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

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 **

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

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**

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 **

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

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**

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

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 **

• 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.

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**

EITA Resources Berhad - 1QFY26 Results Summary

•Earnings below expectations. EITA registered a 1QFY26 core PAT of RM1.7m (+9.0% QoQ, -82.0% YoY). The results came in below expectations, accounting for 9.8% and 9.6% ours and consensus full-year estimates, respectively. Key deviations include (i) higher losses from the Manufacturing and High Voltage System segments, (ii) lower profit from Marketing and Distribution and Services segments and (iii) higher taxation rate.

•YoY. EITA’s revenue decreased by 14.5% YoY, as a decline was observed across all four business segments. Core PAT also showed a drastic drop of 82.0%, from RM9.4m in 1QFY25 to RM1.7m in 1QFY26. This was primarily driven by larger losses in the High Voltage System segment and lower profitability within the other three segments.

•QoQ. Meanwhile, revenue declined 32.1% QoQ to RM90.1m, as High-Voltage System (-67.1%), Marketing & Distribution (-10.5%), and Manufacturing (-25.4%) segments showed slower revenue growth. However, the weak momentum was partially offset by the revenue growth in Services (+8.0%) segment. Core PAT improved 9.0%, from -RM1.5m in 4QFY25 to RM1.7m in 1QFY26, thanks to higher profitability in the Services segment and lower losses in the High Voltage System segment.

•Improvement in both Services and High Voltage System profitability. The Services segment registered better performance, recording a 75% increase in PBT from RM2.4m in 4QFY25 to RM4.2m in 1QFY26, thanks to higher margin recorded. Meanwhile, High Voltage System segment also saw an improvement in LBT, from -RM4.3m in 4QFY25 to -RM1.8m in 1QFY26, contributed by lower contract assets written off and lower provision for liquidated and ascertained damages.

•Higher taxation rate. The effective tax rate of EITA in 1QFY26 was 65%, higher than the statutory tax rate of 24%, primarily due to the non-recognition of deferred tax assets on losses from the High Voltage System segment. Also, certain expenses incurred during the period were not tax-deductible.

•Manufacturing segment returned to negative. Manufacturing segment returned to a LBT of RM2.2m for 1QFY26 as compared to a PBT of RM2.8m in 4QFY25, mainly due to lower revenue, lower fair value gain on derivatives and higher provision for doubtful debts.

•Outlook. Management remains cautiously optimistic, underpinned by Malaysia’s projected economic growth of 4.0–4.5% in 2026 and the commencement of the 13MP, which is expected to create more tender opportunities for EITA, particularly in lift and elevator installation, replacement and modernization works across rail, urban transit, and public sector infrastructure projects. Barring any unforeseen challenges, the Board is cautiously optimistic toward FY26.

•Forecast. Given that 1QFY26 core PAT came in significantly below our estimates, we revised down our core PAT forecast from RM17.4m–18.5m for FY26f–27f to RM16.2m–17.6m, while introducing an FY28 core PAT forecast of RM18.9m. While the revised FY26 core PAT forecast represents only 10.4% of 1QFY26 core PAT, we believe EITA is able to recover in the subsequent quarters, supported by (i) the group’s continued participation in lift and elevator installation tenders for large-scale rail and urban transit projects and (ii) government initiatives such as 13MP, NIMP and Budget 2026.

•Downgraded to HOLD (from Buy) with a lower TP of RM0.54. As we revised our earnings forecast, we downgrade our recommendation from Buy to Hold on EITA with a lower target price of RM0.54. The target price is derived based on a P/E ratio of 10.0x pegged to our FY26f EPS of 5.37 sen.

Good Morning All,

We issued an Initiation report on TMK Chemical Berhad: Your Trusted Guide To Global Trading | Malacca Securities (mplusonline.com)

TMK Chemical Berhad (TMK) - Formulating The Right Chemistry For Success
📌Founded in 1989, TMK Chemical Berhad has over 35 years of experience in inorganic chemicals, specializing in chemical management, bulk storage services, and the manufacturing of chlor-alkali derivatives such as sodium hydroxide and chlorine at its Banting Plant 1 since May 2024.

Investment Highlights
📌Hyperscalers’ capex tailwind in sight. Hyperscalers’ CY26 capex is projected to reach at least >USD700bn (>40% YoY), creating tighter supply in the memory value chain. Contract structures are shifting to short-term agreements with post-settlement pricing, while memory players are seeking capacity expansion, which, all in all, should benefit TMK through stronger demand for chemicals consumed in semiconductor and E&E manufacturing.

📌China’s stringent REE export policy begets opportunity. With China’s stringent rare earth export policies, which should create opportunities for LYC—the largest rare earth producer—to serve demand outside China, this should bode well for TMK, given its position as an end-to-end chemical supplier and Malaysia’s second-largest chlor-alkali producer.

📌IPO war chest to capture growing demand. With Banting Plant 1 operating at high utilisation, the Group has earmarked 23.4% of IPO proceeds (c.RM90.2m) to develop Banting Plant 2, which is slated for commissioning this year, doubling capacity from 216,000 MT to 432,000 MT. In parallel, 12.9% of the proceeds (c.RM49.5m) will be channelled towards expanding downstream operations in Singapore, strengthening processing and distribution capabilities while deepening TMK’s footprint along the value chain within a key regional manufacturing hub.

📌We expect TMK’s earnings to grow at -13.7%/+13.3%/+3.5% over the next 3 years, supported by hyperscalers’ >USD700bn capex, rare earth-driven acid demand arising from China’s export policies, and capacity expansions at Banting Plant 2 and its Singapore downstream operations, strengthening its regional chemical value chain.

📌We are initiating coverage on TMK Chemical Berhad with a BUY call and a RM1.67 target price, implying 33.4% upside from RM1.25. Valuation is based on a 15.0x P/E, pegged to mid-FY27F EPS of 11.1 sen.

Research Team, M+
25 February 2026

M+ Global Market Wrap - 25Feb26

FBM KLCI: 1,747.81 pts (-6.20pts, -0.35%)
Bucking overnight Wall Street’s performance, the local bourse extended its losses as banking heavyweights dampened sentiment. Market breadth was rather neutral, with the gainers-to-losers ratio standing at 1-to-1. The Construction sector (+1.03%) outperformed, led by SUNCON (+31.0 sen) and GAMUDA (+4.0 sen), while the Telco & Media sector (-1.58%) declined the most.

Top 3 Active stocks:
ZETRIX (0138): RM0.805 (-0.5 sen)
TEAMSTR (0393): RM0.235 (-2.5 sen)
ASTRO (6399): RM0.075 (-1.5 sen)

Volume: 2.52 bn (100-bar avg vol: 3.25 bn)
Value: RM2.93 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️539⬇️541
Crude Palm Oil: RM4,053 (+RM2, +0.05%)
Dow Futures: 49,289 pts (+53 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 26Feb26

Dow Jones: 49,482.15 pts (+307.65pts, +0.63%)
⬆️ Resistance: 50800
⬇️ Support: 47800

FBM KLCI: 1,747.81 pts (-6.20pts, -0.35%)
⬆️ Resistance: 1800
⬇️ Support: 1710

HSI Index: 26,765.72 pts (+175.40pts, +0.66%)
⬆️ Resistance: 27700
⬇️ Support: 25900

Crude Palm Oil: RM4,053 (-RM8, -0.20%)
⬆️ Resistance: 4240
⬇️ Support: 3960

Brent Oil: $70.85 (+$0.08, +0.11%)
⬆️ Resistance: 74.00
⬇️ Support: 68.80

Gold: $5,164.78 (+$4.32, +0.08%)
⬆️ Resistance: 5360
⬇️ Support: 4870

Source: Bloomberg, M+ Global

M+ Global Market Update – 26Feb26
Nvidia Outperformed, Sparks Tech Relief Rally

US: Given NVDA’s latest strong quarterly results, we continue to favour the AI leader, underpinned by (i) the aggressive ramp-up of next-generation Blackwell B300/GB300 systems which command higher pricing, (ii) strong data centre momentum driven by a 75% YoY revenue surge to USD62.3bn, and (iii) strengthening demand from hyperscalers whose 2026 capex outlooks remain in an acceleration phase. While markets have debated the sustainability of AI infrastructure spend, we believe Nvidia is positioned for continued valuation expansion as it transitions from a hardware provider into a high-margin, multi-year AI growth cycle.

MY: Overall market sentiment is expected to stay positive following the overnight rally on Wall Street and Nvidia’s results. Meanwhile, following Solarvest’s decent 3Q25 results, we expect accumulation to emerge, supported by a sizeable RM 1.54bn unbilled order book, coupled with a healthy RM472.8m cash and short-term investment position. YoY, the RE leader posted 40.7% and 72.6% growth in 3Q25 and 9MFY25 PAT, respectively. driven by the LSS5 and CGPP programmes. While the market remains concerned that the removal of China’s 9% VAT export rebate will increase solar module costs, SLVEST has locked in prices for sizable volumes in late 2025, effectively insulating its margins from these hikes.

Stocks to watch:

Technology *CAPITALA*, EDELTEQ, NE
Consumer: *BAUTO*, *ECOSHOP*, *MFLOUR*
Construction: *CBHB*, MNHLDG
Finance: MNRB
Plantation: WTK

**Source: M+ Global**

M+ Global Market Wrap - 26Feb26

FBM KLCI: 1,740.94 pts (-6.87pts, -0.39%)
The FBMKLCI (-0.39%) retreated further toward 1740.94 pts, as profit-taking activities were observed across MAYBANK (-36.0 sen), thus creating negative sentiment for the local bourse. Meanwhile, recently listed IPO AQUAWALK (-7.5 sen) also experienced a gap down after a weaker 4Q25 results, ended up as the top loser with highest volume for the day. Market breadth was negative, with 746 losers against 347 winners. Sector-wise, only 3 out of the 13 sectors ended in the positive territory, with Construction (+1.52%) exceeding the 1% gain mark, while Energy (-1.33%) saw the largest decline.

Top 3 Active stocks:
AQUAWALK (0380): RM0.285 (-7.5 sen)
MAYBANK (1155): RM12.000 (-36.0 sen)
NATGATE (0270): RM0.895 (-11.5 sen)

Volume: 2.98 bn (100-bar avg vol: 3.26 bn)
Value: RM4.07 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️367⬇️746
Crude Palm Oil: RM4,053 (-RM29, -0.72%)
Dow Futures: 49,434 pts (-100 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 27Feb26

Dow Jones: 49,499.20 pts (+17.05pts, +0.03%)
⬆️ Resistance: 50900
⬇️ Support: 47800

FBM KLCI: 1,740.94 pts (-6.87pts, -0.39%)
⬆️ Resistance: 1800
⬇️ Support: 1700

HSI Index: 26,381.02 pts (-384.70pts, -1.44%)
⬆️ Resistance: 27700
⬇️ Support: 25900

Crude Palm Oil: RM4,005 (+RM33, +0.82%)
⬆️ Resistance: 4240
⬇️ Support: 3920

Brent Oil: $70.85 (-$0.10, +0.08%)
⬆️ Resistance: 74.10
⬇️ Support: 67.80

Gold: $5,184.97 (-$5.13, +0.39%)
⬆️ Resistance: 5360
⬇️ Support: 4890

Source: Bloomberg, M+ Global

M+ Global Market Update – 27Feb26
Profit-Taking Amid Elevated AI Expectations

US: Following NVIDIA’s record Q4 results and stronger guidance, we view the current dip as temporary. We believe the AI leader will see valuation expansion as fundamentals remain intact, justifying the massive AI capex from hyperscalers. Other beneficiaries of NVIDIA’s results include VRT, AVGO, and SMCI. Meanwhile, we believe IBM could be an accumulation opportunity despite its sell-off, underpinned by (i) its entrenched role in banking and government systems, (ii) its Anthropic partnership creating new AI service revenue, and (iii) its high-security mainframe platform, which remains the gold standard for enterprise data.

MY: Overall market conditions may still be in profit-taking mode. Meanwhile, Maybank saw a knee-jerk sell-off, which we believe was driven by selected foreign funds. However, we view this as a buy-on-dip opportunity given Maybank’s consistent track record of dividend payouts, its 14.9% CET1 ratio, and its position as the nation’s largest bank. Similarly, following SunCon’s rally, we expect buying interest to re-emerge in Gamuda, as it holds an outstanding order book of RM45.9bn, which translates to 2.9x FY25 revenue. Hence, we believe the oversold position in Gamuda was driven by sentiment, and a rebound is likely. Lastly, the market will focus on the Sunway Healthcare IPO launch today.

Stocks to watch:

Technology *MCLEAN*, SCICOM, *VITROX*
Finance: *AMBANK*, *EMCC*
O&G: WASCO
Telco: *TIMECOM*
Healthcare: *TMCLIFE*
Property: LBS

**Source: M+ Global**

Good Morning All,

We issued a company update report on our coverage stock TMK Chemical Berhad: Your Trusted Guide To Global Trading | Malacca Securities (mplusonline.com)

TMK Chemical Berhad (TMK) - Ended FY25 Within Our Expectation
📌Within expectations. 4Q25 core earnings of RM246.6m (-13.4% QoQ; -16.6% YoY) brought FY25’s total core earnings to RM1.05bn (-19.1% YoY). The results were in line with our expectations, at 101.2% of the full-year forecast.

📌Dividend. A dividend per share (DPS) of 2.8 sen was declared, bringing the total DPS for FY25 to 4.9 sen. This translates to a dividend yield of 3.9%.

📌YoY. TMK’s revenue declined by 16.6% due to lower sales volumes. However, core PATMI recorded an increase of 30.9% due to sustained improvements in operational efficiency at its current plant, which is generally operating at over 80% utilization rate.

📌QoQ. The 13.4% decline in TMK’s revenue was largely attributable to timing factors related to bulk shipments. According to management, excluding bulk shipments, volumes within the core distribution business recorded a QoQ increase. The impact of lower overall sales volumes was partially mitigated by a higher average selling price (ASP) during the quarter. Furthermore, core PATMI rose 12.3% driven by a higher factory utilisation rate, particularly at the Banting plant; this resulted in stronger operational efficiency and margin performance compared to the previous quarter.

📌YTD. Overall, revenue and core PATMI for FY25 dropped by 19.1% and 12.8% YoY respectively, primarily due to reduced sales volumes.

📌Outlook. Management has noted a significant uptick in sector activity over recent months, marking a recovery compared to the previous three quarters. As a primary regional supplier, the company is strategically positioned to benefit from the rising Industrial Production Index in Malaysia and Singapore (Fig #1). TMK’s growth is further anchored by the Banting Plant 2 expansion set for 2027, which will double chlor-alkali derivative capacity to enhance long-term margins. Also, the growing rare earth processing industry in Malaysia is driving substantial demand for inorganic chemicals, tightening the chlor-alkali market and providing strong upward support for industry pricing.

📌 Forecast. Maintained.

📌 Maintained BUY with an unchanged TP of RM1.67. We reiterate our BUY recommendation for TMK with a TP of RM1.67, implying a potential upside of 33.4% from the current share price of RM1.25. This valuation is based on a 15.0x P/E ratio, pegged to a mid-FY27F EPS of 11.1 sen.

Research Team, M+
27 February 2026

Good Morning All,

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

Trading catalysts include:
(i) Exceptional 9MFY26 performance with strong order book visibility
(ii) Margin protection against China’s VAT rebate removal
(iii) Solar ATAP tailwinds fuelled by the "Powervest" financing

Research Team, M+
27 February 2026