M+ Global Market Update – 14Aug25
Still On Cloud Nine
US: Wall Street continued to chart new heights as we believe traders are now pricing in a quarter-point move, while some market participants are looking at a larger rate cut in September following Treasury Secretary Scott’s speech on the rates outlook, despite little progress being made towards de-escalating trade tensions. Also, on chip sales to China, the 15% revenue sharing with the US government is unlikely to impact AMD, as we believe it will be offset by the 70% price hike in its MI350 chips. In the commodities market, Brent Crude oil, Gold and CPO remained stable at USD65/bbl, USD3,360/oz and RM4,436/MT, respectively.
MY: Tracking the positive US performance, we expect the buying interest to sustain on the local front. Traders may focus on plantation stocks, given the robust earnings from SDG and the recent breakout in CPO prices. Also, we expect resilient buying support on technology players, such as UNISEM, INARI, and FRONTKN, as we see them as key beneficiaries of Apple's USD100bn investment pledge, while ITMAX could see potential project wins in Penang on the heels of its sticky solution services. For defensive picks, we like KPJ, 99SMART, ECOSHOP, and SUNREITS, in view of their resilient demand amid external uncertainty, coupled with dividend payouts.
Stocks to watch:
Technology: *AGMO*, *EDELTEQ*, KGB, *VITROX*
Utility: *RANHILL*, YTLPOWR
O&G: *HAWK*
Transportation: *WPRTS*
Finance: ABMB
Construction: LSH
Building Material: PMETAL
Property: ECOWLD
Source: M+ Global
Still On Cloud Nine
US: Wall Street continued to chart new heights as we believe traders are now pricing in a quarter-point move, while some market participants are looking at a larger rate cut in September following Treasury Secretary Scott’s speech on the rates outlook, despite little progress being made towards de-escalating trade tensions. Also, on chip sales to China, the 15% revenue sharing with the US government is unlikely to impact AMD, as we believe it will be offset by the 70% price hike in its MI350 chips. In the commodities market, Brent Crude oil, Gold and CPO remained stable at USD65/bbl, USD3,360/oz and RM4,436/MT, respectively.
MY: Tracking the positive US performance, we expect the buying interest to sustain on the local front. Traders may focus on plantation stocks, given the robust earnings from SDG and the recent breakout in CPO prices. Also, we expect resilient buying support on technology players, such as UNISEM, INARI, and FRONTKN, as we see them as key beneficiaries of Apple's USD100bn investment pledge, while ITMAX could see potential project wins in Penang on the heels of its sticky solution services. For defensive picks, we like KPJ, 99SMART, ECOSHOP, and SUNREITS, in view of their resilient demand amid external uncertainty, coupled with dividend payouts.
Stocks to watch:
Technology: *AGMO*, *EDELTEQ*, KGB, *VITROX*
Utility: *RANHILL*, YTLPOWR
O&G: *HAWK*
Transportation: *WPRTS*
Finance: ABMB
Construction: LSH
Building Material: PMETAL
Property: ECOWLD
Source: M+ Global
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Good Morning All,
We issued a 2Q25 results note on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We maintain our BUY recommendation with a lower target price of RM0.93. The target price is derived based on a P/E ratio of 35.0x pegged to FY26f EPS of 2.65 sen, following the forecast revision.
Research Team, M+
14 August 2025
We issued a 2Q25 results note on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We maintain our BUY recommendation with a lower target price of RM0.93. The target price is derived based on a P/E ratio of 35.0x pegged to FY26f EPS of 2.65 sen, following the forecast revision.
Research Team, M+
14 August 2025
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FBM KLCI: 1,581.05 pts (-5.55pts, -0.35%)
Thursday’s session saw the local bourse take a breather, with losses in Utilities heavyweights like TENAGA (-12.0 sen) dampening the sentiment; the latter was due its tax overhang concerns to be priced into its valuation. Market breadth turned negative with losers outpacing gainers at 611-to-404 stocks. On the broader market, Property (+0.39%) outperformed, with SIMEPROP (+2.0 sen) and TANCO (+1.5 sen) leading the pack, while Transportation & Logistics (-1.11%) declined the most.
Top 3 Active stocks:
TWL (7079): RM0.025 (unch)
TANCO (2429): RM0.720 (+1.5 sen)
OXB (0368): RM0.410 (+3.0 sen)
Volume: 2.40 bn (100-bar avg vol: 2.97 bn)
Value: RM2.66 bn (100-bar avg val: RM2.34 bn)
Market Breadth: ⬆️404⬇️611
Crude palm oil: RM4,396 (-RM39)
Dow Futures: 45,022 pts (-3 pts)
**Source: M+ Global, Bloomberg **
Thursday’s session saw the local bourse take a breather, with losses in Utilities heavyweights like TENAGA (-12.0 sen) dampening the sentiment; the latter was due its tax overhang concerns to be priced into its valuation. Market breadth turned negative with losers outpacing gainers at 611-to-404 stocks. On the broader market, Property (+0.39%) outperformed, with SIMEPROP (+2.0 sen) and TANCO (+1.5 sen) leading the pack, while Transportation & Logistics (-1.11%) declined the most.
Top 3 Active stocks:
TWL (7079): RM0.025 (unch)
TANCO (2429): RM0.720 (+1.5 sen)
OXB (0368): RM0.410 (+3.0 sen)
Volume: 2.40 bn (100-bar avg vol: 2.97 bn)
Value: RM2.66 bn (100-bar avg val: RM2.34 bn)
Market Breadth: ⬆️404⬇️611
Crude palm oil: RM4,396 (-RM39)
Dow Futures: 45,022 pts (-3 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 15Aug25
Dow Jones: 44,911.26 pts (-11.01pts, -0.02%)
⬆️ Resistance: 45900
⬇️ Support: 43100
FBM KLCI: 1,581.05 pts (-5.55pts, -0.35%)
⬆️ Resistance: 1630
⬇️ Support: 1520
HSI Index: 25,519.32 pts (-94.35pts, -0.37%)
⬆️ Resistance: 26300
⬇️ Support: 24300
Crude Palm Oil: RM4,403 (+RM4, +0.09%)
⬆️ Resistance: 4570
⬇️ Support: 4160
Brent Oil: $66.84 (+$1.21, +1.84%)
⬆️ Resistance: 68.60
⬇️ Support: 63.80
Gold: $3,335.39 (-$1.75, -0.05%)
⬆️ Resistance: 3480
⬇️ Support: 3270
Source: Bloomberg, M+ Global
Dow Jones: 44,911.26 pts (-11.01pts, -0.02%)
⬆️ Resistance: 45900
⬇️ Support: 43100
FBM KLCI: 1,581.05 pts (-5.55pts, -0.35%)
⬆️ Resistance: 1630
⬇️ Support: 1520
HSI Index: 25,519.32 pts (-94.35pts, -0.37%)
⬆️ Resistance: 26300
⬇️ Support: 24300
Crude Palm Oil: RM4,403 (+RM4, +0.09%)
⬆️ Resistance: 4570
⬇️ Support: 4160
Brent Oil: $66.84 (+$1.21, +1.84%)
⬆️ Resistance: 68.60
⬇️ Support: 63.80
Gold: $3,335.39 (-$1.75, -0.05%)
⬆️ Resistance: 3480
⬇️ Support: 3270
Source: Bloomberg, M+ Global
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M+ Global Market Update – 15Aug25
Profit Taking Activities May Persist
US: Wall Street took a breather after July’s PPI came in above consensus, tempering the earlier euphoria over a possible rate cut in September that had swept the Wall Street. We believe the market is still anticipating easing trade tensions, which could lift the market sentiment going forward. Meanwhile, UNH jumped post-market after Berkshire Hathaway revealed a new stake, despite concerns over ongoing lawsuits. In the semiconductor space, Intel’s share price jumped +8% after reports that the US government plans to take a stake in the company. In the commodities market, Brent oil rebounded towards USD66/bbl, while both gold and CPO retreated to USD3,333/oz and RM4,407/MT, respectively.
MY: Tracking Wall Street’s mixed performance, we expect further profit-taking activities to emerge on the local bourse. However, traders may shift their attention to Plantation stocks like JPG, which posted +50% YoY growth in its bottom-line. Besides, we believe the overall data center theme will continue to support the Construction, M&E and Utility segments in the near term; with the latter also being boosted by the government’s NETR initiative. While the technology sector has pulled back, we expect the Apple’s USD100bn investment pledge could provide support for stocks like UNISEM, INARI, and FRONTKN.
Stocks to watch:
Utility: KJTS, *PEKAT*
Construction: GDB, *JTGROUP*
Automotive: *BETA*
Building Material: *PMETAL*
Technology: *MCLEAN*
Property: ECOWLD
Plantation: JPG
Finance: OSK
Source: M+ Global
Profit Taking Activities May Persist
US: Wall Street took a breather after July’s PPI came in above consensus, tempering the earlier euphoria over a possible rate cut in September that had swept the Wall Street. We believe the market is still anticipating easing trade tensions, which could lift the market sentiment going forward. Meanwhile, UNH jumped post-market after Berkshire Hathaway revealed a new stake, despite concerns over ongoing lawsuits. In the semiconductor space, Intel’s share price jumped +8% after reports that the US government plans to take a stake in the company. In the commodities market, Brent oil rebounded towards USD66/bbl, while both gold and CPO retreated to USD3,333/oz and RM4,407/MT, respectively.
MY: Tracking Wall Street’s mixed performance, we expect further profit-taking activities to emerge on the local bourse. However, traders may shift their attention to Plantation stocks like JPG, which posted +50% YoY growth in its bottom-line. Besides, we believe the overall data center theme will continue to support the Construction, M&E and Utility segments in the near term; with the latter also being boosted by the government’s NETR initiative. While the technology sector has pulled back, we expect the Apple’s USD100bn investment pledge could provide support for stocks like UNISEM, INARI, and FRONTKN.
Stocks to watch:
Utility: KJTS, *PEKAT*
Construction: GDB, *JTGROUP*
Automotive: *BETA*
Building Material: *PMETAL*
Technology: *MCLEAN*
Property: ECOWLD
Plantation: JPG
Finance: OSK
Source: M+ Global
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Good Morning All,
We initiated a coverage report on AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We initiate AWC with a target price of RM0.805 per share, indicating a 43.8% upside from the current share price of RM0.560. This valuation is based on a P/E multiple of 10.0x pegged to mid-FY27f EPS of 8.05 sen..
Investment highlights include:
(i) Leading player in Automated Pneumatic Waste Collection System (AWCS)
(ii) Riding the environmental tailwinds with orderbook
(iii) Long-standing concession operator track record with renewal visibility
(iv) Diversified engineering services with edge over green certification
(v) Potential beneficiary of Penang Mutiara Line LRT project
(vi) Regional expansion underpinned by different catalysts and megatrends
Research Team, M+
15 August 2025
We initiated a coverage report on AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We initiate AWC with a target price of RM0.805 per share, indicating a 43.8% upside from the current share price of RM0.560. This valuation is based on a P/E multiple of 10.0x pegged to mid-FY27f EPS of 8.05 sen..
Investment highlights include:
(i) Leading player in Automated Pneumatic Waste Collection System (AWCS)
(ii) Riding the environmental tailwinds with orderbook
(iii) Long-standing concession operator track record with renewal visibility
(iv) Diversified engineering services with edge over green certification
(v) Potential beneficiary of Penang Mutiara Line LRT project
(vi) Regional expansion underpinned by different catalysts and megatrends
Research Team, M+
15 August 2025
M+ Global Market Wrap - 15Aug25
FBM KLCI: 1,576.34 pts (-4.71pts, -0.30%)
Tracking Wall Street’s lacklustre overnight performance, Friday’s session saw traders pare down exposure on the local bourse, with total trading volume sliding below the 100-day average. Malaysia’s economy expanded by +4.4% in 2Q 2025, driven by robust domestic demand and household spending. Market breadth was neutral as the gainers-to-losers ratio stood at 1-to-1. On the broader market, gains in WPRTS (+6.0 sen) and HEXTECH (+2.0 sen) spurred buying interest within Transportation & Logistics (+0.72%) stocks, while Plantation (-1.02%) declined the most despite robust earnings results among plantation players.
Top 3 Active stocks:
TANCO (2429): RM0.730 (+1.0 sen)
ZETRIX (0138): RM0.895 (-0.5 sen)
TWL (7079): RM0.025 (unch)
Volume: 2.01 bn (100-bar avg vol: 2.96 bn)
Value: RM2.03 bn (100-bar avg val: RM2.34 bn)
Market Breadth: ⬆️449⬇️488
Crude palm oil: RM4,440 (+RM37)
Dow Futures: 45,297 pts (+300 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,576.34 pts (-4.71pts, -0.30%)
Tracking Wall Street’s lacklustre overnight performance, Friday’s session saw traders pare down exposure on the local bourse, with total trading volume sliding below the 100-day average. Malaysia’s economy expanded by +4.4% in 2Q 2025, driven by robust domestic demand and household spending. Market breadth was neutral as the gainers-to-losers ratio stood at 1-to-1. On the broader market, gains in WPRTS (+6.0 sen) and HEXTECH (+2.0 sen) spurred buying interest within Transportation & Logistics (+0.72%) stocks, while Plantation (-1.02%) declined the most despite robust earnings results among plantation players.
Top 3 Active stocks:
TANCO (2429): RM0.730 (+1.0 sen)
ZETRIX (0138): RM0.895 (-0.5 sen)
TWL (7079): RM0.025 (unch)
Volume: 2.01 bn (100-bar avg vol: 2.96 bn)
Value: RM2.03 bn (100-bar avg val: RM2.34 bn)
Market Breadth: ⬆️449⬇️488
Crude palm oil: RM4,440 (+RM37)
Dow Futures: 45,297 pts (+300 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on Ulta Beauty Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Results came in above the consensus
(ii) Capex rollout on store expansion
(iii) Bigger salons to push growh
Research Team, M+
15 August 2025
We issued a technical buy call on Ulta Beauty Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Results came in above the consensus
(ii) Capex rollout on store expansion
(iii) Bigger salons to push growh
Research Team, M+
15 August 2025
Mplusonline
Your Trusted Guide to Global Trading | Malacca Securities
Trade in the MY, US & HK markets with real-time data, Shariah screening, 24-hour online customer sup...
M+ Morning Market Buzz - 18Aug25
Dow Jones: 44,946.12 pts (+34.86pts, +0.08%)
⬆️ Resistance: 46200
⬇️ Support: 43100
FBM KLCI: 1,576.34 pts (-4.71pts, -0.30%)
⬆️ Resistance: 1630
⬇️ Support: 1530
HSI Index: 25,270.07 pts (-249.25pts, -0.98%)
⬆️ Resistance: 26300
⬇️ Support: 24300
Crude Palm Oil: RM4,511 (+RM75, +1.69%)
⬆️ Resistance: 4570
⬇️ Support: 4170
Brent Oil: $65.85 (-$0.23, -0.35%)
⬆️ Resistance: 68.50
⬇️ Support: 63.80
Gold: $3,336.19 (-$1.23, -0.04%)
⬆️ Resistance: 3480
⬇️ Support: 3270
Source: Bloomberg, M+ Global
Dow Jones: 44,946.12 pts (+34.86pts, +0.08%)
⬆️ Resistance: 46200
⬇️ Support: 43100
FBM KLCI: 1,576.34 pts (-4.71pts, -0.30%)
⬆️ Resistance: 1630
⬇️ Support: 1530
HSI Index: 25,270.07 pts (-249.25pts, -0.98%)
⬆️ Resistance: 26300
⬇️ Support: 24300
Crude Palm Oil: RM4,511 (+RM75, +1.69%)
⬆️ Resistance: 4570
⬇️ Support: 4170
Brent Oil: $65.85 (-$0.23, -0.35%)
⬆️ Resistance: 68.50
⬇️ Support: 63.80
Gold: $3,336.19 (-$1.23, -0.04%)
⬆️ Resistance: 3480
⬇️ Support: 3270
Source: Bloomberg, M+ Global
M+ Global Market Update – 18Aug25
Focusing On The Upcoming Earnings Season
US: Wall Street ended broadly lower on Friday, as weaker retail sales and a sharp rise in inflation expectations pressured the markets. On the geopolitical front, talks between Trump and Putin in Alaska regarding a peace plan for Ukraine concluded without a breakthrough, though Trump struck an optimistic tone. Meanwhile, Berkshire Hathaway disclosed new positions in UnitedHealth (UNH), while trimming its stakes in Apple and Bank of America; UNH surged on Berkshire’s backing, despite the stock halved YTD amid healthcare policy headwinds. In the commodities market, both Brent oil and gold traded sideways around USD66/bbl and USD3,333/oz respectively, while CPO traded higher at RM4,511/MT.
MY: Tracking the positive performance of Wall Street’s index futures, we expect the local bourse to start the week positive. Sector-wise, we believe the Construction and Utility segments will continue to outperform, as IJM recently secured its largest data centre project worth RM1.4bn in Johor, bringing its total order book to RM9.2bn. Meanwhile, we also like KERJAYA, which showed both QoQ and YoY profit improvement in its latest quarter. The group holds an order book of RM4bn, with a dividend yield of 7.1% and strong cash & bank balances of RM360.7m as of 1Q25. We believe both of KERJAYA’s construction and property segments are expected to improve, supported by its strong order book and a potential OPR reduction.
Stocks to watch:
Construction: *CBHB*, *CHB*, GDB, INTA, *JTGROUP*
Transportation & Logistics: *WPRTS*
Utility: *GASMSIA*
Technology: *MCLEAN*
Finance: AMBANK
Automotive: BAUTO
Telco: TIMECOM
Property: KSL
Plantation: INNO
Source: M+ Global
Focusing On The Upcoming Earnings Season
US: Wall Street ended broadly lower on Friday, as weaker retail sales and a sharp rise in inflation expectations pressured the markets. On the geopolitical front, talks between Trump and Putin in Alaska regarding a peace plan for Ukraine concluded without a breakthrough, though Trump struck an optimistic tone. Meanwhile, Berkshire Hathaway disclosed new positions in UnitedHealth (UNH), while trimming its stakes in Apple and Bank of America; UNH surged on Berkshire’s backing, despite the stock halved YTD amid healthcare policy headwinds. In the commodities market, both Brent oil and gold traded sideways around USD66/bbl and USD3,333/oz respectively, while CPO traded higher at RM4,511/MT.
MY: Tracking the positive performance of Wall Street’s index futures, we expect the local bourse to start the week positive. Sector-wise, we believe the Construction and Utility segments will continue to outperform, as IJM recently secured its largest data centre project worth RM1.4bn in Johor, bringing its total order book to RM9.2bn. Meanwhile, we also like KERJAYA, which showed both QoQ and YoY profit improvement in its latest quarter. The group holds an order book of RM4bn, with a dividend yield of 7.1% and strong cash & bank balances of RM360.7m as of 1Q25. We believe both of KERJAYA’s construction and property segments are expected to improve, supported by its strong order book and a potential OPR reduction.
Stocks to watch:
Construction: *CBHB*, *CHB*, GDB, INTA, *JTGROUP*
Transportation & Logistics: *WPRTS*
Utility: *GASMSIA*
Technology: *MCLEAN*
Finance: AMBANK
Automotive: BAUTO
Telco: TIMECOM
Property: KSL
Plantation: INNO
Source: M+ Global
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M+ Global Market Wrap - 18Aug25
FBM KLCI: 1,584.96 pts (+8.62pts, +0.55%)
Despite the mixed performance across regional markets, the FBMKLCI (+0.55%) bucked the trend and closed higher at 1,584.96 pts, buoyed by gains in YTL-related counters. This came after news that YTLPOWR (+16.0 sen), CDB (+1.0 sen), and MAXIS (-1.0 sen) injected an additional RM350.0m into Digital Nasional Bhd (DNB), as DNB braces for the arrival of the second 5G network deployed by U Mobile. Nevertheless, market breadth was negative, with 513 losers against 491 winners. On the broader market, the Construction (+1.41%) sector outperformed, led by GAMUDA (+10.0 sen) and IJM (+4.0 sen), while the Transportation & Logistics (-0.76%) sector recorded the largest decline.
Top 3 Active stocks:
TANCO (2429): RM0.735 (+0.5 sen)
VELESTO (5243): RM0.185 (unch)
PHARMA (7081): RM0.170 (-0.5 sen)
Volume: 2.54 bn (100-bar avg vol: 2.95 bn)
Value: RM2.72 bn (100-bar avg val: RM2.33 bn)
Market Breadth: ⬆️491⬇️513
Crude palm oil: RM4,546 (+RM35)
Dow Futures: 45,021 pts (-19 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,584.96 pts (+8.62pts, +0.55%)
Despite the mixed performance across regional markets, the FBMKLCI (+0.55%) bucked the trend and closed higher at 1,584.96 pts, buoyed by gains in YTL-related counters. This came after news that YTLPOWR (+16.0 sen), CDB (+1.0 sen), and MAXIS (-1.0 sen) injected an additional RM350.0m into Digital Nasional Bhd (DNB), as DNB braces for the arrival of the second 5G network deployed by U Mobile. Nevertheless, market breadth was negative, with 513 losers against 491 winners. On the broader market, the Construction (+1.41%) sector outperformed, led by GAMUDA (+10.0 sen) and IJM (+4.0 sen), while the Transportation & Logistics (-0.76%) sector recorded the largest decline.
Top 3 Active stocks:
TANCO (2429): RM0.735 (+0.5 sen)
VELESTO (5243): RM0.185 (unch)
PHARMA (7081): RM0.170 (-0.5 sen)
Volume: 2.54 bn (100-bar avg vol: 2.95 bn)
Value: RM2.72 bn (100-bar avg val: RM2.33 bn)
Market Breadth: ⬆️491⬇️513
Crude palm oil: RM4,546 (+RM35)
Dow Futures: 45,021 pts (-19 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 19Aug25
Dow Jones: 44,911.82 pts (-34.30pts, -0.08%)
⬆️ Resistance: 46200
⬇️ Support: 43200
FBM KLCI: 1,584.96 pts (+8.62pts, +0.55%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,176.85 pts (-93.22pts, -0.37%)
⬆️ Resistance: 26300
⬇️ Support: 24400
Crude Palm Oil: RM4,559 (+RM7, +0.15%)
⬆️ Resistance: 4680
⬇️ Support: 4290
Brent Oil: $66.60 (+$0.75, +1.14%)
⬆️ Resistance: 68.50
⬇️ Support: 63.80
Gold: $3,332.72 (+$0.83, +0.02%)
⬆️ Resistance: 3450
⬇️ Support: 3260
Source: Bloomberg, M+ Global
Dow Jones: 44,911.82 pts (-34.30pts, -0.08%)
⬆️ Resistance: 46200
⬇️ Support: 43200
FBM KLCI: 1,584.96 pts (+8.62pts, +0.55%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,176.85 pts (-93.22pts, -0.37%)
⬆️ Resistance: 26300
⬇️ Support: 24400
Crude Palm Oil: RM4,559 (+RM7, +0.15%)
⬆️ Resistance: 4680
⬇️ Support: 4290
Brent Oil: $66.60 (+$0.75, +1.14%)
⬆️ Resistance: 68.50
⬇️ Support: 63.80
Gold: $3,332.72 (+$0.83, +0.02%)
⬆️ Resistance: 3450
⬇️ Support: 3260
Source: Bloomberg, M+ Global
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M+ Global Market Update – 19Aug25
Flat Close As Trump-Zelensky Talk Lingers
US: Wall Street ended mixed, with investors digesting Trump’s meeting with Zelensky in Washington and awaiting Fed Chair Powell’s Jackson Hole speech on rate cut outlook. President Trump pledged US security support for Ukraine but hinted Crimea would remain with Russia, while also raising the prospect of trilateral talks with Putin. Meanwhile, markets are pricing in 83% odds of a 25bps cut in September. Retail heavyweights like Walmart and Target are set to report earnings this week, providing fresh readthroughs on US consumer strength. Hence, with the current setup, we believe the markets will remain cautious and trade mixed for the near term. In the commodities market, both Brent oil and gold traded sideways around USD67/bbl and USD3,332/oz respectively, while CPO traded higher at RM4,559/MT.
MY: Despite Wall Street’s mixed performance, the FBMKLCI is expected to extend its bullish momentum today. We remain optimistic on YTLPOWR, following the news that YTLPOWR, CDB, and MAXIS injected an additional RM116.7m each into DNB to fund the country’s second 5G rollout, potentially increasing the trading appetite for telco companies like TIMECOM and TM. Besides, we like YTLPOWR’s positioning as the country’s AI leader, supported by its upcoming debut of ILMU 1.0 and Ryt Bank. Other companies that are expected to benefit from the data center and AI development include those in the Property and Utility sectors.
Stocks to watch:
Utility: GASMSIA, *SET*, *YTL*, *YTLPOWR*
Technology: MCLEAN, MI, *VITROX*
Construction: *JTGROUP*, *SUNCON*
Consumer: FFB
O&G: HAWK
Plantation: JTIASA
Finance: OSK
Source: M+ Global
Flat Close As Trump-Zelensky Talk Lingers
US: Wall Street ended mixed, with investors digesting Trump’s meeting with Zelensky in Washington and awaiting Fed Chair Powell’s Jackson Hole speech on rate cut outlook. President Trump pledged US security support for Ukraine but hinted Crimea would remain with Russia, while also raising the prospect of trilateral talks with Putin. Meanwhile, markets are pricing in 83% odds of a 25bps cut in September. Retail heavyweights like Walmart and Target are set to report earnings this week, providing fresh readthroughs on US consumer strength. Hence, with the current setup, we believe the markets will remain cautious and trade mixed for the near term. In the commodities market, both Brent oil and gold traded sideways around USD67/bbl and USD3,332/oz respectively, while CPO traded higher at RM4,559/MT.
MY: Despite Wall Street’s mixed performance, the FBMKLCI is expected to extend its bullish momentum today. We remain optimistic on YTLPOWR, following the news that YTLPOWR, CDB, and MAXIS injected an additional RM116.7m each into DNB to fund the country’s second 5G rollout, potentially increasing the trading appetite for telco companies like TIMECOM and TM. Besides, we like YTLPOWR’s positioning as the country’s AI leader, supported by its upcoming debut of ILMU 1.0 and Ryt Bank. Other companies that are expected to benefit from the data center and AI development include those in the Property and Utility sectors.
Stocks to watch:
Utility: GASMSIA, *SET*, *YTL*, *YTLPOWR*
Technology: MCLEAN, MI, *VITROX*
Construction: *JTGROUP*, *SUNCON*
Consumer: FFB
O&G: HAWK
Plantation: JTIASA
Finance: OSK
Source: M+ Global
👍1
Good Morning All,
We issued a company update report on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Following the earnings call, we are cautiously optimistic on LGMS. The anticipated completion of Antarex by end-Aug 2025 will broaden its client base into internet service and telecommunication segment. Meanwhile, we believe LGMS will be able to tap into the cyber insurance value chain via ASI and the group’s appointment as a cyber incident responder for law firm partners of insurance agencies enhances its role in breach response protocols. The recent partnerships with BDO and CelcomDigi may accelerate StarSentry’s adoption across corporate clients and enterprise subscribers with device as a service model. Although LGMS may see softer margins amid the ongoing workforce expansion plans, we expect it is preparing LGMS greater good, building the flywheel for the future. Thus, we expect revenue will recover in in 2H25 following the potential revival of projects starting July.
We maintain our BUY rating with a TP of RM0.93. The TP is based on FY26 EPS of 2.65 sen, pegged to a 35x P/E.
Research Team, M+
19 August 2025
We issued a company update report on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Following the earnings call, we are cautiously optimistic on LGMS. The anticipated completion of Antarex by end-Aug 2025 will broaden its client base into internet service and telecommunication segment. Meanwhile, we believe LGMS will be able to tap into the cyber insurance value chain via ASI and the group’s appointment as a cyber incident responder for law firm partners of insurance agencies enhances its role in breach response protocols. The recent partnerships with BDO and CelcomDigi may accelerate StarSentry’s adoption across corporate clients and enterprise subscribers with device as a service model. Although LGMS may see softer margins amid the ongoing workforce expansion plans, we expect it is preparing LGMS greater good, building the flywheel for the future. Thus, we expect revenue will recover in in 2H25 following the potential revival of projects starting July.
We maintain our BUY rating with a TP of RM0.93. The TP is based on FY26 EPS of 2.65 sen, pegged to a 35x P/E.
Research Team, M+
19 August 2025
M+ Global Market Wrap - 19Aug25
FBM KLCI: 1,590.24 pts (+5.28pts, +0.33%)
The FBMKLCI (+0.33%) continued to buck the regional market selldown, closing higher at 1590.24 pts, led by SUNWAY (+11.0 sen) and CIMB (+6.0 sen). The country also recorded higher exports in July, marking a 6.8% YoY increase to RM140.5bn, outperforming Bloomberg’s median forecast of a 3.2% contraction. Market breadth turned positive, with 503 gainers against 490 losers. In the broader environment, all sectors ended in the positive territory except Technology (-0.46%).
Top 3 Active stocks:
VELESTO (5243): RM0.190 (+0.5 sen)
TANCO (2429): RM0.730 (-0.5 sen)
TWL (7079): RM0.025 (unch)
Volume: 2.60 bn (100-bar avg vol: 2.95 bn)
Value: RM2.74 bn (100-bar avg val: RM2.31 bn)
Market Breadth: ⬆️503⬇️490
Crude palm oil: RM4,519 (-RM40)
Dow Futures: 44,987 pts (+1 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,590.24 pts (+5.28pts, +0.33%)
The FBMKLCI (+0.33%) continued to buck the regional market selldown, closing higher at 1590.24 pts, led by SUNWAY (+11.0 sen) and CIMB (+6.0 sen). The country also recorded higher exports in July, marking a 6.8% YoY increase to RM140.5bn, outperforming Bloomberg’s median forecast of a 3.2% contraction. Market breadth turned positive, with 503 gainers against 490 losers. In the broader environment, all sectors ended in the positive territory except Technology (-0.46%).
Top 3 Active stocks:
VELESTO (5243): RM0.190 (+0.5 sen)
TANCO (2429): RM0.730 (-0.5 sen)
TWL (7079): RM0.025 (unch)
Volume: 2.60 bn (100-bar avg vol: 2.95 bn)
Value: RM2.74 bn (100-bar avg val: RM2.31 bn)
Market Breadth: ⬆️503⬇️490
Crude palm oil: RM4,519 (-RM40)
Dow Futures: 44,987 pts (+1 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 20Aug25
Dow Jones: 44,922.27 pts (+10.45pts, +0.02%)
⬆️ Resistance: 46200
⬇️ Support: 43700
FBM KLCI: 1,590.24 pts (+5.28pts, +0.33%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,122.90 pts (-53.95pts, -0.21%)
⬆️ Resistance: 26300
⬇️ Support: 24600
Crude Palm Oil: RM4,521 (-RM45, -1.00%)
⬆️ Resistance: 4710
⬇️ Support: 4290
Brent Oil: $65.79 (-$0.81, -1.22%)
⬆️ Resistance: 68.50
⬇️ Support: 63.80
Gold: $3,315.78 (+$1.17, +0.04%)
⬆️ Resistance: 3450
⬇️ Support: 3250
Source: Bloomberg, M+ Global
Dow Jones: 44,922.27 pts (+10.45pts, +0.02%)
⬆️ Resistance: 46200
⬇️ Support: 43700
FBM KLCI: 1,590.24 pts (+5.28pts, +0.33%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,122.90 pts (-53.95pts, -0.21%)
⬆️ Resistance: 26300
⬇️ Support: 24600
Crude Palm Oil: RM4,521 (-RM45, -1.00%)
⬆️ Resistance: 4710
⬇️ Support: 4290
Brent Oil: $65.79 (-$0.81, -1.22%)
⬆️ Resistance: 68.50
⬇️ Support: 63.80
Gold: $3,315.78 (+$1.17, +0.04%)
⬆️ Resistance: 3450
⬇️ Support: 3250
Source: Bloomberg, M+ Global
👍2
M+ Global Market Update – 20Aug25
Rotation To Value Stocks Ahead of Jackson Hole
US: Wall Street closed mostly lower as investors shifted out of significantly overstretched large-cap tech stocks and moved into small caps and value stocks ahead of the Jackson Hole meeting; NVIDIA fell 3.5% ahead of its earnings report next week. Traders’ focus this week will be on Jerome Powell’s speech at the upcoming Jackson Hole Symposium, where the market is speculating a more dovish tone and potential rate cut in September, with the probability currently at 86.1%. On geopolitics, Trump’s meeting with Zelensky raised prospects of peace talks with Putin, but the deal remains uncertain. In the commodities market, Brent oil, gold and CPO traded lower around USD66/bbl, USD3,316/oz and RM4,521/MT respectively.
MY: Tracking the weaker overnight tone in the US, the FBMKLCI is expected to trade on a lacklustre tone. However, buying interest might emerge in domestic-driven consumer-related counters, such as 99SMART and MRDIY, which are expected to benefit from government cash aid and handouts. Meanwhile, following the news that STACK Infrastructure, a leading digital US infrastructure company, investing RM7bn to develop a hyperscale data centre campus in Johor, investors may look into property developers with exposure to industrial tech parks such as MAHSING, SIMEPROP, and ECOWLD. Lastly, traders can monitor DIALOG for trading opportunities following its breakout yesterday.
Stocks to watch:
Finance: *ABMB*, AMBANK, OSK
Technology: FRONTKN, *UNISEM *
O&G: GASMSIA, PANTECH
Transportation: *WPRTS*
Utility: *PEKAT*
Telco: *AXIATA*
Construction: PESONA
Consumer: DXN
Source: M+ Global
Rotation To Value Stocks Ahead of Jackson Hole
US: Wall Street closed mostly lower as investors shifted out of significantly overstretched large-cap tech stocks and moved into small caps and value stocks ahead of the Jackson Hole meeting; NVIDIA fell 3.5% ahead of its earnings report next week. Traders’ focus this week will be on Jerome Powell’s speech at the upcoming Jackson Hole Symposium, where the market is speculating a more dovish tone and potential rate cut in September, with the probability currently at 86.1%. On geopolitics, Trump’s meeting with Zelensky raised prospects of peace talks with Putin, but the deal remains uncertain. In the commodities market, Brent oil, gold and CPO traded lower around USD66/bbl, USD3,316/oz and RM4,521/MT respectively.
MY: Tracking the weaker overnight tone in the US, the FBMKLCI is expected to trade on a lacklustre tone. However, buying interest might emerge in domestic-driven consumer-related counters, such as 99SMART and MRDIY, which are expected to benefit from government cash aid and handouts. Meanwhile, following the news that STACK Infrastructure, a leading digital US infrastructure company, investing RM7bn to develop a hyperscale data centre campus in Johor, investors may look into property developers with exposure to industrial tech parks such as MAHSING, SIMEPROP, and ECOWLD. Lastly, traders can monitor DIALOG for trading opportunities following its breakout yesterday.
Stocks to watch:
Finance: *ABMB*, AMBANK, OSK
Technology: FRONTKN, *UNISEM *
O&G: GASMSIA, PANTECH
Transportation: *WPRTS*
Utility: *PEKAT*
Telco: *AXIATA*
Construction: PESONA
Consumer: DXN
Source: M+ Global
👍4😁1
Good Morning All,
We issued a technical buy call on Frontken Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong relationship with TSMC
(ii) Stronger 2Q25
(iii) Riding on the global AI wave
Research Team, M+
20 August 2025
We issued a technical buy call on Frontken Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong relationship with TSMC
(ii) Stronger 2Q25
(iii) Riding on the global AI wave
Research Team, M+
20 August 2025
FBM KLCI: 1,588.21 pts (-2.03pts, -0.13%)
Tracking Wall Street’s selldown yesterday, the FBMKLCI (-0.13%) snapped its gains and closed lower at 1,588.21 pts, as profit-taking activities were seen in heavyweights like AXIATA (-8.0 sen) and YTLPOWR (-8.0 sen). Meanwhile, SDG (+17.0 sen) and GAMUDA (-8.0 sen) announced an agreement to jointly develop solar energy assets with a targeted accumulated capacity of up to 1.2GW. Market breadth turned negative, with 647 losers against 376 winners. In the broader market, only the Industrial Products & Services (+1.01%) and Plantation (+0.61%) sectors ended the day in positive territory.
Top 3 Active stocks:
VANTNRG(5218): RM0.035 (-0.5 sen)
ZETRIX (0138): RM0.875 (+1.0 sen)
TANCO (2429): RM0.730 (unch)
Volume: 2.55 bn (100-bar avg vol: 2.94 bn)
Value: RM2.50 bn (100-bar avg val: RM2.32 bn)
Market Breadth: ⬆️376⬇️647
Crude palm oil: RM4,492 (-RM29)
Dow Futures: 44,891 pts (-108 pts)
**Source: M+ Global, Bloomberg **
Tracking Wall Street’s selldown yesterday, the FBMKLCI (-0.13%) snapped its gains and closed lower at 1,588.21 pts, as profit-taking activities were seen in heavyweights like AXIATA (-8.0 sen) and YTLPOWR (-8.0 sen). Meanwhile, SDG (+17.0 sen) and GAMUDA (-8.0 sen) announced an agreement to jointly develop solar energy assets with a targeted accumulated capacity of up to 1.2GW. Market breadth turned negative, with 647 losers against 376 winners. In the broader market, only the Industrial Products & Services (+1.01%) and Plantation (+0.61%) sectors ended the day in positive territory.
Top 3 Active stocks:
VANTNRG(5218): RM0.035 (-0.5 sen)
ZETRIX (0138): RM0.875 (+1.0 sen)
TANCO (2429): RM0.730 (unch)
Volume: 2.55 bn (100-bar avg vol: 2.94 bn)
Value: RM2.50 bn (100-bar avg val: RM2.32 bn)
Market Breadth: ⬆️376⬇️647
Crude palm oil: RM4,492 (-RM29)
Dow Futures: 44,891 pts (-108 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 21Aug25
Dow Jones: 44,938.31 pts (+16.04pts, +0.04%)
⬆️ Resistance: 46200
⬇️ Support: 43800
FBM KLCI: 1,588.21 pts (-2.03pts, -0.13%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,165.94 pts (+43.04pts, +0.17%)
⬆️ Resistance: 26300
⬇️ Support: 24400
Crude Palm Oil: RM4,498 (+RM31, +0.69%)
⬆️ Resistance: 4710
⬇️ Support: 4290
Brent Oil: $66.84 (+$1.05, +1.60%)
⬆️ Resistance: 68.50
⬇️ Support: 64.00
Gold: $3,348.43 (+$1.63, +0.05%)
⬆️ Resistance: 3450
⬇️ Support: 3250
Source: Bloomberg, M+ Global
Dow Jones: 44,938.31 pts (+16.04pts, +0.04%)
⬆️ Resistance: 46200
⬇️ Support: 43800
FBM KLCI: 1,588.21 pts (-2.03pts, -0.13%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,165.94 pts (+43.04pts, +0.17%)
⬆️ Resistance: 26300
⬇️ Support: 24400
Crude Palm Oil: RM4,498 (+RM31, +0.69%)
⬆️ Resistance: 4710
⬇️ Support: 4290
Brent Oil: $66.84 (+$1.05, +1.60%)
⬆️ Resistance: 68.50
⬇️ Support: 64.00
Gold: $3,348.43 (+$1.63, +0.05%)
⬆️ Resistance: 3450
⬇️ Support: 3250
Source: Bloomberg, M+ Global