05/03/2026

BIZ & FINANCE THURSDAY | MAR 5, 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

Gold Li signs underwriting deal ahead of ACE IPO KUALA LUMPUR: Property developer Gold Li Holdings Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its upcoming listing on the ACE Market of Bursa Malaysia. According to its prospectus, the IPO will involve the issuance of 117 million new shares and an offer for sale of 36 million existing shares. Together, these represent 25.5% of the group’s enlarged issued share capital of 600 million shares upon listing. Of the new shares, 30 million will be made available to the Malaysian public, while six million shares are set aside for eligible directors, employees and contributors to the group. Another 42 million shares will be placed out to selected investors, with 39 million reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). The offer for sale of 36 million existing shares will also be placed out to Miti-approved Bumiputera investors. Under the agreement, M&A Securities will underwrite 36 million shares allocated to the Malaysian public and eligible persons, while the remaining shares will be placed out to investors via private placements. Gold Li, which focuses on landed residential developments, has been operating since 1999. The group’s projects are mainly concentrated in Johor particularly in Muar, Tangkak and Batu Pahat. One of its distinguishing features is its integrated business model, where it acts as the main contractor for its own developments. This allows the company to maintain closer control over construction quality, timelines and costs.

KUALA LUMPUR: EXSIM Hospitality Bhd (EHB) has forged a strategic hospitality partnership with Majestic Gen Group (Majestic Gen), targeting over 3,000 keys across Malaysia in four years. Under the partnership, EHB’s hospitality brand – Mana Mana Holdings Sdn Bhd (Mana Mana Hospitality) will be appointed as the hospitality operator for selected developments within Majestic Gen’s nationwide landbank, forming part of a projected pipeline. Mana Mana Hospitality specialises in the management and optimisation of accommodation assets, delivering integrated operating solutions across short-term rentals (STR), lifestyle resorts, and full-service hotels. EHB executive director Paramjit Singh said with a projected pipeline exceeding 3,000 keys, the collaboration strengthens the company’s earnings visibility. “Internally, we already have visibility of about 5,000, 6,000 keys, and another 3,000 (keys) from the Majestic side gives us a decent visibility in achieving our target over the next four to five years to hit about 10,000 keys. With that, I believe that it will provide earnings visibility for the group over the short to medium term,” he told the media in a press conference after the signing ceremony between EHB and Majestic Gen Sdn Bhd. Mana Mana Hospitality managing director Debbie Leow said the partnership validates the strength and scalability of Mana Mana Hospitality’s operator model. “Leverage on Majestic Gen’s diversified landbank alongside Mana Mana Hospitality’s operation excellence to scale up nationwide infrastructure in a visible manner,” she added. – Bernama Exsim Hospitality, Majestic Gen target 3,000 keys in four years

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0135 2.8250 3.1350 2.9250 4.6490 2.3640 3.1350 5.3440 5.1540 3.3320 58.3700 63.7900 51.8000 4.4400 0.0248 2.5620 42.4600 1.4900 6.9500 110.9400 107.7800 25.1100 1.3600 44.5200 13.2200 110.2100 N/A

3.8685 2.7110 3.0370 2.8440 4.4990 2.2770 3.0370 5.1740 4.9360

3.8585 2.6950 3.0290 2.8320 4.4790 2.2610 3.0290 5.1540 4.9210

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

104.4700 3.1140 55.9000 58.6900 49.2200

104.2700 2.9140 58.4900 49.0200 3.9300 0.0169 2.4340 38.8600 1.1300 6.3400 105.1200 102.1200 22.4800 0.9900 40.3400 11.3300 N/A N/A

4.1300 0.0219 2.4440

N/A

39.0600 1.3300 6.5400 105.3200 102.3200 22.6800 1.1900 40.5400 11.7300

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

MN Holdings Bhd Buy. Target price: RM2.39

Gamuda Bhd Buy. Target price: RM6.26

Cnergenz Bhd Buy. Target price: RM0.55

March 4, 2026: RM1.61

March 4, 2026: RM4.13

March 4, 2026: RM0.42

Source: Maybank Investment Bank

Source: Bloomberg

Source: Bloomberg

WITH GAM’s balance orderbook estimated at RM45 billion at end CY25, it would need at least RM20-25 billion worth of new job wins (with an assumed monthly burn rate of RM1.3 billion) to achieve its targeted orderbook of RM50-55 billion by end CY26. Anticipated potential wins by end CY26 include: i) The Sabah water supply scheme (estimated at RM3-4 billion), ii) Direct Sunshine Coast Rail Line in Queensland (total value estimated at A$5.5-7 billion; GAM’s effective share is unknown), and iii) the Hunter Transmission project (transmission line packages). GAM was recently selected as the preferred bidder by Edify Energy for two solar and battery energy storage system (BESS) projects in Queensland – the Smokey Creek and Guthrie’s Gap project (720MWp solar and 600MW BESS) and the Ganymirra and Majors Creek project (360MWp solar and 300MW BESS). We estimate that these jobs would be worth at least RM3 billion in total, and should help fill the gaps from any delays in early contractor involvement works related to pump hydro projects, which usually take longer to be converted into full-fledged contracts. GAM was also shortlisted via a consortium to operate and maintain Melbourne’s train network. Data centres (DC) likely to make up 10-15% of GAM’s total orderbook in the next few years. We think DC jobs will continue being a meaningful domestic contributor to the orderbook with an 8-10% composition in the group’s total orderbook as of end CY25 as per our estimates. DC build-ups are expected to remain in demand with Microsoft’s Southeast Asia Region 3 in Nov 2025, which likely spans c.370 acres of land in Johor, in our view. BUY with RM6.26 TP. – RHB Research, March 4

MN HOLDINGS Bhdengages in the provision of infrastructure utilities, construction services, and solutions. Outstanding orderbook stood at RM861.3 million as at Dec 25, comprising TNB (41%), data centre (DC) (39%), water sewerage (2%), solar (4%), and other industries (12%). Following the strong Q2’26 earnings, we expect a slight sequential dip in Q3’26 earnings due to near completion of several on-going DC projects, while new projects still remain at early stage of recognition, which we expect to see a more meaningful ramp up in Q4’26. Tenderbook momentum remain strong at RM2.9 billion (+185.6% QoQ), primarily driven by TNB (49%) and DC (25%) tenders. We understand that the new TNB tenders are primarily related to high voltage (132-275kV) substation EPCC and extension projects, which partially are planned to accommodate the new TNB gas power plant project (link). MNH is also actively exploring for opportunities to tender for 500kV substation project as the group look to further enhance its track record in executing high-voltage grid infrastructure projects. On the DC front, tender prospects remain robust with near term visibility supported by key existing clients (Customer A and E), while management expect a major US hyperscaler to call for new tenders in Q2’26. We understand that MNH’s key existing clients are targeting to finalise several tenders collectively worth RM600 million in Q1’26 to support their upcoming expansion pipeline. Given MNH’s established track record with these clients, we believe the company stands a strong chance of securing a meaningful portion of these contracts. BUY with RM2.39 TP. – Maybank Investment Bank, March 4

INTHE first two months of FY26, the group secured new orders exceeding 40% of FY25 revenue (>RM45 million), driven mainly by artificial intelligence (AI) and AI-infrastructure projects, machinery, full-line turnkey surface mount technology (SMT), and smart manufacturing solutions. As at end-FY25, the unbilled orderbook stood at RM26.6 million (cover ratio: 0.23x), which management expects to be fully recognised in Q1’26. Around half of this relates to integrated solutions order, with revenue recognition commencing from Q1’26 onwards – supporting meaningful net margin normalisation toward historical levels (FY24: 8.9%). Original design manufacturer (ODM)/original equipment manufacturer (OEM) revenue commenced in Q4’25 at RM4 million and is expected to scale further in Q1’26. Notably, the >40% YTD orderbook excludes ODM/OEM (Xlent), implying additional upside to current order visibility as ODM/OEM orders are booked progressively. AI tester-related ODM projects are expected to enter mass production in Q2’26, with initial customer demand of two units per week, implying annualised volumes of up to 100 units. Besides this, discussions with two additional customers (from Belgium and US) are ongoing. The tender pipeline remains robust at RM100 million, with several projects secured and additional opportunities in advanced negotiation stages. Projects span across Southeast Asia, driven primarily by electronics manufacturing services customers. Management expects to close additional projects by Q1’26 and confirmed existing capacity is sufficient to support near-term growth, with the new plant plan remaining on track with a 2H’27 completion target. BUY with RM0.55 TP. – RHB Research, March 4