13/04/2026

BIZ & FINANCE MONDAY | APR 13, 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

Unique Fire expands into renewable energy business SHAH ALAM: Unique Fire Holdings Bhd has secured shareholders’ approval from its extraordinary general meeting (EGM) for a series of strategic initiatives to expand into the renewable energy sector. The EGM was held on Friday at a Club in Shah Alam. Unique Fire, via its wholly-owned subsidiary Unique Green Energy Sdn Bhd, will expand into the sector through joint venture with HEB Energy Sdn Bhd, a subsidiary of HSS Engineers Bhd. The collaboration will focus on developing a 95 megawatt large-scale solar photovoltaic plant in Hilir Perak, Perak, marking a significant step for the firm into the renewable energy landscape. The company plans to diversify its core business to include renewable energy activities as part of a strategic shift to improve long-term earnings, capitalising on the growing demand for clean energy and aligning with Malaysia’s energy transition agenda for power independence. To support the execution of the solar project, Unique Fire will provide financial assistance of up to RM309.95 million to Unique HEB Energy Sdn Bhd, a 60%-owned indirect subsidiary to facilitate project development and timely implementation. “We are excited to embark on this diversification into renewable energy, which is expected to generate a stable recurring income stream and as part of our group’s contribution to local energy demands,” executive director Datuk Marcus Liew said. “With Malaysia’s energy policy and ambitious renewable energy initiatives, including the national target to achieve 70% renewable energy installed capacity by 2050, we are confident this move will position the group to capture meaningful growth opportunities into the energy business.” AMS Advanced Material IPO note Fair value: RM0.34

THE ringgit is expected to maintain its upward trajectory this week and could breach the 3.95 level amid cautious optimism over developments in the Middle East, said economists. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said markets remained fixated on developments in Iran, with the ongoing ceasefire and the potential reopening of the Strait of Hormuz continuing to influence sentiment. “Markets will also be watching a series of speeches by US Federal Reserve officials for further clues on the impact of the conflict, alongside recent mixed economic data,”he told Bernama. Meanwhile, Kenanga Investment Bank Bhd expects markets to remain cautious, refraining from taking aggressive long positions on the ringgit until the Islamabad peace talks between the US and Iran show tangible progress. “The ceasefire appears tenuous, while Israeli opposition to renewed diplomacy complicates efforts towards a broader agreement. Continued military friction in Lebanon also risks re-escalation, keeping the Strait of Hormuz risk premium elevated. “We expect the ringgit to trade within the 4.00-4.05 range, as geopolitical scepticism outweighs temporary relief. A move towards 3.95 is possible if de-escalation holds,” it said in a note on Friday. On a week-on-week basis, the ringgit swept higher against major and Asean currencies, supported by sustained buying interest amid cautious optimism over developments in Middle East. It appreciated against the US dollar at 3.9625/9680 on Friday, compared with 4.0295/0350 at the end of the previous trading week. It rose against the British pound to 5.3248/3322 from 5.3326/3399 and increased against the euro to 4.6401/6465 from 4.6513/6576 a week ago. Ringgit may breach 3.95 level on Mideast ceasefire optimism Southern Score Builders Bhd Buy. Target price: RM0.74

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0490 2.8720 3.1720 2.9190 4.7240 2.3710 3.1720 5.4260 5.1370 3.3600 59.4900 64.8100 52.0800 4.4600 0.0247 2.5580 43.6300 1.5100 6.8700 111.9300 108.7400 25.5000 1.3500 44.7800 13.1400 111.1800 N/A

3.9030 2.7560 3.0720 2.8380 4.5710 2.2840 3.0720 5.2530 4.9170

3.8930 2.7400 3.0640 2.8260 4.5510 2.2680 3.0640 5.2330 4.9020

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

105.4000 3.1160 56.9600 59.6300 49.4700

105.2000 2.9160 59.4300 49.2700 3.9400 0.0168 2.4290 39.9000 1.1400 6.2600 106.0600 103.0300 22.8300 0.9700 40.5500 11.2500 N/A N/A

4.1400 0.0218 2.4390

N/A

40.1000 1.3400 6.4600 106.2600 103.2300 23.0300 1.1700 40.7500 11.6500

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

PGF Capital Bhd Buy. Target price: RM2.90

April10, 2026: RM0.555

April10, 2026: RM1.76

Source: RHB Research

Source: Bloomberg, Phillip Capital Research

Source: Bloomberg, TA Research

SSB continues to see a steady pipeline of data centre projects across Klang Valley and Johor through its 51%-owned subsidiary, SJEE, alongside its core residential, industrial and medical segments. We gather that project execution has been disrupted in 4Q25 due to tightening cement supply, leading to delays in construction progress and timing of billing recognition. The situation has since normalised, with supply conditions easing and project execution back on track since Jan 26. We trim our FY26 27E EPS forecasts by 2-16% after incorporating these delays and revising our FY26 order book replenishment assumption to RM850m (from RM1.1bn). SSB’s longer-term earnings trajectory remains intact, as the disruption was largely timing-related rather than a fundamental demand concern. SSB’s outstanding order book stands at RM1.6bn, with a mix of residential (70%), DC (27%) and other (3%) projects. Among its ongoing jobs, the Radium Hospital is currently at the piling stage, with subsequent phases expected to be awarded by mid-26. The group’s tender book stands at RM1.4bn, reflecting a diversified pipeline across government-related projects (38%), residential (38%) and DC (24%). With RM425m of new contracts secured YTD, replenishment is tracking broadly in line with expectations. That said, a faster pace of contract awards will be necessary in 2HFY26 to meet our revised RM850m assumption. We remain positive on SSB underpinned by its growing DC orderbook, coupled with robust order book visibility from existing anchor clients, including PV and Radium. Maintain BUY but lower TP to RM0.74. - Phillip Capital Research, April 10

AMS Advanced Material is set to raise RM32.8m from its IPO. The proceeds will primarily be used to fund plant expansion and broaden its product and service offerings to meet rising demand. It is well-positioned to benefit from the recovery of the semiconductor industry - underpinned by stronger chip sales, renewed wafer fabrication equipment spending, and higher demand for precision aluminium materials. With the semiconductor industry set to contribute a larger and higher-margin share of earnings, its IPO valuation of 12x FY27F P/E is undemanding. AMS supplies semi-finished aluminium products, and expanded vertically into processing in 2024 to enhance value added offerings. FY24 marked a strong inflection following this move, driven by a ~9x surge in semiconductor sales and a 499% FY23-25 CAGR in its automotive segment. Notably, AMS differentiates itself from listed peers by operating without high capex extrusion machines, focusing instead on high-barrier, precision-driven industries. Aerospace and semiconductor customers collectively contribute 57% of revenue, supporting stronger margins and a more resilient earnings profile. Among its top five customers, AMS counts a long-standing aerospace component manufacturer (12-year relationship, contributing >20% of revenue) and three semiconductor contract manufacturers, which serve multinational chipmakers and front end testing equipment providers. These segments command higher margins due to stringent quality and precision requirements. We ascribe a 14x P/E on FY27F earnings to derive our RM0.34 FV, premised on strong earnings growth from chip-related tailwinds. - RHB Research, April 10

PGF Capital is expected to release its 4QFY26 results performance end of this month. We expect the quarterly core profit to range between RM2mn and RM4.5mn, vis-à-vis a core loss of RM1.9mn recorded in the same period last year. Meanwhile, it is expected to decline seasonally from a core profit of RM7.8mn in the preceding quarter as PGF’s shipments to Australia would tend to slow in conjunction with Christmas and New Year festivals. Generally, we expect FY26 earnings to grow 40% YoY on the back of robust demand for insulation products. As such, the on-going construction of a new plant in Kulim East is timely to increase the group’s annual manufacturing capacity to 60,000mt from 25,000mt to fuel future earnings growth, in our opinion. The indirect earnings impact of US/Isreal-Iran war is that the surge in crude oil price would lead to a rise in packaging cost. However, we estimate the impact is insignificant at less than 5% of earnings. Having said that, we are mindful on a possible hike in electricity tariff, which makes up one-third of the production costs. Currently, PGF pays the full cost of electricity supply without subsidy, being a high-voltage industrial user. As far as shipment is concerned, PGF’s shipment in the first quarter of 2026 was not affected. In other words, PGF’s 1QFY27 earnings growth would remain intact considering the 3-month inventory PGF always keep at its warehouses in Australia. However, we believe the hike in sea freight cost would likely dent profit margins from 2QFY27 onwards. As such, we revise the raw material cost, which is inclusive of transportation cost, higher by 4.9% and 3.9% for FY27 and FY28 respectively. Maintain Buy with lower TP of 2.90. - TA Research, April 10