M+ Global Market Update – 31Mar26
Negative Sentiment Expected to Linger
US: The risk-off trade continued on Monday, led by declines in the NASDAQ (-0.73%) and the S&P 500 (-0.33%). Brent crude oil was up (+1.49%) at the time of writing, rising above $105/bbl. Overall, we are of the view that market participants are increasingly pricing in the prospect of a protracted conflict and disruptions to energy supplies, despite Trump’s deferment of the threat to destroy Iran’s power infrastructure. Moreover, the correction in memory stocks does not signal a peak, in our view; instead, the narrative is likely to shift towards a more sustainable pace for DRAM and HBM4 price spikes. While it is difficult to pinpoint the exact inflection point, we believe the correction offers a favourable risk-return profile to investors.
MY: Closer to home, the prospects of a longer-lived conflict and energy supply disruptions may yield favourable Average Selling Prices (ASPs) for energy and chemical players such as HIBISCS, DIALOG, and PCHEM, especially given the lack of progress in de-escalating shipment issues through the Strait of Hormuz. Moreover, we believe Malaysian glove manufacturers are showing a gradual improvement in their fundamentals. The Nitrile Butadiene Rubber (NBR) supply disruptions caused by Middle Eastern tensions may normalise global glove supply, providing an upside opportunity for earnings moving forward.
Stocks to watch:
Plantation: *CRPMATE*, MHC, *THPLANT*
Aluminium: *LBALUM*, PMETAL
Chemical: *SAMCHEM*, TMK
O&G: *HAWK*
Renewable Energy: *GENERGY*
Healthcare: HARTA
**Source: M+ Global**
Negative Sentiment Expected to Linger
US: The risk-off trade continued on Monday, led by declines in the NASDAQ (-0.73%) and the S&P 500 (-0.33%). Brent crude oil was up (+1.49%) at the time of writing, rising above $105/bbl. Overall, we are of the view that market participants are increasingly pricing in the prospect of a protracted conflict and disruptions to energy supplies, despite Trump’s deferment of the threat to destroy Iran’s power infrastructure. Moreover, the correction in memory stocks does not signal a peak, in our view; instead, the narrative is likely to shift towards a more sustainable pace for DRAM and HBM4 price spikes. While it is difficult to pinpoint the exact inflection point, we believe the correction offers a favourable risk-return profile to investors.
MY: Closer to home, the prospects of a longer-lived conflict and energy supply disruptions may yield favourable Average Selling Prices (ASPs) for energy and chemical players such as HIBISCS, DIALOG, and PCHEM, especially given the lack of progress in de-escalating shipment issues through the Strait of Hormuz. Moreover, we believe Malaysian glove manufacturers are showing a gradual improvement in their fundamentals. The Nitrile Butadiene Rubber (NBR) supply disruptions caused by Middle Eastern tensions may normalise global glove supply, providing an upside opportunity for earnings moving forward.
Stocks to watch:
Plantation: *CRPMATE*, MHC, *THPLANT*
Aluminium: *LBALUM*, PMETAL
Chemical: *SAMCHEM*, TMK
O&G: *HAWK*
Renewable Energy: *GENERGY*
Healthcare: HARTA
**Source: M+ Global**
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FBM KLCI: 1,690.36 pts (+2.46pts, +0.15%)
The FBMKLCI (+0.15%) closed higher at 1690.36pts as reports about President Trump's willingness to end the war in Iran even with the Strait of Hormuz closed, which eased investor sentiment. The market breadth was positive, with 546 winners against 512 losers. Sector wise, Healthcare (+3.07%) outperformed, led by IHH (+8.0sen) and TOPGLOV (+6.0sen), while Construction (-1.64%) declined the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.690 (+6.0 sen)
SUNMED (5555): RM2.00 (-9.0 sen)
ZETRIX (0138): RM0.740 (-1.5sen)
Top 3 Gainer stocks:
MPI (3867): RM28.78 (+46.0 sen)
UTDPLT (2089): RM34.00 (+40.0 sen)
PPB (4065): RM12.00 (+34.0 sen)
Top 3 Loser stocks:
SUNCON (5263): RM6.37 (-48.0 sen)
SUNWAY (5211): RM4.80 (-40.0 sen)
PETDAG (5681): RM21.84 (-32.0 sen)
Volume: 3.65 bn (100-bar avg vol: 3.20 bn)
Value: RM3.97 bn (100-bar avg val: RM3.00 bn)
Market Breadth: ⬆️546 ⬇️512
Crude Palm Oil: RM4,772 (+RM26, +0.54%)
Dow Futures: 45,854 pts (+389 pts)
**Source: M+ Global, Bloomberg **
The FBMKLCI (+0.15%) closed higher at 1690.36pts as reports about President Trump's willingness to end the war in Iran even with the Strait of Hormuz closed, which eased investor sentiment. The market breadth was positive, with 546 winners against 512 losers. Sector wise, Healthcare (+3.07%) outperformed, led by IHH (+8.0sen) and TOPGLOV (+6.0sen), while Construction (-1.64%) declined the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.690 (+6.0 sen)
SUNMED (5555): RM2.00 (-9.0 sen)
ZETRIX (0138): RM0.740 (-1.5sen)
Top 3 Gainer stocks:
MPI (3867): RM28.78 (+46.0 sen)
UTDPLT (2089): RM34.00 (+40.0 sen)
PPB (4065): RM12.00 (+34.0 sen)
Top 3 Loser stocks:
SUNCON (5263): RM6.37 (-48.0 sen)
SUNWAY (5211): RM4.80 (-40.0 sen)
PETDAG (5681): RM21.84 (-32.0 sen)
Volume: 3.65 bn (100-bar avg vol: 3.20 bn)
Value: RM3.97 bn (100-bar avg val: RM3.00 bn)
Market Breadth: ⬆️546 ⬇️512
Crude Palm Oil: RM4,772 (+RM26, +0.54%)
Dow Futures: 45,854 pts (+389 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 01Apr26
Buying Interest Expected To Be Short-Lived
US: Market sentiment turned breather on Tuesday, following Trump’s progress towards de-escalating tensions despite losing the Strait of Hormuz stake, on the heels of the deferment of threats against Iran’s power infrastructure. Nonetheless, we expect the sentiment to be short-lived, given Iran’s persistent refusal to negotiate. While the latter may push headline inflation higher in the near term, Powell’s remarks, alongside Williams’ emphasis on current uncertainty, suggest the Federal Reserve still maintains a wait-and-see approach regarding further monetary tightening. Meanwhile, this may create short-term buying opportunities in AI-themed stocks.
MY: Closer to home, we expect that elevated crude oil prices and ongoing US-Iran tensions may contribute to energy supply disruptions, translating to favourable ASPs for energy and chemical players. However, this could provide near-term headwinds for glove manufacturers, as nitrile glove materials are closely tied to crude oil inventory. For a more conservative play, we believe LACMED stands as the best candidate, given its sweet spot to leverage government aims to improve medical tourism through 2030, while its recurring income segment should de-risk earnings volatility in the medium term.
Stocks to watch:
Consumer: *BAUTO*, LHI
Utility: *YTL*, YTLPOWR
Chemical: CRPMATE, *TMK*
O&G: *ARMADA*
Plantation: *UTDPLT*
Property: *KTI*
Financial: BIMB
Technology: CORAZA
**Source: M+ Global**
Buying Interest Expected To Be Short-Lived
US: Market sentiment turned breather on Tuesday, following Trump’s progress towards de-escalating tensions despite losing the Strait of Hormuz stake, on the heels of the deferment of threats against Iran’s power infrastructure. Nonetheless, we expect the sentiment to be short-lived, given Iran’s persistent refusal to negotiate. While the latter may push headline inflation higher in the near term, Powell’s remarks, alongside Williams’ emphasis on current uncertainty, suggest the Federal Reserve still maintains a wait-and-see approach regarding further monetary tightening. Meanwhile, this may create short-term buying opportunities in AI-themed stocks.
MY: Closer to home, we expect that elevated crude oil prices and ongoing US-Iran tensions may contribute to energy supply disruptions, translating to favourable ASPs for energy and chemical players. However, this could provide near-term headwinds for glove manufacturers, as nitrile glove materials are closely tied to crude oil inventory. For a more conservative play, we believe LACMED stands as the best candidate, given its sweet spot to leverage government aims to improve medical tourism through 2030, while its recurring income segment should de-risk earnings volatility in the medium term.
Stocks to watch:
Consumer: *BAUTO*, LHI
Utility: *YTL*, YTLPOWR
Chemical: CRPMATE, *TMK*
O&G: *ARMADA*
Plantation: *UTDPLT*
Property: *KTI*
Financial: BIMB
Technology: CORAZA
**Source: M+ Global**
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M+ Morning Market Buzz - 1Apr26
Dow Jones: 46,341.51 pts (+1125.37pts, +2.49%)
⬆️ Resistance: 47700
⬇️ Support: 44200
FBM KLCI: 1,690.36 pts (+2.46pts, +0.15%)
⬆️ Resistance: 1770
⬇️ Support: 1650
HSI Index: 24,788.14 pts (+37.35pts, +0.15%)
⬆️ Resistance: 25900
⬇️ Support: 24000
Crude Palm Oil: RM4,828 (+RM75, +1.55%)
⬆️ Resistance: 4930
⬇️ Support: 4390
Brent Oil: $103.97 (+$0.43, +0.41%)
⬆️ Resistance: 121.70
⬇️ Support: 95.30
Gold: $4,668.06 (+$43.06, +0.92%)
⬆️ Resistance: 4790
⬇️ Support: 4270
Source: Bloomberg, M+ Global
Dow Jones: 46,341.51 pts (+1125.37pts, +2.49%)
⬆️ Resistance: 47700
⬇️ Support: 44200
FBM KLCI: 1,690.36 pts (+2.46pts, +0.15%)
⬆️ Resistance: 1770
⬇️ Support: 1650
HSI Index: 24,788.14 pts (+37.35pts, +0.15%)
⬆️ Resistance: 25900
⬇️ Support: 24000
Crude Palm Oil: RM4,828 (+RM75, +1.55%)
⬆️ Resistance: 4930
⬇️ Support: 4390
Brent Oil: $103.97 (+$0.43, +0.41%)
⬆️ Resistance: 121.70
⬇️ Support: 95.30
Gold: $4,668.06 (+$43.06, +0.92%)
⬆️ Resistance: 4790
⬇️ Support: 4270
Source: Bloomberg, M+ Global
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Good Morning All,
Here’s our IPO note on MTT Shipping & Logistics Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM1.45 per share for MTTSL, indicating a 40.8% upside from the IPO price of RM1.03. This valuation is based on a PE multiple of 11.0x, pegged to mid-FY27F EPS of 13.18 sen.
Investment highlights include:
(i) Largest and youngest Malaysian-flagged fleet
(ii) Strategic infrastructure expansion via IFFs
(iii) Diversifying into the chemical tanker segment
(iv) Fleet and operations continue to expand
(v) Dominant market position in the Malaysian cabotage industry
Research Team, M+
1 Apr 2026
Here’s our IPO note on MTT Shipping & Logistics Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM1.45 per share for MTTSL, indicating a 40.8% upside from the IPO price of RM1.03. This valuation is based on a PE multiple of 11.0x, pegged to mid-FY27F EPS of 13.18 sen.
Investment highlights include:
(i) Largest and youngest Malaysian-flagged fleet
(ii) Strategic infrastructure expansion via IFFs
(iii) Diversifying into the chemical tanker segment
(iv) Fleet and operations continue to expand
(v) Dominant market position in the Malaysian cabotage industry
Research Team, M+
1 Apr 2026
M+ Global Market Wrap - 1Apr26
FBM KLCI: 1,708.90 pts (+18.54pts, +1.10%)
The FBM KLCI gained 1.10% to close at 1,708.90 points, buoyed by improving market sentiment as hopes grew for an end to the conflict in Iran. The market breadth was positive, with 780 winners against 444 losers. Sector wise, Technology (+3.31%) outperformed, led by INARI (+10.0sen) and GREATEC (+11.0sen), while Transportation & Logistics (-1.01%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.200 (-0.5 sen)
ZETRIX (0138): RM0.755 (+1.5 sen)
AAX (5238): RM1.21 (+10.0sen)
Top 3 Gainer stocks:
NESTLE (4707): RM100.70 (+158.0 sen)
MPI (3867): RM29.96 (+118.0 sen)
UTDPLT (2089): RM34.80 (+80.0 sen)
Top 3 Loser stocks:
PCHEM (5183): RM5.40 (-67.0 sen)
MISC (3816): RM8.20 (-24.0 sen)
KLCC (5235SS): RM8.82 (-24.0 sen)
Volume: 3.58 bn (100-bar avg vol: 3.20 bn)
Value: RM3.56 bn (100-bar avg val: RM3.01 bn)
Market Breadth: ⬆️780 ⬇️444
Crude Palm Oil: RM4,828 (-RM59, -1.22%)
Dow Futures: 46,804 pts (+222 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,708.90 pts (+18.54pts, +1.10%)
The FBM KLCI gained 1.10% to close at 1,708.90 points, buoyed by improving market sentiment as hopes grew for an end to the conflict in Iran. The market breadth was positive, with 780 winners against 444 losers. Sector wise, Technology (+3.31%) outperformed, led by INARI (+10.0sen) and GREATEC (+11.0sen), while Transportation & Logistics (-1.01%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.200 (-0.5 sen)
ZETRIX (0138): RM0.755 (+1.5 sen)
AAX (5238): RM1.21 (+10.0sen)
Top 3 Gainer stocks:
NESTLE (4707): RM100.70 (+158.0 sen)
MPI (3867): RM29.96 (+118.0 sen)
UTDPLT (2089): RM34.80 (+80.0 sen)
Top 3 Loser stocks:
PCHEM (5183): RM5.40 (-67.0 sen)
MISC (3816): RM8.20 (-24.0 sen)
KLCC (5235SS): RM8.82 (-24.0 sen)
Volume: 3.58 bn (100-bar avg vol: 3.20 bn)
Value: RM3.56 bn (100-bar avg val: RM3.01 bn)
Market Breadth: ⬆️780 ⬇️444
Crude Palm Oil: RM4,828 (-RM59, -1.22%)
Dow Futures: 46,804 pts (+222 pts)
**Source: M+ Global, Bloomberg **
😁2
Good evening all,
After attending the HI Mobility Berhad 4QFY26 results briefing, here is our quick take for investors:
Investment Highlights:
📌 Strategic Vertical Integration. HI is evolving from a pure-play bus operator into a "Smart Mobility" powerhouse through the RM82.53m acquisition of Acacia Motor Services (Assembly & Maintenance) and Handal BCM (Distribution) . This allows the group to control the full value chain—from vehicle importation and distribution to assembly and maintenance.
👉🏻 This allows HI to lower their own fleet maintenance costs, while sell buses and maintenance services to other transport companies.
📌 Strong orderbook. The group’s orderbook surged to RM360.0m as of Jan 2026, mainly anchored by the Muafakat Johor initiative. HI is also expanding through new deployments in Sabah for leasing and system support, alongside a pioneer Autonomous Bus contract (the first in Malaysia) for tourist routes in Johor.
📌 Immunity to Diesel Hikes. As a scheduled bus service provider, 98% of HI’s fleet is fully covered by diesel subsidies, meaning bottom-line impact from fuel price adjustments is negligible. Conversely, any rise in private vehicle costs (like the recent Singapore VEP hike) acts as a catalyst, driving more commuters toward HI's cross-border and local services.
M+ Global View:
📌 We view the RTS Link shuttle and feeder service as the "crown jewel" catalyst for HI. This project is expected to triple the size of the group’s SBST operations and potentially double their fleet size to meet massive commuter demand between Johor and Singapore.
📌 The acquisition of Acacia and Handal BCM allow HI to scale beyond Johor while focusing on the distribution, assembly and maintenance of EVs to capture the country's shift away from diesel. HI is expected to target more Chinese commercial EVs for this, while also lower their own maintenance cost.
📌 Despite higher setup costs for the SBST Johor Bahru 2025 contract, FY26 PAT jumped 29.0% YoY to RM56.5m. We expect margins to remain steady around 16% and above as the group continues to focus on gross cost government contracts, coupled with the expected continuation of a lower effective tax rate of ~15% together with capital allowances. Meanwhile, HI also reduced its net gearing ratio to just 0.2x (down from 0.9x last year).
📌 Hence, given HI's solid fundamentals & potential outlook, we view HI as an opportunity for partial accumulation before it reflects its value again
M+ Research
1Apr26
After attending the HI Mobility Berhad 4QFY26 results briefing, here is our quick take for investors:
Investment Highlights:
📌 Strategic Vertical Integration. HI is evolving from a pure-play bus operator into a "Smart Mobility" powerhouse through the RM82.53m acquisition of Acacia Motor Services (Assembly & Maintenance) and Handal BCM (Distribution) . This allows the group to control the full value chain—from vehicle importation and distribution to assembly and maintenance.
👉🏻 This allows HI to lower their own fleet maintenance costs, while sell buses and maintenance services to other transport companies.
📌 Strong orderbook. The group’s orderbook surged to RM360.0m as of Jan 2026, mainly anchored by the Muafakat Johor initiative. HI is also expanding through new deployments in Sabah for leasing and system support, alongside a pioneer Autonomous Bus contract (the first in Malaysia) for tourist routes in Johor.
📌 Immunity to Diesel Hikes. As a scheduled bus service provider, 98% of HI’s fleet is fully covered by diesel subsidies, meaning bottom-line impact from fuel price adjustments is negligible. Conversely, any rise in private vehicle costs (like the recent Singapore VEP hike) acts as a catalyst, driving more commuters toward HI's cross-border and local services.
M+ Global View:
📌 We view the RTS Link shuttle and feeder service as the "crown jewel" catalyst for HI. This project is expected to triple the size of the group’s SBST operations and potentially double their fleet size to meet massive commuter demand between Johor and Singapore.
📌 The acquisition of Acacia and Handal BCM allow HI to scale beyond Johor while focusing on the distribution, assembly and maintenance of EVs to capture the country's shift away from diesel. HI is expected to target more Chinese commercial EVs for this, while also lower their own maintenance cost.
📌 Despite higher setup costs for the SBST Johor Bahru 2025 contract, FY26 PAT jumped 29.0% YoY to RM56.5m. We expect margins to remain steady around 16% and above as the group continues to focus on gross cost government contracts, coupled with the expected continuation of a lower effective tax rate of ~15% together with capital allowances. Meanwhile, HI also reduced its net gearing ratio to just 0.2x (down from 0.9x last year).
📌 Hence, given HI's solid fundamentals & potential outlook, we view HI as an opportunity for partial accumulation before it reflects its value again
M+ Research
1Apr26
M+ Morning Market Buzz - 2Apr26
Dow Jones: 46,565.74 pts (+224.23pts, +0.48%)
⬆️ Resistance: 47800
⬇️ Support: 44200
FBM KLCI: 1,708.90 pts (+18.54pts, +1.10%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 25,294.03 pts (+505.89pts, +2.04%)
⬆️ Resistance: 26000
⬇️ Support: 24000
Crude Palm Oil: RM4,769 (-RM49, -1.03%)
⬆️ Resistance: 5020
⬇️ Support: 4400
Brent Oil: $101.16 (-$2.81, -2.70%)
⬆️ Resistance: 121.70
⬇️ Support: 96.40
Gold: $4,758.57 (+$30.33, +0.64%)
⬆️ Resistance: 4890
⬇️ Support: 4270
Source: Bloomberg, M+ Global
Dow Jones: 46,565.74 pts (+224.23pts, +0.48%)
⬆️ Resistance: 47800
⬇️ Support: 44200
FBM KLCI: 1,708.90 pts (+18.54pts, +1.10%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 25,294.03 pts (+505.89pts, +2.04%)
⬆️ Resistance: 26000
⬇️ Support: 24000
Crude Palm Oil: RM4,769 (-RM49, -1.03%)
⬆️ Resistance: 5020
⬇️ Support: 4400
Brent Oil: $101.16 (-$2.81, -2.70%)
⬆️ Resistance: 121.70
⬇️ Support: 96.40
Gold: $4,758.57 (+$30.33, +0.64%)
⬆️ Resistance: 4890
⬇️ Support: 4270
Source: Bloomberg, M+ Global
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M+ Global Market Update – 02Apr26
Sentiment Turned Better Ahead Of Trump’s Speech
US: Buying interest emerged as investors speculated on a potential de-escalation of Middle East tensions, with Trump appearing willing to retreat despite the loss of the Strait of Hormuz stake and the deferral of threats against Iran’s power infrastructure. We maintain the view that DRAM supply-demand constraints will intensify through at least CY27, while data centre demand has surged over the last few months, with CY26 inventory already largely sold out. Moreover, greenfield wafer capacity is expected to be released only by late 2027, with meaningful contributions not arriving until 2028, according to Micron. TurboQuant is expected to have a minimal impact on Micron’s core business.
MY: We expect the local bourse to follow suit with Wall Street’s rebound. Positive developments for Micron should bode well for TMK Chemical, as TMK’s products are widely utilised in the production and manufacturing industries, and it forms the foundational building blocks for the E&E and semiconductor segment. With Micron’s additional capacity expected to come online next year, this should benefit TMK. Meanwhile, higher crude oil prices may present near-term headwinds for glove manufacturers. However, we anticipate a tightening in global glove supply due to raw material constraints following the Middle East tensions.
Stocks to watch:
Technology: CORAZA, *DUFU*, *NE*
Automotive: BAUTO, *BETA*
Renewable Energy: *KENERGY*, *PEKAT*
Healthcare: *KPJ*
Financial: AMBANK
Consumer: TGUAN
Property: KTI
Building Material: MSC
**Source: M+ Global**
Sentiment Turned Better Ahead Of Trump’s Speech
US: Buying interest emerged as investors speculated on a potential de-escalation of Middle East tensions, with Trump appearing willing to retreat despite the loss of the Strait of Hormuz stake and the deferral of threats against Iran’s power infrastructure. We maintain the view that DRAM supply-demand constraints will intensify through at least CY27, while data centre demand has surged over the last few months, with CY26 inventory already largely sold out. Moreover, greenfield wafer capacity is expected to be released only by late 2027, with meaningful contributions not arriving until 2028, according to Micron. TurboQuant is expected to have a minimal impact on Micron’s core business.
MY: We expect the local bourse to follow suit with Wall Street’s rebound. Positive developments for Micron should bode well for TMK Chemical, as TMK’s products are widely utilised in the production and manufacturing industries, and it forms the foundational building blocks for the E&E and semiconductor segment. With Micron’s additional capacity expected to come online next year, this should benefit TMK. Meanwhile, higher crude oil prices may present near-term headwinds for glove manufacturers. However, we anticipate a tightening in global glove supply due to raw material constraints following the Middle East tensions.
Stocks to watch:
Technology: CORAZA, *DUFU*, *NE*
Automotive: BAUTO, *BETA*
Renewable Energy: *KENERGY*, *PEKAT*
Healthcare: *KPJ*
Financial: AMBANK
Consumer: TGUAN
Property: KTI
Building Material: MSC
**Source: M+ Global**
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M+ Global Market Wrap - 2Apr26
FBM KLCI: 1,698.30 pts (-10.60pts, -0.62%)
The FBM KLCI (-0.62%) to close at 1,698.30 points as President Trump threatened more aggressive attacks on Iran. The market breadth was negative, with 736 losers against 469 winners. Sector wise, Healthcare (+2.57%) outperformed, led by TOPGLOV (+10.0sen) and KOSSAN (+6.0sen), as naphta shortage due to the closure of the Strait of Hormuz could reduce global glove supply. Meanwhile, Finance (-1.58%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.185 (-1.5 sen)
TOPGLOV (7113): RM0.760 (+10.0 sen)
SUNMED (5555): RM2.00 (-13.0sen)
Top 3 Gainer stocks:
PCHEM (5183): RM5.97 (+57.0 sen)
CEPCO (8435): RM2.43 (+56.0 sen)
KLK (2445): RM21.88 (+36.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM98.86 (-184.0 sen)
PETDAG (5681): RM21.10 (-90.0 sen)
MPI (3867): RM29.08 (-88.0 sen)
Volume: 3.59 bn (100-bar avg vol: 3.20 bn)
Value: RM3.69 bn (100-bar avg val: RM3.02 bn)
Market Breadth: ⬆️469 ⬇️736
Crude Palm Oil: RM4,769 (+RM50, +1.05%)
Dow Futures: 46,375 pts (-431 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,698.30 pts (-10.60pts, -0.62%)
The FBM KLCI (-0.62%) to close at 1,698.30 points as President Trump threatened more aggressive attacks on Iran. The market breadth was negative, with 736 losers against 469 winners. Sector wise, Healthcare (+2.57%) outperformed, led by TOPGLOV (+10.0sen) and KOSSAN (+6.0sen), as naphta shortage due to the closure of the Strait of Hormuz could reduce global glove supply. Meanwhile, Finance (-1.58%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.185 (-1.5 sen)
TOPGLOV (7113): RM0.760 (+10.0 sen)
SUNMED (5555): RM2.00 (-13.0sen)
Top 3 Gainer stocks:
PCHEM (5183): RM5.97 (+57.0 sen)
CEPCO (8435): RM2.43 (+56.0 sen)
KLK (2445): RM21.88 (+36.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM98.86 (-184.0 sen)
PETDAG (5681): RM21.10 (-90.0 sen)
MPI (3867): RM29.08 (-88.0 sen)
Volume: 3.59 bn (100-bar avg vol: 3.20 bn)
Value: RM3.69 bn (100-bar avg val: RM3.02 bn)
Market Breadth: ⬆️469 ⬇️736
Crude Palm Oil: RM4,769 (+RM50, +1.05%)
Dow Futures: 46,375 pts (-431 pts)
**Source: M+ Global, Bloomberg **
👏4
🚨 We are live now!
Tune in to the MTT Shipping & Logistics IPO Unboxing on the M+Global App to hear directly from the management team on the company’s story, growth plans, and IPO highlights.
Watch now!
https://mplusgbl.com.my/vN8f
Tune in to the MTT Shipping & Logistics IPO Unboxing on the M+Global App to hear directly from the management team on the company’s story, growth plans, and IPO highlights.
Watch now!
https://mplusgbl.com.my/vN8f
M+ Global
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M+ Global Market Update – 03Apr26
Uncertainty Over US-Iran Tension Persisted
US: As uncertainty persists regarding the outcome of the US–Iran crisis, coupled with further escalation from the Trump administration and the continued closure of the Strait of Hormuz; Wall Street is expected to close on a weaker note. These factors may provide organic demand for gold, while higher energy prices are likely to create a domino effect, leading to an expected slowdown in global economic growth. Data centre demand has started to materialise, while supply constraints are expected to persist through CY27; we believe Micron’s fundamentals remain intact despite concerns over Google’s TurboQuant.
MY: In view of Wall Street’s mixed overnight performance, we expect the local market to follow suit. We view LACMED’s shift towards an asset-ownership model favourably, as it creates a conducive environment for both LACMED and its clients. For perspective, this should provide greater working capital flexibility for clients, allowing them to focus on their core operations. Higher crude oil prices may present near-term headwinds for glove manufacturers, particularly given the tightening global glove supply arising from raw material constraints following tensions in the Middle East. The global leadership's response to this energy crisis could provide a boost to renewable energy or energy-efficient solution providers.
Stocks to watch:
Plantation: MHC, *THPLANT*, TSH
Chemical: *CRPMATE*, *TMK*
O&G: *DIALOG*, WASCO
Gloves: *HARTA*, KOSSAN
Building Material: MCEMENT
Technology: *NE*
Financial: *OSK*
Plastic: *TGUAN*
**Source: M+ Global**
Uncertainty Over US-Iran Tension Persisted
US: As uncertainty persists regarding the outcome of the US–Iran crisis, coupled with further escalation from the Trump administration and the continued closure of the Strait of Hormuz; Wall Street is expected to close on a weaker note. These factors may provide organic demand for gold, while higher energy prices are likely to create a domino effect, leading to an expected slowdown in global economic growth. Data centre demand has started to materialise, while supply constraints are expected to persist through CY27; we believe Micron’s fundamentals remain intact despite concerns over Google’s TurboQuant.
MY: In view of Wall Street’s mixed overnight performance, we expect the local market to follow suit. We view LACMED’s shift towards an asset-ownership model favourably, as it creates a conducive environment for both LACMED and its clients. For perspective, this should provide greater working capital flexibility for clients, allowing them to focus on their core operations. Higher crude oil prices may present near-term headwinds for glove manufacturers, particularly given the tightening global glove supply arising from raw material constraints following tensions in the Middle East. The global leadership's response to this energy crisis could provide a boost to renewable energy or energy-efficient solution providers.
Stocks to watch:
Plantation: MHC, *THPLANT*, TSH
Chemical: *CRPMATE*, *TMK*
O&G: *DIALOG*, WASCO
Gloves: *HARTA*, KOSSAN
Building Material: MCEMENT
Technology: *NE*
Financial: *OSK*
Plastic: *TGUAN*
**Source: M+ Global**
M+ Morning Market Buzz - 3Apr26
Dow Jones: 46,504.67 pts (-61.07pts, -0.13%)
⬆ Resistance: 47800
⬇ Support: 44200
FBM KLCI: 1,698.30 pts (-10.60pts, -0.62%)
⬆ Resistance: 1760
⬇ Support: 1650
HSI Index: 25,116.53 pts (-177.50pts, -0.70%)
⬆ Resistance: 26000
⬇ Support: 24000
Crude Palm Oil: RM4,791 (+RM14, +0.29%)
⬆ Resistance: 5020
⬇ Support: 4470
Brent Oil: $109.03 (+$7.87, +7.78%)
⬆ Resistance: 121.70
⬇ Support: 96.40
Gold: $4,676.76 (-$81.81, -1.72%)
⬆ Resistance: 4900
⬇ Support: 4290
Source: Bloomberg, M+ Global
Dow Jones: 46,504.67 pts (-61.07pts, -0.13%)
⬆ Resistance: 47800
⬇ Support: 44200
FBM KLCI: 1,698.30 pts (-10.60pts, -0.62%)
⬆ Resistance: 1760
⬇ Support: 1650
HSI Index: 25,116.53 pts (-177.50pts, -0.70%)
⬆ Resistance: 26000
⬇ Support: 24000
Crude Palm Oil: RM4,791 (+RM14, +0.29%)
⬆ Resistance: 5020
⬇ Support: 4470
Brent Oil: $109.03 (+$7.87, +7.78%)
⬆ Resistance: 121.70
⬇ Support: 96.40
Gold: $4,676.76 (-$81.81, -1.72%)
⬆ Resistance: 4900
⬇ Support: 4290
Source: Bloomberg, M+ Global
Company Update
Powerwell Holdings Berhad
Target Price: RM0.93 (BUY)
📌 Powerwell Holdings Berhad (Powerwell) has introduced a RM100 monthly fuel allowance for all eligible employees, effective immediately, positioning itself among the first Malaysian corporates to directly address rising commuting costs.
📌 The initiative is aimed at cushioning the immediate financial strain from higher fuel expenses, reinforcing its employee-centric approach while ensuring workforce stability and morale are preserved amid a challenging cost environment.
📌 From channel checks, we understand this would add an additional RM21.8K per month, translating to RM261.6k per annum, equating to 23.3% of EBITDA margins for FY27–28F, and remaining within our initial estimates.
Regards;
M+ Global Research
Powerwell Holdings Berhad
Target Price: RM0.93 (BUY)
📌 Powerwell Holdings Berhad (Powerwell) has introduced a RM100 monthly fuel allowance for all eligible employees, effective immediately, positioning itself among the first Malaysian corporates to directly address rising commuting costs.
📌 The initiative is aimed at cushioning the immediate financial strain from higher fuel expenses, reinforcing its employee-centric approach while ensuring workforce stability and morale are preserved amid a challenging cost environment.
📌 From channel checks, we understand this would add an additional RM21.8K per month, translating to RM261.6k per annum, equating to 23.3% of EBITDA margins for FY27–28F, and remaining within our initial estimates.
Regards;
M+ Global Research
🥰2
*IPO Highlights: 5E Resources Holdings Berhad* 🌿
Turning waste into wealth! ♻️ Discover how this Johor-based specialist is dominating Malaysia’s circular economy by transforming industrial by-products into valuable resources.
With a massive 27.2% profit margin and plans to triple their capacity, 5E Resources is a high-growth sustainability leader you’ll want to look into.
Read the full deep-dive here: 🔗 https://m.global.mplusonline.com/post/content/24031911000292016?from=CMS_ADMIN&lang=en_US
⏳ *Final Call:* Applications close at *5PM* today. Subscribe via *M+Global* now!
Turning waste into wealth! ♻️ Discover how this Johor-based specialist is dominating Malaysia’s circular economy by transforming industrial by-products into valuable resources.
With a massive 27.2% profit margin and plans to triple their capacity, 5E Resources is a high-growth sustainability leader you’ll want to look into.
Read the full deep-dive here: 🔗 https://m.global.mplusonline.com/post/content/24031911000292016?from=CMS_ADMIN&lang=en_US
⏳ *Final Call:* Applications close at *5PM* today. Subscribe via *M+Global* now!
M+ Global
Turning Waste into Wealth: 5E Resources Targets RM400M Debut
A Green Enabler for Malaysia’s Industry
As Malaysia pushes for green growth und...
As Malaysia pushes for green growth und...
😍2
IPO Spotlight: MTT Shipping & Logistics (MTTSL)🚢
Ready to ride the wave with Malaysia’s #1 container liner operator? 🌊
MTTSL is making its landmark Main Market debut! As a dominant market leader, this homegrown powerhouse is primed for major regional expansion.
Check out the full breakdown here: 🔗 https://m.global.mplusonline.com/post/content/24031911000292562?from=CMS_ADMIN&lang=en_US
⏳ Final Call: Applications close at 5PM today. Subscribe via M+Global now!
Ready to ride the wave with Malaysia’s #1 container liner operator? 🌊
MTTSL is making its landmark Main Market debut! As a dominant market leader, this homegrown powerhouse is primed for major regional expansion.
Check out the full breakdown here: 🔗 https://m.global.mplusonline.com/post/content/24031911000292562?from=CMS_ADMIN&lang=en_US
⏳ Final Call: Applications close at 5PM today. Subscribe via M+Global now!
M+ Global
MTT Shipping & Logistics: Sailing Toward a Landmark Main Market Debut
A Dominant Leader in Malaysia’s Waters
MTT Shipping Logistics Berhad (MTTSL) is...
MTT Shipping Logistics Berhad (MTTSL) is...
Good Evening All,
Here’s our IPO note on Golden Destinations Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.51 per share for GDGROUP, indicating a 13.3% upside from the IPO price of RM0.45. This valuation is based on a PE multiple of 16.0x, pegged to mid-FY27F EPS of 3.17 sen.
Investment highlights include:
(i) Three decades of expertise with formidable brand equity
(ii) Economies of scale through wide B2B distribution network
(iii) Strong exposure to China and Asian markets provides buffer against Middle East conflict
(iv) Procurement strategy hedges against rising fuel costs
(v) Strategic expansion into Singapore
(vi) Dominant player in a fragmented market
Research Team, M+ Global
3 Apr 2026
Here’s our IPO note on Golden Destinations Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.51 per share for GDGROUP, indicating a 13.3% upside from the IPO price of RM0.45. This valuation is based on a PE multiple of 16.0x, pegged to mid-FY27F EPS of 3.17 sen.
Investment highlights include:
(i) Three decades of expertise with formidable brand equity
(ii) Economies of scale through wide B2B distribution network
(iii) Strong exposure to China and Asian markets provides buffer against Middle East conflict
(iv) Procurement strategy hedges against rising fuel costs
(v) Strategic expansion into Singapore
(vi) Dominant player in a fragmented market
Research Team, M+ Global
3 Apr 2026
M+ Global Market Wrap - 3Apr26
FBM KLCI: 1,695.50 pts (-2.80pts, -0.16%)
The FBM KLCI (-0.16%) closed lower at 1695.50 points as Trump announced more tarrifs on broad metals and patented drugs. The market breadth however was positive, with 634 winners against 415 losers. Sector wise, Utlities (+1.93%) outperformed, led by YTLPOWR (+31.0sen) and YTL (+13.0sen) as investors saw strong growth prospects from a boom in data centers. Meanwhile, Finance (-1.43%) declined the most.
Top 3 Active stocks:
BORNOIL (7036): RM0.010 (+0.5 sen)
VS (6963): RM0.180 (-0.5 sen)
TOPGLOV (7113): RM0.810 (+5.0sen)
Top 3 Gainer stocks:
NESTLE (4707): RM100.20 (+134.0 sen)
KLK (2445): RM22.88 (+100.0 sen)
YTLPOWR (6742): RM3.51 (+31.0 sen)
Top 3 Loser stocks:
F&N (3689): RM28.50 (-80.0 sen)
HLBANK (5819): RM21.72 (-28.0 sen)
RHBBANK (1066): RM8.32 (-22.0 sen)
Volume: 3.38 bn (100-bar avg vol: 3.18 bn)
Value: RM2.95 bn (100-bar avg val: RM3.03 bn)
Market Breadth: ⬆️634 ⬇️415
Crude Palm Oil: RM4,791 (+RM26, +0.54%)
Dow Futures: 46,636 pts (-96 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,695.50 pts (-2.80pts, -0.16%)
The FBM KLCI (-0.16%) closed lower at 1695.50 points as Trump announced more tarrifs on broad metals and patented drugs. The market breadth however was positive, with 634 winners against 415 losers. Sector wise, Utlities (+1.93%) outperformed, led by YTLPOWR (+31.0sen) and YTL (+13.0sen) as investors saw strong growth prospects from a boom in data centers. Meanwhile, Finance (-1.43%) declined the most.
Top 3 Active stocks:
BORNOIL (7036): RM0.010 (+0.5 sen)
VS (6963): RM0.180 (-0.5 sen)
TOPGLOV (7113): RM0.810 (+5.0sen)
Top 3 Gainer stocks:
NESTLE (4707): RM100.20 (+134.0 sen)
KLK (2445): RM22.88 (+100.0 sen)
YTLPOWR (6742): RM3.51 (+31.0 sen)
Top 3 Loser stocks:
F&N (3689): RM28.50 (-80.0 sen)
HLBANK (5819): RM21.72 (-28.0 sen)
RHBBANK (1066): RM8.32 (-22.0 sen)
Volume: 3.38 bn (100-bar avg vol: 3.18 bn)
Value: RM2.95 bn (100-bar avg val: RM3.03 bn)
Market Breadth: ⬆️634 ⬇️415
Crude Palm Oil: RM4,791 (+RM26, +0.54%)
Dow Futures: 46,636 pts (-96 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 6Apr26
Dow Jones: 46,504.67 pts (-61.07pts, -0.13%)
⬆️ Resistance: 47800
⬇️ Support: 44200
FBM KLCI: 1,695.50 pts (-2.80pts, -0.16%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 25,116.53 pts (-177.50pts, -0.70%)
⬆️ Resistance: 26000
⬇️ Support: 24000
Crude Palm Oil: RM4,839 (+RM48, +1.00%)
⬆️ Resistance: 5020
⬇️ Support: 4560
Brent Oil: $109.03 (+$2.27, +7.78%)
⬆️ Resistance: 121.70
⬇️ Support: 96.40
Gold: $4,676.76 (-$63.29, -1.72%)
⬆️ Resistance: 4900
⬇️ Support: 4340
Source: Bloomberg, M+ Global
Dow Jones: 46,504.67 pts (-61.07pts, -0.13%)
⬆️ Resistance: 47800
⬇️ Support: 44200
FBM KLCI: 1,695.50 pts (-2.80pts, -0.16%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 25,116.53 pts (-177.50pts, -0.70%)
⬆️ Resistance: 26000
⬇️ Support: 24000
Crude Palm Oil: RM4,839 (+RM48, +1.00%)
⬆️ Resistance: 5020
⬇️ Support: 4560
Brent Oil: $109.03 (+$2.27, +7.78%)
⬆️ Resistance: 121.70
⬇️ Support: 96.40
Gold: $4,676.76 (-$63.29, -1.72%)
⬆️ Resistance: 4900
⬇️ Support: 4340
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 06Apr26
Trump Sets Tuesday Deadline for Iran Strikes
US: Over the weekend, President Trump escalated his threats to bomb Iranian power plants within the next two days and requested that the Strait of Hormuz be reopened. We believe the recent rebound may face another round of selling pressure due to a lack of de-escalation progress. Nevertheless, we view the closure of the Strait of Hormuz as benefiting Cheniere Energy, as the company is able to source cheaper American gas and sell it at a premium to Europe and Asia, while higher charter rates will benefit companies like Scorpio Tankers and Frontline. Lastly, given the rising ASPs for DRAM and NAND, we reiterate our technical picks of Micron Technology, Western Digital, and Applied Materials.
MY: With FTSE Russell and Bursa Malaysia planning to increase the FBMKLCI constituents from 30 to 50, we view stocks such as KPJ, DIALOG, and IGBREIT as potential inclusions. Meanwhile, with the MYR moving from RM3.88 towards the RM4.00 level against the USD, bottoming signals are appearing in technology stocks like INARI and FRONTKN, with the latter expected to benefit from TSMC’s ramp-up of 2nm chip production. Lastly, despite the discontinuation of the 10% preferential withholding tax (WHT) rate on REITs, we view the recent sell-off in REITs as a good accumulation opportunity, underpinned by their strong fundamentals.
Stocks to watch:
Technology: *CORAZA*, *DUFU*, KGB, *NE*, SCICOM
Consumer: *BETA*, TGUAN
O&G: *DIALOG*, WASCO
Solar: *SLVEST*
Chemical: TMK
Construction: MNHLDG
Financial: OSK
**Source: M+ Global**
Trump Sets Tuesday Deadline for Iran Strikes
US: Over the weekend, President Trump escalated his threats to bomb Iranian power plants within the next two days and requested that the Strait of Hormuz be reopened. We believe the recent rebound may face another round of selling pressure due to a lack of de-escalation progress. Nevertheless, we view the closure of the Strait of Hormuz as benefiting Cheniere Energy, as the company is able to source cheaper American gas and sell it at a premium to Europe and Asia, while higher charter rates will benefit companies like Scorpio Tankers and Frontline. Lastly, given the rising ASPs for DRAM and NAND, we reiterate our technical picks of Micron Technology, Western Digital, and Applied Materials.
MY: With FTSE Russell and Bursa Malaysia planning to increase the FBMKLCI constituents from 30 to 50, we view stocks such as KPJ, DIALOG, and IGBREIT as potential inclusions. Meanwhile, with the MYR moving from RM3.88 towards the RM4.00 level against the USD, bottoming signals are appearing in technology stocks like INARI and FRONTKN, with the latter expected to benefit from TSMC’s ramp-up of 2nm chip production. Lastly, despite the discontinuation of the 10% preferential withholding tax (WHT) rate on REITs, we view the recent sell-off in REITs as a good accumulation opportunity, underpinned by their strong fundamentals.
Stocks to watch:
Technology: *CORAZA*, *DUFU*, KGB, *NE*, SCICOM
Consumer: *BETA*, TGUAN
O&G: *DIALOG*, WASCO
Solar: *SLVEST*
Chemical: TMK
Construction: MNHLDG
Financial: OSK
**Source: M+ Global**
M+ Global Market Wrap - 6Apr26
FBM KLCI: 1,680.83 pts (-14.67pts, -0.87%)
The FBM KLCI (-0.87%) closed lower at 1680.83 points as Trump may escalate further on the geopolitical tension if Iran does not reopen the Strait of Hormuz. The market breadth however was negative, with 660 losers against 362 winners. Sector wise, Utlities (+0.31%) outperformed, led by YTLPOWR (+6.0sen) and YTL (+2.0sen), while Healthcare (-3.74%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.190 (+1.0 sen)
TOPGLOV (7113): RM0.785 (-2.5 sen)
SUPERMX (7106): RM0.335 (-1.5 sen)
Top 3 Gainer stocks:
F&N (3689): RM29.08 (+58.0 sen)
AYER (2305): RM7.35 (+34.0 sen)
APOLLO (6432): RM5.80 (+18.0 sen)
Top 3 Loser stocks:
KLK (2445): RM22.20 (-68.0 sen)
PETDAG (5681): RM20.68 (-54.0 sen)
HLBANK (5819): RM21.24 (-48.0 sen)
Volume: 2.87 bn (100-bar avg vol: 3.17 bn)
Value: RM2.72 bn (100-bar avg val: RM3.04 bn)
Market Breadth: ⬆️362 ⬇️660
Crude Palm Oil: RM4,839 (-RM21, -0.43%)
Dow Futures: 46,821 pts (+89 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,680.83 pts (-14.67pts, -0.87%)
The FBM KLCI (-0.87%) closed lower at 1680.83 points as Trump may escalate further on the geopolitical tension if Iran does not reopen the Strait of Hormuz. The market breadth however was negative, with 660 losers against 362 winners. Sector wise, Utlities (+0.31%) outperformed, led by YTLPOWR (+6.0sen) and YTL (+2.0sen), while Healthcare (-3.74%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.190 (+1.0 sen)
TOPGLOV (7113): RM0.785 (-2.5 sen)
SUPERMX (7106): RM0.335 (-1.5 sen)
Top 3 Gainer stocks:
F&N (3689): RM29.08 (+58.0 sen)
AYER (2305): RM7.35 (+34.0 sen)
APOLLO (6432): RM5.80 (+18.0 sen)
Top 3 Loser stocks:
KLK (2445): RM22.20 (-68.0 sen)
PETDAG (5681): RM20.68 (-54.0 sen)
HLBANK (5819): RM21.24 (-48.0 sen)
Volume: 2.87 bn (100-bar avg vol: 3.17 bn)
Value: RM2.72 bn (100-bar avg val: RM3.04 bn)
Market Breadth: ⬆️362 ⬇️660
Crude Palm Oil: RM4,839 (-RM21, -0.43%)
Dow Futures: 46,821 pts (+89 pts)
**Source: M+ Global, Bloomberg **