️Macro Alpha Analytics🫆

Msia Fund Manager Radar (FMR) for July shows domestic funds deploying, with cash allocation falling to 8.6% in July (June: 10.2%), the steepest monthly decline since Dec 2022. 🔹 Bulk of domestic mutual funds' inflow was to Industrials (mainly GAM), Tech and Financials. 🔹 Foreign outflows YTD has reached ~US$3.8bn, making 2025 potentially the year with 3rd largest outflows in history (vs 2020 and 2015). 🔹 Recent reporting season saw 27%/ 47% companies under coverage beat or met expectations. 🔹 However, FY25E earnings growth has been reset to 3.2% (from 4.5%) mainly on downgrades in Financials and pricing in of SST drags in 2H. FY26E is broadly unchanged +6.4%, but off a lower base. Maintain Neutral call on Msia with 1,550 KLCI end-2025 target, driven by 4% EPS growth and 14x forward PE. Top picks: CIMB, GAM, IHH, TNB, SREIT.

Key events to watch in Sep 2025 include: 1⃣ Bank Negara Malaysia (BNM)’s Monetary Policy Committee (MPC) Meeting on 4 Sep, 2⃣ Federal Open Market Committee (FOMC) meeting on 16–17 Sep 3⃣ Malaysia’s Aug 2025 CPI release on 23 Sep Other notable developments to monitor are potential announcements on the rollout of RON95 fuel subsidy rationalisation by end-Sep 2025 and the release of Automatic Fuel Adjustment (AFA) values for September electricity tariffs. On the political front, Bersatu will hold its annual general assembly on 6–7 Sep.

“He’s a good man. He got off the reservation, incorrectly, and that’s okay, because, you know, it’s just one of those things,” Trump said of the Tesla Inc. CEO. Trump said Musk was “80% super genius, and then 20% he’s got some problems. And when he works out the 20% he’ll be great, but he’s got some difficulty.”

9 月 3 日美股三大指数涨跌不一，纳指因谷歌和苹果强劲表现收涨超1%。谷歌A和C均收于历史新高，涨超 9% 创纪录新高,市值一夜增加2334亿美元法官裁决谷歌无需剥离Chrome和安卓业务，但需共享更多数据。大型科技股多数走高。

拳打英伟达、脚踢苹果？谷歌被曝加码推销自研芯片 AI助手也有进展 https://wap.eastmoney.com/a/202509043503853217.html

周三，一名联邦法官裁定，特朗普政府出于对校园反犹太主义和其他...https://cj.sina.cn/article/normal_detail?u=https%3A%2F%2Ffinance.sina.com.cn%2Fstock%2Fusstock%2Fc%2F2025-09-04%2Fdoc-infphkcs7224050.shtml

大马金饰价再涨 916 RM525 999 RM575 | e南洋 https://www.enanyang.my/news/20250903/Finance/983737

全球国债抛售潮！30年美债收益率重回5%，发生了什么？_手机新浪网 https://finance.sina.cn/2025-09-03/detail-infpemnm6086862.d.html?vt=4

全球债市“风暴”可能越刮越烈？央行、养老金正集体撤退！ https://m.cls.cn/detail/2134309

🔹PETRA has approved 13 large scale solar projects with a total capacity of 1.98GW. Based on previous announcement, the capacity will be allocated under 2 different packages 🔷 Package A, 1.5GW for ground mounted solar. Generation capacity of 30MW to 500MW per project (We heard a listed co successfully gotten quota for a 500MW project) 🔷 Package B, 500MW for floating solar. Generation capacity of 10MW to 500MW per project 🔹 With several unsuccessful bidders from LSS5 likely to adopt a more aggressive stance this round, we anticipate a more competitive project tariff—potentially the lower end of LSS5 tariff rate of RM0.15–0.18/kWh 🔹 We prefer exposure in EPCC contractors with strong execution track record as we estimate RM6bn worth of EPCC opportunities from LSS5+ to be flowed out to the sector in 1H26.

Alphabet stock, $GOOGL, rises over +5% following a court decision allowing the company to retain ownership of Google Chrome.