Good Afternoon All,
After attending Ramssol Group Berhad’s Q2 FY2026 results briefing, here is our quick take for investors:
🏢 Business Subsidiaries
📌 RAMS PeopleTech: Core business providing Human Capital Management (HCM) digital software solutions, consulting, and HR tech implementations.
📌 RAMS A.I. Tech: High-growth unit focused on scalable enterprise AI solutions, AI Cloud, smart city technologies, and AI Place & Train talent programs.
📌 RAMS MarTech: Digital marketing technology segment connecting brands with target audiences through precision marketing and media campaigns.
📌 RAMS AutoTech: Automotive technology arm running two-wheeler portals ("Jom Cari Motor"), EV bike deployment (Rider Gate), and JPJ system integrations.
📌 RAMS FinTech: Financial technology unit driving "Pay Day Now", an Earned Wage Access (EWA) platform allowing employees early access to a portion of earned salary.
📈 Investment Highlights
📌 Strong Q2 execution with solid double-digit earnings growth, as PATAMI expanded 30.1% YoY to RM7.44m (vs. RM5.72m in Q2 FY2025) on the back of a 9.4% top-line increase to RM27.28m, mainly driven by PeopleTech and A.I. Tech.
📌 PeopleTech segment anchors regional footprint, contributing 44% of revenue and 61% of PATAMI in Q2. Some of the implementations of Consulting and HCM include a shared service centre in Thailand and Touch 'n Go (MY/China)
📌 A.I. Tech surging as the group’s high-growth driver, delivering >87% YoY profit growth and securing key regional expansion via its 51%-owned Thai arm, Geekstart, which bagged the new AI Place & Train Program.
📌 Substantial order book visibility and deep tender pipeline, sitting on an active order book of RM226.49m (55.8% recurring) alongside a massive RM928.98m tender book heavily weighted toward A.I. Tech (62.6%) and PeopleTech (33.6%).
📌 Significant cash flow surge and strong balance sheet, with 1H 2026 operating cash flow jumping 11.5x YoY to RM53.87m (from RM4.68m in 1H 2025). Net cash position stands fortified with RM65.64m in cash balances and only RM9.70m in total borrowings after strategically paying down RM30.58m in short-term debt.
📌 Unlocking new monetisation avenues with FinTech and structural tax advantages, as its Earned Wage Access platform "Pay Day Now" prepares for better top-line contributions from Q3/Q4 FY2026 onwards. The group also expects its effective tax rate to stay low at 14%–16% over the next 3–5 years due to AI-related capital allowances.
💡 M+ Global View
📌 We view Ramssol’s strategic evolution into high-margin A.I. Solutions and FinTech as a key growth catalyst, moving well beyond traditional HR consulting. Its ongoing RM226.49m order book provides strong earnings stability while also powering regional scaling across Southeast Asia.
📌 The rollout of Pay Day Now, supported by tier-1 distribution partners like AmBank and CTOS, paves the way for scalable, recurring transaction revenue as employee onboarding ramps up.
📌 In short, key near-term catalysts for Ramssol include: (i) sustained order book conversion across regional HCM and AI projects , (ii) revenue scaling from the Pay Day Now EWA ecosystem and (iii) tax efficiency via AI capital allowances keeping effective tax rates at a lean 14%–16%.
M+ Global Research Team
11Aug26
After attending Ramssol Group Berhad’s Q2 FY2026 results briefing, here is our quick take for investors:
🏢 Business Subsidiaries
📌 RAMS PeopleTech: Core business providing Human Capital Management (HCM) digital software solutions, consulting, and HR tech implementations.
📌 RAMS A.I. Tech: High-growth unit focused on scalable enterprise AI solutions, AI Cloud, smart city technologies, and AI Place & Train talent programs.
📌 RAMS MarTech: Digital marketing technology segment connecting brands with target audiences through precision marketing and media campaigns.
📌 RAMS AutoTech: Automotive technology arm running two-wheeler portals ("Jom Cari Motor"), EV bike deployment (Rider Gate), and JPJ system integrations.
📌 RAMS FinTech: Financial technology unit driving "Pay Day Now", an Earned Wage Access (EWA) platform allowing employees early access to a portion of earned salary.
📈 Investment Highlights
📌 Strong Q2 execution with solid double-digit earnings growth, as PATAMI expanded 30.1% YoY to RM7.44m (vs. RM5.72m in Q2 FY2025) on the back of a 9.4% top-line increase to RM27.28m, mainly driven by PeopleTech and A.I. Tech.
📌 PeopleTech segment anchors regional footprint, contributing 44% of revenue and 61% of PATAMI in Q2. Some of the implementations of Consulting and HCM include a shared service centre in Thailand and Touch 'n Go (MY/China)
📌 A.I. Tech surging as the group’s high-growth driver, delivering >87% YoY profit growth and securing key regional expansion via its 51%-owned Thai arm, Geekstart, which bagged the new AI Place & Train Program.
📌 Substantial order book visibility and deep tender pipeline, sitting on an active order book of RM226.49m (55.8% recurring) alongside a massive RM928.98m tender book heavily weighted toward A.I. Tech (62.6%) and PeopleTech (33.6%).
📌 Significant cash flow surge and strong balance sheet, with 1H 2026 operating cash flow jumping 11.5x YoY to RM53.87m (from RM4.68m in 1H 2025). Net cash position stands fortified with RM65.64m in cash balances and only RM9.70m in total borrowings after strategically paying down RM30.58m in short-term debt.
📌 Unlocking new monetisation avenues with FinTech and structural tax advantages, as its Earned Wage Access platform "Pay Day Now" prepares for better top-line contributions from Q3/Q4 FY2026 onwards. The group also expects its effective tax rate to stay low at 14%–16% over the next 3–5 years due to AI-related capital allowances.
💡 M+ Global View
📌 We view Ramssol’s strategic evolution into high-margin A.I. Solutions and FinTech as a key growth catalyst, moving well beyond traditional HR consulting. Its ongoing RM226.49m order book provides strong earnings stability while also powering regional scaling across Southeast Asia.
📌 The rollout of Pay Day Now, supported by tier-1 distribution partners like AmBank and CTOS, paves the way for scalable, recurring transaction revenue as employee onboarding ramps up.
📌 In short, key near-term catalysts for Ramssol include: (i) sustained order book conversion across regional HCM and AI projects , (ii) revenue scaling from the Pay Day Now EWA ecosystem and (iii) tax efficiency via AI capital allowances keeping effective tax rates at a lean 14%–16%.
M+ Global Research Team
11Aug26
🥰2
M+ Market Buzz - 12Aug26
Dow Jones: 53,791.85 pts (-184.13pts, -0.34%)
⬆️ Resistance: 55900
⬇️ Support: 52700
FBM KLCI: 1,731.46 pts (-3.91pts, -0.23%)
⬆️ Resistance: 1790
⬇️ Support: 1700
HSI Index: 25,652.82 pts (-284.67pts, -1.10%)
⬆️ Resistance: 26600
⬇️ Support: 24900
Crude Palm Oil: RM4,748 (-RM31, -0.65%)
⬆️ Resistance: 4870
⬇️ Support: 4560
Brent Oil: $88.91 (+$1.19, +1.36%)
⬆️ Resistance: 91.90
⬇️ Support: 76.60
Gold: $4,370.11 (-$1.70, -0.11%)
⬆️ Resistance: 4530
⬇️ Support: 3990
Source: Bloomberg, M+Global
Dow Jones: 53,791.85 pts (-184.13pts, -0.34%)
⬆️ Resistance: 55900
⬇️ Support: 52700
FBM KLCI: 1,731.46 pts (-3.91pts, -0.23%)
⬆️ Resistance: 1790
⬇️ Support: 1700
HSI Index: 25,652.82 pts (-284.67pts, -1.10%)
⬆️ Resistance: 26600
⬇️ Support: 24900
Crude Palm Oil: RM4,748 (-RM31, -0.65%)
⬆️ Resistance: 4870
⬇️ Support: 4560
Brent Oil: $88.91 (+$1.19, +1.36%)
⬆️ Resistance: 91.90
⬇️ Support: 76.60
Gold: $4,370.11 (-$1.70, -0.11%)
⬆️ Resistance: 4530
⬇️ Support: 3990
Source: Bloomberg, M+Global
👍3
M+ Global Market Update – 12Aug26
Green Energy Catalysts To Fuel Rebound On Bursa
US: Wall Street is expected to open mixed amid cautious sentiment ahead of Wednesday's US CPI inflation report and persistent US–Iran geopolitical tensions. However, we expect market participants may shrug off concerns over the inflation print, focusing instead on sustained AI infrastructure demand, highlighted by recent momentum around CoreWeave, which continues to provide underlying support for growth tech leaders. Consequently, institutional capital will likely remain split between growth positions and defensive hedges, as portfolios rotate from recent winners towards improved risk/reward opportunities.
MY: Closer to home, the FBM KLCI is projected to trade on a stronger footing and is likely to rebound, bolstered by positive policy catalysts, including the government's award of 331MW in green energy projects under the Feed-in Tariff programme, worth over RM4bn. Besides, we expect momentum to be seen in ISF following its recent technical breakout, supported by its business exposure to industrial and data centre utility projects. Lastly, FOODIE remains in focus after breaking out of its downtrend line while holding steady above its 100-day SMA, signalling renewed buying interest.
Stocks to watch:
Technology: *ATECH*, *MCLEAN*, MI
Consumer: 99SMART, *FOODIE*
Glove: *HARTA*
Plantation: *WTK*
Utility: *ISF*
Shipping: MTTSL
**Source: M+ Global**
Green Energy Catalysts To Fuel Rebound On Bursa
US: Wall Street is expected to open mixed amid cautious sentiment ahead of Wednesday's US CPI inflation report and persistent US–Iran geopolitical tensions. However, we expect market participants may shrug off concerns over the inflation print, focusing instead on sustained AI infrastructure demand, highlighted by recent momentum around CoreWeave, which continues to provide underlying support for growth tech leaders. Consequently, institutional capital will likely remain split between growth positions and defensive hedges, as portfolios rotate from recent winners towards improved risk/reward opportunities.
MY: Closer to home, the FBM KLCI is projected to trade on a stronger footing and is likely to rebound, bolstered by positive policy catalysts, including the government's award of 331MW in green energy projects under the Feed-in Tariff programme, worth over RM4bn. Besides, we expect momentum to be seen in ISF following its recent technical breakout, supported by its business exposure to industrial and data centre utility projects. Lastly, FOODIE remains in focus after breaking out of its downtrend line while holding steady above its 100-day SMA, signalling renewed buying interest.
Stocks to watch:
Technology: *ATECH*, *MCLEAN*, MI
Consumer: 99SMART, *FOODIE*
Glove: *HARTA*
Plantation: *WTK*
Utility: *ISF*
Shipping: MTTSL
**Source: M+ Global**
M+ Global Market Wrap - 12Aug26
FBM KLCI: 1,741.61 pts (+10.15pts, +0.59%)
The local bourse climbed today, supported by encouraging domestic economic data, with June wholesale and retail trade sales rising 10.1% YoY to RM168.5bn. PCHEM (+21.0 sen) and TENAGA (+24.0 sen) supported the FBMKLCI index, and the market breadth finished positive with 661 gainers outpacing 512 losers. Sector wise, Utilities (+1.65%) outperformed, led by TENAGA (+24.0 sen) and YTLPOWR (+16.0 sen), while REIT (-0.40%) lagged the most.
Top 3 Active stocks:
DNEX (4456): RM0.530 (+3.5 sen)
NEXGRAM (0096): RM0.060 (+0.5 sen)
ZETRIX (0138): RM0.740 (+2.5 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.60 (+40.0 sen)
NESTLE (4707): RM102.90 (+30.0 sen)
UMSINT (5340): RM8.15 (+28.0 sen)
Top 3 Loser stocks:
MPI (3867): RM47.50 (-60.0 sen)
HLIND (3301): RM17.64 (-34.0 sen)
IDEAL (9687): RM3.50 (-17.0 sen)
Volume: 3.70 bn (100-bar avg vol: 3.37 bn)
Value: RM3.27 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️661 ⬇️512
Crude Palm Oil: RM4,748 (-RM55, -1.16%)
Dow Futures: 53,893 pts (+13 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,741.61 pts (+10.15pts, +0.59%)
The local bourse climbed today, supported by encouraging domestic economic data, with June wholesale and retail trade sales rising 10.1% YoY to RM168.5bn. PCHEM (+21.0 sen) and TENAGA (+24.0 sen) supported the FBMKLCI index, and the market breadth finished positive with 661 gainers outpacing 512 losers. Sector wise, Utilities (+1.65%) outperformed, led by TENAGA (+24.0 sen) and YTLPOWR (+16.0 sen), while REIT (-0.40%) lagged the most.
Top 3 Active stocks:
DNEX (4456): RM0.530 (+3.5 sen)
NEXGRAM (0096): RM0.060 (+0.5 sen)
ZETRIX (0138): RM0.740 (+2.5 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.60 (+40.0 sen)
NESTLE (4707): RM102.90 (+30.0 sen)
UMSINT (5340): RM8.15 (+28.0 sen)
Top 3 Loser stocks:
MPI (3867): RM47.50 (-60.0 sen)
HLIND (3301): RM17.64 (-34.0 sen)
IDEAL (9687): RM3.50 (-17.0 sen)
Volume: 3.70 bn (100-bar avg vol: 3.37 bn)
Value: RM3.27 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️661 ⬇️512
Crude Palm Oil: RM4,748 (-RM55, -1.16%)
Dow Futures: 53,893 pts (+13 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 13Aug26
Dow Jones: 53,770.27 pts (-21.58pts, -0.04%)
⬆️ Resistance: 55600
⬇️ Support: 52700
FBM KLCI: 1,741.61 pts (+10.15pts, +0.59%)
⬆️ Resistance: 1790
⬇️ Support: 1700
HSI Index: 25,440.17 pts (-212.65pts, -0.83%)
⬆️ Resistance: 26600
⬇️ Support: 24900
Crude Palm Oil: RM4,697 (+RM9, +0.19%)
⬆️ Resistance: 4870
⬇️ Support: 4560
Brent Oil: $88.98 (+$0.07, +0.08%)
⬆️ Resistance: 91.90
⬇️ Support: 77.40
Gold: $4,408.29 (-$5.83, -0.17%)
⬆️ Resistance: 4530
⬇️ Support: 4140
Source: Bloomberg, M+Global
Dow Jones: 53,770.27 pts (-21.58pts, -0.04%)
⬆️ Resistance: 55600
⬇️ Support: 52700
FBM KLCI: 1,741.61 pts (+10.15pts, +0.59%)
⬆️ Resistance: 1790
⬇️ Support: 1700
HSI Index: 25,440.17 pts (-212.65pts, -0.83%)
⬆️ Resistance: 26600
⬇️ Support: 24900
Crude Palm Oil: RM4,697 (+RM9, +0.19%)
⬆️ Resistance: 4870
⬇️ Support: 4560
Brent Oil: $88.98 (+$0.07, +0.08%)
⬆️ Resistance: 91.90
⬇️ Support: 77.40
Gold: $4,408.29 (-$5.83, -0.17%)
⬆️ Resistance: 4530
⬇️ Support: 4140
Source: Bloomberg, M+Global
👍3👏1
M+ Global Market Update – 13Aug26
Markets Ended Higher Following A Soft CPI Print
US: Following a cooling 3.4% CPI print, which saw market fears of a rate hike subside, Wall Street is expected to maintain its positive momentum in the near term. Meanwhile, we like Super Micro Computer (SMCI) as it delivered a blowout quarterly profit that beat consensus estimates, accompanied by upgraded forward guidance that confirms its strong pricing power and relentless demand for liquid-cooled AI server racks. Lastly, we continue to favour Fortinet (FTNT) due to (i) its strong double-digit revenue and billings growth driven by AI and data centre (DC) demand, and (ii) its unified Secure Access Service Edge (SASE) and next-gen firewall platform strategy capturing large enterprise upgrades.
MY: Tracking the positive overnight performance on Wall Street, we expect the local bourse to extend its bullish momentum today. Meanwhile, while buying interest was seen in water-related stocks such as RANHILL and ISF, we also favour IAB, underpinned by (i) the accelerating water infrastructure rollouts in Sarawak, (ii) national non-revenue water (NRW) reduction programmes, and (iii) IAB’s expanding high-margin intelligent asset management solutions. Lastly, we continue to favour both SAM and MCLEAN, with the former acting as Applied Materials’ proxy, while the latter benefits from strong precision cleaning and surface treatment demand.
Stocks to watch:
Technology: *3REN*, AEMULUS, *MI*, *OXB*, SNS, *VSTECS*
Utility: *BMGREEN*, PEKAT
Construction: *ISF*
Plantation: WTK
**Source: M+ Global**
Markets Ended Higher Following A Soft CPI Print
US: Following a cooling 3.4% CPI print, which saw market fears of a rate hike subside, Wall Street is expected to maintain its positive momentum in the near term. Meanwhile, we like Super Micro Computer (SMCI) as it delivered a blowout quarterly profit that beat consensus estimates, accompanied by upgraded forward guidance that confirms its strong pricing power and relentless demand for liquid-cooled AI server racks. Lastly, we continue to favour Fortinet (FTNT) due to (i) its strong double-digit revenue and billings growth driven by AI and data centre (DC) demand, and (ii) its unified Secure Access Service Edge (SASE) and next-gen firewall platform strategy capturing large enterprise upgrades.
MY: Tracking the positive overnight performance on Wall Street, we expect the local bourse to extend its bullish momentum today. Meanwhile, while buying interest was seen in water-related stocks such as RANHILL and ISF, we also favour IAB, underpinned by (i) the accelerating water infrastructure rollouts in Sarawak, (ii) national non-revenue water (NRW) reduction programmes, and (iii) IAB’s expanding high-margin intelligent asset management solutions. Lastly, we continue to favour both SAM and MCLEAN, with the former acting as Applied Materials’ proxy, while the latter benefits from strong precision cleaning and surface treatment demand.
Stocks to watch:
Technology: *3REN*, AEMULUS, *MI*, *OXB*, SNS, *VSTECS*
Utility: *BMGREEN*, PEKAT
Construction: *ISF*
Plantation: WTK
**Source: M+ Global**
Good Morning All,
We issued a company update report on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
EITA Resources Berhad announced that its wholly-owned subsidiary, EITA Elevator (Malaysia) Sdn Bhd, has accepted a Letter of Award worth RM62.3m from Prasarana Malaysia Berhad. The contract entails the proposed upgrading of lifts and escalators at Light Rail Transit (LRT) stations along the Kelana Jaya Line (from Gombak to Kelana Jaya, including the Subang Depot). The project duration is 48 months from the commencement date specified in the Notice to Proceed. The award will not affect the group's share capital or shareholding structure and is not expected to have a material impact on earnings for FY26.
Downgraded to HOLD with a same TP of RM0.60. As the share price has already rallied ahead of this announcement, we downgraded our call from Buy to Hold on EITA with an unchanged target price of RM0.60. The target price is derived based on a P/E ratio of 11.0x pegged to our FY27f EPS of 5.43 sen.
Research Team, M+ Global
13 Aug 2026
We issued a company update report on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
EITA Resources Berhad announced that its wholly-owned subsidiary, EITA Elevator (Malaysia) Sdn Bhd, has accepted a Letter of Award worth RM62.3m from Prasarana Malaysia Berhad. The contract entails the proposed upgrading of lifts and escalators at Light Rail Transit (LRT) stations along the Kelana Jaya Line (from Gombak to Kelana Jaya, including the Subang Depot). The project duration is 48 months from the commencement date specified in the Notice to Proceed. The award will not affect the group's share capital or shareholding structure and is not expected to have a material impact on earnings for FY26.
Downgraded to HOLD with a same TP of RM0.60. As the share price has already rallied ahead of this announcement, we downgraded our call from Buy to Hold on EITA with an unchanged target price of RM0.60. The target price is derived based on a P/E ratio of 11.0x pegged to our FY27f EPS of 5.43 sen.
Research Team, M+ Global
13 Aug 2026
M+ Global Market Wrap - 13Aug26
FBM KLCI: 1,734.71 pts (-6.90pts, -0.40%)
The local bourse closed lower today as sentiment turned weaker as crude oil picked up amid rising uncertainty in the Strait of Hormuz, dampening the global risk appetite. Market breadth was negative with 703 losers outpacing 410 gainers, as the index was dragged down by YTLPOWR (-9.0 sen) and PCHEM (-10.0 sen). Sector wise, Reit (+0.43%) outperformed, led by SUNREIT (+4.0 sen) and PAVREIT (+2.0 sen), while Plantation (-1.00%) lagged the most.
Top 3 Active stocks:
KEYASIC (0143): RM0.080 (+4.5 sen)
SCBUILD (0109): RM0.005 (-0.5 sen)
HHRG (0175): RM0.155 (UNCH)
Top 3 Gainer stocks:
NESTLE (4707): RM103.50 (+60.0 sen)
MPI (3867): RM47.84 (+34.0 sen)
UMSINT (5340): RM8.45 (+30.0 sen)
Top 3 Loser stocks:
HLBANK (5819): RM22.34 (-36.0 sen)
F&N (3689): RM26.58 (-32.0 sen)
UTDPLT (2089): RM33.30 (-30.0 sen)
Volume: 3.52 bn (100-bar avg vol: 3.38 bn)
Value: RM3.05 bn (100-bar avg val: RM3.12 bn)
Market Breadth: ⬆️410 ⬇️703
Crude Palm Oil: RM4,697 (+RM18, +0.38%)
Dow Futures: 53,998 pts (+127 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,734.71 pts (-6.90pts, -0.40%)
The local bourse closed lower today as sentiment turned weaker as crude oil picked up amid rising uncertainty in the Strait of Hormuz, dampening the global risk appetite. Market breadth was negative with 703 losers outpacing 410 gainers, as the index was dragged down by YTLPOWR (-9.0 sen) and PCHEM (-10.0 sen). Sector wise, Reit (+0.43%) outperformed, led by SUNREIT (+4.0 sen) and PAVREIT (+2.0 sen), while Plantation (-1.00%) lagged the most.
Top 3 Active stocks:
KEYASIC (0143): RM0.080 (+4.5 sen)
SCBUILD (0109): RM0.005 (-0.5 sen)
HHRG (0175): RM0.155 (UNCH)
Top 3 Gainer stocks:
NESTLE (4707): RM103.50 (+60.0 sen)
MPI (3867): RM47.84 (+34.0 sen)
UMSINT (5340): RM8.45 (+30.0 sen)
Top 3 Loser stocks:
HLBANK (5819): RM22.34 (-36.0 sen)
F&N (3689): RM26.58 (-32.0 sen)
UTDPLT (2089): RM33.30 (-30.0 sen)
Volume: 3.52 bn (100-bar avg vol: 3.38 bn)
Value: RM3.05 bn (100-bar avg val: RM3.12 bn)
Market Breadth: ⬆️410 ⬇️703
Crude Palm Oil: RM4,697 (+RM18, +0.38%)
Dow Futures: 53,998 pts (+127 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on Deere & Company (DE): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Precision Agriculture monetization via MY2026 rollout
(ii) Tariffs resilience through USD20bn manufacturing pledge
(iii) Decent 2QFY26 results
Research Team, M+ Global
13 Aug 2026
We issued a technical buy call on Deere & Company (DE): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Precision Agriculture monetization via MY2026 rollout
(ii) Tariffs resilience through USD20bn manufacturing pledge
(iii) Decent 2QFY26 results
Research Team, M+ Global
13 Aug 2026
M+ Market Buzz - 14Aug26
Dow Jones: 53,839.99 pts (+69.72pts, +0.13%)
⬆️ Resistance: 55400
⬇️ Support: 52600
FBM KLCI: 1,734.71 pts (-6.90pts, -0.40%)
⬆️ Resistance: 1780
⬇️ Support: 1700
HSI Index: 25,396.51 pts (-43.66pts, -0.17%)
⬆️ Resistance: 26600
⬇️ Support: 24800
Crude Palm Oil: RM4,724 (+RM1, +0.02%)
⬆️ Resistance: 4870
⬇️ Support: 4560
Brent Oil: $87.07 (-$1.91, -2.15%)
⬆️ Resistance: 91.90
⬇️ Support: 79.90
Gold: $4,350.39 (+$1.85, +0.04%)
⬆️ Resistance: 4540
⬇️ Support: 4150
Source: Bloomberg, M+Global
Dow Jones: 53,839.99 pts (+69.72pts, +0.13%)
⬆️ Resistance: 55400
⬇️ Support: 52600
FBM KLCI: 1,734.71 pts (-6.90pts, -0.40%)
⬆️ Resistance: 1780
⬇️ Support: 1700
HSI Index: 25,396.51 pts (-43.66pts, -0.17%)
⬆️ Resistance: 26600
⬇️ Support: 24800
Crude Palm Oil: RM4,724 (+RM1, +0.02%)
⬆️ Resistance: 4870
⬇️ Support: 4560
Brent Oil: $87.07 (-$1.91, -2.15%)
⬆️ Resistance: 91.90
⬇️ Support: 79.90
Gold: $4,350.39 (+$1.85, +0.04%)
⬆️ Resistance: 4540
⬇️ Support: 4150
Source: Bloomberg, M+Global
👍2
M+ Global Market Update – 14Aug26
Easing Rate Concerns Set to Fuel Bursa Recovery
US: Wall Street is expected to maintain its positive momentum following lower-than-expected PPI and CPI figures, which have eased rate-hike fears. Meanwhile, we favour Heartflow (HTFL) after it delivered a strong Q2 earnings beat and upgraded its full-year 2026 guidance, confirming the accelerating adoption of its AI cardiac diagnostics platform. In the defence sector, Northrop Grumman (NOC) remains in focus after securing a $158.8 million U.S. Department of War contract modification, with the stock currently poised for a technical breakout above its 200-day SMA. Lastly, broader tech leaders continue to draw support from relentless AI infrastructure spending.
MY: Closer to home, the local bourse is expected to trade on a firmer footing and attempt a rebound, tracking overnight gains on Wall Street alongside improving global risk sentiment. Sectoral buying interest is set to reignite across technology heavyweights INARI, FRONTKN, and NATGATE, supported by accelerating global AI capital expenditure and a steady semiconductor recovery. Besides, momentum is expected to spill over to CORAZA, underpinned by rising demand for precision engineering and sheet metal fabrication in the semiconductor equipment space, as well as an improving technical setup following recent accumulation.
Stocks to watch:
Technology: *CNERGEN*, EDELTEQ, *LGMS*, *OGX*, OXB, *UCHITEC*, *VSTECS*
Plastic: *TGUAN*
Financial: *CIMB*
Plantation: WTK
**Source: M+ Global**
Easing Rate Concerns Set to Fuel Bursa Recovery
US: Wall Street is expected to maintain its positive momentum following lower-than-expected PPI and CPI figures, which have eased rate-hike fears. Meanwhile, we favour Heartflow (HTFL) after it delivered a strong Q2 earnings beat and upgraded its full-year 2026 guidance, confirming the accelerating adoption of its AI cardiac diagnostics platform. In the defence sector, Northrop Grumman (NOC) remains in focus after securing a $158.8 million U.S. Department of War contract modification, with the stock currently poised for a technical breakout above its 200-day SMA. Lastly, broader tech leaders continue to draw support from relentless AI infrastructure spending.
MY: Closer to home, the local bourse is expected to trade on a firmer footing and attempt a rebound, tracking overnight gains on Wall Street alongside improving global risk sentiment. Sectoral buying interest is set to reignite across technology heavyweights INARI, FRONTKN, and NATGATE, supported by accelerating global AI capital expenditure and a steady semiconductor recovery. Besides, momentum is expected to spill over to CORAZA, underpinned by rising demand for precision engineering and sheet metal fabrication in the semiconductor equipment space, as well as an improving technical setup following recent accumulation.
Stocks to watch:
Technology: *CNERGEN*, EDELTEQ, *LGMS*, *OGX*, OXB, *UCHITEC*, *VSTECS*
Plastic: *TGUAN*
Financial: *CIMB*
Plantation: WTK
**Source: M+ Global**
Good Morning All,
We issued a company update report on our coverage stock CAB Cakaran Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
CAB Cakaran Corporation Berhad (CAB) announced that its indirect wholly-owned subsidiary, CAB Cakaran (Timur) Sdn Bhd (CABT), has entered into three 21-year Lease Agreements with Kerajaan Negeri Terengganu to lease 414.63 hectares (~1,024.5 acres) of agricultural land for a modern poultry farming project. The project carries an estimated total investment cost of RM105.0m to be developed in two phases, featuring 100 closed-house chicken coops with an aggregate rearing capacity of 2.0m chickens (Phase 1: 50 coops / 1.0m capacity over 2 years development at RM52.5m; Phase 2: 50 coops / 1.0m capacity over 2 years development post-Phase 1 at RM52.5m). Total annual lease charges stand at a nominal RM62.2k, with the first two years (RM124.4k) paid upfront. Development work is required to begin within 3 months. The lease will not affect share capital and is not expected to have a material impact on earnings for FY26.
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+ Global
14 Aug 2026
We issued a company update report on our coverage stock CAB Cakaran Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
CAB Cakaran Corporation Berhad (CAB) announced that its indirect wholly-owned subsidiary, CAB Cakaran (Timur) Sdn Bhd (CABT), has entered into three 21-year Lease Agreements with Kerajaan Negeri Terengganu to lease 414.63 hectares (~1,024.5 acres) of agricultural land for a modern poultry farming project. The project carries an estimated total investment cost of RM105.0m to be developed in two phases, featuring 100 closed-house chicken coops with an aggregate rearing capacity of 2.0m chickens (Phase 1: 50 coops / 1.0m capacity over 2 years development at RM52.5m; Phase 2: 50 coops / 1.0m capacity over 2 years development post-Phase 1 at RM52.5m). Total annual lease charges stand at a nominal RM62.2k, with the first two years (RM124.4k) paid upfront. Development work is required to begin within 3 months. The lease will not affect share capital and is not expected to have a material impact on earnings for FY26.
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+ Global
14 Aug 2026
M+ Global Market Wrap - 14Aug26
FBM KLCI: 1,727.39 pts (-7.32pts, -0.42%)
Amid fluctuating global oil prices and ongoing uncertainty surrounding the reopening of the Strait of Hormuz, the local bourse traded on a cautious note today. Market breadth remained negative with 619 losers outpacing 538 gainers. The FBM KLCI was dragged down by SDG (-15.0 sen) and PMETAL (-28.0 sen). Sector wise, Utilities (+2.21%) outperformed, led by YTL (+6.0 sen) and RANHILL (+30.0 sen), while Industrial Products (-1.19%) lagged the most.
Top 3 Active stocks:
JAKS (4723): RM0.105 (+1.5 sen)
KEYASIC (0143): RM0.075 (-0.5 sen)
HHRG (0175): RM0.135 (-2.0 sen)
Top 3 Gainer stocks:
HLIND (3301): RM18.00 (+32.0 sen)
RANHILL (5272): RM2.66 (+30.0 sen)
CHB (0291): RM2.11 (+19.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM102.70 (-80.0 sen)
UTDPLT (2089): RM32.88 (-42.0 sen)
MPI (3867): RM47.50 (-34.0 sen)
Volume: 3.51 bn (100-bar avg vol: 3.38 bn)
Value: RM2.60 bn (100-bar avg val: RM3.12 bn)
Market Breadth: ⬆️538 ⬇️619
Crude Palm Oil: RM4,724 (-RM1, -0.02%)
Dow Futures: 53,873 pts (-62 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,727.39 pts (-7.32pts, -0.42%)
Amid fluctuating global oil prices and ongoing uncertainty surrounding the reopening of the Strait of Hormuz, the local bourse traded on a cautious note today. Market breadth remained negative with 619 losers outpacing 538 gainers. The FBM KLCI was dragged down by SDG (-15.0 sen) and PMETAL (-28.0 sen). Sector wise, Utilities (+2.21%) outperformed, led by YTL (+6.0 sen) and RANHILL (+30.0 sen), while Industrial Products (-1.19%) lagged the most.
Top 3 Active stocks:
JAKS (4723): RM0.105 (+1.5 sen)
KEYASIC (0143): RM0.075 (-0.5 sen)
HHRG (0175): RM0.135 (-2.0 sen)
Top 3 Gainer stocks:
HLIND (3301): RM18.00 (+32.0 sen)
RANHILL (5272): RM2.66 (+30.0 sen)
CHB (0291): RM2.11 (+19.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM102.70 (-80.0 sen)
UTDPLT (2089): RM32.88 (-42.0 sen)
MPI (3867): RM47.50 (-34.0 sen)
Volume: 3.51 bn (100-bar avg vol: 3.38 bn)
Value: RM2.60 bn (100-bar avg val: RM3.12 bn)
Market Breadth: ⬆️538 ⬇️619
Crude Palm Oil: RM4,724 (-RM1, -0.02%)
Dow Futures: 53,873 pts (-62 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Global Market Update – 17Aug26
Upside Capped as Geopolitical Friction Persists
US: As investors digest mixed economic data from the past week, Wall Street is expected to kickstart the week on a more neutral note, with buying interest re-emerging in domestic aerospace and defence companies following Trump’s imposition of 100% tariffs on foreign defence drones, benefiting companies such as Lockheed Martin (LMT) and Kratos Defense (KTOS). We also like Analog Devices (ADI) as the company benefits from high demand for high-performance analog chips tailored for next-gen AI server racks and DC rollouts. Lastly, buying interest might return to Netflix (NFLX) after billionaire investor Bill Ackman disclosed a major new equity position in it, which provides high-profile institutional validation.
MY: Tracking the negative overnight performance on Wall Street, we expect the local bourse to kickstart the week on a weaker note. Meanwhile, we continue to favour IAB, underpinned by (i) accelerating water infrastructure rollouts in Sarawak, (ii) national non-revenue water reduction programmes, and (iii) IAB’s expanding high-margin intelligent asset management solutions. Besides, we also like both CORAZA and IOIPROP, with the former benefiting from soaring global demand for wafer fabrication equipment, while the latter remains favoured as owning 10 IOIPROP shares entitles investors to buy one IOI REIT unit via its upcoming restricted offer.
Stocks to watch:
Technology: *3REN*, AMS, *MCLEAN*, SAM, *UCHITEC*, VSTECS
Utility: *BMGREEN*, *IAB*
Construction: *ISF*, WESTRVR
Plantation: WTK
Consumer: MFLOUR
**Source: M+ Global**
Upside Capped as Geopolitical Friction Persists
US: As investors digest mixed economic data from the past week, Wall Street is expected to kickstart the week on a more neutral note, with buying interest re-emerging in domestic aerospace and defence companies following Trump’s imposition of 100% tariffs on foreign defence drones, benefiting companies such as Lockheed Martin (LMT) and Kratos Defense (KTOS). We also like Analog Devices (ADI) as the company benefits from high demand for high-performance analog chips tailored for next-gen AI server racks and DC rollouts. Lastly, buying interest might return to Netflix (NFLX) after billionaire investor Bill Ackman disclosed a major new equity position in it, which provides high-profile institutional validation.
MY: Tracking the negative overnight performance on Wall Street, we expect the local bourse to kickstart the week on a weaker note. Meanwhile, we continue to favour IAB, underpinned by (i) accelerating water infrastructure rollouts in Sarawak, (ii) national non-revenue water reduction programmes, and (iii) IAB’s expanding high-margin intelligent asset management solutions. Besides, we also like both CORAZA and IOIPROP, with the former benefiting from soaring global demand for wafer fabrication equipment, while the latter remains favoured as owning 10 IOIPROP shares entitles investors to buy one IOI REIT unit via its upcoming restricted offer.
Stocks to watch:
Technology: *3REN*, AMS, *MCLEAN*, SAM, *UCHITEC*, VSTECS
Utility: *BMGREEN*, *IAB*
Construction: *ISF*, WESTRVR
Plantation: WTK
Consumer: MFLOUR
**Source: M+ Global**
👍2
M+ Market Buzz - 17Aug26
Dow Jones: 53,732.41 pts (-107.58pts, -0.20%)
⬆️ Resistance: 55400
⬇️ Support: 52600
FBM KLCI: 1,727.39 pts (-7.32pts, -0.42%)
⬆️ Resistance: 1780
⬇️ Support: 1700
HSI Index: 25,116.85 pts (-279.66pts, -1.10%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,807 (+RM2, +0.04%)
⬆️ Resistance: 4870
⬇️ Support: 4580
Brent Oil: $88.52 (-$0.07, -0.08%)
⬆️ Resistance: 91.90
⬇️ Support: 81.70
Gold: $4,376.40 (+$16.68, +0.38%)
⬆️ Resistance: 4540
⬇️ Support: 4230
Source: Bloomberg, M+Global
Dow Jones: 53,732.41 pts (-107.58pts, -0.20%)
⬆️ Resistance: 55400
⬇️ Support: 52600
FBM KLCI: 1,727.39 pts (-7.32pts, -0.42%)
⬆️ Resistance: 1780
⬇️ Support: 1700
HSI Index: 25,116.85 pts (-279.66pts, -1.10%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,807 (+RM2, +0.04%)
⬆️ Resistance: 4870
⬇️ Support: 4580
Brent Oil: $88.52 (-$0.07, -0.08%)
⬆️ Resistance: 91.90
⬇️ Support: 81.70
Gold: $4,376.40 (+$16.68, +0.38%)
⬆️ Resistance: 4540
⬇️ Support: 4230
Source: Bloomberg, M+Global
👍2
M+ Global Market Wrap - 17Aug26
FBM KLCI: 1,725.89 pts (-1.50pts, -0.09%)
The local bourse traded cautiously today amid heightened geopolitical concerns, as shipping through the Strait of Hormuz slowed to a near standstill following recent tanker attacks and the expiry of the 60-day U.S.–Iran memorandum. This cautious sentiment saw market breadth turn negative with 625 losers outpacing 559 gainers, as banking heavyweights CIMB (-8.0 sen) and PBBANK (-3.0 sen) dragged the FBMKLCI index. Sector wise, Telecommunications (+1.20%) outperformed, led by CDB (+8.0 sen) and AXIATA (+5.0 sen), while Property (-0.51%) lagged the most.
Top 3 Active stocks:
JAKS (4723): RM0.135 (+3.0 sen)
ZETRIX (0138): RM0.720 (UNCH)
HEGROUP (0296): RM0.880 (-13.5 sen)
Top 3 Gainer stocks:
CARLSBG (2836): RM14.90 (+44.0 sen)
UMSINT (5340): RM8.88 (+42.0 sen)
NESTLE (4707): RM103.00 (+30.0 sen)
Top 3 Loser stocks:
MPI (3867): RM47.00 (-50.0 sen)
KLK (2445): RM21.56 (-24.0 sen)
PETGAS (6033): RM17.22 (-20.0 sen)
Volume: 3.45 bn (100-bar avg vol: 3.38 bn)
Value: RM2.75 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️559 ⬇️625
Crude Palm Oil: RM4,807 (+RM2, +0.04%)
Dow Futures: 53,745 pts (-62 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,725.89 pts (-1.50pts, -0.09%)
The local bourse traded cautiously today amid heightened geopolitical concerns, as shipping through the Strait of Hormuz slowed to a near standstill following recent tanker attacks and the expiry of the 60-day U.S.–Iran memorandum. This cautious sentiment saw market breadth turn negative with 625 losers outpacing 559 gainers, as banking heavyweights CIMB (-8.0 sen) and PBBANK (-3.0 sen) dragged the FBMKLCI index. Sector wise, Telecommunications (+1.20%) outperformed, led by CDB (+8.0 sen) and AXIATA (+5.0 sen), while Property (-0.51%) lagged the most.
Top 3 Active stocks:
JAKS (4723): RM0.135 (+3.0 sen)
ZETRIX (0138): RM0.720 (UNCH)
HEGROUP (0296): RM0.880 (-13.5 sen)
Top 3 Gainer stocks:
CARLSBG (2836): RM14.90 (+44.0 sen)
UMSINT (5340): RM8.88 (+42.0 sen)
NESTLE (4707): RM103.00 (+30.0 sen)
Top 3 Loser stocks:
MPI (3867): RM47.00 (-50.0 sen)
KLK (2445): RM21.56 (-24.0 sen)
PETGAS (6033): RM17.22 (-20.0 sen)
Volume: 3.45 bn (100-bar avg vol: 3.38 bn)
Value: RM2.75 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️559 ⬇️625
Crude Palm Oil: RM4,807 (+RM2, +0.04%)
Dow Futures: 53,745 pts (-62 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 18Aug26
Dow Jones: 53,459.78 pts (-272.63pts, -0.51%)
⬆️ Resistance: 55400
⬇️ Support: 52400
FBM KLCI: 1,725.89 pts (-1.50pts, -0.09%)
⬆️ Resistance: 1780
⬇️ Support: 1690
HSI Index: 25,453.23 pts (+336.38pts, +1.34%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,821 (-RM21, -0.44%)
⬆️ Resistance: 4940
⬇️ Support: 4580
Brent Oil: $90.87 (+$2.35, +2.65%)
⬆️ Resistance: 93.10
⬇️ Support: 84.20
Gold: $4,415.99 (-$2.52, -0.06%)
⬆️ Resistance: 4540
⬇️ Support: 4230
Source: Bloomberg, M+Global
Dow Jones: 53,459.78 pts (-272.63pts, -0.51%)
⬆️ Resistance: 55400
⬇️ Support: 52400
FBM KLCI: 1,725.89 pts (-1.50pts, -0.09%)
⬆️ Resistance: 1780
⬇️ Support: 1690
HSI Index: 25,453.23 pts (+336.38pts, +1.34%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,821 (-RM21, -0.44%)
⬆️ Resistance: 4940
⬇️ Support: 4580
Brent Oil: $90.87 (+$2.35, +2.65%)
⬆️ Resistance: 93.10
⬇️ Support: 84.20
Gold: $4,415.99 (-$2.52, -0.06%)
⬆️ Resistance: 4540
⬇️ Support: 4230
Source: Bloomberg, M+Global
👍2
M+ Global Market Update – 18Aug26
Sentiment Muted as Middle East Tensions Persist
US: Following the latest Middle East naval blockade threats by the US, Wall Street is expected to trade on a softer note in the near term. Nevertheless, we believe investors could selectively accumulate Alphabet Inc. (GOOG) as Berkshire Hathaway boosted its stake in the company, making GOOG its third-largest equity holding. Moving forward, GOOG will continue to be anchored by its booming cloud business and sales of Tensor Processing Units (TPUs), with the former boasting a USD514bn backlog that guarantees multi-year revenue visibility, while the latter serves as a cost-effective alternative to Nvidia (NVDA). Lastly, amid ongoing waves of AI-driven CapEx spending, investment banks such as Morgan Stanley (MS) and Goldman Sachs (GS) are also seeing a significant boost in institutional fee income.
MY: Tracking the negative overnight performance on Wall Street, we expect the local bourse to maintain its softer trading tone, though Brent crude touching USD91 per barrel should benefit the Energy sector. Stock-wise, we like both LWSABAH and HKB: the former is expanding into food manufacturing via a RM46.8m acquisition of a 90% stake in Hung Tai Group, while the latter is scaling its order book with over RM4bn in active project tenders across Sarawak and Peninsular Malaysia. Lastly, we continue to favour IOIPG, as owning 10 IOIPG shares entitles investors to buy one IOI REIT unit via its upcoming restricted offer.
Stocks to watch:
Technology: FPI, *LGMS*, *SUM*
Consumer: *LWSABAH*, *MFLOUR*
Construction: *HKB*
Utility: *IAB*
Shipping: MTTSL
Chemical: CRPMATE
Telco: MAXIS
**Source: M+ Global**
Sentiment Muted as Middle East Tensions Persist
US: Following the latest Middle East naval blockade threats by the US, Wall Street is expected to trade on a softer note in the near term. Nevertheless, we believe investors could selectively accumulate Alphabet Inc. (GOOG) as Berkshire Hathaway boosted its stake in the company, making GOOG its third-largest equity holding. Moving forward, GOOG will continue to be anchored by its booming cloud business and sales of Tensor Processing Units (TPUs), with the former boasting a USD514bn backlog that guarantees multi-year revenue visibility, while the latter serves as a cost-effective alternative to Nvidia (NVDA). Lastly, amid ongoing waves of AI-driven CapEx spending, investment banks such as Morgan Stanley (MS) and Goldman Sachs (GS) are also seeing a significant boost in institutional fee income.
MY: Tracking the negative overnight performance on Wall Street, we expect the local bourse to maintain its softer trading tone, though Brent crude touching USD91 per barrel should benefit the Energy sector. Stock-wise, we like both LWSABAH and HKB: the former is expanding into food manufacturing via a RM46.8m acquisition of a 90% stake in Hung Tai Group, while the latter is scaling its order book with over RM4bn in active project tenders across Sarawak and Peninsular Malaysia. Lastly, we continue to favour IOIPG, as owning 10 IOIPG shares entitles investors to buy one IOI REIT unit via its upcoming restricted offer.
Stocks to watch:
Technology: FPI, *LGMS*, *SUM*
Consumer: *LWSABAH*, *MFLOUR*
Construction: *HKB*
Utility: *IAB*
Shipping: MTTSL
Chemical: CRPMATE
Telco: MAXIS
**Source: M+ Global**
👏2
Good Afternoon All,
After attending SkyeChip Berhad’s 1QFY27 results briefing , here is our quick take for investors:
📈 Investment Highlights
📌 Softer 1QFY27 performance due to timing of project milestone recognition. 1QFY27 revenue stood at RM49.6m, while normalized net profit came in at RM16.4m (translating to a strong normalized PAT margin of 33.1%) after excluding RM2.5m in one-off IPO listing expenses. The sequential QoQ top-line decrease (-15.7%) was primarily due to project milestone recognition timing rather than a structural slowdown.
📌 Marginal reduction in GP margin due to shift in product mix. The Silicon IP segment generated RM26.3m (52.9% of top-line) while Custom ASIC design contributed RM23.3m (46.9%), achieving a healthy overall GP margin of 41.9%. While there's a slight reduction in GP margin from 44.4% in FY26 to 41.9% in 1QFY27 due to the shift in product mix (77% in silicon IP and 22.3% in custom ASIC in FY26), overall GP margin remains above 40%, similar to FY24-26 which traded at GP margin range between 42.2%-46.8%.
📌 Geographic pivot toward North American AI hyperscalers. The US market surged to become SkyeChip’s largest revenue contributor at RM27.1m (54.6% of sales in 1QFY27, up from 0% in FY25 and 23.1% in FY26). Concurrently, revenue contribution from China moderated to 42.1% (vs. 72.8% in FY24) , structurally reducing customer concentration and geopolitical risk.
📌 Expanding IP moat and engineering talent. Technical headcount grew 14% QoQ from 365 in FY26 to 416 engineers across its Malaysia and Vietnam offices to support project execution. Cumulative global patent filings expanded to 121 (with 8 new filings in 1QFY27) , while patents granted climbed from 36 to 40.
📌 Tier-1 global ecosystem partnerships secured. Some of the key milestone wins include being the first to list HBM4/HBM3E Combo PHY IP for SF4X on Samsung Foundry CONNECT, formalizing access to ARM Flexible Access (AFA) tokens , and securing a Custom Interface IP engagement with Cerebras for Wafer-Scale AI platforms.
📌 Strong balance sheet and deep RM341.9m R&D war chest. Strengthened by its listing, net assets per share widened to RM0.31 with cash, bank balances, and investments totaling RM435.5m against zero bank borrowings. With RM341.9m in unutilized IPO proceeds (97.1% remaining) , SkyeChip is fully capitalized to fund its 3-year IC & IP product roadmap.
💡 M+ Global View
📌 We like SkyeChip’s positioning as a leading pure-play IC design house benefiting directly from the global AI compute supercycle. Its ability to win high-profile engagements with tier-1 global platforms such as Cerebras and Samsung Foundry, coupled with the incorporation of SkyeChip Inc. in North America , strongly validates its technological capabilities and opens direct funnels to US hyperscalers.
📌 While QoQ top-line performance will experience natural lumpiness owing to project milestone timings , SkyeChip's low effective tax rate of 3.5% (anchored by a ongoing 5-year tax exemption for its Vietnam subsidiary) and healthy GP margin provide resilient profit buffers as operational overheads scale.
📌 In short, key catalysts for SkyeChip include: (i) accelerating revenue conversion from North American AI hyperscalers and custom compute engagements (e.g., Cerebras, ARM) , (ii) expansion of next-generation IP portfolio including HBM4/HBM3E Combo PHY (Samsung Foundry) and UCIe IP, (iii) advanced 2.5D/3D chiplet packaging , and (iv) global footprint expansion including the US corporate establishment and the upcoming R&D center in Taiwan.
M+ Global Research Team
18 Aug 2026
After attending SkyeChip Berhad’s 1QFY27 results briefing , here is our quick take for investors:
📈 Investment Highlights
📌 Softer 1QFY27 performance due to timing of project milestone recognition. 1QFY27 revenue stood at RM49.6m, while normalized net profit came in at RM16.4m (translating to a strong normalized PAT margin of 33.1%) after excluding RM2.5m in one-off IPO listing expenses. The sequential QoQ top-line decrease (-15.7%) was primarily due to project milestone recognition timing rather than a structural slowdown.
📌 Marginal reduction in GP margin due to shift in product mix. The Silicon IP segment generated RM26.3m (52.9% of top-line) while Custom ASIC design contributed RM23.3m (46.9%), achieving a healthy overall GP margin of 41.9%. While there's a slight reduction in GP margin from 44.4% in FY26 to 41.9% in 1QFY27 due to the shift in product mix (77% in silicon IP and 22.3% in custom ASIC in FY26), overall GP margin remains above 40%, similar to FY24-26 which traded at GP margin range between 42.2%-46.8%.
📌 Geographic pivot toward North American AI hyperscalers. The US market surged to become SkyeChip’s largest revenue contributor at RM27.1m (54.6% of sales in 1QFY27, up from 0% in FY25 and 23.1% in FY26). Concurrently, revenue contribution from China moderated to 42.1% (vs. 72.8% in FY24) , structurally reducing customer concentration and geopolitical risk.
📌 Expanding IP moat and engineering talent. Technical headcount grew 14% QoQ from 365 in FY26 to 416 engineers across its Malaysia and Vietnam offices to support project execution. Cumulative global patent filings expanded to 121 (with 8 new filings in 1QFY27) , while patents granted climbed from 36 to 40.
📌 Tier-1 global ecosystem partnerships secured. Some of the key milestone wins include being the first to list HBM4/HBM3E Combo PHY IP for SF4X on Samsung Foundry CONNECT, formalizing access to ARM Flexible Access (AFA) tokens , and securing a Custom Interface IP engagement with Cerebras for Wafer-Scale AI platforms.
📌 Strong balance sheet and deep RM341.9m R&D war chest. Strengthened by its listing, net assets per share widened to RM0.31 with cash, bank balances, and investments totaling RM435.5m against zero bank borrowings. With RM341.9m in unutilized IPO proceeds (97.1% remaining) , SkyeChip is fully capitalized to fund its 3-year IC & IP product roadmap.
💡 M+ Global View
📌 We like SkyeChip’s positioning as a leading pure-play IC design house benefiting directly from the global AI compute supercycle. Its ability to win high-profile engagements with tier-1 global platforms such as Cerebras and Samsung Foundry, coupled with the incorporation of SkyeChip Inc. in North America , strongly validates its technological capabilities and opens direct funnels to US hyperscalers.
📌 While QoQ top-line performance will experience natural lumpiness owing to project milestone timings , SkyeChip's low effective tax rate of 3.5% (anchored by a ongoing 5-year tax exemption for its Vietnam subsidiary) and healthy GP margin provide resilient profit buffers as operational overheads scale.
📌 In short, key catalysts for SkyeChip include: (i) accelerating revenue conversion from North American AI hyperscalers and custom compute engagements (e.g., Cerebras, ARM) , (ii) expansion of next-generation IP portfolio including HBM4/HBM3E Combo PHY (Samsung Foundry) and UCIe IP, (iii) advanced 2.5D/3D chiplet packaging , and (iv) global footprint expansion including the US corporate establishment and the upcoming R&D center in Taiwan.
M+ Global Research Team
18 Aug 2026
M+ Global Market Wrap - 18Aug26
FBM KLCI: 1,733.36 pts (+7.47pts, +0.43%)
Despite the spike in oil price, the local bourse rebounded, led by the Plantation and Industrial heavyweights including SDG (+18.0 sen) and PCHEM (+14.0 sen). However, market breadth was negative with 762 losers outpacing 438 gainers. Sector wise, Industrial Products (+0.78%) outperformed, led by PCHEM and PMETAL (+12.0 sen), while Utilities (-1.17%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.635 (-5.5 sen)
JAKS (4723): RM0.130 (-0.5 sen)
KEYASIC (0143): RM0.085 (+1.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM48.02 (+102.0 sen)
NESTLE (4707): RM103.70 (+70.0 sen)
MI (5286): RM6.45 (+56.0 sen)
Top 3 Loser stocks:
CARLSBG (2836): RM14.50 (-40.0 sen)
UTDPLT (2089): RM32.60 (-40.0 sen)
HEIM (3255): RM16.52 (-28.0 sen)
Volume: 3.75 bn (100-bar avg vol: 3.38 bn)
Value: RM2.91 bn (100-bar avg val: RM3.08 bn)
Market Breadth: ⬆️438 ⬇️762
Crude Palm Oil: RM4,821 (+RM36, +0.75%)
Dow Futures: 53,499 pts (-45 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,733.36 pts (+7.47pts, +0.43%)
Despite the spike in oil price, the local bourse rebounded, led by the Plantation and Industrial heavyweights including SDG (+18.0 sen) and PCHEM (+14.0 sen). However, market breadth was negative with 762 losers outpacing 438 gainers. Sector wise, Industrial Products (+0.78%) outperformed, led by PCHEM and PMETAL (+12.0 sen), while Utilities (-1.17%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.635 (-5.5 sen)
JAKS (4723): RM0.130 (-0.5 sen)
KEYASIC (0143): RM0.085 (+1.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM48.02 (+102.0 sen)
NESTLE (4707): RM103.70 (+70.0 sen)
MI (5286): RM6.45 (+56.0 sen)
Top 3 Loser stocks:
CARLSBG (2836): RM14.50 (-40.0 sen)
UTDPLT (2089): RM32.60 (-40.0 sen)
HEIM (3255): RM16.52 (-28.0 sen)
Volume: 3.75 bn (100-bar avg vol: 3.38 bn)
Value: RM2.91 bn (100-bar avg val: RM3.08 bn)
Market Breadth: ⬆️438 ⬇️762
Crude Palm Oil: RM4,821 (+RM36, +0.75%)
Dow Futures: 53,499 pts (-45 pts)
**Source: M+ Global, Bloomberg **
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