25/03/2026

BIZ & FINANCE WEDNESDAY | MAR 25, 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

Measat widens coverage to Nepal via Angel TV Namaskar KUALA LUMPUR: Measat Global Bhd, Malaysia’s premier spacetech provider, is providing satellite broadcasting services for Angel TV Namaskar, a new HD Nepali language channel via the Measat-3d satellite. The channel, which primarily caters to the Nepal market, is part of the Angel TV Networks group. This partnership leverages Measat’s extensive reach to deliver high-quality content to viewers across the region, further strengthening the network’s international presence. “We are pleased to partner with Angel TV Networks for the launch of Angel TV Namaskar. Leveraging our cutting-edge Measat-3d satellite at the prime 91.5°E orbital hotslot, Measat remains the preferred satellite solutions provider for South Asia and a natural choice for reaching audiences in Nepal,“ Measat chief commercial officer Ganendra Selvaraj said. “The addition of Angel TV Namaskar further diversifies the ever-growing bouquet of channels served by our video neighbourhood, reinforcing the enduring relevance of satellite broadcasting in a fast-evolving content distribution landscape,” he said. Angel TV Networks chief operations officer Subash Raja said that by choosing the Measat-3d satellite to support HD broadcasting of Angel TV Namaskar, the network is ensuring that its audience enjoys a premium viewing experience that resonates with Nepal’s unique cultural landscape. “There is significant demand for lifestyle and entertainment content in the region, and we are pleased to contribute a new supply of constructive, family-friendly content for viewers,” he said.

THE ringgit ended lower against the US dollar and other currencies yesterday as uncertainties surrounding the escalating war involving the US-Israel and Iran weighed on market sentiment. At 6pm, the local currency eased to 3.9530/9585 against the greenback from Thursday’s close of 3.9330/9415. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the market is looking for signs of de-escalation in the conflict, but so far this appears to be just “wishful thinking”. US President Donald Trump has indicated significant progress in talks with Iran, but markets remain unconvinced, especially as Iranian officials have reportedly denied any such developments. “It is learnt that Pakistan is making an effort to mediate talks between the US and Iran. It remains to be seen how the effort could yield the desired effect. “The US dollar-ringgit pair is currently hovering around RM3.9575, depreciating by 0.51%. Hence, the financial effect is likely to stay defensive in the immediate terms,“ he told Bernama. At the close, the ringgit fell against a basket of other major currencies. It eased versus the Japanese yen to 2.4916/4954 from 2.4716/4771 at Thursday’s close, edged down against the British pound to 5.2982/3056 from 5.2246/2359, and retreated vis-à-vis the euro to 4.5835/5899 from 4.5139/5237, previously. The local currency also trended lower against Asean currencies. It depreciated against the Singapore dollar to 3.0909/0955 from 3.0671/0740, slipped versus the Thai baht to 12.1373/1613 from 11.9872/12.0204, declined against the Indonesian rupiah to 233.9/234.3 from 231.4/232.0 at Thursday’s close, and weakened versus the Philippine peso to 6.59/6.61 from 6.54/6.56 previously. Ringgit ends weaker against dollar, other major currencies

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0050 2.8080 3.1300 2.9050 4.6350 2.3420 3.1300 5.3610 5.1040 3.3270 58.4100 63.5900 51.5000 4.3800 0.0246 2.5390 42.0500 1.4900 6.7500 110.4000 107.4300 24.4900 1.3400 44.0300 12.8200 109.9500 N/A

3.8540 2.6900 3.0270 2.8200 4.4780 2.2530 3.0270 5.1830 4.8760 3.0820 55.8500 58.4200 48.8600 4.0600 0.0217 2.4190 38.6000 1.3300 6.3400 104.8000 101.9900 22.1000 1.1700 40.0300 11.3500 104.1000 N/A

3.8440 2.674 3.0190 2.8080 4.4580 2.2370 3.0190 5.1630 4.8610 103.900 2.8820 58.2200 48.660 3.8600 0.0167 2.4090 38.4000 1.1300 6.1400 104.600 101.7900 21.9000 0.9700 39.830 10.9500 N/A N/

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

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

Yinson Holdings Buy. Target price: RM3.83

Auto & Autoparts Neutral

Plantation Neutral

March 24, 2026: RM2.33

Source: Bloomberg

Source: Bloomberg, RHB

Source: MAA, RHB

IN terms of funding, even if assuming no funds were carried forward from 2025, at the current POGO spread of US$11/bbl, there will be enough funds to implement B50 currently. The Indonesian government is currently considering an earlier rollout of B45/B50, with implementation potentially carried out in phases across sectors. This is of course, assuming the automotive testing (which will be completed by June) and trials for train engines (which will complete in August) are successful. Capacity of biodiesel in Indonesia is enough for B50. Current Indonesian biodiesel capacity is 22.05m kL/year, with no major additions planned for 2026-2027. Should the mandate rise to B45, utilisation would rise to 82% (from 71% in 2025) and if it rises to B50, utilisation would rise to 91%. One of the other key considerations would be the new diesel supply coming from Pertamina’s upgraded Balikpapan Refinery complex – which has a capacity of 360kbpd – with diesel comprising 43%. In line with the Indonesian government’s decision to stop issuing permits for diesel imports starting from 2H’26 onwards, Indonesia will now need to shift its reliance to locally produced diesel. With the new refinery, locally produced diesel and B40 biodiesel should be enough to meet Indonesia’s needs. As such, should the government increase the biodiesel mandate to B50, this would reduce the utilisation of Pertamina’s new plant (which cost US$7.4 billion). The government would therefore need to balance between the desire to reduce its import trade bill (as Pertamina’s refinery would still need to import gas oil as raw material) and ensuring Pertamina’s new plant runs profitably. – RHB Research, March 24

YINSON Holdings Bhd is a global energy infrastructure company, listed on the Main Market of Bursa Malaysia Securities Bhd. They are a diversified global group recognised for its leadership position in sustainability, with key businesses in offshore energy, renewable energy and green technologies. The group aims to be a global energy solutions provider that is known for being reliable, open, adaptable, decisive, and sustainable. Yinson’s FY26 revenue declined 28% YoY to RM5.4 billion, mainly due to lower EPCIC contribution following the commencement of charter periods for FPSO Maria Quitéria (Q3’25), FPSO Agogo (Q4’25), and FPSO Atlanta (Q3’26) – in line with construction progress. Consequently, core net profit fell 13% YoY to RM659 million, further weighed by higher administrative expenses as the group transitioned from a capex-intensive EPCIC to an operational phase. We remain constructive on Yinson’s medium-term outlook, underpinned by a growing base of recurring FPSO charter income and a strong US$19.5 billion backlog providing long-term earnings visibility. While reported earnings may remain volatile due to FX and mark-to-market movements, underlying profitability is expected to strengthen further with full-year contributions from Agogo from FY27 onward. Balance sheet risk continues to improve with rising non-recourse debt and adequate liquidity to support new project wins, although the timing of FPSO awards and corporate exercises remain key uncertainties. Key risks include inability to win new jobs and contract terminations. BUY with RM3.83 TP. – RHB Research, March 24

TIV for February declined to 52,414 units (-19% MoM, -20% YoY), largely within our 2026 (14% of the full-year estimate). The MoM decrease was expected, given the shorter working days and Chinese New Year festivity. The decline was mainly due to Proton (-32% MoM), Perodua (-10% MoM) and Chery (-27% MoM). Meanwhile, non-national marques like Toyota and Honda showed a slight increase of +3%/+5% MoM. On the EV front, Proton maintained the top-selling brand in February. Based on Road Transport Department (JPJ) figures, which include non-MAA members, Proton led registrations with 1,802 units (-45% MoM), followed by BYD at 469 units (-49% MoM) and Chery (-35% MoM). Total EV registrations fell 42% MoM to 3,635 units during the month, making up 7.9% of total registrations (2025: 5.1%). Going forward, EV demand should skew more towards CKD models (eg: Proton and Perodua), which will continue to benefit from tax incentives until end-2027. Perodua, meanwhile, registered only one EV in Feb 2026 (vs nil in Jan), likely reflecting its higher pricing compared to Proton’s e.MAS 5. March TIV likely to soften, dragged by fewer working days due to the festive season. We also remain cautious on demand, as sentiment could turn more subdued amid rising crude oil prices (>US$110/bbl). Recently, the government increased petrol and diesel subsidy to RM3.2 billion/month, up from RM700 million to keep the prices fixed at RM1.99 and RM2.15/litre, with petroleum supplies to last until May 2026. Additionally, a prolonged war could also lift logistics costs for CBU vehicles, driven by higher fuel prices and potential rerouting of shipping lanes. – RHB Research, March 24