24/02/2026

BIZ & FINANCE TUESDAY | FEB 24, 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

GUH Holdings returns to profit with RM66m in FY2025 KUALA LUMPUR: GUH Holdings Bhd has posted a net profit of RM66.45 million in the financial year (FY2025) ending Dec 31, 2025, compared to a net loss of RM16.81 million in the same period a year ago. In a Bursa Malaysia filing yesterday, the electronic circuit board maker said the performance was due to gains on the disposal of state-owned land use rights in the Suzhou High-Tech Zone, China, partly offset by lower contributions from the properties division and utilities division. However, its revenue contracted to RM213.1 million in FY2025 compared to RM247.08 million in FY2024. In the fourth quarter (4Q) of FY2025, the company recorded a net profit of RM77.08 million, versus a net loss of RM14.4 million previously. Revenue dropped to RM49.25 million in 4Q FY2025 compared to RM61.44 million in the same period previously. On prospect, the group said 2026 will be an uncertain year for the electronic divisions, due to ongoing global uncertainties, including changes in global tariff measures, a weaker US dollar and higher commodity prices. The group plans to continue expanding its global customer base, developing new products and enhancing product innovation to optimise business potential in a dynamic operating environment. “The properties division had recently launched a new project in the northern region and will continue to focus on several ongoing projects in the central region to enhance the division’s performance. “The utilities division foresees 2026 will be a challenging year, as the market conditions remain competitive,” it said. – Bernama

THE ringgit closed higher against the US dollar yesterday, staying at the 3.88 level since opening trade after the Supreme Court struck down a large part of President Donald Trump’s tariff policy last Friday. At 6pm, the ringgit strengthened to 3.8885/8925 versus the greenback from last Friday’s close of 3.8995/9055. Earlier in the session, the ringgit touched an eight-year high at the opening, rising to 3.8835/9065 – a level last seen on Feb 2, 2018. Bank Muamalat Malaysia Bhd’s chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama the ringgit continued to maintain its strong performance following the latest developments on the US tariff policy. “It’s a sigh of relief to the global economy, although the Trump administration has maintained its protectionist posture,” he said. The USD/MYR is currently hovering around its technical support level at RM3.8722 after breaching the psychological level of RM3.9000. At the close, the ringgit traded lower against a basket of major currencies. It slid versus the Japanese yen to 2.5120/5147 from 2.5092/5132 at last Friday’s close, weakened against the euro to 4.5888/5935 from 4.5882/5952, and edged down vis-a-vis the British pound to 5.2526/2580 from 5.2511/2591 previously. The ringgit was down marginally versus the Singapore dollar to 3.0727/0761 from 3.0724/0774 at last Friday’s close, dipped versus the Thai baht to 12.5342/5532 from 12.4952/5216, retreated against the Indonesian rupiah to 231.4/231.7 from 230.8/231.3, and fell against the Philippine peso to 6.75/6.76 from 6.70/6.72 previously. Ringgit firmer vs US dollar after court ruling on tariffs

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

3.9590 2.8170 3.1240 2.8890 4.6740 2.3770 3.1240 5.3450 5.1500

3.8120 2.7020 3.0240 2.8070 4.5200 2.2880 3.0240 5.1710 4.9270

3.8020 2.6860 3.0160 2.7950 4.5000 2.2720 3.0160 5.1510 4.9120

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

108.7000

102.9900

102.7900 2.8610 58.7800 48.2600 3.9200 0.0166 2.4500 39.0100 1.1100 6.2900 103.6700 100.7200 22.8700 0.9700 40.9000 11.3800 N/A N/A

3.3020

3.0610

N/A

N/A

64.1300 51.0300 4.4400 0.0245 2.5800 42.6700 1.4700 6.9000 109.4200 106.3100 25.5600 1.3400 45.1700 13.3000 N/A

58.9800 48.4600 4.1200 0.0216 2.4600 39.2100 1.3100 6.4900 103.8700 100.9200 23.0700 1.1700 41.1000 11.7800 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

Inta Bina Bhd Buy. Target price: RM0.76

Coastal Contracts Bhd Buy. Target price: RM2.21

Keyfield International Bhd Hold. Target price: RM1.70

Feb 23, 2026: RM0.425

Feb 23, 2026: RM1.35

Feb 23, 2026: RM1.53

Source: Bloomberg, TA Research

Source: Bloomberg, TA Research

Source: Bloomberg, RHB Research

COASTAL Contracts Bhd announced that its Mexican JV, Coastoil Dynamic S.A. de C.V. (CODY), together with consortium partners and Petroleos Mexicanos (PEMEX), has executed an addendum to the EPC contract for the gas sweetening plant, separation plant and related infrastructure at the Ixachi Field, Mexico. Under the contract structure, PEMEX is required to establish a trust account – funded by proceeds from hydrocarbon sales from Ixachi Field – to facilitate payment for the works and gas sweetening services. The Effective Date of the contract is defined as the first business day immediately following the establishment of this trust account. Pursuant to the addendum, the timeframe for PEMEX to establish the trust account has been revised from 30 business days to 55 business days from the signing date, now falling due on 12 March 2026. There are no changes to the scope of works, contract structure or payment mechanism. We view the trust account extension as procedural in nature rather than indicative of contract risk, with no changes to scope or commercial structure. While the Effective Date – and hence revenue recognition – may be marginally deferred, we do not see this as a structural setback. Importantly, the 2nd Papan plant timeline remains intact, with first gas still targeted in 4Q2026. This suggests execution momentum is preserved despite the timeline adjustment. Ixachi Field continues to underpin Coastal’s overseas growth strategy and strengthens its long-term positioning with PEMEX. We leave our forecasts unchanged as there are no revisions to contract value, scope or tenure. While the Effective Date may be slightly deferred, we expect earnings contribution to remain intact. Maintain Buy and RM2.21 TP. – TA Research, Feb 23

INTA Bina is expected to release its 4Q25 results on Feb 25. We expect its 4Q25 core earnings to be RM7-11m, which translates to a YoY growth of between -15% and 33%. We envision INTA’s 4Q25 earnings growth to come mainly from its property development arm, which contributed 13% of the total revenue in 3Q25. We view better progress billings from its Senuri Residences project (GDV: RM205m), which reached 100% take-up for its open market units. INTA’s FY25 new job wins reached RM865.2m vs our initial assumption of a RM1.1bn job replenishment target for the same year. In our view, the lower-than-expected job replenishment level in FY25 may have been due to slower launches by property developers that were likely in a wait-and-see mode following the expansion of the Sales and Services Tax (SST). Nonetheless, it has been made clear that construction of residential buildings within a mixed development project is exempted from service tax. Therefore, we foresee delayed launches likely being carried forward to CY26 - potentially entailing tenders for residential projects. INTA’s outstanding orderbook of RM1.8bn as of end-Sep 2025 translates into a orderbook-to-revenue cover ratio of 2.8x based on FY24 construction revenue. The company has a tenderbook worth RM4.5bn as of 15 Sep 2025, with prospects backed by commendable project launches of renowned developers in the Klang Valley such as Sime Darby Property and Eco World. The stock is trading at a 6x FY26F P/E - a discount to the Bursa Malaysia Construction Index’s five-year mean P/E of 14x. We view this to be unjustified due to INTA’s steady track record of job replenishment trends (estimated at RM1bn for FY26-27F) along with its upcoming property projects with a potential GDV of RM500m. Keep BUY with new RM0.76 TP. – RHB Research, Feb 23

KEYFIELD International Bhd announced the successful disposal of Keyfield Compassion, a DP2 accommodation workboat, by its wholly-owned subsidiary Keyfield Resolute Sdn Bhd for a total cash consideration of USD36.8mn. The disposal has been fully completed, with full proceeds received and vessel delivery effected on 20 February 2026. Following the initial announcement on 17 November 2025, the parties executed two addenda to the Memorandum of Agreement (MOA). Addendum No.1 (14 January 2026) extended the cancellation date to 15 February 2026 and set the delivery location at Labuan or mutually agreed port. Addendum No.2 (13 February 2026) further extended the cancellation date to 25 February 2026, subject to escrow deposit of the 90% balance purchase consideration. The final disposal consideration remained unchanged at USD36.8m and was fully cash-settled. We view the update as completion-focused, with financial impact now crystallised following full cash receipt. Based on our estimates, the disposal could generate a net gain of c.RM75– 77mn. While the group was already operating at minimal leverage, we expect the disposal to move Keyfield firmly into a net cash position, materially strengthening its liquidity buffer and enhancing capital allocation flexibility. Proceeds are expected to be redeployed towards future fleet expansion, while part of the gains may be channelled to shareholders. Given the stronger post disposal cash position, we see scope for a higher-than-expected payout in FY26F, with dividend yield potentially exceeding 5%, versus our earlier 4.5% assumption, subject to board approval. We downgrade our recommendation from BUY to HOLD while maintaining RM1.70 TP. – TA Research, Feb 23