09/01/2026

BIZ & FINANCE FRIDAY | JAN 9, 2026

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

Paydibs rolls out innovative digital solutions for MSMEs KUALA LUMPUR: Paydibs Sdn Bhd, Malaysia’s merchant-first payment gateway, is accelerating its mission of “Payment Inclusion. Beyond Transactions.” by launching two innovation driven solutions that empower micro, small, and medium enterprises (MSMEs) to thrive in the digital economy. Nexus is an all-in-one e-commerce suite that simplifies online business adoption, while the new Mini POS feature in the Paydibs Pay app digitises in-store operations. Together, these tools empower merchants of all sizes to seamlessly manage, sell, and accept payments across multiple channels with confidence. “True inclusion means equipping every Malaysian business, from single-stall hawkers to growing retail chains with simple, affordable digital tools that remove barriers to growth. By combining Nexus e-commerce and our new mini POS, we are delivering innovative payment solutions that empower MSMEs to manage operations and receive payments seamlessly across all channels,” said Paydibs CEO Tee Kean Kang. Getting started with Nexus is straightforward: merchants only need to provide their product details, pricing structure and business name, and Paydibs manages the entire setup from storefront configuration to secure payment integration. Additionally, Paydibs delivers a seamless onboarding journey for every merchant, with dedicated support teams providing timely, personalised guidance at each step. F&B and retail merchants can access this feature on compatible Android smart terminals for RM360, with a RM120 annual maintenance fee. This affordable setup ensures seamless, year round operations for growing businesses. Paramount Corporation Bhd Buy. Target price: RM1.46 PARAMOUNT Corporation Bhd has entered into a sale and purchase agreement via its wholly owned subsidiary Phoenix Blanc Sdn Bhd to acquire 2.62 acres of freehold land in Putrajaya for a total consideration of RM40 million. The site is located within the Putrajaya Sentral masterplan, adjacent to the integrated transport hub that connects the MRT Putrajaya Line, KLIA Transit (ERL) and extensive bus services, offering strong regional connectivity to Kuala Lumpur, Cyberjaya and KLIA. Paramount intends to develop the site into a transit-oriented mixed development (TOD) with an estimated GDV of RM323 million. The project is targeted for launch around one year following SPA completion, indicatively in 2027. The relatively short gestation period is underpinned by development approvals already in place, which should facilitate a faster transition from land acquisition to project launch and enhance execution visibility. The acquisition implies a land cost-to-GDV ratio of 12%, which is within Paramount’s historical comfort range. Importantly, the approvals in place help reduce execution risk and support clearer earnings visibility, consistent with management’s focus on development-ready sites with shorter launch timelines. This acquisition lifts Paramount’s total GDV replenishment since 2025 to approximately RM2.6 billion, in line with management’s strategy to replenish up to RM6 billion of GDV over FY25–26 to support launches over the next five years. The Putrajaya site also broadens the group’s exposure to TOD-centric developments, which typically benefit from stronger demand resilience and pricing support due to superior accessibility. We are positive on the acquisition, underpinned by its strategic TOD location, reasonable entry valuation and approvals-in-hand status, which supports a shorter launch timeline. BUY with RM1.46 TP. – TA Research, Jan 8 Source: Bloomberg Jan 8, 2026: RM1.03

THE ringgit ended marginally lower against the US dollar yesterday, as investors shifted to safe-haven assets following US President Donald Trump’s warning to defence contractors, an analyst said. At 6pm, the local currency edged down to 4.0580/0650 versus the greenback from Wednesday’s close of 4.0560/0610. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the US Dollar Index (DXY) climbed to 98.82 as investors turned to safe haven assets after Trump warned that defence companies could be barred from paying dividends and share buybacks. At the close, the ringgit traded higher against a basket of major currencies. It appreciated versus the Japanese yen to 2.5888/5935 from 2.5920/5954 at Wednesday’s close, strengthened vis à-vis the euro to 4.7389/7471 from 4.7394/7453 on Thursday, and rose against the British pound to 5.4535/4630 from 5.4732/4799 previously. The local note performed mostly better against its Asean peers. The ringgit inched up vis-à-vis the Indonesian rupiah to 241.5/242.1 from 241.7/242.1 at Wednesday’s close, climbed against the Singapore dollar to 3.1602/1659 from 3.1641/1682 yesterday, and firmed versus the Thai baht to 12.8731/9007 from 12.9630/9852. However, it fell against the Philippine peso to 6.85/6.87 from 6.83/6.84 previously. – Bernama Ringgit slips against dollar on shift to safe-haven assets

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1340 2.7860 3.2160 2.9740 4.8210 2.3890 3.2160 5.5560 5.2050 3.4500 59.3200 66.1400 53.5100 4.6900 0.0257 2.6520 41.9800 1.5300 7.0600 114.2900 111.0900 25.9700 1.4000 46.2900 13.7500 113.5800 N/A

3.9840 2.6710 3.1120 2.8880 4.6600 2.2980 3.1120 5.3730 4.9780 3.1970 56.7500 60.7900 50.7900 4.3500 0.0227 2.5280 38.5700 1.3500 6.6400 108.5000 105.4600 23.4400 1.2200 42.1100 12.1700 107.5600 N/A

3.9740 2.6550 3.1040 2.8760 4.6400 2.2820 3.1040 5.3530 4.9630

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

107.3600

2.9970

N/A

60.5900 50.5900 4.1500 0.0177 2.5180 38.3700 1.1500 6.4400 108.3000 105.2600 23.2400 1.0200 41.9100 11.7700 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

Padini Holdings Bhd Buy. Target price: RM2.40

Basic Materials Overweight

Jan 8, 2026: RM1.82

Source: Company data, RHB

Source: TA Research, Company data

RECENTLY, the prime minister announced that the SST on rental and leasing services will be reduced to 6% from 8%, while the scope of small and medium enterprises (SMEs) eligible for tax exemption has been broadened to include businesses with annual turnover of less than RM1.5 million. This marks an increase from the previous RM1.0 million threshold announced last year. We believe this measure should help mitigate the overall impact of higher operating costs stemming from rental, labour and depreciation expenses. As of Q1’26, management indicated that the SST impact amounted to RM2 million across all outlets. On a full-year basis, we estimate an incremental cost of approximately RM8-15 million in FY26, representing around 0.4%-0.8% of total FY26 OPEX. As at FY25, Padini operated 149 domestic outlets, with annual lease payments of RM145.8 million. To recap, Padini renovated 16 stores in FY25. In FY26, the group plans to renovate 11 existing stores and open 5 new outlets. With these additions, the total number of outlets is expected to reach 182 globally in FY26 (vs. 177 stores nationwide in FY25), including overseas franchisee locations. Meanwhile, we understand that sales per store typically rose by around 3% on average following reopening. Notably, the cost per outlet is estimated at RM3-5 million, depending on size. Consequently, we forecast FY26 capex of RM65 million (including renovation costs), which is aligned with management’s guidance of RM50-70 million per annum. BUY with RM2.40 TP.– TA Research, Jan 8

LME prices recovered from a low of US$2,300/tonne in Apr 2025 to US$2,968/tonne in Dec 2025, supported by recovering demand amid: i) A 90-day delay in the US tariff against China on Aug 12, 2025 and ii) the US-China trade truce announced in mid-Nov 2025, which included the US cutting the fentanyl tariff, China facilitating smooth exports of rare earths, and the US granting a 1-year extension of tariff exemptions for Chinese industrials and medical imports. For 2026, we now assume limited geopolitical risks as our base case, which should result in a gradual demand recovery for aluminium. On the supply side, global output remains tight, (+1% YoY in 2025), as China nears its 45 million-tonne production cap (Oct 2025: 44.5 million tonnes). Coupled with the limited smelting capacity in Europe due to the competition for electricity from data centres, we believe LME prices will remain supported in the near term. LME stocks have now fallen 20% YoY, while Shanghai aluminium stocks have also dropped 35% YoY. While there are concerns on a surplus condition due to China expanding production in Indonesia by 1.5-2m tonnes in 2026-27, we think the planned capacity may come in lower than expected due to power supply constraints. That said, the Main Japanese Port premium fell 32% YoY in 2025 due to higher supply in Asia following reduced interest in exporting to the US. Cement should see steady demand coming from 13MP with RM430 billion worth of gross development expenditure targeted for the 2026-30 period vs RM415 billion for the 12th MP. – RHB Research, Jan 8