16/12/2025

BIZ & FINANCE TUESDAY | DEC 16, 2025

20

MARKETS/FROM THE BROKERS

SUNBIZ presents extracts of a selection of commentaries and research reports received from stockbrokers on counters that could be of interest to investors.

DISCLAIMER: The information is extracted from stockbrokers’ commentaries and research reports and do not represent the views or opinions of Sun Media Corporation Sdn Bhd. It is not a solicitation, recommendation or an offer to buy or sell the equities featured. Sun Media Corporation shall not be liable or responsible for any consequences resulting from usage of the information.

[ Compiled by SunBiz Team

Halogen Capital completes RM13.3 million funding round KUALA LUMPUR: Halogen Capital Sdn Bhd has completed its RM13.3 million funding round, with Kenanga Investment Bank Bhd emerging as the largest institutional shareholder, holding a 14.9% stake in the company. In a filing with Bursa Malaysia, Halogen Capital said the funding, made through Kenanga IB’s wholly-owned subsidiary, Kenanga Private Equity Sdn Bhd, will support the company in advancing its Real-World Asset (RWA) tokenisation strategy. This includes onshore unit trust funds, bonds, sukuk, private credit and real estate, creating broader access to investment opportunities that have traditionally been available primarily to institutional and high-net-worth investors. “Building on Halogen Capital’s expertise in asset tokenisation and digital asset fund management, and combined with Kenanga’s institutional strength, brand recognition and regional partnerships, the initiative will provide innovative investment opportunities for investors in Malaysia and beyond,” it said. Kenanga IB group managing director Datuk Chay Wai Leong said by leveraging blockchain and tokenisation, as well as strengthening the network of digital platforms, the group aims to redefine how investors engage with capital markets, making them more efficient, accessible and globally competitive. “Together, these initiatives are laying the foundation for products that anticipate the evolving needs of investors and businesses in a rapidly changing financial environment,” he said. Meanwhile, Halogen Capital founder and CEO Liew Ooi Hann said institutional participation is rising steadily worldwide, with more than RM744 billion now held in corporate crypto treasuries. “Malaysia is experiencing the same shift.” – Bernama

Ringgit firmer against dollar ahead of key US data THE ringgit ended firmer against the US dollar yesterday, extending gains after hovering near the 4.09 level last week, as investors remained constructive ahead of upcoming key US data. At 6pm, the ringgit edged up to 4.0930/0980 against the greenback, from 4.0945/1005 at last Friday’s close. Upcoming US indicators include the Nonfarm Payrolls, Consumer Price Index (CPI), Personal Consumption Expenditures and the University of Michigan Consumer Sentiment Index. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama the ringgit continued to appreciate as the US Dollar Index slipped 0.05% to 98.352 points. “Traders and investors remain constructive on the ringgit, although they are cautious ahead of this week’s data releases and remarks from Federal Reserve officials,” he said. AmBank said in a note that the risk of a pullback remained high as markets consolidate positions ahead of US data risks. “A sustained move below 4.10 would require a convincing downtrend in US inflation and employment to be established by the end of the week,” it said. Last Friday, the ringgit hovered near the 4.09 level, its strongest in four years and seven months, supported by positive Malaysian economic data. Kenanga Investment Bank said investors would focus on November’s US labour report due today, with consensus expecting Nonfarm Payrolls of 50,000 and the unemployment rate at 4.4%. It added that downside risks persist due to the prolonged US government shutdown, while November’s inflation report is also due, with core CPI likely to hold near 3%.

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1750 2.7930 3.2250 3.0240 4.8960 2.4310 3.2250 5.5840 5.2750 3.4850 59.4000 67.2000 54.0800 4.7200 0.0261 2.6970 42.4800 1.5500 7.1700 115.5100 112.1900 25.5900 1.4200 46.4500 13.7600 114.7200 N/A

4.0290 2.6800 3.1260 2.9390 4.7380 2.3410 3.1260 5.4070 5.0520 3.2320 56.8900 61.8300 51.3800 4.3800 0.0231 2.5730 39.0700 1.3800 6.7500 109.6500 106.5000 23.1100 1.2400 42.3100 12.2000 108.7500 N/A

4.0190 2.6640 3.1180 2.9270 4.7180 2.3250 3.1180 5.3870 5.0370

1 Australian Dollar 1 Brunei Dollar 1 Canadian Dollar 1 New Zealand Dollar 1 Singapore Dollar 1 Sterling Pound 1 Swiss Franc 100 UAE Dirham 100 Bangladesh Taka 100 Chinese Renminbi 100 Danish Krone 100 Hongkong Dollar 100 Indian Rupee 100 Indonesian Rupiah 100 Japanese Yen 100 New Taiwan Dollar 100 Norwegian Krone 100 Pakistan Rupee 100 Philippine Peso 1 Euro

108.5500 3.0320 61.6300 51.1800 4.1800 0.0181 2.5630 38.8700 1.1800 6.5500 109.4500 106.3000 22.9100 1.0400 42.1100 11.8000 N/A N/A

100 Qatar Riyal 100 Saudi Riyal

100 South Africa Rand 100 Sri Lanka Rupee 100 Swedish Krona

100 Thai Baht

Source: Malayan Banking Bhd/Bernama

UMediC Group Bhd Buy. Target price: RM0.51

Gamuda Bhd Buy. Target price: RM6.58

Malakoff Corporation Bhd Buy. Target price: RM1.29

Dec 15, 2025: RM0.825

Dec 15, 2025: RM0.35

Dec 15, 2025: RM4.81

Source: Bloomberg, TA Research

Source: Bloomberg, TA Research

GAMUDA, through its wholly owned subsidiary Gamuda Australia, was shortlisted by Yanara (formerly BrightNight Asia Pacific) as the project delivery partner for the Early Contractor Involvement (ECI) phase of the Mortlake Energy Hub, the largest integrated hybrid renewable energy development in South Western Victoria, Australia. The Mortlake Energy Hub will be developed on a 1,060 hectare site and integrated with the existing Mortlake Terminal Station. The project comprises a 450MW solar farm and a 600MW / 2,400MWh battery energy storage system (BESS). Upon completion, it is expected to deliver firm, dispatchable renewable power sufficient to supply approximately 200,000 homes annually. As the delivery partner, GAMUDA will be responsible for end-to-end execution, including design development, securing regulatory and council approvals, managing key procurement, and overseeing critical construction work packages. Given the stringent regulatory requirements covering environmental compliance, heritage sensitivity, traffic and road safety, fire and emergency standards, and visual amenity, construction is expected to begin in mid-CY26 following receipt of all necessary regulatory approvals, with completion and full commissioning targeted by CY29. Management has indicated an early indicative project value of A$0.5–1bn for this ECI contract. We are positive on GAMUDA’s appointment as ECI partner for the Mortlake Energy Hub, as this significantly enhances the group’s prospects of being selected as the delivery partner for the project’s main construction package. We maintain our SOP derived target price at RM6.58. Reiterate Buy call on the stock. – TA Research, Dec 15

ACCORDING to a statement by Malakoff, a coal-lifting crane collapsed during maintenance work at the jetty of Tanjung Bin Complex on 13 December 2025. The affected area has been secured as a precautionary measure while an internal incident investigation will be conducted to determine the root cause of the incident. At this juncture, it is uncertain how long the coal-lifting crane will be out of service, but based on our visit earlier this year, we understand that up to 2 months of coal inventory is maintained at the Tanjung Bin Complex. As such, at this point, we do not expect any major disruption to the operations of both Tanjung Bin Power (TBP) and Tanjung Bin Energy (TBE). Taking cue from the earlier TBE fire incident in October 2025, we reckon physical damages and any potential business interruption are likely to be covered by the group’s insurance policy. MALAKOF’s FY25F is marred by negative fuel margins, TBE’s steam turbine crossover pipe leakage in 3QFY25, a fire incident at TBE in October 2025 and the latest crane collapse incident. Nevertheless, beyond the expected capacity payment loss from the TBE fire which will be reflected in MALAKOF’s upcoming 4QFY25, we believe earnings trend could start reversing as the group recovers from these unexpected incidents, coupled with stabilising coal prices. More importantly, MALAKOF’s capacity replenishment prospects are improving on the back of the Energy Commission’s request for proposal (RFP) for gas power plant capacity (whereby the group has submitted proposals for both PPA extensions and new CCGT power plants under Category 1 and 2 of the RFP respectively), while another 2.8GW of proposed CCGT power plants in Kedah and Negeri Sembilan are currently under negotiations with the regulators. Maintain Buy at unchanged TP of RM1.29. – TA Research, Dec 15

Source: Bloomberg, Phillip Capital Research

UMC’S new Aseptic Blow-Fill-Seal (BFS) machine has completed testing and commissioning on Dec 8. The integrated BFS system will replace 2 legacy machines, combining bottle blowing, filling, and sealing into a single automated process. This is expected to reduce manufacturing time by 50% enhancing operational efficiency. With the machine in place, the next step is to requalify the ISO 5/Class 100 cleanroom, which is required before commencing mass production, targeted for 1QCY26. On the regulatory front, management guided that the US FDA application was initiated around 6 months ago, with approval targeted for next year. This is expected to enable direct market entry into the US and Latin American markets, supporting longer term international growth. Within UMC’s distribution segment, the group has achieved 100% conversion from competitor (Medtronic) at Island Hospital since July25, supporting recurring procedure-based revenue and strengthening long-term hospital relationships. Historically, UMC competed product by product against multiple distributors, primarily on price. By shifting to total solutions, supplying entire departments such as ICUs with beds, monitors, and infusion pumps, the group has simplified procurement for hospitals and improved its win rate on contracts. This total solutions approach has already helped UMC secure new deals, particularly with private hospitals focused on cost efficiency. Hence, the group plans to continue expanding its medical devices portfolio. Maintain BUY and RM0.51 TP. – Phillip Capital Research, Dec 15