23/12/2025

BIZ & FINANCE TUESDAY | DEC 23, 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

Crest Builder subsidiary lands RM73.9m contract

Ringgit slips on profit-taking, muted market catalysts THE ringgit ended lower against the US dollar yesterday due to profit-taking and a lack of fresh market catalysts. At 6pm, the local currency eased to 4.0770/0800 versus the greenback, from 4.0740/0785 at last Friday’s close, when it hit its strongest level in almost six years. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit requires a catalyst to appreciate further. “Ringgit was oscillating within a narrow range between RM4.0750 and RM4.0813 today. Perhaps, traders and investors are assessing the prevailing level of the ringgit and how it can evolve going forward,” he told Bernama. Mohd Afzanizam said traders would also be watching the US gross domestic product for the third quarter of 2025, expected on Dec 23. At the close, the ringgit was traded mostly lower against a basket of major currencies. It edged down against the euro to 4.7827/7862 from 4.7715/7767 at last Friday’s close, fell against the British pound to 5.4750/4790 from 5.4514/4574, but improved against the Japanese yen to 2.5896/5916 from 2.5909/5940. The local currency traded mixed against Asean peers. It depreciated against the Singapore dollar to 3.1592/1618 from 3.1515/1553, weakened versus the Thai baht to 13.0740/0895 from 12.9428/9620, appreciated against the Indonesian rupiah to 242.9/243.3 from 243.2/243.6 previously, and was flat against the Philippine peso at 6.94/6.95.

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

PETALING JAYA: Crest Builder Holdings Bhd (CBHB)’s wholly owned subsidiary CBTech (M) Sdn Bhd has received a letter of award (LoA) valued at RM73.9 million from HAB Construction Sdn Bhd yesterday. The LoA encompasses the supply, delivery, installation, testing, commissioning, and maintenance of electrical and extra low voltage systems for CloutHaus, a proposed mixed development project located on one of the last prime lands facing the iconic Petronas Twin Towers. The project will feature two towers where Tower 1 comprises a 48-storey hotel with a private residence, while Tower 2 consists of a 56-storey serviced apartment. This development also includes a 5-storey basement and a 10-storey podium. The construction period is expected to span approximately 42 months from the scheduled site possession date. The developer for this proposed development project is TA First Credit Sdn Bhd, part of the TA Global Bhd group. CBTech specialises in design and build, construction services as well as energy management across various mechanical and electrical works, including electrical, air conditioning & mechanical ventilation, building automation systems, plumbing and sanitary works and fire protection systems. To-date, CBTech has successfully completed over RM750 million worth of contracts since its incorporation. With this new win, the group’s total outstanding order book including the construction segment, will be approximately RM1.8 billion. This solid order book pipeline is expected to provide CBHB with strong earnings visibility over the next four years.

1 US Dollar

4.1510 2.7550 3.2040 3.0000 4.8550 2.3940 3.2040 5.5490 5.2440 3.4490 59.1900 66.6300 53.7700 4.7200 0.0259 2.6490 41.9600 1.5400 7.1700 114.4900 111.5700 25.6000 1.4100 46.0900 13.7700 114.0500 N/A

4.0030 2.6410 3.1020 2.9150 4.6950 2.3050 3.1020 5.3680 5.0170 3.2210 56.6600 61.2700 51.0600 4.3900 0.0229 2.5260 38.5500 1.3700 6.7400 108.6900 105.9200 23.1100 1.2300 41.9300 12.2100 108.0600 N/A

3.9930 2.6250 3.094 2.9030 4.6750 2.2890 3.0940 5.3480 5.0020

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

107.8600

3.0210

N/A

61.0700 50.8600 4.1900 0.0179 2.5160 38.3500 1.1700 6.5400 108.4900 105.7200 22.9100 1.0300 41.7300 11.8100 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

PGF Capital Bhd Not Rated

Mynews Holdings Bhd Buy. Target price: RM0.80

Cnergenz Bhd Buy. Target price: RM0.55

Dec 22, 2025: RM0.56

Dec 22, 2025: RM0.44

Source: Bloomberg

Source: Bloomberg

Source: Bloomberg

PGF Capital is Southeast Asia’s largest ESG-friendly insulation solutions manufacturer, serving primarily Asean and Oceania. PGF is well positioned for sustainable earnings growth, underpinned by capacity expansion at its tax-exempt plant to meet rising structural demand. It also owns a sizeable 1,311 acre leasehold landbank that is undergoing phased development to unlock value and drive long-term growth. Insulation is a critical component of energy-efficient buildings, supporting thermal regulation, condensation management, and global net zero objectives. Fully insulated structures can reduce heating and cooling energy consumption by 30-50%, lowering both operating costs and carbon emissions, particularly in extreme climates. Structural demand growth in Oceania, alongside accelerating adoption of green insulation materials in Asean, remains key catalysts. PGF is the developer of Diamond Creeks Country Retreat (DCCR) in Tanjong Malim, Perak. A potential GDV of up to RM3 billion has been earmarked for development over the next 10 20 years under the New Industrial Master Plan (NIMP 2030), supported by its proximity to AHTV and a structural shortage of accommodation for Universiti Pendidikan Sultan Idris students. The first phase residential project, with a GDV of RM300 million, is slated for launch in 2026. Separately, PGF has entered into an agreement with the Kedah State Government to develop a mixed-use project at Kulim Hi-Tech Park, with an estimated GDV of RM600 million. – RHB Research, Dec 22

FY25 revenue rose to RM879 million (9.3% YoY), driven by stronger in-store sales and higher store count (+64 new outlets), bringing total stores to 683 as of Oct 2025. Selling and distribution costs increased to RM180 million (15.8% YoY) post SST expansion and minimum wage adjustments, but was more than offset by higher topline and GPM expansion by 2ppts to 38.3% from better purchasing power as store network grew. The group declared two interim dividends totalling 1 sen in FY25 (FY24: 0.5 sen). We expect Mynews to deliver continued growth driven by increasing the number of stores and improving earnings across formats. Core Mynews format remains the earnings anchor, as management focuses on adding stores in strategic locations. Additionally, CU has turned profitable and should contribute meaningfully on a full-year basis in FY26. Management’s intention to rollout CU in East Malaysia via a franchise model offers scalable growth prospects with limited balance sheet risk. WHSmith (contributing 11% of group earnings) should see a clear uplift from rising airport footfall ahead of Visit Malaysia 2026 (expected 47 million visitors in 2026 vs 28 million visitors in YTD Aug 2025). The planned opening of six new outlets in KLIA1 by Jan 2026 is expected to lift segment earnings by 35%. Supervalue format should continue to benefit from higher Basic Rahmah Contribution allocations next year, although we view the impact to be minimal given its smaller footprint and lower margins. BUY with RM0.80 TP. – RHB Research, Dec 22

THE semiconductor equipment upcycle is extending into the back-end, with test equipment sales expected to increase 12% YoY and 7.1% YoY in 2026 and 2027, driven by device complexity, advanced packaging, and higher AI and high bandwidth memory performance requirements. Rising equipment utilisation, new product launches, and production relocations are expected to sustain a stronger capex cycle into 2026. Cnergenz is well positioned to benefit, supported by its strengthened Asean footprint via the ITW Electronics Assembly Equipment acquisition and backed by its growing outstanding orderbook of RM40 million. Smart manufacturing solutions should be a key FY26-27 earnings driver as Cnergenz moves beyond traditional system integration, embedding purpose-built narrow language and small language models that deliver tangible efficiency gains for various automation needs. Its strong Asean presence allows it to benefit from China+1 supply-chain shifts, as major electronics manufacturing services players resume capex planning for deployments in Penang, Thailand, and Vietnam (including the Smart Factory project). An >RM100 million segment tenderbook with a potential 20-30% conversion rate should contribute to 2H’26 earnings at double-digit margins. Cnergenz is evolving its business model by penetrating into the new original design manufacturer/ original equipment manufacturer ODM/OEM segment, targeting a 50% revenue mix over the long term. BUY with RM0.55 TP– RHB Research, Dec 22