13/02/2026

BIZ & FINANCE FRIDAY | FEB 13, 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

China’s Trinasolar powers Subang airport with Vertex N modules KUALA LUMPUR: Trinasolar, a China-based smart photovoltaic (PV) and energy storage solutions provider, has supplied 530 units of its Vertex N 710W (NEG21C.20) modules for a 376kW rooftop solar installation at ExecuJet MRO Services Malaysia’s aircraft maintenance facility at Subang Airport. Trina Solar Group director of South, Southeast and Central Asia Elva Wang said airports are among the most safety- and regulation intensive environments. “With our Vertex N modules, we support EPCs, developers and operators in delivering high-output systems within constrained spaces while meeting the stringent technical and operational requirements of regulated infrastructure,” she said in a statement. Solar modules installed at airports require regulatory approval and strict anti-glare control measures to ensure flight safety. The Vertex N modules supplied for ExecuJet feature a special anti-glare coating to prevent reflected light from impacting flight operations. In addition, the anti-glare technology helps maximise sunlight absorption for optimal power generation. Trinasolar’s Vertex N modules were selected to maximise energy generation within the limited rooftop space available. The modules use n-type i-TOPCon cell technology, delivering higher power output and efficiency. In addition, the dual-glass Vertex N modules can withstand harsh conditions: heat and humidity, as well as having resistance against salt, ammonia and sand, providing long term performance even in Malaysia’s tropical climate. The modules also feature a low-voltage design and high string power, helping reduce balance-of-system costs and simplify installation in restricted airport zones.

THE ringgit climbed to a fresh high of 3.8995 against the US dollar yesterday, hovering near its strongest level in almost eight years. The local currency last traded around that level on April 23, 2018, at 3.8965/8995 against the US dollar. At 6pm, the local currency firmed to 3.8995/9060 versus the greenback, strengthening from Wednesday’s close of 3.9110/9170. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said emerging market currencies, including the ringgit, continue to gain against the greenback despite data points in the US, with Nonfarm Payrolls being higher than expected. He stated that data points regarding the Malaysian economy — such as the Industrial Production Index, the Index of Services, construction work completed, crude palm oil production, and the unemployment rate — indicate that GDP growth for the fourth quarter of 2025 is likely to exceed the previous quarter’s growth of 5.2% in the third quarter of 2025. At the close, the ringgit traded mostly higher against a basket of major currencies. It fell versus the Japanese yen to 2.5499/5543 from 2.5527/5566 at Wednesday’s close, depreciated against the euro to 4.6346/6423 from 4.6611/6683 previously, and appreciated vis a-vis the British pound to 5.3220/3309 from 5.3561/3643 on Wednesday. The local note was traded mixed against its Asean peers. The ringgit inched up against the Indonesian rupiah to 231.7/232.2 from 233.0/233.4 at Wednesday’s close, and was higher vis-a-vis the Singapore dollar at 3.0931/0985 from 3.0990/1040 previously. – Bernama Ringgit hits near eight-year high of 3.89 against US dollar

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

3.9820 2.8460 3.1470 2.9240 4.7200 2.4110 3.1470 5.4160 5.1850 3.3060 57.8000 64.7600 51.3200 4.4700 0.0248 2.6130 42.9500 1.4800 6.9200 109.7600 106.9700 25.9100 1.3500 46.0300 13.3500 109.3400 N/A

3.8350 2.7300 3.0480 2.8400 4.5650 2.3220 3.0480 5.2410 4.9620

3.8250 2.7140 3.0400 2.8280 4.5450 2.3060 3.0400 5.2210 4.9470

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

103.6000 3.0880 55.3200 59.5600 48.7400

103.4000 2.8880 59.3600 48.5400 3.9500 0.0169 2.4810 39.2800 1.1200 6.3100 104.0000 101.3500 23.1900 0.9800 41.7100 11.4300 N/A N/A

4.1500 0.0219 2.4910

N/A

39.4800 1.3200 6.5100 104.2000 101.5500 23.3900 1.1800 41.9100 11.8300

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

AirAsia X Bhd Buy. Target price: RM2.45

CelcomDigi Bhd Hold. Target price: RM3.30

Dialog Group Bhd Buy. Target price: RM2.21

Feb 12, 2026: RM1.97

Feb 12, 2026: RM3.21

Feb 12, 2026: RM1.76

Source: Maybank Investment Bank

Source: Maybank Investment Bank

Source: Maybank Investment Bank

CELCOMDIGI’s Q4’25 net profit of RM350 million (+123% YoY, +2% QoQ) brings FY25 net profit to RM1,514 million (+10% YoY), 5%/10% below our/consensus full-year forecasts respectively. EBITDA was in line, with the net profit miss due to higher-than expected D&A. A 3.6sen DPS was declared for the quarter, bringing full-year DPS to 14.7sen (14.3sen in FY24), representing a payout ratio of 114%. Q4’25 service revenue was up 3.8% QoQ (and up 4.1% YoY), driven mainly by sequentially higher contribution from postpaid and wholesale. Postpaid saw sequentially higher subscribers and stable ARPU, while prepaid saw lower subscribers offset by higher ARPU. Meanwhile, Q4’25 opex (excluding D&A) grew sequentially due mainly to device costs. Consequently, Q4’25 EBITDA margin was down 2.4ppt QoQ to 40.8%. Management disclosed RM304 million of opex savings and RM283 million of capex avoidance in FY25, which brings cumulative gross synergies achieved to RM2.68 billion. For FY26, management is guiding for low-single digit EBIT growth (from FY25 normalised EBIT of RM2.8 billion) on low-single digit service revenue growth. We lower our FY26/27 net profit by 10%/11% respectively to reflect guidance, and introduce FY28 forecasts. There are several risk factors for our earnings estimates, price target, and rating for CelcomDigi. Competitive developments, such as price wars would adversely affect monetisation and thus profitability. Regulatory developments pertaining to spectrum fees, taxation or product pricing also pose a risk to CelcomDigi’s earnings. HOLD with RM3.30 TP. – Maybank Investment Bank, Feb 12

THIS week, AAX announced that it will begin flying from Kuala Lumpur International Airport (KUL) to London Gatwick Airport (LGW) via Bahrain International Airport (BAH) (link). This new one-stop service will take off at the end of Jun 2026, we understand. Recall that AAX flew quad engine Airbus A340s non-stop from KUL to London Stansted Airport (STN) from March 2009 before shifting to LGW in Oct 2011 and discontinuing flights to London altogether in 2012 due to low profitability. It was not profitable for AAX to fly between KUL and STN and LGW in the past because the quad engine Airbus A340 was less fuel efficient and expensive to maintain. This time, AAX will fly the twin engine Airbus A330 which is more fuel efficient and cheaper to maintain albeit with a stop in BAH. Yet, we understand that the landing and parking fees charged by BAH will be competitive. We understand that the non-stop KUL to London Heathrow (LHR) route flown by Malaysia Airlines is profitable. We leave our earnings estimates unchanged pending reception of this new route. That said, we like this development for 3 reasons. First, we expect this route to be profitable as mentioned above. Two, BAH will enable AAX to expand its operations to other destinations in Europe (e.g. Paris) and Africa. Three, the Airbus A330s redirected to this route will reduce AAX’s need to compete with other airlines in more competitive routes like the ones between Kuala Lumpur and Chinese destinations. BUY with RM2.45 TP. – Maybank Investment Bank, Feb 12

DIALOG’S Q2’26 core net profit of RM137m (-1% QoQ, Q2’25: -RM11 million) brought 1H’26 core earnings to RM275 million (+84% YoY). The results came in within expectations at 48%/52% of ours/consensus full-year FY26 estimates. Operational metrics remained stable in Q2’26: i) tank terminal utilisation rates at >90% with rates of S$6-6.5/m3/month; and ii) 50.01%-owned POES JV’s daily average production rate of 1.8kbpd (Q1’26: 1.8kbpd). Also, we understand that Dialog’s downstream segment (both EPCC and plant turnaround) was profitable in Q2’26. Petronas has issued a LoA for the Cendramas PSC to a consortium of Dialog, Medco and EnQuest. Based on our research, the field’s original name was Block PM 304 and it lies 140km offshore Terengganu. The block is a brownfield as it has been developed over many years under Petrofac (30%; the block’s operator), Kuwait Foreign Petroleum Exploration Company (30%) and Petronas (40%). The block has many fields such as Cendor, West Desaru, Irama and East Cendor. While the Cendramas PSC’s block operator has not been announced yet – we believe it will likely be Medco Energi, as it has a proven track record as an established upstream E&P name. Additional information is still scarce at this juncture. Dialog has a pipeline of new upcoming cash-flow accretive assets: i) expansion of Langsat renewable fuel tanks of 150k m3 (Q1’27); ii) expansion in PT2 with 272k m3 storage for Petronas-ENI Euglena biorefinery (2H’28); and iii) expansion in PT5 with 614k m3 storage for BP Singapore (mid-2028). Furthermore, Dialog has an additional 660 acres of land available in Pengerang Deepwater Terminals for future expansion opportunities. BUY with RM2.21 TP. – Maybank Investment Bank, Feb 12