M+ Global Market Update – 26May26
Oil Retreated Amid Middle East Peace Deal Progress
US: Following President Trump’s announcement that talks to end the US–Iran conflict are proceeding in an orderly and constructive manner, Brent crude has crashed below the USD99 mark and is expected to bode well for airline stocks. Stock-wise, we remain optimistic on our previous technical pick, Nextpower Inc., underpinned by its recent earnings outperformance, its JV in Saudi Arabia for a 2.25GW supply commitment to one of the world’s largest utility-scale plants, and the integration of AI software into its solar trackers. Lastly, investors will continue to focus on the upcoming earnings of hardware heavyweights Dell and HP this week.
MY: As the Middle East peace deal progresses, we believe sentiment will continue to bode well for regional markets, including the FBM KLCI. Meanwhile, we view the sharp sell-downs in REITs as value-picking opportunities for dividend investors, favouring PAVREIT, SUNREIT, and IGBCR due to their strong fundamentals and attractive dividend yields. Lastly, we continue to favour VSTECS and AGMO; the former is benefitting from the ongoing data centre boom in the country, which requires more of VSTECS’ enterprise servers and infrastructure, while the latter might see increased institutional interest following its transfer of listing from the ACE to the Main Market in April.
Stocks to watch:
Technology: 3REN, *ATECH*, *GOHUB*, GREATEC, INARI, KGB, KOBAY
Construction: *ISF*, *MITRA*, *OGX*
Solar: *SLVEST*
**Source: M+ Global**
Oil Retreated Amid Middle East Peace Deal Progress
US: Following President Trump’s announcement that talks to end the US–Iran conflict are proceeding in an orderly and constructive manner, Brent crude has crashed below the USD99 mark and is expected to bode well for airline stocks. Stock-wise, we remain optimistic on our previous technical pick, Nextpower Inc., underpinned by its recent earnings outperformance, its JV in Saudi Arabia for a 2.25GW supply commitment to one of the world’s largest utility-scale plants, and the integration of AI software into its solar trackers. Lastly, investors will continue to focus on the upcoming earnings of hardware heavyweights Dell and HP this week.
MY: As the Middle East peace deal progresses, we believe sentiment will continue to bode well for regional markets, including the FBM KLCI. Meanwhile, we view the sharp sell-downs in REITs as value-picking opportunities for dividend investors, favouring PAVREIT, SUNREIT, and IGBCR due to their strong fundamentals and attractive dividend yields. Lastly, we continue to favour VSTECS and AGMO; the former is benefitting from the ongoing data centre boom in the country, which requires more of VSTECS’ enterprise servers and infrastructure, while the latter might see increased institutional interest following its transfer of listing from the ACE to the Main Market in April.
Stocks to watch:
Technology: 3REN, *ATECH*, *GOHUB*, GREATEC, INARI, KGB, KOBAY
Construction: *ISF*, *MITRA*, *OGX*
Solar: *SLVEST*
**Source: M+ Global**
Good Morning All,
We issued a 1Q26 results note on our coverage stock TMK Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Earnings Beat: Core earnings reached RM30.2m (+2.9% QoQ, +45.3% YoY), exceeding expectations by making up 27.6% of the full-year forecast. The outperformance was primarily driven by a lower-than-expected effective tax rate.
• Dividend: None declared for the quarter.
• Segment Highlights:
o YoY: Revenue declined 6.4% due to lower sales volume and average selling prices (ASPs). However, core PATMI jumped 45.3% thanks to lower cost of sales and better plant operational efficiency.
o QoQ: Revenue slipped 2.1% due to festive-season shutdowns and a shorter working month, offset by higher ASPs. Core PATMI margins improved to 12.5% (from 11.9% in 4Q25) on stronger manufacturing efficiency.
Outlook & Expansion
• Market Demand: Outlook remains positive, backed by robust demand for chlor-alkali products from rare earth processing and a tight hydrochloric acid (HCl) market.
• Capacity Boost: The Banting Plant 2 (set for 2027) will double chlor-alkali derivatives capacity. Sharing existing infrastructure will minimize capex, depreciation, and manpower costs, boosting future margins.
• Regional Edge: As a key regional supplier, TMK is well-positioned to ride the wave of increasing industrial production in Malaysia and Singapore.
Valuation & Recommendation
• Earnings Upgrade: Revisions to tax rate assumptions and higher margins pushed FY26f–27f core earnings forecasts up by 13.7%–24.4% to RM124.1m and RM140.6m, respectively.
• Downgrade to HOLD (Higher TP of RM2.11): Target price raised from RM1.67 based on a 15.0x P/E ratio applied to FY27f EPS of 14.06 sen. However, the stock is downgraded to HOLD because the recent share price rally has caught up with its valuation.
• Key Risks: Licensing renewal failures, high supplier concentration for inorganic chemicals, reliance on third-party logistics, and leased facility disruptions.
Research Team, M+ Global
26 May 2026
We issued a 1Q26 results note on our coverage stock TMK Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Earnings Beat: Core earnings reached RM30.2m (+2.9% QoQ, +45.3% YoY), exceeding expectations by making up 27.6% of the full-year forecast. The outperformance was primarily driven by a lower-than-expected effective tax rate.
• Dividend: None declared for the quarter.
• Segment Highlights:
o YoY: Revenue declined 6.4% due to lower sales volume and average selling prices (ASPs). However, core PATMI jumped 45.3% thanks to lower cost of sales and better plant operational efficiency.
o QoQ: Revenue slipped 2.1% due to festive-season shutdowns and a shorter working month, offset by higher ASPs. Core PATMI margins improved to 12.5% (from 11.9% in 4Q25) on stronger manufacturing efficiency.
Outlook & Expansion
• Market Demand: Outlook remains positive, backed by robust demand for chlor-alkali products from rare earth processing and a tight hydrochloric acid (HCl) market.
• Capacity Boost: The Banting Plant 2 (set for 2027) will double chlor-alkali derivatives capacity. Sharing existing infrastructure will minimize capex, depreciation, and manpower costs, boosting future margins.
• Regional Edge: As a key regional supplier, TMK is well-positioned to ride the wave of increasing industrial production in Malaysia and Singapore.
Valuation & Recommendation
• Earnings Upgrade: Revisions to tax rate assumptions and higher margins pushed FY26f–27f core earnings forecasts up by 13.7%–24.4% to RM124.1m and RM140.6m, respectively.
• Downgrade to HOLD (Higher TP of RM2.11): Target price raised from RM1.67 based on a 15.0x P/E ratio applied to FY27f EPS of 14.06 sen. However, the stock is downgraded to HOLD because the recent share price rally has caught up with its valuation.
• Key Risks: Licensing renewal failures, high supplier concentration for inorganic chemicals, reliance on third-party logistics, and leased facility disruptions.
Research Team, M+ Global
26 May 2026
Good Morning All,
We issued a 1Q26 results note on our coverage stock Yenher Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Broadly in Line: Core earnings reached RM5.5m (+3.3% QoQ, +68.4% YoY), accounting for 22.2% of the full-year forecast. The performance is deemed in line as 1Q26 was impacted by fewer working days during the Chinese New Year and Hari Raya festive periods.
• Dividend: None declared for the quarter.
• Segment Highlights:
o YoY: Revenue fell 14.1% due to lower grains and oil seeds trading under distribution activity, while manufacturing revenue held steady at RM29.3m. However, core earnings jumped 68.4%, driven by a better manufacturing product mix and a stronger Malaysian Ringgit reducing imported raw material costs.
o QoQ: Revenue dropped 17.0% due to seasonal festive slowdowns impacting both manufacturing (-21.0%) and distribution (-12.8%). Despite this, core earnings grew 3.3% thanks to higher-margin products and lower distribution, travel, and incentive expenses.
Outlook & Growth Drivers
• Resilient Demand: Outlook is steady, supported by consistent demand for poultry meat and eggs as affordable protein sources.
• Cost Headwinds: Geopolitical tensions, volatile commodity prices, and fluctuating freight costs remain key operational pressures.
• Expansion: Focus remains on biosecurity solutions and productivity products. The group's new plant is on track for completion by end-2026, which will drive long-term growth.
Valuation & Recommendation
• Forecast: Maintained.
• Maintained BUY (Unchanged TP of RM0.98): Valuation is sustained based on a 12.0x P/E ratio pegged to an FY26f core EPS of 8.21 sen. Earnings momentum is expected to accelerate in upcoming quarters as sales activity normalizes.
• Key Risks: Livestock disease outbreaks (e.g., ASF, avian flu), raw material and forex volatility, supply chain snarls, new GMP plant completion delays, domestic market concentration, and tightening regulatory standards.
Research Team, M+ Global
26 May 2026
We issued a 1Q26 results note on our coverage stock Yenher Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Broadly in Line: Core earnings reached RM5.5m (+3.3% QoQ, +68.4% YoY), accounting for 22.2% of the full-year forecast. The performance is deemed in line as 1Q26 was impacted by fewer working days during the Chinese New Year and Hari Raya festive periods.
• Dividend: None declared for the quarter.
• Segment Highlights:
o YoY: Revenue fell 14.1% due to lower grains and oil seeds trading under distribution activity, while manufacturing revenue held steady at RM29.3m. However, core earnings jumped 68.4%, driven by a better manufacturing product mix and a stronger Malaysian Ringgit reducing imported raw material costs.
o QoQ: Revenue dropped 17.0% due to seasonal festive slowdowns impacting both manufacturing (-21.0%) and distribution (-12.8%). Despite this, core earnings grew 3.3% thanks to higher-margin products and lower distribution, travel, and incentive expenses.
Outlook & Growth Drivers
• Resilient Demand: Outlook is steady, supported by consistent demand for poultry meat and eggs as affordable protein sources.
• Cost Headwinds: Geopolitical tensions, volatile commodity prices, and fluctuating freight costs remain key operational pressures.
• Expansion: Focus remains on biosecurity solutions and productivity products. The group's new plant is on track for completion by end-2026, which will drive long-term growth.
Valuation & Recommendation
• Forecast: Maintained.
• Maintained BUY (Unchanged TP of RM0.98): Valuation is sustained based on a 12.0x P/E ratio pegged to an FY26f core EPS of 8.21 sen. Earnings momentum is expected to accelerate in upcoming quarters as sales activity normalizes.
• Key Risks: Livestock disease outbreaks (e.g., ASF, avian flu), raw material and forex volatility, supply chain snarls, new GMP plant completion delays, domestic market concentration, and tightening regulatory standards.
Research Team, M+ Global
26 May 2026
Good Morning All,
We issued a 1Q26 results note on our coverage stock KJTS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Broadly in Line: Core PATMI came in at RM4.6m (-5.5% QoQ, +8.9% YoY), meeting expectations at 23.0% of the full-year forecast. Earnings remained resilient despite lower revenue recognition from completed projects.
• Segment Highlights:
o QoQ: Revenue declined 12.3% to RM55.9m due to completed EPCC projects in 4Q25 and expired cleaning contracts. Core PATMI dipped 5.5%, but lower administrative costs lifted margins to 8.2% (from 7.6%).
o YoY: Revenue rose 20.1% on higher Energy Services contributions and a larger facilities management client base. PBT jumped 35.9% to RM6.3m, but core PATMI growth was capped at 8.9% due to a higher effective tax rate (30.0% vs. 9.3% in 1Q25).
Outlook & Strategy
• Structural Growth: Well-positioned to benefit from Malaysia’s low-carbon transition, the National Energy Transition Roadmap (NETR), and data center infrastructure demand.
• Strategic Moves: The acquisition of iHandal enhances heat recovery and energy efficiency capabilities, while shifting KIPMall concessions to Lestari supports an asset-light, recurring-income model.
Valuation & Recommendation
• Forecast: Maintained.
• Upgrade to BUY (Unchanged TP of RM0.87): Upgraded from HOLD following recent share price weakness (dropped to RM0.77), which now offers a ~13.0% upside. The target price is based on a 30x P/E multiple pegged to FY26F EPS of 2.91 sen.
• Key Risks: Inability to replenish the order book, shifts in TNB tariff policies, and unexpected customer contract terminations.
Research Team, M+ Global
26 May 2026
We issued a 1Q26 results note on our coverage stock KJTS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Financial Performance (1Q26)
• Broadly in Line: Core PATMI came in at RM4.6m (-5.5% QoQ, +8.9% YoY), meeting expectations at 23.0% of the full-year forecast. Earnings remained resilient despite lower revenue recognition from completed projects.
• Segment Highlights:
o QoQ: Revenue declined 12.3% to RM55.9m due to completed EPCC projects in 4Q25 and expired cleaning contracts. Core PATMI dipped 5.5%, but lower administrative costs lifted margins to 8.2% (from 7.6%).
o YoY: Revenue rose 20.1% on higher Energy Services contributions and a larger facilities management client base. PBT jumped 35.9% to RM6.3m, but core PATMI growth was capped at 8.9% due to a higher effective tax rate (30.0% vs. 9.3% in 1Q25).
Outlook & Strategy
• Structural Growth: Well-positioned to benefit from Malaysia’s low-carbon transition, the National Energy Transition Roadmap (NETR), and data center infrastructure demand.
• Strategic Moves: The acquisition of iHandal enhances heat recovery and energy efficiency capabilities, while shifting KIPMall concessions to Lestari supports an asset-light, recurring-income model.
Valuation & Recommendation
• Forecast: Maintained.
• Upgrade to BUY (Unchanged TP of RM0.87): Upgraded from HOLD following recent share price weakness (dropped to RM0.77), which now offers a ~13.0% upside. The target price is based on a 30x P/E multiple pegged to FY26F EPS of 2.91 sen.
• Key Risks: Inability to replenish the order book, shifts in TNB tariff policies, and unexpected customer contract terminations.
Research Team, M+ Global
26 May 2026
Good Morning All,
We issued a 3Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintained HOLD recommendation with a higher TP of RM0.59. We maintained our Hold recommendation with a higher TP of RM0.59 (from RM0.52), derived by applying a P/E ratio of 10.0x pegged to our FY27f fully-diluted EPS of 5.90 sen. The rolled forward to FY27f EPS reflects routine annual report housekeeping.
Research Team, M+ Global
26 May 2026
We issued a 3Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintained HOLD recommendation with a higher TP of RM0.59. We maintained our Hold recommendation with a higher TP of RM0.59 (from RM0.52), derived by applying a P/E ratio of 10.0x pegged to our FY27f fully-diluted EPS of 5.90 sen. The rolled forward to FY27f EPS reflects routine annual report housekeeping.
Research Team, M+ Global
26 May 2026
M+ Global Market Wrap - 26May26
FBM KLCI: 1,699.02 pts (-9.48pts, -0.55%)
The FBM KLCI (-0.55%) closed lower at 1699.02 pts due to profit taking by investors amid uncertain US-Iran tension and crude oil prices are marginally higher at the time of writing. The market breadth was negative, with 413 winners against 695 losers. Sector wise, Technology (+0.96%) outperformed, led by INARI (+34.0sen) and UNISEM (+35.0sen), while Utilities (-1.56%) declined the most.
Top 3 Active stocks:
INARI (0166): RM2.22 (+24.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
OPPSTAR (0275): RM0.670 (+3.5 sen)
Top 3 Gainer stocks:
MPI (3867): RM49.14 (+114.0sen)
ALLIANZ (1163): RM21.42 (+62.0sen)
KLK (2445): RM20.34 (+42.0sen)
Top 3 Loser stocks:
BAT (4162): RM5.04 (-113.0sen)
NESTLE (4707): RM94.98 (-82.0sen)
VSTECS (5162): RM5.79 (-32.0sen)
Volume: 3.24 bn (100-bar avg vol: 3.17 bn)
Value: RM3.72 bn (100-bar avg val: RM3.23 bn)
Market Breadth: ⬆️413 ⬇️695
Crude Palm Oil: RM4,473 (+RM17, +0.38%)
Dow Futures: 50,894 pts (+232 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,699.02 pts (-9.48pts, -0.55%)
The FBM KLCI (-0.55%) closed lower at 1699.02 pts due to profit taking by investors amid uncertain US-Iran tension and crude oil prices are marginally higher at the time of writing. The market breadth was negative, with 413 winners against 695 losers. Sector wise, Technology (+0.96%) outperformed, led by INARI (+34.0sen) and UNISEM (+35.0sen), while Utilities (-1.56%) declined the most.
Top 3 Active stocks:
INARI (0166): RM2.22 (+24.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
OPPSTAR (0275): RM0.670 (+3.5 sen)
Top 3 Gainer stocks:
MPI (3867): RM49.14 (+114.0sen)
ALLIANZ (1163): RM21.42 (+62.0sen)
KLK (2445): RM20.34 (+42.0sen)
Top 3 Loser stocks:
BAT (4162): RM5.04 (-113.0sen)
NESTLE (4707): RM94.98 (-82.0sen)
VSTECS (5162): RM5.79 (-32.0sen)
Volume: 3.24 bn (100-bar avg vol: 3.17 bn)
Value: RM3.72 bn (100-bar avg val: RM3.23 bn)
Market Breadth: ⬆️413 ⬇️695
Crude Palm Oil: RM4,473 (+RM17, +0.38%)
Dow Futures: 50,894 pts (+232 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 28May26
Dow Jones: 50,644.28 pts (+182.60pts, +0.36%)
⬆️ Resistance: 51900
⬇️ Support: 48800
FBM KLCI: 1,699.02 pts (-9.48pts, -0.55%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 25,328.23 pts (-271.22pts, -1.06%)
⬆️ Resistance: 26400
⬇️ Support: 24800
Crude Palm Oil: RM4,496 (+RM23, +0.51%)
⬆️ Resistance: 4710
⬇️ Support: 4330
Brent Oil: $94.29 (-$5.29, -5.31%)
⬆️ Resistance: 111.50
⬇️ Support: 92.30
Gold: $4,453.98 (-$2.86, +0.07%)
⬆️ Resistance: 4680
⬇️ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 50,644.28 pts (+182.60pts, +0.36%)
⬆️ Resistance: 51900
⬇️ Support: 48800
FBM KLCI: 1,699.02 pts (-9.48pts, -0.55%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 25,328.23 pts (-271.22pts, -1.06%)
⬆️ Resistance: 26400
⬇️ Support: 24800
Crude Palm Oil: RM4,496 (+RM23, +0.51%)
⬆️ Resistance: 4710
⬇️ Support: 4330
Brent Oil: $94.29 (-$5.29, -5.31%)
⬆️ Resistance: 111.50
⬇️ Support: 92.30
Gold: $4,453.98 (-$2.86, +0.07%)
⬆️ Resistance: 4680
⬇️ Support: 4320
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 28May26
Oil Price Continued To Retreat Further
US: With the upcoming IPO of SpaceX, we think buying interest will be sustained in Google, given Google’s 6.11% stake in SpaceX. Technically, Google is well-supported above the EMA20 and is poised for a breakout. Meanwhile, although initially clouded by AI-monetisation scepticism, we believe the narrative has changed for Amazon, given (i) Anthropic’s commitment to spend more than USD100bn on AWS over the next 10 years and (ii) Meta’s multi-year, multi-billion-dollar deal to deploy Amazon's custom AWS Graviton5 chips to power Meta's next-generation AI workloads. Technically, Amazon is also supported above the EMA20 and has just initiated a breakout. US Q1 GDP data and April’s Core PCE Index will be released later today.
MY: Tracking Wall Street’s positive performance, we think the FBM KLCI may rebound today. Meanwhile, we remain optimistic about solar counters, particularly SLVEST and PEKAT, as technically their share prices have recovered from their recent dips, while fundamentally they are supported by strong earnings, the LSS5 and LSS5+ construction boom, and ongoing government initiatives such as the NETR and CGPP. Lastly, we also favour both AMS and 3REN, with the former benefitting from the ongoing semiconductor boom, while the latter benefits from Intel’s multi-billion-dollar advanced packaging hub expansion in Malaysia.
Stocks to watch:
Technology: *AMBEST*, CPETECH, *DUFU*, KGB, *OGX*, *SFPTECH*
Construction: HEGROUP, *PWRWELL*
Solar: *PEKAT*
Utility: *KENERGY*
Automotive: BETA
Commodity: MSC
**Source: M+ Global**
Oil Price Continued To Retreat Further
US: With the upcoming IPO of SpaceX, we think buying interest will be sustained in Google, given Google’s 6.11% stake in SpaceX. Technically, Google is well-supported above the EMA20 and is poised for a breakout. Meanwhile, although initially clouded by AI-monetisation scepticism, we believe the narrative has changed for Amazon, given (i) Anthropic’s commitment to spend more than USD100bn on AWS over the next 10 years and (ii) Meta’s multi-year, multi-billion-dollar deal to deploy Amazon's custom AWS Graviton5 chips to power Meta's next-generation AI workloads. Technically, Amazon is also supported above the EMA20 and has just initiated a breakout. US Q1 GDP data and April’s Core PCE Index will be released later today.
MY: Tracking Wall Street’s positive performance, we think the FBM KLCI may rebound today. Meanwhile, we remain optimistic about solar counters, particularly SLVEST and PEKAT, as technically their share prices have recovered from their recent dips, while fundamentally they are supported by strong earnings, the LSS5 and LSS5+ construction boom, and ongoing government initiatives such as the NETR and CGPP. Lastly, we also favour both AMS and 3REN, with the former benefitting from the ongoing semiconductor boom, while the latter benefits from Intel’s multi-billion-dollar advanced packaging hub expansion in Malaysia.
Stocks to watch:
Technology: *AMBEST*, CPETECH, *DUFU*, KGB, *OGX*, *SFPTECH*
Construction: HEGROUP, *PWRWELL*
Solar: *PEKAT*
Utility: *KENERGY*
Automotive: BETA
Commodity: MSC
**Source: M+ Global**
Good Morning All,
We issued a 1Q26 results note on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintained BUY recommendation with a TP of RM0.93. We maintain BUY recommendation on LGMS with an unchanged target price of RM0.93. The target price is derived based on a P/E ratio of 35.0x pegged to FY26f EPS of 2.67 sen.
Research Team, M+ Global
28 May 2026
We issued a 1Q26 results note on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintained BUY recommendation with a TP of RM0.93. We maintain BUY recommendation on LGMS with an unchanged target price of RM0.93. The target price is derived based on a P/E ratio of 35.0x pegged to FY26f EPS of 2.67 sen.
Research Team, M+ Global
28 May 2026
Good Morning All,
We issued a 2Q26 results note on our coverage stock CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintained BUY with an unchanged TP of RM0.89. We reiterate our BUY recommendation for CAB with a TP of RM0.89, implying a potential upside of 71.2% from the current share price of RM0.52. This valuation is based on a 5.5x P/E ratio, pegged to FY26F EPS of 16.23 sen.
Research Team, M+ Global
28 May 2026
We issued a 2Q26 results note on our coverage stock CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Maintained BUY with an unchanged TP of RM0.89. We reiterate our BUY recommendation for CAB with a TP of RM0.89, implying a potential upside of 71.2% from the current share price of RM0.52. This valuation is based on a 5.5x P/E ratio, pegged to FY26F EPS of 16.23 sen.
Research Team, M+ Global
28 May 2026
M+ Global Market Wrap - 28May26
FBM KLCI: 1,684.93 pts (-14.09pts, -0.83%)
The FBM KLCI (-0.83%) closed lower at 1684.93 pts as US-Iran airstrikes intensified fears of an escalating conflict. The market breadth was negative, with 456 winners against 678 losers. Sector wise, Technology (+0.41%) outperformed, led by INARI (+13.0sen) and VITROX (+5.0sen), while Finance (-2.12%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.815 (UNCH)
OGX (0395): RM0.420 (+7.0 sen)
INARI (0166): RM2.35 (+13.0 sen)
Top 3 Gainer stocks:
ALLIANZ (1163): RM21.92 (+50.0sen)
KESM (9334): RM4.96 (+47.0sen)
AJI (2658): RM13.28 (+32.0sen)
Top 3 Loser stocks:
HLBANK (5819): RM21.18 (-72.0sen)
BKAWAN (1899): RM19.96 (-44.0sen)
MAYBANK (1155): RM10.50 (-44.0sen)
Volume: 3.54 bn (100-bar avg vol: 3.18 bn)
Value: RM4.19 bn (100-bar avg val: RM3.25 bn)
Market Breadth: ⬆️456 ⬇️678
Crude Palm Oil: RM4,496 (+RM39, +0.87%)
Dow Futures: 50,678 pts (-50 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,684.93 pts (-14.09pts, -0.83%)
The FBM KLCI (-0.83%) closed lower at 1684.93 pts as US-Iran airstrikes intensified fears of an escalating conflict. The market breadth was negative, with 456 winners against 678 losers. Sector wise, Technology (+0.41%) outperformed, led by INARI (+13.0sen) and VITROX (+5.0sen), while Finance (-2.12%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.815 (UNCH)
OGX (0395): RM0.420 (+7.0 sen)
INARI (0166): RM2.35 (+13.0 sen)
Top 3 Gainer stocks:
ALLIANZ (1163): RM21.92 (+50.0sen)
KESM (9334): RM4.96 (+47.0sen)
AJI (2658): RM13.28 (+32.0sen)
Top 3 Loser stocks:
HLBANK (5819): RM21.18 (-72.0sen)
BKAWAN (1899): RM19.96 (-44.0sen)
MAYBANK (1155): RM10.50 (-44.0sen)
Volume: 3.54 bn (100-bar avg vol: 3.18 bn)
Value: RM4.19 bn (100-bar avg val: RM3.25 bn)
Market Breadth: ⬆️456 ⬇️678
Crude Palm Oil: RM4,496 (+RM39, +0.87%)
Dow Futures: 50,678 pts (-50 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 29May26
Investors Are Still Speculating On A US-Iran Deal
US: Following the ongoing positive developments regarding the US–Iran deal, we believe that Wall Street will continue to trade with a bullish bias in the near term. Meanwhile, we think traders could monitor Boeing following the recent lifting of its regulatory caps, implying that its massive USD695bn backlog can finally begin translating into top-line revenue, coupled with an active 200-jet commitment pipeline from Chinese carriers, with management signalling that the total long-term market opportunity in China could realistically expand to 700 aircraft. Lastly, we also like the recovery seen in Microsoft’s share price, supported by its earnings outperformance and the surge in Azure cloud services.
MY: Amid the ongoing sell-down in the FBM KLCI, we view it as a opportune time to accumulate banking stocks, particularly MAYBANK and CIMB, given their strong fundamentals and attractive dividend yields. Meanwhile, we think traders could take positions in DUFU and 3REN; the former is benefitting from the surge in demand for nearline HDDs and its planned diversification into advanced manufacturing in 2027, while the latter benefits from Intel’s multi-billion-dollar advanced packaging hub expansion in Malaysia. Lastly, enterprise ICT solutions provider PENTECH (M+ TP: RM 0.40) will close its IPO applications today.
Stocks to watch:
Technology: *CPETECH*, *DUFU*, *EG*, FPGROUP, JFTECH, KESM, *MCLEAN*, SFPTECH
Industrial Products: *OXB*
Construction: *PWRWELL*
Solar: *SLVEST*
**Source: M+ Global**
Investors Are Still Speculating On A US-Iran Deal
US: Following the ongoing positive developments regarding the US–Iran deal, we believe that Wall Street will continue to trade with a bullish bias in the near term. Meanwhile, we think traders could monitor Boeing following the recent lifting of its regulatory caps, implying that its massive USD695bn backlog can finally begin translating into top-line revenue, coupled with an active 200-jet commitment pipeline from Chinese carriers, with management signalling that the total long-term market opportunity in China could realistically expand to 700 aircraft. Lastly, we also like the recovery seen in Microsoft’s share price, supported by its earnings outperformance and the surge in Azure cloud services.
MY: Amid the ongoing sell-down in the FBM KLCI, we view it as a opportune time to accumulate banking stocks, particularly MAYBANK and CIMB, given their strong fundamentals and attractive dividend yields. Meanwhile, we think traders could take positions in DUFU and 3REN; the former is benefitting from the surge in demand for nearline HDDs and its planned diversification into advanced manufacturing in 2027, while the latter benefits from Intel’s multi-billion-dollar advanced packaging hub expansion in Malaysia. Lastly, enterprise ICT solutions provider PENTECH (M+ TP: RM 0.40) will close its IPO applications today.
Stocks to watch:
Technology: *CPETECH*, *DUFU*, *EG*, FPGROUP, JFTECH, KESM, *MCLEAN*, SFPTECH
Industrial Products: *OXB*
Construction: *PWRWELL*
Solar: *SLVEST*
**Source: M+ Global**
M+ Morning Market Buzz - 29May26
Dow Jones: 50,668.97 pts (+24.69pts, +0.05%)
⬆️ Resistance: 51900
⬇️ Support: 49400
FBM KLCI: 1,684.93 pts (-14.09pts, -0.83%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 25,006.16 pts (-322.07pts, -1.27%)
⬆️ Resistance: 26300
⬇️ Support: 24300
Crude Palm Oil: RM4,537 (+RM4, +0.09%)
⬆️ Resistance: 4670
⬇️ Support: 4330
Brent Oil: $93.71 (-$0.58, -0.62%)
⬆️ Resistance: 108.50
⬇️ Support: 90.80
Gold: $4,495.29 (-$1.87, -0.04%)
⬆️ Resistance: 4680
⬇️ Support: 4280
Source: Bloomberg, M+ Global
Dow Jones: 50,668.97 pts (+24.69pts, +0.05%)
⬆️ Resistance: 51900
⬇️ Support: 49400
FBM KLCI: 1,684.93 pts (-14.09pts, -0.83%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 25,006.16 pts (-322.07pts, -1.27%)
⬆️ Resistance: 26300
⬇️ Support: 24300
Crude Palm Oil: RM4,537 (+RM4, +0.09%)
⬆️ Resistance: 4670
⬇️ Support: 4330
Brent Oil: $93.71 (-$0.58, -0.62%)
⬆️ Resistance: 108.50
⬇️ Support: 90.80
Gold: $4,495.29 (-$1.87, -0.04%)
⬆️ Resistance: 4680
⬇️ Support: 4280
Source: Bloomberg, M+ Global
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Good Morning All,
We issued a technical buy call on Dufu Technology Corp. Bhd (DUFU): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Decent 1QFY26 results
(ii) Benefitting from nearline HDD resurgence
(iii) Diversification into advanced manufacturing in 2027
Research Team, M+ Global
29 May 2026
We issued a technical buy call on Dufu Technology Corp. Bhd (DUFU): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Decent 1QFY26 results
(ii) Benefitting from nearline HDD resurgence
(iii) Diversification into advanced manufacturing in 2027
Research Team, M+ Global
29 May 2026
M+ Global Market Wrap - 29May26
FBM KLCI: 1,683.07 pts (-1.86pts, -0.11%)
The FBM KLCI (-0.11%) closed lower at 1683.07 pts despite geopolitical de-escalation in the Middle East. The market breadth however was positive, with 680 winners against 512 losers. Sector wise, Healthcare (+2.00%) outperformed, led by SUNMED (+2.0sen) and TOPGLOV (+3.0sen), while Energy (-0.53%) declined the most.
Top 3 Active stocks:
AXIATA (6888): RM2.00 (+2.0 sen)
YTL (4677): RM2.05 (+1.0 sen)
MRDIY (5296): RM1.58 (+1.0 sen)
Top 3 Gainer stocks:
HLIND (330): RM19.00 (+62.0sen)
AJI (2658): RM13.86 (+58.0sen)
UTDPLT (2089): RM31.08 (+58.0sen)
Top 3 Loser stocks:
NESTLE (4707): RM91.00 (-400.0sen)
ALLIANZ (1163): RM21.52 (-40.0sen)
MCEMENT (3794): RM6.54 (-35.0sen)
Volume: 4.94 bn (100-bar avg vol: 3.21 bn)
Value: RM10.48 bn (100-bar avg val: RM3.27 bn)
Market Breadth: ⬆️680 ⬇️512
Crude Palm Oil: RM4,537 (-RM6, -0.13%)
Dow Futures: 50,826 pts (+83 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,683.07 pts (-1.86pts, -0.11%)
The FBM KLCI (-0.11%) closed lower at 1683.07 pts despite geopolitical de-escalation in the Middle East. The market breadth however was positive, with 680 winners against 512 losers. Sector wise, Healthcare (+2.00%) outperformed, led by SUNMED (+2.0sen) and TOPGLOV (+3.0sen), while Energy (-0.53%) declined the most.
Top 3 Active stocks:
AXIATA (6888): RM2.00 (+2.0 sen)
YTL (4677): RM2.05 (+1.0 sen)
MRDIY (5296): RM1.58 (+1.0 sen)
Top 3 Gainer stocks:
HLIND (330): RM19.00 (+62.0sen)
AJI (2658): RM13.86 (+58.0sen)
UTDPLT (2089): RM31.08 (+58.0sen)
Top 3 Loser stocks:
NESTLE (4707): RM91.00 (-400.0sen)
ALLIANZ (1163): RM21.52 (-40.0sen)
MCEMENT (3794): RM6.54 (-35.0sen)
Volume: 4.94 bn (100-bar avg vol: 3.21 bn)
Value: RM10.48 bn (100-bar avg val: RM3.27 bn)
Market Breadth: ⬆️680 ⬇️512
Crude Palm Oil: RM4,537 (-RM6, -0.13%)
Dow Futures: 50,826 pts (+83 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 03Jun26
Google Retreated Amid USD80bn Equity Offering
US: We expect Wall Street’s record-breaking momentum to retrace in the near term, as all three major indices are trading at overextended levels with bearish divergence signals. While Google’s share price slid following the launch of a USD80bn equity offering to aggressively fund its escalating AI infrastructure expansion, we view it purely as a market knee-jerk reaction, creating a buy-on-dip opportunity for investors. Lastly, we think traders could take positions in Quantum Computing Inc. and D-Wave Quantum Inc. following their favourable chart setups, with the latter benefitting from a USD100m CHIPS Act allocation by the US Department of Commerce and contracts to build quantum tools for US missile defence.
MY: Tracking the positive overnight performance on Wall Street, we anticipate that the local bourse will kickstart the shortened trading week on a positive note. Meanwhile, with oil prices continuing to remain below USD100/barrel, we believe sentiment will bode well for CAPITALA, which is poised for a breakout. Lastly, traders could also take positions in 3REN and RANHILL following their recent pullbacks, with the former acting as a proxy to ride on Intel's AI progress, while the latter benefits from ongoing data centre developments in Johor.
Stocks to watch:
Technology: AEMULUS, *ATECH*, *EG*, GENETEC, QES, *UWC*, VSTECS
Construction: *ISF*, *PWRWELL*
Media: *OHM*
Healthcare: *KOSSAN*
Solar: * SLVEST*
**Source: M+ Global**
Google Retreated Amid USD80bn Equity Offering
US: We expect Wall Street’s record-breaking momentum to retrace in the near term, as all three major indices are trading at overextended levels with bearish divergence signals. While Google’s share price slid following the launch of a USD80bn equity offering to aggressively fund its escalating AI infrastructure expansion, we view it purely as a market knee-jerk reaction, creating a buy-on-dip opportunity for investors. Lastly, we think traders could take positions in Quantum Computing Inc. and D-Wave Quantum Inc. following their favourable chart setups, with the latter benefitting from a USD100m CHIPS Act allocation by the US Department of Commerce and contracts to build quantum tools for US missile defence.
MY: Tracking the positive overnight performance on Wall Street, we anticipate that the local bourse will kickstart the shortened trading week on a positive note. Meanwhile, with oil prices continuing to remain below USD100/barrel, we believe sentiment will bode well for CAPITALA, which is poised for a breakout. Lastly, traders could also take positions in 3REN and RANHILL following their recent pullbacks, with the former acting as a proxy to ride on Intel's AI progress, while the latter benefits from ongoing data centre developments in Johor.
Stocks to watch:
Technology: AEMULUS, *ATECH*, *EG*, GENETEC, QES, *UWC*, VSTECS
Construction: *ISF*, *PWRWELL*
Media: *OHM*
Healthcare: *KOSSAN*
Solar: * SLVEST*
**Source: M+ Global**
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M+ Morning Market Buzz - 3Jun26
Dow Jones: 51,307.79 pts (+228.91pts, +0.45%)
⬆️ Resistance: 52400
⬇️ Support: 49400
FBM KLCI: 1,683.07 pts (-1.86pts, -0.11%)
⬆️ Resistance: 1750
⬇️ Support: 1650
HSI Index: 26,038.32 pts (+640.14pts, +2.52%)
⬆️ Resistance: 26600
⬇️ Support: 24300
Crude Palm Oil: RM4,535 (-RM2, -0.04%)
⬆️ Resistance: 4670
⬇️ Support: 4430
Brent Oil: $96.00 (+$1.02, +1.07%)
⬆️ Resistance: 101.50
⬇️ Support: 89.70
Gold: $4,488.86 (-$11.25, -0.25%)
⬆️ Resistance: 4690
⬇️ Support: 4280
Source: Bloomberg, M+ Global
Dow Jones: 51,307.79 pts (+228.91pts, +0.45%)
⬆️ Resistance: 52400
⬇️ Support: 49400
FBM KLCI: 1,683.07 pts (-1.86pts, -0.11%)
⬆️ Resistance: 1750
⬇️ Support: 1650
HSI Index: 26,038.32 pts (+640.14pts, +2.52%)
⬆️ Resistance: 26600
⬇️ Support: 24300
Crude Palm Oil: RM4,535 (-RM2, -0.04%)
⬆️ Resistance: 4670
⬇️ Support: 4430
Brent Oil: $96.00 (+$1.02, +1.07%)
⬆️ Resistance: 101.50
⬇️ Support: 89.70
Gold: $4,488.86 (-$11.25, -0.25%)
⬆️ Resistance: 4690
⬇️ Support: 4280
Source: Bloomberg, M+ Global
👍3🥰1
Good Afternoon All,
Here’s our Factor Focus - June 2026 report | Malacca Securities (mplusonline.com)
While the local benchmark underperformed Wall Street and some of its regional peers in May 2026, mainly caused by heavy foreign fund outflows, our quantitative picks however managed to outperform, recording gains of 1.1%/3.2%/3.3% for the respective Large, Small, and Combined universes. Cumulatively, the portfolios recorded 32.1%/37.3%/40.2% in returns since inception.
Research Team, M+ Global
3 June 2026
Here’s our Factor Focus - June 2026 report | Malacca Securities (mplusonline.com)
While the local benchmark underperformed Wall Street and some of its regional peers in May 2026, mainly caused by heavy foreign fund outflows, our quantitative picks however managed to outperform, recording gains of 1.1%/3.2%/3.3% for the respective Large, Small, and Combined universes. Cumulatively, the portfolios recorded 32.1%/37.3%/40.2% in returns since inception.
Research Team, M+ Global
3 June 2026
M+ Global Market Wrap - 3Jun26
FBM KLCI: 1,672.74 pts (-10.33pts, -0.61%)
The FBM KLCI (-0.61%) closed lower at 1,672.74 pts, dragged by fresh volatility flaring in the Gulf as Iran attacked Kuwait's airport, leading to a rebound in oil prices. The market breadth was negative, with 517 winners against 702 losers. Sector wise, Construction (+1.61%) outperformed, led by GAMUDA (+14.0sen) and IJM (+8.0sen), while Telecommunications & Media (-1.47%) declined the most. The IPO debutant BUSCAP closed at RM0.315 compared to its IPO price of RM0.230.
Top 3 Active stocks:
BUSCAP (0455): RM0.315 (+8.5 sen)
NATGATE (0270): RM0.840 (-4.0 sen)
ZETRIX (0138): RM0.825 (+2.0 sen)
Top 3 Gainer stocks:
NESTLE (4707): RM93.52 (+252.0sen)
PETDAG (5681): RM18.60 (+86.0sen)
MCEMENT (3794): RM6.94 (+40.0sen)
Top 3 Loser stocks:
UTDPLT (2089): RM30.12 (-96.0sen)
KLK (2445): RM19.50 (-82.0sen)
F&N (3689): RM27.66 (-64.0sen)
Volume: 3.85 bn (100-bar avg vol: 3.23 bn)
Value: RM4.69 bn (100-bar avg val: RM3.36 bn)
Market Breadth: ⬆️517 ⬇️702
Crude Palm Oil: RM4,535 (+RM139, +3.07%)
Dow Futures: 51,257 pts (-143 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,672.74 pts (-10.33pts, -0.61%)
The FBM KLCI (-0.61%) closed lower at 1,672.74 pts, dragged by fresh volatility flaring in the Gulf as Iran attacked Kuwait's airport, leading to a rebound in oil prices. The market breadth was negative, with 517 winners against 702 losers. Sector wise, Construction (+1.61%) outperformed, led by GAMUDA (+14.0sen) and IJM (+8.0sen), while Telecommunications & Media (-1.47%) declined the most. The IPO debutant BUSCAP closed at RM0.315 compared to its IPO price of RM0.230.
Top 3 Active stocks:
BUSCAP (0455): RM0.315 (+8.5 sen)
NATGATE (0270): RM0.840 (-4.0 sen)
ZETRIX (0138): RM0.825 (+2.0 sen)
Top 3 Gainer stocks:
NESTLE (4707): RM93.52 (+252.0sen)
PETDAG (5681): RM18.60 (+86.0sen)
MCEMENT (3794): RM6.94 (+40.0sen)
Top 3 Loser stocks:
UTDPLT (2089): RM30.12 (-96.0sen)
KLK (2445): RM19.50 (-82.0sen)
F&N (3689): RM27.66 (-64.0sen)
Volume: 3.85 bn (100-bar avg vol: 3.23 bn)
Value: RM4.69 bn (100-bar avg val: RM3.36 bn)
Market Breadth: ⬆️517 ⬇️702
Crude Palm Oil: RM4,535 (+RM139, +3.07%)
Dow Futures: 51,257 pts (-143 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 4Jun26
Dow Jones: 50,687.07 pts (-620.72pts, -1.21%)
⬆️ Resistance: 52400
⬇️ Support: 49400
FBM KLCI: 1,672.74 pts (-10.33pts, -0.61%)
⬆️ Resistance: 1750
⬇️ Support: 1640
HSI Index: 25,633.21 pts (-405.11pts, -1.56%)
⬆️ Resistance: 26600
⬇️ Support: 24300
Crude Palm Oil: RM4,677 (+RM3, +0.06%)
⬆️ Resistance: 4790
⬇️ Support: 4430
Brent Oil: $97.81 (+$1.81, +1.89%)
⬆️ Resistance: 101.00
⬇️ Support: 89.70
Gold: $4,434.81 (+$4.73, +0.11%)
⬆️ Resistance: 4690
⬇️ Support: 4280
Source: Bloomberg, M+ Global
Dow Jones: 50,687.07 pts (-620.72pts, -1.21%)
⬆️ Resistance: 52400
⬇️ Support: 49400
FBM KLCI: 1,672.74 pts (-10.33pts, -0.61%)
⬆️ Resistance: 1750
⬇️ Support: 1640
HSI Index: 25,633.21 pts (-405.11pts, -1.56%)
⬆️ Resistance: 26600
⬇️ Support: 24300
Crude Palm Oil: RM4,677 (+RM3, +0.06%)
⬆️ Resistance: 4790
⬇️ Support: 4430
Brent Oil: $97.81 (+$1.81, +1.89%)
⬆️ Resistance: 101.00
⬇️ Support: 89.70
Gold: $4,434.81 (+$4.73, +0.11%)
⬆️ Resistance: 4690
⬇️ Support: 4280
Source: Bloomberg, M+ Global
👍1