FBM KLCI: 1,750.85 pts (-5.54pts, -0.32%)
Tracking the softer overnight performance in the US, the FBMKLCI (-0.32%) ended the day lower, as profit-taking activities were seen in the banking heavyweights like MAYBANK (-12.0 sen) and CIMB (-6.0 sen). Mechanical and electrical engineering services provider KEEMING made its ACE market debut today, reaching a high of RM0.89 before ending the day at RM0.87, making a stunning debut of 128.9% above its IPO price of RM0.38. Market breadth was soft, with 593 losers against 489 winners. In the broader environment, Transportation & Logistics (+1.21%) exceeded the 1% gain mark, while Telecommunications & Media (-1.18%) saw the largest decline.
Top 3 Active stocks:
ZETRIX (0138): RM0.820 (+0.5 sen)
KEEMING (0392): RM0.870 (+49.0 sen)
TANCO (2429): RM1.380 (unch)
Volume: 2.57 bn (100-bar avg vol: 3.34 bn)
Value: RM2.79 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️489⬇️593
Crude Palm Oil: RM4,061 (-RM22, -0.54%)
Dow Futures: 50,346 pts (+141 pts)
**Source: M+ Global, Bloomberg **
Tracking the softer overnight performance in the US, the FBMKLCI (-0.32%) ended the day lower, as profit-taking activities were seen in the banking heavyweights like MAYBANK (-12.0 sen) and CIMB (-6.0 sen). Mechanical and electrical engineering services provider KEEMING made its ACE market debut today, reaching a high of RM0.89 before ending the day at RM0.87, making a stunning debut of 128.9% above its IPO price of RM0.38. Market breadth was soft, with 593 losers against 489 winners. In the broader environment, Transportation & Logistics (+1.21%) exceeded the 1% gain mark, while Telecommunications & Media (-1.18%) saw the largest decline.
Top 3 Active stocks:
ZETRIX (0138): RM0.820 (+0.5 sen)
KEEMING (0392): RM0.870 (+49.0 sen)
TANCO (2429): RM1.380 (unch)
Volume: 2.57 bn (100-bar avg vol: 3.34 bn)
Value: RM2.79 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️489⬇️593
Crude Palm Oil: RM4,061 (-RM22, -0.54%)
Dow Futures: 50,346 pts (+141 pts)
**Source: M+ Global, Bloomberg **
👏3
M+ Morning Market Buzz - 13Feb26
Dow Jones: 49,451.98 pts (-669.42pts, -1.34%)
⬆️ Resistance: 51600
⬇️ Support: 48100
FBM KLCI: 1,750.85 pts (-5.54pts, -0.32%)
⬆️ Resistance: 1800
⬇️ Support: 1690
HSI Index: 27,032.54 pts (-233.84pts, -0.86%)
⬆️ Resistance: 28000
⬇️ Support: 25800
Crude Palm Oil: RM4,037 (+RM7, +0.17%)
⬆️ Resistance: 4290
⬇️ Support: 3950
Brent Oil: $69.40 (-$1.73, -2.49%)
⬆️ Resistance: 72.20
⬇️ Support: 65.30
Gold: $4,922.19 (-$162.20, -3.19%)
⬆️ Resistance: 5230
⬇️ Support: 4570
Source: Bloomberg, M+ Global
Dow Jones: 49,451.98 pts (-669.42pts, -1.34%)
⬆️ Resistance: 51600
⬇️ Support: 48100
FBM KLCI: 1,750.85 pts (-5.54pts, -0.32%)
⬆️ Resistance: 1800
⬇️ Support: 1690
HSI Index: 27,032.54 pts (-233.84pts, -0.86%)
⬆️ Resistance: 28000
⬇️ Support: 25800
Crude Palm Oil: RM4,037 (+RM7, +0.17%)
⬆️ Resistance: 4290
⬇️ Support: 3950
Brent Oil: $69.40 (-$1.73, -2.49%)
⬆️ Resistance: 72.20
⬇️ Support: 65.30
Gold: $4,922.19 (-$162.20, -3.19%)
⬆️ Resistance: 5230
⬇️ Support: 4570
Source: Bloomberg, M+ Global
👍2
M+ Global Market Update – 13Feb26
Dow Retraced Below The 50,000 Level
US: As Wall Street enters the final trading day of the week, the market will focus on January's CPI data, which will further influence the Fed’s upcoming rate-cut decisions. Meanwhile, we believe traders could position for GE Aerospace, which is poised for a breakout supported by: (i) its stellar 2025 results; (ii) a strategic focus on high-margin engine services and AI-powered maintenance; and (iii) a record US$190bn backlog. Lastly, we suggest accumulating Visa and Mastercard shares on the current dip, as the sell-off, driven by regulatory and interest-rate cap concerns, appears overdone given their dominant roles in global cross-border travel and the emerging agentic AI economy.
MY: With the ringgit strengthening towards the RM3.90 level, buying interest is re-emerging in poultry stocks such as Leong Hup, while laggards like Teo Seng and CAB Cakaran present attractive entry opportunities following recent pullbacks. We believe a stronger ringgit will reduce feed costs, while the removal of subsidies supports higher ASPs and wider margins. Also, we view Sorento’s bullish engulfing pattern as a buy signal, backed by: (i) stellar 2QFY26 results; (ii) a new Johor showroom tapping into JSSEZ demand; and (iii) a solid net cash position. Lastly, poultry producer Hock Soon (M+ TP: RM0.66) debuts on the Main Market today.
Stocks to watch:
Technology: *CNERGEN*, EDELTEQ, SCICOM, *THMY*
Automotive: *BAUTO*, *BETAMEK*, *MBMR*
Property: SIMEPROP
Transportation: WPRTS
Building Material: *MSC*
**Source: M+ Global**
Dow Retraced Below The 50,000 Level
US: As Wall Street enters the final trading day of the week, the market will focus on January's CPI data, which will further influence the Fed’s upcoming rate-cut decisions. Meanwhile, we believe traders could position for GE Aerospace, which is poised for a breakout supported by: (i) its stellar 2025 results; (ii) a strategic focus on high-margin engine services and AI-powered maintenance; and (iii) a record US$190bn backlog. Lastly, we suggest accumulating Visa and Mastercard shares on the current dip, as the sell-off, driven by regulatory and interest-rate cap concerns, appears overdone given their dominant roles in global cross-border travel and the emerging agentic AI economy.
MY: With the ringgit strengthening towards the RM3.90 level, buying interest is re-emerging in poultry stocks such as Leong Hup, while laggards like Teo Seng and CAB Cakaran present attractive entry opportunities following recent pullbacks. We believe a stronger ringgit will reduce feed costs, while the removal of subsidies supports higher ASPs and wider margins. Also, we view Sorento’s bullish engulfing pattern as a buy signal, backed by: (i) stellar 2QFY26 results; (ii) a new Johor showroom tapping into JSSEZ demand; and (iii) a solid net cash position. Lastly, poultry producer Hock Soon (M+ TP: RM0.66) debuts on the Main Market today.
Stocks to watch:
Technology: *CNERGEN*, EDELTEQ, SCICOM, *THMY*
Automotive: *BAUTO*, *BETAMEK*, *MBMR*
Property: SIMEPROP
Transportation: WPRTS
Building Material: *MSC*
**Source: M+ Global**
😁2👏1
M+ Global Market Wrap - 13Feb26
FBM KLCI: 1,739.54 pts (-11.31pts, -0.65%)
Tracking Wall Street's weak overnight performance, coupled with the regional sentiment, the FBMKLCI (-0.65%) ended the day lower at 1,739.54 pts, dragged by losses in banking heavyweights like PBBANK (-9.0 sen) and HLBANK (-58.0 sen). Meanwhile, poultry producer HOCKSOON made its Main Market debut today, closing at a high of 56.0 sen, but was still 6.7% lower than its IPO price of 60.0 sen. Market breadth remained weak, with 709 losers against 407 winners. Sector-wise, Property (+0.32%) outperformed, while Technology (-1.28%) saw the largest decline.
Top 3 Active stocks:
ZENTECH (0094): RM0.005 (-0.5 sen)
ZETRIX (0138): RM0.800 (-2.0 sen)
HOCKSOON (5346): RM0.560 (-)
Volume: 2.43 bn (100-bar avg vol: 3.34 bn)
Value: RM2.60 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️407⬇️709
Crude Palm Oil: RM4,037 (-RM6, -0.15%)
Dow Futures: 49,393 pts (-130 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,739.54 pts (-11.31pts, -0.65%)
Tracking Wall Street's weak overnight performance, coupled with the regional sentiment, the FBMKLCI (-0.65%) ended the day lower at 1,739.54 pts, dragged by losses in banking heavyweights like PBBANK (-9.0 sen) and HLBANK (-58.0 sen). Meanwhile, poultry producer HOCKSOON made its Main Market debut today, closing at a high of 56.0 sen, but was still 6.7% lower than its IPO price of 60.0 sen. Market breadth remained weak, with 709 losers against 407 winners. Sector-wise, Property (+0.32%) outperformed, while Technology (-1.28%) saw the largest decline.
Top 3 Active stocks:
ZENTECH (0094): RM0.005 (-0.5 sen)
ZETRIX (0138): RM0.800 (-2.0 sen)
HOCKSOON (5346): RM0.560 (-)
Volume: 2.43 bn (100-bar avg vol: 3.34 bn)
Value: RM2.60 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️407⬇️709
Crude Palm Oil: RM4,037 (-RM6, -0.15%)
Dow Futures: 49,393 pts (-130 pts)
**Source: M+ Global, Bloomberg **
👏2🥰1
M+ Global Market Update – 16Feb26
Sentiment Mixed Following CPI Data
US: We observe that investor sentiment remains cautious and mixed. Despite cooler inflation data, it was insufficient to improve Wall Street’s risk appetite. On the other hand, we believe AI prospects remain intact, given the expected US$602bn (+36% YoY) hyperscalers’ capex. This should bode well for chip players like Nvidia and AMD, with a positive spillover to the memory market, where most 2026 inventories have already been sold and additional capacity is only expected to come online next year. However, we suggest diversification across sectors, particularly into telco players like TIGO, as its recurring revenue base should de-risk earnings volatility.
MY: The ringgit strengthening towards the RM3.90 level may spur trading interest in Banking and Consumer heavyweights such as PBBANK and 99SMART. This could also provide near-term upside for poultry players like Leong Hup and CAB Cakaran; the latter is seen as a laggard despite a lower input cost environment, while the removal of government subsidies is expected to support egg ASPs. Moreover, we believe TMK remains overlooked as a potential beneficiary of hyperscalers’ capex, given that the chemicals it provides are building blocks for the E&E industry, especially as memory developers look to ramp up capacity in Singapore.
Stocks to watch:
Consumer: *CKI*, *ECOSHOP*, *SPRITZER*
Automotive: *BAUTO*, BETA
Healthcare: DPHARMA, KPJ
Utility: *GASMSIA*
Technology: *CNERGEN*
O&G: DAYANG
Transportation: WPRTS
Plantation: JPG
**Source: M+ Global**
Sentiment Mixed Following CPI Data
US: We observe that investor sentiment remains cautious and mixed. Despite cooler inflation data, it was insufficient to improve Wall Street’s risk appetite. On the other hand, we believe AI prospects remain intact, given the expected US$602bn (+36% YoY) hyperscalers’ capex. This should bode well for chip players like Nvidia and AMD, with a positive spillover to the memory market, where most 2026 inventories have already been sold and additional capacity is only expected to come online next year. However, we suggest diversification across sectors, particularly into telco players like TIGO, as its recurring revenue base should de-risk earnings volatility.
MY: The ringgit strengthening towards the RM3.90 level may spur trading interest in Banking and Consumer heavyweights such as PBBANK and 99SMART. This could also provide near-term upside for poultry players like Leong Hup and CAB Cakaran; the latter is seen as a laggard despite a lower input cost environment, while the removal of government subsidies is expected to support egg ASPs. Moreover, we believe TMK remains overlooked as a potential beneficiary of hyperscalers’ capex, given that the chemicals it provides are building blocks for the E&E industry, especially as memory developers look to ramp up capacity in Singapore.
Stocks to watch:
Consumer: *CKI*, *ECOSHOP*, *SPRITZER*
Automotive: *BAUTO*, BETA
Healthcare: DPHARMA, KPJ
Utility: *GASMSIA*
Technology: *CNERGEN*
O&G: DAYANG
Transportation: WPRTS
Plantation: JPG
**Source: M+ Global**
👍3😁1
M+ Global Market Wrap - 16Feb26
FBM KLCI: 1,741.26 pts (+1.72pts, +0.10%)
The local bourse began the week on a stronger footing, with Tenaga Nasional (+46.0 sen) lifting overall sentiment; the latter was due to positive prospects amid SPV wins with Aurora Power Generation, building a 1.4GW plant targeted to commence by 2030. All in all, market breadth tilted positively, with broader sectors concurrently positive as well. Property (+1.50%) emerged as the outperformer, with IOIPG (+20.0 sen) and TANCO (+2.0 sen) leading the pack, while Financial Services (-0.77%) declined the most.
Top 3 Active stocks:
HONGSENG (0041): RM0.010 (+0.5 sen)
ZETRIX (0138): RM0.850 (+5.0 sen)
TANCO (2429): RM1.430 (+2.0 sen)
Volume: 1.81 bn (100-bar avg vol: 3.32 bn)
Value: RM1.81 bn (100-bar avg val: RM2.82 bn)
Market Breadth: ⬆️527⬇️464
Crude Palm Oil: RM4,046 (-RM29, -0.72%)
Dow Futures: 49,773 pts (+204 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,741.26 pts (+1.72pts, +0.10%)
The local bourse began the week on a stronger footing, with Tenaga Nasional (+46.0 sen) lifting overall sentiment; the latter was due to positive prospects amid SPV wins with Aurora Power Generation, building a 1.4GW plant targeted to commence by 2030. All in all, market breadth tilted positively, with broader sectors concurrently positive as well. Property (+1.50%) emerged as the outperformer, with IOIPG (+20.0 sen) and TANCO (+2.0 sen) leading the pack, while Financial Services (-0.77%) declined the most.
Top 3 Active stocks:
HONGSENG (0041): RM0.010 (+0.5 sen)
ZETRIX (0138): RM0.850 (+5.0 sen)
TANCO (2429): RM1.430 (+2.0 sen)
Volume: 1.81 bn (100-bar avg vol: 3.32 bn)
Value: RM1.81 bn (100-bar avg val: RM2.82 bn)
Market Breadth: ⬆️527⬇️464
Crude Palm Oil: RM4,046 (-RM29, -0.72%)
Dow Futures: 49,773 pts (+204 pts)
**Source: M+ Global, Bloomberg **
😁3
M+ Morning Market Buzz - 19Feb26
Dow Jones: 49,662.66 pts (+129.47pts, +0.26%)
⬆️ Resistance: 51500
⬇️ Support: 48200
FBM KLCI: 1,741.26 pts (+1.72pts, +0.10%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,705.94 pts (+138.82pts, +0.52%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,016 (-RM30, -0.74%)
⬆️ Resistance: 4170
⬇️ Support: 3920
Brent Oil: $67.42 (+$2.93, +4.15%)
⬆️ Resistance: 72.20
⬇️ Support: 65.50
Gold: $4,977.56 (+$1.19, +2.04%)
⬆️ Resistance: 5210
⬇️ Support: 4750
Source: Bloomberg, M+ Global
Dow Jones: 49,662.66 pts (+129.47pts, +0.26%)
⬆️ Resistance: 51500
⬇️ Support: 48200
FBM KLCI: 1,741.26 pts (+1.72pts, +0.10%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,705.94 pts (+138.82pts, +0.52%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,016 (-RM30, -0.74%)
⬆️ Resistance: 4170
⬇️ Support: 3920
Brent Oil: $67.42 (+$2.93, +4.15%)
⬆️ Resistance: 72.20
⬇️ Support: 65.50
Gold: $4,977.56 (+$1.19, +2.04%)
⬆️ Resistance: 5210
⬇️ Support: 4750
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 19Feb26
Hyperscalers’ CapEx to Lift Sentiment
US: Hyperscalers’ CapEx on data centres has surged above market consensus, with Alphabet, Amazon, Meta, Microsoft, and Oracle collectively likely to spend USD 700bn this year. NVIDIA and AMD should be the direct beneficiaries, while the latter is in talks with Chinese authorities for distribution approval, which would expand its total addressable market. This would also have a positive spillover effect on the memory industry, where demand is outstripping supply given the limited capacity that the Big 3 (SK Hynix, Samsung Electronics, and Micron Technology) can provide for now. Moreover, we favour IREN, as energy infrastructure is seen to be limited in catering to the expected surge in energy consumption resulting from this CapEx.
MY: Strong ringgit environment at RM3.90/USD is likely to spur trading interest in banking and consumer heavyweights and could provide near-term upside for poultry players such as Leong Hup and CAB, which we view as laggards amid a lower input-cost environment, while the removal of government subsidies is expected to support egg ASPs. Despite the stronger currency is seen as a headwind for export players, we believe Malaysian glove makers could benefit in the near term as regional supply disruptions and operational challenges persist as Chinese players in Indonesia are facing production hiccups which may delay operations until end-1QCY26
Stocks to watch:
Technology: ADB, *CAPITALA*
O&G: DAYANG, *HENGYUAN*
Healthcare: KPJ, PHARMA
Automotive: *BETA*, *MBMR*
Building Material: *MCEMENT*
Finance: MNRB
Transportation: WPRTS
Plantation: WTK
**Source: M+ Global**
Hyperscalers’ CapEx to Lift Sentiment
US: Hyperscalers’ CapEx on data centres has surged above market consensus, with Alphabet, Amazon, Meta, Microsoft, and Oracle collectively likely to spend USD 700bn this year. NVIDIA and AMD should be the direct beneficiaries, while the latter is in talks with Chinese authorities for distribution approval, which would expand its total addressable market. This would also have a positive spillover effect on the memory industry, where demand is outstripping supply given the limited capacity that the Big 3 (SK Hynix, Samsung Electronics, and Micron Technology) can provide for now. Moreover, we favour IREN, as energy infrastructure is seen to be limited in catering to the expected surge in energy consumption resulting from this CapEx.
MY: Strong ringgit environment at RM3.90/USD is likely to spur trading interest in banking and consumer heavyweights and could provide near-term upside for poultry players such as Leong Hup and CAB, which we view as laggards amid a lower input-cost environment, while the removal of government subsidies is expected to support egg ASPs. Despite the stronger currency is seen as a headwind for export players, we believe Malaysian glove makers could benefit in the near term as regional supply disruptions and operational challenges persist as Chinese players in Indonesia are facing production hiccups which may delay operations until end-1QCY26
Stocks to watch:
Technology: ADB, *CAPITALA*
O&G: DAYANG, *HENGYUAN*
Healthcare: KPJ, PHARMA
Automotive: *BETA*, *MBMR*
Building Material: *MCEMENT*
Finance: MNRB
Transportation: WPRTS
Plantation: WTK
**Source: M+ Global**
M+ Global Market Wrap - 19Feb26
FBM KLCI: 1,752.11 pts (+10.85pts, +0.62%)
Wall Street’s overnight performance and the strengthening ringgit lifted overall sentiment on the local bourse, with robust buying interest seen in banking heavyweights. Market breadth was positive, with gainers outpacing losers at a 3-to-1 ratio, while broader sectors were concurrently positive as well. Selected energy players Dialog Group (+6.0 sen) and Yinson Holdings (+5.0 sen) led the Energy (+2.56%) index in tandem with the spike in Brent crude prices, while the Property (+0.21%) and Consumer (+0.21%) sectors lagged.
Top 3 Active stocks:
ZETRIX (0138): RM0.855 (+0.5 sen)
TANCO (2429): RM1.440 (+1.0 sen)
99SMART (5326): RM3.500 (-23.0 sen)
Volume: 2.04 bn (100-bar avg vol: 3.31 bn)
Value: RM2.52 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️748⬇️288
Crude Palm Oil: RM4,016 (+RM97, +2.42%)
Dow Futures: 49,670 pts (-52 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,752.11 pts (+10.85pts, +0.62%)
Wall Street’s overnight performance and the strengthening ringgit lifted overall sentiment on the local bourse, with robust buying interest seen in banking heavyweights. Market breadth was positive, with gainers outpacing losers at a 3-to-1 ratio, while broader sectors were concurrently positive as well. Selected energy players Dialog Group (+6.0 sen) and Yinson Holdings (+5.0 sen) led the Energy (+2.56%) index in tandem with the spike in Brent crude prices, while the Property (+0.21%) and Consumer (+0.21%) sectors lagged.
Top 3 Active stocks:
ZETRIX (0138): RM0.855 (+0.5 sen)
TANCO (2429): RM1.440 (+1.0 sen)
99SMART (5326): RM3.500 (-23.0 sen)
Volume: 2.04 bn (100-bar avg vol: 3.31 bn)
Value: RM2.52 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️748⬇️288
Crude Palm Oil: RM4,016 (+RM97, +2.42%)
Dow Futures: 49,670 pts (-52 pts)
**Source: M+ Global, Bloomberg **
😁3
M+ Global Market Update – 20Feb26
US-Iran Tensions Intensified
US: The aggressive pace of capital spending by hyperscalers reflects intense competition among AI developers, who are constantly racing to improve models as well as winning market share. For perspective, OpenAI is introducing its own advertising and chips, and we believe other players might follow suit. Hence, we are of the opinion that under these circumstances, investors may view chip producers such as NVIDIA and AMD as clearer beneficiaries, while overall concerns may linger around cash flow and net margins, as such expenditures contribute to higher depreciation. The memory industry in particular faces supply constraints, as demand has been outstripping the overall supply from the "big three" players this year.
MY: Closer to home, such an environment would be positive for TMK’s top line. For perspective, TMK provides chemicals that are widely used in the production and manufacturing industries, which are also the foundational building blocks of the E&E and semiconductor sectors. With its exposure to the Singapore market, we believe Micron’s capacity ramp-up, which is expected to come on stream by next year, would place TMK in a sweet spot to benefit. Meanwhile, we believe the tight AI race may benefit selected technology players in Malaysia, despite the strong RM environment, as some technology companies may be using RM for their transactions.
Stocks to watch:
Technology: CAPITALA, EDELTEQ, GREATEC, *MI*, *UWC*
Automotive: *BAUTO*, *BETA*
Construction: *CBHB*, SUNCON
Solar: PEKAT, SLVEST
Building Material: *MCEMENT*
Transportation: WPRTS
**Source: M+ Global**
US-Iran Tensions Intensified
US: The aggressive pace of capital spending by hyperscalers reflects intense competition among AI developers, who are constantly racing to improve models as well as winning market share. For perspective, OpenAI is introducing its own advertising and chips, and we believe other players might follow suit. Hence, we are of the opinion that under these circumstances, investors may view chip producers such as NVIDIA and AMD as clearer beneficiaries, while overall concerns may linger around cash flow and net margins, as such expenditures contribute to higher depreciation. The memory industry in particular faces supply constraints, as demand has been outstripping the overall supply from the "big three" players this year.
MY: Closer to home, such an environment would be positive for TMK’s top line. For perspective, TMK provides chemicals that are widely used in the production and manufacturing industries, which are also the foundational building blocks of the E&E and semiconductor sectors. With its exposure to the Singapore market, we believe Micron’s capacity ramp-up, which is expected to come on stream by next year, would place TMK in a sweet spot to benefit. Meanwhile, we believe the tight AI race may benefit selected technology players in Malaysia, despite the strong RM environment, as some technology companies may be using RM for their transactions.
Stocks to watch:
Technology: CAPITALA, EDELTEQ, GREATEC, *MI*, *UWC*
Automotive: *BAUTO*, *BETA*
Construction: *CBHB*, SUNCON
Solar: PEKAT, SLVEST
Building Material: *MCEMENT*
Transportation: WPRTS
**Source: M+ Global**
M+ Morning Market Buzz - 20Feb26
Dow Jones: 49,395.16 pts (-267.50pts, -0.54%)
⬆️ Resistance: 50900
⬇️ Support: 48200
FBM KLCI: 1,752.11 pts (+10.85pts, +0.62%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,705.94 pts (+138.82pts, +0.52%)
⬆️ Resistance: 27400
⬇️ Support: 25900
Crude Palm Oil: RM4,117 (+RM14, +0.34%)
⬆️ Resistance: 4210
⬇️ Support: 3920
Brent Oil: $71.66 (+$1.31, +1.86%)
⬆️ Resistance: 73.60
⬇️ Support: 65.50
Gold: $4,996.10 (+$1.11, +0.02%)
⬆️ Resistance: 5150
⬇️ Support: 4750
Source: Bloomberg, M+ Global
Dow Jones: 49,395.16 pts (-267.50pts, -0.54%)
⬆️ Resistance: 50900
⬇️ Support: 48200
FBM KLCI: 1,752.11 pts (+10.85pts, +0.62%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,705.94 pts (+138.82pts, +0.52%)
⬆️ Resistance: 27400
⬇️ Support: 25900
Crude Palm Oil: RM4,117 (+RM14, +0.34%)
⬆️ Resistance: 4210
⬇️ Support: 3920
Brent Oil: $71.66 (+$1.31, +1.86%)
⬆️ Resistance: 73.60
⬇️ Support: 65.50
Gold: $4,996.10 (+$1.11, +0.02%)
⬆️ Resistance: 5150
⬇️ Support: 4750
Source: Bloomberg, M+ Global
👏2
M+ Global Market Wrap - 20Feb26
FBM KLCI: 1,752.83 pts (+0.72pts, +0.04%)
Withstanding Wall Street’s overnight performance and slight weakening biased in the Ringgit, the local bourse managed to end the week marginally higher, with banking and consumer heavyweights lifting overall sentiment. Market breadth was negative, with losers outpacing gainers at 702-to-380, while broader sectors were concurrently negative. Telco & Media (+2.35%) outperformed, with MAXIS (+4.0 sen) and TM (+8.0 sen) leading the pack, while Technology (-1.21%) declined the most.
Top 3 Active stocks:
ASTRO (6399): RM0.100 (+2.5 sen)
ZETRIX (0138): RM0.835 (-2.0 sen)
TANCO (2429): RM1.460 (+2.0 sen)
Volume: 2.03 bn (100-bar avg vol: 3.29 bn)
Value: RM2.20 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️380⬇️702
Crude Palm Oil: RM4,117 (-RM33, -0.80%)
Dow Futures: 49,563 pts (+105 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,752.83 pts (+0.72pts, +0.04%)
Withstanding Wall Street’s overnight performance and slight weakening biased in the Ringgit, the local bourse managed to end the week marginally higher, with banking and consumer heavyweights lifting overall sentiment. Market breadth was negative, with losers outpacing gainers at 702-to-380, while broader sectors were concurrently negative. Telco & Media (+2.35%) outperformed, with MAXIS (+4.0 sen) and TM (+8.0 sen) leading the pack, while Technology (-1.21%) declined the most.
Top 3 Active stocks:
ASTRO (6399): RM0.100 (+2.5 sen)
ZETRIX (0138): RM0.835 (-2.0 sen)
TANCO (2429): RM1.460 (+2.0 sen)
Volume: 2.03 bn (100-bar avg vol: 3.29 bn)
Value: RM2.20 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️380⬇️702
Crude Palm Oil: RM4,117 (-RM33, -0.80%)
Dow Futures: 49,563 pts (+105 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 23Feb26
Dow Jones: 49,625.97 pts (+230.81pts, +0.47%)
⬆️ Resistance: 50900
⬇️ Support: 48200
FBM KLCI: 1,752.83 pts (+0.72pts, +0.04%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,413.35 pts (-292.59pts, -1.10%)
⬆️ Resistance: 27300
⬇️ Support: 25900
Crude Palm Oil: RM4,092 (-RM25, -0.61%)
⬆️ Resistance: 4240
⬇️ Support: 3930
Brent Oil: $71.76 (-$0.39, -0.77%)
⬆️ Resistance: 73.80
⬇️ Support: 65.50
Gold: $5,107.45 (+$40.12, +0.78%)
⬆️ Resistance: 5220
⬇️ Support: 4750
Source: Bloomberg, M+ Global
Dow Jones: 49,625.97 pts (+230.81pts, +0.47%)
⬆️ Resistance: 50900
⬇️ Support: 48200
FBM KLCI: 1,752.83 pts (+0.72pts, +0.04%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,413.35 pts (-292.59pts, -1.10%)
⬆️ Resistance: 27300
⬇️ Support: 25900
Crude Palm Oil: RM4,092 (-RM25, -0.61%)
⬆️ Resistance: 4240
⬇️ Support: 3930
Brent Oil: $71.76 (-$0.39, -0.77%)
⬆️ Resistance: 73.80
⬇️ Support: 65.50
Gold: $5,107.45 (+$40.12, +0.78%)
⬆️ Resistance: 5220
⬇️ Support: 4750
Source: Bloomberg, M+ Global
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M+ Global Market Update – 23Feb26
15% Global Tariffs For The Next 150 Days
US: Despite the U.S. Supreme Court ruling against the Trump administration’s sweeping tariff impositions, the U.S. government has countered by signing a new order for a 15% global tariff under Section 122. While some retail goods and shopping-related stocks, such as Nike, Target, and Lululemon, saw their share prices spike, we believe this may be short-lived. The White House is imposing this new 15% global tariff for the next 150 days and is seeking ways to maintain the previous tariffs, thus creating a highly choppy trading environment. Lastly, investors will be watching the earnings reports for NVDA, CRWD, and DELL this week to determine whether the AI boom still has room to run.
MY: Following Trump’s new 15% global tariff orders for the next 150 days, which is lower than the previously imposed 19% rate on Malaysia, we believe sentiment will bode well for the FBM KLCI and export-oriented sectors, such as Technology. Meanwhile, given the rebound in gold prices and WELLCHIP’s stellar 4Q25 results, we believe traders can position in the pawnbroking business and it is supported above the EMA120. Lastly, traders could look into CBHB, PARADIGM, and PESONA due to their "higher-lows and higher-highs" price structures; the former, in particular, enjoys solid earnings visibility due to the country’s data centre boom.
Stocks to watch:
Automotive: *BAUTO*, BETA
Building Material: MCEMENT, *PMETAL*
O&G: DAYANG, *PANTECH*
Technology: *ADB*
Plantation: *WTK*
Transportation: WPRTS
**Source: M+ Global**
15% Global Tariffs For The Next 150 Days
US: Despite the U.S. Supreme Court ruling against the Trump administration’s sweeping tariff impositions, the U.S. government has countered by signing a new order for a 15% global tariff under Section 122. While some retail goods and shopping-related stocks, such as Nike, Target, and Lululemon, saw their share prices spike, we believe this may be short-lived. The White House is imposing this new 15% global tariff for the next 150 days and is seeking ways to maintain the previous tariffs, thus creating a highly choppy trading environment. Lastly, investors will be watching the earnings reports for NVDA, CRWD, and DELL this week to determine whether the AI boom still has room to run.
MY: Following Trump’s new 15% global tariff orders for the next 150 days, which is lower than the previously imposed 19% rate on Malaysia, we believe sentiment will bode well for the FBM KLCI and export-oriented sectors, such as Technology. Meanwhile, given the rebound in gold prices and WELLCHIP’s stellar 4Q25 results, we believe traders can position in the pawnbroking business and it is supported above the EMA120. Lastly, traders could look into CBHB, PARADIGM, and PESONA due to their "higher-lows and higher-highs" price structures; the former, in particular, enjoys solid earnings visibility due to the country’s data centre boom.
Stocks to watch:
Automotive: *BAUTO*, BETA
Building Material: MCEMENT, *PMETAL*
O&G: DAYANG, *PANTECH*
Technology: *ADB*
Plantation: *WTK*
Transportation: WPRTS
**Source: M+ Global**
M+ Global Market Wrap - 23Feb26
FBM KLCI: 1,757.98 pts (+5.15pts, +0.29%)
Following Trump’s 15% global tariff rate, which is lower than the previously imposed 19% on Malaysia, the FBMKLCI (+0.29%) started the week higher at 1,757.98 pts, buoyed by gains in key heavyweights like IHH (+16.0 sen) and PBBANK (+5.0 sen). This is also broadly in line with the positive regional market performance. Market breadth was moderately bullish, with 584 winners outpacing 520 losers. In the broader environment, the Healthcare (+1.11%) sector exceeded the 1% gain mark, led by gains in IHH and KPJ (+8.0 sen), while Industrial Products & Services (-1.42%) experienced the largest decline.
Top 3 Active stocks:
ASTRO (6399): RM0.085 (-1.5 sen)
ZETRIX (0138): RM0.830 (-0.5 sen)
TANCO (2429): RM1.480 (+2.0 sen)
Volume: 2.47 bn (100-bar avg vol: 3.28 bn)
Value: RM2.65 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️584⬇️520
Crude Palm Oil: RM4,092 (-RM14, -0.34%)
Dow Futures: 49,501 pts (-173 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,757.98 pts (+5.15pts, +0.29%)
Following Trump’s 15% global tariff rate, which is lower than the previously imposed 19% on Malaysia, the FBMKLCI (+0.29%) started the week higher at 1,757.98 pts, buoyed by gains in key heavyweights like IHH (+16.0 sen) and PBBANK (+5.0 sen). This is also broadly in line with the positive regional market performance. Market breadth was moderately bullish, with 584 winners outpacing 520 losers. In the broader environment, the Healthcare (+1.11%) sector exceeded the 1% gain mark, led by gains in IHH and KPJ (+8.0 sen), while Industrial Products & Services (-1.42%) experienced the largest decline.
Top 3 Active stocks:
ASTRO (6399): RM0.085 (-1.5 sen)
ZETRIX (0138): RM0.830 (-0.5 sen)
TANCO (2429): RM1.480 (+2.0 sen)
Volume: 2.47 bn (100-bar avg vol: 3.28 bn)
Value: RM2.65 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️584⬇️520
Crude Palm Oil: RM4,092 (-RM14, -0.34%)
Dow Futures: 49,501 pts (-173 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 24Feb26
Dow Jones: 48,804.06 pts (-821.91pts, -1.66%)
⬆️ Resistance: 50900
⬇️ Support: 47800
FBM KLCI: 1,757.98 pts (+5.15pts, +0.29%)
⬆️ Resistance: 1800
⬇️ Support: 1710
HSI Index: 27,081.91 pts (+668.56pts, +2.53%)
⬆️ Resistance: 27700
⬇️ Support: 25900
Crude Palm Oil: RM4,083 (+RM31, +0.76%)
⬆️ Resistance: 4240
⬇️ Support: 3970
Brent Oil: $71.76 (-$0.26, -0.36%)
⬆️ Resistance: 74.00
⬇️ Support: 65.50
Gold: $5,227.42 (+$119.97, +2.35%)
⬆️ Resistance: 5350
⬇️ Support: 4750
Source: Bloomberg, M+ Global
Dow Jones: 48,804.06 pts (-821.91pts, -1.66%)
⬆️ Resistance: 50900
⬇️ Support: 47800
FBM KLCI: 1,757.98 pts (+5.15pts, +0.29%)
⬆️ Resistance: 1800
⬇️ Support: 1710
HSI Index: 27,081.91 pts (+668.56pts, +2.53%)
⬆️ Resistance: 27700
⬇️ Support: 25900
Crude Palm Oil: RM4,083 (+RM31, +0.76%)
⬆️ Resistance: 4240
⬇️ Support: 3970
Brent Oil: $71.76 (-$0.26, -0.36%)
⬆️ Resistance: 74.00
⬇️ Support: 65.50
Gold: $5,227.42 (+$119.97, +2.35%)
⬆️ Resistance: 5350
⬇️ Support: 4750
Source: Bloomberg, M+ Global
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M+ Global Market Update – 24Feb26
Wall Street Slips as Tariff Fears Resurface
US: As the US administration has imposed a 15% global tariff rate and continues to seek ways to maintain previous reciprocal tariffs, we expect Wall Street to remain choppy in the near term. Meanwhile, we favour Walmart’s rebound, underpinned by (i) its 4.6% 4Q25 US same-store sales growth, (ii) margin expansion via warehouse automation and scaled advertising and membership segments, and (iii) a near-term boost from the upcoming tax refund season. While management provided conservative forward-looking guidance, we believe Walmart will enjoy upward re-rating catalysts if the grocery giant beats expectations in the coming quarters. Lastly, traders could position for CASY as it performs a breakout.
MY: With Sunway Healthcare launching its IPO this Friday, buying interest was also seen in other healthcare providers such as KPJ and IHH, which may bolster overall local sentiment. Meanwhile, EPMB experienced a breakout yesterday, underpinned by (i) the expansion of its Melaka plant, where annual production capacity is set to increase from 6,000 units to 30,000 units by 3Q26, and (ii) the production of the XPeng G6 and X9 models, scheduled to commence by late March and May 2026, respectively. Lastly, we continue to favour AAX and CBHB; the former is supported by the consolidation of long-haul and short-haul flights, while the latter benefits from high demand driven by the country’s data centre (DC) boom.
Stocks to watch:
Technology: *CORAZA*, *EDELTEQ*, VITROX
Telco: *TIMECOM*, TM
Finance: AFFIN, *KENANGA*
Healthcare: IHH, *KPJ*
Property: *ECOWLD*, MAHSING
Construction: *MNHLDG*
Aviation: AAX
Automotive: BETA
**Source: M+ Global**
Wall Street Slips as Tariff Fears Resurface
US: As the US administration has imposed a 15% global tariff rate and continues to seek ways to maintain previous reciprocal tariffs, we expect Wall Street to remain choppy in the near term. Meanwhile, we favour Walmart’s rebound, underpinned by (i) its 4.6% 4Q25 US same-store sales growth, (ii) margin expansion via warehouse automation and scaled advertising and membership segments, and (iii) a near-term boost from the upcoming tax refund season. While management provided conservative forward-looking guidance, we believe Walmart will enjoy upward re-rating catalysts if the grocery giant beats expectations in the coming quarters. Lastly, traders could position for CASY as it performs a breakout.
MY: With Sunway Healthcare launching its IPO this Friday, buying interest was also seen in other healthcare providers such as KPJ and IHH, which may bolster overall local sentiment. Meanwhile, EPMB experienced a breakout yesterday, underpinned by (i) the expansion of its Melaka plant, where annual production capacity is set to increase from 6,000 units to 30,000 units by 3Q26, and (ii) the production of the XPeng G6 and X9 models, scheduled to commence by late March and May 2026, respectively. Lastly, we continue to favour AAX and CBHB; the former is supported by the consolidation of long-haul and short-haul flights, while the latter benefits from high demand driven by the country’s data centre (DC) boom.
Stocks to watch:
Technology: *CORAZA*, *EDELTEQ*, VITROX
Telco: *TIMECOM*, TM
Finance: AFFIN, *KENANGA*
Healthcare: IHH, *KPJ*
Property: *ECOWLD*, MAHSING
Construction: *MNHLDG*
Aviation: AAX
Automotive: BETA
**Source: M+ Global**
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Good Morning All,
We issued a 2Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
As projects in the Middle East continue to exhibit slower progress, and overall core PAT came in below our estimates, we have revised our core PAT forecasts downwards by 29%, 14%, and 15% for FY26–28f, adjusted from RM27.2m, RM29.5m, and RM32.6m to RM19.3m, RM25.2m, and RM27.8m, respectively.
Following the reduction in our earnings forecast for AWC, we have downgraded our recommendation from Buy to Sell, with a lower target price of RM0.52. This target price is based on a P/E ratio of 10.0x, pegged to a mid-FY27f fully-diluted EPS of 5.20 sen. Nevertheless, we believe AWC may benefit from re-rating catalysts once Middle East projects begin to show a stronger recovery in progress.
Research Team, M+
24 February 2026
We issued a 2Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
As projects in the Middle East continue to exhibit slower progress, and overall core PAT came in below our estimates, we have revised our core PAT forecasts downwards by 29%, 14%, and 15% for FY26–28f, adjusted from RM27.2m, RM29.5m, and RM32.6m to RM19.3m, RM25.2m, and RM27.8m, respectively.
Following the reduction in our earnings forecast for AWC, we have downgraded our recommendation from Buy to Sell, with a lower target price of RM0.52. This target price is based on a P/E ratio of 10.0x, pegged to a mid-FY27f fully-diluted EPS of 5.20 sen. Nevertheless, we believe AWC may benefit from re-rating catalysts once Middle East projects begin to show a stronger recovery in progress.
Research Team, M+
24 February 2026
FBM KLCI: 1,754.01 pts (-3.97pts, -0.23%)
Tracking the overnight selldown in Wall Street, the FBMKLCI (-0.23%) retreated and closed lower at 1,754.01 pts, dragged by losses in PCHEM (-19.0 sen) and YTL (-10.0 sen). This is also broadly in line with the negative regional market performance. Meanwhile, market breadth turned negative, with 672 losers against 438 winners. Sector-wise, only 3 out of 13 sectors ended in positive territory, with Financial Services (+0.29%) outperforming, while Utilities (-1.47%) experienced the largest decline.
Top 3 Active stocks:
PHARMA (7081): RM0.300 (-1.5 sen)
TANCO (2429): RM1.500 (+2.0 sen)
ZETRIX (0138): RM0.810 (-2.0 sen)
Volume: 2.23 bn (100-bar avg vol: 3.26 bn)
Value: RM2.82 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️438⬇️672
Crude Palm Oil: RM4,083 (-RM14, -0.34%)
Dow Futures: 48,880 pts (+31 pts)
**Source: M+ Global, Bloomberg **
Tracking the overnight selldown in Wall Street, the FBMKLCI (-0.23%) retreated and closed lower at 1,754.01 pts, dragged by losses in PCHEM (-19.0 sen) and YTL (-10.0 sen). This is also broadly in line with the negative regional market performance. Meanwhile, market breadth turned negative, with 672 losers against 438 winners. Sector-wise, only 3 out of 13 sectors ended in positive territory, with Financial Services (+0.29%) outperforming, while Utilities (-1.47%) experienced the largest decline.
Top 3 Active stocks:
PHARMA (7081): RM0.300 (-1.5 sen)
TANCO (2429): RM1.500 (+2.0 sen)
ZETRIX (0138): RM0.810 (-2.0 sen)
Volume: 2.23 bn (100-bar avg vol: 3.26 bn)
Value: RM2.82 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️438⬇️672
Crude Palm Oil: RM4,083 (-RM14, -0.34%)
Dow Futures: 48,880 pts (+31 pts)
**Source: M+ Global, Bloomberg **
👏2
• Earnings below expectation. LGMS registered a 4Q25 core PAT of RM3.9m (+62.6% QoQ, -5.0% YoY), bringing FY25 core PAT to RM10.2m (-23.6% YoY). The results came in above expectations, accounting for 115.9% and 113.5% of our and consensus estimates. The key deviation is mainly due to the stronger-than-expected revenue growth from both the (i) cyber risk management and compliance and (ii) cyber threat and incident response segments.
• YoY. LGMS’s revenue increased 3.1% YoY, again thanks to higher revenue generated from both cyber risk management and compliance segment (+12.1%) and cyber threat and incident response segment (+124.4%). However, core PAT also saw a decrease by 5.0%, from RM4.1m in 4Q24 to RM3.9m in 4Q25, dragged by higher employee benefits expenses.
• QoQ. Meanwhile, revenue rose strongly by 28.6% QoQ to RM13.6m, with cyber risk management and compliance segment (+77.3%) experienced a decent revenue growth from RM2.7m in 3Q25 to RM4.9m in 4Q25, while both cyber risk prevention segment and cyber threat and incident response segment also improved by 6.2% and 43.6% respectively. Following the revenue increase, 4Q25 core PAT also grew by 62.6%, from RM2.4m in 3Q25 to RM3.9m in 4Q25.
• Geographical contributions. While revenue from overseas was rather flattish, the local contributions saw an increase of 4.0% YoY, from RM10.9m in 4Q24 to RM11.4m in 4Q25.
• Weaker cyber risk prevention segment. We noticed that there is softness in cyber risk prevention segment (+6.2% QoQ, -12.7% YoY), mainly due to due to lower contribution from the industrial, manufacturing and automotive industries.
• Stronger segments to offset. Nevertheless, the surge in both cyber risk management and compliance (+77.3% QoQ, +12.1% YoY) and cyber threat and incident response (+43.6% QoQ, +124.4% YoY) segments offset the softness in cyber risk prevention segment, thanks to the increase in the number of billable clients and higher revenue contributions from the clients in the financial and technology services industry.
• YoY. LGMS’s revenue increased 3.1% YoY, again thanks to higher revenue generated from both cyber risk management and compliance segment (+12.1%) and cyber threat and incident response segment (+124.4%). However, core PAT also saw a decrease by 5.0%, from RM4.1m in 4Q24 to RM3.9m in 4Q25, dragged by higher employee benefits expenses.
• QoQ. Meanwhile, revenue rose strongly by 28.6% QoQ to RM13.6m, with cyber risk management and compliance segment (+77.3%) experienced a decent revenue growth from RM2.7m in 3Q25 to RM4.9m in 4Q25, while both cyber risk prevention segment and cyber threat and incident response segment also improved by 6.2% and 43.6% respectively. Following the revenue increase, 4Q25 core PAT also grew by 62.6%, from RM2.4m in 3Q25 to RM3.9m in 4Q25.
• Geographical contributions. While revenue from overseas was rather flattish, the local contributions saw an increase of 4.0% YoY, from RM10.9m in 4Q24 to RM11.4m in 4Q25.
• Weaker cyber risk prevention segment. We noticed that there is softness in cyber risk prevention segment (+6.2% QoQ, -12.7% YoY), mainly due to due to lower contribution from the industrial, manufacturing and automotive industries.
• Stronger segments to offset. Nevertheless, the surge in both cyber risk management and compliance (+77.3% QoQ, +12.1% YoY) and cyber threat and incident response (+43.6% QoQ, +124.4% YoY) segments offset the softness in cyber risk prevention segment, thanks to the increase in the number of billable clients and higher revenue contributions from the clients in the financial and technology services industry.
M+ Global Market Update – 25Feb26
Bargain Hunting May Emerge
US: While there has been little progress towards de-escalating the recent tariff measures on US trade partners, overall sentiment is improving, especially for software-related companies, despite the arrival of Claude AI. Overall, all eyes will be on Nvidia’s results, which are due to be announced on 26 Feb at 6 am Malaysian time. This will be the ultimate test given the current scepticism over AI spending and concerns regarding AI disruption. Nevertheless, in our view, hyperscalers’ capex—which is expected to exceed USD 700bn, should provide tailwinds for the memory industry, where demand is already outstripping supply this year.
MY: Following the overnight rebound on Wall Street, we expect sentiment to turn positive. IHH and KPJ are seeing healthy buying interest ahead of the Sunway Healthcare IPO launch this Friday. We expect this buying support to spill over into the glove sector following decent results from HARTA and KOSSAN; regional supply disruptions and rising operational challenges among Chinese glove makers should provide near-term domestic tailwinds. Meanwhile, PWRWELL’s 9MFY26 performance (up 30.9% YoY and 8.5% QoQ) indicates that the current market structure is shifting towards downstream Data Centre players, as most construction works appear to be approaching completion.
Stocks to watch:
Technology CAPITALA, CORAZA, *DUFU*, EDELTEQ, *GREATEC*, *UNISEM*, *UWC*
Consumer: AEON, *MFLOUR*
Healthcare: IHH, KPJ
Construction: *SUNCON*
Plantation: *WTK*
**Source: M+ Global**
Bargain Hunting May Emerge
US: While there has been little progress towards de-escalating the recent tariff measures on US trade partners, overall sentiment is improving, especially for software-related companies, despite the arrival of Claude AI. Overall, all eyes will be on Nvidia’s results, which are due to be announced on 26 Feb at 6 am Malaysian time. This will be the ultimate test given the current scepticism over AI spending and concerns regarding AI disruption. Nevertheless, in our view, hyperscalers’ capex—which is expected to exceed USD 700bn, should provide tailwinds for the memory industry, where demand is already outstripping supply this year.
MY: Following the overnight rebound on Wall Street, we expect sentiment to turn positive. IHH and KPJ are seeing healthy buying interest ahead of the Sunway Healthcare IPO launch this Friday. We expect this buying support to spill over into the glove sector following decent results from HARTA and KOSSAN; regional supply disruptions and rising operational challenges among Chinese glove makers should provide near-term domestic tailwinds. Meanwhile, PWRWELL’s 9MFY26 performance (up 30.9% YoY and 8.5% QoQ) indicates that the current market structure is shifting towards downstream Data Centre players, as most construction works appear to be approaching completion.
Stocks to watch:
Technology CAPITALA, CORAZA, *DUFU*, EDELTEQ, *GREATEC*, *UNISEM*, *UWC*
Consumer: AEON, *MFLOUR*
Healthcare: IHH, KPJ
Construction: *SUNCON*
Plantation: *WTK*
**Source: M+ Global**
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