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M+ Global Market Wrap - 27Aug26 FBM KLCI: 1,741.72 pts (-6.82pts, -0.39%) The local bourse closed on a negative note today as global optimism over Nvidia's stellar earnings was offset by concerns over stubborn US inflation, with banking heavyweights like MAYBANK (-10.0 sen) and PBBANK (-15.0 sen) dragging the key index. Nevertheless, market breadth was positive, with 612 gainers outpacing 596 losers. Sector wise, Construction (+1.29%) outperformed, led by GAMUDA (+9.0 sen) and SUNCON (+21.0 sen), while Transportation (-0.90%) lagged the most. Top 3 Active stocks: ZETRIX (0138): RM0.595 (-6.5 sen) NIHSIN (7215): RM0.200 (+2.0 sen) NATGATE (0270): RM1.81 (+11.0 sen) Top 3 Gainer stocks: HLBANK (5819): RM23.88 (+88.0 sen) HLFG (1082): RM19.14 (+40.0 sen) VITROX (0097): RM9.50 (+38.0 sen) Top 3 Loser stocks: NESTLE (4707): RM103.00 (-100.0 sen) F&N (3689): RM25.90 (-40.0 sen) UTDPLT (2089): RM31.28 (-24.0 sen) Volume: 3.86 bn (100-bar avg vol: 3.41 bn) Value: RM3.47 bn (100-bar avg val: RM3.06 bn) Market Breadth: ⬆️612 ⬇️596 Crude Palm Oil: RM4,852 (-RM28, -0.58%) Dow Futures: 53,495 pts (-26 pts) **Source: M+ Global, Bloomberg **

Good Morning All, We issued a company update report on our coverage stock EITA Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) EITA Resources Berhad announced that its 60%-owned subsidiary, TransSystem Continental Sdn. Bhd., received a Notification of Award dated 17 August 2026 worth approximately RM221.0m from Syarikat SESCO Berhad. The contract entails carrying out the Mapai 500kV substation and Mapai 275kV substation extension project in Sarawak. The project duration is 25 months, commencing on 7 September 2026. The award will not affect the group's share capital or shareholding structure and is expected to contribute positively to group revenue and earnings across FY27f– FY28f. Maintain HOLD with a higher TP of RM0.69. Following our earnings upgrades, we maintain our Hold call on EITA with a higher target price of RM0.69 (up from RM0.60). The target price is derived based on an unchanged P/E target ratio of 11.0x pegged to our revised FY27f EPS of 6.29 sen. Although the contract win significantly improves earnings visibility, the share price has already rallied ahead of the announcement, largely pricing in the positive momentum. Research Team, M+ Global 27 Aug 2026

Good Morning All, We issued a 4Q26 results note on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) 📌 Earnings within expectation. While AWC reported a stellar 4QFY26 PAT of RM12.2m (+102.0% QoQ, +83.5% YoY), bringing its FY26 reported PAT to RM26.4m (+6.2% YoY), we derived its FY26 core PAT at RM20.1m after excluding a one-off RM6.4m recovery of previously impaired trade receivables. This brought FY26 core PAT to RM20.1m, which was within expectations, accounting for 104.1% and 101.3% of our and consensus FY26 forecasts of RM19.3m and RM19.9m respectively. 📌 YoY. 4QFY26 revenue surged 21.2% YoY to a record RM126.5m, the Group’s highest-ever quarterly top-line, driven by broad-based strength across all operating divisions; Rail (+79.9% YoY), Environment (+18.4% YoY), Engineering (+9.4% YoY) and Facilities (+8.6% YoY). Reporting PAT surged 83.5% YoY from RM6.7m to RM12.2m, while core PAT recorded a decline of 11.9% YoY to RM5.9m after excluding the one-off RM6.4m receivables recovery in the Engineering division. 📌 QoQ. Revenue strengthened 9.2% QoQ from RM115.9m in 3QFY26 to RM126.5m in 4QFY26, led by the Rail (+44.1% QoQ) and Environment (+21.3% QoQ) divisions on higher order fulfilment and project progress billings respectively. Reported PAT increased substantially by 102.0% QoQ, from RM6.0m to RM12.2m, while core PAT reduced 3.0% QoQ after removing the aforementioned receivables recovery. 📌 YTD. FY26 revenue of RM445.5m rose 7.6% YoY from RM414.1m, while core PAT decreased 19.3% from RM24.9m to RM20.1m. The Engineering division was the standout performer with revenue up 24.8% YoY to RM107.7m and PBT more than doubling to RM15.2m from RM6.9m, driven by its expanding data centre exposure. This compensated for the Environment division, where PBT contracted 28.8% YoY to RM16.2m amid continued Middle East geopolitical headwinds. 📌 Data centre momentum accelerating. The Engineering division’s plumbing segment has established a compelling foothold in data centre infrastructure, securing its third data centre subcontract in 12 months post-quarter end (RM23.1m in August 2026). Management has highlighted data centre as a key structural growth driver, with both the Engineering and Facilities divisions actively pursuing opportunities in this space. 📌 Middle East drag persists but Malaysia and Singapore buffers hold. The Environment division’s full-year PBT contracted 28.8% YoY to RM16.2m, weighed down by geopolitical-related project delays in the Middle East. However, 4QFY26 saw a revenue improvement of 21.3% QoQ and 18.4% YoY, driven by higher project progress billings in Malaysia and Singapore. Dividends. The Board proposed a final dividend of 0.75 sen per share, bringing total FY26 dividends to 1.25 sen per share, with a payout ratio of 15.9% over FY26 PAT. 📌 Outlook. We are constructive on AWC’s outlook heading into FY27. The current outstanding order book of RM847.4m (including the RM23.1m data centre contract secured in August 2026), provides solid earnings visibility and translates into 1.9x FY26 revenue. Despite ongoing Middle East geopolitical tensions weighing on project timelines for the Environment division, AWC is well-positioned to sustain its growth momentum by capitalizing on expanding data centre developments. 📌 Forecast. We maintained our core PAT forecasts of RM25.2m–27.8m for FY27f– 28f, and will introduce our FY29 forecasts upon our meetup with the management. 📌 Maintained BUY with an unchanged TP of RM0.59. We maintain our Buy recommendation with the same TP of RM0.59. The target price is derived based on a P/E ratio of 10.0x pegged to FY27f fully-diluted EPS of 5.90 sen. 📌 Downside risks. Risks to our recommendation include (i) failure to renew the government’s concession contract and (ii) continued slowdown in Middle East project progress. Research Team, M+ Global 27 Aug 2026

Good Morning All, We issued a 3Q26 results note on our coverage stock CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) 📌 Earnings below expectations. CAB registered a 3QFY26 core PATMI of RM21.4m (- 5.9% YoY, -1.6% QoQ). For 9MFY26, core PATMI reached RM70.9m (+0.4% YoY), accounting for 62.3% of our FY26f earnings forecast of RM113.9m and 67.3% of consensus estimate of RM105.4m. The results came in below expectations, primarily dragged down by lower ASPs for broilers, chicks, and feed, and also lower organic sales volumes. 📌 YoY. Revenue for 3QFY26 rose 7.5% YoY to RM611.8m (vs RM569.2m in 3QFY25), underpinned by higher feed sales contributed by newly acquired subsidiaries, CAB Feed Sdn Bhd and Desa CAB Sdn Bhd. However, core PATMI slipped 5.9% YoY from RM22.7m in 3QFY25 to RM21.4m in 3QFY26, dragged by lower operating profit for the Integrated Poultry segment as well as higher operating losses from both the Retail and also Fast-Food segments. 📌 QoQ. On a sequential basis, revenue fell 2.3% QoQ from RM625.9m in 2QFY26 to RM611.8m in 3QFY26. This was mainly driven by lower feed sales to contract farmers and broiler sales, as well as lower sales across most Retail outlets. As a result, core PATMI dipped slightly by 1.6% QoQ to RM21.4m, as compared to RM21.7m in 2QFY26. 📌 YTD. For 9MFY26, CAB registered a cumulative revenue of RM1.9bn, up 6.9% YoY compared to RM1.7bn in 9MFY25, while core PATMI remained virtually flat at RM70.9m (+0.4% YoY vs RM70.7m in 9MFY25). Growth was primarily sustained by M&A top-line consolidation from CAB Feed. Segmental weakness across Integrated Poultry and Retail segments. Operating profit for Integrated Poultry dropped 18.1% YoY to RM36.8m (vs RM45.0m in 3QFY25) due to lower selling prices of chicks, feed, and broilers. Meanwhile, Retail operating losses widened 17.8% YoY to RM0.5m, as store sales volumes contracted amid intensified retail market competition. 📌 Fast Food drag and further delay in Salim JV. Fast Food operating losses widened to RM0.5m (vs RM0.4m loss in 3QFY25) following the shutdown of an underperforming outlet. Furthermore, Phase 1 of the Salim Group Indonesia JV (establishment of a USD10m food processing plant), initially slated for CY2Q26 start, has hit implementation delays and remains under timeline review by JV partners. 📌 Outlook. Near-term margin recovery could remain constrained by persistent ASP weakness, organic volume drops, and volatile feed raw material costs (corn and soybean meal), though internal supply integration from CAB Feed (formerly Cargill) provides some cost mitigation. Furthermore, Phase 1 of the Salim Group Indonesia JV (USD10m food processing plant) has hit implementation delays and is under review, hence leaving the RM105m Terengganu project (+2.0m bird capacity) as CAB’s primary long-term capacity driver. Management remains cautiously optimistic on its overall business prospects. 📌 Forecast. In view of the persistent weakness in ASPs, alongside with the implementation delay of Salim Phase 1 JV in Indonesia, we cut our FY26f-28f core PAT forecasts by 16.4%/15.7%/15.0%, from RM114.2m/RM120.4m/RM122.7m to RM95.4m/RM101.6m/RM104.3m. 📌 Maintained BUY with a lower TP of RM0.72. We reiterate our BUY recommendation for CAB with a lower TP of RM0.72, implying a potential upside of 34.6% from the current share price of RM0.535. This valuation is based on a 5.0x P/E ratio, pegged to FY27F EPS of 14.47 sen. We pegged a lower P/E ratio of 5.0x, as compared to 5.5x previously, to reflect CAB’s persistent weakness in ASP and also the implementation delay of Salim Phase 1 JV. 📌 Downside risks. Risks to our recommendation include (i) continued slowdown in CAB-Salim Group JV timeline, (ii) persistent higher ASP and lower sales volume, and (iii) disease outbreaks risk. Research Team, M+ Global 27 Aug 2026

M+ Global Market Update – 27Aug26 Nvidia Beat to Reignite AI Rally US: Wall Street is likely to react positively to Nvidia’s strong Q2 results and above-consensus guidance, which should reinforce confidence in sustained AI infrastructure spending. Nvidia reported USD96.2bn in revenue and guided for USD108bn in Q3 revenue, potentially providing a positive read-through to AI infrastructure names. We favour STX, DELL, and ANET as beneficiaries of continued data-centre capex, although elevated Treasury yields and sticky inflation could temper the broader risk-on reaction. Meanwhile, we expect Nvidia’s results to lift sentiment on the AI and data centre themes, as well as power-infrastructure-related stocks such as PWR, BE, and GEV. MY: Closer to home, the FBM KLCI is expected to open firmer following Nvidia’s strong results and upbeat outlook, which should provide a positive read-through to local technology counters such as ATECH and STRATUS; both have staged technical breakouts and we favour them for their AI and semiconductor exposure. Additionally, we like WELLCHIP and LAGENDA, as the former offers a solid outlook driven by its pawnshop expansion plans, while the latter has shown resilient results recently; both demonstrate encouraging price and volume pick-up patterns, suggesting that momentum is recovering. Stocks to watch: Technology AMBEST, *ATECH*, CPETECH, EG, INFOM, *OPPSTAR*, *PIE*, *TTVHB* Finance: *ABMB*, CIMB Property: UEMS Consumer: *LWSABAH* Automotive: MBMR Utility: *SET* **Source: M+ Global**

M+ Market Buzz - 27Aug26 Dow Jones: 53,463.88 pts (-113.52pts, -0.21%) ⬆️ Resistance: 54800 ⬇️ Support: 51700 FBM KLCI: 1,748.54 pts (+12.21pts, +0.70%) ⬆️ Resistance: 1790 ⬇️ Support: 1700 HSI Index: 25,652.97 pts (+141.87pts, +0.56%) ⬆️ Resistance: 26600 ⬇️ Support: 24900 Crude Palm Oil: RM4,852 (+RM20, +0.41%) ⬆️ Resistance: 5140 ⬇️ Support: 4760 Brent Oil: $87.84 (-$0.74, -0.84%) ⬆️ Resistance: 96.80 ⬇️ Support: 83.80 Gold: $4,591.07 (+$33.96, +0.74%) ⬆️ Resistance: 4800 ⬇️ Support: 4370 Source: Bloomberg, M+Global

M+ Global Market Wrap - 26Aug26 FBM KLCI: 1,748.54 pts (+12.21pts, +0.70%) The local bourse closed higher today, in line with the broader market's positive tone as global oil prices fell below USD80 on hopes of an Iran Oman transit deal in the Strait of Hormuz. Market breadth remained positive, with 776 gainers outpacing 463 losers as gains in YTLPOWR (+52.0 sen) and YTL (+18.0 sen) provided support. Sector wise, Utilities (+3.60%) led the gains, while REITs (-1.17%) was the weakest performer. Top 3 Active stocks: NATGATE (0270): RM1.70 (+21.0 sen) ZETRIX (0138): RM0.660 (+0.5 sen) OPPSTAR (0275): RM0.810 (+11.0 sen) Top 3 Gainer stocks: MPI (3867): RM42.68 (+118.0 sen) KGB (0151): RM8.94 (+58.0 sen) YTLPOWR (6742): RM5.90 (+53.0 sen) Top 3 Loser stocks: UTDPLT (2089): RM31.52 (-60.0 sen) BKAWAN (1899): RM20.54 (-46.0 sen) DLADY (3026): RM31.68 (-32.0 sen) Volume: 4.17 bn (100-bar avg vol: 3.41 bn) Value: RM4.23 bn (100-bar avg val: RM3.06 bn) Market Breadth: ⬆️463 ⬇️776 Crude Palm Oil: RM4,946 (-RM98, -1.98%) Dow Futures: 53,685 pts (+40 pts) **Source: M+ Global, Bloomberg **

Good Afternoon All, Following SRKK AI Berhad’s (SRKK) 2QFY26 results briefing, here is our quick take for investors: 📈 Investment Highlights 📌 Solid sequential 2QFY26 profit growth. While 2QFY26 revenue dipped slightly by 3.8% QoQ to RM30.3m due to lower IT hardware sales, GP grew 7.9% QoQ to RM7.8m (with GP margin expanding to 25.9%). Adjusted PAT reached RM2.0m (translating to a 6.7% adjusted PAT margin) after normalizing RM0.1m in one-off IPO listing expenses. For 1HFY26, revenue totalled RM61.7m with an adjusted PAT of RM4.0m (6.6% margin). 📌 IP productization via OnePrism. SRKK is transitioning from system integration to an IP-owning tech provider under its "OnePrism" brand, which houses over 40 pre-built AI use cases. By developing and licensing its own proprietary software rather than relying solely on third-party platforms, SRKK aims to unlock scalable, high-margin recurring SaaS revenue streams moving forward. 📌 Expansion into Indonesia. SRKK is expanding into Indonesia’s rapidly growing tech ecosystem following the incorporation of PT SRKK Consulting Indonesia on 14 July 2026, establishing an advisory and consulting hub in Jakarta. 📌 Building an in-house Security Operations Centre (SOC). SRKK is establishing its own SOC at Port Tech Tower in Klang, transitioning away from external third-party SOC dependencies. The facility will deploy 14 dedicated managed service personnel to offer services like threat intelligence, risk management and compliance monitoring. 📌 AI Labs & AI Academy. SRKK is expanding its enterprise reach by operating AI Labs for solution ideation, prototyping, and testing, effectively shortening client deployment times. Complementing this, its AI Academy delivers accredited training courses to business leaders and technical teams, serving as a direct upstream feeder for IT advisory and consulting projects. 📌 RM30.5m order book and recurring revenue model. As of 31 July 2026, SRKK’s unbilled order book stood at RM30.5m. Revenue visibility is reinforced by its fast-growing recurring income segment (cloud and IT managed services), which contributed 59.1% of total 2QFY26 revenue (up from 52.8% in FY25). 📌 Dividend declared. The Board also declared a total dividend of 1.00 sen per share (0.30 sen interim + 0.70 sen special). Ex-date: 22Oct26, entitlement date: 23Oct26, payment date: 19Nov26 💡 M+ Global View 📌 While 1HFY26 PAT was temporarily weighed down by non-recurring listing costs of RM0.79m, underlying core profitability remains healthy with an adjusted PAT of RM4.0m and adjusted PAT margin of 6.6%. 📌 Key catalysts include: (i) higher-margin IP productization via OnePrism, (ii) regional market expansion into Indonesia, (iii) operationalization of an in-house SOC in Klang to capture high-value managed cybersecurity services, and (iv) monetization of its AI Labs & AI Academy. M+ Global Research Team 26 Aug 2026

Good Afternoon All, Following *Northeast Group Berhad’s (NE) 3QFY26 results briefing*, here is our quick take for investors: 📈 *Investment Highlights* 📌 *Strong 3QFY26 earnings momentum.* 3QFY26 revenue rose 35.3% YoY to RM42.9m, while PBT increased 60.9% YoY to RM12.7m and PAT grew 38.8% YoY to RM9.9m. For 9MFY26, revenue reached RM118.1m (+41.8% YoY), while PBT more than doubled to RM35.9m (+112.6% YoY), supported by higher production volumes and better operating leverage. 📌 *Machine utilisation continues to ramp up.* Management indicated that machine utilisation reached 82.7% in June, leaving some spare capacity to accommodate further demand. During the briefing, management also noted that the group is operating at full production utilisation across its three factories, with additional capacity expected as new warehouse and factory space becomes available. 📌 *Semiconductor contribution is gaining traction.* Management highlighted growing semiconductor sales, which accounted for c.22% of revenue, supported by AI related demand, while photonics remained the largest contributor at c.37%. The current order book was indicated at c.RM85m, comprising photonics (35%), semiconductors (26%), electronics (24%), telecommunications (13%) and optoelectronics (2%). 📌 *Capacity expansion to support the next leg of growth.* Management plans to add 15–20 machines in 2027, alongside further replacement of ageing equipment. Renovation of the existing plant is expected to lift capacity by c.15–20%, while the new factory is targeted for completion in 2029. However, the construction timeline remains subject to regulatory approvals. 📌 *Gross margins remain healthy despite rising cost pressures.* Management expects gross margins to remain around 35%, with higher subcontracting, labour, tooling and material costs expected to be offset by operating leverage from higher utilisation. 💡 *M+ Global View* 📌 We view NE’s 3QFY26 results positively, as the strong 3QFY26 revenue growth was accompanied by continued improvement in production efficiency and machine utilisation. More importantly, the increasing contribution from semiconductors and AI related applications should help diversify NE’s revenue mix beyond its traditional photonics franchise. The reported 9MFY26 gross margin of c.35.4% also suggests that the group is beginning to capture meaningful operating leverage. 📌 Key catalysts include: (i) sustained demand across photonics, semiconductor, E&E and telecommunications, (ii) further operating leverage from higher production volumes, (iii) expansion of storage and production capacity, and (iv) the group’s strong net cash position to support future capital investments. Meanwhile, investors should monitor the timing of the new CNC factory and potential FX headwinds, with management reporting an unfavourable RM3.5m FX impact in 9MFY26. M+ Global Research Team 26 Aug 2026

Good Morning All, We issued a technical buy call on Aumas Resources Berhad (AUMAS): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) Trading catalysts include: (i) Elevated gold and silver prices (ii) Upstream capacity expansion via 2,000 tpd processing plant (iii) Resource expansion via Mount Andrassy exploration Research Team, M+ Global 26 Aug 2026

M+ Global Market Update – 26Aug26 Global Tech Rebound to Support Bursa US: We expect Wall Street to stay positive, supported by easing Treasury yields and oil prices. We believe investors are likely to stay focused on Nvidia’s 2QFY27 results for confirmation of sustained AI demand and data centre spending. Stock-wise, we favour NVDA, AMD, and AVGO as potential beneficiaries of renewed momentum in the AI and semiconductor space. Investors will also monitor upcoming PCE inflation data for further clues on the Fed’s rate trajectory, while geopolitical developments remain a key risk. Also, we like BE and related power utility generation stocks that could benefit from the data centre and AI theme. MY: Closer to home, the FBM KLCI is expected to open firmer following Wall Street’s overnight rebound, supported by easing Treasury yields and softer oil prices. The Technology sector may benefit from recovering semiconductor sentiment. Meanwhile, AUMAS, CPETECH, MCLEAN, and NATGATE have each staged technical breakouts, underpinned by their respective catalysts: AUMAS by elevated gold prices, CPETECH by stronger 4QFY26 earnings and capacity expansion, MCLEAN by continued earnings momentum following a 36.3% YoY rise in 2QFY26 profit, and NATGATE by potential benefits from proposed US restrictions on Chinese-made optical transceivers, strengthening its data centre positioning Stocks to watch: Technology *CPETECH*, MCLEAN, *PIE*, *SCOMNET* Consumer: GCB, *KOPI* Automotive: *FEYTECH* Building material: *SKBSHUT* **Source: M+ Global**

M+ Market Buzz - 26Aug26 Dow Jones: 53,417.16 pts (+160.24pts, +0.17%) ⬆️ Resistance: 54800 ⬇️ Support: 51700 FBM KLCI: 1,736.33 pts (-0.15pts, -0.01%) ⬆️ Resistance: 1780 ⬇️ Support: 1700 HSI Index: 25,511.10 pts (-6.23pts, -0.02%) ⬆️ Resistance: 26600 ⬇️ Support: 24900 Crude Palm Oil: RM4,946 (-RM72, -1.43%) ⬆️ Resistance: 5140 ⬇️ Support: 4750 Brent Oil: $92.17 (-$3.59, -2.98%) ⬆️ Resistance: 96.80 ⬇️ Support: 84.40 Gold: $4,652.22 (+$6.10, -0.64%) ⬆️ Resistance: 4800 ⬇️ Support: 4240 Source: Bloomberg, M+Global

M+ Market Buzz - 26Aug26 Dow Jones: 53,417.16 pts (+160.24pts, +0.17%) ? Resistance: 54800 ? Support: 51700 FBM KLCI: 1,736.33 pts (-0.15pts, -0.01%) ? Resistance: 1780 ? Support: 1700 HSI Index: 25,511.10 pts (-6.23pts, -0.02%) ? Resistance: 26600 ? Support: 24900 Crude Palm Oil: RM4,946 (-RM72, -1.43%) ? Resistance: 5140 ? Support: 4750 Brent Oil: $92.17 (-$3.59, -2.98%) ? Resistance: 96.80 ? Support: 84.40 Gold: $4,652.22 (+$6.10, -0.64%) ? Resistance: 4800 ? Support: 4240 Source: Bloomberg, M+Global

Good Evening All, Here’s our IPO note on GTA Holdings Berhad (GTA): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) We assign a fair value of RM0.58 for GTA, indicating a 65.7% upside from the IPO price of RM0.35. This valuation is based on a P/E ratio of 17.0x, pegged to FY27f EPS of 3.42 sen. Investment highlights include: (i) Malaysia’s sole authorised supplier for Safran helicopter and EPI fixed-wing engines (ii) Entrenched government relationships with multi-year contract visibility (iii) Expanding MRO capability toward aircraft landing gear systems (iv) Geographical expansion into Middle East and Brunei Research Team, M+ Global 24 Aug 26

M+ Global Market Wrap - 24Aug26 FBM KLCI: 1,736.33 pts (-0.15pts, -0.01%) The local bourse finished on a cautious note today following the collapse between US and Canada trade talks, with heavyweights like YTL (-7.0 sen) and IHH (-13.0 sen) dragged down the key index. Market breadth was negative with 714 losers outpacing 482 gainers. Sector wise, Transportation (+0.91%) outperformed, led by MISC (+35.0 sen) and MTTSL (+6.0 sen), while Utilities (-1.71%) lagged the most. Top 3 Active stocks: ZETRIX (0138): RM0.655 (+0.5 sen) DNEX (4456): RM0.480 (-3.0 sen) KPJ (5878): RM2.80 (-32.0 sen) Top 3 Gainer stocks: PETDAG (5681): RM20.00 (+38.0 sen) MISC (3816): RM8.58 (+35.0 sen) KLK (2445): RM21.92 (+28.0 sen) Top 3 Loser stocks: MPI (3867): RM41.50 (-170.0 sen) ALLIANZ (1163): RM21.70 (-58.0 sen) UMSINT (5340): RM8.29 (-35.0 sen) Volume: 3.61 bn (100-bar avg vol: 3.40 bn) Value: RM3.04 bn (100-bar avg val: RM3.08 bn) Market Breadth: ⬆️482 ⬇️714 Crude Palm Oil: RM5,018 (-RM83, -1.65%) Dow Futures: 53,368 pts (+15 pts) **Source: M+ Global, Bloomberg **

Good Morning All, Here’s our IPO note on Butterfield FB Berhad (BFIELD): Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) We assign a fair value of RM0.63 per share for BFIELD, indicating a 31.3% upside from the IPO price of RM0.48. Our valuation is derived by ascribing a target P/E multiple of 14.0x to mid-FY28f EPS of 4.49 sen. Investment highlights include: (i) Specialised B2B beverage ingredient manufacturer with sticky customer relationships (ii) Capacity expansion offers a clear runway for volume growth (iii) Matcha adds a new avenue for premiumisation and customer wallet share (iv) Margin expansion and operating leverage support earnings growth (v) Strategic M&A provides an additional growth option beyond organic expansion Research Team, M+ Global 24 Aug 26

Good Morning All, We issued a 2Q26 results note on our coverage stock Inta Bina Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com) 📌Earnings within expectations. 2Q26 core PATMI came in at RM10.4m (-4.2% QoQ, +7.2% YoY), bringing 1H26 core PATMI to RM21.2m (+7.6% YoY), accounting for 50.8% of our FY26f forecast and 48.6% of consensus estimates. 📌YoY. Revenue fell 3.0% to RM180.5m due to a drop in property development (-84.0%), but core earnings grew 7.2% as construction segment profit jumped 31.2% on stronger project contributions and final account closures. 📌QoQ. Revenue (-12.2%) and core PATMI (-4.2%) dipped on lower property development recognition near project completion, though cushioned by a 26.5% rise in construction segment profit. 📌YTD. 1H26 revenue rose 1.4% to RM386.2m while PATMI grew 7.6% to RM21.2m, supported by margin expansion (PATMI margin up 0.3ppts to 5.5%). 📌Outlook. We remain cautiously positive on INTA’s outlook, supported by an outstanding construction order book of c.RM1.7bn (providing 2.0x cover of FY26f revenue) and sustained construction activity across non-residential and residential segments. 📌Forecast. Maintained. 📌Maintained BUY with the unchanged TP of RM0.76. We maintain our Buy recommendation on INTA with an unchanged target price of RM0.76. The target price is derived based on a P/E ratio of 11.0x pegged to our mid-FY27f EPS of 6.94 sen. Research Team, M+ Global 24 Aug 2026

M+ Market Buzz - 24Aug26 Dow Jones: 53,277.01 pts (+517.80pts, +0.98%) ⬆️ Resistance: 54800 ⬇️ Support: 51700 FBM KLCI: 1,736.48 pts (-0.23pts, -0.01%) ⬆️ Resistance: 1780 ⬇️ Support: 1690 HSI Index: 26,009.46 pts (+310.97pts, +1.21%) ⬆️ Resistance: 26600 ⬇️ Support: 24800 Crude Palm Oil: RM5,018 (+RM57, +1.15%) ⬆️ Resistance: 5140 ⬇️ Support: 4700 Brent Oil: $94.39 (-$1.18, -1.25%) ⬆️ Resistance: 96.80 ⬇️ Support: 86.30 Gold: $4,603.07 (-$0.75, -0.02%) ⬆️ Resistance: 4730 ⬇️ Support: 4240 Source: Bloomberg, M+Global

M+ Global Market Update – 24Aug26 US-Canada Trade Collapse To Drag On Sentiment US: With Canada vowing “dollar-for-dollar” retaliatory tariffs on the USafter the collapse of US–Canada trade talks, coupled with ongoing Middle Easttensions, M+ Global Market Update – 24Aug26 US-Canada Trade Collapse To Drag On Sentiment US: With Canada vowing “dollar-for-dollar” retaliatory tariffs on the US after the collapse of US–Canada trade talks, coupled with ongoing Middle East tensions, we expect that the rebound on Wall Street will not be sustainable in the near term. Stock-wise, we like Interactive Brokers (IBKR), underpinned by (i) its introduction of new products and market expansion, (ii) its integration of next-generation AI and autonomous agentic trading infrastructure, and (iii) its recent 2QFY26 earnings beat. Besides, buying interest emerged in cryptocurrency-related stocks like Robinhood (HOOD) and Coinbase (COIN) following the sharp rally in Bitcoin. Lastly, investors will also be focusing on Nvidia’s (NVDA) Q2 earnings this Wednesday, alongside software leaders Intuit (INTU), Salesforce (CRM), and CrowdStrike (CRWD). MY: With the local bourse entering a shortened trading week alongside the collapse of US–Canada trade talks, we expect the FBM KLCI to trade on a mixed note. Stock-wise, SCGBHD is pending a further breakout while FOODIE is also seeing an improvement in its share price performance; the former secured a RM403.6m supplementary contract extension from TNB, bringing its total order book to RM1.3bn, while the latter saw its 9MFY26 results already surpass its FY25 full-year results. Lastly, we continue to favour EIPOWER, supported by (i) accelerated revenue conversion from mission-critical DC power delivery, (ii) regional expansion into Thailand, and (iii) a RM219.8m order book providing earnings visibility through 2027. Stocks to watch: Technology *INFOM*, *OPPSTAR* Building Material: *SCGBHD* Automotive: *FEYTECH* Consumer: *FOODIE* Construction: *SUM* Logistics: WPRTS Financial: MNRB Utility: EIPOWER **Source: M+ Global** expect that the rebound on Wall Street will not be sustainable inthe near term. Stock-wise, we like Interactive Brokers (IBKR), underpinned by(i) its introduction of new products and market expansion, (ii) its integrationof next-generation AI and autonomous agentic trading infrastructure, and (iii)its recent 2QFY26 earnings beat. Besides, buying interest emerged incryptocurrency-related stocks like Robinhood (HOOD) and Coinbase (COIN)following the sharp rally in Bitcoin. Lastly, investors will also be focusingon Nvidia’s (NVDA) Q2 earnings this Wednesday, alongside software leaders Intuit(INTU), Salesforce (CRM), and CrowdStrike (CRWD). MY: With the local bourse entering a shortened trading week alongsidethe collapse of US–Canada trade talks, we expect the FBM KLCI to trade on amixed note. Stock-wise, SCGBHD is pending a further breakout while FOODIE isalso seeing an improvement in its share price performance; the former secured aRM403.6m supplementary contract extension from TNB, bringing its total orderbook to RM1.3bn, while the latter saw its 9MFY26 results already surpass itsFY25 full-year results. Lastly, we continue to favour EIPOWER, supported by (i)accelerated revenue conversion from mission-critical DC power delivery, (ii)regional expansion into Thailand, and (iii) a RM219.8m order book providingearnings visibility through 2027. Stocks to watch: Technology *INF OM*, *OPPSTAR*Building Materi al: *SCGBHD*Automotive: *FE YTECH*Consumer: *FOOD IE*Construction: * SUM*Logistics: WPRT SFinancial: MNRB Utility: EIPOWE R __**Source: M+ Global**__

M+ Global Market Wrap - 21Aug26 FBM KLCI: 1,736.48 pts (-0.23pts, -0.01%) Despite positive regional performances, the local bourse edged marginally lower as global sentiment was dampened by rising US Treasury yields after the bond buyback-driven rally faded. Market breadth remained negative, with 637 losers outpacing 578 gainers. The index was weighed down by NESTLE (-100.0 sen) and TM (-33.0 sen). Sector-wise, Plantation (+1.20%) outperformed, led by IOICORP (+10.0 sen) and SOP (+29.0 sen), while Technology (-1.34%) was the weakest performer. Top 3 Active stocks: NEXG (5216): RM0.320 (-1.0 sen) ZETRIX (0138): RM0.650 (UNCH) AAGB (5238): RM0.810 (-7.5 sen) Top 3 Gainer stocks: NESTLE (4707): RM104.80 (+80.0 sen) YTLPOWR (6742): RM5.16 (+28.0 sen) MNHLDG (0245): RM3.64 (+25.0 sen) Top 3 Loser stocks: PPB (4065): RM10.28 (+38.0 sen) F&N (3689): RM26.50 (+30.0 sen) SOP (5126): RM5.56 (+29.0 sen) Volume: 3.92 bn (100-bar avg vol: 3.41 bn) Value: RM3.32 bn (100-bar avg val: RM3.08 bn) Market Breadth: ⬆️578 ⬇️637 Crude Palm Oil: RM4,961 (+RM62, +1.31%) Dow Futures: 53,036 pts (+187 pts) **Source: M+ Global, Bloomberg **