22/01/2026

BIZ & FINANCE THURSDAY | JAN 22, 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

Kee Ming targets RM25.3 million from ACE Market IPO KUALA LUMPUR: Kee Ming Group Bhd, a M&E engineering solutions provider, launched its prospectus yesterday in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Bhd. Following the initial public offering (IPO) exercise, Kee Ming is expected to raise RM25.32 million via the issuance of 66.63 million new shares at the issue price of RM0.38 per share. The proceeds will be allocated RM13 million for project working capital for future projects; RM4 million (performance bond for future projects); RM1.72 million (expansion of project team); RM1 million (purchase of Enterprise Resource Planning system); RM0.6 million (general working capital); and RM5 million (defray fees and expenses related to the IPO exercise). Managing director Liew Kar Hoe said the IPO will strengthen their operational capabilities, enable them to undertake larger and more complex projects across industrial, commercial, residential, clean energy-related segments as well as others which mainly consist of public infrastructures and interconnection facilities. Following the launch of Kee Ming’s prospectus, applications for the public issue are open from yesterday and will close on Jan 27. Kee Ming is scheduled to be listed on the ACE Market of Bursa Securities on Feb 12. Upon listing, Kee Ming will have a market capitalisation of RM123.5 million based on the issue price of RM0.38 per share and its enlarged issued share capital of 325 million shares. TA Securities Holdings Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for this IPO, while Eco Asia Capital Advisory Sdn Bhd serves as financial adviser of the IPO. December 2025 Trade Renewed uncertainties on the horizon

THE ringgit closed higher against the US dollar yesterday as market sentiment improved amid concerns over the US’ tariffs against the European Union (EU) and geopolitical risks, while pressures in the Japanese Government Bond (JGB) market eased. At 6pm, the local currency rose to 4.0445/0495 against the greenback from 4.0530/0580 at Tuesday’s close. Bank Muamalat Malaysia Bhd’s chief economist, Dr Mohd Afzanizam Abdul Rashid, said the local note was well supported against the US dollar, appreciating by 0.14% towards the end of the day. “Risk-off sentiments are very much prevalent with the US Dollar Index (DXY) falling by 0.04% to 98.59 points while spot gold prices rose 1.99% to US$4,858.11 per ounce,” he told Bernama. Mohd Afzanizam said thus far, the ringgit has been able to withstand the market volatility quite well as macroeconomic data continued to show resilience in the Malaysian economy. Meanwhile, the local note ended firmer versus other major currencies. It appreciated versus the Japanese yen to 2.5598/5631 from 2.5696/5729 on Tuesday, gained versus the British pound to 5.4237/4304 from 5.4618/4686 previously, and strengthened vis a-vis the euro to 4.7337/7395 from 4.7530/7588 on Tuesday. Similarly, the ringgit traded mostly higher against Asean currencies. It rose against the Singapore dollar to 3.1502/1543 from 3.1602/1646 on Tuesday, rose versus the Thai baht to 13.0086/0301 from 13.0397/0629 and was firmer vis-à-vis the Indonesian rupiah at 238.7/239.3 from 239.0/239.4, previously . Ringgit closes higher on US-EU tariff concerns

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.1270 2.7870 3.2080 2.9740 4.8300 2.4070 3.2080 5.5370 5.2440 3.4280 59.5300 66.2800 53.3300 4.6200 0.0254 2.6240 42.2700 1.5300 7.0300 114.1600 110.9600 25.9700 1.4000 46.5000 13.8600 113.3800 N/A

3.9810 2.6740 3.1070 2.8900 4.6730 2.3180 3.1070 5.3600 5.0200

3.9710 2.6580 3.0990 2.8780 4.6530 2.3020 3.0990 5.3400 5.0050

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

107.4800 3.2030 56.9900 60.9800 50.6700

107.2800 3.0030 60.7800 50.4700 4.0900 0.0174 2.4930 38.6700 1.1700 6.4200 108.1800 105.1300 23.2500 1.0200 42.1400 11.8900 N/A N/A

4.2900 0.0224 2.5030

N/A

38.8700 1.3700 6.6200 108.3800 105.3300 23.4500 1.2200 42.3400 12.2900

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

December 2025 CPI Inflation picks up in December

Malayan Banking Bhd Outperform. Target price: RM11.70

Jan 21 , 2026: RM11.10

Source: DOSM, CEIC, PublicInvest Research

Source: PublicInvest Research

Source: DOS, PublicInvest Research

MALAYSIA’S headline inflation rose to +1.6% YoY in December from +1.4% YoY in November, reflecting firmer price pressures across selected components. The pickup was driven mainly by Personal Care Social Protection and Miscellaneous Goods and Services at +5.7% YoY from +5.6% YoY in November, alongside Education at +2.8% YoY from +2.6% YoY and Alcoholic Beverages and Tobacco at +2.5% YoY from +2.4% YoY. Housing Water Electricity Gas and Other Fuels also recorded a modest acceleration to +0.9% YoY from +0.7% YoY, while Information and Communication returned to positive territory at +0.9% YoY from negative 1.3% YoY. Smaller increases were also observed in Furnishings Household Equipment and Routine Household Maintenance at +0.3% YoY from +0.2% YoY and Clothing and Footwear at +0.1% YoY from negative 0.1% YoY. In contrast, price momentum moderated in several services related categories. Restaurant and Accommodation Services eased to +3.1% YoY from +3.4% YoY in November, while Recreation Sport and Culture slowed to +0.8% YoY from +1.2% YoY. Transport inflation also softened to +0.1% YoY from +0.2% YoY. Meanwhile, Insurance and Financial Services at +5.6% YoY, Food and Beverages at +1.5% YoY and Health at +1.5% YoY remained unchanged from the preceding month. Malaysia’s core CPI, which excludes price-controlled and volatile food items, edged up to +2.3% YoY in December 2025 from +2.2% YoY in November, pointing to a mild firming in underlying price pressures. In tandem, adjusted headline CPI excluding regulated fuel components such as RON95, RON97 and diesel rose to +1.9% YoY from +1.5% YoY previously. – PublicInvest Research, Jan 21

MALAYSIA’S trade performance reached a new high in December 2025, with total trade expanding by 11.1% YoY to RM286.63 billion, supported by broad-based strength across both exports and imports. Exports rose by 10.4% YoY to RM152.95 billion, reflecting sustained external demand, while imports increased by 12% YoY to RM133.68 billion, in line with firm domestic and intermediate input demand. As a result, the trade surplus remained in positive territory for the 68th consecutive month since May 2020, amounting to RM19.28 billion, underscoring Malaysia’s continued external competitiveness despite a more challenging global trade environment. Overall, we believe that the Malaysia’s trade outlook in 2026 is expected to remain constructive but uneven, with export growth moderating to 2.4% YoY after a 6.5% YoY expansion in 2025. Structural support from the AI led technology upcycle and continued supply chain diversification should help cushion external softness, particularly within the E&E segment, although the broader trade environment remains fragile. The World Trade Organisation projects global merchandise trade volumes to expand by only 0.5% YoY, while subdued trends in the Shanghai Containerized Freight Index and the Baltic Dry Index point to restrained global shipping demand despite occasional short-term bumps linked to seasonal restocking and tariff related front loading. Downside risks to Malaysia’s trade outlook stem from renewed trade restrictive measures, heightened geopolitical tensions and weaker-than-expected growth in major advanced economies, which could weigh on export momentum and overall trade performance through 2026. – PublicInvest Research, Jan 21

RIDING on successful execution momentum under M25+, Maybank has unveiled new financial aspirations under ROAR30: i) CASA ratio above 41% (9M’25: 39.9%) ii) net interest margin (NIM) of above 2.05% (9M’25: 2.03%) iii) net credit cost to remain stable at 20bps iv) cost to income ratio (CTI) <47% (9M’25: 48.9%) v) net operating income to grow at a CAGR of 5-6% for FY25-30F vi) ROE of 13-14% (9M’25: 11.5%). The strategy is built on 3 main pillars namely, i) purpose, ii) business at scale and iii) foundation, which is expected to help Maybank to achieve its FY30F ROE target of 13-14%. This pillar focuses on delivering humanising financial services across customers, society and the real economy. SME financing remains a key growth area, with plans to expand financing to RM100 billion (from RM60 billion as of Sept 2025) and another RM100 billion into new-economy sectors such as digital economy, technology infrastructure and services and advance manufacturing. Maybank intents to leverage on its competitive edge as a deeply entrenched Asean bank to establish a regional and global leadership across 4 major areas: Islamic finance, wealth management, transactions and payments as well as corporate and investment banking. This will help Maybank to unlock growth through synergies, providing holistic banking solutions to ring fence liquidity and fund flows within Maybank’s ecosystem, thereby boosting income and profitability. To future proof the bank, Maybank is allocating RM10 billion tech investment over the next 5 years (RM2 billion pa), which may result in an upward pressure on the CTI. Outperform with RM11.70 TP. – PublicInvest Research, Jan 21