BIMB SECURITIES

18 December 2025 02:10

*BIMB Securities - Sector Update*

*PROPERTY & REIT* - 2026 Outlook (Affordable Homes and industrial Drive the Cycle)

*OVERWEIGHT*

Malaysia’s property 🏘️ and REIT 🏢 sectors enter 2026 from a position of stabilising fundamentals 📈, ample earnings visibility 👀 and supportive policy 🧾. NAPIC data shows firm pricing 💰 and steady transaction values 💹, while lower rates 📉 and Budget measures 💼 have rebuilt demand in the affordable and mid-range segments 🏠.

At the same time, RMK13 housing targets 🎯, mega transport projects 🚆 and industrial investments 🏭 around the JS-SEZ and NIMP corridors are creating a multi-year pipeline 🔄 for developers and REITs.

Against this backdrop, we maintain *Overweight* 💪 calls on Property and REITs, with a preference for affordable housing 🏡 and industrial names 📊 that offer visible growth 📊 and attractive yields 💵.

📌 Click the link below for more info:
https://drive.google.com/file/d/16el_eI8AknWgNBZy48NXRUQN5uI58aXy/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 December 2025 02:30

*BIMB Securities - Sector Update*

*PETROCHEMICAL* - Things will Continue to be Tough

*NEUTRAL*

The global 🌍 petrochemical sector remains mired in overcapacity 🏭, and policy responses to date appear inadequate ⚠️. The traditional price correlation with crude oil 🛢️ has broken down, leaving producers with limited pricing power 💸. With global Manufacturing PMI 📉 still in contraction, demand growth is likely to stay soft 💤 and product prices depressed ⬇️. Naphtha-based producers will struggle to generate positive margins 😓, while gas-based players should fare slightly better 👍 given their lower cost base 💼.

📌 Click the link below for more info:
https://drive.google.com/file/d/1ar5lOhHXj-a6rhVb_fYTt9XuqCm-aUq1/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 December 2025 02:49

*BIMB Securities - Company Update*

*MATRIX* - Matrix Sets Industrial Land Benchmark

*Target Price: RM1.42 / HOLD*

Matrix Concepts Holdings Berhad (Matrix) 🏢 announced that its 85% owned subsidiary, N9 Matrix Development Sdn Bhd (N9MDSB), entered into separate sale and purchase agreements 📝 on 9 December 2025 to dispose of two vacant parcels 🏞️ in MVV Techvalley, Labu, Seremban, to related party Bidara Pesona Sdn Bhd for a total cash consideration of RM24.6mn 💰. The subject properties, Lots H29 and H30, measure 4.39 acres and 3.92 acres respectively, giving a combined land area of 8.31 acres 📐.

The transaction is immaterial to our earnings and valuation 📊, therefore we make no changes to forecasts and maintain a HOLD rating 🟡 with an unchanged TP of RM1.42, based on 1.1x FY26 P/B with BVPS of RM1.29.


📌 Click the link below for more info:
https://drive.google.com/file/d/1u3DdV9XykFplxzJvJNN_9W5ZSfzBkbjC/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 November 2025 02:38

*BIMB Securities - Result Review*

*KOSSAN* - Margins Hold Steady on Cost Rationalisation

*Target Price: RM1.19 / HOLD*

🧤 *Kossan’s 9MFY25 core earnings of RM107.4mn* exceeded our FY25F forecast, achieving ✅ *100.5%* of full-year estimates but within consensus forecast (*80%*) 📊. This performance is supported by stronger-than-expected operating costs which led to improved margin 📈🛠️.

The group revenue rose *14.9% QoQ* to *RM439.0mn* 💵, driven by sequential improvement across all divisions:
- Gloves *(+14.1% QoQ)* 🧤
- TRP *(+22.4% QoQ)* 🔧
- Cleanroom *(+11.6% QoQ)* 🧼

The revenue rebound was partly attributed to *spillover orders* 📦🚢 following global container vessel disruptions in 2QFY25 and improved *customer replenishment activity* 🔄🛒.

However, on a *YoY basis*, revenue was down *13.5% YoY* 🔻, reflecting softer glove demand and lower deliveries, but *profitability improved* with *PBT up 13.2% YoY* 📈, lifted by *higher ASP* 💰 and *lower production cost* from improved operational efficiencies ⚙️📉.

*Margins strengthened* further in 3QFY25:
- *EBITDA margin:* 14.7%
- *PBT margin:* 10.3%
- *Core PATAMI margin:* 9.2% ✅📈


📌 Click the link below for more info:
https://drive.google.com/file/d/1ZvEwS66w8DBSF6wAggZvbYJpiWLU84zT/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 November 2025 02:37

*BIMB Securities - Result Review*

*AXIATA* - Balance Sheet Optimisation Continues

*Target Price: RM3.00 / BUY*

📉📊 Axiata fell into losses in 3Q25 with headline LATAMI of RM27.4mn, mainly dragged by impairment of LinkNet’s goodwill worth RM167.5mn. ❌💸

Excluding this, Axiata’s 3Q25 core earnings from continuing operation stood at RM143mn. ✅💼

Overall, we deem the result as largely within our expectation. 📋📈

For 9M25, revenue declined 8.3% YoY to RM8.8bn 📉, mainly affected by stronger ringgit impact 💱🇲🇾.

At constant currency, revenue was reported to be flattish at 0.4% YoY ➖📊.

Robi’s revenue slipped 2.5% YoY to BDT74.1bn 🇧🇩📉, LinkNet declined 14% to IDR2.4trn 🇮🇩📉, whilst Edotco dropped 8.3% to RM1.8bn 🏗️📉.

These were offset by higher revenue from Dialog (Sri Lanka) 🇱🇰 and Smart (Cambodia) 🇰🇭 that grew to LKR133.1bn (+6.2%) 📈 and USD317mn (+3.8%) 💹 respectively.

In 3Q25, the company booked a gain of RM175.1mn 💵 (3Q24: RM306mn) from early redemption of Euro Medium-Term Notes (EMTN) 💶✂️ with principal amount of USD149.1mn (RM631.3mn) 💳, using the proceeds raised from XLSmart merger exercise 🔄🤝.

The outstanding of EMTN is USD578.8mn 📊🧾.

📌 Click the link below for more info:
https://drive.google.com/file/d/1Mw1cY6KAdm5H9rRAS-WLtmL2U5rtNvKr/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 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

17 December 2025 02:31

*BIMB Securities - Company Update*

*VELESTO* - Disposing NAGA 3, Focusing on Premium Rigs

*Target Price: RM0.34 / BUY*

Velesto Energy (Velesto) ⚙️ has announced the disposal of its jack-up rig NAGA 3 🛢️ for USD63.0mn (c.RM258mn), in line with its ongoing fleet optimisation and asset-light strategy ⚓, with transaction completion targeted by end-1H26 📆.

Strategic rationale is sound ✅, as the disposal monetises an idle asset 💤 (last worked in 4Q24), sharpens focus on premium rigs 💎, and enhances operational flexibility 🔧. Importantly, ownership exit does not limit upside 🚀, as it may still have opportunities to lease and operate NAGA 3 post-disposal under its asset-light model 🛠️.

Maintain BUY 🛒 on Velesto with higher TP of RM0.34 (from RM0.27) 📈, as the sale strengthens the balance sheet 💰 and supports higher shareholder returns 💵. We now factor in a higher DPS of 3 sen (implying >10% yield) 🎉, while utilisation is expected to improve from FY26F onwards 📊.


📌 Click the link below for more info:
https://drive.google.com/file/d/1wJ6stLYkObHmnU3LtuUh2pEesBIxoNux/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 December 2025 02:50

*BIMB Securities - Company Update*

*PTRANS* - Reaffirming BUY on Stable Growth

*Target Price: RM0.68 / BUY*

We reiterate our *BUY* ✅ rating on *Perak Transit (PTrans)* 🚍, albeit with a lower fair value of *RM0.68* (from RM1.00) 💸 following a recalibration of our assumptions. Fundamentally, nothing has changed: we continue to project a *10-year earnings CAGR of ~4%* 📈, anchored by stable recurring income streams 💼, robust *~40% net margins* 💹, and consistently positive FCF 💵 that should allow the group to pay steady dividends 💰 and pare down debt 📉.

The underlying business remains *healthily cash-generative* 💸, *operationally resilient* 🏗️, and on track to deliver *steady, utility-like growth* 🌱. We are optimistic about the Company’s growth catalysts 🚀, which include:
(i) consistent *foot traffic growth of 3-4% p.a.* 🚶‍♂️🚶‍♀️,
(ii) *ongoing expansions* of existing facilities 🏢, and
(iii) consistently winning *extension of concession* from regulators 📝, affirming long-term *earnings visibility* 🔍.


📌 Click the link below for more info:
https://drive.google.com/file/d/1T2ilWHLGn82IhBo_7fGxw7IhmsyVMOus/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 December 2025 02:48

*BIMB Securities - Sector Update*

*WATER* - Water Tariff Gains for Ranhill, Deferrals Weigh on PBA

Ranhill’s strong 1QFY26 (or 3QCY25) showing was driven mainly by Johor’s potable water operations 💧 following the August 2025 tariff implementation 📈, though the anticipated upside from data-centre demand 🖥️ has yet to materialise as actual DC drawdowns are still low at only ~18 MLD ⚠️.

The NRW matching grant 💸 remains a major determinant of FY25–FY26 earnings 📊, with the RM160mn recognised earlier based on a provisional 75% reimbursement assumption ✅ pending SPAN’s audit by mid-2026 🔍. However, the continuation of the grant beyond RMK12 remains uncertain ❓.

PBA’s near-term earnings remain soft 🌧️ due to Penang’s tariff adjustment deferral to July 2026 📅, as evidenced by weaker 3QFY25 revenue 📉, although headline PAT was cushioned by a low tax charge 🧾.

Despite the temporary setback ⏳, PBA’s medium-term outlook remains intact 🌟, as tariff rationalisation remains a federal policy anchor ⚖️ that should enhance cost recovery and financial resilience once the higher tariff bands take effect by July 2026 🚀.

📌 Click the link below for more info:
https://drive.google.com/file/d/1wMWMevJFqFVOrNxmCYvaR56MIrkQiJpL/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 November 2025 02:38

*BIMB Securities - Result Review*

*MALAKOF* - Steep Earnings Revision Amid TBE Disruptions

*Target Price: RM0.74 / SELL*

🟡 *Soft Quarter on Weaker Coal Metrics and TBE Outage*
Malakoff delivered a subdued set of 3QFY25 results, with PATAMI declining 55.1% QoQ to RM28.2mn 📉💸 as lower Applicable Coal Prices (ACP) 🏭, muted gas offtake 🛢️ and an unplanned outage at Tanjung Bin Energy (TBE) ⚡🚫 continued to weigh on energy payments and capacity income.

The quarter was further dragged by a negative fuel margin (–RM18mn) 🔻🔥 and the absence of last year’s sizeable insurance gain 📉📄, while coal plant availability deteriorated following the TBE incident 🏗️⚠️.

Although earnings were partially supported by a RM39mn net NRV reversal 💰🧾, overall profitability remained weak amid coal and gas dispatch levels that stayed well below contracted expectations ⚡📉.

As a result, 9MFY25 PATAMI contracted 36.1% YoY to RM125.0mn ❌📊, coming in below expectations at 47% of our and 61% of consensus’ full-year forecasts 🧮📉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1TEXsv1rkNGjE3Q-uNvuL17m_dflTWcQu/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 03:00

*BIMB Securities - Result Review*

*FFB* - Within Expectation

*Target Price: RM2.45 / HOLD*

🐄 *Farm Fresh* reported 1HFY26 *PATAMI* of *RM69.5mn* (*+40% YoY*) 📈, which was *in line* with both our and consensus expectations ✅, making up *53.4%* and *50%* of full-year forecasts 📊.

🛒 *Revenue* for the period rose *+18.4% YoY*, supported by:
🥛 Stronger sales from the *school milk programme*
🏪 Higher *mini-market channel* sales
🌏 Continued traction in the *Philippines and Cambodia*
🍫🧈 Newly launched products i.e. *Choco Malt*, *butter*, and *CPG ice cream* also contributed to growth 🎉

💰 The stronger PATAMI performance was driven by:
📉 Improved *gross margins*
📦 Despite higher *distribution cost* (+40% YoY) and
🧾 Higher *administrative expenses* (+25% YoY)

For 2QFY26:
📈 Revenue grew *+13.2% QoQ*
💵 PATAMI improved *+11.8% QoQ*

📌 The sequential improvement reflects *broader sales growth* across key product and market segments 🌍✅

📌 Click the link below for more info:
https://drive.google.com/file/d/1NNda8pD1aDYIhh5zu-xU27D1kVaX10ZA/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

⚠️ Scam Alert: Fake Accounts Impersonating BIMB Securities

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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

Best Regards,

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

Best Regards,

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