10/04/2026

BIZ & FINANCE FRIDAY | APR 10, 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

RHB steps up support for SMEs to strengthen resilience KUALA LUMPUR: RHB Bank Bhd is intensifying its support for the Small and Medium Enterprises (SMEs) sector through a comprehensive suite of financial assistance and sustainable financing solutions. This comes in light of the ongoing global energy crisis and the resulting rise in business costs, where businesses worldwide are facing heightened uncertainty and rising pressure from elevated energy prices, supply chain disruptions and tighter cash flows. Recognising the critical role SMEs play in driving economic resilience, RHB is proactively engaging affected customers to offer timely and targeted assistance. This includes fast-track processing under its Business Continuity Support measures, with tailored Financing Restructuring and Rescheduling options to help ease cash flow pressure. These measures allow businesses to adjust their repayment terms through extended tenures or revised instalment schedules. Group managing director cum group CEO Datuk Mohd Rashid Mohamad said, “Many SMEs are grappling with rising business costs amid ongoing global uncertainty particularly in areas such as energy, logistics and raw materials. Our role is to support them with practical, timely financial solutions that help them manage these pressures, strengthen resilience and enable them to continue operating competitively.” RHB is also working closely with various government agencies to roll out targeted relief and strategic financing solutions, supporting a coordinated national effort to cushion SMEs during this challenging period.

THE ringgit closed mostly higher against major currencies yesterday, but eased slightly against the US dollar amid concerns over the durability of the ceasefire between the US and Iran. At 6pm, the local note edged down to 3.9795/9845 against the greenback from 3.9735/9785 at Wednesday’s close. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Iran claimed there had been violations of the truce following Israel’s bombardment towards Lebanese territory. “Consequently, West Texas Intermediate (WTI) and Brent crude prices rose by around 3.47% and 3.63% to US$97.69 per barrel and US$98.19 per barrel, respectively. “As such, risk aversion persists, leading traders and investors to adopt a more defensive trading strategy,” he told Bernama. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the British pound to 5.3337/3404 compared with 5.3348/3415, and improved against the Japanese yen to 2.5028/5061 from 2.5071/5104, while it fell against the euro to 4.6457/6515 from 4.6407/6465, from Wednesday’s close. At the same time, the local currency traded mostly higher against Asean currencies. It was higher versus the Indonesian rupiah to 232.8/233.2 from 233.5/233.9, increased against the Thai baht to 12.3976/4201 from 12.4056/4282, and rose against the Philippine peso to 6.66/6.67 from 6.68/6.70. However, the ringgit was lower against the Singapore dollar, at 3.1204/1246, compared with 3.1155/1199 previously. Ringgit higher against major currencies, slips against dollar

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0575 2.8620 3.1750 2.9200 4.7230 2.3640 3.1750 5.4260 5.1460 3.3660 59.6400 64.7800 52.2000 4.4800 0.0249 2.5720 43.3600 1.5100 6.9000 112.1400 108.9500 25.5100 1.3500 44.7300 13.1800 111.4500 N/A

3.9095 2.7450 3.0730 2.8370 4.5660 2.2760 3.0730 5.2490 4.9220 3.1200 57.0700 59.5700 49.5600 4.1600 0.0220 2.4510 39.8500 1.3500 6.4900 106.4600 103.4300 23.0300 1.1800 40.7100 11.6800 105.5700 N/A

3.8995 2.7290 3.0650 2.8250 4.5460 2.2600 3.0650 5.2290 4.9070

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

105.3700

2.9200

N/A

59.3700 49.3600 3.9600 0.0170 2.4410 39.6500 1.1500 6.2900 106.2600 103.2300 22.8300 0.9800 40.5100 11.2800 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

ESG Malaysia CCPI 2026 Ranking

Malayan Cement Bhd Buy. Target price: RM9.80

Plantation Overweight

April 9, 2026: RM6.53

Source: Bloomberg

Source: GAPKI, MPOB, TA Research

Source: CCPI, TA Research

NEWCASTLE coal prices are now ranging at US$140/tonne level (+31% YTD), while Rotterdam’s is at US$120-130/tonne, bringing YTD-average prices to US$123/tonne. As coal makes up 20-30% of costs, higher prices could pressure margins. However, with about two months of current inventory levels, we expect the cost impact to be delayed – likely affecting earnings more from Q4’26 onwards. Trump just suspended Iran attacks for two weeks, subject to Strait of Hormuz full opening, bringing crude oil prices down by 15%. Given that coal and oil prices’ correlation has increased to +0.95 in YTD-2026 (+0.7 for the past five years), we are positive on this news as this will likely translate to easing coal prices by 10 14%, based on our estimates. Management guided current inventory will last until around May, which should cushion near-term impact. Additionally, while diesel prices almost doubled to RM6.02/litre (vs RM3.04 pre conflict), we highlight that fuel costs only make up 1-2% of LMC’s total costs, suggesting limited earnings sensitivity to diesel inflation. While cement prices have notably increased to RM24.40 per 50kg (+6% YoY), LMC has not yet increased its ASPs. We see this as a market share expansion strategy to maximise volume growth, particularly amid rising cost pressures for smaller players. Meanwhile, demand remains underpinned by major infrastructure projects, including Penang Light Rail Transit (RM5-6 billion job value), West Ipoh Span Expressway (RM5-6 billion job value), and Mass Rapid Transit 3 (RM34 billion job value) – to begin in CY27. BUY with RM9.80 TP. – RHB Research, April 9

IN the CCPI 2026 rankings, Malaysia trails several regional peers, including the Philippines, Vietnam, Thailand and Indonesia. The report attributes this underperformance primarily to structural gaps in energy efficiency, relatively modest renewable energy ambition, and persistent weaknesses in policy execution. The single largest factor weighing on Malaysia’s ranking is its Energy Use performance. At Rank 55 with a “Very Low” rating, Malaysia sits well behind regional comparators such as the Philippines (Rank 7) and Thailand (Rank 21). This reflects the absence of a clear, economy-wide energy use or efficiency target, alongside a per capita energy supply trajectory that remains misaligned with a 1.5°C pathway. Malaysia also underperforms in Renewable Energy, ranking 35th. While long-term targets appear constructive, the near- to medium-term trajectory is less compelling. An estimated renewable share of ~22% by 2030 falls short of what is required for a well-below-2°C pathway. In comparison, regional peers such as Vietnam (Rank 16) and Indonesia (Rank 26) are progressing at a faster pace, reflecting stronger policy push and deployment momentum. Malaysia’s only “High” rating comes in GHG Emissions (Rank 21), largely due to a methodological change introduced in 2025 that lowered reported emissions in the land-use sector. However, we note that this strength alone is not enough to offset weaknesses in other categories. Continued reliance on fossil fuels and relatively high per capita energy consumption remain key constraints, reinforcing Malaysia’s lag versus regional peers. – TA Research, April 9

INDONESIA’S biodiesel mandates have received strong and consistent policy support from the government over time. Since 2010, the blending mandate has progressively increased from B2.5 to B40, with each step up accompanied by a meaningful rise in domestic consumption. Notably, the domestic utilisation has steadily trended higher, increasingly absorbing a larger share of production, while export volumes have become more volatile and, in recent years, less dominant. This reflects a deliberate policy shift to prioritise domestic demand over exports. On the supply side, we are seeing signs of tightening across key producing countries. Indonesia’s palm oil inventories have declined to around 2 million tonnes, while Malaysia’s stock levels remain relatively stable without a meaningful build-up. Putting Malaysia and Indonesia together, combined inventories could trend below approximately 5mn tonnes, which we view as relatively tight. This situation is further compounded by seasonal factors, as production typically softens in the early part of the year. Against this backdrop of tighter supply and potential incremental demand from the B50 rollout, we anticipate an increased likelihood of more aggressive restocking activity. Such dynamics could provide additional support for CPO prices, reinforcing the upside potential in the near term. We believe that Malaysian plantation companies with exposure to Indonesia are key beneficiaries of the country’s biodiesel mandates, as they would stand to gain from both stronger CPO prices and direct domestic demand absorption. – TA Research, April 9