20/03/2026

BIZ & FINANCE FRIDAY | MAR 20, 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

Intel’s RM30b investment seen as pivotal growth catalyst KUALA LUMPUR: A RM30 billion investment by Intel Corporation in an advanced semiconductor packaging facility in Malaysia is being viewed as a pivotal catalyst for the next phase of growth in the nation’s chip industry, reflecting strong confidence in the country’s position within the global semiconductor supply chain, said the chairman of the Malaysian Investment Development Authority. The large-scale investment is expected not only to enhance Malaysia’s capabilities in high value semiconductor processes but also to attract further foreign direct investment, strengthen local ecosystems, and create high-skilled job opportunities. Tengku Zafrul Tengku Abdul Aziz said the initiative is set to surpass the significance of the cumulative RM49.3 billion investment made by the American multinational technology company in the country over more than five decades, marking a new chapter in Malaysia’s long-standing partnership with Intel. “In 54 years in Malaysia, Intel has invested RM49.3 billion – and continues to grow. The current focus – a RM30 billion investment in an advanced semiconductor packaging facility that is nearly complete and expected to begin operations this year,” he wrote in a post on the X platform yesterday. Tengku Zafrul stressed that the priority now is to ensure Malaysia fully leverages the investment to expand a high-value industrial ecosystem.“This is not just an investment. This is about opportunities for our people – high-value jobs, future skills, and a role in the global chip industry,” he said. Malaysia now faces an important choice: whether to remain a technology consumer or emerge as a country capable of creating its own technology, he added. – Bernama

Ringgit eases after Fed keeps rates unchanged

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

THE ringgit eased against the US dollar at yesterday’s close following the US Federal Reserve’s (Fed) decision to keep interest rates unchanged, providing support to the greenback. The market in Malaysia will be closed on March 20 (Friday) and March 23 (Monday) for Hari Raya Aidilfitri. At 6pm, the local currency fell to 3.9330/9415 versus the greenback from Wednesday’s close of 3.9145/9205. SPI Asset Management managing partner Stephen Innes said the Fed’s perceived hawkish stance in holding interest rates steady has given the US dollar fresh momentum. “For now, the market sentiment is being dominated by higher US yields and a firmer greenback, not by Malaysia’s oil-linked equity cushion,” he told Bernama. The Fed announced its decision to keep interest rates unchanged, following a two-day monetary policy meeting. The ringgit was mostly firmer against a basket of other major currencies. It edged up against the British pound to 5.2246/2359 from 5.2290/2370 at Wednesday’s close, slightly higher vis-à-vis the euro at 4.5139/5237 from 4.5166/5235 on Wednesday, but it inched down versus the Japanese yen to 2.4716/4771 from 2.4627/4668. Meanwhile, the local currency traded mixed against Asean currencies. It strengthened versus the Thai baht to 11.9872/12.0204 from 12.0878/1130 at Wednesday’s close and appreciated against the Philippine peso to 6.54/6.56 from 6.57/6.59 on Wednesday. However, the ringgit was slightly softer against the Singapore dollar at 3.0671/0740 compared to 3.0668/0718 on Wednesday .

1 US DOLLAR

4.0050 2.8240 3.1140 2.9090 4.5850 2.3300 3.1140 5.3060 5.0750 3.3270 58.4800 62.9000 51.4800 4.3800 0.0246 2.5200 42.7300 1.4900 6.7900 110.4000 107.4900 24.3800 1.3500 43.8000 12.7100 109.9800 N/A

3.8580 2.7080 3.0150 2.8270 4.4340 2.2430 3.0150 5.1340 4.8560 3.0850 55.9800 57.8500 48.8900 4.0700 0.0217 2.4030 39.2700 1.3300 6.3900 104.8100 102.0400 22.0100 1.1800 39.8600 11.2700 104.2000 N/A

3.8480 2.6920 3.0070 2.8150 4.4140 2.2270 3.0070 5.1140 4.8410

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 1 EURO

104.0000

2.8850

N/A

57.6500 48.6900 3.8700 0.0167 2.3930 39.0700 1.1300 6.1900 104.6100 101.8400 21.8100 0.9800 39.6600 10.8700 N/A

100 INDIAN RUPEE

100 INDONESIAN RUPIAH

100 JAPANESE YEN

100 NEW TAIWAN DOLLAR 100 NORWEGIAN KRONE 100 PAKISTAN RUPEE 100 PHILIPPINE PESO

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

Integrated Oil & Gas Neutral

Kee Ming Group Bhd Buy. Target price: RM0.94

Binastra Corporation Bhd Buy. Target price: RM2.72

March 19, 2026: RM0.78

March 19, 2026: RM2.02

Source: Company data, RHB

Source: Bloomberg

Source: Maybank Investment Bank

BINASTRA Corporation announced that it secured a RM316.5 million contract from HCK Capital Group to complete Phase 1 of a mixed development called Subang Sentral (formerly known as Remix 1) in Subang Jaya. This is BNASTRA’s second job in FY27 (Jan) and marks the first job secured from HCK. The latest job win brings BNASTRA’s outstanding orderbook to RM7.1 billion which translates into a revenue-to-orderbook cover ratio of 7.5x based on FY25 revenue. The group’s YTD-FY27 wins stand at RM819.5 million vs our FY27 job replenishment target of RM3 billion. We believe BNASTRA is gradually making inroads to new clients with commendable prospects. In FY26, the group secured a new client CPI Land for the Tuan Heritag3 project in Kuala Lumpur. For CY26, CPI Land is looking to launch three new projects with a combined GDV of RM2.4 billion. The first launch is the fourth collection of its signature Tuan series called Tuan Straits Residency in Salak Selatan, Selangor. At the same time, CPI Land is working on a landed residential project in Taman Selayang Mulia, as well as its first development in Johor. Recall that BNASTRA has also secured RM2.5 billion worth of its own projects in Johor and is therefore not a stranger to the state. We envisage residential property demand to still be fairly strong in the Klang Valley. The Department of Statistics Malaysia reported that the population density has increased to 8,546/sq km in CY25 from 8,080/sq km in CY22 which may benefit BNASTRA. BUY with RM2.72 TP. – RHB Research, March 19

ACROSS our coverage universe, nine companies reported Q4’25 results, with the overall performance largely in line with expectations. Two exceeded estimates – Malaysia Marine & Heavy Engineering and Wasco – supported by improved execution and earlier project recognition. Two – Bumi Armada and Petronas Chemicals – came in below expectations due to weaker contributions and ongoing margins pressure. Overall, we view the earnings season as reflecting a stable operating environment rather than signalling a meaningful upcycle. Our base case assumes the current conflict in the Middle East will be resolved within 4-6 weeks from the escalation, with petrochemical markets remaining tight for an additional 2 months due to supply chain lags. This should support near-term earnings across the sector, driven by elevated Brent crude oil and petrochemical prices. However, if the conflict becomes more protracted, crude oil and petrochemical prices could remain elevated or increase further, extending the duration of tighter supply conditions and supporting earnings for longer. Segmental performance softened in FY25, with upstream still anchoring group earnings. Upstream remained Petronas’ key earnings pillar, contributing the bulk of group profit, although its PAT declined 25% YoY to RM26.2 billion – in line with weaker realised prices and lower production-related revenue. Petronas’ FY25 capex declined 23% YoY to RM41.6 billion when compared with RM54.2 billion in FY24, and also came in below its RM50 billion annual capex target. – RHB Research, March 19

KM’S outstanding orderbook stood at RM176 million as at Dec 2025, providing a healthy 2.8x FY25 revenue cover ratio. We expect Q4’26 earnings to be primarily supported by the completion of its Valdor Industrial Park project with RM30.1 million remained unbilled. We believe this positions KM well on track to achieve >100% YoY core PAT growth for FY26, supported by orderbook expansion and new exposure to DC M&E and solar IF segments. KM replenishment prospects remain strongly supported by opportunities arising from solar IF, industrial, and DC M&E projects. We understand that KM’s DC M&E tenders are primarily anchored by 2 existing main contractors (1 local and 1 foreign), both of which predominantly serve US hyperscale and co-location DC clients, with project presence spanning across Klang Valley and Johor. We expect robust replenishment opportunities on solar IF projects to be supported by Solarvest’s 7-8 ongoing LSS5 and LSS5+ project pipeline. These IF project opportunities are expected to be collectively worth RM390-510 million over CY26-27. We also gathered KM is at an early stage of expanding its presence in TNB and Sarawak projects by collaborating with local JV partners to establish a track record in these segments. We believe successful penetration into these areas could further diversify KM’s project portfolio, enhancing its resilience across cycles and supporting longer-term earnings sustainability. We take this opportunity to raise our FY26-28 earnings forecast by 14-20% as we better reflect its project recognition timeline and EBITDA margin assumptions. BUY with RM0.94 TP. – Maybank Investment Bank, March 19