M+ Morning Market Buzz - 10Nov25
Dow Jones: 46,987.10 pts (+74.80pts, +0.16%)
⬆️ Resistance: 48700
⬇️ Support: 45600
FBM KLCI: 1,619.13 pts (+0.19pts, +0.01%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 26,241.83 pts (-244.07pts, -0.92%)
⬆️ Resistance: 27100
⬇️ Support: 25000
Crude Palm Oil: RM4,109 (-RM40, -0.96%)
⬆️ Resistance: 4310
⬇️ Support: 4000
Brent Oil: $63.63 (+$0.13, +0.20%)
⬆️ Resistance: 66.70
⬇️ Support: 61.60
Gold: $4,001.26 (+$8.47, +0.21%)
⬆️ Resistance: 4120
⬇️ Support: 3860
Source: Bloomberg, M+ Global
Dow Jones: 46,987.10 pts (+74.80pts, +0.16%)
⬆️ Resistance: 48700
⬇️ Support: 45600
FBM KLCI: 1,619.13 pts (+0.19pts, +0.01%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 26,241.83 pts (-244.07pts, -0.92%)
⬆️ Resistance: 27100
⬇️ Support: 25000
Crude Palm Oil: RM4,109 (-RM40, -0.96%)
⬆️ Resistance: 4310
⬇️ Support: 4000
Brent Oil: $63.63 (+$0.13, +0.20%)
⬆️ Resistance: 66.70
⬇️ Support: 61.60
Gold: $4,001.26 (+$8.47, +0.21%)
⬆️ Resistance: 4120
⬇️ Support: 3860
Source: Bloomberg, M+ Global
M+ Global Market Update – 10Nov25
Risk-Off Sentiment May Persist
US: While recent results from major technology companies reflected robust AI compute demand and CapEx guidance continued to exceed consensus, we deem that risk-off sentiment persisted following Michael Burry’s bet against two major AI players (NVDA and PLTR), as overall market breadth remains on the softer side. However, any positive developments from AMD’s analyst day, together with progress towards lifting the government shutdown, could serve as key re-rating catalysts on Wall Street and cushion the downside risk. In the commodities market, both Brent and Gold closed marginally higher at USD63/bbl and USD4,001/oz respectively, while CPO edged lower to RM4,109/MT.
MY: We expect the KLCI to begin the week on a weaker footing, as sentiment remains weighed down by lingering pressure on overstretched Technology stocks and uncertainty surrounding the prolonged US government shutdown. However, we believe the Transportation and Plantation sectors should attract buying interest, as overall sector earnings remain relatively healthy. Moreover, we deem that elevated CPO prices in recent quarters should translate into stronger earnings potential for planters like UTDPLT and KLK. Lastly, dividend payouts from Banks and REITs are deemed appealing to investors.
Stocks to watch:
Automotive: BETA, DRBHCOM, *MCEHLDG*
Transportation: *SEALINK*, *SYGROUP*, WPRTS
Utility: GASMSIA, JTGROUP
Construction: *SKBSHUT*
Technology: *CNERGEN*
Financial: CIMB
Source: M+ Global
Risk-Off Sentiment May Persist
US: While recent results from major technology companies reflected robust AI compute demand and CapEx guidance continued to exceed consensus, we deem that risk-off sentiment persisted following Michael Burry’s bet against two major AI players (NVDA and PLTR), as overall market breadth remains on the softer side. However, any positive developments from AMD’s analyst day, together with progress towards lifting the government shutdown, could serve as key re-rating catalysts on Wall Street and cushion the downside risk. In the commodities market, both Brent and Gold closed marginally higher at USD63/bbl and USD4,001/oz respectively, while CPO edged lower to RM4,109/MT.
MY: We expect the KLCI to begin the week on a weaker footing, as sentiment remains weighed down by lingering pressure on overstretched Technology stocks and uncertainty surrounding the prolonged US government shutdown. However, we believe the Transportation and Plantation sectors should attract buying interest, as overall sector earnings remain relatively healthy. Moreover, we deem that elevated CPO prices in recent quarters should translate into stronger earnings potential for planters like UTDPLT and KLK. Lastly, dividend payouts from Banks and REITs are deemed appealing to investors.
Stocks to watch:
Automotive: BETA, DRBHCOM, *MCEHLDG*
Transportation: *SEALINK*, *SYGROUP*, WPRTS
Utility: GASMSIA, JTGROUP
Construction: *SKBSHUT*
Technology: *CNERGEN*
Financial: CIMB
Source: M+ Global
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M+ Global Market Wrap - 10Nov25
FBM KLCI: 1,627.38 pts (+8.25pts, +0.51%)
The FBMKLCI (+0.51%) closed higher in tandem with the Hong Kong and China markets after the U.S. Senate voted in favor of a key step towards ending the country’s longest ever government shutdown. The market breadth was positive with 601 winners against 470 losers. Sector-wise, Technology (+2.02%) was the best performing sector, led by UNISEM (+20.0 sen). Energy (-0.75%) was the worst performing sector, dragged by DIALOG (-8.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.095 (+0.1 sen)
PTRANS (0186): RM0.295 (+0.5 sen)
PHARMA (7081): RM0.260 (-0.5 sen)
Volume: 3.92 bn (100-bar avg vol: 3.16 bn)
Value: RM2.28 bn (100-bar avg val: RM2.61 bn)
Market Breadth: ⬆️601 ⬇️470
Crude Palm Oil: RM4,109 (-RM3, -0.07%)
Dow Futures: 47,220 pts (+135 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,627.38 pts (+8.25pts, +0.51%)
The FBMKLCI (+0.51%) closed higher in tandem with the Hong Kong and China markets after the U.S. Senate voted in favor of a key step towards ending the country’s longest ever government shutdown. The market breadth was positive with 601 winners against 470 losers. Sector-wise, Technology (+2.02%) was the best performing sector, led by UNISEM (+20.0 sen). Energy (-0.75%) was the worst performing sector, dragged by DIALOG (-8.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.095 (+0.1 sen)
PTRANS (0186): RM0.295 (+0.5 sen)
PHARMA (7081): RM0.260 (-0.5 sen)
Volume: 3.92 bn (100-bar avg vol: 3.16 bn)
Value: RM2.28 bn (100-bar avg val: RM2.61 bn)
Market Breadth: ⬆️601 ⬇️470
Crude Palm Oil: RM4,109 (-RM3, -0.07%)
Dow Futures: 47,220 pts (+135 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 11Nov25
Dow Jones: 47,368.63 pts (+381.53pts, +0.81%)
⬆️ Resistance: 48500
⬇️ Support: 45600
FBM KLCI: 1,627.38 pts (+8.25pts, +0.51%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 26,649.06 pts (+407.23pts, +1.55%)
⬆️ Resistance: 27300
⬇️ Support: 25000
Crude Palm Oil: RM4,112 (+RM12, +0.29%)
⬆️ Resistance: 4260
⬇️ Support: 4000
Brent Oil: $64.06 (+$0.43, +0.68%)
⬆️ Resistance: 66.30
⬇️ Support: 61.60
Gold: $4,115.76 (+$2.02, +0.03%)
⬆️ Resistance: 4200
⬇️ Support: 3860
Source: Bloomberg, M+ Global
Dow Jones: 47,368.63 pts (+381.53pts, +0.81%)
⬆️ Resistance: 48500
⬇️ Support: 45600
FBM KLCI: 1,627.38 pts (+8.25pts, +0.51%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 26,649.06 pts (+407.23pts, +1.55%)
⬆️ Resistance: 27300
⬇️ Support: 25000
Crude Palm Oil: RM4,112 (+RM12, +0.29%)
⬆️ Resistance: 4260
⬇️ Support: 4000
Brent Oil: $64.06 (+$0.43, +0.68%)
⬆️ Resistance: 66.30
⬇️ Support: 61.60
Gold: $4,115.76 (+$2.02, +0.03%)
⬆️ Resistance: 4200
⬇️ Support: 3860
Source: Bloomberg, M+ Global
Good Morning All,
Here's our IPO note on Polymer Link Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
*Company Overview:*
📌 Established in 2014, POLYMER boasts a remarkable 11-year track record as a specialist in the plastics powder manufacturing industry, earning notable accreditations from Alps Polymer (M) Sdn Bhd and Outback Philippines for the Best Supplier Award; underpinned by its strong R&D capabilities. POLYMER’s products are mainly supplied to rotomoulders, manufacturers as well as direct customers.
*Investment Merits:*
📌 We deem POLYMER’s strategy of tapping into the Australian market are paying off, growing at a staggering 1,700% CAGR over the last two years, with FY25f expected to reach c.RM20.6m. Note that approximately 20.7% of the IPO proceeds (c. RM5.0m) will be allocated to setting up a warehouse in Australia, with an estimated built-up area of around 2,500 sq.ft., strategically located near Brisbane Port and one of its major customers, Tankpool. We opine that this expansion is key to meeting rising demand in Australia.
📌 Following that, we project POLYMER’s Malaysia factory to reach >70% utilisation by the end of FY26f and >80% in FY27f, as we think the setup of the Australian warehouse provides POLYMER with a cost advantage over its Australian peers. Moreover, we think POLYMER’s PATMI margins of ~6-8% over FY22–24 reflects management’s capability to remain competitive in Australia.
*Financial Highlights and Valuations*
📌 We anticipate a solid year of improvement in FY26f, underpinned by higher backloaded orders expected in the latter half of the year, alongside the commencement of the Australian warehouse, which should contribute to healthier turnover for the Group. Hence, we project PATMI to grow at a CAGR of 4.2% over the next three years, reaching RM10.5m, RM11.3m, and RM12.5m respectively.
📌 We assign a target PER of 16.0x, based on FY26F EPS, which translates into a fair value of RM0.32 per share. Although there are no direct comparable domestic peers, we view this valuation as justified, given that our selected plastic-related peers trade at 14.4x–15.9x trailing and forward PER multiples.
Research Team, M+
11 November 2025
Here's our IPO note on Polymer Link Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
*Company Overview:*
📌 Established in 2014, POLYMER boasts a remarkable 11-year track record as a specialist in the plastics powder manufacturing industry, earning notable accreditations from Alps Polymer (M) Sdn Bhd and Outback Philippines for the Best Supplier Award; underpinned by its strong R&D capabilities. POLYMER’s products are mainly supplied to rotomoulders, manufacturers as well as direct customers.
*Investment Merits:*
📌 We deem POLYMER’s strategy of tapping into the Australian market are paying off, growing at a staggering 1,700% CAGR over the last two years, with FY25f expected to reach c.RM20.6m. Note that approximately 20.7% of the IPO proceeds (c. RM5.0m) will be allocated to setting up a warehouse in Australia, with an estimated built-up area of around 2,500 sq.ft., strategically located near Brisbane Port and one of its major customers, Tankpool. We opine that this expansion is key to meeting rising demand in Australia.
📌 Following that, we project POLYMER’s Malaysia factory to reach >70% utilisation by the end of FY26f and >80% in FY27f, as we think the setup of the Australian warehouse provides POLYMER with a cost advantage over its Australian peers. Moreover, we think POLYMER’s PATMI margins of ~6-8% over FY22–24 reflects management’s capability to remain competitive in Australia.
*Financial Highlights and Valuations*
📌 We anticipate a solid year of improvement in FY26f, underpinned by higher backloaded orders expected in the latter half of the year, alongside the commencement of the Australian warehouse, which should contribute to healthier turnover for the Group. Hence, we project PATMI to grow at a CAGR of 4.2% over the next three years, reaching RM10.5m, RM11.3m, and RM12.5m respectively.
📌 We assign a target PER of 16.0x, based on FY26F EPS, which translates into a fair value of RM0.32 per share. Although there are no direct comparable domestic peers, we view this valuation as justified, given that our selected plastic-related peers trade at 14.4x–15.9x trailing and forward PER multiples.
Research Team, M+
11 November 2025
M+ Global Market Update – 11Nov25
US Government Reopening Offset Burry's Put Risk
US: With progress toward ending the government shutdown, as a group of moderate Senate Democrats broke with party leaders on Sunday evening and voted to advance a bill that would fund the government until late January, resilient buying interest was seen across Wall Street as investors brushed off risk-off sentiment stemming from Michael Burry’s put positions on tech-heavyweights (NVDA, PLTR). While TSMC reported slower revenue growth relative to previous quarters, we believe CEO Huang’s guidance on Blackwell’s production ramp-up, combined with AMD’s prospects of multiple clients expressing interest in its MI450 racks, should buffer near-term downside risks. Moreover, we expect any positive developments at AMD’s analyst day will serve as key catalysts for the stock markets going forward.
MY: Following Wall Street’s resilient overnight performance, we expect the KLCI to rebound further. Moreover, we anticipate a spillover effect on local technology stocks, with a key focus on high-momentum names such as KGB, VITROX, and FRONTKN, the latter showing signs of earnings recovery. Mah Sing’s landbanking activities in Penang should provide a healthy project pipeline, particularly benefiting high-rise construction builders like INTA and BNASTRA. Lastly, dividend payouts from banks and REITs remain appealing to investors.
Stocks to watch:
Technology: *DUFU*, *NOTION*, *VITROX*, *QES*, EDELTEQ
Automotive: BETA, *DRBHCOM*
Transportation: *SEALINK*
Source: M+ Global
US Government Reopening Offset Burry's Put Risk
US: With progress toward ending the government shutdown, as a group of moderate Senate Democrats broke with party leaders on Sunday evening and voted to advance a bill that would fund the government until late January, resilient buying interest was seen across Wall Street as investors brushed off risk-off sentiment stemming from Michael Burry’s put positions on tech-heavyweights (NVDA, PLTR). While TSMC reported slower revenue growth relative to previous quarters, we believe CEO Huang’s guidance on Blackwell’s production ramp-up, combined with AMD’s prospects of multiple clients expressing interest in its MI450 racks, should buffer near-term downside risks. Moreover, we expect any positive developments at AMD’s analyst day will serve as key catalysts for the stock markets going forward.
MY: Following Wall Street’s resilient overnight performance, we expect the KLCI to rebound further. Moreover, we anticipate a spillover effect on local technology stocks, with a key focus on high-momentum names such as KGB, VITROX, and FRONTKN, the latter showing signs of earnings recovery. Mah Sing’s landbanking activities in Penang should provide a healthy project pipeline, particularly benefiting high-rise construction builders like INTA and BNASTRA. Lastly, dividend payouts from banks and REITs remain appealing to investors.
Stocks to watch:
Technology: *DUFU*, *NOTION*, *VITROX*, *QES*, EDELTEQ
Automotive: BETA, *DRBHCOM*
Transportation: *SEALINK*
Source: M+ Global
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M+ Global Market Wrap - 11Nov25
FBM KLCI: 1,634.83 pts (+7.45pts, +0.46%)
"The FBMKLCI (+0.46%) extended its gains, supported by the strength of the ringgit, which lifted investor sentiment and domestic-driven sectors; Consumer Products & Services heavyweights like 99SMART, QL, and PPB led the advance. The market breadth was negative, with 537 gainers against 560 losers. Sector-wise, Consumer Products & Services was the best performer, driven by 99SMART (+7.0 sen), while the Property sector (-0.50%) was the worst performer, weighed down by SIMEPROP (-3.0 sen).
"
Top 3 Active stocks:
MMAG (0034): RM0.090 (-0.5 sen)
ZETRIX (0138): RM0.855 (unch)
IOICORP (1961): RM4.100 (+3.0 sen)
Volume: 3.53 bn (100-bar avg vol: 3.17 bn)
Value: RM2.86 bn (100-bar avg val: RM2.61 bn)
Market Breadth: ⬆️537 ⬇️560
Crude Palm Oil: RM4,112 (+RM31, +0.75%)
Dow Futures: 47,416 pts (-46 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,634.83 pts (+7.45pts, +0.46%)
"The FBMKLCI (+0.46%) extended its gains, supported by the strength of the ringgit, which lifted investor sentiment and domestic-driven sectors; Consumer Products & Services heavyweights like 99SMART, QL, and PPB led the advance. The market breadth was negative, with 537 gainers against 560 losers. Sector-wise, Consumer Products & Services was the best performer, driven by 99SMART (+7.0 sen), while the Property sector (-0.50%) was the worst performer, weighed down by SIMEPROP (-3.0 sen).
"
Top 3 Active stocks:
MMAG (0034): RM0.090 (-0.5 sen)
ZETRIX (0138): RM0.855 (unch)
IOICORP (1961): RM4.100 (+3.0 sen)
Volume: 3.53 bn (100-bar avg vol: 3.17 bn)
Value: RM2.86 bn (100-bar avg val: RM2.61 bn)
Market Breadth: ⬆️537 ⬇️560
Crude Palm Oil: RM4,112 (+RM31, +0.75%)
Dow Futures: 47,416 pts (-46 pts)
**Source: M+ Global, Bloomberg **
🥰2😁1
M+ Morning Market Buzz - 12Nov25
Dow Jones: 47,927.96 pts (+559.33pts, +1.18%)
⬆️ Resistance: 49000
⬇️ Support: 45600
FBM KLCI: 1,634.83 pts (+7.45pts, +0.46%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 26,696.41 pts (+47.35pts, +0.18%)
⬆️ Resistance: 27400
⬇️ Support: 25000
Crude Palm Oil: RM4,137 (+RM13, +0.31%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $65.16 (+$1.10, +1.72%)
⬆️ Resistance: 66.70
⬇️ Support: 61.60
Gold: $4,126.85 (+$3.20, +0.08%)
⬆️ Resistance: 4240
⬇️ Support: 3860
Source: Bloomberg, M+ Global
Dow Jones: 47,927.96 pts (+559.33pts, +1.18%)
⬆️ Resistance: 49000
⬇️ Support: 45600
FBM KLCI: 1,634.83 pts (+7.45pts, +0.46%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 26,696.41 pts (+47.35pts, +0.18%)
⬆️ Resistance: 27400
⬇️ Support: 25000
Crude Palm Oil: RM4,137 (+RM13, +0.31%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $65.16 (+$1.10, +1.72%)
⬆️ Resistance: 66.70
⬇️ Support: 61.60
Gold: $4,126.85 (+$3.20, +0.08%)
⬆️ Resistance: 4240
⬇️ Support: 3860
Source: Bloomberg, M+ Global
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M+ Global Market Update – 12Nov25
Sentiment Turned Mixed
US: Although healthy progress toward ending the US government shutdown has sent the S&P 500 and Dow Jones to record highs, investors were rotating away from Nasdaq stocks following news that SoftBank has sold its entire stake in Nvidia. Meanwhile, concerns over overstretched tech-heavy valuations linger, despite major tech companies continuing to ramp up CapEx in AI, coupled with most heavyweights reporting robust 3Q results, accompanied by favourable management guidance. While AMD’s Analyst Day has yet to conclude, we anticipate positive developments, particularly within its Data Centre segment, supported by encouraging prospects from the MI450 racks.
MY: Overall, we believe the optimism of ending the government shutdown could have a spillover effect on the local bourse. However, the upside in technology may be capped, as concerns over US tech valuations still linger; we are still positive on high-momentum stocks like KGB, VITROX and FRONTKN, backed by signs of earnings recovery. Nevertheless, as the ringgit could strengthen further based on Bloomberg consensus, we believe traders may shift their attention to domestic-driven sectors like consumer, and stocks such as MRDIY, ECOSHOP, and 99SMART would benefit from lower input costs.
Stocks to watch:
Technology: *CNERGEN*, EDELTEQ, *NE*
Consumer: *99SMART*, FFB
Finance: CIMB, *MNRB*
Construction: *SCGBHD*
Chemical: *TMK*
Automotive: *BETA*
Utility: YTL
Source: M+ Global
Sentiment Turned Mixed
US: Although healthy progress toward ending the US government shutdown has sent the S&P 500 and Dow Jones to record highs, investors were rotating away from Nasdaq stocks following news that SoftBank has sold its entire stake in Nvidia. Meanwhile, concerns over overstretched tech-heavy valuations linger, despite major tech companies continuing to ramp up CapEx in AI, coupled with most heavyweights reporting robust 3Q results, accompanied by favourable management guidance. While AMD’s Analyst Day has yet to conclude, we anticipate positive developments, particularly within its Data Centre segment, supported by encouraging prospects from the MI450 racks.
MY: Overall, we believe the optimism of ending the government shutdown could have a spillover effect on the local bourse. However, the upside in technology may be capped, as concerns over US tech valuations still linger; we are still positive on high-momentum stocks like KGB, VITROX and FRONTKN, backed by signs of earnings recovery. Nevertheless, as the ringgit could strengthen further based on Bloomberg consensus, we believe traders may shift their attention to domestic-driven sectors like consumer, and stocks such as MRDIY, ECOSHOP, and 99SMART would benefit from lower input costs.
Stocks to watch:
Technology: *CNERGEN*, EDELTEQ, *NE*
Consumer: *99SMART*, FFB
Finance: CIMB, *MNRB*
Construction: *SCGBHD*
Chemical: *TMK*
Automotive: *BETA*
Utility: YTL
Source: M+ Global
👏2
Good Morning All,
We issued a company update on Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 PWRWELL has secured an RM9.5m supply contract and purchase order for lowvoltage switchboards and related components in relation to a data centre project in Selangor. The contract was awarded by an international construction and mechanical & electrical (M&E) firm on 16 October and 1 November respectively, with both expected to be fully recognised by 1Q26.
📌 Given the short project turnover cycle, which enables quicker earnings recognition, most of the contribution is expected in FY26f. Assuming a blended GPM of ~28%, the contract is estimated to deliver RM2.7m in gross profit over its duration. Execution risk appears manageable, supported by PWRWELL’s healthy balance sheet and strong net cash position. As of the latest guidance, the Group’s outstanding order book is estimated at ~RM117.0m, (~1.0x FY25 revenue), excluding the recent project wins.
📌 As this job wins are within our expectation, we maintained the earnings forecast as well as target price of RM0.64.
Research Team, M+
12 November 2025
We issued a company update on Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 PWRWELL has secured an RM9.5m supply contract and purchase order for lowvoltage switchboards and related components in relation to a data centre project in Selangor. The contract was awarded by an international construction and mechanical & electrical (M&E) firm on 16 October and 1 November respectively, with both expected to be fully recognised by 1Q26.
📌 Given the short project turnover cycle, which enables quicker earnings recognition, most of the contribution is expected in FY26f. Assuming a blended GPM of ~28%, the contract is estimated to deliver RM2.7m in gross profit over its duration. Execution risk appears manageable, supported by PWRWELL’s healthy balance sheet and strong net cash position. As of the latest guidance, the Group’s outstanding order book is estimated at ~RM117.0m, (~1.0x FY25 revenue), excluding the recent project wins.
📌 As this job wins are within our expectation, we maintained the earnings forecast as well as target price of RM0.64.
Research Team, M+
12 November 2025
FBM KLCI: 1,631.61 pts (-3.22pts, -0.20%)
The FBMKLCI (-0.20%) closed lower as investors adopted a cautious stance following three consecutive days of gains as profit taking activities kicked in. Market breath was negative with 463 winners against 650 losers. Sector-wise, Construction (+0.67%) was the best performing sector, supported by IJM (+9.0 sen). Technology (-0.67%) was the worst performing sector, weighted down by GREATEC (-7.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.075 (-1.5 sen)
TANCO (2429): RM0.940 (+1.0 sen)
FAMIERA (0378): RM0.255 (+0.5 sen)
Volume: 3.43 bn (100-bar avg vol: 3.17 bn)
Value: RM2.86 bn (100-bar avg val: RM2.62 bn)
Market Breadth: ⬆️463 ⬇️650
Crude Palm Oil: RM4,137 (-RM1, -0.02%)
Dow Futures: 48,082 pts (+52 pts)
**Source: M+ Global, Bloomberg **
The FBMKLCI (-0.20%) closed lower as investors adopted a cautious stance following three consecutive days of gains as profit taking activities kicked in. Market breath was negative with 463 winners against 650 losers. Sector-wise, Construction (+0.67%) was the best performing sector, supported by IJM (+9.0 sen). Technology (-0.67%) was the worst performing sector, weighted down by GREATEC (-7.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.075 (-1.5 sen)
TANCO (2429): RM0.940 (+1.0 sen)
FAMIERA (0378): RM0.255 (+0.5 sen)
Volume: 3.43 bn (100-bar avg vol: 3.17 bn)
Value: RM2.86 bn (100-bar avg val: RM2.62 bn)
Market Breadth: ⬆️463 ⬇️650
Crude Palm Oil: RM4,137 (-RM1, -0.02%)
Dow Futures: 48,082 pts (+52 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 13Nov25
Dow Jones: 48,254.82 pts (+326.86pts, +0.68%)
⬆️ Resistance: 49500
⬇️ Support: 45600
FBM KLCI: 1,631.61 pts (-3.22pts, -0.20%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 26,922.73 pts (+226.32pts, +0.85%)
⬆️ Resistance: 27600
⬇️ Support: 25600
Crude Palm Oil: RM4,124 (-RM11, -0.27%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $62.71 (-$2.45, -3.76%)
⬆️ Resistance: 66.70
⬇️ Support: 61.40
Gold: $4,195.39 (+$7.76, +0.24%)
⬆️ Resistance: 4300
⬇️ Support: 3890
Source: Bloomberg, M+ Global
Dow Jones: 48,254.82 pts (+326.86pts, +0.68%)
⬆️ Resistance: 49500
⬇️ Support: 45600
FBM KLCI: 1,631.61 pts (-3.22pts, -0.20%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 26,922.73 pts (+226.32pts, +0.85%)
⬆️ Resistance: 27600
⬇️ Support: 25600
Crude Palm Oil: RM4,124 (-RM11, -0.27%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $62.71 (-$2.45, -3.76%)
⬆️ Resistance: 66.70
⬇️ Support: 61.40
Gold: $4,195.39 (+$7.76, +0.24%)
⬆️ Resistance: 4300
⬇️ Support: 3890
Source: Bloomberg, M+ Global
M+ Global Market Update – 13Nov25
AMD Playing Catch Up In AI Play
US: We believe investors may be pricing in decent progress toward ending the government shutdown, which has fuelled a risk-on appetite across Wall Street despite traders rotating away from the Nasdaq. However, as investors are feeling positive from AMD's recent analyst day, we continue to favour AMD given the prospects of large-scale deployments and these developments should translate into healthy revenue growth in the coming years. On the commodities front, we think gold has another leg to its rally, given that elevated global government debt, as well as ongoing political and economic uncertainty, should boost demand for the bullion.
MY: The optimism regarding the end of the U.S. government shutdown could have a spillover effect on the local bourse. Moreover, we anticipate resilient buying interest in local technology stocks, with a key focus on high-momentum names such as KGB, VITROX, and FRONTKN; the latter is showing signs of earnings recovery. We view MITRA as a highly compelling stock, offering robust growth prospects ahead. Notably, the company maintains above-average margins because a large portion of its projects involves handling a significant share of Mechanical and Electrical works in-house, which provides better cost efficiency for MITRA compared to subcontracting.
Stocks to watch:
Finance: *AMBANK*, *MNRB*, RHBBANK
Technology: *EDELTEQ*, MCLEAN
Construction: *MITRA*, SKBSHUT
Consumer: GENTING, *SPRITZER*
Transportation: *WPRTS*
O&G: *KEYFIELD*
Commodity: MSC
Source: M+ Global
AMD Playing Catch Up In AI Play
US: We believe investors may be pricing in decent progress toward ending the government shutdown, which has fuelled a risk-on appetite across Wall Street despite traders rotating away from the Nasdaq. However, as investors are feeling positive from AMD's recent analyst day, we continue to favour AMD given the prospects of large-scale deployments and these developments should translate into healthy revenue growth in the coming years. On the commodities front, we think gold has another leg to its rally, given that elevated global government debt, as well as ongoing political and economic uncertainty, should boost demand for the bullion.
MY: The optimism regarding the end of the U.S. government shutdown could have a spillover effect on the local bourse. Moreover, we anticipate resilient buying interest in local technology stocks, with a key focus on high-momentum names such as KGB, VITROX, and FRONTKN; the latter is showing signs of earnings recovery. We view MITRA as a highly compelling stock, offering robust growth prospects ahead. Notably, the company maintains above-average margins because a large portion of its projects involves handling a significant share of Mechanical and Electrical works in-house, which provides better cost efficiency for MITRA compared to subcontracting.
Stocks to watch:
Finance: *AMBANK*, *MNRB*, RHBBANK
Technology: *EDELTEQ*, MCLEAN
Construction: *MITRA*, SKBSHUT
Consumer: GENTING, *SPRITZER*
Transportation: *WPRTS*
O&G: *KEYFIELD*
Commodity: MSC
Source: M+ Global
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FBM KLCI: 1,632.27 pts (+0.66pts, +0.04%)
The FBMKLCI (+0.04%) closed in a positive territory, in tandem with the regional markets like Hong Kong and China markets as Trump officially signed a bill ending the US's longest government shutdown. Market breadth was negative with 480 winners against 550 losers. Sector-wise, Industrial Products & Services (+0.47%) was the best performer, lifted by PMETAL (+12.0 sen), while Telecommunications & Media (-0.75%) was the worst performer, dragged down by CDB (-4.0 sen).
Top 3 Active stocks:
VS (6963): RM0.505 (+3.5 sen)
TWL (7079): RM0.025 (unch)
GENM (4715): RM2.350 (unch)
Volume: 3.95 bn (100-bar avg vol: 3.19 bn)
Value: RM2.78 bn (100-bar avg val: RM2.63 bn)
Market Breadth: ⬆️480 ⬇️550
Crude Palm Oil: RM4,124 (+RM14, +0.34%)
Dow Futures: 48,453 pts (+85 pts)
**Source: M+ Global, Bloomberg **
The FBMKLCI (+0.04%) closed in a positive territory, in tandem with the regional markets like Hong Kong and China markets as Trump officially signed a bill ending the US's longest government shutdown. Market breadth was negative with 480 winners against 550 losers. Sector-wise, Industrial Products & Services (+0.47%) was the best performer, lifted by PMETAL (+12.0 sen), while Telecommunications & Media (-0.75%) was the worst performer, dragged down by CDB (-4.0 sen).
Top 3 Active stocks:
VS (6963): RM0.505 (+3.5 sen)
TWL (7079): RM0.025 (unch)
GENM (4715): RM2.350 (unch)
Volume: 3.95 bn (100-bar avg vol: 3.19 bn)
Value: RM2.78 bn (100-bar avg val: RM2.63 bn)
Market Breadth: ⬆️480 ⬇️550
Crude Palm Oil: RM4,124 (+RM14, +0.34%)
Dow Futures: 48,453 pts (+85 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 14Nov25
Dow Jones: 47,457.22 pts (-797.60pts, -1.65%)
⬆️ Resistance: 49500
⬇️ Support: 45600
FBM KLCI: 1,632.27 pts (+0.66pts, +0.04%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 27,073.03 pts (+150.30pts, +0.56%)
⬆️ Resistance: 27800
⬇️ Support: 25700
Crude Palm Oil: RM4,125 (+RM3, +0.07%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $63.01 (+$0.30, +0.48%)
⬆️ Resistance: 66.70
⬇️ Support: 61.10
Gold: $4,171.52 (+$8.72, +0.21%)
⬆️ Resistance: 4340
⬇️ Support: 3900
Source: Bloomberg, M+ Global
Dow Jones: 47,457.22 pts (-797.60pts, -1.65%)
⬆️ Resistance: 49500
⬇️ Support: 45600
FBM KLCI: 1,632.27 pts (+0.66pts, +0.04%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 27,073.03 pts (+150.30pts, +0.56%)
⬆️ Resistance: 27800
⬇️ Support: 25700
Crude Palm Oil: RM4,125 (+RM3, +0.07%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $63.01 (+$0.30, +0.48%)
⬆️ Resistance: 66.70
⬇️ Support: 61.10
Gold: $4,171.52 (+$8.72, +0.21%)
⬆️ Resistance: 4340
⬇️ Support: 3900
Source: Bloomberg, M+ Global
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M+ Global Market Update – 14Nov25
Weak Sentiment Amid Tech Selloffs
US: Finally, the US government is reopening as President Trump signed a bill ending the record-setting 43-day US federal government shutdown. Despite this good news, Wall Street fell sharply as the impairment of October’s unemployment data raised concerns over the possibilities of another interest rate cut next month. Notably, the likelihood of a rate cut has declined to c.51% from c.70% last week, according to CME Group’s FedWatch Tool. Meanwhile, we believe Nvidia’s upcoming earnings may dictate the overall sentiment going forward. On a side note, we are still observing that AI CapEx continues to rise, which bodes well for electrical components like chips and investment opportunity within the Energy segment.
MY: The concerns over Fed interest rate cuts, following the impairment of the US October unemployment data, which contributed to the sell-down in the US market, may affect the sentiment on the local bourse. However, we expect the Ringgit strength to provide opportunities within the domestic-driven sectors such as Banking, Consumer, Construction, and Utilities. For the Construction sector, we like MITRA given its healthy growth prospects supported by its M&E capabilities, while INTA is trading at undemanding valuations supported by healthy land-banking activities undertaken by developers.
Stocks to watch:
Consumer: *99SMART*, FFB, *SPRITZER*
Technology: FPGROUP, *VSTECS*
Construction: MITRA, *SCGBHD*
Transportation: *SYGROUP*
Finance: *MNRB*
Automotive: TCHONG
O&G: UZMA
Source: M+ Global
Weak Sentiment Amid Tech Selloffs
US: Finally, the US government is reopening as President Trump signed a bill ending the record-setting 43-day US federal government shutdown. Despite this good news, Wall Street fell sharply as the impairment of October’s unemployment data raised concerns over the possibilities of another interest rate cut next month. Notably, the likelihood of a rate cut has declined to c.51% from c.70% last week, according to CME Group’s FedWatch Tool. Meanwhile, we believe Nvidia’s upcoming earnings may dictate the overall sentiment going forward. On a side note, we are still observing that AI CapEx continues to rise, which bodes well for electrical components like chips and investment opportunity within the Energy segment.
MY: The concerns over Fed interest rate cuts, following the impairment of the US October unemployment data, which contributed to the sell-down in the US market, may affect the sentiment on the local bourse. However, we expect the Ringgit strength to provide opportunities within the domestic-driven sectors such as Banking, Consumer, Construction, and Utilities. For the Construction sector, we like MITRA given its healthy growth prospects supported by its M&E capabilities, while INTA is trading at undemanding valuations supported by healthy land-banking activities undertaken by developers.
Stocks to watch:
Consumer: *99SMART*, FFB, *SPRITZER*
Technology: FPGROUP, *VSTECS*
Construction: MITRA, *SCGBHD*
Transportation: *SYGROUP*
Finance: *MNRB*
Automotive: TCHONG
O&G: UZMA
Source: M+ Global
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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 wholly-owned subsidiary, Ambang Wira Sdn Bhd (AWSB), has received an official letter from the Ministry of Works (KKR) confirming a one-year extension of its existing 10-year Concession Agreement for Building Support Services in the Southern (Melaka, Negeri Sembilan and Johor) and Sarawak zones. The extension period runs from 1 January 2026 to 31 December 2026, with an estimated contract value of RM63.7m based on prevailing rates and scope of services under the current concession, including Critical Asset Refurbishment Programme (CARP).
Maintain HOLD with a TP of RM0.66. As this job win is within our expectation, we maintained our earnings forecast. We will only reassess (if needed) our earnings assumptions and make the necessary revisions upon the release of the upcoming 1Q26 results.
Research Team, M+
14 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 wholly-owned subsidiary, Ambang Wira Sdn Bhd (AWSB), has received an official letter from the Ministry of Works (KKR) confirming a one-year extension of its existing 10-year Concession Agreement for Building Support Services in the Southern (Melaka, Negeri Sembilan and Johor) and Sarawak zones. The extension period runs from 1 January 2026 to 31 December 2026, with an estimated contract value of RM63.7m based on prevailing rates and scope of services under the current concession, including Critical Asset Refurbishment Programme (CARP).
Maintain HOLD with a TP of RM0.66. As this job win is within our expectation, we maintained our earnings forecast. We will only reassess (if needed) our earnings assumptions and make the necessary revisions upon the release of the upcoming 1Q26 results.
Research Team, M+
14 November 2025
M+ Global Market Wrap - 14Nov25
FBM KLCI: 1,625.67 pts (-6.60pts, -0.40%)
The FBMKLCI (-0.40%) ended in the negative territory, tracking the overnight selloff on Wall Street that weighed on sentiment. Regional markets, including Hong Kong and China, also traded softer as investors turned more cautious amid overstretched technology stocks concerns. Market breath was negative with 323 winners against 827 losers. Sector-wise, Property (+0.04%) was the only performing sector, led by SPSETIA (+4.5 sen), while Technology (-1.96%) was the worst performing sector, dragged by INARI (-11.0 sen).
Top 3 Active stocks:
TANCO (2429): RM0.955 (+1.0 sen)
GENM (4715): RM2.370 (+2.0 sen)
ZETRIX (0138): RM0.845 (-0.5 sen)
Volume: 3.64 bn (100-bar avg vol: 3.20 bn)
Value: RM2.68 bn (100-bar avg val: RM2.64 bn)
Market Breadth: ⬆️323 ⬇️827
Crude Palm Oil: RM4,125 (-RM16, -0.39%)
Dow Futures: 47,505 pts (-42 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,625.67 pts (-6.60pts, -0.40%)
The FBMKLCI (-0.40%) ended in the negative territory, tracking the overnight selloff on Wall Street that weighed on sentiment. Regional markets, including Hong Kong and China, also traded softer as investors turned more cautious amid overstretched technology stocks concerns. Market breath was negative with 323 winners against 827 losers. Sector-wise, Property (+0.04%) was the only performing sector, led by SPSETIA (+4.5 sen), while Technology (-1.96%) was the worst performing sector, dragged by INARI (-11.0 sen).
Top 3 Active stocks:
TANCO (2429): RM0.955 (+1.0 sen)
GENM (4715): RM2.370 (+2.0 sen)
ZETRIX (0138): RM0.845 (-0.5 sen)
Volume: 3.64 bn (100-bar avg vol: 3.20 bn)
Value: RM2.68 bn (100-bar avg val: RM2.64 bn)
Market Breadth: ⬆️323 ⬇️827
Crude Palm Oil: RM4,125 (-RM16, -0.39%)
Dow Futures: 47,505 pts (-42 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 17Nov25
Dow Jones: 47,147.48 pts (-309.74pts, -0.65%)
⬆️ Resistance: 49500
⬇️ Support: 46000
FBM KLCI: 1,625.67 pts (-6.60pts, -0.40%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 26,572.46 pts (-500.57pts, -1.85%)
⬆️ Resistance: 27800
⬇️ Support: 25800
Crude Palm Oil: RM4,145 (-RM8, -0.19%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $64.39 (-$0.56, +2.19%)
⬆️ Resistance: 66.70
⬇️ Support: 61.10
Gold: $4,084.06 (+$17.26, -2.10%)
⬆️ Resistance: 4340
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Dow Jones: 47,147.48 pts (-309.74pts, -0.65%)
⬆️ Resistance: 49500
⬇️ Support: 46000
FBM KLCI: 1,625.67 pts (-6.60pts, -0.40%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 26,572.46 pts (-500.57pts, -1.85%)
⬆️ Resistance: 27800
⬇️ Support: 25800
Crude Palm Oil: RM4,145 (-RM8, -0.19%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $64.39 (-$0.56, +2.19%)
⬆️ Resistance: 66.70
⬇️ Support: 61.10
Gold: $4,084.06 (+$17.26, -2.10%)
⬆️ Resistance: 4340
⬇️ Support: 3920
Source: Bloomberg, M+ Global
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M+ Global Market Update – 17Nov25
Nvidia Earnings, FOMC To Guide Markets
US: Wall Street closed mixed on Friday, with the Nasdaq rebounding as investors bought the dip in AI names, helping tech to recover from earlier losses. Nvidia, Oracle, and Palantir rebounded ahead of Nvidia’s upcoming earnings. Meanwhile, odds of a December rate cut fell sharply following hawkish remarks from several Fed officials. According to the CME FedWatch Tool, the market is now pricing in a 44.4% (vs. 66.9% one week ago) chance for a 25 bps cut. Nevertheless, we believe market direction will only be more certain after Nvidia’s earnings on Wednesday and the FOMC meeting minutes on Thursday.
MY: Tracking Wall Street’s mixed performance, we expect the FBMKLCI to kickstart the week on a softer note, with more clarity to be seen only after Nvidia’s earnings and the FOMC meeting minutes. Nevertheless, we have noticed buying interest starting to accumulate in the Finance sector, thanks to the strengthening of the MYR, which could potentially lift the key index. Investors could accumulate MAYBANK due to its position as Malaysia’s largest bank with an attractive dividend of more than 6%. Lastly, we also like MI following its strong Q3 2025 earnings rebound, with growing exposure to high-growth semiconductor segments such as advanced packaging, HPC, and automotive power modules.
Stocks to watch:
Transportation: *SYGROUP*, *WPRTS*
Technology: FPGROUP, *JHM*
Building Material: MCEMENT, *MSC*
Automotive: *DRBHCOM*
Plantation: *JPG*
Consumer: FFB
Property: SPSETIA
Source: M+ Global
Nvidia Earnings, FOMC To Guide Markets
US: Wall Street closed mixed on Friday, with the Nasdaq rebounding as investors bought the dip in AI names, helping tech to recover from earlier losses. Nvidia, Oracle, and Palantir rebounded ahead of Nvidia’s upcoming earnings. Meanwhile, odds of a December rate cut fell sharply following hawkish remarks from several Fed officials. According to the CME FedWatch Tool, the market is now pricing in a 44.4% (vs. 66.9% one week ago) chance for a 25 bps cut. Nevertheless, we believe market direction will only be more certain after Nvidia’s earnings on Wednesday and the FOMC meeting minutes on Thursday.
MY: Tracking Wall Street’s mixed performance, we expect the FBMKLCI to kickstart the week on a softer note, with more clarity to be seen only after Nvidia’s earnings and the FOMC meeting minutes. Nevertheless, we have noticed buying interest starting to accumulate in the Finance sector, thanks to the strengthening of the MYR, which could potentially lift the key index. Investors could accumulate MAYBANK due to its position as Malaysia’s largest bank with an attractive dividend of more than 6%. Lastly, we also like MI following its strong Q3 2025 earnings rebound, with growing exposure to high-growth semiconductor segments such as advanced packaging, HPC, and automotive power modules.
Stocks to watch:
Transportation: *SYGROUP*, *WPRTS*
Technology: FPGROUP, *JHM*
Building Material: MCEMENT, *MSC*
Automotive: *DRBHCOM*
Plantation: *JPG*
Consumer: FFB
Property: SPSETIA
Source: M+ Global
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