M+ Morning Market Buzz - 24Nov25
Dow Jones: 46,245.41 pts (+493.15pts, +1.08%)
⬆️ Resistance: 48200
⬇️ Support: 44900
FBM KLCI: 1,617.57 pts (-2.39pts, -0.15%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 25,220.02 pts (-615.55pts, -2.38%)
⬆️ Resistance: 27100
⬇️ Support: 24700
Crude Palm Oil: RM4,069 (-RM86, -2.07%)
⬆️ Resistance: 4360
⬇️ Support: 3980
Brent Oil: $62.56 (-$0.26, -1.29%)
⬆️ Resistance: 66.50
⬇️ Support: 60.70
Gold: $4,065.14 (+$9.41, -0.30%)
⬆️ Resistance: 4220
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Dow Jones: 46,245.41 pts (+493.15pts, +1.08%)
⬆️ Resistance: 48200
⬇️ Support: 44900
FBM KLCI: 1,617.57 pts (-2.39pts, -0.15%)
⬆️ Resistance: 1670
⬇️ Support: 1590
HSI Index: 25,220.02 pts (-615.55pts, -2.38%)
⬆️ Resistance: 27100
⬇️ Support: 24700
Crude Palm Oil: RM4,069 (-RM86, -2.07%)
⬆️ Resistance: 4360
⬇️ Support: 3980
Brent Oil: $62.56 (-$0.26, -1.29%)
⬆️ Resistance: 66.50
⬇️ Support: 60.70
Gold: $4,065.14 (+$9.41, -0.30%)
⬆️ Resistance: 4220
⬇️ Support: 3920
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 24Nov25
Fed Rate Cut Probability Surged Toward 70%
US: Wall Street rebounded last Friday as rate-cut hopes strengthened following dovish remarks from Fed’s Williams, though Nvidia’s volatile swing kept broader sentiment cautious despite reports that the U.S. may consider allowing H200 chip sales to China. Big tech staged a rebound, but AI sentiment stayed fragile after Michael Burry warned that current valuations may be overestimating the true scale of future AI demand. While renewed optimism pushed December rate-cut odds toward c.70% level, we expect market direction to stay cautious in the near term as tech valuations remain sensitive to shifting AI narratives and also upcoming economic data like US Q3 GDP, initial jobless claims, and PPI data this week.
MY: Tracking the rebound in the US last Friday, we anticipate that the FBMKLCI will kickstart the week on a moderately positive tone. Meanwhile, we continue to favour the recovery signals seen in the Construction sector, given the stable order book visibility led by data centre projects and mega infrastructure developments in the country, benefitting construction players like GAMUDA and SUNCON. Lastly, we remain optimistic toward ECOWLD following its outstanding 3QFY25 performance, with RM3.8bn in sales achieved in 10MFY25, exceeding its FY25 full-year sales target of RM3.5bn.
Stocks to watch:
Consumer: *LWSABAH*, *MFLOUR*
Automotive: *BETA*, DRBHCOM
Property: ECOWLD, *IOIPG*
Transportation: *SYGROUP*
Finance: RHBBANK
Chemical: TMK
Building Material: TOPMIX
Source: M+ Global
Fed Rate Cut Probability Surged Toward 70%
US: Wall Street rebounded last Friday as rate-cut hopes strengthened following dovish remarks from Fed’s Williams, though Nvidia’s volatile swing kept broader sentiment cautious despite reports that the U.S. may consider allowing H200 chip sales to China. Big tech staged a rebound, but AI sentiment stayed fragile after Michael Burry warned that current valuations may be overestimating the true scale of future AI demand. While renewed optimism pushed December rate-cut odds toward c.70% level, we expect market direction to stay cautious in the near term as tech valuations remain sensitive to shifting AI narratives and also upcoming economic data like US Q3 GDP, initial jobless claims, and PPI data this week.
MY: Tracking the rebound in the US last Friday, we anticipate that the FBMKLCI will kickstart the week on a moderately positive tone. Meanwhile, we continue to favour the recovery signals seen in the Construction sector, given the stable order book visibility led by data centre projects and mega infrastructure developments in the country, benefitting construction players like GAMUDA and SUNCON. Lastly, we remain optimistic toward ECOWLD following its outstanding 3QFY25 performance, with RM3.8bn in sales achieved in 10MFY25, exceeding its FY25 full-year sales target of RM3.5bn.
Stocks to watch:
Consumer: *LWSABAH*, *MFLOUR*
Automotive: *BETA*, DRBHCOM
Property: ECOWLD, *IOIPG*
Transportation: *SYGROUP*
Finance: RHBBANK
Chemical: TMK
Building Material: TOPMIX
Source: M+ Global
👍1
M+ Global Market Wrap - 24Nov25
FBM KLCI: 1,618.78 pts (+1.21pts, +0.07%)
The FBMKLCI (+0.07%) ended marginally higher in the positive territory, driven by investors' optimism regarding the upcoming Fed rate cut, coupled with the effective MSCI rebalancing activities. Market breadth was negative, with 533 winners against 611 losers. Sector-wise, REIT (+1.38%) was the best performing sector, led by PAVREIT (+13.0 sen), while Health Care (-1.37%) was the worst performing sector, dragged down by KPJ (-13.0 sen).
Top 3 Active stocks:
ARMADA (5210): RM0.305 (+0.5 sen)
ZETRIX (0138): RM0.815 (+0.5 sen)
TANCO (2429): RM1.040 (unch)
Volume: 5.81 bn (100-bar avg vol: 3.29 bn)
Value: RM5.24 bn (100-bar avg val: RM2.67 bn)
Market Breadth: ⬆️533 ⬇️611
Crude Palm Oil: RM4,069 (-RM3, -0.07%)
Dow Futures: 46,493 pts (+172 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,618.78 pts (+1.21pts, +0.07%)
The FBMKLCI (+0.07%) ended marginally higher in the positive territory, driven by investors' optimism regarding the upcoming Fed rate cut, coupled with the effective MSCI rebalancing activities. Market breadth was negative, with 533 winners against 611 losers. Sector-wise, REIT (+1.38%) was the best performing sector, led by PAVREIT (+13.0 sen), while Health Care (-1.37%) was the worst performing sector, dragged down by KPJ (-13.0 sen).
Top 3 Active stocks:
ARMADA (5210): RM0.305 (+0.5 sen)
ZETRIX (0138): RM0.815 (+0.5 sen)
TANCO (2429): RM1.040 (unch)
Volume: 5.81 bn (100-bar avg vol: 3.29 bn)
Value: RM5.24 bn (100-bar avg val: RM2.67 bn)
Market Breadth: ⬆️533 ⬇️611
Crude Palm Oil: RM4,069 (-RM3, -0.07%)
Dow Futures: 46,493 pts (+172 pts)
**Source: M+ Global, Bloomberg **
😁3
M+ Morning Market Buzz - 25Nov25
Dow Jones: 46,448.27 pts (+202.86pts, +0.44%)
⬆️ Resistance: 47800
⬇️ Support: 44900
FBM KLCI: 1,618.78 pts (+1.21pts, +0.07%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,716.50 pts (+496.48pts, +1.97%)
⬆️ Resistance: 26800
⬇️ Support: 24700
Crude Palm Oil: RM4,055 (+RM8, +0.20%)
⬆️ Resistance: 4360
⬇️ Support: 3970
Brent Oil: $62.56 (+$0.81, +1.33%)
⬆️ Resistance: 66.50
⬇️ Support: 60.70
Gold: $4,136.31 (-$8.03, -0.01%)
⬆️ Resistance: 4230
⬇️ Support: 3920
Source: Bloomberg, M+ Global
Dow Jones: 46,448.27 pts (+202.86pts, +0.44%)
⬆️ Resistance: 47800
⬇️ Support: 44900
FBM KLCI: 1,618.78 pts (+1.21pts, +0.07%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,716.50 pts (+496.48pts, +1.97%)
⬆️ Resistance: 26800
⬇️ Support: 24700
Crude Palm Oil: RM4,055 (+RM8, +0.20%)
⬆️ Resistance: 4360
⬇️ Support: 3970
Brent Oil: $62.56 (+$0.81, +1.33%)
⬆️ Resistance: 66.50
⬇️ Support: 60.70
Gold: $4,136.31 (-$8.03, -0.01%)
⬆️ Resistance: 4230
⬇️ Support: 3920
Source: Bloomberg, M+ Global
😁2💯1
M+ Global Market Update – 25Nov25
Alphabet Led The AI-Comeback
US: Wall Street rallied overnight as renewed appetite for AI names lifted the NASDAQ, with Alphabet leading gains following optimism surrounding its upgraded Gemini model. Rate-cut hopes further improved the sentiment after dovish comments from Fed officials Williams and Waller, pushing December cut odds above the 80% mark. Meanwhile, several delayed economic indicators like PPI, retail sales, industrial production, and Q3 GDP are set for release this week. Geopolitical sentiment also improved slightly after President Trump accepted an invitation to meet President Xi in April, raising hopes for easing US-China tensions. Given the developments in the US, we expect Wall Street to recover in the near term.
MY: Tracking the rebound in the US yesterday, we expect the FBMKLCI to extend its bullish tone today. As the Ringgit is trading with a strengthening bias around RM4.13/USD, we expect traders to focus on domestic-driven sectors. Consumer and REITs were being focused on yesterday. While we continue to favour IGBREIT and SUNREIT, we think investors can accumulate them in view of their stable dividend yield above 4%. The AI comeback in the US could bode well for local technology counters. Lastly, investors can look into the upcoming IPO LAC Med (M+ TP: RM1.02), which closes its application today.
Stocks to watch:
Consumer: 99SMART, *LWSABAH*, SPRITZER
Technology: KOBAY, *MPI*, SCICOM
Building Material: *MSC*, *TOPMIX*
Chemical: *TMK*
Transportation: *SYGROUP*
O&G: KEYFIELD
Utility: RANHILL
Construction: SUNCON
Source: M+ Global
Alphabet Led The AI-Comeback
US: Wall Street rallied overnight as renewed appetite for AI names lifted the NASDAQ, with Alphabet leading gains following optimism surrounding its upgraded Gemini model. Rate-cut hopes further improved the sentiment after dovish comments from Fed officials Williams and Waller, pushing December cut odds above the 80% mark. Meanwhile, several delayed economic indicators like PPI, retail sales, industrial production, and Q3 GDP are set for release this week. Geopolitical sentiment also improved slightly after President Trump accepted an invitation to meet President Xi in April, raising hopes for easing US-China tensions. Given the developments in the US, we expect Wall Street to recover in the near term.
MY: Tracking the rebound in the US yesterday, we expect the FBMKLCI to extend its bullish tone today. As the Ringgit is trading with a strengthening bias around RM4.13/USD, we expect traders to focus on domestic-driven sectors. Consumer and REITs were being focused on yesterday. While we continue to favour IGBREIT and SUNREIT, we think investors can accumulate them in view of their stable dividend yield above 4%. The AI comeback in the US could bode well for local technology counters. Lastly, investors can look into the upcoming IPO LAC Med (M+ TP: RM1.02), which closes its application today.
Stocks to watch:
Consumer: 99SMART, *LWSABAH*, SPRITZER
Technology: KOBAY, *MPI*, SCICOM
Building Material: *MSC*, *TOPMIX*
Chemical: *TMK*
Transportation: *SYGROUP*
O&G: KEYFIELD
Utility: RANHILL
Construction: SUNCON
Source: M+ Global
😁3
Good Morning All,
We issued a 4Q25 results note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
As the share price deteriorated ahead of the quarterly results, providing a greater capital upside, we upgrade our recommendation from Hold to Buy on EITA with the same target price of RM0.58. The target price is derived based on a P/E ratio of 10.0x pegged to our FY26f EPS of 5.77 sen.
Research Team, M+
25 November 2025
We issued a 4Q25 results note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
As the share price deteriorated ahead of the quarterly results, providing a greater capital upside, we upgrade our recommendation from Hold to Buy on EITA with the same target price of RM0.58. The target price is derived based on a P/E ratio of 10.0x pegged to our FY26f EPS of 5.77 sen.
Research Team, M+
25 November 2025
Good Morning All,
Here are our IPO notes on LAC Med Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Established in 2004, LACMED boasts a remarkable 21-year track record as an integrated provider of medical device supply and healthcare technology solutions. For perspective, LACMED specializes in high-value medical equipment, such as Magnetic Resonance Imaging (MRI), which typically require space design, area renovations, and Mechanical & Electrical (M&E) works. With distribution channels focused on private and public hospitals in Malaysia and Indonesia, LACMED generates revenue through two primary channels: i) lump-sum revenue and ii) recurrent income.
📌 We project the Group’s earnings to grow by 18.2%/25.1%/6.5% on the back of i) Healthy adoption rate through the introduction of its EaaS and SaaS offerings, given that these provide customers with flexibility in allocating CapEx towards their core business and ii) Expanding brand portfolio as well as contributions from the Indonesia expansion plan.
📌Hence, we ascribed a P/E of 15.0x, pegged to its mid-FY26f EPS of 6.78 sen, arriving at a fair value of RM1.02. While there are no direct listed peers within LACMED’s supply and integration of medical devices niche, we believe Umedic Group Berhad (UMC) provides a fair comparison given the Group’s medical distribution segment, with business models also shifting towards an asset-ownership approach. Hence, we believe 15.0x is justified, given UMC’s trailing and forward PER range of 14.8–16.3x.
Research Team, M+
25 November 2025
Here are our IPO notes on LAC Med Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Established in 2004, LACMED boasts a remarkable 21-year track record as an integrated provider of medical device supply and healthcare technology solutions. For perspective, LACMED specializes in high-value medical equipment, such as Magnetic Resonance Imaging (MRI), which typically require space design, area renovations, and Mechanical & Electrical (M&E) works. With distribution channels focused on private and public hospitals in Malaysia and Indonesia, LACMED generates revenue through two primary channels: i) lump-sum revenue and ii) recurrent income.
📌 We project the Group’s earnings to grow by 18.2%/25.1%/6.5% on the back of i) Healthy adoption rate through the introduction of its EaaS and SaaS offerings, given that these provide customers with flexibility in allocating CapEx towards their core business and ii) Expanding brand portfolio as well as contributions from the Indonesia expansion plan.
📌Hence, we ascribed a P/E of 15.0x, pegged to its mid-FY26f EPS of 6.78 sen, arriving at a fair value of RM1.02. While there are no direct listed peers within LACMED’s supply and integration of medical devices niche, we believe Umedic Group Berhad (UMC) provides a fair comparison given the Group’s medical distribution segment, with business models also shifting towards an asset-ownership approach. Hence, we believe 15.0x is justified, given UMC’s trailing and forward PER range of 14.8–16.3x.
Research Team, M+
25 November 2025
👏2
Good Morning All,
We issued a company update on our coverage of Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Overall, INTA registered a 3Q25 core PAT of RM9.7m (+1.2% QoQ, +4.0% YoY), bringing its 9MFY25 core PAT to RM29.8m (+22.9% YoY). Overall, the results were within expectations, accounting for 74.5% of our fullyear estimates. We believe the key driver of growth in 9MFY25 was the steady revenue recognition from its ongoing order book, which stood at RM1.9bn (as of the latest guidance), providing strong earnings visibility with a 2–3x cover ratio over FY24’s revenue.
📌 Moving forward, we believe INTA’s construction segment remains a key growth driver. Moreover, we think its property development segment is gaining traction, evidenced by stellar YoY and QoQ performance, as well as net margins that continue to expand. With the approval of Seiring Setia Residence, which comprises a GDV of ~RM200m, along with another two parcels of land in Bandar Glenmarie with a GDV of ~RM300.0m (~600 units) with LPHS as the key developer, we foresee this to bode well for INTA’s property development segment, replicating Senuri Residence’s success, which notably registered a robust 100% take-up rate for its open-market units since launching.
Research Team, M+
25 November 2025
We issued a company update on our coverage of Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Overall, INTA registered a 3Q25 core PAT of RM9.7m (+1.2% QoQ, +4.0% YoY), bringing its 9MFY25 core PAT to RM29.8m (+22.9% YoY). Overall, the results were within expectations, accounting for 74.5% of our fullyear estimates. We believe the key driver of growth in 9MFY25 was the steady revenue recognition from its ongoing order book, which stood at RM1.9bn (as of the latest guidance), providing strong earnings visibility with a 2–3x cover ratio over FY24’s revenue.
📌 Moving forward, we believe INTA’s construction segment remains a key growth driver. Moreover, we think its property development segment is gaining traction, evidenced by stellar YoY and QoQ performance, as well as net margins that continue to expand. With the approval of Seiring Setia Residence, which comprises a GDV of ~RM200m, along with another two parcels of land in Bandar Glenmarie with a GDV of ~RM300.0m (~600 units) with LPHS as the key developer, we foresee this to bode well for INTA’s property development segment, replicating Senuri Residence’s success, which notably registered a robust 100% take-up rate for its open-market units since launching.
Research Team, M+
25 November 2025
M+ Global Market Wrap - 25Nov25
FBM KLCI: 1,611.74 pts (-7.04pts, -0.43%)
The FBMKLCI (-0.43%) diverged from the broader regional market trend, weighed down primarily by weakness in the Consumer sector, as 99SMART, MRDIY, NESTLE, and QL traded lower for the session. Market breadth was negative with 556 winners against 588 losers. Sector-wise, Property (+1.09%) was the best-performing sector, led by SIMEPROP (+4.0 sen), while Consumer Product & Services (-1.58%) was the worst-performing sector, dragged by 99SMART (-15.0 sen).
Top 3 Active stocks:
XOXTECH (0017): RM0.050 (-0.5 sen)
VELESTO (5243): RM0.225 (-1.0 sen)
ZETRIX (0138): RM0.835 (+0.2 sen)
Volume: 4.39 bn (100-bar avg vol: 3.32 bn)
Value: RM2.82 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️556 ⬇️588
Crude Palm Oil: RM4,055 (-RM53, -1.31%)
Dow Futures: 46,485 pts (-29 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,611.74 pts (-7.04pts, -0.43%)
The FBMKLCI (-0.43%) diverged from the broader regional market trend, weighed down primarily by weakness in the Consumer sector, as 99SMART, MRDIY, NESTLE, and QL traded lower for the session. Market breadth was negative with 556 winners against 588 losers. Sector-wise, Property (+1.09%) was the best-performing sector, led by SIMEPROP (+4.0 sen), while Consumer Product & Services (-1.58%) was the worst-performing sector, dragged by 99SMART (-15.0 sen).
Top 3 Active stocks:
XOXTECH (0017): RM0.050 (-0.5 sen)
VELESTO (5243): RM0.225 (-1.0 sen)
ZETRIX (0138): RM0.835 (+0.2 sen)
Volume: 4.39 bn (100-bar avg vol: 3.32 bn)
Value: RM2.82 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️556 ⬇️588
Crude Palm Oil: RM4,055 (-RM53, -1.31%)
Dow Futures: 46,485 pts (-29 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 26Nov25
Healthcare and Consumer Led Wall Street Higher
US: Wall Street advanced for another day, as gains in the healthcare and consumer sectors offset the weakness in Nvidia. Nvidia's share price pulled back following reports that Google is in talks to supply Meta with AI chips starting in 2027, sparking competition concerns. Market sentiment remained supportive, underpinned by dovish remarks from Federal Reserve officials and rising expectations of a December Fed rate cut. September retail sales came in softer at +0.2% (down from +0.6% in August), signalling moderating consumer spending. The probability of a December rate cut is currently holding above 80%. Given this high probability, we believe Wall Street will remain positive in the near term.
MY: Given the positive rebound in the US, we believe buying interest will spillover to Bursa Exchange. Meanwhile, we are positive on RANHILL after its stellar Q3 FY25 results and traders can position it for long-term trading opportunities. We remain optimistic about data centre developments in Johor and the JSSEZ. These developments are expected to lead to higher water consumption, benefiting RANHILL’s water segment. Lastly, the recent nationwide floods might benefit DENGKIL, while investors can look into the upcoming IPO of Orkim (M+ Target Price: RM1.16), which closes its application today.
Stocks to watch:
Technology: *CNERGEN*, *MPI*, SCICOM, UWC
Utility: *RANHILL*, SLVEST
Consumer: *SPRITZER*, WELLCHIP
Construction: JTGROUP, *SCGBHD*
Logistics: *SYGROUP*
Automotive: BETA
**Source: M+ Global**
Healthcare and Consumer Led Wall Street Higher
US: Wall Street advanced for another day, as gains in the healthcare and consumer sectors offset the weakness in Nvidia. Nvidia's share price pulled back following reports that Google is in talks to supply Meta with AI chips starting in 2027, sparking competition concerns. Market sentiment remained supportive, underpinned by dovish remarks from Federal Reserve officials and rising expectations of a December Fed rate cut. September retail sales came in softer at +0.2% (down from +0.6% in August), signalling moderating consumer spending. The probability of a December rate cut is currently holding above 80%. Given this high probability, we believe Wall Street will remain positive in the near term.
MY: Given the positive rebound in the US, we believe buying interest will spillover to Bursa Exchange. Meanwhile, we are positive on RANHILL after its stellar Q3 FY25 results and traders can position it for long-term trading opportunities. We remain optimistic about data centre developments in Johor and the JSSEZ. These developments are expected to lead to higher water consumption, benefiting RANHILL’s water segment. Lastly, the recent nationwide floods might benefit DENGKIL, while investors can look into the upcoming IPO of Orkim (M+ Target Price: RM1.16), which closes its application today.
Stocks to watch:
Technology: *CNERGEN*, *MPI*, SCICOM, UWC
Utility: *RANHILL*, SLVEST
Consumer: *SPRITZER*, WELLCHIP
Construction: JTGROUP, *SCGBHD*
Logistics: *SYGROUP*
Automotive: BETA
**Source: M+ Global**
👍3😁1
M+ Morning Market Buzz - 26Nov25
Dow Jones: 47,112.45 pts (+664.18pts, +1.43%)
⬆️ Resistance: 48200
⬇️ Support: 44900
FBM KLCI: 1,611.74 pts (-7.04pts, -0.43%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,894.55 pts (+178.05pts, +0.69%)
⬆️ Resistance: 26600
⬇️ Support: 24700
Crude Palm Oil: RM3,990 (-RM5, -0.13%)
⬆️ Resistance: 4360
⬇️ Support: 3900
Brent Oil: $62.48 (-$0.89, -1.40%)
⬆️ Resistance: 66.20
⬇️ Support: 60.40
Gold: $4,130.69 (+$5.40, +0.06%)
⬆️ Resistance: 4250
⬇️ Support: 3950
Source: Bloomberg, M+ Global
Dow Jones: 47,112.45 pts (+664.18pts, +1.43%)
⬆️ Resistance: 48200
⬇️ Support: 44900
FBM KLCI: 1,611.74 pts (-7.04pts, -0.43%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,894.55 pts (+178.05pts, +0.69%)
⬆️ Resistance: 26600
⬇️ Support: 24700
Crude Palm Oil: RM3,990 (-RM5, -0.13%)
⬆️ Resistance: 4360
⬇️ Support: 3900
Brent Oil: $62.48 (-$0.89, -1.40%)
⬆️ Resistance: 66.20
⬇️ Support: 60.40
Gold: $4,130.69 (+$5.40, +0.06%)
⬆️ Resistance: 4250
⬇️ Support: 3950
Source: Bloomberg, M+ Global
😁2👍1
Good Morning All,
Here’s our IPO note on Orkim Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM1.16 per share for ORKIM, indicating a 26.6% upside from the share price of RM0.92. This valuation is based on a PE multiple of 12.0x pegged to FY26f EPS of 9.70 sen.
Investment highlights include:
(i) Long-standing relationships with key energy players
(ii) Extensive regional footprint supported by a versatile fleet
(iii) High barrier of entry
(iv) Recurring income from long-term charter contracts
(v) Leading domestic market share backed by fleet scale
Research Team, M+
26 Nov 2025
Here’s our IPO note on Orkim Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM1.16 per share for ORKIM, indicating a 26.6% upside from the share price of RM0.92. This valuation is based on a PE multiple of 12.0x pegged to FY26f EPS of 9.70 sen.
Investment highlights include:
(i) Long-standing relationships with key energy players
(ii) Extensive regional footprint supported by a versatile fleet
(iii) High barrier of entry
(iv) Recurring income from long-term charter contracts
(v) Leading domestic market share backed by fleet scale
Research Team, M+
26 Nov 2025
Good Morning All,
We issued a company update on our coverage of Wentel Engineering Holdings Berhad: Your Trusted Guide to Globl Trading | Malacca Securities (mplusonline.com)
📌 WENTEL registered a 3Q25 core PAT of RM6.2m (+23.1% QoQ, +80.8% YoY), bringing 9MFY25 core PAT to RM17.3m (+106.0%). All in all, the results met 75.0% of both our and street FY25F estimates – deemed in line with our expectations, with another stellar earnings result anticipated in the upcoming quarter on the back of growing demand surrounding its fabrication of semi-metal finished products. Hence, we remain positive on WENTEL’s prospects as we project core earnings to grow at a 23.1% CAGR for FY25–27f.
📌 We maintain BUY recommendation on WENTEL with an unchanged target price of RM0.48, derived on P/E multiples of 23x to mid-FY26f of 2.08 sen.
Research Team, M+
26 November 2025
We issued a company update on our coverage of Wentel Engineering Holdings Berhad: Your Trusted Guide to Globl Trading | Malacca Securities (mplusonline.com)
📌 WENTEL registered a 3Q25 core PAT of RM6.2m (+23.1% QoQ, +80.8% YoY), bringing 9MFY25 core PAT to RM17.3m (+106.0%). All in all, the results met 75.0% of both our and street FY25F estimates – deemed in line with our expectations, with another stellar earnings result anticipated in the upcoming quarter on the back of growing demand surrounding its fabrication of semi-metal finished products. Hence, we remain positive on WENTEL’s prospects as we project core earnings to grow at a 23.1% CAGR for FY25–27f.
📌 We maintain BUY recommendation on WENTEL with an unchanged target price of RM0.48, derived on P/E multiples of 23x to mid-FY26f of 2.08 sen.
Research Team, M+
26 November 2025
Hi everyone, Wasco Greenergy is the latest renewable energy player hitting the Main Market! They turn industrial waste into power (Biomass) and are shifting from just building plants to owning them for recurring income. Want to know more? Then tune in for the livestream tonight!
The Wasco Greenergy IPO livestream is starting tonight at 8:00 PM (26 Nov). Come join if you want to ask questions directly to the management! 🚀
Link: https://mplusgbl.com.my/zuPZ
The Wasco Greenergy IPO livestream is starting tonight at 8:00 PM (26 Nov). Come join if you want to ask questions directly to the management! 🚀
Link: https://mplusgbl.com.my/zuPZ
M+ Global
M+ Global, winning the world!
M+ Global by Malacca Securities is a cutting-edge global trading platform that offers real-time market data with competitive rates
👍3
M+ Global Market Wrap - 26Nov25
FBM KLCI: 1,624.50 pts (+12.76pts, +0.79%)
The FBMKLCI (+0.79%) advanced, supported by strength in the banking heavyweights, including PBBANK, CIMB, HLBANK, and AMBANK. Sentiment remained constructive as investors extended their optimism regarding December's Fed rate cut, which continued to lift market confidence. However, market breadth was negative 517 winners against 608 losers. Sector-wise, Telecommunication & Media (+1.07%) was the best performing sector, led by TM (+27.0 sen), while Technology (-1.57%) was the worst performing sector, dragged by GREATEC (-15.0 sen).
Top 3 Active stocks:
AIZO (7219): RM0.055 (-1.5 sen)
TANCO (2429): RM1.090 (+1.0 sen)
D&O (7204): RM0.875 (-21.5 sen)
Volume: 3.87 bn (100-bar avg vol: 3.33 bn)
Value: RM2.98 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️517 ⬇️608
Crude Palm Oil: RM3,990 (+RM31, +0.78%)
Dow Futures: 47,262 pts (+83 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,624.50 pts (+12.76pts, +0.79%)
The FBMKLCI (+0.79%) advanced, supported by strength in the banking heavyweights, including PBBANK, CIMB, HLBANK, and AMBANK. Sentiment remained constructive as investors extended their optimism regarding December's Fed rate cut, which continued to lift market confidence. However, market breadth was negative 517 winners against 608 losers. Sector-wise, Telecommunication & Media (+1.07%) was the best performing sector, led by TM (+27.0 sen), while Technology (-1.57%) was the worst performing sector, dragged by GREATEC (-15.0 sen).
Top 3 Active stocks:
AIZO (7219): RM0.055 (-1.5 sen)
TANCO (2429): RM1.090 (+1.0 sen)
D&O (7204): RM0.875 (-21.5 sen)
Volume: 3.87 bn (100-bar avg vol: 3.33 bn)
Value: RM2.98 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️517 ⬇️608
Crude Palm Oil: RM3,990 (+RM31, +0.78%)
Dow Futures: 47,262 pts (+83 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on GigaCloud Technology Inc: Your Trusted Guide to Global Trading | Malacca Securities (https://r.mplusglobal.com.my/public/website/file/2025/11/26/20251126172243361.pdf )
Trading catalysts include:
(i) Start of the holiday shopping season
(ii) Aggressive share buyback
(iii) Institutional investors increase their holding
Research Team, M+
26 November 2025
We issued a technical buy call on GigaCloud Technology Inc: Your Trusted Guide to Global Trading | Malacca Securities (https://r.mplusglobal.com.my/public/website/file/2025/11/26/20251126172243361.pdf )
Trading catalysts include:
(i) Start of the holiday shopping season
(ii) Aggressive share buyback
(iii) Institutional investors increase their holding
Research Team, M+
26 November 2025
👍2
M+ Morning Market Buzz - 27Nov25
Dow Jones: 47,427.12 pts (+314.67pts, +0.67%)
⬆️ Resistance: 48600
⬇️ Support: 44900
FBM KLCI: 1,624.50 pts (+12.76pts, +0.79%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,928.08 pts (+33.53pts, +0.13%)
⬆️ Resistance: 26700
⬇️ Support: 24700
Crude Palm Oil: RM4,024 (+RM20, +0.50%)
⬆️ Resistance: 4310
⬇️ Support: 3890
Brent Oil: $62.48 (+$0.65, +0.90%)
⬆️ Resistance: 65.70
⬇️ Support: 60.40
Gold: $4,162.15 (+$5.47, +0.05%)
⬆️ Resistance: 4260
⬇️ Support: 3950
Source: Bloomberg, M+ Global
Dow Jones: 47,427.12 pts (+314.67pts, +0.67%)
⬆️ Resistance: 48600
⬇️ Support: 44900
FBM KLCI: 1,624.50 pts (+12.76pts, +0.79%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,928.08 pts (+33.53pts, +0.13%)
⬆️ Resistance: 26700
⬇️ Support: 24700
Crude Palm Oil: RM4,024 (+RM20, +0.50%)
⬆️ Resistance: 4310
⬇️ Support: 3890
Brent Oil: $62.48 (+$0.65, +0.90%)
⬆️ Resistance: 65.70
⬇️ Support: 60.40
Gold: $4,162.15 (+$5.47, +0.05%)
⬆️ Resistance: 4260
⬇️ Support: 3950
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 27Nov25
Rate-Cut Bets Continue To Support Market Sentiment
US: Wall Street extended its gains for a third straight day ahead of Thanksgiving, with AI stocks rebounding as firmer rate-cut expectations supported market sentiment. Nvidia and Oracle recovered some losses, while Dell surged after forecasting a stronger Q4 due to soaring demand for its AI servers. Market optimism was further reinforced by dovish Fed commentary and softer economic indicators, including rising jobless claims and weak September retail sales, which strengthened the case for a December rate cut. Nevertheless, Wall Street will be closed today in observance of the Thanksgiving holiday.
MY: Tracking the positive overnight performance in the US, we believe that the FBMKLCI will extend its upward momentum today. Meanwhile, despite the market anticipating a Fed rate cut in December, BNM may not follow suit, as the current OPR is already below the 2019 level of 3.25%. Nevertheless, we believe a strengthening Ringgit may boost the appetite for domestic-driven sectors like REITs and Property. We continue to favour IGBREIT and SUNREIT due to their strong footfall and stable dividends, while property developers like ECOWLD and SIMEPROP remain attractive due to their exposure to industrial technology parks. The rally in NASDAQ will also bode well for local technology counters.
Stocks to watch:
Financial: *CIMB*, PBBANK, *RHBBANK*
Consumer: FFB, *FPHB*
Construction: *GAMUDA*, PMETAL
Transportation: *WPRTS*
Utility: *RANHILL*
**Source: M+ Global**
Rate-Cut Bets Continue To Support Market Sentiment
US: Wall Street extended its gains for a third straight day ahead of Thanksgiving, with AI stocks rebounding as firmer rate-cut expectations supported market sentiment. Nvidia and Oracle recovered some losses, while Dell surged after forecasting a stronger Q4 due to soaring demand for its AI servers. Market optimism was further reinforced by dovish Fed commentary and softer economic indicators, including rising jobless claims and weak September retail sales, which strengthened the case for a December rate cut. Nevertheless, Wall Street will be closed today in observance of the Thanksgiving holiday.
MY: Tracking the positive overnight performance in the US, we believe that the FBMKLCI will extend its upward momentum today. Meanwhile, despite the market anticipating a Fed rate cut in December, BNM may not follow suit, as the current OPR is already below the 2019 level of 3.25%. Nevertheless, we believe a strengthening Ringgit may boost the appetite for domestic-driven sectors like REITs and Property. We continue to favour IGBREIT and SUNREIT due to their strong footfall and stable dividends, while property developers like ECOWLD and SIMEPROP remain attractive due to their exposure to industrial technology parks. The rally in NASDAQ will also bode well for local technology counters.
Stocks to watch:
Financial: *CIMB*, PBBANK, *RHBBANK*
Consumer: FFB, *FPHB*
Construction: *GAMUDA*, PMETAL
Transportation: *WPRTS*
Utility: *RANHILL*
**Source: M+ Global**
😁3
Good Morning All,
We issued a technical buy call on Ranhill Utilities Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Riding Johor’s development boom
(ii) Continuous expansion in energy-transition projects
(iii) Benefitting from Budget 2026
Research Team, M+
27 November 2025
We issued a technical buy call on Ranhill Utilities Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Riding Johor’s development boom
(ii) Continuous expansion in energy-transition projects
(iii) Benefitting from Budget 2026
Research Team, M+
27 November 2025
M+ Global Market Wrap - 27Nov25
FBM KLCI: 1,617.46 pts (-7.04pts, -0.43%)
The FBMKLCI (-0.43%) closed in thea negative territory, pressured by weakness in utility heavyweights like PETGAS, YTL, and YTLPOWER. Renewed profit-taking across the broader market further dampened sentiment, and the market breadth was negative with 448 winners against 653 losers. Sector-wise, Transportation & Logistics (+0.43%) was the best performing sector, led by MISC (+9.0 sen), while Utilities (-1.22%) was the worst performing sector, dragged by PETGAS (-42.0 sen).
Top 3 Active stocks:
NATGATE (0270): RM0.995 (unch)
TANCO (2429): RM1.110 (+2.0 sen)
MTOUCHE (0092): RM0.040 (-1.5 sen)
Volume: 4.21 bn (100-bar avg vol: 3.32 bn)
Value: RM2.83 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️448 ⬇️653
Crude Palm Oil: RM4,024 (+RM53, +1.32%)
Dow Futures: 47,485 pts (-5 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,617.46 pts (-7.04pts, -0.43%)
The FBMKLCI (-0.43%) closed in thea negative territory, pressured by weakness in utility heavyweights like PETGAS, YTL, and YTLPOWER. Renewed profit-taking across the broader market further dampened sentiment, and the market breadth was negative with 448 winners against 653 losers. Sector-wise, Transportation & Logistics (+0.43%) was the best performing sector, led by MISC (+9.0 sen), while Utilities (-1.22%) was the worst performing sector, dragged by PETGAS (-42.0 sen).
Top 3 Active stocks:
NATGATE (0270): RM0.995 (unch)
TANCO (2429): RM1.110 (+2.0 sen)
MTOUCHE (0092): RM0.040 (-1.5 sen)
Volume: 4.21 bn (100-bar avg vol: 3.32 bn)
Value: RM2.83 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️448 ⬇️653
Crude Palm Oil: RM4,024 (+RM53, +1.32%)
Dow Futures: 47,485 pts (-5 pts)
**Source: M+ Global, Bloomberg **