BIMB SECURITIES

04 February 2026 02:12

*BIMB Securities - Company Update*

*MISC* - LNG Carriers Fleet Rejuvenation

*Target Price: RM9.80 / BUY*

MISC Berhad has secured a 20-year firm charter contract for 3 newbuild LNG carriers for Petronas 🚢. Operations are scheduled to commence in 2029. We view the ongoing fleet rejuvenation as critical to sustaining long-term earnings while reducing GHG emission intensity 🌎. Nonetheless, we make no changes to our earnings forecasts at this juncture, pending further details from management. While MISC’s share price has risen to a fresh 1-year high amid stronger petroleum segment charter rates, we continue to see further upside to stock price 💰. Maintain BUY recommendation on MISC with a SOP-derived TP of RM9.80, implying 15.6x FY26F P/E.

📌 Click the link below for more info:
https://drive.google.com/file/d/15IZlbouej03Osm_HXEaV4Fn9g_adx0JH/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 January 2026 02:16

*BIMB Securities - Result Review*

*AXREIT* - Within Estimate

*Target Price: RM2.37 / BUY*

FY2025 realised PAT came in at RM203.3mn, up 25.8% YoY 👍. This was in line with our expectations and consistent with consensus, achieving 100.5% and 102% respectively. The stronger outcome was driven by firmer rental income contribution and disciplined cost control. In 4Q25, revenue increased 3.2% YoY, while realised PAT rose a stronger 21.9% YoY 📈. Net property income also improved by 3.0% YoY, supported by resilient rental income across the portfolio. On a QoQ basis, revenue declined slightly by 2.2%, while realised PAT eased 3.3%, mainly due to a 2.0% decline in NPI from lower property income in the quarter. Overall, FY2025 results underscore the continued resilience of AXREIT’s portfolio 💪. Performance remains underpinned by high occupancy levels, stable rental streams, and prudent asset and cost management.

📌 Click the link below for more info:
https://drive.google.com/file/d/1OAx0SzTCRDrgmAnGeTannaZ9v5o_oUjF/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 January 2026 01:57

*BIMB Securities - Company Update*

*T7GLOBAL* - KLIA BHS Project Back on the Right Track

*Target Price: RM0.40 / BUY*

T7 Global announced the extension of the KLIA BHS project completion to 4Q28, following earlier execution delays caused by logistical constraints amid stronger-than-expected passenger traffic at the terminal 📆. We view the resequencing positively, as the resumption of project works should place the company back on track for steadier execution going forward 👍. We maintain our BUY recommendation with an unchanged TP of RM0.40. We view the current valuation as undemanding given its earnings visibility and expanding operational footprint 💼.

📌 Click the link below for more info:
https://drive.google.com/file/d/1FpKL_RBbAm_UtyhGK7cvCe-SI2tUQ8oe/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 January 2026 02:21

*BIMB Securities - Technical Watch*

*CSCSTEL* - Breakout Sparks Fresh Bullish Momentum

📈 The price has decisively broken above its downward trendline resistance after three previous failed attempts ❌❌❌, signalling a potential bullish trend 🚀.

🔺 The breakout (refer arrow ➡️) was accompanied by a runaway gap 🕳️ and higher trading volume 📊⬆️, indicating strong bullish momentum 💪 and validating the move ✅, while the upward-sloping EMA 📐 suggests sustained buying interest 🟢 as market participants are willing to transact at higher prices 💰

🎯 Based on a Fibonacci trend-based projection 🧮, the upside targets are RM1.62 (0.618 level) ⭐ and RM1.81 (1.0 extension) 🌟

⚠️ On the downside, a break below RM1.23 and RM1.05 support levels 🛑 would invalidate the bullish view ❌

📌 Click the link below for more info:
https://drive.google.com/file/d/1tPF5pvma8-r9MxdmiwS_jpjb5dY98HQq/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 January 2026 02:20

*BIMB Securities - Result Preview*

*CTOS* - 4Q25 Preview: Will likely Miss our FY25 Forecast

*Target Price: RM1.25 / BUY*

📊 4Q25F PATAMI of RM43mn (+33% YoY) 🚀, bringing FY25F to RM103mn (-5% YoY) 📉. Note: this includes a RM18mn gain from the sale of Experian 💼✨

📈 Results are above consensus 👍, but slightly below our FY25 forecast ⚖️

👔 Mr. Ankur Seghal officially joined onboard as CEO on 16 Jan 2026 🗓️

🟢 Maintain BUY 🛒, but lower TP to RM1.25 🎯, pegged to an unchanged 30x FY25 P/FCF 📐 — in line with global peers 🌍

📌 Click the link below for more info:
https://drive.google.com/file/d/1C28yAzA9mg_XIYewRKRmeKvo7lXVka4G/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 January 2026 02:33

*BIMB Securities - Result Preview*

*BURSA* - 4Q25FY25 Should Meet Consensus

*Target Price: RM9.15 / HOLD*

📊 4Q 2025 operating statistics suggests a PATAMI of RM83.6m (+21% YoY, +31% QoQ), and to finish the year at RM273m (-12% YoY). 📈📉
🔥 Market activity remains vibrant in Jan 2026, and outlook is favourable underpinned by healthy GDP growth and stronger MYR. 🇲🇾💪
📌 Maintain HOLD but with higher TP of RM9.15 (from RM8.71) 🎯 as we rollover to FY26 as our valuation base year pegged to 21.3x FY26 P/FCF – its historical average. ⚖️💰

📌 Click the link below for more info:
https://drive.google.com/file/d/1tyUuakh4YxrAT8Xkci1rFCRDTnHL71Av/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

15 January 2026 02:13

*BIMB Securities - Company Update*

*ZETRIX* - Unlocking New Opportunities with MyDigital ID

*Target Price: RM1.33 / BUY*

🆔 *MyDigital ID* registration required for *MyNIISe* users by *15 Jan 2026* 📅 to maintain access at the *Sultan Iskandar* & *Sultan Abu Bakar* complexes 🛂 — this will further boost user adoption 📈.

📱 Social media *age verification* (<16) via *MyDigital ID* may unlock a new revenue stream 💸, with targeted rollout by *2Q26*.

📉 *FY25F/26F/27F core earnings* revised down *-3.7%/-12.3%/-14.7%* to *RM801.1mn / 772.4mn / 812.8mn*, mainly due to weaker *Zetrix* performance 🪙 amid depreciating token price and a stronger Ringgit 💱.

✅ We *reiterate our BUY* call with a *lower target price (TP)* of *RM1.33* (from RM1.82) 📊 based on a 5-year average forward *PER of 13x*, applied to *2026F EPS* of *10.2 sen*.

📌 Click the link below for more info:
https://drive.google.com/file/d/1Fxr4FPomFBqikC0bUOoFjBYrtWfrqTFs/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 January 2026 08:59

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BIMB SECURITIES

09 January 2026 05:15

Assalamualaikum & greetings!

🚀 *JOIN US ONLINE*

*MARKET OUTLOOK 2026*
_A Tale of Hope Amidst Uncertain Times_

*Key insights*
Get sharp, actionable insights on the Malaysian equity market in 2026 from macroeconomic trends and geopolitical risks to policy shifts and emerging opportunities in energy transition, technology, and regulatory changes.

_No noise. Just what actually matters for the year ahead._

*Speaker*
Mohd Redza,
Director of Research, BIMB Securities Sdn Bhd

20+ years’ experience in equity research, with a strong focus on Shariah-compliant and ESG investments across Malaysia’s capital markets.

🗓 Date: 10 January 2026 (Saturday)
⏰ Time: 10:00 AM – 11:00 AM
💻 Platform: Microsoft Teams

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BIMB SECURITIES

31 December 2025 10:38

Assalamualaikum & greetings!

Dear Valued Client,

*Happy New Year 2026* ✨

May this year bring success, progress, and lasting value.

Thank you for your continued trust. We remain committed to supporting your investment journey with discipline and long-term focus.

#bimbsecurities #ShariahInvestment #InvestWithConfidence #SustainableGrowth #LongTermValue #ShariahCompliant

BIMB SECURITIES

30 December 2025 01:58

*BIMB Securities - Sector Update*

*OIL & GAS* - Underpriced Opportunities Emerging

*OVERWEIGHT*

💼 Velesto Energy (Velesto) has announced the disposal of its entire equity interest in Velesto Workover Sdn Bhd (VWSB) for RM16.5mn cash, effectively exiting the well workover operations as well as well plug and abandonment (P&A) services, with completion targeted by 1H26.

💰 We view the disposal price as fair, with an estimated marginal gain of c.RM0.4mn. The divestment allows Velesto to sharpen focus and redeploy resources towards its core rig business.

✅ Maintain *BUY* on Velesto with unchanged TP of RM0.34. Velesto remains our top dividend play 🔝💵 (more than 10% yield), with improving earnings quality 📈 and a clear management focus on maximising shareholder returns 🎯.


📌 Click the link below for more info:
https://drive.google.com/file/d/1qcus0p0jh1v9NUy6oS4bJFMu2dkNGym8/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 December 2025 02:04

*BIMB Securities - Sector Update*

*AUTOMOTIVE* - Signs of Moderation, EV Momentum Intact

*NEUTRAL*

Total Industry Volume (TIV) 🚗📉 sales declined 4.6% MoM to 72,509 units in Nov 2025, driven by weaker passenger 🚙 and commercial vehicle 🚛 sales, signaling a gradual normalization in market demand. YTD TIV eased 1% YoY to 727,836 units 📊, representing 92% of our 790k forecast, keeping full-year expectations broadly on track ✅.

EV ⚡ registrations surged 25% MoM to 5,417 units (Oct: 4,345), lifting penetration to 4.7% 🚀, driven by accelerated deliveries from Tesla, BYD, and Proton 🚘🔋.

We expect sales to be front-loaded in Dec 2025 📆, driven by pre-emptive buying 🛒 ahead of the expiry of CBU tax exemptions and potential implementation of OMV tax in 2026 💸📉.

We maintain our NEUTRAL stance ⚖️ on the automotive sector, supported by ongoing new model launches 🆕🚗 and national EV rollouts which will lend support to sales. We retain HOLD on Sime Darby (TP: RM2.27) 🤝, MBMR (TP: RM5.28) 🚘, and SELL for BAuto (TP: RM0.54) ❌.



📌 Click the link below for more info:
https://drive.google.com/file/d/1r0WrbLUQY9WkG-pl0EUREBONgQv7MagS/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 December 2025 02:33

*BIMB Securities - Company Update*

*KLK* - KLK-Mahsing JV to Develop Industrial Park in Kulai

*Target Price: RM21.10 / HOLD*

KLK 🌿 announced a strategic JV 🤝 with Mah Sing Group Berhad 🏢, via its wholly owned subsidiary KLK Land Sdn Bhd, to dispose 419.15 acres of freehold plantation land 🌾 in Kulai, Johor 🇲🇾 for RM273.9m 💰, to be developed into MS Industrial Park @ Kulai 🏭 with an estimated GDV of RM2.26bn 📈.

The project is undertaken via a 60:40 JV ⚖️, with Mah Sing retaining management control 🛠️ while KLK holds a 40% equity interest 📊, enabling KLK to monetise 💸 its Johor land while retaining exposure to longer-term industrial development upside 🚀 under the JS-SEZ 🏗️.

We view the JV positively 👍 as it unlocks value 🔓 from KLK’s plantation landbank 🗺️ and diversifies earnings beyond core plantations 🌴, without materially increasing execution or balance-sheet risk ⚠️. No changes to our earnings forecasts 📉 pending completion.

Maintain a HOLD 🤲 call with TP of RM21.10 🎯 (based on P/B of 1.6x, pegged to FY26F BV/share of RM13.20).

📌 Click the link below for more info:
https://drive.google.com/file/d/1exYz4jeEZjB4kHv-PdbbY54wHd0YJLaj/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 December 2025 02:31

*BIMB Securities - Company Update*

*SUNCON* - Back-to-Back Wins

*Target Price: RM6.86 / BUY*

SunCon 🏗️ secured back-to-back project awards totaling RM956m 💼, driving execution momentum with hyperscale clients 💻📡.
The latest RM386m work orders 📄 are estimated to contribute RM27–31m PBT 💰, with earnings skewed into FY26 📆.
FY25 new wins 🏆 reached RM4.9bn, lifting the order book 📚 to RM6.4bn, with DCs comprising ~44% 🖥️🏢.
This places the group comfortably within management’s FY25 replenishment target 🎯 of RM4.5–6.0bn.

📌 Click the link below for more info:
https://drive.google.com/file/d/129VFm81OePu14EGC3IsBF0BnJ-IEzKHS/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 December 2025 02:11

*BIMB Securities - Result Review*

*TOPGLOV* -
Margin-Led Recovery; Good Start for FY26

*Target Price : RM0.72 (HOLD)*

Top Glove’s 🧤 1QFY26 results came in above our expectations (+48.6%) 📈, though largely within market consensus, marking a continuation of its margin-led earnings recovery 💪.

Core PATAMI climbed to *RM39mn* (+11.2% QoQ, >100% YoY) 💵, swinging back into profitability from losses a year ago 🔄.

Revenue was flattish (-0.7% QoQ) 📉 on lower ASPs and a stronger MYR 💱, but sales volume rose *17% YoY* 📦, led by a *117% surge in US sales* 🇺🇸, which helped offset softer demand in Europe 🇪🇺 where price competition remains stiff.

EBITDA expanded *26.3% QoQ* to *RM118.2mn* 💰, with margin improving to *13.4%* (vs. 10.5% in 4QFY25) 📊. This was supported by higher utilization (*73%*) ⚙️, cost discipline 📉, and retention of savings from lower raw material inputs 🌿.

The result affirms our view that the earnings cycle is recovering 📈, but primarily through efficiency and volume leverage 📦⚡, not pricing power 🚫💲.


📌 Click the link below for more info:
https://drive.google.com/file/d/1opYXL77uWqm-ZSZslsMP_h6onSWD0o4o/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 February 2026 02:11

*BIMB Securities - Company Update*

*GAMUDA* - Market Over-Discounts Early-Cycle Earnings

*Target Price: RM6.29 / BUY*

Near-term earnings are subdued, but the market is over-discounting Gamuda’s normalised earnings beyond FY27 📉. We now anchor construction valuation to FY28F earnings (from FY27F), which reflects a normalised earnings base after early S-curve distortions and back-ended profit recognition. FY27F–FY28F PER of 15.8x–11.4x sits well below the historical mean of around 18x 📊. Recent price weakness offers a compelling accumulation opportunity amid timing-driven earnings dislocation 💰. We maintain BUY.

📌 Click the link below for more info:
https://drive.google.com/file/d/1TdNYdwyLhROS50Eja3kGTpd-bxem0yim/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 January 2026 02:55

*BIMB Securities - Company Update*

*SLVEST* - Solid orderbook; strong earnings trajectory

*Target Price: RM3.24 / BUY*

We expect the LSS5+ prospect with Malakoff to drive orderbook upside, exceeding the RM2.5bn mark 🚀. FY26F net profit margin to sustain at ~10% (+3 ppts from FY24 level) on advanced execution, but to normalize in FY27–28F. Our FY26-28F earnings forecasts adjusted higher by 46.5% on average, to better align with the ongoing EPCC project schedule, higher outstanding orderbook and steady profit margin. Upgrade to BUY with SOP-derived TP increased to RM3.24 💰. This report marks a transfer of coverage.

📌 Click the link below for more info:
https://drive.google.com/file/d/1B16mw0J7QFqBEx6qTd39QzdFqdvywGDL/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 January 2026 02:47

*BIMB Securities - Company Update*

*ZETRIX* - MyDigital ID's Path to Financial Sector Integration

*Target Price: RM1.33 / BUY*

The MyDigital ID sandbox has scaled to 18 participating banks (up from 15 in Phase 1) to test real-world e-verification capabilities 📈. Similar to the SingPass model, MyDigital ID could scale from government services to widespread adoption across banks and commercial sectors, highlighting its structural importance for Malaysia’s national digital ID initiative 🔒. We reiterate our BUY call with a target price of RM1.33 based on a 5-year average forward PER of 13.0x applied to 2026F EPS of 10.2 sen 💰.

📌 Click the link below for more info:
https://drive.google.com/file/d/138NwBCpJKzO837N8g2y-akGXOgyx_rDp/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 January 2026 02:21

*BIMB Securities - Company Update*

*DAYANG* - Lack of Near-Term Earnings Catalyst

*Target Price: RM1.53 / TRADING SELL*

⚠️ We remain cautious on Dayang Enterprise, as earnings are expected to stay under pressure 📉 amid an offshore maintenance downcycle 🌊🔧, softer oil prices 🛢️⬇️ and Petronas–Petros uncertainty ❓

⏳ We see a lack of near-term earnings catalysts, with 4QFY25 and 1QFY26 results likely to remain weak 📊 due to the monsoon season 🌧️

📐 We maintain our earnings forecasts, which remain below consensus 👇, reflecting our more conservative assumptions on the pace of offshore maintenance recovery 🐢

🔻 In light of the absence of near-term catalysts 🚫✨ and the 16% share price appreciation 📈, which we view as unjustified ❌, we downgrade Dayang to TRADING SELL 🟥 with an unchanged TP of RM1.53 🎯

📌 Click the link below for more info:
https://drive.google.com/file/d/13nZ1lwiy_jFeVXIgo1rWVCqA-UCMNmMd/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 January 2026 02:24

*BIMB Securities - Company Update*

*GAMUDA* - PNB Exchangeable Sukuk: Fundamental Intact

*Target Price: RM6.73 / BUY*

📌 PNB’s US$300m exchangeable sukuk is at shareholder level, not linked to Gamuda-initiated funding, and requires no corporate action.
🛡️ The structure ensures no dilution, no balance sheet impact, and no change to Gamuda’s EPS or valuation base.
📉 Recent share price weakness reflects technical overhang and hedging concerns, which should ease as deal clarity improves.
📈 The current pullback presents an attractive accumulation opportunity at compelling valuations. 💡

📌 Click the link below for more info:
https://drive.google.com/file/d/1VQ7MDHAsioeI1HHp6JEg58zN5nAtrHop/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 January 2026 02:32

*BIMB Securities - Company Update*

*KERJAYA* - First FY26 Award Secured

*Target Price: RM2.77 / HOLD*

📌 KPGB secures RM201.3m Greencove contract, marking its first FY26 win 🏗️✨
📊 Orderbook strengthens to RM4.4bn, extending earnings visibility through FY26–FY29 🔍📅
📈 Earnings uplift expected to be modest, contributing ~1–2% of core profit ⚖️
🧭 Management guides RM2.0bn FY26 replenishment, supported by data centre (DC) and industrial tenders 🏭💻
🤝 Maintain HOLD, as valuation already reflects near-term upside, with the stock trading above its historical average 💰📉


📌 Click the link below for more info:
https://drive.google.com/file/d/1O-HFDxRRcYj79EwYnTqanFyVZCH7W9re/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

14 January 2026 03:10

*BIMB Securities - Sector Update*

*HEALTHCARE* - Healthcare Reforms - Early Stress Test from APC Crisis?

*NEUTRAL*

🇲🇾🩺 Malaysia’s Ministry of Health (MOH) has recently launched the *“Four Strategic Leaps”*, an aspiring plan to modernise our healthcare system, centred on *digitalisation 💻, financing 💰, workforce reforms 👩‍⚕️👨‍⚕️*, and a shift towards *preventive 🛡️, equitable care ⚖️*.

⚠️ However, the *APC licensing delay* could serve as an early *litmus test* for system readiness, highlighting the importance of *robust execution ✅, strong digital infrastructure 🌐, and inter-agency coordination 🤝* to support the successful rollout of such wide-ranging reform.

⏳ While the reform agenda remains in its early stages and the APC-related disruptions are expected to be resolved soon, we *reaffirm our Neutral ⚖️ call* on the sector.

📌 Maintain *HOLD* for:
- *IHH* (TP: RM8.50) 🏥
- *KPJ* (TP: RM2.77) 🏨

📌 Click the link below for more info:
https://drive.google.com/file/d/1qcus0p0jh1v9NUy6oS4bJFMu2dkNGym8/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 January 2026 02:03

*Courtesy Reminder*

Please join today's market outlook, "A Tale of Hope Amidst Uncertain Times," at 10:00 am. Be sure to log in 10 minutes early for a smooth connection. Kindly remind your invitees. Thank you, and we look forward to seeing you soon!

BIMB SECURITIES

07 January 2026 05:15

Assalamualaikum & greetings!

🚀 *JOIN US ONLINE*

*MARKET OUTLOOK 2026*
_A Tale of Hope Amidst Uncertain Times_

*Key insights*
Get sharp, actionable insights on the Malaysian equity market in 2026 from macroeconomic trends and geopolitical risks to policy shifts and emerging opportunities in energy transition, technology, and regulatory changes.

_No noise. Just what actually matters for the year ahead._

*Speaker*
Mohd Redza,
Director of Research, BIMB Securities Sdn Bhd

20+ years’ experience in equity research, with a strong focus on Shariah-compliant and ESG investments across Malaysia’s capital markets.

🗓 Date: 10 January 2026 (Saturday)
⏰ Time: 10:00 AM – 11:00 AM
💻 Platform: Microsoft Teams

👉 *Register now:*
🔗 https://bit.ly/BIMBMarketOutlook2026

👉 *Microsoft Teams link (event day):*
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📌 *Registration is required.*

#EmpoweringYourHalalinvestmentJourney
#BIMBSEC #MarketOutlook2026

BIMB SECURITIES

31 December 2025 05:10

Assalamualaikum & greetings!

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*MARKET OUTLOOK 2026*
_A Tale of Hope Amidst Uncertain Times_

*Key insights*
Get sharp, actionable insights on the Malaysian equity market in 2026 from macroeconomic trends and geopolitical risks to policy shifts and emerging opportunities in energy transition, technology, and regulatory changes.
_No noise. Just what actually matters for the year ahead._

*Speaker*
Mohd Redza,
Director of Research, BIMB Securities Sdn Bhd

20+ years’ experience in equity research, with a strong focus on Shariah-compliant and ESG investments across Malaysia’s capital markets.

🗓 Date: 10 January 2026 (Saturday)
⏰ Time: 10:00 AM – 11:00 AM
💻 Platform: Microsoft Teams

👉 *Register now:*
🔗 https://bit.ly/BIMBMarketOutlook2026

👉 *Microsoft Teams link (event day):*
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📌 *Registration is required.*

#EmpoweringYourHalalinvestmentJourney
#BIMBSEC #MarketOutlook2026

BIMB SECURITIES

30 December 2025 01:58

*BIMB Securities - Company Update*

*VELESTO* - Exiting Well Workover Business

*Target Price: RM0.34 / BUY*

💼 Velesto Energy (Velesto) has announced the disposal of its entire equity interest in Velesto Workover Sdn Bhd (VWSB) for RM16.5mn cash, effectively exiting the well workover operations as well as well plug and abandonment (P&A) services, with completion targeted by 1H26.

💰 We view the disposal price as fair, with an estimated marginal gain of c.RM0.4mn. The divestment allows Velesto to sharpen focus and redeploy resources towards its core rig business.

✅ Maintain *BUY* on Velesto with unchanged TP of RM0.34. Velesto remains our top dividend play 🔝💵 (more than 10% yield), with improving earnings quality 📈 and a clear management focus on maximising shareholder returns 🎯.

📌 Click the link below for more info:
https://drive.google.com/file/d/1jFTFwJuI8kH_PSTpAq-2MJdMR7Sq1As4/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 December 2025 02:02

*BIMB Securities - Sector Update*

*HEALTHCARE* -Resilient Demand but Upside Limited by Valuation

*NEUTRAL*

The Malaysian 🇲🇾 healthcare sector 🏥 is expected to remain fundamentally resilient in 2026, supported by normalized elective procedures 🩺, rising medical tourism flows ✈️🧳 and continued demographic ageing 👵👴.

Elective surgeries 🏨 have largely stabilized at 90–95% of pre-pandemic levels 📊, reflecting sustained utilization across oncology 🎗️, cardiology ❤️ and orthopedics 🦴. Medical tourism continues to strengthen 💪, led by Indonesian 🇮🇩 patients (>60% share) and supported by Malaysia’s competitive pricing 💸 and specialist depth 🧑‍⚕️.

Meanwhile, the proportion of seniors (≥65 years) 👨‍🦳👩‍🦳 is expected to surpass 15% by 2030 📆, anchoring long-term demand for chronic disease management 💊 and rehabilitative care 🧘‍♂️. Collectively, these drivers reinforce a steady volume outlook 📈 heading into 2026.

📌 Click the link below for more info:
https://drive.google.com/file/d/1S2e8CZRP7wGU7ZzOCKd3QlVDUlS0x_0F/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 December 2025 02:32

*BIMB Securities - Company Update*

*MAHSING* - Mahsing-KLK Land JV to Develop Industrial Park in Kulai

*Target Price: RM1.85 / BUY*

Mah Sing 🏢 announced a strategic joint venture 🤝 with KLK Land to acquire 419 acres of freehold industrial land 🌱 in Kulai, Johor 🇲🇾 for RM273.9m 💰, to be developed into MS Industrial Park @ Kulai 🏭 with an estimated GDV of RM2.26bn 📈.

The project is undertaken via a 60:40 JV ⚖️, with Mah Sing retaining control 🛠️ and project management. The acquisition strengthens Mah Sing’s industrial landbank 🗺️ in Johor, positioning the group to capitalise on JS-SEZ 🚄 driven industrial and logistics demand 📦 over the medium term.

We are positive 👍 on the strategic JV with KLK Land, which enhances Mah Sing’s industrial platform 🧱 and improves longer-term earnings visibility 🔍. Post-acquisition, remaining GDV will increase to RM31.09bn 💼 with unbilled sales of RM3.14bn 💵, while total landbank expands to 2,761 acres 🌍.

Pending completion of the land acquisition in 2H26 ⏳, we make no changes to our earnings forecasts 📊 or target price 🎯.

We maintain a BUY 🛒 call on Mah Sing, with an RNAV-derived TP of RM1.85 💹 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/1VKAE1wzd6MgstxXQZcCA7_sWxQTZRbHX/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 December 2025 02:30

*BIMB Securities - Sector Update*

*UTILITIES* - Gamuda Enters Grid Storage; Malakoff Scales Solar

*OVERWEIGHT*

Gamuda secured the largest share of Malaysia’s first utility-scale BESS ⚡📦 tender, marking its first grid-linked asset ownership 🏗️🔌.
MyBeST assets feature RM270–300m capex 💰, 15-year tenure 📆, and support stable, contracted infrastructure-style returns 📈🏛️.
Separately, Malakoff scaled its renewable platform 🌞🌱 via a 21-year PPA for a 470MW utility-scale solar project in Larut and Matang, Perak, under the LSS5+ programme 🛠️📃.
Rising solar penetration ☀️ is driving grid imbalances ⚖️, increasing policy focus on BESS solutions 🔋📊.

📌 Click the link below for more info:
https://drive.google.com/file/d/1gp9tGUsElcr8ip3DPAoqaj03gVX0ZbnK/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 December 2025 02:11

*BIMB Securities - Company Update*

*GAMUDA* - Marinus Link Secured; Australia Pipeline Intact

*Target Price: RM6.73 / BUY*

Gamuda 🏗️ secured the Marinus Link BOW package via a 50:50 JV 🤝 with Samsung C&T.

The award adds *AUD497m* or *RM1.3bn* 💰, lifting group order book 📚 to *RM37.9bn* 📈.

The project carries an estimated *5% PBT margin* 📊, contributing about *AUD25m* or *RM65m* over five years (RM13m annually / <1% of FY26 estimates) 💵.

The group remains on track ✅ towards its *RM40–45bn* order book target 🎯 by year-end, with another two tenders 📝 at a very advanced stage 🚀.


📌 Click the link below for more info:
https://drive.google.com/file/d/1kQJSonOpZcCwfXQ9dcIznuQgW3P985Ln/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd