M+ Global Market Wrap - 19Sep25
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
Friday session saw the FBMKLCI (-0.04%) continue to exert selling pressure, closing lower at 1598.23 pts, as investors trimmed some of their shares in banking heavyweights like CIMB (-9.0 sen) and MAYBANK (-8.0 sen). Meanwhile, the country also reported a slowdown in exports growth in August, rising only 1.9% YoY to RM131.6bn, weaker than market expectations of 3.0% and far below July’s 6.8% growth. Market breadth was positive, with 564 winners against 493 losers. In the broader environment, Transportation & Logistics (+1.75%) outperformed, buoyed by gains in HEXTECH (+10.0 sen) and MISC (+4.0 sen), while Financial Services (-0.52%) declined the most.
Top 3 Active stocks:
TWL (7079): RM0.025 (-0.5 sen)
FOCUS (0116): RM0.005 (-0.5 sen)
VS (6963): RM0.595 (+4.5 sen)
Volume: 3.59 bn (100-bar avg vol: 2.93 bn)
Value: RM4.16 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️564⬇️493
Crude Palm Oil: RM4,435 (-RM10, -0.23%)
Dow Futures: 46,511 pts (-5 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
Friday session saw the FBMKLCI (-0.04%) continue to exert selling pressure, closing lower at 1598.23 pts, as investors trimmed some of their shares in banking heavyweights like CIMB (-9.0 sen) and MAYBANK (-8.0 sen). Meanwhile, the country also reported a slowdown in exports growth in August, rising only 1.9% YoY to RM131.6bn, weaker than market expectations of 3.0% and far below July’s 6.8% growth. Market breadth was positive, with 564 winners against 493 losers. In the broader environment, Transportation & Logistics (+1.75%) outperformed, buoyed by gains in HEXTECH (+10.0 sen) and MISC (+4.0 sen), while Financial Services (-0.52%) declined the most.
Top 3 Active stocks:
TWL (7079): RM0.025 (-0.5 sen)
FOCUS (0116): RM0.005 (-0.5 sen)
VS (6963): RM0.595 (+4.5 sen)
Volume: 3.59 bn (100-bar avg vol: 2.93 bn)
Value: RM4.16 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️564⬇️493
Crude Palm Oil: RM4,435 (-RM10, -0.23%)
Dow Futures: 46,511 pts (-5 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 22Sep25
Dow Jones: 46,315.27 pts (+172.85pts, +0.37%)
⬆️ Resistance: 47400
⬇️ Support: 44800
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,545.10 pts (+0.25pts, +0.00%)
⬆️ Resistance: 27600
⬇️ Support: 25800
Crude Palm Oil: RM4,425 (-RM10, -0.23%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $66.68 (+$0.07, +0.10%)
⬆️ Resistance: 70.10
⬇️ Support: 65.20
Gold: $3,685.30 (+$4.18, +0.11%)
⬆️ Resistance: 3790
⬇️ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 46,315.27 pts (+172.85pts, +0.37%)
⬆️ Resistance: 47400
⬇️ Support: 44800
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,545.10 pts (+0.25pts, +0.00%)
⬆️ Resistance: 27600
⬇️ Support: 25800
Crude Palm Oil: RM4,425 (-RM10, -0.23%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $66.68 (+$0.07, +0.10%)
⬆️ Resistance: 70.10
⬇️ Support: 65.20
Gold: $3,685.30 (+$4.18, +0.11%)
⬆️ Resistance: 3790
⬇️ Support: 3560
Source: Bloomberg, M+ Global
M+ Global Market Update – 22Sep25
Technology Stocks Back In Play
US: With NVIDIA's $5 billion investment rollout on Intel, Wall Street continues to chart higher, with the Nasdaq lifting the overall sentiment. Moreover, we see this investment, along with its collaboration on PC and data center chip segments, as a potential catalyst for KLA Corp. and the overall semiconductor segment to grow steadily over the near term. This could translate to further buying interest in the technology sector. We believe Wall Street may sustain its movement in the near term. Besides, we believe gold-related stocks like SSRM and CDE are well-positioned given rising prices. This is driven by another rate cut expectation, robust central bank demand, as well as ongoing global uncertainties.
MY: Taking a cue from Wall Street's positive lead, we expect the KLCI's key index to trade on a firmer footing due to the narrowing U.S.-Malaysia interest rate differential. Moreover, the overall positive sentiment on the Nasdaq may spill over into the local technology stocks in the near term. With gold prices remaining elevated, we expect the environment to bode well for gold- and pawn-related counters like POHKONG, WELLCHIP, and EMCC. On the construction front, we like BNASTRA and LSH given their robust order book coverage ratios and diverse business models. For a smaller-cap, we view INTA's valuation as still undemanding, despite its positive order book and healthy take-up rate in the property development segment.
Stocks to watch:
Consumer: 99SMART, *HAPSENG*, *HEIM*
Technology: *CBHB*, DUFU, *EG*, NE
Construction: *HEGROUP*, *SKBSHUT*
Conglomerate: SIME
Source: M+ Global
Technology Stocks Back In Play
US: With NVIDIA's $5 billion investment rollout on Intel, Wall Street continues to chart higher, with the Nasdaq lifting the overall sentiment. Moreover, we see this investment, along with its collaboration on PC and data center chip segments, as a potential catalyst for KLA Corp. and the overall semiconductor segment to grow steadily over the near term. This could translate to further buying interest in the technology sector. We believe Wall Street may sustain its movement in the near term. Besides, we believe gold-related stocks like SSRM and CDE are well-positioned given rising prices. This is driven by another rate cut expectation, robust central bank demand, as well as ongoing global uncertainties.
MY: Taking a cue from Wall Street's positive lead, we expect the KLCI's key index to trade on a firmer footing due to the narrowing U.S.-Malaysia interest rate differential. Moreover, the overall positive sentiment on the Nasdaq may spill over into the local technology stocks in the near term. With gold prices remaining elevated, we expect the environment to bode well for gold- and pawn-related counters like POHKONG, WELLCHIP, and EMCC. On the construction front, we like BNASTRA and LSH given their robust order book coverage ratios and diverse business models. For a smaller-cap, we view INTA's valuation as still undemanding, despite its positive order book and healthy take-up rate in the property development segment.
Stocks to watch:
Consumer: 99SMART, *HAPSENG*, *HEIM*
Technology: *CBHB*, DUFU, *EG*, NE
Construction: *HEGROUP*, *SKBSHUT*
Conglomerate: SIME
Source: M+ Global
Good Morning All,
Here’s our IPO note on Cheeding Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a target P/E of 16.0x mid-FY27f EPS, translating to a fair value of RM0.72 per share (100% upside from the IPO price of RM0.36 per share). The assigned valuation takes into account several factors: (i) CHEEDING’s niche involvement in overhead infrastructure utilities, (ii) its long-term relationship with TENAGA, which provides healthy cash flow as reflected in its low receivable turnover, and (iii) its healthy net profit margins and EPS growth relative to peers.
We do not rule out the possibility of a rerating catalyst of CHEEDING to 17.5-19x as (i) higher demand in data center may contribute to TENAGA increasing CapEx of its power grid network going forward and (ii) ongoing execution in NETR projects which will require more power transmission network, translating to stronger earnings potential for CHEEDING.
For FY26F, we reckon that CHEEDING will be able to deliver another year of solid improvement, backed by (i) a strong order book of ~RM202.7m, providing a coverage ratio of ~1–1.5x, of which we estimate ~66–70% should be recognised by FY26f, with most of the balance carried into FY27f, and (ii) TENAGA’s favourable capex rollout focused on improving the efficiency of the nation’s utilities industry.
Research Team, M+
22 Sep 2025
Here’s our IPO note on Cheeding Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a target P/E of 16.0x mid-FY27f EPS, translating to a fair value of RM0.72 per share (100% upside from the IPO price of RM0.36 per share). The assigned valuation takes into account several factors: (i) CHEEDING’s niche involvement in overhead infrastructure utilities, (ii) its long-term relationship with TENAGA, which provides healthy cash flow as reflected in its low receivable turnover, and (iii) its healthy net profit margins and EPS growth relative to peers.
We do not rule out the possibility of a rerating catalyst of CHEEDING to 17.5-19x as (i) higher demand in data center may contribute to TENAGA increasing CapEx of its power grid network going forward and (ii) ongoing execution in NETR projects which will require more power transmission network, translating to stronger earnings potential for CHEEDING.
For FY26F, we reckon that CHEEDING will be able to deliver another year of solid improvement, backed by (i) a strong order book of ~RM202.7m, providing a coverage ratio of ~1–1.5x, of which we estimate ~66–70% should be recognised by FY26f, with most of the balance carried into FY27f, and (ii) TENAGA’s favourable capex rollout focused on improving the efficiency of the nation’s utilities industry.
Research Team, M+
22 Sep 2025
M+ Global Market Wrap - 22Sep25
FBM KLCI: 1,603.34 pts (+5.11pts, +0.32%)
With Asian markets trading on a firmer footing, the local bourse began the week with traders piling into Banking heavyweights. However, market breadth tilted negatively, with losers outpacing gainers at 528-to-478, with total traded volume stood below the norm. On the broader market, Construction (+1.73%) outperformed, led by GAMUDA (+17.0 sen) despite a slight consensus miss, while Telco & Media (-0.39%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.605 (+1.0 sen)
ZETRIX (0138): RM0.870 (unch)
PHARMA (7081): RM0.260 (-0.5 sen)
Volume: 2.79 bn (100-bar avg vol: 2.93 bn)
Value: RM2.28 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️478⬇️528
Crude Palm Oil: RM4,425 (+RM3, +0.07%)
Dow Futures: 46,524 pts (-127 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,603.34 pts (+5.11pts, +0.32%)
With Asian markets trading on a firmer footing, the local bourse began the week with traders piling into Banking heavyweights. However, market breadth tilted negatively, with losers outpacing gainers at 528-to-478, with total traded volume stood below the norm. On the broader market, Construction (+1.73%) outperformed, led by GAMUDA (+17.0 sen) despite a slight consensus miss, while Telco & Media (-0.39%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.605 (+1.0 sen)
ZETRIX (0138): RM0.870 (unch)
PHARMA (7081): RM0.260 (-0.5 sen)
Volume: 2.79 bn (100-bar avg vol: 2.93 bn)
Value: RM2.28 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️478⬇️528
Crude Palm Oil: RM4,425 (+RM3, +0.07%)
Dow Futures: 46,524 pts (-127 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 23Sep25
Dow Jones: 46,381.54 pts (+66.27pts, +0.14%)
⬆️ Resistance: 47400
⬇️ Support: 44800
FBM KLCI: 1,603.34 pts (+5.11pts, +0.32%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,344.14 pts (-200.96pts, -0.76%)
⬆️ Resistance: 27600
⬇️ Support: 25700
Crude Palm Oil: RM4,443 (-RM74, -1.67%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $66.57 (-$0.11, -0.16%)
⬆️ Resistance: 70.10
⬇️ Support: 64.70
Gold: $3,746.70 (-$2.79, -0.07%)
⬆️ Resistance: 3830
⬇️ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 46,381.54 pts (+66.27pts, +0.14%)
⬆️ Resistance: 47400
⬇️ Support: 44800
FBM KLCI: 1,603.34 pts (+5.11pts, +0.32%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,344.14 pts (-200.96pts, -0.76%)
⬆️ Resistance: 27600
⬇️ Support: 25700
Crude Palm Oil: RM4,443 (-RM74, -1.67%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $66.57 (-$0.11, -0.16%)
⬆️ Resistance: 70.10
⬇️ Support: 64.70
Gold: $3,746.70 (-$2.79, -0.07%)
⬆️ Resistance: 3830
⬇️ Support: 3560
Source: Bloomberg, M+ Global
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M+ Global Market Update – 23Sep25
Another NVIDIA CapEx Rollout
US: Wall Street notched another record high, driven by a ~4% jump in Nvidia Corp. after it pledged to invest up to $100bn in OpenAI. We believe this capital expenditure (CapEx) rollout will fund data centers with at least 10 gigawatts (GW) of capacity, powered by Nvidia’s advanced AI chips to train and deploy OpenAI’s models. Also, with Nvidia’s $5bn investment in Intel, we expect the technology sector to grow steadily in the near term. This could translate into further buying interest in the major tech giants, leading to a sustained uptrend on Wall Street. Moreover, with the uptrend momentum observed in gold, we favour miners such as SSRM and CDE.
MY: We anticipate the local market will trade on a stronger footing as solid sentiment from Wall Street may spill into the local technology sector, at least in the near term. Meanwhile, we favour ITMAX given its sticky solutions and services as well as the contract wins of ~RM51m stretching over the next 15 years. On the data center front, we like CBHB due to its (i) undemanding valuations and (ii) high exposure to DC plays. Furthermore, we have issued a non-rated report on Cheeding Holdings Berhad with a fair value of RM0.72 (IPO price: RM0.36), supported by its (i) unique niche in overhead infrastructure utilities and (ii) robust operational efficiency, as reflected in its net margins, which stand well above the peers’ average.
Stocks to watch:
Technology: *D&O*, *EDELTEQ*, *OPPSTAR*
Financial: AMBANK, MAYBANK
Construction: *PWRWELL*
Utility: *SAMAIDEN*, YTL
Gold-related: *EMCC*
Conglomerate: HAPSENG
Property: SUNWAY
Source: M+ Global
Another NVIDIA CapEx Rollout
US: Wall Street notched another record high, driven by a ~4% jump in Nvidia Corp. after it pledged to invest up to $100bn in OpenAI. We believe this capital expenditure (CapEx) rollout will fund data centers with at least 10 gigawatts (GW) of capacity, powered by Nvidia’s advanced AI chips to train and deploy OpenAI’s models. Also, with Nvidia’s $5bn investment in Intel, we expect the technology sector to grow steadily in the near term. This could translate into further buying interest in the major tech giants, leading to a sustained uptrend on Wall Street. Moreover, with the uptrend momentum observed in gold, we favour miners such as SSRM and CDE.
MY: We anticipate the local market will trade on a stronger footing as solid sentiment from Wall Street may spill into the local technology sector, at least in the near term. Meanwhile, we favour ITMAX given its sticky solutions and services as well as the contract wins of ~RM51m stretching over the next 15 years. On the data center front, we like CBHB due to its (i) undemanding valuations and (ii) high exposure to DC plays. Furthermore, we have issued a non-rated report on Cheeding Holdings Berhad with a fair value of RM0.72 (IPO price: RM0.36), supported by its (i) unique niche in overhead infrastructure utilities and (ii) robust operational efficiency, as reflected in its net margins, which stand well above the peers’ average.
Stocks to watch:
Technology: *D&O*, *EDELTEQ*, *OPPSTAR*
Financial: AMBANK, MAYBANK
Construction: *PWRWELL*
Utility: *SAMAIDEN*, YTL
Gold-related: *EMCC*
Conglomerate: HAPSENG
Property: SUNWAY
Source: M+ Global
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Good Morning All,
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that its sub-subsidiary, Stream Environment (S) Pte Ltd, has received a Letter of Acceptance from the Housing & Development Board of Singapore for the design, build, and operation of a Pneumatic Waste Conveyance System (PWCS) at Project DC & DD, valued at SGD3.9m (~RM12.8m). The contract covers design works from 2 October 2025 to 1 October 2026, followed by a 24-month construction period for each phase upon commencement instruction.
We maintain our BUY recommendation on AWC with an unchanged target price of RM0.805. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f EPS of 8.05 sen.
Research Team, M+
23 September 2025
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that its sub-subsidiary, Stream Environment (S) Pte Ltd, has received a Letter of Acceptance from the Housing & Development Board of Singapore for the design, build, and operation of a Pneumatic Waste Conveyance System (PWCS) at Project DC & DD, valued at SGD3.9m (~RM12.8m). The contract covers design works from 2 October 2025 to 1 October 2026, followed by a 24-month construction period for each phase upon commencement instruction.
We maintain our BUY recommendation on AWC with an unchanged target price of RM0.805. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f EPS of 8.05 sen.
Research Team, M+
23 September 2025
Good Morning All,
We issued a technical buy call on HE Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Undemanding valuations
(ii) Playing catch up in the DC theme
(iii) Plenty of projects in the pipeline
Research Team, M+
23 September 2025
We issued a technical buy call on HE Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Undemanding valuations
(ii) Playing catch up in the DC theme
(iii) Plenty of projects in the pipeline
Research Team, M+
23 September 2025
M+ Global Market Wrap - 23Sep25
FBM KLCI: 1,603.55 pts (+0.21pts, +0.01%)
While Asian markets traded on a mixed note, the local bourse managed to eke out marginal gains as advances in Consumer Products & Services were offset by losses in Telco & Media heavyweights. However, market breadth tilted positively with gainers outpacing losers at 567-to-459 stocks with total traded volume stood at norms. On the broader market, Property (+1.37%) stocks outperformed, with KSL (+28.0 sen) and SIMEPROP (+4.0 sen) leading the pack, while Plantation (-0.53%) declined the most.
Top 3 Active stocks:
JSSOLAR (0369): RM0.400 (+9.0 sen)
PHARMA (7081): RM0.270 (+1.0 sen)
XOXTECH (0017): RM0.065 (+3.0 sen)
Volume: 3.18 bn (100-bar avg vol: 2.93 bn)
Value: RM2.36 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️567⬇️459
Crude Palm Oil: RM4,443 (-RM99, -2.23%)
Dow Futures: 46,779 pts (+55 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,603.55 pts (+0.21pts, +0.01%)
While Asian markets traded on a mixed note, the local bourse managed to eke out marginal gains as advances in Consumer Products & Services were offset by losses in Telco & Media heavyweights. However, market breadth tilted positively with gainers outpacing losers at 567-to-459 stocks with total traded volume stood at norms. On the broader market, Property (+1.37%) stocks outperformed, with KSL (+28.0 sen) and SIMEPROP (+4.0 sen) leading the pack, while Plantation (-0.53%) declined the most.
Top 3 Active stocks:
JSSOLAR (0369): RM0.400 (+9.0 sen)
PHARMA (7081): RM0.270 (+1.0 sen)
XOXTECH (0017): RM0.065 (+3.0 sen)
Volume: 3.18 bn (100-bar avg vol: 2.93 bn)
Value: RM2.36 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️567⬇️459
Crude Palm Oil: RM4,443 (-RM99, -2.23%)
Dow Futures: 46,779 pts (+55 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 24Sep25
Dow Jones: 46,292.78 pts (-88.76pts, -0.19%)
⬆️ Resistance: 47700
⬇️ Support: 44800
FBM KLCI: 1,603.55 pts (+0.21pts, +0.01%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,159.12 pts (-185.02pts, -0.70%)
⬆️ Resistance: 27600
⬇️ Support: 25500
Crude Palm Oil: RM4,343 (+RM10, +0.23%)
⬆️ Resistance: 4650
⬇️ Support: 4190
Brent Oil: $67.63 (+$1.06, +1.59%)
⬆️ Resistance: 70.00
⬇️ Support: 64.70
Gold: $3,764.01 (+$1.21, +0.03%)
⬆️ Resistance: 3870
⬇️ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 46,292.78 pts (-88.76pts, -0.19%)
⬆️ Resistance: 47700
⬇️ Support: 44800
FBM KLCI: 1,603.55 pts (+0.21pts, +0.01%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,159.12 pts (-185.02pts, -0.70%)
⬆️ Resistance: 27600
⬇️ Support: 25500
Crude Palm Oil: RM4,343 (+RM10, +0.23%)
⬆️ Resistance: 4650
⬇️ Support: 4190
Brent Oil: $67.63 (+$1.06, +1.59%)
⬆️ Resistance: 70.00
⬇️ Support: 64.70
Gold: $3,764.01 (+$1.21, +0.03%)
⬆️ Resistance: 3870
⬇️ Support: 3560
Source: Bloomberg, M+ Global
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M+ Global Market Update – 24Sep25
Profit Taking Activities May Emerge
US: With Jerome Powell’s take on Wall Street’s overstretched valuation, profit-taking activities were seen across Wall Street. As a result, we believe the pullback may extend in the near term. However, we expect news related to semiconductors—such as (i) Nvidia Corp's USD100bn investment in OpenAI, (ii) Nvidia acquiring a USD5 billion stake in Intel, and (iii) OpenAI teaming up with Oracle and Softbank to build 5 new Stargate data centers worth USD500bn—may cushion the downside risk. Meanwhile, with the U.S. administration aiming to boost its uranium reserve over the long term, we believe this could serve as a re-rating catalyst for nuclear-related stocks like UUUU, OKLO, UEC, and URA.
MY: Taking a cue from Wall Street's negative lead, we expect profit-taking activities on the KLCI's key index, with the Technology sector likely to see selling pressure. However, we continue to favour ITMAX, as its recent contract wins have solidified its recurring revenue, providing earnings visibility for at least the next 15-20 years. We also see trading opportunities within construction stocks like BNASTRA and INTA, given their (i) robust earnings results from key developers, (ii) sizeable order book coverage, and (iii) undemanding valuations. Lastly, with the recent developments in SLVEST, we believe buying interest may emerge in renewable energy-related stocks such as KENERGY, supported by government initiatives like NETR and the rollout of LSS5 packages.
Stocks to watch:
Technology: *ITMAX*, *NE*, UNISEM
Construction: *KIMLUN*, PESONA, PWRWELL
Utility: MALAKOF, *YTL*
Building Material: *SKBSHUT*
Gold-related: *EMCC*
Consumer: *SPRITZER*
Source: M+ Global
Profit Taking Activities May Emerge
US: With Jerome Powell’s take on Wall Street’s overstretched valuation, profit-taking activities were seen across Wall Street. As a result, we believe the pullback may extend in the near term. However, we expect news related to semiconductors—such as (i) Nvidia Corp's USD100bn investment in OpenAI, (ii) Nvidia acquiring a USD5 billion stake in Intel, and (iii) OpenAI teaming up with Oracle and Softbank to build 5 new Stargate data centers worth USD500bn—may cushion the downside risk. Meanwhile, with the U.S. administration aiming to boost its uranium reserve over the long term, we believe this could serve as a re-rating catalyst for nuclear-related stocks like UUUU, OKLO, UEC, and URA.
MY: Taking a cue from Wall Street's negative lead, we expect profit-taking activities on the KLCI's key index, with the Technology sector likely to see selling pressure. However, we continue to favour ITMAX, as its recent contract wins have solidified its recurring revenue, providing earnings visibility for at least the next 15-20 years. We also see trading opportunities within construction stocks like BNASTRA and INTA, given their (i) robust earnings results from key developers, (ii) sizeable order book coverage, and (iii) undemanding valuations. Lastly, with the recent developments in SLVEST, we believe buying interest may emerge in renewable energy-related stocks such as KENERGY, supported by government initiatives like NETR and the rollout of LSS5 packages.
Stocks to watch:
Technology: *ITMAX*, *NE*, UNISEM
Construction: *KIMLUN*, PESONA, PWRWELL
Utility: MALAKOF, *YTL*
Building Material: *SKBSHUT*
Gold-related: *EMCC*
Consumer: *SPRITZER*
Source: M+ Global
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M+ Global Market Wrap - 24Sep25
FBM KLCI: 1,599.66 pts (-3.89pts, -0.24%)
Following Jerome Powell’s take on overstretched Wall Street valuations, selling pressure spilled over to the ASEAN market, with the local bourse closing lower. However, KLCI’s market participants remained neutral, as reflected in the 1-to-1 gainers-to-losers ratio, with total traded volume within the norm. On the broader market, Property (+1.21%) stocks outperformed, with KSL (+37.0 sen) leading the pack; the latter was due to analysts’ favourable views on its valuations while Construction (-0.71%) declined the most.
Top 3 Active stocks:
XPB (0370): RM0.225 (+2.5 sen)
MAGMA (7243): RM0.315 (-4.5 sen)
PHARMA (7081): RM0.275 (+0.5 sen)
Volume: 3.63 bn (100-bar avg vol: 2.93 bn)
Value: RM2.80 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️585⬇️508
Crude Palm Oil: RM4,343 (+RM30, +0.69%)
Dow Futures: 46,643 pts (+6 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,599.66 pts (-3.89pts, -0.24%)
Following Jerome Powell’s take on overstretched Wall Street valuations, selling pressure spilled over to the ASEAN market, with the local bourse closing lower. However, KLCI’s market participants remained neutral, as reflected in the 1-to-1 gainers-to-losers ratio, with total traded volume within the norm. On the broader market, Property (+1.21%) stocks outperformed, with KSL (+37.0 sen) leading the pack; the latter was due to analysts’ favourable views on its valuations while Construction (-0.71%) declined the most.
Top 3 Active stocks:
XPB (0370): RM0.225 (+2.5 sen)
MAGMA (7243): RM0.315 (-4.5 sen)
PHARMA (7081): RM0.275 (+0.5 sen)
Volume: 3.63 bn (100-bar avg vol: 2.93 bn)
Value: RM2.80 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️585⬇️508
Crude Palm Oil: RM4,343 (+RM30, +0.69%)
Dow Futures: 46,643 pts (+6 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 25Sep25
Risk-Off Sentiment Likely To Persist
US: Risk-off sentiment persisted across Wall Street, following Jerome Powell’s recent remarks on overstretched valuations in the US. As a result, we expect Wall Street to take a cautious stance, at least over the near term. However, we continue to favour tech and AI-related counters, supported by: (i) Micron’s stellar earnings and positive guidance; (ii) OpenAI, Oracle and SoftBank to build the Stargate data center, worth ~USD500bn and (iii) Nvidia’s investment in OpenAI and Intel, which may cushion the overall negative sentiment. On the commodities front, we view SSRM and CDE as beneficiaries of the elevated gold prices, while UUUU, OKLO, UEC, and URA stand to benefit from the push to boost US domestic uranium reserves.
MY: Malaysia’s key index is set to open on a weaker note, tracking the retracement on Wall Street as the AI-fuelled rally hit a pause. However, we favour HEGROUP, given its recent contract wins; marking its entry into the DC segment, while we also believe the stock to be trading at attractive regions as compared to its peers. Moreover, with a sizeable order book, rising demand in substation services and undemanding valuation, we believe traders should focus on CBHB. Besides, following the developments in SLVEST and the recent rollout of LSS5 packages, we foresee buying interest could sustain in RE counters like KENERGY and NORTHERN.
Stocks to watch:
Construction: CBHB, *HEGROUP*, *JTGROUP*, *PWRWELL*
Technology: *GENETEC*, *MI*, PIE, *UNISEM*
Building material: MSC, PMETAL
Finance: OSK
Utility: RANHILL
Consumer: HEIM
Source: M+ Global
Risk-Off Sentiment Likely To Persist
US: Risk-off sentiment persisted across Wall Street, following Jerome Powell’s recent remarks on overstretched valuations in the US. As a result, we expect Wall Street to take a cautious stance, at least over the near term. However, we continue to favour tech and AI-related counters, supported by: (i) Micron’s stellar earnings and positive guidance; (ii) OpenAI, Oracle and SoftBank to build the Stargate data center, worth ~USD500bn and (iii) Nvidia’s investment in OpenAI and Intel, which may cushion the overall negative sentiment. On the commodities front, we view SSRM and CDE as beneficiaries of the elevated gold prices, while UUUU, OKLO, UEC, and URA stand to benefit from the push to boost US domestic uranium reserves.
MY: Malaysia’s key index is set to open on a weaker note, tracking the retracement on Wall Street as the AI-fuelled rally hit a pause. However, we favour HEGROUP, given its recent contract wins; marking its entry into the DC segment, while we also believe the stock to be trading at attractive regions as compared to its peers. Moreover, with a sizeable order book, rising demand in substation services and undemanding valuation, we believe traders should focus on CBHB. Besides, following the developments in SLVEST and the recent rollout of LSS5 packages, we foresee buying interest could sustain in RE counters like KENERGY and NORTHERN.
Stocks to watch:
Construction: CBHB, *HEGROUP*, *JTGROUP*, *PWRWELL*
Technology: *GENETEC*, *MI*, PIE, *UNISEM*
Building material: MSC, PMETAL
Finance: OSK
Utility: RANHILL
Consumer: HEIM
Source: M+ Global
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M+ Morning Market Buzz - 25Sep25
Dow Jones: 46,121.28 pts (-171.50pts, -0.37%)
⬆ Resistance: 47700
⬇ Support: 45100
FBM KLCI: 1,599.66 pts (-3.89pts, -0.24%)
⬆ Resistance: 1650
⬇ Support: 1570
HSI Index: 26,518.65 pts (+359.53pts, +1.37%)
⬆ Resistance: 27600
⬇ Support: 25500
Crude Palm Oil: RM4,379 (+RM46, +1.05%)
⬆ Resistance: 4580
⬇ Support: 4190
Brent Oil: $69.31 (+$1.68, +2.48%)
⬆ Resistance: 70.80
⬇ Support: 64.70
Gold: $3,736.16 (+$6.10, +0.16%)
⬆ Resistance: 3870
⬇ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 46,121.28 pts (-171.50pts, -0.37%)
⬆ Resistance: 47700
⬇ Support: 45100
FBM KLCI: 1,599.66 pts (-3.89pts, -0.24%)
⬆ Resistance: 1650
⬇ Support: 1570
HSI Index: 26,518.65 pts (+359.53pts, +1.37%)
⬆ Resistance: 27600
⬇ Support: 25500
Crude Palm Oil: RM4,379 (+RM46, +1.05%)
⬆ Resistance: 4580
⬇ Support: 4190
Brent Oil: $69.31 (+$1.68, +2.48%)
⬆ Resistance: 70.80
⬇ Support: 64.70
Gold: $3,736.16 (+$6.10, +0.16%)
⬆ Resistance: 3870
⬇ Support: 3560
Source: Bloomberg, M+ Global
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Good Morning All,
We issued a technical buy call on Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Expansion into e-house
(ii) Acquisition of Firerex
(iii) Healthy order book and tender book pipeline
Research Team, M+
25 September 2025
We issued a technical buy call on Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Expansion into e-house
(ii) Acquisition of Firerex
(iii) Healthy order book and tender book pipeline
Research Team, M+
25 September 2025
M+ Global Market Wrap - 25Sep25
FBM KLCI: 1,598.47 pts (-1.19pts, -0.07%)
Thursday’s session saw the local bourse ended flat as profit taking actvities in Banking heavyweights offset gains in Consumer Products and Services. However, market breadth tilted positively, with gainers outpacing losers at 588-to-472 stocks, while total traded volume was above the 100-bar avg volume. On the back of a shortage in US oil inventories, Energy (+1.45%) outperformed, led by VELESTO (+1.5 sen) and ARMADA (+1.5 sen), while Technology (-0.59%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.590 (-3.0 sen)
TANCO (2429): RM0.890 (+0.5 sen)
ARMADA (5210): RM0.360 (+1.5 sen)
Volume: 3.55 bn (100-bar avg vol: 2.94 bn)
Value: RM2.76 bn (100-bar avg val: RM2.45 bn)
Market Breadth: ⬆️588⬇️472
Crude Palm Oil: RM4,379 (+RM58, +1.32%)
Dow Futures: 46,451 pts (+10 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,598.47 pts (-1.19pts, -0.07%)
Thursday’s session saw the local bourse ended flat as profit taking actvities in Banking heavyweights offset gains in Consumer Products and Services. However, market breadth tilted positively, with gainers outpacing losers at 588-to-472 stocks, while total traded volume was above the 100-bar avg volume. On the back of a shortage in US oil inventories, Energy (+1.45%) outperformed, led by VELESTO (+1.5 sen) and ARMADA (+1.5 sen), while Technology (-0.59%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.590 (-3.0 sen)
TANCO (2429): RM0.890 (+0.5 sen)
ARMADA (5210): RM0.360 (+1.5 sen)
Volume: 3.55 bn (100-bar avg vol: 2.94 bn)
Value: RM2.76 bn (100-bar avg val: RM2.45 bn)
Market Breadth: ⬆️588⬇️472
Crude Palm Oil: RM4,379 (+RM58, +1.32%)
Dow Futures: 46,451 pts (+10 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 26Sep25
Dow Jones: 45,947.32 pts (-173.96pts, -0.38%)
⬆️ Resistance: 47700
⬇️ Support: 44900
FBM KLCI: 1,598.47 pts (-1.19pts, -0.07%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,484.68 pts (-33.97pts, -0.13%)
⬆️ Resistance: 27200
⬇️ Support: 25500
Crude Palm Oil: RM4,439 (+RM14, +0.32%)
⬆️ Resistance: 4570
⬇️ Support: 4190
Brent Oil: $69.42 (+$0.11, +0.16%)
⬆️ Resistance: 71.10
⬇️ Support: 64.70
Gold: $3,749.44 (-$1.23, -0.03%)
⬆️ Resistance: 3870
⬇️ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 45,947.32 pts (-173.96pts, -0.38%)
⬆️ Resistance: 47700
⬇️ Support: 44900
FBM KLCI: 1,598.47 pts (-1.19pts, -0.07%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,484.68 pts (-33.97pts, -0.13%)
⬆️ Resistance: 27200
⬇️ Support: 25500
Crude Palm Oil: RM4,439 (+RM14, +0.32%)
⬆️ Resistance: 4570
⬇️ Support: 4190
Brent Oil: $69.42 (+$0.11, +0.16%)
⬆️ Resistance: 71.10
⬇️ Support: 64.70
Gold: $3,749.44 (-$1.23, -0.03%)
⬆️ Resistance: 3870
⬇️ Support: 3560
Source: Bloomberg, M+ Global
M+ Global Market Update – 26Sep25
Expect Bargain Hunting Activities to Emerge
US: The AI-driven rally paused over the past three sessions, as selling pressure spread across major indices. This was triggered by Jerome Powell's cautious stance on Wall Street's overstretched valuations. However, we believe a few factors may cushion the downside risk: (i) steadier US GDP growth of 3.8% in Q2 2025, (ii) a potential investment from Apple into Intel, and (iii) several positive developments in the technology sector. On the commodities front, a surprise drop in U.S. oil inventories is expected to provide a short-term boost to Brent Crude.
MY: With risk-off sentiment persisting on Wall Street, we expect Malaysia’s key index to open on a weaker footing. However, we expect the bargain hunting activities to be seen within selected sectors such as Utilities on the back of ongoing NETR execution and power grid upgrades by Tenaga, while the Technology sector has been on a recovery trend after a long consolidation. We continue to favour ITMAX as its recent contract wins strengthened its recurring income base, offering robust earnings visibility over the next 15–20 years. Besides, HEGROUP has performed a follow through buying interest after the flag breakout should observe higher trading range for the near term.
Stocks to watch:
Construction: CBHB, *HEGROUP*, INTA, *JTGROUP*, KERJAYA, *SSB8*
Technology: *EG*, *WENTEL*
Utility: PEKAT, *SUNLOGY*
Building material: MSC
Consumer: HEIM
Source: M+ Global
Expect Bargain Hunting Activities to Emerge
US: The AI-driven rally paused over the past three sessions, as selling pressure spread across major indices. This was triggered by Jerome Powell's cautious stance on Wall Street's overstretched valuations. However, we believe a few factors may cushion the downside risk: (i) steadier US GDP growth of 3.8% in Q2 2025, (ii) a potential investment from Apple into Intel, and (iii) several positive developments in the technology sector. On the commodities front, a surprise drop in U.S. oil inventories is expected to provide a short-term boost to Brent Crude.
MY: With risk-off sentiment persisting on Wall Street, we expect Malaysia’s key index to open on a weaker footing. However, we expect the bargain hunting activities to be seen within selected sectors such as Utilities on the back of ongoing NETR execution and power grid upgrades by Tenaga, while the Technology sector has been on a recovery trend after a long consolidation. We continue to favour ITMAX as its recent contract wins strengthened its recurring income base, offering robust earnings visibility over the next 15–20 years. Besides, HEGROUP has performed a follow through buying interest after the flag breakout should observe higher trading range for the near term.
Stocks to watch:
Construction: CBHB, *HEGROUP*, INTA, *JTGROUP*, KERJAYA, *SSB8*
Technology: *EG*, *WENTEL*
Utility: PEKAT, *SUNLOGY*
Building material: MSC
Consumer: HEIM
Source: M+ Global
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M+ Global Market Wrap - 26Sep25
FBM KLCI: 1,611.17 pts (+12.70pts, +0.79%)
Withstanding Wall Street’s negative lead, Friday’s session saw bargain-hunting activities across Banking heavyweights, lifting sentiment across the KLCI. However, market breadth was neutral, with winners and losers at a 1-to-1 ratio, while total traded volume stood above the 100-day average. On the broader market, Industrial Products & Services (+0.98%) outperformed with PCHEM (+13.0 sen) and MCEMENT (+42.0 sen) leading the pack, while Technology (-1.23%) declined the most.
Top 3 Active stocks:
FOCUIS (0116): RM0.010 (+0.5 sen)
ARMADA (5210): RM0.365 (+0.5 sen)
TANCO (2429): RM0.900 (+1.0 sen)
Volume: 4.16 bn (100-bar avg vol: 2.95 bn)
Value: RM3.17 bn (100-bar avg val: RM2.46 bn)
Market Breadth: ⬆️575⬇️469
Crude Palm Oil: RM4,439 (-RM34, -0.77%)
Dow Futures: 46,345 pts (+77 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,611.17 pts (+12.70pts, +0.79%)
Withstanding Wall Street’s negative lead, Friday’s session saw bargain-hunting activities across Banking heavyweights, lifting sentiment across the KLCI. However, market breadth was neutral, with winners and losers at a 1-to-1 ratio, while total traded volume stood above the 100-day average. On the broader market, Industrial Products & Services (+0.98%) outperformed with PCHEM (+13.0 sen) and MCEMENT (+42.0 sen) leading the pack, while Technology (-1.23%) declined the most.
Top 3 Active stocks:
FOCUIS (0116): RM0.010 (+0.5 sen)
ARMADA (5210): RM0.365 (+0.5 sen)
TANCO (2429): RM0.900 (+1.0 sen)
Volume: 4.16 bn (100-bar avg vol: 2.95 bn)
Value: RM3.17 bn (100-bar avg val: RM2.46 bn)
Market Breadth: ⬆️575⬇️469
Crude Palm Oil: RM4,439 (-RM34, -0.77%)
Dow Futures: 46,345 pts (+77 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 29Sep25
Markets Rebound, But Tariff Risks Loom
US: Wall Street rebounded on Friday, snapping a three-day losing streak as softer Treasury yields and in-line August PCE inflation data eased fears of tariff-driven price pressures, while the Fed’s Bowman reiterated calls for decisive rate cuts to cushion against a fragile labour market. On the corporate front, Intel (+4%) and GlobalFoundries (+8%) gained after reports that the White House may push to cut reliance on chip imports, while sentiment in pharma turned cautious following Trump’s announcement of new 100% tariffs on branded drugs, alongside levies on trucks, fittings, and furniture. With the new tariff implementations, we expect the US stock markets to kickstart the week on a mixed note.
MY: We expect the FBMKLCI to continue trading above the 1,600 level today, in line with the positive rebound on Wall Street last week. Meanwhile, with the news that INTA secured another RM40.6m housing contract from Eco Majestic Sdn Bhd, bringing its total order book to about RM1.9bn, we maintain our optimism toward the company given its low valuation and strong earnings visibility for the next two to three years. Lastly, with the recent recovery and improved sentiment in the local bourse and IPOs, we think investors can consider BURSA, which experienced a breakout above its six-month consolidation and started to trade above the MA200.
Stocks to watch:
Consumer: *HEIM*, HUPSENG, SDS
Utility: MALAKOF, *SAMAIDEN*
Technology: *EG*, *INFOM*
Chemical: *LCTITAN*
Automotive: DRBHCOM
Telco: TM
Construction: PWRWELL
Source: M+ Global
Markets Rebound, But Tariff Risks Loom
US: Wall Street rebounded on Friday, snapping a three-day losing streak as softer Treasury yields and in-line August PCE inflation data eased fears of tariff-driven price pressures, while the Fed’s Bowman reiterated calls for decisive rate cuts to cushion against a fragile labour market. On the corporate front, Intel (+4%) and GlobalFoundries (+8%) gained after reports that the White House may push to cut reliance on chip imports, while sentiment in pharma turned cautious following Trump’s announcement of new 100% tariffs on branded drugs, alongside levies on trucks, fittings, and furniture. With the new tariff implementations, we expect the US stock markets to kickstart the week on a mixed note.
MY: We expect the FBMKLCI to continue trading above the 1,600 level today, in line with the positive rebound on Wall Street last week. Meanwhile, with the news that INTA secured another RM40.6m housing contract from Eco Majestic Sdn Bhd, bringing its total order book to about RM1.9bn, we maintain our optimism toward the company given its low valuation and strong earnings visibility for the next two to three years. Lastly, with the recent recovery and improved sentiment in the local bourse and IPOs, we think investors can consider BURSA, which experienced a breakout above its six-month consolidation and started to trade above the MA200.
Stocks to watch:
Consumer: *HEIM*, HUPSENG, SDS
Utility: MALAKOF, *SAMAIDEN*
Technology: *EG*, *INFOM*
Chemical: *LCTITAN*
Automotive: DRBHCOM
Telco: TM
Construction: PWRWELL
Source: M+ Global
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