Good Evening All,
Following Seng Fong Holdings Berhad's analyst briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Export-led growth; EV demand remains a structural tailwind. Seng Fong exports to 16+ countries, with Singapore-based traders contributing RM742.6m or 70.7% of FY26 revenue, providing exposure to key China and India markets. Management also sees rising EV adoption supporting tyre demand, as heavier EVs and higher torque can increase tyre wear.
📌 Production ramp remains intact. Capacity has reached c.200,000 tonnes, with FY26 utilisation at c.87%. Management targets c.80% utilisation in FY27 and expects production to rise c.25% in 1Q27. The c.250,000-tonne capacity target by 2030 remains intact via a new plant or acquisitions.
📌 Margin recovery to continue. FY26 revenue fell 29.4% YoY to RM1.05bn while PAT dropped 77.1% to RM8.1m. However, 4Q26 PAT rebounded to c.RM12.4m, with gross margin at 7.6%. Factory 2 automation generated c.RM2.4m savings in FY26, while in-house logistics could contribute c.RM6m annually at full run-rate.
📌 Premium mix targeted at 55%. Management targets premium-grade products to account for 55% of FY27 revenue, driven by new customers in India. The group plans to initially access the market through Singapore-based traders.
📌 Dividend policy. Seng Fong maintains a minimum 50% payout policy, with payout ratios of c.69% in FY24, c.72% in FY25 and c.90% in FY26.
📌 Ghana strengthens raw-material sourcing. Seng Fong has completed the acquisition of a 51% stake in Rainbow Rubber Buying Centre, Ghana, for RM100,500, to secure raw-material supply and improve sourcing resilience. A c.40,000-tonne production line is targeted for FY2028.
💡 M+ Global View
📌FY26 earnings were hit by lower rubber prices, weaker production and supply-chain disruptions, but 4Q26 showed a clear recovery. We see higher production, automation, logistics savings and a richer product mix as the key FY27 earnings drivers. Meanwhile, Seng Fong's export-led model gives it exposure to major tyre markets, with rising EV adoption providing a structural demand tailwind. Ghana should further improve raw-material sourcing, while the premium-grade push could support mix and pricing. Rubber prices, FX and execution remain the key swing factors.
📌 Key catalysts include: (i) production ramp-up, with output expected to rise c.25% in 1Q27; (ii) cost savings, from Factory 3 automation and in-house logistics, with the latter targeted at c.RM6m annually at full run-rate; (iii) premium-grade expansion, with the mix targeted at 55% in FY27 and additional India customers; (iv) Ghana expansion, with a c.40,000-tonne production line targeted for FY28; and (v) sustained tyre demand, supported by export exposure to China and India and rising EV adoption.
Following Seng Fong Holdings Berhad's analyst briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Export-led growth; EV demand remains a structural tailwind. Seng Fong exports to 16+ countries, with Singapore-based traders contributing RM742.6m or 70.7% of FY26 revenue, providing exposure to key China and India markets. Management also sees rising EV adoption supporting tyre demand, as heavier EVs and higher torque can increase tyre wear.
📌 Production ramp remains intact. Capacity has reached c.200,000 tonnes, with FY26 utilisation at c.87%. Management targets c.80% utilisation in FY27 and expects production to rise c.25% in 1Q27. The c.250,000-tonne capacity target by 2030 remains intact via a new plant or acquisitions.
📌 Margin recovery to continue. FY26 revenue fell 29.4% YoY to RM1.05bn while PAT dropped 77.1% to RM8.1m. However, 4Q26 PAT rebounded to c.RM12.4m, with gross margin at 7.6%. Factory 2 automation generated c.RM2.4m savings in FY26, while in-house logistics could contribute c.RM6m annually at full run-rate.
📌 Premium mix targeted at 55%. Management targets premium-grade products to account for 55% of FY27 revenue, driven by new customers in India. The group plans to initially access the market through Singapore-based traders.
📌 Dividend policy. Seng Fong maintains a minimum 50% payout policy, with payout ratios of c.69% in FY24, c.72% in FY25 and c.90% in FY26.
📌 Ghana strengthens raw-material sourcing. Seng Fong has completed the acquisition of a 51% stake in Rainbow Rubber Buying Centre, Ghana, for RM100,500, to secure raw-material supply and improve sourcing resilience. A c.40,000-tonne production line is targeted for FY2028.
💡 M+ Global View
📌FY26 earnings were hit by lower rubber prices, weaker production and supply-chain disruptions, but 4Q26 showed a clear recovery. We see higher production, automation, logistics savings and a richer product mix as the key FY27 earnings drivers. Meanwhile, Seng Fong's export-led model gives it exposure to major tyre markets, with rising EV adoption providing a structural demand tailwind. Ghana should further improve raw-material sourcing, while the premium-grade push could support mix and pricing. Rubber prices, FX and execution remain the key swing factors.
📌 Key catalysts include: (i) production ramp-up, with output expected to rise c.25% in 1Q27; (ii) cost savings, from Factory 3 automation and in-house logistics, with the latter targeted at c.RM6m annually at full run-rate; (iii) premium-grade expansion, with the mix targeted at 55% in FY27 and additional India customers; (iv) Ghana expansion, with a c.40,000-tonne production line targeted for FY28; and (v) sustained tyre demand, supported by export exposure to China and India and rising EV adoption.
M+ Global Market Wrap - 21Sep26
FBM KLCI: 1,666.94 pts (+1.38 pts, +0.08%)
The local bourse closed higher, shrugging off ongoing supply concerns linked to tension in the Strait of Hormuz. Market breadth turned positive with 653 gainers outpacing 540 losers. The KLCI index was buoyed by HLBANK (+36.0 sen) and YTLPOWR (+31.0 sen). Sector wise, Energy (+3.02%) outperformed, led by HENGYUAN (+100.0 sen) and SLVEST (+36.0 sen), while Industrial Products (-0.94%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.200 (UNCH)
JAKS (4723): RM0.170 (+1.5 sen)
FSBM (9377): RM0.095 (+3.0 sen)
Top 3 Gainer stocks:
HENGYUAN (4324): RM4.34 (+100.0 sen)
SAMAIDEN (0223): RM2.38 (+43.0 sen)
SLVEST (0215): RM3.69 (+36.0 sen)
Top 3 Loser stocks:
TIMECOM (5031): RM5.86 (-55.0 sen)
SUNCON (5263): RM7.43 (-45.0 sen)
PETGAS (6033): RM17.20 (-30.0 sen)
Volume: 3.412 bn
Value: RM2.812 bn
Market Breadth: ⬆️653 ⬇️540
Crude Palm Oil: RM4,898 (-RM39, -77.58%)
Dow Futures: 51,682.64 pts (-95.4 pts, -18.42%)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,666.94 pts (+1.38 pts, +0.08%)
The local bourse closed higher, shrugging off ongoing supply concerns linked to tension in the Strait of Hormuz. Market breadth turned positive with 653 gainers outpacing 540 losers. The KLCI index was buoyed by HLBANK (+36.0 sen) and YTLPOWR (+31.0 sen). Sector wise, Energy (+3.02%) outperformed, led by HENGYUAN (+100.0 sen) and SLVEST (+36.0 sen), while Industrial Products (-0.94%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.200 (UNCH)
JAKS (4723): RM0.170 (+1.5 sen)
FSBM (9377): RM0.095 (+3.0 sen)
Top 3 Gainer stocks:
HENGYUAN (4324): RM4.34 (+100.0 sen)
SAMAIDEN (0223): RM2.38 (+43.0 sen)
SLVEST (0215): RM3.69 (+36.0 sen)
Top 3 Loser stocks:
TIMECOM (5031): RM5.86 (-55.0 sen)
SUNCON (5263): RM7.43 (-45.0 sen)
PETGAS (6033): RM17.20 (-30.0 sen)
Volume: 3.412 bn
Value: RM2.812 bn
Market Breadth: ⬆️653 ⬇️540
Crude Palm Oil: RM4,898 (-RM39, -77.58%)
Dow Futures: 51,682.64 pts (-95.4 pts, -18.42%)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 22Sep26
Dow Jones: 52,048.83 pts (+366.19pts, +0.71%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,666.94pts (+1.38pts, +0.08%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 25,042.71 pts (+291.93pts, +1.18%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,857 (+RM32, +0.66%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $100.34 (-$3.53, -3.40%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,343.43 (+$16.67, 0.15%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Dow Jones: 52,048.83 pts (+366.19pts, +0.71%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,666.94pts (+1.38pts, +0.08%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 25,042.71 pts (+291.93pts, +1.18%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,857 (+RM32, +0.66%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $100.34 (-$3.53, -3.40%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,343.43 (+$16.67, 0.15%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
👍2
M+ Global Market Update – 22Sep26
Tech Momentum Drives Broader Risk-On Tone
US: Wall Street is expected to maintain its upward momentum following the technology sector’s record run, with Advanced Micro Devices (AMD) crossing the landmark USD1trn valuation amid sustained optimism over AI infrastructure spending. Meta Platforms (META) also remains in focus following the strong early adoption of its Muse AI agent, which recently topped Apple’s US App Store free-app rankings. We expect high-beta tech leaders such as Nvidia (NVDA) and Broadcom (AVGO) could continue to benefit from the risk-on tone amid easing Treasury yields, which provides a more supportive backdrop for growth equities.
MY: Closer to home, the FBM KLCI is poised to trade on a firmer footing, taking cues from Wall Street’s rally. In the technology space, INARI and VITROX could attract interest alongside sustained global AI hardware demand. Meanwhile, power and utility plays remain supported by data centre expansion, led by YTLPOWR and PWRWELL, with the latter backed by yesterday’s record RM190.4m purchase order win for Johor data centre switchgear. Renewable energy names such as SLVEST, SAMAIDEN, and VERDANT could also remain in focus following further policy support for the Corporate Renewable Energy Supply Scheme (CRESS), which enables corporate consumers to procure green electricity from renewable energy developers through open-grid access.
Stocks to watch:
Technology: *ATECH*, CNERGEN, INARI, *UWC*, VITROX
Construction: CBHB, *JTGROUP*, *PWRWELL*, *SCGBHD*
Utility: *PBA*, YTLPOWR
**Source: M+ Global**
Tech Momentum Drives Broader Risk-On Tone
US: Wall Street is expected to maintain its upward momentum following the technology sector’s record run, with Advanced Micro Devices (AMD) crossing the landmark USD1trn valuation amid sustained optimism over AI infrastructure spending. Meta Platforms (META) also remains in focus following the strong early adoption of its Muse AI agent, which recently topped Apple’s US App Store free-app rankings. We expect high-beta tech leaders such as Nvidia (NVDA) and Broadcom (AVGO) could continue to benefit from the risk-on tone amid easing Treasury yields, which provides a more supportive backdrop for growth equities.
MY: Closer to home, the FBM KLCI is poised to trade on a firmer footing, taking cues from Wall Street’s rally. In the technology space, INARI and VITROX could attract interest alongside sustained global AI hardware demand. Meanwhile, power and utility plays remain supported by data centre expansion, led by YTLPOWR and PWRWELL, with the latter backed by yesterday’s record RM190.4m purchase order win for Johor data centre switchgear. Renewable energy names such as SLVEST, SAMAIDEN, and VERDANT could also remain in focus following further policy support for the Corporate Renewable Energy Supply Scheme (CRESS), which enables corporate consumers to procure green electricity from renewable energy developers through open-grid access.
Stocks to watch:
Technology: *ATECH*, CNERGEN, INARI, *UWC*, VITROX
Construction: CBHB, *JTGROUP*, *PWRWELL*, *SCGBHD*
Utility: *PBA*, YTLPOWR
**Source: M+ Global**
Good Morning All,
We issued a company update report on our coverage stock Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📰 Newsbreak
📌 Largest-ever contract win. PWRWELL secured two purchase orders totalling RM190.4m from a returning multinational customer for the supply and delivery of low-voltage switchgear and related equipment for a Johor data centre project. Deliveries span FY27f–FY28f with completion targeted by 4Q28, lifting the unbilled orderbook to an all-time high of RM459.3m from RM268.9m at end-June 2026.
💡 M+ Global View
📌 Orderbook replenishment largely de-risked. YTD major contract wins now total RM349.2m, covering 91.9% of our RM380m replenishment assumption with only ~RM30.8m remaining. The enlarged orderbook provides revenue cover of ~2.9x FY26 revenue vs ~1.7x previously, materially improving earnings visibility into FY27f–FY28f.
📌 Data centre credentials reinforced. The repeat award from a multinational customer validates PWRWELL's execution track record in data centre power distribution and its ability to secure repeat business within the segment.
📌 Capacity expansion supports execution. The ongoing manufacturing footprint expansion is timely — greater in-house production should reduce outsourcing reliance and improve operating leverage as utilisation ramps from FY28f.
📈 Valuation & Recommendation
📌 Forecast maintained. The contract falls within our existing orderbook replenishment assumption; no earnings revision.
📌 Upgrade to BUY, TP RM1.41 (from HOLD, TP RM1.20). Target P/E raised to 20.0x from 17.0x, applied to mid-FY28f EPS of 7.07 sen, reflecting reduced replenishment risk and strengthening data centre exposure. FY26A–FY29f core earnings CAGR of 26.1% translates to a PEG of ~0.8x at 20.0x P/E. Total return of 23.3% (21.6% capital + 1.7% dividend).
📌 Downside risks. (i) slower contract replenishment, (ii) project delivery delays, (iii) FX volatility.
Research Team, M+Global
22 Sep 2026
We issued a company update report on our coverage stock Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📰 Newsbreak
📌 Largest-ever contract win. PWRWELL secured two purchase orders totalling RM190.4m from a returning multinational customer for the supply and delivery of low-voltage switchgear and related equipment for a Johor data centre project. Deliveries span FY27f–FY28f with completion targeted by 4Q28, lifting the unbilled orderbook to an all-time high of RM459.3m from RM268.9m at end-June 2026.
💡 M+ Global View
📌 Orderbook replenishment largely de-risked. YTD major contract wins now total RM349.2m, covering 91.9% of our RM380m replenishment assumption with only ~RM30.8m remaining. The enlarged orderbook provides revenue cover of ~2.9x FY26 revenue vs ~1.7x previously, materially improving earnings visibility into FY27f–FY28f.
📌 Data centre credentials reinforced. The repeat award from a multinational customer validates PWRWELL's execution track record in data centre power distribution and its ability to secure repeat business within the segment.
📌 Capacity expansion supports execution. The ongoing manufacturing footprint expansion is timely — greater in-house production should reduce outsourcing reliance and improve operating leverage as utilisation ramps from FY28f.
📈 Valuation & Recommendation
📌 Forecast maintained. The contract falls within our existing orderbook replenishment assumption; no earnings revision.
📌 Upgrade to BUY, TP RM1.41 (from HOLD, TP RM1.20). Target P/E raised to 20.0x from 17.0x, applied to mid-FY28f EPS of 7.07 sen, reflecting reduced replenishment risk and strengthening data centre exposure. FY26A–FY29f core earnings CAGR of 26.1% translates to a PEG of ~0.8x at 20.0x P/E. Total return of 23.3% (21.6% capital + 1.7% dividend).
📌 Downside risks. (i) slower contract replenishment, (ii) project delivery delays, (iii) FX volatility.
Research Team, M+Global
22 Sep 2026
Good Morning All,
We issued a technical buy call on Verdant Solar Holdings Berhad (VERDANT): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) C&I pipeline to benefit from CRESS acceleration.
(ii) Solar-plus-storage expands project value.
(iii) 4Q26 turnaround and RM63m orderbook underpin FY27 visibility.
Research Team, M+ Global
22 Sep 2026
We issued a technical buy call on Verdant Solar Holdings Berhad (VERDANT): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) C&I pipeline to benefit from CRESS acceleration.
(ii) Solar-plus-storage expands project value.
(iii) 4Q26 turnaround and RM63m orderbook underpin FY27 visibility.
Research Team, M+ Global
22 Sep 2026
Good Evening All,
We issued a technical buy call on ServiceNow Inc (NOW): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) AI monetisation moves beyond proof-of-concept
(ii) Security emerging as a new growth pillar
(iii) Strong order book supports revenue visibility
Research Team, M+ Global
22Sep26
We issued a technical buy call on ServiceNow Inc (NOW): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) AI monetisation moves beyond proof-of-concept
(ii) Security emerging as a new growth pillar
(iii) Strong order book supports revenue visibility
Research Team, M+ Global
22Sep26
M+ Global Market Wrap - 22Sep26
FBM KLCI: 1,683.50 pts (+16.56 pts, +0.99%)
The local bourse advanced today, tracking positive global semiconductor sentiment fuelled by surging artificial intelligence demand. Market breadth was positive with 678 gainers outpacing 458 losers, as key index heavyweights HLBANK (+48.0 sen) and IHH (+38.0 sen) buoyed the index. Sector wise, Technology (+2.29%) outperformed, led by STRATUS (+37.0 sen) and UNISEM (+24.0 sen), while Health Care (-0.69%) lagged the most.
Top 3 Active stocks:
AIMAX (0041): RM0.010 (UNCH)
ZETRIX (0138): RM0.205 (+0.5 sen)
JAKS (4723): RM0.170 (UNCH)
Top 3 Gainer stocks:
HLBANK (5819): RM23.38 (+48.0 sen)
MPI (3867): RM43.20 (+40.0 sen)
IHH (5225): RM8.00 (+38.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM89.16 (-54.0 sen)
ALLIANZ (1163): RM21.10 (-20.0 sen)
PETDAG (5681): RM20.14 (-18.0 sen)
Volume: 3.576 bn
Value: RM3.153 bn
Market Breadth: ⬆️678 ⬇️458
Crude Palm Oil: RM4,857 (-RM44, -0.81%)
Dow Futures: 52,048.83 pts (+366.19 pts, +0.71%)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,683.50 pts (+16.56 pts, +0.99%)
The local bourse advanced today, tracking positive global semiconductor sentiment fuelled by surging artificial intelligence demand. Market breadth was positive with 678 gainers outpacing 458 losers, as key index heavyweights HLBANK (+48.0 sen) and IHH (+38.0 sen) buoyed the index. Sector wise, Technology (+2.29%) outperformed, led by STRATUS (+37.0 sen) and UNISEM (+24.0 sen), while Health Care (-0.69%) lagged the most.
Top 3 Active stocks:
AIMAX (0041): RM0.010 (UNCH)
ZETRIX (0138): RM0.205 (+0.5 sen)
JAKS (4723): RM0.170 (UNCH)
Top 3 Gainer stocks:
HLBANK (5819): RM23.38 (+48.0 sen)
MPI (3867): RM43.20 (+40.0 sen)
IHH (5225): RM8.00 (+38.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM89.16 (-54.0 sen)
ALLIANZ (1163): RM21.10 (-20.0 sen)
PETDAG (5681): RM20.14 (-18.0 sen)
Volume: 3.576 bn
Value: RM3.153 bn
Market Breadth: ⬆️678 ⬇️458
Crude Palm Oil: RM4,857 (-RM44, -0.81%)
Dow Futures: 52,048.83 pts (+366.19 pts, +0.71%)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 23Sep26
AI Optimism Supports Tech Amid Macro Headwinds
US: Wall Street could open mixed as the US 10-year yield approaches 5%, pressuring stock valuations despite relief from Brent crude falling back to USD100/bbl. Against this backdrop, AI remains a key earnings driver and catalyst for near-term momentum. Analog Devices (ADI) stays in focus after record 3QFY26 revenue of USD4.0bn, with 4QFY26 guided to USD4.3bn and its USD1.4bn Alif Semiconductor acquisition adding AI-native capabilities. Flex (FLEX) remains well leveraged to AI infrastructure, while ServiceNow (NOW, TP: USD192.40) offers exposure to AI monetisation, with AI ACV surpassing USD1.0bn in 2Q26.
MY: Closer to home, we expect the FBM KLCI to trade on a mixed footing, with buying interest likely to remain selective. We continue to favour technology and renewable-energy counters, with VITROX in focus as the SMTA Penang Expo & Tech Forum begins today, where it will showcase AI-driven machine-vision and inspection solutions, following record 2QFY26 revenue of RM374.9m and PAT of RM84.5m. VERDANT (TP: RM0.29) could see further attention on improving earnings visibility, underpinned by its RM63.0m outstanding order book and a 4QFY26 net profit of RM1.5m. Meanwhile, UNISEM remains a key semiconductor recovery play, supported by 20.0% YoY revenue growth in 2QFY26 to RM570.1m and its proposed RM742.0m private placement to fund capacity expansion.
Stocks to watch:
Technology: 3REN, CPETECH, *MCLEAN*, *NOTION*, *PIE*, SKYECHIP, STRATUS, *UNISEM*
Construction: CBHB, *ISF*, MNHLDG
Automotive: *BETA*
**Source: M+ Global**
AI Optimism Supports Tech Amid Macro Headwinds
US: Wall Street could open mixed as the US 10-year yield approaches 5%, pressuring stock valuations despite relief from Brent crude falling back to USD100/bbl. Against this backdrop, AI remains a key earnings driver and catalyst for near-term momentum. Analog Devices (ADI) stays in focus after record 3QFY26 revenue of USD4.0bn, with 4QFY26 guided to USD4.3bn and its USD1.4bn Alif Semiconductor acquisition adding AI-native capabilities. Flex (FLEX) remains well leveraged to AI infrastructure, while ServiceNow (NOW, TP: USD192.40) offers exposure to AI monetisation, with AI ACV surpassing USD1.0bn in 2Q26.
MY: Closer to home, we expect the FBM KLCI to trade on a mixed footing, with buying interest likely to remain selective. We continue to favour technology and renewable-energy counters, with VITROX in focus as the SMTA Penang Expo & Tech Forum begins today, where it will showcase AI-driven machine-vision and inspection solutions, following record 2QFY26 revenue of RM374.9m and PAT of RM84.5m. VERDANT (TP: RM0.29) could see further attention on improving earnings visibility, underpinned by its RM63.0m outstanding order book and a 4QFY26 net profit of RM1.5m. Meanwhile, UNISEM remains a key semiconductor recovery play, supported by 20.0% YoY revenue growth in 2QFY26 to RM570.1m and its proposed RM742.0m private placement to fund capacity expansion.
Stocks to watch:
Technology: 3REN, CPETECH, *MCLEAN*, *NOTION*, *PIE*, SKYECHIP, STRATUS, *UNISEM*
Construction: CBHB, *ISF*, MNHLDG
Automotive: *BETA*
**Source: M+ Global**
👍2
M+ Market Buzz - 23Sep26
Dow Jones: 51,863.69 pts (-185.14pts, -0.36%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,683.50pts (+16.56pts, +0.99%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 25,087.75 pts (+45.04pts, +0.18%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,810 (+RM7, +0.15%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $100.34 ($1.11, -1.09%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,360.72 (+$2.53, +0.06%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Source: Bloomberg, M+Global
Dow Jones: 51,863.69 pts (-185.14pts, -0.36%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,683.50pts (+16.56pts, +0.99%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 25,087.75 pts (+45.04pts, +0.18%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,810 (+RM7, +0.15%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $100.34 ($1.11, -1.09%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,360.72 (+$2.53, +0.06%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Source: Bloomberg, M+Global
👍3
M+ Global Market Wrap - 23Sep26
FBM KLCI: 1,676.43 pts (-7.07 pts, -0.42%)
The local bourse ended cautiously as investors balanced hawkish signals from the Federal Reserve against optimism surrounding US–Iran diplomatic talks. The key index was dragged down by MAYBANK (-30.0 sen) and KLK (-20.0 sen). Market breadth was negative with 549 losers outpacing 519 gainers. Sector wise, Energy (+0.69%) outperformed, led by SAMAIDEN (+21.0 sen) and CYPARK (+12.5 sen), while Transportation (-0.83%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.185 (-2.0 sen)
JAKS (4723): RM0.165 (-0.5 sen)
VS (6963): RM0.250 (+2.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM44.58 (+138.0 sen)
NESTLE (4707): RM89.50 (+34.0 sen)
KESM (9334): RM4.33 (+32.0 sen)
Top 3 Loser stocks:
DLADY (3026): RM30.40 (-50.0 sen)
HEIM (3255): RM13.40 (-42.0 sen)
HLIND (3301): RM16.72 (-34.0 sen)
Volume: 3.576 bn
Value: RM3.153 bn
Market Breadth: 519 ⬇️549
Crude Palm Oil: RM4,810 (-RM37, -0.77%)
Dow Futures: 51,863.69 pts (-185.14 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,676.43 pts (-7.07 pts, -0.42%)
The local bourse ended cautiously as investors balanced hawkish signals from the Federal Reserve against optimism surrounding US–Iran diplomatic talks. The key index was dragged down by MAYBANK (-30.0 sen) and KLK (-20.0 sen). Market breadth was negative with 549 losers outpacing 519 gainers. Sector wise, Energy (+0.69%) outperformed, led by SAMAIDEN (+21.0 sen) and CYPARK (+12.5 sen), while Transportation (-0.83%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.185 (-2.0 sen)
JAKS (4723): RM0.165 (-0.5 sen)
VS (6963): RM0.250 (+2.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM44.58 (+138.0 sen)
NESTLE (4707): RM89.50 (+34.0 sen)
KESM (9334): RM4.33 (+32.0 sen)
Top 3 Loser stocks:
DLADY (3026): RM30.40 (-50.0 sen)
HEIM (3255): RM13.40 (-42.0 sen)
HLIND (3301): RM16.72 (-34.0 sen)
Volume: 3.576 bn
Value: RM3.153 bn
Market Breadth: 519 ⬇️549
Crude Palm Oil: RM4,810 (-RM37, -0.77%)
Dow Futures: 51,863.69 pts (-185.14 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 24Sep26
Dow Jones: 51,511.59 pts (-352.10pts, -0.68%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,676.43 pts (-7.07pts, -0.42%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 24,834.12 pts (-253.63pts, -1.01%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,768 (+RM25, +0.52%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $103.08 (+$1.34, +3.86%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,287.65 ($2.75, +0.01%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Source: Bloomberg, M+Global
Dow Jones: 51,511.59 pts (-352.10pts, -0.68%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,676.43 pts (-7.07pts, -0.42%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 24,834.12 pts (-253.63pts, -1.01%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,768 (+RM25, +0.52%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $103.08 (+$1.34, +3.86%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,287.65 ($2.75, +0.01%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Source: Bloomberg, M+Global
👍3
M+ Global Market Update – 24Sep26
AI Momentum Faces Profit-Taking
US: Wall Street may remain cautious as the US 10-year Treasury yield holds above 5.0% and firmer oil prices keep inflation and further rate-hike concerns in focus. Against this backdrop, selective AI-related names could remain supported by company-specific catalysts, with Meta (META) in focus as its Muse AI assistant gains traction and Meta Connect continues. Elsewhere, On Holding (ONON) could attract interest following its USD1.0bn share buyback and new 2029 growth targets, while Vicor (VICR) remains on the radar after raising its 3Q26 QoQ revenue growth guidance to above 20%, supported by royalties from its VPD licensing agreement.
MY: Closer to home, we expect the FBM KLCI to remain cautious amid elevated yields and firmer oil prices. NORTHERN could stay in focus after Bursa approved its transfer from the ACE Market to the Main Market. Along the AI theme, YTLPOWR may attract attention after YTL AI Labs collaborated with NVIDIA to launch Nemotron-Personas-Malaysia, an open dataset of 1.35m synthetic Malaysian personas to support locally relevant AI applications. In construction, HKB could see interest on its RM800.5m orderbook and expansion into utilities-related works, while KEEMING remains supported by its RM246.0m orderbook and RM143.0m FY27 YTD wins, with further opportunities from solar interconnection works and TNB tenders.
Stocks to watch:
Technology: *AEMULUS*, *ATECH*, EDELTEQ, *MCLEAN*, MI, *NOTION*, OXB
Healthcare: *KPJ*
Consumer: *LWSABAH*
Utility: *YTL*
Finance: CIMB
**Source: M+ Global**
AI Momentum Faces Profit-Taking
US: Wall Street may remain cautious as the US 10-year Treasury yield holds above 5.0% and firmer oil prices keep inflation and further rate-hike concerns in focus. Against this backdrop, selective AI-related names could remain supported by company-specific catalysts, with Meta (META) in focus as its Muse AI assistant gains traction and Meta Connect continues. Elsewhere, On Holding (ONON) could attract interest following its USD1.0bn share buyback and new 2029 growth targets, while Vicor (VICR) remains on the radar after raising its 3Q26 QoQ revenue growth guidance to above 20%, supported by royalties from its VPD licensing agreement.
MY: Closer to home, we expect the FBM KLCI to remain cautious amid elevated yields and firmer oil prices. NORTHERN could stay in focus after Bursa approved its transfer from the ACE Market to the Main Market. Along the AI theme, YTLPOWR may attract attention after YTL AI Labs collaborated with NVIDIA to launch Nemotron-Personas-Malaysia, an open dataset of 1.35m synthetic Malaysian personas to support locally relevant AI applications. In construction, HKB could see interest on its RM800.5m orderbook and expansion into utilities-related works, while KEEMING remains supported by its RM246.0m orderbook and RM143.0m FY27 YTD wins, with further opportunities from solar interconnection works and TNB tenders.
Stocks to watch:
Technology: *AEMULUS*, *ATECH*, EDELTEQ, *MCLEAN*, MI, *NOTION*, OXB
Healthcare: *KPJ*
Consumer: *LWSABAH*
Utility: *YTL*
Finance: CIMB
**Source: M+ Global**
M+ Global Market Wrap - 24Sep26
FBM KLCI: 1672.31 pts (-4.12 pts, -0.25%)
Tracking the overnight selldown in the US, the local bourse closed on a cautious note today, dragged by losses in key heavyweights like PMETAL (-13.0 sen) and YTL (-9.0 sen). Market breadth was negative with 677 losers outpacing 436 gainers. Sector wise, Energy (+1.17%) outperformed, led by DIALOG (+2.0 sen) and SLVEST (+11.0 sen), while Telecommunications (-1.97%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.190 (+0.5 sen)
AIMAX (0041): RM0.010 (unch)
NEXG (5216): RM0.320 (+5.5 sen)
Top 3 Gainer stocks:
NESTLE (4707): RM91.46 (+196.0 sen)
AJI (2658): RM19.64 (+38.0 sen)
PEKAT (0233): RM2.64 (+24.0 sen)
Top 3 Loser stocks:
MPI (3867): RM43.50 (-108.0 sen)
BKAWAN (1899): RM20.00 (-54.0 sen)
MI (5286): RM5.81 (-32.0 sen)
Volume: 3.324 bn
Value: RM2.745 bn
Market Breadth: ⬆️436 ⬇️677
Crude Palm Oil: RM4,771 (+RM3, +0.06%)
Dow Futures: 51,309.60 pts (-202.80 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1672.31 pts (-4.12 pts, -0.25%)
Tracking the overnight selldown in the US, the local bourse closed on a cautious note today, dragged by losses in key heavyweights like PMETAL (-13.0 sen) and YTL (-9.0 sen). Market breadth was negative with 677 losers outpacing 436 gainers. Sector wise, Energy (+1.17%) outperformed, led by DIALOG (+2.0 sen) and SLVEST (+11.0 sen), while Telecommunications (-1.97%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.190 (+0.5 sen)
AIMAX (0041): RM0.010 (unch)
NEXG (5216): RM0.320 (+5.5 sen)
Top 3 Gainer stocks:
NESTLE (4707): RM91.46 (+196.0 sen)
AJI (2658): RM19.64 (+38.0 sen)
PEKAT (0233): RM2.64 (+24.0 sen)
Top 3 Loser stocks:
MPI (3867): RM43.50 (-108.0 sen)
BKAWAN (1899): RM20.00 (-54.0 sen)
MI (5286): RM5.81 (-32.0 sen)
Volume: 3.324 bn
Value: RM2.745 bn
Market Breadth: ⬆️436 ⬇️677
Crude Palm Oil: RM4,771 (+RM3, +0.06%)
Dow Futures: 51,309.60 pts (-202.80 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 25Sep26
Dow Jones: 51,349.98 pts (-161.61pts, -0.31%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,672.31pts (-4.12pts, -0.25%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 24,761.13 pts (-72.99pts, -0.29%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,772 (-RM26, -0.54%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $106.60 (+$3.52, +3.41%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,275.03 (-$2.20, -0.05%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Source: Bloomberg, M+Global
Dow Jones: 51,349.98 pts (-161.61pts, -0.31%)
⬆️ Resistance: 54,200
⬇️ Support: 51,000
FBM KLCI: 1,672.31pts (-4.12pts, -0.25%)
⬆️ Resistance: 1,760
⬇️ Support: 1,650
HSI Index: 24,761.13 pts (-72.99pts, -0.29%)
⬆️ Resistance: 26,200
⬇️ Support: 24,100
Crude Palm Oil: RM4,772 (-RM26, -0.54%)
⬆️ Resistance: 5,120
⬇️ Support: 4,720
Brent Oil: $106.60 (+$3.52, +3.41%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,275.03 (-$2.20, -0.05%)
⬆️ Resistance: 4,540
⬇️ Support: 4,210
Source: Bloomberg, M+Global
👍2
M+ Global Market Update – 25Sep26
Geopolitical Risk Sparks Sector Rotation Into Energy
US: Wall Street may remain volatile as Brent crude holds above USD100/bbl and the US 10-year yield stays around 5.1%, keeping inflation and rate-hike concerns in focus. Energy and defence names returned to the main stage. ExxonMobil (XOM) offers direct exposure to higher oil prices through its upstream operations, while ConocoPhillips (COP) provides further leverage to elevated crude prices alongside strong cash generation and plans to return 45% of operating cash flow (CFO) to shareholders in 2026. Meanwhile, Lockheed Martin (LMT) could attract attention after securing a USD1.2bn US Army Precision Strike Missile contract, adding to its record USD230.4bn backlog.
MY: Closer to home, we expect the FBM KLCI to remain cautious amid elevated yields and oil prices, with upstream O&G counters likely to draw trading interest. HIBISCS offers direct oil-price exposure, with July production reaching c.32,000 boe/d and FY2027 sales guided at 10.7–11.2 million boe. Meanwhile, DAYANG remains supported by its >RM4.0bn order book, with a RM1.0bn Saudi MCM tender providing additional upside potential. Elsewhere, DELEUM retains earnings visibility on its RM2.4bn order book, supported by ongoing production optimisation, maintenance, and asset-enhancement activities.
Stocks to watch:
Technology: *INFOM*, *NOTION*, *SCICOM*, VIS
Healthcare: HARTA, *SUPERMX *
Construction: *GAMUDA*
Consumer: *SPRITZER*
Automotive: BETA
Solar: SLVEST
Utility: KJTS
**Source: M+ Global**
Geopolitical Risk Sparks Sector Rotation Into Energy
US: Wall Street may remain volatile as Brent crude holds above USD100/bbl and the US 10-year yield stays around 5.1%, keeping inflation and rate-hike concerns in focus. Energy and defence names returned to the main stage. ExxonMobil (XOM) offers direct exposure to higher oil prices through its upstream operations, while ConocoPhillips (COP) provides further leverage to elevated crude prices alongside strong cash generation and plans to return 45% of operating cash flow (CFO) to shareholders in 2026. Meanwhile, Lockheed Martin (LMT) could attract attention after securing a USD1.2bn US Army Precision Strike Missile contract, adding to its record USD230.4bn backlog.
MY: Closer to home, we expect the FBM KLCI to remain cautious amid elevated yields and oil prices, with upstream O&G counters likely to draw trading interest. HIBISCS offers direct oil-price exposure, with July production reaching c.32,000 boe/d and FY2027 sales guided at 10.7–11.2 million boe. Meanwhile, DAYANG remains supported by its >RM4.0bn order book, with a RM1.0bn Saudi MCM tender providing additional upside potential. Elsewhere, DELEUM retains earnings visibility on its RM2.4bn order book, supported by ongoing production optimisation, maintenance, and asset-enhancement activities.
Stocks to watch:
Technology: *INFOM*, *NOTION*, *SCICOM*, VIS
Healthcare: HARTA, *SUPERMX *
Construction: *GAMUDA*
Consumer: *SPRITZER*
Automotive: BETA
Solar: SLVEST
Utility: KJTS
**Source: M+ Global**
👍2
Good Morning All,
We issued a company update report on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 INTA's wholly-owned subsidiary, Inta Bina Sdn Bhd, has accepted a RM221.1m contract from Prisma Melody Sdn Bhd, a wholly-owned subsidiary of Mitraland Holding (M) Sdn Bhd, for the main building works of Gravit8 Phase 4 (Novva) in Kota Bayuemas, Klang. The development comprises a 39-storey serviced apartment tower with 654 units and a 20-storey office tower. Works commence on 28 September 2026, with completion targeted over 24–28 months. The award lifts YTD FY26 job wins to c.RM645m and is expected to contribute modestly in FY26, with a larger earnings contribution in FY27–FY28 as construction gathers pace.
📌 Maintain BUY with an unchanged TP of RM0.78. Forecasts are unchanged as the win falls within our RM800–900m annual replenishment assumption. Our TP is based on 11x FY27f EPS of 7.11 sen, implying 92.6% capital upside and 97.9% total return. Further upside hinges on stronger-than-expected job wins or margin expansion.
Research Team, M+Global
25 Sep 2026
We issued a company update report on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 INTA's wholly-owned subsidiary, Inta Bina Sdn Bhd, has accepted a RM221.1m contract from Prisma Melody Sdn Bhd, a wholly-owned subsidiary of Mitraland Holding (M) Sdn Bhd, for the main building works of Gravit8 Phase 4 (Novva) in Kota Bayuemas, Klang. The development comprises a 39-storey serviced apartment tower with 654 units and a 20-storey office tower. Works commence on 28 September 2026, with completion targeted over 24–28 months. The award lifts YTD FY26 job wins to c.RM645m and is expected to contribute modestly in FY26, with a larger earnings contribution in FY27–FY28 as construction gathers pace.
📌 Maintain BUY with an unchanged TP of RM0.78. Forecasts are unchanged as the win falls within our RM800–900m annual replenishment assumption. Our TP is based on 11x FY27f EPS of 7.11 sen, implying 92.6% capital upside and 97.9% total return. Further upside hinges on stronger-than-expected job wins or margin expansion.
Research Team, M+Global
25 Sep 2026
👍2
M+ Global Market Wrap - 25Sep26
FBM KLCI: 1,671.62 pts (-0.69 pts, -0.04%)
Tracking the mixed overnight performance in the US, the local bourse closed on a cautious note today, with market breadth turned negative as 574 losers outpaced 569 gainers. The index was dragged down by NESTLE (-126.0 sen) and PETDAG (-50.0 sen). Sector wise, Construction (+1.68%) outperformed, led by IJM (+10.0 sen) and KERJAYA (+22.0 sen), while Health Care (-0.74%) lagged the most.
Top 3 Active stocks:
AIMAX (0041): RM0.005 (-0.5 sen)
ZETRIX (0138): RM0.190 (UNCH)
VELESTO (5243): RM0.220 (-1.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM44.18 (+68.0 sen)
BKAWAN (1899): RM20.50 (+50.0 sen)
HEIM (3255): RM13.82 (+38.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM90.20 (-126.0 sen)
UTDPLT (2089): RM32.58 (-52.0 sen)
PETDAG (5681): RM19.50 (-50.0 sen)
Volume: 4.077 bn
Value: RM2.692bn
Market Breadth: ⬆️569 ⬇️574
Crude Palm Oil: RM4,772 (-RM110, -2.28%)
Dow Futures: 51,349.98 pts (-161.61 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,671.62 pts (-0.69 pts, -0.04%)
Tracking the mixed overnight performance in the US, the local bourse closed on a cautious note today, with market breadth turned negative as 574 losers outpaced 569 gainers. The index was dragged down by NESTLE (-126.0 sen) and PETDAG (-50.0 sen). Sector wise, Construction (+1.68%) outperformed, led by IJM (+10.0 sen) and KERJAYA (+22.0 sen), while Health Care (-0.74%) lagged the most.
Top 3 Active stocks:
AIMAX (0041): RM0.005 (-0.5 sen)
ZETRIX (0138): RM0.190 (UNCH)
VELESTO (5243): RM0.220 (-1.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM44.18 (+68.0 sen)
BKAWAN (1899): RM20.50 (+50.0 sen)
HEIM (3255): RM13.82 (+38.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM90.20 (-126.0 sen)
UTDPLT (2089): RM32.58 (-52.0 sen)
PETDAG (5681): RM19.50 (-50.0 sen)
Volume: 4.077 bn
Value: RM2.692bn
Market Breadth: ⬆️569 ⬇️574
Crude Palm Oil: RM4,772 (-RM110, -2.28%)
Dow Futures: 51,349.98 pts (-161.61 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 28Sep26
Dow Jones: 51,834.17 pts (+479.03pts, +0.93%)
⬆️ Resistance: 54200
⬇️ Support: 51000
FBM KLCI: 1,671.62pts (-0.69pts, -0.04%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 24,510.10 pts (-251.04pts, -1.01%)
⬆️ Resistance: 26200
⬇️ Support: 24100
Crude Palm Oil: RM4,672 (-RM100, -2.10%)
⬆️ Resistance: 5120
⬇️ Support: 4394
Brent Oil: $98.88 (+$1.27, +1.30%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,260.06 (-$24.91, -0.58%)
⬆️ Resistance: 4540
⬇️ Support: 4210
Source: Bloomberg, M+Global
Dow Jones: 51,834.17 pts (+479.03pts, +0.93%)
⬆️ Resistance: 54200
⬇️ Support: 51000
FBM KLCI: 1,671.62pts (-0.69pts, -0.04%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 24,510.10 pts (-251.04pts, -1.01%)
⬆️ Resistance: 26200
⬇️ Support: 24100
Crude Palm Oil: RM4,672 (-RM100, -2.10%)
⬆️ Resistance: 5120
⬇️ Support: 4394
Brent Oil: $98.88 (+$1.27, +1.30%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,260.06 (-$24.91, -0.58%)
⬆️ Resistance: 4540
⬇️ Support: 4210
Source: Bloomberg, M+Global
👍2😁1
M+ Global Market Update – 28Sep26
US–China Summit Eases Trade Tensions
US: Following the US–China summit, we expect Wall Street to start the week firmer after both countries agreed to favourable tariff treatment covering USD30bn of non-sensitive goods in each direction and extended their trade truce by two months. Agriculture-related names such as Deere & Company (DE) and Archer-Daniels-Midland (ADM) could see improved sentiment, while Nvidia (NVDA) may remain in focus ahead of the US–China AI dialogue in November, as its guidance assumes no Data Center compute revenue from China. However, gains may be capped by renewed US–Iran tensions after President Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, keeping geopolitical and oil-price risks elevated.
MY: Tracking Wall Street’s positive close last Friday, coupled with easing US–China trade tensions following the summit, we expect the FBM KLCI to rebound today. Meanwhile, market direction could be influenced by the upcoming tabling of Budget 2027 on 9 October, with investors likely to focus on potential beneficiaries within the Construction, Utilities, Technology and Consumer sectors. Stock-wise, we favour AMBEST and GAMUDA, with the former benefiting from rising demand for precision engineering components amid the global semiconductor upcycle, while the latter is supported by a record RM62.5bn outstanding order book, equivalent to approximately 3.9x FY25 revenue.
Stocks to watch:
Technology: *AEMULUS*, *DUFU*, EG, FPGROUP, JCY, *OGX*, *OPPSTAR*, *UWC*, VIS
Construction: *GAMUDA*, INTA, *PWRWELL*, VLB
**Source: M+ Global**
US–China Summit Eases Trade Tensions
US: Following the US–China summit, we expect Wall Street to start the week firmer after both countries agreed to favourable tariff treatment covering USD30bn of non-sensitive goods in each direction and extended their trade truce by two months. Agriculture-related names such as Deere & Company (DE) and Archer-Daniels-Midland (ADM) could see improved sentiment, while Nvidia (NVDA) may remain in focus ahead of the US–China AI dialogue in November, as its guidance assumes no Data Center compute revenue from China. However, gains may be capped by renewed US–Iran tensions after President Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, keeping geopolitical and oil-price risks elevated.
MY: Tracking Wall Street’s positive close last Friday, coupled with easing US–China trade tensions following the summit, we expect the FBM KLCI to rebound today. Meanwhile, market direction could be influenced by the upcoming tabling of Budget 2027 on 9 October, with investors likely to focus on potential beneficiaries within the Construction, Utilities, Technology and Consumer sectors. Stock-wise, we favour AMBEST and GAMUDA, with the former benefiting from rising demand for precision engineering components amid the global semiconductor upcycle, while the latter is supported by a record RM62.5bn outstanding order book, equivalent to approximately 3.9x FY25 revenue.
Stocks to watch:
Technology: *AEMULUS*, *DUFU*, EG, FPGROUP, JCY, *OGX*, *OPPSTAR*, *UWC*, VIS
Construction: *GAMUDA*, INTA, *PWRWELL*, VLB
**Source: M+ Global**