M+ Market Buzz - 7Sep26
Dow Jones: 53,414.25 pts (-271.86pts, -0.51%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,708.10 pts (-7.03pts, -0.41%)
⬆️ Resistance: 1770
⬇️ Support: 1670
HSI Index: 25,650.87 pts (+437.56pts, +1.74%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,929 (+RM25, +0.51%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $96.28 (+$0.76, +0.80%)
⬆️ Resistance: 99.60
⬇️ Support: 87.30
Gold: $4,429.98 (-$42.94, -0.96%)
⬆️ Resistance: 4610
⬇️ Support: 4200
Source: Bloomberg, M+Global
Dow Jones: 53,414.25 pts (-271.86pts, -0.51%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,708.10 pts (-7.03pts, -0.41%)
⬆️ Resistance: 1770
⬇️ Support: 1670
HSI Index: 25,650.87 pts (+437.56pts, +1.74%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,929 (+RM25, +0.51%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $96.28 (+$0.76, +0.80%)
⬆️ Resistance: 99.60
⬇️ Support: 87.30
Gold: $4,429.98 (-$42.94, -0.96%)
⬆️ Resistance: 4610
⬇️ Support: 4200
Source: Bloomberg, M+Global
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M+ Global Market Update – 07Sep26
Selective Plays to Drive Local Market Gains
US: Wall Street will be closed for the Labor Day holiday, with normal trading set to resume on Tuesday. Upon reopening, institutional attention is likely to turn towards S&P Dow Jones Indices’ quarterly rebalancing. Bloom Energy (BE) is in focus after jumping more than 7% in post-market trading following news of its inclusion in the benchmark S&P 500 alongside Illumina (ILMN) and Everpure (P), replacing Molson Coors Beverage, The Trade Desk and Builders FirstSource. The inclusion further highlights BE’s growing exposure to on-site fuel-cell power solutions for AI data centre infrastructure.
MY: Over in Malaysia, the FBM KLCI is expected to remain supported above the 1,700 psychological level, although buying interest may stay selective amid a cautious broader market backdrop. Focus should remain on stock-specific catalysts across infrastructure, renewable energy and industrial growth plays. PEKAT remains a beneficiary of Malaysia’s renewable-energy push, with recent strength bringing the stock close to its 52-week high. KEEMING is supported by an indicative order book of approximately RM246m and growing exposure to data centre M&E works. LWSABAH offers a more defensive angle following strong FY2026 earnings, underpinned by resilient East Malaysian beverage demand and expanded production capacity. GAMUDA also remains well supported by its record RM59.6bn order book and expanding data centre exposure, providing strong earnings visibility.
Stocks to watch:
Technology: EG, SAM, *PENTECH*
Industrial: CBHB
Solar: PEKAT
Consumer: *LWSABAH*
Construction: SSB8, GAMUDA, MNHLDG
Chemical: *TMK*
Source: M+ Global
Selective Plays to Drive Local Market Gains
US: Wall Street will be closed for the Labor Day holiday, with normal trading set to resume on Tuesday. Upon reopening, institutional attention is likely to turn towards S&P Dow Jones Indices’ quarterly rebalancing. Bloom Energy (BE) is in focus after jumping more than 7% in post-market trading following news of its inclusion in the benchmark S&P 500 alongside Illumina (ILMN) and Everpure (P), replacing Molson Coors Beverage, The Trade Desk and Builders FirstSource. The inclusion further highlights BE’s growing exposure to on-site fuel-cell power solutions for AI data centre infrastructure.
MY: Over in Malaysia, the FBM KLCI is expected to remain supported above the 1,700 psychological level, although buying interest may stay selective amid a cautious broader market backdrop. Focus should remain on stock-specific catalysts across infrastructure, renewable energy and industrial growth plays. PEKAT remains a beneficiary of Malaysia’s renewable-energy push, with recent strength bringing the stock close to its 52-week high. KEEMING is supported by an indicative order book of approximately RM246m and growing exposure to data centre M&E works. LWSABAH offers a more defensive angle following strong FY2026 earnings, underpinned by resilient East Malaysian beverage demand and expanded production capacity. GAMUDA also remains well supported by its record RM59.6bn order book and expanding data centre exposure, providing strong earnings visibility.
Stocks to watch:
Technology: EG, SAM, *PENTECH*
Industrial: CBHB
Solar: PEKAT
Consumer: *LWSABAH*
Construction: SSB8, GAMUDA, MNHLDG
Chemical: *TMK*
Source: M+ Global
Good Morning All,
We issued a company update report on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Softer quarterly results. To recap, LGMS registered a drop of 13.7% YoY and 0.5% YoY in core PAT to RM1.7m and RM3.9m in 2QFY26 and 1HFY26, respectively. The weaker bottom-line performance was primarily attributable to elevated employee benefit expenses (+9.1% YoY) and IT spending (+36.7% YoY) to build out its AI security capabilities, coupled with softer contributions from the compliance (-21.3% YoY) and incident response (-32.6% YoY) segments. Nevertheless, we expect to see a stronger recovery in 2HFY26, driven by a surge in incident response engagements amid rising breach cases and also customary year-end project billings.
📌 Surge in incident response demand. LGMS is observing an increasing trend in its cyber threat and incident response segment, spurred by a rise in cybersecurity breach incidents amidst ongoing enterprise AI adoption and digitalization. Management expects this operational momentum to translate into a stronger performance in 2HFY26 as affected companies engage LGMS for breach response and forensic services.
📌 Softer growth anticipated in other segments. Conversely, growth across cyber risk prevention as well as management and compliance are expected to remain relatively subdued in 2HFY26, largely attributable to general weakness in proactive cybersecurity awareness among enterprise clients, who typically hold back spending until an actual security breach occurs.
📌 Cost drag from personnel and tech. The sequential step-up in employee benefit expenses in 1HFY26 was primarily driven by annual salary increments and performance bonuses. To mitigate long-term dependency on human headcount, LGMS is increasing its utilization of AI and technologies, which has also contributed to higher IT expenses in 1HFY26.
📌 Antarex contribution backloaded. As the RM24.5m profit guarantee from Antarex Holdings (where LGMS holds a 27% stake, representing an RM6.6m profit share) is assessed on a cumulative 3-year basis (FY26–FY28), actual profit recognition will fluctuate based on project execution timelines, with management expecting contributions to be skewed towards the later part of the period.
Maintained BUY recommendation with a lower TP of RM0.70. We maintain our BUY recommendation on LGMS with a lower TP of RM0.70 (from RM0.93), implying 45.8% upside from the current share price of RM0.48. Our valuation is based on a lower 30.0x P/E multiple (previously 35.0x), applied to mid-FY27f EPS of 2.32 sen. The lower valuation multiple reflects the slower-than-anticipated demand across the cyber risk prevention and compliance segments, coupled with a more subdued nearterm earnings trajectory. .
Research Team, M+ Global
7 Sep 2026
We issued a company update report on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Softer quarterly results. To recap, LGMS registered a drop of 13.7% YoY and 0.5% YoY in core PAT to RM1.7m and RM3.9m in 2QFY26 and 1HFY26, respectively. The weaker bottom-line performance was primarily attributable to elevated employee benefit expenses (+9.1% YoY) and IT spending (+36.7% YoY) to build out its AI security capabilities, coupled with softer contributions from the compliance (-21.3% YoY) and incident response (-32.6% YoY) segments. Nevertheless, we expect to see a stronger recovery in 2HFY26, driven by a surge in incident response engagements amid rising breach cases and also customary year-end project billings.
📌 Surge in incident response demand. LGMS is observing an increasing trend in its cyber threat and incident response segment, spurred by a rise in cybersecurity breach incidents amidst ongoing enterprise AI adoption and digitalization. Management expects this operational momentum to translate into a stronger performance in 2HFY26 as affected companies engage LGMS for breach response and forensic services.
📌 Softer growth anticipated in other segments. Conversely, growth across cyber risk prevention as well as management and compliance are expected to remain relatively subdued in 2HFY26, largely attributable to general weakness in proactive cybersecurity awareness among enterprise clients, who typically hold back spending until an actual security breach occurs.
📌 Cost drag from personnel and tech. The sequential step-up in employee benefit expenses in 1HFY26 was primarily driven by annual salary increments and performance bonuses. To mitigate long-term dependency on human headcount, LGMS is increasing its utilization of AI and technologies, which has also contributed to higher IT expenses in 1HFY26.
📌 Antarex contribution backloaded. As the RM24.5m profit guarantee from Antarex Holdings (where LGMS holds a 27% stake, representing an RM6.6m profit share) is assessed on a cumulative 3-year basis (FY26–FY28), actual profit recognition will fluctuate based on project execution timelines, with management expecting contributions to be skewed towards the later part of the period.
Maintained BUY recommendation with a lower TP of RM0.70. We maintain our BUY recommendation on LGMS with a lower TP of RM0.70 (from RM0.93), implying 45.8% upside from the current share price of RM0.48. Our valuation is based on a lower 30.0x P/E multiple (previously 35.0x), applied to mid-FY27f EPS of 2.32 sen. The lower valuation multiple reflects the slower-than-anticipated demand across the cyber risk prevention and compliance segments, coupled with a more subdued nearterm earnings trajectory. .
Research Team, M+ Global
7 Sep 2026
💯2
Good Morning All,
WTK Holdings Berhad (2QFY26 Briefing Key Takeaways)
📈 Investment Highlights
📌 2QFY26 Financials. Revenue surged 41.3% YoY to RM195.2m, while reported PAT jumped 247.1% YoY to RM60.5m. Earnings were boosted by a RM43.2m one-off bargain purchase gain. Excluding this, 2QFY26 core PAT stood at RM17.3m (-0.8% YoY).
📌 1HFY26 Core Turnaround. Revenue rose 10.8% YoY to RM326.4m, swinging 1HFY26 core PAT to RM24.6m (vs. RM4.0m core loss in 1HFY25).
📌 Plantation Engine Acceleration Post-Acquisitions. Segment revenue surged 82.1% YoY to RM143.3m (73.4% of total sales), with core PBT reaching RM21.3m (vs. RM8.1m in 2QFY25). Planted area expanded 84.3% to 32,166 ha post-acquisitions, setting up full-quarter consolidation in 3QFY26 and supporting an FY26 FFB target of 400,000 MT.
📌 RM311.5m Asset Monetization. Unlocking non-core capital via two divestments: (i) 85% stake in Biogrow City for RM90.0m cash (RM72.7m gain; completing 4QFY26), and (ii) 3 Miri estates for RM221.5m cash (RM86.6m net gain; completing 1Q2027). Proceeds will pare down debt.
📌 Food & Tapes Segments. Food revenue grew 22.1% YoY to RM39.4m as "Fro7en" outlets increased from 7 to 12 (targeting 20 outlets in 3 years). Tapes achieved an operational turnaround with RM0.9m core PBT (ex-RM5.5m insurance claim) vs. a RM1.5m loss in 2QFY25.
📌 Balance Sheet. Net assets per share strengthened to RM1.73 (35.2% discount at RM1.12 share price) with RM313.8m in cash. Net gearing rose to 0.57x post-acquisition, but asset sale proceeds will swiftly deleverage the balance sheet.
💡 M+ Global View
📌 The addition of 14,710 ha of young/prime mature area provides immediate scale, while integrating WTK Oil Mill (60 MT/hr) captures processing margins. With ~51.5% of trees in immature/young phases, organic yield growth is well-secured.
📌 Moving forward, key catalysts for WTK include: (i) full 3QFY26 financial contribution from newly acquired estates and palm oil mill , (ii) realization of RM159.3m gains in combined asset disposals across 4QFY26-1Q2027 and (iii) expansion roadmap toward >50,000 ha planted area and 20 "Fro7en" retail stores over FY26-FY28.
M+ Global Research Team
7 Sep 2026
WTK Holdings Berhad (2QFY26 Briefing Key Takeaways)
📈 Investment Highlights
📌 2QFY26 Financials. Revenue surged 41.3% YoY to RM195.2m, while reported PAT jumped 247.1% YoY to RM60.5m. Earnings were boosted by a RM43.2m one-off bargain purchase gain. Excluding this, 2QFY26 core PAT stood at RM17.3m (-0.8% YoY).
📌 1HFY26 Core Turnaround. Revenue rose 10.8% YoY to RM326.4m, swinging 1HFY26 core PAT to RM24.6m (vs. RM4.0m core loss in 1HFY25).
📌 Plantation Engine Acceleration Post-Acquisitions. Segment revenue surged 82.1% YoY to RM143.3m (73.4% of total sales), with core PBT reaching RM21.3m (vs. RM8.1m in 2QFY25). Planted area expanded 84.3% to 32,166 ha post-acquisitions, setting up full-quarter consolidation in 3QFY26 and supporting an FY26 FFB target of 400,000 MT.
📌 RM311.5m Asset Monetization. Unlocking non-core capital via two divestments: (i) 85% stake in Biogrow City for RM90.0m cash (RM72.7m gain; completing 4QFY26), and (ii) 3 Miri estates for RM221.5m cash (RM86.6m net gain; completing 1Q2027). Proceeds will pare down debt.
📌 Food & Tapes Segments. Food revenue grew 22.1% YoY to RM39.4m as "Fro7en" outlets increased from 7 to 12 (targeting 20 outlets in 3 years). Tapes achieved an operational turnaround with RM0.9m core PBT (ex-RM5.5m insurance claim) vs. a RM1.5m loss in 2QFY25.
📌 Balance Sheet. Net assets per share strengthened to RM1.73 (35.2% discount at RM1.12 share price) with RM313.8m in cash. Net gearing rose to 0.57x post-acquisition, but asset sale proceeds will swiftly deleverage the balance sheet.
💡 M+ Global View
📌 The addition of 14,710 ha of young/prime mature area provides immediate scale, while integrating WTK Oil Mill (60 MT/hr) captures processing margins. With ~51.5% of trees in immature/young phases, organic yield growth is well-secured.
📌 Moving forward, key catalysts for WTK include: (i) full 3QFY26 financial contribution from newly acquired estates and palm oil mill , (ii) realization of RM159.3m gains in combined asset disposals across 4QFY26-1Q2027 and (iii) expansion roadmap toward >50,000 ha planted area and 20 "Fro7en" retail stores over FY26-FY28.
M+ Global Research Team
7 Sep 2026
M+ Global Market Wrap - 7Sep26
FBM KLCI: 1,714.79 pts (+6.69pts, +0.39%)
Despite the cautious sentiment caused by surging US Treasury yields and renewed Federal Reserve rate-hike fears, the local bourse bucked the trend and traded higher, led by gains in TENAGA (+22.0 sen) and PETGAS (+44.0 sen). However, market breadth remained negative, with 603 losers against 484 gainers. Sector wise, Healthcare (+0.7%) outperformed, led by PHARMA (+5.0 sen) and KPJ(+3.0 sen), while Transportation & Logistics (-0.68%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.270 (+1.5 sen)
HHRG (0175): RM0.205 (+6.0 sen)
INGENIEU (5178): RM0.035 (-1.0 sen)
Top 3 Gainer stocks:
PETGAS (6033): RM17.7 (+44.0 sen)
MPI (3867): RM39.82 (+42.0 sen)
KLK (2445): RM22.50 (+24.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM93.90 (-94.0 sen)
CARLSBG (2836): RM12.76 (-26.0 sen)
HLIND (3301): RM17.40 (-22.0 sen)
Volume: 3.60 bn (100-bar avg vol: 3.49 bn)
Value: RM2.46 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️484 ⬇️603
Crude Palm Oil: RM4,929 (+RM56, +1.14%)
Dow Futures: 53,264 pts (-176 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,714.79 pts (+6.69pts, +0.39%)
Despite the cautious sentiment caused by surging US Treasury yields and renewed Federal Reserve rate-hike fears, the local bourse bucked the trend and traded higher, led by gains in TENAGA (+22.0 sen) and PETGAS (+44.0 sen). However, market breadth remained negative, with 603 losers against 484 gainers. Sector wise, Healthcare (+0.7%) outperformed, led by PHARMA (+5.0 sen) and KPJ(+3.0 sen), while Transportation & Logistics (-0.68%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.270 (+1.5 sen)
HHRG (0175): RM0.205 (+6.0 sen)
INGENIEU (5178): RM0.035 (-1.0 sen)
Top 3 Gainer stocks:
PETGAS (6033): RM17.7 (+44.0 sen)
MPI (3867): RM39.82 (+42.0 sen)
KLK (2445): RM22.50 (+24.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM93.90 (-94.0 sen)
CARLSBG (2836): RM12.76 (-26.0 sen)
HLIND (3301): RM17.40 (-22.0 sen)
Volume: 3.60 bn (100-bar avg vol: 3.49 bn)
Value: RM2.46 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️484 ⬇️603
Crude Palm Oil: RM4,929 (+RM56, +1.14%)
Dow Futures: 53,264 pts (-176 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 8Sep26
Dow Jones: 53,414.25 pts (-271.86pts, -0.51%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,714.79 pts (+6.69pts, +0.39%)
⬆️ Resistance: 1770
⬇️ Support: 1670
HSI Index: 25,413.12 pts (-237.75pts, -0.93%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,978 (+RM36, +0.72%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $96.28 (+$0.72, +0.75%)
⬆️ Resistance: 100.10
⬇️ Support: 88.90
Gold: $4,404.30 (+$7.01, +0.16%)
⬆️ Resistance: 4610
⬇️ Support: 4200
Source: Bloomberg, M+Global
Dow Jones: 53,414.25 pts (-271.86pts, -0.51%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,714.79 pts (+6.69pts, +0.39%)
⬆️ Resistance: 1770
⬇️ Support: 1670
HSI Index: 25,413.12 pts (-237.75pts, -0.93%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,978 (+RM36, +0.72%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $96.28 (+$0.72, +0.75%)
⬆️ Resistance: 100.10
⬇️ Support: 88.90
Gold: $4,404.30 (+$7.01, +0.16%)
⬆️ Resistance: 4610
⬇️ Support: 4200
Source: Bloomberg, M+Global
👍2
M+ Global Market Update – 08Sep26
S&P Rebalancing, Malaysia DC Plays in Focus
US: With Wall Street reopening after the Labor Day holiday, focus is likely to turn to S&P Dow Jones Indices’ quarterly rebalancing candidates such as Bloom Energy (BE), Illumina (ILMN) and Everpure (P). Meanwhile, Micron (MU) should benefit from robust HBM demand, with HBM4 already in high-volume shipments and FQ4FY26 revenue guided at c.US$50bn. Besides, Dell Technologies (DELL) remains supported by strong AI server demand and its record US$95bn backlog, while Super Micro Computer (SMCI) continues to benefit from record AI infrastructure orders and expanding liquid-cooling solutions.
MY: We expect the FBM KLCI to extend its gains on a selective footing amid a mixed global backdrop, with stock-specific catalysts likely to drive interest. We continue to favour PEKAT following its latest three subcontracts worth RM57.2m for earthing and lightning protection works at a hyperscale data centre in Johor. AWC also remains in focus after securing a RM23.1m data centre subcontract, further expanding its exposure to mission-critical infrastructure. Meanwhile, COASTAL staged a 52-week-high breakout following a strong 1H26 profit of RM201.2m, while ECA could ride its continued earnings recovery following its return to profitability in 4Q25, with 1H26 PAT reaching RM3.23m versus a RM6.64m loss previously.
Stocks to watch:
Technology: *CNERGEN*, *CPETECH*, *ECA*, *INFOM*, SCICOM
Construction: CBHB, *CHB*, SSB8, *WESTRVR*
Consumer: ECOSHOP
**Source: M+ Global**
S&P Rebalancing, Malaysia DC Plays in Focus
US: With Wall Street reopening after the Labor Day holiday, focus is likely to turn to S&P Dow Jones Indices’ quarterly rebalancing candidates such as Bloom Energy (BE), Illumina (ILMN) and Everpure (P). Meanwhile, Micron (MU) should benefit from robust HBM demand, with HBM4 already in high-volume shipments and FQ4FY26 revenue guided at c.US$50bn. Besides, Dell Technologies (DELL) remains supported by strong AI server demand and its record US$95bn backlog, while Super Micro Computer (SMCI) continues to benefit from record AI infrastructure orders and expanding liquid-cooling solutions.
MY: We expect the FBM KLCI to extend its gains on a selective footing amid a mixed global backdrop, with stock-specific catalysts likely to drive interest. We continue to favour PEKAT following its latest three subcontracts worth RM57.2m for earthing and lightning protection works at a hyperscale data centre in Johor. AWC also remains in focus after securing a RM23.1m data centre subcontract, further expanding its exposure to mission-critical infrastructure. Meanwhile, COASTAL staged a 52-week-high breakout following a strong 1H26 profit of RM201.2m, while ECA could ride its continued earnings recovery following its return to profitability in 4Q25, with 1H26 PAT reaching RM3.23m versus a RM6.64m loss previously.
Stocks to watch:
Technology: *CNERGEN*, *CPETECH*, *ECA*, *INFOM*, SCICOM
Construction: CBHB, *CHB*, SSB8, *WESTRVR*
Consumer: ECOSHOP
**Source: M+ Global**
Good Morning All,
We issued a company update report on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 3QFY26 turnaround. To recap, EITA registered a core PATMI turnaround to RM7.2m in 3QFY26, compared to a core net loss of RM0.4m in 3QFY25. The improved performance was propelled by a RM5.4m PBT turnaround in the Manufacturing segment to RM2.4m (vs. LBT of RM3.0m in 3QFY25), higher PBT recorded in the marketing and distribution segment and services segment, and also narrowed HV system losses. While EITA’s 9MFY26 core PATMI recorded at RM11.5m, 7.6% YoY lower than RM12.4m in 9MFY25, we expect EITA to end FY26 stronger, driven by fasttracked Busduct deliveries for regional data centre projects and lowered losses in HV segment.
📌 Mapai 500kV substation execution. According to the management, the RM221.0m SESCO Mapai project (commencing 7 September 2026 over 25 months) executed by 60%-owned TransSystem Continental carries an estimated GP margin of 13%, translating to a total GP contribution of RM17.2m for EITA. This marks EITA’s maiden 500kV substation project in Sarawak, with management expecting to participate in additional tender opportunities in CY27.
📌 HV segment loss reduction timeline. The management expects HV segment to remain loss-making in FY27, but losses will narrow significantly before reaching operational breakeven in FY28 as project execution accelerates.
📌 Manufacturing segment turnaround in 3QFY26. The Manufacturing segment achieved a strong RM4.5m PBT swing into profitability in 3QFY26 (posting a PBT of RM2.4m vs. an LBT of RM2.1m in 2QFY26), propelled by a 66.9% QoQ revenue surge mainly led by Busduct deliveries for the Indonesia data centre project. Management expects 4QFY26 performance to be even stronger with concurrent contributions from both the Indonesia and Johor Busduct projects, with operational momentum sustaining into 1HFY27.
📌 Orderbook targeted to hit RM1.0bn mark by year end. Driven by rapid order wins across all its segments, management projects EITA’s total outstanding orderbook to reach RM1.0bn by the end of CY26, representing a substantial expansion from RM423.9m as of 30 June 2026.
Upgraded to BUY with a higher TP of RM0.83. Following our earnings upgrades, we upgraded our call on EITA from Hold to Buy with a higher target price of RM0.83 (up from RM0.69). The target price is derived based on the P/E ratio of 11.0x pegged to our revised FY27f EPS of 7.57 sen.
Research Team, M+ Global
8 Sep 2026
We issued a company update report on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 3QFY26 turnaround. To recap, EITA registered a core PATMI turnaround to RM7.2m in 3QFY26, compared to a core net loss of RM0.4m in 3QFY25. The improved performance was propelled by a RM5.4m PBT turnaround in the Manufacturing segment to RM2.4m (vs. LBT of RM3.0m in 3QFY25), higher PBT recorded in the marketing and distribution segment and services segment, and also narrowed HV system losses. While EITA’s 9MFY26 core PATMI recorded at RM11.5m, 7.6% YoY lower than RM12.4m in 9MFY25, we expect EITA to end FY26 stronger, driven by fasttracked Busduct deliveries for regional data centre projects and lowered losses in HV segment.
📌 Mapai 500kV substation execution. According to the management, the RM221.0m SESCO Mapai project (commencing 7 September 2026 over 25 months) executed by 60%-owned TransSystem Continental carries an estimated GP margin of 13%, translating to a total GP contribution of RM17.2m for EITA. This marks EITA’s maiden 500kV substation project in Sarawak, with management expecting to participate in additional tender opportunities in CY27.
📌 HV segment loss reduction timeline. The management expects HV segment to remain loss-making in FY27, but losses will narrow significantly before reaching operational breakeven in FY28 as project execution accelerates.
📌 Manufacturing segment turnaround in 3QFY26. The Manufacturing segment achieved a strong RM4.5m PBT swing into profitability in 3QFY26 (posting a PBT of RM2.4m vs. an LBT of RM2.1m in 2QFY26), propelled by a 66.9% QoQ revenue surge mainly led by Busduct deliveries for the Indonesia data centre project. Management expects 4QFY26 performance to be even stronger with concurrent contributions from both the Indonesia and Johor Busduct projects, with operational momentum sustaining into 1HFY27.
📌 Orderbook targeted to hit RM1.0bn mark by year end. Driven by rapid order wins across all its segments, management projects EITA’s total outstanding orderbook to reach RM1.0bn by the end of CY26, representing a substantial expansion from RM423.9m as of 30 June 2026.
Upgraded to BUY with a higher TP of RM0.83. Following our earnings upgrades, we upgraded our call on EITA from Hold to Buy with a higher target price of RM0.83 (up from RM0.69). The target price is derived based on the P/E ratio of 11.0x pegged to our revised FY27f EPS of 7.57 sen.
Research Team, M+ Global
8 Sep 2026
Good Afternoon All,
Following Kimlun Corporation Berhad's (KIMLUN) 1HFY26 results briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Revenue grew but margins compressed. 1H2026 revenue rose 5.2% YoY to RM938.5m led by construction (+13% YoY), but PATMI fell 31.1% YoY to RM33.6m as gross margin contracted to 10.5% from 12.9%, squeezed by higher raw material and fuel costs. Management indicated margins should stabilize around 2Q26 levels as the worst of the diesel price impact has been priced in, partly offset by lower steel prices from China.
📌 Conservative stance on orderbook replenishment. Construction orderbook stands at RM3.8bn (as at 1 Jul 2026) with a tender book of c.RM900m, but management is deliberately moderating new contract intake amid global uncertainties, prioritizing cash flow over aggressive growth. The group has reached maximum manpower capacity and would only scale up for larger projects involving IBS or technology solutions.
📌 Property pipeline underpins medium-term earnings. RM765m in combined unbilled sales — RM133m from Pinegate/Taman Nusa Melati and RM632m from the Arden Residence JV (92% take-up, 68-storey tower in JB city centre). Meaningful Arden profit contribution expected from late 2027 as superstructure works progress. Lino Residence (RM205m GDV) targeted for launch in Q4 2026.
💡 M+ Global View
Mixed quarter, but earnings visibility remains intact. While profitability was affected by cost pressures and the lack of lumpy property recognition, we believe the near term softness is manageable given the RM3.8bn construction orderbook and RM765m of unbilled property sales, which provide two to three years of earnings visibility. Management’s cautious stance also remains appropriate amid macro uncertainties.
Key catalysts: (i) margin stabilization as input cost pressures plateau, (ii) Arden Residence revenue recognition ramp-up from late 2027, (iii) Johor infrastructure pipeline including potential ERT project near Kimlun's manufacturing base, and (iv) Singapore precast demand visibility through 2030 on MRT extensions.
Research Team, M+ Global
8 Sep 2026
Following Kimlun Corporation Berhad's (KIMLUN) 1HFY26 results briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Revenue grew but margins compressed. 1H2026 revenue rose 5.2% YoY to RM938.5m led by construction (+13% YoY), but PATMI fell 31.1% YoY to RM33.6m as gross margin contracted to 10.5% from 12.9%, squeezed by higher raw material and fuel costs. Management indicated margins should stabilize around 2Q26 levels as the worst of the diesel price impact has been priced in, partly offset by lower steel prices from China.
📌 Conservative stance on orderbook replenishment. Construction orderbook stands at RM3.8bn (as at 1 Jul 2026) with a tender book of c.RM900m, but management is deliberately moderating new contract intake amid global uncertainties, prioritizing cash flow over aggressive growth. The group has reached maximum manpower capacity and would only scale up for larger projects involving IBS or technology solutions.
📌 Property pipeline underpins medium-term earnings. RM765m in combined unbilled sales — RM133m from Pinegate/Taman Nusa Melati and RM632m from the Arden Residence JV (92% take-up, 68-storey tower in JB city centre). Meaningful Arden profit contribution expected from late 2027 as superstructure works progress. Lino Residence (RM205m GDV) targeted for launch in Q4 2026.
💡 M+ Global View
Mixed quarter, but earnings visibility remains intact. While profitability was affected by cost pressures and the lack of lumpy property recognition, we believe the near term softness is manageable given the RM3.8bn construction orderbook and RM765m of unbilled property sales, which provide two to three years of earnings visibility. Management’s cautious stance also remains appropriate amid macro uncertainties.
Key catalysts: (i) margin stabilization as input cost pressures plateau, (ii) Arden Residence revenue recognition ramp-up from late 2027, (iii) Johor infrastructure pipeline including potential ERT project near Kimlun's manufacturing base, and (iv) Singapore precast demand visibility through 2030 on MRT extensions.
Research Team, M+ Global
8 Sep 2026
M+ Global Market Wrap - 8Sep26
FBM KLCI: 1,714.40 pts (-0.39pts, -0.02%)
The local bourse traded relatively muted today amid escalating Middle East hostilities following strikes on Saudi energy sites, with market breadth also traded flattish with 547 gainers against 549 losers. Sector wise, Technology (+2.00%) outperformed, led by VITROX (+24.0 sen) and INARI (+9.0 sen), while Health Care (-1.02%) lagged the most. Meanwhile, IPO GTA debuted today, closing at RM0.335 compared to its IPO price of RM0.35.
Top 3 Active stocks:
ZETRIX (0138): RM0.305 (+3.5 sen)
GTA (0469): RM0.335 (-1.5 sen)
HHRG (0175): RM0.185 (-2.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.30 (+110.0 sen)
NESTLE (4707): RM94.16 (+26.0 sen)
SLVEST (0215): RM3.55 (+25.0 sen)
Top 3 Loser stocks:
MCEMENT (3794): RM5.52 (-51.0 sen)
HLIND (3301): RM17.06 (-34.0 sen)
PETGAS (6033): RM17.44 (-26.0 sen)
Volume: 4.13 bn (100-bar avg vol: 3.50 bn)
Value: RM3.14 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️547 ⬇️549
Crude Palm Oil: RM4,978 (+RM16, +0.32%)
Dow Futures: 52,992 pts (-448 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,714.40 pts (-0.39pts, -0.02%)
The local bourse traded relatively muted today amid escalating Middle East hostilities following strikes on Saudi energy sites, with market breadth also traded flattish with 547 gainers against 549 losers. Sector wise, Technology (+2.00%) outperformed, led by VITROX (+24.0 sen) and INARI (+9.0 sen), while Health Care (-1.02%) lagged the most. Meanwhile, IPO GTA debuted today, closing at RM0.335 compared to its IPO price of RM0.35.
Top 3 Active stocks:
ZETRIX (0138): RM0.305 (+3.5 sen)
GTA (0469): RM0.335 (-1.5 sen)
HHRG (0175): RM0.185 (-2.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.30 (+110.0 sen)
NESTLE (4707): RM94.16 (+26.0 sen)
SLVEST (0215): RM3.55 (+25.0 sen)
Top 3 Loser stocks:
MCEMENT (3794): RM5.52 (-51.0 sen)
HLIND (3301): RM17.06 (-34.0 sen)
PETGAS (6033): RM17.44 (-26.0 sen)
Volume: 4.13 bn (100-bar avg vol: 3.50 bn)
Value: RM3.14 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️547 ⬇️549
Crude Palm Oil: RM4,978 (+RM16, +0.32%)
Dow Futures: 52,992 pts (-448 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 9Sep26
Dow Jones: 52,786.07 pts (-628.18pts, -1.18%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,714.40 pts (-0.39pts, -0.02%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 25,317.18 pts (-95.94pts, -0.38%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,976 (-RM27, -0.54%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $97.92 (+$0.92, +0.95%)
⬆️ Resistance: 101.50
⬇️ Support: 91.30
Gold: $4,355.99 (-$3.83, -0.09%)
⬆️ Resistance: 4610
⬇️ Support: 4200
Source: Bloomberg, M+Global
Dow Jones: 52,786.07 pts (-628.18pts, -1.18%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,714.40 pts (-0.39pts, -0.02%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 25,317.18 pts (-95.94pts, -0.38%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,976 (-RM27, -0.54%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $97.92 (+$0.92, +0.95%)
⬆️ Resistance: 101.50
⬇️ Support: 91.30
Gold: $4,355.99 (-$3.83, -0.09%)
⬆️ Resistance: 4610
⬇️ Support: 4200
Source: Bloomberg, M+Global
👍2🥰1👏1
M+ Global Market Update – 09Sep26
High Yields and Oil Spike Pressure Market Sentiment
US: Given the Brent oil spike nearer towards the USD100/bbl mark alongside 10-year Treasury yields pushing near two-decade highs, we expect Wall Street to maintain its cautious tone. Stock-wise, investors could monitor fabless semiconductor company Astera Labs (ALAB), as hyperscalers aggressively expand AI cluster deployments, which should drive high-margin demand for its PCIe 6.0 and CXL retimer connectivity hardware. Meanwhile, buying interest was also seen in Oracle (ORCL) following its gap-up, supported by its USD638bn Remaining Performance Obligation (RPO) backlog and 50%+ projected growth in Oracle Cloud Infrastructure (OCI). However, given that its price experienced a gap-up and faces resistance at its MA200, investors could wait for a pullback to a higher low as an entry level.
MY: Tracking Wall Street’s negative overnight performance, we believe overall sentiment for the FBM KLCI may stay generally weaker. However, given the elevated oil prices, traders could look for energy-related plays for short-term trading opportunities, particularly HENGYUAN and PCHEM. Meanwhile, we favour both SAM and EIPOWER, with the former acting as a proxy for Applied Materials and seeing robust equipment orders as the broader semiconductor market enters an AI supercycle, while the latter is supported by accelerated revenue conversion from mission-critical DC power delivery and its expansion into Thailand.
Stocks to watch:
Construction: CHB, *HEGROUP, *ICENTS*, *JTGROUP*, MNHLDG
Technology: *AIMFLEX*, *CNERGEN*, INFOM, PENTECH
Solar: *NORTHERN*
Utility: RANHILL
**Source: M+ Global**
High Yields and Oil Spike Pressure Market Sentiment
US: Given the Brent oil spike nearer towards the USD100/bbl mark alongside 10-year Treasury yields pushing near two-decade highs, we expect Wall Street to maintain its cautious tone. Stock-wise, investors could monitor fabless semiconductor company Astera Labs (ALAB), as hyperscalers aggressively expand AI cluster deployments, which should drive high-margin demand for its PCIe 6.0 and CXL retimer connectivity hardware. Meanwhile, buying interest was also seen in Oracle (ORCL) following its gap-up, supported by its USD638bn Remaining Performance Obligation (RPO) backlog and 50%+ projected growth in Oracle Cloud Infrastructure (OCI). However, given that its price experienced a gap-up and faces resistance at its MA200, investors could wait for a pullback to a higher low as an entry level.
MY: Tracking Wall Street’s negative overnight performance, we believe overall sentiment for the FBM KLCI may stay generally weaker. However, given the elevated oil prices, traders could look for energy-related plays for short-term trading opportunities, particularly HENGYUAN and PCHEM. Meanwhile, we favour both SAM and EIPOWER, with the former acting as a proxy for Applied Materials and seeing robust equipment orders as the broader semiconductor market enters an AI supercycle, while the latter is supported by accelerated revenue conversion from mission-critical DC power delivery and its expansion into Thailand.
Stocks to watch:
Construction: CHB, *HEGROUP, *ICENTS*, *JTGROUP*, MNHLDG
Technology: *AIMFLEX*, *CNERGEN*, INFOM, PENTECH
Solar: *NORTHERN*
Utility: RANHILL
**Source: M+ Global**
👍2
Good Morning All,
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Earnings recap. As highlighted in our previous report, AWC’s FY26 core PAT came in at RM20.1m (-19.3% YoY), within expectations at 104.1%/101.3% of our/consensus forecasts. Reported PAT was higher at RM26.4m (+6.2% YoY), mainly due to a RM6.3m impairment reversal in 4QFY26. Moving forward, earnings momentum should remain supported by its expanding data centre pipeline and RM847.4m outstanding order book.
📌 Data centre momentum accelerating. Data centre subcontracts under the Engineering segment have reached an all-time high order book of RM100.0m. Moving forward, management conservatively projects RM100.0m–120.0m in annual order book replenishment across FY27f and FY28f, anchored primarily by plumbing and air-conditioning packages for regional data centre developments.
📌 Concession and healthcare visibility intact. Management remains optimistic about securing its government facilities maintenance concession extension, which is expected to contribute ~RM70.0m in FY27f despite no official update from relevant authorities yet. Furthermore, hospital support and maintenance services across three major healthcare facilities (Hospital Shah Alam, National Cancer Institute Putrajaya, and Hospital Orang Asli Gombak) are anticipated to continue seamlessly, contributing RM50.0m–60.0m in revenue for FY27f.
📌 Strategic pivot toward India in Environment segment. Amid persistent geopolitical headwinds in the Middle East, management is shifting its Environment division's growth focus toward major public infrastructure tenders in India, specifically smart cities and airports. Consequently, short-to-medium term segment performance will rely on Malaysia, Singapore, and India as key drivers while awaiting operational recovery in the Middle East.
📌 Penang LRT subcontract opportunities starting CY27. While viewing the rail systems contract award for the Penang LRT project positively, management expects tangible earnings contributions to materialize starting CY27 when specialized subcontract packages (track works, depot equipment, and maintenance systems) open for bidding. In the interim, AWC maintains a healthy existing rail order book of RM72.1m, supported by ongoing works such as the Prasarana Ampang Line conductor rail replacement.
Maintained BUY with a higher TP of RM0.65. We maintain our Buy recommendation with a higher TP of RM0.65 (from RM0.59). The target price is derived based on a P/E ratio of 10.0x pegged to our revised FY27f fully-diluted EPS of 6.50 sen.
Research Team, M+ Global
9 Sep 2026
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Earnings recap. As highlighted in our previous report, AWC’s FY26 core PAT came in at RM20.1m (-19.3% YoY), within expectations at 104.1%/101.3% of our/consensus forecasts. Reported PAT was higher at RM26.4m (+6.2% YoY), mainly due to a RM6.3m impairment reversal in 4QFY26. Moving forward, earnings momentum should remain supported by its expanding data centre pipeline and RM847.4m outstanding order book.
📌 Data centre momentum accelerating. Data centre subcontracts under the Engineering segment have reached an all-time high order book of RM100.0m. Moving forward, management conservatively projects RM100.0m–120.0m in annual order book replenishment across FY27f and FY28f, anchored primarily by plumbing and air-conditioning packages for regional data centre developments.
📌 Concession and healthcare visibility intact. Management remains optimistic about securing its government facilities maintenance concession extension, which is expected to contribute ~RM70.0m in FY27f despite no official update from relevant authorities yet. Furthermore, hospital support and maintenance services across three major healthcare facilities (Hospital Shah Alam, National Cancer Institute Putrajaya, and Hospital Orang Asli Gombak) are anticipated to continue seamlessly, contributing RM50.0m–60.0m in revenue for FY27f.
📌 Strategic pivot toward India in Environment segment. Amid persistent geopolitical headwinds in the Middle East, management is shifting its Environment division's growth focus toward major public infrastructure tenders in India, specifically smart cities and airports. Consequently, short-to-medium term segment performance will rely on Malaysia, Singapore, and India as key drivers while awaiting operational recovery in the Middle East.
📌 Penang LRT subcontract opportunities starting CY27. While viewing the rail systems contract award for the Penang LRT project positively, management expects tangible earnings contributions to materialize starting CY27 when specialized subcontract packages (track works, depot equipment, and maintenance systems) open for bidding. In the interim, AWC maintains a healthy existing rail order book of RM72.1m, supported by ongoing works such as the Prasarana Ampang Line conductor rail replacement.
Maintained BUY with a higher TP of RM0.65. We maintain our Buy recommendation with a higher TP of RM0.65 (from RM0.59). The target price is derived based on a P/E ratio of 10.0x pegged to our revised FY27f fully-diluted EPS of 6.50 sen.
Research Team, M+ Global
9 Sep 2026
💯2
M+ Global Market Wrap - 9Sep26
FBM KLCI: 1,714.34 pts (-0.06pts, -0.00%)
Amid escalating geopolitical tensions, Brent crude oil prices surged above US$100/bbl following tit-for-tat strikes between the U.S. and Iran around the Strait of Hormuz. The heightened uncertainty contributed to a muted session on the local bourse, which edged marginally lower. Nevertheless, market breadth remained slightly positive, with gainers and losers trading at an almost 1:1 ratio. Sector-wise, Construction (+1.59%) outperformed, led by GAMUDA (+12.0 sen) and KERJAYA (+12.0 sen), while Financials (-0.50%) was the weakest performer.
Top 3 Active stocks:
ZETRIX (0138): RM0.270 (-3.5 sen)
JAKS (4723): RM0.130 (+1.0 sen)
GAMUDA (5398): RM4.92 (+12.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM40.96 (+114.0 sen)
PETDAG (5681): RM20.30 (+38.0 sen)
TM (4863): RM8.18 (+29.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM93.00 (-116.0 sen)
F&N (3689): RM24.10 (-44.0 sen)
UTDPLT (2089): RM33.00 (-30.0 sen)
Volume: 3.67 bn (100-bar avg vol: 3.51 bn)
Value: RM3.50 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️551 ⬇️531
Crude Palm Oil: RM4,976 (RM0, 0.00%)
Dow Futures: 52,719 pts (-113 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,714.34 pts (-0.06pts, -0.00%)
Amid escalating geopolitical tensions, Brent crude oil prices surged above US$100/bbl following tit-for-tat strikes between the U.S. and Iran around the Strait of Hormuz. The heightened uncertainty contributed to a muted session on the local bourse, which edged marginally lower. Nevertheless, market breadth remained slightly positive, with gainers and losers trading at an almost 1:1 ratio. Sector-wise, Construction (+1.59%) outperformed, led by GAMUDA (+12.0 sen) and KERJAYA (+12.0 sen), while Financials (-0.50%) was the weakest performer.
Top 3 Active stocks:
ZETRIX (0138): RM0.270 (-3.5 sen)
JAKS (4723): RM0.130 (+1.0 sen)
GAMUDA (5398): RM4.92 (+12.0 sen)
Top 3 Gainer stocks:
MPI (3867): RM40.96 (+114.0 sen)
PETDAG (5681): RM20.30 (+38.0 sen)
TM (4863): RM8.18 (+29.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM93.00 (-116.0 sen)
F&N (3689): RM24.10 (-44.0 sen)
UTDPLT (2089): RM33.00 (-30.0 sen)
Volume: 3.67 bn (100-bar avg vol: 3.51 bn)
Value: RM3.50 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️551 ⬇️531
Crude Palm Oil: RM4,976 (RM0, 0.00%)
Dow Futures: 52,719 pts (-113 pts)
**Source: M+ Global, Bloomberg **
😍2
Key Takeaways from GTA Management Meeting
📌 Helicopter Crash Unrelated: The recent helicopter crash in Sarawak has no link to GTA’s operations. The aircraft was fitted with a Rolls-Royce engine, not a Safran engine.
📌 Regional Expansion Progress: Near-term announcements regarding expansion into Brunei are expected soon, followed by Middle East announcements by year-end, according to the management.
📌 Contract Renewals on Track: Management is progressing the renewal of the In-Service Support (ISS) contract, targeted to commence in 1Q27 to secure 3-year revenue visibility, pending official LOA issuance.
📌 MRO Expansion: MRO expansion into landing gear, wheels, and brakes is progressing as scheduled for a 1Q27 rollout.
📌 Solid Fundamentals & LTAT assurance: Core operations remain unaffected, with management anticipating robust 3Q results. LTAT has also reaffirmed its institutional backing.
📈 Valuation & Recommendation
📌 The recent weakness in GTA’s share price appears driven by panic selling linked to the Sarawak helicopter incident (which does not involve Safran engines), alongside broader regional market softness.
📌 GTA’s core thesis remains solid, supported by recurring sovereign defense contracts, upcoming national budget catalysts, and strong backing from cornerstone investor LTAT.
📌 Trading at a compelling 9x P/E, we view this sell-off as an accumulation opportunity. We maintain our Fair Value of RM0.58, pegged to a 17x P/E multiple.
M+ Global Research Team
9Sep26
📌 Helicopter Crash Unrelated: The recent helicopter crash in Sarawak has no link to GTA’s operations. The aircraft was fitted with a Rolls-Royce engine, not a Safran engine.
📌 Regional Expansion Progress: Near-term announcements regarding expansion into Brunei are expected soon, followed by Middle East announcements by year-end, according to the management.
📌 Contract Renewals on Track: Management is progressing the renewal of the In-Service Support (ISS) contract, targeted to commence in 1Q27 to secure 3-year revenue visibility, pending official LOA issuance.
📌 MRO Expansion: MRO expansion into landing gear, wheels, and brakes is progressing as scheduled for a 1Q27 rollout.
📌 Solid Fundamentals & LTAT assurance: Core operations remain unaffected, with management anticipating robust 3Q results. LTAT has also reaffirmed its institutional backing.
📈 Valuation & Recommendation
📌 The recent weakness in GTA’s share price appears driven by panic selling linked to the Sarawak helicopter incident (which does not involve Safran engines), alongside broader regional market softness.
📌 GTA’s core thesis remains solid, supported by recurring sovereign defense contracts, upcoming national budget catalysts, and strong backing from cornerstone investor LTAT.
📌 Trading at a compelling 9x P/E, we view this sell-off as an accumulation opportunity. We maintain our Fair Value of RM0.58, pegged to a 17x P/E multiple.
M+ Global Research Team
9Sep26
😍2
M+ Market Buzz - 10Sep26
Dow Jones: 52,380.66 pts (-405.41pts, -0.77%)
⬆️ Resistance: 54900
⬇️ Support: 51300
FBM KLCI: 1,714.34 pts (-0.06pts, -0.00%)
⬆️ Resistance: 1760
⬇️ Support: 1680
HSI Index: 25,274.96 pts (-42.22pts, -0.17%)
⬆️ Resistance: 26400
⬇️ Support: 24700
Crude Palm Oil: RM4,966 (-RM38, -0.77%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $101.21 (+$3.29, +3.36%)
⬆️ Resistance: 104.00
⬇️ Support: 91.30
Gold: $4,398.83 (+$3.33, +0.08%)
⬆️ Resistance: 4610
⬇️ Support: 4260
Source: Bloomberg, M+Global
Dow Jones: 52,380.66 pts (-405.41pts, -0.77%)
⬆️ Resistance: 54900
⬇️ Support: 51300
FBM KLCI: 1,714.34 pts (-0.06pts, -0.00%)
⬆️ Resistance: 1760
⬇️ Support: 1680
HSI Index: 25,274.96 pts (-42.22pts, -0.17%)
⬆️ Resistance: 26400
⬇️ Support: 24700
Crude Palm Oil: RM4,966 (-RM38, -0.77%)
⬆️ Resistance: 5130
⬇️ Support: 4790
Brent Oil: $101.21 (+$3.29, +3.36%)
⬆️ Resistance: 104.00
⬇️ Support: 91.30
Gold: $4,398.83 (+$3.33, +0.08%)
⬆️ Resistance: 4610
⬇️ Support: 4260
Source: Bloomberg, M+Global
👍2👏1
M+ Global Market Update – 10Sep26
Markets Turn Defensive as Oil Breaches US$100
US: Given the ongoing U.S.–Iran military escalation that pushed oil prices above US$100/bbl, Wall Street is expected to remain in a risk-off environment. Nevertheless, we believe investors could position in fabless semiconductor player Marvell Technology, supported by management’s upgraded multi-year guidance of c.US$12bn revenue in FY27 and c.US$18bn in FY28, underscoring rapidly expanding demand for custom ASIC accelerators and high-speed optical interconnects. Meanwhile, with markets pricing in a 62.2% chance of a 25bps rate hike this month, which could favour banking stocks such as Morgan Stanley and Citigroup.
MY: Tracking Wall Street’s overnight weakness, we expect the local bourse to remain soft, although the data centre theme remains intact, with Construction and selected Technology stocks likely to stay in focus. Meanwhile, GTA saw a knee-jerk sell-off following news of a Sarawak helicopter crash, which is unrelated to its operations. We believe GTA’s investment thesis remains intact, supported by recurring sovereign defence contracts, upcoming budget catalysts and backing from cornerstone investor LTAT. Hence, we view the weakness as an accumulation opportunity, with our fair value unchanged at RM0.58. Similarly, investors could accumulate KPJ following its technical selldown since late August, presenting a value-picking opportunity in a fundamentally solid company.
Stocks to watch:
Construction: *HEGROUP*, *ICENTS*, *IJM*, *JTGROUP*, PWRWELL, SUM
Technology: *AIMFLEX*, JCY, *SCICOM*
Utility: RANHILL, *YTLPOWR*
Utility: *RANHILL*
Automotive: SIME
**Source: M+ Global**
Markets Turn Defensive as Oil Breaches US$100
US: Given the ongoing U.S.–Iran military escalation that pushed oil prices above US$100/bbl, Wall Street is expected to remain in a risk-off environment. Nevertheless, we believe investors could position in fabless semiconductor player Marvell Technology, supported by management’s upgraded multi-year guidance of c.US$12bn revenue in FY27 and c.US$18bn in FY28, underscoring rapidly expanding demand for custom ASIC accelerators and high-speed optical interconnects. Meanwhile, with markets pricing in a 62.2% chance of a 25bps rate hike this month, which could favour banking stocks such as Morgan Stanley and Citigroup.
MY: Tracking Wall Street’s overnight weakness, we expect the local bourse to remain soft, although the data centre theme remains intact, with Construction and selected Technology stocks likely to stay in focus. Meanwhile, GTA saw a knee-jerk sell-off following news of a Sarawak helicopter crash, which is unrelated to its operations. We believe GTA’s investment thesis remains intact, supported by recurring sovereign defence contracts, upcoming budget catalysts and backing from cornerstone investor LTAT. Hence, we view the weakness as an accumulation opportunity, with our fair value unchanged at RM0.58. Similarly, investors could accumulate KPJ following its technical selldown since late August, presenting a value-picking opportunity in a fundamentally solid company.
Stocks to watch:
Construction: *HEGROUP*, *ICENTS*, *IJM*, *JTGROUP*, PWRWELL, SUM
Technology: *AIMFLEX*, JCY, *SCICOM*
Utility: RANHILL, *YTLPOWR*
Utility: *RANHILL*
Automotive: SIME
**Source: M+ Global**
👏2
Good Morning All,
We issued a company update report on our coverage stock Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📝Summary
📌 Results recap. 1Q27 revenue surged 145.6% YoY to RM88.3m, core PATMI +114.6% YoY to RM9.0m, driven by data centre billings and Tenaga Kenari contributions. GP margin eased to 24.1% from 27.3% due to front-loaded mobilisation and higher outsourcing.
📌 Capacity expansion underway. PWRWELL is adding 120,000 sq ft in Shah Alam (partially operational October 2026) and 10,000 sq ft in Indonesia, raising total built-up area by 85% to c.262,000 sq ft and annual output capacity by 79% to 18,724 units by FY28. T
💡M+ Global View
📌 Orderbook replenishment. The RM268.9m orderbook should be largely recognised within three to nine months, providing immediate near-term revenue momentum. We view the c.RM573m tender book (70% data centre, estimated 20-30% conversion rate) as supportive, implying RM100-200m of potential order conversion over the next six to 12 months and enabling sustained higher revenue beyond FY27.
📌 Capacity expansion. We see the enlarged footprint as a pivotal step in reducing reliance on outsourced production; in-house fabrication from FY28 should improve cost efficiency and operating leverage as utilisation ramps, gradually offsetting current margin compression and supporting scalability of the enlarged orderbook.
📈Valuation & Recommendation
📌 Forecast. FY27f/FY28f earnings raised 29.9%/32.8% to RM37.6m/RM44.5m, reflecting confidence in project recognition pace on the secured orderbook.
📌 Upgrade to HOLD, TP RM1.20. Based on 17.0x P/E on FY28f EPS of 7.07 sen, implying 8.1% upside plus 1.9% dividend yield (10.0% total return). Improved outlook largely reflected in current price.
📌 Downside risks. (i) slower contract replenishment, (ii) project delivery delays, (iii) FX volatility.
Research Team, M+ Global
10 Sep 2026
We issued a company update report on our coverage stock Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📝Summary
📌 Results recap. 1Q27 revenue surged 145.6% YoY to RM88.3m, core PATMI +114.6% YoY to RM9.0m, driven by data centre billings and Tenaga Kenari contributions. GP margin eased to 24.1% from 27.3% due to front-loaded mobilisation and higher outsourcing.
📌 Capacity expansion underway. PWRWELL is adding 120,000 sq ft in Shah Alam (partially operational October 2026) and 10,000 sq ft in Indonesia, raising total built-up area by 85% to c.262,000 sq ft and annual output capacity by 79% to 18,724 units by FY28. T
💡M+ Global View
📌 Orderbook replenishment. The RM268.9m orderbook should be largely recognised within three to nine months, providing immediate near-term revenue momentum. We view the c.RM573m tender book (70% data centre, estimated 20-30% conversion rate) as supportive, implying RM100-200m of potential order conversion over the next six to 12 months and enabling sustained higher revenue beyond FY27.
📌 Capacity expansion. We see the enlarged footprint as a pivotal step in reducing reliance on outsourced production; in-house fabrication from FY28 should improve cost efficiency and operating leverage as utilisation ramps, gradually offsetting current margin compression and supporting scalability of the enlarged orderbook.
📈Valuation & Recommendation
📌 Forecast. FY27f/FY28f earnings raised 29.9%/32.8% to RM37.6m/RM44.5m, reflecting confidence in project recognition pace on the secured orderbook.
📌 Upgrade to HOLD, TP RM1.20. Based on 17.0x P/E on FY28f EPS of 7.07 sen, implying 8.1% upside plus 1.9% dividend yield (10.0% total return). Improved outlook largely reflected in current price.
📌 Downside risks. (i) slower contract replenishment, (ii) project delivery delays, (iii) FX volatility.
Research Team, M+ Global
10 Sep 2026
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M+ Global Market Wrap - 10Sep26
FBM KLCI: 1,705.52 pts (-8.82pts, -0.51%)
The local bourse traded on a cautious note today as escalating US-Iran attacks on ships near the Strait of Hormuz pushed Brent crude oil past $100 per barrel. Amid negative market breadth of 649 losers to 533 gainers, the KLCI index was dragged down by PMETAL (-9.0 sen) and PBBANK (-4.0 sen). Sector wise, Health Care (+7.02%) outperformed, led by TOPGLOV (+13.5 sen) and HARTA (+18.0 sen), while Consumer Products (-0.82%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.250 (-2.0 sen)
TOPGLOV (7113): RM0.765 (+13.5 sen)
NIHSIN (7215): RM0.275 (-2.5 sen)
Top 3 Gainer stocks:
PETDAG (5681): RM20.66 (+36.0 sen)
UTDPLT (2089): RM33.30 (+30.0 sen)
PCHEM (5183): RM4.82 (+27.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM92.00 (-100.0 sen)
MBMR (5983): RM4.88 (-41.0 sen)
HEIM (3255): RM14.56 (-28.0 sen)
Volume: 3.99 bn (100-bar avg vol: 3.52 bn)
Value: RM3.14 bn (100-bar avg val: RM3.12 bn)
Market Breadth: ⬆️533 ⬇️649
Crude Palm Oil: RM4,966 (-RM73, -1.47%)
Dow Futures: 52,518 pts (+93 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,705.52 pts (-8.82pts, -0.51%)
The local bourse traded on a cautious note today as escalating US-Iran attacks on ships near the Strait of Hormuz pushed Brent crude oil past $100 per barrel. Amid negative market breadth of 649 losers to 533 gainers, the KLCI index was dragged down by PMETAL (-9.0 sen) and PBBANK (-4.0 sen). Sector wise, Health Care (+7.02%) outperformed, led by TOPGLOV (+13.5 sen) and HARTA (+18.0 sen), while Consumer Products (-0.82%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.250 (-2.0 sen)
TOPGLOV (7113): RM0.765 (+13.5 sen)
NIHSIN (7215): RM0.275 (-2.5 sen)
Top 3 Gainer stocks:
PETDAG (5681): RM20.66 (+36.0 sen)
UTDPLT (2089): RM33.30 (+30.0 sen)
PCHEM (5183): RM4.82 (+27.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM92.00 (-100.0 sen)
MBMR (5983): RM4.88 (-41.0 sen)
HEIM (3255): RM14.56 (-28.0 sen)
Volume: 3.99 bn (100-bar avg vol: 3.52 bn)
Value: RM3.14 bn (100-bar avg val: RM3.12 bn)
Market Breadth: ⬆️533 ⬇️649
Crude Palm Oil: RM4,966 (-RM73, -1.47%)
Dow Futures: 52,518 pts (+93 pts)
**Source: M+ Global, Bloomberg **
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M+ Market Buzz - 11Sep26
Dow Jones: 52,064.10 pts (-316.56pts, -0.60%)
⬆️ Resistance: 54800
⬇️ Support: 51000
FBM KLCI: 1,705.52 pts (-8.82pts, -0.51%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 24,954.47 pts (-320.49pts, -1.27%)
⬆️ Resistance: 26400
⬇️ Support: 24400
Crude Palm Oil: RM4,885 (+RM54, +1.11%)
⬆️ Resistance: 5120
⬇️ Support: 4780
Brent Oil: $107.63 (+$6.42, +6.34%)
⬆️ Resistance: 111.90
⬇️ Support: 91.30
Gold: $4,318.19 (+$4.20, +0.10%)
⬆️ Resistance: 4590
⬇️ Support: 4230
Source: Bloomberg, M+Global
Dow Jones: 52,064.10 pts (-316.56pts, -0.60%)
⬆️ Resistance: 54800
⬇️ Support: 51000
FBM KLCI: 1,705.52 pts (-8.82pts, -0.51%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 24,954.47 pts (-320.49pts, -1.27%)
⬆️ Resistance: 26400
⬇️ Support: 24400
Crude Palm Oil: RM4,885 (+RM54, +1.11%)
⬆️ Resistance: 5120
⬇️ Support: 4780
Brent Oil: $107.63 (+$6.42, +6.34%)
⬆️ Resistance: 111.90
⬇️ Support: 91.30
Gold: $4,318.19 (+$4.20, +0.10%)
⬆️ Resistance: 4590
⬇️ Support: 4230
Source: Bloomberg, M+Global
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M+ Global Market Update – 11Sep26
Elevated Yields Keep Risk Appetite Muted
US: We expect Wall Street to remain risk-off as Brent crude stays above US$100/bbl and the US 10-year Treasury yield hovers near 5%, reinforcing inflation and higher-for-longer rate concerns ahead of the CPI release. We favour Exxon Mobil and Chevron as direct beneficiaries of elevated oil prices. Chubb could also benefit from higher investment yields, with 2Q26 adjusted net investment income reaching a record US$1.88bn (+11.4% YoY), alongside a strong 83.8% P&C combined ratio. Meanwhile, TD SYNNEX remains supported by record 2QFY26 results, while Twilio continues to benefit from 17% organic revenue growth and its raised FY26 guidance.
MY: MY: Closer to home, we expect the FBM KLCI to trade cautiously amid elevated global yields and oil prices, while interest in the Data Centre theme should remain intact. PEKAT remains in focus after securing RM57.2m of new hyperscale data-centre subcontracts in Johor. YTLPOWR is supported by sequentially stronger 4QFY26 earnings and its proposed gigawatt-scale data-centre campus at Sedenak Tech Park. Meanwhile, JTGROUP remains well positioned to benefit from continued power infrastructure spending, following its RM69.5m TNB contract for a new 132/33kV GIS substation and 132kV overhead line in Tumpat, Kelantan, alongside its RM46.7m underground cable subcontract.
Stocks to watch:
Technology: *AIMFLEX*, *MCLEAN*, PENTA, SCICOM, VS
Construction: *HKB*, *JTGROUP*, *SSB8*
Chemical: *LCTITAN*, *SAMCHEM*
Consumer: GCB
**Source: M+ Global**
Elevated Yields Keep Risk Appetite Muted
US: We expect Wall Street to remain risk-off as Brent crude stays above US$100/bbl and the US 10-year Treasury yield hovers near 5%, reinforcing inflation and higher-for-longer rate concerns ahead of the CPI release. We favour Exxon Mobil and Chevron as direct beneficiaries of elevated oil prices. Chubb could also benefit from higher investment yields, with 2Q26 adjusted net investment income reaching a record US$1.88bn (+11.4% YoY), alongside a strong 83.8% P&C combined ratio. Meanwhile, TD SYNNEX remains supported by record 2QFY26 results, while Twilio continues to benefit from 17% organic revenue growth and its raised FY26 guidance.
MY: MY: Closer to home, we expect the FBM KLCI to trade cautiously amid elevated global yields and oil prices, while interest in the Data Centre theme should remain intact. PEKAT remains in focus after securing RM57.2m of new hyperscale data-centre subcontracts in Johor. YTLPOWR is supported by sequentially stronger 4QFY26 earnings and its proposed gigawatt-scale data-centre campus at Sedenak Tech Park. Meanwhile, JTGROUP remains well positioned to benefit from continued power infrastructure spending, following its RM69.5m TNB contract for a new 132/33kV GIS substation and 132kV overhead line in Tumpat, Kelantan, alongside its RM46.7m underground cable subcontract.
Stocks to watch:
Technology: *AIMFLEX*, *MCLEAN*, PENTA, SCICOM, VS
Construction: *HKB*, *JTGROUP*, *SSB8*
Chemical: *LCTITAN*, *SAMCHEM*
Consumer: GCB
**Source: M+ Global**