. The bigger the training data, the better the model.

• Downside 2: Path-dependent, if the first token generated has “wrong info” (aka bad output/hallucinate), the token with “wrong info” will be used by AI to generate the next token and repeat, compounding the mistakes. In short, Gen 1 AI heavily relied on human to manage mistakes and verify outputs.

2. 2nd Generation AI Reasoning: The second generation of AI is AI that can think. It shifted from pattern recognition to chain-of-thought. Basically the underlying AI model will generate massive amount of tokens to generate 1st level of answers based on a user's prompt, then query back to AI to “think” and consider alternative, verify the correct path before generating the final answers for user.

• Upside 1: Junior-level work

• Upside 2: Because the output generated by Reasoning AI Model is good enough, it can be used to further train AI model with synthetic data, significantly reduce reliance on human-generated high quality data. This creates a self-feeding loop for AI model improvement.

• Downside 1: Because AI need to generate more token to “think”, AI compute for both training and inferencing increase significantly. More synthetic data = more compute needed for training. More “thinking” = more compute needed for inferencing.

• Downside 2: Since more token is needed to “think”, the memory needed by AI to temporarily store “information” as context increase significantly. This is what caused memory shortage for AI compute.

Announcement: This subscription will increase price to US$10/month or US$100/year on 1 April 2026, you can subscribe before that to lock down the current price. Existing paid subscribers will not be affected.

We just had the 19th DoitDuit Community Meetup last Saturday, it was great to see all of you surviving this market crash 🤣 Note that the April meetup will be a site visit to Santan on 25 April 2026 at RedQ.

We invited Mei Ping, a licensed tax agent to share a insightful session about Tax 101 amid this tax season, and had a sharing session together with Shin Ji from Futurizts. Paid subscribers can watch the full recording of the meetup as below (Tax 101 session will be sent over in the next email and shared in the exclusive Telegram groupchat).

Because the market is crashing badly due to the Iran War, we made quite many changes to DoitDuit portfolio, taking advantage of the dip. We will discuss in detail as below.

Disclaimer: This article is in no way financial advice, nor solicitation to buy or sell shares in this company. It is purely for educational purposes only. You are highly recommended to conduct all necessary due diligence and make your own informed decisions before making any financial decisions. The writer already owns shares in this company and may at any point in time increase or reduce their position without prior notice. Do not try to copy trade!

When we first cover Dutch Lady on 5 August 2025

I have written about Dutch Lady previously before, so for background information please read the earlier articles here: https://www.doitduit.com/archive?tags=Dutch+Lady

In this article I will go through Dutch Lady’s Q4 and FY25 results and do a brief comparison with how their peers are performing.

Announcement: This subscription will increase price to US$100/year on 1 April 2026, you can subscribe before that to lock down the current price. Existing paid subscribers will not be affected.

Disclaimer: This article is in no way financial advice, nor solicitation to buy or sell shares in this company. It is purely for educational purposes only. You are highly recommended to conduct all necessary due diligence and make your own informed decisions before making any financial decisions. The writer does not own shares in this company and may at any point in time increase or reduce their position without prior notice. Do not try to copy trade!

I was invited to attend Sarawak Plantation briefing covering FY25 and their outlook and planning from FY26-30. In the session there were about 30 attendees, including a few portfolio managers and buy-side & sell-side analysts. Notably, the senior management of Ta Ann was also present during the session, because Ta Ann is a major shareholder of Sarawak Plantation and share many common directors.

Briefly, Ta Ann was originally a timber company who ventured into palm oil around 20+ years ago. In many ways, they are similar to Jaya Tiasa, which I have covered extensively before this. They own ~30% stake in Sarawak Plantation, a pure upstream planter. The other major shareholders of Sarawak Plantation are entities of the Sarawak State itself.

If you need a refresher on the plantation industry, I recommend reading our previous articles from here: https://www.doitduit.com/archive?tags=Jaya+Tiasa

Sarawak Plantation Berhad Briefing

It was a no frills session, so let’s make this a no frills article as well. The summary of what was discussed during the briefing are written as follows:

Disclaimer: This article is in no way financial advice, nor solicitation to buy or sell shares in this company. It is purely for educational purposes only. You are highly recommended to conduct all necessary due diligence and make your own informed decisions before making any financial decisions. The writer owns shares in some of these companies and may at any point in time increase or reduce their position without prior notice. Do not try to copy trade!

Preamble

Ironically, big tech is spending billions on AI infrastructure even as intelligence becomes cheap and commoditized. This paradoxically boosts the value of "non-intelligent" hard assets like energy, mining, agriculture, and logistics.

As Guan notes, AI CAPEX is a Prisoner’s Dilemma: tech giants must spend to stay relevant. Ultimately, this capital isn't vanishing—it's driving massive real-world demand for physical resources including construction, property (land), concrete, steel, mining, electricity, water.

This article will focus on the Oil & Gas (O&G) industry only.

Negative Narratives on O&G Creates Opportunities

Crude Oil price since 1995

The O&G industry has always given me mixed feelings. First of all, many companies in this sector meet the criteria of being a target for value investment:

1. Low valuations;

2. Strong cash flows; and

3. High barrier of entry.

But at the same time, the narrative and trend for oil, over the long term, was always for demand to decrease over time as alternative sources of energy and the push for more “green” energy became stronger.

In the recent decade, the O&G industry has often been referred to as “sunset”.

The only time anyone became interested in the sector is when news of “war” or “geopolitical tensions” start appearing, often as a speculative knee jerk reaction rather than a more meaningful change of trend.

20 years price of oil & gas ETF (XLE)

This article will not speculate how likely a war could break out, but rather, the focus will be from the perspective of a secular trend in global energy demand and security. I will also touch on why, with all the pessimism priced in and lack of interest in the sector, this could provide us with a good margin of safety to position into the backbone of global economic activity.

As with all commodities, (such as palm oil which I covered in depth here: https://www.doitduit.com/p/why-invest-in-the-plantations-of-malaysia-a-formerly-highly-sought-after-sector-now-shunned-by-every ), we need to look at supply-demand dynamics to get a better understanding.

Announcement: This subscription will increase price to US$10/month or US$100/year on 1 April 2026, you can subscribe before that to lock down the current price. Existing paid subscribers will not be affected.

In our 2026 outlook analysis, we shared that we are positive on pawnbrokers prospects in Malaysia. If you haven’t read that yet, I highly suggest you to read it first.

• Malaysia Economy: 2026 and Beyond

There are only 3 public listed pawnbroking business on Bursa Malaysia:

Low Kai Loon, Executive Director of EMCC

On 11 February 2026, I had the chance to meet Low Kai Loon, the executive director (and son of the founder) of EMCC. This is my first time meeting him, and he left me a very good impression, transparent, honest and knowledgeable.

We had an in-depth conversation about the pawnbroking business in Malaysia, and I will breakdown the business in this analysis. The end of the analysis will cover:

• How the pawnbroking business operates;

• The unit economics of pawnbroking business;

• What metrics we should observe to measure success/failure for a pawnbroking business;

• The catalyst for this industry; and

• The risk of operating a pawnbroking business.

18th DoitDuit Community Meetup

We just had our 18th Community Meetup with you last Saturday, it’s always good to see you all face to face!

Sharing on Sunway Healthcare IPO & Q&A session

We conducted a live IPO analysis on Sunway Healthcare with all of you, and answered all of your questions. This article will be a recap of the stock analysis process and our DoitDuit Portfolio update for Feb 2026.

We would also like to thank WorQ for such a cosy space that day. If you are interested to try out their space for free, you can reach out directly to them.

Paid subscribers can watch the video recording and slides.

Stock Analysis Process

Before we invest in a stock, we always go through the 5 process below:

1. Narratives: What is the story?

2. Business model: How they make money?

3. Financials: How profitable are they?

4. Catalyst: What is the growth plan?

5. Valuation: How can we predict the future by finding out unit economics?

Once you can answer all these question, you will have a clear picture of whether this stock is a worthy investment for yourself.

We selected Sunway Healthcare IPO as our case study, because the pricing for the company is not yet released and we can analyse the business purely based on fundamentals without bias.

1 month into 2026, so many things have already happened:

1. The rise of Ringgit strength and the weakening of US Dollar have caused many Malaysia investors to start doubting their investment decisions;

2. The AI capital cycle has officially shifted from semiconductor shortage to the shortage in the availability of infrastructure, i.e. power, memory and specialised talent on data centers;

3. Geopolitics and the concerns on war has kickstarted an underlying shift in world order, i.e. Greenland acquisition, Iran war, US intervention in Venezuela; and

4. Gold and other commodities are riding the wave of uncertainties and shortages to all-time high.

This piece is a step-back reflection of all these market news, and me trying to connect the dots.

Disclaimer: This article is in no way financial advice, nor solicitation to buy or sell shares in this company. It is purely for educational purposes only. You are highly recommended to conduct all necessary due diligence and make your own informed decisions before making any financial decisions. The writer owns shares in this company and may at any point in time increase or reduce their position without prior notice. Do not try to copy trade!

Penang is the 2^nd smallest state in Malaysia, but one of the biggest contributor to Malaysia’s trade surplus. Penang is also often among the top states receiving foreign investments, especially in the E&E and semiconductor segments.

Batu Kawan Industrial Park

Many of the biggest companies in the world, such as Intel, AMD, Dell, Micron, Broadcom, B. Braun, Jabil etc have major plants in Penang, mainly concentrated around the Bayan Lepas Free Industrial Zone and Batu Kawan Industrial Park. In fact, Penang contributes ~5% of the semiconductor sales in the world, which lead to them gaining the moniker of “Silicon Valley of the East”.

Without going into too much details, allow me to postulate that increasing economic activity and population lead to increasing demand for water and energy. At the very least, for continued economic activity, water and energy usage will no doubt be required.

As an investor in Malaysia, there aren’t many ways to get exposure to this defensive industry. There are only 2 listed companies that are directly involved in the water distribution in Malaysia, which are PBA from Pulau Pinang, and Ranhill SAJ from Johor.

Data Taken as at 16 Jan 2026, numbers are rounded

The valuation discrepancy between the two companies are stark.

Brief Background on PBA

PBA is the sole licensed water operator of Pulau Pinang and is 65% held by the Penang State Government via the Penang State Secretary and Penang Development Corporation.

PBA get their revenue by selling treated water to end users like you and me (if we were from Penang), as well as to factories, businesses, and so on. Their main costs comes from the treatment raw water and distribution of treated water, including maintaining the pipelines, running the water treatment plants, and so on.

Thank you all for coming to our first site visit and offline meetup of 2026, good to see you all fresh in 2026! We hope you all had fun and we will do more site visits in 2026!

The plan is one site visit + one community meetup alternate every month. The next community meetup will be on 7 February 2026, and it will be the usual format. Then the March one will be another site visit. See you all soon!

Notes from Farm Fresh Site Visit (10 Jan 2026)

We also marked down some notes from the site visit, for your reference:

Disclaimer: This article is in no way financial advice, nor solicitation to buy or sell shares in this company. It is purely for educational purposes only. You are highly recommended to conduct all necessary due diligence and make your own informed decisions before making any financial decisions. The writer owns shares in some of these companies and may at any point in time increase or reduce their position without prior notice. Do not try to copy trade!

This will be a high level overview of what I think the Bursa Malaysia market will be reacting and paying attention to in the coming year; involving mostly anticipated news flow at the local level that may give real economic impact to companies within the space, but ignores the broader global macroeconomic environment. Since this is a more qualitative top-down view, I won’t be drilling into the numbers of each company mentioned.

We covered what we think about Malaysia’s economy in 2026, and potential investment themes for Malaysia that will benefit in 2026. If you haven’t read yet, please read here: www.doitduit.com/p/malaysia-economy-2026-and-beyond 

Today we will cover our thoughts on the Global Economy in 2026.

If there are 3 words to summarise 2025 investment scene, it will be:

1. Donald Trump;

2. Tariff; and

3. Artificial Intelligence.

If we use 2 phrases to summarise our view on 2026 investment scene, it will be:

1. US lead, China chase, The rest follow; and

2. AI as a sustaining technology;

AI continues to be the main focus of 2026

The world experienced huge change since the launch of ChatGPT in November 2022, and 2025 was the year when people and business start to really adopt AI technology.

Demand for AI was sky high, so AI companies are building aggressively to increase supply to keep up with demand, i.e. US Big Tech is expected to spend US$527 billion in 2026 (2025: US$394 billion; 2024: US$237 bil). This has led to huge concern of over-investment in this early stage of the new S-Curve.

And the Shiller PE ratio used to measure whether a market is “expensive” or “cheap”, is also near all time high achieved in 1999, aka the DotCom Bubble peak (40.30 current vs 44.19 max).