Gong Xi Fa Cai 🧧✨

Wishing you abundant blessings, good health, and lasting prosperity in the year ahead.

We thank you for your trust and remain committed to supporting your journey in the year to come. ✨

#HappyChineseNewYear #BIMBSecurities

*BIMB Securities - Company Update*

*TENAGA* - Big wins in NewGen25 tender

*Target Price: RM17.84 / BUY*

We view the award of the ⚡ 1.4 GW new combined-cycle gas turbine (CCGT) plant, and the 🔧 extension of the existing three power plants with a combined capacity of 1.3 GW as earnings-accretive, though the overall impact remains largely minimal 📊.

The new award will increase Peninsular capacity by 9.1%, translating to 8.4% of the total generation portfolio 📈.

We make no changes to our FY25–FY27F earnings forecasts 🔍📝.

This report marks a transfer of coverage 🔄📄.

📌 Click the link below for more info:
https://drive.google.com/file/d/1_MQeYMec6CNudjdS0wefHW3K0kK-qeNc/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 - Sector Update*

*AUTOMOTIVE* - After the Final Push, A softer Start to 2026

*NEUTRAL*

🚗 Jan-26 TIV declined sharply by 29.1% MoM to 64,298 units, reversing December’s 🎉 year-end surge as delivery pipelines normalised. Despite the pullback, volumes remained 28.7% higher YoY 📈, reflecting low base effects and resilient underlying demand 💪.

⚡ EV sales slipped to 6,239 units in Jan-26 after December’s peak 📉, despite Proton e.MAS surging (+196% MoM) 🚀 as BYD and Tesla registrations declined, reflecting the post-🚘 CBU EV tax exemption shift.

We maintain our NEUTRAL stance ⚖️ on the automotive sector, supported by ongoing 🚙 new model launches and 🇲🇾 national EV rollouts which should lend support to sales 🔋📊. We retain HOLD on Sime Darby (TP: RM2.27) ✋, MBMR (TP: RM5.28) ✋ and SELL for Bermaz Auto (TP: RM0.54) ❌📉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1e_y2kgeGzXwJDNEa7tA8Re5hdHBnsBvn/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

Salam Ramadhan Al-Mubarak 🌙 !

May this sacred month fill our lives with compassion, discipline, and abundant blessings.

We thank you for your trust and remain committed to supporting your journey in the year to come. ✨