M+ Global Market Wrap - 3Nov25
FBM KLCI: 1,622.42 pts (+13.27pts, +0.82%)
The FMBKLCI (+0.82%) closed higher, in tandem with Hong Kong and China markets, as the positive sentiment from Wall Street’s tech giants’ positive earnings spilled over to regional markets. However, the market breadth was negative, with 450 winners against 762 losers. Sector-wise, Financial Services (+1.03%) was the best performing sector, led by CIMB (+12.0 sen), while Technology (-1.75%) was the worst performing sector, dragged by INARI (-9.0 sen).
Top 3 Active stocks:
PTRANS (0186): RM0.310 (-3.0 sen)
ZETRIX (0138): RM0.815 (-3.0 sen)
GENM (4715): RM2.340 (+1.0 sen)
Volume: 3.25 bn (100-bar avg vol: 3.11 bn)
Value: RM2.48 bn (100-bar avg val: RM2.58 bn)
Market Breadth: ⬆️450 ⬇️762
Crude Palm Oil: RM4,207 (-RM95, -2.26%)
Dow Futures: 47,753 pts (+31 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,622.42 pts (+13.27pts, +0.82%)
The FMBKLCI (+0.82%) closed higher, in tandem with Hong Kong and China markets, as the positive sentiment from Wall Street’s tech giants’ positive earnings spilled over to regional markets. However, the market breadth was negative, with 450 winners against 762 losers. Sector-wise, Financial Services (+1.03%) was the best performing sector, led by CIMB (+12.0 sen), while Technology (-1.75%) was the worst performing sector, dragged by INARI (-9.0 sen).
Top 3 Active stocks:
PTRANS (0186): RM0.310 (-3.0 sen)
ZETRIX (0138): RM0.815 (-3.0 sen)
GENM (4715): RM2.340 (+1.0 sen)
Volume: 3.25 bn (100-bar avg vol: 3.11 bn)
Value: RM2.48 bn (100-bar avg val: RM2.58 bn)
Market Breadth: ⬆️450 ⬇️762
Crude Palm Oil: RM4,207 (-RM95, -2.26%)
Dow Futures: 47,753 pts (+31 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 4Nov25
Dow Jones: 47,336.68 pts (-226.19pts, -0.48%)
⬆️ Resistance: 49100
⬇️ Support: 46200
FBM KLCI: 1,622.42 pts (+13.27pts, +0.82%)
⬆️ Resistance: 1660
⬇️ Support: 1580
HSI Index: 26,158.36 pts (+251.71pts, +0.97%)
⬆️ Resistance: 27200
⬇️ Support: 25400
Crude Palm Oil: RM4,115 (+RM17, +0.41%)
⬆️ Resistance: 4480
⬇️ Support: 4010
Brent Oil: $64.89 (+$0.12, +0.19%)
⬆️ Resistance: 67.10
⬇️ Support: 62.70
Gold: $4,001.42 (+$0.16, +0.00%)
⬆️ Resistance: 4130
⬇️ Support: 3810
Source: Bloomberg, M+ Global
Dow Jones: 47,336.68 pts (-226.19pts, -0.48%)
⬆️ Resistance: 49100
⬇️ Support: 46200
FBM KLCI: 1,622.42 pts (+13.27pts, +0.82%)
⬆️ Resistance: 1660
⬇️ Support: 1580
HSI Index: 26,158.36 pts (+251.71pts, +0.97%)
⬆️ Resistance: 27200
⬇️ Support: 25400
Crude Palm Oil: RM4,115 (+RM17, +0.41%)
⬆️ Resistance: 4480
⬇️ Support: 4010
Brent Oil: $64.89 (+$0.12, +0.19%)
⬆️ Resistance: 67.10
⬇️ Support: 62.70
Gold: $4,001.42 (+$0.16, +0.00%)
⬆️ Resistance: 4130
⬇️ Support: 3810
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 04Nov25
AMD’s Earnings In Focus
US: While concerns over Wall Street valuations persist, we think US equities still have room to run on the back of the recent tech earnings, which can justify the strong demand for AI compute and cloud services. A myriad of hyperscalers have also guided for higher capital spending, reflecting sustained demand in these segments. On a side note, AMD is set to release its earnings today, with consensus estimating EPS of USD1.17 and revenue of USD8.72bn (+27.9% YoY). Overall, we think these estimates are conservative, as we believe the market has yet to fully price in the potential of the MI350 series, with its valuation standpoint still trading at around 8-9% of NVDA’s market cap.
MY: In tandem with Wall Street’s overnight performance, we expect the KLCI to trade on a mixed note without any fresh catalysts. However, we believe traders will be looking for ideas within the defensive sectors such as Utilities and Consumer in view of a risk-off environment. We favour ECOSHOP, 99SMART, and SPRITZER; the latter could have a potential boost from higher tourist arrivals in view of Visit Malaysia Year 2026. Meanwhile, we still favour data center proxies given the robust results from key global tech firms and their upward CapEx guidance—a key indication of persistent demand within this segment.
Stocks to watch:
Financial: AMBANK, CIMB, *MNRB*, *OSK*, RHBBANK
Technology: *MPI*, UWC
Automotive: *BETA*
Construction: SUNWAY
Transportation: *SYGROUP*
Building Material: MSC
Consumer: LWSABAH
Source: M+ Global
AMD’s Earnings In Focus
US: While concerns over Wall Street valuations persist, we think US equities still have room to run on the back of the recent tech earnings, which can justify the strong demand for AI compute and cloud services. A myriad of hyperscalers have also guided for higher capital spending, reflecting sustained demand in these segments. On a side note, AMD is set to release its earnings today, with consensus estimating EPS of USD1.17 and revenue of USD8.72bn (+27.9% YoY). Overall, we think these estimates are conservative, as we believe the market has yet to fully price in the potential of the MI350 series, with its valuation standpoint still trading at around 8-9% of NVDA’s market cap.
MY: In tandem with Wall Street’s overnight performance, we expect the KLCI to trade on a mixed note without any fresh catalysts. However, we believe traders will be looking for ideas within the defensive sectors such as Utilities and Consumer in view of a risk-off environment. We favour ECOSHOP, 99SMART, and SPRITZER; the latter could have a potential boost from higher tourist arrivals in view of Visit Malaysia Year 2026. Meanwhile, we still favour data center proxies given the robust results from key global tech firms and their upward CapEx guidance—a key indication of persistent demand within this segment.
Stocks to watch:
Financial: AMBANK, CIMB, *MNRB*, *OSK*, RHBBANK
Technology: *MPI*, UWC
Automotive: *BETA*
Construction: SUNWAY
Transportation: *SYGROUP*
Building Material: MSC
Consumer: LWSABAH
Source: M+ Global
M+ Global Market Wrap - 4Nov25
FBM KLCI: 1,623.50 pts (+1.08pts, +0.07%)
The FBMKLCI (+0.07) closed in the positive territory as the ringgit is hovering near its strongest level in a year, and investors are focusing on domestic-driven sectors like banking heavyweights. Nevertheless, market breadth was negative with 321 winners against 905 losers. Sector-wise, Financial Services (+0.77%) was the best-performing sector, led by CIMB (+13.0 sen), while Property (-2.03%) was the worst-performing sector, dragged by TANCO (-9.0 sen).
Top 3 Active stocks:
NEXG (5216): RM0.280 (-7.0 sen)
MMAG (0034): RM0.140 (-4.5 sen)
TANCO (2429): RM0.850 (-9.0 sen)
Volume: 3.59 bn (100-bar avg vol: 3.12 bn)
Value: RM2.65 bn (100-bar avg val: RM2.59 bn)
Market Breadth: ⬆️321 ⬇️905
Crude Palm Oil: RM4,115 (+RM22, +0.53%)
Dow Futures: 47,126 pts (-347 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,623.50 pts (+1.08pts, +0.07%)
The FBMKLCI (+0.07) closed in the positive territory as the ringgit is hovering near its strongest level in a year, and investors are focusing on domestic-driven sectors like banking heavyweights. Nevertheless, market breadth was negative with 321 winners against 905 losers. Sector-wise, Financial Services (+0.77%) was the best-performing sector, led by CIMB (+13.0 sen), while Property (-2.03%) was the worst-performing sector, dragged by TANCO (-9.0 sen).
Top 3 Active stocks:
NEXG (5216): RM0.280 (-7.0 sen)
MMAG (0034): RM0.140 (-4.5 sen)
TANCO (2429): RM0.850 (-9.0 sen)
Volume: 3.59 bn (100-bar avg vol: 3.12 bn)
Value: RM2.65 bn (100-bar avg val: RM2.59 bn)
Market Breadth: ⬆️321 ⬇️905
Crude Palm Oil: RM4,115 (+RM22, +0.53%)
Dow Futures: 47,126 pts (-347 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 5Nov25
Dow Jones: 47,085.24 pts (-251.44pts, -0.53%)
⬆️ Resistance: 49100
⬇️ Support: 46000
FBM KLCI: 1,623.50 pts (+1.08pts, +0.07%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,952.40 pts (-205.96pts, -0.79%)
⬆️ Resistance: 27200
⬇️ Support: 25400
Crude Palm Oil: RM4,143 (-RM4, -0.10%)
⬆️ Resistance: 4400
⬇️ Support: 4010
Brent Oil: $64.89 (-$0.55, -0.85%)
⬆️ Resistance: 66.80
⬇️ Support: 62.60
Gold: $3,932.09 (+$1.93, -1.73%)
⬆️ Resistance: 4130
⬇️ Support: 3840
Source: Bloomberg, M+ Global
Dow Jones: 47,085.24 pts (-251.44pts, -0.53%)
⬆️ Resistance: 49100
⬇️ Support: 46000
FBM KLCI: 1,623.50 pts (+1.08pts, +0.07%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,952.40 pts (-205.96pts, -0.79%)
⬆️ Resistance: 27200
⬇️ Support: 25400
Crude Palm Oil: RM4,143 (-RM4, -0.10%)
⬆️ Resistance: 4400
⬇️ Support: 4010
Brent Oil: $64.89 (-$0.55, -0.85%)
⬆️ Resistance: 66.80
⬇️ Support: 62.60
Gold: $3,932.09 (+$1.93, -1.73%)
⬆️ Resistance: 4130
⬇️ Support: 3840
Source: Bloomberg, M+ Global
👍2👏1
M+ Global Market Update – 05Nov25
Tech Earnings Continue To Beat Amid Soft Sentiment
US: We view that Michael Burry, "The Big Short" investor, has taken a toll on Wall Street’s sentiment with his recent put position on two of the biggest AI names, Nvidia and Palantir. However, we believe these AI investments are not just one-off transactions, and investors should be reckoning that data center developers still need to replace their chips after 5–7 years of usage, with continuous upgrades expected over time. The recent earnings releases and company commentaries justify that demand for AI and computational resources remains strong. As the US government shutdown continues to persist, we think investors need to get private economic data to understand the economic situation in the near term.
MY: Given the negative US overnight performance, we expect the KLCI to trade on a softer note. However, following the decent US tech earnings, we anticipate buying interest to cushion the downside risk on the domestic technology sector, with a key focus on stocks such as KGB, VITROX, and FRONTKN. Traders may also focus on consumer names like ECOSHOP, 99SMART, and SPRITZER, given the expected surge in tourist arrivals ahead of Visit Malaysia Year 2026. Meanwhile, we think traders have yet to fully price in the impact of LWSABAH's product placement in 99 Speedmart, and the stock could potentially play catch-up in the near term.
Stocks to watch:
Financial: *ABMB*, AMBANK, CIMB, MNRB, *OSK*
Automotive: *BETA*
Plantation: *INNO*
Construction: *UUE*
Consumer: *GENTING*
Property: L&G
Technology: VITROX
Source: M+ Global
Tech Earnings Continue To Beat Amid Soft Sentiment
US: We view that Michael Burry, "The Big Short" investor, has taken a toll on Wall Street’s sentiment with his recent put position on two of the biggest AI names, Nvidia and Palantir. However, we believe these AI investments are not just one-off transactions, and investors should be reckoning that data center developers still need to replace their chips after 5–7 years of usage, with continuous upgrades expected over time. The recent earnings releases and company commentaries justify that demand for AI and computational resources remains strong. As the US government shutdown continues to persist, we think investors need to get private economic data to understand the economic situation in the near term.
MY: Given the negative US overnight performance, we expect the KLCI to trade on a softer note. However, following the decent US tech earnings, we anticipate buying interest to cushion the downside risk on the domestic technology sector, with a key focus on stocks such as KGB, VITROX, and FRONTKN. Traders may also focus on consumer names like ECOSHOP, 99SMART, and SPRITZER, given the expected surge in tourist arrivals ahead of Visit Malaysia Year 2026. Meanwhile, we think traders have yet to fully price in the impact of LWSABAH's product placement in 99 Speedmart, and the stock could potentially play catch-up in the near term.
Stocks to watch:
Financial: *ABMB*, AMBANK, CIMB, MNRB, *OSK*
Automotive: *BETA*
Plantation: *INNO*
Construction: *UUE*
Consumer: *GENTING*
Property: L&G
Technology: VITROX
Source: M+ Global
Good Morning All,
Here’s our IPO note on PMW International Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.57 per share for PMW, indicating a 67.6% upside from the share price of RM0.34. This valuation is based on a PE multiple of 20.0x pegged to FY26f EPS of 2.85 sen.
Investment highlights include:
(i) Margin upliftment following Winabumi and PMW Concrete acquisitions
(ii) Riding along the electricity giants
(iii) Benefitting from Malaysia’s 5G network infrastructure expansion
(iv) Stronger foothold in East Malaysia
(v) Continuous market share expansion through utilities, telecommunication and infrastructure projects nationwide
Research Team, M+
5 Nov 2025
Here’s our IPO note on PMW International Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.57 per share for PMW, indicating a 67.6% upside from the share price of RM0.34. This valuation is based on a PE multiple of 20.0x pegged to FY26f EPS of 2.85 sen.
Investment highlights include:
(i) Margin upliftment following Winabumi and PMW Concrete acquisitions
(ii) Riding along the electricity giants
(iii) Benefitting from Malaysia’s 5G network infrastructure expansion
(iv) Stronger foothold in East Malaysia
(v) Continuous market share expansion through utilities, telecommunication and infrastructure projects nationwide
Research Team, M+
5 Nov 2025
Good Morning All,
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced a series of corporate proposals, including (i) a bonus issue of warrants, (ii) establishment of an employees’ share option scheme (ESOS), and (iii) an authority for share buy-back of up to 10% of its existing issued shares.
Following the dilution of shares from 339.4m to 427.6m, we maintain our Hold recommendation with a lower TP of RM0.660. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen (from 8.05 sen).
Research Team, M+
5 November 2025
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced a series of corporate proposals, including (i) a bonus issue of warrants, (ii) establishment of an employees’ share option scheme (ESOS), and (iii) an authority for share buy-back of up to 10% of its existing issued shares.
Following the dilution of shares from 339.4m to 427.6m, we maintain our Hold recommendation with a lower TP of RM0.660. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen (from 8.05 sen).
Research Team, M+
5 November 2025
Good Morning All,
We initiated a coverage report on Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
*Investment Merits:*
📌 We expect demand for electricity distribution products to align well with construction activities, as PWRWELL mainly supplies its products to main contractors, mechanical and electrical contractors, and EPCC companies for residential, commercial, and industrial buildings, infrastructure developments across various sectors with the latter actively tendering in DCs space. While project rollouts have been slower-than-expected this year, given a total of RM126.7bn worth of projects awarded YTD as of end-August, which, in perspective, accounted for only 55% of 2024’s total of RM230.4bn, we think DC proxies are still in favour for project awards given the robust results from key global tech firms and their upward CapEx guidance; a key indication of persistent demand within this segment.
📌 We understand the government is finalising sustainable development guidelines specifically for DCs, focusing on energy and water efficiency. The new regulations will focus around three performance metrics: (i) power usage effectiveness (PUE), (ii) carbon usage effectiveness (CUE), and (iii) water usage effectiveness (WUE). We gather that average APAC DC operates at a PUE of 1.68, while green DCs aim for PUE levels of 1.2 or lower. As of the latest practicable date, POWRWELL’s current order book stood at RM166.0m, with 59% of the mix stemming from the DC industry. We believe this is driven by POWRWELL’s ability to help DC developers achieve healthy PUE levels, as reflected in one of the global hyperscaler data center specialist project, where the PUE stood at a notable 1.15 — making it one of the most efficient DCs in the country.
📌 While DC development looks promising, we like PWRWELL given its unique positioning to capture outsized demand within Renewable Energy (RE) as well as transportation infrastructure, which continue to be the government’s focal points. For context, the Malaysian government has taken significant steps to transition towards a more sustainable energy landscape and aspires to achieve netzero emissions by 2050. In addition, the establishment of the Johor-Singapore Special Economic Zone (JSSEZ) is expected to drive greater demand for PWRWELL’s offerings, given that the development will require substantial infrastructure to support mobility within the region; all of which could translate into large-scale projects such as LRT, MRT, ART, or BRT systems over the next 3–5 years.
*Financial Highlights and Valuations*
📌 We project a 3-year (FY26–28f) earnings CAGR of 11.3% for PWRWELL, underpinned by a robust outstanding orderbook of RM117.0m as of 30 June, translating into an orderbook-to-revenue cover ratio of approximately 1.0x based on FY25 total turnover. As of the same date, PWRWELL’s tenderbook stood at RM280m, with prospects largely driven by data centre projects, which accounted for 66.0% of the mix. The group has secured RM30m worth of new jobs YTD-FY26. By imputing a conservative hit rate of 10–15%, we deem an orderbook replenishment of RM28 42m in FY26F is easily achievable.
📌 Our primary valuation methodology is PER, applying a 17x (85th percentile) target multiple on mid-FY27f earnings. While the valuation standpoint appears well above PWRWELL’s 3-year historical average PER of 15.2x. However, we note that this still represents a 21.9% discount to FBMSC index valuations. Additionally, we highlight that the earnings potential from contracts is back-loaded into FY26.
Research Team, M+
5 November 2025
We initiated a coverage report on Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
*Investment Merits:*
📌 We expect demand for electricity distribution products to align well with construction activities, as PWRWELL mainly supplies its products to main contractors, mechanical and electrical contractors, and EPCC companies for residential, commercial, and industrial buildings, infrastructure developments across various sectors with the latter actively tendering in DCs space. While project rollouts have been slower-than-expected this year, given a total of RM126.7bn worth of projects awarded YTD as of end-August, which, in perspective, accounted for only 55% of 2024’s total of RM230.4bn, we think DC proxies are still in favour for project awards given the robust results from key global tech firms and their upward CapEx guidance; a key indication of persistent demand within this segment.
📌 We understand the government is finalising sustainable development guidelines specifically for DCs, focusing on energy and water efficiency. The new regulations will focus around three performance metrics: (i) power usage effectiveness (PUE), (ii) carbon usage effectiveness (CUE), and (iii) water usage effectiveness (WUE). We gather that average APAC DC operates at a PUE of 1.68, while green DCs aim for PUE levels of 1.2 or lower. As of the latest practicable date, POWRWELL’s current order book stood at RM166.0m, with 59% of the mix stemming from the DC industry. We believe this is driven by POWRWELL’s ability to help DC developers achieve healthy PUE levels, as reflected in one of the global hyperscaler data center specialist project, where the PUE stood at a notable 1.15 — making it one of the most efficient DCs in the country.
📌 While DC development looks promising, we like PWRWELL given its unique positioning to capture outsized demand within Renewable Energy (RE) as well as transportation infrastructure, which continue to be the government’s focal points. For context, the Malaysian government has taken significant steps to transition towards a more sustainable energy landscape and aspires to achieve netzero emissions by 2050. In addition, the establishment of the Johor-Singapore Special Economic Zone (JSSEZ) is expected to drive greater demand for PWRWELL’s offerings, given that the development will require substantial infrastructure to support mobility within the region; all of which could translate into large-scale projects such as LRT, MRT, ART, or BRT systems over the next 3–5 years.
*Financial Highlights and Valuations*
📌 We project a 3-year (FY26–28f) earnings CAGR of 11.3% for PWRWELL, underpinned by a robust outstanding orderbook of RM117.0m as of 30 June, translating into an orderbook-to-revenue cover ratio of approximately 1.0x based on FY25 total turnover. As of the same date, PWRWELL’s tenderbook stood at RM280m, with prospects largely driven by data centre projects, which accounted for 66.0% of the mix. The group has secured RM30m worth of new jobs YTD-FY26. By imputing a conservative hit rate of 10–15%, we deem an orderbook replenishment of RM28 42m in FY26F is easily achievable.
📌 Our primary valuation methodology is PER, applying a 17x (85th percentile) target multiple on mid-FY27f earnings. While the valuation standpoint appears well above PWRWELL’s 3-year historical average PER of 15.2x. However, we note that this still represents a 21.9% discount to FBMSC index valuations. Additionally, we highlight that the earnings potential from contracts is back-loaded into FY26.
Research Team, M+
5 November 2025
M+ Global Market Wrap - 5Nov25
FBM KLCI: 1,621.55 pts (-1.95pts, -0.12%)
The FBMKLCI (-0.12%) closed lower, in line with declines in the Hong Kong and Japan markets, as investors remained cautious ahead of key U.S. data releases tonight, including the Non-Manufacturing and Global Services PMI, as well as ahead of a scheduled speech by Donald Trump. Market breadth was negative, with 427 winners against 752 losers. Sector-wise, Transportation & Logistics (+0.91%) was the best-performing sector, led by WPRTS (+25.0 sen). Energy (-0.64%) was the worst-performing sector, dragged by DIALOG (-1.0 sen).
Top 3 Active stocks:
NEXGBINA (7154): RM0.040 (-0.5 sen)
MMAG (0034): RM0.105 (-3.5 sen)
NEXG (5216): RM0.300 (+2.0 sen)
Volume: 4.77 bn (100-bar avg vol: 3.14 bn)
Value: RM2.70 bn (100-bar avg val: RM2.60 bn)
Market Breadth: ⬆️427 ⬇️725
Crude Palm Oil: RM4,143 (-RM31, -0.75%)
Dow Futures: 47,309 pts (+95 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,621.55 pts (-1.95pts, -0.12%)
The FBMKLCI (-0.12%) closed lower, in line with declines in the Hong Kong and Japan markets, as investors remained cautious ahead of key U.S. data releases tonight, including the Non-Manufacturing and Global Services PMI, as well as ahead of a scheduled speech by Donald Trump. Market breadth was negative, with 427 winners against 752 losers. Sector-wise, Transportation & Logistics (+0.91%) was the best-performing sector, led by WPRTS (+25.0 sen). Energy (-0.64%) was the worst-performing sector, dragged by DIALOG (-1.0 sen).
Top 3 Active stocks:
NEXGBINA (7154): RM0.040 (-0.5 sen)
MMAG (0034): RM0.105 (-3.5 sen)
NEXG (5216): RM0.300 (+2.0 sen)
Volume: 4.77 bn (100-bar avg vol: 3.14 bn)
Value: RM2.70 bn (100-bar avg val: RM2.60 bn)
Market Breadth: ⬆️427 ⬇️725
Crude Palm Oil: RM4,143 (-RM31, -0.75%)
Dow Futures: 47,309 pts (+95 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 6Nov25
Dow Jones: 47,311.00 pts (+225.76pts, +0.48%)
⬆️ Resistance: 49000
⬇️ Support: 46000
FBM KLCI: 1,621.55 pts (-1.95pts, -0.12%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,935.41 pts (-16.99pts, -0.07%)
⬆️ Resistance: 27200
⬇️ Support: 25000
Crude Palm Oil: RM4,108 (+RM14, +0.34%)
⬆️ Resistance: 4380
⬇️ Support: 4010
Brent Oil: $63.52 (-$0.92, -1.43%)
⬆️ Resistance: 66.80
⬇️ Support: 62.20
Gold: $3,979.57 (-$8.82, -0.24%)
⬆️ Resistance: 4130
⬇️ Support: 3840
Source: Bloomberg, M+ Global
Dow Jones: 47,311.00 pts (+225.76pts, +0.48%)
⬆️ Resistance: 49000
⬇️ Support: 46000
FBM KLCI: 1,621.55 pts (-1.95pts, -0.12%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,935.41 pts (-16.99pts, -0.07%)
⬆️ Resistance: 27200
⬇️ Support: 25000
Crude Palm Oil: RM4,108 (+RM14, +0.34%)
⬆️ Resistance: 4380
⬇️ Support: 4010
Brent Oil: $63.52 (-$0.92, -1.43%)
⬆️ Resistance: 66.80
⬇️ Support: 62.20
Gold: $3,979.57 (-$8.82, -0.24%)
⬆️ Resistance: 4130
⬇️ Support: 3840
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 06Nov25
Market Rebounded Amid US-China Tensions
US: US: Although Michael Burry's short positions on Palantir and Nvidia have dampened the sentiment, Wall Street managed to rebound. Amid the ongoing concerns over overstretched valuations for tech-related stocks, AMD has delivered a strong revenue beat and guidance above consensus estimates, and the company also dispelled concerns that its AI GPU business might face a slowdown in 1H26. Hence, the market could provide buying support in the near term ahead of its Analyst Day next week. Besides that, we opine any positive developments across the Supreme Court tariffs hearing could provide a buffer for Wall Street.
MY: Overall, we noted several signs of a rotation, with trading interest shifting towards Transportation and Plantation heavyweights. Hence, we believe that the overall earnings growth is stable for both sectors. The Transportation sector could be lifted by Westports and could spill over to Sygroup and Sealink, while CPO prices over the past few quarters have been on the rise and may translate to earnings for Plantation heavyweights like United Plantation and KLK. Besides, we favour the prospects of LWSABAH following the product placement in 99 Speedmart, and we expect it to trade higher, catching up to the nearest peer Spritzer in the near term.
Stocks to watch:
Technology: MI, SNS, UWC, *VITROX*, *VSTECS*
Financial: *ABMB*
Transportation: *SEALINK*
Construction: *CBHB*
Consumer: *LWSABAH*
Automotive: DRBHCOM
Source: M+ Global
Market Rebounded Amid US-China Tensions
US: US: Although Michael Burry's short positions on Palantir and Nvidia have dampened the sentiment, Wall Street managed to rebound. Amid the ongoing concerns over overstretched valuations for tech-related stocks, AMD has delivered a strong revenue beat and guidance above consensus estimates, and the company also dispelled concerns that its AI GPU business might face a slowdown in 1H26. Hence, the market could provide buying support in the near term ahead of its Analyst Day next week. Besides that, we opine any positive developments across the Supreme Court tariffs hearing could provide a buffer for Wall Street.
MY: Overall, we noted several signs of a rotation, with trading interest shifting towards Transportation and Plantation heavyweights. Hence, we believe that the overall earnings growth is stable for both sectors. The Transportation sector could be lifted by Westports and could spill over to Sygroup and Sealink, while CPO prices over the past few quarters have been on the rise and may translate to earnings for Plantation heavyweights like United Plantation and KLK. Besides, we favour the prospects of LWSABAH following the product placement in 99 Speedmart, and we expect it to trade higher, catching up to the nearest peer Spritzer in the near term.
Stocks to watch:
Technology: MI, SNS, UWC, *VITROX*, *VSTECS*
Financial: *ABMB*
Transportation: *SEALINK*
Construction: *CBHB*
Consumer: *LWSABAH*
Automotive: DRBHCOM
Source: M+ Global
Good Morning All,
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that its subsidiary, Trackwork & Supplies Sdn Bhd, has received an arbitration award worth RM2.16m from the Asian International Arbitration Centre (AIAC) in a dispute with Emrail Sdn Bhd over unpaid sums for material supply. The arbitrator will award RM2.16m to Trackwork, together with interest of 5% per annum from 15 September 2021 until full settlement, as well as costs amounting to RM303,920. Emrail is also required to bear the administrative costs of the arbitration, effectively concluding the long-standing dispute in Trackwork’s favour.
Maintain HOLD with a TP of RM0.66. Although the arbitration award is expected to contribute a one-off income of approximately RM2.98m under the other income segment, we maintain forecast for core PAT at RM27.1m for FY26f as this is being viewed as a non-recurring income.
Research Team, M+
6 November 2025
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that its subsidiary, Trackwork & Supplies Sdn Bhd, has received an arbitration award worth RM2.16m from the Asian International Arbitration Centre (AIAC) in a dispute with Emrail Sdn Bhd over unpaid sums for material supply. The arbitrator will award RM2.16m to Trackwork, together with interest of 5% per annum from 15 September 2021 until full settlement, as well as costs amounting to RM303,920. Emrail is also required to bear the administrative costs of the arbitration, effectively concluding the long-standing dispute in Trackwork’s favour.
Maintain HOLD with a TP of RM0.66. Although the arbitration award is expected to contribute a one-off income of approximately RM2.98m under the other income segment, we maintain forecast for core PAT at RM27.1m for FY26f as this is being viewed as a non-recurring income.
Research Team, M+
6 November 2025
FBM KLCI: 1,618.94 pts (-2.61pts, -0.16%)
The FBMKLCI (-0.16%) closed in negative territory, experiencing profit-taking activities as BNM kept the overnight policy unchanged at 2.75%; banking heavyweights like PBBANK, HLBANK, and RHBBANK led the decline. However, market breadth was positive with 580 winners against 536 losers. Sector-wise, Construction (+0.87%) was the best-performing sector, led by GAMUDA (+6.0 sen). Meanwhile, Health Care (-0.63%) was the worst-performing sector, dragged by IHH (-0.6 sen).
Top 3 Active stocks:
MMAG (0034): RM0.095 (-0.1 sen)
PTRANS (0186): RM0.265 (-3.0 sen)
NEXG (5216): RM0.300 (unch)
Volume: 3.96 bn (100-bar avg vol: 3.14 bn)
Value: RM2.52 bn (100-bar avg val: RM2.60 bn)
Market Breadth: ⬆️580 ⬇️536
Crude Palm Oil: RM4,108 (+RM33, +0.80%)
Dow Futures: 47,350 pts (-86 pts)
**Source: M+ Global, Bloomberg **
The FBMKLCI (-0.16%) closed in negative territory, experiencing profit-taking activities as BNM kept the overnight policy unchanged at 2.75%; banking heavyweights like PBBANK, HLBANK, and RHBBANK led the decline. However, market breadth was positive with 580 winners against 536 losers. Sector-wise, Construction (+0.87%) was the best-performing sector, led by GAMUDA (+6.0 sen). Meanwhile, Health Care (-0.63%) was the worst-performing sector, dragged by IHH (-0.6 sen).
Top 3 Active stocks:
MMAG (0034): RM0.095 (-0.1 sen)
PTRANS (0186): RM0.265 (-3.0 sen)
NEXG (5216): RM0.300 (unch)
Volume: 3.96 bn (100-bar avg vol: 3.14 bn)
Value: RM2.52 bn (100-bar avg val: RM2.60 bn)
Market Breadth: ⬆️580 ⬇️536
Crude Palm Oil: RM4,108 (+RM33, +0.80%)
Dow Futures: 47,350 pts (-86 pts)
**Source: M+ Global, Bloomberg **
👏2
Good Evening All,
We issued a technical buy call on Heico Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Solid financial performance
(ii) Rising defense budget in the US and Europe
(iii) Strategic acquisitions
Research Team, M+
6 November 2025
We issued a technical buy call on Heico Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Solid financial performance
(ii) Rising defense budget in the US and Europe
(iii) Strategic acquisitions
Research Team, M+
6 November 2025
Good Morning All,
Here’s our IPO note on Aquawalk Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.38 per share for AQUAWALK, indicating a 22.6% upside from the share price of RM0.31. This valuation is based on a PE multiple of 18.0x pegged to FY26f EPS of 2.13 sen.
Investment highlights include:
(i) Prime locations with strong footfall
(ii) Key proxy to ASEAN tourism industry
(iii) High barrier to entry
(iv) Benefitting from Budget 2026 and VM2026
(v) Market share to sustain and expand
Research Team, M+
7 Nov 2025
Here’s our IPO note on Aquawalk Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.38 per share for AQUAWALK, indicating a 22.6% upside from the share price of RM0.31. This valuation is based on a PE multiple of 18.0x pegged to FY26f EPS of 2.13 sen.
Investment highlights include:
(i) Prime locations with strong footfall
(ii) Key proxy to ASEAN tourism industry
(iii) High barrier to entry
(iv) Benefitting from Budget 2026 and VM2026
(v) Market share to sustain and expand
Research Team, M+
7 Nov 2025
M+ Morning Market Buzz - 7Nov25
Dow Jones: 46,912.30 pts (-398.70pts, -0.84%)
⬆️ Resistance: 48700
⬇️ Support: 45900
FBM KLCI: 1,618.94 pts (-2.61pts, -0.16%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 26,485.90 pts (+550.49pts, +2.12%)
⬆️ Resistance: 27100
⬇️ Support: 25000
Crude Palm Oil: RM4,149 (-RM12, -0.29%)
⬆️ Resistance: 4370
⬇️ Support: 4000
Brent Oil: $63.38 (-$0.14, -0.22%)
⬆️ Resistance: 66.80
⬇️ Support: 61.60
Gold: $3,977.21 (+$13.49, +0.34%)
⬆️ Resistance: 4130
⬇️ Support: 3860
Source: Bloomberg, M+ Global
Dow Jones: 46,912.30 pts (-398.70pts, -0.84%)
⬆️ Resistance: 48700
⬇️ Support: 45900
FBM KLCI: 1,618.94 pts (-2.61pts, -0.16%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 26,485.90 pts (+550.49pts, +2.12%)
⬆️ Resistance: 27100
⬇️ Support: 25000
Crude Palm Oil: RM4,149 (-RM12, -0.29%)
⬆️ Resistance: 4370
⬇️ Support: 4000
Brent Oil: $63.38 (-$0.14, -0.22%)
⬆️ Resistance: 66.80
⬇️ Support: 61.60
Gold: $3,977.21 (+$13.49, +0.34%)
⬆️ Resistance: 4130
⬇️ Support: 3860
Source: Bloomberg, M+ Global
👍2👏2
M+ Global Market Update – 07Nov25
Market Jittery On AI-Driven Theme
US: Following the put positions on Nvidia and Palantir from “The Big Short” investor, Michael Burry, Wall Street’s sentiment continues to stay jittery. We have noticed signs of rotation, with Low Volatility (+2.45%) and Dividend Yield (+1.34%) starting to outperform Momentum (-1.11%) and Growth (-1.01%). Overall, we expect the market to trade on a softer tone, and these factors above may provide healthy risk appetite when the risk-off sentiment persists. On the commodities market, both Brent (-0.19%) and Gold (-0.07%) edged lower to USD63/bbl and USD3,977/oz, respectively. Meanwhile, CPO (-0.29%) also closed lower at RM4,137/MT.
MY: In view of the lackluster Wall Street overnight performance, we expect the KLCI index to follow suit and trade on a weaker note, potentially hitting the technology sector in the near term. However, we expect the recent earnings recovery in selected technology stocks like FRONTKN and VITROX could buffer the near-term downside risk. We also expect traders to turn their attention to Banking and REITs, supported by their solid dividend payouts, which may be attractive to long-term investors. For a conservative play, we believe traders could focus on consumer heavyweights like 99SMART, ECOSHOP, and MRDIY, in view of their proximity to Visit Malaysia 2026.
Stocks to watch:
Automotive: BETA, *DRBHCOM*, *MCEHLDG*, HAPSENG
Construction: *GAMUDA*, SUNWAY
Technology: UNISEM, *UWC*
Financial: *CIMB*
Consumer: *KOPI*
Source: M+ Global
Market Jittery On AI-Driven Theme
US: Following the put positions on Nvidia and Palantir from “The Big Short” investor, Michael Burry, Wall Street’s sentiment continues to stay jittery. We have noticed signs of rotation, with Low Volatility (+2.45%) and Dividend Yield (+1.34%) starting to outperform Momentum (-1.11%) and Growth (-1.01%). Overall, we expect the market to trade on a softer tone, and these factors above may provide healthy risk appetite when the risk-off sentiment persists. On the commodities market, both Brent (-0.19%) and Gold (-0.07%) edged lower to USD63/bbl and USD3,977/oz, respectively. Meanwhile, CPO (-0.29%) also closed lower at RM4,137/MT.
MY: In view of the lackluster Wall Street overnight performance, we expect the KLCI index to follow suit and trade on a weaker note, potentially hitting the technology sector in the near term. However, we expect the recent earnings recovery in selected technology stocks like FRONTKN and VITROX could buffer the near-term downside risk. We also expect traders to turn their attention to Banking and REITs, supported by their solid dividend payouts, which may be attractive to long-term investors. For a conservative play, we believe traders could focus on consumer heavyweights like 99SMART, ECOSHOP, and MRDIY, in view of their proximity to Visit Malaysia 2026.
Stocks to watch:
Automotive: BETA, *DRBHCOM*, *MCEHLDG*, HAPSENG
Construction: *GAMUDA*, SUNWAY
Technology: UNISEM, *UWC*
Financial: *CIMB*
Consumer: *KOPI*
Source: M+ Global
M+ Global Market Wrap - 7Nov25
FBM KLCI: 1,619.13 pts (+0.19pts, +0.01%)
The FBMKLCI (+0.01%) closed in positive territory, with Plantation heavyweights like KLK, SDG, and IOICORP leading the rise. However, the overall market sentiment remained negative as investors were more conservative amid an overstretched tech valuations. This was reflected in the market breadth with 401 winners against 639 losers. Sector-wise, Plantation (+0.57%) was the best performing sector, led by SDG (+5.0 sen). Meanwhile, Construction (-1.33%) was the worst performing sector, dragged by GAMUDA (-7.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.085 (-0.1 sen)
PHARMA (7081): RM0.265 (+3.0 sen)
PTRANS (0186): RM0.290 (+2.5 sen)
Volume: 3.53 bn (100-bar avg vol: 3.15 bn)
Value: RM2.35 bn (100-bar avg val: RM2.60 bn)
Market Breadth: ⬆️401 ⬇️639
Crude Palm Oil: RM4,149 (-RM45, -1.08%)
Dow Futures: 47,091 pts (+63 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,619.13 pts (+0.19pts, +0.01%)
The FBMKLCI (+0.01%) closed in positive territory, with Plantation heavyweights like KLK, SDG, and IOICORP leading the rise. However, the overall market sentiment remained negative as investors were more conservative amid an overstretched tech valuations. This was reflected in the market breadth with 401 winners against 639 losers. Sector-wise, Plantation (+0.57%) was the best performing sector, led by SDG (+5.0 sen). Meanwhile, Construction (-1.33%) was the worst performing sector, dragged by GAMUDA (-7.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.085 (-0.1 sen)
PHARMA (7081): RM0.265 (+3.0 sen)
PTRANS (0186): RM0.290 (+2.5 sen)
Volume: 3.53 bn (100-bar avg vol: 3.15 bn)
Value: RM2.35 bn (100-bar avg val: RM2.60 bn)
Market Breadth: ⬆️401 ⬇️639
Crude Palm Oil: RM4,149 (-RM45, -1.08%)
Dow Futures: 47,091 pts (+63 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on Meta Platforms Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
While concerns over tech-heavy valuations were tempered by the recent put positions of Michael Burry, famed for “The Big Short”, we see bargain-hunting opportunities in META. To recap, META reported revenue of USD51.2bn (+26% YoY), exceeding both street estimates of USD50.2bn and its own guidance of USD47.5–50.5bn.
With its AI integrations, we gathered that META continues to strengthen user engagement across its ecosystem; time spent rose 5% on FB, 8% on Threads, and >30% YoY on IG.
Hence, we view this as a key catalyst driving its advertising business going forward, with the company guiding at least USD56bn in overall revenue for the next quarter. Moreover, META is trading at a discount of ~70-75% to the other Magnificent 7 peers’ trailing and 1YR-forward P/E.
Research Team, M+
7 November 2025
We issued a technical buy call on Meta Platforms Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
While concerns over tech-heavy valuations were tempered by the recent put positions of Michael Burry, famed for “The Big Short”, we see bargain-hunting opportunities in META. To recap, META reported revenue of USD51.2bn (+26% YoY), exceeding both street estimates of USD50.2bn and its own guidance of USD47.5–50.5bn.
With its AI integrations, we gathered that META continues to strengthen user engagement across its ecosystem; time spent rose 5% on FB, 8% on Threads, and >30% YoY on IG.
Hence, we view this as a key catalyst driving its advertising business going forward, with the company guiding at least USD56bn in overall revenue for the next quarter. Moreover, META is trading at a discount of ~70-75% to the other Magnificent 7 peers’ trailing and 1YR-forward P/E.
Research Team, M+
7 November 2025