M+ Morning Market Buzz - 30Jun25
Dow Jones: 43,819.27 pts (+432.43pts, +1.00%)
⬆️ Resistance: 44900
⬇️ Support: 41200
FBM KLCI: 1,528.16 pts (+8.37pts, +0.55%)
⬆️ Resistance: 1560
⬇️ Support: 1460
HSI Index: 24,284.15 pts (-41.25pts, -0.17%)
⬆️ Resistance: 25100
⬇️ Support: 22900
Crude Palm Oil: RM4,011 (+RM46, +1.16%)
⬆️ Resistance: 4220
⬇️ Support: 3880
Brent Oil: $67.77 (+$0.04, +0.06%)
⬆️ Resistance: 83.10
⬇️ Support: 65.50
Gold: $3,274.33 (-$4.06, -0.12%)
⬆️ Resistance: 3470
⬇️ Support: 3200
Source: Bloomberg, M+
Dow Jones: 43,819.27 pts (+432.43pts, +1.00%)
⬆️ Resistance: 44900
⬇️ Support: 41200
FBM KLCI: 1,528.16 pts (+8.37pts, +0.55%)
⬆️ Resistance: 1560
⬇️ Support: 1460
HSI Index: 24,284.15 pts (-41.25pts, -0.17%)
⬆️ Resistance: 25100
⬇️ Support: 22900
Crude Palm Oil: RM4,011 (+RM46, +1.16%)
⬆️ Resistance: 4220
⬇️ Support: 3880
Brent Oil: $67.77 (+$0.04, +0.06%)
⬆️ Resistance: 83.10
⬇️ Support: 65.50
Gold: $3,274.33 (-$4.06, -0.12%)
⬆️ Resistance: 3470
⬇️ Support: 3200
Source: Bloomberg, M+
👍2
M+ Global Market Update – 30Jun25
Domestic Rally To Ride On TNB Grid Upgrade
US: With recent progress toward the de-escalation of US protectionist trade policies, risk appetite improved as Wall Street edged higher, while bond yields declined despite higher-than-anticipated core PCE numbers. The Greenback remained under pressure as US President Donald Trump hinted at replacing Powell’s seat with the prospect of lower borrowing costs. Meanwhile, this week traders will closely track: (i) Powell’s speech, (ii) ISM Manufacturing PMI, (iii) JOLTS job openings, (iv) unemployment rate, and (v) non-farm payroll numbers. In the commodities market, both Brent oil and gold posted minor losses, retreating toward USD66/bbl and USD3,263/oz respectively, while CPO prices advanced toward RM4,011/MT.
MY: Mirroring Wall Street’s upbeat performance, in conjunction with undemanding valuations on the key index — currently trading at ~14.0x P/E (5-year average: 16.5x), the local bourse is likely to trade higher. Moreover, we favour the Construction and Utility sectors, given their potential to benefit from Malaysia’s FDI in data centres and ongoing infrastructure developments across the country. The latter is further supported by Tenaga’s CapEx rollout, where we understand that another 66% of its RM10bn allocation is expected to be utilised by up until year-end. As such, we favour names like SUNCON, GAMUDA, BNASTRA, MNHLDG, and PEKAT.
Stocks to watch:
Utility: KJTS, PWRWELL, *SCGBHD*, *UUE*
O&G: DELEUM, *HAWK*
Consumer: *MFLOUR*
Solar: *PEKAT*
REIT: PAVREIT
Telco: TIMECOM
Technology: MI
Source: M+ Global
Domestic Rally To Ride On TNB Grid Upgrade
US: With recent progress toward the de-escalation of US protectionist trade policies, risk appetite improved as Wall Street edged higher, while bond yields declined despite higher-than-anticipated core PCE numbers. The Greenback remained under pressure as US President Donald Trump hinted at replacing Powell’s seat with the prospect of lower borrowing costs. Meanwhile, this week traders will closely track: (i) Powell’s speech, (ii) ISM Manufacturing PMI, (iii) JOLTS job openings, (iv) unemployment rate, and (v) non-farm payroll numbers. In the commodities market, both Brent oil and gold posted minor losses, retreating toward USD66/bbl and USD3,263/oz respectively, while CPO prices advanced toward RM4,011/MT.
MY: Mirroring Wall Street’s upbeat performance, in conjunction with undemanding valuations on the key index — currently trading at ~14.0x P/E (5-year average: 16.5x), the local bourse is likely to trade higher. Moreover, we favour the Construction and Utility sectors, given their potential to benefit from Malaysia’s FDI in data centres and ongoing infrastructure developments across the country. The latter is further supported by Tenaga’s CapEx rollout, where we understand that another 66% of its RM10bn allocation is expected to be utilised by up until year-end. As such, we favour names like SUNCON, GAMUDA, BNASTRA, MNHLDG, and PEKAT.
Stocks to watch:
Utility: KJTS, PWRWELL, *SCGBHD*, *UUE*
O&G: DELEUM, *HAWK*
Consumer: *MFLOUR*
Solar: *PEKAT*
REIT: PAVREIT
Telco: TIMECOM
Technology: MI
Source: M+ Global
👍2
M+ Global Market Wrap - 30Jun25
FBM KLCI: 1,532.96 pts (+4.80pts, +0.31%)
The FBMKLCI (+0.31%) managed to rebound on the final day of June amid window dressing activities, supported by gains in PMETAL (+17.0 sen) and IHH (+10.0 sen). Market breadth remained positive, with 531 winners against 443 losers. In the broader environment, the Construction (+1.99%) sector outperformed, led by IJM (+7.0 sen) and GAMUDA (+14.0 sen) as the latter recorded positive growth in earnings. Meanwhile, the Finance (-0.49%) sector emerged as the top decliner.
Top 3 Active stocks:
TANCO (2429): RM0.915 (-1.5 sen)
MYEG (0138): RM0.95 (+1.0 sen)
GAMUDA (5398): RM4.790 (+14.0 sen)
Volume: 3.57 bn (100-bar avg vol: 2.97 bn)
Value: RM2.68 bn (100-bar avg val: RM2.40 bn)
Market Breadth: ⬆531⬇443
Crude palm oil: RM4,001 (-RM10)
Dow Futures: 44,341 pts (+216 pts)
Source: M+ Global, Bloomberg
FBM KLCI: 1,532.96 pts (+4.80pts, +0.31%)
The FBMKLCI (+0.31%) managed to rebound on the final day of June amid window dressing activities, supported by gains in PMETAL (+17.0 sen) and IHH (+10.0 sen). Market breadth remained positive, with 531 winners against 443 losers. In the broader environment, the Construction (+1.99%) sector outperformed, led by IJM (+7.0 sen) and GAMUDA (+14.0 sen) as the latter recorded positive growth in earnings. Meanwhile, the Finance (-0.49%) sector emerged as the top decliner.
Top 3 Active stocks:
TANCO (2429): RM0.915 (-1.5 sen)
MYEG (0138): RM0.95 (+1.0 sen)
GAMUDA (5398): RM4.790 (+14.0 sen)
Volume: 3.57 bn (100-bar avg vol: 2.97 bn)
Value: RM2.68 bn (100-bar avg val: RM2.40 bn)
Market Breadth: ⬆531⬇443
Crude palm oil: RM4,001 (-RM10)
Dow Futures: 44,341 pts (+216 pts)
Source: M+ Global, Bloomberg
M+ Morning Market Buzz - 1Jul25
Dow Jones: 44,094.77 pts (+275.50pts, +0.63%)
⬆️ Resistance: 45100
⬇️ Support: 42000
FBM KLCI: 1,532.96 pts (+4.80pts, +0.31%)
⬆️ Resistance: 1570
⬇️ Support: 1490
HSI Index: 24,072.28 pts (-211.87pts, -0.87%)
⬆️ Resistance: 25100
⬇️ Support: 23400
Crude Palm Oil: RM3,986 (-RM5, -0.13%)
⬆️ Resistance: 4210
⬇️ Support: 3880
Brent Oil: $66.74 (-$0.06, -0.09%)
⬆️ Resistance: 71.70
⬇️ Support: 65.50
Gold: $3,303.14 (+$3.06, +0.09%)
⬆️ Resistance: 3440
⬇️ Support: 3190
Source: Bloomberg, M+
Dow Jones: 44,094.77 pts (+275.50pts, +0.63%)
⬆️ Resistance: 45100
⬇️ Support: 42000
FBM KLCI: 1,532.96 pts (+4.80pts, +0.31%)
⬆️ Resistance: 1570
⬇️ Support: 1490
HSI Index: 24,072.28 pts (-211.87pts, -0.87%)
⬆️ Resistance: 25100
⬇️ Support: 23400
Crude Palm Oil: RM3,986 (-RM5, -0.13%)
⬆️ Resistance: 4210
⬇️ Support: 3880
Brent Oil: $66.74 (-$0.06, -0.09%)
⬆️ Resistance: 71.70
⬇️ Support: 65.50
Gold: $3,303.14 (+$3.06, +0.09%)
⬆️ Resistance: 3440
⬇️ Support: 3190
Source: Bloomberg, M+
M+ Global Market Update – 01Jul25
KLCI Poised for Upbeat Start in 2H2025
US: Progress toward the de-escalation of US protectionist trade policies continues to buoy investors’ risk appetite, with Wall Street extending its winning streak ahead of the highly anticipated jobs data. Meanwhile, the US government’s fiscal deficit and lingering concerns over trade policy continue to weigh on the Greenback, with the dollar index falling to 96.8. This week, traders will closely monitor: (i) the unemployment rate, (ii) non-farm payroll numbers, and (iii) Powell’s speech. In the commodities market, both Brent and CPO prices remained stable at USD67-68/bbl and RM3,981/MT, respectively, while Gold maintained along USD3,311/oz.
MY: Taking cues from Wall Street’s upbeat performance, coupled with KLCI’s undemanding valuations at ~14.x P/E (5-year average: 16.5x), and window dressing activities, the local bourse set to open on a firmer footing. We maintain a positive stance on the Construction and Utility sectors, given the FDI flows into the data centres segment. Also, we note that with Tenaga’s CapEx extending into 2H25, we believe it will benefit power infrastructure specialist as well as cable manufacturers going forward. For a defensive approach, we believe REIT will be favourable to outperform, in view of the sector’s average dividend yield, which stands at 4-5%.
Stocks to watch:
Utility: *GASMSIA*, *KJTS*, PWRWELL
Finance: AMBANK, *OSK*
O&G: DELEUM, *HAWK*
Technology: *KGB*, NEXG
Construction: *GAMUDA*
Consumer: MFLOUR
Source: M+ Global
KLCI Poised for Upbeat Start in 2H2025
US: Progress toward the de-escalation of US protectionist trade policies continues to buoy investors’ risk appetite, with Wall Street extending its winning streak ahead of the highly anticipated jobs data. Meanwhile, the US government’s fiscal deficit and lingering concerns over trade policy continue to weigh on the Greenback, with the dollar index falling to 96.8. This week, traders will closely monitor: (i) the unemployment rate, (ii) non-farm payroll numbers, and (iii) Powell’s speech. In the commodities market, both Brent and CPO prices remained stable at USD67-68/bbl and RM3,981/MT, respectively, while Gold maintained along USD3,311/oz.
MY: Taking cues from Wall Street’s upbeat performance, coupled with KLCI’s undemanding valuations at ~14.x P/E (5-year average: 16.5x), and window dressing activities, the local bourse set to open on a firmer footing. We maintain a positive stance on the Construction and Utility sectors, given the FDI flows into the data centres segment. Also, we note that with Tenaga’s CapEx extending into 2H25, we believe it will benefit power infrastructure specialist as well as cable manufacturers going forward. For a defensive approach, we believe REIT will be favourable to outperform, in view of the sector’s average dividend yield, which stands at 4-5%.
Stocks to watch:
Utility: *GASMSIA*, *KJTS*, PWRWELL
Finance: AMBANK, *OSK*
O&G: DELEUM, *HAWK*
Technology: *KGB*, NEXG
Construction: *GAMUDA*
Consumer: MFLOUR
Source: M+ Global
FBM KLCI: 1,538.78 pts (+5.82pts, +0.38%)
Taking a cue from Wall Street’s upbeat overnight performance, Tuesday’s session saw the local bourse remain resilient, with renewed buying interest seen in Malaysia’s utilities giant, Tenaga Nasional. Market breadth was positive, with gainers outpacing losers at 565-to-388, despite total traded volume remained below the three-month average. On the broader view, Construction sector (+2.49%) extended its winning streak, with GAMUDA (+18.0 sen) and IJM (+5.0 sen) leading the pack; the latter driven by positive earnings growth within the sector, while Health Care (-0.42%) declined the most.
Top 3 Active stocks:
SAPNRG (5218): RM0.035 (unch)
MYEG (0138): RM0.960 (+1.0 sen)
TANCO (2429): RM0.890 (-2.5 sen)
Volume: 1.93 bn (100-bar avg vol: 2.97 bn)
Value: RM1.98 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️565⬇️388
Crude palm oil: RM3,976 (-RM10)
Dow Futures: 44,364 pts (-25 pts)
**Source: M+ Global, Bloomberg **
Taking a cue from Wall Street’s upbeat overnight performance, Tuesday’s session saw the local bourse remain resilient, with renewed buying interest seen in Malaysia’s utilities giant, Tenaga Nasional. Market breadth was positive, with gainers outpacing losers at 565-to-388, despite total traded volume remained below the three-month average. On the broader view, Construction sector (+2.49%) extended its winning streak, with GAMUDA (+18.0 sen) and IJM (+5.0 sen) leading the pack; the latter driven by positive earnings growth within the sector, while Health Care (-0.42%) declined the most.
Top 3 Active stocks:
SAPNRG (5218): RM0.035 (unch)
MYEG (0138): RM0.960 (+1.0 sen)
TANCO (2429): RM0.890 (-2.5 sen)
Volume: 1.93 bn (100-bar avg vol: 2.97 bn)
Value: RM1.98 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️565⬇️388
Crude palm oil: RM3,976 (-RM10)
Dow Futures: 44,364 pts (-25 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
Here’s our IPO note on iCents Group Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We ascribe a fair value of RM0.30 for ICENTS Group Holdings Berhad. Our valuation is derived by pegging a forward P/E of 13x to the forecasted FY26 EPS of 2.30 sen, implying a 25% upside from its IPO price of RM0.24. While there are no identical peers to ICENTS, most of the comparable companies we gathered are closely linked to the data centre supply chain. Although we pegged the P/E at a discount of 10.3-14.5% against the average historical and forward P/E of 14.5-15.2x, we believe this fairly reflects ICENTS’ smaller market capitalization.
Looking ahead, we project a 3-year earnings CAGR of 19.4%, with core PAT expected to reach RM8.6m, RM11.5m, and RM12.0m over the next three years. This is driven by an unbilled order book of ~RM93.2m, which we expect to be fully recognized next year, a healthy job replenishment pipeline of ~RM150m per annum (assuming a conservative hit rate of ~20–25%), and strong growth potential from the company’s venture into the supply of heavy-duty ceilings, mainly for data centres.
Investment highlights include:
i) Strong credentials to unlock more value
ii) Tapping into the data centre bandwagon
iii) Capitalizing on Johor's FDI momentum upcycle
iv) Well-positioned to capture growth opportunities
Research Team, M+
1 Jul 2025
Here’s our IPO note on iCents Group Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We ascribe a fair value of RM0.30 for ICENTS Group Holdings Berhad. Our valuation is derived by pegging a forward P/E of 13x to the forecasted FY26 EPS of 2.30 sen, implying a 25% upside from its IPO price of RM0.24. While there are no identical peers to ICENTS, most of the comparable companies we gathered are closely linked to the data centre supply chain. Although we pegged the P/E at a discount of 10.3-14.5% against the average historical and forward P/E of 14.5-15.2x, we believe this fairly reflects ICENTS’ smaller market capitalization.
Looking ahead, we project a 3-year earnings CAGR of 19.4%, with core PAT expected to reach RM8.6m, RM11.5m, and RM12.0m over the next three years. This is driven by an unbilled order book of ~RM93.2m, which we expect to be fully recognized next year, a healthy job replenishment pipeline of ~RM150m per annum (assuming a conservative hit rate of ~20–25%), and strong growth potential from the company’s venture into the supply of heavy-duty ceilings, mainly for data centres.
Investment highlights include:
i) Strong credentials to unlock more value
ii) Tapping into the data centre bandwagon
iii) Capitalizing on Johor's FDI momentum upcycle
iv) Well-positioned to capture growth opportunities
Research Team, M+
1 Jul 2025
Good Evening All,
We issued a technical buy call on S&P Global Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Q1 earnings beat and solid top-line growth
(ii) Strong market position with dividend track record
(iii) Beneficiary of improving market sentiment
Research Team, M+
1 July 2025
We issued a technical buy call on S&P Global Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Q1 earnings beat and solid top-line growth
(ii) Strong market position with dividend track record
(iii) Beneficiary of improving market sentiment
Research Team, M+
1 July 2025
👍2
M+ Morning Market Buzz - 2Jul25
Dow Jones: 44,494.94 pts (+400.17pts, +0.91%)
⬆️ Resistance: 45500
⬇️ Support: 42100
FBM KLCI: 1,541.53 pts (+8.57pts, +0.56%)
⬆️ Resistance: 1580
⬇️ Support: 1490
HSI Index: 24,072.28 pts (-211.87pts, -0.87%)
⬆️ Resistance: 25100
⬇️ Support: 23600
Crude Palm Oil: RM3,968 (+RM22, +0.55%)
⬆️ Resistance: 4110
⬇️ Support: 3870
Brent Oil: $67.11 (+$0.37, +0.55%)
⬆️ Resistance: 70.50
⬇️ Support: 65.10
Gold: $3,338.84 (-$0.71, -0.02%)
⬆️ Resistance: 3430
⬇️ Support: 3190
Source: Bloomberg, M+
Dow Jones: 44,494.94 pts (+400.17pts, +0.91%)
⬆️ Resistance: 45500
⬇️ Support: 42100
FBM KLCI: 1,541.53 pts (+8.57pts, +0.56%)
⬆️ Resistance: 1580
⬇️ Support: 1490
HSI Index: 24,072.28 pts (-211.87pts, -0.87%)
⬆️ Resistance: 25100
⬇️ Support: 23600
Crude Palm Oil: RM3,968 (+RM22, +0.55%)
⬆️ Resistance: 4110
⬇️ Support: 3870
Brent Oil: $67.11 (+$0.37, +0.55%)
⬆️ Resistance: 70.50
⬇️ Support: 65.10
Gold: $3,338.84 (-$0.71, -0.02%)
⬆️ Resistance: 3430
⬇️ Support: 3190
Source: Bloomberg, M+
M+ Global Market Update – 02Jul25
Profit-Taking Activities May Emerge
US: Wall Street snapped its winning streak, with Treasury yields declining after the Senate approved Donald Trump’s sweeping legislation to extend tax cuts and implement deep reductions in social spending. However, we believe any progress toward the de-escalation of international trade tensions with the US could serve as a short-term catalyst for US equities. Do note that the 90-day pause will be ending next week. Meanwhile, traders will closely monitor the unemployment rate and non-farm payroll numbers to better gauge the US economy. In the commodities market, Brent crude, gold, and CPO prices all traded slightly higher, moving towards USD67/bbl, USD3,342/oz, and RM3,990/MT, respectively.
MY: With a weak lead from Wall Street, the local bourse is set to open on a muted tone. However, we maintain a positive stance on DC and RE related stocks, given the recent agreement signed by GAMUDA with an RE developer. Also, with Tenaga Nasional’s CapEx extending into 2H25, we believe this will benefit power infrastructure specialists as well as cable manufacturers. On the construction front, we expect the sector to trade on a firmer footing, on the back of higher project billings and anticipation of the final alignment announcement for the ART system in Johor, with an estimated value of RM6–7bn.
Stocks to watch:
Utility: *BMGREEN*, GASMSIA
Property: ECOWLD, *SIMEPROP*
Consumer: *MFLOUR*, MRDIY
Technology: *EG*, MI
Construction: *GAMUDA*
O&G: HAWK
Source: M+ Global
Profit-Taking Activities May Emerge
US: Wall Street snapped its winning streak, with Treasury yields declining after the Senate approved Donald Trump’s sweeping legislation to extend tax cuts and implement deep reductions in social spending. However, we believe any progress toward the de-escalation of international trade tensions with the US could serve as a short-term catalyst for US equities. Do note that the 90-day pause will be ending next week. Meanwhile, traders will closely monitor the unemployment rate and non-farm payroll numbers to better gauge the US economy. In the commodities market, Brent crude, gold, and CPO prices all traded slightly higher, moving towards USD67/bbl, USD3,342/oz, and RM3,990/MT, respectively.
MY: With a weak lead from Wall Street, the local bourse is set to open on a muted tone. However, we maintain a positive stance on DC and RE related stocks, given the recent agreement signed by GAMUDA with an RE developer. Also, with Tenaga Nasional’s CapEx extending into 2H25, we believe this will benefit power infrastructure specialists as well as cable manufacturers. On the construction front, we expect the sector to trade on a firmer footing, on the back of higher project billings and anticipation of the final alignment announcement for the ART system in Johor, with an estimated value of RM6–7bn.
Stocks to watch:
Utility: *BMGREEN*, GASMSIA
Property: ECOWLD, *SIMEPROP*
Consumer: *MFLOUR*, MRDIY
Technology: *EG*, MI
Construction: *GAMUDA*
O&G: HAWK
Source: M+ Global
FBM KLCI: 1,550.21 pts (+8.68pts, +0.56%)
Wednesday’s session saw the local bourse trade on a firmer footing, with traders continuing to pile into YTL-related counters — shrugging off Wall Street’s mixed sentiment. Market breadth was positive, with gainers outpacing losers at 531-to-442, while total traded volume recovered to the three-month average. With the recent developments in renewable energy, renewed buying interest was seen in GAMUDA (+13.0 sen), which likely have spurred buying interest in the Construction (+1.29%) sector, while Plantation (-0.08%) closed marginally lower.
Top 3 Active stocks:
ASM (0362): RM0.165 (unch)
TANCO (2429): RM0.890 (unch)
COMPUGT (5037): RM0.015 (unch)
Volume: 3.11 bn (100-bar avg vol: 2.98 bn)
Value: RM2.38 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️531⬇️442
Crude palm oil: RM4,069 (+RM101)
Dow Futures: 44,849 pts (+42 pts)
**Source: M+ Global, Bloomberg **
Wednesday’s session saw the local bourse trade on a firmer footing, with traders continuing to pile into YTL-related counters — shrugging off Wall Street’s mixed sentiment. Market breadth was positive, with gainers outpacing losers at 531-to-442, while total traded volume recovered to the three-month average. With the recent developments in renewable energy, renewed buying interest was seen in GAMUDA (+13.0 sen), which likely have spurred buying interest in the Construction (+1.29%) sector, while Plantation (-0.08%) closed marginally lower.
Top 3 Active stocks:
ASM (0362): RM0.165 (unch)
TANCO (2429): RM0.890 (unch)
COMPUGT (5037): RM0.015 (unch)
Volume: 3.11 bn (100-bar avg vol: 2.98 bn)
Value: RM2.38 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️531⬇️442
Crude palm oil: RM4,069 (+RM101)
Dow Futures: 44,849 pts (+42 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 03Jul25
Riding The Uptrend Phase, Buying Interest To Emerge
US: Sentiment on Wall Street was more positive following US-Vietnam trade deal, under which 20% tariff will be imposed on Vietnamese goods, while US goods will be sold into Vietnam with a 0% tariff. Meanwhile, despite political scrutiny surrounding Tesla’s CEO, the stock advanced by 5% on a healthy backlog delivery. While the 90-day tariff pause is ending next week, we expect more positive development to emerge in the coming days, which will contribute to the de-escalating trade tensions and may lead to a surge in US equities. The jobs data will be the key focus this week. On the commodities front, Brent Crude, Gold, and CPO — rose to USD68/bbl, USD3,360/oz, and RM4,079/MT, respectively.
MY: With a positive lead from Wall Street, especially the buying interest in tech stocks following the US-Vietnam trade deal, we expect the buying interest to spillover to the local exchange. With the resumption of optimism surrounding the Data Center developments, traders may want to monitor Technology and Telco like EG, MI and TM. On the NETR front, we like solar and renewable energy segments such as GASMSIA and BMGREEN. In view of higher inflationary pressure, which may lead to downtrading in consumers in the near future, we favour defensive stocks in the consumer sector like MRDIY.
Stocks to watch:
Technology: AGMO, *EG*, FRONTKN, *MI*
Utility: *BMGREEN*, GASMSIA
Consumer: *MFLOUR*, *MRDIY*
Finance: OSK
Construction: GAMUDA
O&G: DAYANG
Telco: TM
Source: M+ Global
Riding The Uptrend Phase, Buying Interest To Emerge
US: Sentiment on Wall Street was more positive following US-Vietnam trade deal, under which 20% tariff will be imposed on Vietnamese goods, while US goods will be sold into Vietnam with a 0% tariff. Meanwhile, despite political scrutiny surrounding Tesla’s CEO, the stock advanced by 5% on a healthy backlog delivery. While the 90-day tariff pause is ending next week, we expect more positive development to emerge in the coming days, which will contribute to the de-escalating trade tensions and may lead to a surge in US equities. The jobs data will be the key focus this week. On the commodities front, Brent Crude, Gold, and CPO — rose to USD68/bbl, USD3,360/oz, and RM4,079/MT, respectively.
MY: With a positive lead from Wall Street, especially the buying interest in tech stocks following the US-Vietnam trade deal, we expect the buying interest to spillover to the local exchange. With the resumption of optimism surrounding the Data Center developments, traders may want to monitor Technology and Telco like EG, MI and TM. On the NETR front, we like solar and renewable energy segments such as GASMSIA and BMGREEN. In view of higher inflationary pressure, which may lead to downtrading in consumers in the near future, we favour defensive stocks in the consumer sector like MRDIY.
Stocks to watch:
Technology: AGMO, *EG*, FRONTKN, *MI*
Utility: *BMGREEN*, GASMSIA
Consumer: *MFLOUR*, *MRDIY*
Finance: OSK
Construction: GAMUDA
O&G: DAYANG
Telco: TM
Source: M+ Global
👍3
M+ Morning Market Buzz - 3Jul25
Dow Jones: 44,484.42 pts (-10.52pts, -0.02%)
⬆️ Resistance: 45500
⬇️ Support: 42300
FBM KLCI: 1,550.21 pts (+8.68pts, +0.56%)
⬆️ Resistance: 1590
⬇️ Support: 1490
HSI Index: 24,221.41 pts (+149.13pts, +0.62%)
⬆️ Resistance: 25000
⬇️ Support: 23600
Crude Palm Oil: RM4,062 (+RM17, +0.42%)
⬆️ Resistance: 4170
⬇️ Support: 3870
Brent Oil: $69.11 (+$2.00, +2.98%)
⬆️ Resistance: 70.60
⬇️ Support: 65.10
Gold: $3,357.45 (-$6.67, -0.20%)
⬆️ Resistance: 3430
⬇️ Support: 3190
Source: Bloomberg, M+
Dow Jones: 44,484.42 pts (-10.52pts, -0.02%)
⬆️ Resistance: 45500
⬇️ Support: 42300
FBM KLCI: 1,550.21 pts (+8.68pts, +0.56%)
⬆️ Resistance: 1590
⬇️ Support: 1490
HSI Index: 24,221.41 pts (+149.13pts, +0.62%)
⬆️ Resistance: 25000
⬇️ Support: 23600
Crude Palm Oil: RM4,062 (+RM17, +0.42%)
⬆️ Resistance: 4170
⬇️ Support: 3870
Brent Oil: $69.11 (+$2.00, +2.98%)
⬆️ Resistance: 70.60
⬇️ Support: 65.10
Gold: $3,357.45 (-$6.67, -0.20%)
⬆️ Resistance: 3430
⬇️ Support: 3190
Source: Bloomberg, M+
💯4
M+ Global Market Wrap - 3Jul25
FBM KLCI: 1,548.99 pts (-1.22pts, -0.08%)
Bursa’s key index hovered around the flatline on Thursday, as gains in Industrial Products & Services were offset by profit-taking activities in Utilities stocks like TENAGA (-58.0 sen). However, market breadth was positive, with gainers outpacing losers at 630-to-389 stocks while total traded volume stood above recent norms. On the broader market, Technology (+4.04%) outperformed, with INARI (+15.0 sen) and FRONTKN (+21.0 sen) leading the pack, while Construction (-0.73%) declined the most.
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)"
ZETRIX (0138): RM0.975 (+1.0 sen)
NEXG (5216): RM0.390 (+1.0 sen)
Volume: 5.09 bn (100-bar avg vol: 3.01 bn)
Value: RM2.94 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️630⬇️389
Crude palm oil: RM4,095 (+RM33)
Dow Futures: 44,770 pts (-6 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,548.99 pts (-1.22pts, -0.08%)
Bursa’s key index hovered around the flatline on Thursday, as gains in Industrial Products & Services were offset by profit-taking activities in Utilities stocks like TENAGA (-58.0 sen). However, market breadth was positive, with gainers outpacing losers at 630-to-389 stocks while total traded volume stood above recent norms. On the broader market, Technology (+4.04%) outperformed, with INARI (+15.0 sen) and FRONTKN (+21.0 sen) leading the pack, while Construction (-0.73%) declined the most.
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)"
ZETRIX (0138): RM0.975 (+1.0 sen)
NEXG (5216): RM0.390 (+1.0 sen)
Volume: 5.09 bn (100-bar avg vol: 3.01 bn)
Value: RM2.94 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️630⬇️389
Crude palm oil: RM4,095 (+RM33)
Dow Futures: 44,770 pts (-6 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
Here’s our IPO note on Enproserve Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.31 per share for ENPRO, representing a 29.2% upside from its IPO price of RM0.24. This valuation is based on a P/E ratio of 13.5x, pegged to the mid-FY26F EPS of 2.33 sen.
The ascribed P/E multiple is higher than that of its peers in the oil and gas equipment and services sub-industry under the Bursa Malaysia Energy Index (KLENG), which trade at an average historical and forward P/E of 8.0x to 8.9x. We believe the premium is justified, given that ENPRO boasts a higher ROE and NP margin of 42.0% and 10.6% respectively, compared to its peers' average of 20.4% and 9.1%.
It is worth noting that the assigned P/E multiple has the potential for an upward rerating. Currently, the valuation appears to be influenced by broader market conditions, specifically liquidity in the local bourse. Once liquidity improves, we anticipate a rerating of ENPRO's valuation, bringing it more in line with its closest peers, DIALOG and HAWK. This potential for rerating is further supported by the company's strong fundamentals.
Research Team, M+
3 July 2025
Here’s our IPO note on Enproserve Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.31 per share for ENPRO, representing a 29.2% upside from its IPO price of RM0.24. This valuation is based on a P/E ratio of 13.5x, pegged to the mid-FY26F EPS of 2.33 sen.
The ascribed P/E multiple is higher than that of its peers in the oil and gas equipment and services sub-industry under the Bursa Malaysia Energy Index (KLENG), which trade at an average historical and forward P/E of 8.0x to 8.9x. We believe the premium is justified, given that ENPRO boasts a higher ROE and NP margin of 42.0% and 10.6% respectively, compared to its peers' average of 20.4% and 9.1%.
It is worth noting that the assigned P/E multiple has the potential for an upward rerating. Currently, the valuation appears to be influenced by broader market conditions, specifically liquidity in the local bourse. Once liquidity improves, we anticipate a rerating of ENPRO's valuation, bringing it more in line with its closest peers, DIALOG and HAWK. This potential for rerating is further supported by the company's strong fundamentals.
Research Team, M+
3 July 2025
M+ Morning Market Buzz - 4Jul25
Dow Jones: 44,828.53 pts (+344.11pts, +0.77%)
⬆️ Resistance: 45800
⬇️ Support: 42700
FBM KLCI: 1,548.99 pts (-1.22pts, -0.08%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 24,069.94 pts (-151.47pts, -0.63%)
⬆️ Resistance: 25000
⬇️ Support: 23500
Crude Palm Oil: RM4,091 (-RM13, -0.32%)
⬆️ Resistance: 4190
⬇️ Support: 3870
Brent Oil: $68.80 (-$0.31, -0.45%)
⬆️ Resistance: 70.60
⬇️ Support: 65.10
Gold: $3,326.12 (+$2.59, +0.08%)
⬆️ Resistance: 3440
⬇️ Support: 3190
Source: Bloomberg, M+
Dow Jones: 44,828.53 pts (+344.11pts, +0.77%)
⬆️ Resistance: 45800
⬇️ Support: 42700
FBM KLCI: 1,548.99 pts (-1.22pts, -0.08%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 24,069.94 pts (-151.47pts, -0.63%)
⬆️ Resistance: 25000
⬇️ Support: 23500
Crude Palm Oil: RM4,091 (-RM13, -0.32%)
⬆️ Resistance: 4190
⬇️ Support: 3870
Brent Oil: $68.80 (-$0.31, -0.45%)
⬆️ Resistance: 70.60
⬇️ Support: 65.10
Gold: $3,326.12 (+$2.59, +0.08%)
⬆️ Resistance: 3440
⬇️ Support: 3190
Source: Bloomberg, M+
👍2👏1
3Q25 Market Chat
Finding Resilience Amidst Uncertainty
Report link: https://r.mplusglobal.com.my/public/website/file/2025/07/04/20250704104907929.pdf
• Although President Trump's protectionist policies have been affecting market sentiment and creating significant volatility, the overall market has been positioning for an eventual easing of trade tensions, which has pushed Wall Street to greater heights. The next major event that traders are watching is the timing of the Federal Reserve's interest rate reduction.
• Closer to home, we believe investors will look for a domestic "hideout" strategy, given the stronger ringgit. Key catalysts that traders will be monitoring include (i) the adoption of AI and the rising demand for DC, (ii) solid demand for power and electricity, coupled with the NETR masterplan, and (iii) the return of foreign funds.
• We favour selected stocks in the Technology, Utilities, Construction, Renewable Energy, and Industrial Products sectors, as well as several conglomerates.
3Q25 Stock picks:-
1. ADB (S: RM0.920-0.970, R: RM1.26-1.32, CL: RM0.900)
2. CLOUDPT (S: RM0.685-0.750, R: RM1.04-1.10, CL: RM0.670)
3. EG (S: RM0.940-1.03, R: RM1.31-1.40, CL: RM0.920)
4. KGB (S: RM3.09-3.25, R: RM4.25-4.50, CL: RM3.03)
5. GASMSIA (S: RM4.00-4.10, R: RM4.69-4.83, CL: RM3.92)
6. KJTS (S: RM0.975-1.08, R: RM1.30-1.36, CL: RM0.960)
7. UUE (S: RM0.695-0.755, R: RM0.960-1.00, CL: RM0.680)
8. BMGREEN (S: RM1.80-1.90, R: RM2.15-2.28, CL: RM1.76)
9. PEKAT (S: RM1.24-1.29, R: RM1.50-1.55, CL: RM1.22)
10. SCGBHD (S: RM1.32-1.39, R: RM1.60-1.70, CL: RM1.29)
11. GAMUDA (S: RM4.47-4.68, R: RM6.00-6.10, CL: RM4.38)
12. OSK (S: RM1.08-1.15, R: RM1.34-1.40, CL: RM1.06)
13. KFIMA (S: RM2.53-2.65, R: RM3.00-3.10, CL: RM2.48)
14. YTL (S: RM2.05-2.30, R: RM3.57-3.90, CL: RM2.01)
S: Support, R: Resistance, CL: Cut loss
Source: Bloomberg, M+ Global
Finding Resilience Amidst Uncertainty
Report link: https://r.mplusglobal.com.my/public/website/file/2025/07/04/20250704104907929.pdf
• Although President Trump's protectionist policies have been affecting market sentiment and creating significant volatility, the overall market has been positioning for an eventual easing of trade tensions, which has pushed Wall Street to greater heights. The next major event that traders are watching is the timing of the Federal Reserve's interest rate reduction.
• Closer to home, we believe investors will look for a domestic "hideout" strategy, given the stronger ringgit. Key catalysts that traders will be monitoring include (i) the adoption of AI and the rising demand for DC, (ii) solid demand for power and electricity, coupled with the NETR masterplan, and (iii) the return of foreign funds.
• We favour selected stocks in the Technology, Utilities, Construction, Renewable Energy, and Industrial Products sectors, as well as several conglomerates.
3Q25 Stock picks:-
1. ADB (S: RM0.920-0.970, R: RM1.26-1.32, CL: RM0.900)
2. CLOUDPT (S: RM0.685-0.750, R: RM1.04-1.10, CL: RM0.670)
3. EG (S: RM0.940-1.03, R: RM1.31-1.40, CL: RM0.920)
4. KGB (S: RM3.09-3.25, R: RM4.25-4.50, CL: RM3.03)
5. GASMSIA (S: RM4.00-4.10, R: RM4.69-4.83, CL: RM3.92)
6. KJTS (S: RM0.975-1.08, R: RM1.30-1.36, CL: RM0.960)
7. UUE (S: RM0.695-0.755, R: RM0.960-1.00, CL: RM0.680)
8. BMGREEN (S: RM1.80-1.90, R: RM2.15-2.28, CL: RM1.76)
9. PEKAT (S: RM1.24-1.29, R: RM1.50-1.55, CL: RM1.22)
10. SCGBHD (S: RM1.32-1.39, R: RM1.60-1.70, CL: RM1.29)
11. GAMUDA (S: RM4.47-4.68, R: RM6.00-6.10, CL: RM4.38)
12. OSK (S: RM1.08-1.15, R: RM1.34-1.40, CL: RM1.06)
13. KFIMA (S: RM2.53-2.65, R: RM3.00-3.10, CL: RM2.48)
14. YTL (S: RM2.05-2.30, R: RM3.57-3.90, CL: RM2.01)
S: Support, R: Resistance, CL: Cut loss
Source: Bloomberg, M+ Global
🥰3👍2
M+ Global Market Update – 04Jul25
Jobs Data Buoyed The Sentiment
US: Risk-on sentiment persisted on Wall Street, buoyed by (i) stronger-than-anticipated jobs growth, and (ii) healthy progress towards de-escalating of trade tension following the US-Vietnam trade deal. That said, we believe the robust jobs data could keep the greenback under pressure, particularly with the impending “Big Beautiful Bill” expected to widen the US deficit further. Even so, continued progress on trade de-escalation should serve as a near-term catalyst for US equities; do note the 90-day pause will end next week. In the commodities space, Brent crude, gold, and CPO eased to USD68/bbl, USD3,336/oz, and RM4,078/MT, respectively.
MY: Following a positive lead from Wall Street, driven by persistent buying interest in the tech stocks after the de-escalation of the US-Vietnam trade deal, coupled with the return of foreign funds over the past week, we believe the local bourse may trade on a firmer footing for the session. We anticipate the resumption of data center theme could lead to more positive trading activity within the Technology and Telco sectors, where TM has recently experienced a breakout move. For a more conservative play, we like IBGREIT and SUNREIT, given the active asset acquisitions activities and sustained interest in the sector. Meanwhile, MRDIY, 99SMART, and ECOSHOP could remain as traders’ focus in a view of high inflationary environment.
Stocks to watch:
Technology: *EG*, *FRONTKN*, MI, *WENTEL*
Utility: *GASMSIA*, KJTS
Consumer: *MFLOUR*
Telco: TM
O&G: DELEUM
Building material: PMETAL
Finance: OSK
Construction: INTA
Source: M+ Global
Jobs Data Buoyed The Sentiment
US: Risk-on sentiment persisted on Wall Street, buoyed by (i) stronger-than-anticipated jobs growth, and (ii) healthy progress towards de-escalating of trade tension following the US-Vietnam trade deal. That said, we believe the robust jobs data could keep the greenback under pressure, particularly with the impending “Big Beautiful Bill” expected to widen the US deficit further. Even so, continued progress on trade de-escalation should serve as a near-term catalyst for US equities; do note the 90-day pause will end next week. In the commodities space, Brent crude, gold, and CPO eased to USD68/bbl, USD3,336/oz, and RM4,078/MT, respectively.
MY: Following a positive lead from Wall Street, driven by persistent buying interest in the tech stocks after the de-escalation of the US-Vietnam trade deal, coupled with the return of foreign funds over the past week, we believe the local bourse may trade on a firmer footing for the session. We anticipate the resumption of data center theme could lead to more positive trading activity within the Technology and Telco sectors, where TM has recently experienced a breakout move. For a more conservative play, we like IBGREIT and SUNREIT, given the active asset acquisitions activities and sustained interest in the sector. Meanwhile, MRDIY, 99SMART, and ECOSHOP could remain as traders’ focus in a view of high inflationary environment.
Stocks to watch:
Technology: *EG*, *FRONTKN*, MI, *WENTEL*
Utility: *GASMSIA*, KJTS
Consumer: *MFLOUR*
Telco: TM
O&G: DELEUM
Building material: PMETAL
Finance: OSK
Construction: INTA
Source: M+ Global
M+ Global Market Wrap - 4Jul25
FBM KLCI: 1,550.19 pts (+1.20pts, +0.08%)
Despite Wall Street’s positive lead, Bursa’s key index continued to hover around the flatline on the final trading day of the week, as gains in Banking stocks were offset by losses in Health Care heavyweight, IHH Healthcare. Market breadth was neutral, with the gainers-to-losers ratio at 1-to-1, while total traded volume stood at 3.4bn. On the broader market, Industrial Products & Services (+0.69%) outperformed with PMETAL (+9.0 sen) and NATGATE (+11.0 sen) leading the pack, while Technology (-1.11%) declined the most.
Top 3 Active stocks:
"
BORNOIL (7036): RM0.005 (unch)"
ZETRIX (0138): RM0.995 (+2.0 sen)
NATGATE (0270): RM1.780 (+11.0 sen)
Volume: 3.43 bn (100-bar avg vol: 3.03 bn)
Value: RM2.47 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️489⬇️466
Crude palm oil: RM4,068 (-RM23)
Dow Futures: 44,860 pts (-238 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,550.19 pts (+1.20pts, +0.08%)
Despite Wall Street’s positive lead, Bursa’s key index continued to hover around the flatline on the final trading day of the week, as gains in Banking stocks were offset by losses in Health Care heavyweight, IHH Healthcare. Market breadth was neutral, with the gainers-to-losers ratio at 1-to-1, while total traded volume stood at 3.4bn. On the broader market, Industrial Products & Services (+0.69%) outperformed with PMETAL (+9.0 sen) and NATGATE (+11.0 sen) leading the pack, while Technology (-1.11%) declined the most.
Top 3 Active stocks:
"
BORNOIL (7036): RM0.005 (unch)"
ZETRIX (0138): RM0.995 (+2.0 sen)
NATGATE (0270): RM1.780 (+11.0 sen)
Volume: 3.43 bn (100-bar avg vol: 3.03 bn)
Value: RM2.47 bn (100-bar avg val: RM2.42 bn)
Market Breadth: ⬆️489⬇️466
Crude palm oil: RM4,068 (-RM23)
Dow Futures: 44,860 pts (-238 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 7Jul25
Dow Jones: 44,828.53 pts (+344.11pts, +0.77%)
⬆️ Resistance: 45800
⬇️ Support: 43100
FBM KLCI: 1,550.19 pts (+1.20pts, +0.08%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 23,916.06 pts (-153.88pts, -0.64%)
⬆️ Resistance: 24900
⬇️ Support: 23300
Crude Palm Oil: RM4,062 (-RM29, -0.71%)
⬆️ Resistance: 4200
⬇️ Support: 3870
Brent Oil: $68.30 (-$0.69, -1.01%)
⬆️ Resistance: 70.60
⬇️ Support: 65.10
Gold: $3,337.15 (-$1.33, -0.04%)
⬆️ Resistance: 3440
⬇️ Support: 3190
Source: Bloomberg, M+
Dow Jones: 44,828.53 pts (+344.11pts, +0.77%)
⬆️ Resistance: 45800
⬇️ Support: 43100
FBM KLCI: 1,550.19 pts (+1.20pts, +0.08%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 23,916.06 pts (-153.88pts, -0.64%)
⬆️ Resistance: 24900
⬇️ Support: 23300
Crude Palm Oil: RM4,062 (-RM29, -0.71%)
⬆️ Resistance: 4200
⬇️ Support: 3870
Brent Oil: $68.30 (-$0.69, -1.01%)
⬆️ Resistance: 70.60
⬇️ Support: 65.10
Gold: $3,337.15 (-$1.33, -0.04%)
⬆️ Resistance: 3440
⬇️ Support: 3190
Source: Bloomberg, M+