BIMB SECURITIES

📱 BIMB SECURITIES RESEARCH: WEEKLY MARKET UPDATE 📱 Theme of the Week:"Macro Policy Deadlock" — Reversal in Foreign Inflows Anchors Market Amid Global Overhangs 📉 MARKET PERFORMANCE OVERVIEW ⭕️ FBMKLCI: Gained +0.3% WoW to close at 1,615.60 (-3.84% YTD). ⭕️ Foreign Funds: Flipped to net buyers at +RM254mn (for the week ending 30 Oct), reversing prior weeks of outflows. Inflows were heavily concentrated in Financials (+RM444.8mn), Transportation (+RM171.7mn), and Construction (+RM72.3mn), led by Maybank (+RM167.1mn), Public Bank (+RM111.5mn), and CIMB (+RM98.2mn). ⭕️ Foreign Outflow Sectors: Outflows persisted in Plantations (-RM164.0mn), Technology (-RM113.5mn), and Industrials (-RM107.6mn), led by SD Guthrie (-RM128.6mn) and Press Metal (-RM97.1mn). ⭕️ Local Investors:Local Institutions took profit at -RM328mn, while Local Retail added +RM74mn. ⭕️ Sector Leaders:Healthcare (+4.2% WoW), Energy (+2.1%), and Utilities (+1.9%) led sector gains on data center infrastructure demand and defensive asset rotation. ⭕️ Sector Laggards:REITs (-0.9% WoW) lagged due to rising bond yields and withholding tax perk expirations, followed by Financials (-0.6%) and Transportation (-0.3%). 📊 COMMODITIES & FOREX SNAPSHOT ⭕️ Ringgit (USDMYR): Strengthened -0.7% WoW to 4.06, supported by robust trade data and steady domestic rate expectations. ⭕️ Brent Crude: Edged up +0.8% WoW to USD117.64/bbl (holding above USD110/bbl) on Middle East supply disruptions and low global inventories. ⭕️ CPO: Fell -3.0% WoW to RM4,449/MT. ⭕️ Gold: Dropped -3.0% WoW to USD3,874.62/Tr Oz amid expectations of prolonged high US interest rates. 🎯 STRATEGY & MARKET OUTLOOK ⭕️ We expect the FBMKLCI to trade in a high-stakes tactical consolidation mode within the 1,610–1,630 range. Market participants are awaiting major macroeconomic catalysts, including the US Midterm Elections, the US Fed rate decision, and BNM's upcoming OPR announcement. ⭕️ We recommend high-conviction positioning in export-driven manufacturing champions, healthcare heavyweights, and localized infrastructure anchors. ⭕️ Key risks to watch: Macro policy deadlock around US elections/Fed policy, DXY volatility, MGS yield spikes affecting REITs, and sustained high oil prices raising transport input costs. 🔥 TOP 5 WATCHLIST FOR THE WEEK 1. 💻 Inari Amertron (BUY; TP: RM2.90) Our View: Premier large-cap proxy benefiting directly from Malaysia's historic 69.2% E&E export surge and expanding AI supply chains. 2. 🏗 Gamuda (BUY; TP: RM5.91) Our View: Record RM63.9bn order book and inflation-insulated Taiwan MRT contract awards provide top-tier earnings visibility. 3. 🌴 SD Guthrie (BUY; TP: RM7.50) Our View: Pure-play beneficiary of tight regional palm oil production and elevated CPO pricing. 4.🛢 Dialog Group (BUY; TP: RM2.40) Our View: Captures expanding midstream terminal storage margins and resilient cash flows as Brent crude stays above USD110/bbl. 5. 🏦 CIMB Group (Non-Rated) Our View: Core large-cap alpha banking pick driven by strong ROE expansion and regional asset growth. Prepared for investor reference only. Please do your own assessment and risk mitigation or consult with your licensed dealer representative before making investment decisions. Source: Condensed from BIMB Securities Research Strategy Report (2 November 2026).

📱 BIMB SECURITIES RESEARCH: WEEKLY MARKET UPDATE 📱 Theme of the Week: "Domestic Resilience vs. Global Monetary Pressure" — Tactical Alpha in Commodity Gainers & Infrastructure Anchors 📉 MARKET PERFORMANCE OVERVIEW ⭕️ FBMKLCI: Edged up +0.2% WoW to close at 1,611.56 (-4.08% YTD). ⭕️ Foreign Funds: Remained net sellers at -RM301.7mn (for the week ending 23 Oct). Heavy outflows hit Plantations (-RM172.6mn), Industrials (-RM148.4mn), and Utilities (-RM147.4mn), led by SD Guthrie (-RM142.1mn), Press Metal (-RM110.9mn), and Maybank (-RM103.6mn). ⭕️ Foreign Inflow Sectors: Foreigners selectively bought into Financials (+RM265.3mn), Healthcare (+RM32.8mn), and Property (+RM10.8mn), led by Public Bank (+RM220.1mn) and CIMB (+RM85.1mn). ⭕️ Local Investors: Local Institutions (+RM205mn) and Local Retail (+RM97mn) stepped up as net buyers to absorb offshore selling. ⭕️ Sector Leaders: Energy (+1.7% WoW), Industrial Products (+1.5%), and Construction (+1.1%) led gains on rising commodity prices and infrastructure demand. ⭕️ Sector Laggards: Technology (-2.6% WoW) dragged on global tech capex anxieties, followed by Telco & Media (-2.2%) and REITs (-1.4%). 📊 COMMODITIES & FOREX SNAPSHOT ⭕️ Ringgit (USDMYR): Eased +0.1% WoW to 4.09 as the US Dollar Index (DXY) held steady at 101.81. ⭕️ Brent Crude: Rallied +6.2% WoW to USD116.72/bbl (six-month high) amid rising Middle East tensions. ⭕️ CPO: Gained +1.1% WoW to RM4,587/MT on tight regional supply expectations. ⭕️ Gold: Dropped -4.1% WoW to USD3,996.10/Tr Oz as December Fed rate hike fears triggered institutional liquidations. 🎯 STRATEGY & MARKET OUTLOOK We expect the FBMKLCI to trade in tactical consolidation mode within the 1,600–1,630 range. While persistent foreign outflows and global monetary pressures cap broader index upside, domestic resilience provides a strong floor. We pivot toward tactical alpha generation in value-driven commodity gainers, infrastructure anchors, and high-yielding defensive large-caps. Key risks to watch: Global tech sector selloffs, December Fed rate hike fears, and margin pressures from the new RM2,000/month minimum wage hike on labor-intensive sectors. 🔥 TOP 5 WATCHLIST FOR THE WEEK 1.🏗 Gamuda (BUY; TP: RM5.91) Our View: Record RM63.9bn order book and inflation-insulated Taiwan MRT contracts offer clear earnings visibility. 2.⚡️ Tenaga Nasional (BUY; TP: RM16.77) Our View: Pure defensive proxy to structural data center power demand growth with a growing Regulated Asset Base. 3.🌴 SD Guthrie (BUY; TP: RM7.50) Our View: Direct beneficiary of tightening regional palm oil supply and soaring CPO prices. 4.🛢 Dialog Group (BUY; TP: RM2.40) Our View: Leverages steady cash flows and expanding midstream terminal storage margins as Brent crude reaches USD116/bbl. 5. 🏦 Public Bank (Non-Rated) Our View: Top foreign net buy (+RM220.1mn); offers appealing ~6.1%–6.5% projected dividend yields and attractive ~1.4x P/BV valuation. Prepared for investor reference only. Please do your own assessment and risk mitigation or consult with your licensed dealer representative before making investment decisions. Source: Condensed from BIMB Securities Research Strategy Report (26 October 2026).