M+ Global Market Update – 04Jun26
Stocks Dip As Us-Iran Tensions Rise
US: With the renewed geopolitical escalation in the Gulf and bearish divergence signals appearing in major US indices, we anticipate that Wall Street will retrace further from its overbought levels. Meanwhile, as Iran launches missile and drone attacks against Kuwait and Bahrain, prompting US retaliatory strikes on Qeshm Island, the subsequent rebound in oil prices is expected to benefit oil exporters such as Chevron and ExxonMobil. Lastly, we favour the sustained momentum within the AI theme following Broadcom's and Hewlett Packard’s earnings outperformance, alongside Jensen Huang crowning Marvell Technology as the next potential USD1tn company; consequently, any near-term pullbacks across chipmakers and AI infrastructure players should be viewed as buy-on-the-dip opportunities.
MY: Given the continued sell-down in the FBM KLCI, we view this as a buy-on-the-dip opportunity for banking stocks, particularly MAYBANK (DY: 6.1%) and CIMB (DY: 6.5%). Meanwhile, with the rebound in oil prices following the latest flare-up in the Middle East, oil plays such as HIBISCS and HENGYUAN are poised for a breakout. Lastly, Sum Technology, a turnkey engineering solutions provider for critical environments such as cleanrooms, M&E, and process utility systems, will close its IPO applications today. Tracking the overnight dip on Wall Street, we expect the local bourse to extend its selling pressure today.
Stocks to watch:
Utility: *BMGREEN*, *KENERGY*, SLVEST
Gloves: *HARTA*, *TOPGLOV*
O&G: *HENGYUAN*
Technology: *MCLEAN*
Construction: *MNHLDG*
Commodity: MSC
Chemical: TMK
**Source: M+ Global**
Stocks Dip As Us-Iran Tensions Rise
US: With the renewed geopolitical escalation in the Gulf and bearish divergence signals appearing in major US indices, we anticipate that Wall Street will retrace further from its overbought levels. Meanwhile, as Iran launches missile and drone attacks against Kuwait and Bahrain, prompting US retaliatory strikes on Qeshm Island, the subsequent rebound in oil prices is expected to benefit oil exporters such as Chevron and ExxonMobil. Lastly, we favour the sustained momentum within the AI theme following Broadcom's and Hewlett Packard’s earnings outperformance, alongside Jensen Huang crowning Marvell Technology as the next potential USD1tn company; consequently, any near-term pullbacks across chipmakers and AI infrastructure players should be viewed as buy-on-the-dip opportunities.
MY: Given the continued sell-down in the FBM KLCI, we view this as a buy-on-the-dip opportunity for banking stocks, particularly MAYBANK (DY: 6.1%) and CIMB (DY: 6.5%). Meanwhile, with the rebound in oil prices following the latest flare-up in the Middle East, oil plays such as HIBISCS and HENGYUAN are poised for a breakout. Lastly, Sum Technology, a turnkey engineering solutions provider for critical environments such as cleanrooms, M&E, and process utility systems, will close its IPO applications today. Tracking the overnight dip on Wall Street, we expect the local bourse to extend its selling pressure today.
Stocks to watch:
Utility: *BMGREEN*, *KENERGY*, SLVEST
Gloves: *HARTA*, *TOPGLOV*
O&G: *HENGYUAN*
Technology: *MCLEAN*
Construction: *MNHLDG*
Commodity: MSC
Chemical: TMK
**Source: M+ Global**
M+ Global Market Wrap - 4Jun26
FBM KLCI: 1,685.22 pts (+12.48pts, +0.75%)
Following the semi-annual review of the FBM KLCI (+0.63%) constituents, the key index closed higher at 1,683.26 pts, led by gains in MAYBANK (+18.0 sen) and CIMB (+15.0 sen). The market breadth however was negative, with 525 winners against 678 losers. Sector wise, Plantation (+2.94%) outperformed following a higher CPO price expectation at RM4400/tonne, while Technology (-1.62%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.290 (+3.5 sen)
VS (6963): RM0.215 (-0.5 sen)
ZETRIX (0138): RM0.825 (UNCH)
Top 3 Gainer stocks:
NESTLE (4707): RM95.12 (+160.0sen)
UTDPLT (2089): RM31.30 (+118.0sen)
KLK (2445): RM20.20 (+70.0sen)
Top 3 Loser stocks:
MPI (3867): RM47.44 (-146.0sen)
F&N (3689): RM26.88 (-78.0sen)
PMETAL (8869): RM9.00 (-28.0sen)
Volume: 3.48 bn (100-bar avg vol: 3.25 bn)
Value: RM3.59 bn (100-bar avg val: RM3.39 bn)
Market Breadth: ⬆️525 ⬇️678
Crude Palm Oil: RM4,677 (-RM77, -1.65%)
Dow Futures: 50,917 pts (+114 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,685.22 pts (+12.48pts, +0.75%)
Following the semi-annual review of the FBM KLCI (+0.63%) constituents, the key index closed higher at 1,683.26 pts, led by gains in MAYBANK (+18.0 sen) and CIMB (+15.0 sen). The market breadth however was negative, with 525 winners against 678 losers. Sector wise, Plantation (+2.94%) outperformed following a higher CPO price expectation at RM4400/tonne, while Technology (-1.62%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.290 (+3.5 sen)
VS (6963): RM0.215 (-0.5 sen)
ZETRIX (0138): RM0.825 (UNCH)
Top 3 Gainer stocks:
NESTLE (4707): RM95.12 (+160.0sen)
UTDPLT (2089): RM31.30 (+118.0sen)
KLK (2445): RM20.20 (+70.0sen)
Top 3 Loser stocks:
MPI (3867): RM47.44 (-146.0sen)
F&N (3689): RM26.88 (-78.0sen)
PMETAL (8869): RM9.00 (-28.0sen)
Volume: 3.48 bn (100-bar avg vol: 3.25 bn)
Value: RM3.59 bn (100-bar avg val: RM3.39 bn)
Market Breadth: ⬆️525 ⬇️678
Crude Palm Oil: RM4,677 (-RM77, -1.65%)
Dow Futures: 50,917 pts (+114 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Global Market Update – 05Jun26
Nasdaq Ended Slightly Lower As Broadcom Dips
US: Despite beating top- and bottom-line estimates, Broadcom plummeted following its decision not to raise its full-year guidance, triggering fears that the breakneck pace of AI growth has hit a localised ceiling. However, we view this solely as a market knee-jerk reaction, creating a buy-on-the-dip opportunity for Broadcom as it falls into a key support zone. Meanwhile, we also like the rebound in Google, whose share price had slid previously following the announcement of a USD80bn equity offering to aggressively fund its escalating AI infrastructure expansion. Lastly, traders could take positions in Generac Holdings following its USD600m contract win to supply multi-megawatt backup power generators to a hyperscale data centre operator.
MY: Tracking the rebound on Wall Street, especially in the Dow, we anticipate that the local bourse will extend its buying support today. Meanwhile, with Indonesia concluding its automotive testing this month for an aggressive rollout of the B45/B50 biodiesel mandate, coupled with the anticipation of El Niño from June to August, which will tighten palm oil supply, buying interest has emerged in plantation counters such as SDG, JPG, and UTDPLT. Lastly, traders can continue to look at IOIPG and CBHB; the former is set to replace SIME in the FBM KLCI top 30 constituents, while the latter benefits from the country’s ongoing data centre boom.
Stocks to watch:
Construction: CHB, *HEGROUP*, *ISF*, *KEEMING*, *PWRWELL*
Automotive: *BETA*
Building Material: SCGBHD
Consumer: UCHITEC
Plantation: *WTK*
Technology: KGB
O&G: DNEX
**Source: M+ Global**
Nasdaq Ended Slightly Lower As Broadcom Dips
US: Despite beating top- and bottom-line estimates, Broadcom plummeted following its decision not to raise its full-year guidance, triggering fears that the breakneck pace of AI growth has hit a localised ceiling. However, we view this solely as a market knee-jerk reaction, creating a buy-on-the-dip opportunity for Broadcom as it falls into a key support zone. Meanwhile, we also like the rebound in Google, whose share price had slid previously following the announcement of a USD80bn equity offering to aggressively fund its escalating AI infrastructure expansion. Lastly, traders could take positions in Generac Holdings following its USD600m contract win to supply multi-megawatt backup power generators to a hyperscale data centre operator.
MY: Tracking the rebound on Wall Street, especially in the Dow, we anticipate that the local bourse will extend its buying support today. Meanwhile, with Indonesia concluding its automotive testing this month for an aggressive rollout of the B45/B50 biodiesel mandate, coupled with the anticipation of El Niño from June to August, which will tighten palm oil supply, buying interest has emerged in plantation counters such as SDG, JPG, and UTDPLT. Lastly, traders can continue to look at IOIPG and CBHB; the former is set to replace SIME in the FBM KLCI top 30 constituents, while the latter benefits from the country’s ongoing data centre boom.
Stocks to watch:
Construction: CHB, *HEGROUP*, *ISF*, *KEEMING*, *PWRWELL*
Automotive: *BETA*
Building Material: SCGBHD
Consumer: UCHITEC
Plantation: *WTK*
Technology: KGB
O&G: DNEX
**Source: M+ Global**
M+ Morning Market Buzz - 5Jun26
Dow Jones: 51,561.93 pts (+874.86pts, +1.73%)
⬆️ Resistance: 52700
⬇️ Support: 49700
FBM KLCI: 1,683.26 pts (+10.52pts, +0.63%)
⬆️ Resistance: 1730
⬇️ Support: 1640
HSI Index: 25,253.40 pts (-379.81pts, -1.48%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,601 (-RM43, -0.93%)
⬆️ Resistance: 4790
⬇️ Support: 4430
Brent Oil: $95.03 (-$2.78, -2.84%)
⬆️ Resistance: 101.00
⬇️ Support: 89.70
Gold: $4,474.80 (-$5.42, -0.12%)
⬆️ Resistance: 4690
⬇️ Support: 4340
Source: Bloomberg, M+ Global
Dow Jones: 51,561.93 pts (+874.86pts, +1.73%)
⬆️ Resistance: 52700
⬇️ Support: 49700
FBM KLCI: 1,683.26 pts (+10.52pts, +0.63%)
⬆️ Resistance: 1730
⬇️ Support: 1640
HSI Index: 25,253.40 pts (-379.81pts, -1.48%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,601 (-RM43, -0.93%)
⬆️ Resistance: 4790
⬇️ Support: 4430
Brent Oil: $95.03 (-$2.78, -2.84%)
⬆️ Resistance: 101.00
⬇️ Support: 89.70
Gold: $4,474.80 (-$5.42, -0.12%)
⬆️ Resistance: 4690
⬇️ Support: 4340
Source: Bloomberg, M+ Global
😁2
Good Morning All,
We issued a 1Q26 results note on our coverage stock Wentel Engineering Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (https://r.mplusglobal.com.my/public/website/file/2026/06/05/20260605084440705.pdf)
- Earnings below expectations. WENTEL registered a 1Q26 core PAT of RM2.7m (- 52.4% QoQ, -55.5% YoY), accounting for only 10.9% of our FY26f earnings estimate. We deem the results below expectations, mainly due to weaker-than-expected gross margin and higher operating expenses, which were affected by an unfavourable product mix and foreign exchange losses during the quarter.
- YoY. While WENTEL’s revenue grew marginally by 1.8% YoY to RM31.8m, supported by higher contribution from fabrication of semi-finished metal products and assembly of finished products, which offset softer fabrication of metal parts, the core PAT declined 55.5% YoY to RM2.7m, while PBT fell 54.5% YoY to RM3.7m, mainly due to lower GP margin from unfavourable customer product mix and foreign exchange losses during the quarter. Core PAT margin narrowed to 8.6% from 19.6% in 1QFY25.
- QoQ. Revenue declined 16.8% QoQ to RM31.8m from RM38.2m in 4QFY25, while PBT contracted by 39.2% QoQ to RM3.7m. The sequential weakness was mainly due to changes in customer product mix, coupled with the impact of foreign exchange movements during the quarter. As a result, PBT margin softened to 11.6% in 1QFY26 from 15.9% in 4QFY25.
- Segmental performance. Malaysia continued to anchor WENTEL’s revenue base, while Singapore softened despite the group’s exposure to security screening customers such as Rapiscan. Nevertheless, we view the decline as a timing issue rather than a structural weakness, given OSI Systems’ healthy FY26 revenue guidance of USD1.825bn–USD1.867bn. Meanwhile, fabrication of semi-finished metal products remained WENTEL’s core revenue contributor, accounting for RM22.9m of 1Q26 revenue, supported by demand for machine bodies and modules. With the new production line and Lot 815 expansion expected to lift capacity, we believe WENTEL has ample room to scale alongside its key customers’ growth trajectory.
- Outlook. We remain positive on WENTEL’s outlook, anchored by its leverage to the expanding security screening and E&E supply chains. The global security screening market is projected to grow from USD9.92bn in 2025 to USD13.80bn by 2030, implying a 6.8% CAGR, while Mordor Intelligence highlights government procurement, aviation recovery and geopolitical tensions as key drivers for advanced detection equipment demand. This bodes well for WENTEL’s exposure to security screening customers, particularly as OSI Systems, the parent of Rapiscan, reiterated healthy FY26 revenue guidance of USD1.825bn–1.867bn. Coupled with the upcoming Lot 815 expansion, which should unlock the next leg of capacity growth, and >1,000 NPIs under assessment, we believe WENTEL is well-positioned to scale as customer orders recover, although near-term margins may remain sensitive to product mix and FX movements
- Forecast. Following the weaker-than-expected 1Q26 results, we cut our FY26f–27f core PAT forecasts by 57–58% to RM10.7m–RM11.9m, respectively. The revision mainly reflects our more conservative assumptions on gross margin, higher cost of sales and elevated operating expenses.
- Downgrade to HOLD with revised TP of RM0.23. Following the earnings downgrade, we lower our recommendation to HOLD with a revised target price of RM0.23. Our TP is derived by pegging a 23x P/E multiple to mid-FY27f EPS of 0.98 sen. We will be meeting management next week for an analyst briefing and will revisit our assumptions should there be any material updates on margins, customer orders, capacity ramp-up or operating cost trends.
- Downside risks. Risks to our recommendation include: (i) fluctuations in raw material prices; (ii) foreign exchange volatility, as a portion of revenue and purchases are denominated in foreign currencies; (iii) heavy reliance on certain key customers; and (iv) industry cyclicality.
Research Team, M+ Global
We issued a 1Q26 results note on our coverage stock Wentel Engineering Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (https://r.mplusglobal.com.my/public/website/file/2026/06/05/20260605084440705.pdf)
- Earnings below expectations. WENTEL registered a 1Q26 core PAT of RM2.7m (- 52.4% QoQ, -55.5% YoY), accounting for only 10.9% of our FY26f earnings estimate. We deem the results below expectations, mainly due to weaker-than-expected gross margin and higher operating expenses, which were affected by an unfavourable product mix and foreign exchange losses during the quarter.
- YoY. While WENTEL’s revenue grew marginally by 1.8% YoY to RM31.8m, supported by higher contribution from fabrication of semi-finished metal products and assembly of finished products, which offset softer fabrication of metal parts, the core PAT declined 55.5% YoY to RM2.7m, while PBT fell 54.5% YoY to RM3.7m, mainly due to lower GP margin from unfavourable customer product mix and foreign exchange losses during the quarter. Core PAT margin narrowed to 8.6% from 19.6% in 1QFY25.
- QoQ. Revenue declined 16.8% QoQ to RM31.8m from RM38.2m in 4QFY25, while PBT contracted by 39.2% QoQ to RM3.7m. The sequential weakness was mainly due to changes in customer product mix, coupled with the impact of foreign exchange movements during the quarter. As a result, PBT margin softened to 11.6% in 1QFY26 from 15.9% in 4QFY25.
- Segmental performance. Malaysia continued to anchor WENTEL’s revenue base, while Singapore softened despite the group’s exposure to security screening customers such as Rapiscan. Nevertheless, we view the decline as a timing issue rather than a structural weakness, given OSI Systems’ healthy FY26 revenue guidance of USD1.825bn–USD1.867bn. Meanwhile, fabrication of semi-finished metal products remained WENTEL’s core revenue contributor, accounting for RM22.9m of 1Q26 revenue, supported by demand for machine bodies and modules. With the new production line and Lot 815 expansion expected to lift capacity, we believe WENTEL has ample room to scale alongside its key customers’ growth trajectory.
- Outlook. We remain positive on WENTEL’s outlook, anchored by its leverage to the expanding security screening and E&E supply chains. The global security screening market is projected to grow from USD9.92bn in 2025 to USD13.80bn by 2030, implying a 6.8% CAGR, while Mordor Intelligence highlights government procurement, aviation recovery and geopolitical tensions as key drivers for advanced detection equipment demand. This bodes well for WENTEL’s exposure to security screening customers, particularly as OSI Systems, the parent of Rapiscan, reiterated healthy FY26 revenue guidance of USD1.825bn–1.867bn. Coupled with the upcoming Lot 815 expansion, which should unlock the next leg of capacity growth, and >1,000 NPIs under assessment, we believe WENTEL is well-positioned to scale as customer orders recover, although near-term margins may remain sensitive to product mix and FX movements
- Forecast. Following the weaker-than-expected 1Q26 results, we cut our FY26f–27f core PAT forecasts by 57–58% to RM10.7m–RM11.9m, respectively. The revision mainly reflects our more conservative assumptions on gross margin, higher cost of sales and elevated operating expenses.
- Downgrade to HOLD with revised TP of RM0.23. Following the earnings downgrade, we lower our recommendation to HOLD with a revised target price of RM0.23. Our TP is derived by pegging a 23x P/E multiple to mid-FY27f EPS of 0.98 sen. We will be meeting management next week for an analyst briefing and will revisit our assumptions should there be any material updates on margins, customer orders, capacity ramp-up or operating cost trends.
- Downside risks. Risks to our recommendation include: (i) fluctuations in raw material prices; (ii) foreign exchange volatility, as a portion of revenue and purchases are denominated in foreign currencies; (iii) heavy reliance on certain key customers; and (iv) industry cyclicality.
Research Team, M+ Global
M+ Global Market Wrap - 5Jun26
FBM KLCI: 1,693.43 pts (+10.17pts, +0.60%)
The FBM KLCI (+0.60%) closed higher at 1,693.43 pts,on buying interests in plantation and selected blue chip stocks. The market breadth however was negative, with 477 winners against 666 losers. Sector wise, Finance (+1.22%) outperformed, led by MAYBANK (+20.0 sen) and PBBANK (+9.0 sen) , while Construction (-1.37%) declined the most.
Top 3 Active stocks:
HONGSENG (0041): RM0.010 (UNCH)
ZETRIX (0138): RM0.825 (UNCH)
CBHB (0339): RM0.680 (+6.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM32.20 (+90.0sen)
CEPCO (8435): RM3.34 (+69.0sen)
PETDAG (5681): RM19.24 (+46.0sen)
Top 3 Loser stocks:
NESTLE (4707): RM94.28 (-84.0sen)
MPI (3867): RM46.80 (-64.0sen)
F&N (3689): RM26.40 (-48.0sen)
Volume: 3.41 bn (100-bar avg vol: 3.26 bn)
Value: RM3.04 bn (100-bar avg val: RM3.41 bn)
Market Breadth: ⬆️477 ⬇️666
Crude Palm Oil: RM4,601 (-RM69, -1.50%)
Dow Futures: 51,704 pts (+33 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,693.43 pts (+10.17pts, +0.60%)
The FBM KLCI (+0.60%) closed higher at 1,693.43 pts,on buying interests in plantation and selected blue chip stocks. The market breadth however was negative, with 477 winners against 666 losers. Sector wise, Finance (+1.22%) outperformed, led by MAYBANK (+20.0 sen) and PBBANK (+9.0 sen) , while Construction (-1.37%) declined the most.
Top 3 Active stocks:
HONGSENG (0041): RM0.010 (UNCH)
ZETRIX (0138): RM0.825 (UNCH)
CBHB (0339): RM0.680 (+6.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM32.20 (+90.0sen)
CEPCO (8435): RM3.34 (+69.0sen)
PETDAG (5681): RM19.24 (+46.0sen)
Top 3 Loser stocks:
NESTLE (4707): RM94.28 (-84.0sen)
MPI (3867): RM46.80 (-64.0sen)
F&N (3689): RM26.40 (-48.0sen)
Volume: 3.41 bn (100-bar avg vol: 3.26 bn)
Value: RM3.04 bn (100-bar avg val: RM3.41 bn)
Market Breadth: ⬆️477 ⬇️666
Crude Palm Oil: RM4,601 (-RM69, -1.50%)
Dow Futures: 51,704 pts (+33 pts)
**Source: M+ Global, Bloomberg **
😁2
Good Morning All,
We issued a company update note on our coverage stock Well Chip Group Berhad (WCGB) following its proposed rights issue | Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌Newsbreak: 1-for-5 rights issue. Well Chip proposed a renounceable rights issue of up to 120.0m new shares, on the basis of 1 rights share for every 5 existing shares held. Based on the illustrative issue price of RM1.00/share, the exercise could raise c.RM60.8m–RM120.0m and is expected to be completed by 4Q26, subject to approvals.
M+ Global View
📌Sensible capital raise. While the exercise is EPS dilutive, with the enlarged share base rising from 600.0m to 720.0m under the maximum scenario, implying c.16.7% theoretical EPS dilution, we view it as supportive of Well Chip’s expansion and pawn loan growth.
📌Use of proceeds. The bulk of proceeds, RM44.6m–RM88.8m, will be used as cash capital to expand pawn loan disbursements, while RM15.0m–RM30.0m will fund up to six new pawnshops in Malacca and Johor.
📌Stronger balance sheet. Under the maximum scenario, shareholders’ equity/NA would rise from RM483.3m to RM602.1m, while gearing would decline from 0.92x to 0.74x.
Valuation & Recommendation
📌Forecast. Maintained.
📌Maintain BUY, TP RM2.07. We maintain our BUY call with an unchanged TP of RM2.07, based on 2.0x FY27F P/B applied to FY27F BVPS of RM1.03. The premium multiple is supported by WCGB’s strong ROE track record, outlet expansion, resilient demand, gold-price tailwinds and scarcity value as a listed pawnbroking proxy.
📌Key risks. Competition, gold price volatility, physical security/personnel integrity risks and regulatory compliance.
Research Team, M+ Global
8 June 2026
We issued a company update note on our coverage stock Well Chip Group Berhad (WCGB) following its proposed rights issue | Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌Newsbreak: 1-for-5 rights issue. Well Chip proposed a renounceable rights issue of up to 120.0m new shares, on the basis of 1 rights share for every 5 existing shares held. Based on the illustrative issue price of RM1.00/share, the exercise could raise c.RM60.8m–RM120.0m and is expected to be completed by 4Q26, subject to approvals.
M+ Global View
📌Sensible capital raise. While the exercise is EPS dilutive, with the enlarged share base rising from 600.0m to 720.0m under the maximum scenario, implying c.16.7% theoretical EPS dilution, we view it as supportive of Well Chip’s expansion and pawn loan growth.
📌Use of proceeds. The bulk of proceeds, RM44.6m–RM88.8m, will be used as cash capital to expand pawn loan disbursements, while RM15.0m–RM30.0m will fund up to six new pawnshops in Malacca and Johor.
📌Stronger balance sheet. Under the maximum scenario, shareholders’ equity/NA would rise from RM483.3m to RM602.1m, while gearing would decline from 0.92x to 0.74x.
Valuation & Recommendation
📌Forecast. Maintained.
📌Maintain BUY, TP RM2.07. We maintain our BUY call with an unchanged TP of RM2.07, based on 2.0x FY27F P/B applied to FY27F BVPS of RM1.03. The premium multiple is supported by WCGB’s strong ROE track record, outlet expansion, resilient demand, gold-price tailwinds and scarcity value as a listed pawnbroking proxy.
📌Key risks. Competition, gold price volatility, physical security/personnel integrity risks and regulatory compliance.
Research Team, M+ Global
8 June 2026
M+ Global Market Update – 08Jun26
SpaceX Sets For IPO Debut This Week
US: With a blowout May jobs report and an anticipated Fed rate hike moving forward, we expect Wall Street to continue to face selling pressure in the near term. Meanwhile, as the SpaceX IPO is set to debut this Friday, we believe sentiment will also bode well for other space-related companies such as AST SpaceMobile and Sidus Space, both of which are well-supported above their EMA lines. The listing of SpaceX will also benefit Google, as it holds a 6.11% stake in the company. Lastly, given the recent profit-taking in AI-related counters, we think traders could wait for Micron and SanDisk Corporation to consolidate for entry opportunities, as memory demand continues to outpace supply in this AI supercycle environment.
MY: Tracking the strong sell-down on Wall Street last Friday, we believe the negative sentiment will spill over into the local bourse today, creating buy-on-the-dip opportunities among banking counters. Meanwhile, we continue to like KOBAY and OXB as they transition from simple metalwork operations into high-specification engineering companies, leaving them well-positioned to ride the semiconductor and AI infrastructure upcycle. Lastly, with an outstanding order book of RM8.7bn targeting DCs, infrastructure, and parent company projects, we continue to favour SUNCON, which is currently experiencing a healthy pullback within an intact uptrend.
Stocks to watch:
Technology: *AEMULUS*, *FRONTKN*, *VITROX*
Construction: *CHB*, *HEGROUP*
Plantation: *WTK*
Consumer: *AQUAWALK*
Logistics: WPRTS
Gloves: HARTA
Property: IOIPG
Finance: PBBANK
**Source: M+ Global**
SpaceX Sets For IPO Debut This Week
US: With a blowout May jobs report and an anticipated Fed rate hike moving forward, we expect Wall Street to continue to face selling pressure in the near term. Meanwhile, as the SpaceX IPO is set to debut this Friday, we believe sentiment will also bode well for other space-related companies such as AST SpaceMobile and Sidus Space, both of which are well-supported above their EMA lines. The listing of SpaceX will also benefit Google, as it holds a 6.11% stake in the company. Lastly, given the recent profit-taking in AI-related counters, we think traders could wait for Micron and SanDisk Corporation to consolidate for entry opportunities, as memory demand continues to outpace supply in this AI supercycle environment.
MY: Tracking the strong sell-down on Wall Street last Friday, we believe the negative sentiment will spill over into the local bourse today, creating buy-on-the-dip opportunities among banking counters. Meanwhile, we continue to like KOBAY and OXB as they transition from simple metalwork operations into high-specification engineering companies, leaving them well-positioned to ride the semiconductor and AI infrastructure upcycle. Lastly, with an outstanding order book of RM8.7bn targeting DCs, infrastructure, and parent company projects, we continue to favour SUNCON, which is currently experiencing a healthy pullback within an intact uptrend.
Stocks to watch:
Technology: *AEMULUS*, *FRONTKN*, *VITROX*
Construction: *CHB*, *HEGROUP*
Plantation: *WTK*
Consumer: *AQUAWALK*
Logistics: WPRTS
Gloves: HARTA
Property: IOIPG
Finance: PBBANK
**Source: M+ Global**
M+ Morning Market Buzz - 8Jun26
Dow Jones: 50,866.78 pts (-695.15pts, -1.35%)
⬆ Resistance: 52700
⬇ Support: 49700
FBM KLCI: 1,693.43 pts (+10.17pts, +0.60%)
⬆ Resistance: 1740
⬇ Support: 1640
HSI Index: 24,961.95 pts (-291.45pts, -1.15%)
⬆ Resistance: 26600
⬇ Support: 24500
Crude Palm Oil: RM4,554 (-RM47, -1.02%)
⬆ Resistance: 4790
⬇ Support: 4440
Brent Oil: $93.09 (+$2.32, -2.04%)
⬆ Resistance: 101.00
⬇ Support: 90.40
Gold: $4,328.45 (+$24.70, -3.27%)
⬆ Resistance: 4640
⬇ Support: 4230
Source: Bloomberg, M+ Global
Dow Jones: 50,866.78 pts (-695.15pts, -1.35%)
⬆ Resistance: 52700
⬇ Support: 49700
FBM KLCI: 1,693.43 pts (+10.17pts, +0.60%)
⬆ Resistance: 1740
⬇ Support: 1640
HSI Index: 24,961.95 pts (-291.45pts, -1.15%)
⬆ Resistance: 26600
⬇ Support: 24500
Crude Palm Oil: RM4,554 (-RM47, -1.02%)
⬆ Resistance: 4790
⬇ Support: 4440
Brent Oil: $93.09 (+$2.32, -2.04%)
⬆ Resistance: 101.00
⬇ Support: 90.40
Gold: $4,328.45 (+$24.70, -3.27%)
⬆ Resistance: 4640
⬇ Support: 4230
Source: Bloomberg, M+ Global
👏2
Good Morning All,
Here’s our IPO note on HSS Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.23 per share for HSSBAKERY, indicating a 27.8% upside from the IPO price of RM0.18. This valuation is based on a PE multiple of 12.0x, pegged to FY27f EPS of 1.94 sen.
Investment highlights include:
(i) Margin expansion driven by manufacturing mix shift
(ii) Post-IPO capex to unlock new daily-consumption SKUs
(iii) Extensive multi-channel footprint and strong brand equity
(iv) Tourism-led premium product as additional growth driver
Research Team, M+ Global
8 Jun 26
Here’s our IPO note on HSS Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.23 per share for HSSBAKERY, indicating a 27.8% upside from the IPO price of RM0.18. This valuation is based on a PE multiple of 12.0x, pegged to FY27f EPS of 1.94 sen.
Investment highlights include:
(i) Margin expansion driven by manufacturing mix shift
(ii) Post-IPO capex to unlock new daily-consumption SKUs
(iii) Extensive multi-channel footprint and strong brand equity
(iv) Tourism-led premium product as additional growth driver
Research Team, M+ Global
8 Jun 26
Good Morning All,
We issued a company update note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Upgraded to BUY with a same TP of RM0.52. As the share price deteriorated ahead of this news, we upgraded our recommendation from Hold to Buy on EITA with an unchanged target price of RM0.52. The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f EPS of 5.19 sen.
Research Team, M+ Global
8 Jun 2026
We issued a company update note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Upgraded to BUY with a same TP of RM0.52. As the share price deteriorated ahead of this news, we upgraded our recommendation from Hold to Buy on EITA with an unchanged target price of RM0.52. The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f EPS of 5.19 sen.
Research Team, M+ Global
8 Jun 2026
M+ Global Market Wrap - 8Jun26
FBM KLCI: 1,681.86 pts (-11.57pts, -0.68%)
The FBM KLCI (-0.82%) closed lower at 1,679.52 pts, lead by technology stock sell-off following the spillover of Nasdaq selldown into the local bourse. The market breadth was negative, with 340 winners against 916 losers. Sector wise, Plantation (+0.62%) outperformed, led by SDG (+11.0 sen) and IOICORP (+3.0 sen) , while Property (-3.54%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.820 (-0.5 sen)
TFP (0145): RM0.055 (+2.5 sen)
TOPGLOV (7113): RM0.845 (+3.0 sen)
Top 3 Gainer stocks:
CEPCO (8435): RM3.99 (+65.0sen)
IDEAL (9687): RM4.10 (+30.0sen)
PJBUMI (7163): RM3.43 (+18.0sen)
Top 3 Loser stocks:
NESTLE (4707): RM92.00 (-228.0sen)
MPI (3867): RM45.50 (-130.0sen)
PETDAG (5681): RM18.60 (-64.0sen)
Volume: 3.48 bn (100-bar avg vol: 3.26 bn)
Value: RM2.92 bn (100-bar avg val: RM3.41 bn)
Market Breadth: ⬆️340 ⬇️916
Crude Palm Oil: RM4,554 (+RM13, +0.29%)
Dow Futures: 50,752 pts (-184 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,681.86 pts (-11.57pts, -0.68%)
The FBM KLCI (-0.82%) closed lower at 1,679.52 pts, lead by technology stock sell-off following the spillover of Nasdaq selldown into the local bourse. The market breadth was negative, with 340 winners against 916 losers. Sector wise, Plantation (+0.62%) outperformed, led by SDG (+11.0 sen) and IOICORP (+3.0 sen) , while Property (-3.54%) declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.820 (-0.5 sen)
TFP (0145): RM0.055 (+2.5 sen)
TOPGLOV (7113): RM0.845 (+3.0 sen)
Top 3 Gainer stocks:
CEPCO (8435): RM3.99 (+65.0sen)
IDEAL (9687): RM4.10 (+30.0sen)
PJBUMI (7163): RM3.43 (+18.0sen)
Top 3 Loser stocks:
NESTLE (4707): RM92.00 (-228.0sen)
MPI (3867): RM45.50 (-130.0sen)
PETDAG (5681): RM18.60 (-64.0sen)
Volume: 3.48 bn (100-bar avg vol: 3.26 bn)
Value: RM2.92 bn (100-bar avg val: RM3.41 bn)
Market Breadth: ⬆️340 ⬇️916
Crude Palm Oil: RM4,554 (+RM13, +0.29%)
Dow Futures: 50,752 pts (-184 pts)
**Source: M+ Global, Bloomberg **
👏3😁1
M+ Morning Market Buzz - 9Jun26
Dow Jones: 50,786.01 pts (-80.77pts, -0.16%)
⬆️ Resistance: 52700
⬇️ Support: 49700
FBM KLCI: 1,679.52 pts (-13.91pts, -0.82%)
⬆️ Resistance: 1740
⬇️ Support: 1640
HSI Index: 24,657.06 pts (-304.89pts, -1.22%)
⬆️ Resistance: 26600
⬇️ Support: 24000
Crude Palm Oil: RM4,575 (RM0, 0.00%)
⬆️ Resistance: 4790
⬇️ Support: 4440
Brent Oil: $94.25 (+$1.16, +1.25%)
⬆️ Resistance: 101.00
⬇️ Support: 90.90
Gold: $4,330.17 (-$8.68, -0.20%)
⬆️ Resistance: 4640
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 50,786.01 pts (-80.77pts, -0.16%)
⬆️ Resistance: 52700
⬇️ Support: 49700
FBM KLCI: 1,679.52 pts (-13.91pts, -0.82%)
⬆️ Resistance: 1740
⬇️ Support: 1640
HSI Index: 24,657.06 pts (-304.89pts, -1.22%)
⬆️ Resistance: 26600
⬇️ Support: 24000
Crude Palm Oil: RM4,575 (RM0, 0.00%)
⬆️ Resistance: 4790
⬇️ Support: 4440
Brent Oil: $94.25 (+$1.16, +1.25%)
⬆️ Resistance: 101.00
⬇️ Support: 90.90
Gold: $4,330.17 (-$8.68, -0.20%)
⬆️ Resistance: 4640
⬇️ Support: 4190
Source: Bloomberg, M+ Global
👍3👏1
M+ Global Market Update – 09Jun26
Spotlight on Apple Following WWDC 2026
US: With the halt in Iran–Israel attacks and President Trump demanding a ceasefire between both nations, we believe the technical rebound on Wall Street will continue, provided there are no violations of the ongoing truce. Meanwhile, after facing criticism for lagging behind in the AI arms race for some time, we believe the spotlight will turn to Apple, as it has just kicked off its annual Worldwide Developers Conference (WWDC 2026), showcasing its AI catalysts for the future; these include (i) a multi-year deal with Google Gemini to power its heavy-duty Siri cloud reasoning and (ii) iOS 27 extensions that allow users to plug third-party AI chatbots directly into its operating system. Technically, Apple has now retraced toward its EMA20.
MY: Tracking the rebound on Wall Street, we believe it may spillover to the local bourse today. Meanwhile, with the weakening of the MYR toward the 4.07 level against the USD, we expect buying interest to be sustained in export-oriented sectors such as gloves, where TOPGLOV and HARTA are pending breakouts. Furthermore, with SUMTECH securing an impressive IPO oversubscription rate of 110.5x, we believe sentiment will bode well for cleanroom peers such as ICENTS, which formed a bullish pattern yesterday. Lastly, bakery producer and distributor HSSBAKERY (M+ TP: RM0.23) will close its IPO applications today.
Stocks to watch:
Plantation: SDG, SWKPLNT, *UTDPLT*, *WTK*
Technology: ECA, *MCLEAN*, VITROX
Construction: *CHB*, *HEGROUP*, *PWRWELL*
Gloves: HARTA, *TOPGLOV*
Chemical: PCHEM
Conglomerate: HAPSENG
**Source: M+ Global**
Spotlight on Apple Following WWDC 2026
US: With the halt in Iran–Israel attacks and President Trump demanding a ceasefire between both nations, we believe the technical rebound on Wall Street will continue, provided there are no violations of the ongoing truce. Meanwhile, after facing criticism for lagging behind in the AI arms race for some time, we believe the spotlight will turn to Apple, as it has just kicked off its annual Worldwide Developers Conference (WWDC 2026), showcasing its AI catalysts for the future; these include (i) a multi-year deal with Google Gemini to power its heavy-duty Siri cloud reasoning and (ii) iOS 27 extensions that allow users to plug third-party AI chatbots directly into its operating system. Technically, Apple has now retraced toward its EMA20.
MY: Tracking the rebound on Wall Street, we believe it may spillover to the local bourse today. Meanwhile, with the weakening of the MYR toward the 4.07 level against the USD, we expect buying interest to be sustained in export-oriented sectors such as gloves, where TOPGLOV and HARTA are pending breakouts. Furthermore, with SUMTECH securing an impressive IPO oversubscription rate of 110.5x, we believe sentiment will bode well for cleanroom peers such as ICENTS, which formed a bullish pattern yesterday. Lastly, bakery producer and distributor HSSBAKERY (M+ TP: RM0.23) will close its IPO applications today.
Stocks to watch:
Plantation: SDG, SWKPLNT, *UTDPLT*, *WTK*
Technology: ECA, *MCLEAN*, VITROX
Construction: *CHB*, *HEGROUP*, *PWRWELL*
Gloves: HARTA, *TOPGLOV*
Chemical: PCHEM
Conglomerate: HAPSENG
**Source: M+ Global**
😁2
Good Evening All,
After attending NCT Alliance Berhad’s 1QFY26 results briefing, here are our quick take for investors:
📈 Investment Highlights
📌 Structural revenue pivot (70-80% target). As industrial factories carry significantly higher development values than traditional residential properties, management expects industrial contributions to consistently anchor 70-80% of total group revenue moving forward.
📌 Data centre and industrialization trend to drive earnings surge. With Selangor solidifying its status as the nation's secondary choice for data centers right after Johor, NSIP is experiencing a surge in enquiries. Notably, Middle East data center players are actively looking to deploy capacity here, attracted by the park's smart capabilities. Hence, NCT is positioned to experience a major inflection point and a huge jump in earnings over the multi-year development horizon.
📌 World-class Managed Industrial Park (MIP) framework. NSIP is being developed as a highly specialized MIP catering to medium and heavy industries. The ecosystem is backed by a world-class smart command center integrating ESG compliance tools, utilities management, and solar CRESS (Corporate Renewable Energy Supply Scheme) infrastructure.
📌 RCPS structure to prevent share dilution. To fund its rapid landbanking and capital expenditure without hurting minority shareholders, the group is utilizing Redeemable Convertible Preference Shares (RCPS), effectively preventing immediate common share dilution.
📌 Recurring income stream. NCT is expected to benefit from recurring income stream through its Centralized Labor Quarters (CLQ) at NSIP and industrial asset leasing.
🏗️ Project Updates
📌 NSIP Phase 1 & 2 commercial traction. The NCT Smart Industrial Park (NSIP) continues to outperform, with Phase 1 achieving around 80% sales rate. Phase 2 earthworks are fully completed and actively being marketed, with management currently in advanced negotiations for a potential bulk purchase by customer.
📌 NCT Innosphere (Kedah-Thailand cross-border play). Expanding its economic footprint northward, the group is establishing the "NCT Innosphere" economic zone spanning Kedah and Thailand. This strategic corridor is designed to capture high-growth cross-border trade activities moving forward.
📌 East Malaysia residential pipeline. Secured a 51% stake in Setara Juara to develop Ion Marina Bay in Putatan, Sabah. This 250-acre mixed waterfront project brings a RM3.4bn GDV pipeline over 9 years, capitalizing on the RM442.3m Kota Kinabalu International Airport expansion.
💡M+ Global View
We favour NCT Alliance Berhad as it undergoes a massive structural re-rating from a domestic residential player into a premium, tech-driven industrial powerhouse. We like the group based on the following core catalysts: (i) the scalability of NSIP, where Phase 1 is already around 80% sold and Phase 2 is positioned for a bulk sale, (ii) its sweet-spot location in Selangor, capturing high-value Middle East data center demand as the state becomes a primary data center alternative to Johor, and (iii) the creation of the NCT Innosphere to monetize rising cross-border trade in the north. With a robust ESG-compliant Managed Industrial Park framework, a defensive capital layout via RCPS to prevent dilution, and an impending earnings surge backed by Malaysia’s AI and industrialization wave, NCT represents a compelling high-growth narrative moving forward.
M+ Global Research Team
9 June 2026
After attending NCT Alliance Berhad’s 1QFY26 results briefing, here are our quick take for investors:
📈 Investment Highlights
📌 Structural revenue pivot (70-80% target). As industrial factories carry significantly higher development values than traditional residential properties, management expects industrial contributions to consistently anchor 70-80% of total group revenue moving forward.
📌 Data centre and industrialization trend to drive earnings surge. With Selangor solidifying its status as the nation's secondary choice for data centers right after Johor, NSIP is experiencing a surge in enquiries. Notably, Middle East data center players are actively looking to deploy capacity here, attracted by the park's smart capabilities. Hence, NCT is positioned to experience a major inflection point and a huge jump in earnings over the multi-year development horizon.
📌 World-class Managed Industrial Park (MIP) framework. NSIP is being developed as a highly specialized MIP catering to medium and heavy industries. The ecosystem is backed by a world-class smart command center integrating ESG compliance tools, utilities management, and solar CRESS (Corporate Renewable Energy Supply Scheme) infrastructure.
📌 RCPS structure to prevent share dilution. To fund its rapid landbanking and capital expenditure without hurting minority shareholders, the group is utilizing Redeemable Convertible Preference Shares (RCPS), effectively preventing immediate common share dilution.
📌 Recurring income stream. NCT is expected to benefit from recurring income stream through its Centralized Labor Quarters (CLQ) at NSIP and industrial asset leasing.
🏗️ Project Updates
📌 NSIP Phase 1 & 2 commercial traction. The NCT Smart Industrial Park (NSIP) continues to outperform, with Phase 1 achieving around 80% sales rate. Phase 2 earthworks are fully completed and actively being marketed, with management currently in advanced negotiations for a potential bulk purchase by customer.
📌 NCT Innosphere (Kedah-Thailand cross-border play). Expanding its economic footprint northward, the group is establishing the "NCT Innosphere" economic zone spanning Kedah and Thailand. This strategic corridor is designed to capture high-growth cross-border trade activities moving forward.
📌 East Malaysia residential pipeline. Secured a 51% stake in Setara Juara to develop Ion Marina Bay in Putatan, Sabah. This 250-acre mixed waterfront project brings a RM3.4bn GDV pipeline over 9 years, capitalizing on the RM442.3m Kota Kinabalu International Airport expansion.
💡M+ Global View
We favour NCT Alliance Berhad as it undergoes a massive structural re-rating from a domestic residential player into a premium, tech-driven industrial powerhouse. We like the group based on the following core catalysts: (i) the scalability of NSIP, where Phase 1 is already around 80% sold and Phase 2 is positioned for a bulk sale, (ii) its sweet-spot location in Selangor, capturing high-value Middle East data center demand as the state becomes a primary data center alternative to Johor, and (iii) the creation of the NCT Innosphere to monetize rising cross-border trade in the north. With a robust ESG-compliant Managed Industrial Park framework, a defensive capital layout via RCPS to prevent dilution, and an impending earnings surge backed by Malaysia’s AI and industrialization wave, NCT represents a compelling high-growth narrative moving forward.
M+ Global Research Team
9 June 2026
👍2
M+ Global Market Wrap - 9Jun26
FBM KLCI: 1,675.50 pts (-4.02pts, -0.24%)
The FBM KLCI (-0.24%) closed lower at 1,675.50 pts, as investors remain cautious ahead of key US economic data that could offer clues on the Federal Reserve's interest rate path. The market breadth was negative, with 533 winners against 569 losers. Sector wise, Technology (+1.39%) outperformed, led by VITROX (+42.0 sen) and MPI (+130.0 sen) , while Property (-1.78%) declined the most.
Top 3 Active stocks:
HONGSENG (0041): RM0.015 (+0.5 sen)
ZETRIX (0138): RM0.825 (+0.5 sen)
TFP (0145): RM0.085 (+3.0 sen)
Top 3 Gainer stocks:
NESTLE (4707): RM94.44 (+244.0 sen)
MPI (3867): RM46.80 (+130.0 sen)
AJI (2658): RM15.48 (+106.0 sen)
Top 3 Loser stocks:
TANCO (2429): RM0.800 (-32.0 sen)
FACBIND (2984): RM1.66 (-19.0 sen)
PETGAS (6033): RM17.32 (-18.0 sen)
Volume: 3.76 bn (100-bar avg vol: 3.27 bn)
Value: RM2.90 bn (100-bar avg val: RM3.41 bn)
Market Breadth: ⬆️533 ⬇️569
Crude Palm Oil: RM4,575 (-RM56, -1.22%)
Dow Futures: 50,935 pts (+79 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,675.50 pts (-4.02pts, -0.24%)
The FBM KLCI (-0.24%) closed lower at 1,675.50 pts, as investors remain cautious ahead of key US economic data that could offer clues on the Federal Reserve's interest rate path. The market breadth was negative, with 533 winners against 569 losers. Sector wise, Technology (+1.39%) outperformed, led by VITROX (+42.0 sen) and MPI (+130.0 sen) , while Property (-1.78%) declined the most.
Top 3 Active stocks:
HONGSENG (0041): RM0.015 (+0.5 sen)
ZETRIX (0138): RM0.825 (+0.5 sen)
TFP (0145): RM0.085 (+3.0 sen)
Top 3 Gainer stocks:
NESTLE (4707): RM94.44 (+244.0 sen)
MPI (3867): RM46.80 (+130.0 sen)
AJI (2658): RM15.48 (+106.0 sen)
Top 3 Loser stocks:
TANCO (2429): RM0.800 (-32.0 sen)
FACBIND (2984): RM1.66 (-19.0 sen)
PETGAS (6033): RM17.32 (-18.0 sen)
Volume: 3.76 bn (100-bar avg vol: 3.27 bn)
Value: RM2.90 bn (100-bar avg val: RM3.41 bn)
Market Breadth: ⬆️533 ⬇️569
Crude Palm Oil: RM4,575 (-RM56, -1.22%)
Dow Futures: 50,935 pts (+79 pts)
**Source: M+ Global, Bloomberg **
👍2🥰1👏1
M+ Morning Market Buzz - 10Jun26
Dow Jones: 50,872.11 pts (+86.10pts, +0.17%)
⬆️ Resistance: 52700
⬇️ Support: 49300
FBM KLCI: 1,675.50 pts (-4.02pts, -0.24%)
⬆️ Resistance: 1740
⬇️ Support: 1640
HSI Index: 24,565.90 pts (-91.16pts, -0.37%)
⬆️ Resistance: 26500
⬇️ Support: 24000
Crude Palm Oil: RM4,528 (-RM10, -0.22%)
⬆️ Resistance: 4790
⬇️ Support: 4390
Brent Oil: $91.45 (-$2.80, -2.97%)
⬆️ Resistance: 101.00
⬇️ Support: 87.80
Gold: $4,260.85 (-$15.49, -0.36%)
⬆️ Resistance: 4610
⬇️ Support: 4160
Source: Bloomberg, M+ Global
Dow Jones: 50,872.11 pts (+86.10pts, +0.17%)
⬆️ Resistance: 52700
⬇️ Support: 49300
FBM KLCI: 1,675.50 pts (-4.02pts, -0.24%)
⬆️ Resistance: 1740
⬇️ Support: 1640
HSI Index: 24,565.90 pts (-91.16pts, -0.37%)
⬆️ Resistance: 26500
⬇️ Support: 24000
Crude Palm Oil: RM4,528 (-RM10, -0.22%)
⬆️ Resistance: 4790
⬇️ Support: 4390
Brent Oil: $91.45 (-$2.80, -2.97%)
⬆️ Resistance: 101.00
⬇️ Support: 87.80
Gold: $4,260.85 (-$15.49, -0.36%)
⬆️ Resistance: 4610
⬇️ Support: 4160
Source: Bloomberg, M+ Global
👍2😁1
M+ Global Market Update – 10Jun26
US-Iran Conflict Intensified with CPI Data In-Focus
US: We expect Wall Street to trade cautiously ahead ofthe May CPI data later tonight, which will provide insights into how Fed policymakers are likely to adjust their monetary policy moving forward. Meanwhile, investors will be watching Oracle's highly anticipated earnings later tonight, and we believe that sentiment regarding structural AI theme momentum will be sustained following OpenAI's confidential IPO filing. Lastly, we think traders could monitor paint and coatings manufacturer PPG Industries, underpinned by (i) record order rates from airline and military segments driven by PPG’s specialised coatings that shield planes from lightning strikes and (ii) its specialised heat-resistant coatings for AI data centre infrastructure.
MY: Following Wall Street’s strong sell-down yesterday, we believe the local bourse will face extended selling pressure today, particularly in the Tech sector, creating buy-on-the-dip opportunities. Meanwhile, we continue to favour the Utilities sector due to the ongoing data centre boom, with Ranhill pulling back from its recent high, creating an attractive entry level, while CBHB is now poised for a further breakout. Lastly, with Indonesia’s aggressive rollout of the B45/B50 biodiesel mandate, coupled with the anticipation of El Niño in the coming months, we believe sentiment will bode well for plantation counters, benefitting SDG, SOP, and UTDPLT.
Stocks to watch:
Technology: AMBEST, *CTOS*, GENETEC, KGB, VITROX
Construction: CHB, *HEGROUP*, *ICENTS*
Commodity: *MSC*
Utility: *RANHILL*
Property: SPSETIA
**Source: M+ Global**
US-Iran Conflict Intensified with CPI Data In-Focus
US: We expect Wall Street to trade cautiously ahead ofthe May CPI data later tonight, which will provide insights into how Fed policymakers are likely to adjust their monetary policy moving forward. Meanwhile, investors will be watching Oracle's highly anticipated earnings later tonight, and we believe that sentiment regarding structural AI theme momentum will be sustained following OpenAI's confidential IPO filing. Lastly, we think traders could monitor paint and coatings manufacturer PPG Industries, underpinned by (i) record order rates from airline and military segments driven by PPG’s specialised coatings that shield planes from lightning strikes and (ii) its specialised heat-resistant coatings for AI data centre infrastructure.
MY: Following Wall Street’s strong sell-down yesterday, we believe the local bourse will face extended selling pressure today, particularly in the Tech sector, creating buy-on-the-dip opportunities. Meanwhile, we continue to favour the Utilities sector due to the ongoing data centre boom, with Ranhill pulling back from its recent high, creating an attractive entry level, while CBHB is now poised for a further breakout. Lastly, with Indonesia’s aggressive rollout of the B45/B50 biodiesel mandate, coupled with the anticipation of El Niño in the coming months, we believe sentiment will bode well for plantation counters, benefitting SDG, SOP, and UTDPLT.
Stocks to watch:
Technology: AMBEST, *CTOS*, GENETEC, KGB, VITROX
Construction: CHB, *HEGROUP*, *ICENTS*
Commodity: *MSC*
Utility: *RANHILL*
Property: SPSETIA
**Source: M+ Global**
👍2
Good Morning All,
Here’s our IPO note on RT Pastry Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.26 per share for RT, indicating a 44.4% upside from the IPO price of RM0.18. This valuation is based on a P/E ratio of 12.0x, pegged to FY27f EPS of 2.15 sen.
Investment highlights include:
(i) New outlets rollout act as primary growth driver
(ii) Scaling potential from the wholesale segment
(iii) Cost-control through centralised manufacturing
(iv) Clean balance sheet
(v) Market share poised for growth
Research Team, M+ Global
10 Jun 26
Here’s our IPO note on RT Pastry Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.26 per share for RT, indicating a 44.4% upside from the IPO price of RM0.18. This valuation is based on a P/E ratio of 12.0x, pegged to FY27f EPS of 2.15 sen.
Investment highlights include:
(i) New outlets rollout act as primary growth driver
(ii) Scaling potential from the wholesale segment
(iii) Cost-control through centralised manufacturing
(iv) Clean balance sheet
(v) Market share poised for growth
Research Team, M+ Global
10 Jun 26
👍1