BIMB SECURITIES

16 Jul 2025 02:43

*📰 Market Insight BIMB Securities*
*16 July 2025*

🇺🇸 The Dow decreased 0.98% to close at 44,022.89 while the S&P500 decreased 0.40% and the Nasdaq increased 0.18% yesterday.

💸 *Flows:*
🎯Foreign: -RM88.3mn (Previous: +RM1.2m)
🎯Local Institutional: +RM31.1mn (Previous: -RM9.9mn)
🎯Local retailers: +RM57.2mn (Previous: +RM8.7mn)

🤔 *Outlook:*
- The FBMKLCI may seek potential refuge or glimpse of hope from lower US tariff on Indonesia
- Furtermore, China’s *stronger-than-expected* economic data (2Q GDP +5.2%) should cushion any negative development / volatility in the US tariff
- Support and resistance for the FBMKLCI at 1,500 – 1,480 and 1,590 – 1,600 respectively.

*💻 BIMB Securities Report Today*

*📊China Economy:* China’s Economy Stays on Course, But Underlying Activity Signals Caution

*📊US Economy:* US Inflation Heats Up in June

BIMB SECURITIES

14 Jul 2025 03:24

*BIMB Securities - Company Update*

*AXIATA*- Catalysed by Asset Monetisation

*Target Price: RM3.00 / BUY*

📡 *Axiata* is looking for suitors for its stake in *Edotco*. Several media have reported that Edotco could be valued at *USD3.5bn* including its debt.
💰 The proceeds from disposal will be channeled towards *debt repayment*. This is timely as the company may redeem its long-dated USD bond at a *great discount*.
📈 Despite the recent *stock price rally* by >20%, we still see some upside.
✅ Maintain a *BUY* call on Axiata with higher *TP of RM3.00*.

📌 Click the link below for more info:
https://drive.google.com/file/d/1AuXrO_u1rNQYgRjxnmgvzI4FBEJbcF2f/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 Jul 2025 03:20

*BIMB Securities*

*LBS*- All Eyes on 2H to Turn the Corner

*NOT RATED*

🏘️ *LBS Bina*, a diversified Malaysian property developer, delivers stable cash flows from affordable and mid-range housing 💰 while expanding into high-margin industrial projects 🏭.

📉 *Q1 FY2025* revenue was *RM329mn* (-2.7% YoY), with *PBT* dropping *7.5% YoY* to *RM50.6mn*, driven by progress billings despite project completions 🧾📊.

🌇 Supported by a *3,793-acre landbank* (RM32bn GDV) and a *RM1.6–2.0bn* 2H25 launch pipeline 🚀, we see a fair value range of *RM0.53–RM0.93* 💸.
⚠️ Execution and cost pressures remain key risks 🏗️📉.


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

09 Jul 2025 10:41

📢 We’re Going Paperless! CDS statements
will soon be available only via eStatements—
fast, secure & eco-friendly.
📝 Printed copies will still be provided at no charge* to:
✔️ Customers aged 70 & above
✔️ Persons with disabilities
✔️ Those with poor internet access
Tap to switch ➡️
https://my.bursamalaysia.com/happenings/promotions-and-updates/go-paperless-go-green
*Terms and conditions apply
#eStatements #GoDigital #CustomerCare

BIMB SECURITIES

07 Jul 2025 02:58

*BIMB Securities - Sector Update*

*Technology* - All eyes on the AI Restriction & Tariff Deadines

*NUTRAL*

🕰️ As the clock ticks down toward the make-or-break 9th July tariff deadline, Malaysia’s technology sector finds itself standing at a consequential junction ⚠️

😟 The anxiety gripping the industry now stretches beyond just trade negotiations – it is expanding into the dawn of a new AI battlefield 🤖🌐

🇺🇸 The U.S. Commerce Department is now targeting Malaysia and Thailand with potential restrictions on exports of Nvidia's cutting-edge AI chips 💻🚫

📦 The rationale? Mounting concerns that these chips are being rerouted to China via third-country proxies, bypassing direct sanctions 🇨🇳🔁

📉 While we are still uncertain what tariff rate Malaysia will face come August – base case: somewhere in the 10%-24% range – this shocking move on AI chips adds another layer of complexity to the sector 🧩

⚖️ We maintain our NEUTRAL stance, though our bias is skewing more cautious into 2H2025. Trade uncertainty and AI export risks could weigh on fundamentals and sentiment 📊😬

💼 Yet, our target prices remain for now: DNeX (BUY, TP: RM0.33) ✅, Inari (HOLD, TP: RM2.23) ⚖️, and Unisem (SELL, TP: RM1.60) ❌. We downgrade MPI from BUY to HOLD following its recent share price rally 📈 with unchanged TP of RM22.58 💹

📌 Click the link below for more info:
https://drive.google.com/file/d/1SR6vUg1uCkEO5svRJ4z56S9B2CL8ItSK/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 Jul 2025 03:02

*BIMB Securities - Company Update*

*CYPARK* - A Turnaround Year in FY2026

*Target Price: RM0.97 / HOLD*

📍 We visited Cypark’s Waste-to-Energy (WTE) plant at Ladang Tanah Merah (LTM), Negeri Sembilan yesterday to gain insight and outlook from the business segment 🔍

⚡ The WTE currently operating at output of 14–15MW/day after a fire incident in 2024 🔥. The plant had its scheduled 20-day mandatory shutdown in May 2025 🛠️; however, earnings impact is deemed minimal 💸 as tipping fees continue even during downtime, with only electricity sales affected 💡

🌱 To date, Cypark’s RE portfolio in operation reached 407MW in total capacity 🔋

📊 Maintain our earnings forecast and HOLD call on Cypark with DCF-derived TP of RM0.97 📉💼


📌 Click the link below for more info:
https://drive.google.com/file/d/1Hk3qpSH2gE-Xp74fQOjHaIYNRgkOWUUV/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

02 Jul 2025 03:14

*BIMB Securities - Company Update*

*KERJAYA* - Acquiring Prime Klang Valley and Penang Lands

*Target Price: RM2.59 / BUY*

🏗️ KPGB is acquiring 7.4 acres of freehold land along Jalan Puchong for RM112.8mn to strengthen its future property development pipeline 🏘️📈

🤝 A separate JV with Aspen Vision Tanjung will see KPGB co-develop 4.5 acres in Tanjung Bungah, Penang 🏝️, with an estimated outlay of RM64.8mn for its 60% stake 💼

💰 Despite total investments of RM177.6mn, KPGB’s strong net cash position of RM316.7mn 🧾 limits gearing impact, with net gearing estimated to rise modestly to ~0.2x 📊

✅ We maintain our BUY call with an SOP-derived TP of RM2.59 💹, supported by attractive valuation, solid contract flow 📑, and a projected FY25F dividend yield of 5.7% 💵📤

📌 Click the link below for more info:
https://drive.google.com/file/d/1Ig80Tl10gNioaZXts6Rtu6Ve9tt_j7gv/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

02 Jul 2025 03:13

*BIMB Securities - Company Update*

*VELESTO* - Orderbook replenishment on the rise

*Target Price: RM0.27 / BUY*

🛢️ Velesto Energy (Velesto) announced that it has secured a 1-year drilling contract from PTTEP worth around USD40mn 💰 beginning June 2025 📅. This will boost its outstanding orderbook to RM1.6bn 📈.

🛠️ According to the rig schedule, secured rig utilization rate is projected at 71% for 2025 📊, 29% for 2026 📉 and 21% for 2027 📉.

🔄 We revised our FY25–27F earnings estimate upward 📈 as we revisited our cost assumptions 💼.

✅ Maintain a BUY call on Velesto with a DCF-derived TP of RM0.27 🚀. We believe Velesto’s orderbook replenishment will improve its earnings visibility and catalyze the stock price higher 💹✨.

📌 Click the link below for more info:
https://drive.google.com/file/d/1tMs-I8yFsBFWpEX4up-9znfvroRx-CXd/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

01 Jul 2025 03:20

*BIMB Securities - Result Review*

*CYPARK* - Hefty Reversal of Provision Recorded for the Year

*Target Price: RM0.97 / HOLD*

🔻 Downgrade to HOLD (TP: RM0.97) 📉. Cypark’s 12MFY25 core net loss of RM103mn ❌ was above our net loss estimate, mainly due to higher-than-expected reversal of provision recognised at RM89mn 💸 from the RE and WTE segment 🔄♻️.

⚖️ Despite receiving compensation from an amicable settlement 🤝 with the main contractor of the WTE plant 🔥, its waste management and WTE segment posted a narrowed LBT of RM56.5mn (vs RM61.6mn in FY24) 🗑️.

📊 We maintain our earnings forecast as we expect core earnings in FY26F to return to black ✅.

📌 Downgrade our call to HOLD from BUY on Cypark with an unchanged DCF-derived TP of RM0.97 💰 as the stock price has rallied 🚀.

📌 Click the link below for more info:
https://drive.google.com/file/d/190FJCJEQSXSvVeQysK2suuY5jqydWO5Q/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 Jun 2025 03:21

*BIMB Securities - Company Update*

*GAMUDA* - Domestic Construction to Drive Earnings Upside

*Target Price: RM5.59 / BUY*

Maintain BUY ✅ with a higher TP 📈. Gamuda Berhad (Gamuda)’s 9MFY25 core profit came in at RM657.3mn (+7.2% YoY) 💰, making up 57.1% and 63.3% of our and consensus expectations, respectively 📊.

We deem earnings to be broadly within estimates 📌 and expect a significantly stronger performance in the final quarter 🚀 as domestic construction activity picks up pace 🏗️, and newly awarded projects move into the execution phase 📝.

A 2nd interim dividend of 5 sen per share was declared 💵, bringing the total FY25 dividend payout to 10 sen (vs. 8 sen for FY24) 🎉. We reiterate our BUY call on Gamuda with a higher SOP-derived TP of RM5.59 (from RM4.87 previously) 🔝.

📌 Click the link below for more info:
https://drive.google.com/file/d/1BfjuUMRa5uNgaOi8TNyKWgMB_eJrbGxz/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 Jun 2025 02:41

*📰 Market Insight BIMB Securities*
*26 June 2025*

🇺🇸 The Dow fell 0.25% to close at 42,982.43 while the S&P500 fell 0.02% and the Nasdaq increased 0.31% yesterday.

💸 *Flows:*
🎯Foreign: -RM50.7mn (Previous: +RM4.97m)
🎯Local Institutional: +RM109.7mn (Previous: +RM14.17mn)
🎯Local retailers: -RM59mn (Previous: +RM9.2mn)

🤔 *Outlook:*
• Improved sentiment coming from easing Iran-Israel conflict coupeld with Trump’s visit to Iran next week.
- Powell’s no-rate cut seen as little positive as market is still expecting big cuts.
- ⁠Potential lower SLR (Supplement Leverage Ratio) for US banks should provide support to equity market in the near term.
- Back home, we expect building positive interest in KLCI as the reflection of stability and upside potential on local-driven economy, eyes on infra and construction as these names to benefit from busier 2H25 (Budget 2026 & RMK13).
• Support and resistance for the FBMKLCI at 1,500 – 1,480 and 1,590 – 1,600 respectively.

BIMB SECURITIES

26 Jun 2025 02:38

*BIMB Securities - Sector Update*

*TRANSPORTATION*- 2H25 Sector Outlook: "Resilient but Capped"

*NEUTRAL*

📦 *1Q25 Sector Recap – Mixed Performance Across Modes* 🚢🚛🛤️

The Malaysian *ports and logistics sector* entered 2025 on *cautious footing* ⚠️ amid global trade volatility 🌍📉 and *margin compression* pressures 💸. *1QFY25 results* were mixed, with *Westports* and *Perak Transit* meeting expectations ✅, while *Swift Haulage* lagged ❌ due to margin pressure.

⚓ *Westports* posted steady YoY growth on modest volume gains 📈 and cost efficiency, though QoQ earnings dipped due to *higher labour costs* 👷‍♂️💰. The *Westports 2 expansion* continues to support *long-term scalability* 🏗️.

🚉 *Perak Transit* benefited from the start of *Bidor Sentral*, driving higher traffic 🚦 and rental income 💵. Its *contract-backed model* provides *earnings resilience* with limited macro exposure 🛡️.

🚚 *Swift Haulage* declined QoQ as prior cost gains faded 📉. YoY performance weakened on a *high base* and continued *margin pressure* in land transport and container haulage 🏞️📦. Structural *pricing and capacity issues* remain key drags 🧱.

📊 *Malaysia’s GDP* grew 4.4% YoY in 1Q25 📅, with full-year 2025 growth expected to remain steady at 4.4% 🔄. Export growth is forecast to moderate to 3.7% 📦, while *services* and *construction* are expected to grow 5.0% 🛠️ and 10.2% 🧱 respectively.

📌 Click the link below for more info:
https://drive.google.com/file/d/16L2vghmRpR7a9V39TgRszu8y__0KwQ0z/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

25 Jun 2025 02:44

*BIMB Securities - Sector Update*

*Automotive*- 2H25 Sector Outlook: "Cautious Rebound, Selective Strength"

*NEUTRAL*

🚗 *Softer Start Amid High Base*
The Malaysian automotive sector recorded a *steady performance* in the first *5M25*, with *Total Industry Volume (TIV)* reaching *316,737 units*, reflecting a *5% YoY decline* 📉 compared to *333,309 units in 5M24*.

📊 This accounted for *39%* of our earlier *810k forecast*, which we deem slightly *below trend*. The decline was due to:
- 📆 High base effects
- 🗓️ Shorter February workdays
- 🎉 Post-festive seasonality

⚡ Notably, the *Electric Vehicle (EV)* segment gained *strong traction*, with *registrations rising over 44% MoM* in May, driven by:
- 🔥 High demand for popular models like *Proton’s e.MAS 7* and *BYD*
- ⏳ Urgency ahead of the expiry of *CBU EV tax exemptions* by end-2025

📌 Click the link below for more info:
https://drive.google.com/file/d/1O3u_552WChK-Z2uVJtC2L8KhIaG_1t8R/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 Jun 2025 04:01

*BIMB Securities - Visit Note*

*NGGB* - Integrated Biomass Play with Circular Growth

*NOT RATED*

📌 This non-rated note presents our *constructive view* on *NGGB*, a green-tech 🌱 industrial platform executing Malaysia’s first *integrated biomass-to-product ecosystem* 🔁.

Backed by *IOI* 🏢 and China’s *Xiamen C&D* 🇨🇳, it offers:
- Visibility on *pulp offtake* 📦
- *Biofertiliser expansion* 🌾
- A champion for *ESG-aligned* value chain 🌍✅

📈 *PAT grew 146%* in FY24 with margins above peers.
We see *fair value* range of *RM0.84 to RM1.25* 💰 as new plants—especially *biofertilizer*—scale in *2H25* 🔧.

⚠️ *Risks* include execution delays 🕒 and global export exposure 🌐.

📌 Click the link below for more info:
https://drive.google.com/file/d/11BFDKcDdZD_zOdYqJp8y9jugJVDD6W9v/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 Jun 2025 04:00

*BIMB Securities - Sector Update*

*Oil & Gas*- 2H25 Sector Outlook: " A New Cycle of Project Sanction"

*OVERWEIGHT*

⛽ Maintain *OVERWEIGHT* on Malaysia’s Oil & Gas sector entering 2H2025. A resurgence in gas-focused upstream capex 🔧—driven by regional demand for power ⚡ and LNG 🔥—is gaining momentum, supported by project commitments from Shell 🐚, TotalEnergies 🌍, and ENI 🇮🇹.

📉 Despite Petronas’ lower capex, falling service rates and robust oil prices 🛢️ create a window for project sanctioning ✅.

🏆 Our top picks are:
- *MISC* 🚢
- *Dialog* 🏭
- *Hibiscus* 🌺

for their visibility, scale, and dividend yield 💰.

🔄 *MMHE* and *Velesto* offer re-rating potential on contract flow 📄.

⚠️ Risks include political uncertainty 🗳️, execution delays ⏳, and rig oversupply 🛠️.

📌 Click the link below for more info:
https://drive.google.com/file/d/1_o_5pd_AWa9O2qJj6FI6MWdcWAR7xb7k/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 Jul 2025 03:25

*BIMB Securities - Sector Update*

*Technology* - RMK13 -To light the Fire, But How Bright Can It Be?

*NUTRAL*

📊 *13th Malaysia Plan (RMK13)* is set for rollout in *2H25* – a defining moment for the government to act. The incoming *25% blanket U.S. tariff*, layered with the threat of *AI chip curbs*, are not just policy challenges – they are full-blown *strategic stress tests* for Malaysia’s tech ambitions.

🚀 RMK13 cannot be just another 5-year development blueprint. It must fire on all cylinders: 💵 *fiscal muscle*, 🛰️ *decisive geopolitical manoeuvring*, and a 🧠 *tech ecosystem* ready to punch above its weight.

🛡️ The focus must now shift to *shielding local firms*, 🔁 keeping the investment flywheel spinning, while also *building national demand*. We are on the *launchpad* of Malaysia’s most aggressive tech-led national strategy yet. *Time to double down*, not pull back.

⚠️ In the short term, *volatility* will dominate as markets digest tariff shocks and policy shifts. Hence, we maintain our *NEUTRAL* rating on the sector for the rest of the year.

💡 However, clarity on RMK13’s *fiscal rollout* and the *semiconductor-specific incentives* in 2H25 could serve as *re-rating catalysts* for 2026 onwards.

✅ Conviction names to ride the RMK13 wave:
• *Inari* (TP: RM2.23)
• *MPI* (TP: RM22.58)
• *Zetrix/MyEG* (TP: RM1.54)


📌 Click the link below for more info:
https://drive.google.com/file/d/1d9CTtG4IqAc98VfV0mDVft0neiR0SYjh/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 Jul 2025 03:20

*BIMB Securities - Sector Update*

*Automotive* - Thematic: Malaysia's EV Dream Faces a Potential Gridlock: Power Distribution as the Silent Bottleneck

*NUTRAL*

⚡🚗 Malaysia's push towards electric vehicle (EV) adoption is gaining momentum, supported by policy initiatives 📜 and changing consumer behaviour 👥. However, recent changes to electricity tariffs 🔌 have exposed a more critical bottleneck: the inadequacy of the nation’s power distribution infrastructure 🏗️.

⏰ EV users with smart meters charging during off-peak hours benefit most ✅. Even those on the standard tariff realise savings 💸. This underscores the growing relevance of smart metering and time-of-use (ToU) charging in household energy planning 🏠⚙️.

📉 EV users could enjoy lower charging costs through ToU optimisation, but the existing grid—particularly at the distribution level—may not be ready for mass electrification ⚠️🔋.

📊 Overall, we maintain a *NEUTRAL* call on the Automotive sector, with *HOLD* calls for *Sime Darby* (TP: RM1.76) and *MBMR* (TP: RM4.30). Despite all companies under our coverage offering EV models 🚘, we maintain a more favourable outlook on Sime Darby due to strong EV sales from *BYD* and *BMW* 📈.

📌 Click the link below for more info:
https://drive.google.com/file/d/17usbIa4QZbP0jC3hHE6kWdyiCw8GwgHZ/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 Jul 2025 03:19

*BIMB Securities - Company Update*

*MISC*- Future-proofing its Earnings

*Target Price: RM9.90 / BUY*

🚢 MISC remains focused on its plan to deliver earnings growth by:
(i) riding on the FPSO supercycle market 🌊,
(ii) venturing into the profitable new energy market ⚡, and
(iii) pursuing sustainability and decarbonization efforts 🌱🌍.

⚙️ The company is ramping up its energy transition strategy as the IMO carbon pricing mechanism is poised for implementation by 2027, with a carbon price of up to USD380/mt 💨💸.

📈 Maintain MISC as a *BUY* with a target price of *RM9.90* 💰.
Our *BUY* recommendation is premised on:
(i) being a proxy for growth in global upstream capex spending 🌎🛢️,
(ii) recurring income from its asset-leasing business model 🏗️, and
(iii) decent dividend yield of ~5% 💵📊.

📌 Click the link below for more info:
https://drive.google.com/file/d/1AJiYomlBQQ8R9ig-MhLkemNYqHUPjVM_/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

08 Jul 2025 03:17

*BIMB Securities - Company Update*

*NEXG*- Another Round Locked In Ahead of the curve

*Target Price: RM0.45 / HOLD*

📢 NexG Berhad (NexG) has received and accepted multiple contract extensions from the Ministry of Home Affairs (MOHA), covering its core 📇 passport and 🆔 national ID businesses.
📆 The 6-month extensions, effective from 1st Dec 2025 to 31st May 2026, include the supply of:
i) raw MyKad, MyTentera, MyPOCA and consumables 🖨️
ii) Malaysian passport documents 🛂
iii) polycarbonate biodata pages 📄

🔧 Separately, NexG also secured a 14-month extension (1st Dec 2025 to 31st Jan 2027) for maintenance of card personalization centers at the National Registration Department (JPN) 🏢.

✅ These extensions landed sooner than expected — a clear positive in our view. However, we’ve already baked them into our assumptions, hence keeping our earnings forecast unchanged 📊.

📉 Following its recent share price rally 📈, we revised our recommendation from BUY to HOLD, with an unchanged target price of RM0.45 💰, based on 18x PER (+1SD above 3-year forward PER) applied to FY26F EPS of 2.5 sen.

📌 Click the link below for more info:
https://drive.google.com/file/d/1K1lZ3xyMFIAGjlPR2ZPnWF1QuC7RA4rC/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

07 Jul 2025 02:58

*BIMB Securities - Company Update*

*GAMUDA*- The SPRWTS Enters Formal Negotiation Phase

*Target Price: RM6.05 / BUY*

🚰 The Perak–Penang Water Transfer Project has entered formal negotiations, with Gamuda–PKNP receiving an official mandate from the Perak State Authority to begin talks 🤝
💧 This project is critical to Penang’s long-term water security post-2030, offering a second supply source to reduce reliance on Sungai Muda 🏞️
📉 Despite the nationwide water tariff hike being delayed to August 2025, we expect no disruption to the rollout of key water projects 🏗️
✅ We reiterate our BUY call on Gamuda with an unchanged SOP-derived TP of RM6.05 💼📈

📌 Click the link below for more info:
https://drive.google.com/file/d/1U-8fdlalunB-jNP89x1HrYz01daiY47K/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 Jul 2025 02:39

*BIMB Securities - Result Preview*

*CTOS* - 2Q25 Preview: Resuming to Normal Operations

*Target Price: RM1.27 / BUY*

🧾 Expect a clean quarter, with PATAMI of RM24-26mn (flattish YoY) 📊

🧭 No updates on new CEO, the hunt is still on 🔍 — Mr. Loh Kok Leong (Non-Independent Director) still steering the ship 🚢

✅ Maintain BUY with TP RM1.27 💰 (+34% UPSIDE potential) 📈

📌 Click the link below for more info:
https://drive.google.com/file/d/14Zj-s3LVz2MA75MB18FuO6GUMjHOByMK/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

02 Jul 2025 03:14

*BIMB Securities - Company Update*

*GAMUDA* - From Contractor to Energy Asset Owner

*Target Price: RM6.05 / BUY*

☀️💨🔋 Gamuda has entered the Australian renewable energy market by co-developing a 600MW solar, wind, and battery storage portfolio in Tasmania 🇦🇺

📜 The initiative secures Gamuda development rights and sole EPC delivery 🛠️, with FIRB approval pending ✅

♻️ This marks a strategic shift towards asset ownership 🏗️, reinforcing Gamuda’s recurring income base 💵 and positioning in Australia’s energy transition 🌏⚡

⏳ While financial contributions are expected only from FY30 📆, EPC works may begin contributing from FY27 🔧, enhancing medium-term order book visibility 📈

✅ We reiterate our BUY call on Gamuda with a higher SOP-derived TP of RM6.05 💹 (from RM5.59 previously) 🚀

📌 Click the link below for more info:
https://drive.google.com/file/d/1m_5fOgMHR6s1I957ZtGpf3PFistypFOy/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

01 Jul 2025 03:20

*BIMB Securities - Result Review*

*SAPNRG* - PN17 Regularisation Plan Approved!

*Target Price: RM0.04 / HOLD*

📉 Sapura Energy fell into loss with LATAMI of RM478mn 💸 mainly dragged by operational challenges in executing an EPCI contract in Angola 🌍. The Engineering & Construction (E&C) segment took a hit of RM304mn 🚧 for foreseeable loss from that project ⚠️.

🛢️ Meanwhile, the drilling segment saw a weaker asset utilisation rate, with drilling days declining to 604 days 📉 (1Q25: 750 🗓️, 4Q25: 729) as T-17 and T-18 rigs were warm-stacked 🔧 while transitioning into new contracts 📑. This led to a 32% drop in overall revenue QoQ and YoY to RM801mn from RM1.2bn 💼📊.

✅ On the other hand, O&M was the sole profitable segment, delivering a PBT of RM20mn 💵 despite slightly weaker activity during the quarter ⚙️.

📌 Click the link below for more info:
https://drive.google.com/file/d/1GwfZSLDFKYIkB4NjsXX6g7458HP4hfHG/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

01 Jul 2025 03:19

*BIMB Securities - Company Update*

*GAMUDA* - Clinches RM2.6bn Taiwan Marine Structure Job

*Target Price: RM5.59 / BUY*

Gamuda clinched its ninth Taiwan project 🇹🇼 via a 70:30 JV 🤝, with infra works on the Kaohsiung Port LNG terminal ⚓️ set to begin as early as July 2025 📆 and span five years 🛠️.

Taiwan now makes up 27% of Gamuda’s RM37.2bn orderbook 📚, nearly matching Australia’s 28% 🇦🇺, reinforcing its presence in marine 🌊 and utilities infrastructure 💧.

With a ~8% PBT margin 📈, the project will contribute ~RM41.6mn annually 💵, lifting group PBT by ~2.5% per annum 📊 over the contract period ⏳.

We reiterate our BUY call ✅ on Gamuda with an unchanged SOP-derived TP of RM5.59 💹.

📌 Click the link below for more info:
https://drive.google.com/file/d/1ugZ2M_rqvBNpkUqWFUyk278CtrUjgYyY/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 Jun 2025 03:20

*BIMB Securities - Company Update*

*TOPGLOV* - Cautions Remains

*Target Price: RM0.78 / HOLD*

Top Glove’s 9MFY25 core PATAMI of RM36.8mn came in largely above our in-house expectation (96.8%) ✅, but substantially below the market estimate (44.8%) 📉. The outperformance relative to our forecast was primarily driven by lower-than-expected operating costs 💸.

In 3QFY25, revenue was down by 6.1% QoQ 📉 but surged 30.3% YoY 🚀. Meanwhile, PBT declined 44.3% QoQ and 46.7% YoY 📉, no thanks to higher operating costs 🏭.

Cumulatively, for 9MFY25, revenue increased 54.7% YoY 📈 while recorded PBT of RM106.6mn compared to LBT of RM37.4mn during same period a year ago 🔄. The upbeat revenue was driven by stronger sales volume which soared 65% YoY 📦📦.

📌 Click the link below for more info:
https://drive.google.com/file/d/1rhBtNaBBq2lpYbn210S9PJZ-AEqkyg-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

26 Jun 2025 02:39

*BIMB Securities - Sector Update*

*HEALTHCARE*- 2H25 Sector Outlook: "Healthcare Primed for Resilient Growth"

*OVERWEIGHT*

🏥 *Organic Capacity Expansion Supports Medium-Term Volume Growth* 📈
Malaysia’s *private hospital operators* are on track for *expansion plans* post-pandemic, with new *greenfield developments* 🌱 and extensions underway. *KPJ* continues to ramp up its pipeline with key assets such as *KPJ Damansara Specialist Hospital 2 (DSH2)* 🏨 and the latest one, *KPJ Kuala Selangor hospital* (commenced in Mar’25) 🏗️.

Meanwhile, *IHH* is actively optimizing its footprint across core markets through *encouraging revenue intensity* 💹. This *organic expansion* is pivotal in absorbing *unmet local demand* and accommodating *higher-value international cases* 🌍.

📊 Noted that *KPJ* is targeted to have a total of *4,200 beds* by end-2025 🛏️ while *IHH* is targeting to expand to *1,050 beds* in 2025 throughout its key markets 🌐.

📌 Click the link below for more info:
https://drive.google.com/file/d/1AYKZfgI0nb5m6Bu5WAR4nP34HLbA1uZ-/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd

BIMB SECURITIES

25 Jun 2025 02:44

*BIMB Securities - Sector Update*

*Property & REIT*- 2H25 Sector Outlook: "Still Holding Ground"

*OVERWEIGHT*

🏘️ Malaysia’s property market posted a *softer performance* in *1Q25*, with total *transaction value* declining *8.9% YoY* to *RM51.42bn* 💸 (vs. RM56.47bn in 1Q24) and *transaction volume* retreating *6.2% YoY* to *97,772 units* 📉 (vs. 104,194 units in 1Q24).

🔧🏗️ Despite near-term headwinds, we expect the sector to demonstrate *resilience*, underpinned by continued *expansion in construction activity* and a *robust pipeline of new residential launches* 🏡📈.

📌 Click the link below for more info:
https://drive.google.com/file/d/11g94vpfvcbQkUVy24JCJSvUzSBtMewbv/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 Jun 2025 04:03

*BIMB Securities - Visit Note*

*FEYTECH* - Expanding Capabilities in OEM Interior Systems & Module Assemblies

*NOT RATED*

🚗 This non-rated note outlines our *positive view* on *Feytech*, a Tier-1 *auto seat and seat cover supplier* with longstanding contracts with *Proton*, *Mazda*, and *Kia*.

📈 Its outlook is *positive*, backed by:
- *Localisation policies* 🇲🇾
- *ASEAN export tailwinds* via AFTA 🌏
- *Technical JVs* 🤝 that position it as Malaysia’s *only fully integrated seat system provider* 🪑

💸 The stock, trading at ~5.3x P/E, looks *severely undervalued* due to:
- Weak sales from key clients 📉
- Forced founder selling to meet the 25% public spread 📊

We believe the market has *overreacted*, *mispricing* what remains a *fundamentally sound business* ✅.

📌 Click the link below for more info:
https://drive.google.com/file/d/1bLPWQANBeRQkak_fP73dXpoMOYHeMc_V/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 Jun 2025 04:00

*BIMB Securities - Company Update*

*DNEX* - Recalibrating for Future Growth

*Target Price: RM0.33 / BUY*

📊 Following our meeting with *Dagang NeXchange Berhad (DNeX)*, we came away with better clarity on the group’s strategic direction, operational focus 🎯, and emerging growth pillars 🚀.

The company continues to anchor itself in three high-impact verticals:
- *Semiconductor* via *Silterra* 🧠
- *Energy* via *Ping Petroleum* ⛽
- *IT services* via *Dagang Net Technologies* 💻

– each playing a role in reshaping Malaysia’s industrial 🏭 and digital ambitions 🌐.

While its latest *1Q25* headline earnings were impacted by a deferred tax adjustment 📉, core operational improvements across wafer volumes 💿 and ASPs, energy production ⚡, and digital margins 📈 reflect the company’s gradual regain to momentum.

We reiterate our *BUY* call 🛒 with a revised SOP-derived target price (TP) of *RM0.33* 💰, as we roll forward our valuation to *2026F* while adjusting for more conservative monetization assumptions, primarily on the technology fronts 📉.

📌 Click the link below for more info:
https://drive.google.com/file/d/1OPgpHBlzT93ht4yLA2Im4PCN3AJa5xRx/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 Jun 2025 03:29

*BIMB Securities - Sector Update*

*Automotive* - "May TIV Rises, YTD Subdued"

*NEUTRAL*

📈 In May 2025, Total Industry Volume (TIV) rose 12.4% MoM to 68,007 units 🚗, supported by higher sales from both national 🇲🇾 (+11.7% MoM) and non-national 🌍 (+13.6% MoM) brands. The increase was mainly due to more working days 📅, ongoing promotional campaigns 🎯, and deliveries from earlier bookings made in 1Q25 📦.

⚡ EV registrations jumped 44% MoM to 4,152 units in May 2025 (Apr: 2,892 units), driven by Tesla’s surge 🚀 to 1,075 units (Apr: 108) on strong Model Y Juniper demand. BYD led the market with 1,148 units 🏆, followed by Proton e.MAS7 with 862 units 🇲🇾, while BMW rose to 179 units 🚘. EV penetration improved to 4.1% 🔌.

📊 We maintain our NEUTRAL call on the automotive sector, supported by resilient demand, with potential 4Q25 boost from OMV duty anticipation 💡. However, risks from rising living costs 💸 and competition from Chinese EVs 🇨🇳 remain.

✅ Our calls are under review, but we maintain HOLD on:
- Sime Darby (TP: RM2.10) 🏢
- MBMR (TP: RM5.50) 🚗
- BAuto (TP: RM0.86) 🚙

🔍 BIMB Securities Research Team

📌 Click the link below for more info:
https://drive.google.com/file/d/1fF-bW3frGHFZw-UZyuEN0LELdpD2LLNU/view?usp=sharing

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

Best Regards,

Retail Dealing | BIMB Securities Sdn Bhd