Preheat oven to 450 F (232 C), then reduce to 425 F (218 C) after adding bagels. Arange oven racks to lower/middle and middle positions

To the water, add yeast and a pinch of sugar; allow to proof for about 10 minutes. To the proofed yeast mixture, add sugar, oil, egg, salt and malt powder. Add flour bit by bit, mixing as you go. Once the dough is a soft ball, begin kneading. Knead for 10-12 minutes.  Cover dough with a towel; allow to rest for about 15 minutes. 

If you have access to a kitchen scale, weigh the entire ball of dough and divide by 14 to get the correct weight for the bagels. Then measure out this amount for each bagel. If you don't have a scale, cut up the dough into 14 roughly equal pieces. Roll each piece of dough between the hands until an even ball is formed, then stick a floured finger through the center to form a hole. Stretch the hole, evening the thickness around the bagel.

Place formed bagels on a parchment-lined baking pan and cover with a towel. If you don't have parchment paper, you can also use tin foil sprayed with non-stick spray.

Have the pot of honeyed water simmering on the stove. Add three bagels to the simmering water, cook for 45 seconds, then turn over and cook for 45 seconds more. With a perforated spoon, remove boiled bagels to a clean surface. Allow bagels to dry for about 1 minutes, then roll in the sesame and/or poppy seeds, and place on the baking sheet.

Place the bagels into the oven. Bake for about 9 minutes (I suggest keeping an eye on them). When they start to brown, turn them over and bake for a few more minutes, or until golden.