M+ Morning Market Buzz - 28Nov25
Dow Jones: 47,427.12 pts (+314.67pts, +0.67%)
⬆️ Resistance: 48600
⬇️ Support: 44900
FBM KLCI: 1,617.46 pts (-7.04pts, -0.43%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,945.93 pts (+17.85pts, +0.07%)
⬆️ Resistance: 26700
⬇️ Support: 24700
Crude Palm Oil: RM4,090 (+RM31, +0.76%)
⬆️ Resistance: 4250
⬇️ Support: 3890
Brent Oil: $63.34 (+$0.21, +0.33%)
⬆️ Resistance: 64.90
⬇️ Support: 60.40
Gold: $4,157.61 (+$4.87, +0.09%)
⬆️ Resistance: 4260
⬇️ Support: 3950
Source: Bloomberg, M+ Global
Dow Jones: 47,427.12 pts (+314.67pts, +0.67%)
⬆️ Resistance: 48600
⬇️ Support: 44900
FBM KLCI: 1,617.46 pts (-7.04pts, -0.43%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 25,945.93 pts (+17.85pts, +0.07%)
⬆️ Resistance: 26700
⬇️ Support: 24700
Crude Palm Oil: RM4,090 (+RM31, +0.76%)
⬆️ Resistance: 4250
⬇️ Support: 3890
Brent Oil: $63.34 (+$0.21, +0.33%)
⬆️ Resistance: 64.90
⬇️ Support: 60.40
Gold: $4,157.61 (+$4.87, +0.09%)
⬆️ Resistance: 4260
⬇️ Support: 3950
Source: Bloomberg, M+ Global
👍2😁1
Good Morning All,
We issued a 1Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Although 1Q26 core PAT accounts for only 16.5% of our estimate, we maintain our core PAT forecast of RM27.1m–32.3m for FY26–28, as we expect Middle East projects to recover in the subsequent quarters of FY26, leading to a backloaded earnings contribution.
As the share price deteriorated ahead of the quarterly results, providing a greater capital upside, we upgrade our recommendation from Hold to Buy on AWC with the same target price of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f fully diluted EPS of 6.58 sen.
Research Team, M+
28 November 2025
We issued a 1Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Although 1Q26 core PAT accounts for only 16.5% of our estimate, we maintain our core PAT forecast of RM27.1m–32.3m for FY26–28, as we expect Middle East projects to recover in the subsequent quarters of FY26, leading to a backloaded earnings contribution.
As the share price deteriorated ahead of the quarterly results, providing a greater capital upside, we upgrade our recommendation from Hold to Buy on AWC with the same target price of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f fully diluted EPS of 6.58 sen.
Research Team, M+
28 November 2025
👍1
M+ Global Market Update – 28Nov25
Markets May Trade On A Mixed Note
US: In conjunction with Thanksgiving and Black Friday, Wall Street was closed yesterday and will trade for a half-session only today. According to Salesforce, online sales in the US on the Thanksgiving holiday are expected to rise 6% compared with last year, reaching USD8.6bn. This suggests that shoppers were taking advantage of steep discounts from retailers to splurge amid tariff-induced macroeconomic uncertainty. Meanwhile, Black Friday is expected to generate USD78bn in online global sales and USD18bn in the US, benefitting companies like Visa, Mastercard, Amazon, and PDD. Given the shortened trading day in the US, we expect Wall Street to trade on a softer tone, with investors focusing on the upcoming Chicago PMI data.
MY: As we head towards the end of the trading week, we believe buying activities will be slower today. Nevertheless, we continue to like RANHILL as it is poised to benefit from the rising water consumption in Johor due to JSSEZ and data centre developments. Meanwhile, with ITMAX setting new record quarterly profits and experiencing a breakout yesterday, investors can continue to monitor it for entry opportunities. We like ITMAX due to its continuous contract wins and sticky solutions. Lastly, popular digital media company FOODIE (M+ TP: RM0.47) will be listed on the ACE Market today.
Stocks to watch:
Construction: *GAMUDA*, *MCEMENT*, *PWRWELL*
Financial: *CIMB*, RHBBANK*
Consumer: *FFB*, LWSABAH
Technology: ITMAX, MPI
Utility: *RANHILL*
**Source: M+ Global**
Markets May Trade On A Mixed Note
US: In conjunction with Thanksgiving and Black Friday, Wall Street was closed yesterday and will trade for a half-session only today. According to Salesforce, online sales in the US on the Thanksgiving holiday are expected to rise 6% compared with last year, reaching USD8.6bn. This suggests that shoppers were taking advantage of steep discounts from retailers to splurge amid tariff-induced macroeconomic uncertainty. Meanwhile, Black Friday is expected to generate USD78bn in online global sales and USD18bn in the US, benefitting companies like Visa, Mastercard, Amazon, and PDD. Given the shortened trading day in the US, we expect Wall Street to trade on a softer tone, with investors focusing on the upcoming Chicago PMI data.
MY: As we head towards the end of the trading week, we believe buying activities will be slower today. Nevertheless, we continue to like RANHILL as it is poised to benefit from the rising water consumption in Johor due to JSSEZ and data centre developments. Meanwhile, with ITMAX setting new record quarterly profits and experiencing a breakout yesterday, investors can continue to monitor it for entry opportunities. We like ITMAX due to its continuous contract wins and sticky solutions. Lastly, popular digital media company FOODIE (M+ TP: RM0.47) will be listed on the ACE Market today.
Stocks to watch:
Construction: *GAMUDA*, *MCEMENT*, *PWRWELL*
Financial: *CIMB*, RHBBANK*
Consumer: *FFB*, LWSABAH
Technology: ITMAX, MPI
Utility: *RANHILL*
**Source: M+ Global**
👍1
Good Morning All,
We issued a company update on our coverage of KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 KJTS registered a 3Q25 core PATMI of RM4.5m (+1.1% QoQ, +287.4% YoY), bringing 9MFY25 core PATMI to RM13.3m (+240.6%). The results met 73.6% of our estimates, while street estimates accounted for only 58.2% of FY25F.
📌 All in all, the results are deemed in line with our expectations, with another stellar earnings anticipated in the upcoming quarter on the back of growing EPCC projects, alongside recurring income derisking top- and bottom-line volatility. Hence, we remain positive on KJTS’s prospects as we project core earnings to grow by 124.5%/68.1%/9.3% over the next three years.
📌 We maintained BUY recommendation with a target price of RM2.00, based on a P/E multiple of 45x pegged to FY26F EPS of 4.44 sen.
Research Team, M+
28 November 2025
We issued a company update on our coverage of KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 KJTS registered a 3Q25 core PATMI of RM4.5m (+1.1% QoQ, +287.4% YoY), bringing 9MFY25 core PATMI to RM13.3m (+240.6%). The results met 73.6% of our estimates, while street estimates accounted for only 58.2% of FY25F.
📌 All in all, the results are deemed in line with our expectations, with another stellar earnings anticipated in the upcoming quarter on the back of growing EPCC projects, alongside recurring income derisking top- and bottom-line volatility. Hence, we remain positive on KJTS’s prospects as we project core earnings to grow by 124.5%/68.1%/9.3% over the next three years.
📌 We maintained BUY recommendation with a target price of RM2.00, based on a P/E multiple of 45x pegged to FY26F EPS of 4.44 sen.
Research Team, M+
28 November 2025
Good Morning All,
We issued a technical buy call on Lim Seong Hai Capital: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
i. FY25 ends above street estimates, with the full-year contribution from the KL Tower O&M lifting GPM,
ii. Trading at deep valuations, even based on Bloomberg Consensus PAT estimates.
Research Team, M+
28 November 2025
We issued a technical buy call on Lim Seong Hai Capital: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
i. FY25 ends above street estimates, with the full-year contribution from the KL Tower O&M lifting GPM,
ii. Trading at deep valuations, even based on Bloomberg Consensus PAT estimates.
Research Team, M+
28 November 2025
M+ Global Market Wrap - 28Nov25
FBM KLCI: 1,604.47 pts (-12.99pts, -0.80%)
The FBMKLCI (-0.80%) ended lower on the final trading day of November, extending its recent downtrend. With the U.S. markets going into a shortened trading session and lack of fresh catalysts environment, we believe profit-taking activities persisted, pressuring the overall regional performance. Market breadth was negative with 353 winners against 815 losers. Sector-wise, Property (+0.85%) was the best-performing sector, led by IOIPG (+16.0 sen), while Technology (-2.16%) was the worst-performing sector, dragged by INARI (-19.0 sen).
Top 3 Active stocks:
FOODIE (0382): RM0.400 (unch)
E&O (3417): RM0.710 (-5.0 sen)
TANCO (2429): RM1.130 (-2.0 sen)
Volume: 4.09 bn (100-bar avg vol: 3.32 bn)
Value: RM3.36 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️353 ⬇️815
Crude Palm Oil: RM4,090 (+RM24, +0.59%)
Dow Futures: 47,542 pts (+52 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,604.47 pts (-12.99pts, -0.80%)
The FBMKLCI (-0.80%) ended lower on the final trading day of November, extending its recent downtrend. With the U.S. markets going into a shortened trading session and lack of fresh catalysts environment, we believe profit-taking activities persisted, pressuring the overall regional performance. Market breadth was negative with 353 winners against 815 losers. Sector-wise, Property (+0.85%) was the best-performing sector, led by IOIPG (+16.0 sen), while Technology (-2.16%) was the worst-performing sector, dragged by INARI (-19.0 sen).
Top 3 Active stocks:
FOODIE (0382): RM0.400 (unch)
E&O (3417): RM0.710 (-5.0 sen)
TANCO (2429): RM1.130 (-2.0 sen)
Volume: 4.09 bn (100-bar avg vol: 3.32 bn)
Value: RM3.36 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️353 ⬇️815
Crude Palm Oil: RM4,090 (+RM24, +0.59%)
Dow Futures: 47,542 pts (+52 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 1Dec25
Dow Jones: 47,716.42 pts (+289.30pts, +0.61%)
⬆️ Resistance: 48800
⬇️ Support: 45200
FBM KLCI: 1,604.47 pts (-12.99pts, -0.80%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,858.89 pts (-87.04pts, -0.34%)
⬆️ Resistance: 26700
⬇️ Support: 24900
Crude Palm Oil: RM4,114 (+RM24, +0.59%)
⬆️ Resistance: 4220
⬇️ Support: 3890
Brent Oil: $62.38 (-$0.49, -0.78%)
⬆️ Resistance: 65.10
⬇️ Support: 60.40
Gold: $4,239.44 (-$27.04, -0.64%)
⬆️ Resistance: 4330
⬇️ Support: 3960
Source: Bloomberg, M+ Global
Dow Jones: 47,716.42 pts (+289.30pts, +0.61%)
⬆️ Resistance: 48800
⬇️ Support: 45200
FBM KLCI: 1,604.47 pts (-12.99pts, -0.80%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,858.89 pts (-87.04pts, -0.34%)
⬆️ Resistance: 26700
⬇️ Support: 24900
Crude Palm Oil: RM4,114 (+RM24, +0.59%)
⬆️ Resistance: 4220
⬇️ Support: 3890
Brent Oil: $62.38 (-$0.49, -0.78%)
⬆️ Resistance: 65.10
⬇️ Support: 60.40
Gold: $4,239.44 (-$27.04, -0.64%)
⬆️ Resistance: 4330
⬇️ Support: 3960
Source: Bloomberg, M+ Global
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M+ Global Market Update – 01Dec25
Another Gold Play ToEmerge
US: The Dollar Index, which tracks the Greenback against six currencies,was down 0.7% this week. Meanwhile, the persistent US fiscal deficit, as wellas overstretched valuations on US equities, would bolster the case for a weakerGreenback. Overall, we think this provides tailwinds for US equity earnings,especially for exporters, with Bloomberg Consensus expecting S&P 500 EPS togrow by over 10.0%, translating to more upside potential on Wall Street. Thesefactors, coupled with a lower real yield environment, lead us to opine thiswould create natural demand for gold. Hence, we see SSRM, CDE, and NEM aspotential proxies. MY: Clo
s
er to home, we believe the positivesentiment from the US may spillover to stocks on the local front, especially onthe domestic-driven sectors in view of a stronger ringgit environment. In theconstruction sector, LSH's sticky solutions provide healthy cash flow andconsensus is looking at LSH's earnings to reach ~RM115.7m for the nextfinancial year. We opine the fair range should be at least RM2.62, pricing itat +2SD of small to mid-cap construction players, which is all in all still farbelow the consensus FV of ~RM3.30. Meanwhile, LWSABAH has finally caught up invaluation against its closest peer SPRITZER, but we believe thegreater-than-average net margins of LWSABAH may boost the share price higher. Stocks to watch:
Technology: *ED
ELTEQ*, *INFOM*Construction: *
LSH*, *PWRWELL*Financial: *CIM
B*, HLFGConsumer: *BETA
*, SPRITZERProperty: KSLCh
emical: TMK _
_**Source: M+
Global**__
Another Gold Play ToEmerge
US: The Dollar Index, which tracks the Greenback against six currencies,was down 0.7% this week. Meanwhile, the persistent US fiscal deficit, as wellas overstretched valuations on US equities, would bolster the case for a weakerGreenback. Overall, we think this provides tailwinds for US equity earnings,especially for exporters, with Bloomberg Consensus expecting S&P 500 EPS togrow by over 10.0%, translating to more upside potential on Wall Street. Thesefactors, coupled with a lower real yield environment, lead us to opine thiswould create natural demand for gold. Hence, we see SSRM, CDE, and NEM aspotential proxies. MY: Clo
s
er to home, we believe the positivesentiment from the US may spillover to stocks on the local front, especially onthe domestic-driven sectors in view of a stronger ringgit environment. In theconstruction sector, LSH's sticky solutions provide healthy cash flow andconsensus is looking at LSH's earnings to reach ~RM115.7m for the nextfinancial year. We opine the fair range should be at least RM2.62, pricing itat +2SD of small to mid-cap construction players, which is all in all still farbelow the consensus FV of ~RM3.30. Meanwhile, LWSABAH has finally caught up invaluation against its closest peer SPRITZER, but we believe thegreater-than-average net margins of LWSABAH may boost the share price higher. Stocks to watch:
Technology: *ED
ELTEQ*, *INFOM*Construction: *
LSH*, *PWRWELL*Financial: *CIM
B*, HLFGConsumer: *BETA
*, SPRITZERProperty: KSLCh
emical: TMK _
_**Source: M+
Global**__
😁2
M+ Global Market Wrap - 1Dec25
FBM KLCI: 1,624.57 pts (+20.10pts, +1.25%)
The FBMKLCI (+1.25%) closed in positive territory, supported by the buying interest throughout the year-end window dressing month and renewed optimism for a potential Fed rate cut in December. Market breadth was however negative, with 526 winners against 681 losers. Sector-wise, Consumer Products & Services (+1.30%) was the best-performing sector, led by MRDIY (+12.0 sen), while Technology was the worst-performing sector, dragged by INARI (-26.0 sen).
Top 3 Active stocks:
TANCO (2429): RM1.160 (+3.0 sen)
ZETRIX (0138): RM0.815 (-1.0 sen)
INARI (0166): RM1.930 (-26.0 sen)
Volume: 3.99 bn (100-bar avg vol: 3.33 bn)
Value: RM2.79 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️526 ⬇️681
Crude Palm Oil: RM4,114 (-RM1, -0.02%)
Dow Futures: 47,552 pts (-191 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,624.57 pts (+20.10pts, +1.25%)
The FBMKLCI (+1.25%) closed in positive territory, supported by the buying interest throughout the year-end window dressing month and renewed optimism for a potential Fed rate cut in December. Market breadth was however negative, with 526 winners against 681 losers. Sector-wise, Consumer Products & Services (+1.30%) was the best-performing sector, led by MRDIY (+12.0 sen), while Technology was the worst-performing sector, dragged by INARI (-26.0 sen).
Top 3 Active stocks:
TANCO (2429): RM1.160 (+3.0 sen)
ZETRIX (0138): RM0.815 (-1.0 sen)
INARI (0166): RM1.930 (-26.0 sen)
Volume: 3.99 bn (100-bar avg vol: 3.33 bn)
Value: RM2.79 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️526 ⬇️681
Crude Palm Oil: RM4,114 (-RM1, -0.02%)
Dow Futures: 47,552 pts (-191 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Global Market Update – 02Dec25
Window Dressing Activities To Support Sentiment
US: Wall Street began the week on a weaker footing, with data evidencing inventory build-up and tariffs contracting the manufacturing sector, and yields spiking, pointing towards risk-off sentiment. Moreover, we think the persistent US fiscal deficit, with valuations remaining overstretched, would all in all bolster the case for a weaker Greenback, which saw a -0.7% depreciation last week. Hence, we believe these factors would boost appetite for gold, which SSRM, CDE and NEM stand as decent proxies. Do note that Bloomberg Consensus SPY’s EPS growth remains at >10%. Hence, we believe US equities still have ample room to run, especially in the AI segment. We favour GOOGLE and AMD.
MY: The lacklustre overnight performance on Wall Street may spill over to the local bourse, but overall could be supported by the ongoing window dressing activities. Ultimately, we anticipate BNM keeping the OPR steady at 2.75%, which should add to the case for a strengthening ringgit. These factors would bode well, especially for domestic-driven sectors like Banking, Consumers, REITs, and Property. We favour ABMB, CIMB, LWSABAH, 99SMART, IGBREIT, ECOWORLD, and SIMEPROP given their (i) strong window activities performances, (ii) higher-than-average net margins, (iii) healthy footfall counts, and (iv) active land-banking activities, respectively.
Stocks to watch:
Technology: INFOM, *SNS*
Financial: *ABMB*, RHBBANK
Consumer: *SPRITZER*, WELLCHIP
Automotive: *MBMR*
Building Material: *MSC*
Chemical: *TMK*
Property: *KSL*
Telco: TM
**Source: M+ Global**
Window Dressing Activities To Support Sentiment
US: Wall Street began the week on a weaker footing, with data evidencing inventory build-up and tariffs contracting the manufacturing sector, and yields spiking, pointing towards risk-off sentiment. Moreover, we think the persistent US fiscal deficit, with valuations remaining overstretched, would all in all bolster the case for a weaker Greenback, which saw a -0.7% depreciation last week. Hence, we believe these factors would boost appetite for gold, which SSRM, CDE and NEM stand as decent proxies. Do note that Bloomberg Consensus SPY’s EPS growth remains at >10%. Hence, we believe US equities still have ample room to run, especially in the AI segment. We favour GOOGLE and AMD.
MY: The lacklustre overnight performance on Wall Street may spill over to the local bourse, but overall could be supported by the ongoing window dressing activities. Ultimately, we anticipate BNM keeping the OPR steady at 2.75%, which should add to the case for a strengthening ringgit. These factors would bode well, especially for domestic-driven sectors like Banking, Consumers, REITs, and Property. We favour ABMB, CIMB, LWSABAH, 99SMART, IGBREIT, ECOWORLD, and SIMEPROP given their (i) strong window activities performances, (ii) higher-than-average net margins, (iii) healthy footfall counts, and (iv) active land-banking activities, respectively.
Stocks to watch:
Technology: INFOM, *SNS*
Financial: *ABMB*, RHBBANK
Consumer: *SPRITZER*, WELLCHIP
Automotive: *MBMR*
Building Material: *MSC*
Chemical: *TMK*
Property: *KSL*
Telco: TM
**Source: M+ Global**
😁3
M+ Morning Market Buzz - 2Dec25
Dow Jones: 47,289.33 pts (-427.09pts, -0.90%)
⬆ Resistance: 48800
⬇ Support: 45500
FBM KLCI: 1,624.57 pts (+6.86pts, +0.42%)
⬆ Resistance: 1670
⬇ Support: 1570
HSI Index: 26,033.26 pts (+155.29pts, +0.60%)
⬆ Resistance: 26800
⬇ Support: 25300
Crude Palm Oil: RM4,094 (-RM30, -0.73%)
⬆ Resistance: 4230
⬇ Support: 3890
Brent Oil: $63.17 (+$0.08, +0.13%)
⬆ Resistance: 65.10
⬇ Support: 60.40
Gold: $4,232.21 (-$19.25, -0.45%)
⬆ Resistance: 4350
⬇ Support: 4030
Source: Bloomberg, M+ Global
Dow Jones: 47,289.33 pts (-427.09pts, -0.90%)
⬆ Resistance: 48800
⬇ Support: 45500
FBM KLCI: 1,624.57 pts (+6.86pts, +0.42%)
⬆ Resistance: 1670
⬇ Support: 1570
HSI Index: 26,033.26 pts (+155.29pts, +0.60%)
⬆ Resistance: 26800
⬇ Support: 25300
Crude Palm Oil: RM4,094 (-RM30, -0.73%)
⬆ Resistance: 4230
⬇ Support: 3890
Brent Oil: $63.17 (+$0.08, +0.13%)
⬆ Resistance: 65.10
⬇ Support: 60.40
Gold: $4,232.21 (-$19.25, -0.45%)
⬆ Resistance: 4350
⬇ Support: 4030
Source: Bloomberg, M+ Global
M+ Global Market Wrap - 2Dec25
FBM KLCI: 1,630.60 pts (+6.03pts, +0.37%)
The FBMKLCI (+0.37%) closed higher, supported by buying support during the December as window-dressing activities kicked in and strength in banking heavyweights names such as MAYBANK, PBBANK, and RHBBANK, which helped offset broader market weakness. Market breadth stayed negative at 489 winners against 606 losers. Sector-wise, Financial Services (+1.73%) led the market, driven by MAYBANK (+37.0 sen), while Construction (-1.39%) was the worst performer, weighed down by GAMUDA (-15.0 sen).
Top 3 Active stocks:
CAPITALA (5099): RM0.400 (+15.5 sen)
ZETRIX (0138): RM0.835 (+2.0 sen)
GENM (4715): RM2.250 (-10.0 sen)
Volume: 3.94 bn (100-bar avg vol: 3.34 bn)
Value: RM3.33 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️489 ⬇️606
Crude Palm Oil: RM4,094 (+RM65, +1.59%)
Dow Futures: 47,366 pts (+14 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,630.60 pts (+6.03pts, +0.37%)
The FBMKLCI (+0.37%) closed higher, supported by buying support during the December as window-dressing activities kicked in and strength in banking heavyweights names such as MAYBANK, PBBANK, and RHBBANK, which helped offset broader market weakness. Market breadth stayed negative at 489 winners against 606 losers. Sector-wise, Financial Services (+1.73%) led the market, driven by MAYBANK (+37.0 sen), while Construction (-1.39%) was the worst performer, weighed down by GAMUDA (-15.0 sen).
Top 3 Active stocks:
CAPITALA (5099): RM0.400 (+15.5 sen)
ZETRIX (0138): RM0.835 (+2.0 sen)
GENM (4715): RM2.250 (-10.0 sen)
Volume: 3.94 bn (100-bar avg vol: 3.34 bn)
Value: RM3.33 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️489 ⬇️606
Crude Palm Oil: RM4,094 (+RM65, +1.59%)
Dow Futures: 47,366 pts (+14 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 3Dec25
Dow Jones: 47,474.46 pts (+185.13pts, +0.39%)
⬆️ Resistance: 48800
⬇️ Support: 46300
FBM KLCI: 1,630.60 pts (+6.03pts, +0.37%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 26,095.05 pts (+61.79pts, +0.24%)
⬆️ Resistance: 26800
⬇️ Support: 25300
Crude Palm Oil: RM4,159 (+RM11, +0.26%)
⬆️ Resistance: 4250
⬇️ Support: 3890
Brent Oil: $62.45 (-$0.72, -1.14%)
⬆️ Resistance: 65.10
⬇️ Support: 60.90
Gold: $4,205.85 (+$3.19, +0.08%)
⬆️ Resistance: 4350
⬇️ Support: 4050
Source: Bloomberg, M+ Global
Dow Jones: 47,474.46 pts (+185.13pts, +0.39%)
⬆️ Resistance: 48800
⬇️ Support: 46300
FBM KLCI: 1,630.60 pts (+6.03pts, +0.37%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 26,095.05 pts (+61.79pts, +0.24%)
⬆️ Resistance: 26800
⬇️ Support: 25300
Crude Palm Oil: RM4,159 (+RM11, +0.26%)
⬆️ Resistance: 4250
⬇️ Support: 3890
Brent Oil: $62.45 (-$0.72, -1.14%)
⬆️ Resistance: 65.10
⬇️ Support: 60.90
Gold: $4,205.85 (+$3.19, +0.08%)
⬆️ Resistance: 4350
⬇️ Support: 4050
Source: Bloomberg, M+ Global
👍2
M+ Global Market Update – 03Dec25
Banks To Lead In December
US: Risk-off sentiment faded as approximately 90% of market participants expected a rate cut. Investors started to turn to risk assets like BTCUSD, which, all in all, lifted sentiment on Wall Street. Meanwhile, we believe Google and AMD will provide solid exposure to AI, with demand continuing to strengthen despite valuation concerns. For perspective, tokens serve as a basic metric of compute in AI models, where usage measured by tokens consumed has climbed from 480t in May to 980t in July for Google, evidencing strong demand for AI compute. We believe hyperscalers remain profitable even as they become increasingly asset-heavy.
MY: Overall, we anticipate Malaysia’s stock exchange will be supported by year-end window-dressing activities. In essence, we anticipate BNM to keep the rate steady at 2.75%, which should add to the case for a strengthening Ringgit. Thus, domestic-driven sectors like REITs and Consumer stocks will benefit from a lower input-cost environment. Moreover, we believe the widely expected 25 basis point cut by the Fed should boost Malaysia’s Government Securities, translating to higher fixed income fair value gains. We believe this bodes well for Banks with significant debt security holdings like CIMB, as about one-third of its total assets is in Fixed Income.
Stocks to watch:
Building Material: *BWYS*, *MCEMENT*
Consumer: *99SMART*, SPRITZER
Financial: *BURSA*, *MNRB*
Chemical: *TMK*
Construction: PWRWELL
Plantation: SOP
Telco: TM
**Source: M+ Global**
Banks To Lead In December
US: Risk-off sentiment faded as approximately 90% of market participants expected a rate cut. Investors started to turn to risk assets like BTCUSD, which, all in all, lifted sentiment on Wall Street. Meanwhile, we believe Google and AMD will provide solid exposure to AI, with demand continuing to strengthen despite valuation concerns. For perspective, tokens serve as a basic metric of compute in AI models, where usage measured by tokens consumed has climbed from 480t in May to 980t in July for Google, evidencing strong demand for AI compute. We believe hyperscalers remain profitable even as they become increasingly asset-heavy.
MY: Overall, we anticipate Malaysia’s stock exchange will be supported by year-end window-dressing activities. In essence, we anticipate BNM to keep the rate steady at 2.75%, which should add to the case for a strengthening Ringgit. Thus, domestic-driven sectors like REITs and Consumer stocks will benefit from a lower input-cost environment. Moreover, we believe the widely expected 25 basis point cut by the Fed should boost Malaysia’s Government Securities, translating to higher fixed income fair value gains. We believe this bodes well for Banks with significant debt security holdings like CIMB, as about one-third of its total assets is in Fixed Income.
Stocks to watch:
Building Material: *BWYS*, *MCEMENT*
Consumer: *99SMART*, SPRITZER
Financial: *BURSA*, *MNRB*
Chemical: *TMK*
Construction: PWRWELL
Plantation: SOP
Telco: TM
**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, Trackwork & Supplies Sdn Bhd (TWS), has signed and accepted a Letter of Acceptance (LoA) from Prasarana Malaysia Berhad for the replacement of aluminium composite power conductor rails for LRT Ampang Line. The contract, valued at RM60.0m, covers the full scope of supply, installation, testing, and commissioning works in accordance with Prasarana’s technical specifications. The contract duration is 36 months from the commencement date, which is within 14 days from the date of acceptance of the LOA. This award further strengthens AWC’s Rail Division, bringing total contract wins in FY26 to ~RM330m.
Maintain BUY with a TP of RM0.66. We maintain our Buy 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+
3 December 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, Trackwork & Supplies Sdn Bhd (TWS), has signed and accepted a Letter of Acceptance (LoA) from Prasarana Malaysia Berhad for the replacement of aluminium composite power conductor rails for LRT Ampang Line. The contract, valued at RM60.0m, covers the full scope of supply, installation, testing, and commissioning works in accordance with Prasarana’s technical specifications. The contract duration is 36 months from the commencement date, which is within 14 days from the date of acceptance of the LOA. This award further strengthens AWC’s Rail Division, bringing total contract wins in FY26 to ~RM330m.
Maintain BUY with a TP of RM0.66. We maintain our Buy 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+
3 December 2025
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M+ Global Market Wrap - 3Dec25
FBM KLCI: 1,622.84 pts (-7.76pts, -0.48%)
The FBMKLCI (-0.48%) closed lower, tracking softness across regional markets including Hong Kong and China. Profit taking activities seen in heavyweight names such as MAYBANK and PMETAL weighed on the broader market, as investors adopted a more cautious stance following recent strong gains. Despite the pullback, market breadth was positive with 584 winners against 523 losers. Sector-wise, Healthcare (+1.61%) led the advance, supported by KPJ (+4.0 sen), while Consumer Products & Services (-0.95%) was the worst performing sector, dragged by NESTLE (-360.0 sen).
Top 3 Active stocks:
TANCO (2429): RM1.140 (+3.0 sen)
CAPITALA (5099): RM0.390 (-1.0 sen)
VS (6963): RM0.460 (+1.5 sen)
Volume: 3.28 bn (100-bar avg vol: 3.34 bn)
Value: RM2.30 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️584 ⬇️523
Crude Palm Oil: RM4,159 (-RM4, -0.10%)
Dow Futures: 47,649 pts (+105 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,622.84 pts (-7.76pts, -0.48%)
The FBMKLCI (-0.48%) closed lower, tracking softness across regional markets including Hong Kong and China. Profit taking activities seen in heavyweight names such as MAYBANK and PMETAL weighed on the broader market, as investors adopted a more cautious stance following recent strong gains. Despite the pullback, market breadth was positive with 584 winners against 523 losers. Sector-wise, Healthcare (+1.61%) led the advance, supported by KPJ (+4.0 sen), while Consumer Products & Services (-0.95%) was the worst performing sector, dragged by NESTLE (-360.0 sen).
Top 3 Active stocks:
TANCO (2429): RM1.140 (+3.0 sen)
CAPITALA (5099): RM0.390 (-1.0 sen)
VS (6963): RM0.460 (+1.5 sen)
Volume: 3.28 bn (100-bar avg vol: 3.34 bn)
Value: RM2.30 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️584 ⬇️523
Crude Palm Oil: RM4,159 (-RM4, -0.10%)
Dow Futures: 47,649 pts (+105 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 04Dec25
Window Dressing Activities To Support Market
US: Wall Street edged higher on Wednesday, supported by growing optimism of a potential rate cut by the Fed next week. According to CME FedWatch, the market is now pricing in more than a 90% likelihood of a 25-basis point cut, up from around 25% just under two weeks ago. Meanwhile, the Dollar Index fell 0.45%. We believe that the persistent U.S. fiscal deficit would strengthen the case for a weaker Greenback moving forward, benefitting exporters. Also, with SPY consensus estimating greater than 10% EPS growth next year, there could be stronger moves for Wall Street going forward.
MY: The resilient buying interest in Wall Street is expected to spill over to the local bourse, with the window-dressing period strengthening the case. Historically, December has always been the best month for the Finance sector, especially Banking. Moreover, with the USD on a weakening path, this would point to a stronger Ringgit environment, which will benefit domestic-driven sectors like REITs, Consumer, Banking, Construction, and Property. Nevertheless, we noticed the Glove sector has a healthy buildup in the trading volume, forming a rounding bottom foundation with bullish divergence signals after trading near the 52-week low, and we anticipate a near-term rebound within the sector.
Stocks to watch:
Technology: *EDELTEQ*, FPGROUP, *KOBAY*, MPI
Consumer: *99SMART*, LHI
Financial: *BURSA*
Automotive: *FEYTECH*
O&G: KEYFIELD
Plantation: KMLOONG
**Source: M+ Global**
Window Dressing Activities To Support Market
US: Wall Street edged higher on Wednesday, supported by growing optimism of a potential rate cut by the Fed next week. According to CME FedWatch, the market is now pricing in more than a 90% likelihood of a 25-basis point cut, up from around 25% just under two weeks ago. Meanwhile, the Dollar Index fell 0.45%. We believe that the persistent U.S. fiscal deficit would strengthen the case for a weaker Greenback moving forward, benefitting exporters. Also, with SPY consensus estimating greater than 10% EPS growth next year, there could be stronger moves for Wall Street going forward.
MY: The resilient buying interest in Wall Street is expected to spill over to the local bourse, with the window-dressing period strengthening the case. Historically, December has always been the best month for the Finance sector, especially Banking. Moreover, with the USD on a weakening path, this would point to a stronger Ringgit environment, which will benefit domestic-driven sectors like REITs, Consumer, Banking, Construction, and Property. Nevertheless, we noticed the Glove sector has a healthy buildup in the trading volume, forming a rounding bottom foundation with bullish divergence signals after trading near the 52-week low, and we anticipate a near-term rebound within the sector.
Stocks to watch:
Technology: *EDELTEQ*, FPGROUP, *KOBAY*, MPI
Consumer: *99SMART*, LHI
Financial: *BURSA*
Automotive: *FEYTECH*
O&G: KEYFIELD
Plantation: KMLOONG
**Source: M+ Global**
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M+ Global Market Wrap - 4Dec25
FBM KLCI: 1,621.07 pts (-1.77pts, -0.11%)
The FBMKLCI (-0.11%) slipped into the negative territory as profit-taking persisted, particularly within the banking sector, where CIMB, PBBANK, and MAYBANK weighed on the broader market. Market breadth was negative, with 529 winners against 537 losers. Sector-wise, Energy (+1.08%) outperformed, supported by gains in VELESTO (+1.5 sen). Meanwhile, the REIT sector (-1.35%) was the weakest performer, dragged down by SUNREIT (-13.0 sen).
Top 3 Active stocks:
PSP (0383): RM0.145 (unch)
TANCO (2429): RM1.150 (+1.0 sen)
ZETRIX (0138): RM0.835 (+2.0 sen)
Volume: 4.48 bn (100-bar avg vol: 3.35 bn)
Value: RM2.75 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️529 ⬇️537
Crude Palm Oil: RM4,153 (-RM43, -1.04%)
Dow Futures: 47,980 pts (+26 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,621.07 pts (-1.77pts, -0.11%)
The FBMKLCI (-0.11%) slipped into the negative territory as profit-taking persisted, particularly within the banking sector, where CIMB, PBBANK, and MAYBANK weighed on the broader market. Market breadth was negative, with 529 winners against 537 losers. Sector-wise, Energy (+1.08%) outperformed, supported by gains in VELESTO (+1.5 sen). Meanwhile, the REIT sector (-1.35%) was the weakest performer, dragged down by SUNREIT (-13.0 sen).
Top 3 Active stocks:
PSP (0383): RM0.145 (unch)
TANCO (2429): RM1.150 (+1.0 sen)
ZETRIX (0138): RM0.835 (+2.0 sen)
Volume: 4.48 bn (100-bar avg vol: 3.35 bn)
Value: RM2.75 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️529 ⬇️537
Crude Palm Oil: RM4,153 (-RM43, -1.04%)
Dow Futures: 47,980 pts (+26 pts)
**Source: M+ Global, Bloomberg **
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Good Evening All,
We issued a technical buy call on Cameco Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Beneficiary of accelerating nuclear adoption
(ii) Strong earnings visibility via USD80bn Westinghouse–US partnership
(iii) Valuation supported by outsized earnings growth
Research Team, M+
4 December 2025
We issued a technical buy call on Cameco Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Beneficiary of accelerating nuclear adoption
(ii) Strong earnings visibility via USD80bn Westinghouse–US partnership
(iii) Valuation supported by outsized earnings growth
Research Team, M+
4 December 2025
M+ Morning Market Buzz - 5Dec25
Dow Jones: 47,850.94 pts (-31.96pts, -0.07%)
⬆️ Resistance: 49100
⬇️ Support: 46400
FBM KLCI: 1,621.07 pts (-1.77pts, -0.11%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,935.90 pts (+175.17pts, +0.68%)
⬆️ Resistance: 26800
⬇️ Support: 25200
Crude Palm Oil: RM4,105 (+RM18, +0.44%)
⬆️ Resistance: 4280
⬇️ Support: 3990
Brent Oil: $62.67 (+$0.59, +1.07%)
⬆️ Resistance: 65.10
⬇️ Support: 61.00
Gold: $4,207.62 (-$2.19, +0.01%)
⬆️ Resistance: 4350
⬇️ Support: 4080
Source: Bloomberg, M+ Global
Dow Jones: 47,850.94 pts (-31.96pts, -0.07%)
⬆️ Resistance: 49100
⬇️ Support: 46400
FBM KLCI: 1,621.07 pts (-1.77pts, -0.11%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,935.90 pts (+175.17pts, +0.68%)
⬆️ Resistance: 26800
⬇️ Support: 25200
Crude Palm Oil: RM4,105 (+RM18, +0.44%)
⬆️ Resistance: 4280
⬇️ Support: 3990
Brent Oil: $62.67 (+$0.59, +1.07%)
⬆️ Resistance: 65.10
⬇️ Support: 61.00
Gold: $4,207.62 (-$2.19, +0.01%)
⬆️ Resistance: 4350
⬇️ Support: 4080
Source: Bloomberg, M+ Global
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