M+ Global Market Wrap - 17Nov25
FBM KLCI: 1,627.38 pts (+1.76pts, +0.11%)
The FBMKLCI (+0.11%) closed slightly higher, but overall sentiment remained flattish as investors traded cautiously ahead of key economic data releases following the U.S. government reopening, as well as Nvidia’s upcoming earnings announcement. The weaker tone was reflected in the market breadth, which turned negative with 482 gainers versus 604 losers. Sector-wise, Construction (+1.06%) was the best performing sector, led by GAMUDA (+7.0 sen). Health Care (-0.63%) was the worst performing sector, dragged by IHH (-7.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.060 (-1.5 sen)
TANCO (2429): RM0.965 (+1.0 sen)
PHARMA (7081): RM0.235 (-2.5 sen)
Volume: 3.77 bn (100-bar avg vol: 3.21 bn)
Value: RM2.47 bn (100-bar avg val: RM2.65 bn)
Market Breadth: ⬆️482 ⬇️604
Crude Palm Oil: RM4,145 (+RM9, +0.22%)
Dow Futures: 47,335 pts (+106 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,627.38 pts (+1.76pts, +0.11%)
The FBMKLCI (+0.11%) closed slightly higher, but overall sentiment remained flattish as investors traded cautiously ahead of key economic data releases following the U.S. government reopening, as well as Nvidia’s upcoming earnings announcement. The weaker tone was reflected in the market breadth, which turned negative with 482 gainers versus 604 losers. Sector-wise, Construction (+1.06%) was the best performing sector, led by GAMUDA (+7.0 sen). Health Care (-0.63%) was the worst performing sector, dragged by IHH (-7.0 sen).
Top 3 Active stocks:
MMAG (0034): RM0.060 (-1.5 sen)
TANCO (2429): RM0.965 (+1.0 sen)
PHARMA (7081): RM0.235 (-2.5 sen)
Volume: 3.77 bn (100-bar avg vol: 3.21 bn)
Value: RM2.47 bn (100-bar avg val: RM2.65 bn)
Market Breadth: ⬆️482 ⬇️604
Crude Palm Oil: RM4,145 (+RM9, +0.22%)
Dow Futures: 47,335 pts (+106 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 18Nov25
Dow Jones: 46,590.24 pts (-557.24pts, -1.18%)
⬆️ Resistance: 49500
⬇️ Support: 45600
FBM KLCI: 1,627.43 pts (+1.76pts, +0.11%)
⬆️ Resistance: 1680
⬇️ Support: 1600
HSI Index: 26,384.28 pts (-188.18pts, -0.71%)
⬆️ Resistance: 27800
⬇️ Support: 25800
Crude Palm Oil: RM4,151 (+RM8, +0.19%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $64.39 (-$0.19, -0.56%)
⬆️ Resistance: 66.70
⬇️ Support: 61.10
Gold: $4,044.96 (+$1.29, -0.96%)
⬆️ Resistance: 4340
⬇️ Support: 3930
Source: Bloomberg, M+ Global
Dow Jones: 46,590.24 pts (-557.24pts, -1.18%)
⬆️ Resistance: 49500
⬇️ Support: 45600
FBM KLCI: 1,627.43 pts (+1.76pts, +0.11%)
⬆️ Resistance: 1680
⬇️ Support: 1600
HSI Index: 26,384.28 pts (-188.18pts, -0.71%)
⬆️ Resistance: 27800
⬇️ Support: 25800
Crude Palm Oil: RM4,151 (+RM8, +0.19%)
⬆️ Resistance: 4270
⬇️ Support: 4000
Brent Oil: $64.39 (-$0.19, -0.56%)
⬆️ Resistance: 66.70
⬇️ Support: 61.10
Gold: $4,044.96 (+$1.29, -0.96%)
⬆️ Resistance: 4340
⬇️ Support: 3930
Source: Bloomberg, M+ Global
👍2👏1
M+ Global Market Update – 18Nov25
Stocks Slid Ahead of Nvidia Earnings
US: The U.S. Wall Street extended its decline on Monday following weaker sentiment toward AI stocks, with Nvidia turning negative ahead of its highly anticipated earnings this Wednesday. The selloff reflected growing valuation concerns, further pressured by news that Peter Thiel had fully exited his nearly $100 million stake in Nvidia. Meanwhile, major U.S. retailers including Target and Walmart are also set to announce results this week. Following the end of the U.S. government shutdown, the September jobs report will resume this week, providing fresh inputs for the Fed’s December policy decision. Again, we believe the market direction will only be clear after Nvidia’s earnings and the FOMC meeting minutes are released.
MY: Tracking Wall Street’s negative overnight performance, we expect the FBMKLCI to turn softer today. Meanwhile, following Sime Darby Plantation's (SDG) strong 3Q25 results and the rise in the Bursa Plantation Index, we think traders can look into SOP, which is pending a flag formation breakout. SOP is also trading at a low valuation (PE = 7.2x, PB = 0.8x), offers a dividend of more than 4%, and is in a net cash position with RM660.8 million in cash and bank balances. Lastly, we are also optimistic toward 99SMART following its record 3Q25 results, which is expected to continue benefiting from the SARA cash handouts and a stronger MYR.
Stocks to watch:
Transportation: *SYGROUP*, *WPRTS*
Consumer: SPRITZER, TEOSENG
Telecommunication: *AXIATA*
Technology: *JFTECH*
Construction: *MITRA*
Chemical: *TMK*
Finance: MNRB
Source: M+ Global
Stocks Slid Ahead of Nvidia Earnings
US: The U.S. Wall Street extended its decline on Monday following weaker sentiment toward AI stocks, with Nvidia turning negative ahead of its highly anticipated earnings this Wednesday. The selloff reflected growing valuation concerns, further pressured by news that Peter Thiel had fully exited his nearly $100 million stake in Nvidia. Meanwhile, major U.S. retailers including Target and Walmart are also set to announce results this week. Following the end of the U.S. government shutdown, the September jobs report will resume this week, providing fresh inputs for the Fed’s December policy decision. Again, we believe the market direction will only be clear after Nvidia’s earnings and the FOMC meeting minutes are released.
MY: Tracking Wall Street’s negative overnight performance, we expect the FBMKLCI to turn softer today. Meanwhile, following Sime Darby Plantation's (SDG) strong 3Q25 results and the rise in the Bursa Plantation Index, we think traders can look into SOP, which is pending a flag formation breakout. SOP is also trading at a low valuation (PE = 7.2x, PB = 0.8x), offers a dividend of more than 4%, and is in a net cash position with RM660.8 million in cash and bank balances. Lastly, we are also optimistic toward 99SMART following its record 3Q25 results, which is expected to continue benefiting from the SARA cash handouts and a stronger MYR.
Stocks to watch:
Transportation: *SYGROUP*, *WPRTS*
Consumer: SPRITZER, TEOSENG
Telecommunication: *AXIATA*
Technology: *JFTECH*
Construction: *MITRA*
Chemical: *TMK*
Finance: MNRB
Source: M+ Global
👍1
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 indirect wholly-owned subsidiary, Stream Environment (S) Pte Ltd (SESG), has received a Letter of Acceptance (LoA) from Singapore’s Housing & Development Board (HDB) for the design, build and operation of a Pneumatic Waste Conveyance System (PWCS) at Project EW & FM. The contract carries a total value of SGD4.6m (~RM14.8m) and will be executed in two phases, each comprising 12 months of design works followed by 24 months of construction works. This latest win further strengthens AWC’s footprint in Singapore’s PWCS market, bringing AWC’s cumulative contract wins in FY26 to ~RM270m.
Maintain HOLD with a TP of RM0.66. We maintain our Hold recommendation for AWC with an unchanged TP of RM0.66. 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.
Research Team, M+
18 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 indirect wholly-owned subsidiary, Stream Environment (S) Pte Ltd (SESG), has received a Letter of Acceptance (LoA) from Singapore’s Housing & Development Board (HDB) for the design, build and operation of a Pneumatic Waste Conveyance System (PWCS) at Project EW & FM. The contract carries a total value of SGD4.6m (~RM14.8m) and will be executed in two phases, each comprising 12 months of design works followed by 24 months of construction works. This latest win further strengthens AWC’s footprint in Singapore’s PWCS market, bringing AWC’s cumulative contract wins in FY26 to ~RM270m.
Maintain HOLD with a TP of RM0.66. We maintain our Hold recommendation for AWC with an unchanged TP of RM0.66. 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.
Research Team, M+
18 November 2025
Good Morning All,
Here are our IPO notes on Foodie Media Berhad: Your Trusted Guide to Global Trading |Malacca Securities (mplusonline.com)
📌 We project a 3-year (FY26–28f) earnings CAGR of 39.1% for FOODIE, underpinned by its ability to deliver cross-vertical campaigns at scale, on the heels of its healthy traffic turnover. Moreover, we expect talent acquisition to be a key growth driver, as production capacity relies heavily on its editors; all of which impacts the number of contents published per day.
📌 We assign a target PER of 28x based on FY26F EPS, translating into a fair value of RM0.47 per share. While this multiple sits above the 2-year average PER of FBMSCAP, we believe FOODIE warrants a 40.0% premium against its peer average P/E of 17.7x given its strong EPS growth of 51.1%/32.1%/34.7% over the next three years, combined with its solid brand profile as well as its decent net margin of 31.1% versus the peer average of 12.2%.
Research Team, M+
18 November 2025
Here are our IPO notes on Foodie Media Berhad: Your Trusted Guide to Global Trading |Malacca Securities (mplusonline.com)
📌 We project a 3-year (FY26–28f) earnings CAGR of 39.1% for FOODIE, underpinned by its ability to deliver cross-vertical campaigns at scale, on the heels of its healthy traffic turnover. Moreover, we expect talent acquisition to be a key growth driver, as production capacity relies heavily on its editors; all of which impacts the number of contents published per day.
📌 We assign a target PER of 28x based on FY26F EPS, translating into a fair value of RM0.47 per share. While this multiple sits above the 2-year average PER of FBMSCAP, we believe FOODIE warrants a 40.0% premium against its peer average P/E of 17.7x given its strong EPS growth of 51.1%/32.1%/34.7% over the next three years, combined with its solid brand profile as well as its decent net margin of 31.1% versus the peer average of 12.2%.
Research Team, M+
18 November 2025
👍2
M+ Global Market Wrap - 18Nov25
FBM KLCI: 1,614.06 pts (-13.37pts, -0.82%)
The FBMKLCI (-0.82%) ended lower, in tandem with regional markets including Japan, South Korea, and China. Sentiment remained pressured as investors tracked the extended sell-off on Wall Street overnight, with caution persisting over elevated AI-related valuations. Market breadth was negative with 313 winners against 934 losers. Sector-wise, Technology (-1.63%) was the worst-performing sector, dragged by VITROX (-11.0 sen).
Top 3 Active stocks:
PMW (0379): RM0.345 (unch)
GENETEC (0104): RM0.320 (-8.5 sen)
VS (6963): RM0.470 (-3.5 sen)
Volume: 4.33 bn (100-bar avg vol: 3.22 bn)
Value: RM3.11 bn (100-bar avg val: RM2.64 bn)
Market Breadth: ⬆️313 ⬇️934
Crude Palm Oil: RM4,151 (+RM67, +1.61%)
Dow Futures: 46,535 pts (-130 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,614.06 pts (-13.37pts, -0.82%)
The FBMKLCI (-0.82%) ended lower, in tandem with regional markets including Japan, South Korea, and China. Sentiment remained pressured as investors tracked the extended sell-off on Wall Street overnight, with caution persisting over elevated AI-related valuations. Market breadth was negative with 313 winners against 934 losers. Sector-wise, Technology (-1.63%) was the worst-performing sector, dragged by VITROX (-11.0 sen).
Top 3 Active stocks:
PMW (0379): RM0.345 (unch)
GENETEC (0104): RM0.320 (-8.5 sen)
VS (6963): RM0.470 (-3.5 sen)
Volume: 4.33 bn (100-bar avg vol: 3.22 bn)
Value: RM3.11 bn (100-bar avg val: RM2.64 bn)
Market Breadth: ⬆️313 ⬇️934
Crude Palm Oil: RM4,151 (+RM67, +1.61%)
Dow Futures: 46,535 pts (-130 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 19Nov25
Dow Jones: 46,091.74 pts (-498.50pts, -1.07%)
⬆️ Resistance: 49500
⬇️ Support: 45000
FBM KLCI: 1,614.06 pts (-13.37pts, -0.82%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 25,930.03 pts (-454.25pts, -1.72%)
⬆️ Resistance: 27800
⬇️ Support: 25400
Crude Palm Oil: RM4,209 (+RM43, +1.02%)
⬆️ Resistance: 4310
⬇️ Support: 4000
Brent Oil: $64.89 (+$0.69, +1.07%)
⬆️ Resistance: 66.50
⬇️ Support: 61.10
Gold: $4,067.24 (+$0.62, +0.02%)
⬆️ Resistance: 4340
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Dow Jones: 46,091.74 pts (-498.50pts, -1.07%)
⬆️ Resistance: 49500
⬇️ Support: 45000
FBM KLCI: 1,614.06 pts (-13.37pts, -0.82%)
⬆️ Resistance: 1680
⬇️ Support: 1590
HSI Index: 25,930.03 pts (-454.25pts, -1.72%)
⬆️ Resistance: 27800
⬇️ Support: 25400
Crude Palm Oil: RM4,209 (+RM43, +1.02%)
⬆️ Resistance: 4310
⬇️ Support: 4000
Brent Oil: $64.89 (+$0.69, +1.07%)
⬆️ Resistance: 66.50
⬇️ Support: 61.10
Gold: $4,067.24 (+$0.62, +0.02%)
⬆️ Resistance: 4340
⬇️ Support: 3920
Source: Bloomberg, M+ Global
👍3👏1
M+ Global Market Update – 19Nov25
Nvidia Earnings In-Focus
US: Wall Street extended its decline on Tuesday as weakness in the tech sector deepened ahead of Nvidia’s earnings report. Nvidia led the selloff amid growing doubts over AI valuations, while broader tech sentiment was also pressured by concerns about the long-term returns on heavy AI investments. However, Alphabet bucked the trend after unveiling its enhanced Gemini 3 AI model. On the macro front, investors await key U.S. data releases, including September nonfarm payrolls and PPI, which were delayed by the government shutdown. We believe the market will have more clarity after Nvidia’s earnings are released later today.
MY: Following Wall Street’s negative overnight performance, we expect the FBMKLCI to trade on a weaker note, pending the release of Nvidia's results. However, we continue to favour MI, which is supported by its strong 3Q25 earnings and growing exposure to high-growth semiconductor segments like advanced packaging, HPC, and automotive power modules. Meanwhile, following the gap-up move by Sarawak Oil Palm (SOP), we think traders may also consider JPG, which is also approaching a potential breakout zone with sustained buying interests in the Plantation sector following the rebound in CPO. Lastly, investors can look into the IPO of Foodie Media Berhad (M+ TP: RM0.47), as applications are closing today.
Stocks to watch:
Plantation: *JPG*, *SOP*, TAANN
Technology: *GESHEN*, MI
Transportation: *SYGROUP*
Consumer: *MFLOUR*
Construction: *PWRWELL*
Chemical: TMK
Finance: AEONCR
Source: M+ Global
Nvidia Earnings In-Focus
US: Wall Street extended its decline on Tuesday as weakness in the tech sector deepened ahead of Nvidia’s earnings report. Nvidia led the selloff amid growing doubts over AI valuations, while broader tech sentiment was also pressured by concerns about the long-term returns on heavy AI investments. However, Alphabet bucked the trend after unveiling its enhanced Gemini 3 AI model. On the macro front, investors await key U.S. data releases, including September nonfarm payrolls and PPI, which were delayed by the government shutdown. We believe the market will have more clarity after Nvidia’s earnings are released later today.
MY: Following Wall Street’s negative overnight performance, we expect the FBMKLCI to trade on a weaker note, pending the release of Nvidia's results. However, we continue to favour MI, which is supported by its strong 3Q25 earnings and growing exposure to high-growth semiconductor segments like advanced packaging, HPC, and automotive power modules. Meanwhile, following the gap-up move by Sarawak Oil Palm (SOP), we think traders may also consider JPG, which is also approaching a potential breakout zone with sustained buying interests in the Plantation sector following the rebound in CPO. Lastly, investors can look into the IPO of Foodie Media Berhad (M+ TP: RM0.47), as applications are closing today.
Stocks to watch:
Plantation: *JPG*, *SOP*, TAANN
Technology: *GESHEN*, MI
Transportation: *SYGROUP*
Consumer: *MFLOUR*
Construction: *PWRWELL*
Chemical: TMK
Finance: AEONCR
Source: M+ Global
👏3
Good Morning All,
We issued a 3Q25 results note on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We maintain BUY recommendation on LGMS with an unchanged target price of RM0.93. The target price is derived based on a P/E ratio of 35.0x pegged to FY26f EPS of 2.67 sen.
Research Team, M+
19 November 2025
We issued a 3Q25 results note on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We maintain BUY recommendation on LGMS with an unchanged target price of RM0.93. The target price is derived based on a P/E ratio of 35.0x pegged to FY26f EPS of 2.67 sen.
Research Team, M+
19 November 2025
Good Morning All,
Here are our IPO notes on BMS Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Via its subsidiaries, BMS specializes in the retail, wholesale, and project sales of tiles and stone surfaces in Malaysia. Its diverse portfolio includes porcelain, ceramic, natural, and engineered stones, along with mosaic tiles, bathware, and kitchenware. The Group operates a network of 20 retail showrooms across Peninsular Malaysia and Sarawak.
📌 Given that its strong brand recognition stems from its extensive geographical presence, backed by a wide range of offerings, we forecast a 3-year earnings CAGR of 13.0%. We opine the retail segment, which caters to the domestic mass consumer market, specifically for house owners and end users, is experiencing higher demand, driven by optimistic consumer spending. Moreover, we pencil a GPM margin to normalize back to c.33.3-33.6%
📌 Hence, we ascribed a 15.0x P/E based on its mid-FY27f EPS to arrive at the RM0.25 FV. While the valuation is a 11.8% discount from the Consumer Index 2-year average of 17.0x, we believe it is justified given the Group’s comparatively smaller net margins and market capitalization.
Research Team, M+
19 November 2025
Here are our IPO notes on BMS Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Via its subsidiaries, BMS specializes in the retail, wholesale, and project sales of tiles and stone surfaces in Malaysia. Its diverse portfolio includes porcelain, ceramic, natural, and engineered stones, along with mosaic tiles, bathware, and kitchenware. The Group operates a network of 20 retail showrooms across Peninsular Malaysia and Sarawak.
📌 Given that its strong brand recognition stems from its extensive geographical presence, backed by a wide range of offerings, we forecast a 3-year earnings CAGR of 13.0%. We opine the retail segment, which caters to the domestic mass consumer market, specifically for house owners and end users, is experiencing higher demand, driven by optimistic consumer spending. Moreover, we pencil a GPM margin to normalize back to c.33.3-33.6%
📌 Hence, we ascribed a 15.0x P/E based on its mid-FY27f EPS to arrive at the RM0.25 FV. While the valuation is a 11.8% discount from the Consumer Index 2-year average of 17.0x, we believe it is justified given the Group’s comparatively smaller net margins and market capitalization.
Research Team, M+
19 November 2025
🥰1
M+ Global Market Wrap - 19Nov25
FBM KLCI: 1,623.89 pts (+9.83pts, +0.61%)
The FBMKLCI (+0.61%) ended in the positive territory, with Financial Services heavyweights like CIMB, PBBANK, and HLBANK lifted the sentiment on the broader market. Nevertheless, market breadth was negative, with 497 winners against 572 losers. Sector-wise, Construction (+1.95%) was the best-performing sector, led by GAMUDA (+16.0 sen), while Energy (-0.37%) was the worst-performing sector, dragged by YINSON (-4.0 sen).
Top 3 Active stocks:
AQUAWALK (0380): RM0.380 (unch)
VS (6963): RM0.445 (-2.5 sen)
ZETRIX (0138): RM0.845 (+2.5 sen)
Volume: 4.64 bn (100-bar avg vol: 3.24 bn)
Value: RM2.96 bn (100-bar avg val: RM2.65 bn)
Market Breadth: ⬆️497 ⬇️572
Crude Palm Oil: RM4,209 (+RM11, +0.26%)
Dow Futures: 46,162 pts (-22 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,623.89 pts (+9.83pts, +0.61%)
The FBMKLCI (+0.61%) ended in the positive territory, with Financial Services heavyweights like CIMB, PBBANK, and HLBANK lifted the sentiment on the broader market. Nevertheless, market breadth was negative, with 497 winners against 572 losers. Sector-wise, Construction (+1.95%) was the best-performing sector, led by GAMUDA (+16.0 sen), while Energy (-0.37%) was the worst-performing sector, dragged by YINSON (-4.0 sen).
Top 3 Active stocks:
AQUAWALK (0380): RM0.380 (unch)
VS (6963): RM0.445 (-2.5 sen)
ZETRIX (0138): RM0.845 (+2.5 sen)
Volume: 4.64 bn (100-bar avg vol: 3.24 bn)
Value: RM2.96 bn (100-bar avg val: RM2.65 bn)
Market Breadth: ⬆️497 ⬇️572
Crude Palm Oil: RM4,209 (+RM11, +0.26%)
Dow Futures: 46,162 pts (-22 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 20Nov25
Dow Jones: 46,138.77 pts (+47.03pts, +0.10%)
⬆️ Resistance: 49200
⬇️ Support: 45000
FBM KLCI: 1,623.89 pts (+9.83pts, +0.61%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 25,830.65 pts (-99.38pts, -0.38%)
⬆️ Resistance: 27800
⬇️ Support: 25300
Crude Palm Oil: RM4,226 (-RM42, -0.99%)
⬆️ Resistance: 4360
⬇️ Support: 4000
Brent Oil: $63.51 (-$1.38, -2.13%)
⬆️ Resistance: 66.50
⬇️ Support: 61.10
Gold: $4,077.98 (+$10.57, +0.28%)
⬆️ Resistance: 4340
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Dow Jones: 46,138.77 pts (+47.03pts, +0.10%)
⬆️ Resistance: 49200
⬇️ Support: 45000
FBM KLCI: 1,623.89 pts (+9.83pts, +0.61%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 25,830.65 pts (-99.38pts, -0.38%)
⬆️ Resistance: 27800
⬇️ Support: 25300
Crude Palm Oil: RM4,226 (-RM42, -0.99%)
⬆️ Resistance: 4360
⬇️ Support: 4000
Brent Oil: $63.51 (-$1.38, -2.13%)
⬆️ Resistance: 66.50
⬇️ Support: 61.10
Gold: $4,077.98 (+$10.57, +0.28%)
⬆️ Resistance: 4340
⬇️ Support: 3920
Source: Bloomberg, M+ Global
M+ Global Market Update – 20Nov25
Nvidia Result Might Spark Tech-Rerating
US: Wall Street snapped its four-day losing streak, as traders shifted focus to Nvidia’s highly anticipated results despite the hawkish Fed minutes. While concerns over lofty AI valuations had pressured markets in recent days, Nvidia delivered another strong quarter that beat analysts’ expectations, lifting its shares in after-hours trading as demand for its Blackwell chips remained robust. Meanwhile, the Fed minutes revealed sharply divided views among policymakers, dragging the implied odds of a December rate cut to just 26%. We believe Nvidia’s results will help anchor near-term market direction positively, potentially benefitting the tech sector.
MY: Following Nvidia’s strong earnings, we expect the FBMKLCI to continue its recovery, with optimism likely to emerge in the Technology sector, benefitting companies like FRONTKN and INARI. Meanwhile, buying interest has also re-emerged in the Construction sector, with bargain-hunting activities seen across GAMUDA and SUNCON. We believe this is justifiable given their discounted valuations and strong earnings visibility, underpinned by various mega infrastructure projects and data centre investments in the country. Lastly, investors can also look into Topmix, which posted strong 3Q25 results and is currently expanding its central region warehouse.
Stocks to watch:
Building Material: BWYS, *MSC*, *TOPMIX*
Plantation: *INNO*, THPLANT
Automotive: *BETA*
Chemical: *TMK*
Consumer: *99SMART*
Construction: GAMUDA
Finance: RCECAP
Source: M+ Global
Nvidia Result Might Spark Tech-Rerating
US: Wall Street snapped its four-day losing streak, as traders shifted focus to Nvidia’s highly anticipated results despite the hawkish Fed minutes. While concerns over lofty AI valuations had pressured markets in recent days, Nvidia delivered another strong quarter that beat analysts’ expectations, lifting its shares in after-hours trading as demand for its Blackwell chips remained robust. Meanwhile, the Fed minutes revealed sharply divided views among policymakers, dragging the implied odds of a December rate cut to just 26%. We believe Nvidia’s results will help anchor near-term market direction positively, potentially benefitting the tech sector.
MY: Following Nvidia’s strong earnings, we expect the FBMKLCI to continue its recovery, with optimism likely to emerge in the Technology sector, benefitting companies like FRONTKN and INARI. Meanwhile, buying interest has also re-emerged in the Construction sector, with bargain-hunting activities seen across GAMUDA and SUNCON. We believe this is justifiable given their discounted valuations and strong earnings visibility, underpinned by various mega infrastructure projects and data centre investments in the country. Lastly, investors can also look into Topmix, which posted strong 3Q25 results and is currently expanding its central region warehouse.
Stocks to watch:
Building Material: BWYS, *MSC*, *TOPMIX*
Plantation: *INNO*, THPLANT
Automotive: *BETA*
Chemical: *TMK*
Consumer: *99SMART*
Construction: GAMUDA
Finance: RCECAP
Source: M+ Global
M+ Global Market Wrap - 20Nov25
FBM KLCI: 1,619.96 pts (-3.93pts, -0.24%)
The FBMKLCI (-0.24%) ended lower, with Financial Services heavyweights like CIMB, AMBANK, and MAYBANK weighing down. Nevertheless, the overall market was positive after NVDA’s earnings beat consensus expectations; the market breadth was positive, with 692 winners against 452 losers. Sector-wise, Technology (+2.11%) was the best performing sector, led by UNISEM (+16.0 sen). On the other hand, the Transportation and Logistics (-0.57%) sector was the worst performing sector, dragged by WPRTS (-4.0 sen).
Top 3 Active stocks:
VS (6963): RM0.440 (-0.5 sen)
AQUAWALK (0380): RM0.355 (-2.5 sen)
ZETRIX (0138): RM0.855 (+1.0 sen)
Volume: 4.71 bn (100-bar avg vol: 3.26 bn)
Value: RM2.94 bn (100-bar avg val: RM2.66 bn)
Market Breadth: ⬆️692 ⬇️452
Crude Palm Oil: RM4,226 (-RM69, -1.63%)
Dow Futures: 46,503 pts (+295 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,619.96 pts (-3.93pts, -0.24%)
The FBMKLCI (-0.24%) ended lower, with Financial Services heavyweights like CIMB, AMBANK, and MAYBANK weighing down. Nevertheless, the overall market was positive after NVDA’s earnings beat consensus expectations; the market breadth was positive, with 692 winners against 452 losers. Sector-wise, Technology (+2.11%) was the best performing sector, led by UNISEM (+16.0 sen). On the other hand, the Transportation and Logistics (-0.57%) sector was the worst performing sector, dragged by WPRTS (-4.0 sen).
Top 3 Active stocks:
VS (6963): RM0.440 (-0.5 sen)
AQUAWALK (0380): RM0.355 (-2.5 sen)
ZETRIX (0138): RM0.855 (+1.0 sen)
Volume: 4.71 bn (100-bar avg vol: 3.26 bn)
Value: RM2.94 bn (100-bar avg val: RM2.66 bn)
Market Breadth: ⬆️692 ⬇️452
Crude Palm Oil: RM4,226 (-RM69, -1.63%)
Dow Futures: 46,503 pts (+295 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 21Nov25
Overstretched Valuation Fears Hit The Markets Again
US: Wall Street retreated overnight as Nvidia’s early gains faded, with renewed concerns over rich AI valuations weighing on sentiment despite the chipmaker’s strong results and upbeat guidance. Ray Dalio added to the caution, warning that an AI-driven bubble may be forming even though he advised against selling. Macro sentiment also softened after US payrolls surprised on the upside but the rise in unemployment and recent hawkish Fed signals further reduced the odds of a December rate cut. We expect market direction to remain choppy near term, as we believe the selling pressure may continue amid overstretched tech valuations.
MY: Tracking Wall Street’s negative overnight performance, we expect the FBMKLCI to extend its weakness today. Meanwhile, we favour SCGBHD following its share price rebound, whereby the company showed strong revenue and earnings growth over the years and is expected to continue benefitting from the rising demand for HV power cables, driven by developments in RE, railways, and data centres. Investors can also consider the upcoming IPO GEOHAN (M+ TP: RM0.66), which will close its application today. Lastly, traders could position TMK for trading opportunities following its recent breakout.
Stocks to watch:
Consumer: *MFLOUR*, *SPRITZER*
Technology: *MCLEAN*, MI
Building Material: *MSC*, *TOPMIX*
Telco and Media: CATCHA
Property: IOIPG
Healthcare: KPJ
Construction: SCGBHD
Chemical: TMK
Source: M+ Global
Overstretched Valuation Fears Hit The Markets Again
US: Wall Street retreated overnight as Nvidia’s early gains faded, with renewed concerns over rich AI valuations weighing on sentiment despite the chipmaker’s strong results and upbeat guidance. Ray Dalio added to the caution, warning that an AI-driven bubble may be forming even though he advised against selling. Macro sentiment also softened after US payrolls surprised on the upside but the rise in unemployment and recent hawkish Fed signals further reduced the odds of a December rate cut. We expect market direction to remain choppy near term, as we believe the selling pressure may continue amid overstretched tech valuations.
MY: Tracking Wall Street’s negative overnight performance, we expect the FBMKLCI to extend its weakness today. Meanwhile, we favour SCGBHD following its share price rebound, whereby the company showed strong revenue and earnings growth over the years and is expected to continue benefitting from the rising demand for HV power cables, driven by developments in RE, railways, and data centres. Investors can also consider the upcoming IPO GEOHAN (M+ TP: RM0.66), which will close its application today. Lastly, traders could position TMK for trading opportunities following its recent breakout.
Stocks to watch:
Consumer: *MFLOUR*, *SPRITZER*
Technology: *MCLEAN*, MI
Building Material: *MSC*, *TOPMIX*
Telco and Media: CATCHA
Property: IOIPG
Healthcare: KPJ
Construction: SCGBHD
Chemical: TMK
Source: M+ Global
👍3
M+ Morning Market Buzz - 21Nov25
Dow Jones: 45,752.26 pts (-386.51pts, -0.84%)
⬆️ Resistance: 48400
⬇️ Support: 44900
FBM KLCI: 1,619.96 pts (-3.93pts, -0.24%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 25,835.57 pts (+4.92pts, +0.02%)
⬆️ Resistance: 27500
⬇️ Support: 25200
Crude Palm Oil: RM4,155 (-RM6, -0.14%)
⬆️ Resistance: 4360
⬇️ Support: 4020
Brent Oil: $63.38 (-$0.13, -0.20%)
⬆️ Resistance: 66.50
⬇️ Support: 61.70
Gold: $4,077.19 (+$1.64, +0.02%)
⬆️ Resistance: 4300
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Dow Jones: 45,752.26 pts (-386.51pts, -0.84%)
⬆️ Resistance: 48400
⬇️ Support: 44900
FBM KLCI: 1,619.96 pts (-3.93pts, -0.24%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 25,835.57 pts (+4.92pts, +0.02%)
⬆️ Resistance: 27500
⬇️ Support: 25200
Crude Palm Oil: RM4,155 (-RM6, -0.14%)
⬆️ Resistance: 4360
⬇️ Support: 4020
Brent Oil: $63.38 (-$0.13, -0.20%)
⬆️ Resistance: 66.50
⬇️ Support: 61.70
Gold: $4,077.19 (+$1.64, +0.02%)
⬆️ Resistance: 4300
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Good Morning All,
Here are our IPO notes on PSP Energy Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Founded in 2010, PSP operates two licensed storage plants in Port Klang and a sizeable logistics fleet spanning road tankers and bunker vessels. With integrated storage and distribution for diesel, fuel oil, and lubricants, it serves land and marine customers efficiently, sustaining strong ties with five major O&G players.
📌 We project the Group’s earnings to grow 8.6%/10.4%/9.8%, on the back of an additional bunker vessel to increase capacity catering for higher order volume, reduced dry-docking impact with a larger fleet improving operational efficiency, as well as Customer E’s expected growing orders.
📌 We ascribed a P/E of 11.0x pegged on its mid-FY27f EPS of 1.86 sen, arriving at a fair value of RM0.20. While the valuation is a c.25.7% discount from the Energy Index 2-year average of 14.8x, we believe it is justified given the Group’s comparatively smaller market capitalization against its peer.
Research Team, M+
21 November 2025
Here are our IPO notes on PSP Energy Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Founded in 2010, PSP operates two licensed storage plants in Port Klang and a sizeable logistics fleet spanning road tankers and bunker vessels. With integrated storage and distribution for diesel, fuel oil, and lubricants, it serves land and marine customers efficiently, sustaining strong ties with five major O&G players.
📌 We project the Group’s earnings to grow 8.6%/10.4%/9.8%, on the back of an additional bunker vessel to increase capacity catering for higher order volume, reduced dry-docking impact with a larger fleet improving operational efficiency, as well as Customer E’s expected growing orders.
📌 We ascribed a P/E of 11.0x pegged on its mid-FY27f EPS of 1.86 sen, arriving at a fair value of RM0.20. While the valuation is a c.25.7% discount from the Energy Index 2-year average of 14.8x, we believe it is justified given the Group’s comparatively smaller market capitalization against its peer.
Research Team, M+
21 November 2025
🥰5
Good Morning All,
Here’s our IPO note on Geohan Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.66 per share for GEOHAN, indicating a 20.0% upside from the share price of RM0.55. This valuation is based on a PE multiple of 14.0x pegged to FY26f EPS of 4.69 sen.
Investment highlights include:
(i) Capability in undertaking steep terrain projects
(ii) Broad sector exposure with recurring developer relationships
(iii) Strategic entry into Singapore supported by past track record
(iv) Positioned to ride on Malaysia’s upcoming infrastructure cycle
(v) Market share poised to expand alongside growing tender opportunities
Research Team, M+
21 Nov 2025
Here’s our IPO note on Geohan Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.66 per share for GEOHAN, indicating a 20.0% upside from the share price of RM0.55. This valuation is based on a PE multiple of 14.0x pegged to FY26f EPS of 4.69 sen.
Investment highlights include:
(i) Capability in undertaking steep terrain projects
(ii) Broad sector exposure with recurring developer relationships
(iii) Strategic entry into Singapore supported by past track record
(iv) Positioned to ride on Malaysia’s upcoming infrastructure cycle
(v) Market share poised to expand alongside growing tender opportunities
Research Team, M+
21 Nov 2025
👍3
M+ Global Market Wrap - 21Nov25
FBM KLCI: 1,617.57 pts (-2.39pts, -0.15%)
The FBMKLCI (-0.15%) closed lower, extending its recent downtrend, in tandem with regional markets including Hong Kong and China. The decline followed a sharp sell-off in U.S. tech stocks yesterday, as investors grew cautious ahead of the market outlook and reassessed valuations in the AI sector. Market breadth was negative, with 392 winners against 821 losers. Sector-wise, Transportation & Logistics (+0.30%) was the best-performing sector, led by MISC (+1.0 sen), while Technology (-2.47%) was the worst-performing sector, dragged by ZETRIX (-4.5 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.010 (+0.5 sen)
ZETRIX (0138): RM0.810 (-4.5 sen)
VS (6963): RM0.450 (+1.0 sen)
Volume: 4.39 bn (100-bar avg vol: 3.27 bn)
Value: RM2.96 bn (100-bar avg val: RM2.66 bn)
Market Breadth: ⬆️392 ⬇️821
Crude Palm Oil: RM4,155 (-RM64, -1.54%)
Dow Futures: 46,032 pts (+207 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,617.57 pts (-2.39pts, -0.15%)
The FBMKLCI (-0.15%) closed lower, extending its recent downtrend, in tandem with regional markets including Hong Kong and China. The decline followed a sharp sell-off in U.S. tech stocks yesterday, as investors grew cautious ahead of the market outlook and reassessed valuations in the AI sector. Market breadth was negative, with 392 winners against 821 losers. Sector-wise, Transportation & Logistics (+0.30%) was the best-performing sector, led by MISC (+1.0 sen), while Technology (-2.47%) was the worst-performing sector, dragged by ZETRIX (-4.5 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.010 (+0.5 sen)
ZETRIX (0138): RM0.810 (-4.5 sen)
VS (6963): RM0.450 (+1.0 sen)
Volume: 4.39 bn (100-bar avg vol: 3.27 bn)
Value: RM2.96 bn (100-bar avg val: RM2.66 bn)
Market Breadth: ⬆️392 ⬇️821
Crude Palm Oil: RM4,155 (-RM64, -1.54%)
Dow Futures: 46,032 pts (+207 pts)
**Source: M+ Global, Bloomberg **
👏2
Good Evening All,
We issued a technical buy call on Yum! Brands Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Defensive pick amid a risk-off market
(ii) Asset-light model supporting strong fundamentals
(iii) Growth driven by KFC and Taco Bell
Research Team, M+
21 November 2025
We issued a technical buy call on Yum! Brands Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Defensive pick amid a risk-off market
(ii) Asset-light model supporting strong fundamentals
(iii) Growth driven by KFC and Taco Bell
Research Team, M+
21 November 2025