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
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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
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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
👍2
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 **
👍2
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
👏2
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**
Good Afternoon All,
Yesterday, we attended a site visit to Malayan Flour Mills Berhad's Lumut flour mill and DindingTyson poultry processing plant in Sitiawan. Below are our key takeaways:
📝Key Takeaways
📌 Domestic poultry growth supported by modern trade and value-added products. Modern trade remains a key growth channel, while DindingTyson continues to expand its Ready-to-Eat (RTE) range, including charcoal-grilled satay, Ayam Masak Merah, Ayam Kicap and Ayam Kam Heong. This should support greater penetration of value-added processed poultry products.
📌 Poultry processing capacity offers further growth headroom. Primary processing utilisation improved to 70.8% in 1H26 from 63.4%, with current capacity at 280,000 birds/day. Management is targeting slaughtering capacity of 340,000 birds/day, alongside further automation investment and potential expansion of own-farming capacity.
📌 Lumut mill positioned for higher utilisation and efficiency gains. Malaysia flour milling capacity stands at 560.5k tonnes p.a. following the addition of the new Lumut line in May 2025. The plant is also undergoing automation upgrades and silo storage expansion to improve operational efficiency and support higher throughput.
📌 Integrated poultry platform supports gradual industry formalisation. MFM's integrated model across farming, processing and distribution positions it to benefit from a gradual shift towards professionally processed, traceable and food-safety-compliant poultry, alongside growing modern trade penetration.
💡M+Global View
📌 We came away positive on MFM's domestic growth runway and export optionality, supported by underutilised poultry processing capacity, higher modern trade penetration and continued expansion into Ready-to-Eat (RTE) products. We also expect a gradual recovery in demand from food service and quick-service restaurant (QSR) customers as boycott-related disruptions ease, which should support volume recovery. With poultry processing capacity targeted at 340,000 birds/day, alongside an enlarged 560.5k tonnes p.a. Malaysia flour milling base, ongoing automation and silo expansion at Lumut, we see scope for further volume growth and efficiency gains as utilisation recovers. The existing processing platform also provides room to pursue new export opportunities as MFM expands its market reach.
📌 Key catalysts include: (i) recovery in food service and QSR demand, (ii) higher utilisation of poultry processing capacity, (iii) continued RTE and value-added product traction, (iv) expansion of own-farming capacity, and (v) further efficiency and storage gains from the Lumut automation and silo expansion.
📌 Key risks include: (i) higher wheat and feed costs, (ii) elevated energy and logistics costs, (iii) slower recovery in domestic food service demand, and (iv) execution delays on poultry capacity, farming and Lumut expansion plans.
Research Team, M+ Global
11 September 2026
Yesterday, we attended a site visit to Malayan Flour Mills Berhad's Lumut flour mill and DindingTyson poultry processing plant in Sitiawan. Below are our key takeaways:
📝Key Takeaways
📌 Domestic poultry growth supported by modern trade and value-added products. Modern trade remains a key growth channel, while DindingTyson continues to expand its Ready-to-Eat (RTE) range, including charcoal-grilled satay, Ayam Masak Merah, Ayam Kicap and Ayam Kam Heong. This should support greater penetration of value-added processed poultry products.
📌 Poultry processing capacity offers further growth headroom. Primary processing utilisation improved to 70.8% in 1H26 from 63.4%, with current capacity at 280,000 birds/day. Management is targeting slaughtering capacity of 340,000 birds/day, alongside further automation investment and potential expansion of own-farming capacity.
📌 Lumut mill positioned for higher utilisation and efficiency gains. Malaysia flour milling capacity stands at 560.5k tonnes p.a. following the addition of the new Lumut line in May 2025. The plant is also undergoing automation upgrades and silo storage expansion to improve operational efficiency and support higher throughput.
📌 Integrated poultry platform supports gradual industry formalisation. MFM's integrated model across farming, processing and distribution positions it to benefit from a gradual shift towards professionally processed, traceable and food-safety-compliant poultry, alongside growing modern trade penetration.
💡M+Global View
📌 We came away positive on MFM's domestic growth runway and export optionality, supported by underutilised poultry processing capacity, higher modern trade penetration and continued expansion into Ready-to-Eat (RTE) products. We also expect a gradual recovery in demand from food service and quick-service restaurant (QSR) customers as boycott-related disruptions ease, which should support volume recovery. With poultry processing capacity targeted at 340,000 birds/day, alongside an enlarged 560.5k tonnes p.a. Malaysia flour milling base, ongoing automation and silo expansion at Lumut, we see scope for further volume growth and efficiency gains as utilisation recovers. The existing processing platform also provides room to pursue new export opportunities as MFM expands its market reach.
📌 Key catalysts include: (i) recovery in food service and QSR demand, (ii) higher utilisation of poultry processing capacity, (iii) continued RTE and value-added product traction, (iv) expansion of own-farming capacity, and (v) further efficiency and storage gains from the Lumut automation and silo expansion.
📌 Key risks include: (i) higher wheat and feed costs, (ii) elevated energy and logistics costs, (iii) slower recovery in domestic food service demand, and (iv) execution delays on poultry capacity, farming and Lumut expansion plans.
Research Team, M+ Global
11 September 2026
👍4
Good Evening All,
We issued a technical buy call on Marvell Technology Inc (MRVL): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong 2QFY27 results underpinned by data centre growth
(ii) Upgraded long-term revenue targets through FY27/28
(iii) Custom silicon partnership with Alphabet
Research Team, M+ Global
11 Sep 2026
We issued a technical buy call on Marvell Technology Inc (MRVL): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong 2QFY27 results underpinned by data centre growth
(ii) Upgraded long-term revenue targets through FY27/28
(iii) Custom silicon partnership with Alphabet
Research Team, M+ Global
11 Sep 2026
M+ Global Market Wrap - 11Sep26
FBM KLCI: 1,686.21 pts (-19.31pts, -1.13%)
The local bourse traded on a cautious note, weighed down by heightened anxiety ahead of the key US consumer price index report. Heavyweights HLBANK (-52.0 sen) and IHH (-24.0 sen) dragged the benchmark index lower, while market breadth remained negative, with 810 losers outpacing 428 gainers. Sector-wise, Health Care (+0.49%) outperformed, led by TOPGLOV (+3.5 sen) and HARTA (+6.0 sen), while Construction (-1.74%) lagged the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.800 (+3.5 sen)
ZETRIX (0138): RM0.250 (UNCH)
SUPERMX (7106): RM0.420 (-1.0 sen)
Top 3 Gainer stocks:
PCHEM (5183): RM5.09 (+27.0 sen)
EUROSP (7094): RM3.15 (+18.0 sen)
BKAWAN (1899): RM20.16 (+12.0 sen)
Top 3 Loser stocks:
ALLIANZ (1163): RM21.12 (-56.0 sen)
HLBANK (5819): RM23.08 (-52.0 sen)
SUNCON (5263): RM7.44 (-47.0 sen)
Volume: 3.55 bn (100-bar avg vol: 3.52 bn)
Value: RM3.27 bn (100-bar avg val: RM3.13 bn)
Market Breadth: ⬆️428 ⬇️810
Crude Palm Oil: RM4,885 (-RM49, -1.00%)
Dow Futures: 52,353 pts (+258 pts)
**Source: M+Global, Bloomberg **
FBM KLCI: 1,686.21 pts (-19.31pts, -1.13%)
The local bourse traded on a cautious note, weighed down by heightened anxiety ahead of the key US consumer price index report. Heavyweights HLBANK (-52.0 sen) and IHH (-24.0 sen) dragged the benchmark index lower, while market breadth remained negative, with 810 losers outpacing 428 gainers. Sector-wise, Health Care (+0.49%) outperformed, led by TOPGLOV (+3.5 sen) and HARTA (+6.0 sen), while Construction (-1.74%) lagged the most.
Top 3 Active stocks:
TOPGLOV (7113): RM0.800 (+3.5 sen)
ZETRIX (0138): RM0.250 (UNCH)
SUPERMX (7106): RM0.420 (-1.0 sen)
Top 3 Gainer stocks:
PCHEM (5183): RM5.09 (+27.0 sen)
EUROSP (7094): RM3.15 (+18.0 sen)
BKAWAN (1899): RM20.16 (+12.0 sen)
Top 3 Loser stocks:
ALLIANZ (1163): RM21.12 (-56.0 sen)
HLBANK (5819): RM23.08 (-52.0 sen)
SUNCON (5263): RM7.44 (-47.0 sen)
Volume: 3.55 bn (100-bar avg vol: 3.52 bn)
Value: RM3.27 bn (100-bar avg val: RM3.13 bn)
Market Breadth: ⬆️428 ⬇️810
Crude Palm Oil: RM4,885 (-RM49, -1.00%)
Dow Futures: 52,353 pts (+258 pts)
**Source: M+Global, Bloomberg **
M+ Global Market Update – 14Sep26
FOMC Meeting Takes Centre Stage
US: Positioning ahead of the September 15–16 FOMC meeting, coupled with oil prices staying above USD104, we expect Wall Street to trade cautiously. Stock-wise, we favour Vertiv Holdings, a direct beneficiary of continued data centre CapEx scaling by major hyperscalers, driving demand for its liquid cooling units and power distribution architectures. Lastly, with markets pricing in an 87.3% chance of a 25bps rate hike at the upcoming FOMC meeting (vs 59.4% a week ago), selected financial stocks could remain in focus amid expectations of a higher-for-longer rate environment, including Citigroup, Morgan Stanley, and Goldman Sachs.
MY: With global markets focusing on the FOMC meeting and BoJ interest rate decision this week, alongside a shortened local trading week, we expect the FBM KLCI to remain cautious. Glove counters have regained buying interest, underpinned by higher ASPs from Chinese glove makers and stronger ASP projections amid rising raw material and coal prices. This should raise Chinese production costs and reduce aggressive price cuts, easing price-war pressure on local glove counters. However, as valuations are elevated, traders are encouraged to trade on pullbacks. Lastly, we like PENTECH, which is seeing strong growth in cloud and managed services and should benefit from ongoing enterprise digitalisation.
Stocks to watch:
Technology: *ATECH*, D&O, *ECA*, *INFOM*, JHM
Construction: AWC, *UUE*, WESTRVR
Chemical: *LCTITAN*, *SAMCHEM*
Pawnshop: WELLCHIP
**Source: M+ Global**
FOMC Meeting Takes Centre Stage
US: Positioning ahead of the September 15–16 FOMC meeting, coupled with oil prices staying above USD104, we expect Wall Street to trade cautiously. Stock-wise, we favour Vertiv Holdings, a direct beneficiary of continued data centre CapEx scaling by major hyperscalers, driving demand for its liquid cooling units and power distribution architectures. Lastly, with markets pricing in an 87.3% chance of a 25bps rate hike at the upcoming FOMC meeting (vs 59.4% a week ago), selected financial stocks could remain in focus amid expectations of a higher-for-longer rate environment, including Citigroup, Morgan Stanley, and Goldman Sachs.
MY: With global markets focusing on the FOMC meeting and BoJ interest rate decision this week, alongside a shortened local trading week, we expect the FBM KLCI to remain cautious. Glove counters have regained buying interest, underpinned by higher ASPs from Chinese glove makers and stronger ASP projections amid rising raw material and coal prices. This should raise Chinese production costs and reduce aggressive price cuts, easing price-war pressure on local glove counters. However, as valuations are elevated, traders are encouraged to trade on pullbacks. Lastly, we like PENTECH, which is seeing strong growth in cloud and managed services and should benefit from ongoing enterprise digitalisation.
Stocks to watch:
Technology: *ATECH*, D&O, *ECA*, *INFOM*, JHM
Construction: AWC, *UUE*, WESTRVR
Chemical: *LCTITAN*, *SAMCHEM*
Pawnshop: WELLCHIP
**Source: M+ Global**
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M+ Market Buzz - 14Sep26
Dow Jones: 52,573.29 pts (+509.19pts, +0.98%)
⬆ Resistance: 54200
⬇ Support: 51000
FBM KLCI: 1,686.74 pts (-18.78pts, -1.10%)
⬆ Resistance: 1760
⬇ Support: 1650
HSI Index: 24,805.63 pts (-148.84pts, -0.60%)
⬆ Resistance: 26200
⬇ Support: 24100
Crude Palm Oil: RM4,814 (-RM71, -1.45%)
⬆ Resistance: 5120
⬇ Support: 4720
Brent Oil: $104.61 (+$2.76, +2.64%)
⬆ Resistance: 112.20
⬇ Support: 94.10
Gold: $4,349.08 (-$13.94, -0.32%)
⬆ Resistance: 4540
⬇ Support: 4210
Source: Bloomberg, M+Global
Dow Jones: 52,573.29 pts (+509.19pts, +0.98%)
⬆ Resistance: 54200
⬇ Support: 51000
FBM KLCI: 1,686.74 pts (-18.78pts, -1.10%)
⬆ Resistance: 1760
⬇ Support: 1650
HSI Index: 24,805.63 pts (-148.84pts, -0.60%)
⬆ Resistance: 26200
⬇ Support: 24100
Crude Palm Oil: RM4,814 (-RM71, -1.45%)
⬆ Resistance: 5120
⬇ Support: 4720
Brent Oil: $104.61 (+$2.76, +2.64%)
⬆ Resistance: 112.20
⬇ Support: 94.10
Gold: $4,349.08 (-$13.94, -0.32%)
⬆ Resistance: 4540
⬇ Support: 4210
Source: Bloomberg, M+Global
😁2
Good Afternoon All,
We issued a technical buy call on Citigroup Inc (C): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Upcoming FOMC meeting
(ii) Cross-border digital infrastructure expansion
(iii) Strategic wealth management pivot and footprint expansion in China
Research Team, M+ Global
14 Sep 2026
We issued a technical buy call on Citigroup Inc (C): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Upcoming FOMC meeting
(ii) Cross-border digital infrastructure expansion
(iii) Strategic wealth management pivot and footprint expansion in China
Research Team, M+ Global
14 Sep 2026
Good Afternoon All,
We issued a technical buy call on TD SYNNEX Corp. (SNX): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Record 2Q26 results highlight accelerating technology spending
(ii) 3Q26 results offer a near-term earnings catalyst
(iii) AI and cloud adoption are broadening its addressable market
Research Team, M+ Global
14 Sep 2026
We issued a technical buy call on TD SYNNEX Corp. (SNX): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Record 2Q26 results highlight accelerating technology spending
(ii) 3Q26 results offer a near-term earnings catalyst
(iii) AI and cloud adoption are broadening its addressable market
Research Team, M+ Global
14 Sep 2026
M+ Global Market Wrap - 14Sep26
FBM KLCI: 1,698.01 pts (+11.27pts, +0.67%)
Tracking Wall Street's rebound last week, the FBM KLCI kickstarted the shortened trading week on a positive tone, with gains in key heavyweights like CIMB (+18.0 sen) and PCHEM (+18.0 sen) led the key index higher. However, market breadth was negative with 763 losers outpacing 422 gainers. Sector-wise, Telecommunications (+1.24%)] outperformed, led by AXIATA (+4.0 sen) and MAXIS (+4.0 sen), while Technology (-1.86%) lagged the most. IPO UNIPAC debuted today, closing at RM0.31 compared to its IPO price of RM0.35.
Top 3 Active stocks:
ZETRIX (0138): RM0.245 (-0.5 sen)
TOPGLOV (7113): RM0.830 (+3.0 sen)
JAKS (4723): RM0.135 (+1.0 sen)
Top 3 Gainer stocks:
HLBANK (5819): RM23.38 (+30.0 sen)
HLIND (3301): RM17.00 (+28.0 sen)
HENGYUAN (4324): RM3.45 (+21.0 sen)
Top 3 Loser stocks:
MPI (3867): RM40.00 (-70.0 sen)
NESTLE (4707): RM91.30 (-70.0 sen)
UWC (5292): RM6.26 (-34.0 sen)
Volume: 3.19 bn (100-bar avg vol: 3.51 bn)
Value: RM2.80 bn (100-bar avg val: RM3.13 bn)
Market Breadth: ⬆️422 ⬇️763
Crude Palm Oil: RM4,814 (+RM38, +0.79%)
Dow Futures: 52,898 pts (-104 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,698.01 pts (+11.27pts, +0.67%)
Tracking Wall Street's rebound last week, the FBM KLCI kickstarted the shortened trading week on a positive tone, with gains in key heavyweights like CIMB (+18.0 sen) and PCHEM (+18.0 sen) led the key index higher. However, market breadth was negative with 763 losers outpacing 422 gainers. Sector-wise, Telecommunications (+1.24%)] outperformed, led by AXIATA (+4.0 sen) and MAXIS (+4.0 sen), while Technology (-1.86%) lagged the most. IPO UNIPAC debuted today, closing at RM0.31 compared to its IPO price of RM0.35.
Top 3 Active stocks:
ZETRIX (0138): RM0.245 (-0.5 sen)
TOPGLOV (7113): RM0.830 (+3.0 sen)
JAKS (4723): RM0.135 (+1.0 sen)
Top 3 Gainer stocks:
HLBANK (5819): RM23.38 (+30.0 sen)
HLIND (3301): RM17.00 (+28.0 sen)
HENGYUAN (4324): RM3.45 (+21.0 sen)
Top 3 Loser stocks:
MPI (3867): RM40.00 (-70.0 sen)
NESTLE (4707): RM91.30 (-70.0 sen)
UWC (5292): RM6.26 (-34.0 sen)
Volume: 3.19 bn (100-bar avg vol: 3.51 bn)
Value: RM2.80 bn (100-bar avg val: RM3.13 bn)
Market Breadth: ⬆️422 ⬇️763
Crude Palm Oil: RM4,814 (+RM38, +0.79%)
Dow Futures: 52,898 pts (-104 pts)
**Source: M+ Global, Bloomberg **
M+ Market Buzz - 15Sep26
Dow Jones: 52,421.20 pts (-152.09pts, -0.29%)
⬆️ Resistance: 54200
⬇️ Support: 51000
FBM KLCI: 1,698.01 pts (+11.27pts, +0.67%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 24,917.60 pts (+111.97pts, +0.45%)
⬆️ Resistance: 26200
⬇️ Support: 24100
Crude Palm Oil: RM4,850 (+RM46, +0.95%)
⬆️ Resistance: 5120
⬇️ Support: 4720
Brent Oil: $105.68 (+$0.96, +1.02%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,299.64 (-$12.18, -0.26%)
⬆️ Resistance: 4540
⬇️ Support: 4210
Source: Bloomberg, M+Global
Dow Jones: 52,421.20 pts (-152.09pts, -0.29%)
⬆️ Resistance: 54200
⬇️ Support: 51000
FBM KLCI: 1,698.01 pts (+11.27pts, +0.67%)
⬆️ Resistance: 1760
⬇️ Support: 1650
HSI Index: 24,917.60 pts (+111.97pts, +0.45%)
⬆️ Resistance: 26200
⬇️ Support: 24100
Crude Palm Oil: RM4,850 (+RM46, +0.95%)
⬆️ Resistance: 5120
⬇️ Support: 4720
Brent Oil: $105.68 (+$0.96, +1.02%)
⬆️ Resistance: 112.20
⬇️ Support: 94.10
Gold: $4,299.64 (-$12.18, -0.26%)
⬆️ Resistance: 4540
⬇️ Support: 4210
Source: Bloomberg, M+Global
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M+ Global Market Update – 15Sep26
Wall Street Muted Ahead of FOMC Meeting
US: With Wall Street entering the first day of the September FOMC meeting, coupled with oil prices staying elevated above the USD107/barrel mark, we expect Wall Street to extend its cautious trading sentiment. While Anthropic CEO Dario Amodei and OpenAI leadership called for a deliberate slowdown in frontier LLM development over safety concerns, we view this as a temporary knee-jerk market reaction, creating buy-on-dip opportunities in the tech sector. We continue to favour Marvell Technology (MRVL) despite its pullback, supported by its combined FY27 and FY28 revenue outlook of USD30bn and its custom silicon partnership with Alphabet (GOOGL), while the latter is also favoured due to its Google Cloud acceleration.
MY: Given that the local bourse will be closed tomorrow while the US enters its FOMC meeting later today, we anticipate a softer tone for the FBM KLCI today. Meanwhile, the elevated oil price environment should bode well for chemical-related companies such as LCTITAN and SAMCHEM. While the AI slowdown commentary in the US might temporarily affect sentiment for local technology counters, we continue to favour factory automation solutions provider GREATEC, supported by its RM1.8bn order book, with DC-related jobs now accounting for more than half of its outstanding contracts. The RM1.8bn order book translates into 2.4x FY25 revenue, with management expecting RM2.0bn by year-end.
Stocks to watch:
Technology: ATECH, *INFOM*, JHM, *FRONTKN*
Construction: *UUE*, WESTRVR
Chemical: LCTITAN, SAMCHEM
Industrial: ICENTS
Pawnshop: WELLCHIP
Wall Street Muted Ahead of FOMC Meeting
US: With Wall Street entering the first day of the September FOMC meeting, coupled with oil prices staying elevated above the USD107/barrel mark, we expect Wall Street to extend its cautious trading sentiment. While Anthropic CEO Dario Amodei and OpenAI leadership called for a deliberate slowdown in frontier LLM development over safety concerns, we view this as a temporary knee-jerk market reaction, creating buy-on-dip opportunities in the tech sector. We continue to favour Marvell Technology (MRVL) despite its pullback, supported by its combined FY27 and FY28 revenue outlook of USD30bn and its custom silicon partnership with Alphabet (GOOGL), while the latter is also favoured due to its Google Cloud acceleration.
MY: Given that the local bourse will be closed tomorrow while the US enters its FOMC meeting later today, we anticipate a softer tone for the FBM KLCI today. Meanwhile, the elevated oil price environment should bode well for chemical-related companies such as LCTITAN and SAMCHEM. While the AI slowdown commentary in the US might temporarily affect sentiment for local technology counters, we continue to favour factory automation solutions provider GREATEC, supported by its RM1.8bn order book, with DC-related jobs now accounting for more than half of its outstanding contracts. The RM1.8bn order book translates into 2.4x FY25 revenue, with management expecting RM2.0bn by year-end.
Stocks to watch:
Technology: ATECH, *INFOM*, JHM, *FRONTKN*
Construction: *UUE*, WESTRVR
Chemical: LCTITAN, SAMCHEM
Industrial: ICENTS
Pawnshop: WELLCHIP
Good Afternoon All,
Polymer Link Holdings Berhad (Key Takeaways for 3QFY26 Management Meetup)
📦 Core Product Breakdown
📌 General Powder. Raw powder used to melt and shape everyday outdoor items like home water tanks, playground slides, and insulated cooler boxes.
📌 Specialty Powder. Reinforced powder built to endure extreme environments, used for ocean kayaks (UV and seawater resistant), diesel fuel tanks (corrosion resistant), and ship anti-piracy barriers.
📌 Masterbatch. "Coloring and property pods" added into uncolored plastics during production to give final products their specific color hue, UV shield, or extra strength.
📌 Specialty Compounds. Specialized plastic granules tailored for wider manufacturing methods beyond rotational moulding (e.g., injection moulding), allowing Polymer Link to supply broader industrial markets.
📈 Investment Highlights
📌 3QFY26 & 9MFY26 results. Revenue stood stable at RM39.0m (-0.3% YoY, +1.4% QoQ), while reported PATMI surged 48.3% YoY (+136.9% QoQ) to RM3.5m. GP expanded 29.8% YoY to RM10.8m (GP margin: 27.7% vs. 21.3% in 3QFY25) on higher ASPs and a richer product mix. While reported 9MFY26 PATMI contracted 87.4% YoY to RM0.82m due to one-off listing expenses of RM6.0m recognized in 1QFY26, 9MFY26 adjusted PATMI grew 4.7% YoY to RM6.8m.
📌 Riding on regional regulatory tailwinds. Mandatory quality standards in key markets, such as Australia’s strict water tank regulations and India’s diesel fuel tank safety rules, provide steady long-term demand for high-grade specialty powders.
📌 Poland expansion. Establishing a logistics hub in Poland near major Central & Eastern Europe ports to efficiently distribute high-margin specialty products across Europe.
📌 Cost-plus pricing model. Polymer Link operates on a cost-plus pricing framework, enabling the group to pass on rising raw material and energy costs (e.g., oil-derived resin price increases) directly to customers.
📌 Anticipated operating cash flow turnaround. 9MFY26 OCF turned -RM7.4m due to inventory loading for Australia and higher trade receivables in the Philippines. Management expects positive OCF by financial year-end as inventory liquidates and collections resumed.
📌 Balance sheet & dividend. Net assets per share rose to RM0.17. Leverage remains healthy (gearing 0.6x, current ratio 2.6x). Declared an interim dividend of 0.30 sen/share (payable 25 Sep 2026). Payout ratio 50%.
📌 IPO deployment. RM16.9m (69.4%) of RM24.3m IPO proceeds utilized (Australia expansion 91.5% complete). Remaining RM7.4m is earmarked for R&D machinery and European expansion.
💡 M+Global View
📌 Polymer Link’s solid export footprint (94.1% of 3QFY26 sales) and margin expansion to 27.7% reflect stronger ASP & pricing power. Normalization of listing costs clears the earnings overhang for upcoming quarters.
📌 Key catalysts include: (i) execution of Australia capacity expansion, (ii) order recovery in India & Philippines, (iii) European expansion in Poland, and (iv) margin expansion from scaling high-margin Specialty Powders/Compounds.
🎯 We maintain our Fair Value of RM0.35, pegged to a 16x P/E multiple.
Polymer Link Holdings Berhad (Key Takeaways for 3QFY26 Management Meetup)
📦 Core Product Breakdown
📌 General Powder. Raw powder used to melt and shape everyday outdoor items like home water tanks, playground slides, and insulated cooler boxes.
📌 Specialty Powder. Reinforced powder built to endure extreme environments, used for ocean kayaks (UV and seawater resistant), diesel fuel tanks (corrosion resistant), and ship anti-piracy barriers.
📌 Masterbatch. "Coloring and property pods" added into uncolored plastics during production to give final products their specific color hue, UV shield, or extra strength.
📌 Specialty Compounds. Specialized plastic granules tailored for wider manufacturing methods beyond rotational moulding (e.g., injection moulding), allowing Polymer Link to supply broader industrial markets.
📈 Investment Highlights
📌 3QFY26 & 9MFY26 results. Revenue stood stable at RM39.0m (-0.3% YoY, +1.4% QoQ), while reported PATMI surged 48.3% YoY (+136.9% QoQ) to RM3.5m. GP expanded 29.8% YoY to RM10.8m (GP margin: 27.7% vs. 21.3% in 3QFY25) on higher ASPs and a richer product mix. While reported 9MFY26 PATMI contracted 87.4% YoY to RM0.82m due to one-off listing expenses of RM6.0m recognized in 1QFY26, 9MFY26 adjusted PATMI grew 4.7% YoY to RM6.8m.
📌 Riding on regional regulatory tailwinds. Mandatory quality standards in key markets, such as Australia’s strict water tank regulations and India’s diesel fuel tank safety rules, provide steady long-term demand for high-grade specialty powders.
📌 Poland expansion. Establishing a logistics hub in Poland near major Central & Eastern Europe ports to efficiently distribute high-margin specialty products across Europe.
📌 Cost-plus pricing model. Polymer Link operates on a cost-plus pricing framework, enabling the group to pass on rising raw material and energy costs (e.g., oil-derived resin price increases) directly to customers.
📌 Anticipated operating cash flow turnaround. 9MFY26 OCF turned -RM7.4m due to inventory loading for Australia and higher trade receivables in the Philippines. Management expects positive OCF by financial year-end as inventory liquidates and collections resumed.
📌 Balance sheet & dividend. Net assets per share rose to RM0.17. Leverage remains healthy (gearing 0.6x, current ratio 2.6x). Declared an interim dividend of 0.30 sen/share (payable 25 Sep 2026). Payout ratio 50%.
📌 IPO deployment. RM16.9m (69.4%) of RM24.3m IPO proceeds utilized (Australia expansion 91.5% complete). Remaining RM7.4m is earmarked for R&D machinery and European expansion.
💡 M+Global View
📌 Polymer Link’s solid export footprint (94.1% of 3QFY26 sales) and margin expansion to 27.7% reflect stronger ASP & pricing power. Normalization of listing costs clears the earnings overhang for upcoming quarters.
📌 Key catalysts include: (i) execution of Australia capacity expansion, (ii) order recovery in India & Philippines, (iii) European expansion in Poland, and (iv) margin expansion from scaling high-margin Specialty Powders/Compounds.
🎯 We maintain our Fair Value of RM0.35, pegged to a 16x P/E multiple.
Good Evening All,
Following Pan Merchant Berhad's analyst briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Q2 recovery underway; profitability outlook intact. Q2 2026 revenue rose 55% QoQ to RM24.8m, with PBT recovering to +RM252k from -RM5.2m in Q1. 1H2026 revenue fell 28% YoY on softer hermetic filter sales in America and Europe, attributed to geopolitical-driven capex deferrals following the February Middle East conflict. Management expects a return to 2025-level performance in 3Q/4Q2026.
📌 Recurring revenue mix strengthening. Technical Support Services grew to 22.1% of 1H2026 revenue from 17.3% in 1H2025, providing a more stable and recurring revenue base. Group gross profit margin remained resilient at 33.1% in Q2 2026, broadly stable versus 33.5% in Q1.
📌 Healthy orderbook with near-term execution. Orderbook stood at RM78.4m as at 17 August 2026, anchored by the RM26.5m Sungai Rasau water contract and the RM17m membrane filtration contract for a food processing company. Tender book exceeds RM500m across water, edible oil, sustainable fuel and mining, although project timing makes win-rate visibility difficult.
📌 Automation investments ramping up. Plasma welding system installation is expected by October 2026, while the CNC vertical lathe was installed in September and is undergoing testing and calibration. More meaningful cost and productivity benefits are expected from FY2027 as the new equipment reduces outsourcing costs and improves manufacturing efficiency.
💡 M+Global View
📌 PMI's 1H2026 softness appears cyclical rather than structural, mirroring management's experience during the Ukraine war when deferred projects subsequently returned and drove a recovery in hermetic filter sales. With recurring revenue growing, margins holding firm and a RM78.4m orderbook providing execution visibility, we view the underlying business as intact.
📌 Key catalysts include: (i) hermetic filter order recovery as deferred Middle East-related projects resume, (ii) progressive revenue recognition from the Sungai Rasau and food processing contracts, (iii) margin improvement as in-house automation reduces outsourcing dependency from FY2027, and (iv) growing ASEAN water treatment and SAF investment supporting longer-term project opportunities.
Research Team, M+ Global
15 Sep 2026
Following Pan Merchant Berhad's analyst briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Q2 recovery underway; profitability outlook intact. Q2 2026 revenue rose 55% QoQ to RM24.8m, with PBT recovering to +RM252k from -RM5.2m in Q1. 1H2026 revenue fell 28% YoY on softer hermetic filter sales in America and Europe, attributed to geopolitical-driven capex deferrals following the February Middle East conflict. Management expects a return to 2025-level performance in 3Q/4Q2026.
📌 Recurring revenue mix strengthening. Technical Support Services grew to 22.1% of 1H2026 revenue from 17.3% in 1H2025, providing a more stable and recurring revenue base. Group gross profit margin remained resilient at 33.1% in Q2 2026, broadly stable versus 33.5% in Q1.
📌 Healthy orderbook with near-term execution. Orderbook stood at RM78.4m as at 17 August 2026, anchored by the RM26.5m Sungai Rasau water contract and the RM17m membrane filtration contract for a food processing company. Tender book exceeds RM500m across water, edible oil, sustainable fuel and mining, although project timing makes win-rate visibility difficult.
📌 Automation investments ramping up. Plasma welding system installation is expected by October 2026, while the CNC vertical lathe was installed in September and is undergoing testing and calibration. More meaningful cost and productivity benefits are expected from FY2027 as the new equipment reduces outsourcing costs and improves manufacturing efficiency.
💡 M+Global View
📌 PMI's 1H2026 softness appears cyclical rather than structural, mirroring management's experience during the Ukraine war when deferred projects subsequently returned and drove a recovery in hermetic filter sales. With recurring revenue growing, margins holding firm and a RM78.4m orderbook providing execution visibility, we view the underlying business as intact.
📌 Key catalysts include: (i) hermetic filter order recovery as deferred Middle East-related projects resume, (ii) progressive revenue recognition from the Sungai Rasau and food processing contracts, (iii) margin improvement as in-house automation reduces outsourcing dependency from FY2027, and (iv) growing ASEAN water treatment and SAF investment supporting longer-term project opportunities.
Research Team, M+ Global
15 Sep 2026
M+Global Market Wrap - 15Sep26
FBM KLCI: 1,679.21 pts (-18.80pts, -1.11%)
The local bourse traded on a cautious tone today as heightened US Fed rate-hike expectations dented sentiment, with heavyweights like TENAGA (-32.0 sen) and PMETAL (-24.0 sen) dragged the index lower. Market breadth remained negative, with 780 losers outpacing 355 gainers. Sector wise, Energy (+0.79%) outperformed in view of the elevated oil price environment, while Industrial Products (-1.48%) lagged the most. IPO BFIELD debuted today, closing at RM0.46 compared to its IPO price of RM0.48.
Top 3 Active stocks:
ZETRIX (0138): RM0.255 (+1.0 sen)
BFIELD (0470): RM0.460 (-2.0 sen)
TOPGLOV (7113): RM0.810 (-2.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.60 (+50.0 sen)
MISC (3816): RM7.95 (+14.0 sen)
YINSON (7293): RM2.13 (+13.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM90.18 (-112.0 sen)
CARLSBG (2836): RM12.38 (-40.0 sen)
TENAGA (5347): RM13.32 (-32.0 sen)
Volume: 3.340bn
Value: RM3.258bn
Market Breadth: ⬆️355 ⬇️780
Crude Palm Oil: RM4,886 (+RM36, +0.74%)
Dow Futures: 52,139.10 pts (-282.2 pts, -0.54%)
__**Source: M+Global, Bloomberg**__
FBM KLCI: 1,679.21 pts (-18.80pts, -1.11%)
The local bourse traded on a cautious tone today as heightened US Fed rate-hike expectations dented sentiment, with heavyweights like TENAGA (-32.0 sen) and PMETAL (-24.0 sen) dragged the index lower. Market breadth remained negative, with 780 losers outpacing 355 gainers. Sector wise, Energy (+0.79%) outperformed in view of the elevated oil price environment, while Industrial Products (-1.48%) lagged the most. IPO BFIELD debuted today, closing at RM0.46 compared to its IPO price of RM0.48.
Top 3 Active stocks:
ZETRIX (0138): RM0.255 (+1.0 sen)
BFIELD (0470): RM0.460 (-2.0 sen)
TOPGLOV (7113): RM0.810 (-2.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM33.60 (+50.0 sen)
MISC (3816): RM7.95 (+14.0 sen)
YINSON (7293): RM2.13 (+13.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM90.18 (-112.0 sen)
CARLSBG (2836): RM12.38 (-40.0 sen)
TENAGA (5347): RM13.32 (-32.0 sen)
Volume: 3.340bn
Value: RM3.258bn
Market Breadth: ⬆️355 ⬇️780
Crude Palm Oil: RM4,886 (+RM36, +0.74%)
Dow Futures: 52,139.10 pts (-282.2 pts, -0.54%)
__**Source: M+Global, Bloomberg**__