M+ Market Update – 20Jun25
Trump's Vague Statement Sparks Market Volatility
US: Wall Street was closed for the Juneteenth holiday, while global markets stumbled on the possibility of US involvement in the escalating Israel-Iran conflict. This followed a vague statement from President Trump, leaving the world guessing US intentions. We believe global markets will remain cautious with a downward bias for the near term. Key events to monitor in coming weeks include the 90-day tariff pause and developments in the Israel-Iran tension. In commodities, Brent oil surpassed USD78/bbl, and gold is trading around USD3,370/oz. CPO prices remain supported above RM4,100/MT.
MY: Entering the last trading day of the week amid the ongoing Iran-Israel war, we expect the local bourse to remain lacklustre. The rise in Brent oil prices and the dollar index reflects a risk-off environment. We believe REITs, which is viewed as a defensive sector will continue to perform, supported by the healthy sector’s average dividend of more than 5%. Meanwhile, we reiterate our positive stance on the Utility, Construction, and Renewable Energy sectors. This follows TENAGA’s grid upgrades to support rising data centre demand and the nation's renewable energy shift under the NETR masterplan. Thus, we favour counters like INTA, MNHLDG, SCGBHD, and SLVEST.
Stocks to watch:
Utility: GASMSIA, PWRWELL, *SCGBHD*, *UUE*
Technology: *FRONTKN*, *NE*
Solar: *PEKAT*, SLVEST
O&G: DELEUM
Construction: INTA
Plantation: JPG
Source: M+ Global
Trump's Vague Statement Sparks Market Volatility
US: Wall Street was closed for the Juneteenth holiday, while global markets stumbled on the possibility of US involvement in the escalating Israel-Iran conflict. This followed a vague statement from President Trump, leaving the world guessing US intentions. We believe global markets will remain cautious with a downward bias for the near term. Key events to monitor in coming weeks include the 90-day tariff pause and developments in the Israel-Iran tension. In commodities, Brent oil surpassed USD78/bbl, and gold is trading around USD3,370/oz. CPO prices remain supported above RM4,100/MT.
MY: Entering the last trading day of the week amid the ongoing Iran-Israel war, we expect the local bourse to remain lacklustre. The rise in Brent oil prices and the dollar index reflects a risk-off environment. We believe REITs, which is viewed as a defensive sector will continue to perform, supported by the healthy sector’s average dividend of more than 5%. Meanwhile, we reiterate our positive stance on the Utility, Construction, and Renewable Energy sectors. This follows TENAGA’s grid upgrades to support rising data centre demand and the nation's renewable energy shift under the NETR masterplan. Thus, we favour counters like INTA, MNHLDG, SCGBHD, and SLVEST.
Stocks to watch:
Utility: GASMSIA, PWRWELL, *SCGBHD*, *UUE*
Technology: *FRONTKN*, *NE*
Solar: *PEKAT*, SLVEST
O&G: DELEUM
Construction: INTA
Plantation: JPG
Source: M+ Global
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Good Evening All,
We issued a technical buy call on SSR Mining Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Geopolitical tensions between Iran-Israel to support buying in safe-haven assets,
(ii) Positive consensus estimates,
(iii) Well-diversified revenue portfolio
Research Team, M+
20 June 2025
We issued a technical buy call on SSR Mining Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Geopolitical tensions between Iran-Israel to support buying in safe-haven assets,
(ii) Positive consensus estimates,
(iii) Well-diversified revenue portfolio
Research Team, M+
20 June 2025
Good Evening All,
We issued a technical buy call on Royal Caribbean Cruises Ltd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Planned expansion into river cruise market
(ii) Private island strategy enhances yield and brand loyalty
(iii) Earnings momentum supported by strong fundamentals
Research Team, M+
20 June 2025
We issued a technical buy call on Royal Caribbean Cruises Ltd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Planned expansion into river cruise market
(ii) Private island strategy enhances yield and brand loyalty
(iii) Earnings momentum supported by strong fundamentals
Research Team, M+
20 June 2025
M+ Global Market Wrap - 20Jun25
FBM KLCI: 1,502.74 pts (+1.30pts, +0.09%)
The FBMKLCI (+0.09%) snapped its losing streak and closed higher at 1,502.74 pts, led by gains in banking heavyweights. This followed President Trump’s decision to postpone the attacks on Iran for 2 weeks, allowing the market to take a temporary breather. The market breadth remained negative, with 518 losers against 319 winners. In the broader environment, Financial Services (+0.80%) outperformed, led by gains in MAYBANK (+6.0 sen) and CIMB (+7.0 sen), while the Property (-0.73%) and Utility (-0.73%) sectors saw the largest decline.
Top 3 Active stocks:
PUC (0007): RM0.020 (unch)
TANCO (2429): RM0.940 (-1.5 sen)
MRDIY (5296): RM1.630 (-1.0 sen)
Volume: 2.61 bn (100-bar avg vol: 2.97 bn)
Value: RM3.38 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️319⬇️518
Crude palm oil: RM4,128 (+RM24)
Dow Futures: 42,430 pts (-82 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,502.74 pts (+1.30pts, +0.09%)
The FBMKLCI (+0.09%) snapped its losing streak and closed higher at 1,502.74 pts, led by gains in banking heavyweights. This followed President Trump’s decision to postpone the attacks on Iran for 2 weeks, allowing the market to take a temporary breather. The market breadth remained negative, with 518 losers against 319 winners. In the broader environment, Financial Services (+0.80%) outperformed, led by gains in MAYBANK (+6.0 sen) and CIMB (+7.0 sen), while the Property (-0.73%) and Utility (-0.73%) sectors saw the largest decline.
Top 3 Active stocks:
PUC (0007): RM0.020 (unch)
TANCO (2429): RM0.940 (-1.5 sen)
MRDIY (5296): RM1.630 (-1.0 sen)
Volume: 2.61 bn (100-bar avg vol: 2.97 bn)
Value: RM3.38 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️319⬇️518
Crude palm oil: RM4,128 (+RM24)
Dow Futures: 42,430 pts (-82 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 23Jun25
Dow Jones: 42,206.82 pts (+35.16pts, +0.08%)
⬆️ Resistance: 43600
⬇️ Support: 41300
FBM KLCI: 1,502.74 pts (+1.30pts, +0.09%)
⬆️ Resistance: 1560
⬇️ Support: 1480
HSI Index: 23,530.48 pts (+292.74pts, +1.26%)
⬆️ Resistance: 24700
⬇️ Support: 22800
Crude Palm Oil: RM4,118 (+RM14, +0.34%)
⬆️ Resistance: 4230
⬇️ Support: 3950
Brent Oil: $77.01 (+$1.82, +2.36%)
⬆️ Resistance: 80.70
⬇️ Support: 69.20
Gold: $3,368.39 (+$5.30, +0.16%)
⬆️ Resistance: 3530
⬇️ Support: 3280
Source: Bloomberg, M+
Dow Jones: 42,206.82 pts (+35.16pts, +0.08%)
⬆️ Resistance: 43600
⬇️ Support: 41300
FBM KLCI: 1,502.74 pts (+1.30pts, +0.09%)
⬆️ Resistance: 1560
⬇️ Support: 1480
HSI Index: 23,530.48 pts (+292.74pts, +1.26%)
⬆️ Resistance: 24700
⬇️ Support: 22800
Crude Palm Oil: RM4,118 (+RM14, +0.34%)
⬆️ Resistance: 4230
⬇️ Support: 3950
Brent Oil: $77.01 (+$1.82, +2.36%)
⬆️ Resistance: 80.70
⬇️ Support: 69.20
Gold: $3,368.39 (+$5.30, +0.16%)
⬆️ Resistance: 3530
⬇️ Support: 3280
Source: Bloomberg, M+
M+ Market Update – 23Jun25
Volatile Week Ahead Following US Attacks
US: The S&P 500 and Nasdaq ended the week lower, with Wall Street futures pointing to a negative opening following the US military’s bombing of three nuclear sites in Iran last Saturday heightening geopolitical tensions in the Middle East. President Trump also threatened Iran to agree to peace, otherwise it would face further US attacks. Beyond geopolitical tensions, the Fed kept its interest rate unchanged at 4.25%–4.50% for the fourth consecutive FOMC meeting, and projected two rate cuts in 2025. In commodities, Brent oil and gold is trading above USD78/bbl and USD3,376/oz at the time of writing. CPO prices remain supported above RM4,100/MT.
MY: With the US military action in the Middle East, we expect the local bourse to start the week on a lacklustre tone. The heightened geopolitical tensions may spur buying interest in gold and O&G-related counters. Despite the ongoing tension, we remain positive on the Construction and Utility sectors, with the former benefits from public infrastructure developments and data centre investments across the country, while the latter is supported by TENAGA’s power grid upgrades and the country’s renewable energy shift under the NETR masterplan. Thus, we favour counters like GAMUDA, IJM, INTA, MNHLDG, SCGBHD, and SLVEST.
Stocks to watch:
Utility: *CHB*, *GASMSIA*, KJTS, *MNHLDG*
Consumer: *MFLOUR*, MRDIY
Solar: *PEKAT*, SLVEST
O&G: *DAYANG*
Finance: MAYBANK
Plantation: JPG
Source: M+ Global
Volatile Week Ahead Following US Attacks
US: The S&P 500 and Nasdaq ended the week lower, with Wall Street futures pointing to a negative opening following the US military’s bombing of three nuclear sites in Iran last Saturday heightening geopolitical tensions in the Middle East. President Trump also threatened Iran to agree to peace, otherwise it would face further US attacks. Beyond geopolitical tensions, the Fed kept its interest rate unchanged at 4.25%–4.50% for the fourth consecutive FOMC meeting, and projected two rate cuts in 2025. In commodities, Brent oil and gold is trading above USD78/bbl and USD3,376/oz at the time of writing. CPO prices remain supported above RM4,100/MT.
MY: With the US military action in the Middle East, we expect the local bourse to start the week on a lacklustre tone. The heightened geopolitical tensions may spur buying interest in gold and O&G-related counters. Despite the ongoing tension, we remain positive on the Construction and Utility sectors, with the former benefits from public infrastructure developments and data centre investments across the country, while the latter is supported by TENAGA’s power grid upgrades and the country’s renewable energy shift under the NETR masterplan. Thus, we favour counters like GAMUDA, IJM, INTA, MNHLDG, SCGBHD, and SLVEST.
Stocks to watch:
Utility: *CHB*, *GASMSIA*, KJTS, *MNHLDG*
Consumer: *MFLOUR*, MRDIY
Solar: *PEKAT*, SLVEST
O&G: *DAYANG*
Finance: MAYBANK
Plantation: JPG
Source: M+ Global
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Good Morning All,
We initiated a coverage report on EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.700 per share for EITA, based on a P/E ratio of 10.0x pegged to mid-FY26F EPS of 7.04 sen. While this valuation represents a discount compared to the average historical P/E and forward P/E of its peers from the subindustry of Bursa Malaysia’s Industrial Machinery, Supplies and Components, which trade at an average historical P/E and forward P/E of 22.3x to 25.9x, we believe it is justified given EITA’s lower NP margin of 2.4% as compared to its peers’ average margin of 10.3% and median of 5.6%.
Investment highlights include:
(i) Strong foothold in large-scale public transport infrastructure projects
(ii) Recurring income from maintenance services
(iii) Focusing on overseas expansion
(iv) Riding the data centre waves through Busduct systems
(v) Benefitting from favourable national industrial policy outlook
(vi) Selective player with 5–8% market share
Research Team, M+
23 June 2025
We initiated a coverage report on EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.700 per share for EITA, based on a P/E ratio of 10.0x pegged to mid-FY26F EPS of 7.04 sen. While this valuation represents a discount compared to the average historical P/E and forward P/E of its peers from the subindustry of Bursa Malaysia’s Industrial Machinery, Supplies and Components, which trade at an average historical P/E and forward P/E of 22.3x to 25.9x, we believe it is justified given EITA’s lower NP margin of 2.4% as compared to its peers’ average margin of 10.3% and median of 5.6%.
Investment highlights include:
(i) Strong foothold in large-scale public transport infrastructure projects
(ii) Recurring income from maintenance services
(iii) Focusing on overseas expansion
(iv) Riding the data centre waves through Busduct systems
(v) Benefitting from favourable national industrial policy outlook
(vi) Selective player with 5–8% market share
Research Team, M+
23 June 2025
M+ Global Market Wrap - 23Jun25
FBM KLCI: 1,516.61 pts (+13.87pts, +0.92%)
The FBMKLCI (+0.92%) reversed its morning losses and closed higher at 1,516.61 pts, led by gains in banking heavyweights including PBBANK (+21.0 sen) and CIMB (+15.0 sen). Nonetheless, market breadth remained negative, with 697 losers against 274 winners. In the broader environment, the Energy (+1.39%) sector advanced the most following Iran’s consideration of blocking the Strait of Hormuz in retaliation for US strikes, which is expected to severely disrupt global O&G supplies. Meanwhile, the Telecommunications & Media (-1.13%) sector saw the largest decline.
Top 3 Active stocks:
PUC (0007): RM0.015 (-0.5 sen)
RL (0219): RM0.430 (+6.0 sen)
MYEG (0138): RM0.900 (-0.5 sen)
Volume: 3.09 bn (100-bar avg vol: 2.97 bn)
Value: RM1.91 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️274⬇️697
Crude palm oil: RM4,117 (-RM1)
Dow Futures: 42,567 pts (+52 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,516.61 pts (+13.87pts, +0.92%)
The FBMKLCI (+0.92%) reversed its morning losses and closed higher at 1,516.61 pts, led by gains in banking heavyweights including PBBANK (+21.0 sen) and CIMB (+15.0 sen). Nonetheless, market breadth remained negative, with 697 losers against 274 winners. In the broader environment, the Energy (+1.39%) sector advanced the most following Iran’s consideration of blocking the Strait of Hormuz in retaliation for US strikes, which is expected to severely disrupt global O&G supplies. Meanwhile, the Telecommunications & Media (-1.13%) sector saw the largest decline.
Top 3 Active stocks:
PUC (0007): RM0.015 (-0.5 sen)
RL (0219): RM0.430 (+6.0 sen)
MYEG (0138): RM0.900 (-0.5 sen)
Volume: 3.09 bn (100-bar avg vol: 2.97 bn)
Value: RM1.91 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️274⬇️697
Crude palm oil: RM4,117 (-RM1)
Dow Futures: 42,567 pts (+52 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 24Jun25
Dow Jones: 42,581.78 pts (+374.96pts, +0.89%)
⬆️ Resistance: 43500
⬇️ Support: 41200
FBM KLCI: 1,516.61 pts (+13.87pts, +0.92%)
⬆️ Resistance: 1560
⬇️ Support: 1460
HSI Index: 23,689.13 pts (+158.65pts, +0.67%)
⬆️ Resistance: 24700
⬇️ Support: 22800
Crude Palm Oil: RM4,126 (-RM54, -1.31%)
⬆️ Resistance: 4230
⬇️ Support: 3980
Brent Oil: $71.48 (-$5.53, -7.18%)
⬆️ Resistance: 83.10
⬇️ Support: 68.20
Gold: $3,368.48 (-$11.62, -0.35%)
⬆️ Resistance: 3480
⬇️ Support: 3280
Source: Bloomberg, M+
Dow Jones: 42,581.78 pts (+374.96pts, +0.89%)
⬆️ Resistance: 43500
⬇️ Support: 41200
FBM KLCI: 1,516.61 pts (+13.87pts, +0.92%)
⬆️ Resistance: 1560
⬇️ Support: 1460
HSI Index: 23,689.13 pts (+158.65pts, +0.67%)
⬆️ Resistance: 24700
⬇️ Support: 22800
Crude Palm Oil: RM4,126 (-RM54, -1.31%)
⬆️ Resistance: 4230
⬇️ Support: 3980
Brent Oil: $71.48 (-$5.53, -7.18%)
⬆️ Resistance: 83.10
⬇️ Support: 68.20
Gold: $3,368.48 (-$11.62, -0.35%)
⬆️ Resistance: 3480
⬇️ Support: 3280
Source: Bloomberg, M+
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M+ Global Market Update – 24Jun25
Ceasefire Deal To Lift The Markets Higher
US: Despite Iran launching missile attacks on the US airbase in Qatar, all three major US indices advanced. President Trump called the attack "very weak," and said “it’s time for peace!”. He subsequently announced a total ceasefire between Iran and Israel and has led to Wall Street futures rising at the time of writing. Beyond geopolitical tensions, Fed Governor Michelle Bowman stated she would support an interest rate cut at the FOMC’s July meeting. In commodities, Brent oil and gold retraced toward USD71/bbl and USD3,368/oz respectively following the ceasefire announcement. Meanwhile, CPO prices remain supported above RM4,100/MT.
MY: Despite the ongoing geopolitical tensions, we remain optimistic about the Construction sector, supported by data centre investments and JSSEZ initiatives. According to Chief Minister Datuk Onn Hafiz, Johor has already secured RM30.1bn in approved investments in 1Q25 and now needs about RM70bn more in the remaining nine months to reach its RM100bn target, with the state banking on the JSSEZ initiative. Meanwhile, investors can also look into the upcoming IPO CUCKOO (M+ Global TP: RM1.53), which is set to be listed on the Main Market today. The company has announced a strategic collaboration with Samsung for smart home solutions.
Stocks to watch:
Utility: *KJTS*, *MNHLDG*, PWRWELL, *SCGBHD*
Technology: *ADB*, FRONTKN, *NE*
Telco: TIMECOM
Finance: MAYBANK
Plantation: INNO
Source: M+ Global
Ceasefire Deal To Lift The Markets Higher
US: Despite Iran launching missile attacks on the US airbase in Qatar, all three major US indices advanced. President Trump called the attack "very weak," and said “it’s time for peace!”. He subsequently announced a total ceasefire between Iran and Israel and has led to Wall Street futures rising at the time of writing. Beyond geopolitical tensions, Fed Governor Michelle Bowman stated she would support an interest rate cut at the FOMC’s July meeting. In commodities, Brent oil and gold retraced toward USD71/bbl and USD3,368/oz respectively following the ceasefire announcement. Meanwhile, CPO prices remain supported above RM4,100/MT.
MY: Despite the ongoing geopolitical tensions, we remain optimistic about the Construction sector, supported by data centre investments and JSSEZ initiatives. According to Chief Minister Datuk Onn Hafiz, Johor has already secured RM30.1bn in approved investments in 1Q25 and now needs about RM70bn more in the remaining nine months to reach its RM100bn target, with the state banking on the JSSEZ initiative. Meanwhile, investors can also look into the upcoming IPO CUCKOO (M+ Global TP: RM1.53), which is set to be listed on the Main Market today. The company has announced a strategic collaboration with Samsung for smart home solutions.
Stocks to watch:
Utility: *KJTS*, *MNHLDG*, PWRWELL, *SCGBHD*
Technology: *ADB*, FRONTKN, *NE*
Telco: TIMECOM
Finance: MAYBANK
Plantation: INNO
Source: M+ Global
👍1
M+ Global Market Wrap - 24Jun25
FBM KLCI: 1,514.29 pts (-2.32pts, -0.15%)
Despite the positive regional market performance, the FBMKLCI (-0.15%) bucked the trend and closed lower at 1,514.29 pts, dragged by losses in IHH (-26.0 sen) and PBBANK (-11.0 sen). Nevertheless, the market breadth turned positive, with 634 winners against 346 losers. In the broader environment, the Technology sector (+1.54%) outperformed, led by gains in INARI (+5.0 sen) and MYEG (+2.0 sen), while the Energy sector (-2.42%) saw the largest decline following the ceasefire announcement by President Trump.
Top 3 Active stocks:
TANCO (2429): RM0.940 (+2.0 sen)
RL (0219): RM0.310 (-12.0 sen)
CKI (5336): RM1.080 (unch)
Volume: 2.53 bn (100-bar avg vol: 2.96 bn)
Value: RM2.04 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️634⬇️346
Crude palm oil: RM3,999 (-RM127)
Dow Futures: 43,201 pts (+300 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,514.29 pts (-2.32pts, -0.15%)
Despite the positive regional market performance, the FBMKLCI (-0.15%) bucked the trend and closed lower at 1,514.29 pts, dragged by losses in IHH (-26.0 sen) and PBBANK (-11.0 sen). Nevertheless, the market breadth turned positive, with 634 winners against 346 losers. In the broader environment, the Technology sector (+1.54%) outperformed, led by gains in INARI (+5.0 sen) and MYEG (+2.0 sen), while the Energy sector (-2.42%) saw the largest decline following the ceasefire announcement by President Trump.
Top 3 Active stocks:
TANCO (2429): RM0.940 (+2.0 sen)
RL (0219): RM0.310 (-12.0 sen)
CKI (5336): RM1.080 (unch)
Volume: 2.53 bn (100-bar avg vol: 2.96 bn)
Value: RM2.04 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️634⬇️346
Crude palm oil: RM3,999 (-RM127)
Dow Futures: 43,201 pts (+300 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 25Jun25
Dow Jones: 43,089.02 pts (+507.24pts, +1.19%)
⬆️ Resistance: 44100
⬇️ Support: 41200
FBM KLCI: 1,514.29 pts (-2.32pts, -0.15%)
⬆️ Resistance: 1550
⬇️ Support: 1460
HSI Index: 24,177.07 pts (+487.94pts, +2.06%)
⬆️ Resistance: 24800
⬇️ Support: 22800
Crude Palm Oil: RM3,983 (+RM8, +0.20%)
⬆️ Resistance: 4230
⬇️ Support: 3890
Brent Oil: $67.14 (-$4.34, -6.07%)
⬆️ Resistance: 83.10
⬇️ Support: 65.50
Gold: $3,323.67 (-$1.86, -0.06%)
⬆️ Resistance: 3470
⬇️ Support: 3230
Source: Bloomberg, M+
Dow Jones: 43,089.02 pts (+507.24pts, +1.19%)
⬆️ Resistance: 44100
⬇️ Support: 41200
FBM KLCI: 1,514.29 pts (-2.32pts, -0.15%)
⬆️ Resistance: 1550
⬇️ Support: 1460
HSI Index: 24,177.07 pts (+487.94pts, +2.06%)
⬆️ Resistance: 24800
⬇️ Support: 22800
Crude Palm Oil: RM3,983 (+RM8, +0.20%)
⬆️ Resistance: 4230
⬇️ Support: 3890
Brent Oil: $67.14 (-$4.34, -6.07%)
⬆️ Resistance: 83.10
⬇️ Support: 65.50
Gold: $3,323.67 (-$1.86, -0.06%)
⬆️ Resistance: 3470
⬇️ Support: 3230
Source: Bloomberg, M+
👍2
M+ Global Market Update – 25Jun25
Markets Climb Following Ceasefire Announcement
US: Wall Street rallied as easing Middle East tensions and dovish signals from the Fed lifted market sentiment. President Trump’s declaration of a ceasefire between Israel and Iran “in effect” boosted optimism, despite accusations of immediate violations by both sides. Meanwhile, Fed Chair Powell kept the door open for rate cuts, stating that multiple policy paths remain possible amid tariff-driven uncertainty. In the commodities market, Brent oil fell sharply toward USD67/bbl as ceasefire hopes reduced supply risks, while gold retraced toward USD3,323/oz. Lastly, CPO prices broke below the RM4,000 level.
MY: In view of the ceasefire and the relief rally on Wall Street, we believe the overall local market conditions may turn positive. We are positive on the Construction, Utility, and Solar sectors, underpinned by TENAGA’s grid upgrades to support rising data centre demand, JSSEZ initiatives and the nation's renewable energy shift under the NETR masterplan. Meanwhile, investors may also consider KGB, which staged a flag formation breakout yesterday and holds an outstanding order book of RM1.43bn according to its latest quarterly results. The group has also secured RM390m in new contract wins in 1Q25, and has tendered for ultra-high purity projects in Europe.
Stocks to watch:
Utility: CHB, *GASMSIA*, *KJTS*, PWRWELL
Finance: ABMB, MAYBANK, RHBBANK
Technology: AGMO, *MI*, *VITROX*
Solar: *PEKAT*, SLVEST
Consumer: MFLOUR
Source: M+ Global
Markets Climb Following Ceasefire Announcement
US: Wall Street rallied as easing Middle East tensions and dovish signals from the Fed lifted market sentiment. President Trump’s declaration of a ceasefire between Israel and Iran “in effect” boosted optimism, despite accusations of immediate violations by both sides. Meanwhile, Fed Chair Powell kept the door open for rate cuts, stating that multiple policy paths remain possible amid tariff-driven uncertainty. In the commodities market, Brent oil fell sharply toward USD67/bbl as ceasefire hopes reduced supply risks, while gold retraced toward USD3,323/oz. Lastly, CPO prices broke below the RM4,000 level.
MY: In view of the ceasefire and the relief rally on Wall Street, we believe the overall local market conditions may turn positive. We are positive on the Construction, Utility, and Solar sectors, underpinned by TENAGA’s grid upgrades to support rising data centre demand, JSSEZ initiatives and the nation's renewable energy shift under the NETR masterplan. Meanwhile, investors may also consider KGB, which staged a flag formation breakout yesterday and holds an outstanding order book of RM1.43bn according to its latest quarterly results. The group has also secured RM390m in new contract wins in 1Q25, and has tendered for ultra-high purity projects in Europe.
Stocks to watch:
Utility: CHB, *GASMSIA*, *KJTS*, PWRWELL
Finance: ABMB, MAYBANK, RHBBANK
Technology: AGMO, *MI*, *VITROX*
Solar: *PEKAT*, SLVEST
Consumer: MFLOUR
Source: M+ Global
👍1
Good Morning All,
We issued a technical buy call on Solarvest Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong project pipeline for the next 2 years
(ii) Brunei’s expansion to drive regional growth
(iii) Strong earnings momentum
Research Team, M+
25 June 2025
We issued a technical buy call on Solarvest Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong project pipeline for the next 2 years
(ii) Brunei’s expansion to drive regional growth
(iii) Strong earnings momentum
Research Team, M+
25 June 2025
M+ Global Market Wrap - 25Jun25
FBM KLCI: 1,519.79 pts (+5.50pts, +0.36%)
Following the positive sentiment over the ceasefire announcement by President Trump, the regional market performance turned bullish, including the FBMKLCI (+0.36%) which closed higher at 1,519.79 pts, led by gains in PCHEM (+18.0 sen) and IHH (+11.0 sen). Market breadth also remained positive, with 577 winners against 389 losers. In the broader environment, the Technology (+1.80%) sector continued to outperform for the second day, led by gains in VITROX (+12.0 sen) and MYEG (+1.5 sen), while the Financial Services (-0.09%) sector was the only sector that ended in the red.
Top 3 Active stocks:
RL (0219): RM0.225 (-8.5 sen)
GOCEAN (0074): RM0.115 (-14.5 sen)
TANCO (2429): RM0.930 (-1.0 sen)
Volume: 3.15 bn (100-bar avg vol: 2.96 bn)
Value: RM2.27 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️577⬇️389
Crude palm oil: RM3,978 (-RM5)
Dow Futures: 43,448 pts (+24 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,519.79 pts (+5.50pts, +0.36%)
Following the positive sentiment over the ceasefire announcement by President Trump, the regional market performance turned bullish, including the FBMKLCI (+0.36%) which closed higher at 1,519.79 pts, led by gains in PCHEM (+18.0 sen) and IHH (+11.0 sen). Market breadth also remained positive, with 577 winners against 389 losers. In the broader environment, the Technology (+1.80%) sector continued to outperform for the second day, led by gains in VITROX (+12.0 sen) and MYEG (+1.5 sen), while the Financial Services (-0.09%) sector was the only sector that ended in the red.
Top 3 Active stocks:
RL (0219): RM0.225 (-8.5 sen)
GOCEAN (0074): RM0.115 (-14.5 sen)
TANCO (2429): RM0.930 (-1.0 sen)
Volume: 3.15 bn (100-bar avg vol: 2.96 bn)
Value: RM2.27 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️577⬇️389
Crude palm oil: RM3,978 (-RM5)
Dow Futures: 43,448 pts (+24 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
Here’s our IPO note on A1 A.K. Koh Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.27 per share for A1AKK, representing an 8.0% upside from its IPO price of RM0.25. This valuation is based on a P/E ratio of 19.0x, pegged to the mid-FY27F EPS of 1.43 sen. We believe the ascribed P/E is fair, given that its peers in the packaged foods and meats sub-industry under the Bursa Malaysia Consumer Product Index (KLCSU) trade at an average forward P/E and historical P/E of 13.2x to 19.1x.
We ascribed a valuation multiple closer to the higher end of this range because despite having a smaller market capitalisation, A1AKK is able to deliver a relatively stronger ROE and NP margin of 34.0% and 12.4% respectively, compared to its peers' single-digit ROE and NP margin of 9.1% and 3.4%.
Looking ahead, A1AKK’s plans to expand its product availability across new retail channels like convenience stores, petrol kiosks, and retail pharmacies, along with intensified promotional activities in high-traffic locations such as supermarkets and hypermarkets, are expected to drive nationwide market share expansion, reinforcing our support for its upside-tilted valuation multiple.
Investment highlights include:
(i) Leveraging urbanisation lifestyle and HORECA trend through intensified marketing
(ii) Diversified range of product portfolio with experience for product innovation
(iii) Wide distribution network with multi-channel market reach
(iv) Multiple awards, certifications and Halal compliance
(v) Capacity expansion to support growth
(vi) Multi-segment market share across packaged food sectors
Research Team, M+
25 Jun 2025
Here’s our IPO note on A1 A.K. Koh Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.27 per share for A1AKK, representing an 8.0% upside from its IPO price of RM0.25. This valuation is based on a P/E ratio of 19.0x, pegged to the mid-FY27F EPS of 1.43 sen. We believe the ascribed P/E is fair, given that its peers in the packaged foods and meats sub-industry under the Bursa Malaysia Consumer Product Index (KLCSU) trade at an average forward P/E and historical P/E of 13.2x to 19.1x.
We ascribed a valuation multiple closer to the higher end of this range because despite having a smaller market capitalisation, A1AKK is able to deliver a relatively stronger ROE and NP margin of 34.0% and 12.4% respectively, compared to its peers' single-digit ROE and NP margin of 9.1% and 3.4%.
Looking ahead, A1AKK’s plans to expand its product availability across new retail channels like convenience stores, petrol kiosks, and retail pharmacies, along with intensified promotional activities in high-traffic locations such as supermarkets and hypermarkets, are expected to drive nationwide market share expansion, reinforcing our support for its upside-tilted valuation multiple.
Investment highlights include:
(i) Leveraging urbanisation lifestyle and HORECA trend through intensified marketing
(ii) Diversified range of product portfolio with experience for product innovation
(iii) Wide distribution network with multi-channel market reach
(iv) Multiple awards, certifications and Halal compliance
(v) Capacity expansion to support growth
(vi) Multi-segment market share across packaged food sectors
Research Team, M+
25 Jun 2025
😁2
M+ Morning Market Buzz - 26Jun25
Dow Jones: 42,982.43 pts (-106.59pts, -0.25%)
⬆️ Resistance: 44100
⬇️ Support: 41200
FBM KLCI: 1,519.79 pts (+5.50pts, +0.36%)
⬆️ Resistance: 1560
⬇️ Support: 1460
HSI Index: 24,474.67 pts (+297.60pts, +1.23%)
⬆️ Resistance: 25100
⬇️ Support: 22800
Crude Palm Oil: RM3,965 (+RM40, +1.01%)
⬆️ Resistance: 4230
⬇️ Support: 3880
Brent Oil: $67.68 (+$0.54, +0.80%)
⬆️ Resistance: 83.10
⬇️ Support: 65.50
Gold: $3,332.33 (+$1.57, +0.05%)
⬆️ Resistance: 3470
⬇️ Support: 3230
Source: Bloomberg, M+
Dow Jones: 42,982.43 pts (-106.59pts, -0.25%)
⬆️ Resistance: 44100
⬇️ Support: 41200
FBM KLCI: 1,519.79 pts (+5.50pts, +0.36%)
⬆️ Resistance: 1560
⬇️ Support: 1460
HSI Index: 24,474.67 pts (+297.60pts, +1.23%)
⬆️ Resistance: 25100
⬇️ Support: 22800
Crude Palm Oil: RM3,965 (+RM40, +1.01%)
⬆️ Resistance: 4230
⬇️ Support: 3880
Brent Oil: $67.68 (+$0.54, +0.80%)
⬆️ Resistance: 83.10
⬇️ Support: 65.50
Gold: $3,332.33 (+$1.57, +0.05%)
⬆️ Resistance: 3470
⬇️ Support: 3230
Source: Bloomberg, M+
👍2
M+ Global Market Update – 26Jun25
Mixed Reactions Despite Easing Geopolitical Tensions
US: Wall Street ended mixed as investors digested ongoing developments surrounding the ceasefire between Israel and Iran, which President Trump declared “in effect” despite continued retaliatory actions from both sides. Geopolitical tensions eased slightly after US airstrikes on Iranian nuclear sites, though concerns lingered over the extent of the damage. Meanwhile, Fed Chair Powell maintained a cautious tone before Congress, warning that persistent inflation from tariffs remains a key risk, and reiterated that the Fed is not ready to cut rates until clearer signs emerge. In the commodities market, both Brent oil and gold posted minor gains, rising toward USD67/bbl and USD3,332/oz respectively, while CPO prices remained below the RM4,000 level.
MY: As the FBM KLCI formed a bullish engulfing candle formed on Monday, buying interest has re-emerged in blue-chip counters, as the local bourse is currently trading at a P/E multiple of 14.0x (5-year average: 16.5x). The REITs sector also experienced a strong surge yesterday, led by gains in IGBREIT following its plan to acquire the Mid Valley Southkey Mall, with seven "Buy" calls and a consensus TP of RM2.48, shown in Bloomberg. Lastly, we continue to favour KGB, which saw a breakout continuation pattern and currently holds an outstanding order book of RM1.43bn.
Stocks to watch:
Utility: KJTS, *MNHLDG*, PWRWELL, *SCGBHD*
Technology: *KGB*, MI, VITROX
Consumer: *KOPI*, MFLOUR
Solar: *PEKAT*
Telco: AXIATA
Source: M+ Global
Mixed Reactions Despite Easing Geopolitical Tensions
US: Wall Street ended mixed as investors digested ongoing developments surrounding the ceasefire between Israel and Iran, which President Trump declared “in effect” despite continued retaliatory actions from both sides. Geopolitical tensions eased slightly after US airstrikes on Iranian nuclear sites, though concerns lingered over the extent of the damage. Meanwhile, Fed Chair Powell maintained a cautious tone before Congress, warning that persistent inflation from tariffs remains a key risk, and reiterated that the Fed is not ready to cut rates until clearer signs emerge. In the commodities market, both Brent oil and gold posted minor gains, rising toward USD67/bbl and USD3,332/oz respectively, while CPO prices remained below the RM4,000 level.
MY: As the FBM KLCI formed a bullish engulfing candle formed on Monday, buying interest has re-emerged in blue-chip counters, as the local bourse is currently trading at a P/E multiple of 14.0x (5-year average: 16.5x). The REITs sector also experienced a strong surge yesterday, led by gains in IGBREIT following its plan to acquire the Mid Valley Southkey Mall, with seven "Buy" calls and a consensus TP of RM2.48, shown in Bloomberg. Lastly, we continue to favour KGB, which saw a breakout continuation pattern and currently holds an outstanding order book of RM1.43bn.
Stocks to watch:
Utility: KJTS, *MNHLDG*, PWRWELL, *SCGBHD*
Technology: *KGB*, MI, VITROX
Consumer: *KOPI*, MFLOUR
Solar: *PEKAT*
Telco: AXIATA
Source: M+ Global
👍3
Good Morning All,
We issued a technical buy call on MN Holdings Berhad: Your Trusted Guide to Global Traidng | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) DCs pipeline remain strong
(ii) Positive Tenaga's CapEx guidance
(iii) Malaysia's push towards renewable energy
Research Team, M+
26 June 2025
We issued a technical buy call on MN Holdings Berhad: Your Trusted Guide to Global Traidng | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) DCs pipeline remain strong
(ii) Positive Tenaga's CapEx guidance
(iii) Malaysia's push towards renewable energy
Research Team, M+
26 June 2025
M+ Global Market Wrap - 26Jun25
FBM KLCI: 1,528.16 pts (+8.37pts, +0.55%)
The FBMKLCI (+0.55%) extended its gains for a second consecutive day, closing higher at 1,528.16 pts, supported by bargain hunting activities in YTL-related counters including YTLPOWR (+20.0 sen) and YTL (+13.0 sen). Market breadth also remained positive, with 509 winners against 409 losers. In the broader environment, the Technology (+1.55%) sector continued to outperform for the third straight day, led by gains in INARI (+6.0 sen) and UNISEM (+13.0 sen), while the Health Care (-0.54%) sector emerged as the top decliner.
Top 3 Active stocks:
TANCO (2429): RM0.930 (unch)
RL (0219): RM0.205 (-2.0 sen)
YTL (4677): RM2.270 (+13.0 sen)
Volume: 2.90 bn (100-bar avg vol: 2.96 bn)
Value: RM2.23 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️509⬇️409
Crude palm oil: RM3,995 (+RM30)
Dow Futures: 43,398 pts (+92 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,528.16 pts (+8.37pts, +0.55%)
The FBMKLCI (+0.55%) extended its gains for a second consecutive day, closing higher at 1,528.16 pts, supported by bargain hunting activities in YTL-related counters including YTLPOWR (+20.0 sen) and YTL (+13.0 sen). Market breadth also remained positive, with 509 winners against 409 losers. In the broader environment, the Technology (+1.55%) sector continued to outperform for the third straight day, led by gains in INARI (+6.0 sen) and UNISEM (+13.0 sen), while the Health Care (-0.54%) sector emerged as the top decliner.
Top 3 Active stocks:
TANCO (2429): RM0.930 (unch)
RL (0219): RM0.205 (-2.0 sen)
YTL (4677): RM2.270 (+13.0 sen)
Volume: 2.90 bn (100-bar avg vol: 2.96 bn)
Value: RM2.23 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️509⬇️409
Crude palm oil: RM3,995 (+RM30)
Dow Futures: 43,398 pts (+92 pts)
**Source: M+ Global, Bloomberg **