Good Morning All,
We issued a technical buy call on Midea Group Co. Ltd.: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Robust financials
(ii) Strengthening brand visibility in Africa
(iii) AI-enabled features to further uplift margins
Research Team, M+
3 September 2025
We issued a technical buy call on Midea Group Co. Ltd.: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Robust financials
(ii) Strengthening brand visibility in Africa
(iii) AI-enabled features to further uplift margins
Research Team, M+
3 September 2025
M+ Global Market Wrap - 3Sep25
FBM KLCI: 1,578.52 pts (+1.82pts, +0.12%)
Despite the overnight losses in the US, the FBMKLCI (+0.12%) bucked the trend and closing higher for the second day, as gains in SUNWAY (+22.0 sen) and IHH (+11.0 sen) lifted the key index. Meanwhile, investors will also be focusing on BNM's OPR decision tomorrow. Market breadth turned positive, with 604 winners against 409 losers. Sector-wise, majority of the sectors turned bullish. Technology (+1.69%) sector outperformed, potentially buoyed by the news of OPPSTAR (+7.5 sen) teaming up with Inventec Corp to jointly develop a next-generation AI processing chip, while the Telecommunications & Media (-0.50%) sector declined the most.
Top 3 Active stocks:
VELESTO (5243): RM0.215 (+1.0 sen)
TANCO (2429): RM0.800 (+9.5 sen)
ZETRIX (0138): RM0.870 (+1.5 sen)
Volume: 2.70 bn (100-bar avg vol: 2.95 bn)
Value: RM2.81 bn (100-bar avg val: RM2.39 bn)
Market Breadth: ⬆️604⬇️409
Crude palm oil: RM4,450 (-RM26)
Dow Futures: 45,314 pts (-37 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,578.52 pts (+1.82pts, +0.12%)
Despite the overnight losses in the US, the FBMKLCI (+0.12%) bucked the trend and closing higher for the second day, as gains in SUNWAY (+22.0 sen) and IHH (+11.0 sen) lifted the key index. Meanwhile, investors will also be focusing on BNM's OPR decision tomorrow. Market breadth turned positive, with 604 winners against 409 losers. Sector-wise, majority of the sectors turned bullish. Technology (+1.69%) sector outperformed, potentially buoyed by the news of OPPSTAR (+7.5 sen) teaming up with Inventec Corp to jointly develop a next-generation AI processing chip, while the Telecommunications & Media (-0.50%) sector declined the most.
Top 3 Active stocks:
VELESTO (5243): RM0.215 (+1.0 sen)
TANCO (2429): RM0.800 (+9.5 sen)
ZETRIX (0138): RM0.870 (+1.5 sen)
Volume: 2.70 bn (100-bar avg vol: 2.95 bn)
Value: RM2.81 bn (100-bar avg val: RM2.39 bn)
Market Breadth: ⬆️604⬇️409
Crude palm oil: RM4,450 (-RM26)
Dow Futures: 45,314 pts (-37 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 4Sep25
Dow Jones: 45,271.23 pts (-24.58pts, -0.05%)
⬆️ Resistance: 46600
⬇️ Support: 44100
FBM KLCI: 1,578.52 pts (+1.82pts, +0.12%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,343.43 pts (-153.12pts, -0.60%)
⬆️ Resistance: 26400
⬇️ Support: 24400
Crude Palm Oil: RM4,442 (-RM20, -0.45%)
⬆️ Resistance: 4590
⬇️ Support: 4290
Brent Oil: $69.14 (-$1.74, -2.52%)
⬆️ Resistance: 71.00
⬇️ Support: 65.80
Gold: $3,559.42 (+$26.26, +0.74%)
⬆️ Resistance: 3660
⬇️ Support: 3320
Source: Bloomberg, M+ Global
Dow Jones: 45,271.23 pts (-24.58pts, -0.05%)
⬆️ Resistance: 46600
⬇️ Support: 44100
FBM KLCI: 1,578.52 pts (+1.82pts, +0.12%)
⬆️ Resistance: 1630
⬇️ Support: 1540
HSI Index: 25,343.43 pts (-153.12pts, -0.60%)
⬆️ Resistance: 26400
⬇️ Support: 24400
Crude Palm Oil: RM4,442 (-RM20, -0.45%)
⬆️ Resistance: 4590
⬇️ Support: 4290
Brent Oil: $69.14 (-$1.74, -2.52%)
⬆️ Resistance: 71.00
⬇️ Support: 65.80
Gold: $3,559.42 (+$26.26, +0.74%)
⬆️ Resistance: 3660
⬇️ Support: 3320
Source: Bloomberg, M+ Global
M+ Global Market Update – 04Sep25
Solar Theme Back In Play
US: Though little progress has been made on de-escalating trade tensions, with Treasury yields nearing 5%, Wall Street managed to recover its previous day’s losses, which were tied to Alphabet’s antitrust ruling. Overall, we believe market participants will adopt a “wait-and-see” approach and Wall Street may trade cautiously given the uncertain trade tariff environment. On the economic front, the Fed reported softer-than-expected US labour market data, with focus now on upcoming releases including (i) unemployment claims, (ii) ISM services PMI, and (iii) non-farm payrolls. In the commodities market, Brent retreated towards USD67/bbl, while Gold climbed higher to USD3,559/oz. CPO prices remained stable at USD4,422/MT.
MY: Tracking the broadly positive overnight performance in the US, we anticipate the local bourse to trade on a firmer note today. Meanwhile, solar-related companies should see healthy buying support, given the recent rollout of LSS5+ packages. On the construction play, we believe traders may focus on (i) SUNCON and GAMUDA, as we anticipate the data centre boom will be sustained, and (ii) LSH Capital, which we deem undervalued given its 6–7x order book coverage ratio. On a more conservative play, traders may focus on sectors like Banks, REITs, and Consumers such as AMMB, IGBREIT, and 99SMART, given the lower input cost environment, with the latter having just announced its expansion into China.
Stocks to watch:
Technology: *ITMAX*, *UWC*
Building Material: SKBSHUT, *UNIQUE*
Financial: *BURSA*, OSK
Utility: GASMSIA, *PEKAT*
Consumer: HEIM, KOPI
Gaming: *GENM*
Source: M+ Global
Solar Theme Back In Play
US: Though little progress has been made on de-escalating trade tensions, with Treasury yields nearing 5%, Wall Street managed to recover its previous day’s losses, which were tied to Alphabet’s antitrust ruling. Overall, we believe market participants will adopt a “wait-and-see” approach and Wall Street may trade cautiously given the uncertain trade tariff environment. On the economic front, the Fed reported softer-than-expected US labour market data, with focus now on upcoming releases including (i) unemployment claims, (ii) ISM services PMI, and (iii) non-farm payrolls. In the commodities market, Brent retreated towards USD67/bbl, while Gold climbed higher to USD3,559/oz. CPO prices remained stable at USD4,422/MT.
MY: Tracking the broadly positive overnight performance in the US, we anticipate the local bourse to trade on a firmer note today. Meanwhile, solar-related companies should see healthy buying support, given the recent rollout of LSS5+ packages. On the construction play, we believe traders may focus on (i) SUNCON and GAMUDA, as we anticipate the data centre boom will be sustained, and (ii) LSH Capital, which we deem undervalued given its 6–7x order book coverage ratio. On a more conservative play, traders may focus on sectors like Banks, REITs, and Consumers such as AMMB, IGBREIT, and 99SMART, given the lower input cost environment, with the latter having just announced its expansion into China.
Stocks to watch:
Technology: *ITMAX*, *UWC*
Building Material: SKBSHUT, *UNIQUE*
Financial: *BURSA*, OSK
Utility: GASMSIA, *PEKAT*
Consumer: HEIM, KOPI
Gaming: *GENM*
Source: M+ Global
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Good Morning All,
Here’s our IPO note on Camaroe Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.17 per share for CAMAROE, indicating a 21.4% upside from the IPO price of RM0.14. This valuation is based on a PE multiple of 11.0x pegged to mid-FY26f EPS of 1.56 sen.
Investment highlights include:
(i) Full supply chain control to ensure consistent supply and healthy margins
(ii) Established export-driven B2B model with China as the main focus
(iii) Compliance with local and international quality standards
(iv) More ponds, more revenue
(v) Market share reflects overseas export focus
Research Team, M+
4 Sep 2025
Here’s our IPO note on Camaroe Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.17 per share for CAMAROE, indicating a 21.4% upside from the IPO price of RM0.14. This valuation is based on a PE multiple of 11.0x pegged to mid-FY26f EPS of 1.56 sen.
Investment highlights include:
(i) Full supply chain control to ensure consistent supply and healthy margins
(ii) Established export-driven B2B model with China as the main focus
(iii) Compliance with local and international quality standards
(iv) More ponds, more revenue
(v) Market share reflects overseas export focus
Research Team, M+
4 Sep 2025
Good Morning All,
We issued an update note on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
This latest contract win is a significant positive for INTA, solidifying its order book. As this is the fourth win for FY25, it has boosted the YTD contract awards to c.RM679.3m, amounting to 46.8% of our full-year target. More importantly, this addition expands INTA's unbilled order book to a substantial RM1.9bn, providing strong earnings visibility with a 2.5x cover ratio over FY24's construction revenue.
Hence, we maintain our BUY recommendation with a target price of RM0.76, based on a P/E multiple of 11x pegged to FY26F EPS of 6.89 sen.
Research Team, M+
4 September 2025
We issued an update note on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
This latest contract win is a significant positive for INTA, solidifying its order book. As this is the fourth win for FY25, it has boosted the YTD contract awards to c.RM679.3m, amounting to 46.8% of our full-year target. More importantly, this addition expands INTA's unbilled order book to a substantial RM1.9bn, providing strong earnings visibility with a 2.5x cover ratio over FY24's construction revenue.
Hence, we maintain our BUY recommendation with a target price of RM0.76, based on a P/E multiple of 11x pegged to FY26F EPS of 6.89 sen.
Research Team, M+
4 September 2025
Good Evening All,
We issued a technical buy call on SoFI Technologies Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Growing user base
(ii) Strategic acquisitions and partnerships
(iii) Positive earnings guidance
Research Team, M+
4 September 2025
We issued a technical buy call on SoFI Technologies Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Growing user base
(ii) Strategic acquisitions and partnerships
(iii) Positive earnings guidance
Research Team, M+
4 September 2025
M+ Global Market Wrap - 4Sep25
FBM KLCI: 1,578.29 pts (-0.23pts, -0.01%)
Bursa’s key index hovered around the flatline on Thursday, as gains in Banking heavyweights were offset by losses in Industrial Products & Services like PCHEM (-10.0 sen). Market breadth tilted negatively, with losers outpacing gainers at 552-to-385, while total traded volume stood below the 100-day average. Financials (+0.24%) outperformed, led by CIMB (+7.0 sen) and PBBANK (+1.0 sen), while Health Care (-1.60%) stocks declined the most.
Top 3 Active stocks:
BCMALL (0187): RM0.010 (unch)
TANCO (2429): RM0.795 (-0.5 sen)
SIME (4197): RM2.030 (-3.0 sen)
Volume: 2.32 bn (100-bar avg vol: 2.92 bn)
Value: RM2.30 bn (100-bar avg val: RM2.38 bn)
Market Breadth: ⬆️385⬇️552
Crude palm oil: RM4,445 (+RM3)
Dow Futures: 45,280 pts (-28 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,578.29 pts (-0.23pts, -0.01%)
Bursa’s key index hovered around the flatline on Thursday, as gains in Banking heavyweights were offset by losses in Industrial Products & Services like PCHEM (-10.0 sen). Market breadth tilted negatively, with losers outpacing gainers at 552-to-385, while total traded volume stood below the 100-day average. Financials (+0.24%) outperformed, led by CIMB (+7.0 sen) and PBBANK (+1.0 sen), while Health Care (-1.60%) stocks declined the most.
Top 3 Active stocks:
BCMALL (0187): RM0.010 (unch)
TANCO (2429): RM0.795 (-0.5 sen)
SIME (4197): RM2.030 (-3.0 sen)
Volume: 2.32 bn (100-bar avg vol: 2.92 bn)
Value: RM2.30 bn (100-bar avg val: RM2.38 bn)
Market Breadth: ⬆️385⬇️552
Crude palm oil: RM4,445 (+RM3)
Dow Futures: 45,280 pts (-28 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 8Sep25
Dow Jones: 45,400.86 pts (-220.43pts, -0.48%)
⬆️ Resistance: 46700
⬇️ Support: 44100
FBM KLCI: 1,578.15 pts (-0.37pts, -0.02%)
⬆️ Resistance: 1620
⬇️ Support: 1540
HSI Index: 25,417.98 pts (+359.47pts, +1.43%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,448 (+RM6, +0.14%)
⬆️ Resistance: 4590
⬇️ Support: 4320
Brent Oil: $65.50 (+$0.11, +0.17%)
⬆️ Resistance: 71.00
⬇️ Support: 63.80
Gold: $3,586.69 (+$4.92, +0.14%)
⬆️ Resistance: 3680
⬇️ Support: 3370
Source: Bloomberg, M+ Global
Dow Jones: 45,400.86 pts (-220.43pts, -0.48%)
⬆️ Resistance: 46700
⬇️ Support: 44100
FBM KLCI: 1,578.15 pts (-0.37pts, -0.02%)
⬆️ Resistance: 1620
⬇️ Support: 1540
HSI Index: 25,417.98 pts (+359.47pts, +1.43%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,448 (+RM6, +0.14%)
⬆️ Resistance: 4590
⬇️ Support: 4320
Brent Oil: $65.50 (+$0.11, +0.17%)
⬆️ Resistance: 71.00
⬇️ Support: 63.80
Gold: $3,586.69 (+$4.92, +0.14%)
⬆️ Resistance: 3680
⬇️ Support: 3370
Source: Bloomberg, M+ Global
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M+ Global Market Update – 08Sep25
Still Into Solar And Data Center
US: With softer guidance from the Treasury Secretary, coupled with softer-than-anticipated jobs data, Wall Street closed the week on a weaker note. Traders could be looking at the possibility of a 50 bps rate cut this month, as the Greenback saw heavy selling after the release of August’s non-farm payrolls, which missed economists’ estimates by a wide margin of 75,000. The unemployment rate also edged higher to 4.3%. Hence, we expect the market to trade on a cautious note and will closely track (i) key inflation data, (ii) unemployment claims, and (iii) preliminary consumer sentiment. In the commodities market, Brent retreated towards 65/bbl, while Gold climbed to $3,592/oz. CPO prices remained stable at $4,448/MT.
MY: Given the broadly negative overnight performance in the US, we anticipate the local bourse will begin the week on a weaker note. However, solar-related companies should continue to see healthy buying support following the recent rollout of LSS5+. We view SLVEST, PEKAT, and NORTHERN as the major proxies riding on government initiatives like NETR, NEM, and LSS. Meanwhile, we expect the ongoing data center boom to provide healthy buying support for construction stocks. In this segment, we like JTGROUP and LSH Capital; the latter is deemed undervalued given its 6–7x order book coverage ratio. For a conservative play, traders should focus on consumer stocks like Spritzer, given its recent stellar results.
Stocks to watch:
Financial: BURSA, *MNRB*, OSK
Construction: *KIMLUN*, *JTGROUP*
Consumer: *GENM*, SPRITZER
Property: *IOIPG*, KSL
Building Material: MCEMENT
Automotive: DRBHCOM
Source: M+ Global
Still Into Solar And Data Center
US: With softer guidance from the Treasury Secretary, coupled with softer-than-anticipated jobs data, Wall Street closed the week on a weaker note. Traders could be looking at the possibility of a 50 bps rate cut this month, as the Greenback saw heavy selling after the release of August’s non-farm payrolls, which missed economists’ estimates by a wide margin of 75,000. The unemployment rate also edged higher to 4.3%. Hence, we expect the market to trade on a cautious note and will closely track (i) key inflation data, (ii) unemployment claims, and (iii) preliminary consumer sentiment. In the commodities market, Brent retreated towards 65/bbl, while Gold climbed to $3,592/oz. CPO prices remained stable at $4,448/MT.
MY: Given the broadly negative overnight performance in the US, we anticipate the local bourse will begin the week on a weaker note. However, solar-related companies should continue to see healthy buying support following the recent rollout of LSS5+. We view SLVEST, PEKAT, and NORTHERN as the major proxies riding on government initiatives like NETR, NEM, and LSS. Meanwhile, we expect the ongoing data center boom to provide healthy buying support for construction stocks. In this segment, we like JTGROUP and LSH Capital; the latter is deemed undervalued given its 6–7x order book coverage ratio. For a conservative play, traders should focus on consumer stocks like Spritzer, given its recent stellar results.
Stocks to watch:
Financial: BURSA, *MNRB*, OSK
Construction: *KIMLUN*, *JTGROUP*
Consumer: *GENM*, SPRITZER
Property: *IOIPG*, KSL
Building Material: MCEMENT
Automotive: DRBHCOM
Source: M+ Global
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M+ Global Market Wrap - 8Sep25
FBM KLCI: 1,585.59 pts (+7.44pts, +0.47%)
Bucking Wall Street’s negative lead, Bursa’s key index began the week on a firmer note, as gains in Utilities heavyweights like TENAGA (+26.0 sen) lifted sentiment on the local front. Market breadth was positive, with winners outpacing losers at 548 to 434 stocks. On the broader market, Utilities (+1.48%) outperformed, led by YTL-related counters, while Energy (-0.44%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.195 (+1.5 sen)
NEXG (5216): RM0.490 (+1.0 sen)
TANCO (2429): RM0.810 (+1.5 sen)
Volume: 2.15 bn (100-bar avg vol: 2.92 bn)
Value: RM1.94 bn (100-bar avg val: RM2.37 bn)
Market Breadth: ⬆️548⬇️434
Crude palm oil: RM4,488 (+RM40)
Dow Futures: 45,527 pts (+68 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,585.59 pts (+7.44pts, +0.47%)
Bucking Wall Street’s negative lead, Bursa’s key index began the week on a firmer note, as gains in Utilities heavyweights like TENAGA (+26.0 sen) lifted sentiment on the local front. Market breadth was positive, with winners outpacing losers at 548 to 434 stocks. On the broader market, Utilities (+1.48%) outperformed, led by YTL-related counters, while Energy (-0.44%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.195 (+1.5 sen)
NEXG (5216): RM0.490 (+1.0 sen)
TANCO (2429): RM0.810 (+1.5 sen)
Volume: 2.15 bn (100-bar avg vol: 2.92 bn)
Value: RM1.94 bn (100-bar avg val: RM2.37 bn)
Market Breadth: ⬆️548⬇️434
Crude palm oil: RM4,488 (+RM40)
Dow Futures: 45,527 pts (+68 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 9Sep25
Dow Jones: 45,514.95 pts (+114.09pts, +0.25%)
⬆️ Resistance: 46700
⬇️ Support: 44100
FBM KLCI: 1,585.59 pts (+7.44pts, +0.47%)
⬆️ Resistance: 1620
⬇️ Support: 1540
HSI Index: 25,633.91 pts (+215.93pts, +0.85%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,488 (RM0, 0.00%)
⬆️ Resistance: 4590
⬇️ Support: 4320
Brent Oil: $66.02 (+$0.52, +0.79%)
⬆️ Resistance: 71.00
⬇️ Support: 63.80
Gold: $3,635.98 (-$6.17, -0.17%)
⬆️ Resistance: 3720
⬇️ Support: 3410
Source: Bloomberg, M+ Global
Dow Jones: 45,514.95 pts (+114.09pts, +0.25%)
⬆️ Resistance: 46700
⬇️ Support: 44100
FBM KLCI: 1,585.59 pts (+7.44pts, +0.47%)
⬆️ Resistance: 1620
⬇️ Support: 1540
HSI Index: 25,633.91 pts (+215.93pts, +0.85%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,488 (RM0, 0.00%)
⬆️ Resistance: 4590
⬇️ Support: 4320
Brent Oil: $66.02 (+$0.52, +0.79%)
⬆️ Resistance: 71.00
⬇️ Support: 63.80
Gold: $3,635.98 (-$6.17, -0.17%)
⬆️ Resistance: 3720
⬇️ Support: 3410
Source: Bloomberg, M+ Global
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M+ Global Market Update – 09Sep25
Small Cap Index Experienced A Small Breakout
US: The market continued to stay positive amid tech-driven momentum, shrugging off the ongoing uncertain trade environment. However, last week President Trump commented that there will be a substantial semiconductor tariff that will be coming “shortly”, which may limit the upside potential of the current movements. In the near term, traders will be watching the CPI and PPI data to assess the FOMC decision next week. The current market is looking at a rate cut, with ~10% of market participants pricing in a 50bps cut. In the commodities market, both Brent and gold remained stable at USD65/bbl and USD3,629/oz, while CPO edged marginally higher to RM4,488/MT.
MY: Given the broadly positive overnight performance in the US, we anticipate healthy buying support to sustain momentum in the local index. The FBM Small Cap index has experienced a short-term breakout formation, which we think might be a bullish sign for more upside potential on a broader scale. Moreover, with the recent rollout of LSS5+, we believe SLVEST, PEKAT, and NORTHERN are direct proxies, riding on government initiatives. Meanwhile, we expect the ongoing data center and AI catalysts to provide buying support for construction and technology stocks. For a more conservative play, traders may focus on consumer stocks, supported by a stronger ringgit and domestic-led MyKasih cash handouts.
Stocks to watch:
Construction and Building Material: *CBHB*, *JTGROUP*, SKBSHUT, UNIQUE
REIT: PAVREIT, SUNREIT
Utility: *RANHILL*, YTLPOWR
Technology: *EDELTEQ*
Gaming: *GENM*
Consumer: HUPSENG
Financial: MNRB
Source: M+ Global
Small Cap Index Experienced A Small Breakout
US: The market continued to stay positive amid tech-driven momentum, shrugging off the ongoing uncertain trade environment. However, last week President Trump commented that there will be a substantial semiconductor tariff that will be coming “shortly”, which may limit the upside potential of the current movements. In the near term, traders will be watching the CPI and PPI data to assess the FOMC decision next week. The current market is looking at a rate cut, with ~10% of market participants pricing in a 50bps cut. In the commodities market, both Brent and gold remained stable at USD65/bbl and USD3,629/oz, while CPO edged marginally higher to RM4,488/MT.
MY: Given the broadly positive overnight performance in the US, we anticipate healthy buying support to sustain momentum in the local index. The FBM Small Cap index has experienced a short-term breakout formation, which we think might be a bullish sign for more upside potential on a broader scale. Moreover, with the recent rollout of LSS5+, we believe SLVEST, PEKAT, and NORTHERN are direct proxies, riding on government initiatives. Meanwhile, we expect the ongoing data center and AI catalysts to provide buying support for construction and technology stocks. For a more conservative play, traders may focus on consumer stocks, supported by a stronger ringgit and domestic-led MyKasih cash handouts.
Stocks to watch:
Construction and Building Material: *CBHB*, *JTGROUP*, SKBSHUT, UNIQUE
REIT: PAVREIT, SUNREIT
Utility: *RANHILL*, YTLPOWR
Technology: *EDELTEQ*
Gaming: *GENM*
Consumer: HUPSENG
Financial: MNRB
Source: M+ Global
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Good Morning All,
We issued an update note on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
This latest contract win is positive for INTA and it further solidifies its order book. As the fifth win for FY25, it has lifted YTD contract awards to c.RM745.8m, representing 51.4% of our full-year target. More importantly, the addition expands INTA's unbilled order book to ~RM1.9bn, providing strong earnings visibility with a 2.5x cover ratio over FY24 construction revenue
Hence, we maintain our BUY recommendation with a target price of RM0.76, based on a P/E multiple of 11x pegged to FY26F EPS of 6.89 sen.
Research Team, M+
9 September 2025
We issued an update note on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
This latest contract win is positive for INTA and it further solidifies its order book. As the fifth win for FY25, it has lifted YTD contract awards to c.RM745.8m, representing 51.4% of our full-year target. More importantly, the addition expands INTA's unbilled order book to ~RM1.9bn, providing strong earnings visibility with a 2.5x cover ratio over FY24 construction revenue
Hence, we maintain our BUY recommendation with a target price of RM0.76, based on a P/E multiple of 11x pegged to FY26F EPS of 6.89 sen.
Research Team, M+
9 September 2025
M+ Global Market Wrap - 9Sep25
FBM KLCI: 1,584.72 pts (-0.87pts, -0.05%)
Tuesday’s session saw the local bourse eked out marginal gains as advances in Plantation heavyweights were offset by profit-taking activities in Utilities heavyweights like TENAGA (-22.0 sen). Market breadth tilted positively with gainers outpacing losers at 506-to-447 stocks, while total traded volume stood above the norm. On the back of a stronger Malaysian Ringgit environment, Consumer Products & Services (+1.11%) outperformed with NESTLE (+210.0 sen) and PPB (+30.0 sen) leading the pack, while Technology (-0.50%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.215 (+2.5 sen)
ZETRIX (0138): RM0.855 (-0.5 sen)
VELESTO (5243): RM0.210 (-0.5 sen)
Volume: 3.01 bn (100-bar avg vol: 2.92 bn)
Value: RM2.61 bn (100-bar avg val: RM2.36 bn)
Market Breadth: ⬆️506⬇️447
us
Dow Futures: 45,577 pts (+2 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,584.72 pts (-0.87pts, -0.05%)
Tuesday’s session saw the local bourse eked out marginal gains as advances in Plantation heavyweights were offset by profit-taking activities in Utilities heavyweights like TENAGA (-22.0 sen). Market breadth tilted positively with gainers outpacing losers at 506-to-447 stocks, while total traded volume stood above the norm. On the back of a stronger Malaysian Ringgit environment, Consumer Products & Services (+1.11%) outperformed with NESTLE (+210.0 sen) and PPB (+30.0 sen) leading the pack, while Technology (-0.50%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.215 (+2.5 sen)
ZETRIX (0138): RM0.855 (-0.5 sen)
VELESTO (5243): RM0.210 (-0.5 sen)
Volume: 3.01 bn (100-bar avg vol: 2.92 bn)
Value: RM2.61 bn (100-bar avg val: RM2.36 bn)
Market Breadth: ⬆️506⬇️447
us
Dow Futures: 45,577 pts (+2 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 10Sep25
Dow Jones: 45,711.34 pts (+196.39pts, +0.43%)
⬆️ Resistance: 46700
⬇️ Support: 44100
FBM KLCI: 1,586.81 pts (+1.22pts, +0.08%)
⬆️ Resistance: 1620
⬇️ Support: 1550
HSI Index: 25,938.13 pts (+304.22pts, +1.19%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,479 (-RM39, -0.87%)
⬆️ Resistance: 4600
⬇️ Support: 4320
Brent Oil: $66.39 (+$0.37, +0.56%)
⬆️ Resistance: 70.70
⬇️ Support: 63.80
Gold: $3,626.63 (+$9.02, +0.08%)
⬆️ Resistance: 3750
⬇️ Support: 3450
Source: Bloomberg, M+ Global
Dow Jones: 45,711.34 pts (+196.39pts, +0.43%)
⬆️ Resistance: 46700
⬇️ Support: 44100
FBM KLCI: 1,586.81 pts (+1.22pts, +0.08%)
⬆️ Resistance: 1620
⬇️ Support: 1550
HSI Index: 25,938.13 pts (+304.22pts, +1.19%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM4,479 (-RM39, -0.87%)
⬆️ Resistance: 4600
⬇️ Support: 4320
Brent Oil: $66.39 (+$0.37, +0.56%)
⬆️ Resistance: 70.70
⬇️ Support: 63.80
Gold: $3,626.63 (+$9.02, +0.08%)
⬆️ Resistance: 3750
⬇️ Support: 3450
Source: Bloomberg, M+ Global
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M+ Global Market Update – 10Sep25
Buying Support Remains Intact
US: While the US job market points toward slower growth, Wall Street has continued to recover, with 93% of participants now pricing in a 25bps rate cut next week. Moreover, though semiconductor tariffs remain a key focus, we believe Amazon’s new golden goose; the customization of semiconductor chips catering to customers’ specific needs, should be able to carve out a niche against NVIDIA and AMD. In the near term, traders will be tracking the CPI and PPI data, assessing the FOMC decision next week. In the commodities market, Brent remained stable at USD65/bbl while Gold closed higher at USD3,632/oz, with CPO edged lower to RM4,440/MT.
MY: Given Wall Street’s positive overnight performance, we foresee healthy buying support likely to continue its rebound momentum on the local front. Moreover, with US job revisions pointing to stronger rate cut bets, we expect WELLCHIP and EMCC to be the direct proxies, as Gold has surpassed $3,600; potentially driving higher redemption rate from their customers. The recent rollout of LSS5+ should support key solar players like SLVEST, PEKAT, and NOTHERN. For a more conservative play, traders may focus on consumer stocks such as LWSABAH with (i) contributions from its recent acquisition of Twinine, and (ii) a conservative ~RM1m monthly revenue from the 99SMART product placement, we see deem the stock to be undervalued, with margins standing well above its peers.
Stocks to watch:
Technology: *EDELTEQ*, *NE*, TTVHB, *UWC*
Utility: *JTGROUP*
Financial: *MNRB*
Gaming: *GENM*
Automotive: DRBHCOM
Telco: AXIATA
Property: SUNWAY
Source: M+ Global
Buying Support Remains Intact
US: While the US job market points toward slower growth, Wall Street has continued to recover, with 93% of participants now pricing in a 25bps rate cut next week. Moreover, though semiconductor tariffs remain a key focus, we believe Amazon’s new golden goose; the customization of semiconductor chips catering to customers’ specific needs, should be able to carve out a niche against NVIDIA and AMD. In the near term, traders will be tracking the CPI and PPI data, assessing the FOMC decision next week. In the commodities market, Brent remained stable at USD65/bbl while Gold closed higher at USD3,632/oz, with CPO edged lower to RM4,440/MT.
MY: Given Wall Street’s positive overnight performance, we foresee healthy buying support likely to continue its rebound momentum on the local front. Moreover, with US job revisions pointing to stronger rate cut bets, we expect WELLCHIP and EMCC to be the direct proxies, as Gold has surpassed $3,600; potentially driving higher redemption rate from their customers. The recent rollout of LSS5+ should support key solar players like SLVEST, PEKAT, and NOTHERN. For a more conservative play, traders may focus on consumer stocks such as LWSABAH with (i) contributions from its recent acquisition of Twinine, and (ii) a conservative ~RM1m monthly revenue from the 99SMART product placement, we see deem the stock to be undervalued, with margins standing well above its peers.
Stocks to watch:
Technology: *EDELTEQ*, *NE*, TTVHB, *UWC*
Utility: *JTGROUP*
Financial: *MNRB*
Gaming: *GENM*
Automotive: DRBHCOM
Telco: AXIATA
Property: SUNWAY
Source: M+ Global
Good Morning All,
We issued a technical buy call on Jati Tinggi Group Bhd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) RM42.9m subcontract win
(ii) Strong order book visibility
(iii) Riding the national energy agenda
Research Team, M+
10 September 2025
We issued a technical buy call on Jati Tinggi Group Bhd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) RM42.9m subcontract win
(ii) Strong order book visibility
(iii) Riding the national energy agenda
Research Team, M+
10 September 2025
M+ Global Market Wrap - 10Sep25
FBM KLCI: 1,590.75 pts (+3.94pts, +0.25%)
Taking cues from Wall Street’s positive lead, Wednesday’s session saw the local bourse continue to recover from intraweek low, with resilient buying interest in IHH (+16.0 sen). Market breadth tilted positively with gainers outpacing losers at 518-to-487 stocks. On the broader market, Telco & Media (+1.73%) outperformed, with AXIATA (+12.0 sen) and MAXIS (+3.0 sen) while Industrial Products & Services (-0.70%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.540 (-10.0 sen)
CLASSITA (7154): RM0.095 (+1.0 sen)
PHARMA (7081): RM0.220 (+0.5 sen)
Volume: 2.66 bn (100-bar avg vol: 2.91 bn)
Value: RM2.29 bn (100-bar avg val: RM2.37 bn)
Market Breadth: ⬆️518⬇️487
us
Dow Futures: 45,659 pts (-98 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,590.75 pts (+3.94pts, +0.25%)
Taking cues from Wall Street’s positive lead, Wednesday’s session saw the local bourse continue to recover from intraweek low, with resilient buying interest in IHH (+16.0 sen). Market breadth tilted positively with gainers outpacing losers at 518-to-487 stocks. On the broader market, Telco & Media (+1.73%) outperformed, with AXIATA (+12.0 sen) and MAXIS (+3.0 sen) while Industrial Products & Services (-0.70%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.540 (-10.0 sen)
CLASSITA (7154): RM0.095 (+1.0 sen)
PHARMA (7081): RM0.220 (+0.5 sen)
Volume: 2.66 bn (100-bar avg vol: 2.91 bn)
Value: RM2.29 bn (100-bar avg val: RM2.37 bn)
Market Breadth: ⬆️518⬇️487
us
Dow Futures: 45,659 pts (-98 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 11Sep25
Dow Jones: 45,490.92 pts (-220.42pts, -0.48%)
⬆️ Resistance: 46700
⬇️ Support: 44300
FBM KLCI: 1,590.75 pts (+3.94pts, +0.25%)
⬆️ Resistance: 1630
⬇️ Support: 1550
HSI Index: 26,200.26 pts (+262.13pts, +1.01%)
⬆️ Resistance: 26900
⬇️ Support: 24600
Crude Palm Oil: RM4,413 (+RM7, +0.16%)
⬆️ Resistance: 4600
⬇️ Support: 4300
Brent Oil: $67.49 (+$1.10, +1.66%)
⬆️ Resistance: 69.20
⬇️ Support: 63.80
Gold: $3,640.75 (-$1.77, -0.05%)
⬆️ Resistance: 3750
⬇️ Support: 3450
Source: Bloomberg, M+ Global
Dow Jones: 45,490.92 pts (-220.42pts, -0.48%)
⬆️ Resistance: 46700
⬇️ Support: 44300
FBM KLCI: 1,590.75 pts (+3.94pts, +0.25%)
⬆️ Resistance: 1630
⬇️ Support: 1550
HSI Index: 26,200.26 pts (+262.13pts, +1.01%)
⬆️ Resistance: 26900
⬇️ Support: 24600
Crude Palm Oil: RM4,413 (+RM7, +0.16%)
⬆️ Resistance: 4600
⬇️ Support: 4300
Brent Oil: $67.49 (+$1.10, +1.66%)
⬆️ Resistance: 69.20
⬇️ Support: 63.80
Gold: $3,640.75 (-$1.77, -0.05%)
⬆️ Resistance: 3750
⬇️ Support: 3450
Source: Bloomberg, M+ Global
M+ Global Market Update – 11Sep25
Technology Stocks May Remain Attractive
US: While the cost of wholesale goods and services fell in August from a high base in July, coupled with a slower job growth environment; this should fuel further rate cut bets. The Dow, however took a breather as we believe market participants are taking a ‘wait-and-see’ approach ahead of inflation data due tonight. On the semiconductor segment, NVIDIA, AMD, ARM, and CoreWeave ended significantly higher, following Oracle’s bullish guidance. In the near term, traders will be tracking the CPI and unemployment claims, assessing the FOMC’s decision next week. In the commodities market, Brent edged higher towards USD67/bbl while Gold remained stable at USD3,640/oz, with CPO closed lower to RM4,420/MT.
MY: Despite the mixed overnight performance in the US, we expect selective buying momentum to persist on the local front. Also, the Technology sector could be boosted by strong overnight performances from tech giants. In view of softer PPI numbers, coupled with soft jobs data, we expect gold to trade higher for the near to mid-term, which would benefit WELLCHIP and EMCC. Moreover, we believe CBHB is trading at undemanding valuations, supported by healthy DC pipelines. For a more conservative and stronger ringgit environment, we believe LWSABAH offers upside given its recent Twinine acquisition.
Stocks to watch:
Technology: *EDELTEQ*, INFOM, *NE*, *TTVHB*, UWC
Utility: GASMSIA, *JTGROUP*, *MNHLDG*, YTL
Gold-related: WELLCHIP
Gaming: *GENM*
Telco: MAXIS
Source: M+ Global
Technology Stocks May Remain Attractive
US: While the cost of wholesale goods and services fell in August from a high base in July, coupled with a slower job growth environment; this should fuel further rate cut bets. The Dow, however took a breather as we believe market participants are taking a ‘wait-and-see’ approach ahead of inflation data due tonight. On the semiconductor segment, NVIDIA, AMD, ARM, and CoreWeave ended significantly higher, following Oracle’s bullish guidance. In the near term, traders will be tracking the CPI and unemployment claims, assessing the FOMC’s decision next week. In the commodities market, Brent edged higher towards USD67/bbl while Gold remained stable at USD3,640/oz, with CPO closed lower to RM4,420/MT.
MY: Despite the mixed overnight performance in the US, we expect selective buying momentum to persist on the local front. Also, the Technology sector could be boosted by strong overnight performances from tech giants. In view of softer PPI numbers, coupled with soft jobs data, we expect gold to trade higher for the near to mid-term, which would benefit WELLCHIP and EMCC. Moreover, we believe CBHB is trading at undemanding valuations, supported by healthy DC pipelines. For a more conservative and stronger ringgit environment, we believe LWSABAH offers upside given its recent Twinine acquisition.
Stocks to watch:
Technology: *EDELTEQ*, INFOM, *NE*, *TTVHB*, UWC
Utility: GASMSIA, *JTGROUP*, *MNHLDG*, YTL
Gold-related: WELLCHIP
Gaming: *GENM*
Telco: MAXIS
Source: M+ Global
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