BIMB SECURITIES

27 November 2025 03:00

*BIMB Securities - Result Review*

*KERJAYA* - Above Expectations

*Target Price: RM2.73 / HOLD*

Kerjaya Prospek Group Berhad (KPGB) 🏗️ delivered a *solid* set of 3QFY25 results 📊, with *core net profit* rising to *RM77.9mn* 💰 (*+39.3% QoQ*, *+64.3% YoY*) after adjusting for the *RM20.5mn ECL provisions* under MFRS 9 📉.

The strong performance was supported by:
✅ Firmer *progress billings* 🧾
✅ Better contributions from the *property development* segment 🏡

For 9MFY25, *core net profit* rose *52.4% YoY* to *RM179.9mn* 🚀, tracking ahead of expectations at:
🔹 ~81.5% of our forecast 📈
🔹 ~88.7% of consensus 📊
…driven by a *lower-than-expected effective tax rate* 🧾

The group declared a *3rd interim dividend* of *3.0 sen* 💵, bringing YTD payout to *9.0 sen* 💰 (vs. 12.0 sen in 9MFY24, which included a 4.0 sen special dividend 🎁).

We maintain our expectation of a *12.0 sen full-year dividend* 💸, implying a yield of ~*4.3%* 📉 based on the last closing price 💹.


📌 Click the link below for more info:
https://drive.google.com/file/d/14Tmmtidda5xydgF4mR8kWKVFDgJc2mf3/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

27 November 2025 02:58

*BIMB Securities - Result Review*

*TIMECOM* - Special Dividend a Pleasaant Surprise

*Target Price: RM5.60 / BUY*

TIME’s 9M25 core net profit of RM378mn 📈 (+17.7% YoY) was *above* our estimate at 86% ✅ but within consensus at 79% 📊. The deviation stemmed from unexpected *margin expansion* 💹 due to disciplined cost management 💼✂️.

In 3Q25:
- Revenue grew 7% YoY to RM454mn 💵
- Consumer subscribers rose 8% YoY to 505k 👥📶
- Network expansion continued with premises passed exceeding 2mn 🏢📡
- ARPU remained stable at RM117 💳

EBITDA margin expanded to *45.5%* 💪 and core PATAMI jumped RM27mn or *+23% QoQ* to RM143mn 💹, aided by a lower effective tax rate of 19.1% 📉 due to a prior year tax adjustment of RM18.8mn 🧾.

The company declared a *special dividend* of RM400mn 💰 (21.64 sen/share) 🎉, reflecting strong cash reserves of RM662mn 💼 as at end-3Q25, and signalling a more *aggressive capital strategy* ⚙️📈 with potential borrowings to fund capex and enhance competitiveness 🚀.

📌 Click the link below for more info:
https://drive.google.com/file/d/18sKAaKtzZxvV0Z1j5op6VRiSSeiM5x-z/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

26 November 2025 02:05

*BIMB Securities - Result Review*

*KAWAN* - Earnings Hit by Export Weakness

*Target Price: RM1.07 / HOLD*

Kawan Food (KFB) 🥟📉 reported 9MFY25 core earnings of RM1.6 mn, which made up only 49% of our in-house forecast ⚠️ and marked a 35.5% YoY decline (3Q24: RM1.0 mn) ⬇️.

The drop was largely due to weaker export demand 🌍📉, which plunged 50% YoY to RM28mn (3Q24: RM55mn). Revenue fell 29.1% YoY 📉, driven by sharp contractions across key export markets:
- Europe 🇪🇺: -52.1% YoY
- Oceania 🌏: -29.2% YoY
- North America 🇺🇸: -62.3% YoY

On a QoQ basis, core earnings declined 60% to RM2.0mn (from RM5.0mn in 2Q25) 💸, impacted by higher selling & distribution costs (+36% QoQ) 📦🚚 and administrative expenses (+44% QoQ) 🧾📈.

Overall, the results reflect near-term pressure from export challenges 🌐🛑 amid rising operating costs 📊⚠️.

📌 Click the link below for more info:
https://drive.google.com/file/d/1gqGhuXCUPUpIYpNuDBnfOGUBAFG8XszE/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

26 November 2025 02:03

*BIMB Securities - Result Review*

*T7GLOBAL* - Boosted by MCM and well Decom Activities

*Target Price: RM0.40 / BUY*

T7 Global (T7) 🛢️📊 9MFY25 PATAMI of RM33.9mn (+15.1% YoY) fell short of our estimate at 56% 📉 but exceeded consensus’ at 100% ✅.

Nevertheless, T7 earnings remain on a growth trajectory 📈, rising 29% YoY to RM18.3mn in 3Q25 🚀, mainly driven by higher revenue from offshore maintenance, construction and modification (MCM) contracts 🏗️ as well as well decommissioning activities 🛠️.

O&G revenue surged 124% YoY to RM173.4mn 💰 while the segment result jumped to RM41mn 💹.

The strong O&G performance was slightly offset by a weaker industrial segment 🏭, where revenue contracted 57% to RM42.6mn 📉 and bottom line unexpectedly slipped into a RM1.2mn loss 🔻.

📌 Click the link below for more info:
https://drive.google.com/file/d/1NQmiNXW1GgCGH6AybkU8Sa1bPb_OfCk5/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 November 2025 03:45

*BIMB Securities - Result Review*

*SLVEST* - Order Book Targets Raised to RM2bn

*UNDER REVIEW*

*Strong 1H Earnings Momentum 🚀*
Solarvest delivered another set of robust results 💼, with 1HFY26 PATAMI rising *103.5% YoY* 📈 to *RM34.6mn*, driven by accelerated billings from utility-scale solar projects ☀️ under the *Corporate Green Power Programme (CGPP)* ⚡ and stronger margins from projects nearing completion 🏗️.

1HFY26 earnings account for *46%* of both our and consensus full-year forecasts 📊, which we deem broadly in line with expectations ✅.

2QFY26 PATAMI increased *103% YoY* 📈 and *17.6% QoQ* 📊, supported by sequential billings growth (*+23.1% QoQ*) 📈, improved operating leverage ⚙️ and healthy contribution from *commercial & industrial (C&I)* installations 🏢🏭.

No dividend was declared 🚫💸.

📌 Click the link below for more info:
https://drive.google.com/file/d/1TsBiDVR8wacFZzBh2FHy7PwcjskVJHNj/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 November 2025 03:44

*BIMB Securities - Result Review*

*SUNCON* - Solid 3Q Delivery Driven by Margin Expansion

*Target Price: RM6.86 / BUY*

SunCon 🏗️ 3QFY25 core profit rose to RM94.5mn 📈 (+0.5% QoQ, +1% YoY), bringing 9MFY25 core earnings to RM271.0mn 💰, already well above FY24’s full-year profit ✅.

The outperformance is driven by accelerated progress across multiple hyperscale data-centre (DC) projects 🖥️🏢 and sustained momentum in Sunway in-house developments 🏘️.

Results came in ahead of expectations 🚀, accounting for 85.0% of both our and consensus FY25 forecasts 📊, driven by stronger-than-anticipated progress on key DC packages ⚙️ and a further uplift in group-wide margins 📈.


📌 Click the link below for more info:
https://drive.google.com/file/d/1ytej0BTWO4cnRaG2L5JlnA6kvwfMgkoo/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 November 2025 03:42

*BIMB Securities - Result Review*

*DAYANG* - Offshore Activities Remain Subdued

*Target Price: RM1.53 / HOLD*

Dayang Enterprise’s (Dayang) 🛠️ 9M25 core PATAMI of RM126.1mn (-50.2% YoY) made up 93% ✅ and 72% 📉 of our and consensus estimate respectively. We deem the result as within our estimate, as management is expecting minimal offshore activities 🌊 for MCM contract in 4Q25 due to monsoon season 🌧️.

3Q25 revenue declined 31.8% YoY ⬇️ to RM305.8mn (3Q24: RM448.5mn) mainly dragged by falling TMS segment revenue by 45% YoY 📉 to RM143mn (3Q24: RM261mn) due to less topside maintenance work orders 🧰 received from oil majors (see Table 2).

Core PATAMI declined 30% YoY 📉 to RM59.8mn in tandem with weaker revenue. Core PATAMI was arrived after excluding net reversal of impairment loss on receivables 💸 amounting to RM10.2mn from headline PATAMI of RM70mn.

In the marine segment 🚢, revenue increased slightly by 2% 📈 to RM163mn mainly due to stronger revenue from catering services 🍽️ that rose to RM29.4mn (3QFY24: RM18.4mn). This has more than offset the impact of weaker vessel utilisation rate of 80% ⚓ (3QFY24: 86%).


📌 Click the link below for more info:
https://drive.google.com/file/d/1Qg-IMf-D5l7PCFFeue8BQhm0Kk735FGD/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

20 November 2025 02:17

*BIMB Securities - Non-Rated*

*AQUAWALK* - Dive into Growth

Aquawalk 🐠 is Malaysia’s largest aquarium operator 🇲🇾, combining unique attractions 🎡, high-entry barriers 🚧, and expert-led operations 👩‍🔬👨‍🔬 to capture ASEAN tourism growth ✈️🌏.

FY24 revenue rose 8.9% 📈 to RM104.3mn with PAT up 34.9% 🚀, driven by robust ticketing sales 🎟️, while a 30% dividend payout 💸 is planned from FY2025.

The Malaysian aquarium market is rebounding 📊 with an 8.2% CAGR, supported by planned upgrades 🔧 at Aquaria KLCC 🏙️ and Aquaria Phuket 🏖️ to enhance visitor experience 🌟.

Aquawalk’s FY24 dividend of RM84.5m 💵 (DPS: 4.6 sen; 185% payout 🎯) was likely a one-off. From FY25, the Group adopts a 30% dividend policy 📑, implying a sustainable DPS of c.0.7 sen (DY: 2.4%) based on FY25F earnings 📉.

We set a fair value of RM0.32 💰 for Aquawalk Group Berhad, based on a FY26F EPS of 2.7 sen and applying 12x P/E 📐.

📌 Click the link below for more info:
https://drive.google.com/file/d/1FiDbePVQ8d6Ps9k4DZMl6f3eLbTmkfmD/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

20 November 2025 02:15

*BIMB Securities - Result Review*

*TSH* - 9MFY25 Results Lifted by Higher Production and ASP

*Target Price: RM1.48 / HOLD*

TSH Resources Bhd (TSH) 🌴📈 9MFY25 core PATAMI of RM147.8mn came in above both our and consensus full-year forecasts, accounting for 93% and 91%, respectively ✅📊. The positive deviation from our forecast was mainly driven by lower-than-expected production cost and finance cost 💸⬇️.

For 9MFY25, revenue and core PATAMI rose by 11% and 128% YoY 🚀📈, supported by stronger contributions from the Palm Products segment 🌴💼. Additionally, lower operational, corporate, and finance costs also lifted margins to 18.3% (+9.4ppts YoY) 💹.

TSH’s 3QFY25 revenue and core PATAMI increased to RM263.7mn (+14% YoY) and RM52.4mn (+100% YoY) 📈💰, driven primarily by the Palm Products division, which benefited from higher sales volumes (CPO: +14%; PK: +5%) and improved realised ASPs (CPO: RM3,765/MT, +2.2% YoY; PK: RM3,138/MT, +26% YoY) 📦📉, along with lower operating costs, likely due to reduced maintenance and fertiliser expenses 🔧🧪.

On a QoQ basis, revenue dipped slightly by 2% due to lower production ⬇️🏭, while core PATAMI rose by 16% QoQ, supported by stronger profit contribution from its associate 🤝📈.

📌 Click the link below for more info:
https://drive.google.com/file/d/1AJfOxCyUrEVlPphG3movijimL68kwL80/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 November 2025 02:31

*BIMB Securities - Ceasing Coverage*

*HEXTAR* - Ceasing Coverage

*NON-RATED*

📊 *Hextar Global Berhad (HGB)* reported *9MFY25 core PATAMI of RM42.3mn*, which came in within our in-house forecast, accounting for *72%* of our full-year earnings estimate.

📈 On a *quarterly basis*, 9MFY25:
🔹 *Revenue* rose by *31%*
🔹 *PBT* rose by *39%*
✅ Driven by stronger contributions from the *Fruits* and *Specialty Chemicals* segments.

📉 However, on a *yearly basis*:
🔸 *Revenue* declined by *8%*
🔸 *PBT* declined by *9%*
😕 Mainly dragged by weaker performance from the *Fruits* segment, which impacted group earnings.

📌 We have revised our recommendation for HGB from *HOLD to Not-Rated*, as part of an internal restructuring of our stock coverage.

📌 Click the link below for more info:
https://drive.google.com/file/d/1Lq6WlMfdNgmKPhWfciQJ5BoyFTC5LFce/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 November 2025 02:30

*BIMB Securities - Result Review*

*CDB* - Affected by One-off Costs Impact

*Target Price: RM3.80 / HOLD*

📉 CelcomDigi (CDB) net profit declined 20% QoQ and YoY to RM350mn, mainly dragged by one-off cost adjustments amounting to RM72mn, including accounting provisions for:
(i) doubtful debts,
(ii) double recording of device rebates, and
(iii) certain staff cost payments.

🧾 Excluding these, core net profit would have been flattish at RM420mn (-4.5% YoY). Overall, CDB’s 9M25 net profit stood at RM1,177mn (-4.1% YoY), which is within our estimate at 73% but below consensus at 68%.

💸 Revenue declined slightly by 1.7% QoQ and 0.1% YoY to RM3.12bn, mainly due to lower device sales.
📶 Service revenue remained healthy, up 1.3% QoQ and 1.5% YoY to RM2.73bn, supported by Postpaid and Home & Fibre segments.

💰 The group declared a 3rd interim DPS of 3.6 sen, bringing 9M25 cumulative DPS to 11.1 sen (9M24: 10.6 sen), implying a payout ratio of 110%.
📊 We project full-year DPS of 14.5 sen (~4% yield).

📌 Click the link below for more info:
https://drive.google.com/file/d/1ScDj2SbFq4ZH4Rfd4aAG16NnbhE_YI6n/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 November 2025 02:02

*BIMB Securities - Company Update*

*KERJAYA*- Secures RM197.7mn Contracts

*Target Price: RM2.59 / HOLD*

🏗️ *KPGB* has secured two new contracts worth a combined *RM197.7mn*, comprising a *RM100.2mn serviced apartment project* in *Shah Alam* 🏢 and a *RM97.5mn canal bridge package* 🌉 at *Andaman Island* from related parties.

📈 Following these wins, the group’s *FY25 year-to-date job awards* have reached *RM1.16bn*, equivalent to *72%* of its *RM1.6bn* replenishment target, expanding the *order book to RM3.7bn* 📚 and providing strong *earnings visibility* over the next three years 🔍.

⚠️ However, we *downgrade our recommendation to HOLD* (from BUY), as the stock now trades at *15.1x FY26F P/E* — around *+1.0SD above its 10-year historical mean* and a *premium to peers (~14x)*. We believe current valuations have largely *priced in its near-term upside* 💹.

📌 Click the link below for more info:
https://drive.google.com/file/d/1WDiuXX8lMkcqvwL5W5tI-wSr4SR24zJ4/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 November 2025 01:40

*BIMB Securities - Company Update*

*MAHSING*- Fourth Land Deal of the year

*Target Price: RM1.89 / BUY*

📢 Mah Sing announces that on 10 November 2025, Enchanting View Development Sdn Bhd, a wholly owned subsidiary of Mah Sing, entered into a Sale and Purchase Agreement (SPA) with Penang Development Corporation (PDC) for the acquisition of 2.83 acres of leasehold land in Bandar George Town, Daerah Timor Laut, Penang. 🏙️ The purchase consideration is RM51,804,322.42. 💰

🏗️ The new project, to be named *M Cora*, is a mixed development of condominiums and commercial suites in Penang, with a preliminary GDV of RM528.0mn, subject to authorities’ approval. 🏢🏘️

📈 We are optimistic about the acquisition following a strong market response to the most recent launches, *M Zenni* in Southbay, Penang. Post-acquisition, remaining GDV and unbilled sales will increase to RM32.90bn, and the landbank will expand to 2,557 acres. 🌱

✅ We maintain a *BUY* call on Mah Sing, with revised RNAV-derived TP of *RM1.89* (from RM1.87) based on a 35% discount. We continue to favour Mah Sing for its strong fundamentals and active land acquisitions, which enhance sustainable long-term earnings visibility. 📊🌟


📌 Click the link below for more info:
https://drive.google.com/file/d/1_t-18-FjigG1RHC83j5cwDZlWNzR4eYb/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 November 2025 02:19

*BIMB Securities - Company Update*

*MHB*- Striving to Retain Tenne T Fabrication Scope

*Target Price: RM0.94 / BUY*

Yesterday we met with 👨‍💼 Encik Mohammad Romzi Bin Shafi'e, CFO of MMHE to obtain an update on the TenneT offshore substation (OSS) project ⚓ following recent news that 🇮🇳 India's L&T replaces Petrofac as main contractor on TenneT offshore grid programme.

Overall, management remains optimistic 😊 on retaining its fabrication scope 🏗️ for the TenneT OSS project as relocating fabrication elsewhere would likely be time-consuming ⏳ and costly 💸.

No changes to earnings forecast 📊 as we assume a status quo to MMHE’s role as fabricator 🛠️ for the project.

The stock price 📈 has shown an encouraging performance recovery momentum after a prolonged downtrend 📉, with the recent rebound indicating renewed investor confidence 💼. Reiterate our BUY 🛒 call on MMHE with an unchanged SOP-derived TP of RM0.94.

📌 Click the link below for more info:
https://drive.google.com/file/d/126ywwcMs9FFGL2D95nLd4qx09V_C9Do7/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

29 October 2025 02:03

*BIMB Securities - Company Update*

*MAHSING*- CA2 Exclusivity Period Ends

*Target Price: RM1.87 / BUY*

🤝 The *collaboration agreement* between *Mah Sing* and *Bridge Data Centres (BDC)* for a *200MW data centre* has *lapsed* after the *exclusivity period ended* ⏳🏢.

🏗️ Mah Sing will now consider *joint ventures*, *build-to-lease arrangements*, or an *outright land sale* with interested operators 🏬💼.

✅ We *maintain our BUY rating* on *Mah Sing* but *reduce our target price* to *RM1.87* (from RM2.19) after incorporating the data-centre land into *RNAV*, applying a *35% discount*, and switching our valuation method from *SOP to RNAV* 📉📊.

📌 Click the link below for more info:
https://drive.google.com/file/d/1o62yopu_2cR5FFiGhKoo522vvqv7OzRI/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

27 November 2025 02:59

*BIMB Securities - Result Review*

*GBGAQRS* - Liquidity Improves, Sales Catalysts Lining Up

*Target Price: RM0.32 / BUY*

AQRS delivered a firmer set of 1QFY26 results 📊, posting a reported PATMI of RM0.4mn 💼, a reversal from the loss in 1QFY25 🔄.

Excluding RM2.7mn in LAD from the property division 🏘️, *core PATMI* stood at *RM3.1mn* 💰, representing approx. *18.8%* of our FY26F forecast 📈 and *15.7%* of consensus 📉.

We deem the results to be *within expectations* ✅, with *stronger quarters ahead* 🚀 as earnings accelerate in tandem with the *monetisation of The Peak* 🏙️, which is approaching vacant possession 🗝️.

*Liquidity* also improved meaningfully 💧💵 on the back of:
- VP collections at *E’Island* 🏠
- Release of *LRT3 retention sums* 🚆💰.


📌 Click the link below for more info:
https://drive.google.com/file/d/1CxNZRqMj-FoFjMI8dfi9hLQ3X_MMAwXG/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

27 November 2025 02:57

*BIMB Securities - Result Review*

*MBSB* - Another Miss, but Operations Delivery is Tracking the Plan

*Target Price: RM0.81 / BUY*

3Q25 core PATAMI of RM95.6mn 📉 (-0.4% QoQ) was below expectations ⚠️ as large corporate facilities—previously announced—have yet to be drawn down 🏦📄. These are scheduled to be booked in 4Q25 📅.

Operationally, progress is encouraging ✅:
- CASA is improving 💰📈
- Loan growth is trending in the right direction 🏦📊
- Credit costs continue to normalise ⚖️✅

9M25 PATAMI of RM275.8mn represents ~58% of our FY25 forecast 📉📊.

We reiterate *BUY* ✅ with an unchanged TP of RM0.82 💵, based on 0.6x forward P/BV— a 30% discount to peers 💼📉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1dZRI3tje8JS6AK_89gaN1l0P7IrFOCeY/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

26 November 2025 02:04

*BIMB Securities - Result Review*

*SOP* - Steady Earnings Supported by Higher ASP

*Target Price: RM4.00 / HOLD*

Sarawak Oil Palms (SOP) 🌴💼 9MFY25's core PATAMI of RM312.2mn was in line with both our 📊 and consensus expectations ✅, accounting for 70% and 72% respectively.

The +6.7% YoY increase in core PATAMI 📈 was mainly driven by higher realised ASPs 💰. In 3QFY25, core PATAMI eased slightly by -0.4% YoY to RM106.3mn 😌, mainly due to lower palm production 🌾, partially cushioned by stronger realised ASPs and a lower tax rate 📉.

On a QoQ basis, both revenue and core PATAMI rose by +2.2% and +22.1% respectively 🚀, thanks to higher CPO production (92,881 MT, +2% QoQ) ⚙️ and stronger CPO realised ASP (RM4,440/MT, +4% QoQ) 📈, which helped offset the slightly weaker PK realised ASP (RM3,882, -1.8% QoQ) 📉.

Coupled with lower production costs 🏭, profit margin improved to 8% (+1.3ppts QoQ) 💵.

📌 Click the link below for more info:
https://drive.google.com/file/d/1o_BRu7w42Oo7SoW3mUba2trwRlEWbhZT/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

25 November 2025 11:19

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BIMB SECURITIES

21 November 2025 03:44

*BIMB Securities - Result Review*

*SIMEPROP* - Unbilled Sales Set New Record

*Target Price: RM1.79 / BUY*

9M FY25 core net profit was RM444.8mn 💰, up 4.9% YoY 📈 and in line with expectations ✅, representing 78.5% of our FY forecast 📊 and 80% of consensus 🧾.

The improvement was driven by stronger contribution from the investment and asset management segment 🏢 and narrower losses from joint ventures 🤝 and the leisure arm 🎢.

9M revenue was RM3.1bn 💼, down 3.9% YoY 🔽, attributable to a 5.1% decline in property development revenue 🏗️.

In 3Q FY25, revenue rose to RM1.2bn, +11.0% YoY 📈, while core net profit jumped to RM186.7mn, +40.7% YoY 🚀, led by accelerated construction progress and revenue recognition at industrial and high-rise projects in Bandar Bukit Raja 🏭, Serenia City 🌇, Hamilton City 🏙️ and KLGCC ⛳.

QoQ, revenue increased 14.1% 📊 and core net profit climbed 31.0% 📈, supported by a 14.7% QoQ lift in investment and asset management revenue 💼, offset by a 4.3% QoQ easing in leisure revenue 🎠 which widened the segment loss 📉.


📌 Click the link below for more info:
https://drive.google.com/file/d/1q4wYdnCMW_ydEi_0DDwhULGfuKIJJ-rH/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 November 2025 03:43

*BIMB Securities - Result Review*

*MPI* - Entering FY26 with Renewed Strength

*Target Price: RM33.14 / HOLD*

Malaysian Pacific Industries (MPI) 🏭 started off FY26 with a much firmer footing, delivering a strong set of 1QFY26 earnings 💪. Revenue jumped 13% QoQ 📈 and 23% YoY 🚀 to RM635mn, reflecting a broad-based recovery across key end markets 🌐.

All operating regions posted sequential gains, supported by inventory replenishment 📦 and higher industrial 🏗️ and power-related ⚡ semiconductor demand. Asia, the U.S., and Europe recorded QoQ sales growth of 16%/10%/8% 🌏🇺🇸🇪🇺 and YoY growth of 30%/23%/11% respectively.

Core PATAMI also strengthened to RM53mn (+44% QoQ, +37% YoY) 💰, running ahead of expectations ✅ (32% of ours, 29% of consensus), as gross margins snapped back on better product mix 🧪.

The group declared a first interim dividend 💵 of 10 sen per share (1QFY25: 10 sen) 📊.


📌 Click the link below for more info:
https://drive.google.com/file/d/1Yd_gtj5mxqpd6tfWisGB8NigXShgRpP9/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 November 2025 03:41

*BIMB Securities - Result Review*

*VELESTO* - Registered a Steady Profit

*Target Price: RM0.27 / BUY*

Velesto Energy (Velesto) 📉 9MFY25 core profit of RM125mn (-18% YoY) made up 81% and 75% of our and consensus’ estimate respectively. Overall, we deem the result as largely in line ✅ with our estimate in view of easing dayrate 📊 and stronger ringgit 💵.

The weaker 9M25 result was due to lower utilisation rate (UR) of 68% 📉 (9M24: 88%) which was partially offset by higher dayrate of USD120k/day 💰 (9M24: USD111k/day).

On quarterly basis, 3Q25 PATAMI was flat at RM50mn ⚖️ despite higher UR of 81% 🔼 (2Q25: 57%). This was mainly due to one-off gain from reversal of cost provision made in 2Q25.

Meanwhile, DCR has tapered further to USD111k 📉 from USD123k/day in 2Q25 (see Chart 1) in tandem with market trend 📉📉.


📌 Click the link below for more info:
https://drive.google.com/file/d/1NBJhTexIaNpcF2DOnLmOpu6sxWrB60NP/view?usp=sharing


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

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Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

20 November 2025 02:16

*BIMB Securities - Result Review*

*HAPSENG* - Within Expectation

*Target Price: RM2.50 / BUY*

Hap Seng Plantations (HAPL) 🌴📉 9MFY25’s core PATAMI of RM98.2mn came in within our full-year expectation at 74% ✅ but slightly below consensus at 68% ⚠️. Both 9MFY25 revenue and core PATAMI softened by 3% and 2% YoY respectively 📉📉. The weaker performance was mainly driven by lower sales volumes (CPO: 95k, -13% 📉; PK: 20k, -15% 📉), although this was partially offset by higher realised ASPs (CPO: RM4,482/MT, +9% 📈; PK: RM3,559/MT, +41% 🚀).

The decline in sales volume was due to lower extraction rates and weaker FFB production 🌧️🌾, affected by wet weather, heavy rain in 1Q25 ☔ as well as seasonal yield trends due to cropping pattern changes 🍃.

On a QoQ basis, 3QFY25 revenue and core PBT rose to RM169.5mn (+9% 📈) and RM42.7mn (+16% 🚀) respectively, supported by higher production, improved sales volumes, and firmer realised ASPs of CPO 💼📦. Core PBT margin expanded 1.5ppts QoQ to 25.2% 📊, likely aided by stable overall production costs ⚙️📉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1RT3OkpZAArcvQealPkMS6GIi0gTjRjDq/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

20 November 2025 02:15

*BIMB Securities - Result Review*

*ZETRIX* - Topline Breaks New Ground Again

*Target Price: RM1.82 / BUY*

Zetrix AI Berhad (Zetrix) 💻🚀 delivered another strong quarter, underscoring the company’s rapid transition from a local e-gov player into a regional blockchain powerhouse 🌐🔗. Revenue climbed 11% QoQ and 38% YoY to RM342mn 💰📈 on the back of surging demand for Zetrix-led services across ZTrade, ZCert and other token-linked applications 💡📄.

While core PATAMI eased 8.6% QoQ due to higher scaling costs 💸⚙️, earnings still posted a solid 19.8% YoY jump 📊📈, with 9M25 net profit tracking at 74% and 75% of our and consensus full-year expectations ✅📉. Margins are softening, but we simply see this as a natural cost of growth 📉➡️🌱, since Zetrix is continuously building out its infrastructure 🏗️ while trying to onboard more global users 🌎👥.

The payoff, however, is already evident, with 9M25 international revenue surging nearly 70% YoY and now making up around 44% of the total group’s turnover 💼🌍. No dividend was declared for the quarter 🚫💵.

📌 Click the link below for more info:
https://drive.google.com/file/d/1cRCd8C5EM-PU_f8ZVyhKGx2zTzCQJ8RU/view?usp=sharing


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

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Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

18 November 2025 02:30

*BIMB Securities - Result Review*

*THPLANT* - Boosted by Higher ASPs

*NON-RATED*

🌴 *TH Plantation Berhad (THP)* 9MFY25’s core PATAMI of *RM48.6mn* (excluding biological asset gain of RM8.7mn) came in slightly above our forecast, accounting for *81%*, mainly due to a lower-than-expected effective tax rate. Meanwhile, core PBT of *RM99.9mn* was in-line, representing *75%* of our FY25 estimate.

📈 Overall, stronger 9MFY25 core PBT rose by *+32% YoY*, primarily driven by higher realised ASPs:
- *CPO*: RM4,196/MT (+9% YoY)
- *PK*: RM3,349/MT (+43% YoY)
These gains more than offset the weaker production and sales volume of FFB and CPO. The strong YoY uplift in palm kernel prices reflects tight global *lauric oil* supply.

📊 On QoQ basis, *3QFY25 revenue increased by +18%*, supported by:
✅ Stronger production
✅ Higher sales volumes
✅ Higher realised ASPs across all palm products

💹 Core PATAMI more than doubled to *RM30.1mn*, with margin expanding by *6.8ppts to 11.6%*, aided by a *10ppts QoQ reduction* in effective tax rate and improved *cost efficiency*.



📌 Click the link below for more info:
https://drive.google.com/file/d/1H9l4xVirn0LBuc4l2CpB03mW-cgX9nG7/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 November 2025 02:03

*BIMB Securities - Result Review*

*HARTA* - Improved Margin from Cost Rationalization

*Target Price: RM1.16 / HOLD*

🧤 *Hartalega’s* 1HFY26 core PATAMI of *RM25.1mn* came in *above expectations*, accounting for *61.6%* of our full-year forecast but *below market expectation (31.9%)*. The outperformance was mainly attributed to *stronger-than-expected margin recovery* 📈 and continued *cost efficiency* 💸 despite a *softer topline*.

📉 For 2QFY26, the group recorded a *revenue of RM539.7mn* (-2.4% QoQ, -17.2% YoY) mainly due to *lower ASPs* and the *strengthening of the MYR* against the USD 💱.

✅ Nonetheless, *profitability improved* as PBT rose *63.8% QoQ* to *RM23.5mn* (vs a *loss of RM47.5mn* in 2QFY25), underpinned by *lower material costs*, improved *hedging efficiency* 🔄 and *automation-driven productivity gains* 🤖.

📌 Click the link below for more info:
https://drive.google.com/file/d/1EVrYQdM4hQS7PnwZTYoesxjqWZV_O1sT/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 November 2025 01:42

*BIMB Securities - Sector Update*

*PLANTATION* - MPOB October 2025: Inventory Stay High Amid Improved Export

*OVERWEIGHT*

🌴 *October 2025 palm oil end-stocks* rose for the eighth consecutive month to *2.46mn MT* (+4.4% MoM, +30.7% YoY).
📦 *Exports* improved to *1.69mn MT* (+18.6% MoM), aided by festive restocking demand 🎉, though competitiveness challenges against Indonesian supply 🇮🇩 persisted.

💹 *CPO prices* are expected to stay elevated until *1Q26* (trading within the *RM4,000–4,500/MT* range), supported by:
i) 🌾 Seasonally moderating production alongside strong festive demand
ii) 🛢️ Policy-driven demand from potentially higher global *biodiesel mandates*
iii) 🇪🇺 A positive catalyst from the EU’s acknowledgement of *MSPO certification*

📈 *Maintain OVERWEIGHT* on the sector, underpinned by:
✔️ Favourable near- to mid-term CPO prices
✔️ Limited downside risk
✔️ Undemanding sector valuations

🔮 Our average *CPO price forecasts*:
📆 2025 – *RM4,300/MT*
📆 2026 – *RM4,200/MT*

🏆 *Top Picks*:
🌿 *Hap Seng Plantation* (BUY, TP: RM2.40)
🌱 *SD Guthrie* (BUY, TP: RM6.10)

📌 Click the link below for more info:
https://drive.google.com/file/d/1mPTgpLjRyDxd4KGzYE8Mx7sySToVZBbH/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 November 2025 02:20

*BIMB Securities - Company Update*

*MAHSING*- Third Land Deal of the year

*Target Price: RM1.87 / BUY*

On 3rd November 2025, 🏢 Mah Sing Group, via Mont Meridian Development Sdn Bhd and Peninsular Connection Sdn Bhd, signed ✍️ two inter-conditional SPAs with Petaling Garden Sdn Bhd for 🏞️ 275 acres of freehold land in Mukim Beranang, Daerah Ulu Langat, Semenyih, Selangor, for 💰 RM273.5mn.

The preliminary masterplan 🗺️ includes M Legasi 2 on a 175-acre site for mixed 🏘️🏢 residential and commercial development (estimated GDV RM1.7bn), with the remaining 100 acres earmarked for 🤝 strategic partnerships with institutional, industry or community partners to pursue development and opportunities.

We are optimistic 😊 about the acquisition following a strong 💪 market response to the company’s existing 500-acre M Legasi township. Post-acquisition, remaining GDV and unbilled sales will increase to 📈 RM32.37bn, and the landbank will expand to 🌍 2,554 acres.

We maintain a BUY 🛒 call on Mah Sing, with an unchanged RNAV-derived TP of RM1.87 based on a 35% discount. We continue to favour ❤️ Mah Sing for its strong fundamentals and active land acquisitions 🏗️, which enhance sustainable long-term earnings visibility 🔍.

📌 Click the link below for more info:
https://drive.google.com/file/d/11-72qGV8rnAXk85bL3ffisiBpmCbBoDs/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

03 November 2025 02:17

*BIMB Securities - Result Review*

*UNISEM*- Core Strength Returns

*Target Price: RM2.65 / SELL*

Unisem (M) Berhad 📈 delivered a solid 3Q25, with revenue up 📊 3.7% QoQ and 🚀 20.3% YoY to RM493mn, marking its 7th straight quarter of growth. 🚗 Automotive (+47% YoY) and 🏭 industrial (+27% YoY) segments led the charge, with Chengdu (UC) firing on all cylinders 🔥 at peak utilisation. In contrast, 🇲🇾 Malaysia (UM) operations, particularly Gopeng, continued to drag ⬇️, hit by depreciation and suboptimal ramp-up.

Still, EBITDA margins improved to 💹 18.8% (from 17.3%), and core PATAMI jumped 📈 >100% QoQ to RM19.7mn. Cumulative 9M25 core PATAMI however declined 📉 36% YoY mainly due to elevated depreciation (+12% YoY), which fell short of street estimates 🧮, but came in ahead of our more conservative expectations previously ✅. Management declared a 💵 2sen dividend (YTD: 6sen).

📌 Click the link below for more info:
https://drive.google.com/file/d/1dKh6n3rB6Xf48QqrdGW_KRc-U0pyqxpX/view?usp=sharing

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

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Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

24 October 2025 02:58

*BIMB Securities - Company Update*

*VELESTO*- Innovating Solution for Marginal Field Development

*Target Price: RM0.27 / BUY*

🤝 *Velesto Energy (Velesto)* is teaming up with *Australian-based Icon Engineering* to offer *rig-based construction services* for offshore wellhead platforms 🛠️🌊.

😐 We are *neutral* on this development as the method remains *niche* and *not yet widely adopted* by the industry. However, it could *gain traction in the future*, particularly among *SFA PSC contractors* 🔍⚙️.

📊 No changes are made to our *earnings forecast*.

✅ Maintain our *BUY* call on *Velesto* with an unchanged *TP of RM0.27* 📈💼.

📌 Click the link below for more info:
https://drive.google.com/file/d/1G2tVhXf3xV8Iean_Oq4lr1nGxYo7O-yF/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd