27/02/2026

BIZ & FINANCE FRIDAY | FEB 27, 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

Anwar: Google’s US$2b project on track, exceeds expectations KUALA LUMPUR: The progress of Google’s US$2 billion (RM7.8 billion) investment in Malaysia is advancing strongly and exceeding initial expectations, Prime Minister Datuk Seri Anwar Ibrahim said. Anwar said this in a Facebook post after holding a video conference this morning with Alphabet and Google president and chief investment officer Ruth Porat and her team. “I assured them that the government remains consistent in facilitating and supporting announced investments by the multinational technology corporation,” he said. He added that the discussion focused on the progress of Google’s US$2 billion investment in Malaysia, announced in May 2024. Anwar said the investment reflects continued confidence in Malaysia’s digital economy ecosystem and aligns with the nation’s aspiration to position the country as a regional hub for secure data flows, cloud computing and artificial intelligence innovation, while strengthening its competitiveness in the digital and technology-driven economy. “This investment covers the development and operation of Google’s first data centre and cloud services infrastructure in Malaysia, marking a significant milestone in strengthening the country’s digital ecosystem and technological capabilities. Once operational, it is expected to generate an economic impact of US$3.2 billion and create 26,500 jobs by 2030,” he said. In 2024, Google announced its RM9.4 billion investment commitment in Malaysia, which includes the development of its first data centre and a Google Cloud region to meet growing demand for cloud services locally and globally, as well as an AI literacy programme for students and educators in the country. – Bernama

THE ringgit closed higher against the US dollar yesterday amid uncertainty over US tariff policy and US-Iran talks. At 6pm, the ringgit rose to 3.8865/8925 versus the greenback from Wednesday’s close of 3.8900/8955. US Trade Representative Jamieson Greer was reported to say that the US tariff rate for some countries will increase to 15% or higher from 10%. However, he did not name any specific trading partner. Meanwhile, US and Iranian officials are in Geneva, Switzerland, today for a third round of indirect nuclear talks. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said event risk related to the US-Iran nuclear talks is something that market players would pay close attention to. “Traders seem indecisive now and it appears that the ringgit is forming its base level around RM3.88 to RM3.89 (to the US dollar), which is closer to its immediate support level of RM3.8722,” he told Bernama. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose versus the euro to 4.5853/5924 from 4.5855/5920 at Wednesday’s close and edged up vis-a-vis the British pound to 5.2573/2654 from 5.2585/2659 on Wednesday. The local note traded mostly lower against its Asean peers. The ringgit was edged down versus the Singapore dollar to 3.0755/0805 from 3.0736/0782 at Wednesday’s close, slipped against the Indonesian rupiah to 231.9/232.3 from 231.5/231.9 on Wednesday, and weakened vis-a-vis the Thai baht to 12.5169/5435 from 12.5121/5374 previously. Ringgit higher against dollar on US tariff, Iran uncertainty

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

3.9550 2.8250 3.1230 2.8820 4.6640 2.3740 3.1230 5.3520 5.1400 3.2990 57.7600 63.9900 50.9500 4.4300 0.0246 2.5480 42.3800 1.4700 6.9600 109.3400 106.2200 25.7700 1.3400 45.0900 13.2600 108.5800 N/A

3.8090 2.7090 3.0240 2.8010 4.5110 2.2860 3.0240 5.1800 4.9200 3.0590 55.3100 58.8600 48.4000 4.1200 0.0217 2.4300 38.9600 1.3100 6.5400 103.8000 100.8400 23.2700 1.1700 41.0500 11.7600 102.9100 N/A

3.7990 2.6930 3.0160 2.7890 4.4910 2.2700 3.016 5.1600 4.9050

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

102.7100

2.8590

N/A

58.6600 48.2000 3.9200 0.0167 2.4200 38.7600 1.1100 6.3400 103.6000 100.6400 23.0700 0.9700 40.8500 11.3600 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

WCT Holdings Bhd Neutral. Target price: RM0.59

Wasco Bhd Neutral. Target price: RM1.03

LBS Bina Group Bhd Outperform. Target price: RM0.67

Feb 26, 2026: RM0.985

Feb 26, 2026: RM0.445

Feb 26, 2026: RM0.545

Source: PublicInvest Research

Source: PublicInvest Research

Source: PublicInvest Research

ENERGY Services segment margin improved for the second consecutive quarter, expanding to 13.2% in Q4’25. Margin rose 6.0ppts QoQ, driven by a more favourable project mix, skewed into higher margin execution phases, lifting segment profitability by 82.9%. This was in tandem with energy transition and green projects increasing to 51% of the order book in Q4’25 (vs 35% in Q3’25 and 24% in Q2’25), reflecting a greater contribution from engineering heavy works. Net cash position of RM49.2 million. Management clarified that the current net cash position is not intended to be structural given the project based nature of the business, where working capital cycles and investment requirements can fluctuate. Instead, the stronger balance sheet enhances financial flexibility to support growth opportunities, fund capex and selectively pursue investments, while maintaining a sustainable dividend policy, as evidenced by the 7 sen total dividend declared for FY25. Prospects into FY26 remain supported by a RM2.8 billion order book and a sizeable RM12–13 billion tender book, providing earnings visibility despite the cyclical nature of project execution. Management highlighted continued activity across engineering modules, substations, FPSO related works and pipeline services in Malaysia and Qatar, while maintaining disciplined project selection to preserve margin. We raise our FY26/FY27 earnings by 45% to reflect stronger execution momentum but revise our valuation multiple downward to 6.1x P/E (from 8.1x previously), reverting to its 4-year historical mean to account for earnings volatility and potential downside risk should margins normalise. Neutral with RM1.03 TP.– PublicInvest Research, Feb 26

Q4’25 revenue declined 14.2% YoY to RM465.4 million, mainly due to weakness in the engineering & construction (E&C) segment (-39.9% YoY) as several projects had reached advanced stages of completion and lower share of revenue from the property investment and management (PIM) segment (-27.4% YoY) resulted from reduced ownership of the retail malls following the listing of its Paradigm REIT. However, this was partially offset by the property development (PD) segment, whose revenue increased 59.1% to RM209.8 million, driven by higher sales and billings. Q4’25 net profit tumbled 82.6% YoY RM10 million, mainly attributable to lower contribution from the PIM segment due to the absence of fair value gain on investment property and reversal of deferred tax for malls in the preceding year’s corresponding quarter. This was somewhat offset by better performance in the E&C and PD segments. The E&C operating loss narrowed from RM53.7 million to RM8.3 million, driven by continued implementation of enhanced project monitoring and cost control measures. The PD segment posted operating profit of RM32.8 million compared with an operating loss of RM0.1 million in Q4’24 due to higher sales and billings. The group’s outstanding construction order book is estimated at RM2.1 billion. However, its property sales have underperformed, with YTD sale of RM599 million representing only 55% of its full-year sale target of RM1.1 billion. While the construction orderbook is healthy, future earnings hinge on improving project execution, as the group’s current profit margins are well below industry average. Neutral with RM0.59 TP.– PublicInvest Research, Feb 26

GROUP revenue rose 8% YoY to RM1.55 billion, underpinned by higher revenue contribution from the Property Development segment. Group PAT from continuing operations increased 27% YoY to RM137.9 million in FY25, mainly due to a one-off foreign exchange loss arising from the intra-group loan settlement in Q4’24, resulting from the disposal of Lamdeal Investment Ltd. Property development continued to be the largest revenue contributor to the group, accounting for 94% of its total revenue in FY25. The segment recorded revenue growth of 6.6% YoY to RM1.46 billion, driven mainly by the group’s top-contributing Klang Valley projects, such as Alam Perdana Industrial Park and Pangsapuri KITA Sejati. The group secured RM1.4 billion in pre-sales in FY26, which dipped slightly by 2% YoY from FY25 (annual sales of RM1.42 billion), or to about 93% of its FY25 sales target of RM1.5 billion, as projected launches in FY25 were also lower than expected, at only RM1.12 billion of launched GDV (against initial planned launches worth RM2.16 billion in FY25). To recap, the group has a 3-year 8 x 8 strategy to be implemented from FY25 to FY27, during which, pipeline of projects with total GDV of RM8 billion is expected to be launched. As such, we believe that its launches could be ramped up in the next two years. Separately, it has about RM316 million in bookings as at Feb 2026 and group pre-sales in Q4’25 were predominantly from the Klang Valley (72%), while Johor and Pahang contributed 20% and 8%, respectively. Unbilled sales were steady at RM1.3 billion in Q4’25 and appear to be bottoming out from RM2.46 billion achieved in FY22. Outperform with RM0.67 TP. – PublicInvest Research, Feb 26