Good Evening All,
We issued a technical buy call on Advanced Micro Devices: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Poised for solid growth
(ii) China market should unlock more value
(iii) Solid collaboration and more to come
Research Team, M+
26 January 2026
We issued a technical buy call on Advanced Micro Devices: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Poised for solid growth
(ii) China market should unlock more value
(iii) Solid collaboration and more to come
Research Team, M+
26 January 2026
M+ Global Market Wrap - 26Jan26
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
Favourable US–MY rate differentials continue to support the Ringgit, as the latter strengthened below the RM4.00 mark, while overall net foreign inflows continue to support sentiment. However, market breadth tilted slightly negative, as losers led gainers at 631-to-591 stocks, while overall sectors closed on a positive note. Financial Services (+1.89%) outperformed, with CIMB (+32.0 sen) and PBBANK (+9.0 sen) leading the pack, while Technology (-1.78%) declined the most.
Top 3 Active stocks:
CAPITALA (5099): RM0.590 (+4.5 sen)
AAX (5238): RM2.190 (+35.0 sen)
PMETAL (8869): RM7.560 (+15.0 sen)
Volume: 3.50 bn (100-bar avg vol: 3.30 bn)
Value: RM4.07 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️591⬇️631
Crude Palm Oil: RM4,175 (+RM57, +1.37%)
Dow Futures: 49,267 pts (+4 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
Favourable US–MY rate differentials continue to support the Ringgit, as the latter strengthened below the RM4.00 mark, while overall net foreign inflows continue to support sentiment. However, market breadth tilted slightly negative, as losers led gainers at 631-to-591 stocks, while overall sectors closed on a positive note. Financial Services (+1.89%) outperformed, with CIMB (+32.0 sen) and PBBANK (+9.0 sen) leading the pack, while Technology (-1.78%) declined the most.
Top 3 Active stocks:
CAPITALA (5099): RM0.590 (+4.5 sen)
AAX (5238): RM2.190 (+35.0 sen)
PMETAL (8869): RM7.560 (+15.0 sen)
Volume: 3.50 bn (100-bar avg vol: 3.30 bn)
Value: RM4.07 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️591⬇️631
Crude Palm Oil: RM4,175 (+RM57, +1.37%)
Dow Futures: 49,267 pts (+4 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 27Jan26
Markets Advanced Ahead of FOMC Meeting
US: We believe Wall Street will remain focused on the FOMC decision and upcoming quarterly results, with four Mag-7 companies reporting this week. Meanwhile, we suggest investors to accumulate Novo Nordisk, as the debut of its Wegovy pill saw over 18,000 prescriptions, significantly outpacing its original injectable's launch. This grants Novo Nordisk first-mover advantage in the pill segment, particularly as rival Eli Lilly’s candidate awaits an April FDA approval, successfully capturing the "needle-phobic" market. Lastly, despite gold breaching the USD5,100 level, we think investors should wait for a pullback on the precious metal and its related stocks for entry opportunities, as most of them are trading at the overbought levels.
MY: Despite USD/MYR hitting RM3.96/USD level and spurred buying interest in the Consumer, Financial and Property sectors, we suggest waiting for a pullback as many stocks are now slightly overbought. However, we favour FFB, given its rounding bottom formation pending for a 52-week-high breakout. Fundamentally, we favour FFB for its margin expansion from ice-cream products, capacity expansion via the Bandar Enstek plant and ASEAN expansion strategy. The stronger MYR and VM2026 tailwinds should further bolster its financial performance. Investors could also subscribe to KEEMING IPO (M+ TP: RM0.69) before applications close today.
Stocks to watch:
Finance: *AMBANK*, *MBSB*
Automotive: BAUTO, *TCHONG*
Consumer: KOPI, *MFLOUR*
Property: *LBS*, SUNWAY
Technology: DNEX, OXB
Gold-related: *WELLCHIP*
Construction: IJM
**Source: M+ Global**
Markets Advanced Ahead of FOMC Meeting
US: We believe Wall Street will remain focused on the FOMC decision and upcoming quarterly results, with four Mag-7 companies reporting this week. Meanwhile, we suggest investors to accumulate Novo Nordisk, as the debut of its Wegovy pill saw over 18,000 prescriptions, significantly outpacing its original injectable's launch. This grants Novo Nordisk first-mover advantage in the pill segment, particularly as rival Eli Lilly’s candidate awaits an April FDA approval, successfully capturing the "needle-phobic" market. Lastly, despite gold breaching the USD5,100 level, we think investors should wait for a pullback on the precious metal and its related stocks for entry opportunities, as most of them are trading at the overbought levels.
MY: Despite USD/MYR hitting RM3.96/USD level and spurred buying interest in the Consumer, Financial and Property sectors, we suggest waiting for a pullback as many stocks are now slightly overbought. However, we favour FFB, given its rounding bottom formation pending for a 52-week-high breakout. Fundamentally, we favour FFB for its margin expansion from ice-cream products, capacity expansion via the Bandar Enstek plant and ASEAN expansion strategy. The stronger MYR and VM2026 tailwinds should further bolster its financial performance. Investors could also subscribe to KEEMING IPO (M+ TP: RM0.69) before applications close today.
Stocks to watch:
Finance: *AMBANK*, *MBSB*
Automotive: BAUTO, *TCHONG*
Consumer: KOPI, *MFLOUR*
Property: *LBS*, SUNWAY
Technology: DNEX, OXB
Gold-related: *WELLCHIP*
Construction: IJM
**Source: M+ Global**
M+ Morning Market Buzz - 27Jan26
Dow Jones: 49,412.40 pts (+313.69pts, +0.64%)
⬆️ Resistance: 50600
⬇️ Support: 47500
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
⬆️ Resistance: 1790
⬇️ Support: 1670
HSI Index: 26,765.52 pts (+16.01pts, +0.06%)
⬆️ Resistance: 27500
⬇️ Support: 25900
Crude Palm Oil: RM4,225 (+RM22, +0.52%)
⬆️ Resistance: 4330
⬇️ Support: 3990
Brent Oil: $65.59 (-$0.29, -0.44%)
⬆️ Resistance: 67.90
⬇️ Support: 62.20
Gold: $5,008.70 (+$34.84, +0.86%)
⬆️ Resistance: 5220
⬇️ Support: 4570
Source: Bloomberg, M+ Global
Dow Jones: 49,412.40 pts (+313.69pts, +0.64%)
⬆️ Resistance: 50600
⬇️ Support: 47500
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
⬆️ Resistance: 1790
⬇️ Support: 1670
HSI Index: 26,765.52 pts (+16.01pts, +0.06%)
⬆️ Resistance: 27500
⬇️ Support: 25900
Crude Palm Oil: RM4,225 (+RM22, +0.52%)
⬆️ Resistance: 4330
⬇️ Support: 3990
Brent Oil: $65.59 (-$0.29, -0.44%)
⬆️ Resistance: 67.90
⬇️ Support: 62.20
Gold: $5,008.70 (+$34.84, +0.86%)
⬆️ Resistance: 5220
⬇️ Support: 4570
Source: Bloomberg, M+ Global
Good Morning All,
Here’s our IPO note on Kee Ming Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.69 per share for KEEMING, indicating an 81.6% upside from the IPO price of RM0.38. This valuation is based on a PE multiple of 15.0x pegged to mid-FY27f EPS of 4.60 sen.
Investment highlights include:
(i) Synergy with Solarvest
(ii) Unbilled order book provides solid earnings visibility
(iii) Poised for more interconnection facilities and data centre projects
(iv) Quality and regulatory credentials
(v) Market share poised for growth
Research Team, M+
27 Jan 2026
Here’s our IPO note on Kee Ming Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.69 per share for KEEMING, indicating an 81.6% upside from the IPO price of RM0.38. This valuation is based on a PE multiple of 15.0x pegged to mid-FY27f EPS of 4.60 sen.
Investment highlights include:
(i) Synergy with Solarvest
(ii) Unbilled order book provides solid earnings visibility
(iii) Poised for more interconnection facilities and data centre projects
(iv) Quality and regulatory credentials
(v) Market share poised for growth
Research Team, M+
27 Jan 2026
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 it has entered into a strategic memorandum of understanding (MOU) with TwinMatrix Technologies Pte. Ltd., a Singapore-based spatial digital twin and spatial AI solutions provider, to collaborate on digital transformation initiatives across AWC’s facilities and infrastructure operations. The non-binding MOU aims to explore AI-enabled use cases including asset visibility, predictive maintenance, energy optimisation and lifecycle management, starting with pilot projects before potential wider deployment.
Downgraded to HOLD with a TP of RM0.66. As the share price has rallied ahead of the company’s announcement, we downgraded our recommendation from Buy to Hold for AWC with an unchanged TP of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen.
Research Team, M+
27 January 2026
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 it has entered into a strategic memorandum of understanding (MOU) with TwinMatrix Technologies Pte. Ltd., a Singapore-based spatial digital twin and spatial AI solutions provider, to collaborate on digital transformation initiatives across AWC’s facilities and infrastructure operations. The non-binding MOU aims to explore AI-enabled use cases including asset visibility, predictive maintenance, energy optimisation and lifecycle management, starting with pilot projects before potential wider deployment.
Downgraded to HOLD with a TP of RM0.66. As the share price has rallied ahead of the company’s announcement, we downgraded our recommendation from Buy to Hold for AWC with an unchanged TP of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen.
Research Team, M+
27 January 2026
Good Morning All,
We issued a technical buy call on 99 Speed Mart Retail Holdings: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) BNM’s steady policy rate improves the US–Malaysia rate differential and, alongside foreign inflows, underpins Ringgit stability around RM4.00/USD.
(ii) Lower import costs support margins for import-heavy retailers like 99SMART, with potential spillover benefits for government bonds and selected bank stocks.
(iii) 99SMART positioned to benefit from Visit Malaysia 2026 and consumer-support initiatives (e.g., MyKasih), supporting demand and earnings visibility.
Research Team, M+
27 January 2026
We issued a technical buy call on 99 Speed Mart Retail Holdings: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) BNM’s steady policy rate improves the US–Malaysia rate differential and, alongside foreign inflows, underpins Ringgit stability around RM4.00/USD.
(ii) Lower import costs support margins for import-heavy retailers like 99SMART, with potential spillover benefits for government bonds and selected bank stocks.
(iii) 99SMART positioned to benefit from Visit Malaysia 2026 and consumer-support initiatives (e.g., MyKasih), supporting demand and earnings visibility.
Research Team, M+
27 January 2026
M+ Global Market Wrap - 27Jan26
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
As the USD/MYR hit further toward the RM3.952 level, the FBMKLCI (+1.56%) extended its momentum toward 1,771.25 pts, buoyed by gains in banking heavyweights including CIMB (+33.0 sen) and MAYBANK (+26.0 sen). Market breadth also tilted positively, with 712 winners against 516 losers. 9 out of the 13 sectors ended in positive territory, with Financial Services (+2.44%) outperforming, while Transportation & Logistics (-0.95%) ended as the biggest loser.
Top 3 Active stocks:
CAPITALA (5099): RM0.575 (-1.5 sen)
TANCO (2429): RM1.330 (+2.0 sen)
PBBANK (1295): RM5.000 (+13.0 sen)
Volume: 3.62 bn (100-bar avg vol: 3.31 bn)
Value: RM4.47 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️712⬇️516
Crude Palm Oil: RM4,225 (+RM47, +1.11%)
Dow Futures: 49,521 pts (-44 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
As the USD/MYR hit further toward the RM3.952 level, the FBMKLCI (+1.56%) extended its momentum toward 1,771.25 pts, buoyed by gains in banking heavyweights including CIMB (+33.0 sen) and MAYBANK (+26.0 sen). Market breadth also tilted positively, with 712 winners against 516 losers. 9 out of the 13 sectors ended in positive territory, with Financial Services (+2.44%) outperforming, while Transportation & Logistics (-0.95%) ended as the biggest loser.
Top 3 Active stocks:
CAPITALA (5099): RM0.575 (-1.5 sen)
TANCO (2429): RM1.330 (+2.0 sen)
PBBANK (1295): RM5.000 (+13.0 sen)
Volume: 3.62 bn (100-bar avg vol: 3.31 bn)
Value: RM4.47 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️712⬇️516
Crude Palm Oil: RM4,225 (+RM47, +1.11%)
Dow Futures: 49,521 pts (-44 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 28Jan26
Dow Jones: 49,003.41 pts (-408.99pts, -0.83%)
⬆️ Resistance: 50600
⬇️ Support: 47600
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
⬆️ Resistance: 1810
⬇️ Support: 1670
HSI Index: 27,126.95 pts (+361.43pts, +1.35%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,260 (-RM13, -0.31%)
⬆️ Resistance: 4370
⬇️ Support: 4030
Brent Oil: $67.57 (+$1.98, +3.02%)
⬆️ Resistance: 69.20
⬇️ Support: 62.30
Gold: $5,180.16 (-$7.91, -0.05%)
⬆️ Resistance: 5300
⬇️ Support: 4670
Source: Bloomberg, M+ Global
Dow Jones: 49,003.41 pts (-408.99pts, -0.83%)
⬆️ Resistance: 50600
⬇️ Support: 47600
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
⬆️ Resistance: 1810
⬇️ Support: 1670
HSI Index: 27,126.95 pts (+361.43pts, +1.35%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,260 (-RM13, -0.31%)
⬆️ Resistance: 4370
⬇️ Support: 4030
Brent Oil: $67.57 (+$1.98, +3.02%)
⬆️ Resistance: 69.20
⬇️ Support: 62.30
Gold: $5,180.16 (-$7.91, -0.05%)
⬆️ Resistance: 5300
⬇️ Support: 4670
Source: Bloomberg, M+ Global
👍2👏1
M+ Global Market Update – 28Jan26
Markets Slightly Cautious Ahead of FOMC Decision
US: We believe Wall Street is largely in a wait-and-see mode ahead of the Fed’s decision later today. Meanwhile, traders may wish to position themselves for Kratos Defense & Security Solutions, following its rebound from the EMA20. The stock has secured several high-value contracts from the Department of Defense and is expected to benefit from the recently passed USD 901bn annual defence budget, as well as the country’s drone initiative under the "Unleashing U.S. Military Drone Dominance" policy. Also, with Beijing nearing formal approval for Nvidia’s H200 AI chip imports, investors may look into the Chinese data centre operators VNET Group and GDS Holdings. Lastly, Microsoft, Meta, and Tesla will be releasing results today.
MY: As the FBM KLCI has surged strongly in recent weeks, we believe banking heavyweights will continue to lead the key index towards the expected target around the 1,800 zone. However, we suggest that investors could wait for better entry prices, as most of the stocks are trading at overbought levels. Meanwhile, we favour the breakout in 99 Speed Mart, underpinned by the elevated Ringgit environment, SARA handouts, and VMY2026. Lastly, we notice buying interest in both REACHTEN and RANHILL, with the latter expected to benefit from stronger demand for water utilities and infrastructure driven by substantial data centre developments in Johor.
Stocks to watch:
Property: LBS, *SIMEPROP*, SUNWAY, *UEMS*
Finance: *MBSB*, RCECAP
Building Material: *MCEMENT*
Consumer: *99SMART*
O&G: *HENGYUAN*
Automotive: TCHONG
Gold-related: WELLCHIP
Telco: MAXIS
**Source: M+ Global**
Markets Slightly Cautious Ahead of FOMC Decision
US: We believe Wall Street is largely in a wait-and-see mode ahead of the Fed’s decision later today. Meanwhile, traders may wish to position themselves for Kratos Defense & Security Solutions, following its rebound from the EMA20. The stock has secured several high-value contracts from the Department of Defense and is expected to benefit from the recently passed USD 901bn annual defence budget, as well as the country’s drone initiative under the "Unleashing U.S. Military Drone Dominance" policy. Also, with Beijing nearing formal approval for Nvidia’s H200 AI chip imports, investors may look into the Chinese data centre operators VNET Group and GDS Holdings. Lastly, Microsoft, Meta, and Tesla will be releasing results today.
MY: As the FBM KLCI has surged strongly in recent weeks, we believe banking heavyweights will continue to lead the key index towards the expected target around the 1,800 zone. However, we suggest that investors could wait for better entry prices, as most of the stocks are trading at overbought levels. Meanwhile, we favour the breakout in 99 Speed Mart, underpinned by the elevated Ringgit environment, SARA handouts, and VMY2026. Lastly, we notice buying interest in both REACHTEN and RANHILL, with the latter expected to benefit from stronger demand for water utilities and infrastructure driven by substantial data centre developments in Johor.
Stocks to watch:
Property: LBS, *SIMEPROP*, SUNWAY, *UEMS*
Finance: *MBSB*, RCECAP
Building Material: *MCEMENT*
Consumer: *99SMART*
O&G: *HENGYUAN*
Automotive: TCHONG
Gold-related: WELLCHIP
Telco: MAXIS
**Source: M+ Global**
👍3
FBM KLCI: 1,756.49 pts (-14.76pts, -0.83%)
Following a five-day winning streak, the FBM KLCI (-0.83%) experienced a retracement toward 1,756.49 pts, as profit-taking activities were seen in key heavyweights like CIMB (-30.0 sen) and MAXIS (-13.0 sen). Market breadth also turned negative, with 876 losers outpacing 383 winners. Sector-wise, 10 out of the 13 sectors ended in the negative territory; Healthcare (+1.95%) gained following the deadly Nipah virus outbreak in India, while Technology (-2.37%) underperformed as the MYR continued to strengthen toward the RM3.9155 level against the USD. Meanwhile, piping firm ISF made its ACE Market debut today and reached a high of 52 sen (+57.6%) before ending the day at 48 sen (+45.5%).
Top 3 Active stocks:
ISF (0390): RM0.480 (-)
CAPITALA (5099): RM0.585 (+1.0 sen)
VELESTO (5243): RM0.305 (-1.0 sen)
Volume: 3.65 bn (100-bar avg vol: 3.32 bn)
Value: RM4.41 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️383⬇️876
Crude Palm Oil: RM4,260 (+RM8, +0.19%)
Dow Futures: 49,147 pts (-12 pts)
**Source: M+ Global, Bloomberg **
Following a five-day winning streak, the FBM KLCI (-0.83%) experienced a retracement toward 1,756.49 pts, as profit-taking activities were seen in key heavyweights like CIMB (-30.0 sen) and MAXIS (-13.0 sen). Market breadth also turned negative, with 876 losers outpacing 383 winners. Sector-wise, 10 out of the 13 sectors ended in the negative territory; Healthcare (+1.95%) gained following the deadly Nipah virus outbreak in India, while Technology (-2.37%) underperformed as the MYR continued to strengthen toward the RM3.9155 level against the USD. Meanwhile, piping firm ISF made its ACE Market debut today and reached a high of 52 sen (+57.6%) before ending the day at 48 sen (+45.5%).
Top 3 Active stocks:
ISF (0390): RM0.480 (-)
CAPITALA (5099): RM0.585 (+1.0 sen)
VELESTO (5243): RM0.305 (-1.0 sen)
Volume: 3.65 bn (100-bar avg vol: 3.32 bn)
Value: RM4.41 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️383⬇️876
Crude Palm Oil: RM4,260 (+RM8, +0.19%)
Dow Futures: 49,147 pts (-12 pts)
**Source: M+ Global, Bloomberg **
👍2👏1
M+ Morning Market Buzz - 29Jan26
Dow Jones: 49,015.60 pts (+12.19pts, +0.02%)
⬆️ Resistance: 50600
⬇️ Support: 47900
FBM KLCI: 1,756.49 pts (-14.76pts, -0.83%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,826.91 pts (+699.96pts, +2.58%)
⬆️ Resistance: 28400
⬇️ Support: 26000
Crude Palm Oil: RM4,272 (+RM23, +0.54%)
⬆️ Resistance: 4370
⬇️ Support: 4070
Brent Oil: $68.40 (+$0.83, +1.23%)
⬆️ Resistance: 70.20
⬇️ Support: 62.30
Gold: $5,417.21 (+$66.01, +1.01%)
⬆️ Resistance: 5530
⬇️ Support: 4680
Source: Bloomberg, M+ Global
Dow Jones: 49,015.60 pts (+12.19pts, +0.02%)
⬆️ Resistance: 50600
⬇️ Support: 47900
FBM KLCI: 1,756.49 pts (-14.76pts, -0.83%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,826.91 pts (+699.96pts, +2.58%)
⬆️ Resistance: 28400
⬇️ Support: 26000
Crude Palm Oil: RM4,272 (+RM23, +0.54%)
⬆️ Resistance: 4370
⬇️ Support: 4070
Brent Oil: $68.40 (+$0.83, +1.23%)
⬆️ Resistance: 70.20
⬇️ Support: 62.30
Gold: $5,417.21 (+$66.01, +1.01%)
⬆️ Resistance: 5530
⬇️ Support: 4680
Source: Bloomberg, M+ Global
👍4😁1
M+ Global Market Update – 29Jan26
Attention Shifts Toward Apple’s Earnings
US: Following earnings releases from Meta, Microsoft and Tesla, the focus will shift to Apple’s results later today. We favour three of these companies for outperforming consensus estimates. Despite Microsoft Azure's rather soft growth, we view any retracement in Microsoft shares as a 'buy-on-dip' opportunity, underpinned by the group’s overall strong economic moat. Meanwhile, as Boeing returned to profitability in the latest quarter, we view the pullback towards the EMA20 as a good entry opportunity, supported by its duopoly position alongside Airbus. Lastly, we favour Quanta Services’ recent breakout, driven by a record USD39.2bn backlog in data centre power infrastructure, providing strong earnings visibility for the group.
MY: Given the FBMKLCI’s previously overextended rally, we expect profit-taking to persist today, with the strength of the MYR further dampening the technology and export-oriented sectors. Nevertheless, we continue to favour IGBREIT and IGBCR following their stellar FY25 results, as both REITs offer prime assets, improving occupancy and rental rates, and attractive yields. Meanwhile, water piping systems provider ISF’s strong ACE Market debut has also spurred buying interest in water technology provider IAB. Lastly, we like PWRWELL’s latest RM68m data centre contract win, viewing a pullback towards the EMA20 as a potential entry opportunity.
Stocks to watch:
Consumer: 99SMART, *BETA*, *MFLOUR*, CAPITALA
Finance: MNRB, *TAKAFUL*
Healthcare: *KPJ*, *IHH*, HARTA
Aviation: *AAX*
O&G: HENGYUAN
**Source: M+ Global**
Attention Shifts Toward Apple’s Earnings
US: Following earnings releases from Meta, Microsoft and Tesla, the focus will shift to Apple’s results later today. We favour three of these companies for outperforming consensus estimates. Despite Microsoft Azure's rather soft growth, we view any retracement in Microsoft shares as a 'buy-on-dip' opportunity, underpinned by the group’s overall strong economic moat. Meanwhile, as Boeing returned to profitability in the latest quarter, we view the pullback towards the EMA20 as a good entry opportunity, supported by its duopoly position alongside Airbus. Lastly, we favour Quanta Services’ recent breakout, driven by a record USD39.2bn backlog in data centre power infrastructure, providing strong earnings visibility for the group.
MY: Given the FBMKLCI’s previously overextended rally, we expect profit-taking to persist today, with the strength of the MYR further dampening the technology and export-oriented sectors. Nevertheless, we continue to favour IGBREIT and IGBCR following their stellar FY25 results, as both REITs offer prime assets, improving occupancy and rental rates, and attractive yields. Meanwhile, water piping systems provider ISF’s strong ACE Market debut has also spurred buying interest in water technology provider IAB. Lastly, we like PWRWELL’s latest RM68m data centre contract win, viewing a pullback towards the EMA20 as a potential entry opportunity.
Stocks to watch:
Consumer: 99SMART, *BETA*, *MFLOUR*, CAPITALA
Finance: MNRB, *TAKAFUL*
Healthcare: *KPJ*, *IHH*, HARTA
Aviation: *AAX*
O&G: HENGYUAN
**Source: M+ Global**
M+ Global Market Wrap - 29Jan26
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
Profit-taking activities continued in banking heavyweights, with losses in CIMB (-18.0 sen) and PBBANK (-10.0 sen) dragging the FBM KLCI (-1.46%) lower toward 1,730.89 pts. Market breadth remained negative, with 801 losers against 372 winners. Sector-wise, only REITs (+0.51%) and Property (+0.30%) outperformed, with the former supported by the positive results of IGBREIT (+3.0 sen), while Financial Services (-1.72%) ended the day as the top lagging sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.635 (+5.0 sen)
ZETRIX (0199): RM0.800 (-2.0 sen)
ISF (0390): RM0.530 (+5.0 sen)
Volume: 3.06 bn (100-bar avg vol: 3.32 bn)
Value: RM3.95 bn (100-bar avg val: RM2.76 bn)
Market Breadth: ⬆️372⬇️801
Crude Palm Oil: RM4,272 (+RM61, +1.43%)
Dow Futures: 49,228 pts (+61 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
Profit-taking activities continued in banking heavyweights, with losses in CIMB (-18.0 sen) and PBBANK (-10.0 sen) dragging the FBM KLCI (-1.46%) lower toward 1,730.89 pts. Market breadth remained negative, with 801 losers against 372 winners. Sector-wise, only REITs (+0.51%) and Property (+0.30%) outperformed, with the former supported by the positive results of IGBREIT (+3.0 sen), while Financial Services (-1.72%) ended the day as the top lagging sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.635 (+5.0 sen)
ZETRIX (0199): RM0.800 (-2.0 sen)
ISF (0390): RM0.530 (+5.0 sen)
Volume: 3.06 bn (100-bar avg vol: 3.32 bn)
Value: RM3.95 bn (100-bar avg val: RM2.76 bn)
Market Breadth: ⬆️372⬇️801
Crude Palm Oil: RM4,272 (+RM61, +1.43%)
Dow Futures: 49,228 pts (+61 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 30Jan26
Dow Jones: 49,071.56 pts (+55.96pts, +0.11%)
⬆️ Resistance: 50500
⬇️ Support: 47700
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,968.09 pts (+141.18pts, +0.51%)
⬆️ Resistance: 28700
⬇️ Support: 26100
Crude Palm Oil: RM4,317 (-RM1, -0.02%)
⬆️ Resistance: 4430
⬇️ Support: 4070
Brent Oil: $70.71 (+$2.31, +3.38%)
⬆️ Resistance: 73.40
⬇️ Support: 63.10
Gold: $5,375.24 (+$22.67, +0.97%)
⬆️ Resistance: 5710
⬇️ Support: 4810
Source: Bloomberg, M+ Global
Dow Jones: 49,071.56 pts (+55.96pts, +0.11%)
⬆️ Resistance: 50500
⬇️ Support: 47700
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,968.09 pts (+141.18pts, +0.51%)
⬆️ Resistance: 28700
⬇️ Support: 26100
Crude Palm Oil: RM4,317 (-RM1, -0.02%)
⬆️ Resistance: 4430
⬇️ Support: 4070
Brent Oil: $70.71 (+$2.31, +3.38%)
⬆️ Resistance: 73.40
⬇️ Support: 63.10
Gold: $5,375.24 (+$22.67, +0.97%)
⬆️ Resistance: 5710
⬇️ Support: 4810
Source: Bloomberg, M+ Global
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M+ Global Market Update – 30Jan26
Apple’s Record Results Ease AI Visibility Concerns
US: With Apple reporting a record-breaking quarter driven by strong iPhone demand and all-time-high services revenue, we believe these results should provide relief for investors concerned about the visibility of AI as a revenue driver. Meanwhile, despite Microsoft (-10.0%) gapping down following slower Azure growth, we view any retracement towards the USD 407 support level as a 'buy-on-the-dip' opportunity. Traders could also monitor Eaton Corporation following its recent breakout, supported by the spin-off of its slower-growth Mobility Group to focus on high-growth electrical and aerospace segments. Lastly, we continue to favour Novo Nordisk (NVO), supported by its first-mover advantage in the oral Wegovy market.
MY: Following the FBMKLCI’s two-day correction, we view any further retracements as an accumulation opportunity for banking stocks. Meanwhile, UUE reported a RM 6.2m net loss in 3Q26, primarily due to one-off ESOS expenses; excluding these, UUE would have achieved an adjusted profit of RM 8.5m. Thus, we view any share price weakness as a buy-on-the-dip opportunity, given that the loss is non-recurring and the group’s RM 508.5m order book provides strong earnings visibility for the next 2–3 years. Lastly, we have a non-rated report on HOCKSOON IPO (M+ TP: RM 0.66) and the application closes today.
Stocks to watch:
Consumer: *AQUAWALK*, *BAUTO*, CAPITALA, *WELLCHIP*
Construction: *LSH*, *PWRWELL*
Plantation: *WTK*
Technology: ITMAX
Property: SPSETIA
**Source: M+ Global**
Apple’s Record Results Ease AI Visibility Concerns
US: With Apple reporting a record-breaking quarter driven by strong iPhone demand and all-time-high services revenue, we believe these results should provide relief for investors concerned about the visibility of AI as a revenue driver. Meanwhile, despite Microsoft (-10.0%) gapping down following slower Azure growth, we view any retracement towards the USD 407 support level as a 'buy-on-the-dip' opportunity. Traders could also monitor Eaton Corporation following its recent breakout, supported by the spin-off of its slower-growth Mobility Group to focus on high-growth electrical and aerospace segments. Lastly, we continue to favour Novo Nordisk (NVO), supported by its first-mover advantage in the oral Wegovy market.
MY: Following the FBMKLCI’s two-day correction, we view any further retracements as an accumulation opportunity for banking stocks. Meanwhile, UUE reported a RM 6.2m net loss in 3Q26, primarily due to one-off ESOS expenses; excluding these, UUE would have achieved an adjusted profit of RM 8.5m. Thus, we view any share price weakness as a buy-on-the-dip opportunity, given that the loss is non-recurring and the group’s RM 508.5m order book provides strong earnings visibility for the next 2–3 years. Lastly, we have a non-rated report on HOCKSOON IPO (M+ TP: RM 0.66) and the application closes today.
Stocks to watch:
Consumer: *AQUAWALK*, *BAUTO*, CAPITALA, *WELLCHIP*
Construction: *LSH*, *PWRWELL*
Plantation: *WTK*
Technology: ITMAX
Property: SPSETIA
**Source: M+ Global**
Good Morning All,
Here’s our IPO note on Hock Soon Capital Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.66 per share for HOCKSOON, indicating a 10.0% upside from the IPO price of RM0.60. This valuation is based on a PE multiple of 9.5x pegged to mid-FY27f EPS of 6.9 sen.
Investment highlights include:
(i) Almost 100% capacity surge via Teluk Intan expansion
(ii) Stronger MYR to reduce feed costs
(iii) Positive macro tailwinds
(iv) Fully integrated model to ensure operational efficiency and quality control
(v) Geographical expansion into Singapore
(vi) Multi-channel distribution and brand equity
(vii) Market share poised for growth
Research Team, M+
30 Jan 2026
Here’s our IPO note on Hock Soon Capital Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.66 per share for HOCKSOON, indicating a 10.0% upside from the IPO price of RM0.60. This valuation is based on a PE multiple of 9.5x pegged to mid-FY27f EPS of 6.9 sen.
Investment highlights include:
(i) Almost 100% capacity surge via Teluk Intan expansion
(ii) Stronger MYR to reduce feed costs
(iii) Positive macro tailwinds
(iv) Fully integrated model to ensure operational efficiency and quality control
(v) Geographical expansion into Singapore
(vi) Multi-channel distribution and brand equity
(vii) Market share poised for growth
Research Team, M+
30 Jan 2026
M+ Global Market Wrap - 30Jan26
FBM KLCI: 1,740.88 pts (+9.99pts, +0.58%)
After two days of losses, the FBMKLCI (+0.58%) rebounded and closed higher at 1,740.88 pts, as bargain-hunting activities re-emerged in banking heavyweights like HLBANK (+148.0 sen) and MAYBANK (+16.0 sen). However, market breadth remained weak, with 624 losers against 446 winners. In the broader market environment, both Financial Services (+1.77%) and Telecommunications & Media (+1.68%) exceeded the 1% gain benchmark, while Construction (-1.39%) ended the day as the worst performing sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.615 (-2.0 sen)
TANCO (2429): RM1.360 (+2.0 sen)
PBBANK (1295): RM4.870 (+2.0 sen)
Volume: 2.73 bn (100-bar avg vol: 3.32 bn)
Value: RM3.43 bn (100-bar avg val: RM2.77 bn)
Market Breadth: ⬆️446⬇️624
Crude Palm Oil: RM4,317 (-RM65, -1.51%)
Dow Futures: 48,849 pts (-321 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,740.88 pts (+9.99pts, +0.58%)
After two days of losses, the FBMKLCI (+0.58%) rebounded and closed higher at 1,740.88 pts, as bargain-hunting activities re-emerged in banking heavyweights like HLBANK (+148.0 sen) and MAYBANK (+16.0 sen). However, market breadth remained weak, with 624 losers against 446 winners. In the broader market environment, both Financial Services (+1.77%) and Telecommunications & Media (+1.68%) exceeded the 1% gain benchmark, while Construction (-1.39%) ended the day as the worst performing sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.615 (-2.0 sen)
TANCO (2429): RM1.360 (+2.0 sen)
PBBANK (1295): RM4.870 (+2.0 sen)
Volume: 2.73 bn (100-bar avg vol: 3.32 bn)
Value: RM3.43 bn (100-bar avg val: RM2.77 bn)
Market Breadth: ⬆️446⬇️624
Crude Palm Oil: RM4,317 (-RM65, -1.51%)
Dow Futures: 48,849 pts (-321 pts)
**Source: M+ Global, Bloomberg **
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Good Evening All,
We issued a technical buy call on Novo Nordisk: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) First-mover advantage through Wegovy weight loss pill
(ii) Vertical integration through site acquisitions
(iii) Solid fundamentals with undemanding valuations
Research Team, M+
30 January 2026
We issued a technical buy call on Novo Nordisk: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) First-mover advantage through Wegovy weight loss pill
(ii) Vertical integration through site acquisitions
(iii) Solid fundamentals with undemanding valuations
Research Team, M+
30 January 2026
M+ Global Market Update – 03Feb26
Bargain-Hunting Activities May Emerge
US: President Trump’s nomination of Kevin Warsh as Fed Chair has pressured commodities such as gold, which has declined by nearly 15% from its all-time high at the time of writing, amid a potential hawkish environment. However, the market expects a few rate cuts on the back of elevated inflationary pressure, primarily due to tariff-linked goods, while the labour market remains soft. Following Microsoft’s recent setback caused by slower Azure growth, we view any retracement toward the USD407 support level as a 'buy-on-the-dip' opportunity. Lastly, with hyperscaler CapEx continuing to trend higher and TSMC’s encouraging results, we believe this bodes well for AMD’s earnings, which are set to be released tomorrow.
MY: In view of Wall Street’s overnight performance, we expect the local market to follow suit. Telekom Malaysia’s securing of power supply for DCs in Johor, along with several downstream DC project announcements, strengthens the case for “pick-and-shovel” plays within the DC value chain. We favour PWRWELL, particularly following the recent development of its acquisition in East Malaysia and its recent major project wins. Meanwhile, UUE’s ESOS losses could be viewed as non-recurring expenses, which should also support a 'buy-on-weakness' opportunity, especially given the company’s robust order book.
Stocks to watch:
Consumer: *AQUAWALK*, *MBMR*, MFLOUR
O&G: *DAYANG*, HIBISCS
Construction: *LSH*, SUNCON
Transportation & Logistics: *WPRTS*
Healthcare: *PMCK*
Telco: REACHTEN
Building Material: MCEMENT
**Source: M+ Global**
Bargain-Hunting Activities May Emerge
US: President Trump’s nomination of Kevin Warsh as Fed Chair has pressured commodities such as gold, which has declined by nearly 15% from its all-time high at the time of writing, amid a potential hawkish environment. However, the market expects a few rate cuts on the back of elevated inflationary pressure, primarily due to tariff-linked goods, while the labour market remains soft. Following Microsoft’s recent setback caused by slower Azure growth, we view any retracement toward the USD407 support level as a 'buy-on-the-dip' opportunity. Lastly, with hyperscaler CapEx continuing to trend higher and TSMC’s encouraging results, we believe this bodes well for AMD’s earnings, which are set to be released tomorrow.
MY: In view of Wall Street’s overnight performance, we expect the local market to follow suit. Telekom Malaysia’s securing of power supply for DCs in Johor, along with several downstream DC project announcements, strengthens the case for “pick-and-shovel” plays within the DC value chain. We favour PWRWELL, particularly following the recent development of its acquisition in East Malaysia and its recent major project wins. Meanwhile, UUE’s ESOS losses could be viewed as non-recurring expenses, which should also support a 'buy-on-weakness' opportunity, especially given the company’s robust order book.
Stocks to watch:
Consumer: *AQUAWALK*, *MBMR*, MFLOUR
O&G: *DAYANG*, HIBISCS
Construction: *LSH*, SUNCON
Transportation & Logistics: *WPRTS*
Healthcare: *PMCK*
Telco: REACHTEN
Building Material: MCEMENT
**Source: M+ Global**
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M+ Global Market Wrap - 3Feb26
FBM KLCI: 1,748.26 pts (+7.38pts, +0.42%)
Tuesday’s session saw Banking heavyweights lift the KLCI by 7 pts, as favourable US–MY interest rate differentials outlook continued to support the ringgit, despite concerns over President Trump’s recent nomination of Kevin Warsh as the Fed's chairman. Market breadth however tilted negatively, with losers outpacing gainers by 662-to-464 stocks, while most of the sectors ended broadly in the red. meanwhile, the Technology (+1.08%) sector outperformed with UWC (+31.0 sen) and MPI (+106.0 sen) leading the pack and the Construction (-2.02%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.325 (+4.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
GAMUDA (5398): RM4.140 (-28.0 sen)
Volume: 3.25 bn (100-bar avg vol: 3.34 bn)
Value: RM3.34 bn (100-bar avg val: RM2.78 bn)
Market Breadth: ⬆️464⬇️662
Crude Palm Oil: RM4,229 (-RM42, -0.99%)
Dow Futures: 49,550 pts (+27 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,748.26 pts (+7.38pts, +0.42%)
Tuesday’s session saw Banking heavyweights lift the KLCI by 7 pts, as favourable US–MY interest rate differentials outlook continued to support the ringgit, despite concerns over President Trump’s recent nomination of Kevin Warsh as the Fed's chairman. Market breadth however tilted negatively, with losers outpacing gainers by 662-to-464 stocks, while most of the sectors ended broadly in the red. meanwhile, the Technology (+1.08%) sector outperformed with UWC (+31.0 sen) and MPI (+106.0 sen) leading the pack and the Construction (-2.02%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.325 (+4.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
GAMUDA (5398): RM4.140 (-28.0 sen)
Volume: 3.25 bn (100-bar avg vol: 3.34 bn)
Value: RM3.34 bn (100-bar avg val: RM2.78 bn)
Market Breadth: ⬆️464⬇️662
Crude Palm Oil: RM4,229 (-RM42, -0.99%)
Dow Futures: 49,550 pts (+27 pts)
**Source: M+ Global, Bloomberg **
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