*BIMB Securities - Company Update*

*ZETRIX* - Unlocking New Opportunities with MyDigital ID

*Target Price: RM1.33 / BUY*

🆔 *MyDigital ID* registration required for *MyNIISe* users by *15 Jan 2026* 📅 to maintain access at the *Sultan Iskandar* & *Sultan Abu Bakar* complexes 🛂 — this will further boost user adoption 📈.

📱 Social media *age verification* (<16) via *MyDigital ID* may unlock a new revenue stream 💸, with targeted rollout by *2Q26*.

📉 *FY25F/26F/27F core earnings* revised down *-3.7%/-12.3%/-14.7%* to *RM801.1mn / 772.4mn / 812.8mn*, mainly due to weaker *Zetrix* performance 🪙 amid depreciating token price and a stronger Ringgit 💱.

✅ We *reiterate our BUY* call with a *lower target price (TP)* of *RM1.33* (from RM1.82) 📊 based on a 5-year average forward *PER of 13x*, applied to *2026F EPS* of *10.2 sen*.

📌 Click the link below for more info:
https://drive.google.com/file/d/1Fxr4FPomFBqikC0bUOoFjBYrtWfrqTFs/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Company Update*

*KERJAYA* - First FY26 Award Secured

*Target Price: RM2.77 / HOLD*

📌 KPGB secures RM201.3m Greencove contract, marking its first FY26 win 🏗️✨
📊 Orderbook strengthens to RM4.4bn, extending earnings visibility through FY26–FY29 🔍📅
📈 Earnings uplift expected to be modest, contributing ~1–2% of core profit ⚖️
🧭 Management guides RM2.0bn FY26 replenishment, supported by data centre (DC) and industrial tenders 🏭💻
🤝 Maintain HOLD, as valuation already reflects near-term upside, with the stock trading above its historical average 💰📉


📌 Click the link below for more info:
https://drive.google.com/file/d/1O-HFDxRRcYj79EwYnTqanFyVZCH7W9re/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Result Preview*

*BURSA* - 4Q25FY25 Should Meet Consensus

*Target Price: RM9.15 / HOLD*

📊 4Q 2025 operating statistics suggests a PATAMI of RM83.6m (+21% YoY, +31% QoQ), and to finish the year at RM273m (-12% YoY). 📈📉
🔥 Market activity remains vibrant in Jan 2026, and outlook is favourable underpinned by healthy GDP growth and stronger MYR. 🇲🇾💪
📌 Maintain HOLD but with higher TP of RM9.15 (from RM8.71) 🎯 as we rollover to FY26 as our valuation base year pegged to 21.3x FY26 P/FCF – its historical average. ⚖️💰

📌 Click the link below for more info:
https://drive.google.com/file/d/1tyUuakh4YxrAT8Xkci1rFCRDTnHL71Av/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Company Update*

*GAMUDA* - PNB Exchangeable Sukuk: Fundamental Intact

*Target Price: RM6.73 / BUY*

📌 PNB’s US$300m exchangeable sukuk is at shareholder level, not linked to Gamuda-initiated funding, and requires no corporate action.
🛡️ The structure ensures no dilution, no balance sheet impact, and no change to Gamuda’s EPS or valuation base.
📉 Recent share price weakness reflects technical overhang and hedging concerns, which should ease as deal clarity improves.
📈 The current pullback presents an attractive accumulation opportunity at compelling valuations. 💡

📌 Click the link below for more info:
https://drive.google.com/file/d/1VQ7MDHAsioeI1HHp6JEg58zN5nAtrHop/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Result Preview*

*CTOS* - 4Q25 Preview: Will likely Miss our FY25 Forecast

*Target Price: RM1.25 / BUY*

📊 4Q25F PATAMI of RM43mn (+33% YoY) 🚀, bringing FY25F to RM103mn (-5% YoY) 📉. Note: this includes a RM18mn gain from the sale of Experian 💼✨

📈 Results are above consensus 👍, but slightly below our FY25 forecast ⚖️

👔 Mr. Ankur Seghal officially joined onboard as CEO on 16 Jan 2026 🗓️

🟢 Maintain BUY 🛒, but lower TP to RM1.25 🎯, pegged to an unchanged 30x FY25 P/FCF 📐 — in line with global peers 🌍

📌 Click the link below for more info:
https://drive.google.com/file/d/1C28yAzA9mg_XIYewRKRmeKvo7lXVka4G/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Company Update*

*DAYANG* - Lack of Near-Term Earnings Catalyst

*Target Price: RM1.53 / TRADING SELL*

⚠️ We remain cautious on Dayang Enterprise, as earnings are expected to stay under pressure 📉 amid an offshore maintenance downcycle 🌊🔧, softer oil prices 🛢️⬇️ and Petronas–Petros uncertainty ❓

⏳ We see a lack of near-term earnings catalysts, with 4QFY25 and 1QFY26 results likely to remain weak 📊 due to the monsoon season 🌧️

📐 We maintain our earnings forecasts, which remain below consensus 👇, reflecting our more conservative assumptions on the pace of offshore maintenance recovery 🐢

🔻 In light of the absence of near-term catalysts 🚫✨ and the 16% share price appreciation 📈, which we view as unjustified ❌, we downgrade Dayang to TRADING SELL 🟥 with an unchanged TP of RM1.53 🎯

📌 Click the link below for more info:
https://drive.google.com/file/d/13nZ1lwiy_jFeVXIgo1rWVCqA-UCMNmMd/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Technical Watch*

*CSCSTEL* - Breakout Sparks Fresh Bullish Momentum

📈 The price has decisively broken above its downward trendline resistance after three previous failed attempts ❌❌❌, signalling a potential bullish trend 🚀.

🔺 The breakout (refer arrow ➡️) was accompanied by a runaway gap 🕳️ and higher trading volume 📊⬆️, indicating strong bullish momentum 💪 and validating the move ✅, while the upward-sloping EMA 📐 suggests sustained buying interest 🟢 as market participants are willing to transact at higher prices 💰

🎯 Based on a Fibonacci trend-based projection 🧮, the upside targets are RM1.62 (0.618 level) ⭐ and RM1.81 (1.0 extension) 🌟

⚠️ On the downside, a break below RM1.23 and RM1.05 support levels 🛑 would invalidate the bullish view ❌

📌 Click the link below for more info:
https://drive.google.com/file/d/1tPF5pvma8-r9MxdmiwS_jpjb5dY98HQq/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

*BIMB Securities - Company Update*

*ZETRIX* - MyDigital ID's Path to Financial Sector Integration

*Target Price: RM1.33 / BUY*

The MyDigital ID sandbox has scaled to 18 participating banks (up from 15 in Phase 1) to test real-world e-verification capabilities 📈. Similar to the SingPass model, MyDigital ID could scale from government services to widespread adoption across banks and commercial sectors, highlighting its structural importance for Malaysia’s national digital ID initiative 🔒. We reiterate our BUY call with a target price of RM1.33 based on a 5-year average forward PER of 13.0x applied to 2026F EPS of 10.2 sen 💰.

📌 Click the link below for more info:
https://drive.google.com/file/d/138NwBCpJKzO837N8g2y-akGXOgyx_rDp/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd