15/04/2026

BIZ & FINANCE WEDNESDAY | APR 15, 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

UMW Toyota Motor posts strong sales in March SHAH ALAM: UMW Toyota Motor (UMWT) recorded 5,814 units in March 2026, bringing total year-to-date sales to 15,370 units. UMWT said the performance reflects sustained demand through the first quarter of the year, supported by ongoing promotional activities, consistent customer engagement, and the strength of Toyota’s nationwide ownership ecosystem. Despite an increasingly competitive market environment, UMWT said it continues to maintain its position as the leading non-national automotive brand, anchored by a product line up that balances everyday usability, efficiency, and long-term ownership value. “The automotive industry is entering a period of real transition, with new technologies advancing quickly while expectations around reliability, cost of ownership, and long-term usability remain unchanged,” said president Datuk Ravindran K. For customers, he added, the shift towards new technologies is only meaningful when it translates clearly into everyday use. “What continues to matter is how a vehicle performs over time. It must remain reliable in daily use and manageable to own. Above all, it must reliably support customers’ needs year after year. Our responsibility is to ensure that progress consistently delivers real value in practice. We will steadily introduce electrification solutions at the right pace, in a way that is practical for Malaysian conditions,” he said. Beyond products, UMWT said it continues to strengthen its ownership ecosystem through the Toyota Extra Mile initiative, designed to deliver a more complete and seamless ownership experience.

THE ringgit rebounded to the 3.95 level against the US dollar at yesterday’s close, buoyed by hopes of a second round of talks between the US and Iran, an analyst said. At 6pm, the local currency rose 235 pips to 3.9500/9545 against the greenback, from 3.9735/9805 at Monday’s close. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said a second round of negotiations between the US and Iran could take place soon, easing tensions and supporting demand for the local currency. “This comes as the two-week ceasefire will expire next week,”he told Bernama, adding that the latest developments have pushed West Texas Intermediate (WTI) and Brent crude oil prices below US$100 per barrel. At the time of writing, WTI and Brent crude prices fell 2.33% and 0.64% to US$96.77 and US$98.72 per barrel, respectively. At the close, the ringgit traded mixed against a basket of major currencies. It weakened against the British pound to 5.3495/3556 from 5.3360/3454 and declined versus the euro to 4.6567/6620 from 4.6434/6516, but strengthened against the Japanese yen to 2.4847/4877 from 2.4875/4920 at Monday’s close. Meanwhile, the local currency traded higher against Asean currencies. It rose against the Singapore dollar to 3.1053/1091 from 3.1145/1205 and gained versus the Indonesian rupiah to 230.6/231.0 from 232.2/232.8. The ringgit also strengthened against the Thai baht to 12.3183/3397 from 12.3202/3503 and edged up versus the Philippine peso to 6.59/6.61 from 6.60/6.62 previously. Ringgit revisits 3.95 to dollar on hopes of new peace talks

Exchange Rates

FOREIGN CURRENCY

SELLING TT/OD

BUYING TT

BUYING OD

1 US Dollar

4.0275 2.8630 3.1540 2.9120 4.7300 2.3650 3.1540 5.4330 5.1620 3.3310 59.1700 64.8900 51.8200 4.4000 0.0246 2.5440 43.6500 1.5000 6.7900 111.3300 108.1500 25.3800 1.3400 45.1000 13.1000 110.6100 N/A

3.8815 2.7480 3.0550 2.8300 4.5760 2.2770 3.0550 5.2590 4.9400

3.8715 2.7320 3.0470 2.8180 4.5560 2.2610 3.0470 5.2390 4.9250

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

104.8400 3.1030 56.6700 59.6900 49.2300

104.6400 2.9030 59.4900 49.0300 3.8900 0.0167 2.4160 39.9100 1.1400 6.1900 105.4900 102.4700 22.7200 0.9700 40.8600 11.21000 N/A N/A

4.0900 0.0217 2.4260

N/A

40.1100 1.3400 6.3900 105.6900 102.6700 22.9200 1.1700 41.0600 11.6100

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

Supermax Corp Bhd Neutral. Target price: RM0.36

UUE Holdings Bhd Buy. Target price: RM0.55

Oil & Gas Overweight

April14, 2026: RM0.32

April14, 2026: RM0.43

Source: Bloomberg, RHB

Source: Bloomberg

Source: Bloomberg

OIL prices have surged amid escalating Middle East geopolitical tensions, driven by supply disruption risks around the Hormuz Strait and reported damage to key Gulf refining infrastructure. While we expect prices to moderate over time, supply restoration is unlikely to be immediate, given restart lags and logistical constraints. As such, oil prices are likely to stay elevated in the near term, supporting sector earnings. We raise our 2026 average Brent crude oil forecast to US$82.50/bbl from US$62/bbl and introduce a 2027 forecast of US$72/bbl. This reflects our view that oil prices will remain elevated in the near term amid ongoing disruptions, before gradually normalising as supply conditions improve and risk premiums unwind. That said, in a more adverse scenario, where the conflict persists or escalates, oil prices could rise significantly – potentially reaching US$140-150/bbl, depending on the severity and duration of supply disruptions. Our Top Picks remain Dialog (DLG) and MISC. DLG offers partial upside to higher oil prices via its upstream exposure, while its core tank terminal and midstream businesses continue to provide stable and recurring earnings. Meanwhile, MISC is well positioned to benefit from elevated tanker rates, as geopolitical tensions and supply disruptions tighten vessel availability and increase freight demand. Petronas Chemicals may emerge as a key beneficiary in a more protracted conflict scenario, where sustained supply disruptions and elevated oil prices could keep petrochemical markets tight – supporting higher product prices and improving spreads. However, we believe the extent and sustainability of this upside remains uncertain, as it is highly dependent on the duration of disruptions and underlying demand conditions. – RHB Research, April 14

UNDER our anchor sector assumption, which includes stable demand for nitrile gloves, resilient China feedstock supply, and broadly similar cost inflation between Malaysian and China glove manufacturers, the market remains structurally oversupplied, with China manufacturers continuing to act as the price setter. Malaysia glove manufacturers could potentially face a squeeze where raw material constraints limit efficient production, while ASP upside is simultaneously capped by China producers’ pricing dynamics and substitution effects. Even in a tightening supply environment, the sector’s upside appears constrained. The ongoing Section 232 investigation on medical personnel protective equipment (decision expected by May 2026) could result in higher US national security tariffs. In addition, Buy American Act, via stricter enforcement of domestic sourcing could channel institutional demand into SUCB’s Texas facility. We now forecast core PATAMI of -RM72 million, -RM20 million, and RM38 million for FY26-28, from -RM67 million, -RM41 million, and RM7 million following revisions to ASP, cost, and USD/MYR assumptions. For Q4’26, we assume weekly ASP increase of US$2 nitrile gloves across April-May, with June holding at peak ASP. We expect this peak to sustain into Q1’27 (July-September), before normalising in Q2’27. Our cost assumptions lead ASP by one month. We now incorporate margin expansion for SUCB – driven by lower raw material costs at its US facility – although this remains contingent on the pace of ramp-up at its Texas operations. Key upside risks: Stronger-than-expected sales volumes and USD/MYR, and lower-than-expected costs. NEUTRAL with RM0.36 TP. – RHB Research, April 14

UUE via Kum Fatt Engineering (KFE), has secured a RM16 million EPCC contract for 33kV & low voltage (LV) system works for a factory in the Tanjung Langsat Industrial Complex, Johor. Completion of works is slated for 15 Dec. While project GPM is expected to be lower than the 15-20% typically chalked by Tenaga Nasional’s utility jobs, the job win is strategically significant as it signals UUE’s ability to move up the value chain. It also marks the company’s first sizable contract win for FY27 (Feb), and brings the value of its outstanding orders to an estimated RM592 million (as at Nov 30, 2025, inclusive of new wins). The ongoing Middle East conflict is creating headwinds on two fronts – raw material price volatility and rising energy costs. The manufacturing cost of high-density polyethylene (HDPE) pipes is sensitive to price fluctuations in HDPE resin prices, but UUE maintains a 3-6-month inventory buffer and intends to pass cost increases to clients. While fuel represents a relatively small portion of KFE’s COGS, we believe indirect pressure could arise from higher sub-contracting rates. In Singapore, a more pronounced impact is expected, as the expanded scope of existing contracts offers less flexibility to absorb rising operational costs. Nevertheless, as its Singapore projects have yet to reach full execution pace, the margin compression should be gradual, with the impact likely to be greater towards end-2026 as activity ramps up. Downside risks: Failure to secure new contracts, delays in permit approvals, and higher-than-estimated cost of raw materials. BUY with RM0.55 TP. – RHB Research, April 14