M+ Global Market Update – 19May26
Tech Bleeds Following Soaring Treasury Yields
US: While the tech sector is declining following the spike in Treasury yields, we view the pullback in chipmakers and AI-infrastructure counters as buy-on-the-dip opportunities. The market will also be focussed on Nvidia’s upcoming earnings on Wednesday. Meanwhile, given the IEA’s warning that global oil inventories are rapidly depleting due to the ongoing Strait of Hormuz blockade, the elevated oil price environment should continue to benefit US oil stocks. In view of the excitement surrounding SpaceX's June Nasdaq debut, valuing the company at up to USD 1.75tn, other space-related companies like Rocket Lab, Sidus Space, and AST SpaceMobile might also see increasing buying interest—not forgetting the DXYZ ETF.
MY: Tracking Wall Street’s mixed performance, we expect the FBM KLCI to trade in a risk-off mode. Following the recent ARM partnership deal, the market has been focusing on front-end IC design companies, with Oppstar surging 18.5% following the announcement of its collaboration with Japan-based AI solutions provider Tokyo Artisan Intelligence Co. Ltd. to develop a reconfigurable AI chip, while SkyeChip will be making its Main Market debut tomorrow. Looking at Oppstar’s candlestick close, we expect further upside momentum today, though traders are advised to engage only in short-term trading given the stock's current overbought condition.
Stocks to watch:
Technology: *DNEX*, EG, *SCICOM*, VSTECS
O&G: *WASCO*
Property: *HKB*
Finance: *MNRB*
Utility: *RANHILL*
Healthcare: KPJ
Transportation & Logistics: WPRTS
**Source: M+ Global**
Tech Bleeds Following Soaring Treasury Yields
US: While the tech sector is declining following the spike in Treasury yields, we view the pullback in chipmakers and AI-infrastructure counters as buy-on-the-dip opportunities. The market will also be focussed on Nvidia’s upcoming earnings on Wednesday. Meanwhile, given the IEA’s warning that global oil inventories are rapidly depleting due to the ongoing Strait of Hormuz blockade, the elevated oil price environment should continue to benefit US oil stocks. In view of the excitement surrounding SpaceX's June Nasdaq debut, valuing the company at up to USD 1.75tn, other space-related companies like Rocket Lab, Sidus Space, and AST SpaceMobile might also see increasing buying interest—not forgetting the DXYZ ETF.
MY: Tracking Wall Street’s mixed performance, we expect the FBM KLCI to trade in a risk-off mode. Following the recent ARM partnership deal, the market has been focusing on front-end IC design companies, with Oppstar surging 18.5% following the announcement of its collaboration with Japan-based AI solutions provider Tokyo Artisan Intelligence Co. Ltd. to develop a reconfigurable AI chip, while SkyeChip will be making its Main Market debut tomorrow. Looking at Oppstar’s candlestick close, we expect further upside momentum today, though traders are advised to engage only in short-term trading given the stock's current overbought condition.
Stocks to watch:
Technology: *DNEX*, EG, *SCICOM*, VSTECS
O&G: *WASCO*
Property: *HKB*
Finance: *MNRB*
Utility: *RANHILL*
Healthcare: KPJ
Transportation & Logistics: WPRTS
**Source: M+ Global**
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Good Morning All,
We issued a 2Q26 results note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintain HOLD with a lower TP of RM0.52. While we revised our earnings forecast, we maintain our Hold recommendation on EITA with a slightly lower target price of RM0.52 (from RM0.54). The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f EPS of 5.19 sen.
Research Team, M+ Global
19 May 2026
We issued a 2Q26 results note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintain HOLD with a lower TP of RM0.52. While we revised our earnings forecast, we maintain our Hold recommendation on EITA with a slightly lower target price of RM0.52 (from RM0.54). The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f EPS of 5.19 sen.
Research Team, M+ Global
19 May 2026
M+ Global Market Wrap - 19May26
FBM KLCI: 1,727.28 pts (-0.43pts, -0.02%)
The FBM KLCI (-0.03%) closed lower at 1727.27 pts as crude oil price remained elevated, causing consumer inflation to accelerate at its fastest pace in one and a half years. The market breadth was negative, with 509 winners against 618 losers. Sector wise, Construction (+1.07%) outperformed, led by GAMUDA (+8.0sen) and SUNCON (+20.0sen) while Telecommunications and Media (-1.10%) declined the most.
Top 3 Active stocks:
OPPSTAR (0275): RM0.825 (-10.5 sen)
TTVHB (0272): RM0.350 (+1.0 sen)
GIIB (7192): RM0.335 (+3.0 sen)
Top 3 Gainer stocks:
AJI (2658): RM12.88 (+48.0 sen)
KLK (2445): RM20.56 (+36.0 sen)
SUNCON (5263): RM7.30 (+20.0 sen)
Top 3 Loser stocks:
UMSINT (5340): RM7.98 (-42.0 sen)
NESTLE (4707): RM95.04 (-36.0 sen)
PETDAG (5681): RM19.20 (-34.0 sen)
Volume: 3.36 bn (100-bar avg vol: 3.10 bn)
Value: RM3.24 bn (100-bar avg val: RM3.15 bn)
Market Breadth: ⬆️509 ⬇️618
Crude Palm Oil: RM4,534 (+RM73, +1.61%)
Dow Futures: 49,755 pts (-13 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,727.28 pts (-0.43pts, -0.02%)
The FBM KLCI (-0.03%) closed lower at 1727.27 pts as crude oil price remained elevated, causing consumer inflation to accelerate at its fastest pace in one and a half years. The market breadth was negative, with 509 winners against 618 losers. Sector wise, Construction (+1.07%) outperformed, led by GAMUDA (+8.0sen) and SUNCON (+20.0sen) while Telecommunications and Media (-1.10%) declined the most.
Top 3 Active stocks:
OPPSTAR (0275): RM0.825 (-10.5 sen)
TTVHB (0272): RM0.350 (+1.0 sen)
GIIB (7192): RM0.335 (+3.0 sen)
Top 3 Gainer stocks:
AJI (2658): RM12.88 (+48.0 sen)
KLK (2445): RM20.56 (+36.0 sen)
SUNCON (5263): RM7.30 (+20.0 sen)
Top 3 Loser stocks:
UMSINT (5340): RM7.98 (-42.0 sen)
NESTLE (4707): RM95.04 (-36.0 sen)
PETDAG (5681): RM19.20 (-34.0 sen)
Volume: 3.36 bn (100-bar avg vol: 3.10 bn)
Value: RM3.24 bn (100-bar avg val: RM3.15 bn)
Market Breadth: ⬆️509 ⬇️618
Crude Palm Oil: RM4,534 (+RM73, +1.61%)
Dow Futures: 49,755 pts (-13 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 20May26
Dow Jones: 49,363.88 pts (-322.24pts, -0.65%)
⬆️ Resistance: 51300
⬇️ Support: 48300
FBM KLCI: 1,727.27 pts (-0.44pts, -0.03%)
⬆️ Resistance: 1790
⬇️ Support: 1700
HSI Index: 25,797.85 pts (+122.67pts, +0.48%)
⬆️ Resistance: 27400
⬇️ Support: 25000
Crude Palm Oil: RM4,585 (-RM3, -0.07%)
⬆️ Resistance: 4730
⬇️ Support: 4290
Brent Oil: $111.28 (-$0.82, -0.73%)
⬆️ Resistance: 115.00
⬇️ Support: 101.90
Gold: $4,482.61 (-$0.91, -0.02%)
⬆️ Resistance: 4830
⬇️ Support: 4380
Source: Bloomberg, M+ Global
Dow Jones: 49,363.88 pts (-322.24pts, -0.65%)
⬆️ Resistance: 51300
⬇️ Support: 48300
FBM KLCI: 1,727.27 pts (-0.44pts, -0.03%)
⬆️ Resistance: 1790
⬇️ Support: 1700
HSI Index: 25,797.85 pts (+122.67pts, +0.48%)
⬆️ Resistance: 27400
⬇️ Support: 25000
Crude Palm Oil: RM4,585 (-RM3, -0.07%)
⬆️ Resistance: 4730
⬇️ Support: 4290
Brent Oil: $111.28 (-$0.82, -0.73%)
⬆️ Resistance: 115.00
⬇️ Support: 101.90
Gold: $4,482.61 (-$0.91, -0.02%)
⬆️ Resistance: 4830
⬇️ Support: 4380
Source: Bloomberg, M+ Global
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M+ Global Market Update – 20May26
Tech Slips Prior To Nvidia’s Earnings
US: While the tech sector continues to experience a further retreat, we believe that the market will remain focused on Nvidia's results later today, including the latest developments regarding its USD 1tn data centre guidance. Meanwhile, with the IEA’s warning regarding the rapid depletion of global oil inventories due to the ongoing blockade in the Strait of Hormuz, the elevated oil price environment will continue to benefit oil stocks such as Chevron and Phillips 66. Lastly, despite the recent pullback in the tech sector due to the spike in Treasury yields, the retracement of chip designers AMD and Intel toward the EMA20 represents a good entry opportunity.
MY: Following the continued weakness on Wall Street, we expect the negative sentiment to spill over into the local bourse today. While the general market is trading with a weaker tone, the Utilities sector continues to buck the trend as it benefits from ongoing data centre developments in the country, favouring companies like YTLPOWR, MALAKOFF, and RANHILL. We also like the pullback in M&E engineering services provider KEEMING, as it is poised to capture more DC and renewable energy projects moving forward, with an unbilled order book of RM183.7m, translating into a ~2.9x FY25 revenue cover ratio. Lastly, semiconductor IP designer SkyeChip (M+ TP: RM 1.48) will make its Main Market debut today.
Stocks to watch:
Technology: *GOHUB*, *NE*, *SCICOM*
Construction: GAMUDA, *MITRA*, SUNCON
Chemical: SAMCHEM, *TMK*
Consumer: *LWSABAH*, PMIBHD
Telco: TIMECOM
**Source: M+ Global**
Tech Slips Prior To Nvidia’s Earnings
US: While the tech sector continues to experience a further retreat, we believe that the market will remain focused on Nvidia's results later today, including the latest developments regarding its USD 1tn data centre guidance. Meanwhile, with the IEA’s warning regarding the rapid depletion of global oil inventories due to the ongoing blockade in the Strait of Hormuz, the elevated oil price environment will continue to benefit oil stocks such as Chevron and Phillips 66. Lastly, despite the recent pullback in the tech sector due to the spike in Treasury yields, the retracement of chip designers AMD and Intel toward the EMA20 represents a good entry opportunity.
MY: Following the continued weakness on Wall Street, we expect the negative sentiment to spill over into the local bourse today. While the general market is trading with a weaker tone, the Utilities sector continues to buck the trend as it benefits from ongoing data centre developments in the country, favouring companies like YTLPOWR, MALAKOFF, and RANHILL. We also like the pullback in M&E engineering services provider KEEMING, as it is poised to capture more DC and renewable energy projects moving forward, with an unbilled order book of RM183.7m, translating into a ~2.9x FY25 revenue cover ratio. Lastly, semiconductor IP designer SkyeChip (M+ TP: RM 1.48) will make its Main Market debut today.
Stocks to watch:
Technology: *GOHUB*, *NE*, *SCICOM*
Construction: GAMUDA, *MITRA*, SUNCON
Chemical: SAMCHEM, *TMK*
Consumer: *LWSABAH*, PMIBHD
Telco: TIMECOM
**Source: M+ Global**
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Good Morning All,
We issued a technical buy call on Kee Ming Group Bhd (KEEMING): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strategic backing by Solarvest
(ii) Unbilled order book provides solid earnings visibility
(iii) Poised for more interconnection facilities and data centre projects
Research Team, M+ Global
20 May 2026
We issued a technical buy call on Kee Ming Group Bhd (KEEMING): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strategic backing by Solarvest
(ii) Unbilled order book provides solid earnings visibility
(iii) Poised for more interconnection facilities and data centre projects
Research Team, M+ Global
20 May 2026
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M+ Global Market Wrap - 20May26
FBM KLCI: 1,718.66 pts (-8.61pts, -0.50%)
The FBM KLCI (-0.55%) closed lower at 1717.69 pts tracking the weaker Wall Street performance as bond yield spiked due to inflationary concerns. The market breadth was negative, with 366 winners against 840 losers. Sector wise, Plantation (+0.46%) outperformed, led by IOICORP (+5.0sen) and SDG (+4.0sen) while Telecommunications and Media (-1.96%) declined the most. The IPO debutant SKYECHIP finished at RM2.21 compared to its IPO price of RM0.880.
Top 3 Active stocks:
SKYECHIP (0275): RM2.21 (+133.0 sen)
HONGSENG (0041): RM0.010 (UNCH)
OPPSTAR (0275): RM0.650 (-17.5 sen)
Top 3 Gainer stocks:
SKYECHIP (0275): RM2.21 (+133.0 sen)
MPI (3867): RM44.20 (+100.0 sen)
F&N (3689): RM29.22 (+50.0 sen)
Top 3 Loser stocks:
HEIM (3255): RM21.40 (-102.0 sen)
PETGAS (6033): RM17.20 (-52.0 sen)
PETDAG (5681): RM18.82 (-38.0 sen)
Volume: 4.15 bn (100-bar avg vol: 3.11 bn)
Value: RM4.29 bn (100-bar avg val: RM3.16 bn)
Market Breadth: ⬆️366 ⬇️840
Crude Palm Oil: RM4,585 (-RM11, -0.24%)
Dow Futures: 49,514 pts (+55 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,718.66 pts (-8.61pts, -0.50%)
The FBM KLCI (-0.55%) closed lower at 1717.69 pts tracking the weaker Wall Street performance as bond yield spiked due to inflationary concerns. The market breadth was negative, with 366 winners against 840 losers. Sector wise, Plantation (+0.46%) outperformed, led by IOICORP (+5.0sen) and SDG (+4.0sen) while Telecommunications and Media (-1.96%) declined the most. The IPO debutant SKYECHIP finished at RM2.21 compared to its IPO price of RM0.880.
Top 3 Active stocks:
SKYECHIP (0275): RM2.21 (+133.0 sen)
HONGSENG (0041): RM0.010 (UNCH)
OPPSTAR (0275): RM0.650 (-17.5 sen)
Top 3 Gainer stocks:
SKYECHIP (0275): RM2.21 (+133.0 sen)
MPI (3867): RM44.20 (+100.0 sen)
F&N (3689): RM29.22 (+50.0 sen)
Top 3 Loser stocks:
HEIM (3255): RM21.40 (-102.0 sen)
PETGAS (6033): RM17.20 (-52.0 sen)
PETDAG (5681): RM18.82 (-38.0 sen)
Volume: 4.15 bn (100-bar avg vol: 3.11 bn)
Value: RM4.29 bn (100-bar avg val: RM3.16 bn)
Market Breadth: ⬆️366 ⬇️840
Crude Palm Oil: RM4,585 (-RM11, -0.24%)
Dow Futures: 49,514 pts (+55 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 21May26
Dow Jones: 50,009.35 pts (+645.47pts, +1.31%)
⬆️ Resistance: 51300
⬇️ Support: 48300
FBM KLCI: 1,717.69 pts (-9.58pts, -0.55%)
⬆️ Resistance: 1790
⬇️ Support: 1690
HSI Index: 25,651.12 pts (-146.73pts, -0.57%)
⬆️ Resistance: 27400
⬇️ Support: 25000
Crude Palm Oil: RM4,583 (-RM27, -0.59%)
⬆️ Resistance: 4790
⬇️ Support: 4290
Brent Oil: $105.02 (-$6.26, -5.63%)
⬆️ Resistance: 115.00
⬇️ Support: 101.20
Gold: $4,544.19 (-$2.76, -0.06%)
⬆️ Resistance: 4820
⬇️ Support: 4370
Source: Bloomberg, M+ Global
Dow Jones: 50,009.35 pts (+645.47pts, +1.31%)
⬆️ Resistance: 51300
⬇️ Support: 48300
FBM KLCI: 1,717.69 pts (-9.58pts, -0.55%)
⬆️ Resistance: 1790
⬇️ Support: 1690
HSI Index: 25,651.12 pts (-146.73pts, -0.57%)
⬆️ Resistance: 27400
⬇️ Support: 25000
Crude Palm Oil: RM4,583 (-RM27, -0.59%)
⬆️ Resistance: 4790
⬇️ Support: 4290
Brent Oil: $105.02 (-$6.26, -5.63%)
⬆️ Resistance: 115.00
⬇️ Support: 101.20
Gold: $4,544.19 (-$2.76, -0.06%)
⬆️ Resistance: 4820
⬇️ Support: 4370
Source: Bloomberg, M+ Global
👍2😁1
M+ Global Market Update – 21May26
Nvidia’s Blowout Q1 Results Beat Expectations
US: While the Dow has once again rebounded above the 50,000 mark—coupled with bond yields and crude oil prices pulling back—we believe that the market remains focused on the aftermath of Nvidia's blowout Q1 earnings. Nvidia recorded USD81.6bn in revenue and USD58.3bn in net income, exceeding Bloomberg forecasts of USD79.2bn and USD43.3bn, while boosting its quarterly dividend to USD0.25 and approving an additional USD80bn share buyback, with CEO Jensen Huang stating that 'Agentic AI has arrived' as global data centre buildouts hit record levels. As Nvidia’s guidance points to an accelerating CapEx cycle toward its upcoming Rubin architecture, this stands to benefit companies like Micron, Applied Materials, Vertiv Holdings, and Teradyne.
MY: Tracking the rebound on Wall Street, we anticipate the FBM KLCI to recover as well. Meanwhile, with signs of bottoming out in cocoa prices, GCB remains one of our technical picks given its share price continues to hold above the MA200. We also like the pullback toward the EMA20 shown by both ISF and CORAZA, with the former benefitting from DC infrastructure cooling projects, while the latter benefits from strong demand from AI-driven front-end WFE. Lastly, power solutions engineering company EIPOWER (M+ TP: RM 0.66) will make its ACE Market debut today.
Stocks to watch:
Technology: KGB, *NE*, *QES*, *VITROX*
Financial: *AEONCR*, AMBANK, *RCECAP*
Construction: *SUNCON*
Plantation: *WTK*
Consumer: *GCB*
Glove: HARTA
**Source: M+ Global**
Nvidia’s Blowout Q1 Results Beat Expectations
US: While the Dow has once again rebounded above the 50,000 mark—coupled with bond yields and crude oil prices pulling back—we believe that the market remains focused on the aftermath of Nvidia's blowout Q1 earnings. Nvidia recorded USD81.6bn in revenue and USD58.3bn in net income, exceeding Bloomberg forecasts of USD79.2bn and USD43.3bn, while boosting its quarterly dividend to USD0.25 and approving an additional USD80bn share buyback, with CEO Jensen Huang stating that 'Agentic AI has arrived' as global data centre buildouts hit record levels. As Nvidia’s guidance points to an accelerating CapEx cycle toward its upcoming Rubin architecture, this stands to benefit companies like Micron, Applied Materials, Vertiv Holdings, and Teradyne.
MY: Tracking the rebound on Wall Street, we anticipate the FBM KLCI to recover as well. Meanwhile, with signs of bottoming out in cocoa prices, GCB remains one of our technical picks given its share price continues to hold above the MA200. We also like the pullback toward the EMA20 shown by both ISF and CORAZA, with the former benefitting from DC infrastructure cooling projects, while the latter benefits from strong demand from AI-driven front-end WFE. Lastly, power solutions engineering company EIPOWER (M+ TP: RM 0.66) will make its ACE Market debut today.
Stocks to watch:
Technology: KGB, *NE*, *QES*, *VITROX*
Financial: *AEONCR*, AMBANK, *RCECAP*
Construction: *SUNCON*
Plantation: *WTK*
Consumer: *GCB*
Glove: HARTA
**Source: M+ Global**
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M+ Global Market Wrap - 21May26
FBM KLCI: 1,708.36 pts (-9.33pts, -0.54%)
The FBM KLCI (-0.54%) closed lower at 1708.36 pts on persistent heavyweight selling. The market breadth was negative, with 508 winners against 656 losers. Sector wise, Technology (+3.09%) outperformed, led by VITROX (+26.0sen) and UWC (+44.0sen), while Energy (-1.97%) declined the most. The IPO debutant EIPOWER finished at RM0.550 compared to its IPO price of RM0.480.
Top 3 Active stocks:
EIPOWER (0453): RM0.550 (+7.0 sen)
SKYECHIP (5357): RM2.33 (+0.12 sen)
ZETRIX (0138): RM0.820 (-1.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM46.20 (+200.0 sen)
NESTLE (4707): RM96.00 (+100.0 sen)
HLBANK (5819): RM22.20 (+46.0 sen)
Top 3 Loser stocks:
KLK (2445): RM20.22 (-44.0 sen)
ALLIANZ (1163): RM21.18 (-40.0 sen)
PETGAS (6033): RM16.92 (-28.0 sen)
Volume: 3.49 bn (100-bar avg vol: 3.12 bn)
Value: RM3.70 bn (100-bar avg val: RM3.18 bn)
Market Breadth: ⬆️508 ⬇️656
Crude Palm Oil: RM4,583 (-RM107, -2.33%)
Dow Futures: 50,193 pts (+99 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,708.36 pts (-9.33pts, -0.54%)
The FBM KLCI (-0.54%) closed lower at 1708.36 pts on persistent heavyweight selling. The market breadth was negative, with 508 winners against 656 losers. Sector wise, Technology (+3.09%) outperformed, led by VITROX (+26.0sen) and UWC (+44.0sen), while Energy (-1.97%) declined the most. The IPO debutant EIPOWER finished at RM0.550 compared to its IPO price of RM0.480.
Top 3 Active stocks:
EIPOWER (0453): RM0.550 (+7.0 sen)
SKYECHIP (5357): RM2.33 (+0.12 sen)
ZETRIX (0138): RM0.820 (-1.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM46.20 (+200.0 sen)
NESTLE (4707): RM96.00 (+100.0 sen)
HLBANK (5819): RM22.20 (+46.0 sen)
Top 3 Loser stocks:
KLK (2445): RM20.22 (-44.0 sen)
ALLIANZ (1163): RM21.18 (-40.0 sen)
PETGAS (6033): RM16.92 (-28.0 sen)
Volume: 3.49 bn (100-bar avg vol: 3.12 bn)
Value: RM3.70 bn (100-bar avg val: RM3.18 bn)
Market Breadth: ⬆️508 ⬇️656
Crude Palm Oil: RM4,583 (-RM107, -2.33%)
Dow Futures: 50,193 pts (+99 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 22May26
Nvidia Shed 2% After Earnings
US: Overall, we should anticipate that Wall Street’s uptrend will remain intact. Following Nvidia’s Q1 earnings outperformance, markets are taking a 'sell-on-news' stance, which has led to a retreat in its share price. We believe traders could take positions as the stock hovers near the EMA20 and continues to benefit from the global AI boom. Meanwhile, its upcoming Rubin architecture could also benefit companies such as Micron, Applied Materials, Vertiv Holdings, and Teradyne. With the upcoming IPO debut of SpaceX in June, we believe the sentiment will focus on space-related counters such as AST SpaceMobile and Sidus Space.
MY: Tracking the positive performance on Wall Street yesterday, we anticipate that the FBM KLCI will rebound today after a losing streak of more than a week. Meanwhile, we like the rebound above the EMA20 shown by PWRWELL, underpinned by its massive contract wins for data centres in Selangor, infrastructure buildouts such as the RTS Link in Johor, and regional manufacturing expansions. Lastly, we remain bullish on the Technology sector, favouring MI, UWC, FRONTKN, and THMY, as sentiment should continue to bode well for the sector following Nvidia’s recent earnings outperformance and the ARM partnership announcement.
Stocks to watch:
Technology: *3REN*, AMBEST, *CPETECH*, KOBAY, MPI, *SCICOM*, THMY, *UWC*, *VITROX*
Construction: *MITRA*, MNHLDG
Automotive: *BETA*
Utility: *RANHILL*
**Source: M+ Global**
Nvidia Shed 2% After Earnings
US: Overall, we should anticipate that Wall Street’s uptrend will remain intact. Following Nvidia’s Q1 earnings outperformance, markets are taking a 'sell-on-news' stance, which has led to a retreat in its share price. We believe traders could take positions as the stock hovers near the EMA20 and continues to benefit from the global AI boom. Meanwhile, its upcoming Rubin architecture could also benefit companies such as Micron, Applied Materials, Vertiv Holdings, and Teradyne. With the upcoming IPO debut of SpaceX in June, we believe the sentiment will focus on space-related counters such as AST SpaceMobile and Sidus Space.
MY: Tracking the positive performance on Wall Street yesterday, we anticipate that the FBM KLCI will rebound today after a losing streak of more than a week. Meanwhile, we like the rebound above the EMA20 shown by PWRWELL, underpinned by its massive contract wins for data centres in Selangor, infrastructure buildouts such as the RTS Link in Johor, and regional manufacturing expansions. Lastly, we remain bullish on the Technology sector, favouring MI, UWC, FRONTKN, and THMY, as sentiment should continue to bode well for the sector following Nvidia’s recent earnings outperformance and the ARM partnership announcement.
Stocks to watch:
Technology: *3REN*, AMBEST, *CPETECH*, KOBAY, MPI, *SCICOM*, THMY, *UWC*, *VITROX*
Construction: *MITRA*, MNHLDG
Automotive: *BETA*
Utility: *RANHILL*
**Source: M+ Global**
👍1
M+ Morning Market Buzz - 22May26
Dow Jones: 50,285.66 pts (+276.31pts, +0.55%)
⬆️ Resistance: 51400
⬇️ Support: 48300
FBM KLCI: 1,708.36 pts (-9.33pts, -0.54%)
⬆️ Resistance: 1790
⬇️ Support: 1680
HSI Index: 25,386.52 pts (-264.60pts, -1.03%)
⬆️ Resistance: 27000
⬇️ Support: 24900
Crude Palm Oil: RM4,458 (+RM12, +0.27%)
⬆️ Resistance: 4790
⬇️ Support: 4290
Brent Oil: $102.58 (+$2.04, -2.32%)
⬆️ Resistance: 115.00
⬇️ Support: 100.20
Gold: $4,543.05 (-$6.25, +0.03%)
⬆️ Resistance: 4760
⬇️ Support: 4370
Source: Bloomberg, M+ Global
Dow Jones: 50,285.66 pts (+276.31pts, +0.55%)
⬆️ Resistance: 51400
⬇️ Support: 48300
FBM KLCI: 1,708.36 pts (-9.33pts, -0.54%)
⬆️ Resistance: 1790
⬇️ Support: 1680
HSI Index: 25,386.52 pts (-264.60pts, -1.03%)
⬆️ Resistance: 27000
⬇️ Support: 24900
Crude Palm Oil: RM4,458 (+RM12, +0.27%)
⬆️ Resistance: 4790
⬇️ Support: 4290
Brent Oil: $102.58 (+$2.04, -2.32%)
⬆️ Resistance: 115.00
⬇️ Support: 100.20
Gold: $4,543.05 (-$6.25, +0.03%)
⬆️ Resistance: 4760
⬇️ Support: 4370
Source: Bloomberg, M+ Global
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M+ Global Market Wrap - 22May26
FBM KLCI: 1,712.67 pts (+4.31pts, +0.25%)
The FBM KLCI (+0.25%) closed higher at 1712.67 pts as investors rotated into a broader set of companies tied to AI and Semiconductor, as well as the Technology sector following SKYECHIP's listing and stronger earnings releases from the sector. The market breadth was positive, with 629 winners against 539 losers. Sector wise, Technology (+3.00%) outperformed, led by VITROX (+44.0sen) and MPI (+230.0sen), while Consumer Product (-0.39%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM 0.795 (-2.5sen)
SKYECHIP (5357): RM 2.70 (+37.0sen)
EIPOWER (0453): RM 0.625 (+7.5sen)
Top 3 Gainer stocks:
MPI (3867): RM 48.50 (+230.0sen)
HLIND (3301): RM 18.74 (+84.0sen)
VITROX (0097): RM 6.92 (+44.0sen)
Top 3 Loser stocks:
PETDAG (5681): RM 17.84 (-96.0sen)
NESTLE (4707): RM 95.60 (-40.0sen)
PETRONM (3042): RM 4.10 (-26.0sen)
Volume: 3.68 bn (100-bar avg vol: 3.14 bn)
Value: RM3.58 bn (100-bar avg val: RM3.19 bn)
Market Breadth: ⬆️629 ⬇️539
Crude Palm Oil: RM4,458 (+RM33, +0.74%)
Dow Futures: 50,475 pts (+96 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,712.67 pts (+4.31pts, +0.25%)
The FBM KLCI (+0.25%) closed higher at 1712.67 pts as investors rotated into a broader set of companies tied to AI and Semiconductor, as well as the Technology sector following SKYECHIP's listing and stronger earnings releases from the sector. The market breadth was positive, with 629 winners against 539 losers. Sector wise, Technology (+3.00%) outperformed, led by VITROX (+44.0sen) and MPI (+230.0sen), while Consumer Product (-0.39%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM 0.795 (-2.5sen)
SKYECHIP (5357): RM 2.70 (+37.0sen)
EIPOWER (0453): RM 0.625 (+7.5sen)
Top 3 Gainer stocks:
MPI (3867): RM 48.50 (+230.0sen)
HLIND (3301): RM 18.74 (+84.0sen)
VITROX (0097): RM 6.92 (+44.0sen)
Top 3 Loser stocks:
PETDAG (5681): RM 17.84 (-96.0sen)
NESTLE (4707): RM 95.60 (-40.0sen)
PETRONM (3042): RM 4.10 (-26.0sen)
Volume: 3.68 bn (100-bar avg vol: 3.14 bn)
Value: RM3.58 bn (100-bar avg val: RM3.19 bn)
Market Breadth: ⬆️629 ⬇️539
Crude Palm Oil: RM4,458 (+RM33, +0.74%)
Dow Futures: 50,475 pts (+96 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 25May26
Softer Trading as Wall St Closes For Public Holiday
US: Despite Wall Street closing higher, we think that the market might pause due to hawkish rate-hike warnings as Kevin Warsh takes the Fed helm, coupled with record-low consumer sentiment. Meanwhile, despite semiconductor and hardware heavyweights such as Dell Technologies and HP Inc spiking ahead of their upcoming earnings due to surging data centre power demand, we think that sell-on-the-news activities will occur post-earnings; traders are therefore encouraged to either trade short-term or wait for pullback accumulation opportunities. Lastly, Wall Street is closed today in observance of Memorial Day.
MY: Following the closure of the US stock market, we anticipate that the FBM KLCI will start the week with softer trading volume. Technically, traders could take positions in ECA following its pullback toward the EMA20, while fundamentally, it has experienced a positive turnaround in its past two quarters after two consecutive years of losses and is poised to benefit from the AI and semiconductor boom moving forward. Meanwhile, with power engineering solutions provider EIPOWER closing higher on its second day of listing, we expect it to continue its bullish momentum today, with our non-rated report fair value at RM 0.660. Lastly, for tech counters, traders could take partial profits and wait for pullback entries.
Stocks to watch:
Technology: *3REN*, FRONTKN, JFTECH, KGB, KOBAY, PENTA, *SCICOM*, *UWC*
Metals: MSC, PMETAL
Solar: *SLVEST*
Consumer: *GCB*
Construction: CHB
**Source: M+ Global**
Softer Trading as Wall St Closes For Public Holiday
US: Despite Wall Street closing higher, we think that the market might pause due to hawkish rate-hike warnings as Kevin Warsh takes the Fed helm, coupled with record-low consumer sentiment. Meanwhile, despite semiconductor and hardware heavyweights such as Dell Technologies and HP Inc spiking ahead of their upcoming earnings due to surging data centre power demand, we think that sell-on-the-news activities will occur post-earnings; traders are therefore encouraged to either trade short-term or wait for pullback accumulation opportunities. Lastly, Wall Street is closed today in observance of Memorial Day.
MY: Following the closure of the US stock market, we anticipate that the FBM KLCI will start the week with softer trading volume. Technically, traders could take positions in ECA following its pullback toward the EMA20, while fundamentally, it has experienced a positive turnaround in its past two quarters after two consecutive years of losses and is poised to benefit from the AI and semiconductor boom moving forward. Meanwhile, with power engineering solutions provider EIPOWER closing higher on its second day of listing, we expect it to continue its bullish momentum today, with our non-rated report fair value at RM 0.660. Lastly, for tech counters, traders could take partial profits and wait for pullback entries.
Stocks to watch:
Technology: *3REN*, FRONTKN, JFTECH, KGB, KOBAY, PENTA, *SCICOM*, *UWC*
Metals: MSC, PMETAL
Solar: *SLVEST*
Consumer: *GCB*
Construction: CHB
**Source: M+ Global**
M+ Morning Market Buzz - 25May26
Dow Jones: 50,579.70 pts (+294.04pts, +0.58%)
⬆ Resistance: 51900
⬇ Support: 48300
FBM KLCI: 1,712.67 pts (+4.31pts, +0.25%)
⬆ Resistance: 1780
⬇ Support: 1680
HSI Index: 25,606.03 pts (+219.51pts, +0.86%)
⬆ Resistance: 26400
⬇ Support: 24900
Crude Palm Oil: RM4,486 (+RM28, +0.63%)
⬆ Resistance: 4790
⬇ Support: 4370
Brent Oil: $103.54 (-$4.90, -4.73%)
⬆ Resistance: 115.00
⬇ Support: 99.40
Gold: $4,509.40 (+$62.35, +1.38%)
⬆ Resistance: 4690
⬇ Support: 4370
Source: Bloomberg, M+ Global
Dow Jones: 50,579.70 pts (+294.04pts, +0.58%)
⬆ Resistance: 51900
⬇ Support: 48300
FBM KLCI: 1,712.67 pts (+4.31pts, +0.25%)
⬆ Resistance: 1780
⬇ Support: 1680
HSI Index: 25,606.03 pts (+219.51pts, +0.86%)
⬆ Resistance: 26400
⬇ Support: 24900
Crude Palm Oil: RM4,486 (+RM28, +0.63%)
⬆ Resistance: 4790
⬇ Support: 4370
Brent Oil: $103.54 (-$4.90, -4.73%)
⬆ Resistance: 115.00
⬇ Support: 99.40
Gold: $4,509.40 (+$62.35, +1.38%)
⬆ Resistance: 4690
⬇ Support: 4370
Source: Bloomberg, M+ Global
Good Morning All,
We issued a 1Q26 results note on our coverage stock Inta Bina Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Earnings in Line: Net profit hit RM10.8m (+1.9% QoQ, +8.1% YoY), meeting expectations at 27.1% of the full-year forecast. The conservative stance accounts for potential cost pressures from the current energy crisis.
• Segment Highlights: * YoY: Total revenue rose 5.7% and core PATMI grew 8.1%. Construction revenue stayed steady at RM187.6m (+0.4%) on stable project progress, while property revenue fell 46.5% to RM12.5m as projects neared completion.
o QoQ: Total revenue grew 13.3% driven by strong construction progress (+19.1%), while property revenue declined by 30.4%.
• Dividend: Declared a dividend of 0.5 sen (Ex-date: 11-Jun-2026).
Outlook & Order Book
• Strong Visibility: Outstanding construction order book stands at RM1.5bn (as of March 2026), securing earnings for the next 2–3 years. Unbilled property sales contribute an additional RM11.7m.
• Replenishment Targets: Anticipating RM800–900m in new order book replenishments for FY26-27, backed by steady launches from key developer clients.
• Macro Environment: Malaysia's Q1 2026 GDP expanded by 5.4%. The construction sector is projected to grow ~8.5% for the full year, driven by data centers and industrial builds in Johor and Selangor, alongside affordable housing initiatives.
Valuation & Recommendation
• Forecast: Maintained.
• Maintained BUY (Unchanged TP of RM0.76): Target price is based on an 11x P/E multiple applied to a rolled-forward mid-FY27f EPS of 6.94 sen.
• Key Risks: Raw material price fluctuations, order book replenishment success, and regulatory compliance risks.
Research Team, M+ Global
25 May 2026
We issued a 1Q26 results note on our coverage stock Inta Bina Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Earnings in Line: Net profit hit RM10.8m (+1.9% QoQ, +8.1% YoY), meeting expectations at 27.1% of the full-year forecast. The conservative stance accounts for potential cost pressures from the current energy crisis.
• Segment Highlights: * YoY: Total revenue rose 5.7% and core PATMI grew 8.1%. Construction revenue stayed steady at RM187.6m (+0.4%) on stable project progress, while property revenue fell 46.5% to RM12.5m as projects neared completion.
o QoQ: Total revenue grew 13.3% driven by strong construction progress (+19.1%), while property revenue declined by 30.4%.
• Dividend: Declared a dividend of 0.5 sen (Ex-date: 11-Jun-2026).
Outlook & Order Book
• Strong Visibility: Outstanding construction order book stands at RM1.5bn (as of March 2026), securing earnings for the next 2–3 years. Unbilled property sales contribute an additional RM11.7m.
• Replenishment Targets: Anticipating RM800–900m in new order book replenishments for FY26-27, backed by steady launches from key developer clients.
• Macro Environment: Malaysia's Q1 2026 GDP expanded by 5.4%. The construction sector is projected to grow ~8.5% for the full year, driven by data centers and industrial builds in Johor and Selangor, alongside affordable housing initiatives.
Valuation & Recommendation
• Forecast: Maintained.
• Maintained BUY (Unchanged TP of RM0.76): Target price is based on an 11x P/E multiple applied to a rolled-forward mid-FY27f EPS of 6.94 sen.
• Key Risks: Raw material price fluctuations, order book replenishment success, and regulatory compliance risks.
Research Team, M+ Global
25 May 2026
Good Morning All,
We issued a 1Q26 results note on our coverage stock Well Chip Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Earnings Beat: Core PAT reached RM27.9m (+15.0% QoQ, +55.9% YoY), beating expectations by hitting 33.4% of the full-year forecast.
• Margin Expansion: Profitability was driven by a stronger gross profit (GP) margin (65.7% vs 54.1% in 1Q25), fueled by higher pledge redemptions and a 49% YoY rally in gold prices.
• Segment Highlights: * YoY: Revenue jumped 26.8%, led by pawnbroking (+54.3%) due to higher loan disbursements before the February 2026 Middle East tensions.
• QoQ: Revenue growth slowed to 2.9% as gold price momentum cooled after the US-Iran war.
Outlook & Network Expansion
• Footprint: Expanding the pawnshop network to at least 33 outlets by FY27f. This includes 6 upcoming outlets in Johor and Melaka, alongside 3 recently integrated Perak outlets.
• Costs vs. Benefits: Expansion will add RM0.6m p.a. in depreciation, but elevated gold prices are expected to sustain strong margins.
Valuation & Recommendation
• Earnings Upgrade: FY26F and FY27F core PAT forecasts were revised upward to RM99.2m and RM112.6m, respectively. Introduced FY28F forecast at RM123.9m.
• Maintained BUY (Lower TP of RM2.07): Target price adjusted from RM2.27 after switching the valuation method to 2.0x FY27f P/B (on BVPS of RM1.03). P/B better reflects this asset-backed, balance-sheet-driven business model.
• Premium Justification: Sustained ROE above 15%, aggressive outlet growth, resilient financing demand, and scarcity value on Bursa Malaysia. Negative FY25 operating cash flow is viewed as growth-driven (higher loan disbursements).
Research Team, M+ Global
25 May 2026
We issued a 1Q26 results note on our coverage stock Well Chip Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Earnings Beat: Core PAT reached RM27.9m (+15.0% QoQ, +55.9% YoY), beating expectations by hitting 33.4% of the full-year forecast.
• Margin Expansion: Profitability was driven by a stronger gross profit (GP) margin (65.7% vs 54.1% in 1Q25), fueled by higher pledge redemptions and a 49% YoY rally in gold prices.
• Segment Highlights: * YoY: Revenue jumped 26.8%, led by pawnbroking (+54.3%) due to higher loan disbursements before the February 2026 Middle East tensions.
• QoQ: Revenue growth slowed to 2.9% as gold price momentum cooled after the US-Iran war.
Outlook & Network Expansion
• Footprint: Expanding the pawnshop network to at least 33 outlets by FY27f. This includes 6 upcoming outlets in Johor and Melaka, alongside 3 recently integrated Perak outlets.
• Costs vs. Benefits: Expansion will add RM0.6m p.a. in depreciation, but elevated gold prices are expected to sustain strong margins.
Valuation & Recommendation
• Earnings Upgrade: FY26F and FY27F core PAT forecasts were revised upward to RM99.2m and RM112.6m, respectively. Introduced FY28F forecast at RM123.9m.
• Maintained BUY (Lower TP of RM2.07): Target price adjusted from RM2.27 after switching the valuation method to 2.0x FY27f P/B (on BVPS of RM1.03). P/B better reflects this asset-backed, balance-sheet-driven business model.
• Premium Justification: Sustained ROE above 15%, aggressive outlet growth, resilient financing demand, and scarcity value on Bursa Malaysia. Negative FY25 operating cash flow is viewed as growth-driven (higher loan disbursements).
Research Team, M+ Global
25 May 2026
Good Morning All,
Here’s our IPO note on Pentech Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.40 per share for PENTECH, indicating an 100.0% upside from the IPO price of RM0.20. This valuation is based on a PE multiple of 16.5x, pegged to FY27f EPS of 2.4 sen.
Investment highlights include:
(i) In-house technical expertise to provide end-to-end enterprise ICT infrastructure systems
(ii) Total architecture agility due to contractual brand independence
(iii) Structural pivot toward high-margin cloud and managed services
(iv) Established track record with high-compliance corporate clients
(v) Market share expansion fuelled by national digitalization policies
Research Team, M+ Global
25 May 26
Here’s our IPO note on Pentech Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.40 per share for PENTECH, indicating an 100.0% upside from the IPO price of RM0.20. This valuation is based on a PE multiple of 16.5x, pegged to FY27f EPS of 2.4 sen.
Investment highlights include:
(i) In-house technical expertise to provide end-to-end enterprise ICT infrastructure systems
(ii) Total architecture agility due to contractual brand independence
(iii) Structural pivot toward high-margin cloud and managed services
(iv) Established track record with high-compliance corporate clients
(v) Market share expansion fuelled by national digitalization policies
Research Team, M+ Global
25 May 26
M+ Global Market Wrap - 25May26
FBM KLCI: 1,708.50 pts (-4.17pts, -0.24%)
The FBM KLCI (-0.24%) closed lower at 1708.50 pts weighed by cautious investor sentiment and subdued buying interests ahead of the US-Iran negotiations as well as some markets are closed due to public holidays. The market breadth was negative, with 441 winners against 630 losers. Sector wise, Technology (+1.37%) outperformed, led by UNISEM (+35.0sen) and GREATEC (+17.0sen), while Industrial Production (-1.45%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.805 (+1.0 sen)
EIPOWER (0453): RM0.590 (-3.5 sen)
SKYECHIP (5357): RM2.92 (+22.0sen)
Top 3 Gainer stocks:
UNISEM (5005): RM4.85 (+35.0sen)
MI (5286): RM4.53 (+33.0sen)
UMSINT (5340): RM8.42 (+25.0sen)
Top 3 Loser stocks:
MPI (3867): RM48.00 (-50.0sen)
PCHEM (5183): RM5.34 (-36.0sen)
KLK (2445): RM19.92 (-32.0sen)
Volume: 3.12 bn (100-bar avg vol: 3.15 bn)
Value: RM3.17 bn (100-bar avg val: RM3.21 bn)
Market Breadth: ⬆️441 ⬇️630
Crude Palm Oil: RM4,486 (-RM8, -0.18%)
Dow Futures: 51,093 pts (+431 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,708.50 pts (-4.17pts, -0.24%)
The FBM KLCI (-0.24%) closed lower at 1708.50 pts weighed by cautious investor sentiment and subdued buying interests ahead of the US-Iran negotiations as well as some markets are closed due to public holidays. The market breadth was negative, with 441 winners against 630 losers. Sector wise, Technology (+1.37%) outperformed, led by UNISEM (+35.0sen) and GREATEC (+17.0sen), while Industrial Production (-1.45%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.805 (+1.0 sen)
EIPOWER (0453): RM0.590 (-3.5 sen)
SKYECHIP (5357): RM2.92 (+22.0sen)
Top 3 Gainer stocks:
UNISEM (5005): RM4.85 (+35.0sen)
MI (5286): RM4.53 (+33.0sen)
UMSINT (5340): RM8.42 (+25.0sen)
Top 3 Loser stocks:
MPI (3867): RM48.00 (-50.0sen)
PCHEM (5183): RM5.34 (-36.0sen)
KLK (2445): RM19.92 (-32.0sen)
Volume: 3.12 bn (100-bar avg vol: 3.15 bn)
Value: RM3.17 bn (100-bar avg val: RM3.21 bn)
Market Breadth: ⬆️441 ⬇️630
Crude Palm Oil: RM4,486 (-RM8, -0.18%)
Dow Futures: 51,093 pts (+431 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 26May26
Dow Jones: 50,579.70 pts (+294.04pts, +0.58%)
⬆️ Resistance: 51900
⬇️ Support: 48300
FBM KLCI: 1,708.50 pts (-4.17pts, -0.24%)
⬆️ Resistance: 1770
⬇️ Support: 1680
HSI Index: 25,606.03 pts (+219.51pts, +0.86%)
⬆️ Resistance: 26400
⬇️ Support: 24900
Crude Palm Oil: RM4,473 (+RM11, +0.25%)
⬆️ Resistance: 4790
⬇️ Support: 4330
Brent Oil: $96.14 (-$7.40, -7.15%)
⬆️ Resistance: 114.10
⬇️ Support: 94.10
Gold: $4,570.50 (+$4.56, +0.12%)
⬆️ Resistance: 4690
⬇️ Support: 4370
Source: Bloomberg, M+ Global
Dow Jones: 50,579.70 pts (+294.04pts, +0.58%)
⬆️ Resistance: 51900
⬇️ Support: 48300
FBM KLCI: 1,708.50 pts (-4.17pts, -0.24%)
⬆️ Resistance: 1770
⬇️ Support: 1680
HSI Index: 25,606.03 pts (+219.51pts, +0.86%)
⬆️ Resistance: 26400
⬇️ Support: 24900
Crude Palm Oil: RM4,473 (+RM11, +0.25%)
⬆️ Resistance: 4790
⬇️ Support: 4330
Brent Oil: $96.14 (-$7.40, -7.15%)
⬆️ Resistance: 114.10
⬇️ Support: 94.10
Gold: $4,570.50 (+$4.56, +0.12%)
⬆️ Resistance: 4690
⬇️ Support: 4370
Source: Bloomberg, M+ Global
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