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Good Morning All, We issued a company update report on our coverage stock AWC Berhad: https://r.mplusglobal.com.my/public/website/file/2026/10/15/20261015073744540.pdf Newsbreak 📌 AWC Berhad announced that its wholly-owned subsidiary, Qudotech Sdn Bhd (Qudotech), has on 14 October 2026 entered into a subcontract agreement with Gamuda Engineering Sdn Bhd (Gamuda) for the supply, delivery, installation, testing and commissioning of the cold water system, rainwater harvesting system, water reticulation, fire hydrant and sanitary services for a hyperscale data centre at Bandar Springhill, Port Dickson, Negeri Sembilan, for a subcontract sum of RM39.7m. This is the fourth data centre win for the Engineering Division in the past 12 months, bringing the aggregate value to RM127.3m. The contract is expected to contribute positively to the Group for FY27 until its completion.  M+ Global View 📌 We view this contract win positively, as it reinforces the track record Qudotech has built in the hyperscale data centre segment. The repeat engagement with Gamuda, following the RM23.1m subcontract secured in August 2026, underscores the execution reliability that the Engineering Division has demonstrated across successive DC projects.  📌 Post this award, the Engineering Division’s pro-forma order book rises to ~RM202.0m (from RM139.2m reported as at June 2026, after including the two recent DC jobs totalling RM62.8m: the RM23.1m August award and this RM39.7m win). At Group level, AWC’s order book expands to ~RM887.1m on a pro-forma basis.   Valuation & Recommendation 📌 Forecast. As this contract win falls within our order book replenishment assumptions for the Engineering division, we maintain our core PAT forecasts for FY27f–FY29f.   📌 Maintain BUY with TP of RM0.80. We maintain our BUY recommendation with an unchanged TP of RM0.80, based on a P/E multiple of 12.0x pegged to our midFY28f fully diluted EPS of 6.69 sen. The latest contract win further bolsters engineering earnings visibility and validates our order book replenishment assumptions underpinning the valuation.   📌 Downside risks: (i) failure to renew government concession contract; (ii) continued Middle East delays. Research Team, M+Global 15 Oct 2026

M+ Global Market Update – 15Oct26 Hot CPI Keeps Markets Cautious Ahead of PPI, TSMC US: Following hotter-than-expected September CPI, which raised the probability of an October Fed rate hike to c.33 %, we expect Wall Street to remain volatile ahead of PPI, retail sales and TSMC earnings. However, ASML’s improved 2026 outlook, supported by AI demand, could cushion downside pressure on AI infrastructure stocks. Stock-wise, we favour Astera Labs (ALAB), following its Aries 7 PCIe portfolio and Orion rack-scale inference architecture launches, which could accelerate AI infrastructure deployment. Similarly, MACOM (MTSI) could benefit from rising AI optical connectivity demand, while we favour Bloom Energy (BE), supported by growing demand for reliable on-site power solutions for AI data centres. MY: Tracking Wall Street’s weakness, we expect the local bourse to trade softer today. Stock-wise, we favour KPJ and SUNMED, which could benefit from Budget 2027’s RM200m hospital outsourcing allocation, alongside KOSSAN and TOPGLOV, supported by recovering glove industry fundamentals. Meanwhile, INFOM may attract buying interest following strong 1QFY27 results and its reported RM614.2m order book, backed by contract wins in Malaysia and Japan and expanded Broadcom distribution rights across 12 Asia-Pacific markets. Lastly, riding the wafer fabrication equipment (WFE) upcycle, traders could consider positioning in SAM. Stocks to watch: Construction: *AWC*, *PWRWELL*, SUM O&G: HENGYUAN, *HIBISCS*, *PCHEM* Healthcare: HARTA, *KOSSAN*, TOPGLOV Technology: *INFOM*, UNISEM **Source: M+ Global**

M+ Market Buzz - 15Oct26 Dow Jones: 51,621.48 pts (-48.62pts, -0.09%) ⬆️ Resistance: 53,400 ⬇️ Support: 50,000 FBM KLCI: 1,627.72 pts (+4.37pts, +0.27%) ⬆️ Resistance: 1,670 ⬇️ Support: 1,570 HSI Index: 24,314.17 pts (+42.97pts, +0.18%) ⬆️ Resistance: 25,000 ⬇️ Support: 23,300 Crude Palm Oil: RM4,660 (-RM40, -0.85%) ⬆️ Resistance: 4,840 ⬇️ Support: 4,540 Brent Oil: $106.06 (+$0.37, +0.35%) ⬆️ Resistance: 109.50 ⬇️ Support: 98.80 Gold: $4,102.82 (-$1.97, -0.05%) ⬆️ Resistance: 4,310 ⬇️ Support: 4,050 Source: Bloomberg, M+Global

M+ Global Market Wrap - 14Oct26 FBM KLCI: 1,627.72 pts (+4.37pts, +0.27%) The local bourse bucked regional weakness to close marginally higher, supported by gains in MISC (+45.0 sen) and KLK (+46.0 sen). Market breadth remained positive, with 537 gainers outpacing 520 losers, suggesting selective buying interest despite a cautious regional backdrop. Sector-wise, Health Care (+2.77%) outperformed, led by TOPGLOV (+5.5 sen) and KPJ (+6.0 sen), as investors rotated into defensive and laggard names. In contrast, Construction (-1.40%) was the weakest sector, likely reflecting profit-taking following its recent strong run. Top 3 Active stocks: ZETRIX (0138): RM0.055 (-1.0 sen) ECOSYS (0477): RM0.800 (+53.0 sen) TOPGLOV (7113): RM0.910 (+5.5 sen) Top 3 Gainer stocks: MPI (3867): RM42.00 (+84.0 sen) ECOSYS (0477): RM0.800 (+53.0 sen) KLK (2445): RM21.30 (+46.0 sen) Top 3 Loser stocks: SAMAIDEN (0223): RM2.79 (-28.0 sen) PEKAT (0233): RM2.68 (-23.0 sen) SLVEST (0215): RM3.87 (-23.0 sen) Volume: 3.25 bn (100-bar avg vol: 3.53 bn) Value: RM3.04 bn (100-bar avg val: RM3.10 bn) Market Breadth: ⬆️537 ⬇️520 Crude Palm Oil: RM4,682 (+RM24, +0.51%) Dow Futures: 52,144 pts (+209 pts) **Source: M+Global, Bloomberg **

M+ Global Market Update – 14Oct26 Markets Eye CPI for Fresh Direction US: With chip stocks extending losses and mixed big-bank earnings, we expect Wall Street to remain cautious ahead of Wednesday’s September CPI, with 10-year Treasury yields near 5.2%. We favour ServiceNow, as its AI business surpassed USD1bn in annual contract value, with analysts raising price targets to USD170–190 ahead of its 28 October results. We also favour Texas Instruments, supported by data centre demand and its proposed USD7.5bn Silicon Labs acquisition. Lastly, traders could consider Analog Devices, following its proposed USD1.35bn Alif Semiconductor acquisition to strengthen its edge-AI capabilities. MY: Tracking Wall Street’s sell-off, we expect the local bourse to trade softer, with investors selective towards post-Budget 2027 beneficiaries. Despite profit-taking in MNHLDG following its RM293.9m data centre power contract, we view the pullback as a potential accumulation opportunity if it holds above its 20-day EMA. TNB’s RM15bn grid investment could also benefit transmission and distribution players such as SCGBHD and PWRWELL. Lastly, we favour PEKAT, backed by its RM57.2m data centre lightning protection contract, lifting its unbilled order book to RM936m (~1.5x FY25 revenue), while its planned 4Q26 Main Market transfer could attract institutional interest. Stocks to watch: Construction: *AWC*, *JTGROUP*, *SUM* Solar: PEKAT, *SAMAIDEN* Building Material: *SCGBHD* O&G: *HIBISCS* Healthcare: KPJ Technology: D&O **Source: M+ Global**

M+ Market Buzz - 14Oct26 Dow Jones: 51,670.10 pts (-180.45pts, -0.35%) ⬆️ Resistance: 53400 ⬇️ Support: 49900 FBM KLCI: 1,623.35 pts (+5.34pts, +0.33%) ⬆️ Resistance: 1670 ⬇️ Support: 1570 HSI Index: 24,345.22 pts (+74.02pts, +0.30%) ⬆️ Resistance: 25000 ⬇️ Support: 23300 Crude Palm Oil: RM4,682 (+RM52, +1.11%) ⬆️ Resistance: 4860 ⬇️ Support: 4420 Brent Oil: $105.69 (-$0.96, -0.90%) ⬆️ Resistance: 109.50 ⬇️ Support: 97.70 Gold: $4,160.74 (+$1.03, +0.02%) ⬆️ Resistance: 4310 ⬇️ Support: 3990 Source: Bloomberg, M+Global

M+ Global Market Wrap - 13Oct26 FBM KLCI: 1,623.35 pts (+5.34pts, +0.33%) Tracking Wall Street's mixed performance as global crude oil prices touched a two-week high, the local bourse traded on a cautious note as market breadth was negative with 813 losers outpacing 381 gainers. Nevertheless, the key index remained resilient, buoyed by the rebound in banking heavyweights such as CIMB (+20.0 sen) and PBBANK (+4.0 sen). Sector wise, Health Care (+1.74%) outperformed, led by IHH (+8.0 sen) and KPJ (+9.0 sen), while Technology (-4.07%) lagged the most. Top 3 Active stocks: ZETRIX (0138): RM0.065 (-1.0 sen) JAKS (4723): RM0.150 (-2.0 sen) VS (6963): RM0.340 (+1.5 sen) Top 3 Gainer stocks: UTDPLT (2089): RM30.60 (+38.0 sen) KLK (2445): RM20.84 (+28.0 sen) HLIND (3301): RM16.30 (+22.0 sen) Top 3 Loser stocks: MPI (3867): RM41.16 (-186.0 sen) NESTLE (4707): RM90.14 (-96.0 sen) MI (5286): RM6.50 (-52.0 sen) Volume: 3.61 bn (100-bar avg vol: 3.53 bn) Value: RM3.32 bn (100-bar avg val: RM3.10 bn) Market Breadth: ⬆️381 ⬇️813 Crude Palm Oil: RM4,637 (+RM28, +0.60%) Dow Futures: 52,345 pts (+235 pts) Source: M+Global, Bloomberg

Good Afternoon All, After attending Pharmaniaga's inaugural PharmaView Expert Series 2026 today, themed on critical medicines for national health security, here are our key takeaways for investors: 📌 Key Takeaways 📌 MOH is moving from medicine access to medicine security. A national framework (MyMedSecure) is being formulated and a strategic buffer stock is being developed. Since 1 July 2026, registration holders must give six months’ notice of potential supply disruptions. 📌 Import dependence frames a selective localisation push. 61.24% of the market by value was imported in 2025, and an estimated 39% of National Essential Medicines List items are not produced locally. Speakers favoured commercially sustainable capabilities over making every medicine locally. MOH cited the Health White Paper, NIMP 2030 and the National Vaccine Development Roadmap 2021-2030 as supporting frameworks. 📌 Industry wants demand visibility and capex support. MOPI said local manufacturers moving into vaccines, biosimilars and blood products need tech-transfer support, shared capital-risk support and predictable government demand. 📌 Spending is rising, so value will matter. MOH medicine expenditure rose ~51% to a preliminary RM3.86b in 2025 (RM2.55b in 2021), and the 2026 medicines allocation rises ~8.3% to RM6.5b. Funding will weigh cost-effectiveness and budget impact, using value-based negotiation, risk-sharing, outcome-based agreements and generics/biosimilars. MOH said savings depend on actual uptake. 💡 M+Global View 📌 We view medicine security as a multi-year theme that could shift priorities from price alone towards supply reliability and local capability. Pharmaniaga is a potential beneficiary. LTAT, its largest shareholder, intends to advance pharmaceutical sovereignty through it under GEMPUR30 (2026-2030) and GEAR-uP, and Pharmaniaga cited its local PCV13 vaccine capability as an example. Any benefit would likely come through volume and order visibility rather than margin expansion, given MOH’s value-based procurement focus. 📌 Potential catalysts include: (i) sizing and funding of the buffer stock, potentially the most direct route from policy to order book, (ii) any government tech-transfer and capex support for local vaccine and biosimilar capability, (iii) execution of GEMPUR30 and GEAR-uP, including PCV13 progress and the form of LTAT support, and (iv) finalisation of MyMedSecure. Research Team, M+ Global 13 Oct 2026

Good afternoon all, After attending SRKK AI's Digital Transformation Conference, here are our key takeaways on its latest enterprise solution launched OnePrism. OnePrism is an enterprise-grade ecosystem of next-generation AI and data solutions designed to help organizations streamline their complex business processes so that they can operate more intelligently, efficiently and transparently. One Prism ecosystem consists of four core segments, namely: (i) OnePrism TalentSift: An AI-powered voice screening and interview intelligence platform built on Microsoft Azure and Microsoft Foundry. It automates first-round candidate screening using conversational AI and natural language evaluations to speed up talent acquisition. (ii) OnePrism ESG: An agentic analytics platform built on Microsoft Fabric. It allows business teams to ask questions in plain language and immediately receive analyst-grade answers, structured documents, and live data dashboards. (iii) OnePrism ESG: A connected sustainability data management platform. It automates ESG (Environmental, Social, and Governance) data collection and reporting, ensuring metrics are fully traceable from their original source to final regulatory disclosure. (iv) OnePrism Recon: An intelligent automated data-matching platform built for finance teams. It learns specific corporate matching rules, proposes solutions for complex invoices or milestone receipts, and posts approved details directly into an organization's ERP system so teams only have to review exceptions. 📈 M+Global View: While the bulk of SRKKAI's business relies on a robust set of IT infrastructure and managed services, cloud, data analytics, and the sale and rental of IT hardware and software products, OnePrism will serve as its flagship proprietary AI suite. This is expected to gradually contribute toward higher revenue and margin for the Group over the next three years. Assuming a higher core PAT of RM12m in FY27 (from RM9.3m) following the introduction of OnePrism, this would translate to a higher fair value of 70 sen (from 54 sen), based on a P/E ratio of 16.5x. M+Global Research Team 13Oct26

M+ Global Market Update – 13Oct26 Wall Street Turns To Big-Bank Earnings US: With 10-year Treasury yields elevated near 5.25% and Brent crude above USD106/bbl amid Middle East tensions, we expect Wall Street to trade cautiously as JPMorgan (JPM), Goldman Sachs (GS) and Citigroup (C) kick off 3Q26 earnings season today. We favour Alphabet (GOOG), backed by positive analyst views following its Gemini Agent enterprise launch and a 98% reduction in token costs since 2024. Arista Networks (ANET) could benefit from AI networking demand following its open Ethernet rack-scale launch with major tech players. Lastly, traders could consider TD SYNNEX (SNX) following its 3QFY26 EPS beat and stronger guidance. MY: Given ongoing geopolitical uncertainty and rebounding oil prices, we expect cautious sentiment to spill over into the local bourse, with investors remaining selective towards post-Budget 2027 beneficiaries. Meanwhile, we are positive on IJM securing a RM1.23bn contract to build a high-tech microchip manufacturing facility for AT&S in Kulim Hi-Tech Park, lifting its outstanding order book to RM10.6bn, equivalent to approximately 1.5x FY26 revenue. Lastly, we also favour MNHLDG following its RM293.9m contract win to develop data centre power facilities, while TNB's RM15bn grid investment should continue to benefit companies involved in transmission and distribution infrastructure. Stocks to watch: Construction: *CBHB*, GAMUDA, *JTGROUP* Finance: CIMB, *MAYBANK* Healthcare: *SUNMED* Utility: *TENAGA* Technology: *D&O* **Source: M+ Global**

M+ Market Buzz - 13Oct26 Dow Jones: 51,850.55 pts (+195.60pts, +0.38%) ⬆️ Resistance: 53000 ⬇️ Support: 49900 FBM KLCI: 1,618.01 pts (+9.56pts, +0.59%) ⬆️ Resistance: 1680 ⬇️ Support: 1570 HSI Index: 24,271.20 pts (+59.85pts, +0.25%) ⬆️ Resistance: 25000 ⬇️ Support: 23300 Crude Palm Oil: RM4,637 (-RM8, -0.17%) ⬆️ Resistance: 4860 ⬇️ Support: 4420 Brent Oil: $106.65 (+$1.93, +1.84%) ⬆️ Resistance: 109.50 ⬇️ Support: 95.20 Gold: $4,172.23 (-$2.37, -0.06%) ⬆️ Resistance: 4310 ⬇️ Support: 3990 Source: Bloomberg, M+Global

M+ Global Market Wrap - 12Oct26 FBM KLCI: 1,618.01 pts (+9.56pts, +0.59%) Amid heightened concerns over escalating Middle East conflict following a deadly Houthi airport strike, the local bourse traded on a cautious note as market breadth was negative with 778 losers outpacing 344 gainers. The index was however resilient as gains in MISC (+47.0 sen) and PBBANK (+9.0 sen) cushioned the downside. Sector wise, Financials (+0.92%) outperformed, led by PBBANK (+9.0 sen) and MAYBANK (+14.0 sen), while Health Care (-2.40%) lagged the most. Top 3 Active stocks: ZETRIX (0138): RM0.075 (-1.0 sen) VS (6963): RM0.325 (-2.0 sen) GENTING (3182): RM1.45 (-43.0 sen) Top 3 Gainer stocks: NESTLE (4707): RM91.10 (+94.0 sen) MISC (3816): RM8.06 (+47.0 sen) MI (5286): RM7.02 (+24.0 sen) Top 3 Loser stocks: MPI (3867): RM43.02 (-106.0 sen) UTDPLT (2089): RM30.22 (-48.0 sen) GENTING (3182): RM1.45 (-43.0 sen) Volume: 3.36 bn (100-bar avg vol: 3.53 bn) Value: RM2.91 bn (100-bar avg val: RM3.10 bn) Market Breadth: ⬆️627 ⬇️450 Crude Palm Oil: RM4,592 (+RM54, +1.18%) Dow Futures: 51,944 pts (+18 pts) **Source: M+Global, Bloomberg **

M+ Global Market Update – 12Oct26 Markets Brace For CPI and Bank Earnings US: With the S&P 500 near record highs following a 1.2% weekly gain, we expect Wall Street to trade cautiously ahead of Wednesday's September CPI release. Hotter inflation could revive rate-hike expectations at the October FOMC meeting, while major US banks kick off 3Q26 earnings season. Stock-wise, we favour Amazon (AMZN), supported by positive channel checks following Prime Big Deal Days and its USD220bn 2026 CapEx outlook for AI data centre expansion. This could also benefit Flex (FLEX), whose Axiom data centre power unit reportedly secured a USD2bn pre-spin investment at a USD37.5bn valuation. Traders may also consider Cisco (CSCO), supported by 17.6% revenue growth in 4QFY26 and its agentic AI rollout. MY: We see limited risk of significant post-Budget 2027 profit-taking, as the FBMKLCI has already corrected over the past month amid surging US Treasury yields and uncertainty surrounding its potential expansion to 50 constituents. Post-Budget, we continue to favour Utilities, with TNB's RM15bn grid investment supporting transmission and distribution infrastructure, benefiting MNHLDG, SCGBHD and PWRWELL. Meanwhile, the RM2.5bn National NRW Reduction Programme, targeting 1,900km of ageing pipes, could benefit IAB. Lastly, higher STR and SARA allocations of RM16bn (2026: RM15bn) should bode well for 99SMART. Stocks to watch: Construction: *GAMUDA*, IAB, *ISF*, *SORENTO*, UUE Technology: 3REN, *MI*, PENTA, *SKPRES* Consumer: *99SMART*, PADINI Packaging: *L&PBHD* **Source: M+ Global**

M+ Global Market Update – 12Oct26 Markets Brace For CPI and Bank Earnings US: With the S&P 500 near record highs following a 1.2% weekly gain, we expect Wall Street to trade cautiously ahead of Wednesday's September CPI release. Hotter inflation could revive rate-hike expectations at the October FOMC meeting, while major US banks kick off 3Q26 earnings season. Stock-wise, we favour Amazon (AMZN), supported by positive channel checks following Prime Big Deal Days and its USD220bn 2026 CapEx outlook for AI data centre expansion. This could also benefit Flex (FLEX), whose Axiom data centre power unit reportedly secured a USD2bn pre-spin investment at a USD37.5bn valuation. Traders may also consider Cisco (CSCO), supported by 17.6% revenue growth in 4QFY26 and its agentic AI rollout. MY: We see limited risk of significant post-Budget 2027 profit-taking, as the FBMKLCI has already corrected over the past month amid surging US Treasury yields and uncertainty surrounding its potential expansion to 50 constituents. Post-Budget, we continue to favour Utilities, with TNB's RM15bn grid investment supporting transmission and distribution infrastructure, benefiting MNHLDG, SCGBHD and PWRWELL. Meanwhile, the RM2.5bn National NRW Reduction Programme, targeting 1,900km of ageing pipes, could benefit IAB. Lastly, higher STR and SARA allocations of RM16bn (2026: RM15bn) should bode well for 99SMART. Stocks to watch: Construction: *GAMUDA*, IAB, *ISF*, *SORENTO*, UUE Technology: 3REN, *MI*, PENTA, *SKPRES* Consumer: *99SMART*, PADINI Packaging: *L&PBHD* **Source: M+ Global**

M+ Market Buzz - 12Oct26 Dow Jones: 51,654.95 pts (+423.31pts, +0.83%) ⬆️ Resistance: 52900 ⬇️ Support: 49900 FBM KLCI: 1,608.45 pts (+7.44pts, +0.46%) ⬆️ Resistance: 1680 ⬇️ Support: 1570 HSI Index: 24,211.35 pts (+425.56pts, +1.79%) ⬆️ Resistance: 24900 ⬇️ Support: 23300 Crude Palm Oil: RM4,592 (-RM69, -1.48%) ⬆️ Resistance: 4860 ⬇️ Support: 4420 Brent Oil: $104.72 (+$0.69, +0.66%) ⬆️ Resistance: 108.10 ⬇️ Support: 95.20 Gold: $4,194.24 (-$0.41, -0.01%) ⬆️ Resistance: 4300 ⬇️ Support: 3990 Source: Bloomberg, M+Global

Good morning all, we issued a report on M+Global Market Chat | Budget 2027 - Positioning for the Growth Cycle 🇲🇾 Budget 2027 Highlights • Budget set at RM459.8bn, with development expenditure of RM83bn and fiscal deficit narrowing to 3.3% of GDP. • GDP growth projected at 4.2–5.2% in 2027, while STR/SARA assistance rises to RM16bn. • RM25bn in GLIC investments, including RM1.2bn for semiconductors, alongside RM6bn for R&D. • Infrastructure remains a priority, with RM18.7bn/RM16.2bn allocated to Sabah/Sarawak and TNB's RM15bn grid investment. 📈 M+Global View We favour Utilities, Construction, Renewable Energy and Consumer as key beneficiaries, supported by infrastructure spending, energy transition and stronger household assistance. Technology, Healthcare and Property remain selectively positive, while the RM2,000 minimum wage from June 2027 could pressure labour-intensive businesses. 🎯 Preferred Budget 2027 Beneficiaries • Grid Infrastructure: EITA, MNHLDG, PWRWELL, SCGBHD • Renewable Energy: IAB, KJTS, NORTHERN, SAMAIDEN, SLVEST • Construction: AWC, GAMUDA, HKB, SUNCON • Consumer: 99SMART, ECOSHOP, SPRITZER • Technology: LGMS, OPPSTAR, SKYECHIP, STRATUS • Healthcare: KPJ, PMCK, SUNMED • Property: INTA, LAGENDA, LBS, SSB8 📊 Market Outlook We see scope for a year-end FBM KLCI recovery following the recent market correction. Budget catalysts, potential index-related fund flows and favourable year-end seasonality could support selective buying, particularly if US Treasury yields stabilise. Our 4Q26 stock picks remain relevant, with continued emphasis on infrastructure, power-related projects, data centres and semiconductor automation. 📄 Full Report: Your Trusted Guide To Global Trading | Malacca Securities

Good Evening All, Following TP TEC Holding Bhd’s analyst briefing, here is our quick take for investors: 📈 Investment Highlights 📌 Who is TP TEC? TP TEC was established in 2009. It designs, develops, owns and manages specialised power solutions for the telecommunications industry and other markets across Malaysia. Its offerings include diesel generators, battery energy storage systems (BESS), solar hybrid systems and microgrids. These are supported by its remote monitoring system (RMS) and energy management system (EMS). 📌 Leasing model, recurring income. Customers rent its generators on short-term or long-term contracts. Rentals come bundled with installation, 24/7 monitoring and maintenance. Power generator rental made up 93% of 1H26 revenue. The rest came from trading of filtration products and starter batteries (6%) and light machinery rental (1%). 📌 Blue-chip customer base. Its customers include all major telcos in Malaysia, as well as construction and logistics players. Telco customers rose to 36 from 30, with RM171m of rental contracts secured. 📌 Strong 1H26 growth. Revenue rose 33% YoY to RM37.27m and PAT rose 49.34% to RM4.51m. PAT margin improved to 12.10% from 10.77%. BESS units rose to 508 from 46 as customers adopted lower-fuel hybrid systems. 💡 M+ Global View 📌 TP TEC’s owned fleet, sticky telco base and RMS-backed service model underpin recurring income. Its move into hybrid power also positions it for customers’ ESG and carbon-reduction needs. 📌 Key growth drivers include: (i) ongoing telco infrastructure investment, including the Jendela programme, (ii) rising adoption of hybrid power systems, and (iii) island microgrids, where it has secured its first contract with BuBu Resort on Perhentian Island. Research Team, M+ Global 9 Oct 2026

M+ Global Market Wrap - 9Oct26 FBM KLCI: 1,608.45 pts (+7.44pts, +0.46%) Optimism surrounding the tabling of Budget 2027 lifted the local bourse towards the end of the session as market breadth ended positive with 627 gainers outpacing 450 losers. The index was buoyed by YTLPOWR (+14.0 sen) and PMETAL (+11.0 sen). Sector wise, Construction (+2.30%) outperformed, led by GAMUDA (+14.0 sen) and SUNCON (+21.0 sen), while Health Care (-0.75%) lagged the most. Top 3 Active stocks: ZETRIX (0138): RM0.085 (+1.0 sen) DNEX (4456): RM0.520 (-0.5 sen) VS (6963): RM0.345 (+1.5 sen) Top 3 Gainer stocks: NESTLE (4707): RM90.16 (+72.0 sen) MI (5286): RM6.78 (+70.0 sen) MPI (3867): RM44.08 (+58.0 sen) Top 3 Loser stocks: PETGAS (6033): RM17.12 (-68.0 sen) HLFG (1082): RM17.30 (-56.0 sen) F&N (3689): RM20.34 (-30.0 sen) Volume: 3.33 bn (100-bar avg vol: 3.54 bn) Value: RM2.90 bn (100-bar avg val: RM3.11 bn) Market Breadth: ⬆️627 ⬇️450 Crude Palm Oil: RM4,661 (-RM23, -0.49%) Dow Futures: 51,585 pts (+92 pts) **Source: M+Global, Bloomberg **

Good Morning All, We issued a technical buy call on Insights Analytics Berhad (IAB): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) Trading catalysts include: (i) New water treatment plant subcontract secured (ii) Commercialization of AI and Digital Twin ecosystem (iii) Potential Budget 2027 beneficiary Research Team, M+Global 9 Oct 2026