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

22 October 2025 03:08

*BIMB Securities - Company Update*

*VELESTO*- Evolving into a Dividend Play

*Target Price: RM0.27 / BUY*

🛢️ *Velesto Energy (Velesto)* is actively pursuing *long-term contracts* as O&G operators seek to ensure capacity availability amid *firmer-than-expected rig demand* 🔩.

💸 With *better earnings visibility*, *low capex requirements* and *minimal borrowings*, the company may potentially distribute *dividends exceeding 100% payout* 🎉.

📊 No changes are made to our earnings forecast, but we raise our *FY25–27F DPS* assumption to *2 sen* (from 1.5 sen), implying a *7.7% dividend yield* and *106–132% dividend payout* 📈.

📈 The stock has bucked the *negative sentiment across the O&G sector*, climbing *+68% YTD* despite a *20% drop in oil prices* 🛢️⬇️.
This outperformance likely reflects *renewed investor appetite for yield-oriented names*, supported by *Velesto’s strong cash flow* and *rising dividend visibility* 💰.

✅ Maintain our *BUY* call on Velesto with an unchanged *TP of RM0.27*.
At our TP, the stock offers a *total potential return of 11.5%*, including *dividend yield of 7.7%* 📦💵.


📌 Click the link below for more info:
https://drive.google.com/file/d/1CjxJhq8F72q-LUkVV7dbTp7I8XBbQi2C/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 October 2025 08:20

Jangan lupa untuk datang ke booth @BIMB Securities di P01..Jumpa disana

BIMB SECURITIES

06 October 2025 03:29

*BIMB Securities - Sector Update*

*WATER* - Potential of Non-Portable Water

🚰 The new *dedicated treated water tariff* band for *data centres (DCs)* of *RM5.30–RM5.38/m³* (effective *1 Aug 2025*) makes *reclaimed water* structurally *cheaper* than potable water, boosting *IWK’s* competitiveness. 💧📉

📜 *Regulations* require DC operators to prioritise *alternative water sources*, positioning *IWK* as a natural supplier of reclaimed water. 🔄💦

📍 *Viability depends on proximity* — reclaimed water is only economical within *~10 km* of a treatment plant, limiting immediate rollout. 🗺️⛔

📌 In *Johor*, most DC parks (e.g. *Sedenak*) are *too far* from large *STPs*, so *Ranhill SAJ* (a subsidiary of *Ranhill Utilities Berhad*, Non-Rated) remains the *near-term beneficiary* as DCs will continue relying on *treated potable water*. 🏭💡

📌 Click the link below for more info:
https://drive.google.com/file/d/1suguz4-7ssVAbsItg2OHlb6-5vHMvxk5/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 September 2025 02:42

*BIMB Securities - Result Review*

*VANTNRG*- Debt Restructuring Done, PN17 Exit in Sight

*Target Price: RM0.72 / BUY*

Vantris Energy recorded a loss of *RM231mn* in *2Q26* mainly due to *unrealised forex loss* of RM239mn 💸. Excluding this, *core PATAMI stood at RM8mn* 💼, marking a strong *QoQ improvement* from core LATAMI of RM465mn in 1Q26 📈.

The turnaround was driven by *better dayrate and utilisation rate* (638 drilling days vs. 604 days in 1Q26) in the *drilling segment* ⛏️🛢️ and recognition of *gain amounting to RM52mn* from *reversal of contract liquidated damage* in the *E&C segment* 🏗️.

While revenue declined *12% YoY* to *RM1.1bn* 📉, it was mainly due to *weaker E&C revenue* amidst a *declining orderbook* 📊.

Importantly, there were *no foreseeable losses* recognised this quarter versus 1Q26 ✅. *O&M remained profitable* with *PBT of RM19mn* despite some *project challenges* dragging the segment’s margin 🛠️📉.

Overall, we deem the result as *within our expectation* ✔️.



📌 Click the link below for more info:
https://drive.google.com/file/d/1_VtNdJ490m3p0pLIDUFkEyhVEn1PyBbk/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

23 September 2025 02:39

*BIMB Securities - Company Update*

*SLVEST*- Earnings Growth Expansion with Canadian Brookfield

*Target Price: RM2.57 / HOLD*

*Solarvest* ☀️ has teamed up under a *Joint Investment Framework Agreement* with Canadian investment company – *Brookfield CTF Asia Holdings Pte Ltd* 🇨🇦 to develop up to *1.5GW of RE projects* in Malaysia 🇲🇾.

We are *positive* ✅ on the news as it could contribute to a *larger EPCC orderbook* 📈 in the near term (3 to 5 years), though *no changes* are made to our earnings forecast pending further *concrete project announcements* from this framework 📝.

*Solarvest’s earnings* 💰 are anticipated to remain strong in *FY26F–FY27F*, underpinned by an expanding orderbook that could reach *RM3bn*, propelled by *LSS5+*, *LSS6*, *BESS*, and *CRESS* initiatives ⚡.

We *maintain our HOLD* ✋ call with a *TP of RM2.57* on Solarvest. We ascribe *20x FY26F PER* for its *EPCC segment* 🏗️ and *DCF at a WACC of 6%* for its *LSS4/5/5+*, *CGPP*, and *Powervest* assets 📊.


📌 Click the link below for more info:
https://drive.google.com/file/d/1cEZRkekBEkVDDG1IPOkq9UlB7q1yA7PF/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

22 September 2025 02:58

*BIMB Securities - Sector Update*

*Automotive* - TIV Rebounds in August but YTD Trend Still Soft

*NEUTRAL*

*🚗 Total Industry Volume (TIV)* sales rose *4.8% MoM* to *73,401 units*, supported by *non-national marques* (*+12.8% MoM*) 📈, while *national players* were broadly flat (*-0.04% MoM*) ⚖️. The uptick benefited from *normalised operations* ⚙️ and *sustained demand* for key national and mass-market models 🚙.

We expect *sales to moderate in Sept* 📉, weighed by *fewer working days* 📅 and a *wait-and-see stance* ahead of *Budget 2026* announcements 💼.

🔋 *EV registrations* rose *17% MoM* to *3,461 units* (July: 2,792) ⚡.
- *BYD* led with *1,119 units* (*+29% MoM*) 🚘
- *Proton e.MAS-7*: *766 units* (*+12% MoM*) 🇲🇾
- *Tesla*: *509 units* (*+99% MoM*) 🚀
- *BMW*: *96 units* (*-19% MoM*) 🚫

*EV penetration* held at *4.2%*, with *charging rollout* still *lagging* the *10k year-end target* 🔌.

We reiterate our *NEUTRAL* stance on the *automotive sector* ⚙️, underpinned by expectations that *new model launches* and *national EV rollouts* will lend support to sales 🆕🚗.

We maintain:
- *HOLD* on *Sime Darby* (TP: RM2.27) 🟡
- *HOLD* on *MBMR* (TP: RM5.28) 🟡
- *SELL* for *BAuto* (TP: RM0.54) 🔻



📌 Click the link below for more info:
https://drive.google.com/file/d/1uJhc1_sKUINMBYsHK1AWOHOg_E6zZATx/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

19 September 2025 02:58

*BIMB Securities - Company Update*

*MPI*- Strategic Carve-Out from Infineon

*Target Price: RM22.58 / SELL*

Malaysian Pacific Industries Berhad (MPI) 🇲🇾 is making its tactical move, acquiring 100% of Infineon Technologies (Thailand) Ltd (IFTH) 🇹🇭 for USD77.9mn (~RM327.6mn) 💰 from Infineon’s subsidiaries; Spansion and Cypress Semiconductor.

Located in Nonthaburi, Thailand, IFTH is a backend semiconductor assembly and testing facility 🧪🔧 — a natural extension of MPI’s core OSAT business 💻📦.

Based on FY24 audited net assets of THB3.6bn (~RM470.7mn), the deal implies a 0.70x P/BV entry 📉, reasonably valued when benchmarked against 0.67x P/BV of two Infineon facilities acquired by ASE Technology back in Feb 2024 📊.

The deal will be funded entirely via internal funds and/or borrowings 💸🏦, with targeted completion by June 2026 (4QFY26) 📅. So, any impact on earnings will only be fully reflected from FY27F onwards and is expected to be marginal in the near term (<±5%) 📉📈.

While we are constructive on the long-term strategic logic of the acquisition 📈🤝, the deal remains subject to key execution milestones ⚙️. Given the recent share price rally 🚀, we reiterate our TAKE PROFIT / SELL call with a target price of RM22.58 🎯, anchored on 27x (-1SD below average of 3-year historical forward PER) implied to FY26F EPS of 83.6sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/1SHLHrWy4W4klHCw1enqAgthPAEb0XmDb/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 September 2025 03:00

*BIMB Securities - Company Update*

*SCIENTX*- Second Attempt at SciPack Privatisation

*Target Price: RM3.81 / BUY*

📢 *Scientex* (71.89% stake) has proposed a *Selective Capital Reduction (SCR)* at *RM1.50/share* to acquire the remaining *28.11%* in *SciPack*, amounting to *RM147.8mn* 💰. If approved, SciPack will be *fully privatized* and *delisted* 🏢🔚.

📈 The offer is viewed as *fairly valued*, at *19.6x FY25 PER* and *1.32x PBV*, representing a ~2.7% premium to its last traded price of *RM1.46/share* 💹.

🤝 Full ownership strengthens *operational control*, eliminates *minority leakage*, and enhances *integration synergies* between Scientex’s *film manufacturing* and SciPack’s *packaging conversion* business 🎬📦. It also positions Scientex to *accelerate sustainable packaging solutions* development 🌱♻️.

💼 The *RM147.8mn* payout will be financed via *internally generated funds* and/or *borrowings* at SciPack 🏦. The *gearing impact* is expected to be *modest and manageable* (0.34x–0.35x) given Scientex’s strong *operating cash flows* 💪💸.

📊 Full consolidation of SciPack is expected to add *~RM7.8mn* annually to Scientex’s earnings, with a net uplift of *~RM5.5mn p.a.* after financing costs, translating into *~1% EPS accretion* at group level 📈📘.


📌 Click the link below for more info:
https://drive.google.com/file/d/1wEfVqveNEPlFBxAzSryTLkpXX1WAJDNr/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

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

Best Regards,

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

BIMB SECURITIES

22 October 2025 03:04

*BIMB Securities - Sector Update*

*AUTOMOTIVE* - TIV slow in Sept

*NEUTRAL*

🚗 *Total Industry Volume (TIV)* sales eased 3% MoM to *58,490 units* in Sept 2025, primarily due to *shorter working days* and *consumer caution ahead of Budget 2026*. The decline was mitigated by stronger performance from *national marques* (+4.2% MoM) 💪, supported by *normalised production* and *steady demand* for mass-market models, while *non-national brands* contracted 5.4% MoM 📉.

⚡ *EV registrations* expanded 15% MoM to *3,532 units* (Aug: 3,461), driven by:
- Sustained deliveries from *BYD* (1,028 units, -8% MoM) 🚙
- *Proton e.MAS-7* (757 units, -1% MoM) 🇲🇾
- Stronger momentum from *Tesla* (+35% MoM to 685 units) 🔋
- *BMW* (+2% MoM to 98 units) 🏎️

⚠️ *EV penetration* held steady at *4.4%*, while *infrastructure development* continues to lag behind the *10k charging-point target* for 2025 🛠️.

📊 We expect *EV sales to be front-loaded in 4Q2025*, driven by *pre-emptive buying* ahead of the *expiry of CBU tax exemptions* and potential *OMV tax* implementation in 2026.

📌 We maintain our *NEUTRAL* stance on the *automotive sector*, supported by ongoing *new model launches* and *national EV rollouts*.
We retain:
✅ *HOLD* on Sime Darby (TP: RM2.27)
✅ *HOLD* on MBMR (TP: RM5.28)
❌ *SELL* for BAuto (TP: RM0.54)



📌 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

06 October 2025 03:30

*BIMB Securities - Company Update*

*MAXIS*- Secured 2100 MHz Spectrum from MCMC

*Target Price: RM4.05 / BUY*

📡 *Maxis* has accepted *MCMC’s* offer for a *2×10 MHz* in the *2100 MHz band*, with a total cost of *RM400mn*. 💰📶

✅ We view the acquisition of additional *4G spectrum* as necessary for Maxis to enhance its *network efficiency* and *user experience*, particularly for *urban coverage*. 🏙️📲

📊 We think the cost impact is *manageable* at roughly *4%* of our *FY25-27F earnings estimate*. 💼💸

🔄 Maintained our *TRADING BUY* recommendation on Maxis with similar *TP of RM4.05*. At our TP, the stock offers a total potential return of *13.7%* (including *dividend yield of 4.5%*). 📈💵📥

📌 Click the link below for more info:
https://drive.google.com/file/d/1I4TSRVOtWiCe0z-9_rIXFQnB1eklGG97/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 October 2025 03:28

*BIMB Securities - Sector Update*

*UTILITIES* - Utilities: Deal Struck of 200MW Solar Farm to Power Sarawak

*OVERWEIGHT*

⚡ *Syarikat SESCO Bhd* on Friday announced a *200MWac* of new solar capacity, executing two 30-year *Power Purchase Agreements (PPAs)*.
📄 The contracts were awarded to a 70%-owned subsidiary of *Malakoff* for a *100MWac* facility in *Bintulu* (🎯 COD: *1 May 2028*) and to a 60:40 joint venture between *Solarvest* and *Press Metal*—Mukah Solar Powerplant Sdn Bhd (MSPSB)—for another *100MWac* plant (🎯 COD: *30 Nov 2027*).

🔧 We forecast *Solarvest* and *Malakoff* will secure the full *EPCC contracts* (💰 RM350–380mn each), with post-COD *recurring revenue* of *RM17mn* and *RM20mn yearly* from *Nov 2027* and *May 2028*, respectively.

📊 Our FY26–27F earnings forecasts for *Malakoff* remain *unchanged*, as PPA contributions commence only in *FY28*. Similarly, our *Solarvest* estimates already reflect its *EPCC and asset pipeline*.

✅ *Maintain BUY* call on *Malakoff* at *TP: RM1.13* (based on 20x P/E pegged to FY26F EPS of 5.6 sen, implying +1 SD above 4-year avg P/E of 15x).
📈 Meanwhile, we recommend investors to *TAKE PROFIT* on *Solarvest (TP: RM2.57)* as the share price has rallied significantly amid *unchanged fundamentals*. 🌞💼

📌 Click the link below for more info:
https://drive.google.com/file/d/1cJZVeKop9v35x6vpqY3SOIe1r4cRrzqj/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 September 2025 02:49

*BIMB Securities - Initiation Coverage*

*SKYWLD* - Quality as The Cornerstone

*Target Price: RM0.78 (BUY)*

🏙️ *SkyWorld Development Berhad* is an urban developer (mid-/high-rise condominiums, affordable housing, and mixed-use precincts) focused on *quality* ✅, with a small exposure to *Ho Chi Minh City* 🇻🇳.

🏗️ SkyWorld has completed *12 projects* with a combined *GDV of RM5.3bn*, achieved a *take-up rate of more than 99%* 📈, and recorded *QLASSIC workmanship scores* averaging *81.3%* 🛠️🏅.

📊 Since listing, SkyWorld has launched *RM1.6bn* in GDV. The current *landbank spans 254.6 acres* 🌿 with an estimated remaining *development value of RM19.5bn* 💼🏘️.

📌 Click the link below for more info:
https://drive.google.com/file/d/16DQ3hjTK8Z9s6QYF5yytDO-XENQY2SCf/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

22 September 2025 02:58

*BIMB Securities - Result Review*

*GAMUDA*- Stepping Up to Rm50bn Order Book Target

*Target Price: RM6.80 / BUY*

*Solid 4QFY25 📈🏗️*
Gamuda delivered a *solid 4QFY25*, with *core net profit rising* to *RM325.2mn* (*+32.0% QoQ*, *+20.1% YoY*) 💰, driven by accelerating domestic construction works 🏗️ (Penang LRT 🚝, Penang Silicon Island 🏝️, data centres 🖥️) and stronger Vietnam property handovers 🏘️ (Eaton Park 🇻🇳).

For *FY25*, *core net profit* reached *RM982.5mn* (*+11.1% YoY*) 📊, *within market expectations* ✅, meeting *96.7% of consensus estimates* 📉. However, it accounted for only *85.4% of our forecast* ❗, falling short mainly due to a *higher-than-expected effective tax rate* of *30.9%* 💸 (vs. 8.3% in 3QFY25 and 19.3% in 4QFY24).

📌 Click the link below for more info:
https://drive.google.com/file/d/1UHEykVP1YCmjOZj1SRdxZDsXBpoPIQ1h/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

19 September 2025 02:58

*BIMB Securities - Result Review*

*CYPARK*- Dragged by High Operational Cost from WTE Segment

*Target Price: RM0.99 / BUY*

Cypark’s 3MFY26 core net loss of RM26mn ❌ was below our earnings estimate 📊. This was mainly due to still high depreciation & amortisation 🏗️📉 as well as persistently higher operational costs from the WTE segment 🔥⚙️. Revenue declined by 16% YoY 📉, attributed to the absence of construction revenue from the Hospital Rawang project 🏥 and the scheduled outage of the WTE plant during the quarter 🛠️.

We raised admin expense forecasts to optimise operations 🧾🔧, cutting our FY26 PATAMI by 29% to RM30mn 💸. However, we remain *sanguine* with the group’s effort towards *refinancing its capital structure* 💼🏦 and near-term upside from replenishing its EPCC jobs from *LSS5+ and HHFS in Tasik Kenyir* ☀️🌊.

*Maintain our BUY call* on Cypark ✅ with a lower DCF-derived *TP of RM0.99* 🎯 (from RM1.02).

📌 Click the link below for more info:
https://drive.google.com/file/d/1aHjgbLxcX-Z1ZjsNgszki29grFjuFpRd/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 September 2025 03:01

*BIMB Securities - Sector Update*

*OIL & GAS* - Pivot towards Greenfield Services Players

*OVERWEIGHT*

🛢️ During the recent *2QCY25 result season*, most companies under our coverage posted *quarterly results largely within expectations* ✅ — except *Dayang*, which *underperformed* 📉.

🔮 Looking ahead, we anticipate *stronger project sanctions* over the next *6–12 months* as oil & gas companies continue to *high-grade project pipelines*, supported by *stabilising oil prices* 🛢️ and *easing drilling service rates* 🛠️. This will *benefit upstream services players* including *MMHE*, *Velesto*, *Vantris*, and *MISC* 🚢💼.

📈 Maintain an *OVERWEIGHT* stance on the *Oil & Gas sector*, particularly favoring companies with:
✔️ *Long-term earnings visibility*
✔️ *Solid growth potential*
✔️ *Decent dividend yields* 💰

🏆 Our top picks are *MISC* (TP: RM9.90) and *Hibiscus* (TP: RM2.10) 🌟.

⚠️ *Key risks* to our recommendation include a *stronger Ringgit* 💱 and *lower oil prices* 🔻.


📌 Click the link below for more info:
https://drive.google.com/file/d/1BK64VThkBdcxkJxFr1UADONX9oAbQH-1/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 02:56

*BIMB Securities - Sector Update*

*WATER* - IWK; From Sewerage Operator to Circular Economy Champion

💧 IWK is now financially independent (subsidies ended 2024), despite tariffs covering only 25–70% of actual costs, supported by tariff reform and non-core revenue streams 📊💼

🚰 The Johor pilot (12 MLD) with JSW marks Malaysia’s first large-scale rollout, critical to address a looming treated water shortfall as DC demand soars ⚠️🏗️

♻️ IWK’s circular economy push with BOT-funded projects in reclaimed water, plus biosolids, biogas, and solar 🌱☀️ unlocks multi-year project flows for contractors, pipe makers, and ESG-focused investors 🛠️📈

📌 Click the link below for more info:
https://drive.google.com/file/d/1E5Ps-Yz7Hj7wXCoOdTAJjRHkEWuOcE8Y/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd