Good Morning All,

We issued a company update on our coverage of Wentel Engineering Holdings Berhad: Your Trusted Guide to Globl Trading | Malacca Securities (mplusonline.com)

📌 WENTEL registered a 3Q25 core PAT of RM6.2m (+23.1% QoQ, +80.8% YoY), bringing 9MFY25 core PAT to RM17.3m (+106.0%). All in all, the results met 75.0% of both our and street FY25F estimates – deemed in line with our expectations, with another stellar earnings result anticipated in the upcoming quarter on the back of growing demand surrounding its fabrication of semi-metal finished products. Hence, we remain positive on WENTEL’s prospects as we project core earnings to grow at a 23.1% CAGR for FY25–27f.

📌 We maintain BUY recommendation on WENTEL with an unchanged target price of RM0.48, derived on P/E multiples of 23x to mid-FY26f of 2.08 sen.

Research Team, M+
26 November 2025

Hi everyone, Wasco Greenergy is the latest renewable energy player hitting the Main Market! They turn industrial waste into power (Biomass) and are shifting from just building plants to owning them for recurring income. Want to know more? Then tune in for the livestream tonight!

The Wasco Greenergy IPO livestream is starting tonight at 8:00 PM (26 Nov). Come join if you want to ask questions directly to the management! 🚀

Link: https://mplusgbl.com.my/zuPZ

M+ Global Market Wrap - 26Nov25

FBM KLCI: 1,624.50 pts (+12.76pts, +0.79%)
The FBMKLCI (+0.79%) advanced, supported by strength in the banking heavyweights, including PBBANK, CIMB, HLBANK, and AMBANK. Sentiment remained constructive as investors extended their optimism regarding December's Fed rate cut, which continued to lift market confidence. However, market breadth was negative 517 winners against 608 losers. Sector-wise, Telecommunication & Media (+1.07%) was the best performing sector, led by TM (+27.0 sen), while Technology (-1.57%) was the worst performing sector, dragged by GREATEC (-15.0 sen).

Top 3 Active stocks:
AIZO (7219): RM0.055 (-1.5 sen)
TANCO (2429): RM1.090 (+1.0 sen)
D&O (7204): RM0.875 (-21.5 sen)

Volume: 3.87 bn (100-bar avg vol: 3.33 bn)
Value: RM2.98 bn (100-bar avg val: RM2.70 bn)
Market Breadth: ⬆️517 ⬇️608
Crude Palm Oil: RM3,990 (+RM31, +0.78%)
Dow Futures: 47,262 pts (+83 pts)

**Source: M+ Global, Bloomberg **

Good Evening All,

We issued a technical buy call on GigaCloud Technology Inc: Your Trusted Guide to Global Trading | Malacca Securities (https://r.mplusglobal.com.my/public/website/file/2025/11/26/20251126172243361.pdf )

Trading catalysts include:
(i) Start of the holiday shopping season
(ii) Aggressive share buyback
(iii) Institutional investors increase their holding

Research Team, M+
26 November 2025

M+ Morning Market Buzz - 27Nov25

Dow Jones: 47,427.12 pts (+314.67pts, +0.67%)
⬆️ Resistance: 48600
⬇️ Support: 44900

FBM KLCI: 1,624.50 pts (+12.76pts, +0.79%)
⬆️ Resistance: 1670
⬇️ Support: 1580

HSI Index: 25,928.08 pts (+33.53pts, +0.13%)
⬆️ Resistance: 26700
⬇️ Support: 24700

Crude Palm Oil: RM4,024 (+RM20, +0.50%)
⬆️ Resistance: 4310
⬇️ Support: 3890

Brent Oil: $62.48 (+$0.65, +0.90%)
⬆️ Resistance: 65.70
⬇️ Support: 60.40

Gold: $4,162.15 (+$5.47, +0.05%)
⬆️ Resistance: 4260
⬇️ Support: 3950

Source: Bloomberg, M+ Global

M+ Global Market Update – 27Nov25
Rate-Cut Bets Continue To Support Market Sentiment

US: Wall Street extended its gains for a third straight day ahead of Thanksgiving, with AI stocks rebounding as firmer rate-cut expectations supported market sentiment. Nvidia and Oracle recovered some losses, while Dell surged after forecasting a stronger Q4 due to soaring demand for its AI servers. Market optimism was further reinforced by dovish Fed commentary and softer economic indicators, including rising jobless claims and weak September retail sales, which strengthened the case for a December rate cut. Nevertheless, Wall Street will be closed today in observance of the Thanksgiving holiday.

MY: Tracking the positive overnight performance in the US, we believe that the FBMKLCI will extend its upward momentum today. Meanwhile, despite the market anticipating a Fed rate cut in December, BNM may not follow suit, as the current OPR is already below the 2019 level of 3.25%. Nevertheless, we believe a strengthening Ringgit may boost the appetite for domestic-driven sectors like REITs and Property. We continue to favour IGBREIT and SUNREIT due to their strong footfall and stable dividends, while property developers like ECOWLD and SIMEPROP remain attractive due to their exposure to industrial technology parks. The rally in NASDAQ will also bode well for local technology counters.

Stocks to watch:

Financial: *CIMB*, PBBANK, *RHBBANK*
Consumer: FFB, *FPHB*
Construction: *GAMUDA*, PMETAL
Transportation: *WPRTS*
Utility: *RANHILL*

**Source: M+ Global**

Good Morning All,

We issued a technical buy call on Ranhill Utilities Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)

Trading catalysts include:
(i) Riding Johor’s development boom
(ii) Continuous expansion in energy-transition projects
(iii) Benefitting from Budget 2026

Research Team, M+
27 November 2025

M+ Global Market Wrap - 27Nov25

FBM KLCI: 1,617.46 pts (-7.04pts, -0.43%)
The FBMKLCI (-0.43%) closed in thea negative territory, pressured by weakness in utility heavyweights like PETGAS, YTL, and YTLPOWER. Renewed profit-taking across the broader market further dampened sentiment, and the market breadth was negative with 448 winners against 653 losers. Sector-wise, Transportation & Logistics (+0.43%) was the best performing sector, led by MISC (+9.0 sen), while Utilities (-1.22%) was the worst performing sector, dragged by PETGAS (-42.0 sen).

Top 3 Active stocks:
NATGATE (0270): RM0.995 (unch)
TANCO (2429): RM1.110 (+2.0 sen)
MTOUCHE (0092): RM0.040 (-1.5 sen)

Volume: 4.21 bn (100-bar avg vol: 3.32 bn)
Value: RM2.83 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️448 ⬇️653
Crude Palm Oil: RM4,024 (+RM53, +1.32%)
Dow Futures: 47,485 pts (-5 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 28Nov25

Dow Jones: 47,427.12 pts (+314.67pts, +0.67%)
⬆️ Resistance: 48600
⬇️ Support: 44900

FBM KLCI: 1,617.46 pts (-7.04pts, -0.43%)
⬆️ Resistance: 1670
⬇️ Support: 1580

HSI Index: 25,945.93 pts (+17.85pts, +0.07%)
⬆️ Resistance: 26700
⬇️ Support: 24700

Crude Palm Oil: RM4,090 (+RM31, +0.76%)
⬆️ Resistance: 4250
⬇️ Support: 3890

Brent Oil: $63.34 (+$0.21, +0.33%)
⬆️ Resistance: 64.90
⬇️ Support: 60.40

Gold: $4,157.61 (+$4.87, +0.09%)
⬆️ Resistance: 4260
⬇️ Support: 3950

Source: Bloomberg, M+ Global

Good Morning All,

We issued a 1Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)

Although 1Q26 core PAT accounts for only 16.5% of our estimate, we maintain our core PAT forecast of RM27.1m–32.3m for FY26–28, as we expect Middle East projects to recover in the subsequent quarters of FY26, leading to a backloaded earnings contribution.

As the share price deteriorated ahead of the quarterly results, providing a greater capital upside, we upgrade our recommendation from Hold to Buy on AWC with the same target price of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to our mid-FY27f fully diluted EPS of 6.58 sen.

Research Team, M+
28 November 2025

M+ Global Market Update – 28Nov25
Markets May Trade On A Mixed Note

US: In conjunction with Thanksgiving and Black Friday, Wall Street was closed yesterday and will trade for a half-session only today. According to Salesforce, online sales in the US on the Thanksgiving holiday are expected to rise 6% compared with last year, reaching USD8.6bn. This suggests that shoppers were taking advantage of steep discounts from retailers to splurge amid tariff-induced macroeconomic uncertainty. Meanwhile, Black Friday is expected to generate USD78bn in online global sales and USD18bn in the US, benefitting companies like Visa, Mastercard, Amazon, and PDD. Given the shortened trading day in the US, we expect Wall Street to trade on a softer tone, with investors focusing on the upcoming Chicago PMI data.

MY: As we head towards the end of the trading week, we believe buying activities will be slower today. Nevertheless, we continue to like RANHILL as it is poised to benefit from the rising water consumption in Johor due to JSSEZ and data centre developments. Meanwhile, with ITMAX setting new record quarterly profits and experiencing a breakout yesterday, investors can continue to monitor it for entry opportunities. We like ITMAX due to its continuous contract wins and sticky solutions. Lastly, popular digital media company FOODIE (M+ TP: RM0.47) will be listed on the ACE Market today.

Stocks to watch:

Construction: *GAMUDA*, *MCEMENT*, *PWRWELL*
Financial: *CIMB*, RHBBANK*
Consumer: *FFB*, LWSABAH
Technology: ITMAX, MPI
Utility: *RANHILL*

**Source: M+ Global**

Good Morning All,

We issued a company update on our coverage of KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)

📌 KJTS registered a 3Q25 core PATMI of RM4.5m (+1.1% QoQ, +287.4% YoY), bringing 9MFY25 core PATMI to RM13.3m (+240.6%). The results met 73.6% of our estimates, while street estimates accounted for only 58.2% of FY25F.

📌 All in all, the results are deemed in line with our expectations, with another stellar earnings anticipated in the upcoming quarter on the back of growing EPCC projects, alongside recurring income derisking top- and bottom-line volatility. Hence, we remain positive on KJTS’s prospects as we project core earnings to grow by 124.5%/68.1%/9.3% over the next three years.

📌 We maintained BUY recommendation with a target price of RM2.00, based on a P/E multiple of 45x pegged to FY26F EPS of 4.44 sen.

Research Team, M+
28 November 2025

Good Morning All,

We issued a technical buy call on Lim Seong Hai Capital: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)

Trading catalysts include:

i. FY25 ends above street estimates, with the full-year contribution from the KL Tower O&M lifting GPM,
ii. Trading at deep valuations, even based on Bloomberg Consensus PAT estimates.

Research Team, M+
28 November 2025

M+ Global Market Wrap - 28Nov25

FBM KLCI: 1,604.47 pts (-12.99pts, -0.80%)
The FBMKLCI (-0.80%) ended lower on the final trading day of November, extending its recent downtrend. With the U.S. markets going into a shortened trading session and lack of fresh catalysts environment, we believe profit-taking activities persisted, pressuring the overall regional performance. Market breadth was negative with 353 winners against 815 losers. Sector-wise, Property (+0.85%) was the best-performing sector, led by IOIPG (+16.0 sen), while Technology (-2.16%) was the worst-performing sector, dragged by INARI (-19.0 sen).

Top 3 Active stocks:
FOODIE (0382): RM0.400 (unch)
E&O (3417): RM0.710 (-5.0 sen)
TANCO (2429): RM1.130 (-2.0 sen)

Volume: 4.09 bn (100-bar avg vol: 3.32 bn)
Value: RM3.36 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️353 ⬇️815
Crude Palm Oil: RM4,090 (+RM24, +0.59%)
Dow Futures: 47,542 pts (+52 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 1Dec25

Dow Jones: 47,716.42 pts (+289.30pts, +0.61%)
⬆️ Resistance: 48800
⬇️ Support: 45200

FBM KLCI: 1,604.47 pts (-12.99pts, -0.80%)
⬆️ Resistance: 1670
⬇️ Support: 1570

HSI Index: 25,858.89 pts (-87.04pts, -0.34%)
⬆️ Resistance: 26700
⬇️ Support: 24900

Crude Palm Oil: RM4,114 (+RM24, +0.59%)
⬆️ Resistance: 4220
⬇️ Support: 3890

Brent Oil: $62.38 (-$0.49, -0.78%)
⬆️ Resistance: 65.10
⬇️ Support: 60.40

Gold: $4,239.44 (-$27.04, -0.64%)
⬆️ Resistance: 4330
⬇️ Support: 3960

Source: Bloomberg, M+ Global

M+ Global Market Update – 01Dec25
Another Gold Play ToEmerge

US: The Dollar Index, which tracks the Greenback against six currencies,was down 0.7% this week. Meanwhile, the persistent US fiscal deficit, as wellas overstretched valuations on US equities, would bolster the case for a weakerGreenback. Overall, we think this provides tailwinds for US equity earnings,especially for exporters, with Bloomberg Consensus expecting S&P 500 EPS togrow by over 10.0%, translating to more upside potential on Wall Street. Thesefactors, coupled with a lower real yield environment, lead us to opine thiswould create natural demand for gold. Hence, we see SSRM, CDE, and NEM aspotential proxies. MY: Clo
s
er to home, we believe the positivesentiment from the US may spillover to stocks on the local front, especially onthe domestic-driven sectors in view of a stronger ringgit environment. In theconstruction sector, LSH's sticky solutions provide healthy cash flow andconsensus is looking at LSH's earnings to reach ~RM115.7m for the nextfinancial year. We opine the fair range should be at least RM2.62, pricing itat +2SD of small to mid-cap construction players, which is all in all still farbelow the consensus FV of ~RM3.30. Meanwhile, LWSABAH has finally caught up invaluation against its closest peer SPRITZER, but we believe thegreater-than-average net margins of LWSABAH may boost the share price higher. Stocks to watch:

Technology: *ED

ELTEQ*, *INFOM*Construction: *
LSH*, *PWRWELL*Financial: *CIM
B*, HLFGConsumer: *BETA
*, SPRITZERProperty: KSLCh
emical: TMK _
_**Source: M+

Global**__

M+ Global Market Wrap - 1Dec25

FBM KLCI: 1,624.57 pts (+20.10pts, +1.25%)
The FBMKLCI (+1.25%) closed in positive territory, supported by the buying interest throughout the year-end window dressing month and renewed optimism for a potential Fed rate cut in December. Market breadth was however negative, with 526 winners against 681 losers. Sector-wise, Consumer Products & Services (+1.30%) was the best-performing sector, led by MRDIY (+12.0 sen), while Technology was the worst-performing sector, dragged by INARI (-26.0 sen).

Top 3 Active stocks:
TANCO (2429): RM1.160 (+3.0 sen)
ZETRIX (0138): RM0.815 (-1.0 sen)
INARI (0166): RM1.930 (-26.0 sen)

Volume: 3.99 bn (100-bar avg vol: 3.33 bn)
Value: RM2.79 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️526 ⬇️681
Crude Palm Oil: RM4,114 (-RM1, -0.02%)
Dow Futures: 47,552 pts (-191 pts)

**Source: M+ Global, Bloomberg **

M+ Global Market Update – 02Dec25
Window Dressing Activities To Support Sentiment

US: Wall Street began the week on a weaker footing, with data evidencing inventory build-up and tariffs contracting the manufacturing sector, and yields spiking, pointing towards risk-off sentiment. Moreover, we think the persistent US fiscal deficit, with valuations remaining overstretched, would all in all bolster the case for a weaker Greenback, which saw a -0.7% depreciation last week. Hence, we believe these factors would boost appetite for gold, which SSRM, CDE and NEM stand as decent proxies. Do note that Bloomberg Consensus SPY’s EPS growth remains at >10%. Hence, we believe US equities still have ample room to run, especially in the AI segment. We favour GOOGLE and AMD.

MY: The lacklustre overnight performance on Wall Street may spill over to the local bourse, but overall could be supported by the ongoing window dressing activities. Ultimately, we anticipate BNM keeping the OPR steady at 2.75%, which should add to the case for a strengthening ringgit. These factors would bode well, especially for domestic-driven sectors like Banking, Consumers, REITs, and Property. We favour ABMB, CIMB, LWSABAH, 99SMART, IGBREIT, ECOWORLD, and SIMEPROP given their (i) strong window activities performances, (ii) higher-than-average net margins, (iii) healthy footfall counts, and (iv) active land-banking activities, respectively.
Stocks to watch:

Technology: INFOM, *SNS*
Financial: *ABMB*, RHBBANK
Consumer: *SPRITZER*, WELLCHIP
Automotive: *MBMR*
Building Material: *MSC*
Chemical: *TMK*
Property: *KSL*
Telco: TM

**Source: M+ Global**

M+ Morning Market Buzz - 2Dec25

Dow Jones: 47,289.33 pts (-427.09pts, -0.90%)
⬆ Resistance: 48800
⬇ Support: 45500

FBM KLCI: 1,624.57 pts (+6.86pts, +0.42%)
⬆ Resistance: 1670
⬇ Support: 1570

HSI Index: 26,033.26 pts (+155.29pts, +0.60%)
⬆ Resistance: 26800
⬇ Support: 25300

Crude Palm Oil: RM4,094 (-RM30, -0.73%)
⬆ Resistance: 4230
⬇ Support: 3890

Brent Oil: $63.17 (+$0.08, +0.13%)
⬆ Resistance: 65.10
⬇ Support: 60.40

Gold: $4,232.21 (-$19.25, -0.45%)
⬆ Resistance: 4350
⬇ Support: 4030

Source: Bloomberg, M+ Global

M+ Global Market Wrap - 2Dec25

FBM KLCI: 1,630.60 pts (+6.03pts, +0.37%)
The FBMKLCI (+0.37%) closed higher, supported by buying support during the December as window-dressing activities kicked in and strength in banking heavyweights names such as MAYBANK, PBBANK, and RHBBANK, which helped offset broader market weakness. Market breadth stayed negative at 489 winners against 606 losers. Sector-wise, Financial Services (+1.73%) led the market, driven by MAYBANK (+37.0 sen), while Construction (-1.39%) was the worst performer, weighed down by GAMUDA (-15.0 sen).

Top 3 Active stocks:
CAPITALA (5099): RM0.400 (+15.5 sen)
ZETRIX (0138): RM0.835 (+2.0 sen)
GENM (4715): RM2.250 (-10.0 sen)

Volume: 3.94 bn (100-bar avg vol: 3.34 bn)
Value: RM3.33 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️489 ⬇️606
Crude Palm Oil: RM4,094 (+RM65, +1.59%)
Dow Futures: 47,366 pts (+14 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 3Dec25

Dow Jones: 47,474.46 pts (+185.13pts, +0.39%)
⬆️ Resistance: 48800
⬇️ Support: 46300

FBM KLCI: 1,630.60 pts (+6.03pts, +0.37%)
⬆️ Resistance: 1670
⬇️ Support: 1570

HSI Index: 26,095.05 pts (+61.79pts, +0.24%)
⬆️ Resistance: 26800
⬇️ Support: 25300

Crude Palm Oil: RM4,159 (+RM11, +0.26%)
⬆️ Resistance: 4250
⬇️ Support: 3890

Brent Oil: $62.45 (-$0.72, -1.14%)
⬆️ Resistance: 65.10
⬇️ Support: 60.90

Gold: $4,205.85 (+$3.19, +0.08%)
⬆️ Resistance: 4350
⬇️ Support: 4050

Source: Bloomberg, M+ Global