FBMKLCI: 1,556.98
Weekly Strategy
Market View, News in Brief: Corporate and Economy
Inari Amertron, MPI, Unisem: Semiconductor Sector Navigates US Tariffs Amid Market Volatility
Market View: Profit Taking Pressure to Rise
The local blue-chip benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) managed to bounce back last week despite concerns over the Trump administration’s proposed tariff on semiconductors and chips imported into the U.S. Market sentiment also improved as weaker-than-expected U.S. economic data reinforced expectations of a Federal Reserve rate cut in September, sparking renewed buying interest in selected index heavyweights.
In the first week of August, the FBM KLCI jumped 23.63 points, or 1.54 percent to 1,556.98, as gains in 99 Speed Mart (+13sen), Petronas Dagangan (+RM1.22), Petronas Gas (+80sen), IHH Healthcare (+28sen) and Tenaga (+50sen) outweighed dips in Sime Darby (-4sen), Axiata (-6sen) and Sunway (-10sen). Average daily traded volume last week fell to 2.53 billion shares from the 3.19 billion shares last week, while average daily traded value declined to RM2.33 billion versus the RM2.38 billion average the previous week.
Last week, as expected, the FBMKLCI witnessed a relief-driven rebound following an initial correction ahead of the August 1 tariff deadline. This recovery was bolstered by weaker US economic data and a positive statement from U.S. President Donald Trump, who indicated that negotiations with China were progressing well and that a trade deal was within reach. His remarks helped stabilise sentiment after his announcement on Wednesday of a 100% tariff on all semiconductor imports into the United States triggered some profit taking initially.
Further reassurance came from President Trump’s clarification that companies already manufacturing semiconductor chips in the U.S., or those with concrete plans to do so, would be exempted from the tariff. This helped mitigate investor concerns, particularly given that approximately 65% of Malaysia’s semiconductor exports to the U.S. are produced by American firms operating within Malaysia. While the immediate impact of the tariff announcement has been softened by exemptions and diplomatic reassurances, the semiconductor sector remains exposed to uncertainty created by policy volatility.
A quick check with semiconductor firms under our coverage—Inari Amertron (Sell, TP:RM2.11), Malaysian Pacific Industries (Hold, TP: RM21.63), and Unisem (Buy, TP:RM2.60)—revealed the impact of the recent U.S. tariff announcement will be limited. This optimism stems primarily from their minimal direct exports of semiconductor components to the United States. Instead, most of their products are shipped to intermediate customers, who then assemble them into modules or finished goods before exporting to end markets. This supply chain structure effectively reduces their direct exposure to U.S. import restrictions.
Among the three, Inari Amertron appears to be the least affected, as it does not ship any components directly to the U.S., particularly if exemptions for U.S.-based companies remain in place. A significant portion of Inari’s revenue—approximately 70%—is derived from Broadcom, a major American supplier to Apple, which has recently increased its U.S. investment commitment from RM500bn to USD600bn over the next four years. This expansion includes major initiatives such as 1) building an end-to-end U.S. supply chain for components like chips, lasers, and smartphone glass, 2) partnering with MP Materials to source American-made rare earth magnets for its devices, 3) investing USD 2.5bn to expand glass production with Corning in Kentucky and 4) creating 20,000 new U.S. jobs, primarily in R&D, silicon engineering, and Al development. This expanded investment is expected to qualify the company for waivers on goods re-imported into the U.S., further shielding Inari from tariff exposure.
In comparison, MPI and Unisem, while still significantly exposed to U.S. clients (each with more than 50% of revenue linked to American firms), have a more regionally distributed shipment footprint. Most of their exports are directed to client facilities located in Asian markets, which may offer some insulation from direct tariff impact. However, their greater reliance on U.S.-linked revenue, combined with less certainty around future exemption criteria, can make them more vulnerable to any tightening of trade policies.
Looking ahead, the FBMKLCI is expected to trend higher in early trading this week, taking its cue from the strong performance of U.S. equity markets last Friday and signs of easing deflationary pressure in China. The Nasdaq Composite rose 0.98% to a record close of 21,450.02, marking its 18th record high this year. The S&P 500 gained 0.78% to 6,389.45, just shy of its all-time peak, while the Dow Jones Industrial Average added 206.97 points, or 0.47%, to close at 44,175.61. The rally was largely driven by strength in the technology sector, particularly Apple, which surged 4.2% following its announcement of a $100 billion investment commitment in the United States. Optimism over a potential Federal Reserve rate cut in September also supported sentiment, with market expectations for a cut rising to 88.9%.
In China, inflation data for July showed signs of stabilization. The headline Consumer Price Index (CPI) remained flat at 0.0% YoY, while the core CPI, which excludes food and energy, rose 0.8% YoY—its highest level since March 2024. This marked the third consecutive month of core CPI increases, driven by government stimulus measures aimed at boosting domestic demand. These policies have led to higher prices in services and industrial consumer goods, with notable increases in travel-related expenses such as airfares, hotel rates, and rentals.
Despite the positive momentum, profit-taking pressure could emerge later in the week if upcoming economic data disappoints, especially the US inflation data and Malaysia 2Q25 GDP. The U.S. Consumer Price Index for July, scheduled for release on August 12, is expected to show a 10-basis point increase from the previous month, with headline CPI at 2.8% and core CPI at 3.0% YoY. A stronger-than-expected reading could temper expectations for a rate cut in September, especially considering the U.S. decision to double tariff rates for many trading partners in August, following a broadly applied 10% rate during the earlier truce period.
Markets will also be closely watching the outcome of tariff negotiations between the United States and China, as the current truce period ends on August 12. The resolution of these talks carries significant implications, particularly as key BRIC members—Brazil, Russia, and India—are reportedly coordinating efforts to respond to the recent U.S. tariff hikes. Meanwhile, Malaysia’s final GDP growth figure for the 2Q25, due on August 15, is expected to come in at 4.5% YoY, unchanged from the preliminary estimate released by the Department of Statistics Malaysia. A lack of positive surprises in the GDP data could further weigh on investor sentiment (please refer to our economic report, “Spending and Services Drive Growth Momentum in 2Q25 Despite Slight YoY Slowdown”, today for more details on our growth expectations).
News In Brief
Corporate
- Paramount Corporation Bhd is acquiring four freehold land parcels in Bandar Lunas, Kulim, totalling 295.55 acres, for RM128.7mn. The land will be developed into a township with an estimated GDV of RM946.0mn. The acquisition is expected to be completed within 12 months. (Bursa Malaysia/The Edge)
- TM One, the enterprise and public sector solutions arm of Telekom Malaysia Bhd, has entered into a five-year partnership with Agrobank to accelerate digital transformation in the agriculture and agro-based sectors. (New Straits Times)
- Sentoria Group Bhd (Not Rated) said its 75%-owned subsidiary, Sentoria Langkawi Sdn Bhd, has received a notice of termination from Affin Bank Bhd for term loan facilities with an original limit of up to RM33.3mn. The notice demands repayment of RM19.5mn in outstanding dues as of July 31, 2025. (Bursa Malaysia/The Edge)
- SkyWorld Development Bhd (Not Rated) has entered into a deal to acquire 10.6 hectares of freehold land in Seberang Perai Tengah, Penang, for RM82.7mn. (Bursa Malaysia/New Straits Times)
- Hong Seng Consolidated Bhd (Not Rated) has disposed of its 32.6% stake in Classita Holdings Bhd (CHB) (Not Rated) to NexG Bhd (Not Rated) for RM60.3mn, or 15sen/share, via a direct business transaction. (Bursa Malaysia/The Star)
- Crane specialist Favelle Favco Bhd (Not Rated) said its subsidiaries have secured six purchase orders to supply tower and offshore cranes worth a total of RM77.6mn. (Bursa Malaysia/The Edge)
- Vestland Bhd (Not Rated) has secured a subcontract from Euro Saga Sdn Bhd to undertake construction-related works on the Kelantan Palace in Kota Bharu, Kelantan, valued at RM56.4mn. (Bursa Malaysia/The Star)
- Able Global Bhd’s (Not Rated) executive director and executive chairman, Ng Keng Hoe, has been discharged and acquitted of all charges related to alleged corruption. (Bursa Malaysia/The Star)
- Bina Puri Holdings Bhd (Not Rated), which is facing multiple winding-up petitions, has sought the assistance of the Corporate Debt Restructuring Committee to mediate between the group and its lenders. (Bursa Malaysia/The Edge)
- Mieco Chipboard Bhd (MCB) (Not Rated) is expanding into the biomass fuel market through a partnership to supply wood pellets to South Korean importer K-One Corporation. (Bursa Malaysia/The Edge)
- Berjaya Assets Bhd (Not Rated) said it has resolved its suit over withdrawing from a deal to acquire the remaining 50% stake in Sarawak gaming firm Megaquest Sdn Bhd in 2016. (Bursa Malaysia/The Edge)
- Bursa Malaysia Securities Bhd (Bursa) has publicly reprimanded MCOM Holdings Bhd (MCOM) (Not Rated) for failing to announce its audited financial statements for the 18-month financial period ended June 30, 2024, by the Oct 31, 2024, deadline. (Bursa Malaysia/The Star)
- PIE Industrial Bhd’s (Not Rated) net profit fell 63.2% YoY to RM6.4mn in 2QFY25, from RM17.3mn a year earlier. For IHFY25, the group’s net profit fell 20.8% YoY to RM21.4mn from RM27.0mn a year ago, despite revenue jumped 4.9% YoY to RM502.8mn from RM479.4mn. (Bursa Malaysia/The Edge)
Economy
Malaysia
- MOF expects Malaysia’s economy to grow moderately in 2026: Malaysia’s economy is expected to grow at a moderate pace in 2026 amid heightened global trade uncertainties and subdued external demand, said the Ministry of Finance (MoF). (The Star)
- Malaysia’s consumer spending and wholesale trade pick up in June: Wholesale and retail trade, including vehicle sales, grew 4.8% when compared to the same month last year and totalled RM153bn in June. (The Edge, Bernama)
- Budget 2026 to focus on targeted subsidies, reforms, high-value investments: Budget 2026, to be tabled on Oct 10, will focus on targeted subsidies, structural reforms and attracting high-value investments. (The Edge)
- Zafrul: US tariff unlikely to trigger recession, but could dampen growth: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said that while the impact may not be severe enough to trigger a recession, the country would experience slower-than-expected growth. (The Edge, Bernama)
- Over 38,000 MSMEs digitalised under Madani grant in 2024: A total of 38,804 micro, small and medium enterprises (MSMEs) nationwide were successfully digitalised under the Madani MSME Digital Grant (GDPM) in 2024, with approved funding of RM89.6mn. (The Edge, Bernama)
- Budget 2026: Housing Ministry seeking additional allocation for infrastructure projects: The Housing and Local Government Ministry (KPKT) is seeking additional funds under Budget 2026 to double the implementation of new and upgraded public infrastructure projects, aiming for 10,000 projects annually. (The Edge, Bernama)
- Matrade says it supports RM2.09tn export target by 2030: The Malaysia External Trade Development Corporation (Matrade) supports the country’s gross export growth target, averaging 5.8% annually, to reach RM2.09tn by 2030. (The Edge, Bernama)
- Penang targets RM156bn GDP by 2030 under Digital Economy Master Plan: Increasing Penang’s Gross Domestic Product (GDP) contribution from RM116bn in 2023 to RM156bil by 2030 is among the key success metrics under the newly launched Digital Economy Master Plan (DEMP) 2025-2030. (The Star)
Asia
- China’s July factory-gate prices miss forecast, deflation concerns persist: The producer price index (PPI) fell 3.6% year on year in July, missing economists’ forecast of a 3.3% slide. China’s consumer price index (CPI) was flat year-on-year. (Reuters)
- India pauses plans to buy US arms after Trump’s tariffs: New Delhi has put on hold its plans to procure new US weapons and aircraft after tariffs imposed on its exports by President Donald Trump. (Reuters)
- Moody’s warns US tariffs may hurt India’s manufacturing push, slow growth: US President Donald Trump’s steep 50% tariffs on Indian imports could severely undermine India’s manufacturing ambitions and slow economic growth. (Reuters)
- Taiwan exceeds full-year record for trade surplus with US: Taiwan’s trade surplus with the US exceeded its full-year record in just seven months, as a global boom in artificial intelligence (Al) fuels demand for its tech products. (Bloomberg)
United States
- US Fed’s Bowman favours three interest rate cuts this year: Federal Reserve governor Michelle Bowman delivered two key pieces of news on Saturday, saying she favours three interest rate cuts this year and will host an October 9 community bank conference. (Bloomberg)
- US inflation to rise as higher tariffs feed through: US consumers probably experienced a slight pickup in underlying inflation in July as retailers gradually raised prices on a variety of items subject to higher import duties. (Bloomberg)
SNAPSHOT OF STOCKS UNDER COVERAGE
| No. | Company | Share Price | Target Price (RM) | % Upside | Recom | Market Cap. (RMm) | EPS (sen) | PER (X) | Div Yield (%) | 52weeks | YTD % Chg | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (RM) | (Bps) | FY25 | FY26 | FY25 | FY26 | FY25 | FY26 | High Price | Low Price | |||||||||||
| AUTOMOTIVE | ||||||||||||||||||||
| 1 | DRBHCOM | 0.69 | 0.75 | 8.7% | Sell | 798 | 12.2 | 13.3 | 5.2 | 5.9 | 24.3 | 10.1 | 2.42 | 0.69 | -56.9 | |||||
| 2 | MBMR | 4.63 | 4.31 | -6.9% | Sell | 1,810 | 0.97 | 73.4 | 71.8 | 6.3 | 6.4 | 6.8 | 6.69 | -30.8 | 4.38 | 5.7 | -25.0 | |||
| 3 | UMI | 1.63 | 1.50 | -8.4% | Hold | 1,827 | 12.3 | 13.3 | 15.3 | 11.5 | 10.8 | 6.3 | 2.22 | -26.6 | 1.66 | 3.8 | 0.0 | |||
| BANKS & FINANCIAL SERVICES | ||||||||||||||||||||
| 4 | ABMB | 4.53 | 4.90 | 8.2% | Buy | 7,838 | 0.54 | 48.5 | 51.0 | 9.3 | 8.9 | 4.3 | 4.6 | 5.26 | -13.9 | 3.83 | 18.3 | -3.9 | ||
| 5 | CIMB | 6.56 | 7.10 | 8.2% | Buy | 71,170 | 67.3 | 71.2 | 9.8 | 9.2 | 6.0 | 6.3 | 6.85 | -4.2 | 5.75 | 14.1 | -2.0 | |||
| 6 | AMBANK | 5.31 | 6.10 | 14.9% | Buy | 17,568 | 1.13 | 60.6 | 62.9 | 8.8 | 8.4 | 5.7 | 5.6 | 5.94 | -10.6 | 4.38 | 21.2 | -3.1 | ||
| 7 | HLB | 19.10 | 22.80 | 19.4% | Buy | 42,764 | 1.75 | 200.0 | 214.3 | 9.6 | 8.9 | 3.8 | 4.0 | 22.84 | -16.4 | 18.78 | 2.1 | -4.2 | ||
| 8 | HLBANK | 19.10 | 23.90 | 23.5% | Buy | 41,403 | 0.78 | 19.3 | 22.9 | 9.2 | 8.5 | 4.1 | 21.88 | -12.7 | 18.42 | 3.7 | -7.1 | |||
| 9 | MAYBANK | 9.86 | 11.10 | 12.6% | Buy | 120,446 | 78.5 | 81.1 | 12.6 | 12.2 | 6.5 | 6.7 | 10.46 | -5.7 | 8.82 | 11.8 | 1.2 | |||
| 10 | PBBANK | 4.33 | 5.15 | 18.9% | Buy | 84,048 | 1.01 | 37.6 | 39.6 | 11.5 | 11.0 | 5.1 | 5.3 | 4.84 | -10.5 | 4.03 | 7.4 | -5.0 | ||
| 11 | RHBBANK | 5.65 | 6.70 | 18.6% | Buy | 24,310 | 0.68 | 73.6 | 75.9 | 7.7 | 7.4 | 6.6 | 6.8 | 6.07 | -7.1 | 5.17 | 9.3 | -0.9 | ||
| 12 | BURSA | 7.52 | 8.15 | 8.4% | Hold | 6,086 | 0.75 | 31.0 | 31.3 | 24.3 | 24.0 | 3.7 | 3.9 | 9.80 | -23.3 | 7.20 | 4.4 | -15.2 | ||
| BUILDING MATERIALS | ||||||||||||||||||||
| 13 | ANNJOO | 0.70 | 0.76 | 8.6% | Hold | 491 | 1.34 | -11.6 | 6.4 | na | 11.0 | 0.0 | 6.4 | 1.05 | -33.1 | 0.56 | 25.0 | -16.2 | ||
| 14 | CHINWEL | 0.80 | 1.09 | 36.3% | Buy | 229 | 0.56 | 6.6 | 9.1 | 18.3 | 8.8 | 2.1 | 4.3 | 1.16 | -31.0 | 0.80 | 0.6 | -13.0 | ||
| 15 | LMCEMENT | 1.52 | 1.83 | 20.4% | Buy | 547 | 1.13 | 8.9 | 9.4 | 17.1 | 16.2 | 2.7 | 2.8 | 2.08 | -26.9 | 1.44 | 5.6 | -22.8 | ||
| 16 | PGF | 1.60 | 2.99 | 86.9% | Buy | 310 | 0.61 | 9.3 | 18.0 | 17.2 | 8.9 | 1.9 | 2.5 | 2.31 | -30.7 | 1.59 | 0.6 | -25.9 | ||
| CONSTRUCTION | ||||||||||||||||||||
| 17 | AZRB | 1.77 | 2.53 | 42.9% | Buy | 1,931 | 0.97 | 8.3 | 12.8 | 21.4 | 13.8 | 5.7 | 2.2 | 1.96 | -9.7 | 1.10 | 60.9 | 1.1 | ||
| 18 | GADANG | 0.26 | 0.22 | -13.7% | Sell | 191 | 1.51 | 3.2 | 2.8 | 7.5 | 9.1 | 0.0 | 3.3 | 0.41 | -37.0 | 0.21 | 21.4 | -23.9 | ||
| 19 | GAMUDA | 5.38 | 6.03 | 12.1% | Buy | 32,137 | 0.74 | 31.2 | 33.5 | 17.2 | 16.1 | 4.5 | 1.8 | 5.74 | -6.3 | 4.62 | 16.5 | -3.1 | ||
| 20 | IJM | 2.41 | 3.44 | 42.7% | Buy | 10,656 | 1.12 | 14.3 | 14.9 | 21.5 | 20.4 | 3.0 | 3.7 | 3.39 | -10.2 | 1.79 | 69.6 | -0.4 | ||
| 21 | JAYATIA | 0.43 | 0.59 | 37.8% | Buy | 543 | 1.03 | 6.5 | 6.9 | 7.9 | 6.2 | 11.1 | 13.3 | 0.78 | -44.6 | 0.39 | 11.7 | -1.1 | ||
| 22 | KERJAYA | 2.10 | 2.97 | 41.4% | Buy | 2,640 | 0.71 | 14.6 | 17.3 | 14.4 | 11.7 | 2.9 | 3.4 | 2.47 | -12.7 | 1.77 | 18.8 | -5.0 | ||
| 23 | KIMLUN | 1.28 | 1.59 | 24.2% | Buy | 452 | 1.03 | 12.2 | 14.0 | 10.5 | 9.1 | 3.3 | 3.7 | 1.49 | -14.2 | 1.05 | 21.9 | -3.8 | ||
| 24 | TRC | 0.33 | 0.35 | 6.1% | Hold | 156 | 1.27 | 3.3 | 3.5 | 10.0 | 9.6 | 4.5 | 6.1 | 0.46 | -27.3 | 0.25 | 32.0 | -9.6 | ||
| CONSUMER | ||||||||||||||||||||
| 25 | AEON | 1.24 | 1.73 | 39.6% | Buy | 5,271 | 0.58 | 10.0 | 12.9 | 14.6 | 13.3 | 5.8 | 7.4 | 1.48 | -16.3 | 1.09 | 17.24 | 0.0 | -16.6 | |
| 26 | CARLSBG | 23.42 | 29.07 | 24.1% | Buy | 9,075 | 5.47 | 166.8 | 173.7 | 14.6 | 13.5 | 6.8 | 7.4 | 25.68 | -8.8 | 19.94 | 17.5 | 2.8 | ||
| 27 | AEON | 1.34 | 1.80 | 34.3% | Buy | 1,881 | 0.86 | 13.3 | 10.5 | 13.5 | 9.9 | 4.1 | 5.2 | 1.61 | -16.8 | 1.29 | 3.9 | -14.6 | ||
| 28 | HEIM | 4.97 | 5.40 | 8.7% | Hold | 873 | 0.68 | 39.8 | 39.4 | 12.5 | 11.8 | 6.4 | 6.6 | 6.69 | -25.8 | 4.52 | 10.1 | -21.3 | ||
| 29 | BESROM | 0.64 | 0.63 | -1.6% | Sell | 1,789 | 1.34 | 4.9 | 5.0 | 13.1 | 18.1 | 4.8 | 4.8 | 0.93 | -31.4 | 0.53 | 19.6 | -23.8 | ||
| 30 | F&N | 27.50 | 33.60 | 22.2% | Buy | 10,086 | 0.64 | 145.2 | 151.3 | 18.9 | 18.2 | 3.0 | 3.1 | 32.50 | -15.4 | 22.40 | 22.8 | -2.4 | ||
| 31 | PWGB | 1.86 | 2.25 | 21.0% | Buy | 1,699 | 0.76 | 13.4 | 15.0 | 13.9 | 15.0 | 5.8 | 6.0 | 2.18 | -14.7 | 1.50 | 24.0 | -5.6 | ||
| 32 | POHSUUP | 0.62 | 0.79 | 27.3% | Buy | 2,220 | 1.04 | 7.7 | 10.2 | 9.2 | 6.1 | 4.8 | 5.0 | 0.86 | -28.0 | 0.71 | 0.0 | -8.1 | ||
| 33 | LHI | 87.50 | 102.80 | 17.5% | Buy | 20,319 | 0.89 | 4.0 | 2.2 | 40.3 | 38.5 | 111.80 | -21.7 | 61.80 | 41.6 | -15.5 | ||||
| 34 | NESTLE | 4.18 | 4.06 | -2.9% | Sell | 1,617 | 0.51 | 26.1 | 30.2 | 16.0 | 13.8 | 4.8 | 4.8 | 6.16 | -32.1 | 4.18 | 0.0 | -26.2 | ||
| 35 | PADUAMAL | 0.61 | 0.68 | 12.5% | Hold | 15,253 | 1.55 | 12.5 | 13.8 | 8.5 | 8.3 | 1.2 | 1.4 | 0.80 | -24.4 | 0.15 | 0.7 | -25.2 | ||
| 36 | QL | 3.34 | 4.85 | 45.2% | Buy | 5,198 | 1.02 | 24.1 | 36.4 | 9.8 | 9.2 | 3.9 | 4.6 | 4.68 | -28.6 | 3.09 | 8.1 | -24.8 | ||
| GAMING | ||||||||||||||||||||
| 38 | GENTING | 2.56 | 3.34 | 30.5% | Buy | 11,472 | 0.73 | 11.5 | 22.6 | 22.3 | 12.3 | 5.4 | 5.0 | 4.58 | -44.1 | 2.46 | 3.8 | -31.6 | ||
| 39 | GENM | 1.89 | 2.24 | 18.5% | Buy | 10,712 | 0.86 | 14.1 | 24.1 | 13.4 | 6.3 | 7.4 | 2.58 | -26.7 | 1.46 | 29.5 | -26.4 | |||
| HEALTHCARE | ||||||||||||||||||||
| 41 | IHH | 1.34 | 1.76 | 31.3% | Buy | 1,786 | 0.61 | 18.7 | 17.2 | 7.2 | 7.8 | 7.5 | 9.0 | 1.63 | -17.8 | 1.28 | 4.7 | -10.1 | ||
| HEALTHCARE Pharmaceutical | ||||||||||||||||||||
| 42 | DPHARMA | 1.29 | 1.70 | 31.8% | Buy | 1,241 | 0.75 | 9.8 | 10.4 | 13.2 | 12.4 | 3.8 | 4.0 | 1.46 | -11.6 | 1.07 | 20.6 | 2.2 | ||
| 43 | KPJ | 1.28 | 1.68 | 31.3% | Buy | 41,832 | 0.96 | 5.0 | 5.4 | 25.6 | 23.7 | 1.8 | 2.0 | 1.50 | -14.7 | 1.02 | 25.5 | -9.2 | ||
| 44 | KPJ | 2.85 | 2.92 | 2.5% | Hold | 10,438 | 0.94 | 8.1 | 9.0 | 34.1 | 31.7 | 1.6 | 1.7 | 4.05 | -29.6 | 2.81 | 17.5 | -7.3 | ||
| Rubber Gloves | ||||||||||||||||||||
| 45 | HARTALEGA | 0.91 | 1.48 | 61.3% | Buy | 778 | 1.25 | 4.4 | 5.4 | 20.4 | 16.7 | 2.2 | 2.7 | 1.46 | -38.0 | 0.80 | 13.8 | -35.3 | ||
| 47 | KOSSAN | 1.19 | 1.43 | 20.2% | Buy | 4,010 | 0.84 | 4.5 | 5.6 | 26.3 | 21.3 | 1.9 | 2.4 | 2.11 | -43.5 | 1.11 | 7.2 | -41.4 | ||
| 48 | SUPERMX | 1.34 | 1.70 | 27.0% | Hold | 1,911 | 1.03 | 6.4 | 6.4 | 21.7 | 18.5 | 3.3 | 2.7 | 1.89 | -29.7 | 0.81 | 65.8 | -28.0 | ||
| 49 | TOPGLOV | 0.60 | 0.72 | 21.0% | Buy | 1,071 | 1.07 | 2.0 | 2.0 | 34.0 | 30.3 | 0.0 | 0.0 | 1.17 | -48.7 | 0.59 | 1.7 | -45.4 | ||
| INSURANCE | ||||||||||||||||||||
| 50 | MNRB | 17.32 | 20.60 | 18.9% | Hold | 3,145 | 0.85 | 443.2 | 44.9 | 3.9 | 3.8 | 5.7 | 6.4 | 21.06 | -17.8 | 16.50 | 5.0 | -12.7 | ||
| 51 | TUNEPRO | 0.38 | 0.48 | 24.5% | Buy | 1,071 | 0.60 | 4.4 | 4.9 | 9.2 | 8.4 | 5.7 | 7.1 | 0.39 | -28.4 | 0.35 | 10.0 | -2.7 | ||
| MEDIA | ||||||||||||||||||||
| 52 | MEDIA | 0.15 | 0.20 | 37.9% | Buy | 759 | 1.11 | 0.9 | 1.2 | 17.2 | 11.9 | 0.0 | 0.0 | 0.19 | -20.0 | 0.14 | 3.6 | -23.6 | ||
| 53 | MEDIA PRIMA | 0.36 | 0.35 | -2.8% | Sell | 279 | 0.59 | 0.7 | 0.7 | 50.8 | 51.4 | 4.2 | 4.2 | 0.51 | -28.7 | 0.34 | 7.4 | -21.7 | ||
| 54 | STAR | 0.29 | 0.20 | -6.5% | Sell | 399 | 9.57 | 1.4 | 1.2 | 21.2 | 26.9 | 0.1 | 0.1 | 0.47 | -38.7 | 0.35 | 10.6 | -2.7 | ||
| No. | Company | Share Price | Target Price (RM) | % Upside | Recom | Market Cap. (RMm) | EPS (sen) | PER (X) | Div Yield (%) | 52weeks | YTD % Chg | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (RM) | (Bps) | FY25 | FY26 | FY25 | FY26 | FY25 | FY26 | High Price | Low Price | ||||||||||
| OIL & GAS | |||||||||||||||||||
| 55 | HIBISCS | 1.94 | 2.04 | 60.6% | Buy | 689 | 0.76 | 14.9 | 14.2 | 8.3 | 8.9 | 0.0 | 0.0 | 1.74 | -26.9 | 1.14 | 11.5 | -13.5 | |
| 56 | LCTITAN | 0.52 | 0.49 | -4.9% | Sell | 1,173 | 1.07 | 26.5 | 14.7 | na | na | 0.0 | 0.0 | 1.06 | -51.4 | 0.35 | 47.1 | -19.5 | |
| 57 | PCHEM | 0.36 | 0.49 | 38.0% | Buy | 301 | 1.15 | 5.0 | 6.7 | 7.3 | 4.7 | 1.4 | 2.1 | 0.48 | -26.0 | 0.33 | 9.1 | -7.8 | |
| 58 | MISC | 7.89 | 8.60 | 9.0% | Buy | 35,040 | 0.89 | 57.8 | 58.1 | 13.7 | 13.6 | 3.9 | 4.1 | 9.01 | -12.4 | 6.95 | 13.6 | -7.1 | |
| 59 | PANTECH | 0.69 | 0.96 | 39.1% | Buy | 571 | 1.15 | 12.6 | 13.6 | 5.5 | 5.1 | 8.7 | 9.4 | 1.04 | -33.8 | 0.61 | 8.7 | -24.2 | |
| 60 | PETGAS | 18.68 | 17.11 | -8.4% | Hold | 36,480 | 0.91 | 81.1 | 90.3 | 18.1 | 20.8 | 4.1 | 4.2 | 21.28 | -12.0 | 17.75 | 10.6 | -10.4 | |
| 61 | VELESTO | 0.19 | 0.20 | 8.1% | Buy | 1,520 | 0.51 | 2.1 | 2.8 | 9.0 | 8.9 | 2.2 | 2.3 | 0.23 | -17.8 | 0.13 | 42.3 | 19.4 | |
| PLANTATIONS | |||||||||||||||||||
| 62 | BPLANT | 2.78 | 2.74 | -1.1% | Sell | 23,450 | 0.91 | 22.3 | 22.8 | 17.0 | 16.6 | 2.9 | 2.9 | 4.58 | -7.4 | 3.42 | 10.5 | -2.6 | |
| 63 | KLK | 19.22 | 20.67 | 7.5% | Sell | 21,405 | 0.85 | 112.6 | 126.0 | 17.1 | 15.3 | 2.9 | 3.3 | 23.66 | -15.2 | 18.34 | 4.8 | -11.8 | |
| 64 | SIMEPLT | 2.38 | 2.31 | -2.9% | Hold | 2,340 | 0.91 | 16.9 | 16.1 | 14.1 | 14.2 | 6.6 | 6.6 | 2.65 | -13.9 | 2.12 | 7.5 | -9.5 | |
| 65 | IJM | 20.88 | 22.28 | 6.8% | Hold | 1,732 | 0.57 | 95.9 | 101.1 | 21.8 | 20.6 | 4.0 | 4.2 | 23.6 | -11.5 | 18.42 | 11.5 | -8.0 | |
| 66 | TSH | 1.15 | 1.24 | 7.8% | Hold | 1,495 | 1.04 | 7.6 | 8.8 | 15.2 | 13.1 | 3.5 | 3.5 | 1.28 | -10.2 | 1.00 | 15.0 | -5.0 | |
| 67 | TWSB | 5.20 | 5.70 | 9.6% | Hold | 1,105 | 0.41 | 36.9 | 38.8 | 15.2 | 13.4 | 5.5 | 5.8 | 5.92 | -12.2 | 4.84 | 6.8 | -7.7 | |
| PROPERTY | |||||||||||||||||||
| 68 | GLOMAC | 0.31 | 0.40 | 29.0% | Buy | 238 | 0.90 | 2.0 | 2.8 | 15.2 | 11.0 | 7.3 | 4.8 | 0.45 | -31.1 | 0.30 | 3.3 | -20.5 | |
| 69 | HUALI | 1.16 | 1.41 | 21.6% | Buy | 944 | 1.18 | 8.0 | 8.5 | 14.4 | 13.6 | 4.4 | 4.8 | 1.34 | -10.6 | 0.89 | 46.9 | -2.2 | |
| 70 | IOIPG | 2.19 | 2.78 | 26.9% | Buy | 12,058 | 1.26 | 10.9 | 11.7 | 29.5 | 18.7 | 3.8 | 2.7 | 2.06 | -1.0 | 1.63 | 34.4 | -3.2 | |
| 71 | MAHSING | 1.28 | 1.75 | 36.7% | Buy | 3,075 | 1.07 | 10.9 | 13.6 | 11.8 | 9.4 | 11.1 | 4.4 | 1.92 | -33.1 | 1.03 | 24.3 | -13.3 | |
| 72 | PARAMON | 1.58 | 1.88 | 27.0% | Buy | 973 | 0.78 | 14.1 | 17.0 | 7.7 | 6.9 | 3.4 | 3.4 | 1.53 | -19.0 | 0.90 | 11.8 | 3.9 | |
| 73 | SIMEPROP | 1.49 | 2.05 | 37.6% | Buy | 10,133 | 1.72 | 8.6 | 9.2 | 17.3 | 16.1 | 2.0 | 2.0 | 1.81 | -17.7 | 1.07 | 39.3 | -11.1 | |
| 74 | SPSETIA | 1.29 | 1.77 | 37.2% | Buy | 5,231 | 1.10 | 5.1 | 5.7 | na | 22.6 | 2.9 | 3.2 | 1.45 | -11.0 | 1.07 | 20.6 | -3.1 | |
| 75 | SUNWAY | 4.75 | 5.68 | 19.6% | Buy | 29,570 | 1.25 | 15.4 | 17.0 | 30.8 | 27.9 | 1.6 | 1.8 | 5.16 | -7.9 | 3.78 | 25.7 | -0.8 | |
| 76 | CLIPIIT | 0.61 | 0.82 | 34.4% | Buy | 2,032 | 0.56 | 5.2 | 5.6 | 11.7 | 10.8 | 8.2 | 8.8 | 0.71 | -13.5 | 0.55 | 10.9 | -9.6 | |
| 77 | UOA | 18.68 | 1.82 | 23.4% | Buy | 1,304 | 1.14 | 10.9 | 11.7 | 12.2 | 15.6 | 5.4 | 5.6 | 1.92 | -1.3 | 1.50 | 27.7 | -1.3 | |
| 78 | SUNREIT | 2.22 | 2.19 | -1.4% | Sell | 7,603 | 0.54 | 11.3 | 11.7 | 19.7 | 19.0 | 5.1 | 5.3 | 2.32 | -4.3 | 1.59 | 39.4 | -20.0 | |
| POWER & UTILITIES | |||||||||||||||||||
| 79 | MALAKOF | 0.97 | 1.08 | 11.9% | Buy | 4,716 | 0.98 | 6.2 | 6.4 | 15.4 | 15.2 | 5.2 | 5.3 | 1.02 | -5.4 | 0.73 | 32.2 | -14.2 | |
| 80 | TENAGA | 20.84 | 22.30 | 8.4% | Buy | 120,446 | 0.73 | 106.3 | 108.9 | 19.7 | 21.0 | 4.2 | 4.2 | 22.80 | -9.0 | 19.66 | 11.9 | -13.6 | |
| 81 | PETGAS | 18.68 | 20.21 | 8.2% | Buy | 36,290 | 0.80 | 94.3 | 105.9 | 19.8 | 17.6 | 4.3 | 5.1 | 18.68 | 0.0 | 15.20 | 22.9 | 5.7 | |
| 82 | YTLPOWR | 1.86 | 2.10 | 12.9% | Buy | 37,724 | 1.15 | 12.6 | 14.1 | 14.8 | 13.2 | 2.7 | 3.0 | 2.28 | -18.4 | 1.30 | 43.1 | -12.5 | |
| 83 | SAMAIDEN | 1.18 | 1.39 | 19.0% | Buy | 524 | 1.24 | 4.0 | 5.1 | 29.3 | 22.8 | 1.3 | 1.1 | 1.31 | -12.8 | 0.97 | 27.5 | -10.1 | |
| 84 | YTLPOWR | 28.60 | 30.50 | 6.6% | Buy | 30,442 | 1.99 | 121.7 | 124.7 | 23.5 | 24.5 | 3.3 | 3.4 | 35.24 | -18.8 | 22.88 | 25.4 | -3.1 | |
| 85 | YTLPOWR | 4.20 | 4.42 | 4.3% | Hold | 35,934 | 1.99 | 33.9 | 32.8 | 12.4 | 12.8 | 6.3 | 6.5 | 4.65 | -7.7 | 2.83 | 48.4 | -5.0 | |
| TELECOMMUNICATIONS | |||||||||||||||||||
| 86 | AXIATA | 2.63 | 3.09 | 17.5% | Buy | 24,128 | 1.23 | 21.9 | 22.0 | 27.8 | 22.0 | 3.8 | 4.3 | 2.74 | -4.0 | 1.63 | 61.2 | 5.6 | |
| 87 | CDB | 2.90 | 3.10 | 6.9% | Hold | 28,518 | 1.13 | 17.9 | 18.4 | 16.2 | 15.8 | 4.3 | 4.5 | 3.00 | -3.3 | 2.10 | 38.1 | 1.0 | |
| 88 | MAXIS | 3.51 | 3.68 | 4.8% | Hold | 27,501 | 1.02 | 19.4 | 20.8 | 18.1 | 16.9 | 4.6 | 4.6 | 4.00 | -12.3 | 3.11 | 12.9 | -3.8 | |
| 89 | TM | 5.90 | 6.90 | 20.3% | Buy | 23,880 | 0.94 | 49.6 | 55.3 | 11.9 | 14.8 | 2.9 | 3.0 | 6.17 | -4.4 | 5.15 | 14.1 | -0.7 | |
| TECHNOLOGY | |||||||||||||||||||
| 90 | INARI | 0.51 | 0.66 | 29.4% | Buy | 252 | 1.82 | 2.5 | 3.0 | 20.7 | 17.1 | 0.0 | 0.0 | 0.68 | -24.6 | 0.34 | 52.2 | -10.5 | |
| 91 | ELSOFT | 0.31 | 0.36 | 18.0% | Buy | 176 | 1.03 | 1.1 | 1.6 | 27.2 | 19.3 | 6.6 | 6.6 | 0.54 | -43.5 | 0.26 | 17.3 | -26.5 | |
| 92 | INARI | 1.87 | 2.11 | 12.8% | Buy | 7,004 | 1.42 | 7.1 | 8.1 | 26.3 | 23.8 | 3.1 | 3.1 | 3.68 | -49.1 | 1.69 | 10.6 | -38.9 | |
| 93 | MPI | 20.64 | 21.63 | 4.8% | Hold | 4,336 | 1.42 | 80.4 | 80.8 | 25.6 | 26.8 | 3.7 | 3.7 | 37.80 | -45.5 | 20.30 | 1.4 | -37.1 | |
| 94 | NEXG | 0.55 | 0.72 | 32.1% | Buy | 94 | 0.77 | 6.2 | 7.2 | 8.8 | 7.6 | 9.2 | 9.2 | 0.94 | -42.1 | 0.54 | 0.9 | -29.2 | |
| 95 | PENTA | 3.66 | 4.36 | 19.1% | Buy | 1,768 | 1.21 | 27.2 | 29.6 | 13.5 | 14.7 | 2.8 | 3.0 | 4.68 | -21.8 | 3.32 | 10.2 | -16.7 | |
| 96 | UNISEM | 2.35 | 2.60 | 10.6% | Buy | 3,791 | 0.89 | 3.8 | 9.4 | 61.5 | 25.1 | 3.4 | 3.4 | 3.57 | -34.2 | 1.81 | 29.8 | -22.2 | |
| TRANSPORTATION | |||||||||||||||||||
| 97 | CAPITALA | 0.81 | 1.45 | 80.1% | Buy | 3,493 | 1.37 | 26.0 | 27.2 | 3.1 | 3.0 | 0.0 | 0.0 | 1.09 | -26.1 | 0.64 | 25.8 | -19.5 | |
| 98 | PTRANS | 0.70 | 1.08 | 55.4% | Buy | 795 | 0.36 | 6.9 | 7.1 | 10.1 | 9.8 | 3.9 | 4.1 | 0.81 | -13.7 | 0.66 | 5.3 | -7.9 | |
| 99 | WPRTS | 5.65 | 5.57 | -1.4% | Sell | 19,267 | 0.59 | 27.1 | 29.1 | 20.4 | 19.4 | 3.6 | 3.8 | 5.87 | -3.7 | 4.00 | 41.3 | 21.2 | |
BUY – Total return within the next 12 months exceeds required rate of return by 5%-point.
HOLD – Total return within the next 12 months exceeds required rate of return by between 0-5%-point.
SELL – Total return is lower than the required rate of return.
Total Return is defined as the absolute upside/downside plus gross dividend over the next 12 months. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting.
Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
Conference call by TA RESEARCH – Remisiers’ Briefing
Topic: Weekly Market Outlook
Speaker: Mr. Kaladher & Mr. Salem Nizam
Date: 11 August 2025 (Monday)
Time: 12.30pm. Signing in of attendees (Please provide full name, Branch)
Time: 12.45pm. Event Start
Note: Please Log in using Microsoft Teams.
Please join the meeting from your computer, tablet or smartphone (if you have already installed the app)
https://bit.ly/310iVZX
This briefing is an exclusive invitation to Remisiers, Dealers and selective personnel only
(Limited to 250 pax on first come basis)
Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy and/or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein.
