M+ Global Market Wrap - 3Oct25
FBM KLCI: 1,635.06 pts (-2.74pts, -0.17%)
The FBMKLCI (-0.17%) snapped its 5-day winning streak, closing lower at 1635.06 pts, as losses in IHH (-13.0 sen) and TENAGA (-18.0 sen) dragged the key index lower. The former spiked nearly 27% at the open to RM10.48 on a potentially fat-finger error before reversing the gains back to RM8.13, with the FBMKLCI mirroring the swing as the stock briefly lifted the index by more than 20 points before erasing gains. Market breadth was slightly bullish, with 521 winners against 516 losers. In the broader environment, the Energy (+0.57%) sector outperformed, while Utilities (-1.15%) declined the most following profit-taking activities at TENAGA and MALAKOF (-11.0 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
VS (6963): RM0.570 (-3.0 sen)
SCIB (9237): RM0.210 (+4.5 sen)
Volume: 4.04 bn (100-bar avg vol: 3.00 bn)
Value: RM2.50 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️521⬇️516
Crude Palm Oil: RM4,446 (+RM3, +0.07%)
Dow Futures: 46,911 pts (+105 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,635.06 pts (-2.74pts, -0.17%)
The FBMKLCI (-0.17%) snapped its 5-day winning streak, closing lower at 1635.06 pts, as losses in IHH (-13.0 sen) and TENAGA (-18.0 sen) dragged the key index lower. The former spiked nearly 27% at the open to RM10.48 on a potentially fat-finger error before reversing the gains back to RM8.13, with the FBMKLCI mirroring the swing as the stock briefly lifted the index by more than 20 points before erasing gains. Market breadth was slightly bullish, with 521 winners against 516 losers. In the broader environment, the Energy (+0.57%) sector outperformed, while Utilities (-1.15%) declined the most following profit-taking activities at TENAGA and MALAKOF (-11.0 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
VS (6963): RM0.570 (-3.0 sen)
SCIB (9237): RM0.210 (+4.5 sen)
Volume: 4.04 bn (100-bar avg vol: 3.00 bn)
Value: RM2.50 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️521⬇️516
Crude Palm Oil: RM4,446 (+RM3, +0.07%)
Dow Futures: 46,911 pts (+105 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 6Oct25
Dow Jones: 46,758.28 pts (+238.56pts, +0.51%)
⬆️ Resistance: 48000
⬇️ Support: 45200
FBM KLCI: 1,635.06 pts (-2.74pts, -0.17%)
⬆️ Resistance: 1700
⬇️ Support: 1580
HSI Index: 27,140.92 pts (-146.20pts, -0.54%)
⬆️ Resistance: 28000
⬇️ Support: 25800
Crude Palm Oil: RM4,442 (-RM4, -0.09%)
⬆️ Resistance: 4580
⬇️ Support: 4250
Brent Oil: $64.53 (+$0.56, +0.87%)
⬆️ Resistance: 71.40
⬇️ Support: 62.80
Gold: $3,886.54 (+$30.91, +0.80%)
⬆️ Resistance: 3980
⬇️ Support: 3690
Source: Bloomberg, M+ Global
Dow Jones: 46,758.28 pts (+238.56pts, +0.51%)
⬆️ Resistance: 48000
⬇️ Support: 45200
FBM KLCI: 1,635.06 pts (-2.74pts, -0.17%)
⬆️ Resistance: 1700
⬇️ Support: 1580
HSI Index: 27,140.92 pts (-146.20pts, -0.54%)
⬆️ Resistance: 28000
⬇️ Support: 25800
Crude Palm Oil: RM4,442 (-RM4, -0.09%)
⬆️ Resistance: 4580
⬇️ Support: 4250
Brent Oil: $64.53 (+$0.56, +0.87%)
⬆️ Resistance: 71.40
⬇️ Support: 62.80
Gold: $3,886.54 (+$30.91, +0.80%)
⬆️ Resistance: 3980
⬇️ Support: 3690
Source: Bloomberg, M+ Global
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M+ Global Market Update – 06Oct25
Overstretched Movement In The US
US: Friday’s session saw mixed sentiment on Wall Street amid ongoing concerns of a government shutdown, which could trigger a domino effect with GDP and economic data being hit. According to CME FedWatch, Fed rate-cut speculation has increased, with the probability rising from 71.0% to 94.6%. With overall sentiment pointing to a sell-off in the USD, we expect gold miners such as CDE and SSRM to be well positioned in the elevated gold price environment. We also believe margins would expand, given that the gold-to-crude ratio is currently at elevated levels. Meanwhile, OPEC+ will raise oil output from November by 137,000 bpd amid looming concerns over supply outages and that may pressure the crude oil price.
MY: With risk-off sentiment emerged across Wall Street, we expect profit-taking activities to pick up after KLCI’s recent rally above 1,600. However, we believe traders may position in KJTS (M+’s TP: RM2.00) as they are the only listed player in Malaysia under the energy efficiency segment, with sizeable exposure to the ~RM41bn cooling energy industry. This is further supported by the recent RM1.5bn StonePeak JV, which we believe would complement its upfront CapEx; strengthening its recurring revenue base, making up 75% of its top line. Moreover, we expect RE players like SLVEST and SAMAIDEN to secure more projects from the LSS5+ packages, as we gather that most of them are in the stage of finalisation.
Stocks to watch:
Technology: ATECH, *CLOUDPT*, CREST, *INFOM*, ITMAX
Construction: *HEGROUP*, SKBSHUT, SSB8
Utility: *KJTS*, YTL
O&G: *DIALOG*
Consumer: SPRITZER
Source: M+ Global
Overstretched Movement In The US
US: Friday’s session saw mixed sentiment on Wall Street amid ongoing concerns of a government shutdown, which could trigger a domino effect with GDP and economic data being hit. According to CME FedWatch, Fed rate-cut speculation has increased, with the probability rising from 71.0% to 94.6%. With overall sentiment pointing to a sell-off in the USD, we expect gold miners such as CDE and SSRM to be well positioned in the elevated gold price environment. We also believe margins would expand, given that the gold-to-crude ratio is currently at elevated levels. Meanwhile, OPEC+ will raise oil output from November by 137,000 bpd amid looming concerns over supply outages and that may pressure the crude oil price.
MY: With risk-off sentiment emerged across Wall Street, we expect profit-taking activities to pick up after KLCI’s recent rally above 1,600. However, we believe traders may position in KJTS (M+’s TP: RM2.00) as they are the only listed player in Malaysia under the energy efficiency segment, with sizeable exposure to the ~RM41bn cooling energy industry. This is further supported by the recent RM1.5bn StonePeak JV, which we believe would complement its upfront CapEx; strengthening its recurring revenue base, making up 75% of its top line. Moreover, we expect RE players like SLVEST and SAMAIDEN to secure more projects from the LSS5+ packages, as we gather that most of them are in the stage of finalisation.
Stocks to watch:
Technology: ATECH, *CLOUDPT*, CREST, *INFOM*, ITMAX
Construction: *HEGROUP*, SKBSHUT, SSB8
Utility: *KJTS*, YTL
O&G: *DIALOG*
Consumer: SPRITZER
Source: M+ Global
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4Q25 Market Chat - Young Bull Returning Ahead Of Budget 2026
*Utilities Led the Rally: Now Tech is Playing Catch-Up*
• Wall Street remains on an uptrend, despite the government shutdown. Market participants may be expecting further rate cut opportunities from the Fed, which could translate to a continued upward cycle in the stock markets. However, a slowdown in economic activities could introduce significant volatility to the overstretched US stock markets.
• On the flip side, following the rate cut in the US, foreign funds could be eyeing emerging markets as investors seek bargain-hunting opportunities. Given the clarity on, (i) the tariffs environment, (ii) rising data center developments, and (iii) the ongoing NETR and NIMP blueprints supporting Malaysia’s economic growth, there appears to be an investing window, at least for the near to medium term.
• We favour selected stocks in the Construction, Plantation, Utilities, Technology, Renewable Energy, Healthcare, Consumer, and Financial sectors.
4Q25 Stock picks:-
1. ATECH (S: RM0.970-1.05, R: RM1.35-1.40, CL: RM0.951)
2. GESHEN (S: RM1.48-1.58, R: RM2.0-2.10, CL: RM1.45)
3. ITMAX (S: RM4.45-4.55, R: RM5.20-5.30, CL: RM4.36)
4. EG (S: RM1.25-1.20, R: RM1.45-1.55, CL: RM1.23)
5. KJTS (S: RM1.60-1.55, R: RM2.0-2.10, CL: RM1.57)
6. YTL (S: RM2.70-2.65, R: RM3.30-3.40, CL: RM2.65)
7. SAMAIDEN (S: RM1.23-1.30, R: RM0.600-1.70, CL: RM1.21)
8. SSB8 (S: RM0.560-0.590, R: RM0.720-0.750, CL: RM0.549)
9. SDS (S: RM0.760-0.790, R: RM0.960-1.00, CL: RM0.745)
10. SPRITZER (S: RM1.90-2.02, R: RM2.39-2.49, CL: RM1.86)
11. MNRB (S: RM1.73-1.87, R: RM2.26-2.39, CL: RM1.70)
12. KPJ (S: RM2.40-2.53, R: RM3.27-3.40, CL: RM2.35)
13. INNO (S: RM1.69-1.76, R: RM2.00-2.10, CL: RM1.66)
S: Support, R: Resistance, CL: Cut loss
_*Source: Bloomberg, M+ Global*_
*Utilities Led the Rally: Now Tech is Playing Catch-Up*
• Wall Street remains on an uptrend, despite the government shutdown. Market participants may be expecting further rate cut opportunities from the Fed, which could translate to a continued upward cycle in the stock markets. However, a slowdown in economic activities could introduce significant volatility to the overstretched US stock markets.
• On the flip side, following the rate cut in the US, foreign funds could be eyeing emerging markets as investors seek bargain-hunting opportunities. Given the clarity on, (i) the tariffs environment, (ii) rising data center developments, and (iii) the ongoing NETR and NIMP blueprints supporting Malaysia’s economic growth, there appears to be an investing window, at least for the near to medium term.
• We favour selected stocks in the Construction, Plantation, Utilities, Technology, Renewable Energy, Healthcare, Consumer, and Financial sectors.
4Q25 Stock picks:-
1. ATECH (S: RM0.970-1.05, R: RM1.35-1.40, CL: RM0.951)
2. GESHEN (S: RM1.48-1.58, R: RM2.0-2.10, CL: RM1.45)
3. ITMAX (S: RM4.45-4.55, R: RM5.20-5.30, CL: RM4.36)
4. EG (S: RM1.25-1.20, R: RM1.45-1.55, CL: RM1.23)
5. KJTS (S: RM1.60-1.55, R: RM2.0-2.10, CL: RM1.57)
6. YTL (S: RM2.70-2.65, R: RM3.30-3.40, CL: RM2.65)
7. SAMAIDEN (S: RM1.23-1.30, R: RM0.600-1.70, CL: RM1.21)
8. SSB8 (S: RM0.560-0.590, R: RM0.720-0.750, CL: RM0.549)
9. SDS (S: RM0.760-0.790, R: RM0.960-1.00, CL: RM0.745)
10. SPRITZER (S: RM1.90-2.02, R: RM2.39-2.49, CL: RM1.86)
11. MNRB (S: RM1.73-1.87, R: RM2.26-2.39, CL: RM1.70)
12. KPJ (S: RM2.40-2.53, R: RM3.27-3.40, CL: RM2.35)
13. INNO (S: RM1.69-1.76, R: RM2.00-2.10, CL: RM1.66)
S: Support, R: Resistance, CL: Cut loss
_*Source: Bloomberg, M+ Global*_
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Good Morning All,
Here’s our IPO note on Verdant Solar Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
For FY26F, we reckon that VERDANT will be able to deliver another year of solid improvement, backed by (i) a high-turnover order book, which currently stands at approximately RM31.1m and is expected to be recognised within the year given the typically short-term nature of its contracts, and (ii) favourable government support for solar PV systems through initiatives such as SELCO, GET, and the upcoming CREAM and Solar ATAP programs.
Note that we have not factored in its M&A potential, given the lack of details at the current stage. However, we project a robust 9.1% core net profit CAGR for VERDANT over FY26– FY28F. Our core net profit excludes one-off items such as IPO-related fees. In addition, we have pencilled in normalised gross margins of ~36% and net margins of ~13%.
Hence, we assign a target P/E of 18.0x pegged on mid-FY27f EPS, translating to a fair value of RM0.41 per share. While the selected peers’ average P/E stands at ~22.7x, we believe it is more meaningful to benchmark against the peers’ subsidiaries earnings that are directly comparable to VERDANT’s, given its niche model; in which resulting in a lower multiple of 18x, consistent with the 10-year average P/E of the Bursa Utilities Index.
Research Team, M+
6 October 2025
Here’s our IPO note on Verdant Solar Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
For FY26F, we reckon that VERDANT will be able to deliver another year of solid improvement, backed by (i) a high-turnover order book, which currently stands at approximately RM31.1m and is expected to be recognised within the year given the typically short-term nature of its contracts, and (ii) favourable government support for solar PV systems through initiatives such as SELCO, GET, and the upcoming CREAM and Solar ATAP programs.
Note that we have not factored in its M&A potential, given the lack of details at the current stage. However, we project a robust 9.1% core net profit CAGR for VERDANT over FY26– FY28F. Our core net profit excludes one-off items such as IPO-related fees. In addition, we have pencilled in normalised gross margins of ~36% and net margins of ~13%.
Hence, we assign a target P/E of 18.0x pegged on mid-FY27f EPS, translating to a fair value of RM0.41 per share. While the selected peers’ average P/E stands at ~22.7x, we believe it is more meaningful to benchmark against the peers’ subsidiaries earnings that are directly comparable to VERDANT’s, given its niche model; in which resulting in a lower multiple of 18x, consistent with the 10-year average P/E of the Bursa Utilities Index.
Research Team, M+
6 October 2025
M+ Global Market Wrap - 6Oct25
FBM KLCI: 1,638.09 pts (+3.03pts, +0.19%)
Buying interest was seen in IHH (+22.0 sen) after India’s regulator cleared its mandatory takeover offer for an additional 26% stake in Fortis and Malar Hospitals, lifting sentiment across the KLCI index. However, Market breadth tilted negatively, with losers outpacing gainers at 729-to-403, while broader sectors were concurrently negative, with 7 out of 13 sectors ended lower; REITs (+0.77%) outperformed, led by IGBREIT (+6.0 sen) and PAVREIT (+5.0 sen), while Property (-1.08%) declined the most.
Top 3 Active stocks:
KNM (7164): RM0.005 (-2.5 sen)
BORNOIL (7036): RM0.005 (unch)
NEXG (5216): RM0.520 (unch)
Volume: 3.69 bn (100-bar avg vol: 3.01 bn)
Value: RM2.61 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️403⬇️729
Crude Palm Oil: RM4,442 (-RM10, -0.23%)
Dow Futures: 47,091 pts (+60 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,638.09 pts (+3.03pts, +0.19%)
Buying interest was seen in IHH (+22.0 sen) after India’s regulator cleared its mandatory takeover offer for an additional 26% stake in Fortis and Malar Hospitals, lifting sentiment across the KLCI index. However, Market breadth tilted negatively, with losers outpacing gainers at 729-to-403, while broader sectors were concurrently negative, with 7 out of 13 sectors ended lower; REITs (+0.77%) outperformed, led by IGBREIT (+6.0 sen) and PAVREIT (+5.0 sen), while Property (-1.08%) declined the most.
Top 3 Active stocks:
KNM (7164): RM0.005 (-2.5 sen)
BORNOIL (7036): RM0.005 (unch)
NEXG (5216): RM0.520 (unch)
Volume: 3.69 bn (100-bar avg vol: 3.01 bn)
Value: RM2.61 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️403⬇️729
Crude Palm Oil: RM4,442 (-RM10, -0.23%)
Dow Futures: 47,091 pts (+60 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 7Oct25
Dow Jones: 46,694.97 pts (-63.31pts, -0.14%)
⬆️ Resistance: 48000
⬇️ Support: 45200
FBM KLCI: 1,638.09 pts (+3.03pts, +0.19%)
⬆️ Resistance: 1700
⬇️ Support: 1580
HSI Index: 26,957.77 pts (-183.15pts, -0.67%)
⬆️ Resistance: 28000
⬇️ Support: 26100
Crude Palm Oil: RM4,437 (-RM1, -0.02%)
⬆️ Resistance: 4580
⬇️ Support: 4250
Brent Oil: $65.47 (+$0.94, +1.46%)
⬆️ Resistance: 69.10
⬇️ Support: 62.80
Gold: $3,960.98 (+$3.19, +0.08%)
⬆️ Resistance: 4050
⬇️ Support: 3720
Source: Bloomberg, M+ Global
Dow Jones: 46,694.97 pts (-63.31pts, -0.14%)
⬆️ Resistance: 48000
⬇️ Support: 45200
FBM KLCI: 1,638.09 pts (+3.03pts, +0.19%)
⬆️ Resistance: 1700
⬇️ Support: 1580
HSI Index: 26,957.77 pts (-183.15pts, -0.67%)
⬆️ Resistance: 28000
⬇️ Support: 26100
Crude Palm Oil: RM4,437 (-RM1, -0.02%)
⬆️ Resistance: 4580
⬇️ Support: 4250
Brent Oil: $65.47 (+$0.94, +1.46%)
⬆️ Resistance: 69.10
⬇️ Support: 62.80
Gold: $3,960.98 (+$3.19, +0.08%)
⬆️ Resistance: 4050
⬇️ Support: 3720
Source: Bloomberg, M+ Global
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M+ Global Market Update – 07Oct25
AMD Playing Catch-Up In AI Play
US: While little progress was made toward de-escalating the U.S. government shutdown, resilient buying interest was seen across the Nasdaq. This was due to AMD’s multi-year agreement with OpenAI to supply up to 6 GW of Instinct GPU chips, beginning with a 1 GW rollout in 2H2026. Overall, according to AMD, the deal could generate tens of billions in annual revenue, with a cumulative upside exceeding approximately USD100bn over the next four years. We believe this also reflects continued optimism in AI, reflected by (i) Nvidia’s CapEx rollout with Intel and other strategic partnerships, (ii) Oracle’s robust recent quarters, which further uplifted its CapEx outlook, and (iii) AI-related CapEx reaching its highest level in just 1H2025.
MY: Given the AI and technology optimism in the US, we expect the local bourse to open on a firmer note, with positive buying sentiment spilling over into Technology stocks and EMS players; the latter had noticed strong buying support yesterday in stocks like EG and PIE. Ahead of the Budget 2026, we expect market participants to focus on Construction, Building Material, and Utilities; we favour KJTS under the utilities segment given its (i) position as the sole listed Energy Efficiency player in Malaysia, (ii) solid recurring revenue mix of 75%, and (iii) RM1.5bn CapEx plan, which would allow KJTS to undertake higher complexity and higher margin jobs.
Stocks to watch:
Technology: *CREST*, *EG*, VITROX
Healthcare: *EDGENTA*, KPJ
REIT: *IGBREIT*, PAVREIT
Finance: PBBANK, *RCECAP*
Construction: SSB8
O&G: KEYFIELD
Source: M+ Global
AMD Playing Catch-Up In AI Play
US: While little progress was made toward de-escalating the U.S. government shutdown, resilient buying interest was seen across the Nasdaq. This was due to AMD’s multi-year agreement with OpenAI to supply up to 6 GW of Instinct GPU chips, beginning with a 1 GW rollout in 2H2026. Overall, according to AMD, the deal could generate tens of billions in annual revenue, with a cumulative upside exceeding approximately USD100bn over the next four years. We believe this also reflects continued optimism in AI, reflected by (i) Nvidia’s CapEx rollout with Intel and other strategic partnerships, (ii) Oracle’s robust recent quarters, which further uplifted its CapEx outlook, and (iii) AI-related CapEx reaching its highest level in just 1H2025.
MY: Given the AI and technology optimism in the US, we expect the local bourse to open on a firmer note, with positive buying sentiment spilling over into Technology stocks and EMS players; the latter had noticed strong buying support yesterday in stocks like EG and PIE. Ahead of the Budget 2026, we expect market participants to focus on Construction, Building Material, and Utilities; we favour KJTS under the utilities segment given its (i) position as the sole listed Energy Efficiency player in Malaysia, (ii) solid recurring revenue mix of 75%, and (iii) RM1.5bn CapEx plan, which would allow KJTS to undertake higher complexity and higher margin jobs.
Stocks to watch:
Technology: *CREST*, *EG*, VITROX
Healthcare: *EDGENTA*, KPJ
REIT: *IGBREIT*, PAVREIT
Finance: PBBANK, *RCECAP*
Construction: SSB8
O&G: KEYFIELD
Source: M+ Global
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Good Morning All,
Here’s our IPO note on THMY Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.49 per share for THMY, indicating a 58.1% upside from the IPO price of RM0.31. This valuation is based on a PE multiple of 24.8x pegged to mid-FY27f EPS of 1.98 sen.
Investment highlights include:
(i) Margin improvement over the years following higher product complexity
(ii) Longstanding relationships with global MNCs
(iii) Strong earnings visibility due to the AI megatrend
(iv) Capacity expansion through new Batu Kawan plant and purchase of machinery and equipment
(v) Regional expansion into Thailand
(vi) Market share expected to grow
Research Team, M+
7 Oct 2025
Here’s our IPO note on THMY Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.49 per share for THMY, indicating a 58.1% upside from the IPO price of RM0.31. This valuation is based on a PE multiple of 24.8x pegged to mid-FY27f EPS of 1.98 sen.
Investment highlights include:
(i) Margin improvement over the years following higher product complexity
(ii) Longstanding relationships with global MNCs
(iii) Strong earnings visibility due to the AI megatrend
(iv) Capacity expansion through new Batu Kawan plant and purchase of machinery and equipment
(v) Regional expansion into Thailand
(vi) Market share expected to grow
Research Team, M+
7 Oct 2025
M+ Global Market Wrap - 7Oct25
FBM KLCI: 1,629.14 pts (-8.95pts, -0.55%)
Tuesday’s session saw profit-taking in healthcare heavyweights, IHH (-16.0 sen), subsequent to India’s regulators cleared its mandatory takeover of Fortis and Malar; dampening the sentiment across the KLCI index. Market breadth tilted negatively, with losers outpacing gainers at 717-to-368 stocks, while broader sectors were concurrently negative, with only three sectors edging higher. Technology (+0.87%) outperformed, led by UNISEM (+21.0 sen) and INARI (+4.0 sen) while Property (-1.19%) declined the most.
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
CHEEDING (0372): RM0.735 (+37.5 sen)
PHARMA (7081): RM0.285 (unch)
Volume: 3.34 bn (100-bar avg vol: 3.01 bn)
Value: RM2.70 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️368⬇️717
Crude Palm Oil: RM4,437 (+RM29, +0.65%)
Dow Futures: 46,835 pts (-123 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,629.14 pts (-8.95pts, -0.55%)
Tuesday’s session saw profit-taking in healthcare heavyweights, IHH (-16.0 sen), subsequent to India’s regulators cleared its mandatory takeover of Fortis and Malar; dampening the sentiment across the KLCI index. Market breadth tilted negatively, with losers outpacing gainers at 717-to-368 stocks, while broader sectors were concurrently negative, with only three sectors edging higher. Technology (+0.87%) outperformed, led by UNISEM (+21.0 sen) and INARI (+4.0 sen) while Property (-1.19%) declined the most.
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
CHEEDING (0372): RM0.735 (+37.5 sen)
PHARMA (7081): RM0.285 (unch)
Volume: 3.34 bn (100-bar avg vol: 3.01 bn)
Value: RM2.70 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️368⬇️717
Crude Palm Oil: RM4,437 (+RM29, +0.65%)
Dow Futures: 46,835 pts (-123 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 8Oct25
Dow Jones: 46,602.98 pts (-91.99pts, -0.20%)
⬆️ Resistance: 48000
⬇️ Support: 45400
FBM KLCI: 1,630.03 pts (-8.06pts, -0.49%)
⬆️ Resistance: 1700
⬇️ Support: 1590
HSI Index: 26,957.77 pts (-183.15pts, -0.67%)
⬆️ Resistance: 28000
⬇️ Support: 26400
Crude Palm Oil: RM4,470 (+RM21, +0.47%)
⬆️ Resistance: 4580
⬇️ Support: 4260
Brent Oil: $65.45 (-$0.02, -0.03%)
⬆️ Resistance: 68.00
⬇️ Support: 62.80
Gold: $3,984.85 (+$4.19, +0.11%)
⬆️ Resistance: 4080
⬇️ Support: 3750
Source: Bloomberg, M+ Global
Dow Jones: 46,602.98 pts (-91.99pts, -0.20%)
⬆️ Resistance: 48000
⬇️ Support: 45400
FBM KLCI: 1,630.03 pts (-8.06pts, -0.49%)
⬆️ Resistance: 1700
⬇️ Support: 1590
HSI Index: 26,957.77 pts (-183.15pts, -0.67%)
⬆️ Resistance: 28000
⬇️ Support: 26400
Crude Palm Oil: RM4,470 (+RM21, +0.47%)
⬆️ Resistance: 4580
⬇️ Support: 4260
Brent Oil: $65.45 (-$0.02, -0.03%)
⬆️ Resistance: 68.00
⬇️ Support: 62.80
Gold: $3,984.85 (+$4.19, +0.11%)
⬆️ Resistance: 4080
⬇️ Support: 3750
Source: Bloomberg, M+ Global
M+ Global Market Update – 08Oct25
Further Profit Taking Activities Could Be Seen
US: Overall, we believe traders are rotating away from US equities, given (i) the risk of a government shutdown, with economic data being the first to be hit, and (ii) overstretched valuations amid uncertain trade policies. However, we expect news related to the semiconductor sector—such as (i) AMD’s multi-year agreement with OpenAI, (ii) NVDA’s $100bn CapEx rollout with OpenAI, (iii) Intel’s plan to revive its business, and (iv) AI chips CapEx charting higher in 1H25 alone—to cushion against downside risks. With gold approaching ~$4,000/oz and Brent retreating towards $65/barrel, the widening gold–oil price differential should benefit gold miners such as CDE and SSRM, as they will be key proxies in this environment.
MY: In tandem with the negative Wall Street sentiment, we expect the KLCI to open on a weaker note, following the sell-off in the technology sector. However, we believe traders may focus on EMS players, particularly ATECH, given that (i) we believe it is a proxy for the government’s push towards Industry 4.0, and (ii) its sizeable order book of ~RM436.4m, which provides ATECH with at least 1.0–1.5x earnings visibility. Meanwhile, with BNASTRA’s recent project wins, which include infrastructure works for a 65MWp solar PV system and a 200MWh battery storage system, we opine that buying interest will continue to pick up.
Stocks to watch:
Technology: *3REN*, *ATECH*, CREST, *INFOM*, SNS, UNISEM, VSTECS
O&G: DIALOG, PANTECH
Utility: *KENERGY*
Construction: *KIMLUN*
Consumer: LWSABAH
Source: M+ Global
Further Profit Taking Activities Could Be Seen
US: Overall, we believe traders are rotating away from US equities, given (i) the risk of a government shutdown, with economic data being the first to be hit, and (ii) overstretched valuations amid uncertain trade policies. However, we expect news related to the semiconductor sector—such as (i) AMD’s multi-year agreement with OpenAI, (ii) NVDA’s $100bn CapEx rollout with OpenAI, (iii) Intel’s plan to revive its business, and (iv) AI chips CapEx charting higher in 1H25 alone—to cushion against downside risks. With gold approaching ~$4,000/oz and Brent retreating towards $65/barrel, the widening gold–oil price differential should benefit gold miners such as CDE and SSRM, as they will be key proxies in this environment.
MY: In tandem with the negative Wall Street sentiment, we expect the KLCI to open on a weaker note, following the sell-off in the technology sector. However, we believe traders may focus on EMS players, particularly ATECH, given that (i) we believe it is a proxy for the government’s push towards Industry 4.0, and (ii) its sizeable order book of ~RM436.4m, which provides ATECH with at least 1.0–1.5x earnings visibility. Meanwhile, with BNASTRA’s recent project wins, which include infrastructure works for a 65MWp solar PV system and a 200MWh battery storage system, we opine that buying interest will continue to pick up.
Stocks to watch:
Technology: *3REN*, *ATECH*, CREST, *INFOM*, SNS, UNISEM, VSTECS
O&G: DIALOG, PANTECH
Utility: *KENERGY*
Construction: *KIMLUN*
Consumer: LWSABAH
Source: M+ Global
👏4
M+ Global Market Wrap - 8Oct25
FBM KLCI: 1,627.50 pts (-2.53pts, -0.16%)
Taking a cue from Wall Street’s negative lead, selling pressure spilled over into the ASEAN market, dragging the local bourse lower. Moreover, market breadth tilted negatively, with losers outpacing gainers at 623-to-463 stocks, while broader sectors were concurrently weak, with seven sectors closing lower. Despite this, Energy (+1.47%) outperformed, led by YINSON (+9.0 sen) and LFG (+10.0 sen), while Technology (-1.23%) declined the most.
Top 3 Active stocks:
KNM (7164): RM0.005 (unch)
ZETRIX (0138): RM0.835 (-0.5 sen)
TANCO (2429): RM0.850 (-1.0 sen)
Volume: 3.67 bn (100-bar avg vol: 3.01 bn)
Value: RM2.72 bn (100-bar avg val: RM2.52 bn)
Market Breadth: ⬆️463⬇️623
Crude Palm Oil: RM4,470 (+RM71, +1.59%)
Dow Futures: 46,934 pts (+82 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,627.50 pts (-2.53pts, -0.16%)
Taking a cue from Wall Street’s negative lead, selling pressure spilled over into the ASEAN market, dragging the local bourse lower. Moreover, market breadth tilted negatively, with losers outpacing gainers at 623-to-463 stocks, while broader sectors were concurrently weak, with seven sectors closing lower. Despite this, Energy (+1.47%) outperformed, led by YINSON (+9.0 sen) and LFG (+10.0 sen), while Technology (-1.23%) declined the most.
Top 3 Active stocks:
KNM (7164): RM0.005 (unch)
ZETRIX (0138): RM0.835 (-0.5 sen)
TANCO (2429): RM0.850 (-1.0 sen)
Volume: 3.67 bn (100-bar avg vol: 3.01 bn)
Value: RM2.72 bn (100-bar avg val: RM2.52 bn)
Market Breadth: ⬆️463⬇️623
Crude Palm Oil: RM4,470 (+RM71, +1.59%)
Dow Futures: 46,934 pts (+82 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 9Oct25
Dow Jones: 46,601.78 pts (-1.20pts, -0.00%)
⬆ Resistance: 48000
⬇ Support: 45400
FBM KLCI: 1,627.50 pts (-2.53pts, -0.16%)
⬆ Resistance: 1700
⬇ Support: 1590
HSI Index: 26,829.46 pts (-128.31pts, -0.48%)
⬆ Resistance: 28000
⬇ Support: 26000
Crude Palm Oil: RM4,545 (+RM1, +0.02%)
⬆ Resistance: 4670
⬇ Support: 4300
Brent Oil: $66.25 (+$0.80, +1.22%)
⬆ Resistance: 67.90
⬇ Support: 62.80
Gold: $4,042.03 (-$30.63, -0.76%)
⬆ Resistance: 4150
⬇ Support: 3750
Source: Bloomberg, M+ Global
Dow Jones: 46,601.78 pts (-1.20pts, -0.00%)
⬆ Resistance: 48000
⬇ Support: 45400
FBM KLCI: 1,627.50 pts (-2.53pts, -0.16%)
⬆ Resistance: 1700
⬇ Support: 1590
HSI Index: 26,829.46 pts (-128.31pts, -0.48%)
⬆ Resistance: 28000
⬇ Support: 26000
Crude Palm Oil: RM4,545 (+RM1, +0.02%)
⬆ Resistance: 4670
⬇ Support: 4300
Brent Oil: $66.25 (+$0.80, +1.22%)
⬆ Resistance: 67.90
⬇ Support: 62.80
Gold: $4,042.03 (-$30.63, -0.76%)
⬆ Resistance: 4150
⬇ Support: 3750
Source: Bloomberg, M+ Global
👍2😁1
M+ Global Market Update – 09Oct25
Time For Some Bargain Hunting Activities
US: Although there was little progress in de-escalating the government shutdown, overall sentiment shifted back to a risk-on mode following the release of the Federal Reserve’s minutes from its last policy meeting, which signalled the possibility of further rate cuts stretching until year-end. Thus, we expect the market to rebound at least over the near term. Meanwhile, we believe the market has yet to price in Salesforce’s autonomous agent segment, given that AI play has been nothing but transformative this year and Salesforce has been actively expanding its agentic AI segment. We also note that Q2 bookings were largely coming from its existing customers, all of which stand as a strong testament to its delivering capabilities.
MY: Taking a cue from Wall Street’s positive lead, we expect the local front to open on a firmer footing and we anticipate buying interest in Technology stocks, particularly in EMS players like ATECH, given its proxy towards Industry 4.0 as well as its sizeable current order book. Moreover, we like HEGROUP, given its undemanding valuation and its entry into DC plays. Besides, we opine that with the rising gold price, the gold proxies like AUMAS, POHKONG, TOMEI, and NICE may play a catch-up in tandem with their regional peers in Hong Kong and the US. Lastly, ahead of Budget 2026 this Friday, we believe market participants will focus on allocations towards the Construction, Building Materials, and Utilities sectors.
Stocks to watch:
Technology: EDELTEQ, *INFOM*
Automotive: BETA, *DRBHCOM*
Construction: CBHB, *SKBSHUT*
Utility: *PEKAT*
Healthcare: *EDGENTA*
Plantation: HSPLANT
Consumer: TEOSENG
Source: M+ Global
Time For Some Bargain Hunting Activities
US: Although there was little progress in de-escalating the government shutdown, overall sentiment shifted back to a risk-on mode following the release of the Federal Reserve’s minutes from its last policy meeting, which signalled the possibility of further rate cuts stretching until year-end. Thus, we expect the market to rebound at least over the near term. Meanwhile, we believe the market has yet to price in Salesforce’s autonomous agent segment, given that AI play has been nothing but transformative this year and Salesforce has been actively expanding its agentic AI segment. We also note that Q2 bookings were largely coming from its existing customers, all of which stand as a strong testament to its delivering capabilities.
MY: Taking a cue from Wall Street’s positive lead, we expect the local front to open on a firmer footing and we anticipate buying interest in Technology stocks, particularly in EMS players like ATECH, given its proxy towards Industry 4.0 as well as its sizeable current order book. Moreover, we like HEGROUP, given its undemanding valuation and its entry into DC plays. Besides, we opine that with the rising gold price, the gold proxies like AUMAS, POHKONG, TOMEI, and NICE may play a catch-up in tandem with their regional peers in Hong Kong and the US. Lastly, ahead of Budget 2026 this Friday, we believe market participants will focus on allocations towards the Construction, Building Materials, and Utilities sectors.
Stocks to watch:
Technology: EDELTEQ, *INFOM*
Automotive: BETA, *DRBHCOM*
Construction: CBHB, *SKBSHUT*
Utility: *PEKAT*
Healthcare: *EDGENTA*
Plantation: HSPLANT
Consumer: TEOSENG
Source: M+ Global
M+ Global Market Wrap - 9Oct25
FBM KLCI: 1,629.67 pts (+2.17pts, +0.13%)
Thursday’s session saw a rebound across ASEAN markets after the recent sell-offs. Similarly, KLCI’s index trended higher in tandem with regional peers ahead of Budget 2026. Market breadth tilted positively, with gainers outpacing losers at 743-to-391 stocks, while broader sectors were concurrently positive as only two closed lower. Glove counters lifted overall sentiment in Healthcare (+5.86%), with TOPGLOV (+9.0 sen) and HARTA (+20.0 sen) leading the pack, while Transportation & Logistics (-0.83%) declined the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.670 (+9.0 sen)
BORNOIL (7036): RM0.005 (unch)
TANCO (2429): RM0.850 (unch)
Volume: 4.74 bn (100-bar avg vol: 3.01 bn)
Value: RM3.62 bn (100-bar avg val: RM2.50 bn)
Market Breadth: ⬆️743⬇️391
Crude Palm Oil: RM4,545 (+RM44, +0.97%)
Dow Futures: 46,869 pts (+2 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,629.67 pts (+2.17pts, +0.13%)
Thursday’s session saw a rebound across ASEAN markets after the recent sell-offs. Similarly, KLCI’s index trended higher in tandem with regional peers ahead of Budget 2026. Market breadth tilted positively, with gainers outpacing losers at 743-to-391 stocks, while broader sectors were concurrently positive as only two closed lower. Glove counters lifted overall sentiment in Healthcare (+5.86%), with TOPGLOV (+9.0 sen) and HARTA (+20.0 sen) leading the pack, while Transportation & Logistics (-0.83%) declined the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.670 (+9.0 sen)
BORNOIL (7036): RM0.005 (unch)
TANCO (2429): RM0.850 (unch)
Volume: 4.74 bn (100-bar avg vol: 3.01 bn)
Value: RM3.62 bn (100-bar avg val: RM2.50 bn)
Market Breadth: ⬆️743⬇️391
Crude Palm Oil: RM4,545 (+RM44, +0.97%)
Dow Futures: 46,869 pts (+2 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on Cisco Systems Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong AI driven orders
(ii) Shifting toward recurring revenue
(iii) Solid financial performance
Research Team, M+
9 October 2025
We issued a technical buy call on Cisco Systems Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong AI driven orders
(ii) Shifting toward recurring revenue
(iii) Solid financial performance
Research Team, M+
9 October 2025
M+ Morning Market Buzz - 10Oct25
Dow Jones: 46,358.42 pts (-243.36pts, -0.52%)
⬆️ Resistance: 48000
⬇️ Support: 45400
FBM KLCI: 1,629.67 pts (+2.17pts, +0.13%)
⬆️ Resistance: 1700
⬇️ Support: 1590
HSI Index: 26,752.59 pts (-76.87pts, -0.29%)
⬆️ Resistance: 27900
⬇️ Support: 26000
Crude Palm Oil: RM4,591 (+RM4, +0.09%)
⬆️ Resistance: 4710
⬇️ Support: 4310
Brent Oil: $65.22 (-$1.03, -1.55%)
⬆️ Resistance: 68.00
⬇️ Support: 63.00
Gold: $3,976.86 (-$5.83, -0.15%)
⬆️ Resistance: 4150
⬇️ Support: 3770
Source: Bloomberg, M+ Global
Dow Jones: 46,358.42 pts (-243.36pts, -0.52%)
⬆️ Resistance: 48000
⬇️ Support: 45400
FBM KLCI: 1,629.67 pts (+2.17pts, +0.13%)
⬆️ Resistance: 1700
⬇️ Support: 1590
HSI Index: 26,752.59 pts (-76.87pts, -0.29%)
⬆️ Resistance: 27900
⬇️ Support: 26000
Crude Palm Oil: RM4,591 (+RM4, +0.09%)
⬆️ Resistance: 4710
⬇️ Support: 4310
Brent Oil: $65.22 (-$1.03, -1.55%)
⬆️ Resistance: 68.00
⬇️ Support: 63.00
Gold: $3,976.86 (-$5.83, -0.15%)
⬆️ Resistance: 4150
⬇️ Support: 3770
Source: Bloomberg, M+ Global
👍2👏1
M+ Global Market Update – 10Oct25
All Eyes On Budget 2026
US: Wall Street ended on a negative note amid stretched valuations in the Technology sector and a lack of buying support. However, positive developments like AMD's partnership with OpenAI, NVIDIA's investment in Intel, and other strategic partnerships could offer a temporary buffer. In addition, with the Q3 2025 earnings season just days away, we believe it will likely influence overall sentiment in US equities moving forward. Although gold retreated and closed below the $4,000/oz level, we noted silver traded above $50/oz, a high not seen in decades. We believe this suggests potential trading opportunities in gold and silver proxies going forward.
MY: In line with Wall Street’s negative lead, we expect the KLCI to trade on a cautious note, as participants may adopt a “wait-and-see” approach ahead of Budget 2026, which is set to be released this evening. Moreover, we believe traders could start to position themselves in the glove sector, supported by TOPGLOV’s earnings beat and the potential for a turnaround in industry sentiment. Furthermore, we are of the opinion that glove stocks are trading at deep value, with structural demand and ongoing supply rationalization expected to provide the sector with a long-term upside. On the commodities front, we believe AUMAS, POHKONG, TOMEI, EMCC, and WELLCHIP serve as proxies to the surge in gold prices.
Stocks to watch:
Technology: *ATECH*, *EDELTEQ*, *FRONTKN*, GREATEC, *OPPSTAR*, VSTECS
O&G: DIALOG, KEYFIELD
Automotive: *BETA*
Construction: *HEGROUP*
Utility: *SAMAIDEN*
Consumer: MFLOUR
Source: M+ Global
All Eyes On Budget 2026
US: Wall Street ended on a negative note amid stretched valuations in the Technology sector and a lack of buying support. However, positive developments like AMD's partnership with OpenAI, NVIDIA's investment in Intel, and other strategic partnerships could offer a temporary buffer. In addition, with the Q3 2025 earnings season just days away, we believe it will likely influence overall sentiment in US equities moving forward. Although gold retreated and closed below the $4,000/oz level, we noted silver traded above $50/oz, a high not seen in decades. We believe this suggests potential trading opportunities in gold and silver proxies going forward.
MY: In line with Wall Street’s negative lead, we expect the KLCI to trade on a cautious note, as participants may adopt a “wait-and-see” approach ahead of Budget 2026, which is set to be released this evening. Moreover, we believe traders could start to position themselves in the glove sector, supported by TOPGLOV’s earnings beat and the potential for a turnaround in industry sentiment. Furthermore, we are of the opinion that glove stocks are trading at deep value, with structural demand and ongoing supply rationalization expected to provide the sector with a long-term upside. On the commodities front, we believe AUMAS, POHKONG, TOMEI, EMCC, and WELLCHIP serve as proxies to the surge in gold prices.
Stocks to watch:
Technology: *ATECH*, *EDELTEQ*, *FRONTKN*, GREATEC, *OPPSTAR*, VSTECS
O&G: DIALOG, KEYFIELD
Automotive: *BETA*
Construction: *HEGROUP*
Utility: *SAMAIDEN*
Consumer: MFLOUR
Source: M+ Global
Good Evening All,
We issued a technical buy call on Newmont Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Overall, investors are taking some profits on Wall Street, as reflected in the weakness of the DXY since the start of this year and the rise in Treasury yields, indicating asset dumping amid ongoing concerns stemming from Trump’s protectionist trade policies and the recent government shutdowns.
Following that, a notable number of central banks have increased their gold holdings during the first half of 2025 alone, with Poland recording the highest net purchases. Hence, we believe this environment should bodes well for NEM; do note it is currently trading at an undemanding earnings multiples — a 43.4–68.8% discount to its closest peers.
From a technical standpoint, historically, we expect the pullback to be accompanied by a decent rebound after hitting the EMA20 zone. Therefore, we believe NEM could resume its uptrend toward the next resistance around the USD 93–94 levels. However, a drop below USD 82–83 would invalidate our technical buy setup.
Research Team, M+
10 October 2025
We issued a technical buy call on Newmont Corporation: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Overall, investors are taking some profits on Wall Street, as reflected in the weakness of the DXY since the start of this year and the rise in Treasury yields, indicating asset dumping amid ongoing concerns stemming from Trump’s protectionist trade policies and the recent government shutdowns.
Following that, a notable number of central banks have increased their gold holdings during the first half of 2025 alone, with Poland recording the highest net purchases. Hence, we believe this environment should bodes well for NEM; do note it is currently trading at an undemanding earnings multiples — a 43.4–68.8% discount to its closest peers.
From a technical standpoint, historically, we expect the pullback to be accompanied by a decent rebound after hitting the EMA20 zone. Therefore, we believe NEM could resume its uptrend toward the next resistance around the USD 93–94 levels. However, a drop below USD 82–83 would invalidate our technical buy setup.
Research Team, M+
10 October 2025
M+ Global Market Wrap - 10Oct25
FBM KLCI: 1,622.25 pts (-7.42pts, -0.46%)
Friday’s session saw the local bourse close lower as traders are digesting the rollout of Budget 2026 by Datuk Seri Anwar Ibrahim. Market breadth was negative, with losers outpacing gainers at 593-to-435 stocks, while broader sectors were concurrently weak as seven closed lower. However, the Energy (+0.51%) sector outperformed, with KEYFIELD (+7.0 sen) and LFG (+3.0 sen) leading the pack, while Technology (-1.24%) declined the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.675 (+0.5 sen)
TANCO (2429): RM0.845 (-0.5 sen)
VS (6963): RM0.570 (+0.5 sen)
Volume: 3.23 bn (100-bar avg vol: 3.01 bn)
Value: RM2.84 bn (100-bar avg val: RM2.50 bn)
Market Breadth: ⬆️435⬇️593
Crude Palm Oil: RM4,591 (-RM45, -0.98%)
Dow Futures: 46,638 pts (+45 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,622.25 pts (-7.42pts, -0.46%)
Friday’s session saw the local bourse close lower as traders are digesting the rollout of Budget 2026 by Datuk Seri Anwar Ibrahim. Market breadth was negative, with losers outpacing gainers at 593-to-435 stocks, while broader sectors were concurrently weak as seven closed lower. However, the Energy (+0.51%) sector outperformed, with KEYFIELD (+7.0 sen) and LFG (+3.0 sen) leading the pack, while Technology (-1.24%) declined the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.675 (+0.5 sen)
TANCO (2429): RM0.845 (-0.5 sen)
VS (6963): RM0.570 (+0.5 sen)
Volume: 3.23 bn (100-bar avg vol: 3.01 bn)
Value: RM2.84 bn (100-bar avg val: RM2.50 bn)
Market Breadth: ⬆️435⬇️593
Crude Palm Oil: RM4,591 (-RM45, -0.98%)
Dow Futures: 46,638 pts (+45 pts)
**Source: M+ Global, Bloomberg **