Good Evening All,
We issued a technical buy call on GlobalFoundries Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Silicon photonics revenue expected to double again
(ii) Serving top three global automotive microcontroller manufacturers
(iii) Anticipated margin expansion with strong balance sheet
Research Team, M+
6 March 2026
We issued a technical buy call on GlobalFoundries Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Silicon photonics revenue expected to double again
(ii) Serving top three global automotive microcontroller manufacturers
(iii) Anticipated margin expansion with strong balance sheet
Research Team, M+
6 March 2026
M+ Global Market Update – 09Mar26
Uncertainty Persists As Middle East Tensions Escalate
US: Given the uncertainty surrounding the development of US–Iran tensions and the escalation over the weekend, we believe Wall Street may react negatively. The spike in crude oil prices is likely to be sustained, continuing to benefit oil-related companies such as XOM and CVX. Defence and aerospace leaders like LMT and RTX are also nearing breakouts; President Donald Trump’s statement against an early end to the conflict could act as a catalyst for a new round of rallies. Combining this conflict with the recent 4.4% unemployment rate and negative non-farm payrolls, we anticipate that the market will remain interested in gold, making the SPDR Gold ETF (GLD) a viable alternative for investors.
MY: As Middle East tensions show little sign of de-escalation, we expect sentiment to remain volatile for the local bourse, which may continue to benefit energy and chemical stocks. Meanwhile, following Gamuda’s stellar 2QFY26 performance, supported by a RM44.0bn order book and RM8bn in unbilled property sales—we anticipate the share price may recover in the near term. Moreover, companies such as MCEMENT, ECONPILE, and ENGTEX could benefit from Gamuda’s significant project pipeline. Finally, DPHARMA is poised for a breakout after the company announced stronger FY25 results and secured RM665.8m in government contracts.
Stocks to watch:
O&G: DAYANG, DIALOG, HENGYUAN, *PETRONM*, *VELESTO*
Plantation: *HSPLANT*, TSH
Automotive: *SIME*
Healthcare: *KPJ*
Technology: *GOHUB*
Property: LBS
**Source: M+ Global**
Uncertainty Persists As Middle East Tensions Escalate
US: Given the uncertainty surrounding the development of US–Iran tensions and the escalation over the weekend, we believe Wall Street may react negatively. The spike in crude oil prices is likely to be sustained, continuing to benefit oil-related companies such as XOM and CVX. Defence and aerospace leaders like LMT and RTX are also nearing breakouts; President Donald Trump’s statement against an early end to the conflict could act as a catalyst for a new round of rallies. Combining this conflict with the recent 4.4% unemployment rate and negative non-farm payrolls, we anticipate that the market will remain interested in gold, making the SPDR Gold ETF (GLD) a viable alternative for investors.
MY: As Middle East tensions show little sign of de-escalation, we expect sentiment to remain volatile for the local bourse, which may continue to benefit energy and chemical stocks. Meanwhile, following Gamuda’s stellar 2QFY26 performance, supported by a RM44.0bn order book and RM8bn in unbilled property sales—we anticipate the share price may recover in the near term. Moreover, companies such as MCEMENT, ECONPILE, and ENGTEX could benefit from Gamuda’s significant project pipeline. Finally, DPHARMA is poised for a breakout after the company announced stronger FY25 results and secured RM665.8m in government contracts.
Stocks to watch:
O&G: DAYANG, DIALOG, HENGYUAN, *PETRONM*, *VELESTO*
Plantation: *HSPLANT*, TSH
Automotive: *SIME*
Healthcare: *KPJ*
Technology: *GOHUB*
Property: LBS
**Source: M+ Global**
M+ Morning Market Buzz - 9Mar26
Dow Jones: 47,501.55 pts (-453.19pts, -0.95%)
⬆️ Resistance: 50100
⬇️ Support: 46100
FBM KLCI: 1,718.06 pts (+4.86pts, +0.28%)
⬆️ Resistance: 1760
⬇️ Support: 1660
HSI Index: 25,757.29 pts (+435.95pts, +1.72%)
⬆️ Resistance: 27000
⬇️ Support: 24500
Crude Palm Oil: RM4,367 (+RM160, +3.80%)
⬆️ Resistance: 4470
⬇️ Support: 3980
Brent Oil: $92.69 (+$15.74, +15.75%)
⬆️ Resistance: 96.60
⬇️ Support: 74.30
Gold: $5,171.74 (-$113.81, -2.07%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
Dow Jones: 47,501.55 pts (-453.19pts, -0.95%)
⬆️ Resistance: 50100
⬇️ Support: 46100
FBM KLCI: 1,718.06 pts (+4.86pts, +0.28%)
⬆️ Resistance: 1760
⬇️ Support: 1660
HSI Index: 25,757.29 pts (+435.95pts, +1.72%)
⬆️ Resistance: 27000
⬇️ Support: 24500
Crude Palm Oil: RM4,367 (+RM160, +3.80%)
⬆️ Resistance: 4470
⬇️ Support: 3980
Brent Oil: $92.69 (+$15.74, +15.75%)
⬆️ Resistance: 96.60
⬇️ Support: 74.30
Gold: $5,171.74 (-$113.81, -2.07%)
⬆️ Resistance: 5530
⬇️ Support: 4900
Source: Bloomberg, M+ Global
👏2
FBM KLCI: 1,674.17 pts (-43.89pts, -2.55%)
With oil prices surging over USD 100 per barrel, which is also the highest level since mid-2022, the regional markets experienced inflationary shockwaves, including the FBMKLCI (-2.55%) which closed lower at 1,674.17 pts. The market breadth was negative, with 1,140 losers against 284 winners. Sector-wise, 11 out of the 13 sectors ended in negative territory, with only Plantation (+2.32%) and Energy (+1.44%) outperforming the rest, as the former was benefitted by higher CPO price toward RM4616/tonne.
Top 3 Active stocks:
VELESTO (5243): RM0.340 (+1.0 sen)
AAX (5238): RM1.100 (-18.0 sen)
CAPITALA (5099): RM0.410 (-2.0 sen)
Volume: 5.52 bn (100-bar avg vol: 3.25 bn)
Value: RM5.87 bn (100-bar avg val: RM2.87 bn)
Market Breadth: ⬆️284⬇️1140
Crude Palm Oil: RM4,367 (+RM255, +5.84%)
Dow Futures: 46,846 pts (-671 pts)
**Source: M+ Global, Bloomberg **
With oil prices surging over USD 100 per barrel, which is also the highest level since mid-2022, the regional markets experienced inflationary shockwaves, including the FBMKLCI (-2.55%) which closed lower at 1,674.17 pts. The market breadth was negative, with 1,140 losers against 284 winners. Sector-wise, 11 out of the 13 sectors ended in negative territory, with only Plantation (+2.32%) and Energy (+1.44%) outperforming the rest, as the former was benefitted by higher CPO price toward RM4616/tonne.
Top 3 Active stocks:
VELESTO (5243): RM0.340 (+1.0 sen)
AAX (5238): RM1.100 (-18.0 sen)
CAPITALA (5099): RM0.410 (-2.0 sen)
Volume: 5.52 bn (100-bar avg vol: 3.25 bn)
Value: RM5.87 bn (100-bar avg val: RM2.87 bn)
Market Breadth: ⬆️284⬇️1140
Crude Palm Oil: RM4,367 (+RM255, +5.84%)
Dow Futures: 46,846 pts (-671 pts)
**Source: M+ Global, Bloomberg **
👏2
Good Evening All,
We issued a technical buy call on RTX Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Defense spending tailwinds from the US and NATO allies
(ii) Record backlog providing strong revenue visibility
(iii) Strong cash flow generation
Research Team, M+
9 March 2026
We issued a technical buy call on RTX Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Defense spending tailwinds from the US and NATO allies
(ii) Record backlog providing strong revenue visibility
(iii) Strong cash flow generation
Research Team, M+
9 March 2026
M+ Morning Market Buzz - 10Mar26
Dow Jones: 47,740.80 pts (+239.25pts, +0.50%)
⬆️ Resistance: 49900
⬇️ Support: 45700
FBM KLCI: 1,674.17 pts (-43.89pts, -2.55%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,408.46 pts (-348.83pts, -1.35%)
⬆️ Resistance: 26800
⬇️ Support: 24500
Crude Palm Oil: RM4,567 (+RM7, +0.15%)
⬆️ Resistance: 4900
⬇️ Support: 4040
Brent Oil: $98.96 (+$6.27, +6.76%)
⬆️ Resistance: 121.90
⬇️ Support: 76.90
Gold: $5,138.53 (+$8.64, +0.07%)
⬆️ Resistance: 5490
⬇️ Support: 4900
Source: Bloomberg, M+ Global
Dow Jones: 47,740.80 pts (+239.25pts, +0.50%)
⬆️ Resistance: 49900
⬇️ Support: 45700
FBM KLCI: 1,674.17 pts (-43.89pts, -2.55%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,408.46 pts (-348.83pts, -1.35%)
⬆️ Resistance: 26800
⬇️ Support: 24500
Crude Palm Oil: RM4,567 (+RM7, +0.15%)
⬆️ Resistance: 4900
⬇️ Support: 4040
Brent Oil: $98.96 (+$6.27, +6.76%)
⬆️ Resistance: 121.90
⬇️ Support: 76.90
Gold: $5,138.53 (+$8.64, +0.07%)
⬆️ Resistance: 5490
⬇️ Support: 4900
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 10Mar26
Trump Hinted To End Iran War Turning Market Positive
US: Although President Trump has hinted that the conflict with Iran may end soon, we anticipate the relief to be short-lived given Trump’s unpredictable nature, thus, volatility on Wall Street is expected to persist. We believe aerospace and defence leaders such as LMT and RTX will remain on investors' radars, as the White House has been organising meetings to accelerate defence production with a potential $50bn supplemental budget. Lastly, we favour the rebound above the EMA40 shown by GEV, supported by (i) skyrocketing data centre workloads leading to higher gas turbine demand and (ii) grid modernisation in the US and Europe driving increased demand for grid hardware.
MY: As the crude oil dipped below the USD90 mark, we view this as an accumulation phase for local banking stocks, supported by their fundamentals and attractive dividends. Besides, we favour LBS, which is pending a breakout; the company’s total sales reached RM1.4bn in FY24 (vs. RM1.3bn in FY23), and it currently holds unbilled property sales of RM1.3bn with a 3,970-acre landbank, providing clear revenue visibility and a steady pipeline of future projects. Lastly, we like the bullish engulfing pattern formed by TMK (M+ TP: RM1.67), underpinned by (i) increasing demand from hyperscale capex and (ii) Malaysia's push into rare earth processing.
Stocks to watch:
Plantation: *MHC*, THPLANT, *UTDPLT*
Utilities: *IAB*, RANHILL
Aviation: *AAX*
Automotive: *BAUTO*
Properties: *LBS*
Building Material: MSC
Construction: PWRWELL
**Source: M+ Global**
Trump Hinted To End Iran War Turning Market Positive
US: Although President Trump has hinted that the conflict with Iran may end soon, we anticipate the relief to be short-lived given Trump’s unpredictable nature, thus, volatility on Wall Street is expected to persist. We believe aerospace and defence leaders such as LMT and RTX will remain on investors' radars, as the White House has been organising meetings to accelerate defence production with a potential $50bn supplemental budget. Lastly, we favour the rebound above the EMA40 shown by GEV, supported by (i) skyrocketing data centre workloads leading to higher gas turbine demand and (ii) grid modernisation in the US and Europe driving increased demand for grid hardware.
MY: As the crude oil dipped below the USD90 mark, we view this as an accumulation phase for local banking stocks, supported by their fundamentals and attractive dividends. Besides, we favour LBS, which is pending a breakout; the company’s total sales reached RM1.4bn in FY24 (vs. RM1.3bn in FY23), and it currently holds unbilled property sales of RM1.3bn with a 3,970-acre landbank, providing clear revenue visibility and a steady pipeline of future projects. Lastly, we like the bullish engulfing pattern formed by TMK (M+ TP: RM1.67), underpinned by (i) increasing demand from hyperscale capex and (ii) Malaysia's push into rare earth processing.
Stocks to watch:
Plantation: *MHC*, THPLANT, *UTDPLT*
Utilities: *IAB*, RANHILL
Aviation: *AAX*
Automotive: *BAUTO*
Properties: *LBS*
Building Material: MSC
Construction: PWRWELL
**Source: M+ Global**
M+ Global Market Wrap - 10Mar26
FBM KLCI: 1,700.67 pts (+26.50pts, +1.58%)
As President Trump announced that the war in Iran is coming to an end, FBMKLCI (+1.64%) saw an increase and closed higher at 1701.68 pts. The market breadth was positive, with 929 winners against 383 losers. Sector-wise, Technology outperformed (+3.28%) with UNISEM (+20.0 sen) and MPI (+150.0 sen) led the sector, while Energy (-3.12%) declined the most.
Top 3 Active stocks:
AAX (5238): RM1.290 (+19.0 sen)
CAPITALA (5099): RM0.450 (+4.0 sen)
ZETRIX (0138): RM0.785 (+1.5 sen)
Volume: 3.60 bn (100-bar avg vol: 3.25 bn)
Value: RM3.75 bn (100-bar avg val: RM2.90 bn)
Market Breadth: ⬆️929⬇️383
Crude Palm Oil: RM4,567 (-RM124, -2.72%)
Dow Futures: 47,986 pts (+217 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,700.67 pts (+26.50pts, +1.58%)
As President Trump announced that the war in Iran is coming to an end, FBMKLCI (+1.64%) saw an increase and closed higher at 1701.68 pts. The market breadth was positive, with 929 winners against 383 losers. Sector-wise, Technology outperformed (+3.28%) with UNISEM (+20.0 sen) and MPI (+150.0 sen) led the sector, while Energy (-3.12%) declined the most.
Top 3 Active stocks:
AAX (5238): RM1.290 (+19.0 sen)
CAPITALA (5099): RM0.450 (+4.0 sen)
ZETRIX (0138): RM0.785 (+1.5 sen)
Volume: 3.60 bn (100-bar avg vol: 3.25 bn)
Value: RM3.75 bn (100-bar avg val: RM2.90 bn)
Market Breadth: ⬆️929⬇️383
Crude Palm Oil: RM4,567 (-RM124, -2.72%)
Dow Futures: 47,986 pts (+217 pts)
**Source: M+ Global, Bloomberg **
🥰3😁2
M+ Morning Market Buzz - 11Mar26
Dow Jones: 47,706.51 pts (-34.29pts, -0.07%)
⬆️ Resistance: 49900
⬇️ Support: 45700
FBM KLCI: 1,701.68 pts (+27.51pts, +1.64%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,959.90 pts (+551.44pts, +2.17%)
⬆️ Resistance: 26500
⬇️ Support: 24500
Crude Palm Oil: RM4,428 (-RM24, -0.54%)
⬆️ Resistance: 4900
⬇️ Support: 4050
Brent Oil: $87.80 (-$11.16, -11.28%)
⬆️ Resistance: 121.90
⬇️ Support: 78.70
Gold: $5,191.98 (+$3.55, -0.02%)
⬆️ Resistance: 5350
⬇️ Support: 4920
Source: Bloomberg, M+ Global
Dow Jones: 47,706.51 pts (-34.29pts, -0.07%)
⬆️ Resistance: 49900
⬇️ Support: 45700
FBM KLCI: 1,701.68 pts (+27.51pts, +1.64%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,959.90 pts (+551.44pts, +2.17%)
⬆️ Resistance: 26500
⬇️ Support: 24500
Crude Palm Oil: RM4,428 (-RM24, -0.54%)
⬆️ Resistance: 4900
⬇️ Support: 4050
Brent Oil: $87.80 (-$11.16, -11.28%)
⬆️ Resistance: 121.90
⬇️ Support: 78.70
Gold: $5,191.98 (+$3.55, -0.02%)
⬆️ Resistance: 5350
⬇️ Support: 4920
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 11Mar26
Wall Street Muted Over Uncertainty In US-Iran War
US: Following Oracle’s stellar results, we continue to favour this AI cloud provider, underpinned by: (i) a USD 553bn backlog providing robust revenue visibility; and (ii) a strategic partnership with OpenAI on massive 4.5GW AI compute projects. Other stocks poised to benefit from Oracle's performance include NVDA, AVGO, and VRT. Meanwhile, we favour a rebound in Applied Materials, supported by: (i) the surge in HBM demand, which requires 3–4x more specialised equipment than standard memory; and (ii) its dominance in advanced packaging tools essential for bundling complex AI chipsets. Finally, investors will be monitoring today's CPI data.
MY: With solar stocks having experienced sell-offs of over 40% from their peaks, we believe these oversold conditions may be nearing an end, creating value-buy opportunities. We favour SLVEST, SAMAIDEN, and PEKAT, supported by their strong order books and government initiatives such as NETR, LSS5+, and Solar ATAP, while China’s removal of the VAT rebate on solar panels could have already priced in and offset through a stronger MYR environment and cost pass-through mechanisms. Besides, we believe there might be a bargain hunting activity emerging in Sunway as the decline was primarily driven by profit-taking following the ex-date for the SUNMED dividend-in-specie.
Stocks to watch:
Technology: CORAZA, GOHUB, *KGB*, *VITROX*, VSTECS
Solar-related: *PEKAT*, SLVEST
Construction: *SUNCON*
Automotive: *BAUTO*
Healthcare: *KPJ*
Financial: MNRB
Building Material: MSC
**Source: M+ Global**
Wall Street Muted Over Uncertainty In US-Iran War
US: Following Oracle’s stellar results, we continue to favour this AI cloud provider, underpinned by: (i) a USD 553bn backlog providing robust revenue visibility; and (ii) a strategic partnership with OpenAI on massive 4.5GW AI compute projects. Other stocks poised to benefit from Oracle's performance include NVDA, AVGO, and VRT. Meanwhile, we favour a rebound in Applied Materials, supported by: (i) the surge in HBM demand, which requires 3–4x more specialised equipment than standard memory; and (ii) its dominance in advanced packaging tools essential for bundling complex AI chipsets. Finally, investors will be monitoring today's CPI data.
MY: With solar stocks having experienced sell-offs of over 40% from their peaks, we believe these oversold conditions may be nearing an end, creating value-buy opportunities. We favour SLVEST, SAMAIDEN, and PEKAT, supported by their strong order books and government initiatives such as NETR, LSS5+, and Solar ATAP, while China’s removal of the VAT rebate on solar panels could have already priced in and offset through a stronger MYR environment and cost pass-through mechanisms. Besides, we believe there might be a bargain hunting activity emerging in Sunway as the decline was primarily driven by profit-taking following the ex-date for the SUNMED dividend-in-specie.
Stocks to watch:
Technology: CORAZA, GOHUB, *KGB*, *VITROX*, VSTECS
Solar-related: *PEKAT*, SLVEST
Construction: *SUNCON*
Automotive: *BAUTO*
Healthcare: *KPJ*
Financial: MNRB
Building Material: MSC
**Source: M+ Global**
😁2
M+ Global Market Wrap - 11Mar26
FBM KLCI: 1,708.91 pts (+7.23pts, +0.42%)
FBMKLCI (+0.42%) rose moderately and closed at 1708.91 pts as investors approach the market with more caution amidst a number of uncertainties. The market breadth was positive, with 604 winners against 449 losers. Sector-wise, Energy (+1.91%), buoyed by YINSON (+10.0 sen) and VELESTO (+1.0 sen) outperformed, while the only sector that declined is Technology (-0.64%).
Top 3 Active stocks:
ZETRIX (0138): RM0.740 (-4.5 sen)
AAX (5238): RM1.200 (-9.0 sen)
CAPITALA (5099): RM0.425 (-2.5 sen)
Volume: 2.67 bn (100-bar avg vol: 3.24 bn)
Value: RM2.76 bn (100-bar avg val: RM2.91 bn)
Market Breadth: ⬆️604⬇️449
Crude Palm Oil: RM4,428 (+RM51, +1.15%)
Dow Futures: 47,706 pts (-39 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,708.91 pts (+7.23pts, +0.42%)
FBMKLCI (+0.42%) rose moderately and closed at 1708.91 pts as investors approach the market with more caution amidst a number of uncertainties. The market breadth was positive, with 604 winners against 449 losers. Sector-wise, Energy (+1.91%), buoyed by YINSON (+10.0 sen) and VELESTO (+1.0 sen) outperformed, while the only sector that declined is Technology (-0.64%).
Top 3 Active stocks:
ZETRIX (0138): RM0.740 (-4.5 sen)
AAX (5238): RM1.200 (-9.0 sen)
CAPITALA (5099): RM0.425 (-2.5 sen)
Volume: 2.67 bn (100-bar avg vol: 3.24 bn)
Value: RM2.76 bn (100-bar avg val: RM2.91 bn)
Market Breadth: ⬆️604⬇️449
Crude Palm Oil: RM4,428 (+RM51, +1.15%)
Dow Futures: 47,706 pts (-39 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 12Mar26
Dow Jones: 47,417.27 pts (-289.24pts, -0.61%)
⬆️ Resistance: 49500
⬇️ Support: 45700
FBM KLCI: 1,708.78 pts (+7.10pts, +0.42%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,898.76 pts (-61.14pts, -0.24%)
⬆️ Resistance: 26700
⬇️ Support: 24500
Crude Palm Oil: RM4,499 (+RM27, +0.60%)
⬆️ Resistance: 4900
⬇️ Support: 4050
Brent Oil: $91.98 (+$4.18, +4.76%)
⬆️ Resistance: 121.90
⬇️ Support: 79.60
Gold: $5,176.46 (-$28.88, -0.87%)
⬆️ Resistance: 5350
⬇️ Support: 4920
Source: Bloomberg, M+ Global
Dow Jones: 47,417.27 pts (-289.24pts, -0.61%)
⬆️ Resistance: 49500
⬇️ Support: 45700
FBM KLCI: 1,708.78 pts (+7.10pts, +0.42%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,898.76 pts (-61.14pts, -0.24%)
⬆️ Resistance: 26700
⬇️ Support: 24500
Crude Palm Oil: RM4,499 (+RM27, +0.60%)
⬆️ Resistance: 4900
⬇️ Support: 4050
Brent Oil: $91.98 (+$4.18, +4.76%)
⬆️ Resistance: 121.90
⬇️ Support: 79.60
Gold: $5,176.46 (-$28.88, -0.87%)
⬆️ Resistance: 5350
⬇️ Support: 4920
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 12Mar26
US-Iran War Continued To Weigh On Sentiment
US: Despite the IEA proposing its largest-ever emergency oil release of ~400 million barrels, we believe this is merely a temporary solution. Iran has begun laying mines in the Strait of Hormuz, while both Iran and Israel continue to strike one another's largest oil refineries, where the oil prices stayed elevated, potentially causing the Fed to delay rate cuts due to inflationary concerns. However, this environment should benefit energy stocks such as XOM, CVX, and PSX. Meanwhile, following Oracle's share price spike triggered by stellar results and strong guidance, we expect bargain-hunting activities to emerge within the AI cloud provider space, with positive sentiment shifting toward other AI-related companies.
MY: As Iran lays mines in the Strait of Hormuz, ships are forced to take longer routes, reducing the global supply of available vessels and spiking freight rates. We believe market sentiment will continue to favour MISC, as the shipping company is positioned to charge higher spot rates and pass war-risk premiums on to charterers. We reiterate our technical pick on LBS following its breakout, supported by robust FY24 sales, RM1.3bn in unbilled sales, and a 3,970-acre landbank, ensuring revenue visibility and a steady stream of future projects. Given the current uncertainty, investors may consider defensive sectors such as Banking, REITs, and Healthcare.
Stocks to watch:
O&G: *HENGYUAN*, HIBISCS, PCHEM
Plantation: *TAANN*, THPLANT
Technology: *SCICOM*
Construction: *SUNCON*
Property: *LBS*
Telco: TIMECOM
Automotive: BETA
Consumer: LHI
**Source: M+ Global**
US-Iran War Continued To Weigh On Sentiment
US: Despite the IEA proposing its largest-ever emergency oil release of ~400 million barrels, we believe this is merely a temporary solution. Iran has begun laying mines in the Strait of Hormuz, while both Iran and Israel continue to strike one another's largest oil refineries, where the oil prices stayed elevated, potentially causing the Fed to delay rate cuts due to inflationary concerns. However, this environment should benefit energy stocks such as XOM, CVX, and PSX. Meanwhile, following Oracle's share price spike triggered by stellar results and strong guidance, we expect bargain-hunting activities to emerge within the AI cloud provider space, with positive sentiment shifting toward other AI-related companies.
MY: As Iran lays mines in the Strait of Hormuz, ships are forced to take longer routes, reducing the global supply of available vessels and spiking freight rates. We believe market sentiment will continue to favour MISC, as the shipping company is positioned to charge higher spot rates and pass war-risk premiums on to charterers. We reiterate our technical pick on LBS following its breakout, supported by robust FY24 sales, RM1.3bn in unbilled sales, and a 3,970-acre landbank, ensuring revenue visibility and a steady stream of future projects. Given the current uncertainty, investors may consider defensive sectors such as Banking, REITs, and Healthcare.
Stocks to watch:
O&G: *HENGYUAN*, HIBISCS, PCHEM
Plantation: *TAANN*, THPLANT
Technology: *SCICOM*
Construction: *SUNCON*
Property: *LBS*
Telco: TIMECOM
Automotive: BETA
Consumer: LHI
**Source: M+ Global**
👍2
M+ Global Market Wrap - 12Mar26
FBM KLCI: 1,711.01 pts (+2.23pts, +0.13%)
Despite intensified strikes from Iran on oil and transportation facilities in the Middle East prompted risk aversion among investors, but the FBMKLCI (+0.13%) still closed slightly higher. The market breadth was negative, with 538 losers against 529 winners. Sector-wise, Industrial Products & Services (+1.58%) outperformed, led by PCHEM (+46.0 sen) and HUMEIND (+12.0 sen), while Telecommunications & Media (-0.84%) declined the most.
Top 3 Active stocks:
OGX (0395): RM0.345 (-0.5 sen)
ZETRIX (0138): RM0.785 (+4.50 sen)
AAX (5238): RM1.210 (+1.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.100 (+146.0 sen)
NESTLE (4707): RM104.100 (+120.0 sen)
PCHEM (5183): RM4.600 (+46.0 sen)
Top 3 Loser stocks:
F&N (3689): RM31.700 (-28.0 sen)
PINEAPP (0006): RM0.600 (-22.0 sen)
MPI (3867): RM29.800 (-18.0 sen)
Volume: 3.01 bn (100-bar avg vol: 3.23 bn)
Value: RM3.54 bn (100-bar avg val: RM2.90 bn)
Market Breadth: ⬆️529 ⬇️538
Crude Palm Oil: RM4,499 (+RM54, +1.20%)
Dow Futures: 47,185 pts (-263 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,711.01 pts (+2.23pts, +0.13%)
Despite intensified strikes from Iran on oil and transportation facilities in the Middle East prompted risk aversion among investors, but the FBMKLCI (+0.13%) still closed slightly higher. The market breadth was negative, with 538 losers against 529 winners. Sector-wise, Industrial Products & Services (+1.58%) outperformed, led by PCHEM (+46.0 sen) and HUMEIND (+12.0 sen), while Telecommunications & Media (-0.84%) declined the most.
Top 3 Active stocks:
OGX (0395): RM0.345 (-0.5 sen)
ZETRIX (0138): RM0.785 (+4.50 sen)
AAX (5238): RM1.210 (+1.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.100 (+146.0 sen)
NESTLE (4707): RM104.100 (+120.0 sen)
PCHEM (5183): RM4.600 (+46.0 sen)
Top 3 Loser stocks:
F&N (3689): RM31.700 (-28.0 sen)
PINEAPP (0006): RM0.600 (-22.0 sen)
MPI (3867): RM29.800 (-18.0 sen)
Volume: 3.01 bn (100-bar avg vol: 3.23 bn)
Value: RM3.54 bn (100-bar avg val: RM2.90 bn)
Market Breadth: ⬆️529 ⬇️538
Crude Palm Oil: RM4,499 (+RM54, +1.20%)
Dow Futures: 47,185 pts (-263 pts)
**Source: M+ Global, Bloomberg **
😁3
M+ Global Market Update – 13Mar26
Wall Street Plunged Amid Renewed Crude Oil Spike
US: With the Islamic Revolutionary Guard Corps (IRGC) warning the world to prepare for oil reaching USD 200/barrel, we favour energy stocks such as XOM, CVX, and PSX. The near-term outlook for Wall Street remains subdued, as the Fed may defer rate-cut decisions due to persistent inflationary concerns. Meanwhile, the IRGC has labelled Middle Eastern data centres and offices of mega-tech giants such as GOOG, AMZN, MSFT, and PLTR as "enemy technology infrastructure" and may subject to military strikes. While this may dampen sentiment for AI leaders we view this as a one-off event offering potential value-buy opportunities. Finally, investors may monitor the release of US Q4 GDP data later today.
MY: Mirroring the US sentiment, the “closure” of the Strait of Hormuz could benefit MISC as the group could command higher spot rates and pass on war-risk premiums to charterers. Meanwhile, with the elevated oil prices, buying interest has emerged in Plantation and selected Petrochemical counters. Petrochemical players stand to benefit as higher crude oil prices typically drive up the selling prices of chemical derivatives, allowing integrated producers to expand their margins by raising product prices faster than their feedstock costs rise, while biofuels are expected to serve as a partial substitute for crude oil, benefiting plantation players.
Stocks to watch:
Plantation: MHC, TAANN, *UTDPLT*
Construction: *GAMUDA*, SUNCON
Technology: GOHUB, *GREATEC*
Healthcare: *IHH*, KOSSAN
Automotive: *BAUTO*, *BETA*
Utility: *GASMSIA*
Financial: MNRB
Chemical: PCHEM
**Source: M+ Global**
Wall Street Plunged Amid Renewed Crude Oil Spike
US: With the Islamic Revolutionary Guard Corps (IRGC) warning the world to prepare for oil reaching USD 200/barrel, we favour energy stocks such as XOM, CVX, and PSX. The near-term outlook for Wall Street remains subdued, as the Fed may defer rate-cut decisions due to persistent inflationary concerns. Meanwhile, the IRGC has labelled Middle Eastern data centres and offices of mega-tech giants such as GOOG, AMZN, MSFT, and PLTR as "enemy technology infrastructure" and may subject to military strikes. While this may dampen sentiment for AI leaders we view this as a one-off event offering potential value-buy opportunities. Finally, investors may monitor the release of US Q4 GDP data later today.
MY: Mirroring the US sentiment, the “closure” of the Strait of Hormuz could benefit MISC as the group could command higher spot rates and pass on war-risk premiums to charterers. Meanwhile, with the elevated oil prices, buying interest has emerged in Plantation and selected Petrochemical counters. Petrochemical players stand to benefit as higher crude oil prices typically drive up the selling prices of chemical derivatives, allowing integrated producers to expand their margins by raising product prices faster than their feedstock costs rise, while biofuels are expected to serve as a partial substitute for crude oil, benefiting plantation players.
Stocks to watch:
Plantation: MHC, TAANN, *UTDPLT*
Construction: *GAMUDA*, SUNCON
Technology: GOHUB, *GREATEC*
Healthcare: *IHH*, KOSSAN
Automotive: *BAUTO*, *BETA*
Utility: *GASMSIA*
Financial: MNRB
Chemical: PCHEM
**Source: M+ Global**
M+ Morning Market Buzz - 13Mar26
Dow Jones: 46,677.85 pts (-739.42pts, -1.56%)
⬆️ Resistance: 49200
⬇️ Support: 45700
FBM KLCI: 1,711.01 pts (+2.23pts, +0.13%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,716.76 pts (-182.00pts, -0.70%)
⬆️ Resistance: 26700
⬇️ Support: 24500
Crude Palm Oil: RM4,541 (+RM41, +0.90%)
⬆️ Resistance: 4900
⬇️ Support: 4120
Brent Oil: $100.46 (+$8.48, +9.22%)
⬆️ Resistance: 121.90
⬇️ Support: 79.60
Gold: $5,079.21 (+$20.31, +0.40%)
⬆️ Resistance: 5350
⬇️ Support: 4920
Source: Bloomberg, M+ Global
Dow Jones: 46,677.85 pts (-739.42pts, -1.56%)
⬆️ Resistance: 49200
⬇️ Support: 45700
FBM KLCI: 1,711.01 pts (+2.23pts, +0.13%)
⬆️ Resistance: 1760
⬇️ Support: 1640
HSI Index: 25,716.76 pts (-182.00pts, -0.70%)
⬆️ Resistance: 26700
⬇️ Support: 24500
Crude Palm Oil: RM4,541 (+RM41, +0.90%)
⬆️ Resistance: 4900
⬇️ Support: 4120
Brent Oil: $100.46 (+$8.48, +9.22%)
⬆️ Resistance: 121.90
⬇️ Support: 79.60
Gold: $5,079.21 (+$20.31, +0.40%)
⬆️ Resistance: 5350
⬇️ Support: 4920
Source: Bloomberg, M+ Global
👏2
Good morning all,
After attending Evergreen Max Cash Capital’s (EMCC) 4QFY25 results briefing , here are our quick take for investors:
Investment Highlights:
📌 Trade receivables are targeted to grow toward RM800m by the end of FY26 (from RM519.7m in FY25), which translates into a higher loan base for disbursements. In short, it means EMCC will continue to increase its borrowings in order to increase its lending capacity in the pawnbroking segment.
📌 Plans for RM2bn Sukuk issuance (currently under rating) are targeted for the coming months. This will increase the company’s working capital and lending capacity.
📌 Strong growth lies ahead for Islamic pawnbroking. From just 3 outlets in FY23 to 70 outlets in FY25 , Islamic pawnbroking (Ar-Rahnu) will be one of EMCC’s growth drivers, which is expected to contribute on a 50-50 ratio with conventional pawnbroking in FY26 and surpass conventional pawnbroking in FY27.
📌 The company is targeted to transfer to the Main Market by Q3 or Q4 2026, which will attract more institutional investor interest moving forward.
M+ Global View:
📌 We like the outlook of EMCC, supported by (i) the trading of gold and luxury products and (ii) the plan to increase its working capital for lending capacity. If Middle East tensions were to prolong, we believe inflationary pressure would increase the value of gold, which will translate into a higher revenue contribution from the trading and retail of gold and luxury products.
📌 Meanwhile, given that EMCC has plans for Sukuk issuance and targeted RM800m in trade receivables for FY26, it will increase the company’s loan base for its pawnbroking business, translating into higher revenue.
📌 Islamic pawnbroking (Ar-Rahnu), which showed a 363.5% YoY revenue increase in FY25, is expected to hit a 50-50 revenue contribution ratio with conventional pawnbroking by FY26 while surpassing the conventional contribution by FY27. We see plenty of room for growth through the Islamic pawnbroking segment, given the company's market share of just 2% (according to the management), translating into significant expansion in this area.
M+ Research
13Mar26
After attending Evergreen Max Cash Capital’s (EMCC) 4QFY25 results briefing , here are our quick take for investors:
Investment Highlights:
📌 Trade receivables are targeted to grow toward RM800m by the end of FY26 (from RM519.7m in FY25), which translates into a higher loan base for disbursements. In short, it means EMCC will continue to increase its borrowings in order to increase its lending capacity in the pawnbroking segment.
📌 Plans for RM2bn Sukuk issuance (currently under rating) are targeted for the coming months. This will increase the company’s working capital and lending capacity.
📌 Strong growth lies ahead for Islamic pawnbroking. From just 3 outlets in FY23 to 70 outlets in FY25 , Islamic pawnbroking (Ar-Rahnu) will be one of EMCC’s growth drivers, which is expected to contribute on a 50-50 ratio with conventional pawnbroking in FY26 and surpass conventional pawnbroking in FY27.
📌 The company is targeted to transfer to the Main Market by Q3 or Q4 2026, which will attract more institutional investor interest moving forward.
M+ Global View:
📌 We like the outlook of EMCC, supported by (i) the trading of gold and luxury products and (ii) the plan to increase its working capital for lending capacity. If Middle East tensions were to prolong, we believe inflationary pressure would increase the value of gold, which will translate into a higher revenue contribution from the trading and retail of gold and luxury products.
📌 Meanwhile, given that EMCC has plans for Sukuk issuance and targeted RM800m in trade receivables for FY26, it will increase the company’s loan base for its pawnbroking business, translating into higher revenue.
📌 Islamic pawnbroking (Ar-Rahnu), which showed a 363.5% YoY revenue increase in FY25, is expected to hit a 50-50 revenue contribution ratio with conventional pawnbroking by FY26 while surpassing the conventional contribution by FY27. We see plenty of room for growth through the Islamic pawnbroking segment, given the company's market share of just 2% (according to the management), translating into significant expansion in this area.
M+ Research
13Mar26
M+ Global Market Wrap - 13Mar26
FBM KLCI: 1,697.51 pts (-13.50pts, -0.79%)
The FBMKLCI(-0.79%) saw a decline as investors braced for a prolonged conflict and increasing oil prices. The market breadth was negative, with 629 losers against 439 winners. Sector-wise, Health (+2.24%) outperformed, led by HARTA (+10.0 sen) and KOSSAN (+6.0 sen), while Construction (-1.23%) declined the most as the Real Estate and Housing Developers’ Association (Rehda) expressed concerns on property project delays and rising construction costs over the war in Iran.
Top 3 Active stocks:
VS (6963): RM0.290 (-1.5 sen)
ZETRIX (0138): RM0.750 (-3.5 sen)
JIANKUN (8923): RM0.045 (-2.0 sen)
Top 3 Gainer stocks:
GASMSIA (5209): RM5.280 (+24.0 sen)
DLADY (3026): RM32.000 (+18.0 sen)
CEPCO (8435): RM1.350 (+16.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM102.400 (-170.0 sen)
MCEMENT (3794): RM6.150 (-133.0 sen)
IGBB (5606): RM2.570 (-125.0 sen)
Volume: 2.84 bn (100-bar avg vol: 3.22 bn)
Value: RM3.42 bn (100-bar avg val: RM2.90 bn)
Market Breadth: ⬆️439 ⬇️629
Crude Palm Oil: RM4,541 (+RM31, +0.68%)
Dow Futures: 46,585 pts (-136 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,697.51 pts (-13.50pts, -0.79%)
The FBMKLCI(-0.79%) saw a decline as investors braced for a prolonged conflict and increasing oil prices. The market breadth was negative, with 629 losers against 439 winners. Sector-wise, Health (+2.24%) outperformed, led by HARTA (+10.0 sen) and KOSSAN (+6.0 sen), while Construction (-1.23%) declined the most as the Real Estate and Housing Developers’ Association (Rehda) expressed concerns on property project delays and rising construction costs over the war in Iran.
Top 3 Active stocks:
VS (6963): RM0.290 (-1.5 sen)
ZETRIX (0138): RM0.750 (-3.5 sen)
JIANKUN (8923): RM0.045 (-2.0 sen)
Top 3 Gainer stocks:
GASMSIA (5209): RM5.280 (+24.0 sen)
DLADY (3026): RM32.000 (+18.0 sen)
CEPCO (8435): RM1.350 (+16.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM102.400 (-170.0 sen)
MCEMENT (3794): RM6.150 (-133.0 sen)
IGBB (5606): RM2.570 (-125.0 sen)
Volume: 2.84 bn (100-bar avg vol: 3.22 bn)
Value: RM3.42 bn (100-bar avg val: RM2.90 bn)
Market Breadth: ⬆️439 ⬇️629
Crude Palm Oil: RM4,541 (+RM31, +0.68%)
Dow Futures: 46,585 pts (-136 pts)
**Source: M+ Global, Bloomberg **
👏2🥰1
Good evening all,
After attending EG Industries Berhad 2QFY26 results briefing, here are our quick take for investors:
Investment Highlights:
📌 EG has just passed the audit on Active Electrical Cable (AEC) & Direct Attach Copper Cable (DEC), which are both part of product portfolio for HPC. These cables will serve as redundancy backup for optical transceivers, meaning if an optical line fails, AEC/DAC will provide the high-performance electrical alternative. Recently secured a huge customer for AEC & DEC, expect to contribute in Q3 onwards
📌 Thailand facility continue to expand as they acquired a piece of 4.95-acre land that is right behind its current Prachinburi facility. Groundbreaking on Feb26, targeted for completion by the end of 2026 , this new plant will cater to high-profile US clients on EV related products, energy storage and carbon credit-linked green energy solutions.
📌 Strong earnings visibility from 5G optical module, particularly 800g & 1.6T module, as more & more tech giants acquire their services due to global AI and DC boom. Hence, could expect 2H to have stronger revenue, profit & margin than 1H.
M+ Global View:
📌 Given all the latest developments of EG, we view EG as preparing itself for "the next phase of exponential growth". We like EG's outlook, supported by strong demand for 5G optical modules & network switches, with production is ramping up at its Batu Kawan Smart Factory 4.0, coupled with its Thailand facility expansion. The group has around 1,000 staffs & workers at Batu Kawan, and is expected to add more moving forward due to the strong demand from customers.
📌 We expect the revenue, profit and margin to be stronger in 2H, supported by the demand for higher complexity products such as 800g and 1.6T modules, while the passing of AEC and DEC audits will be further strengthening its revenue.
📌 Thailand facility continue to expand as they acquired a piece of 4.95-acre land that is right behind its current Prachinburi facility. Groundbreaking on Feb26, targeted for completion by the end of 2026 , this new plant will cater to high-profile US clients on EV related products, energy storage and carbon credit-linked green energy solutions.
📌 Hence, despite the current weak share price performance, we view it as a value buy opportunity, given that EG's fundamentals remain solid while outlook remains strong, preparing investors to capture the next phase of growth through AI/DC, EV trend and green energy solutions globally.
M+ Research
13Mar26
After attending EG Industries Berhad 2QFY26 results briefing, here are our quick take for investors:
Investment Highlights:
📌 EG has just passed the audit on Active Electrical Cable (AEC) & Direct Attach Copper Cable (DEC), which are both part of product portfolio for HPC. These cables will serve as redundancy backup for optical transceivers, meaning if an optical line fails, AEC/DAC will provide the high-performance electrical alternative. Recently secured a huge customer for AEC & DEC, expect to contribute in Q3 onwards
📌 Thailand facility continue to expand as they acquired a piece of 4.95-acre land that is right behind its current Prachinburi facility. Groundbreaking on Feb26, targeted for completion by the end of 2026 , this new plant will cater to high-profile US clients on EV related products, energy storage and carbon credit-linked green energy solutions.
📌 Strong earnings visibility from 5G optical module, particularly 800g & 1.6T module, as more & more tech giants acquire their services due to global AI and DC boom. Hence, could expect 2H to have stronger revenue, profit & margin than 1H.
M+ Global View:
📌 Given all the latest developments of EG, we view EG as preparing itself for "the next phase of exponential growth". We like EG's outlook, supported by strong demand for 5G optical modules & network switches, with production is ramping up at its Batu Kawan Smart Factory 4.0, coupled with its Thailand facility expansion. The group has around 1,000 staffs & workers at Batu Kawan, and is expected to add more moving forward due to the strong demand from customers.
📌 We expect the revenue, profit and margin to be stronger in 2H, supported by the demand for higher complexity products such as 800g and 1.6T modules, while the passing of AEC and DEC audits will be further strengthening its revenue.
📌 Thailand facility continue to expand as they acquired a piece of 4.95-acre land that is right behind its current Prachinburi facility. Groundbreaking on Feb26, targeted for completion by the end of 2026 , this new plant will cater to high-profile US clients on EV related products, energy storage and carbon credit-linked green energy solutions.
📌 Hence, despite the current weak share price performance, we view it as a value buy opportunity, given that EG's fundamentals remain solid while outlook remains strong, preparing investors to capture the next phase of growth through AI/DC, EV trend and green energy solutions globally.
M+ Research
13Mar26
M+ Morning Market Buzz - 16Mar26
Dow Jones: 46,558.47 pts (-119.38pts, -0.26%)
⬆️ Resistance: 49200
⬇️ Support: 45600
FBM KLCI: 1,698.85 pts (-12.16pts, -0.71%)
⬆️ Resistance: 1750
⬇️ Support: 1640
HSI Index: 25,465.60 pts (-251.16pts, -0.98%)
⬆️ Resistance: 26700
⬇️ Support: 24500
Crude Palm Oil: RM4,572 (+RM36, +0.79%)
⬆️ Resistance: 4900
⬇️ Support: 4290
Brent Oil: $103.14 (+$1.68, +1.63%)
⬆️ Resistance: 121.90
⬇️ Support: 79.60
Gold: $5,019.49 (-$31.11, -0.62%)
⬆️ Resistance: 5350
⬇️ Support: 4910
Source: Bloomberg, M+ Global
Dow Jones: 46,558.47 pts (-119.38pts, -0.26%)
⬆️ Resistance: 49200
⬇️ Support: 45600
FBM KLCI: 1,698.85 pts (-12.16pts, -0.71%)
⬆️ Resistance: 1750
⬇️ Support: 1640
HSI Index: 25,465.60 pts (-251.16pts, -0.98%)
⬆️ Resistance: 26700
⬇️ Support: 24500
Crude Palm Oil: RM4,572 (+RM36, +0.79%)
⬆️ Resistance: 4900
⬇️ Support: 4290
Brent Oil: $103.14 (+$1.68, +1.63%)
⬆️ Resistance: 121.90
⬇️ Support: 79.60
Gold: $5,019.49 (-$31.11, -0.62%)
⬆️ Resistance: 5350
⬇️ Support: 4910
Source: Bloomberg, M+ Global
👏2