M+ On-The-Go

M+ Global Market Wrap - 29Jul26 FBM KLCI: 1,715.56 pts (+3.08pts, +0.18%) Despite renewed geopolitical tensions in the Middle East following the resumption of US-Iran strikes and a subsequent jump in global oil prices, the local bourse traded on a positive tone with market breadth remaining positive as 550 gainers outpaced 476 losers. The FBM KLCI was buoyed by PCHEM (+10.0 sen) and CDB (+9.0 sen). Sector wise, Telecommunications (+1.22%) outperformed, led by CDB (+9.0 sen) and MAXIS (+9.0 sen), while Energy (-0.36%) lagged the most. Top 3 Active stocks: ZETRIX (0138): RM0.705 (+1.5 sen) TANCO (2429): RM0.255 (-0.5 sen) VELESTO (5243): RM0.245 (UNCH) Top 3 Gainer stocks: NESTLE (4707): RM96.78 (+312.0 sen) UTDPLT (2089): RM34.00 (+100.0 sen) HEIM (3255): RM19.28 (+22.0 sen) Top 3 Loser stocks: HLBANK (5819): RM22.04 (-26.0 sen) SAM (9822): RM4.24 (-26.0 sen) UMSINT (5340): RM7.00 (-22.0 sen) Volume: 2.97 bn (100-bar avg vol: 3.38 bn) Value: RM2.49 bn (100-bar avg val: RM3.20 bn) Market Breadth: ⬆️550 ⬇️476 Crude Palm Oil: RM4,642 (+RM30, +0.65%) Dow Futures: 52,963 pts (+19 pts) **Source: M+ Global, Bloomberg **

M+ Global Market Update – 29Jul26 Selected Strong Earnings to Drive Local Tech Buying US: Sector rotation has intensified following the ChangXin MemoryTechnologies IPO, which triggered a sell-off in memory stocks like Micron andSK Hynix. Investors fear that future Chinese capacity expansion could pressuretraditional memory pricing down the road. Coupled with SK Hynix’s earningsmiss, sending its stock lower post-market and we believe Wall Street may tradeon a cautious tone ahead. Key focus shifts to upcoming Q2 GDP figures, weeklyjobless claims, and the Federal Reserve policy decision. With tech underpressure, expect capital to flow toward defensive plays in consumer andfinancials, such as Walmart (WMT), Procter & Gamble (PG), and JPMorganChase (JPM). MY: Mea nwhile, on the local front, overall sentiment may rebound, thoughupside will be limited by the global tech rout. Semiconductor weakness couldcap index gains, but stock-specific earnings breakouts offer clear tradingopportunities. Focus turns to DUFU, after its quarterly profit surged nearlyfivefold to RM13.9m on robust HDD demand, and OGX following a 51.2% YoY netprofit jump to RM23.2m. Amid fragile tech sentiment, investors should shelterin defensive plays with stable cash flows, favouring consumer heavyweights like99SMART and SPRITZER, alongside utilities anchor TENAGA. Stocks to wat ch: Technology: *AMS*, *CTOS*, *NOTION*Construction : KEEMING, PESONA, *SET*Building Mat erial: *MCEMENT*Consumer: *M FLOUR*O&G: ARMADA __**Source: M+ Global**__

M+ Market Buzz - 29Jul26 Dow Jones: 52,747.32 pts (+537.24pts, +1.03%) ⬆️ Resistance: 54000 ⬇️ Support: 50600 FBM KLCI: 1,712.48 pts (-0.61pts, -0.04%) ⬆️ Resistance: 1760 ⬇️ Support: 1670 HSI Index: 25,310.85 pts (+103.67pts, +0.41%) ⬆️ Resistance: 26000 ⬇️ Support: 24400 Crude Palm Oil: RM4,642 (+RM11, +0.24%) ⬆️ Resistance: 4890 ⬇️ Support: 4510 Brent Oil: $84.09 (-$4.27, -4.83%) ⬆️ Resistance: 104.10 ⬇️ Support: 80.90 Gold: $4,029.61 (-$11.28, -0.28%) ⬆️ Resistance: 4250 ⬇️ Support: 3940 Source: Bloomberg, M+Global

M+ Global Market Wrap - 28Jul26 FBM KLCI: 1,712.48 pts (-0.61pts, -0.04%) Amidst a widespread sell-off in technology and chip stocks across Asia and ahead of the crucial US Federal Reserve meeting, the local bourse traded on a cautious tone today, with market breadth stayed negative as 717 losers outpaced 348 gainers. The FBM KLCI was dragged down by 99SMART (-13.0 sen) and PCHEM (-13.0 sen), the latter likely impacted by falling oil prices following hopes of US-Iran de-escalation. Sector wise, Reit (+0.46%) outperformed, led by KLCC (+15.0 sen) and SUNREIT (+2.0 sen), while Technology (-2.27%) lagged the most. Top 3 Active stocks: VS (6963): RM0.220 (-1.0 sen) TANCO (2429): RM0.260 (+1.5 sen) ZETRIX (0138): RM0.690 (+0.5 sen) Top 3 Gainer stocks: NESTLE (4707): RM93.66 (+236.0 sen) IDEAL (9687): RM4.00 (+25.0 sen) HLBANK (5819): RM22.30 (+20.0 sen) Top 3 Loser stocks: MPI (3867): RM44.00 (-206.0 sen) UMSINT (5340): RM7.22 (-68.0 sen) F&N (3689): RM27.50 (-34.0 sen) Volume: 2.94 bn (100-bar avg vol: 3.39 bn) Value: RM2.57 bn (100-bar avg val: RM3.23 bn) Market Breadth: ⬆️348 ⬇️717 Crude Palm Oil: RM4,673 (-RM36, -0.77%) Dow Futures: 52,490 pts (+108 pts) **Source: M+ Global, Bloomberg **

M+ Global Market Update – 28Jul26 Falling Oil Set To Trigger 'Risk-On' Mode US: Despite the mixed closing print in US markets, Wall Street is expected to extend gains as falling crude oil prices ignite risk appetite across equities. Easing energy costs provide welcome relief for inflation expectations, boosting market sentiment ahead of a heavy week of Q2 corporate earnings releases and key macroeconomic data, including the Federal Reserve policy decision, nonfarm payrolls, and Q2 GDP prints. Investors will closely monitor mega-cap tech and industrial scorecards to gauge earnings resilience and forward capital expenditure plans. MY: The FBM KLCI could rebound further, despite Wall Street’s mixed overnight performance. Near-term domestic sentiment will be supported as funds re-evaluate the local tech sector, driven by testing and solutions providers moving up the value chain; SNS continues its rally following a record RM1.22bn AI server win, while AEMULUS gains traction after securing RM15.11m in South Korean orders for AI test systems. Meanwhile, the upcoming Negeri Sembilan state election and the return of Formula 1 to Sepang in October are taking centre stage and are likely to bode well for tourist inflows and retail spending, translating into earnings for consumer players such as 99SMART, SPRITZER, and FFB. Stocks to watch: Technology: ECA, *NOTION*, SCOMNET, *UWC* Building Material: *MCEMENT*, MSC O&G: *ARMADA* Financial: *CIMB* Consumer: *KOPI* Plantation: TSH **Source: M+ Global**

M+ Market Buzz - 28Jul26 Dow Jones: 52,210.08 pts (+262.83pts, +0.51%) ⬆️ Resistance: 53700 ⬇️ Support: 50600 FBM KLCI: 1,713.09 pts (+12.07pts, +0.71%) ⬆️ Resistance: 1770 ⬇️ Support: 1670 HSI Index: 25,207.18 pts (+243.95pts, +0.98%) ⬆️ Resistance: 25800 ⬇️ Support: 24400 Crude Palm Oil: RM4,673 (-RM10, -0.21%) ⬆️ Resistance: 4890 ⬇️ Support: 4500 Brent Oil: $88.36 (-$8.42, -8.70%) ⬆️ Resistance: 104.10 ⬇️ Support: 85.70 Gold: $4,076.26 (-$3.53, -0.09%) ⬆️ Resistance: 4250 ⬇️ Support: 3920 Source: Bloomberg, M+Global

M+ Global Market Wrap - 27Jul26 FBM KLCI: 1,713.09 pts (+12.07pts, +0.71%) Easing geopolitical risks following a temporary pause in US-Iran hostilities lifted the local bourse today, led by gains in MAYBANK (+12.0 sen) and PBBANK (+7.0 sen). However, market breadth remained negative with 547 losers outpacing 530 gainers. Sector wise, Technology (+1.20%) outperformed, led by UNISEM (+17.0 sen) and FRONTKN (+13.0 sen), while Energy (-0.58%) lagged the most, potentially impacted by retreating oil prices due to the eased geopolitical concerns. Top 3 Active stocks: TANCO (2429): RM0.245 (-1.5 sen) ZETRIX (0138): RM0.685 (-1.5 sen) AIMAX (0041): RM0.010 (UNCH) Top 3 Gainer stocks: MPI (3867): RM46.06 (+98.0 sen) NESTLE (4707): RM91.30 (+68.0 sen) BKAWAN (1899): RM21.18 (+38.0 sen) Top 3 Loser stocks: F&N (3689): RM27.84 (-46.0 sen) UTDPLT (2089): RM33.00 (-42.0 sen) IDEAL (9687): RM3.75 (-24.0 sen) Volume: 2.87 bn (100-bar avg vol: 3.39 bn) Value: RM2.24 bn (100-bar avg val: RM3.25 bn) Market Breadth: ⬆️530 ⬇️547 Crude Palm Oil: RM4,722 (-RM44, -0.93%) Dow Futures: 52,623 pts (+499 pts) **Source: M+ Global, Bloomberg **

M+ Global Market Update – 27Jul26 Easing Tensions Spark Potential Relief Buying US: In view of the suspension of US airstrikes over the weekend cool energy prices and market refocusing attention on upcoming Big Tech earnings and the Fed rate decision, we expect buying interest to pick up mildly after last week’s selldown. Despite tech stocks pulled back after the overall AI and Data Center CapEx scrutiny, institutional flows could pivot into software sub-segment and resilient financial anchors. We favour ServiceNow (NOW) and Visa (V), where NOW displays strong momentum driven by accelerating enterprise AI contract monetisation, while Visa provides a high margin safe harbour backed by steady cross border payment volumes, fully insulated from tech CapEx risks. MY: We expect the FBM KLCI to see a relief rebound, supported at 1,700 last week alongside the pausing of US airstrikes over the weekend. Meanwhile, institutional rotation into plantation stocks is set to gather momentum, backed by CPO prices holding above RM4,500/MT and El Niño, which drives the tight supply in CPO. We favour Sarawak Oil Palms (SOP), Johor Plantations Group (JPG), and SD Guthrie (SDG) for their attractive technical setups and defensive dividend yields. Additionally, news of Formula 1 returning to Malaysia in October could drive tourist inflows, surging consumer stock earnings, with accommodation already fully booked at tripled prices. Stocks to watch: Technology: *ECA*, MI, *SFPTECH*, *UNISEM*, UWC, VITROX, *VSTECS* Plantation: *JPG*, TAANN Consumer: *MFLOUR* Construction: MNHLDG Utility: RANHILL **Source: M+ Global**

M+ Market Buzz - 27Jul26 Dow Jones: 51,947.25 pts (+235.60pts, +0.46%) ⬆️ Resistance: 53600 ⬇️ Support: 50600 FBM KLCI: 1,701.02 pts (-13.57pts, -0.79%) ⬆️ Resistance: 1770 ⬇️ Support: 1670 HSI Index: 24,963.23 pts (-247.58pts, -0.98%) ⬆️ Resistance: 25800 ⬇️ Support: 24300 Crude Palm Oil: RM4,722 (+RM12, +0.25%) ⬆️ Resistance: 4890 ⬇️ Support: 4500 Brent Oil: $96.78 (-$5.36, -5.54%) ⬆️ Resistance: 104.10 ⬇️ Support: 84.40 Gold: $4,052.79 (+$34.06, +0.84%) ⬆️ Resistance: 4250 ⬇️ Support: 3910 Source: Bloomberg, M+Global

M+ Global Market Wrap - 24Jul26 FBM KLCI: 1,701.02 pts (-13.57pts, -0.79%) Escalating Middle East tensions, pushing global oil prices back towards US$100 a barrel and lifting crude palm oil prices to three-month highs, prompted a cautious tone across the local bourse today, with market breadth remaining negative as 722 losers outpaced 339 gainers. The FBM KLCI was weighed down by selling pressure on PBBANK (-6.0 sen) and PMETAL (-19.0 sen). Sector-wise, Plantation (+0.66%) outperformed, notably led by SDG (+7.0 sen) and KLK (+22.0 sen), while Telecommunications (-1.65%) lagged the most. IPO ESYS debuted on the LEAP Market today, closing at RM0.55 compared to its IPO price of RM0.11. Top 3 Active stocks: AIMAX (0041): RM0.010 (UNCH) HHRG (0175): RM0.150 (-3.0 sen) ZETRIX (0138): RM0.700 (-1.0 sen) Top 3 Gainer stocks: ESYS (03073): RM0.550 (+44.0 sen) UTDPLT (2089): RM33.42 (+32.0 sen) CHINTEK (1929): RM11.34 (+28.0 sen) Top 3 Loser stocks: MPI (3867): RM45.08 (-110.0 sen) NESTLE (4707): RM90.62 (-58.0 sen) HLBANK (5819): RM21.98 (-38.0 sen) Volume: 3.04 bn (100-bar avg vol: 3.40 bn) Value: RM2.31 bn (100-bar avg val: RM3.26 bn) Market Breadth: ⬆️339 ⬇️722 Crude Palm Oil: RM4,710 (+RM24, +0.51%) Dow Futures: 52,115 pts (+221 pts) **Source: M+ Global, Bloomberg **

M+ Global Market Update – 24Jul26 Wall Street Fell As Oil Price Surged Above USD100 US: Wall Street was dragged down by Alphabet (GOOGL) AI CapEx concerns, as investors worried over its Q2 CapEx doubling and full-year FY26 CapEx guidance being raised to USD195bn–USD205bn, despite an 82% YoY surge in Google Cloud revenue. While GOOGL's share price gapped down, we view it as an attractive buy-on-the-dip opportunity for long-term investors around the USD300 support. Meanwhile, with ongoing DC storage demand continuing to outpace supply, buying interest continues to be seen in Seagate Technology (STX) and Western Digital (WDC), reinforcing their dominance in global AI data storage. Lastly, with Brent crude hitting the USD100 level, traders could continue to trade on the energy players. MY: Tracking Wall Street’s overnight selldown, we believe the FBM KLCI will follow suit, particularly in the Technology sector. While technically, tech stocks might experience a pullback, fundamentally we continue to favour FRONTKN and INARI, benefiting from higher workloads from TSMC and Broadcom following Google’s CapEx upgrade, while DNEX will also benefit from holding a multi-year partnership to operate Google Distributed Cloud (GDC) services as a Managed Provider in Malaysia. Lastly, with Brent crude continuing to rally above the USD100 level, we believe sentiment should bode well for chemical companies like PCHEM and TMK. Stocks to watch: Technology: *DUFU*, ECA, *EDELTEQ*, INFOM, *OXB*, THMY Construction: *JTGROUP*, *PWRWELL* Consumer: 99SMART, *PANAMY* Automotive: *BETA* Chemical: *TMK* **Source: M+ Global**

M+ Market Buzz - 24Jul26 Dow Jones: 51,711.65 pts (-506.93pts, -0.97%) ⬆️ Resistance: 53700 ⬇️ Support: 50600 FBM KLCI: 1,714.59 pts (+3.22pts, +0.19%) ⬆️ Resistance: 1780 ⬇️ Support: 1680 HSI Index: 25,210.81 pts (+318.15pts, +1.28%) ⬆️ Resistance: 25800 ⬇️ Support: 23900 Crude Palm Oil: RM4,710 (+RM24, +0.51%) ⬆️ Resistance: 4820 ⬇️ Support: 4490 Brent Oil: $100.69 (+$6.62, +7.04%) ⬆️ Resistance: 104.10 ⬇️ Support: 82.10 Gold: $4,049.48 (-$0.90, -0.01%) ⬆️ Resistance: 4250 ⬇️ Support: 3890 Source: Bloomberg, M+Global

M+ Global Market Wrap - 23Jul26 FBM KLCI: 1,714.59 pts (+3.22pts, +0.19%) The local bourse demonstrated resilience today despite mounting Middle East tensions following Houthi strikes on Saudi Arabian oil tankers, which drove oil prices up to US$98. The FBM KLCI was buoyed by TENAGA (+22.0 sen) and PCHEM (+11.0 sen), even as market breadth remained negative with 598 losers outpacing 417 gainers. Sector-wise, Construction (+1.04%) outperformed, led by GAMUDA (+8.0 sen) and SUNCON (+15.0 sen), while Technology (-1.54%) lagged the most. Top 3 Active stocks: AIMAX (0041): RM0.010 (-0.5 sen) TANCO (2429): RM0.270 (-3.5 sen) ZETRIX (0138): RM0.710 (-0.5 sen) Top 3 Gainer stocks: PANAMY (3719): RM5.99 (+33.0 sen) ORNA (5065): RM0.870 (+22.0 sen) TENAGA (5347): RM14.50 (+22.0 sen) Top 3 Loser stocks: MPI (3867): RM46.18 (-158.0 sen) UTDPLT (2089): RM33.10 (-94.0 sen) NESTLE (4707): RM91.20 (-32.0 sen) Volume: 3.20 bn (100-bar avg vol: 3.39 bn) Value: RM2.27 bn (100-bar avg val: RM3.26 bn) Market Breadth: ⬆️417 ⬇️598 Crude Palm Oil: RM4,622 (+RM77, +1.67%) Dow Futures: 52,258 pts (-191 pts) **Source: M+ Global, Bloomberg **

workplace demand, (ii) downward pressure on rental reversion amid economic slowdown, and (iii) rising electricity tariffs weighing on operating margins. Research Team, M+ Global 23 July 2026

Good Morning All, We issued a 2Q26 results note on our coverage stock IGB Commercial REIT: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) 📌 Earnings above expectations. IGBCR registered a 2QFY26 core PAT of RM31.8m, bringing the 1HFY26 core PAT to RM60.6m (after stripping off the revaluation gain of RM3.3m). The results came in above our expectations, accounting for 61.0% and 57.4% of our and consensus estimates, respectively. Key deviations were mainly attributed to higher-than-expected occupancy and rental rates and also lower-than-expected finance cost. 📌 YoY. IGBCR’s 2QFY26 core PAT increased 7.1% YoY, from RM29.6m in 2QFY25 to RM31.8m in 2QFY26, primarily due to improved occupancy and higher rental rates. Revenue rose 10.3% YoY to RM71.2m, while NPI surged 18.5% YoY to RM45.1m. Meanwhile, finance costs declined 17.1% YoY from RM10.4m to RM8.6m, providing additional earnings uplift. 📌 QoQ. Revenue increased 3.4% QoQ to RM71.2m from RM68.9m in 1QFY26, while NPI rose 1.5% QoQ to RM45.1m. Core PAT surged 10.2% QoQ from RM28.8m in 1QFY26, mainly attributed to higher rental income and occupancy levels recorded during the quarter. 📌 Income distribution. RM32.8m was declared as income distribution for 2QFY26, implying a DPU of 1.35 sen per unit (vs RM24.9m distributable income in 2QFY25, implying a DPU of 1.03 sen). Cumulative 1HFY26 DPU stands at 2.68 sen (vs 2.10 sen in 1H25). 📌 Portfolio occupancy rate increased to 94.1%. Mid Valley City’s occupancy rate rose from 96.0% in 2QFY25 to 98.0% in 2QFY26, while KL City improved from 84.2% to 87.4% over the same period. Meanwhile, overall portfolio’s occupancy rate increased from 91.6% to 94.1%. 📌 Average rental rate increased as well. The average rental rate for Mid Valley City increased from RM6.85/sqft in 2QFY25 to RM7.10/sqft in 2QFY26. Simultaneously, the average rental rate for KL City also increased from RM5.72/sqft to RM5.93/sqft. On a portfolio basis, the average monthly rental rate increased from RM6.46/sqft to RM6.70/sqft. 📌 Weighted average lease expiry (WALE) stood at 1.85. As at 2QFY26, IGBCR’s WALE stood at 1.85 years. Overall portfolio tenancy expiry profile is ranging from 7% to 43% over FY26-29. 📌 Gearing ratio remains conservative at 26%. Total borrowings stood at RM881.3m as at 2QFY26 (vs RM881.4m in 1QFY26), bringing the gearing ratio to 26.0%. The REIT remains well-protected from interest rate volatility as 97% of its debt is on fixed rates. 📌 Outlook. We maintain a positive outlook on IGBCR as it continues to benefit from the "flight to quality" trend, supported by its build-to-lease model and Green Building Index (GBI) certification across its entire 10-property portfolio. With portfolio occupancy at 94.1% and approaching full occupancy at Mid Valley City (98.0%), we see scope for continued positive rental reversions, underpinned by management’s ongoing AEIs and resilient office demand in strategic and prime locations. 📌 Forecast. Following the positive results surprise, we raise our FY26-FY28 forecasted core PAT upward by 14.8%/15.3%/16.9%, from RM99.3m/RM104.1m/RM108.8m to RM114.0m/RM120.5m/RM127.2m. 📌 BUY recommendation with a higher TP of RM0.76. We maintain our BUY recommendation with a higher target price of RM0.76 (from RM0.70). The target price is derived based on a targeted yield of 6.5% (from 6.0%) on its FY27f EPU of 4.97 sen, following the upward revision to our earnings forecasts. The targeted yield was increased from 6.0% to 6.5% to account for softer investor demand for IGBCR and the broader REIT sector following the removal of the preferential 10% withholding tax (WHT). Nevertheless, despite the WHT removal, IGBCR’s fundamentals remain intact, supported by its increasing occupancy and rental rates, and we view current price level as an attractive entry point for investors, offering compelling dividend yields between 8.4%-9.3% over FY26-28. 📌 Downside risks. Risks to our recommendation include (i) reduction in occupancy rate due to oversupply in the office market and structural shifts in

M+ Market Buzz - 23Jul26 Dow Jones: 52,218.58 pts (-6.06pts, -0.01%) ⬆️ Resistance: 54000 ⬇️ Support: 50800 FBM KLCI: 1,711.37 pts (-9.00pts, -0.52%) ⬆️ Resistance: 1780 ⬇️ Support: 1680 HSI Index: 24,892.66 pts (-239.63pts, -0.95%) ⬆️ Resistance: 25800 ⬇️ Support: 23900 Crude Palm Oil: RM4,622 (+RM25, +0.54%) ⬆️ Resistance: 4760 ⬇️ Support: 4480 Brent Oil: $94.07 (+$3.06, +3.36%) ⬆️ Resistance: 97.60 ⬇️ Support: 82.10 Gold: $4,130.25 (+$2.88, -0.24%) ⬆️ Resistance: 4250 ⬇️ Support: 3890 Source: Bloomberg, M+Global

M+ Global Market Update – 23Jul26 Tech May Benefit After Google Lifted CapEx Guidance US: With Alphabet delivering a 2QFY26 top- and bottom-line beat, mainly propelled by an explosive surge in Google Cloud, its Q2 CapEx doubled YoY to USD44.9bn, pushing quarterly free cash flow down to -USD5.9bn for the first time. Management also raised its full-year 2026 CapEx guidance to USD195bn–USD205bn (up from USD180bn–USD190bn), noting that ~60% is directed toward servers and ~40% toward DC facilities and networking infrastructure. While GOOGL's share price might pull back as investors react to the negative cash flow quarter and the hike in CapEx, we think it may offer an attractive risk-reward accumulation zone for long-term investors looking past near-term CapEx digestion. MY: Following Alphabet’s positive CapEx outlook, we believe the positive effect may spillover to local technology stocks, particularly INARI and FRONTKN. The former, which is AVGO’s primary OSAT partner in Malaysia, might experience higher demand as Google accelerates its Cloud AI workloads, increasing demand for AVGO’s custom AI accelerator chips. Meanwhile, given that Google’s custom TPUs and tensor chips are manufactured at TSMC’s advanced nodes, this would lead to higher precision cleaning and surface treatment demand for FRONTKN, which acts as an advanced precision cleaning, surface treatment, and maintenance partner for TSMC. Stocks to watch: Technology: *FRONTKN*, INFOM, *NOTION*, *VSTECS* Consumer: *99SMART*, PANAMY Construction: *GAMUDA*, UUE Plantation: WTK Aluminium: *PMETAL* Utility: *RANHILL* **Source: M+ Global**

M+ Global Market Wrap - 22Jul26 FBM KLCI: 1,711.37 pts (-9.00pts, -0.52%) Renewed concerns over escalating US-Iran hostilities and their impact on Middle Eastern oil supply routes drove oil prices to near six-week highs, leading the local bourse to trade on a cautious note, with market breadth stayed negative as 590 losers outpaced 450 gainers. The FBM KLCI was dragged down primarily by IHH (-17.0 sen) and TENAGA (-28.0 sen). Sector-wise, Industrial Products (+0.60%) outperformed, led by PMETAL (+15.0 sen) and PCHEM (+6.0 sen), while Health Care (-0.75%) lagged the most. Top 3 Active stocks: AIMAX (0041): RM0.015 (+0.5 sen) VS (6963): RM0.260 (+1.0 sen) ZETRIX (0138): RM0.715 (-1.5 sen) Top 3 Gainer stocks: MPI (3867): RM47.76 (+92.0 sen) UTDPLT (2089): RM34.04 (+30.0 sen) PETGAS (6033): RM17.68 (+28.0 sen) Top 3 Loser stocks: NESTLE (4707): RM91.52 (-160.0 sen) HLIND (3301): RM18.00 (-44.0 sen) BKAWAN (1899): RM20.90 (-40.0 sen) Volume: 3.43 bn (100-bar avg vol: 3.38 bn) Value: RM2.51 bn (100-bar avg val: RM3.26 bn) Market Breadth: ⬆️450 ⬇️590 Crude Palm Oil: RM4,610 (+RM4, +0.09%) Dow Futures: 52,432 pts (-11 pts) **Source: M+ Global, Bloomberg **

Good Morning All, We issued a technical buy call on Jati Tinggi Group Berhad (JTGROUP): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) Trading catalysts include: (i) DC power infrastructure demand (ii) RM856m orderbook (iii) NETR and grid modernisation tailwinds Research Team, M+ Global 22 Jul 2026

Good Morning All, We issued a company update note on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) Newsbreak 📌 EITA Resources Berhad announced that its wholly-owned subsidiary, EITA Elevator (Malaysia) Sdn Bhd, has secured three contracts with a combined value of RM12.0m from Company A. The contracts entail the supply, installation, testing, and commissioning of elevator systems for development projects across the Klang Valley, including a luxury residential project located in the prime KLCC area. Completion is estimated to be within three years, subject to finalisation of the work programme. The awards are not expected to have a material earnings impact for FY26. M+ Global View 📌 We view this contract win positively, though it remains neutral on our earnings forecasts for FY27 and FY28 as the contributions are falling well within our revenue assumptions. Nonetheless, this win reinforces EITA’s strong technical reputation and market standing in elevator industry, particularly for high-specification, premium real estate developments in prime Klang Valley locations. 📌 With a 3-year execution timeline, the project provides steady earnings visibility for EITA's core Elevator division through FY29. Assuming a conservative net profit margin of 5.0%, the project is estimated to generate roughly RM0.6m in cumulative net profit (RM0.2m annually). As this multi-year replenishment is well within our current forecasts, we make no changes to core earnings forecasts. Valuation & Recommendation 📌 Forecast. Maintained. 📌 Remained BUY with a same TP of RM0.60. We maintained Buy on EITA with an unchanged target price of RM0.60. The target price is derived based on a P/E ratio of 11.0x pegged to our FY27f EPS of 5.43 sen. Research Team, M+ Global 22Jul26