M+ Global Market Wrap - 30Dec25
FBM KLCI: 1,684.53 pts (+3.54pts, +0.21%)
Despite the negative overnight performance in the US and selldown in precious metals yesterday, the FBMKLCI (+0.21%) bucked the trend and ending the year higher at 1684.53 pts, led by key heavyweights including MAYBANK (+6.0 sen) and SDG (+9.0 sen). However, market breadth remained negative, with 536 losers against 463 winners. Sector-wise, Energy (+0.50%) outperformed, buoyed by gains in DIALOG (+2.0 sen) and SLVEST (+5.0 sen), while Consumer Products & Services (-0.18%) declined the most.
Top 3 Active stocks:
TANCO (2429): RM1.150 (+1.0 sen)
PHARMA (7081): RM0.290 (-1.0 sen)
MEGAFB (5327): RM0.880 (+8.0 sen)
Volume: 1.88 bn (100-bar avg vol: 3.27 bn)
Value: RM1.90 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️463 ⬇️536
Crude Palm Oil: RM4,047 (+RM28, +0.69%)
Dow Futures: 48,757 pts (+8 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,684.53 pts (+3.54pts, +0.21%)
Despite the negative overnight performance in the US and selldown in precious metals yesterday, the FBMKLCI (+0.21%) bucked the trend and ending the year higher at 1684.53 pts, led by key heavyweights including MAYBANK (+6.0 sen) and SDG (+9.0 sen). However, market breadth remained negative, with 536 losers against 463 winners. Sector-wise, Energy (+0.50%) outperformed, buoyed by gains in DIALOG (+2.0 sen) and SLVEST (+5.0 sen), while Consumer Products & Services (-0.18%) declined the most.
Top 3 Active stocks:
TANCO (2429): RM1.150 (+1.0 sen)
PHARMA (7081): RM0.290 (-1.0 sen)
MEGAFB (5327): RM0.880 (+8.0 sen)
Volume: 1.88 bn (100-bar avg vol: 3.27 bn)
Value: RM1.90 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️463 ⬇️536
Crude Palm Oil: RM4,047 (+RM28, +0.69%)
Dow Futures: 48,757 pts (+8 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 31Dec25
Dow Jones: 48,367.06 pts (-94.87pts, -0.20%)
⬆️ Resistance: 49800
⬇️ Support: 47400
FBM KLCI: 1,684.53 pts (+3.54pts, +0.21%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 25,854.60 pts (+219.37pts, +0.86%)
⬆️ Resistance: 26700
⬇️ Support: 25100
Crude Palm Oil: RM4,070 (-RM5, -0.12%)
⬆️ Resistance: 4190
⬇️ Support: 3920
Brent Oil: $61.33 (-$0.16, -0.26%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,339.49 (+$1.41, +0.14%)
⬆️ Resistance: 4650
⬇️ Support: 4230
Source: Bloomberg, M+ Global
Dow Jones: 48,367.06 pts (-94.87pts, -0.20%)
⬆️ Resistance: 49800
⬇️ Support: 47400
FBM KLCI: 1,684.53 pts (+3.54pts, +0.21%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 25,854.60 pts (+219.37pts, +0.86%)
⬆️ Resistance: 26700
⬇️ Support: 25100
Crude Palm Oil: RM4,070 (-RM5, -0.12%)
⬆️ Resistance: 4190
⬇️ Support: 3920
Brent Oil: $61.33 (-$0.16, -0.26%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,339.49 (+$1.41, +0.14%)
⬆️ Resistance: 4650
⬇️ Support: 4230
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 31Dec25
Wall Street Slid as Fed Turns Divided
US: Wall Street extended its decline for a third day following the release of the Fed’s meeting minutes, which highlighted growing divisions among policymakers and a less dovish stance amid concerns over inflation. While most Fed officials still expect interest rates to ease further if inflation continues to moderate, several members favoured holding rates steady for some time, signalling a higher threshold for additional cuts. In terms of stocks, Intel gained after Nvidia completed its $5bn investment, while Meta advanced on continued AI expansion. Looking ahead, we still anticipate Wall Street ending the year on a higher note amid window-dressing activities.
MY: As the market enters the final trading day of the year, we believe the FBM KLCI will extend its momentum to end 2025 at a higher level, supported by buying interest seen within the banking heavyweights. We favour MAYBANK, CIMB, and RHBBANK due to their attractive dividend yields of over 5%. Meanwhile, we believe traders can monitor JPG and INNO for trading opportunities as the FCPO price stabilises above RM4,000. Lastly, we continue to favour the Consumer and Building Material segments; KOPI, AQUAWALK, and LWSABAH may sustain their upward momentum ahead of Visit Malaysia 2026 and a stronger ringgit environment.
Stocks to watch:
Building Material: *HUMEIND*, *SCGBHD*
Consumer: *LHI*, *MFLOUR*
Construction: CBHB, *PWRWELL*
Finance: ABMB
O&G: DAYANG
Consumer: HLIND
Plantation: WTK
**Source: M+ Global**
Wall Street Slid as Fed Turns Divided
US: Wall Street extended its decline for a third day following the release of the Fed’s meeting minutes, which highlighted growing divisions among policymakers and a less dovish stance amid concerns over inflation. While most Fed officials still expect interest rates to ease further if inflation continues to moderate, several members favoured holding rates steady for some time, signalling a higher threshold for additional cuts. In terms of stocks, Intel gained after Nvidia completed its $5bn investment, while Meta advanced on continued AI expansion. Looking ahead, we still anticipate Wall Street ending the year on a higher note amid window-dressing activities.
MY: As the market enters the final trading day of the year, we believe the FBM KLCI will extend its momentum to end 2025 at a higher level, supported by buying interest seen within the banking heavyweights. We favour MAYBANK, CIMB, and RHBBANK due to their attractive dividend yields of over 5%. Meanwhile, we believe traders can monitor JPG and INNO for trading opportunities as the FCPO price stabilises above RM4,000. Lastly, we continue to favour the Consumer and Building Material segments; KOPI, AQUAWALK, and LWSABAH may sustain their upward momentum ahead of Visit Malaysia 2026 and a stronger ringgit environment.
Stocks to watch:
Building Material: *HUMEIND*, *SCGBHD*
Consumer: *LHI*, *MFLOUR*
Construction: CBHB, *PWRWELL*
Finance: ABMB
O&G: DAYANG
Consumer: HLIND
Plantation: WTK
**Source: M+ Global**
👍4👏1
Good Afternoon All,
Here’s our IPO note on Semico Capital Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.35 per share for SEMICO, indicating a 40.0% upside from the current share price of RM0.25. This valuation is based on a PE multiple of 13.5x pegged to mid-FY27f EPS of 2.59 sen.
Investment highlights include:
(i) Distributorships rights to support stronger margin
(ii) Riding the Pop Mart trend
(iii) Rapid machines deployment driven by revenue-sharing and rental model
(iv) Extensive nationwide distribution network for toys and durables
(v) The Mines doubles as a showroom and market intelligence platform
(vi) Market share expected to expand
Research Team, M+
31 Dec 2025
Here’s our IPO note on Semico Capital Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.35 per share for SEMICO, indicating a 40.0% upside from the current share price of RM0.25. This valuation is based on a PE multiple of 13.5x pegged to mid-FY27f EPS of 2.59 sen.
Investment highlights include:
(i) Distributorships rights to support stronger margin
(ii) Riding the Pop Mart trend
(iii) Rapid machines deployment driven by revenue-sharing and rental model
(iv) Extensive nationwide distribution network for toys and durables
(v) The Mines doubles as a showroom and market intelligence platform
(vi) Market share expected to expand
Research Team, M+
31 Dec 2025
Good Afternoon All,
We issued a company update report on our coverage stock CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
CAB Cakaran Corporation Berhad’s wholly owned subsidiary, CAB Cakaran Breeding Farm Sdn Bhd, was affected by a fire at its poultry farm in Juru, Penang on the night of 29th December 2025. The incident involved one chicken coop housing about 9k chickens, of which around 7.2k chickens were killed, while the remainder 1.8k survived with smoke exposure. The fire resulted in an estimated 50% damage to the internal structure of the particular affected coop, with no injuries reported and no impact on surrounding facilities. Firefighting operations were completed within the same night, and the case has been handed over for investigation.
As this fire incident has very minimal impact to the company’s earnings and is covered by insurance, we maintained our earnings forecast. We maintain our Buy recommendation for CAB with an unchanged TP of RM0.89. The target price is derived based on a P/E ratio of 5.5x pegged to FY26f EPS of 16.23 sen.
Research Team, M+
31 December 2025
We issued a company update report on our coverage stock CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
CAB Cakaran Corporation Berhad’s wholly owned subsidiary, CAB Cakaran Breeding Farm Sdn Bhd, was affected by a fire at its poultry farm in Juru, Penang on the night of 29th December 2025. The incident involved one chicken coop housing about 9k chickens, of which around 7.2k chickens were killed, while the remainder 1.8k survived with smoke exposure. The fire resulted in an estimated 50% damage to the internal structure of the particular affected coop, with no injuries reported and no impact on surrounding facilities. Firefighting operations were completed within the same night, and the case has been handed over for investigation.
As this fire incident has very minimal impact to the company’s earnings and is covered by insurance, we maintained our earnings forecast. We maintain our Buy recommendation for CAB with an unchanged TP of RM0.89. The target price is derived based on a P/E ratio of 5.5x pegged to FY26f EPS of 16.23 sen.
Research Team, M+
31 December 2025
M+ Global Market Wrap - 31Dec25
FBM KLCI: 1,680.11 pts (-4.42pts, -0.26%)
Tracking the overnight weakness in the US, the FBMKLCI (-0.26%) ended the final trading day of the year on a weaker tone, closing lower at 1,680.11 pts. Nevertheless, it has still managed to hit above our initial target range of 1,640-1,650 zones, with December showing a gain of more than 4%. Market breadth remained negative, with 534 decliners against 462 advancers. In the broader market environment, the Property (+0.74%) sector outperformed, while profit-taking activities were seen in the Technology (-1.03%) sector.
Top 3 Active stocks:
ZETRIX (0138): RM0.810 (-1.0 sen)
TANCO (2429): RM1.160 (+1.0 sen)
PHARMA (7081): RM0.285 (-0.5 sen)
Volume: 1.89 bn (100-bar avg vol: 3.26 bn)
Value: RM1.94 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️462 ⬇️534
Crude Palm Oil: RM4,070 (-RM37, -0.91%)
Dow Futures: 48,583 pts (-67 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,680.11 pts (-4.42pts, -0.26%)
Tracking the overnight weakness in the US, the FBMKLCI (-0.26%) ended the final trading day of the year on a weaker tone, closing lower at 1,680.11 pts. Nevertheless, it has still managed to hit above our initial target range of 1,640-1,650 zones, with December showing a gain of more than 4%. Market breadth remained negative, with 534 decliners against 462 advancers. In the broader market environment, the Property (+0.74%) sector outperformed, while profit-taking activities were seen in the Technology (-1.03%) sector.
Top 3 Active stocks:
ZETRIX (0138): RM0.810 (-1.0 sen)
TANCO (2429): RM1.160 (+1.0 sen)
PHARMA (7081): RM0.285 (-0.5 sen)
Volume: 1.89 bn (100-bar avg vol: 3.26 bn)
Value: RM1.94 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️462 ⬇️534
Crude Palm Oil: RM4,070 (-RM37, -0.91%)
Dow Futures: 48,583 pts (-67 pts)
**Source: M+ Global, Bloomberg **
👏2😍1
M+ Morning Market Buzz - 2Jan26
Dow Jones: 48,063.29 pts (-303.77pts, -0.63%)
⬆️ Resistance: 49800
⬇️ Support: 47100
FBM KLCI: 1,680.11 pts (-4.42pts, -0.26%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 25,630.54 pts (-224.06pts, -0.87%)
⬆️ Resistance: 26700
⬇️ Support: 25100
Crude Palm Oil: RM4,050 (-RM20, -0.49%)
⬆️ Resistance: 4190
⬇️ Support: 3950
Brent Oil: $60.85 (-$0.48, -0.78%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,319.37 (+$11.59, +0.28%)
⬆️ Resistance: 4650
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 48,063.29 pts (-303.77pts, -0.63%)
⬆️ Resistance: 49800
⬇️ Support: 47100
FBM KLCI: 1,680.11 pts (-4.42pts, -0.26%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 25,630.54 pts (-224.06pts, -0.87%)
⬆️ Resistance: 26700
⬇️ Support: 25100
Crude Palm Oil: RM4,050 (-RM20, -0.49%)
⬆️ Resistance: 4190
⬇️ Support: 3950
Brent Oil: $60.85 (-$0.48, -0.78%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,319.37 (+$11.59, +0.28%)
⬆️ Resistance: 4650
⬇️ Support: 4190
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 02Jan26
Tech Retreat Dragged Wall Street Further
US: Wall Street extended its decline on Wednesday, with negative sentiment persisted, due to the Fed’s divided December meeting minutes. Nevertheless, US equities still ended 2025 with solid double-digit gains. Meanwhile, attention has also turned to Google’s aggressive AI infrastructure expansion plans for 2026, with the mass deployment of its 7th-generation TPU (Ironwood). We like Google’s Ironwood as it allows Google to achieve cost-efficiency and energy-scaling for its own massive internal AI workloads (such as Gemini and Search). We also favour Nvidia’s GPUs as most companies and developers remain anchored to Nvidia’s CUDA software ecosystem. Overall, we believe optimism around AI remains intact in 2026.
MY: We believe the FBMKLCI will undergo some profit-taking activities after the year-end rally, but we continue to favour MAYBANK, CIMB and RHBBANK due to their attractive dividends of more than 5%. Meanwhile, as we enter 2026, selected consumer and tourism-related counters such as KOPI, AQUAWALK and LWSABAH are expected to benefit from Visit Malaysia 2026 and a stronger ringgit environment. Lastly, SIME saw a breakout as investors could be speculating that there might be a spike in EV sales before the end-2025 tax deadline, while the UMW acquisition will provide growth via Perodua’s dominance in the car market.
Stocks to watch:
Finance: *AEONCR*, *MNRB*, *OSK*
Consumer: CAPITALA, *LHI*, *MFLOUR*
Technology: ITMAX, MCLEAN
Construction: *SSB8*
Solar: SLVEST
**Source: M+ Global**
Tech Retreat Dragged Wall Street Further
US: Wall Street extended its decline on Wednesday, with negative sentiment persisted, due to the Fed’s divided December meeting minutes. Nevertheless, US equities still ended 2025 with solid double-digit gains. Meanwhile, attention has also turned to Google’s aggressive AI infrastructure expansion plans for 2026, with the mass deployment of its 7th-generation TPU (Ironwood). We like Google’s Ironwood as it allows Google to achieve cost-efficiency and energy-scaling for its own massive internal AI workloads (such as Gemini and Search). We also favour Nvidia’s GPUs as most companies and developers remain anchored to Nvidia’s CUDA software ecosystem. Overall, we believe optimism around AI remains intact in 2026.
MY: We believe the FBMKLCI will undergo some profit-taking activities after the year-end rally, but we continue to favour MAYBANK, CIMB and RHBBANK due to their attractive dividends of more than 5%. Meanwhile, as we enter 2026, selected consumer and tourism-related counters such as KOPI, AQUAWALK and LWSABAH are expected to benefit from Visit Malaysia 2026 and a stronger ringgit environment. Lastly, SIME saw a breakout as investors could be speculating that there might be a spike in EV sales before the end-2025 tax deadline, while the UMW acquisition will provide growth via Perodua’s dominance in the car market.
Stocks to watch:
Finance: *AEONCR*, *MNRB*, *OSK*
Consumer: CAPITALA, *LHI*, *MFLOUR*
Technology: ITMAX, MCLEAN
Construction: *SSB8*
Solar: SLVEST
**Source: M+ Global**
👍4
Good Morning All,
We issued a technical buy call on Oriental Kopi Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Visit Malaysia 2026 and stronger MYR environment
(ii) Packaged food act as scalable growth lever
(iii) Solid fundamentals
Research Team, M+
2 January 2026
We issued a technical buy call on Oriental Kopi Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Visit Malaysia 2026 and stronger MYR environment
(ii) Packaged food act as scalable growth lever
(iii) Solid fundamentals
Research Team, M+
2 January 2026
👍2
Good Afternoon all,
We have issued our Market Chat outlook report.
https://r.mplusglobal.com.my/public/website/file/2026/01/02/20260102142114186.pdf
*1Q26 Outlook and Strategy - A Fresh Breadth For The Ringgit*
• US stock markets remain in an uptrend as focus shifts from fading tariff risks to Fed rate cuts and AI infrastructure. While industrial deregulation and "US-First" defense offer growth, the pivot toward lower rates supports high-growth companies. However, potential economic slowdowns following the government shutdown could introduce volatility to overstretched markets.
• Closer to home, following the US rate cuts, foreign funds may eye Malaysia for bargain-hunting. Given clarity on (i) US-MY reciprocal tariffs, (ii) rising data center and AI investments, and (iii) the 13MP, VMY2026, and NETR/NIMP blueprints, there appears to be a favourable investing window for the near to medium term.
• We favour selected stocks in the Building Material, Consumer, Financial, Healthcare, Plantation, Solar, Technology, and Telecommunications.
*1Q26 MY Stock picks:-*
1. MCEMENT (S: RM6.73-7.16, R: RM8.46-8.75, CL: RM6.60)
2. SCGBHD (S: RM2.0-2.18, R: RM2.52-2.70, CL: RM1.96)
3. 99SMART (S: RM3.38-3.57, R: RM4.03-4.20, CL: RM3.31)
4. HLIND (S: RM16.08-16.64, R: RM17.52-18.08, CL: RM15.76)
5. LWSABAH (S: RM1.29-1.36, R: RM1.60-1.69, CL: RM1.26)
6. UCHITEC (S: RM3.0-3.11, R: RM3.32-3.42, CL: RM2.94)
7. OSK (S: RM1.40-1.50, R: RM1.90-2.0, CL: RM1.37)
8. KPJ (S: RM2.40-2.53, R: RM3.27-3.40, CL: RM2.35)
9. INNO (S: RM1.69-1.76, R: RM2.0-2.10, CL: RM1.66)
10. SLVEST (S: RM2.97-3.11, R: RM3.50-3.65, CL: RM2.91)
11. ITMAX (S: RM4.45-3.55, R: RM5.20-5.30, CL: RM4.36)
12. VSTECS (S: RM3.69-3.87, R: RM4.50-4.70, CL: RM3.62)
13. TIMECOM (S: RM5.23-5.41, R: RM5.58-6.0, CL: RM5.13)
S: Support, R: Resistance, CL: Cut loss
*1Q26 US Stock picks:-*
1. Kratos ($KTOS): A "US-First" defense leader with unmanned drone systems for the military.
2. SoFi ($SOFI): The fintech challenger, primed to gain from banking deregulation and lower oversight.
3. Amazon ($AMZN): Global dominance in cloud and retail logistics.
4. Alphabet ($GOOGL): The full-stack pioneer; utilizing in-house Tensor Processing Units (TPUs) with strong database of user contents.
5. Reddit ($RDDT): Proprietary access to organic human dialogue creates a scarce and high-value asset class, which serves as a defensive moat.
6. Vistra ($VST): The gigawatt-scale power provider, which is essential for energy-hungry AI data centers.
7. Broadcom ($AVGO): The infrastructure backbone that dominates custom AI chips (ASICs) and networking.
8. CoreWeave ($CRWV): The high-performance "Neocloud", specialised GPU infrastructure for AI scaling.
9. TransMedics ($TMDX): A medical company that has proprietary tech for organ transplant logistics.
10. MercadoLibre ($MELI): The regional e-commerce engine and riding on Latin America’s digital growth surge.
_*Source: Bloomberg, M+ Global*_
We have issued our Market Chat outlook report.
https://r.mplusglobal.com.my/public/website/file/2026/01/02/20260102142114186.pdf
*1Q26 Outlook and Strategy - A Fresh Breadth For The Ringgit*
• US stock markets remain in an uptrend as focus shifts from fading tariff risks to Fed rate cuts and AI infrastructure. While industrial deregulation and "US-First" defense offer growth, the pivot toward lower rates supports high-growth companies. However, potential economic slowdowns following the government shutdown could introduce volatility to overstretched markets.
• Closer to home, following the US rate cuts, foreign funds may eye Malaysia for bargain-hunting. Given clarity on (i) US-MY reciprocal tariffs, (ii) rising data center and AI investments, and (iii) the 13MP, VMY2026, and NETR/NIMP blueprints, there appears to be a favourable investing window for the near to medium term.
• We favour selected stocks in the Building Material, Consumer, Financial, Healthcare, Plantation, Solar, Technology, and Telecommunications.
*1Q26 MY Stock picks:-*
1. MCEMENT (S: RM6.73-7.16, R: RM8.46-8.75, CL: RM6.60)
2. SCGBHD (S: RM2.0-2.18, R: RM2.52-2.70, CL: RM1.96)
3. 99SMART (S: RM3.38-3.57, R: RM4.03-4.20, CL: RM3.31)
4. HLIND (S: RM16.08-16.64, R: RM17.52-18.08, CL: RM15.76)
5. LWSABAH (S: RM1.29-1.36, R: RM1.60-1.69, CL: RM1.26)
6. UCHITEC (S: RM3.0-3.11, R: RM3.32-3.42, CL: RM2.94)
7. OSK (S: RM1.40-1.50, R: RM1.90-2.0, CL: RM1.37)
8. KPJ (S: RM2.40-2.53, R: RM3.27-3.40, CL: RM2.35)
9. INNO (S: RM1.69-1.76, R: RM2.0-2.10, CL: RM1.66)
10. SLVEST (S: RM2.97-3.11, R: RM3.50-3.65, CL: RM2.91)
11. ITMAX (S: RM4.45-3.55, R: RM5.20-5.30, CL: RM4.36)
12. VSTECS (S: RM3.69-3.87, R: RM4.50-4.70, CL: RM3.62)
13. TIMECOM (S: RM5.23-5.41, R: RM5.58-6.0, CL: RM5.13)
S: Support, R: Resistance, CL: Cut loss
*1Q26 US Stock picks:-*
1. Kratos ($KTOS): A "US-First" defense leader with unmanned drone systems for the military.
2. SoFi ($SOFI): The fintech challenger, primed to gain from banking deregulation and lower oversight.
3. Amazon ($AMZN): Global dominance in cloud and retail logistics.
4. Alphabet ($GOOGL): The full-stack pioneer; utilizing in-house Tensor Processing Units (TPUs) with strong database of user contents.
5. Reddit ($RDDT): Proprietary access to organic human dialogue creates a scarce and high-value asset class, which serves as a defensive moat.
6. Vistra ($VST): The gigawatt-scale power provider, which is essential for energy-hungry AI data centers.
7. Broadcom ($AVGO): The infrastructure backbone that dominates custom AI chips (ASICs) and networking.
8. CoreWeave ($CRWV): The high-performance "Neocloud", specialised GPU infrastructure for AI scaling.
9. TransMedics ($TMDX): A medical company that has proprietary tech for organ transplant logistics.
10. MercadoLibre ($MELI): The regional e-commerce engine and riding on Latin America’s digital growth surge.
_*Source: Bloomberg, M+ Global*_
👍2
M+ Global Market Wrap - 2Jan26
FBM KLCI: 1,669.76 pts (-10.35pts, -0.62%)
The FBMKLCI (-0.62%) kickstarted the year with profit-taking activities, as losses in CIMB (-15.0 sen) and IHH (-15.0 sen) dragged the key index lower to 1,669.76 pts. Market breadth remained negative, with 592 decliners against 447 advancers. Sector-wise, 9 out of 13 sectors retreated, with REIT (+0.95%) ending as the best-performing sector, while Industrial Products & Services (-0.84%) declined the most.
Top 3 Active stocks:
TANCO (2429): RM1.180 (+2.0 sen)
ZETRIX (0138): RM0.810 (unch)
AQUAWALK (0380): RM0.390 (+3.0 sen)
Volume: 2.08 bn (100-bar avg vol: 3.25 bn)
Value: RM1.80 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️447 ⬇️592
Crude Palm Oil: RM4,050 (-RM55, -1.36%)
Dow Futures: 48,475 pts (+139 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,669.76 pts (-10.35pts, -0.62%)
The FBMKLCI (-0.62%) kickstarted the year with profit-taking activities, as losses in CIMB (-15.0 sen) and IHH (-15.0 sen) dragged the key index lower to 1,669.76 pts. Market breadth remained negative, with 592 decliners against 447 advancers. Sector-wise, 9 out of 13 sectors retreated, with REIT (+0.95%) ending as the best-performing sector, while Industrial Products & Services (-0.84%) declined the most.
Top 3 Active stocks:
TANCO (2429): RM1.180 (+2.0 sen)
ZETRIX (0138): RM0.810 (unch)
AQUAWALK (0380): RM0.390 (+3.0 sen)
Volume: 2.08 bn (100-bar avg vol: 3.25 bn)
Value: RM1.80 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️447 ⬇️592
Crude Palm Oil: RM4,050 (-RM55, -1.36%)
Dow Futures: 48,475 pts (+139 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Global Market Update – 05Jan26
Risk-Off Sentiment To Resurface
US: Risk-off sentiment appears to be resurfacing amid escalating concerns over the recent incident in Venezuela, and we expect Wall Street to pull back further in the near term. The takeover will not only test the Trump administration’s influence in Latin America but also mark a critical pivot point for Washington’s broader global strategy; Venezuela’s oil reserves could serve as an enabling asset for the U.S. to exert continued pressure and bargaining power, similar to last year’s tariff measures. We also suggest that Venezuela could provide the margins necessary to reduce the risk premiums associated with Iran’s Persian Gulf route, where Washington may then hold greater bargaining power
MY: Closer to home, we believe sentiment may turn negative in the near term due to the Venezuelan situation. Moreover, given the volume of energy supplies imported from Venezuela, China may retaliate, potentially causing a spike in oil and gold prices. This would create a natural demand for gold, from which WELLCHIP, EMCC, and PPJACK are likely to benefit. Notably, WELLCHIP’s outstanding loan book is one of the largest as compared to the listed peer. Looking beyond external concerns, we expect "Visit Malaysia 2026" to benefit the consumer, tourism, and REIT sectors; AQUAWALK experienced a breakout last Friday, and we expect a follow-through.
Stocks to watch:
Consumer: *AAX*, *AQUAWALK*, MFLOUR
Technology: *EDELTEQ*, *MCLEAN*, THMY
Construction: CBHB, MITRA
Automotive: *BETA*
Solar: PEKAT
**Source: M+ Global**
Risk-Off Sentiment To Resurface
US: Risk-off sentiment appears to be resurfacing amid escalating concerns over the recent incident in Venezuela, and we expect Wall Street to pull back further in the near term. The takeover will not only test the Trump administration’s influence in Latin America but also mark a critical pivot point for Washington’s broader global strategy; Venezuela’s oil reserves could serve as an enabling asset for the U.S. to exert continued pressure and bargaining power, similar to last year’s tariff measures. We also suggest that Venezuela could provide the margins necessary to reduce the risk premiums associated with Iran’s Persian Gulf route, where Washington may then hold greater bargaining power
MY: Closer to home, we believe sentiment may turn negative in the near term due to the Venezuelan situation. Moreover, given the volume of energy supplies imported from Venezuela, China may retaliate, potentially causing a spike in oil and gold prices. This would create a natural demand for gold, from which WELLCHIP, EMCC, and PPJACK are likely to benefit. Notably, WELLCHIP’s outstanding loan book is one of the largest as compared to the listed peer. Looking beyond external concerns, we expect "Visit Malaysia 2026" to benefit the consumer, tourism, and REIT sectors; AQUAWALK experienced a breakout last Friday, and we expect a follow-through.
Stocks to watch:
Consumer: *AAX*, *AQUAWALK*, MFLOUR
Technology: *EDELTEQ*, *MCLEAN*, THMY
Construction: CBHB, MITRA
Automotive: *BETA*
Solar: PEKAT
**Source: M+ Global**
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M+ Morning Market Buzz - 5Jan26
Dow Jones: 48,382.39 pts (+319.10pts, +0.66%)
⬆️ Resistance: 49700
⬇️ Support: 46900
FBM KLCI: 1,669.76 pts (-10.35pts, -0.62%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,338.47 pts (+707.93pts, +2.76%)
⬆️ Resistance: 26900
⬇️ Support: 25100
Crude Palm Oil: RM3,991 (-RM59, -1.46%)
⬆️ Resistance: 4190
⬇️ Support: 3900
Brent Oil: $60.75 ($0.00, 0.00%)
⬆️ Resistance: 63.60
⬇️ Support: 58.90
Gold: $4,332.29 (+$40.92, +0.94%)
⬆️ Resistance: 4650
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 48,382.39 pts (+319.10pts, +0.66%)
⬆️ Resistance: 49700
⬇️ Support: 46900
FBM KLCI: 1,669.76 pts (-10.35pts, -0.62%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,338.47 pts (+707.93pts, +2.76%)
⬆️ Resistance: 26900
⬇️ Support: 25100
Crude Palm Oil: RM3,991 (-RM59, -1.46%)
⬆️ Resistance: 4190
⬇️ Support: 3900
Brent Oil: $60.75 ($0.00, 0.00%)
⬆️ Resistance: 63.60
⬇️ Support: 58.90
Gold: $4,332.29 (+$40.92, +0.94%)
⬆️ Resistance: 4650
⬇️ Support: 4190
Source: Bloomberg, M+ Global
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Good Morning All,
Here’s our IPO note on SBS Nexus Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.34 per share for SBS, indicating a 36.0% upside from the IPO price of RM0.25. This valuation is based on a PE multiple of 15.0x pegged to FY26f EPS of 2.28 sen.
Investment highlights include:
(i) One-stop branding and marketing ecosystem
(ii) Established ShangHai brand equity with strong SME recognition
(iii) Expansion into the Malay-speaking SME market
(iv) Strong revenue growth supported by customers’ recurring spend and expanding customer base
(v) New headquarter expansion to support business scaling
(vi) Market share poised for growth
Research Team, M+
5 Jan 2026
Here’s our IPO note on SBS Nexus Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.34 per share for SBS, indicating a 36.0% upside from the IPO price of RM0.25. This valuation is based on a PE multiple of 15.0x pegged to FY26f EPS of 2.28 sen.
Investment highlights include:
(i) One-stop branding and marketing ecosystem
(ii) Established ShangHai brand equity with strong SME recognition
(iii) Expansion into the Malay-speaking SME market
(iv) Strong revenue growth supported by customers’ recurring spend and expanding customer base
(v) New headquarter expansion to support business scaling
(vi) Market share poised for growth
Research Team, M+
5 Jan 2026
M+ Global Market Wrap - 5Jan26
FBM KLCI: 1,680.32 pts (+10.56pts, +0.63%)
The local bourse began the week higher, with CIMB (+0.14 sen) leading the pack; offsetting concerns over Venezuela’s headwinds. Fundamentally strong recent listed IPOs are gaining traction as well; THMY and IAB surged to all-time-high. Overall, market breadth turned positive, with gainers outpacing losers 641-to-455. Broader sectors were concurrently positive, led by Property (+1.75%), where IOIPG (+0.11 sen) and SIMEPROP (+5.0 sen) outperformed, while Transportation & Logistics remained subdued.
Top 3 Active stocks:
TANCO (2429): RM1.180 (unch)
IAB (0376): RM1.460 (+0.33 sen)
ZETRIX (0138): RM0.805 (-0.5 sen)
Volume: 2.53 bn (100-bar avg vol: 3.26 bn)
Value: RM2.40 bn (100-bar avg val: RM2.69 bn)
Market Breadth: ⬆️641⬇️455
Crude Palm Oil: RM3,991 (+RM4, +0.10%)
Dow Futures: 48,660 pts (+44 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,680.32 pts (+10.56pts, +0.63%)
The local bourse began the week higher, with CIMB (+0.14 sen) leading the pack; offsetting concerns over Venezuela’s headwinds. Fundamentally strong recent listed IPOs are gaining traction as well; THMY and IAB surged to all-time-high. Overall, market breadth turned positive, with gainers outpacing losers 641-to-455. Broader sectors were concurrently positive, led by Property (+1.75%), where IOIPG (+0.11 sen) and SIMEPROP (+5.0 sen) outperformed, while Transportation & Logistics remained subdued.
Top 3 Active stocks:
TANCO (2429): RM1.180 (unch)
IAB (0376): RM1.460 (+0.33 sen)
ZETRIX (0138): RM0.805 (-0.5 sen)
Volume: 2.53 bn (100-bar avg vol: 3.26 bn)
Value: RM2.40 bn (100-bar avg val: RM2.69 bn)
Market Breadth: ⬆️641⬇️455
Crude Palm Oil: RM3,991 (+RM4, +0.10%)
Dow Futures: 48,660 pts (+44 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 06Jan26
Sentiment Remains Intact
US: Monday’s session was rather stable, despite the headwinds emerging from Venezuela. However, any further escalation that drives the VIX higher should provide traders with a ‘buy-the-dip’ opportunity. We still favour the Technology stocks such as Alphabet, AMD, and Micron Technology amid a resilient earnings outlook. Consensus estimates project AI CapEx to reach at least USD 1.3 trillion by 2030, implying a 25% CAGR. Moreover, the TAM is expected to reach USD 3.1 trillion, reflecting 30% growth (assuming 2025 as the base year for both cases). Besides, we favour Newmont Corporation and SSR Mining, as we view them as providing a defensive cushion against unforeseeable events.
MY: Firm Wall Street risk appetite should propel overall sentiment on the local front, Meanwhile, the RM100 SARA Aid, which is to be credited by this February, alongside a stronger Ringgit, should continue to support buying interest for 99SMART. Moreover, LWSABAH forward PER remains relatively cheaper than SPRITZER, which overall should provide room for further upside. Beside healthier margins as compared to the peers, we foresee LWSABAH to benefit from ‘Visit Malaysia 2026’, particularly given Sabah’s position as a strategic tourism destination. Lastly, we foresee trading opportunities within LSH, supported by its sizeable orderbook.
Stocks to watch:
Technology: *DUFU*, *EDELTEQ*, MCLEAN, *NE*, SCICOM
Construction: *AWC*, *JTGROUP*, *SSB8*
Gold-related: WELLCHIP
Building Material: CMSB
**Source: M+ Global**
Sentiment Remains Intact
US: Monday’s session was rather stable, despite the headwinds emerging from Venezuela. However, any further escalation that drives the VIX higher should provide traders with a ‘buy-the-dip’ opportunity. We still favour the Technology stocks such as Alphabet, AMD, and Micron Technology amid a resilient earnings outlook. Consensus estimates project AI CapEx to reach at least USD 1.3 trillion by 2030, implying a 25% CAGR. Moreover, the TAM is expected to reach USD 3.1 trillion, reflecting 30% growth (assuming 2025 as the base year for both cases). Besides, we favour Newmont Corporation and SSR Mining, as we view them as providing a defensive cushion against unforeseeable events.
MY: Firm Wall Street risk appetite should propel overall sentiment on the local front, Meanwhile, the RM100 SARA Aid, which is to be credited by this February, alongside a stronger Ringgit, should continue to support buying interest for 99SMART. Moreover, LWSABAH forward PER remains relatively cheaper than SPRITZER, which overall should provide room for further upside. Beside healthier margins as compared to the peers, we foresee LWSABAH to benefit from ‘Visit Malaysia 2026’, particularly given Sabah’s position as a strategic tourism destination. Lastly, we foresee trading opportunities within LSH, supported by its sizeable orderbook.
Stocks to watch:
Technology: *DUFU*, *EDELTEQ*, MCLEAN, *NE*, SCICOM
Construction: *AWC*, *JTGROUP*, *SSB8*
Gold-related: WELLCHIP
Building Material: CMSB
**Source: M+ Global**
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M+ Morning Market Buzz - 6Jan26
Dow Jones: 48,977.18 pts (+594.79pts, +1.23%)
⬆️ Resistance: 50200
⬇️ Support: 46900
FBM KLCI: 1,680.32 pts (+10.56pts, +0.63%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,347.24 pts (+8.77pts, +0.03%)
⬆️ Resistance: 27000
⬇️ Support: 25100
Crude Palm Oil: RM4,014 (-RM5, -0.12%)
⬆️ Resistance: 4190
⬇️ Support: 3890
Brent Oil: $61.76 (+$1.01, +1.66%)
⬆️ Resistance: 63.60
⬇️ Support: 58.60
Gold: $4,449.15 (-$9.83, -0.22%)
⬆️ Resistance: 4550
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 48,977.18 pts (+594.79pts, +1.23%)
⬆️ Resistance: 50200
⬇️ Support: 46900
FBM KLCI: 1,680.32 pts (+10.56pts, +0.63%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,347.24 pts (+8.77pts, +0.03%)
⬆️ Resistance: 27000
⬇️ Support: 25100
Crude Palm Oil: RM4,014 (-RM5, -0.12%)
⬆️ Resistance: 4190
⬇️ Support: 3890
Brent Oil: $61.76 (+$1.01, +1.66%)
⬆️ Resistance: 63.60
⬇️ Support: 58.60
Gold: $4,449.15 (-$9.83, -0.22%)
⬆️ Resistance: 4550
⬇️ Support: 4190
Source: Bloomberg, M+ Global
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M+ Global Market Wrap - 6Jan26
FBM KLCI: 1,672.35 pts (-7.97pts, -0.47%)
Tuesday’s session saw banking heavyweights drag the KLCI down by 8 pts, amid profit-taking in CIMB (-0.25 sen). All in all, sentiment remained positive. Gainers continued to outpace losers at 624-to-506 stocks, recently listed IPOs like IAB (+0.24 sen) continued to chart new highs, while broader sectors were positive as well. Technology (+1.27%) stocks outperformed, with INARI (+5.0 sen) and UNISEM (+8.0 sen) leading the pack while Industrial Products & Services (-0.76%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.075 (+0.5 sen)
TANCO (2429): RM1.190 (+1.0 sen)
IAB (0376): RM1.700 (+0.24 sen)
Volume: 2.66 bn (100-bar avg vol: 3.26 bn)
Value: RM2.76 bn (100-bar avg val: RM2.69 bn)
Market Breadth: ⬆️624⬇️506
Crude Palm Oil: RM4,014 (-RM9, -0.22%)
Dow Futures: 49,151 pts (-77 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,672.35 pts (-7.97pts, -0.47%)
Tuesday’s session saw banking heavyweights drag the KLCI down by 8 pts, amid profit-taking in CIMB (-0.25 sen). All in all, sentiment remained positive. Gainers continued to outpace losers at 624-to-506 stocks, recently listed IPOs like IAB (+0.24 sen) continued to chart new highs, while broader sectors were positive as well. Technology (+1.27%) stocks outperformed, with INARI (+5.0 sen) and UNISEM (+8.0 sen) leading the pack while Industrial Products & Services (-0.76%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.075 (+0.5 sen)
TANCO (2429): RM1.190 (+1.0 sen)
IAB (0376): RM1.700 (+0.24 sen)
Volume: 2.66 bn (100-bar avg vol: 3.26 bn)
Value: RM2.76 bn (100-bar avg val: RM2.69 bn)
Market Breadth: ⬆️624⬇️506
Crude Palm Oil: RM4,014 (-RM9, -0.22%)
Dow Futures: 49,151 pts (-77 pts)
**Source: M+ Global, Bloomberg **
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Good Evening All,
We issued a technical buy call on Qualcomm Incorporated: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Snapdragon as a core Qualcomm’s IP
(ii) AI opportunities gaining traction
(iii) High barriers to entry via essential wireless licensing
Research Team, M+
6 January 2026
We issued a technical buy call on Qualcomm Incorporated: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Snapdragon as a core Qualcomm’s IP
(ii) AI opportunities gaining traction
(iii) High barriers to entry via essential wireless licensing
Research Team, M+
6 January 2026
M+ Morning Market Buzz - 7Jan26
Dow Jones: 49,462.08 pts (+484.90pts, +0.99%)
⬆️ Resistance: 50600
⬇️ Support: 46900
FBM KLCI: 1,672.35 pts (-7.97pts, -0.47%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,710.45 pts (+363.21pts, +1.38%)
⬆️ Resistance: 27400
⬇️ Support: 25100
Crude Palm Oil: RM3,990 (+RM19, +0.48%)
⬆️ Resistance: 4170
⬇️ Support: 3890
Brent Oil: $61.76 (-$1.19, -1.93%)
⬆️ Resistance: 63.60
⬇️ Support: 58.60
Gold: $4,494.83 (+$45.68, +1.03%)
⬆️ Resistance: 4590
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 49,462.08 pts (+484.90pts, +0.99%)
⬆️ Resistance: 50600
⬇️ Support: 46900
FBM KLCI: 1,672.35 pts (-7.97pts, -0.47%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 26,710.45 pts (+363.21pts, +1.38%)
⬆️ Resistance: 27400
⬇️ Support: 25100
Crude Palm Oil: RM3,990 (+RM19, +0.48%)
⬆️ Resistance: 4170
⬇️ Support: 3890
Brent Oil: $61.76 (-$1.19, -1.93%)
⬆️ Resistance: 63.60
⬇️ Support: 58.60
Gold: $4,494.83 (+$45.68, +1.03%)
⬆️ Resistance: 4590
⬇️ Support: 4190
Source: Bloomberg, M+ Global
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