The post Is Bitcoin Correction Over Or BTC Bulls are Just Fooled ? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

After word of Russia’s attack on Ukraine circulated, the price of bitcoin plummeted to a critical support level. The crypto market has collapsed as a result of this downturn, but the recovery appears to be progressing smoothly. As the majority of the coins track double-digit gains and rebound from yesterday’s massacre, the broader cryptocurrency market …

PRESS RELEASE. LABEL Foundation recently gained authorization from one of South Korea’s main exchanges and a listing position with KRW (South Korean currency), the advancement has immediately followed after Clesson (the parent company) garnered equity capital from two significant investment firms with a strong presence in the local market. The aforementioned exchange was revealed as […]

Data shows more than $170 million in Bitcoin futures has liquidated over the past 24 hours as the price of the crypto makes sharp recovery above $38k. BTC Price Makes Sharp Recovery From Crash Due To Russia’s Invasion Of Ukraine Following the commencement of the Russian invasion of Ukraine yesterday, the price of Bitcoin took a deep plunge down as investors pulled out of the market. During this crash, the coin’s value went as low as $34.4k. However, today the value of the crypto already seems to have made some sharp recovery as the price hit $39k earlier in the day. At the time of writing, Bitcoin’s price floats around $38.8k, down 4% in the last seven days. Over the past month, the crypto has gained 7% in value. The below chart shows the trend in the price of BTC over the last five days. BTC's price has made some sharp recovery today | Source: BTCUSD on TradingView Bitcoin Futures Liquidations Over The Past Day Reach More Than $170 million Due to this sharp price rise, there have been some mass liquidations in the futures market. In case someone isn’t familiar with what a “liquidation” is, it’s best to get a quick overview of margin trading first. As you may know, when investors purchase a buy or sell futures contract on a derivatives exchange, they have to put forth some initial investment, called the “margin.” Against this margin, users can loan Bitcoin amounts many times their actual position. This is called making use of “leverage.” Any profit that investors earn on this leverage is theirs to keep. Related Reading | Bitcoin Investors Haven’t Responded To Russia-Ukraine War With Large Inflows (Yet) However, if the price of the coin moves opposite to the direction they bet on, then their losses are also as many times more in magnitude as the leverage. After the user loses a large percentage of their margin because of these losses, the exchange forcibly closes the position. This is precisely what a “liquidation” is. Now, here is the latest data regarding the Bitcoin futures liquidations: Looks like the futures market has observed some mass liquidations over the past day | Source: CoinGlass As you can see above, more than $170 million in Bitcoin futures contracts have been liquidated over the past 24 hours. Related Reading | Bloomberg Strategist: This Is The Defining Moment To Buy Bitcoin Since these liquidations took place because of a sharp price move up, the majority of these are from short contracts. While this is a sharp and unexpected recovery for the crypto, it’s unclear how long it will last. The macro fears and uncertainties due to the Russia-Ukraine war are still abound at large as the invasion still rages on. Featured image from Unsplash.com, chart from TradingView.com

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HONG KONG, Feb 25, 2022 - (ACN Newswire) - Pentamaster International Limited ("PIL" or "the Group") which is listed under the Main Board of The Stock Exchange of Hong Kong Limited announced its financial results for the year ended 31 December 2021 today. The Group hit a new record in its 2021 revenue, registering at MYR508.1 million, whilst its net profit stood at MYR116.7 million for the financial year ended 2021; marking an improvement of approximately 21.4% and 2.5% respectively from the corresponding period last year.
The overall performance of the Group recovered commendably in 2021, with growth driven by improved contributions from both the ATE and FAS business segments with each segment accounting for approximately 70.1% and 29.9% of the total Group's revenue, as compared to 2020 of 67.6% and 32.4%, respectively.

ATE segment

With a revenue contribution rate of 70.1%, the ATE segment continued to contribute the larger portion of the Group's overall revenue and profit. After witnessing a decline in revenue last year, total revenue from this segment marked a turnaround and grew at a double-digit rate of 22.6% to MYR358.4 million. During the year, backed by the recovery of the smartphone market and its peripheral items. the electro-optical industry continued to dominate the ATE segment with its revenue contribution rate of approximately 49.7%, derived from abroad
the product portfolio of the Group in its test solutions for the proximity sensor, 3D magnetometer sensor, ambient light sensor, wafer-level VCSEL (Vertical-Cavity Surface-Emitting Laser) and other relevant applications under optics and photonics sensing solutions.

Owing to the Group's persistent effort in increasing its exposure to the automotive industry, revenue from this sector came in as the second-highest within the ATE segment with its contribution rate of 27.6%. In addition, the automotive sector chalked the highest growth rate at 39.9% among other industry sectors within the ATE segment. This strong demand was largely attributed to the Group's automotive test solutions covering a full range of assembly and test technologies for various aspects of the manufacturing process ranging from the component test, final test to packaging. During the year, the ATE segment was also benefitted from the semiconductor industry with its revenue contribution rate of 20.0%, where this sector captured a 26.8% growth as compared to 2020 from the continuous demand for the Group's test handling equipment which was underpinned by the growth of integrated chips and other related semiconductor contents from the acceleration of digital transformation by the pandemic over the past two years.

The ATE segment will continue to dominate the performance of the Group in the foreseeable future. With the global pandemic unleashing the unprecedented wave of technology developments coupled with the power and momentum of technology convergence, the Group is in a promising position to leverage on these significant opportunities in the ATE segment.

FAS segment

After recording a strong revenue growth in the year 2020, the FAS segment continued to witness a double-digit growth rate in its contribution to the Group's revenue, chalking 12.3% growth to achieve MYR155.3 million during the year. This was mainly driven by the robust demand for the Group's proprietary i-ARMS solutions, where a wider customer base adopted this application across different industry segments in different countries and regions. Notably, this segment gained its revenue momentum in the third and fourth quarters of the year, with revenue in the second half of the year exceeding its first half by approximately 19.5%. The main industry segment that led to FAS growth was the consumer and industrial product segment, contributing approximately 45.4% to overall FAS segment revenue. This was followed by the electro-optical segment and medical device segment with its respective revenue contribution rate of 30.4% and 19.3% where the application of the Group's i-ARMS was equally prevalent in
these segments.

The Group continues to witness huge potential and opportunities in its FAS segment given the fundamental shift towards factory automation and smart manufacturing across various industries, especially in a post-pandemic environment. With the current automation trend, the Group will continue to broaden and enrich the capability of its automated solutions to capture the growth from these developments in the years ahead.

Outlook

"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change."

The COVID-19 pandemic has dramatically and fundamentally altered the way we live and work. From social distancing, quarantine, closed borders, travel bans to the buzzword "home office" have never been mandated on such a large scale. The Group, however, navigated the "unsettling" effects of the pandemic and ended the financial year relatively "healed". Such accomplishment has demonstrated the Group's resilience in taking on the undeniable challenges that demand new ways of operating in a post-pandemic business environment and its versatility and speed in emerging strongly owing to the hard work and concerted efforts of the employees of the Group.

As the saying goes, every cloud has a silver lining. The pandemic has pushed many companies over the technology tipping point and with the surge in automation, digital adoption has taken a quantum leap across many companies and industries. As a result of these developments, the Group embraces 2022 with increased optimism on the back of a strong order book momentum largely driven by another high growth potential year surrounded by several catalysts brought about by AI, big data analytics, IoT, self-driving cars, Industry 4.0 and the deepening application of 5G. With the electro-optical segment currently dominating the Group's financial performance, this segment will continue its growth momentum in 2022, albeit modestly, given the Group's growing exposure to other industry segments. In respect of the automotive segment, the Group expects to witness the continuous affluence of this segment with e-mobility emerging at an accelerated pace. With electrification playing an important role in the transformation of the transportation industry and thereby presenting major opportunities in all vehicle segments, the global transition specifically towards electric vehicles ("EV") continues to get momentum and creates major disruption in the automotive industry and the related nexus. Significant efforts are witnessed through regulators worldwide defining more stringent emissions targets which include, among others, the European Union CO2 emissions regulations for cars and vans, China's New Energy Vehicles (NEV) mandate and Biden's administration is introducing a 50% EV target by 2030. Given this context, the Group anticipates a favorable prospect for its automotive test solutions from front-end to back-end which will continue to provide an impetus to the Group's overall performance.

In the belief that there is so much room and business opportunity for further expansion and that now is the best time to be planning for the future, the upcoming new manufacturing plant will pave the way for the Group to deepen its foothold in the medical device segment and bring the growth of its FAS segment to the next level. Key technologies that have been used widely in industrial manufacturing are seen to be filtering into the healthcare sector and with AI conquering the next frontier of the medical segment, the automation opportunity within this horizon is now abundant. With these technology developments presented, the Group is heartened to witness the growing demand for its automated assembly solutions from a broader customer base within the medical device segment on the back of an encouraging booking momentum. Together with the setup of Pentamaster MediQ Sdn. Bhd. for its involvement in the manufacturing of single-use medical devices, the Group is fully prepared for the huge market opportunities in the medical industry. Having continuously witnessed revenue growth from the FAS segment in the past two years, the Group continues to benefit from the increased focus of various industries on industrial automation which is now rapidly necessitated by the effects of the pandemic. As the surge in automation continues in the coming years with the use of AI and IoT in the manufacturing processes, the huge potential and opportunities in the FAS segment will be prevalent. Girded by a year of relatively stable financial performance in 2021, the Group will continue to focus fundamentally on its operational capabilities and remain proactive in the development of new cutting-edge technologies and solutions. With a wide variety of challenges and opportunities confronting 2022, the Group, having the pulse on the global trends and requirements, is forward-looking in building another year of solid business growth. As it is, the virus is here to stay for a period of time and will be a reality in our daily lives. The Group's priority is to ensure the safety of its employees with its strict adherence to the necessary safety measures and operating procedures.

About Pentamaster International Limited

PIL (HKEX stock code: 1665) is a leading global supplier in providing automation technology and solutions to multinational manufacturers mainly in the semiconductor, automotive, electrical & electronics, medical devices and consumer industrial products sectors spanning APAC, North America and Europe. The Group's broad range of integrated automation products and solutions entails innovating, designing, manufacturing and installing automated equipment and/or automated manufacturing solutions.

To learn more about PIL, please visit us at www.pentamaster.com.my.

For media enquiries, please contact:

Email: [email protected]


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comPentamaster International Limited ("PIL" or "the Group") which is listed under the Main Board of The Stock Exchange of Hong Kong Limited announced its financial results for the year ended 31 December 2021 today.

SHAH ALAM, Malaysia, Feb 25, 2022 - (ACN Newswire) - Leon Fuat Berhad ("Leon Fuat" or the "Group"), a manufacturer and trader of steel products, specialising in rolled long and flat products today released the Group's financial results for the fourth quarter ended 31 December 2021 ("Q4FY2021") recording 61.8% growth in profit after tax ("PAT") to RM29.09 million compared with RM17.98 million in the corresponding quarter of the preceding year ("Q4FY2020").
The Group is pleased to note that for the quarter under review, revenue increased by 27.8% to RM254.21 million compared with RM198.96 million in Q4FY2020 while profit before tax ("PBT") recorded a 106.5% increase to RM38.61 million compared with RM18.70 million.

On a segmental basis, revenue from trading of steel products registered a 26.5% increase to RM81.95 million while revenue from processing of steel products recorded a 28.4% rise to RM172.18 million. The trading segment's contribution to revenue stood at 32.2% in Q4FY2021 compared with 32.6% in the corresponding quarter of FY2020 while the processing segment's contribution stood at 67.7% compared with 67.4% in Q4FY2020.

For the financial year ended 31 December 2021 ("FY2021"), PAT grew 377.6% to RM135.98 million compared with RM28.47 million in the preceding financial year. PBT increased 418.1% to RM172.85 million compared with RM33.36 million while revenue gained 50.4% to RM886.58 million compared with RM589.58 million registered in FY2020.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, "The Group's financial performance for the quarter under review was supported by higher revenue and better gross profit margin from the rise in average selling prices in both the trading and processing of steel products. For the financial year as a whole, revenue was also supported by higher overall average selling prices that also resulting in better overall gross profit margin".

"We are maintaining our cautious outlook for 2022 on downside risks arising from decelerating economic growth amid continued COVID-19 flareups across the world, diminishing policy support and lingering supply bottlenecks. While the Malaysian economy is expected to grow by 5.5% to 6.5% this year on continued external demand and private sector expenditure, we note concerns over new virus variants, inflation and financial stress that could weigh on economic recovery too".

"We will continue to monitor the movement of steel prices as we anticipate commodity price volatility due to global factors. Our monitoring will also continue for foreign currencies while negotiating forward contracts where necessary and having prudent inventory management. The Group will continue to actively address COVID-19 concerns by adhering strictly to standard operating procedures and having in place emergency response teams in three of our major subsidiaries".

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLeon Fuat Berhad ("Leon Fuat" or the "Group"), a manufacturer and trader of steel products, specialising in rolled long and flat products today released the Group's financial results for the fourth quarter ended 31 December 2021 ("Q4FY2021") recording 61.8% growth in profit after tax ("PAT") to RM29.09 million compared with RM17.98 million in the corresponding quarter of the preceding year ("Q4FY2020").