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

👉 *Register now:*
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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

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

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!

🚀 *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):*
🔗https://bit.ly/JoinWebinarMarketOutlook

📌 *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

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