Good Morning All,
We issued a company update report on our coverage stock TMK Chemical Berhad: Your Trusted Guide To Global Trading | Malacca Securities (mplusonline.com)
TMK Chemical Berhad (TMK) - Ended FY25 Within Our Expectation
📌Within expectations. 4Q25 core earnings of RM246.6m (-13.4% QoQ; -16.6% YoY) brought FY25’s total core earnings to RM1.05bn (-19.1% YoY). The results were in line with our expectations, at 101.2% of the full-year forecast.
📌Dividend. A dividend per share (DPS) of 2.8 sen was declared, bringing the total DPS for FY25 to 4.9 sen. This translates to a dividend yield of 3.9%.
📌YoY. TMK’s revenue declined by 16.6% due to lower sales volumes. However, core PATMI recorded an increase of 30.9% due to sustained improvements in operational efficiency at its current plant, which is generally operating at over 80% utilization rate.
📌QoQ. The 13.4% decline in TMK’s revenue was largely attributable to timing factors related to bulk shipments. According to management, excluding bulk shipments, volumes within the core distribution business recorded a QoQ increase. The impact of lower overall sales volumes was partially mitigated by a higher average selling price (ASP) during the quarter. Furthermore, core PATMI rose 12.3% driven by a higher factory utilisation rate, particularly at the Banting plant; this resulted in stronger operational efficiency and margin performance compared to the previous quarter.
📌YTD. Overall, revenue and core PATMI for FY25 dropped by 19.1% and 12.8% YoY respectively, primarily due to reduced sales volumes.
📌Outlook. Management has noted a significant uptick in sector activity over recent months, marking a recovery compared to the previous three quarters. As a primary regional supplier, the company is strategically positioned to benefit from the rising Industrial Production Index in Malaysia and Singapore (Fig #1). TMK’s growth is further anchored by the Banting Plant 2 expansion set for 2027, which will double chlor-alkali derivative capacity to enhance long-term margins. Also, the growing rare earth processing industry in Malaysia is driving substantial demand for inorganic chemicals, tightening the chlor-alkali market and providing strong upward support for industry pricing.
📌 Forecast. Maintained.
📌 Maintained BUY with an unchanged TP of RM1.67. We reiterate our BUY recommendation for TMK with a TP of RM1.67, implying a potential upside of 33.4% from the current share price of RM1.25. This valuation is based on a 15.0x P/E ratio, pegged to a mid-FY27F EPS of 11.1 sen.
Research Team, M+
27 February 2026
We issued a company update report on our coverage stock TMK Chemical Berhad: Your Trusted Guide To Global Trading | Malacca Securities (mplusonline.com)
TMK Chemical Berhad (TMK) - Ended FY25 Within Our Expectation
📌Within expectations. 4Q25 core earnings of RM246.6m (-13.4% QoQ; -16.6% YoY) brought FY25’s total core earnings to RM1.05bn (-19.1% YoY). The results were in line with our expectations, at 101.2% of the full-year forecast.
📌Dividend. A dividend per share (DPS) of 2.8 sen was declared, bringing the total DPS for FY25 to 4.9 sen. This translates to a dividend yield of 3.9%.
📌YoY. TMK’s revenue declined by 16.6% due to lower sales volumes. However, core PATMI recorded an increase of 30.9% due to sustained improvements in operational efficiency at its current plant, which is generally operating at over 80% utilization rate.
📌QoQ. The 13.4% decline in TMK’s revenue was largely attributable to timing factors related to bulk shipments. According to management, excluding bulk shipments, volumes within the core distribution business recorded a QoQ increase. The impact of lower overall sales volumes was partially mitigated by a higher average selling price (ASP) during the quarter. Furthermore, core PATMI rose 12.3% driven by a higher factory utilisation rate, particularly at the Banting plant; this resulted in stronger operational efficiency and margin performance compared to the previous quarter.
📌YTD. Overall, revenue and core PATMI for FY25 dropped by 19.1% and 12.8% YoY respectively, primarily due to reduced sales volumes.
📌Outlook. Management has noted a significant uptick in sector activity over recent months, marking a recovery compared to the previous three quarters. As a primary regional supplier, the company is strategically positioned to benefit from the rising Industrial Production Index in Malaysia and Singapore (Fig #1). TMK’s growth is further anchored by the Banting Plant 2 expansion set for 2027, which will double chlor-alkali derivative capacity to enhance long-term margins. Also, the growing rare earth processing industry in Malaysia is driving substantial demand for inorganic chemicals, tightening the chlor-alkali market and providing strong upward support for industry pricing.
📌 Forecast. Maintained.
📌 Maintained BUY with an unchanged TP of RM1.67. We reiterate our BUY recommendation for TMK with a TP of RM1.67, implying a potential upside of 33.4% from the current share price of RM1.25. This valuation is based on a 15.0x P/E ratio, pegged to a mid-FY27F EPS of 11.1 sen.
Research Team, M+
27 February 2026
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Good Morning All,
We issued a technical buy call on Solarvest Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Exceptional 9MFY26 performance with strong order book visibility
(ii) Margin protection against China’s VAT rebate removal
(iii) Solar ATAP tailwinds fuelled by the "Powervest" financing
Research Team, M+
27 February 2026
We issued a technical buy call on Solarvest Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Exceptional 9MFY26 performance with strong order book visibility
(ii) Margin protection against China’s VAT rebate removal
(iii) Solar ATAP tailwinds fuelled by the "Powervest" financing
Research Team, M+
27 February 2026
M+ Global Market Wrap - 27Feb26
FBM KLCI: 1,716.61 pts (-24.33pts, -1.40%)
The prevailing sentiment around the AI trade, where earnings beats alone are insufficient, spilled over to the local bourse, with heavy selling pressure was seen within banking heavyweights. Market breadth tilted negatively, with losers outpacing gainers at 842 to 376, while the broader sectors were mostly negative. Nonetheless, Technology (+0.54%) stocks outperformed, underpinned by healthy buying interest within UWC (+39.0 sen) and GREATEC (+14.0 sen), while Industrial Products & Services (-2.51%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.345 (-2.0 sen)
ZETRIX (0138): RM0.820 (+2.0 sen)
TANCO (2429): RM1.590 (+6.0 sen)
Volume: 3.53 bn (100-bar avg vol: 3.25 bn)
Value: RM5.54 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️76⬇️842
Crude Palm Oil: RM4,005 (+RM31, +0.77%)
Dow Futures: 49,350 pts (-181 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,716.61 pts (-24.33pts, -1.40%)
The prevailing sentiment around the AI trade, where earnings beats alone are insufficient, spilled over to the local bourse, with heavy selling pressure was seen within banking heavyweights. Market breadth tilted negatively, with losers outpacing gainers at 842 to 376, while the broader sectors were mostly negative. Nonetheless, Technology (+0.54%) stocks outperformed, underpinned by healthy buying interest within UWC (+39.0 sen) and GREATEC (+14.0 sen), while Industrial Products & Services (-2.51%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.345 (-2.0 sen)
ZETRIX (0138): RM0.820 (+2.0 sen)
TANCO (2429): RM1.590 (+6.0 sen)
Volume: 3.53 bn (100-bar avg vol: 3.25 bn)
Value: RM5.54 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️76⬇️842
Crude Palm Oil: RM4,005 (+RM31, +0.77%)
Dow Futures: 49,350 pts (-181 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 02Mar26
US-Iran Tensions Intensified, Gold To Shine
US: Risk-off sentiment has intensified amid escalating concerns over recent incidents in the Middle East; consequently, we expect global markets to pull back in the near term. While AI-trade fundamentals remain intact, supported by chip-related players posting earnings beats, massive AI capex collectively deployed by hyperscalers, and the memory value chain facing supply constraints and we believe overall sentiment will shift to a pure risk-off play for the near term, where gold proxies are likely to benefit. Hence, we see trading opportunities in Newmont Corporation and SSR Mining, given the anticipated positive momentum in gold.
MY: Closer to home, a better pledge redemption rate is expected for pawnbrokers such as WELLCHIP and EMCC, which command commendable margins. While we previously suggested that Washington’s engagement with Venezuela in January could provide the necessary margin to reduce risk premiums associated with Iran’s Persian Gulf route, where Washington may hold greater bargaining power regarding oil supply, we now opine that there will be an expected spike in crude oil prices, from which upstream players stand to benefit. The US-MY interest rate differential may support Banking and REITs, while decent prospective dividend yields are expected to provide a buffer against near-term volatility.
Stocks to watch:
Technology: GREATEC, *KGB*, *MCLEAN*, UWC
Automotive: DRBHCOM, *EPMB*, SIME
Utility: *GASMSIA*
Consumer: *MFLOUR*
Healthcare: *KPJ*
**Source: M+ Global**
US-Iran Tensions Intensified, Gold To Shine
US: Risk-off sentiment has intensified amid escalating concerns over recent incidents in the Middle East; consequently, we expect global markets to pull back in the near term. While AI-trade fundamentals remain intact, supported by chip-related players posting earnings beats, massive AI capex collectively deployed by hyperscalers, and the memory value chain facing supply constraints and we believe overall sentiment will shift to a pure risk-off play for the near term, where gold proxies are likely to benefit. Hence, we see trading opportunities in Newmont Corporation and SSR Mining, given the anticipated positive momentum in gold.
MY: Closer to home, a better pledge redemption rate is expected for pawnbrokers such as WELLCHIP and EMCC, which command commendable margins. While we previously suggested that Washington’s engagement with Venezuela in January could provide the necessary margin to reduce risk premiums associated with Iran’s Persian Gulf route, where Washington may hold greater bargaining power regarding oil supply, we now opine that there will be an expected spike in crude oil prices, from which upstream players stand to benefit. The US-MY interest rate differential may support Banking and REITs, while decent prospective dividend yields are expected to provide a buffer against near-term volatility.
Stocks to watch:
Technology: GREATEC, *KGB*, *MCLEAN*, UWC
Automotive: DRBHCOM, *EPMB*, SIME
Utility: *GASMSIA*
Consumer: *MFLOUR*
Healthcare: *KPJ*
**Source: M+ Global**
😁2
M+ Global Market Wrap - 2Mar26
FBM KLCI: 1,700.21 pts (-16.40pts, -0.96%)
Following the war in the Middle East, the FBMKLCI (-0.96%) experienced a selldown toward 1700.21 pts, as losses in MAYBANK (-24.0 sen) and PBBANK (-8.0 sen) dragged the key index lower. Market breadth remained bearish, with 1,039 losers against 290 winners. Sector-wise, 11 out of 13 sectors ended in the negative territory, with Energy (+3.24%) outperforming following the surge in oil prices, while Technology (-2.85%) experienced the largest decline.
Top 3 Active stocks:
ZETRIX (0138): RM0.780 (-4.0 sen)
VELESTO (5243): RM0.820 (+1.0 sen)
PHARMA (7081): RM0.280 (-1.5 sen)
Volume: 3.90 bn (100-bar avg vol: 3.25 bn)
Value: RM3.91 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️290⬇️1039
Crude Palm Oil: RM4,042 (+RM104, +2.57%)
Dow Futures: 48,376 pts (-624 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,700.21 pts (-16.40pts, -0.96%)
Following the war in the Middle East, the FBMKLCI (-0.96%) experienced a selldown toward 1700.21 pts, as losses in MAYBANK (-24.0 sen) and PBBANK (-8.0 sen) dragged the key index lower. Market breadth remained bearish, with 1,039 losers against 290 winners. Sector-wise, 11 out of 13 sectors ended in the negative territory, with Energy (+3.24%) outperforming following the surge in oil prices, while Technology (-2.85%) experienced the largest decline.
Top 3 Active stocks:
ZETRIX (0138): RM0.780 (-4.0 sen)
VELESTO (5243): RM0.820 (+1.0 sen)
PHARMA (7081): RM0.280 (-1.5 sen)
Volume: 3.90 bn (100-bar avg vol: 3.25 bn)
Value: RM3.91 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️290⬇️1039
Crude Palm Oil: RM4,042 (+RM104, +2.57%)
Dow Futures: 48,376 pts (-624 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 3Mar26
Dow Jones: 48,904.78 pts (-73.14pts, -0.15%)
⬆️ Resistance: 50900
⬇️ Support: 47500
FBM KLCI: 1,700.21 pts (-16.40pts, -0.96%)
⬆️ Resistance: 1800
⬇️ Support: 1660
HSI Index: 26,059.85 pts (-570.69pts, -2.14%)
⬆️ Resistance: 27600
⬇️ Support: 25400
Crude Palm Oil: RM4,147 (-RM2, -0.05%)
⬆️ Resistance: 4240
⬇️ Support: 3920
Brent Oil: $72.87 (+$5.65, +7.75%)
⬆️ Resistance: 84.10
⬇️ Support: 67.80
Gold: $5,278.93 (+$54.60, +1.03%)
⬆️ Resistance: 5530
⬇️ Support: 5000
Source: Bloomberg, M+ Global
Dow Jones: 48,904.78 pts (-73.14pts, -0.15%)
⬆️ Resistance: 50900
⬇️ Support: 47500
FBM KLCI: 1,700.21 pts (-16.40pts, -0.96%)
⬆️ Resistance: 1800
⬇️ Support: 1660
HSI Index: 26,059.85 pts (-570.69pts, -2.14%)
⬆️ Resistance: 27600
⬇️ Support: 25400
Crude Palm Oil: RM4,147 (-RM2, -0.05%)
⬆️ Resistance: 4240
⬇️ Support: 3920
Brent Oil: $72.87 (+$5.65, +7.75%)
⬆️ Resistance: 84.10
⬇️ Support: 67.80
Gold: $5,278.93 (+$54.60, +1.03%)
⬆️ Resistance: 5530
⬇️ Support: 5000
Source: Bloomberg, M+ Global
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M+ Global Market Update – 03Mar26
Wall Street Reassesses Middle East Tensions
US: Although little progress has been made in de-escalating the Middle East’s geopolitical crisis, bargain-hunting activity emerged on Wall Street. Markets recovered from intra-day lows as investors reassessed the fallout from Israel’s attacks on Iran and the subsequent retaliation. We believe the AI trade fundamentals remain intact, as reflected in NVIDIA Corporation’s Q4 earnings, with TSMC’s capital outlay further strengthening the case. Any spike in the VIX should provide a buy-on-weakness opportunity, especially for Micron Technology, as the memory value chain remains tight this year. Nonetheless, the positive move in gold should provide further upside for gold miners such as Newmont Corporation and SSR Mining.
MY: Overall, we expect bargain-hunting activity in the local market, while the elevated gold price may boost pawnbrokers such as Wellchip and EMCC. Meanwhile, global insurers pulling out war-risk coverage for the Strait of Hormuz indicates left-tail risks to the crude oil supply. This could potentially trigger another sharp spike in oil prices, from which upstream players may stand to benefit. In view of the uncertainty, buying interest may be seen in the banking sector, particularly CIMB, supported by decent dividend yields among large-caps, which may provide a buffer against near-term volatility.
Stocks to watch:
Technology: CORAZA, *MCLEAN*, *VSTECS*
Consumer: *LHI*, SEMICO
O&G: *WASCO*
Copper: *MSC*
Healthcare: *KPJ*
Telco: TIMECOM
Finance: RHBBANK
**Source: M+ Global**
Wall Street Reassesses Middle East Tensions
US: Although little progress has been made in de-escalating the Middle East’s geopolitical crisis, bargain-hunting activity emerged on Wall Street. Markets recovered from intra-day lows as investors reassessed the fallout from Israel’s attacks on Iran and the subsequent retaliation. We believe the AI trade fundamentals remain intact, as reflected in NVIDIA Corporation’s Q4 earnings, with TSMC’s capital outlay further strengthening the case. Any spike in the VIX should provide a buy-on-weakness opportunity, especially for Micron Technology, as the memory value chain remains tight this year. Nonetheless, the positive move in gold should provide further upside for gold miners such as Newmont Corporation and SSR Mining.
MY: Overall, we expect bargain-hunting activity in the local market, while the elevated gold price may boost pawnbrokers such as Wellchip and EMCC. Meanwhile, global insurers pulling out war-risk coverage for the Strait of Hormuz indicates left-tail risks to the crude oil supply. This could potentially trigger another sharp spike in oil prices, from which upstream players may stand to benefit. In view of the uncertainty, buying interest may be seen in the banking sector, particularly CIMB, supported by decent dividend yields among large-caps, which may provide a buffer against near-term volatility.
Stocks to watch:
Technology: CORAZA, *MCLEAN*, *VSTECS*
Consumer: *LHI*, SEMICO
O&G: *WASCO*
Copper: *MSC*
Healthcare: *KPJ*
Telco: TIMECOM
Finance: RHBBANK
**Source: M+ Global**
M+ Global Market Wrap - 3Mar26
FBM KLCI: 1,711.95 pts (+11.74pts, +0.69%)
Despite the poor regional market performance, the FBMKLCI (+0.69%) bucked the trend after heavy selling pressure yesterday, closing higher at 1,711.95 pts. Oil stocks including HENGYUAN (+28.0 sen), HIBISCS (+8.0 sen), and ARMADA (+3.0 sen) continued their strong rally, as there is no sign of de-escalation in the ongoing war in the Middle East. Meanwhile, market breadth remained negative, with 608 losers outpacing 564 winners. Sector-wise, Energy (+3.08%) continued to outperform, while Construction (-0.34%) ended the day with profit-taking activities.
Top 3 Active stocks:
PHB (4464): RM0.005 (-unch)
ARMADA (5210): RM0.380 (+3.0 sen)
VELESTO (5243): RM0.835 (+1.5 sen)
Volume: 3.32 bn (100-bar avg vol: 3.24 bn)
Value: RM3.68 bn (100-bar avg val: RM2.84 bn)
Market Breadth: ⬆️564⬇️608
Crude Palm Oil: RM4,147 (+RM25, +0.60%)
Dow Futures: 48,210 pts (-735 pts)
FBM KLCI: 1,711.95 pts (+11.74pts, +0.69%)
Despite the poor regional market performance, the FBMKLCI (+0.69%) bucked the trend after heavy selling pressure yesterday, closing higher at 1,711.95 pts. Oil stocks including HENGYUAN (+28.0 sen), HIBISCS (+8.0 sen), and ARMADA (+3.0 sen) continued their strong rally, as there is no sign of de-escalation in the ongoing war in the Middle East. Meanwhile, market breadth remained negative, with 608 losers outpacing 564 winners. Sector-wise, Energy (+3.08%) continued to outperform, while Construction (-0.34%) ended the day with profit-taking activities.
Top 3 Active stocks:
PHB (4464): RM0.005 (-unch)
ARMADA (5210): RM0.380 (+3.0 sen)
VELESTO (5243): RM0.835 (+1.5 sen)
Volume: 3.32 bn (100-bar avg vol: 3.24 bn)
Value: RM3.68 bn (100-bar avg val: RM2.84 bn)
Market Breadth: ⬆️564⬇️608
Crude Palm Oil: RM4,147 (+RM25, +0.60%)
Dow Futures: 48,210 pts (-735 pts)
😁2
M+ Morning Market Buzz - 4Mar26
Dow Jones: 48,501.27 pts (-403.51pts, -0.83%)
⬆️ Resistance: 50900
⬇️ Support: 46700
FBM KLCI: 1,711.95 pts (+11.74pts, +0.69%)
⬆️ Resistance: 1800
⬇️ Support: 1660
HSI Index: 25,768.08 pts (-291.77pts, -1.12%)
⬆️ Resistance: 27600
⬇️ Support: 25300
Crude Palm Oil: RM4,186 (+RM4, +0.10%)
⬆️ Resistance: 4280
⬇️ Support: 3920
Brent Oil: $77.74 (+$4.25, +5.49%)
⬆️ Resistance: 86.90
⬇️ Support: 67.80
Gold: $5,088.83 (-$0.28, -0.01%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
Dow Jones: 48,501.27 pts (-403.51pts, -0.83%)
⬆️ Resistance: 50900
⬇️ Support: 46700
FBM KLCI: 1,711.95 pts (+11.74pts, +0.69%)
⬆️ Resistance: 1800
⬇️ Support: 1660
HSI Index: 25,768.08 pts (-291.77pts, -1.12%)
⬆️ Resistance: 27600
⬇️ Support: 25300
Crude Palm Oil: RM4,186 (+RM4, +0.10%)
⬆️ Resistance: 4280
⬇️ Support: 3920
Brent Oil: $77.74 (+$4.25, +5.49%)
⬆️ Resistance: 86.90
⬇️ Support: 67.80
Gold: $5,088.83 (-$0.28, -0.01%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
👏3
M+ Global Market Update – 04Mar26
VIX Spike Could Be A Buy-On-Dip Opportunity
US: US: With little development seen in the de-escalation of the Middle East’s geopolitical crisis, and President Trump’s commentary only partially assuaging concerns, continued selling pressure is expected, at least in the near term. The world’s largest liquefied natural gas (LNG) exporter, Qatar, halted production after Iranian drone strikes hit critical facilities in Ras Laffan and Mesaieed. We understand that at least 20% of global LNG is sourced from Qatar, transiting the Strait of Hormuz. Furthermore, Trump’s remarks regarding sending tankers through the strait, on the heels of insurers pulling back war coverage, could exacerbate near-term global LNG supply shortages.
MY: Closer to home, upstream O&G players like Hibiscus and Bumi Armada may stand to benefit, underpinned by the recent spike in crude oil prices. A spillover effect on Velesto may re-emerge as well, following its recent project wins. Meanwhile, bargain-hunting in the pawnshop sector could resurface alongside elevated gold prices, potentially improving pledge redemption rates and boosting margins. In view of the VIX spike, buying interest may appear in the banking sector, particularly CIMB, given its robust dividend yields among large-cap stocks, offering a hedge against near-term volatility.
Stocks to watch:
O&G: *DAYANG*, *DELEUM*, GASMSIA, *MUHIBAH*, WASCO
Plantation: TAANN, *THPLANT*
Technology: *MI*
Consumer: *MRDIY*
Utility: *RANHILL*
Healthcare: DPHARMA
**Source: M+ Global**
VIX Spike Could Be A Buy-On-Dip Opportunity
US: US: With little development seen in the de-escalation of the Middle East’s geopolitical crisis, and President Trump’s commentary only partially assuaging concerns, continued selling pressure is expected, at least in the near term. The world’s largest liquefied natural gas (LNG) exporter, Qatar, halted production after Iranian drone strikes hit critical facilities in Ras Laffan and Mesaieed. We understand that at least 20% of global LNG is sourced from Qatar, transiting the Strait of Hormuz. Furthermore, Trump’s remarks regarding sending tankers through the strait, on the heels of insurers pulling back war coverage, could exacerbate near-term global LNG supply shortages.
MY: Closer to home, upstream O&G players like Hibiscus and Bumi Armada may stand to benefit, underpinned by the recent spike in crude oil prices. A spillover effect on Velesto may re-emerge as well, following its recent project wins. Meanwhile, bargain-hunting in the pawnshop sector could resurface alongside elevated gold prices, potentially improving pledge redemption rates and boosting margins. In view of the VIX spike, buying interest may appear in the banking sector, particularly CIMB, given its robust dividend yields among large-cap stocks, offering a hedge against near-term volatility.
Stocks to watch:
O&G: *DAYANG*, *DELEUM*, GASMSIA, *MUHIBAH*, WASCO
Plantation: TAANN, *THPLANT*
Technology: *MI*
Consumer: *MRDIY*
Utility: *RANHILL*
Healthcare: DPHARMA
**Source: M+ Global**
M+ Global Market Wrap - 4Mar26
FBM KLCI: 1,698.22 pts (-13.73pts, -0.80%)
The prevailing sentiment surrounding the geopolitical tensions between the United States and Iran, spilled over to the regional markets and local bourse. Heavy selling pressure was observed among Banking heavyweights, with MAYBANK (-18.0 sen) dampening the overall sentiment. Concurrently, market breadth tilted negatively, as losers outpaced gainers by 945-to-257 stocks, with all sectors closing on a weaker footing.
Top 3 Active stocks:
ARMADA (5210): RM0.355 (-2.5 sen)
VELESTO (5243): RM0.320 (-1.0 sen)
ZETRIX (0138): RM0.770 (-2.0 sen)
Volume: 3.51 bn (100-bar avg vol: 3.24 bn)
Value: RM3.80 bn (100-bar avg val: RM2.86 bn)
Market Breadth: ⬆️257⬇️945
Crude Palm Oil: RM4,186 (-RM10, -0.24%)
Dow Futures: 48,379 pts (-181 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,698.22 pts (-13.73pts, -0.80%)
The prevailing sentiment surrounding the geopolitical tensions between the United States and Iran, spilled over to the regional markets and local bourse. Heavy selling pressure was observed among Banking heavyweights, with MAYBANK (-18.0 sen) dampening the overall sentiment. Concurrently, market breadth tilted negatively, as losers outpaced gainers by 945-to-257 stocks, with all sectors closing on a weaker footing.
Top 3 Active stocks:
ARMADA (5210): RM0.355 (-2.5 sen)
VELESTO (5243): RM0.320 (-1.0 sen)
ZETRIX (0138): RM0.770 (-2.0 sen)
Volume: 3.51 bn (100-bar avg vol: 3.24 bn)
Value: RM3.80 bn (100-bar avg val: RM2.86 bn)
Market Breadth: ⬆️257⬇️945
Crude Palm Oil: RM4,186 (-RM10, -0.24%)
Dow Futures: 48,379 pts (-181 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 5Mar26
Dow Jones: 48,739.41 pts (+238.14pts, +0.49%)
⬆️ Resistance: 50900
⬇️ Support: 46700
FBM KLCI: 1,698.22 pts (-13.73pts, -0.80%)
⬆️ Resistance: 1790
⬇️ Support: 1660
HSI Index: 25,249.48 pts (-518.60pts, -2.01%)
⬆️ Resistance: 27600
⬇️ Support: 24500
Crude Palm Oil: RM4,179 (-RM26, -0.62%)
⬆️ Resistance: 4290
⬇️ Support: 3920
Brent Oil: $81.40 (+$1.17, +1.44%)
⬆️ Resistance: 86.90
⬇️ Support: 67.80
Gold: $5,140.36 (-$1.34, -0.03%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
Dow Jones: 48,739.41 pts (+238.14pts, +0.49%)
⬆️ Resistance: 50900
⬇️ Support: 46700
FBM KLCI: 1,698.22 pts (-13.73pts, -0.80%)
⬆️ Resistance: 1790
⬇️ Support: 1660
HSI Index: 25,249.48 pts (-518.60pts, -2.01%)
⬆️ Resistance: 27600
⬇️ Support: 24500
Crude Palm Oil: RM4,179 (-RM26, -0.62%)
⬆️ Resistance: 4290
⬇️ Support: 3920
Brent Oil: $81.40 (+$1.17, +1.44%)
⬆️ Resistance: 86.90
⬇️ Support: 67.80
Gold: $5,140.36 (-$1.34, -0.03%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
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Good Morning All,
Here’s our IPO note on Sunway Healthcare Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM1.51 per share for SUNMED, indicating a 4.1% upside from the IPO price of RM1.45. This valuation is based on an EV/EBITDA multiple of 25.5x pegged to mid-FY27f EBITDA of RM673.3m.
Investment highlights include:
(i) Leading and well-established healthcare brand in Malaysia and regionally
(ii) Replicable business model with fast earnings ramp-up
(iii) Aggressive network expansion with strong bed capacity ramp-up
(iv) Strategic "Township" ecosystem and medical tourism dominance
(v) Strong cornerstone investor backing
(vi) Defensive choice amid aging economy and uncertain environment
(vii) Market share poised for growth
Research Team, M+
5 Mar 2026
Here’s our IPO note on Sunway Healthcare Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM1.51 per share for SUNMED, indicating a 4.1% upside from the IPO price of RM1.45. This valuation is based on an EV/EBITDA multiple of 25.5x pegged to mid-FY27f EBITDA of RM673.3m.
Investment highlights include:
(i) Leading and well-established healthcare brand in Malaysia and regionally
(ii) Replicable business model with fast earnings ramp-up
(iii) Aggressive network expansion with strong bed capacity ramp-up
(iv) Strategic "Township" ecosystem and medical tourism dominance
(v) Strong cornerstone investor backing
(vi) Defensive choice amid aging economy and uncertain environment
(vii) Market share poised for growth
Research Team, M+
5 Mar 2026
M+ Global Market Update – 05Mar26
Bargain Hunting Likely To Emerge
US: Despite there being little progress towards de-escalating the recent US–Iran geopolitical crisis, the Trump administration provided war-risk insurance for maritime trade through the Strait of Hormuz. Consequently, Wall Street closed on a stronger footing. Reassessing the crisis, we expect any developments in easing tensions to stabilise global government bond yields, which have been facing deepening spreads and liquidity stress in the aftermath of the US–Iran conflict. Economic data such as private companies adding more jobs and manufacturing activity recording QoQ growth, should further ease fears.
MY: We believe buying interest will spill over, with banking heavyweights continuing to be the focal point. The favourable US–MY rate differential, as well as a stronger Ringgit, should benefit banking assets. Meanwhile, we expect crude oil prices to stabilise above USD80 in the near term, which may benefit upstream O&G players such as HIBISCS. We also anticipate that buying interest in VELESTO will be sustained on the heels of several project wins. While clients are shifting towards procuring solar materials and ATAP payback periods appear to be longer, we believe solar contractors now offer value, with LSS packages remaining a key focus.
Stocks to watch:
Property: LBS, MAHSING, *SUNWAY*
Building Material: *CSCSTEL*, *TOPMIX*
Consumer: *LHI*, *MRDIY*
Construction: *SUNCON*
Plantation: UTDPLT
Technology: ATECH
**Source: M+ Global**
Bargain Hunting Likely To Emerge
US: Despite there being little progress towards de-escalating the recent US–Iran geopolitical crisis, the Trump administration provided war-risk insurance for maritime trade through the Strait of Hormuz. Consequently, Wall Street closed on a stronger footing. Reassessing the crisis, we expect any developments in easing tensions to stabilise global government bond yields, which have been facing deepening spreads and liquidity stress in the aftermath of the US–Iran conflict. Economic data such as private companies adding more jobs and manufacturing activity recording QoQ growth, should further ease fears.
MY: We believe buying interest will spill over, with banking heavyweights continuing to be the focal point. The favourable US–MY rate differential, as well as a stronger Ringgit, should benefit banking assets. Meanwhile, we expect crude oil prices to stabilise above USD80 in the near term, which may benefit upstream O&G players such as HIBISCS. We also anticipate that buying interest in VELESTO will be sustained on the heels of several project wins. While clients are shifting towards procuring solar materials and ATAP payback periods appear to be longer, we believe solar contractors now offer value, with LSS packages remaining a key focus.
Stocks to watch:
Property: LBS, MAHSING, *SUNWAY*
Building Material: *CSCSTEL*, *TOPMIX*
Consumer: *LHI*, *MRDIY*
Construction: *SUNCON*
Plantation: UTDPLT
Technology: ATECH
**Source: M+ Global**
M+ Global Market Wrap - 5Mar26
FBM KLCI: 1,713.20 pts (+14.98pts, +0.88%)
"Wall Street’s buying interest spilled over to the local bourse, with the Banking heavyweights lifting the overall sentiment. Broader sectors were concurrently positive, while market breadth was rather on par as the gainers-to-losers ratio stood at 1-to-1. Industrial Products & Services (+1.42%) outperformed, driven by the uptick in PMETAL (+25.0 sen) and PCHEM (+10.0 sen), while Energy (-0.21%) saw profit-taking activities. "
Top 3 Active stocks:
AAX (5238): RM1.420 (-26.0 sen)
CAPITALA (5099): RM0.455 (-4.5 sen)
ARMADA (5210): RM0.345 (-1.0 sen)
Volume: 2.85 bn (100-bar avg vol: 3.24 bn)
Value: RM3.26 bn (100-bar avg val: RM2.86 bn)
Market Breadth: ⬆️572⬇️511
Crude Palm Oil: RM4,179 (+RM84, +2.01%)
Dow Futures: 48,587 pts (-209 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,713.20 pts (+14.98pts, +0.88%)
"Wall Street’s buying interest spilled over to the local bourse, with the Banking heavyweights lifting the overall sentiment. Broader sectors were concurrently positive, while market breadth was rather on par as the gainers-to-losers ratio stood at 1-to-1. Industrial Products & Services (+1.42%) outperformed, driven by the uptick in PMETAL (+25.0 sen) and PCHEM (+10.0 sen), while Energy (-0.21%) saw profit-taking activities. "
Top 3 Active stocks:
AAX (5238): RM1.420 (-26.0 sen)
CAPITALA (5099): RM0.455 (-4.5 sen)
ARMADA (5210): RM0.345 (-1.0 sen)
Volume: 2.85 bn (100-bar avg vol: 3.24 bn)
Value: RM3.26 bn (100-bar avg val: RM2.86 bn)
Market Breadth: ⬆️572⬇️511
Crude Palm Oil: RM4,179 (+RM84, +2.01%)
Dow Futures: 48,587 pts (-209 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 6Mar26
Dow Jones: 47,954.74 pts (-784.67pts, -1.61%)
⬆️ Resistance: 50300
⬇️ Support: 46700
FBM KLCI: 1,713.20 pts (+14.98pts, +0.88%)
⬆️ Resistance: 1780
⬇️ Support: 1660
HSI Index: 25,321.34 pts (+71.86pts, +0.28%)
⬆️ Resistance: 27300
⬇️ Support: 24500
Crude Palm Oil: RM4,207 (+RM28, +0.67%)
⬆️ Resistance: 4360
⬇️ Support: 3930
Brent Oil: $81.40 (+$3.07, +3.77%)
⬆️ Resistance: 88.10
⬇️ Support: 69.00
Gold: $5,082.30 (-$58.06, -1.13%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
Dow Jones: 47,954.74 pts (-784.67pts, -1.61%)
⬆️ Resistance: 50300
⬇️ Support: 46700
FBM KLCI: 1,713.20 pts (+14.98pts, +0.88%)
⬆️ Resistance: 1780
⬇️ Support: 1660
HSI Index: 25,321.34 pts (+71.86pts, +0.28%)
⬆️ Resistance: 27300
⬇️ Support: 24500
Crude Palm Oil: RM4,207 (+RM28, +0.67%)
⬆️ Resistance: 4360
⬇️ Support: 3930
Brent Oil: $81.40 (+$3.07, +3.77%)
⬆️ Resistance: 88.10
⬇️ Support: 69.00
Gold: $5,082.30 (-$58.06, -1.13%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
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M+ Global Market Update – 06Mar26
Risk-Off Sentiment Persists
US: Washington’s inability to provide a timeline for ensuring safe passage through the Strait of Hormuz, coupled with Iran’s attack on an oil tanker, has intensified anxieties regarding Middle East tensions, which triggered a spike in crude oil prices, adding a further layer of uncertainty regarding energy supplies which has, in turn, weighed on Wall Street sentiment. Reassessing the crisis, we expect these developments to widen spreads and weaken liquidity in global government bond markets, given that little progress has been made towards de-escalating the conflict. However, these factors should stimulate natural demand for safe-haven assets such as gold, particularly as the surge in oil prices may boost the inflationary pressure.
MY: With BNM keeping rates steady, this should be positive for the banking sector, underpinned by favourable US-MY rate differentials and a stronger Ringgit, which should benefit banks’ assets. Robust prospective dividend yields should provide a hedge against near-term volatility as well. In view of another rally in crude oil, upstream players like HIBISCUS are expected to continue benefiting. We also see merit in AME, ITMAX, and KJTS due to their recurring income streams, which should mitigate earnings volatility. Solar contractors appear to be trading at depressed valuations, with LSS packages remain as the key focus.
Stocks to watch:
Automotive: *BAUTO*, *BETA*, SIME
O&G: *GASMSIA*, PETRONM
Property: *KSL*
Technology: *ATECH*
Cement: *HUMEIND*
Telco: MAXIS
Finance: CIMB
**Source: M+ Global**
Risk-Off Sentiment Persists
US: Washington’s inability to provide a timeline for ensuring safe passage through the Strait of Hormuz, coupled with Iran’s attack on an oil tanker, has intensified anxieties regarding Middle East tensions, which triggered a spike in crude oil prices, adding a further layer of uncertainty regarding energy supplies which has, in turn, weighed on Wall Street sentiment. Reassessing the crisis, we expect these developments to widen spreads and weaken liquidity in global government bond markets, given that little progress has been made towards de-escalating the conflict. However, these factors should stimulate natural demand for safe-haven assets such as gold, particularly as the surge in oil prices may boost the inflationary pressure.
MY: With BNM keeping rates steady, this should be positive for the banking sector, underpinned by favourable US-MY rate differentials and a stronger Ringgit, which should benefit banks’ assets. Robust prospective dividend yields should provide a hedge against near-term volatility as well. In view of another rally in crude oil, upstream players like HIBISCUS are expected to continue benefiting. We also see merit in AME, ITMAX, and KJTS due to their recurring income streams, which should mitigate earnings volatility. Solar contractors appear to be trading at depressed valuations, with LSS packages remain as the key focus.
Stocks to watch:
Automotive: *BAUTO*, *BETA*, SIME
O&G: *GASMSIA*, PETRONM
Property: *KSL*
Technology: *ATECH*
Cement: *HUMEIND*
Telco: MAXIS
Finance: CIMB
**Source: M+ Global**
Good Morning All,
After attending AME Elite’s 9MFY26 results briefing, here are our quick take for investors:
📌Investment Highlights
- Surpassed the full year FY26 sales target of RM400m, with new property sales reaching RM415.7m as of 9MFY26.
- A RM1.9bn balance GDV pipeline provides long-term development visibility.
- Combined unbilled sales and construction orderbook >RM900m, earnings visibility through FY28.
- Net cash position with RM888.3m in cash and equivalents, providing significant "dry powder" for future landbanking opportunities.
- Property leasing revenue has seen consistent YoY growth since FY22; notably, 80% of current leases carry tenures exceeding 5 years, ensuring stable cash flow.
- Rental income from workers' dormitories continues to trend upward since FY22, with management expecting further upside in occupancy and rental rates as industrial tenants migrate in.
📌Project Updates
- Secured the KLIA Aeropolis project (RM214.1m) to construct a specialized aircraft engine testing facility, scheduled for completion by January 2027. As a high-precision contract, it is expected to yield double-digit margins.
- Sale of five industrial properties in i-TechValley to CapitaLand Malaysia for RM220.8m. AME Elite will deliver the properties in a move-in-ready condition in stages between 2027 and 2028.
- Expansion into Selangor. The new 151-acre industrial park in Ijok (along LATAR Expressway) remains on track for a 2H26 launch. With a land acquisition cost of RM230.5m, the project has an estimated GDV of RM1.3bn
📌M+ Global View
We favour AME Elite as the industrial property landscape in Johor is expected to continue be buoyed by JSSEZ, surging data center demand, and the upcoming RTS Link, while we view the strategic proximity of its industrial parks to major expressways as its key competitive advantage in attracting MNC expansions. While the expansions into Penang and Ijok, Selangor are considered relatively new compared to current Johor developments, we anticipate the group will replicate its successful integrated business model in the Northern and Central regions. Lastly, we favour AME Elite due to (i) its RM1.9bn balance GDV pipeline and >RM900m in unbilled sales that provide strong earnings visibility, (ii) increasing recurring contributions from property leasing and dormitory rentals, and (iii) its net cash position to facilitate future landbanking opportunities.
M+ Research Team
6Mar26
After attending AME Elite’s 9MFY26 results briefing, here are our quick take for investors:
📌Investment Highlights
- Surpassed the full year FY26 sales target of RM400m, with new property sales reaching RM415.7m as of 9MFY26.
- A RM1.9bn balance GDV pipeline provides long-term development visibility.
- Combined unbilled sales and construction orderbook >RM900m, earnings visibility through FY28.
- Net cash position with RM888.3m in cash and equivalents, providing significant "dry powder" for future landbanking opportunities.
- Property leasing revenue has seen consistent YoY growth since FY22; notably, 80% of current leases carry tenures exceeding 5 years, ensuring stable cash flow.
- Rental income from workers' dormitories continues to trend upward since FY22, with management expecting further upside in occupancy and rental rates as industrial tenants migrate in.
📌Project Updates
- Secured the KLIA Aeropolis project (RM214.1m) to construct a specialized aircraft engine testing facility, scheduled for completion by January 2027. As a high-precision contract, it is expected to yield double-digit margins.
- Sale of five industrial properties in i-TechValley to CapitaLand Malaysia for RM220.8m. AME Elite will deliver the properties in a move-in-ready condition in stages between 2027 and 2028.
- Expansion into Selangor. The new 151-acre industrial park in Ijok (along LATAR Expressway) remains on track for a 2H26 launch. With a land acquisition cost of RM230.5m, the project has an estimated GDV of RM1.3bn
📌M+ Global View
We favour AME Elite as the industrial property landscape in Johor is expected to continue be buoyed by JSSEZ, surging data center demand, and the upcoming RTS Link, while we view the strategic proximity of its industrial parks to major expressways as its key competitive advantage in attracting MNC expansions. While the expansions into Penang and Ijok, Selangor are considered relatively new compared to current Johor developments, we anticipate the group will replicate its successful integrated business model in the Northern and Central regions. Lastly, we favour AME Elite due to (i) its RM1.9bn balance GDV pipeline and >RM900m in unbilled sales that provide strong earnings visibility, (ii) increasing recurring contributions from property leasing and dormitory rentals, and (iii) its net cash position to facilitate future landbanking opportunities.
M+ Research Team
6Mar26
Good Morning All,
We have issued a company update report on KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Acquisition details. KJTS’s wholly owned subsidiary, KJ Technical Services, will acquire 70.67% of iHandal Holdings for RM10.1m, converting RCPS B into ordinary shares, making iHandal an indirect subsidiary. The acquisition, funded via internal resources, is expected to complete by 2Q2026, with a Shareholders’ Agreement signed to govern operations and rights.
📌 About iHandal. Founded in 2009, iHandal provides heat recovery and energy efficiency solutions for commercial and industrial buildings across Southeast Asia, South Asia, Oceania, and North America, operating six subsidiaries.
📌 Strategic & financial impact. The acquisition strengthens KJTS’s energy management services, enables cross-selling, and supports integrated energy optimisation. Despite recent losses of -RM3.19M (FY2023) and -RM1.23M (FY2024), core operations remain viable with positive gross margins, though near-term earnings impact is minimal.
📌 Governance & valuation. Earn-out provisions protect KJTS if iHandal underperforms, while the founder may repurchase shares above 51% within three years. HOLD rating maintained with TP of RM0.87, based on 30x FY26F EPS of 2.9 sen.
Research Team, M+
6 March 2026
We have issued a company update report on KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Acquisition details. KJTS’s wholly owned subsidiary, KJ Technical Services, will acquire 70.67% of iHandal Holdings for RM10.1m, converting RCPS B into ordinary shares, making iHandal an indirect subsidiary. The acquisition, funded via internal resources, is expected to complete by 2Q2026, with a Shareholders’ Agreement signed to govern operations and rights.
📌 About iHandal. Founded in 2009, iHandal provides heat recovery and energy efficiency solutions for commercial and industrial buildings across Southeast Asia, South Asia, Oceania, and North America, operating six subsidiaries.
📌 Strategic & financial impact. The acquisition strengthens KJTS’s energy management services, enables cross-selling, and supports integrated energy optimisation. Despite recent losses of -RM3.19M (FY2023) and -RM1.23M (FY2024), core operations remain viable with positive gross margins, though near-term earnings impact is minimal.
📌 Governance & valuation. Earn-out provisions protect KJTS if iHandal underperforms, while the founder may repurchase shares above 51% within three years. HOLD rating maintained with TP of RM0.87, based on 30x FY26F EPS of 2.9 sen.
Research Team, M+
6 March 2026
M+ Global Market Wrap - 6Mar26
FBM KLCI: 1,718.06 pts (+4.86pts, +0.28%)
Friday’s session saw the local bourse close on a firmer footing. Little progress on de-escalating US–Iran tensions threatening the Strait of Hormuz, a key global shipment route for LNG, aluminium and many more, drove an uptick in Industrial Products & Services heavyweights, PMETAL (+16.0 sen). Market breadth tilted negatively as losers outpaced gainers at 675-to-411 stocks, with broader sectors concurrently weak as well. Energy (+1.32%) continued its momentum in tandem with the spike in crude oil prices, while Technology (-1.19%) declined the most.
Top 3 Active stocks:
AAX (5238): RM1.280 (-14.0 sen)
PHB (4464): RM0.010 (+0.5 sen)
LCTITAN (5284): RM0.485 (+14.5 sen)
Volume: 3.72 bn (100-bar avg vol: 3.23 bn)
Value: RM4.05 bn (100-bar avg val: RM2.87 bn)
Market Breadth: ⬆️411⬇️675
Crude Palm Oil: RM4,207 (+RM114, +2.71%)
Dow Futures: 47,978 pts (-5 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,718.06 pts (+4.86pts, +0.28%)
Friday’s session saw the local bourse close on a firmer footing. Little progress on de-escalating US–Iran tensions threatening the Strait of Hormuz, a key global shipment route for LNG, aluminium and many more, drove an uptick in Industrial Products & Services heavyweights, PMETAL (+16.0 sen). Market breadth tilted negatively as losers outpaced gainers at 675-to-411 stocks, with broader sectors concurrently weak as well. Energy (+1.32%) continued its momentum in tandem with the spike in crude oil prices, while Technology (-1.19%) declined the most.
Top 3 Active stocks:
AAX (5238): RM1.280 (-14.0 sen)
PHB (4464): RM0.010 (+0.5 sen)
LCTITAN (5284): RM0.485 (+14.5 sen)
Volume: 3.72 bn (100-bar avg vol: 3.23 bn)
Value: RM4.05 bn (100-bar avg val: RM2.87 bn)
Market Breadth: ⬆️411⬇️675
Crude Palm Oil: RM4,207 (+RM114, +2.71%)
Dow Futures: 47,978 pts (-5 pts)
**Source: M+ Global, Bloomberg **
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