BIMB SECURITIES

12 September 2025 02:55

*BIMB Securities - Result Review*

*HIBISCS*- OPP Lumut Visit Note

*Target Price: RM2.10 / BUY*

🛢️ We recently visited *Hibiscus’ Onshore Gas Processing Plant (OPP)* facility in *Lumut, Brunei*. We were briefed about planned projects to extend production life at *MLJ field* 🛠️🌍.

⚙️ *MLJ field* currently produces around *6,000–7,000 boepd*, which makes up *20–25%* of Hibiscus’ total production 📊.

✅ Maintain *Hibiscus as a BUY* with a *TP of RM2.10* 💹. Our BUY recommendation is premised on its growth strategy to boost production to *35k boepd* in *CY2026* (2QCY25: 25.4k boepd) 🚀, underpinned by:
(i) *North Sabah water flood project* 💧
(ii) *UK Teal West development project* 🇬🇧⚒️

This will help sustain its earnings despite lower oil prices 📉💼.


📌 Click the link below for more info:
https://drive.google.com/file/d/1fvpx0Y8aqM2-dJkndRnQjlVzQrgvs3lE/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

11 September 2025 02:41

*BIMB Securities - Sector Update*

*PLANTATION* - MPOB Aug 2025 a Firmer CPO Prices Amid High Stock Levels

*OVERWEIGHT*


🌴 *Aug 2025 Palm Oil (PO)* end-stocks rose to *2.20mn MT* (*+4.2% MoM*) as Aug production rebounded to *1.86mn MT* (*+2.3% MoM*) 🏭.

📉 Exports eased marginally to *1.32mn MT* in August (*-0.3% MoM*), likely due to cautious buying interest from key markets 🌍 and competitive Indonesian supply 🇮🇩.

📈 We raise our *2025 average CPO price* to *RM4,300/MT*, supported by:
i) Stable supply and demand dynamics ⚖️
ii) CPO discount against soybean oil 🫘
iii) Policy-driven demand from potentially higher 🇮🇩 *Indonesia’s biodiesel mandates* and 🇺🇸 *US EPA’s proposed greater biofuel blending requirements* ♻️
iv) A positive catalyst from the 🇪🇺 *EU’s acknowledgement of MSPO*, which can facilitate EUDR compliance ✅

🔼 *Upgrade to OVERWEIGHT* call on the sector, supported by favourable near to mid-term CPO prices 💵, limited downside risk 🔒, and undemanding valuations 📊.

🏆 *Our top picks* are:
- *Hap Seng* (BUY, TP: RM2.40)
- *Sarawak Oil Palm* (BUY, TP: RM3.75) 🌿


📌 Click the link below for more info:
https://drive.google.com/file/d/1atItu-2Hea-PsZW9XGUewPSEX0yhuv69/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

14 August 2025 03:21

*BIMB Securities - Sector Update*

*WATER* - Reclaimed Water in Johor - Strategic Necessity for Hyperscale DCs

🚰 On *11 August 2025*, *IWK* and *JSW* announced a partnership to supply up to *12 MLD* of reclaimed water to *BDC* and *Computility*, marking a landmark step in implementing the *Water Sector Transformation 2040 (WST 2040)* strategy 💧♻️

💸 The introduction of a dedicated *DC tariff band* of *RM5.30–RM5.38/m³*, with *Johor* setting theirs at *RM5.33/m³* under the *1 August 2025 water tariff reform*, establishes a monetisation benchmark for large-scale reclaimed water contracts 📊

📈 Driven by projections that *DC water demand in Johor* will surge from *20 MLD to 368 MLD by 2030*, the *IWK–JSW* reclaimed water initiative addresses a forecast *570 MLD* treated water supply shortfall, despite *RM6.8bn* in planned water infrastructure investments 🚧💦

✅ This positions reclaimed water as both a *strategic necessity* and *ESG-aligned solution* 🌱

🏗️ Scaling reclaimed water adoption will require substantial capital for *WRP upgrades, pipelines*, and *metering*, with the *BOT model* offering multi-year project flows for *contractors*, *pipe manufacturers*, and *engineering service providers* in high-growth industrial hubs such as *Johor* 🏭🔧📐

📌 Click the link below for more info:
https://drive.google.com/file/d/1bymJ4_Z47QWBH0_ZI6w4qRv0Kf0-T4iy/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

12 August 2025 03:07

*BIMB Securities - Sector Update*

*PLANTATION* - MPOB July 2025 - Stockpiles Continue to Build, Hitting 2.11mn Tonnes

*NEUTRAL*

🌴 July 2025 Palm Oil (PO) end-stocks rose to 2.11mn MT (+4.1% MoM) as MoM production rebounded to 1.81mn MT (+7.1% MoM) 📈.

📦 Exports increased to 1.31mn MT (+3.8% MoM), likely due to improved shipment to India 🇮🇳. However, overall export performance remained weak ❗ and insufficient to offset the higher supply.

📉 2H2025 price outlook: CPO is expected to trend softer in 3Q before staging a modest recovery in 4Q. We forecast CPO to trade within RM3,700/MT to RM4,300/MT, averaging around RM4,000/MT for 2H25 📊.

🔑 Key factors:
i) 🌾 Seasonal palm oil production peaks in 3Q
ii) 🌍 Rising global vegetable oil supply
iii) 💹 Narrower CPO price discount to soybean oil
iv) ⚙️ Widening palm oil–gas oil (POGO) spreads

📌 We reiterate a *NEUTRAL* call on the sector. Still, we favour upstream-focused players with attractive dividend yields 💰, such as *Hap Seng* (BUY, TP: RM2.40) and *Sarawak Plantation* (BUY, TP: RM2.83).


📌 Click the link below for more info:
https://drive.google.com/file/d/1UWN-f4cGXKs2HmJfumUukwKOXdS0V5oA/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

04 August 2025 03:17

*BIMB Securities - Company Update*

*AXREIT*- AXREIT's First Acquisition of 2025

*Target Price: RM2.17 / BUY*

🏢 Axis-REIT (AXREIT) has proposed acquiring a warehouse complex in Port Klang from TS Worldwide Warehousing for RM80mn 💰. The asset comprises single and one‑and‑a‑half‑storey warehouses 🏬 with an attached office 🖥️, situated on leasehold land under PN 123193, Lot 171738 in Telok Gong, Klang 📍.

📦 AXREIT will take ownership of 10.19 acres 🌳 subdivided from the original 16.03‑acre master title, together with all existing structures 🏗️. The acquisition strengthens Axis-REIT’s presence in Klang’s logistics corridor 🚛 and supports its strategy of growing a portfolio of prime, income‑accretive industrial properties 📈.

📌 Click the link below for more info:
https://drive.google.com/file/d/1PpmUq7bD1lAgkZOBXJrtvkZinIBhXlZa/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

04 August 2025 03:15

*BIMB Securities - Sector Update*

*WATER* - New Water Rates Rolled Out Nationwide

The government has implemented a new water tariff structure 💧📈 effective 1 August 2025, introducing higher rates for heavy users ⚠️ and a new category for data centres 🖥️, while safeguarding low-volume domestic users 🏠💙.

The hike is a key step toward structural reform 🏗️, yet domestic tariffs still fall short of covering average water treatment costs 💸💦, leaving room for future rationalization 🔄.

The sharpest tariff hikes 📊 were concentrated in middle-to-high domestic and non-domestic bands, especially in Terengganu, Kelantan, Johor, and Selangor 📍, while Perak and Labuan saw minimal changes ➖.

Higher tariffs improve long-term financial viability 📉➡️📈 for water concessionaires and benefit listed players with water infrastructure exposure like Gamuda 🏗️ and Taliworks 🚰, as well as pipe makers such as Engtex 🛠️ and Hiap Teck 🔧.


📌 Click the link below for more info:
https://drive.google.com/file/d/1Du44CherX-68iwsinY5xhKJ6l9Lz0TWv/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

01 August 2025 02:56

*BIMB Securities - Result Review*

*UNISEM*- Growth Undone by Domestic Inefficiencies

*Target Price: RM1.83 / SELL*

Unisem (M) Berhad (Unisem) delivered an encouraging feat 📈 amid a backdrop of global uncertainty 🌍, with its 2Q25 revenue rising to RM475mn, a 12% QoQ and 20% YoY expansion 🚀. This exceptional performance was buoyed by strong demand in the automotive 🚗 (+46% YoY) and industrial 🏭 (+41% YoY) segments.

However, the rally hit a speed bump ⚠️ on the bottom line. Core PATAMI tumbled to RM1.8mn 💸, no thanks to slower-than-expected production ramp-up at the Gopeng facility 🏗️, which delayed cost optimisation and offset the strong operational gains from Chengdu 🇨🇳.

These were compounded by higher depreciation 📉 from newly commissioned equipment 🛠️ and forex losses 💱. While cumulative 1H25 earnings fell short of street and our estimates 📊, only at 10% of the full-year forecast, management stayed committed to reward shareholders with a 2 sen dividend 💰, bringing YTD payouts to 4 sen 🎉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1uAkddti2TsoAr-KrwC2UZQ_z8sUmM-bL/view?usp=sharing


📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

31 July 2025 02:53

*BIMB Securities - Company Update*

*ZETRIX*- Limited Impact from the FWPS Concession End

*Target Price: RM1.54 / BUY*

🧠💼 *Zetrix AI Berhad (Zetrix)* has officially confirmed the end of its concession for *foreign worker permit renewal services (FWPS)*, which last extended in *July 2023*.

🔁 In its place, the government has granted a *6-year exclusive mandate* (Feb 2025–2031) to *Bestinet Sdn Bhd* to run the *Foreign Workers Centralised Management System (FWCMS)*.

🚫 However, this is *not a dead-end* for Zetrix. Despite the concession lapse, the company retains the green light to offer *immigration-related services* under other valid *government-linked agreements*.

🤝 Hence, through its strategic *Teaming Agreement with HeiTech Padu*, the lead contractor for the *National Integrated Immigration System (NIISe)*, Zetrix remains deeply embedded in the *digital immigration architecture*. This ensures *continuity of services* and future upside as *NIISe replaces legacy systems*.

📊 We maintain our *earnings forecast* as we believe the impact is *not material enough* to warrant revisions.

✅ Reiterate our *BUY* call, with an unchanged *target price of RM1.54*, based on a *5-year average forward PER of 14x* applied to *2025F EPS of 11.0 sen*.

📌 Click the link below for more info:
https://drive.google.com/file/d/12FYLFaCzGQuyf8FzHzeaM-aXT6oUpwQL/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

30 July 2025 02:55

*BIMB Securities - Result Review*

*BURSA*- Market Coasting Along, no Escaping Trump Just Yet

*Target Price: RM8.71 / BUY*

📉 *2Q25 results* came in *below expectations* on weaker revenues, and with a *soft Jul-25 outlook*, a sharp rebound in *2H25 appears unlikely*.

📊 Market volatility remains elevated on *Trump tariffs*, while *retail and foreign investor sentiment* is weak and not contributing positively.
🛒📉📉

✅ We *maintain BUY* but with a *lower TP of RM8.71* (from RM9.33), based on an unchanged *21.5x FY25 P/FCF*, in line with its long-term mean.

📌 Click the link below for more info:
https://drive.google.com/file/d/1OAZ2mfeTfd2W4iC8H4_takyq_tZmUp73/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

28 July 2025 02:49

*📰 Market Insight BIMB Securities*
*28 July 2025*

🇺🇸 The Dow added 0.47% to close at 44,901.92 while the S&P500 added 0.40% and the Nasdaq added 0.24% yesterday.

💸 *Flows:*
🎯Foreign: -RM136.5mn (Last Week: -RM89.9m)
🎯Local Institutional: +RM93mn (Last Week: -RM15.5mn)
🎯Local retailers: -RM43.5mn (Last Week: +RM105.4mn)

🤔 *Outlook:*
• Updates on TNB dispute with LHDN will likely lead trades in KLCI today with the *NEGATIVE bias*.
• External-drive, cautious sentiment is intact ahead of the upcoming FOMC in July 30, couoled with the economic data release (June PCE and July NFP).
• ⁠Support and resistance for the FBMKLCI at 1,500 – 1,480 and 1,590 – 1,600 respectively.


*💻 BIMB Securities Report Today*
*📊ESG : Thematic -* Advancing Diversity, Equity and Inclusion as a Pillar of ESG Performance

BIMB SECURITIES

22 July 2025 02:58

*BIMB Securities - Company Update*

*SUNCON*- Compliance Incident Involving a Project Manager

*Target Price: RM6.61 / BUY*

🕵️‍♂️ *SunCon* has confirmed that the *MACC probe* involves a *project manager* and constitutes an *isolated compliance lapse* ⚠️.

🤝 Management is *fully cooperating* with the MACC and extending all necessary support to facilitate a *thorough and impartial process* 📝🔍.

🔒 The company reiterated its *commitment to transparency*, citing strong compliance protocols including:
- ✅ *SIRIM audit*
- ✅ *Anti-Bribery Management System* compliance
- ✅ *Digital e-bidding* for subcontractor appointments 💻🏗️

📈 With *RM3.5bn* secured YTD and *RM15.9bn* in tenders, SunCon is on track to meet its *RM4.5–6.0bn FY25* replenishment target 📊🚧.

🏢 If SunCon secures another sizable *hyperscale DC contract*—which is highly likely given its strong track record in the DC segment—it would help alleviate concerns over potential impact on future tender prospects 📦💼.

💼 *Maintain BUY* with an *unchanged TP of RM6.61* 📌📈.

📌 Click the link below for more info:
https://drive.google.com/file/d/1JC6rwbhGrQ1_zaAynCxfhky7V_XBSKlO/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

21 July 2025 03:43

*BIMB Securities - Sector Update*

*Automotive* - Thematic: The EV Reckoning: Will Malaysia Enter the Price War?

*NUTRAL*

🚗 *BYD* has slashed the price of its 2025 *Atto 3 Ultra* by *RM44,000* to *RM123,800*, with a special launch offer of *RM118,800* for early buyers — placing it in direct price parity with *Proton’s Emas 7 Premium* (RM119,800). This move has reignited speculation of an impending *EV price war* ⚡💥.

📉 Meanwhile, *Malaysia’s EV policy* nears a critical inflection point, with *CBU tax exemptions* and *AP floor value* set to expire by end-2025 📆🚧.

📊 We model a scenario: a *liberalised regime* with extended exemptions, or a *controlled transition* with reintroduced duties — each with profound implications on *pricing* and *demand* 💡💸.

⚠️ While sector risks persist, we retain a *Neutral* stance on the *Automotive sector*. Despite all companies under our coverage offering *EV models*, we maintain a more favourable outlook on *Sime Darby* due to strong EV sales from *BYD* and *BMW* 🟰🔋🇲🇾.

📌 Click the link below for more info:
https://drive.google.com/file/d/1abcFBoFnEPOD4lXjU62kDBzBcnJu5ETf/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

17 July 2025 02:49

*BIMB Securities - Company Update*

*GAMUDA*- Gamuda secures Water Concession in Perak

*Target Price: RM6.05 / BUY*

🚰 Gamuda has been appointed to co-develop and operate the RM5bn Northern Perak Water Supply Scheme (NPWSS) with PKNPk via a 50:50 JV, targeting long-term water security for Northern Perak and Penang via a 40-year concession.

🏗️ The EPCC scope will be fully undertaken by Gamuda with estimated profit of RM500–600mn, to be progressively recognised from CY26 onwards.

💧 Beyond construction profit, the deal is structured to generate long-term recurring income streams driven by treated water sales to Kerian Integrated Green Industrial Park (KIGIP) and surplus supply to Penang.

🚆 On a separate note, the Penang Mutiara LRT civil works have commenced following receipt of Notice-to-Proceed from MRT Corp.
📈 We reiterate our BUY call on Gamuda with an unchanged SOP-derived TP of RM6.05.

📌 Click the link below for more info:
https://drive.google.com/file/d/1NwA9j-A1_h1FXhneKAUELaWk4gYyFmVp/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

14 July 2025 03:25

*BIMB Securities - Sector Update*

*Technology* - RMK13 -To light the Fire, But How Bright Can It Be?

*NUTRAL*

📊 *13th Malaysia Plan (RMK13)* is set for rollout in *2H25* – a defining moment for the government to act. The incoming *25% blanket U.S. tariff*, layered with the threat of *AI chip curbs*, are not just policy challenges – they are full-blown *strategic stress tests* for Malaysia’s tech ambitions.

🚀 RMK13 cannot be just another 5-year development blueprint. It must fire on all cylinders: 💵 *fiscal muscle*, 🛰️ *decisive geopolitical manoeuvring*, and a 🧠 *tech ecosystem* ready to punch above its weight.

🛡️ The focus must now shift to *shielding local firms*, 🔁 keeping the investment flywheel spinning, while also *building national demand*. We are on the *launchpad* of Malaysia’s most aggressive tech-led national strategy yet. *Time to double down*, not pull back.

⚠️ In the short term, *volatility* will dominate as markets digest tariff shocks and policy shifts. Hence, we maintain our *NEUTRAL* rating on the sector for the rest of the year.

💡 However, clarity on RMK13’s *fiscal rollout* and the *semiconductor-specific incentives* in 2H25 could serve as *re-rating catalysts* for 2026 onwards.

✅ Conviction names to ride the RMK13 wave:
• *Inari* (TP: RM2.23)
• *MPI* (TP: RM22.58)
• *Zetrix/MyEG* (TP: RM1.54)


📌 Click the link below for more info:
https://drive.google.com/file/d/1d9CTtG4IqAc98VfV0mDVft0neiR0SYjh/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

10 July 2025 03:20

*BIMB Securities - Sector Update*

*Automotive* - Thematic: Malaysia's EV Dream Faces a Potential Gridlock: Power Distribution as the Silent Bottleneck

*NUTRAL*

⚡🚗 Malaysia's push towards electric vehicle (EV) adoption is gaining momentum, supported by policy initiatives 📜 and changing consumer behaviour 👥. However, recent changes to electricity tariffs 🔌 have exposed a more critical bottleneck: the inadequacy of the nation’s power distribution infrastructure 🏗️.

⏰ EV users with smart meters charging during off-peak hours benefit most ✅. Even those on the standard tariff realise savings 💸. This underscores the growing relevance of smart metering and time-of-use (ToU) charging in household energy planning 🏠⚙️.

📉 EV users could enjoy lower charging costs through ToU optimisation, but the existing grid—particularly at the distribution level—may not be ready for mass electrification ⚠️🔋.

📊 Overall, we maintain a *NEUTRAL* call on the Automotive sector, with *HOLD* calls for *Sime Darby* (TP: RM1.76) and *MBMR* (TP: RM4.30). Despite all companies under our coverage offering EV models 🚘, we maintain a more favourable outlook on Sime Darby due to strong EV sales from *BYD* and *BMW* 📈.

📌 Click the link below for more info:
https://drive.google.com/file/d/17usbIa4QZbP0jC3hHE6kWdyiCw8GwgHZ/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

12 September 2025 02:55

*BIMB Securities - Result Review*

*BAUTO*- Earnings Collapse, Sharp Miss

*Target Price: RM0.54 / SELL*

🚗 *Bermaz Auto (BAuto)* posted 1QFY26 core net profit of *RM8.1mn* (📉 -88.7% YoY, 📉 -60.8% QoQ), a sharp miss versus both our and consensus expectations, catching the market off guard 😮.

📉 The earnings slump was driven by weaker *Mazda* and *Kia* volumes nearing end-cycle, margin compression 💸, and associate losses, partly offset by initial *XPeng* contributions ⚡🚘.

📊 Revenue fell *41.9% YoY* to *RM491.3mn*, pressured by aggressive pricing from Chinese EV entrants 🇨🇳🔌.

💰 The group has declared a *first interim dividend of 0.75 sen* for the quarter, translating to a yield of *1.1%* based on the current market price 📉💵.




📌 Click the link below for more info:
https://drive.google.com/file/d/1E4B1VD_QAOxZmC79vi6uGarrq4sTmQ7k/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

14 August 2025 03:22

*BIMB Securities - Company Update*

*IHH*- Acibadem Expands in Turkiye via Bayindir Acquisition

*Target Price: RM8.60 / BUY*

🏥 *IHH’s* majority-owned Turkish subsidiary, *Acibadem*, has signed a deal to acquire an *80% stake in Bayındır Hospitals* from *Is Bankası* for *USD55mn (~RM232.2mn)*, valuing the group’s three hospitals at *USD80mn* 💵📈

➕ Following completion, *Acibadem’s hospital network* in *Türkiye* will increase from *26 to 29 hospitals*, reinforcing its position as the country’s *largest private hospital operator* 🇹🇷🏨

🤝 *Is Bankası* will retain a *20% stake* and a *board seat*, ensuring local operational continuity and governance support 🧑‍⚖️📋

🌍 The acquisition aligns with *IHH’s broader expansion strategy* in key growth markets and enhances its *geographic reach*, *service offering*, and *long-term earnings potential* 🚀💼

✅ We maintain a *BUY* call with an *unchanged TP of RM8.60*. Our valuation is based on an *SOP approach* with a *WACC of 7%* for Parkway Pantai Limited and *11%* for Acibadem 📊📌


📌 Click the link below for more info:
https://drive.google.com/file/d/1QdH6E2paXxuRlBd8GD6LzdWLR2YjZAFS/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

14 August 2025 03:12

*BIMB Securities - Sector Update*

*WATER* - Reclaimed Water in Johor - Strategic Necessity for Hyperscale DCs

🚰 On *11 August 2025*, *IWK* and *JSW* announced a partnership to supply up to *12 MLD* of reclaimed water to *BDC* and *Computility*, marking a landmark step in implementing the *Water Sector Transformation 2040 (WST 2040)* strategy 💧♻️

💸 The introduction of a dedicated *DC tariff band* of *RM5.30–RM5.38/m³*, with *Johor* setting theirs at *RM5.33/m³* under the *1 August 2025 water tariff reform*, establishes a monetisation benchmark for large-scale reclaimed water contracts 📊

📈 Driven by projections that *DC water demand in Johor* will surge from *20 MLD to 368 MLD by 2030*, the *IWK–JSW* reclaimed water initiative addresses a forecast *570 MLD* treated water supply shortfall, despite *RM6.8bn* in planned water infrastructure investments 🚧💦

✅ This positions reclaimed water as both a *strategic necessity* and *ESG-aligned solution* 🌱

🏗️ Scaling reclaimed water adoption will require substantial capital for *WRP upgrades, pipelines*, and *metering*, with the *BOT model* offering multi-year project flows for *contractors*, *pipe manufacturers*, and *engineering service providers* in high-growth industrial hubs such as *Johor* 🏭🔧📐

📌 Click the link below for more info:
https://drive.google.com/file/d/1bymJ4_Z47QWBH0_ZI6w4qRv0Kf0-T4iy/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

06 August 2025 02:48

*BIMB Securities - Result Review*

*HARTA*- Competitive Pressures Threaten Recovery Outlook

*Target Price: RM1.05 / SELL*

🧤 Hartalega’s 1QFY26 core PATAMI of RM11.3mn fell below expectations, achieving only 7.7% of our estimate and 15.2% of consensus 📉. The shortfall was mainly due to lower-than-expected sales volume 📦 and margins 📉.

📊 1QFY26 revenue and PBT declined 9.6% QoQ and 18.8% QoQ, respectively, due to front-loading ahead of the US tariff in 4QFY25. During this period, sales volume was down 3.3% QoQ while utilization rate stood at 67% (vs 69% in 4QFY25) ⚙️.

📉 On a yearly comparison, revenue and PBT declined 5.3% and 65.2% respectively.

🔍 Management expects stronger demand in 2HCY25, especially from normalising healthcare consumption globally 🌍, continued restocking trends 📦, and geopolitical tensions (US-China) ⚔️ shifting some demand to Malaysian players 🇲🇾.

📌 Click the link below for more info:
https://drive.google.com/file/d/10J-SqD9B4xBrA5y-kih84_fgg6uXfQEz/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

04 August 2025 03:16

*BIMB Securities - Company Update*

*INARI*- Lighting The Way - Venturing into LED Business

*Target Price: RM2.23 / HOLD*

Inari Amertron Berhad (Inari) 🌟 is making its boldest move yet by teaming up with China’s LED player, Sanan Optoelectronics Co Ltd 🇨🇳 in a USD239mn (~RM1.03bn) acquisition 💰 of Lumileds Holding B.V., including 11 of its subsidiaries 🌐.

Structured through a Hong Kong-based SPV 🏢 (with 74.5% held by Sanan and 25.5% by Inari), the deal includes an additional USD41mn in working capital 💼, bringing total investment to USD280mn, with Inari’s share at USD71.4mn 📊.

This marks a seismic shift 🌍 in Inari’s strategic playbook, moving beyond its OSAT comfort zone 🔄 into the global LED arena 💡. Funded entirely from its 2021 private placement proceeds and backed by a rock-solid balance sheet (~RM2bn cash 💵, zero debt ❌💳), Inari is flexing its financial muscle 💪 without overleveraging.

The acquisition is expected to be completed by March 2026 📅. Thus, if Lumileds stays in the red 🔻, earnings decretion to Inari (potentially ~24%) will only be fully reflected from FY27F onwards 📉.

We are positive about the strategic direction 🚀 of this deal. But with the ink still drying 🖊️, we are keeping our numbers steady and staying grounded 🌱. We reiterate our HOLD call 🟡 with a target price of RM2.23 🎯, anchored on a 29x (–1SD below average of 3-year historical forward PER) implied to FY26F EPS of 7.7sen.


📌 Click the link below for more info:
https://drive.google.com/file/d/1Av3CzrQ-7UkvVi2A0kjIzRBOjjCY6qbW/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

04 August 2025 03:15

*BIMB Securities - Sector Update*

*CONSUMER* - 13MP: The Rise of tge Empowered Malaysian Consumer

*OVERWEIGHT*

The 13th Malaysia Plan (13MP) 📘 provides a supportive policy backdrop for consumer names under our coverage 🛍️, with targeted fiscal transfers 💸, progressive wage reforms 💼, tourism recovery ✈️🏝️, and food security agendas 🌾🥦 forming the cornerstone of demand uplift 📈.

We expect value-for-money retailers 🛒 and selected consumer staples 🥫 beneficiaries to demonstrate earnings resilience 💪 and potential of growth re-rating over the medium term 📊.

Key measures expected to benefit the consumer sector from the 13MP can be divided into three segments:
i) higher disposable income 💵
ii) robust tourism activities 🏨🚗
iii) food security and improved nutrition 🍽️🌿.

📌 Click the link below for more info:
https://drive.google.com/file/d/1IlunSP64Deu_F9G5_rVEOVoPZthvwzxS/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

31 July 2025 02:53

*BIMB Securities - Company Update*

*DIALOG*- Providing a dedicated storage tank for Petronas' new biorefinery plant

*Target Price: RM2.00 / BUY*

🛢️ *Dialog* announced that its *25%-owned JV company* has secured a *25-year contract* to supply a *dedicated storage tank* for the upcoming *Petronas-led biorefinery* in *Pengerang*.

📈 We estimate this project will boost its *storage capacity* by *5% to 5.5mn cbm* and provide *incremental earnings* by *2% p.a.* beginning *FY28*.

🚀 The stock price has appreciated by *more than 20%* since we initiated coverage on the stock. However, we still see *some upside* from current level.

✅ Maintain our *BUY* call on the stock with a *higher TP of RM2.00* (from RM1.94).


📌 Click the link below for more info:
https://drive.google.com/file/d/1b2sNKvY5KQn7gUt9crFYzL1Ns8mj2i0z/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

31 July 2025 02:42

*📰 Market Insight BIMB Securities*
*31 July 2025*

🇺🇸 The Dow declined 0.38% to close at 44,461.28 while the S&P500 declined 0.12% and the Nasdaq added 0.15% yesterday.

💸 *Flows:*
🎯Foreign:
-RM34.4m (vs -RM142m, D/D)

🎯Local Institutional:
-RM8.9m (vs +RM92m, D/D)

🎯Local retailers:
+RM43.3m (vs +RM50m D/D)

🤔 *Outlook:*
- The short-lived cheer in the US market last night was the mixed of easing monetary policy vs fear of slowing down in economy as Trump’s tariff is on the full throttle.

- ⁠Back home, we expect trades in KLCI largely on the sideline, need more clarity on the Trump’s tariff on M’sia post negotiation. Now, closer to 20% is most-welcome. Also, close watch for driven the 13MP detailes to out today.

• Support and resistance for the FBMKLCI at 1,500 – 1,480 and 1,590 – 1,600 respectively.

*💻 BIMB Securities Report Today*

*📊Global Economy* : Fed Keeps Interest Rates Unchanged

*📊Malaysia Economy :* Thematic - Gloomy Malaysia’s Exports Growth Outlook as Frontloading Losing Steam

BIMB SECURITIES

30 July 2025 02:54

*BIMB Securities - Ceasing Coverage*

*FGV*- FGV Delisting Confirmed

📢 The Federal Land Development Authority (FELDA) has triggered the *compulsory acquisition and delisting* process for *FGV Holdings Berhad* after securing a *91.73% equity interest* (equivalent to 3.35bn shares) as of 29th July 2025.

💰 The *unconditional voluntary offer at RM1.30/share* will *close at 5.00 p.m. on 15 August 2025*, with trading suspension expected *5 market days thereafter*. *(📄 Bursa Announcement)*

❌ FELDA has reaffirmed that it *does not intend to maintain FGV’s listing status* and will proceed with *delisting* pursuant to Paragraph 16.07 of the Main Market Listing Requirements and *Section 222 of the Capital Markets and Services Act (CMSA) 2007*, which governs compulsory acquisition procedures.

🔄 The move follows earlier strategic actions by FGV, including its *RM229.8mn acquisition of minority equity interests* in 8 subsidiaries previously held by Koperasi Permodalan Felda (KPF), a step aimed at *streamlining FGV’s corporate structure* ahead of full integration under FELDA’s ownership.


📌 Click the link below for more info:
https://drive.google.com/file/d/10g-Nqpm0vHuQ6XfVbMjFyV75djRU1U6-/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

24 July 2025 02:30

*📰 Market Insight BIMB Securities*
*24 July 2025*

🇺🇸 The Dow added 1.14% to close at 45,010.29 while the S&P500 added 0.78% and the Nasdaq added 0.43% yesterday.

💸 *Flows:*
🎯Foreign: +RM97.3mn (Previous: -RM20.99m)
🎯Local Institutional: -RM61.1mn (Previous: -RM7.25mn)
🎯Local retailers: -RM36.1mn (Previous: +RM28.24mn)

🤔 *Outlook:*
• Sentiment in the local markets is expected to stay modestly bullish
• *Consumer* space likely to extend its positive momentum post PMX announcement yesterday.
- ⁠Also, close watch on *infra (water) play in the near-term* ie: tariff hike , beneficiaries ie: *Ranhill, Engtex, Hiap Tek, Taliworks etc.*
- ⁠Macro, sentiment seems improving as more countries finalising US tariff deal ie: EU & Japan.
• *Technically speaking*, support and resistance for the FBMKLCI at 1,500 – 1,480 and 1,590 – 1,600 respectively.

BIMB SECURITIES

22 July 2025 02:57

*BIMB Securities - Sector Update*

*Automotive* - Muted June for Autos

*NEUTRAL*

📉 In *June 2025*, *Total Industry Volume (TIV)* contracted by *-19.4% MoM* to *54,832 units*, dragged by broad-based decline across *national (-25.3%)* and *non-national (-8.3%)* marques 🚗📉. The drop was attributed to *fewer working days* (19 days) and *temporary plant shutdowns* by key OEMs during the *Hari Raya Aidiladha* festive period 🕌📆.

⚡ *EV registrations* declined by *-21% MoM* to *3,272 units* in June 2025 (May: 4,152 units), dragged by decline across all brands. *BYD* led the market with *1,045 units*, followed by *Proton e.MAS7* with *604 units*, and *Tesla* with *587 units* 🔌📉. *EV penetration rate* improved slightly to *4.3%* 📈.

🟨 We maintain our *NEUTRAL* call on the *automotive sector*. While *seasonal demand*, *new launches*, and *national EV rollouts* may support sales 🚘, *affordability challenges* and *aggressive pricing* from Chinese OEMs continue to pressure *margins* and *sentiment* 💸⚠️.

🏷️ We maintain:
- *HOLD* on Sime Darby (TP: RM1.76) 🤝
- *HOLD* on MBMR (TP: RM4.30) 🚗
- *SELL* on BAuto (TP: RM0.65) ⛔

📌 Click the link below for more info:
https://drive.google.com/file/d/1Gqmdh_7PmiigVk1LlXQm_k6X3NBO5cH4/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

18 July 2025 02:31

*BIMB Securities - Company Update*

*NEXG*- Extension for Supply of Passport Chips

*Target Price: RM0.45 / HOLD*

📰 *NexG Berhad (NexG)* has received and accepted another *Letter of Extension (LOE)* from the Ministry of Home Affairs, for the supply of the 🇲🇾 *Malaysian passport chips* to the Immigration Department of Malaysia, effective from *1st Dec 2025 to 31st May 2026*.

📊 We *maintain our earnings forecast* as the LOE was anticipated in our base case.

✅ *Reiterate our HOLD* call, with an unchanged *target price of RM0.45*, based on *18x PER* (+1SD above 3-year forward PER) applied to fully diluted *FY26F EPS of 2.5sen*.

📌 Click the link below for more info:
https://drive.google.com/file/d/1YoqXW55DPSbv8mYwYXL3yqwcH_wycuhF/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

16 July 2025 02:43

*📰 Market Insight BIMB Securities*
*16 July 2025*

🇺🇸 The Dow decreased 0.98% to close at 44,022.89 while the S&P500 decreased 0.40% and the Nasdaq increased 0.18% yesterday.

💸 *Flows:*
🎯Foreign: -RM88.3mn (Previous: +RM1.2m)
🎯Local Institutional: +RM31.1mn (Previous: -RM9.9mn)
🎯Local retailers: +RM57.2mn (Previous: +RM8.7mn)

🤔 *Outlook:*
- The FBMKLCI may seek potential refuge or glimpse of hope from lower US tariff on Indonesia
- Furtermore, China’s *stronger-than-expected* economic data (2Q GDP +5.2%) should cushion any negative development / volatility in the US tariff
- Support and resistance for the FBMKLCI at 1,500 – 1,480 and 1,590 – 1,600 respectively.

*💻 BIMB Securities Report Today*

*📊China Economy:* China’s Economy Stays on Course, But Underlying Activity Signals Caution

*📊US Economy:* US Inflation Heats Up in June

BIMB SECURITIES

14 July 2025 03:24

*BIMB Securities - Company Update*

*AXIATA*- Catalysed by Asset Monetisation

*Target Price: RM3.00 / BUY*

📡 *Axiata* is looking for suitors for its stake in *Edotco*. Several media have reported that Edotco could be valued at *USD3.5bn* including its debt.
💰 The proceeds from disposal will be channeled towards *debt repayment*. This is timely as the company may redeem its long-dated USD bond at a *great discount*.
📈 Despite the recent *stock price rally* by >20%, we still see some upside.
✅ Maintain a *BUY* call on Axiata with higher *TP of RM3.00*.

📌 Click the link below for more info:
https://drive.google.com/file/d/1AuXrO_u1rNQYgRjxnmgvzI4FBEJbcF2f/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

10 July 2025 03:20

*BIMB Securities*

*LBS*- All Eyes on 2H to Turn the Corner

*NOT RATED*

🏘️ *LBS Bina*, a diversified Malaysian property developer, delivers stable cash flows from affordable and mid-range housing 💰 while expanding into high-margin industrial projects 🏭.

📉 *Q1 FY2025* revenue was *RM329mn* (-2.7% YoY), with *PBT* dropping *7.5% YoY* to *RM50.6mn*, driven by progress billings despite project completions 🧾📊.

🌇 Supported by a *3,793-acre landbank* (RM32bn GDV) and a *RM1.6–2.0bn* 2H25 launch pipeline 🚀, we see a fair value range of *RM0.53–RM0.93* 💸.
⚠️ Execution and cost pressures remain key risks 🏗️📉.


📌 Click the link below for more info:
https://drive.google.com/file/d/1fIqKHGkLeyWnNSvFwvAibWtZrSWHKILp/view?usp=sharing

📞 If you need further assistance, you can reach us via Whatsapp at +60192066296

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd