09/02/2026

BIZ & FINANCE MONDAY | FEB 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

AWC bags three waste collection system contracts SUBANG JAYA: Main Market-Listed engineering services group AWC Bhd through the subsidiaries under Stream Group Sdn Bhd, namely Stream Environment Sdn Bhd (SEMY) and Stream Environment (S) Pte Ltd, (SESG), have on Jan 14, Feb 5 and Feb 6 secured three projects for the design, build and operation of automated pneumatic waste collection systems (AWCS) across Malaysia and Singapore. Group CEO/president, Datuk Ahmad Kabeer Mohamed Nagoor said: “We are pleased to maintain the positive momentum for our Environment Division with these wins. “It is worth mentioning that one of the projects involves the delivery of an AWCS for a public facility in Singapore, underscoring the confidence placed in our technical expertise and our ability to meet stringent operational requirements. “Additionally, this is also a testament to our track record in the public sector, having successfully delivered several projects in this space.” “More importantly, these latest awards further reinforce our presence in key markets.” Looking ahead, the group anticipates healthy traction on the home front to continue, with the Singapore market expected to pick up pace and offset the moderation in the Middle East market. “These contracts bring the group’s cumulative contract wins in FY26 to around RM450 million, providing AWC with clear earnings visibility over the coming years.” The projects are expected to commence from January 2026 and are anticipated to be completed by August 2029. These projects are expected to contribute positively and progressively to the earnings of AWC over the contract periods. Southern Score Builders Bhd Buy. Target price: RM0.81

THE ringgit is expected to trade in a tight range, hovering around RM3.95 to RM3.96 this week as the market anticipates more catalysts, including upcoming US economic data. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the market focus will be on US nonfarm payroll for January, with consensus estimates at 68,000 jobs and an unemployment rate expected to hold at 4.4%. “There will also be a series of Federal Reserve officials sharing their insights. They are likely to maintain a cautious stance on inflation, which suggests that restrictive monetary policy will continue for now,” he told Bernama. Meanwhile, according to Kenanga Investment Bank Bhd, the absence of significant deterioration in American jobs data leaves little urgency for the Fed to ease monetary policy immediately, suggesting the US Dollar Index should remain supported in the near term. The investment bank said this week’s focus will be on the delayed US labour data and softer private-sector jobs, which are expected to meet estimates and cause no surprises for the US dollar. “Even so, we expect official releases to land broadly in line with consensus, delivering no negative surprise for the US dollar,” Kenanga IB said in a note. Domestically, Malaysia’s Industrial Production Index and the final fourth-quarter 2025 gross domestic product (GDP) report are due, which are expected to reinforce the growth narrative, supporting business activity and lending confidence to the ringgit despite ongoing external foreign exchange headwinds. Economist: Ringgit likely to trade within RM3.95-RM3.96 this week Keyfield International Bhd Buy. Target price: RM1.70

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0395 2.8020 3.1590 2.9370 4.7490 2.4020 3.1590 5.4530 5.2150 3.3540 58.4300 65.1900 52.1000 4.5600 0.0250 2.5910 42.1000 1.5000 6.9600 111.6600 108.5300 25.5500 1.3700 45.7900 13.2100 110.9400 N/A

3.8915 2.6870 3.0570 2.8530 4.5920 2.3110 3.0570 5.2770 4.9880 3.1330 55.9200 59.9400 49.4700 4.2300 0.0221 2.4700 38.6900 1.3400 6.5500 106.0000 103.0300 23.0700 1.1900 41.6700 11.7100 105.1100 N/A

3.8815 2.6710 3.0490 2.8410 4.5720 2.2950 3.0490 5.2570 4.9730

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

104.9100 2.9330 59.7400 49.2700 4.0300 0.0171 2.4600 38.4900 1.1400 6.3500 105.8000 102.8300 22.8700 0.9900 41.4700 11.3100 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

Solarvest Bhd Buy. Target price: RM3.49

Jan 6, 2026: RM2.37

Jan 6, 2026: RM0.555

Jan 6, 2026: RM1.48

Source: Bloomberg, TA Research

Source: Bloomberg, TA Research

KEYFIELD International announced that its wholly-owned subsidiary, Keyfield Resolute Sdn Bhd, has entered into a shipbuilding contract with Jiangsu Shunhong Marine Technology Co., Ltd. for the construction of a 90MT diesel-electric DP2 Anchor Handling Tug Supply vessel (AHTS). The contract price is US$18.0mn (c.RM70.7mn), based on the prevailing exchange rate, with delivery expected in 2027–2028. The new DP2 AHTS will be funded via a combination of internal cash and unutilised Sukuk proceeds of approximately RM45mn. Management indicated that the vessel is intended to support the group’s expansion into international charter markets, particularly the Middle East, while maintaining its core strength in accommodation workboats. This vessel order is strategically positive, reinforcing Keyfield’s move to increase exposure to higher-specification AHTS vessels, which typically command stronger charter demand and higher day rates. Importantly, the newbuild expands available AHTS capacity without disrupting existing long-term charters, enhancing the Group’s flexibility to pursue new tenders and spot opportunities. Upon delivery, the froup’s total fleet will increase to 16 vessels (excluding Keyfield Compassion and including the DP2 AWB currently under construction), with the newbuild DP2 AHTS representing Keyfield’s third owned AHTS within its portfolio. The choice of a diesel electric DP2 vessel also positions the fleet more favourably amid rising client preference for greener and higher-redundancy vessels. The contract is not expected to have a material impact on FY26 earnings. However, positive earnings contribution are expected from FY27F-FY28F onwards. We upgrade our recommendation to BUY with unchanged TP of RM1.70. – TA Research, Feb 6

Source: Bloomberg, RHB Research

SSB8 management recently organised an investor briefing to provide update on its business. Following the meeting, we came away positive about SSB8’s near-term outlook, underpinned by a solid RM1.44bn order book (6.5x FY25 revenue), which provides strong earning visibility. This is complemented by a robust tender pipeline of approximately RM1.0bn, comprising RM648mn under SSBB for high-rise construction and RM394.3mn under SJEE for M&E work. Conversion prospects remain healthy, supported by strong client relationships and proven track record in M&E space. Besides, the recent acquisition of Nova Pharma Solution Bhd (NPS) will benefit SSB8 by enhancing its capability to bid for higher value, more complex and high-technology projects. This not only supports order book diversification beyond traditional high-rise construction but also improves the group’s margin profile, given NPS’s significantly higher net margin of approximately 40%, compared with around 15% for its typical high-rise construction jobs. According to the management, NPS is set to benefit from the ongoing development of the Singapore–Johor Economic Zone (SJEE), which is expected to drive a sustained influx of foreign direct investment into southern Malaysia. In particular, Singapore based multinational biotechnology and pharmaceutical companies are increasingly looking to establish manufacturing facilities in Johor, attracted by cost efficiencies, land availability, and close proximity to Singapore. Management highlighted that Johor remains NPS’s key growth and execution market, with the company already receiving multiple inquiries from Singapore based clients. We believe this pipeline of enquiries is likely to translate into a steady flow of new job wins, thereby supporting SSB8’s new order book replenishment visibility. Maintain Buy call and TP of RM0.81. – TA Research, Feb 6

SOLARVEST is now trading at its 3-year historical P/E mean of 23x, which we view as a valuation floor given the strong earnings trajectory and robust project pipeline. We believe the recent steep sell-off is overdone and more than priced in any concern over changes in China’s VAT export subsidy. Notably, the 2GW fixed-price panel order provides major cost visibility over the next 1-2 years, and any supplier default is unlikely. We see current levels as an attractive re-entry point ahead of the next growth cycle. From Apr 2026, China will remove the 9% export VAT rebate on solar panels and reduce the rebate on batteries from 9% to 6%, with full removal by Jan 2027. Hence, we expect to see 9% increase in the panel price after April. Solarvest has secured a 2GW blanket panel order at a fixed price for the next 18-24 months, backed by a dual-deposit structure whereby both Solarvest and its supplier post 10% deposits. We understand that the blanket orders are more than sufficient (given the panel procurement for certain projects are done by the project owner), hence the existing large scale projects, ie Large Scale Solar 5 (LSS5), LSS5+ and Mukah are not affected. Moving forward, like all other sector players, Solarvest will pass through/factor in the higher module procurement costs into new EPCC contracts or financial modelling in new biddings, which is the industry norm. While a rise in spot panel prices to USD0.10-0.11/W (from contracted levels of USD0.09/W) could, in theory, create an economic incentive for suppliers to default despite deposit forfeiture, panel prices have historically been volatile without leading to widespread defaults or precedent cases. More importantly, Solarvest’s suppliers are top-tier, China-listed manufacturers with long operating track records. Keep BUY and RM3.49 TP. – RHB Research, Feb 6