M+ Global Market Update – 07Jan26
Technology Back In Play
US: We believe the Fed appears on track for further rate cuts, given that the ISM Manufacturing Index has slowed to its weakest level since Oct-2024. Moreover, shelter cost pressures are declining, and the labour market remains weak amid growing AI adoption. However, we continue to favour technology stocks such as Alphabet, AMD, and Micron Technology, with consensus CapEx estimates expected to trend higher. Although Alphabet is gradually becoming more asset-heavy, where it sparks concerns over higher depreciation arising from increased CapEx spending by hyperscalers, we believe the earnings outlook should justify the investment case.
MY: Firmer Wall Street movements, a lower OPR environment, and supportive structural government drivers create an opportune time for the KLCI to edge higher. Besides, heightened geopolitical uncertainties may increase demand for gold, which should, in turn, support pawnbrokers like WELLCHIP. Moreover, the RM100 SARA aid and a stronger ringgit environment should continue to support consumer heavyweights such as 99SMART and Farm Fresh, particularly under the ‘Visit Malaysia 2026’ theme. Meanwhile, M&E players like PWRWELL stand to benefit from ongoing interest in data centre development, while the Group’s recent acquisition and Bangladesh development are expected to support earnings stability.
Stocks to watch:
Consumer: AAX, *MFLOUR*, *UCHITEC*
O&G: *DAYANG*
Property: *KSL*
Technology: *MI*
Finance: AFFIN
Automotive: BETA
Building Material: MSC
Utility: RANHILL
Construction: UUE
**Source: M+ Global**
Technology Back In Play
US: We believe the Fed appears on track for further rate cuts, given that the ISM Manufacturing Index has slowed to its weakest level since Oct-2024. Moreover, shelter cost pressures are declining, and the labour market remains weak amid growing AI adoption. However, we continue to favour technology stocks such as Alphabet, AMD, and Micron Technology, with consensus CapEx estimates expected to trend higher. Although Alphabet is gradually becoming more asset-heavy, where it sparks concerns over higher depreciation arising from increased CapEx spending by hyperscalers, we believe the earnings outlook should justify the investment case.
MY: Firmer Wall Street movements, a lower OPR environment, and supportive structural government drivers create an opportune time for the KLCI to edge higher. Besides, heightened geopolitical uncertainties may increase demand for gold, which should, in turn, support pawnbrokers like WELLCHIP. Moreover, the RM100 SARA aid and a stronger ringgit environment should continue to support consumer heavyweights such as 99SMART and Farm Fresh, particularly under the ‘Visit Malaysia 2026’ theme. Meanwhile, M&E players like PWRWELL stand to benefit from ongoing interest in data centre development, while the Group’s recent acquisition and Bangladesh development are expected to support earnings stability.
Stocks to watch:
Consumer: AAX, *MFLOUR*, *UCHITEC*
O&G: *DAYANG*
Property: *KSL*
Technology: *MI*
Finance: AFFIN
Automotive: BETA
Building Material: MSC
Utility: RANHILL
Construction: UUE
**Source: M+ Global**
😁5
M+ Global Market Wrap - 7Jan26
FBM KLCI: 1,676.83 pts (+4.48pts, +0.27%)
Buying interest resurfaced in the final minutes of Wednesday’s session. Supportive government initiatives continued to benefit 99SMART (+11.0 sen), while recently listed IPOs continued to chart new all-time highs. Broader sectors were concurrently positive, with Plantation (+1.29%) outperforming as SDG (+9.0 sen) and UTDPLT (+96.0 sen) led the pack, while Health Care (-0.26%) declined the most. Market breadth was rather neutral, however, with the gainers-to-losers ratio standing at 1-to-1.
Top 3 Active stocks:
CAPITALA (5099): RM0.405 (-4.0 sen)
SNS (0259): RM0.645 (+10.0 sen)
ZETRIX (0138): RM0.815 (+0.5 sen)
Volume: 2.73 bn (100-bar avg vol: 3.26 bn)
Value: RM2.76 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️512⬇️565
Crude Palm Oil: RM3,990 (+RM46, +1.15%)
Dow Futures: 49,756 pts (+35 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,676.83 pts (+4.48pts, +0.27%)
Buying interest resurfaced in the final minutes of Wednesday’s session. Supportive government initiatives continued to benefit 99SMART (+11.0 sen), while recently listed IPOs continued to chart new all-time highs. Broader sectors were concurrently positive, with Plantation (+1.29%) outperforming as SDG (+9.0 sen) and UTDPLT (+96.0 sen) led the pack, while Health Care (-0.26%) declined the most. Market breadth was rather neutral, however, with the gainers-to-losers ratio standing at 1-to-1.
Top 3 Active stocks:
CAPITALA (5099): RM0.405 (-4.0 sen)
SNS (0259): RM0.645 (+10.0 sen)
ZETRIX (0138): RM0.815 (+0.5 sen)
Volume: 2.73 bn (100-bar avg vol: 3.26 bn)
Value: RM2.76 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️512⬇️565
Crude Palm Oil: RM3,990 (+RM46, +1.15%)
Dow Futures: 49,756 pts (+35 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 8Jan26
Dow Jones: 48,996.08 pts (-466.00pts, -0.94%)
⬆️ Resistance: 50700
⬇️ Support: 46900
FBM KLCI: 1,676.83 pts (+4.48pts, +0.27%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,458.95 pts (-251.50pts, -0.94%)
⬆️ Resistance: 27400
⬇️ Support: 25300
Crude Palm Oil: RM4,033 (+RM17, +0.42%)
⬆️ Resistance: 4130
⬇️ Support: 3890
Brent Oil: $60.70 (-$0.30, -0.49%)
⬆️ Resistance: 63.60
⬇️ Support: 58.60
Gold: $4,456.47 (-$38.36, -0.85%)
⬆️ Resistance: 4600
⬇️ Support: 4230
Source: Bloomberg, M+ Global
Dow Jones: 48,996.08 pts (-466.00pts, -0.94%)
⬆️ Resistance: 50700
⬇️ Support: 46900
FBM KLCI: 1,676.83 pts (+4.48pts, +0.27%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,458.95 pts (-251.50pts, -0.94%)
⬆️ Resistance: 27400
⬇️ Support: 25300
Crude Palm Oil: RM4,033 (+RM17, +0.42%)
⬆️ Resistance: 4130
⬇️ Support: 3890
Brent Oil: $60.70 (-$0.30, -0.49%)
⬆️ Resistance: 63.60
⬇️ Support: 58.60
Gold: $4,456.47 (-$38.36, -0.85%)
⬆️ Resistance: 4600
⬇️ Support: 4230
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 08Jan26
Mild Profit Taking Activities Emerged
US: Overall, investors reassessed headwinds stemming from Venezuela and profit-taking activities emerged, causing major US indices to retreat from all-time highs. However, as gold prices remain elevated, we believe mining companies such as Newmont Corporation and SSR Mining are well-positioned to benefit from this environment. Meanwhile, Alphabet, AMD, and MU remain our preferred AI-related names, as consensus estimates for hyperscalers’ CapEx are expected to increase. We believe these spending will boost electricity demand and will benefit US physical infrastructure, specifically the Energy sector and power providers such as Vistra.
MY: Closer to home, we expect the KLCI to mirror Wall Street’s overnight performance. Nevertheless, we believe the KLCI’s fundamentals remain intact, underpinned by favourable interest rates that should benefit the Banking sector. Meanwhile, structural government initiatives such as the MySARA aid, appears to benefit 99SMART and the broader consumer sector, further supported by a lower input cost environment amid a strengthening Ringgit and the “Visit Malaysia 2026” theme. Notably, the FBMSCAP is gaining traction; hence, we favour CBHB, PEKAT, and MNHLDG, given their inclusion in our Factor Focus Small Cap Strategy, their resilient earnings outlooks, and their exposure to domestic data centre projects.
Stocks to watch:
Automotive: *BETA*, *EPMB*, *TCHONG*
Plantation: SOP, *UTDPLT*, WTK
Building Material: *CMSB*, MASTEEL
Technology: EDELTEQ, *THETA*
Utility: MNHLDG
**Source: M+ Global**
Mild Profit Taking Activities Emerged
US: Overall, investors reassessed headwinds stemming from Venezuela and profit-taking activities emerged, causing major US indices to retreat from all-time highs. However, as gold prices remain elevated, we believe mining companies such as Newmont Corporation and SSR Mining are well-positioned to benefit from this environment. Meanwhile, Alphabet, AMD, and MU remain our preferred AI-related names, as consensus estimates for hyperscalers’ CapEx are expected to increase. We believe these spending will boost electricity demand and will benefit US physical infrastructure, specifically the Energy sector and power providers such as Vistra.
MY: Closer to home, we expect the KLCI to mirror Wall Street’s overnight performance. Nevertheless, we believe the KLCI’s fundamentals remain intact, underpinned by favourable interest rates that should benefit the Banking sector. Meanwhile, structural government initiatives such as the MySARA aid, appears to benefit 99SMART and the broader consumer sector, further supported by a lower input cost environment amid a strengthening Ringgit and the “Visit Malaysia 2026” theme. Notably, the FBMSCAP is gaining traction; hence, we favour CBHB, PEKAT, and MNHLDG, given their inclusion in our Factor Focus Small Cap Strategy, their resilient earnings outlooks, and their exposure to domestic data centre projects.
Stocks to watch:
Automotive: *BETA*, *EPMB*, *TCHONG*
Plantation: SOP, *UTDPLT*, WTK
Building Material: *CMSB*, MASTEEL
Technology: EDELTEQ, *THETA*
Utility: MNHLDG
**Source: M+ Global**
👍1
Good morning all,
LGMS has received regulatory approval from the Securities Commission Malaysia to transfer its listing from the ACE Market to the Main Market. We view this transfer as a potential re-rating catalyst for LGMS, given its improved visibility and broader investor appeal.
Bursa announcement: https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3624453
News link: https://theedgemalaysia.com/node/788413
At this juncture, we maintain our BUY recommendation on LGMS with an unchanged target price of RM0.93, based on a P/E of 35.0x pegged to FY26F EPS of 2.67 sen.
Research Team, M+
8 January 2026
LGMS has received regulatory approval from the Securities Commission Malaysia to transfer its listing from the ACE Market to the Main Market. We view this transfer as a potential re-rating catalyst for LGMS, given its improved visibility and broader investor appeal.
Bursa announcement: https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3624453
News link: https://theedgemalaysia.com/node/788413
At this juncture, we maintain our BUY recommendation on LGMS with an unchanged target price of RM0.93, based on a P/E of 35.0x pegged to FY26F EPS of 2.67 sen.
Research Team, M+
8 January 2026
The Edge Malaysia
LGMS gets nod to transfer listing to Main Market
LGMS Bhd (KL:LGMS) said the company has secured regulatory approval to transfer its listing to the Main Market, three and a half years after debuting on the ACE Market.
M+ Global Market Wrap - 8Jan26
FBM KLCI: 1,669.57 pts (-7.26pts, -0.43%)
Thursday’s session saw Industrial Products & Services heavyweights drag the KLCI down by 7 pts. All in all, sentiment remained positive. Gainers continued to outpace losers at 579-to-489 stocks; recently listed IPOs like LACMED (+0.30 sen) continued to chart new highs, while broader sectors were positive as well. Fund flows continued to drive FBMSCAP higher, with M&E players like CBHB (+8.0 sen) and PWRWELL (+1.5 sen) seeing modest gains.
Top 3 Active stocks:
ZETRIX (0138): RM0.815 (unch)
DNEX (4456): RM0.360 (+3.5 sen)
TANCO (2429): RM1.230 (+3.0 sen)
Volume: 2.79 bn (100-bar avg vol: 3.26 bn)
Value: RM2.84 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️579⬇️489
Crude Palm Oil: RM4,033 (+RM5, +0.12%)
Dow Futures: 49,138 pts (-101 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,669.57 pts (-7.26pts, -0.43%)
Thursday’s session saw Industrial Products & Services heavyweights drag the KLCI down by 7 pts. All in all, sentiment remained positive. Gainers continued to outpace losers at 579-to-489 stocks; recently listed IPOs like LACMED (+0.30 sen) continued to chart new highs, while broader sectors were positive as well. Fund flows continued to drive FBMSCAP higher, with M&E players like CBHB (+8.0 sen) and PWRWELL (+1.5 sen) seeing modest gains.
Top 3 Active stocks:
ZETRIX (0138): RM0.815 (unch)
DNEX (4456): RM0.360 (+3.5 sen)
TANCO (2429): RM1.230 (+3.0 sen)
Volume: 2.79 bn (100-bar avg vol: 3.26 bn)
Value: RM2.84 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️579⬇️489
Crude Palm Oil: RM4,033 (+RM5, +0.12%)
Dow Futures: 49,138 pts (-101 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 9Jan26
Dow Jones: 49,266.11 pts (+270.03pts, +0.55%)
⬆️ Resistance: 50700
⬇️ Support: 46900
FBM KLCI: 1,669.57 pts (-7.26pts, -0.43%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,149.31 pts (-309.64pts, -1.17%)
⬆️ Resistance: 27400
⬇️ Support: 25300
Crude Palm Oil: RM4,043 (-RM14, -0.35%)
⬆️ Resistance: 4170
⬇️ Support: 3890
Brent Oil: $59.96 (+$2.74, +4.57%)
⬆️ Resistance: 64.30
⬇️ Support: 58.60
Gold: $4,477.65 (+$21.18, +0.48%)
⬆️ Resistance: 4600
⬇️ Support: 4230
Source: Bloomberg, M+ Global
Dow Jones: 49,266.11 pts (+270.03pts, +0.55%)
⬆️ Resistance: 50700
⬇️ Support: 46900
FBM KLCI: 1,669.57 pts (-7.26pts, -0.43%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,149.31 pts (-309.64pts, -1.17%)
⬆️ Resistance: 27400
⬇️ Support: 25300
Crude Palm Oil: RM4,043 (-RM14, -0.35%)
⬆️ Resistance: 4170
⬇️ Support: 3890
Brent Oil: $59.96 (+$2.74, +4.57%)
⬆️ Resistance: 64.30
⬇️ Support: 58.60
Gold: $4,477.65 (+$21.18, +0.48%)
⬆️ Resistance: 4600
⬇️ Support: 4230
Source: Bloomberg, M+ Global
👍2😁1
M+ Global Market Update – 09Jan26
Mixed Sentiment To Persist
US: Investors have been rotating out of technology stocks as Wall Street valuations remain elevated. However, we believe the premium is largely driven by the robust earnings prospects of highly weighted sectors in the benchmark. All in all, with consensus estimating double-digit growth in CY26, we continue to favour US equities, particularly selected AI-related stocks such as Alphabet, AMD, and Micron Technology. Meanwhile, hyperscalers’ CapEx should support this growth, where spending will eventually shift towards electricity infrastructure. As these investments are energy-intensive, this positions Vistra in a sweet spot to benefit.
MY: Closer to home, Wall Street’s weaker overnight performance may spill over to stocks on the KLCI. However, recently listed IPOs, such as IAB, remain elevated, supported by the ongoing Sarawak water infrastructure CapEx, which is expected to trend healthily; we see IAB as a key beneficiary given its geographical proximity and proven track record. Moreover, buying interest seems to be resurfacing in small caps, and we believe the “picks and shovels” play is emerging for the data centre value chain, with a focus on M&E, substations, cables, and power transmission towers. We therefore favour CHEEDING, CBHB, PWRWELL, and PEKAT.
Stocks to watch:
Technology: CORAZA, *EDELTEQ*, *ITMAX*, *KOBAY*, SCICOM, UWC
Construction: *JTGROUP*, UUE
Automotive: *BETA*
Property: *ECOWLD*
Consumer: ECOSHOP
Building Material: SCGBHD
**Source: M+ Global**
Mixed Sentiment To Persist
US: Investors have been rotating out of technology stocks as Wall Street valuations remain elevated. However, we believe the premium is largely driven by the robust earnings prospects of highly weighted sectors in the benchmark. All in all, with consensus estimating double-digit growth in CY26, we continue to favour US equities, particularly selected AI-related stocks such as Alphabet, AMD, and Micron Technology. Meanwhile, hyperscalers’ CapEx should support this growth, where spending will eventually shift towards electricity infrastructure. As these investments are energy-intensive, this positions Vistra in a sweet spot to benefit.
MY: Closer to home, Wall Street’s weaker overnight performance may spill over to stocks on the KLCI. However, recently listed IPOs, such as IAB, remain elevated, supported by the ongoing Sarawak water infrastructure CapEx, which is expected to trend healthily; we see IAB as a key beneficiary given its geographical proximity and proven track record. Moreover, buying interest seems to be resurfacing in small caps, and we believe the “picks and shovels” play is emerging for the data centre value chain, with a focus on M&E, substations, cables, and power transmission towers. We therefore favour CHEEDING, CBHB, PWRWELL, and PEKAT.
Stocks to watch:
Technology: CORAZA, *EDELTEQ*, *ITMAX*, *KOBAY*, SCICOM, UWC
Construction: *JTGROUP*, UUE
Automotive: *BETA*
Property: *ECOWLD*
Consumer: ECOSHOP
Building Material: SCGBHD
**Source: M+ Global**
👍1
Good Morning All,
Here’s our IPO note on Guan Huat Seng Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌Through its wholly owned subsidiary, the Group distributes and retails a broad range of products, including (i) shelf-stable and frozen seafood, (ii) flavouring products, (iii) dried foods and snacks, and (iv) general grocery items. Its in-house manufacturing facilities are accredited with HACCP and MeSTI certifications
📌We forecast a three-year earnings CAGR of 13.3%, with core PATMI projected to reach RM8.8-10.5m over the next three years. We expect organic growth to be underpinned by its wide SKU base, which should support competitive pricing as well as an extensive distribution network, as overall utilisation capacity is at peak levels.
📌We assign a fair value of RM0.29 per share for GHS, based on a PER ratio of 15x pegged to mid-FY26F EPS of 1.95 sen. While this reflects a 35.0% discount to the 12M trailing PER of selected food distributors, we believe the ascribed PER is fair, given the FBMSCAP PER stood at ~15.9x.
Research Team, M+
9 Jan 2026
Here’s our IPO note on Guan Huat Seng Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌Through its wholly owned subsidiary, the Group distributes and retails a broad range of products, including (i) shelf-stable and frozen seafood, (ii) flavouring products, (iii) dried foods and snacks, and (iv) general grocery items. Its in-house manufacturing facilities are accredited with HACCP and MeSTI certifications
📌We forecast a three-year earnings CAGR of 13.3%, with core PATMI projected to reach RM8.8-10.5m over the next three years. We expect organic growth to be underpinned by its wide SKU base, which should support competitive pricing as well as an extensive distribution network, as overall utilisation capacity is at peak levels.
📌We assign a fair value of RM0.29 per share for GHS, based on a PER ratio of 15x pegged to mid-FY26F EPS of 1.95 sen. While this reflects a 35.0% discount to the 12M trailing PER of selected food distributors, we believe the ascribed PER is fair, given the FBMSCAP PER stood at ~15.9x.
Research Team, M+
9 Jan 2026
M+ Global Market Wrap - 9Jan26
FBM KLCI: 1,686.54 pts (+16.97pts, +1.02%)
Friday’s session saw banking heavyweights lifted the key index; KLCI increased by 17 pts. Overall, sentiment remained positive as market breadth continued to tilt favourably, with recently listed IPOs such as IAB (+18.0 sen) charting new highs, while broader market were mostly positive this week. M&E players like CBHB (+2.0 sen) and PWRWELL (+3.5 sen) continued to see sustained buying interest as mentioned in our morning report. Fund flows also continued to support the FBM Small Cap index higher.
Top 3 Active stocks:
MMAG (0034): RM0.065 (-0.5 sen)
ZETRIX (0138): RM0.830 (+1.5 sen)
VS (6963): RM0.490 (+1.0 sen)
Volume: 2.83 bn (100-bar avg vol: 3.26 bn)
Value: RM2.75 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️616⬇️469
Crude Palm Oil: RM4,043 (+RM31, +0.77%)
Dow Futures: 49,465 pts (-28 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,686.54 pts (+16.97pts, +1.02%)
Friday’s session saw banking heavyweights lifted the key index; KLCI increased by 17 pts. Overall, sentiment remained positive as market breadth continued to tilt favourably, with recently listed IPOs such as IAB (+18.0 sen) charting new highs, while broader market were mostly positive this week. M&E players like CBHB (+2.0 sen) and PWRWELL (+3.5 sen) continued to see sustained buying interest as mentioned in our morning report. Fund flows also continued to support the FBM Small Cap index higher.
Top 3 Active stocks:
MMAG (0034): RM0.065 (-0.5 sen)
ZETRIX (0138): RM0.830 (+1.5 sen)
VS (6963): RM0.490 (+1.0 sen)
Volume: 2.83 bn (100-bar avg vol: 3.26 bn)
Value: RM2.75 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️616⬇️469
Crude Palm Oil: RM4,043 (+RM31, +0.77%)
Dow Futures: 49,465 pts (-28 pts)
**Source: M+ Global, Bloomberg **
😁3
M+ Global Market Update – 12Jan26
Tech-Led Rally Lifted S&P 500 To New High
US: A strong rally in chipmakers lifted the S&P 500 to a record high on Friday, while a softer-than-expected US jobs report did little to derail expectations for Fed rate cuts in 2026. Mortgage lenders and homebuilders also surged after President Trump ordered a USD 200bn purchase of mortgage bonds to support housing costs. Besides, we remain optimistic on US banking stocks, supported by tailwinds such as a strengthening investment banking pipeline, improving NIMs from asset repricing, and stable credit quality. In view of the rising US-Iran tensions and anticipated rate cuts in 2026, investors could continue to position themselves in mining companies like Newmont Corporation, Barrick Gold, and Agnico Eagle Mines.
MY: The FBM KLCI rebounded on Friday, supported by gains in banking heavyweights. As most banking heavyweights rallied, we believe investors could consider BIMB as an alternative, given its lower P/B ratio of 0.66x and dividend yield of 6.49%. Meanwhile, AFFIN has also started to show a recovery in its share price and we expect the bank to benefit from increased banking activity in 2026, supported by rising development projects across Sarawak, while CMSB could similarly benefit from the ongoing infrastructure developments. Lastly, we also favour MITRA’s breakout, as we believe it could secure more data centre projects moving forward.
Stocks to watch:
Technology: *3REN*, EDELTEQ, *ITMAX*, JHM, QES, *UWC*
Construction: *JTGROUP*, MNHLDG, PWRWELL
O&G: *DAYANG*, HIBISCS
Consumer: *MFLOUR*
**Source: M+ Global**
Tech-Led Rally Lifted S&P 500 To New High
US: A strong rally in chipmakers lifted the S&P 500 to a record high on Friday, while a softer-than-expected US jobs report did little to derail expectations for Fed rate cuts in 2026. Mortgage lenders and homebuilders also surged after President Trump ordered a USD 200bn purchase of mortgage bonds to support housing costs. Besides, we remain optimistic on US banking stocks, supported by tailwinds such as a strengthening investment banking pipeline, improving NIMs from asset repricing, and stable credit quality. In view of the rising US-Iran tensions and anticipated rate cuts in 2026, investors could continue to position themselves in mining companies like Newmont Corporation, Barrick Gold, and Agnico Eagle Mines.
MY: The FBM KLCI rebounded on Friday, supported by gains in banking heavyweights. As most banking heavyweights rallied, we believe investors could consider BIMB as an alternative, given its lower P/B ratio of 0.66x and dividend yield of 6.49%. Meanwhile, AFFIN has also started to show a recovery in its share price and we expect the bank to benefit from increased banking activity in 2026, supported by rising development projects across Sarawak, while CMSB could similarly benefit from the ongoing infrastructure developments. Lastly, we also favour MITRA’s breakout, as we believe it could secure more data centre projects moving forward.
Stocks to watch:
Technology: *3REN*, EDELTEQ, *ITMAX*, JHM, QES, *UWC*
Construction: *JTGROUP*, MNHLDG, PWRWELL
O&G: *DAYANG*, HIBISCS
Consumer: *MFLOUR*
**Source: M+ Global**
👍1
M+ Morning Market Buzz - 12Jan26
Dow Jones: 49,504.07 pts (+237.96pts, +0.48%)
⬆ Resistance: 49600
⬇ Support: 48000
FBM KLCI: 1,686.54 pts (+16.97pts, +1.02%)
⬆ Resistance: 1690
⬇ Support: 1670
HSI Index: 26,231.79 pts (+82.48pts, +0.32%)
⬆ Resistance: 27400
⬇ Support: 25000
Crude Palm Oil: RM4,036 (-RM7, -0.17%)
⬆ Resistance: 4130
⬇ Support: 3980
Brent Oil: $62.64 (+$0.28, +0.45%)
⬆ Resistance: 64.00
⬇ Support: 59.00
Gold: $4,509.60 (+$32.10, +0.72%)
⬆ Resistance: 4530
⬇ Support: 4420
Source: Bloomberg, M+ Global
Dow Jones: 49,504.07 pts (+237.96pts, +0.48%)
⬆ Resistance: 49600
⬇ Support: 48000
FBM KLCI: 1,686.54 pts (+16.97pts, +1.02%)
⬆ Resistance: 1690
⬇ Support: 1670
HSI Index: 26,231.79 pts (+82.48pts, +0.32%)
⬆ Resistance: 27400
⬇ Support: 25000
Crude Palm Oil: RM4,036 (-RM7, -0.17%)
⬆ Resistance: 4130
⬇ Support: 3980
Brent Oil: $62.64 (+$0.28, +0.45%)
⬆ Resistance: 64.00
⬇ Support: 59.00
Gold: $4,509.60 (+$32.10, +0.72%)
⬆ Resistance: 4530
⬇ Support: 4420
Source: Bloomberg, M+ Global
😁2
M+ Global Market Wrap - 12Jan26
FBM KLCI: 1,695.44 pts (+8.90pts, +0.53%)
Tracking the positive performance of the US and regional markets, the FBMKLCI (+0.53%) extended its gains for the second consecutive day, closing higher at 1695.44 pts, and we believe the key index will test the 1,700 psychological level in the near term. Meanwhile, market breadth remained positive, with 641 winners outpacing 467 losers. Sector-wise, both the Property (+2.14%) and Plantation (+2.00%) closed above 2% gain, while Healthcare (-0.66%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.060 (-0.5 sen)
ZETRIX (0138): RM0.845 (+1.5 sen)
TANCO (2429): RM1.190 (-4.0 sen)
Volume: 3.10 bn (100-bar avg vol: 3.27 bn)
Value: RM2.72 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️641⬇️467
Crude Palm Oil: RM4,036 (+RM40, +0.99%)
Dow Futures: 49,395 pts (-331 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,695.44 pts (+8.90pts, +0.53%)
Tracking the positive performance of the US and regional markets, the FBMKLCI (+0.53%) extended its gains for the second consecutive day, closing higher at 1695.44 pts, and we believe the key index will test the 1,700 psychological level in the near term. Meanwhile, market breadth remained positive, with 641 winners outpacing 467 losers. Sector-wise, both the Property (+2.14%) and Plantation (+2.00%) closed above 2% gain, while Healthcare (-0.66%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.060 (-0.5 sen)
ZETRIX (0138): RM0.845 (+1.5 sen)
TANCO (2429): RM1.190 (-4.0 sen)
Volume: 3.10 bn (100-bar avg vol: 3.27 bn)
Value: RM2.72 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️641⬇️467
Crude Palm Oil: RM4,036 (+RM40, +0.99%)
Dow Futures: 49,395 pts (-331 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 13Jan26
Dow Jones: 49,590.20 pts (+86.13pts, +0.17%)
⬆️ Resistance: 50700
⬇️ Support: 47900
FBM KLCI: 1,695.44 pts (+8.90pts, +0.53%)
⬆️ Resistance: 1740
⬇️ Support: 1640
HSI Index: 26,608.48 pts (+376.69pts, +1.44%)
⬆️ Resistance: 27400
⬇️ Support: 25500
Crude Palm Oil: RM4,090 (+RM21, +0.51%)
⬆️ Resistance: 4190
⬇️ Support: 3910
Brent Oil: $63.87 (+$0.53, +0.84%)
⬆️ Resistance: 65.70
⬇️ Support: 58.70
Gold: $4,597.51 (-$11.21, -0.24%)
⬆️ Resistance: 4730
⬇️ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 49,590.20 pts (+86.13pts, +0.17%)
⬆️ Resistance: 50700
⬇️ Support: 47900
FBM KLCI: 1,695.44 pts (+8.90pts, +0.53%)
⬆️ Resistance: 1740
⬇️ Support: 1640
HSI Index: 26,608.48 pts (+376.69pts, +1.44%)
⬆️ Resistance: 27400
⬇️ Support: 25500
Crude Palm Oil: RM4,090 (+RM21, +0.51%)
⬆️ Resistance: 4190
⬇️ Support: 3910
Brent Oil: $63.87 (+$0.53, +0.84%)
⬆️ Resistance: 65.70
⬇️ Support: 58.70
Gold: $4,597.51 (-$11.21, -0.24%)
⬆️ Resistance: 4730
⬇️ Support: 4320
Source: Bloomberg, M+ Global
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M+ Global Market Update – 13Jan26
Tech Lifted Wall St Despite Fed Independence Jitters
US: The Dow and S&P 500 closed at record highs on Monday, lifted by gains in technology stocks despite mounting concerns regarding political pressure on the Federal Reserve. Meanwhile, markets remained cautious ahead of the December CPI release, which will shape near-term interest rate expectations. Attention has also turned to the start of the 4Q earnings season, led by major US banks this week. We remain optimistic about the banking sector, despite Trump’s credit card threat, supported by stable economic activity in the US and a strengthening investment banking pipeline. We favour banking stocks such as Bank of America, Citigroup, JPMorgan, and Goldman Sachs.
MY: As the FBMKLCI approaches the 1,700pts level, we expect the key index to test this psychological mark in the near term. Meanwhile, the market is focusing on Sunway’s proposal to acquire IJM in a RM11bn cash-and-share deal, implying a ~15% premium to IJM’s last traded price. We view the transaction positively, as the enlarged group will command a combined GDV of c.RM118bn and an outstanding order book of about RM13bn. For IJM, the deal offers immediate value realisation, while Sunway benefits from enhanced execution capabilities and a stronger position to capture large infrastructure, data centre and industrial projects going forward.
Stocks to watch:
Technology: ITMAX, *MCLEAN*, *MI*, UNISEM
Property: *ECOWLD*, KSL, *SIMEPROP*
Automotive: *BETA*
Utility: *YTLPOWR*
Consumer: DLADY
**Source: M+ Global**
Tech Lifted Wall St Despite Fed Independence Jitters
US: The Dow and S&P 500 closed at record highs on Monday, lifted by gains in technology stocks despite mounting concerns regarding political pressure on the Federal Reserve. Meanwhile, markets remained cautious ahead of the December CPI release, which will shape near-term interest rate expectations. Attention has also turned to the start of the 4Q earnings season, led by major US banks this week. We remain optimistic about the banking sector, despite Trump’s credit card threat, supported by stable economic activity in the US and a strengthening investment banking pipeline. We favour banking stocks such as Bank of America, Citigroup, JPMorgan, and Goldman Sachs.
MY: As the FBMKLCI approaches the 1,700pts level, we expect the key index to test this psychological mark in the near term. Meanwhile, the market is focusing on Sunway’s proposal to acquire IJM in a RM11bn cash-and-share deal, implying a ~15% premium to IJM’s last traded price. We view the transaction positively, as the enlarged group will command a combined GDV of c.RM118bn and an outstanding order book of about RM13bn. For IJM, the deal offers immediate value realisation, while Sunway benefits from enhanced execution capabilities and a stronger position to capture large infrastructure, data centre and industrial projects going forward.
Stocks to watch:
Technology: ITMAX, *MCLEAN*, *MI*, UNISEM
Property: *ECOWLD*, KSL, *SIMEPROP*
Automotive: *BETA*
Utility: *YTLPOWR*
Consumer: DLADY
**Source: M+ Global**
🥰1
Good Morning All,
Here’s our IPO note on ISF Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.46 per share for ISF, indicating a 39.4% upside from the IPO price of RM0.33. This valuation is based on a PE multiple of 16.5x pegged to FY27f EPS of 2.79 sen.
Investment highlights include:
(i) Rising margin over the years
(ii) Riding the data centre trend
(iii) Benefitting from JSSEZ
(iv) Impressive transition in business model
(v) Market share poised for growth
Research Team, M+
13 Jan 2026
Here’s our IPO note on ISF Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.46 per share for ISF, indicating a 39.4% upside from the IPO price of RM0.33. This valuation is based on a PE multiple of 16.5x pegged to FY27f EPS of 2.79 sen.
Investment highlights include:
(i) Rising margin over the years
(ii) Riding the data centre trend
(iii) Benefitting from JSSEZ
(iv) Impressive transition in business model
(v) Market share poised for growth
Research Team, M+
13 Jan 2026
Good Evening All,
We issued a technical buy call on IREN Limited: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Hyperscalers’ spending expected to tending healthily
(ii) Memory as a demand benchmark
(iii) Well positioned to benefit from the AI play
Research Team, M+
13 January 2026
We issued a technical buy call on IREN Limited: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Hyperscalers’ spending expected to tending healthily
(ii) Memory as a demand benchmark
(iii) Well positioned to benefit from the AI play
Research Team, M+
13 January 2026
M+ Global Market Wrap - 13Jan26
FBM KLCI: 1,708.20 pts (+12.76pts, +0.75%)
Despite the pressure on the Fed’s independence and rising US-Iran tensions, the FBMKLCI (+0.75%) managed to breach the 1,700 psychological resistance and extended toward 1708.2 pts, with banking heavyweights like CIMB (+17.0 sen) and MAYBANK (+12.0 sen) lifting the key index.IPO Semico also made its ACE market debut today, reaching its high at 49.0 sen before ending the day at 37.5 sen. Meanwhile, market breadth was rather flat, with 556 winners against 548 losers. Sector-wise, Financial Services (+1.15%) and Utilities (+1.02%) closed above 1% gain, while Plantation (-1.15%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.055 (-0.5 sen)
SEMICO (0388): RM0.375 (-)
IJM (3336): RM2.740 (-1.0 sen)
Volume: 3.45 bn (100-bar avg vol: 3.29 bn)
Value: RM3.56 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️556⬇️548
Crude Palm Oil: RM4,090 (-RM36, -0.88%)
Dow Futures: 49,750 pts (-59 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,708.20 pts (+12.76pts, +0.75%)
Despite the pressure on the Fed’s independence and rising US-Iran tensions, the FBMKLCI (+0.75%) managed to breach the 1,700 psychological resistance and extended toward 1708.2 pts, with banking heavyweights like CIMB (+17.0 sen) and MAYBANK (+12.0 sen) lifting the key index.IPO Semico also made its ACE market debut today, reaching its high at 49.0 sen before ending the day at 37.5 sen. Meanwhile, market breadth was rather flat, with 556 winners against 548 losers. Sector-wise, Financial Services (+1.15%) and Utilities (+1.02%) closed above 1% gain, while Plantation (-1.15%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.055 (-0.5 sen)
SEMICO (0388): RM0.375 (-)
IJM (3336): RM2.740 (-1.0 sen)
Volume: 3.45 bn (100-bar avg vol: 3.29 bn)
Value: RM3.56 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️556⬇️548
Crude Palm Oil: RM4,090 (-RM36, -0.88%)
Dow Futures: 49,750 pts (-59 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 14Jan26
Dow Jones: 49,191.99 pts (-398.21pts, -0.80%)
⬆️ Resistance: 50700
⬇️ Support: 47900
FBM KLCI: 1,708.20 pts (+12.76pts, +0.75%)
⬆️ Resistance: 1750
⬇️ Support: 1640
HSI Index: 26,848.47 pts (+239.99pts, +0.90%)
⬆️ Resistance: 27700
⬇️ Support: 25500
Crude Palm Oil: RM4,064 (+RM21, +0.52%)
⬆️ Resistance: 4230
⬇️ Support: 3920
Brent Oil: $65.47 (+$1.60, +2.51%)
⬆️ Resistance: 67.30
⬇️ Support: 58.70
Gold: $4,586.52 (+$10.94, +0.24%)
⬆️ Resistance: 4730
⬇️ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 49,191.99 pts (-398.21pts, -0.80%)
⬆️ Resistance: 50700
⬇️ Support: 47900
FBM KLCI: 1,708.20 pts (+12.76pts, +0.75%)
⬆️ Resistance: 1750
⬇️ Support: 1640
HSI Index: 26,848.47 pts (+239.99pts, +0.90%)
⬆️ Resistance: 27700
⬇️ Support: 25500
Crude Palm Oil: RM4,064 (+RM21, +0.52%)
⬆️ Resistance: 4230
⬇️ Support: 3920
Brent Oil: $65.47 (+$1.60, +2.51%)
⬆️ Resistance: 67.30
⬇️ Support: 58.70
Gold: $4,586.52 (+$10.94, +0.24%)
⬆️ Resistance: 4730
⬇️ Support: 4320
Source: Bloomberg, M+ Global
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M+ Global Market Update – 14Jan26
Wall Street Mixed Ahead of Banks’ Earnings
US: Wall Street closed mixed on Tuesday, with the S&P 500 and the Dow easing from their respective highs due to weakness in banking stocks, led by JPMorgan. Although revenue outperformed expectations, JPMorgan reported weaker earnings as a USD 2.2bn credit reserve for the acquisition of the Apple credit card programme weighed on profitability. Nevertheless, the decline was partially offset by gains in technology stocks, with AMD and Intel rallying following rating upgrades. Inflation remained stable, reinforcing expectations regarding the Fed’s interest rate trajectory and making a potential rate cut more likely from March onwards. Still, we expect market sentiment will be relatively strong ahead of upcoming banking earnings.
MY: In view of Wall Street negative closing, pullback could occur in FBM KLCI. However, the elevated ringgit at the RM 4.05 level, would be able to provide support for FBM KLCI, supported by banking, consumer goods, and REITs. Meanwhile, we view IGB Berhad’s RM 1.2bn sale of St Giles London positively, as the disposal provides the group with proceeds for future expansion. Besides, we favour AAX, KOPI, and AQUAWALK amid the 'Visit Malaysia 2026' campaign, with AAX appearing on the verge of a breakout. Lastly, investors could subscribe to the upcoming IPO of ISF Group Berhad (M+ TP: RM0.46), which will be closing its application today.
Stocks to watch:
Consumer: *CAPITALA*, *LWSABAH*, MRDIY, SPRITZER
O&G: *DAYANG*, *HIBISCS*
Technology: *DUFU*, JFTECH
Automotive: *BAUTO*
Plantation: WTK
**Source: M+ Global**
Wall Street Mixed Ahead of Banks’ Earnings
US: Wall Street closed mixed on Tuesday, with the S&P 500 and the Dow easing from their respective highs due to weakness in banking stocks, led by JPMorgan. Although revenue outperformed expectations, JPMorgan reported weaker earnings as a USD 2.2bn credit reserve for the acquisition of the Apple credit card programme weighed on profitability. Nevertheless, the decline was partially offset by gains in technology stocks, with AMD and Intel rallying following rating upgrades. Inflation remained stable, reinforcing expectations regarding the Fed’s interest rate trajectory and making a potential rate cut more likely from March onwards. Still, we expect market sentiment will be relatively strong ahead of upcoming banking earnings.
MY: In view of Wall Street negative closing, pullback could occur in FBM KLCI. However, the elevated ringgit at the RM 4.05 level, would be able to provide support for FBM KLCI, supported by banking, consumer goods, and REITs. Meanwhile, we view IGB Berhad’s RM 1.2bn sale of St Giles London positively, as the disposal provides the group with proceeds for future expansion. Besides, we favour AAX, KOPI, and AQUAWALK amid the 'Visit Malaysia 2026' campaign, with AAX appearing on the verge of a breakout. Lastly, investors could subscribe to the upcoming IPO of ISF Group Berhad (M+ TP: RM0.46), which will be closing its application today.
Stocks to watch:
Consumer: *CAPITALA*, *LWSABAH*, MRDIY, SPRITZER
O&G: *DAYANG*, *HIBISCS*
Technology: *DUFU*, JFTECH
Automotive: *BAUTO*
Plantation: WTK
**Source: M+ Global**