M+ On-The-Go
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📈 Analytical overview of Telegram channel M+ On-The-Go
Channel M+ On-The-Go (@mplusotg) in the English language segment is an active participant. Currently, the community unites 26 380 subscribers, ranking 4 615 in the Economy & Finance category and 1 297 in the Malaysia region.
📊 Audience metrics and dynamics
Since its creation on невідомо, the project has demonstrated rapid growth, gathering an audience of 26 380 subscribers.
According to the latest data from 02 September, 2026, the channel demonstrates stable activity. Although there has been a change in the number of participants by -92 over the last 30 days and by 0 over the last 24 hours, overall reach remains high.
- Verification status: Not verified
- Engagement rate (ER): The average audience engagement rate is 11.54%. Within the first 24 hours after publication, content typically collects 7.46% reactions from the total number of subscribers.
- Post reach: On average, each post receives 3 044 views. Within the first day, a publication typically gains 1 968 views.
- Reactions and interaction: The audience actively supports content: the average number of reactions per post is 2.
- Thematic interests: Content is focused on key topics such as resistance, iran, gainer, dow, loser.
📝 Description and content policy
The author describes the resource as a platform for expressing subjective opinions:
“Malacca Securities Sdn Bhd”
Thanks to the high frequency of updates (latest data received on 03 September, 2026), the channel maintains relevance and a high level of publication reach. Analytics show that the audience actively interacts with content, making it an important point of influence in the Economy & Finance category.
26 380
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| Date | Subscriber Growth | Mentions | Channels | |
| 03 September | 0 | |||
| 02 September | +1 | |||
| 01 September | +1 |
Channel Posts
M+ Global Market Wrap - 3Sep26
FBM KLCI: 1,715.13 pts (+6.39pts, +0.37%)
Tracking the positive overnight performance in the US, the local bourse rebounded, buoyed by gains in CIMB (+15.0 sen) and GAMUDA (+25.0 sen). Market breadth was positive with 625 gainers outpacing 497 losers. Sector wise, Construction (+3.06%) outperformed, led by GAMUDA (+25.0 sen) and IJM (+11.0 sen), while Telecommunications (-1.10%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.240 (+2.0 sen)
INGENIEU (5178): RM0.045 (+0.5 sen)
NIHSIN (7215): RM0.275 (+1.0 sen)
Top 3 Gainer stocks:
MI (5286): RM5.82 (+27.0 sen)
GAMUDA (5398): RM4.67 (+25.0 sen)
UTDPLT (2089): RM33.02 (+24.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM94.48 (-204.0 sen)
F&N (3689): RM24.38 (-36.0 sen)
HEIM (3255): RM15.64 (-34.0 sen)
Volume: 3.91 bn (100-bar avg vol: 3.48 bn)
Value: RM3.22 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️625 ⬇️497
Crude Palm Oil: RM4,958 (-RM40, -0.81%)
Dow Futures: 53,236 pts (+115 pts)
**Source: M+ Global, Bloomberg **
| 2 | Good Afternoon All,
Following Southern Cable Group Berhad's 2Q26 results briefing, here is our quick take for investors:
📈 Investment Highlights
📌 Strong 2Q26 Growth on Data Center & RE Tailwinds. Revenue reached RM527.6m (+25.8% YoY) with gross margin stable at 13.2%. EBITDA rose 24.8% YoY to RM60.9m, while PAT reached RM40.6m (+28.2% YoY) on operational efficiencies. Data centers contributed ~40% of quarter revenue.
📌 RM1.36bn Order Book Provides Visibility Through 2028. Orders in hand expanded 16.2% YoY to RM1.36bn, comprising RM717m in long-term contracts and RM644.6m in short-term POs (≤3 months). Power cables account for 90.2% of order mix.
📌 New PO Intake Intake More Than Doubled YoY. New short-term POs reached RM542.6m (+104.1% YoY), driven by hyperscale data centers and grid-tied renewable projects. Direct distribution channels (EPCC contractors, utilities) grew 29.6% YoY.
📌 Accelerating Vertical Integration to Secure Supply Chain:
(i) Upstream: New aluminium furnace operational since April (60k tonnes); copper furnace expansion (18k to 24k tonnes) targeted for 4Q26. Plastic compounding facility expansion (7.8k to 12k tonnes) targets 3Q26 commissioning.
(ii) Downstream: Cable capacity expanding to 60,000 km by end-2026 and 65,000 km by 2027.
(iii) Products: 132kV Milliken conductor cable certified. US export pipeline targets PV wire commercialization in 2H26 and MC cable in 1H27.
📌 Solid Balance Sheet & Dividend Above Policy. Maintained low net gearing of 0.004x (slight net debt of RM3.5m vs RM838.6m equity) in 2Q26, keeping ample headroom for capacity expansion. First interim dividend of 1.20 sen declared (RM15.3m, ~20.7% 1H26 payout ratio), exceeding the 15% minimum policy.
💡 M+ Global View
📌 Strategic capacity reallocation to meet urgent domestic data center orders temporarily moderated US export growth (+3.8% YoY). This reflects disciplined capacity allocation rather than soft US demand, with export volumes expected to normalize in 2H26 (~40–50 containers/month).
📌 While the 13.2% gross margin reflects an LV-heavy product mix, data center orders drive higher absolute revenue and dollar gross profit due to copper’s ~3x ASP premium over aluminium. Strong Control & Instrumentation growth (+84.3% YoY) and improved operational efficiency (EBITDA +24.8% YoY) support strong 2H earnings momentum.
📌 Key Catalysts: (i) TNB Plus-One contract ramp-up in 2H26, (ii) ramp-up of HV cable production following 132kV certification, (iii) US PV wire rollout in 2H26, and (iv) commissioning of the internal compounding facility to strengthen supply chain integration and support margins.
Research Team, M+ Global
3 Sep 2026 | 1 294 |
| 3 | Good Morning All,
We issued a company update report on our coverage stock KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📰 Newsbreak. KJTS, through its Thailand subsidiary KJTN Engineering, has entered into four agreements with wholly-owned subsidiaries of Central Plaza Hotel Public Company Limited (Centel) for retrofit works, O&M services and chilled water supply at four hotels in Thailand. Retrofit works are expected to commence in Sep 2026 and complete by Feb 2027, followed by 20 years of O&M and chilled water supply from Mar 2027 to Feb 2047. The agreements carry aggregate fixed fees of THB393.8m, equivalent to c.RM47.8m over 20 years, excluding variable fees based on chilled water supplied.
💡 M+ Global View
📌 Recurring revenue stream. Based on fixed fees alone, the four contracts should contribute c.RM2.0m of revenue in FY27f (assuming operations commence as scheduled in Mar 2027) and c.RM2.4m on a full-year basis from FY28f onwards, excluding variable fees linked to chilled water consumption, which provide additional upside.
📌 Deepening Thailand relationships. The awards deepen KJTS' relationship with Central Group; KJTN Engineering has previously undertaken three cooling projects for the group, and the repeat wins highlight its track record and scope for further cross-selling within the customer base.
📌 Favourable earnings mix shift. The contracts support KJTS' ongoing transition towards a larger Energy Services contribution, which accounted for 72.0% of Group revenue in 1H26 versus 56.5% in 1H25, with the variable fee component providing further upside as chilled water demand increases.
📌 Upfront funding requirement. KJTN will fund c.RM7.1m of retrofit works across the four hotels and is required to subsequently acquire c.RM4.1m of employer-funded retrofit works under the three DBO agreements, bringing total funding requirement to c.RM11.2m, to be funded via internally generated funds and/or bank borrowings.
📌 Forecast. We raise our FY26f/FY27f earnings forecasts by 33.2%/5.1% to RM26.6m/RM28.4m and introduce our FY28f estimate of RM31.2m, implying a 3-year earnings CAGR of 20.1% over FY25-FY28f.
📌 Reinstate BUY, TP RM1.23. We reinstate our BUY recommendation on KJTS with a higher TP of RM1.23 (from RM0.87), implying 12.8% upside, derived from an unchanged 30x P/E multiple applied to our FY27f EPS of 4.11 sen, rolled over from our previous valuation based on FY26f EPS.
📌 Downside risks. Risks include: (i) KJTS' inability to replenish its order book; (ii) changes in TNB's tariff policies; and (iii) potential contract terminations by its customers.
Research Team, M+Global
3 Sep 2026 | 1 378 |
| 4 | M+ Global Market Update – 03Sep26
AI Infrastructure and Earnings Plays in Focus
US: We expect Wall Street to trade on a mixed footing, as elevated Treasury yields and firm oil prices could weigh on risk appetite and market sentiment, although structural AI demand should support selected names. Meanwhile, we favour Bloom Energy (BE), backed by its USD25bn Brookfield AI infrastructure partnership and Oracle’s agreement to procure up to 2.8GW of fuel-cell systems. Veeva Systems (VEEV) remains supported by strong Vault CRM adoption, with 180+ live customers and 12 of the top 20 global biopharma companies committed. Lastly, Micron Technology (MU) should benefit from tight memory supply and robust HBM demand, with HBM4 in high-volume shipments and FQ4FY26 revenue guided at c.USD50bn.
MY: The FBM KLCI is anticipated to rebound further following recent selling pressure, driven by selective earnings and thematic plays despite elevated oil prices and bond yields. We favour WTK, supported by stronger plantation contributions following its RM555m acquisitions, firmer CPO prices, and an enlarged planted area of c.32,000 hectares. Meanwhile, AMBEST remains well-positioned across the semiconductor, AI data centre, and automation sectors, with 2QFY26 PAT surging over eightfold QoQ to RM3.44m on higher orders and capacity expansion. Lastly, SAMAIDEN may benefiting from Malaysia's RE push following its RM290m LSS5 contract for a 95MW solar plant in Hilir Perak, which should be earnings accretive.
Stocks to watch:
Technology: AMBEST, *INFOM*, *VIS*
Plantation: *JPG*, MHC, *WTK*
Solar: *SAMAIDEN*
Consumer: *LWSABAH*
Construction: SSB8
Glove: SUPERMX
Chemical: CLITE
**Source: M+ Global** | 2 668 |
| 5 | M+ Market Buzz - 3Sep26
Dow Jones: 53,061.95 pts (+295.07pts, +0.56%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,708.74 pts (+8.20pts, +0.48%)
⬆️ Resistance: 1790
⬇️ Support: 1670
HSI Index: 25,311.21 pts (-18.52pts, -0.07%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM4,958 (+RM26, +0.52%)
⬆️ Resistance: 5120
⬇️ Support: 4710
Brent Oil: $95.63 (+$0.98, +1.04%)
⬆️ Resistance: 99.00
⬇️ Support: 84.50
Gold: $4,381.68 (+$3.09, +0.07%)
⬆️ Resistance: 4740
⬇️ Support: 4200
Source: Bloomberg, M+Global | 2 022 |
| 6 | M+ Global Market Wrap - 2Sep26
FBM KLCI: 1,708.74 pts (+8.20pts, +0.48%)
Despite the intensified US-Iran tensions in the Middle East and weaker regional market performances, the FBMKLCI (+0.48%) manage to buck the trend and traded above its MA200 and the 1,700 psychological support level, supported by key heavyweights such as PCHEM (+29.0 sen) and PMETAL (+22.0 sen). However, market breadth remained negative as 746 losers outpaced 424 gainers. Sector-wise, Plantation (+2.28%) outperformed, led by KLK (+86.0 sen) and SDG (+13.0 sen), while Technology (-2.03%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.220 (-4.5 sen)
FOCUS (0116): RM0.005 (unch)
INGENIEU (5178): RM0.040 (+0.5 sen)
Top 3 Gainer stocks:
KLK (2445): RM22.70 (+86.0 sen)
UTDPLT (2089): RM32.78 (+74.0 sen)
HENGYUAN (4324): RM2.94 (+41.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM96.52 (-218.0 sen)
F&N (3689): RM24.74 (-54.0 sen)
MPI (3867): RM39.78 (-48.0 sen)
Volume: 4.21 bn (100-bar avg vol: 3.46 bn)
Value: RM3.52 bn (100-bar avg val: RM3.11 bn)
Market Breadth: ⬆️424 ⬇️746
Crude Palm Oil: RM4,973 (-RM16, -0.32%)
Dow Futures: 52,789 pts (-39 pts)
**Source: M+ Global, Bloomberg ** | 1 859 |
| 7 | M+ Global Market Wrap - 2Sep26
FBM KLCI: 1,708.74 pts (+8.20pts, +0.48%)
Despite the intensified US-Iran tensions in the Middle East and weaker regional market performances, the FBMKLCI (+0.48%) manage to buck the trend and traded above its MA200 and the 1,700 psychological support level, supported by key heavyweights such as PCHEM (+29.0 sen) and PMETAL (+22.0 sen). However, market breadth remained negative as 746 losers outpaced 424 gainers. Sector-wise, Plantation (+2.28%) outperformed, led by KLK (+86.0 sen) and SDG (+13.0 sen), while Technology (-2.03%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.220 (-4.5 sen)
FOCUS (0116): RM0.005 (unch)
INGENIEU (5178): RM0.040 (+0.5 sen)
Top 3 Gainer stocks:
KLK (2445): RM22.70 (+86.0 sen)
UTDPLT (2089): RM32.78 (+74.0 sen) | 1 |
| 8 | Good Morning All,
We issued a company update report on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📰 Newsbreak. Two property developments — Seiring Setia in Bukit Jelutong and Aliran Restu in Glenmarie — are targeted for launch in 4Q26 after obtaining planning approvals, marking the next leg of growth for INTA's property development arm. Downstream unit IBEE has secured 14 projects worth RM26.4m in FY26, including a RM1.9m data centre installation job in Nusajaya.
💡 M+ Global View
📌 Earnings visibility. Backed by a c.RM1.6bn unbilled construction order book and RM424m of YTD FY26 job wins. As at July 2026, the Group had submitted RM2.5bn of new tenders, bringing total outstanding tenders to RM3.6bn, with management confident of securing c.RM860m of new jobs for FY26.
📌 Margin outlook. We see scope for gradual margin improvement as the earnings mix shifts toward the higher-margin property development segment. Value engineering, early procurement and variation-on-price (VOP) mechanisms should help mitigate raw material cost pressures, though we expect margins to improve progressively rather than materially step up near term.
📌 Diversification. Growing industrial and data centre exposure provides longer-term pipeline diversification — INTA has secured a RM49m factory construction project at Eco Business Park 7, while IBEE's data centre job adds to a pipeline of larger tenders alongside M&E partners.
📌 Forecast. We roll over our earnings base to FY27f and introduce FY28f earnings estimates of RM46.7m, implying a three-year CAGR of 5% from FY25 to FY28f.
📌 Maintain BUY, TP RM0.78. We reiterate our BUY recommendation with a higher TP of RM0.78 (from RM0.76), derived from an unchanged target P/E multiple of 11x applied to FY27f EPS of 7.11 sen, implying 105.3% capital upside plus 5.6% dividend return for 110.9% total return.
Research Team, M+Global
2 Sep 2026 | 1 994 |
| 9 | M+ Global Market Update – 02Sep26
Softer Tape, But AI Infrastructure Favoured
US: Given the sharp re-escalation of the US–Iran conflict in the Middle East, which has reignited energy supply concerns, we expect Wall Street to continue trading on a softer note. Stock-wise, we continue to favour Nvidia (NVDA) following its strong Q2 results and earnings beat, which implies that the global AI infrastructure boom shows no signs of an immediate slowdown. Meanwhile, another stock set to benefit from the AI infrastructure boom is Bloom Energy (BE), underpinned by its USD25bn AI infrastructure power-financing partnership with Brookfield and its 2.8GW procurement framework with Oracle. Lastly, investors could consider Apple (AAPL) following its upcoming foldable iPhone rollout, which will lead to ASP expansion.
MY: Tracking Wall Street’s negative overnight performance, we expect the FBM KLCI to trade on a weaker footing. Meanwhile, we continue to favour SPRITZER and LWSABAH as the ongoing haze and forest fires in Kalimantan, Indonesia, should lead to a surge in bottled drinking water consumption nationwide. As TNB has begun building its 500km, 500kV National Grid Backbone transmission line, which is also the country’s longest 500kV transmission system, we believe the new grid project will continue to benefit HV substation and underground utility engineering provider MNHLDG. Lastly, riding on the surge in oil prices, traders could target energy counters for short-term trading opportunities.
Stocks to watch:
O&G: *ARMADA*, *DIALOG*, *KEYFIELD*
Technology: *D&O*, SUM, *VIS*
Consumer: *LWSABAH*
Construction: *HKB*
Plantation: SOP
**Source: M+ Global** | 3 086 |
| 10 | M+ Market Buzz - 2Sep26
Dow Jones: 52,766.88 pts (-419.02pts, -0.79%)
⬆️ Resistance: 54900
⬇️ Support: 51700
FBM KLCI: 1,700.54 pts (-25.34pts, -1.47%)
⬆️ Resistance: 1790
⬇️ Support: 1670
HSI Index: 25,329.73 pts (-237.26pts, -0.93%)
⬆️ Resistance: 26400
⬇️ Support: 24800
Crude Palm Oil: RM4,973 (+RM8, +0.16%)
⬆️ Resistance: 5120
⬇️ Support: 4710
Brent Oil: $94.65 (+$4.16, +4.60%)
⬆️ Resistance: 97.40
⬇️ Support: 83.80
Gold: $4,328.82 (+$0.97, +0.02%)
⬆️ Resistance: 4770
⬇️ Support: 4240
Source: Bloomberg, M+Global | 2 318 |
| 11 | M+ Global Market Wrap - 1Sep26
FBM KLCI: 1,700.54 pts (-25.34pts, -1.47%)
The local bourse traded negatively today as escalating Middle East tensions following Donald Trump's vow to hit Iran hard dampened broader risk appetite, leaving regional markets to enter negative territory, with the FBM KLCI dragged down by TENAGA (-38.0 sen) and PMETAL (-27.0 sen). The market breadth was negative, with 956 losers outpacing 349 gainers. Sector-wise, Energy (+1.47%) outperformed, led by DIALOG (+9.0 sen) and HENGYUAN (+58.0 sen), while Industrial Products (-2.47%) lagged the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.265 (-3.0 sen)
EFORCE (0065): RM0.135 (+4.5 sen)
HHRG (0175): RM0.155 (+2.5 sen)
Top 3 Gainer stocks:
HENGYUAN (4324): RM2.53 (+58.0 sen)
DLADY (3026): RM31.78 (+40.0 sen)
BLDPLNT (5069): RM15.00 (+24.0 sen)
Top 3 Loser stocks:
MPI (3867): RM40.26 (-130.0 sen)
NESTLE (4707): RM99.50 (-60.0 sen)
TENAGA (5347): RM13.76 (-38.0 sen)
Volume: 5.53 bn (100-bar avg vol: 3.45 bn)
Value: RM4.42 bn (100-bar avg val: RM3.09 bn)
Market Breadth: ⬆️349 ⬇️956
Crude Palm Oil: RM4,894 (+RM92, +1.88%)
Dow Futures: 52,957 pts (-283 pts)
**Source: M+ Global, Bloomberg ** | 1 884 |
| 12 | M+ Global Market Update – 01Sep26
Softer Wall Street But Nvidia Remains Favoured
US: Following renewed US military strikes on Iran and Fed Chair Kevin Warsh’s hawkish Jackson Hole debut, we expect Wall Street to trade on a softer note in the near term. Markets are now pricing in a 59.9% chance of a 25-bps rate hike by September, compared with 39.9% a week ago. Stock-wise, we continue to favour Nvidia (NVDA) following its strong Q2 results, which also marked its 15th consecutive quarter of earnings beats. NVDA has guided Q3 revenue to USD108bn, making it the first quarter projected to surpass the USD100bn milestone (excluding any China DC revenue). Growth is set to be led by the ramp-up of the next-gen Vera Rubin platform, with Amazon AWS announcing plans to procure 2m GPUs alongside new Vera CPUs.
MY: Tracking Wall Street’s negative overnight performance, we expect the FBM KLCI to kickstart the shortened trading week on a weaker footing. Stock-wise, we favour automation solutions provider GREATEC, underpinned by its RM1.8bn order book (representing 2.3x FY25 revenue) and multi-sector tailwinds across DC, nuclear energy, solar, and life sciences. Meanwhile, ongoing haze and forest fires in Kalimantan, Indonesia, should also drive a surge in bottled drinking water consumption, benefiting LWSABAH. Lastly, riding on the country's DC boom and NETR execution, we continue to favour cable manufacturer SCGBHD.
Stocks to watch:
Construction: *CHEEDING*, *GAMUDA*, *HEGROUP*, *HKB*
Consumer: KOPI, *LWSABAH*
Technology: *SUM*, *UWC*
Telco: *REDTONE*
Chemical: *TMK*
Property: IOIPG
O&G: KEYFIELD
**Source: M+ Global** | 3 374 |
| 13 | Good Morning All,
Here’s our Factor Focus - September 2026 report | Malacca Securities (mplusonline.com)
While the local bourse's performance was rather soft in August 2026, with the FBM KLCI and FBMSCAP recording gains of 0.1% and 2.6% respectively, our Large- and Small-cap portfolios recorded higher gains of 4.9% and 7.6% respectively. Cumulatively, our Large-, Small-, and Combined portfolios managed to outperform the broader indices, recording 39.9%, 49.7%, and 47.2% in returns since inception.
Research Team, M+ Global
1 September 2026 | 1 813 |
| 14 | M+ Market Buzz - 1Sep26
Dow Jones: 53,185.90 pts (-374.09pts, -0.70%)
⬆️ Resistance: 54900
⬇️ Support: 52100
FBM KLCI: 1,725.88 pts (-15.84pts, -0.91%)
⬆️ Resistance: 1790
⬇️ Support: 1690
HSI Index: 25,566.99 pts (-17.80pts, -0.07%)
⬆️ Resistance: 26400
⬇️ Support: 24800
Crude Palm Oil: RM4,894 (+RM78, +1.62%)
⬆️ Resistance: 5030
⬇️ Support: 4710
Brent Oil: $90.49 (+$2.39, +2.71%)
⬆️ Resistance: 94.80
⬇️ Support: 83.80
Gold: $4,437.38 (+$8.63, +0.22%)
⬆️ Resistance: 4800
⬇️ Support: 4310
Source: Bloomberg, M+Global | 2 528 |
| 15 | M+ Global Market Wrap - 28Aug26
FBM KLCI: 1,725.88 pts (-15.84pts, -0.91%)
Despite Wall Street's positive overnight performance, the local bourse bucked the trend and closed lower today, dragged down by negative sentiment following the limit-down in ZETRIX (-30.0 sen). Market breadth was negative with 917 losers outpacing 405 gainers. Sector wise, all sectors ended lower, particularly Technology (-3.65%) and Utilities (-2.41%).
Top 3 Active stocks:
ZETRIX (0138): RM0.295 (-30.0 sen)
MAYBANK (1155): RM10.68 (+6.0 sen)
TANCO (2429): RM0.185 (-2.0 sen)
Top 3 Gainer stocks:
UTDPLT (2089): RM31.94 (+66.0 sen)
SPRITZER (7103): RM3.55 (+33.0 sen)
MBMR (5983): RM5.30 (+26.0 sen)
Top 3 Loser stocks:
NESTLE (4707): RM100.10 (-290.0 sen)
MPI (3867): RM41.56 (-126.0 sen)
MISC (3816): RM7.92 (-56.0 sen)
Volume: 5.06 bn (100-bar avg vol: 3.43 bn)
Value: RM6.51 bn (100-bar avg val: RM3.06 bn)
Market Breadth: ⬆️405 ⬇️917
Crude Palm Oil: RM4,816 (+RM72, +1.50%)
Dow Futures: 53,688 pts (+67 pts)
**Source: M+ Global, Bloomberg ** | 2 843 |
| 16 | Good Afternoon All,
Following AME Elite Consortium Berhad's 1Q27 results briefing, here is our quick take for investors:
📈Investment Highlights
📌 Solid 1Q27 earnings growth, though partly FV-gain driven. 1Q27 revenue rose 4.4% YoY to RM195.7m, while PBT climbed 37.4% YoY to RM69.4m. Net profit attributable to owners surged 50.0% YoY to RM48.6m, though this includes RM16.3m in fair value gains net of tax and non-controlling interests (RM9.3m realised from an industrial property disposal to AME REIT, RM7.0m unrealised). GP fell 5.9% YoY to RM57.9m.
📌 Construction leads segmental growth, orderbook provides visibility. Construction was the largest revenue contributor at 41.1% of the 1Q27 mix, with construction revenue surging 74.3% YoY on higher work-completion stages. The external Construction & Engineering orderbook stood at RM485.7m. The group secured a RM214.1m contract from KLIA Aeropolis Sdn Bhd (a Malaysia Airports Holdings Berhad subsidiary) for a test cell facility in Sepang, targeted for completion by January 2027, and management also flagged a multi-tenant industrial complex win in Subang (value undisclosed).
📌 Property sales pipeline underpinned by unbilled sales. New property sales reached RM62.1m in 1Q27, against management's combined FY2027 target of RM550m (RM400m group + RM150m Northern Tech Valley JV). Unbilled sales stood at RM395.1m, mainly from i-TechValley, Johor; Northern Tech Valley recorded a 12% take-up rate with RM116.9m unbilled.
📌 Recurring income and occupancy momentum building. Property leasing revenue grew 20.8% YoY to RM14.5m. The i-TechValley at SILC dormitory stood at 47% occupancy as at 30 June 2026, with management citing a more recent 54% occupancy at the briefing; total worker accommodation capacity has expanded to over 9,000 beds.
📌 Landbank expansion and new FDI wins. Total landbank stood at ~295.3 acres; a further 31.8-acre Senai Airport land acquisition (RM101.2m) is expected to complete in 1H2027, growing the landbank to ~327 acres. Two i-TechValley factories were sold to HYA Industry (Malaysia) Sdn Bhd for RM85.8m, while an MOU was signed with Taiwan-listed FIC Global Inc (via subsidiary PRO3C (Malaysia) Sdn Bhd) to support its Johor manufacturing expansion.
📌 Dividend. The Board declared a 4.0 sen interim and 3.0 sen special interim dividend (7.0 sen total) for FY2026, paid 3 July 2026.
💡 M+ Global View
📌 While 1Q27 net profit growth was partly aided by RM16.3m in fair value gains tied to the AME REIT asset injection, underlying operational momentum remains firm, led by construction revenue recognition and resilient property investment income. Management has established a Sukuk Wakalah Programme to fund future landbank acquisitions, supporting its stated ambition to replicate the i-Park model across southern, central and northern Peninsular Malaysia. With a RM485.7m external orderbook, RM395.1m in unbilled property sales, and an expanding landbank, AME Elite appears well-placed to progress toward management's "new normal" revenue target of RM1.0 billion — though the Board has flagged inflationary pressure on construction and operational costs from ongoing Middle East conflicts as a near-term watch item.
📌 Key catalysts include: (i) execution of the RM214.1m KLIA Aeropolis test cell contract targeted for completion by January 2027, (ii) unbilled sales conversion supporting the group's combined RM550m FY2027 new sales target, (iii) landbank expansion via the pending Senai acquisition and the i-Park@Coalfields JV with KLK Land, and (iv) rising dormitory and leasing occupancy supporting recurring income growth.
Research Team, M+ Global
28 Aug 2026 | 2 122 |
| 17 | 📈 EG 4QFY26 Results 📈
Broadly-in-line. EG registered a 4Q26 core PAT of RM30.4m, bringing its full-year FY26 core PAT to RM102.4m. This is broadly-in-line with our ballpark core PAT figure of RM110.9m.
💡 Outlook. Moving forward into FY27, EG's growth prospects remain bright, including a USD241.6m purchase order from a key U.S. customer for 800G optical modules and wireless broadband items, alongside USD100m Letter of Intent (LOI) for high-performance open network switches. To accommodate rising demand, the Group is expanding the second floor of its Batu Kawan (PG2) facility for 800G/1.6T production, while its new 4.95-acre facility in Prachinburi, Thailand remains on track for completion before end-2026. Post-FY26, EG acquired a 91.5% stake in Jyoto Works (M) Sdn Bhd for RM2.0m to enhance vertical integration in metal fabrication for photonics products.
🎯 Valuation. We maintain our net profit forecasts unchanged at RM171.20m for FY27, translating into forecasted EPS of 18.30 sen. Supported by an assigned P/E multiple range of 14x–15x, we reiterate our Target Price range of RM2.56 to RM2.74.
M+ Research Team
28 Aug 26 | 2 617 |
| 18 | Good Morning All,
We issued a 2Q26 results note on our coverage stock WENTEL Engineering Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Earnings above expectations. 2Q26 core PAT surged 145.6% QoQ and 32.9% YoY to RM6.7m, the highest quarterly PAT since listing. 1H26 core PAT reached RM9.4m, driven by stronger margins, favourable product mix and FX movements.
📌 QoQ/YoY. Revenue rose 17.1% QoQ and 6.8% YoY to RM37.2m, while gross margin improved to 27.9%, from 24.1% in 1Q26 and 27.2% in 2Q25. Core PAT margin expanded to 17.9%.
📌 YTD. 1H26 revenue increased 4.4% YoY to RM69.0m, though core PAT declined 15.6% YoY to RM9.4m, mainly due to weaker 1Q26 margins and higher expenses.
📌 Outlook. We remain positive on WENTEL’s medium-term prospects, supported by demand from Malaysia’s E&E and semiconductor ecosystem. The 2Q recovery suggests 1Q weakness was largely timing and product-mix related.
📌 Forecast. We raise FY26f–27f core PAT by 63.5%/66.0% to RM17.6m/RM19.7m, reflecting higher margin assumptions.
📌 Upgrade to BUY, TP RM0.37. We upgrade WENTEL to BUY from HOLD and raise TP to RM0.37 from RM0.23, based on 23x P/E on mid-FY27f EPS, implying 19.4% upside.
Research Team, M+ Global
28 Aug 2026 | 2 209 |
| 19 | Good Morning All,
We issued a 1Q27 results note on our coverage stock Powerwell Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Earnings broadly within expectations. 1Q27 core PATMI rose 17.5% QoQ and 114.6% YoY to RM9.0m, accounting for 31.1% of our and 26.9% of consensus full-year FY27f earnings estimates (RM29.0m/RM33.6m). While tracking ahead of the 25% run rate, results remain broadly within expectations due to margin normalisation and milestone-based project execution lumpiness.
📌 QoQ/YoY. Revenue surged 113.0% QoQ and 145.6% YoY to RM88.3m, propelled by accelerated data centre billings and contributions from Tenaga Kenari. Gross margin normalised sharply to 24.1% (from 39.8% in 4Q26 and 27.3% in 1Q26) due to front-loaded mobilisation costs, increased outsourcing, and higher production headcount.
📌 YTD. 1Q27 revenue stood at RM88.3m (+145.6% YoY), with PBT and core PATMI climbing 120.4% YoY and 114.6% YoY to RM12.9m and RM9.0m, respectively.
📌 Outlook. Medium-term prospects are anchored by a RM268.9m order book as of 30 June 2026, ongoing data centre demand, and geographic expansion into East Malaysia via Tenaga Kenari, though near-term margins remain sensitive to project scaling.
📌 Forecast. We maintain our FY27f–28f core PATMI forecasts of RM29.0m/RM33.5m, refraining from extrapolating strong 1Q27 revenue given potential project timing volatility.
📌 Downgrade to SELL, TP RM0.91. We downgrade PWRWELL to SELL from HOLD with an unchanged TP of RM0.91, based on an unchanged 17.0x P/E applied to mid-FY28f EPS of 5.37 sen, implying a 16.5% downside following the recent share price rally to RM1.09.
M+ Global Research Team
28 August 2026 | 1 878 |
| 20 | Good Morning All,
We issued a 2Q26 results note on our coverage stock KJTS Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 Earnings above expectations. 2Q26 core PATMI surged 75.4% QoQ and 79.3% YoY to RM8.1m. 1H26 core PATMI reached RM12.7m (+45.2% YoY), accounting for 63.4% of our and 61.0% of consensus full-year forecasts (RM20.0m/RM20.8m), driven by faster revenue recognition from the Energy Services segment.
📌 QoQ/YoY. Revenue surged 57.7% QoQ and 100.1% YoY to RM88.2m. QoQ growth was led by a 95.7% expansion in Energy Services revenue to RM68.7m, offsetting a 6.2% decline in Integrated Facilities Management (RM19.5m). YoY core PATMI rose 79.3% despite a higher effective tax rate (24.3% vs 15.4% in 2Q25).
📌 YTD. 1H26 revenue increased 59.0% YoY to RM144.1m, while PBT grew 75.9% YoY to RM17.7m as Energy Services expanded to 72.0% of group revenue. Core PATMI grew 45.2% YoY to RM12.7m, with growth moderated by a higher effective tax rate (26.3% vs 12.6% in 1H25).
📌 Outlook. We remain positive on KJTS, supported by tailwinds such as structural cooling demand from Malaysia’s energy transition policy, MIDA's RM92.8bn approved investments (including RM34.6bn in data centre/cloud projects), and strategic platform expansion into heat recovery via the iHandal acquisition.
📌 Forecast. We maintain our FY26f–27f earnings forecasts at RM20.0m/RM27.0m pending further guidance from the upcoming analyst briefing.
📌 Rating UNDER REVIEW, TP RM0.87. We place our rating Under Review while maintaining our Target Price at RM0.87 for now, which implies a 22.3% capital downside from the share price of RM1.12.
M+ Global Research Team
28 August 2026 | 1 725 |
